CORPORATE OVERVIEW October 8, 2019 Information contained in this document is strictly confidential
1 CAUTIONARY STATEMENTS This presentation (“Presentation”), and the information contained herein, is not for release, distribution or publication int o or in the United States or any jurisdiction where applicable laws prohibit its release, distribution or publication. This Presentation is being issued by Greengate Power Co rporation (“Greengate”) for information purposes only. Reliance on this Presentation for the purpose of engaging in any investment activity may expose an individual to significant risk of losing all of the property or other assets invested. This Presentation does not constitute or form part of, and should not be construed as, an offer or invitation to sell or any solicitation of any offer to purchase or subscribe for any securities in any jurisdiction. The contents of this Presentation have not been approved or disapproved by any securities commission or regulatory authority in Canada, the United States or any other jurisdiction and should not be relied on or act as an inducement to enter into any agreement in relation to any securities of Greengate. All purchasers of securities will be required to execute a subscription agreement and this Presentation is qualified in its entirety by such subscription agreement. The information in this Presentation is provided as of October 8, 2019, has not been independently verified and may not contain certain material information about Greengate, including important disclosures and risk factors. This Presentation includes market and industry data from third party sources, Greengate hereby disclaims any responsibility or liability whatsoever in respect of any third party sources of market and industry data or information and there is no assurance or guarantee as to the accuracy or completeness of such information. This Presentation does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it. Prospective investors should consider the advice of their financial, legal, accounting, tax and other advisors, and such other factors they consider appropriate, in investigating and analyzing Greengate. Neither Greengate, nor its directors, officers, shareholders, agents, employees or advisors give, has given or has authority to give, any representations or warranties (express or implied) in relation to the accuracy, currency, reliability or completeness of the information or opinions in this Presentation and liability therefore is expressly disclaimed for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith. Except as may be required by applicable law, in furnishing this Presentation, Greengate does not undertake or agree to: any obligation to provide the recipient with access to any additional information; update this Presentation; or correct any inaccuracies or omissions. By acceptance of this Presentation, the recipient agrees to not distribute it to others, in whole or in part, and agrees to keep all information herein confidential.
2 FORWARD-LOOKING INFORMATION This Presentation contains certain forward-looking statements or forward-looking information under applicable securities legisla tion (“forward - looking information”). This information relates to future events or future performance of Greengate. Forward-looking information are statements that are not historical facts and are often, but not always, identified using words or phrases such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “future”, “may”, “opportunity”, “plan”, “potential”, “potential”, “project”, “propose”, “scheduled”, “signal”, “target”, “will” and other similar expressions. In particular, but without limit ing the foregoing, this Presentation contains forward-looking information pertaining to, among other things: the terms of the transactions described in this Presentation incl uding, without limitation, Greengate’s proposed offering of common shares; Greengate’s projects including, without limitation, the earned interests therein and deve lopment thereof; supply and demand of electricity; Alberta coal phase-out; wind and solar resources; business plans and strategies; merchant solar; corporate PPAs; estimated valuations and cash flows. Such forward looking statements or information are used in this Presentation for the purpose of providing information about Greengate management’s current expectations and plans relating to the future development of Greengate’s business. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Although Greengate believes that the expectations reflected in such forward-looking information are reasonable, such statements are not guarantees of future performance and actual results may differ materially from those in statements of forward-looking information. Undue reliance should not be placed on forward-looking information because Greengate can give no assurance that such expectations will prove to be correct and such statements are based on the beliefs, estimates and opinions of Greengate’s management on the date such statements are made. Many factors could cause Greengate’s actual results , performance or achievements to vary from those described herein. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking information prove incorrect, actual results may differ materially from those described in this Presentation. Such risks and uncertainties include, without limitation: the impact of general economic and business conditions in Canada, the United States and overseas; industry conditions; changes in laws and regulations (including the adoption of new environmental laws and regulations); and changes in how laws and regulations are interpreted and enforced. The forward-looking information included in this Presentation is expressly qualified in its entirety by this cautionary statement. Greengate cautions that the foregoing lists of assumptions, risks and uncertainties is not exhaustive. The forward-looking information contained in this Presentation is made as of the date hereof and Greengate undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. All subsequent forward-looking information, whether written or oral, attributable to Greengate or persons acting on its behalf is expressly qualified in their entirety by these cautionary statements.
3 POWER MARKET!!!!!! EVOLUTION OF POWER
4 RENEWABLE ENERGY CONTINUES GROWTH Wind and solar installed capacity in U.S. & Canada 2022 280 GW 11% CAGR 2018 185 GW Source: International Energy Agency COMPELLING OPPORTUNITY FOR RENEWABLE ENERGY DEVELOPERS private & confidential
5 ALBERTA COAL PHASE-OUT Expected supply shrinkage due to coal retirements 2019 ~6300 MW EQUIVALENT TO ~14,000 MW OF SOLAR 1 2034 ~900 MW PROJECTED REMAINING OPERATING COAL TO GAS CONVERSIONS 1 Capacity factors, coal: 65%; SIGNIFICANT OPPORTUNITY FOR RENEWABLE GROWTH IN ALBERTA solar: 22% private & confidential
6 ALBERTA RETURNS TO CONSERVATIVE ROOTS UCP wins significant majority in April 2019 provincial election 1 MAINTAINING COAL PHASE-OUT & INDUSTRIAL CARBON TAX UCP is committed to phase out all coal-fired electricity by 2030. UCP eliminated the retail carbon tax but is maintaining an industrial carbon regulation through its TIER program allowing renewables to generate compliance credits 2 UCP SUPPORTIVE OF MARKET-BASED RENEWABLES UCP understands the value of renewables, they have affirmed support for market-based renewables and the potential for low- cost power & jobs without subsidies 3 QUICK DECISION ON ENERGY-ONLY MARKET UCP completed its review of the proposed move to a capacity market and decided to maintain the existing energy-only market which bodes well for renewable generators and consumers 4 RENEWABLES HAVE IMPORTANT ROLE IN FUTURE Renewables cost-effective on a subsidy-free basis and have an important role in the energy mix as Alberta phases out its coal- fired electricity and replaces it with cleaner technologies private & confidential
7 AGE OF RENEWABLES HAS ARRIVED Recent procurements by Alberta Electric System Operator (AESO) uncover low cost of renewables 2018 & 10 YEAR AVERAGE WHOLESALE PRICE SOLAR – 2018 WIND – 2017 & 2018 ~$51/ MWh 1 ~$48/ MWh 2 ~$39/ MWh 3 1 AESO Historic Pool Price 2 Alberta Infrastructure Solar Procurement private & confidential 3 Average of Renewable Electricity Program Rounds 1, 2, & 3
8 PROVEN TRACK RECORD & RENEWABLE DEVELOPMENT EXPERTISE
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