Transaction Advisor to Kenya’s: Winner:

July 2014

CORPORATE PRESENTATION

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Projects executed successfully across four continents

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WIND SOLARGEOTHERMAL SMALL

HYDROCHP and

Gas BIOMASS/

WTE

Europe USA Africa Latin America

Sectors CLEAN ENERGY FOCUS WITH EXTENSIVE PROJECT EXPERIENCE

Expertise across a range of Clean Energy Technologies

GLOBAL TEAM

Represented in 16 countries-EUROPE,AMERICAS,AFRICA. Experience in 55 countries globally since 1994

New York, USA

SANTIAGO, Chile

Europe, 7 Locations WARSAW, PolandBUCHAREST, Romania KHARKHIV, Ukraine

BOGOTA, Colombia

LAGOS,Nigeria

ADDIS ABABA Ethiopia

NAIROBI, Kenya

KIGALI, Rwanda

DAR ES SALAAM, Tanzania

ACCRA,Ghana

ISTANBUL, TurkeyZAGREB, Croatia PRISTINA, KosovoMILAN, Italy

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SOLAR: USA, BULGARIA, ROMANIA, CZECH REP, ITALY, UGANDA, KENYA, GHANA,

NIGERIA,SENEGAL, BENIN, CHILE

WIND: POLAND, ESTONIA, TURKEY, KENYA, PANAMA, DOMINICAN REPUBLIC, DOMINICA

CHP: POLAND, UKRAINE, MOLDOVA, SPAIN, COLOMBIA, USA

BIO/WTE: UKRAINE, POLAND, CZECH REP, SLOVAKIA, NIGERIA, COLOMBIA, KENYA, NIGERIA

HYDRO: CZECH REP, SLOVAKIA, RWANDA, KENYA,TANZANIA

GEOTHERMAL: RWANDA, KENYA, TANZANIA, ETHIOPIA, UGANDA, TURKEY, CHILE, PERU, DOMINICA,

ST. KITTS & NEVIS

RENEWABLES: Raised USD 2 B+ in international debt from MDIs, Commercial

Lenders and Export Credit agencies.

ENERGY EFFICIENCY: Launched Financing Facilities leveraging more than USD 1 B in

EE investments in 15 countries

MissionTO BE THE PREMIER BOUTIQUE GREEN ENERGY FINANCE ADVISORY

SERVING EMERGING MARKETS

PERFORMANCE TRACK RECORD IN FINANCE

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Corporate Finance:

M&A experience

Project Finance

experience

Financial

Advisory

Corporate and

Project Finance Strategic Advisory

Project Development

Services

OUR SERVICE OFFERINGS

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Project Equity-Working relationships with investment funds and strategic investors targeting RE and EE projects around the globe.

Project Debt-Strong relationships with multilateral developmentbanks, commercial lenders, export credit agencies

Extensive network of contacts with investment funds, strategic investors, project developers, technology companies and energy services providers

Project Finance

Corporate- M&A

CORPORATE AND PROJECT FINANCE

Entry to CEE Solar Market

Acquisition of Greek solar parks

Sale of Italy solar parks

Acquire Italy solar parks

Acquire Romania solar parks

Acquire Romania solar parks

Acquisition of USA solar parks

Acquire Italy solar parks

Acquisition of Bulgaria solar parks

Acquire Italy solar parks

Acquisition of Italy solar parks

Acquire Bulgaria solar parks

Acquire Bulgaria solar parks

Acquisition of Bulgaria solar parks

Acquisition of Italy solar parks

Acquire Bulgaria solar parks

Acquire Italy solar parks Acquire USA

solar parks

SOLAR ENERGY PARTNERS Limited

Solar Infrastructure Investment Specialists

CORPORATE FINANCE-M&A

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European &

American

Projects

Identify Wind projects in CZ + SK

CEE Wind energy investments

Acquisition of Hungary wind project

Renewable energy sector investments

Entry to Polish wind market

Acquire Polish wind projects

CEE landfill gas projects carbon trades

Acquisition of Polish CHP

Acquire Bulgaria Wind Projects

Acquisition of Polish CHP

Acquire Turkish wind projects

Acquire Polish wind projects

Entry to Baltic region wind market

Polish BioPellet Plant

Sale of Romanian wind project

Grant Funding for RDF Pellet FacilitySumy, Ukraine

Electricom

Sale of Romanian wind farms

Acquire Bosnian Small Hydro

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CORPORATE FINANCE-M&A

European

Projects

PROJECT FINANCE-DEBT & EQUITY

6 MW SVEP wind farmin CZ

FITMIN Company Biomass Boilers in CZ

2 MW Libocany Weir, CZ Small Hydro

Snina, SK District Heating

BOT Poland Power Company

Devinska Nova Ves, SKDistrict Heating

Forfaiting ofESCO receivables in CZ

BOSS Company wood gasification boilers in CZ

Trade Credit Financing for90 MW SOMA wind farm

SVIT-M Ltd

USTDA Project Development Grant for RDF pellet facility Sumy, Ukraine

European

Projects

Financial structuring of energy sector transactions

Financing facilities design

Design and launch of EE and RE financial products:

• Credit enhancement and loan guarantee programs

• Vendor financing programs and multi-project

framework facilities

• Mezzanine, subordination and quasi equity

instruments

FINANCIAL ADVISORY

Cross-Border, International finance support

Government of Ukraine

$500M U.S. EXIM

financing + export

management of medical

equipment

Current

Double W Group

$12 Million U.S. EXIM

financing of equipment

for the Radisson Hotel

Kiev, Ukraine

Current

PA Yuzhmash

$80 Million U.S.EXIM

financing for a wind

tower production facility

2008

UkrGasProduction

$150 million US EXIM

Financing for pipeline

equipment

2006

UkrKosmos

$125 million US EXIM

export financing of

telecom equipment

2009

Sea Launch

$107 million US EXIM

Financing for satellite

equipment

2004

FINANCIAL ADVISORY: CROSS-BORDER, INTERNATIONAL FINANCE SUPPORT

US EXIMBANKFINANCINGPartnership

with Broad Street Capital Group

Train Hungary Credit Dept for RES

Launched EE Guarantee Fund

Design RES credit line for SMEs in CZ

Launched Estonia Block House EE Financing Facility

Launched Hungary Block House EE Financing Facility

Launched Montenegro EE Credit Line at Opportunity Bank

Credit Facility for Municipal Building EE

Launched Block House EE credit lines

FINANCIAL ADVISORY: FINANCING FACILITY DESIGN, FINANCIAL PRODUCT LAUNCHES

European

Projects

Low Income Multifamily EE Financing Mechanisms Poland

Design for Building EE Financing Mechanisms in Kosovo

Design for Municipal EE Financing Mechanisms in Ukraine

Best Practices for Multifamily EE Finance in Eastern Europe Countries

Design for EE Loan Facility with Partner MFI in Bosnia + Herzegovina

Advisor for launch of Multifamily EE Loan Fund, Northeast USA

Design for Multifamily EE Financing Mechanisms in Armenia

Lessons learned from EE Finance programs in Europe

FINANCIAL ADVISORY: FINANCING FACILITY DESIGN

European

Projects

USA

Projects

Design of the GeoFund Investment Window for Eastern Europe and Caucasus

Block House EE Finance Facilities in Romania, Hungary, Ukraine

Market Study Business Plan and Design of the SEE Green for Growth Fund

Design + TA for Poland EE Loan Guarantee Fund

Design of a pilot project Hospital EE Financing Facility in Poland

Quasi Equity Facility for SME Renewable Energy in Eastern Europe

Design + TA for Central European EE Loan Guarantee Fund

ESCO financing analysis for Warsaw Technical University

FINANCIAL ADVISORY: FINANCING FACILITY DESIGN AND FINANCIAL PRODUCTS LAUNCH

European

Projects

Blockhouse EE Financing Mechanisms for Russia

Municipal ESCO projects pipeline for Croatia

Entry to New Country Markets

Review of Regulatory Frameworks

Risk Assessments

Selection of Optimal RES Sub-Sectors

Identification of Acquisition Targets

STRATEGIC ADVISORY

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•When Neo Energia, the RES subsidiary of Electricite de Portugal

wanted to enter the Polish market in 2006 they turned to

GreenMax.

•We prepared a comprehensive review of the regulatory framework

and permitting process, reviewed main local and international

players already on the market, projected an achievable market

share for Neo Energia and developed a market entry strategy.

•As a result, in Q1 2007, EdP acquired Relax Energy, with a portfolio

of more than 1,700MW under development.

Supported initial entry of

NEO Energia,

to Polish wind market resulting

in acquisition of Relax Energy

EXAMPLE- STRATEGIC ADVISORY AND M&A

European

Projects

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•The publicly traded Spanish renewable energy company FERSA asked

GreenMax to support them to expand to Eastern Europe in 2008.

•With FERSA seeking a strong position in new country markets,

GreenMax recommended Estonia where we demonstrated an approach

for FERSA to achieve a one third market share.

•As a result in Q2 2008, FERSA acquired EastWind, the most advanced

wind developer in Estonia. GreenMax continued to provide support,

arranging project financing from IFC and Hansa Bank for EastWind's

first 57MW wind farm project.

Led

FERSA Renovables

team to acquire EastWind,

Estonia

EXAMPLE- STRATEGIC ADVISORY AND M&A

European

Projects

•The largest Private Equity Fund dedicated solely to Eastern Europe, with

over Euro 3 billion in assets under management, MEP called on

GreenMax in 2009 to develop an investment strategy focused on

renewable energy projects.

•We analyzed regulatory frameworks and market potential for wind and

solar PV in Poland, Romania, Bulgaria, Turkey, Ukraine and the West

Balkans to arrive at a focus for MEP.

•In April 2010 MEP acquired a controlling interest in Energy 21, the

largest Czech solar PV developer with over 20MW in operating capacity

and a regional portfolio of more than 100MW under development.

Advised

Mid Europa Partners

on investment to an Eastern

European RE venture

EXAMPLE- STRATEGIC ADVISORY AND M&A

European

Projects

EPC and O&Mcontracts, Equipment

Procurement

Tariff Applications,

Permitting and Environmental

Review

Energy Off-take

Agreements

Emissions Trading and RE

Certificates

Project Business

Plans

Feasibility Analyses + Economic Modeling

Detailed Due Diligence

Market analysis and Regulatory

review

PROJECT DEVELOPMENT SERVICE

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EXTENSIVE EXPERIENCE IN LATIN AMERICA AND AFRICA

Project

experience

summary

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Financial Advisory

Corporate and Project Finance

Strategic Advisory

Project Development Services

GREENMAX IN LATIN AMERICA + AFRICA

Due to complexity of these

markets, Greenmax offers

turn key Concept to

Commissioning support for

projects in Africa and Latin

America.

Turnkey, project specific service offerings

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• GreenMax, in partnership with Geologica, Sichangi Partners Advocates and True North Kenya, is providing an interdisciplinary team of financial, legal and technical specialists to prepare the Menengai project for investment and implementation.

• GDC is the state owned company charged with managing development of Kenya’s geothermal resources. GDC undertakes exploration and plans to manage the steam field exploitation, selling steam to private IPPs.

• As part of the first phase at Menengai, GDC is targeting 300MW to be operational in 2017. 15 wells completed already with a capacity of 60MWe as of July 3, 2013.

• GreenMax will confirm the resource and environmental management plans, design viable steam sales and electricity sales tariffs, advise on a workable organizational and financing structure and promote the opportunity to private IPP investors.

Current Assignment 2013-2014

Selected by Kenya’s Geothermal

Development Company to serve as

Transation Advisor for the 300MW

Menengai Geothermal Power Project

FINANCIAL ADVISORY+PROJECT DEVELOPMENT SERVICES

African

Projects

SB SPUMANTI

Hanel Power LTD

NIGERIA:Development funding for 2MW rooftop solar plant Lagos

KENYA:Development funding for 25 MW Ngong Hills Wind Farm

KENYA:Development funding for 10 MW NgongHills Solar Park

MMadhvani International

UGANDA:Development Funding for 23MW Bagasse Cogen at Kakira Sugar

Madhvani International

UGANDA:Development Advisory for 30MW Peat Fired power plant in Kabale

H

NIGERIA: Development funding for 60MW WTE Plant in Lagos

Solar Energy

Uganda Ltd

UGANDA:Working capital for PV installation company

PROJECT FINANCE+ PROJECT DEVELOPMENT SERVICE

African

Projects

KENYA:Project Develo-pment support for 70 MW Geothermal Project

NIGERIA:Development and implementation of 45 MW Natural gas project

H

GHANA:Development + implementation funding for a 100MW solar PV plant

KENYA:Development + implementation funding for a 10 MW hybrid solar power (CLFR) and biomass plant

SBS-Hanel Power Limited (SBSHPL)H

NIGERIA: Development + implementation funding for LUTH 6MW gas power plant

PROJECT FINANCE+ PROJECT DEVELOPMENT SERVICES

African

Projects

‘Synergent Power Share

NIGERIA:Development + Funding of a 50 MW Solar PV Project

Sedlaneenergie

Senegal : Financing of a 10 MW Solar PV Project

OSD Projects Limited

NIGERIA:Development + Funding of a 12 MW Natural Gas Power project

Dulo

Solar

BENIN:Project Develop-ment support for 100 MW Solar PV Project

TFI POWER

LTD

GHANA:Financing and development of a 60 MW Solar Project

RUCO Energy

RWANDA:Financing for a 10 MW Small Hydro Project

TANZANIA:Grant funding for TA at EWURA on PPAs + tariffs for IPPs

TANZANIA:Market Intelligence Report for Lighting Africa launch in TZ

KENYA:Review of small hydro project development portfolio

UGANDA:Grant funding for TA at Ministry of Energy on Biofuels Plan

UGANDA:Review of Rural Electrification Cooperatives Strategy

H

KENYA: Grant funding for TA at KTDA on small hydro development

RWANDA:Development funding 10MW Rukarara+27MW Nyaborongo Hydro Plants

EAST AFRICAGeothermal Market + Finance Assessment

FINANCIAL ADVISORY: FINANCING FACILITY DESIGN AND GRANT FUNDING SUPPORT

African

Projects

CHILE + PERU:Geothermal Market Risk + Financing Analysis

ARGENTINA:Design of the National Energy Efficiency Fund

COLOMBIA + CHILE : Waste to Energy Market Review + Project DD

PANAMA + DOM. REP.Assessment of Wind Project Investment Opportunities

CHILE:Codelco Copper Industrial Heat Recovery Project DD

CHILE + ECUADORAssessment of Solar PV Investment Opportunities

CHILE: Sustainable Energy Finance Training Workshops

DOM. REPWind Energy Market Assessment + Project DD

FINANCIAL+ STRATEGIC ADVISORY

Latin AmericanProjects

Clifford J. Aron, Founder & President � 30+ years’ experience in sustainable energy; 18+ in

emerging markets

� Advisor to IFC, the WB, EIB, KfW, EBRD, USTDA, US OPIC

� Advisor to private investors + commercial banks

� Pioneer of ESCO industry in USA

� Founding President NY Energy Efficiency Council

� Director of Energy + Economic Development NYC

� Environmental lobbyist

� Congressional aide on EE policy

Jacek Kostrzewa, Co-Founder� 25 + years EE + RES experience

� Specialist in project finance, biofuels technology, wind energy,

solar PV, CHP + EE policy and analysis

� Assignments for EFSE, IFC, World Bank

� President of largest biofuels trader in Poland

� Manager, EC PHARE Multi-country Energy Program Unit in

13 East European countries

� Business Development Director, National Power in Poland

� Founder of the Polish Foundation for Energy Efficiency

THE TEAM: FOUNDING PRINCIPALS

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Cemal ParlakManager, Turkey and the Caucasus

� Worked in development and financing of energy projects in Turkey for over eight years.

� Worked across range of Clean Energy technologies

� Expertise in strategic advisory for Energy Efficiency(EE) upgrades particularly in large industrial facilities

� Has developed bankable reports for financing of Sustainable Energy investments in the industrial sector

Dr. Albert ButareManager East Africa

� 20+ years’ experience in energy, technology and RE� Former Minister of State,Infrastructure:Republic of

Rwanda.� CEO of Africa Energy Services Group Ltd.� Vice Chancellor of the Academic Deputy of the Kigali

Institute Science and Technology (KIST);� Expertise in high-level public sector policy, project

development and implementation including engineering

Dr. Vedran UranManager, West Balkans a

�Prepared and updated country energy profiles of various eastern europe countries. �Managed the first comprehensive ESCO project in Eastern Europe.

�Published over 40 scientific,professional articles in the fields of EE, RE,Energy policy & economics�8+ years’ of experience in the RE and EE with functional finance and engineering experience.

Andres Roi RiedelManager LATAM

�Served as president of WBCO S.A; Former Chairman of the ULI Chile Country Council.�Chairman of the ULI South America Council�Former General director of the development of Parque Bicentenario in Vitacura-Santiag�Directed several urban and real estate studies; currently director of ROI&ASOC;�Expert in advisory on RE projects and investments, architecture, landscaping, urban design,

urban & regional planning and real estate analysis

Dr. Akinpelu Cornelius Shogunle Manager West Africa�+30 years’ experience in development and imlementation of energy integration strategies �Experience in system planning and engineering design for generation, transmission & distribution�Engineering designs and technical specifications for geothermal, fossil, solar, and waste-to-

energy projects

THE TEAM: SENIOR MANAGEMENT (REGIONAL MANAGERS)

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Mr Milan RusnakManager: Energy Efficiency Finance Practice

� Milan manages several of our sustainable energy finance

advisory assignments around the globe.

� Milan recently completed a ten year tenure at the International

Finance Corporation where he implemented various clean

energy programs globally both for investment, working in the

Financial Markets Group and as an advisor working in the

Advisory Services (A2F and SBA units).

Dr. William Kwasi GboneyManager, Energy Economics and Tariffs Practice

� +25 years’ experience in the economic regulation of utilities companies

and in power plant operations; expert in econometric, financial and tariff

modelling, application of empirical techniques for utility performance

benchmarking.

� Served as CEO of the International Institute of Infrastructural Economics

& Management (I3EM) and as technical coordinator for the African

Forum for Utility Regulators (AFUR);

Hiwote Teshome Manager, Energy Access Practice

� 20+ years’ experience in East Africa energy options; experience in

managing “bottom of the pyramid” marketing analyses for rural cooking

technologies in the region.

� Worked for the Ethiopian Ministry of Infrastructure (MININFRA); served

as Head of Mission of the PAC EA Improved Cook Stove (ICS)

dissemination project targeting urban areas in Rwanda;

THE TEAM: SENIOR MANAGEMENT (SECTOR EXPERTS)

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Advantages DifferentiatorsClient Segment

• Clean Energy Specialists

• Regional Experience +

Presence

• Track Record of Success

• Results Oriented

• Focus on Research

• Strong Origination

Network

• Established Relationships

with Investors

• Innovative Structures

• Strategic Investors

• Project Developers

• Private Equity Funds

• Infrastructure Funds

• Multilateral Financial Institutions

• Commercial Banks

Design of Financing Facilities

M&A

Project Finance

Project Development

Services

Launch Financial Products

Strategic Advisory

GREENMAX ADVANTAGES

Thank you!

Email: office@greenmaxcap.comwww.greenmaxcap.com

Europe HeadquartersDobra 54/4100-312 WarszawaPhone: +48 22 892-0050Fax: +48 22 892-0060

USA Headquarters540 President St. 3rd FlBrooklyn, NY 11215Phone: +1 646-564-3500Fax: +1 646-998-8023

Africa Headquarters CK Gardens Annex,1st Ngong Avenue33223 –00600Nairobi, KenyaPhone: +254 724 255 537

Latin America HeadquartersMerced 22 Oficina 1101Santiago, ChileTel: +56 2 2639 3225