Solar goes corporate: the newer

and cleaner procurement

opportunity

Summer 2018

Backgrounds and a brief introduction to 8minutenergy: the US’s largest independent

solar PV and storage developer

PRESENTER 8MINUTENERGY PORTFOLIO AND TRACK RECORD

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RAJESH SHARMA, VP SOUTHEAST ASIA

• Industry veteran in project development and corporate affairs with an extensive background in governmental, legal, and regulatory affairs of large-scale thermal power projects.

• Instrumental in business development in the energy markets in India, and in Southeast Asia.

• Key accomplishments include successfully closing a thermal power plant deal in a SAARC country, as well as developing over 450 MW and spearheading 2,200 Cr. in total investments.

• 3rd largest utility-scale developer in the U.S.*

• 7,500+ MW of PV and storage under development

• 750+ MW of utility-scale projects producing power

• 700+ MW construction ready and with PPAs

• 20,000+ acres under development

• 8minutenergy’s projects have secured $1.2B in financing

• Executed 1.5 GW of PPAs, representing $5B in contracted revenues

• Notable projects:

• Mount Signal: one of the world’s largest PV projects

• Springbok 2: first operational PV project in CA to beat fossil fuel pricing

Our business model centers around developing and owning solar PV plants and

energy storage projects

PV PLANTS

Mount Signal, Imperial Valley, CA

Springbok 2 Farm, Kern County, CA

Redwood Solar, Kern County, CA

Springbok 1 Farm, Kern County, CA

ENERGY STORAGE

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8minutenergy’s mission is to make solar energy abundant, and

to be the industry leader in lowering the cost of solar PV

Springbok 2, Kern County, CA: 191 MW

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Why Solar?

Because is a

Transformational Industry

A solar PV module is a semiconductor device, and similar laws & trends apply to

both. The Swanson's law* predicts that the price of a solar PV module drops 20%

for every doubling of cumulative shipped volume

INTEGRATED CIRCUITS (IC) SOLAR PV CELLS

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Semiconductor = Exponential Technology

*Swanson's law is an observation named after Richard Swanson, the founder of SunPower Corporation

PV pricing has decreased significantly — in particular, solar panels are projected to

decrease another 50% to $0.25/W within the decade

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*

*Blue dots reflect historical data, red dots reflect extrapolated prices.Source: Global Alliance of Solar Energy Research Institutes (GA-SERI) , ‘Terawatt-scale photovoltaics:

Trajectories and challenges,’ 2017

PV MODULE EXPERIENCE CURVE

Over the last 40 years, PV technology has become cheaper by 7% per year and

is now below wholesale natural gas electricity prices

| 8Source: Professor Emanuel Sachs, Massachusetts Institute of Technology

SOLAR LEARNING CURVE

5,000 $/MWh

500 $/MWh

200 $/MWh

50 $/MWh

With regards to pricing, solar PV is now among the lowest cost resources and

getting cheaper

LEVELIZED COST OF ENERGY (LCOE)

| 9Source: Lazard’s Levelized Cost of Energy Analysis, Version 10, December 2016

80% of the world’s population lives in sun belt countries,

and PV is cost-effective in most of them

| 10Source: EPIA report – World Bank, IMF, A.T. Kearney analysis, 2011

… and Bangladesh is located in a greatspot when it comes to solar resource

Confidential Information | 11

Bangladesh, a blank canvas

that could be filled in with

solar

| 12Several sources: EIA, world bank, IRENA, ARES

Bangladesh is establishing itself a rising start in South Asia for investment, and

presents very strong fundamentals. 8minutenergy is developing one of the first large utility-scale solar

PV projects in the Country

• Country’s Renewables Goal (RPO): 3 GW by 2021

• Country’s Solar Goal: 1.7 GW by 2021

• Bangladesh has increased its electricity generation by 185% from 2004 to 2018, for a total installed capacity of 18.35GW (as of jun’18 and including 600MW of imports).

• Electricity consumption has grown by an average 9.7%/year in the period 2004-2017, facilitating Bangladesh’s exceptional GDP growth of over 7% annually in last few years (i.e. x1.85 times the rate of GDP growth)

• Bangladesh offers a strong PPA with governmental support (20 years and index to USD) to attract international investment in renewables.

• Bangladesh has already installed 165 MW of PV, mostly in home lightning systems and rooftops, and has 800+ MW under PPA negotiation.

INDUSTRY OVERVIEW: BANGLADESH AT-A-GLANCE

• Natural Gas, Oil and Coal are dominant in the region, accounting for c. 81% of the electricity generation

• The consumption per capita is very low: 311kWh/p.p.; or 10% of the world’s average or 2% of the U.S.’s.

• Electrification rates are still low: 48+ m people without proper access to the electricity

| 13Several sources: EIA, world bank, IRENA, ARES

Bangladesh has a program to procure energy from renewable sources from IPPs under build-

operate-manage basis: the Speedy Supply of Power and Energy (Special Provision)

(Amended) Act, 2015.

• Proposal Submission

• Evaluation of Proposal

• Opinion from BPDB and PGCB

• Approval from Power Minister

• Tariff Negotiation

• Approval from Purchase Committee and Issue of LOI

• Signing of PPA and IA

PROCESS

• Applicant must demonstrate a) technical & financial

capabilities, and b) provide sufficient financial

support to the project.

• Applicant should demonstrate land control.

• Land should be non-agriculture.

• Project should have access to existing transmission

capacity.

REQUIREMENTS

We are developing one of the few solar PV projects in the Country, using best-in-

class and best-fit technologies: PADMA SOLAR FARM

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Project Specifications (est.):

Project size: 50 MWac | 70 MWdc (est)

Annual Generation: 121 GW | 20.10% | SAT

Substation Capacity: 100 MVA | 132/33kV

Substation Distance: 12 km

NTP: 4Q18

COD: 3Q19

PPA overview:

Term: 20 year

No currency risk: the PPA contract amount is adjusted

monthly to maintain the contractually agreed USD/MWh.

Strong payment guarantee: further to the Implementation

Agreement (see below), Bangladesh Development Power

Board (“BDPB”) provides an LC to ensure timely payment.

PPA price: $0.1330/kWh

PPA is anticipated to be signed in 3Q2018

Implementation Agreement (IA) overview:

Contractual agreement between project SPV and the

Country of Bangladesh (CofB) by which the CofB commits to

provide investor tax exemptions, no restriction to dividend

repatriation, access to multi-currency bank accounts, etc.

Further, the IA provides guarantee of payment by the GofB

in case of default by BDPB at any point during the length of

the contract.

IA is anticipated to be signed in 3Q2018

Conclusions:

We are Changing the Paradigm

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In the global context, investing in renewable energy is a long-term play and

the industry is just starting to take off

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Solar PV will continue to provide lower-priced energy, and thereby capturing

market share. Solar energy is a great long-term investment for any corporation,

especially given its cost-competitiveness with fossil fuels now.

ADVANTAGES OF SOLAR PV

• The cost of PV has been decreasing – it is based on semiconductor technology, which is falling in cost similar to Moore’s law

• PV is a proven technology with a 40+ year track record – total cumulative worldwide PV expected to reach 368 gigawatts by the end of 2018¹ with a CAGR of 20%

• Solar PV is rapidly becoming the dominant form of new generation: In 2016, solar was the #1 source of new installed capacity

• Bangladesh could benefit from this incredible revolution: clean and affordable energy for all.

| 17(1) GTM Research, Global Solar Demand Monitor: Q4 2016, (2) SEIA,

(3) “Key World Energy Statistics 2015" (PDF). www.iea.org. IEA. 2015 – Renewables: Frankfurt School UNEP Collaborating Centre

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