Technical Due Diligence Services

Understanding and quantifying the technical risks in renewable energy projects are critical for successful investments and projects.

AWS Truepower helps clients worldwide make sound decisions, based on world-class expertise and proven methodologies, so they can invest in renewable energy projects with confi dence.

100,000MegawattsASSESSED IN OVER

80 COUNTRIES

30Years

OF RENEWABLE ENERGY

EXPERIENCE

Statement of Qualifications

Independent Engineering ServicesGet Your Project Financed

A smooth fi nancial close for a project is the ultimate goal, and we can help you get there. AWS Truepower’s technical and commercial expertise, along with our understanding of the intricacies involved in project fi nance, make us an ideal partner for developers looking to raise capital. Our team of engineers and technical advisors will help you get your project in order in preparation for fi nancing. The approach we employ for our Independent Engineering (IE) reports has been thoroughly vetted over time with some of the world’s top lead arrangers and lenders, so we know exactly what they are looking for. Even great projects have missed fi nancing opportunities due to loose ends - don’t jeopardize your project because you left questions unanswered. AWS Truepower will guide you through the technical aspects of fi nancing so your project can secure the capital it needs to thrive.

Lender Confi dence

Virtually every lender involved in project fi nance has used AWS Truepower’s reports at one time or another to fi nance a project. Our solid reputation and global bankability in the renewable energy industry has been built on experience, quality and transparency, and our track record refl ects the trust that lenders have placed with us.

Experience, Quality and Transparency

These are the three critical features for successful project fi nancing and lender confi dence. Our experience in the renewable energy industry speaks for itself - founded in 1983, we’ve been involved since the inception of utility scale wind and solar projects. As the industry has grown, we’ve been a name that developers, lenders, and investors trust. The quality and reliability of our work has put us at the center of many of the largest wind and solar projects built.

We are transparent with our methodology and approach when involved in a project. It’s critical that lenders, sponsors and advisors are synchronized throughout the due diligence process, and the process from evaluation to close is understood and approved by all parties.

In 2009, AWS Truepower published the fi rst study of its kind to compare actual wind energy production to their preconstruction estimates. At a time when underperformance of wind projects was an industry-wide problem, we worked to identify and close the gap between preconstruction and operating energy numbers. In 2012, we repeated the study, and again adjusted our methodology. Known as our “Closing the Gap” white papers, the studies thoroughly detail our methodologies for resource assessment and energy estimation. This transparency and drive for accuracy applies to all of our technical services – if your bank would like to discuss our approach, methodology or conclusions, we will make it our priority to ensure they are satisfi ed.

An Approach Lenders and Investors Trust

Supporting the Project Lifecycle

Independent Commercial and Technical Review with Associated Risk Assessment

PRE-CONSTRUCTIONResource & EnergyTurbine TechnologySite SuitabilityCommercial ContractsOff -Taker Agreements Interconnection AgreementsBalance of Plant DesignCurtailmentEnvironmental ReviewRevenue GenerationCapital and O&M CostsFinancial Model

CONSTRUCTION Construction MonitoringDesign ReviewDrawdown Review Procurement SurveillanceCommissioningCOD AchievementKey Milestones

OPERATIONSOperations MonitoringPower Performance TestingVariance AnalysisO&M Review and AnalysisOperational Performance AnalysisMaintenance Program Review

MERGERS & ACQUISITIONSOperational Energy AssessmentO&M History AssessmentCommercial ContractsOff -Taker AgreementInterconnection AgreementCurtailmentRevenue GenerationFuture Up-Wind Build-Out AnalysisPortfolio Eff ect ReviewFinancial ModelYieldcosTurbine Technology Assessment and Track RecordOperational Performance AnalysisMaintenance Program ReviewEnvironmental Compliance

Go Ahead. Invest with Confi dence

Investing in a renewable energy project is a complex endeavor that requires an extensive evaluation eff ort. Understanding the inherent technical risks of a project is a critical facet of this eff ort, and the conclusions of this evaluation will allow you to ultimately decide if the return is worth the risk.

At AWS Truepower, we leverage our 30 years and 100 GW of experience on every wind and solar project we evaluate. Established in 1983, we have been pioneers and industry leaders in technical consulting and have played an active role in many of the world’s most important and groundbreaking renewable energy projects. This experience is important – but equally core to our company is our reliability. Our engineers work in lockstep with you as you evaluate your project – any hour, any day of the week, we are in constant communication with our clients. With millions, or even billions, of dollars on the line, you can’t aff ord to have questions go unanswered.

With offi ces around the globe, and experience in over 80 countries, we bring the experience, track record and reliability that will allow you to invest with confi dence.

Tailored Approach

Whether it’s a small equity stake in a single project, or an acquisition of a global portfolio of projects, diff erent investments require diff erent levels of review. A hedge fund will have diff erent concerns than a utility company. At AWS Truepower, we collaborate with our clients to determine the best path for their due diligence eff ort – and diligently work to identify all critical risk areas. But that’s not all – depending on risk appetite, the type of investment, and the client’s expertise, we work to tailor project evaluation strategies specifi cally for our clients.

Want our opinion? We’ll tell you. Many technical advisors won’t. Subjectivity, guided by experience, is critical for both the investor and the advisor when investigating a potential project or portfolio. Our willingness to talk through risk areas with our clients is one of the many reasons our clients become long-term partners.

Custom Solutions

AWS Truepower has a dedicated Custom Services Team devoted to helping our clients understand unique considerations associated with their investment evaluations. By using our industry-leading tools and resources in creative ways, we can help you design a new strategy for areas that need a custom approach. Our Custom Service Team has introduced innovative solutions, such as transmission-based curtailment assessment, wake impacts reviews and revenue projection for merchant plants, to name a few. As you evaluate your next project we can provide detailed insights into critical risk areas that are custom built for your needs.

Portfolio Analysis

Evaluating large portfolios can be a daunting task. As M&A have become prevalent in the wind and solar industries, AWS Truepower has led the way in developing the right approach for portfolio reviews. Whether it’s two adjacent projects or twenty projects spread around the world, we can effi ciently and thoroughly identify and work through potential risk areas.

Investor Services

Project and Portfolio Investments

Our approach is simple - collaboration, fl exibility and world-class technical expertise – the three cornerstones

of our success and successful energy investments worldwide.

World-Class Technical TeamExperience Matters

A successful project needs an experienced team. When you work with AWS Truepower, you are getting hundreds of years of wind and solar project experience.

Craig Moller, P.E. - Director, Due Diligence Services

As the Civil Engineering Department Head at GL Garrad Hassan, Mr. Moller led structural and geotechnical engineering reviews for over 100 wind development projects. His 30 years of professional experience includes leading the successful completion of large, complex projects that included technical requirements and specifi cation development, internal and external customers, consultants, engineers, construction personnel, and in-house support departments. Mr. Moller holds BS and MEng degrees in Civil/Structural Engineering and is a Professional Engineer in multiple states.

Rubén Mata Arroyo - Country Manager, Mexico

Mr. Mata is responsible for leading the Business Development eff orts for AWST in Mexico for the last four years. He has a broad knowledge of energy markets and project structuring and has more than seven years of experience in wind and solar PV. He has worked on projects for the private sector and public institutions such as the Mexican Ministry of Energy, the National Council of Science and Technology, and state governments where he has been involved in energy planning and state energy balances. Internationally, he has been a consultant for the Latin American Energy Organization (OLADE). He has participated in countless wind and solar energy assessment studies, project prospecting, due diligence, and bankable energy production reports. He holds an MBA from the University Antonio de Nebrija in Madrid and a BEng in Chemical Engineering from the University of Guanajuato State in Mexico. He resides in Mexico and is profi cient in both English and Spanish.

Demeke Ashebo, P.E. - Senior Engineer

Mr. Ashebo has more than 12 years of experience in design, analysis, construction supervision and project management of energy, industrial and transportation projects from the pre-design site selection process through fi nal project completion stages. In the last six years, Mr. Ashebo has worked on a number of renewable energy projects. Prior to joining AWST, Mr. Ashebo worked for the Boeing Company in the renewable energy team. During his time at Boeing, he was the lead EPC civil structural engineer for a number of PV solar and micro-grid projects. While working for Abengoa and Gannett Fleming Inc., he was directly involved with the planning, designing and reviewing of large CPV solar and Ethanol production projects. Demeke received a BSc Degree in Civil Engineering from Addis Ababa University, Ethiopia, MSc Degree in Structural Engineering from Hohai University, China, and PhD in Civil Engineering from The Hong Kong Polytechnic University, Hong Kong. Mr. Ashebo is a licensed professional engineer in the states of California and Kansas.

Dan Bernadett, P.E. - Chief Engineer

Mr. Bernadett has over 20 years of experience in the wind industry. Throughout his tenure at AWS Truepower, Mr. Bernadett has assembled a formidable base of experience and expertise in specialized areas ranging from diagnosis of plant performance issues to turbine performance measurement. Mr. Bernadett is an expert on turbine technical issues, plant design, and resource assessment. His extensive range of industry experience gives Mr. Bernadett a unique ability to solve the diverse problems that can aff ect operational performance and project profi tability.

Monique M. Dyers - Solar IE Lead / Senior Engineer

Ms. Dyers has nine years of experience in the energy and power generation industries. This work includes leading transmission and interconnection evaluations, technical product reviews, construction monitoring and assisting in independent engineering and due diligence reviews in support of the fi nancing of utility-scale electric power, solar and wind projects. She has managed global teams as a DMAIC Six Sigma Green Belt and a Lead Electrical Engineer in the design, development and performance validation of generator set engines and wind turbines used in power generation. Ms. Dyers has also conducted technical product evaluations and testing of rotating machinery and power electronics to determine compliance with UL, CSA and CE certifi cation and recognition. She holds a BS and MS in Electrical Engineering.

Brian Kramak - Senior Project Manager

Mr. Kramak has nearly 30 years of experience working in the energy sector including nuclear, conventional and renewable energy power generation. In his current role at AWST, Mr. Kramak actively manages power performance testing, operational assessments, and due diligence portfolio reviews. Mr. Kramak involves himself early in the scoping phase of each project to ensure expectations are set appropriately and project executables are delivered as promised. Mr. Kramak’s experience at General Electric and Intertek has given him a global view of the renewable energy business and the inherent fi nancial and technical risks associated with the equipment used in renewable energy power production.

World-Class Technical TeamJennifer Krasner - Document Manager

Ms. Krasner has over seven years of experience in renewable energy project coordination and was with GL Garrad Hassan prior to joining AWST. Ms. Krasner’s experience includes supporting a large team of Project Managers and Engineers in the function of due diligence of renewable energy projects. Ms. Krasner supported Independent Engineering projects throughout the due diligence process by managing incoming documentation, preparing Q&A lists and tracking open review issues. Ms. Krasner also conducts equity and drawdown reviews for construction monitoring projects. Ms. Krasner has supported the closing process of over 100 North American wind farms.

Gill Howard Larsen - Head of Project Management

Having spent her entire career as an energy industry professional in both the United States and Europe, Ms. Howard Larsen has spent the last seventeen years in a lead role in the development, acquisition, and fi nancing of utility scale wind projects. She led internal and external teams and worked as a senior level commercial reviewer and negotiator with project owners, lenders, utilities, regulatory agencies, and advisors to close project development, acquisition, fi nancing and sales of a portfolio of wind energy projects and other generating technologies. As Head of Project Management, Ms. Howard Larsen leads project management and all commercial aspects of project due diligence, including contract review, commercial structure, risk assessment and allocation, and inputs to fi nancial models. She holds BA and MA degrees from Cambridge University.

Jorge Luis Ochoa - Senior Engineer

Mr. Ochoa has a BS in Industrial Engineering and a MS in Energy Engineering specializing in Renewable Energy. Mr. Ochoa has been involved in the renewable energy market for more than seven years and his skills as a Senior Engineer include meteorological measurement and assessment, energy production estimates, project loss estimates and project uncertainty. He has worked on micrositing analysis with the most advanced tools like Openwind® and WindFarmer. Mr. Ochoa currently manages our European and Latin America projects, and is profi cient in both English and Spanish.

Colin Tareila - Project Manager

Mr. Tareila has over six years of experience in renewable energy services. As Project Manager on the Due Diligence Team responsible for managing independent engineering projects for both wind and solar in support of project fi nance for new project development and acquisition. As part of his role Mr. Tareila is responsible for the overall project management, as well as the evaluation of project contracts, inputs to the project pro-forma, and leading construction monitoring eff orts. Mr. Tareila has also been responsible for leading the development and creation of AWSTs proprietary databases which are used in the course of AWST’s due diligence work. Prior to joining the due diligence team, Mr. Tareila worked on the Custom Services at AWST where he carried out grid studies, MLA reviews, suitability analysis, electrical loss assessments, curtailment assessments, thermal screenings, and LMP analysis. Mr. Tareila holds a BS in Electrical and Computer Engineering and a MS in Electrical Engineering with a focus on Power Systems.

Due Diligence Projects

Project Location Description

Three Project 136.8MW Construction Wind Portfolio

Republic of Ireland

Provided due diligence to support construction fi nancing. The technical and commercial scope included independent verifi cation and assessment of:• Balance of plant design• Wind turbine technology• Wind turbine site suitability• Commercial agreements• Curtailment• Resource assessment and energy production• Portfolio analysis• Financial assessment• Environmental legislation applicable to construction and operation• Planning Authority conditions for pre-construction, construction,

operations, and decommissioning• Property and land rights documentation• Equator Principles• Construction monitoring

Nine Project 152.7MW Operating Wind Portfolio

Republic of Ireland

Provided due diligence to support cash leverage debt fi nancing. The technical and commercial scope included independent verifi cation and assessment of:• Visual inspections of the balance of plant facilities and wind turbines,

including several tower and nacelle inspections; and interviews with operations personnel

• Documentation of operational history, maintenance, and repairs• Planning Authority, Environmental Impact Assessment, and Health and

Safety Authority compliance• Wind turbine technology• Wind turbine site suitability• Balance of plant design• Commercial agreements• Curtailment• Resource assessment and energy production• Portfolio analysis• Financial assessment• Construction monitoring

36 Project 739MW Operating/Construction/Pipeline Wind Portfolio

Republic of IrelandNorthern Ireland

Provided due diligence to support the buyer’s assessment and valuation for portfolio acquisition. The technical and commercial scope was tailored for each of the project phases, and included independent verifi cation and assessment of:• Site conditions and infrastructure• Wind turbine technology and site suitability• Commercial agreements• Curtailment• Resource assessment and energy production• Portfolio analysis• Financial assessment• Planning Authority conditions for pre-construction, construction,

operations, and decommissioning• Environmental Impact Assessments status and requirements• Health and Safety Authority requirements• Property and land rights documentation• Avian risks and ornithological surveys

Below is a list of some of our recent projects. Because this is a partial list, please contact AWS Truepower for experience in specifi c geographic locations or services that you may not see here.

Due Diligence ProjectsProject Location Description

Two Phase 129.3MW Pre-Construction Wind Project

South America

Provided due diligence to support construction fi nancing for the projects. The technical and commercial scope included independent verifi cation and assessment of:• Balance of plant design• Wind turbine technology• Wind turbine site suitability• Commercial agreements• Curtailment• Resource assessment and energy production• Financial assessment• Construction monitoring

Eleven Solar and Wind Project Portfolio Canada

Provided technical due diligence to support an investor in the valuation and review of portfolio consisting of 11 wind and solar assets in North Amercia, South Amercia, Europe, Asia and Australia. Scope included:• Risk analysis and evergy review including variance analysis of P50

estimates vs. actual energy production• Estimation of uncertainty• Portfolio Eff ect Analysis

Two Phase 252MW Pre-Construction Wind Project

Mexico

Provided due diligence to support construction fi nancing for the projects. The technical and commercial scope included independent verifi cation and assessment of:• Balance of plant design• Wind turbine technology• Wind turbine site suitability• Commercial agreements• Curtailment• Resource assessment and energy production• Financial assessment• Construction monitoring• Turbine manufacturing and shipping monitoring

101.1MW Pre-construction Wind Project

Canada

Provided full technical due diligence advisory services to support fi nancing including: • Balance of plant design• Wind turbine technology• Commercial agreements• Curtailment• Resource assessment and energy production• Financial assessment• Environmental Impact Assessments status and requirements• Permits• Equator Principles• Construction monitoring

155MW Pre-Construction Wind Project

Mexico

Provided due diligence to support construction fi nancing for the projects. The technical and commercial scope included independent verifi cation and assessment of:• Balance of plant design• Wind turbine technology• Wind turbine site suitability• Commercial agreements• Curtailment• Resource assessment and energy production• Financial assessment• Construction monitoring

Due Diligence ProjectsProject Location Description

Dual PV Projects - 30MWAC Total United States

Provided Independent Engineering services to support tax equity investment. The technical and commercial scope included::• Energy production assessment• Commercial Contract Review• Financial review of CAPEX and OPEX• Inverter and Module technology review• Electrical, Civil, and SCADA system design review• Environmental study and permit review• Curtailment• Monthly Site visits during the construction phase to monitor budget,

schedule, contractor execution, and QA/QC process.• Review of project acceptance and operation tests and verify commercial

operation

Two Wind Farms Canada

Provided technical services for two proposed wind farms in Canada, including:• Wind resource assessments• Energy production reports• Turbine technical reviews

Eight Project 135MW Operating Wind Portfolio

Austria

Provided operational due diligence services for a portfolio of wind projects, including: • Initial assessment of available information • Historical plant availability review and future plant availability projection • Site visit• Turbine inspection • Gross energy annual energy production projection • Net energy annual energy production projection • Future O&M cost projection • Uncertainty calculation • Review of O&M contracts

Nine Project Operating Wind Portfolio United States

Provided portfolio benefi t analysis to support a developer in the valuation and review of portfolio consisting of nine wind assets in the United States. Scope included:• Operational energy production reports• Estimation of uncertainty• Portfolio Eff ect Analysis

Two Wind Farms United States

Conducted Independent Engineering services in support of a lender including the review of two wind projects. Services included:• Turbine technical review• Turbine remediation• PPA review• Interconnection and curtailment reviews• O&M agreement review• Permits, approvals and environmental requirements review• Financial model evaluation• Site visits

Eleven Project Global Wind and Solar Portfolio

Global Portfolio

Provided portfolio benefi t analysis to support an investor in the valuation and review of portfolio consisting of 11 wind and solar assets in North Amercia, South Amercia, Europe, Asia and Australia. Scope included:• Risk analysis and evergy review including variance analysis of P50

estimates vs. actual energy production• Estimation of uncertainty• Portfolio eff ect analysis

Due Diligence ProjectsProject Location Description

Eight Project 2,293MW Operating/Pipeline Wind Portfolio

Brazil

Provided due diligence to support the buyer’s assessment and valuation for portfolio equity investment. The technical and commercial scope included:• Energy reports• Data room documents and red fl ags• Turbine technology• Accompany buyer to seller meetings, site visits, and OEM factory

Five Project 150MW Operating Wind Portfolio

Brazil

Provided due diligence to support the buyer’s assessment and valuation of portfolio acquisistion. The technical and commercial scope included:• Energy reports• Turbine technology• Turbine condition• Commercial agreements• Financial model• Accompany buyer to site visits

Eight Project Wind Portfolio Romania

Provided due diligence support, including: • Initial Assessment of Available Information • Historical Plant Availability Review and Future Plant Availability Projection • Desktop assessment • Site Visit• Turbine Inspection • Gross Energy Annual Energy Production Projection • Net Energy Annual Energy Production Projection • Future O&M Cost Projection • Uncertainty Calculation • Review of O&M Contracts

Two Wind Projects United States

Provided technical consulting services and support to a tax equity investor to evaluate an investment. Scope included:• Review of IE report• Curtailment and revenue projection• Energy review

US Wind Farm United States

Provided technical consulting services and support to a tax equity investor to evaluate an investment. Scope included:• Energy Report• Curtailment and revenue projection

Nine Project, 419MW Operating/Pipeline Wind Portfolio Due Diligence

United States

Provided due diligence to support the buyer’s assessment and valuation for portfolio acquisition interest. The technical and commercial scope included independent verifi cation and assessment of:• Resource assessment and energy production• Curtailment• Eff ects of turbine uprating• Seller’s operational strategy

Contact AWS Truepower’s Due Diligence Services Team for more information.

Craig Moller, P.E.Director, Due Diligence Servicescmoller@awstruepower.comPhone: +1 518 213 0044 ext. 1079

Regional Contacts

BarcelonaJoan AymamíVP, International Businessjaymami@awstruepower.comPhone: +34 93 448 7265

BrazilMireia CasinosCountry Manager, Brazilmcasinos@awstruepower.comPhone: +55 41 3343 4438

IndiaSreeni KrishnamurthyVice President, Asia Pacifi cskrishnamurthy@awstruepower.comPhone: +91 96112 78577

MexicoRúben MataAccount Manager, Mexicormata@awstruepower.comPhone: +52 477 771 61 56

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