Mission

Prothea is an independent advisory services firm focused on renewable energy across a range ofMission

Renewable energy p y gy g

markets, technologies, regulatory regimes and project structures;

Prothea is based in Milan and London and operates with a global approach; we benefit from a large

f f f

Renewable energy

Our activities

Track record

C t t network of professionals and partners both Italians and Internationals, with significant experience in the

sector;

Prothea has a unique multidisciplinary team of professionals with extensive scientific, engineering and

Contacts

q p y p , g g

investment banking experience; our advisory activities range from technical to financial and commercial.

We focus on:

Financial advisory

Project developmentScouting

Our expertise allow us to support project sponsors and investors to encompass all technical and

SPV ManagementM&A

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Our expertise allow us to support project sponsors and investors to encompass all technical and

commercial aspects of developing and investing in green power projects.

Renewable Energies are moving from niche marketstatus to a central focus of governments and investors g

R bl

Mission

Renewable energy Renewable Energies

Renewable energy

Our activities

Track record

C t t

Environmental concerns (global warming)

Increasing oil and gas dependence / Rising

Contacts

Increasing oil and gas dependence / Rising energy prices

Decreasing renewable energy generation costs

“G ” l t i“Green” regulatory regimes (tax incentives, subsidized feed-in tariffs, etc.)

Reliable and proved technologies

Stable and predictable cash flows

Low risk / high returns profile

Increasing deal flow of investiment

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Increasing deal flow of investiment opportunities

Renewable Energies Sectors

Mission

Renewable energyRenewable energy

Our activities

Track record

C t tContacts SOLAR PV

PROTHEA

MINI HYDROWIND MINI HYDROWIND

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BIOFUEL BIOMASS

Financial Advisory (1/2)

Mission

Renewable energy Prothea specializes in providing turn-key investment opportunities in renewable energyRenewable energy

Our activities

Track record

C t t

assets (solar PV, biomass and biogas, wind and mini hydro), sourcing green-field and brown-field projects, arranging long term debt (project finance or leasing) and equity, negotiatingsales/acquisitions and managing assets during their operational life;

Contacts

Since its establishment in 2008, Prothea has originated and structured projects for anaggregate asset value in excess of €100 million. Prothea is also responsible for themanagement of these assets at the operational level;

Prothea has a multidisciplinary team, comprised of members with investment bankingexpertise ranging from experts in valuations, in structuring and executing M&A transactionsand in arranging project finance.

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Financial Advisory (2/2)

Mission

Renewable energySCOUTING

Renewable energy

Our activities

Track record

C t t

Thanks to its presence in the market and its relationships with EPC and investors, Protheaconstantly monitors the market and has primary access to investment opportunities;

Contacts

Selection of advisors and coordination of legal, technical and insurance due diligence;

DUE DILIGENCE

Prothea assists its clients on project valuation and structures and support them in

M & A

j ppnegotiating and executing asset purchase/sale agreements and the relevant projectcontracts (EPC/O&M/PPA/Supply contracts);

Prothea has a strong project finance team and provide its clients with access to long termfinancial solutions having access to Italian and international financial institutions and

PROJECT FINANCE

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financial solutions, having access to Italian and international financial institutions, andadvises its clients on structuring project finance loans.

Project Development (1/2)

Mission

Renewable energy Prothea offers engineering and project management services in the renewable energyRenewable energy

Our activities

Track record

C t t

o ea o e s e g ee g a d p oject a age e t se ces e e e ab e e e gysector (solar PV, biomass and biogas, wind and mini hydro), supporting its clients in thegreen-field development of renewable power plants.

Contacts

Since 2008, Prothea has developed more than 100MW of renewable energy projects acrossthe entire Italian peninsula, covering all phases of development, including permitting,p , g p p , g p g,negotiation of project contracts (EPC, O&M and PPA) and project management ofconstruction and operation.

Our dedicated team is centralised in Milan with satellite consultants across central andsouthern Italy, near the development sites.y p

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Project Development (2/2)

We bridge projects from early development to operation, covering every development phases.Mission

Renewable energy

Sites selection Sites ownersLocal Authorities

We optmize the financial structure and directly invest in projects.Renewable energy

Our activities

Track record

C t t

Feasibility study and planning

Local Authorities

Engineering companies / Technical advisors

P it d th i ti Local and National Authorities

Contacts

Technology supply Manufacturers / Suppliers

Permits and authorizations Local and National Authorities

Financial structureand fundraising

Electricity and Green Certificates Sale Agreements

Banks / Investors

Trading companies

g

Construction EPC Contractors

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Operations: high and stable returns

SPV Management (1/2)

Mission

Renewable energyProthea has leveraged its financial and project management capabilities to provide SPV

Renewable energy

Our activities

Track record

C t t

management functions for power plants under construction and operation

Project Management: supervision of the EPC and O&M contractors (duringContacts

construction and operational phase);

Lenders: management of the day-by-day banking needs, coordination of loans’Lenders: management of the day by day banking needs, coordination of loansrepayments, timely delivery of documentation to the banks under loan agreements;

Insurance: coordination of (payment) obligations under the policy and management ofInsurance: coordination of (payment) obligations under the policy and management ofclaims;

Ad i C di i f h h i l d l l d i (ifAdvisors: Coordination of the company accountant, technical and legal advisor (ifrequired under loan agreement) and any other third party involved in the project;

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Reporting: regular reporting to SPV investors on the status of the projects.

SPV Management (2/2)

Mission

Renewable energyRenewable energy

Our activities

Track record

C t t•Global horizontal irradiation yearly Contacts irradiation yearly total [kwh/m2]

Biofuel: 8MW Solar PV: 3MW

Solar PV: 5 MWBiogas: 10MW

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Solar PV: 7MWSolar PV (roof): 1MW

Our strengths

Solid experience in developing renewable energy plants;Mission

Renewable energy

Strong financial skills, with significant expertise in structuring sizeable investments in renewable

energy projects;

Renewable energy

Our activities

Track record

C t t energy projects;

Relationship with commercial banks and equity providers;

Contacts

Commercial relationship with Italian Energy Companies;

Partnership with technology manufacturers and technical companies / advisors;

Ability to identify suitable sites for the development of the plants;

Ability to manage construction and operation of large scale projects;Ability to manage construction and operation of large scale projects;

Ability and experience on the management of operating plants

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Track record

Mission

Renewable energyRenewable energy

Our activities

Track record

C t t

9MWp

Development of a ground mounted

40MWp

Development of pipeline of ground

10MWp

Development of pipeline of roof

5MWp

Development of pipeline of roof Contacts

••

Development of a ground mounted solar PV plants in Calabria

2009

Development of pipeline of ground mounted solar PV plants in Italy

ongoing

Development of pipeline of roof mounted solar PV plants in Italy

ongoing

Development of pipeline of roof mounted solar PV plants in Italy

ongoing

5MWp

Ad i f th d l t f f

5MWp

Development of a ground mounted

10MWp 8MWp

Advisor for the development of roof mounted solar PV plants in Sicily

2009

Development of a ground mounted solar PV plants in Puglia

2009

Development of biofuels plants in Italy

ongoing

Development of pipeline of biogas plants in Italy

ongoing

EUR 13mln

Advisor for the Equity acquisition of

EUR 15 mln

Advisor for the Equity acquisition of

EUR 4 mln

Advisor for the Equity acquisition of a

EUR 9 mln

Advisor for the Equity acquisition of

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Advisor for the Equity acquisition of Solar plants in Italy (4MW)

2011

Advisor for the Equity acquisition of Solar plants in Italy (3MW)

2011

Advisor for the Equity acquisition of a Solar plant in Italy (1MW)

2011

Advisor for the Equity acquisition of Solar plants in Italy (2MW)

2011

Contacts

Mission

Renewable energyRenewable energy

Our activities

Track record

C t tContacts

Da id Armanini Alessandro CohenDavid Armanini

CEO

@

Alessandro Cohen

Renewable Energy Director

h @ thd.armanini@protheagroup.com a.cohen@protheagroup.com

www protheagroup comwww.protheagroup.com T:+39 02 47956755F:+39 02 55015276

13

Via Gran Sasso 5020131, MilanoItalia

68 Gloucester streetSW1V 4EF, London

United Kingdom

F:+39 02 55015276Skype: protheagroup