TESSERA SOLAR

1 Julio 2010

• (I) Background and Overview

• (II) Technology

• (III) Maricopa Solar Case Study

• (IV) Utility Scale or Distributed Systems

Table of Contents

(I) BACKGROUND AND OVERVIEW

SES & Tessera Solar Corporate Profile

Solar Pioneers

NTR plc

SES Ltd.

SES Inc.Tessera Solar

Americas (TSA)

Tessera Solar International

(TSI)

•$155m investment (controlling stake) in SES / Tessera Solar since May 2008

•Leading international developer and operator of renewable energy and waste management assets

•Sold Airtricity for €1.8bn to E.ON and SSE in 2007/08

•Based in Ireland with more than 4,100 employees worldwide

•Global developer of large scale solar projects using the SunCatcher technology

•1.5 MW reference plant operational since December 2009 in Arizona

•Around 60 employees worldwide•TSI - London based entity leading international development

•TSA - Three existing PPAs for up to 1,627 MW in California and Texas

•Developer and manufacturer of the SunCatcher Technology

•Formed in 1996 to develop and commercialise Dish-Stirling technology

•Over 100 employees based in Phoenix

NTR backed vertically integrated concentrating solar power company

Engineering / Manufacturing Project Development

1984

1990

1999

1999

2001

2002

UK 2002US 2004

UK 2003US 2006

Germany 2006US 2007

Acquired 2008

Sale of NA & European businesses $2.8bn

Withdrawal from Germany

Merged with Imagine

Sale & monetisation $780m

Acquired 2008

Acquired 2008

TodayPre 1999

Toll Road Pioneer1999 - 2002

Irish Diversification2002 - 2006

Int’l Development2007 - 2008

Transition

RECYCLINGIreland

UKNorth

America

SOLARAmericas

and International

WINDNorth

America

ETHANOLNorth

America

TOLL ROADSIreland

WATERIreland

Leading international operator and developer of renewable energy and sustainable waste management

NTR – Track Record of Success

Formed in 1999 in Phoenix, SES acquires dish system technology previously developed by McDonnell Douglas, Southern California Edison, the Dept. of Energy and Sandia National Laboratories

Focus on developing and commercialising the SunCatcher technology for solar thermal applications

Signs Power Purchase Agreements with each of San Diego Gas & Electric (750 MW) and Southern California Edison (850MW)

May ‘08 - NTR plc (renewable energy operator and developer) completes a $100m investment in May to take a controlling interest in SES (followed by a further $55m in November 2009)

• Integration well underway -headcount triples in first six months

• Hire of key management with relevant business / finance expertise (e.g. GE, BP, Ford, Goldman Sachs, Lazard)

• 2 x AFCs submissions (key permitting filing in CA) filed with the CEC

• 4 new dishes using the X0 design are successfully constructed and commissioned at Sandia

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

SES and Tessera Solar – History

Two of world’s largest solar PPAs in California Significant expansion driven by NTR investment

Tessera Solar is formed by splitting the development and manufacturing business of SES

Reference plant Maricopa Solar construction start

2009 2010

Commiss. of Maricopa Solar, the first commercial plant using SunCatcher technology (PPA with SRP)

Legacy and Pedigree•Track record of 30+ years of R&D and testing at a total cost of $500m

Model Power Plant (MPP)•In 2004, SES began construction of a 150 kW pilot plant at Sandia•Six 25 kW SunCatchers in operation at Sandia National Lab. (NM, US) since 2005/2006

New Generation of Dishes – X0•Four X0 dishes deployed at Sandia in early 2009 as part of the MPP•Accelerated life testing of a further 6 engines being performed in cooperation with McLaren

Maricopa Solar Plant (MSP)•1.5 MW (60 units) commercial power plant in Peoria, Arizona•Plant is online since December 2009 was officially opened on 22 January 2010

SunCatcher – Operational Experience

1970s –

1990s

2004

2009

2010

Proven testing record and system based on known technologies

Large Scale Commercial Deployments

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SunCatcher – Commercialisation

Units redesigned for high volume manufacture

Commercialization Program• Product Commercialization• Supply Chain Development• Development Projects

- Model Power Plant (on-sun)- ALT Test Rigs - Reference plant (Maricopa)

• Company Infrastructure

Today “Commercialization”

Goals• US & International Markets• Supply Chain—US Based

with Global Reach• Ultra-Low Cost Systems• High Volume

Manufacturing• Advanced Systems

Independent Engineers report (RW Beck) to validate SunCatcher

technology(1Q10)

Past “Technology”

Starting Point• 30 Year History• Development units

• HB, NV, SA, SNL• Model Power Plant

• 6 Systems• SES Supply Chain

(II) TECHNOLOGY

A new paradigm clean energy solution

SunCatcher

• 25 kW solar power system • The system consists of a solar concentrating dish

structure that supports an array of parabolic mirrored facets

• Dish concentrator tracks, collects, and focuses the Sun’s energy onto solar receiver tubes which contain hermetically sealed hydrogen gas

• This heats and pressurizes the gas in the heater head tubing, powering a high-efficiency four-cylinder, reciprocating Solar Stirling Engine

• The Stirling engine converts thermal energy to grid-quality electricity by utilizing hydrogen as an internal working fluid that is recycled through the engine

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SunCatcher – Key Components

Stirling Engine & Generator

Generator

Stirling Engine

SunCatcher Stirling Engine

Receiver Body

Cylinder BlockCrankshaft

Piston Rod

Cooler

Regenerator

The Stirling Engine – Invented in 1816

• Developed by leading solar industry pioneers: Ford, Kockums, Boeing, McDonnell Douglas, Southern California Edison, the Department of Energy and Sandia National Laboratories

• Track record of 20+ years of R&D and testing at a total cost of $500m

The SunCatcher – 30+ years of development

CSP Technology Overview

Source: Cleantech, Technology Innovation Report - Concentrated Solar Thermal, October 2008

Trough Tower CLFR Dish Concentration Ratio 70-80 300-1,000 25-100 1,000-3,000

Current Operating Temperatures 400oC (750oF)

250oC (482oF) - 500+oC (1,000+oF) 316oC (600oF)

800oC (1,472oF) - 900oC (1,652oF)

Average Net Conversion Efficiency 11 - 14% 15 - 22% 9 - 11% 24 - 27%Area requirements (MW /sq mile) 100 - 128 60 - 80 180 100

Heat Transfer Fluids

Near Term: Oil Future: Steam, Molten Salt

Near Term: Steam, Molten Salt

Near Term: Steam Future: Molten Salt

Near Term: - Future: -

Tracking method

1 dimension rotational tracking

2 dimension rotational tracking

1 dimension rotational tracking

2 dimension rotational tracking

24 years 1 year Water usage (cooling & washing) (m3/MWh) 2.940 2.800 - 0.019

Wind resistance (mph) Stow speed: 23 Damage: 50 - 84

Stow speed: 22.5 Damage: 87

Stow speed: - Damage:150 mirrors, 100 receiver array

Stow speed:35 Damage: 90 - 100

Parasitic Loss 10 - 14% 2 - 5% - 3 - 5%Announced Project Pipeline(specific projects with completion dates through 2016) 6,011 MW 2,579 MW 748 MW 1,750 MW Aggregate VC funding $126.4M $440 M $109.1 M $166.5 M

Key Developers

Abengoa, Acciona, SkyFuel, Solel, Solar Millennium, Sopogy

BrightSource, eSolar, SENER, SolarReserve, Abengoa

Ausra, Novatec, Biosol, SkyFuel, Solar Power Group

Stirling Energy Systems (SES) / Tessera Solar, Infinia, Abengoa

The only modular, low water usage CSP technology with record breaking efficiency

• The table below outlines the key characteristics of the various CSP technologiesTrough Tower CLFR Dish

SunCatcherTechnology Attributes

Lowest Cost

Lowest Water Use

Highest Efficiency

Modular Design

Terrain Flexibility & Minimal Land Disturbance

(III) CASE STUDY- MARICOPA SOLAR

Maricopa Solar – Tessera Solar’s First Commercial Plant

Unveiled world’s first commercial-scale SunCatcher Plant with Utility Partner Salt River Project on 22nd January 2010

• 1.5 MW (60 units) commercial power plant in Peoria, Arizona

• Fully assembled and online in late 2009

• PPA with Salt River Project

• Full commissioning 15th

March 2010

Maricopa Solar: Installation of Pedestals

§A low-amplitude vibratory piling§No excavation§No grading§No concrete§Ease of decommissioning

Dish Assembly§ The Maricopa reached a

target rate of assembling 2.5 dishes per day

§ A PCU can be swapped for routine or unplanned maintenance in <15 min

(IV) UTILITY SCALE VERSUS DISTRIBUTED SYSTEMS

“... energy experts now say developers' focus should be on deploying smaller solar plants ... But can CSP tap into this interim market for distributed energy, or must it always be limited to utility-scale applications?”

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Large V Small Scale Solar

June 29th 2010

“Building large central station solar plants and transmission lines to remote desert locations also involves major environmental trade-offs in terms of water usage and impact on virgin desert”

“The technology that is expected to dominate the distributed generation market is photovoltaics (PV). Most agree that CSP will be left to niche applications.”

Scaling down SunCatcher technology is easier than other CSP due to low water usage and modularity

SunCatcherTechnology Attributes

Lowest Cost

Lowest Water Use

Highest Efficiency

Modular Design

Terrain Flexibility & Minimal Land Disturbance

Solar Technology Landscape

Dish systems occupy a unique space between conventional CSP and PV Systems

<10kW to 100MW 25MW to >100MW

SunCatcher – Modularity

The modularity of the design allows commissioning of smaller blocks which significantly reduces commissioning risk and enables revenues during the construction phase

Tessera Solar Americas’ Projects

Large scale deployment of SunCatchers to start in 2010

Calico – Solar 1, California (850MW) Imperial Valley – Solar 2, California (750MW) Western Ranch, Texas (27MW)

• Permitting completed; BLM grant and CEC certification expected Q3 2010

• Phase I (275MW) – Mobilization for construction Q4 2010, Final COD Q2/3 2012

• Phase II (575MW)– Mobilization for construction Q3/4 2013 – Q4 2013, COD Q4 2015/Q1 2016

• Permitting completed; BLM grant and CEC certification expected Q3 2010

• Phase I(300MW) – Mobilization for construction Q4 2010, Final COD Q1/2 2012

• Phase II (450MW) – Mobilization for construction Q3 2011,COD Q4 2013/Q1 2014

• Permitting in process Q2/3 2010 completion

• EPC - Mobilization for construction – 4Q 2010 – Final COD Q1 2011

• Ongoing negotiation for extension up to 54MW

•Tessera Solar Americas has PPAs for up to 1,627 MW in place

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Maricopa Solar

Thank You

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