Presentation pv park_straldja_eng_2011_v 1.0

PROPOSAL FOR SALE OF ONE PHOTOVOLTAIC PROJECT IN BULGARIA WITH TOTAL NOMINAL POWER OF 1.4 MWpStraldzha town, Municipality of Straldzha, District of Yambol, Bulgaria Sofia • Vienna • Brussels • Moscow • Dubai July 2011

CONTENTS:Executive summary ………………………..……………………………3Location and main parameters .............................................................. 4Licensing overview ............................................................................... .. 5Productivity estimate of Straldzha project ......................................... ...6Contacts ................................................................................................... 7Appendix I: Land layouts, pictures and maps of the terrain ................ 8 2

1. Executive summary · The present proposal is prepared to bring forward an investment opportunity related to the sale one fully permitted project for photovoltaic (PV) power plant in Straldzha town, Municipality of Straldzha, District of Yambol, Bulgaria with estimated total installed capacity of 1.4 MWp for € 270 000 without VAT. · The plot of land forming the Project site is situated in the vicinity of Straldzha town, in the South-East part of the country. · The plot of land is owned by one beneficial owner (company) who is willing to sell the entire, fully permitted Project capacity. · The current development phase enables starting immediate construction of the PV power plant. Main development milestones such as Urban Planning (“PUP”) and Preliminary Grid Connection Agreement (to EVN), Building permit and Final Grid Connection Agreement (to EVN) have been passed. · The local developer will sell the entire Project, subject to a confirmed interest by a creditworthy Investor. The eventual transaction will include the ownership of the plot and all permits, including the Building permit. · The presentation below outlines the main technical, economic and investment considerations concerning Straldzha Project. A more detailed solar energy audit report, financial model or information memorandum can be offered upon request by the Investor. Inea Consulting Ltd as a Project advisor to the current Owners will readily submit any such information upon satisfactory Expression of Interest. · Feed-in tariff (FIT) for electricity produced from photovoltaic power plants with capacity above 200 KWp is € 24798/MWh (BGN 48560/MWh). · Term of PPA contracts for photovoltaic power plants in Bulgaria is 20 years. 3

2. Location and main parameters · Coordinates: N 26°39’04.03“, Е 42°34’06.49“; · Sea level: 149 m.; · Vertical planning: flat terrain with light southern slope; · Size – 21 971 sq.m.; · Shading conditions: Missing or limited; · No heavy winds, snow or seismic activity (data available upon request).; · No emissions of SOx or NOx in the region, nor dust; · Geological and hydro – geological state, showing adequate condition of the soil to sustain such structures; · Questions related to transport and construction of the project: There is direct access through well compacted rural road to the terrain, which in turn is free of buildings; · Grid connection point: Medium voltage grids (20 kV), where the projects will be connected are located at 2 600 m from the terrain; · Grid connection will require just building of a transformer station 0.4/20 kV. · Terms and conditions for the grid connection have been presented by EVN Bulgaria in the existing final grid connection agreement; · Modules radiation fixed under 32° decline from the horizontal surface of the terrain – 1 510 kWh/m2. 4

3. LICENSING OVERVIEWA) Steps in project development and in Straldzha project particularly 1. Approval of Particular Zoning Plan (PUP)Announcing the approved PUP to the neighbors of the plot; PCoordination with local Health and Sanitary authority; PNew revision by the expert architectural council in the Municipality; PApproval by the City Council PMayor’s order for validating the PUP; PQuarantine period of 2 weeks before PUP enters into effect; PRegistration in the cadastre plan and issuance of new Plans; P2. Change of Land usagePackage of documents (PUP, new plans, expert opinions); P 3. Project PhaseIssuance of a design visa; PPreliminary contract with EVN Bulgaria (signed); PConceptual design and Final Technical Project (el part + civil works); PApproval of the final Project by the Municipality; PBuilding permit; PConnection agreement with EVN Bulgaria; PB) Steps in Grid Connection and Procedure to the Distribution Company (EVN)1 Application to the Distribution Company for connection to the grid P2 Response to the application, to serve the Design Visa P3 Request for terms and conditions for connection to the grid P4 Receipt of a Connection opinion with the terms and conditions P5 Request for preparation of a Preliminary Contract for Connection P6 Signing the Preliminary Contract for Grid Connection P7 Filing a Request for signing a Grid Connection Agreement P8 Signing a Grid Connection Agreement P9 After final working, coordinating with the Distribution Company -10 Filing a Request for signing a Power Purchase Agreement -11 Signing a Power Purchase Agreement -Note: With “P” are marked finished phases for the Straldzha project, with „-“ notfinished. 5

4. Productivity estimate of Straldzha projectPVGIS estimates of solar electricity generationLocation: N 26°39’04.03“, Е 42°34’06.49“, Elevation: 149 m a.s.l.,Solar radiation database used: PVGIS-classicNominal power of the PV system: 1400.0 kW (crystalline silicon)Estimated losses due to temperature: 10.1% (using local ambient temperature)Estimated loss due to angular reflectance effects: 3.0%Other losses (cables, inverter etc.): 14.0%Combined PV system losses: 25.0% Fixed system: inclination=32°, orientation=0° Month Ed Em Hd Hm Jan 2710.00 83900 2.35 72.9 Feb 3290.00 92100 2.92 81.7 Mar 4110.00 128000 3.77 117 Apr 5190.00 156000 4.94 148 May 5490.00 170000 5.36 166 Jun 5410.00 162000 5.42 163 Jul 5780.00 179000 5.81 180 Aug 5580.00 173000 5.62 174 Sep 5050.00 151000 4.93 148 Oct 4190.00 130000 3.94 122 Nov 2730.00 81800 2.44 73.1 Dec 2360.00 73000 2.05 63.5 Yearly average 4330 132000 4.14 126 Total for year 1580000 1510Ed: Average daily electricity production from the given system (kWh)Em: Average monthly electricity production from the given system (kWh)Hd: Average daily sum of global irradiation per square meter received by the modulesof the given system (kWh/m2)Hm: Average sum of global irradiation per square meter received by the modules ofthe given system (kWh/m2)PVGIS © European Communities, 2001-2010 6

5. ContactsInea Consulting Ltd.9, Maria Louisa Blvd, fl. 39000 Varna, BULGARIATel: ++359 52 91 60 56Fax: ++359 52 302 508Mob: ++359 887 342 475Mob: ++359 896 833 044E-mail: office@ineaconsulting.euWeb: www.ineaconsulting.eu 7

Appendix I: Land layouts, pictures and maps of the terrain 8

Presentation pv park_straldja_eng_2011_v 1.0

by primevarna on Jul 29, 2011

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