Utility-Scale Solar Developer

1. 2020
1st Quarter
Greenfield Development of Utility-Scale Solar Farms
Private & Confidential
renewenergy.us

2. Disclaimer
This confidential document is furnished on a confidential basis
to a limited number of sophisticated investors for the purpose of
providing certain information about an investment in limited
partnership interests (the “Interests”) in RENEW ENERGY, LLC
(the “Partnership”). The Interests have not been approved or
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The Interests have not been registered under the United States
Securities Act of 1933, as amended (the “Securities Act”), the
securities laws of any other state or the securities laws of any
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Interests will be offered and sold in the United States under the
exemption provided by Section 4(2) of the Securities Act and/or
Regulation D promulgated thereunder and other exemptions of
similar import in the laws of the states and jurisdictions where
the offering will be made. The Interests may be offered and sold
outside the United States under the exemption provided by
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Partnership will not be registered as an investment company
under the United States Investment Company Act of 1940, as
amended. There is no public market for the Interests and no
such market is expected to develop in the future. The Interests
may not be sold or transferred except as permitted under the
Operating Agreement of the Partnership (the “Partnership
Agreement”), and unless they are registered under the
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registration requirements is available.
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past performance is not necessarily indicative of future results,
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targeted returns included in this document can be realized or
that actual results will not be materially lower than those
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Statements in this document are made as of the first quarter of
2020 unless stated otherwise herein, and neither the delivery of
this document at any time, nor any sale of the Interests
hereunder, shall under any circumstances create an implication
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uses forward-looking terminology, such as “may,” “will,”
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comparable terminology, and thus constitutes “forward-looking
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events or results, or the actual performance of any investment,
may differ materially from those reflected or contemplated in
such forward-looking statements.
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management fees, carried interest, taxes and allocable
expenses borne by investors, which in the aggregate, may be
substantial and would reduce the actual returns experienced by
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exchange restrictions that may be relevant thereto.
Private & Confidential2

3. DEMAND
Opportunity
Attractive Investment
Utility-scale projects account for two-thirds
of the total U.S. solar market.
Solar industry generated $17 billion of
investment in the U.S. economy last year.
U.S.
Energy
Production
81%
Fossil Fuels
19%
Renewable
Sources
The U.S. still generates over 80% of its power
through fossil fuels like coal & natural gas. With
the extension of the Federal Solar Investment Tax
Credit and policy requiring utilities and business to
“go green”, installed solar capacity will more than
double over the next 5 years.
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Growing Market
Installation costs has dropped by more than
70% over the last decade, opening new market
segments across the U.S.
Growth Rate Of 50% Over The Past Decade

4. MARKET SIZE
In 2019, installations in states outside the top 10 constituted a quarter of the total
market. As the price of solar continues to fall, new state entrants will grab an
increasingly larger share of the national market.
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Utility-Scale Solar Is Now A 50 State Market

5. MARKET SIZE
In 2018, more than 13 GW of new utility-scale power purchase
agreements were signed, bringing the total contracted pipeline to
a record 25 GW
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Utility Scale Solar
Two-Thirds Of The Total Market

6. RENEW ENERGY, LLC: A Utility-Scale Solar Developer
DEVELOP SOLAR
SITES BETWEEN
15MW – 80MW
01
SYSTEM
PRODUCES
PORTFOLIOS OF
‘SHOVEL READY’
PROJECTS
02
OVER 20 YEARS
COMBINED
EXPERIENCE
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We intentionally develop projects smaller than
100MW. This allows us to avoid additional time in
permitting, control parcels that are often overlooked
and eliminates FERC requirements. It also creates
projects that can enter the system quickly and are
more easily liquidated to end-users.
We develop in tranches of 10-15 projects per tranche.
This allows us to sell off tranches at a higher
combined value to the end-user. Because our projects
are ‘shovel ready’, the purchaser can begin
construction immediately and pay a higher
development fee to RENEW.
Our team has over 20 years combined experience
in acquiring suitable sites, permitting for solar farms
and negotiating power purchase agreements.
01
02
03
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7. Our Development Advantage: Path to “Shovel Ready”
Site
Selection
Site
Control
Engineering
&
Entitlement
Execute
PPA
• Our system effectively identifies
suitable locations with a 23% reply
rate.
• We screen for suitability including:
close proximity to sub-stations & 3
phase lines, and continuous
parcels.
• Produce engineering for site and integration of solar
farm
• Submission of electrical study for integration into grid.
• Application for re-zoning and other required permits for
site use.
Personal contact with landowners
Control site with minimal option payment until project is
developed to a “shovel ready” status
Regular updates on development process provided to
landowners.
Engage Utility or Private Off-taker and negotiate PPA
Utilize smaller project or “fleeting opportunity” status to
shorten processing times for signed PPA
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8. 8
Development Costs For A “Shovel Ready” Project
Range of Cost Per Site: $6,000 - $20,000
- Renew Energy has identified the first 20 sites, which have passed our pre-screening, and have begun
negotiations with landowners.
- Renew Energy saves significant fees by avoiding additional legal, permitting & some engineering
costs due to in-house capabilities of its team.
Site Control Via
Lease Option
• $500 - $1,500
Annual Option
Payment.
Interconnection
Study With
Utility
• Depends on
location of site &
proximity to
substation. $1,500-
$5,000
Engineering &
Preliminary
Drawings
• $2,500 - $7,500
per site.
Dependent on
specific
requirements of
utility.
Entitlement /
Permitting
• Depends on local
zoning law.
Approximately
$1,500 - $5,000 in
permitting fees.
Execute PPA
• Some utilities
require deposit.

9. 9
Individual Project Proforma (20MW Complete Site Built Out)
($20,000,000)
($15,000,000)
($10,000,000)
($5,000,000)
$0
$5,000,000
$10,000,000
$15,000,000
Cash Flow ($)
Year
Annual Cash Flow
Fiscal Viability Measures
Net Present Value $6,751,193
Estimated Internal Rate of Return 25%

10. 10
Individual Project Financials (20MW Complete Site Built Out)
System Design
System Cost ($/watt DC) $1.25 Initial debt service reserve funding $1,390,652
System Size (DC) (MW) 20.00 Total System Cost $26,390,652
Developer Fee 5% $1,319,533
Performance Inputs
DC Capacity Factor 23.0% Annual Output for Year 1 (MWh) 40,296
Degradation Factor 0.75%
System lifetime (Years) = Lease Term 35 years
Other
O&M Costs ($/kW) $20.00 11yr inverter replacement cost $3,000,000
O&M Costs Escalator (%/yr) 2.00% Annual inverter amount to reserve $272,727
Inverter replacement cost ($/W) $0.15
Inverter replacement time (Years) 11.0
Insurance Expense ($/kW) $15.00
Insurance Escalator (%/yr) 2.00%
SREC Value/MW $50
SREC Decelerator 5.00%
Land Lease/Year $120,000
Lease Escalator 2.0%
Wholesale Price of Electricity $0.03
Electricity Escalator 2.0%
Tax Assumptions
Federal Tax Rate 21.00% Effective Tax Rate 28.11%
State Tax Rate 9.00% Basis Reduction (50% of ITC) 13%
Investment Tax Credit Rate 26%
MACRS Term 5
Financing
% Financed w/ equity 60% % Financed w/ debt 40%
Debt Interest rate 11.0% Interest Rate on DSRF 5.5%
Debt period in years 15 Equity Amount $15,834,391
Discount Rate 10.00% Debt Amount $10,556,261
Weighted Average Cost of Capital 8.25%

11. Sample Portfolio of Projects: First Group of 10-12 Projects
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Number Of Sites
• Each tranche will include
10-15 individual projects.
• Each individual project will
be between 20-80 MW.
With a goal of 250-400MW
per tranche.
Timeline For Sale
• The first tranche will be
shovel ready in 16-18
months and follow on
tranches developed in
parallel.
• Renew Energy estimates
that we will be able to
develop 10 tranches in the
next 5 years.
Valuation
• Each individual project will
be developed and entitled
so that they are shovel
ready for the final
developer.
• Final valuation will be
determined by a number of
factors including PPA pricing
and total MW of the tranche.
Exit
• Tranches will be sold to final
developer, commercial off-
taker or utility.
• Typical valuation of each
site is approximately $0.98 -
$1.00 per watt.
• Tranche of 250MW would
equate to approximately
$250,000,000 valuation.
Developer Fee
• Market rate for
development fee paid
to Renew Energy is
approximately 3%-5%
of the valuation.
• Fee to Renew Energy
for first tranche of
250MW would be
between $7.5MM and
$12.5MM.

12. Estimated Revenue Over 5 Years
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Tranche of 10 (200MW) Ten Tranches (2,000 MW)
DIRECT DEVELOPMENT COSTS TO SHOVEL READY
Site Control Via Lease Option $1,500 annually per site $15,000 $150,000
Interconnection Study $50,000 $500,000
Engineering & Preliminary Site Plan $75,000 $750,000
Entitlement & Permitting $50,000 $500,000
Execute PPA (Deposits & Legal) $25,000 $250,000
Total Cost $215,000 $2,150,000
_________________________________________________________________________________________
Developer Fee Based on 5% Capex
(See Financials Slide 10) $13,195,330.00 $131,953,300.00
*Does not include overhead, legal or management fees. See complete model for exact breakdown.

13. Private & Confidential
C O N TA C T U S
Renew Energy, LLC
www.renewenergy.us
Phone: 888 550-9930
Email: john@renewenergy.us
An RFM company.
rfmcap.com
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