Albert Mitjà Sarvisé es uno de los impulsores de proyectos de energías renovables y eólicas en el territorio catalán. El Grupo NovEnergia es una empresa internacional fundada en 2001 por un grupo de expertos dedicados a la promoción de las energías renovables y eficiencia energética. Sus acciones están orientadas a establecer el marco actual para la producción independiente de energía renovable a nivel europeo.

1. October 2011
General presentation and overview

2. Development
Prospection Investment Operation
Non-recourse project
financing
Novenergia is a private equity fund dedicated to the
promotion of renewable energy throughout Europe
Continent-wide development:
Portugal, Italy, France, Spain,
Bulgaria, Hungary, Poland &
Romania
Wind, Solar and Hydro
projects
An integrated actor:
Project
identification
Technical and environmental studies,
authorisations, building permits, grid
connection
Construction, engineering,
operation and maintenance
An international expertise in renewable energy
General presentation and overview

3. Novenergia: Past & Future
NovEnergia is now on the process of raising new capital. The capital increase that is now underway has been approved for a total of 300
Million Euros. Until September 30th a total of 124,3 Million Euros of contribution had already been made, leaving 175,7 Million Euros
available for additional investors.
In 2007 NovEnergia decided to go international, and the Group incorporated a new Fund – NovEnergia II (SCA) SICAR – a
Luxembourg based SICAR. Novenergia II acquired all the assets of the former NovEnergia 2010. By December 2010, its assets reached
309 Million Euros controlling more than 1 Billion Euros of investments across Europe.
Later on, NovEnergia coordinated and participated in the creation of ENEOP – Eolicas de Portugal, a consortium with two major utilities
(EDP and Endesa) and the leader in wind turbine innovation (the German Enercon). ENEOP won the national wind energy tender of
Portugal for 1200 MW and the constitution of an industrial cluster (led by ENERCON) that will produce and install 200 turbines per year.
NovEnergia 2010 SICAV played its role in the renewable energy sector in Portugal acquiring important shares and controlling the
management of two key players of the renewable energy sector in Portugal: Generg and Finerge.
The NovEnergia Group was incorporated in 2001 through the constitution of a Luxembourg based SICAV named NovEnergia 2010.
Presently, the Group is managed by Novenergia General Partner, a Luxembourg based company owned by the 7 members of the Board
(see below “The Management Team”).
General presentation and overview

4. Ten years of continuous growth
Internal Rate of Return
2001 2006 2011
Novenergia
2010 SICAV
Novenergia II
SICAR
15.1 %
19.4% 11.0%
Evolution of Novenergia’s value per share since inception
General presentation and overview
Euros
Euros
0
20.000
40.000
60.000
80.000
100.000
120.000
01-Out-01
01-Mar-02
01-Ago-02
01-Jan-03
01-Jun-03
01-Nov-03
01-Abr-04
01-Set-04
01-Fev-05
01-Jul-05
01-Dez-05
01-Mai-06
01-Out-06
01-Mar-07
01-Ago-07
01-Jan-08
01-Jun-08
01-Nov-08
01-Abr-09
01-Set-09
01-Fev-10
01-Jul-10
01-Dez-10
01-Mai-11
01-Out-11
Unit value
Novenergia II
SICAR
Unit value
Novenergia
2010
0
100.000.000
200.000.000
300.000.000
400.000.000
500.000.000
20012002200320042005200620072008200920102011
Accumulated Capital Value

5.  Professor (PhD) at the Technical University of Lisbon and
is specialized in Economics and Energy Policy. Analyst
and supervisor of several public and academic
organisations involved in energy research. Coordinator
of the Portuguese National Carbon Plan 2005-2007.
Henri Baguenier, Chairman
Álvaro Martins
The Novenergia Group was conceived and founded by a group of experts around Carlos Pimenta who have
spent the past 20 years promoting energy efficiency and renewable energies in different ways (political
responsibilities, academic research and projects, consulting, energy production), contributing to establish the
current framework for independent renewable energy production at the Portuguese and EU level.
The Management Team
General presentation and overview
Álvaro Brandão Pinto, CEO of
Novenergia Services
 Large know-how in several branches of the energy
sector. Director of Endesa Group companies in
Portugal, in particular of companies dedicated to
renewables and co-generation. Member of the Board
of ENEOP. Member of COGEN Portugal.
 30 years experience in the energy and
environment sector (EU, Eastern Europe & South
America). Former Director (1985-2007) of a
Master degree Program on Energy Economics and
Energy Policy in Paris
 Former President of SIIF do Brazil (EDF-EN
Group) and of the European Small Hydro
Association. Former Advisor to the Portuguese
Secretary of State of Energy. Former Chairman
of the Consultative Energy and Environment
Committee of the European Commission.

6. The Management Team
Carlos Pimenta
 Expert in Finance and Tax Systems and former
international civil servant of the European Union.
Former member of the Italian Parliament.
Ottavio Lavaggi
 Considerable experience in all branches of the energy
sector, from oil to gas to wind energy. Former
Director of Galp Power; former adviser to the
Portuguese Government, in charge of the introduction
of natural gas in Portugal; advisor to several public and
private institutions on energy.
 CEO of ENEOP, the largest wind energy consortium
and industrial cluster in Portugal.
Aníbal Fernandes
 Financial and Capital markets expert since 1990.
Former CEO of Banco Mello Capital Markets Group of
Companies. Former member of the Board of the
Portuguese Association for Pension Funds and of the
Portuguese Association of Asset Managers. Economics
degree, Master in European Studies and MBA.
Armando Nunes
General presentation and overview
 Former General Director of Energy of Catalonia
Autonomous Region, and advisor to the European
Commission and UNESCO.
Albert Mitjá
 Carlos Pimenta has spent his career defending
environmental issues and sustainable development. He
was Secretary of State for the Environment/Natural
Resources and Fisheries in the 1980’s in Portugal and
member of the Portuguese and European Parliaments
from 1985 to 1999. He is also a former Board Member
of EDF Energies Nouvelles and one of the co-founders
of the Globe program.
 During his time at the European Parliament, he was a
negotiator of the Kyoto protocol and a key promoter
of the EU’s renewable energy policy. He is currently a
Board Member of several renewable energy companies
and a member of the EU Energy Advisory Forum.

7. 100%
50%
100%
NE2S (Services
Company)
NovEnergia II Energy & Environment (SCA) SICAR
Lusenerg
(Portugal)
Generg SGPS
ENEOP
23 SPVs
23 SPVs
Eólica da
Boneca
(Portugal)
Novenergia II
España
7 SPVs
Eneryo
(France)
7 SPVs
(France)
Novenergia II
Bulgaria
Eko
Novenergii
6 SPVs
Novenergia II
Hungary
3 SPVs
Novenergia II
Bucuresti
Novenergia II
Italian Portfolio
NEI S.p.A. 4 SPVs HFV S.p.A.
11 SPVs
(Poland)
80%
90% 70%
35%
37,29% 100%
57,5%
20%
100%
70%
50 - 100%
100%
100 %
80% 100 %
100%
90-100%
100 %
70%
Novenergia Group Structure
General presentation and overview
Presence in 8 countries
100%

8. Novenergia Group: more than 750 MW in Operation
General presentation and overview
Capacity in operation
(Sep 30th 2011)
Capacity in operation
(expected for 2015)
Expected Consolidated
Revenues
Total
capacity
(MW)
Novenergia
Share
(MW)
Total
capacity
(MW)
Novenergia
Share
(MW)
2011E
(M€)
2012E
(M€)
2015E
(M€)
Portugal 658 377 737 422 116 122 130
Spain 24 20 24 20 17 18 19
Italy 66 38 260 213 12 27 82
France 8,3 6,6 14,6 11,7 1,5 7,8 7,9
Eastern
Europe
Countries
- - 400 236 - 5,7 114
TOTAL 756 442 1436 903 147 182 353

9. International Portfolio
France
PV : 8 MW; 60 MWp
Portugal (Boneca & Generg )
Hydro : 33 MW
Wind : 606 MW; 104 MW
PV : 19 MWp
Spain
PV : 24 MWp
Romania
Wind : up to 100 MW
Bulgaria
Wind : 280 MW
PV : 10 MWp
Hungary
Wind : 90 MW
Country
Headquarters
Local Offices
Technology : MW in operation; under development/construction
General presentation and overview
Italy
Wind : 4 MW; 157 MW
PV : 62 MWp ; 72 MWp
Poland
Wind : 40 MW

10. Portugal: Generg & Eneop
Novenergia in Portugal
Lusenerg
Generg
Eneop
Eólica da
Boneca
Portfolio of ENEOP Capacity Part owned by GENERG
Wind farms in operation 806 MW 161 MW
Wind farms in construction / development 394 MW 79 MW
Portfolio of GENERG Capacity
Hydro in operation 33 MW
Wind farms in operation 436 MW
Wind farms under development 25 MW
PV in operation 19 MW
100% 35%
57,5%
20%
Home Office - Lisbon
Generg is the 3rd renewable energy operator in Portugal
 In 2006, the ENEOP consortium won the national wind
energy tender for 1200 MW
8 MW Wind
in operation
General presentation and overview

11. Spain: 7 PV projects in operation
Mora La Nova
1.54 MWp – 1 axis
Villares del Saz
3.37 MWp – no
tracker
Barrax
1.66 MWp – 2
axes
Bonete
5.8 MWp – 2 axes
Almansa
3.23 MWp - 1 axis
Fuente Álamo
5.2 MWp - 1 axis
Lobón
2.81 MWp – no
tracker
Location
Capacity– structure/tracking
 Home Office – Barcelona
 Spain is one of the most mature markets in Europe for renewables, with more than 20 GW of wind and 4 GW of
PV installed at the end of 2010. Novenergia has invested strongly in PV, with 7 projects in operation representing
a portfolio of 24 MWp (investment of 166 M€)
General presentation and overview

12.  Home Office – Rome
 Since 2007, Novenergia’s local team has managed to:
 develop a vast portfolio of several wind and PV projects, representing 163 MW and over 100 MW, respectively.
 Build and start the operation of a 4 MW wind project
 Close a strategic partnership with F2i (a national public/private infrastructure fund created by the Italian government in 2007) for the
co-investment of 100 MW of PV projects. As of September 30th this joint venture (HFV) held a total of 56 MW in operation.
 Build and start the operation of 22 MW of PV plants – of which 16 MW have already been transferred into the HFV partnership.
Italy: a large and developing portfolio
View of Puglia plant
(4MWp)
General presentation and overview
Projects Capacity
PV in operation 62 MW
PV under development / analysis 72 MW
Wind farms in operation 4 MW
Wind farms under development / analysis 86 MW
Total portfolio 224 MW

13.  Home Office – Paris
 Since 2008, Novenergia’s affiliate - Eneryo - has managed to develop a strong portfolio of PV plant projects representing 50
MW in the south of France and Building integrated photovoltaics (BIPV) projects representing 10 MW
 8 MW of PV and 0,3 MW of BiPV have begun production in the beginning of September and an additional 6,2 MW of
several projects will progressively begin operation until the end of 2011.
France: reaching production
Important solar resources in the
south of France
An experienced and dynamic team
General presentation and overview

14. Bulgaria: a strategic emerging market
DABOVO – 10 MW PV
MOMCHILGRAD, 40 - 50 MW Wind
SVILENGRAD, 60 - 100 MW Wind
KRUSHARI, 20 - 50 MW Wind
DRAGOMAN, 30 - 40 MW Wind
RAKOVO, 30 - 50 MW Wind
 Home Office – Sofia
 Feed-in tariffs for Wind and PV projects have been recently defined, finalising the legal framework revision
 Strong resources of wind, sun and hydro
 Small penetration of large players
 Novenergia is developing more than 250 MW of Wind farms projects all over Bulgaria. 10 MW of PV are ready to
build in Dabovo.
General presentation and overview

15. Poland: a mature but still promising market
 Novenergia has recently acquired the rights for a 20 MW wind project. An additional capacity of 20 MW can be secured in
the same location in the months that follow.
 Construction works for the first 20 MW will start in the beggining of 2012
 Analysis in other projects are ongoing.
General presentation and overview
GLUCHOW Wind Farm, 20 MW
+ 20 MW

16.  Other Eastern countries are markets with significant potential but different characteristics
 Hungary
 Many interesting projects but the feed-in tariff is subject to restrictive national tenders
 3 wind projects representing a capacity of about 90 MW
 30 MW are fully developed
 Novenergia’s strategy: Develop projects while waiting for the definition of a stable support mechanism
 Romania
 Large untapped potential but some uncertainty remains regarding the green certificate scheme
 A partnership with a local company is under study
 The associated portfolio would represent up to 120 MW (wind and hydro)
 Novenergia’s strategy: Build strong partnership with local players
Eastern countries: promising markets
General presentation and overview

17. Key data
Name
Type
Legal Structure
Term
Investment Strategy
Geographical Scope
Commitment
Size
Advisor
Custodian
Manager
Investor Committee
Co-investment rights
NovEnergia II – Energy & Environment
SICAR (Umbrella) established in Luxembourg
Société en Commandite par Actions (SCA)
March 2017 + 2 years
Energy and Environment Projects
Europe & Mediterranean
353 million already drawdown; remaining increase of up to 176 million
Presently above EUR 450 million
Intervalores Sociedade Corretora, SA (Portuguese Financial Cie)
CACEIS Investor Services, Luxembourg (Credit Agricole Group)
Novenergia General Partner (Lux)
3-4 meetings per year (1 representative per investor above EUR 10m + 1)
Held by investors with commitments > EUR 30 m
General presentation and overview

18. A large panel of reference investors
By September 2011, the capital invested in the fund by key actors of the Portuguese and European financing
sectors reaches more than € 353 million. Among the main investors are:
• Banco de Portugal The Central Bank of Portugal (through its Pension Fund)
• Three major Foundations:
 Philanthropic foundation dedicated to four main fields: arts, education, science and human
development, with a capital of € 2.7 billion.
 Financial institution created to contribute to the development of Portugal by financial and
strategic support for innovative projects thanks to the cooperation between American and
Portuguese civil societies. Its capital in 2006 was €140 million.
 Implementation and support of cultural, educative, artistic, philanthropic and social initiatives,
focused on Portugal and Macau.
• Four large Portuguese Financial Groups:

19. Recently 3 new reference investors entered Novenergia:
• Champallimaud Foundation
• PortugalTelecom (through its Pension Funds)
• Instituto de Seguros de Portugal - the supervising authority for the insurance sector (through 2 of its Managed Funds)
Other reference investors are:
 BIZValor Asset management, Montepio Nacional das Farmacias, Caixagest.
As a commitment sign to the investors the Novenergia General Partner is also a shareholder since inception, with a share of around
€ 8,4 million in the Capital of Novenergia by the end of 2010.
A large panel of reference investors
General presentation and overview

20. Contacts
NovEnergia II – Energy & Environment (SCA) SICAR
 Luxembourg:
5 allée Scheffer
L-2520 Luxembourg
 www.novenergia.com
General presentation and overview