This document describes an investment opportunity in a 19.86 MW photovoltaic park located in central Greece. The park has secured land, grid connection permits, and power purchase agreements guaranteeing a feed-in tariff for 20 years. Production is estimated at 1,410 kWh/kWp annually, resulting in annual revenues of €8.22 million, EBITDA of €6.73 million, and a net profit of €1.45 million for the project. An economic evaluation shows a 22.6% return on equity and a positive net present value even with high financing terms.

1. Investment Opportunity
in Renewable Energy
Photovoltaic Park,
Central Greece.

2. 2
PV Park Investment Opportunity
The Opportunity
 PV Force maintains in its portfolio a photovoltaic park in Central Greece
Greece.
 The park will have a capacity of 19.86 MW and is located in
central Greece.
 Production data gathered from operating PV parks in Greece have demonstrated better
production than expected according to the irradiation maps and we expect a net production of
1,400 KWh/KWp per year.
 In accordance with the Greek legislation the Buyer will enjoy full dispatching to the grid and
guaranteed Feed In Tariff for 20 years.

3. 3
PV Park Investment Opportunity
Land
 The land for the construction and operation of the PV park has been
secured by CL-AM Argithea by signing 10 lease agreements with local
land owners for a total area of 100 Hectares.
 The lease agreements secure the use of the land for 20 years of operation.
 The rent will be 3,000 Euro/Ha - year .

4. 4
PV Park Investment Opportunity
Connection to the Grid
 The PV park will be connected to the grid via a
150/20 kv substation which will be built by the park
owner in the village of Vassili.
 The new substation will be located adjacent to and
be connected to an exiting substation of the Public
Power Company of Greece.
 Two 11 km underground 20 kv lines will carry the
electricity from the park to the new substation.
 The small plot of land for the future substation was
leased by CL-AM from local owners for 3 years with
an extension option of 19 years.
 Soil studies have demonstrated the suitability of the
plot as a site for substation

5. 5
PV Park Investment Opportunity
Permitting
Permitting has been realized by the developer in accordance with all the relevant existing Greek Laws
and Regulations:
 Production License received 24 February and 06 April 2011
Licenses No. 142/2011; 143/2011/ 144/2011; 145/2011; 146/2011; 484/2011; 485/2011;
486/2011; 487/2011; 488/2011
 Environmental Terms received 13 December 2011
 Final Grid Connection Terms received 30 January 2012
Ref. DESMIE 1094/30.01.2012
 Installation License
 Application submitted March 2012
 Receipt of license expected by end May 2012
 Grid Connection Agreement
 Application for signing submitted to DESMIE on 30 January 2011
 Signing expected in March 2012
 Power Purchase Agreement
 Application for signing submitted to DESMIE on 31 January 2011
 Upon signing of the Grid Connection Agreement and already having submitted the
application for signing the PPA the Feed In Tariff will be locked
03/2012 - Confidential

6. 6
PV Park Investment Opportunity
Economic Evaluation
Production
 Based on irradiation maps and from
actual production results from Greek
PV parks, a 8 MW PV park is in
operation adjacent to the site, we expect
the production to be :
 Gross 1,500 KWh/KWp
 Loss 6%
 Net 1,410 KWh/KWp
 Loss of Efficiency : 0.5% per year.

7. 7
PV Park Investment Opportunity
Economic Evaluation- Results
Our economic evaluation shows very favorable results, even at today’s extreme
financing terms:
Case 1
CAPEX (MM€) 40.03
Equity/Debt 25%/75%
ROE 22.6%
NPV @ 15% (MM€) 4.47
Revenues (MM€/yr) (1) 8.22
EBITDA (MM€/yr) (1) 6.73
Net Profit (MM€/yr) (1) 1.45
Free Cash Flow (MM€/yr) (1) 2.79
Equity (MM€) 11.01
– Note (1) – year 2013 – first year of operation