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Solar Project Acquisitions (9.22.10)


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Financial Analysis of Recent Solar Project Acquisitions

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Solar Project Acquisitions (9.22.10)

  1. 1. Selected Solar Project Pipeline Acquisitions Size Acquisition Project(s) Location (MW) Buyer Seller Announ. Value ($M) $K/MW Recurrent Pipeline U.S., Canada, EU 2,000 Sharp Recurrent / Hudson Clean 09/10 $305.0 $152.5 US Solar Pipeline U.S. - Southwest 450 NRG Energy ArcLight / US Solar 06/10 N/A N/A NextLight Pipeline U.S. - Southwest 1,100 First Solar NextLight / Energy Capital Partners 04/10 $285.0 $259.1 SunRay Pipeline Western Europe 1,200 SunPower SunRay / Denham Capital 02/10 $277.0 $230.8 Edison Mission Pipeline U.S. - Southwest N/A First Solar Edison Mission 01/10 N/A N/A SunEdison Pipeline U.S., EU 1,500 MEMC SunEdison 10/09 $200.0 $133.3 OptiSolar Pipeline U.S. - Southwest 1,850 First Solar OptiSolar 04/09 $400.0 $216.2 UPC Solar Pipeline Ontario 350 Recurrent Energy UPC Solar 03/09 N/A N/A Mean $293.4 $198.4 Median $285.0 $216.2 Source: CapitalIQ, ThomsonOne Analytics, SEC filings, Wall Street Research, and Company press releases. 1
  2. 2. Selected Solar Project Pipeline Acquisitions (Cont’d) Recurrent / Hudson Clean US Solar / ArcLight NextLight / ECP SunRay / Denham Buyer: Sharp Buyer: NRG Buyer: First Solar Buyer: SunPower Price Tag: $305M Price Tag: N/D Price Tag: $285M Price Tag: $277M $/MW: $152.5 $/MW: N/A $/MW: $259K $/MW: $231K Projects: N/A Projects: 9 Projects: N/D Projects: N/A MWs: ~2,000MW MWs: ~450MW MWs: 1,100MW MWs: 1,200MW Location: U.S., Canada, EU Location: CA, AZ Location: CA, AZ, NV Location: Italy, France, Israel, COD: N/A COD: 2011-2013 COD: 2011+ Spain, UK and Greece Other Intel: 330MW contracted Other Intel: No PPAs in place; one Other Intel: 3 PPAs in place with COD: 2010+ distributed projects (e.g. 170MW w/ project “within a couple of months” of PG&E and NV Energy for a total of Other Intel: Included several Italian Ontario Power Authority, 60MW w/ completing permitting 570MWs; material portion of value plants set to begin delivering power SMUD and 50MW w/ SCE); value reflects NextLight 30 person mgmt. in 2010 reflects Recurrent development team and EPC team Edison Mission SunEdison OptiSolar UPC Solar Buyer: First Solar Buyer: MEMC Buyer: First Solar Buyer: Recurrent Price Tag: N/D Price Tag: $200M Price Tag: $400M Price Tag: N/D $/MW: N/A $/MW: $133.3K $/MW: $216K $/MW: N/A Projects: N/D Projects: N/A Projects: N/D Projects: N/D MWs: N/D MWs: 1,100MW MWs: 1,850MW MWs: 350MW Location: CA, AZ Location: U.S., EU Location: CA and Southwest Location: U.S. and Canada COD: N/D COD: 2010+ COD: 2011-2013 COD: 2012+ Other Intel: No PPAs in place Other Intel: Acquisition value Other Intel: Key asset 800MW Other Intel: Consideration paid over excludes potential $89M cash and project w/ signed PG&E PPA time as projects go online $34M stock earnout (would increase expected to break ground in 2010, value to $215.3K/MW); 80MWs COD COD in 2011 and complete construction in 2013 Source: CapitalIQ, ThomsonOne Analytics, SEC filings, Wall Street Research, and Company press releases. 2