The document outlines Novenergia II's operations focusing on renewable energy investments across several countries, emphasizing its commitment to renewable projects and non-recourse financing. It details the company’s financial structure, previous achievements, and future projections, including a capital increase of 500 million euros to support growth in wind, solar, and hydro sectors. The document also emphasizes the confidentiality of the information provided and the roles of key management team members in advancing Novenergia’s initiatives.

1. December 2012
General presentation and overview

2. This business approach does not oblige its addressees to enter into negotiations or to conclude further agreements with NovEnergia II – Energy & Environment
(SCA) SICAR. The information contained herein does not have any guarantee of return of the investment and/or profitability.
NovEnergia II – Energy & Environment (SCA) SICAR makes no representation or warranty, express or implied, as to, or assume any responsibility for, the
accuracy, reliability or completeness of any of the information contained herein or any other information supplied by NovEnergia II – Energy & Environment
(SCA) SICAR or the assumptions on which it is based or shall be under any obligation to update or correct any inaccuracy in the information contained herein or
any other information supplied by NovEnergia II – Energy & Environment (SCA) SICAR or be otherwise liable to addressees or any other person in respect of the
information contained herein or any such information
The entity which receives this dossier is obliged (a) to use any and all (but not limited to) commercial, financial, technical and/or legal information whether
disclosed in writing, orally, visually, electronically or by any other means contained herein only for the purpose of this business approach, (b) to keep strictly
confidential and secret any and all information contained herein and which may further receive from NovEnergia II – Energy & Environment (SCA) SICAR under
the business approach and (c) not to disclose it or any part of it - directly or indirectly - to any third party and to provide the necessary means to prevent
unauthorized disclosure.”

3. Portugal – Pinhal Interior (146 MW)
General presentation and overview

4. Development
Prospection Investment Operation
Non-recourse project
financing
NovEnergia Group is dedicated to the
promotion of renewable energy
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
World-wide development:
Luxembourg, Portugal, Spain,
Italy, France, Bulgaria,
Hungary, Poland, Romania
& South Africa

5. NovEnergia: Past & Future
NovEnergia is now on the process of creating the NovEnergia Holding that will consolidate all the assets and raising new capital to develop a robust
pipeline of projects in late stages of development. The capital increase that is now underway has been approved for a total of 500 Million Euros. Until
now a total of 124,3 Million Euros of contribution has already been made, leaving 375,7 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 June 2012, its net assets reached 480 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

6. Ten years of continuous growth – a snapshot
General presentation and overview
Evolution of NovEnergia’s value per share since inception
Euros
0
20.000
40.000
60.000
80.000
100.000
120.000
Unit value
Novenergia
II SICAR
Unit value
Novenergia
2010
Internal Rate of Return
2001 2006 2012
NovEnergia
2010 SICAV
NovEnergia II
SICAR
15.0 %
EUR milllion 2001 2012
Equity Value 13 486
Annual Revenues - 205
EBITDA - 162
Total Assets - 1.500
Portfolio in
Development
- > 1.000
1

7.  Professor at the Technical University of Lisbon and of
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
 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. President of COGEN Portugal.
 30 years experience in the energy and
environment sector (EU, Eastern Europe & South
America). Professor of Energy Economics at the
University of Paris and Director (1985-2007) of a
Master degree Program on Energy Economics and
Energy Policy.
 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. Chairman of the
Consultative Energy and Environment Committee
of the European Commission (1997-2000).

8. The Management Team
Carlos Pimenta
 Expert in International Finance and Tax Systems.
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 and CEO of Transgás Atlântico;
former advisor to the Portuguese Government, in
charge of the introduction of natural gas in Portugal.
 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.

9. * The country holdings are being transferred into NovEnergia Holding that has just been incorporated
NovEnergia Group Structure
General presentation and overview
NovEnergia II Energy & Environment (SCA) SICAR
(Luxembourg)
NE2S (Services
Company)
Lusenerg
(Portugal)
Generg SGPS
ENEOP
23 SPVs
23 SPVs
Boneca
NovEnergia
II España
7 SPVs
Eneryo
(France)
5 SPVs
(France)
NovEnergia II
Bulgaria
Eko
Novenergii
6 SPVs
NovEnergia II
Hungary
3 SPVs
NovEnergia II
Italian Portfolio
NEI S.r.l. 4 SPVs
HFV
S.p.A.
11 SPVs
NovEnergia II
Bucuresti
NovEnergia
Poland
1 SPV
South
Africa
Presence in 10 countries
100% 100% 90% 80% 70% 70%
100% 100%
57,5% 50-100% 86% 70% 100% 100% 50%
100%
73%
20% 90-100%
100%
100%
100%
100%
35%
85%
NovEnergia Holding
(Luxembourg)

10. NovEnergia Group: near 800 MW in Operation
General presentation and overview
Capacity in
operation (Nov
30th 2012)
Capacity in
operation
(expected 2015)
Consolidated Revenues
Total capacity
(MW)
Total capacity
(MW)
2011
(M€)
2012E
(M€)
2015E
(M€)
Portugal 671 728 130 154 178
Spain 24 24 15 15 18
Italy 77 216 12 25 60
France 15 80 1 7 23
Eastern
Europe
Countries
10 80 - 1 23
South Africa - 90 - - 9
TOTAL 797 1.187 158 204 311

11. Investments to perform & company growth
Expected capacity in operation (MW)
year end
2012 2013 2014 2015
Spain 24 24 24 24
France 15 15 55 80
Italy 77 98 181 216
Portugal 672 728 728 728
Eastern Europe Countries 10 30 80 80
South Africa - - - 90
Total 798 895 1.097 1.187
M EUR 2012E 2013E 2014E 2015E 2016E 2017E
Revenues 204 220 274 311 329 352
EBITDA 162 175 215 245 261 280
Net Result (after minorities) 19 17 14 20 23 48
Net Fixed Assets 1.285 1.448 1.548 1.574 1.562 1.446
Current Assets 215 239 282 307 278 294
Total Assets 1.500 1.687 1.830 1.881 1.840 1.740
Financial Debts 1.010 1.147 1.327 1.387 1.127 1.028
Short-term liabilities 48 78 73 71 62 63
Total Equity 443 462 429 422 651 650
Total Equity and Liabilities 1.500 1.687 1.830 1.881 1.840 1.740
General presentation and overview
Portugal – Manteigas (6,5 MW)

12. International Portfolio
France
PV : 15 MW; 20 MWp
Portugal (Boneca & Generg )
Hydro : 33 MW
Wind : 620 MW; 56 MW
PV : 18 MW
Spain
PV : 24 MW
Romania
Wind : up to 100 MW
Bulgaria
Wind : 200 MW
PV : 10 MW
Hungary
Wind : 90 MW
Country
Headquarters
Local Offices
Technology : MW in operation; under development/construction
Italy
Wind : 4 MW; 165 MW
PV : 73 MW ; 20 MWp
Poland
Wind : 40 MW
General presentation and overview

13. Portugal: Generg & Eneop
NovEnergia in Portugal
Lusenerg
Generg
Eneop
Eólica da
Boneca
Portfolio of ENEOP Capacity Part owned by GENERG
Wind farms in operation 918 MW 184 MW
Wind farms in construction / development 282 MW 56 MW
Portfolio of GENERG Capacity
Hydro in operation 33 MW
Wind farms in operation 436 MW
PV in operation 18 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

14. 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

15.  Home Office – Rome
 Since 2007, NovEnergia’s local team has managed to:
 develop a vast portfolio of several wind and PV projects, representing around 150 MW and 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 August 31st this joint venture (HFV) held a total of 64 MW in operation.
 Build and start the operation of 22 MW of PV plants – of which 20 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 73 MW
PV under development / analysis 20 MW
Wind farms in operation 4 MW
Wind farms under development / analysis 165 MW
Total portfolio 262 MW

16.  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 September 2011 and an additional 6,6 MW of several projects
have started operation during the 1st semester of 2012.
France: 5 PV projects in operation
Important solar resources in the
south of France
An experienced and dynamic team
General presentation and overview
Lorrain (3,8 MW)

17.  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 around 200 MW of Wind farms projects all over Bulgaria. 10 MW of PV have already started
operation in Dabovo.
Bulgaria: a strategic emerging market
DABOVO – 10 MW PV
MOMCHILGRAD, 40 - 50 MW Wind
SVILENGRAD, 60 - 100 MW Wind
DRAGOMAN, 30 - 40 MW Wind
RAKOVO, 30 - 50 MW Wind
General presentation and overview
Dabovo (10 MW)

18. Poland: a mature but still promising market
 NovEnergia has 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 2013.
 Analysis in other projects are ongoing.
General presentation and overview
GLUCHOW Wind Farm, 20 MW
+ 20 MW

19.  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
 NovEnergia is ready to enter markets all around the world, namely
 South Africa: together with local partners NovEnergia is preparing to participate is the national tender for new capacity
– up to 90 MW are under final stages of analysis for presentation in the tender and could start construction by in 2014.
 Brazil and the rest of Latin America (the management team has strong local contacts that can present very interesting
opportunities), Middle East and Asia – prospects could reach above 300 MW of capacity.
Promising markets
General presentation and overview

20. Key data
Name
Type
Legal Structure
Term
Investment Strategy
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
353 million already drawdown; remaining increase of up to 376 million
Presently above EUR 485 million
BIZValor Sociedade Corretora, SA (Portuguese Financial Cie)
CACEIS Bank Luxembourg, 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

21. A large panel of reference investors
By November 2012, the capital invested in the fund by key actors of the Portuguese and European financing
sectors reaches more than € 353 million. Among the main historical 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 assets of € 2.9 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:

22. More recently 3 new reference investors entered NovEnergia:
• Champalimaud 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
3% in the Capital of NovEnergia.
A large panel of reference investors
General presentation and overview

23. Contacts
General presentation and overview
NovEnergia II – Energy & Environment (SCA) SICAR
Luxembourg:
5 allée Scheffer
L-2520 Luxembourg
www.novenergia.com
Portugal – Caramulo (90 MW)