Vasari Capital provides financing for solar power projects that meet certain eligibility criteria. To receive financing, projects must have secured land rights, experience developing similar projects, necessary permits and approvals, an offtake agreement, engineering and construction agreements, grid interconnection, and a 5% sponsor capital contribution. Applicants submit documentation for evaluation and may receive a conditional term sheet. If agreed upon, a loan agreement and closing follow. Vasari finances projects between $50 million to unlimited size using a 70:30 debt to equity ratio.

1. SOLAR POWER
PROJECT FINANCING
Solar Electric Power Project Financing | Overview of Application Process | About Vasari Capital
vasaricapital.com
RENEWABLE ENERGY
PROJECT FINANCINGRenewable Energy Project Financing | About Vasari Capital
vasaricapital.com

2. Solar Electric Power Project Financing
Eligible Solar Projects
Vasari Capital finances photovoltaic electric facility projects that use Vasari Energy solar panels and meet the
criteria set forth below (an “Eligible Project”):
1. Site Control. Land for the project must be either owned or under contract by the project company at the time
loan request submission.
2. Prior Experience. Describe the Project Sponsor’s capabilities and prior experience as it relates to carrying
out (including designing, engineering and constructing) projects similar to the one being proposed. Include the
Sponsor’s track record of completing projects on time and on budget, and operational results.
3. Sponsor’s Capabilities. Provide a top-level description of the Project Sponsor’s capabilities, financial strengths
and investment both in the project to date and as anticipated during the operational phase of the project (e.g.
continuing financial support). Detail the project’s strategic significance to the Project Sponsor.
4. All Permits. The project must have all building permits, operating licenses, interconnection/grid connection
permits, and all other approvals and permits required to build and operate the solar project.
5. Offtake Contract. Projects will have either (x) a fully executed PPA with either a government controlled utility
or a large private corporation, or (y) availability of a feed in tariff. Credit quality of offtaker must be acceptable to
Vasari Capital prior to financial close.
6. EPC Agreement. Executed or draft EPC agreement preferably fixed price, date certain and turnkey with
completion guarantees from creditworthy party or performance bonding.
7. Interconnection. Interconnection agreement with the transmission operator is required.
8. Sponsor Capital Contribution. Vasari Capital requires a meaningful cash investment by the Sponsor equal to
not less than 5% of the project cost prior to financial close.
9. Commencement of Construction. For purposes of Vasari Capital customer financing program, the term
“commence construction” means that the customer of such project has received all necessary licenses, permits
and local and national environmental clearances necessary to proceed; has completed all pre-construction
design; and following financing approval by Vasari Capital will engage all required contractors and order Vasari
Energy solar panels together with all necessary essential equipment and supplies so that physical construction of
such project can commence on or before 90 days from loan approval.
Key Loan Terms
Minimum Project Size : $50 million
Maximum Project Size : No limit
Debt-to-equity Ratio : 70:30
Currency : U.S. dollars or
euros
Debt Service Coverage Ratio : >1.2x
Loan Term : 10-20 years
1. Site Loan. Land for the project must be either owned or under contract by the project company at the time of loan
request submission.
2. Prior Experience. We consider the Project Sponsor’s capabilities and prior experience as it relates to carrying
out (including designing, engineering and constructing) projects similar to the one being proposed, including the
Sponsor’s track record of completing projects on time and on budget, and operational results.
3. Sponsor’s Capabilities. Vasari Capital reviews the Project Sponsor’s capabilities, financial strengths and investment
both in the project to date and as anticipated during the operational phase of the project (e.g. continuing financial
support). Detail the project’s strategic significance to the Project Sponsor.
4. All Permits. The project must have all building permits, operating licenses, interconnection/grid connection permits,
and all other approvals and permits required to build and operate the solar project.
5. Offtake Contract. Projects will have either (x) a fully executed PPA with either a government controlled utility or a
large private corporation, or (y) availability of a feed in tariff. Credit quality of offtaker must be acceptable to Vasari
Capital prior to financial close.
6. EPC Agreement. Executed or draft EPC agreement preferably fixed price, date certain and turnkey with completion
guarantees from creditworthy party or performance bonding.
7. Interconnection. Interconnection agreement with the transmission operator is required.
8. Sponsor Capital Contribution. Vasari Capital requires a meaningful cash investment by the Sponsor equal to not
less than 5% of the project cost prior to financial close.
9. Commencement of Construction. For purposes of Vasari Capital Sponsor financing program, the term “commence
construction” means that the Sponsor of such project has received all necessary licenses, permits and local and
national environmental clearances necessary to proceed; has completed all pre-construction design; and following
financing approval by Vasari Capital will engage all required contractors and order Vasari Energy solar panels together
with all necessary essential equipment and supplies so that physical construction of such project can commence on
or before 90 days from loan approval.
Minimum Project Size : $50 million
Maximum Project Size : No limit
Debt-to-equity Ratio : 70:30
Currency : U.S. dollars or euros
Debt Service Coverage Ratio : >1.2x
Loan Term : 10-20 years
Eligible Projects
Vasari Capital finances wind energy and photovoltaic electric facility projects that meet the criteria
set forth below (an “Eligible Project”):
Offtake Contract. Projects will have either (x) a PPA with a utility or a large private corporation, or (y)
availability of a feed in tariff. Credit quality of offtaker must be acceptable to Vasari Capital prior to
financial close.
Commencement of Construction. For purposes of Vasari Capital Sponsor financing program, the term
“commence construction” means that the Sponsor of such project has received all necessary licenses, permits
and local and national environmental clearances necessary to proceed; has completed all pre-construction
design; and following financing approval by Vasari Capital will engage all required contractors together with all
necessary essential equipment and supplies so that physical construction of such project can commence.
Minimum Project Size : $50 million
Maximum Project Size : No limit
Debt-to-equity Ratio : 70:30
Currency : U.S. dollars or euros
Loan Term : 10-20 years
Key Loan Terms
Renewable Energy Project Financing

3. Application Submission Requirements
1. Documentation. Complete applications must meet all applicable requirements of Vasari Capital. Vasari Capital
expects that the information and documentation requested will conform substantially in scope, quality and
detail with that produced during the course of an arm’s length, commercially negotiated project agreement for
commercial financing of this scale.
2. Communications. Vasari Capital may require that each written submission be followed with an oral
presentation by the customer (e.g., by teleconference or face-to-face meeting) to discuss and clarify the
submission and agree on next steps. Moreover, Vasari Capital may request additional information to clarify
information submitted by customers. Such requests by Vasari Capital for additional information,
documentation, or briefings do not signify that a project has been approved for financing.
3. Electronic Format and Submission of Applications. In order for an application to be considered submissions
must be electronically received. The application must be submitted in electronic form in the following file
formats: Microsoft Word, Excel, Power Point or Adobe PDF. Please do not encrypt, compress or zip files.
4. Project Evaluation by Vasari Capital. In evaluating submissions, Vasari Capital will undertake a review of the
proposed project’s eligibility, its readiness to proceed and commence construction, the qualifications of the
Customer and how the proposed funding plan complies with the objectives of Vasari Capital.
Overview of Application Process
The solar project loan and investment application process is organized into
the following four (4) phases:
1. Application Form. Sponsors may submit applications in accordance
with the application form located on the following webpage:
[http://www.vasaricapital.com/submit-a-project/]
2. Project Evaluation by Vasari Capital. Vasari Capital will undertake a
review of the proposed project’s eligibility, its readiness to proceed and
commence construction, the qualifications of the Customer and how the
proposed funding plan complies with the objectives of Vasari Capital.
3. Term Sheet/Conditional Commitment. At an appropriate point in the
process after Vasari Capital has completed its review of the solar project
application submission, Vasari Capital may provide the customer with a
Term Sheet. If the customer agrees with and executes a final Term Sheet,
the Term Sheet becomes a Conditional Commitment between Vasari
Capital and the customer.
4. Loan Agreement and Closing. Closing of a transaction contemplated by
a Conditional Commitment will be subject to the terms of the Conditional
Commitment.
3
1. Documentation. Complete applications must meet all applicable requirements of Vasari Capital. Vasari Capital
expects that the information and documentation requested will conform substantially in scope, quality and detail
with that produced during the course of an arm’s length, commercially negotiated project agreement for commercial
financing of this scale.
2. Communications. Vasari Capital may require that each written submission be followed with an oral presentation by
the Sponsor (e.g., by teleconference or face-to-face meeting) to discuss and clarify the submission and agree on next
steps. Moreover, Vasari Capital may request additional information to clarify information submitted by the Sponsor.
Such requests by Vasari Capital for additional information, documentation, or briefings do not signify that a project
has been approved for financing.
3. Electronic Format and Submission of Applications. In order for an application to be considered, submissions
must be electronically received. The application must be submitted in electronic form in the following file formats:
Microsoft Word, Excel, Power Point or Adobe PDF. Please do not encrypt, compress or zip files.
4. Project Evaluation by Vasari Capital. In evaluating submissions, Vasari Capital will undertake a review of the
proposed project’s eligibility, its readiness to proceed and commence construction, the qualifications of the Sponsor
and how the proposed funding plan complies with the objectives of Vasari Capital.
1. Application Form. Sponsors may submit applications in accordance
with the application form located on the following webpage:
[http://www.vasaricapital.com/submit-a-project/]
2. Project Evaluation by Vasari Capital. Vasari Capital will undertake a review
of the proposed project’s eligibility, its readiness to proceed and commence
construction, the qualifications of the Sponsor and how the proposed funding
plan complies with the objectives of Vasari Capital.
3. Term Sheet/Conditional Commitment. At an appropriate point in the
process after Vasari Capital has completed its review of the solar project
application submission, Vasari Capital may provide the Sponsor with a Term
Sheet. If the Sponsor agrees with and executes a final Term Sheet, the Term
Sheet becomes a Conditional Commitment between Vasari Capital and the
Sponsor.
4. Loan Agreement and Closing. Closing of a transaction contemplated by
a Conditional Commitment will be subject to the terms of the Conditional
Commitment.

4. 4
Project Review
The process will involve Vasari Capital’s detailed
examination of the project, including reviews of the
customer’s technical information, business and financial
plans, and proposed organizational structure and staffing.
Vasari Capital’s due diligence will be conducted during this
phase but cannot conclude until all application materials
have been received in final form and have been properly
evaluated.
1. Evaluate Financing Plan. This involves a thorough
review of the sources and uses of funds as proposed by the
Sponsor. Aspects of the review will involve:
(a) analysis of the adequacy, leverage and timing of the
proposed sources of funding (with equity funded
either in advance of, or concurrently with, debt
during the construction period);
(b) review of the investment terms and rights of the
Sponsors and degree of commitment; and
(c) assessment of the adequacy of proposed
contingency and reserve funding.
2. Assess Financial Viability. Based on the financing plans of the Sponsor and projections for future financial
performance, Vasari Capital will assess the financial viability of the project with specific emphasis on the project
company’s expected ability to repay a loan. An important consideration in the financial viability assessment
will be an evaluation of the assumptions underlying projected revenues and expenses and the likelihood that
assumed technical performance will be achieved. Vasari will determine the credit quality of the off take contract
counterparty and if credit enhancement is necessary and available.

5. 3. Determine Technical Efficacy. This evaluation will commence with a thorough review of the project’s
engineering report, including consideration of factors such as environmental impact, environmental and energy
goals and infrastructure requirements of the local government. Vasari Capital may utilize its internal technical
resources as well as independent third-party advice in reviewing the project’s technical efficacy. Determination
of the technical merit of the project will be influenced by the quality of the engineering report, including the
professional credentials of the consultant, scope of the undertaking, and strength of the opinions provided. In
addition to the technical merits in terms of the engineering and construction plan, there will be an assessment of
the ability of the project to enhance regional reliability goals, as well as to facilitate the meeting of environmental
(including climate change) and energy goals of the state and federal governments.
4. Review Project Legal Structure. Vasari Capital will review the project’s legal structure. This will involve analysis
of draft and final legal agreements in relation to project company, among other project participants, including
equity owners, financing sources, engineering and construction contractors, operation and maintenance
contractors, equipment suppliers, host communities, and any other counterparties of interest. Additionally, a legal
review will include an analysis of the intellectual property rights of participants in the project to ensure that the
project can use all of the proposed technology to be employed in the project.
5. Evaluate Project Risks. As part of its review, Vasari Capital will identify, assess and estimate the impact of
risks associated with the project. Based on the outcome of the technical, financial and legal reviews, the analysis
will determine the types and magnitude of the risks associated with the project, proper risk allocation among the
parties, and the extent to which risks have been mitigated.
3. Determine Technical Efficacy. This evaluation will commence with a thorough review of the project’s engineering
report, including consideration of factors such as environmental impact, environmental and energy goals and
infrastructure requirements of the local government. Vasari Capital may utilize its internal technical resources as well
as independent third-party advice in reviewing the project’s technical efficacy. Determination of the technical merit
of the project will be influenced by the quality of the engineering report, including the professional credentials of the
consultant, scope of the undertaking, and strength of the opinions provided. In addition to the technical merits in
terms of the engineering and construction plan, there will be an assessment of the ability of the project to enhance
regional reliability goals, as well as to facilitate the meeting of environmental (including climate change) and energy
goals of the state and federal governments.
4. Review Project Legal Structure. Vasari Capital will review the project’s legal structure. This will involve analysis of
draft and final legal agreements in relation to project company, among other project participants, including equity
owners, financing sources, engineering and construction contractors, operation and maintenance contractors,
equipment suppliers, host communities, and any other counterparties of interest. Additionally, a legal review will
include an analysis of the intellectual property rights of participants in the project to ensure that the project can use
all of the proposed technology to be employed in the project.
5. Evaluate Project Risks. As part of its review, Vasari Capital will identify, assess and estimate the impact of risks
associated with the project. Based on the outcome of the technical, financial and legal reviews, the analysis will
determine the types and magnitude of the risks associated with the project, proper risk allocation among the parties,
and the extent to which risks have been mitigated.

6. 6. Perform Financial Model Review and Stress-Testing. Modeling is a critical tool in assessing the project’s
expected financial performance and ability to service debt. Vasari Capital will verify the Sponsor’s calculations.
The modeling must quantify the impacts of risks by stress-testing the model to understand how changes in
model assumptions can affect the project’s capacity to make full and timely repayments of the loan. This will be
accomplished through the utilization of the corporate or project financial model submitted to Vasari Capital and
through a financial model developed by Vasari Capital.
7. Assess Strengths and Weakness of Project Sponsors. This step of
the process will examine the Project Sponsors’ investment to date and
capability to implement the project as proposed from both financial
and managerial perspectives.
Specific considerations include, but are not limited to:
(a) the Project Sponsors’ track record in project development;
(b) the Project Sponsors’ financial strength and resources;
(c) the strategic value of the project to the Project Sponsors; and
(d) the experience and expertise of the management team,
particularly as it relates to operation of the proposed project.
8. Analyze Proposed Collateral. The value of the collateral will be examined in detail, particularly under default
scenarios. This evaluation will be based on, among other things, the nature of the collateral pledged, appraiser
reports submitted by the customer, and expected cash availability under a default scenario.
6. Perform Financial Model Review and Stress-Testing. Modeling is a critical tool in assessing the project’s expected
financial performance and ability to service debt. Vasari Capital will verify the Sponsor’s calculations. The modeling
must quantify the impacts of risks by stress-testing the model to understand how changes in model assumptions
can affect the project’s capacity to make full and timely repayments of the loan. This will be accomplished through
the utilization of the corporate or project financial model submitted to Vasari Capital and through a financial model
developed by Vasari Capital.
7. Assess Strengths and Weakness of Project Sponsors. This step of
the process will examine the Project Sponsors’ investment to date and
capability to implement the project as proposed from both financial and
managerial perspectives.
Specific considerations include, but are not limited to:
(a) the Project Sponsors’ track record in project development;
(b) the Project Sponsors’ financial strength and resources;
(c) the strategic value of the project to the Project Sponsors; and
(d) the experience and expertise of the management team,
particularly as it relates to operation of the proposed project.
8. Analyze Proposed Collateral. The value of the collateral will be examined in detail, particularly under default scenarios.
This evaluation will be based on, among other things, the nature of the collateral pledged, appraiser reports submitted
by the Sponsor, and expected cash availability under a default scenario.

7. 7
About Vasari Capital
Vasari Capital is a global investor and advisor committed to financing energy projects for a substantial and
diversified client base that includes corporations, institutions, municipalities, and governments. Vasari Capital
finances private sector investments, mobilizes capital in the international financial markets, and provides
technical assistance and advice to governments and businesses worldwide. In particular, Vasari Capital helps
clients execute large, complex transactions for which Vasari Capital provides “one-stop” project financing and
cross-border structuring expertise.
www.vasaricapital.com
Vasari Capital is a global investor and advisor committed to financing energy projects for a substantial and diversified
client base that includes corporations, institutions, municipalities, and governments. Vasari Capital finances private
sector investments, mobilizes capital in the international financial markets, and provides technical assistance and advice
to governments and businesses worldwide. In particular, Vasari Capital helps clients execute large, complex transactions
for which Vasari Capital provides “one-stop” project financing and cross-border structuring expertise.
Michael Megarit
Partner
michael@vasaricapital.com
(949) 258-9345
www.vasaricapital.com

8. vasaricapital.com
CAPITAL
capital
vasaricapital.com
VASARI CAPITAL
9844 Research Drive, Suite 200, Irvine, CA 92618
Tel: +1-949-529-5933 Email: info@vasaricapital.com