Cobadin 50 MW Wind Park Romania

Strictly Private & Confidential

www.globalwindpower.com Project introduction Project ownership:

Global is proud to offer the project Global Wind Power Europe ApS “Cobadin” as an investment opportunity in Romania. The project was originally planned for 25 x V90-2.0 MW wind turbines. 100% All permits have been obtained for the original design, the main building permit is however expired and is subject to a renewal 94% Wind 11 ApS process. In this respect it is possible to re-plan the project for other more modern and effecient technology suiteable for the 6% site, where Global Wind Power would recommend the Acciona AW125 3.0 MW WTG or the Nordex Delta Generation N131 3.0 MW up to 3.9 MW . The teaser will outline the main S.C. ExtraPower S.R.L. figures for the Nordex Acciona AW125 WTG and Nordex N131 for the purpose of comparison.

You have received this project sales teaser because we see you as a potential investor for the project. We hope the project mat- ches your specific investment needs and the market conditions in general are within your requirements. If this proves not to be the case, or you are interested in further projects from us, please see our additional project for sale on our updated project sales list covering all markets at: www.globalwindpower.com/projects-for-sale.

02 www.globalwindpower.com Project location

The wind turbine project Cobadin is positioned in the South East of Romania within the Constanta County region. This area is known as one of the windiest regions in South East Europe, with strong winds coming from the nearby Black Sea.

The project will connect to the utility distribution company, ENEL. The Project is not expected to experience any restrictions regarding the input of electricity into the grid. Furthermore, there are no outstanding environmental issues in the vicinity.

Cobadin is located within easy access to major road networks. The main access points to the site are done directly from the County Road. In addition to this the project is located in the proximity of major cargo ports on the Black Sea, ensuring that turbine delivery can be executed without difficulty.

Wind turbines

Existing project design: 25 x Vestas V90-2.0 MW HH105

Recommended alternative WTG type: 17 x Nordex Acciona AW125 3.0 MW HH 120 17 x Nordex N131 - 3.0 MW HH 120 (with more options such as HH 134 or 137.5 meters to achieve greater yields). Generators of can be at 3.0 MW, 3.6 MW or 3.9 MW

03 Status of the project

17 x Acciona AW125 - 3.0 MW HH 120 / 17 x Nordex N131 - 3.0 MW HH120

• Wind measurement campaign already performed.

• The land is secured through superficies agreements for 49 years, all the payments related to superficies are paid up-to-date.

• The grid connection agreement has been secured and paid in total.

• The grid connection will be a direct connection to the high-voltage grid in the existing Cobadin electrical substation through a

6.5 km 110KV high voltage underground cable

• The urbanism zoning plan is obtained (in Romanian “PUZ”).

• The expired building permit is pending renewal, subject to final turbine choice.

• The building permit for the high-voltage electrical works it is in place

• The environmental permit is obtained without any major environment issue.

• The project has the approval to use a turbine with a maximum of 70 m for the blades and a maximum of 140 m for the tower

(210 m tip height) .

With the possibility to benefit of the advantages of substantial increase in rotor length, and the available tower heights of 134 and 137.5 metres (for Nordex N131 WTGs with generators of 3.0 MW, 3.6 MW or 3.9 MW, respectively AW 125 – 3.0 N131) toghether with the new optimised and proven technology, the Project can be implemented and operated at a high standards in terms of ef- ficiency, reliability and safety.

Start of construction Expected Generation R2B (soc) commissioning license

Q4 2017 7 mth after soc 10 mth after soc

04 www.globalwindpower.com Wind data and energy production

Wind data

The mean wind speed at hub height (105 m) is 7.3 m/s, based on two wind reports by BBB Umwelttechnik Erneuerbare Energien GmbH and CUBE Engineering GmbH. Each report is based on data from two measuring stations (September 2008 - January 2010 and July 2008 - January 2010, respectively) and NCAR - Reanalysis data from the next grid points.

Global Wind power performed the calculation of the annual energy production with WindPro using the WAsP calculation engine. The data has been analysed and cleaned and long term corrected. The mean wind speed for different hub heights is: • 7,5 m/s – Mean wind speed at 120.0 m hub height. • 7,7 m/s – Mean wind speed at 134.0 m hub height. • 7,8 m/s – Mean wind speed at 137.5 m hub height.

Energy production - 17 x Acciona AW125 3.0 MW HH 120 • 207 GWh Park AEP P50 including a park efficiency of 94.3 %. • 46.8 % Net P50. • 4,107 Full load hours Net P50.

Energy production - 17 x Nordex N131 3.0 MW HH 120 • 218 GWh Park AEP P50 including a park efficiency of 93.9 %. • 46.8 % Capacity factor Net P50. • 4,281 Full load hours Net P50

05 Market conditions and off-take scheme

The price of electricity is determined by the spot price on the energy market. Historical prices average per year: • 2011: 52.13 €/MWh • 2012: 48.80 €/MWh • 2013: 35.34 €/MWh • 2014: 34.66 €/MWh • 2015: 37.48 €/MWh • 2016: 37.48 €/MWh • 2017: 46,22 €/MWh (January to July)

According to the provisions of legislation in force, Romania is providing an organized, viable and efficient framework for the commercial trades’ deployment on the wholesale electricity market complying with the consistency, correctness, impartiality, independence, equidistance, transparency and non-discrimination conditions.

Some of the elements of the market are: • trading of the electricity in the day-ahead market and intraday market; • term contracting through the centralized market for electricity bilateral contracts; • term contracting through the centralized market for bilateral contracts for electricity with double continuous negotiation; • electricity contracting for the last resort suppliers; • term contracting through the electricity market for large consumers; • Cross Border Capacity Allocation – Serbia, Hungary, Bulgaria, Ukraine Energy price Romania 2015/2017

80 Eur/MWh Average market spot price 74,99

70

60

53,91

50

44,36 41,59 39,85 40,51 38,90 39,39 39,02 39,31 38,97 40 38,47 37,78 38,38 38,38 37,87 38,07 38,21 38,21 36,67 36,72 36,98 35,75 35,69 36,23 36,40 36,05 34,52 33,89 33,58 34,37

30

20

10

0 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Average market spot price

06 www.globalwindpower.com About Global Wind Power

Global Wind Power is a leading international project developer Besides our Danish Headquarters, we have offices in specialising in developing, implementing, selling and Germany, France and Romania with local employees. managing wind turbine projects for professional investment. The wind turbine projects are sold to a range of international In Romania, Global Wind Power has built 57 turbines, in customers: Industrial, institutional and private. total 114 MW. Our largest achievement was the construction, commissioning and full permitting of Corni Eolian , Global Wind Power is a dynamic company which has consisting of 35 turbines of 2MW each. experienced rapid growth since its foundation in 1999. We closely monitor the opportunities on the global market, and Corporate Values advance in line with the needs of customers. Today, we have Global Wind Power’s four corporate values; empathetic, more than 650 MW of international experience and an even focused, committed and dynamic impact everything from larger project pipeline on the way. the way we develop projects to the way we engage with customers or our long list of subcontractors. We believe that Our ambition to Turn Wind into Value on new and mature a shared set of values among our employees enables us to markets demands both know-how and adaptability. With more achieve success in the long term and generate value across than 335 wind turbines built in 64 wind parks across Europe, our organisation. we have established a business concept with global potential. Vision Locally Rooted Global Wind Power is the preferred partner for wind turbine Local representation and involvement are crucial for the projects. successful completion and monitoring of wind turbine projects. This is why we have strong and independent offices in the Mission countries in which we develop projects. Global Wind Power transforms a wind turbine project from concept to reality.

www.globalwindpower.com

07 Project sales teaser - Aug 2017

Disclaimer

This sales teaser was prepared by Global Wind Power exclusively for the benefit and internal use of the recipient in order to make a non-binding offer, on a preliminary basis. The teaser is proprietary to Global Wind Power and may not be disclosed to any third party or used for any other purpose without written consent from Global Wind Power.

The information in this project teaser reflects prevailing conditions and our views as of this date, which is accordingly subject to change.

Contact: Michael Nymann Emilian Boboc CFO Project Manager Mail: [email protected] Mail: [email protected] Mobile: +45 40 43 04 32 Mobile: +40 722 268 778