Welcome to Scatec Solar

Company presentation – January 13 – page 1

predictable our values driving results change makers working together

Company presentation – January 13 – page 2

Scatec Solar – who are we

our vision: What we do: Improving our future We leverage our experience and vertically integrated business model to identify and realize new high return project development opportunities

our values:

predictable driving results changemakers working together

7 Company presentation – January 13 – page 3

Scatec Solar – a brief overview

Established: 2007, HQ in Oslo Employees: 80 Main shareholders: Scatec* 62.5 %, Itochu 37.5 %

Unique vertically integrated, scalable and flexible business model • All required competences in-house to ensure a successful project • On-the-ground technological expertise with best practice processes and risk management

Excellent track record across multiple markets in different roles and applications Milano, Italy 2010, 7.2 MWp • Track record of approx. 270 MW installed, 70 MW under O&M, 50 MW sales of project rights • Project finance track record of more than 800 M€ • Ownership of 22 MW of assets in Czech Republic, Italy and US

Highly successful in the South African IPP program, business development initiatives across a diversified set of markets • Firm back-log of 190 MW in South Africa • Exclusive agreement with IFC covering West and Central Africa • Joint development agreement in Japan Sulkov, Czech R 2010, 10 MWp

Company presentation – January 13 – page 4

Scatec Solar is fully integrated downstream and possesses all the required capabilities to realize a project

Project development Financing Construction Own / operate (1-2 years) (6-12 months) (2-5 months)

▪ Scatec Solar seeks to be an early ▪ Arrange debt and equity ▪ Engineering and ▪ Scatec Solar takes entrant into new markets capital for individual system design equity positions with projects or portfolios an aim to recycle capital ▪ By partnering with local players we ▪ Procurement and within 3-5 years seek to get access attractive supply chain projects and secure all the required management ▪ Currently holds 20 MW permits to construct a PV park of assets in Czech ▪ Construction and quality Republic and US control ▪ Operates plants throughout its lifetime ▪ Currently 65 MW under operation

Company presentation – January 13 – page 5

On-the-ground technological expertise with best practice processes and risk management

Track record of approx. 265 MW in Germany, Czech Republic, Italy, France, and South Africa In-house capabilities Triple ISO certified World’s first triple certified solar • Engineering system integrator for • Design • Quality (ISO 9001) • Supply chain • Environment (ISO 14001) management • Occupational Health and Safety (OHSAS 18001) • Project management

• Operation and Sample projects: MW sized power plants Maintenance Ground mounted PV Roof top PV PV Carports

Sulkov, Czech R. 2010, 10 MWp DHL roof, Italy, 2010, 7.2 MWp Quinciuex, France, 2011, 8MWp

Company presentation – January 13 – page 6

We have a worldwide presence 1 Overview

Norway HQ

Germany US ▪ Execution hub Czech R

Japan France Central America MENA Romania Hawaii India Saudi Arabia South America ▪ Rural el project West / Central Africa

Project development Ownership of assets EPC services South Africa Planned

Company presentation – January 13 – page 7

Scatec Solar has a solid track record … Cumulative project size

MWp

Track record: • No calls on performance or warranty bonds, • No loss-making contracts. • All projects completed without significant overrun on time or cost • Performance expectations met or exceeded

Cumulative number of projects1 1 Small rooftop projects are grouped and listed as “one project” per year copyright: Scatec Solar Solutions GmbH SOURCE: Scatec Solar www.scatecsolar.com • [email protected]

Company presentation – January 13 – page 8

… across various roles, markets and applications

Track record across various roles various markets various applications

Proven project development Business model is scalable Proven execution in and EPC capabilities across new markets multiple applications

Proven and diverse experience in multiple geographies, different roles and different applications

Company presentation – January 13 – page 9

Scatec Solar has a project finance track record of ~EUR 800 million

Debt financing track record Asset structuring and management experience

• Non-recourse financing of 3 plants (13 MW) in Germany in • 7,5 MW of operating assets in Germany (from late 2008 / 2009, totaling EUR 35 mill (5 facilities) early 2009, under management)

• 20 MW of operating assets in Czech Rep. (from late 2009 / • Non-recourse financing of 1 plant (7 MW) in Italy in 2010, late 2010, under management) totaling EUR 17 mill (1 facility) • 9 MW of operating assets in Italy (from late 2009 – early • Non-recourse portfolio financing of 4 plants (20 MW) in 2011, recently sold) Czech Rep. in 2010-11, totaling ~EUR 65 mill (7 fac.) • 190 MW already structured in South Africa. Additional volumes in preparation. • Non-recourse portfolio financing of 9 plants (9 MW) in Italy in 2010-11, totaling EUR 33 million (9 facilities) Equity sale track record • 9 MW of operating assets in Italy sold to an institutional • Credit approval for financing of 3 plants (190 MW) in South equity investor in late 2011 Africa in 2011-12, totaling ~EUR 550 mill (6 fac.) • An additional 2 MW sold to another investor in Q2 2012

Company presentation – January 13 – page 10

The Czech parks owned and operated by Scatec Solar are consistently overperforming relative to original expectations

Production (kWh), actual vs budget (%) Plant Size (kW) 2011 (whole year) 2012 Jan - May Hrusovany

3 133 +13% +19% All parks have consistently shown a Mramotice substantial overproduction relative to budget. 2 648 + 11% + 16% Since actual solar irradiation have varied less than +/- 1.5% during the Sulkov same period, this reflects a real 9 993 + 11% + 23% technical over performance relative to expectations

Svitavy

4 033 + 7% + 20%

Note: The Svitavy park showed less positive deviation in 2011 due to extraordinary downtime in connection with equipment upgrade copyright: Scatec Solar Solutions GmbH www.scatecsolar.com • [email protected]

Company presentation – January 13 – page 11

Scatec Solar has been awarded three projects in the first and second rounds of the REFIT program Round 1: Round 2: • Results were announced on December 7th 2011 • Results were announced in May 2012 • Only Wind and Solar projects were given allocation • 9 PV projects totaling 417 MW were awarded • 18 PV projects (totaling 632 MW) were awarded; ranging in • Scatec Solar submitted 5 projects and was awarded 2; size from 5 to 75MW (75 = capacity ceiling for PV) the Dreunberg and Linde, totaling 115MW, more than • Scatec Solar was awarded the Kalkbult project (75MW) 25% of the total • Financial close in November 2012 • Financial close scheduled for April, 2013

Company presentation – January 13 – page 12

Scatec Solar is securing growth opportunities across diverse markets 4 Business Dev.

US: Europe: 1-2 new growth opportunities Scatec Solar is focusing on 5-6 • 55 MW of project rights in • Currently assessing opportunities in business development activities at California and Hawaii already Romania, Cyprus and Jordan any given time – utilizing the sold. 200 MW in Utah in • Recently signed an EPC contract and strength of our integrated business advanced stage development business development cooperation in model and strong network of local • Cooperation with wind developer Romania and international partners in Texas to offer hybrid solutions

South America: Assessing Japan: Scatec Solar has a JV with opportunities Itochu in an attractive market • Dedicated team is assessing • Japan has introduced an attractive opportunities feed-in-tariff regime • Scatec Solar has a JV with Ecosystem Japan, a subsidiary of West Africa: High growth market, cooperation South Africa: key market in 2012 Itochu. Installations and revenue with International Finance Corporation (IFC) and 2013 expected in 2013 • A joint development agreement with IFC • Backlog of 190MW, targeting (private arm of the World Bank) signed in additional projects for phase 3 June 2012 • Will be used as starting point for • Plan to build a portfolio of projects in Benin, further expansion to nearby Burkina Faso, Cameroon, Niger, and Togo countries

Company presentation – January 13 – page 13

West Africa – Growth Region in Need of Electricity

Estimated cost of electricity delivered by diesel ▪ Strong growth region with huge power demand generator ▪ PV is competitive in this segment as costs for operating diesel generators and heavy fuel plants are higher than that for PV ▪ Scatec Solar cooperates with IFC in the 15 ECOWAS countries (economic community of West African States) – IFC responsible for financing (grants, soft loans, concessional loans), and is our development and equity partner – Scatec Solar will develop and own the PV plants together with IFC and other partners and be the sole EPC provider ~0,04€/kWh

>2,0€/kWh

SOURCE: Scatec Solar

Company presentation – January 13 – page 14

Scatec Solar is well positioned for further growth

Independent We are free to chose the best available solutions and discuss with the right partner at any time. We are not burdened by heavy investments in technology and production Wide network Flexible Our extensive global PV network Our business model can be provides access to leading tailored to different partners and component suppliers, new conditions in different markets technologies and financing

Competent We are ISO certified and have proved our competence on landfills, quarries and challenging rooftop solutions

Company presentation – January 13 – page 15

Sulkov, Czech R, 10MW Guiglia, Italy, 6,2 MW

THANK YOU

DHL roofs, Italy, 7,2 MW

Company presentation – January 13 – page 16

References

Company presentation – January 13 – page 17

Track record ground mounted PV systems

2012 2008 Kalkbult (SA) 75.00 MWp Pfeffenhausen I (Ger) 4.64 MWp Hawaii (US) 5.00 MWp Koppenzell (Ger) 1.84 MWp Horb (Ger) 3.20 MWp Freilassing (Ger) 1.42 MWp 2007 Walkenstetten (Ger) 1.12 MWp In der Kultur (Ger) 3.32 MWp 2011 Polditz (Ger) 3.15 MWp Pfenninghof (Ger) 1.70 MWp Beltrane (US) 50.00 MWp Weichering (Ger) 1.68 MWp Guiglia (Ita) 6.20 MWp Granswang (Ger) 1.61 MWp Puglia II (Ita) 4.00 MWp Lösau (Ger) 3.00 MWp 2001 – 2006 Utscheid (Ger) 2.50 MWp Mühlhausen (Ger) 6.30 MWp 2010 Hemau (Ger) 3.96 MWp Günching (Ger) 1.95 MWp Sulkov (Cze) 10.00 MWp Minihof (GER) 1.89 MWp Puglia (Ita) 6.00 MWp Ballstadt (Ger) 1.90 MWp Ergoldsbach (Ger) 5.10 MWp Sinning (Ger) 1.85 MWp Svitavy (Cze) 4.00 MWp Sonnen (Ger) 1.75 MWp San Marzano (Ita) 3.50 MWp Oberötzdorf (Ger) 1.68 MWp Hrusovany II (Cze) 1.15 MWp Markstetten (Ger) 1.58 MWp Mramotize (Cze) 2.50 MWp Salching (Ger) 1.30 MWp Bad Grönenbach (Ger) 1.20 MWp 2009 Röckersbühl (Ger) 1.15 MWp Krumbach I & II (Ger) 5.20 MWp Hrusovany I (Cz) 2.00 MWp Pfeffenhausen II (Ger) 1.00 MWp Is Arenas (Ita) 1.00 MWp (PV solar parks + PV roof tops developed and / or built or under construction)

Company presentation – January 13 – page 18

Track record Roof top / Carport PV systems / System & Components

2011 2008 Quincieux (Fra) 8.71 MWp Approx. Flex Fond (Ger) 0.50 MWp 50 smaller roofs 0.91 MWp Kassel (Ger) 1.60 MWp 2007 Additional smaller roofs approx. 0.15 MWp Approx. 50 smaller roofs 1.59 MWp 2010 2005 – 2006 Milano (Ita) 7.14 MWp Hegerma (Ger) 0.56 MWp Approx. Flex Fond (Ger) 0.22 MWp 50 smaller roofs 1.46 MWp Hangar 24 (Ger) 0.17 MWp 1998 – 2000 Additional approx. 25 smaller roofs 1.19 MWp Wind- & Hydropower 7.60 MWp 2009 Sonoma County (USA) 0.54 MWp Velden (Ger) 0.27 MWp

Additional approx. (PV solar parks + PV roof tops developed smaller 20 roofs 0.44 MWp and / or built or under construction)

Company presentation – January 13 – page 19

Contact

Company presentation – January 13 – page 20

Your contact

NORWAY USA SOUTH AFRICA ITALY Scatec Solar AS (HQ) Scatec Solar North America Scatec Solar South Africa Scatec Solar s.r.l Somerogaten 13 – 15 2320 Marinship Way, Suite 300 Johannesburg (Financial Office): Via Labicana 80 NO- 0255 Oslo Sausalito, CA 94965 3rd Floor, Office 313 The Forum 00184 Roma Phone: +47 95 92 62 77 USA Building 2 Maude Street Italy Phone: +1 40 84 55 03 58 2196 Sandton GERMANY South Africa FRANCE Scatec Solar Solutions GmbH CZECH REPUBLIC Phone: +27 11 784 27 77 Scatec Solar SAS Blumenstraße 18 Scatec Solar s.r.o. 8 Rue de Berri D-93055 Regensburg Na Zátorce 590/12 Cape Town (Operations Office): F-75008 Paris Phone: +49 (0)941 - 70 81 00 22 CZ-160 00 Prague 6 Unit 109B , The Foundry Phone: + 42 06 06 63 49 99 75 Prestwich Street Green Point, Cape Town 8005 INDIA South Africa Scatec Solar India Private Limited Phone: +27 87 700 32 80 I and II Floor, Tower B Inox Tower Plot No. 17, Sector 16A Film City IN-201301 Noida Phone: +91 120 - 479 70 00