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Demographics & Data Industry Role The Novogradac Financing

Syndication Renewable Energy Conference Law 4% Investing/ 21% brought together the most LendingSyndication 10% Law Syndication4% forward-thinking professionals Investing/ Law 4% 21% DevelopmentInvesting/Lending14%10% 21% 18% Banking/ from the industry to discuss Lending 10% Finance the legislative and market Development 14% 18% Banking/ Accounting Finance Development 14%15% 18% 18%Other Banking/Energy dynamics driving renewable Finance energy activity. As we prepare Accounting 15% 18% Other Energy Accounting Region 15% 18% Other Energy for a very busy 2015 and 2016, it was invaluable for both 19% 43% 15% West Midwest Northeast newcomers and experienced 19% practitioners alike to access 43% 15% West Midwest19%23% Northeast 43% South 15% West Midwest Northeast rich educational content and 23% networking opportunities— South23% South further ensuring they remain competitive in this ever- changing marketplace. Top 5 States

32% 9% 8% 7% 5% Missouri Washington D.C. Stephen Tracy 32% 9% 8% 7% 5% California32% Missouri9% Washington8% New7% York Colorado5% Conference Chairman California Missouri WashingtonD.C. New York Colorado D.C. Novogradac & Company LLP

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Networking

Face-to-face interaction is vital to driving activity in the renewable energy industry. The conference luncheon and networking reception were pivotal in providing attendees with the opportunity to discuss the day’s takeaways, develop new business and strengthen existing relationships.

Renewable Energy Power Awards The Renewable Energy Power Awards ceremony, presented by the Novogradac Journal of Tax Credits, recognized three innovative projects that had a positive impact on job creation and the energy footprint of their communities. Winners included Urban Greenfit LLC for its Roosevelt Landings Project, SunEdison Inc. for its Regulus Solar Project, and Affirmed Housing Group for its Arbor Green development.

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Education

The conference offered cutting- edge professional education. Guided by the industry’s most influential experts, session topics focused on the innovative financing and deal structures driving down today’s cost of capital for renewable energy projects.

Project Finance Advanced Primer

In this interactive workshop, project finance experts discussed analytical and strategic techniques for successfully structuring renewable energy transactions. Attendees participated in group discussions and advanced financial modeling exercises.

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Conference Agenda At-A-Glance with Presentations Thurs., April 23, 2015 8–9 a.m. Registration and Breakfast 9–9:15 a.m. Noon–1:15 p.m. Welcome Address Luncheon

9:15–10:15 a.m. 1:15–2:15 p.m. Washington Report Download Sponsor/Developer Presentation and Industry Update Financing Issues

10:30–11:45 a.m. 2:30–3:30 p.m. A Deeper Look into Download Debt Market Presentation YieldCos Update

11:45 a.m.–Noon 3:45–5 p.m. Renewable Energy Tax Equity Update Power Awards 5–6:30 p.m. Reception

Fri., April 24, 2015

9–9:50 a.m. 11:10 a.m.–Noon Download Presentation Energy Storage– Download PACE Financing What Does the Presentation Future Look Like? Noon Conference Concludes 10–11 a.m. Current Issues– Closing a Renewable Energy Transaction

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Thank You to Our Co-Hosts and Sponsors Co-Hosts

Sponsors

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Project Finance Advanced Primer Attendees

John Albrecht, Recurrent Energy Inc. Trevor Hill, SunPower Corporation Darren Anderson, Capital Power Jetson Hollingsworth, Butler Snow LLP Ola Assem, Cleopatra Inc. Jake Hoppe, Enphase Joe Avedisian, Novogradac & Company LLP Masatoshi Ito, Development Bank of Japan Inc. Gary Band, Nixon Peabody LLP Jennifer Kerrigan, Blanco Tackabery Nico Barawid, SunEdison Pat Kilcullen, Buffalo Niagara Medical Campus Inc. Alana Becquette, SunEdison Eric Klipfer, RBC Capital Markets Thomas Boman, Novogradac & Company LLP Alan Knudson, Basin Energy Services LC Jeffrey Buzen, Aon Risk Services Said Kordestani, Farella Braun + Martel LLP Luis Castellanos, Novogradac & Company LLP Michael Kremer, Cypress Creek Renewables Shilpi Jethani Chavda, SunEdison Alvin Lee, Novogradac & Company LLP Jae Choe, LG International (America) Inc. Sean Lee, LG International (America) Inc. Erin Chui, Novogradac & Company LLP Zarek Lee, Sempra Energy Yonette Chung, RBC Capital Markets Ken Lehman, Kendall Investments Christa Clark, Arkansas Capital Corporation Matthew Lockhart, Novogradac & Company LLP Gregory Clements, Novogradac & Company LLP Jennifer Ma, Novogradac & Company LLP Sean Collins, Novogradac & Company LLP Mary Beth Mandanas, RBC Capital Markets Genni Combes, Mike Maniscalco, Bay4 Energy Services/Kenyon Thomas Crofts, Partners Capital Managment Energy Michael Cung, King-Solarman Scott Manning, Parker Poe Adams & Bernstein LLP David Davenport, Urban Greenfit LLC David Maurer, F&M Capital Michael Deeg, Baltra Consulting LLC Mark McCreery, MuniStrategies LLC J.R. Dehring, IGS Energy Macon McDonald, West Company of Midland Nimisha Dharam, NRG Energy Inc. Euan McNair, SunEdison Elaine DiPietro, Enterprise Community Investment John Meredith, F&M Capital Inc. Cliff Mesner, Mesner Development Co. Neal Divver, Sunrun Inc. Kathy Mesner, Mesner Development Co. Ed Dunne, NRG Energy Inc. Jon Miller, Gardner Capital Inc. Chad Durden, Novogradac & Company LLP Richard Millett, W.G. Nielsen & Co. Nat Eng, Novogradac & Company LLP Nigel Morton, SunEdison Kristie Espiritu, Sempra Energy Craig Mulcahy, Mahoney Ulbrich Christiansen & Tom Fantin, Novogradac & Company LLP Russ PA Rich Fenske, DynaSolar EPCM Stephanie Murr, National Cooperative Bank Adam Flock, Sempra Energy Mary Margaret (Mo) Ogburn, Blanco Tackabery Lori Fowler, Sungevity Tony Parisi, Dynamic Energy Tyler Gibbs, Novogradac & Company LLP Kathy Parker, Rodman & Rodman PC Nicole Greenfiled, Cypress Creek Renewables Abhi Parmar, Altus Power America Joel Griffiths, Leverage Law Group LLC Sam Paules, Diamond Ridge Development Whitney Hampton, U.S. Bancorp Community David Peterson, APS Development Corporation Sara Pietka, Roeder & Company LLC Bo Harwell, Butler Snow LLP Mark Purser, NRG Energy Katie Heath, Blanco Tackabery Reynold Roeder, Roeder & Company LLC

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Project Finance Advanced Primer Attendees

Pablo Rosas, Novogradac & Company LLP Todd Travis, National Foundation For Affordable Glenn Sansbury, Hartford Steam Boiler Inspection Housing Solutions Inc. (NFAHS) And Insurance Thomas Treinen, NRG Home Solar Monica Schmidt, Crowe Horwath Kimberly Vanderlaan, Neighborhood Power Jennifer Simmons, Thompson Coburn LLP Corporation Matthew Simpson, Mintz Levin Steven Varady, Novogradac & Company LLP Francesco Spagnolo, Building Energy Steve Waack, SunEdison Michael Sponseller, Sungevity Dustin Weber, Altus Power America Todd Surbey, RBC Capital Markets Laura Weingartner, Dykema Gossett PLLC Aileen Thomas, Jones Walker LLP Tami Wilson, IGS Energy H. Shaw Thomas, Vectra Bank Colorado Dean Yamamoto, Yamamoto Caliboso Jennifer Thomas, American Solar Direct Inc. Phillip Yim, Novogradac & Company LLP Scott Toburen, Novogradac & Company LLP Daniel Yonkin, Sol Systems LLC Stephen Tracy, Novogradac & Company LLP Matt Yunker, Novogradac & Company LLP Tong Tran, Novogradac & Company LLP

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Conference Attendees

John Albrecht, Recurrent Energy Inc. Luis Castellanos, Novogradac & Company LLP Morgan Allen, Global X Ben Catt, FLS Energy Inc. Adam Altenhofen, U.S. Bancorp Community Jason Cavaliere, Sunrun Inc. Development Corporation Christy Chang, Intel Corp. Darren Anderson, Capital Power Paul Charron, Novogradac & Company LLP Brian Ashin, Wilson Sonsini Goodrich & Rosati Shilpi Jethani Chavda, SunEdison Ola Assem, Cleopatra Inc. Michelle Chen, Bridge Bank Tom Athan, Altus Power America Jeffrey Cheng, Stion Energy Services Larry Baerveldt, U.S. Bancorp Community Jae Choe, LG International (America) Inc. Development Corporation Yonette Chung, RBC Capital Markets Andrae Baly, National Trust Community Investment Ed Cichon, Marathon Energy LLC Corp. (NTCIC) Christa Clark, Heartland Renaissance Fund LLC Gary Band, Nixon Peabody LLP Gregory Clements, Novogradac & Company LLP George Barry, Foss And Company Richard Cogen, Nixon Peabody LLP Randy Bartholomew, National Trust Community Abby Cohen, Novogradac & Company LLP Investment Corp. (NTCIC) Mike Cohen, Cypress Creek Renewables Tim Beach, Media Venture Partners Sean Collins, Novogradac & Company LLP Alana Becquette, SunEdison Genni Combes, Sungevity Joe Benga, Gardner Capital Inc. Brian Confrey, Ernst & Young Marcelo Bermudez, DC Solar Anthony Conklin, Entropy Solar Integrators LLC Alexandra Bernard, Novogradac & Company LLP Mercedes Crouthamel, Nationwide Mutual Insurance Paul Bernardino, Aon Strategic Advisors & Company Transaction Solutions Mark Crowdis, Global X Andrew Bernstein, Kearsarge Energy LP Michael Cung, King-Solarman Gary Blitz, Aon Risk Solutions Mona Dajani, Baker & McKenzie LLP David Boisture, Novogradac & Company LLP John Dalton, Bryan Cave LLP Thomas Boman, Novogradac & Company LLP Derek Daly, George K. Baum & Company Thomas Boothby, Dixon Hughes Goodman LLP David Davenport, Urban Greenfit LLC Adam Boucher, Promise Energy Forrest David Milder, Nixon Peabody LLP Jerry Breed, Bryan Cave LLP Andrea De Lugnani, Intel Corporation Megan Broccoli, Conergy Michael Deeg, Baltra Consulting LLC Susan Brodie, HESP Solar LLC J.R. Dehring, IGS Energy Daniel Brown, KeyBanc Capital Markets Energy Scott DeMartino, Bryan Cave LLP Utility Group Nimisha Dharam, NRG Energy Inc. Rob Bryant, Novogradac & Company LLP Chris Diaz, Seminole Financial Services Molly Bryson, Ballard Spahr LLP Ryan Didier, Leverage Law Group LLC Jeffrey Buzen, Aon Risk Services Elaine Dipietro, Enterprise Community Investment Jake Carney, SunEdison Inc. Jeffrey Carpoff, DC Solar Neal Divver, Sunrun Inc. Paulette Carpoff, DC Solar Michael Dubansky, National Trust Community James Carter, Leverage Law Group LLC Investment Corp. (NTCIC) Gregg Cassarini, Conergy James Duffy, Nixon Peabody LLP

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Conference Attendees

Simms Duncan, USA Jake Hoppe, Enphase Ed Dunne, NRG Energy Inc. Carol Hough, Novogradac & Company LLP Chad Durden, Novogradac & Company LLP James Howard, Dudley Ventures Chris Earl, Affirmed Housing Derek Huntington, Promise Energy John Eliason, Foley & Lardner LLP Masatoshi Ito, Development Bank of Japan Inc. Nat Eng, Novogradac & Company LLP Jay Jablonow, Rockwood Asset Management Kristie Espiritu, Sempra Energy Christi Jacobsen, Chapman And Cutler LLP Tom Fantin, Novogradac & Company LLP Oliver Janssen, Media Venture Partners Rich Fenske, DynaSolar EPCM Michael Johnson, Spear Point Energy Edwin Feo, Coronal Management LLC Rob Karmann, DC Solar Lauren Finefield, Rockwood Asset Management Paul Kasper, Enhanced Capital Adam Flock, Sempra Energy Eli Katz, Chadbourne & Parke LLP Ruben Fontes, BE Solar Jennifer Kerrigan, Blanco Tackabery Jon Fortune, Sunverge Energy Inc. Pat Kilcullen, Buffalo Niagara Medical Campus Inc. Lori Fowler, Sungevity Blair Kincer, Novogradac & Company LLP Kathleen Galvan, National Trust Community John Kinney, Clean Fund LLC Investment Corp. (NTCIC) Eric Klipfer, RBC Capital Markets Robert Gambo, Esq., Chadbourne & Parke LLP Alan Knudson, Basin Energy Services LC Jason Gellman, Snell & Wilmer Said Kordestan, Farella Braun + Martel LLP Tyler Gibbs, Novogradac & Company LLP Josie Kotsioris, Baker Tilly Virchow Krause LLP Mark Gipner, CAHEC Michael Kremer, Cypress Creek Renewables Michael J. Goldman, Nixon Peabody LLP Michael Kressig, Novogradac & Company LLP Stacey Gore, Leverage Law Group LLC Chris Lang, Legacy Risk & Insurance Justin Gravatt, Heelstone Energy Jocelyn Lavallo, Chadbourne & Parke LLP William Graves, Sol Systems LLC Alvin Lee, Novogradac & Company LLP Nicole Greenfield, Cypress Creek Renewables Philip Lee, Diamond Ridge Development Abe Grohman, HESP Solar LLC Sean Lee, LG International (America) Inc. Jonathan Gross, State Tax Credit Exchange Zarek Lee, Sempra Energy Jesse Grossman, Soltage LLC Ken Lehman, Kendall Investments Daniel Hale, Sunthurst Energy LLC Jaime LeMaire, Novogradac & Company LLP Whitney Hampton, U.S. Bancorp Community Matthew Lockhart, Novogradac & Company LLP Development Corporation David Lutz, Stinson Leonard Street LLP Bo Harwell, Butler Snow LLP Jennifer Ma, Novogradac & Company LLP Kit Hazel, Rockwood Asset Management Nik Mainka, Enerparc Inc. Katie Heath, Blanco Tackabery Mary Beth Mandanas, RBC Capital Markets Brent Hendricks, EKS&H Mike Maniscalco, Bay4 Energy Services/Kenyon Steve Hibbard, U.S. Bancorp Community Energy Development Corporation Scott Manning, Parker Poe Adams & Bernstein LLP Trevor Hill, SunPower Corporation John Marciano, Chadbourne & Parke LLP Thane Hodson, Butler Snow LLP Keith Martin, Chadbourne & Parke LLP R. Thomas Hoffman, Ballard Spahr LLP David Maurer, F&M Capital Jet Hollingsworth, Butler Snow LLP Shane McCarthy, Enhanced Capital

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Conference Attendees

Dan McCready, Double Time Capital Raymond Redmon, Denton New Horizon Mark McCreery, MuniStrategies LLC Elke Rehbock, Dentons Arthel McDaniel III, Polsinelli PC Lewis Reynolds, Entropy Investment Management Matt McGovern, Cypress Creek Renewables LLC David McIlhenny, SunPower Corporation Allan Riska, Cypress Creek Renewables Euan McNair, SunEdison Joe Ritter, Seminole Financial Services Matt Meeker, Novogradac & Company LLP Craig Robb, Zions Energy Link Raj Mehta, SunEdison Jessica Robbins, Sol Systems John Meredith, F&M Capital Reynold Roeder, Roeder & Company LLC Cliff Mesner, Mesner Development Co. Chris Roetheli, U.S. Bancorp Community Kathy Mesner, Mesner Development Co. Development Corporation Michael Midden, Energy & Infrastructure Capital Chad Sachs, Radian Generation Jon Miller, Gardner Capital Inc. Anuj Saigal, SunEdison Richard Millett, W.G. Nielsen & Co. Glenn Sansbury, Hartford Steam Boiler Inspection Scott Monaco, global X And Insurance Mark Moriarty, Duxbury Energy LLC Kevin Savory, Stinson Leonard Street LLP Nigel G. Morton, CPA, SunEdison Monica Schmidt, Crowe Horwath Craig Mulcahy, Mahoney Ulbrich Christiansen & Daniel Schoenberg, Aon Strategic Advisors & Russ PA Transaction Solutions Stephanie Murr, National Cooperative Bank Marc Schultz, Snell & Wilmer Brooke Nester, Rockwood Asset Management Ken Schwarz, Sungevity Alec Nethercott, V3 Electric Nihar Shah, OnPACE Energy Solutions LLC Dana Newman, Pillsbury Winthrop Shaw Pittman Ray Shem, FLS Energy Inc. LLP Philip Shen, Roth Capital Partners LLC Michael Novogradac, Novogradac & Company LLP Alex Shewchuk, National Trust Community Mary Margaret (Mo) Ogburn, Blanco Tackabery Investment Corp. (NTCIC) Ralph Palumbo, Southern Sky Renewable Energy LLC Phyllis Shih, Diamond Ridge Development Tony Parisi, Dynamic Energy Daniel Siegel, U.S. Bancorp Community Kathy Parker, Rodman & Rodman PC Development Corporation Abhi Parmar, Altus Power America Jennifer Simmons, Thompson Coburn LLP Sam Paules, Diamond Ridge Development Matthew Simpson, Mintz Levin Doug Pemerl, PemReal Advisors Guy C. Smith, Stinson Leonard Street LLP Miguel Peñaloza, Industries Association Anna Smukowski, Local Initiatives Support (SEIA) Corporation David Peterson, APS Ben Snydacker, Ernst & Young Sara Pietka, Roeder & Company LLC Francesco Spagnolo, Building Energy Holding U.S. John Pimentel, Foundation Windpower Inc. Sue Sparks, PNC Energy Capital Jerry Polacek, Energy & Infrastructure Capital Michael Sponseller, Sungevity Mark Purser, NRG Energy Todd Surbey, RBC Capital Markets Michael Quinlan, CCA Group LLC Lindsey Sutton, Novogradac & Company LLP Zulaikha M. Rahim, Foley & Lardner LLP Stefan Szulc, Marsh Risk & Insurance Services Dick Rai, PNC Energy Capital Aileen Thomas, Jones Walker LLP

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Conference Attendees

Shaw Thomas, Vectra Bank Colorado Steve Waack, SunEdison Scott Toburen, Novogradac & Company LLP Brian Weaver, Stinson Leonard Street LLP Gaye Tomlinson, Vaha Sustainable Energy Dustin Weber, Altus Power America Geoffrey Tomlinson, Vaha Sustainable Energy Laura Weingartner, Dykema Gossett PLLC Stephen Tracy, Novogradac & Company LLP David Weisblat, Foley & Lardner LLP Tong Tran, Novogradac & Company LLP Tracy Welch, Solar3D Todd Travis, National Foundation For Affordable Mark Williams, PNC Bank Housing Solutions Inc. (NFAHS) Tami Wilson, IGS Energy Thomas Treinen, NRG Home Solar Dean Yamamoto, Yamamoto Caliboso Shelly Tucciarelli, Turtle Clan Development Services Phillip Yim, Novogradac & Company LLP LLC Dan Yonkin, Sol Systems Roger Tullberg, Clean Coal Solutions LLC Jennifer Young, Novogradac & Company LLP Kimberly Vanderlaan, Neighborhood Power Matt Yunker, Novogradac & Company LLP Corporation Scott Zajac, Rockwood Asset Management Steven Varady, Novogradac & Company LLP

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