An Infocast Deal Working Event March 25-27, 2009 | Westin San Diego | San Diego, CA Platinum Sponsors: Where the Solar and Financial Communities Gather Each Year to Conduct Business Gold Sponsors: The Best Solar Deal-Making and Networking Event of the Year Back By Solar Company Popular Finance & Investment Summit Demand March 25, 2009 Innovative solar companies, venture capitalists, private equity, investment bankers, lenders and other financial players join forces to explore the opportunities for solar companies to fund their growth, research and development, and construction of projects. Participants will also explore such developments as going public and mergers and acquisitions. Solar Project Finance & Investment Summit Silver Sponsors: March 26-27, 2009 Leading utility scale and commercial/industrial/government project developers, investors, lenders, solar technology companies and other key industry players will gather to share their perspectives on how to successfully get deals done in 2009 and beyond. Produced by: www.infocastinc.com/solar09 Infocast Deal About the Summit Working Events The Solar Power Finance & Investment Summit has established itself as a major gathering place for the solar power industry’s decision makers—the Infocast Deal Working one deal-making venue where the solar power and financial communities Events facilitate deal- come together year after year to network and conduct business. Previous making by providing Summits have been an enormous success; active with major industry up-to-the-minute market and financial professionals networking and discussing deals. The 2009 Summit is slated for more of the same. This year’s Summit is presented in intelligence and valuable two parts: insight from leading players on conditions Solar Company in the current market. Finance & Investment Summit—March 25, 2009 The events are powerful This portion of the Summit focuses on solar power company financing. networking gatherings It brings together solar companies, venture capitalists, private equity, investment bankers, lenders and other financial players to explore the that put active market opportunities for solar companies to fund their growth, research and deal-makers face to development, and construction of projects. It will also explore such face—providing a developments as going public and mergers and acquisitions. robust environment for establishing the valuable Solar Project relationships that can Finance & Investment Summit—March 26-27, 2009 result in successful deals. This portion of the Summit brings together leading utility scale and commercial/industrial/government project developers, investors, lenders, solar technology companies and other key industry players to share their perspectives on the latest innovations and developments in the solar Set Up Meetings power project finance and investment market and discuss what it takes to profit from the increasing flow of solar project deals. These market players With Our Other will provide the latest intelligence on the current market environment Participants for putting together solar power project deals and discuss what they are looking for when they get involved in deals, what future opportunities Before the Event exist for partners and investors and how to successfully get deals done in 2009 and beyond. To enhance the value of the networking Solar Project Finance Workshop opportunities at Infocast Structuring and Financing Solar Projects in Deal Working Events, Today’s Marketplace—March 25, 2009 participants are able to This workshop will provide an excellent opportunity for attendees set up meetings before to obtain step-by-step instruction through presentations and panel the event with other discussions, on how to successfully structure and finance solar projects in today’s marketplace. participants through our Event Contact System. Workshop Structuring and Financing Solar Projects in Today’s Marketplace Wednesday|March 25, 2009 Welcome & Introduction by Workshop Chair Group Luncheon Ross Halleck, ADVantaGE FOR ANALysts Solar Industry Project Growth, Project Deal Structures and Project Documents Capital Requirements and Implications For » PPA agreements Project Finance » The range of agreements in use in the market » Key considerations in insuring PPAs are financeable This presentation will deliver an overview of growth by segment » Real estate agreements and their capital requirements with findings on implications. » Construction documents and equipment supply Presenter: » Joint development agreements Rob Church, Vice President Industry Research & Analysis, » Principal deal terms and risk allocation ACORE Presenter: Patrick G. Boylston, Partner, STOEL RIVES Panel Discussion: Attracting New Sources of Tax Equity Innovative Techniques for Higher After Tax IRR » What new sources of tax equity are available? Requirements For Tax Equity » How do you identify these sources? This presentation will discuss innovative structural techniques to » What motivations are driving them to enter? yield higher after tax returns for sponsor and tax equity. » What are their requirements to build confidence to invest (e.g., transparency, risk, returns) Presenter: Dennis Moritz, President, ADVantaGE FOR ANALysts Moderator: Richard Homich, CEO, ADVantaGE FOR ANALysts Panelists: Networking Break Bruce Gebhart, Managing Director, PatHFINDER CAPItaL ADVISORS Ari Pribadi, Vice President, MaratHON CAPItaL, LLC Carl Weatherly White, Managing Director, Project Finance Due Diligence in Today’s Market BarcLays CAPItaL » What makes a project “financeable”? » Credit issues: sources of repayment Networking Break » Asset performance and residual value » Accounting treatment » Regulatory issues Presenter: Business Cases For Solar Project Deals: Laurette N. Petersen, Partner, WInstON & Strawn LLP The Impact Of A Constrained Tax Equity Market This presentation will be a discussion of how higher finance Key Tax Considerations costs affect solar deal economics and options for meeting the » Potential issues with investment credits and depreciation challenge vs. value of a solar projects for the relevant structures. » Pros and cons of the different tax structures Presenters: » Ideas for addressing “absorption” issues in partnership flips Matthew Meares, Managing Director, SUNWORKS » Limits of the “inverted” lease Apolka Totth, Assistant Vice President, HSH NOrdbanK » Tax pitfalls in PPAs and leases » Special issues for municipalities Presenter: Keith Martin, Partner, CHADBOURNE & PARKE, LLP Advert_WP324896_SVarnerr_CHI.qxp 12/24/2008 5:53 AM Page 1 Solar Enjoy a Brighter Future with Globally Experienced Advisers The demand for alternative energy solutions throughout the world has never been greater. In today’s expanding solar energy market, working with experienced legal advisers can speed growth, reduce costs and generate new opportunities. Solar in particular, being a global business, requires a truly global law firm with expertise not only in project development and finance but also tax, trade and customs, sourcing, intellectual property, carbon and other green credits and capital raising through all stages of a company’s life, from early stage to going public. Baker & McKenzie’s global solar team provides a full range of legal For information about Baker & McKenzie’s global services to participants in the solar energy sector. We have represented solar practice, please contact: a wide array of clients on market-defining transactions throughout Chris Groobey North America, Asia, Latin America and Europe. Together with our clients Project Finance we have built projects and manufacturing facilities, sold power, panels Washington, DC and projects, created joint ventures, invested debt and equity, protected Tel: +1 202 835 4240 secrets, structured global operations and worked with investment [email protected] banks, private equity and venture capital firms to help finance companies Maria Sendra by leveraging our global financial platform and network. Corprate Finance San Diego Tel: +1 858 523 6210 We would be pleased to discuss our capabilities with you at the [email protected] Infocast conference or any other time. www.bakernet.com/energy Milbank Solar Company Finance & Investment Summit Wednesday|March 25, 2009 Welcome and Introduction by the Summit Chair Moderator: Philip H. Spector, Partner, TROUTMAN SANDERS LLP Maria P. Sendra, Esq., Partner, BAKER & MCKENZIE LLP Panelists: Gavin Danaher, Power and Project Finance, The Financial Crisis and Its Impact on Solar JOHN HANCOCK FINANCIAL SERVICES Company Finance Joe Mikrut, Partner, CAPItaL TAX Partners , V.P. - Corporate & Structured Finance-Americas, Curtailment in bank lending, contraction of the tax equity market, Vinod K Mukani limited access to the capital markets, and growing anxiety among NORD LB, NY BrancH cleantech investors have combined to send solar companies scrambling Darren Van’t hof, Vice President, US BANCORP COMMUNIty to figure out how to finance their short-term operations and long-term DEVELOPMENT CORPOratION growth. The Summit will kick off with a panel of industry experts who will discuss the impact of these developments on both solar equipment Summit Networking Break and solar project companies and talk about the financing strategies needed to survive and thrive in the current environment. » What has been the impact of the financial crisis to date on solar company financing? Is this impact forcing the industry to adopt new business models to adapt? Early Stage Capital: Venture Capital Perspectives