Grupo NovEnergia, el referente internacional de energía renovable dirigido por Albert Mitjà Sarvisé

General presentation and overview

September2011

An international expertise in renewable energy

Novenergia is a private equity fund dedicated to the promotion of renewable energy throughout Europe

Wind, Solar and Hydro projects

An integrated actor :

Prospection

Development

Project identification Technical and environmental studies , authorisations , building permits , grid connection

Continent-wide development: Portugal, Italy, France, Spain, Bulgaria, Hungary & Romania

Investment Operation

Non-recourse project financing

Construction, engineering, operation and maintenance

Novenergia: Past & Future

The NovEnergia Group was incorporated in 2001 through the constitution of a Luxembourg based SICAV named NovEnergia 2010. Presently, the Group is managed by Novenergia General Partner, a Luxembourg based company owned by the 7 members of the Board (see below “The Management Team”).

NovEnergia 2010 SICAV played its role in the renewable energy sector in Portugal acquiring important shares and controlling the management of two key players of the renewable energy sector in Portugal: Generg and Finerge.

Later on, NovEnergia coordinated and participated in the creation of ENEOP – Eolicas de Portugal, a consortium with two major utilities (EDP and Endesa) and the leader in wind turbine innovation (the German Enercon). ENEOP won the national wind energy tender of Portugal for 1200 MW and the constitution of an industrial cluster (led by ENERCON) that will produce and install 200 turbines per year.

In 2007 NovEnergia decided to go international, and the Group incorporated a new Fund – NovEnergia II (SCA) SICAR – a Luxembourg based SICAR. Novenergia II acquired all the assets of the former NovEnergia 2010. By December 2010, its assets reached 309 Million Euros controlling more than 1 Billion Euros of investments across Europe.

NovEnergia is now on the process of raising new capital. The capital increase that is now underway has been approved for a total of 300 Million Euros. Until September 30th a total of 124,3 Million Euros of contribution had already been made, leaving 175,7 Million Euros available for additional investors.

Evolution of Novenergia’s value per share since inception

Ten years of continuous growth

The Management Team

The Novenergia Group was conceived and founded by a group of experts around Carlos Pimenta who have spent the past 20 years promoting energy efficiency and renewable energies in different ways (political responsibilities, academic research and projects, consulting, energy production), contributing to establish the current framework for independent renewable energy production at the Portuguese and EU level.

Novenergia Services

 30 years experience in the energy and environment sector (EU, Eastern Europe & South America). Former Director (1985-2007) of a Master degree Program on Energy Economics and Energy Policy in Paris

 Former President of SIIF do Brazil (EDF-EN Group) and of the European Small Hydro Association. Former Advisor to the Portuguese Secretary of State of Energy. Former Chairman of the Consultative Energy and Environment Committee of the European Commission.

 Large know-how in several branches of the energy sector. Director of Endesa Group companies in Portugal, in particular of companies dedicated to renewables and co-generation. Member of the Board of ENEOP. Member of COGEN Portugal.

 Professor (PhD) at the Technical University of Lisbon and is specialized in Economics and Energy Policy. Analyst and supervisor of several public and academic organisations involved in energy research. Coordinator of the Portuguese National Carbon Plan 2005-2007.

Henri Baguenier, Chairman

Álvaro Martins

Álvaro Brandão Pinto, CEO of

The Management Team

Albert

Mitjá

 Former General Director of Energy of Catalonia Autonomous Region, and advisor to the European Commission and UNESCO.

Aníbal Fernandes

 Considerable experience in all branches of the energy sector, from oil to gas to wind energy. Former Director of Galp Power ; former adviser to the Portuguese Government, in charge of the introduction of natural gas in Portugal; advisor to several public and private institutions on energy.

 CEO of ENEOP, the largest wind energy consortium and industrial cluster in Portugal.

Armando Nunes

 Financial and Capital markets expert since 1990. Former CEO of Banco Mello Capital Markets Group of Companies. Former member of the Board of the Portuguese Association for Pension Funds and of the Portuguese Association of Asset Managers. Economics degree, Master in European Studies and MBA.

 Carlos Pimenta has spent his career defending environmental issues and sustainable development. He was Secretary of State for the Environment/Natural Resources and Fisheries in the 1980’s in Portugal and member of the Portuguese and European Parliaments from 1985 to 1999. He is also a former Board Member of EDF Energies Nouvelles and one of the co-founders of the Globe program.

 During his time at the European Parliament, he was a negotiator of the Kyoto protocol and a key promoter of the EU’s renewable energy policy. He is currently a Board Member of several renewable energy companies and a member of the EU Energy Advisory Forum.

 Expert in Finance and Tax Systems and former international civil servant of the European Union. Former member of the Italian Parliament.

General presentation and overview

Carlos Pimenta

Ottavio Lavaggi

Novenergia Group Structure

Novenergia Group: more than 750 MW in Operation

France

PV : 8 MW; 60 MWp

Hungary

Poland

Wind : 40 MW

Portugal (Boneca & Generg )

Hydro : 33 MW

Wind : 606 MW; 104 MW

PV : 19 MWp

Spain

PV : 24 MWp

Italy

Wind : 90 MW

Romania

Wind : up to 100 MW

International Portfolio

Wind : 4 MW; 157 MW

PV : 62 MWp ; 72 MWp

Bulgaria

Wind : 280 MW

PV : 10 MWp

Country Headquarters

Local Offices

Technology : MW in operation; under development/construction

Portugal: Generg & Eneop



in Portugal

Home Office - Lisbon

Generg is the 3rd renewable energy operator in Portugal

 In 2006, the ENEOP consortium won the national wind energy tender for 1200 MW

8 MW Wind in

Spain: 7 PV projects in operation

Home Office – Barcelona

 Spain is one of the most mature markets in Europe for renewables, with more than 20 GW of wind and 4 GW of PV installed at the end of 2010. Novenergia has invested strongly in PV, with 7 projects in operation representing a portfolio of 24 MWp (investment of 166 M€)

Location Capacity– structure/tracking

Mora La Nova

1.58 MWp – 1 axis

Villares del Saz

3.40 MWp – no tracker

Barrax

1.68 MWp – 2 axes

Lobón

2.83 MWp – no tracker

Bonete

6.06 MWp – 2 axes

Fuente Álamo

5.25 MWp - 1 axis

Almansa

3.24 MWp - 1 axis



Italy: a large and developing portfolio

Home Office – Rome

 Since 2007, Novenergia’s local team has managed to:

 develop a vast portfolio of several wind and PV projects, representing 163 MW and over 100 MW, respectively.

 Build and start the operation of a 4 MW wind project

 Close a strategic partnership with F2i (a national public/private infrastructure fund created by the Italian government in 2007) for the co-investment of 100 MW of PV projects. As of September 30th this joint venture (HFV) held a total of 56 MW in operation.

 Build and start the operation of 22 MW of PV plants – of which 16 MW have already been transferred into the HFV partnership.



View of Puglia plant (4MWp)

France: reaching production

 Home Office – Paris

 Since 2008, Novenergia’s affiliate - Eneryo - has managed to develop a strong portfolio of PV plant projects representing 50 MW in the south of France and Building integrated photovoltaics (BIPV) projects representing 10 MW

 8 MW of PV and 0,3 MW of BiPV have begun production in the beginning of September and an additional 6,2 MW of several projects will progressively begin operation until the end of 2011.

Important solar resources in the south of France

An experienced and dynamic team

Bulgaria: a strategic emerging market

 Home Office – Sofia

 Feed-in tariffs for Wind and PV projects have been recently defined, finalising the legal framework revision

 Strong resources of wind, sun and hydro

 Small penetration of large players

 Novenergia is developing more than 250 MW of Wind farms projects all over Bulgaria. 10 MW of PV are ready to build in Dabovo.

KRUSHARI, 20 - 50 MW Wind

DABOVO – 10 MW PV

DRAGOMAN, 30 - 40 MW Wind

RAKOVO, 30 - 50 MW Wind

MOMCHILGRAD, 40 - 50 MW Wind

SVILENGRAD, 60 - 100 MW Wind

Poland: a mature but still promising market

 Novenergia has recently acquired the rights for a 20 MW wind project. An additional capacity of 20 MW can be secured in the same location in the months that follow.

 Construction works for the first 20 MW will start in the beggining of 2012

 Analysis in other projects are ongoing.

GLUCHOW Wind Farm, 20 MW + 20 MW

Eastern countries: promising markets

 Other Eastern countries are markets with significant potential but different characteristics

 Hungary

 Many interesting projects but the feed-in tariff is subject to restrictive national tenders

 3 wind projects representing a capacity of about 90 MW

 30 MW are fully developed

 Novenergia’s strategy: Develop projects while waiting for the definition of a stable support mechanism

 Romania

 Large untapped potential but some uncertainty remains regarding the green certificate scheme

 A partnership with a local company is under study

 The associated portfolio would represent up to 120 MW (wind and hydro)

 Novenergia’s strategy: Build strong partnership with local players

Key data

Name Type

Legal Structure

Term Investment Strategy

Geographical Scope

Commitment

Size Advisor

Custodian Manager

Investor Committee

Co-investment rights

NovEnergia II – Energy & Environment

SICAR (Umbrella) established in Luxembourg

Société en Commandite par Actions (SCA)

March 2017 + 2 years

Energy and Environment Projects

Europe & Mediterranean

353 million already drawdown; remaining increase of up to 176 million

Presently above EUR 450 million

Intervalores Sociedade Corretora, SA (Portuguese Financial Cie)

CACEIS Investor Services, Luxembourg (Credit Agricole Group)

Novenergia General Partner (Lux)

3-4 meetings per year (1 representative per investor above EUR 10m + 1)

Held by investors with commitments > EUR 30 m

A large panel of reference investors

By September 2011, the capital invested in the fund by key actors of the Portuguese and European financing sectors reaches more than € 353 million Among the main investors are:

• Banco de Portugal The Central Bank of Portugal (through its Pension Fund)

• Three major Foundations

 Philanthropic foundation dedicated to four main fields: arts, education, science and human development, with a capital of € 2.7 billion.

Financial institution created to contribute to the development of Portugal by financial and strategic support for innovative projects thanks to the cooperation between American and Portuguese civil societies. Its capital in 2006 was €140 million.

Implementation and support of cultural, educative, artistic, philanthropic and social initiatives, focused on Portugal and Macau.

• Four large Portuguese Financial Groups:

A large panel of reference investors

Recently 3 new reference investors entered Novenergia:

• Champallimaud Foundation

• Portugal Telecom (through its Pension Funds)

• Instituto de Seguros de Portugal - the supervising authority for the insurance sector (through 2 of its Managed Funds)

Other reference investors are:

 BIZ Valor Asset management, Montepio Nacional das Farmacias, Caixagest.

As a commitment sign to the investors the Novenergia General Partner is also a shareholder since inception, with a share of around € 8,4 million in the Capital of Novenergia by the end of 2010.

General presentation and overview

NovEnergia II – Energy & Environment (SCA) SICAR

 Luxembourg:

5 allée Scheffer

L-2520 Luxembourg

 www.novenergia.com

Contacts