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INVESTMENT OVERVIEW FOR SALE OF ONE PHOTOVOLTAIC PROJECT IN KOLARTSI VILLAGE, TERVEL MUNICIPALITY WITH TOTAL NOMINAL POWER OF

1.2 MWp

Sofia • Vienna • Brussels • Moscow • Dubai

June 2011


Contents:

Executive summary ………………………..……………………………3 Location and main parameters .............................................................. 4 Licensing overview ............................................................................... .. 5 Productivity estimate of Kolartsi project............................................ ...6 Contacts ................................................................................................... 7 Appendix I: Land layouts and maps of the terrain ............................... 8

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1. Executive summary

· The present overview is prepared to bring forward an investment opportunity related to the sale one fully permitted project for photovoltaic (PV) power plant in Kolartsi village, Tervel municipality, Dobrich region, Bulgaria with estimated total installed capacity of 1.2 MWp for € 216 000 (€180 000/MWp) without VAT. · The plot of land forming the Project site is situated in Kolartsi village, in the North-East part of the country. · The plot of land is owned by one beneficial owner (physical person) who is willing to sell the entire, fully permitted Project capacity. · The current development phase enables starting immediate construction of the PV power plant. Main development milestones such as Urban Planning (“PUP”) and Preliminary Grid Connection Agreement (to E.ON), Building permit and Final Grid Connection Agreement (to E.ON) have been passed. · The local developer will sell the entire Project, subject to a confirmed interest by a creditworthy Investor. The eventual transaction will include the ownership of the plot and all permits, including the Building permit. · The presentation below outlines the main technical, economic and investment considerations concerning Kolartsi Project. A more detailed solar energy audit report, financial model or information memorandum can be offered upon request by the Investor. Inea Consulting Ltd as a Project advisor to the current Owners will readily submit any such information upon satisfactory Expression of Interest. · Feed-in tariff (FIT) for electricity produced from photovoltaic power plants with capacity above 200 KWp is € 24798/MWh (BGN 48560/MWh). · Term of PPA contracts for photovoltaic power plants in Bulgaria is 20 years.

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2. Location and main parameters of the projects

· · · · · · · · · · ·

Coordinates: N 43.82032°, E 027.55235° Sea level: 221 m. above. Vertical planning: flat terrain Size of plot – 21 408 sq.m. No or limited obstructions to light, no heavy winds, snow or seismic activity (data available upon request). No emissions of SOx or NOx in the region, nor dust. Geological and hydro – geological state, showing adequate condition of the soil to sustain such structures. Questions related to transport and construction of the project: There is direct access through asphalt and agricultural roads to the terrain, which in turn is free of buildings. Availability of medium voltage grids 20 KV near the designed terrain. Grid connection will require just building of a transformer station and a short distance cable power line at the expense of the connection fee. Terms and conditions for the grid connection have been presented by E.ON. Modules radiation fixed under 22° decline from the horizontal surface of the terrain – 1 531 kWh/m2.

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3. LICENSING OVERVIEW A) Steps in project development and in Kolartsi project particularly 1. Approval of Particular Zoning Plan (PUP) Announcing the approved PUP to the neighbors of the plot; Coordination with local Health and Sanitary authority; New revision by the expert architectural council in the Municipality; Approval by the City Council Mayor’s order for validating the PUP; Quarantine period of 2 weeks before PUP enters into effect; Registration in the cadastre plan and issuance of new Plans;

P P P P P P P

2. Change of Land usage Package of documents (PUP, new plans, expert opinions);

P

3. Project Phase Issuance of a design visa; Preliminary contract with E.ON Bulgaria (signed); Conceptual design and Final Technical Project (el part + civil works); Approval of the final Project by the Municipality; Building permit; Connection agreement with E.ON Bulgaria;

P P P P P P

B) Steps in Grid Connection and Procedure to the Distribution Company (E.ON) 1 2 3 4 5 6 7 8 9 10 11

Application to the Distribution Company for connection to the grid Response to the application, to serve the Design Visa Request for terms and conditions for connection to the grid Receipt of a Connection opinion with the terms and conditions Request for preparation of a Preliminary Contract for Connection Signing the Preliminary Contract for Grid Connection Filing a Request for signing a Grid Connection Agreement Signing a Grid Connection Agreement After final working, coordinating with the Distribution Company Filing a Request for signing a Power Purchase Agreement Signing a Power Purchase Agreement

Note: With “P” are marked finished phases for the Kolartsi project, with „-“ not finished.

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P P P P P P P P -


4. Productivity estimate of Kolartsi project

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5. Contacts: Inea Consulting Ltd. 9, Maria Louisa Blvd, fl. 3 9000 Varna, BULGARIA Tel: ++359 52 91 60 56 Fax: ++359 52 302 508 Mob: ++359 887 342 475 Mob: ++359 896 833 044 E-mail: office@ineaconsulting.eu Web: www.ineaconsulting.eu

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Appendix I: Land layouts and maps of the terrain

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1.2 MWp Kolartsi Solar Project for Sale in Bulgaria  

This is teaser of one 1.2 MWp Kolartsi Solar Project for Sale in Bulgaria. The project is fully permitted and shovel ready.

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