Aurora Solar Energy Project

THE FUTURE OF CLEAN ENERGY FOR SOUTH AUSTRALIA IS HERE

THE AURORA SOLAR ENERGY PROJECT

SOLAR POWER, DAY AND NIGHT SolarReserve: The leading worldwide developer of solar thermal solutions with energy storage – with differentiated proprietary technology and a proven track record of success GLOBAL DEVELOPER OF LARGE-SCALE SOLAR THERMAL • Development pipeline of over 13,000 megawatts (MW) across the world’s most attractive solar markets includes solar thermal (CSP), solar photovoltaic (PV) and solar hybrid plants (CSP and PV combined).

• Long-term power contracts for 775 megawatts (MW) of solar projects representing $3.4 billion of project capital.

• Global presence with worldwide headquarters in California, USA and Australian headquarters in Adelaide, South Australia.

• Experienced management team with over 27,000 MW and $48 billion of combined transaction experience in 25 countries.

• The genesis of the technology is from Rocketdyne’s work on building rocket engines for the NASA space program. SolarReserve now owns the intellectual property, over 100 patents, and has 10 rocket scientists on staff working on future generations of the technology.

PROJECTS IN OPERATION AROUND THE WORLD • More than $ 1.8 billion (USD) of projects in operation globally.

• Flagship 110 MW Crescent Dunes CSP project in Tonopah, Nevada with 10 hours of storage – in 2015 achieved commercial operation under the Power Purchase Agreement, a 25-year full offtake contract with NV Energy.

WORLD’S LEADING ENERGY STORAGE TECHNOLOGY

• SolarReserve has been awarded 346 MW of projects in South Africa, with 246 MW currently operating.

• Commercialised world’s most efficient and lowest cost thermal solar with integrated storage that solves the intermittency issues experienced with other renewable energy sources.

• SolarReserve performs Construction Management, Project Management and Asset Management services to minimise project level risks and maximise performance and returns.

• Unmatched proprietary ThermalVault™ technology allows solar to operate like a conventional coal or gas power station and deliver power into peak demand periods, but without any fossil fuels and at a fraction of the cost of other storage technologies.

Receiver

Concrete Tower

Steam Turbine / Generator

Cold Salt Tank

PROVEN TECHNOLOGY

Air Cooled Condenser Hot Salt Tank

Benefits of SolarReserve’s technology for South Australia

AURORA WILL BE THE MOST ADVANCED SOLAR PROJECT IN AUSTRALIA AND A LANDMARK FOR THE REGION • The technology, which utilises molten salt to store energy, provides fully dispatchable electricity to the network when it’s needed most – day and night.

• Together with SolarReserve’s technology design, the use of molten salt represents the most flexible, efficient and cost-effective form of large-scale energy storage available today.

• The technology is proven at an operating commercial-scale facility, a 110 megawatt project called Crescent Dunes in Nevada USA, which came online in late 2015. The project’s 1,100 megawatt- hour storage capability alone was the same size as all of the world’s utility-scale batteries in operation at the time, combined.

• Molten salt is the fluid used to both capture and store the sun’s energy in the form of heat. The “salt” is a non-toxic, inert, and environmentally friendly mixture of sodium nitrate and potassium nitrate.

• As renewable energy penetration grows in Australia, the need for utility-scale renewable generation with storage technology will become increasingly important to provide firm blocks of electricity which can’t be provided from wind and solar PV plants which have variable output.

Because of its integrated storage, the technology can reliably deliver power into peak demand periods and support transmission system reliability.

• The technology is future proof. With increased penetration, renewables such as wind and solar PV will contribute less and less to meeting peak demands, but solar thermal with storage will maintain its value over the long term, even as demand profiles change. The technology will help to suppress wholesale price volatility, benefiting electricity consumers in the state, and improving the operating conditions for businesses in the state. It will help avoid the price spikes that South Australia has experienced in recent years.

• South Australia, the leading state for renewable energy in Australia, is positioned to become the leading state for dispatchable solar thermal energy in Australia – creating an entirely new industry for South Australia. The supply chain which will be developed in the state from this project will be leveraged for other solar thermal projects in South Australia and the broader region.

• These projects will create much needed jobs for South Australia. Each project will create up to 4,000 direct, indirect and induced jobs during construction and around 50 jobs during the operations phase.

• As SolarReserve’s technology is powered entirely by the sun, without the need for any backup fuel, it is able to provide electricity price certainty over its 30 year life, unaffected by the rising price of gas.

THE AURORA SOLAR ENERGY PROJECT Location: Approximately 30 km North of Port Augusta,

Location

Technology: SolarReserve’s proprietary molten salt

Approximately 30 km North of Port Augusta, South Australia, adjacent to the Stuart Highway.

South Australia, adjacent to the Stuart Highway

power tower technology with integrated energy storage

Size: 150 megawatts with 8 hours (1,100 megawatthours) of full load storage

Homes powered: Approximately 90,000 South

Tower height: Up to 240 meters

Australian homes

Number of heliostats: Over 12,000 automatic,

individually controlled, dual axis tracking heliostats

Heliostat size: 96 m2 (roughly half the size of a tennis court); total field of over 1,200,000 m2 mirrors

Electricity production: Approximately 500,000

CO2 displaced: Approximately 200,000 tonnes annually Job creation: 650 full-time construction jobs for

30 months, 4,000 direct, indirect and induced jobs during the construction phase, and 50 jobs during the operations phase

Content localisation: Targeting 60% of the value of

megawatt-hours annually, providing fully dispatchable electricity to the network when it’s needed most

sourcing (e.g., equipment) and services to come from South Australia in the construction phase, which will support an entirely new industry for South Australia

HOW IT WORKS

2

3

4

6

1

5

Renewable Fuel Source is concentrated and directed from a 1 Sunlight

large field of heliostats to a receiver on a tall concrete tower

salt from the cold salt tank is pumped 2 Liquid

The heated salt from the receiver is stored in the hot salt tank

5 Cold salt at 288 °C flows back to the cold

4 Hot salt is pumped from the hot salt tank through a

6 Condensed steam from the steam turbine

3

through the receiver where it is heated to 566 °C

For additional information please contact aurora @ solarreserve.com Copyright ©2017 SolarReserve All Right Reserved.

steam generator to create steam, which drives a steam turbine, generating electricity

salt tank

is recirculated for reuse