AMERICAN COUNCIL ON RENEWABLE ENERGY

North American Secretariat of REEEP

www.acore.org

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ACORE’s Membership Constituency

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Advisory Board

Meeting of the Advisory Board with Board of Directors and Steering Committee, July 10, 2002

• James G.P. Dehlsen, CEO, Clipper Windpower, Inc.• Christopher Flavin, President, Worldwatch Institute• John Geesman, Commissioner, California Energy Commission• C. Boyden Gray, Partner, Wilmer, Cutler & Pickering• F. Henry (Hank) Habicht, CEO, Global Environment and Technology Foundation and Principal, Capital E• Amory Lovins, Chief Executive Officer (Research), Rocky Mountain Institute• William McCalpin, Executive Vice President and COO, Rockefeller Brothers Fund• Robert C. (Bud) McFarlane, Chairman, Energy and Communication Solutions, Inc.• Dan Reicher, Managing Partner, New Energy Capital and former DOE Assistant Secretary for EE/RE• Jackson W. Robinson, President, Winslow Management, Inc.• William Sheehan, retired President, ABC News• Jefferson W. Tester, Meissner Professor of Chemical Engineering, MIT• Richard Truly, Director, National Renewable Research Laboratory (NREL)• Frank Tugwell, President, Winrock International• Carl Weinberg, Weinberg Associates and former Director of PG&E’s Renewable Energy Group• R. James Woolsey, Vice President, Booz Allen Hamilton Inc., and former Director of Central Intelligence

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Board of Directors and Counsel• BOARD OF DIRECTORS:

– Rob Pratt, Massachusetts RET (Chairman)– Roger Ballentine, Green Strategies– Howard Berke, Konarka Technologies– Linda Church Ciocci, NHA– Michael Eckhart, Solar International– Roger D. Feldman, Bingham McCutchen– Lisa Frantzis, Navigant Consulting– Bill Holmberg, Biomass Coordinating Council– Charles Linderman, Edison Electric Institute– Lew Milford, Clean Energy Group– Judy Siegel, Energy & Security Group– Michael Ware, Advance Capital Markets

• LEGAL COUNSEL:– John E. Mullen, Fredriksen & Byron– Mark Riedy, Pillsbury Winthrop

Chairman Rob Pratt

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ACORE MembershipA. Page & AssociatesAdvance Capital MarketsAdvanced Alternative Energy CorpAdvanced Service CorporationAirtricityAlliance to Save EnergyAmerican Bioenergy AssociationAmerican Planning AssociationAmerican Public Power AssociationAmerican Wind Energy AssociationAndrews Kurth LLPApollo AllianceArare VentureArizona Public ServiceAtlantic Biomass Conversion Inc.Austin EnergyBaker & McKenzieBeacon Power CorporationBGB HoldingsBingham McCutchin LLPBP SolarC2HMHillCalifornia Energy CommissionCanadian Association for Renewable Energies Capital ERutgers Center for Energy Economics &

Environmental Policy Chicago Climate ExchangeClark Communications LLCClean Edge, Inc.Clean Energy CommercializationClean Energy GroupClean Energy IncubatorCohen & Company, LLCColorado Springs UtilitiesCommon Wealth Green EnergyCSG Services, IncDavenport Finance CompanyDavis, Joseph & NegleyDay, Berry & Howard, LLPDel Mar Network GroupDistributed Energy Financial GroupDiversified Risk Insurance BrokersDTE EnergyDunev Capital LLCEastern Research Group

Edison Electric Institute (EEI)Emery Energy CompanyEnergy & Enviromental VenturesEnergy and Security GroupEnergy Financing, Inc.Energy Innovations Inc.Energy Strategy AssociatesEntrepreneurs for Energy Efficiency Envergy,

IncEnvironment 2004Environmental & Energy Study InstituteEPRIERG, LLCEvergreen Solar, Inc.Ewing Bemiss & CoFirestar EngineeringFirst Solar, LLCFredrikson & Byron, P.A.GE Wind EnergyGemstar Group, Inc.Gemstone GroupGlobal Energy Network InstituteGreen Strategies, Inc.Green Trading Inc.Hawaiian Electric Company, Inc.Homeland Energy Resources DevHonolulu Seawater Air Conditioning, IF, LLCImperial Irrigation DistrictIndependent Energy CorporationInnovest Strategic Value Advisors, Inc.Integrated Waste Services AssociatesInternational Center for Sustainable DevInterstate Renewable Energy CouncilJasper Energy LLCKonarka Technologies, Inc.Liberty EnergyMainstay EnergyMarathon CapitalMarket Street Energy Company, LLCMarshall Street ManagementMassachusetts Technology CollaborativeMcKenzie Bay International Ltd.Mesa Environmental Sciences, IncMidwest Research InstituteMorgan Lewis & Bockins

Sandia National LaboratoriesSea Breeze Power Corp.SmartPower ConnecticutSolar Electric Power AssociationSolar Energy Industries AssociationSolar Energy Research and Education FoundationSolar Household Energy Inc.Solar Integrated TechnologiesSolar International Management, Inc.Solar Outdoor Lighting Inc. (SOL)Southern California Public Power AuthoritySouthwest WindpowerSpheral Solar Power Inc.Stoel Rives LLPSustainable Energy FundSustainable Profitability GroupTaylor Recycling Facility LLCTechnology Transition CorporationTennessee Valley Infrastructure Group (TVIG)Texas Renewable Energy Industries AssociationThompson Hine LLPTikkun, LLCU.S. DOEU.S. EPAU.S. Renewables Group UPC Wind Management, LLCUPC Wind Partners LLCVerdant PowerVerde Investment Group LLCVirent Energy Systems, IncWater Smart Environmental, IncWe EnergiesWeinberg AssociatesWestern Area Power AdministrationWestern GeoPower CorpYellowstone Capital, Inc.3 Tier Environmental Forecast Group Inc.

Morgan Lewis & BockinsMorse Associates, Inc.National Grid USANational Hydropower AssociationNatus Technologies CorporationNavigant Consulting, Inc.New Alternatives Fund Inc.New Jersey Economic Development AuthorityNew Uses CouncilNMH Executive Search LimitedNRECANth PowerOak Ridge National LaboratoryOcean Renewable Power CompanyOttosolar-AfavisP/V EnterprisesPacific Capital Resources, LLCPazza Verde VenturesPA Department of Environmental ProtectionPennWell CommunicationsPerseus LLCPhiladelphia Gear CompanyPioneer Financial GroupPower Equiptment AssociatesPower Generating Inc.Price Companies, ThePrinceton Energy Resources InternationalPrometheus Institute for Sustainable DevPuerto Rico Electric Power AuthorityR.W. BeckRenewable Energy Development InstituteRenewable Power FundRenewableEnergyAccess.comRockefeller Brothers FundRWE Schott SolarSacramento Municipal Utility DistrictSalt River ProjectSan Diego Regional Energy Office

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ACORE’s Trade Show“Power-Gen Renewable Energy”

Produced with Pennwell CommunicationsMarch 1-3, 2004 in Las Vegas

Opening Session

Exhibit Hall

Dan Reicher

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ACORE’s Finance Conference“Renewable Energy Finance Forum – Wall Street”

Produced with Euromoney Institutional InvestorJune 23-24, 2004 at the Metropolitan Club in New York City

Reception New York energy policy leaders

Gov. Bill Richardson, New Mexico

Main Conference

Hermann Scheer, Germany

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ACORE’s Policy Conference“Renewable Energy in America – the Call for Phase II”

Produced with EESI and the Senate and House RE CaucusesDecember 6-7, 2004, Cannon Caucus Room, Washington, DC

Steve Zwolinski,President, GE Wind Energy

Senator WayneAllard (R-CO)

Adm. Richard Truly receiving ACORE LeadershipAward from Rep. Mark Udall (D-CO)

ACORE Chairman Rob Pratt

National Security Panel Bill Holmberg, Adm. Dennis McGinn USN (Ret.), Jim Woolsey, Bud McFarlane, and Frank Gaffney

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Rural Electrification

India

1.7 Billion people lack access to electricity. All can be reached by PV.“The path from poverty begins with the first kilowatt-hour”

South Africa

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Hybrid Finance Structure for Solar Financing- Combining Public and Private Sector Interests -

Foundations:• Seed funding• Equity / sub-debt• Guarantees

End Users• Long term financing• Low interest rate• Convenient access

Institutional and Individual Investors• Sources of debt funds• SolarBank Bonds / Notes• 1-3% rate of return• Plus, social credits

SolarBank FundHybrid

Profit / Nonprofit“Fannie Mae of Solar”

Retail lenders / lessors:• Volume• Returns

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SolarBank and the Millennium Development Goals

Millennium Development Goals Role for Solar PV?

1. Eradicate extreme poverty and hunger Income

2. Achieve universal primary education Lighting

3. Promote gender equality and empower women Lighting

4. Reduce child mortality Clean water

5. Improve maternal health Indoor pollution

6. Combat HIV/AIDS, malaria, and other diseases Refrigeration

7. Ensure environmental sustainability Electricity

8. Develop a global partnership for development SolarBank

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Constituency for Success