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Grupo NaturEner and NaturEner North AmericaSeptember 30th, 2008
Presentation to:
• Grupo NaturEner Overview
• NaturEner Spain
• NaturEner North America
An experienced renewable energy company
2PROPIETARY & CONFIDENTIAL
Grupo NaturEner S.A. was founded in 1988 with the mandate to focus on renewable energy generation Owns and operates 14 mini-hydroelectric plants in Spain with an
aggregate installed capacity of 55 MW
Three solar photovoltaic projects in Spain representing nearly 30 MW of installed capacity and $310 mm of capital investments, commissioned in June 2008
Close to 100 MW of new solar photovoltaic projects of secured pipeline in Spain
250 MW of new thermo solar projects of secured pipeline in Spain
Developing over 1,800 MW of wind energy in North America
Experienced management team Power project development
Corporate & project finance
Wind plant design
Renewable energy operations
Wind engineering & forecasting
The Company is based in Madrid with offices in San Francisco and Calgary
Two decades of experience in renewable energies
3PROPIETARY & CONFIDENTIAL
An experienced renewable energy company
• Grupo NaturEner Overview
• NaturEner Spain
• NaturEner USA
• NaturEner Canada
4PROPIETARY & CONFIDENTIAL
55 mw of mini-hydroelectric plants in operation
1
La Coruña
• Operating• Developing
23
4
5
67
8
9 10
11
12
1314
15
16
León
Cáceres
Badajoz
SegoviaSoria
Guadalajara
Cuenca
Albacete
Project Location River Capacity (MW)Annual
production (GWh)
# GroupsOperating
sinceEnd of
contracts
End of haghly
profitable tariffs
Royal Decree effective
Currently operating plants
1. Fecha La Coruña Tambre 2.2 9.7 1 1992 2026 2017 436/2004
2. Allones La Coruña Anllóns 0.5 1.7 2 1990/1999 2023 2015 661/2007
3. Corcoesto La Coruña Anllóns 1.2 3.0 2 1992/2001 2024 2017 436/2004
4. Villar del Rey Badajoz Zapatón 1.6 2.8 2 1991 2021 2016 436/2004
5. Peña Corada León Esla 5.0 15.0 2 1992 2034 2017 436/2004
6. La Confianza Segovia Eresma 0.6 1.3 2 1993 2063 2018 661/2007
7. Canal de Almazán Soria Duero 1.6 5.4 2 2000 2030 2025 436/2004
8. J erte Cáceres J erte 5.4 10.2 4 2002 2043 2027 436/2004
9. Alange Badajoz Matachel 9.0 7.7 2 1992 2025 2017 436/2004
10. Quebradas Albacete Mundo 2.3 11.0 1 1992 2018 2017 436/2004
11. Vicarías Albacete Mundo 1.5 7.9 1 1998 2023 2023 436/2004
12. Tedelche Albacete Mundo 2.3 11.1 1 1998 2023 2023 436/2004
13. Porma León Porma 18.6 38.0 3 2004 2054 2029 436/2004
14. Ferreras León Curueño transfer 2.4 3.5 1 2004 2054 2029 436/2004
Total 14 plants 54.2 128.3 26
Under development
15. Beleña Guadalajara Sorbe 2.9 9.4 2
16. Belmontejo Cuenca Tajo-Segura transfer 14.0 50.0 2
Total 2 plants 16.9 59.4 4
Total 16 plants 71.1 187.7 30
(*)
(*)
(**)
5PROPIETARY & CONFIDENTIAL
30 mw of new solar PV recently commissionedProject Overview
Three new solar PV facilities commissioned in June 2008 Aggregate installed nameplate capacity of nearly 30 mw Total investment of €210 mm Turnkey EPC contract with SunPower
Tinajeros Facility Site: Albacete Nominal Power: 10 mw Peak Power: 11.9 mw
Guadalta Facility Site: Ciudad Real Nominal Power: 7.5 mw Peak Power: 8.9 mw
Solargen Facility Site: Albacete Nominal Power: 7 mw Peak Power: 8.3 mw
Tinajeros: 10 mw
Picture April 2008
6PROPIETARY & CONFIDENTIAL
New solar PV. Secured pipeline
Photovoltaic yards LocationCapacity (MWn)
Ownership Type of project
Under developmentAlange Badajoz 9.1 100% Repowering hydro plantsLlerena Badajoz 10.0 100% Repowering hydro plantsQuebradas, Tedelche & Vicarías Albacete 6.1 100% Repowering hydro plantsVillar del Rey Badajoz 1.6 100% Repowering hydro plantsCasas de Don Pedro II Badajoz 10.0 85% Repowering solar projectDehesa Boyal Badajoz 8.0 85% Repowering solar projectTinajeros II Albacete 10.0 100% Repowering solar projectManzanares II Albacete 2.5 75% Repowering solar projectEl Angosto Gran Canaria 5.0 80% Green-fieldCigüaña Tenerife 3.3 70% Green-fieldEl Monte Tenerife 15.0 70% Green-fieldTotal 11 projects 80.6
Badajoz
• Under construction1. Tinajeros2. Guadalta3. Solargen
1. Alange2. Llerena3. Quebradas, T & V4. Villar del Rey5. Casas de Don Pedro II6. Dehesa Boyal7. Tinajeros II8. Manzanares II9. El Angosto10. Cigüaña11. El Monte
• Secured Pipeline 12
345
678 1011
1213
14
Ciudad Real
Albacete
Tenerife
Gran Canaria
Canary Islands
9
7PROPIETARY & CONFIDENTIAL
New Thermo solar
Badajoz
• Under development1. Casas de Don
Pedro2. San Miguel de
Abona3. Alburquerque4. Cinco Casas5. Manzanares
1. Romica I2. Romica II3. Alange4. Barcarrota5. Plasencia6. Agüimes
• Prospects
5
10
2
1
11
3
8
Ciudad Real
Albacete
Tenerife
Gran Canaria
Canary Islands
46, 7
9
Cáceres
s Casas de Don Pedro, Badajoz (50 MW). Start of construction is due in 2010.
San Miguel de Abona, Tenerife (50 MW). Start of construction is due in 2011.
Alburquerque, Badajoz (50 MW). Start of construction is due in 2011.
Cinco Casas, Ciudad Real (50 MW). Start of construction is due in 2011.
Manzanares, Ciudad Real (50 MW). Start of construction is due in 2011.
Secured Pipeline Projects under development
NaturEner is also analysing other solar thermal projects: Romica I (50 MW) and Romica II (50 MW), Albacete; Alange (50 MW) and Barcarrota(50 MW), Badajoz; Plasencia (50 MW), Cáceres; Agüimes (50 MW), Gran Canaria.
8PROPIETARY & CONFIDENTIAL
An experienced renewable energy company
• Grupo NaturEner Overview
• NaturEner Spain
• NaturEner North America
9PROPIETARY & CONFIDENTIAL
Redeploying capital to growth markets
In 2006, the Company made the strategic decision to enter the North American wind energy market
Raised capital via the disposal of wind power assets under development in Spain
Acquired three wind energy companies with a diversified portfolio of late-stage and early-stage development assets, as well as a single Project in USA
Great Plains, November 2006, USA
Energy Logics, November 2006, Canada
West Windeau, August 2007, Canada
Meadow Lark Project, February 2008, USA
To date, Grupo NaturEner has committed more than $600 mm of capital to the operations in North America
10PROPIETARY & CONFIDENTIAL
Approx. 1800 MW of wind projects under development in N. America
Montana: 700 MW
Nebraska: 100 MW
Alberta: 1000 MW
Evaluating further opportunities throughout Canada and the US
Successfully secured wind turbines in a tight supply market
110 MW of wind turbines for delivery in 2008
380 MW of turbines for delivery in 2009 and first two quarters in 2010
Currently negotiating supply of wind turbines for delivery in 2010 and 2011
Securing advantageous transmission queue positions
300 mw of northbound transmission rights in future Montana-Alberta intertie
100 mw of capacity reserved with AESO in Canada
>400 mw of new transmission capacity in Southeast Alberta, Canada (East Palliser Transmission line)
Building sustainable competitive advantages
11PROPIETARY & CONFIDENTIAL
U.S. Headquarters:
San Francisco, CA
Strategically located assets
Wind energy development assets 12PROPIETARY & CONFIDENTIAL
Canada Headquarters:
Calgary, AB
Glacier Wind Energy projects
Project Overview
Location: Glacier and Toole counties, Montana
Project sponsor: Naturener USA, LLC Planned nameplate rating: 210 mw (200
mw net) Phase I: 106.5 mw Phase II: 103.5 mw
Expected annual production: approx. 625 gwh
Wind turbine technology: Acciona AW 77/1500 Class II
Total # turbines: 140 Balance of Plant contractor: M.A.
Mortenson Interconnection Phase I: NorthWestern Energy grid Phase II: Glacier Electric Cooperative grid
Offtake: Green for brown swap with SDG&E Fix for float swap with MSCG Financial hedge with MSCH
Spinning reserves from Grant PUD (firm product)
NaturEner’s own Certificated Balancing Authority
Start construction: March 2008 In-service date: November 2008
Interconnection
Note: See last section for further information on Glacier Wind Energy projects.
13PROPIETARY & CONFIDENTIAL
Glacier will be the first Wind only Balancing Authority in N. America
By firming our energy production we are able to achieve much higher pricing for our off take agreements
Our establishing this Balancing Authority is contrary to the argument that incorporating wind into the grid is an overwhelming problem
Reserves have been contracted for through two hydro PUDs in Washington state
Balancing Services have been contracted through a third party
Due to the enhanced quality of our product, we are able to actively participate in the hourly markets within the region
Glacier is a clear example of the kind of unique solutions NaturEner is prepared to bring to the marketplace to ensure the successful development of wind regimes that have proven too costly or difficult to develop in the past
Building sustainable competitive advantages
14PROPIETARY & CONFIDENTIAL
Project Overview Interconnection
Location: Approx. 25 miles north of Shelby, Montana
Project sponsor: Naturener USA, LLC Planned nameplate rating: 300 mw Expected annual production: approx.
950 gwh Wind turbine technology: Acciona AW
77/1500 Class II Total # turbines: 200 Balance of Plant contractor: M.A.
Mortenson Interconnection: Montana-Alberta
intertie at substation located on project footprint
Offtaker: tbd Start construction: Q2 2009 In-service date: Q4 2009
Rim Rock Wind Energy projects
15PROPIETARY & CONFIDENTIAL
NaturEner controls 100% of the MATL northbound capacity
Total capacity: 300 MW Tenor: 30 years Potential to control a large portion of
southbound capacity
Montana Alberta Tie Line (MATL)NaturEner’s Interest Map
Proposed transmission line
Transmission intertie between Montana and Alberta
Approx. 215 miles (346 km) long High voltage line: 230 kv (stepped up to 240
kv at Lethbridge to match Alberta’s transmission voltage)
Total transmission capacity of 300 MW bi-directional
Conductor: Falcon 1590 kcmil acsr A total of approx. 1,700 structures In-service date: Q4 2009 Total investment cost: $140 mm
Project Overview
16PROPIETARY & CONFIDENTIAL
Through its acquisition of this capacity NaturEner has:
Given a strong foundation of support to a unique merchant international transmission line
Gained access to a strong, liquid hourly market for electricity
Retained unconstrained access to a transmission corridor that alleviates our need to compete for transmission on an hourly basis
Secured a very valuable asset for optimization opportunities
NaturEnenr’s position on MATL is a key component of our ability to execute our plan for strong regional development and growth and plays a vital role in bringing a strong portfolio of optionality to the company
Building sustainable competitive advantages
17PROPIETARY & CONFIDENTIAL
Project Overview Map
Location: Approx. 12 km SW of Bow Island Project sponsor: Naturener Energy Canada,
Inc. Planned nameplate rating: 90 mw Phase I: 9 mw Phase II: 81 mw
Expected annual production: approx. 290 gwh
Wind turbine technology: Acciona AW 77/1500 Class II
Balance of Plant contractor: Graham Interconnection Phase I: Fortis 25 kv distribution approved Phase II: Fortis 132 kv distribution approved
Offtaker: tbd Start construction / In-service date Phase I: Q3 2008 / Q1 2009 Phase II: Q3 2009 / Q2 2010
Approvals received and outstanding Provincial requirements completed for Phase I Phase I: CRCE-registered; no Federal Environmental
Assessment required Phase II: ecoEnergy-registered; Federal
Environmental Assessment undertaken Energy & Utilities Board Permit granted for Phase I;
to be submitted Spring 2009 for Phase II Warner County # 5 Land Use Amendment for a Wind
Energy Facility and County of Forty Mile Development permits granted
Transport Canada Lighting approved for Phase I
Praire Home projects
18PROPIETARY & CONFIDENTIAL
Prairie Home is representative of:
The company’s commitment to find solutions to problems currently facing the market
Though this area of the province is relatively constrained for transmission, through detailed analysis of the grid we were able to identify unutilized capacity available through the distribution system
Our development team was able to accelerate the planned completion date for this project and maintain a number of key permits
Our ability to bring Prairie Home online on time was predicated on employing advanced market analytical strategies that helped us indentify and act on unique regional opportunities
Building sustainable competitive advantages
19PROPIETARY & CONFIDENTIAL
Location: Approx. 45 km southeast of Medicine Hat and 20 km south of Irvine
Project sponsor: Naturener Energy Canada, Inc.
Planned nameplate rating: 200 mw Expected annual production: approx. 690
gwh Project area study: Approx. 8,400 acres of
private agricultural land Wind turbine technology: 2.5 mw or 3 mw
units Total # turbines: 67 to 87 Balance of Plant contractor: tbd Interconnection: tbd Offtaker: tbd Start construction: 2011 In-service date: 2011 Approvals received and outstanding Federal Environmental Assessment completed Energy and Utilities Permit and License filed in
December 2007 Other permitting: ongoing
Wild Rose 1Project Overview Map
20PROPIETARY & CONFIDENTIAL
Wild Rose 2Project Overview Map
Location: Approx. 28 km south of Medicine Hat
Project sponsor: Naturener Energy Canada, Inc.
Planned nameplate rating: 200 mw Expected annual production: approx. 685
gwh Project area study: Approx. 10,560 acres of
private agricultural land Wind turbine technology: 2.5 mw or 3 mw
units Total # turbines: 67 to 87 Balance of Plant contractor: tbd Interconnection: tbd Offtaker: tbd Start construction: 2011 In-service date: 2011 Approvals received and outstanding Federal Environmental Assessment started in
September 2007 Other permitting: ongoing
21PROPIETARY & CONFIDENTIAL
A direct assign transmission line from Wild Rose 1 and Wild Rose 2 to the 240 kv connection point at Empress Amoco
Debottleneck Alberta’s transmission constrained system
Southeast upgrade agreements with AESO and Altalink (October 31, 2007)
Design review completed November 2007 Transmission capacity: more than 1.000 mw Right-of-Way to be completed by Q2 2008 Environmental Assessment review to be
completed by Q2 2008 Select EPC contractor in Q2/Q3 2009 Start construction: Q4 2009 (subject to EUB
approval) Total investment cost: C$95-105 mm
East Palliser transmission lineProject Overview Map
22PROPIETARY & CONFIDENTIAL
The Wild Rose and East Palliser projects:
These projects will represent over $1.2 billion of investment
NaturEner determined the timeline for a proposed solution to the constraints in the southern AB transmission system were likely to take too long
Though outside our core mandate, we believed the development of this asset would provide us a unique market advantage
These projects will likely lead to the facilitation of further wind development in the area.
By undertaking the development of both generation and transmission assets NaturEner is able to gain even more insight into the intricacies of the markets that it participates in
Building sustainable competitive advantages
23PROPIETARY & CONFIDENTIAL
It is our belief that Renewables can play a very comprehensive role in the evolving energy markets of N. America
By employing unique new strategies, many areas that have remained undeveloped can now enter onto the stage
Renewables will have a strong role to play in not only competing with the fossil economy but also in becoming a driver for market development and evolution in an attempt to realize the full benefits of a more diverse supply portfolio
In Summary
24PROPIETARY & CONFIDENTIAL
Glacier Wind farm (Montana)
25PROPIETARY & CONFIDENTIAL
Last turbine in first face (unit 71) installed in August 2008