Solar Project Overview

West Africa Energy Corporation

West Africa EnergyCorporation1. Senegal Solar Project OverViewWest Africa Energy Corporation, proposes to design, engineer, build and maintain an initial first in class 100 Megawatt solar energy project on Senegal, as its initial large scale solar farm installation in Senegal.

2.0 Derivation

The Solar Senegal Project has been derived from the following:

A strong partnership with Canada’s premier solar developer – Solar Bancorp Inc. Solar Bancorp Inc. holds an equity interest in West Africa Energy Corporation Programme management – global component partners in all facets of the design,

engineer, finance, and build to be supplied by the project, such as ET Solar, TalesunSolar, LDK Solar and SPI Solar, all corporations worth hundreds of millions of dollars

Corporate strategy and standards to be best in class in the African countries, andbeyond

Project Mandate is to be a Senegal corporation, best in class workmanship, drawingon all of its global partners in solar industry, to set standards for years to come

New industry training and certification for new employees will be mandatory New jobs and new long term careers Lessons Log to be initiated and educational updates to be on an annual basis West Africa Energy College will be developed in conjunction with domestic and

regional industry development Strong partnership with global leaders in solar equipment manufacturing; including:

Euro Funds, NB Solar, HHV Solar, Canadian Solar, Solar Bancorp Inc., and YingliSolar

2. Senegal Solar Project Quality Criteria Diesel electrical generation has been an uncontrollable utility environment to forward

plan and execute an energy policy for African states such as Senegal In order to attract business owners to Senegal, it is imperative to offer an energy

environment that is not held random to the wild swings within the fuel commoditybusinesses

Family residents and business owners require the security of constant anddependable energy quality and costs

Oil and diesel is imported to Senegal The solution to this energy challenge is found in the Senegal sun, where the average

sunlight per day can reach as high as 13.5 hours West Africa Energy Corporation has strong global industry partners, through its

association with Solar Bancorp Inc., and other industry leaders The Senegal Solar Project has a wide range of solutions at its disposal, as a result of

the advancements within the solar industry The Project will have the advantage of ‘best in class’ efficiency panel and inverter

equipment, as a result of the recent innovations experienced by the industry Choosing from our leading global panel manufacturing partners, the highest quality

West Africa Energy Corporation | Confidential


criteria Project approach has been selected which maximizes the chance ofachieving overall success for the Project

The Senegal Solar Project objectives include: new jobs for Senegal, state of the arttechnology utilization, African renewable energy leadership and demand, constant andcontrollable energy costs for residents and business owners in Senegal, and thepromotion of clean, renewable energy from the sun

Our approach to our business is specific, measurable, achievable, realistic, on trend,and responsible to the goals established to create excellence

3. Tailoring to UniqueAs a result of the frequent high winds in the Senegal region, it is mandatory to establish an engineering high bar of excellence in order to maintain and surpass structural integrity. We will tailor the mounting structure to withstand the highest winds ever recorded in this region. Modern structural applications will set standards for future solar installations on the African continent, where the Senegal Project will be referred as the high bar standard from all to defer.

The purpose of West Africa Energy Corporation is to initiate, through best in class engineering and design, the strongest, most efficient solar array yet established in the African community. The Senegal Solar Project will be the standard from which all solar projects will emulate.

First in Class Technology for Senegal

4.



Senegal Solar Project Scope

Background:

Through the initiative of Mr. Leif Stahl, of Dakar, Senegal, the current energy needs of Senegal to require a strong component of renewable energy sources was introduced. Through a business relationship with Mr. Ross John Beatty, Chairman of the Solar Bancorp Inc Group of Companies, this group have incorporated West Africa Energy Corporation with other investors.

Project Objectives

The objective of the Senegal Solar Project is to fund, design, and engineer and installs an initial 100 Megawatt ‘best in class’ solar array. This project will set standards of excellence, as well as create numerous new job opportunities for Senegal citizens. This represents approximately $30,000,000 investment in labour, solar panels, inverters, trackers, and electrical balance of systems.

New Jobs in Senegal

Desired Outcomes

New job creation / Green collar job training Energy cost controls / Renewable, nonfossil fuel energy generation Attract new businesses to Senegal / Attract new residents to Senegal Set global standards for innovative energy creation

Senegal Solar Project Scope and Exclusions

The scope of installation will initiate at 100 Megawatts. With its success, it is contemplated to install another 500 Megawatts in Senegal. Choice of location will be determined by consultation with the utility, in order to maintain the integrity of the transmission technology. Required land will be approximately 60 acres for 100 MW, located close to a transmission station.

Funding and Technology Partners

Through its strong relationships with the leading technology providers, West Africa Energy Corporation will invite a minimum of five senior manufacturers to bid on this project.

All current technology partners have expressed serious interest to win this contract, and all provide construction and development funding, as a part of their contribution.



Project Tolerances

Tolerance Amount

Time Six to eight months

Cost $250,000,000.00 USD

Risk Labour & Grid Availability

Benefit New job creation and renewableenergy for Senegal

Scope 100 Megawatts initially, expandingto 500 Megawatts

Quality Top of class standards, from bestmanufacturers

The Senegal Solar Project Technology Partners

Name

Partner

Interface

ETSolar

Group

Nanjing

Established in 2005, ET Solar Group isthe first Chinese company that engagedin EPC service.

Operating philosophy of leadingtechnology, highquality products andservices, to offer cost efficient turnkey



China

system solutions and services tospecialized PV investors.

ET Solar business is divided intomanufacturing and turnkey systemsolutions with annual sales of nearlyUS$ 1.1 billion in 2011. Very strongfinancial partners.

ET Solar Group has over 2500employees worldwide.

Production capacity of over 1 GW peryear.

NBSolar

NingboChina

Established in 1999

NbSolar’s greatest advantage is theirvertically integrated photovoltaicprocess.

They are able to assure superior qualityalong every step of production, frompolycrystalline silicon materials to ingot,then silicon wafers, through to solarcells and panels.

Using advanced solar powermanufacturing technology, they reducethe costs of producing solar cells.

This not only ensures low energyconsumption throughout the wholeproduction chain, but also achieveshigher quality, safety and steadyproduction.

Annual production of highest qualitypanels is currently 250 MW

YingliSolar

BaodingChina

Over 16,000 employees worldwide

More than 20 branch offices globallywith local expertise

Publicly listed on the New York StockExchange since 2007 (NYSE: YGE)

Over 3.6 GW of Yingli Solar modulesinstalled around the world

Recipient of numerous international



awards and certificates including SocialAccountability 8000 and ISOcertifications

Vertically integrated business modelcovers the entire PV value chain, frompolysilicon production to the assemblyof modules.

Currently, maintain a balanced verticallyintegrated production capacity of 1,700MW per year.

Capacity expansion projects of anadditional 750 MW in total are underconstruction in Baoding, Haikou, Tianjinand Hengshui, which are expected toincrease the Company's total nameplateproduction capacity to 2,450 MW by theend of 2012.

Financially very strong partnership

Canadian

Solar

WaterlooOntarioCanada

Canadian Solar Inc. (NASDAQ: CSIQ) is a top 5 Global Module Supplier

Leading vertically integrated provider of ingots, wafers, solar cells,solar modules, solar power systems and specialized solar products

Founded in Ontario, Canada in 2011

Operate across three continents,delivering solar modules to customersover 50 countries.

Seven whollyowned manufacturingsubsidiaries with a total combinedfacility space of over to 260,000 sqmand a module capacity of 2.05 GW.

Total revenue in 2011 was $1.9 billion,Shipments of 1323 MW in 2011.

SilikenSolar

RomeItaly

Siliken modules were awarded theNumber one test modules 20100 andNumber two test modules 2011.

Siliken modules were ranked 1st in20100 and 2nd in 2011 as the modulesshowing the best results for energyproduction when compared with morethan 47 modules of the competition.



Guaranteed performanceyear after year The implementation of linearguarantees on their modules at no additionalcost comes from the will to offer the best serviceto its customers and high knowledge of theirproducts.

More than 500MW installed worldwide. Makes Siliken arespected brand by consistently offering aquality product with proven performance.

Strongcommitment to R&D It enabled them tosignificantly reduce costs and improve thepermanent efficiency of their products. It alsoallows to improve the existing catalogue and todevelop new technologies.

Automation ofthe production process improves manufacturingstandards. Technology helps control the mostdifficult operations with extreme accuracy inorder to provide its customers with an extensiveguarantee on the products they manufacture.

HHVSolar

Bangalore

HHV Solar Technologies Pvt. Ltd,"(HHVST)" produces worldclass,technologically advanced siliconphotovoltaic (PV) modules and offerssolar technologybased solutions—tomeet the exacting demands ofcommercial and industrialestablishments around the world.



India Solar Industry Innovator and new

technology leader

HHVST's stateoftheart automatedmanufacturing centre is located atDabaspet, in Bangalore, India.

This facility has the capability toproduce both Crystalline and Thin FilmSilicon PV Modules, in compliance withIEC and UL standards for photovoltaicdesign and safety.

Products will meet a variety of small tohigh volume requirements, in a widerange of consumer goods and services,across both gridconnected and offgridapplications.

HHVST's ability to offer total solutionsincludes partnering with clients forsystem optimisation and customizeddesign options.

HHVST also provides handson trainingfor customers requiring turnkey andtechnologytransfer solutions in theseareas.

In its entry into the global solarphotovoltaic market, HHVST hasleveraged on the expertise andreputation of its parent company, HHV(Hind High Vacuum Company Pvt. Ltd),which is a global leader in VacuumScience & Photovoltaic Technology.

HHV Solar Milestones

2008 • Incorporation

2009 • cSi commercial Line 35 mw• Developed 300 W Modules• BIPV module up to 140 Wp developed

20100 • Certification for IEC, UL & CEC• Commercialization of amorphous silicon PVmodule.• Photovoltaic panels launched around the world



2011 • Manufactures finest 96 Cell 400 W Modules firsttime in India.

5. Senegal Solar Business CaseThis project is needed in order to control electrical energy charges for residents and business owners alike. In order to continue to attract new businesses to Senegal, a renewable energy project must begin. Rising energy costs are stifling continued industrial growth.

6. Project Product Description Only worldclass technology, high quality workmanship, and robust construction. We will choose modules that are trusted around the world for their performance,

quality, and reliability.

1. Monocrystalline

High efficiency modules are created from an innovative ntype cell technology Product family spans from 195 W to 300 W Module efficiencies of up to 16.5%

2. Multicrystalline



Highest quality modules Product family spans from 180 W to 300 W Module efficiencies of up to 15.4%

3. All products share the following benefits: Consistent high quality resulting from our verticallyintegrated production model Lengthy 25 year limited peak power warranty and 100 year limited product warranty Durable, corrosionresistant aluminium frame tested for pressure loads of up to 5,400

Pa Comprehensive product and facility certifications

4. Value Chain IntegrationThe solar manufacturing process is a five step process. The entire PV value chain, from polysilicon to module assembly involves taking the raw material of polysilicon, then forming it into ingots, then creating wafers, then solar cells and then our end product – modules. Fully automated production of ingots, wafers, solar cells and modules ensures tight control of material and production quality, while providing significant cost advantages to our projects.

7. Project ApproachThrough our strong industry relations, we have initiated discussions with the five industry leaders, in order to apprize them of this exciting project. Each of these five solar leaders is internationally recognized for their innovation, their financial strength, and their environmental compassion. We recognize that each of these five leading industry players would offer many



innovative and progressive solutions to the Senegal solar project.

Project Management Team Structure

A chart /table showing who will be involved with the project.

Role NamedIndividual(s)

RoleDescription

Executive –ManagingDirector

Ross JohnBeatty

ExecutiveOversight andDirection

BusinessAssurance

As assigned Interfacebetweenlabour,

engineering,political

Utility Senegal Utility As required,site selection,connection

UserAssurance

Senegal Utility Maximizeinterface

relationshipSenior

EquipmentSupplier(s)

Chosen fromTop FiveIndustryLeaders

Provide Bestin ClassEquipment

SupplierAssurance

As assigned Timelydelivery,insurance,warranties



ProjectManager

As Assigned Managementoversight anddirection

LocalRepresentatio

n

As assigned Interface withWest AfricaEnergy

CorporationTeam

Manager(s)As assigned Team

Managers forMountings,Panels,Inverters,Wiring and

GridConnection

ProjectSupport

As assigned Interface withTeam

Managers

8. Senegal Solar – Funding

This project’s funding program is broken down into two parts:

1. Initial construction, design, engineering, permitting, project management2. Final Engineering, Procurement of Equipment, Construction

Our technology equipment partners are also our funding partners, as they will provideconstruction and development finance. They are senior leaders in the solar industry, withcapital available in excess of hundreds of millions of dollars. We also work withinternational banks with indepth experience in funding large solar projects.



New Jobs for Senegal



DirectorsRoss John Beatty (Chairman, Director)Mr. Beatty has spent over 35 years in the public markets holding roles including officer, director and owner of numerous Canadian investment brokerage firms. As Managing Director at Midland Walwyn Inc., Canada's largest investment brokerage firm, Mr. Beatty managed 1,200 brokers with assets under administration of over $20 billion. Then, as majority owner of the IDA investment firm R.J. Beatty Financial Corp., Mr. Beatty created and built a Canadabased investment house, which eventually managed assets in excess of $1 billion.

Mr. Beatty is the Founder and Chairman of Solar Bancorp Inc., of Canada.

He has participated in over 400 Initial Public Offerings (IPOs), bringing extensive Canadian investment finance experience to the Company. He has been recognized by the Prime Minister of Canada as a recipient of a Federal Citation for his dedication to Canada. He has received the highly prestigious 'Citizen of the Year' award from his community. Mr. Beatty is the recipient of the Andrew Carnegie Scholarship Award for his community contributions and continued research into clean energy selfsufficiency. Mr. Beatty is a graduate of the University of Toronto, and resides in Toronto, Ontario.

Dr. Sudhanshu Varna, Ph.D. (Director)Dr. Varna is an internationally recognized advanced materials scientist with almost 30 years’ experience in the field of Photovoltaics. He has a PhD from the highly prestigious Indian Institute of Technology (IIT) at Kanpur, and has worked extensively in the processing of semiconductor materials, thin films and devices, including solar PV cells. Sudhanshu also has wide ranging experience in government, industry, and academia serving in a variety of research and business roles. He has senior management experience in the solar PV industry, having served as Head of Research and Development at TPK Solar Systems Ltd, and Chief Technology Officer at NewSun Technologies Ltd. Dr Varna resides in Ottawa, Canada.

Dr. Raye Thomas, Ph.D., P.Eng. (Industry Advisor)Dr. Thomas has more than 35 years professional engineering, academic, consulting, and management experience. He has a Ph.D. from the Imperial College of Science and Technology in London, and is also a Professional Engineer. Dr. Thomas’s expertise includes Photovoltaics, semiconductor processing, microelectronics, renewable energy, and manufacturing automation. He possesses a wealth of experience in international project development, international technology transfer, and knowledge of international development and environmental issues. Dr. Thomas’s wideranging depth of experience in the photovoltaic field represents a rare and uniquely valuable store of scientific, technical, and market knowledge in this fastgrowing industry. He has collaborated with Dr. Varma on PVrelated projects and initiatives for many years. Dr. Thomas resides in Ottawa, Canada.

Document Distribution



Name Organization Role

As Assigned Senegal President

Mr. Ross John Beatty West Africa EnergyCorporation

Chairman

Todd Gaudin CA West Africa EnergyCorporation

Director

Adrian Miles West Africa EnergyCorporation

Director

Joachim Baumgaertner MBA West Africa EnergyCorporation

Director

9. Power Purchase Agreement

The Senegal Solar Project will seek a 30year Power Purchase Agreement with the Senegal Utility, securing a fixed agreement for all aspects of the energy project.

Prepared By

Ross John BeattyRoss John Beatty, ChairmanWest Africa Energy [email protected]9984456 (Canada)


mailto:[email protected]

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Solar Project Overview