Geronimo Landowner Makes Headlines 2

Geronimo Board Member Spotlight 3

Employee Spotlight 4

New Geronimo Energy Website 4

June 2015The Gazette

Published By Geronimo Energy

In this issue:

The Investors and Projects

BHE Renewables

BHE Renewables, a subsidiary of Berkshire Hatha-way Energy, recently acquired three Geronimo En-ergy developments: the Grande Prairie Wind Farm, the Walnut Ridge Wind Farm and a portfolio of Min-nesota solar project developments.

The Walnut Ridge Wind Farm is a wind farm devel-opment in Bureau County, Illinois with approximately 14,500 acres and up to 225 megawatts (MW) in the to-tal projected footprint. In October, 2014, the General Services Administration of the United States Federal Government entered into a Power Purchase Agree-ment (PPA) for 140 MW of Walnut Ridge’s 225 MW capacity. The 225 MW project is estimated to produce approximately 865 gigawatt hours of electricity annu-ally, eliminating an estimated 600,000 metric tons of carbon dioxide equivalent emissions each year.

The Grande Prairie Wind Farm is a wind farm devel-opment in Holt County, Nebraska with over 50,000 acres and 400 MW in the total projected footprint. In October, 2013, Omaha Public Power District en-tered into a PPA for the entire 400 MW of Grande Prairie. The PPA is estimated to produce over 1,550 gigawatt hours of electricity annually, eliminating an estimated 1 million metric tons of carbon dioxide equivalent emissions each year.

BHE also acquired a portfolio of seven solar develop-ments throughout the state of Minnesota. Construc-tion of the Solar Portfolio is anticipated to occur in 2016 and is being marketed towards Xcel Energy’s Solar Rewards Community Program. Current sub-

The first few months of 2015 have been an exciting time for Geronimo Energy. Since January, Geronimo has sold four renewable energy projects to distinguished energy investors and is close to finalizing the sale of a fifth project. Each investor will construct, own and operate their acquired Geronimo projects. Geronimo and our investors, as well as landowners and subscribers, are eager for these developments to start construction, which is estimated to occur in 2015 - 2016. Each project will bring substantial economic impact to the local host area, including increased tax revenue, job creation and charitable contributions.

Geronimo Energy Secures Financing forMultiple Wind and Solar Projects

scribers to the Solar Portfolio include individuals, non-profits and corporations.

Sempra U.S. Gas & Power

Geronimo is pleased to announce that Sempra U.S. Gas & Power, a subsidiary of Sempra Energy, has ac-quired the Black Oak Getty Wind Farm in Stearns County, MN. Black Oak Getty Wind Farm has ap-proximately 12,000 acres and up to 78 MW in the total projected footprint. In September, 2013, Min-nesota Municipal Power Agency (MMPA) entered into a long-term PPA for 100% of Black Oak Getty Wind Farm’s output. Black Oak Getty is estimated to produce approximately 300 gigawatt hours of elec-tricity annually, eliminating an estimated 207,451 metric tons of carbon dioxide equivalent emissions each year.

Xcel Energy

On April 30, 2015, Xcel Energy announced that it was seeking regulatory approval from the Minne-sota Public Utilities Commission (MN PUC) and the North Dakota Public Services Commission (ND PSC) to construct, own and operate the Courtenay Wind Farm in Stutsman County, North Dakota. Courtenay is a 200 MW wind farm development with an esti-mated 25,000 acres in its footprint. In 2013, Xcel Energy agreed to purchase the power generated by Courtenay as part of a 750 MW wind power addi-tion to Xcel’s service area. The 200 MW project is estimated to produce approximately 750 gigawatt hours of electricity annually, eliminating an estimat-ed 515,000 metric tons of carbon dioxide equivalent emissions each year.

Geronimo and our investors, as well as landowners and subscribers, are eager for these developments to start construction, which is estimated to occur in 2015 - 2016.

Page 2 The Gazettegeronimoenergy.com

Dear Governor,

Congratulations as you begin your new journey! As a third generation farmer/rancher in Holt County I was very happy to hear that your top priority will be property tax relief. The bad news is many before you have tried and failed. By and large we are already a pretty frugal state, so it may be difficult to find enough fat to trim to make a meaning-ful difference in the tax base. Without adding new sources of tax revenue to draw from, any efforts for real tax relief become tax shifts, and no one wins.

The good news is I believe we have found an answer right here in Holt County. I’m chairman of the Grand Prairie Landowners Group, and for the past seven years we have been working with our wind energy develop-

Grande Prairie Wind Farm Landowner Makes Headlines

lay for this single project. With lease payments, tax revenue, job creation and stimulated eco-nomic activity the overall impact of our project will be well over a billion dollars.

Thirty permanent jobs created.

That’s after construction, and these jobs will be well above Holt County’s average wage. That’s potentially 30 families brought in to our rural community helping us grow and prosper. During con-struction an estimated 400 work-ers will be here spending money. Our local business community is preparing for a banner year.

We’re building this project in the heart of some of the most pro-ductive agricultural land in the state with very little disruption to our agricultural capacity. If we can do it here it can be done any-

When completed the Grand Prairie Wind Energy Project will be the largest wind project in the state, and along with that it will bring some staggering economic numbers.

- Mike Zakrzewski

On January 9, 2015, Mike Zakrzewski, a Grande Prairie Wind Farm landowner (a Geronimo Energy development in Holt County, Nebraska), wrote an open letter to Nebraska’s Governor about the benefits Grand Prairie Wind Farm would bring to the state of Nebraska. This letter was published in the Journal Star newspaper. Here, we share part of his letter with you:

ment company to bring a 400 megawatt wind farm to our area. It’s been a long road traveled but we will be proceeding with con-struction this year. When com-pleted the Grand Prairie Wind Energy Project will be the largest wind project in the state, and along with that it will bring some staggering economic numbers:

$2.5 million of annual property tax revenue.

That number seems almost un-believable, but it’s true. To put that in perspective it’s roughly the equivalent of adding 420 ir-rigated quarters (about 67,000 irrigated acres) to the tax base. Compared to pastureland, it’s roughly the equivalent of adding 260,000 acres to the base.

$600 million dollars.

That’s the estimated capital out-

where. I’m very proud of what we’ve accomplished and I would love to visit with you about the opportunities that wind energy can offer our state’s economy and tax base.

Mark Twain once said “Everyone complains about the weather but nobody ever does anything about it.” Similarly, throughout my thirty-some years of farm-ing here in Nebraska everyone has complained about runaway property taxes and no one has found a solution. I truly believe this may be our answer, and I sin-cerely hope that eight years from now your gubernatorial legacy will be “The man who tamed property tax.” I eagerly await hearing from you so we can roll up our sleeves and get to work to make this a reality.

-Mike Zakrzewski

geronimoenergy.comPage 3 The Gazette

When we speak about our “deep roots in agriculture”, we aren’t re-ferring to a shiny marketing motto. We are speaking to our true begin-nings and the heart of our mission – and that seed was planted by Geronimo Energy’s founder and Chairman, Mr. Noel P. Rahn.

Noel grew up farming in south-west Minnesota in the small community of Mountain Lake. He is a 3rd generation soy bean and corn farmer, and he and his family still actively farm today. Although Noel blazed a success-ful career for himself in investing (a path that lead him to work for, and ultimately lead, some of the foremost financial and investing institutions in the United States), he has always been, and will al-ways remain, a farmer at heart.

Investment Expertise

In 1962, Noel began his invest-ment career at Paine Webber Jackson & Curtis as a Registered Representative. He later became the Sales Manager for the Min-neapolis office, then the National Training Director, and finally was promoted to the position of Na-tional Sales Manager in New York. In 1974, Noel left Paine Webber to pursue opportunities available in the asset manage-ment industry and joined Invest-ment Advisers, Inc. (IAI) as its CEO. At the time of Noel’s move to IAI, IAI was an asset manage-ment firm with 13 employees and $50 million under manage-ment. In the 25 years that Noel led IAI, the firm grew to employ

Where the Geronimo Story and Mission Began

Noel P. RahnFounder and Chairman

240 people and to manage over $16 billion in assets.

In 1998, Noel retired from IAI to form his family investment office, The Rahn Group, which invests across several asset classes in-cluding venture capital, private equity, hedge funds, real estate and public equity.

Planting the Seeds

In 2003, Noel and his family were approached to be part of a wind farm development on their land. This led Noel to educate himself about the wind energy industry. As a successful investor aided by his ability to see long-term trends, he saw an opportunity in wind energy to help reignite eco-nomic growth in rural America. Noel decided to pass on the offer from the wind energy company, and instead, to develop a wind farm himself. The Odin Wind Farm was the first project devel-oped by The Rahn Group. Odin was built in 2008 after entering into a Power Purchase Agree-ment (PPA) from Missouri River Energy Services and receiving financing from Edison Mission Group, now part of NRG.

Following Odin’s success, The Rahn Group developed its sec-ond wind farm, the Marshall Wind Farm.

In 2012, the 200 megawatt (MW) Prairie Rose Wind Farm, located in Pipestone County, Minnesota, became the company’s (now re-branded Geronimo Wind Energy) third operational wind farm. Enel

Green Power acquired the proj-ect and operates it today.

Nurturing Growth

Directed by Noel, our company has accelerated in growth over the last five years. In 2013, GWE was rebranded as Geronimo Energy in order to encompass the company’s growth into the broader renewable energy indus-try. That same year, Geronimo En-ergy developed its first solar proj-ects, including the multi-store Slumberland Furniture rooftop installation and the international-ly recognized Aurora Utility-Scale Distributed Solar Generation Project. Since 2012, Geronimo has been awarded over 1,000 megawatts of contracts for both wind and solar projects through-out the United States.

Noel’s fifty years of expertise in the investment world, com-bined with a dozen years lead-ing Geronimo and a lifetime as a rural American farmer, have laid the groundwork for - and will continue to steer - Geronimo’s success. As the strategic paceset-ter for the company, Noel always puts farmers and landowners first - a heartfelt business prac-tice that is embodied by each Geronimo Energy employee.

We are farmer-friendly. Our roots in agriculture run deep, begin-ning with our leadership and liv-ing through our mission. We be-lieve that our shared reverence for agriculture is what defines our success, and we are proud to stand with America’s farmers.

Geronimo is farmer-friendly. We admire, respect and know first-hand the determination, courage and grit of the American farmer.

As the strategic pacesetter for the company, Noel always puts farmers and landowners first - a heartfelt business practice that is embodied by each Geronimo Energy employee.

Board Member Spotlight

Page 4 The Gazette

7650 Edinborough WaySuite 725

Edina, MN 55435

New website! Employee Spotlight: Betsy Engelking cently, Betsy developed the regu-latory strategy for Geronimo’s Aurora Distributed Solar Project and provided expert testimony in the Public Utilities Commission process. She also collaborated with a number of legislators and advocates to achieve passage of the 2013 Minnesota Solar Energy legislation.

Betsy resides in St. Paul, Minne-sota with her husband, Jim. She is the proud mother of Steve, Katie and Ben. In her spare time, Betys enjoys spending time at the family cabin in northern Minnesota. Betsy holds a MBA in finance and economics from the Carlson School of Management at the University of Minnesota.

Betsy Engelking joined Geroni-mo Energy as Vice President in January 2012 and currently leads Geronimo’s policy efforts. Previ-ously, Betsy was Director of Re-source Planning for Xcel Energy, where she developed and imple-mented long-range power supply plans, including compliance with Xcel’s wide-ranging renewable energy requirements. She has also held positions with Great River Energy and the Minnesota Public Utilities Commission.

With more than 25 years of ex-perience in the energy industry, Betsy’s expertise in energy poli-cy, renewable energy, resource planning, utility rates and regu-lation, and energy markets is invaluable to Geronimo. Most re-

Betsy Engelking Vice President

Education: MBA Finance and EconomicsCarlson School of ManagementUniversity of Minnesota

Geronimo Energy recently launched a brand new website! Check it out - and let us know what you think: www.geronimoenergy.com. And while you’re browsing, head on over to our Twitter page @GeronimoEnergy, our LinkedIn profile and our YouTube channel to keep up to date on the latest news and information on Geronimo, our projects and the renewable energy industry.