Rice Solar Energy Project

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Melina Shelton
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Rice Solar Energy Project Tom Georgis June 2012

2 Company Overview & Highlights Leading solar thermal technology lowest priced CSP, integrated energy storage Storage technology leads market designed for 10 to 15 hours of energy storage Technology and cost advancements expected to result in substantial cost reductions Flagship project in construction 110 MW Crescent Dunes Project in Tonopah, NV Project started construction in August 2011 with operations scheduled for late 2013 Full construction wrap from ACS Cobra covering technology and balance of plant Technology control under 20-year license (plus extension) with United Technologies Performance guarantees provided by UTC subsidiary Pratt & Whitney Rocketdyne Negotiating outright technology and IP purchase option Diversified into photovoltaic projects in early 2009 Substantial US portfolio of projects under 50/50 JV with GCL Solar Energy (China) International activities advancing 240MW (2 x 75MW + 88 MW) under award in South Africa International expansion advancing Experienced international team advancing international markets Europe, North & South Africa, Middle East, China, Australia, Latin America Copyright 2012 SolarReserve. All Rights Reserved. 1

SolarReserve s CSP Technology Copyright 2012

Rice Project Fact Sheet Key Parameters Gross turbine capacity Est.

with ACS Cobra Rice Solar Energy Project Site control Private land under purchase option Permitting Milestones CPUC approval of PPA Jul 2010 CEC AFC Final Decision issued Dec 2010 FAA

Water 30 miles north of Blythe, CA in eastern Riverside County 3,300 acres of previously disturbed private land, 200 acres BLM (gentie) 7.51 kw-h/m2/day LGIA under negotiation with WAPA.

4 Rice Project Fact Sheet Key Parameters Gross turbine capacity Est. annual output Thermal storage PPA EPC 170 MW 500 GWh 8 hours 25-year fixed-price energy with Pacific Gas & Electric (PG&E), 150MW net delivered energy Lump-sum, turnkey contract expected with ACS Cobra Rice Solar Energy Project Site control Private land under purchase option Permitting Milestones CPUC approval of PPA Jul 2010 CEC AFC Final Decision issued Dec 2010 FAA Determination of No Hazard Jul 2011 BLM and WAPA Records of Decision Dec 2011 BLM ROW Grant issued Feb 2012 Site Information Location Land Solar DNI Grid Connection Transportation access Water 30 miles north of Blythe, CA in eastern Riverside County 3,300 acres of previously disturbed private land, 200 acres BLM (gentie) 7.51 kw-h/m2/day LGIA under negotiation with WAPA. Interconnection point is Parker-Blythe-2 line ~10 miles east, new substation (breaker-and-a-half). Long term firm transmission to Mead. California State Route 62 west of Vidal Junction, CA Permitted for dry cooling with adequate water available Copyright 2012 SolarReserve. All Rights Reserved. 6/25/2012 3

Rice Solar Energy Project 150 MW firm output on demand 500+ GWh annual (double the output of other solar technologies) 1600 acre site Dry cooled: 150 acre feet per year Fully wrapped EPC Zero Fossil

5 Rice Solar Energy Project 150 MW firm output on demand 500+ GWh annual (double the output of other solar technologies) 1600 acre site Dry cooled: 150 acre feet per year Fully wrapped EPC Zero Fossil Fuel required Zero emissions or waste Baseload or peaking generation profile Non hazardous molten salt No firming or shaping Non intermittent Copyright 2012 SolarReserve. All Rights Reserved. 6/25/2012 4

contract: NV Energy EPC Contractor: Cobra Thermosolar Plants, Inc.

6 Sister Project: Crescent Dunes Solar Energy Project Location: Tonopah, Nevada Technology: CSP with Thermal Energy Storage (10 hours full load storage) Size: 110 MW Energy production: more than 500,000 MW-hours annually Capacity factor: 52% Power contract: NV Energy EPC Contractor: Cobra Thermosolar Plants, Inc. with full EPC wrap Technology Supplier: SolarReserve under a subcontract to Cobra Investors: SolarReserve (managing investor) Cobra Santander Copyright 2012 SolarReserve. All Rights Reserved. 5

Tonopah Tower Completion December 15, 2011

9 Rice - Project History Strategic development of solar thermal project located in the State of California Bilateral Negotiation with PG&E: unique attributes of the technology and hybrid PPA structure provisions similar to a conventional facility with flexible generation Fast Tracking and Original PPA milestones to meet DOE LGP and ARRA Treasury Grant schedules Dual transmission solutions explored to optimize viability CAISO cluster results eliminated solutions (cost and upgrade schedule prohibitive) WAPA firm transmission solution maintained viability (pseudo tie, RA issue) CAISO MIC and TPP support deliverability at Mead intertie Exhaustive PG&E, CAISO, CPUC discussion on Resource Adequacy issue Permits and Approvals CEC AFC: December 2010 BLM ROD: December 2011 WAPA/CAISO Pseudo Tie: August 2011 BLM ROW: February 2012 PPA Amendment Advice Letter filed on Jan 17, 2012 Change in Delivery Point Change in GCOD Copyright 2012 SolarReserve. All Rights Reserved. 8

10 Project Benefits 25 year fixed price: protects the ratepayer from CT fuel risk Market leading Solar Thermal technology delivers firm power during peak periods (no intermittency): highest capacity value electricity matching load, no firming and shaping required Enhanced reliability and stability for the grid: protects ratepayer from network upgrade and deliverability costs Diversification of CA RE portfolio dominated by wind and PV which still require conventional generation to firm and shape Rice recognized by CEC and CPUC during approval process as providing greater value to the utility and transmission system Dry cooled and private, disturbed site protects CA water and pristine desert environment Double the MWh of comparably sized solar facilities to support RPS and 33% objectives Substantial reduction of GHG Displace conventional generation No supplemental fuel required to operate Substantial Economic Benefit for Rice being located in the State of California Copyright 2012 SolarReserve. All Rights Reserved. 9

Gen-tie to Existing Western System Copyright

Visual Simulation of Gen-Tie Observed from existing BLM road ~4

14 Transmission Solution - Western WAPA interconnection (Plan B) basis for permitting Preferred solution from cost, schedule, and permit perspectives 10-mile gen-tie to new Western switchyard on Parker-Blythe #2 line Firm transmission service over Western network Point of Delivery Mead 230 kv sub for 150 MW hand-off to CAISO Pseudo-tie arrangement maintains CAISO as balancing authority (no PPA modification) New PPA Point of Interconnection at Mead (PPA modification) PG&E scheduling coordinator (no PPA modification) Resource Adequacy risk borne by RSEP CAISO interconnection option (Plan A) withdrawn from consideration Incompatible deliverability upgrade schedule (2018+ completion) Project-on-project risk other solar projects in Blythe/Desert Center area AFC permit amendments and impact on schedule 40-mile gen-tie cost, land availability for RoW ROW environmental challenges from the site to the CRS substation Copyright 2012 SolarReserve. All Rights Reserved. 6/25/

15 Transmission Solution Pseudo-Tie Energy will dynamically transfer from Western to CAISO at Mead inter-tie via pseudo-tie arrangement Project remains in CAISO balancing authority area (per the PPA) Required agreements either signed or being finalized Transmission Service Agreement (TSA) for firm point-to-point with Western Amended Interconnected Balancing Authority Area Operating Agreement (IBAAOA) between Western and CAISO Pseudo-tie Participating Generator Agreement (PPGA) with CAISO Construction Agreement (CA) and Large Generator Interconnection Agreement (LGIA) with Western Change in delivery point from CRS to Mead inter-tie means sufficient import capacity must be available for RSEP capacity to qualify for RA 182 MW of import capacity at Mead branch group forecasted for 2014 Increases to 446 MW by 2018 CAISO stakeholder process underway to address system-wide available import capacity CAISO transmission planning process (TPP) to address future upgrades needed to ensure sufficient import capacity for RE SBX 1-2 mandates electrical transmission facilities be identified and built to ensure compliance with 33% RPS Copyright 2012 SolarReserve. All Rights Reserved. 6/25/

CRESCENT DUNES PROJECT OVERVIEW

CRESCENT DUNES PROJECT OVERVIEW Andrew Wang Director of Development April 24, 2014 EXHIBIT I - LANDS Document consists of 14 pages. Entire exhibit provided. Meeting Date: 04-24-14 SOLARRESERVE OVERVIEW