Overcoming challenges efficiently & sustainably. Renewables PRECISE. PROVEN. PERFORMANCE.

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1 Overcoming challenges efficiently & sustainably Renewables PRECISE. PROVEN. PERFORMANCE.

2 Maximise your global impact With pressures including the need to reduce carbon emissions through more efficient and sustainable means, seizing opportunities can be challenging for companies operating in the renewables sector. We understand the complexities of the sector and together with member firms across the Moore Stephens UK and international networks, we provide our clients with a range of accounting, assurance, advisory and tax services. We help our clients build profitable businesses equipped to capitalise on economic and market challenges. Rapid response, sector knowledge and an understanding of your business characterise our one-stop service approach. As a Top 10 accountancy firm specialising in the renewables sector, we provide a real alternative to the larger firms. We work with a range of clients operating in areas such as waste to energy, anaeorbic digestion, hydro, wind, solar, energy efficiency and clean technology. Through the Moore Stephens International network with over 600 offices in more than 100 countries we offer comprehensive assurance and advisory services to global companies in the renewables sector. We apply local knowledge from the jurisdictions where you operate, while our London team provides access to one of the world s major capital markets. Our technical and sector experts work closely, providing solutions and support to improve your business performance and achieve efficient compliance. Helping you meet your challenges We start by understanding your particular challenges and priorities, then tailor our services to match. Areas where we can help include: boosting your cash flow by applying our specialist expertise in UK R&D tax credits and grant applications; advising on your operating structures; increasing your operational efficiency through outsourced payroll and financial reporting; protecting your business operations through our expertise in IT controls and cyber security; ensuring tax-efficient outcomes wherever you operate by applying our local expert knowledge; complying with the increasing regulation and reporting requirements; advising on restructuring of operations, to prioritise business rescue and enhance value to stakeholders; helping you overcome price and cost pressures through an operational financial review; raising funds through public markets and bond issues to finance project development; strengthening your relationships with local communities and stakeholders and reinforcing your risk management with the help of our Governance, Risk & Assurance team; responding to conflict situations through our dispute resolution and litigation support services; assessing the profitability of development projects through financial modelling. We start by understanding your particular challenges and priorities. 2 Energy Mining & Renewables

3 Our services Our services to the sector reflect the dynamism and complexity of our global renewables clients. Audit and reporting The very nature of the audit process means we gain a detailed knowledge and understanding of businesses at numerous levels and, as such, we are able to quickly identify risks as well as any areas for potential improvement. The team can also advise on the numerous changes to rules and regulations regarding UK and US accounting standards and IFRS. We also have experience in undertaking joint venture audits. Of particular relevance is the impact of IFRS 15 Revenue from contracts with customers and the impact of the new leasing standard, IFRS 16 Leases. FIT licensees assistance with annual levelisation process As part of the requirements set by Ofgem, all Feed-in Tariff (FIT) licensees, or those applying to become one, must have their Annual Levilisation Submission Form audited by an organisation independent of licensee s management. We have a deep understanding of the requirements and have worked with a number of clients, helping them to remain compliant with the regulation. Our thorough reviews provide both assurance to companies with the validation they need to confidently make their Annual Levelisation submissions to Ofgem in a timely and efficient manner. Business tax The scope of our services to clients with international operations extends beyond the delivery of compliance services. We advise on international business structures and tax issues to optimise our clients position in cross-border transactions. We have considerable experience providing transfer pricing advice and can advise on international and local tax implications. This is both in response to, and in anticipation of, changes in tax environments and to their own particular needs. We also offer the full range of personal and expatriate taxation services. Corporate finance Our Corporate Finance team has built a reputation for providing a tailored service that meets our clients specific requirements, whilst recognising the importance of our clients not losing autonomy or control of a project. Our experience includes advising clients on the structuring and funding of ventures, raising finance, mergers, acquisitions and disposals including identifying acquisition targets or purchasers, due diligence investigations, advising on IPOs and bond issues, valuations and assisting with negotiations. We advise on and assist with business planning and modelling, financial modelling, acquisitions, valuations, raising finance, listings and flotations. We also advise on succession planning and exit strategy including management buyouts or trade sales. Cyber security We help you be confident that your data is secure, reliable, accurate, appropriate, complete and available when needed to enable effective business decisions. We also help to ensure your IT application systems are well secured, and are performing as required in implementing business rules. Dispute and litigation support Our team is a highly specialised unit with extensive experience in dealing with disputes analysis and investigations. We work closely with clients and their lawyers to present the best case possible, expedite the legal process and provide meaningful commercial solutions. We regularly advise clients on commercial and contractual disputes and mediation involving business or share valuations; expert witness and quantification of loss; forensic investigations, particularly in relation to fraud claims, tax investigations and asset tracing and legal disputes involving family and private wealth. Governance, risk & assurance The management of risk and implementation of robust corporate governance is an increasingly important aspect of global business. Our team is able to ensure that your 3 Energy Mining & Renewables

4 risk management and governance strategies are not a quick fix to compliance but something that provides value, empowering your business to achieve its goals. We also conduct internal audits and ISAE 3402 reviews to provide assurance to service organisations that they have the appropriate controls in place. Rhiza risk management software Rhiza is our bespoke risk management software developed by Moore Stephens. Combining professional risk management expertise with intelligent design, Rhiza is an easy-to-use, customisable and cost effective software solution which can help overcome the practical difficulties of managing risks at an enterprise level and ensuring compliance with listed company requirements. IT consultancy In today s environment, businesses increasingly depend on effective IT systems, but the risks of failure can be high. The challenge is to harness the power of IT whilst avoiding the risks. We ensure your IT systems work efficiently and effectively in supporting your business in meeting its objectives, both now and in the future. Our team of specialists can provide a range of services to meet your objectives, including risk reviews, business continuity planning, assurance on the accurate processing and reporting of data and planning and implementation of IT projects. Outsourcing Our experienced professionals deliver outsourcing services across a range of disciplines, so you can be assured that whatever your requirements, we can meet them in full. Our services include: financial accounting and administration, remotely or on-site; operation of bank accounts and cash management; management reporting and budgeting; procurement and facilities management; providing short-term solutions to staffing requirements. Research & development (R&D) tax Our team comprises engineers, software programmers and scientists, as well as specialist finance professionals such as auditors and tax accountants. Since the scheme began our team has successfully claimed back around 200million for our clients with a 100% success rate. Restructuring and insolvency We apply our commercial understanding to all situations, seeking to find cost-effective solutions and maximise returns to lenders. Our first priority is business rescue. When consulted early, we have the maximum opportunity to save a business in financial distress and protect the assets of lenders, creditors and equity providers. We aim to rescue the entire business or its profitable activities, and enhance value to stakeholders, of which there are many different types with valid but potentially competing interests. Sustainability We are able to provide assurance over sustainability and environmental metrics and other financial key performance indicators. Transaction support Moore Stephens has substantial experience in acting as Reporting Accountants on flotations. The London team has acted on many high profile initial or secondary public offerings and class circulars for fully listed or AIM clients. Collaborating globally, we have substantial experience on worldwide exchanges. Overcoming challenges efficiently & sustainably 4

5 Case studies Developer of communityscale renewable projects in the UK The group builds, controls and operates a range of renewable energy projects using proven technologies including hydroelectricity, brownfield wind, biogas and solar. The group is on the way to becoming one of the UK s largest producers of community scale renewable energy, developing renewable energy projects capable of powering over 35,000 homes. We have been auditors and tax advisors of this group and its subsidiaries since its incorporation, offering recommendations and solutions from the early start up stages to present. Recycling and waste management company We successfully prepared an R&D tax relief claim for the leading recycling and waste management company in the United Kingdom. Our engineers visited a number of their facilities, ranging from complex material recovery facilities (MRFs) processing municipal solid waste to technically challenging Combined Heat and Power (CHP) facilities implementing innovative methods to recover energy from waste materials. Our team added value by optimising the claim to the maximum degree possible, while ensuring that as little of the client s time was required as possible throughout the process. To date, our team have claimed around 200 million for our clients in R&D tax credits with a 100% success rate. 5 Energy Mining & Renewables

6 Case studies Solar farm operator Our corporate finance team advised Hong Kong-listed United Photovoltaic on its purchase of six solar power plants in the UK. The ground mounted solar farms, which have a combined capacity of around 82.4 magewatts, was purchased for circa 100 million from Notus Investments 1 Sarl. Our team provided expert advice on the acquisition, helping the client with its active investment in overseas renewable energy markets. Renewable energy provider, FIT licensee As a small company, this organisation did not have its own internal audit function to carry out the required audit. We used our in-depth knowledge of the requirements set by Ofgem, coupled with our broad sector experience and expertise in the renewables sector, to provide a cost effective, outsourced solution. As trusted advisers, we provided recommendations on how best to remain compliant, make recommendations for improvements to systems and controls, whilst taking into consideration the commercial objectives of the organisation. Overcoming challenges efficiently & sustainably 6

7 Moore About Moore Stephens Stephens in the UK Moore We help Stephens you thrive is the in a UK s changing 9th largest world. independent accounting and consulting network, We provide comprising all the support over 1,500 and guidance partners you and staff need in to 35 deal locations. with new risks and opportunities. We ensure easy access to the right people, so Our decisions objective can be is simple: made quickly to be viewed and confidently. by clients A consistent as the team first point-of-contact will partner with for you all to their financial, support your advisory aspirations and compliance and contribute needs. to We your achieve success. this by providing sensible advice and tailored solutions to help clients achieve their commercial You ll have access and personal to a range goals. of core services, including audit, accounting, tax, Clients risk and have systems access assurance, to a range corporate of core and specialist finance, restructuring services including and insolvency, audit and tax wealth compliance, management business and disputes and personal analysis. tax, As a trust Top 10 and accounting estate planning, and advisory wealth network management, we support IT a consultancy, broad range governance of individuals and and risk, entrepreneurs, business support large organisations and outsourcing, and complex corporate international finance, corporate businesses. recovery and forensic accounting. Our If your success business stems and from personal our industry interactions focus, which need to enables expand, us we ll to provide help make an innovative it happen and personal coordinating service advice to our from clients a network in our of niche offices markets. throughout Specialist the UK sectors and in include more than charities 100 & not-for-profit, countries. education, energy & mining, family offices, financial services, healthcare, hotels & leisure, insurance, pensions, professional Moore Stephens practices, public globally sector, real estate, shipping, social housing, sports and Moore Stephens International is the 11th technology & media. largest global accountancy and consulting network, headquartered in London. With fees of over US$2.9 billion and offices in 112 countries, clients have access to the resources and capabilities to meet their global needs. Contact information If you would like further information on any item within this brochure, or information on our services please contact: Michael Simms Partner, Assurance michael.simms@moorestephens.com Phil Cowan Partner, Corporate Finance phil.cowan@moorestephens.com Gareth L. Jones Director, Outsourcing gareth.l.jones@moorestephens.com Mark Lamb Partner, Assurance mark.lamb@moorestephens.com Marty Lau Partner, Corporate Finance marty.lau@moorestephens.com Steven Levine Partner, Innovation & Technology steven.levine@moorestephens.com Kevin Phillips Partner, Tax kevin.phillps@moorestephens.com Robert Noye-Allen Partner, Governance, Risk & Assurance robert.noye-allen@moorestephens.com By combining local expertise and experience with the breadth of our UK and worldwide networks, clients can be confident that, whatever their requirement, Moore Stephens provides the right solution to their local, national and international needs. We believe the information contained herein to be correct at the time of going to press, but we cannot accept any responsibility for any loss occasioned to any person as a result of action or refraining from action as a result of any item herein. Printed and published by Moore Stephens LLP, a member firm of Moore Stephens International Limited, a worldwide network of independent firms. Moore Stephens LLP is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Authorised and regulated by the Financial Conduct Authority for investment business. DPS33594 June 2018