ABOUT

RECURRENT

ENERGY

C o m p a ny I n t ro d u c ti o n

COMPANY INTRODUCTION & PROJECT HIGHLIGHTS

Corporate Overview

January 2011

ABOUT

RECURRENT

ENERGY

C o m p a ny I n t ro d u c ti o n

RECURRENT ENERGY: BUSINESS OVERVIEW

• A leading global solar project developer helping our world find a more sustainable way to meet its energy needs

• 2 GW project pipeline and 400MW portfolio of signed contracts makes us the third largest PV developer in North America

• Seasoned leadership team with expertise in the conventional and renewable power business

• As the primary development group for Sharp Corporation worldwide, we are a strong partner for utilities and large energy buyers

• Strong technology and supply chain capabilities enable us to deliver solar generating plants at market-leading cost

• 75MW on the construction calendar for 2011 plus the ability to deliver solar almost anywhere in the world

• Proven access to capital through a global network of financial partners that enables us to deliver solar at any scale

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ABOUT

RECURRENT

ENERGY

C o m p a ny I n t ro d u c ti o n

2 GW GLOBAL DEVELOPMENT PIPELINE

Germany

Spain

FranceOntario

United States Israel

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ABOUT

RECURRENT

ENERGY

C o m p a ny I n t ro d u c ti o n

STRATEGIC POSITION IN NORTH AMERICA

Market Segment

Central Scale

Co

ntr

acte

d P

ort

folio

Siz

e

Residential Commercial Distributed

Sm

all

Larg

e

Wholesale/UtilityRetail

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ABOUT

RECURRENT

ENERGY

C o m p a ny I n t ro d u c ti o n

VISION: A FLEET OF SOLAR GENERATING ASSETS

Recurrent Energy develops, builds, and operates distributed and central scale solar power systems. We sell clean electricity to utilities and

large energy users at competitive prices via Power Purchase Agreements and Feed-in Tariffs.

Generation Transmission Substation Distribution Consumption

Electricity Grid

Ground Ground and Rooftop Primarily Rooftop

5-20 MW

Utility

Offtaker

2-8 MW

Utility

Offtaker

1-3 MW

Residential

+ C&I

Ground

40+ MW

Utility

Offtaker

Central Scale Wholesale Distributed Generation RetailMarkets

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ABOUT

RECURRENT

ENERGY

C o m p a ny I n t ro d u c ti o n

MANAGEMENT & FINANCE TEAM

Pat Caramante

VP, Engineering & Construction

FirstWind, Garrad Hassan America, FPL Energy, General Electric, Con Edison NY,

EBASCO, ABB

Arno Harris

CEO

Energy Innovations, Prevalent Power, WineShopper, RedEnvelope, Novo

Media Group

Judith Hall

SVP, General Counsel

Babcock & Brown, Southern California Edison, Pacific Gas & Electric, Electric Power

Research Institute

Sheldon Kimber

SVP, Development

Goldman Sachs, Calpine

Corporation, Accenture

Karl Knight

MD, International Development

Regenesis Power, GCA Savvian,

Credit Suisse First Boston, DLJ

Fredrick Vaske

VP, Project Finance

SunPower Corporation, GATX Capital, USL Capital, D’Accord Financial Services

Tiffany Elliott

VP, Origination and Structuring

Amerex Energy Consulting, Citigroup

Energy, Calpine Energy Services

Michael Metzner

CFO

FirstWind, Exelon, Atlantic

Richfield Corporation

Steve Finno

VP, Corporate Finance

Babcock & Brown, GATX Capital,

Itel Corporation

solar power

project finance

power marketing

site acquisition

development

engineering

construction

operations

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ABOUT

RECURRENT

ENERGY

C o m p a ny I n t ro d u c ti o n

RECURRENT ENERGY & SHARP CORPORATION

Fall 2010: Recurrent Energy and Sharp Corporation announced the acquisition of Recurrent Energy by Sharp

• Vision: Create a top global solar developer and generating company, leading the way in a historic transition to renewable power.

• Focus: Recurrent Energy is the primary development company for Sharp Corporation worldwide.

• Strength: A combined global network of finance, EPC, and technology partners to deliver solar at any scale.

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ABOUT

RECURRENT

ENERGY

C o m p a ny I n t ro d u c ti o n

PROJECTS &PIPELINE

2 GW GLOBAL DEVELOPMENT PIPELINE

Germany

Spain

FranceOntario

United States Israel

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ABOUT

RECURRENT

ENERGY

C o m p a ny I n t ro d u c ti o n

PPA & FIT PROJECT HIGHLIGHTS

Operating ProjectsSpanish Rooftop 5 MW, FiT Operating Spanish feed-in tariff. Summer 2010 COD.

SFPUC/Sunset Reservoir 5 MW, PPA Operating 25-year PPA with SFPUC. Fall 2010 COD.

Kaiser Permanente 15 MW, PPA Operating/Final COD ‘11 16 projects spread across 15 Kaiser sites.

Contracted ProjectsSW Utility Solar Farms 22 MW, PPA COD 2011-2012 PPAs signed, construction under way.

Ontario Solar Farms 170 MW, FiT COD 2012-2014 19 projects spread across southeastern Ontario.

SCE Solar Farms 80 MW, PPA COD 2012-2013 5 PPAs in total; projects spread across central/southern CA.

SMUD Solar Farms 77 MW, PPA COD 2012 Multiple projects in Sacramento, CA area.

PJM Rooftop 6 MW, Wholesale COD 2011 Rooftop solar project in PJM service territory.

370+ MW Contracted, Operating, or in Construction

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170+ MWdc

Ontario Power Authority FiT

19 Projects in Total

All Ground-Mount Solar

2012-2014 CODs

170 MW OF SOLAR FARMS IN ONTARIO

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22 MWdc, 2 Projects

Utility Offtaker

Construction Under Way

2011-2012 CODs

22 MW OF SOUTHWEST SOLAR FARMS

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80 MWdc, Multiple Projects

~71,000 PV Modules

Tracker System

Part of 80 MW of Signed PPAs

2012 COD

22 MW OF 80 MW: SOUTHERN CALIFORNIA EDISON

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5 MWdc

~24,000 PV Modules

Above Water Reservoir

Among Largest of Kind

Currently Operating

5 MW SUNSET RESERVOIR PROJECT

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4.8 MW PROLOGIS ROOFTOP PROJECTS IN SPAIN

4.8 MWdc Rooftop PV

Building Integrated Solution

Power Sale via Spanish FIT

Roofs Rented from ProLogis

Currently Operating

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15 MWdc, Multiple Projects

Rooftop, Ground, ES

Sites throughout CA

2010-2011 CODs

15 MW: KAISER PERMANENTE

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ABOUT

RECURRENT

ENERGY

C o m p a ny I n t ro d u c ti o n

Michael MetznerCFORecurrent Energy(p)415.501.9415(f) 415.675.1501(e)michael.metzner@recurrentenergy.com

PROJECT FINANCE CONTACTS

Fred Vaske

VP Project Finance

Recurrent Energy

(p) 415.501.9410

(f) 415.675.1501

(e) fred.vaske@recurrentenergy.com

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