Introduction to

Solar Project (Siraj Power) in QatarA milestone in the history of QATAR and one of the top five projects across the globe!

Table of Contents

Working Team

Why Invest in the Qatar and Siraj Solar PV Project

Introduction

Illustration of a 500MW PV Solar Plant

General Overview

Bidder Consortium - Financing Proposal/Term Sheet

Project Commercial and Financing Framework

Summary of Power Purchase Agreement

Summary of Other Project Documents

Project Implementation Schedule

Contacts

Section 1

Section 2

Section 3

Section 4

Section 5

Section 6

Section 7

Section 8

Section 9

Section 10

Section 11

Working TeamSECTION 1

Working Team

POWERGLOBE QATAR

This teaser about Solar Project (Siraj Power) in Qatar is prepared by POWERGLOBE QATAR, Renewable Energy Division and ENERCAP Company (France)

The Siraj Project Qatar will be a milestone in the history of the country, but also on an internationalscale. It's one of the top five projects in the world, and none is this big in the Middle East.

The Project is required high expertise, outstanding know-how and innovative solutions across therenewable energy industry. The project should be developed, constructed and operated according tolocal environmental protection regulations and high international standards.

POWERGLOBE QATAR

Shoumoukh Tower, C-Ring Road, Al Sadd, Qatar

City Tower Marriott, P.O. Box: 3277, Doha

Phone: (+974) 44 223 868, Fax: (+974) 44 934 740

General email: admin@power-globe.com

Contact Person: Ms. Aleksandra Dokovic, email: adokovic@power-globe.com

24/7 Customers Support: (+974) 77 600 131 & 132

Click to review the POWERGLOBE QATAR Solar video:

https://www.youtube.com/watch?v=wBKVJoblV1E

Why invest in Qatar? SECTION 2

Why Invest in the Project

(1/3)

Why invest in Qatar? SECTION 2

Why Invest in the Project

(2/3)

Why invest in this Siraj solar PV Project? • A milestone in the history of QATAR, that we should be involved.

• Participation of the energy security of the country and the region.

• Partnership with the two largest companies of the country. Siraj is a joint venture of QatarElectricity and Water Company and Qatar Petroleum.

• Purchase Power Agreement (PPA) for an operating period of 25 years.

• Agreed tariff structure for the Project.

• A wide range of engineering and site-construction services could be provided across the project(including construction works, access roads, power stations and substations, cable installationsand Installation of transformers, security and fire systems, communication systems, energyoptimization applications and solutions, etc.).

• Highly valuable project for the developers.

• High Return on Investment (ROI) vs low risk.

• Project with sustainable growth, income and dividends for the investors.

SECTION 2

Why Invest in the Project

(3/3)

Introduction• This Project in Qatar is a reference project that will be a milestone in the history of the country, but also on

an international scale. It's one of the top five projects in the world, and none is this big in the middle east.

• The Project is required to be developed, constructed and operated according to local environmentalprotection regulations and stipulations. The development of a full environmental impact assessment will berequired as a part of the Project. The successful Bidder will be responsible for obtaining all necessaryenvironmental approvals for the Project.

• A construction work on a 500MW PV solar power project will commence in June 2018 and is expected to befully operational by 2020. Project estimated Budget US$650M. Project location Al Kharsaa, Qatar.

• The project will be developed by Siraj Power, a joint venture of Qatar Electricity and Water Company andQatar Petroleum, which has a capital base of US$500 million, is owned 60 percent by QEWC while QatarPetroleum owns the 40 percent balance.

• The 500MW PV solar asset will be 60% Qatar state ownership and 40% private ownership(developers/investors). Deadline for pre-qualification report submission to Kahramaa, June 25th 2018.

• The project involves the construction of a 500MW solar power plant in Qatar and the US$650 millionincludes the following:

• Construction of substations

• Construction of solar panel platforms

• Installation of solar panels

• Installation of transformers / Laying of transmission lines

SECTION 3

Introduction

SECTION 4

Illustration of a 500MW PV Solar Plant Illustration

General Overview

• Anticipated that the COD will be in December 2020.

• PV Panel Technology (Fix System? Tracking System 1 axis? Tracking System double

axis? )

• Expected Power Generation exceeds 1TWh / year

• PPA will set out the terms upon which the Company will design, construct and

commission the Project and sell power output to KAHRAMAA, in return for tariff

described below.

• PPA Term : The PPA is expected to be for an operating period of 25 years from

COD.

• Tariff Structure: In return for the Company selling the power output to

KAHRAMAA, KAHRAMAA anticipates that it will pay the Company an energy

charge comprising of a fixed and variable charge. The RFB will set out the detailed

tariff structure for the Project. These charges will be set according to the amounts

included and evaluated in the successful Bidder’s proposal.

SECTION 5

General Overview

(1/3)

General Overview

• Project Location

• Al Kharsaa, Qatar

• Excellent Solar Irradiation and Excellent

conditions for installing and operating a solar

PV Power Plant

• Availability of the space required for

construction and operation

• Easy connection to the power grid

SECTION 5

General Overview

(2/3)

General Overview

Space is required for the panels development:

• The area required for the power plant will depend on the site and local conditions and will also depend on

technology.

• But roughly we can estimate that ~600 to 1,000 ha are required for the power plant and the associated

installation, at Al Kharsaa, Qatar.

Indicative time for project completion (after licensing):

• ~1 to 1,5 year

The total cost of development : US$ 650M (+/- 10%)

• The cost required for the power plant and the associated installation will depend on the site and local

conditions, on the required associated installation (substation, connection to the grid) and also depend on

technology.

• O&M cost depends also on technology, quality of the component and local conditions such as land lease,

taxes, insurance, security…and climate (especially sands and aerosols)… ~1,5% to 2,5% per annum of the

total project cost. Percent of indicative cleaning costs (operating in a desert like Qatar) about ~20% of the

O&M costs.

SECTION 5

General Overview

(3/3)

Bidder Consortium

• The successful Bidder is expected to establish a Qatari SPV to implement the Project and toenter into the project agreements. The project agreements that the Company will be requiredto enter into will be substantially in the same form as for previous I(W)PPs successfullydeveloped and financed in Qatar. To facilitate the bid process, it is the intention that full draftsof these agreements will be available at the RFB stage.

• QEWC is a Qatari share holding Company with 42% shares owned by the Government of Qatar.The Government share of the project is 60% in which QEWC share is 60% and QP share is 40%.The rest (40%) is intended for private investors.

• Siraj is the SNI representing the State of Qatar for this Project.

• SNIs will have up to 60% and that the developer will have 40% or more.

• A JV between Siraj and the bidder that will own and develop the 500 MW.

• Total cost of the Project estimated to ~US$ 650M. So US$160M equity and US$ 490 M debt.

• The successful bidder will provide the full debt and its own share of the equity.

• The debt cannot come exclusively from Qatar

SECTION 6

Bidder Consortium - Financing

Proposal/Term Sheet

(1/2)

Financing Proposal / Term Sheet

Financing for the Project

• Financing for the Project will be the sole responsibility of the successful Bidder. The Bidder willnot be restricted in any way from sourcing finance for the Project from a combination of its ownresources and from the debt markets. KAHRAMAA recognizes that the successful Bidder maywish to raise limited resource financing in relation to the Project and that lenders may expect tobe afforded certain rights in relation to such financing. Accordingly, if required, relevant Projectcontracts will contain provisions requiring the counterparties to enter into appropriate directagreements with the lenders. Bidders will be expected to submit bids with a minimum level ofcommitted project financing, the details and extend of which will be specified in the RFB.

• Those seeking to utilize other sources of finance will need to demonstrate and provide similarevidence that the required funding has been allocated for the Project. Bidders shall not bepermitted to solicit the involvement of Qatari banks and lending institutions on an exclusivebasis.

SECTION 6

Bidder Consortium - Financing

Proposal/Term Sheet

(2/2)

Project Commercial & Financing Framework

SECTION 7

Project Commercial &

Financing Framework?

KAHRAMA

Shareholders'Agreement

Project Company

25 years PPA

ECA Lenders

Land/Site

Agreement

Loan

Agreements

Supplier

Contract Products

Bidders SNI (QEWC/QP)

40% 60 %

Com Lenders

Kahramaa

O&M

O&MContractor

EPC

Contract

The Commercial Framework is broadly consistent with well structured limited recourse emerging market IPPs

Summary of Power Purchase Agreement

• Key Aspects: Standard bankable limited-recourse financing structure

• Build, Own and Operate (BOO) basis

• Term: 25 Years from Commercial Operation Date

• Termination Payments: To cover debt service in case of termination

• Force Majeure: Protection against failure of utilities with payment obligations of offtaker to continue

• Tariff Structure: The payment structure shall be divided into three (3) parts:

• Capacity Payments;

• Output Payments; and

• Supplemental Payments

• Capacity Payments: The Capacity Payments shall represent payments for Net Dependable Capacity. CapacityPayments shall be made irrespective of dispatch, providing that the Net Dependable Capacity is available bythe Project Company. Deductions may apply for those hours that the Project Plant is not available or isderated. The Capacity Payments shall cover:

• A capital component for the capital/funding costs for the development, construction andcommissioning of the new Project, which includes but is not limited to, (i) Senior Debt service, (ii)Distribution to Shareholders, and (iii) Taxes, levies and duties.

• A fixed O&M component, for the fixed O&M costs of the Project, which includes but is not limited tofixed O&M, Insurance, Staff, and Spare Parts.

SECTION 8

Summary of Power

Purchase Agreement

(1/2)

Summary of Power Purchase Agreement

• Output Payments: The Output Payments shall cover the cost of A from the contractually agreedlevels and compensation for the variable O&M costs of the Project Plant. The Output Paymentsare Electrical Energy Payments, which shall represent payments for Net Electrical Energy output.The Electrical Energy Payments shall have the following components: N/A

• Supplemental Payments: The Supplemental Payments shall provide compensation to theProject Company for:

• Start-up costs attributable to start following a Dispatch Instruction from TransmissionControl Centre as to cessation of operation;

• Net Electrical Energy prior to commercial operation;

SECTION 8

Summary of Power

Purchase Agreement

(2/2)

Build, and Operate PPA Structure with 25 year term

Summary of Other Project Documents• the Shareholders’ Agreement between DEWA and the Successful Bidder to constitute, govern and manage the

Project Company. Operational management of the Project Company will be granted to the Successful Bidder bydelegation of the board of directors’ authority to an executive managing director nominated by the SuccessfulBidder

• the Land Agreement between Kahramaa and the Successful Bidder, under which Kahramaa will grant to theProject Company an exclusive, long-term, renewable interest over the Project Plant Site. During the initial termof the Agreement (being 30 years), the Project Company will pay to Kahramaa a nominal annual use fee. Insubsequent periods, the Project Company will be required to pay a market use fee.

• the EPC Contract between the Project Company and an EPC Contractor, which will be a lump-sum turnkey EPCContract containing liquidated damages and other remedies intended to compensate the Project Company fordelays and deviations from the terms of the EPC Contract. Terms to be standard to limited-recourse financingstructures in the region.

• A is a reputed international EPC Contractor based out of A. They have significant experience ininfrastructure projects, especially IPPs, in the MENA region.

• the O&M Contract between the Project Company and an O&M Contractor, which will be based on a fixed feeplus escalation structure, starting from mobilization and for twelve (12) years after COD, after which pricing maybe re-based on a “cost plus fee” pricing structure. Terms to be standard to limited-recourse financing structuresin the region.

SECTION 9

Summary of Other

Project Documents

Project Implementation Schedule

Submission of Pre-Questionnaire document (June 24th 2018)

• Short listing potential developers

• Invitation for Proposal submission

• Short listing of Bidders for detailed negotiation

• Effective Date for PPA and SHA

• Scheduled Closing Date under Power Purchase Agreement

• Target Financial Closing

• Scheduled Commercial Operation Date

SECTION 10

Project Implementation

Schedule

ContactsSECTION 11

ContactsPOWERGLOBE QATAR

Dr. Theodore Theodoropoulos, email: ttheodoropoulos@power-globe.com

Dr. Yousef Hegazy, email: yhegazy@power-globe.com

Ms. Aleksandra Dokovic, email: adokovic@power-globe.com

Direct line: (+974) 77 600 131 and 132

www.power-globe.com

Shaping the energy future!