Mainstream Renewable PowerOffshore Business

Introduction to Mainstream

An Introduction to Mainstream

● Founded in February 2008 by Eddie O’Connor (former Airtricity CEO) and Fintan Whelan (former Airtricity Head of Corporate Finance) ● Airtricity delivered 2,000 MW of onshore wind to construction and developed 16,000 MW

of onshore and offshore wind capacity● Pioneered offshore wind projects like Greater Gabbard, Arklow Banks and Butendiek● Sold to E.ON and Scottish & Southern for a total of €1.8bn in 2007/08

● Mainstream is focused on sourcing, developing and constructing large-scale electricity generation plants globally, principally offshore / onshore wind and solar projects

● The Company has secured c.16,000MW development pipeline, focused on● Offshore Wind: 5,650 MW ● North America Onshore Wind: 1,600MW● Emerging Markets Onshore Wind: 5,000MW

● Shareholders: Eddie O’Connor, staff/management, HNWI, Barclays Capital● Raised over €125m equity and €26 debt● 130+ employees

Overview of Mainstream’s Target Markets

Chile (onshore)Pipeline: 994MW

South Africa (onshore)Pipeline: 3,936MW

USA (onshore)Pipeline: 947MW

Germany (offshore)Horizont: 1,200MW

Scotland (offshore)Neart naGaoithe: 450MW

UK (offshore)Hornsea: 6,000MW

Canada (onshore)Pipeline: 725MW

Milestones Achieved to Date

Unique Source of Competitive Advantage

A ValuesDriven Culture

Differentiated Business Model

Record of DeliveringReal Value toShareholders

Positioned at the Cutting Edge

of Policy Formation

Companyand Investor

Interests are Aligned

Sale of Airtricity for total equity of €1.80bn, realizing

value of €1.36bn over invested shareholders

capital of €0.44bn

Management invested significant amount of equity capital

A culture built on an entrepreneurial approach, working together, personal respect, sustainability and

safety

Focus on development and create high value by building strong JV

partnerships with local developers

Industry foresight, thought leadership

and first mover advantage

Executive Directors

Dr. Eddie O’ConnorFounder and Chief ExecutiveExecutive Director

• Founder and former CEO of Airtricity• Previously CEO of Bord na Móna• Prior to Bord na Móna, engineer at ESB

Fintan WhelanCo-Founder and Corporate Finance DirectorExecutive Director

• Raised over €1.44bn in financing in his role as Corporate Finance Manager at Airtricity from 2000 to 2008

• Senior management positions at Prudential (Ireland) and consulted with Ernst & Young

Andy KinsellaCEO Offshore BusinessExecutive Director

• Held senior management positions at Siemens, GE, ESB and ESBI

• Managed construction of 4,000 MW and operation and maintenance of 5,000 MW of conventional power plant internationally

Torben AndersenCEO Onshore BusinessExecutive Director

• Secured a portfolio of 2,000 MW of offshore wind projects at Airtricity

• Brought the world’s then largest wind farm, Greater Gabbard through to “ready to build”

Experienced Board of Directors

Executive Directors Role at Mainstream

Dr. Eddie O’Connor •Founder and Chief Executive

Fintan Whelan •Co-Founder and Corporate Finance Director

Andy Kinsella •CEO Offshore Business

Torben Andersen •CEO Onshore Business

Non-Executive Directors Role at Mainstream

Sir Roy Gardner, Chairman •Director, Willis Group Holdings Limited•Senior Advisor, Credit Suisse•Former CEO, Centrica•Chairman, Compass Group plc

Chuck Watson •Chairman and Co-Founder, Twin Energy Resource Management•Former Chairman and Co-Founder, Eagle Energy Partners•Former Chairman and CEO of Dynegy Inc

Mark Brown •Managing Director, Barclays Capital Natural Resources Fund

John Lavery •Chairman, Lavery Kirby Gilmartin•Co-Founder of Airtricity

Brendan Halligan •Founder and Chairman, Institute of European Affairs•Chairman, Sustainable Energy Authority of Ireland

Combined industry experience across a number of energy companies

Experienced Board of Directors

9

Innovation

Supergrid

Offshore wind

1st grid connections

Twisted jacket foundation

500MW offshore power stations

Chinese technology to

west

10

Mainstream’s Offshore Business

Offshore Business Model

0 1 2 3 4 Yrs

Greenfield “Ready to Build”

MAINSTREAM GROUP

In Partnership with Project Buyer

Delivering well designed and “ready to build” offshore projects

Development & Design

Consent

Development & Consent

Conceptual Design, Detailed Design, Contracting

The Skills to Successfully Develop Offshore Wind Projects

Active engagement with all statutory and non-statutory

stakeholders

Procurement skills to ensure

cost efficient and innovative

projects

In-house expertise in engineering,

design, and wind analysis

Expertise in all aspects of

environmental assessment,

permits & consents

Application of highest standards

of Health & Safety

Skills and relationships to

deliver grid connections

The skills to develop sustainable low-cost offshore wind energy

10 Years of Unparalleled Experience

Hornsea (2010)• Only Round 3 Zone not awarded to utility• 1GW Grid Connection Secured• Aim to be 1st R3 project to reach COD

Horizont (2008)• 1,200MW German Project• Environmental & technical data submitted to Consenting Authority

Neart na Gaoithe(2008)• 450MW Grid Connection Secured• Most advanced Scottish offshore project

Arklow Bank (2002)• Ireland’s 1st offshore wind project•World’s 1st offshore wind project using 3MW machines

Butendiek (2007)• Detailed development work and securing supply chain

Greater Gabbard (2007)• Developed and consented one of the largest offshore wind farm in the world

25 MW

6,000 MW

1,200 MW

450 MW

288 MW

500 MW

Offshore Centre of Excellence

CEO OffshoreAndy Kinsella

German Offshore ManagerTilman Schwencke

COO OffshoreCameron Smith

Scotland Offshore ManagerDavid Sweenie

Offshore M&A ManagerBarry Hopkins

Accounting ManagerLaura Coyne

SHEQ ManagerKeith Harsham

Strategy ManagerCathryn Hooper

SMart Wind Board

Chair. Andy Kinsella

SMart Wind General Manager

Chris Hill

An experienced team to deliver offshore wind, headquartered in London

Offshore Advisory Committee

Committee Member Affiliations

Sir Roy Gardner •Director, Willis Group Holdings Limited•Senior Advisor, Credit Suisse•Former CEO, Centrica•Chairman, Compass Group plc

Herbert Henzler •Former European Chairman of McKinsey & Company •Senior Advisor to the Chairman of Credit Suisse•Chairman of the Scientific and Technical Advisory Committee of the Bavarian State Government

Vivienne Cox •Chairperson of Climate Change Capital•Board member of Rio Tinto plc and INSEAD•Former CEO and Executive Vice President of BP Alternative Energy

Sir Brian Bender •Former Permanent Secretary, Department for Business, Enterprise & Regulatory Reform in the UK•Former Permanent Secretary, Department for Environment, Food and Rural Affairs in the UK

Jeff Scott •Senior Manager at National Grid•Director, Senior Vice President of National Grid USA

Dr. Eddie O’Connor •Founder and Chief Executive

Andy Kinsella •CEO of Mainstream’s Offshore Business

Fintan Whelan •Co-Founder and Corporate Finance Director

Experienced Offshore Advisory Committee supports the growth of Mainstream’s international offshore activities

Mainstream’s Offshore Projects

Offshore Wind Projects

Neart Na Gaoithe(450 MW)

Horizont (1,200 MW)

Hornsea(6,000 MW)

SMart Wind Awarded Hornsea Zone in UK Round 3

Moray Firth – 1.3GW

Moray Firth Renewables Ltd

Firth of Forth – 3.5GW

Seagreen Wind Energy Ltd

Irish Sea – 4.2GW

Bristol Channel – 1.5GW

West Isle of Wight – 0.9GW

Hastings – 0.6GW

Dogger Bank – 9GW

Forewind Consortium

Hornsea – 6GW

Norfolk Bank – 7.2GW

East Anglia Offshore Wind Ltd

The SMart Wind Joint Venture

For further details please visit www.smartwind.co.uk

First consented

R3 projectFirst block to reach

CODLowest cost of energy

The Crown Estate

SiemensWind

HochtiefBeluga-Hochtief Offshore

EMUSiemens

TDL

Overview of Neart na Gaoithe Project

Neart na Gaoithe – 450MW

● Mainstream was awarded exclusive rights to develop the site by The Crown Estate in February 2009

● Project capacity estimated at 450 MW

● Located 13-30km off the Fife coast and covers an area of approximately 105km2

● Water depths of 45-55m● Grid connection secured● Consent expected in Q4 2012

and COD in 2016

Overview of Horizont Project

● Project● 3 sites: Horizont I, II & III● Potential capacity of 1,200MW ● ca.140 km offshore● 38–42m water depth● 10 m/s average wind speed● Mainstream owns 100% of the project● Consent expected in late 2011● Construction foreseen in 2014/2015

● Market● German government set ambitious targets for

renewable energy with a projected offshore output of around 25 GW by 2025/2030

● Guaranteed allowance of15ct/kWh (EEG) for 12 years (in case of Horizont 17yrs due to distance to shore and water depths); support scheme currently under review for improvement (revision in force in 2012)

● Guaranteed grid connection (with grid costs socialised)

Germany

Horizont I, II, III – 1,200MW

The Supergrid

● The European Union actively supports the idea of a “European Offshore Supergrid” ● 9 countries have signed the North Seas Countries’ Offshore Grid Initiative● The Supergrid is an electricity transmission system, mainly based on direct current, designed

to facilitate large scale sustainable power generation in remote areas for transmission to centres of consumption

Initiated by Mainstream, a group of companies and organisations with a mutual interest in promoting the policy agenda for a European Supergrid and empowered to

build the know-how to deliver it in practice