EFTA01180633.pdf

• MISSION Strictly Privileged and Confidential POWER Draft for Discussion Purposes Only 1000 MW Solar Energy Power Mission Power LLC August 2012 EFTA01180633  Section 1 Executiv Summary • MISSION POWER 2 EFTA01180634  Executive Summary Overview Mission Power LLC (-MP") represents a unique opportunity to participate in the fastest growing solar energy sector in Chile. MP's objective is to acquire, develop and operate up to 1.000 MW of solar energy plants in Chile to convert the high solar resource of the Atacama desert, which has the highest solar irradiation, into a competitive. reliable and sustainable energy source to large offtakers: primarily, conventional generators that by mandate need to inject to the grid a certain percentage of their energy from renewable sources in order to comply with Law 20.257 mining, and iron ore operators as a way to reduce their carbon footprint and comply with their social responsibility mandate MP's business strategy is a "reverse approach" to the classical way of developing green field projects. Our approach is first to: identify and partner with investment grade companies in Chile that are required to generate and/or purchase energy derived from renewable energy sources, including solar, in order to comply with Chilean laws and their own social responsibility programs. By focusing on offtakers and regions with high renewable energy demand. MP is able to identify locations where solar resources may be harvested and transmitted at the lowest capital cost, with lower labor costs. and minimal environmental impact. In fact. many of the projects will be developed on land owned by the targeted mining companies, reducing the development time. MP aims to deliver projects that have the highest economic, social and environmental value. MP. with offices located in New York City and Santiago, Chile, is a U.S. based company founded by Todd Meister. of Meister Global. and the principals of Caravel Wind Ventures Limited, an independent renewable energy holding company. which was established in 2010 to acquire and co-sponsor/develop an up to 460 MW wind farm project in the south of Chile, which upon achieving commercial operation will be the largest wind farm in Latin America. • MISSION POWER 3 EFTA01180635  Executive Summary Strategic Partner To minimize the development, execution and o erational risk. MP has formed a strate is artnership with a U.S. based company (the "Strategic Partner). with worldwide ex erience in develo in . buildin and o eratin solar energy farms. The Strategic Partner has more than operational sites delivering more than MWh of electricity. MP and the Strategic Partner have the technology and expertise to structure, build, operate and maintain solar power plants globally and with MP's finance roots, has access to an international network of finance partners and investors. • MISSION POWER 4 EFTA01180636  Executive Summary The Opportunity Chile is the most developed and fastest growing country in Latin America and the largest copper producer in the world which is mined in the world's driest desert with one of the highest radiations. These unique set of characteristics combined with the fact that Chile's energy matrix is highly dependent on fossil fuels, create a unique investment opportunity for MP business model. The Opportunity: Spot prices at more than US$ 250/MW, make Chile one of the most expensive energy markets in the region. To reduce the cost of energy, Chile's government is determined to increase the participation of renewable energy from its current 2.4% to up to 20% by creating incentives, including enacting Law 20,257: Conventional generators are obligated to generate a certain percentage of their energy from renewable sources -- currently this requirement is 5%. Beginning in 2014, this percentage will increase by 0.5% per year until reaching 10% by 2024. Generators can comply with the law by developing their own non-conventional renewable energy ("NCRE-) projects, or they can purchase a renewable attribute associated to each MW of renewable energy generated by a NCRE generator. Conventional generators that do not comply with the law face a fine of US$ 32 for each MW that they are not in compliance. Conventional generators present a ripe target market for MP's business proposition: "build-to-suit" solar farms, from the development phase through O&M on a turnkey basis. Mining companies also present a big opportunity for MP's business plan. For mining companies, energy is the largest production cost. Thus, entering into a `build-to-suit" arrangement with MP allows them: (i) reduce their cost of energy: and (ii) reduce their carbon footprint and comply with their social responsibility. Chile's "AC credit rating by S&P for true project financing opportunities — 80% leverage ratios. Chile's stability and well-developed local capital markets, also allows for multiple exit strategies. • MISSION POWER 5 EFTA01180637  Executive Summary The Opportunity Strategy / Implementation: MP plans to develop the solar projects listed on page 22 and continue to build its pipeline until it controls 1,000 MW. Under the terms of JV agreement, the Strategic Partner is obligated to provide the most competitive prices available at the time of development — currently at US$ 1.8 mm/MW on a turnkey basis. Upon development of the solar farms, the Strategic Partner will become the EPC during the construction period and the O&M during the operational phase. Solar farm advantages relative to conventional power plants: • Shorter construction period — 7 to 10 MWs per month on average • Northern Chiles desert presents low environmental risks, reducing risks of permitting delays • Northern Chile is the driest desert in the world with one of the highest radiation levels • The largest international mining companies are located in the north of Chile paying more than US$ 250/MW at current spot prices — highly motivated to find solutions to reduce their largest single production cost • EBITDA margins in excess of 80% - solar radiation is free • In exchange for MP's "build-to-suit" business proposition on a turnkey basis, the offtakers of the solar farms' energy must enter into a "bankable PPA" to allow for project financing - Expected PPA price US$ 100 - 110/MW. • MP has secured its first project -- 100 MW solar energy project (the'- Project") located in Region III. • MP is in advanced negotiations to secure its second 100 MW solar energy project (the'_ Project"). y stage negotiations for its third s nergy project as a total energy capacity of 150 MW (the Project" and collectively with the Project and the Project, the "Projects"). • MISSION POWER 6 EFTA01180638  Executive Summary Solar Potential in Chile Radiation Levels Percentage of Cloudy Days • Out of the Twelve Regions in which Chile is divided. Region I, II and III present unique Region I - Tarapaca characteristics which allows for the development of solar energy projects: ✓ The highest radiation levels, with Region II more that 7 KWh/M2 Antofagasta -25 - ✓ The lowest percentage of cloudy days, with less than 20% of the year Region III ✓ Where the world largest mining Atacama companies are located Region IV ✓ Face the country's highest energy Coquimbo prices Region Metropolitana Region V -35 - Region VI O'Higgins Region VII - Maule Region VIII - Bioblo Region IX - Araucania ♦0 Region X - Los Lagos tl • MISSION MY-Nr47 Region XI - Aisen POWER 45 -74 -77 -66 -66 7 -I4 -77 EFTA01180639  Executive Summary About Chile 17 million inhabitants, primarily European descent (Roughly the size of the state of Florida) GDP: US$ 239 Billion (Florida = US$ 735 Billion) 6,435 Km of Pacific coastline Varied climate — Rainy and temperate in the south. Mediterranean in the Center, and desert in the north Very low country risk — "A+` by S&P and "Al " by Moody's • 5th freest economy according to the CATO institute — ranked ahead of the US Economic • 4th lowest debt/GDP ratio in the world (national debt 6% of GDP) • Highest GDP per capita in Latin America Stability • Strong Western legal system & protection of private property rights • # 1 Destination for Private Equity & Venture Capital in Latin America (LAVCA & Economic Investment Intelligence Unit) • # 1 -Place to do business's in Latin America (Forbes) Friendly • Favorable tax regime for foreign investors i Most peaceful country in Latin America measured by foreign relations & crime rates (Global Peace Index) Political i # 1 in Latin America for ethics and accountability in government & business (Transparency Stability International) i Lowest Corruption in Latin America (Corruptions Perception Index) • The Global Competitive Report for 2009-2010 ranked Chile as the 30th most competitive country in the world and 1st in Latin America • Chile's strong economy and lack of domestic source of hydrocarbons (gas, oil or coal) has increased its need to secure stable supplies of energy • Chile's power capacity are already severely strained and local authorities are estimating that demand will double over the next 12 years forcing Chile to look for alternative sources of energy in the renewable space. Only 2.4% of Chile's generation capacity comes from non-conventional renewable sources • Clear regulatory and legal framework favoring energy generation from renewable sources: Law 20,257 currently requires 5% of the energy produced by conventional generators must be generated from renewable sources increasing annually at a rate of 0.5% from until reaching 10%. • MISSION POWER 8 EFTA01180640  Executive Summary About Chile Country Comparison Chile China Brazil U.S. India Debt/GDP Ratio 6% 17% (6O% Unofficial) 41% 63% 56% 2009 Deficit/GDP 4% 4% 7% 12% 9% Economic Freedom 5th 82nd 111th 6th 87th Legal Foundation Western Communist Western Western Western Corruption Perception 25th (19, in Lat Am) 79th 75th 19th 84th GDP/capita (PPP) $14,299 USD $6,546 USD $10,296 USD $46,433 USD $3,270 USD Trade Freedom 3th 3901 90th 29th 720 Source: CATO Institute and the World Bank • MISSION POWER 9 EFTA01180641  Executive Summary Business Proposition MP is currently seeking its first round of equity funding of US$ 132 MM to develop then and Projects. The equity raising is based on the following metrics: Installed Capacity: 350 MW Cost per MW: US$ 1.8 mm Project Financing: 80% Construction Equity: 20% - US$ 126 mm Development Expenses: (I) US$ 6.0 mm Total Equity Raising: US$ 132 mm Pre Money Valuation: US$ 300,000/MW - US$ 105 mm Post Money Investor's Ownership: 56% EBITDA Margins: > 80% Expected IRR: > 40% Management Entity: Mission Power • MISSION (1) Development expenses include environmental studies. basic engineering. interconnection studies. legal expenses. overhead. etc. POWER 10 EFTA01180642  Section 2 s Model • MISSION POWER 11 EFTA01180643  The Business Model Replicable and Scalable • "Build-to-suit" solar energy solutions at competitive prices and on a turnkey basis • -Reverse Business Model": MP first identifies potential credit worthy offtakers prior to incurring any Business Model development expenses vs. "conventional wisdom's first look to develop a project and then look for offtakers to execute a PPA and thus be able to secure project financing = high development risk • MP's offtakers become the exclusive energy offtaker under a "bankable PPA• • Low execution risk through a strategic joint venture with a well-known PV supplier. EPC, and O&M Energy Commitment: 100% of the solar farm's energy production Tenor: Financing tenor + 2 years (ex. 20 year PPA w/ 18 years Financing) Contract Type: Take or Pay Contract Pricing: Fixed in US$ and indexed to US' CPI Index - Completed for CAP Project at US$ 107 MWh In the case of mining companies. which tend to have massive extensions of land, solar farm would be built on their land. reducing time to reach COO • Transmission Line either "in the park" or a short distance to interconnection point on the national grid • Evaluate "Build. Own and Operate" model by a 3 rd party to minimize upfront CAPEX for the transmission line • Structure: Project Finance on a non-recourse basis • Financing Amount: Up to 80% • Tenor: 18 years • Interest Rate: Libor + 2.50% - 3.50% • Pre-negotiated with the offtaker • Through M&A: Once MP controls more than 200 MW in installed capacity. it will be an attractive acquisition target for conventional generators looking to enter the renewable energy market or by large financial investors (i.e., pension funds) seeking stable long-term and predictable cash flows • Exit through an IPO • MISSION POWER 12 EFTA01180644  The Business Model Capitalization Strategy by Project Phas: Development Secure Project Proje Technical Phase Site Assessment Studies • Timing (months): • Basic engineering • Outright purchase Renewable Resource • Environmental • 12 to 14 Assessment: License • [Transmission Line • Long•term lease • Capital Required: Radiation studies] • Land granted by • Electric Concession • US$ 1 to 1.5 MM confirmation study • [Interconnection Offtaker • Mining Concessions per Project studies] • Right of Ways • Logistic studies for • [Interconnection construction Permits to National Grid] Construction Project Project Construction Period COD Phase Financing • Project Cost per • Up to 80% leverage. • Approximately 1 month per 7 %We n installed capacity • -Project COD MW: but not less than expected 4O 2013 • US$ 1.8 MM 01 70% Project COD • Up to 30% Equity expected by 2O Investment 2014 • Tenure: Up to 20 project years. but not less COD expected by than 15 years 4O 2014 • Interest rate: Ubor + 2.50 • 3.50% 41- MISSION POWER (1) Including substation 13 EFTA01180645  Section 3 I Project • MISSION POWER 14 EFTA01180646  ■ 3 Project Company Profile Ls, • Investment Grade • MISSION POWER 15 EFTA01180647  Summary Expected COD: IVQ 2013 - 1O 2014 • Distance to the National Grid: "In the park" • Expected Project Cost: US$ 1.8 MM per MW or approximately US$ 180 MM • Expected Leverage: 80% • Equity Investment: US$ 38 MM (US$ 2 MM development expense and US$ 36 MM construction expense) • Status: MOU executed and PPA negotiations almost concluded. • Exit: Predetermined (put/call combo) • Equity IRR > 43% The project financing is expected to have an eighteen (18) year maturity, including nine (9) months of construction period. The Project's projected free cash flow allows for solid debt service coverage ratios after the construction period. The PPA price is US$107 MWh • MISSION POWER 16 EFTA01180648  PPA Expected Total Revenue per MWh $18 $107 USS Dollars per MWh sold 57.7 $81 Energy Price Capacity NCRE EXPECTED total Payment Attribute price per MWh The revenue Firm capacity payments are Law 20.257 establishes Graph indicates long generated per MWh made to generators for a minimum requirement term revenue potential loaded to the grid increasing the capacity of of energy to be sourced based on 100% spot governed either by the grid from renewable market exposure. KAS PPA terms or Spot This payment is based on resources projected long term Market rate the capacity of the plant • The penalty for non- Energy Revenue at $79 during peak demand times compliance is $32 MWh MWh Spot Market price is the highest Marginal Wind Farms receive a low • It is estimated that the ERNC Attribute is Cost of the last Firm Capacity payment due 'market' value for the currently estimated to dispatched power plant to the low capacity factor NCRE attribute is be around US$18/MWh to supply the grid relative to other plants such around US$ I 8.IMW based on information as thermal (coal) provided by KAS. This price will increase When demand for NCRE is greater than supply MISSION POWER 17 EFTA01180649  Financial Parameters Financial Parameters Figures in USS 2013 2014 Total Equity Ownership 100% Solar Farm Capacity (MW) 100 100 100 Plant Load Factor 30.00% Annual Production Degradation 0.70% (In reality 0.3% 0.4%) (guaranteed by Strategic Partner not to exceed 0.7% per yr.) Energy Price (US$ MW) 107.00 O&M (USS.MW) $ 37.000.00 Overhead $ 1.148.545.18 Land Lease (% of Revenues) 2.00% Depreciation (Years) 10 Construction Period (Months) 12 Price Escalator per Year 2.00% Investment (US$MW) $ 1.800.000 CAPEX - Replacement of Inverters every 10 years I $ 85.00800 Modules do not need any overhaul for 30 + years (US$ MW) Leverage (%) 80% Tenor (Years) 20 Interest Rate (Fixed) 7.00% Amortization Semi-annual Income Tax 20.00% EBITDA Exit Multiple (Times) 8.00 Development Equity $ 2.000.000 Construction Equity - 20% equity contribution $ 36.000.000 • MISSION POWER 18 EFTA01180650  F nancial Projectio Financial Projections Figures in USS 2013 2014 2015 2018 2017 2018 2019 2020 2021 2022 2023 Revenues 28.119.600 28.481.218 528.847.487 $ 21218.465 5 29.594.215 $ 29.974.796 $ 30.360272 30756705 31.146.159 $ 31.546.619 Operating Expenses: 0814 3.700.000 5 3.774.000 3.849.480 $ 3.926.470 5 4.004.999 $ 4.085.099 $ 4.166.801 5 4.250.137 4.335.140 $ 4.421.843 Overhead 1.148,545 5 1.171.516 1.194.946 $ 1.218.845 5 1.243.222 $ 1.268.087 $ 1.293.448 5 1.319.317 1.345.704 $ 1.372.618 Land Lease 562,392 5 569.624 576.950 $ 584.369 5 591.884 599.496 $ 607.205 5 615.014 622.923 $ 630.934 Depreciation 18.000600 5 18.000.000 $18,000.000 $ 18.000.000 5 18.000.000 $ 18.000.000 $ 18.000.000 $18.000.000 $18.000.000 $ 18.000.000 Total Operating Expenses 23.410.937 $23.515.140 $23.621.376 $ 23.729.684 5 23.840.106 $ 23.952.682 $ 24667A55 $24.164.468 24.303.767 $ 24.425.394 Operating income $ 4,708.663 4.966.078 $ 5.226.110 5.488.781 5 5.754.109 $ 6.022.115 $ 6.292817 5 6.566.237 $ 6.842.393 $ 7.121.305 Plus Depreciation 18.000.000 $18.000.000 $18000.000 $ 18.000.000 5 18.000.000 $ 18.000.000 $ 18.000.000 $18.000.000 $18.000.000 $ 18.000.030 EBITDA 22.708.663 22.966.078 23.226.110 $ 23.488.781 5 23.754.109 $ 24.022.115 $ 24.292.817 24.566.237 24.842.393 $ 25.121.305 EBITDA Margin 81% 81% 81% 80% 80% 80% 80% 80% 8014 / 8014 / Company Free Cash Flow Oper. Income $ 4.708.663 5 4.966.078 5.226.110 $ 5.488.781 5 5.754.109 $ 6.022.115 6.292.617 6.566.237 6.842.393 $ 7.121.305 Taxes (20%) 5 • 5 . 5 • $ • 5 .5 • 5 Op. Income After Taxes 4.708.663 5 4.966.078 5,226.110 $ 5.488.781 5 5.754.109 $ 6,022.115 6.292.617 6.566.237 6.842.393 $ 7.121,305 Plus Depreciation 18.000.000 $18.000.000 $18.000.000 $ 18.000.000 5 18.000.000 $ 18.000.000 $ 18.000.000 516.000.000 $18.000.000 $ 18.000.000 Less CAPE% .5 • .5 • $ • 5 • 58.500.000 Free Cash Flow 22.708.663 22.966.078 23.226.110 $ 23.488.781 5 23.754.109 $ 24.022.115 $ 24.292.817 524.566237 24.842.393 $ 16621.305 Debt Service Interest Payment 10.080.000 5 9.678.870 9.249.661 $ 8.790.408 5 8.299.006 $ 7.773207 7.210.602 5 6.608.614 5.964.487 $ 5.275.272 Principal Amortization 5.730.426 5 6.131.556 6.560.765 $ 7.020.018 5 7.511.419 $ 8.037219 8.599.824 5 9.201.812 9.845.939 $ 10.535.154 DSCII 1.44 1.45 1 47 1.49 1.50 1.52 1.54 1.55 1.57 1.05 Equity Valuation Free Cash Flow $22.708.663 522.966.078 $23.226.110 $23.488.781 523.754.109 $24.022.115 124.292.817 524.566237 524.842393 $16,621,305 Exit Multiple at Year 518x) $190.032873 Less Debt Service (515.810.4261 (S15.810.426) (515616426) 415.810.426) (515.810,4261 Less Debt Outstanding (5111,045.816) Equity Investment (52.030.000) (136.000.0001 Free Cash Flow to the Equity (52.030.000) (529.101.763) 57.155.652 $7.415.684 57.678.355 586.930.740 Development Equity Investment 12.030.003 Construction Equity investment 536.000.000 RR 43.11% • MISSION POWER 19 EFTA01180651  Section 4 Project Pipeline • MISSION POWER 20 EFTA01180652  Project Pipeline Summary Project Project 100 MW Solar Farm (Negotiating MOU) 150 MW Solar Farm (Negotiating MOU) •Expected Capacity: 100 MW •Expected Capacity: 150 MW •Expected Ownership: 100% •Expected Ownership: 100% •Expected COD: IIO 2014 •Expected COD: IVO 2014 •Distance to National Grid: Less than 40 kilometers •Distance to National Grid: Less than 30 kilometers •Expected Project Cost: US$ 1.8 MM per MW. or •Expected Project Cost: US$ 1.8 MM per MW. or approximately US$ 180 MM approximately US$ 270 MM •Expected Leverage: 80% •Expected Leverage: 80% •Equity Investment: US$ 36 MM •Equity Investment: US$ 54 MM •Expected Development Cost: Up to US$ 2.0 MM in •Expected Development Cost: Up to US$ 2.0 MM in studies and engineering expenses to take the project to studies and engineering expenses to take the project to a "bankable" stage a "bankable" stage •Equity IRR > 41% •Equity IRR > 41% • MISSION POWER 21 EFTA01180653  Project Pipeline Solar Project Pipeline Development Equity Equity Raise Expected Project Name Project Size Project Stage Ownership Investment Investment Expected (Development + Equity) IRR (MW) (%) (USS MM) (US$ PAM) 11 COD 2012 2013 (%) 100 !MU executed 100% (2) $2.00 $36.00 IVO 13 $2.00 $36.00 43% i3i 100 MOU negotiation 100% (2) $2.00 $36.00 110 14 $2.00 $36.00 41% I3i 150 MOU negotiation 100% (2) $2.00 $54.00 IVO 14 $2.00 $54.00 41% i3i 350 $6.00 $126.00 $6.00 $126.00 MW Ownership: 350 COD in 2013: 100 COD in 2014: 250 (1) Eqnly investment during the construction phase based on an 80% debt! 20% equ Ay investment (2) The °Maker may have a cal option to purchase 100% of the solar larm (or up to 49%) at terms to be agreed (3) Assumes an exit at year 5 at a 8x Eta [tulip"? • MISSION POWER 22 EFTA01180654  Section 5 tive Management • MISSION POWER 23 EFTA01180655  Tea : Executive Manage Bios Anibal Palma, Co-Founder Anibal oversees project origination, development, strategic planning and raising / structuring capital for Mission Power. Before forming Mission Power. Anibal co-led the effort of Caravel Wind Ventures Umited as co-sponsor of the 460 MW wind farm project in Lebu. Chile responsible for managing the day-to-day matters of the project including, hiring and overseeing the local management team, negotiating project financing and generally overseeing the project in his role at Chief Executive Officer. Anibal is a former Managing Partner and Head of Investment Execution of Ouantek Asset Management (OUAM). the management company of Ouantek Opportunity Fund. and member of OUAM's Investment Committee. During Anibal's tenure. GUAM reached in excess of $1 billion in assets under management. becoming the largest asset based lending fund fully dedicated to Latin America and ranked in the top quartile versus comparable hedge funds. In 2007 and 2008. GUAM was recognized as the Best Latin America Hedge Fund Manager by Hedge Funds World. Prior to OUAM. Anibal was Head of Investment Banking for Latin America at Pali Capital. Inc.. a New York Investment Bank & Broker Dealer. Before joining Pali Capital. Anibal was a Managing Director al Provident Group, a New York Investment Bank. Prior to that. Anibal was a founding partner of Inverlink USA. Inc.. an Investment Banking boutique specializing in Latin America. Prior to Inverlink Mr. Palma spent eight years at Nomura Securities International in New York. where his last role was as Director in the Latin American Investment Banking division and prior to founding Invertink. he received a B.A. in Economics from the University of Chile. a Masters in Economics from Georgetown University. and an MBA from New York University. Mr. Palma was born in Chile and is fluent in Spanish. Jason D. Papastavrou, Ph.D., Co-Founder Jason oversees risk management and engineering aspects relating to Mission Power and has supervised the technical aspects of Caravel Wind Ventures Limited as co-sponsor of the 460 MW wind farm project in Lebu. Chile including review of basic engineering plans. transmission line feasibility studies, construction, wind assessment and modeling. Jason is the founder and Chief Investment Officer of ARIS Capital Management. LLC an alternative multi-strategy investment firm. Prior to forming ARIS Capital Management in 2004. Jason founded and was managing director of the Fund of Hedge Funds Strategies Group al Banc of America Capital Management rBACAP) and president of BACAP Alternative Advisors. From 1999 through 2001. Dr. Papastavrou was a senior portfolio manager for Deutsche Asset Management ('teAl.c). Following the merger with Bankers Trust in 1999. DeAM elected to build its internal fund of hedge fund capabilities and made Jason their first hire. His tenure saw a period of unprecedented growth, as assets under management grew from $700 million to $4.5 billion. From 1997 to 1999. Dr. Papastavrou was the portfolio manager for a Swiss family office with hedge fund investments exceeding $1 billion. Jason began his professional career as a professor of industrial engineering at Purdue University from 1990 to 1999. He received !enure as well as numerous teaching and research awards, including the Research Initiation Award by the National Science Foundation and the highest Purdue teaching honor. the Charles B. Murphy Award. His main research and leaching locus was on decision making under uncertainty. He has published over twenty reviewed papers in academic journals. Jason earned his Ph.D. and Masters Degree in electrical engineering and a Bachelor's degree in mathematics, all from the Massachusetts Institute of Technology. His research focused on decision making under uncertainly. Apostolos Peristeris, Esq., Co-Founder Apostolos oversees all aspects of Mission Power related to efficient operations. raising and structuring capital. project selection and manages the company's legal and regulatory affairs. Before forming Mission Power. Apostolos co-led the effort of Caravel Wind Ventures Limited as co-sponsor of the 460 MW wind farm project in Lebu. Chile responsible for overseeing the day-lo-day matters securing the equity financing. the project's acquisition. structuring capital requirements and strategic planning and working with project finance banks and local counsel to negotiate all manner of commercial agreements. Apostolos is a Partner and Chief Operating Officer and General Counsel of ARIS Capital Management. LLC an alternative multi-strategy investment firm. heading business and investment operations. including investment acquisitions. structuring and legal and is a member of the inve