EFTA01366630.pdf

Amendment #4 Page 201 of 868 .05,7eleSTIS rydopelectnc This technology-neutral platform enabes Ots open architecture approach whim provides us with Ire ability to evaluate a broad range of development parrtershice and aces/anon °poor:unit es arc support the rapid growth of our portfolio Msinfeln sound Mandel practices We intend to marten our commitment to dun:dined financial analysis and a balanced capital stnotire Our finanoal practices .cal include (I) a risk and credit policy focused on transacting with our:tawdry counterporties. Oda fnancing policy focused on achieving an optimal capital structure through various captal formation alternatives to rrinmize interest rates, refnancirg risks and tax withhodngs. (n) oblong denvalwe financial instruments to ramie ow re( exposure to curency fluctuations and (iv) a dividend policy that is based on dstributeg the CAFD generated by our rived portfolio (after deducting appropriate reserves for our working capital needs and the prudent conduct of our tusness) Ckr initial dividend was established based on our targeted payed ratio of approximately 85% 01projected CAFO see 'Cash dvidend policy' Our competitive strengths We believe our key competave strengths mettle Diversify Our mire' portfolio rs well dverstied in terms of geography, market segment counterparty. and hoots of renewable energy technology We serve wiry commercial inchst nal ant governmental Customers and may serve residentel tusmesS tires in Ire future We have pcojects located across 11 countnes and lour continents Projects n our intel portfolio boated in any sirgle country are not evaded to represent more than 30% of our projected CAFD for tie year erring December 31 2016, thereby reducing our operatirg risk profhe and relanoe on any single market or segment We utilize several renewable energy team/ages, the proatticri profits of Mich corn:Yemeni one another, whch we believe enables us to generate consistent cash flow We believe our *verse customer base, geographic presence and technology improves our business development ow:Aunties by enhancing our industry relationships, repletion and understanding of regald power market dynamics Portfolio growth opportunities We believe we will to able to rapidly expand our moot partblia howls several channels Vile have signdcant project accsirsd on call rights and ROFO rights with our Sponsor We also expect to have call rights wth third-party developers d dean power generation assets. Muting the Tha*Parly Call Rte! Projects We aro our Sponsor have sun:epeea/ located propel °cometon learns, along with relatonshps with (ego:natty-focused clean power generation companies, trot we be:ieve wit laotrtate the growth d at project pipeline We expect to have signer-3d opporttndue to expand our pepped portfolio through at:Atonal Mit-corly acquisitions for the foreseeable Kline Stable high-quality cash flows OS ate' portfolio of projects together with the call night projects that we acquire, will provide is with a stable predicable Cash flow profile We set the electncty generated by our projects under PPAs Cr similar &flake attargenMI 1,0 such as feearn tariff programs with creditworthy courterpartes As of March 31. 2015 the weighted average (Cased on megawatts) remaining lie of our PPM was 19 years All of our projects nave highly predictable operatng costs, in large part due to solar, wand and hydroeectnc facilities having no fret cost and Waring reliable technology We intend to uttrte foreign exchange and foreign tax strategies in an effort to rnagete the impact of cross-torder costs Finally. eased on our initial portfolio of projects we do rot expect to pay sonde-art US federal income taxes in the near term Rdationshlp MTh SunEedson We believe our feat onshtp with our Sponsor provides us kith significant benefits incsging Ire following • Strong asset &wait:privet track record Our Sponsor has demonstrated a sgercanl !rack record n developing both solar and as a result of its acqusation of Fest VVInd, wind energy gererabon facilities. Over 193 http://cfdocs.btogo.com:27638/cf/drv7/pub/edgar/2015/07/20/0001193125-15-256461/d78... 7/20/2015 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058158 CONFIDENTIAL SDNY_GM_00204342 EFTA01366630