Solar Financing Innovations for the Commercial Real Estate Owner The Business Case for Solar

Solar Growth in America 2

Who’s Adopting Solar? 3

Solar is Cheaper than the Grid No Upfront Capital Investment Top reasons customers or investors say no: | Expectation for solar to be too expensive | Contingent liability created if host sells building | Requirement to purchase all of the power annually | Tenant not creditworthy or lease term does not match PPA term 4

Flexible & Virtual PPAs New Tools & Markets PPA Negotiation Title Report/SNDA Site Suitability Study Interconnection Study Building/Electrical Permit Tenant lease Rider ** Electrical Upgrades ** (Internal Metering) Tenant Meter Reading ** ** Unique to Flexible PPA’s 5

Risk/Return Analysis Traditional PPA Flexible PPA Single short- term Tenant Multiple medium- term Tenants Single Long term Tenant Single medium- term Tenant Target Market Multiple short- term Tenants | The Flexible PPA is priced on a risk- adjusted return basis to the Traditional PPA Sizing solar production below historical usage is key 6

Transition of Conergy to Pure Play Downstream Solar Player by Kawa Since Acquisitions October 2014 / The B2B businesses in Canada and the U.S. were sold as distribution is not core to Conergy August 2013 / Kawa acquired the Conergy operations in U.S., Canada, and Asia through Kawa Solar Holdings November 2013 / Kawa solar Europe acquired the Conergy operations in Germany and Italy January 2014 / Kawa solar Europe acquired the operations of Wirsol in the U.K., which catapulted Conergy to a market leader in the U.K. March 2014 / Magnetar Capital invested growth capital in Kawa Solar Holdings May 2014 / Kawa Solar Holdings engaged a local developer in Mexico to work exclusively with Conergy July 2014 / Tennenbaum Capital Partners financed a 60MM Deutsche Bank facility for bank guarantees August 2014/ Conergy implemented a restructuring to right size the B2B business in Italy March 2015 / $45M equity financing round closed, led by major EU utility, RWE October 2013 / Kawa Solar Holdings established Kawa Solar Europe and acquired Conergy U.K. and the assets of Australia February 2014 / Conergy Global Solutions was established in Germany to become the new headquarters and assumed all contracts for the headquarter employees April 2014 / Kawa Solar Holdings engaged a local developer in Brazil to work exclusively with Conergy May 2014 / The Conergy operations in Germany were right sized for the current market size to minimize losses July 2014 / Kawa Solar Investments and Kawa Solar Europe established Kawa Solar Development as sidecar vehicle to deploy U.S. $15MM in U.K. project development Kawa AcquisitionsStrategic Developments March 2015 / Conergy launches operations in Turkey Key M&A Restructuring Corporate Finance 7

We have operations in fifteen countries The Global Picture: Bringing solar to billions across the globe 8

A global leader in turnkey solar power plants with 909MW installed worldwide EPC Track Record MWMW Turnkey solar power plants with 909MW installed worldwide. UK Germany Thailand USA & Canada Philippines Spain Korea Italy Greece India France Czech Republic Romania UAE New Caledonia Switzerland

After We Construct, We Provide O&M Build (short-term) Project Development Financing Engineering Procurement Construction Operation & Maintenance Maintain (long-term) Conergy has fifteen years of experience constructing solar projects with precision and on time for customers Long term, Conergy provides operation & maintenance (O&M) services to ensure highest possible yields for customers BEFORE GRID CONNECTIONAFTER GRID CONNECTION EXPERIENCE OF OVER 900MWEXPERIENCE OF OVER 500MW Conergy both constructs and ensures long-term performance of solar projects 10

Highlights AMERICAS Developed and constructed the first solar plant west of Ontario, Canada, for Teck Resources Limited 2.5MW Co-developed and constructed five solar farms in North Carolina, United States 28MW EUROPE Developed and constructed over 22 solar farms on-time in the United Kingdom before the ROC national policy incentive ended for >5MW projects 286MW Grid connected the first ~300kW EPC commercial roof-top project in Germany for Hellweg, the large DIY chain with 200 stores ~ 300kW Closed $45M equity round in March 2015, led by major utility RWE $45M ASIA Recently commissioned the first and only plant in the Philippines 22MW We have secured a 300MW project pipeline in Japan 300MW We have secured a 100MW project pipeline in the Philippines 100MW Developed, financed, and constructed 24MW of projects in Ichinoseki, Japan 24MW 11