Green. Clean. Wind energy. EverPower Wind Holdings, Inc.

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Presentation transcript:

Green. Clean. Wind energy. EverPower Wind Holdings, Inc.

Green. Clean. Wind energy. Founded in The private equity firm Terra Firma is our largest shareholder. Headquartered in Pittsburgh, PA with offices in New York City and Bellefontaine, Ohio. – Largest office is in Pittsburgh, employing over 40 people. – Has an additional 20 employees nationwide. EverPower has grown through both greenfield development and through M&A activity. About EverPower Wind Holdings ~ 2 ~

Green. Clean. Wind energy. EverPower has six operational wind farms generating over 500 MW of power. – 62.5 MW Highland Wind Farm in Cambria County, PA – 75.0 MW Highland North Wind Farm in Cambria County, PA – 62.5 MW Howard Wind Farm in Steuben County, NY – MW Mustang Hills Wind Farm near Tehachapi, CA – MW Twin Ridges Wind Farm in Somerset County, PA – 30 MW Patton Wind Farm in Cambria County, PA EverPower has 17 projects in eight states in various stages of development totaling more than 2,100 MWs of potential output. EverPower typically places debt on projects prior to or at construction – Requires significant de-risking efforts early in development About EverPower Wind Holdings ~ 3 ~

Green. Clean. Wind energy. Twin Ridge Wind Farm – Somerset County, PA ~ 4 ~

Green. Clean. Wind energy. 68 RePower MM MW Turbines, MW Total Capacity 22 Wind Leases across approximately 4,700 acres; 81 total land agreements including easements and waivers 11 mile 136 kV generator lead line, including a 1.5 mile underground line with the city of Frostburg, MD, interconnecting to the Frostburg substation Permitted in two states: Pennsylvania and Maryland Full merchant project – 100% of output sold on day-ahead market – which requires significantly higher equity contribution Twin Ridge Wind Farm - Somerset County, PA ~ 5 ~

Green. Clean. Wind energy. Twin Ridges qualified for the Investment Tax Credit (ITC) offered as part of the American Recovery and Investment Act of 2009 – Reimbursement of project costs after COD, in lieu of PTC – Begin construction - 5% of total project costs, in 2012; – COD date by end of Executed TSA and began site preparation November 2011 to reach COD date at end of 2012 Financial close on April 2, 2012, having already began construction at the site Board required high level of certainty on project risks to commit to TSA and site preparation About 41 million in debt with significant equity contribution for remainder of project costs Twin Ridge Wind Farm – Due Diligence ~ 6 ~

Green. Clean. Wind energy. In 2009, about 1/5 of project secured with Option Agreements - immediately began efforts to convert to full Leases and Easements – Flexibility during construction – Lender Protections – Operational concerns Began title clearing efforts about 1 ½ years prior to financial close: – SNDAs – Mutual Use Agreement with major Oil/Gas developer – Crossing Agreements – Other curative documents Two ALTA policies, two ALTA surveys, two forms of security: mortgage in Pennsylvania and Deed of Trust in Maryland O/M Building Acquired after financial close – additional title policy and mortgage Twin Ridge Wind Farm – Due Diligence ~ 7 ~