130 MW Solar PV Project

Panama
September 2016

Environmental & Renewables Group

Table of Contents

I. Transaction and Company Overview 3

II. Solar Market Overview 8

Environmental & Renewables Group
III. Project Overview 13

IV. Financial Projections 32

V. Contact Info 38

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I. Transaction Overview

Panamá

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 TRANSACTION OVERVIEW
EXECUTIVE SUMMARY

 Continua (“Continua” or “the Company”) is an highly experienced developer of renewable energy projects from
early stages with a focus on solar PV worldwide. The management team consists of seasoned industry veterans,
many from multinational engineering firm ABB, with hundreds of solar projects completed.
 The Company has prepare a preliminary detailed study for 130 Mw solar projects in the best irradiation location in
Panama. There is 2 lots of projects :
• Lot 1 are :
o CSF CHARCO AZUL ( 20 Mwn, 24 Mwp )
o CSF LLANO SANCHEZ ( 30 Mwn, 36 Mwp )

• Lot 2 are :
o CSF MATA DE NANCE ( 30 Mwn, 36 Mwp )
o CSF SANTIAGO ( 50 Mwn, 60 Mwp )

 This is a preliminary study to illustrate the profitability of Solar projects in Panama. In our study we include the
solar resource, the performance of the solar plant and the economical business model.

All project listed has been selected according following premises :

 Global tilted Irradiation better than 1.700 Kwh/m2/year.  Distance to existing substation ( < 2 Km ).
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 Connectivity with existing high size Substation.  Availability of enough land.

 Capacity of existing Substation and national grid capacity.  Almost flat land.
 The highest solar irradiation locations in all Panama.  Moderate and low temperatures areas to improve panels efficiency.
 Optimal size plant for improving installation and operation cost

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 DEVELOPER OVERVIEW
STRATEGIC ALLIANCES AND PAST INVESTMENT PARTNERS

Suppliers Design & Construction Equity Investors Debt Investors

|CONFIDENTIAL INFORMATION|

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 DEVELOPER OVERVIEW
DEVELOPMENT TEAM PAST PROJECTS

PV Projects Experience

Country Scope of Work Technology Term MWp Projects

Spain Feasibility, development, legalization, engineering Fixed 2006-2007 10.0 100

Spain Feasibility, development, legalization, engineering Fixed 2007-2008 0.5 1

Spain Marketing, Engineering and Construction 1 Axis 2007-2009 18.0 2

Spain Marketing, Engineering and Construction 2 Land axis 2008-2009 1.2 1

Spain Feasibility, development, legalization, engineering Rooftop 2008-2010 5.2 15

Spain Feasibility, development, legalization, engineering 2 Unipolar Axis 2011 1.5 1

Spain Feasibility, development, legalization, engineering 2 Unipolar Axis 2011 23.0 1

Italy Marketing, Engineering and Construction Fixed, 1 axis, 2 axis 2010-2011 158.0 24

France Marketing, Engineering and Construction Rooftop and Fixed 2010-2011 2.6 2

UK Engineering Fixed 2011-2012 6.2 2

Bulgaria Engineering Fixed 2011-2012 50.0 2

Israel Marketing, Engineering and Construction Rooftop 2012-2013 4.5 1

USA Marketing and Engineering Fixed 2011-2012 24.8 1

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South Africa Marketing and Engineering Fixed , 1 axis 2012-2013 185.0 5

Chile Marketing and Engineering Fixed 2011-2012 2.5 1

Japan Marketing and Engineering Rooftop 2013-2014 2.5 1

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 DEVELOPER OVERVIEW
DEVELOPMENT TEAM PAST PROJECTS

Contact Info Team

Management

Mr. Jorge Martínez  Degree in Business Administration and Management (CUNEF)

Lafuente  Master in Marketing and Business (ESADE)
General Manager  He has been General Manager of the Chamber of Commerce and Industry in Soria (Spain)
 His professional career has developed in several financial institutions

Mr. Pablo Martínez  Industrial Engineer (Universidad Pontificia of Comillas in Madrid ICAI)
Lafuente
 Master in Photovoltaic Solar Energy and Solar Power (UNED)
Director of Engineering  Professional with over 10 years of experience in the design and optimization of solar and wind power plants
high efficiency

Mr. Alejandro Vega  Degree in Physics, specialty in Industrial Electronics (University of Granada)
Betoret  Master in Management and Business Administration (University of Deusto)
Marketing & Sales  Director of Global Solar Centre of Competence of ABB (Until 12/30/2014)
Director

Mr. Ricardo López  Bachelor of Business and Economics (University of Santiago de Compostela)
Palencia  Graduated in RRLL (University of La Coruña). Master in Property Law Services (ISDE)
COO  Investment General Manager of Group JPC Viso (Incoga Norte)

Mr. Francisco Ísmodes  Lawyer of the Pontificia Universidad Catholic of Peru

Mezzano  Management Development Program at Harvard Business School (PMD76 - 2001)
Mining & Institutions  Diploma in Strategic Management for the New Mining of Gerens (2007 – 2
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 Former Deputy GM of Milpo mining Company and SNMPE Manager of Mining Industry

Mr. Rodolfo Zamalloa  Mechanical Engineer Rasisky Universitiet Drushva Narodov ( Moscu )
Lopez  Oil and combustion engines engineer ( French Petroleum Institute, Paris )
Generation Manager  Master management and development ( Academy Stefan Ghergiu of Bucarest )
 General energy and electricity manager of Cerro Verde Mine ( till October 2015 )

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II. Solar Market Overview

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 MARKET OVERVIEW
INVESTMENT HIGHLIGHTS

 Solar will be the largest sector for energy investment 2015 – 2040, with $3.7 trillion, to reach
14% of the solar electricity generation, even assuming no direct subsidy from 2017.
 Some 3.4 Tw of solar will be installed between 2015 and 2040, of which 1.8 Tw will be utility
scale PV and 1.7 Gw mounted on residential and commercial rooftops.
 Most countries have or will shortly hit their long-term goals for the technology, as cheap solar
Solar energy outlook exceed expectations. PV is close or even less cost of generation than fossil fuel sources is
attractive to resource planners in countries like China, seeking to diversify their power mix.
 Solar market will grow in Caribbean area at least to reach 20% of total generation in 2040.
 From the climate change perspective, we expect CO2 emissions to fall only 13% between 2015
and 2040. The challenge will be for developing as well as industrialized nations to balance their
rising renewables deployment with flexible capacity in addition to cheap domestic coal.
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 MARKET OVERVIEW
INVESTMENT HIGHLIGHTS

SOLAR ENERGY

 The Sun's energy is vital to life on Earth. Determine the surface temperature of the Earth and provides virtually all the
energy that powers the world's natural systems and cycles.
 All renewable energies are derived in one way or another by the sun. The Sun itself has enormous potential to become
the most dominant direct source of all renewable energies. Provides, within three days, as much energy as all known
reserves of fossil fuels underground.
 It has been a source of renewable energy for millions of years and is now taking on society, a leadership role in providing
current and future energy.

This image shows the space ideally

occupied by the solar panels needed to
meet demand of electrical energy in
worldwide (1), in Europe (2) and in a
Total annual insolation
European country developed (3)
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Coal reserves
Oil reserves
Natural gases reserves
Uranium reserves
Annual eneregy consumed by humankind

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 MARKET OVERVIEW
INVESTMENT HIGHLIGHTS
Every hour, the earth absorbs more
energy from the sun than it can consume
the entire world population in one year.
|CONFIDENTIAL INFORMATION|
Environmental & Renewables Group
SOLAR ENERGY
Renewable energy is an essential tool for solving problems and
energy challenges of today, including part :
 Global warming, associated with the use of fossil fuels.
 The huge increase in electricity consumption.
Solar energy is the more abundant energy on earth:
 The sun rises every day
 Solar energy reaches every single corner.
 The Sun does not depend on the Governments.
 Not maintains restrictions.
 It is costs competitive.
 It is a free and no-volatile energy source.
 It is free-emissions.
 It is fully modular and distributed.
 Installation deadlines in few months.
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 MARKET OVERVIEW
INVESTMENT HIGHLIGHTS

SUN BELT

Solar energy challenge

• It is expected a grow of electricity consumption

of ~ 150% ( next 20 years )

• The electrical infrastructure is often sparse and

1.5 billion people lack access to it, making it
difficult social and economic.

• Many countries rely heavily on imported fuel

for electricity generation.

• Large investments in infrastructure and

generation systems are needed to meet
growing electricity demand.

• Pressure on countries in the sunbelt to increase

power generation keeping their CO2 emissions
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and other environmental impacts.

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III. Projects overview

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 MARKET OVERVIEW
PANAMA SUBSTATIONS AND TRANSMISSION
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 MARKET OVERVIEW
PANAMA SOLAR IRRADIATION
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 MARKET OVERVIEW
PANAMA SOLAR IRRADIATION – PROJECTS LOCATIONS
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Project locations in the best irradiation areas.

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 MARKET OVERVIEW
PANAMA, PROJECTS LOCATIONS
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Lot 1 Projects Lot 2 Projects

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 PROJECT OVERVIEW
PRELIMINARY HOURLY PROFILE ANALYSIS ( FIX TILTED )

Tillt Global Irradiation 15º Hourly average w/m2. PV Santiago

900.00

800.00

700.00

600.00

500.00

400.00

300.00

200.00

100.00

0.00
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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Enero Febrero Marzo Abril Mayo Junio Julio

Agosto Septiembre Octubre Noviembre Diciembre Media

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 PROJECT OVERVIEW
PRELIMINARY HOURLY PROFILE ANALYSIS ( 1 AXIS TRACKER )

1 Axis Irradiation Hourly average w/m2. PV Santiago

900.00

800.00

700.00

600.00

500.00

400.00

300.00

200.00

100.00

0.00
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
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JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY

AUGOST SEPTEMBER OCTOBER NOVEMBER DECEMBER AVERAGE

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 MARKET OVERVIEW CHARCO AZUL
PANAMA LOT 1 PROJECTS LOCATIONS MATA DE NANCE
|CONFIDENTIAL INFORMATION|

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 PROJECT OVERVIEW CHARCO AZUL
PRELIMINARY ANALYSIS IRRADIATION LOT 1 MATA DE NANCE

Irradiation & Temperature Data Base

CSF CHARCO AZUL CSF MATA DE NANCE
METEONORM ( Version 7.1.8 ) METEONORM ( Version 7.1.8 )

Months Meteonorm 15º Meteonorm 15º

Horizontal Global Meteonorm 1 Axis Horizontal Global Meteonorm 1 Axis Amb. Temp
Tilted Irrrad. Amb. Temp (ºC) Tilted Irrrad.
Irrad. (Kwh/m2) Irrad. (Kwh/m2) Irrad. (Kwh/m2) Irrad. (Kwh/m2) (ºC)
(Kwh/m2) (Kwh/m2)

January 151.00 167.00 182.00 25.00 147.00 158.00 173.00 25.10

February 159.00 171.00 198.00 25.80 151.00 160.00 187.00 25.80
March 180.00 183.00 222.00 27.00 177.00 180.00 217.00 27.00
April 158.00 153.00 185.00 27.90 150.00 147.00 175.00 27.80
May 147.00 137.00 174.00 28.00 142.00 136.00 171.00 27.80
June 136.00 125.00 156.00 28.00 130.00 124.00 151.00 27.80
July 148.00 137.00 174.00 27.40 141.00 134.00 165.00 27.30
August 136.00 130.00 157.00 27.40 130.00 127.00 146.00 27.20
September 130.00 128.00 147.00 27.40 128.00 127.00 146.00 27.20
October 115.00 118.00 130.00 27.00 114.00 117.00 131.00 26.80
November 117.00 126.00 137.00 25.70 114.00 120.00 133.00 25.70
December 124.00 138.00 146.00 25.40 121.00 131.00 142.00 25.50
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Year 1,701.00 1,713.00 2,008.00 26.83 1,645.00 1,661.00 1,937.00 26.75

GAIN ( tilt vs horiz. ) 0.71% 18.05% 0.97% 17.75%

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 PROJECT OVERVIEW CHARCO AZUL
PRELIMINARY ANALYSIS PERFORMANCE LOT 1 MATA DE NANCE
Performance Ratio ( PR ) Preliminary Analysis.
PV SOLAR PLANT PANAMA CSF CHARCO AZUL CSF MATA DE NANCE
Description Fix structure 1 Axis Tracker Fix structure 1 Axis Tracker
Irradiation Horizontal (Average Data base Kwh/m2) 1,701 1,701 1,645 1,645
Irradiation Gain 1 axis tracker vs horizontal 0.71% 18.05% 0.97% 17.75%
Peak Power ( DC ) 24,000 kWp 24,000 kWp 36,000 kWp 36,000 kWp
Nominal Power ( AC ). Inverter Label. 20,000 kWn 20,000 kWn 30,000 kWn 30,000 kWn
Nominal Power ( AC ). After Inverter derating ( Altitude ). 20,000 kWn 20,000 kWn 30,000 kWn 30,000 kWn
Ratio Nominal / Pico 20.00% 20.00% 20.00% 20.00%
Equivalent tilted irradiation 1,713 2,008 1,661 1,937
Shadows Losses 0.90% 0.00% 0.90% 0.00%
Reflectance losses 2.90% 2.90% 2.90% 2.90%
Temperature losses
14.10% 14.27% 14.50% 14.67%
Low Irradiation Losses.
Panel Mistmatching losses. 0.40% 0.40% 0.40% 0.40%
Dirt losses. 1.00% 1.00% 1.00% 1.00%
DC Losses 1.35% 1.38% 1.35% 1.38%
Overpower losses 0.00% 0.00% 0.00% 0.00%
Inverter ( DC/AC) losses & MPPT Accuracy. 2.10% 2.10% 2.10% 2.10%
Low voltage AC losses. 0.12% 0.12% 0.12% 0.12%
Transformer losses ( 24 KV ) 1.52% 1.52% 1.52% 1.52%
MV losses ( MV Ring ) 0.20% 0.21% 0.20% 0.21%
Evacuation Line ( Substation input ) 1.12% 1.12% 0.12% 0.12%
SS transformer losses . 0.40% 0.40% 0.40% 0.40%
Performance Ratio at SS Input 76.10% 76.61% 76.51% 77.02%
Equivalent hours at SS Input 1,304 1,538 1,271 1,492
Availability losses ( O&M ) 1.00% 1.00% 1.00% 1.00%
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Panel degradation losses ( year 0 ) 1.00% 1.00% 1.00% 1.00%

Performance Ratio year 1 74.59% 75.08% 74.99% 75.49%
Equivalent irradiation (Kwh/m2). 1,278 1,508 1,246 1,462
Yearly Production (Kw/h). 30,664,781 36,184,862 44,842,149 52,640,874
Final Equivalent hours ( Kwh / Kwp ) 1,278 1,508 1,246 1,462
Plant Factor 17.50% 20.65% 17.06% 20.03%

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 PROJECT OVERVIEW CHARCO AZUL
PRELIMINARY ANALYSIS. PRODUCTION LOT 1 MATA DE NANCE
25 YEARS FORECAST PRODUCTION ( PANAMA PV PLANTS )
Yearly Panel degradation CSF CHARCO AZUL CSF MATA DE NANCE
0.6% Fix structure 1 Axis Tracker Fix structure 1 Axis Tracker
Yearly Inflation 1.9 % Production Kwh Production Kwh Production Kwh Production Kwh
PV PLANT YEAR 1 30,664,781 36,184,862 44,842,149 52,640,874
PV PLANT YEAR 2 30,480,792 35,967,753 44,573,096 52,325,029
PV PLANT YEAR 3 30,297,907 35,751,946 44,305,658 52,011,078
PV PLANT YEAR 4 30,116,120 35,537,435 44,039,824 51,699,012
PV PLANT YEAR 5 29,935,423 35,324,210 43,775,585 51,388,818
PV PLANT YEAR 6 29,755,811 35,112,265 43,512,931 51,080,485
PV PLANT YEAR 7 29,577,276 34,901,591 43,251,854 50,774,002
PV PLANT YEAR 8 29,399,812 34,692,182 42,992,343 50,469,358
PV PLANT YEAR 9 29,223,413 34,484,029 42,734,389 50,166,542
PV PLANT YEAR 10 29,048,073 34,277,124 42,477,982 49,865,543
PV PLANT YEAR 11 28,873,784 34,071,462 42,223,114 49,566,349
PV PLANT YEAR 12 28,700,542 33,867,033 41,969,776 49,268,951
PV PLANT YEAR 13 28,528,338 33,663,831 41,717,957 48,973,338
PV PLANT YEAR 14 28,357,168 33,461,848 41,467,649 48,679,498
PV PLANT YEAR 15 28,187,025 33,261,077 41,218,843 48,387,421
PV PLANT YEAR 16 28,017,903 33,061,510 40,971,530 48,097,096
PV PLANT YEAR 17 27,849,796 32,863,141 40,725,701 47,808,513
PV PLANT YEAR 18 27,682,697 32,665,962 40,481,347 47,521,662
PV PLANT YEAR 19 27,516,601 32,469,966 40,238,459 47,236,532
PV PLANT YEAR 20 27,351,501 32,275,147 39,997,028 46,953,113
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PV PLANT YEAR 21 27,187,392 32,081,496 39,757,046 46,671,395

PV PLANT YEAR 22 27,024,268 31,889,007 39,518,504 46,391,366
PV PLANT YEAR 23 26,862,122 31,697,673 39,281,393 46,113,018
PV PLANT YEAR 24 26,700,950 31,507,487 39,045,704 45,836,340
PV PLANT YEAR 25 26,540,744 31,318,442 38,811,430 45,561,322
TOTALS 713,880,241 842,388,476 1,043,931,294 1,225,486,655

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 PROJECT OVERVIEW LOT 1 CHARCO AZUL
LOCATION AND STATISTICS

CSF Charco Azul – 20 MW ( Fix tilted / 1 Axis Tracker )

Power ( study ) 20 MWn ( 24 MWp )

Evacuation Line 2.5 km ( 115 Kv )
Substation Charco Azul ( 24 Mw )
Altitude 27 meters ( Msnm )

Project : CSF Charco Azul Fix tilted Project : CSF Charco Azul 1 Axis tracker
• Plant Factor : 17.50 % • Plant Factor : 20.65 %
• Solar Irradiation • Solar Irradiation
o Global Horizontal : 1.701 Kwh/m2/year o Global Horizontal : 1.701 Kwh/m2/year
o Global Tilt : 1.713 Kw/m2/year o Global 1 axis tracker : 2.008 Kw/m2/year
o Performance Ratio : 74.59 % o Performance Ratio : 75.08 %
o Equivalent Irr. : 1.278 Kwh/m2/year o Equivalent Irr. : 1.508 Kwh/m2/year
• Construction time : 6 months •
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Construction time : 6 months

• Estimated investment : 23.040 KUSD • Estimated investment : 26.400 KUSD
• EPC Price : 0.90 USD/Wp • EPC Price : 1.04 USD/Wp
• Annual Production : 30.664 Mwh/year • Annual Production : 36.184 Mwh/year

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 PROJECT OVERVIEW LOT 1 MATA DE NANCE
LOCATION AND STATISTICS

CSF Mata de Nance – 30 MW ( Fix tilted / 1 Axis Tracker )

Power ( study ) 30 MWn ( 36 MWp )

Evacuation Line 0.5 km ( 34 Kv )
Substation Mata de Nance ( 3 x 70 Mw )
Altitude 63 meters

Project : CSF Mata de Nance Fix tilted Project : CSF Mata de Nance 1 Axis tracker
• Plant Factor : 17.06 % • Plant Factor : 20.03 %
• Solar Irradiation • Solar Irradiation
o Global Horizontal : 1.645 Kwh/m2/year o Global Horizontal : 1.645 Kwh/m2/year
o Global Tilt : 1.661 Kw/m2/year o Global 1 axis tracker : 1.937 Kw/m2/year
o Performance Ratio : 74.99 % o Performance Ratio : 75.49 %
o Equivalent Irr. : 1.246 Kwh/m2/year o Equivalent Irr. : 1.462 Kwh/m2/year
• Construction time : 6 months •
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Construction time : 6 months

• Estimated investment : 33.120 KUSD • Estimated investment : 38.160 KUSD
• EPC Price : 0.86 USD/Wp • EPC Price : 1.00 USD/Wp
• Annual Production : 44.842 Mwh/year • Annual Production : 52.640 Mwh/year

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 MARKET OVERVIEW SANTIAGO
PANAMA LOT 2 PROJECTS LOCATIONS LLANO DE SANCHEZ
|CONFIDENTIAL INFORMATION|

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 PROJECT OVERVIEW LLANO DE SANCHEZ
PRELIMINARY ANALYSIS IRRADIATION LOT 2 SANTIAGO

Irradiation & Temperature Data Base

CSF LLANO SANCHEZ CSF SANTIAGO
METEONORM ( Version 7.1.8 ) METEONORM ( Version 7.1.8 )

Months Meteonorm 15º Meteonorm 15º

Horizontal Global Meteonorm 1 Axis Amb. Temp Horizontal Global Meteonorm 1 Axis Amb. Temp
Tilted Irrrad. Tilted Irrrad.
irrad. (Kwh/m2) Irrad. (Kwh/m2) (ºC) Irrad. (Kwh/m2) Irrad. (Kwh/m2) (ºC)
(Kwh/m2) (Kwh/m2)

January 150.00 162.00 179.00 27.2 153.00 170.00 183.00 27.00

February 151.00 159.00 180.00 27.6 155.00 165.00 188.00 27.50
March 179.00 183.00 218.00 28.0 183.00 186.00 224.00 27.90
April 151.00 149.00 179.00 28.2 153.00 148.00 179.00 28.20
May 138.00 133.00 159.00 27.5 139.00 130.00 159.00 27.50
June 130.00 124.00 149.00 27.2 130.00 119.00 149.00 27.20
July 139.00 133.00 163.00 27.2 140.00 130.00 161.00 27.20
August 129.00 126.00 150.00 27.1 131.00 125.00 151.00 27.10
September 131.00 131.00 151.00 26.9 130.00 128.00 150.00 26.90
October 130.00 134.00 151.00 26.8 128.00 132.00 148.00 26.80
November 115.00 121.00 131.00 26.5 114.00 122.00 134.00 26.40
December 124.00 133.00 142.00 26.9 125.00 139.00 147.00 26.80
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Year 1,667.00 1,688.00 1,952.00 27.26 1,681.00 1,694.00 1,973.00 27.21

GAIN ( tilt vs horiz. ) 1.26% 17.10% 0.77% 17.37%

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 PROJECT OVERVIEW LLANO DE SANCHEZ
PRELIMINARY ANALYSIS PERFORMANCE LOT 2 SANTIAGO
Performance Ratio ( PR ) Preliminary Analysis.
PV SOLAR PLANT PANAMA CSF LLANO SANCHEZ CSF SANTIAGO
Description Fix structure 1 Axis Tracker Fix structure 1 Axis Tracker
Irradiation Horizontal (Average Data base Kwh/m2) 1,667 1,667 1,681 1,681
Irradiation Gain 1 axis tracker vs horizontal 1.26% 17.10% 0.77% 17.37%
Peak Power ( DC ) 36,000 kWp 36,000 kWp 60,000 kWp 60,000 kWp
Nominal Power ( AC ). Inverter Label. 30,000 kWn 30,000 kWn 50,000 kWn 50,000 kWn
Nominal Power ( AC ). After Inverter derating ( Altitude ). 30,000 kWn 30,000 kWn 50,000 kWn 50,000 kWn
Ratio Nominal / Pico 20.00% 20.00% 20.00% 20.00%
Equivalent tilted irradiation 1,688 1,952 1,694 1,973
Shadows Losses 0.90% 0.00% 0.90% 0.00%
Reflectance losses 2.90% 2.90% 2.90% 2.90%
Temperature losses
14.60% 14.77% 14.70% 14.87%
Low Irradiation Losses.
Panel Mistmatching losses. 0.40% 0.40% 0.40% 0.40%
Dirt losses. 1.00% 1.00% 1.00% 1.00%
DC Losses 1.35% 1.40% 1.35% 1.40%
Overpower losses 0.00% 0.00% 0.00% 0.00%
Inverter ( DC/AC) losses & MPPT Accuracy. 2.10% 2.10% 2.10% 2.10%
Low voltage AC losses. 0.12% 0.12% 0.12% 0.12%
Transformer losses ( 24 KV ) 1.52% 1.52% 1.52% 1.52%
MV losses ( MV Ring ) 0.20% 0.22% 0.20% 0.22%
Evacuation Line ( Substation input ) 0.12% 0.12% 0.12% 0.12%
SS transformer losses . 0.40% 0.40% 0.40% 0.40%
Performance Ratio at SS Input 76.43% 76.91% 76.34% 76.82%
Equivalent hours at SS Input 1,290 1,501 1,293 1,516
|CONFIDENTIAL INFORMATION|

Availability losses ( O&M ) 1.00% 1.00% 1.00% 1.00%

Panel degradation losses ( year 0 ) 1.00% 1.00% 1.00% 1.00%
Performance Ratio year 1 74.90% 75.38% 74.82% 75.37%
Equivalent irradiation (Kwh/m2). 1,264 1,471 1,267 1,486
Yearly Production (Kw/h). 45,517,771 52,970,298 76,043,458 89,172.417
Final Equivalent hours ( Kwh / Kwp ) 1,264 1,471 1,267 1,487
Plant Factor 17.32% 20.16% 17.36% 20.37%

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 PROJECT OVERVIEW LLANO DE SANCHEZ
PRELIMINARY ANALYSIS. PRODUCTION LOT 2 SANTIAGO
25 YEARS FORECAST PRODUCTION ( PANAMA )
Yearly Panel degradation CSF LLANO SANCHEZ CSF SANTIAGO
0.6% Fix structure 1 Axis Tracker Fix structure 1 Axis Tracker
Yearly Inflation 1.9 % Production Kwh Production Kwh Production Kwh Production Kwh
PV PLANT YEAR 1 45,517,771 52,970,298 76,043,458 89,218,937
PV PLANT YEAR 2 45,244,664 52,652,477 75,587,198 88,683,624
PV PLANT YEAR 3 44,973,196 52,336,562 75,133,674 88,151,522
PV PLANT YEAR 4 44,703,357 52,022,542 74,682,872 87,622,613
PV PLANT YEAR 5 44,435,137 51,710,407 74,234,775 87,096,877
PV PLANT YEAR 6 44,168,526 51,400,145 73,789,367 86,574,296
PV PLANT YEAR 7 43,903,515 51,091,744 73,346,630 86,054,850
PV PLANT YEAR 8 43,640,094 50,785,193 72,906,551 85,538,521
PV PLANT YEAR 9 43,378,253 50,480,482 72,469,111 85,025,290
PV PLANT YEAR 10 43,117,984 50,177,599 72,034,297 84,515,138
PV PLANT YEAR 11 42,859,276 49,876,534 71,602,091 84,008,047
PV PLANT YEAR 12 42,602,120 49,577,274 71,172,478 83,503,999
PV PLANT YEAR 13 42,346,508 49,279,811 70,745,443 83,002,975
PV PLANT YEAR 14 42,092,429 48,984,132 70,320,971 82,504,957
PV PLANT YEAR 15 41,839,874 48,690,227 69,899,045 82,009,927
PV PLANT YEAR 16 41,588,835 48,398,086 69,479,651 81,517,868
PV PLANT YEAR 17 41,339,302 48,107,697 69,062,773 81,028,761
PV PLANT YEAR 18 41,091,266 47,819,051 68,648,396 80,542,588
PV PLANT YEAR 19 40,844,718 47,532,137 68,236,506 80,059,332
|CONFIDENTIAL INFORMATION|

PV PLANT YEAR 20 40,599,650 47,246,944 67,827,087 79,578,976

PV PLANT YEAR 21 40,356,052 46,963,462 67,420,124 79,101,503
PV PLANT YEAR 22 40,113,916 46,681,682 67,015,603 78,626,894
PV PLANT YEAR 23 39,873,232 46,401,591 66,613,510 78,155,132
PV PLANT YEAR 24 39,633,993 46,123,182 66,213,829 77,686,201
PV PLANT YEAR 25 39,396,189 45,846,443 65,816,546 77,220,084
TOTALS 1,059,659,857 1,233,155,702 1,770,301,985 2,077,028,911

Environmental & Renewables Group |29 |

 PROJECT OVERVIEW LOT 2 LLANO DE SANCHEZ
LOCATION AND STATISTICS

CSF Llano Sanchez – 30 MW ( Fix tilted / 1 Axis Tracker )

Power ( study ) 30 MWn ( 36 MWp )

Evacuation Line 1 km ( 34 Kv )
Substation Llano Sanchez ( 2 x 70 Mw )
Altitude 33 meters ( Msnm )

Project : CSF Llano Sanchez Fix tilted Project : CSF Llano Sanchez 1 Axis tracker
• Plant Factor : 17.32 % • Plant Factor : 20.16 %
• Solar Irradiation • Solar Irradiation
o Global Horizontal : 1.667 Kwh/m2/year o Global Horizontal : 1.667 Kwh/m2/year
o Global Tilt : 1.688 Kw/m2/year o Global 1 axis tracker : 1.952 Kw/m2/year
o Performance Ratio : 74.90 % o Performance Ratio : 75.38 %
o Equivalent Irr. : 1.264 Kwh/m2/year o Equivalent Irr. : 1.471 Kwh/m2/year
• Construction time : 6 months •
|CONFIDENTIAL INFORMATION|

Construction time : 6 months

• Estimated investment : 33.120 KUSD • Estimated investment : 38.160 KUSD
• EPC Price : 0.86 USD/Wp • EPC Price : 1.00 USD/Wp
• Annual Production : 45.517 Mwh/year • Annual Production : 52.970 Mwh/year

Environmental & Renewables Group |30 |

 PROJECT OVERVIEW LOT 2 SANTIAGO
LOCATION AND STATISTICS

CSF Santiago – 50 MW ( Fix tilted / 1 Axis Tracker )

Power ( study ) 50 MWn ( 60 MWp )

Evacuation Line 0.2 km ( 115 Kv )
Substation Tap Off 115 KV Line
Altitude 78 meters

Project : CSF Santiago Fix tilted Project : CSF Santiago 1 Axis tracker
• Plant Factor : 17.36 % • Plant Factor : 20.37 %
• Solar Irradiation • Solar Irradiation
o Global Horizontal : 1.681 Kwh/m2/year o Global Horizontal : 1.681 Kwh/m2/year
o Global Tilt : 1.694 Kw/m2/year o Global 1 axis tracker : 1.973 Kw/m2/year
o Performance Ratio : 74.82 % o Performance Ratio : 75.37 %
o Equivalent Irr. : 1.267 Kwh/m2/year o Equivalent Irr. : 1.487 Kwh/m2/year
• Construction time : 9 months •
|CONFIDENTIAL INFORMATION|

Construction time : 9 months

• Estimated investment : 55.200 KUSD • Estimated investment : 63.600 KUSD
• EPC Price : 0.86 USD/Wp • EPC Price : 1.00 USD/Wp
• Annual Production : 76.043 Mwh/year • Annual Production : 89.172 Mwh/year

Environmental & Renewables Group |31 |

IV. Financial Projection

|32 |
 OFFTAKE SCENARIOS 50 MW SANTIAGO
COMMON ASSUMPTIONS CSF SANTIAGO

Common Assumptions

Financial Fix tilted 1 Axis tracker

Total EPC Cost $ / Wp $0.86 $1.00

Rate ( US$ / Mwh ) $79.00 $79.00
O&M Cost $ / MWp /yr $16,000 $18,000
Land Lease $ / MWp /yr $1,000 $1,600
Remaining Development Costs (for all 400MW) USD $107,679 $107,679
Developer Fees $ / MWp $40,000 $40,000
Refundable VAT on EPC Costs % of EPC 7.0% 7.0%
EPC Leverage % Debt 70.0% 70.0%
Construction Loan - Interest APR 5.0% 5.0%
Term Loan - Interest APR 5.0% 5.0%
Term Loan - Term Years 15 15
Income Tax Rate % 25.0% 25.0%
% of Taxable Income Deductible % 7.0% 7.0%
Depreciable Life Years 5 5
Project Life (no terminal value) Years 25 25
Tax Loss Carryforward Years - -
Equity Financing Fee % 0.0% 0.0%
Debt Financing Fee % 0.5% 0.5%

Technical
|CONFIDENTIAL INFORMATION|

AC / DC Factor 1.20 1.20

Specific Energy MWh / MWp 1,267 1,486
Capacity Factor 17.36% 20.36%
First Year Degradation % 1.00% 1.00%
Second Year Degradation % 0.60% 0.60%

Environmental & Renewables Group |33 |

 SCENARIO 1 – PPA 50 MW SANTIAGO
PRO FORMA INCOME STATEMENT ( CSF SANTIAGO. FIX TILTED )

IS & CF SUMMARY PROJECT : CSF SANTIAGO

USD in Millions
YEAR TOTAL 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
GWh Produced 1,764 - 6 76 75 75 74 74 73 73 73 72 72 71 71 70 70 70 69 69 68 68 68 67 67 66 66 60
CARBON CREDITS $3.1 - 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Total Revenues $3.1 - 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2

Total OPEX ($47.5) - (0.1) (1.2) (1.3) (1.3) (1.4) (1.4) (1.5) (1.5) (1.6) (1.6) (1.7) (1.7) (1.8) (1.8) (1.9) (2.0) (2.0) (2.1) (2.2) (2.3) (2.4) (2.4) (2.5) (2.6) (2.7) (2.6)
EBITDA $156.9 - 0.4 4.87 5.0 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 6.0 6.1 6.2 6.4 6.5 6.6 6.8 6.9 7.0 7.2 7.3 7.5 7.6 7.8 7.3
Margin 76.8% 79.9% 79.9% 79.6% 79.4% 79.2% 79.0% 78.7% 78.5% 78.3% 78.1% 77.8% 77.6% 77.3% 77.1% 76.9% 76.6% 76.4% 76.1% 75.8% 75.6% 75.3% 75.1% 74.8% 74.5% 74.3% 74.0%
Depreciation ($51.6) - (0.8) (10.3) (10.3) (10.3) (10.3) (9.5) - - - - - - - - - - - - - - - - - - - -
Amortization ($0.2) - (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) - - - - - - - - - - - - - - - - - - - -
Interest Expenses ($15.9) - (0.2) (1.8) (1.7) (1.7) (1.6) (1.4) (1.3) (1.2) (1.1) (1.0) (0.8) (0.7) (0.6) (0.4) (0.2) (0.1) - - - - - - - - - -
Tax Payable ($22.2) - - - - - - (0.0) (0.4) (0.4) (0.5) (0.5) (0.5) (0.5) (0.6) (0.6) (0.6) (0.7) (1.5) (1.6) (1.6) (1.6) (1.7) (1.7) (1.7) (1.8) (1.8) (1.7)
Debt Principal ($38.5) - (0.1) (1.8) (1.9) (2.0) (2.1) (2.2) (2.3) (2.4) (2.5) (2.6) (2.8) (2.9) (3.1) (3.2) (3.4) (3.2) - - - - - - - - - -

Equity Investment ($20.0) (0.0) (19.9) - - - - - - - - - - - - - - - - - - - - - - - - -

Auction Bond Refund - - - - - - - - - - - - - - - - - - - - - - - - - - - -
VAT Refund $3.6 - 3.6 - - - - - - - - - - - - - - - - - - - - - - - - -

UNLEVERED CASH FLOW $72.2 (0.0) (53.7) 4.9 5.0 5.1 5.2 5.2 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 5.0 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.9 6.0 5.6
LEVERED CASH FLOW $63.9 (0.0) (16.2) 1.2 1.3 1.4 1.5 1.6 1.3 1.4 1.5 1.6 1.7 1.8 1.9 2.0 2.1 2.4 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.9 6.0 5.6

Coverage Ratios
EBITDA / Interest 2.64x 2.64x 2.65x 2.84x 3.06x 3.32x 3.64x 4.02x 4.48x 5.07x 5.85x 6.90x 8.43x 10.83x 15.19x 25.54x 74.95x
After Tax Cash Coverage 1.34x 1.34x 1.34x 1.36x 1.39x 1.42x 1.44x 1.37x 1.40x 1.42x 1.44x 1.47x 1.50x 1.52x 1.55x 1.58x 1.73x
|CONFIDENTIAL INFORMATION|

Blended Power Price ($/MWh) $79.0 $79.2 $81.6 $84.0 $86.5 $89.1 $91.8 $94.6 $97.4 $100.3 $103.3 $106.4 $109.6 $112.9 $116.3 $119.8 $123.4 $127.1 $130.9 $134.8 $138.9 $143.0 $147.3 $151.7 $156.3 $160.6
Blended Power Price (w Carbon Credits) $80.0 $80.2 $82.6 $85.1 $87.7 $90.3 $93.1 $95.9 $98.8 $101.7 $104.8 $108.0 $111.3 $114.6 $118.1 $121.6 $125.3 $129.1 $133.0 $137.0 $141.2 $145.5 $149.9 $154.4 $159.1 $163.5

IRR Unlevered 7.3% POST TAX

IRR Levered 11.2% POST TAX

Environmental & Renewables Group |34 |

 SCENARIO 1 – PPA 50 MW SANTIAGO
COST AND PROFIT BREAKDOWN ( CSF SANTIAGO PROJECT. FIX TILTED. )
|CONFIDENTIAL INFORMATION|

Environmental & Renewables Group |35 |

 SCENARIO 2 – PPA 50 MW SANTIAGO
COST AND PROFIT BREAKDOWN ( CSF SANTIAGO PROJECT. 1 AXIS TRACKER. )

IS & CF SUMMARY PROJECT : CSF SANTIAGO

USD in Millions
YEAR TOTAL 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
GWh Produced 2,068 - 7 89 88 88 87 87 86 86 85 85 84 84 83 83 82 82 81 81 80 80 79 79 78 78 77 71
CARBON CREDITS $3.6 - 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Total Revenues $3.6 - 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2

Total OPEX ($53.6) - (0.1) (1.4) (1.4) (1.5) (1.5) (1.6) (1.6) (1.7) (1.8) (1.8) (1.9) (1.9) (2.0) (2.1) (2.2) (2.2) (2.3) (2.4) (2.5) (2.6) (2.7) (2.7) (2.8) (2.9) (3.0) (2.9)
EBITDA $186.1 - 0.5 5.77 5.9 6.0 6.1 6.2 6.4 6.5 6.6 6.8 6.9 7.1 7.2 7.4 7.5 7.7 7.9 8.0 8.2 8.4 8.5 8.7 8.9 9.1 9.3 8.6
Margin 77.6% 80.7% 80.7% 80.4% 80.2% 80.0% 79.8% 79.6% 79.3% 79.1% 78.9% 78.7% 78.4% 78.2% 78.0% 77.7% 77.5% 77.3% 77.0% 76.8% 76.5% 76.3% 76.0% 75.8% 75.5% 75.2% 75.0%
Depreciation ($60.0) - (1.0) (12.0) (12.0) (12.0) (12.0) (11.0) - - - - - - - - - - - - - - - - - - - -
Amortization ($0.2) - (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) - - - - - - - - - - - - - - - - - - - -
Interest Expenses ($18.4) - (0.2) (2.1) (2.0) (1.9) (1.8) (1.7) (1.5) (1.4) (1.3) (1.1) (1.0) (0.8) (0.7) (0.5) (0.3) (0.1) - - - - - - - - - -
Tax Payable ($26.6) - - - - - - (0.0) (0.5) (0.5) (0.6) (0.6) (0.6) (0.7) (0.7) (0.7) (0.8) (0.9) (1.8) (1.9) (1.9) (1.9) (2.0) (2.0) (2.1) (2.1) (2.2) (2.0)
Debt Principal ($44.5) - (0.2) (2.1) (2.2) (2.3) (2.4) (2.5) (2.6) (2.8) (2.9) (3.1) (3.2) (3.4) (3.5) (3.7) (3.9) (3.7) - - - - - - - - - -

Equity Investment ($23.1) (0.0) (23.1) - - - - - - - - - - - - - - - - - - - - - - - - -

Auction Bond Refund - - - - - - - - - - - - - - - - - - - - - - - - - - - -
VAT Refund $4.2 - 4.2 - - - - - - - - - - - - - - - - - - - - - - - - -

UNLEVERED CASH FLOW $87.3 (0.0) (62.0) 5.8 5.9 6.0 6.1 6.1 4.9 5.0 5.1 5.2 5.3 5.4 5.5 5.7 5.8 5.9 6.0 6.2 6.3 6.4 6.5 6.7 6.8 7.0 7.1 6.6
LEVERED CASH FLOW $77.8 (0.0) (18.7) 1.6 1.7 1.8 1.9 2.0 1.7 1.8 1.9 2.0 2.1 2.2 2.3 2.4 2.6 3.0 6.0 6.2 6.3 6.4 6.5 6.7 6.8 7.0 7.1 6.6

Coverage Ratios
EBITDA / Interest 2.70x 2.70x 2.72x 2.91x 3.14x 3.41x 3.73x 4.12x 4.60x 5.20x 6.00x 7.08x 8.64x 11.11x 15.59x 26.22x 76.94x
|CONFIDENTIAL INFORMATION|

After Tax Cash Coverage 1.37x 1.37x 1.38x 1.40x 1.43x 1.46x 1.48x 1.40x 1.42x 1.45x 1.48x 1.50x 1.53x 1.56x 1.58x 1.61x 1.77x

Blended Power Price ($/MWh) $79.0 $79.2 $81.6 $84.0 $86.5 $89.1 $91.8 $94.6 $97.4 $100.3 $103.3 $106.4 $109.6 $112.9 $116.3 $119.8 $123.4 $127.1 $130.9 $134.8 $138.9 $143.0 $147.3 $151.7 $156.3 $160.6
Blended Power Price (w Carbon Credits) $80.0 $80.2 $82.6 $85.1 $87.7 $90.3 $93.1 $95.9 $98.8 $101.7 $104.8 $108.0 $111.3 $114.6 $118.1 $121.6 $125.3 $129.1 $133.0 $137.0 $141.2 $145.5 $149.9 $154.4 $159.1 $163.5

IRR Unlevered 7.6% POST TAX

IRR Levered 11.7% POST TAX

Environmental & Renewables Group |36 |

 SCENARIO 2 – PPA 50 MW SANTIAGO
PRO FORMA INCOME STATEMENT ( CSF SANTIAGO. 1 AXIS TRACKER )
|CONFIDENTIAL INFORMATION|

Environmental & Renewables Group |37 |

 CONTACT INFO

For Further information contact with :

• Pablo Martinez
• pmartinez@continuaenergiaspositivas.com
• Mobile phone : +34 620 83 13 96 - ESPAÑA

• Alejandro Vega
• avega@continuaenergiaspositivas.com
• Mobile phone : +34 609 65 04 08 - ESPAÑA

• Rodolfo Zamalloa
• rzamalloa@continuaenergiaspositivas.com
• Mobile phone : +51 983 538 450 - PERÚ

CONTÍNUA ENERGÍAS POSITIVAS S.A.C.

Av. Jorge Basadre 1256, Int. 302, distrito de San Isidro, Lima, Perú
|CONFIDENTIAL INFORMATION|

Environmental & Renewables Group |38 |

 OTHERS

PIB 46.21$mm
Tasa de Crecimiento Anual Compuesto del PIB en 5 Años 10.00%
Población 3.93m
Total de Inversiones Acumuladas de Energía Limpia, 2009-2014 1.95$mm
Potencia Instalada 2.78GW
Proporción de Renovables 9.00%
Generación Total de Energía Limpia 852.79GWh
|CONFIDENTIAL INFORMATION|

Environmental & Renewables Group |39 |

 OTHERS

A la fecha, las políticas de energía limpia de Panamá se han enfocado particularmente en la eólica y la solar, y han incluido
subastas discriminadas por tecnología además de beneficios tributarios para ambas. El país también apoya los proyectos de
pequeña escala a través de una amplia serie de incentivos tributarios.
Durante la primera mitad de 2014, Panamá cubrió su demanda eléctrica principalmente a partir de fuentes termoeléctricas
debido a que una prolongada sequía afectó al país. El 57% de los 4,5TWh generados en la primera mitad del año se
generaron a partir de petróleo, diésel y gas natural; el 34% provino de centrales hidroeléctricas de gran escala; otro 6,6% se
obtuvo a través de pequeñas hidroeléctricas, y el 2% restante se generó a través de plantas de energía limpia. Durante esta
primera mitad del año, también tuvo lugar un incremento significativo la electricidad importada, alcanzando los 176GWh
procedentes del Mercado Eléctrico Regional (MER) debido a la fuerte sequía que el país enfrentó. La generación
hidroeléctrica repuntó más adelante en el año pero generó una alerta respecto de la necesidad de diversificar las fuentes de
generación eléctrica.
La estatal Empresa de Transmisión Eléctrica (ETESA) es la única empresa de transmisión en Panamá y también la que se
ocupa de llevar a cabo las licitaciones para adquirir electricidad. Siguiendo el ejemplo de otros países de América Latina,
Panamá ha adoptado el sistema de subastas para la contratación de nueva capacidad renovable. El ente regulador
Autoridad Nacional de los Servicios Públicos (ASEP) establece lineamientos para las licitaciones y ETESA lleva adelante las
subastas. Panamá tuvo su primera subasta de energía eólica en 2011, otorgando contratos a proyectos por 158MW. El país
llevo a cabo una segunda subasta de energía eólica en 2013 que otorgó un total de capacidad de 125MW que se prevé
entren en funcionamiento para 2019.
El sector eólico también recibe incentivos exclusivos tales como una depreciación acelerada para el equipo relevante y una
exención tributaria a 15 años para empresas basadas en Panamá que fabriquen equipos eólicos. En 2014, Panamá convocó
su primera licitación para contratos de energía solar, otorgando cinco proyectos que sumaban una generación total de
90GWh anuales, programados para ser comisionados en 2017. En 2015, el país sólo ha organizado una licitación pero en
esta ocasión fue para la contratación de capacidad de gas natural, una central de 350MW.
|CONFIDENTIAL INFORMATION|

Para pequeños proyectos de hasta 0,5MW, el gobierno de Panamá ofrece exenciones al impuesto al valor agregado (ITBMS)
y a los aranceles de importación. Otro beneficio para los pequeños proyectos de energías renovables es una exención de
impuestos a la transmisión y distribución para proyectos que no superen los 10MW en capacidad. Los proyectos que posean
una capacidad comprendida entre 10MW y 20MW reciben una exención impositiva en sus primeros 10MW de capacidad.
En junio de 2012 se adoptó la regulación de medición neta en el país. De acuerdo a dicha regulación, los usuarios minoristas
de electricidad que posean instalaciones de energía renovable de hasta 500kW podrán conectarse a la red nacional,
entregar su capacidad excedente y recibir un pago por la electricidad excedente suministrada.

Environmental & Renewables Group |40 |