SACASOL I D

San Carlos Solar Energy I D

Project Special Purpose Vehicle (SPV)	San Carlos Solar Energy Inc.
Location	San Carlos Ecozone (Agro-Industrial Economic Zone), Barangay Palampas & Punao, San Carlos City, Province of Negros Occidental, Philippines Coordinates: 10 31 17.97 N, 123 25 40.17 E
Technical Specifications	10 MWp DC ground-mounted solar plant Project site: 136,350 m² Solar irradiation at project site: 1,871 kWh/m²/year (PV Syst) Grid connection: To an existing 69 kV substation, 80 m away
Reach of Electricity Supply	23,000 people
New permanent jobs	13 in the plant
Supplier/Manufacturer	Solar Panels: Conergy (Germany) Mounting Systems: Mounting Systems (Germany) Inverters: SMA Solar Technology (Germany) Monitoring System: Hensel (Germany) Cables and Wires: General Cable (USA), Philflex (Philippines) Spaced Aerial Cables: Bangkok Cable (Thailand) Junction Boxes, Optical Cables, Connectors and Tool Boxes: Huber+Suhner (Switzerland) Transformers: Schneider Electric (France)
General Contractor (EPC)	Conergy Asia & ME Pte. Ltd. (EP: Engineering, Procurement) SJR Industrial Construction (Construction - groundworks and foundations) Schema Konsult, Inc. (Construction - electrical works and erection)
Operations & Maintenance	Conergy Asia & ME Pte. Ltd.
Owner‘s Engineer	Syntegra Solar International AG
Electricity Offtake Counterparty	Interconnection Agreement with National Grid Corporation Renewable Energy Purchase Agreement with National Transmission Corporation (Administrator of the government backed Feed-in Tariff Fund)
Credit Rating Electricity Offtake Counterparty	Standard & Poor´s: BBB with stable outlook Moody‘s: Baa2 with positive outlook Fitch: BBB- with stable outlook
Specifications of the Power Purchase Agreement	Statutorily guaranteed feed-in-tariff rate of PHP 9.68 (USD 0.23) per kWh plus an annual escalation in electricity prices to account for inflation and exchange rate fluctuations. The rate has been set and approved for 20 years by the Government‘s Energy Regulatory Commission.
Third party guarantees additional to the market standard warranties provided by suppliers, manufacturers and EPCs	During construction/erection: performance bond issued by Deutsche Bank AG for the EP. During operations: performance ratio guarantee with a maturity of 5+5 years of an ‘investment grade’ bank based in a OECD-country, structured as a CFD (contract for difference) which guarantees the difference between contracted revenue and actual energy production of the plant.
Project Insurance Coverage (amount insured)	Contractors All Risks Insurance covering material damage (uSD 16,206,958), third party liability (uSD 258,264) and delay in start-up (uSD 1,718,844).
Insurer (coverage ratio)	AIG Philippines Insurance (30%), Pioneer Insurance and Surety (30%), Mapfre Insular Insurance (20%), Federal Phoenix Assurance (15%) and New India (5%).
Commercial Operations Date (COD) based on EPC contract	July 31, 2015