Subject: Re: Revised Term Sheet
From: "Eric Schwerin" <[email-masked]>
To: "Hunter Biden" <[email-masked]>
Date: Mon, 22 Nov 2010 19:06:02 -0500

I still need to talk to Jon and see what he thinks, but I think it is possible in the next Congress.  Could be wishful thinking but I think there will be a package of business tax cuts that may be part of the compromise on the Bush Tax cuts and I could see the Administration wanting those in the business tax cuts.

Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
[email-masked]
P Consider the environment before printing this email.

On Nov 22, 2010, at 6:58 PM, Hunter Biden wrote:

I there any real chance Cong will extend the ITC?

Sent from my iPhone

On Nov 22, 2010, at 6:24 PM, Eric Schwerin <[email-masked]> wrote:

> Great - thought that that was the case on both - just wanted to check.  I am hopeful that Congress will extend the ITC even retroactively, but that is nothing we can count on.
> 
> We also found a couple of minor typos, but nothing that changes the LOI materially.
> 
> 
> 
> Eric D. Schwerin
> Rosemont Seneca Partners, LLC
> 1010 Wisconsin Ave., NW
> Suite 705
> Washington, DC 20007
> (202) 333-1880
> [email-masked]
> P Consider the environment before printing this email.
> 
> On Nov 22, 2010, at 6:19 PM, Michael Huerta wrote:
> 
> 1)      If IBR completes 5% of the construction by Dec 31 no matter what Congress does this project will grandfather in and it will receive the cash grant.  If IBR doesn’t complete 5% we will lose the grant and the deal be affected negatively.  Presumably IBR has a plan for completing the 5% that passes muster according to Treasury guidelines; waiting to see it, have been told it is in Data Room.
> 2)      109.1mm is 49% of the price to develop both projects.  CapEx for both projects is ~225mm; we are paying 49% of development costs and sharing in 49% of economics.
>  
> Also have some comments on the LOI, will send to the whole group.
>  
> Michael
>  
> From: Eric Schwerin [mailto:[email-masked]] 
> Sent: Monday, November 22, 2010 5:52 PM
> To: Devon Archer
> Cc: Hunter Biden; [email-masked]
> Subject: Re: Revised Term Sheet
>  
> Couple of quick questions.
>  
> 1) If the ITC isn't renewed by Congress will that affect the deal?  
> 2) Is the price of $109.1m price the total price to develop both projects or just our 49%?  Or are we paying 100% of the development costs?
>  
> 
>  
> Eric D. Schwerin
> Rosemont Seneca Partners, LLC
> 1010 Wisconsin Ave., NW
> Suite 705
> Washington, DC 20007
> (202) 333-1880
> [email-masked]
> P Consider the environment before printing this email.
>  
> On Nov 19, 2010, at 4:38 PM, Devon Archer wrote:
> 
> 
> FYI…please review
>  
> From: Abel Navarro Homet [mailto:[email-masked]] 
> Sent: Thursday, November 18, 2010 10:19 AM
> To: Devon Archer
> Subject: RV: Revised Term Sheet
>  
> This was sent to IBE yesterday
>  
> De: Pio Mortera Nales 
> Enviado el: miércoles, 17 de noviembre de 2010 14:11
> Para: Bakshi, Vikram
> CC: Lorenzo Roccia; Castro Perez Manzuco, Jose Luis; Abel Navarro Homet
> Asunto: Revised Term Sheet
> 
> Hello Vikram,
>  
> Please find attached a revised version of the Term Sheet for Alamosa and Copper Crossing you sent. We have introduced some changes. Please, if you have any comments or questions do not hesitate to come back to us. We look forward to your feedback.
>  
> Best regards,
>  
>  
> Pío Mortera Nales
> Ingeniero Industrial
>  
> c/ Serrano 26, 8º I
> 28001, Madrid, Spain
> Teléfono: +34 91 781 91 16  -  Fax: +34 91 431 42 01
> Móvil: +34 600 574 212
> e-mail: [email-masked]
>  
> <Revised term sheet for Alamosa and Copper Crossing mark up.DOC>
>  
>