Subject: Santander meeting- data Room
From: "Abel Navarro Homet" <[email-masked]>
To: "Devon Archer" <[email-masked]>, "Michael Huerta" <[email-masked]>, "Lorenzo Roccia" <[email-masked]>, "Hunter Biden" <[email-masked]>, "Eric D. Schwerin" <[email-masked]>
Date: Fri, 3 Dec 2010 16:25:18 -0500

HI guys, how is everything? As you already know, yesterday we had a very good meeting with santander, we basically negotiated the last piece of variables such as the cost of debt or spread in the different stages of the project . We think that we are going to be able to reduce those spreads about 25 bps which will enable us to increase or IRR about 20 bps. They seem to be very interested in being the bank to finance the project so let's see how aggressive they can be in this last negotiation.

From the side of Iberdrola, the data room has already being open and now the different departments are dumping all the information such as the ppa agreement, epc contract, interconnection agreement etc. I would think that by mid next week everything will be available for further due diligence process.

Parallel to all this we are contacting and negotiating with all the lawyers that will be involve on the legal, technical and tax due diligence. 

Let's discuss all this in our weekly conference call next week. In the meantime please contact us if you have any questions. Have a nice weekend. Best

Abel Navarro Homet
 
Managing Partner

c/ Serrano 26, 8º I
28001, Madrid, Spain
Teléfono: +34 91 781 91 16  -  Fax: +34 91 431 42 01 
Móvil: +34 607 706 609
e-mail: [email-masked]�ioz�"�}tzw(v)�Q1|��`�)�+-=@K /��e{��L3�!$����6m������W��o�L;?>�)z�r.+-�Gmv�b��ޮȨ�]��d{'(�����b�x��G��{^���ӯ8������G�u�^��-�'�y��{(����O�נz��֭z��z+�w��)�z��ou�]z�_�נz���Z���{(����ζ߾t׎�{^���{*ޚ�^���{+-�)������-�)��؜��e��