Subject: RE: Project Sun
From: "Michael Huerta" <[email-masked]>
To: "'Abel Navarro Homet'" <[email-masked]>
Cc: "'Devon Archer'" <[email-masked]>, "'Hunter Biden'" <[email-masked]>, "'Eric Schwerin'" <[email-masked]>, "'Lorenzo Roccia'" <[email-masked]>, "'Pio Mortera Nales'" <[email-masked]>
Date: Thu, 9 Dec 2010 20:48:19 -0500

Thanks Abel.  That makes perfect sense.  Based on conversations the below items, at this stage, are necessary for interested equity investors to perform due diligence.

(a) Model (I know we have one from PWC already but we will need the most recent if available)
(b) Third-party engineering reports
(c) Contracts
	(i) PPA for both sites
	(ii) EPC agreement
	(iii) O&M agreement
	(iv) Insurance documentation
	(v) Interconnection agreement
	(vi) Equipment warranties
	(vii) Documentation describing Iberdrola's performance guarantee
(d) Other
	(i) Construction schedule
	(ii) Description of Iberderola's plan for achieving eligibility for the §1603 ITC cash grant
	(iii) Proposed cash revenue waterfall

I realize that may be a lot and not everything is available at this time.  I would say priority items would be (a), (c)(ii), (c)(vii), (d)(ii).

Please give me a call if there are questions or if you want to discuss.  Of note, feedback has been positive regarding the increase in IRRs given the sharpening of debt terms.

Thanks again.  Best regards,

Michael

-----Original Message-----
From: Abel Navarro Homet [mailto:[email-masked]] 
Sent: Wednesday, December 08, 2010 6:44 AM
To: Michael Huerta
Cc: Devon Archer; Hunter Biden; Eric Schwerin; Lorenzo Roccia; Pio Mortera Nales
Subject: Re: Project Sun

Hi Michael

I believe all the data is not yet available. Anyway , I think the best way to handle it is for you to request the information you need for your equity investor, and then us request it to Pwc that will be the one that will be extracting everything  for the data room . That way we won't be doubling the work. Pwc will be making a summary of the necessary information that everyone is looking for to make their investment decision. If you already have specific information that equity investors are requesting please send it to us so that we can send it to Pwc

I think that is the most efficient way to handle the process. let me know your thoughts. Regards

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]

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