Subject: Re: Doric Asset Finance - Project Sun
From: "Abel Navarro Homet" <[email-masked]>
To: "Michael Huerta" <[email-masked]>
Cc: "Devon Archer" <[email-masked]>, "Lorenzo Roccia" <[email-masked]>, "Eric Schwerin" <[email-masked]>, "Hunter Biden" <[email-masked]>
Date: Fri, 17 Jun 2011 12:33:30 -0400

Thanks for the email Michael . Yes we have some ideas in terms of a tax efficient foreign blocker Vehicle. Let's organize a conference call on Monday To go through the process. Best

Abel Navarro Homet

Transatlantic Energy Group

Managing Partner

C/ Juan de Mena, 19-1 dcha
28014, Madrid, Spain
Teléfono: +34 91 781 31 60-  Fax: +34 91 429 56 20
Móvil: +34 607 706 609
e-mail: <mailto:[email-masked]> [email-masked]<mailto:[email-masked]>

El 17/06/2011, a las 18:23, "Michael Huerta" <[email-masked]<mailto:[email-masked]>> escribió:

Hello All, quick summary from a call today with an interesed Sun LP (Doric Asset Finance, <http://www.doricassetfinance.com> www.doricassetfinance.com<http://www.doricassetfinance.com>):

- Likes the project, thinks its a great opportunity.  I asked him to solicit more feedback internally, will follow up.
- Given they are EU-based, want details on the blocker vehicle, how it works, taxes, etc.
- Issues:
  - Size: says their funds are typically at least 20mm EUR in size
  - Timing: a target July 30 close may be tight, but will look into it

RE size: talked up the group's additional solar PV dealflow where equity requirements are substantially greater and that they should begin allocating capital now
RE timing: stated July 30 was a hard date, we can obvioulsly move that if need be

Next steps:
- Send them a one-pager on offshore feeder co - what our plan is, how it works in terms of both cash and taxable income distributions, indicative tax consequences, etc.  Abel, do you have some of this information?  I will conslidate the relevant points and put the one-pager together if you have the info.

Many thanks.  Let me know if any questions.

Michael