INVESTMENT OVERVIEW

FOR SALE OF ONE PHOTOVOLTAIC PROJECT INKOLARTSI VILLAGE, TERVEL MUNICIPALITY WITH

TOTAL NOMINAL POWER OF

1.2 MWp

Sofia • Vienna • Brussels • Moscow • Dubai

June 2011

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Contents:

Executive summary ………………………..……………………………3

Location and main parameters .............................................................. 4

Licensing overview ............................................................................... .. 5

Productivity estimate of Kolartsi project............................................ ...6

Contacts ................................................................................................... 7

Appendix I: Land layouts and maps of the terrain ............................... 8

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1. Executive summary

· The present overview is prepared to bring forward an investment opportunityrelated to the sale one fully permitted project for photovoltaic (PV) power plantin Kolartsi village, Tervel municipality, Dobrich region, Bulgaria withestimated total installed capacity of 1.2 MWp for € 216 000 (€180 000/MWp)without VAT.

· The plot of land forming the Project site is situated in Kolartsi village, in theNorth-East part of the country.

· The plot of land is owned by one beneficial owner (physical person) who iswilling to sell the entire, fully permitted Project capacity.

· The current development phase enables starting immediate construction of thePV power plant. Main development milestones such as Urban Planning(“PUP”) and Preliminary Grid Connection Agreement (to E.ON), Buildingpermit and Final Grid Connection Agreement (to E.ON) have been passed.

· The local developer will sell the entire Project, subject to a confirmed interestby a creditworthy Investor. The eventual transaction will include the ownershipof the plot and all permits, including the Building permit.

· The presentation below outlines the main technical, economic and investmentconsiderations concerning Kolartsi Project. A more detailed solar energy auditreport, financial model or information memorandum can be offered uponrequest by the Investor. Inea Consulting Ltd as a Project advisor to the currentOwners will readily submit any such information upon satisfactory Expressionof Interest.

· Feed-in tariff (FIT) for electricity produced from photovoltaic power plantswith capacity above 200 KWp is € 24798/MWh (BGN 48560/MWh).

· Term of PPA contracts for photovoltaic power plants in Bulgaria is 20 years.

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2. Location and main parameters of the projects

· Coordinates: N 43.82032°, E 027.55235°· Sea level: 221 m. above.· Vertical planning: flat terrain· Size of plot – 21 408 sq.m.· No or limited obstructions to light, no heavy winds, snow or seismic activity

(data available upon request). No emissions of SOx or NOx in the region, nordust.

· Geological and hydro – geological state, showing adequate condition of thesoil to sustain such structures.

· Questions related to transport and construction of the project: There is directaccess through asphalt and agricultural roads to the terrain, which in turn isfree of buildings.

· Availability of medium voltage grids 20 KV near the designed terrain.· Grid connection will require just building of a transformer station and a short

distance cable power line at the expense of the connection fee.· Terms and conditions for the grid connection have been presented by E.ON.· Modules radiation fixed under 22° decline from the horizontal surface of the

terrain – 1 531 kWh/m2.

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3. LICENSING OVERVIEW

A) Steps in project development and in Kolartsi project particularly1. Approval of Particular Zoning Plan (PUP)

Announcing the approved PUP to the neighbors of the plot; PCoordination with local Health and Sanitary authority; PNew revision by the expert architectural council in the Municipality; PApproval by the City Council PMayor’s order for validating the PUP; PQuarantine period of 2 weeks before PUP enters into effect; PRegistration in the cadastre plan and issuance of new Plans; P

2. Change of Land usage

Package of documents (PUP, new plans, expert opinions); P

3. Project PhaseIssuance of a design visa; PPreliminary contract with E.ON Bulgaria (signed); PConceptual design and Final Technical Project (el part + civil works); PApproval of the final Project by the Municipality; PBuilding permit; PConnection agreement with E.ON Bulgaria; P

B) Steps in Grid Connection and Procedure to the Distribution Company (E.ON)

1 Application to the Distribution Company for connection to the grid P2 Response to the application, to serve the Design Visa P3 Request for terms and conditions for connection to the grid P4 Receipt of a Connection opinion with the terms and conditions P5 Request for preparation of a Preliminary Contract for Connection P6 Signing the Preliminary Contract for Grid Connection P7 Filing a Request for signing a Grid Connection Agreement P8 Signing a Grid Connection Agreement P9 After final working, coordinating with the Distribution Company -10 Filing a Request for signing a Power Purchase Agreement -11 Signing a Power Purchase Agreement -

Note: With “P” are marked finished phases for the Kolartsi project, with „-“ notfinished.

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4. Productivity estimate of Kolartsi project

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5. Contacts:

Inea Consulting Ltd.

9, Maria Louisa Blvd, fl. 39000 Varna, BULGARIATel: ++359 52 91 60 56Fax: ++359 52 302 508Mob: ++359 887 342 475Mob: ++359 896 833 044E-mail: office@ineaconsulting.euWeb: www.ineaconsulting.eu

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Appendix I: Land layouts and maps of the terrain

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