TURNING THE SUN INTO THE SOLUTION

April 2011

SOLARRESERVE OVERVIEW

COMPANY OVERVIEW

2Overview

• California-based developer of large-scale solar power projects – includes development of Concentrated Solar Power projects (CSP) and Photovoltaic (PV) projects.

• Exclusive 20-year license to the Molten Salt Power Tower technology from Pratt & Whitney Rocketdyne, a subsidiary of United Technologies Corporation (UTC)

• Inherent thermal energy storage allows for dispatchable power on demand• Lowest projected Levelized Cost of Energy (LCOE) of any CSP technology• Significant projected future cost reductions and efficiency improvements expected

• Geographically diverse portfolio of more than 3,000 MW of CSP projects• Three lead projects (300 MW) – two PPAs with $3.7 billion in projected revenues• Late stage projects represent more than 600 MW under permitting• 25 sites and more than 150,000 acres under control

• Expanding into Photovoltaic activities – development pipeline of more than 1,100 MW• Primarily in the 5MW to 20 MW capacity proposed over 40 different sites• Several large scale PV projects in the 50 MW to 200MW capacity range• Expected to start construction on up to 400 MW in 2011

• Experienced management team with extensive energy industry experience • More than 15,000 MW and $20 billion built and financed projects• Experienced management/executives from Bechtel, Black & Veatch, Edison, Enron, HSBC,

Invenergy, LS Power, Nexant, Rocketdyne, Rolls Royce Power Ventures, and Sempra

SIGNIFICANT MARKET OPPORTUNITY

3Overview

0

5,000

10,000

15,000

20,000

25,000

30,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Cum

ulat

ive

Glo

bal M

W

Installed CSP capacity is expected to grow at a 41% CAGR from 2010 to 2020 and will require over $100 billion of cumulative investment through 2020

Projected Global CSP Installed Capacity (Cumulative MW)

Global DNI locations

43% ‘10-’19 CAGR

• The United States and Spain lead the global market in near-term capacity additions• Other high DNI locations with great growth potential include North Africa, the Middle East, China,

Australia, and South Africa

REFERENCE SOLAR POWER PLANT

4

• 150 MW = 10-12 Hours Operation• Inherent Storage = 100% Dispatchable• ~ 500+ GW/hours Annual (high quality DNI)

• No Natural Gas Required = 0 Emissions • Air Cooled = Minimal Water• 24 month Construction

MOLTEN SALT POWER TOWER TECHNOLOGY

5Thermal Storage

Solar Two exceeded performance targets and test objectives

TECHNOLOGY VALIDATED AT SOLAR TWO

6

“The 10 megawatt Solar Two power tower pilot plant near Barstow, California, successfully completed operations in April, 1999, having met essentially all of its objectives.”

“Over the three-year operating lifetime, daily operation of Solar Two became relatively routine, with various performance records broken on a fairly regular basis.”

US Department of Energy –Sunlab Snapshot, March 2000

US DOE endorsing conclusions

Plant Performance

Receiver Performance Exceeded prediction

(receiver efficiency 88%) Achieved design

temperatures, flow rates, and pressures

Storage Performance Demonstrated low daily heat

loss (98% efficiency) Continuous operation of

pumps

Collector Performance Demonstrated sun-tracking

throughout the year

Dispatchability Demonstrated electric

power up to 24 hrs/day Power output (10 MW

nominal)

DEVELOPMENT PORTFOLIO

• 3,000 MW/140,000 acres (56,000 ha) /25 sites

• Actively evaluating additional 40,000 acres (16,000 ha)

• Lead projects:• Fully permitted, targeted financial close in

2010 or early 2011• 300 MW / 3 projects• 1.2 million MWh / year

>$200mm of EBITDA and >$5.5 billion in revenues

• Late stage projects:• Secured over

90% of land rights; proceeding into full permitting

• Construction could commence as early as the end of 2011

• 650 MW / 6 projects• 2.4 million MWh / year

• Early stage projects• High DNI locations, large land areas

identified, permitting not yet initiated• 1,700+ MW

• Other international markets (Italy, Greece, North Africa, South Africa, the Middle East, and Australia)

• Land rights to approximately 30,000 acres (12,000 ha) and partial development of PV portfolio

LEAD PROJECTS

8

Project Name Tonopah Cinco Casas Rice

Location Tonopah, Nevada Alcazar de San Juan, Castilla-La Mancha, Spain

Rice Airfield, California

Size 100 MW 50 MW 150 MW

Approximate Base Case (net effective output MWh)

460,000 MWh / year 300,000 MWh / year 440,000 MWh / year

DNI (kWh / m2) 7.34 / day2,680 / year

5.6 / day2,050 / year

7.10 / day2,590 / year

SolarReserve Ownership

100% 50 / 50 basis with Madrid-based Preneal

100%

Targeted Construction Date

2Q 2011 4Q 2011 3Q 2011

Other 25-year PPA executed with NV Energy (Nevada), PUCN approved

Interconnection / transmission secured for up to 180 MW (LGIA negotiated)

BLM land secured for project Project selected for “fast track”

permitting by Department of Interior, ROD Dec 2010

DOE LGP DD

Project received “Declaración de Impacto Ambiental del Proyecto” (“DIA”) in November 2009

DIA is the main environmental permit for the project

Joint Venture Agreement executed with Preneal in October 2009

100% of the land is under option control (all private land)

50 MW interconnection secured

25-year PPA executed with PG&E (California), CPUC approved

Private land secured for project –land under option by SolarReserve (3,300 acres)

Full Application for Certification (“AFC”) filed in October 2009 with the California Energy Commission, Dec approved

Interconnection / transmission application in place for California ISO for 250 MW (initial security posted) with WAPA alternative

DOE LGP DD

MOLTEN SALT IS THE LEADING CSP TECHNOLOGY

9

Poor Outstanding

Trough Molten Salt Power TowerPV Tower –Direct Steam

Trough with Storage

CostLowest projected LCOE for CSP projects – as determined by independent studies

Storage /Dispatch

Inherent thermal storage allows for dispatchable on demand power for up to 24 hours a day thus eliminating intermittency issues

Economies of Scale

Central receiver design minimizes active piping for utility scale plant applications

Proven Technology

Proven for three years at 10 MW demo plant with significant subsequent technology improvements; engineering parameters at or below 1x scale-up factors to increase receiver thermal rating by 13x

BankabilityExclusive license agreement with ability to secure technology supply from UTC

% Local Supply

Consideration for the localization of supply

CONCLUSION

10Overview

• Leading US–based developer of large-scale CSP and PV projects

• Exclusive license to leading Molten Salt Power Tower and Heliostat technology

• Proven at 10 MW demonstration plant built in cooperation with US Department of Energy

• Inherent thermal energy storage allows for dispatchable power on demand – 12 to 16 hours of storage per project depending on utility requirements

• Lowest projected LCOE for CSP projects – as determined by independent studies

• Projected future cost reductions and efficiency improvements leading to significant further LCOE reductions

• Extensive development portfolio:• More than 3,000 MW of CSP projects with two signed PPAs in the US• Over 1,100 MW of PV in various stages of development

• Experienced and proven management team with more than 15,000 MW ($20 billion) of project experience and aggregate industry experience of more than 160 years