COMPANY PRESENTATION

Bulgaria • Austria • Germany • France • UK • Italy • Dubai

August, 2012

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Contents:

1. About Us ................................................................................................................... 3

2. Services .......................................................................................................... ….......4

3. Company Team .............................................................................................. …......6

4. Contact Us ....................................................................................................... ….....8

5. References ................................................................................................................ 9

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1. About Us

Inea Consulting is a well-established Renewable Energy Advisory firm headquartered

in Varna, Bulgaria, with local points in Austria, Germany, the UK, Italy, France and

Dubai. The Company's mission is to render prime investment and engineering

advisory services to regionally and internationally operating Clients in the fields of

clean tech investments, mergers and acquisitions, business development and project

finance. We focus particularly on the emerging markets in the Eastern Europe, CIS

countries and Turkey.

Amongst our clients are top-tier companies such as: Fortum, Hyundai Heavy

Industries, COWI, Mitsubishi, Q-Cells, CEZ, Fuhrländer, Sharp, Lahmeyer

International, SMA and many others.

Over the years of operation, Inea Consulting Ltd. has become a reputable Renewable

Energy Advisory firm in the above mentioned markets, with a broad contact network

and hands-on experience as well as an inside knowledge of local markets, business,

financial, cultural and political environments. We will help and support you to

manage and minimize risks associated with renewable energy projects, starting from

the earliest stages and continuing throughout the development phase, including

commissioning, mergers and acquisitions and asset management. Our network

structure allows us to effectively combine local expertise and presence with

international experience and approaches.

Inea Consulting Ltd. is a publisher of the most comprehensive and in-depth market

outlook reports and analysis about the renewable energy markets of the Eastern

Europe, CIS countries and Turkey. With relevant market data our reports bring clear

and concise insights to help investors in their decision-making process.

Inea Consulting Ltd. is a firm, which aspires to be for you more than just a consulting

firm. We wish to be your valued and important advisor in every-day professional

choices, concerns and chances. Due to many years of experience, we are able to

adjust ourselves to changing market conditions.

At our company there is only one thing which never changes – our principles!

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2. Services

Inea Consulting Ltd. has the capability to deliver at every phase of a project, from the

early stages of site selection and feasibility right through to the project management

of the construction phase and operation and maintenance. We can as well as source

for investors to buy renewable projects worldwide. See the list below for more

information on how we can help at each stage of delivery.

2.1 Project conception & development services

Site identification and selection

Renewable energy feasibility studies

Resource assessment and energy yield prediction

Solar resource assessment

10-120 m meteorological mast installation service for wind assessment

Biomass fuel supply evaluation

Project sizing and design optimization, for example:

Solar park layout design

Wind farm layout design

Islanded hybrid system optimization

Industrial biomass system design

Data acquisition and analysis

Technology assessments and expert reports

Pre-contract documentation, specifications and negotiations

Estimations for Ecological Assessment (EA)

Estimations for Environmental impact assessments (EIA)

Compatibility assessments (CA)

Ecological assessments (EA)

Environmental impact assessments (EIA)

2.2. Financial Services

Business plan development

Financial model including capital costs

Risk and Sensitivity analysis

Investment presentation development

Pre- and Post investment appraisal of projects

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2.3. Sourcing of renewable projects

Buy-side mandates for renewable energy projects (solar, wind, biomass, etc.)

Sell-side mandates for renewable energy projects

Deal preparation, structuring and ownership transaction assistance

2.4. Project delivery services

Technical advisor and employer’s representative

QA Inspections and Factory Acceptance Tests

Project and site management, including health & safety

Contract specification and review

Electrical and control systems expertise

Civil and structural expertise

2.5. Due diligence and advisory services

Strategic advice

Contracting and procurement strategies

Market studies

Technology assessment (Expert reports on established and emerging

technologies)

Supply chain & supplier analysis

Independent technical and financial due diligence

Lenders engineer, banks engineer

Technical advisor and owners engineer

Mergers and acquisitions

2.6. Operations and maintenance consultancy services

Asset management, inspection, monitoring and performance optimization

Warranty and contract management

Failure prediction and strategy/ condition monitoring maintenance

Specification preparation and tender assessment

Refurbishment and re-powering assessment and management

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3. Company Team

Ilko Iliev (40) is Founder and Manager of Inea Consulting Ltd. He is responsible for

all management and project activities of the company at national and international

level. Ilko has more than 11 years investment and business consulting experience in

renewable energy, ecology, environmental protection, commercial real estates, etc.

He has done several renewable energy project concepts, business plans and feasibility

studies for local and international companies and local municipalities. Ilko

furthermore has done “ready-to-go” solar energy and wind energy projects for local

and international customers. Besides the management of Inea Consulting Ltd, he is

member of consulting committee of Prime Innovations Ltd, founding member of

European Competent Forum – NGO, Member of Advisory Board of East European

Energy Systems Plc, etc. Ilko Iliev holds B.Sc. in Construction Management at Varna

University of Economics, Bulgaria having specialized in sustainable energy and

business psychology.

Zdravko Dimitrov (47) is Senior Project Engineer at Inea Consulting Ltd. He

manages all processes related to technical surveys and feasibility studies for solar and

wind generation projects, technical management for development of solar and wind

projects. Before joining Inea Consulting, Zdravko has been for 2 years

maintenance&technical manager of Mall Varna, Ship’s electrical engineer at

Bulgarian Navigation Maritime for 3 years and service electrical engineer at

Westdeutsche Algemeine Zeitung – Varna, Bulgaria for 4 years. He is experienced to

work both with low voltage and high voltage electrical systems. Zdravko Dimitrov

holds M.Sc. in Electronics and Automation from Technical University in Varna,

Bulgaria and Postgraduate Diploma in Electrical engineering in Water Transport.

Mihail Mihaylov (33) is Investment Manager of Inea Consulting Ltd. He manages

investment and financial activities of the company. Mihail is responsible for

investments related documents and contracts management and exchange, public-

private partnerships strategy and development, relations with public authorities and

tenders participation. Before joining Inea Consulting, he was for 4 years head of

economic analysis department at Varchev Finance Investment Funds, and for 9 senior

investment advisor of MDM Partners Investment Boutique Ltd. Mihail Mihailov

holds M.Sc. in Management at Varna University of Economics, Bulgaria having

specialized in risk analysis, portfolio management, project management and EU

funding programs.

Georgi Hristoskov (41) is Investment Banking Associate of Inea Consulting Ltd. He

is responsible for structured project finance for renewable energy projects. Georgi

has 14 years banking experience with 2 of the leading international banks ING and

BNP Paribas. He has been Senior Banker in Energy and Commodity sector at BNP

Paribas and Head of Customer Service with ING Bank. Georgi holds M.Sc. in

International Economic Relations from University of National and World Economics

in Sofia, Bulgaria having specialization in energy project finance, export finance,

commodity trading debt, etc.

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Alexandrina Ilieva (35) is Customer Relationships Manager of Inea Consulting Ltd.

She carries out for the administration of all relations with the existing customers of

Inea Consulting. Prior joining Inea Consulting’s team, Alexandrina was for 1 year

CEO of Horizons/Jordan Sheppard Group - Varna Ltd. and for 6 years Senior District

Psychologist of Shumen town at National Employment Agency. She has M.Sc. in

Psychology at Veliko Tarnovo University, Bulgaria, M.Sc. in Positive Psychotherapy

at Wiesbaden Institute for Positive Psychotherapy, having specialized in sociology

and motivation trainings.

Angel Petrov (23) is Research Analyst at Inea Consulting Ltd. He is engaged with

research and marketing process, sourcing of information & networking. Angel

finished High School of Foreign Languages in Varna, Bulgaria and graduated at

Hague University, Netherlands, with major in Marketing & Business Administration.

Konstantin Petkov (59) is Senior Geologist at Inea Consulting Ltd. He is responsible

for all geological surveys of land plots for photovoltaic projects, wind and other

construction projects. Before joining Inea Consulting, Konstantin has been senior

geologist for deep drilling in Syria for 3 years and for 17 years senior geologist at

Bulgargas Plc., Bulgaria. Konstantin Petkov has M.Sc. in Geology Engineering from

Higher Institute for Mines and Geology in Sofia. He holds national license with full

rights for geology surveys and projecting, and is member to Bulgarian Chamber of

Engineers in Investment Projecting.

Arjan Visser (41) is Strategic Advisor of Inea Consulting Ltd. He is associate of our

firm, which supports our decision making process regarding management and

execution of various renewable projects.Arjan is former manager of Ecofys

International B.V. for Bulgaria. He holds MSc. in Technical Physics from Eindhoven

University and BSc. from Delft Institute of Technology, Netherlands and has various

specializations & assignments in ecology, renewable energy & sustainable growth.

Atanas Filchev (56) is Grid Connection Expert at Inea Consulting Ltd. He is

responsible in all aspects of investigation for grid-connection opportunities and their

cost analysis for renewable energy projects. Atanas has spent 42 year at senior and

managerial positions with NEK (Bulgarian National Electrical Company). He has

been consequently investment control officer, high voltage substations manager, grid-

connection manager, etc. Atanas holds diploma in electrical mechanics from Varna

School of Electrical Studies.

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4. Contact Us

Inea Consulting Ltd.

9, Maria Louisa Blvd, fl. 3

9000 Varna, BULGARIA

Tel: ++359 52 91 60 56

Fax: ++359 52 302 508

Mob: ++359 887 342 475

Mob: ++359 896 833 044

E-mail: office@ineaconsulting.eu

Web: www.ineaconsulting.eu

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5. References

Selected Renewable Energy Projects (2007 ÷ 2011)

Project name Sliven

Description Feasibility Analysis for biomass project with 300 KW total capacity

located in Seliminovo Village, Sliven Municipality, Sliven region,

Bulgaria on behalf of domestic customer. Our team reviewed existing

regulatory framework for biomass projects, studied availability of wood

waste resources in the area and evaluated all risks associated with

biomass projects within current conditions for this business in Bulgaria.

Customer Olimp Trade Inc.

Size 300 KW

Year 2011

Type Feasibility Analysis

Project name Kolarovo

Description Project concept and development plan of one of the biggest

photovoltaic power plants in Bulgaria with 17 MW projected capacity

in Kolarovo Village, Glavinitsa Municipality, Silistra region, Bulgaria.

Project design and concept, solar energy audit including energy yield

estimation and feasibility analysis. Development of business plan and

risk analysis, solar plant conceptual technical layout. Costs, benefits,

possibilities for EU subsidy and sponsorship.

Customer Kris Energy Ltd.

Size 17 MWp

Year 2011

Type Project concept and development

Project name Slunchevo

Description Grid Connection Feasibility Analysis for solar project with 2,5 MWp

total capacity located in Slunchevo Village, Aksakovo Municipality,

Varna region, Bulgaria on behalf of international customer. We

evaluated availability of the necessary grid infrastructure, current state

of grids and the nearest 20 kV knot-station, evacuation capacity and

how neighbor projects may affect it. A few scenarios for grid

connection were proposed to the customer.

Customer FC 9 Ltd.

Size 2,5 MWp

Year 2011

Type Grid Connection Feasibility Analysis

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Project name Loznica

Description We were appointed by the Mayor of Loznica municipality on the basis

of public private partnership to organize workshop for assessment and

presentation of advantages from biogas installations on the territory of

Loznica and Samuil Municipalities in North-East Bulgaria. Our team

evaluated potential for development of biogas projects in these

municipalities. Several owners of chicken, cattle and sheep farms also

attended the workshop and shown great interest in biogas technology as

a way to response to EU requirements for waste reduction. In 2011 we

will propose action plan, which will aim to increase renewable energy

use and investments in Loznica and Samuil municipalities.

Customer Loznica Municipality, Mayor of Loznica

Year 2010/2011

Type Feasibility Analysis and Workshop for Biogas energy promotion and

utilization

Project name Avren

Description Solar Energy Audit & Feasibility Analysis for solar project with 4,99

MWp total capacity located in Avren Municipality, Varna region,

Bulgaria on behalf of domestic customer. Yield and shading

calculations, including check of irradiance assessment, temperature-

and interarray-shading effects, relationship between mismatch and flash

test distribution.

Customer Interservice Uzunovi PLC (official representative of SHARP and

SHARP Solar Eastern Europe for Bulgaria)

Size 4,99 MWp

Year 2010

Type Solar Energy Audit & Feasibility Analysis

Project name CEZ

Description CEZ A.S. is one of the biggest energy companies in CEE countries. On

behalf of their exclusive representative for renewable projects

acquisition in Bulgaria, Bica International EOOD, we received order to

prepare financial models for portfolio of 10 renewable energy projects

(incl. wind, solar, hydro and biomass). Besides financial models our

team performed sourcing of renewable projects for acquisition, site

visits, project books development and pre-technical feasibility about 4

of these 10 projects.

Customer Bica International EOOD/CEZ A.S.

Size 53,7 MW

Year 2010

Type Financial modeling and pre-technical feasibility

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Project name Vaskovo

Description Project concept and development plan of one of the biggest

photovoltaic power plants in Bulgaria with 22,17 MW projected

capacity in Vaskovo Village, Lyubimets Municipality, Haskovo region.

Project design and concept, solar resource estimation and feasibility

analysis. Development of investment prospectus, solar plant conceptual

technical layout, financial model and risk analysis. Costs, benefits,

possibilities for EU subsidy and sponsorship.

Customer BMF Ltd.

Size 22,17 MWp

Year 2010

Type Project concept and development

Project name Dobrotich Wind

Description Project concept and development plan of one of the largest wind farms

in Bulgaria with 84 MW projected capacity in Dobrotich Village,

Valchi Dol Municipality, Varna region. Project design and concept,

wind resource estimation in co-operation with Ecofys International

B.V.- Netherlands. Development of detailed business plan, financial

model and risk analysis. Costs, benefits, possibilities for EU subsidy

and sponsorship. Estimation of energy efficiency savings.

Customer Dobrotich Wind PLC.

Size 84 MW

Year 2009

Type Project concept and development

Project name Bulgaria - 1

Description Financial Modeling and Risk Analysis for a portfolio of solar parks

with 30 MWp total capacity located in different parts of Bulgaria on

behalf of international customer. Detailed financial model for the

project was created and risk analysis has been performed.

Customer International CleanTech Investment Fund

Size 30 MWp

Year 2009

Type Financial Modeling and Risk Analysis

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Project name Kavarna

Description Feasibility study for solar project with 0,5 MWp total capacity located

in Kavarna Municipality, Bulgaria on behalf of domestic customer.

Yield and shading calculations, including check of irradiance

assessment, temperature- and interarray-shading effects, relationship

between mismatch and flash test distribution.

Customer Private domestic customer

Size 0,5 MWp

Year 2009

Type Feasibility study

Project name Veliko Tarnovo

Description Financial Modeling and Risk Analysis for two solar parks with 9 MWp

total capacity located in Veliko Tarnovo region of Bulgaria on behalf of

domestic customer. Detailed financial model for the project was created

and risk analysis has been performed.

Customer Private domestic customer

Size 9 MWp

Year 2009

Type Financial Modeling and Risk Analysis

Project name Medovo

Description Feasibility study for solar project with 2 MWp total capacity located in

Medovo village, Pomorie Municipality, Bulgaria on behalf of domestic

customer. Yield and shading calculations, including check of irradiance

assessment, temperature- and interarray-shading effects, relationship

between mismatch and flash test distribution. Development of detailed

business plan, financial model and risk analysis. Costs, benefits,

possibilities for EU subsidy and sponsorship. Estimation of energy

efficiency savings.

Customer Private domestic customer

Size 2 MWp

Year 2009

Type Feasibility study

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Project name Suvorovo

Description Project concept for two solar parks with 6,5 MWp total capacity

located in Suvorovo Municipality, Bulgaria on behalf of domestic

customer. Inspection of site, evaluation of related infrastructure, solar

irradiance assessment and yield calculations, and grid connection

possibilities evaluation has been performed. Project concept and design

have been performed.

Customer Private domestic customer

Size 6,5 MWp

Year 2009

Type Project concept

Project name Shumen

Description Project concept for two solar projects with 42 MWp total capacity

located in Shumen Municipality, Bulgaria on behalf of domestic

customer. Inspection of site, evaluation of related infrastructure, solar

irradiance assessment and yield calculations, and grid connection

possibilities evaluation has been performed. Project concept and design

have been performed.

Customer Private domestic customer

Size 42 MWp

Year 2009

Type Project concept

Project name Tutrakan

Description Feasibility study for solar project with 4 MWp total capacity located in

Tutrakan Municipality, Bulgaria on behalf of domestic customer. Yield

and shading calculations, including check of irradiance assessment,

temperature- and interarray-shading effects, relationship between

mismatch and flash test distribution.

Customer Private domestic customer

Size 4 MWp

Year 2009

Type Feasibility study

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Project name Svilengrad

Description Due diligence of 3,5 MWp solar project located in Svilengrad

Municipality, Bulgaria on behalf of international customer. Inspection

of site, evaluation of related infrastructure, solar irradiance assessment

and yield calculations, and grid connection possibilities evaluation has

been performed. Further existing documents, permissions and

ownership rights have been investigated.

Customer Investment fund based in Spain

Size 3,5 MWp

Year 2009

Type Due diligence

Project name Dobrich Wind

Description Feasibility study on application of 36 MW wind farm in Dobrich

region. Project design and concept, wind resource estimation. Costs,

benefits, possibilities for EU subsidy and sponsorship. Estimation of

energy efficiency savings.

Customer Green Venture Holdings S.A.

Size 36 MW

Year 2009

Type Feasibility study

Project name Ivanovo

Description Due diligence of 4,8 MW mixed wind/solar project located in Ivanovo

Municipality, Bulgaria on behalf of international customer. Wind/solar

installed capacity ratio 4 MW wind/0,8 MWp solar. Inspection of site,

evaluation of related infrastructure, check of wind assessment and yield

calculations, and solar irradiance assessment and yield calculations has

been performed. Further existing documents, permissions and

ownership rights have been investigated.

Customer Investment fund based in Spain

Size 4,8 MW

Year 2009

Type Due diligence

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Project name General Toshevo

Desription Feasibility study on commercial deployment for 1 MWp ground based

grid-connected PV-installation in General Toshevo municipality,

Bulgaria. Yield and shading calculations, including check of irradiance

assessment, temperature- and interarray-shading effects, relationship

between mismatch and flash test distribution.

Customer Mega Bild Ltd., Varna

Size 1 MWp

Year 2008

Type Feasibility study

Project name Strandzha

Description Due diligence of 5 MWp solar project located in Strandzha mountain,

Bulgaria on behalf of international customer. Inspection of site,

evaluation of related infrastructure, irradiance assessment and yield

calculations has been performed. Further existing documents,

permissions and ownership rights have been investigated.

Customer Investment fund based in Liechtenstein

Size 5 MWp

Year 2007

Type Due diligence

Project name Business Park Varna

Desription Feasibility study on possibilities for integration of solar PV at the roof

of existing building of Business Park Varna, and to integrate semi–

transparent façade PV modules in the design of the new projected

buildings from the business complex.

Customer Business Park Varna

Size 70 – 245 KWp

Year 2007

Type Feasibility study

Project name Sliven

Desription Project engineering for 5 MW wind farm in Sliven municipality,

Bulgaria. Yield and wind calculations, development of technical project

and documentation, project design.

Customer Bronk Ltd., Russia

Size 5 MW

Year 2007

Type Project engineering