EFTA Document EFTA01366448

Amendment #4 Page 19 of 868 lekl5.9(.51.1ealiM.1 Industry overview We expert to benefit from cortinued hip growth in clean energy demand across the utility, commercel and residenbal cussomer segments We believe the sorer and wind segments of the clean power generation irdustry are pe nickel/ emotive, as dectang solar and wild electnaly costs and increasirg grid etectnaty prices are trending towards grid party in emerging markets We also believe the hydroeectnc segment of the clean poorer generation industry represents an attractrve rrerket gven its lorglerrn contracts with crecttworthy counterpanes signf cant installed base extended useful life and prospectwe acquerhon opportuaties Solar energy tenets from highly predictable energy generation. Ire absence of hal costs and proven technology in ackston solar generatng assets have the potential to be Melded ate custorrere site. which reduces tie customers transmission and distnbdon costs Finely. solar energy generatiOn benefits horn goverrmertat public and private support due to the enwonmentally frienay alb Ind es of solar energy The increasing adoption of wind energy across Ste globe relative to Cher power generation technOoges rs expected to be Owen by its increasing cost compettiveness, broad resource availability. well established technology ncn-ielence on water and ancrlary societal tenet ts such as job creation and energy security. Hydroelectric power generation is a well esateshed clean energy technology Its multne methods Cl generation such as corwentonel dem, pumped storage and run-ol-rwer. have led to its &verse use in renewable power generation from large-scale (greater than a eq MW rated capacity) tactless Ire folaawng crane sanrnanze anticipated growth in our initial target markets to 50 MW rated capacity) to smal-scale (less Man 50 Total solar energy generation rated capacity In MN 2014 Actual 2017 Expected 2020 Expected Cagan) Cure 32,925 85,420 161881 30% Bran 37 1,430 3654 115% lode 3259 14,606 31,205 46% South Africa 1.075 2518 2,569m 16% Honduras — 376 376ch — Sesta Rica — 25 25m — Peru ea 202 2007. 16% Uruguay — 223 223m 178% Malaysia 200 377 639 21% Thailand 1.197 2323 2,323m 12% Total 38,778 107,568 203,113 32% 11 http://cfdocs.btogo.com:27638/cf/drv7/pub/edgar/2015/07/20/0001193125-15-256461/d78... 7/20/2015 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0057976 CONFIDENTIAL SDNY_GM_00204160 EFTA01366448