EFTA Document EFTA01366627

Amendment #4 Page 198 of 868 Ilittlr.a.cont Ott Sponsor Our U S -based Spxsor is the largest globally Crvosrted developer of wind and solar energy projects in the wend and has teen one of the top three developers and entailers of solar energy facilities in to world ri each of Ire pelt two years bated on megawatts installed As of March 31, 2015, Our Spree. hada 7 5 GW FiCeline a development-stage soar and wind projects, includng 1 7 GW in our Mal and future target markets aril approximately 4 9 GWof self-developed and thud-party developed solar and wind power gereration assets corder managensint Ors Sponsor has developed over 1.300 solar and wren protects in 20 countries and has completed all of the projects on which it has cormsenced constructon including over 140 projects in our initial target markets Our Sponsor has over 1,900 development and operations employees, over 700 of which service our Intel and future target markets We believe we are well positioned to capitalize on favorable market trends in the renewable power generation segment due to our reLauonship with our Sponsor. which has an established presence in each of out Intel target markets a strong asset developrnem pipeline and acquisition track record witted project Inanag experience and asset management and operational expense Y*doo experience Our Sponsor has significant experience in foquimg, financing arid operating clean power generation assets tthaugh a publicly listed drodendenented company We wit be the second yeldco vehicle to launch with our Sponsor's support Or Sponsors subsidiary. TerraForm Power which owns and operates dean power assets Mated in the United States and other select jurnalcbons ocmpeted its reel public offenng n Jtfy 2014 With cur Sponsors support. TerraForm Paver has raised approximately 53 9 tstion in acquwhon and prmanenl rinancrg to pursue acquisitions of renewable energy projects totaling 1.703 0 MW as of May 1.2015 We intend to capitalize on Our Sponsors experience in successfully launching and supeertng terraForm Power AMA OApatse Ping the year ended Decenter 31. 2014. Ott Sponsor competed 32 corporate and project acqusitons worldwide, witch included operating meets with an aggregate capecrhe of 1 5 GW 01 Januery 29, 2015, our Sponsor ourpieted the purchase of First Winds development platform apelre and projects in development ocludng over 1 6 GW cf wind and solar generation assets wider development, and increased is assets under managemem by 1 5 GW Our Sponsor 0) will acquire LAPs asset management platform, its operation and mantenance personnel expense in Peru and censor, opts with respect toe peel ne of Penman hydroelectric development assets and (s) has scoured an asset management platform in China consist ng of operations and maintenance persomel and management expense from Henan In sadden in July 2015 our Sponsor entered oral (I) an agreement with Renova pursuer' to which it agreed to acquire the Renova Backlog Projects and 00 a put/call arrangement wen respect to the Resora Put/Call Assets We expect to continue to leverage ter Sponsors significant development expense, project pipeline and Word (arty acquisition sack record For example, we have completed or expect to complete in correction with the dosing of the offering a during the remand/if of 2015, nine separate acquseons representing 1 1 GW n the aggregate of projects keeled across multiple geographies that uldree a vanety of renewable energy techrolegee Market opportunity Tre global renewable power generation segment is large and growing rapidly due to sign', cant increases in energy demand, decreasing cost of renewable energy, the emergence in reacts energy markets of 'grid panty: which Is the point at which renewable energy sources can generate electricity at a cost equal to or lower than prevailing retail electnoty prices, and strong Steal and political support for renewable energy, among otter factors We expect the cost to prothce energy Iran conventional sources will continue to rise, owing to the reqored investments in transmission and ;Iambi/ton nfrastrixture and increasing regulatory costs relating to coneentonal energy sources We believe accelerating industnaleaton, an expanding middle 190 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-0058155 CONFIDENTIAL SONY GM_00204339 EFTA01366627