limited and non recourse financing fundamentals

Figure 1: Solar Power Project = contracts = cash flows Project Company Utility Power Purchase Agreement Sponsors Equity EPC Contractor EPC Contract O&M Contractor O&M Contract

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Page 1: Limited and Non Recourse Financing Fundamentals

Figure 1: Solar Power Project

= contracts

= cash flows

ProjectCompany

UtilityPower Purchase Agreement

Sponsors

Equ

ity

EPCContractor

EPC

ntr

act

O&MContractor

trac

Page 2: Limited and Non Recourse Financing Fundamentals

Figure 2: Solar Power Project Financing

= contracts

= cash flows

= guaranties/insurance

ProjectCompany

UtilityPower Purchase Agreement

SponsorsEq

uit

EPCContractor

EPC

ntr

act

O&MContractor

trac

Lender

Loan Documents

Collateral Security

Documents

Account Bank

Page 3: Limited and Non Recourse Financing Fundamentals

Figure 3: Windpower Project Financing

= contracts

= cash flows

= guaranties/insurance

ProjectCompany

UtilityPower Purchase Agreement

SponsorsEq

uit

EPCContractor

EPC

ntr

act

O&MContractor

trac

Lender

Loan Documents

Collateral Security

Documents

Account Bank

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