naturener north americaenergyroundtable.net/pdf/ert presentation_sep08.pdf · grupo naturener s.a....

Grupo NaturEner and NaturEner North AmericaSeptember 30th, 2008

Presentation to:

• Grupo NaturEner Overview

• NaturEner Spain

• NaturEner North America

An experienced renewable energy company

2PROPIETARY & CONFIDENTIAL

Grupo NaturEner S.A. was founded in 1988 with the mandate to focus on renewable energy generation Owns and operates 14 mini-hydroelectric plants in Spain with an

aggregate installed capacity of 55 MW

Three solar photovoltaic projects in Spain representing nearly 30 MW of installed capacity and $310 mm of capital investments, commissioned in June 2008

Close to 100 MW of new solar photovoltaic projects of secured pipeline in Spain

250 MW of new thermo solar projects of secured pipeline in Spain

Developing over 1,800 MW of wind energy in North America

Experienced management team Power project development

Corporate & project finance

Wind plant design

Renewable energy operations

Wind engineering & forecasting

The Company is based in Madrid with offices in San Francisco and Calgary

Two decades of experience in renewable energies




• NaturEner Spain

• NaturEner USA

• NaturEner Canada


55 mw of mini-hydroelectric plants in operation

1

La Coruña

• Operating• Developing

23

4

5

67

8

9 10

11

12

1314

15

16

León

Cáceres

Badajoz

SegoviaSoria

Guadalajara

Cuenca

Albacete

Project Location River Capacity (MW)Annual

production (GWh)

# GroupsOperating

sinceEnd of

contracts

End of haghly

profitable tariffs

Royal Decree effective

Currently operating plants

1. Fecha La Coruña Tambre 2.2 9.7 1 1992 2026 2017 436/2004

2. Allones La Coruña Anllóns 0.5 1.7 2 1990/1999 2023 2015 661/2007

3. Corcoesto La Coruña Anllóns 1.2 3.0 2 1992/2001 2024 2017 436/2004

4. Villar del Rey Badajoz Zapatón 1.6 2.8 2 1991 2021 2016 436/2004

5. Peña Corada León Esla 5.0 15.0 2 1992 2034 2017 436/2004

6. La Confianza Segovia Eresma 0.6 1.3 2 1993 2063 2018 661/2007

7. Canal de Almazán Soria Duero 1.6 5.4 2 2000 2030 2025 436/2004

8. J erte Cáceres J erte 5.4 10.2 4 2002 2043 2027 436/2004

9. Alange Badajoz Matachel 9.0 7.7 2 1992 2025 2017 436/2004

10. Quebradas Albacete Mundo 2.3 11.0 1 1992 2018 2017 436/2004

11. Vicarías Albacete Mundo 1.5 7.9 1 1998 2023 2023 436/2004

12. Tedelche Albacete Mundo 2.3 11.1 1 1998 2023 2023 436/2004

13. Porma León Porma 18.6 38.0 3 2004 2054 2029 436/2004

14. Ferreras León Curueño transfer 2.4 3.5 1 2004 2054 2029 436/2004

Total 14 plants 54.2 128.3 26

Under development

15. Beleña Guadalajara Sorbe 2.9 9.4 2

16. Belmontejo Cuenca Tajo-Segura transfer 14.0 50.0 2

Total 2 plants 16.9 59.4 4

Total 16 plants 71.1 187.7 30

(*)

(*)

(**)


30 mw of new solar PV recently commissionedProject Overview

Three new solar PV facilities commissioned in June 2008 Aggregate installed nameplate capacity of nearly 30 mw Total investment of €210 mm Turnkey EPC contract with SunPower

Tinajeros Facility Site: Albacete Nominal Power: 10 mw Peak Power: 11.9 mw

Guadalta Facility Site: Ciudad Real Nominal Power: 7.5 mw Peak Power: 8.9 mw

Solargen Facility Site: Albacete Nominal Power: 7 mw Peak Power: 8.3 mw

Tinajeros: 10 mw

Picture April 2008


New solar PV. Secured pipeline

Photovoltaic yards LocationCapacity (MWn)

Ownership Type of project

Under developmentAlange Badajoz 9.1 100% Repowering hydro plantsLlerena Badajoz 10.0 100% Repowering hydro plantsQuebradas, Tedelche & Vicarías Albacete 6.1 100% Repowering hydro plantsVillar del Rey Badajoz 1.6 100% Repowering hydro plantsCasas de Don Pedro II Badajoz 10.0 85% Repowering solar projectDehesa Boyal Badajoz 8.0 85% Repowering solar projectTinajeros II Albacete 10.0 100% Repowering solar projectManzanares II Albacete 2.5 75% Repowering solar projectEl Angosto Gran Canaria 5.0 80% Green-fieldCigüaña Tenerife 3.3 70% Green-fieldEl Monte Tenerife 15.0 70% Green-fieldTotal 11 projects 80.6

Badajoz

• Under construction1. Tinajeros2. Guadalta3. Solargen

1. Alange2. Llerena3. Quebradas, T & V4. Villar del Rey5. Casas de Don Pedro II6. Dehesa Boyal7. Tinajeros II8. Manzanares II9. El Angosto10. Cigüaña11. El Monte

• Secured Pipeline 12

345

678 1011

1213

14

Ciudad Real

Albacete

Tenerife

Gran Canaria

Canary Islands

9


New Thermo solar

Badajoz

• Under development1. Casas de Don

Pedro2. San Miguel de

Abona3. Alburquerque4. Cinco Casas5. Manzanares

1. Romica I2. Romica II3. Alange4. Barcarrota5. Plasencia6. Agüimes

• Prospects

5

10

2

1

11

3

8

Ciudad Real

Albacete

Tenerife

Gran Canaria

Canary Islands

46, 7

9

Cáceres

s Casas de Don Pedro, Badajoz (50 MW). Start of construction is due in 2010.

San Miguel de Abona, Tenerife (50 MW). Start of construction is due in 2011.

Alburquerque, Badajoz (50 MW). Start of construction is due in 2011.

Cinco Casas, Ciudad Real (50 MW). Start of construction is due in 2011.

Manzanares, Ciudad Real (50 MW). Start of construction is due in 2011.

Secured Pipeline Projects under development

NaturEner is also analysing other solar thermal projects: Romica I (50 MW) and Romica II (50 MW), Albacete; Alange (50 MW) and Barcarrota(50 MW), Badajoz; Plasencia (50 MW), Cáceres; Agüimes (50 MW), Gran Canaria.




• NaturEner Spain

• NaturEner North America


Redeploying capital to growth markets

In 2006, the Company made the strategic decision to enter the North American wind energy market

Raised capital via the disposal of wind power assets under development in Spain

Acquired three wind energy companies with a diversified portfolio of late-stage and early-stage development assets, as well as a single Project in USA

Great Plains, November 2006, USA

Energy Logics, November 2006, Canada

West Windeau, August 2007, Canada

Meadow Lark Project, February 2008, USA

To date, Grupo NaturEner has committed more than $600 mm of capital to the operations in North America


Approx. 1800 MW of wind projects under development in N. America

Montana: 700 MW

Nebraska: 100 MW

Alberta: 1000 MW

Evaluating further opportunities throughout Canada and the US

Successfully secured wind turbines in a tight supply market

110 MW of wind turbines for delivery in 2008

380 MW of turbines for delivery in 2009 and first two quarters in 2010

Currently negotiating supply of wind turbines for delivery in 2010 and 2011

Securing advantageous transmission queue positions

300 mw of northbound transmission rights in future Montana-Alberta intertie

100 mw of capacity reserved with AESO in Canada

>400 mw of new transmission capacity in Southeast Alberta, Canada (East Palliser Transmission line)

Building sustainable competitive advantages


U.S. Headquarters:

San Francisco, CA

Strategically located assets

Wind energy development assets 12PROPIETARY & CONFIDENTIAL

Canada Headquarters:

Calgary, AB

Glacier Wind Energy projects

Project Overview

Location: Glacier and Toole counties, Montana

Project sponsor: Naturener USA, LLC Planned nameplate rating: 210 mw (200

mw net) Phase I: 106.5 mw Phase II: 103.5 mw

Expected annual production: approx. 625 gwh

Wind turbine technology: Acciona AW 77/1500 Class II

Total # turbines: 140 Balance of Plant contractor: M.A.

Mortenson Interconnection Phase I: NorthWestern Energy grid Phase II: Glacier Electric Cooperative grid

Offtake: Green for brown swap with SDG&E Fix for float swap with MSCG Financial hedge with MSCH

Spinning reserves from Grant PUD (firm product)

NaturEner’s own Certificated Balancing Authority

Start construction: March 2008 In-service date: November 2008

Interconnection

Note: See last section for further information on Glacier Wind Energy projects.


Glacier will be the first Wind only Balancing Authority in N. America

By firming our energy production we are able to achieve much higher pricing for our off take agreements

Our establishing this Balancing Authority is contrary to the argument that incorporating wind into the grid is an overwhelming problem

Reserves have been contracted for through two hydro PUDs in Washington state

Balancing Services have been contracted through a third party

Due to the enhanced quality of our product, we are able to actively participate in the hourly markets within the region

Glacier is a clear example of the kind of unique solutions NaturEner is prepared to bring to the marketplace to ensure the successful development of wind regimes that have proven too costly or difficult to develop in the past



Project Overview Interconnection

Location: Approx. 25 miles north of Shelby, Montana

Project sponsor: Naturener USA, LLC Planned nameplate rating: 300 mw Expected annual production: approx.

950 gwh Wind turbine technology: Acciona AW

77/1500 Class II Total # turbines: 200 Balance of Plant contractor: M.A.

Mortenson Interconnection: Montana-Alberta

intertie at substation located on project footprint

Offtaker: tbd Start construction: Q2 2009 In-service date: Q4 2009

Rim Rock Wind Energy projects


NaturEner controls 100% of the MATL northbound capacity

Total capacity: 300 MW Tenor: 30 years Potential to control a large portion of

southbound capacity

Montana Alberta Tie Line (MATL)NaturEner’s Interest Map

Proposed transmission line

Transmission intertie between Montana and Alberta

Approx. 215 miles (346 km) long High voltage line: 230 kv (stepped up to 240

kv at Lethbridge to match Alberta’s transmission voltage)

Total transmission capacity of 300 MW bi-directional

Conductor: Falcon 1590 kcmil acsr A total of approx. 1,700 structures In-service date: Q4 2009 Total investment cost: $140 mm

Project Overview


Through its acquisition of this capacity NaturEner has:

Given a strong foundation of support to a unique merchant international transmission line

Gained access to a strong, liquid hourly market for electricity

Retained unconstrained access to a transmission corridor that alleviates our need to compete for transmission on an hourly basis

Secured a very valuable asset for optimization opportunities

NaturEnenr’s position on MATL is a key component of our ability to execute our plan for strong regional development and growth and plays a vital role in bringing a strong portfolio of optionality to the company



Project Overview Map

Location: Approx. 12 km SW of Bow Island Project sponsor: Naturener Energy Canada,

Inc. Planned nameplate rating: 90 mw Phase I: 9 mw Phase II: 81 mw

Expected annual production: approx. 290 gwh

Wind turbine technology: Acciona AW 77/1500 Class II

Balance of Plant contractor: Graham Interconnection Phase I: Fortis 25 kv distribution approved Phase II: Fortis 132 kv distribution approved

Offtaker: tbd Start construction / In-service date Phase I: Q3 2008 / Q1 2009 Phase II: Q3 2009 / Q2 2010

Approvals received and outstanding Provincial requirements completed for Phase I Phase I: CRCE-registered; no Federal Environmental

Assessment required Phase II: ecoEnergy-registered; Federal

Environmental Assessment undertaken Energy & Utilities Board Permit granted for Phase I;

to be submitted Spring 2009 for Phase II Warner County # 5 Land Use Amendment for a Wind

Energy Facility and County of Forty Mile Development permits granted

Transport Canada Lighting approved for Phase I

Praire Home projects


Prairie Home is representative of:

The company’s commitment to find solutions to problems currently facing the market

Though this area of the province is relatively constrained for transmission, through detailed analysis of the grid we were able to identify unutilized capacity available through the distribution system

Our development team was able to accelerate the planned completion date for this project and maintain a number of key permits

Our ability to bring Prairie Home online on time was predicated on employing advanced market analytical strategies that helped us indentify and act on unique regional opportunities



Location: Approx. 45 km southeast of Medicine Hat and 20 km south of Irvine

Project sponsor: Naturener Energy Canada, Inc.

Planned nameplate rating: 200 mw Expected annual production: approx. 690

gwh Project area study: Approx. 8,400 acres of

private agricultural land Wind turbine technology: 2.5 mw or 3 mw

units Total # turbines: 67 to 87 Balance of Plant contractor: tbd Interconnection: tbd Offtaker: tbd Start construction: 2011 In-service date: 2011 Approvals received and outstanding Federal Environmental Assessment completed Energy and Utilities Permit and License filed in

December 2007 Other permitting: ongoing

Wild Rose 1Project Overview Map


Wild Rose 2Project Overview Map

Location: Approx. 28 km south of Medicine Hat

Project sponsor: Naturener Energy Canada, Inc.

Planned nameplate rating: 200 mw Expected annual production: approx. 685

gwh Project area study: Approx. 10,560 acres of

private agricultural land Wind turbine technology: 2.5 mw or 3 mw

units Total # turbines: 67 to 87 Balance of Plant contractor: tbd Interconnection: tbd Offtaker: tbd Start construction: 2011 In-service date: 2011 Approvals received and outstanding Federal Environmental Assessment started in

September 2007 Other permitting: ongoing


A direct assign transmission line from Wild Rose 1 and Wild Rose 2 to the 240 kv connection point at Empress Amoco

Debottleneck Alberta’s transmission constrained system

Southeast upgrade agreements with AESO and Altalink (October 31, 2007)

Design review completed November 2007 Transmission capacity: more than 1.000 mw Right-of-Way to be completed by Q2 2008 Environmental Assessment review to be

completed by Q2 2008 Select EPC contractor in Q2/Q3 2009 Start construction: Q4 2009 (subject to EUB

approval) Total investment cost: C$95-105 mm

East Palliser transmission lineProject Overview Map


The Wild Rose and East Palliser projects:

These projects will represent over $1.2 billion of investment

NaturEner determined the timeline for a proposed solution to the constraints in the southern AB transmission system were likely to take too long

Though outside our core mandate, we believed the development of this asset would provide us a unique market advantage

These projects will likely lead to the facilitation of further wind development in the area.

By undertaking the development of both generation and transmission assets NaturEner is able to gain even more insight into the intricacies of the markets that it participates in



It is our belief that Renewables can play a very comprehensive role in the evolving energy markets of N. America

By employing unique new strategies, many areas that have remained undeveloped can now enter onto the stage

Renewables will have a strong role to play in not only competing with the fossil economy but also in becoming a driver for market development and evolution in an attempt to realize the full benefits of a more diverse supply portfolio

In Summary


Glacier Wind farm (Montana)


Last turbine in first face (unit 71) installed in August 2008

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