Crownbutte Wind Power, Inc. Overview (Equity) May 09

Crownbutte Wind Power

Management Presentation
May 2009
Presented by Strasbourger Pearson Tulcin & Wolff (SPTW)

CROWNBUTTE WIND POWER -- BACKGROUND

• Crownbutte Wind Power (“CBWP” or the “Company”) was founded in 1999 as a
wind power consulting firm, the Company is based in Mandan, ND
• Since inception, CBWP has advised regional utilities and independent wind power
developers including:
• Montana-Dakota Utilities Co. (MDU)
• Suzlon Wind Energy
• Boreal Wind Energy (since acquired by Wind Energy America)
• Basin Electric Power Cooperative (BEPC)

• Notable past projects include:
• 20 MW wind farm in Buffalo Ridge, MN - Advisor
• 19.5 MW wind farm in Baker, MT – consulting overseer; sale to MDU
• 2.6MW wind farm in Chamberlain, SD – Turnkey sale to BEPC

SPTW CONFIDENTIAL 2

CBWP MANAGEMENT
Timothy H. Simons—President & CEO
Tim has been involved in the wind power industry since 1996. Serves on the Upper Great Plains Transmission Coalition formed (by
the Governors of 3 states) to address electrical transmission problems in order to better utilize coal, hydro, & wind resources, and
serves as co-chairman of the Transmission Bottleneck Committee. Tim spent over 5 years on active duty in the U.S. Army, and
worked in Europe for Robert Bosch GmbH, as well as other companies. He has also spent over 10 years as a teacher in the Mandan/
Bismarck area. Tim has a degree in Social & Behavioral science from the University of Mary, attended graduate school at Creighton
University, and is a graduate of the Defense Language Institute in Monterey, CA.

Manu Kalia—CFO
Manu brings 13 years of high tech and financial management experience to Crownbutte. He has served at senior management
levels as: CEO of Promana Solutions Inc. (web services), CFO of ARC International PLC (semiconductors), CFO of Tradeworx Inc.
(statistical-arbitrage financial analytics/ hedge fund), and CEO of Open Source Creations Inc. (online collaboration). Prior to that,
Manu spent time as an investment banker for Commonwealth Associates, as an analyst for Sanford Bernstein, and as a manager at
Lucent Technologies Bell Laboratories. Manu holds a Bachelors in Engineering Sciences (cum laude) from Dartmouth College, and
an MBA from the Amos Tuck School of Business Administration at Dartmouth.

Dr. Terry Pilling, Ph.D.—Director of Operations and Technology
Terry received his B.S. (Honors) in Physics and Engineering Physics at the University of Saskatchewan, Canada, his M.S. in Nuclear
Physics at the Saskatchewan Accelerator Laboratory, and his Ph.D. in Particle Physics at the North Dakota State University, winning
the Physics & Engineering Physics Convocation Award. Terry completed postdoctoral research at the Joint Institute for Nuclear
Research in Russia, was a visiting researcher at the Joint Astronomy Center on Mauna Kea, Hawaii, and spent four years as Professor
of Physics at the North Dakota State University. Dr. Pilling has 18 publications, of which 12 are in peer reviewed, internationally
recognized journals. Dr. Pilling is also responsible for Research and Development at CBWP.

SPTW CONFIDENTIAL 3

BUSINESS STRATEGY & COMPETITIVE ADVANTAGE
The Company’s objective is to site, develop, build, and operate a portfolio of optimal
ROI wind power projects in the Midwest, U.S.
The Company uses a four point methodology to acquire “low hanging fruit” project sites:
1. Identify Transmission Capacity: using MDU grid capacity data, the Company locates
underutilized existing transmission lines and determines the available capacity
2. Conduct Topographical and Meteorological studies: the Company identifies ideal project
sites along transmission lines with free capacity
3. Land Lease Options: the Company negotiates favorable lease options with land owners
and erects met towers throughout optioned sites
4. Wind Capacity Detail: the Company measures wind capacity for several years to determine
a sites aggregate wind capacity at various heights and locations, uses third party to
conduct formal wind report

COMPETITIVE ADVANTAGES:
• First mover is a barrier to entry as transmission capacity is an absolute limit
• Greenfield projects already in a position to block out other competitors at the sub-100 MW
park size
• Distributed generation across an East-West axis is inherently advantageous to a balanced
and constant load
• Fully leverage local relationships with vendors, contractors, regulators

SPTW CONFIDENTIAL 4

USE THE BEST MIX OF OFF-TAKE
• Three ways to off-take (sell) generated electricity:
– PPA (Purchase Price Agreement) – a long term (typically 10 or 20 yrs) purchase agreement setting the price at which a
utility will purchase power; not currently favored by MDU
– QF (Qualified Facility) – PURPA (Public Utility Regulatory Policy Act) mandates that a utility must purchase electricity
from an independent producer (QF) at the utilities marginal cost (set annually by the PUC), which currently stands at
$36/MWH
– Merchant or LMP (Locational Marginal Price) – an open market in which independent producers can sell their power
under the auspices of OATT (Open Access Transmission Tariff)
• MISO (Midwest Indep. Sys. Operator) establishes a market that has spot market with 5-min
price updates, and a day-ahead market, updated hourly.
• Pricing for merchant supplied energy on the spot market changes every 5 minutes, but has
been trending upwards over the past three years (to about $48/MWH):
$60
$56
To maximize revenue, seven categories of variables are used
to determine the mix of day-ahead commitments vs. spot mkt:
SPOT PRICE ($/MWH)

$52
$48
$44 − Predicted power generation (24-hr forward view) based on
$40
meteorological data
$36
$32 − Predicted demand (24-hr forward view) based on
$28
$24
meteorological data
$20 − Time of day
− Time of year
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QTRLY AVG ROLLING 4Q AVG − Prices of competitive generation (coal, natural gas)
Source: www.midwestmarket.org − Absolute level of spot and day-ahead prices
− Spread between spot and day-ahead prices

SPTW CONFIDENTIAL 5

ALTERNATIVE ENERGY REVOLUTION
Spurring Economic Development
• For every megawatt (MW) of wind energy produced, $1 million in economic development is generated.
This includes revenue from planning, construction, etc.
• Wind energy revitalizes rural communities by providing steady income through lease and royalty
payments to farmers and other landowners.
• Jobs: Wind energy resources bring needed jobs to rural communities and bolster farm incomes against
bad weather. Worldwide, wind and solar industries are likely to be one of the main sources of new
manufacturing jobs in the 21st century.
• Consumer Benefits: Wind energy costs for consumers are low and stable. This is particularly beneficial
for those on fixed incomes.
• As wind energy production becomes more efficient, costs will decline, while fossil fuel prices are
expected to rise.
Environmental and Health Benefits
• Low emissions: Reduces smog and eliminates a major source of acid rain; could reduce total US
emissions of carbon dioxide (a greenhouse gas) by 1/3 and world emissions by 4%.
• Potential for growth: Development of just 10% of 10 of the windiest states could provide more than
enough energy to displace emissions from coal-fired power plants.
• Cleaner air means healthier air, especially for people with respiratory disabilities.
• Coal-fired generation is the number one user of fresh water in the US... more than agriculture
National Security
• Potential to significantly reduce U.S. dependence on foreign oil imports

SPTW CONFIDENTIAL 6

MARKET TRENDS
RECENT PROGRESS: PROJECTED INSTALLED WIND CAPACITY (GW)
• 5.4GW of installed wind power capacity
in 2007, increased total wind capacity by
45%*
• As of Q208, the U.S. has over 19GW of
installed wind power capacity*
• Globally, wind power capacity rose 27
percent in 2007 to 94GW*
• 48 Billion kWh are expected to be
generated by U.S. wind farms in 2008*
• Equaling just over 1% of the U.S. total
electricity supply*
• Powering the equivalent of over 4.5
million homes* Chart Source: NREL www.nrel.gov/features/0108_winds_model.html

20% BY 2030:
• The U.S. DOE 20% Wind Energy by 2030 Technical Report (www.20percentwind.org) finds that wind power can
supply 20 percent of America’s electricity by 2030**
• U.S. energy consumption projected to grow at 39% through 2030 to 5.8 billion MWh (source EIA)
• 20% wind power in 2030 would require an increase of 280 GW in wind power over 21 years

* AWEA Fact Sheet www.awea.org/pubs/factsheets/Market_Update.pdf
** AWEA Fact Sheet www.awea.org/pubs/factsheets/Backup_Power.pdf

SPTW CONFIDENTIAL 7

WIND ENERGY LEGISLATION
Production Tax Credit (PTC):
• Created under the Energy Policy Act
of 1992
• $20 per MWh income tax credit for
utility scale wind facilities in service
by Dec. 31st 2009
• PTC can be attributed to a “tax investor”
• Established to increase economic viability
of wind power projects for developers

Renewable Portfolio Standard (RPS):
Source: AWEA www.awea.org/legislative/#PTC
• State level legislation that varies in scope
by state, has been adopted by 26 states
(see next slide for map)
• Renewable Energy Certificate (REC) 1 certificate per MWh generated by renewable energy
producer, can be sold as off-set pricing depends on state RPS policy and subsequent market
demand
• REC’s can range in value from $5 to $90 per certificate with an average of $20 per certificate

SPTW CONFIDENTIAL 8

RENEWABLES PORTFOLIO STANDARDS
ME: 30% by 2000
MN: 25% by 2025 VT: (1) RE meets any 10% by 2017 - new RE
(Xcel: 30% by 2020) increase in retail sales by
*WA: 15% by 2020 2012; (2) 20% by 2017 ☼ NH: 23.8% in 2025
ND: 10% by 2015
WI: requirement varies by MA: 15% by 2020 +
utility; 10% by 2015 goal 1% annual increase
MT: 15% by 2015 (Class I Renewables)
OR: 25% by 2025 (large utilities)
5% - 10% by 2025 (smaller utilities) RI: 16% by 2020
SD: 10% by 2015
☼ *NV: 20% by 2015 ☼ OH: 25%** by 2025 CT: 23% by 2020
*UT: 20% by 2025 IA: 105 MW ☼ NY: 24% by 2013
IL: 25% by 2025 ☼ NJ: 22.5% by 2021
☼ CO: 20% by 2020 (IOUs)
CA: 20% by 2010 ☼*10% by 2020 (co-ops & large munis)
☼ PA: 18%** by 2020
MO: 11% by 2020
☼ MD: 20% by 2022
☼ NC: 12.5% by 2021 (IOUs)
☼ AZ: 15% by 2025 ☼10% by 2018 (co-ops & munis) ☼ *DE: 20% by 2019
☼ DC: 11% by 2022
☼ NM: 20% by 2020 (IOUs)
☼ 10% by 2020 (co-ops) *VA: 12% by 2022

TX: 5,880 MW by 2015
HI: 20% by 2020 State RPS

State Goal
☼ Minimum solar or customer-sited RE requirement Solar water heating eligible
* Increased credit for solar or customer-sited RE
** Includes separate tier of non-renewable “alternative” energy resources

Source: DSIRE
www.dsireusa.org
September 2008

SPTW CONFIDENTIAL 9

DEVELOPMENT, CONSTRUCTION, & OPERATION
• Crownbutte operates in the entire chain of wind energy development,
construction and operation.

DEVELOPMENT CONSTRUCTION OPERATION

• 18 - 24 mos. • 3 - 12 mos. • 20+ yrs
• $150K - $200K per project • $20M - $42M* per project • $3M ann. profit before depr & amort
* depends on turbine price • $3M per MW ($60M for 20 MW)

• Downside risk is limited by the NAV of the Crownbutte portfolio of projects...
200
ASSET VALUE ($ Mil.)

180
160 ACTUAL PROJECTED
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SPTW CONFIDENTIAL 10

DEVELOPMENT PROCESS
Wind park site development can take up to 24 months and cost $150K ‑ $200K:
1. Identify the transmission capability
2. Conduct topographical studies
3. Configure an initial park array
4. Procure the necessary land lease options
5. Install site-specific meteorological instrumentation
6. Accumulate sufficient meteorological data
7. Select turbine type
8. Complete a wind report (by a certified consulting meteorologist)
9. Apply for local/state/federal permitting & transmission queue position.
10. Secure Interconnect agreement
11. Conduct geotechnical investigations at the site to prepare the foundation designs.
12. Execute turbine supply agreement
13. Retain construction contractor(s)
14. Prepare the final site designs (collector system, service roads, junction boxes etc.)


ELEVEN PROJECTS (618 MW) IN DEVELOPMENT

Park Size Capital Cost Acres Under Transmission Net Capacity Development
Project State (MW) ($000) Option Queue Line Factors Steps Completed

1 Gascoyne I ND 20 36,000 1,733.00 MISO #G311 115 KV 41.2% Steps 1-10
2 New England ND 60 108,000 1,840.00 MISO #G980 115 KV 43.0% Steps 1-9
3 Wibaux MT 20 36,000 1,190.00 MISO #G994 57 KV 40.0% Steps 1-9

4 Elgin ND 20 36,000 800.00 MISO #G981 69 KV 38.0% Steps 1-9
5 Berthold ND 60 108,000 3,425.00 WAPA #GI-0805 115 KV 37.0% Steps 1-9
6 Carson ND 20 36,000 960.00 69 KV 37.0% Steps 1-6

7 Gascoyne II ND 200 360,000 16,000.00 MISO #G757 230 KV 43.6% Steps 1-9
8 Tappen ND 98 176,400 2,240.00 230 KV 40.0% Steps 1-6
9 Monarch MT 60 108,000 6,400.00 115 KV 39.0% Steps 1-6
10 Mobridge SD 40 72,000 800.00 115 KV 36.0% Steps 1-5
11 Scobey MT 20 36,000 306.00 57 KV 41.0% Steps 1-6


PROJECT MAP: WIND & TRANMISSION GRID


CONSTRUCTION STEPS
Wind park site development can take up to 3-12 months and cost $20‑$42 million:
1. Receive turbines -- thirteen 1.5 MW nameplate capacity turbines required for a 20 MW project
2. Reserve cranes and other scarce equipment.
3. Park materials – cables, collector system, SCADA (systems control and data analysis), turbine transformers
4. Substation construction (or upgrade) – obtain & install step-up transformer
5. Foundations – pouring concrete and conduits for electrical & grounding components
6. Erect towers – three tower sections (requires crane)
7. Place turbines – install nacelle and blades
8. Commissioning – testing for performance
9. Connect to transmission grid


GASCOYNE I: FIRST PROJECT CASE STUDY
• As its first project, CBWP intends to construct a 20MW wind energy facility named
“Gascoyne I” in Southwest North Dakota
• The land lease for this project was signed in 2007, it gives the Company an option for a 40
year lease
– Terms: $2,500 per turbine $1,000/MW nameplate-capacity per year
• CBWP has finalized all requisite permitting for this project site
• The Company has been monitoring wind capacity using NRG systems equipment located
throughout the site since November 2002, the site averaged a 41.2% wind net capacity
during this period
• Based on the Gascoyne I wind net capacity, the project is reasonably expected to generate
72,000 MWH annually
• The Company has signed an interconnection agreement with MDU for this project which is
located along a MDU 115 KV transmission line
• The total capital cost for the Gascoyne I project is estimated to be $36 million, currently the
Company plans to use Gamesa G80 2.0 MW turbines for this site
• See slide 17 of this presentation for Gascoyne I Pro forma P&L


GASCOYNE I: HIGH QUALITY SITE

GASCOYNE I


GASCOYNE I: TURBINE PLACEMENT


GASCOYNE I: PRO-FORMA P&L
Once a wind farm is constructed, model assumes power is sold on an LMP basis (could secure PPA or QF
arrangement). A 20 MW project such as Gascoyne I would generate the following pro-forma income:
Yr 0 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 20 20-yr Total

Power Sales ($ mil.) 3.3 3.4 3.5 3.6 3.7 3.8 4.0 4.1 4.2 4.3 5.8 89.2
REC Rev ($ mil.) 0.7 0.7 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 1.3 19.4
TOTAL REVENUE ($ mil.) 4.0 4.2 4.3 4.4 4.5 4.7 4.8 5.0 5.1 5.3 7.1 108.6

Operating Expense ($ mil.) 1.3 1.3 2.0 2.0 2.0 1.0 1.0 1.0 1.1 1.1 1.5 26.8

EBITDA ($ mil.) 2.8 2.9 2.3 2.4 2.5 3.7 3.8 3.9 4.0 4.2 5.6 81.8

Depreciation ($ mil.) 8.7 13.0 6.5 4.3 2.2 0.0 0.0 0.0 0.0 0.0 - 34.8

EBIT ($ mil.) (5.9) (10.1) (4.2) (1.9) 0.3 3.7 3.8 3.9 4.0 4.1 5.6 46.9

Raw Tax Expense ($ mil.) (2.1) (3.5) (1.5) (0.7) 0.1 1.3 1.3 1.4 1.4 1.5 2.0 16.4
PTC ($ mil.) -
Adjustment to Tax Bene Carry-fwd 2.1 3.5 1.5 0.7 (0.1) (1.3) (1.3) (1.4) (1.4) (1.5) - -
NET TAX EXPENSE ($ mil.) - - - - - - - - - - 2.0 16.4

US TREASURY GRANT BACK 10.8

NET INCOME ($ mil.) 4.9 (10.1) (4.2) (1.9) 0.3 3.7 3.8 3.9 4.0 4.1 3.6 41.3

Carried-forward Tax Benefit 2.1 5.6 7.1 7.7 7.6 6.3 5.0 3.6 2.2 0.8 -

PROJECT NET CASH FLOWS ($ mil.) (35.9) 13.5 2.9 2.3 2.4 2.5 3.7 3.8 3.9 4.0 4.2 3.6 40.2
Project IRR 10.3%


FINANCING STRATEGY
1. Raise ~$3 million in straight equity at a $13M pre-money valuation. (Use of
proceeds: general corporate expenses to continue to develop new sites, secure
land, etc.)
2. Complete S1 filing to allow CBWP to trade freely on the bulletin board (imminent)
3. Secure project finance for construction of first project (Gascoyne I)
4. Demonstrate viability of merchant model
5. Repeat project finance sequence for each successive project


INVESTMENT OPPORTUNITY RECAP
• Early participation in the most explosive industry in the world today:
alternative energy
• Very attractive valuation at this early stage
• Unique business strategy leverages local transmission capacity and
specialized local meteorological/topographical expertise
• Excellent pipeline of projects already in development
• Underlying asset values at every stage of development, construction, and
operation constitute liquidation value that protects investors on the
downside
• Strong exit story: political environment, economic realities of rising fossil
fuel costs, and public concerns over pollution and global warming all
combine to make operating wind energy assets valuable to a variety of
buyers.


CONTACT

Ron Moschetta
Strasbourger Pearson Tulcin Wolff, Inc.
Member: NYSE, FINRA, SIPC
61 Broadway Suite 1630
New York, NY 10006
Tel: (212) 952-7500
moschetta@sptwinc.com

Tim Simons / Manu Kalia
Crownbutte Wind Power, Inc.
111 5th Ave. NE
Mandan, ND 58554
Tel: (701) 667-2073
tim.simons@crownbutte.com


Individual Project Pro-forma Models

Gascoyne I
Elgin
New England
Wibaux
Berthold
Tappen
Gascoyne II
Monarch
Mobridge
Scobey
Carson


GASCOYNE I (20 MW): PRO-FORMA P&L

Power Sales ($ mil.) 3.3 3.4 3.5 3.6 3.7 3.8 4.0 4.1 4.2 4.3 5.8 89.2
REC Rev ($ mil.) 0.7 0.7 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 1.3 19.4


EBITDA ($ mil.) 2.8 2.9 2.3 2.4 2.5 3.7 3.8 3.9 4.0 4.2 5.6 81.8


EBIT ($ mil.) (5.9) (10.1) (4.2) (1.9) 0.3 3.7 3.8 3.9 4.0 4.1 5.6 46.9

PTC ($ mil.) -


NET INCOME ($ mil.) 4.9 (10.1) (4.2) (1.9) 0.3 3.7 3.8 3.9 4.0 4.1 3.6 41.3


Project IRR 10.3%


ELGIN (20 MW): PRO-FORMA P&L

Power Sales ($ mil.) 3.1 3.2 3.2 3.3 3.4 3.6 3.7 3.8 3.9 4.0 5.4 82.3
REC Rev ($ mil.) 0.7 0.7 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.9 1.2 17.9


EBITDA ($ mil.) 2.5 2.5 2.0 2.1 2.2 3.3 3.4 3.5 3.7 3.8 5.1 73.5


EBIT ($ mil.) (6.2) (10.4) (4.5) (2.2) (0.0) 3.3 3.4 3.5 3.6 3.7 5.1 38.6

Raw Tax Expense ($ mil.) (2.2) (3.7) (1.6) (0.8) (0.0) 1.2 1.2 1.2 1.3 1.3 1.8 13.5
PTC ($ mil.) -
Adjustment to Tax Bene Carry-fwd 2.2 3.7 1.6 0.8 0.0 (1.2) (1.2) (1.2) (1.3) (1.3) - -


NET INCOME ($ mil.) 4.4 (10.4) (4.5) (2.2) (0.0) 3.3 3.4 3.5 3.6 3.7 3.3 35.7


Project IRR 9.3%


NEW ENGLAND (60 MW): PRO-FORMA P&L

Power Sales ($ mil.) 10.4 10.7 11.0 11.4 11.7 12.1 12.4 12.8 13.2 13.6 18.2 279.4
REC Rev ($ mil.) 2.3 2.3 2.4 2.5 2.5 2.6 2.7 2.8 2.9 2.9 4.0 60.7


EBITDA ($ mil.) 9.5 9.8 8.3 8.6 8.9 12.0 12.4 12.8 13.1 13.5 18.2 268.7


EBIT ($ mil.) (14.8) (26.6) (10.0) (3.6) 2.8 12.0 12.3 12.7 13.1 13.5 18.2 171.2

PTC ($ mil.) -
NET TAX EXPENSE ($ mil.) - - - - - - - - - 4.0 6.4 59.9


NET INCOME ($ mil.) 14.6 (26.6) (10.0) (3.6) 2.8 12.0 12.3 12.7 13.1 9.5 11.8 140.7

Carried-forward Tax Benefit 5.2 14.5 18.0 19.2 18.3 14.1 9.7 5.3 0.7 - -

Project IRR 12.8%


WIBAUX (20 MW): PRO-FORMA P&L

Power Sales ($ mil.) 3.2 3.3 3.4 3.5 3.6 3.7 3.8 4.0 4.1 4.2 5.7 86.6
REC Rev ($ mil.) 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.9 0.9 0.9 1.2 18.8


EBITDA ($ mil.) 2.7 2.7 2.2 2.3 2.4 3.6 3.7 3.8 3.9 4.0 5.4 78.7


EBIT ($ mil.) (6.0) (10.2) (4.3) (2.0) 0.2 3.5 3.7 3.8 3.9 4.0 5.4 43.8

PTC ($ mil.) -


NET INCOME ($ mil.) 4.6 (10.2) (4.3) (2.0) 0.2 3.5 3.7 3.8 3.9 4.0 3.5 39.1


Project IRR 10.1%


BERTHOLD (60 MW): PRO-FORMA P&L

Power Sales ($ mil.) 8.9 9.2 9.5 9.8 10.1 10.4 10.7 11.0 11.3 11.7 15.7 240.4
REC Rev ($ mil.) 1.9 2.0 2.1 2.1 2.2 2.3 2.3 2.4 2.5 2.5 3.4 52.3


EBITDA ($ mil.) 8.1 8.4 7.7 8.0 8.3 10.7 11.1 11.4 11.7 12.1 16.3 240.6


EBIT ($ mil.) (16.5) (28.4) (10.8) (4.4) 1.9 10.5 10.8 11.2 11.5 11.9 16.3 139.5

PTC ($ mil.) -

US TREASURY GRANT 30.3

NET INCOME ($ mil.) 13.8 (28.4) (10.8) (4.4) 1.9 10.5 10.8 11.2 11.5 11.9 10.6 121.0


Project IRR 11.0%


TAPPEN (98 MW): PRO-FORMA P&L

Power Sales ($ mil.) 15.8 16.3 16.8 17.3 17.8 18.3 18.9 19.4 20.0 20.6 27.7 424.4
REC Rev ($ mil.) 3.4 3.5 3.6 3.8 3.9 4.0 4.1 4.2 4.3 4.5 6.0 92.3


EBITDA ($ mil.) 14.3 14.7 12.2 12.7 13.2 18.1 18.6 19.2 19.8 20.4 27.4 403.8


EBIT ($ mil.) (24.8) (43.9) (17.1) (6.9) 3.3 18.0 18.6 19.1 19.7 20.3 27.4 246.7

PTC ($ mil.) -
NET TAX EXPENSE ($ mil.) - - - - - - - - - 2.2 9.6 86.3


NET INCOME ($ mil.) 22.4 (43.9) (17.1) (6.9) 3.3 18.0 18.6 19.1 19.7 18.1 17.8 207.6

Carried-forward Tax Benefit 8.7 24.1 30.1 32.5 31.3 25.0 18.5 11.8 4.9 - -

Project IRR 11.9%


GASCOYNE II (200 MW): PRO-FORMA P&L

Power Sales ($ mil.) 35.1 36.2 37.3 38.4 39.5 40.7 42.0 43.2 44.5 45.8 61.6 944.2
REC Rev ($ mil.) 7.6 7.9 8.1 8.3 8.6 8.9 9.1 9.4 9.7 10.0 13.4 205.3
TOTAL REVENUE ($ mil.) 42.8 44.1 45.4 46.7 48.1 49.6 51.1 52.6 54.2 55.8 75.0 1,149.4


EBITDA ($ mil.) 33.0 34.0 29.0 30.1 31.2 41.1 42.3 43.6 44.9 46.3 62.3 922.2


EBIT ($ mil.) (45.9) (84.4) (30.2) (9.4) 11.4 41.0 42.2 43.5 44.8 46.2 62.3 605.4

PTC ($ mil.) -
Adjustment to Tax Bene Carry-fwd 16.1 29.5 10.6 3.3 (4.0) (14.3) (14.8) (15.2) (11.2) - - -
NET TAX EXPENSE ($ mil.) - - - - - - - - 4.5 16.2 21.8 211.9


NET INCOME ($ mil.) 49.3 (84.4) (30.2) (9.4) 11.4 41.0 42.2 43.5 40.3 30.0 40.5 488.7

Carried-forward Tax Benefit 16.1 45.6 56.2 59.5 55.5 41.2 26.4 11.2 - - -

Project IRR 13.6%


MONARCH (60 MW): PRO-FORMA P&L

Power Sales ($ mil.) 9.4 9.7 10.0 10.3 10.6 10.9 11.3 11.6 11.9 12.3 16.5 253.4
REC Rev ($ mil.) 2.0 2.1 2.2 2.2 2.3 2.4 2.4 2.5 2.6 2.7 3.6 55.1


EBITDA ($ mil.) 8.3 8.6 7.0 7.3 7.6 10.7 11.0 11.3 11.7 12.0 16.2 237.6


EBIT ($ mil.) (15.9) (27.8) (11.2) (4.8) 1.5 10.6 11.0 11.3 11.6 12.0 16.2 140.1

PTC ($ mil.) -


NET INCOME ($ mil.) 13.5 (27.8) (11.2) (4.8) 1.5 10.6 11.0 11.3 11.6 12.0 10.5 120.5


Project IRR 11.2%


MOBRIDGE (40 MW): PRO-FORMA P&L

Power Sales ($ mil.) 6.1 6.3 6.5 6.7 6.9 7.1 7.3 7.5 7.8 8.0 10.7 164.6
REC Rev ($ mil.) 1.3 1.4 1.4 1.5 1.5 1.5 1.6 1.6 1.7 1.7 2.3 35.8


EBITDA ($ mil.) 5.2 5.4 4.4 4.5 4.7 6.8 7.0 7.3 7.5 7.7 10.4 151.7


EBIT ($ mil.) (11.2) (19.3) (8.0) (3.7) 0.6 6.8 7.0 7.2 7.5 7.7 10.4 85.5

PTC ($ mil.) -


NET INCOME ($ mil.) 8.8 (19.3) (8.0) (3.7) 0.6 6.8 7.0 7.2 7.5 7.7 6.7 75.6


Project IRR 10.4%


SCOBEY (20 MW): PRO-FORMA P&L

Power Sales ($ mil.) 3.3 3.4 3.5 3.6 3.7 3.8 3.9 4.1 4.2 4.3 5.8 88.8
REC Rev ($ mil.) 0.7 0.7 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 1.3 19.3


EBITDA ($ mil.) 2.7 2.8 2.3 2.4 2.5 3.7 3.8 3.9 4.0 4.1 5.6 81.3


EBIT ($ mil.) (5.9) (10.1) (4.2) (1.9) 0.3 3.7 3.8 3.9 4.0 4.1 5.6 46.4

PTC ($ mil.) -


NET INCOME ($ mil.) 4.7 (10.1) (4.2) (1.9) 0.3 3.7 3.8 3.9 4.0 4.1 3.6 40.8


Project IRR 10.4%


CARSON (20 MW): PRO-FORMA P&L

Power Sales ($ mil.) 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 5.2 80.1
REC Rev ($ mil.) 0.6 0.7 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.8 1.1 17.4


EBITDA ($ mil.) 2.4 2.4 1.9 2.0 2.1 3.2 3.3 3.4 3.5 3.6 4.9 70.9


EBIT ($ mil.) (6.3) (10.5) (4.6) (2.4) (0.1) 3.2 3.3 3.4 3.5 3.6 4.9 36.1

Raw Tax Expense ($ mil.) (2.2) (3.7) (1.6) (0.8) (0.0) 1.1 1.2 1.2 1.2 1.3 1.7 12.6
PTC ($ mil.) -
Adjustment to Tax Bene Carry-fwd 2.2 3.7 1.6 0.8 0.0 (1.1) (1.2) (1.2) (1.2) (1.3) - -


NET INCOME ($ mil.) 4.3 (10.5) (4.6) (2.4) (0.1) 3.2 3.3 3.4 3.5 3.6 3.2 34.0


Project IRR 8.9%


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