THE LADWP FiT50: Going Solar with a World-Class Partnership

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1 THE LADWP FiT50: Going Solar with a World-Class Partnership August 2014

2 Executive summary LADWP has chosen SunEdison and PermaCity to develop solar installations on 4 mmsfof rooftops in the Los Angeles basin through the FiT50 Program. We are identifying and selecting sites on a first-come first-serve basis for this limited program and are looking to worth with both property owners and other solar developers. PermaCityand SunEdisonrepresent a world-class partnership, which combines local solar construction expertise and breakthrough installation technology with global leadership in solar financing and operations. Solar installations create additional cash flows to property owners, resulting in significant increases in property value at zero cost. Participation in the FiT50 has a significantly higher expected value for solar developers than the FiT100 PermaCity sbreakthrough patent-pending SolarStraptechnology is the only racking system that completely removes common concerns associated with rooftop solar installation due to the elimination of penetrations and bulky ballasts. 2

PermaCityand SunEdisonrepresent a world-class partnership, which combines local solar construction expertise and breakthrough installation technology with global leadership in solar financing and

3 Agenda PermaCity & Sun Edison Overview Opportunity for Owners Opportunity for Developers Unique Technology 3

4 The SunEdison and PermaCity partnership represents a strong global track record and local expertise USleader in solarenergy design and construction Global leader in solarenergy development and financing Formed in 2003 Founded 1959 Listed by Solar World Today as one of the nation s Top Solar Contractors Completed 30 MWs of rooftop installations (~4.5 mmsf) Patented SolarStrapmounting system with world distribution in 2014 DedicatedLos-Angeles basedteam of 20 solar professionals Publicly traded (NYSE: SUNE) with >$5B raised #1 solar developer in the world based on total MWs installed (2012) High quality solar module and equipment manufacturer 6,000 employees in 25 global locations 1.5GWs developed, financed and under management 4

5 mmsf) Patented SolarStrapmounting system with world distribution in 2014 DedicatedLos-Angeles basedteam of 20 solar professionals Publicly traded (NYSE: SUNE) with >$5B raised #1

5 PermaCity is the trusted solar provider for local schools and multinational corporations Our customers include: The kw Cathay Bank carport was the winner of LA Business Council s Sustainable Architecture Award in We have built over 30 Costco locations nationwide totaling ~20 MWs (3 mmsf). 5

5 kw Cathay Bank carport was the winner of LA Business Council s

6 Sun Edison is one of the largest solar companies in the world 2012 Global Solar installations MWs First Solar SunEdison China Power Investment Corporation Source: IHS Research SunPower Corporation Enerparc BELECTRIC GD Solar TBEA Sun Oasis Jiangsu Zhenfa New Energy L&T ECC Solar 6

China Power Investment Corporation Source: IHS Research SunPower Corporation

7 SunEdison has a true global presence Utsunomiya, Japan Portland, Oregon St. Peters, Missouri Novara, Italy Chonan, South Korea Hsinchu, Taiwan Pasadena, Texas* Ipoh, Malaysia Kuching, Malaysia Kuala Lumpur, Malaysia Manufacturing Facilities Sales & Support Offices SunEdison Offices Chonan, South Korea Hsinchu, Taiwan Ipoh, Malaysia Kuala Lumpur, Malaysia Kuching, Malaysia Novara, Italy Pasadena, Texas Portland, Oregon St. Peters, Missouri Utsunomiya, Japan * Indicated locations are Polysilicon manufacturing facilities Hsinchu, Taiwan Novara, Italy Paris, France Shanghai, China Santa Clara, California Sherman, Texas Singapore Seoul, South Korea St. Peters, Missouri Tokyo, Japan Belmont, California Beltsville, Maryland Athens, Greece Bangkok, Thailand Barcelona, Spain Chennai, India Denver, Colorado Dubai, U.A.E. Lecce, Italy Madrid, Spain Milan, Italy Minden, Nevada Pennsauken, New Jersey Portland, Oregon Prescott, Arizona Recife, Brazil Sacramento, Califormia San Francisco, California San Juan, Puerto Rico Sao Paulo, Brazil Santiago, Chile Seoul, South Korea Shanghai, China Singapore Tokyo, Japan Toronto, Canada 7

Offices Chonan, South Korea Hsinchu, Taiwan Ipoh, Malaysia Kuala Lumpur, Malaysia Kuching, Malaysia Novara, Italy Pasadena, Texas Portland, Oregon St.

8 SunEdison has worked with Fortune 100 companies and large governmental organizations Utility REITs / Developers Public Sector Commercial 8

9 Agenda PermaCity & Sun Edison Overview Opportunity for Owners Opportunity for Developers Unique Technology 9

10 Why participate in the solar evolution Increase bottom line Improve your roof Produce clean energy Unlock additional cash flows for power generated on under-utilized rooftops Reduce HVAC costs (solar installations reduce indoor temperatures by up to 5 ) SolarStraptechnology strengthens existing infrastructure without penetrations or ballast Solar panels add a protective layer to your roof Solar panels generate green power from the planet s most reliable and safest energy source the sun Generate positive PR Tenants and consumers increasingly value environmentally-friendly and sustainable business practices 10

infrastructure without penetrations or ballast Solar panels add a protective layer to your roof Solar panels generate green power from the planet s most

11 Is the FiT50 program right for you? Owner has low (e.g., house meter only) or no electricity bills to offset If owner pays electricity bills for property, then a net metering system is likely a more valuable option Ideal Property Characteristics Usable rooftop square footage of at least 50,000 sf per site Clean rooftops with minimal skylights, HVAC, etc. and minimal shading from billboards, trees, etc., Ability to encumber rooftop for 20 years 11

12 In exchange for access to your roof, PermaCity offers a variety of options that create value Annual lease payments Payments based on power sales generated by solar system; owner captures additional savings (e.g., HVAC electric reduction, decreased roof repair and maintenance) Upfront lump sum RoofReplacement NetMetering Solar Installation Energy Efficiency Upgrades Building Control Systems Equivalent to present value of cumulative lease payments New roof with 20-year NDLwarranty; reduce operating costsfrom avoided roof repairs Eliminate common area electric costs Reduce electric costs Reduce electric costs and utility demand charges Payments or equivalent products will increase property values. 12

(e.g., HVAC electric reduction, decreased roof repair and maintenance) Upfront lump sum RoofReplacement NetMetering Solar Installation Energy Efficiency Upgrades Building

13 Example: 7 MW system (1 mmsf) on large distribution center This property owner would receive a $210,000 annual lease payment or a $2.1mm upfront payment, as well as additional savings from reduced HVAC expenses. 13

14 Example: 1 MW installation on 120,000 sf cold storage facility This owner saved $300,000 on a new roof and will save $2mm over 25 years due to reduced roof maintenance, reduced HVAC expenses and lower power consumption as a result of lighting and building control upgrades. 14

due to reduced roof maintenance, reduced HVAC expenses and lower

15 Agenda PermaCity & Sun Edison Overview Opportunity for Owners Opportunity for Developers Unique Technology 15

16 Opportunity for developers PermaCity is looking to collaborate with other local solar developers to fulfill its 22 MWac obligation under the FiT50 program Unlike the FiT100 where project selection is subject to a lottery with a 20-30% chance of success, PermaCity will place projects on a first-come firstserve basis. We intend to pay a developer fee of at least 10c/Wdc, however, this number may increase or decrease depending on certain key variables, such as lease rate, yield, system size, etc. (i.e., the more valuable the project, the higher the developer fee). We are also open to working with developers on a full turnkey EPC basis. 16

17 Agenda PermaCity & Sun Edison Overview Opportunity for Owners Opportunity for Developers Unique Technology 17

18 SolarStrapis the only risk-free solution for property owners No roof penetrations Straps floats over roof without bulky ballasts Panel array weight under 3 psf Spacing efficiency with integrated setback adjustments Suitable for roof slope range from 0 to 20 Pre-approved in the City of LA Patents pending 18

weight under 3 psf Spacing efficiency with integrated setback adjustments

19 Forever 21 is a landmark installation At over 5 MW, it is largest rooftop solar installation in Los Angeles First and only location in LA to leverage LADWP s net metering and feed-in-tariff programs, which provides both income and savings First installation that uses SolarStrap avoided ~18,000 penetrations Installation includes new roof with 20-year NDL warranty Cool roof captures additional savings by reducing HVAC costs 19

provides both income and savings First installation that uses SolarStrap avoided ~18,000 penetrations

20 Thank You! Please do not hesitate to contact us: Saritha Peruri, EVP Finance Herb Mendelsohn, EVP Sales & Marketing John Mason, Technical Sales Analyst

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