Windpower Paving way for an industry adventure in the heart of Norway. Anne Strømmen Lycke Nordic Energy Summit 2015 Oslo, March 19th 2015

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1 Windpower Paving way for an industry adventure in the heart of Norway Anne Strømmen Lycke Nordic Energy Summit 2015 Oslo, March 19th 2015

2 Agenda Why wind? Why is it taking so long? Sarepta Energi The Ytre Vikna II Project 2

3 Why Wind? 3

4 Energy is a neccessity for our modern society 4

5 But our energy system faces major challenges Climate Change Resource Scarcity Pollution Geopolitical Instability 5

6 Falling costs and great resource base Costs keep falling Strong onshore resource base Megajoule Wind Resource Assessments 6

7 Europe and Norway are taking charge " In the nine years, , increased production capacity will give an additional 26,4 TWh in 2020 [..] based on renewable energy sources in Norway and Sweden. Wind, hydro and bio energy will be the most important new sources in this market OED, Prop. 1 S ( ) 7

8 Europe and Norway are taking charge 26,4 8

9 Why is it taking so long? 9

10 Concession and frame conditions 10

11 Changing policies affect the investment decisions Joint market for green certificats with Sweden Terms for equal competition is essential Depreciation rules firm promised 2015 check-point must be used to adjust certificat market 11

12 The Grid A Catch 22 12

13 Wind power check list Consessions Green sertificates Green depreciations Grid 13

14 Sarepta Energi 14

15 Energy pioneers for almost 100 years History 1919 NTE is founded 1950 TrønderEnergi is founded 1991 NTE develops Norway s first wind turbine at Husfjellet 2005 Sarepta Energi is founded Awarded license for Harbaksfjellet 2012 Ytre Vikna opens in October Sarepta s first wind park Awarded three more licenses: Roan, Sørmarkfjellet and Frøya Signs billion dollar agreement for turbine purchases from Siemens Largest inland renewable energy contract at the time 15

16 A strong team Management Board Alexandra Bech Gjørv Chief Executive Officer Former director of the New Energy division in Hydro and Statoil. Partner in Hjort Law Firm Bech Gjørv holds a Cand.jur from the University of Oslo Anne Strømmen Lycke Chairwoman CEO for the NORSAR Foundation Holds degrees from NTH and BI Extensive leadership experience from the oil and gas industry Central in Statoils wind power initiatives John E. Larsen Chief Financial Officer CFO in Sarepta since 2013 Previously worked in Technology Group as CFO. John has also worked in Norsk Solkraft, Renewable Energy Corporation, Renewable Energy Corporation, Telenor and Norsk Hydro Larsen Master of International Business og siviløkonom from the Norwegian School of Economics (NHH) Knut Ivar Nyhaug Chief Operations Officer COO in Sarepta since 2014 Previously VP Grid in TrønderEnergi, and COO for Energy. Nyhaug holds a Master of Technology Management from MIT, and is also educated from NTNU and NHH Magnus Axelsson Project Director Prosjektdirektør i Sarepta siden 2014 Comes from E.ON., where he worked for 13 years. The last five years Axelsson was in the management team for wind power in management team for wind power in Northern Europe Axelsson holds a engineering degree, specializing in power engineering and energy systems Christian Stav Board member CEO in NTE Kennet Brandsås Board member VP Energy in NTE Tormod Eggan Board member VP Energy in TrønderEnergi Olav Sem Austmo Board member CFO in TrønderEnergi 16

17 Wind - a possible new energy adventure in the heart of Norway Wind parks Ytre Vikna License: 2009 Operational: 2012 (Extended 2016) MW: 39 (Planned 175) Production (GWh): 120 (Will be 580) Sørmarkfjellet License: 2013 Operational: 2017 MW: 150 Production (GWh): 465 Ytre Vikna MW Harbarksfjellet License: 2005 Planned operational: 2018 MW: 90 Production (GWh): 313 Roan - Sold Frøya License: 2013 Operational: 2019 MW: 60 Production (GWh): 203 Wind resource estimates for Europe 17

18 Ytre Vikna II 18

19 Norway s largest windpark when extended Ytre Vikna (175 MW) Construction start: 2016 Total cost: 1500 MNOK Turbines: 40 Siemens D3 Installed capacity: ~128 MW Annual production: ~464 GWh Renewable power to households Average windspeed: 9,2 m/s Load Factor: 41,4 %* F O S E N *European average: 24 % Kilde: European Wind Energy Association 19

20 D3 1 Best wind-for-money 2 Largest upside potential 3 Professional in every aspect 20

21 Norwegian wind industry prepared Exceptional resources State-of-the-art technology Strong capital base Long-term owners A future in wind 21

22 Appendix

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