QUARTERLY DIALOGUE | SECOND QUARTER 201...

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TH I RD QUARTER 2 0 1 0 Renewable EnergyQUARTERLY D I ALOGUE | S E COND QUARTER 2 0 1 3

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August 2013

To The Friends and Clients of Navigant Capital Advisors (“NCA”):

We are pleased to share with you Navigant Capital Advisors’ Renewable

Energy Quarterly Dialogue for the second quarter 2013, which provides

coverage and analysis of key news, valuation, M&A, and capital markets

activity in NCA’s Renewable Energy universe, which is comprised of

publicly traded reference companies in the (i) Biofuels, (ii) Solar Energy, and

(iii) Wind Energy subsectors.

The following pages offer a general overview of market activity and

comments around the global renewable energy sector. In addition, this

quarter we are pleased to feature Navigant Research’s insights on trends in

the energy storage markets in 2013 and beyond.

We welcome your comments and hope that you find our Quarterly Dialogue

informative.

Edward R. Casas Lisa Frantzis Kim J. Brady

Senior Managing Director Managing Director Managing Director

Head of NCA Energy Practice Navigant Capital Advisors

[email protected] [email protected] [email protected]

(847) 583-1619 (781) 270-8314 (847) 583-1718

Navigant Capital Advisors is the dedicated corporate finance business unit of Navigant (NYSE: NCI). Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes, Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in highly regulated industries.

Contents

Market Overview 2

Industry Perspectives 5

Notable Industry Developments 9

Selected M&A Transactions 11

Sector Valuation Metrics 14

Renewable EnergyQUARTERLY DIALOGUE | SECOND QUARTER 2013

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Renewable Energy: Market Overview

Fig A. – Global M&A Transactions ($ in billions) Fig. B – Monthly Renewable Power Generation by Source

Fig. C – NCA Renewable Energy Indices Returns (2Q2013)* Fig. D – NCA Renewable Energy Indices Returns (2Q2013)*

Fig. E – New U.S. Investment in Clean Energy, 2004-12 ($Bn) Fig. F – Global Revenue by Smart Energy Type, 2012-2017 ($mm)

* Please see page 4 for NCA Renewable Energy Universe and additional information in the “Notes” section at the end of this report

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Renewable Energy: Market Overview (cont.)

� As presented in Fig. A, in 2Q2013 a total of 94 global renewable energy M&A deals were

executed, valued at $4.5 billion, reflecting a significant rebound from the prior quarter. The

2Q2013 deal volume increased 406% compared with the prior quarter, but declined 3% when

compared to the prior year second quarter; transaction value experienced an even greater

increase, up 538% when compared to the prior quarter, and actually increased 44% when

compared to 2Q2012.

� As indicated by data published by EIA (refer to Fig. B), power generation from renewable sources

continues at a torrid pace driven by the trebling in wind power generation. Including

hydroelectric generation, renewable sources accounted for approximately 12% of total U.S.

electricity generation for the twelve months ending March 2013 and are consistent with 2012 and

2011 (up from 10% in 2010).

� NCA’s Solar subsector rebounded from the prior quarter, having posted the highest gains,

showing a 71.1% return, compared to a 13.3% decline in the first quarter 2013.

� Continuing its growth from the prior quarter, NCA’s Wind Energy subsector posted significant

gains during the 2Q2013, showing a 50.4% return, compared to 2.4% for the S&P 500 and 0.9%

decline for the S&P 500 Energy Index. The Biofuels subsector has marginally outperformed the

benchmark S&P 500 Energy Index while posting a 0.5% return in the second quarter.

� Fig. E shows a retreat in 2012 U.S. investment in clean energy1 relative to 2011 driven by the

expected but unrealized expiration of production tax credits and related uncertainty around

important incentives for renewable projects. The effect of incentive expiration was most

pronounced in the U.S. asset finance category (approximately $30 billion of investment in 2012),

especially coming off of record-high deal volume and value in 2011 ($49 billion of investment

supported by the Department of Energy’s $16.1 billion loan guarantee program that ended in

September 2011). Due to the declining cost of modules, solar was again (as in 2011) the focus of

asset finance deals in 2012 (approximately $30 billion in 2011 and $14 billion in 2012). The public

market component of investment in clean energy ($1.6 billion in 2012) experienced its fifth

straight year of declines since its peak in 2007 (at $7.4 billion) due to poor clean energy stock

performance, chronic oversupply among upstream manufacturers, and uncertainty around

future incentives.

� Fig. F outlines six high-growth fuel sources and energy conversion technologies that are part of

the global smart energy sector. Together, these areas are projected to generate approximately

$250 million in revenues by 2017. The smart energy paradigm is fast evolving from niche

markets into a standardized part of the energy portfolio. Consensus across the board – from the

oil majors to national governments to technology developers – indicates that a more diversified

energy portfolio is developing. As a result of this development, combined with the almost

inexorable shift toward an electron-based economy, a range of energy sources and advanced

energy technologies has entered the market and started to post healthy revenue.

1 Source: Bloomberg New Energy Finance

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Renewable Energy: Market Overview (cont.)

NCA Renewable Energy Universe

WIND ENERGY SOLAR ENERGY

DB:EKT Energiekontor AG CSIQ Canadian Solar Inc.

CATS:FRS Fersa Energias Renovables, S.A. CGY Conergy AG

CATS:GAM Gamesa Corporación Tecnológica S.A. FSLR First Solar, Inc.

XTRA:NDX Nordex SE JASO JA Solar Holdings Co., Ltd.

BSE:532667 Suzlon Energy Limited LDK LDK Solar Co., Ltd.

VWS Vestas Wind Systems A/S OB:REC Renewable Energy Corporation ASA

HSOL Hanwha SolarOne Co., Ltd

BIOFUELS SWV SolarWorld AG

BIOF BioFuel Energy Corp. SPIR Spire Corp.

CVA Covanta Holding Corporation STP Suntech Power Holdings Co. Ltd.

GPRE Green Plains Renewable Energy, Inc. WEST Westinghouse Solar, Inc.

PEIX Pacific Ethanol, Inc. YGE Yingli Green Energy Holding Co. Ltd.

VRNM Verenium Corporation

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Trends in Energy Storage Markets

INTRODUCTION

Market activity in energy storage, as with most cleantech sectors, is tied to government strategies pertaining to industrial

innovation. The three regions with the most innovative and dynamic economies, Asia Pacific, Europe, and North

America, have developed distinct strategies for cleantech and, more specifically, for energy storage, as Anissa Dehamna

from Navigant Research explains.

_____________________________

Figure 1 – Regional Installed Capacity, by Technology (Excludes Traditional Pumped Storage, World Markets: 4Q2012)

Source: Solarpraxis AG/Harald Schütt

Understanding how the energy storage industry is poised to grow and change over the next years will help the solar PV

industry understand how and when storage will contribute to the renewables sector. Industrial policy has a profound

effect on clean technology markets and sets the tone for what a region will contribute to the storage market by way of

technology and innovation. Once the technology offerings are decided, the market takes over. Since storage is used to fix

an existing problem in the energy system (in contrast to solar PV, which creates new value) the technologies that solve the

largest, oldest, and most pressing problem win the most market share. However, some of the most exciting innovations

are based on software and control systems, which bring to mind the computing analogy of distributed and virtual energy

networks.

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Generally speaking, governments in Asia Pacific have bet on specific technologies instead of funding innovation in

general. Europe, in keeping with its collaborative and cooperative approach, has not chosen specific companies or

technologies to fund; but countries within Europe have set clear national technology agendas. Finally, North America has

opted to finance overall innovation rather than any specific technology.

The R&D investment strategy in Asia Pacific has become more apparent as Asian economies have demonstrated a focus

on advanced battery technologies, with the intention of developing export industries, whereas the North American

governments have pursued policies of funding innovation. Consequently this region is the most technologically diverse

in the industry. In contrast, European governments, along with the European Union as a whole, are most concerned with

matching their ambitious energy mix and efficiency targets with the best available technologies – regardless of

provenance.

In its Energy Storage Tracker, Navigant Research tracks the projects in the energy storage industry on a biannual basis

(currently 757 in all). Using this data, we have identified several key trends in the energy storage market, including

technology bias, diversity of technology over time, and the most active end-use markets.

The Asia Pacific region has demonstrated a technology bias for either locally developed and manufactured technologies

or established technologies, such as traditional pumped storage, that represent a much lower or better understood

technology risk. This focus indicates that the energy storage industry in the region will be driven by one of two forces: the

determination to mitigate the consequences of a rapidly changing energy profile, or the mandate to develop an export

industry.

While Asia Pacific is the clear winner in terms of regional market share, the region is largely stagnating in terms of new

projects. North America and Western Europe, by contrast, are characterized by much more new activity in the space.

Diversity in Europe The technology profile for Europe is more diverse. For now, Eastern Europe is limited to traditional pumped storage (20

installations totaling 9,383 megawatts of storage). However, Europe as a whole has deployed as many as 11 different

technologies, compared to 8 in Asia Pacific. Moreover, Europe has integrated emerging technologies, such as hydrogen

and molten salt, which are altogether unknown in Asia Pacific.

The most technologically diverse region for energy storage is North America, where companies currently deploy as many

as 15 technologies, reflecting a market driven by innovation. North America is also home to many more startups spun out

from university research than either Asia Pacific or Europe, where most of the research is tied to national laboratories.

These examples provide an overview of which technologies are deployed and connected to a grid, but that tells only part

of the story. For instance, the profiles of the deployed installations do not indicate which technologies are in the pipeline,

the breadth and depth of innovation across supply chains, or which end-use markets are benefiting the most from these

advances.

To set the stage, there are 113,722 MW of traditional pumped storage installed globally, with another 2,330 MW of

deployed capacity consisting of new or alternative pumped storage, compressed air energy storage, sodium sulfur (NaS)

batteries, molten salt, lithium-ion (Li-ion) batteries, flow batteries, lead-acid batteries, and flywheels.

By way of comparison, there are 37,433 MW of announced projects, representing the pipeline of energy storage projects

globally. The technological diversity in the pipeline includes pilots of hybrid battery technologies, zinc-air batteries,

metal-air batteries, and sodium-ion batteries – nearly all of them in the North American market. In fact, North America

leads the global market in terms of announced storage project capacity.

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Software and Control Systems Advances in energy storage devices are not the only markers of innovation. Companies specializing in software and

control systems for energy storage, such as Ampard, Greensmith Energy, and GELI, are bringing a great deal of

innovation to markets. Firms with disruptive business models such as AES Energy Storage and SolarCity are making

technology more accessible to consumers. All of these companies are based in Europe or North America.

End Use Markets Energy storage optimizes an existing system – be it a building, the grid, a car, or a transit network. As a result, it can be

difficult to get a handle on which end-use markets are leading the industry in terms of innovation.

By far the leading market segment for energy storage is bulk storage. Although bulk storage is largely made up of 160

traditional pumped storage installations, which all provide load-leveling and peak-shifting services, bulk storage is the

most technologically diverse market segment, with 13 technologies represented globally. Load-leveling and peak-shifting

is the original application for energy storage. This application addresses the most basic challenge for a grid operator:

matching generation and load. Indeed, up until very recently, grid operators considered energy storage to be an asset

whose primary function would be to smooth out electricity demand, in order to better match the steady output of thermal

generation plants such as coal and gas. In the absence of intermittent assets such as wind and solar, there was a limit to

how useful energy storage could be to the system.

The commercial buildings market (excluding uninterruptible power supply applications) is the second most active market

segment, reflecting demand for energy cost management solutions from commercial and industrial customers. Energy

storage is an attractive option for those struggling with energy bills that are increasing, either because of rising energy

prices or due to time-of-use programs, such as demand charges or dynamic pricing, that are eroding profits. Storage can

also be an attractive option for businesses, such as the semiconductor industry, that rely heavily on steady, high quality

power. Although commercial and industrial customers are willing to invest in technology to reduce costs, this group of

customers typically prefers solutions with less technology risk. As a result, there are relatively few technologies

participating in this market segment.

The third primary applications segment, ancillary services, is a nascent market segment for the energy storage industry. It

includes diverse applications that either maintain the quality of energy on the grid or act as a reserve or backup for the

grid. The activity in this segment reflects three key trends: increased volatility in load and generation, liberalization of

market structures and utility attitudes, and a higher opportunity cost for delivering ancillary services using thermal units

in the face of rising fuel costs. In terms of technologies, this market segment is highly diverse, with as many as seven

technologies totaling 211 MW delivering ancillary services to the grid globally at the end of 2012.

The industrial policies of Asia Pacific, the European Union, and North America will set the agenda for innovation in the

energy storage industry for the next five to ten years. Asia Pacific is committed to building export industries based on

advanced battery technology – this will limit the amount of innovation from Asia Pacific in other areas, such as software.

The European Union is focused on renewables integration challenges, and although storage is a useful anchor technology,

the EU’s contribution to the market will be concentrated in integration. Finally, North America is betting on innovation

from every quarter, without agenda. This region will continue to be at the vanguard of technology in the energy storage

space – but this will not necessarily translate into a solid and growing industry.

The entire article in PV Magazine (Issue 04 / 2013) may be viewed at:

PV Magazine - Trends in Energy Storage Markets, by Anissa Dehamna

_____________________________

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About Navigant Research:

Navigant Research is a market research and consulting team that provides in-depth analysis of global clean technology markets. The

team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep

examination of technology trends to provide a comprehensive view of these industry sectors.

About the Author:

Anissa Dehamna is a Consultant contributing research analyses to Pike Research’s Smart Energy practice, primarily focused on

energy storage technology markets. With a background in economics and an emphasis on environmental economics and game theory,

her experience includes analysis of urbanization and rural development in Europe and in developing economies. Her work has

centered on analyzing and quantifying the market opportunity for grid-scale energy storage, including the creation of the industry’s

first tracker report focused on energy storage deployments. She is quoted regularly in the press including CNBC, Intelligent Utility

magazine, and The New Statesman. Ms. Dehamna can be reached at 646/227-4452, or [email protected].

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Renewable Energy: Notable Industry Developments

Date Industry Development

6/28/13 Hanwha SolarOne (Qidong) Co., Ltd, has secured a three-year $100 million term loan facility from the Export-Import Bank of Korea (KEXIM). The loan will mature on June 25, 2016 with payment of principal to be made at maturity. The interest rate floats with the three-month LIBOR, plus 1.99% per annum. The loan proceeds will be used primarily for working capital purposes.

6/28/13 Nordex SE announced that the company will cease nacelle production at its Jonesboro, Arkansas facility after it completes current orders. Approxinately 40 employees will be affected with layoffs beginning in the fall 2013. The company said the decision was driven by the wind industry's global overcapacity and the continued uncertainty and instability of the U.S. market.

6/26/13 SolarCity introduced LightMount(TM), a lightweight roof mounting product that will maximize solar installation capacity on commercial building rooftops. LightMount(TM) will be available exclusively to SolarCity customers for commercial rooftop solar installations.

6/25/13 SolarCity Corporation has unveiled Energy Explorer, a new software service that provides homeowners a self-guided tour of their energy use. Powered by the company's proprietary algorithms, Energy Explorer performs more than 100 million calculations per household to pinpoint the source of inefficiencies and rank possible improvements by cost and savings. New SolarCity residential solar customers will have free access to the software, and will receive complimentary efficiency evaluations with their solar site assessments.

6/25/13 Wal-Mart Stores Inc. and SolarCity Corporation announced the completion of projects at eight Walmart stores and two Sam's Clubs across the state of Maryland that will generate clean, renewable electricity. The energy produced by the new solar installations will generate approximately 4.1 million kilowatt hours (kWh) of electricity annually, enough energy to power nearly 370 homes, and are expected to supply between 5-20% of each store's overall electricity use.

6/20/13 SolarWorld AG has been awarded a Federal Supply Schedule Contract by The General Services Administration. The contract authorizes SolarWorld to sell solar panels and complete solar systems directly to federal government agencies, offices and departments, including the Department of Defense, by dint of streamlined processes and procedures. The federal government's premier contracting vehicle, the GSA Schedules program, facilitates about $50 billion a year in spending and accounts for 10% of all federal procurement.

6/18/13 LDK Solar Co., Ltd. announced several improvements provided in a new generation of LDK Solar Mono- and Multi-Crystalline Modules. Among the improvements are the modules' light new frame design benefits installer handling, as well as total system load on the roof as it significantly reduces the weight for all 60- and 72-cell-modules by up to 5%. The new LDK Solar modules were presented for the first time at Intersolar in Munich on June 19, 2013.

6/17/13 Infigen Energy and Gamesa Wind US LLC announced settlement of all outstanding legal proceedings related to Gamesa-manufactured turbines purchased by Infigen. Five of the U.S. wind farm project companies in which Infigen holds Class B membership interests have each executed 15-year Warranty and Maintenance Agreements (WMA) with Gamesa for a fixed annual fee. Under the agreements, Gamesa will provide warranties, turbine maintenance services and replacement components for the turbines until June 14, 2028. Key features of the WMAs include: Gamesa will be responsible for all turbine maintenance costs including labor, cost of all wind turbine component replacements, including blades (subject to agreed liability caps) for an annual fixed fee; Gamesa will provide turbine availability warranties; and Gamesa will be entitled to certain performance payments if turbine availability exceeds prescribed levels. Following these agreements, more than 60% of Infigen's U.S. installed capacity (on an equity interest basis) will be covered by post-warranty agreements.

6/14/13 Nordex SE announced an order placed by CENNERGI for the delivery and turnkey installation of the 134.4 MW Amakhala Emoyeni wind farm. Nordex is to start construction work for the complete infrastructure of the wind farm at the site south of Bedford in South Africa's Eastern Cape Province in the third quarter of 2014. Installation of the turbines is due to follow in the second quarter of 2015. After completion of work connecting it to the grid, the handover of the wind farm is scheduled for June 2016. The scope of supply also includes a service agreement for a period of ten years initially.

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Date Industry Development

6/13/13 SolarCity Corp. entered into a financing with certain lenders on June 7, 2013. Credit Suisse Securities (USA) LLC, ING Capital LLC and Rabobank, N.A., are joint lead arrangers, and Credit Suisse AG, Cayman Islands Branch, is administrative agent and collateral agent. The Loan is secured by and financed against certain periodic rents due under a master lease with a tax equity investor and customer payments in the post-lease period. The Loan is non-recourse to SolarCity and matures on June 7, 2015. The Loan allows Borrower to borrow up to $100,000,000 and also permits Borrower to increase that commitment in an aggregate amount not to exceed an additional $50,000,000. Borrowings under the Loan bear interest at a rate per annum equal to an applicable margin of 3.25% plus the LIBOR rate for the applicable interest period.

6/12/13 First Solar, Inc. completed a $391 million follow-on common stock equity offering of 8.5 million shares at $46.00/share.

6/10/13 Canadian Solar Solutions Inc. and Grand Renewable Solar LP have entered into an EPC (Engineering, Procurement, and Construction) agreement with Grand Renewable Solar LP for the construction of a 130 MW utility-scale solar power plant. This EPC agreement is expected to generate revenue of approximately CAD 310 million ($301.1 million) for Canadian Solar. Construction of the solar power plant will begin in the third quarter of 2013, with the facilities expected to be fully operational in 2015.

6/4/13 GS CleanTech Corporation has filed suit against Pacific Ethanol, Inc. for patent infringement, in the Eastern District of California related to GreenShift's patented corn oil extraction processes. GS CleanTech Corp. is a wholly owned subsidiary of GreenShift Corp. GreenShift will continue to defend against all infringement of its corn oil extraction patents to protect the competitive advantage of its licensed ethanol plants.

6/4/13 Canadian Solar Inc. has opened a sales and business development office in Sao Paulo, Brazil to expand and strengthen the company's South American sales network and broaden regional customer service capabilities. Canadian Solar expands into the emerging South American solar market with a strong product portfolio for commercial, utility-scale and off-grid markets. The company also aims to further its utility-scale project development arm, create residential and commercial customer base in this new market, as solar continues to develop and claim a larger part of the Brazilian renewable matrix.

6/3/13 Canadian Solar Inc. signed a $44.1 million loan agreement with China Development Bank (RMB270 million). The loan facility has a fifteen-year maturity, including one year grace period and will be used to finance the construction of a 30MW solar project and its ancillary facility in the western part of China.

5/22/13 First Solar, Inc. (NasdaqGS:FSLR) intends to look for partnerships in India to strengthen business activities in the country. James A Hughes, Chief Executive Officer of First Solar, said that India is a "growing and a very big market (for solar power) in the long time to come." He added that, other markets, including the United States and China, are also attractive for solar energy. "The cost of electricity in these [emerging] markets tends to be high relative to rest of the world. We think solar (energy) is very appropriate for markets and economies where much of the energy is imported, which again fits India. The single largest challenge in the Indian market is availability of capital, particularly debt capital. We are looking at bilateral industry open access contracts, industrial roof top diesel replacement opportunities, and off grid energy access opportunities," he said.

5/16/13 The installation of the 396 MW Mareña Renovables project in Mexico has been delayed. Vestas Wind Systems A/S confirmed that access to the project sites has continued to be impacted by minority opposition groups, which has caused significant delays in the construction of the project. Based on the delay, Mareña Renovables has entered into a forbearance agreement with the project lenders until 30 July 2013, which they expect to be extended subject to certain milestones being achieved; and with Vestas until 30 November 2013.

5/16/13 Suzlon Group announced cumulative orders of approximately 580 MW over a three month period. These cover various orders secured between February 15, 2013 and May 15, 2013 across Belgium, Canada, France, Germany, India, Poland and Sweden.

5/13/13 LDK Solar Co., Ltd. auditors gave an unqualified opinion expressing going concern doubts. In its 20-F filed on May 13, 2013 for the period ending December 31, 2012, KPMG LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

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Renewable Energy: Selected M&A Transactions

Transaction

Date Target Buyer

Enterprise

Value

($ in millions)

Enterprise

Value /

Revenue

Enterprise

Value /

EBITDA

06/28/2013 Malakoff Wind Macarthur Holdings Pty Limited

Malakoff International Limited

$ 119.01 - -

Malakoff International Limited acquired Meridian Wind Macarthur Holdings Pty. Ltd. from Meridian Energy Australia Pty. Ltd. and Three River Holdings No. 2 Limited for AUD 130 million. After the acquisition, the name of Meridian Holdings was changed to Malakoff Wind Macarthur Holdings Pty Ltd.

06/25/2013 DONG Energy AS, Onshore Wind Business

PFA Pension Forsikrings AS; SE

$ 135.89 - -

Pension Forsikrings AS, along with SE, signed an agreement with DONG Energy AS to acquire the onshore wind business of DONG Energy AS for DKK 760 million. The business includes a Danish organization consisting of approximately 18 employees, who will be employed by SE and PFA Pension Forsikrings AS.

06/19/2013 Salus Fundos de Investimento em Participações

Companhia Paranaense de Energia

$ 125.99 - -

Companhia Paranaense de Energia (BOVESPA:CPLE6) acquired Salus Fundos de Investimento em Participações from Casa dos Ventos Energias Renováveis S/A for approximately BRL 290 million.

06/14/2013 KG Eco Technology Services Co., Ltd.

- $ 177.27 2.1x 8.3x

KG Chemical Corporation (KOSE:A001390) agreed to sell 11.25% stake in KG Eco Technology Services Co., Ltd. for KRW 12.2 billion in cash. KG Chemical will sell 4.1 million shares of KG Eco Technology Services. KG Chemical will hold 1.8 million shares in KG Eco Technology.

06/05/2013 Four Utility-Scale Solar Power Plants Totaling 38.5MWac

BluEarth Renewables Inc. $ 218.73 - -

BluEarth Renewables Inc. entered into a sales agreement to acquire four utility-scale solar power plants totaling 38.5MWac from Canadian Solar Solutions Inc. for approximately CAD 230 million. The projects are in Kawartha Lakes, Belleville, Beaverton and Napanee, Ontario, Canada.

05/31/2013 Braes of Doune Wind Farm (Scotland) Limited

Hermes GPE $ 182.99 - -

Hermes GPE Infrastructure Fund of Hermes GPE agreed to acquire 50% stake in Braes of Doune Wind Farm (Scotland) Limited from Centrica plc (LSE:CNA) for £59 million in cash. Hermes will fund the transaction through its own funds. Centrica will continue to receive 100% of the wind farm’s output under a power purchase agreement.

05/27/2013 Aksa Enerji Üretim AS - $ 1,867.47 2.1x 12.7x

Unknown qualified investors acquired 16.1% stake in Aksa Enerji Üretim AS (IBSE:AKSEN) from Kazanci Holding for TRY 400 million in cash. Kazanci Holding agreed to sell 100 million shares of Aksa Enerji for TRY 4 per share.

05/22/2013 Chisholm View Wind Project, LLC

Enel Green Power North America, Inc.

$ 180.77 - -

Enel Green Power North America, Inc. signed an agreement to acquire an additional 26% stake in Chisholm View Wind Project, LLC from General Electric Capital Corporation for approximately $47 million. Enel Green Power North America will own 75% stake in Chisholm View Wind Project, LLC, while General Electric Capital will remain as an investor with a 25% stake.

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Transaction

Date Target Buyer

Enterprise

Value

($ in millions)

Enterprise

Value /

Revenue

Enterprise

Value /

EBITDA

05/22/2013 Prairie Rose Wind, LLC Enel Green Power North America, Inc.

$ 130.77 - -

Enel Green Power North America, Inc. signed an agreement to acquire an additional 26% stake in Prairie Rose Wind Project LLC from GE Energy Financial Services for $34 million.

05/16/2013 Energy Park Sutton Bridge Limited

Pacific Green Technologies Inc.

$ 68.75 - -

Pacific Green Technologies Inc. (OTCPK:PGTK) acquired Energy Park Sutton Bridge Limited from Pacific Green Group Limited, Chris Cuffe and Natasha Cuffe and other shareholders for $19.3 million in cash and stock.

05/14/2013 Clare Valley Wind Farm Palisade Investment Partners Limited; Northleaf Capital Partners

$ 301.15 - -

Palisade Investment Partners Limited and Northleaf Capital Partners acquired 75% stake in Clare Valley wind farm from EnergyAustralia Pty Ltd for approximately AUD 230 million.

05/10/2013 Wind Farm Group China Resources Power Holdings Co. Ltd.

$ 552.73 - -

China Resources Power Holdings Co. Ltd. entered into wind farm agreement to acquire Wind Farm Group from China Resources (Holdings) Co., Ltd. for approximately HKD 4.3 billion. The consideration will be paid in cash by China Resources Power Holdings Co. Ltd. within six months from the completion date of the acquisition.

05/10/2013 Golden Horse CO., Ltd. Shenhua Guoneng Group Co., Ltd.

$ 3,298.54 4.3x 11.4x

Shenhua Guoneng Group Co., Ltd. made an offer to acquire remaining 21.06% stake in Golden Horse CO., Ltd. (SZSE:000602) for CNY 2.9 billion. Shenhua Guoneng will acquire 212.2 million shares of Golden Horse for CNY 13.46 each.

05/03/2013 STX Energy Co., Ltd. Hahn & Company $ 1,205.77 1.1x 13.6x

Hahn & Company agreed to acquire 43.15% stake in STX Energy Co., Ltd. from STX Corp. (KOSE:A011810) for KRW 400 billion in cash. Hahn & Company will acquire 5.1 million shares of STX Energy Co.

04/23/2013 STX Energy Co., Ltd. - $ 1,227.87 1.1x 13.9x

STX Corp. (KOSE:A011810) agreed to sell 6.9% stake in STX Energy Co., Ltd. for KRW 45 billion. STX Corp. will sell 0.82 million shares of STX Energy in the transaction.

04/19/2013 WKN Windkraft Nord AG PNE Wind AG $ 224.74 3.9x 0.0x

PNE Wind AG (XTRA:PNE3) signed a share purchase contract to acquire a 54% stake in WKN Windkraft Nord AG from Volker Friedrichsen Beteiligungs-GmbH for €93 million in cash and stock. Under the terms of deal, PNE Wind AG will issue 3 million shares to Volker and will pay €85.7 million in cash. PNE plans to issue company bonds for €100 million to finance the takeover and other activities.

04/15/2013 Huadian Fuxin Energy Corporation Limited

- $ 7,112.75 4.7x 9.2x

Ming Yang Wind Power (International) Co., Ltd. sold 1.85% stake in Huadian Fuxin Energy Corporation Limited (SEHK:816) for $35.5 million. As part of deal, Ming Yang Wind sold 141.06 million shares in Huadian Fuxin Energy.

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Transaction

Date Target Buyer

Enterprise

Value

($ in millions)

Enterprise

Value /

Revenue

Enterprise

Value /

EBITDA

04/08/2013 250 Megawatt wind farm in Kansas

GE Energy Financial Services

$ 78.43 - -

GE Energy Financial Services acquired 51% stake in 250 Megawatt wind farm in Kansas from Enel Green Power North America, Inc. for $40 million. GE is investing common equity and supplying turbines for the project in Kansas. Under the terms of agreement, Enel Green Power North America will own the remaining 49% stake with an option to lift its shareholding to 75% during specific periods in 2013 and 2014.

04/08/2013 Greengate Power Corporation, 300 Megawatt Blackspring Ridge Wind Project

Enbridge Inc.; EDF EN Canada Inc.

$ 583.27 - -

Enbridge Inc. (TSX:ENB) and EDF EN Canada Inc. signed a purchase agreement to acquire 300 Megawatt Blackspring Ridge Wind Project from Greengate Power Corporation for CAD 600 million. EDF EN Canada and Enbridge will each own 50% of the project. Greengate will provide development services to Enbridge and EDF EN Canada during the construction of Blackspring Ridge.

04/07/2013 70% stake in Taicang Harbour Golden Concord Electric-Power and 100% stake in Lanxi Golden Concord

Same Time Holdings Ltd. $ 644.68 - -

Same Time Holdings Ltd. (SEHK:451) signed a memorandum of understanding to acquire 70% stake in Taicang Harbour Golden Concord Electric-power Generation Co., Ltd. and 100% stake in Lanxi Golden Concord Environmental Protection Cogen-Power Co., Ltd. from Zhu Gongshan and family for HKD 5 billion in cash and stock.

Note: Enterprise Values have been converted from original reported currency to US$; the transaction comments retain original currency values

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Renewable Energy: NCA Public Company Universe

Valuation Metrics

Stock Change Market Enterprise

Ticker Company Name Price High Low YTD (%) Cap Value Revenue EBIT EBITDA

SOLAR ENERGY

CSIQ Canadian Solar Inc. $10.99 $11.61 $1.95 203.6% $480.0 $1,535.9 1.2x NM NM

CGY Conergy AG $0.46 $0.67 $0.34 (25.3%) $73.5 $233.4 0.4x NM NM

FSLR First Solar, Inc. $44.81 $59.00 $13.81 193.3% $4,318.3 $3,869.2 1.1x 7.0x 4.8x

JASO JA Solar Holdings Co., Ltd. $7.20 $11.40 $2.91 33.3% $287.8 $737.3 0.7x NM NM

LDK LDK Solar Co., Ltd. $1.29 $2.33 $0.71 (30.6%) $226.8 $3,304.7 4.3x NM NM

OB:REC Renewable Energy Corporation ASA $0.37 $0.41 $0.10 0.3% $847.9 $1,158.8 1.1x NM NM

HSOL Hanwha SolarOne Co., Ltd $2.09 $2.20 $0.77 67.2% $176.8 $804.7 1.3x NM NM

SWV SolarWorld AG $0.59 $2.44 $0.47 (66.3%) $65.8 $924.4 1.3x NM NM

SPIR Spire Corp. $0.56 $0.99 $0.33 (5.1%) $5.2 $3.6 0.2x NM NM

STP Suntech Power Holdings Co. Ltd. $1.03 $2.07 $0.30 (46.1%) $186.6 $1,983.0 0.7x NM NM

WEST Westinghouse Solar, Inc. $0.02 $0.40 $0.02 (93.5%) $1.0 $2.4 0.8x NM NM

YGE Yingli Green Energy Holding Co. Ltd. $3.24 $4.83 $1.25 16.1% $507.3 $2,840.6 1.6x NM NM

WIND ENERGY

DB:EKT Energiekontor AG $5.91 $6.76 $5.72 (5.0%) $87.0 $285.0 5.4x 26.6x 13.4x

CATS:FRS Fersa Energias Renovables, S.A. $0.39 $0.42 $0.36 (15.0%) $54.0 $276.8 4.7x 15.3x 6.8x

CATS:GAM Gamesa Corporación Tecnológica S.A. $5.43 $5.77 $1.31 196.0% $1,362.7 $2,228.5 0.7x NM NM

XTRA:NDX Nordex SE $6.98 $8.63 $3.34 88.3% $513.3 $298.5 0.2x NM 30.9x

BSE:532667 Suzlon Energy Limited $0.15 $0.45 $0.15 (55.1%) $320.5 $2,553.7 0.8x NM NM

VWS Vestas Wind Systems A/S $14.19 $15.08 $4.05 181.6% $2,869.3 $4,132.3 0.4x 31.2x 9.0x

BIOFUELS

BIOF BioFuel Energy Corp. $3.34 $10.75 $2.07 (5.6%) $17.8 $181.4 0.4x NM NM

CVA Covanta Holding Corporation $20.02 $21.30 $16.27 16.9% $2,614.3 $4,808.3 3.0x 21.2x 11.3x

GPRE Green Plains Renewable Energy, Inc. $13.32 $16.54 $3.57 111.8% $402.2 $811.5 0.2x 19.5x 8.6x

PEIX Pacific Ethanol, Inc. $3.98 $10.43 $3.42 (24.2%) $43.2 $175.9 0.2x NM NM

VRNM Verenium Corporation $2.24 $4.69 $2.05 (33.3%) $28.6 $44.9 0.8x NM NM

Mean 1.4x 20.1x 12.1x

OVERALL RENEWABLE ENERGY SECTOR Median 0.8x 20.4x 9.0x

Note: For comparative purposes, all figures have been converted to U.S. dollars

52 - Week Enterprise Value to:

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Renewable Energy: NCA Public Company Universe

Performance Metrics

TTM Revenue Financials Margins

Ticker Company Name as of: Growth Revenue EBIT EBITDA Gross Profit EBIT EBITDA

SOLAR ENERGY

CSIQ Canadian Solar Inc. 03/31/13 (30.8%) $1,232.6 ($80.7) $7.0 7.4% (6.6%) 0.6%

CGY Conergy AG 03/31/13 (27.8%) $637.3 ($99.3) ($82.1) 13.3% (15.6%) (12.9%)

FSLR First Solar, Inc. 03/31/13 34.5% $3,626.7 $550.3 $798.2 26.1% 15.2% 22.0%

JASO JA Solar Holdings Co., Ltd. 03/31/13 (21.8%) $1,093.1 ($155.8) ($52.0) 0.2% (14.3%) (4.8%)

LDK LDK Solar Co., Ltd. 03/31/13 (51.8%) $767.1 ($389.2) ($123.7) (14.8%) (50.7%) (16.1%)

OB:REC Renewable Energy Corporation ASA 03/31/13 (28.0%) $1,105.0 ($207.9) ($12.7) 50.7% (18.8%) (1.1%)

HSOL Hanwha SolarOne Co., Ltd 03/31/13 (20.5%) $641.5 ($175.0) ($111.5) (5.6%) (27.3%) (17.4%)

SWV SolarWorld AG 03/31/13 (46.0%) $702.0 ($550.3) ($447.6) (6.8%) (78.1%) (63.5%)

SPIR Spire Corp. 03/31/13 (63.1%) $17.9 ($7.6) ($7.0) 19.8% (42.7%) (38.9%)

STP Suntech Power Holdings Co. Ltd. 03/31/12 (16.0%) $2,546.5 ($259.6) ($116.8) 7.7% (9.7%) (4.4%)

WEST Westinghouse Solar, Inc. 03/31/13 (75.7%) $2.9 ($6.7) ($6.5) (9.6%) (232.3%) (224.9%)

YGE Yingli Green Energy Holding Co. Ltd. 03/31/13 (24.0%) $1,703.5 ($404.3) ($200.3) (4.6%) (23.0%) (11.4%)

WIND ENERGY

DB:EKT Energiekontor AG 12/31/12 (36.3%) $53.2 $10.9 $21.5 78.2% 20.5% 40.5%

CATS:FRS Fersa Energias Renovables, S.A. 03/31/13 (1.7%) $57.6 $17.8 $40.4 98.7% 31.0% 70.3%

CATS:GAM Gamesa Corporación Tecnológica S.A. 03/31/13 (27.2%) $3,009.6 ($199.1) ($80.3) 29.4% (6.6%) (2.7%)

XTRA:NDX Nordex SE 03/31/13 21.9% $1,455.6 ($12.6) $9.5 22.7% (0.9%) 0.7%

BSE:532667 Suzlon Energy Limited 03/31/13 (10.4%) $3,428.4 ($246.8) ($169.0) 26.0% (7.2%) (4.9%)

VWS Vestas Wind Systems A/S 03/31/13 22.5% $9,234.4 $133.3 $453.6 11.7% 1.4% 4.9%

BIOFUELS

BIOF BioFuel Energy Corp. 03/31/13 (34.9%) $412.9 ($36.1) ($7.8) (6.3%) (8.8%) (1.9%)

CVA Covanta Holding Corporation 03/31/13 (2.4%) $1,477.0 $219.0 $417.0 40.1% 13.5% 25.7%

GPRE Green Plains Renewable Energy, Inc. 03/31/13 (1.4%) $3,467.0 $41.5 $93.8 3.3% 1.2% 2.7%

PEIX Pacific Ethanol, Inc. 03/31/13 (8.9%) $843.8 ($24.0) ($11.9) (1.3%) (2.8%) (1.4%)

VRNM Verenium Corporation 03/31/13 (17.5%) $53.7 ($14.1) ($11.3) 39.1% (26.3%) (21.1%)

Mean 19.6% (21.8%) (11.7%)

OVERALL RENEWABLE ENERGY SECTOR Median 12.5% (8.4%) (3.5%)

Note: For comparative purposes, a ll figures have been converted to U.S. dollars

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Notes

� Sources: Capital IQ, Bloomberg, company 10-K, 10-Q and 8-K SEC filings, annual reports, press

releases, and others as indicated, including Bloomberg New Energy Finance and the Business

Council for Sustainable Energy.

� Any public companies chosen for the “NCA Renewable Energy Universe” are companies

commonly used for industry information to show performance within a sector. They do not

include all public companies that could be categorized within the sector and were not created as

benchmarks; they do not imply benchmarking and do not constitute recommendations for a

particular security and/or sector. The charts and graphs used in this report have been compiled

by Navigant Capital Advisors solely for purposes of illustration.

For further information regarding our Renewable Energy Services, please contact:

Edward R. Casas, Senior Managing Director, Head of Navigant Capital Advisors

847.583.1619

[email protected]

Kim Brady, Managing Director, Navigant Capital Advisors

847.583.1718

[email protected]

Lisa Frantzis, Managing Director, Renewable Energy Practice Leader

781.270.8314

[email protected]

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