General presentation and overview October 2011

An international expertise in renewable energy

Novenergia is a private equity fund dedicated to the

promotion of renewable energy throughout Europe

Wind, Solar and Hydro Continent-wide development:

projects Portugal, Italy, France, Spain,
Bulgaria, Hungary, Poland &
Romania

An integrated actor:

Prospection Development Investment Operation

Project Technical and environmental studies, Non-recourse project Construction, engineering,

identification authorisations, building permits, grid financing operation and maintenance
connection

General presentation and overview

Novenergia: Past & Future

The NovEnergia Group was incorporated in 2001 through the constitution of a Luxembourg based SICAV named NovEnergia 2010.
Presently, the Group is managed by Novenergia General Partner, a Luxembourg based company owned by the 7 members of the Board
(see below “The Management Team”).

NovEnergia 2010 SICAV played its role in the renewable energy sector in Portugal acquiring important shares and controlling the
management of two key players of the renewable energy sector in Portugal: Generg and Finerge.

Later on, NovEnergia coordinated and participated in the creation of ENEOP – Eolicas de Portugal, a consortium with two major utilities
(EDP and Endesa) and the leader in wind turbine innovation (the German Enercon). ENEOP won the national wind energy tender of
Portugal for 1200 MW and the constitution of an industrial cluster (led by ENERCON) that will produce and install 200 turbines per year.

In 2007 NovEnergia decided to go international, and the Group incorporated a new Fund – NovEnergia II (SCA) SICAR – a
Luxembourg based SICAR. Novenergia II acquired all the assets of the former NovEnergia 2010. By December 2010, its assets reached
309 Million Euros controlling more than 1 Billion Euros of investments across Europe.

NovEnergia is now on the process of raising new capital. The capital increase that is now underway has been approved for a total of 300
Million Euros. Until September 30th a total of 124,3 Million Euros of contribution had already been made, leaving 175,7 Million Euros
available for additional investors.

General presentation and overview

 Evolution of Novenergia’s value per share since inception
120.000

100.000
Unit value
80.000 Novenergia II
SICAR
60.000
Euros
40.000 Unit value
Novenergia
20.000 2010

01-Set-04

01-Set-09
01-Out-01

01-Out-06

01-Out-11
01-Nov-03

01-Nov-08
01-Mar-02
01-Ago-02

01-Abr-04

01-Mar-07
01-Ago-07

01-Abr-09
01-Jan-03

01-Fev-05

01-Dez-05
01-Mai-06

01-Jan-08

01-Fev-10

01-Dez-10
01-Mai-11
01-Jul-05

01-Jul-10
01-Jun-03

01-Jun-08
Accumulated Capital Value
Internal Rate of Return
500.000.000
15.1 % 400.000.000
300.000.000

Euros
200.000.000
19.4% 11.0%
100.000.000
Novenergia
2001 2006 Novenergia II 2011 0
2010 SICAV SICAR 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Ten years of continuous growth

General presentation and overview

The Management Team

The Novenergia Group was conceived and founded by a group of experts around Carlos Pimenta who have
spent the past 20 years promoting energy efficiency and renewable energies in different ways (political
responsibilities, academic research and projects, consulting, energy production), contributing to establish the
current framework for independent renewable energy production at the Portuguese and EU level.

Henri Baguenier, Chairman Álvaro Brandão Pinto, CEO of

 30 years experience in the energy and
environment sector (EU, Eastern Europe & South
America). Former Director (1985-2007) of a
Master degree Program on Energy Economics and
Energy Policy in Paris
 Former President of SIIF do Brazil (EDF-EN
Group) and of the European Small Hydro
Association. Former Advisor to the Portuguese
Secretary of State of Energy. Former Chairman
of the Consultative Energy and Environment
Committee of the European Commission.
Novenergia Services
 Large know-how in several branches of the energy
sector. Director of Endesa Group companies in
Portugal, in particular of companies dedicated to
renewables and co-generation. Member of the Board
of ENEOP. Member of COGEN Portugal.
Álvaro Martins
 Professor (PhD) at the Technical University of Lisbon and
is specialized in Economics and Energy Policy. Analyst
and supervisor of several public and academic
organisations involved in energy research. Coordinator
of the Portuguese National Carbon Plan 2005-2007.

General presentation and overview

The Management Team
Albert Mitjá
 Former General Director of Energy of Catalonia
Autonomous Region, and advisor to the European
Commission and UNESCO.
Aníbal Fernandes
 Considerable experience in all branches of the energy
sector, from oil to gas to wind energy. Former
Director of Galp Power; former adviser to the
Portuguese Government, in charge of the introduction
of natural gas in Portugal; advisor to several public and
private institutions on energy.
 CEO of ENEOP, the largest wind energy consortium
and industrial cluster in Portugal.
Armando Nunes
 Financial and Capital markets expert since 1990.
Former CEO of Banco Mello Capital Markets Group of
Companies. Former member of the Board of the
Portuguese Association for Pension Funds and of the
Portuguese Association of Asset Managers. Economics
degree, Master in European Studies and MBA.
General presentation and overview
Carlos Pimenta
 Carlos Pimenta has spent his career defending
environmental issues and sustainable development. He
was Secretary of State for the Environment/Natural
Resources and Fisheries in the 1980’s in Portugal and
member of the Portuguese and European Parliaments
from 1985 to 1999. He is also a former Board Member
of EDF Energies Nouvelles and one of the co-founders
of the Globe program.
 During his time at the European Parliament, he was a
negotiator of the Kyoto protocol and a key promoter
of the EU’s renewable energy policy. He is currently a
Board Member of several renewable energy companies
and a member of the EU Energy Advisory Forum.
Ottavio Lavaggi
 Expert in Finance and Tax Systems and former
international civil servant of the European Union.
Former member of the Italian Parliament.
Novenergia Group Structure

NovEnergia II Energy & Environment (SCA) SICAR

Presence in 8 countries
100%
NE2S (Services
Company)

100%
37,29% 35% 100% 90% 80% 70% 70% 100%

Eólica da Novenergia II
Lusenerg Boneca Novenergia II Eneryo Novenergia II Novenergia II Novenergia II
(Portugal) España (France) Bulgaria Hungary Bucuresti Italian Portfolio (Poland)
(Portugal)

57,5% 50 - 100% 80% 70% 100 % 100 % 100 % 50%

7 SPVs Eko
Generg SGPS 7 SPVs Novenergii 3 SPVs NEI S.p.A. 4 SPVs HFV S.p.A.
(France)

20% 90-100%
100% 100%

ENEOP 23 SPVs 6 SPVs 11 SPVs

100%

23 SPVs

General presentation and overview

 Capacity in operation Capacity in operation Expected Consolidated
(Sep 30th 2011) (expected for 2015) Revenues

Total Novenergia Total Novenergia

2011E 2012E 2015E
capacity Share capacity Share
(M€) (M€) (M€)
(MW) (MW) (MW) (MW)

Portugal 658 377 737 422 116 122 130

Spain 24 20 24 20 17 18 19

Italy 66 38 260 213 12 27 82

France 8,3 6,6 14,6 11,7 1,5 7,8 7,9

Eastern
Europe - - 400 236 - 5,7 114
Countries

TOTAL 756 442 1436 903 147 182 353

Novenergia Group: more than 750 MW in Operation

General presentation and overview

 Poland
Wind : 40 MW

Hungary Romania
France Wind : up to 100 MW
Wind : 90 MW
PV : 8 MW; 60 MWp

Italy
Wind : 4 MW; 157 MW
Portugal (Boneca & Generg ) PV : 62 MWp ; 72 MWp
Hydro : 33 MW
Wind : 606 MW; 104 MW
PV : 19 MWp
Bulgaria
Wind : 280 MW
Spain
PV : 10 MWp
PV : 24 MWp

Country
Headquarters
Local Offices
Technology : MW in operation; under development/construction

International Portfolio

General presentation and overview

Portugal: Generg & Eneop

Home Office - Lisbon

Novenergia in Portugal Generg is the 3rd renewable energy operator in Portugal
 In 2006, the ENEOP consortium won the national wind
100% 35% energy tender for 1200 MW

Lusenerg Eólica da
Boneca 8 MW Wind
in operation
57,5%

Generg Portfolio of GENERG Capacity

Hydro in operation 33 MW
20% Wind farms in operation 436 MW
Eneop Wind farms under development 25 MW

PV in operation 19 MW

Portfolio of ENEOP Capacity Part owned by GENERG

Wind farms in operation 806 MW 161 MW

Wind farms in construction / development 394 MW 79 MW
General presentation and overview
Spain: 7 PV projects in operation

 Home Office – Barcelona

 Spain is one of the most mature markets in Europe for renewables, with more than 20 GW of wind and 4 GW of
PV installed at the end of 2010. Novenergia has invested strongly in PV, with 7 projects in operation representing
a portfolio of 24 MWp (investment of 166 M€)

Location
Capacity– structure/tracking

Mora La Nova
1.54 MWp – 1 axis
Villares del Saz
3.37 MWp – no
tracker
Barrax
Almansa
1.66 MWp – 2
3.23 MWp - 1 axis
axes
Lobón Bonete
2.81 MWp – no 5.8 MWp – 2 axes
tracker
Fuente Álamo
5.2 MWp - 1 axis

General presentation and overview

Italy: a large and developing portfolio

 Home Office – Rome

 Since 2007, Novenergia’s local team has managed to:

 develop a vast portfolio of several wind and PV projects, representing 163 MW and over 100 MW, respectively.
 Build and start the operation of a 4 MW wind project
 Close a strategic partnership with F2i (a national public/private infrastructure fund created by the Italian government in 2007) for the
co-investment of 100 MW of PV projects. As of September 30th this joint venture (HFV) held a total of 56 MW in operation.
 Build and start the operation of 22 MW of PV plants – of which 16 MW have already been transferred into the HFV partnership.

Projects Capacity
PV in operation 62 MW

PV under development / analysis 72 MW

Wind farms in operation 4 MW

Wind farms under development / analysis 86 MW

View of Puglia plant
(4MWp)
Total portfolio 224 MW

General presentation and overview

France: reaching production

 Home Office – Paris

 Since 2008, Novenergia’s affiliate - Eneryo - has managed to develop a strong portfolio of PV plant projects representing 50
MW in the south of France and Building integrated photovoltaics (BIPV) projects representing 10 MW

 8 MW of PV and 0,3 MW of BiPV have begun production in the beginning of September and an additional 6,2 MW of
several projects will progressively begin operation until the end of 2011.

Important solar resources in the

south of France

An experienced and dynamic team

General presentation and overview

Bulgaria: a strategic emerging market

 Home Office – Sofia

 Feed-in tariffs for Wind and PV projects have been recently defined, finalising the legal framework revision
 Strong resources of wind, sun and hydro
 Small penetration of large players
 Novenergia is developing more than 250 MW of Wind farms projects all over Bulgaria. 10 MW of PV are ready to
build in Dabovo.
KRUSHARI, 20 - 50 MW Wind

DABOVO – 10 MW PV

RAKOVO, 30 - 50 MW Wind

DRAGOMAN, 30 - 40 MW Wind

SVILENGRAD, 60 - 100 MW Wind

MOMCHILGRAD, 40 - 50 MW Wind
General presentation and overview
Poland: a mature but still promising market

 Novenergia has recently acquired the rights for a 20 MW wind project. An additional capacity of 20 MW can be secured in
the same location in the months that follow.

 Construction works for the first 20 MW will start in the beggining of 2012

 Analysis in other projects are ongoing.

GLUCHOW Wind Farm, 20 MW

+ 20 MW

General presentation and overview

Eastern countries: promising markets

 Other Eastern countries are markets with significant potential but different characteristics

 Hungary
 Many interesting projects but the feed-in tariff is subject to restrictive national tenders
 3 wind projects representing a capacity of about 90 MW
 30 MW are fully developed
 Novenergia’s strategy: Develop projects while waiting for the definition of a stable support mechanism

 Romania
 Large untapped potential but some uncertainty remains regarding the green certificate scheme
 A partnership with a local company is under study
 The associated portfolio would represent up to 120 MW (wind and hydro)
 Novenergia’s strategy: Build strong partnership with local players

General presentation and overview

Key data

Name NovEnergia II – Energy & Environment

Type SICAR (Umbrella) established in Luxembourg
Legal Structure Société en Commandite par Actions (SCA)
Term March 2017 + 2 years
Investment Strategy Energy and Environment Projects
Geographical Scope Europe & Mediterranean
Commitment 353 million already drawdown; remaining increase of up to 176 million
Size Presently above EUR 450 million
Advisor Intervalores Sociedade Corretora, SA (Portuguese Financial Cie)
Custodian CACEIS Investor Services, Luxembourg (Credit Agricole Group)
Manager Novenergia General Partner (Lux)
Investor Committee 3-4 meetings per year (1 representative per investor above EUR 10m + 1)
Co-investment rights Held by investors with commitments > EUR 30 m

General presentation and overview

A large panel of reference investors

By September 2011, the capital invested in the fund by key actors of the Portuguese and European financing
sectors reaches more than € 353 million. Among the main investors are:

• Banco de Portugal The Central Bank of Portugal (through its Pension Fund)

• Three major Foundations:

 Philanthropic foundation dedicated to four main fields: arts, education, science and human
development, with a capital of € 2.7 billion.

 Financial institution created to contribute to the development of Portugal by financial and

strategic support for innovative projects thanks to the cooperation between American and
Portuguese civil societies. Its capital in 2006 was €140 million.

 Implementation and support of cultural, educative, artistic, philanthropic and social initiatives,
focused on Portugal and Macau.

• Four large Portuguese Financial Groups:

A large panel of reference investors

Recently 3 new reference investors entered Novenergia:

• Champallimaud Foundation

• Portugal Telecom (through its Pension Funds)

• Instituto de Seguros de Portugal - the supervising authority for the insurance sector (through 2 of its Managed Funds)

Other reference investors are:

 BIZ Valor Asset management, Montepio Nacional das Farmacias, Caixagest.

As a commitment sign to the investors the Novenergia General Partner is also a shareholder since inception, with a share of around
€ 8,4 million in the Capital of Novenergia by the end of 2010.

General presentation and overview

NovEnergia II – Energy & Environment (SCA) SICAR

 Luxembourg:
5 allée Scheffer
L-2520 Luxembourg

 www.novenergia.com

Contacts

General presentation and overview