Business

Investment
Portfolio
Executive Summary

Northhein
Company Profile

Santo Domingo, Dominican Republic

April 2023
Business Investment Portfolio
Executive Summary
Dominican Republic

Company Profile
Confidentiality notice
Each recipient of this Business Investment Portfolio / Executive Summary (BIP-ES) agrees that all of the information
contained herein is confidential, that the recipient will treat information confidentially, that the recipient will not directly
or indirectly duplicate or disclose this information without the prior written consent of NORTHHEIN SRL, and that the
recipient will notify NORTHHEIN SRL immediately when it becomes aware that this information has been disclosed.

By retaining this PES, recipients acknowledge that they have read, understood and accepted the terms of this notice.
This notice shall be governed by and construed in accordance with the laws of the Dominican Republic.
Company Profile and Capabilities Statement
NORTHHEIN SRL, is a Start-up, and projects development company that provides integrated
solutions for Infrastructure, energy, power generation and transmission, building information
modeling (BIM) services for architecture, engineering and construction, sustainability, and real
estate fields. We are a civil engineering, energy supply, and construction firm, committed to work
with public and private clients, government, and communities to fulfil their construction, power
generation and supply, design, civil engineering and construction needs. Our main goal is to
embrace and ensure clients satisfaction for all their projects.

We blend the use of the latest technology with engineering expertise and experience to provide
robust, cost-effective engineering, renewable energy supply, design, construction, and management
solutions. Our approach is to be communicative, collaborative and proactive, reaching beyond
boundaries of contractual obligation where necessary, to help each project we are involved with to
be a success.

CORE COMPETENCIES

We are at the forefront for the development of our clients’ demanding projects, bringing the right
solution according to projects specifics requirements and conditions. Our specialized fields of
expertise, and services are:

Infrastructures
 Roads, highway, railways
 Ports and marine terminal facilities
 Dams and canals

Building Information Modeling Architecture, Engineering, and Construction (BIM AEC)

 Civil engineering
 Construction management
 Design services
 Public and private facilities
 Housing and residential

Energy
 Wind (offshore, onshore)
 Hydropower
 Solar energy development and construction management
 Transmission lines and substations
Dominican Republic energy market
The energy market in the Dominican Republic is regulated by the Electricity Law (Law 125-01 of
July 2001) and its regulations. This Law regulates the following:

 The generation, transmission, distribution and commercialization of electric power

 The operation of the electricity market
 Generation prices, capacity payments and other charges in the electricity sector
 Article 112 governs requirements for a generator to sell power to a private offtaker

There are two types of power markets: The contracted market (agreements signed with the CDEEE
and generators where prices and quantities of kWhs to be transferred are fixed) and the spot
market, which is the market where energy is sold among the other agents of the system at prices
regulated and established by the Superintendence of Electricity and by the Coordinating Body (OC).

Energy sales are subject to the ruling of the Coordinating Body of the National Interconnected
Electric System of the Dominican Republic (OC), which distributes the sale of energy among
agents.

The DR installed capacity is over 3.7 GW; and average daily peak demand is approximately 1.9
GW.

Key Renewable Energy Regulation and Initiatives

Law 57-07 of May 2007 governs specific treatment of renewable energy in the Dominican Republic,
including:

 100% tariff exemption on imported inputs (equipment and materials)

 Net metering for retail customers

The Government targets 25% renewables by 2030 (including hydro). In 2017, there were 815 MW
of renewable generation assets (IRENA):

 Hydro: 613 MW
 Wind: 135 MW
 Solar: 30 MW
 Bioenergy: 37 MW
Renewable Energy Country Goals for 2030
According to the study: REmap, Renewable Energy Outlook: Dominican Republic, Executive
Summary, the total final energy demand of the Dominican Republic will grow by 2.2% per year
between now and 2030, reaching 7,677 ktep per year. This is based on the preliminary results of
the energy demand projections between 2013 and 2030 that the CNE estimated in collaboration
with Fundación Bariloche, which constitute the basis of the Reference Case (or maintaining the
status quo, business as usual). In the Reference Case, the share of modern renewables represents
13% of the total final energy mix by 2030, compared to almost 9% in 2014 (excluding traditional
uses of bioenergy). The Dominican Republic has abundant solar and wind resources and potential
for the development of small hydroelectric plants that has not yet been fully exploited. On the other
hand, in the field of bioenergy, agricultural residues and waste are the sources that offer the
greatest potential, which could be used to cover the growing demand for energy and in turn
increase the share of renewables beyond the Reference Case.

By 2030, 54% of all renewable energy used is derived from electricity consumption from renewable
sources. Data provided by the CNE and IRENA estimates show that the Dominican Republic could
generate 16 TWh of electricity from renewable energy by 2030. This would be produced from a
renewable generation capacity of 6 GW (of a total capacity installed 10 GW). Renewable electricity
generation by 2030 is eight times higher than current levels, and significantly higher than the
expansion projected in the Reference Case (7.7 TWh mainly from hydropower and onshore wind).
In order to develop the renewable potential, the abundant resources of both onshore wind energy
and solar energy in the country have to be used, which are among the most profitable options in the
energy matrix. Onshore wind, would be the largest source of electricity with renewable resources,
with electricity generation of 6.1 TWh per year in 2030. The total wind capacity, if all the Options are
put into operation, would be 2.3 GW. This translates into the construction of around 45 wind farms
between now and 2030. The wind projects would expand throughout the north, east and south of
the country. Solar PV could contribute 3 TWh from a total capacity of 1.9 GW in 2030. This potential
includes both grid-connected capacity (large-scale and decentralized) and off-grid capacity in non-
interconnected areas. The potential to develop large-scale installations represents about 60% of this
photovoltaic generation capacity. In order to develop this potential, an average annual installation
rate of around 77 megawatts (MW) is required between now and 2030. On the other hand,
decentralized generation connected to the national electricity grid would have a capacity of 685 MW
by 2030 in residential and commercial systems, which would cover about 8% of all electricity
demand in the buildings sector. The solar projects would be divided between the two main centers
of demand, in Santo Domingo and Santiago. Finally, solar home systems with an aggregate
capacity of 102 MW (about 70,000 units) would supply power to the 2% of the population that still
lack access to electricity in 2030.
Identification of business model, project opportunities and
locations

Executive Summary
Norhhein is seeking an Investor who would be willing to fund and develop the initial identified
projects and others future projects to additionally support the Dominican Republic required
infrastructure. As described below, consisting of:

1. Wind Energy development – 500 MW

Investment: US$ 1,250,000,000.00
Operational timeframe: 25 years

2. Electric Transmission Line and Sub-station 3,000.0 MW, 110 km

Investment: US$ 100,000,000.00
Operational timeframe: 30 years

3. Real Estate and Tourism development

Investment: US$ 150,000,000.00
Operational timeframe: 40 years

Combined total funds needed at initial stage: US$ 1,500,000,000.00

Expected yearly income: US$ 285,900,000.00
O&M Costs: US$ 95,000,000.00
Estimated yearly revenue: US$ 190,900,000.00

Financial engagement and Investor participation

Northhein aims to welcome a funding investor who will lend the initially required funds, and agrees
to participated under the explained loan conditions as expressed by Guld Investment Group:

Loan term: 10 years

Interest rate: 2.5% per annum
Grace period: 24 months
Total interests to be paid: US$ 375,000,000.00
Interest plus capital: US$ 1,875,000,000.0
Using the available technical data, DR government energy websites, and additional technological
resources, we have been able to identify two location which offer a promising capacity for wind
energy projects development and installation. Technical description, locations, and potentials are:

La Monteria Wind Energy Project

Proposed capacity: 400 MW
Location: La Monteria, Baní. Dominican Republic
Site area: 50 Sq-Kilometers
Development phases: 8 (50 MW each)
Coordinates: LAT 18.414227° / LON -70.385548°
Image 1. La Montería Wind Energy Site Location

Proposed wind turbine model: Enercon E-160 EP5 E2 - 5.5MW

Number of wind turbines: 72 units
Initial construction investment estimation: US$ 1,000,000,000.0
Combined annual energy output: 1,680,000.0 MWh / year
Current average local market energy sell price: US$65 / MWh
Average current power purchase agreement (PPA) duration: 25 years
Average payback period: 7.5 years
 Image 2. La Montería Wind Energy Potential

Las Galeras Wind Energy Project

Proposed capacity: 100 MW
Location: Las Galeras, Samaná. Dominican Republic
Site area: 15 Sq-Kilometers
Development phases: 2 (50 MW each)
Coordinates: LAT 19.272762° / LON -69.172447°
Proposed wind turbine model: Enercon E-160 EP5 E2 - 5.5MW
Number of wind turbines: 20 units
Initial construction investment estimation: US$ 250,000,000.0
Combined annual energy output: 380,000.0 MWh / year
Current average local market energy sell price: US$65 / MWh
Average current power purchase agreement (PPA) duration: 25 years
Average payback period: 8.5 years
Image 3. Las Galeras Wind Energy Site Location

Image 2. Las Galeras Wind Energy Potential

Summary and description for the paperwork and approval
process at the CNE for Renewable Projects
1 Authorization to carry out studies
Processing and legal evaluation for authorization request to natural or legal persons, to carry out
studies of renewable energy resources for energy production works projects in the provisional
concession phase.

REQUIREMENTS:
- Letter addressed to the CNE, requesting authorization.
- A document containing the designation, and the technical and economic profiles of the
company(ies), and the specifications of the studies carried out.
- Proof of payment of the administrative fee for services issued by the CNE.

2 Provisional Concessions

DESCRIPTION:
Processing and legal evaluation of the request for the granting or denial of a provisional concession
to carry out prospecting, analysis and studies of an electricity generation work from primary sources
of renewable and non-renewable origin.

REQUIREMENTS:
- Request letter addressed to the CNE containing: The general ones of the moral person to develop
the project, as well as the general ones of the legal representative or attorney; A description of the
project; The number of power to be installed in MWn and MWp; The proposed polygonal area and
the grid with the cadastral designation or coordinates in Universal Transversal Mercator (UTM) of
the polygonal line that circumscribes the installation and specific geographic location of the land;
Justification of the proposed area or polygon, that is, motivation for the selection of the area and its
size; Schedule of activities with a description of the works related to the studies that will be carried
out during the period of granting of the Provisional Concession and the terms for the beginning and
completion of these.

- Corporate documents of the company: 1. If it is a National company: Certificate of registration of

the commercial name issued by the National Office of Industrial Property (ONAPI), Certified copy of
the current commercial registry, issued by the corresponding Chamber of Commerce and
Production, Current certification from the National Taxpayer Registry (RNC), Articles of Association,
minutes of the company's general meeting, last minutes of the company's annual meeting, likewise,
in cases that apply according to the type of company, in accordance with the special regulations in
force in the matter of commercial companies, transformation or adaptation act or list of subscribers
of shares of the company or list of shareholders of the company, of each assembly as appropriate,
duly registered and stamped by the corresponding Chamber of Commerce and Production, and
stamped and initialed by the manager / secretary / president of the company, Submit the financial
statements of the company of the last three (3) years, audited by a recognized auditing firm, if it is
less than three (3) years old or is recently established, present the available financial statements or
the last three (3) financial statements of the shareholders , which allow evaluating the economic
capacity of the applicant to execute the project. 2. If it is a foreign company: Certificate of legal
existence and validity of the country of origin, duly legalized by the Dominican consul accredited in
the country of origin of the company, and later certified (apostilled) by the Ministry of Foreign Affairs,
certified copy of the current commercial registry, issued by the corresponding Chamber of
Commerce and Production, current Certification of the national taxpayer registry (RNC), Articles of
Association, Minutes of the company's general assembly meeting, last minutes of the company's
annual meeting, also, in the cases that apply according to the type of company, in accordance with
the special regulations in force regarding commercial companies, transformation or adaptation act
or list of subscribers of shares of the company or list of shareholders of the company, of each
meeting as appropriate, duly registered and sealed by the corresponding Chamber of Commerce
and Production, and sealed and initialed p or the manager/secretary/president of the company,
Submit the financial statements of the company for the last three (3) years, audited by a recognized
firm of auditors, if it is less than three (3) years old or is recently established present the available
financial statements or the last three (3) financial statements of the shareholders, which allow
evaluating the economic capacity of the applicant to execute the project. 3. If it is a Consortium: In
addition to the aforementioned requirements, they must present the following documentation: a.
Original of the Notarial Act by which the consortium is formalized, including its object, the
obligations of the parties, its duration, the exercise capacity of each member of the consortium, as
well as its generals. b. Special power of appointment of the representatives or sole manager of the
Consortium authorized by all the companies participating in the consortium. c. Copy of the Identity
and Electoral Card of the legal representative. Updated certification, issued by the Social Security
Treasury, stating that the applicant is up to date with the payment of their Social Security
obligations.

- Special power of attorney granted to the legal representative of the petitioner for her
representation before the CNE, duly legalized and registered in the Office of the Attorney General of
the Republic or meeting minutes in which these powers are granted to the representative.
- Legal designation of the properties in relation to the use of the land by the petitioner: i) In the event
of an amicable agreement, act of agreement of land leases, lease contract under private signature
of the land, contract of transfer of lease right , or any document through which the owner of the
property right authorizes the use or usufruct of the land, or ii) In case of conflict between parties,
sentence of the competent justice of the peace, of the jurisdiction where the property is located, iii)
Copy of the certificate of title of the land, or document that demonstrates the ownership of the right
of property, possession or lease or act of sale of the property. In addition: About the property(ies):

- Non-superposition certification, issued by a duly registered or registered surveyor, in case the land
is not delimited. II. Location plans, issued by a duly collegiate or registered surveyor containing
coordinates in Universal Transversal Mercator (UTM) of the polygonal line that circumscribes the
installation and specific geographic location of the land. III. Certification that expresses the current
status of the property, issued by the Title Registrar of the jurisdiction where the property is located.
About the Owner(s): I. Real Estate Tax Certification (IPI), issued by the General Directorate of
Internal Taxes (DGII) (if applicable).

- Technical documents. (i) Documentary evidence of having participated in the development of

similar projects either in national or international territory. It can be owned by the company, its
shareholders, or the companies that make up the consortium in applicable cases. In case of not
complying with the foregoing, you must present a project development intention contract with a
company or contractor that does have experience in the development of this type of project; (ii)
Descriptive memory of the project; and (iii) Conceptual basic pre-engineering of the project,
containing a single-line diagram, location, equipment to be installed, among others.

- Economic-financial documents. (i) Updated Certification, issued by the General Directorate of

Internal Taxes (DGII), of Compliance with Fiscal Obligations, in which it is established that the
applicant is up to date in the fulfillment of its obligations; (ii) Financial statements of the company for
the last three (3) years, audited by a recognized auditing firm, if it is less than three (3) years old or
recently established, present the available financial statements or the last three ( 3) financial
statements of the shareholders that allow evaluating the economic capacity of the applicant to
execute the project; (iii) If the Financial Statements of the shareholder(s) of the petitioner are
presented. Duly notarized commitment letter, specifying the financial responsibility and the role of
the shareholders in the development of the studies and surveys related to this stage of the project;
(iv) Updated certification, issued by the Social Security Treasury, stating that the applicant is up to
date with the payment of his Social Security obligations; and (v) Projection of the financial
statements of the project to be developed.

- Proof of payment of the administrative fee for services issued by the CNE.
3 Definitive Concessions

DESCRIPTION:
Processing and legal evaluation of the application for the granting or denial of a definitive
concession for the exploitation, installation and commissioning of electricity generation works from
primary sources of renewable, non-renewable and biofuel origin.

a. Request letter addressed to the President of the Republic, via the National Energy Commission
(CNE) to obtain the Definitive Concession and obtain qualification as a recipient of the benefits and
incentives of the Renewable Energy Incentives Law No. 57 -07, and its modifications, containing:
the description of the project, the power figure to be installed in MW, the area and polygonal shape
proposed, and the grid with the cadastral designation or coordinates in Universal Transversal
Mercator (UTM) of the polygonal line that circumscribes the installation and specific geographic
location of the land.

b. Copy of the current Provisional Concession resolution, granted by the CNE.

c. In relation to the use of the land by the Submitter, for the specific use of the facility: i) In the event
of an amicable agreement, act of agreement of land leases, lease contract under private signature
of the land, contract of transfer of right of lease, or any document through which the owner of the
property right authorizes the use or usufruct of the land, for an extendable period of not less than 20
years, and ii.) In case of conflict between parties, sentence of the justice of the peace competent, in
the jurisdiction of the location of the property. In both cases, the plots affected by the installation, all
the procedures carried out to reach an agreement with the owner and the result thereof must be
detailed.

d. Copy of the title certificate of the land, or document that demonstrates the ownership of the
property right or possession of the tenant or seller on the property. In addition:

e. Incorporation documents of the company: If it is a national company, certificate of registration of

the commercial name issued by the National Office of Industrial Property, if it is a foreign company,
certificate of legal existence and validity of the country of origin, duly legalized by the Dominican
consul accredited in the country of origin of the company, and subsequently certified by the Ministry
of Foreign Affairs, certified copy of the current commercial registry, issued by the corresponding
Chamber of Commerce and Production, current certification of the national taxpayer registry (RNC),
bylaws , minutes of the company's general assembly, last minutes of the company's annual
meeting, likewise, in cases that apply according to the type of company, in accordance with the
special regulations in force regarding commercial companies, transformation or adaptation act,
and/or list of subscribers of shares of the company, and/or list of shareholders of the company that,
of each assembly as appropriate, duly registered and stamped by the corresponding Chamber of
Commerce and Production, and stamped by the manager/secretary/president of the company.

f. Updated certification, issued by the General Directorate of Internal Taxes (DGII), of Compliance
with Tax Obligations, establishing that the applicant is up to date in complying with their obligations.

g. Special power of attorney granted to the legal representative of the Submitter for his
representation before the CNE, duly legalized and registered in the Office of the Attorney General of
the Republic or meeting minutes in which these powers are granted to the representative. (In the
case of individual producers, their personal identification containing their general information and
establishment of their domicile is required).

h. Copy of the Environmental Impact Study (EIA) with a copy of the administrative act issued by the
Ministry of Environment and Natural Resources (MIMARENA), indicating that there are no
environmental conditions that hinder the installation of electricity generation from renewable energy
sources and with the definition of the correct or mitigation measures, and the express validation of
the competent authority.

i. Site location plans and details of the vertices of the park polygon in UTM coordinates, duly
designated, at a scale of 1:50,000 or greater.

j. Copy of the Resolution issued by the CNE where it authorizes the entity or company designated
by the concessionaire company, to carry out the technical studies of the project resource.

k. Technical analyzes of the solar resource and production, carried out by the company authorized
by the CNE, in accordance with the characteristics established by the Application Regulation of Law
No. 57-07, and its modifications.

l. Evacuation study of the electrical energy produced, in accordance with the characteristics
established by the Application Regulation of Law No. 57-07, and its modifications.

m. Definition of the type of photovoltaic panels and DC/AC inverters, according to the regulations
contained in the Application Regulation of Law No. 57-07, accompanied by the certification
documents of the photovoltaic panels carried out by an accredited laboratory, in accordance to IEC
standards.
n. Presentation of the photovoltaic panel supply agreement, according to the number, type and
quality of the project presented.
o. List or relationship of the equipment and parts of the system to be imported by the concessionaire
to carry out the project.

p. Non-objection document issued by the Dominican Corporation of Electric and State Companies
(CDEEE) where it states that it does not find technical difficulties for the negotiation of a PPA
contract.

q. Financing Scheme or financial statement of the company, justifying the financial capacity to
undertake the project, accompanied by the documents of the financial entity or entities that certify
their commitment to the financing of the project.

r. Proof of payment of the administrative fee for services issued by the CNE.
End of Document