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Second half of the program

Environmental Business Council of New England


Energy Environment Economy
Overview of Net Metering
John Wadsworth
Partner
Brown Rudnick LLP
Environmental Business Council of New England
Energy Environment Economy
2014 Brown Rudnick LLP August 11, 2014 3
BOSTON DUBLIN HARTFORD LONDON NEW YORK ORANGE COUNTY PARIS PROVIDENCE WASHINGTON DC
NET METERING
In Massachusetts
John Wadsworth
Partner
Excess Power sent to grid
Grid power supplies host
Electric Bill
Components of electric rates
NSTAR Net Metering FAQs
Class I Class II Class III
Customer
Class
Solar, Wind or
Agricultural
Solar, Wind or
Agricultural
Solar, Wind or
Agricultural
kW 60 kW or less
Greater than 60 kW up
to 1,000 kW
Greater than 1,000 kW
up to 2,000 kW
Net
Metering
Credit
Calculation
Credit excess generation,
by TOU period if
applicable, for all kWh
rate components
including default service
except DSM &
renewables.
Credit excess generation,
by TOU period if
applicable, for all kWh
rate components
including default service
except DSM &
Renewables.
Credit excess generation,
by TOU period if
applicable, for all kWh
rate components
including default service
except Distribution, DSM
& Renewables.
Calculation
Exceptions
If municipal then also
credit distribution kWh
rate.
Limits
Aggregate capacity shall not exceed 3 percent of NSTARs distribution peak for
private facilities and 3 percent for municipal facilities.
Basic requirements for eligibility
Evidence that you have received a Cap
Allocation from the Administrator of the
System of Assurance (see www.massaca.org).
Simplified systems (less than 10 kW AC single
phase and less than or equal to 25 kW AC
three phase) are exempt from the Cap
Allocation requirement;
A complete and accurate Schedule Z;

In Play?
Competing legislative bills to deal with fact
that net metering caps have been hit in some
territories, and are close in others.
Utility bill increase caps to 4%, add in a
competitive process where developers submit
bids for periodic blocks and get a long term
contract from utility to purchase SRECs.
Industry Bill eliminate caps for next year or
more.
2014 Brown Rudnick LLP August 11, 2014 11
Contact Information
John W. Wadsworth, Esq.
Brown Rudnick LLP
One Financial Center
Boston, MA 02111
Tel: (617) 856-8596
Fax: (617) 289-0432
Email: jwadsworth@brownrudnick.com


Moderator: Bob Grace
Sustainable Energy Advantage, LLC
Panel Members:
Non-Managed Growth: Ethan DeSota, Ethosolar
Managed Growth: Todd Martin, SunDurance Energy
Equity Investment: Nicholas Minekime, Capricorn
Investment Group
Bank Debt: David J. Costello, Commerce Bank &
Trust Company
Environmental Business Council of New England
Energy Environment Economy
Panel Discussion
Non-Managed Growth:

Ethan DeSota
Territory Manager
EthoSolar Inc.
Environmental Business Council of New England
Energy Environment Economy
Panel Discussion
Who Is EthoSolar ?
Mission: Engaging the world through
Revolutionary Solar Solutions

EthoSolar develops and deploys:
Commercial, Community, Institutional, and Residential
Solar for Owner / Operators
EthoSolar brings
Experience
Over 600 systems installed (8.5 MW) and under O&M agreements
with an additional 70 commercial systems under
development/construction representing an additional 13 MW

Winner of Best Commercial Design Fronius Canada


SREC II Plans: First SREC II Forward Contract in the
Massachusetts Market with Sol Systems and Whittier Farms.
Currently over 3 MW under development in the state.

EthoSolar joined the Massachusetts Market in Fall 2013


Managed Growth:

Todd Martin
Vice President
SunDurance Energy
Environmental Business Council of New England
Energy Environment Economy
Panel Discussion
SunDurance Energy

EBC Renewable Energy Program April 29, 2014
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Introduction to SunDurance
SunDurance Energy, LLC (SunDurance) is a full-service solar
energy company that develops, designs, builds and operates solar
power projects in the US and internationally
SunDurance was founded in 2007 and is a wholly owned subsidiary of
Conti Corporation in Edison, NJ
In 2011, SunDurance was ranked by Inc. Magazine #38 fastest
growing private companies and #3 in the Energy sector
SunDurance offers turnkey solar solutions including co-development,
design, financing, construction and operations
Partners on early and mid-stage projects
Understands and controls all risks, secures any missing elements, and
drives the project to successful operation
Specializes in commercial, government and utility projects located in
the Americas
SunDurance has over 100 MW of solar PV power projects under
development/construction or in operation in NJ, NC, TX, CA, FL, MN,
MI, and MA

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Introduction to Conti
Introduction
The Conti Group (Conti) was formed in 1906 to develop, build,
own and operate infrastructure projects
Conventional and Renewable Energy, Environmental
Remediation, Transportation Infrastructure, Industrial Projects
Located in Edison, NJ with offices in New Orleans, Israel and
Africa
Awarded over $2BN in contracts since 2005
Over 500 employees
Conti is internationally ranked by respected organizations
Ranked #100 among design/build firms
Ranked #162 on the ENR 400 top contractors
As of December 31, 2012, Conti had about $350MM in annual
revenue

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MA SREC II Projects
Landfills/Brownfields
Bellingham 2.9 MW
Amesbury 6 MW
Haverhill 3 MW
Ashland 3 MW
Walpole 3 MW
Cambridge 2 MW

Managed Growth
Southwick 5.34 MW
Mendon 3.6 MW
Hubbardston 6 MW


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Sylvester Ray Landfill, Marshfield, MA 4 MW
E L NE RGY
Equity Investment

Nicholas Minekime
Principal
Capricorn Investment Group
Environmental Business Council of New England
Energy Environment Economy
Panel Discussion
CONFIDENTIAL MATERIALS | NOT FOR DISTRIBUTION
PRINCIPLED INVESTMENT MANAGEMENT
MA SOLAR ENERGY PROGRAM: THE TRANSITION FROM SREC-I TO SREC-II


APRIL 2014
CAPRICORN INVESTMENT GROUP

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CAPRICORN OVERVIEW & INTEREST IN SOLAR
Private investment firm, based in New York and Palo Alto
Manage ~$4Bn in private capital, with investments in all assets classes globally

Long-term Interest in Solar
Have been investing in solar for ~6 years globally
In MA, currently in construction on a 22MW (ac) portfolio on Cape Cod
Landowner & developer of the 660MW Antelope Valley solar project sold to Sunpower &
MidAmerican at end of 2012 for ~2.6x return
Actively evaluating solar PV deals across the US and looking at select international markets.
Currently looking at opportunities in VT, MA, CA, NC, NJ
We invest up and down the value chain in solar projects, developers, technology
CAPRICORN INVESTMENT GROUP

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COMMITMENT TO RENEWABLES
Have been investing in clean energy & cleantech for 11 years
Important focus area for our firm long-term global trend
Solar, Wind, Electrification of Vehicles, Batteries, Related Materials
We were an early investor in Tesla Motors
We are a major buyer of land for solar development since 2008, we have spent > $100M
purchasing land in Southern California for solar development
Incubated and lead investments in a leading module Sunpreme, which is focused on high-
efficiency n-type silicon panels.
Supreme produces a high-efficiency, glass-on-glass module: 340W panel with bi-facial boost
and superior temperature coefficient. Now working on 400W panel.

CAPRICORN INVESTMENT GROUP

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WHAT ARE WE LOOKING FOR IN SOLAR DEALS?
Seeking projects where we can compound at ~12% pre-tax, on a levered basis, for 20 years.
We are the cash equity in every deal. We do not have tax appetite.
We partner with a tax equity provider & sometimes with a term debt provider
Partnership approach: like to partner with top-notch developers & EPCs to execute on repeat
business
Always seeking tax equity, sale-leaseback and debt partners

Takeaway:
We are actively seeking projects with executed PPAs that are at or near NTP
Will look at portfolios between 2MW 80MW
Bank Debt

David J. Costello
Senior Vice President
Commercial Lending
Commerce Bank & Trust Company
Environmental Business Council of New England
Energy Environment Economy
Panel Discussion

Were bigActually bigger than you think.

Largest locally owned bank in Central Massachusetts
Assets of $1.9 billion
16 branches 3 in Boston area, 13 in Worcester
County
Capital of $150 million
Lending limit up to $20 million

Were a leader in financing construction and
ownership of Massachusetts solar projects.

Active since 2010
Solar loan commitments of $70 million
Over 20MW built and operating on 30 sites
Size range 200 kW to 5.0 MW
We custom underwrite each loan


And we have the people..

Our Principal Owner is a businessman.
Our Senior Management Team is entrepreneurial
and highly attuned to the business market.
Our Relationship Managers are seasoned lenders
that respond quickly and thoughtfully.
Our Credit Process is compact with a single
presentation to the weekly Loan Committee.

Moderator: Bob Grace
Sustainable Energy Advantage, LLC
Panel Members:
Non-Managed Growth: Ethan DeSota, Ethosolar
Managed Growth: Todd Martin, SunDurance Energy
Equity Investment: Nicholas Minekime, Capricorn
Investment Group
Bank Debt: David J. Costello, Commerce Bank &
Trust Company
Environmental Business Council of New England
Energy Environment Economy
Panel Discussion
EBC Renewable Energy Program
Environmental Business Council of New England
Energy Environment Economy

Massachusetts Solar Energy Program:
The Transition from SREC-I to SREC-II