Catenaria

Strategy + Markets + Insight + Structuring + Finance + Transactions + Policy

Overview of Services
for the
Clean Energy Industry in Asia
Build on a foundation of strong advice
Catenaria
Catenaria provides expert commercial/financial advisory and consulting
services to the clean energy sector.
– Experience with investors, developers, financial institutions, and governments
– Draw upon broad experience in Asian regional energy sector development
Sector Scope
• Clean Energy • Financial advisory
– Wind, hydro, solar, biomass
– Agribusiness / feedstocks • Commercial development advisory
• Suport Infrastructure • Strategy and Planning
– Power Distribution • Market assessment
– Water/Wastewater
• Due diligence
Geography Philosophy
• Vietnam, Cambodia, Laos • Seek practical solutions
• India, Pakistan, Bangladesh • Maintain expert knowledge
• Philippines, Indonesia, Thailand • Understand mechanics in context
• China, Japan, Korea, Taiwan • Take a ‘hands-on’ approach
Catenaria
Copyright © 2010 Catenaria Pte. Ltd.
ACRA No. 200909588Z
Holistic approach
Catenaria’s services sit at the intersection of what is
required to create a sustainable investment, integrating
business, political and economic considerations into
balanced and rational solutions
Suppliers Exports Debt
Equity
Reliability
Co
i cal mm
hn erc Currency
c Construction Finance
Te ial
Safety
Operations Catenaria Economics

Society Politics Markets

Environment
Public
Prices
Employment
Catenaria Policy
Copyright © 2010 Catenaria Pte. Ltd.
ACRA No. 200909588Z
Catenaria services
Insight and Action
– This characterizes Catenaria’s two primary lines of service:

Intrados Extrados
• Strategy • Transactions
• Markets • Partnerships
• Governance • Investments
• Policy

Catenaria
Copyright © 2010 Catenaria Pte. Ltd.
ACRA No. 200909588Z
Intrados services
Intrados provides internal assessment and strategic planning
• Intrados assists our clients:
– assess the market opportunity and
– put in place investment plans and strategy founded on
practicality
• Catenaria’s Intrados services provide:
– strategic planning
– asset strategy
– market assessment
– risk management
– corporate governance
• We consider the ground realities of both business and market so our
insight can be put into action
Intrados: actionable expert insight
Catenaria
Copyright © 2010 Catenaria Pte. Ltd.
ACRA No. 200909588Z
Extrados services
Extrados delivers world class transaction advisory services
• Catenaria’s Extrados services focus on supporting delivery of
complex transactions in energy and infrastructure.
• Extrados encompasses:
– project commercial and financial advisory services
– tender design and management
– due diligence reviews
– partner identification
– negotiation support and financial modelling
• We take hands-on action, partnering with you to assure your
transaction gets completed to market standard and as planned
• Whether in a core market or cross-border into uncharted waters,
Catenaria brings to bear experience and grounding in the
challenging Asian markets but with international context

Extrados: transactions in context

Catenaria
Copyright © 2010 Catenaria Pte. Ltd.
ACRA No. 200909588Z
Integrating vision with action
• The synergy between Intrados and Extrados supports
the pathway for our clients’ solid future

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Catenaria
Copyright © 2010 Catenaria Pte. Ltd.
ACRA No. 200909588Z
Geographic scope
• Catenaria has experience across the breadth of Asia
• In-depth market Catenaria Markets
within 6 Hours of
Singapore

knowledge
China
– Financial Pakistan Bangladesh Japan

Korea
– Investment Laos Taiwan

– Energy Markets India

Vietnam

Cambodia
Saudi Arabia
– Regulation Thailand
Philippines

– Political Malaysia

Singapore
• Extensive network Indonesia

of local and
regional Key
relationships Catenaria Markets

Catenaria
Copyright © 2010 Catenaria Pte. Ltd.
ACRA No. 200909588Z
Managing Director profile

J. Grant Hauber
• Over 18 years’ experience in energy and infrastructure through leading roles as
– Clean energy boutique advisor and principal developer Aequero Pte. Ltd (Singapore)
– Lead project developer Consolidated Electric Power Asia (HK)
– Project finance investment banker ANZ Investment Bank (HK)
– Energy/infrastructure management consultant PA Consulting Group / Hagler Bailly
– Energy policy analyst State of Connecticut Utility Regulator (US)
• Active in the Asian energy and infrastructure markets for more than 14 years with
5 years in the clean energy sector
• Leader in development, structuring, financing and negotiation of transactions
• Deep background in sector investment strategy and policy
• Extensive regional networks within professional services, governments, investors
• Accomplished civil / structural engineer – design/bid/construction
• Education
– MBA – Yale School of Management
– B.S. Civil Engineering – Carnegie-Mellon University

Catenaria
Copyright © 2010 Catenaria Pte. Ltd.
ACRA No. 200909588Z
Catenaria
Strategy + Markets + Insight + Structuring + Finance + Transactions + Policy

Summary of experience
Experience – Clean Energy
Intrados
• Carbon Financing Workshop – the Asian Exim Bank
Forum. Co-developed and delivered a training program for
regional Exim bank executives under a program sponsored
by the Asian Development Bank. Created original lecturing
materials and interactive case studies to get Exim bank
executives focused on identifying and mitigating risks
around carbon finance prospects, adapting Exim bank
products to those opportunities, and to helping assist their
national companies more effectively invest, compete in and
take advantage of growing opportunities in carbon finance.
• Clean Energy Financing: A reference guide for Asian
Export Credit Agencies and Export-import Banks.
Authored a ‘how-to’ renewable energy financing guide for
regional Exim banks under an Asian Development Bank-
sponsored clean energy finance training program covering
critical issues in project risk assessment, project
development and project finance for the growing clean and
renewable energy market in Asia.
Co-developed an executive training program for
management of regional Exim banks on clean energy
financing considerations and how to adapt current products
to the clean energy market.
• Clean Energy Finance Masterclass.
Co-developed a program and materials for, and conducted a
‘masterclass’ in clean and renewable energy finance.
Instruction provided in-depth detail to the economic and
political drivers of the clean energy sector, practical
considerations for clean energy finance, development of
CDM-compliant projects, and how to finance projects.
Material focused on meeting the challenges of financing
clean energy projects in emerging markets.
Catenaria
Copyright © 2010 Catenaria Pte. Ltd.
ACRA No. 200909588Z
Extrados
• Co-developer and Financial Advisor – 90 MW integrated
reforestation and renewable power project,
Nakhonratchasima Province, Thailand.
Partnered in commercial development for a closed-loop,
carbon neutral dendro-thermal energy project,
encompassing 40,000 hectares of plantation-based
reforestation using fast-growth trees. Assisted in the
development of commercial contract structures and
strategy for negotiations with multiple Thai ministries.
Project features a proposed public-private partnership with
the Government of Thailand covering contract plantation
farming on public lands. Responsible for raising equity and
debt capital on behalf of sponsor, supported by financial
modeling, information memorandum development,
marketing road shows and term sheet negotiations.
• Clean Diesel Project Development Company – Asia
Regional.
Principal in assessing formation of a regional ‘third
generation’ biodiesel project development company joint
venture with a regional technical services company and the
patent holder of a revolutionary low temperature, low
pressure production process producing EN 590
specification compliant diesel. Development pipeline
included:
– Municipal Solid Waste Processing, Philippines
– Oil seed plantation and agricultural residue, Philippines
– Timber plantation offcuts and purpose-grown energy
crops, Thailand
Experience – Wind Energy
Intrados
• India Wind Energy Financing Market
Assessment – European Wind Energy
Association & Confederation of Indian
Industry.
Authored white paper “Wind Energy Finance:
mobilizing European investment in the Indian
wind sector” for the EU-sponsored Europe-
India Wind Energy Network to identify means
to encourage cost-effective European capital
investment in the burgeoning Indian wind
market. Analyzed available sources of
financing, terms of lending, equity investment
return requirements and industry players to
recommend appropriate investment financing
structures and needed policy supports. Led
focus group discussions and lectured at
EIWEN meetings to explore practical issues
and develop consensus for white paper.
Catenaria
Copyright © 2010 Catenaria Pte. Ltd.
ACRA No. 200909588Z
Extrados
• 127.5 MW Wind Farm, Heilongjiang
Province, China.
Provided comprehensive financial and
commercial advisory services to a Hong Kong-
based company exploring development of and
funding for three wind farms. Responsible for
project viability assessment, commercial
project structuring, JV and EPC contract
negotiation, detailed financial modeling,
marketing, equity and debt fundraising.
• 1000 MW Wind Farm, Ningxia-Inner
Mongolia, China.
Provided commercial development advisory
services to a Hong Kong-based company
exploring development of and funding for a
series of wind power generation projects
totaling over 1000 MW in Northwest China.
Experience – Solar
Intrados Extrados
• Concentrated Solar Thermal Power Market • Concentrated Solar Thermal Business
Assessment – Confidential Client. On Development Agency – Confidential Client.
behalf of a major technology developer and Seeking to promote adoption of a client’s CSP
manufacturer of CDP technology, performed a technology through formation of partnerships,
broad, multi-market, pan-Asian market joint ventures and EPC relationships in South
assessment study for pushing their product and Southeast Asia. Guiding client on
and project development capabilities. identifying project opportunities to act as either
Assessed policy environment, macro- EPC or project developer and assisting the
economic conditions, receptivity to technology, client in assembling bidding packages.
and competitiveness of their product across
other solar technology as well as other
renewables. Explored opportunities for power
generation, combined heat and power, and
solar heat augmentation for fossil-based
thermal processes.

Catenaria
Copyright © 2010 Catenaria Pte. Ltd.
ACRA No. 200909588Z
Experience – Hydro
Intrados
• Emerging market hydroelectric business
unit strategy – Statkraft International.
Advised this Norwegian international
hydroelectric generation company on its long-
term strategy for investing in emerging market
power generation worldwide. Developed pro
forma assessments to determine capital
budgeting and human resource requirements.
Strategy and investment recommendations
implemented through the creation of SN Power
with its strategic partner Norfund.
Extrados
• 45 MW Run-of-River Hydro Project
Assessment, Lao PDR.
Conducted a fundamental assessment of
project commercial and financial feasibility of a
small hydro project in Laos on behalf of a
London-based infrastructure development
fund. Constructed a comprehensive financial
model to perform analysis.

Catenaria
Copyright © 2010 Catenaria Pte. Ltd.
ACRA No. 200909588Z
Experience – Power Generation
Intrados
• Business expansion strategy and partner identification
– major reciprocating engine market player,
Saudi Arabia.
For a primary company in distributed generation and
temporary power solutions, developed a strategic plan for
expanding their business along existing and broadened
technology pathways. Conducted a worldwide search for
like-minded and complementary business partners.
• Project finance investment decision management
framework – Cinergy Global Power, USA.
Developed project development screening and assessment
protocol for global projects. Developed a customized
investment modeling tool for capital budgeting and risk
analysis for prospective investments in emerging markets.
• Merchant Generation Portfolio and Trading Desk
Integration – Edison Mission Energy, USA.
Designed an internal price transfer mechanism between
Edison’s 8,000 MW merchant generating portfolio and its
proprietary energy trading operations. Assisted trading
team quantify asset-specific market, operating and fuel
contracting risks. Designed internal transfer mechanism to
facilitate two-way financial and operational optimization
between trading and plant operations.
Catenaria
Copyright © 2010 Catenaria Pte. Ltd.
ACRA No. 200909588Z
Extrados
• Phu My 2 Phase 2, 715 MW BOT Power Project,
Vietnam. Financial Advisor to the successful consortium
of Electricité de France, Sumitomo Corp., and Tokyo
Electric Power on Vietnam’s first private sector BOT
infrastructure project. Supported development of the
client’s winning bid for this US$480m project. Analyzed
tariff options, investment economics, and modeled
sensitivities to various market change and negotiation
positions. Created debt financing options an optimal
amalgam from 3 multilaterals, 5 export credit agencies, 3
bilateral agencies and commercial lenders. Provided
strategic advice on approach to negotiating with GoV
entities.
• Tanjung Kasam 110 MW Power Project, Indonesia.
Financial Advisor to Indonesian utility PT PLN Batam on a
US$150m limited recourse project financing. Served as
lead debt negotiator counter to Chinese equipment
suppliers, Sinosure (Chinese export credit insurance
agency) and commercial bank ICBC. Strategy supported
by comprehensive project finance and corporate financial
models. Advised PLN Group on development of new
project loan security structures. Performed project valuation
in support of sell-down in equity. Evaluated competitively
tendered EPC bids.
• Sell-side Representation, Consolidated Electric Power
Asia, Hong Kong – Lead Manager.
Organized and managed the corporate disclosure effort on
behalf of the seller in CEPA’s US$2.1 billion sale of
ownership to Mirant (ex-Southern Company). Designed,
planned disclosure process, compiled and crated
presentation of all corporate information for due diligence
disclosures. Managed staffing, operation, and procedures
of 24-hour data room. Fielded all questions from bidders
undertaking due diligence, coordinating with legal, tax, and
financial advisors; responsible for drafting and delivering
final response to investor queries.
Experience – Gas-to-Power Value Chain
Intrados
• Asian Power Generation Opportunities for LNG –
Power Group of Oil and Gas Major – Korea and China.
Conducted a comprehensive long-term assessment of
natural gas-electric value chain investment and gas
marketing opportunities through development of a custom
economic and financing model that adjusted capital
structure to match market conditions in each target country.
Identified key risk factors and mitigants through in-country
reconnaissance. Created fundamental market demand and
supply model for the nascent Chinese gas market.
Examined opportunities for proposed restructured Korean
energy market.
• Global power and gas investment strategy
– El Paso Corporation.
Developed a global investment strategy by conducting
detailed supply-demand assessments, competitor analyses
and price forecasts. Provided strategic recommendations
for potential regional and country-specific plays from gas
exploration through to electricity consumers in Asia, Latin
America and the Middle East. Examined synergies with
existing assets, portfolio optionality, and identified of
suitable acquisition candidates.
• Japan LNG investment strategy – El Paso Corporation.
Performed a comprehensive analysis of the Japanese LNG
import market, including assessment of competing
contracts, sources, and each market participant’s client
base and territory. Assessed cross-over opportunities in
the electricity market in light of prospective liberalizing
policy environment. Advised client on market entry strategy
including infrastructure investment opportunities, pricing,
and identified prospective partners.
Catenaria
Copyright © 2010 Catenaria Pte. Ltd.
ACRA No. 200909588Z
Extrados
• IPP Acquisition Due Diligence – Korea.
Supported El Paso Corporation’s successful bid for
Hanwha Energy’s power generation assets; at 1,800 MW,
the largest private generator in Korea. Conducted detailed
due diligence on the asset’s competitive performance
through development of a national production cost model
for the current and proposed Korean electricity markets.
Examined potential optionality associated with upstream
integration into LNG supply.
• Acquisition Due Diligence – Sithe Asia Power
Generation Portfolio.
Coordinated market due diligence review teams on behalf
of El Paso Corporation in support of its prospective
acquisition of a power generation asset portfolio located in
Korea, China, Thailand and the Philippines. Derived supply
and demand profiles for each country, developed forward
pricing curves for the markets, and analyzed impacts of
potential changes in policy. Identified fit with assets in
client’s current portfolio and assessed means to leverage
value of assets through use of real options.
• Brazil natural gas market assessment – TSB Pipeline
Consortium. Led an analytic team in an independent
study of the future Brazilian gas and electricity markets to
support financing of a major gas transmission line.
Developed a custom economic forecasting model to project
fundamental demand across all consumer segments and
competing forms of energy supply in Southern Brazil.
Experience – Debt Arranging
Intrados
• US$ 1bn Merchant Project Finance Loan Portfolio
Risk Assessment – German cooperative bank.
Engagement manager and project finance expert for
an independent credit risk analysis of a German
bank’s US$1billion project finance portfolio of US
merchant power loans. Led design and
implementation of a proprietary project finance credit
risk assessment methodology. Analyzed viability of 35
financing vehicles comprised of 80 projects within nine
US sub-markets. Developed independent assessment
of probability of default, loss given default and
provisioning recommendations.
• US$ 20bn Corporate Financial Risk Management –
Major Global IPP.
For one of the world’s largest independent power
companies, led review of hundreds of loan
agreements, project contracts, and complex financing
structures representing over US$20 billion to
determine inherent unhedged positions and
unaccounted for options. Managed a global team in
analyzing corporate and limited recourse subsidiaries
to develop risk exposures to foreign exchange and
interest rate movements.
Catenaria
Copyright © 2010 Catenaria Pte. Ltd.
ACRA No. 200909588Z
Extrados
• Changshu 2x660 MW BOT Power Project, Jiangsu
Province, China – Lead Arranger and
Documentation Agent.
Served as lead debt arranger and coordinating bank
for ABB Energy Venture’s proposed US$1.2 billion
project. Served as project documentation agent for
seven-bank commercial debt lead arranger group plus
Hermes/KfW (Germany). Structured project contracts,
reviewed government support, and led negotiations
with Chinese and foreign parties. Led negotiations on
a US$900 million EPC contract. Acted as bank agent
for fuel supply, power market and land rights issues.
Developed and negotiated comprehensive lenders’
term sheet.
• Taixing Huangqiao Heat and Power Station,
Jiangsu Province, China – Lead Arranger.
Structured a complex US$32 million project equity loan
for a Philippines-based investor into a Sino-foreign
cooperative joint venture. Established intricate account
management structure to derive maximum security
available under PRC law. Worked with Philippine,
Chinese and global legal counsel to develop contract
documents.
• Aircraft Sub-lease, ATR Aircraft –
Taiwan/Mauritius. Advisor/Arranger for an aircraft
lease extension, sub-lease, refinance, and transfer
between Transasia Airways and Air Mauritius covering
three regional aircraft. Handled all contractual
negotiations, lease analytics, modeling and closing
activities for the US$20 million transaction.
Experience – Water/wastewater
Intrados Extrados
• Market Entry Strategy and Business Model, • M&A Advisory – Listed water treatment
US Water/Wastewater Treatment Market – services company, Mumbai, India.
Asian Client. Provided comprehensive advisory services to
Conducted a comprehensive market a European multi-utility company, Vivendi
assessment of the US water and wastewater Water, looking to acquire a publicly listed
treatment market for MF/UF/NF/RO Indian water treatment company. Developed
technologies. Assessed adoption drivers, acquisition valuation model following Indian
technology applications, cost trends, and Accounting Standards and conducted detailed
contracting vehicles. Advising client on corporate and comparative market due
development of a market entry strategy by diligence. Developed acquisition strategy and
creating an optimal business model and post-merger planning.
identifying strategic partners or acquisition
targets. Developed staffing and recruitment
plan.
• China Water/Wastewater Treatment Market
Assessment – Asian Client.
Assessed the market potential for foreign
investors/service providers in the Chinese
water and wastewater treatment markets using
MF/UF/NF/RO technology. Quantified
opportunities in municipal and industrial
market segments. Identified drivers of demand
for treatment and specific technology
applications.

Catenaria
Copyright © 2010 Catenaria Pte. Ltd.
ACRA No. 200909588Z
Experience – Policy
Intrados Extrados
• Pakistan Private Power Investment Board (PPIB) • Water-Energy Nexus Activity I & II, Commercial
strategic assessment. Framework Advisor, USAID, Andhra
Advising the PPIB on means to improve the tender, Pradesh/Karnataka, India.
grant, negotiation and closure of new power Lead commercial and financial advisor to this USAID
infrastructure projects. Soliciting input from all relevant project that addressed the water and energy
government ministries, state-owned enterprises, consumption crisis in India’s agricultural sector.
private sector developers and financial institutions. Designed field level interventions with farmers to shift
Report will be presented to government. irrigation practices and crop choices to less water and
• Wholesale Energy Spot Market (WESM), energy intensive applications. Worked with power
Emergency Capacity Procurement Measures – distribution utilities on improvement of delivered power
Department of Energy, Government of Philippines. quality, reduction of technical losses and mechanisms
Advised DOE on identifying issues, creating for improving fiscal performance. Designed financing
procedures, and designing processes to transparently options for both farmers and utilities in conjunction with
and cost-effectively procure emergency power a broad range of central government development
generation in event of a market failure to invest in finance and commercial finance institutions.
capacity as needed to meet demand and maintain Coordinated with state and central energy, water and
system security margins in a manner that would attract agricultural ministries.
competitive, commercial investment.
• Government of Tunisia private power investment
framework review.
Performed for the Government of Tunisia and its utility,
STEG, a comprehensive analysis of and
recommended modifications to the tendering and
negotiation process supporting limited recourse
financed private investment in power generation.
Review focused on an ex-post facto analysis of the
Rades II IPP bidding and negotiation process,
examining documentation, internal government
processes, and results achieved.

Catenaria
Copyright © 2010 Catenaria Pte. Ltd.
ACRA No. 200909588Z
Experience - Other
Intrados
• Global Nuclear Reactor Market Strategy
and Assessment – Atomic Energy Canada
Limited.
Led analytical effort to assess the global
market for next generation nuclear reactors.
Analyzed potential of 15 markets in 8
countries, looking at total demand for power,
long-run marginal costs of competing
technologies, potential financing structures,
and likely political impediments. Determined
competitive pricing points and implementation
timing requirements to achieve an
advantageous position in each market.
Devised market strategy and prioritization.
Catenaria
Copyright © 2010 Catenaria Pte. Ltd.
ACRA No. 200909588Z
Extrados
• Shanghai Baoshan Iron & Steel Co.
Hot Rolled Coil Mill, Shanghai, China –
Advisor/Arranger.
Acted as advisor for a prospective US $282
million limited recourse finance of a state-of-
the-art hot rolling facility for a Sino-foreign joint
venture company with Italy’s Duferco.
Conducted comprehensive market due
diligence study of the regional steel market.
Led the drafting of contracts to provide resilient
cash flow in difficult climate. Structured project
to facilitate debut of SACE (Italy) export credit
in a Chinese project.
Speaking, lectures, thought leadership
Catenaria shares its insight with the market in order to help advance the industry through challenging times.
• Biomass Energy: our past, our future
BioPower Generation Asia, Chair and Speaker, March 2009, Singapore
• Practical Challenges for Investments in Clean Energy
Thai Renewable Energy Forum, March 2009, Bangkok
• Rising to the Challenge of Funding Clean Energy and Energy Efficiency in Asia
Sustainable and Clean Energy, Regional Industry Network Conference, Singapore Polytechnic, November 2008
• Practical Challenges for Investments in Clean Energy
Herbert Smith Sustainable Energy Seminar, International Energy Week, November 2008, Singapore
• Structuring Green Investments in Clean Energy
Singapore Business Federation Green Investment Forum, June 2008
• Renewable Energy and the Peak Oil Debate, Panelist,
Asian Commodities Investment Forum, April 2008, Singapore
• Mastering the Mechanics of Investing in Renewable Energy
January 2008, Singapore
• Clean Energy Investment: Opportunities for Exim Banks in Asia
Asia Exim Bank Forum, November 2007, Bali
• Catalysing Clean Energy Capital: the early stage challenge
Energex2007, November 2007, Singapore
• Balancing Growth and Sustainability in Asian Energy Markets
Norway-Singapore Business Association Conference, October 2007, Singapore
• Meeting the Challenge of Funding Renewable Energy Projects in Asia
PowerGenAsia, September 2007, Bangkok
• Clean Energy Financing: Issues for Exim banks
Asia Exim Bank Forum, June 2007, Manila
• Investing in Asian Renewable Energy: Mind the Gap
Euromoney Renewable Energy Finance Forum, May 2007, Singapore
• Wind Energy Finance: mobilising European capital in the Indian market
Financing wind energy in India, January 2007, EIWEN, Brussels/Amsterdam
Financing wind energy in India, April 2006, EIWEN, New Delhi

Catenaria
Copyright © 2010 Catenaria Pte. Ltd.
ACRA No. 200909588Z
Catenaria
Strategy + Markets + Insight + Structuring + Finance + Transactions + Policy

Contact:
J. Grant Hauber
Managing Director
Catenaria Pte. Ltd.
14 Robinson Road
#13-00 Far East Finance Building
Singapore 048545
e: grant.hauber@catenaria-advisors.com
t: +65 6494 9129
m: +65 9005 7800
f: +65 6725 8038
s: granthauber