Rebirth Capital LLC EQUITY INVESTMENTS IN COMMUNITY WIND PROJECTS SCOTTSDALE, AZ 5/9/2008

Rebirth Capital is specialty finance firm focusing on: Helping finance smaller renewable energy projects nationwide. Helping the Gulf Coast recover from Hurricane Katrina. Rebirth Capital Renewable Energy Fund Focuses on tax credit equity investments in smaller commercial-scale renewable energy projects nationwide. Two New Markets Tax Credit funds: The Gulf South Rebirth Fund – business loans and investments in GO Zone American Community Renewable Energy Fund – renewable energy, biofuels and green technologies. 2 Rebirth Capital Overview

Fund focuses on tax credit equity investments in renewables, including: Wind Solar Small Hydro Other technologies eligible for Federal PTCs Investment size of $500,000 – 25 million Streamlined documents and closing process help manage transaction costs Community economic development background offers different investment perspective Layering in of New Markets Tax Credits possible 3 Rebirth Capital Renewable Energy Fund

Why is it so hard for community projects to attract tax equity? Institutional investors dont have the time to do small, one- off projects. Transaction costs can be very high Developers generally less experienced and financially sophisticated Difficult to manage a portfolio of small projects Why do we think equity investments in community projects are worthwhile? High community impacts – important to some investors. Can develop diversified portfolio to minimize geographic, technology and developer risks. Life is too short to take the easy route! 4 Capitalizing Community-Based Projects

Tax equity is generally the last money into a wind deal Tax equity investors look for projects that: Have turbines (the hardest part these days?) Rebirth is currently investigating frame agreements with turbine manufacturers for community projects. Are fully permitted Have a PPA (merchant projects are possible, but not easy) Have lined up non-recourse project financing and construction financing Representation by an attorney with experience closing smaller deals is very important 5 Preparing a Project for Tax Equity Investment

Sample Project GSG 3, Sublette, IL Total cost of ~$5.25MM Possibly smallest PTC wind deal in nation last year Single Clipper C93 2.5MW project First-time developer Can serve as template for other small projects NMTCs can also be used to close financing gaps 6

7 Deal Structure: Basic Flip Structure Project Developer (Man. Member) Construction Lender Loan Stage 1: Construction

8 Deal Structure: Basic Flip Structure Project Developer (Man. Member) Rebirth (Tax Equity Investor) Equity Capital Construction Lender Debt Repayment Stage 2: Commercial Operation Date

9 Deal Structure: Basic Flip Structure Project Developer (Man. Member) Rebirth (Tax Equity Investor) 5% distributed cash and tax benefits 95% distributed cash and tax benefits until target IRR achieved Stage 3: Pre-Flip Operations

10 Deal Structure: Basic Flip Structure Project Developer (Man. Member) Rebirth (Tax Equity Investor) 95% distributed cash and tax benefits 5% distributed cash and tax benefits Stage 4: Post-Flip Operations Other structures are possible, but with smaller projects it is best to keep it simple.

Rebirth Capital LLC CLIFF KENWOOD (504)