0. Kaliakra Wind Power（KWP)
(Mitsubishi Heavy Industries, Ltd. / INOS 1 OOD) The First Wind Farm Project in Bulgaria
Dec 14th 2012 For the Forum “Invest in Bulgaria”

1. MHI Products
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2. MHI Power Systems
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3. MHI Wind Turbines
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4. Project Schema inos1 OOD Japan Carbon Finance 株主間契約書 Mitsubishi Heavy
Industries, Ltd.
inos1 OOD
Equity　70%
Equity　30%
Sub Loan
Concession
Construction Permit
JBIC (Japan Bank International Corporation) +　Mizuho Bank
Kaliakra Wind
Power AD
(Project Company)
Kavarna
Municipality
Overseas Investment Credit Non-recourse Finance
Regulator
(SEWRC)
Generation License
(Joint Implementation) Emission Reductions Purchase Agreement
EPC Contract
Japan Carbon Finance
Grid Connection Contract
MHI/INOS
Power Purchase
Agreement
National Electric Company
(NEK)
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5. Wind Turbine Generator (WTG)
MWT62/1.0 (MWT-1000A)
Rated output : 1,000 kW
Rotor diameter : 61.4m
Rated Rotor rpm : 19.8 rpm
Rated wind speed : 12.5 m/s
Cut out wind speed : 25.0 m/s(10min. Ave.),
　30.0 m/s(Instantaneous)
Survival Wind Speed : 60m/s
Generator
Type : Induction, 4 Pole Type
Voltage : 690V(50Hz)
Tower
Hub Height : 69m
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6. Location : Close to Cape Kaliakra, Kavarna Municipality
KWP Summary
Location : Close to Cape Kaliakra, Kavarna Municipality
Capacity: 35MW (1MW WTG X35 units)
Operation start: July 2008
Successful operation, mechanical availability in 2011 was 99.7%
Operated by local Bulgarian employees with MHI technical support only in case special maintenance required.
Supported by consistent and diligent Bulgarian workers
© 2012 MITSUBISHI HEAVY INDUSTRIES, LTD. All Rights Reserved.

7. KWP Project Development History①
2004
Site Concession from Kavarna Municipality
2005
Joint Development Agreement between MHI and INOS
Preliminary Grid Connection Contract signed
Approval of Environmental Impact Assessment by Ministry of Environment and Waters
Shareholders Agreement between MHI and INOS
Establishment of KWP
MOU among MHI, JBIC and JCF
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8. KWP Project Development History②
2006
New Energy Laws established (feed-in-tariff system introduced)
EPC Contract signed
Generation License, Construction Permit Issued
1st Class Investor Certificate Issued
2007
PPA (Power Purchase Agreement) Signed
Grid Connection Contract Signed
Construction Start (March 2007)
2008
Commercial Operation Start (July 2008)
“Investor of the year 2008 awarded”
2010
ERU (Emission Reduction Unit) Transferred
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9. JI (Joint Implementation) Process
Jun 2005 Project Idea Note (PIN) submitted
Sep 2005 Letter of Endorsement issued
Dec 2005 Memorandum between Japan and the Republic of Bulgaria on Cooperation under the Kyoto Protocol
Mar 2007 Emission Reduction Purchase Agreement Signed
Apr 2007 Public Comment opened
Jun 2007 Project Design Documents（PDD） and Determination Report submitted
Oct 2009 National Allocation Plan (NAP) Published including KWP JI Project
Jan 2010 Letter of Approval by both countries issued
Apr 2010 JI Track 1 Guideline by Bulgarian Government issued
Jun 2010 Verification Report Issued
Emission Reduction Unit (ERU, for ) Transferred to Japan　
(Verification Process for 2012 is now on going)
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10. Key issues for successful investment conditions
Consistent and stable legislation for on-going businesses
Predictable business environment for investors
Transparent and grounded decision making process
Compliance with EU directives, regulations, state aid provisions
Solving Grid Constrains and Fulfillment of Contractual Obligations by Off-taker(NEK)
Compensation agreement for grid curtailment and payment condition to be fulfilled
Influence future decision to investors and lenders
(Will not be curtailed after new transmission line constructed)
Establishment of Sustainable Feed-in-Tariff(FIT) Scheme
Basic concept of FIT : Cost sharing by electricity consumers
Common issues in many FIT countries
Japan can learn from cases in Bulgaria and EU countries
Broad public discussion to promote RES is always essential
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11. Благодаря
© 2012 MITSUBISHI HEAVY INDUSTRIES, LTD. All Rights Reserved.