1. How to finance a renewable infrastructure project in Belgium François Van Leeuw CFO Northwind NV

2. 2 Partners LegalFinancialInsurance Legal

3. Non recourse project financing 3 Non recourse: A loan where the lending bank is only entitled to repayment from the profits of the project, which the loan is funding, not from other assets of the borrower. These types of projects are characterized by high capital expenditures, long loan periods, and uncertain revenue streams. Analyzing them requires a sound knowledge of the underlying technical domain as well as financial modeling skills. Project financing: The financing of long-term infrastructure, industrial projects and public services based upon a non-recourse financial structure where project debt and equity used to finance the project are paid back from the cashflow generated by the project.

4. CAPEX and Financing 4 Capital Expenditure: EUR 850 M Debt Financing : EUR 595 M Equity and Quasi Equity: EUR 255 M Equity: EUR 80,6 MQuasi Equity: EUR 174,4 M Provided by the Shareholders: Parkwind Aspiravi Offshore Provided by: Initial Shareholders PMV/PMF DG Infra /Inframan/GIMV Korys/DHAM Autofinancing Financing:

5. Debt Financing Partners (€595 M) 5 Funding ASN Bank Belfius BNP Paribas Fortis European Investment Bank (EIB) ING KfW Ipex MTI Pension Danmark Rabo Bank Garantors EIB EKF GIEK Office National Du Ducroire (ONDD) - Delcredere

6. Loan Maturity 6 Liquidity for Long Term funding ↓ Basel III makes LT Loan more difficult to get and more expensive As LT money needs to be backed up by equity 17 Years Long Term money is getting more and more expensive!

7. Conclusion 7 Strong FinancingStrong Project & Team Strong Contractors Stable ShareholdersStable Support Mechanism Strong Economics However, Pricing ?

8. 8 Our Northwind project proves that when you have dedicated shareholders, bankers, credit institutions and a solid team, it is possible to finance a project of this magnitude even during financial crisis. Thank you everybody for your dedication and hard work