1. Making Clean Energy Simple and Profitable for Our Clients Page Solar Power @ Closed Landfills: Project Economics in Massachusetts June 2009

2. Making Clean Energy Simple and Profitable for Our Clients PageJune 20092 Introduction Agenda –Key Issues Impacting Project Economics Screen 1: Cost and Performance Screen 2: Incentives –Case Study: 220 kW Solar Project Taxable Entity Owner Non Taxable Entity Owner Host w/ 3 rd Party Owner –Looking Forward Policy Tracking? Nexamp, Inc. –Turnkey Clean Energy Solutions Provider. –Leading Solar Installer Headquartered in Massachusetts. –32 Employees: engineers, designers, construction managers, installers, electricians, HVAC technicians, etc. –Recipient: Association of Energy Engineers Best Energy Reduction Project in New England 2008.

3. Making Clean Energy Simple and Profitable for Our Clients PageJune 20093 Landfill Solar Project Development Nexamp Turnkey Installations Capabilities –Advisory Services –Technical and Financial Feasibility –Design and Engineering –Rebates and Incentives –Permitting and Interconnection –PPA and Other Financing Support Options –Installation –Operations and Maintenance

4. Making Clean Energy Simple and Profitable for Our Clients PageJune 20094 Ground Mounted Experience Nexamp ground mounted solar projects: –Attached –Ballasted (ideal for Landfills)

5. Making Clean Energy Simple and Profitable for Our Clients PageJune 20095 Ground Mounted Experience As a sub contractor to BlueWave, Nexamp provided preliminary technical and financial assessment to Western Massachusetts Electric Company to support DTE Solar Program Filing.

6. Making Clean Energy Simple and Profitable for Our Clients PageJune 20096 Today’s Assumptions This presentation applies to the MA Solar Market as of last Monday. –Market is subject to rapid change (equipment cost and policy). Solar is still very reliant on incentives and incentives remain the primary financial driver. –Only projects that qualify for Commonwealth Solar or a similar incentive make financial sense. Land in MA is relatively valuable and finite. Even brownfields may have a competing use (e.g., park, parking lot, etc.). –kWh/sqft (power density) may be a more important consideration than it is in other portions of the U.S.

7. Making Clean Energy Simple and Profitable for Our Clients PageJune 20097 Key Issues: Cost and Performance

8. Making Clean Energy Simple and Profitable for Our Clients PageJune 20098 Key Issues: Focus on Power Density February/March 2009 edition of SolarPro Magazine about the Tilt Angle and Power Density (kWh/sqft):

9. Making Clean Energy Simple and Profitable for Our Clients PageJune 20099 Key Issues: Maximize Incentives Incentives: Order of Importance on Project Economics 1.Commonwealth Solar Rebate or equivalent (~50% of project cost) 2.Federal 30% Tax Credit/ Grant for Taxable Entities 3.Federal Depreciation 4.MA State Tax Deduction 5.$/kWh energy savings and REC revenue ~95% of initial investment recovered by first 4 incentives if you can use them!

10. Making Clean Energy Simple and Profitable for Our Clients PageJune 200910 Key Issues: Maximize Incentives Today’s MA market is rebate driven and rebates ($/watt) decrease faster than economies of scale improve as project size increases: Note: No Public Building Adder

11. Making Clean Energy Simple and Profitable for Our Clients PageJune 200911 Case Study: 220 kW Ground Mounted 220 kW Ground Mounted Fixed Tilt @ 20° Polycrystalline Modules Commonwealth Solar Rebate Eligible Scenarios –Taxable Owner No Public Adder –Non-Taxable Owner w/ Public Adder –3 rd Party PPA Both Assumptions –Installed cost: $6/watt –Capacity Factor:13.2% –Degradation:.5%/yr –Avoided Electricity: $.14/kWh –RECs: $.35/kWh for 7 years –Inverter replacement in Yr. 20 –25 year project life –Previously discussed incentives as applicable

12. Making Clean Energy Simple and Profitable for Our Clients PageJune 200912 Case Study: 220 kW Ground Mounted Taxable Owner: No Public Building Adder

13. Making Clean Energy Simple and Profitable for Our Clients PageJune 200913 Case Study: 220 kW Ground Mounted Non-Taxable Owner: w/ Public Building Adder

14. Making Clean Energy Simple and Profitable for Our Clients PageJune 200914 Case Study: 220 kW Ground Mounted Power Purchase Agreement: No Public Building Adder $.11/kWh w/ a 3% annual escalator for 20 years w/ a 5 year extension option (savings is pre-tax)

15. Making Clean Energy Simple and Profitable for Our Clients PageJune 200915 Case Study: 220 kW Ground Mounted Power Purchase Agreement: Public Building Adder $.07/kWh w/ a 3% annual escalator for 20 years w/ a 5 year extension option

16. Making Clean Energy Simple and Profitable for Our Clients PageJune 200916 MA Conclusions and Outlook Financial –Sweet spot is in 110 kW to 220 kW range –PPA make most sense for Public Entities –Tremendous value today, but expect changes Outlook –Equipment Costs –Stimulus –Net Metering –CS Solar to S-REC Transition (better for larger projects?) –Increased use of Tracking Systems

17. Making Clean Energy Simple and Profitable for Our Clients PageJune 200917 Contact Information Jon Abe, Nexamp, Inc. V.P. Business Development phone: 978.688.2700 x707 email: jabe@nexamp.comjabe@nexamp.com Dan Leary, Nexamp, Inc. President and COO phone: 978.688.2700 x706 email: dleary@nexamp.comdleary@nexamp.com