1. Financial Close The Insurance Review Process 6 th November 2014 Eoin Greene Irish Wind Farmers Association Annual Conference 2014 6th November 2014 – Hotel Kilkenny

2. Introduction The Crotty Experience Financial Close Timeline The Advisors Facility Agreement - Insurance Contract Reviews Issues Recommendations The Crotty Team Thank-you

3. Crotty Experience 20 years in Business Team has experience dating back to 1996 Projects from 1mw to 240mw projects Ireland/UK/Europe/The Americas/Africa International Collaborations International contract Oversight Last 12 Months - 15 Owner / Developer Projects - 5 Bank Reviews

4. Financial Close Time Line 4-6 Months (it has been done in 6 weeks) Contract Review 2-3 months completed before Credit Committee Due Diligence Report Issued Credit Committee Approval – 3 weeks from close Insurance Placement dates in line with project Timeline Broker Documents issued on Final Day

5. The Advisors Owner/Borrower Owner Liaison Legal Technical Insurance Bank/Funder Bank Co-ordinator Legal Technical Insurance

6. Facility Agreement – Insurance Construction Contract Works Advance Loss of Revenue Marine Transit Marine Advance Loss of Revenue Employers Liability Public/ Products Liability Environmental Impairment Liability (optional) Terrorism (optional) Title (optional) Professional Indemnity (optional) Operational Property Damage Business Interruption Employers Liability Public/Product Liability Terrorism (optional)

7. Facility Agreement - Insurance Insurance Defined Bank Protections set out in Lender’s Endorsements and to be included on policies Notice of Assignments to Insurers Acknowledgement of Assignments from Insurers Insurance Policies Broker’s Letter of Undertaking issued on Financial Close date with enclosures

8. Contracts Review Construction Facility Agreement Geo Tech Report Turnkey or Multi Contract ? Turbine Supply Agreement Balance of Plant Civils/Electrical Project Management Other services Contracts Grid Connection Leases/wayleaves/consents Operational Facility Agreement O&M Warranty Power Purchase Agreement Leases Other Service Contracts

9. Issues Insurance Responsibilities Foundation Design Turbine Model and certification process not complete Construction period and 1 st Years Operational cover Clean Title Constructional Plant & Irish Economy Sub Stations Indemnity periods Marine Surveys & Risk Management Service Contractors Policy Documentation turnaround Waivers to Contractors during Operational Period Warranty Risk and the Owners Insurance

10. Recommendations Pick the team that will work for you Have a Checklist Engagement with Advisors to achieve practical outcomes -Debate matters off line for updating on conference calls - Flexibility - Turnaround Don’t forget Claims Protocol No Break in in Construction and 1 st Years Operational Closing date can be quick in the end - Be Ready -Document Ready -No last minute issues

11. Crotty

12. THANK-YOU! Irish Wind Farmers Association Annual Conference 2014 6th November 2014 – Hotel Kilkenny