1. Wind Energy Discussion Van Wert County Economic Development June 22, 2011 1. Blue Creek Overview 2. Regulatory environment in Ohio

2. Blue Creek Wind Farm 152 wind turbines –Gamesa G90 2.0 MW on 100m towers Approx $600M investment Construction started September 2010 Should go online in December 2011 Approx $1.1 million in annual lease payments Approx $2.7 million/year in local property tax revenue 114 turbines in Van Wert County, 38 in Paulding 15-20 new permanent jobs 2

4. Our Three Projects 4

5. Blue Creek – up to 350 MW (175 turbines) Prairie Creek – 200 MW (100 turbines) –North of Ohio Route 114 Dog Creek – 300 MW (150 turbines) –East of U.S. Route 127 Strong interconnection positions for all three. Total investment: approx $1.7 Billion 5

6. Doing Business in Ohio Permits – the OPSB, Federal, local SB 221 (2008) – Portfolio Standard SB 232 (2010) – Property Taxes 6

7. Ohio Power Siting Board Division of PUCO, issues CECPNs 2008 rules to govern wind farms > 5 MW Blue Creek Timeline –Dec 21, 2009 filing of 3,000+ page application –April 2010 supplemental filing with re-designed project –July 15, 2010 Stipulation reached with Staff –August 23, 2010 CECPN issued –September 22, 2010 Start of Construction approved Thorough, centralized process 7

8. Federal and local permits Federal –FAA –ACOE Local –Officially, none –Road Agreement –Regular communication with townships and counties 8

9. SB 221 (2008) Advanced Energy Portfolio Standard (“RPS” elsewhere) 25% by 2025: 12.5% renewable, 12.5% advanced –2.5% by 2014, then increases of 1% per year –0.5% “carve-out” for solar energy 50% in-state requirement Created a market for renewable energy in OH –Led us to move project plans from IN to OH Adds long-term price stability to OH market –Fixed prices at 5-8 cents/kW-hr for 20 years 9

10. SB 232 (2010) PILOT for personal property taxes Vital for capital-intensive wind projects Replaced rates of up to $40k/MW/yr with $9k/MW/yr Clarified sales tax exemption for energy conversion equip. Need County-level approval Need to hire >50% Ohio-domiciled employees –$6k if >75%, $7k if >60%, $8k >50% Other reqs: educational partnership, emergency responders, road repairs, sell to OH utilities 2 year term, but current budget bill includes 3 yr extension 10

11. SB 232 (2010) relative to adj. states 11

12. SB 232 (2010) local benefit 12 Blue Creek in VW County: 114 x 2.0 MW turbines $9k/MW = $2,052,000 new rev/year = top 14 current taxpayers combined

13. Local Benefits of Blue Creek and Timber Road II 13 Peak construction jobs: 495 New permanent jobs: 30 NW Ohio vendors/suppliers to the projects: 40 Total spending on local contracts: $21.3 M Total local spending in April by out of state workers: $100,000 Combined annual local taxes: $3.6 M Combined annual landowner payments: $2.6 M To-date local contributions: $145,000 Vantage contributions over 20 years: $325,000

14. Contact information www.iberdrolarenewables.us/bluecreek.html dlitchfield@iberdrolaren.com 773-318-1289 126 E Main St, Van Wert