an infocast deal working event - troutman sandersdevelopers, investors, lenders, solar technology...

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Where the Solar and Financial Communities Gather Each Year to Conduct Business The Best Solar Deal-Making and Networking Event of the Year Solar Company Finance & Investment Summit March 25, 2009 Innovative solar companies, venture capitalists, private equity, investment bankers, lenders and other financial players join forces to explore the opportunities for solar companies to fund their growth, research and development, and construction of projects. Participants will also explore such developments as going public and mergers and acquisitions. Solar Project Finance & Investment Summit March 26-27, 2009 Leading utility scale and commercial/industrial/government project developers, investors, lenders, solar technology companies and other key industry players will gather to share their perspectives on how to successfully get deals done in 2009 and beyond. March 25-27, 2009 | Westin San Diego | San Diego, CA www.infocastinc.com/solar09 Platinum Sponsors: Silver Sponsors: Produced by: An Infocast Deal Working Event Gold Sponsors: Back By Popular Demand

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Page 1: An Infocast Deal Working Event - Troutman Sandersdevelopers, investors, lenders, solar technology companies and other key industry players will gather to share their perspectives on

Where the Solar and Financial Communities Gather Each Year to Conduct BusinessThe Best Solar Deal-Making and Networking Event of the Year

Solar CompanyFinance & Investment SummitMarch 25, 2009Innovative solar companies, venture capitalists, private equity, investment bankers, lenders and other financial players join forces to explore the opportunities for solar companies to fund their growth, research and development, and construction of projects. Participants will also explore such developments as going public and mergers and acquisitions.

Solar ProjectFinance & Investment SummitMarch 26-27, 2009Leading utility scale and commercial/industrial/government project developers, investors, lenders, solar technology companies and other key industry players will gather to share their perspectives on how to successfully get deals done in 2009 and beyond.

March 25-27, 2009 | Westin San Diego | San Diego, CA

www.infocastinc.com/solar09

Platinum Sponsors:

Silver Sponsors:

Produced by:

An Infocast Deal Working Event

Gold Sponsors:

Back ByPopularDemand

Page 2: An Infocast Deal Working Event - Troutman Sandersdevelopers, investors, lenders, solar technology companies and other key industry players will gather to share their perspectives on

The Solar Power Finance & Investment Summit has established itself as a major gathering place for the solar power industry’s decision makers—the one deal-making venue where the solar power and financial communities come together year after year to network and conduct business. Previous Summits have been an enormous success; active with major industry and financial professionals networking and discussing deals. The 2009 Summit is slated for more of the same. This year’s Summit is presented in two parts:

Solar Company Finance & Investment Summit—March 25, 2009This portion of the Summit focuses on solar power company financing. It brings together solar companies, venture capitalists, private equity, investment bankers, lenders and other financial players to explore the opportunities for solar companies to fund their growth, research and development, and construction of projects. It will also explore such developments as going public and mergers and acquisitions.

Solar Project Finance & Investment Summit—March 26-27, 2009This portion of the Summit brings together leading utility scale and commercial/industrial/government project developers, investors, lenders, solar technology companies and other key industry players to share their perspectives on the latest innovations and developments in the solar power project finance and investment market and discuss what it takes to profit from the increasing flow of solar project deals. These market players will provide the latest intelligence on the current market environment for putting together solar power project deals and discuss what they are looking for when they get involved in deals, what future opportunities exist for partners and investors and how to successfully get deals done in 2009 and beyond.

Solar Project Finance Workshop Structuring and Financing Solar Projects in Today’s Marketplace—March 25, 2009This workshop will provide an excellent opportunity for attendees to obtain step-by-step instruction through presentations and panel discussions, on how to successfully structure and finance solar projects in today’s marketplace.

About the SummitInfocast Deal Working EventsInfocast Deal Working Events facilitate deal-making by providing up-to-the-minute market intelligence and valuable insight from leading players on conditions in the current market. The events are powerful networking gatherings that put active market deal-makers face to face—providing a robust environment for establishing the valuable relationships that can result in successful deals.

Set Up Meetings With Our Other Participants Before the EventTo enhance the value of the networking opportunities at Infocast Deal Working Events, participants are able to set up meetings before the event with other participants through our Event Contact System.

Page 3: An Infocast Deal Working Event - Troutman Sandersdevelopers, investors, lenders, solar technology companies and other key industry players will gather to share their perspectives on

Workshop

Project Deal Structures and Project DocumentsPPA agreements »

The range of agreements in use in the market »Key considerations in insuring PPAs are financeable »

Real estate agreements »Construction documents and equipment supply »Joint development agreements »Principal deal terms and risk allocation »

Presenter:Patrick G. Boylston, Partner, SToEl RivES

Innovative Techniques for Higher After Tax IRR Requirements For Tax EquityThis presentation will discuss innovative structural techniques to yield higher after tax returns for sponsor and tax equity.

Presenter:Dennis Moritz, President, ADvANTAgE foR ANAlYSTS

Project Finance Due Diligence in Today’s MarketWhat makes a project “financeable”? »Credit issues: sources of repayment »Asset performance and residual value »Accounting treatment »Regulatory issues »

Presenter:Laurette N. Petersen, Partner, WiNSToN & STRAWN llP

Key Tax ConsiderationsPotential issues with investment credits and depreciation »Pros and cons of the different tax structures »Ideas for addressing “absorption” issues in partnership flips »Limits of the “inverted” lease »Tax pitfalls in PPAs and leases »Special issues for municipalities »

Presenter:Keith Martin, Partner, ChADBouRNE & PARkE, llP

Wednesday|March 25, 2009

Welcome & Introduction by Workshop ChairRoss Halleck, ADvANTAgE foR ANAlYSTS

Solar Industry Project Growth, Capital Requirements and Implications For Project FinanceThis presentation will deliver an overview of growth by segment and their capital requirements with findings on implications.

Presenter:Rob Church, Vice President Industry Research & Analysis,

ACoRE

Panel Discussion: Attracting New Sources of Tax Equity

What new sources of tax equity are available? »How do you identify these sources? »What motivations are driving them to enter? »What are their requirements to build confidence to invest »(e.g., transparency, risk, returns)

Moderator:Richard Homich, CEO, ADvANTAgE foR ANAlYSTS

Panelists:Bruce Gebhart, Managing Director,

PAThfiNDER CAPiTAl ADviSoRSAri Pribadi, Vice President, MARAThoN CAPiTAl, llCCarl Weatherly White, Managing Director,

BARClAYS CAPiTAl

Business Cases For Solar Project Deals: The Impact Of A Constrained Tax Equity MarketThis presentation will be a discussion of how higher finance costs affect solar deal economics and options for meeting the challenge vs. value of a solar projects for the relevant structures.

Presenters:Matthew Meares, Managing Director, SuNWoRkS Apolka Totth, Assistant Vice President, hSh NoRDBANk

Networking Break

Structuring and Financing Solar Projects in Today’s Marketplace

Networking Break

Group Luncheon

Page 4: An Infocast Deal Working Event - Troutman Sandersdevelopers, investors, lenders, solar technology companies and other key industry players will gather to share their perspectives on

Solar

The demand for alternative energy solutions throughout the worldhas never been greater. In today’s expanding solar energy market,working with experienced legal advisers can speed growth, reducecosts and generate new opportunities. Solar in particular, being aglobal business, requires a truly global law firm with expertise notonly in project development and finance but also tax, trade andcustoms, sourcing, intellectual property, carbon and other greencredits and capital raising through all stages of a company’s life,from early stage to going public.

Baker & McKenzie’s global solar team provides a full range of legalservices to participants in the solar energy sector. We have representeda wide array of clients on market-defining transactions throughoutNorth America, Asia, Latin America and Europe. Together with our clientswe have built projects and manufacturing facilities, sold power, panelsand projects, created joint ventures, invested debt and equity, protectedsecrets, structured global operations and worked with investmentbanks, private equity and venture capital firms to help finance companiesby leveraging our global financial platform and network.

We would be pleased to discuss our capabilities with you at theInfocast conference or any other time.

www.bakernet.com/energy

For information aboutBaker & McKenzie’s global solar practice, please contact:

Chris GroobeyProject FinanceWashington, DCTel: +1 202 835 [email protected]

Maria SendraCorprate FinanceSan DiegoTel: +1 858 523 [email protected]

Enjoy a Brighter Future withGlobally Experienced Advisers

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Page 5: An Infocast Deal Working Event - Troutman Sandersdevelopers, investors, lenders, solar technology companies and other key industry players will gather to share their perspectives on

Milbank

Page 6: An Infocast Deal Working Event - Troutman Sandersdevelopers, investors, lenders, solar technology companies and other key industry players will gather to share their perspectives on

Moderator:Philip H. Spector, Partner, TRouTMAN SANDERS llP

Panelists:Gavin Danaher, Power and Project Finance,

JohN hANCoCk fiNANCiAl SERviCESJoe Mikrut, Partner, CAPiTAl TAx PARTNERSVinod K Mukani, V.P. - Corporate & Structured Finance-Americas,

NoRD lB, NY BRANChDarren Van’t hof, Vice President, uS BANCoRP CoMMuNiTY

DEvEloPMENT CoRPoRATioN

Early Stage Capital: Venture Capital PerspectivesWhat are cleantech investors’ current attitudes toward the solar industry? While it is an open question whether cleantech investment funds will continue to attract record levels of capital, there are signs that some cleantech investors view the current environment as rich with opportunity. This panel of venture capitalists will share their current perspectives on solar investing, identify the type of opportunities they are looking for in the market, discuss the financial role they are willing to play, and describe the investment criteria they will be using when making future investment decisions.

What are the current trends in venture capital investments in »the solar market and what level of investments are expected in 2009-2010?How have VCs’ perspectives on the solar market evolved over the »past year?What factors will most influence their future participation in the »solar market?How do they currently evaluate investment opportunities in the »technology, manufacturing, and developer/integrator sectors of the industry?How do VCs currently evaluate the risk profiles in each of »these sectors?What criteria will they use when evaluating investments in each of »these sectors?How much capital are VCs willing to invest in these companies? »What is their current outlook on exit strategies? »What do solar companies need to know when approaching VCs in »the current market?

Moderator:Mitch Zuklie, Partner, oRRiCk, hERRiNgToN & SuTCliffE llP

Panelists:Kieran Drain, President & CEO, NANogRAM CoRPoRATioNMarianne Wu, Partner, MDv-MohR DAviDoW vENTuRESAbe Yorkell, Principal, RoCkPoRT CAPiTAl

Wednesday|March 25, 2009

Welcome and Introduction by the Summit ChairMaria P. Sendra, Esq., Partner, BAkER & MCkENziE llP

The Financial Crisis and Its Impact on Solar Company FinanceCurtailment in bank lending, contraction of the tax equity market, limited access to the capital markets, and growing anxiety among cleantech investors have combined to send solar companies scrambling to figure out how to finance their short-term operations and long-term growth. The Summit will kick off with a panel of industry experts who will discuss the impact of these developments on both solar equipment and solar project companies and talk about the financing strategies needed to survive and thrive in the current environment.

What has been the impact of the financial crisis to date on solar »company financing? Is this impact forcing the industry to adopt new business models to adapt?When will the financial crisis likely work itself out and what will »the future financing look like? What roles will banks, venture capitalists and private equity funds play?Will there be sufficient financing capacity to finance the industry’s »growth in 2009? 2010?What will be the trends in the cost of capital and how will they »affect the industry?In what ways will the financial markets treat the technology, »manufacturing, and developer/integrator sectors of the industry differently?Will the financial markets favor an integrated or disaggregated »business model? How will this impact corporate financing?What financing options do solar companies have in this »environment and what financing strategies offer the best prospects of success?

Moderator:Lance Brasher, Partner,

SkADDEN, ARPS, SlATE, MEAghER & floM llP

Panelists:David A. Field, President & CEO, oPEN ENERgY CoRPoRATioNTy Jagerson, Vice President Corporate Development, SolfoCuSJohn J. McKenna, Managing Director, hAMilToN ClARk & Co.

The Impact of New Policy Initiatives and Incentives on Company FinanceOn February 17, 2009 President Obama signed into law a giant economic stimulus bill. This bill contains numerous tax incentives and government grant programs to support the renewable energy industry. This panel will explore the new opportunities presented by the bill for financing of all scales of solar power projects. How will the new tax incentives affect the market for tax equity financing? How can developers take advantage of the new “grants in lieu of tax credits” program?

Summit Networking Break

Solar Company Finance & Investment Summit

Additional participants continue to join the Summit. for updates, please check: www.infocastinc.com/solar09

Page 7: An Infocast Deal Working Event - Troutman Sandersdevelopers, investors, lenders, solar technology companies and other key industry players will gather to share their perspectives on

Moderator:David Chen, Executive Director,

MoRgAN STANlEY iNvESTMENT BANkiNg DiviSioN

Panelists:Jeff Lipton, Managing Director, Head of CleanTech Investment

Banking, JEffERiES & CoMPANYColin Stewart, Vice Chairman, Global Head of Tech and Cleantech

Capital Markets, MoRgAN STANlEY

Market Consolidation and M&AA number of market trends are likely to drive an increase in solar M&A activity in 2009. With the IPO market closed, some market players may look to M&A as an exit strategy. Integration strategies are also likely to be a prime driver as equipment companies and developers in the commercial markets look to solidify supply chains or as technology companies and deep-pocketed strategics or financial institutions combine to develop the utility scale market. This panel will discuss the prospects for solar M&A and discuss how consolidation is likely to play out.

What are the key factors that will determine the level of M&A »activity in 2009-2010?Will this activity include technology, manufacturing, and »developer/integrator companies?Who will be the targets and buyers? »What role will strategics and financial institutions play? »How will these deals by structured? »

Moderator:Jim Tynion III, Partner, folEY & lARDNER llP

Panelists:Mohammed J. Alam, President,

AlYRA RENEWABlE ENERgY fiNANCE, llCTed Brandt, CEO, MARAThoN CAPiTAl, llCKevin McFarlane, Managing Director,

DEloiTTE CoRPoRATE fiNANCE llC

Corporate Debt Financing: Lenders’ Perspectives This panel of lenders will discuss the availability of corporate debt financing and the parameters under which debt is available.

What type of debt financing is available? »What is the tenor of the debt? »What are the terms and structures? »What do solar companies need to know before approaching the »public capital markets?

Moderator:Ed Feo, Partner, MilBANk, TWEED, hADlEY & MCCloY llP

Panelists:Quentin Falconer, CFA, National Cleantech Coordinator,

SiliCoN vAllEY BANkJeffrey A. Griffor, Managing Director,

lighThouSE CAPiTAl PARTNERSDavid Kirkpatrick, Founder & Managing Director,

SJf vENTuRES (Invited)

Growth Capital: Private Equity PerspectivesThis panel of private equity players will discuss their current solar market investment strategies. They will discuss the type of opportunities they are looking for in the market, discuss at what point they are willing to invest in companies, and describe the investment criteria they use will be using when making investment decisions.

How have private equitys’ perspectives on the solar market »changed during the past year?What factors will most influence their future participation in the »solar market?What roles does private equity see itself playing in the »solar markets?Is private equity looking for investment opportunities in the »technology, manufacturing, and developer/integrator sectors of the industry?What are the criteria they use when evaluating investments in each »of these sectors?How does private equity evaluate the risk profiles in each of »these sectors?What size of deal does private equity need to invest in »these companies?At what stage of a company’s growth is private equity looking to »become a player?What do solar companies need to know when approaching »private equity?

Moderator:Maria P. Sendra, Esq., Partner, BAkER & MCkENziE llP

Panelists:Nathan Campbell, Vice President, MACquARiE CAPiTAl ADviSoRS Nikolas Novograd, Vice President,

NExTlighT RENEWABlE PoWER, llA

The Public Capital Markets: When Will They Open To Solar Companies? With the decline in cleantech stocks and limited IPO opportunities, solar companies have recently been shut out of the public capital markets. However, the capital markets are busy reinventing themselves and new strategies and innovative approaches are being explored. This panel will discuss the current developments in the public capital markets and what opportunities they see for solar companies to access these markets in the future.

What factors need to be in place to open IPO opportunities for »solar companies?What are the prospects for solar IPOs in 2009-2010? »What are the company characteristics that will be need to »successfully access the IPO market?How is the Over-The-Counter Bulletin Board being used to get »companies ready for capital market opportunities?Are there innovative methods for tapping into bridge financing? »Will the market be available to technology, manufacturing, and »developer/integrator sectors of the industry?Valuations likely to look like? »What do solar companies need to know before approaching the »public capital markets?

Group Luncheon

Summit Networking Break

Summit Adjourns

Solar Company Finance & Investment Summit Continued

Page 8: An Infocast Deal Working Event - Troutman Sandersdevelopers, investors, lenders, solar technology companies and other key industry players will gather to share their perspectives on

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Page 9: An Infocast Deal Working Event - Troutman Sandersdevelopers, investors, lenders, solar technology companies and other key industry players will gather to share their perspectives on

Utility Scale Solar Project Developers’ Perspectives on the MarketDevelopers of CSP and PV utility-scale projects will talk about how they see the utility-scale market developing in 2009 and beyond. The will speak about the factors that will most influence the successful development of these projects and discuss the industry’s approach to securing the large amount of financing that will be needed. They will also report on how the current financing environment is affecting the progress of utility scale projects.

How do CSP and PV developers see the growth path for their technology »in the utility scale market?What do developers see as the most promising approaches for dealing »with technology and other project risks?What is the future of centralized vs. distributed utility scale projects? »How will involvement in this market affect the strategies and business »models of independent developers?What are the needs for development, construction, tax equity, and »debt financing?How has the credit crisis impacted their development plans or their »approaches to financing?What are the characteristics of the deals that they are trying to put »in place?How do these differ between technology vs. non-technology developers »and between large balance sheet versus capital constrained developers?

Moderator:Howard Susman, Partner, SToEl RivES, llP

Panelists:Michael Allman, President & CEO, SEMPRA gENERATioN Asier Aya, Financial Director, ABENgoA SolARJosef Eichhammer, Managing Director, SolAR MillENNiuM llCMark Filinger, Project Finance Director, oPTiSolARMatthew Meares, Managing Director, SuNWoRkS Jim Shandalov, Vice President Business Development, ESolAR

Equity Investors’ Perspectives on the Solar Project Finance & Investment MarketTax equity investors have been the lifeblood of not only the solar industry, but also the entire renewable power sector. Yet, the credit crisis and economic downturn have resulted in a dramatic cut in the number of tax equity investors and the availability of tax equity to finance future solar projects is in question. This panel of equity investors will discuss the state of the tax equity market, the role that tax equity and other equity investors are likely to play in future solar project financings and the investment criteria they will use to make their investment decisions.

What is the outlook for the availability of tax equity investment capital in »2009 and what will be the capacity of this market to meet the needs of renewable project financing?How will tax equity investors choose between solar, wind, biomass, »and geothermal projects? Between commercial and utility scale solar projects?How will risks considerations drive their investment strategy in the »upcoming year?What role are other equity players willing to play in financing »solar projects? In what ways will their investment criteria and pricing differ from tax equity investors?What does tax equity and other equity cost in the current market? »What should developers understand when approaching investors in the »current market?

Thursday|March 26, 2009

Welcome & Introduction by the Summit ChairEd Feo, Partner, MilBANk, TWEED, hADlEY & MCCloY llP

Keynote Panel: Solar Project Market Outlook 2009The Summit will kick off with a panel of leading industry players who will provide their insights into where the solar power project markets are headed in 2009. They will talk about the market impact of the extension of solar tax credits, the credit crisis, the economic slowdown, and growing utility market participation. They will discuss what opportunities and challenges these trends will create and the strategies that will be needed to succeed in the evolving market environment.

Moderator:Katherine A. McAvoy, Partner, WiNSToN & STRAWN llP

Panelists:Matt Cheney, CEO, MMA RENEWABlE vENTuRESArno Harris, CEO, RECuRRENT ENERgY, iNC.Paula Mints, Principle Analyst, NAvigANT CoNSulTiNgBrian Robertson, CEO, SuNWoRkS

Commercial, Industrial and Government Project Developers’ Perspectives on the MarketIn the wake of a year of uncertainty about the ITC and the contraction of tax equity financing, developers serving the commercial, industrial and government market will discuss where the market is headed in 2009 and what it will take for developers to be successful. They will also discuss what strategies developers are adopting to put in place the financing they need to grow the market.

Where will the opportunities in the commercial, industrial and »government market emerge in 2009 and beyond?What factors will most determine success in the market? »Is market growth constrained because of lack of tax equity financing or »the cost of capital? If so, what strategies are needed to address this challenge? »How are project economics holding up in the current »market environment?How important is panel pricing in making project economics work? »How will utilities involvement in this market affect the strategies and »business models of independent developers?

Moderator:Mark P. Weitzel, Partner, oRRiCk, hERRiNgToN & SuTCliffE llP

Panelists:Andrew Beebe, Managing Director, SuNTECh ENERgY SoluTioNSKristian Hanelt, Vice President Project Finance, TiogA ENERgY, iNC.William Lee, Director Project Finance, SuNEDiSoN llCAlexander Von Welczek, President & CEO,

SolAR PoWER PARTNERS, iNC.Jeffrey Wolfe, CEO, gRoSolAR

Summit Networking Break

Solar Project Finance & Investment Summit

Summit Luncheon

Page 10: An Infocast Deal Working Event - Troutman Sandersdevelopers, investors, lenders, solar technology companies and other key industry players will gather to share their perspectives on

Moderator:Keith Martin, Partner, ChADBouRNE & PARkE, llP

Panelists:Brian Adams, Vice President Structured Leasing, SuNTRuST Grant H. Davis, Managing Director-Private Finance Group,

NEW YoRk lifE iNvESTMENT MANAgEMENT llCTerry Friddle, Co-Founder & Partner, PAThfiNDER CAPiTAl ADviSoRS Lance Markowitz, Vice President, uNioN BANk of CAlifoRNiA, N.A.Darren Vant’ hof, Vice President, uS BANCoRP CoMMuNiTY

DEvEloPMENT CoRPoRATioN

Lenders’ Perspectives on the MarketIn the wake of the credit crisis and banks’ pull back from the project finance market, this panel of lenders will provide a status report on what the impact of capital market changes and bank balance sheet constraints is on bank project lending and what to expect from lenders in 2009 and 2010. They will discuss the availability and cost of debt and what project characteristics are needed in order to successfully obtain financing.

What will be the governing trends in bank lending to the solar project »market in 2009?What project characteristics will be needed to make »projects financeable? How will risks considerations drive lending decisions in the upcoming »year? How will they evaluate and price technology risks?What can be expected in loan pricing and debt-service coverage ratios? »What is the maximum leverage? »What will be the trends in loan terms and conditions? »

Moderator:Christopher Groobey, Partner, BAkER & MCkENziE, llP

Panelists:Recep Kendirecioglu, JohN hANCoCk fiNANCiAl SERviCESMichael Midden, Director and Manager Renewable Energy,

DExiAl CREDiT loCAlJohn Ravis, Vice President, TD BANkNoRTh PRoJECT fiNANCERohan Singh, Senior Vice President, hSh NoRDBANk

Friday|March 27, 2009

Utilities Perspectives on the Solar Project MarketDriven by aggressive RPS requirements and bolstered by the ability to utilize the solar ITC and rate base treatment for their investments, utilities are well positioned to be one of the leading actors in shaping the future of the industry. This panel will explore the evolving solar project market, discuss the role(s) utilities may play in the value chain, discuss strategies for meeting RPS requirements, and outline the type of relationships they are seeking in the market.

What part does solar play in utilities’ plans to meet their »RPS requirements?What strategies and programs do utilities see as best able to enable solar »to play this part?How will ITC eligibility shape utilities’ market strategies and programs in »the future?What role(s) will utilities play in the value chain in these strategies »and programs?What factors will determine whether they act as developers/owners/ »operators or purchasers of solar power?What factors will determine their use of rate base treatment for »their investments?What type of relationships are utilities looking to establish with others to »help them meet their goals?How does the regulatory environment affect these relationships? »How will they evaluate different proposals and technologies? »

Do they use price or other characteristics? »How do they weigh technology risks? »How do they evaluate centralized vs. distributed utility scale projects; »CSP vs. PV technologies?

Moderator:Jerry R. Bloom, Partner, WiNSToN & STRAWN llP

Panelists:Kent Fonvielle, Manager, Renewable Energy,

PRogRESS ENERgY CARoliNASRoger Garratt, Vice President, PugET SouND ENERgY, iNC.Lori Singleton, Manager Sustainability Initiatives and Technologies,

SAlT RivER PRoJECT

Summit Networking Break

Summit Reception

Summit Networking Break

To Register Visit: www.infocastinc.com/solar09

Call: (818) 888-4444

Email: [email protected]

Fax: (818) 888-4440

Page 11: An Infocast Deal Working Event - Troutman Sandersdevelopers, investors, lenders, solar technology companies and other key industry players will gather to share their perspectives on

Product Availability OutlookThis presentation will look at what the future holds for supplying the market’s product needs.

What is the market outlook for solar equipment in 2009, 2010 »and beyond?What are the market forces that are likely to drive pricing? »

Will utility buying influence market pricing? »Will pressure on project economics affect pricing? »

What terms are currently offered in the market? »

Ted Sullivan, Senior Analyst, lux RESEARCh

Friday|March 27, 2009

The Residential Solar Market: The New Frontier?Developers who are targeting the residential solar market will talk about how they see the residential market developing in 2009 and beyond. They will discuss the keys for successfully penetrating this market, the recent advances in retail business models, and the financing needs of this sector.

What growth opportunities can be expected in the residential market in »2009? In 2010?What are the new business models being introduced into this sector and »what has been the experience with them to date?What are the risks and how are developers managing these risks? »What are the greatest challenges to negotiating and »financing deals?What type of financing relationships are residential developers looking to »establish with the financial community?

Moderator:Laura Jones, Partner, huNToN & WilliAMS llP

Panelists:Joseph Brakohiapa, CEO, ClEAN PoWER fiNANCENat Kreamer, Co-Founder, SuNRuN Lyndon Rive, CEO, SolAR CiTYGreg Rosen, Vice President Project Finance,

hElio MiCRo uTiliTY, iNC.

Solar Project Finance & Investment Summit Continued

Summit Adjourns

Supporting Organization:

Media Partners:

Where Hedge Funds and Investors Come Together

Page 12: An Infocast Deal Working Event - Troutman Sandersdevelopers, investors, lenders, solar technology companies and other key industry players will gather to share their perspectives on

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Troutman Sanders LLP is one of the world’s leading energy law �rms. We have represented clients in energy matters since the 1920s, and our climate change practice has been active for nearly two decades. From this foundation of experience, we have developed a dynamic renewable and alternative energy practice that advises clients worldwide at every stage, from investment and tax structuring to development, construction and operation.

As your plans for solar, wind and renewable energy projects emerge, put the energy of our lawyers to work for you. For more information, contact:

Craig Kline - 212.704.6150 Phil Spector - [email protected] [email protected]

John Mercer - 404.885.3182 Chip Thompson - 404.885.3634 [email protected] [email protected]

We Know Renewable Energy

troutmansanders.com

For Available Sponsorship Opportunities Please Contact

Alfredo Alcantar at 818.888.4444

Page 13: An Infocast Deal Working Event - Troutman Sandersdevelopers, investors, lenders, solar technology companies and other key industry players will gather to share their perspectives on

March 25-27, 2009Westin San DiegoSan Diego, CA

Registration FormSolar Power finance & investment SummitMarch 25-27, 2009 | Westin San Diego | San Diego, CA

Please check one or more of the following:I would like to take advantage of the discount (see left) �I can’t attend, but put me on your mailing list for future programs �

Tuition Standard Dev./Mfgs.

Solar Power Project F&I Summit (March 26-27, 2009)

$1,695.00 $995.00

Solar Company F&I Summit (March 25, 2009)

$995.00 $695.00

Solar Project Finance Workshop (March 25, 2009)

$795.00 $595.00

Total:

Name: ________________________________________________________

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Address: ______________________________________________________

City:___________________________ State: __________ Zip: ________

Phone:_________________________ Fax: __________________________

Email: ________________________________________________________

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An Infocast Deal Working Event

Please make checks payable to “Infocast”

PRSRT STD U.S. POSTAGE

PAID PERMIT #436ARCADIA, CA

Infocast6800 Owensmouth Ave.Suite 300Canoga Park, CA 91303

Five Easy Ways to Register:Phone n (818) 888-4444

Fax o (818) 888-4440

Email p [email protected]

Mail q 6800 owensmouth Ave. Suite 300 Canoga Park, CA 91303

Web r http://www.infocastinc.com/solar09

Tuition Standard Dev./Mfgs. Solar Power Project f&i Summit (March 26-27, 2009)

$1,695.00 $995.00

Solar Company f&i Summit (March 25, 2009)

$995.00 $695.00

Solar Project finance Workshop (March 25, 2009)

$795.00 $595.00

Discounts:Developers and Manufacturers (see above).Team Discount for teams of three of more from the same organization, the third and subsequent registrants qualify for a 50% discount (applies to standard registrants only).Please note: Discounts are subject to verification and approval. No discounts can be combined.

Venue/Hotel Accommodations:Infocast has secured a limited number of rooms at The Westin—San Diego at the special rate of $229/night (single rate) until March 3, 2009. To receive the special rate, call the hotel directly at 888.627.9033 and mention that you are an Infocast attendee for Solar Power Finance & Investment Summit. The hotel is located at 400 West Broadway, San Diego, CA 92101. Please visit the event website at http://www.infocastinc.com/solar 09 for additional information.

Continuing Education Credits:Infocast certifies that this activity has been approved for Continuing Education for 6.25 hours for the Company F&I Summit, 6.0 hours for the Pre-Summit Workshop and 9.0 hours for the Solar Power Project F&I Summit. Continuing Education credit hours are subject to change.

Cancellation, Refunds & Credits:Should you be unable to attend, a refund, less a $195 administrative charge, will be made for cancellations received via letter or fax at least 10 working days before the event. We will be pleased to transfer your registration to another member of your company, or credit the registration fee to another Infocast conference if you register within 6 months from the date of this conference. In the event the conference is cancelled, Infocast’s liability is limited to the refund of the conference registration fee only.

Infocast is a division of Information Forecast, Inc., a California Corporation.