PT. Indonesia Clean Energy Mega Plaza, 12th Floor Tel : +62 21 521 29 66 Jl. HR Rasuna Said Kav C-3 Fax: +62 21 527 3319 Jakarta 12920 – Indonesia www.ice.co.id Yayan Cahyana yayan@ice.co.id Norman Nugroho Norman@ice.co.id

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Further Info

Mini Hydro Power Plant Dominanga

INVESTMENT SNAPSHOT Investment Required : IDR 59.3 Billion Installed Power : 3.8 MW Annual Energy Output : 22,982 mWh Offer : Equity (seat capital) or

/ Loan Financing Exit Strategy : Shares buy back at year 5

and or full repayment Investment term : 5 years NPV : IDR 2.2 Billion (17%) IRR : 19 % Head : 90 m Water debit : 3.60 m3 per min Water way : 2.9 km Distance to grid : 2 km Est. PPA : IDR 787/kwh Province Population : 2,012,098 Local Population : 24,044 Current Capacity : 224 MW Renewable Energy Power : 37 MW / 16.5 % :

INVESTMENT THESIS � Strong case in green energy output in harmony

with local nature and value � Establish in most deficit supply of electricity

region under a off take agreement of Power Purchase Agreement by PLN, Indonesian power producer company

� Significant return with 19% IRR, and yield positive NPV

� Minimum investment risks with shares buyback option at year 5 for a fixed price of share

� Positive social impact on local community is expected to occur

Mini Hydro Power Plant with a run of river method will be over Dominanga river in Bolaang Mongondo, North Sulawesi.

INDUSTRY ANALYSIS The growth of domestic electricity supply is not proportional to the population and economy growth. Electricity supply has been critically underdeveloped despite roles of private sector through Independent Power Producer (IPP). The demand remains high to support 7% economy growth in the coming years. Hydropower has the highest potential energy resources but has not been effectively harnessed. Hydropower potential in Indonesia is estimated at 76,174 MW, but current total installed capacity is only 4,286 MW, or around 5,6% of its total Indonesia potential capacity. Similar to other Renewable Energy (RE) resources, much of the hydropower resource suffers from the economics of investment by distance to its load centre. The technology is well developed and broadly available and therefore can be expected to play a significant role in meeting the rapidly growing rural electricity demand. In the province of North Sulawesi itself the electricity deficits reach up to 30 MW. PLN (Indonesian Power Company) with the issuance of Ministerial Decree No 31 Th 2009 is obliged to buy the electricity generated from RE by the private sector with a fixed rate at non negotiable price, this strategy is to encourage strong participation of private sector. The PLN has outlook that RE would take around 17% of the total power supplied by year 2025. ICE oversees that this opportunity is not just commercially feasible but also it would produce significant social impact on the development of local economy and GDP per capita. Yet it is also to prove to the vision on green energy.

FINANCIAL HIGHLIGHTS

(all in IDR Billion) Year 1 Year 5 Investment 59.3 - Revenue 20.6 20.6 COGS 0.6 0.9 NIAT 14.8 14.5 Net Margin(%) 72 70