Le informazioni contenute in questo documento sono di proprietà di Areascoa S.r.l. e del destinatario del documento. Tali informazioni sono strettamente legate ai commenti orali che le hanno accompagnate, e possono essere utilizzate solo dalle persone che hanno assistito alla presentazione. Copiare, pubblicare o distribuire il materiale contenuto in questo documento è proibito e può essere illegale.

November 2012

AREASCOA services in the Renewable Energy sector

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Index

• AREASCOA: brief presentation

• AREASCOA track record in the renewable energy sector

• The team: AREASCOA professionals’ profiles

November 2012 – brochure AREASCOA

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AREASCOA: brief presentation

• AREASCOA is a management consulting company specialising in the areas

of strategy, organisation and financial advisory services. We are based in

Bologna

• Our strengths lie in the thorough knowledge of the markets in which we

operate, in the rigour of our analytical approach and in the broad network of

relationships both within Italy and on an international level

• Our team is formed by a carefully-selected, solid and cohesive group of

persons, which allows us to work efficiently and to build human capital: our

consultants accumulate sector-specific and methodological experiences,

and pass these onto our clients. Direct involvement in projects by the

partners ensures a high level of quality and commitment to client objectives

November 2012 – brochure AREASCOA

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What we do: sectors and services

SERVICES

Strategic consultancy

SECTORS

Market research and analysis

Financial advisory and transaction services

Financial planning

Food and consumer Environment and utilities

Renewable energyInfrastructure and real

estate

November 2012 – brochure AREASCOA

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Renewable Energies: main consulting themes

• Origination: feasibility studies, SPV design, governance

• Strategic consultancy and business plan development

• Renewable energy sector: market analysis and scenarios, scouting

• Public Administrations: renewable energy advisory services

• Information memorandum and company valuations

• M&A: due diligence and financial closing

November 2012 – brochure AREASCOA

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Food and Consumer Industries: main consulting themes

• Company turnaround and performance improvement

• Review and strenghtening of branding and communication

• Market and sectoral analysis; quantitative and qualitative market research

• M&A Advisory: company valuations, business planning, information memorandum, scouting and transaction services; private equity advisory services

• Financing arrangements research and assessment

• Assitance to internationalisation strategies

• Food industry and renewable energy sector integration projects

• Economic analysis and technical assistance for public institutions

November 2012 – brochure AREASCOA

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Environment, Waste management and Utilities: main consulting themes

• Tariff simulations

• Setup of local regulatory bodies and organisational support

• Data management and control plans

• Drafting of local management plans, service contracts, regulations and financial and tariff plans

• Drafting / evaluation of bids for the award of management concessions to the private sector and / or for the selection of the private partner for mixed companies

• Drafting of strategic and industrial plans

• Company and industrial process reengineering

• Project Finance structuring and financial advisory

• Assistance for the start-up phase of utility management Newcos

• Industrial and technical due diligence

November 2012 – brochure AREASCOA

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Infrastructure and Real Estate: main consulting themes

• Pre-feasibility and feasibility studies

• Financial modeling

• Financial advisory and project management

• Financial closing negotiations

• Assisting Public Administrations in PPP design, tender structuring and evaluation

• Cost benefit and value for money analysis

• Assitance to corporate clients for commercial structuring and bidding process

• Real estate development strategies and transaction advisory services

November 2012 – brochure AREASCOA

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Main clients

Food and Consumer Industry

Ministero delle Politiche Agricole

e Forestali

Consorzio delle Cantine del Lazio

Renewable EnergyRenewable Energy

November 2012 – brochure AREASCOA

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Main clients

Environment and other Utilities

Provincia

di Bolzano

November 2012 – brochure AREASCOA

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Main clients

Infrastructure and Real Estate

Consorzio Coop. Costruzioni

Provincia di Bolzano

Comune di Bologna

City of St. Petersburg

Agenzia del Demanio

saliniCOSTRUTTORI

Public Administration

Comune di Bologna

Comune di Piacenza

Comune di Roma

Comunedi Parma

Ministero dell’Economia e delle Finanze

Ministero delle Politiche Agricole

e ForestaliAgenzia

del Demanio

Regione Liguria

Regione Lombardia

Regione Toscana

Regione Lazio

Provincia di Bolzano

City of St. Petersburg

Comune di Firenze

Università di Bologna

November 2012 – brochure AREASCOA

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Main engagements: Renewable Energy

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Clients Activities

Main engagements (1/4)

• Closed equity investment Fund (in fund raising phase) “Pioneer Renewable Energy 1”

• Role: Fund advisor, scouting deals, investments preliminary valuations, support to the due diligence phase up to financial closing, drafting Renewable Energy Market Observatory

• Structuring of a financial plan of 3 photovoltaic plants of 11 MWp in total, sited in Abruzzo and Lazio. The plants will be constructed by the Dutch company Sonnedix

• Goal: verify the condition of bankability

• Engagement : technical, economic and financial due diligence

• Structuring of a financial plan of 16 photovoltaic plants of 8 MWp in total, sited in Basilicata. The plants will be constructed by the Spanish company Montebalito Energias Renovables

• Goal: verify the condition of bankability

• Engagement : technical, economic and financial due diligence

• Project Financing of a 12 MWp ground mounted PV plant in Lazio; Ecosuntek is the main investor and EPC/O&M Contractor

• Goal: verify the bakability

• Engagement: technical, economic and financial due diligence

November 2012 – brochure AREASCOA

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Clients Activities

Main engagements (2/4)

November 2012 – brochure AREASCOA

• Company belonging to the Veolia Group, relevant operator in the manufacturing of electric energy production plants

• Goal: build 5 power plants with an installed capacity of 1 MWe to generate electric energy from livestock manure

• Engagement: feasibility study, power plant Business Plan, assistance in drafting the expressions of interest for the procurement procedure of Veneto Region, evaluation of technological solutions, scouting of financial investors

• OEB is active in the development of photovoltaic power plants

• Goal: build a 13 MWp photovoltaic plant

• Engagement: drafting the information memorandum, individuation of the financial investor (debt and equity), investment valuation, technical, economic and financial due diligence

• JV between Falck Group and Maccaferri Group, renewable sources energy generation sector

• Goal: strategy for secure sourcing of biomass from short supply chain in partnership with agricultural producers

• Role: analysis of two plant business plans, independent advisory assistance in negotiation of framework supply contracts between PowerCrop and Consorzi Agrari d’Italia (CAI), balancing biomass costs and profitability and plant profitability goals

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Clients Activities

Main engagements (3/4)

November 2012 – brochure AREASCOA

• ACLI farm association supporting the rural territory

• Goal: to build small wind and photovoltaic plants located on the premises of associated farms

• Engagement: Business Model design, procedures definition, selection of suppliers and financial investors, drafting contracts, evaluation of investments for the farms, control

• Definition and negotiation of the financing contracts for the ACLI farm association members to develop small wind and photovoltaic plants installations on associated farms’ premises

• Goal: obtaining funding for the ACLI Terra project

• Engagement: definition of contractual conditions, identification of project partners

• Business International, Fiera di Milano Group company, is the Italian leader in designing and creating institutional and management events for companies and public administration

• Goal: To produce “Kyoto, Copenaghen e il futuro, mercato, opportunità, driver e scenari: la sfida ecosostenibile” report, introduced during the RENEWABLES & ENERGY EFFICIENCY SUMMIT organized by Business International at Fiera di Milano, December 2009

• Engagement: Drafting of the above publication

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Clients Activities

Main engagements (4/4)

November 2012 – brochure AREASCOA

• Institute of the Ministry of Agricultural, Food and Forestry Policies

• Goal: National Strategic Nitrate Plan

• Engagement: support in drafting the document, especially in the analysis of the authorization procedures for building plants, analysis of available financing instruments, validation of the technological solutions, definition of an action strategy

• Goal: definition of a procedure for promoting the installation of livestock manure derived nitrate treatment plants, pursuant to the Nitrates Directive

• Engagement: analysis and evaluation of regulatory and administrative aspects, design of a procedure for selecting projects for financial resources allocation, drafting the notice for expressions of interest

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AREASCOA – the team

Giuseppe Liso ‘s experience in regulatory systems and the strategic and economic analysis of manufacturing sectors dates back to his period as Managing director of the economic research centre Prometeia. In particular, his knowledge of the Italian food industry – from the agricultural production phase to the final distribution phase – has led him to consult extensively for Ismea, for a number of Ministries and for the European Union, as well as for producers’ consortia for the regulation of PDO (protected denomination of origin) food products. He has also held institutional posts in this sector. Today he is involved in developing AREASCOA’s consulting services and in particular in the promotion of transaction services, where his capacity for networking and management are employed in translating AREASCOA’s technical skills into a range of services for assisting clients throughout all of the stages of a transaction.

Renzo Baccolini has built up extensive experience of the infrastructure and real estate market over the last ten years, working as advisor for public-sector clients and private sector companies (construction and civil engineering companies, public services concessionaires) in Italy and internationally. Such work has involved him in all phases of the structuring of Public Private Partnerships or Project Finance operations, from the early cost-benefit and value for money analysis stages for the public sector to the drafting of bids by competition participants. As of 2007 Renzo has also been involved in the group’s advisory activities for Private Equity funds. With an M Phil from Columbia University, he has published a number of books and articles on project finance and the Italian financial markets and banking sector. He is contract professor of Project Financing for the University of Bologna’s Economics faculty.

Dario Baldini’s strong interest in economic analysis and the development of business models in regulated markets have led him to concentrate on projects involving company planning, restructuring and M&As. In the public utilities field, he has developed extensive experience in issues relating to the design of regulatory instruments, tariff systems, financial planning and modelling. The many interconnections which exist between the waste management sector, where Dario holds particular expertise, and the energy sector have led him to increasingly involve himself in feasibility studies, business plans and financial transactions in this sector. He has held the post of Managing director of a management area regulatory authority and has been contract professor in Corporate Finance for the University of Bologna.

November 2012 – brochure AREASCOA

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AREASCOA – the team

Roberta Rava. With extensive project financing expertise, Roberta joined the group in 2001 and has specialised in financial and economic analysis and investment feasibility studies. She is responsible for the construction and validation of financial models, the drafting of tender procedures for Public Private Partnership projects and their implementation, and financial advisory services to private-sector clients taking part in competitions for the construction and operation of public infrastructures in Italy and abroad. She is tutor for the University of Bologna’s Corporate Finance and Project Financing courses, as well as for the Management processes of public infrastructures masters’ course.

Ainoa Doughty joined the group in 1996 and has worked across the various sectors on projects involving strategic analysis, feasibility studies and business planning, financial planning and modelling, design and implementation of monitoring systems and economic and financial reporting, economic development analysis, etc. In recent years she has concentrated on the development of financial advisory services in the renewable energy, food industry and PPP sectors. Previours experience includes working for Lovell White & King (now Hogan Lovells), the Ministry of Agriculture, Fisheries and Food (London), the European Commission (DG VI) and Nomisma’s International Projects Department (Bologna).

November 2012 – brochure AREASCOA

Ilaria Mazzoli joined us in 2005, with responsibility for market analysis and research. Her experience in economic and strategic analysis (built up during ten years in the Bologna-based economic research centre Prometeia, where she concentrated on the food and consumer sectors) has been followed by a period as a freelance senior copywriter and project manager for CSC Comunicazione and Taktiké, a consulting company specialising in marketing for innovation in products and services. Such experience, along with a “hands-on” knowledge of qualitative and quantitative market research instruments, allow Ilaria to build made-to measure market analysis projects centred on the clients’ needs, with the aim of maximising medium and long-term strategic goals.

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AREASCOA – the team

November 2012 – brochure AREASCOA

Elisa Evangelisti joined the group in January 2008, where she has specialised in project finance and real estate, renewable energy and private equity projects, performing strategic analysis activities, feasibility studies, business planning, and due diligence. Her previous professional experience includes two years in a leading Italian merchant bank working on private equity and M&A projects, and two years in The Boston Consulting Group (BCG), mainly in the field of organization, project management and business development in various sectors (eg. consumer goods, energy, transportation). She was a member of the "Corporate Development Task Force", a group of about 20 consultant selected worldwide within BCG specialized in the field of corporate finance e strategy.

Anna Bonafede. After a degree in economics from the University of Bologna, Anna joined our utilities sector, where her work has been focused on the waste management sector. She has assisted a range of waste management companies in drafting their industrial and business plans, as well as assisting public regulatory bodies in drawing up the management plans for the territories under their jurisdiction. She has contributed to the drafting of the National Nitrates Management Plan and has recently been involved in tariff and financial due diligences for waste treatment plants. Before joining our team, she spent a period in Farest srl where she followed a number of research projects and was a member of the University of Bologna’s Collegio Superiore

Le informazioni contenute in questo documento sono di proprietà di Areascoa S.r.l. e del destinatario del documento. Tali informazioni sono strettamente legate ai commenti orali che le hanno accompagnate, e possono essere utilizzate solo dalle persone che hanno assistito alla presentazione. Copiare, pubblicare o distribuire il materiale contenuto in questo documento è proibito e può essere illegale.

AREASCOA S.r.l.www.areascoa.it

Contacts

• OfficesVIA GUERRAZZI 1/A40125 BOLOGNATEL. +39 (051) 577977FAX. +39 (051) 573285

• HeadquartersVILLA MARULLINAVIA CALZAVECCHIO 2340023 CASALECCHIO DI RENO

(BO)TEL. +39 (051) 577977FAX. +39 (051) 573285

• Prof. Renzo Baccolinirenzobaccolini@areascoa.it

• Dario Baldinidariobaldini@areascoa.it

• Elisa Evangelistielisaevangelisti@areascoa.it