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pìëí~áå~ÄäÉ=cìåÇáåÖ=Ñçê=

mçïÉê=mêçàÉÅíë=mçïÉê=mêçàÉÅíë=

mçïÉê=fåÇ~Ä~=`çåÑÉêÉåÅÉmçïÉê=fåÇ~Ä~=`çåÑÉêÉåÅÉ

m~ÖÉ=O

Infrastructure Developmenttev

e~îáåÖ=~ÅÅÉëë=íç=ÉÑÑáÅáÉåí=Åçëí=ÉÑÑÉÅíáîÉ=áåÑê~ëíêìÅíìêÉ=áë=~=âÉó=íç=ÖäçÄ~ä=ÅçãéÉíáíáîÉ=~Çî~åí~ÖÉ

dêçïíÜ=áå=ÇçãÉëíáÅ=íê~ÇÉ

dêçïíÜ=áå=ëìééäó=ëáÇÉ=Éñéçêíë

dam=ÖêçïíÜ=ÅêÉ~íÉë=ÉãéäçóãÉåí=~åÇ=éçîÉêíó=ÉäÉî~íáçå

içåÖ=íÉêã=ëí~Äáäáíó

elt

fåîÉëíáåÖ=áå=áåÑê~ëíêìÅíìêÉI=áåÅäìÇáåÖ=éçïÉêK

fåÑê~ëíêìÅíìêÉ=Ü~ë=éêçîÉå=áíëÉäÑ=ëìáí~ÄäÉ=Ñçê=éêáî~íÉ=~åÇ=éêáî~íÉ=L=éìÄäáÅ=ÑìåÇáåÖ

bå~ÄäÉ=êÉÇáêÉÅíáçå=çÑ=éìÄäáÅ=ÑìåÇë=íç=ëçÅá~ä=åÉÉÇë=

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m~ÖÉ=P

Sustainable Financing

Engineering & Procurement

Services Agreement

EPC Contract

Energy ResourceSupplier

Power Station

Contractor

Power Station

EPC Contract

Gas Supply Agreements

Power Station Operator

O&M Agreement

Off-taker

PPA

SiteLessorBanks

Site Lease Agreement

TransmissionContractor

Transmission Company

Finance Documents

TransmissionOperator

O&M Agreement

Power Pool Arrangements

ContractTransmission

PoliciesInsurance

AgreementsShareholdersqll=ofphv=lo=qll=bumbkpfsb=\

`~éáí~ä=áåíÉåëáîÉ=áåîÉëíãÉåí=êÉèìáêáåÖ=äçåÖ=êÉé~óãÉåí=éÉêáçÇë

råâåçïå=Z=êáëâ=Z=Åçëí

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fksbpqjbkq=m^o^jbqbop

oáëâ=~ÇàìëíÉÇ=oÉíìêå

pìëí~áå~ÄäÉ=ÑìåÇáåÖ=ÜáåÖÉë=çå=íÜÉ=ÅçåëáëíÉåÅó=çÑ=ÄçíÜ=íÜÉ=êáëâ=~åÇ=êÉíìêå=çîÉê=íÜÉ=äçåÖ=íÉêã

hÉó=áë=ìåäçÅâáåÖ=íÜÉ=êáëâë

m~ÖÉ=Q

Key Risk AnalysisMinimizing the unknown

oáëâë

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Enviro

nmen

tal

LiabilityForce Majeure

Counter Party

Taxation

Rev

enue

Equipment &

Components

Permits

Regulatory Design

Docum

entation

Tech

nica

l O

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mêçàÉÅí=cáå~åÅÉ

cìåÇáåÖ=áë=ëÉÅìêÉÇ=çå=íÜÉ=êÉîÉåìÉ=ÖÉåÉê~íáîÉ=~Äáäáíó=çÑ=íÜÉ=~ëëÉíK

mêçàÉÅí=píêìÅíìêÉ=ëÉÉâë=íç=~ääçÅ~íÉ=ëéÉÅáÑáÅ=éêçàÉÅí=êáëâ=íç=íÜÉ=é~êíó=ÄÉëí=~ÄäÉ=íç=ã~å~ÖÉ=íÜ~í=êáëâK

aÉÑáåáíáçå=~åÇ=èì~åíáÑáÅ~íáçå=çÑ=êáëâ=áë=íÜÉ=éêçÅÉëë=çÑ=ÄìáäÇáåÖ=íÜÉ=àáÖë~ï=çÑ=ÅçåÑáÇÉåÅÉK

m~ÖÉ=R

Strategic Partners

FinancingPlan

Opera-tions

EPCSkills

Transfer

Environmental,Regulatory,

Legal and Tax

Country Risk

Risk and Insurance

Debt

Equity

Risk / Return Jigsaw

Off-take

Energy Resource

Supply

m~ÖÉ=S

ENERGY RESOURCESUPPLY

Strategic Partners

Financial Structure and

Model

Opera-tions

EPCBEE and

Skills Transfer

Environmental,Regulatory,

Legal and Tax

Economic Impact

Risk and Insurance

Debt

Equity

Off-take

Energy Resource

Supply

m~ÖÉ=T

Energy Resource Supply

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`çããÉêÅá~ä=êÉëçìêÅÉ=ÅêáíáÅ~ä=íç=ã~âáåÖ=~=éçïÉê=éêçàÉÅí=ÅçããÉêÅá~ääó=îá~ÄäÉ==

Energy Resource

Supply

qÉêã=çÑ=íÜÉ=Åçåíê~Åí=~åÇ=íÜÉ=ÅçåÇáíáçåë=Ñçê=íÉêãáå~íáçå

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mìêÅÜ~ëÉ éêáÅÉ

m~óãÉåí=íÉêãë=~åÇ=ãÉÅÜ~åáëãë

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fåëìê~åÅÉ

iá~ÄáäáíáÉë=çÑ=íÜÉ=é~êíáÉë=J áåÅäìÇáåÖ=ïáäÑìä=ÄêÉ~ÅÜI=äá~Äáäáíó=Å~éë=~åÇ=ÉñÅäìëáçåëI=áåÇÉãåáíáÉë=~åÇ=cçêÅÉ=j~àÉìêÉ

oÉÅçìêëÉ=Ñçê=~=ëÜçêíÑ~ää=çÑ=ëìééäó

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m~ÖÉ=U

OFF-TAKE

Gas Supply

Strategic Partners

Financial Structure and

Model

Opera-tions

EPCBEE and

Skills Transfer

Environmental,Regulatory,

Legal and Tax

Economic Impact

Risk and Insurance

Debt

Equity

Off-take

m~ÖÉ=V

Off-take

m~êíáÉë=íç=íÜÉ=mm^

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q~êáÑÑ=ëíêìÅíìêÉ=~åÇ=í~êáÑÑ=êÉîáÉïë=~åÇ=~ÇàìëíãÉåíëEëìëí~áå~ÄáäáíóF

m~óãÉåí=ãÉÅÜ~åáëã

qÉÅÜåçäçÖáÅ~ä=çÄëçäÉëÅÉåÅÉ

fåëìê~åÅÉ

iá~Äáäáíó=~åÇ=áåÇÉãåáíó

aÉÑ~ìäíI=íÉêãáå~íáçå=~åÇ=Ç~ã~ÖÉë

píÉéJáå=êáÖÜíë

m~êíáÅìä~ê=áëëìÉë=çÑ=áãéçêí~åÅÉ=áå=êÉä~íáçå=íç=íÜÉ=mm^=áåÅäìÇÉW

qÜÉ=mçïÉê=mìêÅÜ~ëÉ=^ÖêÉÉãÉåíë=~êÉ=ÅêìÅá~ä=áå=ÇÉíÉêãáåáåÖ ïÜÉíÜÉê=çê=åçí=~=ëìÅÅÉëëÑìä=Ñáå~åÅáåÖ=çÑ=íÜÉ=mêçàÉÅí=Å~å=ÄÉ=~ÅÜáÉîÉÇ

qÜÉ=mçïÉê=mìêÅÜ~ëÉ=^ÖêÉÉãÉåíë=~êÉ=ÅêìÅá~ä=áå=ÇÉíÉêãáåáåÖ ïÜÉíÜÉê=çê=åçí=~=ëìÅÅÉëëÑìä=Ñáå~åÅáåÖ=çÑ=íÜÉ=mêçàÉÅí=Å~å=ÄÉ=~ÅÜáÉîÉÇ

Off-take

m~ÖÉ=NM

Off-take

Gas Supply

Strategic Partners

Financial Structure and

Model

Opera-tions

BEE and Skills

Transfer

Environmental,Regulatory,

Legal and Tax

Economic Impact

Risk and Insurance

Debt

Equity

ENGINEERING, PROCUREMENT AND CONSTRUCTION

EPC

m~ÖÉ=NN

EPCEPC Agreement

bm`=Åçåíê~ÅíçêÛë=çÄäáÖ~íáçåë

qÜÉ=ÑáñÉÇ=éêáÅÉ=çÑ=íÜÉ=ïçêâ=íç=ÄÉ=éÉêÑçêãÉÇ

qÜÉ=íÉêãë=~åÇ=ÅçåÇáíáçåë=çÑ=íÜÉ=é~óãÉåíë=

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mÉêÑçêã~åÅÉ=Öì~ê~åíÉÉë=

mÉêÑçêã~åÅÉ=ÄçåìëÉëI=ëìÅÜ=~ë=É~êäó=ÅçãéäÉíáçå=

fåëìê~åÅÉ=

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qÉêãáå~íáçå

m~êíáÅìä~ê=áëëìÉë=çÑ=áãéçêí~åÅÉ=áå=êÉä~íáçå=íç=íÜÉ=bm`=áåÅäìÇÉW

qÜÉ=båÖáåÉÉêáåÖ=mêçÅìêÉãÉåí=~åÇ=`çåëíêìÅíáçå=E“bm`ÒF=Åçåíê~Åí=ëÜçìäÇ=ëÉÉâ=íç=äáãáí=ÉñéçëìêÉ=çÑ=íÜÉ=éêçàÉÅí=íç=î~êá~íáçåë=áå=éêáÅÉ=~åÇ íáãÉ=íç=

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ÇÉäáîÉêóEPC

m~ÖÉ=NO

FINANCIAL STRUCTURE AND MODEL

Opera-tions

EPC

Off-take

Gas Supply

Strategic Partners

BEE and Skills

Transfer

Environmental,Regulatory,

Legal and Tax

Economic Impact

Risk and Insurance

Debt

Equity

Financial Structure and

Model

m~ÖÉ=NP

Financial Structure and Model

oçÄìëí Ñáå~åÅá~ä=éä~å=~åÇ=ãçÇÉä

lÄàÉÅíáîÉë=~êÉ=íç=éêçîÉ=Ñáå~åÅá~ä=îá~Äáäáíó=~åÇ=ëÉÅìêÉ=ÑìåÇáåÖ

mêçîáÇÉ=Ñçê=~ää=éçíÉåíá~ä=ÑìåÇáåÖ=ëçìêÅÉë=~åÇ=ëíêìÅíìêÉë

pÅÉå~êáç=~å~äóëáë=ïáíÜ=ÇáÑÑÉêÉåí=~ëëìãéíáçåë=~åÇ=ÑìåÇáåÖ=çéíáçåë

pÉåëáíáîáíó ~å~äóëÉë

_ìáäÇ=íÜÉ=åÉÅÉëë~êó=ÅÜÉÅâë=~åÇ=Ä~ä~åÅÉë=áåíç=ãçÇÉä

cáå~åÅá~ä ãçÇÉä=~ìÇáí

Proving Financial Viability

dÉåÉêáÅ=ÑÉ~íìêÉë=çÑ=cáå~åÅáåÖ=mä~åW

dÉ~êáåÖ

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qÉêã

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oÉÑáå~åÅáåÖ=ÑäÉñáÄáäáíó=

Financial Structure

and Model

pçìêÅÉë=çÑ=ÑìåÇë rëÉë=çÑ=ÑìåÇëpÉåáçê=Ä~åâ=ÇÉÄí=Óqê~åÅÜÉ N

ORJPRB `çåëíêìÅíáçå=Åçëí TRB

pÉåáçê=Ä~åâ=ÇÉÄí=Óqê~åÅÜÉ O

PMB aÉÄí=ëÉêîáÅÉ=êÉëÉêîÉ RB

jÉòò~åáåÉ=ÇÉÄí NMB `~éáí~äáëÉÇ=áåíÉêÉëí NMB

bèìáíó=EPMBF ORJPRB mêçîáëáçåë RB

qê~åë~Åíáçå=C=ÇÉîÉäçéãÉåí=Åçëíë

RB

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m~ÖÉ=NQ

Financial Structure and ModelProving Financial Viability pbkpfqfsfqfbp

aêçé=áå=éççä=éêáÅÉ

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fåÅêÉ~ëÉ=áå=ÜÉ~í=ê~íÉ

oÉÇìÅíáçå=áå=Ä~ëÉ=Å~ëÉ=~î~áä~Äáäáíó

fåÅêÉ~ëÉ=áå=êÉëçìêÅÉ=éêáÅÉ==

fåÅêÉ~ëÉ=áå=åçåJÑìÉä=çéÉê~íáåÖ=Åçëí=

bñÅÜ~åÖÉ=ê~íÉ=êáëâ=

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fåíÉêÉëí=ê~íÉ=êáëâo~åÖÉ=çÑ=`çåÑáÇÉåÅÉ

Financial Structure

and Model

m~ÖÉ=NR

DEBT & EQUITY

Strategic Partners

Financial Structure and

Model

Opera-tions

EPC

Off-take

Gas Supply

BEE and Skills

Transfer

Environmental,Regulatory,

Legal and Tax

Economic Impact

Risk and Insurance

Debt

Debt & Equity

m~ÖÉ=NS

Fund RaisingThe Process

Debt & Equity

Step 1Develop Strategy

Step 2Market Appetite & Expressions of Interest

Step 3Information Memo and Road Show

Step 4Due Diligence

Step 5Contractual Negotiations

Key Critical Success Factors for a Successful Equity Raising

Understanding of Projects requirements

Established relationships with local and international equity providers

Understanding the requirements of possible equity providers

Good project management

Experience in negotiating with equity participants

Quality of documentation (Information Memorandum, Road show presentation, Financial Model, etc)

Credible transaction advisors

Key Critical Success Factors for a Successful Debt Raising

Established Relationships with local and international debt providers, including Development Agencies

Understanding the requirements of debt providers (Credible Operator, GSA, PPA, Environmental, etc)

Knowledge of current and likely future market norms on debt terms

Robust Financial Model

The ability to create and sustain competitive tension between lenders

Credible transaction advisers

Equity participants

m~ÖÉ=NT

COUNTRY RISK

Risk and Insurance

Equity

Strategic Partners

Financial Structure and

Model

Opera-tions

EPC

Off-take

Gas Supply

BEE and Skills

Transfer

Environmental,Regulatory,

Legal and TaxDebt

Country Risk

m~ÖÉ=NU

Country Risk

mçäáíáÅ~ä=ëí~Äáäáíó

dçîÉêåãÉåí=L=`çìåíÉêé~êíó=áåÑäìÉåÅÉ

fåÇÉéÉåÇÉåí=äÉÖ~ä=ëóëíÉã

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`êçëë=Äç~êÇÉê=áåÑäìÉåÅÉ

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dêçïíÜ=çìíäççâ=~åÇ=~ÑÑçêÇ~Äáäáíó

fåÇÉéÉåÇÉåí=ã~êâÉí=áåÇáÅ~íçê

`çêêìéíáçå

^êãÉÇ=ÅçåÑäáÅí

mçäáíáÅ~ä=ÅóÅäÉ=~åÇ=íê~åëáíáçå=áëëìÉë

mçäáÅó=`çããáíãÉåí

Commercial Comfort

Country Risk

COFACE MOODYS S&PBOTSWANA A2 A1 A

MAURITIUS A3 A2

NAMIBIA A3

SOUTH AFRICA A4 A2 BBB

SWAZILAND A4

TUNISIA A4 Baa2 BBB

EGYPT B Baa1 BB+

MOROCCO A4 Ba1 BBALGERIA B

BENIN B B+SENEGAL B B+BURKINA FASO B BCAMEROON B BLESOTHO BMALI B

GHANA C B+ANGOLA CCAPE VERDE CCHAD CCONGO CDJIBOUTI CETHIOPIA CGABON CKENYA CLIBYA CMAURITANIA CMOZAMBIQUE C

NIGER C

SEYCHELLES C

TANZANIA CTOGO C

UGANDA C

BURUNDI D

CENTRAL AFRICAN REP. D

COMOROS D

DEMOCRATIC REP. Of CONGO

DEQUATORIAL GUINEA D

GAMBIA DGUINEA D

GUINEA BISSAU D

IVORY COAST D

LIBERIA DMADAGASCAR DMALAWI DNIGERIA D

RWANDA DSAO TOME DSIERRA LEONE DSOMALIA DSUDAN DZAMBIA DZIMBABWE D

AFRICA - COUNTRY RATINGS

Inve

stm

ent G

rade

Non

inve

stm

ent G

rade

Inve

stm

ent G

rade

Non

inve

stm

ent G

rade

Inve

stm

ent G

rade

Non

inve

stm

ent G

rade

bèìáíó=s~äìÉ=áë=~=ÑìåÅíáçå=çÑ=êáëâ=éÉêÅÉéíáçå

m~ÖÉ=NV

Economic Impact

Risk and Insurance

Equity

Strategic Partners

Financial Structure and

Model

Opera-tions

EPC

Off-take

Gas Supply

BEE and Skills

Transfer

Debt

ENVIRONMENTAL, REGULATORY, LEGAL AND TAX

Environmental,Regulatory,

Legal and Tax

m~ÖÉ=OM

Enviro/Regulatory/Legal/Tax

oÉÖìä~íçêó=Ñê~ãÉïçêâ=Ñçê=êÉäÉî~åí=ëÉÅíçê=~åÇ=éêçàÉÅí=áåÅäìÇáåÖ=äáÅÉåÅÉëK=

eÉ~äíÜ=~åÇ=p~ÑÉíó=oÉÖìä~íáçåë

mÉêãáíë=~åÇ=~ééêçî~äë

^ÅÅçìåíáåÖ

q~ñ áãéäáÅ~íáçåë

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q~ñ=ÅçåÅÉëëáçåë=~åÇ=áåÅÉåíáîÉë

fãéçêí=ÇìíáÉë=çå=ÉèìáéãÉåí

bî~äì~íáçå=çÑ=íÜÉ=áãé~Åí=çÑ=éêçëéÉÅíáîÉ=ÑìíìêÉ=äÉÖáëä~íáçåI=Ñçê=Éñ~ãéäÉ=íê~åëÑÉê=éêáÅáåÖ=~åÇ=Å~éáí~ä=Ö~áåë=í~ñ

båîáêçåãÉåí~ä=^ëëÉëëãÉåí=C=j~å~ÖÉãÉåí

acf=oÉèìáêÉãÉåíë

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qê~ÇÉ=lÑÑJëÉíë

Key Issues

Regulatory, Legal and

Tax

m~ÖÉ=ON

PROJECT TEAM

Economic Impact

Risk and Insurance

Equity

Strategic Partners

Financial Structure and

Model

Opera-tions

EPC

Off-take

Gas Supply

Environmental,Regulatory,

Legal and TaxDebt

Project Team

m~ÖÉ=OO

Project Team

Project Team

ProjectManager

Technical Commercial

Financial Structure and Model

Legal and Tax

Regulatory and Macro economic

Steering CommitteebñéÉêáÉåÅÉÇ=áå=éêçàÉÅí=Ñáå~åÅÉ=~åÇ=éêçàÉí íóéÉë=~åÇ=

íÉÅÜåçäçÖó

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pâáääë=íê~åëÑÉê=~åÇ=Å~éáÅáíó ÄìáäÇáåÖ

`çããáííÉÇ

m~ÖÉ=OP

Conclusion

oáëâë

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mlifqf`^i=C=bksfolkK

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Enviro

nmental

LiabilityForce Majeure

Counter Party

Taxation

Rev

enue

Equipment &

Components

Permits

Regulatory Design

Docum

entation

Tech

nica

l O

bsol

esce

nce

`çêåÉêëíçåÉë=íç=ëìëí~áå~ÄäÉ=áåîÉëíãÉåí

içåÖ=íÉêã=ëí~ÄäÉ=àìêáëÇáÅíáçå

`çëí=ÉÑÑáÅáÉåí=áåÑê~ëíêìÅíìêÉ

`çããÉêÅá~ä=ëíêìÅíìêáåÖ

qÜçêçìÖÜ=êáëâ=ÇìÉ=ÇáäáÖÉåÅÉ

içåÖ=íÉêã=ÅçããáíãÉåí=

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