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The Dolovo Project

The Dolovo Project. A wind energy project of 350 MW available due to the insolvency of the original promoters, Gabeira Wind Alliance Group of Spain. It is ready to permit with all studies done . The Balkan Power Corporation LLP.

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The Dolovo Project

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  1. The Dolovo Project A wind energy project of 350 MW available due to the insolvency of the original promoters, Gabeira Wind Alliance Group of Spain. It is ready to permit with all studies done The Balkan Power Corporation LLP

  2. Contents Click on slide number SlideSummary 3 Location 4 – 8Wind 11-12 Equipment 13 Permits 14-19 PPA 20 Official Support 21 Timeline 23 Structure 24 Investment thesis 25 The Balkan Power Corporation LLP

  3. Summary • Location –30 kilometres east of Belgrade on the Pannonian Plain. • Wind Resource – various studies available showing average 6.63 m/s • at 80 metres AGL. • Installation approved – 1,050 MW, of which 350 MW permitted subject to fees payment. • Equipment • - Siemens 2.3 MW direct drive turbines – LOI in hand. • - Goldwind/Vensys similar equipment (low wind optimised). • Funding • – Siemens – under discussion. • – Chinese suppliers - to be discussed with Sinovel, Goldwind and • their bankers, including the China Development Bank. • PPA & FiT - 12 years @ €95/MWh, index linked to inflation, Back to Contents The Balkan Power Corporation LLP

  4. Location Serbia Back to Contents The Balkan Power Corporation LLP

  5. Location The Košava Wind (“big wind”) Back to Contents The Balkan Power Corporation LLP

  6. Location Back to Contents The Balkan Power Corporation LLP

  7. Topographical map (Flat) The Dolovo site Back to Contents The Balkan Power Corporation LLP

  8. Grid Location of site in relation to 450 kV grid line and substation Back to Contents The Balkan Power Corporation LLP

  9. Towns nearby The nearest town is Pančevo, 10 kms away The Postcode is 26 227 Back to Contents The Balkan Power Corporation LLP

  10. Constraints & Communications There are no constraints due to hub heights, shadow flicker, noise, restricted areas. Proximity to roads, harbours, rail lines, etc: Minor concrete heavy duty access road to 100 metres from site. Major road 4.2 kms. Rail 9.6 kms. Harbour Pančevo/Belgrade (Danube, up to 5,000 ton vessels) 10 kms. Harbour sea port, Constanta Black Sea 650 kilometres (mouth of Danube). Back to Contents The Balkan Power Corporation LLP

  11. Wind etc. Wind power potential and projects, Serbia Back to Contents The Balkan Power Corporation LLP

  12. Wind etc. Wind Mean wind speed - 6.63 m/s @ 100 metres/AGL Wind at max power density distribution 310 W/m2 10.01 m/s 39 (W/ m2 )/(m/s) (Hélimax) b) Climatic conditions - min/max temp: -3c/+24c; rain 576.8 mm; snow not significant. Back to Contents The Balkan Power Corporation LLP

  13. Wind etc. Wind Whilst the on-site recordings as reported by Helimax were taken for only one year, there are three neighbouring masts of up to 100 metres in height. Back to Contents The Balkan Power Corporation LLP

  14. Wind etc. Back to Contents The Balkan Power Corporation LLP

  15. Equipment Discussions are ongoing with: Siemens (Direct drive 2.3 MW) Sinovel (SL 1500 1.5 MW) Goldwind / Vensys (PMDD 1.5 MW ). Estimated installed cost is in the region of €1.3 million / MW. This is a relatively low wind site favouring smaller turbines. Back to Contents The Balkan Power Corporation LLP

  16. Permits Required Environmental impact assessment. Land use permit/approval. Development permit. Construction permit. Power interconnection permit (Grid). Back to Contents The Balkan Power Corporation LLP

  17. Permits Environment Environmental Impact Study The study was carried out, approved by the Ministry of the Environment, and the issue of the relevant permit has been recommended subject to the payment of the related fee. The actual report, although commissioned by Loger’s erstwhile shareholders Gabeira of Spain, was not made available to Loger because Gabeira did not pay for it. The synopsis (46 pages in Serbian) is available. Banking related additional due diligence requirements may require a further study at a cost of +/-€50,000. Back to Contents The Balkan Power Corporation LLP

  18. Permits Land Land Lease/Purchase The lease of the relevant 1,350 Hectares of land from Government has been agreed for a period of 40 years with an option to renew for the specific purpose of Renewable Energy creation. That lease may be taken up when the project permitting exercise has been completed. The land could also be purchased for between €2,500 and €5,000 per hectare. Back to Contents The Balkan Power Corporation LLP

  19. Permits Planning Development Permit Approved, subject to fees payment Back to Contents The Balkan Power Corporation LLP

  20. Permits Construction Construction Permit Approved, subject to fees payment Back to Contents The Balkan Power Corporation LLP

  21. Permits Grid Grid connection Permit A “Favourable Opinion” has been issued by Elektromreža Srbije (EMS – the Grid operator) recommending that the necessary permit be granted. Back to Contents The Balkan Power Corporation LLP

  22. PPA The Minister of Energy has confirmed that a PPA will be issued once a turbine supplier has been selected. It has been pre-approved by "ElektromrezaSrbije" - Electric Power Industry of Serbia (“EPS”) subject to project commencement within 2012. EPS is the Purchaser. FiT - €0.95/MW is Sovereign Guaranteed for 12 years. This price is subject to renegotiation before 31/12/2012 to give a guaranteed minimum IRR of 14%. An amendment guaranteeing a minimum index link to inflation has since been gazetted. Back to Contents The Balkan Power Corporation LLP

  23. Official Support Support letters have been received from: EMS, the Grid operator (parastatal). Regional Chamber of Commerce and Industry (n.b. Province is autonomous). Provincial Secretary for Energy etc. Support letter + a “Protocol of Collaboration”. (n.b. Project is approved at Provincial level). Pančevo Municipality (signed “Protocol of Official Cooperation”). Department of the Environment. Back to Contents The Balkan Power Corporation LLP

  24. Timeline Estimated project timeline incl. delivery and commissioning Hope to commence in June 2012 and install using 2 crews at a rate of 2 turbines per week. Too early to make further estimates, but Electromontaz, construction Engineers, are RWA to proceed. However banking related wind measurement comfort requirements may dictate a further 12 months record. Ownership of wind farm (incl. address, phone, responsible person) Loger AD, 182, GospodaraVučlća, 11 000 Belgrade, Serbia. +381644675699. Mr. Aleksandar Velicković. Back to Contents The Balkan Power Corporation LLP

  25. Project Ownership Project currently owned by LOGER D.o.o. This company is owned by eighty shareholders, controlled by three shareholders. LOGER can be acquired for +/- € 1 million at any time over the next two years. Back to Contents The Balkan Power Corporation LLP

  26. Structure Balkan Power Corporation LLP (BPC) has been registered in the UK. Partners: - Frank Jackson, Brian Igoe, (UK residents) and Sasa Velickovic (Serbian resident and agent for Loger. New partners sought for BPC to support immediate purchase of Loger and provide working capital say € 2 million. Back to Contents The Balkan Power Corporation LLP

  27. Thesis An Investment Thesis on the following lines is proposed: Complete wind measurements and environmental studies as necessary. Budgeted cost €145,000. Acquire Loger D.o.o for +/- €1 million. Secure equipment offers as per slide 15. Complete all permits by end Q2 2012. Initiate order for equipment to validate permits. Sell the entire project either at this point or when up and running. Back to Contents The Balkan Power Corporation LLP

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