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Combined Heat and Power Workshop Ohio Public Utilities Commission Columbus, Ohio August 2012

Combined Heat and Power Workshop Ohio Public Utilities Commission Columbus, Ohio August 2012. Energy Investors Funds. Founded in 1987, Energy Investors Funds (“EIF”) was the first U.S. private equity fund manager to focus on the independent power industry

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Combined Heat and Power Workshop Ohio Public Utilities Commission Columbus, Ohio August 2012

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  1. Combined Heat and Power Workshop Ohio Public Utilities Commission Columbus, Ohio August 2012

  2. Energy Investors Funds • Founded in 1987, Energy Investors Funds (“EIF”) was the first U.S. private equity fund manager to focus on the independent power industry • Fully-integrated team of 40 investment, engineering, financial, legal, and marketing professionals, and support staff, focused on a single line of business • Since inception, EIF’s funds have made roughly 100 investments with a combined underlying net asset value exceeding $15 billion • Experienced investor in all segments of the U.S. power and electric utility sectors with a primary focus on generation and transmission with proven technology • Invest in development, construction and operating energy assets • Over the last 10 years, EIF has invested in the development and construction of more than 5.6 GW of greenfield generation and transmission projects in the U.S. with underlying capital cost of more than $7 billion • EIF has mobilized over total of over $4.5 billion in equity capital and recently closed on the $1.713 billion United States Power Fund IV (“USPF IV”) private equity fund

  3. Relevant and Recent Experience • EIF has a very strong track record of developing, constructing, managing and owning power assets in the United States including the following recent successes: • Astoria 1, 500 MW CCGT, COD 2006 and Astoria 2, 550 MW CCGT, COD 2011 • Kleen Energy Center, 620 MW CCGT, COD 2011 • Hudson Transmission (660 MW, COD 2013) and Neptune Transmission, 660 MW, 2007) • EIF currently owns 3,700 net MW in operations or construction as well as an additional 2,900 MW in various stages of development • The portfolio of CHP-operating plants includes: • 262MW coal Carney’s Point and 225 MW coal Logan, both in New Jersey • 245MW ccgtCottage Grove, Minnesota • 355MW coal Indiantown, Florida • 62MW waste-coal Morgantown, West Virginia • 345MW ccgt Selkirk, New York • 249MW ccgt Whitewater, Wisconsin • 240MW coal Spruance, Virginia and 120MW Edgecombe, North Carolina

  4. Astoria Energy IINorth American Single Asset Power - 2009* Kleen EnergyNorth American Single Asset Power - 2008* Calypso Energy HoldingsNorth American Portfolio Power - 2007* Plum Point Energy AssociatesNorth American Single Asset Power - 2006* Crockett Cogeneration North American Refinancing - 2005* Neptune Regional Transmission SystemNorth American Infrastructure - 2005* Astoria Energy North American Single Asset Power - 2004* Path 15 Upgrade North AmericanEnergy Infrastructure - 2003* Americas Infrastructure - 2003 ** Energy Investors Funds Recapitalization of 16 Assets in a $125 Million144A Bond Offering - Project Finance - 1994 *** EIF Award Winning Deals Preeminent Investor in the Power Sector • * Project Finance • ** Project Finance International • *** Institutional Investor

  5. Structure of EIF- sponsored Power Plant Investments EIF Equity Bank Debt or Bonds Commodity Market Industrials Fuel Source (natural gas, coal) Long-term Steam Contract Long-term Electricity Contract(s) Project Company Utility/Market Project Commodity Risk Eliminated

  6. Structuring Risks in large-scale CHP Applications • Economics: • How many MW-equivalent generated/sold from steam versus power • Need revenue certainty (min DSCR test) • Merchant power • Heat rate degradation in steam export configuration • Competitive disadvantage in power market • Power plant would most likely be base-load/intermediate • Operational Issues: • Built-in redundancies – inefficient auxiliary boilers • Interruption and back-up • Scheduling of maintenance • Long-term nature of steam/power contracts • Credit support to be posted by steam off-taker

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