CONFIDENTIAL INFORMATION HAS BEEN REDACTED FROM THIS DOCUMENT STORED SOLAR LLC 254 Commercial Street, Portland, ME 04101  __________________________________________________________________________________________________________ Request for Proposals (RFP) for the Sale of Energy from Biomass Resources The whole attached document contains sensitive, proprietary business information regarding the status of an ongoing transaction. Stored Solar and its partners therefore request from Maine PUC that the confidentiality of the whole document, (proposal and attachments) be maintained, including asserting exemption from freedom of information requests, to the fullest extent afforded by applicable law. Our request for confidentiality is reference to your art 3.9 of the RFP here below Extract from RFP: 3.9 Confidentiality A bidder may designate information included in its proposal as proprietary or confidential information. The Commission will take every reasonable step, consistent with law, to protect information that is clearly identified as proprietary or confidential on the page on which it appears. Protected information may be made available to the T&D utilities, the OPA, DECD and/or the DEP under appropriate protective order and non-disclosure agreements. The identity of bidders and general information about proposals selected will become public at the time of the Commission’s decision. The contracts and associated prices of selected proposals will ultimately become public; however, such information may be withheld for a period of time at the request of the bidder. Biomass is Stored Solar Energy, in harmony with Nature    STORED SOLAR LLC  254 Commercial Street, Portland, ME 04101  _____________________________________________________________________________________________________________                                                 Request for Proposals (RFP) for the Sale of Energy from Biomass Resources Jonesboro Biomass West Enfield Biomass Stored Solar LLC, a registered Maine Limited Liability Company is submitting the enclosed proposal in its capacity of future owner of Covanta Maine pending ongoing due diligence, execution and delivery of definitive transaction documents. Biomass is Stored Solar Energy, in harmony with Nature                                                     Table of Contents 1 Proposal summary letter Page 3 2 The Name, Address and Contacts of Petitioner Page 6 3 Location of the Generation Facilities Page 6 4 Description of the Generation Facility Resources Page 7 5 Proposal Introduction Page 8 6 Proposal #1 Page 11 7 Proposal #2 Page 16 9 Appendix A - Information about the bidders 13 Appendix E - Required In-State Benefits - Proposal Contract Attachment C Separate 16 Affidavit Separate 2 Page VIA MPUC CASE FILE July 29. 2016 Hany LAN PHEAR Administrative Director Maine Public Utilities Commission State House Station 18 Augusta. ME 04333-0018 Faith HUNTINGTON Director of Electiicity and Gas Maine Public Utilities Commission State House Station 18 Augusta. ME 04333-0018 RE: Stored Solar LLC Request for Proposals (RFP) for the Sale of Energy from Biomass Resom'ces Generator Asset #445 West En?eld: Generator Asset #446 onesboro Dear Mr. LANPHEAR and Ms. HUNTINGTON Duling its 2016 session. the Maine Legislatln?e enacted An Act To Establish a Process for the Procm'ement of Biomass Resoru'ces (Act) PL 2015, ch. 483. The Act directs the Commission to initiate a competitive solicitation for the procm?ement of energy1 from up to 80 MW of Biomass Resom?ces and authorizes the Commission to direct utilities to enter into one or more two-year contracts contingent upon available funds. The Commission may authorize contracts with Biomass Resom?ce facilities that generate electiicity from wood. wood waste or land?ll gas and are intercomlected to the ISO-NE or NMISA region. Stored Solar LLC. a registered Maine Limited Liability Company is submitting the present proposal in its capacity of the future owner of Covanta Maine pending ongoing due diligence. execution and delivery of de?nitive transaction documents. It is represented by William Harrington. (Appendix A Information about the bidders) 1 Pursuant to section 2 of the Act. generators may offer to sell capacity or renewable energy attributes as part of a contract and the contract may include the ptu?chase of such capacity or attn'butes. The Commission may not condition any contract on an offer or sale of capacity or renewable energy attributes. 3 Page                                                    Our proposal has taken into account your evaluation standards, namely: a. benefits to ratepayers; b. in-state benefits, c. greenhouse gas emissions reduction; d. fuel diversity e. Support and improvement of grid reliability Stored Solar, in this present proposal, has presented the details of the above benefits. In summary, keeping the biomass plants at West Enfield and Jonesboro operational will sustain biomass fuel consumption of up to 500 000 tons per year, 100% procured in the State of Maine (with all the related direct and indirect jobs), reduces or avoids additional RGGI costs on rate payers, in addition to other benefits as per enclosed. Stored Solar recognizes that this RFP and the allocation of State funds are for the purpose of helping the Biomass-Energy sector create long-term economic viability. In this spirit, Stored Solar, within the below master plan concept, acquired the 2 existing Covanta Biomass Energy plants with the goal of using the special funding mechanism to support the necessary plant upgrades needed to attract viable long term by-product offtakers, namely thermal energy and CO2. 4 Page The unique attributes ofthe present proposal include: 1. 2. implementation of the ?rst building blocks of the above master plan for the re-vitalization of the biomass industry in Maine Immediate benefits to rate payers by putting capacity back on line Far reaching in-State economic bene?ts Yr securing jobs in Maine expansion of key Maine industries in Agriculture, Forestry and Aquaculture 100% sourcing of biomass supply from Maine forest operators Environmentally pro-active by increasing the overall ef?ciency of the plants through projected combined heat and power operation and the potential of carbon sequestration for agricultural use. Our proposal consists of the following mutually exclusive proposals: Proposal MW Resource Facilities Price of Energy Annual Amount con?guration West En?eld Full operation; #1 20.5 Jonesboro - Capacity/back-up 175,000 ISO NE $13.40 180 NE $2,345,000 to West En?eld West Entield - Full operation; #2 40 Jonesboro - Full operation and 250,000 ISO NE $13.40 ISO NE $3,350,000 innovation platform #3 20.5 15:31:11: ?1831?? 0? we? 125,000 ISO NE $20.00 ISO NE $2,500,000 We are happy to discuss this proposal with you at your convenience. Please do not hesitate to contact us with any questions. I ours tt uly r. film, William HA Director 5 1?age                                                  I.   The Name, Address and Contacts of Petitioner Primary Contact William Harrington Stored Solar, LLC 254 Commercial Street Portland, Maine 04101 Tel. (219) 712-4764 bharrington@storedsolarllc.com II. Secondary Contact Kenneth Nydam Stored Solar, LLC 254 Commercial Street Portland, Maine 04101 Tel. (978) 697-2577 knydam@storedsolarllc.com Location of the Generation Facilities Plant  Covanta West Enfield Nameplate Capacity  27.5 MW  1231 Main Road, Route 2 ‐ West Enfield,  Address  Maine 04493  Latitude   680 37’ 40.26”N  Longitude  450 13’ 12.85”W  ISO Interconnection  un.enfld_me115 ind5  Covanta Jonesboro    27.5 MW  62 Whitneyville Road ‐ Jonesboro,    Maine  04648    670 32’ 51.26”N    440 40’ 42.98”W    un.washingtn34.5IND6  The Jonesboro Biomass facility is located at 61 Whitneyville Road, Jonesboro, in Washington County, Maine (Latitude: 44.678, Longitude 67.546). It is located on a hilltop surrounded by forests and in a sparsely populated region. The property is approximately 110 acres. The West Enfield Biomass facility is located at 1231 Main Road, West Enfield, in Penobscot, Maine (Latitude: 45.253, Longitude -68.628). It is located on a relatively flat and rural site surrounded by forests and within a sparsely populated region. The plant is within five miles of the Penobscot River, in central Maine, approximately 35 miles north of Bangor, Maine. The property is +500 acres. 6 Page Description of the Generation Facility Resources The Facility, located in West En?eld, Maine, was completed in late 1986 and commissioned in early 1987. The Facility, located in Jonesboro. Maine, was completed in late 1986 and commissioned in early 1987. Employee Resources Both facilities employed 42 employees when operating at 100% Proposal #1 will require full staffmg at West En?eld and partial staf?ng at Jonesboro. Proposal #2 will require full staf?ng at both facilities. Biomass Resources Both facilities are biomass resom'ces as de?ned in the Act. The onesboro facility is quali?ed in the State of Maine as Class 1. The West En?eld facility has a pending application into the PUC for Class 1 treatment in Maine which is docket #2010-00189. (See Appendix - Biomass Scale Repon from 2015 for Jonesboro and West En?eld) Proposal Plant Estimated Tons #1 West Enfield 250,000 n/a onesboro 250.000 #2 TOTAL 500,000 Generation Resources Both plants are similar as each biomass boiler uses a Best Available Control eclmology (BACT) i.e. Circulating Fluidized Bed combustion technology developed by Babcock Wilcox to combust wood chips, bark. tree limbs and tops. mill residue and other clean forest-related biomass. The boiler is rated at 218,640 pounds per hour of steam ?ow at 955 degrees Fahrenheit and 1.250 pounds per square inch. The boiler feeds a single steam turbine-generator set with a gross rating of +27 MW. The air permits for onesboro and West En?eld are A-91-70-C-R.2 and 2 A copy of the Facility?s air permit may be found at lai.pdf 3 A copy of the Facility?s air permit may be formd at 1111 ?de fair/licensin ("TitleVlicenses/a127ai. df. ://vnwv . ma ine. 00w Refurbishments Requiring Additional CAPEX West En?eld was scheduled to perform upgrade in a planned outage 2Q16. which were not performed. Restarting West Enfield will require CAPEX to replace the U-Beams. After a technical due diligence was perfonned 011 both plants. it was deteimined that additional CAPEX will be required to extend the useful life of these facilities beyond the 2-year contract. Plant Refurbishment #1 West Enfield Boiler and wood feeder 11 de n/a Jonesboro Boiler and wood feeder 11 de #2 TOTAL 8 Page                                                  IV.   Proposals - listed on a per year basis 1) Scope Stored Solar submits a "Project" proposal for a physical sale of energy from the facilities at the market price plus $13.40 per MWh. This proposal is for energy only and not a bid for the sale of Capacity, or Renewable Energy Credits where the project includes the two generating assets of West Enfield and Jonesboro. The two biomass resources aggregated production would be combined under the agreement as this proposal is to enter into a single BIOMASS GENERATED ENERGY PURCHASE AND SALE AGREEMENT with Emera Maine as the T&D, or Central Maine Power Company, or a combination of the two. 2) Price Proposal is a physical sale of energy from the facilities at the ISO-NE market price plus $13.40 per MWh. The $13.40 per MWh will be received by Stored Solar from the fund on a MWh production basis. This proposal is for energy only and not a bid for the sale of Capacity, or Renewable Energy Credits. In this physical sale of energy model, Stored Solar accepts full market risk for wholesale power fluctuations for duration of the contract. The objective is to utilize additional funding to reinvest in the long term sustainable operation of assets. Proposal MW #1 20.5 #2 40 #3 20.5 Resource Facilities configuration West Enfield - Full operation; Jonesboro - Capacity/back-up to West Enfield West Enfield - Full operation; Jonesboro - Full operation and innovation platform Either Jonesboro or West Enfield MWh/Yr Price of Energy $/MWh Annual Amount 175,000 ISO NE + $13.40 ISO NE + $2,345,000 250,000 ISO NE + $13.40 ISO NE + $3,350,000 125,000 ISO NE + $20.00 ISO NE + $2,500,000 3) Optional proposal (mutually non-exclusive) Both above mentioned mutually exclusive proposals assume the bundling of the output of West Enfield and Jonesboro based on the below Q&A: Q2: Is it permissible for a bidder to bundle the output of more than one facility? A2. It may be, but, if possible, bidders should provide bids both ways, i.e., on a bundled and facility-specific basis. In the event that the PUC determines that bundling of generation resources is not permissible, Stored Solar would accept either plant or both-West Enfield or Jonesboro- at a max generation of 125 000 MWh each per year with a physical sale of energy from one of the 2 facilities at the ISONE market price plus $20 per MWh. 9 Page                                                    4) Current obligations of the assets Per Docket No. 2016-00084 2016 Biomass Resources RFP (Docket No. 2016-00084) Date: June 17, 2016. Both Generator Asset #445 West Enfield and #446 Jonesboro had capacity obligation from ISO-NE in April 2016 from the Monthly Reconfiguration Action (MRA). Generator Name and Asset # Jonesboro #446 West Enfield #445 Qualified Capacity MW 20.226 21.446 Period April 2016 - MRA April 2016 - MRA 5) Current status of the assets and proposed operational procedures Stored Solar will be the owner and operator of both plants. The previous ownership placed both units in long term outage in May 2016. Stored Solar submits these proposals as the new operator and makes declaration that the plants meet 50% capacity test for continuing to operate as follows: 1. Will participate in upcoming Monthly Reconfiguration Auctions within the time period of June 2016 to May 2017 ISO-NE capacity year; and 2. Generating assets already committed for June 2017 to May 2018 time period as both plants have Forward Capacity Auction obligations. Generator Name and Asset # Jonesboro #446 West Enfield #445 Qualified Capacity MW 20.226 20.461 Period FCA #8 FCA #8 Today, arrangements are being made to return the assets to service following prior owners long term outage. Also, under each proposal, there is a projected operations schedule for the anticipated two-year contract term to demonstrate that the facility is expected to operate at 50% capacity or greater except for planned and forced outages.  6) Performance Security Stored Solar will provide a performance security within 2 business days of contract execution either in cash (U.S. dollars); a bank guarantee at first demand or an irrevocable, transferable and unconditional standby letter of credit, both would be issued by a U.S. commercial bank (Bank of America) or a foreign bank with a U.S. branch with such bank having a minimum credit rating of A- from S&P or A3 from Moody’s. Stored Solar proposes to the Commission to reconvene on the type of security after the final amount is determined. 10 P a g e                                                    Proposal #1 - West Enfield - Full operation; Jonesboro - Capacity/back-up to West Enfield 1. We propose a physical sale of energy from the facilities at the market price plus $13.40 per MWh with Emera Maine as the T&D, or Central Maine Power Company, or a combination of the two. This proposal is not a bid for the sale of Capacity or RECs. 2. 20.5 MW per hour 3. Requested Quantity is 175,000 MWh's per year; Total for 2-year contract 350,000 MWh. The proposal is for a physical sale of energy from the facilities at the market price plus $13.40 per MWh in a fixed annual amount of MWhs to be set by the PUC, provided that such amount shall be no less than 125,000 MWhs per year up to an annual cap of 175,000 MWhs 4. The PUC, at its discretion, can request proposal modification for adjustment to the fixed quantity amount based on West Enfield operating as primary with Jonesboro as back-up. 5. The PUC, at its discretion could convert this proposal to a financial contract for differences where the difference is fixed at $13.40 per MWh. Stored Solar submits a "project" proposal where the project includes the two generating assets of West Enfield and Jonesboro biomass resources collectively to be considered the project. The two biomass resources aggregated production would be combined under the agreement as this proposal is enter into one BIOMASS GENERATED ENERGY PURCHASE AND SALE AGREEMENT with Emera Maine as the T&D, or Central Maine Power Company, or a combination of the two. The project output is a maximum of 175,000 MWh per year. Proposal's projected operations schedule for the quantity is below for the each year of the anticipated two-year contract term. Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 West Enfield 14,583 14,583 Jonesboro 14,583 14,583 14,583 14,583 14,583 14,583 14,583 14,583 14,583 14,583 145,830 29,166 TOTAL MWh 14,583 14,583 14,583 14,583 14,583 14,583 14,583 14,583 14,583 14,583 14,583 14,583 174,996 Price of Energy $/MWh ISO NE + $13.40 ISO NE + $13.40 ISO NE + $13.40 ISO NE + $13.40 ISO NE + $13.40 ISO NE + $13.40 ISO NE + $13.40 ISO NE + $13.40 ISO NE + $13.40 ISO NE + $13.40 ISO NE + $13.40 ISO NE + $13.40 Annual Amount ISO NE + $ ISO NE + $ ISO NE + $ ISO NE + $ ISO NE + $ ISO NE + $ ISO NE + $ ISO NE + $ ISO NE + $ ISO NE + $ ISO NE + $ ISO NE + $ 195,412 195,412 195,412 195,412 195,412 195,412 195,412 195,412 195,412 195,412 195,412 195,412 ISO NE + $ 2,344,946 11 P a g e                                                    Fund payments under this project agreement would be for an output 175,000 MWh with the primary generating facility being West Enfield as it has a better marginal cost and available biomass. If the West Enfield facility has a planned or unplanned outage, or is operating at reduced load, then the Jonesboro facility can be turned on and its production would receive the same $/MWh. Mechanics of transaction will be payment from the funding mechanism for each hour up to 20.5 MWh in an hour. Project would receive a payment for the hourly generation for Jonesboro and West Enfield, however would only request the payment from the long term contract up to an output maximum of 20.5 for a given hour. If both units are operating, in no one hour of production will there be any request for funding for the incremental MWh above 20.5 if an hour exceeds 20.5 MW/hr under the agreement. Annually the combined billing for generation under the agreement will not exceed 175,000 MWh. The proposal allows for flexibility regarding the ability to manage the biomass fuel due to receiving fuel at two sites. This agreement benefits two counties in Maine in many aspects: a. The biomass suppliers in the vicinity of each plant (such as Treeline, Gardner companies,… for West Enfield for example) will avoid long haul transportations to deliver their products. b. As a consequence, the fuel consumption is reduced, so do the related GHG emissions c. The logging communities will also indirectly benefit from the power plants activity d. The power plants marginal cost improves since inventory can only be replenished in line with the operation and the ability to switch operation from one facility to the other to replenish the fuel pile has operational advantages - the burn ratios improve as wood pile ages. The project will share employees at both locations and with reduced staffing, improve margins. The goal is long term sustainability allowing for infrastructure improvements at both facilities to achieve long term benefits for the plants and the local communities. Provides benefits to ratepayers: Stored Solar’s proposal is for the long-term contract to pay $13.4 per MWh in addition to the market price. However, there are benefits to the rate payer who will receive the following for each MWh is generated at West Enfield and Jonesboro. Class 1 REC: Maine RPS will need approximately 1.2 million Class 1 RECs in 2017. Per statute the compliance rate is a 10% requirement for Class 1 on year's retail load which is expected to be 12 million MWhs. With the significant closure of biomass generation in the pulp and paper facilities or biomass power plants, the supply of Class 1 is dropping. PUC preference should be directed to generation with Maine Class 1 attributes. London Economic International (“LEI”) was retained by the Maine Public Utilities Commission (“MPUC”) to prepare a comprehensive analysis of the impacts of the Renewable Portfolio Standard (“RPS”) requirements in Maine which can be used to substantiate benefit. Recent 12 P a g e                                                    data such as 2015 pricing had Maine Class 1 selling a $10/REC discount to other New England Class 1 RPS due to oversupply which has benefitted Maine rate payers in lowering the rate. The concern is, with the reduction biomass generated electricity end MWh, the REC market rates for 2016 Maine Class 1 are already approaching pricing levels of other New England RECs which means the privilege to the rate payer of $10/REC discount could deteriorate. Capacity: Biomass-derived energy is a critical source of renewable base load power in Maine and an important component of an affordable, diverse renewable energy portfolio that serves as an end-market. Keeping the generating plants in the capacity market mitigates the effects of any regional or federal capacity resource mandates. Having generation in market with lower capacity costs in Maine enhances reliability. These items have value to rate payers and the proposal requests PUC to use prior analysis to rate payer benefit. Our proposal which incorporates two plants (instead of potentially only one) in one contract, benefits the State of Maine with double the capacity and improved reliability in the system. RGGI: For Maine in 2014, RGGI cost ratepayers $11.37 million and per PUC reports for 2014 load was 12,002,661 MWh which calculates to $0.95 per MWh. By keeping the West Enfield and Jonesboro power plants in operation thanks to the present RFP, the rate payer benefit is warranted that for each biomass generated MWh fossil fuel generation is avoided, and therefore, avoid RGGI. Price Suppression: Unlike natural gas units which can shut down quickly, these Biomass units operate in continuous mode. Therefore there are times the units will displace generation resources with greater marginal costs of production, thereby lowering the overall wholesale prices of energy. With these biomass plants running at times below their marginal cost, the units will provide a measurable price suppression effect. Our proposal requests PUC to use prior analysis to determine rate payer benefit. Hedge: The natural gas business has been known to have significant price movement within a short period of time. When natural gas prices rise, biomass resources provide a lower cost alternative. Entering into a 2-year contact does provide a future natural gas price hedge which has a ratepayer benefit through lowering electricity costs and providing a volatility hedge over the term of the contract. Proposal requests the PUC to use prior analysis regarding rate payer benefit. ITEM Class 1 REC Capacity Benefit to Rate Payer Additional supply of Maine REC reduces price and volatility Jonesboro remains in ISO-NE Capacity Market RGGI Biomass offsets to fossil fuel Price Suppression Continuous Operation during below market operation Energy Hedge Natural Gas commodity price protection Amount of Benefit $10/REC Higher capacity results in reduced $/kwmonth within ISO-NE wholesale market $0.95/MWh Marginal cost conditions result in price suppression Protection against natural gas price volatility 13 P a g e                                                    Provides in-state benefits: The proposal provides in-state benefits such as capital investments to improve long-term viability of the facility, permanent direct jobs, and payments to municipalities, payments for fuel harvested in the State, payment for in-state resource access, in-state purchases of goods and services and construction-related jobs and purchases. Biomass energy resources are readily available in rural economically depressed areas of Maine. Biomass-based industries can provide appreciable employment opportunities and promote biomass re-growth through sustainable land management practices. ITEM Direct Jobs and indirect Jobs (see page 22 ) Payments for Fuel Payments to Municipality In-state Purchases CAPEX In-state Benefit Estimated 20-22 Direct at each plant Estimated +20 biomass fuel supply contracts Estimated indirect jobs (5x) 100 to 110 +250,000 tons (West Enfield only) West Enfield and Jonesboro >80% of expenditure are in-state of Maine Plant upgrade and restocking inventory Amount/year Reduces greenhouse gas emissions: Bioenergy systems offer significant possibilities for reducing greenhouse gas emissions due to their immense potential to replace fossil fuels in energy production. Biomass reduces emissions and enhances carbon sequestration since forests lands accumulate carbon in the soil. There is a rate payer benefit whenever fossil fuels are not used. Goal should be to reduce carbon emissions and thus the external costs of electricity generation. While carbon markets internalize some of these costs, carbon prices in the prevailing regulatory market (RGGI) are below most estimates of carbon emission costs which represents an increased benefit for non-fossil production. Please refer to: http://www.epa.gov/cleanenergy/energy-and-you/affect/air-emissions.html http://energypolicyupdate.blogspot.com/2015/06/Maine-RGGI-report-2015.html EPA’s Clean Power Plan, finalized in August 2015, concluded that the use of “qualified biomass” for producing power can be considered a compliance strategy for states to meet statewide emission goals. EPA found that waste-derived and forest-derived industrial byproducts “are likely to have minimal or no net atmospheric contributions of CO2 emissions.” 4 4 Carbon Pollution Emission Guidelines for Existing Stationary Sources: Electric Utility Generating Units, 1161, (Aug. 3, 2015) (to be codified at 40 C.F.R. pt. 60), available at http://www2.epa.gov/cleanpowerplan/clean-power-plan-existing-powerplants. 14 P a g e                                                    With qualified biomass as a zero emission, utilizing wood is significantly more beneficial than leaving biomass in woods which would result in methane that is 25 times more harmful than CO. Promotes fuel diversity: Biomass energy has rapidly become a vital part of the global renewable energy mix and account for an ever-growing share of electric capacity added worldwide. As per a recent UNEP report, total renewable power capacity worldwide exceeded 1,470 GW in 2012, up 8.5% from 2011. Renewable energy supplies around one-fifth of the final energy consumption worldwide. When compared with wind and solar energy, biomass plants are able to provide crucial, reliable baseload generation. Biomass plants provide fuel diversity, which protects communities from volatile fossil fuels. Since biomass energy uses a Maine based fuel source, biomass power greatly reduces our dependence on foreign energy sources and increases national energy security. The natural gas business has been known to have significant price movement within a short period of time. When natural gas prices rise, biomass resources provide a lower cost alternative. Supports or improves grid reliability: In addition to rate payer benefits by keeping in-state generating plant in the capacity market, there is the added benefit of grid reliability - the units can be required to can be turned on for system needs. There is an added benefit regarding the Jonesboro facility being connected to the Emera distribution system. The benefit is greater at Jonesboro than at West Enfield which is tied directly to the ISONE system. Per discussions with Emera, during peak hours the production of Jonesboro usually matches the local system demand so energy generated is consumed locally. Proposal requests PUC to use prior analysis to assess impact to grid reliability. 15 P a g e                                                    Proposal #2 West Enfield & Jonesboro full operation 1. We propose a physical sale of energy from the facilities at the market price plus $13.40 per MWh with Emera Maine as the T&D, or Central Maine Power Company, or a combination of the two. This proposal is not a bid for the sale of Capacity or RECs. 2. 40 MWh per hour 3. Requested Quantity is 250,000 MWh's per year; Total for 2-year contract 500,000 MWh. The proposal is for a physical sale of energy from the facilities at the market price plus $13.40 per MWh in a fixed annual amount of MWhs to be set by the PUC. 4. Generation from both West Enfield and/or Jonesboro 5. The PUC, at its discretion could convert this proposal to a financial contract for differences where the difference is fixed at $13.40 per MWh. Stored Solar submits a "project" proposal where the project includes the two generating assets of West Enfield and Jonesboro biomass resources collectively to be considered the project. The two biomass resources aggregated production would be combined under the agreement as this proposal is enter into one BIOMASS GENERATED ENERGY PURCHASE AND SALE AGREEMENT with Emera Maine as the T&D, or Central Maine Power Company, or a combination of the two. The project output is a maximum of 250,000 MWh per year. Stored Solar submits a "project" proposal where the project includes the two generating assets of West Enfield and Jonesboro biomass resources collectively to be considered the project. The two biomass resources aggregated production would be combined under the agreement as this proposal is enter into one BIOMASS GENERATED ENERGY PURCHASE AND SALE AGREEMENT with Emera Maine as the T&D, or Central Maine Power Company, or a combination of the two. The project output is a maximum of 250,000 MWh per year. Proposal's projected operations schedule for 250,000 MWh quantity is below for each year of the anticipated two-year contract term. Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 West Enfield Jonesboro TOTAL MWh MWH price Total 12,500 12,500 12,500 12,500 12,500 25,000 25,000 12,500 12,500 25,000 25,000 25,000 25,000 25,000 12,500 12,500 25,000 250,000 ISO NE + $13.40 ISO NE + $13.40 ISO NE + $13.40 ISO NE + $13.40 ISO NE + $13.40 ISO NE + $13.40 ISO NE + $13.40 ISO NE + $13.40 ISO NE + $13.40 ISO NE + $13.40 ISO NE + $13.40 ISO NE + $13.40 ISO NE+ $ 335,000 ISO NE+ $ 335,000 ISO NE+ $ 167,500 ISO NE+ $ 167,500 ISO NE+ $ 335,000 ISO NE+ $ 335,000 ISO NE+ $ 335,000 ISO NE+ $ 335,000 ISO NE+ $ 335,000 ISO NE+ $ 167,500 ISO NE+ $ 167,500 ISO NE+ $ 335,000 ISO NE+ $ 3,350,000 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 125,000 12,500 12,500 12,500 12,500 12,500 12,500 12,500 125,000 16 P a g e Mechanics of transaction will be payment from the funding mechanism for each hour 11p to 40 Project would receive a payment on the hourly generation for Jonesboro and West En?eld. however would only request the payment under the long term contract up to an output maximum of 40 MW for a given hour. If both units are operating, in no hour of production will there be any request for funding if an hour exceeds 40 MW under the agreement. Annually the combined billing for generation under the agreement will not exceed 250.000 This agreement bene?ts two counties in Maine in many aspects: a. The biomass suppliers in the vicinity of each plant (such as Treeline. Gardner for West En?eld for example) will avoid long haul transportations to deliver their products. As a consequence. the fuel consumption is reduced. so do the related GHG emissions The logging communities will also indirectly bene?t from the power plants activity d. The goal is long term sustainability allowing for infrastructru?e improvements at both facilities to achieve long term bene?ts for the plants and the local conmrurrities. 00" The proposal is to have both Jonesboro and West En?eld both operate at 50% capacity or greater except for plarmed and forced outages. Regarding operating methodology. the facilities operate on year round resulting in amrual generation ranges between 110 and 130 The proposal goal is the maximize bene?ts to the State of Maine while allowing the facilities to operate in an ef?cient marmer with the objective of reaching maximum contract and be in position for long term stability. In this scenario the ?nancial assistance received from the fund will allow Stored Solar to cover its base operating cost and operate Jonesboro as a platform for Research. Development Commercialization of Bio-Energy irmovations in conjunction with: to establish a research. internship and training progranrs in several areas that will lead to the long- term viability of biomass energy plants 1. Inside the Box: Improvements to increase the ef?ciency of Biomass-Energy conversion. For example a. Substitution of sand as a circulation medium in CFB boilers. for ex by lobster ground shells b. Improving operating set points to extend the higher operating ef?ciency of the boilers. tru?bines and feedstock equipment 17 Page                                                    2. Outside the Box: Establishing off-take hosts for plant derivatives such as steam, hot water and CO2 in areas of a. Agriculture- greenhouses and carbon sequestration b. Aquaculture - fish farming and oxidization of water supply c. Food & wood processing facilities d. Alternative fuels This proactive program has far-reaching, long-term in-state benefits as the success of making a renewable energy source such as biomass-energy market competitive and economically selfsustaining is a key goal of the State of Maine. It has a significant impact to the overall economic development goals of the State as it brings in additional jobs, taxable income and the revitalization of economically depressed regions of Maine where other types of industry would be unwilling to invest or move their businesses to. The development of efficient biomass handling technology, improvement of agro-forestry systems and establishment of small and large-scale biomass-based power plants can play a major role in rural development. Biomass energy could also aid in modernizing the agricultural economy. Provides benefits to ratepayers; Stored Solar is assuming the energy, capacity and REC risk. The “ask” to the PUC is an added payment on top of monies received from the ISO-NE. The fund will not impact the rate payer as the source is does not require allocation from electric rates. However, there are benefits the rate payer who will receive the following for each MWh is generated at West Enfield and Jonesboro. Class 1 REC: Maine RPS will need approximately 1.2 million Class 1 RECs in 2017. Per statute the compliance rate is a 10% requirement for Class 1 on year's retail load which is expected to be 12 million MWhs. With the significant closure of biomass generation in the pulp and paper facilities or biomass power plants, the supply of Class 1 is dropping. PUC preference should be directed to generation with Maine Class 1 attributes. London Economic International (“LEI”) was retained by the Maine Public Utilities Commission (“MPUC”) to prepare a comprehensive analysis of the impacts of the Renewable Portfolio Standard (“RPS”) requirements in Maine which can be used to substantiate benefit. Recent data such as 2015 pricing had Maine Class 1 selling a $10/REC discount to other New England Class 1 RPS due to oversupply which has benefitted Maine rate payers in lowering the rate. The concern is, with the reduction biomass generated electricity end MWh, the REC market rates for 2016 Maine Class 1 are already approaching pricing levels of other New England RECs which means the privilege to the rate payer of $10/REC discount could deteriorate. To additionally benefit the rate payer, Stored Solar will sell 50% of Agreement's MWh / REC into Maine's RPS if the price is within $5 from other New England Class 1 RPS prices. 18 P a g e                                                    For example if Stored Solar generates 150,000 RECs we would sell a minimum of 75,000 RECs in the State of Maine under the following conditions: 1. West Enfield is approved as Maine Class 1 2. The REC pricing for Maine is within $5 of competing RPS program prices Capacity: Biomass-derived energy is a critical source of renewable base load power in Maine and an important component of an affordable, diverse renewable energy portfolio that serves as an end-market. Keeping the generating plants in the capacity market mitigates the effects of any regional or federal capacity resource mandates. Having generation in market with lower capacity costs in Maine enhances reliability. These items have value to rate payers and the proposal requests PUC to use prior analysis to rate payer benefit. Our proposal which incorporates two plants (instead of potentially only one) in one contract, benefits the State of Maine with double the capacity and improved reliability in the system. RGGI: For Maine in 2014, RGGI cost ratepayers $11.37 million and per PUC reports for 2014 load was 12,002,661 MWh which calculates to $0.95 per MWh. By keeping the West Enfield and Jonesboro power plants in operation thanks to the present RFP, the rate payer benefit is warranted that for each biomass generated MWh fossil fuel generation is avoided, and therefore, avoid RGGI. Price Suppression: Unlike natural gas units which can shut down quickly, these Biomass units operate in continuous mode. Therefore there are times the units will displace generation resources with greater marginal costs of production, thereby lowering the overall wholesale prices of energy. With these biomass plants running at times below their marginal cost, the units will provide a measurable price suppression effect. Our proposal requests PUC to use prior analysis to determine rate payer benefit. Hedge: The natural gas business has been known to have significant price movement within a short period of time. When natural gas prices rise, biomass resources provide a lower cost alternative. Entering into a 2-year contact does provide a future natural gas price hedge which has a ratepayer benefit through lowering electricity costs and providing a volatility hedge over the term of the contract. Proposal requests the PUC to use prior analysis regarding rate payer benefit. Our proposal incorporates two plants benefits State of Maine with an improved reliability in the system especially at Jonesboro due to their location on the grid. ITEM Class 1 REC Capacity RGGI Price Suppression Energy Hedge Benefit to Rate Payer Additional supply of Maine REC reduces price and volatility Jonesboro remains in ISO-NE Capacity Market Biomass offsets to fossil fuel Continuous Operation during below market operation Natural Gas commodity price protection Amount of Benefit $10/REC Higher capacity results in reduced $/kw-mth within ISONE wholesale market $0.95/MWh Marginal cost conditions result in price suppression Protection against natural gas price volatility 19 P a g e                                                    Provides in-state benefits: The proposal provides in-state benefits such as capital investments to improve long-term viability of the facility, permanent direct jobs, payments to municipalities, payments for fuel harvested in the State, payment for in-state resource access, in-state purchases of goods and services and construction-related jobs and purchases; Biomass energy resources are readily available in rural economically depressed areas of Maine. Biomass-based industries can provide appreciable employment opportunities and promote biomass re-growth through sustainable land management practices. ITEM Direct Jobs and indirect Jobs (see page 22) Payments for Fuel Payments to Municipality In-state Purchases CAPEX In-state Benefit Amount/year Estimated 20-22 Direct at each plant: (total=40-42) Estimated +40 biomass fuel supply contracts Estimated indirect jobs (5x) 100 to 110 +500,000 tons West Enfield and Jonesboro >80% of expenditure are in-state of Maine Plant upgrade and restocking inventory Reduces greenhouse gas emissions: Bioenergy systems offer significant possibilities for reducing greenhouse gas emissions due to their immense potential to replace fossil fuels in energy production. Biomass reduces emissions and enhances carbon sequestration since forests lands accumulate carbon in the soil. There is a rate payer benefit whenever fossil fuels are not used. Goal should be to reduce carbon emissions and thus the external costs of electricity generation. While carbon markets internalize some of these costs, carbon prices in the prevailing regulatory market (RGGI) are below most estimates of carbon emission costs which represents an increased benefit for non-fossil production. Please refer to: http://www.epa.gov/cleanenergy/energy-and-you/affect/air-emissions.html http://energypolicyupdate.blogspot.com/2015/06/Maine-RGGI-report-2015.html EPA’s Clean Power Plan, finalized in August 2015, concluded that the use of “qualified biomass” for producing power can be considered a compliance strategy for states to meet statewide emission goals. EPA found that waste-derived and forest-derived industrial byproducts “are likely to have minimal or no net atmospheric contributions of CO2 emissions.” 5 5 Carbon Pollution Emission Guidelines for Existing Stationary Sources: Electric Utility Generating Units, 1161, (Aug. 3, 2015) (to be codified at 40 C.F.R. pt. 60), available at http://www2.epa.gov/cleanpowerplan/clean-power-plan-existing-powerplants. 20 P a g e                                                    With qualified biomass as a zero emission, utilizing wood is significantly more beneficial than leaving biomass in woods which would result in methane that is 25 times more harmful than CO. Promotes fuel diversity: Biomass energy has rapidly become a vital part of the global renewable energy mix and account for an ever-growing share of electric capacity added worldwide. As per a recent UNEP report, total renewable power capacity worldwide exceeded 1,470 GW in 2012, up 8.5% from 2011. Renewable energy supplies around one-fifth of the final energy consumption worldwide. When compared with wind and solar energy, biomass plants are able to provide crucial, reliable baseload generation. Biomass plants provide fuel diversity, which protects communities from volatile fossil fuels. Since biomass energy uses a Maine based fuel source, biomass power greatly reduces our dependence on foreign energy sources and increases national energy security. The natural gas business has been known to have significant price movement within a short period of time. When natural gas prices rise, biomass resources provide a lower cost alternative. Supports or improves grid reliability: In addition to rate payer benefits by keeping in-state generating plant in the capacity market, there is the added benefit of grid reliability - the units can be required to can be turned on for system needs. There is an added benefit regarding the Jonesboro facility being connected to the Emera distribution system. The benefit is greater at Jonesboro than at West Enfield which is tied directly to the ISONE system. Per discussions with Emera, during peak hours the production of Jonesboro usually matches the local system demand so energy generated is consumed locally. Proposal requests PUC to use prior analysis to assess impact to grid reliability. 21 P a g e CAPERGY a Sitecogen Company La performance durable The sustainable performance A specialized group in Energy Production and Conversion since 1982  Group Panorama - 2013– Page 1 Strategy & Key Figures Mission statement : Sustainable Performance • The group is specialized since the early 1980’s in the  production and conversion of energy • • • • • Target market from 1 MW to 500 MW Conventional Power and CHP generation (Nat Gas, HFO, ..) Renewable Power and CHP generation using biomass and biogas Solar (photovoltaic) power generation Energy savings and reductions in CO2 emissions Key Figures • • • • Over 30 years experience Over 8.000 installations built or acquired Experience/Installed base : >3 GW > 2.500 employees (World Wide) CAPERGY Group Panorama - 2013– Page 2 a Sitecogen Company The sustainable performance Key Company Highlights CAPERGY is a SITECOGEN Company, CAPERGY’s key executives, are leading and well Sitecogen being a private investment company recognized players in the energy sector in Europe based in Paris (France) with representation and the USA which they decided to target, being offices in Beirut (Lebanon), Chicago & Boston mature energy markets. With their successful track (USA). Its dedicated focus is energy assets record acquisition and management including waste to international energy business, CAPERGY offers to energy conversion, renewable, and sustainable its industrial and financial project partners, capital power generation. contribution, and associated technical management expertise team and in asset management skills CAPERGY combines the conservative investment rationale of a Family Office, the assets management know-how of its founders and their 35 years experience within the Energy industry and the support of its network of investors and financial institutions. CAPERGY Group Panorama - 2013– Page 3 a Sitecogen Company The sustainable performance Key Company Highlights Exit Strategy M&A Expertise Identification of potential exits at acquisition or development stage Focus and Identification of only contracted revenues opportunities. Assets Ownership structure is planned for optimized exit Technical and economic viability analysis. Asset Management with focus on exit target Due diligence process (technical, economic, financial, legal, tax, insurance…). Average asset carrying period: 38,2% of the revenues contract period Negotiation of SPA, shareholders agreement and security package with third parties (counterparties and banks). . Business plan and return on investment analysis. Project Financing Expertise Identification of available financial resources (local and international banks, bond markets, Export Credit Agencies, Multilateral Institutions…). Non-recourse, project debt financing used for the construction and operation of assets Financial modeling, technical and financial assumptions, risk evaluation, project contracts… Environmental, Health and Safety Power of Leadership People Values (Culture) Courage to challenge Plan to Succeed Perception of Exposure to Risk Due diligence process supervision. Negotiation, review and execution of financing documentation (including hedging strategy and security package). Financing structure optimization. CAPERGY Group Panorama - 2013– Page 4 a Sitecogen Company The sustainable performance Key Executives Fahim SAMAHA: Electrical Engineer, President and Chairman of the Board of SITECOGEN Ltd (> 3GW installed base), serves as Board Member in multiple energy related companies such as SPCS, Site Technology, … has over 34 years experience in energy conversion and power generation sectors in Europe, MENA, the US and the near East. Dr Kimberly SAMAHA: Electrical Engineer, MBA, PhD specializes in US market, managing acquisitions into large multi-national companies such as AES, Constellation Energy, ABB, GE, Alstom and Areva. A serial entrepreneur for over 30 years, she founded and still heads the international forums Bordeaux Energy Colloquium, Beirut Ethics Colloquium and currently holds a teaching position in Ethics at AUB School of Business Johann PÖLZ: holds a Masters of Social and Economic Sciences from University of Economics and Business Administration, Vienna, Austria, currently serves as Board Member in multiple energy related companies such as Maxim Power Corp, and has over 38 years experience in the energy and power generation sectors in Europe and the US with executive positions held at GE Energy, Steyr, … Noël BILLARD: holds a Masters in Chemical Engineering from Ecole Nationale Supérieure d’Ingénieurs de Génie Chimique de TOULOUSE, 15 years’ experience as construction project manager in paper industry + 10 years’ experience in energy and power generation as technical director CAPERGY Group Panorama - 2013– Page 5 a Sitecogen Company The sustainable performance Track Record  portfolios   Portfolio Years Regions 1 1982-87 KSA, Iraq, UAE, Jordan 2 Focus Investment Exit CHP, CCGT, Data Centers, GSE 600M$ 1987 1988-89 Algeria, Morocco, Tunisia, Senegal, Ivory Coast, Burkina Faso, Cameroun, Benin, Togo, Congo, Gabon, Nigeria CHP, CCGT, GSE 30M$ 1989 3 1990-94 EU, MENA CHP, Peak PP, GSS 60M$ 1994 4 1993-2008 EU, MENA, India CHP, biogas 1 400M$ 2008 5 2003-2012 EU, MENA Biomass, biogas, 300M$ 2012 6 2006-2012 EU PV, Waste to Energy, WHR 450M$ 2012 7 2013-16 Spain, US Biomass, CHP, PV 120M$ Feb 2016 8 2016- EU, US Biomass, CHP, PV, Waste to Energy, WHR 500M$ (target) Current CAPERGY Group Panorama - 2013– Page 6 a Sitecogen Company The sustainable performance Track Record  VC/Innovation   VC/Innovation Years Regions Focus Investment Exit 1 1992-2006 France, Denmark Wood Gasification 8 M$ 2006 2 1998-2005 France, Ireland Wave Energy 3 M$ 2005 3 1999-2004 France, Italy Electrical & Hybrid Buses (EPT) 6 M$ 2004 4 2003-2012 France Electric vehicles (BiScot) 12 M$ 2012 5 2006-2012 France ORC (TPE,..) 2 M$ 2012 WHR (Sofame) 2 M$ Current France Tyre recycling to usable Energy & carbon Black 4 M$ 1998 France, Spain Waste to Energy, HTC 2 M$ 2013 Aquamar (potable water project) 4 M$ Current 6 2008 to date France 7 1994-98 8 2011-2013 9 1996 to date France CAPERGY Group Panorama - 2013– Page 7 a Sitecogen Company The sustainable performance TRACK RECORD : PORTFOLIOS   CAPERGY Group Panorama - 2013– Page 8 a Sitecogen Company The sustainable performance PV Program 2006‐2012: >450 MW Track Record  portfolios   by technology CAPERGY Group Panorama - 2013– Page 9 a Sitecogen Company The sustainable performance CHP Program 1982‐2008: > 2 000 MW BESNIER/LACTALIS MALTERIES SOUFFLET Track Record  portfolios   by technology FONTENILELEC CAPERGY Group Panorama - 2013– Page 10 a Sitecogen Company The sustainable performance CHP Program 1982‐2008: > 2 000 MW Track Record  portfolios   by technology CAPERGY Group Panorama - 2013– Page 11 a Sitecogen Company The sustainable performance Biomass Program 1999‐2011: >100MW Track Record  portfolios   by technology 2005-2008:SOFFIBOIS program consisting of 3 x 20MW Biomass plants with 20 year PPA in France. 2005-2011:Biomass vertically integrated company from forest maintenance to waste wood conversion to energy in paper industry district heating and power plants. Annual Volume in 2011: 2M tons CAPERGY Group Panorama - 2013– Page 12 a Sitecogen Company The sustainable performance Track Record  portfolios   by technology Biogas Program 1993‐2008: > 200 MW  MONTAUBERT LANDFILL (F) MONTMIRAIL LANDFILL (F) Malleville LANDFILL (F) SMITOPT LANDFILL (F) COSSON LANDFILL (F) MONTAUTY LANDFILL (F) BIZI GARBIA LANDFILL (F) WWTP Tyr (Lebanon) METHANIZATION (F) WWTP Rithala – New Delhi- India CRAMADES LANDFILL (F) CAPERGY Group Panorama - 2013– Page 13 a Sitecogen Company The sustainable performance Waste Heat Recovery program 2007‐2014: > 160 MW  HFO Power Plant Track Record  portfolios   by technology STG - CC CAPERGY Group Panorama - 2013– Page 14 a Sitecogen Company The sustainable performance EIH portfolio : Jan 2013 – Feb 2016  Track Record  portfolios   EIH Spanish subsidiaries, Emma First and Berlin Biomass Power Plant Turnover >120M$ EBITDA > 35 M$ Employees > 130 Electrical MWh produced in 2015 : >34 GWh Biomass consumed in 2015 ~1 million tons Installed electrical capacity > 650 MW of generation including SLP Berlin NH 75 MW biomass PP Villanueva de Algaidas, Málaga, Spain CHP 16,6MW + Biomass 9,2MW PP Biocenter de Alcolea - Córdoba, Spain Bioenergética Egabrense (Cabra) Córdoba, Spain- CHP 13MW + Biomass 8MW PP CAPERGY Group Panorama - 2013– Page 15 a Sitecogen Company The sustainable performance Other significant portfolios  2002-2012: La Defense (Paris) 25-year concession for District cooling and heating with CHP 1996-2012 – Hydroelectric power plants in Himachal-Pradesh and Punjab - India Track Record  portfolios   1990-02 – Airbus Industry Ground Support Infrastructure (400Hz & Hydraulic ) 1992-to date– Full integrated security systems for military infrastructure installations in UAE, Qatar, and Saudi Arabia CAPERGY Group Panorama - 2013– Page 16 a Sitecogen Company The sustainable performance TRACK RECORD : VENTURE CAPITAL – INNOVATION EXPERIENCE CAPERGY Group Panorama - 2013– Page 17 a Sitecogen Company The sustainable performance VC/Innovation experience WASTE TO ENERGY (1) Biochar Agricult ure CO2 emis sion s Liq uid fert iliz er Sugarcane Bagasse Forest Organic urban waste Garden Pruning Coal energy Biochemic als Hydrother mal Carbonizati on Plant Municipal Solid Waste (organic fraction) Sewage sludge Corn Stover Sludge Waste = 0 Orange Peel Onion waste HTC Pyrol isis Torrefaction Biomass drying and burning BiogasHTC CAPERGY a Sitecogen Company Group Panorama - 2013– Page 18 The sustainable performance VC/Innovation experience WASTE TO ENERGY (2) Used Tyres to usable Energy & Carbon Black Slaughterhouse waste to Energy Industrial, O&G and Power plants direct contact heat exchanger (SOFAME) CAPERGY Group Panorama - 2013– Page 19 a Sitecogen Company The sustainable performance 1998 – 2005: Wave Energy to Electricity VC/Innovation experience CAPERGY Group Panorama - 2013– Page 20 a Sitecogen Company The sustainable performance 1999 – 2004: Electric and Hybrid buses VC/Innovation experience CAPERGY Group Panorama - 2013– Page 21 a Sitecogen Company The sustainable performance 2003 – 2012: Electric vehicles VC/Innovation experience CAPERGY Group Panorama - 2013– Page 22 a Sitecogen Company The sustainable performance 1992 ‐ 2006: Wood Gasification VC/Innovation experience CAPERGY Group Panorama - 2013– Page 23 a Sitecogen Company The sustainable performance VC/Innovation experience 2006 ‐ 2012: Organic Rankine Cycle TPE Package Process Waste Heat Source > 150f (vapor or fluid ) Waste Heat Boiler Condenser 1 Waste heat evaporates the refrigerant into a hot high pressure vapor 1 2 The hot high pressure vapor drives the high speed turbine dropping from a high temperature and pressure vapor to a high temperature low pressure vapor 2 4 Pump Turbine Generator 1.5 MW 480V 3-Phase 60 Cy 3 Hot vapor is cooled and condenses into a cool liquid 4 The pump returns the cool liquid refrigerant to the Cool Condenser Air or Water In evaporator where it is boiled to a hot vapor again repeating the process. Evaporator Condenser 3 Hot Condenser Air or Water Out Key Hot liquid or vapor Cool liquid or vapor CAPERGY Group Panorama - 2013– Page 24 a Sitecogen Company The sustainable performance Master Plan Maine The opportunity is with the perspective  of repowering idle plants, activating the  biomass supply networks, and most of  all, integrating to the contemplated  plants complementary activities to  benefit from the marginal thermal heat  that can be recovered to supply heat to  greenhouses or fish farms to be  implemented, or to extract CO2 from  flue gas and sell it. CAPERGY Group Panorama - 2013– Page 25 a Sitecogen Company The sustainable performance Master Plan Maine This opportunity would  be tied to the local  development actions in  place, namely on  innovation, VC, ….  CAPERGY Group Panorama - 2013– Page 26 a Sitecogen Company The sustainable performance Master Plan Concept Forestry Energy glasses residues Hacmlgaa Biological Physical I- C5 sugars I Chemical ii I ICEsugarsf I i Enzymatic hydrolysis Pre?treatment Dehydrati on l-lLdro gen atio Microbial ferr?ntation lnincellular fermentation HUI ._Sugar alcohols Furans Organic acids ?Simple gases Alcohols Diols Alkenes Alkanes Lipids Down SI FEE cata gsi High-level representation of pathways via the sugar platform I- -i I products Esters 'l Ethers Other chemicals, i Polymers .l Group Panorama - 2013? Page 27                                                    Appendix E : Required In-State Benefits - Proposal Contract Attachment C Stored Solar BIOMASS GENERATED ENERGY PURCHASE AND SALE AGREEMENT ANNUAL COMPLIANCE REPORT Item Unit of Measure In State Benefit Description To sell 50% of Agreement's MWh / REC into Maine's RPS if price within $5 of other New England Class 1 RPS price Example Example TOTAL Sold in State 125,000 80,000 REC * Number of REC Produced In-state Purchase Total Plant Expenditures To spend +80% of operating / maintenance/ CAPEX expenditures from Maine Sources 9,000,000 8,400,000 Fuel / Wood Procurement Total Tons over Scale To purchase 100% of fuel / wood from Maine Sources 200,000 200,000 Capacity kw-mth Securing +50% of Capacity obligation within ISO-NE 240 200 * Selling 50% of REC generation within Maine RPS dependent on West Enfield being Maine Class 1 29 P a g e STATE OF MAINE PUBLIC UTILITIES COMMISSION Docket No. 2016?00084 July 27, 2016 MAINE PUBLIC UTILITIES COMMISSION AFFIDAVIT OF Procurement of Biomass Resources William J. Harrington I, William Harrington, being duly sworn, do hereby depose and say under oath as follows: 1. My name is William J. Harrington. I am a director at Stored Solar LLC. 2. I personally participated in the preparation of Stored Solar response to the Maine Public Utility Commission' 8 June 17,2016 Request for Proposals for Biomass Resource Contracts dated July 29,2016 Request for Proposals (RFP) for the Stored Solar LLC Sale of Energy from Biomass Resources for Generator Asset #445 West Enfieid and Generator Asset #446 Jonesboro. 3. The terms of the Solar LLC Sale of Energy from Biomass Resources for Generator Asset #445 West Enfield and Generator Asset #446 Jonesboro are commercially reasonable. 4. The Solar LLC Sale of Energy from Biomass Resources for Generator Asset #445 West Enfieid and Generator Asset #446 was prepared independently and without collusion or any other action taken to restrain free, competitive bidding. 5. The information provided in the Solar LLC Sale of Energy from Biomass Resources for Generator Asset #445 West Enfield and Generator Asset #446 Jonesboro is complete and accurat x? Date a Bangor, ME this 27 day of July, 2016 WiliamJ. Harriw STATE OF Im . ?t?fntsi; ,88. Jot-ti 3.7 2016 Personally appeared the above- named [William J. Harrington] and made oath that the foregoing statements are true based on [his/her] personal knowledge. \dw mtg/c Him! Notary Public PAMELA A. HOXIE NOTARY PUBLIC State of Maine My Commission Expires February 6. 2019