Hidrogen

CLARE WINDFARM LIMITED

Business Plan

18 December 2013

DUBLIN CITY UNIVERSITY

Finance for Sustainability

Academic Year 2013 - 2014

Group 6

Table of Contents

1 Project Background 3

2 Market Overview 4

3 The Company 5

4 Management team 5

5 Project counterparties 7

6 Investment strategy / horizon 9

7 Risk assessment & mitigation 9

8 Funding requirement 11

9 Financial Model 12

10 Financial Sensitivities 13

11 Conclusion 1

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Project Background

* The opportunity of investment returns in the sector has increased rapidly in recent years. Renewable technology has become more competitive, government support for the upgrading of the national grid under the stewardship of the transmission system operator, EirGrid, along with guaranteed priority of despatch for renewable generators as a result of EU legislation. Security of energy supply has become an area of concern across the globe with ever spiralling energy costs. For the consumer, “Green” is becoming more mainstream, and companies can no longer ignore their corporate social responsibilities.

* Clare Windfarm Limited (the “Company”) has been formed for the purpose of developing a large scale on-shore wind farm project of 36MW, located near the Atlantic coast in Co. Clare (the “Project”). The Project is located in the Slieve Callan uplands approximately 8km from the Booltiagh 110kv substation on 1,700 acres of land.

* The shareholders were attracted to this opportunity for a number of key reasons, as follows:

Project Size

* There are two windfarms operating within Co. Clare which are modest in size at a combined output of 32MW. The Project has the capacity to deliver a larger output than these neighbouring windfarms combined.

Geographical location

* The substation Booltiagh is conveniently located 8kms from the Project, and the location of the Project benefits from strong Atlantic winds. The shareholders of the Company believe that both the size and geographical...