EMAIL DETAILS

Sent via BlackBerry by AT&T

-----Original Message-----
From: "Michael Huerta" <mthuerta@gmail.com>
Date: Thu, 10 Feb 2011 19:04:01
To: 'Abel Navarro Homet'<abel@transatlanticeg.com>; 'Lorenzo Roccia'<lorenzo@transatlanticeg.com>
Cc: 'Devon Archer'<darcher@rosemontcapital.com>; 'Pio Mortera Nales'<pio@transatlanticeg.com>
Subject: RE: Project Sun DD and Citi bond deal

Abel, see attached. Added a few items to the list (highlighted in red)
which we discussed as well as others based on soft circle discussions with
LPs. Also, spoke with Marshal at Citi, there may be room to improve terms.
He can make himself available to talk to PWC anytime. Let me know, given
the relationship very friendly audience.


Many thanks,


Michael


From: Abel Navarro Homet [mailto:abel@transatlanticeg.com]
Sent: Tuesday, February 08, 2011 6:08 AM
To: Michael Huerta; Lorenzo Roccia
Cc: 'Devon Archer'; Pio Mortera Nales
Subject: RE: Project Sun DD and Citi bond deal


Dear Michael


I talked yesterday with PWC regarding the Citi Bond deal and they should be
having today the financial model, as soon as I receive it I will share it
with you. Hopefully we will have it ready for today´s conf call


Regarding the DD, I am attaching you the list that we mentioned last week in
which includes all the requirments that the projects should have in order
for us and the rest of the limited partners to make the transactions. I
would also add to this list the minimum IRR acceptable which in my opinion
it would be 10%, governance law inside the joint venture, tax structure
which in my opinion is very important for the profitability of the projects,
satisfactory agreements ( and documentation thereof ) on the structure of a
potential investment and the respective shareholders rights of IBR and the
Sponsors


Lets discuss everything in today´s conference call and please let me know if
you would add anything else to the list


Best


Abel


_____

De: Michael Huerta [mailto:mthuerta@gmail.com]
Enviado el: lunes, 07 de febrero de 2011 18:38
Para: Abel Navarro Homet; Lorenzo Roccia
CC: 'Devon Archer'
Asunto: Project Sun DD and Citi bond deal

Abel / Lorenzo, hope all is well.


Wanted to follow up on (i) status of due diligence materials from PWC/IBR,
and (ii) running Citi’s bond deal terms with the PWC team to see how the
IRRs pencil out.


Happy to put a quick call together so Devon and I can detail Citi’s terms
and answer any questions you or Inigo may have. At a high level Citi’s
terms look to push out greater economics, which can either flow to the
equity or stay with the GP; either way will be good to see what PWC says.
With respect to the DD materials, want to start getting the package to LPs
as well as integrated into the Sun offering materials.


Let me know how best to follow up.


Many thanks,

Michael