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Eric/Hunter

Don't know if renewables are still of interest to you?

Vivek was one of our bankers at Trinergy - Good Guy.

I wouldn't be interested in it unless for example you were bullish on US wind and wanted to put together a syndicate in the US and I was a small part. Vivek wouldn't try to BS me on values!

Anyway, see what you think. I said I would have a cup of coffee with him in a week or two

Best

P
_________________________________

P.L.Williams
Email: pw@plwilliams.com
_____________________________________________

From: Scott Neville [mailto:scott@sjcinvest.com] On Behalf Of Williams
Sent: 09 March 2013 10:32
To: Williams
Subject: National Wind, USA ( Vivek Mittal )


From: Vivek Mittal [mailto:vivek@trishe.net]
Sent: 09 March 2013 10:28
To: Williams
Subject: National Wind, USA

Dear Paul,

It was great speaking with you after all this time - and I look forward to catching up in person when you have a moment in the near future.

As I had explained - I spend most of my time running National Wind - a developer of projects based out of Minneapolis. This is a business I helped acquire in 2011 for Trishe Energy (out of India).

National Wind started in 2007, and focused entirely on developing large projects in partnership with local communities in the upper mid-west. Their model suffered during the crisis, and we acquired this company in 2011 as a distressed play. I have spent much of 2012 dealing with the company's past debts and rebuilding the team and the business.

The Company currently owns and manages development of 1750 MW of wind projects in Minnesota, Iowa, Colorado and Ohio. Everything in the US is driven by the production tax credit, and in the current window (to Dec-13) we are planning to take four projects (320+ MW) into construction this year. We have identified turbines and EPC contractors, and are currently focused on finalising PPAs and investors. We have also started discussions to sell these projects to large IPPs. Tax Equity and debt finance will follow on.

To this end;
- Bechtel Enterprises is in exclusivity with us to co-invest in final development and construction of our two largest projects (150 MW in Minnesota and 100 MW in Ohio)
- We are in final negotiations with Google for a LT PPA on the 150 MW project.
- We are shortly listed by an Ohio utility consortium for a PPA for the 100 MW wind farm there.
- For the two smaller projects, we are also in bi-lateral discussions on PPAs with the US Army and with local utilities.

Project Sale revenues are targeted at $ 100,000/MW, and will crystallise over 2013/2014 and should result in a top line of $ 32+ m for us. There are commitments to community investors in an amount of $ 7.0 m out of this. The plan is to target an annual EBITDA of $ 8.0 - 10.0m based on this model.

We need $ 7.0 - 10 m to finish development on these four projects, and a further $ 10.0 m to refinance the existing financing in place at the company. This is what I am looking to raise at the moment.

Would love to hear about any ideas you may have on raising this capital.

Best Regards


Vivek Mittal
vivek.mital@gmail.com<mailto:vivek.mital@gmail.com>
t: +44 20 8997 5002
c: +44 7718 976 361
c: +91 965 4646 200
c: +1 612 2846007