Inea Consulting is a well-established Renewable Energy Advisory firm headquartered in Varna, Bulgaria, with local points in Austria, Germany, the UK, Italy, France and Dubai. The Company's mission is to render prime investment and engineering advisory services to regionally and internationally operating Clients in the fields of clean tech investments, mergers and acquisitions, business development and project finance. We focus particularly on the emerging markets in the Eastern Europe, CIS countries and Turkey. Amongst our clients are top-tier companies such as: Fortum, Hyundai Heavy Industries, COWI, Mitsubishi, Q-Cells, CEZ, Fuhrländer, Sharp, Lahmeyer International, SMA and many others. Over the years of operation, Inea Consulting Ltd. has become a reputable Renewable Energy Advisory firm in the above mentioned markets, with a broad contact network and hands-on experience as well as an inside knowledge of local markets, business, financial, cultural and political environments. We will help and support you to manage and minimize risks associated with renewable energy projects, starting from the earliest stages and continuing throughout the development phase, including commissioning, mergers and acquisitions and asset management. Our network structure allows us to effectively combine local expertise and presence with international experience and approaches. Inea Consulting Ltd. is a publisher of the most comprehensive and in-depth market outlook reports and analysis about the renewable energy markets of the Eastern Europe, CIS countries and Turkey. With relevant market data our reports bring clear and concise insights to help investors in their decision-making process. Inea Consulting Ltd. is a firm, which aspires to be for you more than just a consulting firm. We wish to be your valued and important advisor in every-day professional choices, concerns and chances. Due to many years of experience, we are able to adjust ourselves to changing market conditions. At our company there is only one thing which never changes – our principles!

1. COMPANY PRESENTATION
Bulgaria • Austria • Germany • France • UK • Italy • Dubai
August, 2012

2. Contents:
1. About Us ................................................................................................................... 3
2. Services .......................................................................................................... ….......4
3. Company Team.............................................................................................. …......6
4. Contact Us ....................................................................................................... ….....8
5. References ................................................................................................................ 9
2

3. 1. About Us
Inea Consulting is a well-established Renewable Energy Advisory firm headquartered
in Varna, Bulgaria, with local points in Austria, Germany, the UK, Italy, France and
Dubai. The Company's mission is to render prime investment and engineering
advisory services to regionally and internationally operating Clients in the fields of
clean tech investments, mergers and acquisitions, business development and project
finance. We focus particularly on the emerging markets in the Eastern Europe, CIS
countries and Turkey.
Amongst our clients are top-tier companies such as: Fortum, Hyundai Heavy
Industries, COWI, Mitsubishi, Q-Cells, CEZ, Fuhrländer, Sharp, Lahmeyer
International, SMA and many others.
Over the years of operation, Inea Consulting Ltd. has become a reputable Renewable
Energy Advisory firm in the above mentioned markets, with a broad contact network
and hands-on experience as well as an inside knowledge of local markets, business,
financial, cultural and political environments. We will help and support you to
manage and minimize risks associated with renewable energy projects, starting from
the earliest stages and continuing throughout the development phase, including
commissioning, mergers and acquisitions and asset management. Our network
structure allows us to effectively combine local expertise and presence with
international experience and approaches.
Inea Consulting Ltd. is a publisher of the most comprehensive and in-depth market
outlook reports and analysis about the renewable energy markets of the Eastern
Europe, CIS countries and Turkey. With relevant market data our reports bring clear
and concise insights to help investors in their decision-making process.
Inea Consulting Ltd. is a firm, which aspires to be for you more than just a consulting
firm. We wish to be your valued and important advisor in every-day professional
choices, concerns and chances. Due to many years of experience, we are able to
adjust ourselves to changing market conditions.
At our company there is only one thing which never changes – our principles!
3

4. 2. Services
Inea Consulting Ltd. has the capability to deliver at every phase of a project, from the
early stages of site selection and feasibility right through to the project management
of the construction phase and operation and maintenance. We can as well as source
for investors to buy renewable projects worldwide. See the list below for more
information on how we can help at each stage of delivery.
2.1 Project conception & development services
 Site identification and selection
 Renewable energy feasibility studies
 Resource assessment and energy yield prediction
 Solar resource assessment
 10-120 m meteorological mast installation service for wind assessment
 Biomass fuel supply evaluation
 Project sizing and design optimization, for example:
 Solar park layout design
 Wind farm layout design
 Islanded hybrid system optimization
 Industrial biomass system design
 Data acquisition and analysis
 Technology assessments and expert reports
 Pre-contract documentation, specifications and negotiations
 Estimations for Ecological Assessment (EA)
 Estimations for Environmental impact assessments (EIA)
 Compatibility assessments (CA)
 Ecological assessments (EA)
 Environmental impact assessments (EIA)
2.2. Financial Services
 Business plan development
 Financial model including capital costs
 Risk and Sensitivity analysis
 Investment presentation development
 Pre- and Post investment appraisal of projects
4

5. 2.3. Sourcing of renewable projects
 Buy-side mandates for renewable energy projects (solar, wind, biomass, etc.)
 Sell-side mandates for renewable energy projects
 Deal preparation, structuring and ownership transaction assistance
2.4. Project delivery services
 Technical advisor and employer’s representative
 QA Inspections and Factory Acceptance Tests
 Project and site management, including health & safety
 Contract specification and review
 Electrical and control systems expertise
 Civil and structural expertise
2.5. Due diligence and advisory services
 Strategic advice
 Contracting and procurement strategies
 Market studies
 Technology assessment (Expert reports on established and emerging
technologies)
 Supply chain & supplier analysis
 Independent technical and financial due diligence
 Lenders engineer, banks engineer
 Technical advisor and owners engineer
 Mergers and acquisitions
2.6. Operations and maintenance consultancy services
 Asset management, inspection, monitoring and performance optimization
 Warranty and contract management
 Failure prediction and strategy/ condition monitoring maintenance
 Specification preparation and tender assessment
 Refurbishment and re-powering assessment and management
5

6. 3. Company Team
Ilko Iliev (40) is Founder and Manager of Inea Consulting Ltd. He is responsible for
all management and project activities of the company at national and international
level. Ilko has more than 11 years investment and business consulting experience in
renewable energy, ecology, environmental protection, commercial real estates, etc.
He has done several renewable energy project concepts, business plans and feasibility
studies for local and international companies and local municipalities. Ilko
furthermore has done “ready-to-go” solar energy and wind energy projects for local
and international customers. Besides the management of Inea Consulting Ltd, he is
member of consulting committee of Prime Innovations Ltd, founding member of
European Competent Forum – NGO, Member of Advisory Board of East European
Energy Systems Plc, etc. Ilko Iliev holds B.Sc. in Construction Management at Varna
University of Economics, Bulgaria having specialized in sustainable energy and
business psychology.
Zdravko Dimitrov (47) is Senior Project Engineer at Inea Consulting Ltd. He
manages all processes related to technical surveys and feasibility studies for solar and
wind generation projects, technical management for development of solar and wind
projects. Before joining Inea Consulting, Zdravko has been for 2 years
maintenance&technical manager of Mall Varna, Ship’s electrical engineer at
Bulgarian Navigation Maritime for 3 years and service electrical engineer at
Westdeutsche Algemeine Zeitung – Varna, Bulgaria for 4 years. He is experienced to
work both with low voltage and high voltage electrical systems. Zdravko Dimitrov
holds M.Sc. in Electronics and Automation from Technical University in Varna,
Bulgaria and Postgraduate Diploma in Electrical engineering in Water Transport.
Mihail Mihaylov (33) is Investment Manager of Inea Consulting Ltd. He manages
investment and financial activities of the company. Mihail is responsible for
investments related documents and contracts management and exchange, public-
private partnerships strategy and development, relations with public authorities and
tenders participation. Before joining Inea Consulting, he was for 4 years head of
economic analysis department at Varchev Finance Investment Funds, and for 9 senior
investment advisor of MDM Partners Investment Boutique Ltd. Mihail Mihailov
holds M.Sc. in Management at Varna University of Economics, Bulgaria having
specialized in risk analysis, portfolio management, project management and EU
funding programs.
Georgi Hristoskov (41) is Investment Banking Associate of Inea Consulting Ltd. He
is responsible for structured project finance for renewable energy projects. Georgi
has 14 years banking experience with 2 of the leading international banks ING and
BNP Paribas. He has been Senior Banker in Energy and Commodity sector at BNP
Paribas and Head of Customer Service with ING Bank. Georgi holds M.Sc. in
International Economic Relations from University of National and World Economics
in Sofia, Bulgaria having specialization in energy project finance, export finance,
commodity trading debt, etc.
6

7. Alexandrina Ilieva (35) is Customer Relationships Manager of Inea Consulting Ltd.
She carries out for the administration of all relations with the existing customers of
Inea Consulting. Prior joining Inea Consulting’s team, Alexandrina was for 1 year
CEO of Horizons/Jordan Sheppard Group - Varna Ltd. and for 6 years Senior District
Psychologist of Shumen town at National Employment Agency. She has M.Sc. in
Psychology at Veliko Tarnovo University, Bulgaria, M.Sc. in Positive Psychotherapy
at Wiesbaden Institute for Positive Psychotherapy, having specialized in sociology
and motivation trainings.
Angel Petrov (23) is Research Analyst at Inea Consulting Ltd. He is engaged with
research and marketing process, sourcing of information & networking. Angel
finished High School of Foreign Languages in Varna, Bulgaria and graduated at
Hague University, Netherlands, with major in Marketing & Business Administration.
Konstantin Petkov (59) is Senior Geologist at Inea Consulting Ltd. He is responsible
for all geological surveys of land plots for photovoltaic projects, wind and other
construction projects. Before joining Inea Consulting, Konstantin has been senior
geologist for deep drilling in Syria for 3 years and for 17 years senior geologist at
Bulgargas Plc., Bulgaria. Konstantin Petkov has M.Sc. in Geology Engineering from
Higher Institute for Mines and Geology in Sofia. He holds national license with full
rights for geology surveys and projecting, and is member to Bulgarian Chamber of
Engineers in Investment Projecting.
Arjan Visser (41) is Strategic Advisor of Inea Consulting Ltd. He is associate of our
firm, which supports our decision making process regarding management and
execution of various renewable projects.Arjan is former manager of Ecofys
International B.V. for Bulgaria. He holds MSc. in Technical Physics from Eindhoven
University and BSc. from Delft Institute of Technology, Netherlands and has various
specializations & assignments in ecology, renewable energy & sustainable growth.
Atanas Filchev (56) is Grid Connection Expert at Inea Consulting Ltd. He is
responsible in all aspects of investigation for grid-connection opportunities and their
cost analysis for renewable energy projects. Atanas has spent 42 year at senior and
managerial positions with NEK (Bulgarian National Electrical Company). He has
been consequently investment control officer, high voltage substations manager, grid-
connection manager, etc. Atanas holds diploma in electrical mechanics from Varna
School of Electrical Studies.
7

8. 4. Contact Us
Inea Consulting Ltd.
9, Maria Louisa Blvd, fl. 3
9000 Varna, BULGARIA
Tel: ++359 52 91 60 56
Fax: ++359 52 302 508
Mob: ++359 887 342 475
Mob: ++359 896 833 044
E-mail: office@ineaconsulting.eu
Web: www.ineaconsulting.eu
8

9. 5. References
Selected Renewable Energy Projects (2007 ÷ 2011)
Project name Sliven
Description Feasibility Analysis for biomass project with 300 KW total capacity
located in Seliminovo Village, Sliven Municipality, Sliven region,
Bulgaria on behalf of domestic customer. Our team reviewed existing
regulatory framework for biomass projects, studied availability of wood
waste resources in the area and evaluated all risks associated with
biomass projects within current conditions for this business in Bulgaria.
Customer Olimp Trade Inc.
Size 300 KW
Year 2011
Type Feasibility Analysis
Project name Kolarovo
Description Project concept and development plan of one of the biggest
photovoltaic power plants in Bulgaria with 17 MW projected capacity
in Kolarovo Village, Glavinitsa Municipality, Silistra region, Bulgaria.
Project design and concept, solar energy audit including energy yield
estimation and feasibility analysis. Development of business plan and
risk analysis, solar plant conceptual technical layout. Costs, benefits,
possibilities for EU subsidy and sponsorship.
Customer Kris Energy Ltd.
Size 17 MWp
Year 2011
Type Project concept and development
Project name Slunchevo
Description Grid Connection Feasibility Analysis for solar project with 2,5 MWp
total capacity located in Slunchevo Village, Aksakovo Municipality,
Varna region, Bulgaria on behalf of international customer. We
evaluated availability of the necessary grid infrastructure, current state
of grids and the nearest 20 kV knot-station, evacuation capacity and
how neighbor projects may affect it. A few scenarios for grid
connection were proposed to the customer.
Customer FC 9 Ltd.
Size 2,5 MWp
Year 2011
Type Grid Connection Feasibility Analysis
9

10. Project name Loznica
Description We were appointed by the Mayor of Loznica municipality on the basis
of public private partnership to organize workshop for assessment and
presentation of advantages from biogas installations on the territory of
Loznica and Samuil Municipalities in North-East Bulgaria. Our team
evaluated potential for development of biogas projects in these
municipalities. Several owners of chicken, cattle and sheep farms also
attended the workshop and shown great interest in biogas technology as
a way to response to EU requirements for waste reduction. In 2011 we
will propose action plan, which will aim to increase renewable energy
use and investments in Loznica and Samuil municipalities.
Customer Loznica Municipality, Mayor of Loznica
Year 2010/2011
Type Feasibility Analysis and Workshop for Biogas energy promotion and
utilization
Project name Avren
Description Solar Energy Audit & Feasibility Analysis for solar project with 4,99
MWp total capacity located in Avren Municipality, Varna region,
Bulgaria on behalf of domestic customer. Yield and shading
calculations, including check of irradiance assessment, temperature-
and interarray-shading effects, relationship between mismatch and flash
test distribution.
Customer Interservice Uzunovi PLC (official representative of SHARP and
SHARP Solar Eastern Europe for Bulgaria)
Size 4,99 MWp
Year 2010
Type Solar Energy Audit & Feasibility Analysis
Project name CEZ
Description CEZ A.S. is one of the biggest energy companies in CEE countries. On
behalf of their exclusive representative for renewable projects
acquisition in Bulgaria, Bica International EOOD, we received order to
prepare financial models for portfolio of 10 renewable energy projects
(incl. wind, solar, hydro and biomass). Besides financial models our
team performed sourcing of renewable projects for acquisition, site
visits, project books development and pre-technical feasibility about 4
of these 10 projects.
Customer Bica International EOOD/CEZ A.S.
Size 53,7 MW
Year 2010
Type Financial modeling and pre-technical feasibility
10

11. Project name Vaskovo
Description Project concept and development plan of one of the biggest
photovoltaic power plants in Bulgaria with 22,17 MW projected
capacity in Vaskovo Village, Lyubimets Municipality, Haskovo region.
Project design and concept, solar resource estimation and feasibility
analysis. Development of investment prospectus, solar plant conceptual
technical layout, financial model and risk analysis. Costs, benefits,
possibilities for EU subsidy and sponsorship.
Customer BMF Ltd.
Size 22,17 MWp
Year 2010
Type Project concept and development
Project name Dobrotich Wind
Description Project concept and development plan of one of the largest wind farms
in Bulgaria with 84 MW projected capacity in Dobrotich Village,
Valchi Dol Municipality, Varna region. Project design and concept,
wind resource estimation in co-operation with Ecofys International
B.V.- Netherlands. Development of detailed business plan, financial
model and risk analysis. Costs, benefits, possibilities for EU subsidy
and sponsorship. Estimation of energy efficiency savings.
Customer Dobrotich Wind PLC.
Size 84 MW
Year 2009
Type Project concept and development
Project name Bulgaria - 1
Description Financial Modeling and Risk Analysis for a portfolio of solar parks
with 30 MWp total capacity located in different parts of Bulgaria on
behalf of international customer. Detailed financial model for the
project was created and risk analysis has been performed.
Customer International CleanTech Investment Fund
Size 30 MWp
Year 2009
Type Financial Modeling and Risk Analysis
11

12. Project name Kavarna
Description Feasibility study for solar project with 0,5 MWp total capacity located
in Kavarna Municipality, Bulgaria on behalf of domestic customer.
Yield and shading calculations, including check of irradiance
assessment, temperature- and interarray-shading effects, relationship
between mismatch and flash test distribution.
Customer Private domestic customer
Size 0,5 MWp
Year 2009
Type Feasibility study
Project name Veliko Tarnovo
Description Financial Modeling and Risk Analysis for two solar parks with 9 MWp
total capacity located in Veliko Tarnovo region of Bulgaria on behalf of
domestic customer. Detailed financial model for the project was created
and risk analysis has been performed.
Customer Private domestic customer
Size 9 MWp
Year 2009
Type Financial Modeling and Risk Analysis
Project name Medovo
Description Feasibility study for solar project with 2 MWp total capacity located in
Medovo village, Pomorie Municipality, Bulgaria on behalf of domestic
customer. Yield and shading calculations, including check of irradiance
assessment, temperature- and interarray-shading effects, relationship
between mismatch and flash test distribution. Development of detailed
business plan, financial model and risk analysis. Costs, benefits,
possibilities for EU subsidy and sponsorship. Estimation of energy
efficiency savings.
Customer Private domestic customer
Size 2 MWp
Year 2009
Type Feasibility study
12

13. Project name Suvorovo
Description Project concept for two solar parks with 6,5 MWp total capacity
located in Suvorovo Municipality, Bulgaria on behalf of domestic
customer. Inspection of site, evaluation of related infrastructure, solar
irradiance assessment and yield calculations, and grid connection
possibilities evaluation has been performed. Project concept and design
have been performed.
Customer Private domestic customer
Size 6,5 MWp
Year 2009
Type Project concept
Project name Shumen
Description Project concept for two solar projects with 42 MWp total capacity
located in Shumen Municipality, Bulgaria on behalf of domestic
customer. Inspection of site, evaluation of related infrastructure, solar
irradiance assessment and yield calculations, and grid connection
possibilities evaluation has been performed. Project concept and design
have been performed.
Customer Private domestic customer
Size 42 MWp
Year 2009
Type Project concept
Project name Tutrakan
Description Feasibility study for solar project with 4 MWp total capacity located in
Tutrakan Municipality, Bulgaria on behalf of domestic customer. Yield
and shading calculations, including check of irradiance assessment,
temperature- and interarray-shading effects, relationship between
mismatch and flash test distribution.
Customer Private domestic customer
Size 4 MWp
Year 2009
Type Feasibility study
13

14. Project name Svilengrad
Description Due diligence of 3,5 MWp solar project located in Svilengrad
Municipality, Bulgaria on behalf of international customer. Inspection
of site, evaluation of related infrastructure, solar irradiance assessment
and yield calculations, and grid connection possibilities evaluation has
been performed. Further existing documents, permissions and
ownership rights have been investigated.
Customer Investment fund based in Spain
Size 3,5 MWp
Year 2009
Type Due diligence
Project name Dobrich Wind
Description Feasibility study on application of 36 MW wind farm in Dobrich
region. Project design and concept, wind resource estimation. Costs,
benefits, possibilities for EU subsidy and sponsorship. Estimation of
energy efficiency savings.
Customer Green Venture Holdings S.A.
Size 36 MW
Year 2009
Type Feasibility study
Project name Ivanovo
Description Due diligence of 4,8 MW mixed wind/solar project located in Ivanovo
Municipality, Bulgaria on behalf of international customer. Wind/solar
installed capacity ratio 4 MW wind/0,8 MWp solar. Inspection of site,
evaluation of related infrastructure, check of wind assessment and yield
calculations, and solar irradiance assessment and yield calculations has
been performed. Further existing documents, permissions and
ownership rights have been investigated.
Customer Investment fund based in Spain
Size 4,8 MW
Year 2009
Type Due diligence
14

15. Project name General Toshevo
Desription Feasibility study on commercial deployment for 1 MWp ground based
grid-connected PV-installation in General Toshevo municipality,
Bulgaria. Yield and shading calculations, including check of irradiance
assessment, temperature- and interarray-shading effects, relationship
between mismatch and flash test distribution.
Customer Mega Bild Ltd., Varna
Size 1 MWp
Year 2008
Type Feasibility study
Project name Strandzha
Description Due diligence of 5 MWp solar project located in Strandzha mountain,
Bulgaria on behalf of international customer. Inspection of site,
evaluation of related infrastructure, irradiance assessment and yield
calculations has been performed. Further existing documents,
permissions and ownership rights have been investigated.
Customer Investment fund based in Liechtenstein
Size 5 MWp
Year 2007
Type Due diligence
Project name Business Park Varna
Desription Feasibility study on possibilities for integration of solar PV at the roof
of existing building of Business Park Varna, and to integrate semi–
transparent façade PV modules in the design of the new projected
buildings from the business complex.
Customer Business Park Varna
Size 70 – 245 KWp
Year 2007
Type Feasibility study
Project name Sliven
Desription Project engineering for 5 MW wind farm in Sliven municipality,
Bulgaria. Yield and wind calculations, development of technical project
and documentation, project design.
Customer Bronk Ltd., Russia
Size 5 MW
Year 2007
Type Project engineering
15