CP Case study: SolarShare Speaker: Mike Brigham, Chair, Toronto Renewable Energy Co-operative (TREC) Part of the 2010 Community Power Finance Forum at MaRS: http://www.marsdd.com/communitypower

1. Mike Brigham SolarShare Project Manager & Chair, Toronto Renewable Energy Co-Operative (TREC) May 10, 2010

3. Community-owned large (250kW) rooftop solar PV projects

4. Multiple projects, at about $1.5 million each

5. Target ROIto investors: 5% on debt and 8% on equity

7. Owned by a co-op with many investors

8. For profit

9. Assists home owners with their MicroFIT system purchases

12. Debt portion is the challenge:

13. 70% Debt ratio for a $1.5 million project = $1.05 million

14. RE Co-ops are not financeable in their early yearsWhere to get the debt financing?

17. Future interest rate hikes a concern: plan for a fast debt pay-down strategy?

20. 20 year bonds with targets of 8%, unsecured,

22. Benefits:

23. Lower system costs possible = better ROI

25. JV the best solution!

26. Co-ops must have direct ownership in project (FSCO)

27. Decision making:

29. New Opportunity Structure (2) 25% of 30% = 7.5% of total project cost. Is this really a community project?

31. Is RRSP eligibility possible?

32. Which is preferable:

33. Small part of many projects or large portion of a few?

34. How much value added can community groups bring to corporate entities? (Can we compete with those offering 15% roof leases? )