1. Onestone Solar
The Solar Investment Service Provider
September 2010

2. Content
1. Introduction
2. Who we are
3. Market Trends
4. Nordic Solar Energy
5. Company Structure
6. Capital Structure
7. Investment Policy
8. Summary
9. Appendix
Mora la Nova-Spain, 1.5MW

3. 1. Introduction
The past few years investment in solar parks have soared,
especially due to the favourable conditions offered in
Europe and global market trends. Fast growing markets
however do have their downsides: The quality-price
equation, and therefore the realized financial returns, might
not always match the expectations of the investors. Just as
in other infrastructural investment opportunities (like real
estate) independent professional fund managers are
required to ensure the investment portfolio delivers as
promised.
The coming years an increasing number of operational and
new solar photovoltaic (PV) parks will be available against
attractive prices/returns. These parks will be developed
primarily in the southern and central regions of Europe.
Onestone Solar has the human capital and global experience
to provide all required operational services in setting up and
managing solar PV parks around Europe. Our scope of
knowledge covers the complete solar PV value chain: from
procuring solar modules in Asia to solar park insurances.

4. 2. Who we are
Onestone Solar Holding B.V. consists of experienced solar PV
professionals with an extensive background in the complete
solar PV value chain. Onestone Solar is active in the following
fields:
• Conducting technical and legal due diligences
• Developing land and permits for new solar PV parks
• Performing turn-key EPC services
Onestone Solar has started activities in Europe with offices
and/or partnerships in Spain, Bulgaria, France, Germany and
the Czech Republic. Other countries of interest are Greece and
the UK.
The focus of Onestone Solar is being a full service provider to
global investors, interested in investing in solar PV parks in
Europe.
Villares del Saz- Spain, 3MW

5. 2.1 Management Team
Managing director: Marinus Boogert
Marinus Boogert (1969) has been active in the solar industry
for over 10 years. He has a successful international track
record as a marketing & sales executive. His core activities
were in distribution and project sales activities around the
world. Companies he worked for in the solar industry are:
Nuon (project manager), Shell Solar (sales director), and
Scheuten Solar (marketing and sales director).
Operational director: John Koopman
John Koopman (1966) has been an entrepreneur for over 20
years. He has a track record in different branches, but started
as a professional technical photographer. He managed on an
interim basis several companies from finance until high-tech
(semi-conductor). In 2002 he moved with his family to Spain
and since 5 years he has been involved in the solar energy
industry. He has general international business and consulting
experience.
Technical director: Josep Padró
Josep Padró (1966) has been a director for over 15 years in
two leading multinationals (T-systems and Metrolico) focusing
on infrastructural projects for the telecommunication industry.
He is the founder of CONCOM S.A., 12 years ago, a company
specialized in managing and implementing renewable energy
projects (wind and solar) on an international level.

6. 2.2 Shareholders
Onestone Solar Holding B.V. currently has five shareholders:
• Phocus Holding (NL)
Personal holding of Marinus Boogert
• FOS B.V. (NL)
Holding company of Gosse Boxhoorn, Jan-Willem Hendriks
and Hubert Thijs, co-founders of Solland Solar and initiators of
The Silicon Mine
• Allied Energies (Singapore)
Holding company of Simon Tan, a solar industry, expert for
over 20 years
• Miraqui (Spain)
Personal holding of Mr. John Koopman
• Concom (Spain)
Operating company of Josep Padró

7. 3. Market Trends
The solar PV market has been booming over the last years and
is forecasted to confirm this trend in the coming years. Grid-
connected solar PV has grown by an average of 60 percent
every year for the past decade, increasing 100-fold since 2000.
By the end of 2009 the global cumulative capacity exceeded
21 GWp. The European Union contributes to around 75 % of
the global cumulative capacity.
The PV market deployment is to a large extent dependent on
the political framework of any given country. Support
mechanisms are defined in national laws. The introduction,
modification or fading out of such support schemes can have
profound consequences on PV industries. PV Market forecasts
therefore depend on a deep understanding of the political
framework.

8. 3.1 PV market 2009
Solar PV generates electricity in over 100 countries and
continues to be the fastest growing power-generation
technology in the world. An estimated 7 GW of grid-tied
capacity was added in 2009, increasing the existing total by 53
percent to about 21 GW.
This was the largest volume of solar PV ever added in one year
and came despite a precipitous decline in the Spanish market
relative to 2008. Solar PV accounted for about 16 percent of
all new electric power capacity additions in Europe in 2009.
Cumulative global PV installations are now nearly six times
what they were by the end of 2004. Analysts expect even
higher growth in the next four to five years.
Germany again became the primary driver of PV installations
3.8 GW added—about 54 percent of the global market. This
was far above Spain’s prior record-breaking addition of 2.4 GW
in 2008, and brought Germany’s capacity to 9.8 GW by the
end of 2009, amounting to 47 percent of existing global solar
PV capacity.
While Germany has played a major role in advancing PV and
driving down costs, its importance will decline as other
countries step up their demand and reduce the industry’s
reliance on a single market.
Italy came in a distant second after Germany, installing 710
MW and more than doubling its 2008 additions due to high
feed-in tariffs and a good national solar resource; such strong
growth is expected to continue.
Other strong markets in Europe included the Czech Republic,
which saw a nine fold increase in total capacity relative to
2008—to 411 MW—thanks to generous feed-in tariffs for
solar PV. The country installed more new PV per capita than
any other country except Germany. It was followed by Belgium
(292 MW), France (185 MW), and China (160 MW).
The trend toward large-scale (greater than 200 kilowatt) PV
plants continued around the globe, with the number of such
plants exceeding 3,200 in 2009, up from roughly 2,450 the
previous year. These facilities totaled some 5.8 GW of
capacity, more than five times the 2007 capacity, and
accounted for more than a quarter of existing global PV
capacity by year-end.

9. 3.2 PV market scenario
until 2015
The European photovoltaic PV market, buoyant in 2009, is
heading for a similar outcome this year. However, some
turbulence lies ahead as European governments get to grips
with rapidly escalating program costs. As a consequence, the
pathway to downstream corporate profitability in this region
will become significantly more challenging.
Faster annual feed-in tariff decline in Germany and revised
incentive terms in several countries will be partially offset by
fast growing "start-up" European markets and significant
adjustments in factory gate module prices and system
installed price movements, all of which will form part of the
new downstream commercial equation. Therefore investment
returns will remain good during the coming years.
By the end of 2012 a global cumulative capacity of >50 GWp
could be achieved. This is equivalent to the power capacity of
50 nuclear reactors. Under the Policy Driven Scenario of EPIA
(European Photovoltaic Industry Association), PV is clearly on
the way to becoming a major global energy source. Germany
is expected to remain the market leader and even increase its
market size considerably over the next years. The biggest
growth is foreseen for the Rest of Europe particularly in
countries such as Czech Republic, UK, Bulgaria, Italy, France
and Greece.

10. 4. Nordic Solar Energy A/S
A European Solar PV Investment Company
In order to satisfy the needs of investors with a budget of EUR
50k+, Onestone Solar Holding B.V. (OSH) has incorporated
Nordic Solar Energy A/S (NSE). NSE offers services to investors
in acquiring and managing solar PV park investments.
Onestone Solar will source and develop the solar PV parks for
NSE.
Nordic Solar Energy A/S (NSE) will acquire operational and
newly developed solar PV parks around Europe. NSE expects
to raise EUR 10 million in equity in the next two years;
pending the gearing, the total investment capacity of the fund
will be between EUR 30–40 million. This is equivalent to 10 –
15MWp in projects. The solar PV parks will vary between 1–
5MWp in size (the Assets).
Almanse-Spain, 3MW

11. 4.1 Mission, vision and strategy
Mission
Nordic Solar Energy will create access to attractive
investments within solar energy production for small to
medium sized private investors.
Vision
In the course of a few years, Nordic Solar Energy will establish
itself as a listed, diversified solar energy company with
production facilities in a number of countries in the EU.
Strategy
The vision shall be achieved with the successive
implementation of a number of capital increases and
investments in solar energy facilities. With the basis in the
project pipeline the goal is, as a minimum, the establishment
of 10 MWp solar energy facilities in 2011, beginning with the
initiation of 1MWp in 2010, 2-3 MWp in the first half-year of
2011 and 8 MWp in the second half-year.
At the same time, the company’s project pipeline will be
maintained so there will be about 5-10 MWp of projects
constantly in the pipeline.
There is an invariable requirement that from the outset, it is
clearly demonstrated that the budgeted goals are fulfilled so
the investors’ rate of return is taken care of. This will create
the basis for the ongoing capital increases and be a
prerequisite in order to achieve the goal regarding size and
liquidity.

12. 4.2 The concept
Nordic Solar Energy’s mission is fundamentally build on the
desire to create easier access to investments in solar energy
facilities. NSE wants to create a liquid, diversified portfolio of
attractive solar energy investments in one joint solar energy
company, which in time will be assessed and valued at the
level of a high-interest bond.
The key words in the concept are:
a) Attractive return
b) Attractive risk profile
c) Access to a strong team
d) Liquidity and exit option
Zerre - Germany, 1MW

13. 4.2 The concept
Re a) Attractive return
NSE invests in solar energy facilities with a return that
significantly exceeds the return on long-term bonds. Currently,
a realistic goal is a return of about 10-15% p.a. on a portfolio
of solar energy facilities, but in the future this return can vary
depending on the development in the market for solar energy.
The essential aspect is that the return, at any time, is
proportionate to the risk that exists in the investment.
The objective of the Company is to establish a portfolio of
solar energy facilities that provide investors with an attractive
return with a relatively low risk. The return objective (project
IRR on equity after tax) is >10% p.a. for operational parks and
>15% p.a. for newly developed parks on the complete
portfolio in the current market. Part of the return will be in the
form of dividend, which in the initial years is expected to be at
the level of 6% p.a.
The background for the objective of about 10-15% return per
year is based on the portfolio of potential investments that are
immediately within NSE’s reach.
• Please note: final IRR depends amongst others heavily on
equity-debt funding and cost of debt.
Re b) Attractive risk profile
It makes no sense to estimate the size of the return without
simultaneously assessing the risk of the investment. The risk
has several dimensions when investing in solar energy
facilities, but fundamentally, the investments have an
attractive risk profile. The investments are characterized by:
– State guaranteed prices for the produced kWhrs.
– Stable solar radiation, which in individual years rarely
fluctuates by more than +/- 3-5% in relation to the historical
average
– A stable electricity production via a simple, thoroughly
tested technology and facility without moving parts, and
– Predictable costs for operation and maintenance
NSE’s aim is to make the investment as transparent as
possible. This is being achieved by standardising all required
contracts to the maximum extent possible. As a result, the
investments can be characterised as low operational risk with
a stable long term cash flow. One of the strengths of NSE is
the diversification way of thinking. NSE spreads its
investments over a number of different solar energy facilities
in different stages of development in various EU countries.

14. 4.2 The concept
Re c) Access to a strong team
NSE provides the investors access to a strong team of
competences. On the one hand, the management, Nikolaj Hoff
and Erik Hougs, have competences within long-term
investment, establishment and operation of investment
companies as well as access to raising capital. On the other
hand, the co-founders/shareholders of Onestone Solar Holding
B.V. (OSH), have industry insight and networks within the solar
energy industry.
Both parts are crucial to be able to carry out successful
investments in solar energy facilities. All shareholders of OSH
have long international careers in the solar energy industry
and through the company, Onestone Solar Projects B.V., they
have access to a pipeline of projects in the EU.
Re d) Liquidity and exit plan
The investment period of the assets is variable: 3-25 years,
pending local subsidy rules & regulations and investment
horizon of the investors.
Nordic Solar Energy’s objective is to create liquidity in the
companies shares. This may be through an IPO on the OMX
NASDAQ stock exchange, but alternative exit possibilities for
investors are:
– Sale of shares to other investors
– Sale of complete Company to other investors
– Sale and/or dismantling (part of ) the assets
Nilolaj Hoff, Erik Hougs, Marinus Boogert in front of Zerre V, Germany

15. 4.3 The organization
NSE is managed by a board of directors of 3-7 persons and
daily operations (investments and capital raise) is managed
through a management contract between NSE and a
management company NSE Management. The purpose of the
management contract is to secure, that NSE does not
participate in start-up costs and has a simple and transparent
cost structure, without fixed costs. The administration and
operation of each facility is outsourced to external parties in
each country.
When the investment portfolio reaches a size, where an IPO is
desired, the minimum organization to achieve this will be put
in place. The board of directors may alternatively decide to
negotiate a management contract including this service.
The Board of Directors
NSE’s board of directors supervise that investments conducted
bys NSE Management on behalf of NSE are in accordance with
the investment policy of NSE and thereby the board of
directors approves all investments. At NSE’s ordinary general
meeting the board of directors will be elected and must
comprise 3-7 persons who are elected for one year at a time.
Initially the board of directors comprise of:
Marinus Boogert, the Netherlands (chairman)
Per Blinkenberg-Thrane, Denmark
Iben Mai Winsløw, Denmark

16. 5. Company structure
Introduciton
Investors will buy a stake in Nordic Solar Energy A/S (NSE),
which is a Danish private limited company and thus subject to
Danish tax legislation. NSE invests in solar energy facilities
through wholly or partially owned companies.
Investment in a solar energy facility takes place with the
establishment or acquisition of a company in a given country.
In so doing, a portfolio of shares in companies in a number of
EU countries is built up with each company containing a solar
energy facility.
Company structure
The company is organized in a group structure where NSE
owns shares in the companies containing the solar energy
facilities in the relevant European countries.
Each solar energy facility is thus its own company with a local
administration agreement, which ensures the necessary
reporting and local operation and maintenance agreements as
well as the monitoring and operation of the solar energy
facility. The establishment of the facility itself takes place
based on a total EPC contract, which contains engineering
calculations, component procurement and contractor work.

17. 6. Capital structure
In order to achieve the best possible return for the
shareholders in NSE, the highest possible degree of financing
of the individual projects is pursued. The bank financing of
each facility will be negotiated as part of the investment
agreement that is made and the liability for the debt financing
will be in the local subsidiary with security in the solar energy
facility.
Thus, NSE’s shareholders will not be liable for debt registered
in the portfolio companies. Likewise, the local companies are
not liable for each other. The degree of financing is typically
between 70 and 80 percent. The lowest degree of financing is
obtained in the less developed central and eastern European
countries, while a higher degree is obtained in, e.g. Germany
and France.
Nordic Solar Energy A/S
SPV1 SPV2 SPV3
Investors
NSE Management A/S
• Portfolio management
• Due diligence
• Administration

18. 7. Investment policy
All Nordic Solar Energy’s investments in and possible
divestments of solar energy facilities must be decided by
majority vote of the board of directors. The framework for
decisions concerning investments is laid down in NSE’s
investment policy.
The investment policy may be adjusted on an ongoing basis by
the board of directors of NSE reflecting the shareholders’
interests and market evolution.
NSE invests in solar energy facilities within the framework of
the European Union. The solar energy facilities must be
located in local companies, and investments may be made
either by establishing companies which take over all the rights,
obligations and contracts for the solar energy facility or
through investment in an already established company.
NSE’s investments are characterized by:
– The purchase of partially or fully developed solar
energy projects which through injections of equity can
be constructed and commissioned, and where a legal
and technical due diligence can be performed.
– The purchase of operating solar energy facilities of
which the performance is guaranteed by a legal and
technical due diligence.

19. 7.1 Return and risk
NSE aims at a return of 10-15% p.a. on the overall solar
energy portfolio. The point of departure for achieving this
return is that individual solar energy facilities should have
returns in excess of 10-15% p.a. in order to cover NSE’s
investment-related costs.
However, return must always be viewed in relation to the risk
associated with each investment. For example, investments in
German solar energy facilities are usually low risk because of
the German government guarantee and the size and maturity
of the market. Consequently, investments in German solar
energy facilities are less profitable, but nevertheless attractive
in some cases by virtue of the low risk.
As the solar energy markets mature in each EU country, the
return available in the markets is expected to decline. Thus, it
cannot be excluded that at some time NSE may have to reduce
its 15% p.a. return target.
If this return target is reduced, it should preferably reflect that
the risk is simultaneously reduced so the overall investment at
the time will still be attractive.
In NSE, return on investment stems from a combination of
dividend payments and capital gains on NSE shares. Dividends
are distributed from the subsidiaries and channeled on to
NSE’s shareholders. The aim is to maximize the regular
dividend payments, in that NSE wishes to see excess liquidity
from the underlying companies paid out in dividends.

20. 8. Summary
• Focussed fund, restricted only to:
– Operational parks
– Newly developed solar PV parks
– European Union countries
• Operational efficiency through standardisation of contracts
• Full technical-, legal-, financial and insurance due diligence
• The target capitalisation for 2011 is:
– EUR 10 million equity
– EUR 30-40 million in Assets
• Assets ranging from 1-5MWp
• Investment horizon: 3-25 years
• Expected IRR on equity after tax:
– >10% p.a. for operational parks
– >15% p.a. for newly developed parks
• Fees:
– No start up costs and no fixed management fees
– All IRRs are net investor return on investment including
transaction fee’s
– Standard transaction fee’s to the management
company:
• 3% on capital raised
• 3% on gross acquisition price

21. 9. Appendix
Company Details
Onestone Solar Holding B.V.
Keizersveld 13
NL 5803 AM Venray
The Netherlands
Marinus Boogert
Managing Director
M +31 (0)6 1530 9991
E mboogert@onestonesolar.com
I www.onestonesolar.com
This confidential Memorandum is furnished on a confidential
basis to a limited number of potential investors and advisors
for obtaining feedback on the investment proposition. All
information contained in this Memorandum is Confidential and
the recipient should engage all its efforts to keep the
information Confidential. The Memorandum is to be used
solely by the person to whom it has been delivered. The
information contained herein may not be reproduced,
transmitted or used in whole or in part for any other purpose,
nor may be disclosed without prior written consent of M.
Boogert. Nothing of this Memorandum may be used for any
purpose except to evaluate and engage in discussions
concerning the Investment Company.
Potential investors should not construe the contents of this
Memorandum as legal, tax, regulatory, accounting or
investment advice and each potential investor is urged to
consult its own advisors with respect to the consequences of its
potential investment in the Investment Company.