Blue Lines offers renewable photovoltaic electricity generation services to customers without requiring investment on their part. This includes engineering, construction, maintenance, and financing of solar installations. Customers benefit from reduced electricity bills, fixing a portion of their price for 30 years, and eventual ownership of the installation. Blue Lines manages the entire project cycle through a network of partners and sells renewable energy certificates to electricity providers to generate revenue to repay loans and cover costs.

5. Blue Lines Production Cyle Find projects Engineering Construction & installation Operate & Maintenance Sell Green Certificate Blue Lines want to control the entire production cycle, while creating a network of partners for the engineering and the construction of PV plants.

7. Financial mechanism of Blue Lines Incomes of the maintenance & contract (+/-20%) - Repayment of Principal & Interest - Maintenance Cost CASH IN Sale of the Green Certificates (+/- 80%)

8. Mechanism of the Green Certificates Regulator (BRUGEL, CWAPE, …) Green electricity producers Electricity Providers Grant the Green Certificates Impose a quota of CV Sell the Green Certificates Note: No public financial flow (no tax, nor subsidy)

9. Revenues Contract= +/- 8 ct/kWh 38 ct/kWh - 42,00 ct/kWh Sale of the Green Certificates (+/- 80%) Incomes of the maintenance & contract (+/-20%) Region Multiplier Market price Year of granting Ct/kWh Bruxelles 3,63 80-93 10 30,85 ct/kWh – 34,48 ct/kWh Wallonie 4 75-85 15 32,00 ct/kWh – 34,00 ct/kWh Flanders 1 330 20 33,00 ct/kWh

10. Quota of green Certificates RBC = 2.5% of the 5,764,099 MWh provided in 2009 in RBC Starting from 2010, the quotas will increase by 0.25% a year Installation of Min. 150.000 PV Objective: Directive EU 13% in 2020 … Source: Brugel 2005 2006 2007 2008 2009 2010 2011 2012 CV granted 7.980 16.519 19.983 27.133 34.652 Quota 2,25% 2,50% 2,50% 2,50% 2,50% 2,75% 3,00% 3,25% Cv to return 88.610 101.745 114.872 144.980 144.102 158512,7 172923 187333,2 % CV BXl 9% 16% 17% 19% 24% % Missing 91% 84% 83% 81% 76%

11. Price of the CV in RBC The green Certificates are sold to the electricity provider The market price take place between 80 € and 91 €. Penalty of 100 € by CV lack. Source: Brugel

12. Market & Opportunity in RBC