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Institutional interest and cold climate wind
                                                      An Investment Outlook


               Presentation to Winterwind 2012 - Skellefteå, 7. February 2012
                                Otto von Troschke | Chief Investment Officer

                                                                          SUSI Partners AG
                                                                         Feldeggstrasse 12
                                                                           CH - 8008 Zurich
                                                                                Switzerland
                                                                     Tel: +41 44 386 98 02
                                                                     Fax: +41 44 386 98 09
                                                    Email: o.vonstrochke@susi-partners.ch
Institutional interest and cold climate wind
Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary




Agenda

About
- About me
- About SUSI Partners

Market Evolution
- Where are we?
- Energy Infrastructure Interest
- Market Momentum in Renewable Energy
- General Investment Forecast

Cold Climate Wind
- What is the appeal?
- Investment Analysis
- Securing Continued Advancement

Summary


                                                                      2
About me
Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary




                 Otto von Troschke, MSc. BA (EBS)
                 Function: Chief Investment Officer
                 Professional background: Co-Founder SUSI Partners AG
                 Sectors: Private equity, real estate/infrastructure project finance
                 Companies: Fortress Investment Group and Morgan Stanley

                 Track record: renewable energy assets financing (EUR 100m); Acquisitions of commercial
                 real estate (EUR 2 bn), retail assets (EUR 450m); Transaction underwriting (EUR 9bn);
                 disposals of bank branches (EUR 300m); single assets deals (EUR 750m); refinancing 3
                 loans (EUR 400m), issuance of a convertible bond (EUR 75m)



                                           Sustainable investments              World Economic Forum
                                           for institutional investors          Global Shaper 2011
                                           Introduction and overview
                                           of technical papers and
                                           case studies
                                           Mirjam Staub-Bisang
                                           NZZ Libro 2011




                                                                                                          3
About SUSI Partners
Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary




SUSI Partners (“SUSI”) is a Swiss investment house focusing on infrastructure investments with a
measurable sustainable impact. With its daughter company Sustainable SARL in Luxembourg, SUSI
is offering funds to institutional investors.

SUSI focuses on two major and long-lasting trends:
• Infrastructure
• Climate Change



                                                      SUSI Partners AG


                                Renewable
                                                                Energy      Distribution /
                                 Energy
                                                               Efficiency     Storage
                                Generation




                                                                                                   4
Where are we?
Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary


Global Investors
• Stock Market Variability
Disappointing earnings reports, missed forecasted, depressed business development, and reduced
dividend yields have significantly lower stock pricing
• Sovereign Debt & Lending
Depressed business flow and limited tax growth are red flags to rating agencies.
• Mandate Pressures
Public and private pensions need to grow their investments 3-5% annually to meet their beneficiary
requirements.

Global Environment
• Climate Crisis
 Greater global acceptance of human-induced climate change and need for global coordination and
investment.
• Energy Challenges
Economic concerns have diverted attention from the global energy challenge. Post-Fukushima has
affect nuclear policy


                         There is global investment pressure to invest in dependable assets.
                                                                                                     5
Energy Infrastructure Interest
Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary


Infrastructure as an Asset Class
realization amongst institutional investors of this allotment misconception; and unsurprisingly, the
premiums of infrastructure (especially in sustainable infrastructure like renewable energy) are
increasingly being sought after.
Energy Appeal
Decoupling of the energy industry, government incentives, society’s growing electrification, need for
modern infrastructure, and technologic maturity are some of the many appealing characteristics of
investing in energy.
Sustainable Infrastructure Focus
Sustainable infrastructure can be defined as infrastructure that replaces conventional resources and
simultaneously delivers comparable economic performance while preserving environmental integrity.
                       Theory                                                                              Practice

                         Weber, Barbara, and Hans                Fund                                                 Closing Date   Size
                         Wilhelm.              Alfen.            Brookfield Americas Infra (Brookfield)               Sept 2010      2.65bn USD
                         Infrastructure as an Asset              BNP Clean Energy (BNP)                               Dec 2010       437mn EUR
                         Class:          Investment              Energy Spectrum VI (Energy Spectrum)                 Apr 2011       999mn USD
                         Strategies, Project Finance             Cube Infra Fund (Natixis)                            Jul 2010       1.08bn EUR
                         and PPP. Chichester, West               Global Infra Partners II (Global Infra)              -              5.00bn USD
                         Sussex, U.K.: Wiley, 2010.              CVC Euro Infra (CVC Infra)                           -              2.00bn EUR
                         Print.                                  RREEF Pan-Euro Infra (RREEF)                         -              2.00bn EUR
                                                                 Macquarie Euro IV                                    -              2.00bn EUR



                                      Energy infrastructure is attracting billions of euros
                                                                                                                                                  6
Market Momentum in Renewable Energy
Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary



                       Global Asset Financing for                                                            Global Potential for Sustainable
                       Renewable Energy ($bn)1)                                                              Infrastructure Improvements2)


                                                                                         38
                                                                         128
                                                                                120      36
                                                   115
                                                              107
                                                                                         34

                                        90
                                                                                         32


                                                                                         30
                             62


                                                                                         28

                  37
                                                                                         26

       18
                                                                                         24


                                                                                         22
      2004       2005       2006       2007       2008       2009       2010    2011      2005             2010      2015               2020     2025           2030

                                                                                       Energy Efficiency           Fossil fuel switch           Renewable energies
                                                                                       Nuclear energy              Carbon capture and storage   Remaining CO2 emissions
Source: 1) BNEF: Global Trends in Renewable Energy Investment 2011 (2011 tbd)
        2) Eco-efficiency: Sources for CO2 abatement



  Sustainable infrastructure will require EUR 1 trillion investment over the next 10 years to meet their
                                            2020 energy goals
                                                                                                                                                                          7
General Investment Forecast
Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary



              Growth in primary energy demand in                                             Share of new power generation and
                  the New Policies Scenario1)                                                     investment, 2011-20351)

 5                                                                              40%
                                                                                                                              Generation
4.5
                                                                                35%                                           Investment
 4
                                                                                30%
3.5

 3                                                                              25%

2.5                                                                             20%

 2
                                                                                15%
1.5
                                                                                10%
 1

0.5                                                                             5%

 0                                                                              0%
  2010           2015           2020            2025       2030          2035         Coal    Gas    Nuclear   Hydro   Wind      Solar PV
      China   India     Asia    Russia     Middle East   Rest of world   OECD




Source: 1) OECD/IEA World Energy Outlook 2011


          Renewables are often capital-intensive, representing 60% of investment for 30% of additional
                                                    generation
                                                                                                                                            8
What is the appeal?
Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary




                                               Where does terrestrial wind blow?
                                                                                   9
Investment Analysis
Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary




                                            General Appeal
                                            Much less risk than offshore wind energy. greater air density, leading
                                            to higher power capacity and production. Cold climates also protect
                                            better against voltage loss.
                                            In Northern Europe Alone
                                            Good wind conditions, greater land area, sound sovereign
                                            management, favorable growth prospects, Recent government
                                            backed incentive systems in Norway and Finland
                                            Global Prospects
                                            The Tundra and Taiga biomes compromise the world’s largest
                                            terrestrial biomes. Target areas include: Siberia , Canada, Patagonia,
                                            New Zealand, Himalayas, Alps.

                                          Source: Risoe National Laboratory 1999
                                                                                                                     10
Securing Continued Advancement
Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary


Clear Government Policies & Grid Updates
- need to provide long-term frameworks
- Feed-in tariffs, green certificates, tax savings, investment grants,
- coordinate and prioritize updates to grid to accommodate wind power integration.

Unambiguous Development Procedures
- draft clear parameters to easy the development procedure
- allow for quicker development and a more responsive pool of investors.

Greater Project Competition
- small to medium sized developments are just as investment worthy as large scale projects
- development competition allows for greater distribution of wealth, a more dynamic power market,
and a diversification of industry actors.

Technical Approves , Collaboration and Deployment
- collaboration amongst suppliers and manufacturers is key to evolving cold climate wind energy
- stringent technical stamps of approvals (like TUV, UL, IEC, etc) and reference sites facilitate rapid
deployment


                   Stable investment regimes and greater collaboration will drive investment.
                                                                                                          11
Summary
Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary



Too much cash, little ‘safe’ investment opportunities
Institutions are idle on a tremendous amount of cash because volatile stock/debt markets. Energy
infrastructure provides an attractive investment space
Energy demand
Growing electrification, limited nuclear development, and replacement of grandfathered power plants
provides an appealing investment environment.
Tundra and taiga
Huge land spaces with excellent wind potential and limited development – these are the regions with
the greatest potential for wind development (more so than offshore).
Working together
Technology specialists, suppliers and manufacturers need to collaborate for quicker deployment of
leading technologies. Policy makers, power authorities and project stakeholders need to provide
development clarity to facilitate investment. Grid operations need to prepare for and accommodate
wind power integration.



                                                               Thank You!

                                                                                                      12
Contact
Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary




                                                                      Otto von Troschke
                                                                      Chief Investment Officer

                                                                      SUSI Partners AG
                                                                      Feldeggstrasse 12
                                                                      CH - 8008 Zurich
                                                                      Switzerland
                                                                      Tel: +41 44 386 98 02
                                                                      Fax: +41 44 386 98 09
                                                                      Email: o.vontroschke@susi-partners.ch




                                                                                                              13

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Institutional interest and cold climate wind

  • 1. Institutional interest and cold climate wind An Investment Outlook Presentation to Winterwind 2012 - Skellefteå, 7. February 2012 Otto von Troschke | Chief Investment Officer SUSI Partners AG Feldeggstrasse 12 CH - 8008 Zurich Switzerland Tel: +41 44 386 98 02 Fax: +41 44 386 98 09 Email: o.vonstrochke@susi-partners.ch
  • 2. Institutional interest and cold climate wind Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary Agenda About - About me - About SUSI Partners Market Evolution - Where are we? - Energy Infrastructure Interest - Market Momentum in Renewable Energy - General Investment Forecast Cold Climate Wind - What is the appeal? - Investment Analysis - Securing Continued Advancement Summary 2
  • 3. About me Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary Otto von Troschke, MSc. BA (EBS) Function: Chief Investment Officer Professional background: Co-Founder SUSI Partners AG Sectors: Private equity, real estate/infrastructure project finance Companies: Fortress Investment Group and Morgan Stanley Track record: renewable energy assets financing (EUR 100m); Acquisitions of commercial real estate (EUR 2 bn), retail assets (EUR 450m); Transaction underwriting (EUR 9bn); disposals of bank branches (EUR 300m); single assets deals (EUR 750m); refinancing 3 loans (EUR 400m), issuance of a convertible bond (EUR 75m) Sustainable investments World Economic Forum for institutional investors Global Shaper 2011 Introduction and overview of technical papers and case studies Mirjam Staub-Bisang NZZ Libro 2011 3
  • 4. About SUSI Partners Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary SUSI Partners (“SUSI”) is a Swiss investment house focusing on infrastructure investments with a measurable sustainable impact. With its daughter company Sustainable SARL in Luxembourg, SUSI is offering funds to institutional investors. SUSI focuses on two major and long-lasting trends: • Infrastructure • Climate Change SUSI Partners AG Renewable Energy Distribution / Energy Efficiency Storage Generation 4
  • 5. Where are we? Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary Global Investors • Stock Market Variability Disappointing earnings reports, missed forecasted, depressed business development, and reduced dividend yields have significantly lower stock pricing • Sovereign Debt & Lending Depressed business flow and limited tax growth are red flags to rating agencies. • Mandate Pressures Public and private pensions need to grow their investments 3-5% annually to meet their beneficiary requirements. Global Environment • Climate Crisis Greater global acceptance of human-induced climate change and need for global coordination and investment. • Energy Challenges Economic concerns have diverted attention from the global energy challenge. Post-Fukushima has affect nuclear policy There is global investment pressure to invest in dependable assets. 5
  • 6. Energy Infrastructure Interest Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary Infrastructure as an Asset Class realization amongst institutional investors of this allotment misconception; and unsurprisingly, the premiums of infrastructure (especially in sustainable infrastructure like renewable energy) are increasingly being sought after. Energy Appeal Decoupling of the energy industry, government incentives, society’s growing electrification, need for modern infrastructure, and technologic maturity are some of the many appealing characteristics of investing in energy. Sustainable Infrastructure Focus Sustainable infrastructure can be defined as infrastructure that replaces conventional resources and simultaneously delivers comparable economic performance while preserving environmental integrity. Theory Practice Weber, Barbara, and Hans Fund Closing Date Size Wilhelm. Alfen. Brookfield Americas Infra (Brookfield) Sept 2010 2.65bn USD Infrastructure as an Asset BNP Clean Energy (BNP) Dec 2010 437mn EUR Class: Investment Energy Spectrum VI (Energy Spectrum) Apr 2011 999mn USD Strategies, Project Finance Cube Infra Fund (Natixis) Jul 2010 1.08bn EUR and PPP. Chichester, West Global Infra Partners II (Global Infra) - 5.00bn USD Sussex, U.K.: Wiley, 2010. CVC Euro Infra (CVC Infra) - 2.00bn EUR Print. RREEF Pan-Euro Infra (RREEF) - 2.00bn EUR Macquarie Euro IV - 2.00bn EUR Energy infrastructure is attracting billions of euros 6
  • 7. Market Momentum in Renewable Energy Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary Global Asset Financing for Global Potential for Sustainable Renewable Energy ($bn)1) Infrastructure Improvements2) 38 128 120 36 115 107 34 90 32 30 62 28 37 26 18 24 22 2004 2005 2006 2007 2008 2009 2010 2011 2005 2010 2015 2020 2025 2030 Energy Efficiency Fossil fuel switch Renewable energies Nuclear energy Carbon capture and storage Remaining CO2 emissions Source: 1) BNEF: Global Trends in Renewable Energy Investment 2011 (2011 tbd) 2) Eco-efficiency: Sources for CO2 abatement Sustainable infrastructure will require EUR 1 trillion investment over the next 10 years to meet their 2020 energy goals 7
  • 8. General Investment Forecast Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary Growth in primary energy demand in Share of new power generation and the New Policies Scenario1) investment, 2011-20351) 5 40% Generation 4.5 35% Investment 4 30% 3.5 3 25% 2.5 20% 2 15% 1.5 10% 1 0.5 5% 0 0% 2010 2015 2020 2025 2030 2035 Coal Gas Nuclear Hydro Wind Solar PV China India Asia Russia Middle East Rest of world OECD Source: 1) OECD/IEA World Energy Outlook 2011 Renewables are often capital-intensive, representing 60% of investment for 30% of additional generation 8
  • 9. What is the appeal? Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary Where does terrestrial wind blow? 9
  • 10. Investment Analysis Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary General Appeal Much less risk than offshore wind energy. greater air density, leading to higher power capacity and production. Cold climates also protect better against voltage loss. In Northern Europe Alone Good wind conditions, greater land area, sound sovereign management, favorable growth prospects, Recent government backed incentive systems in Norway and Finland Global Prospects The Tundra and Taiga biomes compromise the world’s largest terrestrial biomes. Target areas include: Siberia , Canada, Patagonia, New Zealand, Himalayas, Alps. Source: Risoe National Laboratory 1999 10
  • 11. Securing Continued Advancement Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary Clear Government Policies & Grid Updates - need to provide long-term frameworks - Feed-in tariffs, green certificates, tax savings, investment grants, - coordinate and prioritize updates to grid to accommodate wind power integration. Unambiguous Development Procedures - draft clear parameters to easy the development procedure - allow for quicker development and a more responsive pool of investors. Greater Project Competition - small to medium sized developments are just as investment worthy as large scale projects - development competition allows for greater distribution of wealth, a more dynamic power market, and a diversification of industry actors. Technical Approves , Collaboration and Deployment - collaboration amongst suppliers and manufacturers is key to evolving cold climate wind energy - stringent technical stamps of approvals (like TUV, UL, IEC, etc) and reference sites facilitate rapid deployment Stable investment regimes and greater collaboration will drive investment. 11
  • 12. Summary Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary Too much cash, little ‘safe’ investment opportunities Institutions are idle on a tremendous amount of cash because volatile stock/debt markets. Energy infrastructure provides an attractive investment space Energy demand Growing electrification, limited nuclear development, and replacement of grandfathered power plants provides an appealing investment environment. Tundra and taiga Huge land spaces with excellent wind potential and limited development – these are the regions with the greatest potential for wind development (more so than offshore). Working together Technology specialists, suppliers and manufacturers need to collaborate for quicker deployment of leading technologies. Policy makers, power authorities and project stakeholders need to provide development clarity to facilitate investment. Grid operations need to prepare for and accommodate wind power integration. Thank You! 12
  • 13. Contact Agenda >> About >> Market Evolution >> Cold Climate Wind >> Summary Otto von Troschke Chief Investment Officer SUSI Partners AG Feldeggstrasse 12 CH - 8008 Zurich Switzerland Tel: +41 44 386 98 02 Fax: +41 44 386 98 09 Email: o.vontroschke@susi-partners.ch 13