From: Richard Kahn To: "Jeffrey E." <jeevacation@gmail.com> Subject: Fwd: Tibbar USVI Expenditures Date: Wed, 13 May 2015 19:23:33 +0000 Attachments: Tibbar_Financialsiann April_2015.pdf; TibbarPayables4-30-15.pdf; TibbarExpenditures5- 13-15.xlsx; Tibbar Energy_Expenses_from_TCS.xls; Tibbar_Contracts-AgreementsPermits_(2).docx lane-Images: A4D50A2A-8A45-43D8-88E8-A3F44283F7E9[105].png Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York NY 10022 tel fax cell Begin forwarded message: Date: May 13, 2015 at 3:21:30 PM EDT From: Cecile de Jongh Reply-To: Cecile de Jon To: Richard Kahn < Subject: Fw: Tibbar USVI Expenditures Rich, Please see the below email thread and the attachments. With warm regards, Cecile On Wednesday, May 13, 2015 3:15 PM, Sebastiano Paiewonsky-Cassinelli < > wrote: Hi Cecile: Feel free to send along this email thread. Please note Mark Tomyn's explanatory email below mine. The financial statements are attached per your request. One point worth making is that the start up costs were cash intensive, all of the uncertainty about the project moving forward is gone because these studies have been done and permits acquired. The owners and seed investors used their own money to get to this point and now need this loan to get across the finish line. Tibbar used the pre-development funds to pay industry experts with credible track records (e.g. Deloitte). EFTA00857088 Finally, while the Tibbar payables include amount due to principals and related parties, little or none of the bridge will be used for them The start up costs included: Biogas/Anaerobic Digestion ("AD") Facility Executed Land lease with Virgin Islands Port Authority ("VIPA")- fully entitled, appropriately zoned land • Title V Air Permit, Fully Surveyed cleared facility site with geo-technical completed, Historical Ruins and endangered species surveys and approval, Federal Aviation Authority DC & Atlanta Clearance • Feasibility Study for Water and Power Authority ("WAPA") and National Renewable Energy Laboratories ("NREL") approval • Associated legal and environmental studies, • Executed 25 Year with 5 year extension (ONLY BASELOAD) Power Purchase Agreement ("PPA") with the WAPA ever issued and Interconnection Agreement (physical as well as agreement), • Public Service Commission ("PSC") Q4 approval, PSC Avoided Cost approval, • Investment Tax Credit ("ITC") Safe Harbor with Deloitte and CDR Maguire Engineering Report for Treasury, • Fully Permitted Project (26 permits), including the Title V above and Coastal Zone Management ("CZM") Major Permit through April 2015, and CZM extension through April 2016. • EPC licensed in the USVI and design to 20%, Local Environmental Groups sign off, Department Public Works ("DPW") traffic study, • Virgin Islands Waste Management Authority ("VIWMA") - Effluent 30 year contract, VIWMA PSC Approval on Effluent to sell to private business, VIWMA outfall permit modified Environmental Protection Agency ("EPA") region 2, Pipeline approvals permitted, right of ways and environmental clearance. • 11 Private Farm Land Leases with following studies/permits - Historical Ruins, Department of Planning and Natural resources ("DPNR") Permits, Well Permits, CZM Major Permit through April 2015, and CZM extension through April 2016. • Energy Crop Nursery operating for 3 years with United States Department of Agriculture ("USDA" and EPA approval and staffing. • Standard SG&A associated with operating this single purpose entity, insurance, compliance, consultants, vehicles, farm equipment. Let us know if you have additional questions. Best, Seb From: Mark Tomyn Date: Wednesday, May 13, 2015 2:01 PM To: Sebastiano Paiewonsky-Cassinelli Cc: Tania Tomyn Subject: FW: Tibbar USVI Expenditures , Aaron Smith < Seb, EFTA00857089 Please find the backup information that essentially shows how we spent the $ 7 million and where it came from. In general, the Amount Spent = Cash from Investors + Payables (See attached Expenditures spreadsheet) Please find attached a general summary of what the $7 million bought us. For more detail, we are attaching an updated Payables spreadsheet that ties to the payables in the Balance Sheet. Let us know if you need anything else. Thanks. Mark Mark Tomyn, P.E. EFTA00857090