negros ph solar inc mou juwi2

8/17/2019 Negros PH Solar Inc MOU Juwi2

1/20

MEMORANDUM OF UNDERSTANDING

This Memorandum of Agreement is made the 7th day of January 2015.

Between

Negros PH Solar Inc (Company o. !!!" a #orporation organi$ed ande%isting under the &aws of 'hi&ippines registered with )*egistration Authority+ ha,ing its p&a#e of -usiness at /10 /&o-eTower1 'ioneer t Corner. Madison Barangay &aya Manda&uyongCity Metro Mani&a 'hi&ippines hereinafter referred to as PH Co-developer 3

And

j!" S"ngapore Rene!a#le Energ"es Pr"va$e %"&"$ed (Company o.2011417" a #ompany in#orporated under the &aws of ingapore andha,ing its registered offi#e at Juwi ingapore *enewa-&e 6nergies pri,ateimited 152 Bea#h *oad 821907:0; /ateway 6ast ingapore 1; appro,a& from

go,ernmenta& and regu&atory authorities in 'hi&ippines.

Memorandum of nderstanding 'age 1 of 20


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F. ' Co9de,e&oper has the re?uired #onta#t information and networ> that wou&dessentia&&y ena-&e the su##ess of this pro=e#t in an effi#ient and e%pedient manner.' Co9de,e&oper is the responsi-&e party for pro#uring &and and grid #onne#tion#ontra#ts permits &i#enses and #&earan#es for the 'ro=e#ts unti& an 6?uity n,estor -uys the 'ro=e#t(s". After that the ' Co9Fe,e&oper supports the 6?uity n,estor

pro#uring the same. These permits &i#enses and #&earan#es in#&ude -ut are not&imited to &and &ease or pur#hase #ontra#ts grid #onne#tion permit &o#a& pu-&i#hearing &and a##ess to mu&tip&e &and sites #om-ined with hundreds of he#tares#apa-&e of a##ommodating &arge s#a&e so&ar farm de,e&opment ser,i#e #ontra#tFG6 appro,a& 6*C appro,a&.. ' Co9de,e&oper is interested to #o&&a-orate with apartner who has strong te#hni#a& e%pertise and tra#> re#ord in de,e&oping finan#ingand e%e#uting so&ar photo,o&tai# pro=e#ts wor&dwide as we&& as &o#a& 'hi&ippine -asedpresen#e of a team a&&o#ated for the pro=e#t.

6. The 'arties agree to the o-&igations and terms set forth in this Memorandum of nderstanding Agreement (this Agreement3" to a#hie,e the #ommon goa& of de,e&opingengineering finan#ing #onstru#ting #ommissioning and operating photo,o&tai# so&ar power

p&ants in the 'hi&ippines (who&&y referred to as the Co9de,e&opment3".

ow therefore in #onsideration of the mutua& promises underta>ings and #o,enants#ontained herein the 'arties agree as fo&&owsH

( )

Scope o* Agree&en$

(1" The photo,o&tai# so&ar power p&ants in the 'hi&ippines go,erned -y this mode& of Co9de,e&opment sha&& -e referred to as 'ro=e#ts3 or ea#h a 'ro=e#t3 whi#h detai&s wi&& -e &istedin ANNE+ ) of this Agreement.

(2" This Agreement sha&& #onsist of three (4" #onse#uti,e stages. The first stage sha&&-egin from the e%e#ution of this Agreement and end after an 6?uity n,estor haspur#hased the 'ro=e#t(s". The se#ond stage sha&& -egin dire#t&y after stage one has-een #omp&eted and end at the Iinan#ia& C&ose or Transa#tion C&ose whi#he,er #omes &ater.tage one and stage two sha&& -e referred to as the Fe,e&opmenttage3 of the Co9de,e&opment. The third stage sha&& -egin from the #ommen#ementof #onstru#tion pursuant to the 6ngineering 'ro#urement Constru#tion Contra#t(6'C Contra#t3" as pro,ided in e#tion 10 of this Agreement and end upon#omp&etion of #onstru#tion of the 'ro=e#ts and sha&& -e referred to as the 6'Ctage3. Ior purposes of this Agreement Iinan#ia& C&ose sha&& o##ur when a&& thepro=e#t and finan#ing agreements ha,e -een signed and a&& the re?uired #onditions#ontained in them ha,e -een met transa#tion #&ose sha&& o##ur when a&& sa&e:transfer agreements pertaining to the e?uity or assets of the 'ro=e#t as the #ase may -e andthe 6'C Contra#t and Gperation Maintenan#e Contra#t (GM Contra#t3" -etweenand =uwi ingapore ha,e -een signed and a&& the re?uired #onditions #ontained inthem ha,e -een met.

( ,

Pr"&ar' Agree&en$s

(1" Te Par$"es agree $o $e Co-develop&en$ o* $e Projec$s and *r$er agree $a$ $eProjec$.s/ sall #e sold $o E0"$' Inves$or.s/ as earl' as poss"#le and po$en$"all'

#e*ore 1ne 23$

,3)4 and $a$ $e cons$rc$"on o* $e Projec$s "s "n$ended $o s$ar$ "n0ar$er , $o 0ar$er 2 ,3)4 5



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The ' Co9Fe,e&oper sha&& se#ure a&& ne#essary permits and &i#enses and initia& &and andte#hni#a& e,a&uation wor> ne#essary to further the Co9de,e&opment of the 'ro=e#ts.


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(1" ' Co9de,e&oper wi&& underta>e the prin#ipa& ro&e of the 'hi&ippine pro=e#t de,e&oper tas>ed with managing &o#a& : nationa& re&ations with re&e,ant go,ernmenta& authoritiesand managing any and a&& &and re&ated issues #on#erning the 'ro=e#t or 'ro=e#ts.

' Co9de,e&oper underta>es to perform and a##omp&ish any and a&& tas>s ne#essaryto a##omp&ish the ro&e as the 'hi&ippines pro=e#t de,e&oper in#&uding -ut not &imitedto the fo&&owing tas>sH

a. e#uring spe#ifi# sites for &ong term &and &ease or pur#hase -y the 'D (appro,a& andre=e#tion rights -y =uwi ingapore"

-. 'roposing negotiating and #&osing and &ease or pur#hase agreements as appro,ed -y =uwiingapore

#. 'ro,iding maps topographi# information f&ood ris> information and site photosa##epta-&e to =uwi ingapore

d. 'ro#urement of a&& ne#essary rea& estate #ontra#ts and permits &i#enses #&earan#es

#on,ersion of &and et#. to -ui&d and operate a photo,o&tai# power p&ante. 6nsure the spe#ifi# site has a&& the ne#essary &and usage rights for so&ar power generation.

This means for e%amp&e the &and use has -een #on,erted or is fit for #ommer#ia& : industria&use

f. G-taining the ne#essary permits &i#enses #&earan#es reso&utions support et#. from &o#a&authorities i.e. Barangay City Muni#ipa&ity or 'ro,in#ia& /o,ernment.

g. upporting the n,estor o-taining a Ieed n Tariff FIT3 6&igi-i&ity from the Fepartment Gf 6nergy DOE3 and 6nergy *egu&atory Commission ERC3 (with support from =uwi ingaporeas and when re?uired"

h. 'ro,iding proof that a&& ne#essary do#uments agreements &and &ease or pur#hase#ontra#ts &o#a& permissions en,ironmenta& #onditions et#. are #omp&ete &ega&&y -inding

enfor#ea-&e and free from any en#um-ran#esi. eading the /rid mpa#t and Ia#i&ity study and negotiations with ationa& /rid Corporation

of the 'hi&ippines NGCP3 and 6*C

=. eading the preparation and possi-&e registration of the 'Ds with the Board of n,estments(BG" the Bureau of Customs (BGC" and other re&e,ant agen#ies unti& the 6?uity n,estor has pur#hased the 'ro=e#t(s" after whi#h the &eadership wi&& -e with an 6?uity n,estor(s"and the ' Co9de,e&oper wi&& support

>. eading the app&i#ation of the 6n,ironmenta& Comp&ian#e Certifi#ate nterfa#ing withauthorities (&o#a& and nationa&" sta>eho&ders and de#ision ma>ers

&. Any and a&& tas>s ne#essary to a##omp&ish the foregoing.

(2" ' Co9de,e&oper wi&& assist =uwi ingapore to o-tain a&& do#uments and informationne#essary or desira-&e to fu&fi&& the de,e&opment finan#ing engineering pro#urementand #onstru#tion of the 'ro=e#t or 'ro=e#ts in an appropriate and time&y manner.

(4" ' Co9de,e&operEs ro&es and responsi-i&ities are des#ri-ed in greater detai& in thes#ope of wor> set9out ANNE+ , of this Agreement.

( :Role and O#l"ga$"ons o* j!" S"ngapore

(1" In respec$ o* $e Projec$s l"s$ed "n ANNE+ )7 j!" S"ngapore !"ll nder$a;e $epr"nc"pal role o* $e $ecn"cal and *"nanc"al projec$ develop&en$ par$ner $as;ed !"$

Memorandum of nderstanding 'age of 20


5/20

e6ec$"ng e0"$' sales7 *ac"l"$a$"ng projec$ *"nance7 as !ell as #e"ng $e &a"n EPC andOM #ontra#tor (the j!" S"ngapore Serv"ces

a" E6ec$"ng $e "n"$"al anal's"s and selec$"on o* s"$a#le projec$ s"$es "n$erpre$"ng

&aps7 $opograp"c "n*or&a$"on7 'drolog"cal and geo$ecn"cal "n*or&a$"on7po$os e$c and sare $ese "n*or&a$"on !"$ $e PH Co-Developer5?

-" E6ec$"ng a co&preens"ve $ecn"cal *eas"#"l"$' s$d'?

#" Sppor$"ng $e Gr"d I&pac$ and Fac"l"$' s$d' and nego$"a$"ons !"$ NGCP andERC?

d" Sppor$"ng $e appl"ca$"on o* $e Env"ron&en$al Co&pl"ance Cer$"*"ca$e

e" Sppor$"ng $e PH Co-Developer or E0"$' Inves$or7 as $e case &a'#e7 $oac"eve rece"p$ o* *"nal cons$rc$"on per&"ss"on?

f" Sppor$"ng $e PH Co-Developer or E0"$' Inves$or7 as $e case &a'#e7 $oac"eve reg"s$ra$"on o* $e SP@s !"$ oard o* Inves$&en$s .OI/7 rea o* Cs$o&s .OC/ and o$er relevan$ agenc"es?

g" %ead"ng $e e0"$' sales o* $e projec$ SP@? and

h" %ead"ng $e projec$ F"nance s$rc$r"ng on $e #eal* o* $e Par$"es "* no$ done#' $e $"rd par$' e0"$' "nves$ors5

(2" j!" S"ngapore=s roles and respons"#"l"$"es are descr"#ed "n grea$er de$a"l "n $e scopeo* !or; ANNE+ , o* $"s Agree&en$5

.2/ =uwi ingapore may under$a;e "$s role and respons"#"l"$"es $rog an' o* "$s"n$erna$"onal s#s"d"ar"es "$s or local P"l"pp"ne s#s"d"ar'7 as &a' #e re0"red#' a legal and $a6 op$"&"Bed scenar"o5

(" j!" S"ngapore !"ll prov"de PH Co-developer !"$ $e j!" S"ngapore Serv"ces"n an appropr"a$e and $"&el' &anner5

( 4

1o"n$ Roles and O#l"ga$"ons o* PH Co-developer and j!" S"ngapore

Te l$"&a$e goal o* $"s Co-develop&en$ "s $o secre a FIT El"g"#"l"$' *or $eProjec$.s/5 T"s "ncldes secr"ng o* sccess*l and ncond"$"onal Cer$"*"ca$eo* Co&&erc"al"$' .COC


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or asse$s prcaser.s/ and #an;s "n prov"d"ng all re0"red "n*or&a$"on ands$rc$r"ng7 arrang"ng and clos"ng e0"$' *"nanc"ng o* $e SP@s or projec$*"nanc"ng *or $e Projec$5

(7" Dr"ng $e Develop&en$ S$age7 $e projec$ develop&en$ and projec$

&anage&en$ o* $e Projec$s !"ll #e jo"n$l' nder$a;en #' #o$ PH Co-developer and j!" S"ngapore $rog $e acco&pl"s&en$ o* $e $as;s s$a$edor con$e&pla$ed "n $"s Agree&en$7 "ncld"ng $ose $a$ &a' #e s#se0en$l'agreed #' $e Par$"es5

( E6"$ s$ra$eg' - Sale o* $e SP@s or $rans*er o* projec$ r"g$s .asse$ prcase/

(1" 'ursuant to e#tion 2 hereof when >ey permits and &i#en#es ha,e -een granted andoffta>e:inter#onne#tion agreements ha,e -een signed and appro,ed where pra#ti#a&

and with the prior written appro,a& of =uwi ingapore the 'arties sha&& se&& the'ro=e#t(s" to the third party e?uity in,estor or third party assets pur#haser as the#ase may -e with the most #ompe&&ing offer. Both 'arties aim to ma%imi$e the sa&epri#e of the 'ro=e#t as we&& as the 6'C and GM pri#e to e?uity in,estors.

'ursuant to e#tion 2 hereof when it is p&anned to se&& the 'ro=e#t(s" at or -eforeho,e& *eady stage the 'arties agree to grant to =uwi ingapore or its designee thee%#&usi,e and irre,o#a-&e right of first refusa& and first option to pur#hase the 'ro=e#tor 'ro=e#ts &isted in ANNE+ ). At any time prior to the end of the Fe,e&opment tage =uwi ingapore sha&& notify ' Co9de,e&oper in writing if it sha&& e%er#ise the said rightof first refusa& and first option. n #ase no written noti#e is gi,en -y =uwi ingaporewithin the said period the 'arties sha&& -e free to se&& transfer to a third party e?uityin,estor or assets pur#haser.

(2" The pur#hase sha&& -e effe#ted through either share pur#hase agreements for the'DEs from ' Co9de,e&oper or a transfer of pro=e#t rights (asset pur#hase" andsha&& &i>ewise -e app&i#a-&e to a&& 'ro=e#ts &isted in ANNE+ ). )The pur#hase pri#esha&& -e e?ua& to the “Development Fee” (as defined in #&ause ;"+. Any transa#tion#ontemp&ated -y this pro,ision is intended to o##ur no &ater than the Iinan#ia& C&ose.

o sa&e of the 'ro=e#ts or a 'ro=e#t &isted in ANNE+ ) as the #ase may -e sha&& -eentered into -y )' Co9de,e&oper+ dire#t&y or indire#t&y through either a sharepur#hase agreement for the 'DEs shares with a third party 6?uity n,estor or a

transfer of the 'ro=e#tEs assets and rights to a third party assets pur#haser withoutthe written #onsent of =uwi ingapore or its designee. The pur#hase pri#e is definedas “Development Fee” (as defined in #&ause ;" .

(4" The sa&e of the 'ro=e#t(s" or a 'ro=e#t &isted in ANNE+ ) as the #ase may -e madeto a third party e?uity in,estor or assets pur#haser sha&& -e su-=e#t to the #onditionpre#edent that su#h third party e?uity in,estor or assets pur#haser is -ound toe%e#ute 6'C and GM Contra#ts with =uwi ingapore and =uwi 'hi&ippines or other =uwi #ontro&&ed #ompanies as defined -y =uwi ingapore.

(" Gn#e the pro=e#t is ho,e& *eady the 'arties sha&& wor> towards transa#tion #&ose withpotentia& third party e?uity n,estors or assets pur#haser.

(5" The 'arties wi&& endea,or to #ooperate and satisfy the re?uirements of the potentia& thirdparty e?uity in,estor or assets pur#haser.

Memorandum of nderstanding 'age L of 20


7/20

(L" After a -idding or negotiation is #on#&uded with =uwi ingapore or third party e?uity in,estorsor assets pur#haser the 'arties agree not to restrain or unreasona-&y withho&d the 'Dsfrom a##epting the most attra#ti,e offer from =uwi ingapore or ?ua&ified -ona fide third partye?uity in,estors or assets pur#haser.

(

M O$p$7 Pased Develop&en$7 Develop&en$ Scedle7 and dge$

(1" hort&y after signing this Agreement and gi,en the parameters and &imitations of these&e#ted site =uwi ingapore wi&& present to ' Co9de,e&oper its re#ommendation for tota& M@ Gutput (Gutput" and if app&i#a-&e a phased de,e&opment of su#h Gutput.The tota& Gutput fi&ed in the er,i#e Contra#t with the FG6 wi&& -e -ased on thisre#ommendation -y =uwi ingapore.

(2" pon signing this Agreement gi,en the need to -e generating e&e#tri#ity ande%porting e&e#tri#ity to the grid prior to Mar#h 201L (Fead&ine" -oth 'arties wi&& wor>out and agree on a detai&ed pro=e#t de,e&opment s#hedu&e and #onstru#tion s#hedu&ethat aims #omp&etion of the ma%imum insta&&ed #apa#ity in M@ prior to the Fead&ine.

(4" pon signing this Agreement the parties wi&& de,e&op a de,e&opment -udget(Budget3" re?uired for the 'ro=e#t during the Fe,e&opment tage.

(" Based on an initia& assessment the 'arties estimate a ma%imum Budget amount of 150000 for e%penses (i.e. permits &and #onsu&tan#ies &ega& grid impa#t power system studies et#." during the Fe,e&opment tage to a#hie,e among othersthe CGC from the FG6. Both 'arties wi&& endea,our to minimi$e the e%penses and

sha&& prepare a detai&ed -udget and ,a&idate and appro,e e,ery e%penditure that wi&&o##ur at Fe,e&opment tage. Both the parties agree that any e%terna& de,e&opment#ost in#urred -y respe#ti,e party sha&& -e -orne and paya-&e -y 'D dire#t&y. The'arties a#>now&edge to wor> together in preparing the detai&ed Budget and fina&pro=e#t sa&e pri#e in order to a#hie,e #ommon o-=e#ti,e of ma%imi$ing Fe,e&opmentIee.

(5" n an effort to minimi$e the de,e&opment #osts of the 'ro=e#ts the 'arties agree toma%imi$e the usage of their respe#ti,e in9house #apa-i&ities and minimi$e using thirdparty #onsu&tants. A&& in9house wor> done sha&& not -e #harged to the 'Ds and wi&&-e #onsidered as ser,i#e in >ind. f the ser,i#e is ne#essary and #an not -e pro,idedin9house then the 'arties may #ontra#t third party #onsu&tants to do the wor> through

or for the 'Ds.

(L" Me#hanism for payment of su#h de,e&opments #osts sha&& -e agreed upon -y theparties after the Budget for the 'ro=e#t has -een set.

(

Develop&en$ Fee

(1" The Development Fee3 a monetary ,a&ue e?ua& to or effe#ti,e&y represents the ris> ta>enmanagement attention and de,e&opment effort time and energy spent into the pro=e#ts -ythe 'arties to -e paid -y third party e?uity in,estor or assets pur#haser to a#?uire the 'ro=e#t



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and sha&& -e distri-uted to the parties as fo&&owsH

Ior an IT rate of @h or higherH

' Co9de,e&oper Any Fe,e&opment Iee re#ei,ed

from su#h third party e?uityin,estor or assets pur#haser upto the amount of 200000:M@p F#

Juwi ingapore Any Fe,e&opment Iee re#ei,edfrom su#h third party e?uityin,estor or assets pur#haser e%#eeding the amount of 200000:M@p F#

(2" f the IT rate is -e&ow @h the Development Fee and the 6'C and GM pri#ewi&& ha,e to ad=ust to a &e,e& where the e** for the 6?uity n,estor is 15K post ta% at 'D

&e,e& in &o#a& #urren#y (''".

(4" Ior a IT of ;.5 '':>@h the Development Fee distri-ution wou&d -eH

' Co9de,e&oper Any Fe,e&opment Iee re#ei,edfrom su#h third party e?uityin,estor or assets pur#haser upto the amount of 170000:M@p F#

Juwi ingapore Any Fe,e&opment Iee re#ei,edfrom su#h third party e?uityin,estor or assets pur#haser e%#eeding the amount of 170000:M@p F#

(" Ior a IT of 7.4< '':>@h the Development Fee distri-ution wou&d -eH

' Co9de,e&oper Any Fe,e&opment Iee re#ei,edfrom su#h third party e?uityin,estor or assets pur#haser upto


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ris> profi&e of an e%pansion.

(

%and

(1" The 'arties agree to =oint&y se&e#t and ,a&idate the most suita-&e p&ot of &and for the'ro=e#t(s". The 'arties agree that the &and #ost is #ru#ia& to the ,ia-i&ity of the 'ro=e#tand therefore to the e%pe#ted return. The 'arties sha&& gi,e their -est endea,ors tosour#e the -est 'ro=e#t ite -y e%p&oring e,ery option a,ai&a-&e in#&uding -ut not&imited to rea& estate agents &o#a& sur,eying &o#a& #onne#tion et#. The 'arties agreethat the >ey #riteria to se&e#t the -est p&ots of &and sha&& -eH (i" suita-i&ity of the terrainfree from f&ooding and road a##ess (ii" a##ess to the grid and (iii" pri#e and paymentterms.

(2" /i,en that ' Co9de,e&oper has mu&tip&e &and sites e&igi-&e for so&ar farm de,e&opment

without &and #on,ersion re?uirements =uwi ingapore wi&& #ondu#t a thorough te#hni#a& sitese&e#tion pro#ess to se&e#t a first #hoi#e and se#ond #hoi#e for &arge s#a&e so&ar farmde,e&opment to -e -etween 10 9 120 M@ per site. u#h te#hni#a& site se&e#tion pro#ess wi&&in#&ude the siteEs a##ess to the grid through transmission &ine #ut9in or su-station #onne#tionwhi#he,er /C' a&&ows so&ar irradian#e the f&atness of the &and soi& #onditions f&ood ris>profi&e a##ess to water and other site re?uirements that wou&d &ower the #ost of so&ar pro=e#tde,e&opment and ma%imi$e M@h output. u#h te#hni#a& findings and =uwi ingaporeEs first#hoi#e and se#ond #hoi#e sites se&e#tion and re&e,ant te#hni#a& information wi&& -e sharedwith )' Co9de,e&oper+.

( )3EPC and OJM

(1" The 'arties agree that the 6'C and the GM Contra#ts sha&& on&y -e #on#&uded-etween =uwi ingapore =uwi 'hi&ippines or any of its designee and any of their affi&iated group of #ompanies and the 'Ds.

( ))E6cls"v"$' Agree&en$

(1" Furing the effe#ti,ity of this Agreement ' Co9de,e&oper underta>es andunderta>es to pro#ure the ' Co9de,e&oper Companies and their respe#ti,edire#tors emp&oyees #onsu&tants and agents (Represen$a$"ves3" not toH

(i" so&i#it enter into or #ontinue negotiations or any #ontra#tua& agreement or understanding in respe#t of any matter re&ated on&y to the spe#ifi# 'ro=e#ts asset out in ANNE+ ) with any pro=e#t de,e&opers in,estors ''s 6'Cs 'Dmodu&e or in,erter manufa#turers or any other #ompanies or entities whi#hare or may -e #ompeting dire#t&y or indire#t&y with the -usiness of =uwiingapore or of any =uwi Company.

(2" Furing the effe#ti,ity of this Agreement =uwi ingapore underta>es and underta>esto pro#ure the =uwi Companies not toH

Memorandum of nderstanding 'age < of 20


10/20

(i" so&i#it enter into or #ontinue negotiations or any #ontra#tua& agreement or understanding in respe#t of any matter re&ated on&y to the spe#ifi# 'ro=e#ts asset out in ANNE+ ) with any pro=e#t de,e&opers in,estors ''s or any other #ompanies or entities whi#h are or may -e #ompeting dire#t&y or indire#t&y

with the -usiness of )' Co9de,e&oper+.

(ii" This e%p&i#it&y e%#&udes the e?uity sa&es a#ti,ities of =uwi ingapore for thepurpose of se&&ing the 'Ds to third party e?uity in,estors at any point in time.

(4" The 'arties agree that the e%#&usi,ity underta>ing pro,ided under this e#tion 11pertains on&y to the 'ro=e#ts &isted in ANNE+ ).

(" 6a#h and e,ery o-&igation in this e#tion 11 sha&& -e treated as a separate o-&igationand sha&& -e se,era&&y enfor#ea-&e as su#h and in the e,ent of any o-&igation or o-&igations -eing or -e#oming unenfor#ea-&e in who&e or in part su#h part or parts asare unenfor#ea-&e sha&& -e de&eted from this e#tion 11 and any su#h de&etion sha&&not affe#t the enfor#ea-i&ity of a&& other parts of this e#tion 11.

(5" 6a#h of the restri#tions #ontained in this e#tion 11 are #onsidered -y the 'arties to-e reasona-&e in a&& the #ir#umstan#es as at the date hereof and it is here-y agreedand de#&ared that if any one or more of su#h restri#tions sha&& -e =udged to -e ,oid asgoing -eyond what is reasona-&e in a&& the #ir#umstan#es for the prote#tion of theinterests of the 'arties -ut wou&d -e ,a&id if words were de&eted therefrom the saidrestri#tions sha&& -e deemed to app&y with su#h modifi#ations as may -e ne#essary toma>e them ,a&id and effe#ti,e and any su#h modifi#ation sha&& not there-y affe#t the,a&idity of any other restri#tion #ontained herein.

( ),

Con*"den$"al"$'

(1" 6a#h 'arty wi&& use the information pro,ided -y the other 'arty so&e&y for thepurposes set out in this Agreement. The 'arties agree to safeguard >eep se#ret andprote#t any #onfidentia& or proprietary information whi#h they re#ei,e and to hand&esu#h information #onfidentia&&y and with due #are and for the so&e purpose of e,a&uating the re#ei,ed information or performing or imp&ementing this Agreement.

(2" n parti#u&ar =uwi ingapore wi&& not use any #onfidentia& or proprietary informationpro,ided -y ' Co9de,e&oper for purposes not re&ating to the 'ro=e#ts.

(4" n parti#u&ar ' Co9de,e&oper wi&& not use any #onfidentia& or proprietary informationpro,ided -y =uwi ingapore for purposes not re&ating to the 'ro=e#ts.

(4" =uwi ingapore sha&& -e entit&ed to pass information to a" =uwi Companies and -"su-#ontra#tors and other authori$ed third parties whi#h are re?uired for thede,e&opment of the 'ro=e#ts under the #ondition that these parties are -ound to treatthe information #onfidentia&&y and do not ha,e the right to use the information for their

own purposes or for any other purpose not authori$ed -y =uwi ingapore and other =uwi Companies.



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Ior purposes of this Agreement the terms j!" Co&pan'3 or j!" Co&pan"es3 sha&&mean any #ompany #orporation or other &ega& or natura& person or entity (whether in#orporated or unin#orporated" whi#h #ontro&s is #ontro&&ed -y or is under the #ommon#ontro& of =uwi ingapore or any of =uwi ingaporeEs #urrent or future u&timate shareho&dersthe #urrent shareho&ders of =uwi ingapore -eing Ired Jung and Matthias @i&&en-a#her. The

term con$rol3 means the possession dire#t&y or indire#t&y of the power to dire#t or #ausethe dire#tion of the management and po&i#ies of a person whether through the ownership of ,oting se#urities -y #ontra#t or otherwise and in#&udes (i" ownership dire#t&y or indire#t&y of at &east fifty per#ent (50K" of the shares or other e?uity se#urities in issue of su#h person (ii"possession dire#t&y or indire#t&y of at &east fifty per#ent (50K" of the ,oting power of su#hperson or (iii" the power dire#t&y or indire#t&y to appoint a ma=ority of the mem-ers of the-oard of dire#tors or any other simi&ar go,erning -ody of su#h person and the termscon$roll"ng3 and con$rolled3 ha,e meanings #orre&ati,e to the foregoing.

( )2

Rela$"ons"p #e$!een $e Par$"es

(1" This Agreement is neither intended to #reate nor sha&& it -e #onstrued as #reatinge%#ept to the e%tent a&&owed and pro,ided under this AgreementHH

(i" a =oint ,enture or partnership -etween the 'arties

(ii" any o-&igation to e%e#ute a 'ro=e#t

(iii" any o-&igation to #ontinue dis#ussions or negotiations with respe#t to anypotentia& agreement -etween the 'arties or

(i," an agreement to enter into any agreement.

(2" o 'arty sha&& -e entit&ed to in#ur any &ia-i&ity or o-&igation on -eha&f of any other 'arty or to dispose of or otherwise a&ienate p&edge or en#um-er any assets of theother 'arty.

(4" 6a#h 'arty warrants and represents to the other 'arty thatH

(i" it is du&y in#orporated and ,a&id&y e%isting under the &aws of its =urisdi#tion of in#orporation and has the re?uisite #orporate power and authority and haso-tained a&& ne#essary #orporate appro,a&s to e%e#ute this Agreement and toperform its o-&igations hereunder and

(ii" the e%e#ution and de&i,ery of this Agreement does not #onf&i#t with or resu&t ina -rea#h or ,io&ation of any pro,ision of its #onstitution or memorandum and

arti#&es of asso#iation any #ontra#t under whi#h it or any of its assets is-ound or any &aw or pertinent ru&es and regu&ations.

( ):

%"a#"l"$'

The re#ei,ing party of any information pro,ided under this Agreement (the Rece"v"ngPar$'3" a#>now&edges that the dis#&osing party of su#h information (the D"sclos"ng Par$'3"has neither made any representations nor gi,en any warranties as to the a##ura#y or

#omp&eteness of the information for the *e#ei,ing 'artyEs purposes. The *e#ei,ing 'artyagrees that the Fis#&osing 'arty sha&& not -y ,irtue of this Agreement ha,e any &ia-i&ity or



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responsi-i&ity for errors or omissions in or any de#isions made -y the *e#ei,ing 'arty inre&ian#e on any information dis#&osed under this Agreement.

( )4

E6penses and Ta6es

(1" 6a#h 'arty sha&& pay its own #osts and e%penses re&ating to the negotiationpreparation and e%e#ution -y it of this Agreement in#&uding the #osts of any ad,i#epro,ided -y any professiona& ad,isors engaged -y it un&ess otherwise agreed inwriting -y the 'arties.

(2" 6a#h 'arty sha&& pay any and a&& ta%es arising from its e%e#ution of this Agreement ina##ordan#e with the pro,isions of app&i#a-&e &aw.

( )

Ar#"$ra$"on

(1" The 'arties sha&& use a&& reasona-&e efforts to reso&,e any dispute that may ariseunder this Agreement through good faith negotiations.

(2" n the e,ent that the 'arties are una-&e to rea#h a reso&ution within ninety (


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(2" upon the signing of a more detai&ed and -inding 'ro=e#t Fe,e&opment Agreement-etween the 'arties.

(3) In case o* #reac o* con$rac$ #' e"$er par$' $ere !"ll #e a #rea; *ee o* USD,37333533

( )General Prov"s"ons

(1" This Agreement sha&& -e go,erned -y and #onstrued in a##ordan#e with the &aws of the *epu-&i# of the ingapore (/o,erning aw3".

(2" T"s Agree&en$ sall re&a"n "n *ll *orce and e**ec$ *or $!o .,/ 'ears *ro& $eda$e o* s"gna$re ereo* #' $e las$ Par$' s"gn"ng $"s Agree&en$ nlesssooner $er&"na$ed prsan$ $o Sec$"on ) ereo*5 S"6 ./ &on$s pr"or $o $ee6p"ra$"on o* $e a*oresa"d per"od7 $e Par$"es ave $e op$"on o* rene!"ng $"sAgree&en$ #' &$al !r"$$en agree&en$5

(4" This Agreement #ontains a&& the e%press pro,isions agreed on -y the 'arties withregard to the su-=e#t matter of this Agreement and the 'arties wai,e the right to re&yon any a&&eged pro,ision not e%press&y #ontained in this Agreement.

(" o #ontra#t ,arying adding to de&eting from or #an#e&&ing this Agreement and nowai,er of any right under this Agreement sha&& -e effe#ti,e un&ess redu#ed to writingand signed -y or on -eha&f of the 'arties.

(5" Any fai&ure -y either 'arty to enfor#e any right or remedy under this Agreement sha&&not #onstitute a wai,er of su#h right.

(L" Any pro,ision in this Agreement whi#h is or may -e#ome i&&ega& in,a&id or unenfor#ea-&e in any =urisdi#tion affe#ted -y this Agreement sha&& as to su#h =urisdi#tion -e ineffe#ti,e to the e%tent of su#h prohi-ition or unenfor#ea-i&ity andsha&& -e treated as not ha,ing -een written and se,ered from the -a&an#e of this Agreement without in,a&idating the remaining pro,isions of this Agreement or affe#ting the ,a&idity or enfor#ea-i&ity of su#h pro,ision in any other =urisdi#tion.

(7" By signing this Agreement ea#h 'arty agrees that this Agreement represents theagreement in prin#ip&e su-=e#t to the terms and #onditions a-o,e and is thereforenot intended to -e #omprehensi,e. The Agreement howe,er is agreed to -e -indingwith respe#t to the terms thereof and there is no need for further a#t or deedne#essary to ma>e the terms of this Agreement effe#ti,e as -etween the 'arties.

ACCEPTED AND AGREED TO7

The 'arties hereto -y du&y authori$ed representati,es ha,e e%e#uted this MG in two#ounterparts.



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ANNE+ )

The ugar&andia

This pro=e#t is &o#ated at a site intended for a free9fie&d so&ar photo,o&tai# pro=e#t p&ant with a

tota& insta&&ed #apa#ity of appro%imate&y 120 M@p F# in Muni#ipa&ity of Ba#o&od egrosG##identa& 'hi&ippines 9 1L; he#tares. (hereinafter referred to as the pro=e#t3".

The 'ro=e#ts wi&& -e #onne#ted to /C' grid (LD or 14;>D" and it is p&anned that the'ro=e#ts app&y for Ieed9in9Tariff with tentati,e tariff at


16/20

ANNE+ ,

)/ F"eld Srve' j!"PH Co-

Developer

Inves$&en$

Par$ner

)5) as"c Anal's"s

1.11

Candidate sites #adastra& information C *

1.12

ite ur,ey ur,ey report * C

1.14

ur,ey of p&anning $one and surrounding area C * *

1.1

6n,ironmenta& : C&imate data *esear#h * C

1.15

'ro,ision of so&ar radiation data *

1.1L

/rid nter#onne#tion Ana&ysis (ine su-station et#.")initia&+

C *

1.17

o&ar yie&d ana&ysis report *

)5, Add"$"onal S$d"es 1.21

'erform Topograp' tudy * C

1.22

'erform H'drolog' tudy * C

1.24

'erform So"l Srve' (*amming dri&&ing #on#retinget#."

* C

Memorandum of nderstanding 'age 1L of 20


17/20

,/ S's$e& Des"gn Eng"neer"ng j!"Dev

Par$ner

Inves$&en$

Par$ner

2.1 Component se&e#tion (i.e. Modu&es n,ertersMounting stru#tures et#." A Q *

2.2 Modu&e &ayout Fesign (Q mounting stru#ture" A Q *

2.4Ci,i& 6ngineering Fesign (roads drainage fen#ing-ui&ding et#."

A Q *

2.6&e#tri#a& ystem Fesign (Basi# F 9 AC FCinside the fen#e"

A Q *

2.5'erform Basi# engineering and te#hni#a& drawingsre?uired for permits (#on#eptua& engineering"

A Q *

2.Lystem design optimi$ation ('* effi#ien#y &and use#a-&e &osses et#."

A Q *

2.7 Monitoring system se&e#tion and design A Q *

:/ Per&"$sK%"cense j!"Dev

Par$ner

Inves$&en$

Par$ner

.1 %and Develop&en$ .1

1 A#?uisition of and *ights (' IAg IAMGA Agreement et#."

A *

.12 ssuan#e of Grigina& Certifi#ate of Tit&es (GCT" A *

.14

ssuan#e of Grder of Con,ersion A *

.2 %ocal Re0"re&en$s .2

1ssuan#e of *eso&ution of upport from os$aranga's

C A Q *

.22

ssuan#e of *eso&ution of upport from os$Mn"c"pal"$'

C A Q *

.24

ssuan#e of *eso&ution of upport from os$Prov"nc"al Gov

C A Q *

.2

ssuan#e of "ld"ng Per&"$ * C

.25

ssuan#e of Elec$r"cal Per&"$ * C

.2L

Gther o#a& Constru#tion 'ermits * C

.4 Na$"onal Re0"re&en$s .4

1Ii&ing ssuan#e of RE Serv"ce Con$rac$ 9 (pre9de,.stage"

A A Q *

.42

'ro=e#t Ieasi-i&ity tudy * C

.44

FG6Rs etter of Endorse&en$ *or NCIP C A Q *



18/20

.4

ssuan#e of NCIP Cer$"*"ca$e C&earan#e (Iree 'rior Consent"

C A Q *

.45

ssuan#e of Env"ron&en$al Co&pl"anceCer$"*"ca$e (6CC" (ea#h site"

* *

.4

Lssuan#e of Per&"$ $o Opera$e C C *

.47

mporter C&earan#e Certifi#ate C *

.4;

Cert of A##reditation for mport i#ense C *

.4<

mport #&earan#es #hemi#a& importations that areha$ardous or F/

C *

.0

mport &i#en#e and:or importations of #ontro&&ed andpre#ursor #hemi#a&s

C *

.1

Ii&ing and ssuan#e of Cer$"*"ca$e o* Con*"r&a$"ono* Co&&erc"al"$' (*6C 2"

A *

.2 ssuan#e of Con*"r&a$"on o* Elec$ro&ecan"calCo&ple$"on * C *

.4

App&i#ation for Cer$"*"ca$e o* Endorse&en$ for IT6&igi-i&ity

A *

.

App&i#ation for Cer$"*"ca$e o* Co&pl"ance A *

4/ Gr"d Connec$"on j!"Dev

Par$ner

Inves$&en$

Par$ner

5.1

'erform a Gr"d I&pac$ S$d' (ine su-station et#."

)o#e#o or /C'+ C *

5.2 ignature of Connec$"on Agree&en$ C *

5.4 ignature of Trans&"ss"on Serv"ce Agree&en$ C *

5. ignature of Me$er"ng Serv"ce Agree&en$ C *

5.5 ignature of RE Pa'&en$ Agree&en$ C *

/ Cons$rc$"on or; and Opera$"on J Ma"n$enance j!"Dev

Par$ner

Inves$&

en$Par$ner

L.1 Sua&ifi#ation and Arrangement of #ontra#tors A Q *

L.2 6'C #ontra#tor A Q *

/ SP@ Corpora$e S$rc$r"ng7 Ta6 and %egal j!"Dev

Par$ner

Inves$&en$

Par$ner

7.1

*egistration of Co&pan' Reg"s$ra$"on .SP@/

ssuan#e of / (/enera& info sheet" A Q *

Memorandum of nderstanding 'age 1; of 20


19/20

7.2 *egistration of s"ness Per&"$ A Q *

7.4Bang>o entra& *egistration Fo#ument for Fore"gn"nves$&en$s

A *

7. *egistration for %oan Approval A *

7.5 *egistration of IR A Q * *

7.L Ta% tru#turing A *

7.7Ii&ing and ssuan#e of OI Projec$ Reg"s$ra$"onCer$"*"ca$e

A *

7.; ega& Fo#uments (and ''A 6'C GM et#." A *

/ F"nance j!"Dev

Par$ner

Inves$&en$

Par$ner

5) E0"$' Sorc"ng

;.11

n,estment 6%pos #reation A Q * C

;.12

n,estors se&e#tion A Q * C

;.14

Term sheet negotiation (6?uity portion" A Q * C

;.1

C&osure of the hareho&der Agreement A Q * C

5, De#$ S$rc$r"ng

;.21

Ban> Io&der #reation A Q * C

;.22

ender se&e#tion A Q * C

;.2

4

Iinan#ia& Mode&&ing A Q * C

;.2

Term sheet negotiation (Fe-t portion" A Q * C

;.25

C&osure of oan agreement AQ* C

;.2L

Iu&fi& #onditions pre#edent and &oan dis-ursementre?uirements unti& CGF

* C

R = Responsible for execution

- for Initiating approval

- for preparation, completion and correctness of information

- for informing all stakeholders after an approval has been granted

Memorandum of nderstanding 'age 1< of 20


20/20

A = Accountable = Grants approval / signature

= onsulted

- supports in preparing the information necessar!

I = Informed " #o be informed

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