ESTADO LlBRE ASOCIADO DE PUERTO RICOAUTORIDAD DE ENERGiA ELECTRICA DE PUERTt1

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AU: 100,6-1011'\

13 de marzo de 2013

Sonia M. Miranda VegaDirectora de Planificaci6n

rotecci6n Ambient! /? .1rg~4a~~Dire6tor de Asuntos Juridicos

Radicaci6n de Enmienda de Contrato

Segun las disposiciones de la Orden Ejeculiva Num. 1991-24 del 18 dejunio de 1991 sobre la radicacion de contratos. Ie informamos que se olorgo lasiguiente enmienda:

NUMERO DE CONTRATO 2013-P00042BGrupotec/Xzerta-Tec Solar, LLC

SEGURO SOCIAL 660-68-1673

TERMINO 2/enero/2013 hasta 18/septiembre/2032

FECHA OTORGAMIENTO 2/enero/2013

TOMO8

COSTOTOTAL

REGISTRO

($4,190,000.00)

pAGINA18

TIPO03

Acompanamos el original de dicha enmienda para la acci6n correspondiente.

Anejo

"Somas Ull pa/ro"o CO" IKlmldad de oportunidades ell eI empleo)' Ill) discriminamos par ruzon lie ra:a, Cl)lor, Si'XO, edl)d, oriKe"social 0 nllCio"al, cOIl/lido" sl)(lal, ajiliaciOn polilica, ideas poll/lcas 0 re!iKwsas: por ser "lelima 0 ser percibidu(o) como vlelima

de violenclO domes/leu. l/Kf/!siOn sexual 0 acecho; por Impedlmenwfr.sico, mental 0 ambos. por co"dlc/r'J" tk velerano(a) 0 porm!ormucir'J" genblcu. ..

'2.0\3>- ?cco'"\2..BAMENDMENT NO. I TO THE

RENEWABLE POWER PURCHASE AND OPERATING AGREEMENTBETWEEN

XZERTA-TEC SOLAR I, LLCAND THEPUERTO RICO ELECTRIC POWER AUTHORITY

TIlis Amendment No. I (the "Amendment No.1") is made on..L day of January,2013, by and between Xzerta-Tec Solar I, LLC, ("'SELLER") and the Puerto Rico ElectricPower Authority ("PREPA"), a public corporation and governmental instrumentality ofCommonwealth of Puerto Rico (collectively, the "Panies").

RECITALS

WHEREAS, Grupotec USA, Inc. ("Grupolcc") entered into a Master Renewable PowerPurchase and Operating Agreement (the "MPPOA") dated March 16,2012, for the sale ofenergy10 PREPA frol11 phOlOYoltaic solar systems ranging from 1 to 20 MW, for up to 100 MW in theaggregate, in various locations in Puerto Rico: and

WHEREAS. GrupolCC executed on September 19,2012 a Renewable Power Purchaseand Operaling Agreement ("PPOA") for Ihe development of a 15 MW pholovohaic solar syslemin Hatillo, Puert'O Rico: and

WHEREAS, Grupotec assigned all of ils rights, title and interest in and to the PPOA, asSeller, to SELLER, an Affiliate ofGrupotec, effective as ofNovembcr 18,2012; and

WHEREAS, the Panics desire 10 amend cenain provisions of the PPOA.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency ofwhich is hereby acknowlcdgcd, the Panies, intcnding to bc legally bound, agrce as follows:

Effective as of thc date first writtcn abovc, thc PPOA is amcnded as set forth herein:

I. References to Facility capacity of 15MW in the PPOA~ arc herebyamcnded by dclcting "15MW" and replacing thcm with "20MW".

2. Appendix C· Examplc of Price Index Calculations in the PPOA ishereby amended by dcleting that Appendix in its entirety and replacing il with Appendix CAmended-Price Calculation, auached hereto as Exhibit A.

3. The Electrical Interconnection Diagram set fonh in Appendix B -Interconnection in the PPOA is hereby amcnded by deleting references to "15MW" in suchdiagram and replacing them with ·'20MW".

4. Article 5 - Tenn, Sections 5.1 and 5.2 in the PPOA. is each herebyamended by deleting. in each Section, Ihe phrase "Twenty Five (25)" and replacing il with thephrase "Twenty (20)".

5. Article 11 - Compensation, Payment and Billings, Section 11.1 inIhe PPOA is hereby amended by deleting the Section in its entirety and replacing it withthe following:

11.1 For each Billing Period, PREPA shall pay SELLER both anEnergy Payment and a Green Credits Payment for the Net Eleclrical Output measured inaccordance with Section 10J. SELLER shall include both the Energy I'ayment and GreenCredits Payment and the Net Electrical Output in the monthly invoice presented to PREPApursuant to Section 11.3. The Energy Payment and Green Credit Payment shall be calculated asper following Section 11.2.

6. Article II - Compensation, Payment and Billings, Section 11.2 inthe PPOA is hereby amended by deleting that Section in its entirety and replacing it withthe following:

"11.2 (a) Energy Payment • Beginning with the Pre-Operation Period andcontinuing throughout the Term of this Agreement:

EP = EPP x NEO

Where:

EP is the Energy Payment

EPP is the Energy Purchase Price, which for the first Agreement Year shall be subject to theYear that the Facility enters into Commercial Operation as determined below:

Years in which Facility enters into --_••.•..•.••

Commercial Operation

2013

2014

2015

Rate per kWh ofNEO

$0.15

$0.14

NEO is the Net Electrical Output expressed in kilowatt hours

On an annual basis on the first anniversary of the Commercial Operation Dale and each yearthereafter, the Energy Purchase Price shall be escalated in an amount equal to two percent(2.0%).

,

An example of the Energy Payment is included in Appendix C Amended.

(b) Green Credits Payment· Beginning with the Prc·Operation Periodand continuing throughout the Ternl of this Agreement:

GCP ~ GCPP x NED

Where:

GCP is the Green Credits Payment

GCPP is the Green Credit Purchase Price, which for the first Agrcement Year and eachAgreement Year throughout the Term ofthc Agrecment shall be equal to (wo cents ($0.020) perkWh of NED.

Green Credit Purchase Price shall not be subject to escalation for the Term."

7. Anicle 22- Miscellaneous Provisions, Section 22.17 in thePPOA, is hereby amended by deleting that Section in its entirety and replacing it with thefollowing:

22.17 Contemporaneously with the sale of Net Electrical Outputhereunder and in consideration for the Green Credits Payment as set fonh in Section 11.2,SELLER shall sell and convey to PREPA the Green Credits associated with the Energy actuallygenerated by the Facility and sold to PREPA by SELLER hereunder, measured in kilowatt hoursin an amount equal to the Net Electrical Output. SELLER shall execute reasonabledocumentation to confinn the registration of the Green Credits with the Nonh AmericanRenewables Registry or another similar regislry acceptable to SELLER and PREPA(""Registry"") and the transfer of such Green Credits as reasonably requested by PREPA inaccordance with Ihe rules of the Registry, in each case, at the expense of SELLER. The term"Green Credits" shall mean "renewable energy certificates" ("RECs") and "environmental andsocial auributes", as such terms are defined in the Puerto Rico Green Energy Incentives Act (ActNo. 83 of July 19, 20 I0), renewable energy credits, environmental attributes, emissionsreductions, offsets, allowances or benefits, however entitled (or payments in lieu thereof),whether monetary, fiscal or in the fonn of physical propeny, now or in the future available to theFacility, as a facility that generates or produces electricity by means of "green energy" (as suchterm is defined in the Puerto Rico Green Energy Incentives Act), or from renewable or non­polluting resources, granted to SELLER as the owner or operator of the Facility, in each case,from any government. regulatory agency or third pany, including renewable energy creditsestablished pursuant to the Green Energy Incentives Act of Pueno Rico, but shall exclude (i) anyinvestment tax credits, production tax credits and grants in lieu thereof, (ii) other ta.x benefils orcredits, (iii) any depreciation, and (iv) proceeds from (i) thru (iii), in each case, associated withthe Facility or otherwise available to Seller, each of which are expressly reserved 10 Seller.

8. Representations and Warranties ofeach Panv.

,

(a) PREPA hereby represenls and warrants to SELLER: (i) Iheexecution and delivery by PREPA of this Amendment, and the Amendment itself, have beenduly authorized by PREPA's Governing Board and any other applicable PREPA governing bodyin accordance with applicable law, and (A) do not and will not require any additional internal orexternal consent or approval, (B) do not and will not violate any provision of Act No. 83 of May2. 1941, as amended, or its regulations, or any material indenture, contract or agreement to whichit is a party or by which its properties may be bound; and (ii) this Amendment is a legal, valid,and binding obligation of PREPA, enforceable against PREPA in accordance with its tenns,except as may be limited by applicable bankruptcy, insolvency or similar laws affecting theenforcement of rights generally.

(b) SELLER hereby represents and warrants to PREPA: (i) theexecution, delivery, and performance by SELLER of this Amendment have been dulyauthorized, and do not and will not (A) require any additional internal consent or approval ofSELLER, or (8) violate any provision of SELLER's certificate of fonnation or operatingagreement, or any material indenture, contract or agreement to which it is a party or by which itor its properties may be bound, or any law, ordinance, rule. regulation, order, writ, judgment,injunction, decree, determination or award presently in effect; and (ii) this Amendment is a legal,valid and binding obligation of SELLER. enforceable against SELLER in accordance with itsternlS, except as may be limitcd by applicable bankruptcy, insolvency or similar laws affectingthe enforcement of rights generally.

9. Ratification. Except as expressly amended hereby, the PPOA andall documents, instruments and agreements related thereto are hereby ratified and confirmed inall respects.

10. No Implied Waiver. This Amendment shall be limited preciselyas written and shall nol be deemed to be a consent granted pursuant 10, or a waiver ormodification of, any other term or condition of the PPOA, whether or not known to the Parties,or 10 prejudice any other right or rights which the PPOA may now have or have in the future.

I I. Counterparts. This Amendment may be executed in multipleoriginal or facsimile counterparts, each of which shall be deemed an original and shall be bindingupon the Party who executed the same, but all of such counterparts shall constitute the sameAmendment.

12. Governing Law. This Amendment shall be governed by, construedand enforced in accordance with the laws oflhe Commonwealth of Puerto Rico and, to the extentapplicable, the laws of the United Slates of America. The Parties herein agree that all Disputesarising hereunder shall be rcsolved pursuant to Section 22.12 of tile PPOA.

13. Capitalized Terms. Unless olherwise Slated. capitalized ternlS usedin this Amendment which are not defined in this Amendmenl have the meaning given in thePower Purchase and Operating Agreement.

WITNESS WHEREOF, the Parties hereto have agreed 10 execute this Amendment in San

Juan, Puerto Rico, as oflhe dale first wrinen above.

rUER ' ELECTRICR AUTHO~ITY

4~Josue A).colon OrtizExeculive Director

XZERTA-TEC SOLAR I, LLC

Manuel Foigado TomasAuthorized Signatory

,

EXHIBIT A

Amended Appendix C ~Price Calculation

• On an annual basis on the first anniversary of the Commercial Operation Date and each year

thereafter, the Energy Purchase Price shall be escalated in an amount equal to two percent (2.0%).

Year·

1

234

56789

1011121314151617181920

Energy PurchasePrice

S/KWH

0.150.1530.1560.1590.1620.1660.1690.1720.1760.1790.1830.1870.1900.1940.1980.2020.2060.2100.2140.219

Green CreditPurchase Price

S/KWH

0.020.020.020.020.020.020.020.020.020.020.020.020.020.020.020.020.020.020.020.02

GRUPOTEC USA fNC.ELECTRICAL INTERCONNECTION

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