Engineer Due Diligence Report

MINBU 220 MW SOLAR PV PROJECT
LE DUE DILIGENCE REPORT
CONFIDENTIAL
DISCLAIMER NOTE
This Report has been prepared expressly for the purpose of providing an objective and independent
technical assessment of the feasibility and construction of the 220 (4 x 55) MW solar PV power plant
project being developed by GEP (Myanmar) Co., Ltd., hereinafter referred to as the “Owner” or
“Employer” in Minbu, Myanmar.
This Report is provided for incorporation in any public information document to be issued as part of
the investment offering in respect of the Project. It may not be used by Krung Thai Bank Public Co.,
Ltd., hereinafter referred to as the “Client”, or any other person for any other purpose without OWL's
prior written consent.
Neither OWL, nor any of its members or employees, will have any responsibility to any person other
than to the Client. This exclusion of liability covers all liabilities arising under contract or tort including,
but not limited to, errors or omissions arising through negligence, howsoever caused.
Unless specifically stated otherwise in this Report, this Report is based upon information that has
been supplied to OWL by the Client and the Owner or arises from visits to the EPC Contractor’s office
and other plants constructed by the EPC Contractor. Unless specifically stated otherwise in this
Report, OWL has not attempted to verify or validate any of the information provided to it.
OWL's scope of work is to provide a techno-commercial description, assessment, and risk-evaluation

of the Project as it relates to the Client. To understand the environment in which the Project is
undertaken, OWL has had to gain an understanding of the commercial and contractual setting in
which this Project is undertaken. However, such understanding of the commercial and contractual
setting is incidental to the Project's technical description and cannot be regarded as a complete or
rigorous explanation of the commercial and contractual environment.
OWL has made a number of assumption statements throughout this Report and this Report is
accordingly subject to and qualified by those assumptions. In addition, OWL has assumed that all
opinions, information and statements of fact expressed to or provided to OWL when made were, and
continue to be, true, correct, accurate and not misleading in any way and in all respects, and are
honestly held by the person or persons holding or expressing them, and that all documents furnished
to OWL are true and complete copies of the originals and all signatures are genuine.
OWL confirms that this Report contains reference to all matters known to OWL that are material to an
understanding of the technical description of this Project. This Report may only be used as a
complete document, which must include this disclaimer.
This Report is based on information available to OWL as of the submittal date noted on the title page.
OWL reserves the right, but not the obligation, to amend this Report should any further relevant
information become available.
MINBU 220MW DD_Final_R1 June 2016 Page 1

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TABLE OF CONTENTS
SECTIONS
DISCLAIMER NOTE ................................................................................................................................ 1
GLOSSARY OF TERMS ......................................................................................................................... 8
EXECUTIVE SUMMARY ....................................................................................................................... 11
1. INTRODUCTION ......................................................................................................................... 14
1.1 STATEMENT OF RELIANCE ............................................................................................ 14
1.1.1 Scope of Services and Reliance of Data ........................................................... 14
1.1.2 Study for Benefit of Client .................................................................................. 15
1.1.3 Statement of Independence ............................................................................... 15
1.1.4 Other Limitations ................................................................................................ 15
1.2 OBJECTIVES OF THIS REPORT ..................................................................................... 15
1.3 LIMITATIONS .................................................................................................................... 16
1.3.1 General ............................................................................................................... 16
1.3.2 Contracts and Other Legal Documents.............................................................. 16
1.3.3 Information Made Available by Client ................................................................ 16
1.3.4 Cost/Budgetary Assessments and Market Conditions ....................................... 16
2. ENVIRONMENTAL, GENERAL, CIVIL & ELECTRICAL ........................................................... 18

2.1 ENVIRONMENTAL ............................................................................................................ 18
2.1.1 Site Location....................................................................................................... 18
2.1.2 Transportation of Equipment .............................................................................. 19
2.1.3 Design Requirements ......................................................................................... 20
2.1.4 Soil Investigation ................................................................................................ 20
2.1.5 Site Terrain and Flood Review ........................................................................... 23
2.1.6 Drainage System ................................................................................................ 26
2.1.7 Recommendations for Flood Protection and Drainage System ......................... 27
2.1.8 Weather Conditions ............................................................................................ 27
2.1.9 Seismic Risks ..................................................................................................... 28
2.1.10 Site Clearing and Earthworks............................................................................. 28
2.1.11 Site Shading ....................................................................................................... 29
2.1.12 Public Relations ................................................................................................. 29
2.2 GENERAL .......................................................................................................................... 29
2.2.1 Service Water ..................................................................................................... 29
2.2.2 Sanitation Issues ................................................................................................ 30
2.2.3 Land Ownership ................................................................................................. 30
2.2.4 Project Schedule ................................................................................................ 30
2.3 CIVIL & STRUCTURAL REVIEW ...................................................................................... 30
2.3.1 Structural Design Criteria ................................................................................... 30
2.3.2 Site Infrastructure ............................................................................................... 31
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2.3.3 Piling for PV Works ............................................................................................ 31

2.3.4 PV Mounting Structure Foundations .................................................................. 31
2.3.5 Building Foundations .......................................................................................... 32
2.3.6 Recommendations ............................................................................................. 32
2.3.7 Conclusion.......................................................................................................... 32
2.4 ELECTRICAL REVIEW ..................................................................................................... 32
2.4.1 Electrical Design Criteria .................................................................................... 32
2.4.2 Electrical Design Overview ................................................................................ 33
2.4.3 PV module Technology ...................................................................................... 33
2.4.4 Inverters ............................................................................................................. 35
2.4.5 Transformers ...................................................................................................... 36
2.4.6 Plant Control & Monitoring system ..................................................................... 38
2.4.7 Import Power Requirements .............................................................................. 38
2.4.8 Conclusion.......................................................................................................... 38
3. PROJECT CONTRACTS (EPC) ................................................................................................. 40

3.1 CONTRACTUAL ARRANGEMENT................................................................................... 40
3.1.1 Master Coordination Contract ............................................................................ 40
3.1.2 Construction Services Contract.......................................................................... 40
3.1.3 Supply Contract .................................................................................................. 41
3.1.4 Turnkey Engineering, Procurement and Construction Contract ........................ 41
3.2 TURNKEY SUBCONTRACTOR........................................................................................ 41
3.3 CODES AND STANDARDS .............................................................................................. 41
3.4 SCOPE OF WORK ............................................................................................................ 42
3.4.1 Master Coordination Contract ............................................................................ 42
3.4.2 Construction Services Contract.......................................................................... 43
3.4.3 Supply Contract .................................................................................................. 43
3.4.4 Turnkey Engineering, Procurement and Construction Contract ........................ 44
3.5 PROJECT SCHEDULE ..................................................................................................... 45
3.6 CONTRACT PRICE ........................................................................................................... 47
3.6.1 Contract Price..................................................................................................... 47
3.7 TYPICAL EPC CONTRACT PROVISIONS ....................................................................... 47
3.8 MILESTONE PAYMENTS ................................................................................................. 48
3.8.1 Advance Payment .............................................................................................. 48
3.8.2 1st Milestone Payment ....................................................................................... 48
3.8.3 2nd Milestone Payment ...................................................................................... 48
3.8.4 3rd Milestone Payment ...................................................................................... 49
3.8.5 4th Milestone Payment ....................................................................................... 49
3.8.8 Conclusion.......................................................................................................... 50
3.9 PROJECT COMPLETION ................................................................................................. 50

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3.9.1 Mechanical Completion ...................................................................................... 50

3.9.2 Provisional Acceptance ...................................................................................... 51
3.9.3 Final Acceptance ................................................................................................ 51
3.10 GUARANTEES .................................................................................................................. 52
3.10.1 Delay Liquidated Damages ................................................................................ 52
3.10.2 Performance Liquidated Damages .................................................................... 52
3.10.3 PV Module Warranties ....................................................................................... 52
3.10.4 Inverter Warranties ............................................................................................. 53
3.11 SPARE PARTS PROVISION ............................................................................................ 54
4. INTERCONNECTION TO LOCAL GRID .................................................................................... 55

4.1 OVERVIEW ....................................................................................................................... 55
4.2 PPA WITH MEPE .............................................................................................................. 55
4.3 GRID CONNECTION REQUIREMENTS .......................................................................... 56
4.4 RIGHT OF WAY ISSUES .................................................................................................. 56
4.5 CONCLUSION ................................................................................................................... 56
5. POWER PURCHASE AGREEMENT .......................................................................................... 57

5.1 GENERAL .......................................................................................................................... 57
5.2 PPA SCHEDULE ............................................................................................................... 57
5.2.1 Initial Term and Extension .................................................................................. 57
5.2.2 Commercial Operation Dates ............................................................................. 57
5.3 PAYMENTS AND CHARGES ........................................................................................... 57
5.3.1 Daily Generation Forecasting............................................................................. 57
5.3.2 Tariff Rate........................................................................................................... 57
5.3.3 Sale and Purchase of Power.............................................................................. 57
5.3.4 No Curtailment ................................................................................................... 58
5.3.5 Facility Fluctuations or Failure Events ............................................................... 58
5.3.6 Liquidated Damages for Delay ........................................................................... 58
5.4 CONTINGENT EVENTS ................................................................................................... 58
5.4.1 Force Majeure .................................................................................................... 58
5.4.2 Disputes, Termination, and Step-in Rights ........................................................ 58
5.5 CONCLUSION ................................................................................................................... 58
6. OPERATION AND MAINTENANCE AGREEMENT ................................................................... 59

6.1 O&M CONTRACTOR SELECTION................................................................................... 59
6.2 PRICING ............................................................................................................................ 59
6.3 SCOPE OF O&M SERVICES ............................................................................................ 59
6.4 TYPICAL O&M AGREEMENT PROVISIONS ................................................................... 59
6.5 AVAILABILITY GUARANTEES ......................................................................................... 60
6.6 CONCLUSION ................................................................................................................... 60

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7. ENERGY YIELD ASSESSMENT ................................................................................................ 61

7.1 OVERVIEW ....................................................................................................................... 61
7.1.1 Irradiation Data ................................................................................................... 61
7.1.2 Meteonorm ......................................................................................................... 61
7.1.3 SolarGIS ............................................................................................................. 61
7.2 SENSITIVITY ANALYSIS .................................................................................................. 61
7.2.1 Risk Assessment Using Exceedance Probability “PXX” .................................... 61
7.2.2 System Gains/Losses Related to AEO .............................................................. 62
8. REVIEW OF FINANCIAL MODELS ............................................................................................ 66

8.1 GENERAL .......................................................................................................................... 66
8.2 REVENUE ......................................................................................................................... 66
8.3 SENSITIVITY ANALYSIS .................................................................................................. 66
8.4 FINANCIAL MODEL COST REVIEW ................................................................................ 66
8.4.1 EPC Cost Review ............................................................................................... 66
8.4.2 Total Project Cost (Phase 1 – 50 MWp) ............................................................ 67
8.5 FINANCIAL MODEL ASSUMPTIONS ............................................................................... 68
8.5.1 Degradation ........................................................................................................ 68
8.5.2 Spare Parts ........................................................................................................ 68
8.5.3 Ongoing Capital Expenditures ........................................................................... 68
8.5.4 Estimated Annual O&M Costs............................................................................ 68
8.5.5 Major Maintenance Reserve .............................................................................. 69
8.6 GUARANTEES .................................................................................................................. 69
8.7 CONTINGENCY FUNDING ............................................................................................... 69
9. OWNER’S ENGINEER ................................................................................................................ 70

9.1 GENERAL .......................................................................................................................... 70
9.2 SELECTION OF OWNER’S ENGINEER .......................................................................... 70
9.3 CONCLUSION ................................................................................................................... 70
10. RISK & MITIGATION................................................................................................................... 71

10.1 GENERAL .......................................................................................................................... 71
10.2 ROAD CONDITIONS ......................................................................................................... 71
10.3 VOLUME OF EARTHWORKS ........................................................................................... 71
10.4 RAINY SEASON ................................................................................................................ 71
10.5 INTERNATIONAL EXCHANGE RATES ........................................................................... 72

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TABLE OF FIGURES
Figure 2-1: Geographic Reference for the Minbu (Sagu) Township in Myanmar ......................... 18
Figure 2-2: Site Location for the Minbu Solar 220 MW PV project site ......................................... 18
Figure 2-3: The Minbu Jetty near the Arrawaddy Bridge. ............................................................... 19
Figure 2-4: The Local Road in Front of the Main Site Entrance. .................................................... 20
Figure 2-5: Boreholes Location of Phase I and Phase II at Minbu Solar plant ............................. 21
Figure 2-6: Boreholes Location of Phase III and Phase IV at Minbu Solar plant .......................... 22
Figure 2-7: Elevation Levels around the Minbu Project Site Boundary ........................................ 24
Figure 2-8: Recent Myanmar Cyclone/Flood Events (2008-2015) .................................................. 25
Figure 2-9: Plant Layout Showing Tube-Well Locations................................................................. 26
Figure 4-1: Substation Connection Diagram .................................................................................... 55
TABLE OF TABLES
Table 2-1: Summary of Boreholes and the Terminated Depth in the Site Area ............................ 21
Table 2-2: Potential Module Suppliers Advised in the PPA ............................................................ 33
Table 2-3: Additional Module Suppliers Advised in the Turnkey Contract (Appx 23) ................. 35
Table 2-4: Potential Inverter Suppliers Advised in the PPA ........................................................... 35
Table 2-5: Additional Inverter Supplier Advised in the Turnkey Contract (Appx 23) ................... 36
Table 2-6: Potential Transformer Suppliers Advised in the PPA ................................................... 36
Table 2-7: Additional Transformer Suppliers Advised in the Turnkey Contract (Appx 23) ......... 37
Table 3-1: International Standards and Abbreviations ................................................................... 41
Table 3-2: Project Schedule Major Activities/Dates ........................................................................ 45
Table 3-3: Major Schedule Activities vs. PPA Requirements ......................................................... 46
Table 3-4: Yearly Guaranteed Power Output Values by Major Module Mfgrs ............................... 53
Table 7-1: Loss Values Used in Appendix B .................................................................................... 64

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TABLE OF APPENDICES
APPENDIX A: SITE PHOTOS
APPENDIX B: MINBU PROJECT 25-YEAR ANNUAL ENERGY OUTPUT DATA
APPENDIX C: PVSYST SIMULATIONS FOR SHORT-LISTED MODULES

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GLOSSARY OF TERMS
Term Definition
American Association of State Highway and Transportation
AASHTO
Officials
AC Alternating Current
AEO Annual Energy Output
ASHRAE American Society of Heating, Refrigerating and Air-Conditioning
Engineers
ASME American Society of Mechanical Engineers
ASTM American Society of Testing and Materials
The measure of time a power plant is capable of generating power
Availability and is adjusted for partial load capability. This value is
independent of actual generation
CD Commencement Date
CIBSE Chartered Institution of Building Services Engineers
Client Krung Thai Bank Public Company Limited
COD Commercial Operation Date
Construction Services Contract between the Owner and the Construction Services
Contract Contractor
Construction Services
VTE Construction Co., Ltd.
Contractor
China Triumph International Engineering Co., Ltd. (also the O&M
CTIEC
Contractor and the Turnkey Subcontractor)
Employer GEP (Myanmar) Co., Ltd. (also referred to as the Owner)
EPC Engineering, Procurement, Construction
EPC Contractor Collectively, the Construction Services Contractor and the Supplier
(also referred to as the Primary EPC Contractors)
ESIA Environmental and Socio-Economic Impact Assessment
FC Financial Close
FIT Feed in Tariff
HV High Voltage
IAM Incident Angle Modifier
IEC International Electro-technical Commission
IEEE Institute of Electrical and Electronics Engineers
kV, kVA, kW kilovolts, kilovolt-amps, kilowatts
LD Liquidated damages
LE Lender’s Engineer

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Term Definition
Lender’s Engineer OWL Energy Ltd. (author of this Report)

LID Light Induced Degradation
LTA Lender’s Technical Advisor
LV Low Voltage
Master Coordination Contract between the Owner, the Supplier, the Construction
Contract Services Contractor and the Turnkey Subcontractor
MEPE Myanmar Electric Power Enterprise
MMK Myanmar Kyat (currency)
MSL Mean Sea Level (elevation)
MPPT Maximum Power Point Tracking
MV Medium Voltage
NFPA National Fire Protection Association
NTF New Transmission Facility
O&M Operations and Maintenance
China Triumph International Engineering Co., Ltd. (also the
O&M Contractor
Turnkey Subcontractor)
OH Overhead
OMA Operations and Maintenance Agreement
ONAN Oil Natural-Air Natural (type of transformer self-cooling means)
OE Owner’s Engineer (Black & Veatch)
OWL OWL Energy Ltd.
Owner GEP (Myanmar) Co., Ltd. (also referred to as the Employer)
PAC Provisional Acceptance Certificate
PPA Power Purchase Agreement
Primary EPC Contractors Collectively, the Construction Services Contractor and the Supplier
(also referred to as the EPC Contractor)
Project Contracts Collectively, the Construction Services Contract, the Supply
Contract, and the Turnkey Subcontract
PTC Performance Test Code
PV Photovoltaic
RID Royal Irrigation Department
SCOD Scheduled Commercial Operation Date
SERL Solar Energy Research Laboratory (Silpakorn University)
STC Standard Test Conditions
Supplier Vintage Engineering Public Co., Ltd.
Supply Contract Contract between the Owner and the Supplier

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Term Definition
TBA To Be Advised
TBD To Be Determined
THB Thai Baht
TOU Time-Of-Use
Turnkey Contract Contract between the EPC Contractor and the Turnkey
Subcontractor
Turnkey Subcontractor China Triumph International Engineering Co., Ltd. (also the O&M
Contractor)
USD United States Dollar
VAC Volts (Alternating Current)
VDC Volts (Direct Current)
VSPP Very Small Power Producer
w watt
Wp Watt peak

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EXECUTIVE SUMMARY
This Due Diligence Report has been prepared by OWL to provide an objective and independent
technical assessment of the feasibility and construction of the 220 (4 x 55) MW solar PV power plant
project being developed by GEP (Myanmar) Co., Ltd., hereinafter referred to as the “Owner” or
“Employer” in Minbu, Myanmar.
Environmental / General / Civil
The Lender’s Engineer has concluded the following:
x There are no obvious issues or areas of concern regarding overall site preparation works or
shading of the modules at any of the phase areas located within the site boundary.
x There are no major issues regarding site access or transportation for this project.
x No major issues are expected which result from the soil investigations performed for this site
including the design of foundations and other civil works.
x There is very minimal risk of flooding for the site, and the Lender’s Engineer does not
recommend that additional flood limitation/prevention measures be taken over and above the
current site drainage design plans.
x There is very minimal risk to the project regarding the occurrence of a major seismic event
within the project lifetime.
x There aren’t any public opposition or local community concerns regarding the project.
x No issues are expected regarding the arrangement of proper sanitation means during the
construction phase.
x An appropriate land use agreement is in place for the project and expects no major issues.
x All civil and structural works for this site are expected to be relatively straightforward and,
thus, expects no major issues with the designs or construction.
Electrical / Interconnection / PPA
The Lender's Engineer has concluded the following:
x All electrical works for this site are expected to be relatively straightforward and has no major
concerns regarding the potential manufacturers for the PV modules, inverters, and
transformers as discussed in the electrical sections.
x There are no major issues or concerns regarding interconnection of the project to the local
transmission system.
x The Lender’s Engineer concludes that current PPA between MEPE and the Owner is suitable
for the project and doesn’t anticipate any major issues.

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Project (EPC) Contracts
The Lender’s Engineer has concluded the following:
x The right contractual framework is in place with the four project contracts including the Master
Coordination Contract to best achieve timely construction of the project and minimize the
possibilities of disputes or other problems between parties throughout the course of the
project.
x According to the Master Project Schedule, the major schedule activities contain realistic
completion target dates and timeframes including adequate contingency time built-in to
accommodate reasonable unknown and unforeseeable circumstances.
x The overall project pricing (USD 1.35/Wp) falls somewhere in the middle of an expected
range for a project of this size and type in the SE Asian region (USD 1/Wp to USD 1.57/Wp).
x The right mechanisms are in place to incentivize the EPC Contractor to achieve project
schedule and performance targets, but the Lender’s Engineer is unable to comment further
until the actual Delay and Performance LD Base Amounts are known for the project.
O&M Agreement
The Lender’s Engineer believes that the scope of O&M services is consistent with the pricing to be
paid to the O&M Contractor. The scope of O&M services to be performed by this O&M Contractor
should be adequate to maintain operation of the plant at an optimal level throughout the duration of
the O&M Agreement.
The Lender’s Engineer notes that it is beneficial to the project to have the availability guarantee and
liquidated damage clauses included in the O&M Agreement to properly incentivize the contractor, but
is unable to comment further until the actual LD Base Amount is known.
Energy Yield Assessment / Project Financial Models
The Lender’s Engineer has calculated 25-year annual energy outputs and sensitivity analysis tables
including P50, P75, P90, and P99 exceedance probability cases. Please refer to Appendix B.
The four project financial models reviewed appear to be out-of-date and need to be updated to reflect
the following:
x The initial electricity yield value used (1,597 kWh/MW/year) is reasonable but should be
updated to reflect more accurate data which is now available.
x Yield values for Years 26-30 should also be sanity-checked to reflect exactly which project
phases will be in operation during each of these years.
x Total project costing is believed to be too low and should be sanity-checked to ensure the
following items have been incorporated as applicable: substation, transmission line, land
related, development, contingency, additional CAPEX and others.
x O&M costs need to be updated to reflect costs given in the O&M agreement.
x Additional funding should be allocated to cover major maintenance costs.

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Owner’s Engineer
The Lender’s Engineer has no issues with the Owner’s selection of Black & Veatch as Owner’s
Engineer for the project and considers this to be a prudent selection.
Risks and Mitigation
The Lender’s Engineer has concluded that the project presently involves the following risks. Please
refer to Section 10 for additional explanations and recommended methods of mitigation:
x Road Conditions
x Volume of Earthworks
x Rainy Season
x International Exchange Rates

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1. INTRODUCTION
1.1 STATEMENT OF RELIANCE
1.1.1 Scope of Services and Reliance of Data
This Due Diligence Report has been prepared by OWL to provide an objective and
independent technical assessment of the feasibility and construction of the 220 (4 x 55)
MW solar PV power plant project being developed by GEP (Myanmar) Co., Ltd.,
hereinafter referred to as the “Owner” or “Employer” in Minbu, Myanmar.
This Due Diligence Report is based upon the scope of work agreed with the Client.
In preparing this Report, OWL has relied upon data, surveys, analyses, designs, plans
and other information (the data) provided by the Client, the Owner and other individuals
and organisations, most of which are referred to in this Report. Except as otherwise
stated in this Report, OWL has not verified the accuracy or completeness of the data. To
the extent that the statements, opinions, facts, information, conclusions and/or
recommendations in this Report are based in whole or part on the data, those
conclusions are contingent upon the accuracy and completeness of the data. OWL will
not be liable in relation to incorrect conclusions should any data, information or condition
be incorrect or have been concealed, withheld, misrepresented or otherwise not fully
disclosed to OWL.
OWL acknowledges and agrees that any lenders and finance providers to the Project
and their successors and assignees including any agent or manager, any interest rate
hedging facility provider and any security trustee ("Financiers"), as well as any consultant
to any of the Financiers who has been engaged for the purpose of advising those parties
in relation to matters in this Report, are entitled to and may rely on this Report.
OWL consents to making this Report available to the parties receiving, and entitled to
rely on, the Report on the understanding that by accepting and relying on this Report,
any party receiving, and entitled to rely on, the Report confirms that it is aware of, and
understand the scope of engagement as set out in Appendix A and agrees to be bound
by any limitation of liability provisions contained in it. OWL consents to the inclusion of
information from this Report and findings for the purpose of Financier documentation
including, without limitation, information memoranda and internal credit submission
papers.
For the purposes of the preceding paragraph, Financiers will include any bank or other
financial institution that proposes to participate in any syndication or sell-down of
financial accommodation in connection with the Project.
OWL acknowledges that the rights of each Financier are several and may be exercised
to the extent of its respective entitlements without reference to other Financiers subject
to the limit of total liability of OWL as stated in the Report. The contents of this Report
may not be used by the parties receiving, and entitled to rely on, this Report for any
purpose other than the provision of financial accommodation in connection with the
Project. Subject to this reliance statement, the contents of this report are confidential
and may not be duplicated or disclosed under any circumstances to any other person
without the prior written consent of OWL.

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1.1.2 Study for Benefit of Client
This Report has been prepared for the exclusive benefit of the Client and the Financiers
and may be relied upon by no other party. OWL assumes no responsibility and will not
be liable to any other person or organisation for or in relation to any matter dealt with in
this Report, or for any loss or damage suffered by any other person or organisation
arising from matters dealt with or conclusions expressed in this Report (including without
limitation matters arising from any negligent act or omission of OWL or for any loss or
damage suffered by any other party relying upon the matters dealt with or conclusions
expressed in this Report). Other parties should not rely upon this Report or the accuracy
or completeness of any conclusions and should make their own inquiries and obtain
independent advice in relation to such matters.
1.1.3 Statement of Independence
OWL will be paid a fee for this Report comprising its normal professional rates and
reimbursable expenses. The fee is not contingent on the conclusions of this Report.
1.1.4 Other Limitations
To the best of OWL's knowledge, the information presented and the facts and matters
described in this Report reasonably represent the Client’s objectives at the time of
printing of this Report. However, the passage of time, the manifestation of latent
conditions or the impact of future events (including a change in applicable law) may
result in a variation to the project.
OWL will not be liable to update or revise this Report to take into account any events or
emergent circumstances or facts occurring or becoming apparent after the date of this
Report.
1.2 OBJECTIVES OF THIS REPORT
This report focuses on the following areas:
x Technical Feasibility
o Capability for the duration of the design life
o Capacity and capacity factor
o Capability of the design to satisfy all applicable environmental requirements
and applicable industry standards
x Project Cash flow Assumptions
o Review forecast O&M Costs
o Review technical and operational inputs to financial model
x Completion Testing
o Review the performance testing criteria
x EPC Contract
o Review the proposed construction milestone schedule
o Comment on any other material technical provision

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o Comment on suitability of warranties and liquidated damages (delay and

performance)
x Review of key agreements/contracts (technical issues only)
o Power Purchase Agreement
o O&M Agreement
1.3 LIMITATIONS
The following limitations are in addition to those expressed in the Disclaimer Notice.
1.3.1 General
A report of this nature is not a certification, warranty or guarantee. It is a report scoped

in accordance with the instructions given and limited by the time and budget allowed. It
is not possible to make a proper assessment of this document without a clear
understanding of the terms of engagement and the scope of the instructions and
directions given to OWL who prepared this Report.
In this case, the time and budget permitted to perform the services necessarily means
that the investigations undertaken, and this Report, concentrate on major material items
and issues.
1.3.2 Contracts and Other Legal Documents
This Report may contain various remarks about and observations on legal documents
and arrangements such as contracts, supply arrangements, leases, licenses and
authorities. A consulting engineer can make remarks and observations about the
technical aspects and implications of those documents and general remarks and
observations of a non-legal nature about the contents of those documents. However, as
a consulting engineer, OWL is not qualified, can express or should be taken as in any
way expressing any opinion or conclusion about the legal status, validity, enforceability,
effect, completeness or effectiveness of those arrangements or documents or whether
what is provided for is effectively provided for. They are matters on which legal advice
should be obtained.
1.3.3 Information Made Available by Client
Unless and except to the extent that OWL expressly indicate otherwise in this Report, the
comments, conclusions and recommendations of OWL are provided strictly on the basis
that the facts, findings and assumptions contained in the information provided or made
available (whether in writing, electronically, on-line, verbally or otherwise) is reliable,
accurate, complete and adequate.
1.3.4 Cost/Budgetary Assessments and Market Conditions
Any opinion expressed by OWL concerning predictions of cost are provided on the basis
of the collective experience as consulting engineers and represent the best judgement
based upon the understanding of the commercial and contractual setting in which the
project is undertaken and information that has been supplied by the Client, the Owner,
the EPC Contractor or any other stakeholder in the project. OWL has no control over the
cost of labour, materials, equipment or services to be furnished by others, or over third
party contractors’ methods of determining prices, competitive bidding or market
conditions. OWL is unable to warrant or guarantee the accuracy of any opinion

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expressed concerning predictions of cost or that proposals, bids or actual equipment

supply and construction costs will not vary from any opinions provided in this Report.

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2. ENVIRONMENTAL, GENERAL, CIVIL & ELECTRICAL
2.1 ENVIRONMENTAL
2.1.1 Site Location
Figure 2-1: Geographic Reference for the Minbu (Sagu) Township in Myanmar
Site Location
Figure 2-2: Site Location for the Minbu Solar 220 MW PV project site

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The Minbu 220 MW Solar PV Project site is located approximately 150 km in the
northwest direction from Myanmar’s capital city, Nay Pyi Taw, and is an approximate 3-
hour drive. The site is approximately 30 km in the southwest direction from the city of
Magway. For travel access to the site from the Magway region, the main road (Magway-
Nay Pyi Taw highway) needs to be used. The site can then be accessed via unpaved
roads which include Minbu-Ann road. The geographical coordinates for the SE corner of
the site boundary are 20° 02’ 54.932” N (Latitude) by 94° 41’ 16.006” E (Longitude).
2.1.2 Transportation of Equipment
Primary Route
The primate transportation and delivery route to the site for large equipment which is
typically shipped via ocean freight (PV modules, inverters, transformers, switchgear, etc.)
from the manufacturer’s originating port is by barge to the Irrawaddy port or Minbu jetty
which is located alongside the Irrawaddy River (Ayeyarwady River). Use of the river for
cargo transport is most suitable during the rainy season since the river is at its highest
level during the year which will facilitate ease of container transfer from barge to truck
along the delivery road entrance near the river road access point.
The rainy season starts from the end of May or early of June and lasts to the end of
October during each normal year. 6- and 10-wheel trucks can also access the river road
access area during most times of the year. Upon departure from the river area, delivery
truck transportation time to site averages around four days depending on the volume of
transport equipment. This does not include ocean/sea/river transportation time which will
vary according to the originating port.). Site can then be accessed from the Minbu area
via unpaved local roads.
Figure 2-3: The Minbu Jetty near the Arrawaddy Bridge.
Alternate Routes
Two alternate routes for transporting equipment and materials to the site via Minbu is by
highway from Yangon. These routes are either 600 km traveling on the new Yangon-
NPT-Minbu highways or 500 km on the old Yangon-Pyay-Magwe-Minbu highways. Each
highway has a minimum of two lanes with each lane 10-12 m wide as mentioned in
Section 2.1.1. The quality and condition of these roads are considered to be suitable
enough to meet the anticipated site transportation delivery requirements. (Transportation
time from Yangon is considered to be less than 30 days and varies according to the size
of vehicle.)

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Figure 2-4: The Local Road in Front of the Main Site Entrance.
The Lender's Engineer considers that there are no major issues regarding site access or
transportation for this project.
2.1.3 Design Requirements
The EPC Contractor will provide all designs, calculations, drawings, testing reports and
specifications in accordance with the project contracts, RFP, and proposal requirements.
The layouts will consist of economical designs and required to meet all required
international codes and standards.
2.1.4 Soil Investigation
The soil testing, laboratory and analysis have been performed and signed by the
Registered Engineer. Boring samples were taken on average 16,000 - 24,000 sq. m per
each depth starting from 1.0 m to very dense sand or hard clay layer (SPT-N>50) as per
ASTM specification. As for the allowable pile capacities, foundations and relevant
structure designs such as roads and dykes shall be based on soil capacity in addition to
other structural design criteria.
The Employer has submitted the soil investigation report to the Lender’s Engineer. All
field and laboratory works were undertaken by Geo-friends Engineering & Construction
Co., Ltd. under appropriate supervision. The analysis for the final report was submitted to
the Employer on 15 August 2015 where soil investigation works were conducted at the
designated area of the Minbu Township, Magway Region by Geo-friends Engineering &
Construction Co., Ltd. The soil testing began on 16 May 2015 and finished on 11 June
2015. Suitable testing and test results were achieved for all 101 boreholes in the Minbu
220 MW PV solar site area. Hand augers were used as the drilling method in accordance
with the boring log. Please refer to the following tables for additional information.

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Table 2-1: Summary of Boreholes and the Terminated Depth in the Site Area
Qty. of
Boreholes Terminated Depth of
Area (per area) Borehole (m)
Phase I 18 6.45
Phase II 18 6.45
Phase III 18 6.45
Phase IV 18 6.45
Switch yard 7 6.45
Road 13 6.45
Outside of plant 9 6.45
Total Qty. of
Boreholes 101 6.45 m for all areas
Figure 2-5: Boreholes Location of Phase I and Phase II at Minbu Solar plant

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Figure 2-6: Boreholes Location of Phase III and Phase IV at Minbu Solar plant
During the investigation period, after 24 hours, none of the 101 borehole locations shown
in Figure 2-3 and Figure 2-4 experienced the detection of groundwater within each
respective boring depth. The EPC Contractor has finalized and classified 9 layers for the
observed soil in the site area as follows:
Fat Clay (Top Layer)

Lean Clay
Sandy Fat Clay
Sandy Lean Clay
Silt
Sandy Silt
Silty Gravel
Clay Sand
Silty Sand (Bottommost Layer-to bottom of borehole)
Refer to the submitted soil investigation report. The EPC Contractor recommends the
use of spread footings which provide adequate support when placed on cohesion-less

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soil. The depth of spread footings shall not greater than 6.0 m. The Employer has the
flexibility to use various depths for the site area. If the Employer needs to use a depth
more than 6.0 m, driven piles are an option for foundation construction provided that
suitable bearing capacities are calculated and used.
Similar results from the submitted geology report from the Employer show that the project
area is mostly comprised of Irrawaddian sandstones and the surface areas are covered
by reddish brown, light yellow to yellowish gray clay and mud.
Both driven pile and spread footing methods have been based on a safety factor of 3 as
identified in the soil investigation report.
The Lender’s Engineer does not expect there to be any major issues which result from
the soil investigations performed for this site including the design of foundations and other
civil works.
2.1.5 Site Terrain and Flood Review
The Minbu district is located in the Magway Region in central Myanmar and is a part of
the Dry Zone area. The Minbu district has a hilly and mountainous terrain and also
consists of low plain areas near the Ayeyarwady River, Sarput Creek and Man Creek
which are all nearby the site location.
The total project area size is 750 acres where the site terrain consists of 56% tree-
growing land and 44% pebble strewn land. Various elevation levels around the site
boundaries are shown in Figure 2-7. The site is surrounded by shrub-type bushes and
short grass which tend to cover these areas in place other plant types which typically die
off during the hot season. The highest mountain is Mount Phalanyone and the lowest
mountain is Mount Khway-matat.

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TRV-8
Elevation 165.04 m TRV-4
Elevation 168.61 m
TRV-9
Elevation 152.63 m
TRV-7
Elevation 150.28 m
TRV-3
Elevation 157.79 m
TRV-10
Elevation 167.50 m
TRV-2
Elevation 167.50 m
TRV-6
Elevation 165.74 m TRV-1
Elevation 173.67 m
TRV-12
Elevation 168.73 m
TRV-5
TRV-11 Elevation 166.05 m
Elevation 155.67 m
Figure 2-7: Elevation Levels around the Minbu Project Site Boundary
According to the flood map shown in Figure 2-8 below, from 2008-2015, there has been
seasonal flooding in 2011, 2012, 2013 with the latest flood occurring in 2015 as a result
of unusually heavy monsoon rains. This latest flood had significant impact to the
Sagaing region which comprises the entire site area and overflows of the Mone and Man
creeks impacted the Magway division, but the Minbu site did not become flooded at that
time.

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Figure 2-8: Recent Myanmar Cyclone/Flood Events (2008-2015)

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In review of the previous flooding history of the site area, the Lender’s Engineer considers
that there is very minimal risk of flooding for the site, and does not recommend that
additional flood limitation/prevention measures be taken over and above the current site
drainage design plans. Please also refer to Section 2.1.7 for additional
recommendations.
2.1.6 Drainage System
Since the Lender’s Engineer site visit, the EPC Contractor has not submitted drainage
calculations and gutter design information for review and comment.
7XEHZHOO
1R
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1R
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Figure 2-9: Plant Layout Showing Tube-Well Locations
The Lender’s Engineer has only received a general description of the conceptual design
of the drainage system, noting that all four phases will have similar designs and each
phase will consist of natural flow design.
The Lender’s Engineer estimates that the entire construction area is 750 acres or
3,037,500 m2. Error! Reference source not found. shows 85 blocks of PV (32,000 m2
per block) which are separated according to areas: approximately 700,000 m2 in Phase 1
and Phase 2, 737,500 m2 in Phase 3, and 900,000 m2 in Phase 4. The average grading
for site slopes in all areas is 2 – 5%. The site contours show that all water flows are
ordinary and there are no major obstructions present in the water ways.

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The Lender’s Engineer’s used the ASCE flow coefficient (c) equal to 0.25 (site slope
average 5%), the record of rain-fall day in yearly is 61 days (or roughly assumed 7
days/month), the highest rainfall recorded in September is 157.5 mm/month (or roughly
23 mm/day) to estimate the volume of retention ponds in the site area to be storage water
around 22,000 m3 for 1 day. The discharge (or water flow rate) is approximately Q=4.86
m3/s.
In case gutters are design and used within site areas, it is preferable to control the water
flow from PV areas to the gutters which will be connected to the pond. From the pond,
water should then be pumped to natural ditches or other appropriate locations outside of
the site areas.
2.1.7 Recommendations for Flood Protection and Drainage System
Regarding flood protection and drainage system requirements for the project, the
Lender’s Engineer recommends the following:
1. The Employer must confirm the maximum rainfall amount, intensity and duration
of a single day of rainfall within Minbu or the Magway Region where the site is
located. These values will have significant impact on the suitable retention pond
design. The Lender’s Engineer has needed to assume these values as further
discussed below.
2. Based on the Lender’s Engineer assumed rainfall data and calculations regarding
the above item, the pond capacity can accommodate the maximum assumed
rainfall intensity at 23 mm/day but the pump must be able to operate immediately
and continuously on-demand. Even though the site is located in the Dry Zone
area, each phase is separated and has an area of at least 700,000 m2.
Accordingly, the Employer should install at least one or more ponds of sufficient
one-day water storage capacity to accommodate all project needs plus adequate
reserve.
3. The Employer should install internal site drainage systems throughout all project
phases including gutters or ditches. Gutters can be installed along the internal
roads with slope directions as appropriate or around the edges of PV installation
areas. All gutters and ditches should be cleaned and maintained at regular
intervals to ensure proper drainage performance. This will also help prevent
water accumulations in the PV areas from rainfall or PV cleaning work.
4. If the Employer intends to build a dyke for flood protection, the Employer should
monitor the dyke elevation for the first two years of operation, then every 3-5
years thereafter to verify the settlement. The dyke would then need to be re-
compacted every five years to maintain overall strength characteristics.
2.1.8 Weather Conditions
Precipitation:
According to the Minbu 220 MW solar plant feasibility study, the average amount of
rainfall in Minbu is approximate 880 mm/year which is similar to the average amount of
precipitation of Weatherbase data recorded which is 886.5 mm/year. During a normal
year, the month with the most amount of precipitation on average is September with
157.5 mm while the month with the least amount of precipitation on average is January
with 2.5 mm.

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In terms of liquid precipitation, there are an average of 60.6 days of rain, with the most
rain occurring in June with 10.6 days of rain, and the least rain occurring in January with
0.2 days of rain.
Temperature:
According to the Minbu 220 MW solar plant feasibility study, the average temperature for
the year in Minbu is 27.2°C. The average warmest month is in April with temperature of
31.7°C and the highest recorded temperature is 43.9°C. The average coolest month is in
January with an average temperature of 21.1°C and the lowest recorded temperature in
Minbu is 7.2°C respectively.
2.1.9 Seismic Risks
According to the submitted Seismic Hazard Assessment; a historical review of more than
150 years of seismic/earthquake events in nearby areas of the site shows that the
following three events have occurred:
x In 1858, severe seismic events occurred in Thayet, Pyay and Rakhine with
specific details unknown.
x On 8 July 1975: an earthquake of 6.8 magnitude occurred in the region and
many historical Pagodas were destroyed.
x On 22 September 2003, Taungtwingyi experienced an earthquake of 6.8
magnitude which caused severe damage to rural dwellings, landslides, and
destruction of Pagodas.
The seismic hazard assessment for the site project area has been carried out with
forecasts of a 2% and a 10% probability that a major earthquake (7.0 magnitude or
higher) will occur in this area in the next 50 years.
The Lender's Engineer considers that there is very minimal risk to the project regarding
the occurrence of a major seismic event within the project lifetime. However, the
Employer must ensure that all site structures are designed in accordance with all
earthquake related standards to ensure that site structures can withstand a major seismic
event to the extent practical.
2.1.10 Site Clearing and Earthworks
Since the Employer has leased the land, the EPC Contractor has performed surveys for
the final levelling of the land, landscaping of the site and has set up a site office.
The previous use of the site area land was as raw land and left uncultivated in the small
hills area. There were primarily bushes and small trees which have already cleared.
Some backfilling and compaction work has already been completed in some of the Phase
1 areas. Other project phases are also in preliminary progress
Internal site roads are required for maintenance of PV modules and other equipment,
using both asphaltic and crushed rock to pave roads and prevent soil erosion.
The Lender's Engineer considers that there will be no issues regarding site clearing,
earthworks or dust accumulation for this site.

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2.1.11 Site Shading
Due to the lack of major obstructions in the immediate areas surrounding the site, the
Lender’s Engineer does not expect that there will be issues regarding sunlight obstruction
for this site.
There may be some shading in the late afternoon areas but the effects will be minimal; as
diffused sunlight will still be present on the modules so that power production will still be
possible.
As part of the energy output analysis performed, the Lender’s Engineer has included a
1.7% near shading loss which conservatively assumes that a minimal amount of shading
will occur to the site from sources unknown at this time.
2.1.12 Public Relations
According to the ESIA submitted by the Employer, the Employer has actively participated
in the betterment of the local village community in accordance with the Minbu 220 MW
Solar PV Project requirements. The village community is located in Minbu, Magway
Region in Myanmar. The villagers were reported to be open-minded and generally have a
positive impression regarding the project. During the site visit, the Lender’s Engineer
visited the local community and observed similar behaviour from the local villagers. The
Lender’s Engineer is also aware the community development projects include and a
refurbishment of the local library and construction of a new water supply source
The Lender's Engineer does not expect that there will be public opposition or local
community concerns regarding the project.
2.2 GENERAL
2.2.1 Service Water
To supply service water to the site, there are various options available to the Employer
such as deep-well (or tube-well) drilling and use of ponds includes temporary piping or
water transportation by truck to the site area.
During the Lender’s Engineer’s site visit, it was observed that the project had already
performed deep-well drilling (drilling depth was at 180 m as observed on-site) and the
found water source had already been positively tested for standard chemical composition.
According to the Employer’s submitted information, three tube-wells are planned for
construction in Phase 1, Phase 3 and Phase 4 as shown in Figure 2-9. The three tube-
wells must be constructed with ground tank capacities of approximate 150 m3 each.
In case the underground water needs to be used for 8-hours of cleaning work, the
Lender’s Engineer has determined that around 118 m3 of water will be required, plus 20%
reserve capacity gives are required total tank capacity of 142 m3. Each tube-well must
produce approximately 47 m3 of water per 8-hour day. This capacity for each tank should
be enough to maintain the water cleaning system.
In case of the underground water supply is less than what is stated above, three days of
426 m3 of water storage will be required. Each tube-well must be able to produce
approximately 142 m3 of water per day. The tank capacities will then still be adequate to
maintain the water cleaning system requirements for the site.

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As the above-mentioned considerations are based on feasible designs for the project and
what is already in place or in planning, the Lender's Engineer concludes that there should
be no major issues associated with the supply of service water for this site.
2.2.2 Sanitation Issues
Sanitation options during the construction phase including the use of temporary, mobile,
bathroom facilities which can be installed at site, consistent with those used on similar
projects in Myanmar. The Lender’s Engineer is fully confident that the EPC Contractor
will be able to construct proper sanitation facilities as designed during the project.
The Lender's Engineer does not expect any issues regarding the arrangement of proper
sanitation means during the construction phase.
2.2.3 Land Ownership
The Employer has advised that they are leasing the site land area which is located in
Sagu Township, Minbu district, Magway Region in the Republic of the Union of Myanmar.
A land lease agreement (Contract No. AVA / LLA (001) 2015 dated 19 November 2015) is
in place between AVA Capital Trading Co., Ltd. (the Lessor) and the Employer (the
Lessee) with the following main points summarized here:
x Total land area under lease is 836 acres or 3,383,174.96 square meters.
x Lease term is for 30 years commencing from the date of first commercial
operation.
x Total rental rate for the land during the lease term is USD 1,913.88 per acre.
x The aggregate rental rate for the land (836 acres) is USD 1,600,000.
x The agreement can be extended by the lessee for additional periods as mutually
agreed between the parties, but is subject to the terms and conditions of the
Power Purchase Agreement and any applicable laws.
Please also refer to the Myanmar Land Certified Document No.2012-0235397

(Attachment 1 of the land lease agreement) which serves as a basis certification of the
agreement between Lessor and Lessee.
The Lender's Engineer finds that the existing land lease agreement in place sufficiently
covers land use for the project over the intended lifetime and beyond. The existing
document also contains typical contractual terms and conditions found with similar types
of agreements in this region. The Lender’s Engineer, therefore, considers that an
appropriate land use agreement is in place for the project and expects no major issues.
2.2.4 Project Schedule
Refer to Section 3.5 for a review of the overall project schedule.
2.3 CIVIL & STRUCTURAL REVIEW
2.3.1 Structural Design Criteria
The design and specification of all civil/structural work shall be in accordance with all
applicable laws and regulations in Myanmar. Codes and standards such as those

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mentioned in Section 3.3 shall also be incorporated as written in Schedule 7 of the

contract. All design and installation work needs to be signed by the Registered Engineer.
2.3.2 Site Infrastructure
The Lender’s Engineer expects that project site infrastructure works will be designed in
accordance with the soil investigation report and recommendations, including external,
internal roads, drainage systems with or without retention pond, and perimeter fencing.
Site clearing work at each of the four project phases has already commenced. The
Lender's Engineer has visited the site and observed that the entrance fence is already
completed; other construction of 2.5 – 3.0 m high perimeter fencing is in progress.
The Lender's Engineer does not anticipate that there will be issues associated with site
infrastructure for this site.
2.3.3 Piling for PV Works
As the Lender’s Engineer has been unable to receive details on the exact type of piles to
be used for the project, the Lender’s Engineer considers that either screw piling or
shallow foundation supports is the most likely type of PV support structure to be used
according to the soil investigation report.
If piles are to be used, the quantity of piles shall be in accordance with seismic and wind
load calculations. Each pile needs to penetrate ground level at a depth of 3.00 - 4.00 m.
The pile shape should be solid pile with minimum dimensions of 0.20 x 0.20 m x 3.00 (or
4.00) m. The safety load per pile shall be in the minimum range of 10 - 15 tons.
If steel piles are to be used, the piles should be free of sulphates or salt contamination at
the water table level.
If shallow foundation supports are to be used, settlement control shall be at a level 2.00 -
3.00 m.
For either type of support to be used, seismic zone and wind speed requirements in the
site area shall be factored into the design as per local regulations, codes, and standards.
On site pile load tests shall also be performed in accordance with the aforementioned
requirements to verify actual pile capacity.
The Lender's Engineer considers that the Owner must ensure that a suitable pile type is
used by the EPC Contractor and is based in the soil investigation report requirements. It
is permissible to use different pile types in the same phase area provided that each type
is in accordance with the soil investigation report.
2.3.4 PV Mounting Structure Foundations
All civil foundation designs shall incorporate soil investigation data as applicable to
confirm that proper foundations will be designed and installed to withstand all local
conditions (i.e. wind, flooding, seismic activity, etc.) throughout the lifetime of the project.
The Lender’s Engineer suggests that the PV module mounting structures should be
embedded at a minimum 2.00 – 3.00 m depth from ground surface and able to withstand
uplift and downward forces in accordance with the design calculations. The PV incline
must be at the proper angle. Galvanized steel material is also preferable.
The Lender's Engineer does not expect there to be any major issues regarding the PV
mounting structure foundations as long as they are properly selected, designed and
constructed in accordance with the project requirements.

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2.3.5 Building Foundations
Shallow foundations or deep foundations should be used for the project depending on the
results of the soil investigation report. The foundations to be used shall be able to
withstand all local conditions (e.g. wind, flooding, seismic activity, etc.) throughout the
lifetime of the project.
As described in the soil investigation report, the pile tips shall be placed on firm datum
(N≥30-50 blow count per foot). The pile sizes and lengths shall be in accordance with the
pile calculation and confirmed by pile load capacity testing at site.
Erosion and settlement control shall be required if shallow foundations are used. Erosion
control shall be provided for steep slope locations near buildings. Slope stability
calculations shall be required for steep slope terrain or various soil layer properties in
shallow depth.
The Lender's Engineer does not expect that there will be issues associated with the
building foundations for this site.
2.3.6 Recommendations
According to the submitted site layout, the Minbu site consists of a large connected area
which is expected to be straight forward to operate and maintain over the lifetime of the
project
The Lender’s Engineer observed that the site is situated on a mountainside slope so that
dust accumulations from nearby areas may be of concern. The Lender’s Engineer
recommends for the Owner to perform regular cleaning of the modules to ensure proper
performance and limit dust accumulations and build-up on top of the modules.
For foundation type system, a mat or strip foundation is preferable in the case of shallow
foundation with settlement control. For the selection of pile foundation type, the solid pile
with reinforcement dowel through the concrete footing is highly recommended. The depth
of foundation from finished ground surface should be minimum 2 - 3 m to help prevent
load uplifting and soil erosion.
2.3.7 Conclusion
All structural design criteria, piling works, foundation, structures and civil work are
expected to follow the standard engineering practices using the soil investigation data as
basis. The Lender's Engineer considers that the civil and structural works for this site are
expected to be relatively straightforward and, thus, expects no major issues with the
designs or construction.
2.4 ELECTRICAL REVIEW
2.4.1 Electrical Design Criteria
The design and specification of all electrical work shall be in accordance with all
applicable laws and regulations in Myanmar. Basic operating and electrical requirements
for the plant are given in Schedules 1 and 7 of the PPA. Codes and standards
requirements include the ones mentioned in Schedule 7 of the PPA and the Owner’s
Technical Requirements.

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2.4.2 Electrical Design Overview
According to the PPA, the project will use fixed flat PV modules; each rated 260 MWp
with polycrystalline technology. The Lender’s Engineer has estimated that around
848,640 modules will be used as simulated in the PVsyst analyses.
The modules convert radiant energy from the sun into DC power. DC power is then
combined from all of the modules and converted to AC power via 85-340 inverters
(quantity of inverters will vary according to the actual ratings used). Refer to Section
2.4.4 for estimated inverter quantities to be used based on manufacturer types and
ratings.
AC output power from the inverters is then combined within the site via 11 kV and 33 kV
transformers, switchgear and distribution systems, then exported from the site to the
local 230 kV MEPE transmission system via four 230-33 kV step-up transformers
connected to local 230 kV transmission lines. Regarding the local substation designs to
be performed, fault current level and grounding requirements for each of the voltage
systems are given in the Owner’s technical requirements and must be followed by the
designing engineer.
The Project's installed DC peak power rating from the PV modules is estimated by the
Lender’s Engineer to be around 220.65 MWp (total DC power produced by the modules
= 220 Wp x 848,640 modules) and the final AC power output to the grid (power which
has been derived through the inverters and step-up transformers) is estimated to be
around 175 MW AC. The initial annual estimated energy production is estimated in the
range of 343,000 – 345,000 MWh/yr depending on the module type selected.
2.4.3 PV module Technology
Schedule 1 of the PPA indicates that one of the following manufacturers shall be the
supplier of modules for the project. Additional information regarding each manufacturer
is also given below.
Table 2-2: Potential Module Suppliers Advised in the PPA
No. Manufacturer Model Country of Origin Quantity

1. Jetion Solar JT 260PPg China/Thailand 848,640 Modules
(estimated)
2. Jinko Solar JKM 260P-60 China 848,640 Modules
(estimated)
Jetion Solar
Jetion Solar is a China-based polycrystalline PV module manufacturer. Jetion Solar has

supplied modules for 90 MW of solar projects in Thailand which will go into commercial
operation in 2015. Jetion Solar has also supplied approximately 700 MW of product
worldwide as of March 2016.
Each PV module is comprised of 60 solar cells and encapsulated on tempered solar

glass with EVA. The standard size for each module is 1640 mm x 992 mm and the
weight is 18.0 kg. Maximum power tolerance is 0 + 5 W at STC. Module efficiency is
16.0%.

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The following warranties for the selected modules are considered by the Lender's
Engineer to be consistent with standard industry practice.
x Materials and workmanship are guaranteed for twelve years.

x Power output guarantee is for 25 years set at a linear degradation of 0.7% annually.
• Nominal Power Output; and (b) for polycrystalline Modules:
• (i) 3% in the first year;
• (ii) 0.7% each year thereafter until that date which is 24 years following
the Warranty Start Date, at which time the Actual Power Output shall be
not less than 80.9% of the Nominal Power Output.
In the case PV modules fail for workmanship after the 12-year period this cause lower
than expected power output for which would then cover the PV module(s) under the
power output guarantee for replacement.
Jinko Solar
Jinko Solar is one of the worldwide leaders in polycrystalline PV module technology.

Jinko Solar is a vertically integrated solar product manufacturer with a 3.2 GW capacity
for PV module production. Jinko Solar has also supplied approximately 6.5 GW of
product worldwide as of December 31, 2014. Jinko is a Tier 1 supplier of PV modules.
The Jinko JKM260P modules are both IE 61215 and IEC 61730 test certified for use on
systems up to 1000 VDC. These modules have also been UL 1703 certified. Maximum
power tolerance is 0 + 3% at STC and meets the requirements of IEC 61140 Safety
Class II. Module efficiency is 15.89%
Each PV module is comprised of 60 solar cells and encapsulated on tempered solar

glass with EVA. The standard size for each module is 1650 mm x 992 mm and the
weight is 19 kg.
The following warranties for the selected modules are considered by the Lender's
Engineer to be consistent with standard industry practice.
x Materials and workmanship are guaranteed for ten years.

x Power output guarantee is for 25 years set at a linear degradation of 0.7% annually.
• Nominal Power Output; and (b) for polycrystalline Modules:
• (i) 2.5% in the first year;
• (ii) 0.7% each year thereafter until that date which is 25 years following
the Warranty Start Date, at which time the Actual Power Output shall be
not less than 80.7% of the Nominal Power Output.
In the case PV modules fail for workmanship after the 10-year period this cause lower
than expected power output for which would then cover the PV module(s) under the
power output guarantee for replacement.
Additional Module Vendors
According to Appendix 23 (Shortlist for Main Equipment Suppliers), the Owner intends to
include additional module vendors for consideration of module supply for the project.
The additional vendors are as follows:

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Table 2-3: Additional Module Suppliers Advised in the Turnkey Contract (Appx 23)

3. JA Solar JAP6-60-260/3BB or China 848,640 Modules
JAP6-60-260/4BB (estimated)
4. Canadian Solar CS6K-260P or Canada 848,640 Modules
CS6P-260P (estimated)
JA Solar is a leading global manufacturer of high-performance solar products based in

Shanghai, China. They develop, manufacture, and sell modules to customers and
projects primarily in China, Germany, Sweden, Spain, South Korea, and the United
States. Cumulative shipments of modules have totalled more than 15 GW since 2006.
They are considered to be a Tier 1 module supplier according to Bloomberg.
Canadian Solar is also a leading manufacturer of solar PV modules and provider of solar
energy solutions. Canadian Solar’s project pipeline is now 10.3 since 2001 with
manufacturing facilities in Canada, China, and Vietnam. Canadian Solar is also a Tier 1
PV manufacturer and downstream PV energy provider.
All of the JA Solar and Canadian Solar modules described above have been tested
compliant with IEC 61215 and IEC 61730. They are all also UL 1703 certified.
Conclusion
All five module types tested performed very similarly in the Lender’s Engineer’s PVsyst
simulations so not one of the modules clearly outperformed the others and none clearly
lagged the group. All performed in the range of 343,000 – 345,000 MWh/yr. Please
refer to Appendix C.
The Lender’s Engineer has no objections to the use of any of the four possible module
suppliers for the project mentioned in the section. If either JA Solar or Canadian Solar is
to be selected, this may require an amendment or revision to the PPA as neither is
indicated as a possible supplier in that document.
The Lender’s Engineer prefers the use of Jinko Solar, JA Solar, or Canadian Solar as the
module supplier for the project as each of these three vendors is a Tier 1 module
supplier and each vendor’s modules are both IEC 61215 and IEC 61730 compliant and
have been UL 1703 certified.
2.4.4 Inverters
Schedule 1 of the PPA advises that one of the following manufacturers shall be the
supplier of inverters for the project:
Table 2-4: Potential Inverter Suppliers Advised in the PPA
No. Manufacturer Model Country of Origin Quantity (approx.)

1. Sungrow Power SG 500MX China 350 Inverters
(estimated)
2. SMA MV Power Station Germany 88-175 Inverters
1000-2000 SC (estimated)

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3. Ingeteam 1165TL B420 Spain 150 Inverters

(estimated)
These inverter manufacturers are all internationally recognized with suitable

manufacturing track record histories, manufacturing facilities and local support. Each
inverter type can be furnished with features which are suitable for the operation at the
project site in Myanmar.
Typical manufacturer's warranty periods are for five years for each inverter is five years.
These warranties typically cover labour and parts replacement during the warranty
period.
Additional Inverter Vendor
include an additional inverter vendor for consideration of inverter supply for the project.
The additional vendor is as follows:
Table 2-5: Additional Inverter Supplier Advised in the Turnkey Contract (Appx 23)

4. Schneider TBD France TBD
Schneider Electric is a large worldwide manufacturer of major electrical equipment with

over 178 years of history and 25 billion euros of consolidated revenue. They offer true
bankability of all projects no matter what the size with global service and local presence
in more than 100 countries.
Conclusion
The Lender’s Engineer has no objections to the use of any of the four possible inverter
suppliers for the project. All are considered to be acceptable manufacturers for a project
of this size, type and location. If Schneider is to be selected, this may require an
amendment or revision to the PPA as they are not indicated as a possible supplier in that
document.
2.4.5 Transformers
Schedule 1 of the PPA requires that one of the following manufacturers shall be the
supplier of 230 kV transformers for the project:
Table 2-6: Potential Transformer Suppliers Advised in the PPA

1. ABB 230/33 kV Switzerland 4 units
2. Siemens 230/33 kV Germany 4 units
3. Shadong Luneng 230/33 kV China 4 units

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Each of these companies is a large worldwide manufacturer of transformers for industrial

scale projects. Each offers adequate bankability for a project of this size with global
service and local presence in the region.
The transformer specifications shall comply with MEPE standards and IEC 60076-
1:2011. The transformers to be used for this project will be hermetically-sealed, oil-
immersed type with ONAN or ONAN/ONAF cooling and extensive use in outdoor
environment. Each transformer shall be fitted with a gas and surge actuated Buchholz
relay of approved make and pattern, having alarm and tripping contacts which close
simultaneously in response to both liquid surge and low oil level. Approved facilities shall
be provided for inspection, testing and maintenance access to the gas and oil-actuated
relays and conservators associated with the transformers. Four 3-winding transformers
will be used in the design. The 230/33 kV transformers that will be used will have MVA
capacities of 48 MVA (Phase 1, 2, 3) and 60 MVA (Phase 4). The HV and LV ratings for
these transformers are appropriate for use with the Myanmar HV transmission systems.
For any transformer manufacturer selected, IEC standards and MEPE grid code
requirements must be met as required under the Owner’s and PPA technical
requirements.
Typical manufacturer’s standard warranties for transformers of this size and type are 2-3
years.
Additional Transformer Vendors
include additional transformer vendors for consideration of transformer supply for the
project. The additional vendors are as follows:
Table 2-7: Additional Transformer Suppliers Advised in the Turnkey Contract

(Appx 23)

4. Alstom 230/33 kV France 4 units
5. Toshiba 230/33 kV Japan 4 units
Both of these companies are large worldwide manufacturers of transformers for industrial
scale projects. Each offers adequate bankability for a project of this size with global
service and local presence in the region.
Conclusion
The Lender's Engineer considers that transformers which will meet the specified Owner’s
and PPA technical requirements will be suitable for this Project and has no objections to
their potential supply from any of the five previously mentioned manufacturers from this
section. If Alstom or Toshiba is to be selected, this may require an amendment or
revision to the PPA as neither has been indicated as a possible supplier in that
document. The Lender’s Engineer concludes that Shadong Luneng is no longer being
considered as they haven’t been included in Appendix 23 of the Turnkey Contract.

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2.4.6 Plant Control & Monitoring system
A plant control & monitoring system shall be installed in the Central Control and
Switchgear Building. It shall include complete weather stations with instruments
integrated with inverter and AC metering into the system. The instruments shall be
located in appropriate areas within the perimeter fencing for measuring factors affecting
energy production in each phase area.
International standards relevant to plant monitoring systems are as follows. The Owner’s
Technical Requirements require compliance with applicable IEC and ISO standards,
therefore, these following standards are applicable requirements for the project.
IEC 61724:1998 Photovoltaic system performance monitoring guidelines for

measurement, data exchange and analysis
ISO 9847:1992 Method for calibrating field pyranometers by comparison to a

reference pyranometer
IEC 62446:2009 Grid connected photovoltaic systems. Minimum requirements

for system documentation, commissioning tests and inspection
Plant performance indicators, excluding the 230 kV substation, should be monitored

through appropriate software, with data available at high resolution (e.g. 5-10 minutes)
for remote real-time access (e.g. typically via a VPN connection over the internet).
The control and monitoring system for the project shall be capable of communication and
providing data in accordance with MEPE’s requirements.
Although not yet selected, based on the Owner’s technical requirements and associated
international standards given for compliance, the Lender’s Engineer is confident that the
Owner or EPC Contractor will select a suitable plant control & monitoring system
manufacturer for the project.
2.4.7 Import Power Requirements
Upon completion of each phase, import power required by the plant during periods of
minimal to no generation will be obtained through the 230 kV system via the same
networks of transformers used for power export. For import power requirements prior to
energization of all power transformers used for each phase, temporary arrangements for
construction service power will need to be made with MEPE. This will normally involve
the purchase or borrowing of a readily available construction service transformer and
temporary power cables which can be installed and maintained by either party.
The Lender’s Engineer considers this to be minor issue which can easily be handled via
coordination between the Owner, EPC Contractor and MEPE.
Please refer to Section 7.2 regarding estimated plant auxiliary power requirements used
in PVsyst modelling.
2.4.8 Conclusion
All electrical design criteria, equipment, and materials are expected to follow standard
engineering practices. The Lender's Engineer considers that the electrical works for this
site will be relatively straightforward and has no major concerns regarding the potential

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manufacturers for the PV modules, inverters, and transformers as discussed in the

preceding sections.

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3. PROJECT CONTRACTS (EPC)
3.1 CONTRACTUAL ARRANGEMENT
The project contracts have been divided into four separate documents with general
descriptions as discussed in the following sections.
The Lender’s Engineer considers that the right contractual framework is in place with
these four contracts including the Master Coordination Contract to best achieve timely
construction of the project and minimize the possibilities of disputes or other problems
between parties throughout the course of the project.
3.1.1 Master Coordination Contract
Defines the roles and relationships between:
1) GEP (Myanmar) Company Limited, (the “Owner” or “Employer”);
2) Vintage Engineering Public Company Limited (the “Supplier”);
3) VTE Construction Co., Ltd., (the "Construction Services Contractor"); and
4) China Triumph International Engineering Company, (the “Turnkey Subcontractor”).
The Primary EPC Contractors (the Supplier and the Construction Services Contractor –
collectively, the EPC Contractor) have the necessary resources to procure the EPC
works in support of the project and engage the Turnkey Subcontractor to execute the
EPC works for the project.
The Turnkey Subcontractor has extensive experience in the design, engineering,

procurement, construction, installation, testing and commissioning of PV solar power
projects.
The purpose of this Master Coordination Contract to coordinate the respective rights and
obligations of all parties under the Construction Services Contract, the Supply Contract,
and the Turnkey Contract in order to deliver to the Owner a complete project in
compliance with the requirements of MEPE under the PPA.
Under this contract, the Primary EPC Contractors and the Turnkey Subcontractor
acknowledge and agree that the Owner’s paramount goal is the timely realization of the
project. The work to be performed by the Primary EPC Contractors must be in
coordination with the Turnkey Subcontractors and there are numerous interfaces which
will require the coordination between the Primary EPC Contractors and the Turnkey
Subcontractor.
3.1.2 Construction Services Contract
The Owner and the Construction Services Contractor have entered into a construction
services contract for the design, engineering, construction, installation, testing and
commissioning of the project. This contract defines the relationship between the Owner
and the Construction Services Contractor in respect to the design and execution of the
works by this contractor for the Owner.

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3.1.3 Supply Contract
The Owner and the Supplier have entered into a supply contract for the procurement and
supply of the equipment and materials required for the project.
3.1.4 Turnkey Engineering, Procurement and Construction Contract
The EPC Contractor and the Turnkey Subcontractor have entered into an engineering,
procurement and construction contract for the design, engineering, procurement,
construction, installation, testing and commissioning of the project on a turnkey basis.
3.2 TURNKEY SUBCONTRACTOR
China Triumph International Engineering Company Limited (CTIEC) has been selected
to serve as the Turnkey Subcontractor for the project. The function of the Turnkey
Subcontractor on this project is similar to the role of an EPC Contractor on a typical solar
project.
CTIEC is a large, national comprehensive scientific research and design company which
is also involved with general contracting, engineering consulting, and engineering
supervision within the building material industry, light textiles, civil works and
environmental pollution treatment. Since 2003, they have been listed in the top 50
national exploration and design enterprises, project management enterprises and
national project general contracting enterprises. The have been appraised in the top 200
global top-level engineering design and consulting firms by major publications and are
headquartered in Shanghai, China.
CTIEC has a reasonable track record of experience involving solar projects in China,
Thailand, Japan, UK, and USA totalling around 400 MW of installed solar projects
between 2010 and 2015.
The Lender’s Engineer has no objections regarding the use of CTIEC has the Turnkey
Subcontractor for this project.
3.3 CODES AND STANDARDS
The EPC Contractor and the Turnkey Subcontractor shall comply with the latest
revisions of the following internationally recognized standards and codes as advised in
the Owner’s Technical Requirements, Section 3.
Table 3-1: International Standards and Abbreviations
ABBREVIATION STANDARD
ACI American Concrete Institute
AISC American Institute of Steel Construction
AISI American Iron and Steel Institute
ANSI American National Standards Institute
ASHRAE American Society of Heating, Refrigeration & Air
Conditioning Engineers
ASME American Society of Mechanical Engineers

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ASTM American Society for Testing and Materials

AWS American Welding Society
AWWA American Water Works Association
BS British Standards Institution
CEN European Committee for Standardization
CENELEC European Committee for Electro-Technical
Standardization
DIN German Standardization Institute
EHS World Bank EHS Guidelines
HIS Hydraulic Institute Standard
IBC International Building Codes
IEC International Electro-Technical Commission
IEE Institute of Electrical Engineers
IEEE Institute of Electrical and Electronics Engineers
IETE Institution of Engineering and Technology in UK
IFC PS IFC Performance Standards
ISO International Standards Organization
JIS Japanese Industrial Standards
MSS Manufacturer’s Standardization Society
NEMA National Electrical Manufacturers Association
NFPA National Fire Protection Association
PIANC Permanent International Association of Navigation
Congresses
SSPC Steel Structures Painting Council
UBC Uniform Building Code
VDI Association of German Engineers
VGB Society of Large Utility Owners
The Lender's Engineer considers that it is of benefit to the project for the Owner to
explicitly list the required codes and standards, as has been done, in the Owner’s
technical requirements. This will help insure that the plant will be constructed in
accordance with international standards.
3.4 SCOPE OF WORK
3.4.1 Master Coordination Contract
Please refer to the following sections as the Master Coordination Contract refers only to
the other contracts regarding scope of work information.

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3.4.2 Construction Services Contract
The scope of work for the Construction Services Contractor is as follows:
(a) commence the Works in accordance with the Contract Programme promptly after
the date of its receipt from the Owner of each Notice To Proceed;
(b) comply with reasonable instructions and Directions given to it by the Owner or the
Owner’s Representative on any matter connected with the Works;
(c) keep the Owner fully informed of the progress of the Works (using the proforma
report form);
(d) advise the Owner as soon as it is reasonably practicable of any matters that shall
or are reasonably likely to delay Provisional Acceptance or increase the cost of the
Works, the reasons therefor and advise on measures to reduce or avoid such
delays or cost increases;
(e) be responsible for the setting out and the correct positioning of all parts of the
Works and shall rectify any error in the positions, levels, dimensions or alignment
of the Works at the Contractor's cost;
(f) be responsible for coordinating with the Contractor or other importers or suppliers
of all of the material, equipment or goods required for completion of the Works or
installing to or operating of, the Plant in respect of customs clearance and inland
transport of the imported materials or goods to the Site, care custody,
responsibility, control and safekeeping of such materials, equipment and goods at
the Site for the Owner upon delivery thereof to the Site;
(g) be responsible for inspecting all materials, equipment or goods required for
completion of the Works or installing to or operating of, the Plant upon or prior to
the delivery, provided such inspection shall be also certified and/or approved by
the Owner;
(h) be responsible for assembly and installation of all Plant and Materials into the
Works;
(i) be responsible for all testing and commissioning activities, and possession (with
risk of loss until taking over after successful commissioning) of all Plant and
Materials upon delivery by the Contractor or its shipper; and
(j) remedy any Defects in the Works.
3.4.3 Supply Contract
The scope of work for the Supply Contractor is as follows:
(a) supply and delivery to the Site of the Equipment in accordance with the Supply
Program, provided that such Equipment must meet the Specifications, and all
materials supplied or furnished by the Supplier for the Works shall be of the
respective character, quality and kind required by the Contract, new,
merchantable, of the most suitable grade, and Fit for the Purposes, in addition to
which the Modules, the Inverters and the Transformers shall be properly contained
in high quality paper boxes with wooden pallet support and the Mounting
Structures shall be properly packed in accordance with standard packing system
requirements;

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(b) provision of all appropriate documentation to allow the Owner to avail of import
exemptions under the Foreign Investment Law of the Country awarded to it, and
all documents and information used, produced or required for or in connection with
the Works;
(c) obtaining the required Supplier's Approvals and providing assistance and support
to the Owner in obtaining the Owner’s Approvals, as and when requested;
(d) remedying or causing to be remedied all applicable Defects in the Works during
the Defects Warranty Period, including for avoidance of doubt, the removal and
replacement of any and all defective Equipment during the Equipment Warranty
Period applicable to such defective Equipment (up to but not exceeding the end of
the Defects Warranty Period); and
(e) all other procurement and things, whether of a temporary or permanent nature, to
be performed or provided by the Supplier in accordance with the Contract and the
Supply Program.
3.4.4 Turnkey Engineering, Procurement and Construction Contract
The EPC Contractor and the Turnkey Subcontractor have entered into an engineering,
procurement and construction contract for the design, engineering, procurement,
construction, installation, testing and commissioning of the project on a turnkey basis.
(a) commence the Works in accordance with the relevant Contract Program, promptly
after the date of its receipt from the Employer of each Notice To Proceed;
(b) comply with reasonable instructions and Directions given to it by the Employer or
the Employer’s Representative on any matter connected with the Works;
(c) keep the Employer fully informed of the progress of the Works (using the pro
forma report form);
(d) be responsible for the supply and delivery on Incoterms 2010 Delivery at Terminal
(DAT) job site basis to the Site of the Equipment in accordance with the Supply
Program, provided that such Equipment must meet the Specifications, and all
Plant and Materials supplied or furnished by the Supplier shall be of the respective
character, quality and kind required by the Contract, new, merchantable, of the
most suitable grade, and Fit for the Purposes, in addition to which the Modules,
the Inverters and the Transformers shall be properly contained in high quality
paper boxes with wooden pallet support and the Mounting Structures shall be
properly packed in accordance with standard packing system requirements;
(e) be responsible for obtaining, checking and verifying all information used in the
procurement of the Plant and Materials, including but not limited to the information
provided by the Employer and the Owner, and shall notify the Employer and the
Owner of any error, omission or inconsistency discovered in the information
provided;
(f) be responsible for the provision of all appropriate assistance to allow the Owner to
avail of import tax and customs duty exemptions under the Foreign Investment
Law of the Country awarded to it, and all documents and information used,
produced or required for or in connection with the Supply Works;

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(g) advise the Employer as soon as it is reasonably practicable of any matters that
shall or are reasonably likely to delay the Delivery, the reasons therefor and advise
on measures to reduce or avoid such delays or cost increases;
(h) advise the Employer as soon as it is reasonably practicable of any matters that
shall or are reasonably likely to delay Provisional Acceptance or increase the cost
of the Works, the reasons therefor and advise on measures to reduce or avoid
such delays or cost increases;
(i) be responsible for the setting out and the correct positioning of all parts of the
Works and shall rectify any error in the positions, levels, dimensions or alignment
of the Works at the Contractor's cost;
(j) be responsible for coordinating with the Contractor or other importers or suppliers
of all of the material, equipment or goods required for completion of the Works or
installation or operation of, the Plant in respect of customs clearance and inland
transport of the imported materials or goods to the Site, care custody,
responsibility, control and safekeeping of such materials, equipment and goods at
the Site for the Employer upon Delivery thereof to the Site;
(k) be responsible for inspecting all Plant and Materials and all other materials,
equipment or goods required for completion of the Works or installation or
operation of, the Plant upon or prior to the Delivery, provided such inspection shall
be also certified and/or approved by the Employer;
(l) be responsible for assembly and installation of all Plant and Materials into the
Works;
(m) be responsible for all testing and commissioning activities, and possession (with
risk of loss until taking over after successful commissioning) of all Plant and
Materials upon delivery by the Contractor or its shipper; and
(n) remedying or causing to be remedied all applicable Defects and Latent Defects in
the Works during the Defects Warranty Period, including for avoidance of doubt,
the removal and replacement of any and all defective Equipment during the
Equipment Warranty Period applicable to such defective Equipment as well as
making claims under the applicable Manufacturers' Warranties (up to but not
exceeding the end of the Defects Warranty Period).
3.5 PROJECT SCHEDULE
The project schedule shows the following major events and dates/durations.
Table 3-2: Project Schedule Major Activities/Dates
Activity Start Date End Date

Phase 1 Construction Mobilization Period 15/08/16 12/09/16
Phase 1 Construction Preliminary Works 16/08/16 30/01/17
HHV Substation Construction 16/08/16 26/05/17
Phase 1 Engineering Design 29/02/16 22/07/16
Phase 1 Procurement of Major Equipment 25/07/16 19/08/16
Phase 1 Lead Time/Delivery of Major Equipment 06/06/16 17/03/17

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Phase 1 Civil works 26/09/16 18/11/16

Phase 1 Piling 24/10/16 02/12/16
Phase 1 Structure Erection 07/11/16 16/12/16
Phase 1 PV Module Installation 21/11/16 30/12/16
Phase 1 Electrical Works 05/12/16 13/01/17
Phase 1 Commissioning 16/01/17 10/02/17
Phase 1 Energization 20/03/17 20/03/17
Phase 1 PAC Test and Hot Commissioning 01/05/17 26/05/17
Phase 2 Overall Programme 12/06/17 22/12/17
Upon review of these major activity schedule dates and durations, the Lender’s Engineer
concludes that the reviewed project schedule contains realistic activity completion target
dates and timeframes including adequate contingency time built-in to accommodate
reasonable unknown and unforeseeable circumstances.
Major activity dates compared to PPA requirements are as follows:
Table 3-3: Major Schedule Activities vs. PPA Requirements
Activity Currently PPA Required

Scheduled Completion By:
Completion
Phase 1 COD 20/03/17 13/07/17
Phase 2 COD before 12/06/17 08/07/18
Phase 3 COD before 22/01/18 03/07/19
Phase 4 COD before 07/01/19 27/06/20
Although these dates are subject to change once the initial Phase 1 COD occurs, the
anticipated, revised dates are still expected to meet the PPA completion requirements.
If by chance the first synchronization attempt fails, there should also be sufficient time to
retest and still meet the PPA deadline requirement. The responsibility of coordinating first
synchronization lies with the Owner. The Lender’s Engineer considers that if all plant
pre-testing and commissioning activities are done properly, the plant is expected to be
able to synchronize and achieve COD on the first attempt. However, if the plant is
unable to achieve COD on the first attempt, retesting will need to be coordinated with
MEPE and will depend on their schedule, but six weeks should be more than enough
time to be able to schedule subsequent COD testing.
The Lender’s Engineer will also communicate to the Owner that the general focus toward
the achievement of COD should be to complete all electromechanical aspects of the
plant as soon as possible. If necessary, most non-electromechanical aspects such as
internal site roads, perimeter fencing, perimeter lighting, drainage structures, etc., can be
completed after the plant commences commercial operation.

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As noted above, completion periods for achievement of COD for Phases 2, 3, and 4 have
been set at approximate 12-month intervals. The Lender’s Engineer considers these
periods to be sufficient to allow timely completion of each associated phase.
3.6 CONTRACT PRICE
3.6.1 Contract Price
Although the exact pricing has not yet been made available to the Lender’s Engineer via
the project contract appendices, according to discussions with the Owner, the EPC
Contract pricing will be as follows:
x Overall project (Phases 1-4) EPC Contract Price = USD 1.35/Wp
This following EPC Contract pricing was described by the Owner for each phase of the
project:
x Phase 1 (50 MWp): USD 1.41/Wp x 50 MWp = USD 70.5 million

x Total EPC Contract price (all four phases) = USD 297.0 million
The reason for the relatively higher pricing for Phase 1 relative to Phases 2, 3, and 4 is
because the substation costs will be included under this phase. The Lender’s Engineer
considers that this overall project pricing (USD 1.35/Wp) falls somewhere in the middle of
an expected range for a project of this size and type in the SE Asian region (USD 1/Wp
to USD 1.57/Wp).
3.7 TYPICAL EPC CONTRACT PROVISIONS
The Construction Services, Supply, and Turnkey Engineering, Procurement and

Construction Contracts have all been set up with the following provisions which are
typically found in standard, international PV construction projects including the following:
x Confidentiality
x Termination
x Force majeure
x Representations and warranties
x Reporting requirements
x As-built drawings and O&M manuals (to be provided)
x Lien waivers
x Intellectual property
x Assignment and subcontracting
x Insurance, including the split of responsibility for arranging insurance and the
nature of policies to be taken out
x Transfer of ownership of the works

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x Equivalent project relief

x Extensions of time for completion
x Dispute resolution
The Lender’s Engineer considers these provisions to be acceptable on all contracts.
3.8 MILESTONE PAYMENTS
According to Appendix 11, the milestone payment structure for the project is as follows:
3.8.1 Advance Payment
The Owner shall make a 10% payment equal to 10% of the Phase 1 Contract Price
subject to the provisions of the advance payment bond minus USD 3 million for
performance securities.
3.8.2 1st Milestone Payment
Amount: 30% of the Phase 1 Contract Price
Payment Requirements:
x 100% of the supply of the mounting structure, and

x 50% of the total supply of the PV Module;
Validation Requirements for Completion of Milestone:
x Original commercial invoice;

x Original packing list;
x Original bill of lading;
x Original letter of insurance for transportation; and
x Factory inspection report signed by Employer’s authorized person.
3.8.3 2nd Milestone Payment
x 50% of the total supply of the PV Module, and

x All cables and conduits;


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3.8.4 3rd Milestone Payment
Amount: 5% of the Phase 1 Contract Price:
x Procurement of High Voltage Equipment;

3.8.5 4th Milestone Payment
x Procurement of Inverter Station, and

x Medium Voltage Custom Station

x Achievement of Mechanical Completion.
x Original commercial invoice; and

x A copy of the Mechanical Completion Certificate

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x Achievement of Provisional Acceptance
x Original commercial invoice; and

x A copy of the Provisional Acceptance Certificate
3.8.8 Conclusion
The Lender’s Engineer considers that the overall milestone payment schedule noted
above is appropriate for this type and size of project.
The main considerations by the Lender’s Engineer for an adequate and acceptable
milestone payment schedule are based on the following criteria:
x Advance contractor payment(s) 5-15% maximum.
x Final contractor payment(s) 15-20% minimum.
x Interim payments (65-80%) spread across the construction period and structured
on the completion of key milestone events to properly incentivize the contractor.
x Proper validation requirements for completion of milestones (to minimize the

possibilities for disputes).
x Securing of advance payment, performance, and/or warranty bonds.
3.9 PROJECT COMPLETION
Please refer to Section 3.5. The project master schedule has given completion
timeframes for each phase of the project. The Lender’s Engineer believes that these
completion dates and timeframes for each phase of the project are realistic, achievable,
and in accordance with the PPA requirements. Accordingly, the Lender’s Engineer has
no major concerns regarding project completion dates and timeframes for the project.
The Lender’s Engineer also considers that inclusion of Mechanical Completion,

Provisional Acceptance and Final Acceptance milestone events into the project contracts
is a consistent practice with other similar projects in the region.
3.9.1 Mechanical Completion
The first step in the commissioning process is for the EPC Contractor to obtain a
Mechanical Completion Certificate. Mechanical Completion is defined within the project
contracts as when each phase of the project has successfully completed construction
and testing activities, and that all components of the works have been properly installed
and are ready for commissioning, testing and synchronization with the Grid.

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3.9.2 Provisional Acceptance
The following conditions must be fulfilled prior to the issuance of a Provisional

Acceptance Certificate for any phase:
x the Mechanical Completion Certificate for such phase has been issued by the
Owner to the EPC Contractor;
x in respect of Phase 1, the NTF Guaranteed Handover Date occurs and the
connection to the MEPE System has been completed and energized in
compliance with the Owner’s Requirements and the Power Purchase Agreement
at least [60] days prior to the Provisional Acceptance Date of Phase 1;
x the whole of the works and plant in respect of such phase have the successful
completion and passing of the Tests on Completion conducted by the EPC
Contractor and have satisfied the requirements under the Power Purchase
Agreement which enables the Owner to sell electricity to MEPE in accordance
with the Power Purchase Agreement;
x the works for such phase have been completed in accordance with the project
contracts, such that the plant complies with all law, codes and standards, permits
and consents and is fit for purpose;
x the Guaranteed Performance Ratio has been achieved;
x the receipt by the Owner of the Warranty Bond to be issued;
x the Contractor has paid any Delay Liquidated Damages;
x the Punch List or defects that require rectification but do not materially affect the
safe operation of the Plant has been rectified and/or completed;
x the EPC Contractor has provided complete and finalised versions of the O&M
Manuals;
x the Contractor has provided the Final Documentation to the Owner;
x training has been completely carried out by the Contractor as required under the
project contract;
x there are no unsettled claims against the Contractor by the Owner; and
x clearance of the Site has been performed.
3.9.3 Final Acceptance
The following conditions must be fulfilled prior to the issuance of a Final Acceptance
Certificate for any phase:
x a Provisional Acceptance Certificate must have been issued;

x defect (punchlist) items have been remedied in accordance with the Contract
and Owner’s Requirements; and
x the Guaranteed Performance Ratio has been attained to during the Power
Performance Warranty Period.

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3.10 GUARANTEES
3.10.1 Delay Liquidated Damages
Delay liquidated damages equal to 0.1% of the LD Base Amount per day for each phase
shall be levied until the Provisional Acceptance or the NTF Guaranteed Handover Date
has been achieved (as the case may be):
The maximum liability for delay liquidated damages is 10% of the LD Base Amount for
each phase (equivalent to 0.1% for 100 days of delay by the EPC Contractor).
The Lender’s Engineer considers that the right mechanism is in place in the project
contracts to incentivize the EPC Contractor to achieve project schedule targets, but is
unable to comment further until the actual Delay LD Base Amount is known for the
project.
3.10.2 Performance Liquidated Damages
Each phase of the project shall be able to achieve the Guaranteed Performance Ratio on
a continuous basis during the 2-year period after Provisional Acceptance has been
achieved.
If the EPC Contractor fails to achieve the Guaranteed Performance Ratio, the EPC
Contractor shall pay damages at the rate of 0.1% of the LD Base Amount for each kW of
the deficit to the Owner.
The maximum liability for performance liquidated damages is 10% of the LD Base
Amount for each phase.
The Lender’s Engineer considers that the right mechanism is in place in the project
contracts to incentivize the EPC Contractor to achieve performance targets, but is unable
to comment further until the actual Performance LD Base Amount is known for the
project.
3.10.3 PV Module Warranties
Manufacturer’s Warranty
The PV module manufacturer’s quality and workmanship guarantee will be for 10-12
years depending on the module manufacturer selected. Refer to Section 2.4.3 for
additional information. The Lender’s Engineer considers that a 10- to 12-year warranty is
consistent with standard industry practice and appropriate for use on this project.
DC Power Output Warranty
The manufacturers’ performance guarantees for the PV modules typically allow a

maximum total power capacity degradation of 20% over a 25-year warranty period. The
Lender’s Engineer considers the manufacturer’s performance warranty for any of the
module manufacturers under consideration to be consistent with standard industry
practice noted here and appropriate for use on this project.
The EPC Contractor will pass the module manufacturer’s warranty directly to the
Owner from the one that is chosen for the project. This warrants that the annual
average of DC power output of each of the installed modules is equal to or greater than
warranted DC Power Output stipulated below, measured at the string boxes or the

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module terminals at STC (irradiance 1000w/m2, AM 1.5, cell temperature 25°C), adjusted
for partial irradiance along the Performance Curve for 25 years following the commercial
operation date.
Table 3-4: Yearly Guaranteed Power Output Values by Major Module Mfgrs
Year Jinko Solar Jetion Solar Canadian Solar JA Solar
1st 97.50% 97.00% 97.50% 97.50%

nd
2 96.80% 96.30% 96.80% 96.80%
3rd 96.10% 95.60% 96.10% 96.10%
4th 95.40% 94.90% 95.40% 95.40%
5th 94.70% 94.20% 94.70% 94.70%
6th 94.00% 93.50% 94.00% 94.00%
th
7 93.30% 92.80% 93.30% 93.30%
8th 92.60% 92.10% 92.60% 92.60%
th
9 91.90% 91.40% 91.90% 91.90%
10th 91.20% 90.70% 91.20% 91.20%
11th 90.50% 90.00% 90.50% 90.50%
th
12 89.80% 89.30% 89.80% 89.80%
13th 89.10% 88.60% 89.10% 89.10%
th
14 88.40% 87.90% 88.40% 88.40%
15th 87.70% 87.20% 87.70% 87.70%
th
16 87.00% 86.50% 87.00% 87.00%
17th 86.30% 85.80% 86.30% 86.30%
18th 85.60% 85.10% 85.60% 85.60%
th
19 84.90% 84.40% 84.90% 84.90%
20th 84.20% 83.70% 84.20% 84.20%
st
21 83.50% 83.00% 83.50% 83.50%
22nd 82.80% 82.30% 82.80% 82.80%
23rd 82.10% 81.60% 82.10% 82.10%
24th 81.40% 80.90% 81.40% 81.40%
th
25 80.70% 80.20% 80.70% 80.70%
3.10.4 Inverter Warranties
The manufacturer's standard warranty for the inverters will likely be for five years if one
of the manufacturers described in Section 2.4.4 is used. The Lender’s Engineer
considers that a 5-year warranty is consistent with standard industry practice and
appropriate for use on this project.

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3.11 SPARE PARTS PROVISION
According to Appendix 14, the EPC Contractor must provide spare parts for PAC and the
following items have been noted: grid interface relays, HHV relay protection, HV relays,
LV fuses, and complete combiner box.
The Lender’s Engineer considers that this list may not be comprehensive enough and
should include other spare items such as modules, additional string combiner boxes,
mounting structures, inverter spare parts kits, cables, conduits, cable ties, connectors
and connection hardware. Other items that should be considered for inclusion are:
perimeter lighting lamps and switchgear components indicating lights, control fuse
blocks, fuses, drawout breaker handles, and charging handles.

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4. INTERCONNECTION TO LOCAL GRID
4.1 OVERVIEW
The Minbu 220 MWp PV Solar Project site is located between two existing substations.
The Minbu Substation is located 15 miles in the east direction and the Ann Substation is
located 52 miles in the west direction from the project site. A local 230 kV substation
shall be constructed and ready for energization prior to the Phase 1 Commercial
Operation Date.
The Owner is responsible for the construction of a new local 230 kV substation within the
site boundary. The new substation shall be comprised of 5 x 50 MVA interconnection
transformers, double-line bays, and a double-bus, single-breaker configuration. The new
substation shall also comply with all MEPE standards and Myanmar grid code
requirements. It shall also be constructed of a high reliability design and suitable for
interconnection with large scale utility plants.
In addition to the new substation, the Owner is responsible for the construction of two
230 kV transmission lines between the three substations including 1.3 miles of in/out
lines to/from the new substation. Refer to Figure 4-1 for the general interconnection
diagram.
Figure 4-1: Substation Connection Diagram
4.2 PPA WITH MEPE
Please refer to Section 5 for a full discussion of the PPA requirements.

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4.3 GRID CONNECTION REQUIREMENTS
All works and design will be carried out in accordance with the requirements for MEPE
standards and the current regulations and guidelines for grid connection as issued by
MEPE. The EPC Contractor will coordinate with MEPE as necessary to achieve timely
interconnection, first synchronisation, power quality testing and energizing power into the
grid.
The EPC Contractor is obligated to modify or supply equipment for the project to meet
MEPE requirements for connection and communication as described in the project
contracts.
4.4 RIGHT OF WAY ISSUES
Based on discussions with Owner regarding land ownership of areas either where the
new transmission lines will be constructed or in their immediate vicinity, the Lender’s
Engineer understands that there will be no right of way issues or concerns that will need
to be addressed over the course of the project.
4.5 CONCLUSION
The Lender’s Engineer considers that there are no major issues or concerns regarding
interconnection of the project to the local transmission system.

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5. POWER PURCHASE AGREEMENT
5.1 GENERAL
The PPA associated with this project has been agreed between MEPE and the Owner
and is dated 20 March 2016. The PPA covers all four phases of the project involving total
facility capacities at each stage as follows:
x Phase 1: Up to 40 MW AC
5.2 PPA SCHEDULE
5.2.1 Initial Term and Extension
The initial term of the PPA shall be 30 years after commercial operation of Phase 1
commences. The initial term may be extended based on mutual agreement between the
parties on an indefinite basis within 24 months of expiry.
5.2.2 Commercial Operation Dates
The reviewed project schedule shows the Phase 1 commercial operation date to be 20
March 2017 as described in Section 2.2.4. The PPA requires the Phase 1 commercial
operation date to occur within 480 days of the execution of the PPA which means before
13 July 2017. The Lender’s Engineer considers the project has adequate time (plus
some contingency) to meet the required PPA timing for COD. Subsequent COD timing
requirements for Phases 2, 3, and 4 fall 360 days after the CODs for Phases 1, 2, and 3
respectively. The Lender’s Engineer considers that there should be sufficient time to
achieve the subsequent CODs for each project phase within the PPA requirements.
5.3 PAYMENTS AND CHARGES
5.3.1 Daily Generation Forecasting
Under the PPA terms, the Owner must provide daily generation forecast data at least
one day prior to each production day giving generation forecasts for every 10-minute
interval.
5.3.2 Tariff Rate
For the project, MEPE shall purchase the actual delivered power at a tariff rate of USD
0.1275/kWh commencing on the Phase 1 Commercial Operation Date and throughout
the full term and any extension of the PPA.
5.3.3 Sale and Purchase of Power
In response to dispatch instructions, the Owner will sell to MEPE, under the terms and
conditions of the PPA, the actual delivered power, net of the amount of monthly electrical

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energy actually backfed from the grid at the tariff rate as advised in Section 5.3.2
commencing on the Phase 1 COD and throughout the terms of the agreement.
The amount of power transmitted to the power grid and the amount of power imported
from the power grid shall be settled separately at the same price.
5.3.4 No Curtailment
The PPA contains a “No Curtailment” section which protects the Owner from having plant
power generation restricted under normal conditions for reasons beyond the Owner’s
control.
5.3.5 Facility Fluctuations or Failure Events
Throughout the duration of the PPA, if there is an output fluctuation of greater than 30%
during any 30-minute interval or one that results in a failure or breakdown of the MEPE
system (and is caused by the plant), the Owner will be liable to pay liquidated damages
ranging from USD 5,000/day to USD 25,000/occurrence. Total payable amount during
all four phases is capped at USD 750,000 per year.
5.3.6 Liquidated Damages for Delay
If commercial operation for any phase fails to occur by its respective SCOD, the Owner
must pay liquidated damages to MEPE in the amount of USD 150 per MW AC for each
day the delay is not due to MEPE.
5.4 CONTINGENT EVENTS
5.4.1 Force Majeure
The PPA contains sufficient clauses to protect the interests of both the Owner and MEPE
should a Force Majeure event arise which affects either or both parties. Numerous types
of Force Majeure events have been explicitly mentioned for further clarity.
5.4.2 Disputes, Termination, and Step-in Rights
Standard terms are covered in the PPA to protect both party’s interests (primarily
MEPE’s) in case of the occurrence of a related issue.
5.5 CONCLUSION
The Lender’s Engineer concludes that current PPA between MEPE and the Owner is
suitable for the project and doesn’t anticipate any major issues.

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6. OPERATION AND MAINTENANCE AGREEMENT
6.1 O&M CONTRACTOR SELECTION
The Owner is finalizing the O&M Agreement with China Triumph International
Engineering Company who is also serving as the Turnkey Subcontractor for the project.
The Lender’s Engineer generally considers use of one of the project contractors as O&M
Contractor to be of benefit to the project as general knowledge of the plant and its key
issues is maintained from initial construction throughout commercial operation of the
plant.
6.2 PRICING
The Owner has agreed to pay the O&M Contractor for O&M services as follows:
x Annual fees of USD 2 million (or USD 9,090 / MWp) for general services; and
x Agreed costs for any required additional services
x Price shall be adjusted every five years to reflect an increase/decrease in the
Retail Prices Index.
6.3 SCOPE OF O&M SERVICES
The O&M Contractor’s services required under the O&M Agreement include, but are not
limited to, the following activities:
x Undertake suitable measures to reduce to a minimum the downtime of the Plant

arising from operational disturbances,
x Optimise the operation of the Plant,
x Advise the Owner on all technical matters during the operation of the Plant
x Monitor the operation / analysis of the data / switching off of the Plant.
x Perform regular maintenance and repair activities for the Plant
x Perform preventative maintenance activities for the Plant
x Perform grounds-keeping for the Plant
x Perform corrective maintenance activities for the Plant
x Manage spare parts inventories
x Perform and monitor plant security
x Compose reports and communicate with the Owner on regular intervals
6.4 TYPICAL O&M AGREEMENT PROVISIONS
The O&M Agreement has been set up with standard terms for the following sections
which are typically found in international PV O&M Contracts and Agreements:
x Confidentiality
x Termination

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x Force majeure
x Representations and warranties
x Reporting requirements
x O&M manuals (to be provided)
x Intellectual property
x Assignment and subcontracting
x Insurance, including third party liability, professional indemnity, and Employer’s
liability
x Transfer of ownership of the works
x Equivalent project relief
x Dispute resolution
6.5 AVAILABILITY GUARANTEES
According to the O&M Agreement, the O&M Contractor guarantees that the plant will
achieve the Guaranteed Availability Level (99% as defined in the O&M Agreement)
during each Availability Test Period. If the Guaranteed Availability is not achieved in any
Contract Year, the Owner shall be entitled to claim liquidated damages from the O&M
Contractor for each 1% shortfall below the Guaranteed Availability Level.
Availability of the plant for each calendar year can be calculated according to the
“Definition of Availability” section from Appendix 2. The exact liquidated damages
amounts for each 1% shortfall have not yet been specified in the O&M Agreement but
are expected to be included for Years 1-5, Years 6-10, and Years 11-15 at some point.
The Lender’s Engineer notes that it is beneficial to the project to have the availability
guarantee and liquidated damage clauses included in the O&M Agreement to properly
incentivize the contractor, but is unable to comment further until the actual liquidated
damage amounts are known for each group of years noted in the preceding paragraph.
6.6 CONCLUSION
The Lender’s Engineer believes that the scope of O&M services is consistent with the
pricing to be paid to the O&M Contractor. The scope of O&M services to be performed
by this O&M Contractor should be adequate to maintain operation of the plant at an
optimal level throughout the duration of the O&M Agreement.

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7. ENERGY YIELD ASSESSMENT
7.1 OVERVIEW
The Lender’s Engineer has performed a review of the OE’s energy yield assessments
including one PVsyst simulation and performed our own PVsyst simulations using typical
performance criteria.
7.1.1 Irradiation Data
Solar irradiation data is used to estimate the DC energy production from the PV power
plant. Irradiation data can be provided by multiple sources; onsite measurement,
meteorological departments, or private companies (e.g. NASA, Meteonorm, SolarGIS)
that provide irradiation data.
7.1.2 Meteonorm
Surface meteorology and surface energy data sets have been developed by Meteonorm.
Meteorology and solar data have been obtained from satellites and ground based
weather stations (where available) to interpolate weather data for a specific location.
Data has then been related to blocks of 50km2 areas. The data sets cover 19 years
(1991-2010) of measurements which have been collected then calculated into monthly
averages.
7.1.3 SolarGIS
Due to the availability of SolarGIS data at the site location, SolarGIS has been chosen
for energy yield assessments by the Lender’s Engineer as it contains the most accurate
information available at the time of the report submittal.
7.2 SENSITIVITY ANALYSIS
Please refer to Appendix B of this report regarding yearly generation, 25-year annual
energy output, and sensitivity analysis tables including P50, P75, P90, and P99
exceedance probability cases for the project. Please also refer to the following sections
for additional explanations regarding assumptions made and information used in these
appendices. PV losses used in the yearly generation data calculations are based on
PVsyst simulations performed using five of the module types discussed in Section 2.4.3.
Please refer to Appendix C for actual PVsyst reports generated from these simulations.
7.2.1 Risk Assessment Using Exceedance Probability “PXX”
The Lender’s Engineer has assumed that the plant lifetime annual energy outputs will fall
into a normal distribution range which will be centred around a calculated initial annual
energy output for the project. This is a widely adopted practice for performing
exceedance probability assessments. The standard deviation used for each curve is
proportionate to a relative uncertainty value which has been calculated for each plant
and is based on the accuracy of the information used. The normal distribution curve
assumption provides a means to calculate a cumulative probability that a given forecast
average value will be exceeded (exceedance probability).

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"PXX" denotes an annual energy output value that will be reached with a probability of
XX%. Hence, P95 means there is a chance of 5% that the P95 value will not be reached.
P50 is the base case calculated value, as there is a 50:50 chance it will not be reached.
7.2.2 System Gains/Losses Related to AEO
General
System analyses have been performed to show estimated annual energy outputs after
inclusion of various system losses which originate from electrical or physical
characteristics of the PV systems. The following sections describe each type of system
loss and how the information is based. These losses have been applied to and/or are a
result of the PVsyst simulation and have also been applied to the LE’s spreadsheet
calculation.
Horizontal Global Irradiation
Irradiation data on a horizontal plane used for the simulation was obtained from
Meteonorm. The monthly average horizontal irradiation data has been converted into
hourly average figures by PVsyst by use of an internationally recognised algorithm to
generate hourly irradiation data from the monthly averages.
The PVsyst software then further simulates plane of array irradiation with the tilt angle of
18 degrees by using various formulas including the Perez model. As a result, a gain of
approximately 8.1% was achieved for all PVsyst simulations performed and is
comparable to the global irradiation available on a horizontal plane on site.
Near Shading Between the Arrays
Losses due to inter-row shading were calculated by PVsyst and figured in percentage
terms as a 1.7% system loss for all PVsyst simulations. This loss value results from
several factors including the horizontal orientation of the modules, the spacing between
the arrays in all directions, and others.
This loss was determined over a year period and mainly the result of shading on the
lower part of the array from the adjacent row particularly during the months of September
through December when the trajectory of the sun is very close to the horizon in the
mornings and late afternoons. Shading can be designed out of a project; however, the
increased spacing between modules and arrays needed to accomplish this can render a
project impractical due to acquisition of land constraints so it is generally considered
acceptable to have some system losses due to shading as a trade-off to keep the overall
project land area size reasonable.
IAM Factor
Incident Angle Modifier (IAM) factor is a loss value which involves reflection of irradiance
at the module surface typically following Fresnel’s Laws. PVsyst simulates this loss and
calculations an IAM factor by using the ASHRAE IAM model. For the ASHRAE IAM
model, an input value of 0.05 is generally used as the input parameter b0, but PVsyst
also allows for manual entry of this input if the right data is available to the user. This
data can be typically provided from PV manufacturers or test facilities. An IAM factor of -
2.9% was calculated by PVsyst for all simulations performed.
Soiling Loss and Tree Shading

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Losses due to soiling and nearby tree shading are typically estimated between 1 and 2%
for agricultural land areas. This accounts for dust generated during planting and
harvesting. The modules will be cleaned periodically and the rainy season will also
partially clean the modules. The Lender’s Engineer has conservatively estimated 2% for
this loss value on all simulations as it is believed that the relatively dry climate and
existing terrain for this project will contribute to significant dust accumulations on the
modules during most months of the year. There were no tree-shading concerns figured
into this value.
Loss Due to Low Irradiance Level and High Ambient Temperature
Power output of the modules varies depending on the level of irradiance and cell
temperature as they deviate from Standard Test Conditions such as 1000 W/m2
irradiance, 25°C cell temperature and 1.5 Air Mass. PVsyst calculates and applies
associated loss values which are averaged across an entire year. For the PVsyst
simulations, 0.3-0.4% PV losses due to irradiance level and 8.8-10.4% PV losses due to
temperature were calculated by PVsyst.
Module Quality Gain/Loss
This gain/loss relates to output manufacturing tolerance of PV modules. With output

guarantees of 25 years becoming the norm in the industry, the module tolerances
specified by module manufacturers are now typically -0W to +5W.
The Lender’s Engineer’s experience in reviewing the result of flash test performed by the
manufacturers or independent laboratories is finding that the shortfall from the rated
power output is very rare. All of the module vendors discussed in this report typically
supply modules (such as the ones currently simulated by the Lender’s Engineer) that
have tolerances in the range of -0W to +5W. For this reason the Lender’s Engineer
believe this could be an upside for the power production if the one of these module
manufacturers is used. PVsyst has generated gain values of 0.5-0.8% from the
simulations.
Light Induced Degradation
Light Induced degradation (LID) is a loss of performances during the first hours of
exposition to the sun with crystalline modules. It may affect the performance of the final
factory flash tests data from some PV module providers. LID loss is related to the quality
of wafer manufacturing and may be of the order of 1% to 3% (or even more).
It is very difficult to obtain data about the LID effect on a given module sample. This is
never referenced by the manufacturers. It depends on the origin of the silicon wafers
and may vary from product to product (or within a production batch). As it is not
sufficiently established, the LID loss has been defaulted to 2% by PVsyst and is the
same in the Lender’s Engineer’s simulations.
Module Mismatch
The mismatch loss is a default value of PVsyst. The mismatch loss is caused within an
array with a number of modules connected in series. For example the lowest performing
module will typically be the prevailing power output of a string. PVsyst shows a loss of
1% for all simulations.
Ohmic Wiring Loss – DC Loss

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DC cable losses of 1.0% to 1.3% have been calculated by PVsyst by assuming a default
loss fraction under STC. 1.0% is typical for 1000 VDC systems. The DC cables to be
used on the project are subject to review during the detailed design stage so that cable
sizes and types are expected to be used to limit these losses.
Ohmic Wiring Loss – AC Loss
AC cable losses are expected and range from 0.3-1.0% depending on the connection
point of the PV plant to the final grid connection. The AC cables to be used on the
project are subject to review during the detailed design stage so that properly performing
cables are expected to be used to limit AC cable losses. AC cable losses ranged
between 0.5-0.6% in the PVsyst simulations.
Inverter Losses
The inverter losses were simulated as 1.6% during normal operation and an additional
0.1-0.2% for an overloaded condition for all PVsyst simulations. The 0.1-0.2% loss is
typically inherent to a solar farm with the ratio between DC and AC capacities above 1.1.
Such ratio is typical amongst EPC contractors in order to optimise the yearly energy yield
by gaining output during less sunny seasons and sacrificing some loss during more
sunny seasons.
External Transformer Loss
HV: For the project, each phase will be connected to the 230 kV grid via the local 230 kV
substation. A loss value of between 0.5-0.6% has been assumed and used by PVsyst
for the Lender’s Engineer’s simulations.
MV: A loss value of 1.0% has been used based on information obtained from the Owner.
Auxiliary Power and Outage Loss
Auxiliary power is required for operating the plant equipment including air-conditioning,
control building electrical equipment, site lighting, and small power equipment. Auxiliary
power consumption has been estimated at 2% of total plant capacity as exact data was
not available as of the submittal date for this report. This estimate is based on the
Lender’s Engineer’s experience for solar projects of this size and type.
Table 7-1: Loss Values Used in Appendix B
Loss Factor Value Used

Horizontal Global Irradiation +8.1%
Near Shading Between the Arrays -1.7%
IAM Factor -2.9%
Soil Loss and Tree Shading -2.0%
Losses Due to Low Irradiance Level and High -0.3%, -9.4%
Ambient Temperatures
Module Quality Gain/Loss +0.5%
Light Induced Degradation -2.0%
Module Mismatch -1.0%
Ohmic Wiring Loss – DC Loss -1.0%

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Ohmic wiring Loss – AC Loss -0.6%

Inverter Losses -1.6%, -0.2%
External Transformer Losses (HV, MV) -0.6%, -1.0%
Auxiliary Power and Outage Loss -2.0%
Availability -1.0%
Summary
For calculating the 25-year annual energy outputs and sensitivity analysis tables
including P50, P75, P90, and P99 exceedance probability cases given in Appendix B, the
Lender’s Engineer has used the above mentioned loss values based on the lowest
performing module (Canadian Solar CS6K-260P) of the five module types simulated on
PVsyst. This was done to produce conservative results although all modules performed
very similarly as discussed in Section 2.4.3.

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8. REVIEW OF FINANCIAL MODELS
8.1 GENERAL
Four financial models were submitted by the Owner as follows:
Financial Exceedance Plant Area Covered

Model # Probability
1 P50 220 MWp
2 P50 50 MWp
3 P75 220 MWp
4 P75 50 MWp
The Lender’s Engineer’s comments in the following sections will generally apply to all
models with adjustments made according to the plant area(s) covered by each.
8.2 REVENUE
Each of the financial models reviewed uses a tariff rate of USD 0.1275/kWh for the initial
thirty years of operation. This is consistent with the tariff value given in the PPA.
The initial electricity yield value used (1,597 kWh/MW/year) is reasonable but should be
updated to reflect more accurate data which is now available. Yield values for Years 26-
30 should also be sanity-checked to reflect exactly which project phases will be in
operation during each of these years.
8.3 SENSITIVITY ANALYSIS
Please refer to Appendix B of this Report to review information regarding yearly

generation and sensitivity analysis tables showing P50, P75, P90, and P99 exceedance
probabilities for the overall project. Please also refer to Section 7.2.
The PV module power ratings for all of the manufacturers’ modules under consideration
(Canadian, JA, Jetion, and Jinko Solar) are 0+5 watts which would have a positive
impact and should increase the overall power output from the site if used.
The Lender’s Engineer has no concerns regarding the conclusions that can be drawn
from the calculations provided in the above-mentioned appendices.
8.4 FINANCIAL MODEL COST REVIEW
8.4.1 EPC Cost Review
Please refer to Section 3.6. As advised by the Owner, the EPC Contract pricing has
been agreed to be USD 1.35/Wp for the overall project. The EPC Contract pricing for
Phase 1 was agreed be USD 1.41/Wp as this phase will include the HV substation works
in the costing. The EPC Contract pricing for Phase 2, 3, and 4 was agreed to be USD
1.33/Wp. Collectively, this pricing falls in the upper half of the expected range (USD
1/MWp to USD 1.57/MWp) for projects of this scope and size in this region.

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8.4.2 Total Project Cost (Phase 1 – 50 MWp)
The Owner has calculated total project costs for Phase 1 as follows:
Project Cost
USD USD million
million. per MW %
PV Modules -- 250W Poly-Crystalline
Panels 26.50 0.53 39.86%
Inverter & Combiner Boxes 4.00 0.08 6.02%
A/C & D/C Distribution Cabinets 0.15 0.00 0.23%
Monitoring System 0.11 0.00 0.17%
Support Frame Structure 4.94 0.10 7.44%
Cables (A/C and D/C) 6.00 0.12 9.02%
Transformers (360V to 33KV) 0.61 0.01 0.92%
Switchyard (from 33KV to 132KV or 230KV) 0.90 0.02 1.35%
Grounding and Lightning protection 0.11 0.00 0.17%
Shipping & Handling 1.02 0.02 1.53%
Local Transportation 0.90 0.02 1.35%
Insurance (Shipment) 0.00 0.00 0.01%
Engineering, Design and Construction
Management 5.00 0.10 7.52%
Civil Work/Installation 10.00 0.20 15.04%
Site Operations Building 1.12 0.02 1.69%
Testing and Commissioning 0.25 0.01 0.38%
Insurance (EPC) 0.21 0.00 0.32%
Contingency 0.00 0.00 0.00%
Interest during construction 4.64 0.09 6.98%
TOTAL 66.49 1.33 100.00%
The Lender’s Engineer would normally expect total project costing for a project of this
size and type to fall within the range of USD 1.43/Wp to 2.43/Wp (USD 71.5M to 125M).
Also noted above is the fact that the EPC Contract price is already USD 1.41/Wp for
Phase 1 and USD 1.35/Wp for the overall project.
Therefore, the Lender’s considers that total project costing given in each of the four
financial models is too low and suggests for the Owner to rework and update each model
accordingly.
Since the Owner now has more recent EPC Contractor pricing available (information that
might not have been available when these models were originally conceived), the
Lender’s Engineer suggests for the Owner to update these models with more accurate
cost data, replacing the less accurate USD/W estimated cost figures.
The Lender’s Engineer also suggests for the Owner to break up the costs into EPC and
non-EPC related cost categories to help ensure that all non-EPC related costs get
properly accounted for within the models

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Some of the non-EPC costs, which apparently have not been included in these models
are substation, transmission line, land related, development, contingency, additional
CAPEX and others.
8.5 FINANCIAL MODEL ASSUMPTIONS
8.5.1 Degradation
The overall power output of the project slowly decreases over time due to ongoing,
gradual degradation of the modules. The degradation of modules has several causes
including moisture induced heat stress, corrosion, delamination, effects from UV rays,
interconnection and individual device degradation.
Each of the financial models has assumed degradation as 2.5% for the first year and
0.83% for subsequent years through Year 30. The Lender’s Engineer compares below
the degradation values contained in the financial models to the values which are
warranted by each of the possible module suppliers under consideration:
Degradation Source Year 1 Years 2-25 Year 26-30

Financial Models’ Assumption 2.5 % 0.83 % 0.83 %
Jetion Solar Module Warranty 3% 0.7 % 0.7 % *
Jinko Solar Module Warranty 2.5 % 0.7 % 0.7 % *
JA Solar Module Warranty 2.5 % 0.7 % 0.7 % *
Canadian Solar Warranty 2.5 % 0.7 % 0.7 % *
* It is understood that during these years of operation only modules which haven’t exceeded 25 years of
operation will be used.
The Lender’s Engineer is aware that the higher PV module degradation value for Year 1
serves as protection for their future liability. The main reason for the greater amount of
degradation during Year 1 is a result of effects from Light Induced Degradation (LID).
The Lender’s Engineer considers that the Owner should make slight adjustments to the
degradation amounts in Years 2 through 25 to match the 0.7% value which is consistent
across all the module manufacturers that the Owner is considering to use for the project.
8.5.2 Spare Parts
According to the O&M Agreement, the O&M Contractor will provide spare parts at their
own cost beyond the initially delivered spare parts as part of the contract. The financial
models appear to be in-line with this arrangement as they do not explicitly describe any
separate line item funding for spare parts.
8.5.3 Ongoing Capital Expenditures
The Lender's Engineer considers that it would be prudent to add some contingency
related to capital expenditures during the loan repayment period.
8.5.4 Estimated Annual O&M Costs
The Owner is finalizing the O&M Agreement with the O&M Contractor as discussed in
Section 6. The O&M estimated annual cost figures included in the financial models are

CONFIDENTIAL
roughly in line with the contract amount but appear to be 10-20% lower so these
amounts are suggested by the Lender’s Engineer to be updated to reflect the agreed
pricing according to the O&M Agreement.
Experience from similar projects within the region indicates that O&M Costs (including
spare parts) generally run from 0.5% to 1.0% of the construction cost per year. The
agreed O&M Agreement pricing is in line with this range.
8.5.5 Major Maintenance Reserve
The major maintenance for a PV power project is for the inverters. Major inverter
maintenance is normally required every 5 to 7 years. Typically only consumable parts
such as fuses, breakers, small cables will be used during each year.
The Lender’s Engineer recommends the addition of reserve funding to the models for
major inverter maintenance which does not appear to be covered in the O&M Agreement
under the services price. The estimated costing is expected to be around USD
30K/inverter for every five years of service.
The Lender’s Engineer considers that sufficient funds have been allocated in the
financial model to cover the O&M and minor maintenance (spare parts) but additional
funding should be allocated to cover major inverter maintenance costs.
8.6 GUARANTEES
Please refer to Section 3.10 for Liquidated Damages related to delay and performance.
8.7 CONTINGENCY FUNDING
The financial models do not allocate any contingency funds to address unknown and
unforeseeable project risks. The Lender’s Engineer recommends incorporation of
contingency funds into the models as a prudent means to address these risks. An
amount equal to at least 5% of the EPC Contract cost is recommended

CONFIDENTIAL
9. OWNER’S ENGINEER
9.1 GENERAL
The Owner’s Engineer (OE) has the role of supporting the Owner on primarily project
management and technical support aspects of the project. The Lender’s Engineer
understands that the OE will be providing the following services on this project:
x Provide detailed design reviews to ensure that all project drawings and
documents submitted by the EPC Contractor comply with all contract
requirements including the Owner’s technical requirements and all specified
international codes and standards.
x Provide onsite engineering and project management support during construction
and commissioning to insure that the project is constructed in accordance with
the contract requirements, appropriate quality and safety standards, and in a
manner so that adequate progress can be maintain in order to meet project
schedules
9.2 SELECTION OF OWNER’S ENGINEER
The Owner has selected Black & Veatch to serve as Owner’s Engineer for the project.
Black & Veatch is a global engineering, consulting, construction, and operations
company which specializes in energy, water, telecommunications, management
consulting, and environmental markets. Black & Veatch is one of the largest majority
employee-owned companies in the U.S. With revenues of 3.6 billion USD, the company
is also one of the largest privately owned companies in the U.S.
Black & Veatch has in excess of 100 offices worldwide and has completed projects in
more than 100 countries on six continents. Black & Veatch has an office on the 15th floor
of Rasa Tower in northern Bangkok which has been in operation for more than 20 years.
Black & Veatch is an ISO 9000-accredited company, with the Quality Assurance (QA)/
Quality Control (QC) procedures consistent with those of other large multi-national global
companies. Black & Veatch has extensive solar expertise and staffing resources
available to ensure that they can adequately support the project on an indefinite basis.
The Lender’s Engineer has no issues regarding the selection of Black & Veatch as the
OE in support of the Owner for the project.
Project references (recent solar experience) include the following:
x Lopburi 55 MW Solar Farm in Lopburi Province, Khok Samrong District,

Thailand. Their role is Owner’s Engineer.
x EPC execution of a 32 MW project in Arizona (U.S.).
x EPC execution of the expansion of a solar plant in Canada.
x Detailed design for a collection system and interconnection for a 597 MW solar
project in Californin, the world’s largest.
9.3 CONCLUSION
The Lender’s Engineer has no issues with the Owner’s selection of Black & Veatch as
Owner’s Engineer for the project and considers this to be a prudent selection.

CONFIDENTIAL
10. RISK & MITIGATION
10.1 GENERAL
The following items include areas of project risk as foreseen by the Lender’s Engineering
including overall impact to the project and potential methods of mitigation.
10.2 ROAD CONDITIONS
Road conditions along the way to the project are generally not in good condition for
transporting large, heavy loads into the site. Some of the bridges involved are not able
to withstand the weights that would be imposed.
To mitigate this risk, diversion roads may need to be paved to avoid damage to small
bridges or install additional support structures to reinforce the small bridges where
possible. This is understood to be the normal practice in Myanmar.
10.3 VOLUME OF EARTHWORKS
As witnessed during the site visit, a large volume of cutting and filling work will need to
be done as part of the overall project in each phase. The volumes of cutting and filling
work to be done are as follows:
Cutting / Filling Cutting Volume Filling Volume Net Volume

Project Work (cubic meters) (cubic meters) (cubic meters)
All Phases 3,793,071 3,563,997 229,074
Phase 1 684,978 799,961 -114,983
During the site visit discussions, the Owner gave reassurance that there were not only
aware but ready to fully manage these activities. Also, during the discussions, they
produced manpower and equipment schedules produced by the EPC Contractor which
gave further indications that the required activities would be able to proceed as required
by the project schedules.
To mitigate this risk, the Owner will need to fully manage all related activities with the
EPC Contractor. This will require regular meetings (daily and weekly) and proactive
management by the Owner to ensure the EPC Contractor is proceeding according to
schedule at all times and is also prepared to expedite work when needed in case
problems arise such as vehicle breakdowns and bad weather periods. The EPC
Contractor will also need to actively manage their activities with sufficient staffs of
foremen, engineers, and managers on site as activities are taking place. The Owner’s
teams will also need to be fully staffed to ensure that the quality of work, safety, and
volume of activities all remain at appropriate levels to complete the work properly, safely,
and on or, ideally, ahead of schedule.
10.4 RAINY SEASON
This risk is generally related to the significant amount of earthwork to be performed

which is described in Section 10.3. Constructing projects of this volume and nature
during rainy season pose challenges and potential delays for construction as wet

CONFIDENTIAL
conditions can slow or even stop construction progress. Particularly, during early stages
of earthworks where even gradual slopes are involved and the ground level is not yet
compacted enough to provide stability for large machinery.
Again, to mitigate this risk, the Owner and EPC Contractor will need to actively manage
their respective activities before and during any periods of rain. Rainy season is
expected to fall during the month of June through October with the heaviest months
expected during the September through October timeframe. The Lender’s Engineer
recommends for the Minbu Project to plan for getting ahead of schedule during dry
periods with the earth works to gain float in the project schedules so that inevitable
periods of slow down during heavy rains will not have a detrimental effect on the critical
path of the master project schedule. Once compaction of earthworks for PV installation
areas is completed for a given project phase, this risk tends to diminish quickly.
Expedited installation of site drainage system and use of mobile pumps are also effective
steps in mitigating this risk.
10.5 INTERNATIONAL EXCHANGE RATES
Since there are split project construction (EPC) contracts, it is expected that a majority of
the project equipment will be purchased offshore. This may have an effect to the end
cost of the project as exchange rates will tend to fluctuate significantly over a multi-year
project. Since there is no available means to mitigate this risk, it will need to be accepted
as part of the project with contingency funding made available.

CONFIDENTIAL
APPENDIX A
SITE PHOTOS
Photo 1: Ayeyarwady River Road Access Point and Arrawady Bridge
Photo 2: Mann Substation Switchyard Area

Photo 3: DD Crew in Front of Site Entrance Area
Photo 4: Plant CCTV Monitoring Station

Photo 5: Main Road in Front of Site Entrance Area
Photo 6: Main Road in Front of Site Entrance Area

Photo 7: Main Entrance Gate
Photo 8: Main Entrance Area Safety Signs

Photo 9: Phase 1 Area Clearing Work


Photo 14: Site Water Reservoir


Photo 17: Library Improvement Project in Local Village
Photo 18: Local Village Water Source (to be Replaced By New Water Source)
CONFIDENTIAL
APPENDIX B
MINBU PROJECT 25-YEAR ANNUAL ENERGY OUTPUT DATA
Minbu 220 MWp Solar Project
SolarGIS Data Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Avg Total
2
Resource Assumptions kWh / m /month 151.4 141.0 176.1 177.0 174.5 158.2 176.2 142.1 156.3 152.3 140.5 147.0 157.7 1892.6
2
Solar Radiation kWh / m / day 4.88 5.03 5.68 5.90 5.63 5.27 5.68 4.58 5.21 4.91 4.68 4.74 5.18
Days in the Month Days 31 28 31 30 31 30 31 31 30 31 30 31
Temperature Deg C 21.5 23.6 27.4 31.0 28.9 28.0 27.3 27.4 27.4 27.0 24.5 21.9 26.33
Technology Assumptions
Number of Panels 848,640 848,640 848,640 848,640 848,640 848,640 848,640 848,640 848,640 848,640 848,640 848,640
Rated Capacity per Panel Watts DC 260 260 260 260 260 260 260 260 260 260 260 260
Temperature Coefficient % -0.40% -0.40% -0.40% -0.40% -0.40% -0.40% -0.40% -0.40% -0.40% -0.40% -0.40% -0.40%
Total Rated Capacity MW DC 220.65 220.65 220.65 220.65 220.65 220.65 220.65 220.65 220.65 220.65 220.65 220.65
Area per panel m2 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65
2
Total Area m 1,398,036 1,398,036 1,398,036 1,398,036 1,398,036 1,398,036 1,398,036 1,398,036 1,398,036 1,398,036 1,398,036 1,398,036
Output Calculations
Solar Radiation to Hit Solar Farm kWh / day 6,827,653 7,038,042 7,941,516 8,249,576 7,871,608 7,373,088 7,946,176 6,408,207 7,281,587 6,869,597 6,549,576 6,627,251 7,248,656
Conversion Efficiency % 15.78% 15.78% 15.78% 15.78% 15.78% 15.78% 15.78% 15.78% 15.78% 15.78% 15.78% 15.78%
Loss Assumptions
Conversion Efficiency % 15.78% 15.78% 15.78% 15.78% 15.78% 15.78% 15.78% 15.78% 15.78% 15.78% 15.78% 15.78% 15.78%
Effective Irradiance on the Collectors % 108.10% 108.10% 108.10% 108.10% 108.10% 108.10% 108.10% 108.10% 108.10% 108.10% 108.10% 108.10% 108.10%
Near Shading % 98.30% 98.30% 98.30% 98.30% 98.30% 98.30% 98.30% 98.30% 98.30% 98.30% 98.30% 98.30% 98.30%
IAM Factor on Global % 97.10% 97.10% 97.10% 97.10% 97.10% 97.10% 97.10% 97.10% 97.10% 97.10% 97.10% 97.10% 97.10%
Loss Due to Soiling % 98.00% 98.00% 98.00% 98.00% 98.00% 98.00% 98.00% 98.00% 98.00% 98.00% 98.00% 98.00% 98.00%
Incident Irridation Loss % 99.70% 99.70% 99.70% 99.70% 99.70% 99.70% 99.70% 99.70% 99.70% 99.70% 99.70% 99.70% 99.70%
Efficiency Factor Adj for Temp % 90.60% 90.60% 90.60% 90.60% 90.60% 90.60% 90.60% 90.60% 90.60% 90.60% 90.60% 90.60% 90.60%
Module Quality & Mismatch Loss % 100.50% 100.50% 100.50% 100.50% 100.50% 100.50% 100.50% 100.50% 100.50% 100.50% 100.50% 100.50% 100.50%
Light Induced Degradation (LID) % 98.00% 98.00% 98.00% 98.00% 98.00% 98.00% 98.00% 98.00% 98.00% 98.00% 98.00% 98.00% 98.00%
DC Wiring Loss % 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00%
Inverter Efficiency % 98.40% 98.40% 98.40% 98.40% 98.40% 98.40% 98.40% 98.40% 98.40% 98.40% 98.40% 98.40% 98.40%
Inverter Loss Over Nom Inv Power % 99.80% 99.80% 99.80% 99.80% 99.80% 99.80% 99.80% 99.80% 99.80% 99.80% 99.80% 99.80% 99.80%
Auxiliaries Loss % 98.00% 98.00% 98.00% 98.00% 98.00% 98.00% 98.00% 98.00% 98.00% 98.00% 98.00% 98.00% 99.20%
AC Wiring Loss % 99.40% 99.40% 99.40% 99.40% 99.40% 99.40% 99.40% 99.40% 99.40% 99.40% 99.40% 99.40% 99.20%
HV Transformer Loss % 99.40% 99.40% 99.40% 99.40% 99.40% 99.40% 99.40% 99.40% 99.40% 99.40% 99.40% 99.40% 99.40%
MV Transformer Loss % 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00%
Availability % 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00%
DCSystem Losses % 87.63% 87.63% 87.63% 87.63% 87.63% 87.63% 87.63% 87.63% 87.63% 87.63% 87.63% 87.63% 87.63%
Total System Loss % 83.00% 83.00% 83.00% 83.00% 83.00% 83.00% 83.00% 83.00% 83.00% 83.00% 83.00% 83.00% 83.00%
Monthly Power Generation kWh 27,725,648 25,814,187 32,248,809 32,419,137 31,964,928 28,974,722 32,267,734 26,022,366 28,615,140 27,895,976 25,738,486 26,911,858 346,598,991
Derived Monthly Capacity Factor % 16.89% 17.41% 19.64% 20.41% 19.47% 18.24% 19.66% 15.85% 18.01% 16.99% 16.20% 16.39%
Average Annual Capacity Factor 17.93%

Minbu 220 MWp Solar Project Minbu 220 MWp Solar Project
25-year Annual Energy Output Table 25-year Exceedance Probability Table
SolarGIS Data SolarGIS Data
Assumed Degradation Values Probability of Exceedance
Year 1 0.50% Uncertainty = 6.80%
Years 2-25 = 0.70%
Installed Degradation Annual Energy

Year Year P50* P75* P90* P99*
MWp Factor Output (kWh)
0 220 98% 346,598,991.26 0 346,598,991 330,693,531 316,378,121 291,740,287

1 220 97.50% 344,830,629.06 1 344,830,629 329,006,319 314,763,947 290,251,816
2 220 96.80% 342,354,921.98 2 342,354,922 326,644,223 312,504,103 288,167,957
3 220 96.10% 339,879,214.89 3 339,879,215 324,282,126 310,244,259 286,084,098
4 220 95.40% 337,403,507.81 4 337,403,508 321,920,029 307,984,415 284,000,239
5 220 94.70% 334,927,800.73 5 334,927,801 319,557,933 305,724,572 281,916,380
6 220 94.00% 332,452,093.65 6 332,452,094 317,195,836 303,464,728 279,832,520
7 220 93.30% 329,976,386.57 7 329,976,387 314,833,739 301,204,884 277,748,661
8 220 92.60% 327,500,679.49 8 327,500,679 312,471,643 298,945,041 275,664,802
9 220 91.90% 325,024,972.41 9 325,024,972 310,109,546 296,685,197 273,580,943
10 220 91.20% 322,549,265.33 10 322,549,265 307,747,449 294,425,353 271,497,084
11 220 90.50% 320,073,558.25 11 320,073,558 305,385,353 292,165,509 269,413,225
12 220 89.80% 317,597,851.17 12 317,597,851 303,023,256 289,905,666 267,329,365
13 220 89.10% 315,122,144.09 13 315,122,144 300,661,159 287,645,822 265,245,506
14 220 88.40% 312,646,437.01 14 312,646,437 298,299,063 285,385,978 263,161,647
15 220 87.70% 310,170,729.93 15 310,170,730 295,936,966 283,126,135 261,077,788
16 220 87.00% 307,695,022.85 16 307,695,023 293,574,869 280,866,291 258,993,929
17 220 86.30% 305,219,315.77 17 305,219,316 291,212,773 278,606,447 256,910,069
18 220 85.60% 302,743,608.69 18 302,743,609 288,850,676 276,346,603 254,826,210
19 220 84.90% 300,267,901.61 19 300,267,902 286,488,579 274,086,760 252,742,351
20 220 84.20% 297,792,194.53 20 297,792,195 284,126,483 271,826,916 250,658,492
21 220 83.50% 295,316,487.45 21 295,316,487 281,764,386 269,567,072 248,574,633
22 220 82.80% 292,840,780.37 22 292,840,780 279,402,290 267,307,229 246,490,773
23 220 82.10% 290,365,073.29 23 290,365,073 277,040,193 265,047,385 244,406,914
24 220 81.40% 287,889,366.21 24 287,889,366 274,678,096 262,787,541 242,323,055
25 220 80.70% 285,413,659.13 25 285,413,659 272,316,000 260,527,697 240,239,196
* In the table above, "PXX" denotes an annual energy output value that will be reached with a probability of XX%. Hence, P95 means there is a chance of 5% that
the P95 value will not be reached. P50 is the base case calculated value, as there is a 50:50 chance it will not be reached.
The Lender’s Engineer has assumed that the plant lifetime annual energy outputs will fall into a normal distribution range which will be centred around a calculated
initial annual energy output for the project. This is a widely adopted practice for performing exceedence probability assessments. The standard deviation used for
each curve is proportionate to a relative uncertainty value which has been calculated for each plant and is based on the accuracy of the information used.
Uncertainty calculations are described on another sheet.
Minbu 220 MWp Solar Project Minbu 220 MWp Solar Project
25-year Annual Energy Output Table 25-year Exceedance Probability Table
SolarGIS Data SolarGIS Data
Assumed Degradation Values Probability of Exceedance
Year 1 0.50% Uncertainty = 6.80%
Years 2-25 = 0.70%
Installed Degradation Annual Energy

Year Year P50* P75* P90* P99*
MWp Factor Output (kWh)
0 50 98% 78,772,498.01 0 78,772,498 75,157,621 71,904,118 66,304,611

1 50 97.50% 78,370,597.51 1 78,370,598 74,774,163 71,537,261 65,966,322
2 50 96.80% 77,807,936.81 2 77,807,937 74,237,323 71,023,660 65,492,718
3 50 96.10% 77,245,276.11 3 77,245,276 73,700,483 70,510,059 65,019,113
4 50 95.40% 76,682,615.41 4 76,682,615 73,163,643 69,996,458 64,545,509
5 50 94.70% 76,119,954.71 5 76,119,955 72,626,803 69,482,857 64,071,904
6 50 94.00% 75,557,294.01 6 75,557,294 72,089,963 68,969,256 63,598,300
7 50 93.30% 74,994,633.31 7 74,994,633 71,553,123 68,455,656 63,124,696
8 50 92.60% 74,431,972.61 8 74,431,973 71,016,282 67,942,055 62,651,091
9 50 91.90% 73,869,311.91 9 73,869,312 70,479,442 67,428,454 62,177,487
10 50 91.20% 73,306,651.21 10 73,306,651 69,942,602 66,914,853 61,703,883
11 50 90.50% 72,743,990.51 11 72,743,991 69,405,762 66,401,252 61,230,278
12 50 89.80% 72,181,329.81 12 72,181,330 68,868,922 65,887,651 60,756,674
13 50 89.10% 71,618,669.11 13 71,618,669 68,332,082 65,374,050 60,283,070
14 50 88.40% 71,056,008.41 14 71,056,008 67,795,242 64,860,450 59,809,465
15 50 87.70% 70,493,347.71 15 70,493,348 67,258,401 64,346,849 59,335,861
16 50 87.00% 69,930,687.01 16 69,930,687 66,721,561 63,833,248 58,862,256
17 50 86.30% 69,368,026.31 17 69,368,026 66,184,721 63,319,647 58,388,652
18 50 85.60% 68,805,365.61 18 68,805,366 65,647,881 62,806,046 57,915,048
19 50 84.90% 68,242,704.91 19 68,242,705 65,111,041 62,292,445 57,441,443
20 50 84.20% 67,680,044.21 20 67,680,044 64,574,201 61,778,845 56,967,839
21 50 83.50% 67,117,383.51 21 67,117,384 64,037,360 61,265,244 56,494,235
22 50 82.80% 66,554,722.81 22 66,554,723 63,500,520 60,751,643 56,020,630
23 50 82.10% 65,992,062.11 23 65,992,062 62,963,680 60,238,042 55,547,026
24 50 81.40% 65,429,401.41 24 65,429,401 62,426,840 59,724,441 55,073,422
25 50 80.70% 64,866,740.71 25 64,866,741 61,890,000 59,210,840 54,599,817
* In the table above, "PXX" denotes an annual energy output value that will be reached with a probability of XX%. Hence, P95 means there is a chance of 5% that
the P95 value will not be reached. P50 is the base case calculated value, as there is a 50:50 chance it will not be reached.
The Lender’s Engineer has assumed that the plant lifetime annual energy outputs will fall into a normal distribution range which will be centred around a calculated
initial annual energy output for the project. This is a widely adopted practice for performing exceedence probability assessments. The standard deviation used for
each curve is proportionate to a relative uncertainty value which has been calculated for each plant and is based on the accuracy of the information used.
Uncertainty calculations are described on another sheet.
Sources of uncertainty Value Source Correlation Matrix Covariance Matrix
Solar Resource, Uncertainty in the mean 5.0% SolarGIS 100% 0% 0% 0.002500 0.000000 0.000000
Solar Resource, Interannual Variabiity 2.3% SolarGIS 0% 100% 0% 0.000000 0.000529 0.000000
Performance Modeling Uncertainty 4.0% OWL Assumption 0% 0% 100% 0.000000 0.000000 0.001600
Overall Uncertainty Values

Root-Mean-Square Value Only (Assumes
6.80%
Zero Correlation Between Sources)
CONFIDENTIAL
APPENDIX C
PVSYST SIMULATIONS FOR SHORT-LISTED MODULES
PVSYST V6.43 22/06/16 Page 1/4
Grid-Connected System: Simulation parameters
Project : Minbu 220 MW Solar Project

Geographical Site Minbu Site Country Myanmar
Situation Latitude 20.1°N Longitude 94.7°E
Time defined as Legal Time Time zone UT+6 Altitude 175 m
Albedo 0.20
Meteo data: Minbu Site MeteoNorm file - Synthetic
Simulation variant : Canadian Solar CS6K-260P Sungrow 500kWMX

Simulation date 22/06/16 15h31
Simulation parameters
Collector Plane Orientation Tilt 18° Azimuth 30°
5 Sheds Pitch 5.70 m Collector width 3.00 m
Inactive band Top 0.00 m Bottom 0.00 m
Shading limit angle Gamma 18.04 ° Occupation Ratio 52.6 %
Models used Transposition Perez Diffuse Perez, Meteonorm

Horizon Free Horizon
Near Shadings Mutual shadings of sheds
PV Array Characteristics
PV module Si-poly Model CS6K - 260P
Original PVsyst database Manufacturer Canadian Solar Inc.
Number of PV modules In series 20 modules In parallel 42432 strings
Total number of PV modules Nb. modules 848640 Unit Nom. Power 260 Wp
Array global power Nominal (STC) 220646 kWp At operating cond. 196989 kWp (50°C)
Array operating characteristics (50°C) U mpp 538 V I mpp 365982 A
Total area Module area 1389054 m² Cell area 1239354 m²
Inverter Model SG500MX

Original PVsyst database Manufacturer Sungrow
Characteristics Operating Voltage 500-820 V Unit Nom. Power 500 kWac
Inverter pack Nb. of inverters 350 units Total Power 175000 kWac
PV Array loss factors

Array Soiling Losses Loss Fraction 2.0 %
Thermal Loss factor Uc (const) 29.0 W/m²K Uv (wind) 0.0 W/m²K / m/s
Wiring Ohmic Loss Global array res. 0.000 mOhm Loss Fraction 0.0 % at STC
LID - Light Induced Degradation Loss Fraction 2.0 %
Module Quality Loss Loss Fraction -0.5 %
Module Mismatch Losses Loss Fraction 1.0 % at MPP
Incidence effect, ASHRAE parametrization IAM = 1 - bo (1/cos i - 1) bo Param. 0.05
System loss factors

AC wire loss inverter to transfo Inverter voltage 315 Vac tri
Wires: 3x30000.0 mm² 7m Loss Fraction 1.0 % at STC
External transformer Iron loss (24H connexion) 0W Loss Fraction 0.0 % at STC
Resistive/Inductive losses 0.0 mOhm Loss Fraction 1.0 % at STC
PVsyst Licensed to OWL Energy Ltd. (Thailand)

PVSYST V6.43 22/06/16 Page 2/4
Grid-Connected System: Simulation parameters (continued)
User's needs : Unlimited load (grid)

Auxiliaries loss Proportionnal to Poper 20.0 W/kW ... from Poper thresh. 0.0 kW

PVSYST V6.43 22/06/16 Page 3/4
Grid-Connected System: Main results

Main system parameters System type Grid-Connected
PV Field Orientation Sheds disposition, tilt 18° azimuth 30°
PV modules Model CS6K - 260P Pnom 260 Wp
PV Array Nb. of modules 848640 Pnom total 220646 kWp
Inverter Model SG500MX Pnom 500 kW ac
Inverter pack Nb. of units 350.0 Pnom total 175000 kW ac
User's needs Unlimited load (grid)
Main simulation results

System Production Produced Energy 343109 MWh/year Specific prod. 1555 kWh/kWp/year
Performance Ratio PR 78.6 %
Normalized productions (per installed kWp): Nominal power 220646 kWp Performance Ratio PR
7 1.0
PR : Performance Ratio (Yf / Yr) : 0.786
Lc : Collection Loss (PV-array losses) 0.96 kWh/kWp/day
Ls : System Loss (inverter, ...) 0.21 kWh/kWp/day
Yf : Produced useful energy (inverter output) 4.26 kWh/kWp/day
6
0.8
Normalized Energy [kWh/kWp/day]
5
Performance Ratio PR
0.6
4
3
0.4
0.2
1
0 0.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Canadian Solar CS6K-260P Sungrow 500kWMX

Balances and main results
GlobHor T Amb GlobInc GlobEff EArray E_Grid EffArrR EffSysR

kWh/m² °C kWh/m² kWh/m² MWh MWh % %
January 146.5 21.51 179.3 168.6 33151 31578 13.31 12.68
February 136.4 23.59 159.2 148.5 28926 27576 13.08 12.47
March 170.4 27.42 186.7 174.8 33403 31845 12.88 12.28
April 171.3 30.62 174.3 163.2 31012 29597 12.81 12.23
May 168.9 28.91 162.7 152.0 29327 28007 12.98 12.39
June 153.1 27.57 146.2 136.0 26724 25548 13.16 12.58
July 170.5 27.42 163.0 152.2 29809 28463 13.17 12.57
August 137.5 27.39 137.6 128.5 25004 23874 13.08 12.49
September 151.2 26.98 160.5 150.3 28944 27589 12.98 12.37
October 147.4 26.99 165.7 155.4 30162 28762 13.11 12.50
November 136.0 24.19 164.7 153.8 30067 28660 13.14 12.52
December 142.2 21.95 179.6 167.9 33179 31610 13.30 12.67
Year 1831.2 26.22 1979.5 1851.3 359708 343109 13.08 12.48
Legends: GlobHor Horizontal global irradiation EArray Effective energy at the output of the array
T Amb Ambient Temperature E_Grid Energy injected into grid
GlobInc Global incident in coll. plane EffArrR Effic. Eout array / rough area
GlobEff Effective Global, corr. for IAM and shadings EffSysR Effic. Eout system / rough area

PVSYST V6.43 22/06/16 Page 4/4
Grid-Connected System: Loss diagram

PV modules Model CS6K - 260P Pnom 260 Wp
Loss diagram over the whole year
1831 kWh/m² Horizontal global irradiation

+8.1% Global incident in coll. plane
-1.7% Near Shadings: irradiance loss

-2.9% IAM factor on global
-2.0% Soiling loss factor
1851 kWh/m² * 1389054 m² coll. Effective irradiance on collectors

efficiency at STC = 15.90% PV conversion
408830 MWh Array nominal energy (at STC effic.)

-0.3% PV loss due to irradiance level
-9.4% PV loss due to temperature
+0.5% Module quality loss
-2.0% LID - Light induced degradation

-1.0% Module array mismatch loss
0.0% Ohmic wiring loss
360257 MWh Array virtual energy at MPP
-1.6% Inverter Loss during operation (efficiency)

-0.2% Inverter Loss over nominal inv. power
0.0% Inverter Loss due to power threshold
0.0% Inverter Loss over nominal inv. voltage
0.0% Inverter Loss due to voltage threshold
354058 MWh Available Energy at Inverter Output
-2.0% Auxiliaries (fans, other)

-0.6% AC ohmic loss
-0.6% External transfo loss
343109 MWh Energy injected into grid

PVSYST V6.43 23/06/16 Page 1/4

Albedo 0.20
Simulation variant : Jetion JT260PPg Sungrow 500kWMX


PV module Si-poly Model JT260PPg
Custom parameters definition Manufacturer Jetion


System loss factors


PVSYST V6.43 23/06/16 Page 2/4


PVSYST V6.43 23/06/16 Page 3/4

PV modules Model JT260PPg Pnom 260 Wp

7 1.0
6
0.8
5
0.6
4
3
0.4
0.2
1
0 0.0
Jetion JT260PPg Sungrow 500kWMX


January 146.5 21.51 179.3 168.6 33246 31667 13.43 12.79
February 136.4 23.59 159.2 148.5 29017 27662 13.20 12.58
March 170.4 27.42 186.7 174.8 33534 31968 13.01 12.40
April 171.3 30.62 174.3 163.2 31138 29715 12.94 12.35
May 168.9 28.91 162.7 152.0 29436 28108 13.11 12.52
June 153.1 27.57 146.2 136.0 26803 25622 13.28 12.69
July 170.5 27.42 163.0 152.2 29898 28549 13.29 12.69
August 137.5 27.39 137.6 128.5 25086 23952 13.21 12.61
September 151.2 26.98 160.5 150.3 29036 27676 13.10 12.49
October 147.4 26.99 165.7 155.4 30265 28860 13.23 12.62
November 136.0 24.19 164.7 153.8 30155 28743 13.26 12.64
December 142.2 21.95 179.6 167.9 33282 31704 13.42 12.78
Year 1831.2 26.22 1979.5 1851.3 360896 344227 13.20 12.60

PVSYST V6.43 23/06/16 Page 4/4

PV modules Model JT260PPg Pnom 260 Wp







-0.6% AC ohmic loss

PVSYST V6.43 23/06/16 Page 1/4

Albedo 0.20
Simulation variant : Jinko JKM 260P-60 Sungrow 500kWMX


PV module Si-poly Model JKM 260P-60
Original PVsyst database Manufacturer Jinkosolar


System loss factors


PVSYST V6.43 23/06/16 Page 2/4


PVSYST V6.43 23/06/16 Page 3/4

PV modules Model JKM 260P-60 Pnom 260 Wp

7 1.0
6
0.8
5
0.6
4
3
0.4
0.2
1
0 0.0
Jinko JKM 260P-60 Sungrow 500kWMX


January 146.5 21.51 179.3 168.6 33239 31661 13.35 12.71
February 136.4 23.59 159.2 148.5 29002 27648 13.11 12.50
March 170.4 27.42 186.7 174.8 33490 31928 12.91 12.31
April 171.3 30.62 174.3 163.2 31091 29672 12.84 12.26
May 168.9 28.91 162.7 152.0 29409 28084 13.02 12.43
June 153.1 27.57 146.2 136.0 26799 25619 13.20 12.62
July 170.5 27.42 163.0 152.2 29892 28542 13.20 12.61
August 137.5 27.39 137.6 128.5 25079 23946 13.12 12.53
September 151.2 26.98 160.5 150.3 29021 27663 13.02 12.41
October 147.4 26.99 165.7 155.4 30247 28841 13.14 12.53
November 136.0 24.19 164.7 153.8 30143 28732 13.17 12.56
December 142.2 21.95 179.6 167.9 33269 31694 13.33 12.70
Year 1831.2 26.22 1979.5 1851.3 360681 344029 13.12 12.51

PVSYST V6.43 23/06/16 Page 4/4

PV modules Model JKM 260P-60 Pnom 260 Wp







-0.6% AC ohmic loss

PVSYST V6.43 23/06/16 Page 1/4

Geographical Site
Albedo 0.20
Simulation variant : JA Solar JAP-60-260/3BB Sungrow 500kWMX


PV module Si-poly Model JAP6-60-260/3BB
Original PVsyst database Manufacturer JA Solar


System loss factors


PVSYST V6.43 23/06/16 Page 2/4


PVSYST V6.43 23/06/16 Page 3/4

PV modules Model JAP6-60-260/3BB Pnom 260 Wp

7 1.0
6
0.8
5
0.6
4
3
0.4
0.2
1
0 0.0
JA Solar JAP-60-260/3BB Sungrow 500kWMX


January 146.5 21.51 179.3 168.6 33278 31694 13.38 12.74
February 136.4 23.59 159.2 148.5 29050 27693 13.15 12.53
March 170.4 27.42 186.7 174.8 33586 32017 12.96 12.36
April 171.3 30.62 174.3 163.2 31190 29763 12.90 12.31
May 168.9 28.91 162.7 152.0 29473 28143 13.06 12.47
June 153.1 27.57 146.2 136.0 26825 25643 13.22 12.64
July 170.5 27.42 163.0 152.2 29926 28574 13.23 12.63
August 137.5 27.39 137.6 128.5 25107 23969 13.15 12.55
September 151.2 26.98 160.5 150.3 29067 27704 13.05 12.44
October 147.4 26.99 165.7 155.4 30304 28896 13.18 12.57
November 136.0 24.19 164.7 153.8 30186 28771 13.20 12.59
December 142.2 21.95 179.6 167.9 33318 31737 13.37 12.73
Year 1831.2 26.22 1979.5 1851.3 361311 344604 13.15 12.55

PVSYST V6.43 23/06/16 Page 4/4

PV modules Model JAP6-60-260/3BB Pnom 260 Wp







-0.6% AC ohmic loss

PVSYST V6.43 23/06/16 Page 1/4

Albedo 0.20
Simulation variant : Canadian Solar CS6P-260P Sungrow 500kWMX


PV module Si-poly Model CS6P - 260P
Original PVsyst database Manufacturer Canadian Solar Inc.


Incidence effect, user defined profile 10° 20° 30° 40° 50° 60° 70° 80° 90°
1.00 1.00 1.00 0.99 0.99 0.95 0.89 0.70 0.00
System loss factors

PVSYST V6.43 23/06/16 Page 2/4


PVSYST V6.43 23/06/16 Page 3/4

PV modules Model CS6P - 260P Pnom 260 Wp

7 1.0
6
0.8
5
0.6
4
3
0.4
0.2
1
0 0.0
Canadian Solar CS6P-260P Sungrow 500kWMX


January 146.5 21.51 179.3 169.6 33311 31730 13.61 12.97
February 136.4 23.59 159.2 149.1 29040 27683 13.36 12.74
March 170.4 27.42 186.7 175.4 33515 31950 13.15 12.53
April 171.3 30.62 174.3 163.7 31109 29688 13.08 12.48
May 168.9 28.91 162.7 152.5 29423 28096 13.25 12.65
June 153.1 27.57 146.2 136.5 26819 25636 13.44 12.85
July 170.5 27.42 163.0 152.8 29919 28566 13.45 12.84
August 137.5 27.39 137.6 129.0 25088 23953 13.36 12.75
September 151.2 26.98 160.5 150.8 29030 27670 13.25 12.63
October 147.4 26.99 165.7 156.0 30280 28874 13.39 12.77
November 136.0 24.19 164.7 154.6 30201 28785 13.43 12.80
December 142.2 21.95 179.6 168.9 33354 31772 13.60 12.96
Year 1831.2 26.22 1979.5 1858.9 361089 344404 13.36 12.75

PVSYST V6.43 23/06/16 Page 4/4

PV modules Model CS6P - 260P Pnom 260 Wp







-0.6% AC ohmic loss

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MINBU 220 MW SOLAR PV PROJECT

LE DUE DILIGENCE REPORT

OWL's scope of work is to provide a techno-commercial description, assessment, and risk-evaluation

MINBU 220MW DD_Final_R1 June 2016 Page 1

DISCLAIMER NOTE ................................................................................................................................ 1

GLOSSARY OF TERMS ......................................................................................................................... 8

EXECUTIVE SUMMARY ....................................................................................................................... 11

2. ENVIRONMENTAL, GENERAL, CIVIL & ELECTRICAL ........................................................... 18

MINBU 220MW DD_ Final_R1 June 2016 Page 2

2.3.3 Piling for PV Works ............................................................................................ 31

3. PROJECT CONTRACTS (EPC) ................................................................................................. 40

MINBU 220MW DD_ Final_R1 June 2016 Page 3

3.9.1 Mechanical Completion ...................................................................................... 50

4. INTERCONNECTION TO LOCAL GRID .................................................................................... 55

5. POWER PURCHASE AGREEMENT .......................................................................................... 57

6. OPERATION AND MAINTENANCE AGREEMENT ................................................................... 59

MINBU 220MW DD_ Final_R1 June 2016 Page 4

7. ENERGY YIELD ASSESSMENT ................................................................................................ 61

8. REVIEW OF FINANCIAL MODELS ............................................................................................ 66

9. OWNER’S ENGINEER ................................................................................................................ 70

10. RISK & MITIGATION................................................................................................................... 71

MINBU 220MW DD_ Final_R1 June 2016 Page 5

Figure 2-8: Recent Myanmar Cyclone/Flood Events (2008-2015) .................................................. 25

Figure 2-9: Plant Layout Showing Tube-Well Locations................................................................. 26

Figure 4-1: Substation Connection Diagram .................................................................................... 55

Table 2-2: Potential Module Suppliers Advised in the PPA ............................................................ 33

Table 2-4: Potential Inverter Suppliers Advised in the PPA ........................................................... 35

Table 2-6: Potential Transformer Suppliers Advised in the PPA ................................................... 36

Table 3-1: International Standards and Abbreviations ................................................................... 41

Table 3-2: Project Schedule Major Activities/Dates ........................................................................ 45

Table 3-3: Major Schedule Activities vs. PPA Requirements ......................................................... 46

Table 7-1: Loss Values Used in Appendix B .................................................................................... 64

MINBU 220MW DD_ Final_R1 June 2016 Page 6

APPENDIX A: SITE PHOTOS

APPENDIX B: MINBU PROJECT 25-YEAR ANNUAL ENERGY OUTPUT DATA

APPENDIX C: PVSYST SIMULATIONS FOR SHORT-LISTED MODULES

MINBU 220MW DD_ Final_R1 June 2016 Page 7

MINBU 220MW DD_ Final_R1 June 2016 Page 8

Lender’s Engineer OWL Energy Ltd. (author of this Report)

MINBU 220MW DD_ Final_R1 June 2016 Page 9

MINBU 220MW DD_ Final_R1 June 2016 Page 10

Environmental / General / Civil

The Lender’s Engineer has concluded the following:

Electrical / Interconnection / PPA

The Lender's Engineer has concluded the following:

MINBU 220MW DD_ Final_R1 June 2016 Page 11

Project (EPC) Contracts

The Lender’s Engineer has concluded the following:

Energy Yield Assessment / Project Financial Models

x Additional funding should be allocated to cover major maintenance costs.

MINBU 220MW DD_ Final_R1 June 2016 Page 12

Risks and Mitigation

x International Exchange Rates

MINBU 220MW DD_ Final_R1 June 2016 Page 13

1.1 STATEMENT OF RELIANCE

1.1.1 Scope of Services and Reliance of Data

MINBU 220MW DD_ Final_R1 June 2016 Page 14

1.1.2 Study for Benefit of Client

1.1.3 Statement of Independence

1.1.4 Other Limitations