4th Concentrated Solar Thermal Summit

November 15-17, 2010

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BrightSource Energy A CSP Success Story

BSEs Pilot Plant Has Been Directly Producing 5400 C High Pressure Steam from Concentrated Sunlight for Over Two Years
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October Groundbreaking for Ivanpah Solar Electric Generating System

BSE: Four Years of Innovation and Achievement

October, 2006:

Technical and executive team with unmatched solar experience Innovative solar thermal power tower technology cost effective on paper Initial VC financing of US$31.5 million from enthusiastic, well-informed investors MOU with Pacific Gas & Electric for 500 MW No sites, no permits, no transmission approvals

October, 2010:
Backlog of 2.6 GW of signed, approved Power Purchase Agreements with
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PG&E and Southern California Edison Pilot plant operational for two years with its performance certified by multiple IEs Over US$300 million of corporate equity from world-class investors Solar-2-Steam plant under construction for Enhanced Oil Recovery operations Bechtel Power broken ground at Ivanpah, the worlds largest solar power project (392MW) - fully permitted with transmission access approved Term sheet signed by US Government to provide US$1.4 billion Ivanpah debt NRG Energy signed LOI to provide US$300 million of Ivanpah project equity Alstom power invested US$50 million and became strategic partner

BrightSources Formula for Success

Great Technology

Solid Business Plan

Talented, Proven Team

Financial Strength

Technical Credibility

Problem Anticipation and Solving

Success

BSEs High Temp, High Pressure CSP Technology

Molten Salt Storage System

Heat Exchanger

Solar Field Layout for 125MW BSE Plant

Low Impact Design does not require site grading and uses dry cooling, not water Central power island reduces piping Three-Stage Installation Pylon, Heliostat, Wiring/Cabling. Sequence of installation circular, back to front. Numerous SF Installation teams work in parallel to reduce construction time Flat mirrors slightly curved into four focal lengths during heliostat assembly

1000m 750m

450m

250m

BSEs Solid Business Plan

Leverage decades of solar power generation experience Integrate conventional generation equipment with direct production of steam from sunlight Prove technology at BSEs solar energy development center to satisfaction of independent engineers, customers, investors, and the US Dept. of Energy Set the environmental bar high with features such as low impact design and dry cooling Assemble world-leading team of engineers, developers, project financing specialists, and senior management Adopt goal of making CSP competitive with CCGT during peak periods Address both power and industrial steam markets Build solid backlog in US, then address international markets
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BrightSources Talented Proven Team

The BrightSource Team Built 354MW SEGS Plants in 80s and 90s - Still Running Today
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BSEs Financial Strength Over US$300 Equity

Series A, October, 2006: >US$15 million Initial investors included Vantage Point Venture Partners, DFJ, DBL Investors, and Chevron Series B, March, 2007: >US$30 Million - Morgan Stanley becomes second largest investor Series C, May, 2008: >US$100 Million - Google joins the group Series D, May, 2010: >US$150 Million Alstom Power and California State Teachers Retirement System - largest investors in the round

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Credibility thru Successful Project Progression

Solar Energy Development Center (Operational October2008)

Solar Thermal Chevron EOR Demo Plant (Construction Began May, 2009)

Ivanpah Solar Power Complex (Construction Began October, 2010)

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BSEs Solar Energy Development Center

Key Design Parameters
6MWth production capacity 60 meter receiver tower 1,640 heliostats 12,000 meters of reflecting area Operational since October, 2008

Key Demonstration Accomplishments Worlds highest temperature and pressure solar thermal steam production known to be achieved

Independent verification by RW Beck

Over two years of successful operation Laboratory for software optimization and testing of design, materials, and suppliers 12

Chevrons Coalinga Solar-2-Steam EOR Plant

Existing Enhanced Oil Recovery Operations

Scheduled for Operation in 3Q 2011

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BSEs Ivanpah Solar Energy Generating Station

Ivanpah Milestones 392 MW PG&E and SCE Power Purchase Agreements executed and approved by CPUC $1.375 billion US DOE Loan Guarantee CCL received NRG Corporation will provide $300M of project equity for all three plants Bechtel Selected as EPC contractor & equity investor in all three plants Purchase orders issued for turbines, boilers, mirrors, etc. Groundbreaking Ceremony on October 27, 2010 Transmission upgraded by 2Q 2012 Plant CODs scheduled for 4Q 2012, 1Q 2013, and 3Q 2011
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Ivanpah 1 126MW Ivanpah 3 133MW

Ivanpah Site Layout

Ivanpah 2 133MW

Successfully Bringing Technology to Market

Establishing market credibility: Signed MOU for 500MW before Series A financing closed
Site selection: Analyzed DNI and transmission and identified over 4GW of good sites within six months of beginning operations Raising project debt for second-generation technology: Submitted preliminary request for 100% loan guarantee to US Department of Energy in December, 2006 Key elements of successful project development in US:

Transmission: Transmission access requests submitted 1Q 2007 Permitting is critical and takes time: Utilized low-impact design with minimal site disturbance and dry cooling, submitted permit and site right-of-way requests in July, 2007 Need creditworthy customer commitments: Signed 900MW of Power Purchase Agreements with Pacific Gas & Electric in February, 2008

Must

demonstrate technology: Dedicated pilot plant in June, 2008, fully operational in October, 2008, extensively vetted by customers, investors, and the US DOE.
Capital intensive business requires financial depth and patient investors: Multiple rounds of funding from world-class investors based on solid achievement Big backlog required to fuel growth: Increased total backlog of signed and approved PPAs in the US to 2.6GW by mid-2009 worlds largest CSP backlog World-class EPC contractor for Ivanpah: Select Bechtel Power Strategic investor/operator for Ivanpah: Signed LOI with NRB Energy International growth fueled with partnerships: Signed strategic partnership agreement with Alstom Power for selected countries.

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The BrightSource Formula Equals Success

Largest PPA backlog of any CSP company in the world. Only two CSP plants are currently under construction in the US both by BrightSource:
Ivanpah Solar Power Complex will be worlds largest. President Obama cited
BrightSource and its Ivanpah project as examples of renewable energy success in his October 2 radio address. Chevrons Coalinga plant will be the worlds first plant to use direct sunlight to produce steam for use in Enhanced Oil Recovery operations.

The US Government signed term sheet to provide 100% of Ivanpahs project debt US$1.4 billion. NRG Energy, one of USs largest power generators signed LOI to invest US$300 million to be Ivanpahs majority owner and operator. Alstom Power, one of the worlds largest manufacturers of power generation equipment, and a major EPC contractor, has invested US$55 million in BSE and is partnering in selected countries.
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Alstom Clean Power Strategy

Alstom is the world leader in clean integrated solutions
Emissions CO2 (Gt/y)

N 1 nuclear* & biomass

Technology Mix
Efficiency CCS
* Conventional islands

Wind, solar & geothermal

N 1 hydro

Efficiency: Plant optimisation & retrofit

2005

Ref 2030 1000 ppm +6oC

Stabilize Needed emissions path 550 ppm 450ppm +30C +20C max

First CO2 capture demo plant in the world

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An Integrated Solution: Aligned Areas of Expertise

Molten Salt Storage System

Heat Exchanger

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Conclusions

Solar thermal: CO2-free technology

Tower maturing towards utility plant size

Alstom & BrightSource offering fully integrated turnkey solar thermal plants

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