EFTA01366551.pdf

Amendment #4 Page 122 of 868 .(tcd tan 432.7 ration for the unaudited pro forma year ended Decenter 31, 2014 These expenses include stock compersabon expensed $7.1 ml on and 36.3 mason during the twelve morths ening Jule 30 2016 and December 31, 2016, respectively, and all costs of dorg business Gams coperofttes We defre growth capital scpencltures as costs nand by our Sponsor for contnbuted projects and paymerts to third parties for acquired projects We estivate these costs to be S0.0 million for the twelve months ending June 33 2016 and $00 million for the twelve months endig December 31. 2016. compared to $354.5 maid, for the unaudited pro forma year ended December 31, 2014. Forcing and Other We estimate that rterest expense will be $125.5 million for the twelve months ending Jule 30. 2016 and 5138.5 mann for the twelve rronths ending Decanter 31. 2016. compared to 551 5 million for the iraulted pro forma year ended December 31. 2014 Forecasted rterest expense is based on the following assumptons • we estimate that our debt level we be apcidarretely 4868 8 intones of June 30, 2016 and 5843.9 melon as d December 31, 2016, and • we estimate that our to/rowing costs will average 8 5% ard 9.8% for the twelve-north pence's enchrg June 30, 2016 and December 31, 2016 respecevety We estimate that enrolee' arronization of indebted-en will be 420 2 moon for the twetve months ending June 30, 2016 and 530 4 million for the twelve months ending Decerrter 31. 2016. compared to 413 3 million for the unaudited pro forma year ended December 31. 2014 The in•-rease is primanly attributed to additional amortization following COD for projects in our Intel portfolio and acquisitions Our peclects The forecast above assumes that our portfolio of projects will consist of our nisi portfolio &erg the relevant periods See 'Business-air portfolio-Our reel portfolio.' M the projects we have included in our Intel portfolio have already reached thew COD with the exception of sight projects with an aggregate of 286.6 SW, each of which is expected to reach COD in the second half of 2015. Our rite' portfolio oxhide. the ContrOuted Projects the Acquired Projects and those projects that we expect to acsnre in cornecton with the dosing of the Pending Acquisrtions NI d the Cortnbuted Projects will be transferred to to or concurrently with the concretion of thns offering, except for (u) the Contributed Construction Proects. witch our Sponsor has committed to contribute to w at Us brae each project achieves its respective OCO, and 00 tre SE 25 project, for which we have the right to receive Cash clstributons from the project company pusuant to an irtercorrpany debt instrument The Pending Aegusdlons include (i) appoxenately 426 6 MW of Protects that we expect to do:lure stAntantisy concurrentV with this offering, (ii) approximately 340 9 MW d projects that we expect to expire shortly after the offerag upon receipt 01 the necessary governmemai and lender consents and (ii) approximately 158 4 JAW of projects tnat we expect to acquire dung the remainder of 2015 when such projects are expected to reach CC:O Spealoaily, we cb not expect to complete tre Pending Acqustons consisting of an 82 0 MW sour project located in Honduras (Chance), a 26 4 MW solar project located in Uruguay (Alto Cele) or a 50.0 MW wind project located ri Costa Rica (Oros) urtil the projects achieve their respective COD, witch is expected to occur in tte second half of 2015 We also do not expect to complete accpismors d the 41.8 MW hydro project (ESPRA) net is part of the Renova Transaction or 194 0 MW of projects el operation that are being acq.nreci en Una GME 114 http://cfdocs.btogo.com:27638/cf/drv7/pub/edgar/2015/07/20/0001193125-15-256461/d78... 7/20/2015 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058079 CONFIDENTIAL SDNY_GM_00204263 EFTA01366551