EFTA01366505.pdf

Amendment #4 Page 76 of 868 Air of Co! rob • operation and maintenance oortracts, • tort verture accourting striding the consolidation of pint venue entities and Ire induson or exclusion of their assets and toadies en our balance sheet, • longterm vendor ageernents and • foreign holding company tax treatment The seasonality of our operations may affect our liquidity. %Nre will need to maintain %arced financial Squally to absorb the impact of seasonal vealors in energy production or other significant events Following the completion of tin offering. we expect that our principal source of liquidity will be cash generated from our operating activities. the cash retained by us for waking capital purposes ott ci the gross proceeds of this offering and borrowing capacity under our Revolver Cur quarterty results of operations nay fluctuate signs/earth( for venous reasons, Malty related to ecOnOritC ncentrves and weaver patterns The arra"( of elecfncty our solar power generation assets produce b dependent in part on the amocht Of surnept, oe cradled°, where the assets are located Because shorter daybght hoots n winter months results in less irradation, the generation of particular assets will vary depending on the season Additionally, to the extent more of our solar power generation assets are located in the northern or soutrem hemisphere, overall generation of at entire asset portfolio could be impacted by seasonality. Futter, Imeet.day pricing factors vary seasonally which contna.les to vanabilly of reveries The plant load factor of wind and hydoelectnc energy generators and the amount of electricity generated by. and the addabrity of, our wind and hydro-electric protects depend on meteoroldgeal con: dons pancularly wind and water condeons which can vary across seasons, from year.toyear and between locations and the altitude of our wind farms. Such wird condtions are also subject to general climatic changes and cherigrg weather patterns which are variable and difficult to predict The wind energy generators week only when wind speeds exceed cedar thresholds and if wind speeds are insufficrent the electricity cutpkt from these vnrd farrns will decrease or cease Extreme wind or weather conditions may also affect the productivity of the wind power dialects The hydroelectric generators are dependent on water flaws in order to generate electricity These flows may vary From season.to-season and over rmiti.year cycles These flows may be affected by factors such as menial, snowfall and snow melt In addition in Inda, Thailand and Malaysia, the construction of energy systems may be impacted by the monsoon season, which generally lasts from May through September Pa a rest, we expect art initial partici° of power generation assets to generate the lowest most of electricity during the tried quarter al each year. We therefore expect our revenue and cash available for dsmbution to be lower Wing re third wafter a we fad to adequately menage the Duct ualons n the timing of our propels, our business. financial condition or results of operations could be matenally Sheeted The seaSonalty of our energy production may Create increased demands on our working capital reserves and borrowing capacity under Mx Revolver &Ong periods where cash generated from operating acimies s lower In the event Wet our waking capital reserves and borrowing capacity under our Revolver ere insufficient to meet Cur financial requrernents, or in the evert that the restrictive covenants in our Revolver restrict as access to such facilities, we may require additonal equty or debt financing to maintain our solvency There can be no assurance that Eiddrbonal equity or aettlfencing will be available when required or available on commercially favorable terms or on terms that are otherwise satisfactory tots, in which event as financial condition may to materially adversely elected ee 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-0058033 CONFIDENTIAL SONY GM_00204217 EFTA01366505