Elron References

Suomen Hyötytuuli Oy

Financial advisor in connection with an international tender process regarding purchase of Jokelan Tuulipuisto Oy, a wind power producer, from wpd Europe GmbH. Purchase price not public.

Svartisen Holding AS

Financial advisor in connection with an international tender process regarding purchase of a 10 per cent stake in a Norwegian hydro power company Hafslund Produksjon Holding AS (c. EUR 160 million).

Leppäkosken Sähkö Oy

Preparation of a fairness opinion to the Board of Leppäkosken Sähkö Oy to defend against a hostile takeover bid.

Indonesia Power Ltd

Commercial advisor together with ÅF Consult Ltd in an international tender process in respect of outsourcing of O&M activities at four power plants.

Savon Voima Oyj, Kuopion Energia Oy, Jyväskylän Energia Oy, Lappeenrannan Energia Oy

Financial advisor to four regional utilities in connection with restructuring of electricity supply businesses by creating one large supply company assuming the supply businesses of the companies involved. Valuation of the supply business of each company, preparation of pro forma financials, structuring of the reorganization, analysis of collateral requirements etc.

PGGM and UBS Asset Management

Commercial adviser in connection with an international tender process regarding district heating business in Sweden.

Impax Asset Management

Sell-side financial co-advisor in an international tender process to Impax Asset Management selling three onshore wind farms in Finland (> 100 MW). Farms partly under construction during sales process. Farms were bought by Allianz.

City of Lahti

Valuation of Lahti Energia Oy, the city utility of Lahti, including valuation of its distribution business, district heating business, power generation and power supply business.

Kotkan Energia Oy

Financial advisor in connection with an international tender process regarding Karhu Voima Verkko Oy and Karhu Voima Palvelu Oy, a Finnish industrial power distribution network owner and operator, and subsequent purchase of both companies. Purchase price not public.

Katternö-group

Financial adviser to Katternö group in connection with the purchase of Pietarsaari Energy. As the seller was also a shareholder in the buying entity, the work included, inter alia, valuation of all the businesses of both the seller and the buyer (power production facilities, district heat, regulated power distribution and transmission, power supply business). (c. EUR 70 million).

Oulun Energia

Valuation of all the assets of Oulun Energia for the purposes of determining the opening balance sheet in connection with the incorporation of the city utility (c. EUR 800 million).

Riikinvoima Oy

Financial advisor to Riikinvoima in developing a WtE power project. Work included, inter alia, project financial modelling and drafting of project documents (SHA, waste delivery contracts, HSA, plant operating principles contract).

Vantaan Energia Oy, Oy Turku Energia Ab, Oulun Energia, Pori Energia Oy and Oulun Seudun Sähkö

Financial advisor to the consortium of the above power companies in connection with the tender process and subsequent purchase of Statkraft Suomi Oy, a hydro power generating company. (c. EUR 250 million)

Rautaruukki Oyj

Financial advisor to Rautaruukki Oyj for creating and implementing the commercial concept for an on-site off balance sheet power plant to Rautaruukki Raahe steel mill that utilizes steel production process gazes. Work included, inter alia, project financial modelling and contractual negotiations with third party investor to agree on commercial terms for project contracts. (c. EUR 130 million)

Oulun Energia, Pori Energia Oy and Oulun Seudun Sähkö

Financial advisor to the consotium of the above power companies in connection with the tender process and subsequent purchase of Pato Osakeyhtiö, a hydro power producer. (c. EUR 150 million).

Finnish power companies

Financial adviser to two Finnish power companies (Consortium) in connection with E.ON’s disposal of their 50,5% ownership stake in E.ON Kainuu Oy (Target). The work included, inter alia, a detailed analysis and valuation of Target’s distribution business. The deal was planned to be done in understanding with the other two owners, City of Kajaani and Municipality of Sotkamo. At a very last stage during SPA phase the cities decided to purchase E.ON’s shares themselves based on Consortiums deal preparation.

Finnish energy consortium

Financial advisor to a consortium of Finnish power companies in an international tender process regarding bidding for a large portfolio of hydro-power plants in Finland. We advised the consortium to withdraw from process after having completed due diligence together with ÅF due to poor condition of power plants.

Finnish energy consortium

Financial advisor to a consortium of Finnish power companies in an international tender process regarding bidding for a large portfolio of thermal boiler plants.

Russia – Investor (Confidential)

Assisting in the initial financial due diligence of an electricity distribution company in Russia. The work included review of the accounts, valuation as well as analysis of the tariffs under the Regulated Assets Base (RAB) approach.

Enfia Infrastructure Fund I

Financial adviser to the fund in connection with the disposal of 100% of shares in Forssan Verkkopalvelut Oy, a local distribution company, to two Finnish power companies.

Spain – Mercados EMI S.L.

Financial advisor to ÅF Group in connection for the purchase of 100% of shares in Mercados EMI, a Spanish engineering firm.

Wind power (Confidential)

Valuation of wind power assets in relation to restructuring of wind power company ownership structure.

Vantaan Energia Ltd

Financial advisor to Vantaa Energy in connection with the tender process and subsequent purchase of electricity distribution and district heating business of Helsinki-Vantaa airport region from Finnavia, the Finnish airport authority.

Enfia Infrastructure Fund I Ky

Financial advisor to Enfia Infrastructure Fund I in connection with the purchase of 100% of shares in Forssan Verkkopalvelut Oy, a local distribution company, from Vapo Oy.

Finnish Forest Administration (Metsähallitus)

Assignment in relation to valuation of hydropower assets.

Two Finnish energy companies

Market analysis and merger planning of installation, operation and maintenance business for two municipal energy companies.

Jyväskylän Voima Oy

Financial advisor to Jyväskylän Voima (City of Jyväskylä). Commercial project development and procurement of debt financing (cross-border leasing). Commercial and contractual development of the project including financial modeling and drafting of energy supply agreements. Placement of shares re condensing power.

ÅF Group

Financial advisor to ÅF Group in connection with the purchase of 100% of shares in Colenco Power Engineering, a prominent Swiss based engineering firm with business activities on all continents.

Norway - Fjellkraft AS

Financial advisor to a consortium of Finnish power companies in an international tender process and subsequent purchase of shares of Fjellkraft AS, a Norwegian hydro-power generation company.

Kanteleen Voima Oy

Financial advisor to a consortium of Finnish power companies in an international tender process regarding the purchase of a peat fired power plant (Haapavesi plant) from Fortum Plc. The members of the consortium were Perhonjoen Voima Oy (Katternö-group), SPS Tuotanto Oy (Satapirkka-group), Kaakon Energia Oy, Valkeakosken Energia Oy, Päijät-Hämeen Voima Oy, Ekenäs Energi and Ålands Elandelslag.

Asian Power Investor (Confidential)

Financial due diligence of three power plant projects in Russia

Suomen Hyötytuuli Oy

Procurement of debt funding on limited recourse basis for the purchase of Jokelan Tuulipuisto Oy, a wind power producer.

Jokelan Tuulipuisto Oy

Refinancing of wind farm project financing. Procurement of funding, negotiation of refinancing mechanism with wind farm existing (old) lenders.

Svartisen Holding AS

Procurement of funding for the acquisition of Hafslund Produksjon Holding AS (> EUR 100 million).

EBRD

Feasibility studies to the World Bank together with Finnish Consulting Group for improvement of district heating and energy efficiency in Uzbekistan.

City utility

Financial modelling of all the businesses of a city utility and subsequent refinancing of the entire debt portfolio with a view of future investment program.

World Bank

Feasibility studies to the World Bank together with Finnish Consulting Group for improvement of district heating and energy efficiency in Uzbekistan in respect of Andijan, Bukhara, Chirchik, Samarkand and Tashkent district heating companies.

Oulun Energia Oy

Running of a tender process for procurement of debt funding for a power generation investment (c. EUR 200 million).

Suomen Hyötytuuli Oy

Procurement of funding to Annankangas onshore wind farm. Preparation of detailed feasibility study to lenders, preparation of project financial model to lenders, collateral arrangements, negotiation of financing documentation. Procured debt funding appr. EUR 50 million.

Momentum Capital

Bankable Feasibility Study together with Pöyry to Scandinavian Biopower Oy for a biocoal plant project in Mikkeli.

Suomen Hyötytuuli Oy

Procurement of funding to Tahkoluoto offshore wind farm. Preparation of detailed feasibility study to lenders, preparation of project financial model to lenders, collateral arrangements, negotiation of financing documentation. Globally the first offshore wind farm in ice conditions. Procured debt funding > EUR 90 million.

EBRD

Kyzylorda Waste Management Project feasibility study in respect of the municipal solid waste management system in Kyzylorda, together with Finnish Consulting Group. The work included financial modelling and project analysis.

Suomen Hyötytuuli Oy

Procurement of funding to Nikkarinkaarto onshore wind farm. Preparation of detailed feasibility study to lenders, preparation of project financial model to lenders, collateral arrangements, negotiation of financing documentation. Procured debt funding appr. EUR 45 million.

Suomen Hyötytuuli Oy

Arrangement of senior debt (frame CTA) on limited recourse basis for the construction of a wind farm fleet in Finland. (c. EUR 400 million)

Bank of China

Lender’s advisor in connection with a 470 MW thermal power plant to be constructed in Jordania. Advisory work included analysis of the entire contractual structure (EPC, PPA, FSA, O&M) and verification of the project financial model. (USD 2,000 million)

Lenders and ECA of Finland

Financial modelling of the project and the business of a Russian company purchasing considerable amount of power generating assets from a Finnish supplier. Financial analysis for the purposes of arranging the necessary funding for the export transaction.

Kharkiv CHP

Financial and technical development together with ÅF-Consult Ltd for a new CHP in Kharkiv. The work included the technical concept development as well as the preparation of a bankable feasibility study and financial model.

Eurocement Group, Russia

Financial advisory services for the purposes of credit assessment by ING Bank and Finnvera. Preparation of business plan and financial model related to the supply of 36 gas fired power generating engines to be delivered by Wärtsilä Plc to Eurocement Group’s 11 cement plant sites in Russia.

EBRD

Financial Expert in a biofuel development project in the Russian Far East.

Tanesco Ltd

Financial Expert regarding preparation of a Feasibility study to the Rural Energy Agency (REA) for electrification of the 51 villages in Tanzania. The purpose of the Study was to examine the technical and economic aspects of providing grid-based electricity to rural communities in the context of the Backbone Transmission Investment Project.

Riikinvoima Oy

Procurement of EUR 90 million project senior debt for the construction of the WtE power plant.

Japan Bank for International

Cooperation Analysis of certain special features in the Finnish power generation industry, especially from a lender’s perspective.

Voimapato Oy

Procurement of senior debt funding > EUR 100 million on limited recourse basis for the acquisition of Pato Osakeyhtiö.

EBRD

Financial feasibility study in respect of Kirishi District Heating Project.

Rovaniemen Energia Oy

Financial and commercial project development of the new biomass power plant in the City of Rovaniemi. The work included drafting of the shareholders’ and energy supply agreements, financial modelling and sourcing of investors for the project as well as sourcing of € 220 mln debt financing.

Crimea CHP, Ukrain

Financial and Technical development together with Lonas Technology for a new 200 MW CHP in Simferopol. The work included technical concept development as well as preparation of a bankable Feasibility Study and a Project Information Memorandum.

EBRD

Financial and technical advisor together with ÅF to EBRD for the due diligence of a loan to the Lomonosov Heating Company. The work included preparation of the Investment program, Financial Analysis and financial due diligence.

EBRD

Financial and technical advisor together with ÅF to EBRD for the due diligence of a loan to the Aktau Heating Company. The work included preparation of the Investment Program, Financial Analysis and financial due diligence.

Varkauden Aluelämpö Oy

Financial advisor to the Company in development of a biomass power plant project. The work included financial modelling and sourcing of senior debt.

EBRD

Feasibility studies to the World Bank together with Finnish Consulting Group for improvement of district heating and energy efficiency in<span> </span>Uzbekistan.

World Bank

Feasibility studies to the World Bank together with Finnish Consulting Group for improvement of district heating and energy efficiency in Uzbekistan in respect of Andijan, Bukhara, Chirchik, Samarkand and Tashkent district heating companies.

Lounavoima Oy

Financial advisory in connection with development and construction of a WtE power plant. Financial modelling, drafting and negotiation of project documents (shareholder agreement, waste supply agreements, heat supply agreement and operation guidelines).

Oulun Energia Oy

Power generation portfolio financial analysis based on modelled energy balances for the purposes of investment decision making. Evaluation of multiple alternatives to cover heating requirements while optimizing financial performance (power and heat).

Suomen Hyötytuuli Oy

Procurement of funding to Annankangas onshore wind farm. Preparation of detailed feasibility study to lenders, preparation of project financial model to lenders, collateral arrangements, negotiation of financing documentation. Procured debt funding appr. EUR 50 million.

Momentum Capital

Bankable Feasibility Study together with Pöyry to Scandinavian Biopower Oy for a biocoal plant project in Mikkeli.

Suomen Hyötytuuli Oy

Procurement of funding to Tahkoluoto offshore wind farm. Preparation of detailed feasibility study to lenders, preparation of project financial model to lenders, collateral arrangements, negotiation of financing documentation. Globally the first offshore wind farm in ice conditions. Procured debt funding > EUR 90 million.

EBRD

Kyzylorda Waste Management Project feasibility study in respect of the municipal solid waste management system in Kyzylorda, together with Finnish Consulting Group. The work included financial modelling and project analysis.

Suomen Hyötytuuli Oy

Procurement of funding to Nikkarinkaarto onshore wind farm. Preparation of detailed feasibility study to lenders, preparation of project financial model to lenders, collateral arrangements, negotiation of financing documentation. Procured debt funding appr. EUR 45 million.

Bank of China

Lender’s advisor in connection with a 470 MW thermal power plant to be constructed in Jordania. Advisory work included analysis of the entire contractual structure (EPC, PPA, FSA, O&M) and verification of the project financial model. (USD 2,000 million)

Lenders and ECA of Finland

Financial modelling of the project and the business of a Russian company purchasing considerable amount of power generating assets from a Finnish supplier. Financial analysis for the purposes of arranging the necessary funding for the export transaction.

Lounais-Suomen Jätehankintarengas

Advisory in respect of public procurement process for waste service contract (140,000 t/a) – commercial terms for public tender process and for the service contract.

Oulun Energia Oy

Overall financial feasibility and power production optimization analysis in respect of the company’s future power production portfolio and related investment planning.

Kharkiv CHP

Financial and technical development together with ÅF-Consult Ltd for a new CHP in Kharkiv. The work included the technical concept development as well as the preparation of a bankable feasibility study and financial model.

Eurocement Group, Russia

Financial advisory services for the purposes of credit assessment by ING Bank and Finnvera. Preparation of business plan and financial model related to the supply of 36 gas fired power generating engines to be delivered by Wärtsilä Plc to Eurocement Group’s 11 cement plant sites in Russia.

EBRD

Financial Expert in a biofuel development project in the Russian Far East.

Tanesco Ltd

Financial Expert regarding preparation of a Feasibility study to the Rural Energy Agency (REA) for electrification of the 51 villages in Tanzania. The purpose of the Study was to examine the technical and economic aspects of providing grid-based electricity to rural communities in the context of the Backbone Transmission Investment Project.

Nordic Green Fuel Ltd

Lenders’ Independent Engineer together with ÅF concerning Technical Review of the Pyrolysis Oil Project in Finland. The work included evaluation and review of the financial model to ensure conformity with the offtake agreements and other Project documents.

Riikonvoima Oy

Financial advisor to Riikinvoima in developing a WtE power project. Work included, inter alia, project financial modelling and drafting of project documents (SHA, waste delivery contracts, HSA, plant operating principles contract).

Oulun Energia

Risk assessment analysis of the Fennovoima nuclear power plant project.

Consortium of power companies

Financial feasibility analysis in respect of a 200 MW pump storage power plant project.

Rautaruukki Oyj

Financial feasibility analysis of the Fennovoima nuclear power plant project.

Voimaosakeyhtiö SF

Financial modelling of the contemplated nuclear power project (Fennovoima) and a commercial feasibility analysis.

Pohjois-Suomen Voima

Financial feasibility analysis of the Fennovoima nuclear power plant project.

Nefco

Feasibility studies for improvement of district heating and energy efficiency in the Karelian Republic in respect of Kostomuksha, Nadvoitsy, Sortavala and Suojärvi district heating companies.

EBRD

Financial feasibility study in respect of Kirishi District Heating Project.

Crimea CHP, Ukrain

Financial and Technical development together with Lonas Technology for a new 200 MW CHP in Simferopol. The work included technical concept development as well as preparation of a bankable Feasibility Study and a Project Information Memorandum.

EBRD

Financial and technical advisor together with ÅF to EBRD for the due diligence of a loan to the Lomonosov Heating Company. The work included preparation of the Investment program, Financial Analysis and financial due diligence.

EBRD

Financial and technical advisor together with ÅF to EBRD for the due diligence of a loan to the Aktau Heating Company. The work included preparation of the Investment Program, Financial Analysis and financial due diligence.

Varkauden Aluelämpö Oy

Financial advisor to the Company in development of a biomass power plant project. The work included financial modelling and sourcing of senior debt.

TammerVoima Oy

Financial Advisor to Tampere city utility and Pirkanmaan Jätehuolto in respect of a Waste to Energy Plant. The work included drafting of the shareholders’ and energy supply agreements and financial modelling.

Seinäjoen Energia Oy

Commercial Analysis of district heat options for the utility in the city of Seinäjoki.

Vantaan Energia Ltd

Financial analysis of a contracted waste incineration plant project and analysis of financing options.

Wind power

Valuation of wind power assets and project development of a wind farm in Finland for two energy companies. The work included financial modelling and financial structuring as well as preparation of finance plan.

Ministry of Transportation and Communications, Ministry of Labour and Industry (Finland) and Banverket (Sweden)

Financial evaluation of the Northland Resources mining project in Northern Sweden. Analysis of the capability of the mining company to participate in railroad infrastructure investments in Finland and Sweden.

Ministry of Transportation and Communications & Ministry of Labor and Industry

Initial financial structuring of the Kokkola-Ylivieska PPP –railroad project. Investment cost EUR 270 million.

The Confederation of Finnish Construction Industries RT (CFCI)

Development and structuring of the National Finnish PPP-model. Other project parties: Finnish Road Administration, Finnish Rail Administration, Ministry of Transportation and Communications, Ministry of Employment and Economy, Rakli Ry, the eight largest Finnish construction companies, Association of Finnish Local and Regional Authorities, cities of Helsinki, Vantaa, Lahti and Espoo, The Finnish Funding Agency for Technology and Innovation (Tekes).

Ministry of Transportation and Communications & Ministry of Labor and Industry

Preparation of a PPP model for the transportation projects, roads and railroads in relation to the Koli and Sokli mines in northern Finland. Total investment costs for transportation infrastructure about €600 million.

HSY Helsinki Region Environmental Services Authority

Financial advisory including commercial project development and tendering process of a municipal solid waste incineration plant. The deal was closed in January 2009 between HSY and Vantaan Energia Oy.

Jyväskylän Voima Oy

Financial advisor to Jyväskylän Voima (City of Jyväskylä). Commercial project development and procurement of debt financing (cross-border leasing). Commercial and contractual development of the project including financial modeling and drafting of energy supply agreements. Placement of shares re condensing power.

Pirkanmaan Jätehuolto Oy

Municipal waste incineration plant service tariff and service agreement planning.

Westenergy Oy

Commercial analysis of main project agreements for a waste incineration plant.

Izhora Energo, St Petersbourg

Preparation of a Project Information Memorandum for sourcing project financing for a 160 MW combined heat and power generation plant.

Jyväskylä Energy Ltd

Preparation of investment proposal in respect of energy sourcing for the company and city board. The work included cash flow and valuation analysis of Jyväskylä Energy and the city’s water utility.

Technopromexport (Russia)

Preparation of a Project Information Memorandum for sourcing of financing for the renovation of a large-scale hydropower plant in Argentina.