Geronimo Renewable Energy: Developing / Owning / Operating Renewable Energy Assets

Geronimo Renewable Infrastructure Partners, L.P.

$750 Million

1
 Disclaimers, Notices and Certain Risk Factors
This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the
“Presentation.” Geronimo Energy, LLC, taken together with its affiliates, is referred to herein as “Geronimo.” Geronimo Renewable Infrastructure Fund, L.P. is referred to herein as the “Fund” or “GRIP”. Investing in
GRIP (or any investment product made available through Geronimo or any affiliate thereof) involves a high degree of risk. Prior to investing, investors in GRIP must familiarize themselves with GRIP’s offering materials
(which consist of the respective investment fund’s limited partnership agreement, offering memorandum and subscription document and are collectively referred to as the “Offering Documents”) and be prepared to
absorb the risks associated with any such investment, including a total loss of all invested capital. This Presentation is produced solely for the specified recipient and may not be transmitted, reproduced or made
available to any other person. The complete terms regarding an investment in GRIP, including but not limited to the investment program, fees and charges, tax considerations, risk factors, conflicts of interest and
liquidity are set forth in the Offering Documents. Prospective investors receiving the Offering Documents should review in full those documents including the risk factors set forth therein, each of which is incorporated
herein by reference for purposes of review by such prospective investors. Champlain Advisors, LLC, GRIP’s placement agent, has not independently investigated or verified, and assumes no responsibility for, the
contents of this presentation. Champlain Advisors is not responsible for any other written or oral communications provided by or on behalf of GRIP, to any actual or prospective investors.

The delivery of this Presentation will under no circumstances create any implication that the information herein has been updated or corrected as of any time subsequent to the date of publication or, as the case may
be, the date as of which such information is stated. No representation or warranty is given in respect of the information contained herein, and neither the delivery of this document nor the placing of any interests in
any investment partnership described herein (the “Partnership”, the “Fund” or “GRIP”) will under any circumstances create any implication that the Partnership has updated or represented to the information
contained herein. Geronimo has no obligation to update or revise the information herein as a result of new information, future events or otherwise.

This Presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities and may not be used or relied upon in evaluating the merits of any investment. An offer or solicitation for the
Partnership will be made only through a confidential private placement memorandum (including any supplements together, the “PPM”), the limited partnership agreement, subscription agreements and other
definitive documentation of the Partnership and in accordance with applicable securities laws. The information set forth herein is not a part of or supplemental to the PPM, the definitive documents for the
Partnership, including a partnership agreement and subscription documents (collectively, “Partnership Documents”) or any documents ancillary thereto. In the case of any discrepancy between the information
contained herein and the PPM or the Partnership Documents, the PPM and the Partnership Documents will control. The information set forth herein does not purport to be complete. The PPM and the Partnership
Documents will be made available and must be received prior to subscribing for an interest in the Partnership. The PPM contains additional information about the investment objectives, terms and conditions of an
investment in the Partnership and risk disclosures that are important to any investment decision regarding the Partnership. You should read the PPM (including the risk disclosures) and the Partnership Documents in
their entirety before making an investment in the Partnership.

Any projections, estimates, forecasts, targets, prospects, returns and/or opinions contained in these materials involve elements of subjective judgment and analysis and are based upon the judgment of Geronimo as of
the date of these materials. Geronimo does not take responsibility for such projections, estimates, forecasts, targets, prospects, returns and/or opinions. Any valuations, forecasts, opinions and projections expressed
in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. No representation or warranty is given as to the achievement or reasonableness of, and no
reliance should be placed on, any valuations, forecasts, estimates, opinions or projections contained in these materials.

An investment in a private investment partnership such as GRIP is speculative and involves significant risks, including that there will be no public or private market for the interests in the partnership and such interests
will not be transferable without the consent of the general partner of GRIP. Investors should carefully review the risk factors set forth in the PPM. Investors should have the financial ability and willingness to accept
such risks for an extended period of time before making an investment.

Please note this presentation contains various examples or subsets of Geronimo’s investments. As the investments shown are intended to be examples or subsets demonstrating a particular theme or process, they
inherently may not represent all investments that could be categorized or described on a particular page and in the aggregate may represent only a small percentage of Geronimo’s existing, historical or prospective
investments. Actual investments undertaken by GRIP may have different characteristics and performance than the examples provided herein. The net returns on Pre-Fund investments have been calculated by
applying a 1% management fee on committed capital, 1.5% management fee on contributed capital, 20% yield carried interest, 20% exit carried interest, 5% yield carry hurdle and 8% preferred return structure to
estimated Pre-Fund project returns.

Future investments may be under materially different economic conditions, including interest rates, market trends and general business conditions, in different portfolio assets and using different investment
strategies and these differences may have a significant effect on the results portrayed. Each of these material market or economic conditions may or may not be repeated.

If you believe any content, branding, information or other material incorporated into this Presentation have been included in violation of applicable law, agreement, or other restriction, or that any other portion of
these materials is otherwise improper, please notify us so that we may address the issue.

Proprietary & Confidential 2

 Geronimo Overview
$4+ Billion
Renewable Track Record
 $4B+ of total capital investment
• $1.5B+ of equity investment
• Sold ~2,200 MW

 Pre-Fund (Gross1): 2.5x ROI, 12.6% IRR

 Pre-Fund (Net1): 2.1x ROI, 9.3% IRR
Geronimo Energy Geronimo Renewable Infrastructure Partners, L.P.
(“DevCo”) (“GRIP”)
Developer of Renewable Energy Projects Fund Overview
 Founded in 2004  $750MM target; $300MM+ in LP commitments
 Headquartered in Minneapolis, MN • 2.3x+ ROI (Net Fund target)
 70+ employees • 10-12% IRR (Net Fund target)
14 Years of Experience • 6-8% yield annually
 2,200+ MW operating / under construction  $335MM closed; $235MM+ in near-term
pipeline
• 15 projects completed / underway
Profile
• 60+ projects in development
 Construction-ready and operating projects in
North America
 No development risk

1. Pro-forma equity IRR is the pre-tax, sponsor equity IRR beginning in 2011 (assuming a 15 year fund life), with a terminal value based on an 8% discount rate on remaining equity cash flows.

Proprietary & Confidential 3

Geronimo Evolution
2004-2008 2009-2016 2017-Present
Developer Strategic JV / Fund of One Commingled Fund

2004 2009-2016 2017-Present

 Geronimo Energy founded  JV with Enel  $750MM target
 “Local Touch” emphasis; “Focus on markets 2012-2016 • 40% is deployed / reserved
we know best – by farmers, for farmers”
 1,600 MW sold to strategic buyers  $300MM LP commitment by the
Washington State Investment Board

2007  450 MW of current 565 MW portfolio

acquired from DevCo
 20 MW Odin Wind Farm development
 19 MW Marshall Wind Farm development

Proprietary & Confidential 4

 Geronimo Edge
1

DevCo

 14-year track record

 2,200 MW of construction-ready assets
exited ($1.5B+ in equity value)
 70+ employees

2 4
De-Risked
Non-Blind Pool
GRIP’s Proprietary Sourcing  $335MM closed; $235MM+ in near-term
pipeline
 Exclusive Right of First Refusal (“ROFR”) on all  ~40% (of GRIP target) is deployed / reserved
Geronimo Energy deal flow
• 4 investments closed ($335MM)
 Proprietary, non-auction pipeline
• 4 assets in near-term pipeline ($237MM)
 7,000+ MW pipeline

3
Investment
Criteria

 Construction ready / operating projects with

highly secure cash flows
 Underpinned by fixed price revenue contracts
from investment grade offtake partners
 Majority of Opex and Capex contracts are
fixed price

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 Executive Team (years of experience)
Geronimo Leadership
Noel P. Rahn1 (55) Blake Nixon1 (20) David Reamer1 (30) Jeff Ringblom (13) Michael Young (32)
Chairman CEO & Managing Partner Partner & President CFO & CCO General Counsel
 The Rahn Group, CEO  The Rahn Group, Principal  Applied Epi, CEO  St. Jude Medical,  GCL New Energy,
 Investment Advisers Inc.,  Investment Advisers Inc.,  Spectracom, Co-Founder Senior Accountant VP & General Counsel
President & CEO Equity Analyst  University of Minnesota, BS  Deloitte & Touche LLP,  Renewable Energy Trust,
 University of Southern  University of Washington, BS Senior Accountant VP Legal & Administration
California, BS  London School of Economics,  University of Minnesota, BS  University of Notre Dame, BS
General Course  University of Minnesota, JD

Investment Team
Kip Knelman (43) Joe Melsha (29) Drew Terwilliger (8) Patrick Smith (12) Gemma Smith (10)
Managing Director of Strategy & VP Operations Senior Director Senior Director Director
Investor Relations  Avangrid Renewables,  eCapital Advisors,  Snelling Hamline Community  Wind EHS Standards
 Knelman Asset Management, Reg. Director of Operations Management Consultant Council, Executive Director Committee, Chair
Sr. Managing Partner & CEO
 North Dakota State  University of Wisconsin –  University of Minnesota –  Pattern Energy Group,
 Lazard Asset Management, University, BS Madison, BS Morris, BS Senior Manager
Portfolio Manager
 Humphrey Institute of Public  Texas Tech University, BS
 Investment Advisers Inc., President & CEO
Affairs, MS
 University of Southern California, MA
 University of Minnesota, BA

DevCo Management Team

John Larkey (26) Randy Porter (30) Nathan Franzen (15) Betsy Engelking (32)
VP Origination VP Transmission VP Development VP Policy & Strategy
 Power Markets for Recurrent  Power System Engineering,  Westwood Professional  Xcel Energy, Director of
Energy, Vice President Manager & Executive Services, Director, Solar Energy Resource Planning
 Cargill, Director of Power Consultant  Plowshares Development,  Great River Energy, Manager of
Markets  Avant Energy Services, Entitlement Manager Resource Planning
 University of Michigan’s Ross VP of Consulting  University of Minnesota,  University of Minnesota, MBA
School of Business, MBA  University of Minnesota, BS Masters of Urban and Regional
Planning
1. Investment Committee member

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 70+ Employees (14 Years) as Developer / Owner / Operator
Noel Rahn1 Blake Nixon1
Founder & Chairman CEO

DevCo Management Team Corporate Team GRIP

David Reamer1 Michael Young Jeff Ringblom Blake Nixon1 Kip Knelman
President & Partner General Counsel CFO & CCO Managing Partner MD of Strategy & IR

Transmission Project Mgmt Policy Strategy Business Dev. HR Investments Investor Relations Operations
Betsy Engelking John Larkey Heather Droel Horatio Sparkes
Randy Porter Nathan Franzen Drew Terwilliger Joe Melsha
VP Policy & VP of Director of Director of Business
VP Transmission VP Development Senior Director VP Operations
Strategy Origination Human Resources Development & IR

Justin Pickar Accounting Patrick Smith Gemma Smith

DG Dev. Services Utility Scale Senior Director of Senior Director EHS & Training
Origination Director
Tena Monson Chris Morgan
Barry Fladeboe Controller
Director of Director of Denise Hugo
Distributed Director of Michelle Jim Bjork
Utility Scale
Generation Origination Arawwawela Operations
Senior Associate Manager
Lindsay Smith
Real Estate Planning Director of
Laura Vaughan Michael Morris Marketing Justin Bocanegra
Director of Director of Associate
Real Estate Resource Analysis

Permitting Eng. & Const. Team Alignment Joe Twaddle

Across Geronimo Analyst
Melissa Schmit Joe Ibrahim
Senior Permitting Engineering &  93% owned by employees / 7% friends and family
Manager Construction Director
• 40%+ by non-founder employees through internal Nick Tsai
reward program Analyst
 6 year average executive team tenure
 < 8% turnover in the past 5 years
1. Investment Committee member

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$3B Pre-Fund Summary
$1+ Billion in Equity Invested (2012-2016) Total Developed Capacity (2012-2016)

2,000
1,784
$120MM
1,600

Capacity (MW)
1,200

800
$883MM
400 253

0
Solar Wind Solar Wind
“Tier 1” Financing Partners, Vendors and Counterparties $3+ Billion in Equity Value Sold to Pre-Fund Acquirors

Aa2 Apple A2 Rated

Multinational Global Industrial
Retailer Supply Firm Pre-Fund (Gross1): 2.5x ROI, 12.6% IRR
Pre-Fund (Net1): 2.1x ROI, 9.3% IRR
1. Pro-forma equity IRR is the pre-tax, sponsor equity IRR beginning in 2011 (assuming a 15 year fund life), with a terminal value based on an 8% discount rate on remaining equity cash flows.

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 Pro Forma Projections of Historic Geronimo Projects and Current Portfolio
Pro Forma Pro
Geronimo Projections
Forma of Historic
Geronimo Geronimo
"As If Held"
Investment InvestmentProjects
Performance and Current
Performance
(Assumes Portfolio
1, 4
No Repowering)
1, 4

Project Moody's Project 15 yrs

Wind / Online Size Power Credit Cost Equity Gross Net
Project Name Solar Date (MW) Purchaser Rating Acquiror (MM)2,5 (MM)3 ROI8 IRR (Equity)4, 8 ROI IRR (Equity)4
Pre-Fund "As if Held" Normalized
Prairie Rose Wind 2012 200 Xcel A3 Enel $327 $136 3.0X 12.5%
Aurora Solar 2016 100 Xcel A3 Enel 288 58 1.7x 11.7%
Odell Wind 2016 200 Xcel A3 Algonquin 353 125 2.1x 12.5%
Black Oak Wind 2016 78 MMPA A2 Sempra 143 56 1.7x 12.4%
Courtenay Wind 2016 200 Xcel A3 Xcel 295 91 2.0x 12.7% Pooled investment vehicle; net
Grande Prairie Wind 2016 400 OPPD Aa2 Berkshire 658 198 2.3x 12.8% return from each asset is not
reported
MN Community Gardens I Solar 2016 32 Xcel A3 Berkshire 103 21 1.4x 11.6%
MN Community Gardens II Solar 2017 66 Xcel A3 Berkshire 204 41 1.6x 11.4%
Apple Blossom Wind 2017 100 Consumers Energy A1 Sempra 158 66 1.7x 12.8%
Walnut Ridge Wind 2017 212 U.S. GSA Aaa Berkshire 479 211 2.2x 14.2%
Blazing Star I6 Wind 2019 200 NA A3 Xcel 317 123 NM NM
Historical Total 1,788 $3,325 $1,126 2.5x 12.6% 2.1x 9.3%
GRIP
Nordic Solar 2017 55 Multiple NA GRIP $208 $80 NM NM
Green River Wind 2019 194 Apple and IMEA NA GRIP 325 120 NM NM Pooled investment vehicle; net
return from each asset is not
Great Plains Wind 2019 114 Merchant NA GRIP 200 15 NM NM reported
Crocker Wind 2019 202 Undisclosed7 NA GRIP 280 120 NM NM
New Projects Total 565 $1,013 $335 NM NM
Grand Total 2,353 $4,338 $1,461 NM NM

Sourcing Legend
DevCo 3rd Party
Note: For illustrative purposes only. All projected performance values listed above are gross of fees, are pre-tax, are based upon Geronimo Investment Management’s best knowledge as of 9/1/16, and assume Tax Equity with a partnership flip
structure. Projects listed under Pre-Fund have been sold to third parties and are not available as warehoused deals for the Fund. The returns set forth have not been achieved by Geronimo Investment Management and are the product of
modeled performance calculated in accordance with the assumptions noted herein and other assumptions made by Geronimo Investment Management. A full list of assumptions is available from Geronimo Investment Management upon
request. There can be no assurance that all or any of such assumptions will prove accurate today. Accordingly, the actual performance may vary from the projections. Furthermore, there can be no assurance that the projects in which the Fund
invests will resemble those listed above in any respect.
1. Green shading signifies DevCo sourced opportunity.
2. Project Cost includes all costs to bring project to commercial operation, including development fees, financing costs (interest, fees, legal), and construction management costs.
3. Equity Size is the estimated total equity investment made by an investor net of any tax equity investment and/or term debt. Tax equity is assumed at market rates and terms for the given project at its Notice-to-Proceed date. Back-Levered
Term debt (debt collateralized by the sponsor equity's interest in the partnership) is assumed on solar projects at market rates and terms for the given project at its Notice-to-Proceed dates, unless otherwise stated. Construction debt at
market rates and terms is assumed for all projects listed.
4. Pro-forma equity IRR is the pre-tax, sponsor equity IRR, beginning in 2011 (assuming a 15 year fund life), with a value based on an 8% discount rate on remaining equity cash flows.
5. Original cost for Great Plains approximated by Geronimo Energy.
6. Estimated cost and equity calculations are based on the average of similar wind assets developed by Geronimo Energy (Odell and Crocker).
7. Offtake counterparties include Aa2 rated multinational corporation and a A2 rated global industrial supply firm.
8. For projects with ROI and IRR marked "NM", ROI and IRR may be positive or negative, but is not considered meaningful because of the limited time since initial investment and early stage of capital deployment.

Proprietary & Confidential 9

GRIP Project Execution and Risk Mitigation

DevCo Bears All Development Risk

 Real estate rights in hand  Long-term off-take agreements for new build projects
 Rights to connect to the grid delivered  No GRIP capital at risk during development stage
 Key discretionary permits obtained or clean path to permits

GRIP Operational Execution / Risk Mitigation

Construction Operational Investment

 Utilize experienced, top-tier contractors  Long-term O&M contracts with equipment  DevCo development dollars at risk are
vendor or EPC contractor negotiated separate and away from GRIP
 Negotiate fixed price EPC contracts
 Resource fluctuations managed  Firm ownership structure incentivizes team
 Internal Geronimo staff is on-site throughout
performance across both GRIP and DevCo
the construction process to oversee EPC • Work with leading third party consultants to
contractors affirm assumptions  Conservative leverage profile
• Undertake lengthy onsite measurement • 30-40% for solar projects
program
• Zero for wind projects
 Geronimo actively monitors assets and
 Inflation exposure mitigated by varying asset
operating performance
level durations
 Fixed price O&M contracts from Tier 1 vendors
 Post-contract period price assumptions are
minimize operational risk
conservatively discounted from third party
projections

Proprietary & Confidential 10

 Proprietary Sourcing: Unique Access to DevCo Pipeline via ROFR

Exclusive Proprietary, Non-Auction Deal Flow

 7,000 MW project pipeline
• 3,000 MW in advanced development
 450 MW of contracted projects entering
operation in 2018-19
 900+ MW of projects in process of contracting
for off-take / acquisition

GRIP
 ROFR available on every DevCo project
 Avoid acquiring assets via competitive auctions
• ~70% via DevCo
• ~30% via 3rd party

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GRIP / DevCo Transfer Price Process
Independent Third Party Valuation Transfer

If price is greater than $50,000/MW…

 Asset may be purchased by GRIP at the independent FMV

 GRIP is not required to buy asset
DevCo Project LPAC chooses valuation consultant

G
 LPAC chooses independent
consultant to determine R
valuation
 Transfer price is determined by I
consultant
P If price is less than $50,000/MW…

 GRIP has right to purchase asset at $50,000/MW

 GRIP may provide offer below $50,000/MW threshold,
DevCo may accept offer or sell to a third party (if the
third party offers $15,000/MW more than GRIP)

Macquarie Relationship

 $100MM debt facility with Macquarie to provide financing for the development of assets1
 The DevCo is authorized to provide exclusive deal flow to GRIP, given the price is greater than $50,000/MW, as set by an independent valuation consultant

1. 25% for letters of credit, 25% for project deposit facilities (fully refundable capital). 3-year tenor, 3 tranches with cost of 12%, 6%, and 3%, respectively. Lender bonus of 20% profit at sale. Pre-payment penalty of 6% only on cash
tranche outstanding at time of notice.

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GRIP Closed Investments / Near-Term Pipeline

P rojec t Equity ($ MM) CO D State MW Sourc e

Nordic $80 2017-18 MN 55 Geronimo
Green River Wind Farm 120 2019 IL 194 Geronimo
Closed

Great Plains Wind 15 2009 TX 114 3rd Party

Crocker Wind Farm 120 2019 SD 200 Geronimo

Total Closed $335 563
Near -Ter m P ipeline

Minnesota CBED Wind Projects 40 2018-19 MN 70 3rd Party

NYSERDA Projects 40 2019-20 NY 45 Geronimo
MI PURPA Projects 100 2019-20 MI 110 Geronimo
Alameda 57 2019-20 CA 55 3rd Party
Total Near-Term P ipeline $237 280

Grand Total $572 843

GRIP Sourcing Legend

DevCo 3rd Party

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GRIP Projected Build Up

Projected Portfolio Composition1 Projected Cumulative Equity Invested1

$1,000
$1,000

Nordic
Green River
$800 $742

Equity Invested ($MM)

MI PURPA $622
$600

Crocker

NYSERDA
$400
$335
MN CBED
Alameda

$200
Great
Plains

New Wind ($297MM) Distributed Solar ($220MM) Operating Wind ($55MM) $44
$0
2017A 2018E 2019E 2020E 2021E

Note: Striped pattern indicates pipeline projects.

1. For illustrative purposes only, based on current fund assets and projected pipeline prospects which may or may not become GRIP assets. Actual equity amounts may vary materially.

Proprietary & Confidential 14

 1st Investment (Nordic)
Location: Minnesota
Source: DevCo
Number of Projects: 25
Size (MW): 55 MW
Cost: $208MM
Equity Investment: $80MM
Status: Phase I Operating / Phase II under construction
Estimated Returns 10.9% Phase 1 / 9.4% Phase 2 Gross Sponsor Pre-Tax IRR
(Project Life):
Offtake: Xcel Energy

Investment Overview Key Counterparties

 Phase I – nine 3-5 MW projects that are part of the Xcel Energy Minnesota
Community Solar Garden Program

Offtake
• Power and renewable energy credits (RECs) are delivered to Xcel in exchange
for bill credits
• Subscribers include corporations, cities, counties, hospitals et al.
 Phase II – sixteen 1 MW solar projects

EPC / O&M1
Current Status
 Phase I construction complete (operating at 99% of budgeted cash flow)
• Tax equity and back leverage for Phase I closed
 Phase II under construction, COD anticipated by end of year
• Guardian Life to supply tax equity, no back leverage expected
Financing

1. EPC provided by Swinerton. GRIP in negotiations with Swinerton, First Solar, and Max Gen to
provide fixed-price O&M services.

Proprietary & Confidential 15

 2nd Investment (Green River Wind Farm)
Location: Illinois
Source: DevCo
Size (MW): 194 MW
Cost: $325MM
Equity Investment: $120MM
Status: Under construction
Estimated Returns 9.5% Gross Sponsor Pre-Tax IRR
(Project Life):
Offtake: Apple, IMEA, Akamai Technologies

Investment Overview Key Counterparties

 Green River sits 130 miles west of Chicago in ComEd territory, a highly liquid
market in the PJM grid system

Offtake
 13- to 15-year offtake contracts with Apple, IMEA and Akamai Technologies
Apple
 10-year fixed price, full service O&M agreement with Siemens Gamesa
 Project located within 50 miles of 2 nuclear power plants that are expected to be
retired and further improve the market dynamic

EPC / O&M
Current Status
 Financing from tax equity and mezzanine debt has reduced due to increased
capex, lower independent engineer wind resource forecast, and lower third party
merchant energy pricing
 Projected returns have been minimally impacted Financing

Proprietary & Confidential 16

 3rd Investment (Great Plains Wind)
Location: Texas
Source: Third Party
Size (MW): 114 MW
Approx. Original Cost: $200MM
Approx. Equity Investment: $15MM
Commercial Operation Date: January 2009
Estimated Returns 11% Gross Sponsor Pre-Tax IRR
(Project Life):
Offtake: Merchant

Investment Overview Key Counterparties

 Originally developed by Noble Environmental Power

• Merchant prices plummeted shortly after investment, asset has

underperformed

O&M
 Asset price gives GRIP an opportunity to achieve attractive returns

 Improving transmission capacity yielding immediate improvement in pricing

 Undervalued operating asset given underlying repowering potential

• ~7% of original cost to build

• Excellent wind resource, real estate and interconnection rights for the future
Technology

Proprietary & Confidential 17

 4th Investment (Crocker Wind)
Location: South Dakota
Source: DevCo
Size (MW): 200 MW
Approx. Original Cost: $327MM
Expected Fund Investment: $120MM
Commercial Operation Date: October 2019 (Est.)
Estimated Returns 10% Gross Sponsor Pre-Tax IRR
(Project Life):
Offtake: Undisclosed1

Investment Overview Key Counterparties

 Under development by Geronimo since 2008
 Located within SPP/WAPA Aa2 Rated A2 Rated

Offtake
• Qualified for the full Production Tax Credit (PTC) Multinational Global Industrial
Retailer Supply Firm
 Tremendous wind resource, low cost interconnection
• 150 MW of capacity obtained through PPAs

EPC / O&M1
 GE and Wanzek supply and construct the project
 12-year PPAs with Moody’s Aa2 credit rating multinational retailer and A2 credit
rating global industrial supply firm for 100% of output

Financing

1. Offtake counterparties include Aa2 rated multinational corporation and A2 rated global industrial
supply firm.

Proprietary & Confidential 18

Fund Terms

Fund Name: Geronimo Renewable Infrastructure Partners, L.P.

Structure: Delaware Limited Partnership

Target Fund Size / Hard Cap: $750MM / $1B

GP Commitment: 1% cash minimum

Management Fee: 1% on committed; 1.5% on contributed

Preferred Return: 8%

Yield Carry: 20% after 5% hurdle, calculated every 3 years; 50% escrow

Exit Carry: 20% (net of all Yield Carry)

Term: 15 years, subject to 5-year extensions upon majority LP consent

Investment Period: 5 years

Annual Distribution Target: 6-8% annually for first 5-10 years

Minimum LP Commitment: $10MM

Legal Counsel: Akin Gump Strauss Hauer & Feld LLP

Auditor and Tax: RSM

Fund Administrator: Gen II Fund Services

Proprietary & Confidential 19

 Appendix

Proprietary & Confidential 20

 Market Opportunity
Core-Plus Returns Achieved with Core-Level Risk Expected Power Plant Retirements1
Long‐Term Revenue Contracts with Investment Grade Counterparties 7,000
Coal Nuclear
 Counterparties are typically 6,000
• A‐rated utilities 5,000

Capacity (MW)
• Government entities 4,000
• Large corporations 3,000
 Expected contract durations of 15-25 years (Geronimo’s 2,000
historical average is ~20 years)
1,000
Low Volatility
0
 Geronimo utilizes fixed price EPC and O&M contracts to
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
minimize cost variability
Uncorrelated to Other Asset Classes Unsubsidized Levelized Cost of Energy Comparison ($/MWh)2,3,4
 Excellent diversifier from other infrastructure and commodity $250
type investments $210
 Not dependent on demand driven metrics Levelized Cost ($/MWh) $200 $183
Low Commodity Risk
$143
 Revenues driven by long-term, fixed price power purchase $150
$114 $117 $156
agreements
 Operating expenses have limited tie to commodity pricing $100 $78 $112
$53 $60
Socially Responsible Investment $77
$50 $60
 No carbon emissions $55
$46 $42
$30
 Meet impact investing goals $0
Solar PV - Wind Natural Biomass Geothermal Coal Nuclear Natural
Utility-Scale Gas - Gas -
1. Obtained from https://www.eia.gov/electricity/data/eia860M/. Combined Peaking
2. Obtained from https://www.lazard.com/perspective/levelized-cost-of-energy-2017/.
3. Denotes distributed generation technology. Cycle
4. Lazard’s latest annual Levelized Cost of Energy Analysis (FY 2017) shows a continued decline in the cost of generating electricity from alternative energy technologies, especially utility-scale solar and wind.

Proprietary & Confidential 21

DevCo Process Overview

1 2 3 4 5 6

IDENTIFY ENGAGE DESIGN PROCURE CONSTRUCT DELIVER

 Energy Resource  Local Landowners  Project Footprint  Power Purchase  Foundations  Power to the Grid
Agreement
 Transmission  Community  Pre-construction  Access Roads &  Payments & Taxes
Access Leaders Studies  Interconnection Towers
 Post-construction
Agreement
 Construction  Permitting  Permit  Generation Studies
Feasibility Authorities Applications  Equipment & Equipment
 Ongoing
Components
 Customers  Customers  Construction Plan  Substation, Customer Care
 EPC/BOP Collection System,
 Environmental  Financial Partners  Transmission Path
Contractors O&M Building(s)
Feasibility
 RTO/Transmission  Interconnection
 Preliminary Providers Studies
Project Economics
 Taxing Authorities  Delivery Schedule
 Field Work  Refine Project
Consultants Economics

Proprietary & Confidential 22

Environmental, Social & Governance (ESG) Analysis
Enviromental
 Investing in clean energy renewable projects is our business
• ~2,000 MW of developed operating assets saves ~144 million metric tons of CO2 over their useful life (equates to powering over 500,000 houses for the life of
the projects)
• ~2,000 MW of developed operating assets saves ~75 billion gallons of water over their useful life (enough to fill nearly 600 billion water bottles)

Social Estimated Total Spending for DevCo’s 2,000 MW Project Portfolio1

 Diverse workplace: women comprise 41% of our workforce (2x the Estimated Total Local Spending
industry average)  $485MM over 20 years during operation
 Responsible contractor policy: emphasizes safety, training and fair wages • $99MM during construction phase; $6MM during development phase
 Drive economic growth locally:
Estimated Total Tax Revenue
• Solar Project Education Funds  $160MM over 20 years during operation
 $8MM annually during operation
• Wind Farm Community Funds
• Local economic stimulation through jobs and dollars spent locally Estimated Total Jobs Created
 3,615 temporary construction jobs
 144 permanent full-time jobs

Estimated Total Landowner Payments

Governance  $182MM over 20 years during operation
 Employees have direct and immediate access to management • $9MM annually during operation
• $4MM prior to construction
 Profits Interest Plan is available firm-wide
 Independent valuation process mitigates conflicts between DevCo and Estimated Total Charitable Funding
GRIP  $6MM over 20 years

1. DevCo’s 2,000 MW Project Portfolio includes projects that are either operational or currently under construction. Calculations do not include DevCo’s multi-gigawatt pipeline. Every project contributes
to its local community in different ways. These differences in where, how and to whom tax benefits are dispersed are governed by the given project’s state law.

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Current Federal Tax Policy

Tax Reform had Limited Impact on the Renewable Industry

 Credits were left alone  Concerning provisions  Lower tax rate has a  Market for tax equity  Lower tax rate reduces
in early drafts were minor impact remains robust tax bills of utilities and
• Start phasing out in
either left out of final could constrain the
2020 (PTC for wind) • Reduces the value of • A few market
bill or mitigated utilities ability to use tax
and 2021 (ITC for the depreciation participants have left,
through other means credits efficiently
solar) but replaced by new
• Reduces the size of tax
players • May drive more utility
equity investors
PPAs in the future
• Pricing on the Green
• Increases equity in the (more opportunities
River project actually
deals for GRIP)
improved from pre-tax
• Lower long-term tax reform
rate balances out
larger equity checks

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Geronimo Investment Management / Geronimo Energy – Executive Team
Noel P. Rahn is Geronimo’s Chairman. Noel founded Geronimo in 2004 to develop wind farms on his personal farm land portfolio. He has provided the firm
with strategic oversight throughout its growth into one of the leading renewable energy developers in the United States. Noel is also Partner in Charge of
The Rahn Group, LLC (“TRG”), his family investment company that focuses on public and private equity investing, as well as the management of his farm land
Noel P. Rahn
assets. Prior to starting TRG in 1998, Noel was Chairman and Chief Executive Officer of Investment Advisers, Inc. (“IAI”), an asset management firm that
Chairman
under Noel’s leadership grew from $50 million under management in 1974 to $17 billion under management in 1998 and was eventually acquired by Lloyds
Bank of London. At Noel’s direction, IAI started investing in private equity in 1982. Prior to joining IAI, Noel was National Sales Manager at Paine Webber.
Noel has a bachelor’s degree in History from the University of Southern California.

Blake Nixon is the Managing Partner of the General Partner and the CEO of Geronimo. Since becoming its CEO in 2008, Blake has grown Geronimo into a
leading North American renewable energy project development company. Prior to Geronimo, Blake served as a Principal at TRG, where he managed the
venture capital and private equity portfolio of the family office, as well as the firm’s hedge fund. In the private investment portfolio, Blake was responsible
Blake E. Nixon
for deal flow generation, due diligence, deal negotiation, portfolio management, active assistance for portfolio companies on operational and strategic
Managing Partner
issues, and investment divestitures. Blake was also responsible for the majority of the portfolio company oversight and board relationships for the firm’s
private equity investments. Prior to TRG, Blake worked as an equity analyst for IAI. Blake holds a Bachelor’s degree in Business Administration with a
concentration in Finance from the University of Washington at Seattle and completed the General Course at The London School of Economics (LSE).

David G. Reamer is a Partner and a member of the Fund’s Investment Committee, as well as President of Geronimo. David joined Geronimo in 2015 and has
been involved with the company since its inception in 2007 as both an investor and active board member. After receiving his BS Degree from the University
of Minnesota, he started his professional career as a territory manager with Johnson & Johnson. David then moved into the high tech industry by joining
David Reamer Applied Epi, a solar, LED and wireless semiconductor equipment company. At Applied Epi, David ultimately served as CEO and was instrumental in selling the
Partner company to Veeco Instruments (NASD: VECO). At Veeco, he led their worldwide Business Development and Strategic Marketing, and today, Veeco is
recognized as one of the world’s leading advanced Solar PV and LED equipment companies. Also while at Applied Epi, David co-founded Spectracom, a fiber
optic laser company, which was sold to ADC Telecommunications. David remains an Advisor to the University of Minnesota’s Venture Center and Office of
Technology Commercialization.
Jeff Ringblom is the Chief Financial Officer and Chief Compliance Officer of the Investment Manager, as well as Geronimo’s Vice President of Accounting and
Finance. Jeff joined Geronimo Energy as Controller in 2010. After receiving his degree in Accounting from the Carlson School of Management at the
Jeff Ringblom University of Minnesota, he began his career at Deloitte & Touche LLP, where he earned his CPA certification. He would later take on more responsibility
CFO & CCO and join St. Jude Medical, Inc. before bringing his expertise in corporate finance and accounting to the renewable energy industry. At Geronimo Energy, he
is responsible for all accounting functions and related duties. Jeff has extensive experience in all project cost controlling, budgeting, forecasting and treasury
needs, and is instrumental in procurement negotiations and driving overall project strategy.
Michael Young is the General Counsel at Geronimo Energy. Mike possesses over 20 years of conventional and renewable energy project development
experience. Prior to joining Geronimo, Mike served as Vice President & General Counsel of GCL New Energy, Inc. where he was responsible for all legal
matters related to the development, financing and operation of utility scale PV solar projects in the United States, Japan, Puerto Rico and selected European
Michael Young countries. Prior to joining GCL, Mike founded and served as Vice President, General Counsel, at Hay Solar Holdings, ULC, a start-up renewable energy
General Counsel development company, where he was involved in the development of a distributed generation portfolio of solar farm buildings located throughout Ontario,
Canada. He also served as Senior Attorney and Business Developer at Montgomery Energy Partners, LP, Vice President and Senior Corporate Counsel at
NorthWestern Energy, and Assistant General Counsel at NRG Energy, Inc. Mike received a Juris Doctor from the University of Minnesota Law School and a
BBA in Accountancy from the University of Notre Dame. Mike is also a certified public accountant.

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Geronimo Investment Management – Investment Team
Kip Knelman is the Managing Director of Strategy and Investor Relations. Kip leads investment strategy and investor relations for the firm and is a member
of the investment team focused on sourcing investment opportunities from the external market. Prior to joining Geronimo, Kip served as Senior Managing
Partner and Chief Executive Officer of his own asset management firm, Knelman Asset Management Group, which focused on providing asset management
services to tax exempt and taxable entities. In 2000, Kip started Knelman Asset Management Group. In 2005, Lazard Asset Management acquired Knelman
I.P. (Kip) Knelman Asset Management Group, during which time he was in charge of domestic growth equities for Lazard Asset Management. In 2008, Kip reacquired the firm
Managing Director back from Lazard. Kip was also a member of the board at Lloyd’s Bank/ TSB Asset Management Group. Prior to starting his firm, Kip was the President and
of Strategy & IR CEO of IAI, having replaced Noel P. Rahn upon his retirement. Kip was instrumental in growing IAI’s institutional pension fund management company from
$300 million to $17 billion in assets under management. Prior to serving as IAI’s CEO, Kip held positions of steadily increasing scope, and Kip’s
responsibilities culminated to include all day-to-day functions of the company, including investment management operations, marketing and sales, client
services, mutual fund and trust operations, and administration, legal and finance. Prior to his tenure with IAI, he was with investment banking firm Kidder
Peabody and Company.

Joe Melsha is the VP of Operations for Geronimo Investment Management. In his role, Joe has oversight of building and maintaining the project operations
group and functions within for the Fund’s project portfolio. Joe also plays a key role in advising the development of projects as they near the construction
Joe Melsha phase. Prior to joining Geronimo, Joe was Regional Director of Operations for Avangrid (formerly Iberdrola) Renewables, where he managed a team that
Vice President operated a large portfolio of wind projects in the midwestern US. Previously, he also held the roles of Construction Project Manager for PPM Energy
Operations focusing on renewable projects, as well as several positions with Black and Veatch including Design Engineer, Construction Manager, and West Coast
Operations Manager. Joe is a registered professional engineer in Kansas, and has extensive design, construction, and management of renewable projects.
Joe has a Bachelors of Science degree in Electrical and Electronics Engineering from North Dakota State University.

Drew Terwilliger is a Director of the Investment Manager and Geronimo’s Senior Director of Business Development and is responsible for project financing
execution of strategic initiatives at Geronimo. Drew also works on all commercial aspects of the business, including financial analysis, project sales, power
Drew Terwilliger sales, and project finance. Among other projects and deals, Drew notably led Geronimo’s efforts in securing its novel PPA with the U.S. General Services
Director Administration (GSA) for the Walnut Ridge Wind Farm. Before joining Geronimo, Drew worked as a management consultant at eCapital Advisors specializing
in financial database construction and optimization. He graduated from the University of Wisconsin – Madison with a Bachelor’s degree in Finance,
Investments, and Banking.

Patrick Smith is a Director of the Investment Manager and Geronimo’s Senior Director of Environmental Planning, where he manages the areas of
environmental analyses, Energy Assessment GIS, and government-permitting. Patrick leads GIM’s diligence team o project acquisitions and financings. Prior
Patrick Smith
to joining Geronimo, Patrick held positions in commercial bee-keeping, social research, and community and economic development. Patrick graduated with
Director
a Bachelor’s degree in Anthropology from the University of Minnesota–Morris. Patrick also holds a Master’s degree from the Humphrey Institute of Public
Affairs in Urban and Regional Planning, with an emphasis in Infrastructure and Environmental Planning.

Gemma Smith is the Director of Environment, Health and Safety (EHS) and Training for Geronimo Investment Management. Gemma develops, manages and
continually improves the EHS and Training programs to support Geronimo’s goal of zero injuries to the Geronimo team and their contractors. Gemma has
Gemma
over 10 years of experience managing EHS and training programs. Most recently, she supported the Pattern Energy Group team as they grew from 522 MW
Smith
of operational projects to 3,882 MW and drove the total recordable injury rate (TRIR) from 5.1 to 0.6. Additionally, Gemma is the chair of the Wind EHS
Director
Standards Committee which is developing ANSI safety standards for the wind industry. Gemma holds a Bachelor of Science in Industrial Engineering from
Texas Tech University.

Proprietary & Confidential 26

Fund Management / Investment Team
Michelle Arawwawela is a Senior Associate of the Investment Manager and a Financial Analyst at Geronimo. Prior to joining Geronimo, Michelle served as
Michelle a Consultant in PA Consulting’s Global Energy and Utilities Practice. Her power market consulting experience spans mergers and acquisition, finance, and
Arawwawela business strategy contexts for clients including investment banks, private equity groups, retail electric providers, independent power producers, and other
Senior Associate global corporations. Michelle’s responsibilities at Geronimo include financial research, project-based financial modeling, investment analysis and
budgeting. Michelle holds a B.S. in Business Administration from Boston University.

Justin Bocanegra is an Associate of the Investment Manager and a Financial Analyst at Geronimo Energy. Prior to joining Geronimo in 2016, Justin was a
member of TerraForm Power’s North American Originations group, where he was responsible for conducting due diligence, financial modeling and overall
Justin Bocanegra
evaluation of investments and M&A deal execution across a spectrum of solar and wind projects. Justin began his career as an Investment Analyst with GE
Associate
Capital. Justin earned a B.B.A. in Finance, Investments and Banking from the University of Wisconsin – Madison and a J.D. from the University of
Minnesota Law School.

Joe Twaddle is an Analyst of the Investment Manager and a Financial Analyst at Geronimo Energy. Joe is a recent graduate from the Stephen M. Ross
Joseph Twaddle School of Business at the University of Michigan-Ann Arbor, where he received his B.B.A. with a concentration in Finance. Prior to Geronimo, Joe worked
Analyst as a Summer Analyst at Provenire Capital, a technology sector focused hedge fund in Minneapolis, MN. At Provenire, Joe was responsible for conducting
due diligence on potential investments, presenting investment ideas to management, and analyzing the fund’s investment strategy.

Nick is an Analyst of the Investment Manager and a Financial Analyst at Geronimo Energy. Prior to Geronimo, Nick was an analyst at Entergy, where he
Nick Tsai
performed financial analysis and modeling for corporate strategy and investment decisions to optimize long term generation supply resources. Nick was
Analyst
also the lead modeler on Renewable Energy Request for Proposals. Nick holds a bachelor’s degree from the University of Illinois and a Master of Finance
from DePaul University.

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Geronimo Energy – Management Team
John Larkey is Geronimo’s Vice President of Origination. Prior to joining Geronimo, John served as the Vice President of Power Markets for Recurrent
Energy, a wholly-owned subsidiary of Canadian Solar, where he led Recurrent’s growth with new customers, markets and products. John began his career
John Larkey with Cargill, where he built a long career across a multitude of global industries including energy, commodity and financial markets, food manufacturing,
Vice President, industrial processing, agricultural inputs, and technology, all of which culminated in John taking on the role of Director of Power Markets for Cargill. As an
Origination independent advisor, John has worked with investors, asset owners, and project developers across the energy industry – including gas, power, coal,
renewables, natural gas liquids, liquefied natural gas, and crude oil derivatives. John holds a MBA from the University of Michigan’s Ross School of
Business in Ann Arbor, MI and a BSME from the University of Minnesota’s College of Science and Engineering in Minneapolis, MN.

Randy Porter is Geronimo’s Vice President of Transmission. Prior to joining Geronimo, Randy was a Shareholder, Manager and Executive Consultant for
Power System Engineering (PSE). At PSE, he created and fully developed the Transmission Planning Practice. With nearly 30 years of experience in the
Randy Porter industry, Randall has held engineering and management positions at Avant Energy, Dahlen, Berg and Company, Inc., Xcel Energy and Northern States
Vice President Power. Randy is a registered Professional Engineer in Minnesota and has extensive experience in Transmission and electric delivery system planning,
Transmission power supply resource evaluation, power supply planning, resource portfolio development, and integrated resource planning. He also has extensive
experience managing and performing generation interconnection studies involving combined cycle, simple cycle, coal, wind, solar and biomass fueled
electric generating stations. Randy holds a Bachelor’s degree in Electrical Engineering from the University of Minnesota.

Nathan Franzen is Geronimo’s Vice President of Development. Nathan has over fourteen years of development experience, including extensive
knowledge in solar and wind project design, permitting, project finance, interconnection and construction management. He successfully developed some
of the first commercial scale solar projects in Minnesota and owns and operates several distributed projects. Prior to joining the Geronimo team, Nathan
Nathan Franzen
created and led Westwood Professional Services’ Utility Scale Solar Division, which is now one of the nation’s top photovoltaic design firms. In his role as
Vice President
Vice President of Development for Geronimo, Nathan manages the Geronimo wind and solar development departments and all aspects of Geronimo’s
Development
wind and solar portfolio. Nathan was instrumental in creating the 100 MW Aurora Distributed Solar project, which received global industry and media
attention for its success in competing directly against natural gas competitors in an all source Request for Proposal Process – a first in the nation. Nathan
has a Masters of Urban and Regional Planning from the Hubert H. Humphrey School of Public Affairs at the University of Minnesota.

Betsy Engelking is Geronimo’s Vice President of Strategy and Policy. Previously, Betsy was Director of Resource Planning for Xcel Energy, where she
developed and implemented long-range power supply plans, including compliance with Xcel’s wide-ranging renewable energy requirements. She has also
held positions with Great River Energy and the Minnesota Public Utilities Commission (PUC). With more than 25 years of experience in the energy
industry, Betsy has expertise in energy policy, renewable energy, resource planning, utility rates and regulation, and energy markets. Since the beginning
Betsy Engelking
of her career, Betsy has worked both regionally and nationally to promote the advancement of wind energy and other renewables through participation
Vice President
with the National Association of Regulatory Utility Commissioners (NARUC), the National Wind Coordinating Committee (NWCC), the Great Plains
Strategy and Policy
Institute’s Power the Plains collaborative, and through an active role in state and national policy development. Betsy’s work on state legislative and
regulatory policy has helped establish Geronimo in these arenas, including her notable contribution to Minnesota state policy on solar energy and her
leadership on the Aurora Solar Project as it navigated the PUC led public RFP process. Betsy holds a MBA in Finance and Economics from the Carlson
School of Management at the University of Minnesota.

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