tners, ',taxing Pubic Investment Caporatan holding the remaining 49% interest The project is pan of me REIPPP program The cantorparly to the PPA is Eskom The PPA is schedUed to terminate during the fouth quarter of 2033 and provdes haat/idiot ZAR 2 00/kYM (approximately 50 72/kW1), ra of when is infla

0 72/kW1), ra of when is inflation adusted for the term of the PPA The FPA provides for price escalations after April 2011 The PPA also provides that Eskom war purchase all of tre elscIncily generated by Me pro"( with payments required at the contracted rate if the grid is unavailable beyond a specified

ding the receipt of an approval from the South African Departmert of Energy. The project is pert d de RE IPPP progam The covnterparty to the PPA is Eskom The PPA iSSCher.k1 eft to terminate during Re first quarter Of 2034 and provides for a tariff of ZAR 1 23/MM) (approximately SO 12/MM)), 100% of whi

d based on the bidding process Each winning bidder rider the REIPPP ptogram will • enter into a 20-year PPA with Eslarn that creates an obloshon for Eskom to pay the renewable erector project the agreed tanff for power provided be the protect and • enter into a 20-year Inolementabon Agreement with the

hern Cape. South Afnca and a 10MW Korikocraies Solar PV Energy Facility near Potadier n to Northern Cape. South Alma The Company has a contract with Eskom lickangs SOC Urnted a South African state owned entity for the supply of electnaly 2. Summary of significant accounting policies Basis of pteparafl

ptions or con:Stone Revenue Paver purchase agreements Substantially all of the Operating Ertites revenues are °Vaned through the sale of energy to Eskom pursuant to teens of We PPM Concentration risk does exist as tie Operating Entities transact with only one customer, namely Eskom This concentraton

r 31, 2016 2014 81,128 73.582 The Deming Entries' sole trade debtor. Eskcm, is a stale owned entry The PPA also makes piovison in the event that Eskom defaults on payment. the South African Department of Erergyvnll settle the outstardirg debt As the amounts cmnrg by Eskcrn have been guava 'Iced ty

ttling tee asset retiremers obligatens as al March 31, 2015 and December 31 2014 14. Power energy revenue The Operatirg Emma entered into PPAs wlh Eskom a stale owed &day In accordance with the PPM, the countetparty acquires the lull outµ( gererated by the plant on an 'as available' basis Figures In

,201) 433,066 6. Accounts receivable In US dollar 2014 2013 Trade receivables Concentrations The Company s Tace receivables e are solely from Eskom tiokbres SOC touted at 31 December 2014 and 2013. 5.283000 6667,134 pet quality of trade receNables Trade receivables are general/ collected vain

e sale of energi to Este» pursuant to terms of the Was Concentrabon nsk does exist as the Operating Entities transact with only one customer, namely Eskom This concentration risk cannot be negated due to the limtabans of the energy market within South Nnca All PPAs are accounted for as operating leases

ember 31, December 31, Routes M ZAR 1000 2014 2013 Trade debtors 73 582 ghee debtors 63 73 582 63 The Opera ng Entrees' sole trade debtor, Eskom, rs a state owned entity. The PPA also makes damson n the event that Eskom defaults on payment me South Afncan Department of E rergy will settle tre

part of the REPPP program under which a solar project is regulated as an independent power producer and is auttonzed to produce and sell electncty to Eskom the couty s largest staeowred power utility, pursuant to a license issued by VERSA The coulerparty to the PPA is Eska", which a rated 88+ by S&P Th

of settling the asset retirement oblgaticns as al December 31, 2014 and 2013 14. Power energy revenue The Operating Entities entered into PPAs with Eskom a state owned entity in accordance with the PPAs, the counterparty acquires the lul output generated by the pant on an 'es available' basis Decembe