Geothermal Presentation, March 14, 2013, Madrid/ Spain

Geotermia:

una energía sostenible

Producción de electricidad mediante geotermiaAlexander Richter – Green Energy Group AS

Madrid, 14 de marzo de 2013

• Established in January 2008

• Geothermal expertise from Iceland and the

proven concept of modular technology from

the oil and gas industry

• Unique modular geothermal well head pow

er plant (patent pending) with 3.2 to 6.4

MW per unit, but importantly based on

existing technology

• First major contracts with Kenya Electricity

Generating Company (KenGen) totaling

nearly USD 100 million secured in early 2012

• Full power online for the first 6.4 MW pilot

plant in February 2012.

Green Energy Group

• Global news

• Job Portal

• Geothermal Power

Plant Map

• Social media

• iPhone app

• Free pictures

• Services

www.ThinkGeoEnergy.

com

www.PiensaGeotermia.

com

• Now also in

Spanish

• Recent partnership

agreement with

Chilean

ACHEGEO

Depth in km

Geothermal systems

Hydrothermal/ Conventional Geothermal EGS

1

2

3

4

5

6

Geothermal energy utilization

Binary

Geotherm.

Power

Plants

Fruit &

Vegetable

Drying

Mushroom

Culture

Geotherm.

Heat

Pumps

Soft Drink

Carbon-

ation

Cement &

Aggregate

Drying

Onion &

Garlic

Drying

Food

Process.

Snow

Melting

& De-icing

Pulp &

Paper

Process.

(Fish)

Aqua-

culture

Lumber

Drying

Concrete

Block

Curing

Bathing

Refriger-

ation &

Icemaking

Fabric

Dyeing

Green-

houseing

&

Soil

Sterilizat.

Building

Heating &

Cooling

&

Water

Heating

Soil

Warming

Ethanol,

Biofuel

Prod.

Beet Sugar

Evaporat.

& Pulp

Drying

Blanching,

Cooking

&

Pasteur-

ization

Biogas

Process

Source: http://www.utpb.edu/ceed/renewableenergy/applications.htm

Conv-

entional

Power

Plants

Ho

t W

ate

rS

atu

rate

d S

team

Electricity

200 C/ 392 F

150ºC/ 302 F

120ºC/ 248 F

100ºC/ 212 F

80ºC/ 176 F

60ºC/ 140 F

40ºC/ 104 F

20ºC/ 68 F

0ºC/ 32 F

Food & rel. Heating & rel. Other

Geothermal heat at depth

Temp.

at Depth

3.5 km

Geothermal heat at depth

Temp.

at Depth

5.5 km

Geothermal heat at depth

Temp.

at Depth

7.5 km

Geothermal heat at depth

Temp.

at Depth

9.5 km

What is needed?

Heat

Fluid

1

2

Permeability2

Dry steam

power plant

Geothermal power generation technologies

Flash steam

power plant

Geothermal power generation technologies

Binary cycle

power plant

Geothermal power generation technologies

Geothermal power plant evolution

Source: Emerging Energy Research (2009)

Geothermal technology deployment

Source: Emerging Energy Research (2009)

MW

insta

lled

Time

Geothermal technology mix

25% 45% 14% 9% 7% 0%

Dry

Steam

Single Flash

Dual Flash

Binary

Hybrid

EGS

Source: Emerging Energy Research (2009)

Suppliers

Flash systems Binary systems

Flash systems Flash systems

Development pipeline

1

16

7

24

29

56

0

52

82

82

88

166

204

167

536

575

843

628

958

1,904

1,197

3,093

40

35

45

60

60

75

150

120

190

200

240

200

290

530

535

800

920

1,240

1,140

2,500

3,500

5,400

Australia

France

Ethiopia

China

Portugal

Papua New Guinea

Chile

Guatemala

Russia

Turkey

Nicaragua

Costa Rica

El Salvador

Kenya

Japan

Iceland

Italy

New Zealand

Mexico

Philippines

Indonesia

United States

2010

2015e

Development

Year 1 2 3 4 5 6 7 8 9 10 …

Geological

Research

Drilling

Evaluation

Construction

Operation

Wellhead power plant solution

Year 1 2 3 4 5 6 7 8 9 10 …

Geological

Research

Drilling

Evaluation

Construction

Operation

• Modular design

• Optimal power generation

• Rapid deployment

• Scalability

• Accelerated return on investment

C64 wellhead condensing power plant

C64 Wellhead Condensing Plant

Two C32 gensets with

6.4 MW in total

Delivery in 3.2 MW

(one genset) or 6.4

MW (two gensets)

Flash-based (>160 C)

Modular design

allowing independent

power generation from

individual wells

Olkaria plant in construction by Green Energy Group AS, March 1, 2013

Pilot Plant – Olkaria

• Well-head power plant built for

KenGen, Kenya’s state utility

• 6.4 MW pilot plant of Green

Energy Group started operation

in January 2012.

• Valuable experience gained

• Adaptation of set up and

technical components

• New specifications for turbine

and other components

• Basis of won tender for 15

additional units of 70-85 MW for

KenGen

0%

10%

20%

30%

40%

50%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Financing of power plants

0%

10%

20%

30%

40%

50%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

$4.8bn TOTAL

Development

bank

46%

Commercial

lender

22%State-owned

entity

20%Pension fund 8%

Government 4%

Source: Bloomberg New Energy Finance

Annual new-build debt investment as proportion

of total for past decade, 2002–2012

Energy that never runs out – Geothermal Energy

Green Energy Group AS - Contact

Norway - Headquarter

C.J. Hambros Plass 2C

0164 Oslo - NORWAY

Main: +47 22996073

Fax: +47 22996010

E-mail: customer@geg.no

Iceland - Research &

Development

Green Energy Iceland ehf.

Kringlan 5

IS-105 Reykjavik - ICELAND

Phone +354 512 8090

Kenya - Office

7th floor, Purshottam Place,

Westlands

P.O. Box 66217-00800,

Westlands, Nairobi

Indonesia - Office

Indonesia Stock Exchange

Tower 2, 17/F

Jl. Jend. Sudirman Kav. 52-53

Jakarta 12190 - INDONESIA

Phone: +62 21 515 7705

Fax : +62 21 515 7799

Singapore – Office

37th Floor, Singapore

50 Raffles Place

Singapore 048623

Phone: +65 6829 7058

Fax: +65 6829 7070

United Kingdom – Office

43-45 Portman Square

Alexander Richter – Marketing & Communication Director

Mobile: +354 618 5304

E-mail: alexander.richter@geg.no