Meeting Held on 30th March PIVOTECH and Government

PPA Negotiations Burundi between

to 1st April, of Burundi.

2011

at Bujumbura,

In Attendance REGIDESO. DESIGNAnON ROLE Member EnergyProject Ministry Developer, of Energy PIVOTECH. Secretary Chairman, and Mines, Gob GoB. Technical Team Consultant, PIVOTECH. PPA Legal Consultant, PIVOTECH. Lead Consultant, PIVOTECH. Country Resident Representative, PIVOTECH. Co-Chairman Project Developer, PIVOTECH. PIVOTEClt Director General in charge of Water andto Director of Energy-Ministry of Energy andof Advisor Directorate of Energy - Ministry World Bank Energy Projects Advisor

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Agenda; 1. Review of the status since the last meeting (Last 4 Months). 2. Review of the Technical and Financial Feasibility Study. 3. Review of the PPA Draft. I.

Review of the Status since the Last Meeting.

PIVOTECHhas been busy working ahead of time and already committed resources and engaged the financiers and suppliers as it awaits the PPA finalization.

n. Review of the Technical and Financial Feasibility

d5 Years. Itto expected

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Topic 2010. historical toshortage as close as t· reach aboutdata 200MW by then is expected, the will

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Study.

Resolution Discussion PIVOTECH forecasts. these new Data usedforecast were with not beyond 2007. Demand GoB pledged has toupdate furnish greatly PIVOTECH to the

were with less her side. hEngine early Engines te at nception HFO, but pected by ve fuel eed Engine

derived from the combination PIVOTECH will take note of Cost derived from this UMUTABAZIwill accommodate This is the function of Fixed and The cost was derived based on considered review soon to almost double US$lm for 1.5Million Liters. shall be operational by 2013 and cheapest rates will prevail. its own Fuel Farm, with the They and These US$ Bujumbura Best were c26.03 practice costs viewed is per proved rates standing to kWh be and to on still at NOT be the The proposed rate based on proved to be feasible. Government has no A progressive Study Two total capacity variables energy did of approach take storing cost constituting care shall up was to this be in and the the that initial during option sourcing. proposed by Within Expectation. technology, proved ongoing higher Other to yield options than proved construction US$ expected needs to cenough 29 yield per to by in be kWh GoB. costs for building achanged, Tariff Study for Burundi new architecture Since Hydro proposed the technology (about have period 10.4MW), and is 1was Year GoB is considering aof tariff Fuel Storage capacity ", Mpanda North East Sub Station where station can accommodate both same conversions. GoB .The Unit Cost UMUTABAZIwill also terminate 550,OOOLtrs. respectively. after signing of the PPA. amounting cwas 34 per kWh projects. approximately 10Years. and yielded unit cost to. There were concerns if prior converted modification totothe be Natural ready Gas to be (CNG), US$ 25.95 per considerations technical feasibility, were to made see if during the

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ndi. The icity 24 Team per tion

study deduced the cost be US$soon rates will beGoB. reviewed as GoB reviews ittoisexpect current After hard negotiations, it the was government. still the current be subsidized rates. The by gap will PIVOTECH shall thetariff. kWh to be approved by the 2011, to exhaustively deduce the at US $ c 8/kWh. cost that GoB is is benchmarking against this ccustomer 22 is perthe UMUTABAZI. Unit tariff production kWh. still This Although, cost, averaging is the

Ill. Review of the PPA Draft. PIVOTECH has received the draft of the PPA, translation is going on. PIVOTECHto submit their comments by Monday, April-4th, 2011 to the Chairman for the Final Draft.

We hereby the undersigned written are true.

declare that these minutes of the PPA NEGOTIOATINS

For Pivotech CO LTD 1. Dr. Lennard Tenende ..,,:~,'

2. Jean Pierre Furaha On behalf of the ministry of energy and mines 1. IDI-BUHANGAPressadi 2.

BARAMPANZE Pierre

On behalf of REGIDESO 1.

NKURUNZIZARichard