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Makushin Geothermal Project est 2020
Makushin Geothermal Project Narrative Write Up-Overview PPA with Unalaska Mlaea"\\U '4 d 0 Cost Estimateat40[0 rv O&M cost estimatea7,2 Proforma-Conservative Case an hed Proforma-Expected Case 6" ”"ah MGP Schedule 4whe\"jo Ua17 _Drawings:Overview Exhibit Map,4 4 "0 r {)Water crossing Exhibit, New Alignment Drawings for Road ow J wv20m4yer0 wee,we ors (3 Kaishan Drawings-P&lD's 4,\neay KUCB.org "City of Unalaska Inks Powerani4PurchaseAgreementforGeothermalPower"4 4(uf :article aAi ,AX'|t'\3}(\yu (wvo£,ry ,© 4\{0 (4) oS ( = NI) ©) (() ro =| l THE MAKUSHIN GEOTHERMAL PROJECT FACTSHEET PROJECT OVERVIEW The Makushin Geothermal Project (MGP)proposes to develop the Makushin Geothermal Resource (MGR)located on the eastern flank of Makushin Volcano on Unalaska Island,Alaska. Project would generate electricity using a new and novel geothermal power plant technology developed by Kaishan USA (a subsidiary of Zhejiang Kaishan Compressor Co,Ltd.)and already in use in Alaska at Chena Hot Springs.The new,innovative and patented screw expander technology offers a significantly higher efficiency,greater availability,lower maintenance and operating costs.The electricity generated will be sold to the City of Unalaska and other island businesses.The size of the generating plant will be 36MWg requiring three production and three injection wells. MGP is owned and operated by a partnership comprised of Ounalashka Corp.(OC)and Chena Power,LLC,(CP)named OCCP,LLC.The OCCP is 51%owned by OC and 49%by CP.The land and subsurface rights containing MGR are controlled by OC.MGR and access to MGR do not contain Federal or State lands MGP environmental impacts will be minimized by 100% reinjection of geothermal fluids.OC has purchased over 7,000 acres of land with surface and subsurface rights,encompassing MGR and discovery well ST-1,and has leased it to OCCP for 50 years. OC is an Alaska Native Village Corporation formed in 1973 under the Alaska Native Claims Settlement Act (ANCSA).OC is a for profit real estate leasing and development company with approximately 500 shareholders.Chena Power LLC,(CP)is a privately held Fairbanks based entity that installed the first geothermal power plant in the State of Alaska and serves as a demonstration of the Organic Rankine Cycle (ORC)technology for rural Alaska. Current MGP schedule proposes a loan guarantee closing by 04/07/21 with site environmental! benchmarking beginning on 04/12/20,site preparation and construction commencing on 4/10/21 and commercial operation beginning on 10/28/2023. HISTORY OF MGR MGR was discovered in 1985 after an extensive exploration program by several Alaskan agencies and universities.Top-level technical MGP design features include designing and constructing a road to the power plant site from Broad Bay,drilling three production and three injection wells and constructing a Kaishan modular geothermal power plant consisting of two steam screw expanders,three wet steam ORCs,and two cascade brine ORCs for a total of seven units.This includes gathering and reinjection pipeline systems all on Southern Fox Canyon plateau located near discovery well ST-1.Plan also includes designing and constructing power Page 1 of 3 AA,| ASHKA CORPORATION transmission and communications lines with land and underwater sections,and two transformer substations to connect to City of Unalaska's power grid. EMISSIONS REDUCTIONS MGP will significantly reduce anthropogenic emissions of greenhouse gases because it will replace current City of Unalaska's diesel-fueled electric power systems.In total,this project could potentially reduce hydrocarbon emissions on the island by: e 14 million gallons of diesel fuel, e 2,693 tons of NOx, e 6tons of PM10 and e 153,075 tons of CO2 per year. PROJECT COSTS MGP is a 100%renewable energy project comprised of a 36MWg/30MWe geothermal electrical power system.Total project costs are estimated at $273M including a $24M contingency.OCCP is contributing $50M in cash and value to the project,thereby requiring a financing amount of $223M.Total system capacity costs are about $7,500/kW.This estimate is based on a bottoms- up approach with firm quotes from project contractors,high-side estimates of past studies, quotes and scope definition from Owner Engineer and actuals and future projections for pre- sanction costs.The project is profitable in year 1 after debt service,thirty-year conservative proforma EBITDA is $272M,the thirty-year expected proforma EBITDA is $503M. O&M estimated costs of $2.6M/year are based on these component costs:G&A,Kaishan O&M fees,plant consumables,maintenances reserve,overhaul fund,spare parts,insurance,property taxes,logistical support,transmission line inspections,and well field work.A summary of the project estimate,detailed .O&M costs as well as 30-year proforma's for conservative and expected case are attached.«\ POWER PURCHASE AGREEMENT On August 31,2020 a signed Power Purchase Agreement (PPA)was executed between OCCP, LLC and The City of Unalaska (TCU),document attached.TCU has agreed to an annual lump sum payment of $16,300,000 divided into 12 equal monthly payments,with a sales target of 1O0OMkWh per year starting in CY2024 for 30MWe delivered to TCU's utility's grid.Each successive year payment in increased by 1%.If energy delivery exceeds 100 MkWh in any year, The City of Unalaska has agreed to share the additional revenues gains 50:50 with OCCP.This aligns the parties to produce more sales effectively lowering consumer costs while increasing OCCP margin MARKET ANALYSIS A market analysis has been performed for potential customers for MGP generated electrical energy.Potential offtakers include:The City of Unalaska,APL,Alyeska,Coast Guard,Matson, Westward,UniSea and other smaller users.The applicant is assisting the City to gain more sales and to replace the five independent power generation sources to this single geothermal source. Page 2 of 3 amCHENA Apva[CZC4--POWER COR [ALASHKA Possible sales are estimated October 2019 Large Industry Report and yearly average TCU utility data for 2019.The entire island has potential of 157 MkWh.The City current base load is AOMkWh sales.The City building heating oil replacement project is part of the PPA.The current estimate is for an additional 35MkWh to be needed when all the heating oil systems are replaced.This is based on a 2010 heating oil analysis. Further information:https:/Awww.alaskageothermal.info Page 3 of 3 POWER PURCHASEAGREEMENT BETWEEN CITY OF UNALASKA,a first-class Alaska municipal corporation AND OUNALASHKA CORPORATION/CHENA POWER,LLC,an Alaska limited liability company Parties This POWER PURCHASE AGREEMENT,dated Arsust 3|,2020 (Agreement)ismadebetweentheCityofUnalaska,a first-class Alaska municipal corporation (Purchaser)and Ounalashka Corporation/Chena Power,LLC (Seller)a licensed Alaska limited liability companydulyorganizedunderthelawsoftheStateofAlaska. Recitals Whereas,the Purchaser owns and operates water,sewer and electric public utilities for the City of Unalaska; Whereas,the Seller intends to develop and build a geothermal power system to generate electricity for sale to the Purchaser (Makushin Geothermal Project);and Whereas,the Purchaser desires to purchase electric power from the Seller under the terms and conditions set forth herein;and Whereas,upon complete satisfaction of the conditions precedent set forth in this Agreement,the Purchaser and Seller intend for this Agreement to become binding and fully enforceable on the Parties. Now,therefore,the Purchaser and the Seller (jointly the Parties)in order to achieve the foregoing do agree and commit as follows. Terms and Conditions 1.DEFINITIONS (a)"Agreement”means this Power Purchase Agreement. (b)"Actual Project Capability”means a Project Capability,as determined by an independent third-party engineer,that is less than the stated Project Capability and 1|Page (c) (d) (e) (f) (zg) 2|Page such that the Purchaser is unable to meet 100%clectrical demand with Energy from the Facility. "City Distribution System”means all city-owned equipment interconnected with the City distribution and transmission lines up to the Delivery Point. "Commercial Operations Date”means the date on which the last of the following events occurs:1)construction of the Facility and the transmission lines from the Facility to the Delivery Point have been substantially completed in accordance with the terms and conditions of this Agreement and Applicable Laws and the Facility and transmission lines possess all the other material characteristics necessary for delivery of Energy to the Delivery Point pursuant to this Agreement;2)the Facility has successfully completed all tests which must be performed prior to commercial operation as required by applicable laws,start up and testing procedures required by the Engineering Procurement Construction Contract between OCCP,LLC and its manufacturers and installers and has demonstrated as confirmed by an independent engineer retained by Seller in a written report consistent with Prudent Electrical Practices or the terms of the Interconnection/Integration Plan that the Facility is fully available to be operated and able to provide not less than the Project Capability to the Delivery Point and that output can be dispatched into the Purchaser's system without disruption and on a commercial basis;3)Seller has obtained all governmental approvals and Permits required to begin commercial operations and operate and maintain the Facility in accordance with this Agreement,and all such Permits and approvals are final and in full force and effect;and;4)Seller and Purchaser have obtained the insurance specified in Section 18. "Commercial Operation Deadline”means May 31,2024 which is the date by which the Facility must have reached the Commercial Operations Date,or such other date as provided in this Agreement or as may be agreed to in a writing signed by both Parties. "Delivery Point”means the interconnection point(s)between the Seller's Facility and the City Distribution System.This may be comprised of a single point or points for transferring energy between the Seller's Facility and the City Distribution System. "Energy”means geothermal energy for electrical power generation expressed in kWh generated from the Facility and provided to Purchaser by Seller under this Agreement. (h) (i) i) (k) 3|]Page "Equivalent Availability Factor”means the ratio of hours the Facility is available for power generation at Project Capacity to the number of hours in a particular calendar month.The removal or derating of any operational component which would limit the ability to generate at Plant Capacity to the Delivery Point shall be considered Unavailable.An example of how Equivalent Availability Factor is calculated is attached as Exhibit D. "Facility”means any Facility/facilities or component/components of/to the Makushin Geothermal Project used to produce Energy owned by the Seller including all electric power interconnection and transmission equipment located on Seller's side of the Delivery Point.Transmission equipment shall include two subsea cables each capable of transmitting Energy to the Delivery Point.Facility includes an electric generating facility with a net output of 30 MVA at the Delivery Point,using geothermal fluid as the fuel source and located near the existing ST-1 well ("Project Site”).Additional capacity added to the Facility after the Commercial Operation Date shall not be subject to this Agreement unless the Parties have executed and approved an amendment to this Agreement. "Fixed Payment”means the annual payment Purchaser and Seller agree will be paid for electrical energy which may be utilized during the initial Year of the Term and thereafter increased based on Section 5 requirements.The fixed payment shall be divided into 12 equal monthly payments. "Force Majeure”means (a)any act of God,labor disturbance,act of the public enemy,war,insurrection,riot,civil disturbances,sabotage,blockade,expropriation, confiscation,fire,unusual or extreme adverse weather-related events or natural disasters (such as lightning,landslide,earthquake,tornado,hurricane,storm or flood),pandemic,epidemic or any order,regulation or restriction imposed by any Governmental Authority,or (b)any other event of circumstance,which,in each case of clauses (a)and (b),(i)prevents a Party from performing any of its obligations under this Agreement,(ii)could not reasonably be anticipated as of the date of this Agreement,(iii)is not within the reasonable control of,or the result of negligence, willful misconduct,breach of contract,intentional act or omission or wrongdoing on the part of the affected Party (or any subcontractor or Affiliate of that Party),and (iv)which by the exercise of due diligence the affected Party is unable to overcome or avoid or cause to be avoided;provided,nothing in this clause (iv)shall be construed so as to require either Party to accede or agree to any provision not satisfactory to it in order to settle and terminate a strike or labor dispute in which it may be involved.A Force Majeure does not include any of the following:(1)events arising from the failure by Seller to construct,operate or maintain the Facility in ) (m) (n) (0) (p) (q) (r) (s) () 4|Page accordance with this Agreement;(2)any increase of any kind in any cost;(3)delays in or inability of a Party to obtain financing or other economic hardship of any kind; or (4)any changes in the financial condition of Purchaser,Seller,or any subcontractor or supplier affecting the affected Party's ability to perform its obligations under this Agreement. "Initial Synchronization”means the date upon which the Facility is first synchronized at the Delivery Point with Purchaser's system. "Interconnection /Integration Plan”means the document agreed by the Parties that represents requirements for system interconnection and integration of power to the Purchaser's existing system.The plan shall include two subsea cables each :capable of transmitting Energy to the Delivery Point and shall consider city,state, federal codes and standards,in conjunction with the geothermal plant design basis and shall incorporate Prudent Electrical practices to integrate the City Distribution System taking into account methodology to improve Purchaser's Electrical System Integrity to the extent agreed in Section 11,or as mutually agreed in the actual plan which is to be attached as Exhibit B,when completed. "kWh”means a kilowatt-hour of electric energy. "Local Tax”means ad valorem real and personal property taxes levied by the City of Unalaska on the Facility. "Metered Energy”means the Energy delivered to Purchaser by Seller at the Delivery Point as measured by the Purchaser's supplied Meter at the Delivery Point. "Metering Equipment”means equipment required to provide a complete metering circuit including;cabinets,potential transformers (PT's),current transformers (CT's),raceway and interconnection wiring. "Month”means a calendar month. "Qutage”means a duration of time in which the facility cannot provide 100%of required demand,requiring the Purchaser or self-generators to run additional generation,interrupt loads,or reduce loads.Outages shall be measured in hours.An outage of any period of time up to 60 minutes shall be equal to 1 hour.A sum of all single outages less than 60 minutes,in a 24-hour period shall be a maximum of 24 hours. "Peak Capacity”has been reached when a measurement of power in MVA or KW has exceeded 1.5%for any duration of time,i.e.,30 MVA Peak Capacity =30.405 MVA. (u) (v) () (x) (y) (2) (aa) 5|Page "Permits”means all applications,permits,licenses,franchises,certificates, concessions,consents,authorizations,approvals,registrations,orders,filings, entitlements,and similar requirements of whatever kind and however described that are required to be obtained from a Governmental Authority with respect to the development,siting,design,acquisition,construction,equipping,financing, ownership,possession,start-up,testing,operation or maintenance of the Facility, the production and delivery of Energy or any other transactions or matter contemplated by this Agreement (including those pertaining to electrical,building, zoning,environmental,and occupational safety and health requirements). "Plant Availability”means that the Facility is operating at a capacity such that all power requirements of the Purchaser are met up to the Project Capability. "Plant Reliability”is defined as the Facility's ability to load follow demand,up to Project Capability. "Project Capability”means the installed capability of the Facility to maintain Plant Reliability at the Delivery Point at Peak Capacity. "Project Finance”means a loan from the Department of Energy or third-party lender sufficient to pay for and/or reimburse Seller for construction and initial Operations costs and expenses associated with the Makushin Geothermal Project. "Project Site”means the real property shown on the attached Exhibit A. "Prudent Electrical Practices”means those standards of design,engineering, construction,workmanship,operation,care and diligence normally practiced by internationally recognized engineering and construction firms and prudent operators of electric generation facilities similar to the Facility and electrical transmission systems in the Western United States during the relevant time period,which practices,methods and acts,in the exercise of prudent and responsible professional judgment in the light of the facts known at the time the decision was made,could reasonably have been expected to accomplish the desired result consistent with good business practices,reliability and safety.Prudent Electrical Practice is not intended to be the optimum practice,method or act to the exclusion of all others,but rather is intended to be any of the practices,methods and/or actions generally accepted in the Western United States during the relevant time period.Prudent Electrical Practice includes taking reasonable steps to ensure that:(a)equipment,materials,resources, and supplies are available to meet the Party's needs;(b)sufficient operating personnel or contro!procedures are available at all times and are adequately experienced,trained and licensed as necessary to operate the Facility or Purchaser's system properly and efficiently,and are capable of responding to reasonably foreseeable emergency conditions;(c)preventive,routine,and non-routine maintenance and repairs are performed on a basis that ensures reliable long-term and safe operation,and are performed by knowledgeable,trained,and experienced personnel utilizing proper equipment and tools;and (d)appropriate monitoring and testing are performed to ensure equipment is functioning as designed. (bb)"Purchaser”means the City of Unalaska through its Public Utilities Department. (cc)"Purchaser's Electric System Integrity”means operation of Purchascr's electric power and transmission system in a manner that minimizes risks of injury or damage to persons and/or property and enables Purchaser to provide reliable electric power service to its customers. (dd)"Seller”means the Ounalashka Corporation/Chena Power,LLC,an Alaska limited liability company. (ee)"Startup Period”means the period that begins at Initial Synchronization and ends at the Commercial Operations Date. (ff)"Year”means each twelve (12)month period during the Term commencing on the Commercial Operation Date or the anniversary of such date. 2.GENERAL (a)During the Startup Period and continuing through the term of this Agreement, Seller shall deliver to Purchaser,and Purchaser shall receive from Seller electric energy output from the project Facility/facilities in accordance with the terms and conditions of this Agreement. (b)Subject to 2 (c)and (d)below,Seller shall sell exclusively to Purchaser;provided, however,that minimum payments are made by the Purchaser,as described in Section 5 of this Agreement. (c)Purchaser shall have the exclusive right to provide electric service to all new and 6[Page existing customers within Purchaser's existing service area at the City's then existing tariffrates.Purchaser shall have the right of first refusal to provide electric service to all new customers located outside Purchaser's existing service area that (d) may request electric service from the Project,including to any operations owned and/or controlled by Seller and new customers owned in whole or in part by Ounalashka Corporation,Chena Power LLC or any subsidiary or affiliated entity at a rate equal to the City's cost of city purchased or city generated power plus applicable standard customer charges.The first right of refusal period shall expire thirty (30)days after Purchaser is provided written notice of such new customer ('Refusal Period”),At the expiration of the Refusal Period Seller shall have the exclusive right,in its sole discretion,to provide electrical service to new customer(s)under a separate agreement,the terms of which shall be negotiated exclusively between Seller and such third-party(ies).Any such Agreement between Seller and such third party(ies)shall not reduce Seller's obligation to provide 30 MVA to the Purchaser at the Delivery Point. Seller shall convey title to and risk of loss of all energy delivered to the Purchaser at the Delivery Point. 3.FACILITY CONSTRUCTION AND COMMERCIAL OPERATION (a) (b) (c) (d) (e) 7([Page Seller shall use reasonable commercial efforts to construct the Facility and achieve the Commercial Operation Date by the Commercial Operation Deadline.Seller shall provide Purchaser with periodic reports about the progress of the Facility construction and completion. '\ Seller shall provide Purchaser with at least 70 days advance notice of the date when Seller anticipates achieving Initial Synchronization. Seller shall provide Purchaser with at least 45 days advance notice of when Seller anticipates beginning to demonstrate Commercial Operation has been achieved. Purchaser shall be allowed to observe the Facility during demonstration or testing required to establish Commercial Operation.Purchaser shall accommodate or allow reasonable correspondence and collaboration with Purchaser customers to facilitate adequate loading of Facility to allow completion of all tests required to complete the "start-up”process. Energy exchange during the Start-Up Period shall be at no cost to the Purchaser or customers of the Purchaser, Seller shall provide Purchaser written certification of Commercial Operations when Seller believes that all requirements under this Agreement for achieving () (g) Commercial Operation Date of the Facility,including the conditions precedent specified in the definition of "Commercial Operation Date”in Section 1,have been satisfied.If Purchaser rejects certification of Commercial Operations,Purchaser shall state in detail the reasons for its rejection.The Parties shall immediately meet and confer to address Purchaser's concems.Commercial Operation shall be deemed to have occurred on the date that the requirements for Commercial Operation are satisfied,which date may be earlier or later than the date on which Purchaser accepts Seller's certification that Commercial Operation has occurred and/or the date on which any concerns that Purchaser expresses in connection with Seller's notice are resolved;provided the Parties acknowledge or are deemed to have acknowledged,or it is determined through dispute resolution,that all such requirements for Commercial Operation have been satisfied on such earlier date. Seller shall provide Purchaser with as built drawings of the Facility and all equipment placed at the Delivery Point within sixty (60)days after the date of Commercial Operations.' Purchaser may inspect the Facility during the term hereof upon reasonable advance notice to Seller. 4.TERM (a) (b) (c) 8|Page Subject to Sections 4 (b)and (c)below,this Agreement shal]become effective on the date it is executed and delivered by both Parties and shall continue in effect for a period of thirty (30)years after the Commercial Operation Date (Term). The Term of this Agreement may be extended by mutual agreement of the Parties for an additional period,provided that the Purchaser or the Seller request in writing an extension of this Agreement not less than eighteen (18)months prior to the expiration of the initial Term.In the event an extension request is submitted by either party,Purchaser and Seller shall each negotiate in good faith using commercially reasonable efforts to agree on the terms,conditions,and length of an extended term. Seller and Purchaser agree that the purpose and intent of this Agreement is dependent on the successful completion of the construction of the Facility/Facilities and the related achievement of the Commercial Operation Date by the Commercial Operation Deadline.As such,in the event that either;1)Seller fails to obtain Project Financing by June 10,2021;or 2)construction of the Facility/Facilities is at any time discontinued,abandoned or otherwise terminated by Seller in its sole discretion ,or 3)Seller fails to provide written assurances to Purchaser that the Commercial Operation Deadline will be achieved in a form consistent with Prudent Utilities Practices,or 4)the Project fails to reach Commercial Operation by the Commercial Operation Deadline,then either Party may terminate this Agreement upon thirty (30)day's prior written notice to the other party.In the event that a party elects to terminate this Agreement pursuant to this Section 4 (c),neither Seller nor Purchaser shall have any further liability and/or obligations to the other hereunder after the termination date,except for obligations,liabilities and/or duties that accrued prior to such termination or that survive such termination by the terms of this Agreement, §.FIXED PAYMENT (a) (b) (c) (d) 9{Page The Seller agrees to sell and the Purchaser agrees to purchase electrical energy which may be utilized immediately for a Fixed Payment of sixteen million three hundred thousand dollars per year ($16,300,000.00).Each successive Year during the Term the Fixed Payment shall increase;1)by one per cent (1%)plus;2)by an amount equal to the total amount of Local Tax paid by Seller during the previous Year. If Seller elects to construct the Project at a different location than the Project Site which decreases construction and operating costs by.more than five per cent (5%), prices shall be revised downward to reflect the decreased construction and operating costs.. If Purchaser requests Seller to increase the generating capacity of the Facility above the Project Capability,the Fixed Payment shall be increased,via an addendum to this PPA in an amount to be negotiated by the Parties. In the event the Facility fails to deliver Plant Availability at Project Capability the following adjustment to pricing and Seller actions are agreed.The intent of these adjustments are not to act as a penalty to the Seller,but to reduce Purchaser's actual financial hardship and to place Purchaser in the same position as_if the Facility delivered Plant Availability at Project Capability as agreed.Purchaser and Seller recognize that determination of the actual financial impact to Purchaser in such circumstances is not easily capable of precise calculation and have adopted these provisions for that reason.This subsection does not supersede Purchaser's or Seller's rights to declare a Default under section 15. (f) (g) (h) 1o|Page If in any month during the Term the Seller cannot provide the Plant Availability at the Delivery Point for reasons other than limitations within the Purchaser's Electric System Integrity and the Purchaser must either operate its generation equipment or generate power from its own facilities or purchase power from other sources to meet its load obligations or allow customers to self-generate power they otherwise would have been supplied by Purchaser or reimburse customers for their cost of fuel used to self-generate power,Seller shall reimburse the Purchaser the sum of the following :("Reimbursement Payment”): 1)the cost of Purchaser's fucl 2)the cost of fuel of customers who self-generate 3)one cent (.01)per kilowatt hour for each kWh of energy generated by Purchaser and self-generators that would have been supplied by the Facility ("Administrative Charge”).Each successive Year during the Term the Administrative Charge shall increase by one per cent (1%). The Reimbursement Payment or Increased Reimbursement Payment shall be treated as a deduction to the Fixed Price Payment made by the Purchaser in the following month. If at any period during the Term,Seller cannot provide the Project Capability at the Delivery Point for either a period of three consecutive calendar months,or six or more months in any Year,the Actual Project Capability will be determined and the Administrative Charge for those months shall be increased by .02 per kWh beginning with the next monthly payment ("Increased Reimbursement Payment”). After Actual Project Capability has been determined,Seller shall then undertake the necessary means and methods to restore the Facility to Project Capability.The applicable Increased Reimbursement Payment shall continue until Seller has restored Project Capability.However,if instead of restoring Project Capability Seller negotiates lower Project Finance payments the Fixed Price shall be reduced in proportion to Seller's lower Project Finance payments. If Metered Energy delivered in any Year exceeds 100,000,000 kWh Purchaser shall make an additional payment to Seller calculated as set forth in Exhibit F ("Additional Payment”).The Additional Payment shall be paid in the first month of the following Year. 6.METERING AND PAYMENT OF INVOICES (a) (b) (c) (d) (c) 11]Page Meters shall be owned and operated per city code.Purchaser shall read Purchaser's meter at the Delivery Point on the last day of each month after Initial Synchronization and continuing through the month following the end of the Term, unless otherwise mutually agreed to by the Parties.Purchaser shall prepare and render to Seller within five (5)business days after the end of each month a statement detailing daily and hourly records of Metered Energy during the preceding month. Seller shall have the right to monitor and witness such readings at its own cost and expense.Within five (5)business days after receipt of the statement of Metered Energy Seller shall prepare and render to Purchaser an invoice for Seller's calculation of the payments due to Seller for such month. Each Year,monthly payments due shall be equal to one-twelfth of the Base Price (less applicable credits) Purchaser shall pay the undisputed amount of Seller's invoices within thirty (30) days after receipt of the invoice.If either the invoice date or payment date is not a Business Day,then such invoice or payment shall be provided on the next following Business Day.Payment shall be made at the office of the Seller,as designated in writing by the Seller.If Purchaser disputes the accuracy of an invoice,or Seller disputes the accuracy of the statement of Metered Energy,the Parties shall use commercially reasonable effurts to resolve the dispute.Any adjustments which the Parties may subsequently agree to make regarding any such invoice shall be made by a credit or additional charge on the next invoice submitted. If any payment due from either party under this Agreement shall not be paid when due and payable to the other party,the offending party agrees to compensate the harmed party at the amount in arrears times a rate equal to two percent (2%)over the prime rate as published by the "Money Rates”section of the New York City edition of the Wall Street Journal,or mutually agreed upon alternative ("Interest Rate”). At any time during normal business hours,either party shall have the right,upon reasonable prior notice to the other party,to examine and /or make copies of the records and data of the other party relating to this Agreement (including all records and data relating to or substantiating any charges paid by or to either party and including without limitation metering records of energy delivered)for the period such records and data are required to be maintained.All such records and data shall be maintained for a minimum of seven (7)years after the creation of such records for data. 7.METER AND SUBSTATION LOCATION AND PROCEDURES (a) (b) (c) (d) (f) 12|Page As a condition precedent the Parties agree to establish a mutually acceptable location for a new terminal switching station taking the undersea cable and fiber and converting to power acceptable for tie into the City Distribution System. As a condition precedent the Parties agree to establish mutually acceptable locations for Metering Equipment locations. Supply,operation,maintenance and ownership of revenue meters and all Metering Equipment shall be in accordance with paragraph 7(e),and the Interconnection/Integration Plan and Operating Procedures adopted as required by Section 11. Purchaser and Seller shall supply each other with easements as needed for installation,operation and maintenance of equipment by the responsible party. After the date of Commercial Operations meters shall be maintained and read by the Purchaser.Purchaser shall maintain the Meter according to the manufacturer's Suggested maintenance and testing recommendations.The manufacturer's maintenance recommendations and Purchaser's maintenance records for the Meter will be made available to Seller upon reasonable written request.Meters shall be furnished and installed by Purchaser. Purchaser shall test and calibrate the meters by comparison with accurate standards at intervals satisfactory to the Parties.Purchaser shall make special meter tests at any time at Seller's request using an independent party selected by Purchaser.The costs of all tests shall be borne by Purchaser;provided however,that if any special meter test made at Seller's request discloses that the meters are reading accurately,Seller shall reimburse Purchaser for the cost of such test.Meters registering no more than two percent (2%)above or below normal shall be deemed to be accurate.The readings of any meter which shal!have been disclosed by the test to be inaccurate shall be corrected,based on the inaccuracy at the time of testing,for the shorter of (1)the number of days since the meter being tested was installed,(2)the number of days since the last test indicating that such meters were performing properly,or (3) (g) the one hundred eighty (180)days prior to the current test,in accordance with the percentage of inaccuracy found by such test. To the extent that the adjustment period covers a period of deliveries for which payment has been made by Purchaser,Seller shall use the corrected measurements to re-compute the amount due (which amount shall not include interest)for the period of the inaccuracy and shall subtract the previous payments by Purchaser for such period from such re-computed amount.If the difference is a positive number,such difference shall be paid by the Purchaser to the Seller,and if the difference is a negative number,such difference shall be paid by the Seller to the Purchaser. Payment of such difference shall be made by means ofa credit or an additional charge on the next statement rendered. 8.HEATING SYSTEM Within one (1)month of executing this PPA,Seller will commission a feasibility study,at its cost,to survey Unalaska homes and business for conversion and use of air source heat pump (ASHP)technology.Assuming feasibility proven to the mutual satisfaction of Seller and Purchaser (metrics for feasibility are less greenhouse gas emissions and air pollution to the community,and less net cost to consumers for heating),Seller will design,procure,and install to entities who wish to convert their homes and business to ASHP at no cost to consumers.Seller shall pay for all design and installation costs up to a maximum of ten million dollars. ¥ 9.DISPATCH,OPERATIONS AND MAINTAINENCE. (a) (b) (c) 13|Page After the Commercial Operation Date,Purchaser (or a designee on behalf of Purchaser)shall dispatch the Facility as necessary to meet Purchaser's need for electrical energy,up to the Project Capability. Seller (or a designee on behalf of Seller)shall operate and maintain the Facility in accordance with Prudent Electrical Practices,Applicable Laws and Permits and in a manner that does not materially adversely affect Purchaser's Electric System Integrity.It shall be Seller's responsibility to provide suitable protective equipment as it concerns the Facility,such as fuses,circuit breakers,and relays,to adequately protect the Facility's and Purchaser's electric power equipment,and to ensure that the electric power interconnection for the Facility complies with all applicable legal,safety,and electrical code requirements. To the extent not inconsistent with Prudent Electrical Practices and manufacturers' guidelines and recommendations generally applicable to the Facility,Seller shall (d) (e) (f) (g) (h) (i) 14|Page cause the Facility to promptly comply with all dispatch orders issued by Purchaser or on behalf of Purchaser. At least sixty (60)days prior to the estimated date of Initial Synchronization,Seller shall provide Purchaser with a maintenance schedule for the Facility for the Facility's first year of operation.Thereafter,Seller shall submit to Purchaser annual maintenance schedules for the Facility no later than October |of each year that 'cover the twelve (12)month period starting January |and ending December 31 of the succeeding year and a long-term maintenance schedule that will encompass the immediately ensuing four (4)maintenance years.Purchaser shall provide written notice of any reasonable objections to the proposed then applicable annual maintenance schedule within ten (10)Business Days of Purchaser's receipt thereof. Seller shall furnish Purchaser with reasonable advance notice of any change in the annual maintenance schedule.Reasonable advance notice of any change in the annual maintenance schedule involving any shutdown of the entire Facility is as follows: Scheduled Outage Expected Duration Advance Notice to Purchaser (1)Less than 2 days At least 24 hours (2)2to5 days At least 7 days (3)Major overhauls (over 5 days)At least 30 days The Facility shall be designed to operate with 100%Plant Availability and 100% Plant Reliability. The Facility shall obtain and maintain an average Equivalent Availability Factor of ninety-five percent (95%). Outages shall not exceed more than 87 hours in a 365-day period.If the number of Outages is exceeded,the Seller shall be required to install equipment to limit outages to less than 87 hours,provided same outages are a result of Facility. Subject to the foregoing,Seller shall have the right to interrupt the supply of electrical power and energy for reasonable maintenance of lines,generation equipment and other facilities.Seller shall have no obligation or responsibility to Purchaser to provide standby generation in the event power delivery from the Facility is interrupted. If cither Seller's ability to supply available electric power and energy from the Facility or Purchaser's ability to receive and transmit available electrical power and energy from the Facility shall fail,be interrupted,or become defective through an act of Force Majeure,the affected party shall be excused from performance of obligations under this Agreement to the extent such performance is prevented or delayed by such event or circumstance and the affected party shall not be liable therefore for damages caused thereby ,provided the Party,as soon as practicable after becoming aware of the Force Majeure,declares the Force Majeure by giving a written notice (the "Force Majeure Notice”)to the other Party and upon request by the other Party furnishes the other Party with a detailed description of the full particulars of the Force Majeure reasonably promptly (and in any event within fourteen (14)days after the request therefor),which shall include information with respect to the nature,cause and date and time of commencement of such event,and the anticipated scope and duration of the delay.The Party providing the Force Majeure Notice shall be excused from fulfilling its obligations under this Agreement until such time as the Force Majeure has ceased to prevent performance or other remedial action is taken,at which time the Party shall promptly notify the other Party of the resumption of its obligations under this Agreement.The relief provided by this section shall only apply if the affected party is taking commercially reasonable efforts to remedy such situation and such situation was not the result of the negligence or fault of the affected party.No event or circumstance shall be considered to excuse a party's obligations under this Agreement to the extent such event or circumstance could have been prevented,overcome or remedied if the affected party had exercised commercially reasonable efforts to do so,and shall expressly exclude a party's financial inability to perform. (j)Operations Log.Seller shal!maintain an operations log,which shall include information on the actual average hourly,monthly and annual electric power output of the Facility,well availability and output,planned and unplanned maintenance outages,circuit breaker trip operations requiring a manual reset,partial de-ratings ofequipment,and any other significant event related to the operation of the Facility. The operations record shall be available for inspection by Purchaser uponreasonableadvancewrittenrequest,and Seller shall make the data available on a real-time basis by remote access to Purchaser if Purchaser acquires the necessary equipment and software license to process the data by remote access. (k)Monthly Reports.If requested in writing by Purchaser,Seller shall provide to Purchaser an electronic monthly report,no later than thirty (30)days after the end of each calendar month identified in the written request,regarding the operations of the Facility that shall include:all reporting information maintained in the operations record and hourly electric power output of the Facility.The monthly report shall also include an estimate of monthly electric power output for the calendar year and such other information related to the operation of the Facility that Purchaser reasonably requests in writing. 10.OPERATING COMMITTEE AND OPERATING PROCEDURES (a)Purchaser and Seller shall each appoint one delegate and one alternate delegate to act on matters relating to the operation of the Facility under this Agreement.Such 15|Page (b) delegates shall constitute the "Operating Committee”.The Parties shall notify each other in writing of such appointments and any changes thereto.The Operating Committee shall have no authority to modify the terms or conditions of this Agreement. The Operating Committee shall,acting reasonably,establish mutually agreeable written operating procedures ("Operating Procedures”)in draft form no later than the Commercial Operations Date.Operating Procedures shall include:the method of day-to-day communications;metering,telemetering,telecommunications,and data acquisition procedures;operating and maintenance scheduling and reporting; operations log;and such other matters as may be mutually agreed upon by the Parties. 11.SYSTEMS INTERCONNECTION AND INTEGRATION (a) (b) (©) Within twenty months (20)of executing this Agreement,the Parties shall agree to the Interconnection/Integration Plan a copy of which shall be attached to this Agreement by reference as Exhibit B. The Seller shall bear all cost of outside engineering,design and installation costs associated with the Interconnection and Integration requirements with the City Distribution System.The equipment necessary to interconnect at Project Capacity with the City system shall be approved by the City consistent with Prudent Electrical Practice. Purchaser shall commission an engineering study to determine reliability upgrades required for the City Distribution System to accept Energy from the Facility.The first two million dollars,($2,000,000.00)in cost,for the engineering study and resulting reliability upgrades to the City Distribution System identified in the Interconnection/Integration Plan will be borne solely by the Seller.The next ten million dollars ($10,000,000)in cost for reliability upgrades identified in the Interconnection/Integration Plan,will be shared equally by Purchaser and Seller. Seller's obligation to share costs are in addition to Seller's cost obligations under paragraph 11(b). (d)All equipment interconnected with the City Distribution System shall be installed 16|[Page in accordance with applicable City of Unalaska ordinances and the Interconnection/Integration Plan including but not limited to installation of a revenue grade meter(s)approved,installed and maintained by Purchaser,in equipment provided by the Seller at each Point of Delivery. 12.TAXES The Parties shall pay to the appropriate taxing authority when due all sales,use and similar taxes levied on Seller's sales,and Purchaser's purchase from or use,occupancy,or operation of the Facility/facilities during or for any part of the Term. 13.COMPLIANCE WITH APPLICABLE LAW The Parties shall comply with all local,state and federal laws,statutes,ordinances,rules, regulations,decrees,injunctions,orders and codes now or hereafter applicable to the Facility/facilities,regardless of whether they are of legislative,administrative or judicial origin or implement a new or changed governmental policy,including all of those which address planning, zoning,use,subdivision,occupancy,building,construction,maintenance,repair,health,safety, insurance,environmental conservation,environmental pollution and/or hazardous substances. 14.RIGHT OF ACCESS Duly authorized representatives of either party shall be permitted entry and/or access to premises,facilities and property of the other party,to the extent related to the Facility/Facilities, at all reasonable times in order to carry out the provisions of this Agreement. 15.DEFAULT (a)Seller Events of Default.The following shall constitute an event of default on the 'part of Seller under this Agreement:1)Seller shall fail to comply with any material provision of this Agreement,and such failure shall continue uncured for thirty (30)days after notice thereof by Purchaser,provided that if such failure is not capable of being cured within such period with the exercise of reasonable diligence, then such cure period shall be extended for an additional reasonable period of time (not to exceed one hundred and eighty (180)days)so long as Seller is exercising reasonable diligence to cure such failure;2)Seller fails to achieve Commercial Operation by the Commercial Operation Deadline and such failure is not cured within ninety (90)Business Days after Notice from Purchaser;or 3)Seller abandons the Facility (i.e.,ceased construction or operation of the Facility or the Facility has ceased production and delivery of the Energy for a consecutive sixty (60)day period and such cessation is not a result of an event of weather or Force Majeure)and such abandonment is not cured within sixty (60)Business Days after Notice from Purchaser. (6)Purchaser Events of Default..The following shall constitute events of default on the part of Purchaser under this Agreement: i7|[Page (i)Purchaser shall fail to make payments for undisputed amounts due under this Agreement to Seller within ten (10)days after notice from Seller that such payment is unpaid when due; (ii)Purchaser shall fail to comply with any material provision of this Agreement (other than the obligation to pay money when due),and such failure shall continue uncured for thirty (30)days after notice thereof by Seller,provided that if such failure is not capable of being cured within such period of thirty (30)days with the 'exercise of reasonable diligence,then such cure period shall be extended for an additional reasonable period of time (not to exceed one hundred and eighty (180) days)so long as Purchaser is exercising reasonable diligence to cure such failure. (c)With Respect to Either Party.The following shall constitute events of default on the part of either Party under this Agreement:1)a Party assigns this Agreement or any of its rights hereunder for the benefit of creditors other than a collateral assignment by Seller with respect to the financing of the Facility;2)a petition in bankruptcy or insolvency or for reorganization or arrangement under the bankruptcy laws of the United States or under any insolvency act of any state if filed against a Party and is not dismissed within sixty (60)days of such filing,or the Party voluntarily taking advantage of any such law or act by answer;or 3)a Party consolidates or amalgamatcs with,or merges with or into,or transfers all or substantially all of its assets to,another entity and,at the time of such consolidation, amalgamation,merger or transfer,the resulting,surviving or transferee entity fails to assume all the obligations of such Party under this Agreement to which it or its predecessor was a party by operation of law or pursuant to an agreement reasonably M \satisfactory to the other Party; (d)Remedies for Default.If an event of Default occurs there will be no opportunity for cure except as specified in Sections 15 (a)and 15(b).The Party claiming Default may,for so long as the Event of Default is continuing,(i)deliver a written notice which establishes a date (which date shall be no earlier than thirty (30)days after the Non-Defaulting Party delivers notice)on which this Agreement shall be terminated (Termination Date),(ii)withhold any payments due under this Agreement,(iii)seek recovery of liquidated damages to the extent allowed under Section 16;and (iv)pursue any other remedies available at law or in equity,except to the extent such remedies are expressly limited by this Agreement. (e)Survival.Expiration or termination of this Agreement shal!not affect any rights or obligations which have arisen or accrued prior to such expiration or termination.In addition,all rights and obligations for indemnity under Section 17 shall survive termination of this Agreement. 18|Page 16.LIQUIDATED DAMAGES Seller and Purchaser recognize that delivery of Energy is the essence of this Agreement and that the Purchaser will suffer financial loss if Energy is not delivered as promised in accordance with the Agreement.These losses include employee overtime hours,additional wear and tear on Purchaser's generation equipment,actual and estimated future expense of procuring an alternate supply of electricity,lost sales to customers who return to self-generating,lost opportunities for sales to prospective customers and general public inconvenience.They also recognize that such losses multiply over time and that there is significant difficulty and expense in proving in a legal proceeding the actual Joss suffered by Purchaser if Energy is not delivered as promised.Accordingly,instead of requiring such proof,Seller and Purchaser agree that as liquidated damages for failure to supply Energy (but not as a penalty)Seller shall pay Purchaser Twenty Thousand Dollars ($20,000)for each day a Seller Event of Default as described in Paragraph 15(a)exists up to a maximum of five million dollars ($5,000,000). 17.INDEMNIFICATION (a)Each Party shall indemnify,defend and hold the other and its officers,directors,affiliates,agents,employees,contractors and subcon tractors,harmless from and against any and all Claims,to the extent caused by the negligence or willful misconduct of the indemnifying Party or the indemnifying Party's own officers,directors,affiliates,agents,employees,contractors or subcontractors.In the event that any loss or damage with respect to any Claim is caused by the negligence or willful misconduct of both Seller and Purchaser, including their respective officers,directors,affiliates,agents,employees,contractors 'or subcontractors,such loss or damage shall be borne by Seller and Purchaser in the proportion that their respective negligence or willful misconduct bears to the total negligence or willful misconduct causing such loss or damage. (b)An Indemnitee seeking indemnification under this Section 16 shall give notice to the Indemnitee within twenty (20)days of receipt of notice of the assertion of any action or claim (including discovery of any loss,damage or injury giving rise to any claim by the Indemnitee),or the commencement of any action,suit,or proceeding,in respect of which indemnity may be sought hereunder.Failure to give such notice shall not relieve the Indemnitor of any liability hereunder,except that the Indemnitor shall be entitled to relief from its obligations under this Section 17 to the extent such failure to give such timely notice materially prejudiced the Indemnitor.The Indemnitee shall give the Indemnitor such information regarding the claim,action or proceeding as the Indemnitee may reasonably request.Ifa claim for indemnification arises from any action,suit or proceeding,the Indemnitor shall,at its expense assume the defense of such action,suit or proceeding,with counsel of its choice,reasonably satisfactory to the Indemnitee and the Indemnitor shall conduct the defense actively and diligently.The Indemnitee shall have the right,but not the duty,to participate in its own defense and to employ at its own expense counsel separate from counsel 19|Page employed by the Indemnitor.The Indemnitor shall be liable for the fees and expenses of counsel employed by the Indemnitee if the Indemnitor has not assumed the defense thereof.Whether or not the Indemnitor chooses to defend or prosecute any claim,the Indemnitees and the Indemnitor shall cooperate in the defense or prosecution thereof and shall furnish such records,information and testimony,and attend such conferences as are reasonably required.The Indemnitor will not consent to the entry of any judgment on or enter into any settlement with respect to a claim without the prior written consent of the Indemnitee,which shall not be unreasonably delayed, conditioned or withheld,unless the judgment or proposed settlement involves only the payment of money damages by the Indemnitor and does not impose an injunction or other equitable relief upon the Indemnitee.The Indemnitee shall not consent to the entry of any judgment on or enter into any settlement with respect to any claim without the prior written consent of the Indemnitor,which shall not be unreasonably delayed,conditioned or withheld. 18.INSURANCE Within ten (10)days from the date of Seller's notice pursuant to section 3(b)and continuing through the entire Term,Seller shall obtain and maintain in force,insurance coverage in accordance with the requirements stated in Exhibit C,Insurance Requirements,which is attached hereto and incorporated into this Agreement. Within ten (10)days from the date of receipt of notice from Seller pursuant to section 3(b) and continuing until the Commercial Operations Date,Purchaser shall obtain and maintain in force,insurance coverage in accordance with the requirements stated in Exhibit C,Insurance Requirements,which is attached hereto and incorporated into this Agreement. Each party shall deliver to the other party an insurance certificate evidencing the required coverage,limits and additional insured provisions as required by Exhibit C. 19.REPRESENTATIONS and WARRANTIES On the Effective Date,each Party represents,warrants and covenants to the other Party that: (a) (6) (c) 20|Page It has or will timely acquire all regulatory authorizations necessary for it to legally perform its obligations under this Agreement; There is not pending,or to its knowledge,threatened against it or,in the case of Seller,any of its Affiliates,any legal proceedings that could materially adversely affect its ability to perform under this Agreement; No Event of Default with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its (d) (c) (f) (g) obligations under this Agreement; It is acting for its own account and its decision to enter into this Agreement is based upon its own judgment,not in reliance upon the advice or recommendations of the other Party and it is capable of assessing the merits of and understanding,and understands and accepts the terms,conditions and risks of this Agreement. It has not relied upon any promises,representations,statements or information of any kind whatsoever that are not contained in this Agreement in deciding to enter into this Agreement; It has entered into this Agreement in connection with the conduct of its business and it has the capacity or ability to make or take delivery of the Energy as contemplated in this Agreement;and It shall act in good faith in its performance under this Agreement. 20.CONDITIONS PRECEDENT This Agreement is subject to the following conditions precedent,which shall be fully satisfied on or before the dates identified for each condition precedent: (a) (b) (c) (d) (e) 21{Page Seller shall obtain a written commitment for Project Financing,by 6/10/2021. The Parties shall negotiate in good faith to establish the Interconnection / Integration Plan”no later than 20 months after contract execution.The Interconnection/Integration Plan shall include but not be limited to;1)a mutually acceptable Delivery Point;2)a location for new distribution and transmission equipment required to connect to the Purchasers existing City Distribution System at Project Capacity,and 3)locations for metering equipment. SelJer shall have provided Purchaser a utility easement allowing placement, maintenance and operation of all equipment and connections at 1)the Delivery Point and 2)a location for new distribution and transmission equipment required to connect to the Purchasers existing City Distribution System at Project Capacity in a form reasonably satisfactory to Purchaser at no cost to Purchaser by 20 months after contract execution. Seller shal]have provided Purchaser fully executed Member Guarantees in the form attached hereto as Exhibit E no later than September 1,2020. The Parties have required insurance in place by the dates specified in Section 18. Termination Caused by Failure to Satisfy Conditions Precedent.This Agreement may be terminated by either party due to the failure of any such condition precedent to timely or fully occur through no fault on the part of such Party.If and when such a termination should occur neither Purchaser nor Seller shall have any further claims,rights or remedies against each other under this Agreement except for obligations,liabilities and/or duties that accrued prior to such termination or that survive such termination by the terms of this Agreement. 21.Dispute Resolution The Parties shall attempt in good faith to resolve all disputes arising out of or related to or in connection with this Agreement promptly by negotiation,as follows.Any Party may give the other Party written notice of any dispute not resolved in the normal course of business.Senior executives of both Parties shall meet at a mutually acceptable time and place within ten (10)days after delivery of such notice,and thereafter as often as they mutually agree,to attempt to resolve the dispute.The Parties further agree to provide each other with reasonable access during normal business hours to any and all non-privileged records,information and data pertaining to any such dispute If the matter has not been resolved within thirty (30)days from the referral of the dispute to the Parties'senior executives,or if no meeting of the Parties'senior executives has taken place within fifteen (15)days after such referral,either Party may initiate legal action for resolution of the dispute.All negotiations pursuant to this Section 21 are deemed confidential hereunder. Transfers or assignments of the Facility shall not relieve Seller of any obligation hereunder except to the extent agreed to in writing by Purchaser.° .22.GENERAL PROVISIONS. (a)Time of Performance.Time is of the essence of this Agreement.It is the express intention of all of the parties to this Agreement that no extensions or grace periods beyond the deadlines set forth in this Agreement shall be provided,because all intended extensions and grace periods have been taken into consideration in establishing such deadlines. (b)Parties Bound and Benefitted.The covenants,terms and conditions contained in this Agreement shall be binding upon and inure to the benefit of the assigns and successors of the respective parties hereto. (c)Amendment and Novation.No amendment or novation to or of this Agreement shall be effective unless it is completely and unambiguously contained in a writing executed by all of the parties to this Agreement.No such amendment or novation shall be effective unless and until it is supported by a resolution of the board of directors of each corporation,the council of each municipal corporation or the 22,Page (d) (c) () (g) (h) (i) 23(Page policy-making authority of each other entity that is a party or a successor or assign of a party to this Agreement,which has expressly approved such amendment or novation. Marginal Titles and Headings.The marginal titles,subtitles,headings and subheadings of the paragraphs,subparagraphs,sections and subsections herein are intended to be for reference and for the sake of convenience only and shall not be construed to narrow or broaden the scope of or affect whatever interpretation or construction would otherwise be given to the plain and ordinary meanings of the words herein. Entire Agreement.This written Agreement is fully integrated,constitutes the entire agreement between the parties with respect to the subject matter hereof,and supersedes all other prior and contemporaneous agreements,contracts,repre- sentations,promises,acknowledgments,warranties and covenants,oral or written, by and between the parties with respect to such subject matter which are not expressly included herein.In the case of any conflict or inconsistency between this Agreement and any other prior agreement between the parties relating to any property or easement conveyed or exchanged herein,this Agreement shall prevail. Applicable Law.This Agreement and the respective rights and obligations of the parties hereunder shall be construed and interpreted as a contract under the laws of the State of Alaska,without regard to its conflicts of law principles, | Exclusive Jurisdiction/Venue.In the event that a question,dispute or requirement for interpretation or construction should arise with respect to this Agreement,the jurisdiction and venue therefor shall lie exclusively with the courts for the Third Judicial District for the State of Alaska,or,alternatively,with the United States District Court for the District ofAlaska,at Anchorage,Alaska,unless a nonwaivable federal or Alaska state law should require to the contrary. Limited Waivers.Any failure or delay by any party to object to a default or exercise any rights or remedies under this Lease shall not constitute a waiver of the right to do so in the future,unless such failure is accompanied by an express written waiver by such party. Interpretation.The language in aJl parts of this Agreement shall be construed (a)according to its fair meaning and common usage and (b)not strictly for or against any party to this Agreement. Gi) (k) (I) Counterparts.This Agreement may be executed in counterparts,so long as each of the parties to this Agreement executes at least one counterpart;and all such executed counterparts shall collectively constitute one and the same original document Warranties of Authority.Each party and each natural person who executes this Agreement on behalf of such party acknowledges,warrants and represents for the benefit of the other party(ies)to this Agreement:(a)that such person is duly authorized and empowered to execute this Agreement on behalf of such party; (b)that,if a corporation,limited liability company,joint venture,trust,partnership, limited liability partnership or other entity (i)such party has been duly formed and organized and is in good standing and (ii)all necessary and appropriate resolutions and actions by such party's board of directors,general partner(s),manager(s), members or other policy-making authority authorizing such party to enter into, execute and perform this Agreement and the transactions contemplated by this Agreement have been obtained;and (c)that all steps have been taken and acts performed that are conditions precedent to making this Agreement valid, enforceable and binding against such party in accordance with its terms and conditions. Independent Counsel.Each party to this Agreement acknowledges that it has enjoyed the advice and representation of competent independent legal counsel in negotiating,entering into and executing this Agreement or waived its right to do so. The fact that this Agreement may have been drafted in whole or in part by one such party's counsel]shall not cause any part of this Agreement to be construed against such party. (m)Severability.In the event that any term or condition of this Agreement is declared (n) (0) 24|[Page by acourt of competent jurisdiction to be void or unenforceable,the remaining terms and conditions shall nevertheless be valid and enforceable;and such void or unenforceable term shall be modified to the minimum extent necessary to be valid and enforceable to the fullest extent permitted by applicable law and enforced as such. Survival.All of the representations,warranties and covenants of the parties shall survive any and all deadlines contemplated by this Agreement and shall remain in full force and effect unless and until otherwise satisfied,terminated or discharged. Attorneys Fees and Legal Costs.All of the attorneys fees and legal costs incurred by the respective parties in negotiating and forming this Agreement shall be borne by the respective parties.All legal costs and attorneys fees actually incurred by any party to this Agreement to enforce any obligations of any other party under this Agreement or any instruments executed in connection herewith shall be paid to the prevailing party by the other party and shall bear interest at the legal rate. (p)NoThird Party Bencficiaries.Nothing in this Agreement shall be construed to create any rights in,or grant remedies to,any third party as a beneficiary of this Agreement or of any duty,covenant,obligation or understanding established under this Agreement.Neither Party,by this Agreement,dedicates any part of the Facility to the public or to the service provided under this Agreement,nor affects the status of Purchaser as an unregulated utility enterprise of a municipal corporation,or Seller as an individual or entity. 23.NOTICES AND DEMANDS Each notice required under this Agreement or by law shall:(a)be in writing;(b)contain a clear and concise statement setting forth the subject and substance thereof and the reasons therefor;and (c)be personally delivered,electronically transmitted (Email),or duly mailed by certified mail, return receipt requested,to each party to this Agreement at its address set forth below or to such other address as that party may have most recently given notice of to all of the other parties.All such notices shall be effective (a)when actually received by the recipient or an authorized representative or agent of the recipient or (b)three (3)business days after they are mailed, whichever occurs earlier. 'L) 24.MAILING ADDRESSES/POINTS OF CONTACT - OCI/CP,LLC: Attn:Natalie A.Cale P.O.Box 149 Unalaska,Alaska 99685 Tel.No.(907)581-1276 City: City of Unalaska Attn:City Manager P.O.Box 610 Unalaska,Alaska 99685 Tel.No.(907)581-1251 2a |Page with a copy to: Boyd,Chandler,Falconer &Munson Attn:Brooks W.Chandler 911 West Eighth Avenue,Suite 302 Anchorage,Alaska 99501 Tel.No.(907)272-8401 Formation In witness whereof,Seller and Purchaser have duly executed,delivered and formed this Agreement through their authorized representatives,the effective date of which isAswat3\_,2020 ("Effective Date”). OC/CP,LLC: By:OUNALASHKA CORPORATION,an Alaska business corporation Its Managing Member Dated:Aunust 3 \,2020 By. Christopher P. Its Chief Executive Officer 2 7 p.2 udDated:el ,2020 By Margaret A.Lekanoff Its Secretary CITY OF UNALASKA: Dated:_Cf |4 ,2020 CN)--Erin Reinders Its City Manager 26|Page Exhibit A Project Site The project site is as generally depicted on the attached maps and drawings.Actual project site will be updated to reflect the as-built status when development is complete.Specifically,the Project Site or Project is the Facility described in this PPA and is included within the following legal boundaries: "All of the area located in Sections 30 and 31,Township 72 South,Range 118 West (Unsurveyed),Seward Meridian;Sections 25,26,27,33,34,35,and 36,Township 72 South,Range 119 West,Seward Meridian;Sections 2 and 3,Township 73 South, Range 120 West,Seward Meridian;located within the Records of the Aleutian Island Recording District,Third Judicial District,State of Alaska and more particularly shown cross-hatched in the attached.” _!t.ns P rite fl Bae:yy -'2 ML4.|a)I.wae ,_3 : "dew \:Hee .widig {jw?|°La ;i"i .|om fw.., , f49 ' '|.s the '!od ._ee atin ;¥:o ney , .7 .wy at "se ' H I,..a pee oe I * ve 14 rr an i ea)F wot "te Proposes |ep ies',"yote .:.t '"-|he =§Zéaea!oe ; ode :aI.An 1oy'pe i 4 ! i ;h .'ig*s d "Power Jt 3 1 * re Ptant ._ '-'UN LAr {ta ape! 4 bon +else tewig», 3 - H i D -!"yeoUef-bd te "Nt "4 '¢a e..ow .te by D Pead fy P en as i :i.e *i re "'1 |He ae err arenee br et be hah tl wesCoventpamodseu®7 == _-=Ad.WU canes,8@mone=TER®3 ALASKA seeoxyee- -- Power Purchase Agreement -Exhibit A-between City of Unalaska and OCCP,LLC eint'noes anne Germs en 0 esebad a is :y ere_SR OSL:ALASKA SNe ames...|.trrt4s.e|7©.©.-te tHYV US:Lavalfew;we De .. Raa ae Ga cates . . * U Osdom gees curel se teeg gre 6 feoureraqgpeewee teeCfeweewweredtborelU,Pamewerws 3. T7232 Rwtaw a.hé. ™ Power Purchase Agreement -Exhibit A-between City of Unalaska and OCCP,LLC Exhibit B Interconnection /Integration Plan [to be provided by the Parties within 20 months of Agreement 29([Page Exhibit C Insurance Requirements 1.Within ten (10)days from the date of Seller's notice pursuant to section 3(b),Seller and Purchaser shall secure and maintain all insurance required. 2.Seller and Purchaser shall maintain in effect at all times specified by Section 18, insurance in accordance with the applicable laws relating to workers'compensation and employers' liability insurance,regardless of whether such coverage or insurance is mandatory or merely elective under the law. 3.Insurance coverage and limits shall be at a Icvel as reflected in Paragraph 8 for the risks associated with the Facility contemplated by this Agreement.Required insurance coverages are to be purchased by respective Seller and Purchase at their sole expense.Purchaser may increase the limits of required coverage each five (5)years during the term of the Agreement provided the increased limits are commercially reasonable coverage limits. 4.Seller and Purchaser shall notify one or the other of any reduction of the aggregate limits under any of the required insurance policies,and if requested in writing,purchase additional limits of coverage as may be deemed appropriate by Purchaser in order to satisfy Seller's insurance obligations. a.Seller and Purchaser shall maintain such insurance in full force and effect at all times specified by Section 18 ofthe Agreement.Seller shall maintain completed operations coverage, for two (2)years after the expiration or termination of this Agreement. 5.Seller and Purchaser shall ensure that any policies of insurance that Seller/Purchaser or any of its subcontractors and suppliers are required to carry as insurance by this Agreement)shall: a.Be placed with such insurers and under such forms of policies as may be reasonably acceptable to Seller/Purchaser. b.With the exception of workers'compensation and employers'liability, (i)be endorsed to name Purchaser/Seller as an additional insured;and (ji)apply severally and not collectively to each insured against whom claim is made or suit is brought,except that the inclusion of more than one insured shall not operate to increase Seller's /Purchaser's limits of liability as set forth in the insurance policy. c.Include within automobile coverage(s),owned,non-owned,hired and borrowed vehicles. 30 |Page d.Be primary insurance with respect to the interest of Seller/Purchaser respectively as an additional insured with any insurance maintained by Seller /Purchaser as excess and not contributory insurance with the insurance required under this Agreement. e.Include a waiver of the insurer's right of subrogation against Seller/Purchaser. Seller/Purchaser also hereby waives all rights of subrogation against Purchaser/Seller. of Provide that the policies will not be cancelled,or their limits or coverage reduced or restricted without at least thirty (30)days prior written notice to Seller /Purchaser. 6.Seller/Purchaser shall instruct and require its insurance agent/broker to complete and retum an insurance certificate,in an ACORD form,as evidence that insurance policies providing the required coverage,limits and additional insured provisions as outlined within this Exhibit C are in full force and effect.Seller /Purchaser shall be fully responsible for all deductibles and self-insured retention's related to their respective insurance provided herein.At least sixty (60)days prior to the Startup Period,the completed insurance certificate form is to be returned to Seller/Purchaser in accordance with the notice provisions included in the Agreement. 7.The insurance requirements of the Agreement and acceptability to Seller /Purchaser of insurers and insurance to be maintained by Seller/Purchaser,its subcontractors/suppliers,are not intended to and shall not in any manner limit or qualify the liabilities and obligations assumed by the insured under the Agreement.Seller /Purchaser is fully and solely responsible for the level of insurance coverage it requires of its subcontractors and suppliers.Purchaser/Seller will look to Seller/Purchaser and thereby Seller's /Purchaser's insurer for coverage for claims arising from the negligent acts or omissions of Seller/Purchaser or any subcontractor/supplier of Seller's /Purchaser's choosing. 8.'Evidence of the following coverages shall be provided on an ACCORD Form or equivalent: $5,000,000 General Liability $10,000,000 Aggregate Liability $1,000,000 Automobile Liability Statutory Worker's Compensation 31[Page Exhibit D Equivalent Availability Factor Availability measures are concerned with the fraction of time in which a unit is capable of providing service and accounts for outage frequency and duration.Equivalent Availability Factor (EAF)shows the percentage of capacity that could be delivered if it had to be dispatched.The EAF metric takes into account both scheduled maintenance and unplanned outages. Equivalent Availability Factor (EAF)definition from IEEE Std 762-2006:"Equivalent availability factor (EAF):The fraction of a given operating period in which a generating unit is available without any outages and equipment or seasonal deratings.” The geothermal power plant wil!consist of a number of independent units composed of steam screw expanders,wet steam ORCs and low and high temperature brine ORCs.Each unit can be operated separately. Each unit is capable of operating separately,and if any unit is operating and not derated,or capable of being operated,though it might not be in operation,and no matter its output and power delivered,the EAF for that unit is 100%for that time period.If all units are in the state described above the geothermal plant is at 100%EAF.Scheduled and unscheduled maintenance/outage,are also components of EAF. It is agreed for illustrative purposes that: 1.Total equipment hours available (TEHA)per year =5 ORCs x 24 hours/day x 365 days = 43,800 hours 2.Twelve 4-hour monthly maintenance checks (MMC)will be performed in a year (final number of hours or frequency may be different). 3.Four 12-hour quarterly maintenance checks (QMC)will be performed in a year (final number of hours or frequency may be different) 4.An annual 48-hour service check (ASC)will be performed (final number of hours may be different) 5.Unplanned failures (UF)may occur and are calculated as:number of ORC's down * number of repair hours 6.A unit may be derated (UD)for a period of time.Downtime is calculated as:derating fraction *number ofdays derated *24 hours in a day Total hours unavailable (THU)=MMC+QMC+ASC+UF+UD Then EAF (%)=1.0 -(THU/TEHA)*100 If MMC =240,QMC =240,and QMC =240,then EAF (%)=1.0 -(720 +UF +UDYTEHA * 100 32|Page Exhibit E Member Guaranty reTHISGUARANTEE(this "Guarantee”)is made and entered into thisd™day of August,2020,by and among Ounalashka Corporation,an Alaska Native Claims Act corporation organized under the laws of the State of Alaska,Chena Power LLC,an Alaska limited liability corporation (collectively the "Guarantor”),and the City of Unalaska an Alaska municipal corporation ("Purchaser”).Guarantor and Purchaser are each referred to herein as a "Party”and collectively as the "Parties.”Capitalized terms used but not defined in this Guarantee shall have the meanings ascribed to them in the PPA (as defined below). RECITALS A.Guarantors are members of,Ounalashka Corporation/Chena Power LLC,a limited liability company organized under the Laws of the State of Alaska ("Seller”).Seller has,as of the date hereof,entered into that certain Power Purchase Agreement (the "PPA”)with the Purchaser,for the purchase by Purchaser of Energy. B.Guarantor,directly or indirectly,owns all of the equity interests in Seller. C.As a condition precedent to the execution of the PPA,the Purchaser requires the execution of this Guarantee. NOW,THEREFORE,in order to induce the Purchaser to buy Energy from Seller as provided in the PPA,in consideration of the foregoing recitals,and for other good and valuable consideration,the receipt and sufficiency of which are hereby acknowledged,Guarantor agrees as follows: 1.Guarantee.Guarantor hereby unconditionally and irrevocably guarantees to the Purchaser the prompt,punctual and full payment and performance of (a)the obligations and covenants of Seller under the PPA to pay when due any amounts owing under the PPA for Liquidated Damages under the terms of the PPA,as now or hereafter amended,in accordance with the terms and conditions thereof (the "Obligation”). 2.Term.This Guarantee is a continuing guarantee of payment.This Guarantee shall remain in full force and effect until the earlier to occur of (a)the termination of the PPA in accordance with its terms and (b)the date Seller has fully discharged the Obligation. 3.Enforcement.Guarantor's obligations are primary obligations and independent of all of Seller's obligations to the Purchaser.Upon default by Seller with respect to the Obligation,the Purchaser shall have no obligation to proceed against Seller,and may proceed directly against Guarantor without proceeding against Purchaser or any other person or pursuing any other remedy.Guarantor agrees to reimburse the Purchaser for all costs and expenses (including, without limitation,court and arbitration costs and reasonable attorneys'fees)incurred by the Purchaser in connection with the enforcement of the Purchaser's rights under this Guarantee. 4,Invalidation of Payments.Guarantor's obligations hereunder shall not be affected by the commencement of any proceedings by or against Seller under the Bankruptcy Code (U.S.C.Title 33 [Page 11)or any other liquidation,conservatorship,bankruptcy,moratorium,rearrangement, receivership,insolvency,reorganization or similar debtor relief laws affecting the rights of creditors generally,any stay or ruling thereunder,or the disallowance of any claim thereunder.If all or any part of any payment to or for the benefit of the Purchaser in respect of the Obligations shall be invalidated,declared to be fraudulent or preferential,set aside or required for any reason to be repaid or paid to a trustee,receiver or other third party,then any Obligation that otherwise would have been satisfied by that payment or partial payment shall be revived and continue in full force and effect as if that payment had not been made.Guarantor shall be fully and primarily liable for such Obligation and as set forth in this Guarantee, 5.Waiver of Defenses.The Purchaser may,without notice to or consent of Guarantor (a)extend or,with the prior written consent of Seller,alter,the time,manner,place or terms of payment or performance of the Obligations,or (b)waive,or,with the prior written consent of Seller,amend any terms of the PPA or any other agreement executed pursuant to the PPA,without in any way changing,releasing or discharging Guarantor from liability hereunder.Guarantor hereby waives any defenses which Seller or any other person liable for the Obligation may have or assert regarding (i)the insolvency,bankruptcy,liquidation or dissolution of Seller or such other person or (ii)the invalidity,illegality,voidability or unenforceability of all or any portion of the Obligation as a result of ultra vires or other lack of authority,defective formation or other organizational deficiencies or similar types of defenses.Guarantor further waives notice of the acceptance of this Guarantee,presentment,demand,protest,and notices of protest,nonpayment, default or dishonor of the Obligation,and all other notices or demands of any kind or nature whatsoever with respect to the Obligation.Nothing in this Guarantee shall limit or otherwise affect the rights of Purchaser under the terms of the PPA. 6.Representation and Warranties.Each Guarantor represents and warrants to the Purchaser that:(a)Guarantor has received,or will receive,direct or indirect benefit from the making of this _Guarantee;(b)Guarantor is a corporation duly organized,validly existing and in good standingundertheLawsoftheStateofAlaska;(c)Guarantor has the requisite corporate power to enter 'into this Guarantee and to perform its obligations hereunder;(d)the execution,delivery and performance of this Guarantee have been duly and validly authorized by all necessary corporate action on the part of Guarantor;(¢)this Guarantee has been duly executed and delivered by Guarantor and constitutes the valid and binding obligation of Guarantor,enforceable against Guarantor in accordance with its terms;(f)the execution,delivery and performance of this Guarantee will not (i)violate any provision of the certificate of incorporation or bylaws (or other governing instruments)of Guarantor or (ii)violate any judgment,order,ruling,or regulation applicable to Guarantor;(g)the execution,delivery and performance of this Guarantee by Guarantor will not be subject to any consent,approval or waiver from any Governmental Body or other third Person;(h)Guarantor possesses the necessary financial capability to fulfill the Obligation;and (i)there are no bankruptcy,insolvency,reorganization or receivership proceedings pending against,being contemplated by or,to Guarantor's knowledge,threatened against Guarantor. 7.Assignment.This Guarantee and the rights and obligations hereunder shall not be assignable or transferable by Guarantor except with the prior written consent of the Purchaser. 8.Amendments and Waivers.No amendment,modification or waiver in respect of this Guarantee shall be effective unless,in the case of an amendment or modification,such 34[Page amendment or modification shall be in writing and signed by Guarantor and the Purchaser,and, in the case of a waiver,such waiver shall be in writing,specifically refer to this Guarantee and be signed by the Person against which such waiver is sought to be enforced. 9.Notices.All notices and other communications shal]be in writing and shall be delivered by hand or sent,postage prepaid,by express mail or reputable overnight courier service to the address for the Sellers set forth in Section 23 of the PPA or,in the case of Guarantor Chena Power LLC,to the following address: Chena Power LLC PO Box 58740 Fairbanks,Alaska 9971 I Attn:Bernie Karl Each Party may change its address for notice by notice to the other in the manner set forth above. All notices shall be deemed to have been duly given at the time of receipt by the Party to which such notice is addressed. 10.Governing Law.This Guarantee and the legal relations between the Parties shall be governed by and construed in accordance with the Laws of the State of Alaska,without regard to principles of conflicts of Laws that would direct the application of the Laws of another jurisdiction. 11.Counterparts.This Guarantee may be executed in counterparts,each of which shall be deemed an original instrument,but all such counterparts together shall constitute but one agreement. 12.Entire Agreement.This Guarantee constitutes the entire agreement between the Parties pertaining to the subject matter hereof,and supersedes all prior agreements,understandings, negotiations and discussions,whether oral or written,of the Parties pertaining to the subject matter hereof., 13.Severability.If any term or other provision of this Guarantee is held invalid,illegal or incapable of being enforced under any rule of law,all other conditions and provisions of this Guarantee shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in a materially adverse manner with respect to either Party. IN WITNESS WHEREOF,the Parties have executed this Guarantee on the day and year first written above. [Signature page follows] 35|Page 36[Page GUARANTOR: OUNALA fA alaepy:ist '|ctephes te 4 shName:ChNst6pher P.Salts / Title;Chief Executive Officer GUARANTOR: CHENA POWER,LLCBy: /s/QO cruz hafName:Bernie Karl Title:Chief Executive Officer PURCHASER: CITY OF ASKA By:/s/ Name:Erin Reinders Title:City Manager Exhibit F Additional Payment The formula for the Additional Payment only applies when Metered Energy for a Year exceeds 100,000,000 kWh.If that occurs,an Additional Payment is due calculated as follows: Additional Payment =Facility Rate x (kWh through Meter for Year)-Fixed Payment ixed Fixed Payment Fixed Payment aye Fixed Payment 100 millionkWh kWh through Meter for the YearcilityRate=-Facility 100 million kWh 2 EXAMPLE Year 1-Fixed Payment =$16,300,000 kWh through meter =125,000,000 Facility Rate =16,300,000/100 million kWh -[(16,300,000/100 million kWh)-(16,300,000/125 million kWh)/2) Facility Rate =.163-[{.163-.1304)/2] .163-(.0326/2)=.1467 Additional Payment =(.1467 X 125,000,000)-$16,300,000 18,337,500-16,300,000 =2,037,500 Additional Payment is 2,037,500 37 [Page ESTIMATE ITEM 30 MW Power Piant Plant MWe 30.873 Power plant -Kaishan quote 2M/MW $61,746,000]Firm number based on 8.30.2020 quote from Kaishan Yard Piping and Equipment -Kaishan quote 0.350M /MW $10,805,550 enews on 8.30.20 Kaishan quote from geoscience provided locations plus buffer Kaishan -Main power transformer $1,992,000]Number based on 8.25.20 Kaishan's subcontractor quote Kaishan -substations and integration with City Systern $4,518,077|Number based on 9.11.20 Kaishan's subcontractor reconcile quote Kaishan -13.2 miles of cable and fiber-material cost $15,555,000.00|Number based on 9.11.20 Kaishan's subcontractor reconcile quote Kaishan -survey,design,install cable and fiber $29,602,673.00|Number based on 9.11.20 Kaishan's subcontractor reconcile quote (75k to permits) Kaishan flights and camp use $216,550.00 Subtotal Kaishan EPC $124,435,850 Construction Equipment $3,807,079|make ready,mobilize,maintain Permits $415,362]four contractors -see crew sheets Production and injection wells,6 wells at 2.41M/well Based on eviauation of Geotermal Resource Group turnkey bid,All American quote,and$14,463,328|self perform,own two drill rigs =no cost,(taken as equity) Roads,docks,pads construction $5,313,726|Self perform,own all equipment at no charge to activity Mob and operate Construction Camp $2,938,290]mob in equipment,subsistence in other crew sheets,set up,operate Build Foundations $2,304,526]assume pile driving and some form and piace,will have equipment on site Support craft and services $401,136|logistics support,outside services in Unalaska Power Engineers -Owners engineer $3,125,944|Based on approxiately2%cost,task order release basis Consultants and staff $3,157,248]from crewsheets and estimate for support insurance $1,300,000]builders risk,GL,auto,we -plug Financing and banking fees $1,500,000]assumptions for estimate Other field office costs $962,449}cost summary front sheet Operation and Maintenance set up $1,500,000}initial parts and spares Subtotal other Construction $41,189,088 Subtotal Direct Construction $165,624,938 Project contingency $24,843,741]15%of Direct costs Subtotal all construction costs $190,468,679 Chena Power Fee,10%direct construction cost $16,562,494]from LLC operating agreement,fix amount OCCP G&A,0.5%total construction costs 5828,125|share of OH to administer project Subtotal mark up $17,390,618 ASHP work to City Customers $10,000,000 |from PPA obligation and timit City Distribution retiablity and saftey upgrades $7,000,000 [Fromm PPA obligation and limit import tax $2,551,157 {assume majority waived Subtotal markup after project costs $19,551,157 DIRECT DEVELOPMEMT COST $227,410,454 Cost per KW $7,360 in-Kind Resource value -50 year lease $22,898,000]below market evaluation In-kind equity for CP equipment to OCCP 22,000,000}based on 3rd party apprsial {IN-KIND Equity contiribution 44,898,000)Provided by OCCP,LLC -22% TOTAL DEVELOPMENT COSTS $272,308,454) MGP estimate,O&M,proforma 9.11.20.xIsx O&M costs O&M rate calculation for 30MW plant-Annually updated after Kaishan 6.15.20 email on scalling quidance for 30MW plant Site Lease,paid upfront in equity $0 G&A $100,000 O&M Fee $115,000 O&M $1,150,000 Plant Consumables $50,000 Maintenance Reserve $100,000 Overhaul Fund $100,000 Spare Parts $70,000 Insurance,property,casuality,liability $150,000 Property Taxes Logistical support $400,000 transmission line reserve fund $200,000 Well reserve fund $200,000 Annual O&M costs $2,635,000 Kaishan quote reimbursed in PPA MGP estimate,O&M,proforma 9.11.20 (3).xlsx 30 year proforma conservative YEAR No.1 2 3 4 YEAR ; 2024 2025 2026 2027 ELECTRICITY SALES INCOME (Escalated) Nameplate Power (MWe)36.0 36.0 36.0 36.0 Net Power Sales (MWe)30.9 30.9 30.9 30.9 Availability (%)95%95%95%95% Net Energy Sales (kWh)100,000,000 100,000,000 100,000,000 100,000,000 Unit Costs of Power($/kWh)$0.163 $0.165 $0.17 $0.17 SUBTOTAL INCOME ($)$16,300,000 $16,463,000 $16,627,630 $16,793,906 TOTAL INCOME ($)$16,300,000 $16,463,000 $16,627,630 $16,793,906 GEOTHERMAL ELECTRIC PLANT OPERATING EXPENSES (Escalated) Site Lease $0 so $o $o G&A $100,000 $101,750 $103,531 $105,342 O&M Fee $115,000 $117,013 $119,060 $121,144 O&M $1,150,000 $1,170,125 $1,190,602 $1,211,438 Plant Consumables $50,000 $50,875 $51,765 $52,671 Maintenance Reserve $100,000 $101,750 $103,531 $105,342 Overhaul Fund $100,000 $101,750 $103,531 $105,342 Spare Parts $70,000 $71,225 $72,471 $73,740 Insurance $150,000 $152,625 $155,296 $158,014 Property Taxes $0 $o $o so Logistical support!$400,000 $407,000 $414,123 $421,370 Transmission line $200,000 $203,500 $207,061 $210,685 Well field work over $200,000 $203,500 $207,061 $210,685 TOTAL O&M EXPENSES ($)*$2,635,000 $2,681,113 $2,728,032 $2,775,773 DEST SERVICE Total Project Budget $272,308,453 $0 $0 Equity $58,898,000 $58,898,000 $58,898,000 $58,898,000 Beginning Balance|_$213,410,453 $213,410,453 $213,410,453 $213,410,453 Payment -$11,242,829 -$11,242,829 -$11,242,829 -$11,242,829 Principal -$4,306,989 -$4,446 967 -$4,591,493 -$4,740,716 Interest|-_-$6,935,840 -$6,795,863 -$6,651,336 -$6,502,113 Ending Balance $209,103,464 $204,656,497 $200,065,004 $195,324 288 Debt Service Coverage 1.22 1.23 1.24 1.25 Cash After Debt Service $2,422,171 $2,539,058 $2,656,769 $2,775,305 1.8% *.With US last 10-year average escalation rate Rate 3.25% Total 30 yearTerm30Revenue $689,211,064 Equity 22%Total 90 year O&M ==$102,810,191 .Total 30 year ofProjectCosts$/kW $8,812,571 Payments $314,799,214 Sales Inflation rate 1.0% 30 year EBIDTA $271,601,656 Rate to City if rate in 2028,four rate in 2033,10 rate in 2038,15kWhthroughMeterfortheyear.share upside 50:50 years years years 100,000,000 0.163 0.1695 0.1783 0.18729 120,000,000 0.149 0.1550 0.1630 0.1712 140,000,000 0.140 0.1456 0.1532 0.1609 160,000,000 0.132 0.1373 0.1444 0.1517 180,000,000 0.127 0.1321 0.1389 0.1459 200,000,000 0.122 0.1269 0.1335 0.1402 220,000,000 0.119 0.1238 0.1302 0.1367 240,000,000 0.115 0.1196 0.1258 0.1321 260,000,000 0.113 0.1175 0.1236 0.1298 MGP es 1,O&M,proforma 9.11.20 (3).xIlsx 30 year proforma conservative YEAR No.1 2 3 4 5 6 YEAR 2024 2025 2026 2027 2028 2029 ELECTRICITY SALES INCOME (Escalated) Nameplate Power (MWe)36.0 36.0 36.0 36.0 36.0 36.0 Net Power Sales (MWe)30.9 30.9 30.9 30.9 30.9 30.9 Availability (%)95%95%95%95%95%95% Net Energy Sales (kWh)100,000,000 100,000,000 100,000,000 100,000,000 120,000,000 120,000,000 Unit Costs of Power($/kWh)$0.163 50.165 $0.17 $0.17 $0.155 $0.16 SUBTOTAL INCOME ($)$16,300,000 $16,463,000 $16,627,630 $16,793,906 $18,595,200 $18,781,152 TOTAL INCOME ($)$16,300,000 $16,463,000 $16,627,630 $16,793,906 $18,595,200 $18,781,152 GEOTHERMAL ELECTRIC PLANT OPERATING EXPENSES (Escalated) Site Lease $0 Ae)50 SO $0 so G&A $100,000 $101,750 $103,531 $105,342 $107,186 $109,062 O&M Fee $115,000 $117,013 $119,060 $121,144 $123,264 $125,421 O&M $1,150,000 $1,170,125 $1,190,602 $1,211,438 $1,232,638 $1,254,209 Plant Consumables $50,000 $50,875 $51,765 $52,671 $53,593 $54,531 Maintenance Reserve $100,000 $101,750 $103,531 $105,342 $107,186 $109,062 Overhaul Fund $100,000 $101,750 $103,531 $105,342 $107,186 $109,062 Spare Parts $70,000 $71,225 $72,471 $73,740 $75,030 $76,343 Insurance $150,000 $152,625 $155,296 $158,014 $160,779 $163,592 Property Taxes $0 $0 $o $0 $o $0 Logistical support $400,000 $407,000 $414,123 $421,370 $428,744 $436,247 Transmission line $200,000 $203,500 $207,061 $210,685 $214,372 $218,123 Well field work over $200,000 $203,500 $207,061 $210,685 $214,372 $218,123 TOTAL O&M EXPENSES ($)*$2,635,000 $2,681,113 $2,728,032 $2,775,773 $2,824,349 $2,873,775 DEBT SERVICE Total Project Budget $272,308,453 $0 $0 $0 $0 Equity $58,898,000 $58,898,000 $58,898,000 $58,898,000 $58,898,000 $58,898,000 Beginning Balance|$213,410,453 $213,410,453 $213,410,453 $213,410,453 $213,410,453 $213,410,453 Payment -$11,242,829 -$11,242,829 -$11,242,829 -$11,242,829 -$11,242,829 -$11,242,829 Principal -$4,306,989 -$4,446,967 -$4,591,493 -$4,740,716 -$4,894,790 -$5,053,870 Interest -$6,935,840 -$6,795,863 -$6,651,336 -$6,502,113 -$6,348,039 -$6,188,959 Ending Balance $209,103,464 $204,656,497 $200,065,004 $195,324,288 $190,429,498 $185,375,628 Debt Service Coverage 1.22 1.23 1.24 1.25 1.40 1.41 Cash After Debt Service $2,422,171 $2,539,058 $2,656,769 $2,775,305 $4,528,022 $4,664,548 1.8% *.With US last 10-year average escalation rate MGP es 2,O&M,proforma 9.11.20 (3).xlsx 30 year proforma conservative YEAR No.7 8 9 10 11 12 13 YEAR ; 2030 2031 2032 2033 2034 2035 2036 ELECTRICITY SALES INCOME (Escalated) Nameplate Power (MWe)36.0 36.0 36.0 36.0 36.0 36.0 36.0 Net Power Sales (MWe)30.9 30.9 30.9 30.9 30.9 30.9 30.9 Availability (%)95%95%95%95%95%95%95% Net Energy Sales (kWh)|120,000,000 120,000,000 120,000,000 140,000,000 140,000,000 140,000,000 140,000,000 Unit Costs of Power($/kWh)$0.16 $0.16 $0.16 $0.15 $0.15 $0.16 $0.16 SUBTOTAL INCOME ($)$18,968,964 $19,158,653 $19,350,240 $21,442,400 $21,656,824 $21,873,392 $22,092,126 TOTAL INCOME ($)$18,968,964 $19,158,653 $19,350,240 $21,442,400 $21,656,824 $21,873,392 $22,092,126 GEOTHERMAL ELECTRIC PLANT OPERATING EXPENSES (Escalated) Site Lease So $0 $0 $0 $o $0 $0 G&A $110,970 $112,912 $114,888 $116,899 $118,944 $121,026 $123,144 O&M Fee $127,616 $129,849 $132,121 $134,434 $136,786 $139,180 $141,616 O&M]$1,276,158 $1,298,490 $1,321,214 $1,344,335 $1,367,861 $1,391,799 $1,416,155 Plant Consumables $55,485 $56,456 $57,444 $58,449 $59,472 $60,513 $61,572 Maintenance Reserve $110,970 $112,912 $114,888 $116,899 $118,944 $121,026 $123,144 Overhaul Fund $110,970 $112,912 $114,888 $116,899 $118,944 $121,026 $123,144 Spare Parts $77,679 $79,039 $80,422 $81,829 $83,261 $84,718 $86,201 Insurance $166,455 $169,368 $172,332 $175,348 $178,417 $181,539 $184,716 Property Taxes so $0 $0 so so so So Logistical support $443,881 $451,649 $459,553 $467,595 $475,778 $484,104 $492,576 Transmission line $221,940 $225,824 $229,776 $233,797 $237,889 $242,052 $246,288 Well field work over $221,940 $225,824 $229,776 $233,797 $237,889 $242,052 $246,288 TOTAL O&M EXPENSES ($)*$2,924,066 $2,975,237 $3,027,303 $3,080,281 $3,134,186 $3,189,034 $3,244,843 DEBT SERVICE Total Project Budget $0 $0 $0 $0 $0 $0 $0 Equity|$58,898,000 $58,898,000 $58,898,000 $58,898,000 $58,898,000 $58,898,000 $58,898,000 Beginning Balance}-$213,410,453 |$213,410,453 §213,410,453 $213,410,453 $213,410,453 $213,410,453 $213,410,453 Payment -$11,242,829 -$11,242,829 -$11,242,829 -$11,242,829 -$11,242,829 -$11,242,829 -$11,242,829 Principal -$§,218,121 -$5,387,710 -$5,562,811 -$5,743,602 -$5,930,269 -$6,123,003 -$6,322,000 Interest;-$6,024,708 -$5,855,119 -$5,680,018 -$5,499,227 -$5,312,560 -$5,119,826 -$4,920,829 Ending Balance]$180,157,506 $174,769,796 $169,206,986 $163,463,384 $157,533,115 $151,410,112 $145,088,111 Debt Service Coverage 1.43 1.44 1.45 1.63 1.65 1.66 1.68 Cash After Debt Service $4,802,069 $4,940,587 $5,080,107 $7,119,290 $7,279,809 $7,441,529 $7,604,454 1.8% *.With US last 10-year average escalation rate MGP es »,O&M,proforma 9.11.20 (3).xlsx 30 year proforma conservative YEAR No.14 15 16 17 18 19 20 YEAR 2037 2038 2039 2040 2041 2042 2043 ELECTRICITY SALES INCOME (Escalated) Nameplate Power (MWe)36.0 36.0 36.0 36.0 36.0 36.0 36.0 Net Power Sales (MWe)30.9 30.9 30.9 30.9 30.9 30.9 30.9 Availability (%)95%95%95%95%95%95%95% Net Energy Sales (kWh)|140,000,000 160,000,000 160,000,000 160,000,000 160,000,000 160,000,000 160,000,000 Unit Costs of Power($/kWh)$0.16 $0.15 $0.15 $0.15 $0.16 $0.16 $0.16 SUBTOTAL INCOME ($)}$22,313,047 $24,266,880 $24,509,549 $24,754,644 $25,002,191 $25,252,213 $25,504,735 TOTAL INCOME ($)$22,313,047 $24,266,880 $24,509,549 $24,754,644 $25,002,191 $25,252,213 $25,504,735 GEOTHERMAL ELECTRIC PLANT OPERATING EXPENSES (Escalated): _. Site Lease 0)$0 -"$0 $0 $0 $0 $0 G&A $125,299 $127,492 $129,723 $131,993 $134,303 $136,653 $139,045 O&M Fee $144,094 $146,615 $149,181 $151,792 $154,448 $157,151 $159,901 O&M|$1,440,938 $1,466,154 $1,491,812 $1,517,919 $1,544,482 $1,571,511 $1,599,012 Plant Consumables $62,649 $63,746 $64,861 $65,996 $67,151 $68,327 $69,522 Maintenance Reserve $125,299 $127,492 $129,723 $131,993 $134,303 $136,653 $139,045 Overhaul Fund $125,299 $127,492 $129,723 $131,993 $134,303 $136,653 $139,045 Spare Parts $87,709 $89,244 $90,806 $92,395 $94,012 $95,657 $97,331 Insurance $187,948 $191,238 $194,584 $197,989 $201,454 $204,980 $208,567 Property Taxes so $0 $0 $0 $0 $0 $0 Logistical support $501,196 $509,967 $518,891 $527,972 $537,211 $546,612 $556,178 Transmission line $250,598 $254,983 $259,446 $263,986 $268,606 $273,306 $278,089 Well field work over}$250,598 $254,983 $259,446 $263,986 $268,606 $273,306 $278,089 TOTAL O&M EXPENSES ($)*$3,301,627 $3,359,406 $3,418,195 $3,478,014 $3,538,879 $3,600,809 $3,663,824 DEBT SERVICE Total Project Budget $0 $0 $0 $0 $0 $0 $0 Equity]$58,898,000 $58,898,000 $58,898,000 $58,898,000 $58,898,000 $58,898,000 $58,898,000 Beginning Balance}$213,410,453 |$213,410,453 $213,410,453 $213,410,453 $213,410,453 $213,410,453 $213,410,453 Payment|-$11,242,829 -$11,242,829 -$11,242,829 -$11,242,829 -$11,242,829 -$11,242,829 -$11,242,829 Principal -$6,527,465 -$6,739,608 -$6,958,645 -$7,184,801 -$7,418,307 -$7,659,402 -$7,908,333 Interest]-$4,715,364 -$4,503,221 -$4,284,184 -$4,058,028 -$3,824,522 -$3,583,427 -$3,334,496 Ending Balance]$138,560,646 $131,821,038 $124 ,862,392 $117,677,591 $110,259,284 $102,599,881 $94,691,548 Debt Service Coverage 1.69 1.86 1.88 1.89 1.91 1.93 1.94 Cash After Debt Service $7,768,591 $9,664,645 -'$9,848,524 $10,033,801 $10,220,483 $10,408,574 $10,598,082 1.8% *.With US last 10-year average escalation rate MGP es ,O&M,proforma 9.11.20 (3).xlsx 30 year proforma conservative YEAR No.21 22 23 24 25 26 27 YEAR 2 2044 2055 2046 2047 2048 2049 2050 ELECTRICITY SALES INCOME (Escalated) Nameplate Power (MWe)36.0 36.0 36.0 36.0 36.0 36.0 36.0 Net Power Sales (MWe)30.9 30.9 30.9 30.9 30.9 30.9 30.9 Availability (%)95%95%95%95%95%95%95% Net Energy Sales (kWh)160,000,000 160,000,000 160,000,000 160,000,000 160,000,000 160,000,000 160,000,000 Unit Costs of Power($/kWh)$0.16 $0.16 $0.16 $0.17 $0.17 $0.17 $0.17 SUBTOTAL INCOME ($)$25,759,782 $26,017,380 $26,277,554 $26,540,329 $26,805,733 $27,073,790 $27,344,528 TOTAL INCOME ($)$25,759,782 $26,017,380 $26,277,554 $26,540,329 $26,805,733 $27,073,790 $27,344,528 GEOTHERMAL ELECTRIC PLANT OPERATING EXPENSES (Escalated) Site Lease $0 so So $0 so $o so G&A $141,478 $143,954 $146,473 $149,036 $151,644 $154,298 $156,998 O&M Fee $162,699 $165,547 $168,444 $171,392 $174,391 $177,443 $180,548 O&M $1,626,995 $1,655,467 $1,684,438 $1,713,916 $1,743,909 $1,774,428 $1,805,480 Plant Consumables $70,739 $71,977 $73,236 $74,518 $75,822 $77,149 $78,499 Maintenance Reserve $141,478 $143,954 $146,473 $149,036 $151,644 $154,298 $156,998 Overhaul Fund $141,478 $143,954 $146,473 $149,036 $151,644 $154,298 $156,998 Spare Parts $99,034 $100,768 $102,531 $104,325 $106,151 $108,009 $109,899 Insurance $212,217 $215,931 $219,709 $223,554 $227,466 $231,447 $235,497 Property Taxes So So sO so so s0 so Logistical support $565,911 $575,815 $585,891 $596,145 $606,577 $617,192 $627,993 Transmission line $282,956 $287,907 $292,946 $298,072 $303,289 $308,596 $313,997 Well field work over}$282,956 $287,907 $292,946 $298,072 $303,289 $308,596 $313,997 TOTAL O&M EXPENSES ($)*$3,727,941 $3,793,180 $3,859,560 $3,927,102 $3,995,827 $4,065,754 $4,136,904 DEBT SERVICE Total Project Budget $0 $0 $0 $0 $0 $0 $0 Equity;$58,898,000 $58,898,000 $58,898,000 $58,898,000 $58,898,000 $58,898,000 $58,898,000 Beginning Balance]$213,410,453 $213,410,453 $213,410,453 $213,410,453 $213,410,453 §213,410,453 $213,410,453 Payment -$11,242,829 -$11,242,829 -$11,242,829 -$11,242,829 -$11,242,829 -$11,242,829 -$11,242,829 Principal -$8,165,354 -$8,430,728 -$8,704,726 -$8,987,630 -$9,279,728 -$9,581,319 -$9,892,712 Interest]-$3,077,475 -$2,812,101 -$2,538,103 -$2,255,199 -$1,963,101 -$1,661,510 -$1,350,117 Ending Balance $86,526,195 $78,095,467 $69,390,740 $60,403,110 $51,123,382 $41,542,063 $31,649,351 Debt Service Coverage 1.96 1.98 1.99 2.01 2.03 2.05 2.06 Cash After Debt Service $10,789,012 $10,981,371 $11,175,165 $11,370,398 $11,567,077 $11,765,207 $11,964,794 1.8% *.With US last 10-year average escalation rate MGP es ,O&M,proforma 9.11.20 (3).xlsx 30 year proforma conservative YEAR No.28 29 30 YEARS 2051 2052 2053 ELECTRICITY SALES INCOME (Escalated) Nameplate Power (MWe)36.0 36.0 36.0 Net Power Sales (MWe)30.9 30.9 30.9 Availability (%)95%95%95% Net Energy Sales (kWh)160,000,000 160,000,000 160,000,000 Unit Costs of Power($/kWh)$0.17 $0.17 $0.18 SUBTOTAL INCOME ($)$27,617,973 $27,894,153 $28,173,094 TOTAL INCOME ($)$27,617,973 $27,894,153 $28,173,094 GEOTHERMAL ELECTRIC PLANT OPERATING EXPENSES (Escalated) Site Lease 50 so SO G&A $159,746 $162,541 $165,386 O&M Fee $183,708 $186,922 $190,194 O&M $1,837,076 $1,869,225 $1,901,936 Plant Consumables $79,873 $81,271 $82,693 Maintenance Reserve $159,746 $162,541 $165,386 Overhaul!Fund $159,746 $162,541 $165,386 Spare Parts $111,822 $113,779 $115,770 Insurance $239,619 $243,812 $248,079 Property Taxes $0 50 $0 Logistical support $638,983 $650,165 $661,543 Transmission line $319,491 $325,083 $330,772 Well field work over $319,491 $325,083 $330,772 TOTAL O&M EXPENSES ($)*$4,209,300 $4,282,963 $4,357,915 DEBT SERVICE Total Project Budget $0 $0 $0 Equity $58,898,000 $58,898,000 $58,898,000 Beginning Balance $213,410,453 $213,410,453 $213,410,453 Payment -$11,242,829 $0 $0 Principal -$10,214,225 $0 $0 Interest -$1,028,604 $0 SO Ending Balance $21,435,126 $21,435,126 $21,435,126 Debt Service Coverage 2.08 -- Cash After Debt Service $12,165,844 $23,611,190 $23,815,179 1.8% *.With US last 10-year average escalation rate $689,211,061 $102,810,191 -$314,799,214 $271,601,656 MGP estimate,O&M,proforma 9.11.20 (3).xlsx 30 year proforma expected YEARNo.1 2 3 4 ry ;YEAR 2024 2025 2026 2027 2028 ELECTRICITY SALES INCOME (Escalated) Nameplate Power (MWe}36.0 36.0 36.0 36.0 36.0 Net Power Sales (MWe)30.2 30.2 30.2 30,2 30.2 Availability (%)95%95%95%95%95% Net Energy Sales (kWh)120,000,000 120,000,000 120,000,000 120,000,000 160,000,000 Unit Costs of Power($/kWh)'$0.149 $0.150 $0.15 $0.15 $0.137 SUBTOTAL INCOME ($)$17,880,000 $18,058,800 $18,239,388 $18,421,782 $21,964,800 TOTAL INCOME ($}$17,880,000 $18,058,800 $18,239,388 $18,421,782 $21,964,800 GEOTHERMAL ELECTRIC PLANT OPERATING EXPENSES (Escalated) Site Lease $0 $0 $o so $0 G&A $100,000 $101,750 $103,531 $105,342 $107,186 O&M Fee $110,000 $111,925 $113,884 $115,877 $117,904 O&M $1,150,000 $1,170,125 $1,190,602 $1,211,438 $1,232,638 Plant Consumables)$50,000 $50,875 $51,765 $52,671 $53,593 Maintenance Reserve $100,000 $101,750 $103,531 $105,342 $107,186 Overhaul Fund!$100,000 $101,750 $103,531 $105,342 $107,186 Spare Parts $70,000 $71,225 $72,471 $73,740 $75,030 Insurance|$150,000 $152,625 $155,296 $158,014 $160,779 Property Taxes $0 $o sO $0 $o Logistical support $400,000 $407,000 $414,123 $421,370 $428,744 Transmission line $200,000 $203,500 $207,061 $210,685 $214,372 Well field work over $200,000 $203,500 $207,061 $210,685 $214,372 TOTAL O&M EXPENSES ($}*$2,630,000 $2,676,025 $2,722,855 $2,770,505 $2,818,989 DEBT SERVICE Totai Project Budget!$227,710,453 $0 $0 $0 Equity $50,096,300 $50,096,300 $50,096,300 $50,096,300 $50,096,300 Beginning Balance $177,614,153 $177,614,153 $177,614,153 $177,614,153 $177,614,153 Payment -$9,357,019 -$9,357,019 -$9,357,019 -$9,357,019 -$9,357,019 Principal -$3,584,559 -$3,701,057 -$3,821,341 -$3,945,535 -$4,073,765 interest -$5,772,460 -$5,655,962 $5,535,677 -$5,411,484 -$5,283,254 Ending Batance'$174,029,595 $170,328,538 $166,507,197 $162,561,662 $158,487 898 Debt Service Coverage 1.63 1.64 1.66 1.67 2.05 Cash After Debt Service'$5,892,981 $6,025,756 $6,159,514 $6,294,258 $9,788,792 1.8% *With US last 10-year average escalation rate Rate|3.25% Term)|30 Total 30 year Revenue $868,095,014Equity'22%Total 30 year O&M cost |$102,615,105 Project Costs $/MW!$7,540,081 'roe aymente of $261,996,519 Sales Inflation rate|1.0% 30 year EBIDTA $503,483,389 kWh through Meter for the year Rate to City if share upside rate in 2028,four rate in 2033,10 tate in 2038,15 years50:50 years years 100,000,000 0.163 0.1695 0.1783 0.18729 120,000,000 0.149 0.1550 0.1630 0.1712 140,000,000 0.140 0.1456 0.1532 0.1609 160,000,000 0.132 0.1373 0.1444 0.1517 180,000,000 0.127 0.1321 0.1389 0.1459 200,000,000 0.122 0.1269 0.1335 0.1402 220,000,000 0.119 0.1238 0.1302 0.1367 240,000,000 0.115 0.1196 0.1258 0.1321 260,000,000 0.113 0.1175 0.1236 0.1298 MGP es a,O&M,proforma 9.11.20 (3).xlsx 30 year proforma expected YEAR No.1 2 3 4 5 YEAR 2024 2025 2026 2027 2028 ELECTRICITY SALES INCOME (Escalated) Nameplate Power (MWe)36.0 36.0 36.0 36.0 36.0 Net Power Sales (MWe)30.2 30.2 30.2 30.2 30.2 Availability (%)95%95%95%95%95% Net Energy Sales (kWh)120,000,000 .120,000,000 120,000,000 120,000,000 160,000,000 Unit Costs of Power($/kWh)$0.149 50.150 $0.15 $0.15 $0.137 SUBTOTAL INCOME ($)$17,880,000 $18,058,800 $18,239,388 $18,421,782 $21,964,800 TOTAL INCOME ($)$17,880,000 $18,058,800 $18,239,388 $18,421,782 $21,964,800 GEOTHERMAL ELECTRIC PLANT OPERATING EXPENSES (Escalated) Site Lease $0 so $o SO $0 G&A $100,000 $101,750 $103,531 $105,342 $107,186 O&M Fee $110,000 $111,925 $113,884 $115,877 $117,904 O&M $1,150,000 $1,170,125 $1,190,602 $1,211,438 $1,232,638 Plant Consumables $50,000 $50,875 $51,765 $52,671 $53,593 Maintenance Reserve $100,000 $101,750 $103,531 $105,342 $107,186 Overhaul Fund $100,000 $101,750 $103,531 $105,342 $107,186 Spare Parts $70,000 $71,225 $72,471 $73,740 $75,030 Insurance $150,000 $152,625 $155,296 $158,014 $160,779 Property Taxes $0 so $0 SO SO Logistical support $400,000 $407,000 $414,123 $421,370 $428,744 Transmission line $200,000 $203,500 $207,061 $210,685 $214,372 Well field work over $200,000 $203,500 $207,061 $210,685 $214,372 TOTAL O&M EXPENSES ($)*$2,630,000 $2,676,025 $2,722,855 $2,770,505 $2,818,989 DEBT SERVICE Total Project Budget $227,710,453 $0 $0 $0 Equity $50,096,300 $50,096,300 $50,096,300 $50,096,300 $50,096,300 Beginning Balance $177,614,153 -$177,614,153 $177,614,153 $177,614,153 $177,614,153 Payment -$9,357,019 -$9,357,019 -$9,357,019 -$9,357,019 -$9,357,019 Principal -$3,584,559 -$3,701,057 -$3,821,341 -$3,945,535 -$4,073,765 Interest -$5,772,460 -$5,655,962 -$5,535,677 -$5,411,484 -$5,283,254 Ending Balance $174,029,595 $170,328,538 $166,507,197 $162,561 ,662 $158,487,898 Debt Service Coverage 1.63 1.64 1.66 1.67 2.05 Cash After Debt Service $5,892,981 $6,025,756 $6,159,514 $6,294,258 $9,788,792 1.8% *.With US last 10-year average escalation rate MGP es 2,O&M,proforma 9.11.20 (3).xlsx 30 year proforma expected YEAR No.6 7 8 9 10 11 12 YEAR 2029 2030 2031 2032 2033 2034 2035 . ELECTRICITY SALES INCOME (Escalated) Nameplate Power (MWe)36.0 36.0 36.0 36.0 36.0 36.0 36.0 Net Power Sales (MWe)30.2 30.2 30.2 30.2 30.2 30.2 30.2 Availability (%)95%95%95%95%95%95%95% Net Energy Sales (kWh)160,000,000 160,000,000 160,000,000 160,000,000 200,000,000 200,000,000 200,000,000 Unit Costs of Power($/kWh)$0.14 $0.14 $0.14 $0.14 $0.13 $0.13 $0.14 SUBTOTAL INCOME ($)$22,184,448 $22,406,292 $22,630,355 $22,856,659 $26,693,600 $26,960,536 $27,230,141 TOTAL INCOME ($)$22,184,448 $22,406,292 $22,630,355 $22,856,659 $26,693,600 $26,960,536 $27,230,141 GEOTHERMAL ELECTRIC PLANT OPERATING EXPENSES (Escalated) Site Lease SO $0 $0 $o $0 $0 $0 G&A $109,062 $110,970 $112,912 $114,888 $116,899 $118,944 $121,026 O&M Fee $119,968 $122,067 $124,203 $126,377 $128,589 $130,839 $133,129 O&M $1,254,209 $1,276,158 $1,298,490 $1,321,214 $1,344,335 $1,367,861 $1,391,799 Plant Consumables $54,531 $55,485 $56,456 $57,444 $58,449 $59,472 $60,513 Maintenance Reserve $109,062 $110,970 $112,912 $114,888 $116,899 $118,944 $121,026 Overhaul Fund $109,062 $110,970 $112,912 $114,888 $116,899 $118,944 $121,026 Spare Parts $76,343 $77,679 $79,039 $80,422 $81,829 $83,261 $84,718 Insurance $163,592 $166,455 $169,368 $172,332 $175,348 $178,417 $181,539 Property Taxes 50 so Ae)so so so so Logistical support $436,247 $443,881 $451,649 $459,553 $467,595 $475,778 $484,104 Transmission line $218,123 $221,940 $225,824 $229,776 $233,797 $237,889 $242,052 Well field work over $218,123 $221,940 $225,824 $229,776 $233,797 $237,889 $242,052 TOTAL O&M EXPENSES ($)*$2,868,322 $2,918,517 $2,969,591 $3,021,559 $3,074,436 $3,128,239 $3,182,983 DEBT SERVICE Total Project Budget $0 $0 $0 $0 $0 $0 $0 Equity $50,096,300 $50,096,300 $50,096,300 $50,096,300 $50,096,300 $50,096,300 $50,096,300 Beginning Balance $177,614,153 $177,614,153 $177,614,153 $177,614,153 $177,614,153 $177,614,153 $177,614,153 Payment -$9,357,019 -$9,357,019 -$9,357,019 -$9,357,019 -$9,357,019 -$9,357,019 -$9,357,019 Principal -$4,206,162 -$4,342,862 -$4,484,005 -$4,629,735 -$4,780,202 -$4,935,558 -$5,095,964 Interest -$5,150,857 -$5,014,156 -$4,873,013 -$4,727,283 -$4,576,817 -$4,421,460 -$4,261,055 Ending Balance $154,281,736 $149,938 ,874 $145,454,869 $140,825,133 $136,044,932 $131,109,373 $126,013,409 Debt Service Coverage 2.06 2.08 2.10 2.12 2.52 2.55 2.57 Cash After Debt Service'$9,959,108 $10,130,757 $10,303,746 $10,478,081 $14,262,145 $14,475,278 $14,690,140 1.8% *.With US last 10-year average escalation rate MGP es 2,O&M,proforma 9.11.20 (3).xIsx 30 year proforma expected YEAR No.13 14 15 16 17 18 19 YEAR 2036 2037 2038 2039 2040 2041 2042 ELECTRICITY SALES INCOME (Escalated) Nameplate Power (MWe)36.0 36.0 36.0 36.0 36.0 36.0 36.0 Net Power Sales (MWe)30.2 30.2 30.2 30.2 30.2 30.2 30.2 Availability (%)95%95%95%95%95%95%95% Net Energy Sales (kWh)200,000,000 200,000,000 240,000,000 240,000,000 240,000,000 240,000,000 240,000,000 Unit Costs of Power($/kWh)$0.14 $0.14 $0.13 $0.13 $0.13 $0.14 $0.14 SUBTOTAL INCOME ($)$27,502,443 $27,777,467 $31,712,400 $32,029,524 $32,349,819 $32,673,317 $33,000,051 TOTAL INCOME ($)$27,502,443 $27,777,467 $31,712,400 $32,029,524 $32,349,819 $32,673,317 $33,000,051 GEOTHERMAL ELECTRIC PLANT OPERATING EXPENSES (Escalated) Site Lease|$0 $0 sO sO $0 $0 $0 G&A $123,144 $125,299 $127,492 $129,723 $131,993 $134,303 $136,653 O&M Fee $135,458 $137,829 $140,241 $142,695 $145,192 $147,733 $150,318 O&M $1,416,155 $1,440,938 $1,466,154 $1,491,812 $1,517,919 $1,544,482 $1,571,511 Plant Consumables $61,572 $62,649 $63,746 $64,861 $65,996 $67,151 $68,327 Maintenance Reserve $123,144 $125,299 $127,492 $129,723 $131,993 $134,303 $136,653 Overhaul Fund $123,144 $125,299 $127,492 $129,723 $131,993 $134,303 $136,653 Spare Parts $86,201 $87,709 $89,244 $90,806 $92,395 $94,012 $95,657 Insurance $184,716 $187,948 $191,238 $194,584 $197,989 $201,454 $204,980 Property Taxes $0 $0 So $0 $0 $0 $0 Logistical support $492,576 $501,196 $509,967 $518,891 $527,972 $537,211 $546,612 Transmission line $246,288 $250,598 $254,983 $259,446 $263,986 $268,606 $273,306 Well field work over $246,288 $250,598 $254,983 $259,446 $263,986 $268,606 $273,306 TOTAL O&M EXPENSES ($)*$3,238,685 $3,295,362 $3,353,031 $3,411,709 $3,471,414 $3,532,164 $3,593,977 DEBT SERVICE ,, Total Project Budget $0 $0 $0 $0 $0 $0 $0 Equity $50,096,300 $50,096,300 $50,096,300 $50,096,300 $50,096,300 $50,096,300 $50,096,300 Beginning Balance}$177,614,153 $177,614,153 $177,614,153 $177,614,153 $177,614,153 $177,614,153 $177,614,153 Payment!-$9,357,019 -$9,357,019 -$9,357,019 -$9,357,019 -$9,357,019 -$9,357,019 -$9,357,019 Principat -$5,261,583 -$5,432,584 -$5,609,143 -$5,791,440 -$5,979,662 -$6,174,001 -$6,374,656 Interest -$4,095,436 -$3,924,434 -$3,747,875 -$3,565,578 -$3,377,356 -$3,183,017 -$2,982,362 Ending Balance $120,751 ,827 $115,319,242 $109,710,099 $103,918,659 $97,938,997 $91,764,996 $85,390,340 Debt Service Coverage 2.59 2.62 3.03 3.06 3.09 3.11 3.14 Cash After Debt Service'$14,906,739 $15,125,086 $19,002,350 $19,260,796 $19,521,386 $19,784,135 $20,049,055 1.8% *.With US last 10-year average escalation rate MGP es 2,O&M,proforma 9.11.20 (3).xlsx 30 year proforma expected YEAR No.20 21 22 23 24 25 26 YEAR 2043 2044 2055 2046 2047 2048 2049 ELECTRICITY SALES INCOME (Escalated) Nameplate Power (MWe)36.0 36.0 36.0 36.0 36.0 36.0 36.0 Net Power Sales (MWe)30.2 30.2 30.2 30.2 30.2 30.2 30.2 Availability (%)95%95%95%95%95%95%95% Net Energy Sales (kWh)240,000,000 240,000,000 240,000,000 240,000,000 240,000,000 240,000,000 240,000,000 Unit Costs of Power($/kWh)$0.14 $0.14 $0.14 $0.14 $0.14 $0.15 $0.15 SUBTOTAL INCOME ($)$33,330,051 $33,663,352 $33,999,985 $34,339,985 $34,683,385 $35,030,219 $35,380,521 TOTAL INCOME ($)$33,330,051 $33,663,352 $33,999,985 $34,339,985 $34,683,385 $35,030,219 $35,380,521 GEOTHERMAL ELECTRIC PLANT OPERATING EXPENSES (Escalated) Site Lease S0 so 50 $0 $0 so $0 G&A $139,045 $141,478 $143,954 $146,473 $149,036 $151,644 $154,298 O&M Fee $152,949 $155,626 $158,349 $161,120 $163,940 $166,809 $169,728 O&M $1,599,012 $1,626,995 $1,655,467 $1,684,438 $1,713,916 $1,743,909 $1,774,428 Plant Consumables $69,522 $70,739 $71,977 $73,236 $74,518 $75,822 $77,149 Maintenance Reserve $139,045 $141,478 $143,954 $146,473 $149,036 $151,644 $154,298 Overhaul Fund $139,045 $141,478 $143,954 $146,473 $149,036 $151,644 $154,298 Spare Parts $97,331 $99,034 $100,768 $102,531 $104,325 $106,151 $108,009 Insurance $208,567 $212,217 $215,931 $219,709 $223,554 $227,466 $231,447 Property Taxes $0 so $0 so $0 $0 $0 Logistical support $556,178 $565,911 $575,815 $585,891 $596,145 $606,577 $617,192 Transmission line $278,089 $282,956 $287,907 $292,946 $298,072 $303,289 $308,596 Well field work over $278,089 $282,956 $287,907 $292,946 $298,072 $303,289 $308,596 TOTAL O&M EXPENSES ($)*$3,656,871 $3,720,867 $3,785,982 $3,852,237 $3,919,651 $3,988,245 $4,058,039 DEBT SERVICE Total Project Budget $0 $0 $0 $0 $0 $0 $0 Equity $50,096,300 $50,096,300 $50,096,300 $50,096,300 $50,096,300 $50,096,300 $50,096,300 Beginning Balance $177,614,153 $177,614,153 $177,614,153 $177,614,153 $177,614,153 $177,614,153 $177,614,153 Payment -$9,357,019 -$9,357,019 -$9,357,019 -$9,357,019 -$9,357,019 -$9,357,019 -$9,357,019 Principal -$6,581,833 -$6,795,742 -$7,016,604 -$7,244,643 -$7,480,094 -$7,723,197 -$7,974,201 Interest -$2,775,186 -$2,561,276 -$2,340,415 -$2,112,375 -$1,876,924 -$1,633,821 -$1,382,817 Ending Balance $78,808,507 $72,012,765 $64,996,161 $57,751,518 $50,271,424 $42,548,226 $34,574,025 Debt Service Coverage 3.17 3.20 3.23 3.26 3.29 3.32 3.35 Cash After Debt Service $20,316,161 $20,585,466 $20,856,985 $21,130,730 $21,406,716 $21,684,956 $21,965,464 1.8% *.With US last 10-year average escalation rate MGP es 2,O&M,proforma 9.11.20 (3).xlsx 30 year proforma expected YEAR No.27 28 29 30 YEAR 2050 2051 2052 2053 ELECTRICITY SALES INCOME (Escalated)ce Nameplate Power (MWe)36.0 36.0 36.0 36.0 Net Power Sales (MWe)30.2 30.2 30.2 30.2 Availability (%)95%95%95%95% Net Energy Sales (kWh)240,000,000 240,000,000 240,000,000 240,000,000 Unit Costs of Power($/kWh)$0.15 $0.15 $0.15 $0.15 SUBTOTAL INCOME ($)$35,734,326 $36,091,669 $36,452,586 $36,817,112 TOTAL INCOME ($)$35,734,326 $36,091,669 $36,452,586 $36,817,112 $868,095,014 GEOTHERMAL ELECTRIC PLANT OPERATING EXPENSES (Escalated) Site Lease so so $0 so G&A $156,998 $159,746 $162,541 $165,386 O&M Fee!$172,698 $175,720 $178,795 $181,924 O&M $1,805,480 $1,837,076 $1,869,225 $1,901,936 Plant Consumables $78,499 $79,873 $81,271 $82,693 Maintenance Reserve $156,998 $159,746 $162,541 $165,386 Overhaul Fund $156,998 $159,746 $162,541 $165,386 Spare Parts $109,899 $111,822 $113,779 $115,770 Insurance $235,497 $239,619 $243,812 $248,079 Property Taxes 50 so $0 SO Logistical support $627,993 $638,983 $650,165 $661,543 Transmission line $313,997 $319,491 $325,083 $330,772 Well field work over $313,997 $319,491 $325,083 $330,772 TOTAL O&M EXPENSES ($)*$4,129,054 $4,201,313 $4,274,836 $4,349,646 $102,615,105 DEBT SERVICE Total Project Budget $0 $0 $0 $0 Equity $50,096,300 $50,096,300 $50,096,300 $50,096,300 Beginning Balance]$177,614,153 $177,614,153 $177,614,153 $177,614,153 Payment -$9,357,019 -$9,357,019 $0 $0 -$261,996,519 Principal -$8,233,363 -$8,500,947 $0 $0 Interest!-$1,123,656 -$856,072 $0 $0 Ending Balance $26,340,663 $17,839,715 $17,839,715 $17,839,715 Debt Service Coverage 3.38 3.41 -- Cash After Debt Service $22,248,253 $22,533,338 $32,177,750 $32,467,466 $503,483,389 1.8% *.With US last 10-year average escalation rate MGP 2020 Schedule anon °7 nish: 1 He DOE Phase 1 Application Process '§09d 04/03/19 11/16/20 2 Initial Meeting(s)with parties,commence process,gather and supply information 213d 04/03/19 12/06/19 3 :PPA Developed /Approved , 240d 11/26/19 08/31/20 4 Teaming Agreement with Technology Partner -Kaishan 1774 11/22/19 7 06/15/20 5!Preliminary contractor quotes on design basis *182d |12203/19 07/01/20 6 Budget estimate,Ciass 2 ished 331d 08/12/19 08/31/20 7 MGP preliminary ProForma financials complete - 244d 11/25/19 09/03/20 8 OCCP Capital contributions in place for Pre-sanctioning Phase 83d 10/12/19 01/16/20 9 Proceed with financial package and project financial avenues 59d 09/09/20 11/16/20 10 ='Advance due diligence for financing ,.:330d 01/13/20 01/30/24 41 j=!FEED Studies and Estimate ,:,,,:"330d 01/13/20 01/30/21 12 Construction and Logistics plans developed 265d 02/13/20 12/17/20 i ;-eect -:-, ' , i 13 ,Engineering basis established and requisite.drawings -:_-80d .07/27/20 :,40/27/20 i °i on ie :;|:| 141 O&M,Environment,Permitting,disposal plans base lined 200d 02/13/20 40/02/20 a ne as |/\- 15 |Selection of key contractors and price quotes |250d 01/13/20 40/29/20 _:en a -i .a 7 16 Feasibility Study on Air Source Heat pumps and Class 2 estimate 78d 09/01/20 41/30/20 po To _:a no ° 17 ,Engineering evalution of Unalaska Distribution system andestimate.(iti'é'ésésS:*C*«*d ON 112620 oo :a t 'ne '18!Class 3 estimate prepared |125d 09/01/20 01/23/21 i L |||!i 19 Select financial team and firm up financing 6d 01/25/21 01/30/21 ' ee eee (eee |ee |7 |_i_ 20 |Financing review and approval process ;re _,48d _;02/01/21 03/27/21 oo ::i ;:=,|i :;i a oo,! 21;Project Sanction and Money avaiable *25d 03/29/21 04/26/21 |ee es oe a _'': 22!Award EPC contract :6d 04/30/21 05/08/21 .| 23 Working group for Interconnection/Integration plan development 600d 09/01/20 08/01/22 |{_iL a :=a oe |24 |=:Summer 2020 field work for permitting and engineering definition Z 7 |390d |12nens =|03/13/24 _Lae :||7 25 DNR OPMP project introduction 1d 12/16/19 12/16/19 2 of 26 |.Aleutian Aerial pre-field work Dron Survey of Beach and Alrport area |30d 7 oan2/20 _.05/15/20 :_:of i | a7.Agency Introduction Letter 37d 05/10/20 06/20/20 !Lo : : 28 ADF&G Habitat steam crossing permit 54d 06/01/20 08/01/20 |];i i i 29°Environmental field work 37d 06/08/20 07/20/20 ¥a i ae 30;3-Tier Survey existing road and proposed alignment 3 12d .06/21/20 07/03/20 | : |i |i |\31 Survey of Aleutian Aetial contro!points "1d 06/23/20 og23202=C *t-ti"'<CO!ft oo 32 NLURA Archaeological Survey of Camp and Beach area i 4d 07/07/20 07/07/20 i |tof |.--Lobo a 33°PEC!Map wetlands within proposed project alignment 5d 07/07/20 07/11/20 oo :a - 34 7 Compile survey information for permit applications |72d it 07/20/20 10/10/20 _;:;a!wey in S j i.|-"yo35°Engineering of dock and access,if needed '§3d 07/21/20 09/19/20 :ni i ! 36 Project Description and Agency Scoping letter 18d 10/41/20 10/30/20 |an i |-;-:|- i :5 , - 37 USACE permit application :132d 10/12/20 03/13/21 i ' os I |\ 38 TPECI prepare SWPPP plan,submits and receives approval 4 50d 12/01/20 ;0127/21 |-|:"7 !||| "T | 39)OCCP signs dNOI and SWPPP 3d 01/28/21 01/30/21 en |J}| 40 io Summer 2021 field work for permitting and engineering definition _:162d |04/01/21 10/06/21 |a ns a Ec 7 _a |oo a a 41'Prepare mobilization barge with equipment and supplies 50d 04/04/24 05/31/21 i |i !| 42 Preliminary construction on temporary dock and road aligment a "31d oator21 |os 15/21 :Bo i :|i43rAleutianAerial-phase 2 drone mapping upper valiey '20d 04/15/21 05/07/21 | .™er ; -T -r 44 :Mobilization at site,set up 20 man camp by airstrip a .39d 04/01/21 05/15/24 a ;:i i ;oT ye i f Ts ee 45 ;3-Tier -survey of dock and preliminary road ;;-;:93d |04/15/21 ;07/31/21 :i .;:| . : :|i 46 3-Tier -survey of pads and well sites _ee 12d 08/30/21 09/11/21 :::|'.i i Exported on September 11,2020 9:07:38 AM PDT Page 1 of 3 pe merinishy 47 NLURA Archaeological survey of full project footprint,if needed 5d 07/01/21 07/06/21 i 48 |TPECI wetlands survey of upper plateaus,if further needed :4d 07/08/21 o7M224 |7 |i | 49 Marine desk top study and field survey of marine routing 420d 04/27/21 09/13/21 :: 50 Pioneer road and rough establish pads to Power Plant site _420d 05/17/21 10/02/21 i 1 arnt 514 'us DOE environmental review 7 1400 04/27/21 '0/06/21 || 62 i Summer 2022 field work "465d 04/01/22 10/10/22 Co a i :|.t 53!Mobilize supplies and Drill rig 45d 04/01/22 05/23/22 |i ' 54 Construct phase 2 of Road up Makushin valley as necessary 60d 04/30/22 07/08/22 :-:o ,:-:- 55:.Shuttle logistics for drilling operations --25d -05/24/22 "06/21/22 ||| 56 ,Power Plant site work and drill pads work 25d 06/04/22 07/02/22 : 57 Drilling production and Injection wells (4-6 wells)_1004 06/16/22 10/10/22 io ye ;:.|°i 58 :Main Camp and ancillary pads in lower valley installation -_::;60d 06/04/22 |08/12/22 59 [:Install subsea cables and transition switch yards i 50d 07/02/22 08/29/22 I | 60 Perform portion of the ASHP conversions in Unalaska 60d 07/13/22 09/20/22 es ee eee eens ees ee 0 - 61 Perform portion of City Distribution Upgrades inUnataska OO 07/09/22 09/16/22 |en ey 62 :=.Detailed Engineering power plant :70d 10/22/22 01/11/23 : 63 |Power plant layout design 40d 40/22/22 42/07/22 |i _;||_L oa 64:Steam Screw expander modular plant design 50d 11/18/22 01/11/23 ;' 65,Wet Steam ORC plant design _50d 4195/22 04/14/23 "7 |.1 66 -"High temperature brine ORG plant design -::50d -:4A 5/22 O1/1 123 : 67 :Low temperature bine ORC plant design _50d 11/15/22 01/11/23 ee)ee ee -_, 68 well field gather piping,supports,and equipment "20d 41/15/22 42/07/22 al 69 Power plant electical design -i _H 30d .12108122 ;(Om 1/23 ;:a 70 |Balance of Plant engineering 508d 06/16/21 01/28/23 =cE a an 3-Tier -Roads and Pads design 10/07/21 10/26/22 -_on aaa 72 Foundations -3-Tier or PN&D 12/31/22 .01/28/23 73 "Substations |25d 06/16/21 o7/4i21 74.'Transmission line,buried andswitching OB 30d |ogta21 1018/21 mo . 75 Transmission line,subsea -Kaishan subcontractor |30d 09/14/21 10/18/21 oy 76|Fiber Optic - 25d 09/14/21 10/12/21 77 |=,Equipment procurement 695d 01/13/21 04/03/23 js po 3 78 |Steam screw expander plant 70d 12/02/22 02/21/23 7H | 79)ORC plant 70d 1202/22 02/2123 |es is |a 80:Well field piping,supports,equipment 70d 12/02/22 02/21/23 81 PLC,control container,wire,tray 60d 01/24/23 04/03/23 - } 82 |Equipment for ASHP conversion in Unalaska 365d 01/16/21 03/17/22 !: __ =.: 83 Equipment for City Distribution Upgrades in Unalaska _3654 01/13/21 03/14/22 ;|a : i .Equipment manufacturing - |486d 40/19/21 05/08/23 ' Steam Screw Expander plant 65d 02/10/23 04/26/23 _ 88 ORC powerplant -a 75d |011823 04/423 po |-_a es - 87 |Electrical Parts _30d 04/04/23 05/08/23 BB Land underground cable 200d 10/19/24 06/08/22 :_ 89 Sea underground cable 200d 10/19/21 06/08/22 oe ed 90.Transformer /Switching a ---”god 01/18/23 04/20/23 i |-i :_._°$1 |=Shipping /Transport 44d 04/23/23 06/12/23 a 92;Kaishan Equipment 30d 05/09/23 06/12/23 | i ae 93°Material consolidated in Seattle,Anchorage 30d 04/23/23 05/26/23 /ou a 94 =Summer 2023 field work ”365d 04/15/23 06324 -__i -;==- 98 Final drilling of production and injection wells,if needed 60d 04/15/23 06/23/23 |a cae Exported on September 11,2020 9:07:39 AM PDT Page 2 of 3 96 Install foundations for plant and field piping 340d 05/15/23 06/13/24 97 Power plant external installations 70d 07/06/23 09/25/23 98 Steam screw Expander plant installation ; 30d i 06/24/23 07/28/23 99 ORC piant installation " '70d |06/24/23 09/13/23 100 Electrical installations :50d 07/24/23 09/19/23 101 Land based cable instalation :45d 06/20/23 08/10/23 102 Substation installation 20d 07/25/23 08/16/23 103 Finish ASHP installations in Unalaska,if possibie via power avaialbiity 60d 06/05/23 08/12/23 104 :'Finish City Distribution Upgrades .60d !07/01/23 09/08/23 |165 a:Commissioning and testing :60d 07/29/23 10/06/23 : 106 Steam Screw expander testing *30d 07/29/23 09/01/23 - 107 "ORC plant unit 2 testing 30d 08/1 0/23 09/13/23 , 108 |ORC plant unit 3 testing :30d 09/02/23 10/06/23 109 ,'}Verification testing 18d 10/07/23 10/27/23 i 110.Capacity verification test 12d 10/07/23 10/20/23 'a 111 Steam consumption rate verfication 6d 10/21/23 10/27/23 412 Commercial Operation Date 1d 1 0/28/23 10/28/23 i Exported on September 11,2020 9:07:39 AM PDT woedePage 3 of 3 aLIORON ' A Sr CBO UREN pf (SD Oe tat Ue antag meen onanSigeeyiansae |Proposed. Rower Cable ae-2}.gee:ipWINE:WI. sNX aaSSSaas (TheyKeea}'NSAd LEGEND sneeasasee PROPOSED POWER CABLE PROPOSED ROUTE GEOTHERMAL TEST WELL GEOTHERMAL GRADIENT HOLE FUMAROLE POWER PLANT © © e HOT SPRING ale oe Vee va MAKUSHIN GEOTHERMAL PROJECT OVERVIEW EXHIBIT UNALASKA ISLAND,AK royfatwo NO: or LOCATION:OWNER: 7728,RL19W &Ri1GN;1735,R1Z0W &RIOW QUNALASHKA CORP.SEWARD MERIDIAN CITY OF UNALASKA oe OL HECKED: RCH 3-TIER ALASKA,LIC AE: N/A aw 326 Driveway Street,Suite 102ERFoirbanks,AK 99701 K (907)481-741) ATE OF DRAWING: 9/11/2020 Makushin_Overview_2020.dwg pre=re«SUBMARINE cant”seineer.om ValleyMakushin -SWITCHING STATION "SS © SWITCHING STATION wo WEST TERMINALsenTNa.yA 'NX .i |":Ss .fe ae . , GRAPHICAL SCALE:YARDS taAnG210002000soo0d4000S000G0007000 "good!qooo 10000 =:*Sooo I2z000 13000 «614000'her aie = t -100 -:. -_ 200 : + . ;L --- 300-;=== 7 ees i] 406 -!| o- -NOTE:'- :ee - l00 -Va PROFILE . SOUNDINGS IN FATHOMSwsSCALE:HORIZ.1"21000!VERT.I"s 200!AT MEAN LOWER LOW WATER. -200 -i et 14000!|S000'=16000!17000! Aal SAI_ENGINEERS,INC,j ALASKA POWER AUTHORITY (6) SUBMARINE CABLE ROUTING2O3QPerrickteryOr.,Bante Clare,Ga,85059 Title3SAI!Project No.24165 Dette:=-%<-37 [Orewn:ALS Approved:Revision 2 Owg.No.FIs.2-5 MAKUSHIN GROTHERMAL PROJECT PRELIMINARY ROAD FOR ACCESS TO FUTURE POWER PLANT DESIGN oT-1 AND PROJECT LOCATION GEOTHERMAL BOUNDARY a. BROAD BAY R1190R116WSHEET 6 T7258 SHEET 5 SHEET 4 SHEET 3 SHEET 2 SHE U.S.S.\ET 1 SHEET 9 SHEET 8 SHEET 7 R120WR119WT73S FONIANFAICTTHIITSVWIVNOLLVN:TABLE OF CONTENTS Fi-Fo PLAN MAKUSHIN ROAD ALIGNMENT EXHIBIT MAKUSHIN GEOTHERMAL PROJECT A JOINT VENTURE WITH OUNALASHKA CORPORATION AND CHENA POWER LOCATION: WITHIN T72S,R118W;T72S,Ri19W; T73S,RiZOW,SEWARD MERIDIAN FAIRBANKS RECORDING DISTRICT OWNER: OUNALASHKA CORPORATION UNALASKA,ALASKA DRAWN: 3-TIER ALASKA 326 Driveway Street;Suite 102 Fairbanks,AK 99701 (907)451-7411 A>. 3-TIER ALASKA CIVIL ENGINEERING &SURVEYING MATCHSHEET2.SPT #-4105 (REBAR)7 =="LAT:N 53°47°45.93°=" G:Ww 165-21"58.05... . 7 .- oo Smal 4 a ¢ SEC,26 |SEC.85 .SEC.38 |SEC.38 .: - 7 . . 4 , .' rs Pa ” . t GENERAL NOTES 20 MAN"aig BO(DESIRED)»WEST BANK OF ©, -MAKUSHIN RIVER -.\ 'MEASURED...'\ 23°JUNE 2020 .} RAILCAR BRIDGE89'LONG os pT oO (WeWC)|SLATE 5347'32.07°Tf a Lo \"LONG:°W 165°20°53.42”.oNme40.FRpx 40 7 :Bo j oe.fe a :-Waku "oun asiciSROECTORPOR,{TION a ts wae. - ': SHEET ces *"9/8/2020 F 1 :'an e400" GENERAL NOTES MATCHSHEETF330 = R/W VAF az NES y ©53°47'55.67" LONG:W 165°22'31.62” a ;.*::-; 2 :7.} i the ;.a ,2 :: .we 7 -+: .Pa .:i .: -,No.Revision/Issue - ° .F £:.. PROJECT NAME:'OWNER: :a vo.;ee Oe aan --MAKUSHIN QUNALASHKA °we nn agers eee,GEOTHERMAL CORPORATION-_.Se,>: PROJECTeeMea#in 108 (BLM 2 DRAWN:Do NATIONAL MARITINE ne oe Re ONUMENT),;KK . ..WILDLIFE REFUGE BOUNDARY |-So ge LAT:N 53°47'40.69”,a ;. *ns CECE:eu Re ae mae LONG:W-... : .aon o OATE.OF DRAWING:ao a .+ 7 e ,-”',*oe /-165'23'23.37":-y,0/2/2020 bh ::a an oe "e 'age SO:eh an ne SEC.34 |SEC.35°- 7 a :waeeeeeeeo__ay . ...=aa.Sd Gea ee a oe .ime>+.cae : me - . .i an a ---_ae "SHEET .et at 5 .. :ree, .r =e FO/vine hoe ;or .'t :i aan a rt -9/8/2020 ke:ff;et es ae := .---_af at ::.:-Y :s 1°=400"*t ; - ._-:aan.ws oatanuasienanal enaneer a on .é Byles -,f aoe is oN mene:im enone cone at,:a oe my GENERAL NOTES4weSoge..we,"-7 Whee ote a a ra . 'i roe |Ace '.ned :ee,oa :ae rd - 7 wo 'Or!aay.ae ea:a se St .mye pce a Yo a”oo a , -he "t Cw .. . a ;.:., . :i Ly oo ;;a _-:_...Para >. : : Loe ee 2 ea a \es on AONCoeanonwet.oe >om 4 ne Lae '(%fd aaenaeayneeeeenOe- :ae o ..nan My yoo.reoot4.:;.--:_-AY a rn _"me AT sg a pe LS ::i ee SOT TRme . + /a -.j .r- oo ::.-'aot a. : a a ere 'a oN .ce Ge j yo aoe .: 4 a oo rr ee iA a NR ,', .7 63!co wa ee : .a &'. ao aa re ool . 7 Oe ;-oe te.ut . -Nn .',. =.+:x a oe eS s *a), :.. 7 : *:7":-wal"*.my 7 .ae an '. we ee °.) - °: °toe "ye = ae re re . PT#109 (REBAR)" rs a , "::a of 7 ™ce in onLAT:-N-a a ...-:,:. - OS)pT |53°4B14.14".ie ,poy oe eect dp LONG We || .}oe oat.Os 6165'24°40.28".=okBooebeetpS-| we .bot mR _ 160+00 =4 Se 150+00 fla IBS:4 wee COUN. +oO . .i." ae x4 &X : . : :.2 - ,TA|T -;oe a 7 ae Lo :;- : --: ,:ae i ." =rr .woe ."*f £ w , -rv ffs ©a . wy as 2 cz Pot TE °-;.;aon oy * s "<. ° .”f ftae. a '% :ac?* ete . . -i No.Revision/!ssue '.oon ooe;-.eel 2 °".4 :PROJECT NAME:OWNER: oe ;fe .oof 'MAKUSHIN OUNALASHKA .;ao .tee GEOTHERMAL |CORPORATION ; ae .a .see n PROJECT :oe,: ;oes - -:BRAWN: oa ok ot 'ws,:NKK ; woe . ...as res ais . .cae "bese ;. -7 a a .OATE OF DRAWING: . . -Te ee :_9/10/2020 't 2 .i . ,;x . :.at ...fale Sad ,oT ae . : . .'-:et cs .8 ::.oo wots :Pot ry ; :.a :a :ve .va es }2:ee ee .ee _NATIONAL MARITIME”b SHEET ne a = .pee ve "9/10/2020 F 4sy,ms wok ._..#ee:{)"WILDLIFE |REFUGE”BOUNDARY .:ee 400"e -1 fe - /= *.a a we.a - GENERAL NOTES No.Revision/Isaue PROJECT NAME:OWNER: MAKUSHIN OUNALASHKAotGEOTHERMAL|CORPORATION--PROJECT).NATIONAL MARITIME WILDLIFE REFUGE BOUNDARY |RE:._NKK . . :oy .waraaavamammenen *.. ..Page CHECKED:on ,ae 7 .a *ee ls ae nm ReH\ . 7 :ad '-7 .Re. .ot .:poy,. . DATE OF DRAWING: .i . a poe 7 a.9/10/2020'..TU .4 . ,.-. SEC.33.,a one .se!.: ; 'so :e an oS ,so L.-sR .oo .:se ve SHEET .." , 7 . .. i .. '. + .my .. 7 :Dete . ; :te , .Eo.Mee woo,9/10/2020 FA.oe v we . .2 2. ..wT a :re -_-mS .:oo a 4 1°=400" ry -T :+ .F}::;:t°: aaewet.¢”3 .ww,GENERAL NOTESa--ao,F "*a 2 ae as <7 -_me:Tee a¥.:é '.'.woe ow #"ey,net owes Ps a,kee . . : -: ..Oe .a - :a oy :+.*+.om:He :¢.-"oe aevr.rem nerd aa "7”?mem .aon aay ee _oe ey rae - --: : , ™-re -.-"mele - L-te "ae -:».wy *_-{7 . * . oe ¢ re aa -- '- oa pees o 200 a0r :ye -__*+d E -_-=| .ay a " a wm 8 \ \ _..PT#106 (REBAR)ameaLAT:N §3°48'07.48"7 . : ,7.G:.W 165°27°19.11" 2 ee R/W VARIES30"-200 Hye .Ty = -,.:ee ;vee ee -_-.>13 <a ;- ;ix. "<<Se -_=.ms..ee AsLae-eM om cote vay _-me ewe ee :'SEC.29 -eeb>Cel - ¢NATIONAL MARITIME WILDLIFE REFUGE BOUNDARY A . . 3 |_SEC.32 PT#110 (BLM MONUMENT) LAT:N 53°48'03.58"- +LONG:W 165°27°44.33" x -No.Revision/Issue PROJECT NAME;OWNER; ;MAKUSHIN OUNALASHKAGEOTHERMAL|CORPORATION .PROJECT . . .DRAWN:- : : ,.WKK .. : ; i RCH ., . -° DATE OF DRAWING: ,° ;. 9/10/2020 : . .-SHEET Lo ;:*9/10/2020 FS a .i 7 mr y"=400"=ye .aims ahei SL,i /3 GENERAL NOTES A (J .2 xn "UsoO & < = PT#112 (REBAR) LAT:53°48'02.64" LONG:W 165°29'00.98” R/W VARIES _-|30°-200° - |-, i ja i 320700 RAILCAR BRIDGE 89°LONG - Olea sek Tas) o uw ) No.Revision/lasue io 4 PROJECT NAME:OWNER:se ed he "-f MAKUSHIN OUNALASHKA -'GEOTHERMAL CORPORATION_PROJECT =|=anO321cO4CHECKED:%wie te RCHaStloon!cA ele "0/20206-|- <WIN 2aNae_ an mit ,, .Se . wa -SHEET 'és ™9/10/2020 F 5, "§"2400aade4,"=400°%a id,f adT73S,R120W Rie. SEC.4 T73S, \.. om,a *sete. _R/W VARIES 30°-200' "LAT:N 53°48'00.11"**PT#114 (REBAR)..7 |5 LONG:,W"165°30'22.39"*<"ee ee Pi nih Raga a os".4 ¥Fae Page r e 3 .a7 es Le »%&r "me assi* 1 ars a*PO ae °. ota yon,GENERAL NOTESPad9tomLe*."(org"o 'Be ee a he ag MA it aw ::aw ep OY ,lg ya aed=é .Pm é Gar " No.Revision/Issue PROVECT NAME:OWNER: OUNALASHKA CORPORATION MAKUSHIN GEOTHERMAL PROJECT DRAWN: NKK CHECKED: RCH DATE OF DRAWING. 9/8/2020 SHEET "9/10/2020 F / Seale 1"=400' GENERAL NOTES 'She. Z rite a eee 2wea eo ee wene"a ' fooTmAL = i 4A » Ma As. INJECTION WELL 35.-:? Lee . +SEC.35 /T?8,R119W ;oF a -_ SEC-27 73S,R120W |SECTION!wetew ,Soe | D0 Nye Le .a a = ae ENR/W VARIES \,.By a "2 oy ,\" -RAILCAR BRIDGE” "89°LONG . &Y a hy oe aSN-we aa . o _.tog ae?eT -°PT#11 6.-(REBAR).:: .cel ."e No.Revision/IssueSTLATIN.53°47"24:18” o eeca2LONG:W 165 32!24.77%?a"-.™moot _-MAKUSHIN OUNALASHKA ,oe -GEOTHERMAL |CORPORATION ."Seow . ;_.|Rovecrweessores , ”' eo :"*.4 . % .Et -Ss os My ; Er ee ,a he act,ion DATE.OF DRAWING:.a ea . .i en -9/10/2020 |a .;.a.,_ "Eo ;°yo SHEET .* _..**9/10/2020 FR _'-Oe me . :=1°=400' SEC.34 GENERAL NOTES GOOGLE EARTH IMAGERY NOT PROVIDED FOR THIS SHEET AAt ;:ape,mn +"a;Lye *ONS a A"INJECTIONS L.ee WELL SS \:.m7 .oS 7 ry .*a .:e MATERIAL oe eileSITEST-1 ow RAWGVARIES 7 , an!Oy age OR ATR ye ONY \oe 0 ey 3750 200:.Fee My ge Shee OTiewr" -\SWITCHYARD400'" 50 Fr'XTTOOLET 0 "ea*5 :Kore 'Roce &.4g6f 25 . i nr aefo)=ae Perensfo)Ss :as ng+.OSS p , .ergs aeee.",os .NGvae7 aj reoSTSPROQUCTIONseAYNEPRODUCTION.*{yx A bisesry Pt 2 Weey ,4 "sy No.Revision/issue PROJECT NAME:OWNER: MAKUSHIN OUNALASHKA GEOTHERMAL CORPORATION PROJECT ORAWN: NKK CHECKED; RCH DATEOFDRAWING: 9/10/2020 200° SHEET Bote 9/10/2020 FQ Scole 1°=400° Come project Name Makushin Geothermal Rev.A KAISHAN Technical Document List Project QS Project No./Date 3-Aug-2020 Revision History Item Document No.Document Name Notes Version Date Description MGP-C-P&ID I MGP-C-01 Notes,Legends,Abbreviations A 3-Aug-2020 Issued for Review 2 MGP-C-03 P&ID for Steam Turbine Unit A 6-Aug-2020 Issued for Review KS10000-60-841210D 3 MGP-C-04 P&ID for ORC Unit A 6-Aug-2020 Issued for Review KE14000-95V-3-60 4 MGP-C-05 P&ID for ORC Unit A 6-Aug-2020 Issued for Review KE5000-95V-3-60D 5 MGP-C-06 P&ID for ORC Unit A 6-Aug-2020 Issued for Review KE11500-112W-3-60D 6 MGP-C-07 P&ID for ORC Unit A 6-Aug-2020 Issued for Review KES5500-95W-3-60D MGP-D-Electrical one-lines 1 MGP-D-01 Electrical one-lines A 3-Aug-2020 Issued for Review MGP-E-I&C and PLC concept 1 MGP-E-01 1&C and PLC na oeuneaiaael Gathering A 10-Aug-2020 Issued for Review 2 MGP-E-02 I&C and PLC concept erone and Steam Turbine A 10-Aug-2020 |Issued for Review MGP-F-Preliminary Sizing and quantities of pumps,exchangers,pipes,cables,buildings, tanks,etc 1 MGP-F-01 Preliminary Sizing and quantities of pumps A 3-Aug-2020 Issued for Review 2 MGP-F-02-01 h KE14000 Evaporator TEMA A 17-Aug-2020 Issued for Review 3 MGP-F-02-02 KE14000 Superheater TEMA A 17-Aug-2020 Issued for Review 4 MGP-F-02-03 KE14000 Preheater TEMA A 17-Aug-2020 Issued for Review 5 MGP-F-02-04 KES5000 Evaporator TEMA A 17-Aug-2020 Issued for Review 6 MGP-F-02-05 KE5000 Preheater TEMA A 17-Aug-2020 Issued for Review 7 MGP-F-02-06 KE11500 Evaporator TEMA A 17-Aug-2020 Issued for Review 8 MGP-F-02-07 KE11500 Preheater TEMA A 17-Aug-2020 Issued for Review 9 MGP-F-02-08 KE5500 Evaporator TEMA A 17-Aug-2020 Issued for Review 10 MGP-F-02-09 KE5500 Preheater TEMA A 17-Aug-2020 Issued for Review MGP-G-General arrangement 1 MGP-G-01 General arrangement A 17-Aug-2020 Issued for Review A B |C |D E |G H CHINESE ENGLISH CHINESE ENGLISH CHINESE ENGLISH CHINESE ENGLISHSYMBOLS)peccripTION|oEscRIPTION |ABBR:SYMBOLS)pescRIPTION|DESCRIPTION |ABBR SYMBOLS)neccripTION|DESCRIPTION |ABBR:SYMBOLS!nescrIPTION|pescription |AB8R:ER |Pxth |RUSE Li ee |reek |RXSK 49 EA |PXehk |RXSE 93 BA |Pxte |RxSK a4clrrExpanderEXPe%AMF ate |rere Cntr |pcay ©aeegg =|Tsixet lor Tl |aeazop [feo feap XX-XXX-XX[_)|ea Generator |GEN pip [ARMM |SSurrac'|[SRV ©jreree |Beret [ass -[4a |scot ADA ae | Self Operated Back Vitration "y ae5G neFP[skank |versa [ser Dir |AARREN |peearevare |SV ©[see [irate |Y [BERL [tase [os CONNECTOR NUMBER DRAWING NUMBER Horizontal HSEP Stragt Step I ssy Lud LevelCDBRGASSeparatorpy|akin Valve i HAE Transmitter ut SURTRAE Acer rr ADs«uene |Soe GLs De |RERLEB |SH Pmt |sscv Co [duet Row Meter FM %CONNECTOR NUMBERINDEX]DESCRIPTION |INDEX]DESCRIPTIONO|nes Flash Tark FT pa |adeaarn |eon |sucv ®Bat PresorreGae |PG ayeny |Sow Sac #4 Y $9 a3 a4 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NC SHEET NO.|PAGE 1 OFO™.ZHEJ.ANG KAISHAN COMPRESSOR Makushin Geothermal Project Notes,Legends,Abbreviations MemoKAISHANCo.,Ltd.Ben Li Simon Tang 8-03-2020 CLASS NO. ae 9 Kaixuan A Sraiere,ohne Srgone Guzen PROJECT NAME VERSION |DISCRIPTION |DESIGNED CHECKED |APPROVED DATE TITLE cous |dil [resem A DRAWING MCP-C-01 H 7 Steam i Stoam dbarA,144°C eS AbarA,144°C 1 88.6t/h |105.9t/h | | |Ts Wein Bluadveg Pine | r we | vee Pile "e | rn | Vise ones re -_|ABO eek ! rabelowe,ott}| fi i | |oars | .k | Fet Steam 1 t '|Wet Steam1.1IZthara,103°C «<e-iN SS |.12 1bard,103°C 3 Dry 95.3%s |Dry 95.3% *| BROS |eB EP oI | -]| Cooling water «<=| Cooling water =>| 4 |re wre |a :| | | | | -- _ | PQ ae Ee |3 T au Syston5|a AT401 =]nh eS | Blowder | compressed sirpep ley |™HH ae a?©QHOQOQOOO 4 lesseirtttse?&: i tH he 7 .-®©|It RhEEEE kk £| |5 TS te Sem |sem |sem Sets em Shs i OOOO®|titit ||i 3 x3 By I ree Pee Main Blowdorn Pipe -1 2=>Blowa |a oe ;.ee ALAS |@9@9OOG0®5 |Byias ail z F 3 even? |ay god+eoeee ||en 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QUZHOU,ZHEJIANG.CHINA 324002 PROJECT NAME VERSION |DISCRIPTION |DESIGNED |CHECKED |APPROVED DATE TITLE SCALE 1:1 VERSION A mo MGP-C-04 A j B I C |D _|E i F G |H A KES000-95V-3-60D Compressed air inet D L4-tei--go to Pneumatic valves ,vn io)eviATSO Cooling water outiet Air Bve1%tank one rue Et Cooling water inletovtot'BVE 198 5 on \.r bd 7 ov re fo evtos Fey cvi02 FD }CVIOF /DN100 IDN250 kas)Prot PTIO3.Bex VT01e-¢VT102-a cTT101 'T1103:me [Onn &@ OA}us ok a +==©"o Generator i Foo yont00 Expandergotooi]separator collet Expander (Ss)taaKv Ks WATERcvso4SkY¥ed79 SOOOKW,13.8KV,SKYeA7OR PTeO1 PGE 60HZ,1200RPM 09 STEAM T7e01 TG801 "-Pesce La HIGH-TEMP. e Q os.LE rr106 tre OH Low-TEMP, Heat source infet Drta00 vs ==On guy OaBY802:a az PTIO4 wr a =pot Oil-return heater Orne ra STHETO2 sviote Bv8O3alstor(TH T 'SVO0Se RV?O3, = 'Trace Tose?Preheater 'STHE7O3 DNSOO ee BV808a BLOGOL Bvw7e DAN300 CNG BVHOND N00 to expander to expander1 Q Oil distri Oil distributor © SGNia $G301b Air-cooled Fr 14901 (T}-}--€T0L__condenser__J 8v2088 SV306 NCG PTI02 ©PGKpurgerY Sv3050 '$v205> 'RvsorPTSOt PGSOI scvaor BY8!?;°?sores %svone Ont60meae+bf Reservoir trees vw sve RECSO1 Refrigerant Pump Puso1 Zeal roy PTROIc PEIOIC LOW-TEMP.Retrige: oO --- my .1i.ZHEJLANG KAISHAN COMPRESSOR Makushin Geothermal Project MEMO sneer noe KAISHAN Co.Ltd 3 snvin |smontors |vr |eonzez P&ID for ORC Unit KE5000-95V-3-60D Sacowo ,7 9 KAIXUAN AVENUE (WEST),ECONOMIC ZONE,QUZHOU,ZHEJIANG,CHINA 324002 PROJECT NAME VERSION |DISCRIPTION |DESIGNED CHECKED APPROVED DATE TITLE SCALE |1:1 [version one MGP-C-05 A | KE11500-112W-3-60D - 4-tei-go to Pneumatic valvesBYve01 WY<e]MGP-C-07 }ON«SO go to oil separator WwPoss PTT0Ie€PGTOI Tr7ete<TG701 Evaporator 'STHETO1 He 2}er101 vr10teeonts0+9)rr101 a)L |"es GeneratorExpander11500KW,13.8KV,6OHZ.1800RPM Bearing TT105- NSD PT801 PGAOT Treet TGe01 60 |e ra Heat source infet rere bet xmn PGTO2 RVI02DNASOba -3Co[wore]=e Ofretum Rea cvacz 1 Heat source bypass TTT03 o DNS5O|toms R703 * Preheater 'STHETO3 3 + Heat source outiet ouwe Ww to expander Oil distributor © Air-cooled --L NCG purger 'SSv703 j So . con tt ©)DHS * WATER: STEAM HIGH-TEMP.Refrigerant LOW-TEMP.igfe5 ----1 ae .;. SHEET NO.|PAGEL 4 Jor]1 iO.ZHEJLANG KAISHAN COMPRESSOR Makushin Geothermal Project P&ID for ORC Unit MEMO KE11500-112W-3-60D KAISHA Co.,Ltd.Shuru Lin |Simon Teng YT 8-06-2020 CLASS NO. a)@ KAIXUAN AVENUE (WEST),ECONOMIC ZONE,QUZHOU,ZHEJIANG,CHINA 324002 PROJECT NAME VERSION |DISCRIPTION |DESIGNED CHECKED |APPROVED DATE TITLE SCALE 1:1 version]A ors MGP-C-06 A KE5500-95W-3-60D 'iH-121-go to Pneumatic valvesByaOT f Cooiing water outlet > eat source outletCo|MGP-C-06 Preheater 'STHE7O3:' a.6hCOF i cvt01 Cooling water inet a oF 5"Fo "L DN400, Fc here Cv102 "lecuntroleFoYyaecvies Pee €2)Pri01 PTI OxDN100|DNZ50° VT101e-c VTH2e-cTTT 'Trs03meOm&@ O71 us = c.RSt0lec G t + enerator ExpanderFoExpander(Ss)x)vies SKYe479 perenne LR SS REV7O1 'onisbearing «aTHOSrr10s}5 4PG7G29T8-2)rsa erso4 Eee Hole-3 F 9 rr102 'TT104oOOi-retum heater )STHETO2 Svt0tb )+W 'TY?02 TATa2 'sGT0le rat SVv1000 'SV105b a,rss svi03 (ON1400 2 + hod trz0a 'Sv2018 svz0b REV201e sG201D REV201b mM to expander ONS. 'S8V703 NCG purger Oil distributor © 363010 toe (2)race}-€0)7303 Sv308 ™ WATER, STEAM HIGH-TEMP. LOW-TEMP. OL -cs yD 4 ..SHEET NO.|PAGE 41 OF 1™.ZHEJLANG KAISHAN COMPRESSOR Makushin Geothermal Project P&ID for ORC Unit MEMO KES500-95W-3-60DKAISHANCo.,Ltd.Shuru Lin |Simon Tang yt 8-06-2020 CLASS NO, . 9 KAIXUAN AVENUE (WEST),ECONOMIC ZONE, QUZHOU,ZHEJIANG,CHINA 324002 PROJECT NAME VERSION |DISCRIPTION |DESIGNED CHECKED |APPROVED DATE TITLE SCALE 1:1 vesson|A Ree MGP-C-07 OIOIOIOIOlOOWOlO! KE8000KE8000 140m ||1sre] 19[0o)= 2=2)2|gB|3[esai=<574oOFe>ir - Makushin Geothermal Project PROJECT NAME Co.,Ltd. 9 KAIXUAN AVENUE (WEST),ECONOMIC ZONE, QUZHOU,ZHEJIANG,CHINA 324002 rm.ZHEJIANG KAISHAN COMPRESSOR KAISHANNS PeaP4 (0)Donate (http://bit.ly/2fsbjA8)= Live Radio -KUCB|()KXLL Radio Mix LOADING.¥ City of Unalaska Inks Power Purchase Agreement for Geothermal Power By HOPE MCKENNEY (/PEOPLE/HOPE-MCKENNEY)-SEP 8,2020 f Share (http://facebook.com/sharer.php?u=https%3A%2F%2Fwww.kucb.ore%2Fpost%2Fcity-unalaska-inks-power-purchase- agreement-geothermal- power&t=City%200f%20Unalaska%20Inks%20Power%20Purchase%20Agreement%20for%20Geothermal%20Power) WW Tweet (http://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.kuch.org%2Fpost%2Fcity-unalaska-inks-power-purchase- agreement-geothermal- power&text=City%200f%20Unalaska%20Inks%20Power%20Purchase%20Agreement%20for%20Geothermal%20Power)KiEmail (mailto:? subject=City%200f%20Unalaska%20Inks%20Power%20Purchase%20Agreement%20for%20Geothermal%20Power&body=https%3A?% unalaska-inks-power-purchase-agreement-geothermal-power) cit 4 r enma 3 we i et Ee ;ati Be "{ i -_....'yoomn&rarebetLe.sf.Y,t*bfaayrhfroerdosoth4,fun.Rid 3 aot .we "'wo,.ee ...ny ft &PE eg oo:oe _* aR Rg th Opt ay bbe gs poco ede ior aeid::iad Ve a ae .ae é "¢a Dhae - 2 Gan a a .'-4 * a .pe a : ;a ; (https://mediad.publicbroadcasting.net/p/kucb2/files/styles/x large/public/202009/makushin volcano.jpg) OCCP estimates the Makushin Geothermal Project will begin operations in the final quarter of 2023. CREDIT GIVEY KOCHANOWSKI /U.S.DEPARTMENT OF ENERGY A decades-long effort to bring geothermal power to Unalaska is finally moving forward.On Thursday,the city signed a 30-year power purchase agreement (https:/Awww.kucb.org/sites/kucb2/files/ppa_occp_cou.pdf)(PPA)with Ounalashka Corp./Chena Power, LLC for 30 megawatts of geothermal-produced electrical energy from nearby Makushin Volcano.Officials from the U.S.Department of Energy said that if it's successful,Unalaska would be the first community in the nation completely powered by geothermal energy. Unalaska has been trying for nearly four decades to find an affordable way to build a geothermal power plant for the city at Makushin.But the plans of private developers have fallen through,largely due to high start-up costs (http://archive.kucb.org/news/article/aleut-corp-sets-sights-on-makushin/).The last attempt was abandoned in 2015 (https://www.alaskapublic.org/2015/04/22/unalaskas-geothermal- pes-stall-without-city-backing/). "It's been a long-time priority of the City Council to really explore alternative energy sources for electricity,'said City Manager Erin Reinders,who signed the agreement on Thursday."And this project in particular has been on various radars since the 1980s,at least.So it's pretty exciting to have the project be as far as it is,and I'm looking forward to seeing what the future holds.” In 2019,Ounalashka Corp.-the island's Native village corporation -and Fairbanks-based Chena Power formed Ounalashka Corp./Chena Power,LLC (OCCP),a partnership to develop the geothermal resource located about 13 miles from Unalaska's current power grid. "What makes this [time]different is that we've put together a team of Alaskans with a common vision and proven local,national and international business and technical leadership,"said Chris Salts,CEO of Ounalashka Corp."We know this can be transformational for our community and our future role in the world and we're all pulling in the same direction to see it realized." Negotiations have been underway since early January between the city and OCCP to develop the PPA, which is required to obtain financing for the Makushin Geothermal Project.According to the agreement, the City of Unalaska will purchase electrical energy for $16,300,000 per year from OCCP.Each successive year during the term,the fixed payment will increase by one percent plus an amount equal to the local tax paid by OCCP during the previous year. But it's still unclear how geothermal would stack up to Unalaska's diesel powerhouse,which has been the island's only electricity provider since World War II.A few of the primary concerns among community 2mbers and city leadership have been surrounding the financial risk of the project to ratepayers and that seafood processing plants (self-producers of energy)are unable to make a long-term commitment and haven't come on board. \ "Ultimately,this is a public utility that's paid for by the ratepayers,”Reinders said."So,there's a potential that the rates would increase moving forward,so we can pay our bill.But ultimately,those would be discussions that would be held at the [City]Council level." According to Mike Hubbard,a city consultant from the Financial Engineering Company,sales to the processors are key to the economics of Makushin.In a report to council on July 17 (https://www.ci.unalaska.ak.us/sites/default/files/fileattachments/mayor_and_city_council/meeting/8831/06. he said that the effect Makushin is projected to have on city retail rates as compared to continued use of diesel generation are dependent on a number of assumptions regarding future events,most notably the cost of fuel. "If actual fuel prices are greater than the breakeven price,the project would provide benefits to the ratepayers,"he said in the report."Conversely,if actual prices are less than the breakeven price,the project would result in additional costs to the ratepayers." uivey Kochanowski,Alaska senior advisor for the U.S.Department of Energy Office of Indian Energy, helps tribes and Native corporations advance energy interests and promotes energy sovereignty for tribes.He said while fossil fuel rates fluctuate,the beauty of renewable power is that you're hedging against future rate increases. "If you look at your average cost of energy here,in general,the trend line is that it's going to rise in the future,'Kochanowski said."The beauty about renewables is once you've installed the hardware,you have a fixed cost for the fuel,whatever it is -whether it's the wind,the sun with solar,or geothermal." »rnie Karl,co-founder of OCCP,and self-proclaimed "imagineer"of the Makushin Geothermal Project, started the first geothermal power plant in Alaska at Chena Hot Springs in 1998,and will be moving to Unalaska to head up the project at Makushin.He said he's not "in the least bit worried"about the processors not wanting to buy power. "It's just so simple,build it now and they will come,"he said."I don't blame the processors for not wanting to sign a 30-year agreement." In the long run,Karl said,purchasing geothermal power from the city will be more reasonable for processors than maintaining and running diesel generators,and the more power OCCP sells,the cheaper it gets for the city,and the cheaper it gets for them. "|think they're going to be wanting more power maybe than we can produce,'he said."I think they're going to want to grow.|think they're going to want to expand.|think they're going to see other opportunities,and we will work closely with them to help them with the new opportunities that they see.” U.S.Rep.Tulsi Gabbard of Hawaii visited Unalaska in late August in her capacity as a major in the U.S. Army Reserve.She came as part of a Department of Defense Innovative Readiness Training (IRT)mission ttps://www.kucb.org/post/five-years-making-unalaska-awaits-infrastructure-report-card-irt)to assess the island's future infrastructure needs:everything from what to do with the city's brimming landfill and the airport's short runway to shortcomings in health care and slower than average internet speeds. ''\ Gabbard also introduced the Off Fossil Fuels for a Better Future Act ' (https://www.congress.gov/bill/115th-congress/house-bill/3671/text),or OFF Act,in Congressin 2017 to promote a "just transition"away from fossil fuels to 100 percent clean energy by 2035.She said she's excited about the opportunity for geothermal as a clean,renewable source of energy that will make Unalaska 100 percent sustainable and independent. "|come from an island state in Hawaii.So |understand uniquely the food security and energy security challenges that exist when you live on an island,where you have maybe five to seven days of food supply at any given time,and where you're reliant on external sources for energy,'said Gabbard."The opportunity allows you to increase your food security through being able to power greenhouses and allows you to grow food here year-round.And it's also directly tied into the security component of this island chain being centrally located in the Arctic region that is now becoming more and more active." Kochanowski similarly recognizes the strategic location of the island and believes the first step towards itional security is energy security. One of President Donald Trump's objectives is to be "energy dominant,"said Kochanowski -a doctrine Trump has championed since the early days of his presidency to reduce reliance on foreign locations for energy sources and instead develop the country's natural gas,coal,and petroleum sources.« Although Trump's plan attempts to roll back environmental regulations,Kochanowski said the objective of developing domestic energy security is a necessary one.He said it's especially important in the Aleutians, which are gaining strategic importance,as Russia and China work to expand their influence in the Arctic, and commercial and leisure/tourism ship traffic increases across the Bering Strait. "At some point,as we just saw in the news with the Russians being in American (https://www.kucb.org/post/move-out-way-bering-sea-fishing-boats-report-close-encounter-russian- military)waters (https://www.kucb.org/post/move-out-way-bering-sea-fishing-boats-report-close- encounter-russian-military)these last couple days,there's going to be a need for a stronger security posture up here,"Kochanowski said. The U.S.Department of Defense (DoD)is the nation's largest energy user and has a goal of producing or procuring 25 percent of its electricity from renewable sources by (https://fas.org/sgp/crs/natsec/R45832.pdf)2025 (https://fas.org/sgp/crs/natsec/R45832.pdf).According to Kochanowski,Unalaska is making a good effort to engage with the military and key federal agencies that have a say in the community's security and future,as well as national security due to the island's location.But,he said,military installations and security points in Alaska require safe,secure and reliable energy. "When it comes to power,geothermal will bring us the opportunity that none of this other stuff can do for us right now,and that's bring a diversification of our economy,'said Vice Mayor Dennis Robinson during a City Council meeting in late August where councilors approved a resolution in a 5-1 vote to allow 2inders to sign the PPA."If we hope to have the military come here in some capacity,green power is gving to be required." State legislators,city officials,and tribal and community leaders have been discussing a greater military presence in the Aleutian Islands.And for the first time in more than 30 years (https:/Awww.militarytimes.com/news/your-military/2019/05/30/marines-sailors-and-coasties-play- catch-up-in-arctic-warfare/),the U.S.Navy and Marine Corps have held large-scale exercises in the Aleutians (https://www.kucb.org/post/arctic-ice-melts-will-navy-return-adak#stream/O)designed to test their capabilities in a cold-climate environment. As the only deepwater,ice-free port from Unimak Pass to Adak (https://www.poa.usace.army.mil/Portals/34/docs/AKports/Planning%20for%20Alaska's%20Ports%20&%20 that is open year-round,officials have claimed the Port of Dutch Harbor is prime to support operations in the Arctic (https://www.kucb.org/post/unalaska-hosts-1000-military-visitors-first-us-navy-stop- 1990s#stream/0).But it's still unclear if or when the military will spend more time in Aleutian waters,or what it'll look like in Unalaska,where the only full-time military presence is a seven-person U.S.Coast Guard unit focused on fishing boat safety. »chanowski said there's a lot happening in Unalaska,between the IRT being on island and the trilateral _greement that was signed between the city,tribe,and Native corporation,and now the PPA.He said although those things may seem independent,they point in a common direction. "If the Navy were to come here full-time,one of the things that the military looks for -one of the requirements -is to have 25 percent renewable power for their installations.And you're already on the path with this geothermal project,”he said. :cording to Kochanowski,the PPA benefits all parties involved,and cheaper power brings development. If you look historically,Kochanowski said,major industries come to places that have lower cost of energy: the Tennessee Valley Authority,established in 1933 as one of President Roosevelt's Depression-era New Deal programs;the ALCOA facility outside of Knoxville;Boeing's relocation during WWII;the Manhattan Project -they were built in areas with cheap power. "This community has a great economy with fishing,and an extremely low unemployment rate,but it's a single focus economy,and |think other economic sectors could potentially come with lower cost energy," Kochanowski said. OCCP is now working on securing building permits for the Makushin Geothermal Project,and on financing the project through a loan through the Department of Energy and through private firms and investment capital,according to Karl. He estimates that the project will begin operations in the final quarter of 2023. GS:NEWS (/TERM/NEWS)GEOTHERMAL (/TERM/GEOTHERMAL) MAKUSHIN VOLCANO (/TERM/MAKUSHIN-VOLCANO)ALTERNATIVE ENERGY (/TERM/ALTERNATIVE-ENERGY) POWERHOUSE (/TERM/POWERHOUSE)CITY OF UNALASKA (/TERM/CITY-UNALASKA) UNALASKA CITY COUNCIL(A ERM/UNALASKA-CITY-COUNCIL) DEPARTMENT OF ENERGY (/TERM/DEPARTMENT-ENERGY)JIRT(/TERM/IRT)MILITARY (/TERM/MILITARY) PORT OF DUTCH HARBOR (/TERM/PORT-DUTCH-HARBOR)PROCESSORS (/TERM/PROCESSORS) PUBLIC UTILITIES (TERM/PUBLIC-UTILITIES)OC/CHENA POWER (/TERM/OCCHENA-POWER) QUNALASHKA CORPORATION (/TERM/OUNALASHKA-CORPORATION)OCCP(/TERM/OCCP) agreement-geothermal- power&t=City%200f%20Unalaska%20Inks%20Power%20Purchase%20Agreement%20for%20Geothermal%20Power) agreement-geothermal- power&text=City%200f%20Unalaska%20Inks%20Power%20Purchase%20Agreement%20for%20Geothermal%20Power) commit-30-year-geothermal- deal-occhena-power) 'St -getscunderwaysseadkpgiattarm Gets Underway In Sand Point(/post/regions-first-seaweed-farm-gets-underway-sand-point) DEC 5,2019 (/post/regions-first-seaweed-farm-gets-underway-sand-point) Connect with KUCB: (https://www.facebook.com/KUCB.Unalaska)} (https://twitter.com/KUCBNews) (https://www.youtube.com/user/Ch8TV) (https://instagram.com/KUCB.unalaska/) Inspection File (https://publicfiles.fcc.gov/fm-profile/kucb} About Us (http://kucb.org/about-us) Copyright Policy (http://kucb.org/copyright-policy) Contact Us (http://kucb.org/contact-us) Get Involved (http://kucb.org/get-involved) Job Opportunities (http://kucb.org/job-openings) Nays to Give (http://kucb.org/ways-give) ©2020 KUCB za Email (mailto:? subject=City%200f%20Unalaska%20Inks%20Power%20Purchase%20Agreement%20for%20Geothermal%20Power&body=https%3A% unalaska-inks-power-purchase-agreement-geothermal-power) 0 Comments Unalaska Community Broadcasting -Your Voice in the Aleutians @ Privacy Policy O Login - ©Recommend WV Tweet f Share Sort by Best C)Start the discussion... a LOG IN WITH OR SIGN UP WITH Disqus (2) Name Be the first to comment. RELATED CONTENT Mii Ae wet ay: Pa aks Se Pe pgs Ne 8orn(i i PL eae (/post/city-study-continues-data- ear Geothermal post/unalaska-weighs-whether- (/post/unalaska-weighs-whether- RURAL ALASKA LAND TITLE "what you really need to know about Native owned land in Alaska” Presenter:Rick Elliott,Land Consultant Anchorage,Alaska November 30,2015 Conkal Surface Precision Instrumsn 4 Approach Viaual or Non @recisicn Approach (Slope -EJ Fee ecr SrTeS «ARE WrTHtn)Tle "Sd OFADSACENT-Gurcntue/Thes ANS Does Wor ORSRUCTSEAPIMERiseADRSPACE. Alaska Energy and Enggineering,InInc.Mailing Address-P.O.Box 111405Anchorage,AK 99511-1405(9 7)349-0100 349-8001 fax January12,2007 [DEReelWeal) Mr.David Lockard,P.E. Project Manager Rural Energy Group Alaska Energy Authority 813 West Northern Lights Blvd. Anchorage,AK 99503 AIDEA AFA Subject:Pelican Energy Infrastructure Project Environmental Review Record -FONSI! Dear Mr.Lockard: Enclosed is the completed Pelican Energy Infrastructure Project EnvironmentalReviewRecord(ERR)documenting the actions taken to complete the requiredNEPAprojectlevelEnvironmentalAssessment. The data supports a "Finding of No Significant Impact”(FONSI)may be madebasedontheprojectbeingcompletedasdescribedintheERRandinconjunctionwiththeEnvironmentalCommitmentspresentedintheEnvironmentalReviewChecklist. Upon review and approval of the Environmental Review Checklist,pleasesignpages1&4 and retain a copy for your Environmental Review Recordfolder.When available,please notify Cody that the original Checklist withyoursignatureisavailableforpickup.We will then forward the FONSI to Pelican with instructions for posting. Upon our receipt of the postmarked-up and postmarked-down FONSI,we will forward the original to you for your files. Please review and call me with any questions at (907)349-0100,or fax yourcommentsto(907)349-8001. 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