6th Annual Canadian Power Finance Conference

Day 1: Thursday January 29th, 2015

9:00am Chairperson’s opening remarks

9:10am Keynote address: The Canadian National Energy Strategy: Identifying inter-provincial opportunities to develop, transport, and transmit energy

9:40am The OPA/IESO merger: What does it mean for the market?

• Ring-fencing operations: How will the OESO separate its’ market regulation function from the procurement function? Is there a risk of conflict of interest?
• What impact will the merger have on existing and future procurements?
• How will the OESO be rated? Will it continue to be considered a quasi-sovereign entity?

1. Jason Chee-Aloy, Partner, Power Advisory LLC
2. Chris Benedetti, Principal, Sussex Strategy Group
3. Mike Bernstein, President and Chief Executive Officer, Capstone Infrastructure Corporation
4. Moderator: Krista Hill, Partner, Torys

10:30am Morning refreshments and networking break

11:15am Where are Canadian IPPs seeing opportunities for new power development in the short and long term?

• What does the pipeline of projects expected to need financing over the next year look like?
• Banks, bonds, and lifecos: How do developers view the various markets? Which bank and non-bank lenders are offering the most attractive financing terms?
• Going beyond borders: What projects are Canadian developers pursuing outside Canada? How are these activities being financed?

1. John Carson, Chief Executive Officer, Alterra Power Corporation
2. Nick Boyd, Director of Business Development and Finance, BluEarth Renewables
3. Colin Edwards, Senior Developer – Canada, Pattern Energy
4. Jean Letourneau, CPA, CA, Vice President, Finance, Kruger Energy
5. Moderator: Linda Bertoldi, Partner, Borden Ladner Gervais LLP

12:15pm Financing Canada’s power projects: Where are banks and lifecos seeing growth?

• Project terms: A look at the pricing and tenor offered by Canadian banks, international lenders and lifecos
• What regions and sectors are offering the most attractive opportunities for finance? Are we seeing shifts in the emphasis of where lenders are doing deals?
• The emergence of green bonds as a new channel for accessing capital

1. William Sutherland, Senior Managing Director – Project Finance, Manulife Financial
2. Steve Blazevic, Director, Energy & Infrastructure, CIT
3. Carmelo Restifo, Vice President, Power and Utilities, Union Bank
4. Yvette Dennis, Senior Director, Global Infrastructure and Project Finance Group, Fitch Ratings
5. Moderator: Bruce Fowler, Partner, Borden Ladner Gervais LLP

1:00pm Lunch

2:30pm As Quebec looks to develop its’ commercial wind potential, are further RFPs to be expected?

• Has the complexity of requirements for Quebec’s 450MW wind energy RFP been a stumbling block for potential bidders?
• What will the likely conclusions of Quebec’s wind energy task force be? Are they expected to be positive for the wind industry?
• Looking at Quebec’s longer-term energy strategy

1. Jean-François Samray, President and CEO, Association québécoise de la production d’énergie renouvelable

3:00pm First Nations-led power projects: Drawing from deal experience to debate financing strategies

• First Nations developers and equity providers in power projects: How should lenders approach deals?
• The Mi’gmawei Mawiomi/Innergex wind project: Lessons learned for future project partnerships with First Nations groups
• What financial advantages are available for projects with community and aboriginal groups?

1. Jean Trudel, Chief Investment Officer and Senior Vice-President – Communications, Innergex Renewable Energy Inc.
2. Matt O'Brien, President, Connor Clark & Lunn
3. Derick Wong, Principal, Aboriginal Business Network
4. Moderator: Valerie Helbronner, Partner, Torys

3:45pm Afternoon coffee and networking break

4:15pm Accessing the capital markets for power project debt: What bond structures work best?

• As the bank market begins making a comeback, is the bond market still an attractive source of funding?
• What are the key considerations when rating projects in different sectors and stages in the project cycle?
• Refinancing in the bond market: What types of projects are best suited?

1. Jonathan Duguay Arbesfeld, Vice-President, Private Placements, Casgrain & Co
2. Andrew Lin, Head of Project Finance, DBRS
3. Paul Cutler, Treasurer, NextEra Energy
4. Cliff Inskip, President, Pole Star Advisory Services

5.00pm Financing the next wave of Canada’s wind development: Is capacity seriously stretched?

• What new wind projects are in the pipeline and what financing is available?
• Have new and innovative structures been developed for financing wind projects?
• Offshore wind: What environmental and regulatory challenges are having the greatest impact on financing? How are project risks diminished?

1. Daniel Elkort, Executive Vice President & General Counsel, Pattern Energy
2. Andrew Eckhardt, Vice President, Senior Business Development Officer, KfW-IPEX Bank
3. Moderator: Sarah Powell, Partner, Davies Ward Phillips & Vineberg

5:45pm Chairperson’s closing remarks followed by drinks reception

Day 2: Friday January 30th 2015

8.30am Morning refreshments and networking

9.00am Chairperson’s opening remarks

9.10am Developing Canada’s solar PV market: Where do the opportunities lie?

• Looking at the current state of Canada’s solar energy industry
• What can be done to boost installed solar PV capacity?
• Evaluating the performance of solar panels and development costs as lenders gain more exposure to solar projects

1. John Gorman, President, Canadian Solar Industries Association

9.40am Canada’s secondary market for power assets: What are the key drivers of activity?

• Looking at the levels of activity in the secondary market
• At what stage in the project cycle are buyers interested in acquiring projects?
• Comparing investment strategies: Private equity, infrastructure funds and institutional investors

1. Stephan Rupert, Director, Infrastructure Investments, PSP Investments
2. Euan McNair, Director, Utility Scale Project Finance, SunEdison
3. Ching-yen Chen, Partner, InstarAGF Asset Management
4. Jeff Norman, Vice President, Project Development, Algonquin Power & Utilities
5. Moderator: Paul Harricks, Partner, Gowlings Lafleur Henderson

10.30am Transmission projects: Identifying transmission and reserve capacity needs

• Cross-border transmission: How many projects are in the pipeline and where will financing come from?
• Prospects for financing greenfield transmission in the bond markets
• Are PPPs an effective procurement mechanism for transmission projects?

1. Steven Burtch, Senior Vice President, Business Development, Altalink
2. Tim Murphy, Co-Chair, Project Finance, Infrastructure & Energy, McMillan

11.15am Morning refreshments and networking break

11.45am Project Gemini: The largest-ever offshore wind far with a complex multi-tiered project finance structure

• High level analysis of the debt package
• What financing structures were put in place to attract lenders new to offshore wind project financing?
• Mitigating currency risk: How was Northland Power able to devise a long-term hedging strategy to protect the internal rate of return on its’ investment?

1. Chris Frost, Partner, Riverside Risk Advisors
2. Greg Keaney, Executive Director, Corporate Finance, Northland Power
3. Guillermo Freire, Director, Power & Utilities, Structured & Project Finance, Export Development Canada

12.30pm Energy storage projects in Canada: Are they bankable?

• What is the procurement pipeline for storage capacity projects?
• Looking at available types of financing for energy storage: What are the challenges in finding conventional long term project financing?
• NRStor’s first grid-connected storage system: How was the project financed?

1. Alexander McIsaac, Manager, Business Development and Projects, NRStor
2. Shawn Cronkwright, Director of Renewables Procurement, Ontario Power Authority

1.15pm Chairperson’s closing remarks followed by lunch and close of conference