7C Solarparken AG

Investor Presentation • Oct 1, 2009

Company Presentation

COLEXON Energy AG

Hamburg, September 2009 | © COLEXON Energy AG

CONTENTS

COLEXON at a Glance

• Business Model and Strategy
• Project References
• Financials as of June 30, 2009
• Q & A Session

COLEXON at a Glance KEY FACTS

Manufacturers (Panels, inverters etc.)

PV System integrators (Building projects)

Investors/customers (Operating projects)

Company Overview

• International project developer and independent power producer (IPP)
• Objective: optimal IRR of solar power plants
• Technology: focus on innovative thin film technology
• Workforce: > 100 employees worldwide
• References: > 1,300 installed power plants

Financials H1/2009

m. EUR	H1/07	H1/08	H1/09
Revenue	29.6	56.6	51.9
Gross Profit	5.9	10.2	10.0
EBIT	0.7	3.0	1.7
Total Assets	53.5	78.5	89.2

Full-service project developer focused on innovative thin-film technology.

COLEXON at a Glance

Business Model and Strategy

Project References

Financials as of June 30, 2009

Q & A Session

Business Model and Strategy OVERVIEW

Mission

• Independent supplier of solar power (IPP) with the mid-term goal of grid parity

Business Fields

• Project: Realization of large scale thin-film projects
• Trading: Focus on cost-efficient First Solar modules
• Operating: Enhance stability with secured constant cash-flows

USP

• Experienced: More than 1,300 installed solar power plants worldwide • Independent: No fixed volumes from crystalline manufacturers • Flexible: Outsourcing of construction work to sub-contractors • Reliable: Combination of secured cash-flows with high-return project business • Unique: Access to cost-efficient First-Solar modules

COLEXON is one of the leading project developers and system integrators.

Business Model and Strategy SOLAR MARKET IN H1/2009

Market development creates new challenges.

Supply side: Ambitious expansion plans

• PV expected to continue to grow at high rates in the coming years
• Massive capacity increases underway or announced

Cost reduction potentials mainly in wafer, cell and module manufacturing

• Less-than proportionate saving potential for downstream players
• Double-digit cost reduction possibilities among upstream companies

Supply vs. demand – the macroeconomic perspective:

• 2007/08: Strong PV years with supply and demand being in balance
• As from 2009: Oversupply due to declining political support, but increasing production capacities

Supply vs. demand – the microeconomic perspective

• As from 2009 great pressure on prices and consequently on margins
• Bottom-line: Upstream players will have to pass on cost savings to downstream companies

COLEXON will be a clear winner in the current market development.

Business Model and Strategy COLEXON IN THE MARKET

Today's risks are our opportunities.

• Investors eager to invest in solar power
• High returns for large scale projects
• Improved access to financial resources
• Price decline for solar modules
• No fixed contracts with crystalline suppliers
• Focus on cost efficient First Solar modules
• Strengthening of business model with plant operation
• Favorable position with First Solar partnership
• Optimization of business processes to reduce costs

COLEXON has lean and flexible structures to react quickly to market changes.

Balanced strategy for stability in dynamic market development.

Segment	Trading	Projects	Operations
Business	Modules, components and turnkey systems: • System integrators • Project developers • Solar companies	100 kWp to Multi-MWp large scale projects for: • Institutional investors • Fonds • Industry • Agriculture • Public institutions	1 MWp to Multi-MWp power plants for: • Own investments • Continuous cash-flow • Power production
H1 Turnover	80 %	20 %	- %

COLEXON follows a balanced business model for efficient market penetration.

Business Model and Strategy COLEXON SUPPLY CHAIN

Tailored business model for dynamic market development.

Business Processes	Project Development	Engineering	Procurement	Construction Installation	Operation & Maintenance
Main Services	Site Analysis • Site securing • Preliminary • design Business • planning	Site optimization • Detail • engineering	Modules • Mounting • systems Inverters • Logistics •	Site • Management Civil works • Performance • tests Grid connection •	Inspections • Planels cleaning etc. • Immediate diagnosis • Damage recovery •

COLEXON outsources construction works to focus on its core competencies.

Business Model and Strategy TAKEOVER RENEWAGY

Business Model and Strategy THE COLEXON SHARE

COLEXON became a relevant player in the solar market.

• Market capitalization more than tripled with the takeover of Renewagy A/S
• Share liquidity and visibility enhanced
• Fiscal basis for becoming one of the leading companies in the solar industry

The COLEXON-share gained attractiveness with the takeover of Renewagy.

Business Model and Strategy BUSINESS DEVELOPMENT

H1/2009: Establishing an initial position for future market penetration

COLEXON looks back at a solid H1/2009 and laid important fundamentals for its development.

COLEXON at a Glance

Business Model and Strategy

Project References

Financials as of June 30, 2009

Q & A Session

Waldeck 3.04 MWp

• Building type Chicken farm
• Module First Solar, CdS/CdTe

• Inverter SMA

• Mounting system Schüco, Schletter

• Location Waldeck, Germany
• Commissioning June 2008

Ramstein 2.5 MWp

• Building type Logistics depot
• Type of site Rooftop project
• Solar module Firs Solar CdS/CdTe

• Inverter SMA

• Mounting system Aluminium tanks

• Power production approx. 2.42 Mio. kWh
• CO² savings approx. 2.000 t/a
• Location Ramstein, Germany
• Commissioning August 2007

Haunsfeld 1.67 MWp

• Type of site Freefield project
• Solar module Firs Solar CdS/CdTe
• Inverter SMA

• Mounting system Schletter

• Power production approx. 1.82 Mio. kWh

• CO² savings approx. 1.605 t/a
• Location Hausfeld, Bavaria
• Commissioning December 2008

References ROOFTOP

ASU COOR Hall 108 kWp

• Building type University building
• Solar module Thin-film, First Solar

• Inverter SMA

• Mounting system Schlett Windsafe

• Location Tempe (AZ), USA
• Commissioning Mai 2009

References BUILDING INTEGRATED (BIPV)

DongNam DA & GA 607 kWp

• Building type Shopping Mall
• Module Schueco BIPV, glastedlar

• Inverter SMA

• Mounting system LG Chem

• Location Seoul, South Korea
• Commissioning October, December 2008

CONTENTS

COLEXON at a Glance

Business Model and Strategy

Project References

Financials as of June 30, 2009

Q & A Session

Financials as of June 30, 2009 REVENUE & GROSS PROFIT (m€)

Excellent previous H1/2008 could almost be repeated.

In spite of economic downturn COLEXON achieved acknowledgeable results in revenue and profit.

Financials as of June 30, 2009 COMPETITORS CHANGE IN REVENUE (%)

Positive revenue development compared to peer group.

Colexon outperformed most of its direct competitors concerning revenue development.

Financials as of June 30, 2009 EBIT & NET PROFIT (m€)

EBIT and profit came out strongly positive for H1/2009

In spite of increasing competition COLEXONs EBIT-margin still reached 3.3%.

Financials as of June 30, 2009 COMPETITORS EBIT (m€)

Colexon outperformed most of its direct competitors concerning EBIT results.

Financials as of June 30, 2009 IMPACT TAKEOVER RENEWAGY A/S

Takeover affects consolidated financial figures of COLEXON group

Transaction will be performed as a reverse acquisition. Acquirer is Renewagy A/S, acquiree is COLEXON Energy AG

Acquisition and first time consolidation date: 14th August 2009. There will be a PPA applied to COLEXON figures at that date.

The P&L for the Renewagy part will be shown for the total of 12 months for the financial year 2009.

The P&L for the COLEXON part will be shown from the date of first consolidation onward, i.e. 4.5 months for 2009

The consolidated group figures will be published with the Q3- 2009 report, issued on 30th November 2009.

Consolidated group financial figures will be difficult to compare with previous publications.

CONTENTS

COLEXON at a Glance

Business Model and Strategy

Project References

Financials as of June 30, 2009

Q & A Session

Please feel free to ask us questions.

In case of questions after the presentation, please contact our IR-team:

Investor Relations Jan Hutterer Head of Investor Relations FON: +49 40. 28 00 31-111 FAX: +49 40. 28 00 31-101 hutterer@colexon.de

Hamburg, September 2009

COLEXON Energy AG Große Elbstraße 45 • 22767 Hamburg • Germany FON: +49 40. 28 00 31-0 FAX: +49 40. 28 00 31-101 ir@colexon.de www.colexon.de