Legal Update March 31, 2016 Mexico’s Clean Energy Auction: Material Provisions of the Power Purchase Agreements Clean Energy Auction On March 28, 2016, bids were submitted in Mexico’s first auction to award power purchase and sale agreements conducted by the Mexican independent system operator, the Centro Nacional de Control de Energía (“CENACE”), under the new Electric Industry Law of 2014 (the “Electricity Law”). CENACE published a preliminary list of winning bids on March 30, 2016. CENACE will publish the official award on April 1, 2016. The Federal Electric Commission of Mexico (“CFE”) offered to purchase a total of approximately 6.4 million MW/h of electric energy for 15 years, approximately 6.4 million CELs per year for 20 years, and 500 MW of capacity per year for 15 years. OVERVIEW On November 30, 2015, the Mexican Ministry of Energy (“SENER”) released the bid rules for Mexico’s first long-term auction (the “Auction”) for the purchase by the CFE of electric energy, capacity and clean energy certificates from clean energy sources,1 to be conducted by CENACE pursuant to the Electricity Law and subsequent regulations. The final bid rules of the Auction were published on December 28, 2015 (the “Bid Rules”). The Bid Rules include a model form of power purchase agreement (the “PPA” or “Contrato de Cobertura Eléctrica”). The participants in the Auction are: i. Buyer: CFE, as the only current supplier to regulated consumers in the Mexican market; and ii. Bidders: Power generators with existing or yet-to-be-built generation facilities. PRODUCTS The products for which sale offers may be submitted in the Auction are: i. Electric energy: Electric energy delivered in the real time market, measured in MW/h, at the power plant’s interconnection point with the grid, and generated in one or more power plants that are entitled to receive clean energy certificates. This energy may be from firm sources (e.g., hydro and geothermal) or intermittent sources (e.g., solar and wind). Firm and intermittent sources have different regulatory and PPA treatment. Unless otherwise indicated, the provisions in this document related to the purchase and sale of electric energy will refer to intermittent sources. ii. Capacity: The generator’s commitment to maintain available installed capacity to be offered in the short-term energy market. iii. CELs: CELs are tradable certificates granted to generation companies that produce clean energy. Suppliers (such as the CFE) and qualified (or non-regulated) consumers are required to purchase CELs. 2 Mayer Brown | Mexico’s Clean Energy Auction: Material Provisions of the Power Purchase Agreements MEXICAN NEW ELECTRICITY FRAMEWORK AND CENACE POWER AUCTIONS The Electricity Law separated generation, transmission, distribution and power marketing activities, all of which were previously undertaken by the state-owned CFE, with certain limited exceptions for power generation, and permitted private generators to participate with CFE in a competitive market. Under the Electricity Law, the participants in Mexico's new wholesale electric market are generators, power marketing companies, qualified consumers and suppliers to regulated consumers, all acting pursuant to a market participation contract with CENACE. Mexico’s short-term market, which commenced operation in January of this year, was established for the purchase and sale of wholesale electric energy, capacity, CELs and financial transmission rights. Qualified consumers may purchase energy (i) in the wholesale electric market, (ii) under a freely negotiated PPA with a generation company or a power marketing company, or (iii) pursuant to an auction organized by the CENACE. Suppliers of energy to regulated consumers, which currently consist solely of CFE, must purchase electric energy exclusively in competitive auctions conducted by CENACE. CENACE will conduct at least one medium-term (3-year PPAs) and one long-term (15-year PPAs) auction every year. CENACE may conduct more auctions per year upon request by SENER or a supplier to regulated consumers or when the PPAs awarded satisfy less than 25% of the buyers’ demand. On November 19, 2015, SENER published the Long-Term Energy Auction Manual (the “Auction Manual”), which establishes the rules and procedures for the long-term auctions. While the current Auction only covers the purchase of products from clean energy sources, subsequent auctions may cover products from clean or conventional sources. Currently, only the CFE, as a supplier to regulated consumers, may participate as a buyer in the auctions. In future auctions, suppliers other than the CFE and qualified consumers may also participate as buyers. CLEAN ENERGY REQUIREMENTS The 2012 General Law of Climate Change established a clean energy supply goal for Mexico of 35% by 2024. To meet this target, SENER established minimum CEL purchase requirements, which will increase gradually. Qualified users, retailers, self-supply users and holders of legacy contracts that produce electric energy from non-clean energy sources are required to purchase CELs. For 2018 and 2019 SENER has established the minimum CEL purchase requirement for such obligated parties at 5% and 5.8% of their total energy consumption, respectively. Material Provisions of the Power Purchase Agreements OVERVIEW The PPA form for the current Auction is attached to the Bid Rules. The PPA form has received commentary and suggestions from bidders and industry groups and has been revised several times by CENACE. CENACE published the final version of the PPA on February 11, 2016; it is not negotiable. A bidder with one or more winning bids is obligated to execute the PPA, as “Seller,” with the CFE, as “Buyer.” In the case of yet-to-be-built power plants, Seller is obligated to build, operate and maintain the associated power plant. If required, Seller is also responsible for building the line to interconnect the plant with the electric transmission system. Electric energy and capacity commitments will be delivered over a 15-year term starting from the power plant’s commercial operation date committed to by Seller in its bid (the “Committed COD”). CEL commitments will be delivered over a 20-year period starting from the Committed COD. The PPA will become effective 3 Mayer Brown | Mexico’s Clean Energy Auction: Material Provisions of the Power Purchase Agreements on the execution date and will terminate when both parties have complied with all of their obligations, except if terminated early pursuant to the PPA termination provisions. QUANTITY COMMITMENTS With respect to electric energy, Seller is obligated to deliver to Buyer (i) a committed percentage of production from its power plant(s) (“Committed Production Percentage”) and (ii) a committed annual quantity of electric energy that was included in its bid (“Committed Annual Quantity”). Any electric energy produced above the Committed Production Percentage is outside of the scope of the PPA and may be freely sold by Seller to a third party through a bilateral power purchase agreement or in the wholesale power market. Buyer pays Seller the PPA contract price for up to the Committed Annual Quantity delivered within the Committed Production Percentage. If Seller delivers less than the Committed Annual Quantity in a given year (within the Committed Production Percentage), it will pay an amount that is effectively equal to the product of the deficient quantity multiplied by the average marginal price in the real-time market at the applicable interconnection node for the corresponding year (“Payments for Energy Deficiency”). Buyer then pays back to Seller the contract price that would have been applicable for such deficient quantity of electric energy; in this case, if the Payments for Energy Deficiency are below the contract price, the Seller is kept whole, but if the Payments for Energy Deficiency are above the contract price, the difference is assumed by Seller. If Seller delivers to Buyer more electric energy than the Committed Annual Quantity in a given year (within the Committed Production Percentage), then Buyer will pay Seller for the excess quantity of electric energy an amount equal to the product of the excess quantity multiplied by the weighted average of the marginal price in the real-time market at the applicable interconnection node. If verified capacity falls short of the Seller commitments, Seller must (i) provide the additional needed capacity by either purchasing such capacity from a third party or in the wholesale market, or by generating such additional capacity at a different power plant, or (ii) be responsible for the purchase of the deficient capacity in the capacity market and pay the sanctions that may be imposed by the CRE for failing to meet its capacity obligations. When the verified capacity exceeds the Seller commitments, such excess capacity shall be the property of Seller and is freely transferable. As a clean energy generator, Seller is entitled to receive one CEL per each MW/h of electric energy produced. Seller will deliver to Buyer the committed amount of CELs on an annual basis, provided that (in the event of a shortage due to its own generation levels) it may defer the delivery of up to 12% of the committed CELs for up to two years. Any CEL amount so deferred by Seller shall be increased by 5% for each deferred year. If Seller is still short of CELs after such deferral, Seller is required to purchase CELs in the wholesale market. PRICE; CURRENCY Bid offers and payments under the PPA are made in Mexican pesos. Payment and price terms will vary based on product type (i.e., electric energy, capacity or CELs) and based on whether the supplier has firm or intermittent clean sources. Suppliers with intermittent clean sources may deliver the annual committed energy at any time during a year. The commitment to deliver contracted products is on an annual basis, and the price is determined and paid on an annual basis. However, during the year, the Seller will send to the Buyer monthly invoices on the assumption that there was a monthly commitment to deliver one-twelfth of the annual commitment. All applicable price adjustments and debits and 4 Mayer Brown | Mexico’s Clean Energy Auction: Material Provisions of the Power Purchase Agreements credits are made by comparing one-twelfth of the annual commitment to the actual performance in a month. The buyer pays these monthly invoices. The purpose of these partial payments is to ensure monthly revenue to the Seller in order to help with the financing of new generation projects. A final annual reconciliation is made at the end of the year. Electric energy from intermittent clean sources will be paid at the price included in Seller’s bid as adjusted up or down by “hourly adjustment factors” to account for the expected value of the energy delivered at the interconnection node on the hour of delivery relative to the expected value of the average hourly price during the year at the same node. The Bid Rules provide a spreadsheet with hourly adjustment factors for each zone for each hour of the life of the contract, which will not be modified. In addition, Annex III (Payment Mechanism) of the PPA provides for the adjustment factor formulas. The price is also adjusted to account for inflation and variations in the peso/dollar exchange rate. Each bidder may choose that its payments be indexed to Mexican inflation or the peso/dollar exchange rate. The price offered in the bid will be adjusted in all cases for the period from the bid offer date to the Committed COD pursuant to a formula to account for variations in the peso/dollar exchange rate (70% weight), US inflation in proportion to the peso/dollar exchange rate variations (20% weight) and Mexican inflation (10% weight). Such adjusted price is referred to as the “Initial Price.” To calculate the adjusted monthly price, the Initial Price (as from the Committed COD) will further be adjusted on account of Mexican inflation or the peso/dollar exchange, as selected by Seller in its bid offer. If Seller elected for peso/dollar exchange rate indexation, then the Initial Price is adjusted on a monthly basis to account for variations in the peso/dollar exchange rate (70%), US inflation in proportion to the peso/dollar exchange rate variations (20% weight) and Mexican inflation (10% weight). If Seller elected Mexican inflation indexation in its bid, then the Initial Price is adjusted on a monthly basis to account for Mexican inflation (30% weight). To calculate the adjusted annual price, the Initial Price is multiplied by the average of the monthly adjustment factors used to calculate the adjusted monthly prices for the corresponding year. Under temporary transmission tariff regulations in effect through 2018, Seller is obligated to pay a tariff for the use of the transmission infrastructure and a CENACE operation fee. However, under the PPA, the Buyer is assuming the cost of such tariff and fees, which will be credited by the Buyer to the Seller in the annual invoices. Permanent transmission tariffs are expected to be set as from the year 2019, but to the extent generators would be subject to the payment of any such tariff, under the PPAs for this Bid the CFE would bear such cost. POINT OF SALE; TRANSMISSION RISK The point of delivery (and sale) is the node of interconnection between the plant and the transmission system. In the model PPA, the CFE is assuming the transmission costs and the price differential risk between the interconnection node and the load node. In future auctions, however, other buyers may not assume these costs and risks. DEVELOPMENT AND CONSTRUCTION MILESTONES In the case of yet-to-be-built power plants, Seller is obligated to build the power plant pursuant to the technical specifications and development and construction milestones included in Annex I and II, respectively, of the PPA. Annex I sets forth the description of the power plant and other related information that was provided in Seller’s bid, including the Committed COD and the Committed Production Percentage. 5 Mayer Brown | Mexico’s Clean Energy Auction: Material Provisions of the Power Purchase Agreements Annex II includes the development and construction milestones for the power plant, which are: Achieving financial closing at the committed date for commencing the construction of the power plant; Obtaining the power generation permit from CRE at least seven months prior to the Committed COD; Obtaining all necessary permits to commence construction of the power plant by the date indicated in Seller’s bid; Contracting all long lead items necessary for performance under the PPA within the period indicated in Seller’s bid; Contracting EPC services for the construction of the plant within the period indicated in Seller’s bid; Synchronization or energizing each of the power plant units within the period indicated in Seller’s bid; Commissioning within the period indicated in Seller’s bid; and Registration and accreditation before CENACE as a market participant in the generator modality at least three months prior to the Committed COD. The milestone dates, including the Committed COD, may be extended in case of extraordinary events and force majeure events, which are discussed in more detail below. If the milestones are not timely met for a reason attributable to Seller, Seller shall pay liquidated damages consisting of 0.75% of the price per each milestone missed and shall be obligated to provide additional liquid guarantees, or increase the amount of its performance bond, to account for such liquidated damages. If the power plant commences commercial operations before the Committed COD, then Buyer shall release such additional guarantees or the performance bond increased amount. The power plant is required to commence operations by the Committed COD. If the power plant commences commercial operations before the Committed COD, Seller shall be free to sell the products to other buyers pursuant to power purchase agreements or in the wholesale market or to deliver the products to the Buyer as advance deliveries under the PPA if agreed to by Buyer. If the power plant has not commenced operations by the Committed COD, Seller is deemed to have under-delivered for the period from Committed COD to actual COD, and Seller shall be obligated to pay the Payments for Energy Deficiency. In addition, Seller will (i) pay liquidated damages equal to five percent (5%) of the monthly payment amount due to Seller for each month of delay (paid through withholdings by Buyer) and (ii) increase the amount of its performance bond as further described under “Performance Guaranty,” below. The Committed COD may only be extended due to force majeure events and extraordinary events up to three years. Either party may terminate the PPA if the commercial operation of the power plant is not achieved within such three years. Except for force majeure or extraordinary events, Buyer may rescind the PPA if the commercial operation of the power plant is not achieved within 12 months from the Committed COD, subject to the lenders'’ right to cure as described under “Lender Rights,” below. PERFORMANCE GUARANTY Seller is required to deliver a performance guaranty to Buyer upon the execution of the PPA consisting of one or more letters of credit in the form attached to the PPA and issued by a financial institution with operations in Mexico. Where Seller’s power plant is yet to be built, the minimum amount of the Seller performance guaranty shall be calculated as follows: 6 Mayer Brown | Mexico’s Clean Energy Auction: Material Provisions of the Power Purchase Agreements 65,000 Univerdades de Inversión ("UDI" – these are Mexico's investment units) (approximately US$19,296.75) per MW of contracted capacity on a per-year basis; 30 UDIs (approximately US$8.91) per each MW/h of contracted electric energy on a peryear basis; plus 15 UDIs (approximately US$4.45) for each contracted CEL on a per-year basis. Such minimum amount may be reduced to the percentages indicated below to the extent the Seller demonstrates to Buyer that it has achieved the following milestones: to 80% of the original minimum amount upon the financial closing for the construction of the power plant(s); to 70% of the original minimum amount when it is demonstrated that the power plant(s) will begin operations before the Committed COD; and to 50% of the original minimum amount when the power plant(s) commence commercial operations. When Seller has a power plant already in commercial operations, the minimum amount for the Seller performance guaranty shall be calculated as follows: 32,500 UDIs (approximately US$9,648.40) per MW of contracted capacity on a per-year basis; 15 UDIs (approximately US$4.45) per each MW/h of contracted electric energy on a peryear basis; plus 7.5 UDIs (approximately US$2.225) for each contracted CEL on a per-year basis. If the power plant has not commenced operations by the Committed COD, Seller shall increase the original amount of its performance guaranty as follows: For reasons attributable to Seller, 10% for each month of delay; For reasons attributable to a federal government authority, or the government entities offering the public services of transmission and distribution, 2% for each month of delay; and For reasons attributable to a state or municipal authority, or the government entities offering the public services of transmission and distribution, 5% for each month of delay. The Seller performance guarantee may only be increased up to two times its original amount. Separate from its obligations under the PPA, under applicable regulations the Seller is required to provide additional guarantees to secure certain obligations related to the interconnection of its power plant and under the contract with CENACE for its participation in the electric market. To guarantee the performance of its obligations under a PPA, the Buyer will also deliver a performance guaranty thirty (30) days after the commencement of the commercial operations of the power plant. The minimum amount of the Buyer performance guaranty shall be calculated as follows: 32,500 UDIs (approximately US$9,648.40) per MW of contracted capacity on a per-year basis; 15 UDIs (approximately US$4.45) per each MW/h of contracted electric energy on a peryear basis; plus 7.5 UDIs (approximately US$2.225) for each contracted CEL on a per-year basis. FORCE MAJEURE AND EXTRAORDINARY EVENTS The PPA contemplates “extraordinary events” and “force majeure” events. Extraordinary events include delays caused by government authorities, government entities that provide transmission and distribution services (CFE), and CENACE, and delays caused by unexpected adjustments to the interconnection process. Any 7 Mayer Brown | Mexico’s Clean Energy Auction: Material Provisions of the Power Purchase Agreements delays in the installation or operation of required electric transmission system facilities will not be attributable to Seller, except when Seller is responsible for their construction. Most delays in the interconnection evaluation process will be attributable to CENACE and shall permit Seller to modify the Committed COD. A party shall not have the right to terminate the PPA when the other party fails to perform as a result of an extraordinary event. If an extraordinary event affects the performance of a party’s obligations under the PPA for more than 180 consecutive days or 270 non-consecutive days in a period of 18 months, the Seller may request early termination of the PPA. Force majeure events include the failure to obtain a government authorization that renders impossible a party’s performance of its obligations under the PPA. Any of the parties may terminate the PPA early, without fault of any of the parties, if a force majeure event causes any of the parties to fail to perform its obligations for more than 180 consecutive days or 270 non-consecutive dates in a period of 18 months. Please see “Development and Construction Milestones,” above, regarding the effect of force majeure and extraordinary events on the Committed COD and other milestone deadlines. In case of early termination due to extended extraordinary events or force majeure events, each party will release the other party’s performance guarantees after deducting any amounts necessary to cover any applicable liquidated damages, indemnities, or other amounts that may have been previously accrued pursuant to the PPA. SELLER EVENTS OF DEFAULT AND CFE TERMINATION RIGHTS Except to the extent caused by Buyer default, force majeure or extraordinary events, the following constitute Seller events of default: Failing to obtain or renew the performance guaranty. Failing to deliver the applicable products before or within 12 months after the Committed COD, as it may be extended pursuant to the terms of the PPA. Failing to maintain regulatory status as a market participant in the modality of generator before CENACE or if the CRE revokes Seller’s power generation permit during the term of the PPA. Failing to engage in the bilateral financial transactions for the transfer of committed products and comply with related PPA terms. Failing to pay to Buyer any amount due pursuant to the PPA that is not being litigated or disputed pursuant to the PPA. Failing to obtain or renew the insurance policies required by the PPA, failing to deliver required additional guarantees, or failing to increase the performance guaranty to cover liquidated damages caused by delays in development and construction milestones. Any continued failure to perform its obligations under the contract that adversely and materially affects Seller’s delivery of the products after 15 days from receiving a notice thereof from Buyer. Failing to obtain status as a market participant in the modality of generator before CENACE or to obtain the generation permit pursuant to the construction and development milestones included in Annex II of the PPA Failing to meet the financial closing or selffunding milestone. A change of control of Seller (as change of control is defined in the PPA) occurs without prior written Buyer consent, without any exception for foreclosure by lenders. Bankruptcy or insolvency of the Seller. In case of a Seller event of default, subject to additional cure periods that vary depending on the default event and the lender cure rights 8 Mayer Brown | Mexico’s Clean Energy Auction: Material Provisions of the Power Purchase Agreements described under “Lender Rights” below, Buyer may initiate the process for early termination of the PPA. If Buyer terminates the PPA, Seller shall pay to Buyer the amount corresponding to the performance guaranty amount in effect at that point in time as liquidated damages. Seller’s liability under the PPA is limited to the payment of such amount. If Seller does not pay such amount within 20 days from Buyer’s request, Buyer may make a demand under the Seller performance guaranty and any additional outstanding guaranties submitted by the Seller. Upon termination of the PPA by Buyer, Buyer may elect to continue to receive the same quantity of products from the power plant, at the agreed price and for the remainder of the original PPA term. BUYER EVENTS OF DEFAULT AND SELLER TERMINATION RIGHTS The following constitute Buyer events of default: Failing to maintain status as a market participant as a supplier to regulated consumers before CENACE pursuant to applicable law. Failing to obtain or renew its performance guaranty. Failing to engage in the bilateral financial transactions to receive the contracted products and comply with related PPA terms. If the Buyer is the CFE holding company, failing to be controlled by the Mexican federal government. If the Buyer is a subsidiary of the CFE, failing to be an entity controlled by the CFE. Failing to pay any monthly or annual payment due to Seller under the PPA. Any other breach by Buyer of other obligations under the PPA. In case of Buyer default, Seller must give written notice thereof to Buyer and grant Buyer a cure period that varies depending on the default event. If the default is not cured in a timely manner, Seller may initiate the process for early termination. Upon Seller’s termination of the PPA, Seller will establish a trust to administer the payment of early termination liquidated damages from Buyer to Seller. The liquidated damages are meant to indemnify Seller for the difference between the expected payments under the PPA and spot market prices for the remainder of the original PPA contract term. The trust will make payments to Seller on a monthly basis to make Seller whole when the spot market prices are lower than the PPA prices. Buyer’s liability under the PPA is limited to the payment of such amounts. The trustee under this trust may be Seller’s lender. Buyer will contribute to the trust an amount equal to the estimated present value of the remaining annual payments due to Seller for the remainder of the PPA term had the PPA not been terminated. The amount to be contributed will be in pesos if the PPA payments were indexed to Mexican inflation or in US dollars if the PPA payments were indexed to the peso/dollar exchange rate. Alternatively, Buyer may choose to contribute certain amounts and guarantee the remaining amounts with letters of credit. Seller may assign the collection rights of such liquidated damages to third parties by giving notice to Buyer and the trustee. Seller’s lenders may be designated as beneficiaries of the payments by the trust. CHANGE OF LAW Under the PPA, “Changes of Law” are those changes in laws in the following areas: tax (excluding modifications to the income tax rate), customs, environmental, labor and work security, and electric energy regulations. The PPA price will be adjusted if Seller incurs higher or lower costs in the performance of its obligations under the PPA as a result of a Change of Law to the extent that the net total value of such variations exceeds 2% of the 9 Mayer Brown | Mexico’s Clean Energy Auction: Material Provisions of the Power Purchase Agreements annual PPA price. Any of the parties may request a price adjustment due to a Change of Law. Any dispute regarding Change of Law price adjustments shall be resolved by the expert determination procedure under the PPA. LENDER RIGHTS The PPA permits Seller to grant liens on its facility and assign the PPA as collateral, and the shareholders of Seller to pledge their shares in Seller in favor of Seller’s lenders without prior Buyer consent. However, the assignment of the PPA, the transfer of the generation facility, or the transfer of shares to lenders that causes a change in control of Seller all requires CFE prior written consent, which will be granted within a specific period of time to the extent certain objective criteria are met. (e.g., change of control or facility transfer will not affect Seller’s performance under the PPA). Seller may also assign and pledge to its lenders, in whole or in part, its payment rights under the PPA without Buyer consent. Before terminating the PPA in case of a Seller default, Buyer will grant the Seller’s lenders up to 180 days to cure a Seller event of default or execute any lender guarantees under the financial documents. The PPA permits Buyer to directly submit to the lenders information and documentation regarding Seller’s performance under the PPA. The Buyer does not have any right of first refusal or offer, or preferential right, on the shares of the Seller or the facility or otherwise. The PPA does not impose any financial covenants on Seller or limit the terms of any financing of the facility. TECHNICAL SPECIFICATIONS Annex I of the PPA includes the location and technical specifications of the power plant and other related information that were included in Seller’s bid. Seller is obligated to build the power plant according to those technical specifications. Seller may change the interconnection point included in Annex I before the Committed COD provided the interconnection point remains within the same generation or capacity zone indicated in Seller’s bid and Seller gives 90 days prior notice to Buyer. The Parties may agree to increase by 10% the quantity of contracted products under the PPA, in which case the price will be adjusted proportionally. In addition, no more than once per year, Seller may increase the Committed Production Percentage or incorporate new power facilities into the PPA that are located within the same generation zone to the extent there has been deficient generation for 12 months. APPLICABLE LAW, DISPUTE RESOLUTION AND CONTRACT LANGUAGE The PPA is subject to Mexican law. In the event of disputes related to technical or operational matters, or matters related to payments under the PPA, the parties may elect to have such disputes resolved by expert determination in accordance with the expert determination rules of the International Chamber of Commerce (“ICC”). Otherwise, all disputes shall be resolved by arbitration in accordance with the ICC arbitration rules. Arbitration will take place in Mexico City, under Mexican law and in Spanish. Both parties waive any applicable sovereign immunity. The controlling language of the PPA is Spanish. For more information about this topic, please contact one of the authors below. Jose L. Valera +1 713 238-2692 email@example.com Gabriel Salinas +1 713 238 2622 firstname.lastname@example.org 10 Mayer Brown | Mexico’s Clean Energy Auction: Material Provisions of the Power Purchase Agreements Nadav Klugman +1 312 701 8433 email@example.com Paul Astolfi + 1 312 701 8028 firstname.lastname@example.org Doug Doetsch + 1 312 701 7973 email@example.com Tom Eldert + 1 202 263 3252 firstname.lastname@example.org Christopher Erckert + 1 202 263 3808 email@example.com Pablo Ferrante + 1 713 238 2662 firstname.lastname@example.org Rob Goldberg + 1 713 238 2650 email@example.com Barry Machlin + 1 312 701 8574 firstname.lastname@example.org Francisco Mendez + 1 713 238 2740 email@example.com Dallas Parker + 1 713 238 2700 firstname.lastname@example.org Gabriela Sakamoto + 1 202 263 3029 email@example.com Endnote 1 Pursuant to the Electricity Law, “clean energy sources” are wind, solar, geothermal, hydroelectric, and other forms of renewable energy plus nuclear, certain biofuels and efficient cogeneration, among others. 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