Engineering Procurement & Construction Contract for the construction of a photovoltaic system between ECOWARE S.p.A As Contractor And ELLOMAY PV ONE SRL As Principal

Exhibit 4.10

Engineering Procurement & Construction Contract

for the construction of a photovoltaic system

between

ECOWARE S.p.A

As Contractor

And

ELLOMAY PV ONE SRL

As Principal

Engineering Procurement & Construction Contract

With this contract

ELLOMAY PV ONE S.r.l., with its registered offices located in Galleria Borromeo, 3, VAT Registration Number and Tax Code 04459950285, entered in the Companies Register of Padova at no. 391298 represented by Mr. ▇▇▇ ▇▇▇▇▇▇▇▇ in his capacity as Sole Director (hereinafter known as “Principal”);

and

ECOWARE S.p.A, with its registered offices at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇, ▇▇▇▇▇ ▇▇▇▇▇, VAT Registration Number and Tax Code Number 03571330277, entered in the Companies Register in Padua at number 03571330277, represented by Ing. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇, born in Padua on 7th September 1947, in his capacity of legal representative (hereinafter known as the “Contractor”);

(hereinafter known individually as a “Party” and jointly as the "Parties")

Whereas:

(A)	The Principal is a company operating in the sector of the development and operational management of photovoltaic systems;

(B)	The Contractor is a company operating in the construction of photovoltaic systems and has the expertise to perform the Works, as defined below, in accordance with the terms and conditions set out under this Contract;

(C)

NOVALTEK Servizi S.r.l. with registered office in Monterado (Ancona), ▇▇▇ ▇▇▇▇▇▇ ▇▇. 18, tax code 02379340421, is a company operating as the developer of photovoltaic systems (the “Developer”). Upon endorsing this Contract, the Developer undertakes to co-operate with the Parties hereto and support the Contractor to ensure the proper performance of this Contract in relation to the transfer of the Building Permit, the STMC, and all permits in connection therewith, and of the Land Use Rights.

(D)

The Principal intends to proceed with the construction and operation of one photovoltaic system in the province of Macerata, Italy, in the Municipality of Cingoli, made up of 3060 modules made of monochristalline, with generators having respectively a capacity equivalent to 734,40 kWp (hereinafter known as the "System");

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(E)	In relation to the System, the Developer has filed the following authorisations and requests:

(i)

the Building Permit, as defined below, was issued by the competent municipal offices in Cingoli (Macerata), on 24 September 2009 (prot. no. 142);

(ii)

application to ENEL, as defined below, for connection to the national electricity grid, pursuant to the Electrical Energy and Gas Authority Resolution No. 99/08, by means of a communication dated 12 August 2009; ENEL has transmitted the STMC, as defined below, on 13 October 2009 (no. T0026157) and the Developer has formally accepted the STMC proposed by ENEL for the connection to the national electricity grid of the System, by means of its letter of acceptance dated 12 November 2009.

(iii)

ENEL has communicated notice of end of the authorization process pursuant to Regional Law 19/1988 and subsequent amendments with letter dated 8 January 2010;

(F)

Sunex 3 S.r.l., a company wholly owned by Contractor, with registered offices in ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇, VAT Registration Number and Tax Code Number 06085820964 (“Sunex 3”) has signed a definitive Land Use Right contract, enclosed hereto as Annex 1, with the owner of the Area, as defined below. Contractor undertakes to cause Sunex 3, pursuant to article 1381 of the Civil Code, to assign to the Principal the rights and obligations arising under the Land Use Right, as provided under Article 4.2 a) (ii). The Parties have agreed that, to share the costs related to the tax liabilities arising in connection with such assignment, a sum equal to Euro 10,000.00 (ten thousand) shall be deducted from Payment Milestone 1, as defined below;

(G)

In order to build the System, the Principal needs a partner with high expertise and standing in the construction of photovoltaic systems to be appointed for the planning, construction, operation and connection of the “turn key” system (as defined below), and the Contractor is a leading company operating, inter alia, in said field;

(H)	On 2 December 2009, the Parties entered into a framework agreement, regulating the general understanding on which their partnership should be based.

(I)

On 22 January 2010, the Parties entered into an agreement (the “Option Agreement”), enclosed hereto as Annex 18, whereby the Principal was provided with an option right to purchase the shares of Sunex 3, in accordance with the terms and conditions of the Option Agreement and on execution of which the Principal paid a deposit equal to Euro 50,000.00 (fifty thousand), half of which shall be deducted from Payment Milestone 1, as defined below.

(J)

The Principal is planning to appoint a financial institution (the “Financing Entity”), which will grant to the Principal, on a leasing or project finance basis, two credit lines, the first named “Base Line” for financing of project’s costs, and the other named “VAT Line” to finance VAT on such costs (the “Financing“);

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(K)	The Contractor has confirmed the feasibility and economic convenience of the solution for the connection proposed by ENEL with the STMC referred to under point E (ii) above;

(L)

In the light of the above, the Contractor decided to enter into this Contract, and undertook (i) to carry out all the activities and services provided herein; and (ii) to guarantee, pursuant to article 1381 of the Civil Code, the proper fulfilment of all the obligations and activities to be performed and carried out by the Developer;

(M)

The Principal is willing to entrust the Contractor also with the operation and maintenance of the System through execution of an ad hoc operation and maintenance agreement (the “O&M Agreement”), which shall be executed, as soon as it is feasible and in any case as a condition precedent to Payment Milestone 2, substantially in the form of Annex 17.

NOW THEREFORE the Parties agree as follows:

Article 1 – Recitals, annexes and previous agreements

1.1 The recitals and annexes to this contract (hereinafter known as the “Contract” or “EPC Contract”) shall represent an integral and substantial part of the same.

1.2 This Contract replaces and fully supersedes any previous agreement entered into between the Parties, either written or oral, on the matters outlined here below.

Article 2 – Definitions and Interpretation

2.1 In addition to any other words and expressions defined in this Contract, the terms used in this Contract, where they start with a capital letter, shall have the following meanings:

·	AEEG: means the Electrical Energy and Gas Authority incorporated pursuant to the Law No. 481 dated 14th November 1995;

Applicable Law: means each and every law, regulation, measure, ruling, decree (including the Decree Law) or deed having a binding nature in Italy and issued by every state body and judicial and/or administrative authority, which is in force on the date in which this Contract is entered into or which comes into force thereafter;

Applicable Permits: means each and every license, authorization, certification, filing, recording, permit, affidavit (including the denuncia di inizio attività, the autorizzazione unica or permesso di costruire) or other approval with and/or of any competent authorities that is required by Applicable Law for the construction and connection to the grid (including the comunicazione conclusione iter autorizzativo issued by Enel pursuant to Regional Law 19/1988 as subsequently amended) and admission, to the Incentives of the System including, without limitation, those required by Applicable Law in zoning, building, environmental, landscaping, planning and/or archaeological matters;

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·	Area: means the area in the plan referred to in Annex 2 to this Contract, in which the System shall be built;

·	Building Permit: means the construction authorisation (“Permesso di costruire”) provided for by Presidential Decree 6 June 2001 no. 380;

·	Civil Code: means the Italian Civil Code, introduced with the Royal Decree Law No. 2, dated 16th March 1942, and all subsequent amendments and/or integrations thereto;

·	Commencement of Operation: means the commencement of operation (i.e. entrata in esercizio) of the System pursuant to Article 2(g) of the Ministerial Decree 19 February 2007;

·	Communication of the Executive Project’s Approval: with reference to the System, shall have the meaning set out in the Article 8.3 below;

·	Completion Date shall have the meaning indicated in Article 9.1;

Confidential Information: means the information, data, notes, records, agreements, documents, in whatsoever form drawn up, provided by one of the Parties to the other or, in any case, obtained from one of the Parties and connected with the execution of this Contract and, in particular, the Technical Specifications, including, without any limits whatsoever, any technical and contractual documentation inherent in the Works and their object, as well as any document of a commercial or financial nature, data relating to prices and technical knowledge, models, formulas, industrial processes, records, photographs, drawings, contractual conditions, software, programmes and models and any other intellectual property concerning the Party making the communication or, in any case, to whom said data refer, with the exception of any information already made available to the public;

·	Consideration: means, with reference to the System, the all inclusive, invariable, sum that the Principal shall pay to the Contractor to perform the Works with respect to the System as per Article 4.1 of this Contract;

Construction Health and Safety Coordinator (coordinatore in materia di sicurezza e salute durante la realizzazione): means the individual appointed by the Principal pursuant to Article 7 below, who has been entrusted with the duties related to this role pursuant to Article 92 of the Legislative Decree Law No. 81/2008 and subsequent amendments and integrations;

·	Contract: means this Contract, including all the Annexes and all amendments hereto as mutually agreed by the Parties;

·	Contractor’s Parent Company: means Kerself S.p.A., a company incorporated under the laws of Italy, with its registered office at ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇, registration with the Registro delle Imprese of 01777890359, Fiscal Code and Vat No. 01777890359;

·	Delay Liquidated Damages means the damages referred to in Article 9.3;

Decree: means the Decree Law dated 19th February 2007 no. 25336 issued by the Economic Development Minister and whose object is the “Criteria and methods to encourage the production of electrical energy by means of solar photovoltaic conversion in implementation of Article 7 of the Legislative Decree Law No. 387, dated 29th December 2003” (Criteri e modalità per incentivare la produzione di energia elettrica mediante conversione fotovoltaica ▇▇▇▇▇ ▇▇▇▇▇ solare, in attuazione dell'articolo 7 del decreto legislativo 29 dicembre 2003, n. 387), and subsequent amendments and/or integrations thereto;

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·	Definitive Project: means, the “Progetto Definitivo”, i.e. the project drawings to construct the Works and the relative annexes, a copy of which is attached hereto, as Annex 4;

Design Health and Safety Coordinator (coordinatore in materia di sicurezza e salute durante la progettazione): means the individual appointed by the Principal pursuant to Article 7, who shall draft the PSC and who has been entrusted with the duties related to this role pursuant to Article 91 of the Legislative Decree Law No. 81/2008 and subsequent amendments and integrations;

·	Discount: has the meaning indicated in Article 9.7 hereof;

·	Discretional Variations: has the meaning indicated in Article 10.2 (b) hereof;

·	ENEL: means Enel Distribuzione S.p.A.;

·	Equipment: means the Contractor’s equipment and components to carry out the Works listed in Annex 3 of this Contract;

·	Executive Project: means the “Progetto Esecutivo”, i.e. the project drawings prepared and delivered by the Contractor prior to the commencement of the Works pursuant to Article 8, in compliance with the Technical Specifications and with the Decree Law provisions;

·	Expert: means the arbitrator appointed for the solution of technical and related matters in accordance with Article 24.2;

·	FAC: means the Final Acceptance Certificate, i.e. the certificate that shall be issued by Principal in compliance with the outline set forth in Annex 16 acknowledging the positive outcome of the conditions mentioned in art. 12;

·	Financing: means the project loan that may be arranged by the Principal, in compliance with recital H above;

·	Financing Entity: means the financing institution or any other equity partner identified by the Principal which could grant the Financing to the Principal;

·	First Reassessment Test: means the First Reassessment Test of the MGPR to be performed pursuant to Article 12.6.

·	Force Majeure: has the meaning indicated in Article 11;

·	GSE: means the Gestore dei Servizi Elettrici - GSE S.p.A., i.e. the entity appointed to implement the incentive tariff regime foreseen by the Decree Law;

·	Health and Safety Coordinators: means the Construction Health and Safety Coordinator jointly with the Design Health and Safety Coordinator;

IAC: means the Incentive Acceptance Certificate, i.e. the certificate that shall be issued by the Principal in accordance with the outline set forth in Annex 15, after the release of the TAC and PAC, acknowledging that the System has been admitted to the Incentive scheme and that the agreement with GSE has been entered into;

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·	Incentive: means the incentive to the tariff for the production and delivery of power to the national electricity grid through a solar power plant, in accordance with the Ministerial Decree of 19 February 2007 and the Resolution No. 90 of 11 April 2007 of AEEG;

·	Incentive Agreement: (“Convenzione con GSE”) means the agreement between the Principal and GSE in order to obtain the Incentive;

·	Interconnection Agreement means the agreement to be entered into between the Principal and the national electricity grid operator which provides the terms and conditions for the connection to the national grid.

·	Land Use Rights are the rights in rem (“diritto di superficie”) referred to in Recital F, to be acquired by the Principal over the Area, pursuant to Article 3.2 (a).

·	Mechanical Completion: means the completion of all Mechanical Works of the System;

Mechanical Works: means, with reference to the System, all the mechanical and electrical works. It includes (a) supply and installation of the following equipment: inverters, photovoltaic modules and DC installation, mains, pits, cabling, electrical boxes and protection devices, internal connections and interconnections with external installations, weather station, low voltage installation, civil engineering, medium voltage installation (including transformation, protection equipment and utility interconnection equipment, security and monitoring systems); and (b) the static test of structures (collaudo statico) according to the Applicable Law. For the avoidance of doubt, the Mechanical Works do not comprise the physical construction of the connection line to the national electricity grid;

Minimum Guaranteed Performance Ratio (or MGPR): means the minimum performance ratio guaranteed by the Contractor pursuant to the Annex 9 and in accordance with the methodology used for the measurement of the System performance according to the standard CEI EN 61724 (CEI 82-15) as described in the same Annex 9;

·	Necessary Variations: has the meaning indicated in Article 10.2 (a) below;

·	O&M Agreement: means the operation and maintenance agreement referred to in Recital (M) above;

Operational Inspection: means, with reference to the System, the verification process carried out by the Contractor according to the Technical Specifications, the Applicable Laws, and the MGPR which shall be carried out by the Parties in accordance with Annex 10 and article 12 below in order to achieve the PAC;

·	PAC: means the Provisional Acceptance Certificate, i.e. the certificate that shall be issued by Principal in compliance with the outline set forth in Annex 14 acknowledging the positive outcome of the Operational Inspection;

Parent Company Guarantee: means the guarantee, consistent with the form set forth in Annex 5, whose maximum amount is equal to the amount of the Consideration to be issued by the Contractor’s Parent Company in favour of the Principal, in compliance with Article 4.2, as guarantee for the obligations undertaken by the Contractor under this Contract.

·	Payment Milestones: means the milestones for the payment of the Consideration as set out in Article 4 of this Contract;

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·	Performance Liquidated Damages: means the damages referred to in Article 13.2;

POS: means the operative safety plan (i.e. Piano Operativo di Sicurezza) to be drawn up by the Contractor, with reference to the System, in compliance with the CSP, in accordance with Article 89, paragraph 1, letter h) of the Legislative Decree Law No. 81/2008 and subsequent amendments and integrations thereto, as possibly amended in agreement with the Health and Safety Coordinators;

·	Power Purchase Agreement (or PPA): means the agreement that the Principal will enter into with the energy company of its choice for the sale of the produced electricity;

·	Project Implementation Schedule (or PIS): means the schedule for the implementation of the construction of the System, which is attached as Annex 7 as may be updated, from time to time, in agreement between the Parties;

PSC: means the coordination and safety plan drawn up by the Design Health and Safety Coordinator during the planning phase, pursuant to Article 100 of Legislative Decree Law No. 81/2008, which must include, inter alia, an estimate for the safety costs, as eventually altered by the Construction Health and Safety Coordinator during the performance phase while the Works are carried out;

·	Reassessment Tests: means jointly the First Reassessment Test and the Second Reassessment Test of the MGPR will be performed pursuant to Article 12.6.

·	Second Reassessment Test: means the Second Reassessment Test of the MGPR to be performed pursuant to Article 12.6.

·	Service Order: means the orders given during the execution of the Works;

·	Site Manager: means the individual appointed by the Contractor, who shall work with the Works Manager throughout the performance of the Works;

·	Start of Works: has, with reference to the System, the meaning indicated in Article 8.4 herebelow;

·	STMC: means the minimum technical solution for connection referred to in the AEEG Resolution no. 99/08 and subsequent amendments;

System: means the photovoltaic system in the Municipality of Cingoli (MC) made up of 3060 modules made of monochristalline, with a generator that has a capacity equivalent to 734,40 kWp, and, for the avoidance of doubt, shall include all the items, such as without limitation, cables, modules, inverters, structures, cabins, etc, that are finalised at the functioning of the plant;

·	TAC: means the Technical Acceptance Certificate, i.e. the certificate that shall be issued by Principal in accordance with the outline set forth in Annex 11 following the Technical Inspection;

·	Technical Consultant: means the consultant appointed by the Principal and/or the Financing Entity, who has been appointed to monitor the progress of the Works;

Technical Inspection: means the inspection procedure that the Principal shall carry out pursuant to Annex 10 and in accordance with Article 12 in order to verify that the Mechanical Completion complies with the Technical Specifications, Applicable Laws and rules of the trade, and to achieve the TAC;

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·	Technical Specifications: means the documentation, referred to in Annex 6 of this Contract, in which the technical specifications on the basis of which the Contractor shall perform the Executive Project and Works to reach the MGPR are indicated;

·	Variations: mean, jointly, the Discretional and Necessary Variations;

·	Warranty Bond: means the insurance bond on first demand equal to 15 % (fifteen per cent) of the Consideration, issued by a first-class insurance company which has been attributed, at least a S&P A-rating or which, in any case, satisfies the Principal and the Financing Entity;

·	Warranty Period: means the period of 2 (two) years starting from execution of the PAC.

·	Working Day: means every day except for Fridays, Saturdays, Sundays and public or bank holidays;

·	Works: means the activities that have been performed or are to be performed by the Contractor for the System pursuant to this Contact, as better described in Article 3 hereof;

·	Works Manager: means the “Responsabile Lavori”, i.e. the individual appointed by the Principal, in compliance with the Law No. 81/2008, who shall perform the site management duties foreseen by the Applicable Law and/or listed in this Contract;

2.2. The following interpretation provisions shall be applied to this Contract, unless otherwise provided for:

(a)	the articles’ headings are merely indicated for the sake of convenience of reference and cannot be used for the interpretation of the terms contained in this Contract;

(b)	reference to sections, articles and annexes shall be understood as being made, unless otherwise indicated, to the sections, articles and annexes contained in this Contract;

(c)	unless explicitly indicated in this Contract,

(i)

any reference to this Contract shall be a reference to the Contract, as validly revised, integrated or amended and

(ii)

any reference made to any other agreement or document shall imply reference to that agreement or document, as validly revised, integrated or amended;

(d)	unless otherwise explicitly indicated, the words and definitions, used in the singular form shall have the same meaning, mutatis mutandis, even when used in the plural form and vice versa;

(e)

the terms, "herein", "therein" and synonyms in this Contract refer to the entire Contract and not to particular articles in this Contract, unless explicitly provided in this sense, just as the terms “below” or “above” indicate the part below or above in this Contract, with reference to the point in which said terms have been used;

(f)	the word “included” and the expression “in particular” shall always be considered to be followed by the expressions “without limitations” or “not limited to” even if not effectively followed by said expressions;

(g)	every reference to each individual shall also refer to his legitimate successors and assignees;

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(h)	if, on the basis of this Contract, an activity must be performed, a communication sent or a term expires on a day other than a Working Day, said activity shall then be performed, the communication be sent or the relative term expire on the Working Day falling immediately after.

Article 3 – Object and Description of the Works

3.1 With this Contract, the Principal has entrusted “turn key” the Contractor, who accepts, with the construction of the Executive Project and the performance of all the Works in a world class manufacturing way and in compliance with the Technical Specifications and Applicable Laws. The Contractor is also entrusted, inter alia, with (i) obtaining of all the Applicable Permits required for the construction and the functioning of the System, (ii) the realisation of all the necessary Works required for the integral construction of the System in accordance with the terms and conditions set forth by this Contract, (iii) the connection of the System to the national electricity grid in compliance with the Project Implementation Schedule, and (iv) the assistance in obtaining the Incentive.

3.2 In particular, and without limitation, the following activities must be understood as having been included in the invariable Consideration referred to in Article 4:

(a)

Land Use Right (diritto di superficie): the Contractor undertakes to cause Sunex 3 to appoint the Principal as party of the Land Use Right referred to in Recital (F) above, so that the Principal will be able to validly hold the Land Use Right (diritto di superficie) over the Area, pursuant to Article 4.2 (a). All activities related to any cadastral parcelling (frazionamento) which may be necessary in relation to any plot of land involved by the System shall be carried out by the Contractor;

(b)

Transfer in favour of the Principal of the Applicable Permits, including the STMC and the Building Permit submitted by the Developer. In particular, the Contractor undertakes to cause the Developer to perform any required activity or prepare any needed document for the successful transfer of the Building Permit in favour of the Principal, pursuant to Article 4.2, including delivery to the competent Municipality Technical Offices of the variations to the Building Permit, if any;

(c)

Engineering: including the performance, for the System, of the Executive Project in compliance with the Technical Specifications and their amendment as required in order to obtain the Principal’s final, written approval, including, without limitation, the System “as-built” documentation, the electrical single wire and multi-wire diagrams, Technical Specifications, components and operation and maintenance manuals;

(d)

Civil Works: including, for the System, the construction of entries, digging work for the electrical underground cabling, if any, foundations, enclosures and constructions necessary to house the inverters and transformers, fencing, in accordance with the Executive Project and the Technical Specifications and supplying, on his own initiative and expense, the materials, vehicles or any other component and labour necessary. Construction of all the provisional Works, including those located outside the Area (signage, even luminous, placards, crush barriers aimed at defining or limiting the paths of pedestrians and vehicles, in compliance with the traffic and viability provisions), as well as the preparation of the equipment aimed at guaranteeing, for the entire duration of the Works, in compliance with the provisions on safety and health on the workplace and what is contained and has been prescribed in the PSC. Construction of site offices for the Works Manager and the Design Health and Safety Coordinator. Construction of the utilities required for the supply of water, gas, electricity, drainage into the sewers, as well as the provision of suitable offices for the Design Health and Safety Coordinator. Payment of all the charges for the consumption of water, gas, electricity and drainage into the sewers, as described above. Building of barriers or provisional protection for the Works and wherever the safety provisions require them;

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(e)

Supply of the electro-mechanical apparatus: including supply, installation and start up of the photovoltaic modules, mounting structures, inverters, module boards and electrical connection in direct and alternating current into the national electricity grid, transformation box, interface module boards, supervision and control system, monitoring system, video surveillance and weather station.

(f)

Assembly and installation: the supply and installation, including the use of labour, of all the materials, accessories and secondary components that might be required for the correct and safe operation and management of the System. Maintenance and operative capacity of the site for the entire duration of the Works;

(g)	Constant inspection and planning of the states of progress concerning the Works.

(h)

Grid connection civil works: the timely construction of all the civil works required by ENEL with reference to the STMC, for the purposes of the System’s connection to the grid (merely by way of an example, the construction of the area/cable line and delivery box). The works may include the intervention of ENEL.

(i)	Delivery to the Principal of all the necessary documentation, on issue of the System’s PAC and as a condition for the issue of the FAC, to be drawn up in compliance with the Applicable Law and in order to obtain the Incentive;

(j)

Post-STMC activities: relations with the competent authorities (such as, inter alia, ENEL) and the individuals appointed by the latter for the System’s connection to the grid shall be directly managed by the Contractor, who must constantly monitor ENEL’s activities and those of the other individuals, soliciting them, when necessary, with the means deemed to be most expedient, in order to facilitate and, in any case, make such connection to the national electricity grid possible within the Completion Date established by the Project Implementation Schedule. Furthermore, the Contractor shall carry out all activities and formalities aimed at obtaining the Incentive Agreement, the Interconnection Agreement and the PPA (as the case may be), and to prompt the Principal for proper action in connection therewith, when necessary.

(k)

Custody of the Area: maintenance, protection, monitoring, security service, custody and conservation of the Area and of the equipment erected or stored therein until the issuance of the relevant PAC. The protection and security systems and procedures will be in line with the best practice and the minimum standard requested by the insurers. The Contractor shall be the keeper of the Works, as well as of all the materials and equipment to be used during the execution of the Works and must, therefore, adopt the necessary measures aimed at avoiding any losses, damages and thefts, as well as providing, at its own initiative and expense, for the replacement of what has been damaged or removed until the issue of the PAC and the System’s delivery to the Principal.

(l)

Clearance of the Area: removal of all tools and materials that are not necessary during the Warranty Period within the first twenty (20) Working Days after the signing of the PAC; cleaning of the Area, including the restoration of the surrounding areas and roads, in order to leave the System in the condition necessary for its proper operation and maintenance. Removal and transport to the authorised public dumps, of all waste materials that cannot be re-used, with final delivery, to the Principal, of the certification of its disposal, in compliance with the Applicable Law.

3.3 The Contractor shall perform, more generally, any other activities that might be necessary to duly perform the Contract, to achieve the standards of world class manufacturing, and MGPR.

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3.4 In addition, the Contractor shall file, at its expense, any documents and applications necessary to apply for and obtain the Applicable Permits on a timely basis, or in the event that the Applicable Law requires that such Applicable Permits be filed by the Principal, the Contractor hereby undertakes to fully cooperate in good faith with the Principal in interacting with the public authorities and carry out all the activities to obtain them, as soon as possible, and in any case within the terms set out by the Applicable Law and the POS.

3.5 It is understood that the planning, construction, any inspection and the subsequent management of the System may be financed by the Financing Entity in compliance with the project financing or leasing outline, and that this shall require this Contract’s co-ordination with the terms set forth in the financing agreement, by means of entering into a direct agreement with the Financing Entity (the “Direct Agreement”). Therefore, the Parties mutually undertake to enter into the Direct Agreement, if necessary.

Article 4 – Consideration, Terms of Payment and Guarantees

4.1 The Principal shall pay the Contractor the Consideration of Euro 3,050.00 per kWp (three thousand fifty) for the System, plus VAT, in compliance with the following terms and conditions.

4.2 The Consideration shall be paid to the Contractor in accordance with the following Payment Milestones:

a) Payment Milestone 1: payment of Euro 680.00 per kWp (six hundreds eighty), with deduction of Euro 10,000.00 (ten thousand) referred to in Recital (F) and of the deposit equal to Euro 25,000.00 (twenty five thousand) referred to in Recital (I), shall become due by the Principal on occurrence of all the following events:

completion of the Building Permit and all Applicable Permits (excluding the Incentive) procedure, including submission of the variations, if any, consequent to the planning and Equipment amendments, and the performance of the provisions established by the competent municipal technical offices to which the Building Permit might be subject to;

ii.

transfer to the Principal or a third company indicated by the Principal of the relevant Land Use Rights, by way of assignment of the definitive Land Use Right contract or by any other way as the Principal may require;

iii.

connection of the System to the grid is reasonably estimated by the Contractor, by way of a statement drafted in accordance with Annex 13 to take place within 120 (hundred and twenty) days;

iv.

delivery of the Parent Company Guarantee in compliance with the last paragraph of this Article 4.2, letter a).

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Promptly after payment of the relevant invoice, and in any case within 45 days of receipt thereof by the Principal, the Contractor shall provide evidence to the Principal that the Building Permit as well as the STMC (and of any Applicable Permit already obtained) have been successfully transferred to the Principal.

The Contractor undertakes to deliver to the Principal, the Parent Company Guarantee within 7 (seven) Working Days of execution of this Contract, and in any case before having received the payment. The Parent Company Guarantee will be issued for the due performance of the Works, as well as for the due performance by the Contractor of any and all the obligations undertaken under this Contract, including, but not limited to, (i) the obtaining of a valid title of Land Use Right over the land where the System shall be built and developed in accordance to Article 3 above; (ii) the obtaining of all the Applicable Permits required for the construction, connection and the functioning of the System; (iii) the transfer of the Building Permit in favour of the Principal; (iv) the admission to the Incentives; and (v) any and all payment obligations arising in connection herewith. The Parent Company Guarantee will be issued in the form under Annex 5, for an amount equal to the Consideration. From the execution date by the Principal of the PAC, the Parent Company Guarantee must also guarantee the precise and prompt performance of the obligations undertaken by the Contractor, pursuant to the O&M Agreement, as well as the punctual performance of all the payment obligations, borne by the Contractor under the O&M Contract. The Parent Company Guarantee shall be finally released upon issuance of the FAC.

(b) Payment Milestone 2: subject to the provisions of art. 12.1 hereof, payment of Euro 340.00 per kWp (three hundreds forty) shall become due on occurrence of all the following events:

(i)

satisfactory outcome of the Technical Inspection and the relevant issuance of the TAC;

(ii)

all conditions precedent to Payment Milestone 1 are in place and valid;

(iii)

the Contractor can still reasonably estimate connection of the System within 120 (hundred and twenty) days of Payment Milestone 1;

(iv)

execution of the O&M Agreement.

(c) Payment Milestone 3: subject to the provisions of art. 12.2 hereof, payment of Euro 2,030.00 per kWp (two thousand thirty) shall become due on occurrence of all the following events:

(v)

satisfactory outcome of the Operational Inspection and issuance of the PAC;

(vi)

all conditions precedent to Payment Milestones 1 and 2 are in place and valid;

(vii)

delivery by the Contractor to the Principal of the Warranty Bond, provided that the Warranty Bond shall become effective on payment of Payment Milestone 3 by the Principal.

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The Contractor shall deliver to the Principal the Warranty Bond, amounting to 15% (fifteen per cent) of the Consideration, to guarantee the due performance of any and all the obligations undertaken by the Contractor under the EPC Contract at the moment of PAC. The Warranty Bond shall be definitively released upon issuance of the FAC, provided that the insurance bond under the O&M contract is issued by the Contractor.

4.3 Once the Contractor believes that any of the Payment Milestones set out under Article 4.2 has been achieved, it shall so notify the Principal in writing. Within 5 (five) Working Days from receipt of the notice, the Principal shall inspect the Works and verify that the relevant Payment Milestone has been achieved. In the event of objection, the Principal shall indicate to the Contractor the works pending performance for that Payment Milestone. In the event that no objection is raised in writing by the Principal within such term, the relevant Payment Milestone shall be deemed approved.

Payment shall be made within 5 (five) Working Days of the date of receipt by the Principal of the invoice in relation to Payment Milestone 1 and within 15 (fifteen) Working Days in relation to other Payment Milestones. The relevant invoice may not be issued prior to confirmation under the preceding paragraph, and prior to issuance of the TAC with regard to Payment Milestone 2 and prior to issuance of the PAC with regard to Payment Milestone 3, as set forth in detail under Article 12.

The Parties agree that the payments of the Payment Milestone, for which the Principal shall issue a wire transfer confirmation, shall constitute mere advance payments and not the single lots in which the Parties intended dividing up the Works, with the exclusion, therefore, of the provision contained in the second paragraph of Article 1666 of the Civil Code.

4.4 The Parties agree and accept that the Consideration provided in the Contract is fixed and cannot be amended, save as provided in Article 10 of the Contract. Accordingly, the Parties have agreed to exclude the applicability of the Civil Code and every other provision that would entitle the Contractor to obtain a price review in the Contract in order to construct the Works. Save for art. 10 hereof, the risk related to the events referred to in Article 1664 of the Civil Code (burdensomeness or difficulty in performance: i.e. due to an increase of the cost of works and/or materials, or particular performance difficulties due to geological, hydraulic, etc.) and Article 1467 of the Civil Code is fully and expressly undertaken by the Contractor.

4.5 It is understood that, in the case of delay in payment of at least 30 days, the Principal must pay the Contractor interest on arrears as provided for by Legislative Decree 231/2002.

Article 5 – Representations and warranties of the Contractor

5.1 The Contractor represents and warrants that he has visited the Area, that the same is suitable for the System’s construction in a world class manufacturing way and in compliance with the Technical Specifications and the Applicable Law and has already checked the absence of obstacles of a technical and/or geological and/or hydraulic and/or legal and/or administrative nature with reference to the commencement of the Works. Any and all designs, engineering and project specifications produced and delivered by the Contractor shall be prepared and signed by a duly certified engineer and are appropriate to fully accomplish the purpose of this Contract. Therefore, any approval or acknowledgement by the Principal of the technical designs and documentation shall not release the Contractor from its duties, warranties and liabilities as to the exact delivery of the System and performance of the Works.

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5.2 The Contractor represents and warrants that at the time of execution hereof he, also through the Developer, holds a valid Building Permit, accepted STMC and Enel’s comunicazione di conclusione iter autorizzativo in relation to the System and that it is unaware of any facts or circumstances, of any kind whatsoever that might prejudice the formation or validity of any System’s Applicable Permits, or the transfer or registration thereof in favour of the Principal. The Area, object of the final building right agreement regarding the Land Use Rights, are free from any encumbrances or burden and there are no third parties (apart from the lawful owners) who can claim any right in relation to such lands, nor prevent the acquisition by the Principal of the Area free from any encumbrances or burden.

5.3 The Contractor also represents and warrants to the Principal, with reference to the “turn key” nature of this Contract, to be the only Party liable to the Principal concerning the Works’ complete construction in a world class manufacturing way, undertaking, thus, all liability towards the Principal with reference to all the activities whose performance is entrusted to sub-contractors, pursuant to this Contract.

5.4 The Contractor expresses his consent, as of the date hereof, to the assignment and/or pledge in favour of the Financing Entity (or any third parties appointed by the latter) by the Principal of his receivables deriving from this Contract and shall provide his cooperation in the performance of all the formalities and shall provide any further consent, necessary or expedient, required as to the assignment and/or pledge's formation.

5.5 The Contractor guarantees to dedicate to the System, at all times, the adequate number of workers and to timely and completely pay all wages, insurance fees and public charges, social securities, etc. for the workers on the sites.

5.6 There are no impediments, to Contractor's knowledge that could compromise in some way the obtaining of the authorizations for the construction of the grid infrastructure necessary to connect the System to the grid.

Article 6 – The Principal’s duties

6.1 The Principal shall undertake to make available in the construction site the areas necessary to allocate the Contractor's site offices and warehouses as well as to store the materials.

6.2 The obligations of the Principal shall be those that are established in this Contract and those resulting from the Applicable Law, including, in particular, and without prejudice to the Contractor’s obligations under Article 3, the following:

(a)	to timely comply with its payment obligations under this Contract;

(b)	to promptly sign with Enel Distribuzione S.p.A. the Interconnection Agreement for the System, upon being prompted by the Contractor;

(c)	to promptly sign with GSE the Incentive Agreement for the System upon being prompted by the Contractor;

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(d)	to promptly sign with the energy company of its choice the PPA upon being prompted by the Contractor;

(e)	to co-operate, in good faith, with the Contractor in relation to the Contractor's performance of this Contract.

Article 7– Works management, Safety Coordination and Costs, Site Rules

7.1 Pursuant to Article 89 of the Legislative Decree 81/2008, the Principal shall appoint a Design Health and Safety Coordinator for the planning phase. The Design Health and Safety Coordinator shall be in charge, during the planning phase, of all the obligations and responsibilities pursuant to the Applicable Laws regarding Health and Safety in the workplace. All the fees and expenses relating to said appointment, including his/her consideration shall be borne by the Principal. Pursuant to Article 89 of Legislative decree 81/2008, the Principal shall also appoint a Construction Health and Safety Coordinator for the Executive Project phase, who shall be in charge of all the obligations and responsibilities pursuant to the Applicable Laws regarding health and safety in the workplace. The Principal, pursuant the Article 89 of Legislative Decree 81/2008, shall delegate to a professional duly qualified the duties of supervision and coordination of the manner and timing of the Works (the “Works Manager”, i.e. the Responsabile dei Lavori). All the fees and expenses relating to the Works Manager and the Health and Safety Coordinators, including their considerations, shall be borne by the Principal.

7.2 In order to allow the Contractor to draw up the Piano Operativo di Sicurezza (the POS) the Principal, pursuant to Article 100 Para 1 of the Legislative Decree 81/2008, through the Design Health and Safety Coordinator, must deliver the Piano di Sicurezza e Coordinamento (the PSC) to the Contractor, at least 30 days before the Start of Works. The Contractor shall deliver to the Principal, at least 20 Working Days before the Start of Works the POS, which shall include any integrations related to the specific risks deriving from the execution of the works pursuant to Article 100, Para 1 of the Legislative Decree no. 81/2008 and to the terms set out in Annex 7 thereto. The POS and its amendment are an integral part of this Contract and the Contractor undertakes to comply with them as well as with any statutory provisions and regulations in force, and shall be held directly and autonomously liable in the case of any breach of the same.

7.3 The Works Manager, who in any case shall not have the Principal’s contractual powers of representation, shall supervise the Works to be performed in compliance with the contractual provisions and the law, the terms set out therein and, when the performance is carried out by sub-contractors, he must ensure the coordination between the individual works. In particular, without prejudice to the above, the Works Manager shall be responsible for the following:

(a)	Represent the Principal on site during the performance of this Contract;

(b)	Check compliance with the Project Implementation Schedule and, in the case of delay with reference to the latter, agree upon a new programme aimed at guaranteeing compliance with the dates established for the System’s final delivery;

(c)	Monitor the site;

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(d)	Check the effective coordination among the subcontractors, under the Contractor’s liability;

(e)	Draw up the reports relative to the beginning and end of the Works, any suspensions and anything else that might concern the site Works;

(f)	Check the partial and final advance payments;

(g)	Analyse the costs indicated by the Contractor in the case of Discretional Variations;

(h)	Ensure the execution of the Technical Inspection, the Operational Inspection, the Reassessment Tests, and the delivery of the Works;

(i)	Check that the Contractor’s performance of the Works takes place in compliance with all the provisions of this Contract, of the Applicable Law and the Technical Specifications, and in a world class manufacturing way. In particular, the Works Manager shall:

(i)	impart the technical directions required to guarantee the Contractor’s compliance concerning the Works’ performance conditions and, where necessary, formulate the relative remarks and/or objections and propose Variations;

(ii)	validate the Technical Inspection and the Operational Inspection for the Principal’s approval;

(iii)

supply the Contractor with clarification and/or supplementary technical explanations concerning the projects’ specific elements and/or technical descriptions necessary to carry on the Works;

(iv)	order the amendments, which are necessary for technical reasons, related to specific elements of the Works that do not impair the substance and nature of the Works and that do not constitute Discretional Variations;

(v)	approve the drawings prepared by the Contractor with reference to their compliance with the Technical Specifications and the Executive Project approved by the Principal.

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7.4 Within 5 (five) Working Days of the Communication of the Executive Project’s approval, the Contractor shall inform the Principal in writing about the Site Manager’s name, who must have the technical expertise and professionalism necessary to perform his appointment according to this Contract. In particular, in order to ensure the correct performance of the Contractor’s obligations under this Contract and the Applicable Law, the Site Manager must:

(a)	cooperate with the Works Manager, the engineer appointed to draw up and sign the Executive Project and with the Health and Safety Coordinators; and

(b)	observe all the requirements and observations imparted by the above persons in the case they spot any inconsistency between the Works and the Applicable Laws.

7.5 Any instruction, request, integration or order from the Works Manager, the Health and Safety Coordinators and/or the Safety Coordinator shall be communicated to the Contractor in writing by means of specific Service Orders which must be progressively numbered and delivered to the Site Manager in two copies, one of which must be returned, duly signed, by the Contractor in receipt thereof. The Contractor shall not be entitled to refuse to perform the orders received, save for his right to draw up, in writing, his own remarks or reservations on signing the Service Orders which must, in any case, take place, on penalty of forfeiture, within 5 (five) Working Days of receipt of the Service Orders.

7.6 The Health and Safety Coordinators, the Works Manager, the Technical Consultant and/or the individuals indicated by the Principal shall be entitled to enter the site, at any time whatsoever, and to carry on the verifications that, at their unquestionable judgement, would be necessary.

7.7 The personnel employed by the Contractor to carry out the Works must be experienced and of a sufficient number in respect of the obligations undertaken by the Contractor. The Principal shall be entitled to require the immediate removal from the site of the personnel’s members who, at his unquestionable judgement, do not offer sufficient guarantees for the timely performance and quality of the Works and/or whose conduct might prejudice the System and its performance. The Contractor’s personnel, operating where the work is carried out, must be equipped with an identity badge.

7.8 The Contractor undertakes to comply with all the obligations derived from the Applicable Law’s provisions regarding labour and social security, including the general, health rules on the work place, the provisions on accident prevention on the work place, the obligatory insurance for accidents in the work place and professional illnesses, social security for involuntary unemployment, invalidity or old age, tuberculosis and other professional illnesses, the protection of workers in the case of a contract with particular reference to the Legislative Decree Law No. 81/2008 and to any other provisions in force or which might arise during the Works aimed at protecting the workers. Furthermore, the Contractor shall grant his personnel an economic and juridical status in compliance with the applicable labour collective agreements, and shall provide, upon the Principal’s written request, suitable documentation constituting evidence of the appropriate economic and juridical status and holding the Principal harmless from any claim raised by his consultants and/or employees.

7.9 Pursuant to Article 26, paragraph 5 of Legislative Decree no. 81/2008, Annex 8 contains specific indications of the costs relating to safety in the Area, which is included in the Consideration, which the Contractor is obliged to draw up with accuracy and precision.

7.10 The Parties agree that the prevailing language for any correspondence between them in relation to the entire execution of this Contract, including correspondence, testings and inspections shall be the English language.

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Article 8 – Performance of the Works

8.1 The Contractor shall deliver to the Principal, within 20 (twenty) Working Days of the date on which this Contract is executed, two copies of the Executive Project for the System, one on paper and one using editable software, for the Principal’s approval.

8.2 Within 10 (ten) days from the Executive Project’s delivery date to the Principal, pursuant to Article 8.1 foregoing hereto, the Principal shall provide the Contractor with its consent or remarks and/or proposals for amendment and integration which are necessary in order to bring into line the Executive Project with the Decree Law and the Technical Specifications. The Contractor shall undertake, at its own expense and without this constituting a reason for requesting any variations to the Consideration, to amend the Executive Project in compliance with the Principal’s proposals. The amended/integrated Executive Project shall be delivered to the Principal within the following 10 (ten) Working Days, in order to obtain the Principal’s approval, provided that in the following 10 (ten) days the Principal shall communicate its decision to the Contractor.

8.3 Once the Executive Project has been approved by the Principal, the latter shall provide the Contractor with a written communication (the “Communication of the Executive Project’s Approval”), and the Parties shall meet within 7 (seven) days of the Contractor’s receipt of said communication, in order to proceed with the delivery of the Area to the Contractor. On delivery of the Area, as a condition to allow the Start of Works, the Contractor shall provide the Principal with evidence that it has entered into the insurances provided under Article 15, in accordance with the terms thereof.

8.4 After delivery of the Area, the Contractor shall set up the site and commence the Start of Works for the System.

Article 9 – Completion Date and Delay Liquidated Damages

9.1 The Contractor undertakes to achieve Mechanical Completion and connection of the System to the grid (i.e. Commencement of Operation) within 120 (one hundred and twenty) days of the date Payment Milestone 1 shall be paid in accordance with the Contract (“Completion Date”). The Parties agree that in the case of delay by the Principal in the payment of the invoices in accordance with the terms set out in Article 4.3, provided that the procedure of inspection of the Works set out therein has been complied with, the Completion Date shall be postponed by a period of time equal to the days of delay in the relevant payment, save for any other remedy provided in this Contract.

9.2 In the case of an envisaged delay in respect of the date referred to in Article 9.1, the Contractor shall within 7 (seven) Working Days from the relevant date, deliver to the Principal a written delay recovery plan, specifying the relevant terms and procedures aimed at safeguarding, inasmuch as possible, the punctual achievement of the Completion Date. For the avoidance of doubt the submission of such recovery plan to the Principal shall not relieve the Contractor from any of its obligations under this Contract.

9.3 In the case of failure to comply with the date set forth in Article 9.1, the Principal shall be entitled to apply Delay Liquidated Damages equal to Euro 1.2/kWp (one point two) per day of delay up to a maximum amount of 5% (five percent) of the Consideration, save for any greater damages and all further compensation in the case of termination pursuant to Article 20.1 (b). The Contractor acknowledges that the above amounts are a genuine pre-estimate of the Principal’s losses in the event of delays in the Completion Date.

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9.4 During the first 90 (ninety) days of delay, the Principal shall offset the Delay Liquidated Damages against the Consideration, which shall accordingly be reduced. As from the 91st (ninety-first) day of delay, the Principal shall be entitled to the payment of the Delay Liquidated Damages accrued until such time (i.e., for the avoidance of doubt, during the first 90 days Delay Liquidated Damages). Further Delay Liquidated Damages shall be payable on a monthly basis upon receipt by the Contractor of the Principal’s payment notice.

9.5 Without prejudice to the above, the Principal shall also be entitled (in its absolute discretion) to offset the Delay Liquidated Damages against any monies due, or to become due, to Contractor.

9.6 The payment shall not release the Contractor from its obligation to complete the Works or from any other duty, obligation or responsibility under the Contract.

9.7 In the event that the 2010 Incentive foreseen by the Decree is not awarded to the System, the Contractor shall be liable to grant to Principal a discount equal to the loss of profit discounted to present (“Discount”). The Parties agree that every 1 (one) cent reduction in the tariff shall result in the Consideration being reduced by Euro 100.00 per kWp (one hundred), on a pro-rata basis. The Discount shall become payable by the Contractor 30 days after it becomes clear that the System is not admitted to the 2010 Incentive foreseen by the Decree.

9.8 The Contractor explicitly waives any right to offset the amounts due to the Principal by way of Discount or Delay Liquidated Damages, pursuant to this Article 9, or pursuant to Article 20.1 against any amount that the Contractor might claim against the Principal. The Contractor acknowledges and considers that the Discount and the Delay Liquidated Damages are suitable to the Consideration and the prejudice that each delay might cause the Principal, and waives any claim or action aimed at obtaining a reduction of such Delay Liquidated Damages or Discounts.

Article 10 – Variations

10.1 The Contractor undertakes to perform any Variations to the Works, which are required both for the execution of the Works according to the best quality standards as well as if requested by the Principal.

10.2 In particular, for the purposes of this Contract, the Variations considered shall be the following:

(a)	Variations required for the correct fulfilment of the Works in a world class manufacturing way and in compliance with the Technical Specifications and the Applicable Law, pursuant to Article 1660 of the Civil Code (“Necessary Variations”);

(b)	Variations requested by the Principal during the performance of the Works, or alternatively, proposed by the Contractor and accepted in writing by the Principal and/or the Financing Entity, subject to the favourable opinion of the Technical Consultant (“Discretional Variations”).

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10.3 In the case of Necessary Variations, the Contractor shall, if at any time whatsoever whilst the Works are being performed the necessity of any kind of quantitative and/or qualitative amendments concerning the same is found, to immediately inform the Principal in writing, indicating the type of Variations proposed with an indication of the relative quantity, materials and price per unit as well as the construction times required for said intervention. It is understood that no Necessary Variation may be performed without the prior consent to do so by the Principal and the Financing Entity (which shall base its consent on the Technical Consultant’s prior positive opinion). Similarly, in the case of Discretional Variations, the Contractor, with the document proposing the same or within 10 (ten) Working Days in the case that the Variations have been proposed by the Principal, shall send to the Principal and to the Technical Consultant a communication setting out the relative quantity, materials, unit prices, construction times connected with said Variations and the relevant higher costs, if any, provided that in any case no Discretional Variation can be performed without the Principal and Financing Entity’s prior written consent, also with regard to the Variations’ cost.

10.4 It is understood and agreed between the Parties that: (i) the costs related to the Discretional Variations requested by the Principal, once agreed between the Parties in accordance with the above provisions, shall be added to the Consideration and paid according to the terms of Article 4 above; and (ii) the costs related to the Necessary Variations, provided that they do not exceed 4% (four per cent) of the Consideration, shall be entirely borne by the Contractor. The increase in the Consideration possibly due by the Principal shall not exceed an amount equal to the reasonable costs incurred by the Contractor in relation to the System in order to comply with the Applicable Law.

10.5 The determination of the Variation’s value for the purposes of paying for the additional costs and the application of Article 10.4 above, shall take place in compliance with the following criteria:

(a)	on the basis of the unit prices in the “Construction Work Price Information” published by the Chamber of Commerce of Padua;

(b)	the activities that cannot be evaluated according to the above criterion must be agreed on the basis of the market prices applicable to the Works, object of the Contract, as agreed in writing between the Parties.

10.6 In the case of delay of the Works due to the necessity to carry out any Discretional Variations and Necessary Variations due to a change in the Applicable Law, the Parties accept that the Project Implementation Schedule shall be modified in agreement between the Parties. This extension must be at least equal to the period agreed between the Parties to be necessary to perform the Variations.

10.7 The Contractor waives the termination right foreseen by article 1660 of the Civil Code. Furthermore, Article 1661 of the Civil Code shall not apply to the Discretional Variations requested by the Principal.

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Article 11 – Force Majeure

11.1 Force Majeure shall imply any unforeseeable event, fact or circumstances which cannot be directly attributed to the Party invoking it, which is impossible to prevent by employing ordinary diligence and such as to make impossible, objectively and absolutely and either totally or partially, the performance of any of the obligations under this Contract, provided that said events, acts, facts or circumstances:

(a)	are outside the control, either direct or indirect, of the Party invoking them;

(b)	could not have been avoided by employing the normal diligence requested by the nature of the activities performed by such Party; and

(c)	have been invoked by the same as Force Majeure events (“Force Majeure”).

11.2 Merely by way of an example, without limitation and on condition that they satisfy the requirements listed in Article 11.1 above, the Parties mutually acknowledge that the following events constitute causes of Force Majeure:

(a)	general and category and national and local strikes (other than the Contractor’s corporate strikes);

(b)	wars or any other hostile acts, including terrorist attacks, revolts, uprisings and other civil disorder;

(c)	blockages or embargoes, even of a financial nature;

(d)

exceptional, adverse natural phenomena, including lightning, whirlwinds, earthquakes, fires, floods, overflows, floods, drought, adverse weather conditions that impede the performance of the Works and which cannot be foreseen on the basis of weather forecast data for the current period, meteorites and volcanic eruptions;

(e)	explosions, radiation and chemical contamination.

11.3 The Contractor acknowledges and accepts that the following events do not constitute Force Majeure:

(a)	non-obtainment, revocation or non-renewal of any permit required to perform the Works and construction of the Systems, for facts attributable to the Contractor; and

(b)	any delays in the delivery of supplies and materials by the suppliers.

11.4 Each Party shall immediately inform the other one, in writing, about the occurrence of a Force Majeure event that shall hinder his obligations and, in any case, within 48 (forty-eight) hours from becoming aware of the same, indicating the possible impact that said event might have upon the Project Implementation Schedule. The Party concerned shall also promptly inform the other one when said Force Majeure cause ceases. In the case of no or delayed communication as to the existence of the end of a Force Majeure cause, the Party in breach of his obligations shall be liable for the damage sustained by the other Party, which could have been avoided or limited, in the case of the timely receipt of the relevant communication.

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11.5 The Contractor acknowledges and accepts that he shall not be entitled to request any increase in the Consideration or different compensation in relation to the Force Majeure event, except for the costs sustained to adopt the measures referred to in Article 11.7. Subject to the Principal and Financing Entity’s approval (which shall employ the Technical Consultant’s positive prior opinion), the terms established in the Project Implementation Schedule for the Works’ performance will be extended, further to the Contractor’s written request, for a period equivalent to the duration of the Force Majeure even and for the time required to put together the Equipment and stores of materials that have eventually been damaged.

11.6 Should the aforementioned Force Majeure events continue, uninterruptedly, for a period of more than 90 (ninety) natural, consecutive days, or for more than 120 (one hundred and twenty) natural, non-consecutive days, as accumulated during the period of time in which this Contract is in force, the Principal shall be entitled to terminate this Contract.

11.7 In any case, the Parties shall use their best endeavours to reduce the consequence of the Force Majeure event and shall do what they can to re-establish normal conditions and mitigate any damages eventually sustained by the other Party.

Article 12 – Inspection of the Works for payment purposes

12.1 Payment Milestone 2 - Technical Inspection – TAC. Once the Mechanical Works are completed, the Contractor shall deliver to the Principal the notice of Mechanical Completion. This notice shall imply the suitability of the System, to be prepared and tested for connection to the national electricity grid except for the physical construction of the connection line to the national electricity grid. Within 10 (ten) Working Days from the Principal having received said communication, the Parties, together with the Works Manager and the Site Manager, as well as the Technical Consultant appointed by the Principal and/or the Financing Entity, shall start the Technical Inspection, in accordance with the procedure provided for in Annex 10, in order to verify that the Works have been carried out in accordance with the Technical Specifications, the Applicable Laws and in a world class manufacturing way. If the Technical Inspection is concluded in a positive way, the Principal shall sign the Technical Acceptance Certificate substantially in the form attached in Annex 11. Should the Technical Inspection not be passed, the Contractor shall remedy any defects found within a reasonable timeframe which shall be agreed by the Parties. Following the signing of the Technical Acceptance Certificate, the Contractor shall be entitled to issue the relevant invoice.

12.2 Payment Milestone 3 - Operational Inspection - PAC. Upon Commencement of Operation the Contractor will issue the Commencement of Operation notice as described in Annex 12 to the Principal. Within the shortest possible delay provided that the System has been continuously producing energy for a minimum period of 5 (five) consecutive calendar days with a maximum interruption of 2 (two) blank hours, the Parties, with the collaboration of the Works Manager and the Site Manager, as well as the Technical Consultant appointed by the Principal and/or the Financing Entity, shall begin the Operational Inspection according to the procedure described in Annex 10, and in the presence of the Technical Consultant. In order to start the Operational Inspection, the Contractor must provide all the technical documentation required by the Principal and the Technical Consultant, the “as built” drawings of the Works, the instruction manuals and system maintenance documents. It is understood that the responsibility for all Operational Inspection activity shall be borne by the Principal. During the Operational Inspection, the Principal shall check if (i) the Works have been carried out in a world class manufacturing way and if (ii) they abide by the Technical Specifications and Applicable Law, and (iii) if the System performs in accordance with the MGPR. Upon receipt of the Technical Consultants’ commissioning report and a satisfactory evaluation by the Principal and the Financing Entity hereof the Principal shall issue the PAC substantially in the form attached in Annex 14 and will attach the commissioning report of the Technical Consultants hereto. Should the Operational Inspection not be passed, the Contractor shall remedy any defects found within a reasonable timeframe which shall be agreed by the Parties. Specifically in case of non compliance of the System with the MGPR the Principal shall grant the Contractor, in writing, a period of no more than 25 (twenty-five) Working Days from the relative communication, within which the Contractor must remedy said defects and/or carry out any necessary action to achieve a positive result of the Operational Inspection. Following the signing of the Provisional Acceptance Certificate, the Contractor shall be entitled to issue the relevant invoice.

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If the PAC has been passed with certain minor finish work still pending execution, the Principal shall sign the Provisional Acceptance Certificate, provided that the pending minor finish works (the Punch List Works) are listed in an attached document signed by the Parties (the Punch List), and that a period of up to thirty (30) days, or the different period agreed upon by the Parties on the basis of the general accepted commercial practice, is set therein for completion of the Punch List Works. Contractor shall use its best efforts to carry on the Punch List Works so as to minimize any interference with the operation of the relevant System and so as to minimize any reduction in performance or availability of the relevant System.

If, at the conclusion of the time period specified in the Punch List, the Punch List Works have not been performed by the Contractor, the Principal, without prejudice to any other rights it may have hereunder in respect of such not completed Punch List Works, shall give notice to the Contractor and the Contractor shall perform such Punch List Works within fifteen (15) days from receipt of the notice. Should the Contractor fail to do so, the Principal shall be free to perform such works directly or through third parties, and shall have the right to (a) deduct the related direct costs and expenses (duly documented in writing) from the Consideration, or (b) to enforce the Parent Company Guarantee for the amount of said direct costs and expenses.

12.3 Transfer of ownership of the System in favour of the Principal shall occur on issuance of the Provisional Acceptance Certificate.

12.4 On issuance of the Provisional Acceptance Certificate, the Contractor must make the O&M Agreement operative in relation to the accepted System.

12.5 Incentive Acceptance Certificate. The Principal shall issue the IAC as per Annex 15 after having confirmed that all the following conditions have taken place:

(a)	Power Purchase Agreement is in force with reference to the collection of the electrical energy produced by the System;

(b)

Incentive Agreement is entered into with GSE in compliance with the terms foreseen in Article 5, paragraph 4, of the Decree Law, together with all the documents foreseen by the AEEG Resolution 90/07 and the Principal has been informed about the System’s admission to the incentive tariff foreseen by the Decree Law.

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12.6 Reassessment Tests. The First Reassessment Test of the MGPR shall be performed, in accordance with the procedure described in Annex 10, 12 (twelve) months after the PAC. The Second Reassessment Test of the MGPR shall be performed 24 (twenty four) months after the PAC.

The Contractor shall notify the Principal when the System is ready to be tested and both Parties will agree a date to carry out the Reassessment Tests for the corresponding annual period (such a date will not be later than the fifteen (15) working days following expiry of the 12 month period following the start of the Warranty Period or the date of the end of the Warranty Period as appropriate).

The First and the Second Reassessment Test of the System shall be subject to the Technical Consultant’s consent.

12.7 Final Acceptance Certificate. The Principal, with the prior written consent of the Technical Adviser and of the Financing Entity, shall issue the Final Acceptance Certificate as per Annex 16 upon the satisfaction of the following conditions,

·	the System has passed successfully the First and Second Reassessment Test and/or any related Performance Liquidated Damages have been paid by the Contractor.

·	the IAC has been issued;

·	agreement with the GSE and the Incentive are in force with reference to the collection of the electrical energy produced by the System;

·	all the obligations related to the regulation of access to the grids have been fulfilled;

·	the O&M guarantee foreseen under the O&M Agreement is in place.

Article 13 – Warranties for Defects and Materials

13.1 The Contractor shall warrant the System’s performances in compliance with the Technical Specifications and the MGPR as foreseen in Annexes 6 and 9 for the period of 24 (twenty four) months after the issue of the PAC. The Contractor shall undertake, in any case, to promptly remedy the System’s lower performance after having received from the Principal a written communication regarding the unsatisfying performance.

13.2 Penalties. If the effective performance ratio disclosed by the PAC test and/or the First Reassessment Test and/or the Second Reassessment Test is less than the MGPR, the Contractor shall pay to the Principal Performance Liquidated Damages equal to Euro 7.5 per kWp (seven point five), per each percentage point which is lower than the value indicated in the MGPR. It is understood that the total amount of Performance Liquidated Damages, shall be no more than 1% (one per cent) of the Consideration. Performance Liquidated Damages shall be payable at the end of the month in which the relevant test was held.

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13.3 Without prejudice to the above, the Contractor shall provide the Principal with a guarantee for any defects concerning the Executive Project and the Works in accordance with Article 1667 and 1669 of the Civil Code. The terms of said guarantee will come into force from the date of issuance of the PAC, in accordance with Article 12 above, for a period of 24 (twenty four) months. The terms to give notice with reference to defects are ruled by Articles 1667 and 1669 of the civil code. Accordingly, the Contractor shall during such time:

(a) replace, repair and/or adjust any defective Equipment;

(b) guarantee availability of spare parts.

13.4 In addition to the above, the Contractor must also provide the following specific guarantees with regard to the photovoltaic modules:

(a)

Install a guaranteed potential by means of the issue of "flash test" certification of the modules. The power effectively installed must reach the quantity established in the relative manuals, in compliance with the Technical Specifications. Otherwise, the Contractor shall be obliged to replace the faulty modules and/or install additional modules in order to reach the nominal power as described in Recital D;

(b)

A photovoltaic module efficiency guarantee for a minimum period of twenty years after the issue of the PAC, provided that the cumulative deterioration of the photovoltaic modules does not exceed, for the first 10 (ten) years, 10% (ten percent) and for the first 20 (twenty) years, overall, 20% (twenty percent). The relevant guarantee’s extension in compliance with the terms of the law has already been taken into consideration in calculating the MGPR.

Said guarantees must be accompanied by the modules’ producer’s counter-security, of which the Principal shall be entitled to choose to be the direct beneficiary, since the Contractor shall, in any case, be held jointly liable with said producer.

Article 14 – Assignment, Subcontracting and Sub-supply

14.1 The Contractor shall not be entitled to assign, either totally or partially, the Contract; however, the Contractor may be entitled to subcontract the performance of any portion of the Works to third parties, subject to the Principal’s prior written consent.

14.2 In the case of subcontracting, it is understood that the Contractor shall be totally and unconditionally liable to the Principal with reference to the complete, precise and punctual performance of the Contract, including with reference to the totality of the subcontracted works and the supplies and also with reference to compliance with the provisions relative to remuneration and social security and the Works meeting the requirements established by this Contract.

14.3 In any case, each of the subcontractors shall abide by and comply with the provisions set forth in the PSC and the POS, since the Contractor shall be held directly liable to the Principal in relation to this compliance.

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14.4 The Principal shall be entitled to assign this Contract any third company indicated by the Principal, and the Contractor expressly consents as from now to such assignment.

Article 15 – Insurance

15.1 The Contractor, without prejudice to his own responsibilities, shall, at his own total expenses, enter into the following insurance policies with first-class insurance companies, with an S&P rating of no less than A- or equivalent or, in any case, that satisfies the Principal and the Financing Entity, if appointed, and maintain them operative for the entire period in which this Contract is in force. Said insurance policies must be submitted beforehand to the Principal and the Financing Entity, if appointed, for their approval:

(a)	Industrial accidents insurance in favour of the Contractor’s employees and/or any workers who are not the Contractor’s employees;

(b)	employers’ liability, with a minimum limit of no less than Euro 5,000,000.00 per event and 2,000,000.00 per person;

(c)

Insurance to cover third party civil liability, with a minimum limit per event of no less than Euro 5,000,000.00; the Principal and the Financing Entity, albeit maintaining the qualification of “third party”, they must be inserted as “additional party insured” and there must be an explicit clause waiving the party’s insured recovery against the Principal, the Financing Entity and their employees and consultants;

(d)	Insurance to cover professional civil liability, with a minimum limit per event of no less than Euro 2,500,000.00;

(e)	Insurance to cover vehicle civil liability, for all owned vehicles and/or in use, which must be provided with the mandatory insurance policy as foreseen by the Law No. 990/69 and subsequent amendments and integration, for a minimum limit of no less than Euro 5,000,000.00 per accident;

(f)	“All risks Property Damage”, including theft, insurance, to cover all the goods and assets, including the main cabins, equipment and machinery used during the Works’ construction, with the sum insured equivalent to the value incurred by replacing the same.

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15.2 The Contractor, without prejudice to his own responsibilities shall, at his own total expenses, enter into the following insurance policies, with first-class insurance companies, with an S&P rating of no less than A- or equivalent or, in any case, which satisfy the Principal and the Financing Entity, if appointed, and maintain them operative for the entire period in which this Contract is in force. Said insurance policies must be submitted beforehand to the Principal and the Financing Entity, if appointed, for their approval:

(a)

E.A.R. “Erection All Risks” policy to cover the damages derived from the damage to total or partial destruction of the Works, which might occur while the Works are carried out. The cover shall also provide for cover for extended maintenance for a period of 24 months, the supply warranty, the section of third party civil liability (including the crossed liability between the participants and the works) and the advanced loss of profit section. The sum insured for the Works shall be equivalent to the Contract’s value, whilst the civil liability upper limit shall be no less than Euro 5,000,000.00 per accident;

(b)	transport policy to cover the material damages and aimed at the assets required to construct the Works, including the advanced loss of profit section. The cover shall run from the place of departure anywhere in the world until arrival care off the site where the works are performed.

15.3 The insurance policies provided under paragraphs 15.1 and 15.2 shall as include the Financing Entity, if appointed, the Principal, and any other subcontractor among the insured parties. The Principal shall be entitled, at his own unquestionable judgement, to enter into other covers or policies in integration of and/or besides those foreseen by this Article 15, simply informing the Contractor of the same beforehand.

15.4 The Contractor acknowledges that the insurance cover referred to in Articles 15.1 and 15.2 may be object of encumbrance in favour of the Financing Entity. In this respect, the Contractor agrees that the Principle, at its discretion, may require that the insurance company issues an endorsement letter in favour of the Financing Entity, for the case that a Financing Entity is appointed. In addition the Contractor agrees to use reasonable endeavours to achieve any requirements of the Financing Entity relating to security over the insurance policies.

15.5 In any case, the amounts exceeding the upper limits and the indemnity limits insured, as well as the amounts corresponding to any type of excess liability relative to any policy shall be charged to the Contractor.

15.6 The Contractor shall be responsible for losses exceeding the insured limits and for policy deductibles. He shall also hold the Principal and the Financing Entity harmless from any claims for compensation for damages, liabilities, costs and expenses derived, directly or indirectly, from events covered by the insurance policies but which, for any reason whatsoever, are not compensated or by events that are not covered by the policies themselves.

15.7 It is understood between the Parties that the Principal shall, in any case, be free to commence legal proceedings against the Contractor to seek compensation of all the eventual and further damages that might result as not being covered by any policy and which can be ascribed to the Contractor by virtue of this Contract.

15.8 The Contractor shall deliver executed copy the aforementioned policies and evidence of the payment of the premiums for the entire duration of the relative period insured promptly after execution of this Contract and in any case within the terms foreseen in Article 8.3 and hereby undertakes not to make any changes to the policies without the Principal’s prior authorisation to do so. The Contractor shall also undertake to check that sub-contractors underwrite, for the entire duration of the Works, suitable insurance cover in compliance with Articles 15.1 and 15.2 above, charged to the Contractor himself.

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Article 16 – Performance Suspension

16.1 The Principal, by means of the Works Manager, shall be entitled to suspend the Contract, either totally or partially, at any time whatsoever and on more than one occasion, by providing the Contractor with written communication of the suspension sent by registered mail with return receipt. Said suspension cannot, in any case, exceed, as a whole, the overall duration of 45 (forty-five) calendar days.

16.2 The Contractor shall be entitled to receive a refund for the costs and expenses sustained due to suspension, which shall be provisionally defined (in order to permit continuation of the Works) by the Works Manager, except for the Parties being entitled to object the Works Manager’s decision pursuant to Article 24. The Parties shall undertake, in any case, to provisionally apply the Works Manager’s decision.

16.3 In the case of suspension arising pursuant to this Article, the Parties have accepted that the Project Implementation Schedule may be amended in agreement between the Parties. This extension must be at least equal to the period of suspension.

Article 17 - Unilateral Termination by the Principal

17.1 The Principal shall be entitled, at any time whatsoever, to unilaterally terminate the Contract, informing the Contractor by means of notice sent by registered mail with return receipt.

17.2 In the case of the Principal’s exercising the unilateral termination right referred to in the previous paragraph and save for Article 17.4 here below, the Principal shall pay the Contractor, in addition to the Consideration for the Works, performed up until that time, an indemnity equal to 10% (ten per cent) of the value of the outstanding Works.

17.3 The Contractor shall withhold any advance payment on the Consideration made by the Principal in compliance with the Payment Milestones, save for the Contractor’s right to claim payment of any further amounts due to the Contractor for all the Works that have been carried out until receipt of the termination notice.

17.4 The Principal shall be entitled to terminate the Contract pursuant to the above, should the Applicable Law change or should a Force Majeure event occur which renders the construction of the System impossible and leads to the revocation of any Applicable Permit. However, in this case and in derogation to what has been foreseen in Article 17.2, the Contractor shall only be entitled to payment of the consideration due for the Works carried out until the delivery of the termination notice, excluding any indemnity for the part of the Works that have not been performed.

17.5 Should the Principal terminate the Contract, it shall promptly return the Parent Company Guarantee to the Contractor.

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Article 18 – Termination attributable to the Contractor

18.1 The Principal shall be entitled to terminate the Contract pursuant to Article 1456 of the Civil Code (clausola risolutiva espressa), by giving notice to the Contractor no later than 30 (thirty) calendar days of the Principal becoming aware of any of the following circumstances:

(a)

non-delivery of the Parent Company Guarantee and all the insurance policies to the Principal within the terms foreseen in Article 15 of this Contract and in compliance with the condition foreseen therein, or the Contractor’s breach of its obligation of maintaining the Parent Company Guarantee and the insurance policies in force, at its own expense, in compliance with the terms and conditions foreseen in this Contract;

(b)	any of the representations or warranties provided in Article 5 is imprecise, untrue or misleading;

(c)	the Building Permit, the STMC, and any other Applicable Permit already obtained are not transferred to the Principal pursuant to art. 4.2.(a);

(d)	cancellation or revocation of a Building Permit, STMC, or any Applicable Permit for reasons attributable to the Contractor;

(e)	the circumstances provided under Article 11.6 occur;

(f)	non-admission to the 2010 Incentive or in any case non entry into force of the Incentive Agreement;

(g)	the Contractor has exceeded the maximum limit of Liquidated Damages and/or Penalties foreseen pursuant to Articles 9 and 13;

(h)	failure to pass the Operational Inspection and consequent non-issue of the PAC;

(i)	failure to release the Warranty Bond upon issuance of the PAC

(j)	failure to pass the Reassessment Tests;

(k)	failure to satisfy the condition in Article 12.7 and consequent non-issue of the FAC within 24 months from the issuance of the PAC

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18.2 The Principal shall be entitled to send the Contractor notice to perform within the terms of no less than 30 (thirty) calendar days from receipt of the relevant notice (or any longer terms that are considered to be appropriate by the Principal in relation to the circumstances), pursuant to Article 1454 of the Civil Code in all events of the Contractor’s breach, other than those referred to in Article 18.1 above, of his obligations, pursuant to this Contract. Should the Contractor not perform within such terms, the Principal shall be entitled to declare the Contract terminated.

18.3 The Contract shall be terminated pursuant to Article 81 of the Italian Bankruptcy Law (R.D. 267/1942 as amended and/or integrated from time to time), if the Contractor becomes bankrupt or insolvent, goes into liquidation, has a receiving or administration order made against it, compounds with its creditors, or carries on business under a receiver, trustee or manager for the benefit of his creditors, or if any act is done or event occurs which (under Applicable Law) has a similar effect to any of these act or events, unless the Principal consents to continuation of the Contract.

Article 19 - Termination attributable to the Principal

19.1 In the case of the Principal’s breach of its obligations pursuant to this Contract, the Contractor shall be entitled to send the Principal and the Financing Entity, if appointed, notice to perform within the terms of 30 (thirty) calendar days of receipt of such notice, pursuant to Article 1454 of the Civil Code. The Contractor acknowledges and accepts that termination of the Contract due to facts attributable to the Principal cannot, in any case whatsoever, be declared or requested unless notice demanding performance is sent to the Principal, with the Financing Entity in copy, pursuant to this Article.

19.2 The Contract shall be terminated pursuant to Article 81 of the Italian Bankruptcy Law (R.D. 267/1942 as amended and/or integrated from time to time), if the Principal becomes bankrupt or insolvent, goes in liquidation, has a receiving or administration order made against it, compounds with its creditors, or carries on business under a receiver, trustee or manager for the benefit of his creditors, or if any act is done or event occurs which (under Applicable Law) has a similar effect to any of these act or events, unless the Contractor consents to continuation of the Contract.

Article 20 – Termination Consequences

20.1 In the case of termination of the Contract attributable to the Contractor, in any of the events foreseen by the Applicable Law or by this Contract, the Principal shall be entitled to receive from the Contractor, save for any further damages, payment of a termination penalty equal to 10% (ten percent) of the value of the remaining Works, to be determined in the value of the Consideration less the amounts of the Payment Milestones become due on the time of termination. The Principal shall also be entitled to receive from the Contractor the refund of the amounts corresponding to the balance of the payments which have not been up to that time allocated to the subsequent Works.

Without prejudice to the above, the Principal shall also be entitled to:

(a)	prepare a report of completed Works setting forth the value thereof, in which case, upon termination, without prejudice to any provisions of this Contract, the Principal shall have the right to:

i.	keep the completed Works, in which case the Contractor shall promptly abandon the Area and transfer the ownership of any completed Works if not already transferred; or alternatively,

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ii.	reject the Works, in which case the Contractor shall dismantle the Works bearing the relevant costs and expenses and return to the Principal any payment of the Consideration received, plus interest in accordance with Article 1224 of the Italian Civil Code.

(b)

quantify the amount of any and all penalties, Delay Liquidated Damages, Discounts, etc, owed by the Contractor to the Principal, in which case the Principal shall prepare a statement of amounts due to the Principal less any amounts due to the Contractor under this Contract; the statement of amounts outstanding shall be sent to the Contractor which shall send its observations to the Principal within ten (10) days. Failure to send observations within such ten-day period shall be deemed consent to the statement of amounts due to the Principal. Payment of the amounts indicated in the previous paragraph shall be made within 7 (seven) calendar days of receipt of the above-mentioned statement, and the Principal shall be entitled to enforce the Parent Company Guarantee and/or the Warranty Bond to recover any such amounts. In the event that the Contractor disputes the statement of the Principal within ten (10) days, and the Parties fail to reach an amicable settlement, the dispute shall be settled in accordance with Article 24 hereof. As soon as Contractor pays the amount due, Principal shall return the Parent Company Guarantee and the Warranty Bond. On the contrary, where Contractor fails to pay the amount due pursuant to the above statement, Principal shall be entitled to enforce the Parent Company Guarantee and/or the Warranty Bond;

(c)	have the Area vacated by the Contractor, at his own expenses, from all the material, equipment and machinery belonging to him and from any rubble, debris and rubbish within 15 (fifteen) days of termination.

20.2 In the case of termination attributable to the Principal, the Principal shall take definitive delivery of the Works that have been constructd up to the time of termination and the Contractor shall be entitled to withhold any payment made by the Principal in compliance with the Payment Milestones pursuant to Article 4, save for the Contractor’s right to claim payment of any further amounts due to the Contractor for all the Works that have been carried out until receipt of the termination notice and for any further damages. On the Principal’s request, the Contractor shall vacate the Area and the site from all the materials, equipment and machinery that belongs to him at the Principal’s expenses and provide for the removal of any rubble, debris and rubbish.

20.3 Without prejudice to the above, in the case of termination due to failure by the Principal to perform its payment obligations pursuant to Article 4, provided that the Contractor has fulfilled all its obligations under this Contract, the Contractor or any third party indicated by the Contractor shall be entitled to be transferred, by way of a line of business transfer, the Applicable Permits and the Building Right and to keep the Works, by paying to the Principal an amount equal to the percentage of the Consideration already paid by the Principal, upon deduction of an amount equal to Euro 400.00 per kWp (four hundred). It is understood that the in the case of exercise of such right the Contractor shall not be entitled to any other claim towards the Principal and hereby waives any such claim. It is understood that should a Financing Entity have been appointed at the time of termination, this Article 20.3 shall not be applicable.

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20.4 Furthermore, in the event of termination attributable to the Principal, the Principal shall immediately return to the Contractor the Parent Company Guarantee and the Warranty Bond.

Article 21 – Confidentiality Obligation

21.1 Each Party declares that:

(a)

the Confidential Information, in any form in which it comes to the knowledge of the Parties, shall not be disclosed, in any case whatsoever, either totally or partially, to any third parties except where, further to termination of the Contract, the Contractor shall have to be replaced with another individual or entity in order to complete the System, in which case the Confidential Information may be disclosed to the individual appointed to the complete the Works object of this Contract;

(b)	said Confidential Information shall not be used for any purposes that is not solely and exclusively related to (i) the performance of this Contract or (ii) the drafting of a prospectus addressed to a fund of the System.

21.2 The Confidential Information may only be disclosed to the Parties' shareholders, the directors, executives, employees or consultants employed by the Party receiving the Confidential Information, and the Technical Consultant and the Financing Entity.

21.3 Neither of the Parties shall be entitled to make any declarations or announcements to third parties, the press or, in general, to the media, in relation to the Contract, without having received the other Party’s prior, written authorisation, with the exception of the disclosure required by the Applicable Law or by the law applicable to the Principal or to the Principal’s group.

21.4 The provisions contained in this Article 21 shall be effective from the date on which this Contract is entered into or from the date of the first communication of said Confidential Information and shall remain in force even after expiry of this Contract.

Article 22 – Miscellaneous

22.1 This Contract cannot be amended or integrated, in any way whatsoever, unless by means of a written agreement between the Parties.

22.2 The Contractor is aware that the Financing represents a priority for the Principal and represents that the project (including both the EPC and O&M Agreement) is at the time of execution technically and legally bankable. In particular, the Contractor is aware that the Financing Entity may require: (i) a Warranty Bond after PAC, in the form of an autonomous and first demand insurance bond covering 15% (fifteen per cent) of the Consideration; (ii) cross default clauses in the event that the Financing covers more than one EPC contract. The Contractor shall encounter such expectations, provided that they are reasonable and substantially in line with the banking standards practiced at the date of execution hereof. In addition, the Contractor shall provide all good faith cooperation as to obtain the Financing in the case that banking standards practiced at the time Financing is negotiated are substantially different from banking standards practiced at the date of execution hereof.

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22.3 The Parties declare that in the future they are willing to enter into other EPC contracts in relation to other plants (“New Contracts”) and agree that the New Contracts shall be regulated, mutatis mutandis, in accordance with the terms and conditions of this Contract, save as otherwise agreed.

22.4 The Principal shall promptly refund to the Contractor any amount reimbursed by ENEL to the Principal in relation to the infrastructure works carried out by the Contractor outside the Area to connect the System to the grid.

22.5 In the case that any provision contained in this Contract is declared invalid on the basis of the Applicable Law by a judge or a board of arbitration, this shall not entail the entire Contract being void, it being understood that the Parties shall promptly meet in order to replace the invalid provision with another one which respects, as much as possible, its meaning.

22.6 The Contractor shall not assign the receivables derived from this Contract to any third parties without the Principal’s prior written consent, it being understood that the term, “third parties”, also implies the companies belonging to the same group as the Contractor.

22.7 Any communication requested or consented in relation to this Contract must be made in writing and must be (i) delivered by hand, (ii) sent by registered mail with return receipt, or (iii) sent by fax. Any communication shall be considered as having been received (i) if delivered by hand, on its delivery to the addressee Party, (ii) if sent by registered mail with return receipt, on the date indicated in said notice, and (iii) if sent by fax, on receipt of confirmation of sending provided by the fax transmitting it. All communications shall be sent to the following addresses:

- if addressed to the Principal:

	Ellomay PV One Srl
	Address: Galleria ▇▇▇▇▇▇▇▇, ▇, ▇▇▇▇▇, ▇▇▇▇▇▇ (▇▇▇▇▇)
	Fax no:
	▇▇▇▇@▇▇▇▇▇▇▇.▇▇▇: ▇▇▇▇▇@▇▇▇▇▇▇▇.▇▇▇ or any other address, also of third companies, that may be indicated from time to time by the Principal.

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- if addressed to the Contractor:

	Ecoware S.p.A.
	Address:	▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇, ▇-▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇
	Attention:	Ing. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇
	Fax no.:	▇▇▇ ▇▇▇ ▇▇▇ ▇▇ ▇▇
	E-mail:	▇.▇▇▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇.▇▇, ▇.▇▇▇▇@▇▇▇▇▇▇▇.▇▇

22.8 The risk related to the event referred to in Article 1664 of the Civil Code has been fully and knowingly undertaken by the Contractor. The risk relative to the event referred to in Articles 1660 and following of the Civil Code shall be attributed to the Contractor within the limits agreed in Article 10 of the Contract.

Article 23 - Technical Consultant

23.1 The Technical Consultant shall act in the interests of the successful outcome of the System in his capacity of technical adviser in the exclusive interests of the Principal and/or the Financing Entity. The Technical Consultant shall have access to the Works, the Area the project documentation and the one relating to the Works’ performance.

23.2 The Technical Consultant shall be entitled to employ third parties to perform his duties provided that, in this instance, he shall procure that said employees comply with the rules in force on site and given by the Contractor or Works Manager.

Article 24 – Technical Dispute and Arbitration

24.1 The Parties undertake to amicably resolve any dispute arising out of or in connection with the interpretation, validity, performance and termination of this Contract.

24.2 In case of any technical dispute between the Parties in any matter relating inter alia to the achievement of a Payment Milestone, the extension of the Project Implementation Schedule, the Commencement of Operation (entrata in esercizio), the Technical Inspection, Operational Inspection, the First Reassessment Test and the Second Reassessment Test, the Variation procedure or any change in Applicable Law, the Parties can mutually agree to request the appointment of a technical expert (the "Expert") to settle the dispute. The proposal for the appointment of the Expert shall state in detail the technical question and include a list of at least three persons proposed for the appointment as Expert. The Parties agree to meet and discuss on the appointment of the Expert during the following ten (10) Working Days after receipt of the request. In the case that the Expert is not appointed by the Parties within fifteen (15) Working Days after the request, the Expert shall be appointed by the Chairman of the bar of the Engineers of Milan (Ordine degli ▇▇▇▇▇▇▇▇▇ di Milano) upon request of either Party. The Expert shall finally determine the technical matter in accordance with the provisions of this Contract, acting as arbitrator pursuant to Article 1349 of the Italian Civil Code. The Expert shall deliver its determination to the Parties in writing, including an explanation of the underlying reasons, within thirty (30) calendar days after the acceptance of the mandate. The Expert's determination shall (in the absence of patent error or unfairness) be final and binding upon the Parties. The costs of the determination, including fees and expenses of the Expert, shall be borne as determined by the Expert.

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24.3 Without prejudice to Article 24.2 above, in all the other cases where an amicable solution to the disputes cannot be reached, the settlement of said disputes shall be referred to a Board of Arbitration formed of 3 (three) arbitrators, 1 (one) of whom who shall act as the President, in accordance with the National Arbitration Chamber of Milan’s Rules of International Arbitration, which the Parties have declared that they are aware of and fully accept.

24.4 The Board, which shall sit in Milan, shall decide under the procedure and law within 4 (four) months of it being formed. The award shall become immediately enforceable. The award’s registration costs shall be borne by the unprevailing Party.

*** *** ***

Signed by

on this date [●] 4/3/2010	on this date [●]
/s/ ▇▇▇ ▇▇▇▇▇▇▇▇	/s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇
_____________________________	_____________________________
Mr. ▇▇▇ ▇▇▇▇▇▇▇▇\	Ing. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇
The Principal, Ellomay PV One S.r.l.	The Contractor, Ecoware S.p.A.

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DEVELOPER’S ENDORSEMENT

The Developer hereby endorses this Contract and in so doing undertakes to cooperate with the Parties hereto and support the Contractor to ensure the proper performance of this Contract in relation to the transfer of the Building Permit, STMC and of the Land Use Rights.

/s/ Novaltek Servizi S.r.l.

_____________________________

Ing. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇

The Developer, Novaltek Servizi S.r.l.

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Annexes

Annex 1:	Executed Land Rights Contract
Annex 2:	Area Map
Annex 3:	Equipment
Annex 4:	Definitive Project
Annex 5:	Parent Company Guarantee
Annex 6:	Technical Specifications
Annex 7:	Project Implementation Schedule
Annex 8:	Safety Costs
Annex 9:	Minimum Guaranteed Performance Ratio
Annex 10:	Testing Procedures
Annex 11:	Technical Acceptance Certificate model
Annex 12:	Commencement of Operation notice model
Annex 13:	Statement on estimate of Connection of Plant
Annex 14:	Provisional Acceptance Certificate model
Annex 15:	Incentive Acceptance Certificate model
Annex 16:	Final Acceptance Certificate model
Annex 17:	Model of O&M Agreement
Annex 18:	Option Agreement

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Annex 1 [Land Rights Contract]

[Translated from Italian]

Inventory no. 41.573

LAND RIGHT CONTRACT IN RELATION TO THE CONSTRUCTION AND OPERATION

OF A PHOTOVOLTAIC PLANT

ITALIAN REPUBLIC

Year two thousand and ten, twenty seventh day of January

27th of January 2010

In Fano, in my office located in ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇.▇▇.

Before me, ▇▇. ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, Notary in Fano, registered on the Pesaro and Urbino Register of Notaries

have personally appeared Mr. and Ms.

▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, born in Cingoli, on 2nd July 1952, Fiscal Code. ▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇,

▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, born in Filottrano, on 18th April 1959, Fiscal Code ▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇,

Both residing in Cingoli, Frazione Cervidone no. 39, married with communion of assets, hereinafter referred to as the "Grantors";

▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, born in Piove ▇▇ ▇▇▇▇▇ on 20th October 1973, resident in Correzzola in ▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇, Fiscal Code ▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇, who attends not on his own behalf, but on behalf the limited liability company with sole shareholder "SUNEX 3 S.R.L.", with registered offices in ▇▇▇▇▇, ▇▇▇▇ Industriale, in ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇.▇, share capital Euro 10.000 (ten thousand) fully paid-up, registered at the Companies Registration Office of Padua, with tax code number, VAT registration number and business identification number 06085820964,

▇▇▇▇ appointed as attested by the power of attorney authenticated by ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, Notary in Padua, on 25th January 2010, index number 73660, that the attorney declares is valid and has not been revoked and that the original is enclosed hereto under the letter "A", hereinafter also referred to as the "Grantee".

The persons before me, whose personal identity, qualification and authorisation for signature I, the notary, am certain, request that I receive this deed with which the parties agree and conclude as follows.

Art. 1- Definitions

Unless otherwise specified, the definitions reported herebelow will have the meaning attributed to them as follows, independently of the singular or plural use:

"Authorisations": any concession, authorisation, licence and / or nulla osta required to proceed with the construction, operation and maintenance of the plant, including all the concessions and necessary agreements with the National Agency for Energy or any another company, and the GSE (Power Supply Company) for the sale of the energy produced by the Plant;

"Rental Fees": the amount indicated in art. 5. A;

"Final Contract": the present final land right contract signed by the Parties;

"Consideration": the Rental Fees plus the Indemnity for Damages;

"Land Right": the Land Right constituted in favour of the Grantee with the present Final Contract;

"Financing": the credit line and more generally the financing granted by the Financing Entity to the Grantee or to any other entity indicated by the latter appointed in accordance with the modalities agreed between them which is required for the construction, testing, operation, management and maintenance of the Plant;

"Financing Entity": the company or the companies and/or the private and / or public institutes that grant the financing;

"GSE": Provider of the electric services - GSE Inc.;

"Plant": the photovoltaic Plant to be realised, including the accessories which, by way of example include the transformer station, the long-distance overhead power lines and the underground power lines ;

"Indemnity for Damages ": the amount indicated in art. 5. E;

"Plot": the land identified by the Grantee on which the Plant will be built and managed, registered on the Land Register of the Municipality of Cingoli on Sheet 6 with the Maps 81-34 7-34 9-351-353-3 55 of Ha. 02.4 4.66, with R.D. Euro 90,09 and R.A. Euro 133,57.

Art.2- Object of the contract

A. Mr. DEL ▇▇▇▇▇▇ ▇▇▇▇▇ grants the Grantee, who accepts and purchases the right to build and operate, in accordance with art. 952 of the Civil Code the terms and conditions set out in this contract and the authorisations, the Plant on the Plot located in the town of Cingoli, which remains in his ownership, identified and registered as follows:

- Agricultural land, in one sole plot, total surface area equal to one hectare, thirty eight acres and seventy one centiares (Ha. 01.38.71), included in the "normal agricultural" zone, according to the current town planning regulations.

Registered on the Land Register of the Cingoli Municipality on Sheet 6 with the Maps:

- 81 of Ha. 00.90.40;

- 347 (ex-63/b) of Ha. 00.33.80;

- 355 (ex-64/th) of Ha. 00.14.51;

With a total Ha surface of 01.38.71, land revenue Euro 54.36 and agricultural revenue Euro 77.18.

Borders: as described in the following letter B), other properties owned by the grantor from several sides, save others.

With the purposes of cadastral continuity and transcriptions it is specified that the cadastral details of the divided parcels derive from subdivision no. 243584.1/2009 submitted to the qualified Territory Agency on 30th November 2009, Protocol no. ▇▇▇▇▇▇▇▇▇.

This land was purchased with a sales deed received by ▇▇. ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, Notary in Jesi, on 10 December 1975, index number 79906, recorded in Jesi on 28th December 1975 at No. 1802 and registered in Macerata on 30th December 1975 under no. 7678 on the Special Register .

B. Mr. ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ and ▇▇. ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, each for their own undivided rights of ownership in communion of assets , grant to the Grantee, who accepts and purchases, the right to build and operate, in accordance with art. 952 of the Civil Code, at the terms and conditions set out in this contract and in the authorisations, the Plant on the Plot located in the town of Cingoli, which remains in his ownership, identified and registered as follows:

- agricultural land, in one plot, total surface area of one hectare, six acres and twenty five centiares (Ha. 01.06.25), included in the "normal agricultural" zone, according to the current town planning regulations.

Registered on the Land Register of the Municipality of Cingoli on Sheet 6 with the Maps:

- 349 (ex-88/b) of Ha. 00.29.29;

- 351 (ex-83/b) of Ha. 00.74.75;

- 353 (ex-111/b) of Ha. 00.02.21;

With a total Ha surface. 01.06.25, with R.D. Euro 35.19 and R.A. Euro 56.39.

Borders: as described in the previous letter A), owned by ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, other property owned by both grantors.

With the purposes of cadastral continuity and transcriptions it is specified that the cadastral data of the divided parcels derive from the above-mentioned subdivision no. 243584.1/2009..

Such land was purchased by the Grantors as per Map 349 from the sales deed received by ▇▇.▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ Notary in Cingoli on 7th January ì 1986, index number 20744, registered in Macerata on January 17th 1986 as No. 511 and transcribed in Macerata on 17th January 1986 as No. 650 on the specific register; as to Map 351 from the sales deed received by Mr. ▇▇▇▇▇▇▇▇▇ Pacifico, Notary in Macerata, on 20th November 2007, index No 85659 transcribed in Macerata on 10 December 2007 to No 12130 specific register.; as to Map 353 in view of the sale deed received by ▇▇. ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, Notary in Cingoli, on 9 March 1996, index number 37050, transcribed in Macerata on 12th March 1996 as No. 1867 on the specific register. -

C. The Grantors are aware of the technical characteristics of the Plant and declare that they have been informed of how the Plant itself shall be operated and of the operative standards normally required to manage such Plants.

The Plant will be realised and operated on the Plot and will include all the long-distance power lines and telephone lines which are necessary for, among other things, the connection of the Plant to the conversion groups and to the transformers as well as the connection point to the Provider’s network of the national electricity grid, and also the related stations and the measurement groups , as well as other technical devices if necessary.

The Parties expressly agree that the Grantee will have the right to determine, at its own discretion, access and the most opportune management, also from an economic point of view, of the underground line of wires and will be allowed to protect the Plant permanently with fencing.

D. The Grantors, ▇▇. ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, in relation to the part of the Plot according to art. 2 letter A), and both Grantors, Mr. ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ and ▇▇. ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, in relation to the part of the Plot according to art. 2 letter B) declare and guarantee:

(a) that they are the exclusive owners of the Plot, as specified above;

(b) that they are freely able to dispose of it;

(c) that the Plot is free of bond constraints, charges, easement, mortgages, privileges and / or taxes in any way able to bind or jeopardise the construction, the testing, the putting into service as well as the management and the maintenance of the Plant; it is not the object of any proceedings of a civil, administrative or criminal nature nor are there any judicial, executive or conservative measures in force that could jeopardise either wholly or in part the sole and exclusive ownership or possession of the Plot with the purpose of carrying out the project. There are no circumstances that could limit or jeopardise the construction, the testing, the putting into service or the management and the maintenance of the Plant; it is not the object of a loan for use agreement, rent or tenant farming agreement; it is free of constructions, buildings, trees and plantations that could obstruct the construction and the functioning of the Plant (here included, by way of example only, any object that can darken the solar light panel of the Plant) and the activities carried out have always been realised in accordance with law and rules both at a national and a European level, with particular reference to the environmental and landscape provisions; the Grantors declare that an aqueduct easement in favour of government property belonging to the Marche Region exists, as reported on the original Map 83 on Sheet 6, as constituted with a certified deed signed by ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ex Notary in Macerata, dated 25th June 1987, index number 39887, transcribed in Macerata on 6th July 1987 as No. 5089 on the special registry, but the same is of no interest to Map 351 deriving from Map 83 and object of this deed;

(d) that they are well aware of the use to which the Plot is destined and that they approve it without reserve or any exception and also declare and guarantee that the Plot and the subsoil (as is visible and to their knowledge) is free of piping, sluices or any other equipment which is generally incompatible or even only prejudicial or limitative to the use for which 1it will be destined.

Art. 3 - Delivery of the Plot

A. The Grantee shall start the construction works for the Plant, in the manner and in the terms that they consider to be the most appropriate for its own organizational and production demands.

Legal possession and material availability of the Plot is delivered on this day in favour of the Grantee, for all the useful and onerous effects.

B. At the date of the start of works the Plot will be free from any cultivations, plantations and/or trees that could obstruct the construction and / or the function of the Plant, it being understood that the Grantee will be able to proceed, at its own discretion, with the removal of above-mentioned if necessary.

C. It remains understood that no other indemnity or compensation shall be due other than the indemnity for damages provided in art. 5.E for the restoration or compensation of damages to cultivations, plantations and / or trees located on the Plot, which are destroyed, damaged, removed or cut off by the Grantee to allow the construction and / or the function of the Plant.

D. The Grantee discharges and exonerates the Grantors from any civil and criminal liability for damages to third parties (persons and / or things) of any title that may arise from the construction of the Plant and from its subsequent operation and maintenance.

Art. 4 - Ownership, rights and easements

A. The Parties declare that the Plant as well as any other assets that the Grantee holds on the Plot shall remain ownership of the latter and shall not become part of the Plot.

B. The Grantors accept that the Plant as well as all the Grantee’s assets that the latter may place on the Plot may be the object of a guarantee in favour of a Financing Entity or third parties. Vice versa, the Grantors undertake, for the whole duration of this contract, to maintain the Plot free from bonds, constraints, charges, easements, mortgages, privileges and/or taxes of any kind.

C. The Grantors undertake to grant and to constitute on other lands that they own and which are adjacent to the Plot, easements for long-distance power lines, cable ducts, overground power lines (and also underground lines), access and passage by all means, including mechanical, as well as any other charge, burden or easement that may be required to operate and maintain the Plant. For this purpose, the Grantors undertake to attend to and execute any authenticated document or deed required in order to allow the regular constitution of any such easements and the related deed shall be transcribed at the relevant Registry at the Grantee’s expense.

Art. 5 - Consideration

A. For all legal purposes the Parties declare, in lieu of affidavit, in accordance with Presidential Decree no. 445/2000 and made aware by myself, the Notary, of the criminal liabilities in case of false declaration, as well as aware of the powers of verification of the Financial Administration and of the applicable administrative sanctions in case of omitted, incomplete or false indication of data, as follows:

- the Grantee, as compensation for the concession of the building lease, undertakes to pay the Grantors, according to the methods and the terms indicated hereafter, for the whole duration of the building contract, an annual Rental fee equal to Euro 2500.00 (two thousand five hundred and zero zero) per hectare of the Plot, and therefore for an annual total of Euro 6124.00 (six thousand one hundred and twenty-four zero zero) as agreed.

B. The Parties establish that the Rental fee will have to be paid to the Grantors in a single anticipated instalment by 1st December of each year in the following way:

- Euro 3467.75 (three thousand four hundred and sixty-seven point seventy-five) in favour of ▇▇. ▇▇▇▇▇ DEL ▇▇▇▇▇▇, by means of bank transfer to current account no .03 / 01/54621 opened at the Filottrano Credit Bank, (IBAN ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇), as indicated by the grantor;

- Euro 2656.25 (two thousand six hundred and fifty-six point twenty-five) in favour of Mr. ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ and ▇▇. ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ by means of bank transfer to current account No. 03/01/54621 opened at the Filottrano Credit Bank, (IBAN ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇), as indicated by the Grantors.

C. The Rental Fee will be reassessed each year according to the percentage of 100 % (hundred percent) of the ISTAT index of the consumer prices of the families of workers and employees, with reference to the stipulated month.

For the current year of the signature date of this present building contract, the Rental Fee to be paid for the period between the date of signature of this document and December 31st is equal to Euro 6124.00 (six thousand one hundred and twenty-four point zero zero) that the Grantee undertakes to pay within and no later than ten days after signing this Contract via a bank transfer according to the following:

- Euro 3467.75 (three thousand four hundred and sixty-seven point sixty-five) in favour of Mr. ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ via bank transfer to current account no. 03 / 01/54621 opened at the Filottrano Credit Bank, (IBAN ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇), as indicated by the grantor;

- Euro 2656.25 (two thousand six hundred and fifty–six point twenty-five) in favour of Mr. ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ and ▇▇. ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ via a bank transfer to current account No. 03/01/54 621 opened at the Filottrano Credit Bank, (IBAN ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇), as indicated by the Grantors.

The Parties expressly agree that the bank documentation on which the bank transfer shall be shown, shall be considered as proof with full effect of the completed payment of the compensation for the Rental fee.

The grantors expressly renounce the registration of the legal mortgage, expressly exonerating the competent conservative of the Land Registry from any liability.

D. The Parties recognise that the realisation of the Plant will inevitably compromise the fertility of the Plot. Therefore the Grantee corresponds to the Grantors, by way of compensation damages, the flat rate sum determined in total as Euro 25,720.80 (twenty-five thousand seven hundred and twenty point eighty).

Such sum is paid on today’s date in one single solution payment in the following way:

- Euro 14,564.55 (fourteen thousand five hundred and sixty-four point fifty-five) in favour of Mr. ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ via bank transfer to current account no. 03 / 01/54621 opened at the Filottrano Credit Bank, (IBAN ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇), as indicated by the grantor;

- Euro 11,156.25 (eleven thousand one hundred and fifty–six point twenty-five) in favour of Mr. ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ and ▇▇. ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, by means of bank transfer to current account no. 03 / 01/54621 opened at the Filottrano Credit Bank, (IBAN ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇).

E. The compensation is understood to be an all inclusive amount, including the right of the Grantees to the constitution of the easement as indicated in art. 4. C, except for the right of the Grantors to the compensation provided by the laws regarding Telephone Easement and of Long-distance power lines, while the grantors have no right to obtain further amounts.

It is understood that each tax, fee, contribution, expense and other charges pertaining to the property of the area of the Plot, when due, will be the responsibility of the Grantors.

The amounts mentioned above are understood as negotiated even in relation to possible modifications of the regulating plan, for which the Grantors will not have the right to obtain any increase in the Rental fee or any compensation indemnity.

The present constitution of the building lease has been concluded without any mediation expense in accordance with article no. 1754 from the Civil code.

Art. 6 - Obligations of the grantors

A. The Grantors do not have the right to make any modification or works on the Plot, or on the neighbouring lands of which they may be in possession that are theoretically fit to reduce the power and the efficiency of the Plant, unless such modifications or works are authorised beforehand in writing by the Grantee.

The Grantors particularly undertake:

- not to carry out excavations and/or works that could compromise the safety of the Plant;

- not to plant trees with high trunks and not to build manufactured products of any kind that could compromise the function of the Plant;

- not to place underground pipes and/or other objects or manufactured products in the zone occupied by the long-distance power line, without previous agreement with the Grantee party.

B. The Grantors shall undertake to notify the Grantee of any circumstances known to them that could damage the Plant, to jeopardize or limit the functionality of it.

Article 7 - Duration

A. This present document is valid and binding upon the parties starting from today. The building right will last for twenty-one (21) years from today and will end on 31st of December of the twenty-first year after that date.

Before the contract expires, as stated in the first paragraph, the Grantee shall have the right to unilaterally extend the contract period for a further four (4) years ( "Extension"), indicating their intention to the Grantors - who undertake to grant the extension from then on - by registered letter with return receipt and with a period of prior notice of at least twelve (12) months before the date of termination of the contract originally and/or subsequently provided.

The Charge for the grant of the building lease, in the updated contract, should be understood as equal to the amount of the last annuity increased by 20%, to be re-evaluated annually according to the ISTAT indexes. The grantor is obligated from then on to accept such extension to the specified conditions.

B. In the hypothetical cases stated in the subsequent articles 8.C and 8.D (resolution

due to the Grantee’s fault), as well as the normal expiry of the Contract or following the withdrawal operation under the successive art. 8A, within a maximum period of six (6) months from the termination of the Building Contract, the Grantee will proceed at its own expense to the removal of the Plant or any other operations carried out on the Plot.

In order to guarantee the removal of the Plant or any other work carried out on the Plot, the Grantee agrees to release within five (5) days from the date of the start of works a surety policy the amount of which shall conform to the amount required by the Company authorizing the project.

In order to guarantee the payment of the compensation indicated in art. 5.A, the Grantee agrees to pay the sum of Euro 6124.00 (six thousand one hundred and twenty-four point zero zero), no later than 30th June, 2010, an annuity equal to the charge in the manner agreed as mentioned above in Article 5 B, as agreed between the parties.

The Grantors will forfeit that amount if the Grantee has not paid the Charge within the period referred to in art. 5.B and the Grantors have sent to the Grantee a written notice via registered mail with a return receipt with a declaration of default to comply with the term of ten (10) days from its receipt by the Grantee.

Such amount shall be deducted from the amount due as the last Rental fee payable on the twentieth year.

Article 8 - Withdrawal and cancellation

A. The Grantee will have the right to withdraw at any time and at its sole discretion from the Building Contract with a notice period of ninety (90) days by means of a simple written notice, without the implication that any compensation is due to the grantor by way of indemnity or damages in addition to the payment of the charge for the duration of the notice.

B. The Grantee will have the right to declare the contract cancelled with immediate effect by means of written notice to the Grantors due to the fault of the latter, if the Grantors, in violation of their own obligations under the previous art.6.A, undertake building works and/or introduce crops or plantations on the Plot, on the property or on adjoining properties of which they may be in possession that are theoretically capable of reducing the power and effectiveness of the Plant or if the Grantors consider said acts likely to permanently affect the power and effectiveness of the Plant.

C. If the payment of the Charge is delayed for a period exceeding six (6) months, the Grantors will be entitled to send to the Grantee, by registered letter with return receipt, a warning to comply within a period of thirty (30) days.

The Grantors will be entitled to terminate this present Building Contract if the Grantee has not fulfilled its own obligations within thirty (30) days after receiving the formal notice. In the case that the Grantors are entitled to request the termination of this present Contract due to non-fulfilment of the Grantee and have the intention to exercise such right, the Grantors shall undertake to communicate this intention in writing to the Grantee and, even pursuant to and by effect of Article 1411 of the Civil Code, to the potential Financing Entity whose name and address has been notified in writing by the Grantee to the Grantors. Within 60 (sixty) days of receipt of the above-mentioned notice, the Financing Entity will have the right (I) to designate a third party who will take over from the Grantee in this present Contract or (ii) to inform the Grantors of its intention to directly cancel, or via the Grantee, the non-fulfilment of which the right to request the resolution is founded. In such cases, the Grantors may only request the termination of this present Contract in court and only if the causes of non-fulfilment from the Grantee, on which the right to request termination is based, will not be eliminated within 60 (sixty) days from the takeover of the third party or, as appropriate, upon receipt by the Grantors of the notice from the Financing Entity. The Financing Entity will also have the right to appoint a third party who will take over from the Grantee even when, although the latter has fulfilled its obligations under this present Contract, the Financing Entity notifies the Grantee of its intention to declare the forfeiture of the benefit of the term according to Article 1186 of the Civil Code or to terminate for non-fulfilment or cancel the financing contract.

D. This present contract is deemed to be automatically terminated if one of the Parties outside the cases expressly covered by the previous articles 8B and 8C, becomes a serious breach of its contractual obligations and does not adequately remedy the same within a reasonable time, or within thirty (30) days of the receipt of the notice communication of the other Party.

E. In case of cancellation of the building contract by the Grantee due to the fault of the Grantors (resolution under Articles. 8B and 8D, the Grantee shall have the right to decide whether to proceed with the removal of the Plant or of any other work carried out on the Plot, except the direct or indirect right of compensation for damages,.

If the Grantee decides to remove the Plant, the Grantors shall be obliged to reimburse the Grantee for all costs and expenses incurred in such removal and restoration, apart form the right to compensation for additional damages.

Art.9 - Assignment of the building contract to third parties

A. The Grantors may assign this present contract to third parties, by giving written notice to the Grantee with at least ten (10) days of notice, provided that the third party undertakes in writing to abide by the contents of the Building Contract.

In case of sale and/or transfer of the Plot from the part of the Grantors, the latter are bound to oblige the third party to sign the following clause:

"The buyer/transferee shall substitute the vendor in all obligations under the building contract concluded on the 27th January 2010 with an deed received by the Notary ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, index number. [41573] and undertakes to comply with everything in it. "

In the absence of such express statement and signature of the vendor/transferee party, the Grantors will have to compensate the Grantee for any damage or prejudice that would result from this omission. In order to enable verification of compliance with this present agreement, the Grantor must send the Grantee a copy of the sale/transfer contract which will be signed by the third party.

B. The Grantee will have the right to dispose of this building contract at any time in the favour of a third party, by giving written notice to the Grantors within thirty (30) days, provided that the third party undertakes in writing to respect the contents of the Building Contract. The Grantee may also assign the Building Contract to more third parties as part of a total or partial disposal of the ownership of the Plant or its management. The Grantors must undertake to allow the transfer of the Building Contract, by giving their own consent in order to register the transfer on the Land Registry and make all the statements that may be required. The transfer will be effective in relation to the Grantors starting from the moment in which the the Grantors are informed of the transfer . From that moment on, the Grantee will be released from its obligations in relation to the Grantors, who shall immediately declare their intention to release the Grantee in the event of non-fulfilment by the third transferee.

C. Should this agreement be transferred to third parties through a transfer of part of the company, the Grantors shall renounce, from that moment, the right to terminate the contract under Article 2558, 2nd paragraph of the Civil Code.

Art.10 - Town planning situation

Pursuant to and by effect of article 30 of the Presidential Decree dated June 6th 2001 no.380 and subsequently extended and amended, the land use certificate is attached to this present document under letter "B", related to the land subject of this present document, issued by the Municipality of Cingoli on December the 2nd 2009, protocol no.16654.

The Grantors declare that from the date of issue of the above-mentioned certificate until now there have been no modifications to the town planning regulations of the above-mentioned Municipality.

The Grantors also declare that there are no farmers settled on the land subject of this present document, or bordering the same land being entitled to an agrarian pre-emption under existing legislation.

Art.11 – Applicable Law. Sole jurisdiction

This present contract is governed by Italian law. All disputes arising from this Contract shall be the exclusive competence of the Macerata jurisdiction.

Art.12 - Communications

Unless otherwise stated by the specific clauses in the Building Contract, any communication between the parties shall be made by registered letter with return receipt, or by fax or email, with confirmation of receipt at the addresses indicated in the epigraph to this present document .

Communication by fax or email shall be deemed complete only when accompanied by a confirmation receipt.

13 - Final clauses

A. This present building contract completely covers the will of Parties related to the relationship they have established. .Therefore any previous agreement or understanding, verbal or written, possibly exchanged between them and concerning the same report must be understood as cancelled and/or revoked.

B. Notwithstanding any stipulation in the foregoing regulations, whatever their nature, it will only be valid if made in writing and after the signature date of the building contract.

C. The fact that one of the Parties does not exercise at any time its rights that are acknowledged by one or more clauses of the building contract cannot be considered as a renunciation to such rights nor will it obstruct the latter to successively expect timely and thorough implementation.

D. If one of the clauses of the building contract should be declared invalid or inefficient by the competent jurisdiction, the same clause will continue in full effect for the part not affected by it.

E. Legal fees and taxes are the responsibility of the Grantee Party .

F. Each Party undertakes to process the data of the other party in respect of the Legislative Decree 196/2003. The Parties also undertake to maintain and ensure that its own staff, directors, employees and consultants maintain the strictest secrecy and confidentiality on this present document, but it is understood that no party shall be deemed in violation of this undertaking when making a communication that is required by law, made under a procedure provided by this present document or necessary for its execution.

The Grantors acknowledge and accept that the Grantee party can show this present contract and any related document to any potential financing bank or potential transfer.

Art.14 – General Terms

Pursuant to and by effect of articles 1341 and 1342 from the Civil Code, the Grantors expressly state that they agree to the following regulations:

Article 3, paragraphs A), B) and C) (Delivery of Plot);

Article 4, (Property, property rights and easement);

Article 5 letter A) (Charge), letter A) (Indemnity for Damages Compensation);

Article 7 paragraph A) (Duration and the Right of Extension);

Article 8 letter A) (Withdrawal of the Grantee), letter B) (Express Termination Clause), letter A) (Consequences of the Resolution);

Article 9 (Assignment of the Building Contract to third parties);

Article 11 (Jurisdiction).

The parties exonerate me, the Notary, from the reading of the Annexes and declare that they are perfectly aware of them.

I, the Notary, received this present document and I read it to the persons before me that approved it and together with me, the Notary, sign it at fifteen minutes past five in the afternoon (.17: 15).

This deed is typed by a person I trust and consists of four sheets on eleven pages, and the present twelfth page ends here.

Signed

Del ▇▇▇▇▇▇ ▇▇▇▇▇

▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇,

▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇,

▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, Notary.

Annex 2

Area Map

[Translated from Italian]

ECOWARE S.p.A
▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇ - ▇▇▇▇▇ ▇▇▇▇▇▇ - ▇▇▇▇▇
T. ▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ F. ▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇
P.I./C.F./Reg. Imp. di Padova 03571330277
Cap. soc. 2.230.275,00 i.v.

▇▇▇.▇▇▇▇▇▇▇.▇▇ - ▇▇▇▇@▇▇▇▇▇▇▇.▇▇

LAND:

“DEL ▇▇▇▇▇▇”

ORDER:

9069

Annex 2

PV Plant Lay-Out

PV PLANT WITH POWER EQUAL TO 734.40 kWp

NOTA

Contractual Surface: 02.42.96 HA

Occupied Surface: 01.74.28 HA

Municipality: SENIGALLIA (AN)

Page: 33

Map: 357-355-353-349-81-347

Latitude: 43°26’51.87”N

Longtitude: 13°16’10.27”E

NOME FILE G.01.dwg

DIMENSIONE DEL ▇▇▇▇▇▇ A3 (420x297 mm)

DISEGNATORE FILE DWG ▇. ▇▇▇▇▇

REDAZ. 05/02/2010 ▇. ▇▇▇▇▇▇

VERIF. 05/02/2010 S. BEGGIAO

PROG. 05/02/2010 ▇. ▇▇▇▇▇▇▇▇▇▇▇▇

N. COMMESSA 9069

TERRENO DEL ▇▇▇▇▇▇

TALE DOCUMENTO NON POTRA ESSERE COPIATO. RIPRODOTTO O ALTRIMENTI PUBBLICATO IN TUTTO O IN PARTE SENZA IL CONSENSO DEL PROGETTISTA (▇▇▇▇▇ 22.04.1942 n. 663)

▇▇▇▇▇▇

01/01

SCALA

1:1000

N. DWG

G.01

N. REV
00

URBANISTICA
Planimetria d'inquadramento urbanistico

ECOWARE S.p.A.

▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇ ▇▇▇ ▇▇▇▇▇ - ▇▇▇▇▇▇ (▇▇▇▇▇)
Tel. ▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ Fax ▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇

▇▇▇.▇▇▇▇▇▇▇.▇▇ ▇▇▇▇@▇▇▇▇▇▇▇.▇▇

REV. DATE

▇▇▇.▇▇

▇▇▇.▇▇▇▇▇▇

▇▇▇.▇▇▇▇

SIGNATURE FOR APPROVAL

NOTE

CONTRACTUAL SURFACE: 02.42.96 HA

OCCUPIED SURFACE: 01.74.28 HA

MUNICIPALITY: SENIGALLIA (AN)

PAPER: 33

MAP: 357 – 355 – 353 – 349 – 81 – 347

LATITUDE: 43°26’51.87 N

LONGITUDE: 13°16’10.27 E

FILE NAME G.01.dwg		SHEET 01/01	SCALE 1:1000
PAPER SIZE A3 (420X297mm)
DESIGNER DWG FILE ▇.▇▇▇▇▇		N.DWG G.01		N.REV 00
DRAFTED ON 05/02/2010 ▇.▇▇▇▇▇▇
VERIFIED OF 05/02/2010 S.BEGGIAO		URBAN PLANNING LAYOUT
PROJECT 05/02/2010 ▇.▇▇▇▇▇▇▇▇▇▇▇▇
ORDER NUMBER 9069	TERRITORY: DEL ▇▇▇▇▇▇
THIS DOCUMENT SHALL NOT BE COPIED, REPRODUCED OR PUBLISHED, FULLY OR PARTIALLY, WITHOUT THE DESIGNER’S CONSENT (Act 22.04.1942 n. 663)

Annex 3

Equipment

▇▇▇.▇▇▇▇▇▇▇.▇▇ - ▇▇▇▇@▇▇▇▇▇▇▇.▇▇

LAND:

“DEL ▇▇▇▇▇▇”

ORDER:

9069

Annex 3

Equipment

PV PLANT WITH POWER EQUAL TO 734.40 kWp

▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇ - ▇▇▇▇▇ ▇▇▇▇▇▇ - ▇▇▇▇▇
T. ▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ F. ▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇
▇▇▇.▇▇▇▇▇▇▇.▇▇ - ▇▇▇▇@▇▇▇▇▇▇▇.▇▇

ECOWARE S. p. A

Specifications of ECW 240-60M Monocrystalline solar module

SPI-Sun Simulator4600

Type	240-60M
Peak Power (Pm)	240W
Open Circuit Voltage (Voc)	37V
Short Circuit Current (Isc)	8.62A
Optimum operating Voltage (Vmp)	29.8V
Optimum operating Current (Imp)	8.06A
Practical module efficiency	16.74%
Maximum system voltage [V]	1000
Voltage temperature coefficients	-0.35%/K
Current temperature coefficients	+0.06%/K
Power temperature coefficients	-0.45%/K
Series fuse rating [A]	15
Cells	6x10 pieces monocrystalline solar cell strings (156mmx156mm)
Junction box	with 6 bypass diodes
Cable	length 900mm, 1x4mm2
Front glass	White toughened safety glass, 3.2mm
Cell encapsulation	EVA (Ethylene-Vinyl-Acetate)
Back	composite film
Frame	Anodised aluminium profile
Dimentions	1640x990x50mm(LxWxH)
Weight	23.7 Kg
Maximum surface load capacity	tested up to 2,400 Pa according to IEC 61215
Hail	maximum diameter of 25mm with impact speed of 23 m·s-1
Temperature range	-40°C to +85°C

The electrical data relates to standard test conditions [STC]: 1,000 W/m2; AM 1.5; 25°C.

Performance deviation of Pmpp: ±3%; Performance deviation of Voc(V), Isc(A), Vmpp(V) and Impp(A): ±10%.

Certified in accordance with IEC 61215, IEC 61730-1/2 and UL 1703.

Dimensions

Characteristics

Title: ECW 240-60M	Vmp= 29.8V
Isc= 8.62A	FF= 0.75
Voc= 37V	η= 16.74%
Pm= 240W	Rs= 0.52 Ω
Imp= 8.06A	Rsh= 90.69 Ω

Peak Power	275 kW
THDI	< 2%
Cosfi	1
Nominal Power	250 kW
N° of MPPT	3
Input Voltage Range	300 -800 Vcc

Output Voltage	400 Vca
Efficiency (EU)	97% @ 520 Vcc
Maximum input voltage	850 Vcc
Stop consumption	45 W

PV Power Converter 250 kW

E.E.I.

Equipaggiamenti Elettronici Industriali S.r.l.

▇▇▇▇▇ ▇▇▇▇’▇▇▇▇▇▇▇▇▇, ▇▇

36100 Vicenza – Italy

DFIG-E-Jan09

Phone: ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇

Fax: ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇

Web: ▇▇▇▇://▇▇▇.▇▇▇.▇▇

E-mail: ▇▇▇▇▇@▇▇▇.▇▇

Converter system
Rated Output Power	150 ÷ 500 kW
Nominal Output Voltage	400 Vca
Maximum Open Circuit Voltage	850 Vcc
N° MPPT	Multiple for concentrate or distributed MPPT
MTTP Range	300 – 800 Vcc
THDI	< 2%
Power Factor	1
Maximum Efficiency	97,5 %
EU Efficiency	97 % at 520 Vcc
Stop Consumption	45 W (for the 250 kW)
Weight	800 ÷ 2000 kg
Dimensions (W x H x D) mm	Starting with unit 1200 x 2150 x 600
Warranty	5 years; optionally extendable subscribing a contract for maintenance

EEI Photovoltaic Converter

High reliability for heavy conditions

Film capacitors inside; no electrolytic ones to improve converter lifetime

High conversion efficiency

Converters directly parallelable

Customer tailored solution

Photovoltaic Converter

E.E.I.

Equipaggiamenti Elettronici Industriali S.r.l.

▇▇▇▇▇ ▇▇▇▇’▇▇▇▇▇▇▇▇▇, ▇▇

36100 Vicenza – Italy

DFIG-E-Jan09

Phone: ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇

Fax: ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇

Web: ▇▇▇▇://▇▇▇.▇▇▇.▇▇

E-mail: ▇▇▇▇▇@▇▇▇.▇▇

In the field of photovoltaic electric energy converting systems, this new performing solution is based on the use of a double step converter, equipped with independent boosters and an AFE (Active Front End) converter interfacing to the grid.

The system’s structure is shown in the figure below where:

	●	Multiple DC/DC converters: each boosting section is equipped with an independent MPPT, to increase overall efficiency.
	●	DC bus bar
	●	Active Front End (AFE) converter interfacing with the power grid and parallel connectable without problems

EEI Photovoltaic Converter

PV Modules

EEI multi-booster solution has many further advantages

	●	Modules mismatching optimized
	●	Module performance maximized
	●	Higher system availability for power generation
	●	Distributed MPPT controllers
	●	Easy compensation of natural modules de-rating.

EEI manufactures and installs converters where high reliability and low maintenance levels are mandatory: using film DC link capacitors instead of traditional electrolytic ones, EEI can improve converter efficiency and lifetime.

EEI can also provide a turn-key container solution where:

	●	Easy on site installation
	●	Factory acceptance test for LV and MV sections
	●	No special components for LV and MV sections
	●	Optimized cable size and connections
	●	Easy array monitoring/fault detection
	●	Automatic cut-off of the faulted array
	●	Possibility of Data Logger for each Booster

Power Grid

DC/DC Boosters

DC bus bar

DC/AC
Active Front End

ST_08.03

Schede tecniche classe di isolamento - PERDITE RIDOTTE

Insulation class table - REDUCED LOSSES

Caracteristicas tecnicas por clase de aislacion - PERDIDAS REDUCIDAS

Technische Daten - Isolationsklasse - REDUZIERTE VERLUSTE

Caractéristiques technique pour cette classe d‘isolement - PERTES REDUITES

Características Técnicas para classe de isolação - PERDAS REDUZUDAS

DATI ELETTRICI ● ELECTRICAL DATA ● DONNEES ELECTRIQUES ● ELEKTRISCHE DATEN ● DATOS ELÉTRICOS ● DADOS ELECTRICOS

		TMCRES-R	TMCRES-R	TMCRES-R	TMCRES-R	TMCRES-R	TMCRES-R	TMCRES-R	TMCRES-R	TMCRES-R	TMCRES-R	TMCRES-R	TMCRES-R	TMCRES-R
Pot.	kVA	160	250	315	400	500	630	800	1000	1250	1600	2000	2500	3150

Wo	W	480	650	750	940	1050	1250	1450	1800	2100	2400	2900	3600	4400
Wcc (75 °C)	W	▇▇▇▇	▇▇▇▇	▇▇▇▇	▇▇▇▇	5950	6800	8200	9600	11300	13900	16500	20000	21750
Wcc (120 °C)	W	2900	3800	4500	5500	6800	7800	9400	11000	13000	16000	19000	23000	25000
Vcc (120 °C)	%	6	6	6	6	6	6	6	6	6	6	6	6	6
I0	%	1,9	1,5	1,4	1,3	1,2	1,2	1,1	1	1	0,9	0,9	0,8	0,7
Lwa	dB(A)	54	57	59	60	61	62	63	65	66	68	70	71	73
Lpa 1 m	dB(A)	42	44	46	47	48	49	49	51	52	53	55	55	57
RENDIMENTI A 75°C (η %) - EFFICIENCY TO 75° C (η %) - RENDEMENTS Á 75° C (η %) - WIRKUNGSGRAD BEI 75°C (η %) - RENDIMIENTOS A 75°C (η %)
cos φ = 1	4/4	98,11	98,42	98,53	98,57	98,60	98,72	98,80	98,86	98,93	98,98	99,03	99,06	99,17
	3/4	98,41	98,67	98,76	98,79	98,83	98,93	98,99	99,04	99,10	99,15	99,19	99,21	99,30
	2/4	98,61	98,83	98,91	98,94	98,99	99,07	99,13	99,16	99,21	99,27	99,30	99,31	99,38
cos φ = 0,9	4/4	97,86	98,21	98,33	98,37	98,41	98,55	98,63	98,71	98,78	98,84	98,90	98,93	99,06
	3/4	98,21	98,50	98,60	98,63	98,68	98,79	98,86	98,92	98,98	99,04	99,08	99,11	99,20
	2/4	98,44	98,68	98,78	98,80	98,86	98,95	99,02	99,06	99,12	99,18	99,21	99,23	99,30
cos φ = 0,8	4/4	97,58	97,97	98,10	98,16	98,20	98,36	98,44	98,53	98,62	98,69	98,75	98,78	98,93
	3/4	97,97	98,30	98,41	98,45	98,51	98,63	98,71	98,78	98,85	98,91	98,96	98,99	99,10
	2/4	98,24	98,51	98,62	98,65	98,72	98,82	98,89	98,94	99,00	99,07	99,11	99,13	99,21

Ie/In		11	10,5	10,5	10,5	10	10	9	9	9	8,5	8,5	8	8
T	sec.	0,1	0,15	0,2	0,2	0,25	0,25	0,3	0,3	0,35	0,4	0,5	0,6	0,6
Icc	KA	3,8	6	7,6	9,6	12	15,1	19,2	24	30	38,5	48	60	75,7
CADUTA DI TENSIONE (ΔV %) - VOLTAGE DROP (ΔV %) - CHUTE DE TENSION (ΔV %) - SPANNUNGSABFALL (ΔV %) - CAÍDA DE TENSIÓN (ΔV %)
cos φ = 1	4/4	1,76	1,49	1,41	1,37	1,36	1,25	1,2	1,14	1,08	1,04	1	0,98	0,87
cos φ = 0,9	4/4	4,06	3,85	3,79	3,76	3,75	3,66	3,62	3,57	3,52	3,49	3,46	3,44	3,35
cos φ = 0,8	4/4	4,81	4,64	4,59	4,57	4,56	4,49	4,45	4,41	4,37	4,35	4,32	4,3	4,22
TRASFORMATORE IP 00 ● TRANSFORMER IP 00 ● TRANSFORMATEUR IP 00 ● TRANSFORMADOR IP 00 ● TRANSFORMATOR IP 00														*
L	mm	1300	1250	1300	1350	1400	1450	1500	1550	1650	1700	1850	2050	2150
W	mm	600	600	750	750	750	850	850	1000	1000	1000	1310	1310	1310
H	mm	1200	1350	1400	1450	1500	1600	1750	1800	1950	2050	2150	2450	2450
I	mm	520	520	670	670	670	670	670	820	820	820	1070	1070	1070
D	mm	125	125	125	125	125	125	125	125	150	150	200	200	200
T	mm	40	40	40	40	40	40	40	50	60	60	70	70	70
Pt	kg	900	980	1150	1300	1500	▇▇▇▇	▇▇▇▇	▇▇▇▇	▇▇▇▇	▇▇▇▇	▇▇▇▇	5650	7000
ARMADIO IP ▇▇-▇▇-▇▇-▇▇-▇▇ ● ENCLOSURE IP ▇▇-▇▇-▇▇-▇▇-▇▇ ● ENVELOPPE IP ▇▇-▇▇-▇▇-▇▇-▇▇ ●SCHUTZGEHÄUSE IP ▇▇-▇▇-▇▇-▇▇-▇▇ ● ENVOLVENTE IP ▇▇-▇▇-▇▇-▇▇-▇▇														**
A	mm	1850	1850	1850	1900	1900	2050	2050	2300	2300	2300	2500	2500	2600
B	mm	1100	1100	1100	1100	1100	1150	1150	1250	1250	1250	1310	1310	1400
C	mm	1560	1560	1560	1760	1760	1960	1960	2460	2500	2500	2650	2650	3250
Pa	kg	145	145	145	155	155	175	175	225	225	225	250	250	300

ABT	Tipo	B	B	B	B	C	D	E	F	G	H	I	L	M
AMT	Tipo	a	a	a	a	a	a	a	a	a	a	a	a	a

N.B. I dati di questa tabella sono puramente indicativi e possono essere modificati in qualsiasi momento

N.B. The technical data in this table are indicative and can be modified at any time

N.B. Los datos de esta tabla son meramente indicativos y pueden ser modificados en cualquier momento

N.B. Die technischen Daten dieser Tabelle sind unverbindlich und können jeder Zeit geändert werden

N.B. Document non contractuel susceptible d’être modifié à tout moment sans préavis

N.B. Os dados ▇▇▇▇▇ ▇▇▇▇▇▇ são indicativos e podem modificar-se em qualquer momento.

Annex 4

Definitive Project

[Translated from Italian]

NOME FILE G.03. REV.01.dwg

MV ENEL LINE

ENEL BOX

LV / MV BOX

CEMENT ROAD

Wooden Poles

(Disused Telecom line)

TELECOM LINE

limit to access

Fence

Clay (+/- Q.C.)

Permanent way (+0.30)

Carriage access

Radiant 36

1. LEGEND

DIMENSIONE DEL ▇▇▇▇▇▇ A3 (420x297 mm)

DISEGNATORE FILE DWG ▇. ▇▇▇▇▇▇▇

REDAZ. 05/02/2010 ▇. ▇▇▇▇▇▇

VERIF. 05/02/2010 S. BEGGIAO

PROG. 05/02/2010 ▇. ▇▇▇▇▇▇▇▇▇▇▇▇

N. COMMESSA 9069

TERRENO DEL ▇▇▇▇▇▇

TALE DOCUMENTO NON POTRA ESSERE COPIATO. RIPRODOTTO O ALTRIMENTI PUBBLICATO IN TUTTO O IN PARTE SENZA IL CONSENSO DEL PROGETTISTA (▇▇▇▇▇ 22.04.1942 n. 663)

▇▇▇▇▇▇

01/01

SCALA

1:1000

N. DWG

G.03

N. REV
01

LAYOUT GENERALE
Planimetria Generale d'insleme

ECOWARE S.p.A.

▇▇▇.▇▇▇▇▇▇▇.▇▇ ▇▇▇▇@▇▇▇▇▇▇▇.▇▇

REV. DATE 20/02/2010

▇▇▇.▇▇ ▇.▇▇▇▇▇▇▇

▇▇▇.▇▇▇▇▇▇

▇▇▇.▇▇▇▇ LAYOUT VARIATION

SIGNATURE FOR APPROVAL

Viabilita interna – Internal Access

Recinziona altra proprieta – Other property fence

FILE NAME G.03 rov.01.dwg		SHEET 01/01	SCALE 1:1000
PAPER SIZE A3 (420X297mm)
DESIGNER DWG FILE ▇.▇▇▇▇▇▇▇		N.DWG G.03		N.REV 01
DRAFTED ON 05/02/2010 ▇.▇▇▇▇▇▇
VERIFIED OF 05/02/2010 S.BEGGIAO		GENERAL LAYOUT GENERAL PLAN
PROJECT 05/02/2010 ▇.▇▇▇▇▇▇▇▇▇▇▇▇
ORDER NUMBER 9069	TERRITORY: DEL ▇▇▇▇▇▇
THIS DOCUMENT SHALL NOT BE COPIED, REPRODUCED OR PUBLISHED, FULLY OR PARTIALLY, WITHOUT THE DESIGNER’S CONSENT (Act 22.04.1942 n. 1813)

ANNEX 5

FORM OF PARENT COMPANY GUARANTEE

Dear Sirs,

Further to our recent discussions and in compliance with the provisions of the Contract (as defined below), we herewith submit to you a parent company guarantee to be executed by way of exchange of commercial letters pursuant to Article 1.1 letter a), Part Two, of the Tariff under Presidential Decree 26 April 1986, no. 131 and in accordance with the terms and conditions specified below between:

- Kerself Spa, a joint stock company organised and existing under the laws of Italy and having its registered office at ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇, registration with the Registro delle Imprese of 01777890359, Fiscal Code and Vat No. 01777890359, corporate capital of [l] (the Guarantor); and

- ELLOMAY PV ONE S.r.l., with its registered offices located in Galleria Borromeo, 3, VAT Registration Number and Tax Code 04459950285, entered in the Companies Register of Padova under no. 391298 represented by Mr. ▇▇▇ ▇▇▇▇▇▇▇▇ in his capacity of Sole Director (hereinafter known as “Principal”).

WHEREAS:

(A)

By an agreement dated [l] 2010 (the Contract, which term includes all amendments to variations of or supplements to it from time to time in force) the Principal has agreed to engage Ecoware S.p.A. (the Contractor) for the design, supply, construction, assembly and start-up of a photovoltaic plant to be located in the Municipality of Cingoli (Macerata, Italy). Unless the context otherwise requires, words and expressions defined in the Contract have the same meaning when used in this Guarantee, as defined below.

(B)	According to the Contract, Contractors shall procure the delivery to Principal of a parent company guarantee in the form of this guarantee (“Guarantee”) within 7 (seven) Working Days of execution of the Contract and in any case before having received the first payment milestone.

(C)	The Guarantor has agreed to guarantee the due performance of the Contract by the Contractor.

(D)	The Guarantor is the Contractor’s Parent Company, as defined in the Contract.

IT IS AGREED as follows:

1.	The Guarantor:

(a)

guarantees to the Principal, as primary obligor and not as surety, the due and punctual performance by the Contractor of each and all of the obligations, warranties, duties and undertakings of the Contractor under the Contract when such obligations, duties and undertakings shall become due and performable according to the terms of such Contract;

(b)

agrees, in addition to its obligations set out in clause 1(a) above, to indemnify the Principal against all losses, damages, costs and/or expenses which the Principal may incur by reason of any breach by the Contractor of its obligations, warranties, duties and undertakings under the Contract save that this shall not be construed as imposing greater or different obligations or liabilities on the Guarantor than are imposed on the Contractor under the Contract; and

(c)

agrees to indemnify the Principal on demand against any loss or liability suffered by it if any obligation guaranteed by the Guarantor is or becomes unenforceable, invalid or illegal as if the obligation guaranteed had not been unenforceable, invalid or illegal provided that the Guarantor's liability shall be no greater than the Contractor's liability would have been if the obligation guaranteed had not become unenforceable, invalid or illegal.

2.	The liability of the Guarantor under this Guarantee shall not be reduced or discharged by any act, omission or other thing whereby (in absence of this provision) the liability of the Guarantor under this Guarantee would or might be reduced or discharged in whole or in part as a consequence of:

(a)

any amendment to the obligations undertaken by the Contractor whether, by way of any addendum or variation referred to in clause 3 below, any suspension of the Works, extension of the time or otherwise; or

(b)

amendment to, or any variation, waiver or release of, (any part of) the Contract or any security or other guarantee in respect thereof; or

(c)

the termination of the Contract under the Contract attributable to the Contractor; or

(d)

any legal limitation, incapacity or other circumstances relating to the Contractor or any other person; or

(e)

the dissolution, amalgamation, change in status, function, control or ownership, insolvency, liquidation or the appointment of an administrator or receiver of the Contractor or any other person.

In the event of change in control or ownership of the Contractor, the Guarantee shall remain in full force and effect. In the event of change in control or ownership of the Contractor, the Guarantor shall promptly notify to the Principal the name of the new controlling person or owner of the Contractor.

4.	The Guarantor by this Guarantee authorises the Contractor and the Principal to make any addendum, variation or amendment to the Contract, the due and punctual performance of which addendum and variation shall be likewise guaranteed by the Guarantor in accordance with the terms of this Guarantee.

This Guarantee shall be a primary obligation of the Guarantor to perform or to take whatever steps may be necessary to procure the performance of the obligations of the Contractor under the Contract which have been breached, to assume jointly and severally with the Contractor all rights and obligations of the Contractor under the Contract and to pay the Principal from time to time any and all sums of money which the Contractor is at any time liable to pay to the Principal under the Contract; accordingly the Principal shall not be obliged before enforcing this Guarantor Guarantee to take any action in any court or arbitral proceedings against the Contractor, to make demand or any claim against the Contractor, to enforce any other security held by it in respect of the obligations of the Contractor under the Contract or to exercise, levy or enforce any distress, or other process of execution against the Contractor.

6.	The maximum amount (importo massimo garantito) guaranteed by the Guarantor under this Guarantee shall be equal to the Consideration.

7.	This Guarantee shall be effective upon delivery and shall expire 7 (seven) days following the FAC (the “Expiry Date”). Upon the Expiry Date, this Guarantee must be returned to us for cancellation.

Until all amounts which may be or become payable under the Contract or this Guarantee have been irrevocably paid in full, the Guarantor shall not, as a result of this Guarantee or any payment or performance under this Guarantee, be subrogated to any right or security of the Principal or claim or prove in competition with the Principal against the Contractor or any person or demand or accept repayment of any monies or claim any right of contribution, set-off or indemnity and any sums received by the Guarantor or the amount of any set-off exercised by the Guarantor in breach of this provision shall be held by the Guarantor in trust for and shall be promptly paid to the Principal.

9.	The Guarantor shall not hold any security from the Contractor in respect of this Guarantee and any such security which is held in breach of this provision shall be held by the Guarantor in trust for and shall promptly be transferred to the Principal.

10.

Each payment to be made by the Guarantor under this Guarantee shall be made in Euro, without any set off or counterclaim and free and clear of all deductions or withholdings of any kind whatsoever or howsoever arising. If any deduction or withholding must be made by law (including double taxation treaties) the Guarantor will pay that additional amount which is necessary to ensure that the Principal receives on the due date a net amount equal to the full amount which it would have received if the payment had been made without the deduction or withholding. The Guarantor shall promptly deliver to the Principal any receipts, certificates or other proof evidencing the amounts paid or payable in respect of any such deduction or withholding.

11.

The Guarantor shall have 5 (five) Working Days from the date of demand to make payment in full to the Principal of any amount due under this Guarantee. The Guarantor shall pay interest on any amount due under this Guarantee from the date which is 5 (five) Working Days from the date of demand until the date of payment in full (as well after as before any judgment) calculated on a daily basis at the six months Euribor plus 3 (three) percentage points.

12.	The Guarantor will reimburse the Principal for all legal and other costs (including non-recoverable VAT) incurred by the Principal in connection with the enforcement of this Guarantee.

13.

Any settlement or discharge between the Principal and the Contractor or the Guarantor shall be conditional upon no order to refund by virtue of any provision of any enactment relating to bankruptcy, insolvency or liquidation being issued by a competent court, in which case the Principal shall be entitled to recover from the Guarantor as if such settlement or discharge had not occurred.

14.	The Guarantor warrants that this Guarantee is its legally binding obligation, enforceable in accordance with its terms, and that all necessary consents and authorisations for the giving and implementation of this Guarantee have been obtained.

15.	The Guarantor warrants and undertakes to the Principal that it shall take all necessary action directly or indirectly to perform the obligations expressed to be assumed by it or contemplated by this Guarantee and to implement the provisions of this Guarantee.

16.

The Guarantor warrants and confirms to the Principal that it has not entered into this Guarantee in reliance upon, nor has it been induced to enter into this Guarantee by any representation, warranty or undertaking made by or on behalf of the Principal (whether express or implied and whether under statute or otherwise) which is not set out in this Guarantee.

17.

The Guarantor acknowledges and consents, also for the purposes of Article 1407 of the Italian Civil Code, that the Principal shall be entitled by notice in writing to the Guarantor to assign this Guarantee at any time in connection with an assignment of the Contract in accordance with the provisions of the Contract, to the Financing Entity.

18.

Any notice hereunder shall be duly given when delivered in writing by hand (in the case of personal delivery) or by registered letter with advice of receipt (Raccomandata A.R.), or by express courier to the Guarantor or by facsimile, provided an original of such facsimile is also received by us within three (3) Working Days and sent by one of the aforementioned notice methods and shall be duly signed by an authorised representative of the Principal.

19.

No delay or omission of the Principal in exercising any right, power or privilege under this Guarantee shall impair or be construed as a waiver of such right, power or privilege nor shall any single or partial exercise of any such right, power or privilege preclude any further exercise of such right, power or privilege or the exercise of any other right, power or privilege.

20.

Without prejudice to Article 1419 (nullità ▇▇▇▇▇▇▇▇) of the Italian Civil Code, if - at any time - any provision of this Guarantee is or becomes illegal, invalid or unenforceable, neither the legality, validity nor enforceability of the remaining provisions of this Guarantee will in any way be affected or impaired thereby.

21.	The Guarantor shall pay all stamp duties and taxes, if any, to which the execution and delivery of this Guarantee may be subject and shall indemnify the Principal against any and all liabilities with respect to or arising from any delay or omission to pay any such duties and taxes.

22.	This Guarantee implies, where necessary, a waiver, among other things, to the benefits, rights and exceptions under Articles 1247, 1939, 1945, 1953, 1955 and 1957 of the Civil Code.

23.	This Guarantee shall be governed by and construed in accordance with Italian law. The courts of Milan, Italy, shall have exclusive jurisdiction of all matters arising out of or in connection with this Guarantee.

24.	Notices or demands given under this Guarantee shall be sent to the following addresses:

(a) If to the Principal

	ELLOMAY PV ONE S.r.l.
	Attention: Mr ▇▇▇ ▇▇▇▇▇▇▇▇
	Galleria Borromeo, 3
	35137 Padova (Italy)
	Telephone: ▇▇▇▇-▇-▇▇▇▇▇▇▇
	Fax: ▇▇▇▇ ▇▇▇-▇-▇▇▇▇▇▇▇

(b) If to the Guarantor:

	[Guarantor]
	Attention: l
	Telephone: l
	Fax: l

***

If you agree with the above terms and conditions, please send us by registered mail with return receipt or by express courier or deliver by hand a duly executed letter of acceptance incorporating the full text of this proposal.

Yours faithfully,

___________________________

for and on behalf of the Guarantor

For acceptance

___________________________

for and on behalf of the Principal

Page 1 of 38

File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

SITE: 'DEL ▇▇▇▇▇▇'

ORDER: 9069

ANNEX 6

Technical Specifications

[Translated from Italian]

Photovoltaic power plant with output of 734.40 kWp

NOME FILE G.03. rev.01.dwg

MV ENEL LINE

ENEL BOX

LV/MV BOX

PAVED ROAD

WOODEN POLES
(ABANDONED TELECOM LINE)

TELECOM LINE

ACCESS LIMIT

FENCE

CLAY

ROAD BALLAST

ROAD ACCESS

radiante 36

1. LEGENDA

DIMENSIONE DEL ▇▇▇▇▇▇ A3 (420x297 mm)

DISEGNATORE FILE DWG ▇. ▇▇▇▇▇▇▇

REDAZ. 05/02/2010 ▇. ▇▇▇▇▇▇

VERIF. 05/02/2010 S. BEGGIAO

PROG. 05/02/2010 ▇. ▇▇▇▇▇▇▇▇▇▇▇▇

N. COMMESSA 9069

TERRENO DEL ▇▇▇▇▇▇

TALE DOCUMENTO NON POTRA ESSERE COPIATO, RIPRODOTTO O ALTRIMENTI PUBBLICATO IN TUTTO I ON PARTE SENZA IL CONSENSO DEL PROGETTISTA (▇▇▇▇▇ 22.04.1942 n. 663)

▇▇▇▇▇▇

01/01

SCALA

1:1000

N. DWG

G.03

N. REV
01

General Layout

General Plan as a whole

ECOWARE S.p.A.

▇▇▇.▇▇▇▇▇▇▇.▇▇ ▇▇▇▇@▇▇▇▇▇▇▇.▇▇

PRIVATE PAVED ROAD

NOT REGISTERED

OTHER PROPERTY FENCE

NOME FILE G.00. dwg

CARATTERISTICHE MODULO FV




Specifications
Type		ECW 240-60M
Peak power (Pm)		240
Open Circuit Voltage (Voc)		37
Short Circuit Current (Isc)		8,62
Optinum operating Voltage (Vmp)		29,80
Optinum operating Current (Imp)		8,06
Practical module efficiency		16,74%
Maximum system voitag [V]		1000
Voltage temperature coefficients		-0,35%/K
Current temperature coefficients		+0,06%/K
Power temperature coefficients		-0,45%/K
Series fuse rating [A]		15
Cells		6x10 pieces polycristalline solar cells series string (156mmX156mm)
Junction box		with 6 bypass diodes
Cable		length 900mm, 1x4 mmq
Front glass		white toughened safety glass, 3,2mm
Cell encapsulant		EVA (Ethylene-Vinyl-Acetate)
Back		composite film
Frame		anodised aluminium profile
Dimensions		1640x990x50mm (LxWxH)
Weight		23,7 Kg
Maximum surface load capacity		tested up to 2,400 Pa according to IEC 61215
Hail		maximum diameter of 25 mm with impact speed of 23 mxs
Temperature range		- 40 °C to + 85 °C

TRASFORMATORE

Marca	TMC
Modello	TMCRES-R 800 (24kv)

Specifiche tecniche
	Avvolgimento Primario	Avvolgimento Secondario
Potenza nominale	800 KVA	800 KVA
Tensione nominale a vuoto	20 KV	0,4 KV
Variazione di tensione	+/- 2x2,5%
Gruppo vettoriale	Dyn11
Collegamento	▇▇▇▇▇▇▇▇▇	▇▇▇▇▇▇ + n
Classe di isolamento	24/50/95 kV	1,1/3 kV
Materiali avvolgimento	Alluminio	Alluminio
Tipo di avvolgimento	Inglobato in stampo	Impregnate per immersione
Frequenza	50 Hz
Installazione	Interna
Tipo raffreddamento	AN
Altitudine	< = 1000 m
Perdite a vuoto	1800W
Perdite in ▇.▇▇ ▇.▇▇ a 120 120 °C	11000 W
Tensione di c.c.	6%
Corrente a vuoto	1%
Valore delle scariche parziali	< = 10 pC
Livello di pressione acustica LpA	< = 51 (secondo norme IEC a 1 m di distanza)
Temperature ambiente	40 °C
Classe termica	F
Sovratemperatura	100 °C

INVERTER

Marca		E.E.I. - Equipaggiamenti Elettronici Industriali S.r.l.
Modello		Convertitore fotovoltaico 250 kW
N° di inverter		3

Specifiche tecniche
Potenza ▇▇ ▇▇▇▇▇		275 kWp
Potenza nominale		250 kW
THDI		≤ 2%
N° di MPPT indipendenti		3
Rendimento Europeo		97% @ 520 Vcc
Max. Tensione a vuoto		850 Vcc
Tensione nominale campo fotovoltaico		450 Vdc
Range di tensione campo fotovoltaico		300 ÷ 800 Vdc
Tensione a vuoto del campo		850 Vdc
Tensione di ripple sul campo fotovoltaico		< 1%
Tensione di uscita		400 Vac+/-15%
Frequenza di uscita		50 o 60 Hz +/- 2%
Distorsione totale ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ di rete (THDI) a pieno ▇▇▇▇▇▇		≤ 2%
Cos φ		1
Consumo in stop		45 W
Consumo nottumo		0 W
Raffreddamento con ventilazione forzata termostata		si
Grado di protezione		IP 21 ed in container
Temperatura di funzionamento		- 5°C + 40°C
Umidità relativa		95% a 20°C
Tensione di isolamento verso terra		2,5 kV a 50 Hz per 60 sec.
Tensione di isolamento tra ingresso ed uscita		2,5 kV a 50 Hz per 60 sec.
Protezione termica		Integrata
Caratteristiche
Raffreddamento		ventilatori con filtri
Colorazione		RAL 6018
Armadio		lamiera d'acciaio 20/10
Dimensioni
Altezza (H)		2100 mm
Larghezza (L)		1200 mm
Spessore (P)		600 mm

IMPIANTO FOTOVOLTAICO

Terreno		DEL ▇▇▇▇▇▇
Commessa		9069
Potenza (kWp)		734.40 kWp
N° generatori fv		85
Locazione
Regione		Marche
Provincia		Macerata (MC)
Comune		Cingoli
Coordinate
Latitudine		43°26'51.87"N
Longitudine		13°16'10.27"E
Dati catastali
▇▇▇▇▇▇		6
Mappali		357 - 355 - 353 - 349 - 81 - 347
Area
Superficie a contratto (HA)		02.44.66
Superficie occupata (HA)		02.06.72
radiante36
Altezza (m)		6,36
Lunghezza(m)		10,20
Area (mq)		64,872
Strip da		6
N° strip		6
N° moduli		36
Modulo		ECW 240-60M
(Wp)		240
Potenza generatore fv (kWp)		8,64
Stringhe per generatore fv		2
N° moduli per stringa		18

DIMENSIONE DEL ▇▇▇▇▇▇ A3 (420x297 mm)

DISEGNATORE FILE DWG ▇. ▇▇▇▇▇

REDAZ. 05/02/2010 ▇. ▇▇▇▇▇▇

VERIF. 05/02/2010 S. BEGGIAO

PROG. 05/02/2010 ▇. ▇▇▇▇▇▇▇▇▇▇▇▇

N. COMMESSA 9069

TERRENO DEL ▇▇▇▇▇▇

TALE DOCUMENTO NON POTRA ESSERE COPIATO, RIPRODOTTO O ALTRIMENTI PUBBLICATO IN TUTTO I ON PARTE SENZA IL CONSENSO DEL PROGETTISTA (▇▇▇▇▇ 22.04.1942 n. 663)

▇▇▇▇▇▇

02/02

SCALA

N. DWG

G.00

N. REV
00

DETTAGLI TECNICI
Dati del ▇▇▇▇▇ ▇▇, modulo, inverter e transformatore

ECOWARE S.p.A.

▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇ ▇▇▇ ▇▇▇▇▇ - ▇▇▇▇▇▇ (▇▇▇▇▇)
Tel. ▇▇▇ ▇▇▇ ▇▇ ▇▇ ▇▇▇ Fax ▇▇▇ ▇▇▇ ▇▇ ▇▇ ▇▇▇

▇▇▇.▇▇▇▇▇▇▇.▇▇ ▇▇▇▇@▇▇▇▇▇▇▇.▇▇

Translation of Italian Terms

PV PLANT	INVERTER		TRANSFORMER
Land	Brand		Brand
Order	Model	PV converter 250 kW	Model
Power kWp	Inverters number		Technical specifications
Number of PV generators				Primary rolling	Secondary rolling
Location	Technical specifications		Nominal power
Region	Peak power		Nominal load-less voltage
Province	Nominal power		Voltage variation
Municipality	THDI		Vectorial group
Coordinates	Number of independent MPPT		Link	Triangle	Star + n
Latitude	European output		Isolation class
Longitude	Maximum load-less voltage		Rolling materials	Aluminum	Aluminum
Cadastral Data	PV plant nominal voltage		Rolling type	Moulded	Plunged
Paper	PV plant voltage range		Frequency
Maps	Field load-less voltage		Installation	Internal
Area	Ripple voltage of PV plant		Cooling type
Contractual Survey	Out-voltage		Altitude
Occupied Survey	Out-frequency		Load-less losses
Radiant 36	Overall distortion of the grid flow (THDI) at full load		Losses ▇.▇▇ ▇.▇▇ at 120 120 °C
Height (meters)	Cos ϕ		c.c. voltage
Length (meters)	Consummation at stop		Load-less stream
Area (sq meters)	Night consummation		Partial discharge value
Strips of	Cooling with forced thermostat ventilation		LpA acoustic pressure level	<=51 (according to IEC at 1 m distance)
Number of strips	Protection degree		Ambient Temperature
Number of modules	Function temperature		Heath class
Modules	Relative humidity		Over temperature
(wP)	Ground isolation voltage
Power PV Generator (kWp)	Isolation voltage between entry and exit
Strings for PV generator	Heat protection	Integrated
Number of modules per string	Features
	Cooling	ventilators with filters
	Colouring
	Cupboard	steel plate 20/10
	Size
	Height
	Breadth
	Thickness

PV MODULE CHARACTERISTICS

FILE NAME G.00.dwg		SHEET 02/02	SCALE /
PAPER SIZE A3 (420X297mm)
DESIGNER DWG FILE ▇.▇▇▇▇▇		N.DWG G.00		N.REV 00
DRAFTER ON 05/02/2010 ▇.▇▇▇▇▇▇
VERIFIED OF 05/02/2010 S.BEGGIAO		TECHNICAL DETAILS Field data form PV inverter and transformer
PROJECT 05/02/2010 ▇.▇▇▇▇▇▇▇▇▇▇▇▇
ORDER NUMBER 9069	TERRITORY: DEL ▇▇▇▇▇▇
THIS DOCUMENT SHALL NOT BE COPIED, REPRODUCED OR PUBLISHED, FULLY OR PARTIALLY, WITHOUT THE DESIGNER’S CONSENT (Act 22.04.1942 n. 663)

Page 2 of 38

File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

Ecoware SpA

▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇ ▇▇▇ ▇▇▇▇▇ - ▇▇▇▇▇▇ (▇▇▇▇▇)

Tel ▇▇▇ ▇▇▇ ▇▇ ▇▇ ▇▇▇ Fax ▇▇▇ ▇▇▇ ▇▇ ▇▇ ▇▇▇

▇▇▇.▇▇▇▇▇▇▇.▇▇ ▇▇▇▇@▇▇▇▇▇▇▇.▇▇

NAME OF FILE G.03.dwg01 - Technical report - Radiant 36

Resources Operations ▇. ▇▇▇▇▇▇ - ▇. ▇▇▇▇▇▇▇▇▇

no.REV

L. EDITION 29/10/2009 BILATO - ▇. ▇▇▇▇▇▇▇▇▇

VERIFICATION 29/10/2009 ▇. ▇▇▇▇▇▇▇

DESIGNER L. 29/10/2009 ▇▇▇▇▇▇▇▇▇▇▇▇

REV. ---

REV. DESCR.

9069 TERRITORY DEL ▇▇▇▇▇▇

TECHNICAL REPORT

THIS DOCUMENT MAY NOT

BE COPIED, REPRODUCED

OR OTHERWISE

PUBLISHED IN FULL

OR IN PART WITHOUT THE

CONSENT OF

DESIGNER (Act

22/04/1942 No 663)

radiant 36

Page 3 of 38

File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

CONTENTS

TECHNICAL REFERENCE NORM	6
1.1 URBAN PLANNING PART	61.1.1
Laws and Regulations	6
1.2 ELECTRICAL PART	61.2.1
Laws and Decrees	6
1.3 STRUCTURAL - MECHANICAL PART	71.3.1
Laws and Regulations	7
2 INTRODUCTION	8
2.1 General Information	8
2.2 LOCATION	8
2.3 MORPHOLOGICAL AND WEATHER CHARACTERISTICS OF THE SITE	8
2.4 GENERAL CHARACTERISTICS OF THE INSTALLATION	10
2.5 SHADING	10
2.6 TECHNICAL FRAMEWORK USED	11
3 DESCRIPTION OF PLANT	12
3.1 THE STRUCTURE OF THE PHOTOVOLTAIC INSTALLATION	13
3.2 CIVIL WORKS	14
3.2.1 Roads	14
3.2.2 Access gates	14
3.2.3 Fence	14
3.3 HYDRAULICS OF THE SOIL	14
4 MECHANICS	15
5 STRUCTURES	16
5.1 General	16
5.2 MATERIALS USED	16
5.3 CHARACTERISTICS OF SOIL FOUNDATION	16
5.4 METHOD USED	16
5.4.1 Calculation Methodology	16
5.4.2 Combination of actions	16
6 ELECTRICAL	17
6.1 DESCRIPTION OF THE INSTALLATION	17
6.1.1 PV generator	17
6.1.2 Framework of parallel string	19
6.1.3 Sub-station for MT delivery	19
6.1.4 Technical Area	20
6.1.5 Auxiliary Power	20
6.2 PROTECTION AGAINST DIRECT CONTACT	21
6.2.1 Protection by Insulation	21
6.2.2 Protection by barriers or enclosures	21
6.3 Protection against direct contact	21
6.3.1 Faults in Medium Voltage	21
6.3.2 Faults in Low Voltage	23
6.4 PROTECTION OF CONDUCTORS AGAINST CURRENT SURGES	25
6.4.1 Overload protection	25
6.4.2 Protection against short circuits	25
6.4.3 DC side protection	25
6.4.4 AC side protection	26

Page 4 of 38

File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

6.5 METHODS FOR DIMENSIONING AND CALCULATION	26
6.5.1 Cable Sizing	26
6.5.2 Voltage Drops	27
6.5.3 Sizing protective conductors	27
6.5.4 Calculation of Faults	27
6.5.5 Calculation of the maximum short circuit current	28
6.5.6 Calculation of short circuit currents	28
6.6 PROTECTION AGAINST VOLTAGE SPIKES	28
6.7 INSTALLATIONS FOR GROUNDING	29
6.7.1 Grounding the technical side area (MT / LT sub-station)	29
6.7.2 Grounding on photovoltaic field side	29
7.1 Systems FIBER OPTIC PERIMETER ANTI-INTRUSION SYSTEM	30
9 INTEGRATED SYSTEM OF CONTROL OF PRODUCTION,	35

Page 5 of 38

File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

REFERENCES
Figure 1: Calculating distances between fixed structures	9
Figure 2: Radiant 30	12
Sheet 1: Radiant 36	12
Section 2: Datasheet Form Ecoware 240 W.	18
Scheme 1: Summary of installation and components	13
Scheme 2: Control of energy production and alarm management	35
Scheme 3: Security	36
Scheme 4: Data transmission	36
Diagram 5: Central elements for supervision	37
Scheme 6: Internal Data Management	37
Diagram 7: Management of Technical Assistance and Emergency Information	38
Table 1: UTp values from norm CEI 11-1 and the CEI 11-37guide	22

Page 6 of 38

File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

TECHNICAL REFERENCE NORM

1.1	URBAN PLANNING PART

1.1.1

Laws and Regulations

LR, 12 April 2007, no. 11

Norms for environmental impact assessment

LR, 14 June, no. 17

Provisions in the environmental field, including those in relation to the decentralization of administrative functions related to the environment

DPR 6 June 2001, no. 380

Consolidated text of legal provisions and regulations on construction Planning Law of 17 August 1942, no. 1550

Planning Law

Law of 28 January 1977, no. 10

Rules on Buildable land

Law of 28 February 1985, no. 47

Rules on control of urban development - building Administrative and criminal sanctions LR, 21 October 2008, no. 31

Rules governing the production of energy from renewable sources and for the reduction of emissions and

for environmental issues

Presidential Decree of 1198, no. 447

Regulation laying down rules for simplification of procedures for authorization for construction, expansion, renovation and conversion of production facilities, for the execution of internal works to buildings, and for determining the sites for the production plants in accordance with Article 20, paragraph 8 of the Law of 15 March 1997 No. 59 Decree of 5 February 1997, no. 22

1.2	ELECTRICAL PART

1.2.1

Laws and Decrees

CEI 0-2: Guide for the definition of project documentation for electrical installations. 2002).

CEI 0-16: Technical Connection Rules (TCR) for active users and passive users of AT and MT networks from distribution companies for electricity. 2010

CEI 11-1: Electrical plants with voltage over 1 kV AC. (1999 and subsequent variants)

CEI 11-17: Power plants, and plants for transmission and distribution of electricity - Cable line.

Page 7 of 38

File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

(2006)

CEI 11-20: Plants for the production of electricity and UPS connected to networks of categories I and II (2000 and later variants)

CEI 82-25: Guide to the realization of photovoltaic generation systems connected to electrical networks of medium and low voltage. (2007)

CEI 64-8/1-7: Electrical plant users at rated voltage not exceeding 1000 V AC or 1500 V DC. (2007 and later variants)

CEI 81-10 (EN 62305): Protection of structures against lightning. (2006)

Law no. 186 dated March 1968 "Provisions concerning the production of materials, equipment, machinery, installations and electrical and electronic systems; Requirements of the electricity distribution companies

1.3	STRUCTURAL - MECHANICAL PART

1.3.1

Laws and Regulations

DM Public Works January 16, 1996, "Technical standards relating to general criteria for the verification and security of construction and loads and overloads and Circ. Min of Public Works 4 July 1996, no. ▇▇▇▇▇.▇▇./STC, "Instructions for the application of the "Technical standards on general criteria for the verification of security for construction and overloading" of the Ministerial Decree 16 January 1996";

DM Public Works 9 January 1996, "Technical standards for the calculation, implementation and testing of structures in reinforced concrete, both normal and pre-stressed and for metal

structures ";

Ord. PCM March 20, 2003, no. 3274 "Early elements in the general criteria for seismic classification of the national territory seismic and technical regulations for buildings in seismic areas" with its

attachments and subsequent additions;

DM Public Works March 11, 1988, "Technical standards concerning the investigation of soils and rocks, the stability of natural slopes and escarpments, the general criteria and requirements for the design, implementation and testing of support operations for land and foundation work" and Circ. LL.PP. September 24, 1988 No. 30483.

Page 8 of 38

File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

2 INTRODUCTION

This project documentation identifies the project design choices made for the realization of a photovoltaic plant in relation to the characteristics of the places where it will be installed, with particular reference to safety, reliability and functionality.

The completion of the works should be preceded by approval from the client and by the submission of the documents necessary for the authorization and execution of the works themselves and by the preparation of a project of execution.

The photovoltaic plant must be implemented in compliance with all technical requirements indicated below, and in total compliance with laws, regulations and norms in force, when they are applicable, even where these are not directly cited in this report.

2.1	General Information

The project involves the construction of 1 photovoltaic plant on land in an agricultural property in the Municipality of Cingoli (Macerata) called "DEL ▇▇▇▇▇▇". The photovoltaic plant will be made with monocrystalline silicon photovoltaic modules mounted on 85 structures (Radian 36) for a total nominal power of 734.40 kWp. The photovoltaic plant is intended to produce electricity and will be connected to the electricity grid for public distribution of medium voltage (20 kV) of Enel Distribuzione (hereafter referred to Enel).

2.2

LOCATION

Region:	Marche
Province:	Macerata
Commune:	Cingoli
Map Sheet / Parcel	6 / 357, 355, 353, 349, 347, 81
Latitude:	43 ° 26'51, 87''
Longitude:	13 ° 16'10, 27''
Area occupied	24,296 square meters

2.3	MORPHOLOGICAL AND WEATHER CHARACTERISTICS OF THE SITE

The land on which the plant will be built is flat, with an area of approximately 24,296 square metres and located as reported in the project drawings.

There were no special problems relating to frequent weather events such as snow, fog, hail, or wind.

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File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

Figure 1: Calculating distances between fixed structures

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File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

2.4	GENERAL CHARACTERISTICS OF THE INSTALLATION

The photovoltaic plant will be connected to Enel's public MT distribution network and will be composed of the following elements:

l	PV array (or photovoltaic generator);

l	parallel frameworks for strings;

l	conversion groups and power control (inverter);

l	LT / MT transformer;

l	protective devices, and devices for control and MT interface;

l	supply of auxiliary utilities;

l	uninterruptible power supplies (UPS) for power and ancillary services and protections of electrical substation;

l	pipes for connecting the various components of the installation and grounding, and for connection to the public MT network of Enel.

The field will consist of photovoltaic solar modules installed on structures called Radiant 36 arranged as shown in project drawings.

Such equipment will be installed in dedicated technical rooms to be built and will be connected as indicated in the project drawings. In the same location the equipment for protection and the MT interface will be installed.

The supply of auxiliary utilities is derived from the low-voltage AC before the MT / LT transformer.

The group to measure the energy produced and incentivized is installed in the technical area and immediately downstream of the inverter on the AC side.

Particular attention was paid to the definition of:

l	the characteristics of the modules constituting the photovoltaic field,

l	the connection mode of the same,

l	the characteristics of the DC / AC conversion ,

l	the characteristics of control devices and protection on the DC side and AC side

l	the characteristics of the interface device and the network-side security device to safely manage the connection to the distribution network and the internal users.

The equipment installed will be protected from the weather, mechanical, thermal and chemical stresses (degree of protection of the components of at least IP2X).

2.5

SHADING

For the arrangement of the Radiants on the ground, the Studies & Research Office of Ecoware has concluded that the best available position on the ground is that resulting from the following formula:

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File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

2.6	TECHNICAL FRAMEWORK USED

This project has been prepared on the basis of surveys and technical documentation acquired, namely:

1. Topographic Relief

2. Geological Report

3. Structural report of calculations for reinforced concrete structures

4. Manufacturers' datasheet for the equipment used

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File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

3 DESCRIPTION OF PLANT

The following describes the major components of the installation

Sheet 1: Radiant 36

Generating system Photovoltaic	Radiant 36
Manufacturer	Ecoware SpA ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇ ▇▇▇▇▇ - ▇▇▇▇▇▇
Characteristics of the system	Sestante is the name under which the property is identified for the support of photovoltaic modules designed and built by Ecoware for the implementation of fixed photovoltaic installations. Figure 2: Radiant 30 The radian is composed entirely of metal sheets of galvanized steel. The wing, consisting of a system of beams and stringers, shall be fixed to the earth by four stakes driven into the ground. The work of fitting the stand is easy and repetitive, making it possible to reduce drastically the time for installation of the equipment. The wing is the part of the structure that houses the photovoltaic modules. It is composed of two strips that come from the factory with the photovoltaic modules assembled according to the Ecoware technology known as Shell PV (SPV), which brings significant advantages in terms of mismatch, transportability, insulation, safety and installability.

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File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

3.1	THE STRUCTURE OF THE PHOTOVOLTAIC INSTALLATION

Scheme 1: Summary of installation and components

1	Module Photovoltaic	Set of cells	Brand: Ecoware
1	Module Photovoltaic	Set of cells	Photovoltaic power: 240 Wp
2	Strip	Set of panels and metal structure to keep them together. The strips beside are fixed together, forming sails
3	Sail	More strips assembled together.	Availability strip: 6 +6 +6 +6 +6
			Total modules on Sail: 36
			Dimensions (WxH) mm: 10200x6360
4	Radiant 36
5	Subfield	This is the set of n Sextants forming a framework for Parallel Strings The creation of strings for Radiant 36 micro areas laid out in several rows is executed through the passage of production cables in a buried pipe.
6	Photovoltaic plant	The plant consists of: PHOTOVOLTAIC FIELD: the set of subfields referring to the same measure group for energy DATA NETWORK: ELECTRICAL PLANT Provision: This is to be understood as the no. of panels for each strip arranged vertically POWER SERVICES sub-station for CONVERSION /Transformation

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File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

3.2	CIVIL WORKS

3.2.1

Roads

The roads will be implemented

l	in BALLAST: Used to access the property and for the movement area in front of the sub-station

3.2.2

Access gates

The access routes to the plant foresee provision of galvanized iron gates opening in two parts - with concrete foundations.

3.2.3

Fence

The enclosure is accomplished by posts in the soil (depth of 1.30 m) made up of poles of a C profile, 30x60x120x60x30 thickness 3, separated from each other by 2.5m. They serve as support for the network of panels of Orsopanel type, 6x3 (h 1930 mm)

3.3	HYDRAULICS OF THE SOIL

The existing agricultural hydraulic system on the land assigned for the photovoltaic plant will not be altered by the latter, so that namely:

1.	levelling operations will not be performed to such an extent as to alter the slopes creating the natural gradients to run off storm water towards the existing natural drains serving the area.

streets for development will be made in ballast laid out above the countryside level for a total height of 30 cm + cm: from the slope detected, such roads will not act as a barrier to the natural run-off slope of the water, where it appears that the opposite is true, driveways should be provided for each channel each 15-25 m for the flow of water.

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File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

4 MECHANICS

The entire structure is protected by galvanizing and this is such as to ensure the protection of the same for the Conto Energia 20-year duration (except marine areas or particular exceptions). Finally a special mention must be made about the system of junction between the different components of the frame of the solar sail.

These are made using a "clinching" technique that unites the two parts of material through a simple mechanical deformation, and this joining technique (imported from the automotive sector) has a number of important advantages over the traditional technique of welding.

These advantages may be summarized as follows:

l	Absence of changes in the protection of the material (zinc coating, painting) in areas of junction

l	Homogeneity and Certification of holding for individual joints

l	Reduction in production time

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File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

5 STRUCTURES

This chapter aims to describe the structural part of the entire Radiant (sail + stand + foundation) and provide the preliminary level of the calculation methodology that will be used at the executive level.

5.1

General

The structure of the sails that hold the photovoltaic modules is of a size so it can hold the loads, as required by the regulations (wind, snow, seismic effects), without resorting to electronic controls.

The structure of the Radiant is designed to withstand a wind speed of 28 m / s with gusts of 41 m / s

This choice, though punitive in economic terms, appears to be the only possible one in legal and regulatory terms which also ensures the operator of the photovoltaic plant the best duration of the same over time.

5.2	MATERIALS USED

The structure is composed of:

1. Profiles of folded cold metal compounds with S235 blades;

2. tubular UNI

All bolted joints are made with screws and bolts in cl. 8.8

5.3	CHARACTERISTICS OF SOIL FOUNDATION

The characteristics of the soil foundation for each site are derived from a Geotechnical SPT test campaign which was carried out at a depth of 4 m , which is appropriate to characterize the layers of soil affected by the loads. The sampling points and the results are reported in the geological report.

5.4	METHOD USED

5.4.1

Calculation Methodology

The methodology of calculation used for the verification of resistance to permanent actions and the weather-based strains is the ultimate limit state, with elastic calculation of the effects of the actions of calculation.

In verifying flexing of sections, for cold formed profiles, the effective elastic moduli were taken, performing the reductions foreseen to prevent instability of the dishes.

5.4.2

Combination of actions

In determining the loads on structures under consideration the slope of the sail, equal to 30 degrees, is essential.

For the sizing of beams that form the edges of the panels and stringers, the combination of its own weight, snow and wind with solar panels above the wind level will be critical. However, for the foundations, we must also consider the combination of its own weight and wind with solar panels under the wind level, due to the danger of lifting as a result of the upward action.

The calculations and the results of structural checks are specified in the "structural calculation report.

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File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

6 ELECTRICAL

6.1	DESCRIPTION OF THE INSTALLATION

6.1.1

PV generator

The photovoltaic generator, built on fixed structures of Ecoware type model Radiante 36, will be made up of 170 strings in parallel (2 for each Radiante), each consisting of 18 PV modules in series with nominal power of 240 Wp each.

The modules will be of Ecoware type, monocrystalline silicon, each with rated power equal to 240 Wp (see Section 2: Module Datasheet)

Each PV module will be equipped with bypass diodes, so as to exclude the part of the module containing one or more cells which are broken / shaded in order to avoid the counter-power and resulting in damage (these diodes will be included in the junction box coupled to the PV module itself).

The connection between the modules in each string will be established, wherever possible, with the cables with which the modules are provided.

Where these are not sufficient, the features needed to form the string will be made with unipolar sheathed ,rubber insulated cables, with rated voltages of at least 0.6 / 1 kV with sections of at least 4 mm ² , with MC4 connectors or similar.

Total peak power of the plant is therefore equal to:

P = TOTP (nr. tot. Mod.240 power mod 3060 * Wp) = 734.40 kWp

More details of calculation are shown in the attached calculation tables.

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File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

Section 2: Datasheet Form Ecoware 240 W.

ECOWARE S. p. A

Specifications of ECW 240-60M Monocrystalline solar module

SPI-Sun Simulator4600

Type	240-60M
Peak Power (Pm)	240W
Open Circuit Voltage (Voc)	37V
Short Circuit Current (Isc)	8.62A
Optimum operating Voltage (Vmp)	29.8V
Optimum operating Current (Imp)	8.06A
Practical module efficiency	16.74%
Maximum system voltage [V]	1000
Voltage temperature coefficients	-0.35%/K
Current temperature coefficients	+0.06%/K
Power temperature coefficients	-0.45%/K
Series fuse rating [A]	15
Cells	6x10 pieces monocrystalline solar cell strings (156mmx156mm)
Junction box	with 6 bypass diodes
Cable	length 900mm, 1x4mm2
Front glass	White toughened safety glass, 3.2mm
Cell encapsulation	EVA (Ethylene-Vinyl-Acetate)
Back	composite film
Frame	Anodised aluminium profile
Dimentions	1640x990x50mm(LxWxH)
Weight	23.7 Kg
Maximum surface load capacity	tested up to 2,400 Pa according to IEC 61215
Hail	maximum diameter of 25mm with impact speed of 23 m·s-1
Temperature range	-40°C to +85°C

The electrical data relates to standard test conditions [STC]: 1,000 W/m2; AM 1.5; 25°C.

Performance deviation of Pmpp: ±3%; Performance deviation of Voc(V), Isc(A), Vmpp(V) and Impp(A): ±10%.

Certified in accordance with IEC 61215, IEC 61730-1/2 and UL 1703.

Dimensions

Characteristics

Title: ECW 240-60M	Vmp= 29.8V
Isc= 8.62A	FF= 0.75
Voc= 37V	η= 16.74%
Pm= 240W	Rs= 0.52 Ω
Imp= 8.06A	Rsh= 90.69 Ω

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File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

6.1.2

Framework of parallel string

The frames of parallel strings (hereinafter for brevity called QPS) are the elements of the plant which carry out the parallel connection of the strings and connect them to the INVERTER.

Figure 3: Board of Parallel Strin

The set of strings connected in parallel through the appropriate QPS is a subfield.

The QPS are devices that, in addition to their main function, can also act as protection against discharges or surges. Each string is attached to a framework of parallel strings (QPS) suitable for connecting up to a maximum of 10 strings, suitable for outdoor installation (IP54 grade protection). The connection between the strings and the QPS will be achieved with single-core sheathed, rubber insulated cables, with rated voltages of at least 0.6 / 1 kV and with section of 10 mm2 to limit losses in the cables.

Each QPS will be provided with the following devices for cut-off and protection:

-	A general cutout switch with an appropriate current rating and a user voltage of at least 900 V DC and category of use of at least DC2l-A a connection of 2 breaker poles in series is foreseen);

-	15 A fuse, type gG, suitable for use up to 1000 V DC, for each string;

-	SPD suitable for use in DC, to guarantee a voltage discharge which is less than or equal to the holding voltage of the inverters indicated by their manufacturer (2.3 kV in the absence of indications); Each QPS will be connected to the same inverter as shown in the project drawings.

The outgoing lines from each QPS will be executed with unipolar sheathed, rubber insulated cables, with nominal voltages of at least 0.6 / 1 kV, in a section appropriate to limit losses in the cables.

These lines will be laid in underground conduits (PVC corrugated pipes, suitable for burying, type at least 450 N) of appropriate diameter (see project tables).

Each line will be protected with fuses of type gG, suitable for use up to at least 900 V DC installed in the input columns of the inverter.

The indicated location of the excavation may be deduced from the project drawings.

6.1.3

Sub-station for MT delivery

The MT delivery sub-station will be a newly-built concrete structure, , subdivided into:

1. a delivery area (for the exclusive use of Enel);

2. A measuring area (for use by Enel and users);

3. a user area (for the exclusive use of users).

The delivery and measuring areas will be implemented in strict compliance with the technical requirements of the distributor and of the CEI 0-16 norms.

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File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

A bi-directional meter (Enel) will be placed in the measurement area to measure the energy collected and

fed into the grid. In the user area the MT frame will be connected to protect the line connecting the technical area, the sub-station's auxiliary services frame and an uninterruptible power supply (UPS) for power for medium voltage protections.

6.1.4

Technical Area

A technical area will be located in the position shown in the project tables which will contain:

-	The MT frame, containing the overall MT device (DG);

-	The protection of the transformer, wtih cutting and grounding of the MT line;

-	The three EEI model 250 inverters;

-	The MT / LT 20 / 0.4 kV transformer, which is rated 1000 kVA;

-	The auxiliary frame (conditioning, lighting and service outlets, etc.).

-	An uninterruptible power supply (UPS) to supply ancillary services and protections for electrical substations.

-	The GSE measurement groups for the energy produced and promoted installed on the AC side at low voltage at the parallel point of the inverters;

The connection between the Enel delivery area and the MT frame will be implemented with three wire unipolar cable of type RG7H1R 12/20 kV, section 95 mm 2.

The general device (GD) will consist of an automatic MT switch, equipped with a circuit for opening and a coil for absence of tension on which the general protection (GP) will act, the switch will be of fixed type, combined with a three-pole switch on the network side.

The switch will be equipped with a protection system consisting of:

1 relay protection in accordance with the requirements of Enel and CEI 0-16, with a maximum of three thresholds for maximum current, two with adjustable time delay (51) and one instant-triggering (50), and a threshold of intervention for homopolar current (51N) with adjustable delay, to be set according to the requirements set out by Enel;

-	(/1}3 phase TAs, with transformation ratios of 300 / 5, accuracy class 5P30, u = 24 kV, nominal performance 5 VA;

-	No1 TA homopolar toroid, with transformation ratio 100 / 1, accuracy class 5P20, u = 0.72 kV, 2.5 VA nominal performance.

The device interface (ID), unique for the entire photovoltaic plant, will consist of an automatic LT switch, equipped with a coil circuit for opening on absence of tension on which the security interface (SI) acts

The protection interface (PI) will be constituted by a relay protection conforming to the requirements and prescriptions of Enel and

CEI 0-16, with the following protections:

-	Minimal protection - absence of tension (27);

-	Protection of maximum tension (59);

-	Protection of minimum frequency (81 <);

-	Protection of maximum frequency (81>);

Such protections will be calibrated according to the specifications set out by Enel.

The location and characteristics of the inverter cabin and the components installed in it are to be inferred from the project drawings.

6.1.5

Auxiliary Power

The supply for ancillary services will be derived directly from the MT / LT transformers and will be connected to the general auxiliary frame(QAUX) that will feed:

- Auxiliary equipment in the technical room;

- The anti-intrusion system;

- The security cameral system and its lighting system

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File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

6.2	PROTECTION AGAINST DIRECT CONTACT

Protection against direct contact is to protect people from the dangers arising from contact with live parts of an electrical installation.

6.2.1

Protection by Insulation

Live parts are to be completely covered with insulation which can only be removed by destruction.

6.2.2

Protection by barriers or enclosures

Live parts are placed within enclosures or behind barriers such as to ensure at least the degree of protection of IPXXB (finger test) or IPXXD (test wire of 1 mm) if within reach. Wrappers or barriers should be removable only with the use of keys or tools.

6.3	Protection against direct contact

Protection against indirect contact is to protect people from t the dangers arising from contact with accessible metal parts which not normally live, but that could be for accidental reasons or due to failure of the main insulation.

6.3.1

Faults in Medium Voltage

In the case of single-phase ground faults on the medium voltage, upstream of the general device, interruption of the faulty current I F is guaranteed by the protection of the distributor of electricity.

For correct size of the ground installation, the distributor shall communicate the values of:

• Single-phase ground fault current MT (I F)

• Time of the elimination of the fault(t F)

The earth faults on medium voltage lines present in the photovoltaic plant will be interrupted by protection present in the plant.

People’s safety of will certainly be guaranteed if the ground devices of the photovoltaic installation ensure an earth resistance ER such that (CEI 11-1, art. 9.9):

E k Tp RI ≤ U 1

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File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

Table 1: UTp values from norm CEI 11-1 and the CEI 11-37guide

Where IK1 is the maximum single-phase ground fault current and UTP is the contact voltage allowable and corresponding to the time required to eliminate the fault in the MT protection. The values of UTP indicated in the CEI 11-1 norm and in the CEI 11-37 guide, are given in the Table below.

tF (s)	UTP (V)	tF (s)	UTP (V)
0.04	800	0.55	185
0.06	758	0.60	166
0.08	700	0.64	150
0.10	660	0.65	144
0.14	600	0.70	135
0.15	577	0.72	125
0.20	500	0.80	120
0.25	444	0.90	110
0.29	400	0.95	108
0.30	398	1.00	107
0.35	335	1.10	100
0.39	300	3.00	85
0.40	289	5.00	82
0.45	248	7.00	81
0.49	220	10.00	80
0.50	213	10.00	75

The values of IK1 (maximum fault current phase to earth) and UTP (contact voltage) are communicated by the distributor of electricity in the process of completion of the process to connect the installation to the medium voltage network.

If the above ratio and Tp RI k ≤ U 1 can not be guaranteed, you should take a reading of the contact voltages and step voltages and verify that they comply with the limits allowed. If this is done, you should implement the protective measures referred to in the IEC norm 11-1 (equipotentials, surfacing, etc.)..

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File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

6.3.2

Faults in Low Voltage

The protection against indirect contact is made with low voltage side automatic disconnection circuit as required by IEC standard 64-8, art. 413.1.

The relationships that govern the choice of features that the devices for protection must have change according to the methods of earthing, defined as TN. TT and IT.

TN system = The system has one point connected directly to the ground while the masses of the installation are connected to the same point by means of a conductor for protection. More specifically, we have a TN-S system when the neutral conductor and protective conductor are separate,

TN-C when the neutral conductor and protective conductor are combined into a single conductor (PEN), a TN-CS system when TN-C system is limited to a part of the plant.

TT = The system has one point connected directly to the ground while the masses of the plant are connected to a ground system electrically independently of the earthing system for the power feed.

IT System = The system has the active parts separated from the ground (floating) while the masses of the installation shall be earthed individually, in groups or collectively.

The TN system relates to plants at low voltage on the AC side placed inside and outside the technical area, whose power is derived from the auxiliary frame. The common (neutral) is connected to the earth of the technical room and the masses are connected to the earth sinks placed near the control frames

The individual sinks and the ground of the technical area are connected by conductors to the ground.

The system is therefore attributable as type TN-S

The TN system is also found in the plant for PV production on the DC side in which the masses (frames) of the modules are connected to ground through the support structures which are themselves directly connected to ground and positive pole is connected to ground at each inverter.

The protective devices should interrupt power to the circuit automatically when in case of failure, between an active part and a mass or a protective conductor there is a contact voltage above 50 V ac and 120 V dc

The tension of contact should be eliminated in times sufficiently low, set conventionally, identifiable by the "safety curve" and never be more than 5s. For the TN system the condition to be met is as follows:

Zs * Ia = Uo where:

= Zs is the impedance of the ring fault that includes the source, the active conductor until point of failure and the protective conductor from the point of failure and the source Ia = is the current that causes the automatic interruption of food within the time defined in the table 41A of Article. 413.1.3.3 of the IEC 64-8 according to the nominal voltage

Uo = is the nominal voltage AC, effective triphase and earth that corresponds to the voltage at phase-neutral

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File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

The choice of device in a TN system can be made between:

-	Differential current protection device, in particular of selective anti-disturbance type;

-	Overcurrent protection device;

More specifically:

-	TN-C system, that is when the neutral and protective functions are combined into a single conductor, called PEN; differential current protection devices should not be used;

-	TN-CS system, that is when the neutral and protective functions are combined into a single conductor in one part of the system; if differential protection devices are used, no

PEN conductor should be used downstream of the same.

It is stated that for the plant in question, where photovoltaic modules have been adopted, equipment and cabling systems in class II, a kind of passive protection is achieved that does not require automatic interruption of the circuit according to CEI 64-8 art. 413.2.

It is understood that, despite the intervention of the safety devices (fuses), the heads of the strings remain under a dangerous voltage (> 120V) while the terminals of the photovoltaic modules are still at a level of voltage below the voltage limit set by the rules of contact.

In conclusion it is necessary that before any maintenance operation at the photovoltaic plant any alarm signals emitted by the inverter will be noted and that due care will be taken on the DC circuit, especially along and at the heads of the lines connecting the strings to the inverter.

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File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

6.4	PROTECTION OF CONDUCTORS AGAINST CURRENT SURGES

The conductors must be protected by one or more devices from the occurrence of current surges that may be caused by overload or short circuits.

The devices that provide these protections are:

-	Circuit breakers equipped with overcurrent releases;

Fuses.

6.4.1

Overload protection

In order to avoid current overload, which could lead to harmful overheating of the insulation or of the surrounding environment, a conduit, with operating current Ib and range Iz

(Ib <= Iz), must be protected by a device having a rated current and (/1}

conventional working current If such that these satisfy the conditions:

Ib <= In <= Iz

If <= 1.45 x Iz

The switches comply with IEC 23-3 and 17-5 and fulfill the second condition.

6.4.2

Protection against short circuits

The protective devices should interrupt short circuit currents that may occur in the plant in a way that ensures that the conductor does not reach dangerous temperatures according to the ratio:

I ² t <= K ² S ² where:

I ² t = Joule's integral, so that the specific energy passing through in a time equal to the duration of the short circuit

K = coefficient characteristic of each cable;

S = section of the conductor.

6.4.3

DC side protection

The cables of the PV system are chosen for the maximum current that the modules can generate in the most critical conditions, namely the short circuit current Isc, then it is reasonable to suggest that they should be protected against overload due to surges.

Protective devices are chosen so as to interrupt short circuit currents that, in a photovoltaic plant, can be determined by:

-	Failure between two poles of the DC system;

-	Ground fault for systems with a ground point;

-	Double earth fault systems isolated from ground

The devices are generally fuses, installed either in frames for parallel strings (to protect the wire string against overcurrent due to the sum of the currents of the other strings in parallel) or at the input of the inverter (to protect the cable for connection between this and the framework for parallel strings).

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File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

6.4.4

AC side protection

The cables between the inverter and the point of parallel are also sized for the maximum current produced thus making it unnecessary to provide protection against overcurrent due to overload.

However protection is provided against overcurrent due to short circuits which usually coincides with the master switch for low voltage as this is suitable for strong currents on the network side.

Indeed, in the case of short circuit, the inverter limits the output current to a maximum value of approximately double its current rating by involving the internal protection when a short circuit is fed directly from the network.

6.5	METHODS FOR DIMENSIONING AND CALCULATION

6.5.1

Cable Sizing

The sizing of the cables is such as to ensure the protection of the conductors for currents against overload.

According to IEC 64-8/4 (para.433.2) the protective device must be coordinated with the conductor so that the following conditions are fulfilled:

a) Ib ≤ In ≤ Iz

b) If ≤ 1.45 Iz

To satisfy condition a) it is necessary to size the cable on the basis of the nominal current for protection upstream.

From the current Ib we determine the nominal current for the upstream protection (normalized values) and with this we proceed to the choice of the section.

The choice is made according to the table showing the permissible current Iz according to the type of insulation of the cable you want to use, the type of installation and number of active conductors; the range that the cable will have will therefore be:

Minimum Iz = In / k

where the coefficient k for downgrading also takes into account any parallels. The section is chosen so that its range (multiplied by a coefficient k) is immediately higher than that calculated using the current rating (Iz minimum).Any parallel calculation, assuming they all have the same section, length, pose, etc.. (para. 433.3), considering the minimum range as a result of the sum of individual ranges (graded by the number of parallels in the derating factor for proximity).

Condition B does not require verification for the switches that respond to the standard 23.3 IV Ed have a ratio between conventional current IF and nominal current in less than 1.45 and constant for all calibrations below 125A. For industrial equipment, however, the CEI 17.5 and IEC 947 norms establish that this ratio can vary according to the nominal current but it must remain less than or equal to 1.45. It follows that under these regulations condition B will always be satisfied.

Conduits dimensioned according to this criterion are therefore protected against surges.

From the section of the phase cable we derive the calculation of 'I ² t of the cable or maximum permissible specific energy for the cable as:

I ² t = K ² S ²

The constant K is given by the standard 64-8/4 (para.434.3), depending on the conductive material and insulating material.

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Project for a photovoltaic power plant equal to 734.40 kWp

6.5.2

Voltage Drops

The voltage drops are measured on the UNEL 35023-70 scales.

Consistent with these tables, the voltage drop of a single branch is evaluated as:

CDT (Ib) = kcdt x Ib x (Luke / 1000) x [Rcavo x cos φ + sin φ Xcavo x] x 100/Vn [%]

where

kcdt = 2 for single-phase systems

kcdt = 1.73 for three-phase systems.

Parameters Rcavo and Xcavo are taken from the UNEL Table and depend on the type of cable (unipolar / multipolar), and the section of the conductors and the values of Rcavo reported refer to 80 ° C, while the Xcavo refers to 50Hz, both being expressed in ohms / km.

The voltage drop from upstream to downstream (total) of a number of users is determined by the sum of voltage drops, absolute for one conductor, of the branches upstream of the users in question, and from this we then find a percentage of the voltage drop in the system (three-phase or single-phase) and the rated voltage of the user concerned.

6.5.3

Sizing protective conductors

The IEC 64.8 (para. 543.1) provide two methods for sizing of conductors Protection:

-	Determination in relation to the section of phase;

-	Determination by calculation.

The first criterion is to calculate the section in the following format:

-	Spec = Sf where Sf <16mm ²;

-	Spec = 16 mm ² if 16 <= sf <= 35;

-	Spec = Sf / 2 if Sf> 35 mm ².

The second criterion is to determine the value by the integral of Joule.

The method adopted in this project is the second.

6.5.4

Calculation of Faults

The calculation of faults is done in order to determine the minimum and maximum short circuit currents immediately downstream of protection (starting line) and downstream of users (end of line).

The conditions in which they are determined are:

-	Tri-phase fault (symmetrical);

-	Ground phase fault (asymmetrical).

The parameters for the sequences of each user are initialized from those of user input and the first should, in turn, initialize the parameters of the line downstream.

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Project for a photovoltaic power plant equal to 734.40 kWp

6.5.5

Calculation of the maximum short circuit current

The calculation is performed under the following conditions:

a) the nominal voltage must be multiplied by a factor of tension equal to 1;

b) the minimum impedance fault is calculated at 20 ° C.

6.5.6

Calculation of short circuit currents

The calculation is performed under the following conditions:

a) the nominal voltage must be multiplied by a factor of tension equal to 1;

b) the minimum impedance fault is calculated at 20 ° C.

Neglecting the lowering of line voltage and raising the temperature would give:

Norm 64-8 proposes a formula that takes into account some parameters previously neglected, stating that values obtained by this formula are used to verify the timeliness for intervention by protection devices, but not for the determination of the power for interruption "

where:

I cc = short-circuit current in A

0.8 = factor taking into account voltage sag

V = voltage in V

S = conductor cross section in mm 2

1.5 = factor which takes into account the temperature

ρ = resistivity of conductor at 20 ° C in mm 2 / m

2 = factor for single phase

l = length of line in m

6.6	PROTECTION AGAINST VOLTAGE SPIKES

On the terminals of each frame for parallel strings (QPS) there have been adopted surge dischargers (SPD) type CPT CS3-40/600 to protect against surges induced by discharges of atmospheric origin.

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File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

6.7	INSTALLATIONS FOR GROUNDING

6.7.1

Grounding the technical side area (MT / LT sub-station)

The grounding device will consist of:

- metallic screens for MT cables, earthed at both ends;

- From the ground ring of the sub-stations, made with steel rod section at least 50 mm 2;

- Four stakes in galvanized steel, length at least 1.5 m, at the head of the ring;

- The earth nodes of the sub-stations and protective conductors and equipotentials.

All the masses, the outside masses, and the neutral conductor, should be connected to the track.

6.7.2

Grounding on photovoltaic field side

The ground device will consist of:

- The metal structures supporting the photovoltaic modules are designed as natural dispersers;

- dispersers positioned near the vertical control panels.

All the masses and the masses outside the plant should be connected to the ground device. The determination of the section of the protective conductor is calculated by the formula:

Sp²*K² = I²* t

Sp = Chamber of protective conductor;

I = fault current that runs through the protective conductor for a fault free on mass

t = Tripping time of the protection device;

K = Characteristic value of the conductor.

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File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

7 SECURITY SYSTEM

The security system adopted by Ecoware for photovoltaic systems consists of two main components that married together, provide a high level performance, reducing costs compared to normal devices adopted and a speed of installation that goes directly from the pre-wired cable to the company. They are:

1. Fiber optic perimeter anti-intrusion system

2. PICS ®

More details are contained in the tables IS.01, 02, and 03.

7.1	FIBER OPTIC PERIMETER ANTI-INTRUSION SYSTEM

The security system is a 24 hour-a-day fiber optic perimeter system , which provides protection from intruders from within the protected area. It uses fiber optic technology for sensors and as a support element for the transmission of the alarm. Since the fiber optic line is made of glass and an internal light (not electrical)signal passes down the same, , the system is 100% reliable as an alarm signal. The system is not affected by bad weather (hail, thunderstorms, fog, sun, rain), wind (there is no wind effect), magnetic fields or electrical interference from radio frequencies, or vibrations of any kind. Finally, birds do not cause false alarms because the system, through the management software, deletes all optical stress points, by continually reading an average of the signals arising from the fiber optics. The perimeter fiber optical system is composed of:

-	Central FOSE microprocessor that runs from 1 to 8 transponders

-	Optical protection in the field

-	Support poles for the system with taut strings

-	Fiber optic link between central microprocessor and alarm zones.

PICS ® 7.2

Each network consists of a control unit and area microprocessor controllers which are connected to sensors (PICS-node).

The PICS-node consists of an electronic circuit of small size, protected from weathering by a coating of acrylic / polyurethane resin and fixed permanently on the back of each photovoltaic module.

Depending on the manufacturer and the process for mounting, the attachment of the PICS-node will be ensured by a safety bolt and / or a two-component epoxy adhesive that once dried crystallizes and makes it impossible to remove.

PICS-Each sensor node contains an identification code that resides on a 64-bit nonvolatile memory (lasered ROM).

The sensors are electrically connected together with bus cable thus forming areas.

The electrical connection of the cables is by a crimped termination in heat-shrunk nylon that ensures resistance to weathering.

Each area is connected to a microprocessor called the "area controller" which is housed in the field frame for the Tracker installations while for the Radiantes it is necessary to use one dedicated frame fixed to the poles of the structure.

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Project for a photovoltaic power plant equal to 734.40 kWp

The microprocessor checks the status of the PICS-nodes and in case of damage or tampering transmits an alarm signal via wireless or RS485 control unit.

In turn, the control unit notifies the operations center of Ecoware in Padua via RF, GSM or satellite, and Ecoware can thus also see the area where the alert was generated and intervene promptly.

The whole system offers maximum security due to the continuous dialogue between the monitoring station, the control unit, the microprocessors and single-node PICS allowing the immediate identification of the infringement and prompt action by supervision staff.

The PIC control system can be integrated into the general plant control system that monitors and manages the production of energy, alarms and access control.

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Project for a photovoltaic power plant equal to 734.40 kWp

8 Integrated Security

To protect the entire site from intrusion attempts, as required by the commission, a system will be installed composed of these main elements:

VIDEOSURVEILLANCE: camera and lighting

ANTI-INTRUSION: microwave barriers

The INTEGRATED SYSTEM has an innovative appearance and firmware to facilitate programming operations and normal use of the instrument. Architecture modular, with MDV motion detection for outdoor environments, interference filters against atmospheric agents variation of natural and / or artificial light, dimension of objects, from 8 to 16 masking areas for each video input, SDD Slow Down Detection - real time image analysis through Neuro Type Algorithm (patented) with smart features, MPX software and a multi-level video-map for alarm management. Sixteen supervised video inputs and sixteen video outputs Loopthrough, sixteen alarm inputs and two video outputs for analog monitors, represent the characteristics of reference of this model. Due to its high level of flexibility, the integrated digital system MDV + ▇▇▇▇▇▇ + MPX is used in the management of high security video control systems in environments of different types, such as the banking, industrial and service sectors, where it is necessary both to ensure high quality image definition and long range recording.Thus rendering it Ideal for perimeter protection against intruders and terrorists. The system comes standard with a Linux operating system, and an internal Hard Disk with 250GB (MDV) + 320GB (Alexsys) with internal expandability up to 640GB. Integrated Virtual Keyboard. Motion detector performed in real time using cutting edge technology with dynamic masking zones and levels of sensitivity. Activity detector. Multiplexers and demultiplexers of recorded images.

MOTION DETECTION

This special and extremely important function is independently programmable for each individual camera. By defining masking zones and sensitivity levels and thus optimising the analysis and recording stages and employment of the hard drive, only the images characterized by the actual presence of motion detected within the preset areas will be recorded and static images shall be discarded as insignificant.

Moreover, this feature allows you to proactively manage the alarm, activating a warning to the Control Center, from which you can acquire images directly and decide on the possible intervention of on-site personnel.

CENTRALIZATION

This is an extraordinary feature that gives the devices that are equipped with it a level of expandability ranking among the most advanced on the market today: the centralization of images using public lines (PSTN-ISDN-ADSL-HDSL) or LAN, WAN networks. Simultaneous management of local video-recording and communication with the Control Center provides a powerful means of Video-surveillance.

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File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

DESCRIPTION OF THE EQUIPMENT

Integrated system

l	1 Integrated system with access to 16 points

l	1 Software for management and remote control

l	1 digital color LCD Monitor 19 "

VIDEO-SURVEILLANCE: camera and lighting

Cameras

l	15 1 / 3 6mm diagonal Sony Super HAD Color Day & Night CCD Cameras .

l	15 Auto Iris Lenses (with optics of a type variable from 4 to 9 mm, infrared-sensitive for better resolution during the night)

l	15 Waterproof outdoor housings

l	1 Professional Camera Speed Dome mod.DH801 Color, high-speed use, Indoor / outdoor - New high strength plastic body, polycarbonate transparent dome - Function Day & Night + Accessories

l	3 Boost Modules

l	1 Safety cabinet

l	Special 75Ohm coaxial cable, RG-59 shielded type

l	UTP-CAT5 network cable

l	Network 220V power cable rubberized with section of 3x1.5.

l	coaxial BNC connectors.

Lighting

l	1 + dim clock to switch on and off the lamps.

16 bulbs

l	No. 16 posts 7.80m

FGO cable

Switches

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Project for a photovoltaic power plant equal to 734.40 kWp

ANTI-INTRUDERS: microwave barriers

l	1 Central multiarea microprocessor mod.ETR/100 with 8 inputs

l	expandable to 104

l	1 Command keyboard and programming mod. ▇▇▇▇▇

l	1 volumetric dual technology detector mod DT2000

l	7 Microwave Outdoor Barriers mod.BM-200Q

l	1 indoor electronic internal siren - piezoelectric

l	2 powered external siren ▇▇▇.▇▇/▇▇▇

l	6 Group autonomous power mod.C/11-K

l	6 serial concentrators with 8 inputs, mod. RIVER

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File: R.01 - Technical report - Radiant 36

Project for a photovoltaic power plant equal to 734.40 kWp

Scheme 2: Control of energy production and alarm management

9. INTEGRATED CONTROL SYSTEM FOR PRODUCTION, ENERGY AND SURVEILLANCE: PROTEO

This document specifies the hardware and software for the architecture of the Proteus supervision system.

Supervision is based on networks of communication at many levels and on software applications which allow monitoring of devices present in the plants.

The generic definition of the elements is a key factor in that the entire system provides for monitoring of devices regardless of their make and model, of their modes of communication and of the transmission protocols that they can use.

If some elements are not equipped with "outputs" capable of meeting the demands for ▇▇▇▇▇▇’s data collection signal converters or other accessories will be installed which do meet these requirements.

Transformer

Inverter

RS232

RS485

Modbus

(Other)

The significant items in the container are the Inverter, the Low Board (QBT), the Transformer, the Medium Board and Ups.

Any of said items provides data to the supervision system using its own original protocols.

A connections system which is adapted to the devices in the container, together with the installation of signal converters if necessary, allows monitoring of functioning and error signals in real time.

Ups

Junction
Box

QMT

Local PC

QBT

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Project for a photovoltaic power plant equal to 734.40 kWp

Scheme 3: Security

Scheme 4: Data transmission

Optical perimetral System + PICS

The standard communication modalities used to synchronize the local supervision location with the central server is by way of satellite communication. The installation of a switch between PC and router has been foreseen to allow devices to use properly IP protocols, if any.

Any sub-system can communicate in an independent way and be manually installed on the site. Proteo is capable to communicate with those systems regardless of what protocol is used and in a transparent way with regard to the communication modalities that are used.

Access Control System

Access Control

Router

Satellite

Switch

Satellite Aerial

Anti-intrusion + Panels theft

Local PC

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Project for a photovoltaic power plant equal to 734.40 kWp

Scheme 5: Central elements for supervision

Scheme 6: Internal Data Management

All plants use their data in an asynchronic way with respect to the central server. Such data, if related to values and sizes synchronizations, are elaborated by the server that archives them. Data relating to errors or anomaly signals are shown to the technical assistance officers who put in place the relevant problem solving procedures. If the issue cannot be solved by remote, officers start a Trouble Ticketing procedure involving local technicians.

Server

Technical Assistance

Back-up unity

Plant n

Plant 1

Server WEB

Plant 2

Server

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Project for a photovoltaic power plant equal to 734.40 kWp

Scheme 7: Management of Technical Assistance and Emergency Information

Server

Technical Assistance

Semi-automatic procedures for solving of errors and anomaly

Electronic Squad

Trouble Ticketing Handling

First Aid

Mechanics Squad

Electricians Squad

Annex 7

Project Implementation Schedule

[Certain terms translated from Italian]

Project: Fixed PV Plant 1MW Date: gio 18/02/10

Activity

Progress

Hinge

Summary

Reported activity

Reported Hinge

Reported Progress

Division

External Activities

Summary of project

Grouping Summary

Expiry

Pagina 1

ECOWARE S.p.A.

▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇
▇▇▇▇▇ ▇▇▇▇▇▇ (▇▇▇▇▇)
T. ▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ F ▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇

▇▇▇.▇▇▇▇▇▇▇.▇▇

ID	Name Activity	Duration	Start	End
1	Fixed PV Plant 1MW - DEL ▇▇▇▇▇▇	87 g	Thur 18/02/10	Fri 18/06/10
2	Contract Signature	1 g	Thur 18/02/10	Thur 18/02/10
3	Engineering	7 g	Fri 19/02/10	Mon 01/03/10
4	Executive project	5 g	Fri 19/02/10	Thur 25/02/10
5	Project approval	2 g	Fri 26/02/10	Mon 01/03/10
6	Bureaucracy for start of works	5 g	Tue 02/03/10	Mon 08/03/10
7	Authorizations, safety documentation,	5 g	Tue 02/03/10	Mon 08/03/10
8	Procurement	6 g	Tue 02/03/10	Tue 09/03/10
9	Poles, structures, panels and cabinets	6 g	Tue 02/03/10	Tue 09/03/10
10	Equipment production	47 g	Thur 04/03/10	Fri 07/05/10
11	Structures	10 g	Thur 04/03/10	Wed 17/03/10
12	Strips	15 g	Tue 09/03/10	Mon 29/03/10
13	Panels and cabinets	45 g	Mon 08/03/10	Fri 07/05/10
14	Equipment delivery at site	39 g	Fri 19/03/10	Wed 12/05/10
15	Structures	5 g	Fri 19/03/10	Thur 25/03/10
16	Strips and structures	5 g	Fri 26/03/10	Thur 01/04/10
17	Panels and cabinets	1 g	Wed 12/05/10	Wed 12/05/10
18	Construction	64 g	Tue 09/03/10	Fri 04/06/10
19	Civil works	48 g	Tue 09/03/10	Thur 13/05/10
20	Site access preparation and topography	2 g	Tue 09/03/10	Wed 10/03/10
21	Fence	6 g	Thur 11/03/10	Thur 18/03/10
22	Entries and land levelling	5 g	Fri 19/03/10	Thur 25/03/10
23	Foundation for ENEL and inverters/ trafo cabins	6 g	Fri 26/03/10	Fri 02/04/10
24	Excavation for conduits	30 g	Fri 02/04/10	Thur 13/05/10
25	Mechanical Installation	36 g	Fri 26/03/10	Fri 14/05/10
26	Structures Installation	25 g	Fri 26/03/10	Thur 29/04/10
27	Sails installation	20 g	Fri 16/04/10	Thur 13/05/10
28	LV/MV cabinet installation	2 g	Thur 13/05/10	Fri 14/05/10
29	ENEL cabinet installation	2 g	Mon 19/04/10	Tue 20/04/10
30	Electrical installation	40 g	Fri 09/04/10	Thur 03/06/10
31	Plant cabling	25 g	Fri 09/04/10	Thur 13/05/10
32	Field cabinets wiring	15 g	Fri 14/05/10	Thur 03/06/10
33	Inverter and power delivery cabins connections	5 g	Mon 17/05/10	Fri 21/05/10
34	I & C	26 g	Wed 21/04/10	Wed 26/05/10
35	Optical fibre cable for the surveillance system	5 g	Wed 21/04/10	Tue 27/04/10
36	Meteo Station	3 g	Mon 24/05/10	Wed 26/05/10
37	Mechanical Completion	1 g	Fri 04/06/10	Fri 04/06/10
38	Commissioning (before grid connection)	10 g	Fri 04/06/10	Thur 17/06/10
39	Measures on sails	10 g	Fri 04/06/10	Thur 17/06/10
40	Cables insulation resistance test	4 g	Fri 04/06/10	Wed 09/06/10
41	LV/MV Cabinet test	2 g	Fri 04/06/10	Mon 07/06/10
42	Ready for Tests out of the Grid	1 g	Fri 18/06/10	Fri 18/06/10

Annex 8: Safety Costs

The System’s safety costs estimate is the following:

a) - - - -	Site preparation: Site enclosures; Roads and escape routes; Delimitation of internal site areas; Sign boards.	€ 2.800 + VAT
b) - - -	Preventive and protective measures and IPD: courses; meetings; IPD.	€ 3.000 + VAT
c) - -	Grounded systems and protection against atmospheric charges: Grounding for the cranes and hoisting systems; Electrified site premises.	€ 1.600 + VAT
d) - - - -	Collective protection means and services: Fire extinguishers; First-aid equipment; First-aid station; Collection points.	€ 2.500 + VAT
e) - -	Procedures contained in the CSP: Goods movement on site. Internal logistics organisation.	€ 1.900 + VAT
f)	Coordination measures relative to the common use of fieldwork, equipment, infrastructure and collective protection means and services.	€ 30.000 + VAT
	Total costs:	€ 41.800 + VAT

The costs have been estimated by the Contractor in compliance with the legislation in force on safety. The costs shall, in any case, be object of inspection by the Health and Safety Coordinator in the drawing up of the CSP.

Annex 9: Minimum Guaranteed Performance Ratio (MGPR)

The Parties have agreed a Minimum Guaranteed Performance Ratio MGPR equal to 78%.

Performance ratio algorithms.

The performance ratio (PR) is defined according to the standard CEI EN 61724 (CEI 82-15) as:

Y r

Y f

(1)

Yf is the final PV system yield, that is the net AC energy output divided by the nominal DC. power of the installed PV System. It represents the number of hours that the PV System would need to operate at its rated power to produce that amount of energy. The value for Yf is calculated by equation 2:

Y f

[kWh / kWp]

(2)

where:

Yf = final PV System yield

E = System net AC energy output in kWh

Pn = System nominal power in kWp

Yr is the reference yield that is the total in-plane irradiance H divided by the PV’s reference irradiance G. It represents the equivalent number of hours necessary for the array to receive the reference irradiance. If G equals 1 kW/m2 , then Yr is the number of peak sun-hours. The Yr defines the solar radiation resource for the PV system. It is a function of the location, orientation of the PV array, and month-to-month and year-to-year weather variability. The value for Yr is calculated by equation 3:

Y r

[(kWh/m2) / (kW/m2)]

(3)

where:

Yr = reference yield

H = total plan of array irradiance in kWh/m2

G = reference irradiance (usually 1 kW/m2)

The performance ratio (PR) calculated by the equation (1) is Yf divided by ▇▇. By normalizing with respect to irradiance, it quantifies the overall effect of losses on the rated output due to inverter efficiency and wiring mismatch, and other losses when converting from DC to AC power; PV module temperature; incomplete use of irradiance by reflection from the module front surface; soiling or snow; system down-time and component failure.

1. Measurement of effective performance ratio

On the base of the above assumptions, the effective performance ratio (PReff)) is calculated as follows:

PReff = (Eeff * G )/ (Pn * f * H )

Where:

Eeff :

is the production of electric energy (in kWh) measured at the point established by the GSE at low voltage

G:	is the standard irradiance value, meaning the value representing the instantaneous power of the solar radiation which hits a orthogonal plane surface in standard conditions, equal to 1000 W/ m2

Pn :	is the nominal peak power (in kW) of the System in standard conditions STC

f:	is a correction factor due to the panels performance degradation equal to (1- 0,0008 * Nmonths) where Nmonths is the “number of months” from the opening of the worksite

H:	is the value of the irradiation in (kWh/m2) measured under the measurement operational conditions mentioned below

For the avoidance of doubts, whenever throughout the Contract, reference to the Performance Ratio of the System is made, it is clear to all Parties that the PReff is meant.

2. Measurement operational conditions

Utilized instruments: N. 2 class II pyranometers

The exact position of the pyranometers will be decided in the Executive Project.

Measurements performed with the pyranometers will be recorded every 10 minutes

Every hour an average irradiation value will be calculated as follows:

(a) Hi (kWh/m2) at the ith hour

Hourly average irradiation less than 600 Wh/m2 will be discarded

At the end of each period the total irradiation will be calculated as follows:

(b) H = ∑ Hi where “i” is a value from 1 to (24 * n)

3. Stopping periods

During the course of the measurement, stopping periods not attributable to the Contractor responsibilities (i.e. stopping periods due to theft, vandalism, Force Majeure events, non-availability of monitoring system, power outage of the national electricity grid, wilful misconduct or gross negligence of the Owner) will be excluded from the calculation of the PReff .

4. Minimum Guaranteed Performance Ratio (MGPR)

The Minimum Guaranteed Performance Ratio (MGPR) will be a function of two parameters:

type of system: fixed or tracker

type of measurement: over one year periodicity or over different time span

For one year periodicity measurement the Minimum Guaranteed Performance Ratio (MGPR) will be:

MGPR_fixed = xx for fixed systems

MGPR_tracker = yy for tracker systems

For different time duration measurement, the Minimum Guaranteed Performance Ratio (MGPR_short-term) will be corrected through a corrective Factor (Ftemp) depending on the ambient temperature.

The following condition will have to be satisfied:

for one year periodicity measurements:

PReff ≥ MGPR

for different time duration measurements:

PReff ≥ MGPR_short-term

where:

MGPR_short-term = MGPR * Ftemp

The methodology to calculate the temperature corrective factor is below described.

5. Correction of Minimum Guaranteed Performance Ratio

The methodology of correction is based on standard CEI 82-25.

This measurement consists in the verification of the following conditions when in presence of irradiation superior to 600 W/m²:

Pdc > 0,85 * Pn * I / ISTC

Pac > 0,9 * Pdc

that is:

Pac > 0,765 * Pn * I / ISTC

Where:

Pdc:	is the DC power (in kW) measured at the PV generator output, with a precision better than ± 2%;

Pac :

is the AC power (in kW) measured at the LV inverter output, with a precision better than ± 2%;

Pn :	is the nominal power (in kW) of the System;

I :	is the instantaneous irradiance on the module plane (in W/m2), with a precision better than ± 3%; ;

ISTC :

is the irradiance in standard conditions, equal to 1000 W/m2.

If during the course of these measurements, a panel temperature reading superior to 40°C is taken on the back of the panel itself, it is allowed to apply a temperature related correction to the power reading itself.

In such a case the following formula will be used to calculate a theoretical AC power at the LV inverter output, corrected by temperature factor:

Pdc_corr > (1 – Ptpv - 0,08) * Pn * I / ISTC

Pac_corr > 0,9 * Pdc_corr

where Ptpv indicates the thermal losses of the photovoltaic generator (derived from the panel technical data), while other generator related losses – optics, resistive, diode related, matching errors/defects – are typically taken to be equal to 8%.

Ptpv can be determined, if the Tcel (temperature of the photovoltaic cells) is known, using the following formula:

Ptpv = (Tcel - 25) * y /100

or, if Tamb (ambient temperature) is known, using:

Ptpv = [Tamb - 25 + (NOCT - 20) * I / 800] * y /100

where:

y:	is the power temperature coefficient (the parameter supplied by the panel manufacturer , for crystalline silicon panels is typically equal to 0,4 - 0,5%/°C);

NOCT: is the nominal module work temperature; it is a parameter supplied by the panel manufacturer, typically equal to 40-50°C);

I:	is the instantaneous irradiance on the panel plane (in W/m2);

Tamb: is the ambient temperature;

Tcel:

is the temperature of the cells in a photovoltaic panel; can be measured with a thermorestrictive sensor (PT100) attached to the back of the panel.

Measurement operational conditions

Measurements performed with the pyranometers will be recorded every 10 minutes

Every hour an average irradiation value will be calculated as follows:

Hi (Wh/m2) at the ith hour

Hourly average irradiation less than 600 Wh/m2 will be discarded

The ambient temperature will be measured at a point which will be judged to be representative of the conditions of the entire plant and will be measured with a calibrated instrument with a margin of error inferior to 0,5oC

For a measurement of the output AC power a Classe 1 instrument will be used

Measurement results

The temperature corrective factor (Ftemp) will be calculated as follows:

Ftemp = Pac_corr / Pac = 0,9 (1 – Ptpv -0,08) / 0,765

For the avoidance of doubt, the temperature corrective factor will be applied only for short-term PReff measurement and only for the timeframe per day in which the panel temperature exceeds 40° C.

Annex 10: Testing Procedures

This document aims to describe the regulatory requirements and references to which the Contractor must adhere. The document contains the list of checks, tests and measurements to be performed for testing and commissioning, as well as the criteria for acceptance by the Principal of the PV plant (hereinafter referred to as "plant").

The tests consist of:

Verification of materials, components and equipment;

Checks and tests during the work on materials, components and equipment;

Tests for the commissioning and system performance evaluation:

Technical Inspection (Static Test - without interconnection );

Testing of Grid Connection;

Testing of the plant with interconnection;

GSE Acceptance Test;

Provisional Acceptance Test (PAC);

First Reassessment Test;

Second Reassessment Test (FAC).

For all the definitions, we refer to the glossary set out in the technical specifications attached to the contract documents.

pag. 1 di 12

1	MATERIALS CERTIFICATES

General

For each material, component and equipment must be provided conformity certificates of conformity and compliance with relevant rules and the origin and warranties certificates.

PV Module

The photovoltaic modules must be accompanied with the certificate of approval according to CEI EN 61215 (photovoltaic modules in crystalline silicon) and CEI EN 61730-1 and 61730-2.

The photovoltaic modules must be accompanied with a statement of the values of NOCT and of power/temperature coefficient.

The certificates must be issued by laboratories accredited for specific tests required to verify the modules, in accordance with UNI CEI EN ISO / IEC 17025. These laboratories should be accredited EA (European Accreditation Agreement) or must have established mutual recognition agreements with EA.

Structures

The metal structures (steel) supporting the photovoltaic modules shall be accompanied with the certificate according to UNI EN ISO 1461 (coatings for hot-dip galvanizing).

Energy Meters

The meter in low voltage it is installed by ENEL itself, the one in medium voltage it is certify.

Protections equipment for connection to the grid

Protection Interface (PI) and the general protection (PG) must be approved and comply with the requirements in CEI 0-16 ed.2.

pag. 2 di 12

Precast

The prefabricated electrical delivery station (“cabina di consegna”) shall be accompanied with the certificate of inspection taking into account the requirements of the Guide for connections to the electricity Grid of ENEL (ed. December 2008).

TESTS

2.1	Technical Inspection (Static Test - without interconnection)

After each test session a report must be prepared. Before each test session, the Contractor shall deliver the documentation specified in the Technical Specifications .

If a test session shows anomalies or non-compliance, Contractor will identify and correct issues to begin a new session of tests.

The works are accepted only if they fully meet the Executive Project, as required in respect of materials installed, the method of execution and the general requirements.

In the presence of the Contractor and the Principal, the technician responsible for testing will perform the controls and tests listed below.

Physical inspection of the plant

Verification of the mounting structures – The Parties will verify the number of installations in comparison with the Executive Project.

Controller verification – Parties will verify the number of controllers installed in, comparison with the Executive Project.

Network interface verification – The Parties will verify the number of the power inverters and transformers in comparison with the Executive Project.

Device and accessory verification – The Parties will verify the number of devices and accessories, in comparison with the Executive Project (perimetral defences, weather station, box shelter, etc.)

pag. 3 di 12

Placement of structures, electrical stations and electrical lines

PV modules orientation

Tilt Angle

Devices verification – Parties will verify the number of Inverters, transformers, Grid Interfaces and accessories in comparison with Executive Project

Civil Works

Foundations (alignment, cracks, surface deterioration, etc.).

Integrity of conduits and manholes

Protection against insects and ▇▇▇▇▇▇▇

Structures

Basements (alignment, cracks, surface deterioration, etc.).

Check of profiles mounting

Integrity of the profiles

Co-planarity of the modules with structures

Bolting corresponding to the Executive Project

Tightening torque of bolts corresponding to the Executive Project

PV Modules

Documentation verification – The Parties will check the presence of appropriate documentation for each cluster of PV modules and each string as well as its correspondence with installed PV modules, their codes and declared flash test power output.

Nominal and real power check – The Parties will check the sum of the nominal power peaks of the installed modules which have to match with the GSE declaration. The effective installed power has to match the nominal power declared to the GSE, with a tolerance of ± 3%.

Plant checks – the Parties will random select 20 modules from the documentation and will verify the effective presence of those panels in the installed PV clusters as declared in the documentation.

pag. 4 di 12

Mechanical Integrity (faults, fractures or incomplete assembly)

Wiring.

Module connection box protection degree (IP)

Electrical Equipment

Placement

Mechanical Integrity (faults, fractures or incomplete assembly)

Outdoor wiring

Degree of protection of the components assembled

Check protection degree for all the plant components

Proper sealing of cable glands

Proper application of protective measures against insects and rodents

Checking of electrical connections

Wiring and cables labels according to the cables table

Proper LV cables connection

Inverter connection according to CEI 0-16

Proper MV cables connection

Verification of Switching and Protection devices

Inspection of LV protection devices (switches, fuses, etc )

Test of LV devices

Inspection of MV protection devices (switches, fuses, etc )

Test of MV devices

Check of over-voltage discharges

Proper installation and wiring of any blocking diodes

Grounding system verification

Proper implementation and electrical continuity of grounding connections of all metal parts

Proper implementation and electrical continuity of grounding connections for over-voltage discharges

Proper implementation and electrical continuity of grounding connections of all the support structures

pag. 5 di 12

PV string tests

Modules serial number and electrical parameter meeting with the list of materials

Measurement of string open circuit voltage, performed at string parallel boards output

Measurement of string short circuit current, performed on DC parallel boards output

String Electrical Insulation Test by sample.

Instrumentation

The test equipment shown below, accompanied by valid certificates of calibration, is made available by the Contractor.

Torque wrench, if necessary

Multimeter

Ohm-meter

1000V-DC Generator

Calibrators

Current clamp (DC and AC )

2.2	Testing of Grid Connection

If a test session shows anomalies or non-compliance, Contractor will identify and correct issues to begin a new session of tests.

After the testing ENEL will issue a report attesting to the successful outcome of the audits, and proceed to closing of IMS in the cabin of Delivery.

Measurement of grounding system resistance

In order to proceed with testing the Contractor must have measured the value of grounding resistance. The Contractor must verify that the result complies with the CEI 11-1 and CEI 11-37 rules and the Enel technical standards.

pag. 6 di 12

2.3	Testing with interconnection

After checking with the staff of the electricity supplier the circuit wiring diagrams, equipment status and the protection devices functionality , the plant will be put in operation by closing of medium voltage switches.

Start Up Test

The tests will be performed separately on each inverter and progressively throughout the plant.

Checking the connection of the inverter for each phase

Verification of the level of input voltage to the inverter

Start Up of inverters and check out the settings of the control system and protection devices

Checking the insulation on the DC side and the setting of the protection devices

Test inverter in different operating conditions provided by the control system (power on, power off, no Grid, etc.).

Verifying the proper operation of the interface device and associated organs of disconnection from the Grid

Verifying the correct operation of the photovoltaic plant

Protection devices calibration

Verifying the compliance with the requirements and standards

Verifying and regulation of action levels of equipment and protection devices

Alarms and Alert Devices

Verifying of compliance with the requirements

Checking the correct operation of alarms and alert devices

Electricity metering devices

Verification of the functionality of measuring devices (meters and indicators)

pag. 7 di 12

Monitoring and Data Acquisition

Equipment of the monitoring system must be calibrated and certified by an independent certification body

Checking of the weather station and all the sensors installed

Verification of measurement parameters for all the sensors installed

Testing of communications with inverters

Verification of all acquired signals and their proper display and storage

Verifying of proper operation of UPS

Telemonitoring

Verification of the transmission system

Verification of data processing software

Power Consumption

Measure of inverter power consumption in stand-by mode

Measure of power consumption of auxiliary services, and system monitoring

Security system and video surveillance

Checking of the fence and anti-intrusion system

Verification of internal sensors in every substation and Technical room

Verification of mechanical anti-theft system of photovoltaic modules

Verification of the video-surveillance system

pag. 8 di 12

GSE TEST

As provided in Annex 1 of Decree 19 February 2007, there shall occur simultaneously the following two conditions for each inverter:

a)	Pcc > 0.85 × Pn om ×	I
		ISTC

b)	Pca > 0.9 × Pcc

where:

Pcc = Measured Power (W) at the inverters input, with accuracy greater than ±2%

Pca = Measured Power (W) at the inverters output, with accuracy greater than ±2%.

The measures are valid for solar radiation on the surface of the modules greater than 600W/m².

If during the test the measured back module temperature is greater than 40 °C a temperature correction is permitted.

In this case the condition a) above becomes:

a’)	Pcc > (1 – Ptpv – 0.08) × Pn om ×	I
		ISTC

Ptpv = PV Generator thermal losses, while all the other PV losses (optical, resistive drop on diodes, coupling faults) are typically taken equal to 8%.

Note:

thermal losses Ptpv, with the cells temperature measure TC, can be determined:

Ptpv = (TC – 25) ×	γ
	100

Or, with the ambient temperature measure Ta and NOCT value, we have:

Ptpv = [Ta – 25 + (NOCT– 20) ×	I	] ×	γ
Ptpv = [Ta – 25 + (NOCT– 20) ×	800	] ×	100

pag. 9 di 12

4	PROVISIONAL ACCEPTANCE TEST (PAC)

Provisional acceptance tests consists on verifying the system performance over a minimum period of 5 (five) consecutive calendar days.

Test Conditions

Before proceeding with the provisional acceptance test, all the previous test, as the static test, the grid connection test, the PV plant test with interconnection and the GSE test, must have successfully completed.

If the GSE acceptance test had not yet been successfully carried out, it will be performed as part of the provisional acceptance test.

During the testing period, the availability of the PV generator, Monitoring and Data Acquisition System and Electrical Meters included, should be 100%.

In case of unavailability, for reasons not attributable to the Contractor, the testing period shall be extended for the time required for completion.

In case of unavailability, failure, or malfunction, which may cause irregularities in the operation or risks the safety of the plant and / or personnel, for reasons attributable to the Contractor, the provisional acceptance tests should be fully repeated.

In case the provisional acceptance tests result is negative, the same should be fully repeated.

After the positive result of the test, a report must be prepared as indicated in the EPC contract annex.

Testing Tool and measurement procedure

The test equipment required, accompanied by valid certificates of calibration, is made available by the Contractor.

The Principal, or a person authorized by him, with the Contractor will have access to the plant, and Monitoring and Data Acquisition system at any time of the test to verify the proper operation and consistency of source data.

If there are subfields with different tilt and azimuth angles, one from the other, a pyranometer for each subfield will be positioned.

pag. 10 di 12

Measurement of each pyranometer will be acquired by a central computing unit (PLC) together with the instantaneous Energy (ECA) measured by the GSE meter located immediately at the inverter output.

The module temperature will also be measured with a separate temperature sensor mounted on its back, one for each subfield.

Precise measurements of radiation, power and temperature are performed every 10 (ten) minutes.

The result of the Provisional Acceptance Test will be positive if the following condition is achieved:

PReff ≥ MGPR

The value of PReff will be calculated according to the procedure described in the Annex 9.

5	FIRST AND SECOND REASSESSMENT TEST

In order to verify system performance during the First and Second Reassessment Test, the continuous recording of meteorological data and PV plant Energy production is necessary.

Test Conditions

During the Contract Year, must be guaranteed an out of service of the monitoring and data acquisition system of up to 120 hours per year, or an availability of valid data of at least 98.6% of the total theoretical data storable in the Year.

Any unavailability of PV Plant, due to reasons not attributable to the Contractor (Grid stop period, outages, lightning, theft, vandalism or other events of Force Majeure in general), or agreed with the Principal shall be deducted from the calculation.

System Performance measurement

The PR will be calculated as the average value on an annual basis according to the procedure of the annex 9.

pag. 11 di 12

5.1	First Reassessment Test

After 12 months from the issuance of the Provisional Acceptance Certificate, a review of PV Plant Performance will be performed by the Test Technician with the Contractor and the Principal, and at the presence of the Technical Advisor.

The Effective Performance Ratio PReff value will be calculated according to the procedure of annex 9 and compared with the MGPR (Minimum Guaranteed Performance Ratio).

The test result will be positive if the following condition will be achieved:

PReff ≥ MGPR

5.2	Second Reassessment Test

After 24 months from the issuance of the Provisional Acceptance Certificate, a review of PV Plant Performance will be performed by the Test Technician with the Contractor and the Principal, and at the presence of the Technical Advisor.

The Effective Performance Ratio PReff value will be calculated according to the procedure of annex 9 and compared with the MGPR (Minimum Guaranteed Performance Ratio).

The test result will be positive if the following condition will be achieved:

PReff ≥ MGPR

pag. 12 di 12

ANNEX 11

TECHNICAL ACCEPTANCE CERTIFICATE MODEL

[ on the Principal’s headed paper ]

To the Contractor and Site Manager

Ecoware S.p.A.

Att. Ing. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇

▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇

I-35129 Padova, Italy

Object:

EPC Contract entered into between [●] (the Principal) and Ecoware S.p.A. (the Contractor) on [●] for the planning and construction of [●] photovoltaic System in the Province of [●] (the Contract with reference EPC_EO_Projectname_nbr_YYYYMMDD)

Dear Ing. ▇▇▇▇▇▇▇▇▇▇▇▇,

except where otherwise required by the context or defined diversely, the words and expressions established in the Contract shall have the same meaning as when they are used in this certificate.

The undersigned hereby declares the following:

(a)	the System’s correspondence in compliance with the Final Project documentation;

(b)	to have checked the existence of the System’s conformity declaration in a worldclass manufacturing way, pursuant to the Law 46/90, executed by the Contractor

(c)	the System’s nominal power results as being equivalent to [●] kW, constituting the nominal power of the modules making up the photovoltaic System;

(d)	the test conducted on Annex 13 ( Technical Inspection) results positive.

(e)	All the following tests have been positive:

(a)

electrical continuity and connection among the modules (electrical continuity among the various points of the strings circuits and among the eventual strings parallel and the inlet of the inverter and the power control);

(b)

grounding surge protector (electrical continuity of the ground circuit, starting from the discharger up to the mass and external mass connected)

(c)

insulation of the electrical circuit of the mass (adequate insulation resistance of the plant prescribed on the normative CEI 64-8/6);

(f)

All the tests have been carried out in compliance with what has been foreseen by the law in force and, in particular, by the legislation specified in the M.D. dated 19thFebruary 2003 and subsequent amendments and integration thereto, as well as in compliance with the test procedures in force with the Technical Consultants appointed by the Principal and/or Financing Entity.Everything that has been set forth above is true.

Further to your Mechanical Completion notice dated [●] relative to the [●] System, it is hereby certified, pursuant to and by effect of Art.12.1 of the Contract that the Payment Milestone 2 corresponding to € [●] (in words Euro [●]) described in the aforementioned notice has been effectively completed in compliance with the Technical Specification and the Project Implementation Schedule.

Yours faithfully,

Date : [●] By [●]

ANNEX 12

COMMENCEMENT OF OPERATIONS NOTICE MODEL

[on the Contractor’s headed paper ]

To the Principal, Work Manager, Technical Consultants of Principal and/or Financing Entity

[●]

Attention of Mr. [●]

Address [●]

[●]

Object:

Dear Mr. [●],

Except where otherwise required by the context or defined diversely, the words and expressions established in the Contract shall have the same meaning as when they are used in this communication.

We wish to inform you, pursuant to and by effect of 12.2 of the Contract that with reference to the [●] System, the Commencement of Operation has been fulfilled on today’s date, as can be seen from the attached documentation.

With reference to the System, it his hereby declared the System is connected to the national electricity grid and that the System and Contractor are ready for the start of the Operational Inspection and subsequently the tests, inspections and effective performance ratio calculations.

Yours faithfully,

Date : [●] Ing. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇

Ecoware S.p.A.

ANNEX 13

STATEMENT ON ESTIMATE OF CONNECTION

ECOWARE LETTERHEAD

ELLOMAY PV ONE S.r.l.,

Galleria Borromeo, 3

35137 Padova

Italy

Attention of Mr ▇▇▇ ▇▇▇▇▇▇▇▇

Dear Sirs

Re: Estimate of connection – EPC Contract EE_Del ▇▇▇▇▇▇ executed on [●]

We hereby confirm that we reasonably estimate that the above plant will be connected in 120 (one hundred twenty) days from the date Payment Milestone 1 shall be paid in accordance with Art. 4 of the Contract.

Yours faithfully

On [●]

Signed by [●]

____________________

On behalf Ecoware S.p.a.

ANNEX 14

PROVISIONAL ACCEPTANCE CERTIFICATE MODEL

[ on the Principal’s headed paper ]

To the Contractor and Site Manager

Ecoware S.p.A.

Att. Ing. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇

▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇

I-35129 Padova, Italy

Object:

Dear Ing. ▇▇▇▇▇▇▇▇▇▇▇▇,

except where otherwise required by the context or defined diversely, the words and expressions established in the Contract shall have the same meaning as when they are used in this certificate.

The undersigned hereby declares the following:

·	the System’s correspondence in compliance with the Final Project documentation;

·	to have checked the existence of the System’s conformity declaration in a worldclass manufacturing way, pursuant to the Law 46/90, executed by the Contractor

·	the System’s nominal power results as being equivalent to [●] kW, constituting the nominal power of the modules making up the photovoltaic System;

·	the test conducted on Annex 10 with respect to Operational Inspection results positive.

·	Has calculated the short term effective performance ratio of the System for a period of 5 consecutive days of continuous power production and has positively evaluated this effective performance ratio against the MGPR.

·	All the following tests have been positive:

(a)

(b)

grounding surge protector (electrical continuity of the ground circuit, starting from the discharger up to the mass and external mass connected; insulation of the electrical circuit of the mass (adequate insulation resistance of the plant prescribed on the normative CEI 64-8/6);

All the tests have been carried out in compliance with what has been foreseen by the law in force and, in particular, by the legislation specified in the M.D. dated 19th February 2003 and subsequent amendments and integration thereto, as well as in compliance with the test procedures in force with the Technical Consultants appointed by the Principal and/or Financing Entity.

·	Everything that has been set forth above is true.

Further to your Commencement of Operation notice dated [●] relative to the [●] System, it is hereby certified, pursuant to and by effect of Art.12.2 of the Contract that the Payment Milestone 5 corresponding to € [●] (in words Euro [●]) described in the aforementioned notice has been effectively completed in compliance with the Technical Specification and the Project Implementation Schedule.

Yours faithfully,

Date : [●] By [●]

ANNEX 15

INCENTIVE ACCEPTANCE CERTIFICATE MODEL

[ on the Principal’s headed paper ]

To the Contractor

Ecoware S.p.A.

Att. Ing. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇

▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇

I-35129 Padova, Italy

Object:

Dear Ing. ▇▇▇▇▇▇▇▇▇▇▇▇,

except where otherwise required by the context or defined diversely, the words and expressions established in the Contract shall have the same meaning as when they are used in this certificate.

The undersigned hereby declares the following:

It has stepped into the Power Purchase Agreement

It has successfully entered into the Incentive Agreeement with GSE.

Yours faithfully,

Date : [●] By [●]

ANNEX 16

FINAL ACCEPTANCE CERTIFCATE MODEL

[ on the Principal’s headed paper ]

To the Contractor

Ecoware S.p.A.

Att. Ing. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇

▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇

I-35129 Padova, Italy

Object:

Dear Ing. ▇▇▇▇▇▇▇▇▇▇▇▇,

except where otherwise required by the context or defined diversely, the words and expressions established in the Contract shall have the same meaning as when they are used in this certificate.

Through this document, it is hereby certified, pursuant to and by effect of the aforementioned Contract, the acceptance of the [●] System, on the basis of checking that all the conditions foreseen in Art. 12.7 of the Contract, to have the Acceptance Certificate issued, have effectively taken place in relation to said System, inasmuch as:

(a)	The System passed the relevant Technical and Operational Inspection procedures successfully, in compliance with the Principal’s favourable opinion and the latter issued the Provisional Acceptance Certificate (further to the Technical Consultant’s positive opinion);

(b)	the System has been connected in parallel with the national electricity grid;

(c)	all the meters have been installed in order to calculate the energy produced and transferred or exchanged on the national electricity grid;

(d)	The Power Purchase Agreement and Incentive Agreement with GSE have been executed and the relevant Incentive Acceptance Certificate has been issued by the Principal;

(e)	all the obligations relative to the regulation of access to the national electricity grid result as having been accomplished;

(f)	The System has passed successfully the First and Second Reassessment Test or all related penalties and damage liquidations have been fulfilled by the Contractor

Yours faithfully,

Date : [●] By [●]

ANNEX 17

OPERATIONS & MAINTENANCE AGREEMENT

[ ]

ECOWARE S.p.A

s Contractor

And

[…]

As Principal

OPERATION & MAINTENANCE AGREEMENT

With this contract

[SPV], with its registered offices located in [●], VAT Registration Number and Tax Code [●], entered in the Companies Register of [●] under No. [●] represented by Mr. [●] in his capacity of [●] (hereinafter known as “Principal”);

and

Ecoware S.p.A, with its registered offices located in ▇▇▇▇ ▇▇▇▇▇▇, ▇, ▇▇▇▇▇ ▇▇▇▇▇, VAT Registration Number and Tax Code Number 03571330277, entered in the Companies Register in Padua at number 03571330277, represented by Ing. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇, born in Padua on 7th September 1947, in his capacity of legal representative (hereinafter known as the “Contractor”);

(hereinafter known individually as a “Party” and jointly as the "Parties")

Whereas:

(A)	the Contractor and the Principal have executed on [l] a turnkey construction contract (the EPC Contract) pursuant to which the Principal contracted out to the Contractor the design, supply, construction, installation and start-up of the System (as defined below).

(B)	in order to raise part of the financial resources for the construction and operation of the System (as defined below), the Principal will enter into a facility agreement with some financial institutions (the Financing Entity).

(C)	the Contractor and the Principal both desire to enter into an agreement pursuant to which the Contractor will provide the Principal with certain operation and maintenance services in relation to the System (as defined below) as better described in this Agreement.

NOW THEREFORE, THE CONTRACTOR AND THE PRINCIPAL AGREE as follows:

1. Recitals, Annexes And Definitions

1.1 The recitals and annexes to this contract shall represent an integral and substantial part of the same.

1.2 This Contract replaces and fully supersedes any previous agreement entered into between the Parties, either written or oral, on the matters outlined herebelow.

1.3	Defined Terms

Unless otherwise indicated below, the terms herein indicated in capital letters shall have the same meaning as that defined in the EPC Contract:

Agreement means this contract together with the Annexes hereto. In the event of a conflict between one or more of the contractual documents, this contract shall prevail on the Annexes.

Applicable Law means each and every law, regulation, measure, ruling, decree (including the Decree Law) or deed having a binding nature in Italy and issued by every state body and judicial and/or administrative authority, which is in force as at the date on which this Contract is entered into or which comes into force thereafter.

Applicable Permits means each and every license, authorization, certification, filing, recording, permit, affidavit (including the denuncia di inizio attività) or other approval with and/or of any competent authorities that is required by Applicable Law for the construction of the System, including, without limitation, those required by Applicable Law in zoning, building, environmental, landscaping, planning and/or archaeological matters.

Corrective Maintenance Services means the entirety of all services, supplies and work listed under Annex 2 that the Contractor must provide under this Agreement to correct incidents arising at the System or to remedy any anomaly in the operation of the System.

Direct Agreement shall have the meaning indicated in Article 8.8.

Duration means the period of time from the Effective Date until the Expiry Date.

Effective Date means the date on which the Provisional Acceptance Certificate is issued.

Effective System Output (SOeff) means the energy measured yearly at the GSE LV meter

Expert means the arbitrator appointed in accordance with Article 17.1.

Expiry Date means the date which falls 20 years after the Effective Date, unless terminated pursuant to Articles 12 and 13, or extended pursuant to Article 7.2.

EPC Contract has the meaning set forth in whereas (A) above.

Final Acceptance Certificate has the meaning given to this term under the EPC Contract.

Financing Entity has the meaning ascribed in whereas (B) above.

Force Majeure Event has the meaning set forth in Article 13.

Grid Operator means ENEL Distribuzione S.p.A or any other locally competent entity which carries out the activities of operation of the electrical grid.

GSE means Gestore dei Servizi Elettrici S.p.A..

Guaranteed Performance is the warranty provided by the Contractor to the Principal under Article 11 of this Agreement.

Minimum Guaranteed Performance Ratio (MGPR) has the meaning given to this term under the EPC Contract, and shall be as outlined in Annex 3.

Minimum Guaranteed System Output (MGSO) means the minimum energy output guaranteed by the Contractor pursuant to the Annex 4.

Non-Subscription Services means any maintenance, repair or other services relating to the System, which are requested by the Principal and provided by the Contractor and which are outside the scope of the Subscription Services.

O&M Guarantee means a first demand insurance bond issued by a first-class insurance company which has been attributed, at least an A-rating or which, in any case, satisfies the Principal and the Financing Entity, to be provided by the Contractor to the Principal in accordance with the provisions of Article 8.7 in order to guarantee the performance of its contractual obligations under the Agreement until the Expire Date.

Preventive Maintenance Services means the entirety of all services, supplies and work detailed in Annex 1 that the Contractor must provide under this Agreement for the attendance to incidents that might arise at the System, remote supervision of operation and full operational status thereof.

Price means the price for Subscription Services as defined in Article 6.1.

Service(s) includes the Subscription Services and the Non-Subscription Services, as the case may be.

Subscription Services means the Preventive Maintenance Services jointly with the Corrective Maintenance Services.

Subcontractor means the subcontractors to which the Contractor may subcontract all or a portion of the Services to be performed under this Agreement, and the suppliers of any materials and/or services necessary for the performance of the Services.

System means the photovoltaic system in the Municipality of [●] made up of [●] panels made of [●], with a generator that has a capacity equivalent to [●] kWp.

Technical Adviser means the consultant appointed by the Principal and/or the Financing Entity, who has been appointed to monitor the performance of the Services;

Variation means any alteration and/or variation to the Services, the Price or any other provisions of this Agreement, in accordance with Article 5.

Working Days means every day except for Friday, Saturday, Sunday and public or bank holidays.

2.	PURPOSE - SUBSCRIPTION SERVICES

2.1	The purpose of this Agreement is the provision by the Contractor of all the activities necessary to operate and maintain the System, which shall include the Preventive Maintenance Services and the Corrective Maintenance Services, as set forth respectively in Annex 1 and Annex 2.

2.2	For the purposes of the supply of the Subscription Services, notwithstanding the actions that may be taken by the Principal, the Contractor is authorised by the Principal to be the technical representative to the Grid Operator and the equipment manufacturers.

2.3

In order to facilitate the continuous operation of the System, particularly during the hours of maximum solar radiation, the Contractor shall, to the extent possible, schedule and perform the Subscription Services with the purpose of reducing the impact of the work on the productivity of the System.

3.	NON-SUBSCRIPTION SERVICES

3.1

The Non-Subscription Services shall include: (A) the repairing or maintenance of any equipment of the System which was not within the Works under the EPC Contract; (B) the repairing or maintenance of any equipment beyond the Cabina di Consegna; (C) the repairing or maintenance of any equipment of the System due to the occurrence of a Force Majeure event; (D) the repairs to the System in the event of, or resulting from, any alterations or repairs to the System made by the Principal without the Contractor's prior written approval.

In the event that the Principal desires that the Contractor provides a Non-Subscription Service, the Principal, after having received the prior written consent of the Financing Entity and the Technical Adviser, shall submit to the Contractor a written request for such service. The Contractor, if capable and licensed to provide the requested Non-Subscription Service, and provided that any and all the Applicable Permits necessary to provide such service are available, shall provide its offer containing the price and terms of the requested supply. In the event that the Principal does not approve in writing the Contractor’s offer within 10 Working Days, the offer shall be deemed to have been rejected.

4.	WARRANTIES AND REPRESENTATIONS

4.1

The Contractor undertakes to provide the Services, with the organisation of the necessary means and at its own risk (organizzazione dei mezzi necessari e con gestione a proprio rischio), workmanlike (a regola d'arte), correctly and with diligence, using the most advanced technologies and pursuant to the terms of this O&M Contract.

4.2

In particular, by means of the execution of the Services, the Contractor shall guarantee the perfect functioning of the System in compliance with the Technical Specifications (which are deemed as sufficient and exhaustive for the execution of the Subscription Services) and the Applicable Law. In particular, the Contractor shall not be entitled to raise any objection in relation to its obligations under this Contract regarding the characteristics of the System built by the Contractor and accepted by the Principal pursuant to the EPC Contract.

4.3	The Contractor represents and warrants to have (i) obtained all the necessary authorisations, licences and permits for the execution of the Services and (ii) complied with all the necessary authorisations, licences and permits for the execution of the Services.

4.4

The Contractor represents and warrants that its degree of skill, diligence, prudence and experience enables it to operate and maintain the System in accordance with the best industry standards and engineering practices, and that the Services will be performed in compliance with this Contract, the Contractor's operation and maintenance procedures, the Applicable Law and permits. In addition, the Contractor represents to have examined, analyzed and accepted the conditions of the Area and that the same is suitable for purposes of this Contract.

4.5

The Contractor, furthermore, represents and warrants to be the sole responsible vis-a-vis the Principal for the supply of the Services in compliance with the highest quality and quantity expected standards, therefore assuming any responsibility vis-a-vis the Principal itself for the supply of the Services which may be sub-contracted in accordance with this Contract.

4.6

By signing the Contract, the Contractor accepts total responsibility for having foreseen all difficulties and costs of successfully executing the Subscription Services. Therefore, the Consideration shall not be adjusted to take account of any unforeseen difficulties or costs by way of express derogation from article 1664, paragraph 1 and 2 of the Italian Civil Code.

5 VARIATION

5.1 Changes in the Services

Under no circumstances may the Parties make any changes to the Services, unless in accordance with this Article 5.

5.2 Variation upon request by the Principal

(a)

At any time, the Principal, with the prior written consent of the Financing Entity and the Technical Adviser, may propose a Variation by sending the Contractor a notice describing the nature and scope of the change. Upon receipt of such notice, the Contractor must send to the Principal, within a maximum period of ten (10) Working Days, a written communication that includes a complete proposal for the changes in the Price, or any other changes that may be necessary in connection with the changes proposed by the Principal.

(b)	If the Principal has not responded to such Contractor’s communication of changes within a period of ten (10) Working Days, the changes communicated by the Contractor to the Principal shall be deemed to have been rejected.

5.3 Variation upon request by the Contractor

The Contractor may, at any time during the performance of this Agreement, propose changes to the Services that it deems necessary or appropriate to improve the quality, efficiency or safety of the System or the facilities or supplies that make up the System. If the Principal has not responded to such Contractor’s communication of changes within a period of ten (10) Working Days, the changes communicated by the Contractor to the Principal shall be deemed to have been rejected.

5.4 Variation due to a change in the Applicable Law

The Parties acknowledge that a change in the Applicable Law affecting the Services and occurred after the date on which this Agreement is signed may entail the application of the procedure under this Article 5.

The Principal and the Contractor shall negotiate in good faith the effects that might occur as a result of the changes to be implemented due to a change in the Applicable Law.

The Parties agree that any change in the Price due to a variation under Articles 5.2, and/or 5.3 ashall be previously verified and approved by the Financing Entity and the Technical Adviser. The prices applicable to any change in the Services shall:

(i) take into account the Contractor's official rates; and

(ii) in no circumstances exceed the cost of the additional work or supplies arising therefrom.

6 CONSIDERATION AND METHOD OF PAYMENT

6.1 Price for the Subscription Services

The price for the Subscription Services which exclude the All Risk insurance to be paid by the Principal to the Contractor for each year of Duration will be equal to:

Euro / kWp 25,60, plus VAT for the Subscription Services

Euro / kWp 10,00 , plus VAT for the Inverters Maintainance Servicies and 20 years warranty extension

in accordance with Applicable Law (the Price). The Price will be adjusted annually on the basis of 100% of the inflation rate on consumer prices for workers' families (prezzi al consumo per le famiglie di operai ed impiegati), calculated by the Italian National Statistical Institute (Istat – Istituto Nazionale di Statistica). The Parties agree and accept that the Price is fixed and that it may not be amended without the prior written consent of the Financing Entity. Therefore, the Contractor expressly agrees to derogate to any provisions which may entitle the same to obtain the adjustment of the Consideration with the consequence that Articles 1664 1 and 2 paragraphs and 1467 of the Civil Code shall not apply to this Contract.

6.2 Price for the Non-Subscription Services

The price for the Non-Subscription Services to be paid by the Principal to the Contractor will be agreed from time to time in accordance with Article 3.2.

6.3 Payment of the Price for the Subscription Services

Payment of the Price shall be made quarterly in advance, and shall be made by the Principal to the Contractor by means of bank transfer to the account indicated thereto by the Contractor within fifteen (15) Working Days following the date of receipt of the relevant Contractor’s invoice. The Contractor shall send the invoices corresponding to such Price quarterly amount within five (5) Working Days before starting of the relevant quarter.

6.4 Payment of the price for the Non-Subscription Services

The Contractor will invoice the Principal for the Non-Subscription Services in accordance with the terms set forth in the Contractor’s offer, pursuant to Article 3.2.

6.5 Payment Delays

In the event of delays in payment by the Principal of any amount due to the Contractor under this Agreement, the Contractor shall be entitled to receive default interest to be calculated on a monthly basis on the unpaid amount at the rate as provided for by Legislative Decree 231/2002. The Contractor shall be entitled to collect such default interest from the time of any delay in payment by the Principal, without any notice being required and without prejudice to any other right, penalty or compensation available under the Agreement or the Applicable Law.

7 TERM OF THE AGREEMENT

7.1	This Agreement comes into effect on the Effective Date and shall expire on the Expiry Date, save as provided in Articles 12 and 13 below.

7.2	The Parties acknowledge and agree that if neither Party gives the other written notice of non-renewal of this Agreement at least 6 (six) months before the Expiry Date (or any 2 year extension thereof), this Agreement shall be automatically extended for further 2 years periods.

7.3	It is however agreed that in the event that the EPC Contract is terminated for whatever reason this Agreement shall also be deemed terminated.

8. OBLIGATIONS OF THE CONTRACTOR

8.1 Obligation to comply with Applicable Law and Applicable Permits

The Contractor shall comply with all of the obligations imposed by Applicable Law and Applicable Permits with particular reference to occupational and social security matters, occupational safety and health, and the prevention of occupational risks, and technical and environmental matters, and also with any other legislation that may be applicable to the Services, and shall comply with the requirements that may be imposed by the competent authorities..

8.2 Obligation of responsibility for employees and Subcontractors

The Contractor hereby undertakes to assign the human resources that are necessary at all times for full and timely compliance with the obligations assumed by it pursuant to this Agreement.

The employees hired by the Contractor and, if applicable, by the Subcontractors, must have the proper qualification, training and experience for the performance of the Services that is the subject of this Agreement.

The Contractor shall pay (or shall procure that the Subcontractors pay) any wages, social and insurance security required by law; should the Contractor not comply with the above mentioned provisions, the Principal shall be entitled to retain from the Price an amount equal to the amount due by the Contractor in relation to such obligations.

The Contractor shall indemnify, and hold the Principal harmless in connection with any claims, demands, or legal action undertaken by any of its Subcontractors, or that may arise from any instance of non-compliance on the part of the Subcontractors.

8.3 Prevention of occupational risks

The Contractor shall perform the Services in such a way as to ensure the safety and health of the workers at the worksites. In particular, the Contractor shall adopt, maintain and supervise adequate procedures and measures required to ensure the health and safety of all the persons present in each of the Site (including its employees and those of its Subcontractors) and to implement the provisions of, but not limited to, the Decree 81/2008.

8.4 Licensing of intellectual and industrial property rights

The Contractor hereby grants to the Principal, as part of the Price and at no additional cost, an irrevocable licence, not transferable to third parties (except in conjunction with all of the rights and obligations of the Principal under this Agreement or in conjunction with all rights and obligations of the Principal in relation with the System), and free of any royalties, for the use in the System (and, therefore, on no other projects) of the creations, plans, specifications, drawings, procedures, methods, products, and/or inventions prepared or developed by the Contractor pursuant to the Agreement. Subject, in any event, to the restrictions imposed by the intellectual or industrial property rights of third parties notified by the Contractor to the Principal.

8.5	Assistance with competent authorities

The Contractor shall assist the Financing Entity and the Principal in dealing with any competent authority (including, inter alia, GSE and ENEL) by providing all the necessary information required by such competent authorities regarding the System and the Services.

8.6	Repair and replacement obligations

The Contractor shall at any time for the Duration of the Agreement, (i) replace, repair and/or adjust any defective equipment or component of the System, and (ii) guarantee availability of spare parts.

8.7	O&M Guarantee

In order to secure all the Contractor's obligations under this Agreement, including, without limitation, the payment of default interests, penalties and warranties, the Contractor shall deliver to the Principal as a condition precedent to the issuance of the Final Acceptance Certificate in accordance with Article 12.7 of the EPC Contract, a first demand Insurance Bond for an amount equal to 15% of the Price applicable to the relevant year of duration of this Agreement, as adjusted pursuant to Article 6.1 above. Each Insurance Bond shall last one year from its effective date. The Contractor undertakes to deliver 30 Working Days before the expiry of any Insurance Bond a new Insurance Bond, at a the same terms a conditions which shall be effective starting from the expiry date of the preceding Insurance Bond.

8.8 Direct Agreement

It is understood that the planning, realization, as well as the operation and maintenance of the System may be financed by the Financing Entity in compliance Recital B above, and that this shall require this Agreement’s, as well as the EPC Contract’s co-ordination with the terms set forth in the financing agreement, by means of entering into a direct agreement with the Financing Entity (the “Direct Agreement”). Therefore, the Contractor undertakes to enter into the Direct Agreement, if necessary, within 15 days of the Financing Entity’s or Principal’s request.

9. OBLIGATIONS OF THE PRINCIPAL

9.1	The obligations of the Principal shall be those that are established in this Agreement, those resulting from good faith and from the Applicable Law and regulations including, in particular, the following:

(i)

to grant access to the System to the Contractor's personnel;

(ii)

to designate an individual, who shall be authorized to represent the Principal in the administration of this Agreement;

(iii)

to use the System within the scope contemplated in the technical provisions set out in the Annex 6 to the EPC Contract.

(iv)

not to make any alterations or repairs to any part of the System without the Contractor's prior written approval;

(v)

to timely comply with the payment obligations pursuant to Article 5.

10	INSURANCE [THIS CLAUSE IT IS SUBJECT TO DISCUSSION BETWEEN THE PARTIES’ INSURANCE ADVISORS]

10.1

The Contractor, shall enter into the following insurance policies with first-class insurance companies, with an S&P rating of no less than A- or equivalent or, in any case, that satisfies the Financing Entity, and maintain them operative for the entire Duration. The following insurance policies must be submitted to the Principal and the Financing Entity for their approval:

(a)

All Risks Property insurance on an "all risks" basis covering direct physical loss or damage to the System and associated property.

(b)

Industrial accidents insurance in favour of the Contractor’s employees and/or any workers who are not the Contractor’s employees;

(c)

Civil liability insurance for workers, with a limit of no less than Euro 5,000,000.00 per event and 2,000,000.00 per person;

(d)

Insurance to cover third party civil liability, with a limit per event of no less than Euro 5,000,000.00; the Principal and the Financing Entity, albeit maintaining the qualification of “third party”, must be inserted as “additional party insured” and there must be an explicit clause waiving the party’s insured recoupment against the Principal, the Financing Entity and their employees and consultants;

(e)

Insurance to cover professional civil liability, with an upper limit per event of no less than Euro 2,500,000.00;

(f)

Insurance to cover vehicle civil liability, for all owned vehicles and/or in use, which must be provided with the mandatory insurance policy as foreseen by the Law No. 990/69 and subsequent amendments and integration, for an upper limit of no less than Euro 5,000,000.00 per accident;

10.2	Said insurance policies must include Financing Entity, the Principal and any other subcontractor among the insured parties, and the Contractor shall send a copy to the Principal and the Financing Entities within 10 (ten) days of execution of the insurance policies.

10.3	The Principal shall be entitled, at its own discretion, to enter into other cover or policies in integration of and/or besides those foreseen by this Article 10 and shall inform the Contractor thereof.

10.4	The cost of the insurances policies foreseen by this Article 10 are not included in the Price.

11	GUARANTEED PERFORMANCE, PENALTIES, BONUS AND MANUFACTURER WARRANTY

11.1 Guaranteed Performance

From the PAC, the Contractor guarantees to the Principal that in each period of twelve (12) months and throughout the Duration, the System will achieve a guaranteed level of performance pursuant to Annex 4.

11.2 Penalties & Bonus

In each period of twelve (12) months and throughout the Duration the SOeff will be measured and compared with MGSO pursuant to Annex 5.

Penalties will be paid by the Contractor to the Principal pursuant to Annex 5, starting from issuance of FAC.

Bonus will be paid by the Principal to the Contractor pursuant to Annex 5, starting from issuance of FAC.

Each Party will correspond to the other payment due in accordance with the above within two (2) months from the date in which the loss of production or the surplus income was verified, save for further damages that the Principal may have suffered and provided that the Contractor shall promptly remedy the underperformance of the System.

11.3 Manufacturer Warranty

Without prejudice to the defect warranty under the EPC Contract and for the obligation provided under Article 8.6 above, the Contractor warrants that the materials of the System will be warranted for the entire duration of this Agreement in accordance with the material’s manufacturer warranty.

12 TERMINATION, WITHDRAWAL AND/OR SUSPENSION OF THE AGREEMENT

12.1	Termination by the Principal

(a)

Termination of the Agreement pursuant to Article 1454 of the Italian Civil Code

If the Contractor fails to perform any of its obligations under this Agreement, which failure remains uncured for thirty (30) days following Contractor's receipt of written notice of such failure sent by the Principal pursuant to Article 1454 of the Italian Civil Code, the Principal will be entitled to terminate this Agreement pursuant to Article 1454 of the Italian Civil Code, provided that it is so authorised by the Financing Entity.

(b)

Termination of the Agreement pursuant to Article 1456 (clausola risolutiva espressa) of the Italian Civil Code.

Each of the following shall be an event which will determine the termination of this Agreement by the Principal pursuant to Article 1456 of the Italian Civil Code (clausola risolutiva espressa) provided that the Principal is so authorised by the Financing Entity:

(i)

the Contractor fails to enter into the Direct Agreement in accordance with Article 8.8;

(ii)

Non delivery or non replacement of the O&M Guarantee or ineffectiveness or invalidity of the O&M Guarantee;

(iii)

Non issuance of the FAC within the terms foreseen in the EPC Contract;

(iv)

In case any of the declarations and warranties foreseen in Article 4 is imprecise, untrue or misleading;

(v)

the guarantee to have spare parts available is, at any time, not complied with;

(vi)

The maximum amount of liquidated damages is exceeded;

(vii)

in the case of subcontracting without the prior written consent of the Financing Entity;

(viii)

the System does not reach the guaranteed level of performance as indicated sub Annex 4;

(ix)

revocation of the Contractor's permits necessary to maintain and operate the Solar Park to the extent that such revocation is attributable or connected with any fault, omission or negligence of the Contractor;

(x)

any of the insurances on Contractor's responsibility ceases to be effective.

(c)

Parties acknowledge and accept that the person of the Contractor has been considered necessary for the Agreement and therefore the Agreement will be terminated pursuant to Article 81 of the Italian Bankruptcy Law (R.D. 267/1942 as amended and/or integrated from time to time), if the Contractor becomes bankrupt or insolvent, goes in liquidation, has a receiving or administration order made against it, compounds with his creditors, or carries on business under a receiver, trustee or manager for the benefit of his creditors, or if any act is done or event occurs which (under applicable Laws) has a similar effect to any of these act or events, unless the Principal consents the Agreement continues to be effective

(d)	In case of termination of this Agreement pursuant to Articles 12.1 (a) and (b), the Principal shall be entitled to a liquidated damages (penale per risoluzione) equal to 50% of the Price of the relevant year, as adjusted pursuant to Article 5.1, save for further damages.

(e)	The Contractor must pay the above liquidated damages within thirty (30) calendar days from the termination.

12.3	Right of the Principal to withdraw

The Principal will have the right to withdraw from this Agreement on the date which falls ten years after the Effective Date, provided that it sends a six (6) months prior written notice to the Contractor.

The Principal will have the right to withdraw from this Agreement ad nutum provided that it gives twelve (12) months prior notice to the Contractor. The Principal may pay to the Contractor, in lieu of the notice, 100% of the Price of the relevant year of Duration, as adjusted pursuant to Article 5.1. The indemnity in lieu of the notice shall be paid by the Principal to the Contractor within thirty (30) calendar days from the withdrawal.

In case of (i) a change in the Applicable Law that materially affects the performance of this Agreement by the Parties, (ii) EPC Contract termination or Principal´s withdrawal therefrom, and (iii) occurrence of the circumstances indicated in Article 1461 of the Italian Civil Code; and (iv) suspension of Services due to orders of jurisdictional authorities, the Principal shall be entitled to withdraw from the Contract by giving a prior written notice of 60 days from the occurrence of any of the events sub (i), (ii), (iii) or (iv). Therefore, the above provisions of this Article 12.3 shall not apply and the Contractor shall have the right to receive only the amounts for the Services duly documented and carried out in line with professional standards, until the time when the withdrawal becomes effective to the extent that the Services are useful to the Principal

12.4 Termination by the Contractor

If the Principal fails to perform any of its obligations under this Contract, which failure remains uncured for 30 days following Principal’s receipt of written notice of such failure sent by the Contractor pursuant to Article 1454 of the Italian Civil Code, the Contractor will be entitled to terminate this Contract pursuant to Article 1454 of the Italian Civil Code. The Contractor acknowledges and accepts that termination of the Contract due to facts attributable to the Principal cannot, in any case whatsoever, be declared or requested unless notice demanding performance is sent to the Principal pursuant to this Article and in any case in compliance with the provisions set forth in the Direct Agreement.

It has been agreed between the Parties, pursuant to Article 1462 of the Italian Civil Code, that in the case of the Principal’s breach and pending a cure period, the Contractor shall not be entitled to refuse nor delay/suspend the performance of his contractual obligations and that any refusal by the Contractor shall be considered as being contrary to good faith, even in the light of the provision contained in the second paragraph of Article 1460 of the Italian Civil Code.

Following termination of the Contract for any of the reasons described above, as soon as the Contractor has paid off any amount due, the Principal shall return to the Contractor the O&M Guarantee delivered pursuant to Article 8.7.

Following termination of the Agreement for any of the reasons described above, the Principal shall pay to the Contractor 100% of the Price of the relevant year of Duration, as adjusted pursuant to Article 6.1.

The amounts resulting from the foregoing provisions shall be paid by the Principal to the Contractor within thirty (30) calendar days from the termination.

12.5	Termination Consequences

In the case of termination of the Contract, the Contractor undertakes:

1) to deliver to the Principal a copy of all the technical and operative documentation regarding the Services and contracts in force with suppliers, sub-suppliers and subcontractors;

2) within 30 days from the termination, deliver the Site/System to the Principal. Should the Contractor not comply with this obligation within the above mentioned term, then the Contractor shall pay to the Principal delay liquidated damages equal to [·] € for each day of delay;

3) within 30 days from the delivery of the Site, to clear, dismantle and remove from the Site of all materials, apparatus, excess of tools and machinery that it owns, with the exception of materials, apparatus and machinery owned by the Contractor that the Principal intends to purchase from the Contractor.

12.6 Right of the Contractor to withdraw

The Contractor will have the right to withdraw from this Agreement on the date which falls ten years after the Effective Date, provided that it sends a twelve (12) months prior written notice to the Principal.

13	Force Majeure

13.1

Force Majeure is any unforeseeable event, fact or circumstances which cannot be directly attributed to the Party invoking it, which is impossible to prevent by employing ordinary diligence and such as to make impossible, objectively and absolutely and either totally or partially, the performance of any of the obligations under this Contract, provided that said events, acts, facts or circumstances:

(a)

are outside the control, either direct or indirect, of the Party invoking them;

(b)

have been invoked as Force Majeure events (hereinafter known as “Force Majeure”).

13.2	By way of an example, without limitation and on condition that they satisfy the requirements listed in Article 12.1 above, the Parties mutually acknowledge that the following events constitute events of Force Majeure:

(a)

general and category and national and local strikes (other than the Contractor’s corporate strikes);

(b)

wars or any other hostile acts, including terrorist attacks, sabotage, vandalism, theft, revolts, uprisings and other civil disorder;

(c)

blockages or embargoes, even of a financial nature;

(d)

exceptional, adverse natural phenomena, including lightning, whirlwinds, earthquakes, fires, floods, overflows, floods, drought, adverse weather conditions that impede the performance of the Services and which cannot be foreseen on the basis of weather forecast data for the current period, meteorites and volcanic eruptions;

(e)

explosions, radiation and chemical contamination.

13.3	The Contractor acknowledges and accepts that the following events do not constitute Force Majeure:

(a)

non-obtainment or non-renewal of any permit required to perform the Works and realization of the Systems, for facts attributable to the Contractor; and

(b)

any delays in the delivery of supplies and materials by the suppliers.

13.4

Each Party shall immediately inform the other one, in writing, about the occurrence of a Force Majeure event that shall hinder his obligations and, in any case, within 48 (forty-eight) hours from becoming aware of the same. The Party concerned shall also promptly inform the other Party when said Force Majeure cause ceases.

13.5	The Contractor acknowledges and accepts that it shall not be entitled to request any increase in the Price or different compensation in relation to the Force Majeure event, except for the costs sustained to adopt the measures referred to in Article 11.6.

13.6

The performance of the obligations delayed or made effectively impossible as a consequence of a Force Majeure event will be suspended during the period of duration of such event, without giving any indemnity right against the affected Party. In any case, the Parties shall use their best endeavours to reduce the consequence of the Force Majeure event and shall do what they can to re-establish normal conditions and mitigate any damages eventually sustained by the other Party.

13.7	In the event that the occurrence of a Force Majeure Event lasts for more than 60 (sixty) consecutive days, either of the Parties may withdraw from the Agreement, in which case the following shall apply:

(a) the Contractor must:

(i)

end the performance of the Services in course and carry out any activity that is necessary for the protection and/or security of the System;

(ii)

send to the Principal all of the existing documents relating to the Services already performed at the time of withdrawal;

After withdrawal, as soon as the Contractor has paid any amount due to the Principal, the Principal shall return the O&M Guarantee and Parent Company Guarantee and shall only and exclusively pay to the Contractor the amounts for Services duly documented and carried out in line with professional standards until the time when the withdrawal become effective to the extent that the Services are useful to the Principal.

14	Governing law and jurisdiction

14.1	Governing law

This Agreement shall be governed and construed in accordance with Italian law.

14.2	Good faith negotiations

In the event that any question, dispute, difference or claim arises out or is in connection with this Agreement, including any question regarding its existence, validity, performance or termination (a Dispute), which either Party has notified to the other, senior management personnel from both the Contractor and the Principal shall meet and diligently attempt in good faith to resolve the Dispute for a period of 15 calendar days following one Party's written request to the other Party for such a meeting. If, however, either Party refuses or fails to so meet, or the Dispute is not resolved by negotiation, the sections below (Arbitration and Arbitrator Confidentiality Obligation) shall apply.

14.3	Arbitration

Any Dispute which cannot be settled by negotiation pursuant to the Article 15.2, shall be exclusively referred to and finally resolved by arbitration held under the rules of the Chamber of National and International Arbitration of Milan. The seat of the arbitration shall be Milan and the arbitration proceedings shall be in English.

The arbitration shall be conducted by a sole arbitrator, to be appointed by the Parties within 30 days from receipt of the above said Dispute's notice sent by one Party to the other, provided that the value of the Dispute does not exceed Euro 100.000,00 (one hundred thousand). Should the value of the Dispute exceed such amount, or being undetermined, the Dispute shall be resolved by a panel of three arbitrators, appointed as follows. The first arbitrator shall be appointed by the Party initiating the arbitration simultaneously with the notice of arbitration, the second arbitrator shall be appointed by the other Party within 15 days from the date of receipt of the notice of arbitration. The third arbitrator, who shall act as Chairman of the arbitration panel, shall be jointly appointed by the Parties within 15 days after the appointment of the second arbitrator. The arbitrators shall have a good command of the Italian and English language. In the event of disagreement on the appointment of the sole arbitrator or the chairman of the arbitration panel, they shall be appointed by the Presidente of the Tribunale of Milan upon request of the most diligent Party. Each Party shall have the right to apply to such Presidente in the event that the other Party has not appointed its own arbitrator, or has not replaced him within 15 days. The sole arbitrator or the arbitration panel appointed in accordance with the above rules shall decide in accordance with Italian law and the rules of the Italian Code of Civil Procedure, and shall issue the award within the term established by the law, unless extended by the Parties. The sole arbitrator or the arbitration panel shall also decide on the expenses for the arbitration proceedings and legal expenses of the Parties. In the event that more than one arbitration proceeding were started in accordance with this Article, all such proceedings shall be joined to the first arbitral proceeding and, if necessary, the sole arbitrator shall be joined by two arbitrators appointed by the Parties. In such event, the sole arbitrator or the arbitration panel shall have the right to issue partial awards in relation to certain issues in dispute between the Parties, if the arbitrators deem them ready for a separate decision.

14.4	Arbitrator Confidentiality Obligation

The Parties shall ensure that any arbitrator appointed to act under this Article 13 will agree to be bound to certain confidentiality obligations with respect to the terms of this Agreement and any information obtained during the course of the arbitration proceedings.

duvri

The Parties agree that as at the date of signing of this Contract, there are no interferences that may lead to the necessity of drafting the DUVRI, since the System has not been accepted by the Principal yet.

On the Effective Date the Principal shall draft, pursuant to article 26, paragraph 3, of Legislative Decree no. 81/2008 and on the basis of the information supplied to him by the Contractor, the DUVRI in which it will indicate the costs relating to the work’s safety pursuant to article 26, paragraph 5 of the Legislative Decree no. 81/2008.

In the event that any significant changes to the work processes should occur that may require the execution of the Services and/or the introduction of new risks is established, the Principal, on the basis of the information provided to him by the Contractor, undertakes to update the DUVRI prepared pursuant to paragraph above by carrying out, as quickly as possible, (taking into consideration the specific technical/operational reason which made the necessity to carry out the update arise), the necessary amendments.

The DUVRI updated by the Principal will fully replace the previous one, provided that (a) it has been approved in writing by the Parties and (b) the data certa as been placed on it in accordance with the modalities set out by the Applicable Law. The Contractor undertakes to collaborate, duly and actively, with the Principal in the drafting and updating of the DUVRI procedure and to provide him with all the information required from him from time to time.

16	Miscellaneous

16.1	Technical Dispute – The Expert

In case of any dispute between the Parties in relation to the Services, the Variations due to a change in the Applicable Law, Force Majeure, Guaranteed Performance, each Party shall have the right to request the appointment of a technical expert (the Expert) for the solution of the dispute. The proposal for the appointment of the Expert shall state in detail the technical question and include a list of at least three persons proposed for the appointment as Expert. The Parties agree to meet and discuss on the appointment of the Expert during the following ten (10) Working Days after receipt of the request. In case the Expert is not appointed by the Parties within fifteen (15) Working Days after the request, the Expert shall be appointed by the Chairman of the bar of the Engineers of Rome (Ordine degli ▇▇▇▇▇▇▇▇▇ di Roma) upon request of either Party. The Expert shall finally determine the technical matter in accordance with the provisions of this Agreement, acting as arbitratore pursuant to Article 1349 of the Italian Civil Code. The Expert shall deliver its determination to the Parties in writing, including an explanation of the underling reasons, within thirty (30) calendar days after the acceptance of the mandate. The Expert's determination shall (in the absence of manifest error or unfairness) be final and binding upon the Parties. The costs of the determination, including fees and expenses of the Expert, shall be borne as determined by the Expert.

16.2	Confidentiality

The Parties undertake not to reveal to third parties the contents of this Agreement and the Annexes hereto, the technical documentation, plans, information, procedures, patents and licences, or any other information that might be obtained or known arising from their contractual relationship or provided for the development of the System, unless such disclosure is necessary for the performance of this Agreement.

The foregoing shall not be deemed to apply with respect to public administrations, companies or investors related to the System that reasonably require information regarding this Agreement, provided that they have made confidentiality undertakings to the Party transmitting the information upon terms similar to those set forth herein.

16.3

Notices

Any notice, request, demand or other communication required or permitted under this Agreement shall be deemed to be properly given by the sender and received by the addressee if made in writing, in English, and if sent by certified mail, facsimile or telefax to the following address:

(a)

To the Principal:

SPV [l]

Fax No. [l]

To the attention of [l]

(b)

To the Contractor:

Ecoware Spa

▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇

35129 Padova

Fax No. ▇▇▇ ▇▇▇▇▇▇▇

To the attention of [l]

The Parties may at any time change the address for notices by written notice setting forth the new address for notices. The new address for notices shall only have contractual effect as from the date of receipt by the other Party of the written communication indicating the new address for notices.

16.4	Entire Agreement

This Agreement, inclusive of the Annexes hereto (each of which is incorporated herein by this reference) constitutes the entire agreement between the Parties in relation to the operation and maintenance of the System and supersedes all previous understanding, communications, representations, understandings (oral or written).

16.5	Partial Invalidity

Without prejudice to Article 1419 (nullità ▇▇▇▇▇▇▇▇) of the Italian Civil Code, if - at any time - any provision of this Agreement is or becomes illegal, invalid or unenforceable, neither the legality, validity nor enforceability of the remaining provisions of this Agreement will in any way be affected or impaired thereby.

16.6	Amendments

This Agreement may not be amended, supplemented or otherwise modified except by a written instrument specifically referring to this Agreement and signed by both Parties (and with the prior written consent of the Financing Entity).

16.7

No Waiver

Failure or delay by a Party to exercise any right or remedy under this Agreement shall not constitute a waiver thereof. A waiver of default shall not operate as a waiver of any other default, a waiver of the provision itself, or of the same type of default on a future occasion. No waiver shall be effective unless explicitly set forth in writing and executed by the Party making the waiver. A waiver of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach.

16.8	Successors and Assigns

This Agreement shall inure to the benefit of and shall be binding upon the Parties and their respective successors and permitted assigns. Nothing in this Agreement, expressed or implied, is intended to confer any rights, remedies, obligations or liabilities under or by reason of this Agreement upon any person or entity other than the Parties.

16.9	Assignment of the Agreement and of receivables

Without prejudice to the provisions of this Agreement with respect to Subcontractors, the Contractor may not assign to third parties, in whole or in part, its rights or obligations under this Agreement, without the prior express written authorisation of the Principal.

The Contractor hereby consents in accordance with and for the purposes of Article 1407 of the Italian Civil Code that the Principal may assign the Agreement in favour of the Financing Entity or to any person appointed by the latter.

Should this Agreement be assigned to the Financing Entity or to any person appointed by the latter by means of a line of business assignment (cessione ▇▇ ▇▇▇▇ d'azienda), the Contractor waives to any right of withdrawal pursuant to Article 2558 of the Italian Civil Code.

The Principal shall be entitled to (and the Contractor hereby expressly agrees and accepts that the Principal does so) assign/pledge in favour of the Financing Entity, as a security for the Loan Agreement, inter alia, any receivable arising from this Contract. Therefore, the Contractor undertakes to cooperate for the performance of all the formalities and to provide any further consent, necessary or expedient to complete the assignment and/or pledge.

16.10

Language and documentation

All documentation, data, drawings, schedules, diagrams, specifications and details associated with the Services shall be provided by the Contractor to the Principal, and shall be properly referenced and compiled, in the English language except any documents that need to be filed with any Italian authority.

16.11

Privacy

The Contractor and the Principal represent to each other that they have complied and will timely comply with the obligations set forth by Applicable Law on personal data protection.

16.12

No double signature

The Contractor and the Principal acknowledge and agree that this Agreement has been freely negotiated between them and therefore the procedure of the "double signature" required by the provisions of Articles 1341 and 1342 of the Italian Civil Code shall not apply.

16.13

Sub-Contracting

The Contractor, with the prior written consent of the Principal and the Financing Entity, shall be allowed to sub-contract the Services, in which event the Contractor shall be personally and directly liable vis-à-vis the Principal for the acts and omissions, defaults and neglects of the Subcontractors and, in particular, for the services performed by the Subcontractors. The act of subcontracting shall not release the Contractor from any obligation or liability vis-à-vis the Principal arising from this Agreement.

The Contractor shall also undertake to check that the Subcontractors have suitable insurance coverage in place

In case of subcontracting, the relevant subcontracts shall not conflict with all of the rights and powers enjoined by the Principal and the Financing Entity pursuant to this Contract and specifically the right of the Contractor to assign its rights under such contracts or the contracts themselves to the Principal.

The act of subcontracting shall not release the Contractor from any obligation or liability vis-à-vis the Principal and the Financing Entity arising from this Contract, in particular the Contractor shall keep the Principal and Financing Entity fully indemnified for any direct claim or action raised or made by any of the subcontractors, also pursuant to article 1676 Italian Civil Code.

16.14

Expenses and taxes

Each Party must bear the taxes arising from the execution of this Agreement in accordance with the provisions of the Applicable Law and exclusively assume the expenses incurred by it with respect to the negotiation, execution and performance of this Agreement, including those of its advisors. The Parties represent to each other that the performance of the Services is subject to Value Added Tax (VAT).

16.15

Setoff of credits

The Contractor shall not be entitled to off-set its credits anyway arising towards the Principal, even if due and payable, with its debts arising from the Contract or otherwise towards the Principal itself.

The Principal is viceversa expressly entitled to off-set its credits anyway arising towards the Contractor with its debts arising from the Contract or otherwise towards the Contractor.

16.16

Reserved Discretions

The Parties acknowledge that the Agreement contains provisions in favour of the Financing Entity which will accept them in a separate deed in order to make them irrevocable.

[PLACE], l 2010

THE CONTRACTOR

THE PRINCIPAL

Annexes

Annex 1:	Preventive Maintenance Services
Annex 2:	Corrective Maintenance Services
Annex 3:	Minimum Guaranteed Performance Ratio (MGPR)
Annex 4:	Minimum Guaranteed System Output (MGSO)
Annex 5:	Bonus-Malus

Annex 1: Preventive Maintenance Services

Services of the Contractor

As a general principle, the Preventive Maintenance Services are finalized to prevent any incident that might arise to the System, in order to maximise the availability, performance and System output, and to prolong its useful life.

1)	The Preventive Maintenance Services will include:

A.	Remote monitoring and diagnostic services that will include:

Data acquisition and storage of the performance data. The Contractor will install a data connection, through DSL, cellular communication or satellite connection, for the Principal to the inverter monitoring system for the purpose of relevant data gathering in the monitoring systems of the Principal.

The Contractor will also foresee in all measures to allow the Principal to connect through the same communication means to connect to the ENEL LV meter for the purpose of relevant data gathering in the monitoring systems of the Principal of such ENEL LV meter.

Data acquisition and storage of incident data to be used for the Corrective Maintenance Services

Video surveillance over the System and central room surveillance monitoring. Through the same communication means the Contractor will allow the Principal access to this video surveillance system and will allow the Principal all necessary client access to the video surveillance software.

Monthly report including the following items:

Actual System output vs expected System output

Alarms and incidents occurred over the period

Record of grid faults.

Solar radiation

B.	Management of routinely operations that the Contractor shall work out according the Reference schedule included in Annex 1:

2)	The Preventive Maintenance Services will include the following activities:

(a)

Visual inspection

PV Generator (modules, frame, dirtiness, delamination, etc.).

ii.

Electrical installation (cables and visible cable layout, battery in series, generator junction boxes.

iii.

Control building with inverters.

iv.

Electrical cabinet and air-conditioning system (if any)

Check of any glass breakage

vi.

Check of the tightness and condition of the terminals with cables connected to the panels

vii.

In the event that faults are detected in the watertight integrity of all parts of the System, the affected parts will be replaced and the terminals cleaned. It is important to take care of the sealant of the terminal boxes using, depending on the case, new joints or a silicon sealant.

viii.

Check of transformer and LV / MV switchboards

(b)

Check of the condition of the structural supports and their foundations.

(c)

Check of the condition of electronic equipment: working of the inverters and controls, signaling lights, alarms, grounding system etc.

(d)

Maintenance of monitoring system

(e)

Maintenance of possible emergency batteries

(f)

Periodical calibration of pyranometers (according to pyranometers maintenance manual)

(g)

Cleaning of all photovoltaic panels in at least 3 occasions per year and additionally when there is an event that affects the output of the System

(h)

Cleaning and maintenance of the weather station

(i)

Pruning of branches of trees that shadow photovoltaic panels, inspection and maintenance of vegetation in general

(j)

Ordinary maintenance of fences, internal roads and buildings

(k)

Tidiness and environmental condition of the Area of the System

(l)

Analysis of hot points

Samples will be taken using thermographic cameras, within the first five years, in each installation, to thereby check correct functioning and possible hot points.

(m)

Maintenance of the structure

Maintenance of the structure that supports the photovoltaic modules shall basically be performed by means of visual inspection, check of correct inclination and orientation of trackers, searching for impacts, corrosion, condition of the protective paint, absence of water deposits etc.

(n)

replacement of worn components, providing the guarantee of replacement parts.

Reference actions and frequency of Preventive Maintenance Services

System Component / Activity	Frequency	Action
PV panels	6M	Visual check, Corrective Maintenance Services if necessary
	12 M	Cleaning
	When necessary	Hot Spot detection in case of leak of performances
Supporting structure	12M	Visual check. Corrective Maintenance Services if necessary
Mechanical parts (structures)	12M	Visual check. Corrective Maintenance Services if necessary
Inverters/transformers (in the case that the 20 years extension warranty is agreed)	Frequency defined in components specifications	Preventive Maintenance Services (check of fans, etc..)
	6M	Visual check. Corrective Maintenance Services if necessary
	Replacement of aged components when defects or unable to assure MGPR and/or MGSO
	every day by monitoring system	Checking the operating status
Proper operation and functioning of the inverter conversion system	12M	Check of correct operation and functioning. Corrective Maintenance Services if necessary
Electricity meter	12M	Checking integrity
Complete electrical cabling with electrical boxes (controller cabinets, protection devices, parallel string boxes, etc), grounding system	Frequency defined in components specifications (least once a year)	Preventive Maintenance Services
UPS systems	Frequency defined in components specifications	Preventive Maintenance Services
UPS systems	6M	Visual check. Corrective Maintenance Services if necessary
Video Camera surveillance system	6M	Visual check. Corrective Maintenance Services if necessary
Monitoring system	12M	Visual check Corrective Maintenance Services if necessary
Meteo station including pyranometers	6M	Visual check. Corrective Maintenance Services if necessary
Meteo station including pyranometers	Frequency defined in components specifications	Periodic Calibrations
Buildings, internal roads, fences, etc	12M	Visual check. Corrective Maintenance Services if necessary
Pruning of branches of trees that shadow photovoltaic modules, take care of vegetation in general	When necessary
Site drainage, Area tidiness andenvironmental condition	12M	Check of drainage channels and general site condition for any environmental factors. Corrective Maintenance Services if necessary.

The Contractor shall be solely responsible, at its own cost, for the procurement/sourcing of all equipment, utilities, services and resources required at the site in order to perform all Preventive Maintenance Services tasks, including, for the avoidance of doubt, water and other utility supply

Annex 2: Corrective Maintenance Services

Services of the Contractor

For the duration of the contract the Operator will perform extraordinary maintenance of the PV plant. The Extraordinary maintenance includes any activity required to repair faults and malfunctions of the plant, including the actions developed to repair and/or replacement of defective components and/or damaged.

The Corrective Maintenance Services will not include:

the repairing or maintenance of any equipment of the System which was not within the Works under the EPC Contract;

the repairing or maintenance of any equipment beyond the Cabina di Consegna;

the repairing or maintenance of any equipment of the System due to the occurrence of a Force Majeure event;

the repairing or maintenance of any equipment in the event of, or resulting from, any alterations or repairs to the System made by the Principal without the Contractor's prior written approval.

In the above case the repairing or maintenance of any equipment will be managed as Non-Subscription Services.

Under the Corrective Maintenance Services, the O&M Contractor will proceed with the replacement of the broken down sub-component with another new or reconditioned sub-component of the same quality (Photovoltaic broken modules will be replaced with new parts only).

Corrective Maintenance Services will be carried out:

(i)

In the event of failure of equipment.

(ii)

During scheduled shutdown for major of overhauls or replacement of specific spare parts or devices, such as inverters/transformers.

(iii)

Following a specific request by the Principal, with reference to a specific fault.

(iv)

Following an action as result of the Preventive Maintenance Services.

Corrective Maintenance Services will consist of:

(i)

Analysis of the problem and notification of the necessary action and replacement.

(ii)

The removal or elimination of the defective equipment or parts, as well as their reconditioning and start up

(iii)

Transport of the corresponding replacement parts to their installation and assembly facilities and transport from those facilities to the System Area.

Within the framework of the repair of breakdowns, the Contractor is also authorised to fit equivalent replacement parts from other manufacturers. The replacement parts must be at least equivalent to the replaced parts from a technical point of view, and the efficiency and quality must meet the essential interests of the Principal (wide availability, MGPR and MGSO of the System).

When replacing PV modules only panels of same brand and model shall be used. In case of unavailability the replaced modules shall fit as much as possible with the range of electrical characteristics (especially current, power decay, and the temperature coefficient) specified for the panels in the string.

All activities of corrective maintenance must be carried out in accordance with the final Project. In particular, if the Monitoring and Data Acquisition detects a fault in the plant or any significant decrease in the performance, the Operator shall promptly notify to the Principal of the problem by fax and / or by registered mail, reporting when the problem occurred, the possible cause and the first steps that the Operator intends to take:

1. within 24 (twenty-four) hours from the detection of performance significant reduction, inspect the equipment to check the extent of the failure or the cause of the malfunction;

2. within 48 (forty eight) hours from the Plant inspection check the cause of the malfunction;

3. within 48 (forty eight) hours of the discovery of the cause of failure starting of the service extraordinary maintenance required to restore full functionality of the plant.

Corrective Maintenance Services will also include the technical management that the Contractor shall supply to deal with accidents, incidents related to the electrical distributor and the use of the manufacturers' guarantees, supplying supporting technical data about incidents and diagnoses and carrying out technical representation with third parties. For the administrative and financial aspects of these processes, the Parties will act in a coordinated way with third parties, the Principal and/or the Financing Entity, sharing contractual information (insurance contracts, electricity supply contracts, manufacturers' guarantees) and other relevant communications with third parties, the Principal and/or Financing Entity.

Annex 3: Minimum Guaranteed Performance Ratio (MGPR)

The Parties have agreed a Minimum Guaranteed Performance Ratio MGPR equal to 78%.

Performance ratio algorithms.

The performance ratio (PR) is defined according to the standard CEI EN 61724 (CEI 82-15) as:

Y r

Y f

(1)

Y f

[kWh / kWp]

(2)

where:

Yf = final PV System yield

E = System net AC energy output in kWh

Pn = System nominal power in kWp

Y r

[(kWh/m2) / (kW/m2)]

(3)

where:

Yr = reference yield

H = total plan of array irradiance in kWh/m2

G = reference irradiance (usually 1 kW/m2)

1. Measurement of effective performance ratio

On the base of the above assumptions, the effective performance ratio (PReff)) is calculated as follows:

PReff = (Eeff * G )/ (Pn * f * H )

Where:

Eeff :

is the production of electric energy (in kWh) measured at the point established by the GSE at low voltage

G:	is the standard irradiance value, meaning the value representing the instantaneous power of the solar radiation which hits a orthogonal plane surface in standard conditions, equal to 1000 W/ m2

Pn :	is the nominal peak power (in kW) of the System in standard conditions STC

f:	is a correction factor due to the panels performance degradation equal to (1- 0,0008 * Nmonths) where Nmonths is the “number of months” from the opening of the worksite

H:	is the value of the irradiation in (kWh/m2) measured under the measurement operational conditions mentioned below

For the avoidance of doubts, whenever throughout the Contract, reference to the Performance Ratio of the System is made, it is clear to all Parties that the PReff is meant.

2. Measurement operational conditions

Utilized instruments: N. 2 class II pyranometers

The exact position of the pyranometers will be decided in the Executive Project.

Measurements performed with the pyranometers will be recorded every 10 minutes

Every hour an average irradiation value will be calculated as follows:

(a) Hi (kWh/m2) at the ith hour

Hourly average irradiation less than 600 Wh/m2 will be discarded

At the end of each period the total irradiation will be calculated as follows:

(b) H = ∑ Hi where “i” is a value from 1 to (24 * n)

3. Stopping periods

The following stopping periods will be excluded from the calculation of the PReff:

Ø	stopping periods due to theft, vandalism, Force Majeure events, power outage of the national electricity grid, or in case of wilful misconduct or gross negligence of the Principal;

Ø	stopping periods during which Non-Subscription Services are carried out pursuant to the O&M Contract;

stopping periods (not longer than 48 hours per year of equivalent irradiation at peak irradiance onto the surface of the Panels, being understood that beyond such value, stopping periods shall be included in the calculation of the PReff) during which Subscription Services are carried out pursuant to the O&M Contract.

Annex 4: Minimum Guaranteed System Output (MGSO)

The MGSO is calculated as follows

MGSO = HTC * MGPR * PN

Where:

MGPR	is the Minimum Guaranteed Performance Ratio

HTC	is the irradiation as disclosed the long term yield calculations of the Technical Consultant of the Principal and/or Financing Entity on which the Parties agree.(kWh/kW)

PN	is the System nominal peak power in standard conditions STC, taking into account the panel degradation which is agreed between the Parties

Based on the long term yield calculations of the Technical Consultant of the Principal and/or Financing Entity, the Parties have agreed for the total Duration of 20 years of the current contract, on a Minimum Guaranteed System Output as detailed in the following table

Year	Yearly Degradation [%]	MGSO [kWh]
PAC	0	914.239,87
1	2	895.955,07
2	0,7	889.555,40
3	0,7	883.155,72
4	0,7	876.756,04
5	0,7	870.356,36
6	0,7	863.956,68
7	0,7	857.557,00
8	0,7	851.157,32
9	0,7	844.757,64
10	0,7	838.357,96
11	0,7	831.958,28
12	0,7	825.558,60
13	0,7	819.158,93
14	0,7	812.759,25
15	0,7	806.359,57
16	0,7	799.959,89
17	0,7	793.560,21
18	0,7	787.160,53
19	0,7	780.760,85
20	0,7	774.361,17

Annex 5: Bonus-Malus

Parties have agreed to a bonus–malus construction in which the effective System output SOEFF, measured at the GSE LV meter is compared annually with the value of the Minimum Guaranteed System Output MGSO as determined between the Parties in Annex 4.

The bonus-malus percentage applies on the marginal revenue corresponding to the GSE Incentive Fare and Energy Selling Tariff (Minimum Guaranteed Prices) as following:

the bonus will be paid by the Principal to the Contractor starting from a surplus production greater than 3%

the penalties (malus) will be paid by the Contractor to the Principal starting from a loss of production greater than 3%.

The bonus-malus ranges as described in the table hereunder:

X =	SOEFF MGSO MGSO	BONUS Percentage of the marginal revenue to be paid to the Contractor	Principal
X> 7,5%		75%	25%
5% < X ≤ 7,5%		50%	50%
3% ≤ X ≤ 5%		25%	75%
0 < X< 3%		0%	100%
X =	SOEFF MGSO MGSO	PENALTY Percentage of the Loss of revenue paid by the Contractor	Principal
0 < X ≤ -3%		0%	100%
-3% ≤ X < -5%		50%	50%
X≤ -5%		100%	0%

ANNEX 18

Option Agreement

Between

Ecoware S.p.A., a company incorporated under the laws of Italy, with registered office at ▇▇▇▇ ▇▇▇▇▇▇ ▇, ▇-▇▇▇▇▇ ▇▇▇▇▇▇ (▇▇▇▇▇), entered in the Companies Register in Padua at number 03571330277, represented by ▇▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇, in his capacity as legal representative (“Ecoware”);

and

Ellomay Capital Ltd., a company incorporated under the laws of Israel, with registered office at ▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇ ▇▇▇▇ - ▇▇▇▇▇▇, represented by Mr. ▇▇▇ ▇▇▇▇▇▇▇▇, in his capacity of CEO (“Ellomay”);

hereinafter collectively the “Parties”.

Whereas:

On 2 December 2009 Ellomay and Ecoware entered into a non binding Termsheet for the development and construction of solar plants in Italy for a capacity of up to 10 MW.

Ecoware, as contractor, and ▇▇▇▇▇▇▇, as principal, are negotiating an Engineering Procurement and Construction Agreement (EPC), as well as an Operation and Maintenance Agreement (O&M) in relation to the photovoltaic plants referred to in letter a).

Pursuant to the Termsheet, Ecoware has proposed to Ellomay two plants located in the Marche Region named “▇▇▇▇▇▇▇▇▇▇” and “Del ▇▇▇▇▇▇” (jointly referred to as Plants), and has submitted part of the documentation relating thereto to allow Ellomay to carry out the technical and legal due diligence.

▇.

▇▇▇▇▇▇▇ represented the urgency of executing the building right (superficie) agreements in relation to the Plants.

▇.

▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇’s delivery of the technical and legal due diligence, negotiations between the Parties of the EPC and O&M contracts, as well as any other outstanding issue necessary to reach a final decision on the purchase of Del ▇▇▇▇▇▇ and ▇▇▇▇▇▇▇▇▇▇ Plants, the Parties have agreed to secure Ellomay exclusivity on such Plants until the deadline foreseen herein.

Pending the activities referred to in the preceding paragraph, a special purpose company (SPV) shall enter into the definitive superficie contracts with the landowners of the lands where the Del ▇▇▇▇▇▇ and the ▇▇▇▇▇▇▇▇▇▇ Plants are located, at Ecoware’s earliest convenience. The SPV shall be alternatively, at ▇▇▇▇▇▇▇’s discretion,

(i)

a società a responsabilità limitata, with a share capital of Euro 10.000,00, wholly paid up, 100% owned by Ecoware (EW-SPV); or,

(ii)

a società a responsabilità limitata, newly set up, with a share capital of Euro 10.000,00, wholly paid up, 100% owned by Ellomay or by a company belonging to the Ellomay group, which will be indicated by ▇▇▇▇▇▇▇ in due course (Ellomay SPV).

THE ABOVE STATED THE PARTIES DECLARE AND AGREE AS FOLLOWS:

1	DEFINITIVE SUPERFICIE CONTRACTS ENTERED BY EW-SPV

1.1

In the case that the definitive superficie contracts are entered into by EW-SPV, subject to satisfactory due diligence on the Del ▇▇▇▇▇▇ and ▇▇▇▇▇▇▇▇▇▇ Plants, execution by EW-SPV of the superficie contract/s, and positive outcome of the negotiations referred to in recital e) hereof, Ecoware hereby grants to Ellomay the exclusive option right (Option) to purchase 100% of the EW-SPV quotas (EW-SPV Shares), provided that such right shall last until 28 February 2010 (Completion Deadline).

1.2	The EW-SPV Shares may be purchased by ▇▇▇▇▇▇▇ on its behalf or on behalf of any third parties indicated by ▇▇▇▇▇▇▇ at the time of Completion as defined below.

1.3	In order to secure the Option and within 5 working days of execution of this Agreement, ▇▇▇▇▇▇▇ shall transfer to Ecoware Euro 50.000,00 (fifty thousand) (Deposit) by wire transfer to the following bank account: IT 298050462410000002038052 Banca Antonveneta agenzia di Cadoneghe.

1.4

Ecoware irrevocably undertakes to grant Ellomay the option to purchase the EW-SPV Shares free from inscriptions, transcriptions, burdens, mortgages or legal prejudices, fiscal privileges and partial rights of third persons, easements, encumbrances or pre-emption rights of third parties. Ecoware undertakes to hold ▇▇▇▇▇▇▇ harmless of any onus, eviction, damage or breach of possession. In particular, at the time of Completion, Ecoware shall represent and warrant Ellomay, among others, that:

EW-SPV is duly incorporated and existent, has full and unconditional use of its rights and has de facto and legal capacity to carry out its business activity;

ii.

Ecoware is in the full and free possession of the EW-SPV Shares and the same are free from pledges, liens, seizures, prejudicial registrations, or any other encumbrances, including compulsory encumbrances and there will be no third party’s claim on the EW-SPV Shares at the time of formal transfer thereof;

iii.

EW-SPV has been managed in the full compliance to any relevant legal and administrative law and, in particular, EW-SPV has fulfilled all its tax liabilities;

iv.

no legal, fiscal, administrative disputes or any other dispute exist that have arisen from any third party’s claim.

EW-SPV’s accounting and corporate books are duly kept and, in accordance with the provisions of law, all tax-returns have been submitted, and all taxes have been duly paid;

vi.

EW-SPV has no employees;

vii.

EW-SPV has not entered into any agreement or undertaken any obligation, other than the ones arising out or in connection with the superficie agreements.

1.5

Furthermore, EW-SPV represents and warrants to Ecoware that it will be the full and exclusive grantee of the superficie rights on the Del ▇▇▇▇▇▇ and ▇▇▇▇▇▇▇▇▇▇ lands, as the case may be, the latter having been acquired through a notarial deed and that all taxes and duties, including the registration tax, relating to the Plants have been fully and promptly complied with and they will be paid until Completion, as defined below.

1.6

The consideration of the EW-SPV Shares has been agreed between the Parties and accepted as a whole to be equal to the EW-SPV Share’s nominal value and will be paid on Completion. All taxes and duties, including inter alia registration tax, notary fees and rental fees, relating to the Plants which have been paid until Completion, as defined below, will be refunded by ▇▇▇▇▇▇▇.

1.7

If this Agreement is terminated for any reason whatsoever, or the Parties fail to complete within the Completion Deadline, or Ellomay does not exercise the Option within the Completion Deadline, Ellomay shall be entitled to be refunded the Deposit from Ecoware by wire transfer to a bank account specified by ▇▇▇▇▇▇▇ within 3 working days from ▇▇▇▇▇▇▇'s demand to refund such deposit.

1.8	The Parties agree that ▇▇▇▇▇▇▇ has no obligation to complete, being its decision to enter into the Completion within the Completion Deadline, subject to satisfactory outcome, at ▇▇▇▇▇▇▇’s discretion, of the due diligence and of the negotiations referred to in recital e) hereof.

1.9	The transfer of the EW-SPV Shares shall take place by means of a deed executed before a notary or a commercialista, designated by Ellomay (Completion). The cost and taxes of the Completion shall be borne by ▇▇▇▇▇▇▇.

2	DEFINITIVE SUPERFICIE CONTRACTS ENTERED BY ELLOMAY-SPV

2.1

In the case that the definitive superficie contracts are entered into by ▇▇▇▇▇▇▇ SPV, should the Parties not enter for any reasons whatsoever into the EPC within 45 days of execution of this Agreement, Ecoware shall purchase 100% of Ellomay-SPV quotas (Ellomay-SPV Shares) within the following 15 days in accordance with the following terms.

2.2

The consideration of Ellomay-SPV Shares has been agreed between the Parties and accepted as a whole to be equal to Ellomay-SPV Share’s nominal value and shall be paid by Ecoware to Ellomay on execution of the Ellomay-SPV Shares transfer deed. Costs and taxes related to such transfer deed, as well as costs and taxes related to the incorporation of Ellomay-SPV, will be borne by Ecoware.

2.3	All taxes and duties, including inter alia registration tax, notary fees and rental fees, relating to the Plants which have been paid until Completion, as defined below, will be refunded by Ecoware.

3	MISCELLANEOUS

3.1	Any variation to this Agreement must be in writing and signed by both Parties.

3.2	This Agreement supersedes all previous written or oral agreements between the Parties in relation to the EW SPV Shares.

3.3	This Agreement shall be governed by the laws of Italy and the competent court will be exclusively the Court of Milan, Italy.

3.4	This Agreement is entered into in English and the Parties agree to exchange signatures via e-mail.

Read, confirmed and signed by on January 22, 2010

Ecoware S.p.A.

/s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇

_____________________

▇▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇

(in his capacity of legal representative)

Ellomay Capital Ltd

/s/ ▇▇▇ ▇▇▇▇▇▇▇▇

___________________

Mr. ▇▇▇ ▇▇▇▇▇▇▇▇

(in his capacity of CEO)

Engineering Procurement & Construction Contract for the construction of a photovoltaic system between ECOWARE S.p.A As Contractor And ELLOMAY PV ONE SRL As Principal

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