clean, reliable, and low cost energy for the for thecaribbean december, 2006 confidential

CARICARITrTraansns

Clean, Reliable, and Low Cost EnergyClean, Reliable, and Low Cost Energy for the for the

CaribbeanCaribbeanDecember, 2006

Confidential

Introduction

CARITrans… Joint Development Company Comprised of:

Boundless Energy, LLC AvantBridge, Inc. The ENMAN Group

Venable, LLP Legal Advisor (450 Member Law Firm based in

Washington DC; Chaired by Benjamin Civiletti – former Attorney General of United States)

Overview of CARITrans Partnership

Boundless Energy (US) Energy project

developer and engineers

Specializing in HVDC technology

Project Neptune Developer

Project financed & under construction

Neptune Project Under Construction

West Coast Cable Project with PG&EPress Release: 1 November, 2005:Pacific Gas and Electric Company and Sea Breeze Pacific to Explore Major New Electric Transmission Project SAN FRANCISCO – Pacific Gas and Electric Company and Sea Breeze Pacific West Coast Cable, LP, have agreed to study the possible development of an undersea electric transmission line that would enhance power supplies in northern California by connecting the region with sources of low-cost and renewable electricity in the Pacific Northwest.

Additional developments include:

1020km Cable Route

Additional developments continued…

Juan de Fuca Cable Currently in open

season Under permitting Financing secured

Vancouver Island Cable Full NEB Approval Full Environmental

Canada Approval Financing secured as

regulated project

“Seabreeze RTS will set a new standard for transmission project in Canada.” National Energy Board of Canada – October 2006

Overview of CARITrans Partnership

AvantBridge (US) International project

development and financing Raised over $1.3B US in

international funding ENAMAN Group (Trinidad)

Owner – Former Chairman of PetroTrin

Energy project developer and engineers

Exclusive developer of Guyana’s $1B hydro-electric station in Turtruba, Guyana

Developer of power source for CARITrans

Project and Technology Overview

CARITrans is developing a submarine High Voltage Direct Current (HVDC) cable that will import clean, reliable, and low cost electricity to Puerto Rico

Project has been under financial and feasibility development for the past three years

Energy will be sourced from natural gas and renewable energy from the Trinidad-Guyana region

Potential for region to import/export between 600-1200MW of electricity

Project and Technology Overview

Project and Technology Overview

Project to be built in two phases: Phase I: Connect and deliver electricity to

Trinidad and throughout Caribbean

Phase II: Additional low cost renewable generation assets added

Project benefits to Caribbean include: Clean Energy – No pollution Reliable Energy – 99% availability Generation not affected by local hurricane events Economic benefits

Lower Cost of Electricity Stable & predictable fuel source independent of global

price fluctuations Strengthen existing Grid 50 Year Usable Life

Project and Technology Overview

•Detailed Bathymetric Analysis have been conducted

Project and Technology Overview

•Very reliable technology –

In total about 75,000 MW HVDC transmission capacity is installed in 92 projects around the world

•HVDC ideally suited for long-haul high voltage requirements

•Lower Line Loss than AC

•No discharge of air or water emissions

•Monopolar transmission using ground as return path

Project and Technology Overview

A sample of several existing HVDC Projects…

Project Development Highlights

Project feasibility and assessment completed

Power sources identified Project finance sources identified

St Thomas – St Croix Interconnect

St Thomas – St Croix Interconnect

Interconnection Benefits

•Reduces cost of current operations

•Reduces need to build costly new

generation

•Maximizes reliability of both Island systems

•Allows sharing of resources to reduce impact of

outages

•Positions VI WAPA to receive low-cost

renewable power from future Caribbean network

•Will also enable VI WAPA to export power

derived from local resources

•Project can be completed in 2+ years

CARICARITrTraansns

Clean, Reliable, and Low Cost EnergyClean, Reliable, and Low Cost Energy for the for the

CaribbeanCaribbeanDecember, 2006

Confidential