www.material-change.com

Ed Bastow, Managing Director

Project Star/Symonds Farm AD

Summary

• Material Change Ltd• AD development and risks• Symonds Farm Power Limited

Symonds Farm AD March 2011

Material Change Limited

• Established 2002• Composting contract

equipment• Own operating sites• Local Authority

contracts• Depackaging equipment• PAS100 compost

certification

Heathpatch Group

AD Development

• Economic advantage needed – heat user, gas to grid, private wire

• Mixed feedstocks – farm and waste based

• Symonds Farm in construction

• Pipeline but more needed, range JV to technology sale

Lots of froth and not much action among competitors

Project risks

• Development – security/project funding

• Electricity subsidy - FIT (REFIT)/ROC

• Waste streams• Grown crop failure• Wheat prices• Technology

agraferm technology

‘Agraferm Group provides turnkey and best quality systems in accordance with industrial standards, as well as full service from a professional partner for effective solutions to biogas production.’

First phase fermentation

Feed hopper

Gas storage

Secondary fermentationGas engine

Gas flare

Schematic plant layout

Symonds Farm summary

• MCL/Symonds Farm Joint Venture

• £5m Capex• £1.4m equity, BDO non

recourse funding• £0.75m diversification grant• Equity IRR 18%• Whole project IRR 12%• 1.4MW electricity• Private wire sales

JV structure

Material Change Ltd

•Planning

•Technology

•Project

management

•Technical support

•Operating contract

•Waste

Symonds Farm Power

Ltd

Symonds Farm

•Lease

•Feedstock

•Daily operations

•Solid & Liquid

digestate use

Heat sales

Electricity sales

ROC sales

Embedded benefits

Tank base preparation

Tank construction

Symonds Farm timetable

• Silage clamp and civils groundworks 50% complete

• Tank construction starts 30th May

• Commissioning starts November 2011

• Full production February 2012