. HAWAII – Mainly, because of the Hawaiian strong sun light. In addition to that, a company called "Better Place" – that involved in an electric cars venture, will consume much of electricity market rate. In the U.S. there are no regulators to FEED IN TARIFF which is making it hard to leverage funding and U.S. Projects in Hawaii do have FEED IN TARIFF.

Hawaii headquarters will be able to be responsible and provide support to the Central American countries. In addition to that, Hawaii headquarters will monitor the regulation roof-tops progress in California and the southern United States (strong sunlight) and invest in Developers only a few months before the regulation begin in order not to take unnecessary risks.

HAWAII - USA State, Pacific Ocean

General:

Area:        16.4 sq. km, 8 Islands

Capital:     Honolulu

Weather:  Tropical warm

Population:     1.3 Million permanent residents; Additional 0.3M-0.7M tourists. *Population mainly concentrated in the island of Oahu (Honolulu: 0.8M).

Electricity Supply:

Power utility: HECO (Hawaiian Electric co.) a monopoly Public Company. The subsidiaries  are owned in the other islands, except Kauai.

Total Power consumption:     2.5 Gwp avg. at peak

Avg. price per Kwh (comm.): $0.26 in Oahu up to $0.42 in other islands such as Big Island.

Renewable Energy resources:   wind: good; Geothermal: good; Solar: good

Regulative body: PUC (public utility commission)- empowered by state senate.

Renewable Energy legislation:

State goal:    40% renewable by 2030

PV Feed-In-Tariff current:  Tier 2 Up to 500kwp: $0.238/kwh.  *10% more possible through negotiation.   Tier 3 501Kwp-5Mwp: Legislation In progress, estimated $0.236, expected release at end of August 2011.

*** Program 1603 of the US Treasury, a federal grant enabling an immediate procurement of 30% of system equipment cost (in our ranges: around $1.5/watt). The grant is optional instead of the ITC tax incentive and would expire if construction doesn't start before the end of 2011.

Other options:   Bi-lateral agreement PPA (rated around $0.21), Net metering, combination of both.

FIT quota Oahu: 60Mwp, 48.6Mwp open. The quote will be finished when Tier 3 is released.

PV Tax incentives:  30% refund of Federal income tax, 24.5% refund of State income tax

PV Market:

Potential annual yield 1 Kwp :   Oahu: 1800-1880 (Lanai, Maui: 2000, Big Island: 1600)

PV Already Installed:     apx.10Mwp

SBY penetration:

SBY has established connections with most of the top players in the PV market of Hawaii: developers, private renewable energy funds, big land owners and the electricity company (HECO).

Currently there are negotiating for 700 Kwp semi-developed tier 2 FIT projects (to be constructed 2011), as well as 10 Mwp tier 3 and bilateral-ppa projects in a pre-developed condition (2012).