Document:

EX-10.1

 Exhibit 10.1 

TERRAFORM POWER, INC., 

TERRAFORM POWER, LLC 

and 
 TERRAFORM POWER
OPERATING, LLC 
 and 

SUNEDISON, INC. 
 as
Manager 
  
  

MANAGEMENT SERVICES AGREEMENT 
  

 

 TABLE OF CONTENTS 

 

									
	 	 	 	    	 	  	Page	 
		
	 ARTICLE 1 INTERPRETATION
	  	 	1	  
				
		 	 1.1
	    	Definitions	  	 	1	  
		 	 1.2
	    	Headings and Table of Contents	  	 	7	  
		 	 1.3
	    	Interpretation	  	 	7	  
		 	 1.4
	    	Service Recipients Third Party Beneficiaries	  	 	8	  
		 	 1.5
	    	Actions by the Manager or the Service Recipients	  	 	8	  
		
	 ARTICLE 2 APPOINTMENT OF THE MANAGER
	  	 	8	  
				
		 	 2.1
	    	Appointment and Acceptance	  	 	8	  
		 	 2.2
	    	Other Service Recipients	  	 	8	  
		 	 2.3
	    	Subcontracting and Other Arrangements	  	 	9	  
		 	 2.4
	    	Assumption of O&M and Asset Management Contracts	  	 	9	  
		
	 ARTICLE 3 SERVICES AND POWERS OF THE MANAGER
	  	 	9	  
				
		 	 3.1
	    	Services	  	 	9	  
		 	 3.2
	    	Supervision of Manager’s Activities	  	 	11	  
		 	 3.3
	    	Restrictions on the Manager	  	 	11	  
		 	 3.4
	    	Errors and Omissions Insurance	  	 	12	  
		 	 3.5
	    	Retention of Third-Party Project Asset Manager	  	 	12	  
		
	 ARTICLE 4 RELATIONSHIP BETWEEN THE MANAGER AND THE SERVICE RECIPIENTS
	  	 	12	  
				
		 	 4.1
	    	Independent Contractor, No Partnership or Joint Venture	  	 	12	  
		
	 ARTICLE 5 MANAGEMENT AND EMPLOYEES
	  	 	13	  
				
		 	 5.1
	    	Management and Employees	  	 	13	  
		
	 ARTICLE 6 INFORMATION AND RECORDS
	  	 	13	  
				
		 	 6.1
	    	Books and Records	  	 	13	  
		 	 6.2
	    	Examination of Records by the Service Recipients	  	 	14	  
		 	 6.3
	    	Access to Information by Manager Group	  	 	14	  
		 	 6.4
	    	Access to Information by Service Recipients	  	 	14	  
		 	 6.5
	    	Additional Information	  	 	15	  
		
	 ARTICLE 7 FEES AND EXPENSES
	  	 	15	  
				
		 	 7.1
	    	Base Management Fee	  	 	15	  
		 	 7.2
	    	Computation and Payment of Quarterly Base Management Fee Amount	  	 	15	  

  
 i 

									
		  	 7.3
	    	Expenses	  	 	16	  
		  	 7.4
	    	Governmental Charges	  	 	17	  
		  	 7.5
	    	Computation and Payment of Expenses and Governmental Charges	  	 	17	  
		
	 ARTICLE 8 REPRESENTATIONS AND WARRANTIES OF THE MANAGER AND THE SERVICE RECIPIENTS
	  	 	18	  
				
		  	 8.1
	    	Representations and Warranties of the Manager	  	 	18	  
		  	 8.2
	    	Representations and Warranties of the Service Recipients	  	 	18	  
		
	 ARTICLE 9 LIABILITY AND INDEMNIFICATION
	  	 	19	  
				
		  	 9.1
	    	Indemnity	  	 	19	  
		  	 9.2
	    	Limitation of Liability	  	 	20	  
		  	 9.3
	    	Benefit to all Manager Indemnified Parties	  	 	21	  
		
	 ARTICLE 10 TERM AND TERMINATION
	  	 	21	  
				
		  	 10.1
	    	Term	  	 	21	  
		  	 10.2
	    	Termination by the Service Recipients	  	 	21	  
		  	 10.3
	    	Termination by the Manager	  	 	23	  
		  	 10.4
	    	Survival Upon Termination	  	 	23	  
		  	 10.5
	    	Action Upon Termination	  	 	23	  
		  	 10.6
	    	Release of Money or other Property Upon Written Request	  	 	24	  
		
	 ARTICLE 11 NON-COMPETE
	  	 	24	  
				
		  	 11.1
	    	Non-Compete	  	 	24	  
		  	 11.2
	    	Non-Solicitation	  	 	25	  
		  	 11.3
	    	Survival	  	 	25	  
		
	 ARTICLE 12 REFERRAL FEE
	  	 	26	  
				
		  	 12.1
	    	Referral Fee	  	 	26	  
		  	 12.2
	    	Referral Fee Payment	  	 	26	  
		
	 ARTICLE 13 GENERAL PROVISIONS
	  	 	26	  
				
		  	 13.1
	    	Amendment, Waiver	  	 	26	  
		  	 13.2
	    	Assignment	  	 	27	  
		  	 13.3
	    	Failure to Pay When Due	  	 	27	  
		  	 13.4
	    	Invalidity of Provisions	  	 	27	  
		  	 13.5
	    	Entire Agreement	  	 	28	  
		  	 13.6
	    	Mutual Waiver of Jury Trial	  	 	28	  
		  	 13.7
	    	Consent to Jurisdiction and Service of Process	  	 	28	  
		  	 13.8
	    	Governing Law	  	 	29	  
		  	 13.9
	    	Enurement	  	 	29	  
		  	 13.10
	    	Notices	  	 	29	  
		  	 13.11
	    	Further Assurances	  	 	30	  
		  	 13.12
	    	Counterparts	  	 	30	  

  
 ii 

 MANAGEMENT SERVICES AGREEMENT 

THIS AGREEMENT is made as of the 23rd day of July 2014, by and among TerraForm
Power, Inc., a Delaware corporation (“Terra”), TerraForm Power, LLC, a Delaware limited liability company (“Terra LLC”), TerraForm Power Operating, LLC, a Delaware limited liability company (“Terra
Operating”), and SunEdison, Inc., a Delaware corporation (the “Manager”). This Agreement shall become effective immediately prior to the consummation of the initial public offering of Terra’s Class A Common Stock
on the date first above written. 
 RECITALS: 

A. Terra, Terra LLC and Terra Operating directly and indirectly, as applicable, hold interests in the Service Recipients (as defined below).

 B. Terra, Terra LLC and Terra Operating wish to engage the Manager to provide or arrange for other Service Providers (as defined below)
to provide the services set forth in this Agreement to the Service Recipients, subject to the supervision of such services by the Independent Committee (as defined below) and the terms and conditions of this Agreement, and the Manager wishes to
accept such engagement. 
 NOW THEREFORE in consideration of the mutual covenants and agreements contained in this Agreement and
other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows: 

ARTICLE 1 

INTERPRETATION 
 1.1
Definitions 
 In this Agreement, except where the context otherwise requires, the following terms will have the following meanings:

 1.1.1 “Affiliate” means, with respect to a Person, any other Person that, directly or indirectly, through one or more
intermediaries, Controls or is Controlled by such Person, or is under common Control of a third Person. 
 1.1.2 “Acquired
Assets” means any renewable generation and infrastructure asset acquired after the date hereof by any member of the Terra Group, including, but not limited, to any assets acquired pursuant to the Project Support Agreement or otherwise
agreed upon by the Manager and Terra. 
 1.1.3 “Agreement” means this Management Services Agreement, and
“herein,” “hereof,” “hereby,” “hereunder” and similar expressions refer to this Agreement and include every instrument supplemental or ancillary to this Agreement and, except where the context otherwise
requires, not to any particular article or section thereof. 

 1.1.4 “Asset Management Agreements” means any project-level asset management or
administrative support agreements entered or to be entered into between any member of the Terra Group and any member of the Manager’s Group or any third party. 

1.1.5 “Base Management Fee” means, 

for the calendar year 2014, zero; 

for the calendar year 2015, an amount equal to 2.5% of Terra’s Cash Available for Distribution; provided that, to the extent such amount
exceeds the Base Management Fee Cap, the Base Management Fee for the year shall be an amount equal to the Base Management Fee Cap for such calendar year; 

for the calendar year 2016, an amount equal to 2.5% of Terra’s Cash Available for Distribution; provided that, to the extent such amount
exceeds the Base Management Fee Cap, the Base Management Fee for the year shall be an amount equal to the Base Management Fee Cap for such calendar year; 

for the calendar year 2017, an amount equal to 2.5% of Terra’s Cash Available for Distribution; provided that, to the extent such amount
exceeds the Base Management Fee Cap, the Base Management Fee for the year shall be an amount equal to the Base Management Fee Cap for such calendar year; and 

for the calendar year 2018, an amount equal to the Manager Group’s actual cost in providing services pursuant to the terms of this
Agreement. 
 The Base Management Fee may be increased or decreased from time to time by an agreed upon amount resulting from the amendment of the scope of
the Services pursuant to Section 13.1.1 hereof. 
 1.1.6 “Base Management Fee Cap” means $4,000,000 for the
2015 calendar year; $7,000,000 for the 2016 calendar year and $9,000,000 for the 2017 calendar year. 
 1.1.7 “Business”
means the business carried on from time to time by the Terra Group. 
 1.1.8 “Business Day” means every day except a
Saturday or Sunday, or a legal holiday in the City of New York on which banking institutions are authorized or required by law, regulation or executive order to close. 

1.1.9 “Cash Available for Distribution” means net cash provided by (used in) operating activities (i) plus or minus
changes in operating assets and liabilities, (ii) minus deposits into (or plus withdrawals from) restricted cash accounts required by project financing arrangements, (iii) minus cash distributions paid to noncontrolling interests, if any,
(iv) minus scheduled project-level and other debt service payments and repayments in accordance with the related borrowing arrangements, to the extent they are paid from operating cash flows during a period, (v) minus non-expansionary
capital expenditures, if any, to the extent they are paid from operating cash flows during a period, and (vi) plus or minus other items as necessary to present the cash flows Terra deems representative of its core business operations. 

  
 2 

 1.1.10 “Claims” has the meaning assigned thereto in Section 9.1.1
hereof. 
 1.1.11 “Control” means the control by one Person of another Person in accordance with the following: a Person
(“A”) controls another Person (“B”) where A has the power to determine the management and policies of B by contract or status (for example the status of A being the managing member of B) or by virtue of beneficial ownership of or
control over a majority of the voting or economic interests in B; and, for certainty and without limitation, if A owns or has control over shares to which are attached more than 50% of the votes permitted to be cast in the election of directors to
the Governing Body of B or A is the general partner of B, a limited partnership, then in each case A Controls B for this purpose, and the term “Controlled” has the corresponding meaning. 

1.1.12 “Current Quarter Payment” has the meaning assigned thereto in Section 7.1.1 hereof. 

1.1.13 “Dedicated Personnel” has the meaning assigned thereto in Section 5.1.1 hereof. 

1.1.14 “Expense Statement” has the meaning assigned thereto in Section 7.5 hereof. 

1.1.15 “GAAP” means generally accepted accounting principles in the United States, and otherwise applicable local accounting
principles, used by Terra in preparing its financial statements from time to time; provided that, at any time after adoption of IFRS by Terra for its financial statements and reports for all financial reporting purposes, all references to
GAAP hereunder shall be to IFRS. 
 1.1.16 “Governing Body” means (i) with respect to a corporation, the board of
directors of such corporation, (ii) with respect to a limited liability company, the manager(s) or managing member(s) of such limited liability company, (iii) with respect to a limited partnership, the board, committee or other body of the
general partner of such partnership that serves a similar function or the general partner itself (or if any such general partner is itself a limited partnership, the board, committee or other body of such general partner’s general partner that
serves a similar function or such general partner’s partner) and (iv) with respect to any other Person, the body of such Person that serves a similar function, and in the case of each of (i) through (iv) includes any committee or
other subdivision of such body and any Person to whom such body has delegated any power or authority, including any officer and managing director. 

1.1.17 “Governing Instruments” means (i) the certificate of incorporation and bylaws in the case of a corporation,
(ii) the articles of formation and operating agreement in the case of a limited liability company (iii) the partnership agreement in the case of a partnership, and (iv) any other similar governing document under which an entity was
organized, formed or created and/or operates. 

  
 3 

 1.1.18 “Governmental Authority” means any (i) international, national,
multinational, federal, state, regional, municipal, local or other government, governmental or public department, central bank, court, tribunal, arbitral body, commission, board, bureau, agency or instrumentality, domestic or foreign, including
ISO/RTOs, (ii) self-regulatory organization or stock exchange, (iii) subdivision, agent, commission, board, or authority of any of the foregoing, or (iv) quasi-governmental or private body exercising any regulatory, expropriation or
taxing authority under or for the account of any of the foregoing. 
 1.1.19 “Governmental Charges” has the meaning
assigned thereto in Section 7.4 hereof. 
 1.1.20 “IFRS” means the International Financial Reporting Standards
as issued by the International Accounting Standards Board. 
 1.1.21 “Independent Committee” means a committee of the
Governing Body of Terra, established in accordance with Terra’s Governing Instruments, made up of directors that are “independent” of the Manager and its Affiliates. For purposes of this definition, “independent” means a
person who satisfies the independence requirements of the rules and regulations of the applicable stock exchange, the U.S. Securities and Exchange Commission and Terra’s Governing Instruments. 

1.1.22 “Interest Payment Agreement” means the Interest Payment Agreement dated on or about the date hereof by and among Terra
LLC, Terra Operating, SunEdison Holdings Corporation and Manager, providing for the payment by Manager, either to the applicable lender or as a capital contribution, of amounts equal to the interest due with respect to term loans made under Terra
Operating’s credit agreement. 
 1.1.23 “Interest Rate” means, for any day, the rate of interest equal to the
overnight U.S. dollar London interbank offered rate on such day. 
 1.1.24 “ISO/RTO” means an independent electricity
system operator, a regional transmission organization, national system operator or any other similar organization overseeing the transmission of energy in any jurisdiction in which the Terra Group owns assets or operates. 

1.1.25 “Laws” means any and all applicable (i) laws, constitutions, treaties, statutes, codes, ordinances, principles of
common law and equity, rules, regulations and municipal bylaws whether domestic, foreign or international, (ii) judicial, arbitral, administrative, ministerial, departmental and regulatory judgments, orders, writs, injunctions, decisions, and
awards of any Governmental Authority, and (iii) policies, practices and guidelines of any Governmental Authority which, although not actually having the force of law, are considered by such Governmental Authority as requiring compliance as if
having the force of law, and the term “applicable,” with respect to such Laws and in the context that refers to one or more Persons, means such Laws that apply to such Person or Persons or its or their business, undertaking,
property or securities at the relevant time and that emanate from a Governmental Authority having jurisdiction over the Person or Persons or its or their business, undertaking, property or securities. 

  
 4 

 1.1.26 “Liabilities” has the meaning assigned thereto in
Section 9.1.1 hereof. 
 1.1.27 “Manager Change in Control” shall mean any of the following: (i) any
subsidiary of the Manager that owns the stock in Terra no longer being a Subsidiary of the Manager, or (ii) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the
assets of the Manager to any Person or group of related Persons for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (a “Group”), together with any affiliates thereof;
(ii) the commencement of the liquidation or dissolution of the Manager that occurs following the approval by the holders of capital stock of the Manager of any plan or proposal for such liquidation or dissolution of the Manager; (iii) any
Person or Group shall become the beneficial owner (within the meaning of Section 13(d) of the Exchange Act), directly or indirectly, of shares representing more than 50% of the aggregate voting power of the issued and outstanding stock entitled
to vote in the election of directors, managers or trustees (the “Voting Stock”) of the Manager and such Person or Group actually has the power to vote such shares in any such election; (iv) the replacement of a majority of the Board
of Directors of the Manager over a two-year period from the directors who constituted the Board of Directors of the Manager at the beginning of such period, and such replacement shall not have been approved by a vote of at least a majority of the
Board of Directors of the Manager then still in office who were members of such Board of Directors at the beginning of such period; or (v) a merger or consolidation of the Manager with another entity in which holders of the Common Stock of the
Manager immediately prior to the consummation of the transaction hold, directly or indirectly, immediately following the consummation of the transaction, 50% or less of the common equity interest in the surviving corporation in such transaction.

 1.1.28 “Manager Group” means the Manager and its Affiliates (other than any member of the Terra Group) and any other
Service Providers. 
 1.1.29 “Manager Indemnified Parties” has the meaning assigned thereto in Section 9.1.1
hereof. 
 1.1.30 “Manager” has the meaning assigned thereto in the preamble. 

1.1.31 “Non-Solicitation Period” means the period of time from the effective date of this Agreement until the later of
(a) the seventh anniversary of the date of this Agreement or (b) six months after the date on which the Manager ceases to beneficially own capital stock representing more than 50% of the voting power of all the capital stock issued by
Terra outstanding on such date. 
 1.1.32 “O&M Agreements” means any project-level operation and maintenance agreements
entered or to be entered into between any member of the Terra Group and any member of the Manager’s Group or any other third party. 

1.1.33 “Operational and Other Services” means any services provided by any member of the Manager Group to any member of the
Terra Group, including financial advisory, operations and maintenance, marketing, agency, development, operating management and other services, including services provided under any Operating and Administrative Agreement. 

  
 5 

 1.1.34 “Operating and Administrative Agreements” means the O&M Agreements
and Asset Management Agreements in effect on the date hereof between certain members of the Terra Group and Affiliates of the Manager for such Terra Group members’ operating, project-level asset management and administrative needs and, with
respect to any Acquired Assets, any operations and administrative agreements between any of the Acquired Assets and Affiliates of the Manager for such asset’s operating, project-level asset management and administrative needs in effect as of
the date of acquisition of the Acquired Asset by a member of the Terra Group; for greater certainty, none of the Operating and Administrative Agreements are, or shall be, amended or terminated, or otherwise altered, by this Agreement. 

1.1.35 “Permit” means any consent, license, approval, registration, permit or other authorization granted by any Governmental
Authority. 
 1.1.36 “Person” means any natural person, partnership, limited partnership, limited liability partnership,
joint venture, syndicate, sole proprietorship, company or corporation (with or without share capital), limited liability corporation, unlimited liability company, joint stock company, unincorporated association, trust, trustee, executor,
administrator or other legal personal representative, regulatory body or agency, government or Governmental Agency, authority or entity however designated or constituted and pronouns have a similarly extended meaning. 

1.1.37 “Project Support Agreement” means the Project Support Agreement between the Manager and Terra dated on or about the
date hereof that provides Terra a right to purchase certain assets of the Manager. 
 1.1.38 “Quarter” means a calendar
quarter ending on the last day of March, June, September or December. 
 1.1.39 “Referral Fee” has the meaning assigned
thereto in Section 12.1 hereof. 
 1.1.40 “Service Providers” means the Manager, any member of the Manager
Group and any other entity or individual that the Manager has arranged to provide the Services to any Service Recipient in accordance with Section 2.3 hereof. 

1.1.41 “Service Recipient” means Terra, Terra LLC, Terra Operating and the Subsidiaries listed on Schedule I hereto,
as well as any other direct and indirect Subsidiary of Terra, Terra LLC, Terra Operating, as applicable, acquired or formed after the date hereof that receives Services from a Service Provider pursuant to this Agreement. 

1.1.42 “Services” has the meaning assigned thereto in Section 3.1 hereof. 

1.1.43 “Shared Personnel” has the meaning assigned thereto in Section 5.1.1 hereof. 

1.1.44 “Subsidiary” means, with respect to any Person, (i) any other Person that is directly or indirectly Controlled by
such Person, (ii) any trust in which such Person holds all of the beneficial interests or (iii) any partnership, limited liability company or similar entity in which such Person holds all of the interests other than the interests of any
general partner, managing member or similar Person. 

  
 6 

 1.1.45 “Terra” has the meaning assigned thereto in the preamble. 

1.1.46 “Terra Group” means Terra, Terra LLC, Terra Operating and their direct and indirect Subsidiaries. 

1.1.47 “Terra LLC” has the meaning assigned thereto in the preamble. 

1.1.48 “Terra Operating” has the meaning assigned thereto in the preamble. 

1.1.49 “Third Party Claim” has the meaning assigned thereto in Section 9.1.3 hereof. 

1.1.50 “Transaction Fees” means fees paid or payable by the Service Recipients, which are on market terms, with respect to
financial advisory services ordinarily carried out by investment banks in the context of mergers and acquisitions transactions. 

1.2 Headings and Table of Contents 

The inclusion of headings and a table of contents in this Agreement are for convenience of reference only and will not affect the construction
or interpretation hereof. 
 1.3 Interpretation 

In this Agreement, unless the context otherwise requires: 

1.3.1 words importing the singular shall include the plural and vice versa, words importing gender shall include all genders or the neuter,
and words importing the neuter shall include all genders; 
 1.3.2 the words “include”, “includes”,
“including”, or any variations thereof, when following any general term or statement, are not to be construed as limiting the general term or statement to the specific items or matters set forth or to similar items or matters, but rather
as referring to all other items or matters that could reasonably fall within the broadest possible scope of the general term or statement; 

1.3.3 references to any Person include such Person’s successors and permitted assigns; 

1.3.4 any reference to a statute, regulation, policy, rule or instrument shall include, and shall be deemed to be a reference also to, all
amendments made to such statute, regulation, policy, rule or instrument and to any statute, regulation, policy, rule or instrument that may be passed which has the effect of supplementing or superseding the statute, regulation, policy, rule or
instrument so referred to; 

  
 7 

 1.3.5 any reference to this Agreement or any other agreement, document or instrument shall be
construed as a reference to this Agreement or, as the case may be, such other agreement, document or instrument as the same may have been, or may from time to time be, amended, varied, replaced, amended and restated, supplemented or otherwise
modified; 
 1.3.6 in the event that any day on which any amount is to be determined or any action is required to be taken hereunder is not
a Business Day, then such amount shall be determined or such action shall be required to be taken at or before the requisite time on the next succeeding day that is a Business Day; and 

1.3.7 except where otherwise expressly provided, all amounts in this Agreement are stated and shall be paid in U.S. currency. 

1.4 Service Recipients Third Party Beneficiaries 

The Manager agrees that each of the Service Recipients, including the Service Recipients listed on Schedule I hereto and any other
Service Recipient formed or acquired after the date of this Agreement in accordance with Section 2.2 hereof, shall be, and is hereby, named as express third-party beneficiary of this Agreement entitled to all the benefits conferred under
this Agreement. 
 1.5 Actions by the Manager or the Service Recipients 

Unless the context requires otherwise, where the consent of or a determination is required by the Manager or Service Recipient hereunder, the
parties shall be entitled to conclusively rely upon it having been given or taken, as applicable, if, the Manager or such Service Recipient, as applicable, has communicated the same in writing. 

ARTICLE 2 
 APPOINTMENT
OF THE MANAGER 
 2.1 Appointment and Acceptance 

2.1.1 Subject to and in accordance with the terms, conditions and limitations in this Agreement, Terra, Terra LLC and Terra Operating hereby
appoint the Manager to provide or arrange for other Service Providers to provide the Services to the Service Recipients. This appointment will be subject to the express terms of this Agreement and to the supervision of the Manager and all other
Service Providers by the Independent Committee. 
 2.1.2 The Manager hereby accepts the appointment provided for in
Section 2.1.1 and agrees to act in such capacity and to provide or arrange for other Service Providers to provide the Services to the Service Recipients upon the terms, conditions and limitations in this Agreement. 

2.2 Other Service Recipients 

The parties acknowledge that any Subsidiary of Terra, Terra LLC or Terra Operating formed or acquired in the future that is not a Service
Recipient on the date hereof may become a 

  
 8 

 
Service Recipient under this Agreement. In the event that any such addition results in an amendment of the scope of the Services, such amendment shall be effectuated as provided by
Section 13.1.1 hereof. 
 2.3 Subcontracting and Other Arrangements 

The Manager may subcontract to any other Service Provider or any of its other Affiliates, or arrange for the provision of any or all of the
Services to be provided by it under this Agreement by any other Service Provider or any other of its Affiliates, and each of Terra, Terra LLC and Terra Operating hereby consents to any such subcontracting or arrangement; provided that the
Manager shall remain responsible to the Service Recipients for any Services provided by such other Service Provider or Affiliate and provided further that any Service Provider that is not an Affiliate of the Manager shall be reasonably acceptable to
the Independent Committee. 
 2.4 Assumption of O&M and Asset Management Contracts 

2.4.1 After the date of this Agreement, Terra shall, and shall cause the other members of the Terra Group to, use its commercially reasonable
efforts to have Manager or a member of the Manager Group act as the primary operating and maintenance and asset management counter-party for the Terra Group solar projects; and the Manger agrees to, and shall cause the other applicable members of
the Manager Group to enter into the relevant Asset Management Agreements and O&M Agreements on terms and conditions that are market standard and otherwise reasonably acceptable to the Independent Committee. The amounts to be paid by members of
the Terra Group in respect of such services shall not exceed the fair market value of such services (determined as the price that would be applicable between an unrelated provider and recipient). 

2.4.2 The provisions of Section 2.4.1 notwithstanding, (i) in circumstances where in the good-faith determination of a senior
executive officer of Terra, the engagement of a member of the Manger Group to provide prime operating and maintenance services or prime asset management services would be commercially unreasonable or (ii) with respect to projects located in
markets were the Manager Group does not provide operating and maintenance or asset management services, members of the Terra Group may engage third party providers with respect to such services. 

ARTICLE 3 
 SERVICES AND
POWERS OF THE MANAGER 
 3.1 Services 

The Manager will provide, or arrange for the provision by other Service Providers of the following services (the
“Services”) to the Service Recipients, provided, however, that in the event the Service Recipients are able to, or otherwise elect to, provide any or all of the below mentioned Services itself then neither Manager nor any other
Service Provider shall provide such Services: 
 3.1.1 causing or supervising the carrying out of all day to day management,
secretarial, accounting, banking, treasury, administrative, liaison, representative, regulatory and reporting functions and obligations; 

  
 9 

 3.1.2 identifying, evaluating and recommending to the Terra Group acquisitions or dispositions
from time to time and, where requested to do so, assisting in negotiating the terms of such acquisitions or dispositions; 
 3.1.3
developing and implementing the business strategy of the Service Recipients, including potential new markets to enter; 
 3.1.4 establishing
and maintaining or supervising the establishment and maintenance of books and records; 
 3.1.5 recommending and, where requested to do so,
assisting in the raising of funds whether by way of debt, equity or otherwise, including the preparation, review or distribution of any prospectus or offering memorandum in respect thereof and assisting with communications support in connection
therewith; 
 3.1.6 recommending to the members of the Terra Group suitable candidates to serve on the Governing Bodies of the Terra Group;

 3.1.7 making recommendations with respect to the exercise of any voting rights to which the Service Recipients are entitled in respect of
its Subsidiaries; 
 3.1.8 making recommendations with respect to the payment of dividends by the Service Recipients or any other
distributions by the Service Recipients, including distributions by Terra to its stockholders; 
 3.1.9 monitoring and/or oversight of the
applicable Service Recipient’s accountants, legal counsel and other accounting, financial or legal advisors and technical, commercial, marketing and other independent experts and managing litigation in which a Service Recipient is sued or
commencing litigation after consulting with, and subject to the approval of, the relevant Governing Body; 
 3.1.10 attending to all matters
necessary for any reorganization, bankruptcy proceedings, dissolution or winding up of a Service Recipient, subject to approval by the relevant Governing Body; 

3.1.11 supervising the timely calculation and payment of taxes payable, and the filing of all tax returns, by each Service Recipient; 

3.1.12 causing or supervising the preparation of the Service Recipients’ annual combined financial statements and quarterly interim
financial statements and, as applicable, local statutory accounts (i) to be prepared in accordance with GAAP and audited at least to such extent and with such frequency as may be required by law, regulation or in order to comply with any debt
covenants; and (ii) to be submitted to the Governing Body of each Service Recipient for its prior approval; 

  
 10 

 3.1.13 making recommendations in relation to and effecting the entry into insurance of each
Service Recipient’s assets, together with other insurances against other risks, including directors and officers insurance, as the relevant Service Provider and the relevant Governing Body may from time to time agree; 

3.1.14 arranging for individuals to carry out the functions of the principal executive, accounting and financial officers for Terra only for
purposes of applicable securities laws and the regulations of any stock exchange on which the Securities of Terra are listed and subject to the approval of Terra’s Governing Body; 

3.1.15 providing individuals to act as senior officers of the Service Recipients as agreed from time to time, subject to the approval of the
relevant Governing Body; 
 3.1.16 advising the Service Recipients regarding the maintenance of compliance with applicable Laws and other
obligations; and 
 3.1.17 providing all such other services as may from time to time be agreed with the Service Recipients that are
reasonably related to the Service Recipient’s day to day operations. 
 3.2 Supervision of Manager’s Activities 

The Manager and all other Service Providers shall, at all times, be subject to the supervision of the Independent Committee, and shall only
provide or arrange for the provision of such Services as the Independent Committee may request from time to time. 
 3.3 Restrictions on
the Manager 
 3.3.1 The Manager shall, and shall cause any other Service Provider to, refrain from taking any action that is not in
compliance with or would violate any Laws or that otherwise would not be permitted by the Governing Instruments of the Service Recipients, and shall ensure that all Services are performed in good faith in the interest of the Service Recipient. If
the Manager or any Service Provider is instructed to take any action that is not in such compliance by a Service Recipient’s Governing Body, such person will promptly notify such Governing Body of its judgment that such action would not comply
with or violate any such Laws or otherwise would not be permitted by such Governing Instrument. 
 3.3.2 In performing its duties under this
Agreement, each member of the Manager Group shall be entitled to rely in good faith on qualified experts, professionals and other agents (including on accountants, appraisers, consultants, legal counsel and other professional advisors) and shall be
permitted to rely in good faith upon the direction of a Service Recipient’s Governing Body to evidence any approvals or authorizations that are required under this Agreement. All references in this Agreement to the Service Recipients or
Governing Body for the purposes of instructions, approvals and requests to the Manager will refer to the Governing Body. 

  
 11 

 3.3.3 Except as approved by the Independent Committee, the Manager shall, and shall cause any
other Service Provider to, keep any funds of any Service Recipient in segregated accounts kept in the name of the relevant Service Provider. 

3.3.4 Notwithstanding any other provision of this Agreement, Manager shall, and shall cause all other Service Providers to, at all times
comply with Terra’s Conflict of Interest Policy. In particular, it shall ensure that the Independent Committee approve in advance (i) the terms of any transaction of any Service Recipient with any member of the Manager’s Group,
(ii) the disposition of assets by any Service Recipient (other than the disposition of non-material assets in the normal course of business), and (iii) the commencement of any voluntary case under any bankruptcy or other debtor relief
laws, or the consent to an order for relief in any involuntary case under any such law, or the appointment of any receiver or other custodian for all or substantially all of the property, by or of any member of the Terra Group. 

3.4 Errors and Omissions Insurance 

The Manager shall, and shall cause any other Service Provider to, at all times during the term of this Agreement maintain “errors and
omissions” insurance coverage and other insurance coverage which is customarily carried by Persons performing functions that are similar to those performed by the Service Providers under this Agreement, with reputable insurance companies and in
an amount which is comparable to that which is customarily maintained by such other Persons. In each case, the relevant Service Recipients shall be included as additional insured or loss payees under the relevant policies. 

3.5 Retention of Third-Party Project Asset Manager 

In the event (a) required by a project lender or other provider of project financing associated with the applicable project or
(b) the Independent Committee determines it would be beneficial to Terra; Terra may request that the Manager retain one or more independent third-party project asset managers reasonably acceptable to Terra. The cost and expense incurred as a
result of the retention of such third-party project asset managers shall be paid for by the relevant Service Recipient, subject to the second sentence of Section 2.4.1 above. 

ARTICLE 4 
 RELATIONSHIP
BETWEEN THE MANAGER AND THE SERVICE RECIPIENTS 
 4.1 Independent Contractor, No Partnership or Joint Venture 

The parties acknowledge that the Manager is providing or arranging for the provision of the Services hereunder as an independent contractor and
that the Service Recipients and the Manager are not partners or joint venturers with or agents of each other, and nothing herein will be construed so as to make them partners, joint venturers or agents or impose any liability as such on any of them
as a result of this Agreement; provided however that nothing herein will be construed so as to prohibit the Service Recipients and the Manager from embarking upon an investment together as partners, joint venturers or in any other manner
whatsoever. 

  
 12 

 ARTICLE 5 

MANAGEMENT AND EMPLOYEES 

5.1 Management and Employees 

5.1.1 The Manager shall arrange, or shall arrange for another member of the Manager Group to arrange, for such qualified personnel and support
staff to be dedicated to carrying out the Services. Except as agreed to between the Manager and Terra, such personnel and support staff shall devote their full time to the provision of the Services to the Service Recipients. The Manager and Terra
agree that the letter agreement dated as of the date hereof regarding “Terra Personnel” identifies those personnel who the Manager will dedicate to carrying out the Services under the caption “Dedicated Personnel” (the
“Dedicated Personnel”) and identifies those personnel who the Manager will provide on a shared basis under the caption “Shared Personnel” (the “Shared Personnel”). The list of Dedicated Personnel and
Shared Personnel shall be reviewed by the parties at least annually, provided that modifications or additions to the list of Dedicated Personnel or Shared Personnel require the mutual agreement of the Manager and the Independent Committee. Terra
hereby agrees that the Manager, in its sole discretion, may terminate the employment of any one or more persons serving as (i) Dedicated Personnel following notice to and consultation with Terra, or (ii) Shared Personnel without any
consultation of or prior notice to Terra. 
 5.1.2 Each of Terra, Terra LLC and Terra Operating shall, and shall cause each of the other
Service Recipients to do all things reasonably necessary on its part as requested by any member of the Manager Group consistent with the terms of this Agreement to enable the members of the Manager Group to fulfill their obligations, covenants and
responsibilities and to exercise their rights pursuant to this Agreement, including making available to the Manager Group, and granting the Manager Group access to, the employees and contractors of the Service Recipients as any member of the Manager
Group may from time to time reasonably request. 
 5.1.3 The Manager covenants and agrees to exercise, and to cause the other Service
Providers to exercise, the power and to discharge and to cause the other Service Providers to discharge, the duties conferred under this Agreement honestly and in good faith, and shall exercise, and shall cause the other Service Providers to
exercise the degree of care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. 
 ARTICLE 6

 INFORMATION AND RECORDS 

6.1 Books and Records 

The Manager shall, or shall cause any other Service Provider to, as applicable, maintain proper books, records and documents on behalf of each
Service Recipient, in which complete, true and correct entries, in conformity in all material respects with GAAP and all requirements of applicable Laws, will be made. 

  
 13 

 6.2 Examination of Records by the Service Recipients 

Upon reasonable prior notice by the Service Recipients to the relevant member of the Manager Group, the relevant member of the Manager Group
will make available to the Service Recipients and their authorized representatives, for examination during normal business hours on any Business Day, all books, records and documents required to be maintained under Section 6.1 hereof. In
addition, the Manager Group will make available to the Service Recipients or their authorized representatives, including any members of the Independent Committee, such financial and operating data in respect of the performance of the Services under
this Agreement as may be in existence and as the Service Recipients or their authorized representatives will from time to time reasonably request, including for the purposes of conducting any audit in respect of expenses of the Service Recipients or
other matters necessary or advisable to be audited in order to conduct an audit of the financial affairs of the Service Recipients. Any examination of records will be conducted in a manner which will not unduly interfere with the conduct of the
Service Recipients’ activities or of the Manager Group’s business in the ordinary course. 
 6.3 Access to Information by
Manager Group 
 6.3.1 Each of Terra, Terra LLC and Terra Operating shall, and shall cause the other Service Recipients to: 

6.3.1.1 grant, or cause to be granted, to the Manager Group full access to all documentation and information reasonably
necessary in order for the Manager Group to perform its obligations, covenants and responsibilities pursuant to the terms hereof and to enable the Manager Group to provide the Services; and 

6.3.1.2 provide, or cause to be provided, all documentation and information as may be reasonably requested by any member of
the Manager Group, and promptly notify the appropriate member of the Manager Group of any material facts or information of which the Service Recipients are aware, including any known, pending or threatened suits, actions, claims, proceedings or
orders by or against any member of the Terra Group before any Governmental Authority, that may affect the performance of the obligations, covenants or responsibilities of the Manager Group pursuant to this Agreement, including maintenance of proper
financial records. 
 6.4 Access to Information by Service Recipients 

6.4.1 The Manager shall, and shall cause the other members of the Manager Group and any other Service Provider to: 

6.4.1.1 grant, or cause to be granted, to the Terra Group full access to all documentation and information reasonably
necessary in order for the Terra Group to conduct their business; and 
 6.4.1.2 provide, or cause to be provided, all
documentation and information as may be reasonably requested by any member of the Terra Group, including the Independent Committee, and promptly notify the appropriate Service Recipient of any material facts or information of which the Manager Group
is aware, 

  
 14 

 
including any known, pending or threatened suits, actions, claims, proceedings or orders by or against any member of the Manger Group before any Governmental Authority, that may affect the Terra
Group, including maintenance of proper financial records. 
 6.5 Additional Information 

The parties acknowledge and agree that conducting the activities and providing the Services contemplated herein may have the incidental effect
of providing additional information which may be utilized with respect to, or may augment the value of, business interests and related assets in which any of the Service Providers or any of its Affiliates has an interest and that, subject to
compliance with this Agreement, none of the Service Providers or any of their respective Affiliates will be liable to account to the Service Recipients with respect to such activities or results; provided, however, that the relevant
Service Provider will not (and will cause its Affiliates not to), in making any use of such additional information, do so in any manner that would cause or result in a breach of any confidentiality provision of agreements to which any Service
Recipient is (or may become) a party or is (or may become) bound. 
 ARTICLE 7 

FEES AND EXPENSES 
 7.1
Base Management Fee 
 7.1.1 Terra LLC, on behalf of the Service Recipients, hereby agrees to pay, during the term of this Agreement,
the Base Management Fee. For the avoidance of doubt, the parties hereto agree that the Base Management Fee for the calendar year 2014 is zero and, as a result, neither Terra LLC nor any of the Service Recipients shall be obligated to make payment in
respect of services provided by Manager during such year. The Base Management Fee, prorated for the relevant time period, shall be paid quarterly in arrears. To the extent the sum of the part of the Base Management Fee payable for a particular
quarter (the “Current Quarter Payment”) plus the amount of Base Management Fee paid with respect to prior quarters during the applicable calendar year would exceed the Base Management Fee Cap, the amount of the Current Quarter
Payment shall be limited to the maximum amount that could be paid without such sum exceeding the Base Management Fee Cap. 
 7.1.2 The Base
Management Fee will not be reduced by operation of this Agreement by the amount of any fees that are paid or payable by any member of the Terra Group to any member of the Manager Group pursuant to any Operating and Administrative Agreements.

 7.2 Computation and Payment of Quarterly Base Management Fee Amount 

7.2.1 The Manager will compute the part of the Base Management Fee payable for each Quarter as soon as practicable following the end of the
Quarter with respect to which such payment is due, but in any event no later than 30 days following the end of such Quarter. A copy of the computations made will thereafter promptly be delivered to Terra LLC. As soon as practicable following
delivery of the computation of the part of the Base Management Fee for any Quarter, but in no event later than the 45th day following the end of such Quarter, Terra LLC shall remit the corresponding payment for the corresponding Quarter to the
Manager. 

  
 15 

 7.3 Expenses 

7.3.1 The Manager acknowledges and agrees that the Service Recipients will not be required to reimburse any member of the Manager Group for the
salaries and other remuneration of the management, personnel or support staff of the Manager Group who provide the Services to such Service Recipients or overhead for such persons. 

7.3.2 The Manager acknowledges and agrees that the Service Recipients will not be required to reimburse the Manager for out-of-pocket fees,
costs and expenses, including those of any third party, incurred by the Manager or any member of the Manager Group in connection with the provision of the Services. Expenses are expected to include, among other things: 

7.3.2.1 fees, costs and expenses as a result of Terra being a publicly traded entity, including, but not limited to, costs
associated with annual, quarterly and current reports, independent auditor fees, governance and compliance, registrar and transfer agent fees, exchange listing fees, tax return preparation and distribution, legal fees, independent director
compensation and directors and officers liability insurance premiums, but excluding any fees directly related to the initial public offering of Terra’s Class A Common Stock; 

7.3.2.2 non-project level operating expenses and non-project level operating expenses capital expenditures incurred in
connection with the provisions of the Services, including those related to information technology systems and enterprise resource planning systems; 

7.3.2.3 fees, costs and expenses relating to any debt or equity financing of any member of the Terra Group which fails to be
completed for any reason; 
 7.3.2.4 fees, costs and expenses incurred in connection with the general administration of any
Service Recipient; 
 7.3.2.5 taxes, licenses and other statutory fees or penalties levied against or in respect of a
Service Recipient in respect of Services; 
 7.3.2.6 amounts paid by the relevant member of the Manager Group under
indemnification, contribution or similar arrangements; 
 7.3.2.7 fees, costs and expenses relating to financial reporting,
regulatory filings and investor relations and the fees, costs and expenses of agents, advisors and other Persons who provide Services to a Service Recipient; 

7.3.2.8 any other fees, costs and expenses incurred by the relevant member of the Manager Group that are reasonably necessary
for the performance by the relevant member of the Manager Group of its duties and functions under this Agreement or any Operating and Administrative Agreement; 

  
 16 

 7.3.2.9 fees, expenses and costs, including Transaction Fees, incurred in
connection with the investigation, acquisition, holding or disposal of any asset or business (including with respect to any Acquired Assets) that is made or that is proposed to be made by the Service Recipients to the extent any such transaction
fails to be completed for whatever reason; provided that, where the acquisition or proposed acquisition involves a joint acquisition that is made alongside one or more other Persons, the Manager shall allocate such fees, expenses and costs in
proportion to the notional amount of the acquisition made (or that would have been made in the case of an unconsummated acquisition) among members of the Terra Group and such other Persons; 

7.3.2.10 fees, expenses and costs associated with obtaining and maintaining reasonable and customary insurance. 

7.4 Governmental Charges 

Without limiting Section 7.3 above, Terra LLC, on behalf of the Service Recipients, shall pay or reimburse the relevant member of
the Manager Group for all sales taxes, use taxes, value added taxes, withholding taxes or other similar taxes, customs duties or other governmental charges (“Governmental Charges”) that are levied or imposed by any Governmental
Authority by reason of this Agreement, any Operating and Administrative Agreement or any other agreement contemplated by this Agreement, or the fees or other amounts payable hereunder or thereunder, except (i) for any income taxes, corporation
taxes, capital taxes or other similar taxes payable by any Service Provider which are personal to such Service Provider and (ii) to the extent such Governmental Charges relate to the provision of Services by Manager or any other Service
Provider pursuant to this Agreement. Any failure by the Manager Group to collect monies on account of these Governmental Charges shall not constitute a waiver of the right to do so. 

7.5 Computation and Payment of Expenses and Governmental Charges 

From time to time the Manager shall, or shall cause the other Service Providers to, prepare statements (each an “Expense
Statement”) documenting the Governmental Charges to be reimbursed pursuant to this Article 7 and shall deliver such statements, together with reasonable backup documentation, to the relevant Service Recipient. All Governmental
Charges reimbursable pursuant to this Article 7 shall be reimbursed by the relevant Service Recipient no later than the date which is 30 days after receipt of a correct and complete Expense Statement. The provisions of this
Section 7.5 shall survive the termination of this Agreement. 

  
 17 

 ARTICLE 8 

REPRESENTATIONS AND WARRANTIES 

OF THE MANAGER AND THE SERVICE RECIPIENTS 

8.1 Representations and Warranties of the Manager 

The Manager hereby represents and warrants to the Service Recipients that: 

8.1.1 it is validly organized and existing under the laws of the State of Delaware; 

8.1.2 it, or any another Service Provider, as applicable, holds, and shall hold, such Permits as are necessary to perform its obligations
hereunder and is not aware of, or shall inform the Service Recipients promptly upon knowledge of, any reason why such Permits might be cancelled; 

8.1.3 it has the power, capacity and authority to enter into this Agreement and to perform its obligations hereunder; 

8.1.4 it has taken all necessary action to authorize the execution, delivery and performance of this Agreement; 

8.1.5 the execution and delivery of this Agreement by it and the performance by it of its obligations hereunder do not and will not
contravene, breach or result in any default under its Governing Instruments, or under any mortgage, lease, agreement or other legally binding instrument, Permit or applicable Law to which it is a party or by which it or any of its properties or
assets may be bound, except for any such contravention, breach or default which would not have a material adverse effect on the business, assets, financial condition or results of operations of the Manager, any Services to be provided hereunder, or
any Service Recipients; 
 8.1.6 no authorization, consent or approval, or filing with or notice to any Person is required in connection
with the execution, delivery or performance by it of this Agreement; and 
 8.1.7 this Agreement constitutes its valid and legally binding
obligation, enforceable against it in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of
creditors’ rights and remedies generally and (ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies,
whether such principles are considered in a proceeding at law or in equity. 
 8.2 Representations and Warranties of the Service
Recipients 
 Terra, Terra LLC and Terra Operating, each hereby represents and warrants, on its behalf and on behalf of each of the other
Service Recipients, to the Manager that: 
 8.2.1 it (and, if applicable, its managing member) is validly organized and existing under the
Laws governing its formation and organization; 
 8.2.2 it, or the relevant Service Recipient, holds such Permits necessary to own and
operate the projects and entities that it directly or indirectly owns or operates from time to time and is not aware of any reason why such Permits might be cancelled; 

  
 18 

 8.2.3 it (or, as applicable, its managing member on its behalf) has the power, capacity and
authority to enter into this Agreement and to perform its duties and obligations hereunder; 
 8.2.4 it (or, as applicable, its managing
member) has taken all necessary action to authorize the execution, delivery and performance of this Agreement; 
 8.2.5 the execution and
delivery of this Agreement by it (or, as applicable, its managing member on its behalf) and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under its Governing Instruments (or, if
applicable, the Governing Instruments of its managing member), or under any mortgage, lease, agreement or other legally binding instrument, Permit or applicable Law to which it is a party or by which any of its properties or assets may be bound,
except for any such contravention, breach or default which would not have a material adverse effect on the business, assets, financial condition or results of operations of the Service Recipients as a whole; 

8.2.6 no authorization, consent or approval, or filing with or notice to any Person is required in connection with the execution, delivery or
performance by it (or, as applicable, its managing member on its behalf) of this Agreement; and 
 8.2.7 this Agreement constitutes its
valid and legally binding obligation, enforceable against it in accordance with its terms, subject to: (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the
enforcement of creditors’ rights and remedies generally; and (ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of
equitable remedies, whether such principles are considered in a proceeding at law or in equity. 
 ARTICLE 9 

LIABILITY AND INDEMNIFICATION 

9.1 Indemnity 
 9.1.1
Terra, Terra LLC and Terra Operating hereby jointly and severally agree, to the fullest extent permitted by applicable Laws, to indemnify and hold harmless, and to cause each other Service Recipient to indemnify and hold harmless, each member of the
Manager Group, any of its Affiliates (other than any member of the Terra Group) and any directors, officers, agents, members, partners, stockholders and employees and other representatives of each of the foregoing (each, a “Manager
Indemnified Party”) from and against any claims, liabilities, losses, damages, costs or expenses (including legal fees) (“Liabilities”) incurred by them or threatened in connection with any and all actions, suits,
investigations, proceedings or claims of any kind whatsoever, whether arising under statute or action of a Governmental Authority or otherwise or in connection with the business, investments and activities of the Service Recipients or in respect of
or arising from this Agreement or the Services provided hereunder (“Claims”), including any Claims arising on account of the Governmental Charges contemplated by Section 7.4 that are capitalized on the Service
Recipients’ financial statements hereof; provided that no Manager Indemnified Party shall be so indemnified with respect to any 

  
 19 

 
Claim to the extent that such Claim results from a Manager Indemnified Party’s bad faith, fraud, willful misconduct or gross negligence or, in the case of a criminal matter, conduct
undertaken with knowledge that the conduct was unlawful. 
 9.1.2 If any action, suit, investigation, proceeding or claim is made or brought
by any third party with respect to which a Service Recipient is obligated to provide indemnification under this Agreement (a “Third Party Claim”), the Manager Indemnified Party will have the right to employ its own counsel in
connection therewith, and the reasonable fees and expenses of such counsel, as well as the reasonable costs (excluding an amount reimbursed to such Manager Indemnified Party for the time spent in connection therewith) and out-of-pocket expenses
incurred in connection therewith will be paid by the Service Recipient in such case, as incurred but subject to recoupment by the Service Recipient to the extent it ultimately is not liable to pay indemnification hereunder. 

9.1.3 The Manager Indemnified Party and the Service Recipients agree that, promptly after the receipt of notice of the commencement of any
Third Party Claim, the Manager Indemnified Party will notify the Service Recipient and the Independent Committee in writing of the commencement of such Third Party Claim (provided that any accidental failure to provide any such notice will
only prejudice the right of any such Manager Indemnified Party hereunder to the extent it actually affects the Relevant Service Recipient’s defense against the relevant Third Party Claim) and, throughout the course of such Third Party Claim,
such Manager Indemnified Party will provide copies of all relevant documentation to such Service Recipient and the Independent Committee, and to keep the Service Recipient and the Independent Committee apprised of the progress thereof, and to
discuss with the Service Recipient all significant actions proposed, and to not settle any Third Party Claim without the approval of the Independent Committee. 

9.1.4 The parties hereto expressly acknowledge and agree that the right to indemnity provided in this Section 9.1 shall be in
addition to and not in derogation of any other liability which the Manager Indemnifying Party in any particular case may have or of any other right to indemnity or contribution which any Manager Indemnified Party may have by statute or otherwise at
law. 
 9.1.5 The indemnity provided in this Section 9.1 shall survive the completion of Services rendered under, or any
termination or purported termination of, this Agreement. 
 9.2 Limitation of Liability 

9.2.1 The Manager assumes no responsibility under this Agreement other than to render the Services in good faith and otherwise in accordance
with this Agreement, and will not be responsible for any action of a Service Recipient’s Governing Body in following or declining to follow any advice or recommendations of the relevant Service Provider. 

9.2.2 The Service Recipients hereby agree that no Manager Indemnified Party will be liable to a Service Recipient, a Service Recipient’s
Governing Body (including, for greater certainty, a director or officer of a Service Recipient or another individual with similar function or capacity) or any security holder or partner of a Service Recipient for any Liabilities

  
 20 

 
that may occur as a result of any acts or omissions by the Manager Indemnified Party pursuant to or in accordance with this Agreement, except to the extent that such Liabilities result from the
Manager Indemnified Party’s bad faith, fraud, willful misconduct or gross negligence, or in the case of a criminal matter, conduct undertaken with knowledge that the conduct was unlawful. 

9.2.3 The maximum amount of the aggregate liability of the Manager Indemnified Parties pursuant to this Agreement will be equal to
(i) until the end of 2016, an amount of $11 million, representing the aggregate of the Base Management Fee Cap for 2015 and 2016, and (ii) thereafter, the Base Management Fees paid pursuant to this Agreement in the two most recent calendar
years by the Service Recipients pursuant to Article 7. 
 9.2.4 For the avoidance of doubt, the provisions of this
Section 9.2 shall survive the completion of the Services rendered under, or any termination or purported termination of, this Agreement. 

9.3 Benefit to all Manager Indemnified Parties 

9.3.1 Terra, Terra LLC and Terra Operating on behalf of themselves and the other Service Recipients, hereby constitute the Manager as trustee
for each of the Manager Indemnified Parties of the covenants of the Service Recipients under this Article 9 with respect to such Manager Indemnified Parties and the Manager hereby accepts such trust and agrees to hold and enforce such
covenants on behalf of the Manager Indemnified Parties. 
 9.3.2 The Manager hereby constitutes the Service Recipients as trustees for each
Service Recipient’s Governing Body (including, for greater certainty, a director or officer of a Service Recipient or another individual with similar function or capacity) or any security holder or partner of a Service Recipient, of the
covenants of the Manager under this Article 9 with respect to such parties and the Service Recipients hereby accept such trust and agree to hold and enforce such covenants on behalf of such parties. 

ARTICLE 10 
 TERM AND
TERMINATION 
 10.1 Term 

This Agreement shall continue in full force and effect until terminated in accordance with Section 10.2, Section 10.3
or Section 13.1 hereof. 
 10.2 Termination by the Service Recipients 

10.2.1 Terra on behalf of the Service Recipients may, subject to Section 10.2.2, terminate this Agreement effective upon 30
days’ prior written notice of termination to the Manager without payment of any termination fee: 
 10.2.1.1 if the
Manager defaults in the performance or observance of any material term, condition or covenant contained in this Agreement in a manner that results in material harm to the Service Recipients and such default continues for a period of 30 days
after written notice thereof specifying such default and requesting that the same be remedied in such 30-day period; 

  
 21 

 10.2.1.2 if the Manager engages in any act of fraud, misappropriation of funds
or embezzlement against any Service Recipient that results in material harm to the Service Recipients; 
 10.2.1.3 if the
Manager is grossly negligent in the performance of its obligations under this Agreement and such gross negligence results in material harm to the Service Recipients; 

10.2.1.4 if the Manager, Terra, Terra LLC or Terra Operating makes a general assignment for the benefit of its creditors,
institutes proceedings to be adjudicated voluntarily bankrupt, consents to the filing of a petition of bankruptcy against it, is adjudicated by a court of competent jurisdiction as being bankrupt or insolvent, seeks reorganization under any
bankruptcy law or consents to the filing of a petition seeking such reorganization or has a decree entered against it by a court of competent jurisdiction appointing a receiver liquidator, trustee or assignee in bankruptcy or in insolvency; 

10.2.1.5 upon the earlier to occur of (i) the fifth year anniversary of the date of this Agreement and (iii) the end
of any twelve month period ending on the last day of calendar quarter during which the Service Recipients generated cash available for distribution in excess of $350 million; 

10.2.1.6 upon such date that the Manager and its Affiliates no longer beneficially own capital stock representing more than
50% of the voting power of all the capital stock issued by Terra outstanding on such date; or 
 10.2.1.7 upon the date that
a Manager Change of Control occurs. 
 10.2.2 This Agreement may only be terminated pursuant to Section 10.2.1 above by Terra
with the prior approval of a majority of the members of the Independent Committee. 
 10.2.3 This Agreement may also be terminated by Terra
pursuant to Section 13.1.1 hereof with the prior approval of a majority of the members of the Independent Committee. 
 10.2.4
Each of Terra, Terra LLC and Terra Operating hereby agrees and confirms that this Agreement may not be terminated due solely to the poor performance or underperformance of any of their Subsidiaries or the Business or any investment made by any
member of the Terra Group on the recommendation of any member of the Manager Group, provided that no provision of this Agreement shall limit the right of the relevant Service Recipient to terminate any Operating and Administrative Agreements in
accordance with the provisions thereof. 

  
 22 

 10.3 Termination by the Manager 

10.3.1 The Manager may terminate this Agreement effective upon 180 days’ prior written notice of termination to the Service Recipients
without payment of any termination fee if: 
 10.3.1.1 any Service Recipient defaults in the performance or observance of
any material term, condition or covenant contained in this Agreement in a manner that results in material harm to the Manager and such default continues for a period of 30 days after written notice thereof specifying such default and requesting
that the same be remedied in such 30-day period; or 
 10.3.1.2 any Service Recipient makes a general assignment for the
benefit of its creditors, institutes proceedings to be adjudicated voluntarily bankrupt, consents to the filing of a petition of bankruptcy against it, is adjudicated by a court of competent jurisdiction as being bankrupt or insolvent, seeks
reorganization under any bankruptcy law or consents to the filing of a petition seeking such reorganization or has a decree entered against it by a court of competent jurisdiction appointing a receiver liquidator, trustee or assignee in bankruptcy
or in insolvency. 
 10.4 Survival Upon Termination 

If this Agreement is terminated pursuant to this Article 10 or Article 13, such termination will be without any further liability
or obligation of any party hereto, except as provided in Section 6.4, Article 9, Section 10.5 and Section 10.6 hereof. If this Agreement is terminated, Article 11 of this Agreement shall indefinitely
survive. 
 10.5 Action Upon Termination 

10.5.1 From and after the effective date of the termination of this Agreement, the Manager shall not be entitled to receive the Base Management
Fee for further Services under this Agreement, but will be paid all compensation accruing to and including the date of termination (including such day). 

10.5.2 Upon any termination of this Agreement, the Manager shall forthwith: 

10.5.2.1 after deducting any accrued compensation and reimbursements for any Expenses to which it is then entitled, pay over
to the Service Recipients all money collected and held for the account of the Service Recipients pursuant to this Agreement; 

10.5.2.2 deliver to the Service Recipients’ Governing Bodies a full accounting, including a statement showing all
payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Governing Bodies with respect to the Service Recipients; and 

10.5.2.3 deliver to the Service Recipients’ Governing Bodies all property and documents of the Service Recipients then in
the custody of the Manager Group. 

  
 23 

 10.6 Release of Money or other Property Upon Written Request 

Without limiting Section 3.3 hereof, the Manager hereby agrees that any money or other property of the Service Recipients or their
Subsidiaries held by the Manager Group under this Agreement shall be held by the relevant member of the Manager Group as custodian for such Person, and the relevant member of the Manager Group’s records shall be appropriately marked clearly to
reflect the ownership of such money or other property by such Person. Upon the receipt by the relevant member of the Manager Group of a written request signed by a duly authorized representative of a Service Recipient requesting the relevant member
of the Manager Group to release to the Service Recipient any money or other property then held by the relevant member of the Manager Group for the account of such Service Recipient under this Agreement, the relevant member of the Manager Group shall
release such money or other property to the Service Recipient within a reasonable period of time, but in no event later than 5 Business Days following such request. The relevant member of the Manager Group shall not be liable to any Service
Recipient, a Service Recipient’s Governing Body or any other Person for any acts performed or omissions to act by a Service Recipient in connection with the money or other property released to the Service Recipient in accordance with the second
sentence of this Section 10.6. Each Service Recipient shall indemnify and hold harmless the relevant member of the Manager Group, any of its Affiliates (other than any member of the Terra Group) and any directors, officers, agents,
members, partners, shareholders and employees and other representatives of each of the foregoing from and against any and all Liabilities which arise in connection with the relevant member of the Manager Group’s release of such money or other
property to the Service Recipient in accordance with the terms of this Section 10.6. Indemnification pursuant to this provision shall be in addition to any right of such Persons to indemnification under Section 10.1 hereof.
For the avoidance of doubt, the provisions of this Section 10.6 shall survive termination of this Agreement. The Service Recipients hereby constitute the Manager as trustee for each Person entitled to indemnification pursuant to this
Section 10.6 of the covenants of the Service Recipients under this Section 10.6 with respect to such Persons and the Manager hereby accepts such trust and agrees to hold and enforce such covenants on behalf of such Persons.

 ARTICLE 11 

NON-COMPETE 
 11.1
Non-Compete 
 Each of Terra, Terra LLC and Terra Operating agrees that it and its Affiliates will not, and will not agree to,
directly or indirectly, in each case without the consent of the Manager: 
 11.1.1 engage in, provide financing for or arrange any power
project development activity; 
 11.1.2 acquire, purchase, obtain or invest in any equity or other ownership interest of any other person
engaged in the business of developing or constructing power projects (such business, the “Development or Construction Business”), except to the extent (i) in connection with such acquisition, purchase or investment the Manager
or a member of the Manager Group is permitted to acquire, purchase or invest in, as applicable, at fair market value, 

  
 24 

 
all or the relevant part of Development or Construction Business, or (ii) Terra, Terra LLC, Terra Operating and the relevant Service Recipient agrees to, prior to such acquisition, purchase
or investment, divest and transfer to an unrelated third party such Development or Construction Business within six months after the completion of such acquisition, purchase or investment; 

11.1.3 except as permitted hereunder, engage in any commercial activities, negotiations, planning, exploratory or strategic discussions or
other similar activities that relate to, or are otherwise designed to facilitate, finance, induce or otherwise assist any person in the development or construction of any power project; 

11.1.4 prior to the date on which (i) control over the relevant power project site has been obtained by the relevant Person, including
through the execution of appropriate purchase option, lease option or similar agreements; (ii) a power purchase agreement or other energy off-take agreement has been secured for such project by the relevant Person; and (iii) such project
has reached mechanical completion, which is prior to the project being placed into service (such date, the “Construction Completion Date”), make any payment to any Person to facilitate, finance, induce or otherwise assist the
construction of a power project; or 
 11.1.5 other than with respect to asset management services for power generation projects in which
Terra or any of Terra’s Subsidiaries or Affiliates has a material ownership interest (but subject to Section 2.4), engage in the business of providing operating and maintenance services or asset management services for power generation
projects or assets. 
 11.1.6 Notwithstanding anything to the contrary in the foregoing Section 11.1, Terra and its Subsidiaries and
Affiliates shall be able to negotiate, structure, sign definitive legal agreements, make milestone payments and finance the acquisition of development projects provided Terra does not make any payments in connection with such project before the
Construction Completion Date. 
 11.2 Non-Solicitation 

During the Non-Solicitation Period, each of the parties hereto agree that it shall not, and each shall cause its Affiliates not to,
(a) solicit or induce (or attempt to solicit or induce) any employees of another party to the agreement to terminate his or her employment with such other party or. Notwithstanding the foregoing, Terra may freely employ any of the Dedicated
Personnel, and (i) general advertisements in newspapers and similar media of general circulation and (ii) use of recruiting firms that are not instructed to target a party’s employees shall not be a violation of clause (a) of the
preceding sentence. 
 11.3 Survival 

For the avoidance of doubt, the provisions of this Article 11 shall remain in effect regardless of any termination of this
Agreement pursuant to Article 10 or Article 13 of this Agreement. 

  
 25 

 ARTICLE 12 

REFERRAL FEE 
 12.1
Referral Fee 
 In the event Terra, Terra LLC, Terra Operating or any of the Service Recipients refer a solar power development
project to Manager prior to Manager’s independent identification of such opportunity, and Manager thereafter develops such such solar power project, Manager agrees to pay to Terra, an amount equal to the $0.04 multiplied by the nameplate
megawatt capacity, determined as of the commercial operation date, of such solar power project (each such amount a “Referral Fee”); provided, however, that to the extent the aggregate Referral Fees for projects referred during a
single calendar year exceed $30 million, the Manager shall not be required to pay, with respect to such referrals, any amount in excess of $30 million in the aggregate.  

12.2 Referral Fee Payment 

Any Referral Fee with respect to a project shall be due and payable 30 days after end of the calendar quarter during which such project
achieves its commercial operation date. Any Referral Fees due and payable shall: 
 12.2.1 First be offset against any due but unpaid Base
Management Fee; 
 12.2.2 Secondly, any amount of unpaid Referral Fees remaining after application of Section 12.2.1, shall be
offset against any of the cumulative costs and expenses incurred by members of the Manager Group to fund operating expenses in connection with the provision of Services; 

12.2.3 Thirdly, any amount of unpaid Referral Fees remaining after application of Section 12.2.1 and Section 12.2.2,
shall be offset against any amounts paid by Manager under the Interest Payment Agreement prior to the date such Referral Fee is due; and 

12.2.4 Finally, any amount of unpaid Referral Fees remaining after application of Section 12.2.1, Section 12.2.2 or
Section 12.2.3, shall be paid in cash. 
 ARTICLE 13 

GENERAL PROVISIONS 
 13.1
Amendment, Waiver 
 13.1.1 Terra is entitled to amend the scope of the Services, including by reducing the number of Service
Recipients or the nature or description of the Services or otherwise, by providing 180 days’ prior written notice to the Manager; provided, however, that Terra may not increase the scope of the Services without the Manager’s
prior written consent; and provided further, however, that prior to such modification, Terra and the Manager shall agree in writing to any modification of the Base Management Fee resulting from such change in scope. Subject to
Section 10.2.3 hereof, in the event that Terra and the Manager are unable to agree on a modified Base Management Fee, Terra may terminate this Agreement after the end of such 180-day period by providing 30 days’ prior written notice
to the Manager. 

  
 26 

 13.1.2 Except as expressly provided in this Agreement, no amendment or waiver of this Agreement,
except pursuant to the first sentence of Section 13.1 above, will be binding unless the prior approval of a majority of the members of the Independent Committee is obtained and the amendment or waiver is executed in writing by the party
to be bound thereby. No waiver of any provision of this Agreement will constitute a waiver of any other provision nor will any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise expressly provided. A
party’s failure or delay in exercising any right under this Agreement will not operate as a waiver of that right. A single or partial exercise of any right will not preclude a party from any other or further exercise of that right or the
exercise of any other right. 
 13.2 Assignment 

13.2.1 This Agreement shall not be assigned by the Manager without the prior written consent of Terra, except (i) pursuant to
Section 2.3 hereof or (ii) in the case of assignment to a Person that is the Manager’s successor by merger, consolidation or purchase of assets, in which case the successor shall be bound under this Agreement and by the terms
of the assignment in the same manner as the Manager is bound under this Agreement. In addition, provided that the Manager provides prior written notice to the Service Recipients for informational purposes only, nothing contained in this
Agreement shall preclude any pledge, hypothecation or other transfer or assignment of the Manager’ rights under this Agreement, including any amounts payable to the Manager under this Agreement, to a bona fide lender as security.

 13.2.2 This Agreement shall not be assigned by any of the Service Recipients without the prior written consent of the Manager, except in
the case of assignment by any such Service Recipient to a Person that is its successor by merger, consolidation or purchase of assets, in which case the successor shall be bound under this Agreement and by the terms of the assignment in the same
manner as such Service Recipient is bound under this Agreement. 
 13.2.3 Any purported assignment of this Agreement in violation of this
Article 13 shall be null and void. 
 13.3 Failure to Pay When Due 

Any amount payable by any Service Recipient to any member of the Manager Group hereunder which is not remitted when so due will remain due
(whether on demand or otherwise) and interest will accrue on such overdue amounts (both before and after judgment) at a rate per annum equal to the Interest Rate. 

13.4 Invalidity of Provisions 

Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such
provision or part thereof by a court of competent jurisdiction will not affect the validity or enforceability of any other provision hereof. 

  
 27 

 
To the extent permitted by applicable law, the parties waive any provision of law which renders any provision of this Agreement invalid or unenforceable in any respect. The parties will engage in
good faith negotiations to replace any provision which is declared invalid or unenforceable with a valid and enforceable provision, the economic effect of which comes as close as possible to that of the invalid or unenforceable provision which it
replaces. 
 13.5 Entire Agreement 

This Agreement constitutes the entire agreement between the parties pertaining to the subject matter of this Agreement. There are no
warranties, conditions, or representations (including any that may be implied by statute) and there are no agreements in connection with such subject matter except as specifically set forth or referred to in this Agreement. No reliance is placed on
any warranty, representation, opinion, advice or assertion of fact made either prior to, contemporaneous with, or after entering into this Agreement, by any party to this Agreement or its directors, officers, employees or agents, to any other party
to this Agreement or its directors, officers, employees or agents, except to the extent that the same has been reduced to writing and included as a term of this Agreement, and none of the parties to this Agreement has been induced to enter into this
Agreement by reason of any such warranty, representation, opinion, advice or assertion of fact. Accordingly, there will be no liability, either in tort or in contract, assessed in relation to any such warranty, representation, opinion, advice or
assertion of fact, except to the extent contemplated above. 
 For the avoidance of doubt, nothing in this Agreement should be construed or
interpreted as an amendment, modification or termination of, or conflict with, any of the Operating and Administrative Agreements. Each such agreement, and all its terms, including payments to be made thereunder, shall survive the entry into this
Agreement and shall terminate in accordance with its terms. 
 13.6 Mutual Waiver of Jury Trial 

AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT
WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY. 

13.7 Consent to Jurisdiction and Service of Process 

EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL COURTS OF THE
UNITED STATES OF AMERICA LOCATED IN THE CITY AND COUNTY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR
THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE ADDRESS 

  
 28 

 
SET FORTH BELOW SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE
PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES
DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS
BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 13.8 Governing Law 

The internal law of the State of New York will govern and be used to construe this Agreement without giving effect to applicable principles of
conflicts of law to the extent that the application of the laws of another jurisdiction would be required thereby. 
 13.9 Enurement

 This Agreement will enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

 13.10 Notices 
 Any
notice, demand or other communication to be given under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given (i) when delivered personally to the recipient, (ii) when sent by confirmed
electronic mail or facsimile if sent during normal business hours of the recipient; but if not, then on the next Business Day, (iii) one Business Day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or
(iv) three Business Days after it is mailed to the recipient by first class mail, return receipt requested. Such notices, demands and other communications shall be sent to the addresses specified below, or at such address or to the attention of
such other Person as the recipient party has specified by prior written notice to the sending party. Any party may change such party’s address for receipt of notice by giving prior written notice of the change to the sending party as provided
herein. Notices and other communications will be addressed as follows: 
 If to the Service Recipients: 

TerraForm Power, Inc. 
 12500
Baltimore Avenue 
 Beltsville, MD 20705 

Attn: General Counsel 
 Facsimile:
(240) 264-8100 

  
 29 

 If to the Manager: 

SunEdison, Inc. 
 13736 Riverport
Drive, Suite 180 
 Maryland Heights, MO 63043 

Attn: General Counsel 
 Facsimile:
+1-866-773-0793 
 13.11 Further Assurances 

Each of the parties hereto will promptly do, make, execute or deliver, or cause to be done, made, executed or delivered, all such further acts,
documents and things as the other party hereto may reasonably require from time to time for the purpose of giving effect to this Agreement and will use reasonable efforts and take all such steps as may be reasonably within its power to implement to
their full extent the provisions of this Agreement. 
 13.12 Counterparts 

This Agreement may be signed in counterparts and each of such counterparts will constitute an original document and such counterparts, taken
together, will constitute one and the same instrument. 
 (Signature pages follow) 

  
 30 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

			
	TERRAFORM POWER, INC.
		
	By:	 	 /s/ Sebastian Deschler

			
	Name:	 	Sebastian Deschler
	Title:	 	Senior Vice President, General Counsel and Secretary

 
			
	
	TERRAFORM POWER, LLC
		
	By:	 	 /s/ Sebastian Deschler

			
	Name:	 	Sebastian Deschler
	Title:	 	General Counsel

 
			
	
	TERRAFORM POWER OPERATING, LLC
		
	By:	 	 /s/ Sebastian Deschler

			
	Name:	 	Sebastian Deschler
	Title:	 	General Counsel

 
			
	SUNEDISON, INC., as Manager

 
			
		
	By:	 	 /s/ Brian Wuebbels

			
	Name:	 	Brian Wuebbels
	Title:	 	Executive Vice President and Chief Financial Officer

 Schedule I 

Service Recipients 
 [TO
MATCH LIST OF SPVS AT IPO] 
  

			
	 Subsidiary
	  	Jurisdiction of
Organization
		  	
		  	
		  	
		  	
		  	

  
 I-1EX-10.17

 Exhibit 10.17 

Execution Version 
  

 
  

SECURITIES PURCHASE AGREEMENT 

by and between 

TerraForm CD Holdings Corporation, 

TerraForm CD Holdings GP, LLC, 

TerraForm CD Holdings, LLC, 

as Buyers, 
 and

 Capital Dynamics US Solar Energy A, L.P., 

Capital Dynamics US Solar Energy A-1, L.P., 

Capital Dynamics US Solar Energy A-2, L.P., 

Capital Dynamics US Solar Energy, L.P., 

Capital Dynamics (US) GP AIV, Inc., 

as Sellers 
  

 
 Dated as of
October 29, 2014 
  
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE I
	 	 DEFINITIONS
	  	 	4	  
			
	 1.1  
	 	Defined Terms	  	 	4	  
	 1.2  
	 	Cause Convention	  	 	15	  
			
	 ARTICLE II
	 	 PURCHASE AND SALE OF TRANSFERRED INTERESTS; PURCHASE PRICE
	  	 	16	  
			
	 2.1  
	 	Sale and Purchase of Transferred Interests	  	 	16	  
	 2.2  
	 	Payment of Preliminary Purchase Price and Certain Other Amounts	  	 	18	  
	 2.3  
	 	Closing; Closing Date	  	 	18	  
	 2.4  
	 	Actions At Closing	  	 	18	  
	 2.5  
	 	Conditions Precedent to Obligations of the Sellers	  	 	19	  
	 2.6  
	 	Conditions Precedent to Obligations of the Buyers	  	 	20	  
	 2.7  
	 	Lock-Box Adjustment and Working Capital Adjustment	  	 	24	  
	 2.8  
	 	Escrow Release	  	 	27	  
			
	 ARTICLE III
	 	 REPRESENTATIONS AND WARRANTIES OF THE SELLERS AS TO THE TRANSFERRED INTERESTS
	  	 	28	  
			
	 3.1  
	 	Title to the Transferred Interests	  	 	28	  
	 3.2  
	 	Authority to Execute and Perform Agreement	  	 	29	  
	 3.3  
	 	Litigation	  	 	31	  
	 3.4  
	 	No Conflict	  	 	31	  
	 3.5  
	 	Seller’s Limited Partnership Agreements	  	 	31	  
			
	 ARTICLE IV
	 	 REPRESENTATIONS AND WARRANTIES OF THE SELLERS AS TO THE TRANSFERRED COMPANIES
	  	 	32	  
			
	 4.1  
	 	Due Organization; Qualification	  	 	32	  
	 4.2  
	 	Business	  	 	33	  
	 4.3  
	 	Equity Interests	  	 	33	  
	 4.4  
	 	Financial Statements	  	 	33	  
	 4.5  
	 	Absence of Certain Changes	  	 	34	  
	 4.6  
	 	Absence of Liabilities	  	 	34	  
	 4.7  
	 	Tax Matters	  	 	34	  
	 4.8  
	 	Compliance with Laws	  	 	36	  
	 4.9  
	 	Permits	  	 	36	  
	 4.10
	 	Regulatory Approvals	  	 	37	  
	 4.11
	 	Environmental Compliance	  	 	38	  
	 4.12
	 	No Breach	  	 	38	  
	 4.13
	 	Contracts	  	 	39	  
	 4.14
	 	Property	  	 	39	  
	 4.15
	 	Intellectual Property. Except as set forth in Section 4.15 of the Seller Disclosure Letter:	  	 	41	  
	 4.16
	 	Litigation	  	 	41	  
	 4.17
	 	Insurance	  	 	41	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 4.18
	 	Equipment Warranties	  	 	42	  
	 4.19
	 	Brokers	  	 	42	  
	 4.20
	 	Employees and Benefit Plans	  	 	42	  
	 4.21
	 	Bank Accounts	  	 	42	  
	 4.22
	 	Background Materials	  	 	42	  
	 4.23
	 	Related Party Transactions	  	 	42	  
	 4.24
	 	Exclusivity of Representations	  	 	42	  
	 4.25
	 	[Reserved]	  	 	43	  
	 4.26
	 	Status of the Assets	  	 	43	  
	 4.27
	 	CREST PPAs	  	 	43	  
			
	 ARTICLE V
	 	 REPRESENTATIONS AND WARRANTIES OF THE BUYERS
	  	 	44	  
			
	 5.1  
	 	Due Incorporation and Authority	  	 	44	  
	 5.2  
	 	Authority to Execute and Perform Agreement	  	 	44	  
	 5.3  
	 	No Conflict	  	 	45	  
	 5.4  
	 	Brokers	  	 	45	  
	 5.5  
	 	Purchase for Investment	  	 	46	  
	 5.6  
	 	Independent Investigation	  	 	46	  
	 5.7  
	 	Litigation	  	 	46	  
	 5.8  
	 	Exclusivity of Representations	  	 	46	  
			
	 ARTICLE VI
	 	 COVENANTS AND AGREEMENTS
	  	 	46	  
			
	 6.1  
	 	Confidentiality	  	 	46	  
	 6.2  
	 	Expenses	  	 	48	  
	 6.3  
	 	Publicity	  	 	48	  
	 6.4  
	 	Efforts to Close	  	 	48	  
	 6.5  
	 	HSR Act Filings	  	 	48	  
	 6.6  
	 	Post-Closing Delivery of Records	  	 	48	  
	 6.7  
	 	Notice of Certain Events	  	 	49	  
	 6.8  
	 	Payments in Respect of LandPro Projects Tax Equity Financing	  	 	50	  
	 6.9  
	 	Risk of Loss	  	 	50	  
	 6.10
	 	Further Assurances	  	 	52	  
	 6.11
	 	Indemnification of Members, Officers and Others	  	 	52	  
	 6.12
	 	Inter-Company Indebtedness and Agreements	  	 	53	  
	 6.13
	 	Investigation by the Buyers	  	 	53	  
	 6.14
	 	Certain Restrictions	  	 	54	  
	 6.15
	 	Seller Disclosure Letter Update	  	 	55	  
	 6.16
	 	Full Production of Shaffer Project	  	 	56	  
	 6.17
	 	Franklin Lease Amendments	  	 	56	  
	 6.18
	 	EPC Warranty Claims	  	 	57	  
	 6.19
	 	Insurance Policies	  	 	57	  
	 6.20
	 	Replacement of Credit Support	  	 	57	  
	 6.21
	 	Completion of LandPro Projects	  	 	58	  
	 6.22
	 	LandPro and Shaffer Removal	  	 	58	  
	 6.23
	 	Watts Project	  	 	58	  

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 6.24
	 	Swan Creek Dispute	  	 	58	  
	 6.25
	 	Cohalan Court Complex Project	  	 	58	  
	 6.26
	 	True North Project	  	 	58	  
	 6.27
	 	Tax Returns	  	 	58	  
	 6.28
	 	Financial Statements	  	 	59	  
	 6.29
	 	Rutan Project	  	 	59	  
	 6.30
	 	Seller’s Limited Partnership Agreements	  	 	59	  
	 6.31
	 	California Property Tax Exemption	  	 	59	  
	 6.32
	 	CAISO Compliance	  	 	59	  
			
	 ARTICLE VII
	 	 SURVIVAL
	  	 	60	  
			
	 ARTICLE VIII
	 	 INDEMNIFICATION
	  	 	60	  
			
	 8.1  
	 	Obligation of the Sellers to Indemnify	  	 	60	  
	 8.2  
	 	Obligation of the Buyers to Indemnify	  	 	60	  
	 8.3  
	 	Indemnification Procedure	  	 	61	  
	 8.4  
	 	Measure of and Limitations upon Indemnification	  	 	62	  
	 8.5  
	 	Exclusivity of Indemnity	  	 	63	  
	 8.6  
	 	Subrogation	  	 	64	  
	 8.7  
	 	Purchase Price Adjustment	  	 	64	  
	 8.8  
	 	Payment of Claims	  	 	64	  
	 8.9  
	 	Claim Log	  	 	65	  
	 8.10
	 	Special Indemnities	  	 	66	  
			
	 ARTICLE IX
	 	 TAX MATTERS
	  	 	66	  
			
	 9.1  
	 	Transfer Taxes	  	 	66	  
	 9.2  
	 	Tax Returns	  	 	66	  
	 9.3  
	 	Straddle Period Tax Liabilities	  	 	67	  
	 9.4  
	 	Assistance and Cooperation	  	 	67	  
	 9.5  
	 	Audits	  	 	68	  
	 9.6  
	 	Carrybacks	  	 	68	  
	 9.7  
	 	Certain Actions	  	 	69	  
	 9.8  
	 	Tax Refunds	  	 	69	  
			
	 ARTICLE X
	 	 TERMINATION
	  	 	69	  
			
	 10.1
	 	Termination	  	 	69	  
	 10.2
	 	Effect of Termination	  	 	70	  
			
	 ARTICLE XI
	 	 MISCELLANEOUS
	  	 	70	  
			
	 11.1
	 	Dispute Resolution; Consent to Jurisdiction; Service of Process; Waiver of Jury Trial	  	 	70	  
	 11.2
	 	Notices	  	 	71	  
	 11.3
	 	Entire Agreement	  	 	73	  
	 11.4
	 	Waivers and Amendments	  	 	73	  
	 11.5
	 	Governing Law	  	 	73	  
	 11.6
	 	Binding Effect; Assignment	  	 	73	  

  
 -iii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 11.7  
	 	Usage	  	 	73	  
	 11.8  
	 	Articles and Sections	  	 	74	  
	 11.9  
	 	Interpretation	  	 	74	  
	 11.10
	 	Severability of Provisions	  	 	74	  
	 11.11
	 	Counterparts	  	 	74	  
	 11.12
	 	No Personal Liability	  	 	74	  
	 11.13
	 	No Third Party Beneficiaries	  	 	74	  
	 11.14
	 	Delivery by Facsimile or PDF	  	 	74	  

 Exhibits 
  

	A	Assignment Agreements 

	B	Indemnity Escrow Agreement 

	C	Transition Services Agreement 

	D	Nonforeign Certificate 

	E	General Release 

	F	Purchase Price Escrow Agreement 

	G	Terms of R&W Insurance Policy 

	H	Terms of Environmental Insurance 

	I	EPC Warranty Claims 

 Annexes 

 

	1.1(a)	Balance Sheet Rules 

	1.1(b)	Credit Support 

	1.1(c)	Current Assets and Current Liabilities 

	1.1(d)	Knowledge of the Buyer 

	1.1(e)	Knowledge of the Sellers 

	1.1(f)	Projects & Generating Capacity 

	1.1(g)	Ownership Percentage 

	1.1(h)	Title Reports 

	1.1(i)	Project Purchase Price Allocation 

 Seller Disclosure Letter 

 

	3.1	Title to the Transferred Assets 

	3.2(b)	Authority to Execute and Perform Agreement 

	3.3	Litigation 

	3.4(b)	Seller Consents and Notices 

	4.2	Business 

	4.3	Equity Interests 

	4.4	Financial Statements 

	4.5	Absence of Certain Changes 

	4.6	Liabilities 

	4.7(a)	Tax Returns 

	4.7(m)	Tax Matters 

  
 -iv- 

 TABLE OF CONTENTS 

(continued) 
  

	4.8	Compliance with Laws 

	4.9	Permits 

	4.10	Regulatory Approvals 

	4.11	Environmental Matters 

	4.12	Company Consents and Notices 

	4.13(a)	Material Contracts 

	4.13(b)	Default on Material Contracts 

	4.13(c)	Other Contracts 

	4.14	Property 

	4.15	Intellectual Property 

	4.16	Litigation 

	4.17	Insurance 

	4.18	Equipment Warranties 

	4.19	Brokers 

	4.20	Employees and Benefit Plans 

	4.21	Bank Accounts 

	4.22	Background Materials 

	4.23	Related Party Transactions 

	4.24	Exclusivity of Representations 

	4.26	Status of the Assets 

	4.27	CREST PPAs 

	6.14	Interim Period Actions 

 The schedules and exhibits to the Securities Purchase Agreement have been omitted from
this filing pursuant to Item 601(b)(2) of Regulation S-K. The Company will furnish copies of any such schedules and exhibits to the U.S. Securities and Exchange Commission upon request. 

  
 -ii- 

 SECURITIES PURCHASE AGREEMENT 

This Securities Purchase Agreement (this “Agreement”), is entered into as of October 29, 2014 (the
“Effective Date”), by and between TerraForm CD Holdings Corporation, a Delaware corporation (“HoldCo Inc.”), TerraForm CD Holdings GP, LLC, a Delaware limited liability company (“HoldCo
GP”), and TerraForm CD Holdings, LLC, a Delaware limited liability company (“HoldCo LLC”, and collectively with HoldCo Inc. and HoldCo GP, the “Buyers”) on the one hand, and Capital
Dynamics US Solar Energy A, L.P., a Delaware limited liability partnership (“CD US A”), Capital Dynamics US Solar Energy A-1, L.P., a Delaware limited liability partnership (“CD US A-1”), Capital
Dynamics US Solar Energy A-2, L.P., a Delaware limited liability partnership (“CD US A-2”), Capital Dynamics US Solar Energy, L.P., a Delaware limited liability partnership (“CD US Solar”), and Capital
Dynamics (US) GP AIV, Inc., a Delaware corporation (“CD AIV Inc.”) (each, a “Seller”, and collectively, the “Sellers”), on the other hand, for the purchase and sale of all of
the outstanding equity interests of Capital Dynamics US Solar Holdings 1, Inc., a Delaware corporation, Capital Dynamics US Solar Holdings 2, Inc., a Delaware corporation, Capital Dynamics US Solar Holdings 4, Inc., a Delaware corporation, Capital
Dynamics US Solar Holdings 5, Inc., a Delaware corporation (“Holdings 5” and each, a “Holdco” and collectively, the “Holdcos”), and Capital Dynamics US Solar AIV - A, L.P., a
Delaware limited partnership, Capital Dynamics US Solar AIV - B, L.P., a Delaware limited partnership, Capital Dynamics US Solar AIV - C, L.P., a Delaware limited partnership, Capital Dynamics US Solar AIV - D, L.P., a Delaware limited partnership,
Capital Dynamics US Solar AIV - E, L.P., a Delaware limited partnership (“AIV E”), and Capital Dynamics US Solar AIV - G, L.P., a Delaware limited partnership (each, an “AIV” and collectively, the
“AIVs”). Each Seller and Buyer may be referred to as a “Party” and collectively as the “Parties.” 

WHEREAS, CD US A, CD US A-1, and CD US A-2 are the beneficial and record owners of all of the outstanding equity interests of the Holdcos (the
“Holdco Interests”) and CD US Solar, CD AIV, Inc., and the Holdcos are the beneficial and record owners of all of the outstanding equity interests of the AIVs (the “AIV Interests” and together with the
Holdco Interests, the “Transferred Interests”); 
 WHEREAS, (a) CD AIV Inc. wishes to sell to HoldCo GP, and
HoldCo GP wishes to purchase from CD AIV Inc., all of CD AIV Inc.’s outstanding equity interests of the AIVs, (b) CD US Solar wishes to sell to HoldCo LLC, and HoldCo LLC wishes to purchase from CD US Solar, all of CD US Solar’s
outstanding equity interests of the AIVs and (c) each of CD US A, CD US A-1 and CD US A-2 wishes to sell to HoldCo Inc., and HoldCo Inc. wishes to purchase from CD US A, CD US A-1 and CD US A-2, all of CD US A, CD US A-1 and CD US A-2’s
respective outstanding equity interests in the Holdcos, in each case upon the terms and subject to the conditions of this Agreement (collectively, the “Transferred Interests Purchase”); and 

WHEREAS, the Parties desire to make certain representations, warranties and agreements in connection with the Transferred Interests Purchase
and also to prescribe certain conditions to the Transferred Interests Purchase. 

  
 -3- 

 NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and
agreements entered into herein, and intending to be legally bound hereby, the parties agree as follows: 
 ARTICLE I 

DEFINITIONS 
 1.1
Defined Terms. 
 (a) For all purposes of this Agreement, the following terms shall have the respective meanings set forth in this
Section 1.1 (such definitions to be equally applicable to both the singular and plural forms of the terms herein defined): 

“Acceptable Insurance Company” means an insurance company licensed to do business in the State of Maryland and having
an A.M. Best rating of “A”/X or better. 
 “Accounting Methodology” means the accounting principles,
methods and practices used in preparing the Interim Financial Statements, applied on a consistent basis. 
 “Affidavit of no
Change” means a certificate executed on behalf of the Sellers or a Transferred Company, with respect to an existing Survey for any Real Property, satisfactory to the title insurance company issuing a Title Policy or Title Endorsement,
for the deletion or omission of any general survey exception in such Title Policy or Title Endorsement. 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly (through one or more
intermediaries) controlling, controlled by or under common control with such Person. The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any
Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting or other securities, by contract or otherwise. 

“Allocable Share” means, with respect to any Person and any item of, or with respect to, a Transferred Company, such
Person’s allocable share of such item as determined by reference to such Person’s direct and indirect ownership interest in such Transferred Company at the relevant time and the applicable allocation provisions of the operative agreements
of such Transferred Company at the relevant time. 
 “Assignment Agreements” means the Assignment and Assumption
Agreements, substantially in the form attached hereto as Exhibit A. 
 “Balance Sheet Rules” means,
collectively, the Accounting Methodology and the rules set forth on Annex 1.1(a); provided, that in the event of any conflict between the Accounting Methodology and the rules set forth on Annex 1.1(a), the rules set forth on
Annex 1.1(a) shall apply. 

  
 4 

 “Benefit Plan” means any employee benefit plan, arrangement, policy or
commitment (whether or not an employee benefit plan within the meaning of Section 3(3) of ERISA), including any employment, consulting or deferred compensation agreement, executive compensation, bonus, incentive, pension, profit-sharing,
savings, retirement, stock option, stock purchase or severance pay plan, any life, health, disability or accident insurance plan or any holiday or vacation practice, or other agreement or arrangement providing for employee remuneration or benefits,
including a multiemployer plan, as that term is defined in Section 4001(a)(3) of ERISA. 
 “Business Day” means
a day other than Saturday, Sunday or any day on which banks located in New York, New York are authorized or obligated by Law to close. 

“Buyer Insurance Policy” means a buyer-side representations and warranties insurance policy having endorsements,
retention/deductible requirements and coverage limits no less favorable to the Buyers than those set forth on Exhibit G hereto, issued by an Acceptable Insurance Company. 

“Buyer Parent Guaranty” means that certain Parent Guaranty, dated as of the Effective Date, by TerraForm Power, LLC in
favor of the Buyers. 
 “Cash Grant” means a cash grant in lieu of the available energy tax credit pursuant to
Section 48 of the Code under the terms of Section 1603 of the American Recovery and Reinvestment Act of 2009 and any rules, regulations or other guidance promulgated thereunder. 

“Certificate of Occupancy” means an unconditional certificate issued by a local Governmental Body having jurisdiction
over construction of improvements to property, required under applicable Law to confirm that the improvements comprising the relevant Project have been completed in accordance with applicable Law and may be lawfully used for the intended purpose.

 “Charter Documents” means, with respect to any Person, all organizational documents and all shareholder
agreements, limited liability company agreements, member agreements, partnership agreements or similar Contracts relating to the ownership or governance of such Person. 

“Code” means the Internal Revenue Code of 1986, as amended (including any successor code), and the rules and
regulations promulgated thereunder. 
 “Condemnation” means any taking of the Leased Property in or by condemnation
or other eminent domain proceedings pursuant to any Law, general or special, or by reason of any agreement with any condemnor in settlement of or under threat of any such condemnation or other eminent domain proceedings or by any other means, or any
de facto condemnation or any temporary condemnation or confiscation of the use or occupancy of the Leased Property by any Governmental Bodies, civil or military, whether pursuant to an agreement with such Governmental Bodies in settlement of
or under threat of any such requisition or confiscation, or otherwise. 

  
 5 

 “Confidentiality Agreement” means the Mutual Nondisclosure Agreement,
dated September 2, 2014, between CD US Solar and TerraForm Power, LLC. 
 “Contract” means any agreement,
lease, license, option, guaranty, right-of-way, evidence of indebtedness, mortgage, indenture, security agreement, purchase order, promissory note or other contract. 

“Credit Support” means collectively, the letters of credit, and other forms of credit support posted by the Sellers or
their Affiliates for the benefit of any Transferred Company that are described on Annex 1.1(b) hereto. 
 “Current
Assets” means, subject to the Balance Sheet Rules, as of any date, the assets of the Transferred Companies set forth on Annex 1.1(c) under the heading “Current Assets” and no other assets; provided
that Annex 1.1(c) that is delivered as of the Effective Date is the Sellers’ good faith estimate of the Current Assets as of November 15, 2014, and that Annex 1.1(c) shall be updated as of Closing based on the actual Current
Assets as of the Closing Date. 
 “Current Liabilities” means, subject to the Balance Sheet Rules, as of any date,
the Liabilities of the Transferred Companies set forth on Annex 1.1(c) under the heading “Current Liabilities” and no other liabilities; provided that Annex 1.1(c) that is delivered as of the Effective Date
is the Sellers good faith estimate of the Current Liabilities as of November 15, 2014, and that Annex 1.1(c) shall be updated as of Closing based on the actual Current Liabilities as of the Closing Date. For the avoidance of doubt,
Current Liabilities shall not include accrued Income Taxes. 
 “Default Interest Rate” means a rate of interest
payable at the lesser of 30 day LIBOR plus 200 basis points, or the maximum rate permitted by applicable Laws. 
 “Economic
Interests Closing Date” means 11:59 p.m. on November 15, 2014. 
 “Electronic Data Room” the
Intralinks website established by the Sellers in the folder named “Project Wallaby”. 
 “Environmental
Insurance” means the environmental insurance policy conforming with the endorsements, requirements and coverage limits set forth on Exhibit H hereto, issued by an Acceptable Insurance Company. 

“EPC Contract” means the engineering, procurement and construction contract pursuant to which each Project has been
constructed or, in the case of the LandPro Projects, is being constructed. 
 “ERISA” means the Employee Retirement
Income Security Act of 1974, as amended. 
 “Escrow Agent” means First American Title Insurance Company. 

  
 6 

 “Excluded LandPro Projects” means LandPro Project 8159, LandPro Project
8160 and LandPro Project 8161, to the extent that such Project has not satisfied the LandPro Takeover Conditions on or before the Initial Closing Date. 

“Existing US Bank Credit Support” means (i) that certain Amended and Restated Guaranty, dated as of
November 27, 2012, between Firstar Development, LLC and CD US A, (ii) that certain Equity Commitment Letter, dated June 28, 2013, by CD US A in favor of Firstar Development, LLC, and (iii) that certain Equity Commitment Letter,
dated May 30, 2014, by CD US A in favor of Firstar Development, LLC. 
 “FERC” means the Federal Energy
Regulatory Commission or any successor agency thereto. 
 “FPA” means the Federal Power Act, as amended. 

“Fundamental Representations” means, (a) with respect to the Sellers the representations and warranties set forth
in Sections 3.1, 3.2, and 4.3, and (b) with respect to the Buyers representations and warranties set forth in Sections 5.1 and 5.2. 

“GAAP” means generally accepted accounting principles in the United States, consistently applied throughout the
specified periods. 
 “Governmental Body” means any federal, national, regional, state, municipal or local
government, any political subdivision or any governmental, judicial, public or statutory instrumentality, tribunal, court, agency, authority, body or entity, or other regulatory bureau, authority, body or entity having legal jurisdiction over the
matter or Person in question. 
 “Hazardous Substances” means any pollutant, contaminant, substance, material,
waste, toxin, compound or element in any form, the use, handling or emission of which is regulated under Environmental Laws, including without limitation petroleum or petroleum-derived substances, asbestos or asbestos-containing materials,
polychlorinated biphenyls (PCBs) and radioactive materials. 
 “HSR Act” means the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended. 
 “Indebtedness” as applied to any Transferred Company, means, without
duplication, (a) all indebtedness for borrowed money, whether current or not yet drawn, secured or unsecured, including all amounts payable under or pursuant to any credit facility or loan agreement; (b) that portion of obligations with
respect to capital leases that is properly classified (or should be properly classified) as a liability on a balance sheet in conformity with GAAP; (c) notes payable and drafts accepted representing extensions of credit whether or not
representing obligations for borrowed money; (d) all amounts drawn under outstanding letters of credit; (e) all interest rate swap, derivative or similar arrangements; (f) all obligations for the deferred purchase price of any
property or services (excluding accounts payable and other current liabilities incurred in the ordinary course of business consistent with past practice which would be reflected in Working Capital); (g) all obligations created or arising under
any conditional sale or other title retention agreement with respect to property acquired by any of the Transferred Companies 

  
 7 

 
(even though the rights and remedies of the seller or lender under such agreement in the event of a default may be limited to repossession or sale of such property); (h) all obligations
secured by a purchase money mortgage or other Lien to secure all or part of the purchase price of property subject to such mortgage or Lien; (i) all obligations of a type referred to in clauses (a)-(h) which is directly or indirectly
guaranteed by the one of the Transferred Companies or which such Transferred Company has agreed (contingently or otherwise) to purchase or otherwise acquire or in respect of which it has otherwise assured a credit against loss, (j) any
refinancings of the foregoing, including principal, interest, prepayment penalties and similar obligations thereto and Taxes associated with the payment of any such amount, and (k) all payment obligations in respect of declared, accrued or
otherwise payable dividends, distributions or similar payments payable to the Seller or any Affiliate that is not a Transferred Company. For clarification, it is understood that the following shall not constitute
“Indebtedness” hereunder: operating leases, Contracts to sell electrical energy, capacity, power or renewable energy credits (or similar credits or “green tags”) to any Person, the EPC Contracts, real property
agreements, trade payables and accrued expenses (including accrued interest) and prepaid or deferred revenue arising in the ordinary course of business and, to the extent applicable, consistent with past practice. 

“Indemnity Escrow Agreement” means the Indemnity Escrow Agreement substantially in the form attached hereto as
Exhibit B, among the Sellers, the Buyers and the Escrow Agent. 
 “Initial Closing” means the Full Closing or
the First Closing, whichever occurs. 
 “Initial Closing Date” means the date that Full Closing or the First Closing
occurs. 
 “Intellectual Property” means, with respect to a Person, all intellectual property, whether arising under
statute or common law, including patents, patent applications, copyrights, copyright applications, trade secrets, know-how, trademarks and service marks, trademark and service mark applications, trade names, software and internet domain names owned
or filed by such Person as of the date hereof. 
 “Knowledge of the Buyers” means the actual knowledge of any of the
individuals whose names are set forth on
 Annex 1.1(d) hereto after due inquiry. 
 “Knowledge of the
Sellers” means the actual knowledge of any of the individuals whose names are set forth on
 Annex 1.1(e) hereto after due inquiry. 

“LandPro Expiration Date” means, with respect to each Excluded LandPro Project, the earlier of
(a) February 28, 2015 and (b) the date the notice of termination from SCE of the CREST PPA for the relevant Excluded LandPro Project is fully and finally effective. 

“LandPro Takeover Conditions” means, with respect to an Excluded LandPro Project, that: (a) all conditions to
“Startup and Commissioning Completion” as set forth in the EPC Contract pertaining to such Excluded LandPro Project, other than the condition requiring achievement of “Initial Operation” under the CREST PPA for such Project, have
been satisfied; (b) the Buyers shall have received a report of Black & Veatch (who shall be engaged and paid by the Sellers) confirming the foregoing and that such Excluded LandPro Project has been

  
 8 

 
constructed substantially in accordance with the requirements of the applicable EPC Contract (including applicable drawings), as confirmed in a site visit by Black & Veatch; (c) the
Buyers shall have received evidence reasonably satisfactory to them that, upon due request to SCE, SCE will acknowledge that “Initial Operation” of such LandPro Project has been achieved under the CREST PPA for such Project; (d) the
conditions set forth in Sections 2.5(d) and (f) and 2.6(e) and (g) remain satisfied with respect to the Excluded LandPro Projects that have satisfied the other LandPro Takeover Conditions; (e) the
representations, warranties and covenants in respect of a Cash Grant or Tax matters made in the Tax Equity Documents with respect to such Excluded LandPro Project were true and correct in all respects when made; and (f) the amount payable to
Sunlight Partners, LLC in respect of the commercial operation date payment due in connection with a change of control pursuant to the Membership Interest Purchase Agreement dated as of December 13, 2012 by and between Capital Dynamics US Solar
– CA 2, LLC and Sunlight Partners, LLC has been paid (or otherwise satisfied) in full. 
 “Law” means any
applicable federal, national, regional, state, municipal or local law, including any common law, statute, treaty, rule, regulation, ordinance, order, code, judgment, decree, directive, injunction, writ or similar action or decision duly implementing
any of the foregoing by any Governmental Body, and includes all applicable Permits. 
 “Leased Property” means,
individually or collectively as the context requires, all of the real estate interests covered by (i) the Transferred Company Leases where the Transferred Company is a lessee, recorded easements, (ii) where a Transferred Company is the
grantee and (iii) license agreements where a Transferred Company is the licensee. 
 “Liabilities” means all
Indebtedness, other obligations and other liabilities of a Person (whether known, asserted, liquidated, absolute, accrued, contingent, fixed or otherwise, or whether due or to become due), including any liability for Taxes, that would be required to
be reflected or reserved against in a balance sheet of the Transferred Companies, prepared in accordance with GAAP. 

“Lien” means any lien, pledge, mortgage, deed of trust, security interest, claim, lease, license, charge, option,
right of first refusal, easement, servitude, transfer restriction, encumbrance or any other restriction or limitation whatsoever. 

“Lock-Box Adjustment” means the difference, which may be a positive or a negative number, between (x) Lock-Box
Contributions minus (y) Lock-Box Distributions. 
 “Lock-Box Contributions” means the aggregate (calculated
without duplication) of the following amounts incurred during the Lock-Box Period: (i) any capital contributions made by the Sellers to the Transferred Companies, or (ii) any expense or cost paid by the Sellers or any Affiliate of the
Sellers (other than another Transferred Company) on behalf of any of the Transferred Companies. 
 “Lock-Box
Distributions” means the aggregate of any dividends or distributions made by any Transferred Company to the Sellers or any Affiliate of the Sellers (other than distributions as between Transferred Companies) (calculated without
duplication) paid during the Lock-Box Period. For avoidance of doubt, “Lock Box Distributions” shall exclude (a) any item, 

  
 9 

 
liability or payment which is not a reimbursement of Lock-Box Contributions or for which this Agreement provides for a separate adjustment to the Purchase Price hereunder, which are costs
specifically allocated to the Buyers under this Agreement, (b) the Second Installment Capital Contribution and the Third Installment Capital Contribution (as such terms are defined in the Tax Equity Documents) that is distributed to the
Sellers, and (c) any deposits that have been made by or on behalf of any Transferred Company under either a CREST PPA or interconnection agreement related to such Project that is returned to the Transferred Companies. 

“Lock-Box Period” means the period from and including November 16, 2014 until, if there is a Full Closing, the
Closing Date of the Full Closing, and otherwise, with respect to the Transferred Companies that are the subject of the First Closing, Closing Date of the First Closing, and with respect to the Transferred Companies that are the subject of the Second
Closing, the Closing Date of the Second Closing. 
 “Material Land Use Restriction” means any agreement, instrument,
document, easement, servitude, transfer restriction, encumbrance, condition or any other restriction or limitation on the use of Real Property, that would prohibit or prevent the Projects located on the Real Property from continuing to operate in
accordance with past practice. 
 “Owned Real Property” means, individually or collectively as the context requires,
any real estate interests owned in fee by a Transferred Company. 
 “Ownership Percentage” means, with respect to
each Seller, the percentage set forth in Annex 1.1(g). 
 “Permitted Liens” means (a) any Lien for Taxes
not yet due or delinquent; (b) any purchase money Lien arising in the ordinary course of business and, to the extent applicable, consistent with past practice; (c) all matters that are disclosed (whether or not subsequently deleted or
endorsed over) in the title policies insuring any Property; (d) restrictions on transfer or assignment for the benefit of the counterparty to any Material Contract; (e) all matters that are disclosed in the title reports listed on Annex
1.1(h); (f) imperfections or irregularities of title and other Liens on any Real Property that do not, in the aggregate, materially detract from the value of the affected Property; (g) zoning, planning, and other similar limitations
and restrictions, and all rights of any Governmental Body to regulate any Real Property, which are not violated by the current or currently proposed use and operation of the Real Property or in connection with the business of any Transferred
Company; (h) all matters of record, that do not, in the aggregate, materially detract from the value of the affected Real Property or, individually or in the aggregate, materially impair the occupancy or use of the affected Real Property for
the purposes for which it is currently used or proposed to be used in connection with the business of any Transferred Company; (i) pledges and deposits made in the ordinary course of business and, to the extent applicable, consistent with past
practice in compliance with workers’ compensation, unemployment insurance and other social security applicable Laws; (j) any Lien that is released on or prior to the applicable Closing; and (k) statutory or common law Liens in favor
of carriers, warehousemen, mechanics and materialmen, arising in the ordinary course of business and, to the extent applicable, consistent with past practice but not yet delinquent, and statutory or common law Liens to secure claims for labor,
materials or supplies arising in the ordinary course of business and, to the extent applicable, consistent with past practice but not yet delinquent. 

  
 10 

 “Person” means any individual, corporation, partnership, limited
liability company, limited liability partnership, firm, joint venture, association, joint-stock company, trust, unincorporated organization, Governmental Body or other entity of any kind, and shall include any successor (by merger or otherwise) of
such entity. 
 “Portfolio Material Adverse Effect” means that twenty five percent (25%) or more of the
aggregate generating capacity of the Projects as set forth on Annex 1.1(f) is subject to one or more Transferred Company Material Adverse Effects. 

“Projects” means each of the photovoltaic solar power generation projects identified in Annex 1.1(f). 

“Properties” means all assets and properties of every kind, nature, character and description (whether real, personal
or mixed, whether tangible or intangible, and wherever situated). 
 “PUHCA” means the Public Utility Holding
Company Act of 2005. 
 “Purchase Price Escrow Agreement” means the Purchase Price Escrow Agreement substantially in
the form attached hereto as Exhibit F, among the Sellers, the Buyers and the Escrow Agent. 
 “Real Property”
means, collectively, the Leased Real Property and Owned Real Property. 
 “Representative” means, as to any Person,
its officers, directors, employees, partners, members, stockholders, counsel, accountants, financial advisers, engineers and consultants. 

“Seller’s Limited Partnership Agreements” means, collectively, the (a) the Amended and Restated Limited
Partnership Agreement of Capital Dynamics US Solar Energy A-1, L.P., dated as of December 18, 2013, (b) Amended and Restated Limited Partnership Agreement of Capital Dynamics US Solar Energy A-2, L.P., dated as of December 18, 2013,
(c) Second Amended and Restated Limited Partnership Agreement of Capital Dynamics US Solar Energy A, L.P., dated as of March 9, 2012, as amended by Amendment No. 1, dated as of July 18, 2013, and (d) Amended and Restated
Limited Partnership Agreement of Capital Dynamics US Solar Energy, L.P., dated as of March 20, 2012, as amended by Amendment No. 1 to the LPA, dated as of July 18, 2013. 

“Shaffer Condition” means that the conditions set forth in Sections 2.5(d) and (f) and
2.6(e) and (g) remain satisfied with respect to the Shaffer Project. 
 “Shaffer Production
Reduction” means, with respect to the Shaffer Project, $8,221 for each seven (7)-day period (pro-rated for less than any seven (7) day period) commencing November 16, 2014 and continuing until the Closing Date on which the
Full 

  
 11 

 
Closing or a Second Closing that includes the Shaffer Project has occurred; provided that during the months of February and March 2015, the Shaffer Production Reduction shall be calculated by
taking twenty five percent (25%) of the net operating cash flow from the 4MW AC of the Shaffer Project that is operational during those months until the restriction in Section 6.16 is removed. 

“Shaffer Project” means the Project identified as such on Annex 1.1(f). 

“Subsidiary” means, with respect to any Person, any corporation, general or limited partnership, joint venture,
limited liability company, limited liability partnership or other Person that is a legal entity, trust or estate of which such Person owns, directly or indirectly, any equity securities. 

“Survey” means a survey by an accredited surveyor meeting applicable standards of the American Land Title Association
and the American Congress on Surveying and Mapping, or acceptable equivalent. 
 “Tax Equity Documents” means the
Contracts listed under the headings “Tax Equity Transaction I”, “Tax Equity Transaction II”, and “Tax Equity Transaction III” in Section 4.13(a) of the Seller Disclosure Letter. 

“Tax Returns” means any and all reports, returns, declarations, claims for refund, elections, disclosures, estimates,
information reports or returns or statements or other documents supplied or required to be supplied to a Taxing Authority in connection with Taxes, including any schedule or attachment thereto or amendment thereof. 

“Taxes” means any and all federal, state, local, foreign and other taxes, levies, fees, imposts, duties, and similar
governmental charges (including any interest, fines, assessments, penalties or additions to tax imposed in connection therewith or with respect thereto) including (x) taxes imposed on, or measured by, income, franchise, profits or gross
receipts, and (y) ad valorem, value added, capital gains, sales, goods and services, use, real or personal property, capital stock, license, branch, payroll, estimated withholding, employment, social security (or similar), unemployment,
compensation, utility, severance, production, excise, stamp, occupation, premium, windfall profits, transfer and gains taxes, and customs duties. 

“Taxing Authority” means, with respect to any Tax, the Governmental Body that imposes such Tax, and the agency (if
any) charged with the collection of such Tax for such Governmental Body. 
 “Title Endorsement” means an endorsement
to the existing Title Policy for a Project which (i) continues the title examination to the applicable Closing Date, without any additional Title Exceptions, except for Title Exceptions which are (a) approved by the Buyers (which approval
shall not be unreasonably withheld), or (b) Permitted Liens, and (ii) contains a non-imputation provision with respect to the knowledge of former indirect owners of the interest insured by the Title Policy, or a letter executed by the
title insurance company which issued a Title Policy containing the same certifications and provisions. 

  
 12 

 “Title Exception” means a recorded document which is identified on a
Title Policy or Title Endorsement as an exception to clear record or marketable title to the premises insured under the Title Policy. 

“Title Policy” means an ALTA 2006 Owner’s or Leasehold Owner’s title insurance policy, or equivalent.

 “Transaction Documents” means this Agreement, the Assignment Agreement, the General Release, the Indemnity Escrow
Agreement, the Purchase Price Escrow Agreement, the Buyer Parent Guaranty and the Transition Services Agreement. 
 “Transfer
Taxes” means any and all transfer Taxes (excluding Taxes measured in whole or in part by net income), including sales, use, excise, goods and services, stock, conveyance, gross receipts, registration, business and occupation, securities
transactions, real estate, land transfer, stamp, documentary, notarial, filing, recording, permit, license, authorization and other similar Taxes, fees, duties, levies, customs, tariffs, imposts, assessments, obligations and charges. 

“Transferred Companies” means the Holdcos, the AIVs and the Subsidiaries of the AIVs. 

“Transition Services Agreement” means the Transition Services Agreement substantially in the form attached hereto as
Exhibit C, among the Buyers and the Sellers. 
 “Working Capital” means the Current Assets of the Transferred
Companies minus the Current Liabilities of the Transferred Companies, determined as if there had been an interim closing of the Transferred Companies’ books on the Economic Interests Closing Date, as determined in accordance with GAAP, applied
in a manner consistent with the Balance Sheet Rules. 
 “Working Capital Overage” means, if the Working Capital
Estimate exceeds $0, the amount of such excess. 
 “Working Capital Underage” means, if the Working Capital Estimate
is less than $0, the amount of such shortfall. 
 The following capitalized terms are defined in the following Sections of this
Agreement: 
 Index of Defined Terms 
  

					
	 2014 Interim Financial Statements
	  	 	6.28	  
	 Accounting Firm
	  	 	2.7(b)	  
	 Actual Working Capital
	  	 	2.7(a)	  
	 Adjustment Amount
	  	 	2.7(a)	  
	 Adjustment Amount Estimate
	  	 	2.1(d)	  
	 Adjustment Statement
	  	 	2.7(a)	  
	 Agreement
	  	 	Recitals	  

  
 13 

					
	 AIV
	  	 	Recitals	  
	 AIV E
	  	 	Recitals	  
	 AIV Interests
	  	 	Recitals	  
	 Audited Financial Statements
	  	 	6.28	  
	 Buyer Confidential Information
	  	 	6.1(a)(i)	  
	 Buyer Consents and Notices
	  	 	5.3	  
	 Buyer Indemnified Parties
	  	 	8.1	  
	 Buyer Material Adverse Effect
	  	 	5.1	  
	 Buyers
	  	 	Recitals	  
	 California RPS
	  	 	4.9(b)	  
	 CD AIV Inc.
	  	 	Recitals	  
	 CD US A
	  	 	Recitals	  
	 CD US A-1
	  	 	Recitals	  
	 CD US A-2
	  	 	Recitals	  
	 CD US Solar
	  	 	Recitals	  
	 Claim Log
	  	 	8.9	  
	 Claim Notice
	  	 	8.3(a)	  
	 Closing
	  	 	2.3	  
	 Closing Actions
	  	 	2.4	  
	 Closing Date
	  	 	2.3	  
	 Company Consents and Notices
	  	 	4.12(b)	  
	 Confidential Information
	  	 	6.1(a)(ii)	  
	 CREST PPA
	  	 	4.27	  
	 Dispute
	  	 	11.1(a)	  
	 ECCA
	  	 	6.8(a)	  
	 Pro Forma Financial Statements
	  	 	2.7(a)	  
	 EDF
	  	 	2.6(n)	  
	 Effective Date
	  	 	Recitals	  
	 Environmental Laws
	  	 	4.11	  
	 Event of Loss
	  	 	6.9	  
	 Expiration Date
	  	 	10.1(b)	  
	 Final Statement
	  	 	2.7(b)	  
	 Firstar
	  	 	6.8(a)	  
	 First Closing
	  	 	2.1(b)	  
	 First Closiong Date
	  	 	2.1(b)	  
	 Full Closing
	  	 	2.1(a)	  
	 General Release
	  	 	2.6(d)	  
	 Holdco
	  	 	Recitals	  
	 Holdco GP
	  	 	Recitals	  
	 Holdco Inc.
	  	 	Recitals	  
	 Holdco LLC
	  	 	Recitals	  
	 Holdco Interests
	  	 	Recitals	  
	 Holdings 5
	  	 	Recitals	  
	 Holdings 5 ITC Audit
	  	 	9.5	  
	 Indemnified Party
	  	 	8.3(a)	  
	 Indemnifying Party
	  	 	8.3(a)	  

  
 14 

					
	 Indemnity Escrow Account
	  	 	2.2	  
	 Interim Financial Statements
	  	 	4.4	  
	 Interim Period
	  	 	6.9	  
	 LandPro Reduction
	  	 	2.8(b)(ii)	  
	 Losses
	  	 	8.1	  
	 Massachusetts RPS
	  	 	4.9(b)	  
	 Material Contracts
	  	 	4.13(a)	  
	 New Jersey RPS
	  	 	4.9(b)	  
	 Notice of Disagreement
	  	 	2.7(b)	  
	 Orders
	  	 	3.4(d)	  
	 Pennsylvia RPS
	  	 	4.9(b)	  
	 Permits
	  	 	4.9	  
	 Pre-Closing Period
	  	 	9.5	  
	 Pre-Closing Period Contest
	  	 	9.5	  
	 Preliminary Purchase Price
	  	 	2.1(c)	  
	 Purchase Price
	  	 	2.1(c)	  
	 Purchase Price Escrow Account
	  	 	2.2	  
	 Required Consents and Notices
	  	 	5.3	  
	 Review Period
	  	 	2.7(b)	  
	 RIG Contract
	  	 	2.6(o)	  
	 SCE
	  	 	4.27	  
	 Second Closing
	  	 	2.1(b)	  
	 Second Closing Amount
	  	 	2.2	  
	 Second Closing Date
	  	 	2.1(b)	  
	 Seller Confidential Information
	  	 	6.1(a)(ii)	  
	 Seller Consents and Notices
	  	 	3.4(b)	  
	 Seller Disclosure Letter
	  	 	Article III	  
	 Seller Disclosure Letter Update
	  	 	6.15	  
	 Sellers
	  	 	Recitals	  
	 Sellers Indemnified Parties
	  	 	8.2	  
	 Special Indemnitees
	  	 	6.11(a)	  
	 Special Tax Representations
	  	 	8.4(b)	  
	 Straddle Period
	  	 	9.2(c)	  
	 Survival Period
	  	 	Article VII	  
	 Tenant 3
	  	 	6.8(a)	  
	 Transferred Company Leases
	  	 	4.14(b)	  
	 Transferred Company Operating Documents
	  	 	4.1(b)	  
	 Transferred Company Material Adverse Effect
	  	 	4.1(a)	  
	 Transferred Interests
	  	 	Recitals	  
	 Transferred Interests Purchase
	  	 	Recitals	  
	 Working Capital Estimate
	  	 	2.1(d)	  

 1.2 Cause Convention. If, wherever in this Agreement, the Sellers or the Buyers are required to cause a
Transferred Company to take or refrain from taking an action, such obligation shall be deemed satisfied if the Sellers or the Buyers take all actions permitted of it under the applicable Transferred Company Operating Documents (and, as applicable,
the 

  
 15 

 
governing documents of any intermediary entities through which a Seller or Buyer owns an indirect interest in such Transferred Company) to cause such action to be taken or not taken, as the case
may be. 
 ARTICLE II 

PURCHASE AND SALE OF TRANSFERRED INTERESTS; PURCHASE PRICE 

2.1 Sale and Purchase of Transferred Interests. 

(a) To the extent that all the Excluded LandPro Projects have satisfied the LandPro Takeover Conditions on or before the date that the Parties
have satisfied the other conditions to a Closing as set forth in this Article II, the Parties agree that at a Closing provided for in Section 2.3, upon the terms and subject to the conditions of this Agreement, (i) CD AIV
Inc. shall sell, transfer, assign, convey and deliver to HoldCo GP, and HoldCo GP shall purchase from CD AIV Inc., all of the outstanding equity interests in the AIVs, free and clear of all Liens, (ii) CD US Solar shall sell, transfer, assign,
convey and deliver to Holdco LLC, and HoldCo LLC shall purchase from CD US Solar, all of CD US Solar’s outstanding equity interests in the AIVs, free and clear of all Liens, and (iii) each of CD US A, CD US A-1 and CD US A-2 shall sell,
transfer, assign, convey and deliver to HoldCo Inc., and HoldCo Inc. shall purchase from CD US A, CD US A-1 and CD US A-2, all of CD US A’s, CD US A-1’s and CD US A-2’s respective outstanding equity interests in the Holdcos, in each
case free and clear of all Liens (such a Closing, the “Full Closing”). 
 (b) To the extent that any of the
Excluded LandPro Projects have not satisfied the LandPro Takeover Conditions on or before the date that the Parties have satisfied the conditions to a Closing set forth in this Article II with respect to Projects other than the Excluded
LandPro Projects and the Shaffer Project and Transferred Companies other than Holdings 5 and its Subsidiaries or the Shaffer Condition is not satisfied as of such date, the Parties agree that (i) at a Closing provided for in
Section 2.3, upon the terms and subject to the conditions of this Agreement, (A) CD AIV Inc. shall sell, transfer, assign, convey and deliver to HoldCo GP, and HoldCo GP shall purchase from CD AIV Inc., all of the outstanding equity
interests in the AIVs (other than AIV E), free and clear of all Liens, (B) CD US Solar shall sell, transfer, assign, convey and deliver to Holdco LLC, and HoldCo LLC shall purchase from CD US Solar, all of CD US Solar’s outstanding equity
interests in the AIVs (other than AIV E), free and clear of all Liens, and (C) each of CD US A, CD US A-1 and CD US A-2 shall sell, transfer, assign, convey and deliver to HoldCo Inc., and HoldCo Inc. shall purchase from CD US A, CD US A-1 and
CD US A-2, all of CD US A’s, CD US A-1’s and CD US A-2’s respective outstanding equity interests in the Holdcos (other than Holdings 5), in each case free and clear of all Liens (such a Closing, the “First
Closing” and the date on which the First Closing occurs, the “First Closing Date”), and (ii) on the earlier to occur of (A) the date that the last of the Excluded LandPro Projects achieves the LandPro
Takeover Conditions and the Shaffer Condition is satisfied, and (B) the LandPro Expiration Date, at a Closing provided for in Section 2.3, upon the terms and subject to the conditions of this Agreement, (1) CD AIV Inc. shall
sell, transfer, assign, convey and deliver to HoldCo GP, and HoldCo GP shall purchase from CD AIV Inc., all of the outstanding equity interests in AIV E, free and clear of all Liens, (2) CD US Solar shall sell, transfer, assign, convey and
deliver to Holdco LLC, and HoldCo LLC shall purchase from 

  
 16 

 
CD US Solar, all of CD US Solar’s outstanding equity interests in AIV E, free and clear of all Liens, and (3) each of CD US A, CD US A-1 and CD US A-2 shall sell, transfer, assign,
convey and deliver to HoldCo Inc., and HoldCo Inc. shall purchase from CD US A, CD US A-1 and CD US A-2, all of CD US A’s, CD US A-1’s and CD US A-2’s respective outstanding equity interests in Holdings 5, in each case free and clear
of all Liens (such a Closing, the “Second Closing” and the date on which the Second Closing occurs, the “Second Closing Date”); provided, that no Second Closing shall occur if all of the Excluded
LandPro Projects and the Shaffer Project have been removed pursuant to Section 6.22. 
 (c) The payment for the Transferred
Interests (the “Preliminary Purchase Price”) shall be equal to (i) the amount of Two Hundred and Fifty Million dollars ($250,000,000.00), plus (ii) the Lock-Box Adjustment if it is a positive number and
less the absolute value of the Lock-Box Adjustment if it is a negative number, plus the Working Capital Overage, if any, less the Working Capital Underage, if any, as determined for the Initial Closing Date; and (iii) if
applicable, less any adjustments pursuant to Section 6.9 with respect to Projects excluded from the transactions contemplated hereby as provided in Section 6.9. The Preliminary Purchase Price as so as adjusted is
hereinafter referred to as the “Purchase Price.” 
 (d) Notwithstanding the actual Closing Date(s), the parties
agree that the Buyers are purchasing, subject to the applicable Closing’s occurring, the economic interests of the Transferred Companies effective as of the Economic Interests Closing Date. Notwithstanding anything to the contrary contained
herein, the receipt by the Transferred Companies of all revenues received in the ordinary course of business, and the payment by the Transferred Companies of any Liabilities incurred in the ordinary course of business, will not be included in the
calculation of Lock-Box Distributions. At least ten (10) Business Days prior to the Initial Closing Date, the Sellers shall deliver to the Buyers a certificate setting forth an estimate of the Preliminary Purchase Price, which shall include the
Seller’s calculation of the Lock-Box Adjustment, if any, along with any supporting work papers and documentation evidencing any transactions during the Lock-Box Period deemed to constitute a Lock-Box Contribution or Lock-Box Distribution, and
the Sellers’ calculation of any Working Capital Overage or Working Capital Underage (prepared in accordance with the Balance Sheet Rules), as applicable, as of the Initial Closing (the “Working Capital Estimate” and,
collectively with the Lock-Box Adjustment, the “Adjustment Amount Estimate”); provided that the Parties agree that the Sellers may assume a date, in its reasonable discretion, for the date of a Second Closing, if applicable,
and include in the calculation of the Lock-Box Adjustment and the Working Capital Estimate the Current Assets and Current Liabilities associated with AIV E and Holdings 5, and their respective Subsidiaries. Such certificate shall be prepared by the
Sellers in good faith and be accompanied by reasonably detailed supporting documentation. Within five (5) Business Days after the delivery of the Adjustment Amount Estimate by the Sellers to the Buyers, the Buyers may object in good faith to
the Adjustment Amount Estimate in writing. If the Buyers object to the Adjustment Amount Estimate within such five (5) Business Day period, the Parties shall attempt to resolve their differences by negotiation. If the Parties are unable to do
so prior the Initial Closing Date (or if the Buyers do not object to the Adjustment Amount Estimate), the Preliminary Purchase Price shall be adjusted at Initial Closing by the amount of the Adjustment Amount Estimate not in dispute. The disputed
portion shall be resolved in accordance with the provisions of Section 2.7 and paid as part of any Final Statement. 

  
 17 

 2.2 Payment of Preliminary Purchase Price and Certain Other Amounts. The Buyers shall pay
the Preliminary Purchase Price, by wire of immediately available funds, at the Initial Closing by (a) funding an amount into an escrow account (the “Indemnity Escrow Account”) established pursuant to the Indemnity Escrow
Agreement equal to (i) five percent (5%) of the Preliminary Purchase Price if the Buyer Insurance Policy is in place as of the Initial Closing Date in accordance with Section 6.19 or (ii) fifteen percent (15%) of the
Preliminary Purchase Price if the Buyer Insurance Policy is not in place as of the Initial Closing Date in accordance with Section 6.19, (b) funding an amount into an escrow account (the “Purchase Price Escrow
Account”) established pursuant to the Purchase Price Escrow Agreement equal to, if the Initial Closing is not a Full Closing, the amount set forth on Annex 1.1(i) corresponding to the Excluded LandPro Projects and the Shaffer
Project (the “Second Closing Amount”); and (c) paying the remainder to the Sellers based on the Ownership Percentage of each Seller, as set forth on Annex 1.1(g). The Parties have agreed that amounts payable, if
any, by the Sellers pursuant to Sections 2.7, 6.25, 6.26, 6.27 and 6.29 shall be paid to the Buyers by the Sellers, by wire of immediately funds, on the Initial Closing Date (or such other date specified in the
applicable Section), and the amounts so paid shall not constitute an adjustment to the Purchase Price. The Buyers shall prepare and submit to the Sellers for review, and the Parties shall jointly approve, at least one (1) Business Day prior to
the Initial Closing Date, a closing statement specifying the flow of funds to be paid at the Initial Closing. 
 2.3 Closing; Closing
Date. Subject to the terms and conditions hereof, including Article X (relating to termination), the closing or closings of the transactions contemplated by this Agreement (each, a “Closing” and collectively the
“Closings”) shall take place at 10:00 a.m. New York time at the offices of the Buyers, at 12500 Baltimore Ave., Beltsville, MD 20705, three (3) Business Days after, in the case of a Full Closing, the satisfaction or
waiver of the closing conditions set forth in this Article II (other than conditions that can only be satisfied at such Closing), and in the case of a First Closing and Second Closing, the satisfaction or waiver of the closing conditions set
forth in this Article II with respect to the Transferred Interests that are being transferred in connection with such Closing or that are otherwise applicable to such Closing (other than conditions that can only be satisfied at such Closing)
and the LandPro Takeover Conditions, respectively, or such other time or place as shall be agreed to by the Parties (or by facsimile, electronic mail or overnight courier delivery as the parties may agree). Such applicable date is herein referred to
as the “Closing Date” and the Closing or Closings shall be deemed to have occurred on 12:01 a.m. on the relevant Closing Date. Except as otherwise provided in this Agreement, all proceedings to be taken and all documents
to be executed at a Closing shall be deemed to have been taken, delivered and executed simultaneously, and no proceeding shall be deemed taken nor documents deemed executed or delivered until all have been taken, delivered and executed. 

2.4 Actions At Closing. At the Initial Closing and the Second Closing (if applicable), the Sellers and the Buyers (as applicable) shall
take or cause to be taken the following actions (the “Closing Actions”): 
 (a) Assignment Agreements. At
each Closing, the applicable Sellers shall execute and deliver to the Buyers, and the applicable Buyers shall execute and deliver to the Sellers, the Assignment Agreements with respect to the Transferred Interests being conveyed at such Closing.

  
 18 

 (b) Indemnity Escrow Agreement. At the Initial Closing, the Sellers shall execute and
deliver to the Buyers and the Buyers shall execute and deliver to the Sellers, the Indemnity Escrow Agreement and each shall cooperate to cause the Escrow Agent to execute and deliver the Indemnity Escrow Agreement. 

(c) Purchase Price Escrow Agreement. At the Initial Closing, the Sellers shall execute and deliver to the Buyers and the Buyers shall
execute and deliver to the Sellers, the Purchase Price Escrow Agreement and each shall cooperate to cause the Escrow Agent to execute and deliver the Purchase Price Escrow Agreement. 

(d) Resignation Letters. At each Closing, each Seller shall deliver to the Buyers letters of resignation executed by each of the
officers, managers and board members of each Transferred Company corresponding to a Transferred Interest being conveyed at such Closing, effective as of such Closing. 

(e) Nonforeign Certificates. At each Closing, each Seller shall furnish the Buyers with a certificate, substantially in the form of
Exhibit D hereto, which satisfies the requirements of Section 1445(b)(2) of the Code. 
 (f) Transition Services
Agreement. At the Initial Closing, the Sellers shall execute and deliver to the Buyers and the Buyers shall execute and deliver to the Sellers the Transition Services Agreement. 

(g) Additional Actions. The Parties shall execute and deliver, or cause to be executed and delivered, all other documents, and take
such other actions, in each case as shall be reasonably necessary or appropriate to consummate the transactions contemplated hereby, all in accordance with the provisions of this Agreement. 

2.5 Conditions Precedent to Obligations of the Sellers. The obligation of the Sellers to consummate the transactions contemplated
hereby shall be subject to the satisfaction, at or prior to the Initial Closing and the Second Closing (if applicable), of the following conditions precedent, any of which may be waived by the Sellers in their sole discretion: 

(a) Performance of Closing Actions. The Buyers shall have tendered performance of their applicable Closing Actions. 

(b) Covenants. The covenants and obligations of the Buyers hereunder to be complied with on or prior to the applicable Closing shall
have been complied with in all material respects. 
 (c) HSR Act. Any waiting period applicable to the transactions contemplated by
this Agreement under the HSR Act shall have expired or earlier termination thereof shall have been granted and no action shall have been instituted by either the United States Department of Justice or the Federal Trade Commission or any private
action by a state attorney general to prevent the consummation of the transactions contemplated by this Agreement. 

  
 19 

 (d) No Proceedings. No suit, action, investigation, inquiry or other legal or
administrative proceeding by any Governmental Body or other Person shall have been instituted or threatened that questions or challenges the validity of, or seeks to enjoin, the consummation of the transactions contemplated by the Transaction
Documents. 
 (e) Consents. All Required Consents and Notices with respect to the Transferred Interests that are being transferred
in connection with a Closing shall have been obtained or given and be in full force and effect as of the applicable Closing. 
 (f)
Representations and Warranties. The representations and warranties of the Buyers set forth in Article V of this Agreement that are qualified by materiality shall be true and correct as of the applicable Closing Date as if restated in
full as of such time (other than any such representation and warranty made as of a particular date, in which case such representation and warranty shall be true and correct as of such particular date), and those that are not qualified by materiality
shall be true and correct in all material respects as of such Closing Date as if restated in full as of such time (other than any such representation and warranty made as of a particular date, in which case such representation and warranty shall be
true and correct in all material respects as of such particular date). The representations and warranties set forth in Section 5.2, shall be true and correct without giving effect to any additional materiality qualification or standard
otherwise provided by this Section. 
 (g) Officer’s Certificates. At each Closing, the Buyers shall have furnished to the
Sellers (a) a certificate from the Buyers, dated the applicable Closing Date and signed by a duly authorized Representative of the Buyers and pursuant to which such Representative certifies that the condition described in
Section 2.5(f) has been satisfied, and (b) a certificate from the Buyers, dated as of the applicable Closing Date and signed by an authorized Representative of the Buyers, certifying as to the Buyers’ incumbent officers,
Charter Documents, good standing and due authorization. 
 (h) Credit Support. The Parties shall have replaced the applicable
Existing US Bank Credit Support with similar credit support acceptable to Firstar. 
 2.6 Conditions Precedent to Obligations of the
Buyers. The obligation of the Buyers to consummate the transactions contemplated hereby shall be subject to the satisfaction, at or prior to the Initial Closing and the Second Closing (if applicable), of the following conditions precedent, any
of which may be waived by the Buyers in their sole discretion: 
 (a) Performance of Closing Actions. The Sellers shall have
tendered performance of their applicable Closing Actions. 
 (b) Covenants. The covenants and obligations of the Sellers hereunder
to be complied with on or prior to the applicable Closing shall have been complied with in all material respects. 
 (c) HSR Act.
Any waiting period applicable to the transactions contemplated by this Agreement under the HSR Act shall have expired or earlier termination thereof shall have been granted and no action shall have been instituted by either the United States
Department of Justice or the Federal Trade Commission or any private action by a state attorney general to prevent the consummation of the transactions contemplated by this Agreement. 

  
 20 

 (d) General Release. At each Closing, the Buyers shall have received a general release
from the Sellers releasing the Transferred Companies corresponding to the Transferred Interests being transferred at such Closing, substantially in the form attached hereto as Exhibit E (the “General Release”). 

(e) No Proceedings. No suit, action, investigation, inquiry or other legal or administrative proceeding by any Governmental Body or
other Person shall have been instituted or threatened that questions or challenges the validity of, or seeks to enjoin, the consummation of the transactions contemplated by the Transaction Documents. 

(f) Consents. All Required Consents and Notices with respect to the Transferred Interests that are being transferred in connection
with a Closing shall have been obtained and be in full force and effect as of the applicable Closing. 
 (g) Representations and
Warranties. 
 (i) The representations and warranties of the Sellers set forth in Articles III and IV of this Agreement
that are qualified by materiality or Transferred Company Material Adverse Effect shall be true and correct as of the applicable Closing Date (with respect and limited to the Transferred Companies that are transferred to the Buyers pursuant to the
Closing on such Closing Date) as if restated in full as of such time (other than any such representation and warranty made as of a particular date, in which case such representation and warranty shall be true and correct as of such particular date),
and those that are not qualified by materiality or Transferred Company Material Adverse Effect shall be true and correct in all material respects as of the applicable Closing Date as if restated in full as of such time (other than any such
representation and warranty made as of a particular date, in which case such representation and warranty shall be true and correct in all material respects as of such particular date); provided that for purposes of this
Section 2.6(g)(i), the representations and warranties (or applicable portion thereof) qualified by reference to “Transferred Company Material Adverse Effect” shall be disregarded except for purposes of determining whether a
“Portfolio Material Adverse Effect” has occurred. The representations and warranties set forth in Section 3.2 shall be true and correct without giving effect to any additional materiality qualification or standard otherwise
provided by this Section. 
 (ii) The representations and warranties of the Sellers set forth in Articles III and IV of this
Agreement that are qualified by reference to “Transferred Company Material Adverse Effect” shall be true and correct as of the applicable Closing Date (with respect and limited to the Transferred Companies that are transferred to the
Buyers pursuant to the Closing on such Closing Date) as if restated in full as of such time (other than any such representation and warranty made as of a particular date, in which case such representation and warranty shall be true and correct as of
such particular date); provided that if the aggregate Losses for which the Sellers have indemnity obligations under Section 8.1 as a result of the inaccuracies thereof constitute less than twenty five (25%) of the Purchase Price,
this condition shall be deemed to be satisfied. 

  
 21 

 (h) Officer’s Certificates. At each Closing, the Buyers shall have received
(a) a certificate from the Sellers, dated the applicable Closing Date and signed by a duly authorized Representative of the Sellers pursuant to which such Representative certifies that the condition described in Section 2.6(g) has
been satisfied with respect to such Closing, and (b) a certificate from the Sellers, dated as of the applicable Closing Date and signed by a duly authorized Representative of the Sellers, certifying as to the Sellers’ good standing,
incumbent managers or officers, and authority to execute and enter into the Transaction Documents, and as to the good standing, Charter Documents and incumbent managers or officers of the Transferred Companies corresponding to the Transferred
Interest being conveyed at such Closing. 
 (i) No Portfolio Material Adverse Effect. At the Initial Closing, except as otherwise
provided in Section 6.9, there shall have been no Portfolio Material Adverse Effect. 
 (j) Bank Accounts. At an
applicable Closing, the authorized signatories of the Sellers with respect to the bank accounts set forth in Section 4.21 of the Seller Disclosure Letter corresponding to the Transferred Companies that are being transferred as part such
Closing shall have been replaced with those specified by the Buyers. 
 (k) Real Estate Deliverables. The Buyers shall have
received, in form and substance reasonably satisfactory to the Buyers: 
 (i) a Title Endorsement (at the Buyers’
cost), effective as of the Closing Date applicable to the Transferred Company that owns the Projects below, for the Title Policies for each of the following Projects (as described on Annex 1.1(f)): Grafton Project, Franklin-1 Project,
Franklin-2 Project, True North Project, Shaffer Project, Arrache 4006-1 Project, Arrache 4006-2 Project, Arrache 8083-1 Project, Arrache 8083-2 Project, Arrache 8083-3 Project, Arrache 4013 Project, Nunn 8135 Project, Ma 4035 Project, Vinan 9011
Project, Watts 3115-1 Project, Watts 3115-2 Project, Horn 4097 Project, Rutan 2061-1 Project, Rutan 2061-2 Project, Rutan 2061-3 Project, Brentwood Long Island Railroad Station Project, Cohalan Court Complex Project, Deer Park Project, Dennison
Project, North County Project, Riverhead County Project, BASD Buchanan Project, BASD East Hills Project, BASD Farmersville Project, BASD Freedom Project, BASD Spring Garden Project, Colonial Middle School Project, Swan Creek Project, Colonial
Elementary School Project and Colonial High School Project; provided, that if there is a Second Closing, the Title Endorsement for the Shaffer Project shall be effective as of the Second Closing; 

(ii) a Title Policy (at the Sellers’ cost), effective as of the Closing Date applicable to the Transferred Company that
owns the Projects below, for each of the following Projects (as described on Annex 1.1(f)): Yuasa Battery, Inc. Project, and LandPro 8159 Project/LandPro 8160 Project/LandPro 8161 Project (as a combined single Title Policy); provided that to
the extent that there is a Second Closing, the Title Policy for LandPro 8159 Project/LandPro 8160 Project/LandPro 8161 shall be effective as of the Second Closing; 

  
 22 

 (iii) an Affidavit of no Change for each of the Projects described in
(i) and (ii) above (other than the Swan Creek Project); 
 (iv) Copies of all Title Exceptions noted on the Title
Policies for each of the following Projects (as describe on Annex 1.1(f)): Canton Project and Galvin Project; 
 (v)
On or prior to the Closing Date applicable to the Transferred Company that owns the Projects below, evidence of zoning compliance for the following Projects: Ma 4035 Project, Canton Project, Galvin Project, Swan Creek Project, Shaffer Project,
Brentwood Long Island Railroad Station Project, Cohalan Court Complex Project, Deer Park Project, Dennison Project, North County Project, Riverhead County Project, BASD East Hills Project, BASD Farmersville Project, BASD Freedom Project, BASD Spring
Garden Project, Career Institute of Technology Project, Colonial Middle School Project, and Yuasa Battery Inc. Project; provided, that if there is a Second Closing, evidence of zoning compliance for the Shaffer Project shall be delivered on or prior
to the Second Closing; 
 (vi) building permits (to the extent the same were required to be obtained under applicable Law)
for the following: Franklin-2 Project, Grafton Project, BASD Farmersville Project, BASD Freedom Project, Career Institute of Technology Project and Yuasa Battery Inc. Project; 

(vii) Certificates of Occupancy (to the extent the same were required to be obtained under applicable Law) for the following:
BASD Buchanan Project, BASD East Hills Project, BASD Farmersville Project, BASD Spring Garden Project, Career Institute of Technology Project, Yuasa Battery, Inc. Project, Colonial Middle School Project, and Colonial High School Project. 

(l) Entity Dissolution. The Buyers shall have received evidence, in form and substance reasonably satisfactory to the Buyers, of the
dissolution and winding-up of Lola Energy 1, LLC, Lola Energy 2, LLC and Capital Dynamics US Solar - CA 1, LLC. 
 (m) QF Filings.
Prior to Initial Closing, the Sellers shall submit to FERC a revised Form 556 Certification of Qualifying Facility Status for a Small Power Production or Cogeneration Facility on behalf of each of the Arrache 4006-2 Project, Arrache 8083-1 Project,
Arrache 8083-2 Project, Arrache 8083-3 Project, Nunn 8135 Project, Watts 3115-1 Project, Watts 3115-2 Project, Horn 4097 Project, Rutan 2061-1 Project, Rutan 2061-2 Project, Rutan 2061-3 Project, True North Project, Canton Project, Grafton Project,
Franklin-1 Project and Franklin-2 Project, that, in each case, reflects the maximum power production capacity of their respective generating facilities; provided that the maximum power production capacity for each facility shall be no greater than
the capacity set forth in its interconnection agreement. 
 (n) Replacement Guaranties. Other than with respect to those that have
been replaced pursuant to Section 6.20, the Buyers shall have received evidence, in form 

  
 23 

 
and substance reasonably satisfactory to the Buyers, that the following guaranties have been reissued with Capital Dynamics US Solar Energy A, L.P. as the guarantor thereunder:
(i) $1,000,000.00 Guarantee, dated February 1, 2012, issued by Capital Dynamics US Solar Energy I, L.P. in favor of EDF Trading North America, LLC (“EDF”) pursuant to that certain Master SREC Agreement dated
February 1, 2012, as amended on June 27, 2012, by and between Swan Creek MPA, LLC and EDF; (ii) $520,000.00 Guarantee, dated April 2014, issued by Capital Dynamics US Solar Energy I, L.P. in favor of EDF pursuant to that certain SREC
Agreement dated June 25, 2014, by and between CD US Solar Marketing, LLC and EDF; and (iii) Guarantee, dated January 1, 2013, issued by Capital Dynamics U.S. Solar I, L.P. in favor of the Town of Salisbury, Massachusetts. 

(o) RIG Contract. The Sellers shall have entered into a contract (the “RIG Contract”) with a capable,
creditworthy contractor reasonably acceptable to the Buyers providing for the completion of work necessary for the applicable Transferred Companies to be fully compliant with the telemetry (i) requirements that are contained within Appendix E
of each of the CREST PPAs and within the CAISO Obligations (as defined in the CREST PPAs) and (ii) requirements that, as of the Effective Date, have been requested of the applicable Transferred Companies by SCE or California Independent System
Operator, all on a fixed-price, turnkey basis, having a guaranteed work completion date of not later than August 15, 2015, and otherwise containing terms and conditions reasonably satisfactory to the Buyers. 

2.7 Lock-Box Adjustment and Working Capital Adjustment. 

(a) As used herein, “Actual Working Capital” means the Working Capital as of the Economic Interests Closing Date as
finally determined in accordance with this Section 2.7. The “Adjustment Amount” equals the sum of (i) the difference between Actual Working Capital and Working Capital Estimate, and (ii) the difference
between the Lock-Box Adjustment paid at the Initial Closing and any adjustment thereto pursuant to this Section 2.7. Within sixty (60) days after the first to occur of the Full Closing Date, the Second Closing Date or, the
Expiration Date if there is no Full Closing Date or Second Closing Date, the Buyers shall deliver to the Sellers (i) a statement setting forth a consolidated balance sheet of the Transferred Companies as of the Economic Interests Closing Date
(the “Economic Interests Closing Date Pro Forma Financial Statements”) prepared in accordance with GAAP and the Sellers’ historic practices applied on the same basis as applied in the preparation of the Working Capital
Estimate (and in accordance with the Balance Sheet Rules) and (ii) a statement showing in reasonable detail their calculation of Working Capital as of the Economic Interests Closing Date, their calculation of all Lock-Box Contributions and
Lock-Box Distributions (if different from the Sellers’), and their calculation of any Adjustment Amount, together with supporting work papers (the “Adjustment Statement”) as of such Closing Date. The Adjustment Statement
shall be prepared in accordance with the Balance Sheet Rules. 
 (b) During the forty-five (45) day period following the Sellers’
receipt of the Adjustment Statement, the Sellers and their advisors (including accountants) shall be provided access to the relevant books, records and employees of the Transferred Companies to the extent required in connection with their review of
and any dispute with respect to the Adjustment Statement and the Buyers shall furnish the Sellers with any other information that might be relevant to the calculation of the Adjustment Amount; provided that the Sellers and

  
 24 

 
their advisors (including accountants) shall have executed all release letters reasonably requested by the Buyers’ accountants in connection therewith. The Adjustment Statement shall become
final and binding upon the Parties on the expiration of such forty-five (45) day period, unless the Sellers give written notice of their specific disagreement with respect to such Adjustment Statement (a “Notice of
Disagreement”) to the Buyers prior to such date (the “Review Period”). Any Notice of Disagreement shall specify in reasonable detail the nature of any disagreement so asserted, along with a calculation and amount
of the disputed item. Any items on the Adjustment Statement as to which the Sellers have not given notice of objection will be deemed to have been agreed upon by the Parties. If a Notice of Disagreement is delivered to the Buyers within the Review
Period with respect to the Adjustment Statement, then such Adjustment Statement (as revised in accordance with this sentence) shall become final and binding upon the Parties on the earlier of (A) the Buyers and the Sellers resolving in writing
any differences they have with respect to the matters specified in the applicable Notice of Disagreement and (B) the date any disputed matters are finally resolved in writing by an independent accounting firm (the “Accounting
Firm”) in accordance with this Section 2.7(b). During the fifteen (15) day period following the delivery of the Notice of Disagreement, the Buyers and the Sellers shall seek in good faith to resolve in writing any
differences that they may have with respect to the matters specified in the Notice of Disagreement and any resolution of the Parties during such time will be final and binding. If any items remain in dispute at the end of such fifteen (15) day
period, the Parties shall, within fifteen (15) days, submit to the Accounting Firm for arbitration, in accordance with this Section 2.7(b), only matters that remain in dispute and were properly included in the Notice of Disagreement
in accordance with this Section 2.7(b), in the form of a written brief. In the event that either Party fails to submit its brief regarding items in dispute within such time period, then the Accounting Firm shall render a decision based
solely on the evidence timely submitted by the other Party. The Accounting Firm shall be a nationally recognized independent public accounting firm as shall be reasonably agreed upon by the Buyers and the Sellers in writing. The Buyers or the
Sellers shall use commercially reasonable efforts to cause the Accounting Firm to render a written decision resolving the matters submitted to the Accounting Firm within fourteen (14) days of the receipt of such submission. The scope of the
disputes to be resolved by the Accounting Firm shall be limited to determining only those items in dispute. The Accounting Firm’s decision shall be based solely on written submissions by the Buyers and the Sellers and their respective
Representatives and not by independent review. The Accounting Firm shall not hold any hearings, hear any oral testimony or otherwise seek or require any other evidence. The Accounting Firm may not assign a value greater than the greatest value for
such item claimed by any Party or smaller than the smallest value for such item claimed by a Party. The resolution of disputed items by the Accounting Firm shall constitute an arbitral award that is final, binding and non-appealable and upon which a
judgment may be entered by a court having jurisdiction thereover. The Accounting Firm shall also determine, as part of such dispute resolution, the respective liability of the Buyers and the Sellers as to payment of the costs and expenses of such
Accounting Firm, based on the following formula: the Buyers and the Sellers shall each pay the percentage of the costs and expenses of the Accounting Firm in settling the disputed matters set forth in the Notice of Disagreement equal to (i) the
aggregate amount of such disputed matters (as determined by reference to the potential impact of such disputed matters on the Purchase Price) submitted to the Accounting Firm that are unsuccessfully disputed by such Party (as finally determined by
the Accounting Firm) divided by (ii) the aggregate amount of all such disputed matters (as determined by reference to the potential 

  
 25 

 
impact of such disputed matters on the Purchase Price) submitted to the Accounting Firm. The Parties shall cooperate with each other and the Accounting Firm regarding the resolution of any
disagreement with respect to the Adjustment Statement, such cooperation to include reasonable access to books, records, facilities and personnel. This provision shall constitute the exclusive remedy of the Parties with respect to determination of
the Final Statement. A “Final Statement” shall be, with respect to the Adjustment Statement: (i) such Adjustment Statement if no Notice of Disagreement is delivered to the Buyers during the Review Period or
(ii) such Adjustment Statement as adjusted by (A) the written agreement of the Buyers and the Sellers or (B) the Accounting Firm in accordance with this Section 2.7(b). 

(c) If the Adjustment Amount as set forth on the Final Statement is greater than the Adjustment Amount Estimate applicable to such Final
Statement, the Buyers shall, within ten (10) Business Days after such Final Statement becomes final and binding on the Parties, make payment of such difference to the Sellers, based on the Ownership Percentage of each Seller, by wire transfer
of immediately available funds as the Sellers direct together with interest of the amount of such difference at the Default Interest Rate accruing from the Closing Date to the date of payment. If the Adjustment Amount as set forth on a Final
Statement is less than the Adjustment Amount Estimate applicable to such Final Statement, then the Sellers shall, within ten (10) Business Days after such Final Statement becomes final and binding on the Parties, make payment to the Buyers by
wire transfer of immediately available funds of the amount of such difference, together with interest of the amount of such difference at the Default Interest Rate accruing from the Closing Date to the date of payment. 

(d) Following the Initial Closing or Second Closing, as applicable, through the date the Adjustment Statement or Final Statement becomes
final and binding on the Parties, the Buyers shall not take any action with respect to the accounting books and records of the applicable Transferred Companies, or the items reflected thereon, on which such Adjustment Statement is to be based, that
is inconsistent with such Transferred Companies’ past practices. During the period of time from and after the Initial Closing Date or Second Closing Date, as applicable, through the date the Adjustment Statement becomes final and binding on the
Parties, the Buyers shall afford, and shall cause the applicable Transferred Companies to afford, to the Sellers and any of their accountants, counsel or financial advisors retained in connection with the determination of the applicable Adjustment
Amount in accordance with this Section 2.7, upon reasonable notice and at reasonable times and in such manner as will not unreasonably interfere with the conduct of the business of the applicable Transferred Companies, direct access
during normal business hours to all the books, contracts, personnel, Representatives (including the Transferred Companies’ accountants) and records of the applicable Transferred Companies and such Representatives (including the work papers of
the Transferred Companies’ accountants) relevant to the preparation of the Adjustment Statement, and the determination of the Adjustment Amount in accordance with this Section 2.7 as the Sellers reasonably request; provided
that (i) the Sellers and their advisors (including accountants) shall have executed all release letters reasonably requested by the Buyers’ accountants in connection therewith, (ii) the Buyers shall have the right to have a
Representative present for any such access; and (iii) the Buyers shall not be required to provide access to any information that is (A) subject to attorney-client or other applicable privilege to the extent doing so would reasonably be
expected to cause such privilege to be waived, or (B) prohibited by applicable Law. The Sellers shall treat all information obtained from or on behalf of the Buyers as Buyer Confidential Information in accordance with the terms hereof. 

  
 26 

 2.8 Escrow Release. 

(a) Indemnity Escrow Agreement. 

(i) On the Business Day following the eighteenth (18th) month anniversary of the Initial Closing Date, the Parties shall,
by written instruction jointly executed, instruct the Escrow Agent to promptly distribute to the Sellers an amount equal to 83.64% of remaining balance of the Escrow (as defined in the Indemnity Escrow Agreement) from the Indemnity Escrow Account,
minus any amount of any unresolved or unpaid indemnity claims by a Buyer Indemnified Party pursuant to Article VIII hereof. 

(ii) On the Business Day following the eighteenth (18th) month anniversary of the Second Closing Date, the Parties shall,
by written instruction jointly executed, instruct the Escrow Agent to promptly distribute to the Sellers the remaining balance of the Escrow (as defined in the Indemnity Escrow Agreement) from the Indemnity Escrow Account, minus any amount of
any unresolved or unpaid indemnity claims by a Buyer Indemnified Party pursuant to Article VIII hereof. 
 (b) Purchase Price
Escrow Agreement Release. 
 (i) If, at the Second Closing, all of the Excluded LandPro Projects have satisfied the
LandPro Takeover Conditions, the Parties shall, by joint written instruction, instruct the Escrow Agent to distribute to the Sellers on the Second Closing Date the Second Closing Amount (as may be reduced by Sections 2.8(b)(ii)) from the
Purchase Price Escrow Account. 
 (ii) If the “Initial Operation” under the CREST PPA for the Excluded LandPro
Projects occurs on or after December 8, 2014, and such Excluded LandPro Projects are Transferred Companies that become part of the Second Closing, the Second Closing Amount shall be reduced in an amount equal to (the “LandPro
Reduction”): (A) if the Initial Operation of the Excluded LandPro Project occurs in the month of December, 2014, an amount equal to (1) the number of days by which Initial Operation is delayed past December 7, 2014
multiplied by (2) $3,320, (B) if the Initial Operation of the Excluded LandPro Projects occurs in the month of January, 2015, the sum of (1) $79,680 plus (2) (a) the number of days elapsed in January until Initial Operation
occurs multiplied by (b) $4,095, and (C) if the Initial Operation of the Excluded LandPro Projects occurs in the month of February, 2015, the sum of (1) $206,625 plus (2) (a) the number of days elapsed in February until
Initial Operation occurs multiplied by (b) $4,533. The Parties shall, by joint written instruction, instruct the Escrow Agent to distribute to the Buyers the amount of such LandPro Reduction at the same time the Second Closing Amount is
distributed to the Sellers. 
 (iii) If, at the Second Closing, not all of the Excluded LandPro Projects have satisfied the
LandPro Takeover Conditions, the Parties shall, by joint written instruction, instruct the Escrow Agent to distribute (A) to the Sellers on the 

  
 27 

 
Second Closing Date the Second Closing Amount less the amount set forth on Annex 1.1(i) corresponding to the Excluded LandPro Project that did not achieve the LandPro Takeover Conditions
as of the Second Closing Date, and (B) to the Buyers the amount set forth on Annex 1.1(i) corresponding to the Excluded LandPro Project that did not achieve the LandPro Takeover Conditions. 

(iv) If, as of the Second Closing, the Second Installment Closing and/or the Third Installment Closing under the Tax Equity
Documents for any Excluded LandPro Project has not occurred (as such terms are defined therein), the Sellers shall pay any Unused Commitment Fee (as such term is defined in the Tax Equity Documents) and other fees and expenses due in connection with
the failure of the Second Installment Closing and/or the Third Installment Closing under the Tax Equity Documents for such Excluded LandPro Project to occur. 

(v) With respect to the Shaffer Project, so long as the Full Closing or a Second Closing that includes the Shaffer Project has
occurred, if the restriction set forth in Section 6.16 is removed before April 1, 2015, then on the Business Day following such removal the Parties shall, by joint written instruction, instruct the Escrow Agent to promptly
distribute (1) to the Sellers twenty percent (20%) of the amount set forth on Annex 1.1(i) corresponding to the Shaffer Project from the Purchase Price Escrow Account, minus the Shaffer Production Reduction and (2) to
the Buyers the Shaffer Production Reduction. With respect to the Shaffer Project, if the restriction set forth in Section 6.16 is not removed on or before April 1, 2015, then on the following Business Day, the Parties shall, by
joint written instruction, instruct the Escrow Agent to promptly distribute to the Buyers twenty percent (20%) of the amount set forth on Annex 1.1(i) corresponding to the Shaffer Project from the Purchase Price Escrow Account. 

ARTICLE III 
 REPRESENTATIONS
AND WARRANTIES 
 OF THE SELLERS AS TO THE TRANSFERRED INTERESTS. 

Except as set forth in the Seller Disclosure Letter (the “Seller Disclosure Letter”), the Sellers represent and
warrant, severally and not jointly (based on each Seller’s Ownership Percentage), to the Buyers as of the Effective Date with respect to itself and each of the Transferred Companies, and as of each Closing Date with respect and limited to
itself and each of the Transferred Companies and Transferred Interests that are to be transferred to the Buyers pursuant to the Closing on such Closing Date, as follows: 

3.1 Title to the Transferred Interests. Each Seller owns beneficially and of record and holds good and valid title, free and clear of
any Liens, and has full power and authority to convey free and clear of any Liens, the Transferred Interests set forth opposite its name in Section 3.1 of the Seller Disclosure Letter. Upon conveyance of the Transferred Interests to the
Buyers, the Buyers will own (directly or indirectly through their ownership of the Transferred Companies) one hundred percent (100%) of the ownership interests in the Transferred Companies. Except as set forth in Section 3.1 of the
Seller Disclosure Letter, no Transferred Company is subject to any contracts or other arrangements with respect to voting 

  
 28 

 
rights or transferability, and there are no outstanding options, warrants, profits interests, rights (including conversion or preemptive rights) or contracts, for the purchase or acquisition of
any portion of the Transferred Interests or securities convertible or exchangeable for any portion of the Transferred Companies, including any of the foregoing issued or entered into with any independent contractor providing services in connection
with the Projects, other than as provided in this Agreement or as may have been created by or through the Buyers. Neither Sellers nor any of the Transferred Companies (a) is subject to any obligation (contingent or otherwise) to repurchase or
otherwise acquire or retire any Transferred Interests or (b) has violated in any material respect any applicable federal or state securities laws in connection with the offer, sale or issuance of any Transferred Interests. 

3.2 Authority to Execute and Perform Agreement. 

(a) CD AIV, Inc. is a corporation duly formed, validly existing and in good standing under the laws of the State of Delaware, and has all
requisite corporate power and authority to conduct its business as it is now being conducted. CD AIV, Inc. is qualified to do business in all jurisdictions where the failure to qualify would materially affect its ability to execute or deliver, or
perform its obligations under, the Transaction Documents to which it is or will be a party. CD AIV, Inc. (i) has all requisite corporate power and authority to execute and deliver the Transaction Documents and (ii) has taken all necessary
corporate action to authorize the execution and delivery of this Agreement and the other Transaction Documents to which it is a party and the performance of its obligations hereunder and thereunder, including consenting to the sale of the limited
partnership interests in the AIVs pursuant to the Charter Documents of the AIVs. This Agreement and each other Transaction Document to which CD AIV, Inc. is a party has been or will be duly and validly executed and delivered by CD AIV, Inc. and each
constitutes the legal, valid and binding obligation of CD AIV, Inc., enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws, laws of general applicability relating
to or affecting creditors’ rights, and to general equity principles. 
 (b) Except as set forth in Section 3.2(b) of the
Seller Disclosure Letter, CD US A is a limited partnership duly formed, validly existing and in good standing under the laws of the State of Delaware, and has all requisite limited partnership power and authority to conduct its business as it is now
being conducted. CD US A is qualified to do business in all jurisdictions where the failure to qualify would materially affect its ability to execute or deliver, or perform its obligations under, the Transaction Documents to which it is or will be a
party. CD US A (i) has all requisite limited partnership power and authority to execute and deliver the Transaction Documents and (ii) has taken all necessary limited partnership action to authorize the execution and delivery of this
Agreement and the other Transaction Documents to which it is a party and the performance of its obligations hereunder and thereunder. This Agreement and each other Transaction Document to which CD US A is a party has been or will be duly and validly
executed and delivered by CD US A and each constitutes the legal, valid and binding obligation of CD US A, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws,
laws of general applicability relating to or affecting creditors’ rights, and to general equity principles. 

  
 29 

 (c) CD US A-1 is a limited partnership duly formed, validly existing and in good standing under
the laws of the State of Delaware, and has all requisite limited partnership power and authority to conduct its business as it is now being conducted. CD US A-1 is qualified to do business in all jurisdictions where the failure to qualify would
materially affect its ability to execute or deliver, or perform its obligations under, the Transaction Documents to which it is or will be a party. CD US A-1 (i) has all requisite limited partnership power and authority to execute and deliver
the Transaction Documents and (ii) has taken all necessary limited partnership action to authorize the execution and delivery of this Agreement and the other Transaction Documents to which it is a party and the performance of its obligations
hereunder and thereunder. This Agreement and each other Transaction Document to which CD US A-1 is a party has been or will be duly and validly executed and delivered by CD US A-1 and each constitutes the legal, valid and binding obligation of CD US
A-1, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws, laws of general applicability relating to or affecting creditors’ rights, and to general equity
principles. 
 (d) CD US A-2 is a limited partnership duly formed, validly existing and in good standing under the laws of the State of
Delaware, and has all requisite limited partnership power and authority to conduct its business as it is now being conducted. CD US A-2 is qualified to do business in all jurisdictions where the failure to qualify would materially affect its ability
to execute or deliver, or perform its obligations under, the Transaction Documents to which it is or will be a party. CD US A-2 (i) has all requisite limited partnership power and authority to execute and deliver the Transaction Documents and
(ii) has taken all necessary limited partnership action to authorize the execution and delivery of this Agreement and the other Transaction Documents to which it is a party and the performance of its obligations hereunder and thereunder. This
Agreement and each other Transaction Document to which CD US A-2 is a party has been or will be duly and validly executed and delivered by CD US A-2 and each constitutes the legal, valid and binding obligation of CD US A-2 enforceable in accordance
with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws, laws of general applicability relating to or affecting creditors’ rights, and to general equity principles. 

(e) CD US Solar is a limited partnership duly formed, validly existing and in good standing under the laws of the State of Delaware, and has
all requisite limited partnership power and authority to conduct its business as it is now being conducted. CD US Solar is qualified to do business in all jurisdictions where the failure to qualify would materially affect its ability to execute or
deliver, or perform its obligations under, the Transaction Documents to which it is or will be a party. CD US Solar (i) has all requisite limited partnership power and authority to execute and deliver the Transaction Documents and (ii) has
taken all necessary limited partnership action to authorize the execution and delivery of this Agreement and the other Transaction Documents to which it is a party and the performance of its obligations hereunder and thereunder. This Agreement and
each other Transaction Document to which CD US Solar is a party has been or will be duly and validly executed and delivered by CD US Solar and each constitutes the legal, valid and binding obligation of CD US Solar, enforceable in accordance with
its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws, laws of general applicability relating to or affecting creditors’ rights, and to general equity principles. 

  
 30 

 3.3 Litigation. Except as set forth in Section 3.3 of the Seller Disclosure
Letter, as of the date hereof, there are no actions, suits, proceedings or investigations pending to which any Seller is a party or, to the Knowledge of the Sellers, threatened against or affecting a Seller, that would have a material and adverse
effect on the ability of any Seller to perform any of its obligations under the Transaction Documents to which it is a party. 
 3.4 No
Conflict. The execution and delivery by each Seller of the Transaction Documents to which it is a party, the consummation of the transactions contemplated hereby and thereby, and the performance by such Seller of the Transaction Documents to
which it is a party in accordance with its terms, will not: 
 (a) violate the certificate of formation or certificate of limited
partnership, as applicable, bylaws or limited partnership agreement, as applicable, or other organizational documents of such Seller; 

(b) subject to the applicable Seller’s receipt or making of all required consents, approvals, authorizations or actions of, filings and
notices set forth on Section 3.4(b) of the Seller Disclosure Letter (the “Seller Consents and Notices”), as the same may be updated by Sellers on or before November 30, 2014, require the Sellers to obtain any
consents, approvals or authorizations of, or make any filings with or give any notices to, any Governmental Bodies or any other Person that have not been obtained, made or given; 

(c) if the Seller Consents and Notices applicable to such Seller are obtained, made or given, violate or result in the breach of any of the
terms and conditions of, cause the termination of or give any other contracting party the right to terminate, or constitute (or with notice or lapse of time, or both, constitute) a default under, any Contract to which such Seller is a party or by or
to which the Sellers or the Transferred Interests held by such Seller are or may be bound or subject; or result in the creation of any Lien on the Transferred Interests held by such Seller; or 

(d) if the Seller Consents and Notices are obtained, made or given, violate or result in the breach of any applicable orders, judgments,
injunctions, awards, decrees or writs (collectively, “Orders”), or any applicable Law of any Governmental Body. 

3.5 Seller’s Limited Partnership Agreements. Seller’s Limited Partnership Agreements are in full force and effect, and,
except as set forth in the definition thereof, have not been revoked, modified, amended or rescinded and no amendment of such document is pending or has been proposed 

  
 31 

 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE SELLERS AS TO THE TRANSFERRED COMPANIES 

Except as set forth in the Seller Disclosure Letter, the Sellers represent and warrant, severally and not jointly (based on each
Seller’s Ownership Percentage), to the Buyers as of the Effective Date with respect to each of the Transferred Companies, and as of each Closing Date with respect and limited to each of the Transferred Companies that are to be transferred to
the Buyers pursuant to the Closing on such Closing Date, as follows: 
 4.1 Due Organization; Qualification. 

(a) Each of the Transferred Companies is duly formed and validly existing under the laws of the State of Delaware and has all requisite power
and authority to own, lease and operate its properties and to carry on its business as now being conducted. Each of the Transferred Companies is duly qualified or licensed to do business in each jurisdiction in which the use, ownership or operation
of its Properties make such qualification or licensing necessary, except where the failure to be so duly qualified or licensed would not result in a Transferred Company Material Adverse Effect. As used in this Agreement, a “Transferred
Company Material Adverse Effect” means any effect that is, or, based on the facts and circumstances known to the Sellers at the time the determination of a Transferred Material Adverse Effect is measured, would be reasonably likely to
be, materially adverse to the financial condition, business, results of operations, or Properties of any Transferred Company or on the ability of any Transferred Company to operate consistent with past practices, except that “Transferred
Company Material Adverse Effect” shall not include changes, events, circumstances, conditions or effects that result from or are consequences of (A) any change in any Laws or any new Laws (including in each case Environmental Laws) adopted
or approved by any Governmental Body; (B) changes in general regulatory or political conditions, including any acts of war or terrorist activities or changes imposed by a Governmental Body associated with additional security; (C) changes
in national, regional, state or local electric transmission or distribution systems or the operation thereof; (in the case of each of the immediately preceding clauses (A) through (C), unless any such effect impacts a Transferred Company in a
substantially greater manner than it does other unrelated entities in the solar photovoltaic power generation business) (D) any change in the financial, banking, credit or securities markets or any change in general national, regional or local
economic or financial conditions; (E) any reduction in the credit rating or potential credit rating of any Transferred Company to the extent attributable to any action of the Buyers or their Affiliates or the acquisition of the Transferred
Companies by the Buyers pursuant hereto; (F) changes in or factors affecting international, national, regional, state or local wholesale or retail markets for electric utility industries in general, including the demand for or market price of
electricity, natural gas or other commodities; (G) natural disasters, calamities, “acts of God” or other “force majeure” events affecting national, regional, state or local matters that are not otherwise covered by the
provisions of Section 6.9, (H) the announcement of this Agreement and the transactions contemplated hereby or any effects or conditions (including any loss of, or adverse change in, the relationship of the Transferred Companies with
their customers, regulators, financing source or suppliers, and including any labor union or labor organization activity demonstrated by the Sellers as proximately caused by, or resulting from, the announcement of this Agreement, the transactions
contemplated hereby or the identity of the Buyers or any of their Affiliates, (I) any action or omission of the Sellers or the Transferred Companies or any of their Affiliates taken as required by this Agreement or taken with the prior written
consent, or at the prior written request, of the Buyers, or (J) any failure to meet any internal or public projections, forecasts or estimates of revenues, earnings, cash flow or cash position except to the extent such failure results from the
inaccuracy of any representation and warranty made by the Sellers in this Agreement or from the breach of any covenant in this Agreement of the Sellers. 

  
 32 

 (b) The Sellers have made available to the Buyers true and correct copies of the certificate of
formation and organizational governing documents of each of the Transferred Companies (such documents, the “Transferred Company Operating Documents”), as in effect on the Effective Date. 

4.2 Business. Except as set forth in Section 4.2 of the Seller Disclosure Schedule, none of the Transferred Companies has
conducted any business other than in connection with the development, financing (including intracompany loans), construction (including procurement of equipment and services), ownership or operation of solar photovoltaic facilities or the ownership
of assets incidental thereto, or the ownership of another Transferred Company, in each case with respect to (A) the Projects or (B) other solar photovoltaic projects that were (1) under an option to purchase by a Transferred Company
from a third Person that were not purchased or (2) owned but abandoned, not pursued or not acquired prior to the commencement of physical construction thereof. 

4.3 Equity Interests. 

(a) The capitalization of each Transferred Company is set forth in Section 4.3 of the Seller Disclosure Letter. Each
Transferred Company is the owner, beneficially and of record, of the equity interests indicated in Section 4.3 of the Seller Disclosure Letter. Except as set forth in Section 4.3 of the Seller Disclosure Letter, none of
the Transferred Companies (i) has any Subsidiaries or (ii) owns any preferred, common or other equity securities of any kind. True, correct and complete copies of the Charter Documents for each of the AIVs, Holdcos and their respective
subsidiaries have been delivered to the Buyers as of the Effective Date. 
 (b) All outstanding equity interests of the Transferred
Companies are validly issued, fully paid and nonassessable. Except as set forth in Section 4.3 of the Seller Disclosure Letter, (i) there are no outstanding options, warrants, calls, rights of conversion or other rights, agreements,
arrangements or commitments relating to the Transferred Interests to which either Seller or any Transferred Company is a party, or by which any of them is bound, obligating such Seller or Transferred Company to admit, deliver or sell, or cause to be
issued, delivered or sold, any additional Transferred Interests, (ii) there are no rights, agreements or arrangements or commitments relating to the equity interests of a Transferred Company to which any of the Transferred Companies is a party,
or by which it is bound, obligating it to repurchase, redeem or otherwise acquire any of its outstanding equity interests, and (iii) there are no binding obligations of the any Transferred Company to provide a loan to or make a capital
contribution in any other Person. 
 4.4 Financial Statements. Except as set forth in Section 4.4 of the Seller
Disclosure letter, the Sellers have previously made available to the Buyers a copy of the unaudited balance sheet of the Transferred Companies as of December 31, 2013 and the related unaudited statement of operations and cash flows for the
fiscal years then ended (the “Interim Financial Statements”). The Interim Financial Statements fairly present in all material respects the financial position with respect the Transferred Companies (on a consolidated basis
with respect to each Holdco), as of the respective dates thereof, and the results of the operations of the Transferred Companies (on a consolidated basis with respect to each Holdco), for the respective fiscal periods covered thereby, in each case
in accordance with GAAP, except for the absence of footnotes and subject to year-end audit adjustments. 

  
 33 

 4.5 Absence of Certain Changes. Except as set forth in Section 4.5 of the
Seller Disclosure Letter, since September 30, 2014: 
 (a) None of the Transferred Companies has admitted any new or substitute
members or partners to the Transferred Companies; and 
 (b) None of the Transferred Companies has encumbered any of its assets or incurred
any Indebtedness other than in the ordinary course of business. 
 4.6 Absence of Liabilities. Except for (i) Liabilities
incurred in the ordinary course of business, (ii) Liabilities disclosed in Section 4.6 of the Seller Disclosure Letter, (iii) Liabilities with respect to the performance (but not the breach) of any Contract entered into in the
ordinary course of business or any Material Contract, and (iv) Liabilities that are reflected or reserved against in the Interim Financial Statements, the Transferred Companies have no Liabilities of any nature whatsoever, and all obligations
under any guaranty provided by or on behalf of a Transferred Company in respect of its payment obligations under any EPC Contract have fully performed and discharged and no amounts remain payable thereunder. 

4.7 Tax Matters. 
 (a)
Except as set forth in Section 4.7(a) of the Seller Disclosure Letter, all Tax Returns and Cash Grant annual reports required to be filed by the Transferred Companies have been timely filed, and all such Tax Returns and Cash Grant annual
reports of either the Transferred Companies were true, complete and correct in all respects. 
 (b) Except as set forth in
Section 4.7(a) of the Seller Disclosure Letter, each Transferred Company has fully and timely paid all Taxes (for the avoidance of doubt, whether or not shown to be due on the Tax Returns referred to in Section 4.7(a)) when
due. 
 (c) All deficiencies for Taxes asserted or assessed in writing against any Transferred Company have been fully and timely paid,
settled or properly reflected in the Interim Financial Statements. 
 (d) No audit or proceeding is pending with respect to any Cash Grant
received by a Transferred Company or Taxes due from a Transferred Company. 
 (e) There are no outstanding agreements extending or waiving
the statutory period of limitations applicable to any claim for, or the period for the collection or assessment or reassessment of Cash Grant received by a Subsidiary or, Taxes due from a Transferred Company for any taxable period and no request for
any such waiver or extension is currently pending. 
 (f) Other than the Transferred Companies that are corporations, none of the
Transferred Companies has elected to be treated as a corporation for U.S. federal tax purposes. 

  
 34 

 (g) Other than the Tax Equity Documents, no Transferred Company is party to any Tax sharing, Tax
indemnification, Cash Grant indemnification or similar agreement currently in force other than customary tax indemnification provisions in any Material Contract that does not primarily relate to Tax matters or in any Contract entered into the
ordinary course of business that does not primarily relate to Tax matters. 
 (h) No Transferred Company has engaged in any
“reportable transaction” within the meaning of Section 1.6011-4(b) of the Treasury Regulations. 
 (i) None of the
Transferred Companies (i) has been a member of an affiliated group filing a consolidated federal income Tax Return or (ii) has any liability for the Taxes of any other Person under Section 1.1502-6 (or any similar provision of state,
local, or foreign law) as a transferee or successor or otherwise under applicable Law. 
 (j) The representations, warranties and covenants
in respect of a Cash Grant or Tax matters made in the Tax Equity Documents were true and correct in all respects when made. 
 (k) None of
the Transferred Companies is a party to any agreement, contract, arrangement or plan that has resulted or could result, separately or in the aggregate, in the payment of (i) any “excess parachute payment” within the meaning of
Section 280G of the Code (or any corresponding provision of state or local law) and (ii) any amount that will not be fully deductible as a result of Section 162(m) of the Code (or any corresponding provisions of state or local law).

 (l) No entity that holds a direct or indirect interest in any of the AIVs is a “tax-exempt controlled entity” within the
meaning of Section 168(h)(6)(F)(iii) of the Code (other than a tax-exempt controlled entity that has made an election under Section 168(h)(6)(F)(ii) of the Code for all applicable taxable years), unless such entity holds its interest in
the AIV through an entity classified as a corporation that is not a tax-exempt controlled entity. 
 (m) Section 4.7(m) of the
Seller Disclosure Letter sets forth the following information with respect to the Sellers as of the most recent practicable date: (i) the tax basis of Capital Dynamics US Solar Holdings 1, Inc. in its interest in Capital Dynamics US Solar
Holdings 3, Inc.; (ii) the capital accounts and tax basis of (A) each of the Holdcos and CD AIV, Inc. and CD US Solar in each of the AIVs, (B) Capital Dynamics US Solar AIV - D, L.P. in CD US Solar MT 1, LLC and CD US Solar PO 1, LLC,
(C) Capital Dynamics US Solar AIV - B, L.P. in CD US Solar MT 2, LLC and CD US Solar PO 2, LLC, (D) Capital Dynamics US Solar AIV - E, L.P. in CD US Solar MT 3, LLC and CD US Solar PO 3, LLC (E) CD US Solar MT 1, LLC and CD US Solar
PO 1, LLC, (F) CD US Solar MT 2, LLC and CD US Solar PO 2, LLC and (G) CD US Solar MT 3, LLC and CD US Solar PO 3, LLC; and (iii) the amount of any net operating loss, net capital loss, and any unused investment or other credits of
each of the Holdcos. 
 (n) To the Knowledge of the Sellers, the Cash Grant awards for the Cash Grant Projects were properly awarded. No
event, fact or circumstance has occurred that would cause any part of the awarded Cash Grant to be disallowed, reduced, recaptured or treated as resulting in income subject to tax. 

  
 35 

 (o) Each of the Sellers is a “United States person” within the meaning of
Section 7701(a)(30) of the Code. 
 (p) The “Master Lease” between CD US Solar MT 1, LLC and CD US Solar PO 1, LLC and the
“Master Lease” between CD US Solar MT 2, LLC and CD US Solar PO 2, LLC are each respected as “true leases” for federal income tax purposes. 

(q) The amount for which each CD US Solar MT 1, LLC, CD US Solar MT 2, LLC, and CD US Solar MT 3, LLC are treated as having acquired the
applicable leased project pursuant to Treasury Regulations Section 1.48-2(c)(2) is not less than the amount set forth in the Pass-Through Agreement applicable to such project. 

(r) The allocation of items of income, gain, loss, deduction and credit to and among the members of CD US Solar MT 1, LLC, CD US Solar MT 2,
LLC, and CD US Solar MT 3, LLC, and CD US Solar PO 1, LLC, CD US Solar PO 2, LLC and CD US Solar PO 3, LLC is, in each case, consistent with the members’ respective interests in such entities within the meaning of Section 704(b) of the
Code and the regulations thereunder (for purposes of clarification, this Section 4.7(r) includes that the operation of the stated allocations, including any allocations required under Section 704(b) of the Code, do not result in
subsequent recapture of any investment tax credit or any Cash Grant, but otherwise concerns the validity of the allocations and not the amounts that will be allocated or the timing of the allocation). 

(s) For purposes of Section 5.01(d)(i) of the CD US Solar MT 2, LLC Operation Agreement and Section 5.01(d)(i) of the CD US Solar
MT 3, LLC Operation Agreement, the “Investor Member’s Capital Contributions”, as such term is used in those agreements, will not, in each case, exceed an amount that would allow the determination contemplated therein. 

4.8 Compliance with Laws. Except as set forth in Section 4.8 of the Seller Disclosure Letter, since December 31, 2013,
each of the Transferred Companies has operated its businesses in compliance in all material respects with, and its Properties materially conform to, all applicable Laws, and no Transferred Company has received any written notice of noncompliance
with any such Laws relating to events, conditions or occurrences which if not remedied would have a Transferred Company Material Adverse Effect; provided, however, that nothing in this Section 4.8 is intended to address any
compliance issue that is the subject of any other representation or warranty set forth herein. 
 4.9 Permits. 

(a) Each Transferred Company has all licenses, franchises, permits and authorizations issued by Governmental Bodies as are required under Law
for the conduct of its business as is currently being conducted (collectively, “Permits”), except where the failure to have such Permits would not result in costs, losses, liabilities or expenses of more than $75,000 per
event and $250,000 in the aggregate with respect to any Transferred Company or more than $750,000 in the aggregate with respect to all Transferred Companies collectively. Each Permit is 

  
 36 

 
in full force and effect and each Transferred Company is in material compliance with the terms and conditions of its respective Permits. Except as set forth in Section 4.9 of the
Seller Disclosure Letter, as the same may be updated by the Sellers on or before November 30, 2014, and other than those Permits that the Buyers as transferees of the Transferred Companies that have such Permits are required to provide, by the
terms of such Permit or by applicable Law, any notice to the applicable Governing Body, the consummation of the transactions contemplated by this Agreement will not require any notice or amendment of any such Permit, or give rise to any right of
termination, cancellation or consent under the terms, conditions or provisions of any Permit. 
 (b) Each Project located in the State of
Massachusetts qualifies under the Massachusetts Renewable Energy Portfolio Standard – Class I, 225 CMR 14.00, et seq. (“Massachusetts RPS”), as a Solar Carve-Out Renewable Generation Unit eligible to generate Solar Carve
Out Renewable Generation Attributes, as such terms are defined in the Massachusetts RPS. Each Project located in the State of New Jersey qualifies under the New Jersey Renewable Portfolio Standards, N.J.A.C. 14:8-2 (“New Jersey
RPS”), as a Solar Electric Generating Facility eligible to generate Solar Renewable Energy Certificates, as such terms are defined in the New Jersey RPS. Each Project located in the State of Pennsylvania qualifies under the
Pennsylvania Alternative Energy Portfolio Standard, 73 P.S. 1648.1, et seq. and the implementing regulations and orders of the Pennsylvania Utilities Commission (“Pennsylvania RPS”), as a solar Alternative Energy
System eligible to generate Solar Alternative Energy Credits, as such terms are defined in the Pennsylvania RPS. Each Project located in the State of California qualifies under the California Renewable Portfolio Standard Program under the California
Public Utilities Code s 399 (“California RPS”) as an “eligible renewable energy resource” that is eligible to generate “Renewable Energy Credits”, as such terms are defined in the California RPS. The
Solar Carve Out Renewable Generation Attributes, Solar Renewable Energy Certificates and Solar Alternative Energy Credits generated by Projects located in the States of Massachusetts, New Jersey and Pennsylvania, respectively, and sold to a third
party pursuant to the terms and conditions of a Material Contract comply with applicable Law and all such renewable energy credits that have been or will be generated and delivered to a third party prior to the Closing Date are eligible for transfer
via NEPOOL GIS (with respect to Projects located in Massachusetts) and PJM GATS (with respect to Projects located in New Jersey and Pennsylvania) in accordance with the NEPOOL GIS and PJM GATS operating rules, respectively. 

4.10 Regulatory Approvals. Except as set forth in Section 4.10 of the Seller Disclosure Letter, none of the Transferred
Companies has filed a rate schedule with FERC. Each generation facility owned or operated by a Transferred Company is a “qualifying small power production facility” as defined in Section 3(17)(C) of the FPA and in 18 C.F.R.
§§ 292.203 and 292.204. No approval is require by (i) FERC under the FPA or PUHCA, or (ii) any of the California Public Utilities Commission, the State of New Jersey Board of Public Utilities, the New York State Public Service
Commission, or the Commonwealth of Massachusetts Department of Public Utilities for (i) the execution or delivery of the Agreement, (ii) the Transferred Interests Purchase, or (iii) the performance of any transaction contemplated
thereby, other than the filing of updated a FERC Form 556 – Certification of Qualifying Facility (QF) Status for a Small Power Production or Cogeneration Facility to reflect new ownership information for generation facilities with a net power
production capacity greater than one megawatt. 

  
 37 

 4.11 Environmental Compliance. Each of the Transferred Companies is in compliance with all
applicable Laws, regulations, codes or ordinances relating to emission of pollutants to or protection of the natural environment (collectively, “Environmental Laws”) in connection with the construction, financing, ownership,
operation, maintenance or use of the Projects, except where such non-compliance would not reasonably be expected to result in costs, losses, liabilities or expenses of more than $75,000 per event and $250,000 in the aggregate with respect to any
Transferred Company or more than $750,000 in the aggregate with respect to all Transferred Companies collectively. Except as set forth in Section 4.11 of the Seller Disclosure Letter, no Transferred Company has received any written
notice of any violation or alleged violation by such Transferred Company of, or any material liability of the Transferred Company under, any Environmental Law. Except as set forth in Section 4.11 of the Seller Disclosure Letter, there
are no material writs, injunctions, decrees, orders or judgments outstanding, or any actions, suits, proceedings, or investigations pending or, to the Knowledge of the Sellers, threatened relating to the compliance by any Transferred Company with,
or the liability of any Transferred Company under, any Environmental Law. Except as set forth in Section 4.11 of the Seller Disclosure Letter, to the Knowledge of the Sellers, none of the Transferred Companies holds any real property
interest at any Project site (i) where (a) a release of Hazardous Substances has occurred or migrated, or (b) any Transferred Company is or has been required under Environmental Laws to investigate or remediate such release, or
(ii) that is subject to a restriction under Environmental Laws on such Project Company’s ability to use such real property in the same manner it is using such real property on the Effective Date due to a presence of Hazardous Substances.
To the Knowledge of the Sellers, no Transferred Company has caused or contributed to any material release of Hazardous Substances at any real property. 

4.12 No Breach. The execution and delivery by the Sellers of this Agreement, the consummation of the transactions contemplated hereby,
and the performance by the Sellers of this Agreement in accordance with its terms will not: 
 (a) violate the certificate of formation or
Transferred Company Operating Document (or comparable instruments) of any Transferred Company; 
 (b) require a Transferred Company to
obtain any consents, approvals, or authorizations of, or make any filings with or give any notices to, any Governmental Bodies or any other Person, except as set forth in Section 4.12 of the Seller Disclosure Letter (the
“Company Consents and Notices”); 
 (c) if the Company Consents and Notices are obtained or made, violate or result
in the breach of any of the material terms and conditions of, cause the termination of or give any other contracting party the right to terminate, or constitute (or with notice or lapse of time, or both, constitute) a default under, or result in the
acceleration of any monetary liabilities under, any Material Contract or result in the creation of any Lien upon any of the properties of any Transferred Company; and 

  
 38 

 (d) if the Company Consents and Notices are obtained and made, violate or result in the breach
of any applicable Orders or Laws of any Governmental Bodies. 
 4.13 Contracts. 

(a) Section 4.13(a) of the Sellers Disclosure Letter lists (i) each of the Contracts to which any Transferred Company is a
party or is bound and that involve aggregate payments or other consideration in excess of $500,000 over its stated term, (ii) Contracts respecting Indebtedness, (iii) joint venture agreements, partnership agreements, limited liability
agreements, teaming agreements and joint development agreements, (iv) Contracts which restrict the ability of any Transferred Company to engage in the type of business in which it is currently principally engaged, (v) Contracts to sell
electrical energy, capacity, power or renewable energy credits (or similar credits or “green tags”) to any Person, (vi) each EPC Contract, (vii) Contracts regarding the supply of equipment for any Project to the extent not being
supplied under the applicable EPC Contract, (viii) Contracts for the operation and maintenance of any Project, and (ix) Contracts between any of the Transferred Companies, on the one hand, and with any Seller or its Affiliates other than
the Transferred Companies, on the other hand (collectively, the “Material Contracts”). 
 (b) Except as set forth
in Section 4.13(b) of the Sellers Disclosure Letter, each of the Transferred Companies is not in default under any of the Material Contracts, and to the Knowledge of the Sellers, none of the other parties to the Material Contracts is in
material default under any of the Material Contracts. Except as set forth in Section 4.13(b) of the Seller Disclosure Letter, each Material Contract is valid, legally binding and enforceable against the Transferred Company party thereto,
and, to the Knowledge of the Sellers, enforceable by the Transferred Company party thereto, as the case may be, in each case in accordance with its terms, except to the extent enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws now or hereafter in effect, affecting the enforcement of creditors’ rights generally and general equitable principles regardless of whether such enforceability is considered in a proceeding at law or
in equity. As of the date hereof, with respect to the Material Contracts, none of the Transferred Companies has received written (or to the Knowledge of the Sellers, oral) notice of any uncured or unwaived default by such Transferred Company or, to
the Knowledge of the Sellers, by any other party or parties thereto. 
 (c) To the Knowledge of the Sellers, Section 4.13(c) of
the Seller Disclosure Letter lists each Contract to which any Transferred Company is a party or is bound and that involve aggregate payments or other consideration in excess of $15,000 and has a stated term of longer than one year. Cami Solar, LLC
is not party to any Contract other than the Assignment and Assumption of Lease between Cami Solar, LLC and CD US Solar PO3, LLC, dated May 30, 2014, and has no Liabilities except for its obligations thereunder. 

4.14 Property. 
 (a) Each
of the Transferred Companies has good title, free and clear of all Liens, to all of its Owned Real Property, that are reflected as owned by it on the Interim Financial Statements except (i) as set forth on Section 4.14 of the Seller
Disclosure Letter, and (ii) for Permitted Liens. 

  
 39 

 (b) All of the Leased Property is set forth in Section 4.14 of the Seller Disclosure
Letter (the “Transferred Company Leases”). Except as set forth in Section 4.14 of the Seller Disclosure Letter, all Transferred Company Leases are free and clear of all Liens (other than Permitted Liens), and
valid, legally binding and enforceable against the Transferred Company party thereto and, to the Knowledge of the Sellers, enforceable by the Transferred Company party thereto, in each case in accordance with its terms, except to the extent
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect, affecting the enforcement of creditors’ rights generally and general equitable principles regardless of
whether such enforceability is considered in a proceeding at law or in equity. Except as set forth in Section 4.14 of the Seller Disclosure Letter, each Transferred Company is not in default under any of the Transferred Company Leases,
and to the Knowledge of the Sellers, none of the other parties to the Transferred Company Leases is in material default under any of the Transferred Company Leases. To the Knowledge of the Sellers, there are no leases, subleases, licenses or other
agreements granting to any Person other than the Transferred Companies any right to the possession, use, occupancy or enjoyment of the real property owned or leased by the Transferred Companies, or any portion thereof, except as set forth in
Section 4.14 of the Seller Disclosure Letter or as set forth on the relevant Transferred Company Title Policy or in the Transferred Company Leases. 

(c) No Condemnation proceedings have commenced against the Real Property, nor has any Seller received written (or to the Knowledge of the
Sellers oral) notice of any Condemnation proceedings and to the Knowledge of the Sellers, no such Condemnation proceedings are threatened against the Real Property, and no actions are pending or, to the Knowledge of the Sellers, threatened for the
relocation of roadways providing access to the Real Property. 
 (d) No Seller has received any written notices of violation from any
Governmental Bodies or any other party (excluding notices of violations or claims of violations of Environmental Laws, which are covered by Section 4.11) with respect to the Real Property which remain uncured. 

(e) Except as set forth in Section 4.14 of the Seller Disclosure Letter, to the Knowledge of the Sellers, sewer, water, gas,
telephone, electric lines and drainage facilities are adequate to presently service the current operations of the Project on the Real Property. Further, the Real Property has adequate rights of access to public ways (and the Leased Property makes no
material use of any means of access, ingress or egress that is not pursuant to dedicated public ways or recorded, irrevocable rights-of-way or easements or the terms of the applicable Transferred Company Leases), and all roads necessary for use by
the Project on the Real Property for its current operation have been completed. 
 (f) Except as set forth in Section 4.14 of
the Seller Disclosure Letter, to the Knowledge of the Sellers, (i) there are no pending public plans or proposals for changes in road grade, access or other improvements which would have a Transferred Company Material Adverse Effect,
(ii) there is no pending ordinance or other action authorizing improvements, the cost of which would reasonably be expected to be assessed in whole or in part against the Transferred Companies or the Real Property which will not be paid by
Sellers, (iii) the Real Property is free of any material damage or waste, and (iv) the Real Property and the operation of 

  
 40 

 
the Real Property, or any part thereof, is in material compliance with all applicable Laws (other than Environmental Laws which are covered by Section 4.11). The Sellers have received
no written notice from any casualty insurer of any deficiencies at the Real Property, nor written notice from any Governmental Body that the condition of the Real Property materially violates Law, and (v) no Transferred Company or Real Property is
subject to any Material Land Use Restriction. 
 (g) Except as set forth in Section 4.14 of the Seller Disclosure Letter, the
improvements that comprise each Project have been substantially completed and installed in accordance with the plans and specifications (if any) approved by the Governmental Bodies having jurisdiction over the Real Property, and to the extent
applicable, permanent Certificates of Occupancy (or their equivalents) have been issued for all such improvements, in each such case except where the failure to so complete and install or to have a Certificate of Occupancy (or their equivalent)
would not prevent the Transferred Company from continuing to use and operate such improvements for their intended purpose. 
 (h) To the
Knowledge of the Sellers, the improvements that comprise the Projects upon the Real Property are not located within a Special Flood Hazard Area as shown on National Flood Insurance Program’s maps.

(i) The Sellers have good and marketable leasehold title to the Leased Property (that is subject to a Transferred Company Lease), subject to
Permitted Liens. 
 4.15 Intellectual Property. Except as set forth in Section 4.15 of the Seller Disclosure Letter: 

(a) Each of the Transferred Companies owns or has the right to use all Intellectual Property to the extent required under Law to conduct its
business as presently conducted free and clear of all Liens other than Permitted Liens, except where the failure to own or use would not have, individually or in the aggregate, a Transferred Company Material Adverse Effect. No Transferred Company
has received any written notice from any Person asserting that any such entity, in the conduct of its business and use of its Intellectual Property, has infringed or is infringing on any Intellectual Property rights of any third party. 

(b) None of the Transferred Companies has, to the Knowledge of the Sellers, since December 31, 2013, been a party to any claim nor, to
the Knowledge of the Sellers, is any claim threatened in writing, that seeks to cancel, limit or challenge the ownership, use validity or enforceability of any material Intellectual Property. 

4.16 Litigation. Except as set forth in Section 4.16 of the Seller Disclosure Letter, (i) there is no action, suit,
proceeding or investigation pending or, to the Knowledge of the Sellers, threatened against any of the Transferred Companies, that affect or bind any Transferred Company of any of their respective assets or properties and (ii) none of the
Transferred Companies is subject to any outstanding Orders. 
 4.17 Insurance. Section 4.17 of the Seller Disclosure
Letter lists all policies of fire, liability, workers’ compensation and other forms of insurance owned or held by, or on behalf of the Transferred Companies with respect to their respective business or operations, each

  
 41 

 
of which is in full force and effect, and no written notice of cancellation or termination has been received with respect to any such policy which was not replaced on substantially similar terms
prior to the effective date of such cancellation. 
 4.18 Equipment Warranties. Except as set forth in Section 4.18 of
the Seller Disclosure Letter, each manufacturer’s warranty in respect of all modules, inverters and other equipment installed or to be installed at any Project is held by a Transferred Company and the Transferred Company has all contractual
rights necessary in order for a Transferred Company to file a claim under such manufacturer’s warranty. 
 4.19 Brokers. Except
as set forth in Section 4.19 of the Seller Disclosure Letter, no broker, finder, investment banker or other Person is entitled to any brokerage, finder’s or other fee or commission in connection with this Agreement or the
transactions contemplated hereby based upon any agreements or arrangements or commitments, written or oral, made by or on behalf of a Seller or any Affiliates of a Seller by which the Transferred Companies or the Buyers could be bound from and after
any Closing. 
 4.20 Employees and Benefit Plans. Except as set forth in Section 4.20 of the Seller Disclosure Letter,
none of the Transferred Companies has employees or has ever employed any employees. None of the Transferred Companies maintains, sponsors, contributes to, or could incur any liability under any employment agreement, consulting agreement, collective
bargaining agreement, Benefit Plan or any other policy or agreement for the remuneration of employees. No Transferred Company is party to, or a guarantor of, any contract or agreement with any labor organization. 

4.21 Bank Accounts. Set forth in Section 4.21 of the Seller Disclosure Letter is a list of the locations and numbers of all
bank accounts, investment accounts and safe deposit boxes maintained by any Transferred Company, together with the names of all persons who are authorized signatories or have access thereto or control thereunder. 

4.22 Background Materials. Except as set forth in Section 4.22 of the Seller Disclosure Letter, to the Knowledge of the
Sellers, the factual information posted by the Sellers to the Electronic Data Room, taken as a whole, is accurate and correct (or, where appropriate, estimated in good faith) in all material respects; provided, that no representation or
warranty is made with regard to (i) information posted by the Sellers to the Electronic Data Room which was prepared by non-Affiliates of the Sellers or (ii) projections or other forward-looking statements posted by the Seller to the
Electronic Data Room, and the Buyers acknowledge that they are not relying on any of the foregoing. 
 4.23 Related Party
Transactions. Except as set forth in Section 4.23 of the Seller Disclosure Letter, no Seller, any Transferred Company, or any Affiliate, officer or director of any of the foregoing is party to any Contract with any Transferred
Company. 
 4.24 Exclusivity of Representations. Except as set forth in Section 4.24 of the Seller Disclosure Letter, the
representations and warranties made by the Sellers in this Agreement are in lieu of and are exclusive of all other representations and warranties, including any implied warranties of merchantability, suitability or fitness for any particular purpose
or any 

  
 42 

 
other implied warranty. The Sellers hereby disclaim any such other or implied representations or warranties, notwithstanding the delivery or disclosure to the Buyers or its directors, officers,
employees, agents or Representatives of any documentation or other information (including any pro forma financial information, supplemental data or financial projections or other forward-looking statements). 

4.25 [Reserved]. 
 4.26
Status of the Assets. Except as set forth in Section 4.26 of the Seller Disclosure Letter, the equipment owned or leased by the Transferred Companies is in good operating condition, subject to normal wear and tear, and has been
regularly maintained. 
 4.27 CREST PPAs. Except as set forth in Section 4.27 of the Seller Disclosure Letter, with
respect to each Project or Transferred Company that sells electrical energy to Southern California Edison Company (“SCE”) pursuant to a CREST power purchase agreement (a “CREST PPA”): 

(a) Each such Project (other than any Excluded LandPro Project) has achieved Initial Operation (as defined in the applicable CREST PPA) by
the Initial Operation Deadline specified in the applicable CREST PPA, and pursuant to Section 9 of the applicable CREST PPA, SCE has returned to the Producer (as defined in the applicable CREST PPA) the full amount of the Development Security
on behalf of the Producer (as defined in the applicable CREST PPA) pursuant to such CREST PPA; 
 (b) SCE has paid on a monthly basis for
all electrical energy delivered under each CREST PPA and has not notified or advised the Sellers or any Transferred Company in writing (or to the Knowledge of the Sellers, orally) of any plan or intent to make such payments other than on a monthly
basis; 
 (c) Section 4.27 of the Seller Disclosure Letter accurately and completely summarizes all written (and to the
Knowledge of the Sellers, oral) material communication that has occurred between (or on behalf of) the Sellers or any Transferred Company and each of SCE or the California Independent System Operator Corporation relating to the general roles and
responsibilities of each party under the CREST PPAs with respect to the processes for scheduling energy from the applicable Projects to the delivery points and into the California Independent System Operation Corporation grid, and the Sellers have
made available to the Buyers all written correspondence relating thereto; and 
 (d) SCE has never curtailed or, to the Knowledge of the
Sellers, sought to curtail sales or deliveries of electrical energy under any CREST PPA and has not notified or advised the Sellers or any Transferred Company in writing (or to the Knowledge of the Sellers, orally) of any plan or intent to curtail
sales or deliveries of electrical energy under any CREST PPA, other than non-material curtailments (if any) in the ordinary course as may have been required for grid maintenance. 

  
 43 

 ARTICLE V 

REPRESENTATIONS AND WARRANTIES OF THE BUYERS 

As of the date hereof and as of each Closing Date, the Buyers represent and warrant, severally and not jointly, to the Sellers as follows:

 5.1 Due Incorporation and Authority. 

(a) HoldCo Inc. is a Delaware corporation duly organized, validly existing and in good standing under the laws of the State of Delaware.
HoldCo Inc. has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted, except where the failure to have such power and authority could not be expected to materially
impair or delay the ability of the Buyers to consummate the transactions contemplated hereby (a “Buyer Material Adverse Effect”). 

(b) HoldCo LLC is a Delaware limited liability company duly organized, validly existing and in good standing under the laws of the State of
Delaware. HoldCo LLC has all requisite limited liability company power and authority to own, lease and operate its properties and to carry on its business as now being conducted, except where the failure to have such power and authority could not be
expected to have a Buyer Material Adverse Effect. 
 (c) HoldCo GP is a Delaware limited liability company duly organized, validly existing
and in good standing under the laws of the State of Delaware. HoldCo GP has all requisite limited liability company power and authority to own, lease and operate its properties and to carry on its business as now being conducted, except where the
failure to have such power and authority could not be expected to have a Buyer Material Adverse Effect. 
 5.2 Authority to Execute and
Perform Agreement. 
 (a) HoldCo Inc. has all requisite corporate power and authority to execute and deliver each of the Transaction
Documents to which it is a party. HoldCo Inc. has taken all necessary corporate action to authorize the execution and delivery of this Agreement and the other Transaction Documents to which it is a party and the performance of its obligations
hereunder and thereunder. This Agreement and each other Transaction Document to which HoldCo Inc. is a party has been or will be duly and validly executed and delivered by HoldCo Inc. and each constitutes the legal, valid and binding obligation of
HoldCo Inc., enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws, laws of general applicability relating to or affecting creditors’ rights, and to general
equity principles. 
 (b) HoldCo LLC has all requisite limited liability company power and authority to execute and deliver each of the
Transaction Documents to which it is a party. HoldCo LLC has taken all necessary limited liability company action to authorize the execution and delivery of this Agreement and the other Transaction Documents to which it is a party and the
performance of its obligations hereunder and thereunder. This Agreement and each other Transaction Document to which HoldCo LLC is a party has been or will be duly and validly executed and delivered by HoldCo LLC and each constitutes the legal,
valid and binding obligation of HoldCo LLC, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws, laws of general applicability relating to or affecting
creditors’ rights, and to general equity principles. 

  
 44 

 (c) HoldCo GP has all requisite limited liability company power and authority to execute and
deliver each of the Transaction Documents to which it is a party. HoldCo GP has taken all necessary corporate action to authorize the execution and delivery of this Agreement and the other Transaction Documents to which it is a party and the
performance of its obligations hereunder and thereunder. This Agreement and each other Transaction Document to which HoldCo GP is a party has been or will be duly and validly executed and delivered by HoldCo GP and each constitutes the legal, valid
and binding obligation of HoldCo GP, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws, laws of general applicability relating to or affecting creditors’
rights, and to general equity principles. 
 5.3 No Conflict. The execution and delivery by each Buyer of the Transaction Documents
to which it is a party, the consummation of the transactions contemplated hereby, and the performance by such Buyer of the Transaction Documents to which it is a party in accordance with their terms will not: 

(i) violate the certificate of incorporation or certificate of formation, as applicable, or bylaws or limited liability
company agreement, as applicable, of such Buyer, or other organizational documents of such Buyer; 
 (ii) subject to
satisfaction of Sections 2.5(c) and 2.6(c), (the “Buyer Consents and Notices” and, collectively with the Company Consents and Notices and the Seller Consents and Notices, the “Required Consents and
Notices”); require the Buyers to obtain any consents, approvals, authorizations of, or make any filings with or give any notices to, any Governmental Bodies or any other Person that have not been obtained, made or given; or 

(iii) if the Buyer Consents and Notices applicable to such Buyer are obtained, made or given, violate or result in the breach
of any of the terms and conditions of, cause the termination of or give any other contracting party the right to terminate, or constitute (or with notice or lapse of time, or both, constitute) a default under, any material Contract, to which such
Buyer is a party or by or to which such Buyer or any of its properties is or may be bound or subject; or 
 (iv) if the
Buyer Consents and Notices are obtained, made or given, violate or result in the breach of Orders or any applicable Law or any Governmental Body. 

5.4 Brokers. No broker, finder, investment banker or other Person is entitled to any brokerage, finder’s or other fee or
commission in connection with this Agreement or the Transactions based upon any agreements or arrangements or commitments, written or oral, made by or on behalf of a Buyer or any Affiliates of a Buyer by which the Sellers or any of its Affiliates
could be bound from and after any Closing. 

  
 45 

 5.5 Purchase for Investment. The Buyers will acquire the Transferred Interests for their
own account for investment and not for resale or distribution in any transaction that would be in violation of the securities laws of the United States of America or any applicable state thereof. Each Buyer is an “accredited investor” as
defined in Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended. 
 5.6 Independent
Investigation. The Buyers hereby acknowledge and affirm that they have conducted and completed (either on their own or with advisors) investigation, analysis and evaluation of the financial condition, business, results of operations, properties,
assets and prospects of the Transferred Companies. In making their decision to enter into this Agreement and to consummate the transactions contemplated hereby they have relied solely on (i) their own investigation, analysis and evaluation of
the Transferred Companies and (ii) the representations, warranties and covenants of the Sellers expressly contained in this Agreement and the information set forth on the Seller Disclosure Letter. The foregoing, however, does not limit or
modify the representations and warranties in Articles III and IV. 
 5.7 Litigation. As of the date hereof, there are
no actions, suits, proceedings or investigations pending to which any Buyer is a party or, to the Knowledge of the Buyers, threatened against or affecting a Buyer, that would have a material and adverse effect on the ability of any Buyer to perform
any of its obligations under the Transaction Documents to which it is a party. 
 5.8 Exclusivity of Representations. The
representations and warranties made by the Buyers in this Article V are the only representations and warranties of any kind, express or implied, relating to Buyers or the transactions contemplated hereby or by any other Transaction Document.

 ARTICLE VI 
 COVENANTS AND
AGREEMENTS 
 6.1 Confidentiality. 

(a) Pre-Closing Period. Unless and until the Initial Closing Date occurs: 

(i) The Sellers shall keep confidential, except as may be approved in writing by the Buyers, or as may be necessary for the
proper discharge by Sellers of their duties or exercise of their rights under this Agreement, or as may be necessary to be disclosed to counsel, Taxing Authorities and accountants preparing the Sellers’ tax reports and filings, or as may be
required under applicable Law, (a) the terms and provisions of this Agreement, and (b) any and all information received by or in the possession of the Sellers relating to the Buyers’ business, assets, operations or prospects that is
non-public, confidential or proprietary (the “Buyer Confidential Information “); 
 (ii) The Buyers
shall keep confidential, except as may be approved in writing by the Sellers, or as may be necessary for the proper discharge by the Buyers of their duties or exercise of their rights under this Agreement, or as may be 

  
 46 

 
necessary to be disclosed to counsel, taxing authorities and accountants preparing the Buyers’ tax reports and filings, or as may be required under applicable Law, (a) the terms and
provisions of this Agreement, (b) any and all information received by or in the possession of the Buyers relating to the Transferred Companies that is non-public, confidential or proprietary, or (c) any and all analyses, compilations,
data, studies or other documents prepared by or for the Buyers, the Sellers or the Transferred Companies in connection with the business of any Transferred Company utilizing information described in clause (b) above (the “Seller
Confidential Information” and together with the Buyer Confidential Information, the “Confidential Information”); and 

(iii) Notwithstanding the provisions of Section 6.1(a)(i)-(ii), the Parties shall be entitled to the extent
necessary for the performance of their respective duties hereunder to allow access to details relating to the business of the other Party exclusively to such of its employees and consultants who are directly concerned with the carrying out of its
rights or duties under this Agreement; provided, that each Party shall inform each of such Persons of the confidential nature of such information and of that Party’s obligations of confidentiality in respect thereof and such Party shall
be responsible for any breach of such obligations by any recipients of such Confidential Information; and the Parties shall have no obligation with respect to any Confidential Information, as applicable, which (A) is or becomes publicly known
through no act of the receiving Party, (B) is approved for release by written authorization of the disclosing Party, or (C) is required to be disclosed by the receiving Party pursuant to a legal process (so long as the receiving Party uses
commercially reasonable efforts to avoid disclosure of such information, and prior to furnishing such information, the receiving Party notifies the disclosing Party and gives the disclosing Party the opportunity to object to the disclosure and/or to
seek a protective order). Nothing in this Agreement shall bar the right of either Party to seek and obtain from any court injunctive relief against conduct or threatened conduct which violates this Section 6.1. 

(b) Post-Closing Period. If a Closing occurs from and after each Closing Date, the Buyers and the Sellers shall hold
and protect, and shall use their reasonable efforts to cause their Affiliates and Representatives to hold and protect the Confidential Information as each protects other documents of similar nature in the course of their regular operations.
Notwithstanding the foregoing, after the Initial Closing Date or Second Closing Date, as applicable, the applicable information described in Section 6.1(a)(ii)(b) and (c) shall no longer be Seller Confidential Information. CD
AIV, Inc. and its Affiliates and principals shall be entitled to disclose in marketing materials shared with existing and potential investors the Purchase Price and such other information relating to this Agreement as is disclosed in any public
filing made by the Buyers or their Affiliates with the Securities and Exchange Commission. 
 (c) The Parties’ obligations to maintain
the confidentiality of the Confidential Information as required hereunder shall continue for a period of five (5) years following the first to occur of the date this Agreement is terminated in accordance with its terms or the Initial Closing
Date. 

  
 47 

 6.2 Expenses. Except as otherwise specifically provided herein, each of the Buyers and the
Sellers shall bear their respective expenses incurred in connection with the preparation, execution and performance of this Agreement, the other Transaction Documents and the transactions contemplated hereby, including all fees and expenses of
agents, Representatives, counsel and accountants; provided that all Transferred Company transaction expenses incurred prior to or in connection with the Closings shall be borne by the Sellers. All fees and expenses that are assessed by third Persons
that are the beneficiaries of Credit Support or are giving the Seller Consents and Notices in connection with the (a) replacement of Credit Support and (b) obtaining the Seller Consents and Notices (except as described in
Section 6.5) shall be borne by the Sellers. 
 6.3 Publicity. Except as may be required by Law, the Parties agree that no
publicity release or announcement concerning this Agreement or the transactions contemplated hereby shall be made without advance approval thereof by each Party. If any public announcement is required by Law to be made by any Party, prior to making
such announcement, such Party will deliver a draft of such announcement to the other Parties and shall give the other Parties reasonable opportunity to comment thereon. 

6.4 Efforts to Close. Subject to the terms and conditions provided herein, each of the Parties agrees to use commercially reasonable
efforts to consummate the transactions contemplated by this Agreement, including the satisfaction of all conditions to the Closings set forth herein that it is required to satisfy (or to cause to be satisfied) in order to proceed with the Closings.
Without limiting the foregoing, each Party, as promptly as practicable, shall use its commercially reasonable efforts to: (a) make, or cause to be made, all filings and submissions required to be made by it under applicable Law to consummate
the transactions contemplated hereby; (b) obtain, or cause to be obtained, all consents and approvals necessary for it to consummate the transactions; (c) take or cause to be taken all other actions necessary and proper in order to fulfill
its obligations hereunder; and (d) coordinate and cooperate with the other Parties in providing such information and supplying such assistance (including so as to minimize any fees payable in connection with the replacement of the Existing US
Bank Credit Support) as may be reasonably requested by such other Party, Governmental Body or other Person in connection with the foregoing. 

6.5 HSR Act Filings. The Sellers and the Buyers shall, not later than six (6) Business Days after the Effective Date, each file or
cause its ultimate parent entity (within the meaning of the HSR Act) to file any and all materials required to be filed by it under the HSR Act with respect to the transactions contemplated hereby and will promptly file any supplemental materials
required or requested, and shall comply in all material respects with any applicable requirements of the HSR Act. Each Party shall cooperate with the other in submitting such filings, including providing, as promptly as practicable upon written
request, any specific information concerning itself or its Affiliates required in connection with such filing. The filing fee associated with such filings shall be borne equally by the Sellers and the Buyers. 

6.6 Post-Closing Delivery of Records. Within five (5) days following a Closing, the Sellers shall deliver to the Buyers the
originals of all books and records of the applicable Transferred Companies and all data and other information in its position or control pertaining solely to the applicable Transferred Companies and shall provide to the Buyers in

  
 48 

 
PDF format (or other electronic format reasonably acceptable to the Buyers) copies of all other books, records and data pertaining to the operation and maintenance of the assets of the applicable
Transferred Companies. The Sellers shall be entitled to make at their own expense and retain copies of the records pertaining to the applicable Transferred Companies as needed in connection with Tax Returns or other filings with or notices to
Governmental Bodies. 
 6.7 Notice of Certain Events. 

(a) During the Interim Period, the Sellers shall promptly notify the Buyers in writing of: 

(i) the occurrence of any of items set forth in Section 6.14; 

(ii) any event that will cause, or would reasonably be expected to cause, any of the LandPro Projects to be unable to satisfy
all conditions to “Startup and Commissioning Completion” as set forth in the EPC Contract pertaining to each such Project, other than the condition requiring achievement of “Initial Operation” under the CREST PPA for such
Project, by not later than October 31, 2014; 
 (iii) any fact, circumstance, event or action the existence, occurrence
or taking of which (A) has had, or would reasonably be expected to have, individually or in the aggregate, a Transferred Company Material Adverse Effect, or (B) has resulted in, or would reasonably be expected to result in, any
representation or warranty made by the Sellers in Article III or IV not being true and correct; 
 (iv) any
notice or other communication from any Governmental Body seeking information regarding the transactions contemplated by this Agreement; and 

(v) any notice or other communication to or from any Governmental Body in connection with the non-compliance by any
Transferred Company of any applicable Environmental Law. 
 (b) During the Interim Period, the Buyers shall promptly notify the Sellers in
writing of: 
 (i) any fact, circumstance, event or action the existence, occurrence or taking of which (A) has had, or
would reasonably be expected to have, individually or in the aggregate, a Buyer Material Adverse Effect, or (B) has resulted in, or would reasonably be expected to result in, any representation or warranty made by the Buyers in Article V
not being true and correct; 
 (ii) any notice or other communication from any Governmental Body seeking information
regarding the transactions contemplated by this Agreement; and 

  
 49 

 (iii) any notice or other communication from any Person alleging that the
consent of such Person is or may be required in connection with the transactions contemplated by this Agreement. 
 (c) Subject to
Section 6.15, the receipt of information pursuant to this Section 6.7 by either Party shall not operate as a waiver or otherwise affect any representation, warranty or agreement given or made by the Sellers or the Buyers, as
the case may be, in this Agreement and shall not be deemed to amend or supplement the Seller Disclosure Letter. 
 6.8 Payments in
Respect of LandPro Projects Tax Equity Financing. 
 (a) If, as of the Full Closing or Second Closing, the Second Installment Capital
Contribution (as defined in the Equity Capital Contribution Agreement by and among Tenant 3, AIV E, CD US Solar PO 3, LLC, a Delaware limited liability company, and Firstar, dated as of May 30, 2014 (the “ECCA”)) has not
been made, within five (5) Business Days following payment by Firstar Development, LLC, a Delaware limited liability company (“Firstar”) to CD US Solar MT 3, LLC, a Delaware limited liability company (“Tenant
3”), of the Second Installment Capital Contribution (as defined in the ECCA), the Buyers shall pay, by wire of immediately available funds and without any set-off, to an account designated in writing by the Sellers, an amount equal to
the amount of such Second Installment Capital Contribution available for distribution to Managing Member (as defined in the ECCA) under Section 2.2(c)(i) and Section 2.2(c)(iii)(E) of the ECCA. 

(b) If, as of the Full Closing or Second Closing, the Third Installment Capital Contribution (as defined in the ECCA) has not been made,
within five (5) Business Days following payment by Firstar to Tenant 3, of the Third Installment Capital Contribution (as defined in the ECCA) in respect of the LandPro Projects, the Buyers shall pay, by wire of immediately available funds and
without any set-off, to an account designated in writing by the Sellers, an amount equal to the amount of such Third Installment Capital Contribution available for distribution to Managing Member (as defined in the ECCA) under Section 2.3(c)(i)
and Section 2.3(c)(iii)(E) of the ECCA. 
 (c) After Full Closing or Second Closing, the Buyers shall provide assistance to the
Sellers as reasonably required to achieve the conditions precedent to the Second Installment Capital Contribution and Third Capital Contribution (as such terms are defined in the ECCA) and including the items in Section 2.5 and 2.6 of the ECCA.

 6.9 Risk of Loss. During the period between the Effective Date and the applicable Closing Date (or the earlier termination of this
Agreement) (the “Interim Period”), all risk of loss or damage to the Properties that are the subject of such Closing shall, as between the Buyers and the Sellers, be borne by the Sellers. If any Properties are damaged or destroyed
by fire, theft, vandalism, or other casualty (each such event, an “Event of Loss”), or are taken by a Governmental Body by Condemnation, then the following provisions of this Section 6.9 shall apply: 

(a) If at any time before the applicable Closing Date any applicable Project that is the subject of the Closing on such Closing Date, in
whole or in part, becomes 

  
 50 

 
subject to or is threatened with a Condemnation, the Sellers shall notify the Buyers promptly in writing of such fact. If such Condemnation would create a Transferred Company Material Adverse
Effect, then unless the Sellers direct the Buyers to seek permission under the applicable Tax Equity Documents to cause such Project to be excluded from the portfolio subject to such Tax Equity Documents and agree to compensate the Buyers for all
costs, expenses and Losses incurred in connection with seeking such permission and excluding the Project from the portfolio subject to such Tax Equity Documents (which compensation obligation shall not be subject to any limitation of liability under
Section 8.4(b)), the Sellers shall, upon the applicable Closing, (i) assign to the Buyers any claim, settlement or proceeds thereof with respect to the applicable Project and contribute to the Buyers such additional funds as may be
necessary to fully compensate the Buyers for all lost revenue associated with the Condemnation (determined based on the estimated production of such Project as agreed by the Parties or as set forth in the report of such independent engineer). If the
Sellers provide the direction set forth in the preceding sentence and the Buyers obtain permission under the applicable Tax Equity Documents to exclude such Project from the portfolio subject to such Tax Equity Documents, then the applicable Project
shall be excluded from the transactions contemplated by this Agreement, and the Purchase Price shall be reduced by the amount set forth on Annex 1.1(i) corresponding to such Project, and the Buyers shall pay over any proceeds they receive in
respect of such Condemnation to the Sellers (if any). If such Condemnation would not create a Transferred Company Material Adverse Effect, then the Buyers shall receive from the Sellers an assignment of any claim, settlement or proceeds thereof with
respect to the applicable Project and proceed with the transactions contemplated by this Agreement. 
 (b) If at any time before the
applicable Closing Date any applicable Project that is the subject of the Closing on such Closing Date is damaged or destroyed in any material respect by one or more Events of Loss, then unless the Sellers direct the Buyers to seek permission under
the applicable Tax Equity Documents to cause such Project to be excluded from the portfolio subject to such Tax Equity Documents and agree to compensate the Buyers for all costs, expenses and Losses incurred in connection with seeking such
permission and excluding the Project from the portfolio subject to such Tax Equity Documents (which compensation obligation shall not be subject to any limitation of liability under Section 8.4(b)), the Sellers shall, upon the applicable
Closing, (i) contribute such funds as may be necessary (as mutually determined by the Parties or, if they are unable to reach agreement, by an independent engineer mutually acceptable to the Parties) to supplement insurance proceeds available
in respect of such Event of Loss to (A) repair or replace the damaged Project to a good operating condition and otherwise satisfying the representations and warranties contained in the Agreement, and (B) fully compensate the Buyers for all
lost revenue associated with the Event of Loss (determined based on the estimated production of such Project for the period the Event of Loss impacts production as agreed by the Parties or as set forth in the report of such independent engineer),
and (ii) the Sellers shall pay over such insurance proceeds they receive in respect of such Event of Loss (if any) to the Buyers. If the Sellers provide the direction set forth in the preceding sentence and the Buyers obtain permission under
the applicable Tax Equity Documents to exclude such Project from the portfolio subject to such Tax Equity Documents, then the applicable Project shall be excluded from the transactions contemplated by this Agreement, the Purchase Price shall be
reduced by the amount set forth on Annex 1.1(i) corresponding to such Project, and the Buyers shall pay over any insurance proceeds they receive in respect of such Event of Loss to the Sellers (if any). For purposes of this
Section 6.9(b), 

  
 51 

 
“material respect” means that either (A) the projected cost of repair (as determined by the Parties or, if they are unable to reach agreement, by an independent engineer mutually
acceptable to the Parties) of such Project is more than ten percent (10%) of the amount set forth on Annex 1.1(i) corresponding to such Project, or (ii) the projected time for the complete repair of such Project (as determined by
the Parties or, if they are unable to reach agreement, by an independent engineer mutually acceptable to the Parties) would give rise under a Material Contract to a counterparty’s right of termination for force majeure. In the case of an Event
of Loss that does not damage or destroy a Project in any material respect, upon the applicable Closing the Sellers shall pay over to the Buyers all proceeds of applicable insurance they receive in respect of such Event of Loss (if any) and such
other funds contributed by the Sellers that are sufficient (as mutually determined by the Parties or, if they are unable to reach agreement, by an independent engineer mutually acceptable to the Parties) to (A) repair or replace the damaged
Project to a good operating condition and otherwise satisfying the representations and warranties contained in the Agreement, and (B) fully compensate the Buyers for all lost revenue associated with the Event of Loss (determined based on the
estimated production of such Project for the period the Event of Loss impacts production as mutually agreed by the Parties or as set forth in the report of the independent engineer). 

6.10 Further Assurances. If at any time after a Closing Date any further action is necessary to carry out the purposes of this
Agreement, the Parties shall exercise commercially reasonable efforts to take all such necessary actions. 
 6.11 Indemnification of
Members, Officers and Others. 
 (a) For a period of three (3) years after the Initial Closing Date with respect to those
Transferred Companies that are the subject of the Closing thereon or the Second Closing Date with respect to those Transferred Companies that are subject of the Closing thereon, the Buyers shall cause the applicable Transferred Companies to
indemnify, defend and hold harmless, in accordance with its respective Transferred Company Operating Documents to the fullest extent permitted under applicable Laws, the individuals who on or prior to such Closing Date were members, managers or
officers of such Transferred Companies (collectively, the “Special Indemnitees”) with respect to all acts or omissions by them in their capacities as such. All rights of the Special Indemnitees to indemnifications and
exculpation from liabilities for acts or omissions occurring at or prior to the Initial Closing Date or the Second Closing Date, as applicable, (including provisions respecting the advancement of expenses) as provided in the Transferred Company
Operating Documents as now in effect, and any of the indemnification agreements or arrangements of the applicable Transferred Companies set forth in Section 6.11(a) of the Seller Disclosure Letter shall survive the Initial Closing Date
or Second Closing Date, as applicable, and shall continue in full force and effect in accordance with their terms. For a period of three (3) years from the Initial Closing Date or the Second Closing Date, as applicable, such rights shall not be
amended, or otherwise modified in any manner that would adversely affect the rights of the Special Indemnitees, unless such modification is required by applicable Law. Notwithstanding the foregoing, any breach of a representation or warranty made by
the Sellers herein or any indemnification obligations owing by the Sellers hereunder shall not be deemed for any reason to be a claim covered by indemnification or advancement of expenses owing to such Special Indemnitee under this Agreement, any
Law, certificate of organization, bylaw or comparable document or other agreement whatsoever. 

  
 52 

 (b) Each of the Buyers and the Special Indemnitee shall reasonably cooperate, and cause their
respect Affiliates to cooperate, in the defense of any claim and shall provide reasonable access to properties and individuals as reasonably requested and furnish or cause to be furnished records, information and testimony, and attend such
conferences, discovery proceedings, hearings, trial or appeals, as may be reasonably requested in connection therewith. 
 (c) The
provisions of this Section 6.11: (i) are intended to be for the benefit of, and shall be enforceable by, each Special Indemnitee and his or her legal heirs; and (ii) are in addition to, and not in substitution for, any other
rights to indemnification or contribution that any such Person may have by contract or otherwise. 
 (d) In the event that within the three
(3) year period commencing immediately after the Closing Date, any of the Buyers or any of the Transferred Companies or any of their successors or assigns (i) consolidates with or merges into any other Person and is not the continuing
surviving corporation or entity of such consolidation or merger, or (ii) transfers or conveys all or substantially all of its properties and assets to any Person, then, and in each such case, proper provision shall be made for the satisfaction
of the obligations of the Buyers and such Transferred Company to the Special Indemnitees under this Section 6.11. 
 (e) The
obligations of the Buyers under this Section 6.11 shall not be terminated or modified in such a manner as to adversely affect any Special Indemnitee to whom this Section 6.11 applies without the consent of the affected
Special Indemnitee, it being expressly agreed that the Indemnitees to whom this Section 6.11 applies shall be third party beneficiaries of this Section 6.11. 

6.12 Inter-Company Indebtedness and Agreements. The Sellers shall deliver to the Buyers, at each Closing, (a) such payoff letters
or other documents or evidence as the Buyers may reasonably request in order to evidence that all intercompany account obligations (including Indebtedness) of the applicable Transferred Companies will have been extinguished and paid in full without
further liability to the Buyers or any such Transferred Company, and (b) such termination agreements or other documents or evidence as the Buyer may reasonably request in order to evidence that all contracts and other agreements between any
such Transferred Company and any Seller or any Affiliate of any Seller (other than another Transferred Company) (including any pledge agreements related to the payoff of all intercompany account obligations) have been terminated without further
liability to the Buyers or such Transferred Company. 
 6.13 Investigation by the Buyers. During the Interim Period the Sellers shall
(i) provide the Buyers with reasonable access to and the right to inspect and perform noninvasive sampling of all Properties and to inspect all books and records and other documents and data of the Transferred Companies; (ii) furnish the
Buyers with such financial, operating and other data and information related to the Transferred Companies as the Buyers may reasonably request and that is in the possession or control of the Sellers; (iii) upon reasonable notice to the Sellers,
permit the Buyers to interview managerial personnel familiar with the Transferred Companies generally; (iv) instruct the advisors, consultants and other Representatives of the Sellers to cooperate with the Buyers in their investigation of the
Transferred Companies and their assets; (v) provide the Buyers with copies of any proposed amendment to any Contract and any proposed new Contract, regardless of whether prior written consent of the Buyer relating thereto

  
 53 

 
is required by Section 6.14; and (vi) provide the Buyers with copies of any correspondence or notice asserting or threatening the assertion of a default under or termination of
any Material Contract. No investigation by the Buyers or information received by the Buyers shall operate as a waiver or otherwise affect any representation, warranty, covenant or agreement given or made by the Sellers in this Agreement.
Notwithstanding the foregoing, the Sellers shall not be required to provide any information that is (A) subject to attorney-client privilege to the extent doing so would cause such privilege to be waived, (B) prohibited to be disclosed by
Law or (iii) subject to contractual prohibitions against disclosure to the extent doing so would violate such prohibition (after the Sellers have used reasonable efforts to obtain the consent of the other party to disclose such information and
such consent has been denied). 
 6.14 Certain Restrictions. 

(a) Except as set forth in the Transition Services Agreement and as set forth in Section 6.14 of the Seller Disclosure Letter,
during the Interim Period, unless otherwise expressly contemplated by this Agreement, the Sellers shall cause each Transferred Company to, and each Transferred Company shall be permitted to, operate in the ordinary course of business and, to the
extent applicable, consistent with past practice, to maintain the assets of each Transferred Company in the ordinary course of business consistent with the terms of this Agreement, to pay all accounts payable and other obligations, when they become
due and payable, in the ordinary course of business consistent with the provisions of this Agreement, except if the same are contested in good faith, and to perform its obligations and exercise its rights under any Material Contract. 

(b) During the applicable Interim Period, except as set forth in the Transition Services Agreement and as set forth in
Section 6.14 of the Seller Disclosure Letter, each of the Sellers shall refrain from taking, and shall cause each Transferred Company to refrain from taking, any of the following actions without the Buyers’ prior written consent
(which consent shall not be unreasonably withheld, conditioned or delayed): 
 (i) entering into any Contract that would be
a Material Contract if in existence on the date hereof or amending, modifying or terminating (partially or completely) or waiving any material provision of any Material Contract other than as required by Section 6.12, or entering into
any other new Contracts that involve, collectively with all such other new Contracts, payments or other consideration in excess of $350,000; 

(ii) incurring, assuming, guaranteeing, or otherwise becoming liable in respect of any obligation or Liability except in the
ordinary course of business or that is required for a Transferred Company to fulfill its obligations under any Material Contract (or to preserve any rights or obligations thereunder) and, to the extent applicable, consistent with past practice, but
in no instance resulting in any Liability or any Lien other than a Permitted Lien exceeding $100,000 in any individual transaction, or in the aggregate an amount in excess of $250,000; 

(iii) selling, leasing, transferring or disposing of or acquiring, or entering into any Contract for the sale, lease, transfer
or disposition or acquisition of, any 

  
 54 

 
assets or properties, other than in the ordinary course of business or that is required for a Transferred Company to fulfill its obligations under any Material Contract (or to preserve any rights
or obligations thereunder) and, to the extent applicable, consistent with good operating practice so long as, other than with respect to consumables, the same are replaced with items of value, utility and useful life at least equal to that of the
item removed as of the Effective Date; 
 (iv) changing in any material respect any Transferred Company’s accounting
methods or practices other than as required by GAAP; 
 (v) revaluing any of its assets or properties, including writing
down the value of inventory or writing off notes or accounts receivable other than in the ordinary course of business and, to the extent applicable, consistent with past practice or as required by GAAP; 

(vi) failing to maintain insurance coverage substantially equivalent to its existing insurance coverage of their Properties as
in effect on the date hereof unless such insurance coverage is not available on commercially reasonable terms; or 
 (vii)
agreeing or committing in writing to do or engage in any of the foregoing. 
 (c) During the applicable Interim Period each of the Sellers
shall refrain from taking, and shall cause each Transferred Company to refrain from taking, any of the following actions without the Buyers’ prior written consent (which consent may be granted or withheld in the Buyers’ sole discretion):

 (i) amending any Transferred Company Operating Documents or undertaking a recapitalization, reorganization, liquidation,
dissolution or winding up of any Transferred Company except as required by Section 2.6(l); 
 (ii) entering into
any agreement, negotiation, conversation or otherwise soliciting or discussing the merging or consolidating of any Transferred Company with any other Person or disposing of any Transferred Company or Projects except as required by
Section 2.6(l); or 
 (iii) taking, or agreeing to commit to take, any action that would result in any of the
conditions to any Closing of the transactions contemplated by this Agreement not being satisfied or that would impair the ability of any Seller to consummate or delay the consummation of the transactions contemplated by this Agreement in accordance
with the terms hereof. 
 6.15 Seller Disclosure Letter Update. From time to time during the applicable Interim Period, the Sellers
may at their option supplement or amend and deliver updates to any Section of the Seller Disclosure Letter that has been rendered inaccurate or incomplete since the Effective Date solely as a result of matters or events first occurring after the
Effective Date as necessary to complete or correct any information therein; for the avoidance of doubt, Sections 

  
 55 

 
that are inaccurate or incomplete due to events or matters occurring prior to the Effective Date as to which the Sellers first gained knowledge after the Effective Date are not eligible to be
updated. The Sellers shall provide the Buyers with any such supplement or amendment by written notice (each, a “Seller Disclosure Letter Update”) in accordance with Section 11.2. Prior to the Initial Closing Date,
if the matters identified in a Seller Disclosure Letter Update, individually or collectively with matters identified in any other Seller Disclosure Letter Update, constitute a Portfolio Material Adverse Effect, then the Buyers may, at any time
during the ten (10) Business Days following their receipt of any such Seller Disclosure Letter Update, elect to terminate this Agreement provided the Sellers have not cured or remedied such Portfolio Material Adverse Effect (provided such
Portfolio Material Adverse Effect is reasonably capable of being cured or remedied) by the earlier of (a) the Expiration Date and (b) forty (45) days of receipt of Buyer’s notice of termination. If the Sellers so cure the matters
or if the Buyers do not so timely elect (subject to the preceding sentence with respect to the cumulative effect of matters identified in all Seller Disclosure Letter Updates, whether prior to or after the Schedule Update in question), the Seller
Disclosure Letter Update shall be deemed to have amended the Seller Disclosure Letter Update as of the date of this Agreement, to have qualified the representations and warranties contained in Articles III and IV as of the date of this
Agreement, and to have cured any misrepresentation or breach of warranty that otherwise might have existed hereunder by reason of the existence of such matter, subject to the succeeding sentence. Notwithstanding the foregoing, if the Buyers do not
terminate this Agreement, the Buyers shall be entitled to indemnification for any Losses subject to and in accordance with Article VIII and the limitations and thresholds contained in Section 8.4 in an aggregate amount not to
exceed $10,000,000 to the extent attributable to any representation or warranty made by the Sellers that becomes inaccurate for reasons not attributable to the actions of the Sellers or their Affiliates after the Effective Date; provided,
that the Buyer shall not be entitled to any indemnification pursuant to this sentence with respect to any matters approved by or consented to by the Buyers pursuant to this Article VI; provided further, that if the indemnification amount
under this Section 6.15 is in excess of $10,000,000, then prior to the Initial Closing Date the Buyers may, at any time during the ten (10) Business Days following their receipt of any such Seller Disclosure Letter Update, elect to
terminate this Agreement provided the Sellers have not cured or remedied such Portfolio Material Adverse Effect (provided such Portfolio Material Adverse Effect is reasonably capable of being cured or remedied) by the earlier of (a) the
Expiration Date and (b) forty-five (45) days of receipt of the Buyer’s notice of termination. For the avoidance of doubt, any liability of the Sellers under this Section 6.15 shall be included in the determination of the
cap on liability in Section 8.4(b). 
 6.16 Full Production of Shaffer Project. The Sellers shall use commercially
reasonable efforts to terminate any agreement limiting electrical production of the Shaffer Project to less than 4999 kW (ac) such that the Project is irrevocably authorized to operate at its full capacity without restriction under the
Interconnection Service Agreement dated August 13, 2012 (as amended) by not later than April 1, 2015. 
 6.17 Franklin Lease
Amendments. During the Interim Period, the Sellers shall use good faith efforts to obtain lease amendments for each of the Franklin-1 and Franklin-2 Projects that extend the 20-year term of each such lease for two (2), five (5) year
extensions. 

  
 56 

 6.18 EPC Warranty Claims. As promptly as practicable after the Effective Date, the Sellers
shall initiate the warranty claims described on Exhibit I with the appropriate contractors or suppliers, and thereafter during the applicable Interim Period shall use commercially reasonable efforts to cause such claims to be fully rectified
prior to the Closing at which the Transferred Company owning the affected Project is purchased by the Buyers. 
 6.19 Insurance
Policies. During the Interim Period, the Buyers shall use its best efforts to procure the Buyer Insurance Policy. If the Buyers procure the Buyer Insurance Policy, until the expiration of Survival Period the Buyers shall thereafter maintain such
Buyer Insurance Policy in full force and effect and not amend or permit the Buyer Insurance Policy to be canceled or terminated; provided, that if the Buyer Insurance Policy is canceled or terminated for reasons not attributable to the Buyers, the
Buyers shall not be deemed to have breached the foregoing covenant, but, if the Sellers request, the Buyers thereafter shall use their best efforts to reinstate or replace the Buyer Insurance Policy with another policy having endorsements,
retention/deductible requirements and coverage limits no less favorable to the Buyers than those set forth on Exhibit G hereto, issued by an Acceptable Insurance Company, so long as the Buyers pay the premium therefor as provided in the next
succeeding sentence, disregarding the limitation thereon set forth in Exhibit G. The Sellers shall pay the premium (including broker’s commissions, due diligence fee and taxes) and retention for the Buyer Insurance Policy during the
Survival Period, not to exceed the amount set forth on Exhibit G. The Sellers shall pay the premium (including any commission fee and related taxes) and underwriting fee for the Environmental Insurance, not to exceed $50,000, and the Buyers
shall pay any amount in excess thereof, provided that the Buyers shall pay the premium (including any commission fee and related taxes) and underwriting fee for the Environmental Insurance for the Shaffer Project. In addition, the Sellers shall
provide such cooperation and support as the Buyers may reasonably request such that the Buyers may procure the Buyer Insurance Policy and Environmental Insurance, including (i) allowing the Buyers and potential insurers and their respective
representatives to have access upon reasonable notice to any Project and Project site for the purpose of conducting noninvasive inspections thereof, (ii) providing copies of environmental assessments, operating records and other information
within the Buyers’ possession or control relating to matters to be covered by the Buyer Insurance Policy or Environmental Insurance (other than materials protected by attorney-client privilege or attorney work product privilege), and
(iii) providing potential insurers and their representatives access to the Electronic Data Room. 
 6.20 Replacement of Credit
Support. The Buyers shall use commercially reasonable efforts to provide or obtain, prior to a Closing but not effective until such Closing, such substitute agreements and credit support arrangements in replacement of the Credit Support (other
than the Existing US Bank Credit Support); provided if such replacement has not occurred prior to Closing, the Buyers shall for a period of 30 days after Closing exercise commercially reasonable efforts to replace any such Credit Support that has
not been so replaced at such Closing. In the event that any such Credit Support items are not effectively replaced at the expiration of such 30 day period, the Buyers shall provide a guaranty of TerraForm Power, LLC in favor of the Sellers,
substantially in the form of the Buyer Parent Guaranty (with those changes necessary to redefine the guaranteed obligations to effectuate the intent of this Section 6.20) that guarantees the obligations outstanding under the non-replaced
Credit Support. 

  
 57 

 6.21 Completion of LandPro Projects. The Sellers shall use commercially reasonable efforts
to cause each of the Excluded LandPro Projects to satisfy all conditions to “Startup and Commissioning Completion” as set forth in the EPC Contract pertaining to each such Project, other than the condition requiring achievement of
“Initial Operation” under the power purchase agreement for such Project, by not later than the LandPro Expiration Date. The Sellers shall contribute all funding required to cause each LandPro Project to achieve “Final Completion”
as set forth in the EPC Contract pertaining to each such Project. 
 6.22 LandPro and Shaffer Removal. If, with respect to any
Excluded LandPro Project, the LandPro Takeover Conditions for such Excluded LandPro Project are not satisfied by the LandPro Expiration Date or if the Shaffer Condition is not satisfied, the Sellers shall prior to the Second Closing Date, assign and
transfer all assets associated with such Excluded LandPro Project or, if the Shaffer Condition is not satisfied, the Shaffer Project, from the Transferred Company that is a Subsidiary of AIV E to an Affiliate of the Sellers that is not a Transferred
Company. 
 6.23 Watts Project. The Sellers shall use commercially reasonable efforts to cause the issue noted in item 3 of
Section 4.6 of the Seller Disclosure Letter to be fully rectified prior to the Initial Closing to the reasonable satisfaction of the Buyers. If such issue is not fully rectified prior to the Initial Closing, the Parties shall amend the
Transition Services Agreement to provide that the Sellers shall cause such issue to be fully rectified to the reasonable satisfaction of the Buyers at no cost to the Transferred Companies or the Buyers. 

6.24 Swan Creek Dispute. The Sellers shall cause the dispute described in item 4 of Section 4.6 of the Seller Disclosure
Letter to have been fully resolved prior to the initial Closing to the reasonable satisfaction of the Buyers at no cost after Closing to the Transferred Companies or the Buyers. 

6.25 Cohalan Court Complex Project. The Sellers shall use commercially reasonable efforts to cause the issue noted in item 2 of
Section 4.26 of the Seller Disclosure Letter to be fully rectified prior to the Initial Closing to the reasonable satisfaction of the Buyers and at no cost after Closing to the Transferred Companies or the Buyers. If such issue is not
fully rectified prior to the Initial Closing, the Sellers shall pay to the Buyers the sum of $27,000.00 on the Initial Closing Date. 
 6.26
True North Project. The Sellers shall use commercially reasonable efforts to cause the issue noted in item 1 of Section 4.26 of the Seller Disclosure Letter to be fully rectified prior to December 6, 2014 to the reasonable
satisfaction of the Buyers and at no cost after Closing to the Transferred Companies or the Buyers. If such issue is not fully rectified prior to December 6, 2014, the Sellers shall pay to the Buyers the sum of $1000 on the Initial Closing
Date. 
 6.27 Tax Returns. During the Interim Period, the HoldCos shall pay any fees and amounts assessed by any Taxing Authority
with respect to the late filings describe in Section 4.7(a) of the Seller Disclosure Letter. If no such fees and amounts are assessed prior to the Initial Closing, the Sellers shall pay to the Buyers the amount the Parties reasonably
estimate would be borne by the applicable Holdcos with respect thereto. 

  
 58 

 6.28 Financial Statements. On or prior to the Initial Closing, the Sellers shall make
available to the Buyers copies of the following: (a) the audited balance sheet of the Transferred Companies as of December 31, 2013 and December 31, 2012 and the related audited statement of operations and cash flows for the fiscal
years then ended (the “Audited Financial Statements”) and (b) the unaudited balance sheet of the Transferred Companies as of September 30, 2014 and the related unaudited statement of operations and cash flows for the nine
(9) months then ended (the “2014 Interim Financial Statements”). The Audited Financial Statements fairly present in all material respects the financial position with respect the Transferred Companies (on a consolidated
basis with respect to each Holdco), as of the respective dates thereof, and the results of the operations of the Transferred Companies (on a consolidated basis with respect to each Holdco), for the respective fiscal periods covered thereby, in each
case in accordance with GAAP. The 2014 Interim Financial Statements fairly present in all material respects the financial position with respect to the Transferred Companies (on a consolidated basis with respect to each Holdco), as of the respective
dates thereof, and the results of the operations of the Transferred Companies (on a consolidated basis with respect to each Holdco), for the respective fiscal periods covered thereby, in each case in accordance with GAAP, except for the absence of
footnotes and subject to year-end audit adjustments. 
 6.29 Rutan Project. The Sellers shall use commercially reasonable efforts to
cause the issue noted in item 5 of Section 4.6 of the Seller Disclosure Letter to be fully rectified to the reasonable satisfaction of Buyers and at no cost after Closing to the Transferred Companies or the Buyers. If such issue is not
fully rectified within ninety (90) days after the Initial Closing, the Sellers shall pay to the Buyers the sum of $260,000. 
 6.30
Seller’s Limited Partnership Agreements. Until such time as the indemnity claims subject to Sections 8.8(c)(i) and
 (c)(ii) have been fully paid or otherwise satisfied in full, the Sellers shall not terminate any of the
Seller’s Limited Partnership Agreements or amend or modify any of the Seller’s Limited Partnership Agreements in a manner which would affect any of the partner’s obligations under Section 6.7 thereof. 

6.31 California Property Tax Exemption. During the Interim Period the Parties shall exchange information, and assess in good faith,
regarding the potential availability of property tax exemptions in California for all Projects other than LandPro Project 8159, LandPro Project 8160 and LandPro Project 8161. 

6.32 CAISO Compliance. The Sellers shall pay all amounts payable to the contractor under the RIG Contract and all other costs necessary
for the applicable Transferred Companies to be fully compliant with the telemetry (i) requirements that are contained within Appendix E of each of the CREST PPAs and within the CAISO Obligations (as defined in the CREST PPAs) and
(ii) requirements that, as of the Effective Date, have been requested of the applicable Transferred Companies by SCE or California Independent System Operator. The Buyers shall provide commercially reasonable assistance as the Transferred
Company owners in the Sellers’ activities pursuant to this Section 6.32, including the execution of necessary documents, allowing access to the relevant Project sites to complete such work, including to contractors under the RIG
Contract and to SCE, and providing information about the relevant Projects to the contractors under the RIG Contract and to SCE. 

  
 59 

 ARTICLE VII 

SURVIVAL 
 The
representations, warranties, covenants and agreements of the Sellers and the Buyers contained in Articles III, IV, V and VI, as applicable, and in any agreement, certificate or other instrument delivered by such Party pursuant to
this Agreement shall survive, with respect to each Closing and the representations, warranties covenants and agreements made as of the date of such Closing with respect to the Transferred Companies and Transferred Interests that are the subject of
such Closing, until the date that is 18 months after the applicable Closing Date (or if such date is not a Business Day, the next Business Day thereafter) (the “Survival Period”). Thereafter, all such representations,
warranties, covenants and agreements of the Buyers and the Sellers shall be extinguished and no claim for the recovery of any Losses may be asserted against the Buyers or the Sellers, as applicable, in respect thereof; provided,
however, that claims first asserted in writing in accordance with the provisions of this Article VII within the applicable period referred to above shall not thereafter be barred. 

ARTICLE VIII 

INDEMNIFICATION 

8.1 Obligation of the Sellers to Indemnify. From and after the applicable Closing Date, subject to Article VII
and Sections 8.3, 8.4 and 8.5, the Sellers shall, severally and not jointly (based on each Seller’s Ownership Percentage), indemnify, defend and hold harmless the Buyers and each of their respective directors,
officers, employees, agents, affiliates and Representatives, and each of the heirs, executors, successors and assigns of any of the foregoing (collectively, the “Buyer Indemnified Parties”), from and against all liabilities,
losses and damages, plus reasonable attorneys’ fees, court costs and other out-of-pocket expenses (collectively, “Losses”) that arise out of, or result from, (a) the breach or inaccuracy of any representation
or warranty of the Sellers contained in this Agreement or in any agreement, certificate or other instrument delivered by the Sellers pursuant to this Agreement to the extent not waived in writing by the Buyers, (b) the inaccuracy of any
certificate delivered by the Sellers pursuant to Section 2.4(e), (c) the breach of any covenant or agreement of the Sellers contained in this Agreement or in any agreement, certificate or other instrument delivered by
the Sellers pursuant to this Agreement, and (d) any of the liabilities or obligations of the Sellers or any Affiliate of the Sellers (including any liabilities or obligations under any Tax-sharing agreements) with respect to Taxes on account of
or with respect to one or more of the Transferred Companies or Projects, the nonpayment of which could result in a lien on, or that are attributable to the ownership or operations of the Transferred Companies prior to applicable Closing or to the
sale of the Transferred Interests pursuant to this Agreement (whether or not the applicable Tax period(s) ends on, before or after such Closing) . For purposes of this Section 8.1, any Losses attributable to one Seller shall be deemed to
be attributable to all Sellers, but each Seller’s individual responsibility for such Losses shall be based on its respective Seller’s Ownership Percentage. 

8.2 Obligation of the Buyers to Indemnify. From and after the applicable Closing Date, subject to Article VII and
Sections 8.3, 8.4 and 8.5, the Buyers shall, severally and 

  
 60 

 
not jointly, indemnify, defend and hold harmless the Sellers and each of their respective members, officers, managers, employees, agents, affiliates and Representatives, and each of the heirs,
executors, successors and assigns of any of the foregoing (collectively, the “Sellers Indemnified Parties”), from and against all Losses that arise out of or result from, (a) the breach or inaccuracy of any
representation or warranty of the Buyers contained in this Agreement or in any agreement, certificate or other instrument delivered by the Buyers pursuant to this Agreement to the extent not waived in writing by the Sellers, or (b) the breach
of any covenant or agreement of the Buyers contained in this Agreement or in any agreement, certificate or other instrument delivered by the Buyers pursuant to this Agreement, or (c) any third party claim to the extent accruing after the
applicable Closing Date in connection with or in any way relating to the Transferred Companies, this Agreement or the transactions contemplated hereby to the extent not arising from the breach or inaccuracy of any representation or warranty of the
Sellers contained in this Agreement or in any agreement, certificate or other instrument delivered by the Sellers pursuant to this Agreement or the breach of any covenant or agreement of the Sellers contained in this Agreement or in any agreement,
certificate or other instrument delivered by the Sellers pursuant to this Agreement. For all purposes of this Article VIII, CD AIV, Inc. is irrevocably designated by the Sellers as its sole agent in presenting claims and demands to and
resolving claims and demands with the Buyers and is authorized to bind all the Sellers with respect thereto. 
 8.3 Indemnification
Procedure. 
 (a) Any Buyer Indemnified Party or Sellers Indemnified Party seeking indemnification under this Agreement (each, an
“Indemnified Party”) shall, within the limitation period provided in Article VII, promptly give the Buyers or the Sellers, as applicable (collectively, the “Indemnifying Party”), written notice
(a “Claim Notice”) describing in reasonable detail the facts giving rise to any claims for indemnification hereunder and shall include in the Claim Notice (if then known) the amount or method of computation of the amount of
such claim and a reference to the provision of this Agreement or any agreement, certificate or instrument delivered pursuant to this Agreement upon which such claim is based; provided, that a Claim Notice in respect of any action at law or in
equity by or against a third party as to which indemnification will be sought shall be given promptly after the action or suit is commenced. The failure of an Indemnified Party to provide a Claim Notice with respect to a third party claim shall not
relieve the Indemnifying Party of any Liability, except to the extent the Indemnifying Party demonstrates that the defense of such third party claim is actually and materially prejudiced as result thereof. 

(b) From and after the receipt of the Claim Notice in respect of a third party claim, if the Indemnifying Party shall have the right, at its
own cost, to assume and conduct the defense in their own names or in the names of the Indemnified Parties if the Indemnifying Party has acknowledged in writing its obligation to indemnify the Indemnified Parties in respect of such third party claim.
The Indemnified Party shall make available all information and assistance reasonably available and necessary for the defense of as the Indemnifying Party may reasonably request and shall cooperate with the Indemnifying Party in such defense. Any
Indemnified Parties shall have the right to employ separate counsel in any such third party claim and/or to participate in the defense thereof, but the fees and expenses of such counsel shall not be included as part of any Loss incurred by the
Indemnified Party and shall not be payable by the Indemnifying Parties; provided, however, that the Indemnifying Party shall not be entitled to 

  
 61 

 
control (but shall be entitled to participate at its own expense in the defense of), and the Indemnified Party shall be entitled to have control over, at the Indemnifying Party’s expense,
the defense of any third party claim (i) if the Indemnifying Party shall have failed to acknowledge its indemnification obligations hereunder, (ii) if the Indemnifying Party fails to employ counsel reasonably satisfactory to the
Indemnified Party, (iii) if the Indemnified Party, based on advice of counsel to the Indemnified Party, shall have concluded that there are defenses available to the Indemnified Party that are different from or additional to those available to
the Indemnifying Party, (iv) if the Indemnified Party’s counsel shall have advised the Indemnified Party that there is a conflict of interest that would make it inappropriate under applicable standards of professional conduct to have
common counsel, (v) to the extent the third party claim seeks an order, injunction, or other equitable relief against the Indemnified Party which, if successful, would materially adversely affect the business, operations, assets, or financial
condition of the Indemnified Party, or (vi) in the event the Indemnified Party is a Buyer Indemnified Party, if the third party claim seeks damages in excess of (A) the then-remaining amount of the Indemnity Escrow Account plus, so long as
the third party claim is covered by the Buyer Insurance Policy, the remaining policy limit thereof, or (B) the applicable limitation of liability set forth in Section 8.4(b). The party or parties conducting the defense: 

(i) shall keep the other parties reasonably informed as to the status of such matter and shall promptly send copies of all
pleadings; and 
 (ii) shall not enter into any settlement, compromise or consent to judgment without the prior consent of
the other parties hereto, such consent not to be unreasonably withheld, conditioned or delayed; provided, however, that the Indemnifying Party shall be entitled to settle, compromise or consent to a judgment without the consent of the
Indemnified Party that only imposes monetary obligations that are paid by the Indemnifying Party and contains a release of the Indemnified Party from all liability thereunder; and 

(c) Except with respect to Taxes, the Parties shall use commercially reasonable efforts to mitigate Losses for which indemnification is
available under this Article VIII and shall act in good faith in responding to, defending against, settling or otherwise dealing with such claims. 

8.4 Measure of and Limitations upon Indemnification. 

(a) The amount of the Indemnifying Party’s liability under this Agreement shall be determined (i) net of any insurance proceeds
actually received, and other savings that actually reduce the overall impact of the Losses upon, the Indemnified Party, (iii) net of any tax benefit actually realized by the Indemnified Party or any of its Affiliates, and (iv) net of any
other third party amounts actually recovered in each case that reduce the Loss suffered or incurred by, the Indemnified Party. If the Indemnified Party or any of its Affiliates actually receives tax benefits, insurance proceeds or other amounts
described in this Section 8.4(a) after an indemnification payment is made, the applicable Indemnified Party shall promptly refund to the Indemnifying Party such amount (not to exceed the amount received from the Indemnifying Party) .

  
 62 

 (b) An Indemnifying Party’s liability for any Losses under this Article VIII
shall be subject to the limitations set forth in Section 8.8 and as follows: (i) the Indemnifying Party shall have no liability for any Losses unless and until the aggregate amount of the Losses for which the Indemnifying Party is
obligated to indemnify pursuant to Section 8.1 or 8.2 (and for the avoidance of doubt as may be required under Section 6.15) shall exceed Two Million One Hundred Twenty Five Thousand Dollars ($2,125,000.00); and
(ii) the aggregate liability of an Indemnifying Party for Losses (A) pursuant to Section 8.1(a) in the case of the Sellers or Section 8.2(a) in the case of the Buyers shall not exceed, in the aggregate, twenty-five
percent (25%) of the Purchase Price with respect to non-Fundamental Representations and the Purchase Price with respect to Fundamental Representations, (B) pursuant to Section 8.1(a) solely with respect to the representations
and warranties made in Sections 4.7(j), (m), (n), (p), (q), (r), and (s) (collectively, the “Special Tax Representations”) shall not exceed in the aggregate, fifteen
percent (15%) of the Purchase Price and (C) pursuant to Sections 8.1(b) and Section 8.1(c) in the case of the Sellers or Section 8.2(b) in the case of the Buyers shall not exceed, in the aggregate,
twenty-five percent (25%) of the Purchase Price; provided that with respect to Section 8.1(c) relating to the covenants in Section 6.2, Section 6.4 and Section 6.14 with respect to the Sellers and
Section 8.2(b) relating to the covenants in Section 6.2 and Section 6.4 with respect to the Buyers, shall not exceed, in the aggregate, the Purchase Price, and (D) pursuant to Section 8.2(c) in
the case of the Buyers, shall not exceed, in the aggregate, the Purchase Price; provided, that the limitations set forth in this Section 8.4 shall not apply to any Loss arising as a result of fraud by any Party; and provided
further and for the avoidance of doubt, that the limitations in this Section 8.4 shall not apply to any breach by the Buyers to pay the Purchase Price or the amounts set forth in Section 6.8. Solely for purposes of
determining the amount of any Loss, any qualifications in the representations, warranties and covenants with respect to materiality, material, Transferred Company Material Adverse Effect or Buyer Material Adverse Effect shall be disregarded and will
not have any effect with respect to the calculation of the amount of any Loss attributable to a breach of any representation, warranty or covenant set forth in this Agreement (including the Seller Disclosure Letter) or any certificate delivered by a
Party. 
 (c) IN NO EVENT SHALL ANY INDEMNIFYING PARTY BE LIABLE TO ANY INDEMNIFIED PARTY FOR ANY CONSEQUENTIAL, INDIRECT, INCIDENTAL OR
OTHER SIMILAR DAMAGES, INCLUDING BUSINESS INTERRUPTION, DIMINUTION OF VALUE, COST OF CAPITAL OR LOSS OF BUSINESS REPUTATION OR OPPORTUNITY, FOR ANY BREACH OR DEFAULT UNDER, OR ANY ACT OR OMISSION ARISING OUT OF OR IN ANY WAY RELATING TO, THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, UNDER ANY FORM OF ACTION WHATSOEVER, WHETHER IN CONTRACT OR OTHERWISE (OTHER THAN INDEMNIFICATION FOR AMOUNTS PAID OR PAYABLE TO THIRD PARTIES IN RESPECT OF ANY THIRD PARTY CLAIM FOR WHICH
INDEMNIFICATION HEREUNDER IS OTHERWISE REQUIRED). 
 8.5 Exclusivity of Indemnity. The indemnification provided in this
Article VIII shall be the sole and exclusive remedy after the applicable Closing Date for damages available to the Parties to this Agreement for breach of any of the representations, warranties, covenants and agreements contained herein
or any right, claim or action arising from the transactions contemplated hereby, except for those arising out of fraud or criminal conduct. 

  
 63 

 
Each Party expressly waives, releases and agrees not to make any claim against the other Party, except for indemnification claims made pursuant to this Article VIII, for the recovery
of any costs or damages, whether directly or by way of contribution, or for any other relief whatsoever, under any applicable Laws, whether now existing or applicable or hereinafter enacted or applicable (including claims for breach of contract,
failure of disclosure, tortious wrong or violation of securities Laws or Environmental Laws), except for those arising out of fraud or criminal conduct. 

8.6 Subrogation. In the event of payment by or on behalf of any Indemnifying Party to any Indemnified Party (including pursuant to this
Article VIII) in connection with any claim or demand by any Person other than the Parties hereto or their respective Affiliates, such Indemnifying Party shall be subrogated to and shall stand in the place of such Indemnified Party as to
any events or circumstances in respect of which such Indemnified Party may have any right, defense or claim relating to such claim or demand against any claimant or plaintiff asserting such claim or demand. Such Indemnified Party shall cooperate
with such Indemnifying Party in a reasonable manner, and at the cost of such Indemnifying Party, in presenting any subrogated right, defense or claim. 

8.7 Purchase Price Adjustment. The Parties agree to treat all payments made pursuant to this Article VIII as adjustments to the
Purchase Price for Tax purposes, unless otherwise required by applicable Law or taxing authority interpretations thereof. 
 8.8 Payment
of Claims. 
 (a) All indemnity claims made pursuant to this Article VIII (other than ones subject to Section 8.9)
shall be paid as follows: (a) if the Indemnifying Party is a Buyer, by payment by the Buyers of the sums so owing to the Indemnified Party in immediately available funds within thirty (30) days after the date of receipt of the
corresponding claims under Section 8.2, (b) if the Indemnifying Party is a Seller, the Buyers shall first use commercially reasonable efforts to pursue any claims or rights it may have under the Buyer Insurance Policy (if any) with
respect to sums so owing (including, for the avoidance of doubt, under Section 6.15) with any deductible applicable thereto being paid by the Sellers (either directly or, if the Sellers agree in writing that they will replenish any
amount drawn within five (5) Business Days, by withdrawal by the Sellers from the Indemnity Escrow Account); provided that if the claim is not paid under the Buyer Insurance Policy within sixty (60) days of the filing of such claim or if
the Buyer Insurance Policy is not in place at the Initial Closing, then sums so owing shall be payable and paid out of the Indemnity Escrow Account in accordance with the Indemnity Escrow Agreement and if the Indemnity Escrow Account is exhausted,
by payment by the Sellers, subject to the provisions of Section 8.8(c), of the remaining sums owing to the Indemnified Party in immediately available funds within sixty (60) days after the settlement of the corresponding claims
under Section 8.1, but the Indemnified Party shall refund to the Sellers the amount of any insurance proceeds received at any subsequent time under the Buyer Insurance Policy in respect of such claim up to the amount paid by the Sellers.

 (b) If the Buyers do not receive proceeds under the Buyer Insurance Policy by the expiration of the sixty (60) day period, the
Buyers shall continue to use commercially reasonable efforts to pursue any claims or rights it may have under the Buyer Insurance Policy after the expiration of such period. 

  
 64 

 (c) The Parties agree that notwithstanding anything to the contrary in this Article VIII,
if the amount in the Indemnity Escrow Account plus the proceeds of the Buyer Insurance Policy, if any, is insufficient to pay any indemnity claim, there shall be no recourse to the Sellers of the amount of the deficiency except that: (i) with
respect to any indemnity claim hereunder in respect of any Fundamental Representation, the Sellers shall nevertheless remain liable for the amount of any deficiency; (ii) in the event that the Buyer Insurance Policy was in place at the Initial
Closing (and therefore the Indemnity Escrow Account was funded at five percent (5%) of the Purchase Price), with respect to any indemnity claim hereunder in respect of any Special Tax Representation, the Sellers shall remain liable for the
amount of any deficiency not to exceed ten percent (10%) of the Purchase Price; (iii) with respect to a breach of the covenant in Section 6.32, the Sellers shall remain liable for the amount of any deficiency not to exceed
twenty-five percent (25%) of the Purchase Price, and (iv) in the event that the Buyer Insurance Policy was not in place at the Initial Closing (and therefore the Indemnity Escrow Account was funded at fifteen percent (15%) of the
Purchase Price), with respect to any indemnity claim hereunder in respect of any Special Tax Representation, the Sellers shall not be liable for any deficiency. The Sellers that are limited partnerships as of the Effective Date shall, to the extent
monies are not otherwise available to the Sellers to pay such claims under (i) or (ii) above in full, exercise their rights under the applicable Seller’s Limited Partnership Agreement to obtain capital contributions from the partners
therein sufficient to pay such claims, and the Buyers shall be entitled to enforce such rights directly as third-party beneficiaries of this sentence. 

8.9 Claim Log. In the event the Buyers have an indemnity claim that has a value less than fifty thousand dollars ($50,000.00), and
after the Buyers have submitted such claim for payment under the Buyer Insurance Policy and such claims is not paid under the Buyer Insurance Policy within sixty (60) days of the filing of such claim, the Buyers shall maintain a log of all such
claims (a “Claim Log”), and submit a Claim Log to the Sellers not more than once (subject to the proviso below) in any three (3) month period beginning on the date which is three months after the Initial Closing;
provided, that if at any time during such three (3) month period, the aggregate value of all indemnity claims of the Buyers occurring subsequent to the submission of a prior Claim Log equals or exceeds (a) fifty thousand dollars
($50,000.00) individually, or (b) two hundred and fifty thousand dollars ($250,000), aggregating all claims of less than fifty thousand dollars ($50,000) individually, the Buyers may immediately submit a Claim Log in respect of such additional
indemnity claims. Disputes with respect to such Claim Log shall be resolved in accordance with Section 11.1. Nothing in this Section 8.9 shall be deemed to prevent the Buyers from presenting any claim at the time necessary to
preserve the Buyers’ rights under any applicable statute of limitation. Notwithstanding anything to the contrary, if the Buyers do not receive proceeds under the Buyer Insurance Policy by the expiration of the sixty (60) day period
described above, the Buyers shall continue to use commercially reasonable efforts to pursue any claims or rights it may have under the Buyer Insurance Policy after the expiration of such period, and shall refund to the Sellers the amount of any
insurance proceeds received at any subsequent time under the Buyer Insurance Policy in respect of such claims up to the amount paid by the Sellers to the Buyers. 

  
 65 

 8.10 Special Indemnities. The Sellers shall indemnity the Buyers Indemnified Parties for
all Losses suffered or incurred as a result of item 1 set forth on Section 4.6 of the Seller Disclosure Letter as provided in this Article VIII. 

ARTICLE IX 
 TAX MATTERS

 9.1 Transfer Taxes. The Buyers shall be responsible for the timely payment of Transfer Taxes, if any, arising out of or in
connection with the transactions contemplated by this Agreement and shall indemnify, defend and hold harmless the other Party with respect to such portion of such Transfer Taxes. The Buyers shall prepare and file when due all necessary documentation
and Tax Returns with respect to such Transfer Taxes and, if required by applicable Law, the Sellers shall and shall cause their Affiliates to join in the execution of any such Tax Returns and other documentation. The Sellers shall reimburse the
Buyers for fifty percent (50%) of such Transfer Taxes thirty (30) days after the Buyers submit a written request therefore, and shall indemnity, defend and hold harmless the Buyers with respect to such portion of the Transfer Taxes. 

9.2 Tax Returns. Except as otherwise provided in Section 9.1: 

(a) The Sellers shall prepare and timely file, or cause to be prepared and timely filed, all Tax Returns that are required to be filed by
each Holdco and each AIV for taxable years or periods ending on or before the applicable Closing Date, in a manner consistent with past practice. The Sellers shall timely remit, or cause to be timely remitted, all Taxes due in respect of such Tax
Returns. 
 (b) To the extent within the power of the Sellers or any of their Affiliates using commercially reasonable efforts, the Sellers
shall prepare and timely file, or cause to be prepared and timely filed, all Tax Returns that are required to be filed by each Subsidiary of the Holdcos and AIVs for taxable years or periods ending on or before the applicable Closing Date. 

(c) The Buyers shall prepare and timely file, or cause to be prepared and timely filed, all Tax Returns that are required to be filed by each
Holdco and each AIV for taxable years or periods beginning on or before, and ending after the applicable Closing Date (the “Straddle Period”). All such Tax Returns shall be prepared in a manner consistent with past practice
except to the extent otherwise required by Law. Not later than thirty (30) days prior to the due date for filing of each such Tax Return, the Buyers shall provide the Sellers with a draft copy of such Tax Return for review and comment, and the
Buyers shall include, in the Tax Return filed, all reasonable comments provided by the Sellers with respect to any such draft copy not later than five (5) days prior to such due date. 

(d) To the extent within the power of the Buyers or any of their Affiliates using commercially reasonable efforts, the Buyers shall prepare
and timely file, or cause to be prepared and timely filed, all Tax Returns that are required to be filed by each Subsidiary of the HoldCos and AIVs for the Straddle Period of such Subsidiary. To the extent

  
 66 

 
within the power of the Buyers or any of their Affiliates using commercially reasonable efforts, the Buyers shall timely remit, or cause to be timely remitted, all Taxes due in respect of such
Tax Returns. All such Tax Returns shall be prepared in a manner consistent with past practice except to the extent otherwise required by Law. Not later than thirty (30) days prior to the due date for filing of each such Tax Return, the Buyers
shall provide the Sellers with a draft copy of such Tax Return for review and comment, and the Buyers shall consider in good faith inclusion in the Tax Return filed any reasonable comments provided by the Sellers with respect to any such draft copy
not later than five (5) days prior to such due date. 
 (e) The Buyers shall not amend, refile or otherwise modify, or cause or permit
to be amended, refiled or otherwise modified, any Tax Return filed by any of the Transferred Companies for any taxable year or period beginning on or before the applicable Closing Date. 

(f) With respect to Holdings 5 and its Subsidiaries, the Tax Returns required to be prepared by the Buyers or any of their Affiliates in
respect of the Straddle Period pursuant to this Section 9.2 shall be prepared by CohnReznick in consultation with and subject to the approval of KPMG. The Buyers shall exercise commercially reasonable efforts to file returns for a
Subsidiary in a manner that would not cause a “Tax Credit Adjustment (downward)” as such term is used in Section 5.01(d)(i) of the CD US Solar MT 2, LLC Operating Agreement and Section 5.01(d)(i) of the CD US Solar MT 3, LLC
Operating Agreement. 
 9.3 Straddle Period Tax Liabilities. 

(a) Upon the written request of the Buyers setting forth in detail the computation of the amount owed, the Sellers shall pay to the Buyers, no
later than three (3) days prior to the due date for the applicable Tax Return, the Taxes for which the Sellers are liable pursuant to Section 9.3(c) but which are payable with any Tax Return to be filed by the Buyers pursuant to
Section 9.2(c). 
 (b) Upon the written request of the Buyers setting forth in detail the computation of the amount owed, the
Sellers shall pay to the Buyers, no later than three (3) days prior to the due date for the applicable Tax Return, the Sellers’ Allocable Share of the Taxes for which the Sellers are liable pursuant to Section 9.3(c) but which
are payable with any Tax Return to be filed by the Buyers pursuant to Section 9.2(d). 
 (c) Where it is necessary for purposes
of this Agreement to apportion between the Sellers and the Buyers the Taxes of or with respect to each Holdco or each AIV and its Subsidiaries for a Straddle Period, such liability shall be apportioned between the period deemed to end at the close
of the applicable Closing Date and the period deemed to begin at the beginning of the day following the applicable Closing Date on the basis of an interim closing of the books, except that Taxes (such as real or personal property Taxes) imposed on a
periodic basis shall be allocated on a daily basis. 
 9.4 Assistance and Cooperation. After the applicable Closing Date,
(i) the Buyers shall (and shall cause their Affiliates to) assist the Sellers in preparing any Tax Returns 

  
 67 

 
that the Sellers are responsible for preparing and filing in accordance with Section 9.1, (ii) the Sellers shall (and shall cause its Affiliates to) assist the Buyers in
preparing any Tax Returns that the Buyers are responsible for preparing and filing in accordance with Section 9.1, and (iii) the Buyers and the Sellers shall (and shall cause their respective Affiliates to) reasonably cooperate in
preparing for any audits of, or disputes with any Governmental Body regarding, any Tax Returns by or with respect to the Transferred Companies, including making available to each other all records necessary in connect therewith. 

9.5 Audits. The Buyers shall notify the Sellers regarding, and within ten (10) days after, the receipt by the Buyers or any of
their Affiliates (including each Holdco and each AIV and its Subsidiaries) of notice of any inquiries, claims, assessments, audits or similar events with respect to Taxes of or with respect to each Holdco or each AIV and its Subsidiaries to the
extent relating to any taxable year or period (or portion thereof) ending on or before the applicable Closing Date (a “Pre-Closing Period”). Provided that the Buyers shall have determined in good faith that the total
potential indemnification amount in respect of a Pre-Closing Period will not exceed $15,000,000 in the aggregate (increased by any additional amount that the Sellers shall have placed in escrow to secure the potential indemnification), the Sellers
can elect to control the contest with respect to each Holdco, each AIV and, to the extent within the power of the Sellers, the Buyers or any of their Affiliates using commercially reasonable efforts, each AIV’s Subsidiaries (the
“Pre-Closing Period Contest”), provided that the Sellers shall take no action to settle, compromise, prejudice or otherwise dispose of such Pre-Closing Period Contest without the consent of the Buyers, which consent shall not
be unreasonably withheld or delayed. In all other circumstances, the Buyers shall control any Pre-Closing Period Contest, provided that the Buyers shall take no action to settle, compromise, prejudice or otherwise dispose of such Pre-Closing Period
Contest without the consent of the Sellers, which consent shall not be unreasonably withheld or delayed. The Party controlling a Pre-Closing Period Contest shall keep the non-controlling party reasonably apprised of developments in the contest and
shall provide the non-controlling party the opportunity to attend meetings and to review and comment on submissions to be provided in connection with the contest in advance of their submission, provided that all decisions regarding the Pre-Closing
Period Contest shall be made in the good faith discretion of the party controlling the contest. In addition, and in any case of an audit of Holdings 5 and its Subsidiaries with respect to investment tax credit claimed by CD US Solar MT 3, LLC (a
“Holdings 5 ITC Audit”), the Buyers shall keep the Sellers reasonably apprised of developments in the contest and shall provide the Sellers the opportunity to attend meetings and to review and comment on submissions to be
provided in connection with the contest in advance of their submission; provided, that all decisions regarding the Holdings 5 ITC Audit shall be made in the good faith discretion of the Buyers; and provided, further, that any settlement by the
Buyers shall be subject to the prior written approval of the Buyers, not to be unreasonably withheld, conditioned or delayed, except that the Buyers may enter into a settlement in their absolute discretion if the Buyers waive their right to
indemnification under this Agreement with respect to the subject of the settlement. 
 9.6 Carrybacks. Following the applicable
Closing Date, the Buyers shall, and shall cause each Holdco and, to the extent within the power of the Buyers or any of their Affiliates using commercially reasonable efforts, each AIV and its Subsidiaries to, waive the right to carryback to any
taxable year or period (or portion thereof) ending on or before the applicable Closing Date any income tax losses, credits or similar items attributable to each Holdco or each AIV and its Subsidiaries. 

  
 68 

 9.7 Certain Actions. The Buyers shall not amend any Tax Return filed or required to be
filed by each Holdco or each AIV or, to the extent within the power of the Buyers or any of their Affiliates, its Subsidiaries for a taxable year or period beginning on or before the applicable Closing Date if such action would (i) increase the
Sellers’ or any of their Affiliates’ liability for Taxes or (ii) result in, or change the character of, any income or gain that must be reported on any Tax Return filed or to be filed by the Sellers or any of their Affiliates. 

9.8 Tax Refunds. 
 (a)
Upon receipt, the Buyers shall promptly forward to the Sellers any refund, rebate, abatement, reduction or other recovery (whether direct or indirect through a right of set-off or credit) of Taxes of or with respect to each Holdco, and any interest
received thereon, with respect to any taxable year or period (or portion thereof) ending on or before the applicable Closing Date. 
 (b)
Upon receipt, the Buyers shall promptly forward to the Sellers, the Sellers’ Allocable Share (at the time of such receipt) of any refund, rebate, abatement, reduction or other recovery (whether direct or indirect through a right of set-off or
credit) of Taxes of or with respect to each AIV or its Subsidiaries, and any interest received thereon, with respect to any taxable year or period (or portion thereof) ending on or before the applicable Closing Date. 

ARTICLE X 
 TERMINATION

 10.1 Termination. This Agreement may be terminated at any time prior to the Initial Closing only as follows: 

(a) By mutual written agreement of the Sellers and the Buyers; 

(b) By the Buyers or the Sellers by written notice to the other Party if the Initial Closing shall not have occurred on or before
March 31, 2015; provided further that such date will be extended to account for any cure period afforded to the Buyers pursuant to Section 101.1(d) or to the Sellers pursuant to Section 10.1(e) (such date, as extended,
the “Expiration Date”), and (ii) termination under this Section 10.1(b) shall not be available to a Party if the Initial Closing has not occurred solely by reason of any material breach by such Party of its
representations, warranties, covenants or agreements contained in this Agreement; 
 (c) By the Buyers upon written notice to the Sellers
as provided in Section 6.15; 
 (d) By the Sellers upon written notice to the Buyers if the Buyers shall have breached in any
material respect any of their representations, warranties, agreements or covenants contained in this Agreement, but (except in the case of a failure by the Buyers to pay the Preliminary Purchase Price when due) only if (i) the Sellers have
first given written notice to 

  
 69 

 
the Buyers identifying such breach, and (ii) the Buyers have not cured or remedied such breach (including, where payment of compensation would reasonably be considered an adequate remedy,
the payment of such adequate compensation) within forty-five (45) days of receipt of such notice; or 
 (e) By the Buyers upon
written notice to the Sellers if the Sellers shall have breached in any material respect any of their representations, warranties, agreements or covenants contained in this Agreement; provided that solely for purposes of this
Section 10.1(e) a representation, warranty, agreement or covenant (or the applicable portion thereof) that is qualified by reference to a “Transferred Company Material Adverse Effect” shall be disregarded except for purposes of
determining whether the breach thereof, collectively with all breaches of other representations, warranties, agreements or covenants, has a Portfolio Material Adverse Effect, but only if (i) the Buyers shall have first given written notice to
the Sellers identifying such breach, and (ii) the Sellers have not cured or remedied such breach (including, where payment of compensation would reasonably be considered an adequate remedy, the payment of such adequate compensation) within
forty-five (45) days of receipt of such notice. 
 10.2 Effect of Termination. In the event of a termination of this Agreement
as provided in Section 10.1, this Agreement shall cease to have force and effect, and there shall be no further liability or obligation on the part of the Sellers or the Buyers (or any of their respective Representatives or affiliates),
except that (a) the provisions of Articles VII, VIII, X and XI shall continue to apply following any such termination, and (b) each Party shall continue to be liable for any willful breach by such Party of its
representations, warranties, agreements or covenants contained in this Agreement occurring prior to such termination. 
 ARTICLE XI 

MISCELLANEOUS 
 11.1
Dispute Resolution; Consent to Jurisdiction; Service of Process; Waiver of Jury Trial. 
 (a) Except for claims for specific
performance, injunction or any preliminary equitable relief, with respect to any claim arising out of or relating to this Agreement or the other Transaction Documents or the transactions contemplated hereby or thereby by or against any Party (a
“Dispute”), the Parties shall promptly seek to resolve any such Dispute through negotiations between senior officers or other authorized representatives of the Buyers and Sellers, or their respective Affiliates, in each case,
with authority to settle such Dispute. Within fifteen (15) days after receipt of a written notice of a Dispute, the non-claiming Party shall submit to the claiming Party a written response. Both the notice and response shall include
(i) a statement of the Party’s position and a summary of the evidence and arguments supporting such position; and (ii) the name, title, and telephone number of the senior officer or authorized representative who shall represent the
Party in such negotiations. In the event that the Dispute involves a claim arising out of the actions of any Person not a signatory to this Agreement, the receiving Party shall have such additional time as necessary, not to exceed an additional
fifteen (15) days, to investigate the Dispute before submitting a written response. The senior officers or other authorized representatives shall meet at a mutually agreed time within 

  
 70 

 
seven (7) days after the date such response is delivered and thereafter as often as they deem reasonably necessary to exchange relevant information and attempt to resolve the
Dispute. Such meetings may be conducted in-person (at a mutually agreed place) or via telephonic conference 
 (b) Any claim arising
out of or relating to this Agreement or any other Transaction Document or the transactions contemplated hereby or thereby by or against any Party (or its Affiliates or designees) shall be instituted exclusively in the United States District Court
for the Southern District of New York or the courts of the State of New York, in the City of New York, and each Party (for itself, its Affiliates and its designees) waives any right it may have to assert, by way of motion, as a defense or otherwise,
in any such claim, that it is not subject personally to the jurisdiction of such court, that the claim is brought in an inconvenient forum, that the venue of the claim is improper or that this Agreement or the subject matter hereof may not be
enforced in or by such court. Each Party (for itself, its Affiliates and its designees) further irrevocably submits to the exclusive jurisdiction of such court in any such claim, and the appellate courts therefrom. 

(c) Any and all service of process and any other notice in any such claim shall be effective against any party if given personally or by
registered or certified mail, return receipt requested, or by any other means of mail that requires a signed receipt, postage prepaid, mailed to such party as herein provided. 

(d) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE EXTENT PERMITTED BY LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY
JURY. 
 11.2 Notices. Any notice or other communication required or permitted hereunder shall be in writing and shall be deemed to
have been duly given (a) on the day of delivery if delivered in person, (b) on the first Business Day following the date of dispatch if delivered by a nationally recognized express courier service, or (c) on the fifth Business Day
following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated by notice
given in accordance with this Section 11.2 by the party to receive such notice: 
 (a) if to the Buyers, to: 

c/o TerraForm Power, LLC 

12500 Baltimore Ave. 

Beltsville, MD 20705 

Attention: Legal, TerraForm 

  
 71 

 with a copy (which shall not constitute notice) to: 

Orrick, Herrington & Sutcliffe LLP 

Orrick Building at Columbia Center 

1152 15th Street NW 

Washington, DC 20005-1706 

Attention: Keith W. Kriebel 

(b) if to the Sellers, to: 

c/o Capital Dynamics, Inc. 

8800 North Gainey Center Drive, Suite #250 

Scottsdale, AZ 85258 
 Email:
jfaltis@capdyn.com 
 Fax. +1 480 948 1412 

Attention: Jon Faltis 
 with a
copy (which shall not constitute notice) to: 
 c/o Capital Dynamics, Inc. 

645 Madison Ave, 19th Floor 

New York, NY 10022 
 Email:
tshort@capdyn.com 
 Fax. +1 212 798 3499 

Attention: Tim Short 
 and 

c/o Capital Dynamics, Inc. 

Bahnhofstrasse 22 
 6301 Zug

 Switzerland 
 Email:
wmcdonald@capdyn.com 
 Fax +41 41 748 8440 

Attention: Warwick McDonald 

and 
 c/o Capital Dynamics,
Inc. 
 645 Madison Ave, 19th Floor 

New York, NY 10022 
 Email:
sbhargava@capdyn.com 
 Fax: +1 212 798 3499 

Attention: Sharad Bhargava 

and 

  
 72 

 Mercer Thompson LLC 

191 Peachtree Street, NE, Suite 4410 

Atlanta, GA 30303 
 Attention:
Nik Patel 
 Email: nrpatel@mercerthompson.com 

Facsimile: (404) 577-4206 

11.3 Entire Agreement. This Agreement, the Transaction Documents, and any other collateral agreements executed in connection with the
consummation of the transactions contemplated hereby, contain the entire agreement among the Parties with respect to the sale and purchase of the Transferred Interests and supersede all prior agreements, written or oral, with respect thereto,
excluding the Confidentiality Agreement. 
 11.4 Waivers and Amendments. This Agreement may be amended, modified or supplemented and
the terms hereof may be waived, only by a written instrument signed by the Buyers and the Sellers or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof, nor shall any waiver on the part of any party of any such right, power or privilege, nor any single or partial exercise of any such right, power or privilege, preclude any further exercise thereof or the exercise
of any other such right, power or privilege. The rights, remedies, powers and privileges provided in this Agreement are cumulative and not exclusive of any rights, remedies, powers and privileges provided by applicable Law. 

11.5 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without
regard to any conflict of laws rules thereof that might indicate the application of the laws of any other jurisdiction (other than Section 5-1401 of the New York General Obligations Law). 

11.6 Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors and assigns. This Agreement is not assignable by any Party without the prior written consent of the other Parties. 
 11.7
Usage. All pronouns and any variations thereof refer to the masculine, feminine or neuter, singular or plural, as the context may require. All terms defined in this Agreement in their singular or plural forms have correlative meanings when
used herein in their plural or singular forms, respectively. Unless otherwise expressly provided, the words “include,” “includes” and “including” do not limit the preceding words or terms and shall be deemed to be
followed by the words “without limitation.” References to “days” means calendar days. The terms “hereof”, “herein”, “hereto”, “hereunder” and “herewith” refer to this Agreement as
a whole. Accounting terms have the meanings given to them under GAAP, and in any cases in which there exist elective options or choices in GAAP determinations relating to the Transferred Companies or the Projects, or where management discretion is
permitted in classification, standards or other aspects of GAAP related determinations relating to the Transferred Companies or the Projects, the historical accounting principles and practices of Transferred or the Projects, as applicable, shall
continue to be applied on a consistent basis. 

  
 73 

 11.8 Articles and Sections. All references herein to Articles and Sections shall be
deemed references to such parts of this Agreement, unless the context shall otherwise require. The Article and Section headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement. 

11.9 Interpretation. The parties acknowledge and agree that (a) each Party and its counsel reviewed and negotiated the terms and
provisions of this Agreement and have contributed to its revision, (b) the rule of construction to the effect that any ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Agreement and
(c) the terms and provisions of this Agreement shall be construed fairly as to all parties, regardless of which party was generally responsible for the preparation of this Agreement. Any statute, regulation, or other law defined or referred to
herein (or in any agreement or instrument that is referred to herein) means such statute, regulation or other law as, from time to time, may be amended, modified or supplemented, including (in the case of statutes) by succession of comparable
successor statutes. References to a person also refer to its predecessors and permitted successors and assigns. 
 11.10 Severability of
Provisions. If any provision or any portion of any provision of this Agreement shall be held invalid or unenforceable, the remaining portion of such provision and the remaining provisions of this Agreement shall not be affected thereby. If the
application of any provision or any portion of any provision of this Agreement to any Person or circumstance shall be held invalid or unenforceable, the application of such provision or portion of such provision to Persons or circumstances other
than those as to which it is held invalid or unenforceable shall not be affected thereby. 
 11.11 Counterparts. This Agreement may
be executed by the Parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts together shall constitute one and the same instrument. Each counterpart may consist of a number
of copies hereof each signed by less than all, but together signed by all, of the Parties hereto. 
 11.12 No Personal Liability.
This Agreement (and each agreement, certificate and instrument delivered pursuant hereto) shall not create or be deemed to create or permit any personal liability or obligation on the part of any officer, director, employee, agent, Representative or
investor of any Party hereto. 
 11.13 No Third Party Beneficiaries. Except as otherwise provided in Section 6.11
(Indemnification of Members, Officers and Others), and Article VIII, no provision of this Agreement, express or implied, is intended to, or shall, confer any third party beneficiary or other rights or remedies upon any Person other than
the Parties. 
 11.14 Delivery by Facsimile or PDF. This Agreement and the other Transaction Documents and any amendments thereto, to
the extent signed and delivered by means of a facsimile machine or electronic transmission in portable document format (PDF), shall be treated in all manner and respects as an original Contract and shall be considered to have the same binding legal
effects as if it were the original signed version thereof delivered in person. 

  
 74 

 [Remainder of page intentionally left blank] 

  
 75 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

  

			
	BUYER:
	
	TerraForm CD Holdings Corporation
		
	By:	 	 /s/ Carlos Domenech

		 	 Name: Carlos Domenech
 Title: President &
CEO

	
	TerraForm CD Holdings GP, LLC
		
	By:	 	 /s/ Carlos Domenech

		 	 Name: Carlos Domenech
 Title: President &
CEO

	
	TerraForm CD Holdings, LLC
		
	By:	 	 /s/ Carlos Domenech

		 	 Name: Carlos Domenech
 Title: President &
CEO

	
	[signatures continue]

  
 [Signature Page to
Securities Purchase Agreement] 

			
	SELLERS:
	
	Capital Dynamics US Solar Energy A, L.P.
		
	By:	 	 /s/ John Breckenridge

		 	 Name: John Breckenridge
 Title: Managing
Director

		
	By:	 	 /s/ Martin Hahn

		 	 Name: Martin Hahn
 Title: Managing
Director

	
	[signatures continue]

  
 [Signature Page to
Securities Purchase Agreement] 

			
	Capital Dynamics US Solar Energy A-1, L.P.
		
	By:	 	 /s/ John Breckenridge

		 	 Name: John Breckenridge
 Title: Managing
Director

		
	By:	 	 /s/ Martin Hahn

		 	 Name: Martin Hahn
 Title: Managing
Director

	
	[signatures continue]

  
 [Signature Page to
Securities Purchase Agreement] 

			
	Capital Dynamics US Solar Energy A-2, L.P.
		
	By:	 	 /s/ John Breckenridge

		 	 Name: John Breckenridge
 Title: Managing
Director

		
	By:	 	 /s/ Martin Hahn

		 	 Name: Martin Hahn
 Title: Managing
Director

	
	[signatures continue]

  
 [Signature Page to
Securities Purchase Agreement] 

			
	Capital Dynamics US Solar Energy, L.P.
		
	By:	 	 /s/ John Breckenridge

		 	 Name: John Breckenridge
 Title: Managing
Director

		
	By:	 	 /s/ Martin Hahn

		 	 Name: Martin Hahn
 Title: Managing
Director

	
	[signatures continue]

  
 [Signature Page to
Securities Purchase Agreement] 

			
	Capital Dynamics (US) GP AIV, Inc.
		
	By:	 	 /s/ John Breckenridge

		 	 Name: John Breckenridge
 Title: Managing
Director

		
	By:	 	 /s/ Martin Hahn

		 	 Name: Martin Hahn
 Title: Managing
Director

  
 [Signature Page to
Securities Purchase Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}]]