Document:

Exhibit
10.4 

 

EXECUTION
VERSION

 

 

 

 

 

PURCHASE
and Sale AGREEMENT

 

by and between

 

PATTERN ENERGY
GROUP INC.,

Purchaser

 

and

 

GREEN POWER
INVESTMENT CORPORATION,

Seller

 

Dated as
of

 

February
26, 2018

 

Interests
in

 

GK Green
Power Kanagi

GK Green Power Otsuki

Otsuki Wind Power Corporation

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    
 

LIST
OF EXHIBITS AND APPENDICES

 

	Exhibit A	 	General Definitions
	 	 	 
	Exhibit B	 	Rules of Construction
	 	 	 
	Appendix A 	 	Kanagi
	 	 	 
	Section A	 	Transaction Terms and Conditions
	 	 	 
	Section B	 	Acquired Interests; Ownership Structure; and Solar Project Information
	 	 	 
	Section C	 	Documents and Key Counterparties
	 	 	 
	Section D	 	Affiliate Transactions
	 	 	 
	Appendix B 	 	Ohorayama
	 	 	 
	Section A	 	Transaction Terms and Conditions
	 	 	 
	Section B	 	Acquired Interests; Ownership Structure; and Wind Project Information
	 	 	 
	Section C	 	Documents and Key Counterparties
	 	 	 
	Section D	 	Affiliate Transactions
	 	 	 
	Appendix C 	 	Otsuki
	 	 	 
	Section A	 	Transaction Terms and Conditions
	 	 	 
	Section B	 	Acquired Interests; Ownership Structure; and Wind Project Information
	 	 	 
	Section C	 	Documents and Key Counterparties
	 	 	 
	Section D	 	Affiliate Transactions

 

    	 

    	 

    
 

PURCHASE
and Sale AGREEMENT

 

THIS
PURCHASE and Sale AGREEMENT (this “Agreement”), dated
as of February 26, 2018, is made by and between Pattern Energy Group Inc., a Delaware
corporation (“Purchaser”), and Green Power Investment Corporation, a Japanese corporation (the “Seller”).
Capitalized terms used in this Agreement shall have the respective meanings specified in Exhibit A attached hereto.

 

RECITALS

 

WHEREAS,
Seller directly owns (i) 7.66% of the equity interests in GK Green Power Kanagi (the “Kanagi Project Company”)
which owns and operates the Kanagi Project, (ii) 4.99% of the equity interests in GK Green Power Otsuki (the “Ohorayama
Project Company”) which owns and operates the Ohorayama Project and (iii) 100% of the equity interests in Otsuki
Wind Power Corporation (the “Otsuki Project Company”) which owns and operates the Otsuki Project, each
as more fully described on Part I of Section B of the Appendix to this Agreement relating to the applicable Project;
and

 

WHEREAS,
Seller desires to sell to Purchaser or a Subsidiary thereof (a “Subsidiary Purchaser”), and Purchaser
desires to purchase (or cause such Subsidiary Purchaser to purchase) from Seller, the Acquired Interests defined and described
in Part I of Section B of the Appendix relating to the applicable Project (the “Acquired Interests”)
on the terms and subject to the conditions set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the foregoing premises and the mutual terms, conditions and agreements set forth herein, and for
other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, and intending to be legally
bound, the parties hereby agree as follows:

 

ARTICLE
1

PURCHASE AND SALE OF THE ACQUIRED INTERESTS

 

1.1       Agreement
to Sell and Purchase. Subject to the satisfaction or waiver (by the party for whose benefit such condition exists) of the
conditions set forth in Article ‎5 and the other terms and conditions of this Agreement, at the Closing (a) Seller
shall sell, assign, transfer and convey the Acquired Interests for each Project to Purchaser (or the applicable Subsidiary Purchaser),
and (b) the Purchaser shall (or shall cause the applicable Subsidiary Purchaser to) purchase the Acquired Interests for each Project
from Seller, for an aggregate purchase price for all Acquired Interests of $24,066,000, with the purchase price for each such
Acquired Interest as set forth in Part I of Section A of the applicable Appendix to this Agreement (subject to the
adjustments set forth therein) (each, a “Purchase Price”). The purchase and sale of the Acquired Interests
relating to a particular Project and Project Company (each such purchase and sale, an “Acquisition”)
shall occur on the same date and at the same time as the Closing with respect to all other Acquisitions.

 

1.2       Signing
Date Deliverables. On or prior to the date of this Agreement, Seller has delivered or is delivering to Purchaser a Financial
Model for each Project as of the date hereof. On the date of this Agreement each of Seller and Purchaser shall deliver to the
other party the

 

    	 

    	 

    
 

other
deliverables with respect to each Acquisition set forth in Part II of Section A of the Appendix relating to such
Acquisition.

 

1.3       Purchase
Price. The purchase price payable by the Purchaser (or the applicable Subsidiary Purchaser) to Seller at the Closing of an
Acquisition shall be the Purchase Price set forth in Part I of Section A of the Appendix relating to such Acquisition.
Such Purchase Price shall be subject to adjustment by the corresponding Purchase Price Adjustment (if any) and/or the Post-Closing
Adjustment (if any) set forth in Part I of Section A of the Appendix relating to such Acquisition. All payments
of such Purchase Price, any such Purchase Price Adjustment and/or any Post-Closing Adjustment shall be paid by wire transfer of
same day funds in the applicable currency to the accounts set forth in Part I of Section A of the Appendix relating
to such Acquisition.

 

1.4       The
Closing. The closing of each Acquisition (each, a “Closing”) will take place on the dates and at
the locations specified in Part III of Section A of the Appendix relating to such Acquisition, or such other time
and place as the parties hereto shall mutually agree (including Closing by facsimile or “PDF” electronic mail transmission
exchange of executed documents or signature pages followed by the exchange of originals as soon thereafter as practicable), and
will be effective as of 12:01 a.m. Eastern Time on the day such Closing occurs.

 

1.5       Conduct
of Closing.

 

(a)       At
or prior to each Closing for an Acquisition, Seller shall deliver, or cause to be delivered, to the Purchaser:

 

		(i)	except
                                         as otherwise provided on Schedule 1.5(a)(i), the original certificates representing the
                                         Acquired Interests to be purchased at such Closing duly endorsed for transfer by Seller
                                         to the Purchaser (or the applicable Subsidiary Purchaser) or with appropriate powers
                                         with respect thereto duly endorsed by Seller; provided, that if such Acquired Interests
                                         are not in certificated form, Seller shall deliver to the Purchaser (or the applicable
                                         Subsidiary Purchaser) a duly executed assignment agreement or other instrument conveying
                                         such Acquired Interests to the Purchaser in form and substance reasonably acceptable
                                         to the Purchaser;

 

		(ii)	any
                                         other documents and certificates contemplated by Article ‎4 and Article
                                         ‎5 hereof to be delivered by or on behalf of Seller at such Closing, including
                                         the certificate referred to in Section ‎5.2(d);

 

		(iii)	not
                                         less than five (5) Business Days prior to its delivery of a Closing Notice for a Closing,
                                         Seller shall deliver to the Purchaser (A) an updated Financial Model for the applicable
                                         Project, which shall be revised pursuant to Part I of Section A of the
                                         Appendix for the applicable Acquisition, and which shall be used to determine the Purchase
                                         Price Adjustment (if any) for such Acquisition; and (B) a detailed calculation of any
                                         proposed Purchase Price

 

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Adjustment,
if any, for such Acquisition. The Purchaser shall have a period of two (2) Business Days to review and confirm the updates to
such Financial Model and the calculation of such Purchase Price Adjustment. If the Purchaser disapproves of such updates to such
Financial Model and/or the calculation of such Purchase Price Adjustment, the parties shall have a further period of two (2) Business
Days to negotiate the same. In the event that the parties cannot agree on such updates to such Financial Model and/or calculation
of such Purchase Price Adjustment (acting reasonably) following such two (2) Business Day period, (x) the parties shall resolve
any dispute in accordance with the procedures set forth in Section ‎7.4 (which, for the avoidance of doubt,
shall not delay the Closing Date) and (y) the amount in dispute shall be retained by the Purchaser until the dispute is resolved
as aforesaid. Subject to the foregoing, with respect to each Closing, Seller shall deliver to Purchaser a signed direction containing
the final determination of the Purchase Price for such Acquisition (less any disputed amount) for the Purchaser not less than
two (2) Business Days prior to the Closing Date applicable to such Closing; and

 

		(iv)	any
                                         other Closing deliverables set forth in Section A-1 of the Appendix for such Acquisition.

 

(b)       With
respect to each Acquisition, at or prior to the Closing for such Acquisition, the Purchaser shall deliver to Seller:

 

		(i)	the
                                         documents and certificates contemplated by Article ‎4 and Article ‎5
                                         hereof to be delivered by or on behalf of the Purchaser (or the applicable Subsidiary
                                         Purchaser) with respect to such Acquisition, including the certificate referred to in
                                         Section ‎5.3(d); and

 

		(ii)	any
                                         other Closing deliverables set forth in Section A-2 of the applicable Appendix
                                         relating to such Acquisition.

 

1.6       Withholding.
Notwithstanding any provision contained herein to the contrary, Purchaser (or the applicable Subsidiary Purchaser) shall be entitled
to deduct and withhold from the consideration or any payment otherwise payable to any Person pursuant to this Agreement such amounts
as it is required to deduct and withhold under any provision of applicable Laws. If Purchaser (or the applicable Subsidiary Purchaser)
so withholds, the amounts withheld shall be treated for all purposes of this Agreement as having been paid to the Person in respect
of whom Purchaser made such deduction or withholding.

 

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ARTICLE
2

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Except
as set forth in, or qualified by any matter set forth in, the Schedules attached hereto, with respect to each Acquisition, Seller
hereby represents and warrants to Purchaser as set forth in this Article ‎2 as of (a) the date hereof and (b)
the Closing Date, in each case, unless otherwise specified in the representations and warranties below, in which case the representation
and warranty is made as of such date. Whether or not a particular Section of this Article ‎2 refers to a specific,
numbered Schedule for an Acquisition, such Section shall, to the extent applicable, be subject to the exceptions, qualifications,
and other matters set forth in the Schedules for such Acquisition to the extent that the relevance of such exceptions, qualifications
or other matters is reasonably apparent on the face thereof. Seller is making the representations and warranties set forth in
this Article 2 solely on an Acquisition by Acquisition basis, and the representations and warranties with respect to any
one Acquisition shall not apply to any other Acquisition.

 

2.1       Organization
and Status. Seller (a) is duly formed and validly existing under the laws of the jurisdiction of its formation as set
forth in the preamble to this Agreement or Part I of Section B of the applicable Appendix, (b) is duly qualified,
authorized to do business and in good standing (to the extent applicable) in each other jurisdiction where the character of its
properties or the nature of its activities makes such qualification necessary, and (c) has all requisite power and authority
to own or hold under lease the property it purports to own or hold under lease and to carry on its business as now being conducted.
Seller has made available to Purchaser complete and correct copies of the Organization Documents for Seller, the Project Company
and each of the Project Company’s Subsidiaries, in each case for such Acquisition. Part I of Section B of
the Appendix for such Acquisition sets forth a list of the Project Company and its Subsidiaries, in each case, for such Acquisition,
and for each such company: (a) its name, (b) the number and type (as applicable) of its outstanding equity interests and a list
of the holders thereof and (c) its jurisdiction of organization. The Project Company and each of its Subsidiaries, in each case
for such Acquisition, is a legal entity duly formed and validly existing under the Laws of the jurisdiction of its formation and
has all requisite organizational power and authority to own, lease and operate its properties and to carry on its business as
it is now being conducted, and is duly qualified, registered or licensed to do business as a foreign entity and is in good standing
(to the extent applicable) in each jurisdiction in which the property owned, leased or operated by such Person or the nature of
the business conducted by such Person makes such qualification necessary, except where the failure to be so duly qualified, registered
or licensed and in good standing (to the extent applicable) would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect.

 

2.2       Power;
Authority; Enforceability. Seller has the legal capacity and power to enter into, deliver and perform its obligations under
this Agreement and has been duly authorized, in accordance with its Organization Documents, to enter into, deliver and perform
its obligations under this Agreement with respect to such Acquisition. This Agreement has been duly executed and delivered by
Seller and constitutes the legal, valid and binding obligation of Seller, enforceable against it in accordance with its terms,
except as may be limited by applicable bankruptcy, insolvency, moratorium, reorganization and similar laws affecting the enforcement
of creditors’ rights generally and subject to general principles of equity regardless of whether enforceability is considered
in a proceeding in equity or at law.

 

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2.3       No
Violation. Except as set forth on Schedule 2.3, the execution, delivery and performance by Seller of its obligations
under this Agreement with respect to such Acquisition, in each case including without limitation the sale of the Acquired Interests
for such Acquisition to the Purchaser (or the applicable Subsidiary Purchaser), do not, and will not, (a) violate any Governmental
Rule to which Seller or the Project Company for such Acquisition or any of its Subsidiaries is subject or the Organization Documents
of any such Person, (b) result in the creation or imposition of any Lien (other than a Permitted Lien) upon such Acquired
Interests for such Acquisition or with respect to the Project Company for such Acquisition or any of its Subsidiaries, (c) conflict
with, result in a breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate,
terminate, modify or cancel or require any notice under any agreement, contract, lease, license, instrument or other arrangement
to which Seller or the Project Company for such Acquisition or any of its Subsidiaries is a party or by which any such Person
is bound, (d) other than as set forth in Part VII of Section A of the Appendix relating to such Acquisition,
conflict with, result in a breach of, constitute a default under, result in the acceleration of, or create in any party the right
to accelerate, terminate, modify or cancel or require any Consent under any Material Contract relating to the Project Company
or the Project for such Acquisition or (e) other than as set forth in Part VII of Section A of the Appendix relating
to such Acquisition, require any notice under any Material Contract relating to the Project Company or the Project Acquisition,
except in the case of this clause (e), as would not reasonably be expected to be material in the context of the Project that is
the subject of such Acquisition or otherwise prevent or materially impair or materially delay the consummation of such Acquisition.

 

2.4       No
Litigation.

 

(a)       None
of Seller, the Project Company for such Acquisition or any of such Project Company’s Subsidiaries is a party to or has received
written notice of any pending or, to the Knowledge of Seller, threatened litigation, action, suit, proceeding or governmental
investigation against Seller, such Project Company or such Project Company’s Subsidiaries which would reasonably be expected
to be material to the ownership of the Acquired Interests for such Acquisition or which seeks the issuance of an order restraining,
enjoining, altering or materially delaying the consummation of the transactions contemplated by this Agreement with respect to
such Acquisition.

 

(b)       Neither
the Project Company for such Acquisition nor any of its Subsidiaries is a party to or has received written notice of any pending
or, to the Knowledge of Seller, threatened litigation, action, suit, proceeding or governmental investigation which would reasonably
be expected to be material to the Project for such Acquisition or which seeks the issuance of an order restraining, enjoining,
altering or materially delaying the consummation of the transactions contemplated by this Agreement with respect to such Acquisition.

 

(c)       There
are no material disputes with any counterparty to a Material Contract relating to the Project Company or the Project relating
to such Acquisition. Neither the Project Company for such Acquisition nor any of its Subsidiaries has made any material warranty
claim under any Material Contract.

 

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2.5       Consents
and Approvals. Except as set forth on Part VII of Section A of the Appendix relating to such Acquisition, no
Consent of any Governmental Authority is required by or with respect to Seller, the Project Company for such Acquisition or any
of such Project Company’s Subsidiaries in connection with the execution and delivery of this Agreement by Seller with respect
to such Acquisition, or the consummation by Seller of the transactions contemplated hereby with respect to such Acquisition, except
for any Consents relating to such Acquisition which if not obtained or made prior to the Closing of such Acquisition would not
reasonably be expected to prevent or impair or delay the consummation of the transactions contemplated by this Agreement with
respect to such Acquisition and which can be reasonably expected to be obtained or made in the ordinary course after the Closing
of such Acquisition.

 

2.6       Acquired
Interests. Seller owns of record and beneficially one hundred percent (100%) of the Acquired Interests for such Acquisition
as set forth in Part I of Section B of the Appendix for such Acquisition. All of the interests described in Part
I of Section B of the Appendix for such Acquisition have been duly authorized, validly issued and are fully-paid and
non-assessable and, except as set forth on Part I of Section B of such Appendix, there are no outstanding (i) equity
interests or voting securities of the Project Company for such Acquisition, (ii) securities of the Project Company for such Acquisition
convertible into or exchangeable for any equity interests or voting securities of such Project Company or (iii) options or other
rights to acquire from the Project Company for such Acquisition, or other obligation of such Project Company to issue, any equity
interests or voting securities or securities convertible into or exchangeable for equity interests or voting securities of such
Project Company, or any obligations of such Project Company to repurchase, redeem or otherwise acquire any of the foregoing. The
Seller has good and valid title to, and has, or will have, full power and authority to convey, the Acquired Interests for such
Acquisition, as of the Closing Date. No Person other than Purchaser has any written or oral agreement or option or any right or
privilege, whether by law, pre-emptive or contractual right, capable of becoming an agreement or option for the purchase or acquisition
from Seller of any of the Acquired Interests for such Acquisition. On the Closing Date of such Acquisition, Seller will convey
to Purchaser (or the applicable Subsidiary Purchaser) good and valid title to the Acquired Interests for such Acquisition free
and clear of all Liens other than any obligations imposed under the Organization Documents of the Project Company or restrictions
arising under applicable securities laws.

 

2.7       Solvency.
There are no bankruptcy, reorganization or arrangement proceedings pending against, being contemplated by or, to the Knowledge
of Seller, threatened against, Seller or the Project Company for such Acquisition or such Project Company’s Subsidiaries.
None of Seller, the Project Company for such Acquisition or Subsidiaries of such Project Comapny (a) has had a receiver,
receiver and manager, liquidator, sequestrator, trustee or other officer with similar powers appointed over all or part of its
business or its assets, and to the Knowledge of Seller, no application therefor is pending or threatened, (b) is insolvent
or presumed to be insolvent under any law or is unable to pay its debts as and when they fall due, (c) has made a general
assignment for the benefit of its creditors, or (d) has taken any action to approve any of the foregoing.

 

2.8       Compliance
with Law.

 

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(a)       There
has been no actual violation by Seller of or failure by Seller to comply with any Governmental Rule that is applicable to it,
or allegation by any Governmental Authority of such a violation, that would reasonably be expected to prevent or materially impair
or delay the consummation of the transactions contemplated by this Agreement with respect to such Acquisition.

 

(b)       To
the Knowledge of Seller, there has been no actual violation by the Project Company for such Acquisition or any of its Subsidiaries
of or failure by such Project Company or its Subsidiaries to comply with any Governmental Rule that is applicable to it, or allegation
by any Governmental Authority of such a violation, that would reasonably be expected to be material and relates to the Project
or would otherwise reasonably be expected to prevent or materially impair or delay the consummation of the transactions contemplated
by this Agreement with respect to such Acquisition.

 

2.9       Taxes.

 

(a)       With
respect to the Kanagi Project, the Project Company for such Acquisition has been, at all times since June 24, 2015, a partnership
or a disregarded entity for U.S. federal income tax purposes. With respect to the Ohorayama Project, the Project Company for such
Acquisition has been, at all times since March 26, 2015, a partnership or a disregarded entity for U.S. federal income tax purposes.
With respect to the Otsuki Project, the Project Company for such Acquisition has been, at all times since its formation, a corporation
for U.S. federal income tax purposes.

 

(b)       The
Project Company for each Acquisition and its Subsidiaries has been, at all times since its formation, taxable as a corporation
for Japanese tax purposes.

 

(c)       With
respect to the HoldCo for each Acquisition and its Subsidiaries, no jurisdiction or authority in or with which such entity does
not file Tax Returns has alleged that it is required to file Tax Returns, and there is no claim, audit, action, suit, proceeding
or investigation now pending or threatened against or with respect to any such entity.

 

(d)       The
Holdco for each Acquisition and its Subsidiaries has timely filed all Tax Returns that it is required to file, has timely paid
or has caused to be timely paid all Taxes it is required to pay to the extent due (other than those Taxes that it is contesting
in good faith and by appropriate proceedings, with adequate and segregated reserves established for such Taxes) and, to the extent
such Taxes are not due, has established or caused to be established reserves that are adequate for the payment thereof as required
by GAAP.

 

(e)       None
of the HoldCo for each Acquisition and its Subsidiaries has been a member of an affiliated, consolidated, combined or unitary
group for any Tax purposes other than one of which such HoldCo or its applicable Subsidiary was the common parent, or made any
election or participated in any arrangement whereby any Tax liability or any Tax asset of such HoldCo or such HoldCo’s applicable
Subsidiary was determined or taken into account for Tax purposes with reference to or in conjunction with any Tax liability or
any Tax asset of any other Person.

 

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(f)       The
HoldCo for each Acquisition and its Subsidiaries each has withheld from each payment made to any Person, all amounts required
by applicable Laws to be withheld, and has remitted such withheld amounts within the prescribed periods to the appropriate Governmental
Authorities.

 

(g)       The
HoldCo for each Acquisition and its Subsidiaries each has charged, collected and remitted on a timely basis all Taxes as required
under applicable Laws on any sale, supply or delivery whatsoever, made by it.

 

(h)       The
HoldCo for each Acquisition and its Subsidiaries each has maintained and continues to maintain at its place of business all records
and books of account required to be maintained under applicable Laws, including Laws relating to sales and use Taxes.

 

(i)        With
respect to the HoldCo for each Acquisition and its Subsidiaries (i) no reassessments of the Taxes of it have been issued and are
outstanding, (ii) the Seller has not received any indication from any Governmental Authority that an assessment or reassessment
of it is proposed in respect of any Taxes, regardless of its merits, and (iii) it has not executed or filed with any Governmental
Authority any agreement or waiver extending the period for assessment, reassessment or collection of any Taxes.

 

(j)        The
HoldCo for each Acquisition and its Subsidiaries each will not be required to include for any Post-Closing Tax Period (i) any
adjustment in taxable income pursuant to Section 481 of the Code (or any corresponding or similar provision of state, local or
non-U.S. Tax Laws) or (ii) taxable income attributable to any prepaid amount received on or prior to the Closing Date or income
economically realized in any Pre-Closing Tax Period, including any distributions in a Pre-Closing Tax Period from an entity that
is fiscally transparent for Tax purposes and any income that would be includible in a Post-Closing Tax Period as a result of the
installment method.

 

(k)       None
of the Project Companies is treated as engaged in a trade or business within the United States for U.S. federal income tax purposes.

 

2.10     Unregistered
Securities. It is not necessary in connection with the sale of the Acquired Interests for such Acquisition, under the circumstances
contemplated by this Agreement with respect to such Acquisition, to register such Acquired Interests under the Securities Act
of 1933 (the “Securities Act”), or under any other applicable securities laws.

 

2.11     Broker’s
Fees. Seller does not have any liability or obligation for any fees or commissions to any broker, finder or agent with respect
to such Acquisition.

 

2.12     Material
Contracts. Parts I, III, IV and V of Section C of the Appendix for such Acquisition, set
forth, collectively, a list of all Material Contracts relating to the Project Company or the Project for such Acquisition. At
or prior to the date hereof Seller has provided Purchaser with, or access to, copies of all such Material Contracts. To the extent
any obligations of or for the benefit of the Project Company for such Acquisition or its Subsidiaries are outstanding under any
such Material Contracts as of the Closing Date, each such Material Contract is in full force and effect and constitutes the legal,
valid, binding and enforceable obligation of the Project Company for such Acquisition or its applicable Subsidiaries and, to the

 

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Knowledge
of Seller, each other party thereto, in accordance with its terms, except as such terms may be limited by (i) applicable bankruptcy,
insolvency, moratorium, reorganization or similar laws affecting the enforcement of creditors’ rights generally and (ii)
general principles of equity, whether considered in a proceeding in equity or at law. None of the Project Company for the applicable
Acquisition or its Subsidiaries, or to the Knowledge of Seller, any other party thereto (i) is in breach of or default in any
material respect under a Material Contract relating to the Project Company or the Project for such Acquisition and, to the Knowledge
of Seller, no event has occurred and is continuing which, with notice or the lapse of time or both, would constitute a material
breach of or default under any such Material Contract or would give rise to any right of termination, cancellation, acceleration,
amendment, suspension or revocation of any such a Material Contract, or (ii) has received any written notice of termination or
suspension of any Material Contract relating to the Project Company or the Project for such Acquisition, and to the Knowledge
of Seller, no action is being taken by any Person to terminate or suspend any such Material Contract.

 

2.13     Real
Property.

 

(a)       Part
V of Section C of the Appendix for such Acquisition lists all of the real property owned by the Project Company for
such Acquisition or its Subsidiaries. To the Knowledge of Seller, no Governmental Authority has commenced the exercise of any
eminent domain or similar power with respect to the Project Company Real Property for such Acquisition, and there are no pending
or, to the Knowledge of Seller, threatened condemnation or eminent domain proceedings that affect any such Project Company Real
Property.

 

(b)       The
Project Company for such Acquisition and/or its Subsidiaries has good and valid title to or, subject to the terms and conditions
of the Material Leases for such Acquisition, the right to use all Project Company Real Property for such Acquisition, free and
clear of all Liens other than Permitted Liens. With respect to the Project Company Real Property for such Acquisition it leases
or on which it was granted servitudes or superficies pursuant to the Material Leases relating to such Acquisition, the Project
Company for such Acquisition or its applicable Subsidiary has peaceful and undisturbed nonexclusive possession under all Material
Leases relating to such Acquisition, servitudes or superficies under which it is leasing or occupying property in accordance with
the terms and conditions of such Material Leases, servitude or superficies and subject to the Permitted Liens. All rents and other
payments under the Material Leases relating to such Acquisition have been paid in full to the extent due.

 

(c)       The
Project Company Real Property relating to such Acquisition is sufficient to provide the Project Company for such Acquisition and
its Subsidiaries with continuous, uninterrupted and, together with public roads, contiguous access to the Project relating to
such Acquisition sufficient for the operation and maintenance of such Project as currently conducted. All utility services necessary
for the construction and operation of such Project for its intended purposes are available or are reasonably expected to be so
available as and when required upon commercially reasonable terms.

 

2.14     Permits.
Exhibit B-1 of the Appendix for such Acquisition sets forth a list of all material Permits acquired or held by the Project
Company for such Acquisition and its Subsidiaries.  The Project Company for such Acquisition and its Subsidiaries hold in
full force

 

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and
effect all Permits required for the operation, ownership and maintenance of the applicable Project as presently conducted, and,
in the case of any Project not yet in operation, holds all Permits needed to complete construction of such Project and reasonably
expects to obtain when needed all Permits needed for the operation and maintenance of such Project in due course on commercially
reasonable terms and conditions, in each case, other than those Permits required in connection with certain construction and maintenance
activities which are ministerial in nature and can reasonably be expected to be obtained in due course on commercially reasonable
terms and conditions as and when needed.  None of the Project Company for such Acquisition or any of its Subsidiaries is
in material default or material violation, and, to the Knowledge of Seller, no event has occurred and is continuing which, with
notice or the lapse of time or both, would constitute a material default or material violation of, or would give rise to any right
of termination, cancellation, acceleration, amendment, suspension or revocation under, any of the terms, conditions or provisions
of any Permits held by such Project Company or its Subsidiaries.  There are no legal proceedings pending or, to the Knowledge
of Seller, threatened in writing, relating to the suspension, revocation or modification of any Permits held by the Project Company
for such Acquisition or any of its Subsidiaries.

 

2.15     Environmental
Matters. Except as set forth in Part II of Section C of the Appendix for such Acquisition, (i) the Project Company
for such Acquisition and its Subsidiaries, the Project Company Real Property for such Acquisition and the Project related to such
Acquisition are in material compliance with all Environmental Laws, (ii) none of the Project Company for such Acquisition
or any of its Subsidiaries has caused or contributed to the release of any Hazardous Substances in any material respect, and (iii)
none of Seller, the Project Company for such Acquisition or any of their respective Subsidiaries has received written notice from
any Governmental Authority of any material Environmental Claim with respect to the Project relating to such Acquisition, or any
written notice of any investigation, or any written request for information, in each case, under any Environmental Law relating
to such Project Company or the Project. None of Seller, the Project Company for such Acquisition or any of their respective Subsidiaries
have given any release or waiver of liability that would waive or impair any material claim based on the presence of Hazardous
Substances in, on or under any real property relating to the Project for such Acquisition, against a previous owner of any such
real property or against any Person who may be potentially responsible for the presence of Hazardous Substances in, on or under
any such real property.

 

2.16     Insurance.
The Insurance Consultant’s Report defined and described on Part II of Section C of the Appendix for such Acquisition
sets forth a list of all material insurance maintained by or on behalf the Project Company for such Acquisition or its Subsidiaries
or the applicable Project (the “Insurance Policies”). All such Insurance Policies are now in full force
and effect. All premiums with respect to such Insurance Policies covering all periods to and including the date hereof have been
paid and, with respect to premiums due and payable prior to the Closing applicable to such Project, will be so paid. None of these
Insurance Policies have lapsed and, to the Knowledge of Seller, there are no circumstances that have rendered such insurance unenforceable,
void or voidable. None of Seller, the Project Company for the applicable Acquisition and the Subsidiaries of such Project Company
has received any written notice in the past 12 months from the insurer under any Insurance Policies disclaiming coverage, reserving
rights with respect to a particular claim or such Insurance Policy in general or canceling or materially amending any such Insurance
Policy. The assets and properties of the

 

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Project
Company for the applicable Acquisition and its Subsidiaries are insured in amounts no less than as required by applicable Law,
applicable Permits or any Material Contract relating to the Project Company or the Project for such Acquisition, to which such
Person is a party or by which its assets or properties are bound.

 

2.17     Financial
Model. The Financial Model for the Project relating to such Acquisition has been prepared in good faith based on reasonable
assumptions as to the estimates set forth therein and is consistent in all material respects with the provisions of the Material
Contracts related for such Acquisition.

 

2.18     Financial
Statements; No Undisclosed Liabilities; No Material Adverse Effect. The Financial Statements for the Project Company for such
Acquisition have been prepared in accordance with GAAP applied on a consistent basis with prior periods, are correct and complete
in all material respects and present fairly in accordance with GAAP the assets, liabilities, financial condition and results of
operations of such Project as at their respective dates for the periods covered by such Financial Statements. Neither the Project
Company relating to such Acquisition nor any of such Project Company’s Subsidiaries has Indebtedness other than (i) as disclosed
in such Financial Statements or pursuant to the Material Contracts relating to the such Project Company, (ii) incurred since the
date of such Financial Statements and disclosed on Section C of the Appendix for such Acquisition, (iii) incurred after
the date hereof in accordance with this Agreement, including Section ‎4.1(a), and (iv) interest and fees accrued on
any Indebtedness referred to in clause (i) after the date of such Financial Statements. Except as set forth in such Financial
Statements, neither the Project Company relating to such Acquisition nor any of such Project Company’s Subsidiaries has
any liabilities that would be required to be disclosed on a balance sheet prepared in accordance with GAAP, other than any liabilities
incurred in the ordinary course of business since the date of the most recent balance sheet included in such Financial Statements
and any liabilities contained in the Material Contracts relating to the Project Company or the Project for such Acquisition, other
than liabilities arising under such Material Contracts from contractual breach. Since the date of the most recent balance sheet
included in such Financial Statements, no Material Adverse Effect with respect to the Project Company for such Acquisition has
occurred.

 

2.19     Personal
Property. The Project Company for such Acquisition and its Subsidiaries have good and valid title to (or a valid leasehold
interest in) the Personal Property currently owned or used by such Persons in the operation of the Project relating to such Acquisition
(other than Personal Property that individually and in the aggregate are immaterial to such operations), and such title or leasehold
interests are free and clear of Liens other than Permitted Liens. All Personal Property that is material to the operation of the
Project relating to such Acquisition is in good operating condition and repair, subject to normal wear and maintenance, and is
usable in the ordinary course of business.

 

2.20     Employees.
Neither the Project Company for such Acquisition nor any of its Subsidiaries has, or has ever had, any employees.

 

2.21     Employee
Benefits. Neither the Project Company for such Acquisition nor any of its Subsidiaries has, or has ever had, any employee
benefit plan (as such term is defined in Section 3(3) of ERISA and/or similar provisions of Japanese law).

 

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2.22     Labor
Matters. Neither the Project Company for such Acquisition nor any of its Subsidiaries is a party to any collective bargaining
agreement with a labor union or organization or any other Contract with any labor union or other employee representative of a
group of employees.

 

2.23     Intellectual
Property. The Project Company for such Acquisition and its Subsidiaries own, license or can acquire on reasonable terms the
Intellectual Property necessary to operate the Project relating to such Acquisition. To the Knowledge of Seller, no Intellectual
Property required to operate the Project for such Acquisition infringes upon or otherwise violates any intellectual property rights
of any third party. With respect to the Project for such Acquisition, there are no unresolved pending or, to the Knowledge of
Seller, threatened actions or claims that allege that the Project Company for such Acquisition or any of its Subsidiaries has
infringed or otherwise violated any material intellectual property rights of any third party. To the Knowledge of Seller, no third
party is infringing, misappropriating or otherwise violating rights in any material respect any Intellectual Property of the Project
Company for such Acquisition or any of its Subsidiaries.

 

2.24     Affiliate
Transactions. Except as disclosed on Section D of the Appendix for such Acquisition, there are no transactions, contracts
or liabilities between or among (a) the Project Company for such Acquisition and any of its Subsidiaries, on the one hand, and
(b) Seller, any of its Affiliates or, to the Knowledge of Seller, any current representative of such Project Company, any Subsidiary
of such Project Company, Seller or any other Affiliate of Seller, or any member of the immediate family of any such representative,
on the other hand.

 

2.25     Ohorayama
Project. Construction of the Ohorayama Project is currently reasonably expected to reach Final Completion (as defined under
that certain Balance of Plant Contract by and between the Seller and Shimizu Corporation dated December 8, 2016) by June 30, 2018
and at a construction cost consistent in all material respects with the construction cost reflected in the Financial Model and,
to the Knowledge of Seller, there are no circumstances or events that have occurred or are reasonably likely to occur that, individually
or in the aggregate, could reasonably be expected to result in the failure to achieve either of the foregoing. The aggregate amounts
of outstanding Indebtedness of the applicable HoldCos and Project Company (and any Subsidiary) (in each case, excluding any Indebtedness
owed to any Affiliate thereof) on a consolidated basis with respect to the Ohorayama Project (x) was, as of January 31, 2018,
¥10,094,035,062 (which is the sum of (i) ¥8,536,753,292 drawn under the construction loan plus (ii) ¥786,000,000 of
reimbursement obligations for outstanding letters of credit plus (iii) ¥771,281,770 drawn under the consumption tax facility)
and (y) as of the Closing Date, shall not exceed ¥12,232,000,000 (which is the sum of (i) ¥10,446,000,000 (the maximum
amount that can be drawn under the construction loan) plus (ii) ¥786,000,000 of reimbursement obligations for outstanding
letters of credit plus (iii) ¥1,000,000,000 (the maximum amount that can be drawn under the consumption tax facility).

 

2.26     Otsuki
Project. The aggregate amounts of outstanding Indebtedness of the Project Company, any HoldCos and any Subsidiary of any of
the Project Company (in each case, excluding any Indebtedness owed to any Affiliate thereof) on a consolidated basis with respect
to the Otsuki Project (x) as of the date hereof is ¥514,860,000 (excluding accrued and unpaid interest) and (y) as of the
Closing Date shall not exceed ¥514,860,000.

 

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2.27     Antisocial
Forces. None of Seller nor any employee, director, executive officer or equivalent person who executes business on behalf
of Seller or any HoldCo for an Acquisition (or any of such HoldCo’s Subsidiaries) constitutes Antisocial Forces or, themselves
or through third parties, is engaged in Antisocial Activities.

 

ARTICLE
3

REPRESENTATIONS AND WARRANTIES OF Purchaser

 

Except
as set forth in, or qualified by any matter set forth in, the applicable Schedules, the Purchaser hereby represents and warrants
to Seller with respect to each Acquisition as set forth in this Article ‎3 as of (a) the date hereof and (b) as
of the Closing Date, in each case, unless otherwise specified in the representations and warranties below, in which case the representation
and warranty is made as of such date. Whether or not a particular Section of this Article ‎3 refers to a specific,
numbered Schedule for an Acquisition, such Section shall, to the extent applicable, be subject to the exceptions, qualifications,
and other matters set forth in the Schedules relating to such Acquisition to the extent that the relevance of such exceptions,
qualifications or other matters is reasonably apparent on the face thereof. Purchaser is making the representations and warranties
set forth in this Article 3 solely on an Acquisition by Acquisition basis, and the representations and warranties with
respect to any one Acquisition shall not apply to any other Acquisition.

 

3.1       Organization
and Status. The Purchaser (a) is duly formed, validly existing and in good standing under the laws of the jurisdiction
of its formation as set forth in the preamble to this Agreement, (b) is duly qualified, authorized to do business and in
good standing in each other jurisdiction where the character of its properties or the nature of its activities makes such qualification
necessary, and (c) has all requisite power and authority to own or hold under lease the property it purports to own or hold
under lease and to carry on its business as now being conducted. The Purchaser has made available to Seller complete and correct
copies of the Organization Documents for the Purchaser.

 

3.2       Power;
Authority; Enforceability. The Purchaser has the legal capacity and power to enter into and perform its obligations under
this Agreement and has been duly authorized, in accordance with its Organization Documents, to enter into and perform its obligations
under this Agreement with respect to such Acquisition. This Agreement has been duly executed and delivered by the Purchaser and
constitutes the legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its
terms, except as may be limited by applicable bankruptcy, insolvency, moratorium, reorganization and similar laws affecting the
enforcement of creditors’ rights generally and subject to general principles of equity regardless of whether enforceability
is considered in a proceeding in equity or at law.

 

3.3       No
Violation. The execution, delivery and performance by the Purchaser of its obligations under this Agreement, including without
limitation the purchase of the Acquired Interests for such Acquisition from Seller, do not, and will not, (a) violate any
Governmental Rule to which the Purchaser is subject or the Organization Documents of the Purchaser, or (b) conflict with,
result in a breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate,
terminate, modify or cancel or require any notice under

 

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any
agreement, contract, lease, license, instrument or other arrangement to which the Purchaser is a party or by which the Purchaser
is bound.

 

3.4       No
Litigation. The Purchaser is not a party to and has not received written notice of any pending or, to the Knowledge of the
Purchaser, threatened litigation, action, suit, proceeding or governmental investigation against the Purchaser, which, in either
case, would reasonably be expected to materially impair or delay the ability of the Purchaser to perform its obligations under
this Agreement with respect to such Acquisition or which seeks the issuance of an order restraining, enjoining, altering or materially
delaying the consummation of the transactions contemplated by this Agreement with respect to such Acquisition.

 

3.5       Consents
and Approvals. Except as set forth in Part VII of Section A of the Appendix relating to such Acquisition, no
Consent of any Governmental Authority or any other Person, is required by or with respect to the Purchaser in connection with
the execution and delivery of this Agreement by the Purchaser with respect to such Acquisition, or the consummation by the Purchaser
of the transaction contemplated hereby with respect to such Acquisition, except for any consents which if not obtained would not
reasonably be expected to materially impair or delay the ability of the Purchaser to perform its obligations under this Agreement
with respect to such Acquisition.

 

3.6       Solvency.
There are no bankruptcy, reorganization or arrangement proceedings pending against, being contemplated by or, to the Knowledge
of the Purchaser, threatened against the Purchaser. The Purchaser (a) has not had a receiver, receiver and manager, liquidator,
sequestrator, trustee or other officer with similar powers appointed over all or part of its business or assets, and to the Knowledge
of the Purchaser, no application therefor is pending or threatened, (b) is not insolvent or presumed to be insolvent under
any applicable Law and is able to pay its debts as and when they fall due, (c) has not made a general assignment for the
benefit of its creditors, and (d) has not taken any action to approve any of the foregoing.

 

3.7       Compliance
with Law. To the Knowledge of the Purchaser, there has been no actual violation by the Purchaser of or failure of the Purchaser
to comply with any Governmental Rule that is applicable to it, or allegation by any Governmental Authority of such a violation,
that would reasonably be expected to prevent or materially impair or delay the consummation of the transactions contemplated by
this Agreement applicable to such Acquisition.

 

3.8       Investment
Intent. The Purchaser is acquiring the Acquired Interests for such Acquisition for its own account, for investment and with
no view to the distribution thereof in violation of the Securities Act or the securities laws of any state of the United States
or any other jurisdiction.

 

3.9       Accredited
Investor. The Purchaser is an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3), (7) or
(8) of the Securities Act, and is able to bear the economic risk of losing its entire investment in the Acquired Interests for
such Acquisition.

 

3.10     Broker’s
Fee. With respect to such Acquisition, the Purchaser has no liability or obligation for any fees or commissions payable to
any broker, finder or agent with respect to the transactions contemplated by this Agreement relating to the Acquisition.

 

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3.11     Antisocial
Forces. None of Purchaser nor any employee, director, executive officer or equivalent person who executes business on behalf
of Purchaser or any Subsidiary Purchaser constitutes Antisocial Forces or, themselves or through third parties, is engaged in
Antisocial Activities.

 

ARTICLE
4

COVENANTS; OTHER OBLIGATIONS

 

4.1       Covenants
Between Signing and Closing. The provisions of this Section ‎4.1 shall apply with respect to an Acquisition during
the period from the date hereof to the earlier of the Closing Date of such Acquisition and the termination of this Agreement with
respect to such Acquisition pursuant to Section ‎‎‎5.5:

 

(a)       Project
Specific Pre-Closing Covenants of Seller. Seller shall use commercially reasonable efforts to conduct the business, operations
and affairs of the Project Company for such Acquisition only in the ordinary and normal course of business, subject to the following
provisions with respect to any proposed entry into any Material Contract relating to such Acquisition or any proposed amendment,
termination or waiver (in whole or in part) of any Material Contract relating to such Acquisition (each such proposal, a “Material
Contract Change”):

 

		(i)	Seller
                                         shall give prior written notice to Purchaser of, and shall to the extent practicable
                                         consult in good faith with Purchaser regarding, any Material Contract Change that would
                                         reasonably be expected to materially and adversely affect such Project or any applicable
                                         HoldCo; and

 

		(ii)	Seller
                                         may, but shall not be obligated to, seek by written notice the approval of the Purchaser
                                         to any Material Contract Change. During the twenty calendar-day period following delivery
                                         of any such notice, Seller shall provide to the Purchaser promptly any information within
                                         Seller’s possession regarding such Material Contract Change as the Purchaser reasonably
                                         requests. The Purchaser shall, by the end of such twenty calendar-day period, notify
                                         Seller whether it approves (acting reasonably) such Material Contract Change. If Purchaser
                                         does not approve such Material Contract Change, Seller may (A) abstain from proceeding
                                         with such Material Contract Change, (B) proceed with such Material Contract Change (in
                                         which case the Purchaser retains its right to assert a failure of a condition precedent
                                         to Closing, if applicable), or (C) terminate this Agreement with respect to such Project
                                         Company. If Purchaser fails to complete the Closing as a result of a proposed Material
                                         Contract Change, then the Seller must proceed with such Material Contract Change, or
                                         notify the Purchaser and provide the Purchaser with the opportunity to complete such
                                         Closing.

 

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(b)       Access,
Information and Documents. Subject to the next sentence, Seller will give to the Purchaser and to the Purchaser’s counsel,
accountants and other representatives reasonable access during normal business hours to all material Books and Records of the
Project Company and the Project for such Acquisition (subject to all applicable safety and insurance requirements and any limitations
on Seller’s rights to, or right to provide others with, access) and will furnish to the Purchaser all such documents and
copies of documents and all information, including operational reports, with respect to the affairs of the Project Company and
the Project for such Acquisition as the Purchaser may reasonably request. If, by reason of any confidentiality obligations imposed
on Seller by any counterparty to a Contract who deals at arm’s length with Seller, Seller is unable to comply with the foregoing
covenant, Seller and the Purchaser shall use commercially reasonable efforts to obtain all necessary consents or waivers required
to make the disclosure (which, in the case of the Purchaser, may include the requirement to enter into a reasonable confidentiality
or non-disclosure agreement). The Purchaser agrees to comply with any confidentiality obligations which would be applicable to
it under any such Contracts received from Seller hereunder.

 

(c)       Further
Assurances. Each of the parties hereto shall use commercially reasonable efforts to take, or cause to be taken, all actions
and to do, or cause to be done, all things necessary, proper or advisable to consummate the transactions contemplated hereby as
soon as practicable.

 

(d)       Tax.
Without the prior written consent of Purchaser, none of Seller, the Project Company for an Acquisition and their respective Subsidiaries
shall, to the extent it may affect such Project Company and its Subsidiaries and/or the owners of any such entity, make or change
any Tax election, change any annual Tax accounting period, adopt or change any method of Tax accounting, file any amended Tax
Return, settle any Tax claim or assessment, surrender any right to claim a Tax refund, offset or other reduction in Tax liability.

 

(e)       Distributions.
Without the prior written consent of Purchaser, the HoldCo for each Acquisition shall not make any distributions of cash or assets
to its equity holders.

 

4.2       Other
Covenants

 

(a)       Costs,
Expenses. Except as may be specified elsewhere in this Agreement, the Purchaser shall pay all costs and expenses, including
legal fees and the fees of any broker, environmental consultant, insurance consultant, independent engineer, and title company
retained by the Purchaser for its due diligence and its negotiation, performance of and compliance with this Agreement. Seller
shall pay all costs and expenses (including in connection with any reports, studies or other documents with respect to an Acquisition
listed in Part II of Section C of the applicable Appendix, unless specifically noted therein), including legal fees
and the fees of any broker of Seller or its Affiliates, relating to or resulting from the negotiation, performance of and compliance
with this Agreement by Seller.

 

(b)       Public
Announcement; Confidentiality. No party hereto shall make or issue, or cause to be made or issued, any public announcement
or written statement concerning this Agreement or the transactions contemplated hereby without the prior written consent of the
other parties, except to the extent required by law (including any disclosure which, in the

 

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reasonable
judgment of the disclosing party, is necessary or appropriate to comply with Governmental Rules and standards governing disclosures
to investors) or in accordance with the rules, regulations and orders of any stock exchange. Seller shall not, and shall cause
its Affiliates and directors, officers, employees, agents, consultants advisors and partners not to, disclose any confidential
information in or relating to this Agreement other than (i) to its Affiliates and its and their directors, officers, employees,
agents, consultants, advisors and partners, provided in each case that such recipient is bound by reasonable confidentiality
obligations, (ii) as required by applicable law or regulation or (iii) with the prior consent of Purchaser. Seller shall
not use, and shall not enable any third party to use, any confidential information in or relating to this Agreement that constitutes
material non-public information regarding Purchaser in a manner that is prohibited by the U.S. securities laws.

 

(c)       Regulatory
Approvals. Each party shall use its commercially reasonable efforts to obtain all required regulatory approvals with respect
to each Acquisition (including the required Governmental Approvals set forth in Part VII of Section A of the applicable
Appendix) as promptly as possible and, in any event, prior to the Closing Date for such Acquisition. To that end, each of the
parties shall make, or cause to be made, all other filings and submissions, and submit all other documentation and information
that in the reasonable opinion of the Purchaser is required or advisable, to obtain the regulatory approvals for each Acquisition,
and will use its commercially reasonable efforts to satisfy all requests for additional information and documentation received
under or pursuant to those filings, submissions and the applicable legislation and any orders or requests made by any Governmental
Authority. Notwithstanding any other provision of this Agreement, the Purchaser will not be required to (i) propose or agree to
accept any undertaking or condition, enter into any consent agreement, make any divestiture or accept any operational restriction
or other behavioral remedy with respect to any Acquisition, (ii) take any action that, in the reasonable judgment of the Purchaser,
could be expected to limit the right of the Purchaser to own or operate all or any portion of the business or assets of the Project
Company for an Acquisition or of the Purchaser or any of its Affiliates, or to conduct their respective affairs in a manner consistent
with how they each conduct their affairs as of the date of this Agreement, or (iii) contest or defend any judicial or administrative
proceeding brought by any Governmental Authority seeking to prohibit, prevent, restrict or unwind the consummation of all or a
part of an Acquisition.

 

(d)       Consents.
Except in respect of regulatory approvals, which shall be governed by Section ‎4.2(c), as promptly as possible and,
in any event, prior to the Closing Date, Seller shall use commercially reasonable efforts to (i) make or cause to be made all
filings required by Law to be made by it in order to consummate each Acquisition; and (ii) seek and obtain all Consents required
pursuant to Part VII of Section A of the Appendix relating to such Acquisition.

 

(e)       Other
Obligations of Seller and Purchaser. The parties mutually covenant as follows:

 

		(i)	to
                                         use all reasonable efforts in good faith to obtain promptly the satisfaction of the conditions
                                         to the Closing for each Acquisition;

 

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		(ii)	to
                                         furnish to the other parties and to the other parties’ counsel all such information
                                         as may be reasonably required in order to effectuate the foregoing actions, including
                                         draft regulatory filings and submissions, provided that such information may be
                                         redacted to render illegible any commercially sensitive portions thereof, and in such
                                         event the parties will meet in good faith to agree on protective measures to allow disclosure
                                         of such redacted information to counsel in a manner that affords the maximum protection
                                         to such commercially sensitive information as is reasonable in the circumstances; and

 

		(iii)	to
                                         advise the other parties promptly if any party determines that any condition precedent
                                         to its obligations hereunder will not be satisfied in a timely manner.

 

(f)       Allocation
of Partnership Income and Loss. With respect to the income or loss of the Project Company for an Acquisition for the fiscal
year in which the Closing occurs, the Purchaser shall cause such Project Company to allocate income or loss of such Project Company
with respect to the Acquired Interests for such Acquisition for the period up to and including the Closing Date to the Seller,
and to allocate income or loss of such Project Company with respect to such Acquired Interests for the period after the Closing
Date to Purchaser.

 

4.3       Tax
Covenants.

 

(a)       Seller
shall prepare or cause to be prepared and file or cause to be filed (i) all Tax Returns for each HoldCo and its Subsidiaries that
do not include any Post-Closing Tax Period and (ii) all Tax Returns that the such HoldCo and its Subsidiaries file jointly with
the Seller or any of its Affiliates. Seller shall permit Purchaser to review, comment and consent on each such Tax Return prior
to filing it and shall reasonably and in good faith consider such revisions to such Tax Returns as are requested by Purchaser.
To the extent that any Taxes shown as due and payable on any such Tax Return were not included in the calculation of the Purchase
Price, such Taxes shall be paid by Seller.

 

(b)       Except
as set forth in Section 4.03(c), Buyer shall prepare or cause to be prepared and file or cause to be filed all Tax Returns for
each HoldCo and its Subsidiaries. Purchaser shall permit Seller to review and comment on each such Tax Return that relates to
a Pre-Closing Tax Period prior to filing it, to the extent that such Tax Return could result in a Tax liability for which Seller
would be responsible under this Agreement, and Purchaser shall reasonably and in good faith consider such revisions to such Tax
Returns as are requested by Seller. Any Covered Taxes for any Tax Period with respect to which such Tax Returns were filed shall
be promptly paid to Buyer or, at Buyer’s request, to the applicable Governmental Authority, to the extent not included in
the calculation of the Purchase Price.

 

(c)       For
purposes of the determination of Covered Tax in respect of a Straddle Tax Period, (i) in the case of any Taxes other than gross
receipts, sales or use Taxes and Taxes based upon or related to income, the definition of Covered Tax shall be deemed to include
the amount of such Tax for the entire Tax period multiplied by a fraction the numerator of which is

 

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the
number of days in the Tax period ending on and including the Closing Date and the denominator of which is the number of days in
the entire Tax period, and (ii) in the case of any Tax based upon or related to income and any gross receipts, sales or use Tax,
the definition of Covered Tax shall be deemed to include the amount that would be payable if the relevant Tax period ended on
and included the Closing Date.

 

(d)       All
transfer (including real property transfer), stamp, issuance, sales, use, filing, recording, documentary, value added, ad valorem
or similar taxes or governmental fees or assessments (collectively, and including any penalties and interest, “Transfer
Taxes”) incurred in connection with an Acquisition contemplated by this Agreement shall be borne in equal parts
by Purchaser and Seller. The party that is required by applicable Law to file any Tax Return with respect to Transfer Taxes shall
do so, and the other party shall reasonably cooperate with respect thereto. If either party may file any such required Tax Return,
Seller shall file the Tax Return and Purchaser agrees to reasonably cooperate with Seller with respect thereto.

 

4.4       Scope
of Covenants. The covenants and agreements contained in this Article 4 shall apply on an Acquisition by Acquisition
bases, and any breach of any covenant or agreement with respect to any one Acquisition shall not in and of itself constitute a
breach of such covenant or agreement with respect to any other Acquisition.

 

ARTICLE
5

CONDITIONS TO CLOSING; TERMINATION

 

5.1       Conditions
Precedent to Each Party’s Obligations to Close. The obligations of the parties to proceed with a Closing with respect
to an Acquisition under this Agreement are subject to the fulfillment prior to or at such Closing of the following conditions
(any one or more of which may be waived in whole or in part by all parties in their sole discretion):

 

(a)       No
Violations. The consummation of such Acquisition shall not violate any applicable Governmental Rule.

 

(b)       No
Adverse Proceeding. No order of any court or administrative agency shall be in effect which restrains or prohibits such Acquisition,
and there shall not have been threatened, nor shall there be pending, any action or proceeding by or before any court or Governmental
Authority challenging such Acquisition or seeking monetary relief by reason of the consummation of such Acquisition.

 

(c)       No
Termination. The obligations under this Agreement with respect to such Acquisition shall not have been terminated pursuant
to Section ‎5.4.

 

(d)       Other
Conditions Precedent to Closing to Each Party’s Obligations. The conditions precedent, if any, set forth on Section
A-3 of the Appendix relating to such Acquisition shall have been satisfied (any one or more of which may be waived in whole
or in part by all parties in their sole discretion).

 

5.2       Conditions
Precedent to the Obligations of Purchaser to Close. The obligations of the Purchaser to proceed with a Closing with respect
to an Acquisition under this Agreement are

 

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subject
to the fulfillment prior to or at such Closing of the following conditions (any one or more of which may be waived in whole or
in part by the Purchaser in its sole discretion):

 

(a)       Representations
and Warranties. The representations and warranties of Seller set forth in Sections ‎2.1 to ‎2.7 (inclusive)
and ‎2.11 with respect to such Acquisition shall be true and correct as of the Closing Date as if made at and as of
such date. All other representations and warranties of Seller set forth in Article 2 with respect to such Acquisition shall
be true and correct at and as of such Closing Date as if made at and as of such date (other than any representations or warranties
that are qualified by materiality, including by reference to Material Adverse Effect with respect to such Acquisition, which shall
be true in all respects) as though such representations and warranties were made on and as of such Closing Date, except to the
extent that (i) such representations and warranties expressly relate to an earlier date, in which case as of such earlier
date and (ii) the failure of such representations and warranties to be true and correct, taken in the aggregate, would not
have a Material Adverse Effect with respect to such Acquisition.

 

(b)       Performance
and Compliance. Seller shall have performed, in all material respects, all of the covenants and complied with all of the provisions
required by this Agreement to be performed or complied with by it with respect to such Acquisition on or before such Closing.

 

(c)       Consents.
All necessary Consents relating to such Acquisition shall have been obtained, including those set forth in Part VII of
Section A of the Appendix relating to such Acquisition.

 

(d)       Certificate
of Seller. The Purchaser shall have received a certificate of Seller dated the date of such Closing confirming the matters
set forth in Sections ‎5.2(a) and ‎(b) with respect to such Acquisition in a form reasonably acceptable
to the Purchaser.

 

(e)       Good
Standing Certificate. The Purchaser shall have received a good standing certificate of Seller and the Project Company relating
to such Acquisition, in each case issued by the secretary of state or equivalent local Governmental Authority of the state or
local jurisdiction of its formation; provided that in the case of any entities formed under the laws of Japan, documents
which are customary delivered for Japanese entities which evidence the equivalent shall be delivered in lieu of a good standing
certificate.

 

(f)       Satisfactory
Instruments. All instruments and documents reasonably required on the part of Seller to effectuate and consummate such Acquisition
shall be delivered to the Purchaser and shall be in form and substance reasonably satisfactory to the Purchaser.

 

(g)       Material
Contracts. Absence of any amendment to, entry into, termination or waiver (in whole or in part) of any applicable Material
Contract relating to such Acquisition, except any such amendment, termination or waiver that has been approved by the Purchaser
that would reasonably be expected to materially and adversely affect the Project or any applicable HoldCo.

 

(h)       Other
Conditions Precedent to Seller’s Obligation to Close. The conditions precedent, if any, set forth in Part IV
of Section A of the Appendix relating to such

 

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Acquisition
shall have been satisfied or waived in whole or in part by Purchaser in Purchaser’s sole discretion.

 

5.3       Conditions
Precedent to the Obligations of Seller to Close. The obligations of Seller to proceed with a Closing with respect to an Acquisition
under this Agreement are subject to the fulfillment prior to or at such Closing of the following conditions (any one or more of
which may be waived in whole or in part by Seller in its sole discretion):

 

(a)       Purchase
Price. The Purchaser shall have transferred in immediately available funds the Purchase Price for such Acquisition pursuant
to, in accordance with and into the account or accounts designated in, Part I of Section A of the Appendix relating
to such Acquisition.

 

(b)       Representations
and Warranties. The representations and warranties set forth in Article ‎3 with respect to such Acquisition shall
be true and correct at and as of such Closing Date as if made at and as of such date (other than any representations or warranties
that are made as of a specific date, which shall be true and correct as of such date).

 

(c)       Performance
and Compliance. The Purchaser shall have performed, in all material respects, all of the covenants and complied with all the
provisions required by this Agreement to be performed or complied with by it with respect to such Acquisition on or before such
Closing.

 

(d)       Certificate
of Purchaser. Seller shall have received a certificate of the Purchaser dated the date of such Closing confirming the matters
set forth in Sections ‎5.3(b) and ‎(c) relating to such Acquisition in a form reasonably acceptable to Seller.

 

(e)       Satisfactory
Instruments. All instruments and documents required on the part of the Purchaser to effectuate and consummate such Acquisition
shall be delivered to Seller and shall be in form and substance reasonably satisfactory to Seller.

 

(f)       Other
Conditions Precedent to Seller’s Obligation to Close. The conditions precedent, if any, set forth in Section A-5
of the Appendix relating to such Acquisition shall have been satisfied or waived in whole or in part by Seller in Seller’s
sole discretion.

 

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5.4       Scope
of Conditions. The conditions set forth in Sections 5.1, 5.2 and 5.3 shall be applied on an Acquisition by Acquisition
basis, and the satisfaction, failure or waiver of any condition relating to an Acquisition shall not in and of itself constitute
the satisfaction, failure or waiver of any condition relating to any other Acquisitions.

 

5.5       Termination.
The following termination provisions shall be applicable to the Acquisitions prior to the Closing and shall apply to all of the
Acquisitions such that a termination of the obligations of the parties under this Agreement with respect to an Acquisition shall
terminate such obligations of the parties with respect to each other Acquisition:

 

(a)       By
the Parties. The obligations of the parties under this Agreement with respect to an Acquisition may be terminated at any time
prior to the Closing for such Acquisition by mutual written consent of Purchaser and Seller.

 

(b)       By
Either Party. The obligations of the parties under this Agreement with respect to an Acquisition may be terminated at any
time prior to the Closing for such Acquisition by either Seller or the Purchaser, if (i) a Government Approval required to be
obtained as set forth on Part VII of Section A of the Appendix for such Acquisition shall have been denied and all
appeals of such denial have been taken and have been unsuccessful, (ii) one or more courts of competent jurisdiction in the United
States, or any state or any other applicable jurisdiction has issued an order permanently restraining, enjoining, or otherwise
prohibiting the Closing of such Acquisition, and such order has become final and non-appealable, or (iii) the Closing of such
Acquisition has not occurred by the Outside Closing Date for such Acquisition, but if such failure to close by such Outside Closing
Date is due to any breach of this Agreement relating to such Acquisition by any party, such party shall not have any right to
terminate this Agreement with respect to such Acquisition pursuant to this clause (iii).

 

(c)       Other
Termination Rights. The obligations of the parties under this Agreement with respect to an Acquisition may be terminated at
any time prior to the Closing of such Acquisition by the applicable party if and to the extent permitted in Part V of Section
A of the Appendix for such Acquisition.

 

(d)       Termination
Procedure. In the event of termination of the obligations of the parties under this Agreement with respect to an Acquisition
by any or all parties pursuant to this Section ‎‎‎5.5, written notice thereof will forthwith be given by the
terminating party to the other parties and the obligations of the parties under this Agreement with respect to such Acquisition
will terminate and the Closing for such Acquisition without further action by any party. If the obligations of the parties under
this Agreement with respect to an Acquisition are terminated as permitted by this Section ‎‎‎5.5, such termination
shall be without liability of any party (or any stockholder, shareholder, director, officer, employee, agent, consultant or representative
of such party) to the other parties to this Agreement with respect to such Acquisition; provided that (i) the foregoing
will not relieve any party for any liability for willful and intentional material breaches of its obligations hereunder occurring
prior to such termination and (ii) except as specifically set forth herein, nothing in this Agreement shall derogate from
the provisions of the Purchase Rights Agreements, which agreements shall remain in full force and effect after any termination
of this Agreement.

 

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5.6       Closing
Notice. Upon the satisfaction of the conditions set forth in Sections ‎5.1 and ‎5.2 with respect to
any Acquisition, Seller shall deliver a notice to Purchaser scheduling the date of the Closing for such Acquisition (a “Closing
Notice”), which shall be at least ten (10) Business Days after the date of delivery of the Closing Notice.

 

ARTICLE
6

REMEDIES FOR BREACHES OF THIS AGREEMENT

 

6.1       Indemnification.

 

(a)       By
Seller. Subject to Part VI of Section A of the applicable Appendix and the limitations set forth in this Article
‎6 and Section ‎7.14, from and after the Closing of an Acquisition, Seller agrees to indemnify and hold harmless
the Purchaser and its Affiliates together with their respective directors, officers, managers, employees and agents (each a “Purchaser
Indemnified Party”) from and against any and all Losses that any Purchaser Indemnified Party incurs with respect
to such Acquisition by reason of or in connection with any of the following circumstances:

 

		(i)	any
                                         breach by Seller of any representation or warranty made by it in Article ‎2
                                         with respect to such Acquisition (solely with respect to the Acquisition of the Otsuki
                                         Project, subject to any applicable Updated Disclosure Schedules delivered pursuant to
                                         Appendix C that are deemed to cure a breach of any representation or warranty
                                         in accordance with the last sentence of the section entitled “Updating of Disclosure
                                         Schedules” in Part VII in Section A of Appendix C) or
                                         any breach or violation of any covenant, agreement or obligation of Seller contained
                                         herein relating to such Acquisition;

 

		(ii)	Covered
                                         Taxes; and

 

		(iii)	as
                                         set forth in Part VI of Section A of the Appendix for such Acquisition.

 

(b)       By
Purchaser. Subject to Part VI of Section A of the applicable Appendix and the limitations set forth in this
Article ‎6 and Section ‎7.14, from and after the Closing of an Acquisition, the Purchaser agrees to
indemnify and hold harmless Seller and Seller’s Affiliates together with their respective directors, officers, managers,
employees and agents (each a “Seller Indemnified Party”) from and against any and all Losses that any
Seller Indemnified Party incurs with respect to such Acquisition by reason of or in connection with any of the following circumstances:

 

		(i)	any
                                         breach by the Purchaser of any representation or warranty made by it in Article ‎3
                                         with respect to such Acquisition or any breach or violation of any covenant, agreement
                                         or obligation of the Purchaser contained herein relating to such Acquisition; and

 

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		(ii)	as
                                         set forth in Part VI of Section A of the applicable Appendix for such Acquisition.

 

6.2       Limitations
on Seller’s or Purchaser’s Indemnification.

 

(a)       Minimum
Limit on Claims. A party required to provide indemnification under this Article ‎6 (an “Indemnifying
Party”) with respect to an Acquisition shall not be liable under this Article ‎6 to an Indemnified Party
for any Claim for breach of any representation or warranty with respect to such Acquisition unless and until the aggregate amount
of all Claims with respect to such Acquisition for which it would, in the absence of this provision, be liable exceeds the Basket
Amount for such Acquisition, and in such event the Indemnified Party will be liable for the amount of all Claims with respect
to such Acquisition, including the applicable Basket Amount; provided that the foregoing limitation shall not apply in
the case of actual fraud or willful misrepresentation by the Indemnifying Party with respect to such Acquisition or, for the avoidance
of doubt, to Covered Taxes.

 

(b)       Maximum
Limit on Claims.

 

		(i)	Limitation
                                         on Seller’s Liability. Seller’s maximum aggregate liability for Claims
                                         for breaches of representations and warranties under this Agreement with respect to an
                                         Acquisition is limited to Seller’s Maximum Liability set forth in Part VI
                                         of Section A of the applicable Appendix for such Acquisition; provided
                                         that the Seller’s Maximum Liability will not apply to any Claim based on (A) actual
                                         fraud or willful misrepresentation with respect to such Acquisition, (B) any breach of
                                         the representations and warranties set forth in Sections ‎2.1, ‎2.2,
                                         ‎2.3, ‎2.5, ‎2.6,
                                         ‎2.9, ‎2.11 and ‎2.18 (solely
                                         with respect to the Indebtedness of the Project Company relating to such Acquisition)
                                         or (C) for the avoidance of doubt, Covered Taxes.

 

		(ii)	Limitation
                                         on Purchaser’s Liability. The Purchaser’s maximum aggregate liability
                                         for Claims for breaches of representations and warranties under this Agreement with respect
                                         to an Acquisition is limited to the Purchaser’s Maximum Liability set forth in
                                         Part VI of Section A of the Appendix for such Acquisition; provided
                                         that the Purchaser’s Maximum Liability will not apply to any Claim based on
                                         (A) actual fraud or willful misrepresentation with respect to such Acquisition or (B)
                                         any breach of the representations and warranties set forth in Sections ‎3.1,
                                         ‎3.2, ‎3.3, ‎3.5 and ‎‎‎3.10 with
                                         respect to such Acquisition.

 

(c)       Time
Limit for Claims. No Indemnified Party may make a Claim for indemnification under Section ‎6.1 in respect of any
Claim unless notice in writing of the Claim, incorporating a statement setting out in reasonable detail the grounds on which the
Claim is based, has been given by the Indemnified Party prior to the expiration of the applicable Survival Period as set forth
in Part VI of Section A of the Appendix relating to the applicable Acquisition.

 

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6.3       Reimbursements;
Refunds.

 

(a)       Right
of Reimbursement. Subject to Part VI of Section A of the applicable Appendix, the amount of Losses payable under
Section ‎6.1 by an Indemnifying Party shall be net of any amounts recovered by the Indemnified Party under applicable
insurance policies or from any other Person responsible therefor. If the Indemnified Party receives any amounts under applicable
insurance policies, or from any other Person responsible for any Losses subsequent to an indemnification payment by the Indemnifying
Party and such amounts would result in a duplicative recovery, then such Indemnified Party shall promptly reimburse the Indemnifying
Party for any payment made or expense incurred by such Indemnifying Party in connection with providing such indemnification payment
up to the amount received by the Indemnified Party, net of any expenses incurred by such Indemnified Party in collecting such
amount.

 

(b)       Other
Refund Obligations. In addition to the obligations set forth in Section ‎6.3(a), the applicable Indemnified Party
shall be obligated to reimburse or refund to the Indemnifying Party for payments made by it to such Indemnified Party under this
Article ‎6 with respect to an Acquisition as set forth in Part VI of Section A of the Appendix for such
Acquisition.

 

6.4       Mitigation;
Treatment of Indemnification.

 

(a)       The
Indemnified Party shall use commercially reasonable efforts to mitigate all Losses relating to a Claim for which indemnification
is sought under this Article ‎6.

 

(b)       All
indemnification payments under this Article ‎6 with respect to an Acquisition shall be deemed adjustments to the Purchase
Price for such Acquisition.

 

6.5       Exclusive
Remedy. Seller and Purchaser acknowledge and agree that, upon the occurrence of a Closing for an Acquisition, and excluding
liability for actual fraud or willful misrepresentation, the foregoing indemnification provisions of this Article ‎6
and the provisions of Section ‎7.15 shall be the sole and exclusive remedy of Seller and Purchaser with respect to
any applicable misrepresentation, breach of warranty, covenant or other agreement (other than any Purchase Price Adjustment set
forth in Part I of Section A of the Appendix for such Acquisition) or other claim arising out of such Acquisition
and/or the applicable provisions of this Agreement. Without limiting the generality of the foregoing, effective as of a Closing
for an Acquisition each of the Purchaser and Seller covenants to the other party that in respect of any matters under or contemplated
in this Agreement, it will not make any Claim whatsoever against any Affiliate of the other party or the directors, officers,
managers, shareholders, member, controlling persons, employees and agents of any of the foregoing, in each case in their capacities
as such, with respect to such Acquisition and its rights in respect of any such Claim for breach of any provision of this Agreement
with respect to such Acquisition are limited solely to such rights as it may have against Seller or Purchaser, as the case may
be, under this Agreement with respect to such Acquisition.

 

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ARTICLE
7

MISCELLANEOUS

 

7.1       Entire
Agreement. This Agreement and the Exhibits, Schedules and Appendices hereto, each of which is hereby incorporated herein,
set forth all of the promises, covenants, agreements, conditions, undertakings, representations and warranties between the parties
hereto with respect to the subject matter hereof and supersede all prior and contemporaneous agreements and understandings, inducements
or conditions, express or implied, oral or written.

 

7.2       Notices.
All notices, requests, demands and other communications hereunder shall be in writing (including facsimile transmission and electronic
mail (“email”) transmission and shall be deemed to have been duly given if personally delivered, telefaxed
(with confirmation of transmission), e-mailed (so long as confirmation of receipt is requested and received) or, if mailed, when
mailed by first-class (for United States post only), certified or registered mail, postage prepaid, or by any international or
national overnight delivery service, to the other party at the addresses as set forth in Part VII of Section A (or
at such other address as shall be given in writing by any party to the other). All such notices, requests, demands and other communications
shall be deemed received on the date of receipt by the recipient thereof if received prior to 5 p.m. in the place of receipt and
such day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to
have been received until the next succeeding Business Day in the place of receipt.

 

7.3       Successors
and Assigns.

 

(a)       No
party shall assign this Agreement or any of its rights or obligations herein without the prior written consent of the other parties,
in their sole discretion, except as provided herein and except that any party may assign this Agreement or any of its rights or
obligations herein to an Affiliate of such party but the assigning party shall continue to be liable for all of its obligations
hereunder following any such assignment. Subject to the foregoing, this Agreement, and all rights and powers granted hereby, will
bind and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 

(b)       Notwithstanding
Section ‎7.3(a), each of Seller and Purchaser may assign its rights and obligations under this Agreement with respect
to an Acquisition without the consent of the other parties as specified in Part VII of Section A of the Appendix
relating to such Acquisition.

 

7.4       Jurisdiction;
Service of Process; Waiver of Jury Trial.

 

(a)       EACH
OF THE PARTIES HERETO WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT,
TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

(b)       Any
and all claims, counterclaims, demands, causes of action, disputes, controversies, and other matters in question arising out of
or relating to this Agreement, or the alleged breach hereof, or in any way relating to the subject matter of this Agreement or
the relationship between the parties created by this Agreement (hereafter, a “Dispute”), except for

 

    26 

     

    
 

any
claims for specific performance as set forth in Section ‎7.15, shall be finally resolved by binding arbitration administered
by the American Arbitration Association (“AAA”) under the AAA Commercial Arbitration Rules, including
the Procedures for Large, Complex Commercial Disputes (the “Rules”) then in force to the extent such
Rules are not inconsistent with the provisions of this Agreement. The party or parties commencing arbitration shall deliver to
the other party or parties a written notice of intent to arbitrate (a “Demand”) in accordance with Rule
R-4. The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. §§1 et seq.

 

		(i)	Selection
                                         of Arbitrators. Disputes shall be resolved by a panel of three independent and impartial
                                         arbitrators, (the “Arbitrators”). The party or parties initiating
                                         the arbitration shall appoint an arbitrator in its or their Demand; the responding party
                                         or parties shall appoint an arbitrator in its or their answering statement, which is
                                         due thirty (30) days after receipt of the Demand. If any party fails or refuses to timely
                                         nominate an arbitrator within the time permitted, such arbitrator shall be appointed
                                         by the AAA from individuals with significant experience in renewable energy projects
                                         from its Large, Complex Commercial Case Panel. Within thirty (30) days of the appointment
                                         of the second arbitrator, the two party-appointed arbitrators shall appoint the third
                                         arbitrator, who shall act as the chair of the arbitration panel. If the two party-appointed
                                         arbitrators fail or refuse to appoint the third arbitrator within such thirty (30)-day
                                         period, the third arbitrator shall be appointed by the AAA from individuals with significant
                                         experience in renewable energy projects from its Large, Complex Commercial Case Panel
                                         in accordance with Rule R-12. The Arbitrators, acting by majority vote, shall resolve
                                         all Disputes.

 

		(ii)	Confidentiality.
                                         To the fullest extent permitted by law, the arbitration proceedings and award shall be
                                         maintained in confidence by the parties.

 

		(iii)	Place
                                         of Arbitration. The place of arbitration shall be New York, New York. Any action
                                         in connection therewith shall be brought in the United States District Court for the
                                         Southern District of New York or, if that court does not have jurisdiction, any New York
                                         state court in New York County. Each party consents to the exclusive jurisdiction of
                                         such courts in any such suit, action or proceeding, and irrevocably waives, to the fullest
                                         extent permitted by law, any objection which it may now or hereafter have to the laying
                                         of the venue of any such suit, action or proceeding in any such court or that any such
                                         suit, action or proceeding which is brought in any such court has been brought in an
                                         inconvenient forum. Each party further agrees to accept service of process out of any
                                         of the before mentioned courts in any such dispute by registered or certified mail addressed
                                         to the party at the address set forth in Part VII of Section A.

 

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		(iv)	Conduct
                                         of the Arbitration. The arbitration shall be conducted in accordance with the Rules
                                         and in a manner that effectuates the parties’ intent that Disputes be resolved
                                         expeditiously and with minimal expense. The Arbitrators shall endeavor to commence the
                                         arbitration hearing within one hundred and eighty (180) days of the third arbitrator’s
                                         appointment.

 

		(v)	Interim
                                         Relief. Any party may apply to the Arbitrators seeking injunctive relief until the
                                         arbitration award is rendered or the controversy is otherwise resolved. Any party also
                                         may, without waiving any remedy under this Agreement, seek from any court having jurisdiction
                                         any interim or provisional relief that is necessary to protect the rights or property
                                         of that party, pending the establishment of the arbitral tribunal (or pending the Arbitrators’
                                         determination of the merits of the controversy).

 

		(vi)	Discovery.
                                         The Arbitrators, upon a showing of good cause, may require and facilitate such limited
                                         discovery as it shall determine is appropriate in the circumstances, taking into account
                                         the needs of the parties, the burden on the parties, and the desirability of making discovery
                                         limited, expeditious, and cost-effective. The Arbitrators shall issue orders to protect
                                         the confidentiality of proprietary information, trade secrets and other sensitive information
                                         disclosed in discovery.

 

		(vii)	Arbitration
                                         Award. The Arbitrators shall endeavor to issue a reasoned, written award within thirty
                                         (30) days of the conclusion of the arbitration hearing. The Arbitrators shall have the
                                         authority to assess some or all of the costs and expenses of the arbitration proceeding
                                         (including the Arbitrators’ fees and expenses) against any party. The Arbitrators
                                         shall also have the authority to award attorneys’ fees and expenses to the prevailing
                                         party or parties. In assessing the costs and expenses of the arbitration and/or awarding
                                         attorneys’ fee and expenses, the Arbitrators shall consider the relative extent
                                         to which each party has prevailed on the disputed issues and the relative importance
                                         of those issues. The limitations of Section ‎7.14 shall apply to any award by
                                         the Arbitrators.

 

7.5       Headings;
Construction; and Interpretation. The headings preceding the text of the sections and subsections hereof are inserted solely
for convenience of reference and shall not constitute a part of this Agreement, nor shall they affect its meaning, construction
or effect. Except as otherwise expressly provided, the rules of construction set forth in Exhibit B shall apply to this
Agreement. The parties agree that any rule of law or any legal decision that would require interpretation of any claimed ambiguities
in this Agreement against the party that drafted it has no application and is expressly waived.

 

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7.6       Further
Assurances. Each party shall cooperate and take such action as may be reasonably requested by the other party in order to
carry out the provisions and purposes of this Agreement and the transactions contemplated hereby.

 

7.7       Amendment
and Waiver. The parties may by mutual agreement amend this Agreement in any respect, and any party, as to such party, may
(a) extend the time for the performance of any of the obligations of any other party, (b) waive any inaccuracies in
representations by any other party, (c) waive compliance by any other party with any of the agreements contained herein and
performance of any obligations by such other party, and (d) waive the fulfillment of any condition that is precedent to the
performance by such party of any of its obligations under this Agreement. To be effective, any such amendment or waiver must be
in writing and be signed by the party against whom enforcement of the same is sought.

 

7.8       No
Other Beneficiaries. This Agreement is being made and entered into solely for the benefit of Purchaser and Seller, and neither
Purchaser nor Seller intends hereby to create any rights in favor of any other Person as a third party beneficiary of this Agreement
or otherwise.

 

7.9       Governing
Law. This Agreement as it relates to an Acquisition shall be governed by and construed in accordance with the laws of the
jurisdiction specified in Part VII of Section A of the Appendix for such Acquisition.

 

7.10     Schedules.
References to a Schedule relating to an Acquisition shall include any disclosure expressly set forth on the face of any other
Schedule relating to such Acquisition even if not specifically cross-referenced to such other Schedule to the extent that the
relevance of such matter is reasonably apparent on the face thereof. The fact that any item of information is contained in a disclosure
schedule shall not be construed as an admission of liability under any Governmental Rule, or to mean that such information is
material. Such information shall not be used as the basis for interpreting the term “material”, “materially”
or any similar qualification in this Agreement.

 

7.11     Limitation
of Representations and Warranties. The Purchaser acknowledges that except as expressly provided in Article 2 of this
Agreement with respect to an Acquisition, Seller has not made, and Seller hereby expressly disclaims and negates, and the Purchaser
hereby expressly waives, any other representation or warranty, express, implied, at Law or otherwise relating to the Acquired
Interests, Seller or Seller’s Affiliates, the Project Companies, the Projects or this Agreement.

 

7.12     Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but which together shall
constitute one and the same instrument. A facsimile or electronically imaged version of this Agreement may be executed by one
or more parties hereto and an executed copy of this Agreement may be delivered by one or more parties hereto by facsimile or “PDF”
electronic mail pursuant to which the signature of or on behalf of such party can be seen, and such execution and delivery shall
be considered valid, binding and effective for all purposes.

 

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7.13     Severability.
If any provision of this Agreement or any other agreement entered into pursuant hereto is contrary to, prohibited by or deemed
invalid under applicable law or regulation, such provision shall be inapplicable and deemed omitted to the extent so contrary,
prohibited or invalid, but the remainder hereof shall not be invalidated thereby and shall be given full force and effect so long
as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to
any party. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated
as originally contemplated to the fullest extent possible.

 

7.14     Limit
on Damages. Each party hereto acknowledges and agrees that neither party shall be liable to the other party for any punitive
damages (except to the extent paid to a third party in respect of a Third Party Claim) or damages that were not reasonably foreseeable.

 

7.15     Specific
Performance. The parties hereto agree that irreparable damage would occur if any provision of this Agreement were not performed
in accordance with the terms hereof and that the parties shall be entitled to an injunction or injunctions to prevent breaches
of this Agreement or to enforce specifically the performance of the terms and provisions hereof in any court of competent jurisdiction,
in addition to any other remedy to which they are entitled at law or in equity.

 

[SIGNATURE
PAGE FOLLOWS]

 

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IN
WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale Agreement as of the day and year first above written.

 

	PATTERN ENERGY GROUP
        INC.

         

        /s/ Dyann Blaine

        By: Dyann Blaine

Its: Vice President
	 

 

 

 

 

 

 

[Signature
Page to Purchase and Sale Agreement]

 

    	 

    	 

    
 

	GREEN POWER INVESTMENT
        CORPORATION

         

        /s/ Mitsuru Sakaki

        By: Mitsuru Sakaki

Its: President
	 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to Purchase and Sale Agreement]

 

 

    	 

    	 

    
 

 

 

EXHIBIT A: GENERAL DEFINITIONS

(as applicable and to the extent used in the final Agreement)

 

“AAA”
shall have the meaning set forth in Section ‎7.4(b).

 

“Acquisition”
shall have the meaning set forth in Section ‎1.1.

 

“Acquired
Interests” means, with respect to an Acquisition, the Acquired Interests defined and described in Part I
of Section B of the Appendix for such Acquisition.

 

“Affiliate”
means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls,
is controlled by or is under common control with the Person specified, or who holds or beneficially owns 50% or more of the equity
interest in the Person specified or 50% or more of any class of voting securities of the Person specified; provided that
notwithstanding the foregoing (a) Purchaser and its Subsidiaries shall not be deemed to be Affiliates of Seller and (b) Seller
and its Affiliates (other than Purchaser and its Subsidiaries) shall not be deemed to be Affiliates of the Purchaser.

 

“Agreement”
shall have the meaning set forth in the preamble to this Agreement.

 

“Antisocial
Activities” means, collectively, (i) making violent demands; (ii) making wrongful demands beyond legal liability;
(iii) engaging in threatening or violent behavior in relation to transactions; (iv) damaging the trust of parties to a transaction
or obstructing business by spreading rumors or using fraudulent means or force; and (v) any other actions equivalent to items
(i) through (iv).

 

“Antisocial
Forces” means entities or persons that are (i) gangster crime groups (“bouryokudan” as defined
under Article 2(ii) of the Act on Prevention of Unjust Acts by Organized Crime Group Members (Act No. 77 of 1991, including subsequent
revisions; hereinafter, the “Act on Prevention of Unjust Acts by Organized Crime Group Members”)); (ii)
members of gangster crime groups (“bouryokudan in” as defined under Article 2(vi) of the Act on Prevention
of Unjust Acts by Organized Crime Group Member; hereinafter the same) or former gangster crime groups members for whom fewer than
five years having passed since separation; (iii) associate members of gangster crime groups; (iv) companies affiliated with gangster
crime groups; (v) extortionist (soukaiya) racketeer groups; (vi) groups conducting criminal activities under the pretext
of social campaigns; (vii) crime groups specialized in intellectual crimes; (viii) other entities equivalent to items (i) through
(vii); (ix) companies whose management is influenced by a person to which any of items (i) through (viii) apply (hereinafter,
“Gang Members”); (x) companies whose management materially involves Gang Members; (xi) persons who wrongfully
engage Gang Members for the purpose of gaining unjust profit for themselves, their company or a third party or for the purpose
of harming a third party; (xii) persons who provide funds or assistance to or are otherwise involved with Gang Members; and (xiii)
companies whose directors or other persons materially involved in their management have socially unacceptable relationships with
Gang Members.

 

“Arbitrators”
shall have the meaning set forth in Section ‎7.4(b).

 

     EX A - 1

     

    
 

“Basket
Amount” shall have the meaning set forth in Part VI of Section A of the applicable Appendix.

 

“Books
and Records” means books, Tax Returns, contracts, commitments, and records of a Person.

 

“Business
Day” means any day other than a Saturday, a Sunday or any other day on which banks are authorized to be closed in
New York, New York or Tokyo, Japan.

 

“Claim”
means a claim by an Indemnified Party for indemnification pursuant to Section ‎6.1.

 

“Closing”
shall have the meaning set forth in Section ‎1.4.

 

“Closing
Date” shall mean the date the Closing occurs.

 

“Closing
Notice” shall have the meaning set forth in Section ‎5.6.

 

“Code”
shall mean the United States Internal Revenue Code of 1986, as amended.

 

“Consent”
means any consent, approval, order or Permit of or from, or registration, declaration or filing with or exemption by any Person,
including any Governmental Authority.

 

“Contract”
means any agreement, lease, license, obligation, plan, arrangement, purchase order, commitment, evidence of indebtedness, mortgage,
indenture, security agreement or other contract (whether written or oral) entered into by a Person or by which a Person or any
of its assets are bound.

 

“Covered
Tax” means any (a) Tax of HoldCo and its Subsidiaries related to a Pre-Closing Tax Period and (b) liability for
the payment of any amount of Tax as a result of being or having been before the Closing a member of an affiliated, consolidated,
combined or unitary group, or a party to any agreement or arrangement, as a result of which liability of HoldCo or any of its
Subsidiaries is determined or taken into account with reference to the activities of any other Person.

 

“Demand”
shall have the meaning set forth in Section ‎7.4(b).

 

“Dispute”
shall have the meaning set forth in Section ‎7.4(b).

 

“Dollars”
or “$” means the lawful currency of the United States of America.

 

“Environmental
Claim” means any suit, action, demand, directive, claim, Lien, written notice of noncompliance or violation, allegation
of liability or potential liability, or proceeding made or brought by any Person in each case (a) alleging any liability under
or violation of or noncompliance with any applicable Environmental Law, (b) with respect to the release of or exposure to Hazardous
Substances, or (c) with respect to noise pollution or visual impacts, including shadow flicker.

 

     EX A - 2

     

    
 

“Environmental
Law” means any Law pertaining to the environment, natural resources, human health and safety in connection with
exposure to Hazardous Substances, and physical and biological natural resources, including but not limited to the Soil Contamination
Countermeasures Act of Japan (Act No. 53 of May 29, 2002) and Waste Management and Public Cleansing Act (Law No. 137 of 1970).

 

“ERISA”
means the Employment Retirement Income Security Act of 1974, as amended.

 

“Financial
Model” means the financial model for the applicable Project.

 

“Financial
Statements” means, with respect to the applicable Project, the annual unaudited consolidated statement of operations
of such Project for the year ended December 31, 2017 and the related balance sheet as at December 31, 2017, prepared in accordance
with GAAP.

 

“GAAP”
means generally accepted accounting principles used by the applicable Project Company to prepare the Financial Statements, consistently
applied throughout the specified period.

 

“Governmental
Authority” means any federal or national, state, provincial, county, municipal or local government or regulatory
or supervisory department, body, political subdivision, commission, agency, instrumentality, ministry, court, judicial or administrative
body, taxing authority, or other authority thereof (including any corporation or other entity owned or controlled by any of the
foregoing) having jurisdiction over the matter or Person in question, including the Ministry of Economy, Trade and Industry of
Japan and the Bank of Japan.

 

“Governmental
Rule” means, with respect to any Person, any applicable law, statute, treaty, rule, regulation, ordinance, order,
code, judgment, decree, protocol, operating guide, injunction or writ issued by any Governmental Authority.

 

“Hazardous
Substances” means all substances, materials, chemicals, wastes or pollutants that are defined, regulated, listed
or prohibited under Environmental Law, including without limitation, (i) asbestos or asbestos containing materials, radioactive
materials, lead, and polychlorinated biphenyls, any petroleum or petroleum product, solid waste, mold, mycotoxin, urea formaldehyde
foam insulation and radon gas; (ii) any waste or substance that is listed, defined, designated or classified as, or otherwise
determined by any Environmental Law to be, ignitable, corrosive, radioactive, dangerous, toxic, explosive, infectious, radioactive,
mutagenic or otherwise hazardous; (iii) any pollutant, contaminant, waste, chemical, deleterious substances or other material
or substance (whether solid, liquid or gas) that is defined as a “solid waste,” “hazardous waste,” “hazardous
material,” “hazardous substance,” “extremely hazardous waste,” “restricted hazardous waste,”
“pollutant,” “contaminant,” “hazardous constituent,” “special waste,” “toxic
substance,” or a word, term, or phrase of similar meaning or regulatory effect under any Environmental Law.

 

“HoldCo”
means, with respect to the applicable Project, the entities set forth on Part I of Section B of the Appendix applicable
to such Project; provided that if no HoldCo is specified, for purposes of this Agreement the applicable Project Company
shall be deemed to be the HoldCo for such Project.

 

     EX A - 3

     

    
 

“Indebtedness”
means all obligations of a Person (a) for borrowed money (including principal, accrued and unpaid interest, fees due, and any
other amounts due), whether or not contingent, (b) evidenced by notes, bonds, debentures, mortgages or similar instruments or
debt securities, (c) for the deferred purchase price of property, goods or services (other than trade payables or accruals incurred
in the ordinary course of business and not past due), including all seller notes and “earn out” payments, (d) under
capital leases, (e) secured by a Lien on the assets of such Person, whether or not such obligation has been assumed by such Person,
(f) with respect to reimbursement obligations for letters of credit, performance bonds and other similar instruments (whether
or not drawn), (g) under any interest rate, currency or other hedging agreement (including collars) or commitment therefor, (h)
to repay deposits or other amounts advanced by and owing to third parties, (i) under conditional sale or other title retention
agreements relating to property purchased by such Person, (j) in the nature of guaranties of the obligations described in clauses
(a) through (i) above of any other Person or as to which such Person has an obligation substantially the economic equivalent of
a guaranty, or (k) in respect of any other amount properly characterized as indebtedness in accordance with GAAP.

 

“Indemnified
Party” means either a Purchaser Indemnified Party or a Seller Indemnified Party, as the case may be.

 

“Indemnifying
Party” shall have the meaning set forth in Section ‎6.2(a).

 

“Intellectual
Property” means all intellectual property rights, including, without limitation, (a) patents, patent applications,
patent disclosures and inventions, (b) Internet domain names, trademarks, trade names, service marks, trade dress, trade names,
logos and corporate names and registration and applications for registration of any item listed in clause (b), together with all
of the goodwill associated therewith, (c) copyrights (registered or unregistered), works of authorship and copyrightable works,
and registrations and applications for registration of any item in this clause (c), (d) computer software (whether in source code,
object code or other form), data, databases and any documentation related to any item listed in this clause, (e) trade secrets
and other confidential information (including confidential and proprietary know how, ideas, formulas, compositions, recipes, inventions
(whether patentable or unpatentable and whether or not reduced to practice), manufacturing and production processes, procedures
and techniques, research and development information, drawings, blueprints, specifications, designs, plans, proposals, technical
data, financial and marketing plans and customer and supplier lists and information), (f) all rights of privacy and publicity,
(g) other intellectual property rights and (h) copies and tangible embodiments thereof (in whatever form or medium).

 

“Kanagi
Project” means the solar project located in the Shimane Prefecture of Japan, as more fully described on Part
II of Section B of the Appendix applicable to such project.

 

“Knowledge”
means (a) with respect to Seller, the actual knowledge of the persons identified in Part VII of Section A of the
applicable Appendix, which shall include at a minimum (i) the senior developer responsible for each Project, (ii) the construction
manager responsible for each Project, (iii) the transaction counsel responsible for the financing of each Project and (iv) the
finance manager responsible for the financing of each Project and (b) with respect to the Purchaser, the actual knowledge of the
persons identified in Part VII of Section A of the applicable Appendix.

 

     EX A - 4

     

    
 

“Laws”
means all common law, laws, by-laws, statutes, treaties, rules, Orders, rulings, decisions, judgments, injunctions, awards, decrees,
codes, ordinances, standards, regulations, restrictions, official guidelines, policies, directives, interpretations, Permits or
like action having the effect of law of any Governmental Authority.

 

“Lease”
means a lease, ground lease, sublease, license, concession, easement, right of way, encroachment agreement, municipal right of
way agreements, and road user agreements or other written agreement, including any option relating thereto, in each case, governing
real property, to which the Project Company for an Acquisition or any of its Subsidiaries is a party.

 

“Lien”
on any asset means any mortgage, deed of trust, lien, hypothec, pledge, charge, security interest, restrictive covenant, right
of first refusal, right of first offer, easement or encumbrance of any kind in respect of such asset, whether or not filed, recorded
or otherwise perfected or effective under applicable law, as well as the interest of a vendor or lessor under any conditional
sale agreement, capital lease or other title retention agreement relating to such asset.

 

“Loss”
means any and all losses (including loss of profit and loss of expected profit), claims, actions, liabilities, damages, expenses,
diminution in value or deficiencies of any kind or character including all interest and other amounts payable to third parties,
all liabilities on account of Taxes and all reasonable legal fees and expenses and other expenses reasonably incurred in connection
with investigating or defending any claims or actions, whether or not resulting in any liability.

 

“Material
Adverse Effect” means, with respect to an Acquisition, any circumstance, matter, condition, development, change,
event, occurrence, state of affairs, or effect that, individually or in the aggregate, is or would reasonably be expected to have
a material adverse effect on (a) the business, results of operations, assets or liabilities, financial condition or properties
of any the Project Company for such Acquisition or its Subsidiaries, taken as a whole, or (b) the ability of Seller to consummate
the transactions contemplated by this Agreement with respect to such Acquisition or otherwise perform any of its obligations under
this Agreement with respect to such Acquisition; provided, however, none of the following shall be deemed (either
alone or in combination) to constitute, and none of the following shall be taken into account in determining whether there has
been, a Material Adverse Effect:

 

(a)       any
change in general economic, political or business conditions;

 

(b)       changes
resulting from acts of war or terrorism or any escalation or worsening of any such acts of war or terrorism threatened or underway
as of the date of this Agreement;

 

(c)       changes
or developments generally affecting the power services industry;

 

(d)       any
changes in accounting requirements or principles imposed by GAAP after the date of this Agreement;

 

(e)       any
changes in applicable Law after the date of this Agreement; or

 

     EX A - 5

     

    
 

(f)        changes
in the wind or solar power industry, as applicable, that, in each case, generally affect companies in such industry;

 

provided
that the incremental extent of any disproportionate change, event, occurrence, development, effect, condition, circumstance
or matter described in clauses (a) through (f) with respect to the Project Company for such Acquisition, relative to other similarly
situated businesses in the wind or solar power industry, as applicable, may be considered and taken into account in determining
whether there has been a Material Adverse Effect.

 

“Material
Contract” means, with respect to an Acquisition, (i) any Material Lease to Acquisition, (ii) the Contracts set forth
in Part I, III, IV and V of Section C of the Appendix relating to such Acquisition and (iii)
any other Contract to which the Project Company for such Acquisition or any of its Subsidiaries is a party or by which any such
Person, or any of their respective assets, is bound (A) providing for past or future payments by or to any such Person in excess
of $500,000 (or its Japanese Yen equivalent) annually or $1,000,000 (or its Japanese Yen equivalent) in the aggregate, (B) relating
to any partnership, joint venture or other similar arrangement, (C) relating to any Indebtedness, (D) limiting the freedom
of any such Person compete in any line of business or with any Person or in any area or granting “most favored nation”
or similar status, (E) with either Seller or any of such Seller’s Affiliates, (F) with Purchaser or any of its Affiliates,
(G) relating to the acquisition or disposition of any business or material portion thereof (whether by merger, sale of stock,
sale of assets or otherwise), (H) that was not entered into in the ordinary course of business of any such Project Company, or
(I) the loss of which would result in a Material Adverse Effect.

 

“Material
Contract Change” shall have the meaning set forth in Section ‎4.1(a).

 

“Material
Leases” means, with respect to an Acquisition, all Leases (i) the loss of which would result in a reduction in production
of such Project or in its ability to deliver energy to the point of interconnection or would otherwise result in a Material Adverse
Effect, or (ii) that are otherwise material to the operations of such Project, in each of clauses (i) and (ii), other than Leases
that primarily relate to a Project Company that is not the subject of such Acquisition.

 

“Ohorayama
Project” means the wind project located in the Kochi Prefecture of Japan, as more fully described on Part II
of Section B of the Appendix applicable to such project.

 

“Order”
means any writ, judgment, injunction, ruling, decision, order or similar direction of any Governmental Authority, whether preliminary
or final.

 

“Organization
Documents” means, with respect to (a) any corporation, its articles or certificate of incorporation and by-laws,
(b) any limited partnership, its certificate or declaration of limited partnership and its partnership agreement, (c) any limited
liability company, its articles or certificate of organization or formation and its operating agreement, members agreement or
limited liability company agreement, or (d) any other Person, documents of similar substance.

 

“Otsuki
Project” means the wind project located in the Kochi Prefecture of Japan, as more fully described on Part II
of Section B of the Appendix applicable to such project.

 

     EX A - 6

     

    
 

“Outside
Closing Date” shall have the meaning set forth in Part III of Section A of the applicable Appendix.

 

“Permitted
Lien” means any of the following: (a) Liens for Taxes either not yet due and payable or being contested in good
faith through appropriate proceedings and for which adequate reserves have been established in the Project Company’s balance
sheet in accordance with GAAP; (b) inchoate mechanics’ and materialmen’s Liens for construction in progress and workmen’s,
repairmen’s, warehousemen’s and carrier’s Liens arising in the ordinary course of business either for amounts
not yet due or which have not been perfected, filed or registered in accordance with applicable Law against any applicable Project
Company, any Project or the Project Company Real Property; (c) as to any applicable Project Company Real Property, title defects,
easements, rights of first refusal, restrictions, irregularities, encumbrances (other than for borrowed money), encroachments,
servitudes, rights of way and statutory Liens that do not or would not reasonably be expected to materially impair the value or
use by the applicable Project Company of the Project Company Real Property; (d) security given to a public utility or any Governmental
Authority when required by such utility or authority in connection with the operations of any applicable Project Company in the
ordinary course of business.

 

“Permit”
means, with respect to a Project, filings, registrations, licenses, permits, notices, technical assistance letters, decrees, certificates,
approvals, consents, waivers, Orders, authorizations, agreements, directions, instructions, grants, easements, exemptions, exceptions,
variances and authorizations to or from any Governmental Authority.

 

“Person”
means any individual, corporation, partnership, limited partnership, limited liability partnership, trust, business trust, estate,
joint venture, unincorporated association, limited liability company, cooperative, Governmental Authority or other entity.

 

“Personal
Property” means, with respect to an Acquisition, all office equipment, machinery, equipment, supplies, vehicles,
tractors, trailers, tools, spare parts, production supplies, furniture and fixtures and other items of tangible personal property
owned by the Project Company for such Project or its Subsidiaries, other than office equipment, machinery, equipment, supplies,
vehicles, tractors, trailers, tools, spare parts, production supplies, furniture and fixtures and other items of tangible personal
property that primarily relate to a Project Company that is not the subject of such Acquisition.

 

“Post-Closing
Adjustment” shall have the meaning set forth in Part I of Section A of the applicable Appendix.

 

“Post-Closing
Period” means the period commencing on the Closing Date.

 

“Post-Closing
Tax Period” means any Tax period beginning after the Closing Date; and, with respect to a Straddle Tax Period, the
portion of such Tax period beginning after the Closing Date.

 

“Pre-Closing
Tax Period” means any Tax period ending on or before the Closing Date; and, with respect to a Straddle Tax Period,
the portion of such Tax period ending on the Closing Date.

 

“Project”
means each of the Kanagi Project, the Otsuki Project and the Ohorayama Project.

 

     EX A - 7

     

    
 

“Project
Company” means each of the Kanagi Project Company, the Otsuki Project Company and the Ohorayama Project Company.

 

“Project
Company Real Property” means, with respect to an Acquisition, all real property of the Project Company relating
to such Acquisition or its Subsidiaries, together with all buildings, structures, improvements and fixtures thereon relating to
such Acquisition, (i) held by such Project Company or its Subsidiaries pursuant to a Material Lease or (ii) required to be set
forth on Part II of Section B of the Appendix for such Project.

 

“Purchase
Price” shall have the meaning set forth in Section ‎1.1, and is more particularly described in Part
I of Section A of the applicable Appendix.

 

“Purchase
Price Adjustment” shall have the meaning set forth in Part I of Section A of the applicable Appendix.

 

“Purchase
Rights Agreements” means that certain Amended and Restated Purchase Rights Agreement dated as of June 16, 2017 by
and among Pattern Energy Group LP, Pattern Energy Group Inc. and, solely with respect to Article IV thereof, Pattern Energy Group
Holdings LP and Pattern Energy GP LLC, as such agreement is amended, modified or supplemented in accordance with its terms.

 

“Purchaser”
shall have the meaning set forth in the preamble to this Agreement.

 

“Purchaser
Indemnified Party” shall have the meaning set forth in Section ‎6.1(a).

 

“Purchaser’s
Maximum Liability” shall have the meaning set forth in Part VI of Section A of the applicable Appendix.

 

“Rules”
shall have the meaning set forth in Section ‎7.4(b).

 

“Securities
Act” shall have the meaning set forth in Section ‎2.10.

 

“Seller”
shall have the meaning set forth in the preamble to this Agreement.

 

“Seller
Indemnified Party” shall have the meaning set forth in Section ‎6.1(b).

 

“Seller’s
Maximum Liability” shall have the meaning set forth in Part VI of Section A of the applicable Appendix.

 

“Straddle
Tax Period” means a Tax period that begins on or before the Closing Date and ends thereafter.

 

“Subsidiary”
means, with respect to any Person, any entity of which securities or other ownership interests having ordinary voting power to
elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly
owned by such Person.

 

     EX A - 8

     

    
 

“Survival
Period” shall have the meaning set forth in Part VI of Section A of the applicable Appendix.

 

“Tax”
or “Taxes” means, collectively all federal, state and local or foreign income, estimated, payroll, withholding,
excise, sales, goods and services, harmonized, value-added, use, real and personal property, corporation, use and occupancy, business
and occupation, mercantile, transfer, capital stock and franchise or other taxes, levies, duties, assessments, reassessments or
other charges of any kind whatsoever (including interest, additions and penalties thereon), whether disputed or not.

 

“Tax
Return” means any return, declaration, notice, form, report, claim for refund or information return or statement
relating to the determination, assessment, collection or payment of Taxes or to the administration, implementation or enforcement
of or compliance with any legal requirement pertaining to Taxes, including, for greater certainty, any schedule or attachment
thereto.

 

     EX A - 9

     

    
 

EXHIBIT
B: RULES OF CONSTRUCTION

 

		1.	The
                                         singular includes the plural and the plural includes the singular.

 

		2.	The
                                         word “or” is not exclusive.

 

		3.	A
                                         reference to a Governmental Rule includes any amendment or modification to such Governmental
                                         Rule, and all regulations, rulings and other Governmental Rules promulgated under such
                                         Governmental Rule.

 

		4.	A
                                         reference to a Person includes its successors and permitted assigns.

 

		5.	Accounting
                                         terms have the meanings assigned to them by GAAP, as applied by the accounting entity
                                         to which they refer.

 

		6.	The
                                         words “include,” “includes” and “including” are not
                                         limiting and shall be deemed to mean “include, without limitation”, “includes,
                                         without limitation” or “including, without limitation”.

 

		7.	A
                                         reference to an Article, Section, Exhibit, Schedule or Appendix is to the Article, Section,
                                         Exhibit, Schedule or Appendix of this Agreement unless otherwise indicated.

 

		8.	Any
                                         reference to “this Agreement”, “hereof,” “herein”
                                         and “hereunder” and words of similar import used in this Agreement shall
                                         refer to this Agreement as a whole and not to any particular provision of this Agreement.

 

		9.	Any
                                         reference to another agreement or document shall be construed as a reference to that
                                         other agreement or document as the same may have been, or may from time to time be, varied,
                                         amended, supplemented, substituted, novated, assigned or otherwise transferred.

 

		10.	References
                                         to “days” shall mean calendar days, unless the term “Business Days”
                                         shall be used. References to a time of day shall mean such time in New York, New York,
                                         unless otherwise specified.

 

		11.	This
                                         Agreement is the result of negotiations among, and has been reviewed by, Seller, Purchaser,
                                         and their respective counsel. Accordingly, this Agreement shall be deemed to be the product
                                         of the parties thereto, and no ambiguity shall be construed in favor of or against either
                                         Seller or Purchaser.

 

		12.	The
                                         words “will” and “shall” shall be construed to have the same
                                         meaning and effect.

 

     EX B - 1

     

    
 

appendix
A

 

Section
a: Transaction Terms and Conditions

 

	Kanagi
    Transaction - GPI
	I.       Purchase
        Price

         

	“Purchase
    Price”:	As
        set forth on Schedule 1.01

         

	Currency:	US
        Dollars, or where otherwise provided, Japanese Yen.

         

	“Purchase
        Price Adjustment”:

         
	The
        Purchase Price Adjustment at Closing shall be calculated to maintain the after tax IRR (which shall be denominated in
        Japanese Yen) in the Financial Model (assuming internal use of any tax benefits) of the Purchaser based on the updated
        Financial Model delivered pursuant to Section 1.5(a)(iii), which has been updated solely to reflect the following:

         

        (i)       change
        in the timing of Closing and the amount and date of the initial distribution to the Purchaser (considering any distributions
        received by the Seller prior to Closing and with the Seller leaving a reasonable amount of working capital in the project
        to fund near-term payables);

         

        (ii)       changes
        to reflect amendments to or new Material Contracts that have an economic impact on the Project (including the terms of
        any project debt and tax equity financing and changes to the length of the term of any power purchase agreement);

         

        (iii)       changes
        in the amounts and timing of material acquired assets and liabilities not associated with operating the business in the
        ordinary course, including post-construction refunds, reserve amounts, outstanding debt balances, capital expenditures,
        etc.; and

         

        (iv)       manifest
        errors.

         

	Post-Closing
    Adjustment:	None
	Deferred
    Purchase Price:	None
	Payment
        Mechanics and Payee Information:

         
	Seller

         

        Bank: 

         

        Account
        #: 

         

        Account
        Name: 

         

        SWIFT: 

         

	II.       Signing
        Date Deliverables

         

	Seller’s
        Signing Date Deliverables:

         
	Duly
        executed copies of:

         

        ·     Purchase
        and Sale Agreement by and between Purchaser and

         

 

     1

     

    
 

	 	Seller
    related to Purchaser’s acquisition of the membership interest of Green Power Tsugaru GK (the “Tsugaru GPI PSA”)
	Purchaser’s
    Signing Date Deliverables:	Duly
        executed copies of:

         

        ·     the
        Tsugaru GPI PSA;

         

        ·     Purchase
        and Sale Agreement by and between Purchaser and the Pattern Energy Group LP (“LP1”) related to Purchaser’s
        acquisition of the membership interests of GK Green Power Kanagi, GK Green Power Otsuki and GK Green Power Futtsu (the
        “LP1 PSA”);

         

        ·     Purchase
        and Sale Agreement by and between Purchaser and the LP1 related to Purchaser’s acquisition of the membership interest
        of Green Power Tsugaru GK (the “Tsugaru LP1 PSA”); and

         

        ·     Deferred
        Payment Agreement by and between Purchaser and LP1.

         

	III.       Closing

         

	Closing
        Location:

         
	At
        the offices of Purchaser:

         

        Pier
        1, Bay 3

         

        San
        Francisco, CA 94111

         

	Expected
    Closing Date:	March
    5, 2018
	Outside
        Closing Date:

         
	June
    30, 2018
	IV.       Closing
        Deliverables & Conditions Precedent to Closing

         

	Additional
    Closing Deliverables of Seller: 	In
        addition to the closing deliverables set forth in Section 1.5(a) of the Agreement, Seller shall deliver, or cause
        to be delivered, to Purchaser the additional closing deliverables set forth in Exhibit A-1.

         

	Additional
    Closing Deliverables of Purchaser: 	In
        addition to the closing deliverables set forth in Section 1.5(b) of the Agreement, Purchaser shall deliver, or
        cause to be delivered, to Seller the additional closing deliverables set forth in Exhibit A-2.

         

	Additional
    Conditions Precedent to Each Party’s Obligations to Close:	In
        addition to the conditions precedent set forth in Section 5.1 of the Agreement, the obligation of Purchaser and
        Seller to Close is subject to the additional conditions precedent set forth in Exhibit A-3.

         

	Additional
    Conditions Precedent to Purchaser’s Obligations to Close:	In
        addition to the conditions precedent set forth in Section 5.2 of the Agreement, the obligation of Purchaser to
        Close is subject to the additional conditions precedent set forth in Exhibit A-4.

         

	Additional
    Conditions Precedent to Seller’s Obligations to Close:	In
        addition to the conditions precedent set forth in Section 5.3 of the Agreement, the obligation of Seller to Close
        is subject to the additional conditions precedent set forth in Exhibit A-5.

         

	V.       Additional
        Termination Rights

         

	By
        Either Purchaser or Seller:

         
	None

         

	By
        Purchaser:

         
	Purchaser
        shall have the right to terminate this Agreement with respect to

         

 

     2

     

    
 

	 	all
        of the Acquisitions without any liability or payment, at any time prior to the occurrence of the Closing hereunder, if:

         

        ·     any
        of the LP1 PSA, Tsugaru LP1 PSA, or Tsugaru GPI PSA is terminated for any reason prior to the closing of the Acquisitions
        (as defined therein) contemplated thereby.

         

	By
        Seller:

         
	None

         

	VI.       Indemnification
        Provisions

         

	Additional
        Seller Indemnity Obligations:

         
	If
        Purchaser is entitled to receive indemnification from LP1 under the LP1 PSA with respect to (1) any representations and
        warranties with respect to the Kanagi Project and the Kanagi Project Company and its Subsidiaries (the “Kanagi
        Representations”) and/or (2) any covenants contained in Article 4 of the LP1 PSA to the extent relating to the
        Kanagi Project Company and its Subsidiaries or the Kanagi Project (“Project Level Indemnity Obligations”)
        (which indemnification shall, as provided in the LP1 PSA, be determined by calculating Purchaser’s “Losses”
        as if LP1 had indirectly owned and sold to Purchaser both (i) the Acquired Interests (as defined in the LP1 PSA) for the
        Kanagi Acquisition and (ii) the Acquired Interests under this Agreement for the Kanagi Acquisition), then the aggregate
        amount of such indemnification payments shall be made severally and not jointly by LP1 and Seller in the following proportions:
        7.66% by Seller and 92.34% by LP1; provided that the foregoing allocation shall not apply to any actual fraud or
        willful misrepresentation by either LP1 or Seller, and each of LP1 and Seller shall remain fully liable for its own actual
        fraud or willful misrepresentation as and to the extent provided for in the LP1 PSA (in the case of LP1) and this Agreement
        (in the case of Seller).

         

        Solely
        in respect of the Kanagi Representations and the Project Level Indemnity Obligations, the foregoing indemnification by
        Seller shall be in lieu of any indemnification by Seller under Section 6.1(a)(i).

         

        The
        Seller shall not be entitled to any control rights under Section 6.4 with respect to any Claims relating to Project
        Level Indemnity Obligations with respect to the Kanagi Acquisition.

         

	Additional
        Purchaser Indemnity Obligations:

         
	N/A

         

	Survival
        Period:

         
	Until
    the date that is 12 months after the Closing, except for (i) the representations and warranties in Sections 2.1, 2.2,
    2.3(a), 2.6 and 2.11 and any claim for any breach of any representation or warranty involving actual
    fraud or willful misrepresentation, which shall survive until the expiration of the relevant statute of limitations, and (ii)
    the representations and warranties in Section 2.9, which shall survive until the date that is 60 days after the expiration
    of the period, if any, during which an assessment, reassessment or other form of recognized written demand assessing liability
    for Tax, interest or penalties under applicable Law in respect of any taxation year to which such representations and warranties
    relate could be initiated (the “Survival Period”).

 

 

     3

     

    
 

	Representations and Warranties:	Pursuant
    to the LP1 PSA, LP1 is making the Kanagi Representations.  Notwithstanding anything in this Agreement to the contrary,
    Seller is making no representations and warranties in Article II of this Agreement with respect to the subject matter of the
    Kanagi Representations, and the Kanagi Representations shall constitute the sole representations and warranties being made
    to Purchaser with respect to the Kanagi Project and the Kanagi Project Company and its Subsidiaries in connection with the
    transactions contemplated hereby; provided that the foregoing limitations shall not apply to any actual fraud or willful
    misrepresentation by the Seller.
	Limitation
    on Liability:	“Basket
        Amount”:

         
	With
        respect to the Kanagi Acquisition, 1.00% of the applicable Purchase Price; provided that (i) the Basket Amount
        shall not apply to Seller’s payment obligations relating to Project Level Indemnity Obligations, (ii) if Seller
        makes (or is obligated to make) any payments with respect to the Project Level Indemnity Obligations relating to breaches
        of the Kanagi Representations then the Basket Amount shall be deemed to have been satisfied and (iii) if Purchaser has
        made indemnification claims to LP1 under the LP1 PSA with respect to Project Level Indemnity Obligations relating to the
        Kanagi Acquisition but no indemnification payments have been made because the applicable Basket Amount has not been satisfied
        under the LP1 PSA, then 7.66% of the unpaid amounts so claimed shall be treated as claims under this Agreement for purposes
        of satisfying the Basket Amount hereunder.

         

	“Seller’s Maximum Liability”:	With
        respect to the Kanagi Acquisition, 11.00% of the applicable Purchase Price; provided that the amount of any payments
        made by Seller with respect to Project Level Indemnity Obligations relating to the Kanagi Acquisition shall, subject to
        the application of the proviso in Section 6.2(b)(i) of this Agreement (applied mutatis mutandis with respect to
        the applicable provisions of the LP1 PSA), for purposes of Section 6.2(b)(i) of this Agreement be treated as payments
        by Seller for Claims under this Agreement with respect to the Kanagi Acquisition.

         

	“Purchaser’s
        Maximum Liability”:

         
	With
    respect to the Kanagi Acquisition, 11.00% of the Purchase Price.
	Additional
        Refund or Reimbursement Obligations:

         
	By
        Purchaser or Purchaser Indemnified Party: None

         

        By
        either Seller or any Seller Indemnified Party: None

         

	VII.       Additional
        Transaction Terms

         

 

     4

     

    
 

	Required Governmental
    Approvals:	Pattern
    US Finance Company LLC to submit to Bank of Japan a prior notification of inward direct investment (tainai chokusetsu toshi)
    in regard to the investment in Green Power Generation GK pursuant to the Foreign Exchange and Foreign Trade Act of Japan.
	Persons
    with Knowledge:	Purchaser’s
        Persons with Knowledge: Esben Pedersen, Mike Lyon and Dyann Blaine

         

        Seller’s
        Persons with Knowledge: Shoichi Yoshizaki, Masaki Hori, Kevin Deters and Roland Thompson

         

	Additional
        Assignment Rights:

         
	Assignment
        Rights of Seller: None

         

        Assignment
        Rights of Purchaser: None

         

	Governing
    Law:	New
        York

         

	Notice
    Information:	To
        Purchaser:

         
	Pier
1, Bay 3

        San
Francisco, CA 94111

        Attention:
General Counsel

        Phone:
415-283-4000

        Fax:
        415-362-7900

         

	To
        Seller:

         
	Akasaka
Intercity 3/F

        1-11-44
Akasaka, Minato-ku

        Tokyo,
Japan  107-0052

        Attention:
CFO and General Counsel

        Phone:
        +81 (3) 4510-2112

         

 

     5

     

    
 

EXHIBIT
A-1:

 

ADDITIONAL
CLOSING DELIVERABLES OF Seller

 

		1.	A
                                         properly executed Assignment and Assumption Agreement between Subsidiary Purchaser and
                                         Seller transferring 7.66% of Seller’s membership interests in the Project Company.

 

		2.	Consent
                                         Letter by the Project Company for Japanese law perfection purposes.

 

		3.	Written
                                         consent of participating members regarding amendment of articles of incorporation of
                                         the Project Company.

 

		4.	Amended
                                         and restated articles of incorporation of the Project Company.

 

		5.	Written
                                         consent of all members of the Project Company which authorizes and approves the transfer
                                         of the membership interest from Seller to the Subsidiary Purchaser.

 

		6.	Documents
                                         required for the registration regarding change of the participating members of the Project
                                         Company.

 

     6

     

    
 

EXHIBIT
A-2:

 

Additional
Closing Deliverables of purchaser

 

Copies or originals
of the following documents, each dated as of or prior to the Closing Date:

 

		1.	A
                                         properly executed Assignment and Assumption Agreement between Subsidiary Purchaser and
                                         Seller transferring 7.66% of the membership interests in the Project Company.

 

 

     7

     

    
 

EXHIBIT
A-3:

 

Additional
Conditions Precedent to 

Each
Party’s Obligations to Close

 

		1.	Receipt of the required Governmental
                                         Approvals (excluding the post-closing items) identified in

Part
VII of Section A.

 

		2.	No circumstances, developments,
                                         changes or events has occurred since the date hereof that, individually or in the aggregate,
                                         could reasonably be expected to result in the failure of a condition to closing set forth
                                         in Article 5 of the Tsugaru LP1 PSA.

 

 

     8

     

    
 

EXHIBIT
A-4:

 

ADDITIONAL
CONDITIONS PRECEDENT TO

PURCHASER’S
OBLIGATIONS TO CLOSE

 

None.

 

 

     9

     

    
 

EXHIBIT
A-5:

 

Additional
Conditions Precedent to 

SELLER’S
Obligations to Close

 

None.

 

 

     10

     

    
 

Section
B: Acquired Interests; Ownership Structure; 

 

and
Solar Project Information

 

	KANAGI
    TRANSACTION - GPI
	I.Acquired
    Interests & Ownership Structure
	Project
    Company:	Green
    Power Kanagi GK, a Japanese godo kaisha
	Holding
    Company (“HoldCo”):	None
	Subsidiaries
    of HoldCo	None
	Subsidiaries
    of Project Company	None
	Subsidiary
    Purchasers	Green
    Power Generation GK, a Japanese godo kaisha
	Subsidiary
    Transferor	None
	Percentage
    of Project Company Acquired by Purchaser:	7.66%
	Percentage
    to be acquired from LP1:	92.34%

         

        Purchaser will
        indirectly acquire the remaining 92.34% of the Project Company in the aggregate that is held by Kanagi Holdings LLC, a
        Delaware limited liability company (46.17%) and Pattern Development Japan LLC , a Delaware limited liability company (46.17%)
        pursuant to the LP1 PSA.

         

	Acquired
    Interests:	7.66%
    of the membership interests in the Project Company (the “Acquired Interests”).

 

     11

     

    
 

	Direct
    or Indirect Co-Owners of Project Company:	Structure
        Immediately Prior to the Closing

         

        

         

 

     12

     

    
 

	Direct
    or Indirect Co-Owners of Project Company (cont.):	Structure
        Immediately Following the Closing

                                                                                                                        

                                                                                                                        

         

	II.Solar
    Project Information
	Solar
    Project:	Nameplate
        capacity: 9.8 MW

         

 

 

     13

     

    
 

	 	Location:
        Shimane Prefecture, Japan

         

        Solar
        panel manufacturer: Kyocera Corporation solar panels.

         

	Commercial
    Operation Date of Solar Project:	February
    2016
	Permits
    & Governmental Approvals:	See
    attached Exhibit B-1.
	Legal
    description of Solar Project site (i.e., real property description):	See
    attached Exhibit B-2.

 

 

 

 

     14

     

    
 

EXHIBIT
B-1: PERMITS & GOVERNMENTAL APPROVALS

 

COMPLETED
PERMITS

 

	 	Document
	1.	FIT Law:

         

        (a) METI Approval

         

        (b) FIT Business
        Plan Approval (jigyou keikaku nintei)

         

	2.	Electricity
        Business Act:

         

        (a) Notice
        Regarding Construction Plan

         

        (b) Notice
        Regarding Safety Rule

         

        (c) Filing
        of Chief Electricity Engineer

         

	3.	Construction
        Recycling Law:

         

        Notice pursuant
        to the Construction Recycling Law

         

	4.	Soil
        Contamination Countermeasures Act:

         

        Notice
        Regarding the Change of Shape and Nature of a Land which is Larger than a Certain Area.

         

	5.	Shimane
        Prefecture Guideline Concerning Land Use:

         

        Notice Regarding
        Development Consultation

         

	6.	Fire
        Service Act and Hamada City Ordinance on Fire Prevention:

         

        Notice
        Regarding Installation of Transformers and Batteries

         

	7.	Road
        Act and municipality ordinances:

         

        Road Occupancy
        Permission

         

	8.	River
        Act:

         

        River Occupancy
        Permission

         

	9.	Forest
        Act:

         

        Notice
        Regarding Tree Trimming

         

	10.	Shimane
        Prefecture Landscape Ordinance:

         

        Notice
        Regarding Large Scale Development

         

	11.	Road
        Traffic Act:

         

        Permits
        to Restrict Traffic

         

	12.	Building
        Standards Act

         

        Building
        certification application for retaining wall of switching station at interconnection point

         

 

     15

     

    
 

EXHIBIT
B-2: LEGAL DESCRIPTION OF PROJECT SITE 

 

The
real estate documents listed in Article V (Real Estate Documents) of Section C (Documents & Key Counterparties)
of this Appendix A are incorporated herein by reference

 

 

     16

     

    
 

section
C: Documents & Key Counterparties

 

	Kanagi  Transaction
	I.Material
    Project Agreements & Key Counterparties
	Engineering,
    Procurement and Construction Agreement	Date:
March 6, 2015

        KYOCERA Communication
Systems Co., Ltd. (“KCCS”)

	Operation
    and Maintenance Agreement	Date:
March 31, 2015

        KCCS

	Insurance
    Policy (PD/BI)	Date:
May 9, 2017

        Aioi Nissay
Dowa Insurance Co., Ltd.

	Insurance
    Policy (GL)	Date:
May 9, 2017

        Aioi Nissay
Dowa Insurance Co., Ltd.

	Insurance
    Policy (D&O)	Date:
June 27, 2017

        AIU Insurance
Company, Ltd.

	MOU	Regarding
EPC Agreement

        Date: December
26, 2014

        KCCS

	Power
    Purchase Agreement	Date:
March 19, 2015

        Chugoku
Electric Power Company

	Contribution
    in Aid of Construction Costs Agreement	Date:
December 26, 2014

        Chugoku
Electric Power Company

	MOU
    regarding Commissioning	Date:
January 28, 2016

        Chugoku
Electric Power Company

	Asset
    Management Agreement	Date:
June 26, 2015

        Green
Power Investment Corporation (“GPI”)

	Electricity
    Supply Agreement	Date:
December 15, 2015

        Chugoku
Electric Power Company

	II.Reports,
    Other Deliverables and Consultants
	Insurance
    Consultant	MST
    Risk Consulting Co., Ltd.
	Insurance
    Consultant’s Report	Insurance
    Consulting Report for Kanagi Solar Project dated March 24, 2015
	Independent
    Engineer	Mott
    MacDonald
	Independent
    Engineer’s Report	Kanagi
    PV Plant Energy Yield Assessment Report dated March 2015
	Environmental
    Consultant	ITOCHU
    Techno-Solutions Corporation
	Environmental
    Consultant’s Report	Green
    Power Kanagi Solar Power Plant Technical Verification Report (Environmental Verification) dated November 25, 2014
	III.Financing
    Arrangements & Key Counterparties
	Financing
    Agreement	None
	IV.Equity
    and Co-Ownership Arrangements & Key Counterparties
	Development
    Fee Agreement	Date:
June 26, 2015

        GPI

	V.Real
    Estate Documents 
	Superficies
    Agreement	Date:
June 2, 2014

        Kanagi
Kaihatsu KK

        Imafuku
148-3, 1478-1, 1478-3, 1479-4, 1480-2, 1480-3, 1480-4, 1480-5, 1481-2, 1482-1, 1482-3, 1482-4, 1482-5, 1482-6, 1482-7, 1482-8,
1482-10, 1482-11, 1482-12, 1482-13, 1482-14, 1493-3, 1500-1, 1500-2, 1500-8, 1501-2, 1913, 1914, 1915-1, 1915-2, 1915-3, 1915-4,
1915-5, 1915-6, 1917-1, 1917-2

 

     17

     

    
 

	Superficies
    Agreement	Date:
August 26, 2014

        Mitsuaki
Nishikawa

        Kusa
(ha) 355-1

	MOU
    regarding Superficies Agreement	Date:
November 7, 2014

        Kanagi
Kaihatsu KK

	MOU
    regarding Tree Trimming	Date:
November 7, 2014

        Kanagi
Kaihatsu KK

	MOU
    regarding Tree Trimming	Date:
November 27, 2014

        Agricultural
Producers' Cooperative Corporation Kanagi Noen

	MOU
    regarding Tree Trimming	Date:
November 7, 2014

        Mitsuaki
Nishikawa

	MOU
    regarding Tree Trimming	Date:
October 30, 2014 (as amended as of March 30, 2015)

        Tomiya
Yokota

	MOU
    regarding Tree Trimming	Date:
October 15, 2014 (as amended as of March 30, 2015)

        Masahiro
Iwado

	MOU
    regarding Tree Trimming	Date:
October 20, 2014 (as amended as of March 30, 2015)

        Atsuko
Shikamori

 

     18

     

    
 

SECTION
D: AFFILIATE TRANSACTIONS

 

	1. Asset
    Management Agreement
	Execution
    Date	June
    26, 2015
	Parties	Project
    Company and Green Power Investment Corporation
	Term	20
        years from the COD

         

        The
        Project Company may request to extend the Term for 5 years or less

         

	Fee	2,300,000
    JPY per month (after COD), plus Third Party Costs and AM Costs
	Payment
    Term	Monthly
    payment in arrears
	Termination	In
    addition to typical causes of termination, the Project Company may terminate the agreement after the end of five year after
    the COD without paying the termination fee.
	Services	Services
    related to operation, maintenance and other activities, exercise of rights and performance of obligations the Project Company

 

     19

     

    
 

appendix
b

 

Section
a: Transaction Terms and Conditions

 

	Ohorayama
    Transaction (GPI)
	I.       Purchase
        Price

         

	“Purchase
    Price”:	As
        set forth on Schedule 1.01

         

	Currency:	US
        Dollars, or where otherwise provided, Japanese Yen.

         

	“Purchase
        Price Adjustment”:

         
	The
        Purchase Price Adjustment at Closing shall be calculated to maintain the after tax IRR (which shall be denominated in
        Japanese Yen) in the Financial Model (assuming internal use of any tax benefits) of the Purchaser based on the updated
        Financial Model delivered pursuant to Section 1.5(a)(iii), which has been updated solely to reflect the following:

         

        (i)       changes
        in the final financing terms for the Project (including the terms of any project debt financing);

         

        (ii)      changes
        to reflect amendments to or new Material Contracts that have an economic impact on the Project;

         

        (iii)     changes
        in the amounts and timing of material acquired assets and liabilities not associated with operating the business in the
        ordinary course, including consumption tax reimbursements, system upgrades and warranty claims;

         

        (iv)
           changes to the completion date of the construction from the expected date of
        Final Completion (as defined in that certain Balance of Plant Contract by and between the Seller and Shimizu Corporation
        dated December 8, 2016) as set forth in Section 3.25 hereof;

         

        (v)      change
        in the timing of Closing and the amount and date of the initial distribution to the Purchaser (considering any distributions
        received by the Seller prior to Closing and with the Seller leaving a reasonable amount of working capital in the project
        to fund near-term payables);

         

        (vi)     manifest
        errors; and

         

        (vii)
           changes to the net capacity factor (NCF) directly attributable to any changes
        to as-built conditions.

         

	Post-Closing
    Adjustment:	If,
after the Closing of the Acquisition of the Acquired Interests relating to the Project, Purchaser or its controlled Affiliates
directly or indirectly receive one or more Term Conversion Date Distributions, Purchaser shall (or shall cause a controlled Affiliate
to) promptly, and in any event within two (2) Business Days of its receipt thereof, pay Seller, as an adjustment to the Purchase
Price, an amount equal to 5.01% of such Term Conversion

 

     1

     

    

 

	 	Date
        Distributions.

         

        “Term
        Conversion Date Distribution” has the meaning assigned to such term in that certain Credit Agreement between
        GK Green Power Otsuki as borrower, the Bank of Tokyo-Mitsubishi UFJ, Ltd., as Administrative Agent and the other parties
        thereto, dated December 16, 2016, or as the same may from time to time be amended with the consent of the Purchaser and
        Seller.

         

	Deferred
    Purchase Price:	None
	Payment
        Mechanics and Payee Information:

         
	Seller

         

        Bank: 

        Account
#: 

        Account
Name: 

        SWIFT: 

         

	II.       Signing
        Date Deliverables

         

	Seller’s
        Signing Date Deliverables:

         
	Duly
        executed copies of:

         

        ·     Purchase
        and Sale Agreement by and between Purchaser and Seller related to Purchaser’s acquisition of the membership interest
        of Green Power Tsugaru GK (the “Tsugaru GPI PSA”), as of the date hereof

         

	Purchaser’s
    Signing Date Deliverables:	Duly
        executed copies of:

         

        ·     the
        Tsugaru GPI PSA;

        

        ·     Purchase
        and Sale Agreement by and between Purchaser and the Pattern Energy Group LP (“LP1”) related to Purchaser’s
        acquisition of the membership interests of GK Green Power Kanagi, GK Green Power Otsuki and GK Green Power Futtsu (the
        “LP1 PSA”), as of the date hereof;

        

        ·     Purchase
        and Sale Agreement by and between Purchaser and the LP1 related to Purchaser’s acquisition of the membership interest
        of Green Power Tsugaru GK (the “Tsugaru LP1 PSA”), as of the date hereof; and

        

        ·     Deferred
        Payment Agreement by and between Purchaser and LP1, as of the date hereof.

         

	III.       Closing

         

	Closing
        Location:

         
	At
the offices of Purchaser:

        Pier
1, Bay 3

        San
        Francisco, CA 94111

         

	Expected
    Closing Date:	March
    5, 2018
	Outside
        Closing Date:

         
	June
    30, 2018
	IV.       Closing
        Deliverables & Conditions Precedent to Closing

         

	Additional
    Closing 	In
addition to the closing deliverables set forth in Section 1.5(a) of the

 

 

 

     2

     

    
 

	Deliverables
    of Seller:	Agreement,
    Seller shall deliver, or cause to be delivered, to Purchaser the additional closing deliverables set forth in Exhibit A-1.
	Additional
    Closing Deliverables of Purchaser: 	In
        addition to the closing deliverables set forth in Section 1.5(b) of the Agreement, Purchaser shall deliver, or
        cause to be delivered, to Seller the additional closing deliverables set forth in Exhibit A-2.

         

	Additional
    Conditions Precedent to Each Party’s Obligations to Close:	In
        addition to the conditions precedent set forth in Section 5.1 of the Agreement, the obligation of Purchaser and
        Seller to Close is subject to the additional conditions precedent set forth in Exhibit A-3.

         

	Additional
    Conditions Precedent to Purchaser’s Obligations to Close:	In
        addition to the conditions precedent set forth in Section 5.2 of the Agreement, the obligation of Purchaser to
        Close is subject to the additional conditions precedent set forth in Exhibit A-4.

         

	Additional
    Conditions Precedent to Seller’s Obligations to Close:	In
addition to the conditions precedent set forth in Section 5.3 of the Agreement, the obligation of Seller to Close is subject
to the additional conditions precedent set forth in Exhibit A-5.

	V.       Additional
        Termination Rights

         

	By
        Either Purchaser or Seller:

         
	None

         

	By
        Purchaser:

         
	Purchaser
        shall have the right to terminate this Agreement with respect to all of the Acquisitions without any liability or payment,
        at any time prior to the occurrence of the Closing hereunder, if:

         

        ·     LP1
PSA, Tsugaru LP1 PSA or Tsugaru GPI PSA is terminated for any reason prior to the closing of the Acquisitions (as defined therein)
contemplated thereby.

	By
        Seller:

         
	None

         

	VI.       Indemnification
        Provisions

         

	Additional
        Seller Indemnity Obligations:

         
	If
Purchaser is entitled to receive indemnification from LP1 under the LP1 PSA with respect to (1) any certain representations and
warranties with respect to the Ohorayama Project and the Ohorayama Project Company and its Subsidiaries (the “Ohorayama
Representations”) and/or (2) any covenants contained in Article 4 of the LP1 PSA to the extent relating to the Ohorayama
Project Company and its Subsidiaries or the Project (“Project Level Indemnity Obligations”) (which indemnification
shall, as provided in the LP1 PSA, be determined by calculating Purchaser’s “Losses” as if LP1 had indirectly
owned and sold to Purchaser both (i) the Acquired Interests (as defined in the LP1 PSA) relating to the Ohorayama Acquisition
and (ii) the Acquired Interests under this Agreement relating to the Ohorayama Acquisition), then the aggregate amount of such
indemnification payments shall be made severally and not jointly by LP1 and Seller in the following proportions: 5.01% by Seller
and 94.99% by LP1; provided that the foregoing allocation shall not apply to any actual fraud or willful misrepresentation
by either LP1 or Seller, and each of LP1

 

     3

     

    
 

	 	and
        Seller shall remain fully liable for its own actual fraud or willful misrepresentation as and to the extent provided for
        in the LP1 PSA (in the case of LP1) and this Agreement (in the case of Seller).

         

        Solely
        in respect of the Ohorayama Representations and the Project Level Indemnity Obligations, the foregoing indemnification
        by Seller shall be in lieu of any indemnification by Seller under Section 6.1(a)(i).

         

        Seller
shall not be entitled to any control rights under Section 6.4 of this Agreement with respect to any Claims relating to
any Project Level Indemnity Obligations relating to the Ohorayama Acquisition.

	Additional
        Purchaser Indemnity Obligations:

         
	None

         

	Survival
        Period:

         
	Until
    the date that is 12 months after the Closing, except for (i) the representations and warranties in Sections 2.1, 2.2, 2.3(a),
    2.6 and 2.11 and any claim for any breach of any representation or warranty involving actual fraud or willful misrepresentation,
    which shall survive until the expiration of the relevant statute of limitations, (ii) the representation and warranty in Section
    2.18 with respect to the Indebtedness of HoldCo and its Subsidiaries, which shall survive until the date that is the later
    of: (A) 6 months after the Closing; and (B) 3 months following the completion of the Project Company's first annual audited
    financial statements for a fiscal year ending after the Closing, and (iii) the representations and warranties in Section 2.9,
    which shall survive until the date that is 60 days after the expiration of the period, if any, during which an assessment,
    reassessment or other form of recognized written demand assessing liability for Tax, interest or penalties under applicable
    Law in respect of any taxation year to which such representations and warranties relate could be issued to HoldCo or any of
    its Subsidiaries (the “Survival Period”).
	Representations
    and Warranties:	Pursuant
    to the LP1 PSA, LP1 is making the Ohorayama Representations.  Notwithstanding anything in this Agreement to the
    contrary, Seller is making no representations and warranties in Article II of this Agreement with respect to the subject matter
    of the Ohorayama Representations, and the Ohorayama Representations shall constitute the sole representations and warranties
    being made to Purchaser with respect to the Ohorayama Project and the Ohorayama Project Company and its Subsidiaries in connection
    with the transactions contemplated hereby; provided that the foregoing limitations shall not apply to any actual fraud
    or willful misrepresentation by the Seller.
	Limitation
    on Liability:	“Basket
        Amount”:

         
	With
    respect to the Ohorayama Acquisition, 1.00% of the applicable Purchase Price; provided that (i) the Basket Amount shall
    not apply to Seller’s payment obligations relating to Project Level Indemnity Obligations, (ii) if Seller makes (or
    is obligated to make) any payments with respect to the Project Level Indemnity Obligations relating to breaches of the Ohorayama
    Representations then the Basket Amount shall be deemed to have been 

 

     4

     

    
 

	 	 	satisfied
    and (iii) if Purchaser has made indemnification claims to LP1 under the LP1 PSA with respect to Project Level Indemnity Obligations
    relating to the Ohorayama Acquisition but no indemnification payments have been made because the applicable Basket Amount
    has not been satisfied under the LP1 PSA, then 5.01% of the unpaid amounts so claimed shall be treated as claims under this
    Agreement for purposes of satisfying the Basket Amount hereunder.
	“Seller’s Maximum Liability”:	With
        respect to the Ohorayama Acquisition, 11.00% of the applicable Purchase Price; provided that the amount of any
        payments made by Seller with respect to Project Level Indemnity Obligations relating to the Ohorayama Acquisition shall,
        subject to the application of the proviso in Section 6.2(b)(i) of this Agreement (applied mutatis mutandis with
        respect to the applicable provisions of the LP1 PSA), for purposes of Section 6.2(b)(i) of this Agreement be treated as
        payments by Seller under this Agreement for Claims relating to the Ohorayama Acquisition.

         

	“Purchaser’s
        Maximum Liability”:

         
	With
    respect to the Ohorayama Acquisition, 11.00% of the applicable Purchase Price.
	Additional
        Refund or Reimbursement Obligations:

         
	By
        Purchaser or Purchaser Indemnified Party: None

         

        By
        either Seller or any Seller Indemnified Party: None

         

	VII.       Additional
        Transaction Terms

         

	Required
    Governmental Approvals:	Pattern
    US Finance Company LLC to submit to Bank of Japan a prior notification of inward direct investment (tainai chokusetsu toshi)
    in regard to the investment in Green Power Generation GK pursuant to the Foreign Exchange and Foreign Trade Act of Japan.
	Persons
    with Knowledge:	Purchaser’s
        Persons with Knowledge: Esben Pedersen, Mike Lyon and Dyann Blaine

         

        Seller’s
        Persons with Knowledge: Shoichi Yoshizaki, Kazuaki Hosokawa, Kevin Deters and Roland Thompson

         

	Additional
        Assignment Rights:

         
	Assignment
        Rights of Seller: None

         

        Assignment
        Rights of Purchaser: None

         

 

     5

     

    
 

	Governing Law:	New
        York

         

	Notice
    Information:	To
        Purchaser:

         
	Pier
1, Bay 3

        San
Francisco, CA 94111

        Attention:
General Counsel

        Phone:
415-283-4000

        Fax:
        415-362-7900

         

	To
        Seller:

         
	Akasaka
Intercity 3/F

        1-11-44
Akasaka, Minato-ku

        Tokyo,
Japan  107-0052

        Attention:
CFO and General Counsel

        Phone:
        +81 (3) 4510-2112

         

 

     6

     

    
 

EXHIBIT
A-1:

 

ADDITIONAL
CLOSING DELIVERABLES OF Seller

 

		1.	A
                                         properly executed Assignment and Assumption Agreement between Subsidiary Purchaser and
                                         Seller transferring 5.01% of the equity interests in the Project Company.

 

		2.	Consent
                                         Letter by the Project Company for Japanese law perfection purposes.

 

		3.	Written
                                         consent of participating members regarding amendment of articles of incorporation of
                                         the Project Company.

 

		4.	Amended
                                         and restated articles of incorporation of the Project Company.

 

		5.	Written
                                         consent of all members of the Project Company which authorizes and approves the transfer
                                         of the membership interest from the Seller to the Subsidiary Purchaser.

 

		6.	Documents
                                         required for the registration regarding change of the participating member of the Project
                                         Company.

 

 

     7

     

    
 

EXHIBIT
A-2:

 

Additional
Closing Deliverables of purchaser

 

Copies or originals
of the following documents, each dated as of or prior to the Closing Date:

 

		1.	A
                                         properly executed Assignment and Assumption Agreement between Subsidiary Purchaser and
                                         Seller transferring 5.01% of the equity interests in the Project Company.

 

 

 

     8

     

    
 

EXHIBIT
A-3:

 

Additional
Conditions Precedent to 

Each
Party’s Obligations to Close

 

		1.	Receipt of the required Governmental
                                         Approvals (excluding the post-closing items) identified in Part VII of Section
                                         A.

 

		2.	No circumstances, developments, changes
                                         or events has occurred since the date hereof that, individually or in the aggregate,
                                         could reasonably be expected to result in the failure of a condition to closing set forth
                                         in Article 5 of the Tsugaru GPI PSA.

 

 

     9

     

    
 

EXHIBIT
A-4:

 

ADDITIONAL
CONDITIONS PRECEDENT TO

PURCHASER’S
OBLIGATIONS TO CLOSE

 

None.

 

 

     10

     

    
 

EXHIBIT
A-5:

 

Additional
Conditions Precedent to 

SELLER’S
Obligations to Close

 

None.

 

 

     11

     

    
 

Section
B: Acquired Interests; Ownership Structure; 

 

and
WIND Project Information

 

	OHORAYAMA
     TRANSACTION
	I.Acquired
    Interests & Ownership Structure
	Project
    Company:	GK
    Green Power Otsuki, a Japanese godo kaisha
	Holding
    Company (“HoldCo”):	None
	Subsidiaries
    of HoldCo	None
	Subsidiaries
    of Project Company	None
	Subsidiary
    Purchasers	Green
    Power Generation GK, a Japanese godo kaisha
	Subsidiary
    Transferor	None
	Percentage
    of Project Company Acquired by Purchaser:	5.01%
	Percentage
    to be Acquired by LP1:	94.99%

         

        Purchaser will
        indirectly acquire the remaining 94.99% of the Project Company held by Ohorayama Wind LLC, a Delaware limited liability
        company pursuant to the LP1 PSA.

         

	Acquired
    Interests:	Purchaser
    will acquire 5.01% of the membership interests in the Project Company (the “Acquired Interests”).

 

     12

     

    
 

	Direct
    or Indirect Co-Owners of Project Company:	Structure
        Immediately Prior to the Closing

         

        

         

 

     13

     

    
 

	Direct
    or Indirect Co-Owners of Project Company (cont.):	Structure
        Immediately Following the Closing

         

        

         

	II.Wind
    Project Information
	Wind
    Project:	Nameplate
capacity: 33 MW

        Location:
Kochi Prefecture, Japan

        Wind
        turbine manufacturer: GE 3.0W 103m rotor, 85m hub height

         

	Commercial
    Operation Date of Wind Project:	March
    1, 2018

 

     14

     

    
 

	Permits
    & Governmental Approvals:	See
    attached Exhibit B-1.
	Legal
    description of Wind Project site (i.e., real property description):	See
    attached Exhibit B-2.

 

 

 

     15

     

    
 

EXHIBIT
B-1: PERMITS & GOVERNMENTAL APPROVALS

 

COMPLETED
PERMITS

 

	 	Document
	1.	
        Environmental Impact Assessment Act:

         

        (a) Submission and public notice of environmental
        impact assessment methodology report (houhousho);

         

        (b) Submission and public notice of draft environmental
        impact assessment report (hyoukasho an); and

         

        (c) Submission and public notice of environmental
        impact assessment report (hyoukasho).

         

	2.	
        FIT Law:

         

        (a) Approval (setsubi nintei) by Minister of
        Economy, Trade and Industry of Japan and the approval on amendment (henkou nintei) and the notices concerning minor amendment
        (keibi henkou todokede) therefor.

         

        (b) FIT Business Plan Approval (jigyou keikaku
        nintei)

         

	3.	
        Kochi Prefecture Basic Regulations on Land:

         

        (a) Notification of development plan to the Governor
        of Kochi Prefecture.

         

        (b) Notification of informational plan to the Governor
        of Kochi Prefecture.

         

        (c) Submission of informational report to the Governor
        of Kochi Prefecture.

         

        (d) Notification of commencement of construction

         

	4.	
        Forest Act:

         

        (a) Forest land development permit by the Governor of Kochi
        Prefecture.

         

        (b) Notification of commencement of construction

         

        (c) Permit for activities in protecting forest by the Governor
        of Kochi Prefecture.

         

        (d) Notification of felling in protecting forest to the
        Governor of Kochi Prefecture.

         

	5.	
        Erosion Control Act / Kochi Prefecture Erosion
        Control Designated Management Ordinance:

         

        (a) Permit for activities in designated erosion
        control areas by the Governor of Kochi Prefecture.

         

        (b) Notification of activities in designated erosion
        control areas to the Governor of Kochi Prefecture.

         

	6.	
        Otsuki Non-Legal Public Property Management
        Regulations:

         

        (a) Permit for public
        works for laying of new roads (including culverts) by the mayor of Otsuki town.

         

        (b) Notification of commencement of construction

         

        (c) Permit for exclusive
        use for laying of new roads (including culverts) by the mayor of Otsuki town.

         

	7.	
        Soil Contamination Countermeasures Act:

         

        Notification of changes to land character has to
        the Governor of Kochi Prefecture.

         

	8.	
        Factory Location Act:

         

        (a) Notification related
        to new construction of designated factories to the Governor of Kochi Prefecture.

         

        (b) Application for shortening of the restricted
        period to the Governor of Kochi Prefecture.

         

 

     16

     

    
 

	9.	Construction
        Waste Recycling Act:

         

        Notification
        of demolition and new construction work of a certain scale to the Governor of Kochi Prefecture.

         

	10.	Agricultural
        Land Act:

         

        Permit
        for conversion of agricultural land and establishment and transfer of rights by the Governor of Kochi Prefecture.

         

	11.	Road
        Act:

         

        Permit
        for exclusive use for underground transmission line installation by the Mayor of Otsuki Town, Mayor of Sukumo City and
        manager of Kochi Prefecture Hata Civil Engineering Office.

         

	12.	Outline
        of Administrative Processes for Management and Disposal of Kochi Prefecture Land Improvement Assets:

         

        Permit
        for exclusive use land improvement assets by the Governor of Kochi Prefecture.

         

	13.	Sukumo
        Non-Legal Public Property Management Ordinance:

         

        Permit
        for exclusive use of non-legal public property by the Mayor of Sukumo City.

         

	14.	River Act:

         

        Permit for
        exclusive use of the river area and installation of facilities in the river area by the manager of Kochi Prefecture Hata
        Civil Engineering Office.

         

	15.	Electricity
        Business Act:

         

        (a)
        Submission of Project Safety Conditions (hoan kitei) and its amendment to the manager of Chugoku Shikoku Industrial
        Safety and Inspection Department.

         

        (b)
        Notification of construction plan (kouji keikaku no todokede) to the manager of Chugoku Shikoku Industrial Safety
        and Inspection Department.

         

        (c)
        Notification of appointment of chief electrical engineer (denki shunin gijutsusha sen-nin no todokede) to the manager
        of Chugoku Shikoku Industrial Safety and Inspection Department.

         

        (d)
        Power Producer (hatsuden jigyousha) Filing

         

	16.	Civil Aeronautics
        Act:

         

        (a)
        Permit for aircraft obstacle light (kouku shougai tou) installation exemption by the director of West Japan Civil
        Aviation Bureau.

         

        (b)
        Approval for daytime obstacle markings (hiruma shougai hyoushiki) installation exemption by the director of West
        Japan Civil Aviation Bureau.

         

	17.	Survey Act:

         

        Request for
        the transfer of surveying mark (triangulation point) to the director of Geographical Survey Institute.

         

	18.	Wire Telecommunications
        Act:

         

        Notification
        of installation of wire telecommunications equipment to the Minister of the Internal Affairs and Communications.

         

	19.	Otsuki Town
        Ordinance of the Procedure of Land Development Activities:

         

        Approval of
        the land development activities by the Mayor of Otsuki Town.

         

	20.	Electricity
    Business Act:

 

     17

     

    
 

	 	(a)
        Self-inspection of the electric facilities prior to the commencement of operation (shiyou mae jishu kensa).

         

        (b) Examination
        of the system in respect of the self-inspection (shiyou mae anzen kanri shinsa) .

         

	21.	Civil
        Aeronautics Act:

         

        Notification
        related to aircraft obstacle light installation and daytime obstacle markings installation.

         

	22.	Otsuki
        Town Ordinance of the Procedure of Land Development Activities:

         

        Notification
        of the completion of construction to the Mayor of Otsuki Town.

         

	23.	Road Act:

         

        Permit for
        passage of the limit excess vehicle.

         

	24.	Road
        Traffic Act:

         

        (a)
        Permit for loading outside the limit (seigen gai sekisasai kyoka).

         

        (b)
        Permit for towing outside the limit (seigen gai ken-in kyoka).

         

        (c)
        Permit for road use (douro shiyou kyoka).

         

	25.	Kochi Prefecture
        Port Facilities Management Ordinance:

         

        Permit for exclusive
        use of a port facility or use of a port facility.

         

	26.	Fire Service Act
        / Hata West Fire Association Fire Prevention Ordinance:

         

        Notification of installation
        of the transformer facility and the electric storage facility.

         

 

     18

     

    
 

EXHIBIT
B-2: LEGAL DESCRIPTION OF PROJECT SITE

 

The
real estate documents listed in Article V (Real Estate Documents) of Section C (Documents & Key Counterparties) of this Appendix
B are incorporated herein by reference.

 

 

     19

     

    
 

section
C: Documents & Key Counterparties

 

	Ohorayama
    Transaction (GPI)
	I.Material
    Project Agreements & Key Counterparties
	Balance
    of Plant Contract	Date:
December 8, 2016

        Shimizu Corporation

	Contract
    for the Sale of Power Generation Equipment and Related Services	Date:
December 8, 2016

        General Electric
International, Inc.

	General
    Electric Company Parent Guaranty Agreement - Turbine Supply Agreement	Date:
December 8, 2016

        General Electric
Company

	Full
    Service Agreement	Date:
December 8, 2016

        GE International,
Inc. (Tokyo Branch)

	General
    Electric Company Parent Guaranty Agreement - Full Service Agreement	Date:
December 8, 2016

        General Electric
Company

	Insurance
    Policy (DSU)	Date:
December 5, 2016

        Swiss
Re International Se, Japan Branch

	Insurance
    Policy (EAR)	Date:
December 5, 2016

        Swiss
Re International Se, Japan Branch

	Insurance
    Policy (MARINE CARGO)	Date:
June 17th, 2017

        Chubb
Insurance Co. of Japan

	Power
    Purchase Agreement	Date:
March 31, 2016

        Shikoku
Electric Power Company

	Contribution
    in Aid of Construction Costs Agreement	Date:
March 31, 2016

        Shikoku
Electric Power Company

	Management,
    Operation, and Maintenance Services Agreement	Date:
December 16, 2016

        Green Power
Operation GK

	Project
    Administration Agreement	Date:
December 16, 2016

        Green Power
Operation GK

	Memorandum
    of Commissioning of Power Purchase Agreement (shiunten oboegaki)	Date:
November 21, 2017

        Shikoku Electric
Power Company

	II.Reports,
    Other Deliverables and Consultants
	Independent
    Engineer:	Mott
    MacDonald Japan KK
	Independent
    Engineer’s Report:	Ohorayama
    Wind Farm Lenders’ Technical Advisor Final Report, dated December 9, 2016
	Insurance
    Consultant:	JLT
    Japan Limited
	Insurance
    Consultant’s Report:	Ohorayama
    Wind Farm Insurance Advisory Report, dated November 2016
	Independent
    Financial Model Advisor:	Tokyo
    Kyodo Accounting Office
	Independent
    Financial Model Advisor’s
    Report:	Report
    on the Results of the Agreed Procedure regarding Wind Power Project, dated December 6, 2016
	Independent
    Environmental Consultant:	Ramboll
    Environ US Corporation
	Independent
    Environmental Consultant’s Report:	Environmental
    Review Refresh, dated September 2016
	Wind
    Consultant:	DNV
    GL AS Japan Branch

 

     20

     

    
 

	Wind
    Consultant’s Report:	Report
    Ref. 195032-JPYO-R-02-E, dated August 25, 2016
	III.Financing
    Arrangements & Key Counterparties
	Credit
    Agreement for Construction Financing and Term Financing	Date:
December 16, 2016

        BTMU,
        SMBC and SMTB

         

	ISDA
    2002 Master Agreements	Date:
December 16, 2016

        BTMU,
        SMBC and SMTB, respectively

         

	Schedule
    to ISDA 2002 Master Agreements	Date:
December 16, 2016

        BTMU,
        SMBC and SMTB, respectively

         

	Inter-secured
    Parties Agreement	Date:
December 16, 2016

        The Bank
        of Tokyo-Mitsubishi UFJ, Ltd. (“BTMU”), Sumitomo Mitsui Banking Corporation (“SMBC”),
        Sumitomo Mitsui Trust Bank, Limited.(“SMTB”)

         

	Membership
    Interest Pledge Agreement	Date:
December 16, 2016

        BTMU,
        SMBC, SMTB, Green Power Investment Corporation (“GPI”), Ohorayama Wind LLC

         

	Material
    Project Document Pledge Agreement	Date:
December 16, 2016

        BTMU,
        SMBC and SMTB

         

	Agreement
    on Option to Assign Contractual Positions in the Material Project Documents	Date:
December 16, 2016

        BTMU,
        SMBC and SMTB

         

	Collateral
    Account Pledge Agreement	Date:
December 16, 2016

        BTMU,
        SMBC and SMTB

         

	JCT
    Refund Account Pledge Agreement	Date:
December 16, 2016

        BTMU,
        SMBC and SMTB

         

	Insurance
    Pledge Agreement	Date:
December 16, 2016

        BTMU,
        SMBC and SMTB

         

	Interest
    Rate Hedge Agreement Pledge Agreement	Date:
December 16, 2016

        BTMU,
        SMBC and SMTB

         

	Agreement
    on Option to Assign Contractual Positions in the Interest Rate Hedge Agreement	Date:
December 16, 2016

        BTMU,
        SMBC and SMTB

         

	Superficies
    Mortgage Agreement	Date:
December 16, 2016

        BTMU,
        SMBC and SMTB

         

	New
    York Security Agreement	Date:
December 16, 2016

        BTMU,
        SMBC and SMTB

         

	Agency
    Fee Letter	Date:
December 16, 2016

        BTMU

         

	Fee
    Letter	Date:
December 16, 2016

        BTMU,
        SMBC and SMTB, respectively

         

	IV.Equity
    and Co-Ownership Arrangements & Key Counterparties
	Contribution
    Agreement	Date:
December 16, 2016

        Ohorayama
        Wind LLC, GPI

         

	Amended
    and Restated Development Fee Agreement	Date:
March 26, 2016

        GPI

         

	V.Real
    Estate Documents 

 

     21

     

    
 

	Superficies
    Agreement	Date:
September 3, 2013

        Akira
Nishimori

        Kashiratsudoi
666, 675, 683-1

	Superficies
    Agreement	Date:
September 13, 2013

        Kazuo
Nishimori

        Kashiratsudoi
667, 673

	Superficies
    Agreement	Date:
September 5, 2013

        Noriyoshi
Okada

        Hokotsuchi
814-5

	Superficies
    Agreement	Date:
January 10, 2014

        Hiroshi
Nishimori

        Hokotsuchi
713

	Superficies
    Agreement	Date:
December 5, 2013

        Teruyoshi
Machida

        Hokotsuchi
712-1, 809-1

	Superficies
    Agreement	Date:
November 5, 2014

        Ippan
Shadan Hojin Horayama wo Mamorukai

        Hokotsuchi
672-1

	Superficies
    Agreement	Date:
October 7, 2014

        Otsuki
Town

        Hiromi
4312, 4350-3, Kashiratsudoi 626-113

	Superficies
    Agreement	Date:
September 9, 2013

        Toshio
Seike

        Hiromi
4311-8

	Superficies
    Agreement	Date:
April 14, 2016

        Chiyo
Ikuta

        Sukumo-shi,
Kaizuka 867-3

	Superficies
    Agreement	Date:
October 22, 2013

        Mayuko
Tokuhiro, Hitoshi Takaoka

        Tachibanaura
634

	Superficies
    Agreement	Date:
October 7, 2013

        Hiroyoshi
Oguro

        Tachibanaura
627

	Superficies
    Agreement	Date:
October 22, 2013

        Isao
Nakata, Mamiko Nakata

        Tachibanaura
587, 607

	Superficies
    Agreement	Date:
November 5, 2014

        Tachibanaura
Chikukai

        Tachibanaura
482-41

	Superficies
    Agreement	Date:
November 5, 2014

        Ippan
Shadan Hojin Tachibanaura no Sato wo Mamorukai

        Tachibanaura
482-40

	Superficies
    Agreement	Date:
December 11, 2013

        Toshio
Iyota

        Tachibanaura
461

	Superficies
    Agreement	Date:
September 3, 2013

        Tokuo
Nishimori

        Kashiratsudoi
669, 671, 672

	Superficies
    Agreement	Date:
September 3, 2013

        Hiroshi
Maeda

 

     22

     

    
 

	 	Kashiratsudoi
    664
	Superficies
    Agreement	Date:
September 6, 2013

        Junko
Maeno

        Kashiratsudoi
606-46

	Superficies
    Agreement	Date:
October 22, 2013

        Mamiko
Nakata

        Kashiratsudoi
606-33

	Superficies
    Agreement	Date:
September 6, 2013

        Mayuko
Tokuhiro, Junko Maeno

        Kashiratsudoi
606-32

	Superficies
    Agreement	Date:
September 17, 2013

        Yasushi
Futakami

        Kashiratsudoi
606-31

	Superficies
    Agreement	Date:
September 5, 2013

        Fumiko
Ikeda

        Kashiratsudoi
606-29

	Superficies
    Agreement	Date:
October 9, 2013

        Mayuko
Tokuhiro

        Kashiratsudoi
606-28

	Superficies
    Agreement	Date:
April 24, 2015

        Koji
Matsumoto, Mayuko Tokuhiro

        Kashiratsudoi
606-27

	Superficies
    Agreement	Date:
December 5, 2013

        Koichi
Yamashita

        Hokotsuchi
814-1

	Easement
    Agreement (tsukou chiekiken settei keiyaku)	Date:
April 8, 2014

        Yasutaka
Tomita

        Hokotsuchi
602-133

	Easement
    Agreement (tsukou chiekiken settei keiyaku)	Date:
December 5, 2017

        Chiyo
Ikuta

        Kaizuka
867-6

 

     23

     

    
 

SECTION
D: AFFILIATE TRANSACTIONS

 

	1. Management, Operation, and
    Maintenance Services Agreement
	Execution
    Date	December
    16, 2016
	Parties	Project
    Company and Green Power Operation GK
	Term	Initial
        Term: 20 years from the date 6 months prior to the Anticipated COD

         

        The
Project Company may request to extend the Term for 5 years or less

	Fee	43,440,000
    JPY as fixed annual fee, plus Reimbursable Expenses and Reimbursable Expenses Fee
	Payment
    Term	Monthly
    payment in arrears
	Termination	In
    addition to typical causes of termination, the Project Company may terminate the agreement for convenience at any time after
    the end of second year after the COD with 180 days prior written notice by paying the Termination Fee.
	Services	Operation,
    maintenance and management of the Wind Plant

 

	2. Project
    Administration Agreement
	Execution
    Date	December
    16, 2016
	Parties	Project
    Company and Green Power Operation GK
	Term	Initial
        Term: 20 years from the execution date (December 16, 2016)

         

        The
        Project Company may request to extend the Term for 5 years or less

         

	Fee	33,720,000
    JPY as fixed annual fee, plus Reimbursable Expenses and Reimbursable Expenses Fee
	Payment
    Term	Monthly
    payment in arrears
	Termination	In
    addition to typical causes of termination, the Project Company may terminate the agreement for convenience at any time after
    the end of second year after the COD with 180 days prior written notice by paying the Termination Fee.
	Services	Administrative
    services of the Project Company and Wind Plant

 

		3.	Master Services Agreement between
                                         the Project Company and Seller, dated November 17, 2016.

 

		4.	Development Fee Agreement between
                                         the Project Company and Seller, dated March 26, 2015 (as amended on March 26, 2016).

 

 

     24

     

    
 

appendix
C

 

Section
a: Transaction Terms and Conditions

 

	Otsuki
    Transaction
	I.       Purchase
        Price

         

	“Purchase
    Price”:	As
        set forth on Schedule 1.01

         

	Currency:	US
        Dollars, or where otherwise provided, Japanese Yen.

         

	“Purchase
        Price Adjustment”:

         
	The
        Purchase Price Adjustment at Closing shall be calculated to maintain the after tax IRR (which shall be denominated in
        Japanese Yen) in the Financial Model (assuming internal use of any tax benefits) of the Purchaser based on the updated
        Financial Model delivered pursuant to Section 1.5(a)(iii), which has been updated solely to reflect the following:

         

        (i)       change
        in the timing of Closing and the amount and date of the initial distribution to the Purchaser (considering any distributions
        received by the Seller prior to Closing and with the Seller leaving a reasonable amount of working capital in the project
        to fund near-term payables);

         

        (ii)      changes
        to reflect amendments to or new Material Contracts that have an economic impact on the Project (including the terms of
        any project debt and tax equity financing and changes to the length of the term of any power purchase agreement);

         

        (iii)     changes
        in the amounts and timing of material acquired assets and liabilities not associated with operating the business in the
        ordinary course, including post-construction refunds, reserve amounts, outstanding debt balances, capital expenditures,
        etc.; and

         

        (iv)     manifest
        errors.

         

        In
        addition, the Purchase Price relating to the Otsuki Project will be decreased by the amount required to pay in full (i)
        all amounts outstanding under that certain Credit Agreement between Otsuki Wind Power Corporation as borrower, Sumitomo
        Mitsui Trust Bank, Limited (formerly Sumitomo Trust Bank, Limited) and the other parties thereto, dated November 27, 2006
        (as amended) (the “Otsuki Facility”), and (ii) all amounts required to terminate that certain Interest
        Rate Swap Agreement between Seller and Sumitomo Mitsui Trust Bank, Limited dated December 4, 2006, as amended on September
        27, 2007, including any termination and/or breakage costs in connection therewith, irrespective of whether such amounts
        are repaid immediately prior to, at or after the Closing.

         

	Post-Closing
    Adjustment:	None.

 

     1

     

    
 

	Deferred
    Purchase Price:	None
	Payment
        Mechanics and Payee Information:

         
	Seller

         

        Bank: 

        Account
#: 

        Account
Name: 

        SWIFT: 

         

	II.       Signing
        Date Deliverables

         

	Seller’s
        Signing Date Deliverables:

         
	Duly
        executed copies of:

         

        ·     Purchase
        and Sale Agreement by and between Purchaser and Seller related to Purchaser’s acquisition of the membership interest
        of Green Power Tsugaru GK (the “Tsugaru GPI PSA”), as of the date hereof

         

	Purchaser’s
    Signing Date Deliverables:	Duly
        executed copies of:

         

        ·     the
        Tsugaru GPI PSA;

        

        ·     Purchase
        and Sale Agreement by and between Purchaser and the Pattern Energy Group LP (“LP1”) related to Purchaser’s
        acquisition of the membership interests of GK Green Power Kanagi, GK Green Power Otsuki and GK Green Power Futtsu (the
        “LP1 PSA”) as of the date hereof;

        

        ·     Purchase
        and Sale Agreement by and between Purchaser and the LP1 related to Purchaser’s acquisition of the membership interest
        of Green Power Tsugaru GK (the “Tsugaru LP1 PSA”), as of the date hereof; and

        

        ·     Deferred
        Payment Agreement by and between Purchaser and LP1 as of the date hereof.

         

	III.       Closing

         

	Closing
        Location:

         
	At
the offices of Purchaser:

        Pier
1, Bay 3

        San
        Francisco, CA 94111

         

	Expected
    Closing Date:	March
    5, 2018
	Outside
        Closing Date:

         
	June
    30, 2018
	IV.       Closing
        Deliverables & Conditions Precedent to Closing

         

	Additional
    Closing Deliverables of Seller: 	In
        addition to the closing deliverables set forth in Section 1.5(a) of the Agreement, Seller shall deliver, or cause
        to be delivered, to Purchaser the additional closing deliverables set forth in Exhibit A-1.

         

	Additional
    Closing Deliverables of Purchaser: 	In
        addition to the closing deliverables set forth in Section 1.5(b) of the Agreement, Purchaser shall deliver, or
        cause to be delivered, to Seller the additional closing deliverables set forth in Exhibit A-2.

         

	Additional
    Conditions Precedent to Each Party’s 	In
        addition to the conditions precedent set forth in Section 5.1 of the Agreement, the obligation of Purchaser and
        Seller to Close is subject to the

         

 

     2

     

    
 

	Obligations to Close:	additional
    conditions precedent set forth in Exhibit A-3.
	Additional
    Conditions Precedent to Purchaser’s Obligations to Close:	In
        addition to the conditions precedent set forth in Section 5.2 of the Agreement, the obligation of Purchaser to
        Close is subject to the additional conditions precedent set forth in Exhibit A-4.

         

	Additional
    Conditions Precedent to Seller’s Obligations to Close:	In
        addition to the conditions precedent set forth in Section 5.3 of the Agreement, the obligation of Seller to Close
        is subject to the additional conditions precedent set forth in Exhibit A-5.

         

	V.       Additional
        Termination Rights

         

	By
        Either Purchaser or Seller:

         
	None

         

	By
        Purchaser:

         
	Purchaser
        shall have the right to terminate this Agreement with respect to all of the Acquisitions without any liability or payment,
        at any time prior to the occurrence of the Closing hereunder, if:

         

        ·     any
        of the LP1 PSA, Tsugaru GPI PSA, or Tsugaru LP1 PSA is terminated for any reason prior to the closing of the Acquisitions
        (as defined therein) completed thereby.

         

	By
        Seller:

         
	None

         

	VI.       Indemnification
        Provisions

         

	Additional
        Seller Indemnity Obligations:

         
	None
	Additional
        Purchaser Indemnity Obligations:

         
	None

         

	Survival
        Period:

         
	Until
        the date that is 12 months after the Closing, except for (i) the representations and warranties in Sections 2.1,
        2.2, 2.3(a), 2.6 and 2.11 and any claim for any breach of any representation or warranty involving
        actual fraud or willful misrepresentation, which shall survive until the expiration of the relevant statute of limitations,
        and (ii) the representations and warranties in Section 2.9, which shall survive until the date that is 60 days
        after the expiration of the period, if any, during which an assessment, reassessment or other form of recognized written
        demand assessing liability for Tax, interest or penalties under applicable Law in respect of any taxation year to which
        such representations and warranties relate could be initiated (the “Survival Period”).

         

	Limitation
    on Liability:	“Basket
        Amount”:

         
	1.00%
        of the Purchase Price

         

	“Seller’s Maximum Liability”:	11.00%
        of the Purchase Price

         

 

     3

     

    
 

	 	“Purchaser’s
        Maximum Liability”:

         
	11.00%
    of the Purchase Price
	Additional
        Refund or Reimbursement Obligations:

         
	By
        Purchaser or Purchaser Indemnified Party: None

         

        By
        either Seller or any Seller Indemnified Party: None

         

	VII.       Additional
        Transaction Terms

         

	Updating
    of Disclosure Schedules:	Seller
    shall notify Purchaser in writing of any material changes, additions, or events occurring after the date of this Agreement
    and before the Closing for the Otsuki Project which require a representation and warranty of Seller for the Acquisition for
    the Otsuki Project (other than any representations or warranties in Sections ‎2.6, ‎2.7 and ‎2.11,
    which, for clarity, may not be updated by Seller) to be supplemented with a new Schedule or cause any material change in or
    addition to a Schedule promptly after Seller becomes aware of the same by delivery of such new Schedule or appropriate updates
    to any such Schedule (each, an “Updated Disclosure Schedule”) to Purchaser.  Each Updated
    Disclosure Schedule shall (i) expressly state that it is being made pursuant to this section “Updating of Disclosure
    Schedules” in Part VII of Section A of Appendix C, (ii) specify the representations and warranties
    to which it applies and (iii) describe in reasonable detail the changes, additions or events to which it relates.  No
    Updated Disclosure Schedule delivered pursuant to this section “Updating of Disclosure Schedules” shall
    be deemed to cure any breach of any representation or warranty made to the Purchaser with respect to the Acquisition for the
    Otsuki Project unless the Purchaser specifically agrees thereto in writing or, as provided in and subject to Article ‎5,
    consummates the Closing for the Otsuki Project under this Agreement after receipt of such written notification, nor shall
    any such Updated Disclosure Schedule be considered to constitute or give rise to a waiver by either of the Purchaser of any
    condition set forth in this Agreement with respect to the Acquisition for the Otsuki Project, unless the Purchaser specifically
    agrees thereto in writing or consummates the Closing for the Otsuki Project under this Agreement after receipt of such written
    notification.
	Required
    Governmental Approvals:	Pattern
    US Finance Company LLC to submit to Bank of Japan a prior notification of inward direct investment (tainai chokusetsu toshi)
    in regard to the investment in Green Power Generation GK pursuant to the Foreign Exchange and Foreign Trade Act of Japan.
	Persons
    with Knowledge:	Purchaser’s
        Persons with Knowledge: Esben Pedersen, Mike Lyon and Dyann Blaine

         

        Seller’s
        Persons with Knowledge: Shoichi Yoshizaki and Hisashi Namioka

         

	Additional
        Assignment Rights:

         
	Assignment
        Rights of Seller: None

         

        Assignment
        Rights of Purchaser: None

         

 

     4

     

    
 

	Governing Law:	New
        York

         

	Notice
    Information:	To
        Purchaser:

         
	Pier
1, Bay 3

        San
Francisco, CA 94111

        Attention:
General Counsel

        Phone:
415-283-4000

        Fax:
        415-362-7900

         

	To
        Seller:

         
	Akasaka
Intercity 3/F

        1-11-44
Akasaka, Minato-ku

        Tokyo,
Japan  107-0052

        Attention:
CFO and General Counsel

        Phone:
        +81 (3) 4510-2112

         

 

     5

     

    
 

EXHIBIT
A-1:

 

ADDITIONAL
CLOSING DELIVERABLES OF Seller

 

		1.	A
                                         properly executed Assignment and Assumption Agreement between Subsidiary Purchaser and
                                         Seller transferring 100% of the equity interest in the Project Company.

 

		2.	Amended
                                         and restated shareholders registry of the Project Company.

 

		3.	Any
                                         documents necessary for the application of the commercial registration of the Project
                                         Company regarding change of its directors.

 

 

     6

     

    
 

EXHIBIT
A-2:

 

Additional
Closing Deliverables of purchaser

 

Copies or originals
of the following documents, each dated as of or prior to the Closing Date:

 

		1.	A properly executed Assignment
                                         and Assumption Agreement between Subsidiary Purchaser and Seller transferring 100% of
                                         the equity interest in the Project Company.

 

 

 

     7

     

    
 

EXHIBIT
A-3:

 

Additional
Conditions Precedent to 

Each
Party’s Obligations to Close

 

		1.	Receipt of the required Governmental
                                         Approvals (excluding the post-closing items) identified in Part VII of Section
                                         A.

 

		2.	No circumstances, developments, changes
                                         or events has occurred since the date hereof that, individually or in the aggregate,
                                         could reasonably be expected to result in the failure of a condition to closing set forth
                                         in Article 5 of the Tsugaru GPI PSA.

 

 

     8

     

    
 

EXHIBIT
A-4:

 

ADDITIONAL
CONDITIONS PRECEDENT TO

PURCHASER’S
OBLIGATIONS TO CLOSE

 

None.

 

 

     9

     

    
 

EXHIBIT
A-5:

 

Additional
Conditions Precedent to 

SELLER’S
Obligations to Close

 

None.

 

 

     10

     

    
 

Section
B: Acquired Interests; Ownership Structure; 

 

and
WInd Project Information

 

	OTSUKI
     TRANSACTION 
	I.Acquired
    Interests & Ownership Structure
	Project
    Company:	Otsuki
    Wind Power Corporation, a Japanese kabushiki kaisha
	Holding
    Company (“HoldCo”):	None
	Subsidiaries
    of HoldCo	None
	Subsidiaries
    of Project Company	None
	Subsidiary
    Purchaser	Green
    Power Generation GK, a Japanese godo kaisha
	Subsidiary
    Transferor	None
	Percentage
    of Project Company Acquired by Purchaser:	100%
    (200 shares)
	Percentage
    Retained by Seller:	0.00%
	Acquired
    Interests:	Purchaser
    will acquire 100% of the shares (200 shares) in the Project Company (the “Acquired Interests”).

 

     11

     

    
 

	Direct
    or Indirect Co-Owners of Project Company:	Structure
        Immediately Prior to the Closing

         

        

         

 

     12

     

    
 

	Direct
    or Indirect Co-Owners of Project Company (cont.):	Structure
        Immediately Following the Closing

         

        

         

	II.Wind
    Project Information
	Wind
    Project:	Nameplate
capacity: 12 MW

        Location:
Kochi Prefecture, Japan

        Mitsubishi
        Heavy Industries MWT 1000 A wind power generator

         

	Commercial
    Operation Date of Wind Project:	November
    2006
	Permits
    & Governmental Approvals:	See
    attached Exhibit B-1.
	Legal
    description of Wind Project site (i.e., real property description):	See
    attached Exhibit B-2.

 

     13

     

    
 

EXHIBIT
B-1: PERMITS & GOVERNMENTAL APPROVALS

 

COMPLETED
PERMITS

 

	 	Document
	1.	Environmental
        Impact Assessment Act:

         

        Submission
        and public notice of environmental impact assessment report (hyoukasho).

         

	2.	Renewables
        Portfolio Standard Act (RPS Act):

         

        METI Approval

         

	3.	FIT
        Law:

         

        (a) METI Approval
        (setsubi nintei)

         

        (b) FIT Business
        Plan Approval (jigyou keikaku nintei)

         

	4.	Electricity
        Business Act:

         

        (a) Notice
        Regarding Construction Plan

         

        (b) Notice
        Regarding Safety Rule

         

        (c) Filing
        of Chief Electricity Engineer

         

        (d) Power
        Producer (hatsuden jigyousha) Filing

         

	5.	Forest Act:

         

        Forest land development
        permit by the Governor of Kochi Prefecture.

         

	6.	Factory
        Location Act:

         

        Notification
        related to new construction of designated factories to the Governor of Kochi Prefecture.

         

	7.	Road
        Act:

         

        Permit
        for exclusive use for underground transmission line installation by the Mayor of Otsuki Town and the Head of Kochi Prefecture
        Sukumo Civil Engineering Office.

         

	8.	Building Standard
        Act:

         

        Confirmation of Wind
        Turbine Generators by the Building Official of Kochi Prefecture.

         

	9.	Civil Aeronautics
        Act:

         

        Permit
        for aircraft obstacle light (kouku shougai tou) installation exemption by the Head of Osaka Regional Civil Aviation
        Bureau.

         

	10.	Fire Service Act:

         

        Notification of installation
        of power generation facilities (switching station) and extinguisher.

         

	11.	Industrial
        Safety and Health Act:

         

        Notice Regarding
        the Construction Plan

         

 

 

     14

     

    
 

APPENDIX
B-2: LEGAL DESCRIPTION OF PROJECT SITE

 

The
real estate documents listed in Article V (Real Estate Documents) of Section C (Documents & Key Counterparties)
of this Appendix C are incorporated herein by reference.

 

 

     15

     

    
 

section
C: Documents & Key Counterparties

 

 

	Otsuki
    Transaction
	I.Material
    Project Agreements & Key Counterparties
	EPC
    Agreement	Date:
July 20, 2005

        Yonden Engineering
Company, Incorporated

	Turbine
    Warranty Agreement	Date:
May 16, 2006

        Mitsubishi
Heavy Industries, Ltd.

	Operation
    and Maintenance Services Agreement 	Date:
October 31, 2006

        Yonden Engineering
Company, Incorporated

	Insurance
    Policy (PD/BI)	Date:
November 1, 2017

        Mitsui
Sumitomo Insurance Company, Limited

	Insurance
    Policy (GL)	Date:
November 1, 2017

        Mitsui
Sumitomo Insurance Company, Limited

	Power
    Purchase Agreement	Date:
June 30, 2005

        Shikoku
Electric Power Co., Ltd.

	Memorandum
    of Understanding Regarding Interconnection of Wind Power Facilities	Date:
July 7, 2006

        Shikoku
Electric Power Co., Ltd.

	Amended
    Power Purchase Agreement	Date:
September 25, 2012

        Shikoku
Electric Power Co., Ltd.

	Contribution
    in Aid of Construction Costs Agreement	Date:
June 30, 2005

        Shikoku
Electric Power Co., Ltd.

	SPC
    Management Services Agreement	Date:
October 31, 2006

        Green Power
Investment Corporation

	II.Reports,
    Other Deliverables and Consultants
	Insurance
    Consultant:	Marsh
    Japan, Inc.
	Insurance
    Consultant’s Report:	Report
    on Operational Insurance dated Nov 2006
	Risk
    Consultant:	ABSG
    Consulting, Inc.
	Risk
    Consultant’s Report:	Earthquake
    Risk Analysis Report dated Sep 2006
	Risk
    Consultant:	InterRisk
    Research Institute & Consulting, Inc.
	Risk
    Consultant’s Report:	Earthquake
    Risk Analysis Report dated Oct 2014
	Wind
    Consultant:	Japan
    Weather Association
	Wind
    Consultant’s Report:	Wind
    Conditions Assessment Report dated Jun 2006
	III.Financing
    Arrangements & Key Counterparties
	Financing
    Agreement	None
	IV.Equity
    and Co-Ownership Arrangements & Key Counterparties
	Contribution
    Agreement	None
	V.Real
    Estate Documents 
	Easement
    Agreement	Date:
November 9, 2006

        Izuho
Ikekawa

        Yoshinosawa
1656-1, 1656-3, 1656-4, 1656-7

	Easement
    Agreement	Date:
October 24, 2006

        Kazutoshi
Saeki

        Yoshinosawa
1656-8, 1656-13

	Easement
    Agreement	Date:
October 24, 2006

        Kazuaki
Okamura

        Yoshinosawa
1656-15

	MOU
    on Easement Agreement	Date:
November 20, 2013

        Iseko
Okamura (the heir)

 

 

     16

     

    
 

	 	Yoshinosawa
    1656-15
	Easement
    Agreement	Date:
October 24, 2006

        Mutsuko
Yakushijin

        Yoshinosawa
1656-16 ,1656-18

	Superficies
    Agreement	Date:
October 27, 2006

        Mitsuru
Miyatani

        Yoshinosawa
1709-26

	Easement
    Agreement	Date:
October 27, 2006

        Mitsuru
Miyatani

        Yoshinosawa
1656-17, 1656-19

	Easement
    Agreement	Date:
October 24, 2006

        Tooru
Miyatani

        Yoshinosawa
141, 142-1, 142-2, 143

	Easement
    Agreement	Date:
March 26, 2007

        Otsuki
Town

        Tatsugasako
1919-22, 1913-12

	Superficies
    Agreement	Date:
March 26, 2007

        Otsuki
Town

        Tatsugasako
1919-23, 1919-24

	Superficies
    Agreement	Date:
October 15, 2006

        Masatoshi
Takagi

        Yoshinosawa
1709-1

	Superficies
    Agreement	Date:
October 14, 2006

        Yoshitake
Nishida

        Yoshinosawa
1709-25

	Superficies
    Agreement	Date:
October 15, 2006

        Teruaki
Kanematsu

        Yoshinosawa
1700-21

	Superficies
    Agreement	Date:
October 24, 2006

        Teruaki
Matsuda

        Yoshinosawa
1709-24, 1709-28

	Easement
    Agreement	Date:
October 24, 2006

        Teruaki
Matsuda

        Yoshinosawa
1709-27

	Superficies
    Agreement	Date:
October 18, 2006

        Nenji
Inada

        Yoshinosawa
1709-29

	Superficies
    Agreement	Date:
October 19, 2006

        Midori
Maeno

        Yoshinosawa
1885-18

	MOU
    on Superficies Agreement	Date:
August 29, 2012

        Junko
Maeno and Kyoko Kakiuchi (the heirs)

        Yoshinosawa
1885-18

	MOU
    on Superficies Agreement	Date:
December 28, 2017

        Junko
Maeno and Mari Kakiuchi (the heirs)

        Yoshinosawa
1885-18

	Superficies
    Agreement	Date:
October 15, 2006

        Takahiro
Yamaoka and Kumao Yamaoka

        Yoshinosawa
1885-20

	Superficies
    Agreement	Date:
October 24, 2006

 

     17

     

    
 

	 	Takako
Kajihara

        Yoshinosawa
1887-36

	Easement
    Agreement	Date:
October 24, 2006

        Takako
Kajihara

        Yoshinosawa
1887-37

	Superficies
    Agreement	Date:
October 24, 2006

        Usako
Kodama

        Yoshinosawa
1887-38, 1887-39

	MOU
    on Superficies Agreement	Date:
November 14, 2013

        Miwa
Kodama (the heir)

        Yoshinosawa
1887-38, 1887-39

	Easement
    Agreement	Date:
October 24, 2006

        Usako
Kodama

        Yoshinosawa
1887-40, 1887-44, 1887-45, 1887-46

	MOU
    on Easement Agreement	Date:
November 14, 2013

        Miwa
Kodama (the heir)

        Yoshinosawa
1887-40, 1887-44, 1887-45, 1887-46

	Easement
    Agreement	Date:
October 24, 2006

        Chiyoki
Miyazaki

        Yoshinosawa
1887-24

	Superficies
    Agreement	Date:
October 24, 2006

        Atsumi
Hashimoto

        Yoshinosawa
1887-26, 1902-16

	MOU
    on Superficies Agreement	Date:
March 15, 2015

        Karin
Saichi (the heir)

        Yoshinosawa
1887-26, 1902-16

	Easement
    Agreement	Date:
October 24, 2006

        Atsumi
Hashimoto

        Yoshinosawa
1887-25

	MOU
    on Easement Agreement	Date:
March 15, 2015

        Karin
Saichi (the heir)

        Yoshinosawa
1887-25

	Easement
    Agreement	Date:
October 24, 2006

        Shuji
Miyazaki

        Yoshinosawa
1903-15 ,1903-16, 1903-17

	Superficies
    Agreement	Date:
October 19, 2006

        Makoto
Niiya

        Yoshinosawa
1903-8, 1913-2

	Superficies
    Agreement	Date:
October 20, 2006

        Motoharu
Takeda

        Tatsugasako
1913-8, Yoshinosawa 1903-10

	Superficies
    Agreement	Date:
October 16, 2006

        Sueki
Okamura

        Tatsugasako
1910-102

	MOU
    on Superficies Agreement	Date:
November 20, 2013

        Sanami
Okamura (the heir)

        Tatsugasako
1910-102

	Superficies
    Agreement	Date:
October 24, 2006

        Hideto
Okamura

        Tatsugasako
1910-103

 

     18

     

    
 

SECTION
D: AFFILIATE TRANSACTIONS

 

	1. SPC Management Agreement
	Execution
    Date	October
    31, 2006
	Parties	Project
    Company and GPI

	Term	Period from November
        1, 2006 to October 31, 2007.

         

        However, the term shall
be extended for another 1 year, unless either party makes 30 days prior written notice to terminate this agreement. The same shall
apply thereafter.

	Fee	JPY 340,000 per month
	Payment Term	Monthly payment in arrears
	Termination	Either party may terminate this agreement if any typical event (nonperformance,
    bankruptcy, etc.) which causes termination occurs.
	Services	Services related to operation, maintenance, material corporate documents,
    finance, accounting and other activities, exercise of rights and performance of obligations of the Project Company

 

     19Exhibit 10.5

 

EXECUTION VERSION

 

DEFERRED PAYMENT AGREEMENT

 

THIS DEFERRED PAYMENT AGREEMENT (this “Agreement”)
is entered into as of February 26, 2018, by and between Pattern Energy Group Inc., a Delaware corporation (“Purchaser”)
and Pattern Energy Group LP, a Delaware limited partnership (“Seller”).

 

WHEREAS, Purchaser has agreed to purchase
from Seller, and Seller has agreed to sell to Purchaser, each of the Kanagi Project, the Futtsu Project and the Ohorayama Project
(collectively, the “Deferred Payment Projects”), pursuant to that certain Purchase and Sale Agreement dated
February 26, 2018, by and between Purchaser and Seller (the “Deferred Payment Project PSAs”);

 

WHEREAS, Purchaser has agreed to purchase
from Seller, and Seller has agreed to sell to Purchaser, the Tsugaru Project pursuant to that certain Purchase and Sale Agreement
dated February 26, 2018, by and between Purchaser and Seller (the “Tsugaru PSA” and, together with the Deferred
Payment Project PSAs, the “PSAs”; capitalized terms used but not otherwise defined in this Agreement shall have
the meanings ascribed to such terms in the applicable PSA); and

 

WHEREAS, each of the PSAs requires Purchaser
and Seller to execute this Agreement as a condition to closing the transactions contemplated by such PSA.

 

NOW, THEREFORE, in consideration of the
foregoing premises and the covenants and agreements set forth herein, as well as other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged and accepted, and intending to be legally bound hereby, the parties hereto hereby
agree as follows:

 

Section 1.Definitions. The following
terms, as used herein, have the following meanings:

 

“Accountant” has the
meaning set forth in ‎Section 3(c)(ii).

 

“Adjusted Initial Enterprise Value”
means, with respect to a Project, (i) the purchase price paid to Seller by Purchaser or its controlled Affiliates, as applicable,
for the Acquired Interests with respect to such Project on the Closing Date, plus (ii) any capitalized transaction expenses
and any purchase price adjustments paid to Seller by Purchaser or its controlled Affiliates pursuant to the applicable PSA with
respect to such Acquired Interests and disregarding any

 

     

     

    

indemnification payments made thereunder,
plus (iii) the product of (A) the aggregate amount of consolidated debt and other non-equity capital related to the applicable
Project Company or its HoldCo as of the Closing Date after giving effect to the Closing and (B) the percentage of such Project
Company or its HoldCo, as applicable, owned by Purchaser or its controlled Affiliate immediately after the Closing.

 

“Adjusted Partial Monetization
Event Enterprise Value” means (i) the Proceeds paid to Purchaser or its controlled Affiliates, as applicable, with respect
to a Project in a Partial Monetization Event, plus (ii) solely for purposes of calculating Adjusted Partial Monetization
Event Enterprise Value in the context of the transactions set forth in subsections (iv) and (v) of the definition of “Partial
Monetization Event”, the fair market value of the equity of the applicable Project Company or its HoldCo, as applicable,
as of immediately following consummation of such transaction, as determined by an Accountant, plus (iii) the product of
(A) the aggregate amount of consolidated debt and other non-equity capital related to the applicable Project Company or its HoldCo
as of the closing date of such Partial Monetization Event and (B) the percentage of such Project Company or its HoldCo, as applicable,
owned by Purchaser or its controlled Affiliate immediately prior to the closing of such Partial Monetization Event.

 

“Adjusted Total Sale Enterprise
Value” means (i) the Proceeds paid to Purchaser or its controlled Affiliates with respect to a Project in a Total Sale,
plus (ii) solely for purposes of calculating the Adjusted Total Sale Enterprise Value in the context of a Total Financing,
the fair market value of the equity of the applicable Project Company or its HoldCo, as applicable, as of immediately following
consummation of the Total Financing, as determined by an Accountant, plus (iii) the product of (A) the aggregate amount
of consolidated debt and other non-equity capital related to the applicable Project Company or its HoldCo, as applicable, as of
the closing date of the Total Sale and (B) the percentage of such Project Company or its HoldCo, as applicable, owned by Purchaser
or its controlled Affiliate immediately prior to the closing of such Total Sale. For purposes of calculating the Adjusted Total
Sale Enterprise Value in connection with Section 2(a), if two or more Projects share a common HoldCo, the Adjusted Total Sale Enterprise
Value for such Projects will be equitably adjusted.

 

“Deferred Payment Period”
means, the period between the date of this Agreement and December 31, 2019 inclusive.

 

“Disputed Matters” has
the meaning set forth in ‎Section 3(c)(ii).

 

“Final Deferred Payment Objections
Statement” has the meaning set forth in ‎Section
2(c)(i).

 

“Final Deferred Payment Statement”
has the meaning set forth in ‎Section 3(a).

 

    2 

     

    

“Objections Statement”
has the meaning set forth in ‎Section 2(c)(i).

 

“Partial Monetization Event”
means, with respect to any Project, (i) the sale, lease, exchange, transfer or other disposition (other than any such transaction
consummated in the ordinary course of business consistent with past practices), either directly or indirectly, of the assets of
such Project, to a Person or group of Persons (other than any Affiliate of Purchaser), (ii) any direct or indirect sale by Purchaser
of equity interests in the applicable Project Company or its applicable HoldCos to a Person or group of Persons (other than any
Affiliate of Purchaser), (iii) any merger, consolidation, business combination or equity sale of the applicable Project Company
or its applicable HoldCos, in each case, involving a counterparty or counterparties who is not an Affiliate of Purchaser, (iv)
utilizing a Tokumei Kumiai contract to raise capital with respect to the applicable Project Company or its applicable HoldCos
or (v) any recapitalization or refinancing of the debt existing at the applicable Project Company or its applicable HoldCo as of
the date hereof; provided that (A) any of the foregoing transactions with respect to all or substantially all of the assets
held directly by, or the equity of, Purchaser or Pattern US Finance Company LLC shall not constitute a “Partial Monetization
Event”; and (B) if any transaction set forth in the foregoing clauses (i)–(v) is consummated with respect to a controlled
Affiliate of Purchaser, and such transaction pertains to assets other than the Project or Projects owned by such controlled Affiliate,
then such transaction shall only be deemed a Partial Monetization Event to the extent the assets or equity of the Projects comprise
at least 50% of the total assets and/or equity with respect to which such transaction is being consummated.

 

“Partial Monetization Events Deferred
Payment” has the meaning set forth in ‎Section 3(a).

 

“Partial Monetization Events Profit”
has the meaning set forth in ‎Section 3(a).

 

“Proceeds” means the
aggregate amount of cash consideration Purchaser and/or a controlled Affiliate thereof receives from any Person in a Partial Monetization
Event or a Total Sale, as the case may be, in each case, net of any expenses, fees and other costs paid or to be paid associated
with such Partial Monetization Event or Total Sale. If Purchaser or an Affiliate thereof receives non-cash consideration directly
related to a Partial Monetization Event or Total Sale, as the case may be, such non-cash consideration shall be deemed to be “Proceeds”
at the time such non-cash consideration is converted into cash. If Purchaser and/or a controlled Affiliate thereof (other than,
for purposes of the transactions contemplated by (x) subsections (iv) and (v) of the definition of “Partial Monetization
Event” and (y) subsection (iii) of the definition of “Total Sale”, Pattern US Finance Company LLC and its controlled
Affiliates) receives cash consideration in a Partial Monetization Event or a Total Sale, as the case may be, with respect to a
Project, and, at the time of such Partial Monetization

 

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Event or Total Sale, as applicable, such Person
owns, directly or indirectly, assets in addition to a single Project Company, and the Partial Monetization Event and/or Total Sale
does not relate exclusively to such Project, such cash consideration shall be allocated by the Purchaser in good faith among the
assets of such Person (including any Project Companies), and the portion allocated to each Project shall be deemed to be the “Proceeds”
with respect to such Project.

 

“Total Sale” means (i)
the sale, lease, exchange, transfer or other disposition, either directly or indirectly, of all or substantially all of the assets
of all of the Project Companies to any Person who is not an Affiliate of Purchaser at the time of such transaction, (ii) any merger,
consolidation, business combination or equity sale, either directly or indirectly, with respect to 100% of the equity of all of
the Project Companies, in each case, involving a counterparty or counterparties who is not an Affiliate of Purchaser or (iii) any
debt, equity or other financing or refinancing transaction with respect to more than 50% of the debt at the Project Companies (as
of the date of such event) or utilizing a Tokumei Kumiai contract in order to raise capital with respect to substantially
all of the Projects (each of the foregoing transactions in this clause (iii), a “Total Financing”); provided
that (A) any of the foregoing transactions with respect to all or substantially all of the assets held directly by, or equity of,
Purchaser or Pattern US Finance Company LLC shall not constitute a “Total Sale” for any purposes under this Agreement
and (B) if any of the foregoing transactions are consummated with respect to a controlled Affiliate of Purchaser, and such transaction
pertains to assets other than the Projects owned by such controlled Affiliate of Purchaser, then such transaction shall only be
deemed a Total Sale to the extent the assets or equity of the Projects comprise at least 50% of the assets and/or equity with respect
to which such transactions are being consummated.

 

“Total Sale Deferred Payment”
has the meaning set forth in ‎Section 2(b).

 

“Total Sale Deferred Payment Statement”
has the meaning set forth in ‎Section 2(a).

 

“Total Sale Profit” has
the meaning set forth in ‎Section 2(a).

 

“Updated Total Sale Deferred Payment
Statement” has the meaning set forth in ‎Section
2(c)(ii).

 

Section 2.Total Sale Deferred Payment.

 

(a)  If
at any time during the Deferred Payment Period, Purchaser consummates a Total Sale, and the aggregate sum of the Adjusted Total
Sale Enterprise Value of all Projects at such time exceeds the sum of the Adjusted Initial Enterprise Value of all Projects (such
excess, the “Total Sale Profit”), then, subject to the terms and conditions of this ‎Section 2, Purchaser
shall pay to Seller, within ten 10 Business Days following consummation of the Total Sale, an

 

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amount (the “Total Sale Deferred
Payment”) equal to the product of (i) the Total Sale Profit (net of taxes paid by Purchaser on such Total Sale Profit
but taking into account any tax benefit actually realized by Purchaser arising from such payment to Seller) and (ii) 20%.

 

(b)  Not
later than fifteen (15) Business Days prior to the consummation of a Total Sale, Purchaser will prepare and deliver to Seller a
statement (the “Total Sale Deferred Payment Statement”) setting forth a description of the Total Sale, including
(i) the structure of the Total Sale, (ii) the fundamental terms of the agreements relating to the Total Sale, (iii) a reasonably
detailed calculation of the Proceeds of such Total Sale, (iv) a reasonably detailed calculation of the Adjusted Total Sale Enterprise
Value, (v) a reasonably detailed calculation of the Total Sale Profit, if any, in each of clauses (iii), (iv) and (v), together
with reasonable supporting documentation and (vi) the expected date of the consummation of the Total Sale.

 

(c)  If
Seller has any objections to the calculation of the Proceeds of such Total Sale, the Adjusted Total Sale Enterprise Value and/or
the Total Sale Profit, in the Total Sale Deferred Payment Statement:

 

(i)  Seller
shall deliver to Purchaser a written statement (the “Objections Statement”) setting forth each item that Seller
disputes (including the specific adjustments that Seller proposes to be made to the Total Sale Deferred Payment Statement). If
an Objections Statement is not delivered to Purchaser within ten (10) Business Days following Seller’s receipt of the Total
Sale Deferred Payment Statement, or if Seller delivers, prior to the expiration of such ten-Business Day period, written notice
to Purchaser that it has no objections to the Total Sale Deferred Payment Statement, then the Total Sale Deferred Payment Statement
shall be final and binding on, and non-appealable by, the parties.

 

(ii)  If
a timely Objections Statement is received by Purchaser, Seller and Purchaser shall negotiate in good faith to resolve the objections
raised therein. Following such good faith negotiations, Purchaser shall reflect any mutually agreed changes (and only such mutually
agreed changes) in an updated statement (the “Updated Total Sale Deferred Payment Statement”) within five (5)
Business Days after delivery of the Objections Statement, and such Updated Total Sale Deferred Payment Statement shall be final
and binding on, and non-appealable by, the parties for purposes of this ‎Section 2.

 

(d)  Purchaser
shall pay, or cause to be paid, to Seller any amounts payable pursuant to this Section 2, by wire transfer of immediately available
funds to a bank account designated by Seller an amount equal to the Total Sale Deferred Payment. For the avoidance of doubt, no
amounts will be payable to Seller under this Agreement with respect to any Total Sale that is consummated after the Deferred Payment
Period.

 

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Section 3.Partial Monetization Events
Deferred Payment.

 

(a)  If
Purchaser consummates a Partial Monetization Event with respect to any Project prior to the expiration of the Deferred Payment
Period, and the aggregate Adjusted Partial Monetization Event Enterprise Value of all of the Projects with respect to which Partial
Monetization Events were consummated during such period exceeds the Adjusted Initial Enterprise Value of such Projects (such excess,
the “Partial Monetization Events Profit”), then, subject to the terms and conditions of this ‎Section
3, Purchaser shall pay to Seller, within twenty 20 Business Days following the end of the Deferred Payment Period (or if any Disputed
Matters are submitted to an Accountant pursuant to ‎Section 3(c)(ii), then as promptly as practicable following the
Accountant’s delivery of its report setting forth its resolution of the Disputed Matters) an amount (the “Partial
Monetization Events Deferred Payment”) equal to the product of (i) the Partial Monetization Events Profit for the Projects
(net of taxes paid by Purchaser on such Partial Monetization Events but taking into account any tax benefit actually realized by
Purchaser arising from such payment to Seller) and (ii) 20%.

 

(b)  Within
ten 10 Business Days after the end of the Deferred Payment Period, Purchaser will prepare and deliver, or cause to be prepared
and delivered, to Seller a statement (the “Final Deferred Payment Statement”) setting forth (i) the structure
of each Partial Monetization Event that was consummated during the Deferred Payment Period, (ii) the fundamental terms of the agreements
relating to each such Partial Monetization Event, (iii) a reasonably detailed calculation of the Proceeds of each such Partial
Monetization Event, (iv) a reasonably detailed calculation of the Adjusted Partial Monetization Event Enterprise Value of each
Project with respect to which a Partial Monetization Event was consummated during the Deferred Payment Period, (v) a reasonably
detailed calculation of the Partial Monetization Events Profit, if any, in each of clauses (iii), (iv) and (vi), together with
reasonable supporting documentation.

 

(c)  If
Seller has any objections to the Final Deferred Payment Statement:

 

(i)  Seller
shall deliver to Purchaser a written statement (the “Final Deferred Payment Objections Statement”) setting forth
each item that Seller disputes (including the specific adjustments that Seller proposes to be made to the Final Deferred Payment
Statement). Seller shall be deemed to have agreed with all items in the Final Deferred Payment Statement other than those items
specifically identified by Seller in the Final Deferred Payment Objections Statements. If a Final Deferred Payment Objections Statement
is not delivered to Purchaser within five (5) Business Days following Seller’s receipt of the Final Deferred Payment Statement,
or if Seller delivers, prior to the expiration of such ten-Business Day period, written notice to Purchaser that it has no objections
to the Final Deferred Payment Statement, then the Final Deferred Payment

 

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Statement shall be final and binding
on, and non-appealable by, the parties.

 

(ii)  If
a timely Final Deferred Payment Objections Statement is received by Purchaser, Seller and Purchaser shall negotiate in good faith
to resolve the objections raised therein. If Purchaser and Seller are unable to reach a final resolution of all such objections
within two (2) Business Days after the delivery of the Final Deferred Payment Objections Statement to Purchaser (or such longer
periods as Purchaser and Seller may agree in writing), Purchaser and Seller shall submit any and all matters and amounts (but only
such matters and amounts) that were included in the Final Deferred Payment Objections Statement and remain in dispute (the “Disputed
Matters”) to a nationally recognized independent accounting firm reasonably acceptable to Seller and Purchaser (the “Accountant”)
for the purpose of resolving the Disputed Matters. The Accountant (A) shall consider only the Disputed Matters, (B) shall be bound
by the terms of this Agreement and (C) shall only consider the documents, materials, presentations and arguments made by Seller
and Purchaser (i.e., shall not engage in any independent review). The Accountant shall deliver to Seller and Purchaser as
promptly as practicable a report setting forth its resolution of the Disputed Matters. Such report shall be final and binding upon,
and non-appealable by, the parties. The costs and expenses of the Accountant shall be allocated 50/50 between Seller and Purchaser.

 

(d)  Purchaser
shall pay, or cause to be paid, to Seller any amounts payable pursuant to this ‎Section 3, by wire transfer of immediately
available funds to a bank account designated by Seller an amount equal to the Partial Monetization Events Deferred Payment. For
the avoidance of doubt, no amounts will be payable to Seller under this Agreement with respect to any Partial Monetization Events
that are consummated after the Deferred Payment Period.

 

(e)  Notwithstanding
anything to the contrary contained herein, the parties hereto acknowledge and agree that, subject to the terms and conditions of
this Agreement, if a Total Sale is consummated, and Seller is entitled to receive a Total Sale Deferred Payment pursuant to ‎Section
2, under no circumstances shall Seller be entitled to receive any additional payment pursuant to ‎Section 3.

 

Section 4.Termination. This Agreement
shall automatically terminate and be of no further force and effect (i) with respect to the Tsugaru Project and any Partial Monetization
Event related thereto, if the Tsugaru PSA is terminated prior to the consummation of the closing thereunder, (ii) with respect
to any of the Deferred Payment Projects and any Partial Monetization Event related thereto, if the Deferred Payment Project PSAs
are terminated prior to the consummation of the closing thereunder, (iii) upon Seller’s payment of the Total Sale Deferred
Payment or the Partial Monetization Events Deferred Payment, as the case may

 

    7 

     

    

be, in each case, in accordance with the terms
hereof; provided that, for the avoidance of doubt, if Purchaser consummates any of the transactions contemplated in clauses
(A) or (B) of the provisos in the definitions of “Partial Monetization Event” or “Total Sale” within the
Deferred Payment Period, this Agreement shall not terminate, and Purchaser’s obligations hereunder shall bind and inure to
the benefit of Purchaser’s successors.

 

Section 5.Currency; Interest.
All calculations or payments under this Agreement shall be made in Japanese Yen. Any conversions of U.S. Dollars into Japanese
Yen (or vice versa) shall be made at the applicable exchange rates utilized by Purchaser in the preparation of its financial statements.

 

Section 6.Withholding. Notwithstanding
any provision contained herein to the contrary, the parties hereto shall be entitled to deduct and withhold from any payment otherwise
payable to any Person pursuant to this Agreement such amounts as it is required to deduct and withhold under any provision of applicable
Laws. If any party so withholds, the amounts withheld shall be treated for all purposes of this Agreement as having been paid to
the Person in respect of whom such party made such deduction or withholding.

 

Section 7.Treatment of Deferred Payments.
Any payment made pursuant to this Agreement shall be treated as an adjustment to the Purchase Price paid with respect to the
applicable Project.

 

Section 8.Miscellaneous Provisions.
The provisions of Article 7 of the Tsugaru PSA are hereby incorporated herein and made a part hereof, mutatis mutandis.

 

 

[Signature page follows]

 

    8 

     

    

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

 

	 	PATTERN ENERGY GROUP INC.	 
	 	 	 
	 	 	 
	 	By:	/s/ Dyann Blaine	 
	 	 	Name:Dyann Blaine	 
	 	 	Title: Vice President	 
	 	 	 	 
	 	 	 	 

	 	PATTERN ENERGY GROUP LP	 
	 	 	 
	 	 	 
	 	By:	/s/ Daniel M. Elkort	 
	 	 	Name:Daniel M. Elkort	 
	 	 	Title:Vice President	 

 

 

[Signature Page to Deferred Payment Agreement]

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