Document:

Exhibit
10.1

 

Execution
Version

 

Certain
portions of this Exhibit have been redacted pursuant to Item 601(b)(10) of Regulation S-K and, where applicable, have been marked with
 “[***]” to indicate where redactions have been made. The marked information has been redacted because it is both (i) not
material and (ii) would likely cause competitive harm to the Company if publicly disclosed.

 

 

 

MEMBERSHIP
INTEREST PURCHASE AGREEMENT

 

with
respect to

 

VP-Arica
Target Co LLC

 

by
and between

 

VP-Arica
CE Seller LLC, as Seller

 

and

 

VP-Arica
Parent Holdco LLC, as Purchaser

 

dated
as of December 23, 2022

 

 

 

     

     

    

 

CONTENTS

 

	Page
	 
	Article
    1 DEFINITIONS AND RULES OF INTERPRETATION	2

 

		1.01.	Definitions	2

 

		1.02.	Rules
                                            of Interpretation	15

 
	Article
    2 SALE OF MEMBERSHIP INTERESTS AND CLOSING	15

 

		2.01.	Purchase
                                            and Sale	15

 

		2.02.	Payment
                                            of Purchase Price	15

 

		2.03.	Closing	16

 

		2.04.	Adjusted
                                            Purchase Price Amount	16

 

		2.05.	Certain
                                            Proceeds	17

 

		2.06.	Tax
                                            Reporting of Transaction	17

 
	Article
    3 REPRESENTATIONS AND WARRANTIES	18

 

		3.01.	Representations
                                            and Warranties with respect to Seller and the Acquired Companies	18

 

		3.02.	Representations
                                            and Warranties with Respect to Purchaser	28

 
	Article
    4 CONDITIONS PRECEDENT	30

 

		4.01.	Closing
                                            Date Conditions Precedent of the Parties	30

 

		4.02.	Closing
                                            Date Conditions Precedent of the Purchaser	30

 

		4.03.	Closing
                                            Date Conditions Precedent of the Seller	31

 
	Article
    5 Certain Covenants	32

 

		5.01.	Regulatory
                                            and Other Permits	32

 

		5.02.	Access
                                            to Information	32

 

		5.03.	Notification
                                            of Certain Matters	32

 

		5.04.	Conduct
                                            of Business	33

 

		5.05.	Fulfillment
                                            of Conditions	35

 

		5.06.	Further
                                            Assurances	35

 

		5.07.	Purchaser’s
                                            Substitute Support Obligations	36

 

		5.08.	Tax
                                            Matters	37

 

		5.09.	No
                                            Solicitation	38

 

		5.10.	Purchaser
                                            Parent Guaranty	38

 

		5.11.	Seller
                                            Parent Guaranty	38

 

		5.12.	Post-Execution
                                            Date Documents	38

 

    i

     

    

 
	Article
    6 Indemnification	38

 

		6.01.	Indemnification
                                            by Seller	38

 

		6.02.	Indemnification
                                            by Purchaser	39

 

		6.03.	Survival
                                            of Representations, Warranties, Covenants and Agreements	39

 

		6.04.	Limitations
                                            on Claims	40

 

		6.05.	Procedure
                                            for Indemnification of Third Party Claims	40

 

		6.06.	Rights
                                            of the Indemnifying Party in the Defense of Third Party Claims	41

 

		6.07.	Direct
                                            Claims	41

 

		6.08.	Exclusive
                                            Remedy	42

 

		6.09.	Mitigations	42

 

		6.10.	Indemnity
                                            Treatment	42

 
	Article
    7 Termination	42

 

		7.01.	Termination	42

 

		7.02.	Effect
                                            of Termination	43

 
	Article
    8 GENERAL PROVISIONS	43

 

		8.01.	Notices	43

 

		8.02.	Entire
                                            Agreement	44

 

		8.03.	Specific
                                            Performance	44

 

		8.04.	Time
                                            of the Essence	44

 

		8.05.	Expenses	44

 

		8.06.	Confidentiality;
                                            Disclosures	44

 

		8.07.	Waiver	44

 

		8.08.	Amendment	45

 

		8.09.	No
                                            Third Party Beneficiary	45

 

		8.10.	Assignment	45

 

		8.11.	Severability	45

 

		8.12.	Governing
                                            Law	45

 

		8.13.	Consent
                                            to Jurisdiction	45

 

		8.14.	Waiver
                                            of Jury Trial	46

 

		8.15.	Limitation
                                            on Certain Damages	46

 

		8.16.	Disclosures	46

 

		8.17.	PDF
                                            Signature; Counterparts	46

 

    ii

     

    

 

TABLE
OF CONTENTS

(continued)

 

	Exhibits:
	 	 
	Exhibit
    A	Form
    of Assignment of Membership Interests
	Exhibit
    B	Form
    of Purchaser Parent Guaranty
	Exhibit
    C	Form
    of Seller Parent Guaranty
	Exhibit
    D	Form
    of Officer’s Certificate of Seller
	Exhibit
    E	Form
    of Secretary’s Certificate of Seller
	Exhibit
    F	Form
    of Officer’s Certificate of Purchaser
	Exhibit
    G	Form
    of Secretary’s Certificate of Purchaser
	Exhibit
    H	Form
    of A&R LLC Agreement
	Exhibit
    I	Form
    of AIP Tax Equity Cross Guaranty
	 	 
	Schedules:
	 	 
	Schedule
    6.01	Certain
    Indemnification Matters

 

	Seller
    Disclosure Schedules:
	 	 
	Schedule
    1.01	Permitted
    Liens
	Schedule
    3.01(c)	Seller
    Consents
	Schedule
    3.01(e)	Seller
    Approvals
	Schedule
    3.01(f)	Legal
    Proceedings
	Schedule
    3.01(g)	Brokers
	Schedule
    3.01(i)	Permitted
    Business Jurisdictions
	Schedule
    3.01(i)(ii)	Permitted
    Equity Encumbrances
	Schedule
    3.01(i)(iii)	Directors
    and Officers
	Schedule
    3.01(i)(v)	Permitted
    Options
	Schedule
    3.01(i)(vi)	Permitted
    Additional Investments
	Schedule
    3.01(i)(vii)	Permitted
    Additional Business Operations
	Schedule
    3.01(j)	Liabilities
	Schedule
    3.01(k)	Taxes
	Schedule
    3.01(m)(i)	Company
    Contracts
	Schedule
    3.01(m)(iii)	Company
    Contracts Defaults
	Schedule
    3.01(n)(i)	Land
	Schedule
    3.01(n)(ii)	Permitted
    Real Property Agreements
	Schedule
    3.01(n)(iii)	Real
    Property Rights
	Schedule
    3.01(o)	Insured
    Property Rights
	Schedule
    3.01(p)(i)	Environmental
    Law Non-Compliance
	Schedule
    3.01(p)(iii)	Environmental
    Permits
	Schedule
    3.01(p)(iv)	Release
    of Hazardous Substances
	Schedule
    3.01(q)(i)	Permits
	Schedule
    3.01(q)(ii)	Regulatory
    Noncompliance
	Schedule
    3.01(r)	Affiliate
    Transactions
	Schedule
    3.01(s)(i)	Intellectual
    Property
	Schedule
    3.01(t)	Insurance
	Schedule
    3.01(v)	Absence
    of Changes
	Schedule
    3.01(w)	Bank
    Accounts
	Schedule
    3.01(y)	Support
    Obligations
	Schedule
    5.04(b)	Conduct
    of Business

 

    iii

     

    

 

TABLE
OF CONTENTS

(continued)

 

	Purchaser
    Disclosure Schedules:
	 	 
	Schedule
    3.02(c)	Purchaser
    Consents
	Schedule
    3.02(e)	Permits
	Schedule
    3.02(h)	Brokers
	Schedule
    3.02(i)	Purchaser
    Approvals

 

    iv

     

    

 

MEMBERSHIP
INTEREST PURCHASE AGREEMENT

 

This
MEMBERSHIP INTEREST PURCHASE AGREEMENT (this “Agreement”), dated as of December 23, 2022 (the “Execution
Date”), is entered into by and between VP-Arica CE Seller LLC, a Delaware limited liability company (“Seller”),
and VP-Arica Parent Holdco LLC , a Delaware limited liability company (“Purchaser”). Purchaser and Seller are referred
to, collectively, as the “Parties” and each, individually, as a “Party.” Capitalized terms not
otherwise defined herein shall have the meaning given them in Section 1.01 of this Agreement.

 

RECITALS

 

WHEREAS,
(a) Renew Development HoldCo LLC, a Delaware limited liability company (“Project DevCo”) currently directly owns one
hundred percent (100%) of the limited liability company membership interests of VP-Arica Project HoldCo LLC, a Delaware limited liability
company (“Project HoldCo”), and (b) Project HoldCo currently directly owns one hundred percent (100%) of the limited
liability company membership interests of each of (i) Victory Pass Pledgor, LLC a Delaware limited liability company (the “VP
Pledgor Company”), and (ii) Arica Solar Pledgor, LLC a Delaware limited liability company (the “Arica Pledgor Company”
and, together with VP Pledgor Company, each a “Pledgor Company”);

 

WHEREAS,
VP Pledgor Company owns one hundred percent (100%) of the limited liability company membership interests of Victory Pass I, LLC, a Delaware
limited liability company (the “VP Project Company”);

 

WHEREAS
Arica Pledgor Company owns one hundred percent (100%) of the limited liability company membership interests of Arica Solar, LLC, a Delaware
limited liability company (the “Arica Project Company” and, together with the VP Project Company, each a “Project
Company”);

 

WHEREAS,
(a) the VP Project Company is developing and constructing an approximately 200 MWAC solar PV electric generating facility,
together with a 50 MW battery energy storage system and associated infrastructure (the “VP Project”), and (b) the
Arica Project Company is developing and constructing an approximately 263 MWAC solar PV electric generating facility, together
with a 136 MW battery energy storage system and associated infrastructure (the “Arica Project” and, together with
the VP Project, each a “Project”), in each case, located in Riverside County, California;

 

WHEREAS,
(a) Seller directly owns one hundred percent (100%) of the limited liability company membership interests of VP-Arica TargetCo LLC, a
Delaware limited liability company (the “Target Company”), (b) the Target Company owns one hundred percent (100%)
of the limited liability company membership interests of VP-Arica Class B LLC, a Delaware limited liability company (“Class
B HoldCo”), and (c) until the Tax Equity Investor makes its initial investment in TE HoldCo in accordance with the Tax Equity
Agreements, Class B HoldCo will own one hundred percent (100%) of the limited liability company membership interests of VP-Arica TE HoldCo
LLC, a Delaware limited liability company (“TE HoldCo” and, together with VP Pledgor Company, Arica Pledgor Company,
VP Project Company, Arica Project Company, Class B HoldCo and the Target Company, the “Acquired Companies”);

 

WHEREAS,
prior to the Closing (as defined below), consistent with the provisions of the Tax Equity Agreements (as defined below), (a) Class B
HoldCo will make a contribution to TE Holdco, and the Tax Equity Investor will make its initial investment in TE HoldCo in accordance
with the Tax Equity Agreements, (b) the limited liability company membership interests in TE HoldCo will be divided into Class A membership
interests and Class B membership interests, with (i) one hundred percent (100%) of the Class A membership interests in TE HoldCo to be
issued, directly or indirectly, to the Tax Equity Investor (as defined below), and (ii) the portion of the limited liability company
membership interests in TE HoldCo retained by Class B HoldCo to be converted into one hundred percent (100%) of the Class B membership
interests in TE HoldCo, and (c) pursuant to the TE HoldCo MIPA, TE HoldCo will acquire (i) one hundred percent (100%) of the limited
liability company membership interests of VP Pledgor Company, and (ii) one hundred percent (100%) of the limited liability company membership
interests of Arica Pledgor Company, in each case, from Project HoldCo;

 

    1

     

    

 

WHEREAS,
immediately subsequent to the consummation of the transactions described in the immediately preceding recital, TE HoldCo will own, directly
or indirectly, all the limited liability company membership interests in each of VP Pledgor Company, Arica Pledgor Company, VP Project
Company, and Arica Project Company;

 

WHEREAS,
at the Closing, and subsequent to Tax Equity Investor making its initial investment in TE HoldCo, Seller desires to sell, and Purchaser
desires to purchase, forty percent (40%) of the limited liability company membership interests of the Target Company (the “Acquired
Interests”), on the terms and subject to the conditions set forth in this Agreement;

 

WHEREAS,
simultaneously with Purchaser’s acquisition of the Acquired Interests (and as more particularly described in Section 2.06),
Seller will sell, and AIP Lorax LLC, a Delaware limited liability company (“AIP Member”), will purchase, sixty percent
(60%) of the limited liability company membership interests of the Target Company (the “AIP Interests”), pursuant
to the AIP Purchase Agreement (as defined below); and

 

WHEREAS,
pursuant to the A&R LLCA, upon the consummation of the Closing, (a) the AIP Interests shall be converted into one hundred percent
(100%) of the Class B limited liability company membership interests in the Target Company, which shall be designated the “Class
B Membership Interest,” and (b) the Acquired Interests shall be converted into one hundred percent (100%) of the Class A limited
liability company membership interests in the Target Company, which shall be designated the “Class A Membership Interest.”

 

NOW,
THEREFORE, in consideration of the foregoing premises and the respective representations, warranties, covenants and agreements set forth
herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby
agree as follows:

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the mutual agreements, covenants, representations and warranties set forth herein, and intending to be
legally bound hereby, the Parties agree as follows:

 

Article
1

DEFINITIONS AND RULES OF INTERPRETATION

 

1.01.         
Definitions. As used in this Agreement, the following defined terms have the meanings indicated below:

 

“A&R
LLCA” means that certain Amended and Restated Limited Liability Company Agreement of the Target Company, substantially in the
form attached hereto as Exhibit H.

 

“Acquired
Companies” has the meaning set forth in the recitals to this Agreement.

 

“Acquired
Interests” has the meaning set forth in the recitals to this Agreement.

 

“Acquisition
Proposal” has the meaning set forth in Section 5.09.

 

“Action
or Proceeding” means any action, suit, proceeding, arbitration or investigation by or before any Governmental Authority.

 

    2

     

    

 

“Adjusted
Purchase Price Amount” has the meaning set forth in Section 2.04(b).

 

“Adjusted
Purchase Price Model” means [***].“Affiliate” of a specified Person means 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. For
the purposes of this Agreement, (a)(i) CEG, Seller and the direct or indirect subsidiaries of each (other than Clearway
Energy, Inc., and its direct or indirect subsidiaries), on the one hand, and (ii) Clearway Energy, Inc., Clearway Energy LLC,
Purchaser Parent, Purchaser and the direct or indirect subsidiaries of each, on the other hand, shall not be considered “Affiliates,”
(b) with respect to Purchaser, “Affiliates” shall be limited to Clearway Energy Inc. and its subsidiaries, and (c)
with respect to Seller, “Affiliates” shall be limited to Clearway Energy Group LLC and its subsidiaries.

 

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

 

“AIP
Interests” has the meaning set forth in the recitals to this Agreement.

 

“AIP
Member” has the meaning set forth in the recitals to this Agreement.

 

“AIP
Parent” means AIP CW Holding (US) LP, a Delaware limited partnership.

 

“AIP
Purchase Agreement” means the Membership Interest Purchase and Sale Agreement, dated on or about the date hereof, pursuant
to which AIP Member will acquire the AIP Interests upon the occurrence of the “Closing” (as defined thereunder).

 

“AIP
Tax Equity Cross Guaranty” means that certain Guaranty Agreement to be entered into on or around the Closing Date by AIP Parent,
in favor of Purchaser Parent, in the form attached as Exhibit I to this Agreement, any changes to which shall be subject to Purchaser’s
approval pursuant to Section 5.12(a).

 

“Ancillary
Documents” means (a) the Assignment of Membership Interests and (b) the respective certificates to be executed and delivered
at the Closing by Purchaser pursuant to Section 4.03(c) or by Seller pursuant to Section 4.02(d).

 

“Apportioned
Obligations” has the meaning set forth in Section 5.08(b).

 

“Appraisal”
has the meaning set forth in the Tax Equity ECCA.

 

“Arica
Pledgor Company” has the meaning set forth in the recitals to this Agreement.

 

“Arica
Project” has the meaning set forth in the recitals to this Agreement.

 

“Arica
Project Company” has the meaning set forth in the recitals to this Agreement.

 

“Assignment
of Membership Interests” means the Assignment and Assumption Agreement, in substantially the form of Exhibit A attached
hereto.

 

“Balance
Sheets” has the meaning set forth in Section 3.01(u).

 

“Balance
Sheets Date” has the meaning set forth in Section 3.01(u).

 

“Base
Case Model” means the financial projections with respect to the Projects in file “Victory Pass_Arica Financial Model
 – CWEN External – 12.18.2022_v1.xlsb”.

 

    3

     

    

 

“Base
Purchase Price” has the meaning set forth in Section 2.02.

 

“Business
Day” means a day other than Saturday, Sunday or any day on which banks located in the State of New York or the State of New
Jersey are authorized or obligated to close.

 

“CAISO”
means the California Independent System Operator, Inc.

 

“Cap”
has the meaning set forth in Section 6.04(b).

 

“CEG”
means Clearway Energy Group LLC, a Delaware limited liability company.

 

“Class
A Percentage Interest” means the “Percentage Interest” (as defined in the A&R LLCA) of Purchaser thereunder.

 

“Class
B Holdco” has the meaning set forth in the recitals to this Agreement.

 

“Closing”
has the meaning set forth in Section 2.03(a).

 

“Closing
Date” has the meaning set forth in Section 2.03(a).

 

“Closing
Date Endorsement” means (a) a date down endorsement to the Execution Date Title Policy and (b) an ALTA 15.1 endorsement naming
Purchaser as an additional insured.

 

“Closing
Date Schedule Supplement” has the meaning set forth in Section 5.03.

 

“Closing
Payment” has the meaning set forth in Section 2.02(a).

 

“Code”
means the Internal Revenue Code of 1986 and the rules and regulations promulgated thereunder.

 

“Company”
has the meaning set forth in the recitals to this Agreement.

 

“Company
Contracts” has the meaning set forth in Section 3.01(m)(i).

 

“Consequential
Damages” has the meaning set forth in Section 8.15.

 

“Constitutive
Documents” means the certificate of formation and the limited liability company agreement or partnership agreement of a Person.

 

“Contract”
means any agreement, purchase order, commitment, evidence of Indebtedness, mortgage, indenture, security agreement or other contract
entered into by a Person or by which a Person or any of its assets are bound.

 

“Control”
of a Person means the power, directly or indirectly, to direct or cause the direction of the management or policies of such Person (whether
through ownership of securities or partnership or other ownership interests, by contract or otherwise).

 

“CPUC”
means the California Public Utilities Commission.

 

“Deductible”
has the meaning set forth in Section 6.04(a).

 

    4

     

    

 

“Delay
Damages” means any (a) “Delay Damages” (as defined in the Contract identified as item 1 on Schedule 3.01(m)(i))
payable pursuant to Section 2.4(b) of such Contract, (b) “Commercial Operation Delay Damages” (as defined in the Contract
identified as item 2 on Schedule 3.01(m)(i)) payable pursuant to Section 2(b) of Exhibit B of such Contract, (c) “Commercial
Operation Delay Damages” (as defined in the Contract identified as item 3 on Schedule 3.01(m)(i)) payable pursuant
to Section 2(c) of Exhibit B of such Contract, (d) “Commercial Operation Delay Damages” (as defined in the Contract identified
as item 4 on Schedule 3.01(m)(i)) payable pursuant to Section 2(c) of Exhibit B of such Contract, (e) “Commercial Operation
Delay Damages” (as defined in the Contract identified as item 5 on Schedule 3.01(m)(i)) payable pursuant to Section
2(c) of Exhibit B of such Contract, or (f) “Daily Delay Liquidated Delay Damages” (as defined in the Contract identified
as item 7 on Schedule 3.01(m)(i)) payable pursuant to Section 2.06 of such Contract, in each case, paid by any Project Company.

 

“Disclosure
Schedules” means the schedules to Seller’s and Purchaser’s representations and warranties of even date herewith
delivered in connection with the execution and delivery of this Agreement.

 

“Employee
Plan” means any “employee benefit plan,” as such term is defined in Section 3(3) of ERISA, that is (or when in
effect was) subject to any provision of ERISA, including Title IV of ERISA, and is or was sponsored, maintained or contributed to by
Seller, any Acquired Company or any ERISA Affiliate.

 

“Environmental
Attributes” means all environmental air quality credits, green credits, carbon credits, emissions reduction credits, certificates,
tags, offsets, allowances or similar products or rights, howsoever entitled: (a) resulting from the avoidance of the emission
of any gas, chemical or other substance, including mercury, nitrogen oxide, sulfur dioxide, carbon dioxide, carbon monoxide, particulate
matter or similar pollutants or contaminants of air, water or soil, gas, chemical or other substance; and (b) attributable
to the generation, purchase, sale or use of renewable energy generated or use of renewable generation technologies by either Project,
or otherwise attributable to either Project, including any renewable energy credits (“RECs”).

 

“Environmental
Laws” means all applicable Laws relating to the environment, or the handling, storage, transportation, emissions, discharges,
Releases or threatened emissions, discharges or Releases of Hazardous Substances into the environment, including ambient air, surface
water, ground water or land, or otherwise relating to the manufacture, processing, distribution, use, treatment or disposal of any Hazardous
Substances, including the Clean Air Act, the Federal Water Pollution Control Act (including the Clean Water Act and the Oil Pollution
Act), the Safe Drinking Water Act, the Federal Solid Waste Disposal Act (including the Resource Conservation and Recovery Act of 1976),
the Comprehensive Environmental Response, Compensation, and Liability Act, the Toxic Substances Control Act, the Federal Insecticide,
Fungicide and Rodenticide Act, the Emergency Planning and Community Right-to-Know Act, the Occupational Safety and Health Act (to the
extent relating to human exposure to Hazardous Substances) and any other federal, state or local Laws now or hereafter existing relating
to any of the foregoing.

 

“Equity
Capital Contribution Account” has the meaning set forth in the Financing Agreement.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974.

 

“ERISA
Affiliate” means any entity, trade or business that is a member of a group described in Section 414(b), (c), (m) or (o) of
the Code or Section 4001(b)(1) of ERISA that includes Seller or the Acquired Companies or that is a member of the same “controlled
group” as Seller pursuant to Section 4001(a)(14) of ERISA; provided, however, that the Acquired Companies shall not
be considered to be ERISA Affiliates from and after the Closing Date.

 

    5

     

    

 

“Execution
Date” has the meaning set forth in the preamble to this Agreement.

 

“Execution
Date Title Policy” means each of (a) that certain Owner’s Policy of Title Insurance in favor of the Arica Project Company,
dated November 17, 2022 and issued by the Title Company under Policy No. NCS-983439CA2-AS, and (b) that certain Owner’s Policy
of Title Insurance in favor of the VP Project Company, dated November 17, 2022 and issued by the Title Company under Policy No. NCS-983439CA1-VP.

 

“Exempt
Wholesale Generator” or “EWG” has the meaning given to such term in PUHCA.

 

“FERC”
means the Federal Energy Regulatory Commission.

 

“Final
Payment” has the meaning set forth in Section 2.02(b).

 

“Final
Payment Date” has the meaning set forth in Section 2.02(b).

 

“Financing
Agreement” means that certain Financing Agreement, dated as of November 16, 2022, by and among Class B Holdco, Arica Project
Company, VP Project Company, MUFG Bank, Ltd., as administrative agent, Wilmington Trust, National Association, as collateral agent, and
the lenders and issuing banks from time to time party thereto.

 

“Financing
Documents” means, collectively: (a) the “Financing Documents” (as defined in the Financing Agreement) and
(b) the Tax Equity ECCA.

 

“FPA”
means the Federal Power Act and all rules and regulations adopted thereunder.

 

“Fraudulent
Action” means, with respect to the applicable Party, any fraud, intentional breach, intentional misrepresentation (excluding
negligent misrepresentation) or intentional omission by such Party or any Representative of such Party in connection with this Agreement.

 

“Fundamental
Representations” has the meaning set forth in Section 6.03.

 

“Funding
Date” has the meaning set forth in the Tax Equity ECCA.

 

“GAAP”
means generally accepted accounting principles in the United States, consistently applied throughout the relevant periods.

 

“Governmental
Approval” means any consent or approval required by any Governmental Authority.

 

“Governmental
Authority” means any federal, state, local or municipal governmental body, any governmental, quasi-governmental, regulatory
or administrative agency, commission, body or other authority exercising or entitled to exercise any administrative, executive, judicial,
legislative, policy, regulatory or taxing authority or power, including NERC, FERC, CAISO, CPUC, and the Regional Entity, or any court
or governmental tribunal.

 

“Hazardous
Substances” means any substance, element, compound or mixture, whether solid, liquid or gaseous: (a) which is defined
as “hazardous waste” or “hazardous substance” or “pollutant” or “contaminant” under any
Environmental Law; (b) which is otherwise hazardous and is subject to regulation by any Governmental Authority; (c) petroleum
hydrocarbons (other than naturally occurring petroleum hydrocarbons); (d) polychlorinated biphenyls (PCBs); (e) asbestos-containing
materials (other than naturally occurring asbestos); (f) per or poly fluoroalkyl substances; or (g) radioactive materials (other
than naturally occurring radioactive materials).

 

    6

     

    

 

“Indebtedness”
means all obligations of a Person: (a) for borrowed money; (b) evidenced by notes, bonds, debentures or similar instruments;
(c) for the deferred purchase price of goods or services (other than trade payables or accruals incurred in the ordinary course
of business and not past due); (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 and
other similar instruments (whether or not drawn); (g) in the nature of guaranties of the obligations described in clauses (a)
through (f) above of any other Person or as to which such Person has an obligation substantially the economic equivalent of a guaranty;
(h) for unpaid interest, prepayment penalties, premiums, costs and fees that would arise or become due as a result of the prepayment
of any of the obligations referred to in the foregoing clauses (a) through (g); or (i) in respect of any other amount properly
characterized as indebtedness in accordance with GAAP.

 

“Indemnified
Party” means any Person claiming indemnification under any provision of Article 6.

 

“Indemnifying
Party” means any Person against whom a claim for indemnification is being asserted under any provision of Article 6.

 

“Initial
Funding Date” has the meaning set forth in the Tax Equity ECCA.

 

“Insured
Property Rights” has the meaning set forth in Section 3.01(o).

 

“Interim
Period” has the meaning set forth in Section 5.02.

 

“Knowledge”
means the actual knowledge of (a) in the case of Seller, [***], and (b) in the case of Purchaser, [***], in each case, after reasonable
inquiry of their direct reports.

 

“Land”
has the meaning set forth in Section 3.01(n)(i).

 

“Law”
means all laws, statutes, treaties, rules, injunctions, judgments, decrees, writs, orders, codes, ordinances, standards, regulations,
restrictions, executive orders, official guidelines, policies, directives, interpretations, permits or other pronouncements, in each
case, having the effect of law of any Governmental Authority.

 

“Liabilities”
means any liability, Indebtedness, obligation, commitment, or expense, in each case, requiring either: (a) the payment of a monetary
amount; or (b) any type or fulfillment of an obligation, and in each case whether accrued, absolute, contingent, asserted, matured,
unmatured, secured or unsecured.

 

“Lien”
means any lien, mortgage, pledge, security interest, charge or encumbrance of any kind (including any conditional sale or other title
retention agreement, any lease in the nature thereof, and any agreement to give any lien or security interest).

 

“Losses”
means any and all claims (including third-party and inter-party claims), damages, losses, Liabilities, costs, fines, penalties assessed
by any Governmental Authority and expenses (including settlement costs and any reasonable legal, accounting or other expenses for investigating
or defending any actions or threatened actions), and excluding any consequential, incidental, indirect, special, exemplary or punitive
damages except as otherwise provided in Section 8.15.

 

    7

     

    

 

“Major
Project Change” means a: (a) delay in the construction of either Project that is reasonably likely to result in a material
delay in achieving commercial operations of such Project; (b) material increase in the costs of, or liability to, either Project
or any Acquired Company that will not be borne by Seller or otherwise paid, extinguished or fully satisfied as of the Closing Date; or
(c) to the extent not taken into account in the Base Case Model, fact, event, circumstance, condition or change that has a material
adverse effect on the expected generation or operating cost of either Project.

 

“Material
Adverse Effect” means any fact, event, circumstance, condition, change or effect that has, or would reasonably be expected
to have, individually or in the aggregate, a materially adverse effect on the assets, properties, liabilities, financial condition or
results of operations of the Projects or the Acquired Companies, taken as a whole; provided, however, that none of the
following shall be or will be at the Closing Date deemed to constitute and shall not be taken into account in determining the occurrence
of a Material Adverse Effect: any fact, event, circumstance, condition, change or effect resulting from: (a) any economic change
generally affecting the international, national or regional electric generating industry or wholesale markets for electric power; (b)
any economic change in markets for commodities or supplies, including electric power, as applicable, used in connection with the Acquired
Company; (c) any change in general regulatory or political conditions, including any engagements of hostilities, acts of war or
terrorist activities, natural disasters or weather-related events or changes imposed by a Governmental Authority associated with additional
security; (d) any change in any Laws (including Environmental Laws), industry standards generally affecting the industry or markets
in which any Acquired Company operates or GAAP; (e) any change in the financial condition of any Acquired Company caused by the
transactions contemplated by this Agreement; (f) any change in the financial, banking or securities markets (including any
suspension of trading in, or limitation on prices for, securities on the New York Stock Exchange, American Stock Exchange or Nasdaq Stock
Market) or any change in the general national or regional economic or financial conditions; (g) any actions to be taken pursuant
to or in accordance with this Agreement; or (h) the announcement or pendency of the transactions contemplated hereby, including
any labor union activities or disputes; provided, however, that any fact, event, circumstance, condition, change or effect
resulting from clauses (a) through (f) shall nonetheless be taken into consideration in determining whether a Material Adverse Effect
has occurred to the extent such changes, events, effects or occurrences have a materially disproportionate impact on the Acquired Companies,
taken as whole, as compared to similarly situated businesses in the same industry and in the same geographical area, which shall be deemed
to include the State of California.

 

“MBR
Authorization” means a final order issued by FERC: (a) authorizing the wholesale sale of electric energy, capacity,
and specified ancillary services at market-based rates pursuant to Section 205 of the FPA; (b) accepting a tariff pertaining to
such sales; and (c) granting waivers of regulations and blanket authorizations customarily granted by FERC to an entity that makes
wholesale sales of electric energy, capacity, and specified ancillary services at market-based rates, including blanket approval for
the issuance of securities and assumption of liabilities under Section 204 of the FPA.

 

“MW”
means megawatt (alternating current).

 

“NERC”
means the North American Electric Reliability Corporation.

 

“Option”
with respect to any Person means any security, right, subscription, warrant, option, “phantom” stock right or other Contract
that gives the right to: (a) purchase or otherwise receive or be issued any shares of capital stock or other security or equity
interest of such Person or any security or right of any kind convertible into or exchangeable or exercisable for any shares of capital
stock or other security or equity interest of such Person; or (b) receive or exercise any benefits or rights similar to any rights
enjoyed by or accruing to the holder of shares of capital stock (or any other equity interest or security) of such Person, including
any rights to participate in the equity or income of such Person or to participate in or direct the election of any directors or officers
(or similar positions) of such Person or the manner in which any shares of capital stock (or any other security or equity interest) of
such Person are voted.

 

    8

     

    

 

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

 

“Outside
Date” has the meaning set forth on Section 7.01(b).

 

“Party”
or “Parties” has the meaning set forth in the preamble to this Agreement.

 

“Permit”
means all licenses, permits, consents, authorizations, approvals, ratifications, certifications, exemptions, variances, exceptions and
similar consents granted or issued by or from, and filings and registrations with or delivered to, any Governmental Authority.

 

“Permitted
Equity Encumbrances” means: (a) those restrictions on transfer imposed by applicable securities laws; (b) Liens
or restrictions imposed on transfers set forth in the Constitutive Documents of the issuer; and (c) Liens created pursuant to,
and securing any Indebtedness under, the Financing Documents.

 

“Permitted
Exceptions” means, with respect to the Real Property Rights, the following:

 

(a)           all Liens for Taxes, which are not due and payable as of the Closing Date or, if due, are: (i) not delinquent; or (ii)
being contested in good faith through appropriate proceedings and set forth on Schedule 1.01 of the Disclosure Schedules and as
to which adequate reserves in accordance with GAAP have been taken on the books of the Acquired Companies;

 

(b)           all building codes and zoning ordinances and other Laws of any Governmental Authority heretofore, now or hereafter enacted, made or issued
by any such Governmental Authority affecting the Real Property Rights;

 

(c)           all easements, rights-of-way, covenants, conditions, restrictions, reservations, licenses, agreements and other similar matters which
would not reasonably be expected to, in the aggregate, have a Material Adverse Effect on the use and enjoyment of the Real Property Rights;

 

(d)           all encroachments, overlaps, boundary line disputes, shortages in area, drainage and other easements, cemeteries and burial grounds and
other similar matters which would not reasonably be expected to, in the aggregate, have a Material Adverse Effect on the use and enjoyment
of the Real Property Rights;

 

(e)           all electric, telephone, gas, sanitary sewer, storm sewer, water and other utility lines, pipelines, service lines and facilities of
any nature now located on, over or under the Real Property Rights, and all licenses, easements, rights-of-way and other similar agreements
relating thereto which would not reasonably be expected to, in the aggregate, have a Material Adverse Effect on the use and enjoyment
of the Real Property Rights;

 

(f)            all existing public and private roads and streets (whether dedicated or undedicated) and all railroad lines and rights-of-way affecting
the Real Property Rights which would not reasonably be expected to, in the aggregate, have a Material Adverse Effect on the use and enjoyment
of the Real Property Rights;

 

    9

     

    

 

(g)           all rights with respect to the ownership, mining, extraction and removal of minerals, of whatever kind and character (including all coal,
iron ore, oil, gas, sulfur, methane gas in coal seams, limestone and other minerals, metals and ores), that have been granted, leased,
excepted or reserved prior to the date hereof which would not, in the aggregate, reasonably be expected to have a Material Adverse Effect
on the use and enjoyment of the Real Property Rights; and

 

(h)           inchoate mechanic’s 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 of the Acquired Companies: (i) as to which there is no existing
default on the part of the Acquired Companies; or (ii) that are being contested in good faith through appropriate proceedings
and as set forth on Schedule 1.01 of the Disclosure Schedules and as to which adequate reserves in accordance with GAAP have been
taken on the books of the Acquired Companies.

 

“Permitted
Lien” means any: (a) mechanic’s, laborer’s, workmen’s, repairmen’s and carrier’s
Liens, including all statutory Liens: (i) relating to obligations as to which there is no existing default on the part of
the Acquired Companies; or (ii) that Seller is contesting in good faith through appropriate proceedings and set forth on
Schedule 1.01 of the Disclosure Schedules and as to which adequate reserves in accordance with GAAP have been taken on the books
of the Acquired Companies, as applicable; (b) Liens for Taxes, assessments and other governmental charges not yet due and
payable or, if due: (i) not delinquent; or (ii) being contested in good faith through appropriate proceedings
and set forth on Schedule 1.01 of the Disclosure Schedules and as to which adequate reserves in accordance with GAAP have been
taken on the books of the Acquired Companies; (c) good faith deposits in connection with bids, tenders, leases, contracts
or other agreements, including rent security deposits; (d) pledges or deposits to secure public or statutory obligations
or appeal bonds; (e) in the case of personal property owned or held by the Acquired Companies, covenants and other restrictions
in the Company Contracts; (f) any Liens relating to or arising from the Financing Documents; (g) any encumbrance or exception
reflected in any Title Policy; (h) Liens against the assets of any Acquired Company that would not, individually or in the aggregate,
interfere in any material adverse respect with the ability of such Acquired Company to use the property encumbered thereby for its intended
purpose in connection with any Project; and (i) any other Liens set forth on Schedule 1.01 of the Disclosure Schedules.

 

“Person”
means any natural person, corporation, limited liability company, general partnership, limited partnership, proprietorship, other business,
entity, organization, trust, union, association or Governmental Authority.

 

“Placed
In Service (ESS)” has the meaning set forth in the Tax Equity ECCA.

 

“Placed
In Service (Solar)” has the meaning set forth in the Tax Equity ECCA.

 

“Pledgor
Company” has the meaning set forth in the recitals to this Agreement.

 

“Pricing
Adjustments” means:

 

(a)            On each of Initial Funding Date and the Substantial Completion Funding Date, the Base Case Model shall be updated to reflect the actual
applicable Funding Date.

 

(b)           On the Substantial Completion Funding Date, the Base Case Model shall be updated to reflect the actual date on which Placed In Services
(Solar) and Placed In Service (ESS) occurred in respect of each Project.

 

    10

     

    

 

(c)            On each of Initial Funding Date and the Substantial Completion Funding Date, the Base Case Model shall be updated to reflect: (i)
for each Project, the fair market value set forth in the Appraisal bring-down delivered for the applicable Funding Date; (ii)
for each Project, any adjustment in cost allocation, depreciation and amortization recovery periods, amortization and depreciation methods
and rates and amount of depreciation and amortization expense or allowance, as confirmed by the Appraisal bring-down delivered in connection
with the applicable Funding Date; (iii) for each Project, any adjustment to degradation or the monthly annual generation, as reflected
in the bring downs of the “Independent Engineer Report” (as defined in the Tax Equity ECCA; (iv) for each Project,
to the extent revised in the bring-down of any “Independent Engineer Report” (as defined in the Tax Equity ECCA), availability
and the energy estimate, as mutually agreed by Purchaser and Seller; (v) for each Project, any adjustment to operation and maintenance
fees and expenses to the extent identified in the “Independent Engineer Report” (as defined in the Tax Equity ECCA); and
(vi) any adjustment in state or local Taxes that apply to either Project Company.

 

(d)           The energy price, the tenor of each “Power Purchase Agreement” (as defined in the Tax Equity ECCA), and the timing of receipt
of payments under each “Power Purchase Agreement” (as defined in the Tax Equity ECCA) shall be adjusted to the extent that,
prior to the applicable Funding Date, such agreement has been amended or terminated.

 

(e)           Amendments to or additional “Transaction Documents” (as defined in the Tax Equity ECCA).

 

(f)            Property tax expenses and franchise tax (if any) for the Projects shall be updated prior to the applicable Funding Date.

 

(g)           Insurance expenses shall be updated prior to the applicable Funding Date to reflect the costs of insurance to be obtained and maintained
for the Projects, to the extent not yet in place, based on final advice from the “Insurance Consultant” (as defined in the
Tax Equity ECCA); provided that the escalation rate of two and one-tenth percent (2.1%) applied to the insurance cost forecast
beyond the prompt year shall not be adjusted.

 

“Project”
has the meaning set forth in the recitals to this Agreement.

 

“Project
Company” has the meaning set forth in the recitals to this Agreement.

 

“Project
Devco” has the meaning set forth in the recitals to this Agreement.

 

“Project
Holdco” has the meaning set forth in the recitals to this Agreement.

 

“Projections”
has the meaning set forth in Section 3.01(aa).

 

“Prudent
Industry Practices” means those practices, methods, standards and procedures as are commonly used by a significant portion
of those providing operating services on solar facilities of a type and size similar to the Projects, which in the exercise of reasonable
judgment and in the light of the facts known at the time the decision was made, are considered good, safe and prudent practice in connection
with the design, manufacture and construction and use of electrical and other equipment, facilities, equipment and improvements, with
commensurate standards of safety, performance, dependability, efficiency and economy.

 

“PUHCA”
means the Public Utility Holding Company Act of 2005 and the implementing regulations of the FERC thereunder.

 

    11

     

    

 

“Purchase
Price” has the meaning set forth in Section 2.02(b).

 

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

 

“Purchaser
Indemnified Parties” means Purchaser and its Representatives.

 

“Purchaser
Parent” means Clearway Energy Operating LLC, a Delaware limited liability company.

 

“Purchaser
Parent Guaranty” means the Purchaser Parent Guaranty dated as of the Execution Date and issued by the Purchaser Parent, in
the form of Exhibit B.

 

“Purchaser
Tax Equity Guaranty” means that certain Guaranty Agreement to be entered into on or around the Closing Date by Purchaser Parent,
on behalf of Class B Holdco, in favor of the Tax Equity Investor, the form of which shall be subject to Purchaser’s approval pursuant
to Section 5.12(a).

 

“Real
Property Rights” means all real property rights and interests of the Acquired Companies, including all options, leases, easements,
land use rights, access easements, transmission line easements, rights to ingress and egress, any and all bids, grants, awards, applications,
rights to negotiate and all other rights relating to the Land.

 

“RECs”
has the meaning set forth in the definition of “Environmental Attributes.”

 

“Regional
Entity” means the Western Electricity Coordinating Council.

 

“Release”
means any release, spill, emission, leaking, pumping, pouring, injection, deposit, disposal, emptying, escaping, discharge, dispersal,
dumping, leaching or migration of Hazardous Substances into or upon any land, water or air, including the movement of Hazardous Substances
through or in any land, water or air, including the Land.

 

“Reports”
means, for each Project: (a) the “Independent Engineer Report” (as defined in the Tax Equity ECCA); (b) the
 “Environmental Report” (as defined in the Tax Equity ECCA); (c) the “Insurance Report” (as defined in
the Tax Equity ECCA); and (d) the “Transmission Report” (as defined in the Tax Equity ECCA); in each case, including
any bring downs of such reports delivered pursuant to the Tax Equity ECCA as of the Closing Date.

 

“Representatives”
means with respect to any Person, the officers, directors, employees, counsel, accountants, financing advisors, consultants and agents
of such Person.

 

“Retained
Support Obligation” has the meaning set forth in Section 5.07(b).

 

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

 

“Seller
Approvals” has the meaning set forth in Section 3.01(e).

 

“Seller
Consents” has the meaning set forth in Section 3.01(c).

 

“Seller
Indemnified Parties” means Seller and each of its Representatives.

 

“Seller
Parent” means Clearway Renew LLC, a Delaware limited liability company.

 

    12

     

    

 

“Seller
Parent Guaranty” means that guaranty of Seller Parent dated as of the Execution Date and attached hereto as Exhibit C.

 

“Seller
Tax Equity Guaranty” means that certain Guaranty Agreement to be entered into pursuant to the Tax Equity ECCA by Clearway Renew,
LLC (or another Affiliate of Seller) on behalf of Class B Holdco, in favor of the Tax Equity Investor, the form of which shall be subject
to Purchaser’s approval pursuant to Section 5.12(a).

 

“Substantial
Completion Funding Date” has the meaning set forth in the Tax Equity ECCA.

 

“Substitute
Support Obligation” has the meaning set forth in Section 5.07(a).

 

“Support
Obligations” has the meaning set forth in Section 5.07(a).

 

“Tax”
or “Taxes” means any income, profits, gross or net receipts, property, sales, use, capital gain, transfer, excise,
license, production, franchise, employment, social security, occupation payroll, registration, capital, governmental pension or insurance,
withholding, royalty, severance, stamp or documentary, value added, goods and services, business or occupation or other tax, charge,
assessment, duty, levy, unclaimed property or escheat obligation, compulsory loan or fee of any kind (including any interest, additions
to tax or civil or criminal penalties thereon) of the United States or any state or local jurisdiction therein, or of any other nation
or any jurisdiction therein, together with any obligations for the Taxes of any other Person, whether as successor, a member of a group,
indemnitor or otherwise.

 

“Tax
Equity Agreements” means, collectively, the Tax Equity ECCA, the Tax Equity LLCA, the AIP Tax Equity Cross Guaranty, Seller
Tax Equity Guaranty, Purchaser Tax Equity Guaranty and the TE HoldCo MIPA.

 

“Tax
Equity Documents” means each of the Tax Equity Agreements and each other agreement or certificate to be executed and delivered
pursuant to the Tax Equity ECCA or the Tax Equity LLCA, in each case, pursuant to the terms and subject to the conditions of Section
5.12(a).

 

“Tax
Equity ECCA” means that certain Equity Capital Contribution Agreement, to be entered into by and between the Tax Equity Investor
and Class B Holdco, the form of which shall be subject to Purchaser’s approval pursuant to Section 5.12(a).

 

“Tax
Equity Investor” means Wells Fargo Bank, N.A.

 

“Tax
Equity LLCA” means that certain Amended and Restated Limited Liability Company Agreement of TE HoldCo, to be entered into between
Class B HoldCo and the Tax Equity Investor, the form of which shall be subject to Purchaser’s approval pursuant to Section 5.12(a).

 

“Tax
Equity Model” means the “Base Case Model” as defined in and updated pursuant to the Tax Equity ECCA, the initial
form of which shall be subject to Purchaser’s approval pursuant to Section 5.12(a).

 

“Tax
Return” means any report, form, return, statement or other information (including any amendments) supplied to or filed with,
or required to be supplied to or filed with a Governmental Authority by a Person with respect to Taxes, including information returns,
any amendments thereof or schedule or attachment thereto and any documents with respect to or accompanying requests for the extension
of time in which to file any such report, form, return, statement or other information.

 

    13

     

    

 

“Tax
Equity Signing” has the meaning set forth in Section 5.12(a).

 

“TE
HoldCo” has the meaning set forth in the recitals to this Agreement.

 

“TE
HoldCo MIPA” means that certain Membership Interest Purchase and Sale Agreement for the sale by Project HoldCo and the purchase
by TE HoldCo of one hundred percent (100%) of the membership interests of each Pledgor Company, to be entered into between Project HoldCo
and the TE HoldCo, the form of which shall be subject to Purchaser’s approval pursuant to Section 5.12(a).

 

“Title Company”
means First American Title Insurance Company, or another nationally-recognized title insurance company reasonably acceptable to the Parties.

 

“Title
Policies” means each Owner’s Policy for an ALTA 2006 extended coverage owner’s policy of title insurance, issued
by the Title Company in favor of each Project Company or otherwise in form and substance reasonably acceptable to Purchaser.

 

“Title
Proformas” means, for each Project, that certain pro forma Title Policy to be delivered
to the Tax Equity Investor pursuant to the Tax Equity ECCA, in form and substance reasonably acceptable to Purchaser.

 

“Transaction
Documents” means this Agreement, the Ancillary Documents and the A&R LLCA.

 

“Transaction
Expenses” means (a) all unpaid costs, fees and expenses as of Closing for the negotiation, execution or delivery of this Agreement
or any Transaction Document, or for the performance of the actions required at the consummation of the Closing existing on or prior to
the Closing Date, but only to the extent such costs, fees and expenses are payable or reimbursable by Company or any Acquired Company,
including the fees, costs, disbursements and expenses of advisors with respect thereto, (b) all liabilities of the Company or any Acquired
Company under or in connection with any severance or retention arrangements, stay bonuses, incentive bonuses, transaction bonuses, termination
and change of control arrangements and similar obligations that exist on or prior to the Closing Date and that are owed or that will
be triggered, either automatically or in combination with any other event, in whole or in part by the consummation of the Closing, and
(c) all fees and expenses, if any, incurred by the Company or any Acquired Company on or prior to the Closing Date in connection with
obtaining the Seller Consents.

 

“Transfer
Taxes” means any and all transfer Taxes (excluding Taxes measured in whole or in part by net income), including sales, use,
real property transfer, recording, documentary, stamp, registration, stock, excise, conveyance, gross receipts, business and occupation,
securities transactions, notarial, filing, permit, license, authorization and similar Taxes, fees, duties, levies, customs, tariffs,
imposts, assessments, obligations and charges.

 

“Treasury
Regulations” means the final and temporary regulations promulgated by the U.S. Department of Treasury under the Code.

 

“VP
Pledgor Company” has the meaning set forth in the recitals to this Agreement.

 

“VP
Project” has the meaning set forth in the recitals to this Agreement.

 

“VP
Project Company” has the meaning set forth in the recitals to this Agreement.

 

    14

     

    

 

1.02.       Rules
of Interpretation.

 

(a)           Construction.
As used herein, the singular shall include the plural, the masculine gender shall include the feminine and neuter and the neuter gender
shall include the masculine and feminine unless the context otherwise indicates.

 

(b)           References.
References to Articles and Sections are intended to refer to Articles and Sections of this Agreement, and all references to Annexes,
Exhibits and Schedules are intended to refer to Annexes, Exhibits and Schedules attached to this Agreement, each of which is made a part
of this Agreement for all purposes. The terms “include,” “includes” and “including” mean “including,
without limitation” and “including but not limited to.” Any date specified for action that is not a Business Day shall
mean the first Business Day after such date. Any reference to a Person shall be deemed to include such Person’s successors and
permitted assigns. Any reference to any document or documents shall be deemed to refer to such document or documents as amended, modified,
supplemented or replaced from time to time in accordance with the terms of this Agreement. References to Laws refer to such Laws as they
may be amended from time to time, and references to particular provisions of a Law include any corresponding provisions of any succeeding
Law. The words “herein,” “hereof” and “hereunder” and words of similar import shall refer to this
Agreement as a whole and not to any particular section or subsection of this Agreement. References to money refer to legal currency of
the United States of America.

 

(c)           Accounting
Terms. As used in this Agreement and in any certificate or other documents made or delivered pursuant
hereto, accounting terms not defined in this Agreement or in any such certificate or other document, and accounting terms partly defined
in this Agreement or in any such certificate or other document to the extent not defined, will have the respective meanings given to
them under GAAP. To the extent that the definitions of accounting terms in this Agreement or in any such certificate or other document
are inconsistent with the meanings of such terms under GAAP, the definitions contained in this Agreement or in any such certificate or
other document will control.

 

Article
2

SALE OF MEMBERSHIP INTERESTS AND CLOSING

 

2.01.       Purchase
and Sale. Seller agrees to sell to Purchaser, and Purchaser agrees to purchase from Seller, all of the right, title and interest
of Seller in and to the Acquired Interests at the Closing on the terms and subject to the conditions set forth in this Agreement. In
consideration for the sale, transfer and delivery of all of the Acquired Interests to Purchaser, Purchaser shall pay to Seller, or otherwise
contribute in the manner specified pursuant to the Financing Agreement, in either case, in accordance with Section 2.02(a) and
Section 2.02(b) (as applicable), an aggregate amount equal to Two Hundred Twenty Seven Million Seven Hundred Fifty-Four Thousand
Nine Hundred Thirteen and 19/100 Dollars ($227,754,913.19) (the “Base Purchase Price”), subject to adjustment in accordance
with Section 2.04(a).

 

2.02.       Payment of Purchase Price.

 

(a)           Closing
Payment. Upon the terms and subject to the conditions hereinafter set forth, in consideration of the delivery by Seller of the Acquired
Interests, Purchaser shall pay to Seller at the Closing an amount equal to twenty percent (20%) of the Base Purchase Price (the “Closing
Payment”). Payment of the Closing Payment shall be made by wire transfer of immediately available funds to the Equity Capital
Contribution Account (for application in accordance with Section 7.5(a) of the Financing Agreement), or such other account or accounts
as designated by Seller, in each case, in accordance with written notice delivered by Seller to Purchaser not less than two (2) Business
Days prior to the Closing Date.

 

    15

     

    

 

(b)           Final Payment. After the Closing Date and no later than and subject to the occurrence of the Substantial Completion Funding Date
(reasonable evidence of which shall be provided by Seller to Purchaser), Purchaser shall pay to Seller a dollar amount (the “Final
Payment” and the date such payment is made, the “Final Payment Date”) equal to (i) the Base Purchase Price,
as adjusted pursuant to Section 2.04(a) (such amount, the “Purchase Price”), less (ii) the Closing Payment.
Payment of the Final Payment shall be made by wire transfer of immediately available funds to the Equity Capital Contribution Account
(for application in accordance with Section 7.5(b) of the Financing Agreement), or such other account or accounts as designated by Seller,
in each case, in accordance with written notice delivered by Seller to Purchaser not less than two (2) Business Days prior to the Final
Payment Date. For the avoidance of doubt, on the “Discharge Date” (as defined in the Financing Agreement), the Parties agree
that any amounts remaining on deposit in the Equity Capital Contribution Account, as contemplated by Section 7.5(b) of the Financing
Agreement, shall be promptly transferred to Seller (or its designee).

 

2.03.       Closing;
Final Payment.

 

(a)           Subject to the terms and conditions of this Agreement, the closing of the transactions described in Section 2.01 (the “Closing”)
will take place remotely via the electronic exchange of documents and signatures no later than: (i) two (2) Business Days following
the fulfillment or waiver of the conditions set forth in Article 4 (other than those conditions that by their nature are to be
satisfied on the Closing Date); or (ii) such other time as may be determined by mutual agreement of Seller and Purchaser (the
day on which the Closing takes place being the “Closing Date”).

 

(b)           At the Closing, the following shall occur:

 

(i)               Purchaser shall pay the Closing Payment by wire transfer of immediately available funds to the account or accounts as designated by Seller
in writing pursuant to Section 2.02(a);

 

(ii)              Each Party shall deliver, or cause to be delivered, to the other Party the certificates and other deliverables pursuant to Article
4;

 

(iii)             The execution by both Parties of the Assignment of Membership Interests and all other agreements, documents, instruments or certificates
required to be delivered at or prior to the Closing pursuant to Article 4; and

 

(iv)             If applicable, Seller shall deliver to Purchaser a certificate or certificates representing the Acquired Interests, duly endorsed for
transfer to Purchaser or accompanied by one or more membership interests powers duly endorsed for transfer to Purchaser.

 

(c)           On the Final Payment Date, Purchaser shall pay the Final Payment by wire transfer of immediately available funds to the account or accounts
as designated by Seller in writing pursuant to Section 2.02(b).

 

2.04.       Adjusted
Purchase Price Amount.

 

(a)            If, as of the Substantial Completion Funding Date, the Adjusted Purchase Price Amount is positive, the Base Purchase Price shall be increased
by the Adjusted Purchase Price Amount. If, as of the Substantial Completion Funding Date, the Adjusted Purchase Price Amount is negative,
the Base Purchase Price shall be decreased by the absolute value of the Adjusted Purchase Price Amount. Any adjustment made under this
Section 2.04 will be treated as an adjustment to the Base Purchase Price for Tax purposes.

 

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(b)           “Adjusted Purchase Price Amount” shall equal (i) the number set forth in the tab entitled “PP Adj” of
the Adjusted Purchase Price Model minus (ii) any Transaction Expense of any Acquired Company as of the Closing Date (except to
the extent such Transaction Expense has already been applied as a reduction against the Adjusted Purchase Price Amount pursuant to the
Adjusted Purchase Price Model).

 

2.05.       Certain
Proceeds. Notwithstanding anything herein to the contrary, in the event that anytime following the Closing Date, Purchaser
(if Purchaser receives any such payment separately and not from any Acquired Company) or any Acquired Company receives any payment with
respect to (a) any amounts released from any completion escrow account funded by or on behalf of Seller or, prior to the Closing, any
Acquired Company, (b) any amounts released from adequate reserves funded by or on behalf of Seller or, prior to the Closing, any Acquired
Company, established at or prior to the Closing Date in accordance with GAAP, or (c) any other amounts described in any of clauses (i)
through (vi) of Section 5.06(a) of the A&R LLCA, Purchaser and Seller agree that such amount shall be retained by, or immediately
refunded or paid by Purchaser or the applicable Acquired Company to Seller or its designee, at the times and in the manner as specified
in Section 5.06 of the A&R LLCA.

 

2.06.       Tax
Reporting of Transaction. For federal income tax purposes, the Parties agree to report the transactions effectuated by this Agreement
as follows:

 

(a)           Immediately prior to the Closing and the Initial Funding Date, each of the Target Company, Class B Holdco and TE HoldCo shall be treated
as a disregarded entity separate from Seller (or if Seller is a disregarded entity for U.S. federal income tax purposes, the Person or
Persons owning Seller that are not disregarded for such purposes) for U.S. federal income tax purposes;

 

(b)           Upon the making of the capital contribution to be made by the Tax Equity Investor to TE HoldCo, and the issuance to the Tax Equity Investor
of the Class A membership interests in TE HoldCo, in each case, pursuant to the Tax Equity ECCA on the Initial Funding Date, and the
making of the capital contribution to be made by the Class B Member to the TE HoldCo, which shall be deemed to occur prior to the Closing,
in accordance with Revenue Ruling 99-5, Situation 2, each of Seller and the Tax Equity Investor is treated as contributing cash or property
to TE Holdco in exchange for an interest in TE HoldCo, as a result of which TE HoldCo shall become a partnership between Seller and the
Tax Equity Investor for U.S. federal income tax purposes;

 

(c)           On the Initial Funding Date, but prior to the Closing, TE HoldCo will acquire, and Project HoldCo will sell, (i) all the limited liability
company membership interests of VP Pledgor Company (and, indirectly, all the limited liability company interests in VP Project Company)
and (ii) all the limited liability company membership interests of Arica Pledgor Company (and, indirectly, all the limited liability
company interests in Arica Project Company); and

 

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(d)           At the Closing, and subsequent to the making of the capital contribution to be made by the Tax Equity Investor to TE HoldCo, and the
issuance to the Tax Equity Investor of the Class A membership interests in TE HoldCo, in each case, pursuant to the Tax Equity ECCA,
and subsequent to the acquisition by TE HoldCo of all the interests in VP Pledgor Company and Arica Pledgor Company (and, indirectly,
VP Project Company and Arica Project Company), in accordance with the principles of Revenue Ruling 99-5, Situation 1, (i) simultaneously
(i.e., at the same moment in time), (A) AIP Member will acquire the AIP Interests from Seller, and Seller will sell the AIP Interests
to AIP Member, and (B) Purchaser will acquire the Acquired Interests from Seller, and Seller will sell the Acquired Interests to Purchaser,
(ii) immediately subsequent to the consummation of the transactions described in clause (i) of this Section 2.06(d), AIP Member
and Purchaser shall be the sole members of the Target Company, which shall be, and shall be treated as, a partnership for U.S. federal
income tax purposes, and (iii) as a result of, and in connection with, the transactions described in in clause (i) of this Section
2.06(d), (A) the acquisition by AIP Member of the AIP Interests will be treated as (I) an acquisition by AIP Member in a taxable
transaction of an undivided interest in all of the assets and properties, tangible and intangible, of the Target Company (including its
ratable portion of the Class B membership interests in TE HoldCo), which Class B membership interests will be treated as an interest
in a partnership for federal income tax purposes and (II) pursuant to Section 721 of the Code, the contribution by AIP Member of those
assets and properties to the Target Company in exchange for the AIP Interests and (B) the acquisition by Purchaser of the Acquired Interests
will be treated as (I) an acquisition by Purchaser in a taxable transaction of an undivided interest in all of the assets and properties,
tangible and intangible, of the Target Company (including its ratable portion of the Class B membership interests in TE HoldCo), which
Class B membership interests will be treated as an interest in a partnership for federal income tax purposes, and (II) pursuant to Section
721 of the Code, the contribution by Purchaser of those assets and properties to the Target Company in exchange for the Acquired Interests.

 

Article
3

REPRESENTATIONS AND WARRANTIES

 

3.01.       Representations
and Warranties with respect to Seller and the Acquired Companies. Seller hereby represents and warrants to Purchaser, as of the
Execution Date and the Closing Date, as follows (provided that any representation and warranty set forth in this Section 3.01
and expressly stated to be made only as of a specified date shall be made solely as of such date):

 

(a)            Existence. Seller is a limited liability company duly formed, validly existing and in good standing under the Laws of the State
of Delaware. Seller has full power and authority to execute and deliver this Agreement and the other Transaction Documents to be executed
and delivered by Seller hereunder, and to perform its obligations hereunder and thereunder and to consummate the transactions contemplated
hereby and thereby.

 

(b)           Authority.
All actions or proceedings necessary to authorize the execution and delivery by Seller of this Agreement and the other Transaction Documents,
and the performance by Seller of its obligations hereunder and thereunder have been duly and validly taken. This Agreement and, at the
Closing, each other Transaction Document, has been duly and validly executed and delivered by Seller and constitutes the legal, valid
and binding obligations of Seller enforceable against Seller in accordance with its terms, except as the same may be limited by bankruptcy,
insolvency, reorganization, fraudulent conveyance, arrangement, moratorium or other similar Laws relating to or affecting the rights
of creditors generally, or by general equitable principles.

 

(c)            No
Consent. Except as set forth on Schedule 3.01(c) of the Disclosure Schedules (the “Seller Consents”),
and except as would not, individually or in the aggregate, reasonably be expected to be materially adverse to (i) the ability of Seller
to consummate the transactions contemplated by this Agreement or to perform its obligations hereunder, or (ii) the Acquired Companies,
taken as a whole, the execution, delivery and performance by Seller of this Agreement does not require Seller to obtain any consent,
approval or action of or give any notice to any Person as a result or under any terms, conditions or provisions of any Contract or Permit
by which it is bound.

 

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(d)           No
Conflicts. The execution, delivery and performance of this Agreement and the other Transaction Documents by Seller does not and will
not: (i) conflict with, result in a breach of, or constitute a default under, the Constitutive Documents of Seller or any
Acquired Company or any material Contract to which Seller, or any Company Contract to which any Acquired Company, is a party; (ii) result
in the creation of any Lien upon any of the Acquired Interests, any equity interests of any Acquired Company or any assets or properties
of any Acquired Company; (iii) accelerate or modify, or give any party the right to accelerate or modify, the time within which,
or the terms under which, any duties or obligations are to be performed by Seller or any Acquired Company or any rights or benefits are
to be received by any Person, under any Contract to which Seller or any Acquired Company is a party; or (iv) violate in any material
respect any applicable Law.

 

(e)            Regulatory
Matters. Except as set forth on Schedule 3.01(e) of the Disclosure Schedules (“Seller Approvals”),
no Governmental Approval is required on the part of Seller or any Acquired Company in connection with the execution, delivery and performance
of this Agreement or the consummation of the transactions contemplated by this Agreement.

 

(f)            Legal Proceedings. Except as set forth in Schedule 3.01(f) of the Disclosure Schedules, and except for Actions or Proceedings
in respect of Environmental Laws that are governed exclusively by Section 3.01(p)(ii), there are no Actions or Proceedings pending
or, to the Knowledge of Seller, threatened as of the Execution Date against Seller or any Acquired Company that: (i) affect Seller
or any Acquired Company, or any of their assets or properties (including the Projects), except, solely in respect of Seller, which would
not reasonably be expected to have a material adverse effect on Seller’s ability to perform under this Agreement; or (ii)
would reasonably be expected to result in the issuance of an Order restraining, enjoining or otherwise prohibiting or making illegal
the consummation of any of the transactions contemplated by this Agreement. None of Seller or any Acquired Company is subject to any
Order which materially restricts the operation of its business or which would reasonably be expected to have a Material Adverse Effect.

 

(g)           Brokers.
Except as set forth on Schedule 3.01(g) of the Disclosure Schedules, no Person has any claim against Seller or any Acquired
Company for a finder’s fee, brokerage commission or similar payment directly or indirectly in connection with the transactions
contemplated by this Agreement.

 

(h)           Compliance
with Laws. Neither Seller nor any Acquired Company is in material violation of any material Law or Order applicable to the Acquired
Companies or the Projects, or by which any of the Acquired Interests are bound or subject. Notwithstanding the foregoing, compliance
with Environmental Laws is exclusively and solely governed by Section 3.01(p). None of Seller nor any Acquired Company has
received notice from any Governmental Authority of any material violation of any material Law.

 

(i)            Company
and the Acquired Companies.

 

(i)             Each Acquired Company is a limited liability company validly existing and in good standing under the Laws of Delaware, and has full power
and authority to conduct its business as and to the extent now conducted and to own, use and lease its assets. Each Acquired Company
is duly qualified, licensed or admitted to do business and is in good standing in the applicable jurisdictions specified in Schedule 3.01(i)
of the Disclosure Schedules, which are the only jurisdictions in which the ownership, use or leasing of such Acquired Company’s
assets, or the conduct or nature of its businesses, makes such qualification, licensing or admission necessary, except in those jurisdictions
where the failure to be so qualified, licensed or admitted to do business would not reasonably be expected to result in a Material Adverse
Effect.

 

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(ii)            All of the issued and outstanding Acquired Interests are owned directly, beneficially and of record by Seller free and clear of all Liens,
other than Permitted Equity Encumbrances and except as set forth on Schedule 3.01(i)(ii) of the Disclosure Schedules. Except
as set forth on Schedule 3.01(i)(ii) of the Disclosure Schedules and for the ownership by the Tax Equity Investor following
the consummation of the transactions contemplated by the Tax Equity ECCA, all of the issued and outstanding equity interests of the Acquired
Companies (other than the Target Company) are owned directly or indirectly, beneficially and of record by the Target Company, free and
clear of all Liens, other than Permitted Equity Encumbrances and except as set forth on Schedule 3.01(i)(ii) of the Disclosure
Schedules. All of the equity interests of the Acquired Companies have been duly authorized, validly issued and are fully paid and non-assessable
and have been issued in compliance with federal and state securities laws.

 

(iii)           The name of each director and officer (or similar positions) of each Acquired Company, and the position with such Acquired Company held
by each, are listed in Schedule 3.01(i)(iii) of the Disclosure Schedules.

 

(iv)           Seller has, prior to the execution of this Agreement, delivered to Purchaser true and complete copies of the Constitutive Documents of
each Acquired Company as in effect on the Execution Date.

 

(v)            Except as set forth in Part I of Schedule 3.01(i)(v) of the Disclosure Schedules, there are no outstanding Options issued or granted
by, or binding upon, any Acquired Company for any Person to purchase or sell or otherwise acquire or dispose of any equity interest or
other security or interest in any such Acquired Company. Except (I) as set forth in the Tax Equity Agreements, the Financing Documents
or the Constitutive Documents of any Acquired Company, (II) as provided pursuant to this Agreement or the AIP Purchase Agreement,
or (III) as set forth in Part II of Schedule 3.01(i)(v) of the Disclosure Schedules, none of the Acquired Interests or
the membership interests of the Acquired Companies are subject to any voting trust or voting trust agreement, voting agreement, pledge
agreement, buy-sell agreement, right of first refusal, preemptive right or proxy.

 

(vi)           Except as set forth on Schedule 3.01(i)(vi) of the Disclosure Schedules, no Acquired Company has any subsidiaries, equity
interests, interests in joint ventures or general or limited partnerships or other investment or portfolio assets of a similar nature.

 

(vii)          Except as set forth on Schedule 3.01(i)(vii) of the Disclosure Schedules, no Acquired Company conducts: (A) any
business other than the development, ownership, operation and management of either or both Projects; or (B) any operations
other than those incidental to the ownership, operation, and management of either or both Projects.

 

(viii)        The books and records of the each Acquired Company are: (A) in all material respects, accurate and complete and have been
maintained in accordance with good business practices; and (B) state in reasonable detail and accurately and fairly reflect the
activities and transactions of such Acquired Company.

 

(ix)           (A) The execution and delivery by Seller of the Assignment of Membership Interests; and (B) if applicable, the delivery
of certificates representing the Acquired Interests, duly endorsed for transfer to Purchaser or accompanied by one or more membership
interest powers duly endorsed for transfer to Purchaser, will transfer to Purchaser good, valid and marketable title to the Acquired
Interests, free and clear of all Liens, other than Permitted Equity Encumbrances.

 

    20

     

    

 

(j)             No Undisclosed Liabilities.

 

(i)             No Acquired Company has any material liability or obligation that would be required to be disclosed on a balance sheet prepared in accordance
with GAAP, except for the liabilities and obligations of the Acquired Companies: (i) incurred in the ordinary course of business
consistent with past practice; (ii) that constitute amounts payable under the Company Contracts expressly provided for under
existing Company Contracts that have not arisen from a breach thereof or thereunder; (iii) under the Financing Documents; or (iv) as
set forth in Schedule 3.01(j) of the Disclosure Schedules.

 

(ii)            All of the Indebtedness of the Company and each Acquired Company, other than Indebtedness under the Financing Documents, is listed on
Schedule 3.01(j) of the Disclosure Schedules.

 

(k)           Taxes.
Except as disclosed on Schedule 3.01(k) of the Disclosure Schedules, since the date of formation of each Acquired Company, as
applicable:

 

(i)             All federal and all other material Tax Returns required to be filed by or with respect to each such Acquired Company (or income attributable
thereto) have been timely filed with the appropriate Governmental Authorities in all jurisdictions in which such Tax Returns are required
to be filed. Such Tax Returns are true, correct and complete in all material respects to the extent such Tax Returns relate to any Acquired
Company (or income attributable thereto), and Seller, Affiliates of Seller, and the Acquired Companies have paid, or made adequate provisions
for the payment of, all Taxes, assessments and other charges due or claimed to be due (regardless of whether shown on any Tax Return)
from any such Acquired Company or for which any Acquired Company or Purchaser could be held liable.

 

(ii)            There are no: (A) Actions or Proceedings currently pending or threatened in writing against the Acquired Companies or related
to their business operations by any Governmental Authority for the assessment or collection of Taxes; (B) audits or other examinations
of any Tax Return of the Acquired Companies (or income attributable thereto) in progress nor has Seller, any Affiliate of Seller or the
Acquired Companies been notified in writing of any request for examination with respect to the Acquired Companies; (C) claims
for assessment or collection of Taxes that have been asserted in writing against Seller or any Affiliate of Seller with respect to the
Acquired Companies (or the income attributable thereto); or (D) matters under discussion with any Governmental Authority regarding
claims for assessment or collection of Taxes against the Acquired Companies (or income attributable thereto). There are no outstanding
agreements, waivers or consents extending the statutory period of limitations applicable to any Tax of the Acquired Companies, and, except
as set forth on Schedule 3.01(k) of the Disclosure Schedules, no Acquired Company has requested any extension of time within which
to file any Tax Return. There are no Liens for unpaid or delinquent Taxes, assessments or other charges or deposits with respect to the
Acquired Interests, other than Liens for Taxes not yet due or delinquent or being contested in good faith by appropriate proceedings
and for which adequate reserves on financial statements have been established.

 

(iii)           Seller is not, and its owner for U.S. federal income tax purposes is not, a “foreign person” within the meaning of Code Sections
1445(b)(2) and 1446(f).

 

(iv)          The Acquired Companies have been properly classified for federal and state income Tax purposes as disregarded entities or partnerships
under Treasury Regulations Section 301.7701-2 and -3 and neither Seller nor any Affiliate of Seller has made or caused to be made any
election for any Tax purposes to classify any Acquired Company other than as a disregarded entity or partnership.

 

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(v)           No Acquired Company is a party to any Tax allocation, Tax sharing or other similar agreement, other than customary Tax indemnification
or other provisions contained in any credit or other ordinary course commercial agreements the primary purpose of which is not Taxes
(including, for the avoidance of doubt, the Material Contracts and the Tax Equity Documents).

 

(vi)           The Target Company has never entered into or been a party to any “listed transaction,” as defined in Section 1.6011-4(b)(2)
of the Treasury Regulations.

 

(vii)          None of the property owned by any Acquired Company is “tax exempt use property” within the meaning of Section 168(h) of the
Code or “tax exempt bond financed property” within the meaning of Code Section 168(g)(5) (for the avoidance of doubt, other
than as a result of Purchaser’s treatment as an indirect owner of such property).

 

(l)            Employees.
No Acquired Company has, nor has ever had, any employees or any Liability, actual or contingent, with respect to any Employee Plan.

 

(m)          Company
Contracts.

 

(i)             Schedule 3.01(m)(i)
of the Disclosure Schedules contains a true, correct and complete list of all material Contracts, and amendments, modifications and
supplements thereto, to which any Acquired Company is a party or by which any Acquired Company or any of its assets or properties are
bound (collectively, the “Company Contracts”) including the following:

 

(A)             all Contracts for the purchase, exchange or sale of electric power, capacity, ancillary services or Environmental Attributes;

 

(B)             
all Contracts for the transmission of electric power;

 

(C)             
all interconnection Contracts for electricity;

 

(D)             all Contracts with Seller, AIP Member or any of their respective Affiliates (other than any other Acquired Company); and

 

(E)              all Contracts relating to the Acquired Interests or membership interests of any Acquired Company.

 

(ii)            Seller has provided Purchaser with, or access to, true, correct and complete copies of all the Company Contracts required to be disclosed
on Schedule 3.01(m)(i) of the Disclosure Schedules and the agreements described on Schedule 3.01(y) of the Disclosure
Schedules, and all amendments, modifications and supplements thereto. Each Company Contract constitutes the legal, valid, binding and
enforceable obligation of the Acquired Company party thereto and to the Knowledge of Seller, the other parties thereto, except as may
be limited by: (A) bankruptcy, insolvency, reorganization, moratorium and other similar laws of general application affecting
the rights and remedies of creditors; and (B) general principles of equity (regardless of whether such enforcement is considered
in a proceeding in equity or at law). Each Company Contract is in full force and effect.

 

(iii)           Except as disclosed on Schedule 3.01(m)(iii) of the Disclosure Schedules, no Acquired Company or, to the Knowledge of Seller,
the other parties thereto, is in material violation or material breach of or material default under any Company Contract to which it
is a party.

 

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(iv)          None of Seller or any Acquired Company has given or received notice or other written communication regarding any actual, alleged, possible
or potential material violation or material breach with respect to any material provision of, or any material default under, or intent
to cancel or terminate, any Company Contract, which violation, breach or default has not been remedied, cured or waived or for which
any such intent to cancel or terminate has been withdrawn.

 

(n)           Real
Property.

 

(i)             Schedule
3.01(n)(i) of the Disclosure Schedules lists all Real Property Rights of any Acquired Company, the real property in which any Acquired
Company has Real Property Rights, and appurtenances thereto (collectively, the “Land”). Each Project Company has a
good and valid leasehold, easement, access, license, or right of way interests, as applicable, in the Land required or associated with
the applicable Project, free and clear of all Liens, except: (A) for Permitted Exceptions; (B) as disclosed in the applicable Title Proforma
delivered by Seller to Purchaser on or before the Closing Date; and (C) as disclosed in the applicable Title Policy.

 

(ii)            Except as set forth on Schedule 3.01(n)(ii) of the Disclosure Schedules, no Acquired Company has entered into any assignment,
lease, license, sublease, easement or other agreement granting to any Person any right to the possession, use, occupancy or enjoyment
of the Land.

 

(iii)           No Acquired Company has caused or suffered to exist any easement, right-of-way, covenant, condition, restriction, reservation, license,
agreement or other similar matter that would materially interfere with the operation of the Projects or the business of the Acquired
Companies in respect of the Real Property Rights, except as set forth on Part I of Schedule 3.01(n)(iii) of the Disclosure Schedules,
in the applicable Title Proforma or in the applicable Title Policy.

 

(iv)           Except as set forth on Part II of Schedule 3.01(n)(iii) of the Disclosure Schedules, the Real Property Rights are all the real
property rights necessary for the Acquired Companies to develop, construct, own and operate the Projects.

 

(v)            None of Seller or any Acquired Company has received any written notice of: (A) condemnation, eminent domain or similar governmental
proceeding materially affecting, individually or in the aggregate, the Projects; or (B) zoning, ordinance, building, fire, health
or safety code violations materially affecting the Projects.

 

(o)           Title
Policy. Schedule 3.01(o) of the Disclosure Schedules lists all Real Property Rights insured by the Title Policies (the “Insured
Property Rights”). As of the Execution Date, Seller has provided to Purchaser a true and correct copy of the Execution Date
Title Policies covering the Insured Property Rights. As of the Closing Date, Seller has provided to Purchaser copies of the pro forma
Closing Date Endorsements, and true and correct copy of the Title Pro Formas covering the Insured Property Rights.
The Insured Property Rights are subject only to: (i) Permitted Exceptions; (ii) matters disclosed in the Title Policies;
and (iii) matters consented to in writing by Purchaser (which consent shall not be unreasonably withheld, conditioned or delayed).

 

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(p)           Environmental.

 

(i)             Except as set forth on Schedule 3.01(p)(i) of the Disclosure Schedules, the Acquired Companies are in compliance with all
Environmental Laws, except to the extent that any such non-compliance would not reasonably be expected to have a Material Adverse Effect.
There is no material violation of any Environmental Law or other material Liability arising under any Environmental Law with respect
to the Projects or the Land.

 

(ii)            There are no Actions or Proceedings pending or, to the Knowledge of Seller, threatened as of the Execution Date against Seller (solely
in respect of the Projects or the Acquired Companies), or the Acquired Companies, relating to any material violation of Environmental
Law. None of Seller or any Acquired Company has received written notice from any Governmental Authority of any material violation of
any Environmental Law in respect of the Projects or the Acquired Companies (other than those violations that have been resolved or remedied).

 

(iii)           Schedule 3.01(p)(iii)
of the Disclosure Schedules sets forth all material Permits required pursuant to any Environmental Law to be acquired or held by
or for the benefit of Seller or Acquired Companies for the development, construction, ownership, use or operation of the Land or the
business of the Acquired Companies as currently conducted. Except as set forth in Schedule 3.01(p)(iii) of the Disclosure
Schedules, such Permits have been obtained in a timely manner and are presently maintained in full force and effect in the name of an
Acquired Company.

 

(iv)           Except as set forth on Schedule 3.01(p)(iv) of the Disclosure Schedules, to the Knowledge of Seller, there has been no Release
of Hazardous Substances at or from the Projects in violation of Environmental Laws or Permits required by or issued pursuant to any Environmental
Law for the development, construction, ownership, use or operation of the Land or the business of the Acquired Companies as currently
conducted that would be reasonably expected to trigger any obligation of Seller or the Acquired Companies under Environmental Laws to
report, investigate, remove or remediate such Release, or that would be reasonably expected to result in a material liability or interfere
materially with the development, construction, ownership or operations of any Project.

 

(v)           Seller has made available to Purchaser all material environmental reports, assessments and documents that are in the possession of Seller
or the Acquired Companies and that relate to actual or potential material Liabilities under Environmental Laws with respect to the Projects
or the Land.

 

(q)           Permits.

 

(i)             Schedule 3.01(q)(i)
of the Disclosure Schedules sets forth all material Permits required pursuant to any Law to be acquired or held by or for the benefit
of Seller or the Acquired Companies in connection with the development, construction, ownership, maintenance, or operation of the Projects,
except for those required by the Environmental Laws, which are exclusively and solely governed by Section 3.01(p), or those of
a type that are ministerial in nature and routinely granted on application and for which none of Seller or the Acquired Companies has
reason to believe will not be obtained in due course. Except as set forth in Schedule 3.01(q)(i) of the Disclosure Schedules,
such Permits have been obtained in a timely manner and are presently maintained in full force and effect in the name of an Acquired Company.

 

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(ii)            Except as set forth on Schedule 3.01(q)(ii) of the Disclosure Schedules, and except as relates to compliance with Environmental
Laws which is exclusively and solely governed by Section 3.01(p), Seller and the Acquired Companies are in material compliance
with each such Permit, and in compliance with the FPA and PUHCA, except where the failure to so comply would not reasonably be expected
to have a Material Adverse Effect, and have received no written notice of violation or noncompliance from any Governmental Authority
which violation or noncompliance has not been remedied or any written notice or claim asserting or alleging that any such Permit: (A) is
not in full force and effect; or (B) is subject to any Action or Proceeding or unsatisfied condition, in each case of clause
(A) and (B) which has not been remedied or resolved.

 

(iii)           There are no proceedings pending or, to the Knowledge of Seller, threatened which would reasonably be expected to result in the modification,
revocation or termination of any material Permit set forth in Schedule 3.01(q)(i) of the Disclosure Schedules.

 

(r)                             Affiliate
Transactions. Except for: (i) transactions (A) disclosed on Schedule 3.01(r) of the Disclosure Schedules;
or (B) under the Company Contracts disclosed on Schedule 3.01(m)(i) of the Disclosure Schedules; and (ii) this
Agreement, there are no existing or pending transactions, Contracts or Liabilities between or among any Acquired Company on the one hand,
and Seller or any of Seller’s Affiliates (other than any other Acquired Company), or any officer or director of Seller or any of
Seller’s Affiliates, on the other hand.

 

(s)           Intellectual Property.

 

(i)             To the Knowledge of Seller, except as set forth in Schedule 3.01(s)(i) of the Disclosure Schedules, there is not now and
has not been during the past three (3) years any infringement or misappropriation by Seller of any valid patent, trademark, trade
name, servicemark, copyright, trade secret or similar intellectual property which relates to the Acquired Interests or the assets of
the Acquired Companies and which is owned by any third party, and there is not now any existing or, to the Knowledge of Seller, threatened
claim against Seller of infringement or misappropriation of any patent, trademark, trade name, servicemark, copyright trade secret or
similar intellectual property which directly relates to the Acquired Interests or the assets of the Acquired Companies and which is owned
by any third party and which, in each case, would reasonably be expected to have a Material Adverse Effect.

 

(ii)            Each Acquired Company owns or has the valid right to use pursuant to license, sublicense, agreement or permission, in each case free
and clear of all Liens other than Permitted Liens, any intellectual property necessary for it to conduct its business as currently conducted,
other than such intellectual property the absence of which ownership or the right to use would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

(iii)           There is no pending or, to the Knowledge of Seller, threatened claim by Seller against others for infringement or misappropriation of
any trademark, trade name, servicemark, copyright, trade secret or similar intellectual property owned by Seller and which is utilized
in the conduct of the business of the Acquired Companies that would reasonably be expected to have a Material Adverse Effect.

 

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(t)            Insurance.
Schedule 3.01(t) of the Disclosure Schedules contains a true, correct and complete list of all insurance policies as of the
Execution Date that insure the assets and properties and business of the Acquired Companies or affect or relate to the ownership of any
of the assets and properties the Acquired Companies. Seller has delivered to Purchaser detailed summaries of all the insurance policies
set forth on Schedule 3.01(t) of the Disclosure Schedules, all of which are in full force and effect. None of Seller or any Acquired
Company has received any notice with respect to the assets and properties and business of the Acquired Companies from any insurer under
any insurance policy applicable to the assets and properties and business of the Acquired Companies disclaiming coverage, reserving rights
with respect to a particular claim or such policy in general or canceling any such policy. All premiums due and payable under all such
policies have been paid and the terms of such policies have been complied with by Seller and the Acquired Companies, as applicable, in
all material respects. The insurance maintained by or on behalf of the Acquired Companies is adequate to comply with all Laws and Company
Contracts. Except as set forth on Schedule 3.01(t) of the Disclosure Schedules, there are no pending insurance claims. Seller
expects insurance coverage for property damage and business interruption for the Projects as described in the property and casualty policies
set forth on Schedule 3.01(t) of the Disclosure Schedules to continue in all material respects after the Closing Date. Furthermore,
at the expiration of such policies, Seller expects the aforementioned policies to be renewed with terms substantially identical to those
described in the policies above.

 

(u)           Balance
Sheets. Seller has previously delivered to Purchaser true, correct and complete copies of the unaudited balance sheets (the “Balance
Sheets”) of the Acquired Companies, on a stand-alone basis, for the quarter ended September 30, 2022 (the “Balance
Sheets Date”). The Balance Sheets: (i) fairly present, in all material respects, the consolidated or stand-alone financial
position and results, as applicable, of operations of the Acquired Companies covered thereby, as of the Balance Sheets Date; (ii)
have been prepared in accordance with GAAP consistently applied during the period(s) involved except as otherwise noted therein, subject
to normal and recurring year-end adjustments that have not been and are not expected to be material in amount; and (iii) have
been prepared from the books and records of the Acquired Companies covered thereby.

 

(v)           Absence of Changes. Except as set forth on Schedule 3.01(v) of the Disclosure Schedules, between the Balance Sheets Date
(except as otherwise indicated in subparagraph (vii) below) and the Execution Date, there has not been:

 

(i)             any repurchase, redemption or other acquisition of any equity interests of any Acquired Company or any interests convertible into equity
interests of any Acquired Company or any other change in the capitalization or ownership of any Acquired Companies;

 

(ii)            any merger of any Acquired Company into or with any other Person, consolidation of any Acquired Company with any other Person or acquisition
by any Acquired Company of all or substantially all of the business or assets of any Person;

 

(iii)           any action by any Acquired Company or any commitment entered into by any member of any Acquired Company with respect to or in contemplation
of any liquidation, dissolution, recapitalization, reorganization or other winding up of its business or operations;

 

(iv)          any material change in accounting policies or practices (including any change in depreciation or amortization policies) of any Acquired
Company, except as required under GAAP;

 

(v)           any sale, lease (as lessor), transfer or other disposal of (including any transfers to any of its Affiliates), or mortgage or pledge,
or imposition of any Lien on, any of assets or properties of any Acquired Company, or interests therein, other than: (A) inventory
and personal property sold or otherwise disposed of in the ordinary course of business; and (B) Permitted Liens;

 

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(vi)          any creation, incurrence, assumption or guarantee, or agreement to create, incur, assume or guarantee any Indebtedness for borrowed money
or entry into any “keep well” or other agreement to maintain the financial condition of another Person, or any arrangement
having the economic effect of any of the foregoing (including entering into, as lessee, any capitalized lease obligations as defined
in Statement of Financial Accounting Standards No. 13), in each case, by any Acquired Company; or

 

(vii)          any event, circumstance, condition or change relating or with respect to any Acquired Company that would reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect.

 

(w)          Bank
Accounts. Schedule 3.01(w) of the Disclosure Schedules sets forth the names and locations of banks, trust companies and other
financial institutions at which any Acquired Company maintains bank accounts or safe deposit boxes, in each case listing the type of
account, the account number, and the names of all Persons authorized to draw thereupon or who have access thereto.

 

(x)            Regulatory
Status.

 

(i)             As of the date that a Project Company first delivers test energy, such Project Company shall be an “Exempt Wholesale Generator.”
As an Exempt Wholesale Generator, such Project Company is exempt from PUHCA to the extent provided for in 18 C.F.R. § 366.7(e),
except as otherwise may be applicable under Section 1265 of PUHCA.

 

(ii)            As of the date a Project Company first delivers test energy, each Acquired Company that directly or indirectly owns any equity interests
in such Project Company will become a “holding company,” as defined in PUHCA, solely with respect to its direct or indirect,
as applicable, ownership of such Project Company and, therefore, each such Acquired Company is entitled to the exemptions and waivers
set forth in at 18 C.F.R. § 366.3(a). Such Project Company is not a “holding company.”

 

(iii)           As of the Closing Date, Purchaser, solely by virtue of its indirect ownership of each Project Company, will not be subject to, or will
not lose the exemption from: (A) regulation under PUHCA as an “electric utility company,” a “public utility
company,” or a “holding company,” or an “affiliate” or “subsidiary company” as defined under
PUHCA, except to the extent such regulation under PUHCA applies to a “holding company” solely with respect to an Exempt Wholesale
Generator; (B) as a “public utility” under the FPA; or (C) regulation by the CPUC as a “public utility”
or an “electrical corporation.”

 

(iv)           No Acquired Company is subject to regulation as a “public utility” as that term is defined under FPA Section 201(e). As of
the date that a Project Company first delivers test energy, such Project Company shall have received MBR Authorization. No Acquired Company
is subject to regulation by the CPUC as a “public utility” or, other than such Project Company, an “electrical corporation.”

 

(y)           Support
Obligations.

 

(i)             Part I.A and Part I.B of Schedule 3.01(y) of the Disclosure Schedules sets forth a true, complete and correct list of all the
Support Obligations for which Purchaser shall be required to use commercially reasonable efforts to replace and/or effect the release
of pursuant to Section 5.07(a).

 

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(ii)            Part II of Schedule 3.01(y) of the Disclosure Schedules sets forth a true, complete and correct list of all the Support Obligations
for which Purchaser shall not be required to replace or effect the release of pursuant to Section 5.07(a).

 

(z)            Reports.
Seller has made available to Purchaser true, complete and correct copies of all Reports delivered pursuant to the Tax Equity ECCA as
of the Execution Date. As of the Closing Date, Seller has made available to Purchaser true, correct and complete copies of all Reports
that were not made available to Purchaser on the Execution Date.

 

(aa)          Projections.
Seller has prepared the financial projections for the Acquired Companies, which are reflected in the Base Case Model (the “Projections”),
in good faith. To the Knowledge of Seller, the Projections: (i) are based on reasonable assumptions; (ii) reflect all material
payments to be made by the Acquired Companies to Seller or its Affiliates; and (iii) as to operation and maintenance expenses, are consistent
in all material respects with Prudent Industry Practices.

 

(bb)         Solvency.
There are no bankruptcy, reorganization or receivership proceedings pending against, being contemplated by or, to the Knowledge of Seller,
threatened in writing against, Seller or any Acquired Company.

 

(cc)          No
Other Warranties. Except for the warranties set forth herein, the Acquired Interests are
being sold hereunder on an “as is,” “where is” basis. The warranties set forth herein are exclusive and are in
lieu of all other warranties, whether statutory, written or oral, express or implied; Seller provides no other warranties with respect
to the Acquired Interests, the Projects, the ACQUIRED COMPANIES, or the assets of the
ACQUIRED COMPANIES, including implied warranties of merchantability and fitness for a
particular purpose, and warranties arising from course of dealing or usage of trade, all of which are expressly disclaimed. Except as
expressly set forth in Section 3.01, Seller makes no representation or warranty to Purchaser with respect to any financial projections,
forecasts or forward looking statements of any kind or nature whatsoever relating to the Projects, the ACQUIRED COMPANIES,
the assets of the ACQUIRED COMPANIES or the Acquired Interests.

 

3.02.       Representations
and Warranties with Respect to Purchaser. Purchaser hereby represents and warrants to Seller, as of the Execution Date and the
Closing Date, as follows (provided that any representation and warranty set forth in this Section 3.02 and expressly stated
to be made only as of a specified date shall be made solely as of such date):

 

(a)            Existence. Purchaser is a limited liability company duly formed, validly existing and in good standing under the Laws of
the State of Delaware. Purchaser has full power and authority to execute and deliver this Agreement and each other agreement required
to be executed by it pursuant to the terms hereof, to perform its obligations hereunder and thereunder and to consummate the transactions
contemplated hereby and thereby and to own or lease its assets and properties and to carry on its business as currently conducted.

 

(b)           Authority.
All actions or proceedings necessary to authorize the execution and delivery by Purchaser of this Agreement, and the performance
by Purchaser of its obligations hereunder, have been duly and validly taken. This Agreement has been duly and validly executed and delivered
by Purchaser and constitutes the legal, valid and binding obligations of Purchaser enforceable against Purchaser in accordance with its
terms, except as the same may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, arrangement, moratorium or
other similar Laws relating to or affecting the rights of creditors generally, or by general equitable principles.

 

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(c)           No
Consent. Except as disclosed on Schedule 3.02(c) of the Disclosure Schedules, and except as would not, individually
or in the aggregate, reasonably be expected to adversely affect the ability of Purchaser to consummate the transactions contemplated
by this Agreement or to perform its obligations hereunder, the execution, delivery and performance by Purchaser of this Agreement does
not require Purchaser to obtain any consent, approval or action of or give any notice to any Person as a result or under any terms, conditions
or provisions of any Contract by which it is bound.

 

(d)           No
Conflicts. The execution, delivery and performance of this Agreement by Purchaser does not and will not: (i) conflict
with, result in a breach of, or constitute a default under, Purchaser’s Constitutive Documents, or any material Contract to which
Purchaser is a party; (ii) result in the creation of any Lien upon any of the assets or properties of Purchaser; or (iii)
accelerate or modify, or give any party the right to accelerate or modify, the time within which, or the terms under which, any duties
or obligations are to be performed by Purchaser, or any rights or benefits are to be received by any Person, under any material Contract
to which Purchaser is a party.

 

(e)           Permits and Filings. Except as disclosed on Schedule 3.02(e) of the Disclosure Schedules, no Permit is required on
the part of Purchaser in connection with the execution, delivery and performance of this Agreement, the consummation of the transactions
contemplated hereby or thereby or any borrowing or other action by Purchaser or any of its Affiliates in connection with obtaining or
maintaining sufficient financing to provide the payment of the Purchase Price.

 

(f)            Legal Proceedings. There are no Actions or Proceedings pending or, to the knowledge of Purchaser, threatened as of the Execution
Date against Purchaser that affects Purchaser or any of its assets or properties which would reasonably be expected to result in the
issuance of an Order restraining, enjoining or otherwise prohibiting or making illegal the consummation of any of the transactions contemplated
by this Agreement.

 

(g)           Purchase for Investment. Purchaser: (i) is acquiring the Acquired Interests for its own account and not with a view
to distribution; (ii) is an “accredited investor” as such term is defined in Rule 501(a) under the Securities
Act of 1933; (iii) has sufficient knowledge and experience in financial and business matters so as to be able to evaluate
the merits and risk of an investment in the Acquired Interests and is able financially to bear the risks thereof; and (iv) understands
that the Acquired Interests will, upon purchase, be characterized as “restricted securities” under state and federal securities
laws and that under such laws and applicable regulations the Acquired Interests may be resold without registration under such laws only
in certain limited circumstances. Purchaser agrees that it will not sell, convey, transfer or dispose of the Acquired Interests, unless
such transaction is made pursuant to an effective registration statement under applicable federal and state securities laws or an exemption
from registration requirements of such securities laws.

 

(h)           Brokers.
Except as set forth on Schedule 3.02(h) of the Disclosure Schedules, no Person has any claim against Purchaser for a finder’s
fee, brokerage commission or similar payment directly or indirectly in connection with the transactions contemplated by this Agreement.

 

(i)            Governmental
Approvals. Except as set forth on Schedule 3.02(i) of the Disclosure Schedules or which have already been obtained, no
Governmental Approval is required on the part of Purchaser in connection with the execution, delivery and performance of this Agreement
or the consummation of the transactions contemplated hereby.

 

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(j)            Compliance
with Laws. Purchaser is not in material violation of any Law except where any such material violation would not in the aggregate
reasonably be expected to have a material adverse effect on Purchaser’s ability to satisfy its obligations under this Agreement.

 

(k)           Due
Diligence. Purchaser, or its Representatives, have had the opportunity to conduct all such due diligence investigations of the Acquired
Interests, the Acquired Companies and the Projects as they deemed necessary or advisable in connection with entering into this Agreement
and the related documents and the transactions contemplated hereby and thereby. Purchaser has
relied solely on its independent investigation and the representations and warranties made by Seller in Section 3.01 in making
its decision to acquire the Acquired Interests and has not relied on any other statements or advice from Seller or its Representatives.

 

Article
4

CONDITIONS PRECEDENT

 

4.01.       Closing
Date Conditions Precedent of the Parties. The obligations of each Party to consummate the Closing are subject to the fulfillment
(or waiver by the applicable Party), at or before the Closing, by the applicable Party of each of the following conditions:

 

(a)           Tax
Equity Financing. The Initial Funding Date with regards to the Projects under the Tax Equity ECCA shall have occurred.

 

(b)           Approvals/Consents.
All consents of Purchaser specified on Schedule 3.02(c) of the Disclosure Schedules and all approvals of Purchaser specified
in Schedule 3.02(i) of the Disclosure Schedules shall have been obtained by Purchaser; and all Seller Approvals and Seller
Consents shall have been obtained by Seller and shall in each case be in full force and effect.

 

(c)           Litigation. No Order shall have been entered which restrains, enjoins or otherwise prohibits or makes illegal the consummation
of any of the transactions contemplated by this Agreement and no Action or Proceeding shall have been instituted before any Governmental
Authority of competent jurisdiction seeking to restrain, enjoin or otherwise prohibit or make illegal the consummation of any of the
transactions contemplated by this Agreement.

 

(d)           Material
Adverse Effect. There will not exist on the Closing Date any condition or fact that, individually or in the aggregate, has or would
reasonably be expected to result in a Material Adverse Effect.

 

(e)           AIP
Purchase Agreement. AIP Member shall, simultaneously with or prior to the Closing, have closed the acquisition of the AIP Interests
pursuant to the AIP Purchase Agreement.

 

4.02.       Closing
Date Conditions Precedent of the Purchaser. The obligations of the Purchaser to consummate the Closing are subject to the fulfillment
(or waiver by the Purchaser ), at or before the Closing, by the applicable Party of each of the following conditions:

 

(a)           Seller
Representations and Warranties. The representations and warranties made by Seller in this Agreement shall be true and correct in
all material respects (except that (i) each Fundamental Representation made by Seller shall be true and correct in all respects and (ii)
any of such representations and warranties that are qualified by materiality, including by reference to Material Adverse Effect, shall
be true and correct in all respects) on and as of the Closing Date as though such representations and warranties were made on and as
of the Closing Date, except to the extent such representations and warranties expressly relate to an earlier date, in which case as of
such earlier date.

 

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(b)           Seller
Covenants. The covenants and obligations required by this Agreement to be performed or complied with by Seller at or before the Closing
Date have been duly performed or complied with in all material respects.

 

(c)           Withholding
Certificate. Seller shall have delivered to Purchaser a valid, properly executed IRS Form W-9 (or, if Seller is an entity treated
as disregarded as separate from its owner for federal income tax purposes, Seller’s regarded owner for federal income tax purposes);
provided that Purchaser’s or the Company’s sole right if Seller fails to provide such IRS Form W-9 shall be to make
appropriate withholdings under Sections 1445 and 1446 of the Code.

 

(d)           Certificates.
Seller shall have delivered to Purchaser: (A) a certificate, dated as of the Closing Date and executed by an authorized officer
of Seller substantially in the form and to the effect of Exhibit D; (B) a certificate, dated as of the Closing Date
and executed by the Secretary of Seller substantially in the form and to the effect of Exhibit E; (C) a commitment by the
Title Company to issue the Closing Date Endorsements; and (D) copies of all recorded documents referred to, or listed as exceptions
to title in, the Closing Date Endorsements.

 

(e)            A&R
LLCA. Simultaneously with or prior to the Closing, AIP Member and Clearway Renew LLC shall have executed and delivered the A&R
LLCA.

 

(f)            Tax
Equity Cross Guaranties. Simultaneously with or prior to the Closing, (i) AIP Parent shall have executed, and delivered to Purchaser,
the AIP Tax Equity Cross Guaranty, and (ii) Seller Parent shall have executed, and delivered to Purchaser, the Seller Tax Equity Guaranty.

 

4.03.       Closing
Date Conditions Precedent of the Seller. The obligations of the Seller to consummate the Closing are subject to the fulfillment
(or waiver by the Seller), at or before the Closing, by the applicable Party of each of the following conditions:

 

(a)           Purchaser
Representations and Warranties. The representations and warranties made by Purchaser in this Agreement shall be true and correct
in all material respects (except (i) each Fundamental Representation made by Purchaser shall be true and correct in all respects and
(ii) any of such representations and warranties that are qualified by materiality, including by reference to Material Adverse Effect,
shall be true and correct in all respects) on and as of the Closing Date as though such representations and warranties were made on and
as of the Closing Date, except to the extent such representations and warranties expressly relate to an earlier date, in which case as
of such earlier date.

 

(b)           Purchaser Covenants. The covenants and obligations required by this Agreement to be performed or complied with by Purchaser at
or before the Closing Date have been duly performed or complied with in all material respects.

 

(c)           Certificates.
Purchaser shall have delivered to Seller: (A) a certificate, dated as of the Closing Date and executed by an authorized officer
of Purchaser substantially in the form and to the effect of Exhibit F; and (B) a certificate, dated as of the Closing
Date and executed by the Secretary of Purchaser substantially in the form and to the effect of Exhibit G.

 

(d)           A&R LLCA. Simultaneously with or prior to the Closing, Purchaser shall have executed and delivered the A&R LLCA.

 

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(e)           Purchaser
Tax Equity Guaranty. Simultaneously with or prior to the Closing, Purchaser Parent shall have executed, and delivered to the Tax
Equity Investor, the Purchaser Tax Equity Guaranty.

 

Article
5

Certain Covenants

 

5.01.       Regulatory
and Other Permits. Following the Execution Date, Seller shall, or shall cause the Acquired Companies to, as promptly as practicable,
use commercially reasonable efforts to make all filings with all Governmental Authorities and other Persons required by Seller or its
Affiliates to consummate the transactions contemplated hereby and shall use commercially reasonable efforts to obtain as promptly as
practicable all Permits and all consents, approvals or actions of all Governmental Authorities and other Persons necessary to consummate
the transactions contemplated hereby, including the Seller Approvals and Seller Consents. Without limiting the generality of the foregoing,
prior to the first sale of test power from each Project, the applicable Project Company shall have obtained EWG status. Seller shall
promptly provide Purchaser with a copy of any filing, Order or other document delivered to or received from any Governmental Authority
or other Person relating to the obtaining of any such Permits, consents, approvals or actions of Governmental Authorities and other Persons
for any Project. Seller shall provide a status report to Purchaser upon the reasonable request of Purchaser. Seller shall use commercially
reasonable efforts not to cause its Representatives, or the Acquired Companies or other Affiliates of Seller or any of their respective
Representatives, to take any action which would reasonably be expected to materially and adversely affect the likelihood of any approval
or consent required to consummate the transactions contemplated hereby. Seller shall bear its own costs and legal fees contemplated by
this Section 5.01.

 

5.02.       Access
to Information. From the Execution Date and continuing until the earlier of the termination of this Agreement or the Closing
Date (the “Interim Period”), Seller shall at all reasonable times and upon reasonable prior notice during regular
business hours make the properties, assets, books and records pertaining to the Acquired Companies, the Acquired Interests or the Projects
reasonably available for examination, inspection and review by Purchaser and its Representatives; provided that: (a) Purchaser
and its Representatives shall be subject to customary confidentiality undertakings with respect to any such information or access made
available; (b) for any site visit or access, Purchaser and its Representatives will agree to comply with all safety and other
policies and procedures disclosed to it while conducting such visit or access; and (c) Purchaser’s and its Representatives’
inspections and examinations shall not unreasonably disrupt the normal operations of Seller, the Acquired Companies or the Projects and
shall be at Purchaser’s sole cost and expense; and provided further that neither Purchaser, nor any of its Affiliates or
Representatives, shall conduct any intrusive environmental site assessment or activities with respect to the Acquired Companies or their
properties without the prior written consent of Seller.

 

5.03.       Notification
of Certain Matters. Seller shall have the right to deliver to Purchaser, not later than ten (10) Business Days prior to the Closing
Date, a supplement to the Disclosure Schedules (the “Closing Date Schedule Supplement”) to disclose any matter arising
after the date hereof, that, if existing at or arising prior to the date hereof, would have been required to be set forth in the Disclosure
Schedules for the representations and warranties of Seller set forth herein to be true and correct as of the date hereof, and the Disclosure
Schedules shall be deemed to be modified, supplemented and amended to include the items listed in the Closing Date Schedule Supplement
for all purposes hereunder, other than to cure any breach or inaccuracy of any representation or warranty of Seller contained in this
Agreement for purposes of Article 6. If any item set forth in the Closing Date Schedule Supplement discloses any event, circumstance
or development that, individually or in the aggregate when taken together with other previously disclosed events, circumstances or developments,
would prevent any of the conditions set forth in ‎Section 4.01 (other than those conditions related to the bring-down of
representations and warranties) to be satisfied, then Purchaser may terminate this Agreement by delivering notice of termination to Seller
within ten (10) Business Days of its receipt of the Closing Date Schedule Supplement; provided that if Purchaser does not deliver
such notice within such ten (10) Business Day period, then Purchaser shall be deemed to have irrevocably waived its right to terminate
this Agreement with respect to such item and its right to not consummate the transactions contemplated hereby with respect to such item,
in each case, after giving effect to such item under any of the conditions set forth in Section 4.01, but shall not be deemed
to have irrevocably waived its right to indemnification under ‎Section 6.01 with respect to such item (provided that
updates shall not give rise to any right of indemnification to the extent such updates are solely to reflect the execution of any Tax
Equity Document pursuant to and in accordance with Section 5.12).

 

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5.04.       Conduct
of Business.

 

(a)            During the Interim Period, and subject to Section 5.04(b), Seller shall cause each Acquired Company to operate and carry
on its business in the ordinary course and substantially as operated prior to the Execution Date. Without limiting the foregoing, and
subject to Section 5.04(b), Seller shall cause each Acquired Company to perform in all material respects the Company Contracts
to which such Acquired Companies is a party and use commercially reasonable efforts consistent with good business practice to preserve
the goodwill of the suppliers, contractors, lenders, Governmental Authorities, licensors, customers, distributors and others having business
relations with the Acquired Companies.

 

(b)           Without limiting Section 5.04(a), except: (i) as set forth on Schedule 5.04(b) of the Disclosure Schedules;
(ii) as would not be reasonably likely to cause a Major Project Change (with respect to clauses (F), (G), (I), and (N) of this
Section 5.04(b) only); or (iii) with the express written approval of Purchaser, such approval not to be unreasonably withheld
or delayed, during the Interim Period, Seller shall cause each Acquired Company not to:

 

(A)             
transfer any of the Acquired Interests to any Person or create or suffer to exist any Lien upon the Acquired Interests other than the
Permitted Equity Encumbrances;

 

(B)             
issue, grant, deliver or sell or authorize or propose to issue, grant, deliver or sell, or purchase or propose to purchase, any of its
equity securities (other than the sale and delivery of the Acquired Interests pursuant to this Agreement, the issuance of membership
interests in TE HoldCo pursuant to the Tax Equity ECCA, and the sale of interests in each Pledgor Company pursuant to the TE HoldCo MIPA),
options, warrants, calls, rights, exchangeable or convertible securities, commitments or agreements of any character, written or oral,
obligating it to issue, deliver, sell, repurchase or redeem, or cause to be issued, delivered, sold, repurchased or redeemed, any of
its equity securities (other than this Agreement, the Tax Equity ECCA and the TE HoldCo MIPA);

 

(C)             
declare, set aside or pay any dividends on or make any other distributions in respect of the Acquired Interests, or combine, split or
reclassify any of the Acquired Interests or issue or authorize the issuance of any other securities in respect of, in lieu of or in substitution
for any of the Acquired Interests, other than distributions to Seller of any loan proceeds received under the Financing Agreement (in
accordance therewith) or any other amounts described in any of clauses (i) through (vi) of Section 5.06(a) of the A&R LLCA;

 

(D)             
take any action or enter into any commitment with respect to or in contemplation of any liquidation, dissolution, recapitalization, reorganization
or other winding up of business or operations;

 

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(E)              
open or establish any new accounts with financial institutions, other than as required by the Financing Documents or the Tax Equity Agreements;

 

(F)              
make any material change in its business or operations, except such changes as may be required to comply with any applicable Law;

 

(G)             
make any material capital expenditures (or enter into any Contracts in respect of material capital expenditures) other than as contemplated
by the Company Contracts or the Tax Equity Agreements;

 

(H)             
merge Company or any Acquired Company into or with any other Person or consolidate Company or any Acquired Company with any other Person;

 

(I)                
enter into any Contract for the purchase of real property or any interests therein, other than as contemplated by the Tax Equity Agreements;

 

(J)                
acquire, or enter into any Contract for any acquisitions (by merger, consolidation, or acquisition of stock or assets or any other business
combination), of any Person or business or any division thereof, other than as contemplated by the Tax Equity Agreements;

 

(K)             
sell, lease (as lessor), transfer or otherwise dispose of (including any transfers to any of its Affiliates), or mortgage or pledge,
or impose or suffer to be imposed any Lien on, any of its assets or properties, other than: (1) inventory and personal property
sold or otherwise disposed of in the ordinary course of business; (2) Permitted Liens; or (3) as contemplated by the Financing
Documents or the Tax Equity Agreements;

 

(L)              
create, incur, assume or guarantee, or agree to create, incur, assume or guarantee, any Indebtedness for borrowed money, or enter into
any “keep well” or other agreement to maintain the financial condition of another Person or into any arrangement having the
economic effect of any of the foregoing (including entering into, as lessee, any capitalized lease obligations as defined in Statement
of Financial Accounting Standards No. 13), other than any Indebtedness arising from the Financing Agreement or any of the Financing Documents;

 

(M)            
make any loans or advances to any Person (other than another Acquired Company), except in the ordinary course of business consistent
with past practice;

 

(N)             
except for the execution of the Tax Equity Agreements, enter into any Contract that would constitute a Company Contract or amend, modify,
grant a waiver in respect of, cancel or consent to the termination of any Company Contract other than any amendment, modification or
waiver which is not material to such Company Contract and is otherwise in the ordinary course of business;

 

(O)             
enter into or adversely amend, modify or waive any rights under, in each case, in any material respect, any material Contract (or series
of related Contracts) with Seller or any Affiliate of Seller other than the entry into or amendment, modification, or waiver of any such
Contracts on an arms’ length basis which are not in the aggregate materially adverse to the business of Company or any Acquired
Company;

 

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(P)              
make any material change in accounting policies or practices (including any change in depreciation or amortization policies) of Company
or any Acquired Company, except as required under GAAP or if such change would not have a material adverse effect on Purchaser, or revalue
any of the Target Company’s or any Acquired Company’s assets;

 

(Q)             
in each case, except as required by any Tax Equity Document, make or change any material Tax election, change an annual accounting period,
adopt or change any accounting method with respect to Taxes, file any material amended Tax Return, or enter into any closing agreement
(as described in Section 7121 of the Code), settle or compromise any proceeding with respect to any material Tax claim or assessment,
surrender any right to claim a material refund of Taxes, consent to any extension or waiver of the limitation period applicable to any
material Tax claim or assessment relating to the Company or any other Acquired Company or take any other similar action relating to the
filing of any material Tax Return or the payment of any material Tax;

 

(R)             
pay, discharge, settle or satisfy any claims, liabilities or obligations prior to the same being due in excess of $50,000 in the aggregate
other than as due and payable in the ordinary course under material Contracts;

 

(S)              
hire any employees or adopt any Employee Plans;

 

(T)              
except as contemplated pursuant to the Tax Equity Agreements, enter into any joint venture;

 

(U)             
fail to maintain insurance coverage substantially equivalent to its insurance coverage as in effect on the date hereof; or

 

(V)             
otherwise make any commitment to do any of the foregoing in this Section 5.04.

 

(c)            Notwithstanding the foregoing, Seller may permit the Acquired Companies to take commercially reasonable actions with respect to emergency
situations so long as Seller shall, upon receipt of notice of any such actions, promptly inform Purchaser of any such actions taken outside
the ordinary course of business.

 

5.05.       Fulfillment
of Conditions. Each Party shall take all commercially reasonable steps necessary or desirable, and proceed diligently and in
good faith, to satisfy each condition to the obligations of the other Party contained in this Agreement.

 

5.06.       Further
Assurances. During the Interim Period, each Party shall use its commercially reasonable efforts to execute and deliver, or cause
to be executed and delivered, all such documents and instruments and shall take, or cause to be taken, all such further or other actions
as may be necessary to consummate the transactions contemplated by this Agreement, including such actions at its expense as are necessary
in connection with obtaining or providing any third-party consents or notices and all Governmental Approvals required to be obtained
by Seller. During the Interim Period, each Party shall cooperate with the other Party and provide any information regarding such Party
necessary to assist the other Party in making any filings or applications or providing notices required to be made with any Governmental
Authority. Notwithstanding anything to the contrary contained in this Section 5.06, if the Parties are in an adversarial relationship
in litigation or arbitration, the furnishing of any documents or information in accordance herewith shall be solely subject to applicable
rules relating to discovery and the remainder of this Section 5.06 shall not apply.

 

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5.07.       Purchaser’s
Substitute Support Obligations.

 

(a)           Purchaser acknowledges that Seller and certain Affiliates have provided certain credit support pursuant to the support obligations and
related agreements described on Schedule 3.01(y) of the Disclosure Schedules (the “Support Obligations”). From
the Execution Date and continuing until the earlier of the termination of this Agreement or the replacement or release of each Support
Obligation set forth on Part I.A and Part I.B of Schedule 3.01(y) of the Disclosure Schedules, Purchaser shall use commercially
reasonable efforts to negotiate a replacement of each such Support Obligation (each, a “Substitute Support Obligation”)
with the beneficiary thereof or to effect the complete and unconditional release of each such Support Obligation in a manner reasonably
satisfactory to Purchaser, Seller and the beneficiary thereof, including by means of a letter of credit, escrow, posting a bond or cash
deposit or other arrangements; provided, with respect to each Support Obligation identified on Part I.B of Schedule 3.01(y)
of the Disclosure Schedules, Purchaser’s obligations under this Section 5.07(a) shall be limited to the Class A
Percentage Interest of the amount of such Support Obligation. The effective date of the Substitute Support Obligations shall be no earlier
than the Closing Date.

 

(b)           From the Execution Date and continuing until the earlier of: (i) the termination of this Agreement; (ii) the effective
date of the applicable Substitute Support Obligation, if any; and (iii) the date such Support Obligation is no longer required
to be maintained under the applicable Company Contract, Seller shall, and shall cause its Affiliates to: (A) maintain each Support
Obligation in full force and effect in accordance with the requirements under the applicable Company Contract; (B) perform all
of its obligations under each Support Obligation; and (C) not amend, modify, grant a waiver in respect of, cancel or consent to
the termination of any Support Obligation; provided that solely to the extent that a Support Obligation cannot be released, terminated
or replaced by Purchaser at or prior to the Closing or is set forth on Part II of Schedule 3.01(y) of the Disclosure Schedules
(each, a “Retained Support Obligation”), subject to Section 5.07(c) below, Seller shall, and shall cause its
Affiliates to, perform its obligations with respect to each such Support Obligation.

 

(c)           To the extent there is a Retained Support Obligation, Purchaser shall: (i) indemnify and hold harmless Seller and its Affiliates
(as applicable) from and against any and all Losses that may be suffered, incurred or sustained by any of them or to which any of them
become subject, resulting from a claim on any such Retained Support Obligation after the Closing Date and arising out of or relating
to the business, operations, properties, assets or obligations of any Acquired Company conducted, existing or arising after the Closing
(including as a result of any draw or demand for or making of any payment by Seller or any such Affiliate of Seller under any Support
Obligation); (ii) diligently continue to seek the release, termination and replacement of such Support Obligation as required
pursuant to Section 5.07(a); and (iii) reimburse Seller or its Affiliates (as applicable) for the actual out-of-pocket
costs of, and fees paid by, Seller or its Affiliates in maintaining such Retained Support Obligation accruing at any time after the Closing
and until such time as such Retained Support Obligation is replaced; provided that Purchaser’s indemnification obligations
under clause (i) shall not affect Seller’s indemnification obligations under Section 5.07(d) or Section 6.01;
provided, further, with respect to any Support Obligation identified on Part I.B of Schedule 3.01(y) of the Disclosure
Schedules, Purchaser’s obligations under this Section 5.07(c) shall be limited to the Class A Percentage Interest of such
Losses and actual out-of-pocket costs and fees, respectively.

 

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(d)           Following the replacement of a Support Obligation by Purchaser for a Project pursuant to a Substitute Support Obligation, Seller shall
indemnify and hold harmless Purchaser and its Affiliates (as applicable) from and against any and all Losses that may be suffered, incurred
or sustained by any of them or to which any of them become subject, resulting from a claim on any such Substitute Support Obligation
and arising out of or relating to the business, operations, properties, assets or obligations of any Acquired Company conducted, existing
or arising at or prior to the Closing (including as a result of any draw or demand for or making of any payment by Purchaser or any such
Affiliate of Purchaser under any Substitute Support Obligation).

 

5.08.       Tax
Matters.

 

(a)           All Transfer Taxes, if any, arising out of or in connection with the consummation of the transactions contemplated by this Agreement
shall be shared equally by Purchaser and Seller. Purchaser shall timely file all Tax Returns relating to any Transfer Taxes, shall notify
Seller when such filings have been made, and shall use commercially reasonable efforts to provide such Tax Returns to Seller at least
ten (10) Business Days prior to the date such Tax Returns are due to be filed.

 

(b)           All real property Taxes, personal property Taxes and similar obligations of any Acquired Company imposed by any Governmental Authority
that are due or become due for Tax periods within which the Closing Date occurs shall be apportioned between Seller for the pre-Closing
Date period (which shall include the Closing Date), on the one hand, and the applicable Acquired Company for the post-Closing Date period,
on the other hand, as of the Closing Date, based upon the actual number of days of the Tax period that have elapsed before and after
the Closing Date, and any income Taxes imposed on any Acquired Company shall be allocated between the pre-Closing Date period and the
post-Closing Date period as though a taxable year of the applicable Acquired Company has ended on (and includes) the Closing Date (collectively,
the “Apportioned Obligations”). Seller shall be responsible for the portion of such Apportioned Obligations attributable
to the period ending on (and including) the Closing Date. The Company (or the applicable Acquired Companies) shall be responsible for
the portion of such Apportioned Obligations attributable to the period beginning after the Closing Date. Each Party shall cooperate in
assuring that Apportioned Obligations that are the responsibility of Seller pursuant to the preceding sentences are paid by Seller, and
that Apportioned Obligations that are the responsibility of the any Acquired Company pursuant to the preceding sentence shall be paid
by such Acquired Company. If any refund, rebate or similar payment is received by any Acquired Company for any real property Taxes, personal
property Taxes or similar obligations referred to above that are Apportioned Obligations, such refund shall be apportioned between Seller
and the applicable Acquired Company as aforesaid on the basis of the obligations of the Acquired Companies during the applicable Tax
period. Any refund, rebate or similar payment received by any Acquired Company for any income Tax or Transfer Tax (other than Transfer
Taxes governed under Section 5.08(a)) attributable to the pre-Closing Date period, as determined above, shall be for the benefit
of Seller; and any such refund, rebate or similar payment attributable to the post-Closing Date period, as determined above, shall be
for the benefit of the applicable Acquired Company.

 

(c)            For any Taxes with respect to which the taxable period (or portion thereof) of the applicable Acquired Company ends on or before the
Closing Date, Seller shall, at its sole cost and expense, timely prepare and file with the appropriate authorities all Tax Returns required
to be filed by the applicable Acquired Company, and pay or cause to be paid all Taxes shown to be due thereon. After the Closing Date,
each Acquired Company shall, at its sole cost and expense, timely prepare and file, or cause to be timely prepared and filed, with the
appropriate authorities all other Tax Returns required to be filed by such Acquired Company, and pay all Taxes shown to be due thereon.

 

(d)           Seller and Purchaser shall reasonably cooperate, and shall cause their respective Affiliates, employees and agents reasonably to cooperate,
in preparing and filing all Tax Returns of each Acquired Company, including maintaining and making available to each other all records
that are necessary for the preparation of any Tax Returns that the Party is required to file under this Section 5.08, and in resolving
all Actions or Proceedings, and audits or examinations with respect to such Tax Returns.

 

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5.09.       No
Solicitation. Until the Closing or, if earlier, termination of this Agreement, Seller shall not, and shall not authorize or permit
the Acquired Companies, any of their Affiliates or any of their Representatives to, directly or indirectly: (a) encourage, solicit,
initiate, facilitate or continue inquiries regarding an Acquisition Proposal; (b) enter into discussions or negotiations with,
or provide any information to, any Person concerning a possible Acquisition Proposal; or (c) enter into any agreements or other
instruments (whether or not binding) regarding an Acquisition Proposal. Seller shall immediately cease and cause to be terminated, and
shall cause the Acquired Companies, any of their Affiliates and all of their Representatives to immediately cease and cause to be terminated,
all existing discussions or negotiations with any Persons conducted heretofore with respect to, or that could lead to, an Acquisition
Proposal. For purposes hereof, “Acquisition Proposal” shall mean (other than with respect to the transactions contemplated
by the Financing Documents, the AIP Purchase Agreement and the TE HoldCo MIPA) any inquiry, proposal or offer from any Person concerning:
(i) a merger, consolidation, liquidation, recapitalization, share exchange or other business combination transaction involving
the Acquired Companies; (ii) the issuance or acquisition of equity securities of the Acquired Companies; or (iii) the sale,
lease, exchange or other disposition of any significant portion of the Acquired Companies’ properties or assets.

 

5.10.       Purchaser Parent Guaranty. Purchaser shall, concurrently with the execution and delivery of this Agreement, cause to be executed
and delivered to Seller the Purchaser Parent Guaranty.

 

5.11.       Seller
Parent Guaranty. Seller shall, concurrently with the execution and delivery of this Agreement, cause to be executed and delivered
to Purchaser the Seller Parent Guaranty.

 

5.12.       Post-Execution Date Documents. 

 

(a)           As soon as practicable following the Execution Date, Seller shall enter into (or shall cause the Company or the applicable Acquired Company
to enter into) the Tax Equity ECCA, the TE HoldCo MIPA, and the other Tax Equity Documents to be entered into upon the execution of the
Tax Equity ECCA or the TE HoldCo MIPA (the execution of the foregoing, the “Tax Equity Signing”). The form of the
Tax Equity ECCA and the TE HoldCo MIPA, along with each schedule, exhibit or annex thereto (including the form of each other Tax Equity
Agreement) and the initial form of the Tax Equity Model, in each case, shall be subject to the prior written consent of Purchaser (which
consent shall not be unreasonably withheld or delayed, except that such consent may be withheld in Purchaser’s sole discretion
with respect to the Purchaser Tax Equity Guaranty and the initial Tax Equity Model).

 

(b)           Following the Tax Equity Signing, Seller shall promptly provide to Purchaser true, complete and correct copies of each such Contract
or document, including any schedule, exhibit or annex thereto, and, with respect to the Tax Equity ECCA, the following documents delivered
pursuant to Section 4.01 of the Tax Equity ECCA: (i) the Tax Equity Model, (ii) the Reports and (iii) the Title
Proformas.

 

Article
6

Indemnification

 

6.01.       Indemnification
by Seller. Seller hereby indemnifies and holds harmless the Purchaser Indemnified Parties in respect of, and holds each of them
harmless from and against, any and all Losses suffered, incurred or sustained by any of them or to which any of them become subject,
resulting from, arising out of or related to (a) any breach of any representation, warranty, covenant, agreement or obligation made by
Seller in this Agreement or any certificate delivered by Seller pursuant to this Agreement (with any breach and the calculation of any
Losses therefrom determined without regard to any Material Adverse Effect or other materiality qualifier), (b) the matters referenced
on Schedule 6.01; or (c) except to the extent included in the calculation of the Purchase Price, any Transaction Expense of any
Acquired Company as of the Closing Date; provided that the foregoing indemnity shall not apply to Losses to the extent caused
by the gross negligence or willful misconduct of Purchaser Indemnified Parties or their agents, officers, employees or contractors. If
a Purchaser Indemnified Party has recovered any Losses pursuant to one subsection of this Section 6.01, such Purchaser Indemnified
Party shall not be entitled to recover the same Losses under another subsection of this Section 6.01 or any other contract or
agreement related to either Project between Purchaser or any of its Affiliates, on the one hand, and Seller or any of its Affiliates,
on the other hand.

 

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6.02.       Indemnification
by Purchaser. Purchaser hereby indemnifies and holds harmless the Seller Indemnified Parties in respect of, and holds each of
them harmless from and against, any and all Losses suffered, incurred or sustained by any of them or to which any of them become subject,
resulting from, arising out of or relating to any breach by Purchaser of any representation, warranty, covenant, agreement or obligation
made by Purchaser in this Agreement or any certificate delivered by Purchaser pursuant to this Agreement; provided that the foregoing
indemnity shall not apply to Losses to the extent caused by the gross negligence or willful misconduct of Seller Indemnified Parties
or their agents, officers, employees or contractors. If a Seller Indemnified Party has recovered any Losses pursuant to one subsection
of this Section 6.02, such Seller Indemnified Party shall not be entitled to recover the same Losses under another subsection
of this Section 6.02 or any other contract or agreement related to either Project between Seller or any of its Affiliates, on
the one hand, and Purchaser or any of its Affiliates, on the other hand.

 

6.03.       Survival of Representations, Warranties, Covenants and Agreements. The representations, warranties, covenants, agreements
and obligations of Seller and Purchaser contained in this Agreement are material, were relied on by such Parties, and will survive the
Closing Date as provided in this Section 6.03. Subject to the limitations and other provisions of this Agreement, the representations
and warranties contained herein shall survive the Closing for twelve (12) months after the Closing Date; provided that: (i)
the representations and warranties contained in Section 3.01(a) (Existence), Section 3.01(b) (Authority), Section 3.01(g)
(Brokers), Section 3.01(i)(i), Section 3.01(i)(ii), Section 3.01(i)(v), and Section 3.01(i)(ix) (Company
and the Acquired Companies), Section 3.02(a) (Existence), Section 3.02(b) (Authority) and Section 3.02(h) (Brokers)
(collectively, the “Fundamental Representations”) shall survive the Closing for five (5) years after the Closing Date;
(ii) the representations and warranties in Section 3.01(k) (Taxes) shall survive the Closing until thirty (30) days after
the expiration of the applicable Tax statute of limitations. The indemnity obligations of Seller pursuant to Section 6.01(b) shall
survive until (A) as to item 1 in Schedule 6.01, any right of a counterparty of the Project Companies to receive Delay
Damages has expired or been terminated, (B) as to item 2 in Schedule 6.01, until the Tax Equity Guaranty has expired or
been terminated and any claims thereunder are fully and finally resolved and no longer subject to appeal or rehearing, and (C)
as to item 3 in Schedule 6.01, until the period during which any such tariffs can be imposed under applicable Law has expired.
The other covenants, agreements and obligations in this Agreement to be performed shall survive until the date on which they have been
fully performed. No claim under this Agreement may be made unless such Party shall have delivered, with respect to any claim under Section
6.01 or Section 6.02, a written notice of claim prior to the applicable survival expiration date; provided that, if
written notice for a claim of indemnification has been provided by the Indemnified Party pursuant to Section 6.04(a) on or prior
to the applicable survival expiration date, then the obligation of the Indemnifying Party to indemnify the Indemnified Party pursuant
to this Article 6 shall survive with respect to such claim until such claim is finally resolved.

 

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6.04.       Limitations on Claims.

 

(a)           An Indemnifying Party shall have no obligation to indemnify an Indemnified Party until the aggregate amount of all Losses incurred that
are subject to indemnification by such Indemnifying Party pursuant to this Article 6 equal or exceed [***] of the Purchase Price
(the “Deductible”) in which event the Indemnifying Party shall be liable for Losses only to the extent they are in
excess of the Deductible; provided that the Deductible shall not apply to Losses resulting from, arising out of or relating to
(i) any Fraudulent Action, (ii) the matters referenced on Schedule 6.01, or (iii) a breach of any Fundamental Representations.

 

(b)           The aggregate liability of the Seller Indemnifying Parties and the Purchaser Indemnifying Parties under this Article 6 resulting
from any claims under any breaches of representations or warranties herein and in any certificates delivered pursuant hereto shall be
limited to an amount equal to [***] of the Purchase Price (the “Cap”); provided that the Cap shall not apply
to Losses resulting from, arising out of or relating to: (i) any Fraudulent Action; or (ii) a breach of the Fundamental
Representations; provided further that the aggregate liability of the Seller Indemnifying Parties or the Purchaser Indemnifying
Parties, as applicable, resulting from breaches of representations or warranties (including Fundamental Representations), covenants,
agreements or obligations made in this Agreement or in any certificates delivered pursuant hereto, shall be limited to an amount equal
to the Purchase Price. For the avoidance of doubt, the foregoing limitation will not apply to Losses resulting from, arising out of or
relating to the matter referenced as item 2 on Schedule 6.01.

 

(c)            The amount of any claim pursuant to this Article 6 will be reduced by the amount of (i) any actual recovery under insurance
policies that provide coverage, (ii) any actual recovery of reimbursement, indemnification or payment from any third Person, and
(iii) the amount of any Tax benefit (which for this purpose means any reduction in cash Taxes payable that would otherwise be
due or the receipt of a refund of Taxes by the Indemnified Parties (or, in the case of an Indemnified Party that is either a disregarded
entity, partnership or other pass-through entity for U.S. federal income tax purposes, the ultimate taxpayer(s) with respect to such
entity), in each case only with respect to the taxable year in which the Loss was incurred or paid) to the Indemnified Party in respect
of such claim or the facts or events giving rise to such indemnity obligation. If the Indemnified Party realizes such payment or Tax
benefit after the date on which an indemnity payment has been made to the Indemnified Party, the Indemnified Party shall promptly make
payment to the Indemnifying Party in an amount equal to such payment or Tax benefit; provided that such payment shall not exceed
the amount of the indemnity payment.

 

(d)           Notwithstanding any provision of this Agreement to the contrary, neither Purchaser nor Seller shall be obligated to indemnify any Seller
Indemnified Party or Purchaser Indemnified Party, as applicable, for any Losses to the extent such Loss, or the economic effect of the
event or circumstance giving rise to such Loss, is accounted for in the determination of the Adjusted Purchase Price pursuant to the
Adjusted Purchase Price Model.

 

6.05.       Procedure
for Indemnification of Third Party Claims.

 

(a)            Notice.
Whenever any claim by a third party shall arise for indemnification under this Article 6, the Indemnified Party shall promptly
notify the Indemnifying Party of the claim and, when known, the facts constituting the basis for such claim and, if known, the notice
shall specify the amount or an estimate of the amount of the liability arising therefrom. The Indemnified Party shall provide to the
Indemnifying Party copies of all material notices and documents (including court papers) received or transmitted by the Indemnified Party
relating to such claim. The failure or delay of the Indemnified Party to deliver prompt written notice of a claim shall not affect the
indemnity obligations of the Indemnifying Party hereunder, except to the extent the Indemnifying Party was actually disadvantaged by
such failure or delay in delivery of notice of such claim.

 

(b)           Settlement
of Losses. If the Indemnified Party has assumed the defense of any claim by a third party which may give rise to indemnity hereunder
pursuant to this Article 6, the Indemnified Party shall not settle, consent to the entry of a judgment of or compromise such claim
without the prior written consent (which consent shall not be unreasonably withheld or delayed) of the Indemnifying Party.

 

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6.06.       Rights of the Indemnifying Party in the Defense of Third Party Claims.

 

(a)            Right
to Assume the Defense. In connection with any claim by a third party which may give rise to indemnity hereunder, the Indemnifying
Party shall have thirty (30) days after the date the Indemnifying Party is notified of such claim by the Indemnified Party to assume
the defense of any such claim, which defense shall be prosecuted by the Indemnifying Party to a final conclusion or settlement in accordance
with the terms hereof.

 

(b)           Procedure.
If the Indemnifying Party assumes the defense of any such claim, the Indemnifying Party shall: (i) select counsel reasonably
acceptable to the Indemnified Party to conduct the defense of such claim; and (ii) take all steps necessary in the defense
or settlement thereof, at its sole cost and expense. The Indemnified Party shall be entitled to participate in (but not control) the
defense of any such claim, with its own counsel and at its sole cost and expense; provided that, if the claim includes allegations
for which the Indemnifying Party both would and would not be obligated to indemnify the Indemnified Party, the Indemnifying Party and
the Indemnified Party shall in that case jointly assume the defense thereof. The Indemnified Party and the Indemnifying Party shall fully
cooperate with each other and their respective counsel in the defense or settlement of such claim. The Party in charge of the defense
shall keep the other Party appraised at all times as to the status of the defense or any settlement negotiations with respect thereto.

 

(c)           Settlement
of Losses. The Indemnifying Party shall not consent to a settlement of or the entry of any judgment arising from, any such claim
or legal proceeding, without the prior written consent of the Indemnified Party (which consent shall not be unreasonably withheld or
delayed).

 

(d)           Decline
to Assume the Defense. The Indemnified Party may defend against any such claim, at the sole cost and expense of the Indemnifying
Party, in such manner as it may deem reasonably appropriate, including settling such claim in accordance with the terms hereof, if: (i)
the Indemnifying Party does not assume the defense of any such claim resulting therefrom within thirty (30) days after the date
the Indemnifying Party is notified of such claim by the Indemnified Party; or (ii) the Indemnified Party reasonably concludes
that the Indemnifying Party is: (A) not diligently defending the Indemnified Party; (B) not contesting such claim in good
faith through appropriate proceedings; or (C) has not taken such action (including the posting of a bond, deposit or other security)
as may be necessary to prevent any action to foreclose a Lien against or attachment of any asset or property of the Indemnified Party
for payment of such claim; provided that, in the case of this clause (ii), the Indemnified Party will provide written notice to
the Indemnifying Party of Indemnified Party’s conclusion, and Indemnifying Party shall have failed to take the applicable actions
within thirty (30) days of such written notice.

 

6.07.       Direct
Claims. In the event that any Indemnified Party has a claim against any Indemnifying Party which may give rise to indemnity hereunder
that does not involve a claim brought by a third party, the Indemnified Party shall promptly notify the Indemnifying Party of the claim
and the facts constituting the basis for such claim and, if known, the amount or an estimate of the amount of the liability arising therefrom.
If the Indemnifying Party does not notify the Indemnified Party within thirty (30) days from receipt of such claim notice that the Indemnifying
Party disputes such claim, the amount of such claim shall be conclusively deemed a liability of the Indemnifying Party hereunder; provided
that if the Indemnifying Party does notify the Indemnified Party that it disputes such claim within the required thirty (30) day
period, the Parties shall attempt in good faith to agree upon the rights of the respective Parties with respect to such claim. If the
Parties should so agree, a memorandum setting forth such agreement shall be prepared and signed by both Parties. If such Parties shall
not agree, the Indemnified Party shall be entitled to take any action in law or in equity as such Indemnified Party shall deem necessary
to enforce the provisions of this Article 6 against the Indemnifying Party.

 

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6.08.       Exclusive
Remedy. Absent any Fraudulent Action, the indemnities set forth in this Article 6 shall be the exclusive remedies of Purchaser
and Seller and their respective members, officers, directors, employees, agents and Affiliates due to misrepresentation, breach of warranty,
nonfulfillment or failure to perform any covenant or agreement contained in this Agreement, and the Parties shall not be entitled to
a rescission of this Agreement or to any further indemnification rights or claims of any nature whatsoever in respect thereof, all of
which the Parties hereto hereby waive.

 

6.09.       Mitigations.

 

(a)            Each of the Parties agrees to take all commercially reasonable steps to mitigate their respective Losses upon and after becoming aware
of any event or condition which would reasonably be expected to give rise to any Losses that are indemnifiable hereunder.

 

(b)           Upon making any payment to the Indemnified Party for any indemnification claim pursuant to this Article 6, the Indemnifying Party
shall be subrogated, to the extent of such payment, to any rights which the Indemnified Party may have against any third parties with
respect to the subject matter underlying such indemnification claim and the Indemnified Party shall assign any such rights to the Indemnifying
Party.

 

6.10.       Indemnity
Treatment. Any amount of indemnification payable pursuant to the provisions of this Article 6 shall, to the extent permitted
by law, be treated as an adjustment to the Purchase Price (as determined for all relevant Tax purposes).

 

Article
7

Termination

 

7.01.       Termination.
This Agreement may be terminated at any time prior to the Closing Date as follows:

 

(a)           by mutual written consent of Seller and Purchaser;

 

(b)           by either Party if the Closing has not occurred on or before June 30, 2024 (the “Outside Date”), and the failure to
reach the Closing Date was not caused by a breach of this Agreement by the terminating Party;

 

(c)           by Purchaser if there has been a breach by Seller of any representation, warranty, covenant or agreement contained in this Agreement
that: (i) would result in a failure of a condition set forth in Section 4.01, as applicable; and (ii) either
(A) is a breach of Seller’s obligations to transfer the Acquired Interests at Closing in accordance with this Agreement;
or (B) such breach has not been cured, or by its nature cannot be cured, within thirty (30) days following written notification
thereof; provided that if, at the end of such thirty (30) day period, Seller is endeavoring in good faith, and proceeding diligently,
to cure such breach, Seller shall have an additional thirty (30) days in which to effect such cure; and

 

(d)           by Seller if there has been a breach by Purchaser of any representation, warranty, covenant or agreement contained in this Agreement
that: (i) would result in a failure of a condition set forth in Section 4.01, as applicable; and (ii) such
breach has not been cured, or by its nature cannot be cured, within thirty (30) days following written notification thereof; provided
that if, at the end of such thirty (30) day period, Purchaser is endeavoring in good faith, and proceeding diligently, to cure such
breach, Purchaser shall have an additional thirty (30) days in which to effect such cure.

 

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7.02.       Effect of Termination.

 

(a)           If this Agreement is validly terminated pursuant to Section 7.01, this Agreement will forthwith become null and void, and
there will be no liability or obligation on the part of either Purchaser or Seller (or any of their respective Representatives or Affiliates)
in respect of this Agreement, except that the applicable portions of this Section 7.02, and the entirety of Article 6
and Article 8 will continue to apply following any termination; provided that nothing in this Section 7.02
shall release any Party from liability for any breach of this Agreement by such Party prior to the termination of this Agreement
(and any attempted termination by the breaching Party shall be void).

 

(b)           Upon termination of this Agreement by a Party for any reason: (i) Purchaser shall return all documents and other materials of
Seller relating to the Target Company and the Acquired Companies, the assets or properties of the Target Company and the Acquired Companies
and the transactions contemplated hereby; and (ii) Seller shall return all documents and other materials of Purchaser relating
to the transactions contemplated hereby. Each Party shall also return to the other Party any information relating to the Parties to this
Agreement furnished by one Party to the other, whether obtained before or after the execution of this Agreement. All information received
by each Party with respect to the Target Company, the Acquired Companies, the assets of the Target Company, the assets of the Acquired
Companies or the other Party shall remain subject to the provisions of Section 8.06.

 

Article
8

GENERAL PROVISIONS

 

8.01.       Notices.
All notices, requests and other communications hereunder must be in writing and will be deemed to have been duly given only if delivered
personally, by email, by reputable national overnight courier service or by registered or certified mail (postage prepaid) to the Parties
at the following addresses or email addresses, as applicable:

 

	If
    to Purchaser, to:	VP-Arica
    Parent Holdco LLC
 c/o Clearway Energy, Inc.
 300 Carnegie Center Drive, Suite 300
 Princeton, NJ 08540
 Attn: [***]

    Email: [***]
	 	 
	If
    to Seller, to:	VP-Arica
    CE Seller LLC
 [***]
 Attention: [***]
 E-mail: [***]
	 	 
	With
    a copy to:	VP-Arica
    CE Seller LLC
 [***]
 Attention: [***]
 E-mail: [***]

 

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Notices,
requests and other communications will be deemed given upon the first to occur of such item having been: (a) delivered personally
(or refusal of delivery) to the address provided in this Section 8.01; (b) delivered by confirmed email transmission
to the email address provided in this Section 8.01; or (c) delivered (or refusal of such delivery) by registered
or certified mail (postage prepaid) or by reputable national overnight courier service in the manner described above to the address provided
in this Section 8.01 (in each case regardless of whether such notice, request or other communication is received by any other
Person to whom a copy of such notice, request or other communication is to be delivered pursuant to this Section 8.01). Any
Party from time to time may change its address, email address or other information for the purpose of notices to that Party by giving
notice specifying such change to the other Party.

 

8.02.       Entire
Agreement. This Agreement and the documents referenced herein supersede all prior discussions and agreements, whether oral or
written, between the Parties with respect to the subject matter hereof, and contains the entire agreement between the Parties with respect
to the subject matter hereof.

 

8.03.       Specific
Performance. The Parties to this Agreement agree that if any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached, irreparable damage would occur and money damages may not be a sufficient remedy.
In addition to any other remedy at law or in equity, each of Purchaser and Seller shall be entitled to specific performance by the other
Party of its obligations under this Agreement and immediate injunctive relief, without the necessity of proving the inadequacy of money
damages as a remedy.

 

8.04.       Time
of the Essence. Time is of the essence with regard to all duties and time periods set forth in this Agreement.

 

8.05.       Expenses.
Except as otherwise expressly provided in this Agreement, whether or not the transactions contemplated hereby are consummated, each Party
will pay its own costs and expenses incurred in connection with the negotiation, execution and performance of this Agreement.

 

8.06.       Confidentiality;
Disclosures. This Agreement is confidential, and neither Party shall disclose the terms and conditions of this Agreement to any
other Person (other than such Party’s Affiliates and its and their respective officers, directors, employees, representatives,
agents and advisors) or issue, or permit any of its Affiliates to issue, any press release or otherwise make any public statements or
announcements regarding this Agreement or the transactions contemplated by this Agreement without the prior written consent (which consent
will not be unreasonably withheld, conditioned or delayed) of the other Party, except as otherwise determined to be necessary or appropriate
to comply with applicable Law or any rules or regulations of any supervisory authority, regulatory authority or other Governmental Authority
having jurisdiction over it or any of its Affiliates (including the Securities and Exchange Commission and the New York Stock Exchange),
in which case, the Party required to make such disclosure or issue such press release or public announcement shall use reasonable efforts
to provide the other Party a reasonable opportunity to comment on such disclosure, press release or public announcement in advance thereof.
Notwithstanding the foregoing, nothing contained in this Agreement shall limit either Party’s (or either Party’s respective
Affiliates’) rights to disclose the existence of this Agreement and the general nature of the transactions described herein on
any earnings call or in similar discussions with financial media or analysts, stockholders and other members of the investment community.

 

8.07.       Waiver.
Any term or condition of this Agreement may be waived at any time by the Party that is entitled to the benefit thereof, but no such waiver
shall be effective unless set forth in a written instrument duly executed by or on behalf of the Party waiving such term or condition
and delivered pursuant to Section 8.01. No waiver by any Party of any term or condition of this Agreement, in any one or
more instances, shall be deemed to be or construed as a waiver of the same or any other term or condition of this Agreement on any future
occasion. All remedies, either under this Agreement or by Law or otherwise afforded, will be cumulative and not alternative.

 

    44

     

    

 

8.08.       Amendment.
This Agreement may be amended, supplemented or modified only by a written instrument duly executed by or on behalf of each Party.

 

8.09.       No Third Party Beneficiary. The terms and provisions of this Agreement are intended solely for the benefit of each Party and
their respective successors or permitted assigns, and it is not the intention of the Parties to confer third party beneficiary rights
upon any other Person other than any Person entitled to indemnity under Article 6.

 

8.10.       Assignment.
The obligations of the Parties under this Agreement are not assignable without the prior written consent of the other Party, which such
Party may withhold in its discretion; provided that Purchaser may assign this Agreement, including the right to acquire the Acquired
Interests, without the prior written consent of Seller, to: (a) any Affiliate of Purchaser, or (b) any financial institution
providing purchase money or other financing to Purchaser from time to time as collateral security for such financing, in each case so
long as Purchaser remains fully liable for its obligations under this Agreement.

 

8.11.       Severability.
If any provision of this Agreement is held to be illegal, invalid or unenforceable under any present or future Law, and if the rights
or obligations of any Party under this Agreement shall not be materially and adversely affected thereby: (a) such provision
shall be fully severable; (b) this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable
provision had never comprised a part hereof; and (c) the remaining provisions of this Agreement shall remain in full force
and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance here from.

 

8.12.       Governing
Law. THIS AGREEMENT AND ALL DISPUTES AND CONTROVERSIES ARISING HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ALL RESPECTS IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF EXCEPT FOR SECTIONS
5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

8.13.       Consent
to Jurisdiction.

 

(a)            For all purposes of this Agreement, and for all purposes of any Action or Proceeding arising out of or relating to the transactions contemplated
hereby or for recognition or enforcement of any judgment, each Party hereto submits to the personal jurisdiction of the courts of the
State of New York and the federal courts of the United States sitting in New York County, and hereby irrevocably and unconditionally
agrees that any such Action or Proceeding may be heard and determined in such New York court or, to the extent permitted by law, in such
federal court. Each Party hereto agrees that a final judgment in any such Action or Proceeding may be enforced in any other jurisdiction
by suit on the judgment or in any other manner provided by Law. Nothing in this Agreement shall affect any right that any Party may otherwise
have to bring any Action or Proceeding relating to this Agreement against the other Party or its properties in the courts of any jurisdiction.

 

(b)           Each Party hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so:

 

(i)                
any objection which it may now or hereafter have to the laying of venue of any Action or Proceeding arising out of or relating to this
Agreement or any related matter in any New York state or federal court located in New York County; and

 

(ii)              
the defense of an inconvenient forum to the maintenance of such Action or Proceeding in any such court.

 

    45

     

    

 

(c)            Each Party hereto irrevocably consents to service of process by registered mail, return receipt requested, as provided in Section 8.01.
Nothing in this Agreement will affect the right of any Party hereto to serve process in any other manner permitted by Law.

 

8.14.       Waiver
of Jury Trial. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH PARTY HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY IN ANY LEGAL ACTION
TO ENFORCE OR INTERPRET THE PROVISIONS OF THIS AGREEMENT OR THAT OTHERWISE RELATES TO THIS AGREEMENT.

 

8.15.       Limitation
on Certain Damages. NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, NO PARTY SHALL BE LIABLE TO ANY OTHER PARTY FOR
ANY CONSEQUENTIAL, SPECIAL, INDIRECT, SPECULATIVE, EXEMPLARY, OR PUNITIVE DAMAGES (COLLECTIVELY, “CONSEQUENTIAL DAMAGES”)
FOR ANY REASON WITH RESPECT TO ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT, WHETHER BASED ON STATUTE, CONTRACT, TORT OR OTHERWISE
AND WHETHER OR NOT ARISING FROM THE OTHER PARTY’S SOLE, JOINT OR CONCURRENT NEGLIGENCE, STRICT LIABILITY OR OTHER FAULT; PROVIDED
THAT ANY LOSSES ARISING OUT OF THIRD PARTY CLAIMS FOR WHICH A PARTY IS ENTITLED TO INDEMNIFICATION UNDER THIS AGREEMENT SHALL NOT
CONSTITUTE CONSEQUENTIAL DAMAGES. FOR THE AVOIDANCE OF DOUBT, AN ACTION FOR THE PAYMENT OF THE PURCHASE PRICE SHALL NOT BE CONSIDERED
CONSEQUENTIAL DAMAGES.

 

8.16.       Disclosures.
Seller or Purchaser may, at its option, include in the Disclosure Schedules items that are not material in order to avoid any misunderstanding,
and any such inclusion, or any references to dollar amounts, shall not be deemed to be an acknowledgment or representation that such
items are material, to establish any standard of materiality or to define further the meaning of such terms for purposes of this Agreement.
In no event shall the inclusion of any matter in the Disclosure Schedules be deemed or interpreted to broaden Seller’s or Purchaser’s
representations, warranties, covenants or agreements contained in this Agreement. Neither the specification of any dollar amount in any
representation nor the mere inclusion of any item in a schedule or in the Disclosure Schedules as an exception to a representation or
warranty shall be deemed an admission by a Party that such item represents a material fact, event or circumstance or that such item is
reasonably likely to result in a Material Adverse Effect on, the Target Company, the Acquired Companies or Purchaser.

 

8.17.       PDF
Signature; Counterparts. This Agreement may be executed by PDF signature in any number of counterparts, each of which
will be deemed an original, but all of which together will constitute one and the same instrument.

 

 

[Signature
Page Follows]

 

    46

     

    

 

IN
WITNESS WHEREOF, the Parties have caused this Membership Interest Purchase Agreement to be executed and delivered by their duly authorized
officers as of the date first above written.

 

	 	Seller:
	 	 
	 	VP-ARICA
CE SELLER LLC,
	 	a Delaware limited liability company
	 	 
	 	By:
	 	/s/
Craig Cornelius
	 	 	 	Name:
Craig Cornelius
	 	 	 	Title:
President

 

[Lorax
 – CWEN MIPSA] 

 

     

     

    

 

	 	Purchaser:
	 	 
	 	VP-Arica
Parent Holdco LLC,
	 	a
Delaware limited liability company
	 	 
	 	By:
	 	/s/
Christopher Sotos
	 	 	 	Name:
Christopher Sotos
	 	 	 	Title:
President

 

[Lorax
 – CWEN MIPSA]Exhibit 4.1
​

Description of Registrant’s Securities
The following is a description of the capital stock of Outlook Therapeutics, Inc. (the “Company,” “we,” “our,” or “us”). The following summary description is based on the provisions of our Amended and Restated Certificate of Incorporation, as amended (the “Certificate of Incorporation”), our Amended and Restated Bylaws, (the “Bylaws”), and the applicable provisions of the Delaware General Corporation Law (the “DGCL”). This information may not be complete in all respects and is qualified entirely by reference to the provisions of our Certificate of Incorporation, our Bylaws and the DGCL. Our Certificate of Incorporation and our Bylaws are filed as exhibits to our Annual Report on Form 10-K to which this description is filed as Exhibit 4.1.
​
General
​
Our authorized capital stock consists of 325,000,000 shares of common stock, par value $0.01 per share (the “Common Stock”), and 10,000,000 shares of preferred stock, par value $0.01 per share (the “Preferred Stock”).  
​
Common Stock
​
Voting Rights
​
Each holder of common stock is entitled to one vote for each share on all matters submitted to a vote of the stockholders. The affirmative vote of holders of 662∕3% of the voting power of all of the then-outstanding shares of capital stock, voting as a single class, will be required to amend certain provisions of our Certificate of Incorporation, including provisions relating to amending our Bylaws, the classified board, the size of our board, removal of directors, director liability, vacancies on our board, special meetings, stockholder notices, actions by written consent and exclusive jurisdiction.
​
Dividends
​
Subject to preferences that may apply to any outstanding preferred stock, holders of our common stock are entitled to receive ratably any dividends that our board of directors may declare out of funds legally available for that purpose on a non-cumulative basis. 
​
Liquidation
​
In the event of our liquidation, dissolution or winding up, holders of our common stock are entitled to share ratably in all assets remaining after payment of liabilities and the liquidation preference of any outstanding preferred stock.
​
Rights and Preferences
​
Holders of our common stock have no preemptive, conversion, subscription or other rights, and there are no redemption or sinking fund provisions applicable to our common stock. The rights, preferences and privileges of the holders of our common stock are subject to and may be adversely affected by the rights of the holders of shares of any series of our preferred stock that we may designate in the future.
​
Preferred Stock
​
Our board of directors has the authority, without further action by our stockholders, to issue up to 10,000,000 shares of preferred stock in one or more series and to fix the number, rights, preferences, privileges and restrictions thereof. These rights, preferences and privileges could include dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences and sinking fund terms, and the number of shares constituting any series or the designation of such series, any or all of which may be greater than the rights of common stock. The issuance of our preferred stock could adversely affect the voting power of holders of common stock and the likelihood that such holders will receive dividend payments and payments upon liquidation. In addition, the issuance of preferred stock could have the effect of delaying, deferring or preventing a change in control or other corporate action. Our Board of 

Exhibit 4.1
​

Directors has previously designated 1,000,000 shares as “Series A Convertible Preferred Stock,” 200,000 shares as “Series A-1 Convertible Preferred Stock” and 1,500,000 shares as “Series B Convertible Preferred Stock.” As of September 30, 2022, we did not have any shares of preferred stock issued and outstanding.
​
Stockholder Registration Rights
​
Certain holders of our securities, including certain holders of 5% of our capital stock who are affiliated with certain of our directors, are entitled to certain rights with respect to registration of such securities under the Securities Act of 1933, as amended. These securities are referred to as registrable securities. The holders of these registrable securities possess registration rights pursuant to the terms of registration rights agreements. In general, the registration of shares of our common stock pursuant to the exercise of registration rights enables the holders to trade such shares without restriction under the Securities Act when the applicable registration statement is declared effective. We generally have agreed to pay the registration expenses for such registration statements, other than underwriting discounts, selling commissions and stock transfer taxes, of the shares registered. Generally, in an underwritten offering, the managing underwriter, if any, has the right, subject to specified conditions, to limit the number of shares the holders may include. We must use commercially reasonable efforts to keep the registration statement effective until the earlier of the date on which all registrable securities covered by such registration statement have been sold, or at such time that the holders of the registrable securities can sell their shares under Rule 144 of the Securities Act during any three-month period.
​
Anti-Takeover Provisions of Delaware Law and Our Charter Documents
​
Section 203 of the DGCL
​
We are subject to Section 203 of the DCGL, which prohibits a Delaware corporation from engaging in any business combination with any interested stockholder for a period of three years after the date that such stockholder became an interested stockholder, with the following exceptions:
​
		●	before such date, the board of directors of the corporation approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;

​
		●	upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned (1) by persons who are directors and also officers and (2) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; and

​
		●	on or after such date, the business combination is approved by the board of directors and authorized at an annual or special meeting of the stockholders, and not by written consent, by the affirmative vote of at least 662∕3% of the outstanding voting stock that is not owned by the interested stockholder.

​
In general, Section 203 defines a “business combination” to include the following:
​
		●	any merger or consolidation involving the corporation and the interested stockholder; any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder; subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;

​
		●	any transaction involving the corporation that has the effect of increasing the proportionate share of the stock or any class or series of the corporation beneficially owned by the interested stockholder;

​

Exhibit 4.1
​

		●	the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits by or through the corporation; and

​
		●	in general, Section 203 defines an “interested stockholder” as an entity or person who, together with the person’s affiliates and associates, beneficially owns, or within three years prior to the time of determination of interested stockholder status did own, 15% or more of the outstanding voting stock of the corporation.

​
The statute could prohibit or delay mergers or other takeover or change in control attempts and, accordingly, may discourage attempts to acquire us even though such a transaction may offer our stockholders the opportunity to sell their stock at a price above the prevailing market price.
​
Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws, as Amended
​
Among other things, our Certificate of Incorporation and Bylaws:
​
		●	permit our board of directors to issue up to 10,000,000 shares of preferred stock, with any rights, preferences and privileges as they may designate, including the right to approve an acquisition or other change in control;

​
		●	provide that the authorized number of directors may be changed only by resolution of our board of directors;

​
		●	provide that our board of directors is classified into three classes of directors;

​
		●	provide that, subject to the rights of any series of preferred stock to elect directors, directors may only be removed for cause, which removal may be effected, subject to any limitation imposed by law, by the holders of at least a majority of the voting power of all of our then-outstanding shares of the capital stock entitled to vote generally at an election of directors;

​
		●	provide that all vacancies, including newly created directorships, may, except as otherwise required by law, be filled by the affirmative vote of a majority of directors then in office, even if less than a quorum;

​
		●	require that any action to be taken by our stockholders must be effected at a duly called annual or special meeting of stockholders and not be taken by written consent or electronic transmission;

​
		●	provide that stockholders seeking to present proposals before a meeting of stockholders or to nominate candidates for election as directors at a meeting of stockholders must provide advance notice in writing, and also specify requirements as to the form and content of a stockholder’s notice;

​
		●	provide that special meetings of our stockholders may be called only by the chairman of our board of directors, our chief executive officer or president or by our board of directors pursuant to a resolution adopted by a majority of the total number of authorized directors; and

​
		●	not provide for cumulative voting rights, therefore allowing the holders of a majority of the shares of common stock entitled to vote in any election of directors to elect all of the directors standing for election, if they should so choose.

​
The amendment of any of these provisions requires approval by the holders of at least 662∕3% of the voting power of all of our then-outstanding common stock entitled to vote generally in the election of directors, voting together as a single class.
​
The combination of these provisions may make it more difficult for our existing stockholders to replace our board of directors as well as for another party to obtain control of us by replacing our board of directors. Because our board of directors has the power to retain and discharge our officers, these provisions could also make it more difficult for existing stockholders or another party to effect a change in management. In addition, the authorization of undesignated 

Exhibit 4.1
​

preferred stock makes it possible for our board of directors to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to change our control.
​
These provisions are intended to enhance the likelihood of continued stability in the composition of our board of directors and its policies and to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to reduce our vulnerability to hostile takeovers and to discourage certain tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging others from making tender offers for our shares and may have the effect of delaying changes in our control or management. As a consequence, these provisions may also inhibit fluctuations in the market price of our stock that could result from actual or rumored takeover attempts. We believe that the benefits of these provisions, including increased protection of our potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure our company, outweigh the disadvantages of discouraging takeover proposals, because negotiation of takeover proposals could result in an improvement of their terms.
​
Choice of Forum
​
Our Certificate of Incorporation and our Bylaws provide that the Court of Chancery of the State of Delaware is the sole and exclusive forum for any derivative action or proceeding brought on our behalf; any action asserting a breach of fiduciary duty to us or our stockholders; any action asserting a claim against us arising pursuant to any provision of the DGCL, our Certificate of Incorporation or our Bylaws; or any action asserting a claim against us that is governed by the internal affairs doctrine. 
​
The enforceability of similar choice of forum provisions in other companies’ certificates of incorporation has been challenged in legal proceedings, and it is possible that, in connection with one or more actions or proceedings described above, a court could find the choice of forum provisions contained in our Certificate of Incorporation to be inapplicable or unenforceable.
​
Listing
​
Our common stock is listed on The Nasdaq Capital Market under the symbol “OTLK”.
​
Transfer Agent and Registrar
​
The transfer agent and registrar for our common stock is American Stock Transfer & Trust Company, LLC. Its address is 6201 15th Avenue, Brooklyn, New York 11219.

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