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Medina, Natalia (CONTR)

From: Sent: To: Subject: McCrea, Jim (CONTR) Tuesday, July 26, 2011 2:56 PM Carlson, Jaime Accepted: Key Drivers in Credit Subsidy Cost

Jim McCrea Correspondence 1

From: To: Subject: Date: Attachments:

jim McCrea McCrea, Jim (CONTR) Credit Subsidy Analysis Thursday, November 03, 2011 5:29:52 PM 110311 Credit Subsidy Summary.pdf

Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@optonline.net

Jim McCrea Correspondence 2

From: To:

Subject:

Khan, Zuhair "Brian.Hoffmann@CliffordChance.com"; "David.Evans@CliffordChance.com"; ""Christopher.Worth@CliffordChance.com" (Christopher.Worth@CliffordChance.com)"; Sprung, Lloyd; Sieh, Stephen; Yi, Bo; Gupta, Pranav; Richardson, Susan; Carlson, Jaime; Whitcombe, Nicholas; Laura.Capelin@CliffordChance.com; McCrea, Jim (CONTR); Donovan, Nancy Credit subsidy discussion

(b) (2) Dial-in: ID: (b) (2)

________________________________ The information contained in this email message is intended only for use of the individual or entity named above. If the reader of this message is not the intended recipient, or the employee or agent responsible to deliver it to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please immediately notify us by email, and destroy the original message. Thank you

Jim McCrea Correspondence 3

From: To: Cc: Subject:

Miller, Jason Whitcombe, Nicholas; Richardson, Susan; boakley@scullycapital.com; McCrea, Jim (CONTR); Colyar, Kelly T.; Carroll, Kevin; Lyberg, Sarah A.; Engle, Sarah; Robinson, Donovan <Alert> Rowe, David; Timberlake, Courtney B.; Neuman, Melissa Credit subsidy discussion

When: Wednesday, August 17, 2011 10:15 AM-11:15 AM (GMT-05:00) Eastern Time (US & Canada). Where: Call in: 202.395.6392 Code: 512.5186 Note: The GMT offset above does not reflect daylight saving time adjustments. *~*~*~*~*~*~*~*~*~* UPDATED: We have moved back by 15 minutes due to a 9:30 call that is now running behind.

Jim McCrea Correspondence 4

From: To: Subject: Attachments:

Winters, Matthew "boakley@scullycapital.com"; "Anthony Curcio"; McCrea, Jim (CONTR) Credit Subsidy Discussion BCTD v4.pptx

When: Wednesday, July 06, 2011 2:30 PM-3:00 PM (GMT-05:00) Eastern Time (US & Canada). Where: Call-in: (605) 475-4000 - Passcode: 338287# Note: The GMT offset above does not reflect daylight saving time adjustments. *~*~*~*~*~*~*~*~*~* Brian/AnthonyI am attending a meeting at the White House tomorrow with OMB and representatives of the Building Trades union to discuss the Title XVII credit subsidy calculation methodology. The BT folks have some concerns (b) (5) and theyve requested this meeting to discuss them. I know very little about these issues, but Ive been asked to attend as the DOE representative. Would you mind taking a look at the attached slide deck in which OMB lays out the unions concerns, and puts forward the proposed response? Id love to hear your thoughts on the issues, and comments on the Administrations proposed response. Thanks very much. Matt From: Carroll, Kevin Sent: Wednesday, July 06, 2011 11:44 AM To: Levine, Brian S.; Winters, Matthew Cc: Timberlake, Courtney B.; Ericsson, Sally C.; Colyar, Kelly T.; Dick, John <Alert>; Lyberg, Sarah A.; Mertens, Richard A. Subject: Bldg trades meeting tomorrow Attached is a draft of the points we want to make in the meeting tomorrow, based on Brians outline from last week. Per our managements instruction, we will be rewriting these as talkers and reorganizing to have each point and counterpoint(s) together. We would use an agenda rather than hand out the slides, because our mgt is concerned that we would need a more formal response to be signed off if we were to give them paper to carry. We will work on the agenda also, but it will essentially be the capital letter items.

Jim McCrea Correspondence 5

From: To: Subject: Date:

Winters Matthew McCrea Jim (CONTR) Fw: Accurate? Tuesday, December 28, 2010 7:27:03 AM

JimAre you ok with this? Thanks.

From: Winters, Matthew To: 'jim McCrea' <jimmccrea@optonline.net> Sent: Mon Dec 27 16:34:24 2010 Subject: RE: Accurate?

Thanks again. I consolidated your pre-closing efforts to the following. Are you ok with this? Specifically, is it accurate to say that the (b) (5) Thanks.
Credit To ensure that credit concerns are adequately addressed Final transaction cash flows are prepared with FFB input Packet includes: original pre-CRB OMB packet; revised presentation identifying changes; final term sheet; updated thirdparty reports; final financial model; final risk rating and recovery matrices; credit rating cross-walk; and final cash flows and credit subsidy analysis.

Reviewstransactiondocsastheyareprepared FinalCreditreviewbyratingsagency Preparefinalcashflowsandcreditsubsidyanalysis Prepare/SubmitfinalpackettoOMBandTreasury

BriefOMB/Treasury RespondtoOMB/TreasuryQuestionsinWriting OMBapprovescreditsubsidyscore

From: jim McCrea [mailto:jimmccrea@optonline.net] Sent: Monday, December 27, 2010 3:51 PM To: Winters, Matthew Subject: RE: Accurate?

Here is a revised power point. My changes are in red so they should show up. I figure that you can take what you want of this for inclusion in the other. I tried not to overdo things but Credit gets involved very early and serves a role that is far more than simply a review function. Holler if you have questions. After 4, I should still be able to respond to e-mails while on the call with OMB which is scheduled for an hour.
Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@optonline.net
From: Winters, Matthew [mailto:Matthew.Winters@Hq.Doe.Gov] Sent: Monday, December 27, 2010 3:39 PM To: 'jim McCrea' Subject: RE: Accurate?

Thank yoU!
From: jim McCrea [mailto:jimmccrea@optonline.net] Sent: Monday, December 27, 2010 3:38 PM To: Winters, Matthew Subject: RE: Accurate?

Got them. Working away. You should have them before 4PM as I have a call with OMB on (b)
Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@optonline.net
From: Winters, Matthew [mailto:Matthew.Winters@Hq.Doe.Gov] Sent: Monday, December 27, 2010 3:32 PM To: 'jim McCrea' Subject: RE: Accurate?

(5) at 4.

Jim McCrea Correspondence 6

You should now have both documents.


From: jim McCrea [mailto:jimmccrea@optonline.net] Sent: Monday, December 27, 2010 3:19 PM To: Winters, Matthew Subject: RE: Accurate?

Can you send me the table as a separate document so that I can edit it. Need to add some things.
Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@optonline.net
From: McCrea, Jim [mailto:Jim.McCrea@Hq.Doe.Gov] Sent: Monday, December 27, 2010 3:12 PM To: jimmccrea@optonline.net Subject: FW: Accurate?

------------------------------------------From Winters, Matthew Sent Monday, December 27, 2010 3:12:19 PM To McCrea, Jim Subject Accurate? Auto forwarded by a Rule JimHave I accurately and benignly captured the steps in the pre-Conditional Commitment and pre-Closing credit and interagency review process, for purposes of a generic "Chronology" of a Title XVII Loan Guarantee? Thanks. I've attached a Power Point version of this chart which attempts to place each task in the proper relative chronological order too.

Matt Pre Conditional Commitment

Credit CreditPaperreview/approval

Credit Advisor receives draft Credit Paper from Origination Reviews draft Credit Paper Develops/edits Credit Paper with Origination Team Approves Credit Paper ApprovalofRiskandRecoveryMatrices Receive draft matrices from Origination Review draft matrices Discuss and Develop matrices with Origination Team Approve matrices Review includes: PP Slides, Credit Paper, Term Sheet, and IE Report. Reviews/approves: PP Slides; Project Model; Credit Paper; Proposed Term Sheet; Risk/Recovery Matrices; and IE Report Review includes analysis of underlying documents and deal terms Advisor seeks additional info, clarification, analysis

Review,edit,andapproveCC/CRB packet

ReviewandapproveOMB/Treasury Packet
Pre-Closing

Credit FinalCreditreviewbyratings agency Prepare/Submitfinalpacket toOMBandTreasury RespondtoOMB/Treasury QuestionsinWriting OMBapprovescreditsubsidy score

Packet includes: original pre-CRB OMB packet; Final Term Sheet; updated IE report; updated Financial Model; final Risk Rating and Recovery Matrices; final Credit Rating report; Rating Cross-Walk.

Jim McCrea Correspondence 7

From: To: Subject: Date:

McCrea, Jim "jimmccrea@optonline.net" FW: Appropriations Restriction Monday, April 05, 2010 9:02:00 PM

-----Original Message----From: Leong, Alvin Sent: Monday, April 05, 2010 6:30 PM To: DL-CF-1.3 Federal Staff; DL-CF-1.3 Contractor Staff Subject: Appropriations Restriction Please note that the restriction described below applies (as indicated) to the Omnibus Appropriations Act of 2009, and, as such, does not apply to loan guarantees funded under other appropriations authority. For example, the restriction does not apply to loan guarantees for projects that have their credit subsidy costs paid under Section 1705 (a program funded under the Recovery Act). Nevertheless, in an abundance of caution, please let one of the attorneys know if you do have a project that may have other Federal involvement, even if the project appears to be Section 1705-eligible. Please also note that we have posted an FAQ on this topic: http://www.lgprogram.energy.gov/faq2.htm#17. -----Original Message----From: Leong, Alvin Sent: Thursday, March 04, 2010 1:13 PM To: DL-CF-1.3 Federal Staff; DL-CF-1.3 Contractor Staff Subject: Appropriations Restriction Please be aware that there is a restriction in the Omnibus Appropriations Act of 2009 relating to the Title 17 Innovative Technology Loan Guarantee Program that prevents the making of loan guarantees to support any project where funds, personnel or property of any Federal agency, instrumentality, personnel or affiliated entity are expected to be used, directly or indirectly, to support the project or obtain goods or services from the project. The restriction is broadly worded and applies to acquisitions, contracts, demonstrations, exchanges, grants, incentives, leases, procurements, sales, other transaction authority, or other arrangements. As an example, it would apply to off-take agreements with Federal entities. The provision contains some limited exceptions. Please contact the Chief Counsel's Office if you have any questions or are aware of a project that may be restricted as described above. Alvin Leong Attorney Advisor U.S. Department of Energy 202-287-5621

Jim McCrea Correspondence 8

Sent from my Verizon Wireless BlackBerry From: James C McCrea <jimmccrea@optonline.net> Date: Fri, 14 May 2010 07:43:46 -0400 To: <boakley@scullycapital.com>; <anthony.curcio@summitllc.us> Subject: FW: Credit Subsidy Model
Well, what is going on? Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@optonline.net
From: McCrea, Jim [mailto:Jim.McCrea@Hq.Doe.Gov] Sent: Friday, May 14, 2010 7:41 AM To: jimmccrea@optonline.net Subject: FW: Credit Subsidy Model

------------------------------------------From: Frantz, David Sent: Friday, May 14, 2010 7:41:05 AM To: McCrea, Jim Subject: FW: Credit Subsidy Model Auto forwarded by a Rule
Whatsthisforgoodnesssake?

David G. Frantz US Department of Energy


Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov

In consultation with OMB

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In consultation with OMB

Jim McCrea Correspondence 11

From: To: Subject:

Seward, Lachlan McCrea, Jim (CONTR); "morrell"; Rossotti, Edward; "Garry.Reeder@do.treas.gov"; Sumner, William; "Alan.Fu@do.treas.gov"; Donatucci, Robert; Mates, Michael; macreajimmccrea@optonline.net FW: DOE Credit Subsidy Model walkthrough

When: Tuesday, July 13, 2010 11:00 AM-12:00 PM (GMT-05:00) Eastern Time (US & Canada). Where: 4B-127 Note: The GMT offset above does not reflect daylight saving time adjustments. *~*~*~*~*~*~*~*~*~*

-----Original Appointment----From: Seward, Lachlan Sent: Friday, July 09, 2010 12:23 PM To: Seward, Lachlan; Rossotti, Edward; Sumner, William; Donatucci, Robert; Mates, Michael; morrell; HYPERLINK "mailto:macreajimmccrea@optonline.net" macreajimmccrea@optonline.net; HYPERLINK "mailto:Garry.Reeder@do.treas.gov" Garry.Reeder@do.treas.gov; HYPERLINK "mailto:Alan.Fu@do.treas.gov" Alan.Fu@do.treas.gov Subject: DOE Credit Subsidy Model walkthrough When: Tuesday, July 13, 2010 11:00 AM-12:00 PM (GMT-05:00) Eastern Time (US & Canada). Where: 4B-127

Jim McCrea Correspondence 12

From: To: Subject: Date: Attachments:

James C McCrea McCrea, Jim (CONTR) FW: DOE OMB Transaction Processing Framework Thursday, May 06, 2010 10:17:27 AM DOE Detailed Transaction Framework 022610.doc

Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@optonline.net
From: James C McCrea [mailto:jimmccrea@optonline.net] Sent: Thursday, March 11, 2010 2:27 PM To: 'Silver, Jonathan' Subject: FW: DOE OMB Transaction Processing Framework

Jonathan Here is the latest I have which is what we sent to you. Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@optonline.net
From: James C McCrea [mailto:jimmccrea@optonline.net] Sent: Friday, February 26, 2010 8:48 AM To: 'Silver, Jonathan' Cc: 'Frantz, David'; 'Roger McDaniel'; 'Brian Oakley'; 'anthony.curcio@summitllc.us'; 'Saltiel, David' Subject: DOE OMB Transaction Processing Framework

Jonathan Here is the latest draft of the framework. I made a few minor word changes including (b)

(5)

I have reviewed the draft and feel that it is precise in what both DOE and OMB deliverables are and the timetable for deliveries by OMB. Many of the items do not have
Jim McCrea Correspondence 13

dates attached to them(b) (5) . However, the process for OMB approving the Credit Subsidy Costs estimates can be, and is, clearly articulated. Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@optonline.net

Jim McCrea Correspondence 14

From: To: Subject: Date:

jim McCrea McCrea, Jim (CONTR) FW: Fixed Rate FIPP Subsidy Treatment Tuesday, October 19, 2010 5:52:31 PM

Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@optonline.net
From: boakley@scullycapital.com [mailto:boakley@scullycapital.com] Sent: Tuesday, October 19, 2010 5:38 PM To: jimmccrea@optonline.net Cc: rogermcdaniel@optonline.net; Anthony Curcio (anthony.curcio@summitllc.us); kjatindarya@scullycapital.com Subject: Fixed Rate FIPP Subsidy Treatment

Jim&Roger, PleaseseetextbelowthatAnthonyandIdeveloped.Longstoryshort:nofurtheradjustment required.IexpectwellneedfurtherinteractionwithOMBonthematter. Regards, Brian Kelly, DOEhasreviewedtheoptionsavailablefortheFIPPfixedrateguarantee.(b) (5) Hereiswhatwehavefound:

(b) (5)

(b) (5)
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(b) (5)

(b) (5)

Insummary,atthistimeweknowthefollowingkeyinputstocreditsubsidyforFIPPfixedrateloan guarantees: 1. Thediscountrate; 2. Amortizationschedule; 3. Interestrateassociatedwiththeguaranteedobligation; 4. Thedefaultfrequencyovertime;and 5. Therecoveryrate. Together,theseinputsprovideforthecosttoandfromthegovernmentassociatedwiththeloan guarantee.Movingforward,DOEproposes(b) (5)

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For consult with OMB

Jim McCrea Correspondence 17

For consult with OMB

Jim McCrea Correspondence 18

From: To: Subject: Date: Attachments:

Richardson, Susan McCrea, Jim (CONTR) FW: Letter to Secretary Chu from Reps. Cummings and Kucinich Thursday, August 04, 2011 9:00:13 AM 2011 0803.EEC-DJK to DOE.credit subsidy fees-nuclear powerplant construction.pdf

fyi
From: Davis, Christopher Sent: Wednesday, August 03, 2011 5:53 PM To: Lane, Jeff; Jenkins, Amelia; Lev, Sean; Fygi, Eric; Leistikow, Dan; LaVera, Damien; Silver, Jonathan; Winters, Matthew; Richardson, Susan; De Vos, Erica Subject: FW: Letter to Secretary Chu from Reps. Cummings and Kucinich

See the attached letter to Sec. Chu from Reps. Cummings and Kucinich regarding the CBO report on credit subsidy calculations for nuclear loan guarantees. The letter, which is also on the committees minority website, flags the CBO report for our attention and expresses concerns about the nuclear subsidy calculations. However it also notes that that the Members do not have any reason to believe that DOEs calculation of credit subsidy fees for other energy technologies is inappropriate. The letter asks for a meeting to discuss the CBO findings. I am planning to suggest a staff level discussion as a first step, which I expect the committee staff would accept. CED

From: Hultberg, Carla [mailto:Carla.Hultberg@mail.house.gov] Sent: Wednesday, August 03, 2011 5:17 PM To: Davis, Christopher Subject: Letter to Secretary Chu from Reps. Cummings and Kucinich Please see the attached letter to DOE Secretary Chu from Reps. Cummings and Kucinich.

Thank you, Carla Hultberg _________________________________________ Carla Hultberg Minority Chief Clerk/Office Administrator Committee on Oversight and Government Reform U.S. House of Representatives (202) 225-5668 or (bb) 202-595-4740

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From: To: Cc: Subject: Date:

Richardson, Susan McCrea, Jim (CONTR); "Brian Oakley" deForest, Alicia; Fygi, Eric FW: Loan Guarantee Documents Thursday, April 08, 2010 10:46:54 AM

Kucinich Staff briefing at 2 PM Tuesday April 13 confirmed. I note that I (plus Scott Harris, Jonathan Silver and others) have been summoned to a conference call this PM w/ OMB on the subject of nuclear loans and credit subsidy this afternoon. Assume it is motivated by this issue. So stay tuned.
From: Schulman, Howard [mailto:Howard.Schulman@mail.house.gov] Sent: Thursday, April 08, 2010 10:37 AM To: Richardson, Susan Cc: Bourke, Jaron; cschenewerk@omb.eop.gov Subject: RE: Loan Guarantee Documents Yes, Susan. Im sorry I didnt get back to you to confirm that sooner. I will email you a room number as soon as we determine the precise location. See you on Tuesday, Howard From: Richardson, Susan [mailto:Susan.Richardson@hq.doe.gov] Sent: Thursday, April 08, 2010 9:56 AM To: Schulman, Howard Cc: Bourke, Jaron; deForest, Alicia; 'cschenewerk@omb.eop.gov'; Levy, Jonathan Subject: RE: Loan Guarantee Documents

Howard, should I consider this confirmed? thnx


From: Richardson, Susan Sent: Wednesday, April 07, 2010 10:11 AM To: 'Schulman, Howard' Cc: Bourke, Jaron; deForest, Alicia; cschenewerk@omb.eop.gov; Levy, Jonathan Subject: RE: Loan Guarantee Documents

Howard, We suggest 2:00 - 3:30 PM on Tuesday April 13.


From: Schulman, Howard [mailto:Howard.Schulman@mail.house.gov] Sent: Wednesday, April 07, 2010 9:37 AM To: Richardson, Susan Cc: Bourke, Jaron; deForest, Alicia; cschenewerk@omb.eop.gov; Levy, Jonathan Subject: RE: Loan Guarantee Documents Probably around 90 minutes, more or less.
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H From: Richardson, Susan [mailto:Susan.Richardson@hq.doe.gov] Sent: Wednesday, April 07, 2010 9:24 AM To: Schulman, Howard Cc: Bourke, Jaron; deForest, Alicia; cschenewerk@omb.eop.gov; Levy, Jonathan Subject: RE: Loan Guarantee Documents

How much time were you thinking of?


From: Schulman, Howard [mailto:Howard.Schulman@mail.house.gov] Sent: Wednesday, April 07, 2010 9:22 AM To: Richardson, Susan Cc: Bourke, Jaron; deForest, Alicia; cschenewerk@omb.eop.gov; Levy, Jonathan Subject: RE: Loan Guarantee Documents Susan, Right now, we can meet any time on Monday or Tuesday. You may want to make it Tuesday to maximize the chance that OMB will be able to join us. Caryn is out of her office until Monday. Please let us know as soon as possible so that we can block out that time slot. Thanks, Howard From: Richardson, Susan [mailto:Susan.Richardson@hq.doe.gov] Sent: Tuesday, April 06, 2010 6:16 PM To: Schulman, Howard Cc: Bourke, Jaron; deForest, Alicia; cschenewerk@omb.eop.gov; Levy, Jonathan Subject: RE: Loan Guarantee Documents

Howard, We would like to schedule the technical briefing for early next week. Can you suggest some times that would work for you? Alicia and I will plan to come with two DOE consultants who are most familiar with the credit subsidy model and process. It would, no doubt, be preferable to have an OMB representative at the briefing as well, but I am not in a position to speak for OMBs availability. Accordingly, particularly in light of your timing requirements, we would like to go ahead and schedule a DOE briefing. We will, of course, be happy to have OMB join if is someone is available. Look forward to hearing from you. Regards, Susan
From: Schulman, Howard [mailto:Howard.Schulman@mail.house.gov] Sent: Tuesday, April 06, 2010 10:51 AM
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To: Richardson, Susan Cc: Bourke, Jaron Subject: RE: Loan Guarantee Documents Susan, Thanks for your prompt reply. Is there any chance that you could schedule the technical briefing soon? Wed like to talk to the people who are most knowledgeable on the model, if possible some time in the next seven days. Thanks again, Howard From: Richardson, Susan [mailto:Susan.Richardson@hq.doe.gov] Sent: Monday, April 05, 2010 5:30 PM To: Schulman, Howard; cschenewerk@omb.eop.gov Cc: Bourke, Jaron; deForest, Alicia Subject: RE: Loan Guarantee Documents

Howard, How did your vacation end so quickly?? (I hope it was good.) We are working feverishly to pull together responsive materials; and also hoping to schedule a technical briefing on credit subsidy. Working around spring holidays has been a challenge, but I hope to have more specifics by Wednesday. Kind regards, susan
From: Schulman, Howard [mailto:Howard.Schulman@mail.house.gov] Sent: Monday, April 05, 2010 2:35 PM To: Richardson, Susan; cschenewerk@omb.eop.gov Cc: Bourke, Jaron Subject: Loan Guarantee Documents Susan and Caryn, I am writing to check what progress has been made on the documents and questions we discussed on March 25. We would like to get as much additional information and documentation as we can before the hearing, which is now scheduled for 2pm on Tuesday, April 20, 2010. Sincerely, Howard Schulman

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2. Is the credit subsidy fee a one-time payment? 3. Is there any situation in which the credit subsidy fee is reevaluated after it is paid, and an increased fee is required, if circumstances change or problems arise? 4. Is there any amount that would be deemed too large to be considered as a loan guarantee? It is our understanding that the answers to these questions are 1)b, 2)yes, 3)no and 4)no, but we want to confirm that we are correct. Thanks for your help, Howard -----Original Message----From: Utech, Dan [mailto:Dan.Utech@hq.doe.gov] Sent: Monday, April 12, 2010 12:04 PM To: Schulman, Howard Subject: RE: Loan Program Briefing What's the best number to reach you at? -----Original Message----From: Schulman, Howard [mailto:Howard.Schulman@mail.house.gov] Sent: Monday, April 12, 2010 10:42 AM To: Utech, Dan Cc: Richardson, Susan; cschenewerk@omb.eop.gov; Bourke, Jaron Subject: RE: Loan Program Briefing Dan, I understand your concerns, but there are a few questions that we need answers to very soon (i.e., in the next two days) so that we can prepare for the hearing that we are holding next week. These are "conceptual" questions, not questions that require any technical detail to answer. Is it possible to arrange a telephone call so that we can get answers to these questions asap? Howard

-----Original Message----From: Utech, Dan [mailto:Dan.Utech@hq.doe.gov] Sent: Friday, April 09, 2010 6:02 PM To: Schulman, Howard Cc: 'Eltrich, Katherine A.' Subject: Loan Program Briefing Hi HowardI work in the Secretary's office at DOE, and am reaching out about the loan program briefing that DOE staff have been working on with you. We believe that it's critical that DOE and OMB conduct this briefing jointly, but unfortunately we're not going to be able to pull that off for next week. However, we are committed to doing the briefing soon after that, and we will be getting you proposed dates and times early next week. Jonathan Silver and Sally Ericsson will be leading the briefing. Thanks for you patience. Have a good weekend. Dan Utech

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Senior Advisor to the Secretary U.S. Department of Energy 202-586-0339 dan.utech@hq.doe.gov

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From: To: Subject: Date:

James C McCrea McCrea, Jim (CONTR) FW: OMB Process Monday, May 24, 2010 10:03:58 AM

Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@optonline.net
From: James C McCrea [mailto:jimmccrea@optonline.net] Sent: Sunday, May 23, 2010 6:41 PM To: 'Fridell, Monique'; 'Tobin, Daniel'; 'Repetti, Ted'; 'Paul Ameer'; Steve Shulman (sashulman@gmail.com); 'Renee Sass'; 'Julie Stewart'; Steve Fisher (sfisher@scullycapital.com); 'boakley@scullycapital.com'; 'Anthony Curcio'; 'matt Kittell'; 'Hodges, Sven'; 'Ku, Ruth'; 'Leong, Alvin'; Kim, Dong; Don Bennett Cc: 'Frantz, David'; 'Seward, Lachlan' Subject: OMB Process

Monique, Dan, Ted et al. Since you have the potential June transactions, I am writing to let you know that the process for dealing with OMB is changing. What I am laying out below has not been agreed upon but is likely to form the basis for an agreement between DOE/OMB/Treasury and FFB. The purpose is to insure that, in accordance with the wishes of the 7 th floor, as expressed Friday evening, we can go to CRB with OMB approval of the credit subsidy cost and having completed the required consultation with Treasury. Part of the objective is to . While this has not yet been agreed (b) (5) upon (discussions occurred this weekend) I still thought it important to give you a heads up as a process like I describe below is likely to apply to your transactions and you need to take such a process into consideration as you plan your work and schedules. Whether this is the exact process or not, the point is (b) (5) Dave and I will keep you posted as this effort progresses and it is likely that there will be agreement an agreement this week. POTENTIAL PROCESS
(b) (5)

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(b) (5)

Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@optonline.net

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From: To: Subject: Date: Attachments:

Winters, Matthew McCrea, Jim (CONTR); "boakley@scullycapital.com" Info neeed for revised Recover Rate Memo Thursday, September 09, 2010 11:41:30 AM RevRecoveryRatingMemo (V.2).docx

Jim/BrianIve incorporated almost all of Jonathans edits to the Recover Rate memo. I have highlighted in YELLOW some additional information that I was hoping you could complete (and then return to me a draft that includes them). They are: 1.

(b) (5)

. I welcome any other comments/edits (though Jonathan has already reviewed most of this). Thanks very much. Jonathan would like to circulate this memo by mid-afternoon---so Id appreciate if you could turn these around quickly. Thanks again.

Matt

Matthew A. Winters Senior Advisor, Loan Programs U.S. Department of Energy (o) 202.287.6262 (c) 202.407.2400

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matthew.winters@hq.doe.gov

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From: To: Date:

Silver, Jonathan McCrea, Jim (CONTR) Thursday, April 29, 2010 1:59:55 PM

When this afternoon are we meeting on the credit subsidy model? I'd like to do that soon. Jonathan Silver Executive Director Loan Programs US Department of Energy 1000 Independence Avenue, S.W. Washington, DC 20585 Phone: 202-287-5900 email: jonathan.silver@hq.doe.gov

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From: To: Date:

Silver, Jonathan McCrea, Jim (CONTR) Tuesday, April 27, 2010 1:05:09 PM

Can you give me a working definition of the credit subsidy fee that will make sense to a reporter. Thanks. Jonathan Silver Executive Director Loan Programs US Department of Energy 1000 Independence Avenue, S.W. Washington, DC 20585 Phone: 202-287-5900 email: jonathan.silver@hq.doe.gov

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From: To: Date:

Silver, Jonathan McCrea, Jim (CONTR) Thursday, April 08, 2010 12:00:52 PM

Can you talk me through the basics of the credit subsidy model again while we are at the lgp party. thanks, Jonathan Silver Executive Director Loan Programs US Department of Energy 1000 Independence Avenue, S.W. Washington, DC 20585 Phone: 202-287-5900 email: jonathan.silver@hq.doe.gov

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From: To: Cc: Subject: Start: End: Location:

Otness, Chris on behalf of Silver, Jonathan Harris, Scott Blake; McCrea, Jim (CONTR); Isakowitz, Steve; Richardson, Susan; Frantz, David; Hanson, Christopher; Miller, Bryan; Dickerson, Katharine jimmccrea@optonline.net OMB/CBO/LGPO Meeting on Credit Subsidy Monday, August 09, 2010 10:30:00 AM Monday, August 09, 2010 11:30:00 AM CBO: Room Number 483 - Ford House Office Building

When: Monday, August 09, 2010 10:30 AM-11:30 AM (GMT-05:00) Eastern Time (US & Canada). Where: CBO: Room Number 483 - Ford House Office Building Note: The GMT offset above does not reflect daylight saving time adjustments. *~*~*~*~*~*~*~*~*~* All I do not think it has been decided who makes the most sense to attend this meeting but I wanted to make sure that this is on all of your radars. I will update the room number as soon as I hear back from CBO/OMB. Please let me know if you have any questions. Best, Chris Otness Loan Programs U.S. Department of Energy Room: 4A-087 (O) 202.287.5900 (C) 202.525.9318 (F) 202.287.5816

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From: To: Subject: Date:

Winters, Matthew McCrea, Jim (CONTR) Question Monday, April 18, 2011 5:53:38 PM

JimThis is in the context of some questions being asked by the House appropriations committee staff. Do you think this is a fair response: Thanks. Hai is checking on bullet #1. On the others, it cant really be broken down like that. Here a very much oversimplified order of likely credit subsidy score (from highest to lowest) fully recognizing that each score is highly, highly project-specific so these are gross oversimplifications. 1.

(b) (5)

From: Hanson, Christopher Sent: Monday, April 18, 2011 5:25 PM To: Winters, Matthew; Duong, Hai; Barwell, Owen Cc: Gonzales Harsha, Marcos Subject: RE: Attached Image

Thanks. Based on your response below Follow up questions from Taunja: You mention that FIPP projects are more mature than innovative projects. How many of each under 1705? Which ones are FIPP/Commercial/Innovative? Which kinds of projects have higher scores? Wind? Solar? Can you provide average credit subsidy scores by sector? You mention a plug number for projects with term sheets out is the plug based on the type of project? If not, how do you determine what the plug should be? Thanks again.

Jim McCrea Correspondence 34

Matthew A. Winters Senior Advisor, Loan Programs U.S. Department of Energy (o) 202.287.6262 (c) 202.407.2400 matthew.winters@hq.doe.gov

Jim McCrea Correspondence 35

From: To: Subject: Date:

Richardson, Susan Frantz, David; McCrea, Jim (CONTR); Silver, Jonathan RE: Tuesday, February 08, 2011 12:29:21 PM

yup -----Original Message----From: Frantz, David Sent: Tuesday, February 08, 2011 11:34 AM To: Richardson, Susan; McCrea, Jim; Silver, Jonathan Subject: RE: Yes but the form or structure can be agreed at closing but not operative until funding. David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Richardson, Susan Sent: Tuesday, February 08, 2011 11:24 AM To: McCrea, Jim; Frantz, David; Silver, Jonathan Subject: RE: The terms - or a form of agreement. (b) (5)

-----Original Message----From: McCrea, Jim Sent: Tuesday, February 08, 2011 11:20 AM To: Richardson, Susan; Frantz, David; Silver, Jonathan Subject: RE: Totally agree and there is no reason that one can't be in place. Jim Jim McCrea Contractor & Senior Credit Advisor Loan Programs U.S. Department of Energy jim.mccrea@hq.doe.gov (203) 247-2791

-----Original Message----From: Richardson, Susan Sent: Tuesday, February 08, 2011 11:03 AM To: Richardson, Susan; Frantz, David; Silver, Jonathan Cc: McCrea, Jim Subject: RE: It occurs to me (not for purposes of briefing, but our internal thinking) that, absent extenuating

Jim McCrea Correspondence 39

Cc: McCrea, Jim Subject: RE: This is easy from my perspective, and I have conveyed the same to OMB yesterday, however I will let Susan opine: 1.) The commitment letter/term sheets are always superseded by the actual loan documents. 2.) The loan documents in their total are the legally binding contracts governing all aspects of the transaction/transactions involved for the project. Therefore, there is little difference if a CP relates to a closing event or to a funding event as long as the language is perfected in the documents. It is most common for there to be CP's to funding in transactions and this in no way contributes to enhanced risk. In fact, CP's to first funding are in of themselves designed to mitigate risk.

(b) (5)
Susan may wish to further elaborate on these assertions. Dave

David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Silver, Jonathan Sent: Tuesday, February 08, 2011 7:40 AM To: Frantz, David; Richardson, Susan Subject: I need talking points for why cp's to first funding also make sense and are permitted and how we can protect the public (documents control; further de risks, etc) Thanks. Jonathan Silver Executive Director Loan Programs U.S. Department of Energy Jonathan.Silver@hq.doe.gov

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From: To: Subject: Date:

Mwavua, Andrew McCrea, Jim (CONTR) RE: A few high-level questions on LGPO Credit Policy Tuesday, June 29, 2010 2:06:37 PM

Very well, thank you so very much I know that youre very busy, so I appreciate this even more. Andrew
From: McCrea, Jim Sent: Tuesday, June 29, 2010 2:06 PM To: Mwavua, Andrew Subject: RE: A few high-level questions on LGPO Credit Policy

Andrew -I think I am available in the morning but there are some things moving around. Will confirm later today. For now, here are some answers embedded in red, bold, caps.

Jim James C. McCrea Senior Credit Advisor Loan Programs U.S. Department of Energy jim.mccrea@hq.doe.gov (203) 247-2791

-----Original Message----From: Mwavua, Andrew Sent: Tuesday, June 29, 2010 12:08 PM To: McCrea, Jim Subject: A few high-level questions on LGPO Credit Policy Jim, It was a pleasure to have met you on Friday last week, when Kimberly Arigbede introduced us. I am the analyst within CFO that has been assigned to the loan programs. Our office (the Office of Risk Management within the Office of the CFO) is working complete our analysis on Recovery Act challenges for LGPO for Steve Isakowitz, the CFO, by COB tomorrow. As we discussed, I will be sending you a meeting request later today. In the meantime, I was hoping the below questions are brief and high-level enough for you to initially respond prior to our meeting? Thank you in advance.
Jim McCrea Correspondence 42

1) When is a credit subsidy % or range determined within LGPO? THERE IS A 3 PART PROCESS FOR THE CREDIT SUBSIDY COSTS. EACH STEP IS CALLED A GATE. GATE 1 IS A BROAD RANGE CALCULATION AT THE TIME OF THE APPLICATION WITH NO DOE ANALYSIS. IT RELIES ON THE AMORTIZATION SCHEDULE IN THE APPLICATION AND THE RATING AGENCY CREDIT ASSESSMENT SUBMITTED WITH THE APPLICATION. CERTAIN CASH FLOWS ARE GENERATED AND SUBMITTED FTO OMB FOR APPROVAL. (b) (5) GATE 2 OCURS AS PART OF THE CONDITIONAL COMMITMENT STAGE. THIS IS PREPARED AS THE DUE DILIGENCE NECESSARY FOR GOING TO CRB IS COMPLETED. DOE GENERATES RISK AND RECOVERY RATINGS BASED ON ITS ANALYIS OF THE TRANSACTION AND THEN CASH FLOWS WHICH ARE SENT TO OMB FOR APPROVAL. (b) (5)

GATE 3 IS PART OF THE TRANSACTION CLOSING PROCESS AND RESULTS IN S SINGLE POINT CREDIT SUBSIDY COST BASED ON THE DOE RISK AND RECOVERY TRATINGS AND CASH FLOWS. THIS IS APPROVED BY OMB. AT THIS POINT, UNDER T17, THE OBKLIGATING EVENT OCURS. UNDER ATVM, THE OBLIGATING EVENT AND THE SINGLE POINT CREDIT SUBSIDY COST OCURS AS PART OF THE CONDITIONAL COMMITMENT PHASE WHEN THE TRANSACTION IS TAKEN TO CRB. 2) When do we first share it with OMB, and when do the respond initially? SEE ABOVE. (b) (5)

(I know that ultimately, the final credit subsidy rate is 30 days before closing). ACTUALLY NOT. WE GET A FINAL CREDIT SUBSIDY COST ABOUT 3 DAYS BEFORE CLOSING WHICH IS AT THE END OF A PROCESS WHICH COMMENCED 28 DAYS (CALENDAR NOT BUSINESS) PRIOR TO CLOSING WHEN A FULL PACKAGE OF MATERIAL IS PROVIDED TO OMB INCLUDING THE FINAL CASH FLOWS FOR THE CREDIT SUBSIDY COST CALCULATION. 3) What are the rates and/or ranges of credit subsidy for the current and imminent conditional commitments?

(b) (5)

HOPE THAT HELPS. IF YOU HAVE MORE QUESTIONS FIRE AWAY. ABLE TO RESPOND TIL THIS EVENING AS WE ARE (b) (5)

I PROBABLY WONT BE

IF YOU NEED NUMBERS ON PAST ATVM TRANSACTIONS, I DO NOT KNOW THOSE AND EXPECT THAT YOU WOULD HAVE TO GET THAT INFO FROM LACH SEWARD. JIM

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Please advise and thank you once again. Best Regards, ____________________________ Andrew Mwavua Office of Risk Management Office of the Chief Financial Officer andrew.mwavua@hq.doe.gov (O) 202-586-4310 (C) 202-295-7743

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(c) 202.407.2400 matthew.winters@hq.doe.gov

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From: To: Subject: Date:

Davis, Christopher McCrea, Jim (CONTR) RE: call w/ mareky"s staff Saturday, October 22, 2011 2:04:12 PM

Thank you for the explanation Jim. I think it is appropriate to take a look at the analysis you guys come up with and then see what additional explanations we need in order to make the issues you describe below to anyone asking about it. Thanks again for followingup on this, and I hope youve had a good vacation!

CED
_____________________________________________ From: McCrea, Jim (CONTR) Sent: Friday, October 14, 2011 7:05 PM To: Davis, Christopher Subject: RE: call w/ mareky's staff

Meant to drop you a note today and just did not get to it yet. The answer is yes, we are making progress and the analysis is underway. It actually requires a very extensive analysis to be able to respond and I expect it to be done some time next week. (b) (5) There are many things that change between (b) (5) For example, the calculation of credit subsidy cost is very complex and needs to be carefully adjusted for the structure of the transaction as all the cash flows must be precisely calculated. On transactions with multiple debt tranches, the structuring of the credit subsidy analysis is very complex and difficult. We start with our best view on how to calculate it for a given structure and that is sent to OMB as a way to start a dialogue with them on how to properly calculate credit subsidy cost. This happens on many transactions. (b) (5)

I am on vacation next week but entirely available if you need me as I will have cell phone and e-mail access and will be working off and on during the vacation. Have a good

Jim McCrea Correspondence 52

weekend. Jim Jim McCrea Contractor & Senior Credit Advisor Loan Programs U.S. Department of Energy jim.mccrea@hq.doe.gov (203) 247-2791
_____________________________________________ From: Davis, Christopher Sent: Friday, October 14, 2011 6:39 PM To: McCrea, Jim (CONTR) Subject: RE: call w/ mareky's staff

Hi Jim any progress on pulling together the numbers for Markey? Thanks, and have a good weekend. CED
_____________________________________________ From: McCrea, Jim (CONTR) Sent: Tuesday, October 11, 2011 2:40 PM To: Davis, Christopher Subject: RE: call w/ mareky's staff

Christopher To conference me in for the call with Markeys staff, it would be best to use my DOE land line 6-5904 as the connection will be better. Jim James C. McCrea Contractor & Senior Credit Advisor Loan Programs U.S. Department of Energy jim.mccrea@hq.doe.gov (203) 247-2791

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-----Original Appointment----From: Davis, Christopher Sent: Monday, October 10, 2011 7:19 PM To: McCrea, Jim (CONTR) Subject: call w/ mareky's staff When: Tuesday, October 11, 2011 4:15 PM-4:30 PM (GMT-05:00) Eastern Time (US & Canada). Where: will conference you in before calling over

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In consultation with OMB

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From: To: Subject: Date:

McCrea, Jim (CONTR) Winters, Matthew RE: Comparison of DOE and OMB Gate 2 Credit Subsidy Costs Tuesday, February 22, 2011 2:08:00 PM

Working on it.

Jim Jim McCrea Contractor & Senior Credit Advisor Loan Programs U.S. Department of Energy jim.mccrea@hq.doe.gov (203) 247-2791

From: Winters, Matthew Sent: Tuesday, February 22, 2011 2:07 PM To: McCrea, Jim (CONTR) Subject: FW: Comparison of DOE and OMB Gate 2 Credit Subsidy Costs

JimDo you have a revised version of this document that also includes the final credit subsidy scores for the closed transactions? Thanks. Matt
From: Silver, Jonathan Sent: Tuesday, February 22, 2011 1:41 PM To: Winters, Matthew Subject: FW: Comparison of DOE and OMB Gate 2 Credit Subsidy Costs

Do we have the final credit subsidy numbers for those that have them that you and I discussed? Jonathan Silver Executive Director Loan Programs US Department of Energy 1000 Independence Avenue, S.W. Washington, DC 20585 Phone: 202-287-5900 email: jonathan.silver@hq.doe.gov

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From: Otness, Chris Sent: Friday, February 18, 2011 2:40 PM To: Silver, Jonathan Subject: FW: Comparison of DOE and OMB Gate 2 Credit Subsidy Costs

Chris Otness Loan Programs U.S. Department of Energy Contractor Room: 4A-087 (O) 202.287.5900 (C) 202.525.9318 (F) 202.287.5816 From: jim McCrea [mailto:jimmccrea@optonline.net] Sent: Friday, February 18, 2011 2:38 PM To: Otness, Chris; Winters, Matthew Cc: Brian Oakley Subject: Comparison of DOE and OMB Gate 2 Credit Subsidy Costs

Chris & Matt Here is the comparison.


Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@optonline.net

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From: To: Cc: Subject: Date:

Vandusen, Nicholas McCrea, Jim (CONTR); Trebules, Victor (CONTR) "Raymond.Mele@rw.doe.gov"; Shin, Kwan (CONTR); Richard.Corrigan@hq.doe.gov; Barwell, Owen RE: Credit Papers Tuesday, January 04, 2011 1:41:16 PM

Jim, I do keep the minutes on the CRB drive as well. Jayne Faith and Dave Frantz have decided in the past that a section of minutes is too sensitive for general consumption before it goes in the CRB books. On the shared drive, I only include what has already gone before the CRB. -----Original Message----From: McCrea, Jim Sent: Tuesday, January 04, 2011 1:34 PM To: Vandusen, Nicholas; Trebules, Victor Cc: 'Raymond.Mele@rw.doe.gov'; Shin, Kwan; Richard.Corrigan@hq.doe.gov; Barwell, Owen Subject: RE: Credit Papers Thanks Nick. I had no idea you had the CRB material on a shared drive. Learn something every day! However, that makes me glad that we do not include the credit subsidy cost estimates in the CRB books as I would not want them on a shared drive given their sensitivity. Also, I don't know whether you have the CRB minutes or draft minutes on the shared drive but you might want to have a conversation with Dave Frantz and Owen as to whether a shared drive is a proper place for CRB minutes. Jim Jim McCrea Contractor & Senior Credit Advisor Loan Programs U.S. Department of Energy jim.mccrea@hq.doe.gov (203) 247-2791

-----Original Message----From: Vandusen, Nicholas Sent: Tuesday, January 04, 2011 1:27 PM To: McCrea, Jim; Trebules, Victor Cc: 'Raymond.Mele@rw.doe.gov'; Shin, Kwan; Richard.Corrigan@hq.doe.gov; Barwell, Owen Subject: RE: Credit Papers I store the documents for the CRB on the shared drive (this includes term sheets and presentations but not credit papers). These can be found on the "Credit Review Board" folder on the W:/ drive. I have most of the credit papers floating around my hard drive as well and would be happy to locate those for specific projects. Nick -----Original Message----From: McCrea, Jim Sent: Tuesday, January 04, 2011 1:06 PM To: Trebules, Victor Cc: 'Raymond.Mele@rw.doe.gov'; Shin, Kwan; Vandusen, Nicholas; Richard.Corrigan@hq.doe.gov;

Jim McCrea Correspondence 62

Barwell, Owen Subject: RE: Credit Papers Vic -I don't know whether they are on a shared drive. It is possible that the Origination staff keep them on a shared drive. Most members of Credit do not have access to the DOE system. As a result, we keep nothing on any shared drive. If you find that you cannot access the credit papers from a shared drive, let me know which ones you need and I will provide them to you. Another way to find them is that when I make the submittal into the interagency process, the Technical representative(s)are generally copied on that distribution so they should be a source for you. The version that goes to OMB and Treasury/FFB is the final version of the credit paper. Note that I am copying Owen not for action but because this is likely a useful data point for him as he considers the revamping of our document management systems as it demonstrates a real life situation which our current systems leave us poorly equipped to address. Jim Jim McCrea Contractor & Senior Credit Advisor Loan Programs U.S. Department of Energy jim.mccrea@hq.doe.gov (203) 247-2791

-----Original Message----From: Trebules, Victor Sent: Tuesday, January 04, 2011 12:58 PM To: McCrea, Jim Cc: 'Raymond.Mele@rw.doe.gov'; Shin, Kwan; Vandusen, Nicholas; Richard.Corrigan@hq.doe.gov Subject: Credit Papers Jim We have an assignment from the Front Office (b) (5) Are the Credit Papers and briefings on a shared

drive or in a common database? Thanks Victor Trebules IBM Senior Associate Department of Energy Loan Guarantee Program Telephone 202 586-5979

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In consultation with OMB

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From: To: Cc: Subject: Date:

Duong, Hai "boakley@scullycapital.com"; Winters, Matthew McCrea, Jim (CONTR) RE: CS # update Thursday, August 04, 2011 12:29:14 PM

Thanks. Matt,wewillupdatetherevisedchartsonourendtomatchthelatestnumbers.
From: boakley@scullycapital.com [mailto:boakley@scullycapital.com] Sent: Thursday, August 04, 2011 12:25 PM To: Winters, Matthew Cc: McCrea, Jim (CONTR); Duong, Hai Subject: RE: CS # update Matt, Pleaseseebelowandattached. Brian Asyouknow,atconditionalcommitment,eachprojectreceivesanestimate,intheformofarange,ofwhatits creditsubsidyscorewilllikelybewhenitisfinalizedatclosing(theestimateiscalledtheGate2Range).Itis importanttonote,however,(b) (5)

LPOhas$2.435billionofappropriatedcreditsubsidyunderthe1705program.Todate,the11projectsthat havereachedfinancialcloseunder1705(andthushavefinalizedcreditsubsidyscores)haveusedup$729 millionofthatamount,or30%.Thisleaves$1.7billionavailabletobeused. BasedontheirGate2CSestimates (b) (5)

Thus,evenassumingthat
(b) (5)

(b) (5)

hasanestimatedGate2CreditSubsidyrangeof(b) (5)

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From: To: Subject: Date:

boakley@scullycapital.com McCrea, Jim (CONTR); Heimert, Kimberly; "anthony.curcio@summitllc.us" RE: FFB Spread & Capitalized Interest Monday, December 06, 2010 8:50:08 PM

I think it probably is a drafting issue, but doesnt hurt to be sure. As an FYI, the referenced section of FCRA states: For guaranteed loans financed by the Bank and treated as direct loans by a
Federal agency pursuant to section 406(b), any fee or interest surcharge (the amount by which the interest rate charged exceeds the rate determined pursuant to section 502(5)(E)) that the Bank charges to a private borrower pursuant to section 6(c) of the Federal Financing Bank Act of 1973 shall be considered a cash flow to the Government for the purposes of determining the cost of the direct loan pursuant to section 502(5). All such amounts shall be credited to the appropriate financing account. Ill have the question ready for Peter in a couple of minutes

From: McCrea, Jim [mailto:Jim.McCrea@Hq.Doe.Gov] Sent: Monday, December 06, 2010 8:43 PM To: Heimert, Kimberly; 'anthony.curcio@summitllc.us'; boakley@scullycapital.com Subject: RE: FFB Spread & Capitalized Interest

Dont disagree. That would be a simple outcome.

Jim Jim McCrea Contractor & Senior Credit Advisor Loan Programs U.S. Department of Energy jim.mccrea@hq.doe.gov (203) 247-2791

From: Heimert, Kimberly Sent: Monday, December 06, 2010 8:42 PM To: McCrea, Jim; 'anthony.curcio@summitllc.us'; 'boakley@scullycapital.com' Subject: Re: FFB Spread & Capitalized Interest Before everyone gets too wrapped up in this, I think it makes sense to simply ask (b) (5) . It might have been only a drafting point that made him move it. It might be nothing substantive at all. Might as well ask...

From: McCrea, Jim To: 'Anthony Curcio' <anthony.curcio@summitllc.us>; boakley@scullycapital.com <boakley@scullycapital.com> Cc: Heimert, Kimberly Sent: Mon Dec 06 20:22:41 2010

Jim McCrea Correspondence 66

Subject: RE: FFB Spread & Capitalized Interest

AC Bsed on a discussion with Brian earlier this evening, (b) (5)

. Nothing is ever simple.

From: Anthony Curcio [mailto:anthony.curcio@summitllc.us] Sent: Monday, December 06, 2010 7:52 PM To: McCrea, Jim; boakley@scullycapital.com Cc: Heimert, Kimberly Subject: RE: FFB Spread & Capitalized Interest

Jim, This is a bit out of my area of expertise (law). However, one thing to add: Notwithstanding the use of the word fee, a cash flow is a cash flow. Most Federal Credit programs (especially guarantee programs) have fees that serve to affect (reduce) the credit subsidy. I think the use of the word fee has nothing to do with it. In rare circumstances, some collections called administrative fees have been charged to borrowers in some programs that is collected specifically for the purpose of offsetting administrative fees, and, in these special cases, these fees are deposited directly into the Program account (not the financing account). In these rare cases, these specific fees would not affect the subsidy rate. (b) (5)

AC
-J. Anthony Curcio Federal Credit Practice Lead & Equity Member
Jim McCrea Correspondence 67

Summit Consulting, LLC* 626 E Street NW, Suite 200 Washington, DC 20004 202.407.8300 Main 202.407.8303 Office 509.984.8943 Fax www.summitllc.us
*Summit Consulting is a SBA certified 8(a) company with GSA FABS and MOBIS schedules

From: McCrea, Jim [mailto:Jim.McCrea@Hq.Doe.Gov] Sent: Monday, December 06, 2010 6:55 PM To: boakley@scullycapital.com Cc: anthony.curcio@summitllc.us; Heimert, Kimberly Subject: RE: FFB Spread & Capitalized Interest

Any thoughts? Do we need to get on a conference line among ourselves to discuss this? Jim

In consultation with OMB

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In consultation with OMB

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From: To: Cc: Subject: Date:

Anthony Curcio McCrea, Jim (CONTR); boakley@scullycapital.com Heimert, Kimberly RE: FFB Spread & Capitalized Interest Monday, December 06, 2010 7:55:49 PM

Jim,

Onemorething:IjustnoticedthattheNEWlanguage(b) (5) Again,thisdoesntmatter.(b) (5)

AC

-J.AnthonyCurcio FederalCreditPracticeLead&EquityMember SummitConsulting,LLC* 626EStreetNW,Suite200 Washington,DC20004 202.407.8300Main 202.407.8303Office 509.984.8943Fax www.summitllc.us


*SummitConsultingisaSBAcertified8(a)companywithGSAFABSandMOBISschedules

From: Anthony Curcio [mailto:anthony.curcio@summitllc.us] Sent: Monday, December 06, 2010 7:52 PM To: 'McCrea, Jim'; 'boakley@scullycapital.com' Cc: 'Heimert, Kimberly' Subject: RE: FFB Spread & Capitalized Interest

Jim,

Thisisabitoutofmyareaofexpertise(law).

However,onethingtoadd:Notwithstandingtheuseofthewordfee,acash flowisacashflow.MostFederalCreditprograms(especiallyguarantee programs)havefeesthatservetoaffect(reduce)thecreditsubsidy.Ithink theuseofthewordfeehasnothingtodowithit.

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Inrarecircumstances,somecollectionscalledadministrativefeeshavebeen chargedtoborrowersinsomeprogramsthatiscollectedspecificallyforthe purposeofoffsettingadministrativefees,and,inthesespecialcases,these feesaredepositeddirectlyintotheProgramaccount(notthefinancing account).Intheserarecases,thesespecificfeeswouldnotaffectthesubsidy rate.(b) (5)

AC

-J.AnthonyCurcio FederalCreditPracticeLead&EquityMember SummitConsulting,LLC* 626EStreetNW,Suite200 Washington,DC20004 202.407.8300Main 202.407.8303Office 509.984.8943Fax www.summitllc.us


*SummitConsultingisaSBAcertified8(a)companywithGSAFABSandMOBISschedules

From: McCrea, Jim [mailto:Jim.McCrea@Hq.Doe.Gov] Sent: Monday, December 06, 2010 6:55 PM To: boakley@scullycapital.com Cc: anthony.curcio@summitllc.us; Heimert, Kimberly Subject: RE: FFB Spread & Capitalized Interest

Anythoughts?Doweneedtogetonaconferencelineamongourselvestodiscussthis? Jim

In consultation with OMB

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In consultation with OMB

In consultation with OMB

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In consultation with OMB

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From: To: Cc: Subject: Date:

McCrea, Jim Heimert, Kimberly; "boakley@scullycapital.com" "anthony.curcio@summitllc.us" RE: FFB Spread & Capitalized Interest Monday, December 06, 2010 7:36:00 PM

Kimberly There is a lot embedded in her question and we will have to go to Pete directly. We will do that by e-mail later this evening. Just to make things interesting, (b) (5)

Will copy you on anything we send to Pete.

Jim Jim McCrea Contractor & Senior Credit Advisor Loan Programs U.S. Department of Energy jim.mccrea@hq.doe.gov (203) 247-2791

From: Heimert, Kimberly Sent: Monday, December 06, 2010 7:07 PM To: McCrea, Jim; 'boakley@scullycapital.com' Cc: 'anthony.curcio@summitllc.us' Subject: Re: FFB Spread & Capitalized Interest I have no idea. Feel free to contact ffb directly. Pete tends to work late.

From: McCrea, Jim To: boakley@scullycapital.com <boakley@scullycapital.com> Cc: anthony.curcio@summitllc.us <anthony.curcio@summitllc.us>; Heimert, Kimberly Sent: Mon Dec 06 18:54:52 2010 Subject: RE: FFB Spread & Capitalized Interest

Any thoughts? Do we need to get on a conference line among ourselves to discuss this? Jim

In consultation with OMB


Jim McCrea Correspondence 78

In consultation with OMB

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In consultation with OMB

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From: To: Cc: Subject: Date:

Anthony Curcio McCrea, Jim (CONTR); boakley@scullycapital.com Heimert, Kimberly RE: FFB Spread & Capitalized Interest Monday, December 06, 2010 9:15:56 PM

Ha!!

SorryJim,Ithoughtthiswasaconcernoftheoriginationteam.

Anyway,youknowthatIamoftentoocolorfulinmydescriptions.Itsmy southernupbringing..

-J.AnthonyCurcio FederalCreditPracticeLead&EquityMember SummitConsulting,LLC* 626EStreetNW,Suite200 Washington,DC20004 202.407.8300Main 202.407.8303Office 509.984.8943Fax www.summitllc.us


*SummitConsultingisaSBAcertified8(a)companywithGSAFABSandMOBISschedules

From: McCrea, Jim [mailto:Jim.McCrea@Hq.Doe.Gov] Sent: Monday, December 06, 2010 9:14 PM To: 'Anthony Curcio'; boakley@scullycapital.com Cc: Heimert, Kimberly Subject: RE: FFB Spread & Capitalized Interest

Notconspiracytheory.JustMcCreasignoranceonfullpublicdisplay!

Jim

Jim McCrea Contractor & Senior Credit Advisor Loan Programs U.S. Department of Energy jim.mccrea@hq.doe.gov (203) 247-2791

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From: Anthony Curcio [mailto:anthony.curcio@summitllc.us] Sent: Monday, December 06, 2010 9:10 PM To: McCrea, Jim; boakley@scullycapital.com Cc: Heimert, Kimberly Subject: RE: FFB Spread & Capitalized Interest

Jim,

Iagreethattheeasiestsolutionisinthedrafting.

However,onatechnicalnote,Imprettysure(b) (5)

.Iveneverseenthatactuallydone andseemsveryunlikely.Neverevenheardofthe(b) (5) .Evenif theydid,(b) (5)

AC

-J.AnthonyCurcio FederalCreditPracticeLead&EquityMember SummitConsulting,LLC* 626EStreetNW,Suite200 Washington,DC20004 202.407.8300Main 202.407.8303Office 509.984.8943Fax www.summitllc.us


*SummitConsultingisaSBAcertified8(a)companywithGSAFABSandMOBISschedules

From: McCrea, Jim [mailto:Jim.McCrea@Hq.Doe.Gov] Sent: Monday, December 06, 2010 8:23 PM To: 'Anthony Curcio'; boakley@scullycapital.com Cc: Heimert, Kimberly Subject: RE: FFB Spread & Capitalized Interest

AC
Jim McCrea Correspondence 82

BsedonadiscussionwithBrianearlierthisevening,(b) (5)

Nothingiseversimple.
From: Anthony Curcio [mailto:anthony.curcio@summitllc.us] Sent: Monday, December 06, 2010 7:52 PM To: McCrea, Jim; boakley@scullycapital.com Cc: Heimert, Kimberly Subject: RE: FFB Spread & Capitalized Interest

Jim,

Thisisabitoutofmyareaofexpertise(law).

However,onethingtoadd:Notwithstandingtheuseofthewordfee,acash flowisacashflow.MostFederalCreditprograms(especiallyguarantee programs)havefeesthatservetoaffect(reduce)thecreditsubsidy.Ithink theuseofthewordfeehasnothingtodowithit.

Inrarecircumstances,somecollectionscalledadministrativefeeshavebeen chargedtoborrowersinsomeprogramsthatiscollectedspecificallyforthe purposeofoffsettingadministrativefees,and,inthesespecialcases,these feesaredepositeddirectlyintotheProgramaccount(notthefinancing account).Intheserarecases,thesespecificfeeswouldnotaffectthesubsidy rate.(b) (5)

AC

-J.AnthonyCurcio FederalCreditPracticeLead&EquityMember SummitConsulting,LLC* 626EStreetNW,Suite200 Washington,DC20004 202.407.8300Main


Jim McCrea Correspondence 83

202.407.8303Office 509.984.8943Fax www.summitllc.us


*SummitConsultingisaSBAcertified8(a)companywithGSAFABSandMOBISschedules

From: McCrea, Jim [mailto:Jim.McCrea@Hq.Doe.Gov] Sent: Monday, December 06, 2010 6:55 PM To: boakley@scullycapital.com Cc: anthony.curcio@summitllc.us; Heimert, Kimberly Subject: RE: FFB Spread & Capitalized Interest

In consultation with OMB

Anythoughts?Doweneedtogetonaconferencelineamongourselvestodiscussthis? Jim

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In consultation with OMB

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From: To: Subject: Date:

McCrea, Jim Winters, Matthew; Duong, Hai RE: letter to DOE Friday, October 01, 2010 4:20:00 PM

Not an issue. Here is a proposed draft response: DOE conducts its interagency process which includes review and confrmation of the credit subsidy cost with OMB as part of the process by which transactions are approved for conditional commitments. To properly score the transaction and prepare the credit subsidy cost, the risks associated with the transaction must be well understood which, in turn, requires significant due diligence to be completed and a term sheet to have been negotiated with the applicant. At any point in time, DOE generally has several transactions in the approval process. At the time this is being written, two transactions are at OMB and a third transaction will be sent to OMB within the next week which is typical.

Jim James C. McCrea Senior Credit Advisor Loan Programs U.S. Department of Energy jim.mccrea@hq.doe.gov (203) 247-2791
From: Winters, Matthew Sent: Friday, October 01, 2010 3:11 PM To: Duong, Hai; McCrea, Jim Subject: Re: letter to DOE Just to give you peace of mind -- we're not necessarily going to share this info. I just want to see what it would look like. Thanks.

From: Duong, Hai To: McCrea, Jim Cc: Winters, Matthew Sent: Fri Oct 01 14:56:18 2010 Subject: FW: letter to DOE

Jim, Can you provide an answer to question 4e below? Thanks, Hai

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From: Winters, Matthew Sent: Friday, October 01, 2010 12:30 PM To: Duong, Hai Subject: FW: letter to DOE

HaiCould you provide answers to questions # 2, 3 & 4? Thanks. The questioner is referring to the attached slide deck --- which includes the same 90-day pipeline that you and Liju pulled together on Wednesday. Thank you. Matt
From: Crowell, Brad Sent: Friday, October 01, 2010 12:16 PM To: Winters, Matthew Cc: Levy, Jonathan; Lane, Jeff Subject: FW: letter to DOE

Matt, See below from our buddy Mr. Nelson. Jonathan and I both think that (b) (5) . Can you give us your opinion on how much, if any, of these questions we can answer? We could also just respond that we will include as much information as possible in our official response to the 2 letters they recently sent us.
From: Nelson, Matthew (Feinstein) [mailto:Matthew_Nelson@feinstein.senate.gov] Sent: Thursday, September 30, 2010 7:19 PM To: Levy, Jonathan; Crowell, Brad Subject: RE: letter to DOE

Jonathan 1. Have all applicants in due diligence been informed whether or not they are in the 90 day pool? If not, why not? 2. How many projects in the 90 day pool are in California, and what is their technology category? 3. How many applicants are in due diligence from California at this time? 4. How many applications are currently: a. In part 1 review b. done with part 1 and not yet in due diligence c. in due diligence d. in the 90 day window e. at OMB for scoring

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5. If only 22 projects are in due diligence now, there are some that were in due diligence in August who are no longer in due diligence. What is their status? 6. In August, there were 9 solar generation projects listed in Due Diligence. Now only 4 are in your 90 day pool. That 90 day window is the end of the Treasury Grant Program. Has DOE clearly informed the other five applicants that it does not anticipate reaching conditional commitments with them by the end of the year? Thanks Matt
From: Levy, Jonathan [mailto:Jonathan.Levy@hq.doe.gov] Sent: Thursday, September 30, 2010 6:30 PM To: Nelson, Matthew (Feinstein); Crowell, Brad Subject: RE: letter to DOE

Matt, following up on our conversation from yesterday, heres an updated deck and a quick thought from our program folks:

The old slide deck contained all of our 1705 projects in due diligence (22). The updated slide deck contains only those 1705 projects that we anticipate reaching conditional commitment within the next 90 days (12). We are trying to get more accurate as it is impossible to predict when they will reach conditional commitment outside of 90 days.
From: Nelson, Matthew (Feinstein) [mailto:Matthew_Nelson@feinstein.senate.gov] Sent: Thursday, September 30, 2010 9:58 AM To: Crowell, Brad; Levy, Jonathan Subject: letter to DOE

Brad and Jonathan Attached is a letter from Senator Feinstein to Secretary Chu. The paper copy will be accompanied by a copy of the DOE report found at: http://www.energy.gov/recovery/documents/Recovery_Act_Memo_California.pdf I would appreciate it if you could make sure the Secretary sees this letter, as it is a follow up to the personal conversation that they had in May. More to come today. Best Matt

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From: To: Cc: Subject: Date:

Richardson, Susan Wright, Morgan; Kim, Dong; Frantz, David; Nwachuku, Frances; McCrea, Jim (CONTR) Barwell, Owen; boakley@scullycapital.com; Winters, Matthew; Dawson, Deborah (CONTR) RE: LGP Credit Policies & Procedures Monday, November 15, 2010 6:28:53 PM

FYIIhaveaskedRuthKu(whowillbebackintheofficeonWednesday)totakethe leadforlegal.
From: Wright, Morgan Sent: Monday, November 15, 2010 4:43 PM To: Richardson, Susan; Kim, Dong; Frantz, David; Nwachuku, Frances; McCrea, Jim Cc: Barwell, Owen; boakley@scullycapital.com; Winters, Matthew; Dawson, Deborah Subject: LGP Credit Policies & Procedures

AllthankyouforyourhelpinrevisingtheTitleXVIICreditPolicies&Proceduresmanual.Attachedpleasefind acompressedfolderwhichcontainstheTableofContentsandindividualsectionsofthecurrentversionthatwas finalizedonMarch5,2009. AsJonathanindicated,atthismomentwearemostconcernedwithcorrectingthatwhichisfactuallyincorrect. ThereareninesectionsinthemanualwhichIhaveoutlinedbelow.Whileyoumaybeaskedtohelpwithother sectionsinthefuture,togetstartedpleasefocusonthefollowing: I. OfficeOverviewMorgan,Debbie II. ProjectScreeningDave,Morgan,Dong III. UnderwritingandCreditDave,Jim IV. RecoveryRatesJim V. CreditSubsidyEstimationJim VI. CreditApprovalJim,Dave,Susan VII. Documentation/ClosingSusan,Jim,Dave VIII. DisbursementsFrances,Susan IX. CreditMonitoring/ManagementFrances Youwillnoticethat(b) (5) .Once wehavecompiledyourchangeswewillworktorealignthedocumenttocorrespondwithournew organizationalandoperationalstructure.Pleasekeepthatinmindasyoureviewandcomment. Therearethreetypesofeditswerelookingfor: Correctingthatwhichiswrong; Addingthatwhichismissing;and Deletingthatwhichisnolongerrelevant. Youcanprovideyoursuggestededitseitherinablacklinetothedocumentitself,orinthetemplateIve provided. Giventhecompressedtimeframeinwhichwehavetowork,itwouldbehelpfulifIcouldhaveyourcomments bycloseofbusinessonWednesdaythe17 th . Pleasedonthesitatetoletmeknowifyouhaveanyquestions.
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Thanks, Morgan

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From: To: Subject: Date:

Anthony Curcio McCrea, Jim (CONTR) RE: LPO Credit Subsidy Model -- Liquidation Recovery Tuesday, June 28, 2011 6:49:24 PM

I'm good. -J. Anthony Curcio Federal Credit Practice Lead & Equity Member Summit Consulting, LLC* 626 E Street NW, Suite 200 Washington, DC 20004 202.407.8300 Main 202.407.8303 Office 509.984.8943 Fax www.summitllc.us *Summit Consulting is a SBA certified 8(a) company with GSA FABS and MOBIS schedules -----Original Message----From: McCrea, Jim (CONTR) [mailto:Jim.McCrea@Hq.Doe.Gov] Sent: Tuesday, June 28, 2011 6:09 PM To: Barwell, Owen Cc: 'boakley@scullycapital.com'; 'anthony.curcio@summitllc.us' Subject: RE: LPO Credit Subsidy Model -- Liquidation Recovery Are you guys OK with a 2PM Thurs call with OMB? Jim James C. McCrea Contractor & Senior Credit Advisor Loan Programs U.S. Department of Energy jim.mccrea@hq.doe.gov (203) 247-2791

In consultation with OMB

In consultation with OMB

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In consultation with OMB

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From: To: Cc: Subject: Date:

McCrea, Jim (CONTR) Khoury, Salim Wright, Morgan; "boakley@scullycapital.com" RE: New a few min Wednesday, March 09, 2011 2:14:00 PM

Hi there. Went looking for you and ran into Morgan who was also looking for oyu. You were hiding from both of us but Morgan gave me a sense of what you are looking for a check list of the docs required for the T17 approval process. Here is the list of documents with which we launch the Gate 2 (Conditional Commitment) approval process on any T17 transaction: Credit Paper Transaction presentation (there are Credit Committee, OMB/FFB/Treasury and CRB versions that are brokedn out of a single large deck) Term sheet Independent Engineers report Market study (not on every transaction) Risk Matrix Recovery Matrix Rating agency credit assessment Transaction Model Credit Subsidy Cost Cash Flows (numerous files, multiple iterations) Other third party reports (varies depending on the transaction and can sometimes be embedded in the IE report. These might include a geothermal resource study or a wind study) There are sometimes additional presentations that get used for one reason or another but they are not standard. Also, the approval process ultimately results in and generates Q&A with OMB and with Treasury/FFB which can include multiple rounds. There are reasons why I keep emphasising T17 Conditional Commitment Approval Process. The closing process generates different documents and secondly, ATVM has different documents. I am copying Brian on this as we will both be involved as you collect things. Let me know what other questions you might have.

Jim James C. McCrea Contractor & Senior Credit Advisor Loan Programs U.S. Department of Energy jim.mccrea@hq.doe.gov (203) 247-2791
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From: Khoury, Salim Sent: Wednesday, March 09, 2011 10:45 AM To: McCrea, Jim (CONTR) Subject: New a few min Importance: High

Hi Jim when you have a second, can you please let me know? Id like to swing by , I have a few questions for you. I just walked by but you were on the phone. Thanks,
-Salim A. Khoury Manager, Information Systems & Technology U.S. Department of Energy Loan Programs Office 202.287.6884 (office) 301.461.0443 (mobile)

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From: To: Subject: Date:

McCrea, Jim Chaudhary, Nida; Cestari, Kenneth RE: Oglethorpe response draft Wednesday, May 19, 2010 1:24:00 PM

Nida Regarding your questions, yes, there is an FFB spread included. That number has changed over time and is not disclosed. Secondly, I(b) (5) . I will say that the numbers they got were unofficial estimates provided before the Credit Subsidy Cost methodology had been approved and the numbers provided officially in the letter were based on the methodology as approved by OMB and the numbers for Oglethorpe were also approved by OMB. You might want to check with Dick Corrigan about the unofficial estimates as I think that stem from the early stages of the nuclear process. Hope this helps.

Jim James C. McCrea Senior Credit Advisor Loan Programs U.S. Department of Energy jim.mccrea@hq.doe.gov (203) 247-2791
From: Chaudhary, Nida Sent: Wednesday, May 19, 2010 1:16 PM To: Cestari, Kenneth Cc: McCrea, Jim Subject: RE: Oglethorpe response draft

Jim, point taken. I was really looking for input on: 1) (b) (5)

Yes, from what I understand, the letter will have to go to OMB for concurrence. However, I am responsible for trying to pull together a draft that is responsive to the questions asked in the letter, and that will be able to clear OMB.

(b) (5)
I will run it by Jonathan when he returns.

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From: McCrea, Jim Sent: Tuesday, May 18, 2010 5:16 PM To: Chaudhary, Nida Cc: Cestari, Kenneth Subject: RE: Oglethorpe response draft

Nida I really have no clue how to evaluate the draft letter. The(b) (5) . In light of that, I think that
(b) (5)

Jim James C. McCrea Senior Credit Advisor Loan Programs U.S. Department of Energy jim.mccrea@hq.doe.gov (203) 247-2791
From: Chaudhary, Nida Sent: Tuesday, May 18, 2010 1:56 PM To: McCrea, Jim Cc: Cestari, Kenneth Subject: FW: Oglethorpe response draft

Please see the attached letter, which Oglethorpe sent us on May 6, 2010, about Vogtle's estimated credit subsidy cost. Nicholas Whitcombe was asked to draft response (below), but Ken Cestari suggested I ask you for some guidance/language. My draft response is attached as a Word Document, and is titled 05.06.10 Oglethorpe re Vogtle Subsidy Cost Estimate. Oglethorpe's letter asks DOE to: 1)provide more transparency regarding the subsidy calculations for Oglethorpe Power including whether or not the subsidy costs are in addition to, or inclusive of the proposed spread to Treasury rates 2)explain why the subsidy estimate increased so dramatically from prior indications; and 3)reassess the assumptions used in the calculation to ensure that they are representative of this proposed transaction. I need your help in responding to the first two questions; I would like to flesh out the points in Whitcombes draft so that we can be a bit more
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responsive. For your reference, I have also attached the January 15, 2010 letter we sent to Oglethorpe, and a draft response to Georgia Power, which is currently with OMB for approval, that expressed concerns similar to the ones expressed in Oglethorpes May 6, letter. Please provide any comments/suggestions to my draft via Track Changes. me know if and when you would like to meet and discuss. -----Original Message----From: Whitcombe, Nicholas Sent: Monday, May 17, 2010 12:14 PM To: Offner, Julie; Chaudhary, Nida Subject: FW: Oglethorpe response draft Please see below sent last week to Eleni. -----Original Message----From: Whitcombe, Nicholas Sent: Wednesday, May 12, 2010 11:03 AM To: Pelican, Eleni Subject: Oglethorpe response draft Eleni, See below - it responds to them, however, no specifics on "the next phase". Nick _____________________________________________________________________________ Let

(b) (5)

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(b) (5)

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From: To:

Subject: Date:

Colyar, Kelly T. Vawter, Linda; Beth Mlynarczyk; Carroll, Kevin; Colleen McLoughlin; Edward Garnett; Saad, Fouad P.; Frantz, David; Gary Burner; Hanson, Christopher; Ian Samuels; Jeff Foster; Joseph Culbertson; Judson Jaffe; Krauss, Lori; Loren Romano; McCrea, Jim (CONTR); Stein, Nora; Heijmans, Pamela L.; paula farrell; Pearl Buenvenida; Preston Atkins; Mertens, Richard A.; Richardson, Susan; Lyberg, Sarah A.; Seward, Lachlan; Varadarajan, Uday; Wilma Cosby RE: OMB AGENDA FOR MONDAY, JUNE 14, 2010 Friday, June 11, 2010 4:28:55 PM

Thanks Linda.

From OMB please add:

GPC term sheet acceptance re: Vogtle Short summaries on FIPP transactions (2 new ones added) Tax Grant Task Force - policy guidelines / paper 1603 methodology - finalizing aggregated vs. disaggregated analysis Title XVII Credit Subsidy Model Technical Corrections Monitoring System Update Updated Pipeline Fossil Project Summary

-----Original Message----From: Vawter, Linda [mailto:Linda.Vawter@hq.doe.gov] Sent: Friday, June 11, 2010 2:31 PM To: 'Beth Mlynarczyk'; Carroll, J. Kevin; 'Colleen McLoughlin'; 'Edward Garnett'; Saad, Fouad P.; Frantz, David; 'Gary Burner'; Hanson, Christopher; Zichal, Heather R.; 'Ian Samuels'; 'Jeff Foster'; Aldy, Joseph E.; 'Joseph Culbertson'; 'Judson Jaffe'; Colyar, Kelly T.; Krauss, Lori A.; Liebman, Jeffrey B.; 'Loren Romano'; McCrea, Jim; Stein, Nora; Heijmans, Pamela L.; 'paula farrell'; 'Pearl Buenvenida'; Poneman, Daniel; 'Preston Atkins'; Mertens, Richard A.; Richardson, Susan; Lyberg, Sarah A.; Ericsson, Sally C.; Seward, Lachlan; Silver, Jonathan; Varadarajan, Uday; 'Wilma Cosby' Subject: OMB AGENDA FOR MONDAY, JUNE 14, 2010

Linda D. Vawter Senior Administrative Assistant U.S. Department of Energy Loan Guarantee Program Office 1000 Independence Avenue Washington, DC 20585 TEL: (202)586-0093 FAX: (202)586-4052

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regardless. Best regards, John JOHN G. RAVIS Scully Capital 617.669.6702 jravis@scullycapital.com

From: Julie Stewart <stewartjulie@comcast.net> Date: Sat, 16 Jul 2011 10:28:01 -0400 To: John Ravis <john.ravis@comcast.net> Subject: OMB Questions Hey John Was reading through the questions you received on from OMB. It seems we all are getting the following question: Please explain what
(b) (5)

aspects of the deal, relative to other projects in DOEs portfolio, support the . (b) (5) We should coordinate our answers and discuss with Brian and Jim before submitting the answer. It seems like now we are to (b) (5)

-Julie Stewart | Contractor - Loan Guarantee Program Office United States Department of Energy 908.693.2522 | stewartjulie@comcast.net

Julie

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From: To: Subject: Date:

Dey, John Barwell, Owen; McCrea, Jim (CONTR) RE: Project Finance clinic Monday, March 07, 2011 12:47:39 PM

Understood. I'll send out the invite for Thursday morning to you and our folks, and we can schedule a separate briefing as necessary. Thanks. -----Original Message----From: Barwell, Owen Sent: Monday, March 07, 2011 12:37 PM To: Dey, John; McCrea, Jim (CONTR) Subject: RE: Project Finance clinic John, I suggest breaking this into a couple of sessions, with the first focusing on project finance structures and how they are assessed/rated from a credit perspective in LPO. We can then follow up w/FCRA and OMB's role in calculating the credit subsidy at a later date (if needed). The critical item I thought was to have CFO staff prepared WRT their role on CC and CRB - and it is viewing the credit worthiness of a transaction that is most important.

-----Original Message----From: Dey, John Sent: Monday, March 07, 2011 10:58 AM To: McCrea, Jim (CONTR) Cc: Barwell, Owen Subject: FW: Project Finance clinic Hi Jim, Would you and your team be available for this 4-hour deep dive this Thursday morning from 8 to 12? This seems to be the best time on our end. Thanks, John -----Original Message----From: Isakowitz, Steve Sent: Saturday, March 05, 2011 1:45 PM To: Dey, John Cc: Marcus, Christine; Hoffman, Jay; Johns, Christopher Subject: Fw: Project Finance clinic John - pls schedule. Find 4 hour slot. Invite Christine, Jay, Chris J, and you. Try for this week (Thurs morning looks best for me -- 8-noon). If too hard to find 4 hrs, split into two 2 hour meetings. Owen will know who best from LGPO (I'm guessing primarily Jim McCrea and maybe a half hour or hour with Jonathan near the end). Thx Steve

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----- Original Message ----From: Isakowitz, Steve To: Silver, Jonathan; Barwell, Owen Cc: Marcus, Christine Sent: Sat Mar 05 13:36:00 2011 Subject: Re: Project Finance clinic Thanks. That will be great! Let's shoot for this week if possible. Steve ----- Original Message ----From: Silver, Jonathan To: Barwell, Owen; Isakowitz, Steve Cc: Marcus, Christine Sent: Sat Mar 05 11:08:41 2011 Subject: Re: Project Finance clinic I'm happy to participate as well. There is project finance 101 and then there is project finance as it is practiced in the private sector. Not quite the same thing. Jonathan Silver Executive Director Loan Programs U.S. Department of Energy Jonathan.Silver@hq.doe.gov ----- Original Message ----From: Barwell, Owen To: Isakowitz, Steve Cc: Marcus, Christine; Silver, Jonathan Sent: Sat Mar 05 10:39:50 2011 Subject: Re: Project Finance clinic Absolutely. We had a mini-one already with Roger McDaniel and Jim McCrea for Christine and Chris, and they have a more detailed 101/201 session available too. Let's discuss timing. Cheers, Owen

Owen F Barwell Chief Operating Officer Loan Programs Office US Department of Energy (W) (202) 586-7157 (c) (202) 510-0987 ----- Original Message ----From: Isakowitz, Steve To: Barwell, Owen Cc: Marcus, Christine; Silver, Jonathan

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Sent: Sat Mar 05 10:33:33 2011 Subject: Project Finance clinic Owen, As my Directors (and me) get engaged on Credit Cmte/CRB activities as an ever increasing pace, I think there would be great value if we could have a half day "project finance 101 clinic." Could you suggest who at LGPO would be best to do that for us (perhaps its 2 or 3 people)? I'd like to do it soonest if possible. Thanks in advance, Steve

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From: To: Subject: Date:

Winters, Matthew Tobin, Daniel; McCrea, Jim (CONTR) RE: Slide deck for editing Monday, September 27, 2010 8:43:20 AM

When you have a moment, could you send me the updated slide describing the FFB/DOE loan funding process. Jonathan is doing another staff briefing, and hed like to include it in the deck. Thanks.

Matt
_____________________________________________ From: Tobin, Daniel Sent: Tuesday, September 21, 2010 11:27 AM To: Winters, Matthew Subject: RE: Slide deck for editing

Will do.
_____________________________________________ From: Winters, Matthew Sent: Tuesday, September 21, 2010 11:24 AM To: Tobin, Daniel Cc: McCrea, Jim Subject: RE: Slide deck for editing

Jonathan said that hed like to include the first credit subsidy slide in future briefings. Could you make the needed edits to the slide? Thanks very much.

Matt
_____________________________________________ From: Winters, Matthew Sent: Tuesday, September 21, 2010 10:48 AM To: Tobin, Daniel Cc: McCrea, Jim Subject: Slide deck for editing

<< File: SENR--LGP Overview (9-21-10) (V2).pptx >> Matthew A. Winters Senior Advisor, Loan Programs U.S. Department of Energy (o) 202.287.6262
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(c) 202.407.2400 matthew.winters@hq.doe.gov

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