Consortium Wins Large-Scale Solar Projects In South Africa

The joint venture of SolarReserve, a U.S. developer of
utility-scale solar power projects, the Kensani Group, an experienced empowered
infrastructure player in the Southern African market, and Intikon Energy, a
South African developer of renewable energy projects, today announced that the
South Africa Department of Energy (DOE) has awarded the consortium preferred
bidder status for their two 75 megawatts (MW-DC) Letsatsi and Lesedi solar
photovoltaic (PV) projects. The preferred bidder status provides the consortium
with the right to proceed with executing the 20-year government-supported power
purchase agreements with Eskom, the South African Power Utility. The solar
projects will be built in the Free State and Northern Cape provinces of South
Africa, with construction scheduled to commence by June 2012.

South Africa's Energy Minister Dipuo Peters announced the
preferred bidders under the Renewable Energy IPP Procurement Programme at the
Conference of the Parties (COP17) at the United Nations Framework Convention on
Climate Change being held in Durban, South Africa. The selection under the
competitive bidding process was based on meeting strict project qualifications,
economic development criteria and competitive electricity prices. The first
round awards of 1,400 MW of renewable energy projects included 632 MW of
photovoltaic projects, with the SolarReserve/Kensani/Intikon consortium
capturing two of the largest projects.

"The Letsatsi and Lesedi PV projects will generate
clean, renewable energy to power over 50,000 homes in South Africa while also
delivering meaningful and sustainable economic and social benefits," said
Stephen Donnelly, Managing Director of Intikon Energy. "Construction of
both PV projects will commence by June 2012 and will generate approximately 600
construction jobs and 100 permanent operational jobs."

"This award of preferred bidder status from the South
Africa DOE for the Letsatsi and Lesedi projects is a substantial milestone for
SolarReserve as we continue expanding our diversified portfolio of photovoltaic
and concentrated solar power (CSP) projects globally," said Kevin Smith,
CEO of SolarReserve. "We appreciate the support of the South African
government and look forward to working with our joint venture partners and the
communities where the projects are located to contribute to the country's renewable
energy generation and economic development goals."

SolarReserve, Intikon and Kensani are cooperating further to
develop CSP projects in South Africa utilizing SolarReserve's advanced molten
salt power tower technology with fully integrated energy storage which provides
reliable, zero-emission electricity on-demand, day or night.

Kensani Capital Advisory is the financial advisor with Rand
Merchant Bank, a division of FirstRand Bank Limited, appointed as the lead
arranger and underwriter to the projects. "The projects will require an
investment of approximately ZAR 5.0 billion, or more than US $600 million, over
the next two years," said Wandile Motlana, Chairman of the Kensani Group.
"Once constructed, the projects will be among the largest solar projects
on the African continent; while providing substantial long-term community
uplift through rural development programs, skills and technology transfer and
education enhancement."