below.

4.12 An inspection showing that the Customer or the location or site of the GEP is different from those specified in the Reservation Agreement, 48 shall constitute a failed inspection and will result in the cancelation of the reservation. 4.13 Completed GEPs with larger System Capacity than described in the Reservation Agreement will receive the Total Incentive Amount as stated in the Reservation Agreement, unadjusted. 4.14 Completed GEPs with significant variations other than as described above will have the option to, within thirty (30) Business Days either: 4.14.1. Modify the GEP in accordance with the Reservation Agreement and reapply for a final inspection determination. 4.14.2. Withdraw the application and notify PREAA as instructed in the Reservation Agreement or in the inspection determination. 4.15 Reservations for GEPs that reflect significant variations will be cancelled if Applicant does not act within thirty (30) Business Days from receipt of the inspection determination. 4.16 Within thirty (30) calendar days from issuance of a final inspection determination showing full compliance with all terms and conditions of the Reservation Agreement or from the date of issuance of final inspection determination after modification of the GEP, PREAA will 49 disburse incentive payment to Customer or its assignee. Incentive payments may be disbursed to third parties (including System Owners and Authorized Representatives) when such third party has partially or completely paid for the cost of the GEP, provided a payment release or assignment notice is submitted by Customer (incentive reservation holder) to PREAA. V. Application Requirements 5.1 Minimum documentation required to apply for an incentive under this program is listed below: 5.1.1. Site drawing and Layout - A single page document in PDF format and prepared in a computer aided design software, indicating at a minimum the locations of major components, layout, positioning, true north orientation symbol, and property lines; 5.1.2. Project price quote - containing the following components: 1. Equipment costs; 2. Engineering design and permitting cost; 3. Construction, installation and mounting cost; 4. Interest Expense; 50 5.1.3. If applicable, an executed Authorization Letter (refer to Green Energy fund webpage or PREAA website as stated in Section 6.2.1 of Chapter One of this Regulation). 5.1.4. If applicable, a corporate resolution indicating the names of individuals authorized to act and sign documents on behalf of a corporation; 5.1.5. Payment of Application Fee as per section 6.3 of Chapter one of this Regulation; 5.1.6. Any other document required by PREAA as part of the application process; and 5.1.7. The Proposal for project funding containing the information stated below. VI. Proposal Submittal - Proposals must meet the following minimum requirements to be considered for funding. To facilitate the submission of similarly formatted proposals that enable ready comparison by evaluators, applicants should organize proposals as follows: 6.1 Project Description - Applicants should demonstrate within the relevant sections of their project descriptions how their proposal meets or exceeds the criteria set forth 51 herein, in the Tier 2 Reference Guide and in any additional tendering process details that PREAA may publish through the Green Energy Fund webpage indicated in Section 6.2.1 of Chapter One of this Regulation. Applicants must provide the following information with the associated descriptive headings in bold below: 6.1.1. Equipment - Applicants must indicate the major types of equipment that will be installed or, if not yet selected, the candidate technologies. For actual construction and upon showing a good cause, successful candidates are permitted to replace or update equipment identified in the proposal with more technologically advanced equipment that is equal to or better than the equipment identified in the proposal. For each candidate technology, Applicants may be required to provide the manufacturer's specification sheets, and if not available, describe the renewable resource characteristics applicable to the proposed equipment; estimate the expected capacity of the resource and provide the methodology and data 52 sources that corroborate this estimate. 6.1.2. Relevant Experience & Knowledge - The proposal must list all senior team members and external consultants participating in the GEP and include evidence of their relevant expertise and appropriate technical knowledge regarding GEPs. Applicants will be required to certify that its proposed senior project team will remain the project team for the duration of the project, subject to any changes notified, and thus approved by PREAA. 6.1.3. Schedule of Project Related Milestones - For each distinct project component proposed, the Applicant must identify the expected duration of the permitting, design and construction phases. This should also include the expected useful economic life for any major equipment and/or component. In addition, a project timeline will be required. 6.1.4. Site Location and Description - The applicant must describe and document all distinct individual project site locations and basis for selection including the location(s), the construction staging area(s), and the 53 location (s) of transmission lines and all points of interconnection to the distribution system. Applicants must include a map or satellite image with the location of the site (s) clearly marked. Describe any current uses, conflicts, or characteristics of the land areas under consideration; specify whether the project is located at one site, or divided among several sites; define the attributes which make the site attractive and list any potential problems, constraints or limitations with locating an energy facility at that site including but not limited to environmental, economic, or energy production characteristics. 6.1.5. Land Acquisition and Access to Facility - For each candidate area, applicants must prove they have land access rights for all portions of the project including all required interconnection areas; describe progress in securing land access rights, and propose a plan for accomplishing remaining steps toward acquiring rights; and indicate the type and number of entities securing leases or owning land, if applicable. For rooftop projects, Applicant must 54 submit consent letters from every rooftop owner that is included in the GEP. Applicants are required to demonstrate adequate financial resources to acquire any necessary land or leases needed to undertake this project. 6.1.6. Permits - For each candidate area, applicants must identify all municipal, Puerto Rico, and/or federal permits and/or approvals required to develop, install/construct and operate the GEP. 6.1.7. Construction/Installation- Applicants must describe in detail a construction plan with the proposed time frame. Identify all the necessary construction code requirements with the names of the agencies to contact for compliance. Installations must be performed by a PREAA Certified Renewable Energy Systems Installer. 6.1.8. Electric Interconnection - For each candidate area, Applicants must document tasks required and discuss issues associated with electrical interconnection, including the distance between the project and a suitable point to interconnect with the 55 electrical grid; new equipment to be installed, upgrades to existing equipment required, and any feasibility studies required and the timeframe for review. Applicants shall provide with a timeframe regarding the interconnection process and permitting. 6.1.9. Environmental, Energy and Economic Impacts and Benefits - Applicants are required to comply with all relevant environmental statutes and regulations. Applicants should address in their proposal all anticipated or likely environmental, energy or economic issues. 6.1.10. Financial Ability- Applicant must provide evidence that it has the financial ability to undertake the proposed project. Applicant shall include information about selffunding and/or signed commitment letters from sources of financing collectively representing at least fifty percent (50%) of your expected development costs. The letters must include an agreement in principle to provide the necessary financing. The commitment (s) may be conditional on issuance of the notice to proceed. 56 Applicants shall provide audited financial statements from the previous two (2) years. 6.1.11. Sworn Statement - In compliance with