Project: Coal-Fired Cogeneration Plants for Windsor Financing, LLC
Locations: Richmond, Virginia and Rocky Mount, North Carolina 

Overview:

The Richmond Project and the Rocky Mount Project, two coal-fired cogeneration plants,
both employ Combustion Engineering stoker combustion technology and General Electric steam turbine generators. The plants are owned by Windsor Financing, LLC, a special purpose limited liability company owned by Cogentrix Energy, a subsidiary of the Goldman Sachs Group, Inc.

The Richmond Project is a 220-megawatt (MW) facility with four generating units, the Rocky Mount Project a 110 MW facility with two generating units. Through long-term power purchase agreements, both projects sell power to Virginia Electric and Power Company. In addition, both sell steam – the Richmond Project to DuPont, Rocky Mount to Hospira, Inc.

E3 Services Provided:

• Completed an independent engineering review of both plants   

• Worked closely with the lender and Cogentrix to evaluate the condition of the plants, and to review:

• Project contracts
• Operations and maintenance practices
• Expected capital improvements
• Environmental compliance, and
• Environmental conditions of the plant sites

• Provided an independent review of the projects’ expected financial operating results (final report became an appendix to the 144A Offering Circular, made available to qualified investors)

Project Spotlights:

• E3’s preliminary report was used by both Standard & Poors and Moody’s in their review and rating of the projects.  Both rating agencies gave the project investment grade ratings.