Limited Partnerships

Net Asset Value

Solar Flow-Through Fund Unit Pricing
Solar 2012 LP Solar 2013 LP Solar 2014 LP Solar 2015 LP Solar 2016 LP
2017
Q1 $118.17 $85.67 $100.00 $100.00 $100.00
2016
Q4 $118.17 $85.67 $100.00 $100.00 $100.00
Q3 $118.17 $85.67 $100.00 $100.00 $100.00
Q2 $118.17 $85.67 $100.00 $100.00
Q1 $118.17 $85.67 $100.00 $100.00
2015

Q4 $118.17 $100.00 $100.00 $100.00
Q3 $118.17 $100.00 $100.00 $100.00
Q2 $118.17 $100.00 $100.00 $100.00
Q1 $100.00 $100.00 $100.00
2014
Q4 $100.00 $100.00 $100.00
Q3 $100.00 $100.00
Q2 $100.00 $100.00
Q1 $100.00 $100.00
2013
Q4 $100.00 $100.00
Q3 $100.00
Q2 $100.00
Q1 $100.00
2012
Q4 $100.00


Solar Flow-Through Limited Partnerships Net Asset Value Policy

Net Asset Value (“NAV”) is the value of an entity’s assets less its liabilities on a per share or unit basis. NAV of each Solar Flow-Through Limited Partnership (LP) is at par value of $100 per unit when the LP is issued. NAV for each LP is updated approximately 24 months after its issue and annually thereafter, and is intended to act as an indication of the current market value of assets held in economic interest by the LP.

Management of the LP (“Management”) has contracted an independent renewable energy consulting firm to develop the methodology and financial models used to calculate the Project Asset Value component (defined below) of the NAV of the Solar Flow-Through Limited Partnerships.

The methodology developed by the independent renewable energy consulting firm to determine the NAV is summarized below:

  • Establish the market value for each project in which the LP holds an economic interest at the time the project is expected to achieve commercial operation. This is referred to as the Project Asset Value (“PAV”).
  • Determine the discounted value of the PAV based on (i) a time-value discount centered on the expected date for a project to achieve commercial operation, and (ii) the probability of a project achieving commercial operation. This is referred to as the Discounted Project Asset Value (“DPAV”).
  • Then the LP’s non-project assets are added and the liabilities deducted from the DPAV to determine the NAV.
  • The NAV is divided by the number of units issued by the LP to arrive at the NAV per Unit.