Shareholders Structure

FRV Shareholders: current (and target) shareholding stakes in the company.

Denham Commodities Partner Fund VI (Denham): 55.12 (target 50.00%)
Denham Commodities Partner Fund VI is a fund advised by Denham Capital Management LP (Denham Capital) a leading energy-focused global private equity firm advising funds with approximately $ 7.3 billion of invested and committed capital. Denham makes direct investments in the energy and commodities sectors, including businesses involving thermal and renewable power generation, oil and gas, and metals and mining. With offices in Boston, Houston, Short Hills (New Jersey), London, Sao Paulo and Singapore, Denham invests globally, with investments currently in the US, Canada, the Caribbean, South America, South Africa, New Zealand, Europe and Asia. Denham invests across all stages of the corporate lifecycle, from exploration and development projects to mature, operating businesses, and all segments of the capital structure. For more information about Denham Capital, visit www.denhamcapital.com.

Qualitas Venture Capital (QVC): 29.76% (target 25.00%)
Qualitas Venture Capital is a private equity firm funded by Timón Group. QVC is managed by Qualitas Equity Partners (QEP), an investment management company founded in 2003 with the purpose of identifying and managing alternative private assets. QEP began as a private equity firm managing a fund of € 150 million to invest in buy-outs and growth capital in Spain. Its historical portfolio includes seven companies. Following a number of successful exits from these portfolio companies, Qualitas currently manages three remaining companies. In 2006, Qualitas invested in the solar power industry with the goal of creating a leading international solar power generation company. For more information about QEP, visit www.qualitasequity.com.

Founder’s Group: 15.12% (target 25.00%) 
A group of professionals, founders of the company, including Rafael Benjumea, José Benjumea and Borja Guinea.