Audax Renovables S A : begins the construction of its largest photovoltaic project in Andalucía

▪ With an investment of approximately 46 million euros, the Lucero project will have a total power of 57.48 MWp▪ The future project is located in the municipality of Carmona, province of Sevilla▪ This is the Group's largest photovoltaic project to date

December 21, 2023.- Audax Renovables (ADX.MC), a vertically integrated Spanish energy group with 100% renewable generation and electricity and gas supply to customers in 7 European countries, and with an international presence in 9 countries, has announced the start of construction of a photovoltaic project located in the municipality of Carmona, in the province of Sevilla, which will add a total capacity of 57.48 MWp to the Group's generation portfolio.

In line with its strategy of continuing to promote its generation activity through the different projects that make up its portfolio, and thus consolidating its vertical integration strategy, Audax Renovables plans to invest approximately 46 million euros, including development costs.

The project will have approximately 100,000 575 Wp modules with a Tier-1 category 1-axis tracker, which will generate 109 GWh/year, the equivalent to the energy consumption of about 33,319 homes and around 83,282 people. Its commitment to clean energy will avoid the emission into the atmosphere of some 29,757 tons of CO2 per year.

This facility will be connected to the Carmona 400 kV substation and will have its own evacuation line of just over 8 kilometers and common infrastructures already executed consisting of: a 220/30 kV substation (Dulcero) shared with another developer, a 4.8 km 220 kV line and a 400/220 kV collector substation to inject the energy produced into the REE Carmona 400 kV substation. The construction period is estimated to be approximately one and a half years. The Group ensures the supervision of the works with first class contractors that meet high quality standards, all under the EPC (turnkey) contract modality.

The Lucero project represents a new challenge for Audax Renovables, as it is the largest photovoltaic plant built to date by the Group and will represent the largest mobilization of resources in the Company's generation activity.

For the construction of the aforementioned project, the Group already has the financing from the operation it closed a few days ago through the European Investment Bank (EIB). This financing will be non-recourse, following the same structure as in other previous projects in Audax Renovables' generation portfolio.

Audax Renovables currently has 245.36 MW of installed capacity and 10.86 MWp in the start-up phase of Cuatro Caminos 1 and 3 photovoltaic projects. Likewise, it is also in an advanced stage of construction of Cuatro Caminos 2 and 4 and El Rebollo plants, with a total combined capacity of 14.975 MWp.

With this operation, the Group strengthens its commitment and strategy to increase its 100% renewable generation portfolio by increasing its portfolio, either through organic growth or by closing purchase agreements, with the aim of supplying its customers with renewable energy produced at its own plants.

In a year in which during the first nine months of the year the Group reported EBITDA of 77.3 million euros, the present transaction, together with future operations to come, will reinforce the organic growth expected for the coming years, in which the Group expects to be able to maintain annual EBITDA at around 100 million euros in a stabilized manner.

For more information:

Roman - Ginés Cañabate

[e-mail] | ([phone]

Patricia González - [e-mail] | ([phone]

About Audax Renovables

Founded in 2000, Audax Renovables is a vertically integrated Spanish energy group that generates energy from 100% renewable sources and supplies electricity and gas across 9 countries. It currently has a portfolio of wind and photovoltaic projects in operation, under construction and at different stages of development in Spain, Portugal, Italy, France, Poland and Panama, totalling 1.4 GW. In its retail activity, the group chaired by José Elías Navarro supplies electricity and gas to around 373 thousand customers in Spain, Portugal, Italy, Germany, Poland, The Netherlands and Hungary, and leads the SME segment in Spain as an independent marketer. Audax began trading on the Spanish secondary market in 2003, and in 2007 made the leap to the continuous market. It is currently included in the IBEX Small Cap® and MSCI World Small Cap® indexes, has a market capitalisation of more than EUR 550 million, and employs a team of approximately 800 professionals.