Voltalia : 2023 The Essential

2023

THE ESSENTIAL

SOLAR WIND HYDRO BIOMASS STORAGE

PROFILE

Voltalia,

an international player

in the renewable energy market

Voltalia is both an independent energy producer that relies on its own power plants, and a provider of services across the value chain.

REVENUE

€495 million

+6% at current exchange rates

€299 million	€195 million
Energy sales	Services
	(after elimination
	of internal
	services)

EBITDA

€241 million

up 76% on 2022

1,880	20
employees	countries/3 continents

IN 5 TECHNOLOGIES

WIND

Wind power is used to generate electricity in wind turbines.

This energy has higher capacity factors than solar, but it generally requires longer development time and greater investment.

SOLAR

Energy is produced through sunlight captured by solar panels. A sharp decline in costs is making solar power increasingly competitive wherever the sun shines.

HYDRO

Hydropower has historically been the largest source of renewable energy. It is also conducive to storage.

Voltalia specialises in small run-of-the-river hydropower stations, without dams.

BIOMASS

Harnessing the heat released by the combustion of plant matter, especially wood, biomass enables continuous electricity production on a continuous basis, paying particular attention to sustainable resource management.

STORAGE

Energy storage helps to counterbalance the intermittent nature of some renewable energies. These days, battery storage

is the most common solution.

AND IN SERVICES

Voltalia develops and offers services along the entire value chain of a renewable energy project, from development to operations & maintenance, including equipment procurement and construction. Voltalia performs these services on its own behalf and on behalf of third-party customers.

2 - 2023 The essential • VOLTALIA

A GLOBAL PRESENCE

United	Metropolitan France
Kingdom

Hungary

Belgium Jordan

Netherlands

		French
		Guiana
						Egypt
Brazil		Portugal	Italy
				Greece	VOLTALIA OFFICES
						Albania
								WIND	BIOMASS
		Spain	South Africa
				SOLAR	STORAGE
								HYDRO

INSTALLED CAPACITY

* Thermal + solar

BY TECHNOLOGY (IN MW)	BY GEOGRAPHICAL AREA (IN MW)
60% Solar	62% Latin America
3% Biomass, Hydro and Storage	4% Africa and rest of the world
37% Wind	34% Europe

MAJOR NEW MILESTONES ACHIEVED IN 2023

2.85 GW	6.9 GW	16.6pipeline of projectsGW
in operation	assets under management for Voltalia
and under construction	and on behalf of third parties

VOLTALIA • 2023 The essential - 3

JOINT INTERVIEW

VOLTALIA PASSES

A NEW STRATEGIC MILESTONE NEW GROWTH CYCLE

New operational records in 2023

LAURENCE MULLIEZ

Chairman of the Board of Directors

MISSION-DRIVEN COMPANY

Voltalia took the rare step of becoming a Mission-Driven Company in 2021. The company wants to go beyond simply fulfilling its business model, which revolves around advancing the energy transition by creating new renewable energy plants. With this in mind, this year we announced new and demanding KPIs to ensure that we go beyond our country-specific legal obligations by following the World Bank's guidelines. We also undertake to reduce the carbon footprint of our equipment by 2030.

In 2023, the renewable energy sector continued to grow. How did Voltalia fit within this environment?

L.M.: At the last COP summit, participants and governments published objectives for tripling installed renewable energy capacity year on year. These objectives are necessary if we are to limit global warming to under 1.5 degrees. The renewable energy market is therefore still thriving with high growth. All company employees have worked hard to ensure that Voltalia more than plays its part, growing faster than the sector with 2.7 times more installed capacity than in 2019. Voltalia shareholders can also be very proud of this growth and the impact that their company is having on the world. Over the past year, Voltalia has supplied the equivalent of 5.5 million people with electricity by producing

4.3 terawatt hours, which prevented 1,643 kilotonnes of CO2 from being emitted, the equivalent of around 34 million car journeys between Paris and Lille (petrol engine - source: ADEME).

4 - 2023 The essential • VOLTALIA

Strong growth in the annual results for 2023, with targets reached and exceeded

SÉBASTIEN CLERC

Chief Executive Officer

Voltalia set many records in 2023.

What are they?

L.M.: The business has a solid and sustainable footing with secured revenue of over €8 billion from signed contracts and average contract durations of over 17 years. In 2023, Voltalia won new long-term contracts for over 448 megawatts, bringing its contract total to 1.2 gigawatt. Despite many projects reaching commissioning in 2023, Voltalia's future projects portfolio continued to grow (+17%), guaranteeing future revenue growth from energy sales and services. The capacity of power plants in operation saw amazing growth of 50.9% in 2023, going up from 1,571 to 2,370 megawatts. In total, the capacity of power plants in operation and under construction increased by 10% in 2023 to 2.9 gigawatts.

How was this manifested in the financial performance for 2023?

S.C.: Voltalia not only met but exceeded its targets for 2023. Our robust growth was evident in achieving our normalised EBITDA target (1), at €271 million, representing an increase by a factor of 4.2 since 2019. In 2023, we recorded significant revenue growth of €495.2 million, up 6% compared to 2022. This growth came mainly from our energy sales business, which rose by 23% to €299.8 million, whereas revenue from third-party customer services amounted to €195.5 million, down 12% after taking out internal sales of services. This very strong performance is the result of four years of dedication from 1,880 Voltalians who remained fully committed despite the vagaries inherent to the sector.

On the back of these very good results for 2023, what are your 2024 objectives and your 2027 ambitions?

L.M.: 2023 saw the end of a cycle and the launch of a new medium-term plan.

Voltalia has set new objectives for 2024, targeting capacity of around 3.3 gigawatts, of which

2.5 gigawatts is to be operational, and an EBITDA of around €255 million, of which €230 million is to be generated through energy sales.

For 2027, our ambitions are still the same and we are refining them:

• total capacity of more than 5 gigawatts, with approximately 4.2 gigawatts in operation and 0.8 gigawatts under construction directly owned;
• capacity operated on behalf of third parties: more than 8 gigawatts;
• Normalised EBITDA (2): approximately €475 million, with EBITDA from energy sales of more than €430 million;
• CO2 equivalent avoided: more than 4 million tonnes.

L.M.: As a Mission-Driven Company, Voltalia also continues to strengthen its commitments, through new Mission objectives for 2027 and 2030.

• In 2027: 100% of owned capacities under construction to have a stakeholder engagement plan (SEP) consistent with guidelines from the World Bank Group's International Finance Corporation (vs. 44% at the end of 2023);
• In 2027: 50% of operational owned solar power located on shared-use or reclaimed land (vs. 39% at the end of 2023);
• In 2030: a 35% reduction in kgCO2/MW carbon intensity (Scope 3) of owned power plants compared with 2022 (vs. -4% in 2023), in particular by prioritising the acquisition of low-carbon solar panels.

These objectives help Voltalia make an even bigger commitment to the climate transition, in addition to avoiding 4 million tonnes of CO2 emissions in 2027, consistent with its role as a renewable energy producer.

Voltalia's ESG performance has been recognised once again by Sustainalytics, and also by EthiFinance through the award of a gold medal.

4.3TWh

of renewable electricity produced in 2023

1,643kt

of CO2 equivalent avoided

1. "Normalised EBITDA" for 2023 calculated with an average annual EUR/BRL exchange rate of 6.3 and wind, solar and hydro production corresponding to the long-term average.
2. "Normalised EBITDA" estimated as of 31 December 2027, calculated with an average annual EUR/BRL exchange rate of 5.5 and
   a wind, solar and hydro production corresponding to the long-term average.

VOLTALIA • 2023 The essential - 5

STRA-

TE-

GY Voltalia's integrated model is a major growth driver. The compatibility of the two business lines - renewable electricity producer and service provider on its own behalf and on behalf of third parties - has enabled Voltalia to develop unique and recognised expertise across the value chain of renewable energy projects. This significantly sets Voltalia apart in today's competitive landscape.

	• Development
RENEWABLE	of expertise
• Economies of scale
ENERGY	• Regional expertise
PRODUCER	• Understanding
To produce renewable electricity, Voltalia	of customers
develops, builds, operates and maintains its
own power plants.

SYNERGIES

PROVIDER OF SERVICES ON

OWN BEHALF AND ON BEHALF

OF THIRD-PARTY CUSTOMERS

Voltalia supports its customers along

the value chain of a renewable energy project: development, sales of ready-to-build projects, Operations & Maintenance services, etc.

6 - 2023 The essential • VOLTALIA

STRATEGY

DEVELOPMENT

With more than 372 dedicated employees, the development of renewable energy projects is central to Voltalia's value-creating strategy.

With a pipeline of projects of 16.6 gigawatts at the end of 2023, developing renewable projects is at the heart of Voltalia's strategy.

Significant amounts are being invested in prospecting and development, strengthening the portfolio. These reached 16.6 gigawatts at the end of 2023, up 17% on 2022. By developing

a significant number of projects at a lower marginal cost, Voltalia is able to make a selection, retaining those that best fit its strategy and selling the others to third-party customers, in association with equipment procurement, construction and/or operations & maintenance contracts. Projects can be divested at any stage of development (ready-to-build projects, power plants under construction or in operation). In 2023, Voltalia continued its strategy of selling projects at various stages of development, particularly in Brazil with the sale of a 420-megawatt solar project to Newave Energia and a 90-megawatt wind project to the Japanese company Toda.

Voltalia's teams are involved at every stage of project development, from evaluation of potential and securing the best sites, through to the launch of construction, once the required permits and authorisations have been obtained. Voltalia also aims to select the best electricity-generation sites.

SERRA BRANCA: THE LARGEST PROJECT DEVELOPED ENTIRELY BY VOLTALIA

To achieve this, Voltalia carries out a comprehensive assessment of resources and production potential. At the feasibility stage, the Company also assesses all potential environmental and social impacts so that we can minimise them and foster sustainable local development.

The Engineering, Equipment Procurement and Construction teams are responsible for designing the power plant, selecting suppliers and sub-contractors, and building the electricity production infrastructure. They supervise the projects and carry out connection tests until the power plant has been built. Operations

• Maintenance teams optimise the performance of power plants and undertake preventive, corrective and predictive maintenance.

The Serra Branca complex, located in the Brazilian state of Rio Grande do Norte, was commissioned in 2022. Historically a cluster of wind farms with record production levels, Serra Branca combines both wind and solar generation, benefitting from shared infrastructure and operational synergies. The site includes 1,625 megawatts of wind power projects in operation and under construction for Voltalia and its third-party customers,

256 megawatts of solar projects secured by long-term electricity sales contracts and opportunities for future expansion. This complex is the only one of its kind in the world and enables Voltalia to position itself as a leading renewable energy company. This complex now includes a network connection of

1. gigawatts and 500 kVA. Some

1. gigawatts have been sold by Voltalia to partners.

2.4	GW		GW
Total potential	Wind and solar projects
1.6+
of Serra Branca	in operation and

under construction in Brazil

VOLTALIA • 2023 The essential - 7

CORPORATE PPA

In developing Corporate PPAs, long-term contracts directly connecting a business to an electricity producer, Voltalia supports businesses in their CSR initiatives so they can be supplied with renewable, competitive electricity, whilst at the same time managing their costs, in a period of rising energy prices.

NEW CONTRACTS

SIGNED IN 2023

In Europe

In France, Voltalia and Leroy Merlin signed the first wind power Corporate PPA for a new power plant in France. The company will purchase the output of a 23.6-megawatt wind power plant for 23 years. A second contract was signed with SNCF Energie for the entire output of a 37.4-megawatt wind farm.

In the United Kingdom, Voltalia signed a new

15-year Corporate PPA with Co-op, one of the world's largest consumer co-operatives. Output from the 34-megawatt Eastgate solar farm will supply the

Co-op's sites with green electricity.

In Portugal, the entire 50.6-megawatt capacity of the Garrido complex is secured by several Corporate PPAs. A 15-year contract was signed in March 2023 with BA Glass (producer of hollow glass for the beverage and food industries) for a capacity of 12.4 megawatts. The remaining capacity of 38.2 megawatts was contracted with Auchan for a period of 20 years.

In Brazil

Voltalia, via its subsidiary Helexia, continued its expansion in Brazil, signing a 90-megawatt contract with Comerc Energia, a leading

In the context of energy shortages and cost volatility, companies need to both move down the energy transition path and also ensure the sustainability of their energy supply. The Corporate PPA is a powerful tool that addresses these challenges. It is a direct purchase agreement for renewable electricity based on a long-term commitment by both parties (average contract term of 19 years). There are different steps businesses may take to do this, such as altering their behaviour, building a dedicated electric power plant, and installing and operating efficient equipment to fulfil the main uses

(heating, cooling, lighting, etc.).

A Corporate PPA is a contract signed between Voltalia and a corporate customer to supply green energy on a long-term basis through the construction of a renewable power plant. The company is thus participating in the energy transition. Corporate PPAs also benefit the client company, offering it advantageous price terms thanks to the decline in renewable energy production costs, and providing price stability over the long term. In addition to Corporate PPAs, Voltalia - through its Helexia subsidiary - offers companies energy efficiency solutions for buildings: analysis, consumption optimisation and management, continuous improvement, CSR reporting, etc.

78%

of contracts in 2023 were signed with Corporate PPAs

1.1 GW

contracted by

Voltalia and

companies of all sizes over the last two years

provider of energy management solutions in Brazil, and reaching an agreement with Prime Energy, one of Brazil's largest electricity traders, for 46 megawatts of capacity over a 20-year period.

8 - 2023 The essential • VOLTALIA

STRATEGY

A VARIETY OF TECHNOLOGIES AND GROWING SUBSIDIARIES

In order to offer ever more competitive solutions tailored to the territories and available resources, Voltalia has been diversifying for years, building expertise in biomass, hydropower and battery storage. Voltalia has also been meeting the needs for decarbonised and cheap electricity through its subsidiaries.

Biomass

Energy from biomass is a renewable energy source that hinges on the cycle of living plant and animal matter. For Voltalia, the abundance of wood makes biomass an especially valuable resource in French Guiana. In addition to the 1.7-megawatt Kourou power plant and the 5.1-megawatt Cacao power plant, in operation since December 2020, the Sinnamary power plant has entered the construction phase and will have a 10-megawatt capacity.

SPECIALIST IN PRODUCTION FOR SELF-CONSUMPTION AND ENERGY EFFICIENCY SERVICES FOR COMPANIES

In 2023, Helexia's growth continued to accelerate on the self- consumption market with photovoltaic rooftops and solar shades for car parks. It has also developed its services (energy audit, carbon assessment, introduction of EMS/ISO certification plans, etc.).

Installed		Annual
capacity		production
6.8 MW		40 GWh

Hydropower

Voltalia operates two small hydropower plants that it designed as run-of-river - that is, without using

1. dam: Saut-Maman Valentin in French Guiana (5.4 MW) and Taconnaz in France (4.5 MW). In 2022, Voltalia won the Maripa-Soula hydropower project in French Guiana, which represents an estimated 2.9 MW of production.

347 MW

installed (1)

55 kt

CO2 avoided

in 2023

Key figures

292 MW

in operation (1)

1,250

solar projects (1)

Installed		Annual
capacity		production
10 MW		8 GWh

Battery storage

Storing power for several hours and counterbalancing the intermittent nature of renewable energy: power storage systems play a role in the safety of the electric grid and are increasingly being used in the design and operation of renewable energy power plants. The Hallen power plant in the United Kingdom is Voltalia's sole storage-only facility (32 megawatts).

Installed capacity

32 MW

1) Since its creation.

EXPERTISE STRENGTHENED BY

VOLTALIA'S OTHER SUBSIDIARIES

Greensolver, a European specialist in renewable power plant management services, assists its clients with management and consultancy tasks for solar and wind projects.

Triton is a specialist in enhancing the value of submerged marine forests, creating products ranging from biomass to high-value finished products with wood recovered from under the surface of the oceans through its innovative technology:

the SHARC™ Harvester.

VOLTALIA • 2023 The essential - 9

ACHIE-

VE-

MENTS

2023 Voltalia exceeded its 2023 objectives for total capacity (in operation and under construction) and for capacity in operation. As of 31 December 2023, total capacity was 2.85 gigawatts. In terms of capacity in

operation, it reached 2.37 gigawatts. Since June 2019, capacity in operation has increased by a factor of 4.4, thanks in particular to growth of 51% in 2023 alone, going up from 1,571 to 2,370 megawatts. In total, the capacity of power plants in operation and under construction increased by 10% in 2023.

ESG performance as solid as ever

Voltalia improved its non-financial performance for the fifth consecutive year and was among the top ten renewable energy producers in the Sustainalytics global index

EthiFinance awarded Voltalia

a gold medal for its non-financial performance

10 - 2023 The essential • VOLTALIA