Greenvolt Energias Renováveis S A : - Energias Renováveis, S.A. releases institutional presentation

Investor Update on Recent Convertible Bond Issuance

January 20th 2023

Shaped

by Nature

I n v e s t o r U p d a t e o n R e c e n t C o n v e r t i b l e B o n d I s s u a n c e

Greenvolt is advancing according to the Business Plan

Greenvolt's Business Plan implementation is on the right track…

	 Total pipeline of wind and solar PV utility scale of 6.7 MW…
Utility-scale	 ….of which 2.9 MW reaching at least RtB status by the end of 2023…
	 ….and 500MW by the end of 2022, of which 346 MW under construction
	in several European geographies

…executed through new market opportunities

	Very strong market environment with institutional
	push for RES, increasing demand for renewable
	energy projects at Commercial Operation Date
	(COD)
	Current macroeconomic uncertainty is presenting

Biomass

DG

Financing

2

• Unique know-how of the industry is enabling continuous efficiency improvement of existing biomass plants
• Inorganic growth on the way, with significant strategic initiatives under execution
• Strong focus on organically developing Greenvolt's 3 products: EPCs, PPAs and Energy Communities
• Greenvolt has been increasing its financial strength tapping systematically the traditional capital markets, with a share capital increase of 100M€ and a retail green bond issuance of 150M€
• Traditional financing options outside Iberia are mainly non-recourse project finance

additional interesting business opportunities

 New sources of financing will:

 Allow Greenvolt to speed up existing

pipeline growth, taking more projects to

COD to be sold at a higher premium

 Grant enough financial capacity to take

advantage of potential market

opportunities within the scope of the

Business Plan

I n v e s t o r U p d a t e o n R e c e n t C o n v e r t i b l e B o n d I s s u a n c e

At least 500MW built or under construction by 2023

Focus on the development of the current pipeline of 6.7 1 GW, for both the asset rotation strategy and for consolidation of assets

As of Today

51 MWp

In Operation

149 MWp

At COD

346 MWp

Under Construction

Short-term Pipeline1 Breakdown

As of Today

Under

RTB Construction COD

12 MW	152 MW	91 MW
100 %	18%	62%
	82%	38%
	170 MW	58 MW
	100%	100%
20 MW	24 MW
100%	100%
	0.5 GW	evolves to

End of 2023

Including capacity at end 2022

RTB / COD

2.2 GW

26% 9% 65%

0.35 GW

100%

0.35 GW

79% 21%

2.9 GW

3

1 Probability-weighted pipeline capacity, excluding MaxSolar that estimates RTB/COD capacity of 143 MW by the end of 2022, which evolves to 298 MW by the end of 2023

I n v e s t o r U p d a t e o n R e c e n t C o n v e r t i b l e B o n d I s s u a n c e

Greenvolt is expanding its financing options beyond its traditional markets and instruments

Debt profile of Greenvolt1

Outstanding debt[1]

Loans

Relevant options available in the international financing market

Project finance4% 26%

Commercial paper	Iberian
Bonds
10%
60%

• MLT Loans: 33M€
• Iberian Bonds: 446M€
• Commercial paper: 73M€
• Project finance: 198M€

Equity Linked

Market

Convertible

Bond

• Despite the low volume in the EQL primary market in 2H2022, the market is reopening and is being tapped by several issuers
• Bilateral convertible bonds bring several advantages to Greenvolt
• • Long only investor
  • Establishment of a partnership with an entity that perceives Greenvolt as a forefront player in the energy transition with enormous growth opportunities and with the right strategy and market positioning
  • Private investor perceiving the strong intrinsic value of Greenvolt

4

1 PRO-FORMASep-22 including 150M€ from Green Bond issuance (Nov-22), 25M€ of bond issuance and 2.5M€ of bank loan. Excluding the 200M€ convertible bond

I n v e s t o r U p d a t e o n R e c e n t C o n v e r t i b l e B o n d I s s u a n c e

Partnership with KKR will allow Greenvolt to consolidate its strength and accelerate growth

Profile of KKR

• Leading global investment firm, that aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities
• Long term investor committed to value creation

Sector

Expertise and

Global Reach

• KKR is highly committed to the Energy Transition as evidenced by its global c.$14bn investments into the renewable energies segment
• Greenvolt will be able to leverage KKR global reach and expertise to further enhance growth and explore new business opportunities within the existing strategic framework
• New board member to be nominated by KKR (and supported by core shareholders) will bring extensive experience and new opportunities

Accelerate

Existing

Strategy

• Accelerate the Utility Scale business by selling more projects at COD instead of RtB
• Further expand in DG segment across Europe
• Opportunistic market opportunities within the Business Plan scope

Shareholder

Support

5

• Core shareholders of Greenvolt irrevocably committed to support the transaction at the AGM to be held until May 31st 2023