Greenvolt Energias Renováveis S A : 20 Jan, 2023 | Apresentação ao mercado sobre a transação com KKR

January 20th 2023

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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's Business Plan implementation is on the right track…

…executed through new market opportunities

Utility-scale

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

✓	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	✓ 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

DG

• 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

Financing	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

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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

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

			Including capacity at end 2022
RTB	Under	COD	RTB / COD
Construction

12 MW	152 MW	91 MW		2.2 GW
100 %	18%	62%	26%	9%	65%
	82%	38%

	170 MW	58 MW	0.35 GW
	100%	100%	100%
20 MW	24 MW		0.35 GW
100%	100%		79%	21%

evolves to

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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

Debt profile of Greenvolt1

Outstanding debt[1]

	Loans
Project finance	4%

Relevant options available in the international financing market

26%

Iberian

Commercial paper

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

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1 PRO-FORMASet-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

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

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

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