Terna S p A : signs joint development agreement with Meridiam and Boundless Energy for the development of business in the USA

TERNA SIGNS JOINT DEVELOPMENT AGREEMENT WITH

MERIDIAM AND BOUNDLESS ENERGY FOR THE

DEVELOPMENT OF BUSINESS IN THE USA

Partnership aimed to plan and implement large-scale electricity transmission infrastructure projects

in the United States

The partnership will benefit from a unique expertise of the Terna Group and Meridiam, combined with the technical background and portfolio of projects already developed by Boundless Energy

Rome, 24 October 2022 - Terna USA, the recently founded new company of the Terna Group, Meridiam and Boundless Energy have signed a Joint Development Agreement aimed at joint business ventures in the United States in the electricity-transmission field.

The agreement establishes a partnership that will leverage a unique expertise of the three partners, capturing business opportunities connected to the acquisition, development and implementation of large onshore and offshore electricity transmission infrastructure projects in the United States.

The current scenario of the electricity system in the USA dictates the need to build new important transmission infrastructure connecting areas of the country where demand is higher with areas characterised by greater availability of renewable sources. These projects are often complex from both a technical perspective, as they must be created using underground or undersea cables, and from a development perspective, involving multiple states or regions of the USA.

Specifically, Terna, the operator of the Italian national electricity grid, led by Stefano Donnarumma, will provide its expertise in large-scale projects with underground and undersea cables, including the Tyrrhenian Link, an undersea project that will connect Campania, Sicily and Sardinia, totalling approximately 970 kilometres (over 1,242 miles) and, in a world first, involving the laying of cables at depths exceeding 2,000 metres (over 6,560 feet) below sea level.

Meridiam is an independent investment Benefit Corporation under French law that has over US$ 18 billion of assets under management. The firm specializes in the development, financing, and long- term management of sustainable public infrastructure projects in three core sectors: sustainable mobility, critical public services and innovative low carbon solutions. Meridiam recently closed the first ever sub sea electricity transmission link between the United Kingdom and Germany in Europe. This vital energy link will become one of the world's largest interconnector projects at 725km in length, providing power to up to 1.5 million homes over the life of the project.

Boundless Energy, a US based developer of transmission projects that optimize the capacity and reliability of the US grid, will bring its proven experience and solid technical background, along with a portfolio of projects already developed in many different areas of the United States. In fact, Boundless Energy has successfully managed the development and implementation of "Neptune", a 40 km undersea connection between New Jersey and Long Island, which went live in 2005.

"The signing of this agreement with Meridiam and Boundless Energy represents an important step in strengthening our international presence and entering a market with attractive growth prospects" commented Giacomo Donnini, Chief of Major Projects and International Development for the Terna Group. "Through partnership with two prominent and highly experienced players in the sector, Terna can pursue important business goals with a capital-light strategy, contributing to development of the US electricity system and increasingly integrating energy generated from renewables such as solar and wind power".