Greening Group Global S.a. · BME:GGR
Greening Group Global — Greening Group — Investor Presentation (May 2024)
30 slides from Greening Group Global's investor presentation, May 10, 2024
Slide 1: Información privilegiada
Grupo Greening 2022, S.A. (en adelante la “Sociedad” o “Greening Group”), en virtud de lo previsto en el artículo 17 del Reglamento (UE) nº 596/2014 sobre abuso de mercado y en el artículo 228 de la Ley 6/2023, de 17 de marzo, de los Mercados de Valores y de los Servicios de Inversión, y disposicion
Slide 2: Plan 24/26 pipeline and cash flow table
Pipeline México GW 2 Pipeline Alemania GW 1 Pipeline Estados Unidos GW 2 Pipeline España GW 4 EBITDA construcción M€ 20 Cash Flow M€ +10,8 *En el Plan 23/25 Greening Group dio un objetivo de 30.000 clientes para 2025. La compañía ya no considera relevante ese indicador, pasando a medir su desempeño
Slide 3: Business Plan Update: Reaching the Impossible
BUSINESS PLAN UPDATE REACHING THE IMPOSSIBLE Madrid May, 10th 2024
Slide 4: Today's Speakers
TODAY'S SPEAKERS Ignacio Salcedo Carlos Madrid Miguel Ángel Valenzuela CEO Greening Investments CFO Director 2
Slide 5: Agenda
AGENDA 01 Strong track record 02 Business environment 03 Strategy update 3.1 3.2 International focus Multi technology player 04 Financial review 05 Closing remarks 3.3 Strategic alliances 3.4 Project Escipión: Asset rotation Q&A 3.5 End-to end-Energy
Slide 6: Greening today
1 | Strong track record Key financials x3 x2 Greening today Geographical Footprint * * Estimated connection to grid Overview Business model Generation: Solutions: Energy trading: • Project origination. • EPC (US and C&I) • Power supply Generation Portfolio Energy trading Internacional • Power genera
Slide 7: We have a proven record of international diversification, business creation and fundraising
1 | Strong track record We have a proven record of international diversification, business creation and fundraising 1H 2H 2019 2020 2021 2022 2024 2023 2023 • Entry into • Creation of Sun • Entry into Italy • Sinia Renovables • Listing in BME • M&A operation: • Bachoco project in Mexico Support (Ban
Slide 8: Europe
2 | Business environment Europe CONTEXT Good perspectives under European legislation • EU raised 2030 renewables target to 42.5% • EIB increased financing goals mobilizing €150B for green investments, aiding net-zero carbon by 2050 • European energy storage strategy targets 95 GW by 2050 (Aurora Ene
Slide 9: North America
2 | Business environment North America UNITED STATES MEXICO • North America is the fastest-growing market • Large consumers in Mexico will drive PV growth with self- • Strong regulatory support through tax incentives; to reach consumption facilities up to 500 KW (expected to increase to 1 electric m
Slide 10: Reaching the Impossible
REACHING THE IMPOSSIBLE 8
Slide 11: A new strategic approach to go beyond
3 | Strategy update A new strategic approach to go beyond 2. Multi 1. International 5. End-to end- technology 3. Alliances 4. Asset rotation presence Energy player Europe Photovoltaic With financial partners to Project Escipión to generate With financial partners to Wind boost the development equity
Slide 12: International focus: Europe, a solvent market full of opportunities
3.1 | International focus International focus: Europe, a solvent market full of opportunities SPAIN ITALY GERMANY FRANCE • Mature photovoltaic market • PV market growth: first projects under • Development of the PV market • PV pipeline origination and pursuit of • Signing of PPAs for end-to-end cons
Slide 13: International focus: North America, the largest market after China
3.1 | International focus International focus: North America, the largest market after China MEXICO UNITED STATES • Consolidation and growth of the on-site PPA portfolio • Consolidation and growth of the on-site PPA • Portfolio growth and development with financial portfolio partners • Portfolio gro
Slide 14: Steadily falling battery prices make BESS key to the PV industry
3.2 | Multi tech player Steadily falling battery prices make BESS key to the PV industry California case study BESS model Source: SEA BESS CAPEX Source: California Independent System Operator Lithium carbonate has gone from 66 $/Ton in Sep 2022 to 30 $/Ton in Sep 2023. Source: JLL Current battery pr
Slide 15: Making them a game changer
3.2 | Multi tech player Making them a game changer Stand alone BESS Business Model Arbitrage example • Arbitrage BESS • Grid Support Revenues Unload:130 €/MWh Wholesale Capacity Ancillary Services Market Market Hybrid with BESS Secondary Tertiary Replace. Technical • Arbitrage Reserve Reserve Reserv
Slide 16: Countries are on different stages of regulation
3.2 | Multi tech player Countries are on different stages of regulation SPAIN ITALY UNITED STATES IRR >10% Waiting for regulation MACSE ERCOT Capacity Market (Mercato a termini del sistemi di (Electric reliability council of Texas) Market overview stocaggio electrico) Fast growing Market Italy regul
Slide 17: Biomethane, a new technology that's here to stay
3.2 | Multi tech player Biomethane, a new technology that's here to stay IRR> 10%* Gas Margin ● Reduction of greenhouse gas emissions ● Integration with natural gas infrastructure ● Promotion of circular economy and waste Co2 Revenue 100 €/MWh management ● Diversification of the energy matrix and Pr
Slide 18: Wind; hybridization is the key
3.2 | Multi tech player Wind; hybridization is the key Main advantages of hybridization • Saves costs • Lower environmental impact because it uses existing structures • Higher capacity factor (number of hours at full capacity) at the access point • Lower production peaks and therefore greater abilit
Slide 19: Alliances to embrace larger opportunities
3.3 | Strategic alliances Alliances to embrace larger opportunities TARGET 24/26 Financial partnerships to 10 GW DEPLOYMENT boost the development 30 M€ DEVEX portfolio 17
Slide 20: Project Escipión
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Slide 21: Project Escipión
3.4 | Asset rotation Project Escipión Generating the necessary equity to invest in self-generation projects by selling owned assets operating or in the final construction phase 45 34 MW MW 450MW Target 2024 2025 2026 371 MW Sales target for 2024-2026 450 MW (UC+COD) 50 MW 150 MW 250 MW Almost closed
Slide 22: Completing the circle; from generation to customer
3.5 | End-to end-Energy Completing the circle; from generation to customer 2024 2025 2026 Target (UC+COD) 250 MW 500 MW 800 MW Selective projects PPA Internal PPA PPA price • ↑ Project profitability • Customer engagement • ↑ Client base Renewable Customer asset • ↓ Off taker risk Renewable • No mark
Slide 23: Financial Review
FINANCIAL REVIEW 21
Slide 24: Proving to be a reliable and growing company
4 | Financial review Proving to be a reliable and growing company EBITDA REVENUES NET FINANCIAL DEBT / EBITDA (€Mn) (€Mn) (times) 10.2 5.03 Target 102.9 M€ Target 9.9 M€ 100.5 4.25 43.8 3.3 17.4 2.34 1.2 2021 2022 2023 2021 2022 2023 2021 2022 2023 SOLUTIONS INTERNATIONAL PORTFOLIO MW [UC+COD] 174 C
Slide 25: New technologies and asset rotation to boost profitability
4 | Financial review New technologies and asset rotation to boost profitability Updated Plan Consolidated Revenues M€ M€ 2024 2025 2026 420 X2.2 VS 2024 310 Consolidated revenues 190 310 420 190 226 163 EBITDA 21 45 70 High visibility in 2024: - Solutions backlog 235 M€ % over consolidated 11.1% 14.
Slide 26: Maintaining a sound financial profile
4 | Financial review Main assumptions: - Capex MW 600k€ - CCC 60 days Maintaining a sound financial profile - - M&A Strategy: net cash flow and EV/IC upside of x1.3 Project Finance funding at 70% with Bridge financing as a launchpad Cash Flow 24/26 Operating Cash Flow Financing Cash Flow Investment
Slide 27: In summary, a new era for Greening
5 | Closing remarks In summary, a new era for Greening Multi International Strategic Project Escipión: End – to - end technologies footprint financial asset rotation Energy alliances PV Europe 450 MW 800 MW BESS North America 10GW pipeline (UC+COD) (UC+COD) Biomethane Wind 25
Slide 28: And now, what? Reaching the impossible
5 | Closing remarks Reaching the impossible And now, what? We seize opportunities We already have Challenging targets for 2026: PV Solid financial position BESS Motivated team Biomethane Global infraestructure >400 M€ 800MW Wind Revenues UC & COD >70M€ 700 GWh year EBITDA Energy trading We embrace c
Slide 29: Disclaimer
DISCLAIMER FORBIDDEN DISCLOSURE, PUBLICATION OR DISTRIBUTION OF THE PRESENTATION, IN WHOLE OR IN PART Attendance at this presentation and the delivery of this document implies acceptance of the limitations set forth in this legal notice (disclaimer). The information contained in this presentation or
Slide 30: inversores@greening-group.com
inversores@greening-group.com