Doral Group Renewable Energy Resources Ltd · TASE:DORL
Doral Group Renewable Energy Resources — Q4 2023 Earnings Presentation
41 slides from Doral Group Renewable Energy Resources's earnings presentation, March 2024
Slide 1: Capital market presentation | Q4 and 2023
Capital market presentation | Q4 and 2023 March 2024 1 Revadim, Agro-solar
Slide 2: Legal clarification
Legal clarification This presentation from Doral Group Renewable Energy Resources Ltd. (hereinafter the “Company”) It is clarified that the contents of this presentation includes from time to time reference to forecasts, was prepared as a general presentation about the Company’s activities, and, the
Slide 3: Doral snapshot
Doral snapshot Global development 1,001 MWp + 637 MWh Project execution Under COD or construction has been Developer DNA and greenfield 1,041 MWp | 1,379 MWh development completed2,4 Control across the entire value In the US, Israel and Europe Under construction / in chain: developers, EPC, O&M and
Slide 4: 2023: Momentum in all fields of activity
2023: Momentum in all fields of activity Growth in results4,5 Momentum of connections High yields5 Doral LLC raises The Company has secured Significant increase compared to 2022 and construction2,4,5 Significant reduction in construction $400 million the equity to construct the 1,001 MWp + 637 MWh u
Slide 5: Global pipeline
Solar 15.9 GWP Global pipeline 4,5 Storage 118 GWp (7.7 GWp) 14.3 GWh 10.3 GWh (7.8 GWh) Mature pipeline1 2,884 MWp 2,523MWh (1,390) (1,737) 1,285 MWp 1,472 MWh 842 MWp 506 MWh 1,041 MWp 1,379 MWh 1,001 MWp 637 MWh Under Additional Connected2 Mature advanced Under Total global construction / in adva
Slide 6: Forecasted results for mature projects and electricity trading
Forecasted results for mature projects and electricity trading1,3,4,5 Over ILS 1.5 billion in revenue expected in 2026 107% 97% 92% CAGR CAGR CAGR 1,500-1,600 (1,204-1,289) 1,067-1,167 (864-949) 795-870 (564-627) 506-566 600-650 549-624 (382-433) (465-508) (390-453) 361-421 (272-323) 280-317 187-217
Slide 7: On the way to ~3 GWp + 2.5 GWh
On the way to ~3 GWp + 2.5 GWh1,3,4,5 Predicted results for a full year The Company has secured the equity to construct the mature pipeline13 from mature projects and electricity trading1,2,4 Revenues 1,849 (annual, in ILS millions) (1,403)** Mature pipeline1 2,884 MWp 2,523 MWh (1,390)* (1,737)* EB
Slide 8: Operations in Israel
Operations in Israel Israel | USA | Europe Reshafim solar power and storage facility 88
Slide 9: The Israeli market as a growth driver
The Israeli market as a growth driver5 Diversified opportunities in the renewable energy market Entry into force of the Market Significant increase in land Regulation and the possibility available for solar projects9 of bilateral transactions11 Significant acceleration in Regulations enabling higher
Slide 10: Leaders in the Israeli energy storage market
Leaders in the Israeli energy storage market4,5 637 MWh connected energy storage facilities2 Yahel solar power and storage facility The power of energy storage Company’s Expected revenues from mature1 a pipeline of mature1 solar Energy security (a solution to power outages) pipeline in Israel facili
Slide 11: Market Regulation projects in Israel
Market Regulation projects in Israel4,5 Effective return High double-digits High returns and control of the entire value chain High double- digit % Leverage + 500MWp + ~2,100 MWh Electricity trade + ~ Development Profits from control Market Regulation pipeline* spread + of entire value chain (reflec
Slide 12: Doral's power supplier
Doral’s power supplier Leaders in providing ~ILS 60 million green electricity Hundreds of millions of KWh Forecasted annual EBITDA sold in 2024 already from supplying power from the current mature Premium on green electricity pipeline1,4 Mature4 Agreements with Managing and leading consumers optimiz
Slide 13: Doral-Agrovoltaics: from planning to practice
Experimental lot at Bar Ilan University Doral-Agrovoltaics: from planning to practice4,5 Future of solar power in the Israeli market 11/2020 10/2021 01/2022 06/2023 Today Doral-Agro Inauguration of the Approval for Israel Authority’s decision to 4 first-of-their-kind launches operations experimental
Slide 14: Company's US operations
Company’s US operations Israel | USA | Europe Indiana North, USA 14
Slide 15: Doral LLC is a US market leader
Doral LLC is a US market leader 4,5 Significant project pipeline in a variety of grids MISO NYISO ISO-NE 4,356MWp 1,600MWh 700MWh PJM 3,066MWp 240MWh TVA 211MWp SERC 200MWp 6.6 GWh 11.8 GWP Total storage Total project ERCOT SPP ACEI capacity capacity 520MWp 3,158MWp 240MWp 1,490MWh 2,600MWh 15
Slide 16: Significant progress in Doral LLC's operations
Significant progress in Doral LLC’s operations $400 million raised as minority common equity13,14 Completed construction of Indiana North – 480 MWp Indiana Central and South enter the fast track A grid connection agreement is expected in 2024. Saving tens of millions of dollars in grid upgrade costs
Slide 17: Doral LLC raises $400 million
Doral LLC raises $400 million13 Investor $400 million raised A leading international pension Minority common equity investment management body Pro-rata participation in the provision of capital and guarantees Ensuring equity required for Diversification of the Company’s a significant project pipelin
Slide 18: Stages of the transaction
Stages of the transaction13 Transaction Investment of $400 million (minority common equity) 1 Closing Date Next financing The investor’s holdings will amount to 30%–49% depending Adjustment 2 round (including IPO) on the next financing round14 date Value The value of Doral and Migdal’s holdings will
Slide 19: Significant momentum in the US market
Significant momentum in the US market4,5 Completed construction 480 of Indiana North Project MWp Full commercial operation is expected in the coming months Indiana South and Central entered the fast track on ~1.1 the PJM grid GWp The Company is in negotiations to increase power sales prices for the
Slide 20: Spotlight on other advanced projects
Spotlight on other advanced projects4,5 Ohio Georgia Texas Project COLD CREEK GREAT BEND BRENNEMAN Tom Green County and Location Meigs County, Ohio Macon County, Georgia Schleicher County, Texas Grid ERCOT PJM SERC Capacity (DC) ~520 MW ~62 MW ~210 MW Status Approved statutory plan Building permit s
Slide 21: Company's European operations
Company’s European operations Israel | USA | Europe Poland 21
Slide 22: Project pipeline in Europe
Project pipeline in Europe4,5 Italy 214 MWp Romania Poland Denmark 530 MWp 620 MWp 250 MWh 459 MWp 267MWp Mature pipeline1 ~ILS638 million illion projected construction costs 1,876 MWp Total project capacity ~ILS 105 million illion Project revenues* 250 MWh Total storage capacity ~ILS 81 million lio
Slide 23: Spotlight on advanced projects in Europe
Spotlight on advanced projects in Europe4,5 Denmark Poland Project GROUND-MOUNTED PROJECTS MOŚCIE BŁOTA URUP Location Poland Poland Denmark Capacity (DC) ~43.5 MW ~62 MW ~60 MW 32 MWp connected 2 and the Interconnect agreement Under construction Status rest under construction obtained Launch date 20
Slide 24: Doral Tech
Doral Tech Doral’s innovation and technology arm 24
Slide 25: Doral-Tech: Energy of innovation
Doral-Tech4 Examples of investments Energy of innovation 8 17 Additional capital pital raising rounds in the portfolio in 2023 Portfolio olio companies com CO-INVESTORS Some companies who have invested with Doral-Tech ~34.5 ~660 million shekels million dollars Net financing income in Total raised in
Slide 26: Doral Hydrogen
Doral Hydrogen Green hydrogen – the fuel of the future 26
Slide 27: Green hydrogen – the fuel of the future
Green hydrogen – the fuel of the future A clean alternative to fossil fuels High energy efficiency (industry, transportation, agriculture) Significant increase expected in demand for hydrogen Ranges of expected demand for hydrogen through 2050 A necessary factor in the transition to Makes long-term
Slide 28: Doral Hydrogen activities at a glance
Doral Hydrogen activities at a glance5 Green hydrogen production and supply Green hydrogen project in Australia Green hydrogen project in Israel (Kibutz Yotvata) • In partnership with Samsung and Infinity Fund • The first green hydrogen project in Israel • 11 MWp connected* + 8 MWp under • Collabora
Slide 29: Review of financial results for Q4 and 2023
Review of financial results for Q4 and 2023 29
Slide 30: Key financial data
Key financial data +107% 4,788 2,312 Key points from the consolidated statements of financial position (ILS millions)3 12.31.2023 12.31.2022 Cash and equivalents 543.9 387.1 31.12.2022 31.12.2023 Other current assets 392.8 404.9 Cumulative investments in projects 100%, in ILS million Non-current ass
Slide 31: Renewable energy driven by people
RENEWABLE ENERGY DRIVEN BY PEOPLE office@doral-energy.com | www.doral-energy.com 31
Slide 32: Key financial data
Key financial data The key points from the consolidated statements of profit or loss and other Project data (reflecting 100%; ILS millions)3,4 3 comprehensive income (in ILS millions) IFRS Non-GAAP 2023 2022 2021 Fixed asset model | Projects by proportionate 2023 2022 2021 consolidation method Reven
Slide 33: Commercially operated projects
Commercially operated projects4,5 Regulation Bid processes Feed-in tariffs Bid processes for Bid processes for for PV facilities Ground-mounted Systems Systems ground facilities roof installations Net meter Wind Biogas Total combined systems in Poland connected up connected and others and reservoirs
Slide 34: Systems ready for connection
Systems ready for connection4,5 Area Project Technology Secured Secured tariff Secured tariff Total Total Expected Total Total Expected Investment Investment Annual Annual Annual Holding tariffs linkage period installed storage commercial projected construction leverage rate - balance / income EBITD
Slide 35: Systems under construction or in pre-construction
Systems under construction or in pre-construction4,5 Area Project Technology Secured Secured tariff Secured tariff Total Total Expected Total Total Expected Investment Investment Annual Annual Annual Holding tariffs linkage period installed storage commercial projected construction leverage rate - b
Slide 36: Systems under construction or in pre-construction (continued)
Systems under construction or in pre-construction (continued from previous slide)4,5 Area Project Technology Secured Secured tariff Secured tariff Total Total Expected Total Total Expected Investment Investment Annual Annual Annual Holding tariffs linkage period installed storage commercial projecte
Slide 37: Systems in advanced mature development phases
Systems in advanced mature development phases4,5 Area Project Technology Secured Secured tariff Secured tariff Total Total Expected Total Total Expected Investment Investment Annual Annual Annual Holding tariffs linkage period installed storage commercial projected construction leverage rate - balan
Slide 38: Additional systems in additional advanced development phases
Additional systems in additional advanced development phases4,5 Area Project Technology Secured Secured tariff Secured tariff Total Total Expected Total Total Annual income Annual Holding rate tariffs linkage period installed storage commercial projected construction EBITDA (ILS/kWh for 2024) mechan
Slide 39: Systems under development
Systems under development4,5 Types of systems and regulations Solar + storage Storage in Israel Ultra-high Solar in Italy Solar in Poland Storage in Solar in Solar in the US Solar + storage Storage in the US Biogas Israel Total in Israel voltage in Poland Denmark in the US Israel Technology PV + sto
Slide 40: Notes
1 “Mature” – projects that are in commercial operation, ready for connection, under construction or in progression of pandemics, or the presence of any of the risk factors listed in section 1.28 of the Notes pre-construction and mature advanced development. See sections 1.4.2 through 1.4.5 of the Pe
Slide 41: Notes
Notes 13 The information presented in slides 17 and 18 and in endnotes 14–16 below, including regarding the contractual engagement of the parties in a binding agreement and its terms, the establishment of an equity protection mechanism among existing shareholders and its 15 Concurrently with the Tra
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