Econergy Ltd · TASE:ECNR
Econergy — Econergy Renewable Energy — Q1 2024 Earnings Presentation
37 slides from Econergy's earnings presentation, May 2024
Slide 1: Econergy Renewable Energy Capital Market Presentation Q1 2024
Econergy Renewable Energy Capital Market Presentation | Q1 2024 May 2024
Slide 2: Limitation of Liability
Limitation of Liability The purpose of this presentation is to present Econergy Renewable Energy Ltd. (the "Company”) and it is intended for the provision of information only. This presentation does not constitute an offer to the public of the Company's securities or an offer to invest in the Compan
Slide 3: A Leading European global renewable energy platform
Econergy A Leading European global renewable energy platform 320MW €102m* 15GW Projects In commercial operation Projected revenues year 2024 Large and diverse portfolio and Ready to connect totaling 8.2GW of PV and Wind plus 7.6GWh of Energy storage Projects Approximately Strategic Diverse revenue €
Slide 4: Large and diverse portfolio
Large and diverse portfolio Econergy is building itself as a Leading Global IPP 4
Slide 5: Econergy's total project pipeline Q1/2024
Econergy’s total project pipeline | Q1/2024 PV and wind capacity, MW Storage capacity, MWh Of the total projects 1,431MW + 5,929MWh approaching Expected connection construction , 330MW starting from 2029, based of PV and wind, plus on network connection 8,273MW 261MWh of storage, approvals received
Slide 6: Projects in development: geographical diversity and development stages
Projects in development | Geographical diversity and development stages Poland UK 34 projects 28 projects 946 767 1,536 6,835 MW MWh Romania MW MWh 429MW 22 projects 1,354MW+6,082MWh 466MW + 669MWh 134MW+406MWh Projects in early development 98MWh 52MW 2,116MW 47MW + 163MWh 52MW Projects under licens
Slide 7: Connected projects, under construction and expected to begin construction in 2024
Connected projects, Under construction and expected to begin construction over the course of 2024 7
Slide 8: Romania: connected, ready to be connected, and under construction projects
Romania | Connected, Ready to be connected, and under construction projects A leading Independent Power Producer (IPP) in Romania, Connected and under construction projects with a substantial development pipeline exceeding 2GW. Parau The connection of the 92MW Parau project followed the Ratesti proj
Slide 9: Romania: financial data of projects
Romania | Connected Projects, ready to connect and/or Under construction - The financial data in €m , In terms of 100%* Connected Projects Projects ready to connect and/or Under construction Total Project name Ratesti Parau Oradea Scurtu Mare Bobicesti Melinesti Iancu Jianu Installed Capacity 155 92
Slide 10: UK: projects under construction
UK | Projects under construction A leading player in the PV and energy storage sector in UK With a robust development pipeline includes 1,536MW of PV projects and 6,835MWh of energy storage projects. The Swangate project, with an installed capacity of 102MWh, is Scotland scheduled to connect to the
Slide 11: UK: financial data of projects
UK | Connected Projects, ready to connect and/or Under construction - The financial data in €m, In terms of 100%* Projects ready to connect and/or Under Total construction Project name Swangate Dalmarnock Energy Storage 102 82 184 Capacity(MWh) Holding(1) 100% 100% Total construction cost(2) 41.3 37
Slide 12: Poland: projects under construction
Poland | Projects under constructions The Resko project, with a capacity of 52MW, is expected* to connect to the electricity grid in Q3/24. This is the first project from a substantial development pipeline in Poland exceeding 900MW. Storage - Launch of the first storage projects in the Polish market
Slide 13: Poland: ready-to-connect project
Poland | Poland Ready-to-connect project The financial data in €m, In terms of 100%* Ready-to-connect project Project name Resko Installed Capacity (MWp) 52 Holding(1) 51% Resko,52MWp Total construction cost(2) 41.5 Representative year's 4.5 Revenues(3) Representative year's Ebitda(4) 3.7 Expected c
Slide 14: Italy: connected, ready to be connected, and under construction projects
Italy | Connected, Ready to be connected, and under construction projects Rivarolo UBS agreement: The acquisition of UBS’s share of the right to invest in its joint-developed Italian projects, develop by Econergy, Total of 11MW 42 Projects with an installed capacity of 440MW.)1( A cluster of Seven p
Slide 15: Italy: financial data of projects
Italy | Connected Projects, ready to connect and/or Under construction - The financial data in €m, In terms of 100%* Projects ready to Connected Projects Total connect Project name Cumiana Cluster of 7 Projects Installed Capacity (MWp) 4 17 21 Holding(1) 100% 50% Cumiana, 4MWp Total construction cos
Slide 16: Connected, ready and under construction projects expected to begin construction in 2024
Connected Projects, ready to connect and/or Under construction and expected to begin construction in 2024* | The financial data in EUR thousands Total Connected Projects, ready Connected Projects and Under Construction Projects expected to begin to connect and/or Under Ready to Connect Projects cons
Slide 17: Expected Equity development and notable events in 2024
Expected Equity development And Notable events in 2024 17
Slide 18: Advanced negotiations for realization of RTB projects in Romania
An advanced stage of negotiations for the realization of projects in RTB status in Romania at a significant premium An advanced stage of negotiations for selling The development realization premium four projects in RTB status, total capacity is anticipated to range between 120-140 thousand 309MW unt
Slide 19: 2024 is projected to see a significant equity increase
2024 is projected to see a significant equity increase* Forecast for equity growth in millions of euros (including Non-controlling interests)* A profit of €37m was recorded in Q1/24, driven by Econergy Archmore's increased control following the acquisition of UBS's share in Italian projects(1) Proje
Slide 20: Strategic partnerships and financial forecasts
Strategic partnerships and financial forecasts 20
Slide 21: Strategic partnerships and new financing agreements
Strategic partnerships and new financing agreements Partner Investment amount Target Main terms of agreement Additional Remarks (EUR millions) market Romania A “Balloon” loan type for a five years period with a yearly interest rate of Italy 9-9.5% which will be paid on a quarterly basis. The first F
Slide 22: Example: Construction financing for the Parau project
Example - Construction financing for the Parau project In Euro millions(1) Required investment 71.8 100% Short-term bridging financing (up to 5 years) by the Rgreen Invest Short term bridge 35.9 50% partner, flexible to be replaced with long-term financing, no exit penalty Capital required for compl
Slide 23: Europe continues to experience an acceleration of Solar PV installations
Europe continues to experience an acceleration of Solar PV projects installations Change in 2030 projected generation mix: Global Solar PV installations Comparison between actual data versus updated forecast Q4/2023(1) broke a new record in 2023(2) 500 +84% 420 Installed Capacity (GW) 400 +33% 50% 3
Slide 24: The renewable energy market: macro trends and effects
The renewable energy Market | Macro trends and effects European Solar PV electricity prices Poland Solar PV Electicity Price Italy Solar PV Electicity Price Romania Solar PV Electicity Price are expected to decrease in the Forecast (Euro per 1 MWh)* Forecast (Euro per 1 MWh)* Forecast (Euro per 1 MW
Slide 25: Revenue forecast for 2024
Revenue forecast for 2024* Net revenue from project initiation and development )1) Total Total projected revenue for 2024 Under license 2 2 approx. €102m in 4 activity Approaching construction 5 5 countries. Revenues from development fees (Sale of 4 projects in Romania and UBS agreement) 37 (2) 35 7
Slide 26: Project connection forecast based on existing pipeline
Project connection forecast based on existing pipeline Based on the Company’s 8.2GW PV and Wind pipeline in development and 7.6GWh of storage, and according to probabilities for success completing the development process that the Company published in its reports, Project connection forecast until 20
Slide 27: Business results forecast by development stage
Business Results Forecast by Development Stage | The Company's Share in €m* Projected business results only from electricity sales exclude net revenue from realization, initiation, development, and services fee (1) Revenues (2) EBITDA FFO 206 177 137 3 3 4 Projects in early development 88 Projects u
Slide 28: Econergy ESG: milestones and objectives
Econergy |ESG - Milestones and objectives Econergy and its stakeholders pledge to adopt a corporate responsibility policy that encompasses environmental, economic, and social dimensions, Aligned with international recognizing their importance for the business's growth: reporting standards: Through o
Slide 29: Appendices
Appendices 29
Slide 30: Company structure incl. strategic partners investments
Company Structure Incl. Strategic Partners Investments Econergy Renewable Energy Ltd. – TASE:ECNR 80% Econergy International Limited UK (Holding Company) Infragreen Fund 20% Invested €87.5m for 20% stake Based on €350m pre-money co. valuation. 50-51% 100% 100% 50% SPCs jointly owned SPCs under the L
Slide 31: Electricity prices in the activity countries by technology
Electricity prices in the activity countries estimated according to the technology* Expected price Market prices in the first State 2024((1) 10 years of operation MIN(2) MAX(2) Italy Wind €/MWh 76 79 90 Italy PV €/MWh 72 63 76 UK PV €/MWh 73 53 67 UK BESS €/kW/year 106)3(2) 106 125 Romania Wind €/MW
Slide 32: Projects approaching construction
Projects approaching construction* financial data in €k Country Project’s Technology Installed BESS Company’s Construction Expected Initial full Total Total Total Owners' Projects' Guarantees Expected KWh/ Predicted first full five-year operation outcomes (4) name Capacity Capacity share)1( start ye
Slide 33: Financial Statements Extract: Balance Sheet as of March 31, 2024
Financial Statements Extract – Balance Sheet as of March 31, 2024 (€k) 31.12.2022 31.12.2023 31.03.2024 Total current assets 32,599 76,806 61,014 Total non-current assets 168,975 295,332 374,636 Total assets 201,574 372,138 435,650 Total current liabilities 15,072 155,131 159,343 Total non-current l
Slide 34: Footnotes
Footnotes Slide no.8 )1( https://energie.gov.ro/proiectul-de-hotarare-a-guvernului-privind-aprobarea-cadrului-general-pentru-implementarea-si-functionarea-mecanismului-de-sprijin-prin-contracte-pentru- diferenta-pentru-tehnologiile-cu-emisii-reduse/ Slides no.9,11,13,15 (1) The company has strategic
Slide 35: Footnotes
Footnotes Slide no. 16 (1) The Company's share in the table above reflects its management’s estimates in relation to existing and future partnerships, as published by the Company, and not the actual holding rate as of the date of publication of the report . (2) Average revenue and EBITDA from sale o
Slide 36: Footnotes
Footnotes Slide no. 27 (1) The Revenue, FFO, EBITDA indicators reflects the share of the subsidiary “Econergy International Limited UK” in which the company owns 80%. (2) The revenues are calculated based the assumption of transactions for the purchase of electricity closing at a fixed price (Power
Slide 37: Thank You!
Thank You!
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