Doral Group Renewable Energy Resources Ltd · TASE:DORL
Doral Group Renewable Energy Resources — Q3 2024 Earnings Presentation
36 slides from Doral Group Renewable Energy Resources's earnings presentation, November 2024
Slide 1: Earnings Presentation Q3 2024
Earnings Presentation | Q3 2024 November 2024 Kfar Warburg - solar
Slide 2: Legal Clarification
Legal Clarification This presentation from Doral Group Renewable Energy Resources Ltd. (hereinafter: “the Company”) was prepared as a general presentation about the Company’s activities, and, therefore, the information contained herein is only a summary and is not an exhaustive representation of all
Slide 3: Q3-2024 Key Highlights
Q3-2024 Key Highlights Mature pipeline exceeds 3.2 GWp solar + 3.9 GWh storage Momentum of connections Robust growth in both Business progress in the U.S. and construction 4,5 revenue and EBITDA3,4 1,121 MWp solar + 843 MWh storage connected2 Q3-2024 compared to Q3-2023: EPC agreement of ILS 3.4 Bil
Slide 4: Doral's Growth Engines
Doral’s Growth Engines5 Israel USA – Doral LLC Additional growth drivers ~ 250 MWp + 800 MWh average annual Among the 10 leading solar developers* Renewable energy in Europe connections expected in 2027-20295 Constructing USA’s largest solar project Poland, Romania, Denmark and Italy Partnerships wi
Slide 5: Global Pipeline
17.1 GWp Global Pipeline4,5 )6.0 GWp( 10,770 17.3 GWh 11,200 (9.1 GWh) Mature pipeline1 3,054 2,160 3,268 MWp 3,904 MWh )1,446 MWp( )2,662 MWh( 485 1,963 1,663 1,098 1,121 843 Connected2 Under construction / in Mature advanced Additional advanced Under Total global pre-construction development devel
Slide 6: Forecasted results of mature projects and electricity trading
The company fully realizes its construction plan5,6 Forecasted results of mature projects1 Commercial operation schedule and electricity trading4,5 updated for certain facilities, inter alia, due to effects of the war5,6 Over ILS 1.5 billion in revenue expected in 2026 Mandatory construction dates e
Slide 7: Contribution of Mature Pipeline in 1st Year
Contribution of Mature Pipeline1 in 1st Year On track to income- generating ~3.3GWp + 3.9 GWh Yotvata, solar & storage Yahel, solar and storage 2,469 (1,868) 1,451 (970) 636 (447) 903 (632) 416 289 (269) (199) Connected2 Mature pipeline Connected2 Mature pipeline Connected2 Mature pipeline FFO EBITD
Slide 8: Israel Operations
Israel Operations Israel | USA | Europe Sdot Yam 8
Slide 9: Doral – Israeli Renewable Energy Leader
Doral – Israeli Renewable Energy Leader5 Israel’s largest solar and storage pipeline High profitability Connections & Accelerated business construction momentum development Greenfield development, EPC, O&M 534 MWp + 843 MWh connected ~240 partnerships with kibbutzim in Israel2 and more than 30 squar
Slide 10: Continued Accelerated Growth through 2029
Continued Accelerated Growth through 2029 High rate of connections in projects outside the forecast scope Projected development pipeline in Israel: 2027-2029*: 15% 42% Water Reservoirs Ground mounted ~300 ~800 ~250 MWp MWh MWp Segment Breakdown Approved Expected annual Expected annual interconnectio
Slide 11: Spotlight on the Hadarei She'an Project
Spotlight on the Hadarei She’an Project4,5 One of Israel’s largest solar and storage projects Hadarei She’an, Storage Incorporation of high-voltage and ILS 500 M Financial closings ultra-high voltage regulations with Mizrahi Bank and Bank Leumi* Hadarei She’an, Solar Partnerships Status: under const
Slide 12: Israeli Market Regulation Projects at Doral
Israeli Market Regulation Projects at Doral4,5 High double-digit rate of High returns and control across the value chain effective return Leverage + Electricity trade + Profits from Development ~1,400 MWp + ~4,900 MWh spread control across the + value chain Market regulation* mature pipeline1 EPC (r
Slide 13: Doral's Power Supplier
Doral’s Power Supplier5 From the field to the outlet: Doral launched the supply of green electricity to its customers Leading green ~ILS 63 million electricity Forecasted annual Agreements Optimizing with leading provider EBITDA4 consumers electricity trading Customer diversity and from supplying po
Slide 14: U.S. Operations
U.S. Operations Israel | USA | Europe Indiana North, USA 14
Slide 15: Doral LLC is a US market leader
Doral LLC is a US market leader5 Ranked among the top ten solar developers in the United States* 6 GWh 13 GWp Total storage capacity Total project capacity Operations across 24 states * Based on the S&P Global Rating. Link to source. 15
Slide 16: Doral LLC's relative advantages in the U.S. market
Doral LLC’s relative advantages in the U.S. market Developer DNA and greenfield development Access to lands and creation of significant value during the development phase Proven track record Income-generating 480 MWp and ~1 GWp in construction and pre-construction Precedence in connection to the gri
Slide 17: Key Events – Indiana Project (Mammoth)
Key Events – Indiana Project (Mammoth) One of the largest solar projects in the United States (~1,600 MWp) Commercial operation of Indiana North Secured $285 million financing With a capacity of 480 MWp for Indiana Center and South Signed ILS 3.4 billion EPC agreement Double-digit percentage increas
Slide 18: ~$340M Projected EBITDA Run-Rate for Doral LLC
~$340M Projected EBITDA Run-Rate for Doral LLC4,5 From mature 1 and advanced development projects 340 $ M~ *Run rate EBITDA Comparable Market Multiples 207 Deal/ EV/EBITDA Date company multiple KKR/ 3/24 15.8X **Encavis Brookfield/ 78 5/24 17X **Neoen 23 30 11/24 ***AES 14.07X 7 Great Mammoth North
Slide 19: AI Drives Unprecedented Renewable Energy Demand in the US
AI Drives Unprecedented Renewable Energy Demand in the US Significant business opportunity for Doral LLC Doral LLC's Strong Competitive Advantage $20B-כ 47GW-כ 15% Access to land and secured Expected investments Required generation 2023-2030 CAGR interconnection capacity In renewable energy to m
Slide 20: European Operations
European Operations Israel | USA | Europe Poland 20
Slide 21: Project Pipeline in Europe
Project Pipeline in Europe4,5 Romania Poland Italy Denmark 205 MWp 245 MWp 435 MWp 250 MWh 411 MWp 267MWp Mature pipeline1 578 Million ILS Projected construction costs 1,357 MWp Total project capacity 79 Million ILS Project revenues* 250 MWh Total storage capacity 58 Million ILS Project EBITDA* * Th
Slide 22: Spotlight on the Urup project in Denmark
Spotlight on the Urup project in Denmark4,5 Status: Ready for connection Commercial Operation Anticipated in Q4-2024 Urip, Denmark 100% held by Doral EUR 30 Million Financial closings Urup, Denmark Installed capacity 60 MWp Projected construction costs ILS 170 million Projected revenues** ILS 18 mil
Slide 23: Doral Tech
Doral Tech Doral’s innovation and technology arm 23
Slide 24: Doral Tech
Doral Tech5 Energy of innovation Financing income Exposure to groundbreaking Financing income technologies Creating a competitive edge ~ILS 300 million Upwards of ILS 30 million through market research, sourcing of net financing ancing income since the net financing income in the technologies, creat
Slide 25: Financial Results
Financial Results 25
Slide 26: Key financial data
Key financial data3 +37% 6,578 4,788 Key Highlights of the Consolidated Financial Statements (in ILS millions) 30.9.2024 30.9.2023 31.12.2023 Cash and cash equivalents 546.2 544.4 543.9 31.12.2023 30.09.2024 Other current assets 580.9 499.9 392.8 Cumulative investments in projects Non-current assets
Slide 27: Renewable Energy Driven by People
RENEWABLE ENERGY DRIVEN BY PEOPLE office@doral-energy.com | www.doral-energy.com 27
Slide 28: Key financial data
Key financial data3 Key highlights of the consolidated statements of profit or loss and other Project data (reflecting 100%, in ILS millions) comprehensive income (in ILS millions) IFRS Non-GAAP Full 9 months Fixed asset model | Proportionately consolidated 1-9.2024 1-9.2023 1-12.2023 of activity in
Slide 29: Commercially operated projects
Commercially operated projects4,5 Regulation Bid processes for Regulation PV Regulation Feed-in tariff PV systems Bid processes for feed- Ground-mounted PV facilities facilities combining net meter PV Connected up to Connected after Sundry Total in tariff PV facilities systems in Poland ombining sto
Slide 30: Systems ready for connection
Systems ready for connection4,5 Area Project Technology Guarant Guaranteed Guaranteed Total Total Projected Total Total Projected Investme Investment Annual Annual Annual Percentage eed tariff linkage tariff period installed storage commercial ommercial projected construction leverage rate nt rate –
Slide 31: Systems under construction or in pre-construction
Systems under construction or in pre-construction4,5 Area Project Technology Guaranteed Guaranteed Guarante Guarantee Total Total Projected Total Total Projected Investm Investment Annual Annual Annual Percentage tariffs (ILS/ tariff linkage d tariff installed storage commerci projected invested lev
Slide 32: Systems under construction or in pre-construction (carried over)
Systems under construction or in pre-construction (carried over from previous slide) 4,5 Area Project Technology Guaranteed Guaranteed Guarantee Total Total Projected Total Total Projected Investm Investment Annual Annual Annual Percentage tariffs (ILS/ tariff linkage d tariff installe installed sto
Slide 33: Systems in advanced mature development phases
Systems in advanced mature development phases4,5 Area Project Technology Guaranteed Guaranteed Guaranteed Total Total Projected Total Total invested Projected Investme Investment Annual Annual Annual Percentage tariffs tariff linkage tariff period installed storage commercial projected construction
Slide 34: Additional systems in other advanced development phases
Additional systems in other advanced development phases4,5 Area Project Technology Guaranteed Guaranteed tariff Guaranteed tariff Total Total Projected Total Total invested Annual Annual Percentage tariffs (ILS/kWh linkage period installed storage commercial projected construction revenues EBITDA ho
Slide 35: Systems in development
Systems in development4,5 Types of systems and Solar + storage in Israel Ultra-high Solar in Italy Solar in Poland Storage in Solar in Solar in Solar in the USA Solar + storage Storage in the USA Biogas Israel Total regulations voltage in Israel Poland Denmark Romania in the USA Technology PV + Stor
Slide 36: Notes
Notes 1 “Mature” – projects that are in commercial operation, ready for connection, under construction or in pre-construction and mature advanced development. See sections 1.5(a)-(e) of the Quarterly Report. 2 The total capacity of the income-generating systems owned by the Group companies, together
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