Econergy Ltd · TASE:ECNR
Econergy — Econergy Renewable Energy — Q4 2024 Earnings Presentation
44 slides from Econergy's earnings presentation, March 2025
Slide 1: Econergy Renewable Energy Capital Market Presentation 2024
Econergy Renewable Energy Capital Market Presentation | 2024 March 2025
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 Leveraging the competitive advantage as a leading developer in Europe to become a significant European IPP Rapid Project Deployment Significant Revenue Growth Diverse and Robust 512MW €56M(1) Project Pipeline Projects in commercial opera
Slide 4: 2024 Snapshot – A Pivotal Year
2024 Snapshot – A Pivotal Year Construction Solid Financial Key Surge Foundation Agreements • Increase from 159MW at the end of • Increase RGreen's stake to 28% with • Partnership with Phoenix in six 2023 to 512MW at the end of 2024 an investment of €50M, at a valuation projects in Poland and Romani
Slide 5: Local Developer – Key Advantage and Financial Flexibility
Local Developer – Key Advantage and Financial Flexibility Econergy’s local presence Econergy has a significant pipeline of development projects in each operating market and is fully owned by the company. Approximately 80% of the company’s employees are based in the active markets. Strong Financial a
Slide 6: Maximizing Value as a Local Developer – A High-Return Model
Maximizing Value as a Local Developer – A High-Return Model Value Creation Local Management Significantly High Econergy – Local Developer Bringing in a Strategic Revenue from EPCm Services Returns Partner for Project and Asset Management (AM) Average Return Higher Than Low Development and Market Sta
Slide 7: Connected, under construction, and highly certain to start by EOY 2025
Connected, under construction, and highly certain to start by EOY 2025(2) Total Connected Projects, ready to Projects expected connect and/or Under construction Connected Under to begin and expected to begin construction by Projects and Construction construction by the end of 2025 ready to connect P
Slide 8: Strategically Positioned for 2025 Execution
Strategically Positioned for 2025 Execution(2) Privet IPO €10M Projected Financial Refinance Performance for a €30M Representative Year – 1 Finalized key Bond Electricity Sales Only* financial transactions Issuance in Q4/24, ahead of €85M the report date, 208M€ €153M complementing existing Revenues
Slide 9: Parau 2 | Romania's Flagship Project for 2025
Parau 2 | Romania’s Flagship Project for 2025, Construction Underway)2( 325MW Installed PV capacity Project status Co-location + 150MW Construction Start: Q3/25 Grid Connection Target: Integrated PV project with 150MW of BESS €50M Expected Annual Co-located BESS H1/27)20( Revenue)9,10( €280M Total p
Slide 10: Supporting Corporate Growth Through Capital & Financing
Supporting Corporate Growth Through Capital & Financing Funding Financial Capital Key agreement terms date partner raised Equity & • Equity Raising through IPO and Convertible Bond Issuance. Bond Issuanc • Capital Investment in Econergy UK subsidiary at a pre- money valuation of €350M. 2021-2023 €50
Slide 11: Financial Strength: Securing Project Financing
Financial Strength: Securing Project Financing Installed Total Financial Country Project’s name Technology Status Financial Entity Capacity Funding closing date Romania Ratesti PV 155MW In Commercial Operation €60M H2-2023 UK Swangate BESS 50MW In Commercial Operation €33M H2-2024 Poland Resko PV 52
Slide 12: Optimizing Financial Stability – Long-Term Energy Sales Agreements
Optimizing Financial Stability – Long-Term Energy Sales Agreements Romania UK Poland Parau 2 | 325MW – CFD Tender Success Strategic Government Tender Win – PPA for Resko Project – 52MW • Secured 125MW (AC), the largest awarded Swangate (50MW) & Immingham (80MW) • 19-year agreement with a leading cap
Slide 13: Econergy UK Results – 72% Company Stake
Projected Business Performance by Development Stages Econergy UK Results – 72% Company Stake, in €M Projected Financial Performance from Electricity Sales Only Projects under license Revenues(9,10) FFO Representative Year Projects approaching EBITDA construction Based on EOY 2025 63 Connected & Unde
Slide 14: Pipeline overview
ww Pipeline overview
Slide 15: Geographic Presence and Development Stages
Geographic Presence and Development Stages Poland UK 36 projects 26 projects 2,257 MW Romania 4,615 MW 1,401MW 24 projects 4,044MW Projects in early development 756MW 331MW 48MW 52MW 2,253MW Projects under license 70MW 52MW 352MW 120MW Projects approaching construction 714MW 50MW Projects under cons
Slide 16: Econergy's total project pipeline | Q4/2024
Econergy’s total project pipeline | Q4/2024 PV and wind capacity, MW Storage capacity, MWh Of the total projects under license, 376MW of PV and Wind plus 179MW of storage, are expected to begin construction by the end of 2025(2) 7,803MW 13,447MW Rapid deployment by 2024: Connection of the first stor
Slide 17: A Balanced Project Portfolio Including Wind, PV, and Energy Storage
A Balanced Project Portfolio Including Wind, PV, and Energy Storage Operational and Under Operational and Under Construction Project pipeline (GW) Construction projects status (MW) projects status (MW)(2) Expected by the End End of 2024 of 2025 Energy Energy Wind Wind Storage Storage 14 Energy 0.7 1
Slide 18: Macro Trends
Ww Macro Trends
Slide 19: Material future growth in Electricity demand in the coming decade
Material future growth in Electricity demand in the coming decade(2) Data Center, Electrolysis & EVs drive EU electricity consumption in the coming decade EU power demand (TWh) Historical Projected(12) 5,000 4,470 4,500 +36% Storage load 4,000 3,188 3,297 Heat pumps Electrolysis 3,500 EVs Data cente
Slide 20: The Storage sector is a key growth engine in the company's activity
The Storage sector is a key growth engine in the company’s activity|2025 Macro factors supporting the development of storage projects in Europe: Electricity generation (TWh) Greater penetration of The trend of increasing renewables in Europe Ulta-low and negative Solar Versus a decline in gas and co
Slide 21: The Renewable Energy Market | Macro landscape and trends
The Renewable Energy Market |Macro landscape and trends)2( European Solar PV electricity prices Poland Solar PV Electricity Price Italy Solar PV Electricity Price Romania Solar PV Electricity Price are expected to decrease in the Forecast (Euro per 1 MWh)(13) Forecast (Euro per 1 MWh) (13) Forecast
Slide 22: Projects connected, under construction, and expected to begin construction by the end of 2025
Projects connected, under construction, and expected to begin construction by the end of 2025 22
Slide 23: Romania | Connected, Ready to be connected, and under construction projects
Romania | Connected, Ready to be connected, and under construction projects Connected, ready to connect and under A leading IPP in Romania, with a substantial development construction projects pipeline exceeding 2GW and commercial operation of the largest project in the country, Ratesti total capaci
Slide 24: Romania | Connected Projects, ready to connect and/or Under construction
Romania | Connected Projects, ready to connect and/or Under construction – Financial data in €M, In terms of 100%(2) Connected Projects Projects ready to connect and/or Under construction Total Project Iancu Mircea Ratesti Parau Scurtu Mare Oradea Baneasa Bobicesti Melinesti Ovidiu Rosiori name Jian
Slide 25: UK | Projects Ready to be connected and under construction
UK | Projects Ready to be connected and under construction Swangate‘s Commercialization - Operation of the company's first BESS Project with 50MW capacity. Scotland Building Momentum in Storage – Two Storage projects are in Under Construction status, Immingham and Dalmarnock, total installed capacit
Slide 26: UK | Connected Projects, ready to connect and/or Under construction
UK | Connected Projects, ready to connect and/or Under construction - Financial data in €M, In terms of 100%(2) Grid-ready and/or Under Connected Projects Total construction Project name Swangate Dalmarnock Immingham Energy Storage 50 40 80 170 Capacity(MWh) Holding(17) 100% 100% 100% Total construc
Slide 27: Poland | Projects under constructions
Poland | Projects under constructions The Resko project - This 52MW project, which is in ready-to- connect status, is expected to connect in Q2/2025(2), marking the first in Poland's development pipeline of 2.2GW. First VPPA - Signing with a major multinational corporation - for 19- years for 75% of
Slide 28: Poland | Ready-to-connect project
Poland | Poland Ready-to-connect project Financial data in €M, In terms of 100%(3) Ready-to-connect project Project name Resko Installed Capacity (MWp) 52 Holding(17) 51% Resko,52MWp Total construction cost(18) 44.6 Representative year's 4.8 Revenues(10) Representative year's 3.9 Ebitda(19) Expected
Slide 29: Italy | Connected, Ready to connect, and under construction projects
Italy | Connected, Ready to connect, and under construction projects Leini Doneddu Rivarolo 8 projects totalling 19MW, out of a Pipeline of over 2GW under 6MW 11MW development, will be connected until the end of 2025(2). nnect co ed Grid- Storage - Launch of the first storage projects in the Italian
Slide 30: Italy | Connected Projects, ready to connect and/or Under construction
Italy| Connected Projects, ready to connect and/or Under construction Financial data in €M, In terms of 100%(2) Projects ready to connect Connected Projects and/or Under construction Total Project name Cluster of 7 Projects Cluster of 3 Projects Installed Capacity (MWp) 20.6 9 29.6 Holding(17) 50%-1
Slide 31: Project connection forecast based on existing pipeline
Project connection forecast based on existing pipeline Based on the Company’s 14GW PV, Wind and Storage development pipeline, and according to probabilities for success completing the development process that the Company published in its reports, projects connection and ready to connect forecast unt
Slide 32: 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 33: Appendices
Appendices 33
Slide 34: Company Structure Incl. Strategic Partners Investments
Company Structure Incl. Strategic Partners Investments Econergy Renewable Energy Ltd. – TASE:ECNR 72% Infragreen Fund Invested €87.5m for 20% stake Econergy International Limited UK Based on €350m pre-money co. valuation. (Holding Company) 28% Additional investment of €50m for a holding of up to 28%
Slide 35: Electricity prices estimated according to technology
Electricity prices estimated according to technology(21) Storage Expected Market prices in the first Country Duration, price 10 years of operation Hours 2025((22) MIN(23) MAX(23) Italy Wind €/MWh 81 82 102 Italy PV €/MWh 77 65 93 Italy BESS €/Kw/year 2 101 71 101 UK PV €/MWh 84 72 87 UK BESS €/kW/ye
Slide 36: Financial Statements Summary – Consolidated Balance Sheet
Financial Statements Summary –Consolidated Balance Sheet as of 31 December 2024 )€K( 31.12.2023 31.12.2024 Total current assets 76,806 220,239 Total non-current assets 295,332 564,433 Total assets 372,138 783,672 Total current liabilities* 155,134 198,462 Total non-current liabilities 80,146 372,965
Slide 37: Under construction and ready to connect projects
Under construction and ready to connect projects(2) Financial data in €K Country Project’s name Technolog Installed Company’s Year of Expected Initial full Validity of Secured Company' Partner’s Total Total Shareholder Shareholder Project Expected KWh/ Predicted first full five-year operation outcom
Slide 38: Under construction and ready to connect projects
Under construction and ready to connect projects(2) Financial data in €K Country Project’s name Technolo Installed Company’ Year of Expected Initial full Validity of Secured Company' Partner’s Total Total Shareholder Sharehold Project Expected KWh/ Predicted first full five-year operation outcomes (
Slide 39: Projects approaching construction
Projects approaching construction(2) Financial data in €K Country Project’s name Technology Installed Company’s Year of Expected Initial full Validity of Secured Company' Partner’s Total Total Shareholder Shareholder Project Expected KWh/ Predicted first full five-year operation outcomes (27) Capaci
Slide 40: Projects that are expected to start construction during 2025
Projects that are expected to start construction during 2025(2) Financial data in €K Country Project’s name Technology Installed Company’s Year of Expected Initial full Company's Partner’s equity Total estimated Total construction Expected KWh/ Predicted first full five-year operation outcomes (27)
Slide 41: Projects that are expected to start construction during 2025
Projects that are expected to start construction during 2025(2) Financial data in €K Country Project’s name Technology Installed Company’s Year of Expected Initial full Company's Partner’s Total estimated Total Expected KWh/ Predicted first full five-year operation outcomes (27) Capacity share)24( C
Slide 42: Footnotes
Footnotes Excluding Resko project in Poland, Revenues are calculated based on the assumption of 1. The forecast reflects the share of the subsidiary “Econergy International Limited UK” in transactions for the purchase of electricity set at a fixed price (PPA) for a period of 10 years which the compa
Slide 43: Footnotes
Footnotes 22. Revenues are calculated based on the assumption of transactions for the purchase of electricity set at a fixed price (PPA) for a period of 10 years from the first full year of operation and for 70% of the capacity, and the rest at expected market prices according to the Company's marke
Slide 44: Thank You!
Thank You!
Econergy Renewable Energy — Q4 2024 Earnings Presentation on 6ix