Doral Group Renewable Energy Resources Ltd · TASE:DORL
Doral Group Renewable Energy Resources — Q2 2024 Earnings Presentation
40 slides from Doral Group Renewable Energy Resources's earnings presentation, August 2024
Slide 1: Earnings Presentation | Q2 2024
Earnings Presentation | Q2 2024 August 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: Q2 2024 Highlights
Q2 2024 Highlights Construction & connections H1 2024 Growth3,4 U.S Business Developments Major Financing Agreements Momentum4,5 121 MWp + 283 MWh H1 2024 results compared to H1 2023: Binding agreement with APG for a $400 ~ILS 2.25 billion commercially operated in Q2 million equity investment Financ
Slide 4: Doral's Growth Engines
Doral’s Growth Engines5 Israel USA – Doral LLC Additional growth engines Current construction rate projected Among the Top 10 solar developers* Renewable energy in Europe to persist through 2026-20285 Constructing USA's largest solar project Poland, Romania, Denmark and Italy Doral Tech: exposure to
Slide 5: Global Pipeline
Global Pipeline4,5 17.7 GWp (6.2 GWp) 17.2 GWh 11,367 (8.9 GWh) 11,180 3,038 Mature pipeline1 2,160 3,247 MWp 3,864 MWh (1,420 MWp) (2,639 MWh) 485 1,888 1,726 1,187 1,037 789 Connected2 Under construction / in Mature advanced Additional advanced Under Total global pre-construction development devel
Slide 6: Forecasted Results for Mature Projects and Electricity Trading
Forecasted Results for +328% +343% +304% Mature Projects1 and Electricity Trading4,5 1,500-1,650 Over ILS 1.5 billion revenue (1,262-1,405) expected in 2026 1,047-1,197 (845-988) 724-848 (538-657) 474-551 The Company moves full steam ahead with 525-649 (364-437) construction in Israel despite the ef
Slide 7: Mature Pipeline Contribution in the First Year
Mature Pipeline¹ Contribution in the First Year4,5 On track to income-generating ~3.25 GWp + 3.85 GWh 2,351 (1,784) 1,371 (918) 583 (392) 830 (585) 380 260 (231) (171) Mature Connected2 Mature pipeline Connected2 Connected2 Mature pipeline pipeline Revenues FFO EBITDA (annual, ILS millions) (annual,
Slide 8: Israel Operations
Israel Operations Israel | USA | Europe Bachan 8
Slide 9: Doral – Israel's Leading Renewable Energy Company
Doral – Israel's Leading Renewable Energy Company5 2026-2028 Current construction pace With the Largest Solar and Storage Pipeline projected to persist through 2026-20285 Accelerated business development 45% • Partnerships with close to 240 kibbutzim • Over 30 square kilometers of land in various pl
Slide 10: Financial Closing of Solar and Storage Market Regulation Projects
Financial Closing of Solar and Storage Market Regulation Projects 5 ~ 2.25 billion ILS Cr dit facilities fr Credit from a consortium of lenders headed by Mizrahi Bank* ~1.75%-2.75% margin ~ILS 1.8 billion senior debt On interest on 20-year government bonds For projects with total construction cost o
Slide 11: Israeli Market Regulation Projects at Doral
Israeli Market Regulation Projects at Doral4,5 Effective return High returns and control across the value chain High double-digit % Leverage + Electricity trade + Profits from Development ~800MWp + ~3,300MWh spread control across the value chain Market regulation* mature pipeline1 + EPC (reflecting
Slide 12: 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 trader Forecasted annual Agreements Optimizing with leading electricity trading EBITDA4 consumers Hundreds of millions of Customer diversity
Slide 13: Revadim: Launch of Israel's First Commercial Agro Project
Revadim: Launch of Israel’s First Commercial Agro Project June 2024 Commercial operation 10 MWp I 40MWh Installed capacity Avocado Revadim Crops Supply of green electricity The site is designed to produce green electricity for Melisron5 13
Slide 14: Spotlight on the Hadarei She'an Project
Spotlight on the Hadarei She’an Project4,5 One of Israel’s largest solar and storage projects Incorporation of HV & Financing Agreements UHV Regulations totaling ILS 0.5 billion with Mizrahi Bank and Bank Leumi* Partnership Status: under construction with 11 kibbutzim Commercial operation expected i
Slide 15: U.S. Operations
U.S. Operations Israel | USA | Europe Indiana North, USA 15
Slide 16: Doral LLC: Leading Player in the U.S. Market
Doral LLC: Leading Player in the U.S. Market5 Doral LLC ranked among the top 10 U.S. solar developers* Shell 4,289 Doral 4,598 AES 5,125 Repsol 5,638 Avantus 5,697 Hecate Energy 7,977 Invenergy 8,711 Origis Energy 9,219 6.35 GWh 13.5 GWp EDF 10,991 Project development Total storage Total project Nex
Slide 17: Major Developments – Indiana Project (Mammoth)
Major Developments – Indiana Project (Mammoth)5 Capacity auction at PJM PPA tariffs improve for 1.1 GWp Indiana North Improvement in the PJM Double-digit rate of improvement in PPA Interconnection process capacity auction for the years tariffs for Indiana South and Center II2 in in advanced stages.
Slide 18: AI expansion in the USA generates unprecedented demand for renewable energy
AI expansion in the USA generates unprecedented demand for renewable energy* Significant business opportunity for Doral LLC Major Competitive Advantage for Doral LLC ~$20B ~47GW 15% Access to land and reserved Expected investments Required capacity CAGR 2023-2030 interconnection capacity are in rene
Slide 19: Doral LLC Raises $400 million from APG
Doral LLC Raises $400 million from APG10 Definitive agreement signed* The investor - APG $400 million raised A leading international pension Minority common equity investment manager with more Pro-rata participation in the than € 560 billion AUM provision of capital and guarantees Securing equity re
Slide 20: Transaction Stages
Transaction Stages10 1 Transaction Investment of $400 million (minority common equity) closing date Next financing 2 round The investor’s holdings will adjust to 30%-49% Adjustment depending on the next financing round10 date (incl. IPO) Value 3 protection The value of Doral and Migdal’s holdings wi
Slide 21: ~$340M Projected Annual EBITDA for Doral LLC
~$340M Projected Annual EBITDA for Doral LLC4,5 From mature projects1 and advanced development $ 340M~ Sample market multiples *Run rate EBITDA Deal/ EV/EBITDA Date company multiple 208 KKR/ 3/24 15.8X **Encavis Brookfield/ 5/24 17X **Neoen 73 8/24 ***AES 14.52X 24 25 6 Great Mammoth North Mammoth S
Slide 22: European Operations
European Operations Israel | USA | Europe Poland 22
Slide 23: Project Pipeline in Europe
Project Pipeline in Europe4,5 206 MWp Romania Poland Italy Denmark 245 MWp 569 MWp 250 MWh 459 MWp 267MWp Mature pipeline1 623 Million ILS IL Projected construction costs 1,539 MWp Total project capacity 87 Million llion IILS Project revenues* 250 MWh Total storage 62 Million llion IILS capacity Pro
Slide 24: Spotlight on Advanced Projects in Europe
Spotlight on Advanced Projects in Europe5 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 2023
Slide 25: Doral Tech
Doral Tech Doral’s innovation and technology arm 25
Slide 26: Doral Tech
Doral Tech5 Energy of innovation Exposure to groundbreaking Financing income technologies Creating a business development Upwards of ILS 30 million competitive edge net financing income in the through market research, sourcing of technologies, creation of business first half of 2024 opportunities an
Slide 27: Investment Spotlight: Ascend Elements
Investment Spotlight: Ascend Elements Valuation soars and substantial capital raised Estimated value ($M) Cumulative capital raised since 2021 ($M) The company's value has grown 38x Capital raised and grants – cumulative ($M) since Doral Tech’s initial investment in March 2021 Innovative Hydro-to-Ca
Slide 28: Financial Results
Financial Results 28
Slide 29: Key Financial Data
+19.7% Key Financial Data3 5,729 Key Highlights of the Consolidated Financial Statements (in ILS millions) 4,788 30.6.2024 30.6.2023 31.12.2023 Cash and cash equivalents 512.3 259.7 543.9 Other current assets 635.1 745.8 392.8 31.12.2023 30.06.2024 Non-current assets 4,357.2 2,832.4 3,588.7 Cumulati
Slide 30: Renewable Energy Driven by People
RENEWABLE ENERGY DRIVEN BY PEOPLE office@doral-energy.com | www.doral-energy.com 30
Slide 31: Key Financial Data
Key Financial Data3 Key Highlights of the Consolidated Financial Statements (in ILS millions) Project data (reflecting 100%, in ILS millions) IFRS Non-GAAP 1-6.2024 1-6.2023 1-12.2023 Fixed asset model | Proportionately consolidated 1-6.2024 1-6.2023 1-12.2023 projects Revenues 87.3 68.5 140 Revenue
Slide 32: Commercially Operated Projects
Commercially Operated Projects4,5 Regulation Bid processes for PV Feed-in tariff Bid processes for feed-in Regulation PV facilities Ground-mounted Systems Systems facilities combining Net meter Sundry Total tariff PV facilities combining storage systems in Poland connected up to connected after stor
Slide 33: 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 commercia projected construction leverage nt rate – balance / reven
Slide 34: Systems Under Construction or Pre-Construction
Systems Under Construction or Pre-Construction4,5 Area Project Technolog Guarantee Guaranteed Guaranteed Total Total Projected Total Total Projected Investme Investment Annual Annual Annual Percentage y d tariff tariff linkage tariff period installed storage commercia projected invested leverage nt
Slide 35: Systems Under Construction or Pre-Construction (carried over)
Systems Under Construction or Pre-Construction (carried over from previous slide) 4,5 Area Project Technolog Guarantee Guaranteed Guaranteed Total Total Projected Total Total Projected Investme Investment Annual Annual Annual Percentage y d tariffs tariff linkage tariff period installed storage comm
Slide 36: Systems in Advanced Mature Development Phases
Systems in Advanced Mature Development Phases4,5 Area Project Technolog Guaranteed Guaranteed Guaranteed Total Total Projected Total Total invested Projected Investme Investment Annual Annual Annual Percentage y tariffs tariff linkage tariff period installed storage commercial projected construction
Slide 37: Additional Systems in Advanced Development Phases
Additional Systems in 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 holding
Slide 38: Systems in Development
Systems in Development4,5 Types of systems Solar + storage in Israel Ultra-high Solar in Italy Solar in Poland Storage in Solar in Solar in Solar in the Solar + Storage in the Biogas Israel Total and regulations voltage in Poland Denmark Romania USA storage in the USA Israel USA Technology PV + Stor
Slide 39: 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
Slide 40: Notes
Notes 11 On the closing date of the transaction, the investor will be allocated 40% of the participation units in Doral LLC, and its percentage holding will be adjusted to 30%-49%, depending on the MOIC applied to the investor's original investment, as reflected in the pre-money valuation derived fr
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