Doral Group Renewable Energy Resources Ltd · TASE:DORL
Doral Group Renewable Energy Resources — Q2 2023 Earnings Presentation
40 slides from Doral Group Renewable Energy Resources's earnings presentation, August 2023
Slide 1: Earnings Presentation Q2 2023 & H1 2023
Earnings Presentation | Q2 2023 & H1 2023 August 2023 Gvaram, solar and storage 1
Slide 2: Legal Disclaimer
Legal Disclaimer This presentation of Doral Group Renewable Energy Resources Ltd. (hereinafter - the It is clarified that the statements in this presentation include, from time to time, references to “Company”) was prepared as a general presentation about the Company’s activities; forecasts, evaluat
Slide 3: Doral snapshot
Doral snapshot Global development Project execution Developer DNA and 1,344 MWp | 1,551 MWh Greenfield development Under construction / Control across the entire value chain pre-construction4 Energy storage Innovation & technology Global leaders in energy storage Energy storage ,Green hydrogen & 2,2
Slide 4: Accelerated connections in the next eighteen months
Accelerated connections in the next eighteen months5 Geographic breakdown of predicted connected capacity by YE20244,5 0.15 0.5 GWp GWp 2.3 GWh 1.0 GWp 2.3 GWh 7.5x 1.6 GWp USA Israel Europe 4x Increase in storage capacity 1,336 1,645 MWh Increase in MWp solar capacity Current connected capacity2 83
Slide 5: Continued momentum
Continued momentum Growth of 228 MWh + 104 MWp in connected projects during the quarter2,5 ~NIS 3.5B of project debt facilities Construction momentum ~30% growth in H1 2023 for solar & storage projects in Israel5 continues vs. H1 20223,4 Signed MOU with Mizrahi Bank ~1.3 GWp + ~1.6 GWh under Across
Slide 6: Extensive construction in the US, Israel, and Europe
Extensive construction in the US, Israel, and Europe ~1,300 MWp + 1,600 MWh under construction and in pre-construction4 US Israel Europe 86% progress Completed Completed Completed Completed* Solar I 480MWp Solar & storage I 19.6MWp + 60.5MWh Solar & storage I 21.9MWp + 45MWh Solar & storage I 16MWp
Slide 7: Global pipeline
17.7 GWp Global pipeline 4,5 Solar (8.2 GWp) 13.5 GWp Storage 13.3 GWh 10.4 GWh (7.1 GWp) Mature pipeline1 2,278 MWh 2,937 MWp (1,537) (1,351) 1,240 MWp 656 MWh 1,192 MWp 422 MWh 1,344 MWp 1,551 MWh 401 MWp 305 MWh 2 connected Under construction / Tenders /PPAs In advanced Under Total global pre-con
Slide 8: Forecasted results for mature projects and electricity trading
Forecasted results for mature projects and electricity trading1,3,4,5 Over NIS 1.3 billion in revenues expected in 2026 689% 538% 471% Growth Growth Growth 1,302 Growth Growth Growth 1,103 (825) 855 (762) 685 (485) (417) 455 525 724 (301) (327) (486) 438 (249) 287 (176) 165 134 92 (76) (61) (41) 202
Slide 9: Macro trends and Doral's activity
Macro trends and Doral’s activity5,6 Decrease in lithium prices in the last year* (CNT/T) 650,000 Significant decrease in storage costs 475,500 - Over 1.3 GWh of storage units acquired from global leading producers 277,500 -71% - Significant decrease in prices of raw materials for storage equipment
Slide 10: Company's activity in Israel
Company’s activity in Israel Israel I US I Europe Kerem Shalom, solar and storage 10
Slide 11: Construction and connection momentum continues
Construction and connection momentum continues3,4,5 Bahan reservoir, dual use 519% 127% 444 % 288 % growth growth growth growth 1,957 1,983 859 (1,303) (1,321) 567 (637) (410) 497 852 870 317 (317) (510) (188) (498) 320 158 128 382 (71) (56) (188) (181) 2023 2024 2025 2023 2024 2025 2023 2024 2025 2
Slide 12: Credit facilities totaling approx. NIS 3.5B
MOU for the financing of solar & storage projects under Israel's new "Market Regulation" regime5 A consortium of lenders to be formed, led by Mizrahi Bank Credit facilities totaling approx. NIS 3.5B Approx. NIS 2B Approx. NIS 1.5B Senior debt for projects Additional facilities Project construction c
Slide 13: 2023: A turning point in energy storage
2023: A turning point in energy storage 4, 5 Yahel, solar & storage The power of energy storage Company’s mature Expected revenues storage pipeline1 from pipeline of mature1 storage-integrated solar facilities A solution to grid challenges (power outages) in Israel in Israel Rechannels green electri
Slide 14: Leading the green electricity market
Leading the green electricity market Significant pipeline of PPAs Supplying electricity to commercial customers through PV and storage facilities A leader in green Agreements with leading Skilled, advanced, active electricity supply consumers in the Israeli market trading system Sales of hundreds of
Slide 15: Doral-Agrovoltaics: from Planning to Practice
Experimental lot at Bar Ilan University Doral-Agrovoltaics: from Planning to Practice4,5 Future of solar in the Israeli market 11/2020 10/2021 01/2022 06/2023 Current Launch of Inauguration of Approval for Israel Authority’s decision to 4 first-of-their-kind Doral-Agro experimental lot construction
Slide 16: Company's activity in the US
Company’s activity in the US Israel I US I Europe Mammoth North, US 16
Slide 17: Trends and forecasts in the US market
Trends and forecasts in the US market5,6 Renewable-energy 61% growth in solar investments expected project connection in Cumulative 2023-2030 Utility Non Residential Residential to grow significantly the US expected by 2030 391 under the IRA due to the IRA 57 26 +61% 240 33 16 308 191 No IRACase IRA
Slide 18: Extensive deployment in leading US grids
Extensive deployment in leading US grids4,5 MISO NYISO ISO-NE 4,661 MWp 1,600MWh 700MWh PJM 3,066MWp 14.4GWp 7.4GWh 240MWh Total project capacity Total storage capacity SERC ERCOT SPP 200MWp 525MWp 5,476MWp 1,290MWh 3,420MWh 18
Slide 19: Mammoth Solar
Mammoth Solar4,5 One of the world’s largest solar projects: approx. 1,600 MWp Mammoth North substation construction Mammoth North, US work completed Mammoth North 480 MWp Expected completion of construction: end-2023 Expected commercial operation: H1 2024 Construction progress of Mammoth North Proje
Slide 20: Spotlight on advanced projects
Spotlight on 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) Approx. 525 MW + 340 MWh Approx. MW 60 Approx. MW 200 Households Powered by t
Slide 21: Company's activity in Europe
Company’s activity in Europe Israel I US I Europe Poland 21
Slide 22: Project pipeline in Europe
Project pipeline in Europe4,5 Denmark Poland 276 MWp 457 MWp 205 MWh 1,831MWp Total project capacity 205MWh Total storage capacity Italy Romania 459 MWp 538 MWp 22
Slide 23: Europe
Europe4,5 Romania Poland Denmark Italy Activated/ ready to connect/ Europe portfolio under construction/ pre- Advanced development Under development construction Technology Total capacity 152 MWp 811 MWp 100 MW 768 MWp 205 MWh Total projected construction costs 549 2,859 546 (NIS million) Total proj
Slide 24: Doral - Tech
Doral - Tech Doral’s Investment and Technology Arm 24
Slide 25: Doral-Tech Examples of investments
Doral-Tech Examples of investments Energy of Innovation 17 5 Portfolio Additional capital companies raising rounds in the portfolio during 2023 Approx. 175M USD Total amount raised by portfolio companies in 2023* Co-investors with Doral-Tech Approx. NIS 30 million Net finance income in H1 2023 From
Slide 26: Doral Hydrogen
Doral Hydrogen Green hydrogen – the fuel of the future 26
Slide 27: Green hydrogen
Green hydrogen The fuel of the future Significant increase expected in demand for hydrogen A clean alternative to fossil fuels High energy efficiency Ranges of expected xpected demand for hydrogen tthrough 2050 (industry, transportation, agriculture) Hydrogen in TWh (HHV) A necessary factor in the t
Slide 28: Doral Hydrogen activities at a glance
Doral Hydrogen activities at a glance5 Green hydrogen production and supply Green hydrogen project Green hydrogen project in Australia in Israel (Yotvata) • In partnership with Samsung • The first green hydrogen project in Israel and Infinity Fund • Collaboration with H2PRO • 11 MWp connected + 8 MW
Slide 29: Financial results H1 2023
Financial results H1 2023 29
Slide 30: Key Data H1 2023
Key Data +36% +29% +26% H1 20233,4 68 43 50 56 34 44 H1 2022 H1 2023 H1 2022 H1 2023 H1 2022 H1 2023 Project revenues Project EBITDA Project FFO 100%, in NIS million 100%, in NIS million 100%, in NIS million 600 +121% +122% +275% 215 Additional liquid 2,760 2,015 balances, short term7 3,652 Cash, ca
Slide 31: Renewable Energy Driven by People
RENEWABLE ENERGY DRIVEN BY PEOPLE office@doral-energy.com | www.doral-energy.com 31
Slide 32: Key Financials
Key Financials Key Consolidated Statements of Financial Position Data (in NIS million)3 June 30, 2023 June 30, 2022 December 31, 2022 Cash and cash equivalents 259.7 397.8 387.1 Other current assets 745.8 230.7 404.9 Non-current assets 2,832.4 1,236.1 2,551.0 Total assets Current maturities 104.2 97
Slide 33: Key Financials
Key Financials Key data from consolidated statements of income or loss and other comprehensive income Project data (based on 100%; in NIS million)3,4 (in NIS million)3 1-6.2023 1-6.2022 1-6.2021 IFRS Non-GAAP Revenues 68.5 50.5 34.8 Property, plant & equipment model | H1 2023 H1 2022 Q2 2023 Q2 2022
Slide 34: Systems ready for connection
Systems ready for connection4,5 Area Project Technology Feed-in Feed-in Feed-in tariff Total Total Expected Total Total Expected Investment Investment Annual Annual Annual Holding (2) (9) tariffs tariff 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 Feed-in Feed-in tariff Feed-in tariff Total Total Expected Total Total Expected Investment Investment Annual Annual Annual Holding (2) (5 (9) tariffs linkage period installed storage commercial projected construction levera
Slide 36: Systems under construction or in pre-construction (continued)
Systems under construction or in pre-construction (continued from prior slide)4,5 Area Project Technology Feed-in Feed-in in tariff Feed-in tariff Total Total Expected Total Total Expected Investment Investment Annual Annual Annual Holding (2) (9) tariffs linkage period installed storage commercial
Slide 37: Systems in advanced development phases with secured tariffs
Systems in advanced development phases with secured tariffs4,5 Area Project Technology Feed-in Feed-in tariff Feed-in tariff Total Total Expected Total Total Expected Investment Investment Annual Annual Annual Holding (2) (9) tariffs linkage period installed storage commercial projected construction
Slide 38: Additional systems in advanced development phases
Additional systems in advanced development phases4,5 Area Project Technology Feed-in Feed-inin tariff Feed-in tariff Total Total Expected Total Total Annual Annual Holding (2) (5) (5) (6) tariffs linkage period installed storage commercial projected construction income EBITDA rate (NIS/kWh, mechanis
Slide 39: Systems under development
Systems under development4,5 Types of systems Solar + Storage in Israel Storage in Ultra-high Solar in Italy Solar in Poland Storage in Solar in Solar in Solar + Storage in Biogas Total and regulation Israel voltage in Poland Denmark the US Storage in the US Israel Israel the US PV + Technology PV +
Slide 40: Comments
Comments 1 ”Mature” - projects under commercial operation, ready for connection, 5 The Company's estimates regarding the characteristics of the electricity 6 For further details regarding the business environment, see under construction or pre-construction and/or after winning tenders, or markets in
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