Doral Group Renewable Energy Resources Ltd · TASE:DORL
Doral Group Renewable Energy Resources — Q1 2024 Earnings Presentation
41 slides from Doral Group Renewable Energy Resources's earnings presentation, May 2024
Slide 1: Earnings Presentation Q1 2024
Earnings Presentation | Q1 2024 May 2024 Karmia,1solar 1
Slide 2: Legal Clarification
Legal Clarification This presentation from Doral Group Renewable Energy Resources Ltd. (hereinafter: “the Company”) was referring to a future event or matter, the realization of which is uncertain and not in the control of the Company prepared as a general presentation about the Company’s activities
Slide 3: Doral Snapshot
Doral Snapshot4,5 6 Global development 1,027 MWp + 637 MWh Project execution 6 Greenfield developer DNA Connected2 1,002 MWp | 1,213 MWh 6 Control across the entire value chain: In the U.S., Israel and Europe Under construction & developers, EPC, O&M, electricity in pre-construction production and t
Slide 4: 2024: Momentum in all fields of activity
2024: Momentum in all fields of activity Growth in quarterly Momentum in connections High yields5 Doral has secured the results4 and construction4,5 equity to construct its mature pipeline5, 13 Significant increase 1,027 MWp + 769 MWh ~35% increase in PPA tariffs of compared to the corresponding Ind
Slide 5: Global pipeline
Solar Global pipeline 4,5 17.1GWp Storage (8.1 GWp) 13.1 GWp 14.6 GWh 10.5 GWh (8.0 GWh) Mature pipeline1 2,489 MWh 2,871 MWp (1,712) (1,356) 1,074 MWp 1,557 MWh 842 MWp 506 MWh 1,002 MWp 1,213 MWh 1,027 MWp 769 MWh Connected2 Under Mature advanced Additional Under Total global construction / in dev
Slide 6: Forecasted results for mature projects and electricity trading
Forecasted results for mature projects and electricity trading1,4,5 Over ILS 1.5 billion in revenue expected in 2026 248% 279% 265% 1,500-1,600 (1,204-1,289) 1,067-1,167 795-870 (864-949) (564-627) 506-566 549-624 (382-433) 600-650 (390-453) 361-421 (465-508) (272-323) 280-317 (175-207) 187-217 (122
Slide 7: Contribution of mature pipeline in first year
Contribution of mature pipeline in first year1,4,5 On track to income-generating ~3 GWp + 2.5 GWh 1,872 (1,391) 1,091 (716) 598 (412) 652 366 (456) (225) 223 (146) Mature Connected2 Mature pipeline Connected2 Mature pipeline Connected2 pipeline Revenues EBITDA FFO (annual, ILS millions) (annual, ILS
Slide 8: Operations in Israel
Operations in Israel Israel | USA | Europe Reshafim solar power and storage facility 8
Slide 9: The Israeli market as a growth driver
The Israeli market as a growth driver5 Diversified opportunities in the renewable energy market Substantial increase in land Market regulation takes effect available for solar projects9 and bilateral transactions11 are facilitated Regulations enable higher margins Significant acceleration in the Sup
Slide 10: High returns and control of the entire value chain
Market Regulation projects in Israel4,5 Effective return High double-digits High returns and control of the entire value chain High double- digit % Profits from control of entire value chain Leverage + ~ 500MWp + ~2,000 MWh Electricity trade + Market Regulation pipeline* Development spread (reflecti
Slide 11: Doral's power supplier
Doral’s power supplier Leaders in providing ~ILS 60 million green electricity Hundreds of millions of KWh Forecasted annual EBITDA sold in 2024 already from supplying power from mature pipeline1 Premium on green electricity Mature4 Agreements with Managing and leading consumers in optimizing the mar
Slide 12: Doral Agrovoltaics: realizing the vision
Experimental lot at Bar Ilan University Doral Agrovoltaics: realizing the vision4,5 Future of solar power in the Israeli market 11/2020 10/2021 01/2022 06/2023 Today Doral-Agro Inauguration of the Approval for Israel Authority’s decision to 4 first-of-their-kind launches operations experimental lot
Slide 13: Operations in USA
Operations in USA Israel | USA | Europe Indiana North, USA 13
Slide 14: The AI momentum in the USA will generate record demand for renewable energy
The AI momentum in the USA will generate record demand for renewable energy* ~$20B ~47GW 15% Expected investments Required capacity 2023-2030 CAGR in renewable energy to to meet power demands expected increase in power meet power demands 40% of which demand due to setting up from renewable energy of
Slide 15: Doral LLC is a US market leader
Doral LLC is a US market leader5 10 largest owners of planned US solar installations, 2024-2028 (MW) NextEra Energy Inc. Électricité de France SA Origis Energy USA Inc. Invenergy LLC Hecate Energy LLC Avantus LLC Repsol SA 6.8 GWh 13 GWp AES Corp. Doral Group Renewable Energy Resources LTD Project d
Slide 16: Indiana Project (Mammoth)
Indiana Project (Mammoth)5 Indiana South and Center2 Indiana North 720 MWp 480 MWp ~35% increase in the electricity rate Preparing to launch commercial following the update to the PPAs operation in the coming months Indiana North, USA 16
Slide 17: Doral LLC raises $400 million
Doral LLC raises $400 million13 Investor $400 million raised A leading international pension Minority common equity investment management body Pro-rata participation in the provision of guarantees Ensuring equity required for Diversification of the Company’s a significant project pipeline sources of
Slide 18: Stages of the deal
Stages of the deal13 Transaction Investment of $400 million (minority common equity) 1 closing date Next financing The investor’s holdings will amount to 30%–49% depending 2 round (including Adjustment IPO) on the next financing round14 date Value The value of Doral and Migdal’s holdings will be adj
Slide 19: Spotlight on other advanced projects
Spotlight on other 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) ~520 MW ~62 MW ~210 MW Status Approved statutory plan Building permit s
Slide 20: Operations in Europe
Operations in Europe Israel | USA | Europe Poland 20
Slide 21: Project pipeline in Europe
Project pipeline in Europe4,5 Italy 214 MWp Romania Poland Denmark 530 MWp 620 MWp 250 MWh 459 MWp 267MWp Mature pipeline1 ~ILS 661 million illion projected construction costs 1,826 MWp Total project capacity ~ILS 94 million llion Project revenues* 250 MWh Total storage capacity ~ILS 69 million llio
Slide 22: Spotlight on advanced projects in Europe
Spotlight on advanced projects in Europe4,5 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 20
Slide 23: Doral Tech
Doral Tech Doral’s innovation and technology arm 23
Slide 24: Doral Tech: Energy of innovation
Doral Tech 5 Energy of innovation Exposure to groundbreaking Research and development technologies Creating a business development Establishing strategic collaborations competitive edge with academic research institutes through market research, sourcing of and promoting innovation technologies, crea
Slide 25: Doral Tech
Doral Tech Energy of innovation 8 Additionall capital cap raising 18 Portfolio olio com companies rounds In the portfolio in 2023 ~34.5 Million shekels ~660 Million dollars Net financing income in Total raised in 2023* 2023** * By portfolio companies: 6 equity investments and 2 investments via SAFE/
Slide 26: Doral Hydrogen
Doral Hydrogen Green hydrogen – the fuel of the future 26
Slide 27: Green hydrogen – the fuel of the future
Green hydrogen – the fuel of the future A clean alternative to fossil fuels High energetic efficiency (industry, transportation, agriculture) Demand for hydrogen is expected to increase significantly Ranges of expected demand for hydrogen through 2050 Crucial to the transition to Facilitates long-te
Slide 28: Doral Hydrogen activities at a glance
Doral Hydrogen activities at a glance5 Green hydrogen production and supply Development of green hydrogen Green hydrogen project in Israel facilities in Spain (Kibbutz Yotvata) • Development of ventures for the production • The first green hydrogen project in Israel of hundreds of MW of green hydrog
Slide 29: Review of financial results for Q1 2024
Review of financial results for Q1 2024 29
Slide 30: Principal financial data
+5.7% Principal financial data3 5,059 Principals of the consolidated statements of financial position 4,788 (ILS millions) 31.3.2024 31.3.2023 31.12.2023 Cash and cash equivalents 408.9 317.2 543.9 31.12.2023 31.03.2024 Other current assets 425.8 499.5 392.8 Cumulative investments in projects Non-cu
Slide 31: Renewable Energy Driven by People
RENEWABLE ENERGY DRIVEN BY PEOPLE office@doral-energy.com | www.doral-energy.com 31
Slide 32: Principal financial data
Principal financial data Principals of the consolidated statements of profit or loss and other comprehensive income (in Project data (reflecting 100%, in ILS millions)3,4 ILS millions)3 IFRS Non-GAAP 1-3.2024 1-3.2023 1-12.2023 1-3.2024 1-3.2023 1-12.2023 Fixed asset model | Proportionately consolid
Slide 33: Commercially active projects
Commercially active projects4,5 Regulations Bid processes for Feed-in tariffs Bid processes for Bid processes for PV facilities Ground-mounted Systems Systems ground facilities roof installations Net meter Wind Biogas Total combining systems in Poland connected up to connected and other and reservoi
Slide 34: 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 35: Systems under construction or in pre-construction
Systems under construction or in pre-construction4,5 Area Project Technology Guarantee Guaranteed Guaranteed Total Total Projected Total Total Projected Investme Investment Annual Annual Annual Percentag d tariffs tariff linkage tariff period installed storage commercia projected invested leverage n
Slide 36: Systems under construction or in pre-construction (continued)
Systems under construction or in pre-construction (carried over from previous slide) 4,5 Area Project Technology Guarantee Guaranteed Guaranteed Total Total Projected Total Total Projected Investme Investment Annual Annual Annual Percentage d tariffs tariff linkage tariff period installed storage co
Slide 37: Systems in advanced mature development phases
Systems in advanced mature development phases4,5 Area Project Technology Guarantee Guaranteed Guaranteed Total Total Projected Total Total invested Projected Investment Investment Annual Annual Annual Percentage d tariffs tariff linkage tariff period installed storage commercial projected constructi
Slide 38: Additional systems in other advanced development phases
Additional systems in other advanced development phases4,5 Area Project Technology Guaranteed Guaranteed tariff Guaranteed Total Total Projected Total Total invested Annual Annual Percentage tariffs linkage tariff period installed storage commercial projected construction revenues EBITDA holding (IL
Slide 39: Systems in development
Systems in 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 USA Solar + Storage in USA Biogas Israel Total and regulations Israel voltage in Poland Denmark storage in Israel USA Technology PV + Storage Storage
Slide 40: Notes
Notes 1 “Mature” – projects that are in commercial operation, ready for connection, under construction or in pre- power sectors, the progression of pandemics, or the presence of any of the risk factors listed in section . of the construction and mature advanced development. See sections 1.4.2 throug
Slide 41: Notes
Notes 13 The information presented in slides 17 and 18 and in endnotes 14–16 below, including as regarding the 'Qualified Investment' only (as opposed to an IPO), as a result of which the investor's holdings would parties’ engagement in a binding agreement and its terms, the establishment of an equi
Doral Group Renewable Energy Resources — Q1 2024 Earnings Presentation on 6ix