Doral Group Renewable Energy Resources Ltd · TASE:DORL
Doral Group Renewable Energy Resources — FY2022 Earnings Presentation
35 slides from Doral Group Renewable Energy Resources's earnings presentation, March 2023
Slide 1: Investor Presentation | Q4 and FY 2022
Investor Presentation | Q4 and FY 2022 March 2023 HOLIT SOLAR PV AND STORAGE FACILITY
Slide 2: Legal clarification
Legal clarification This slide deck from Doral Renewable Energy Resources Group Ltd. (hereinafter to a future event or matter, the realization of which is uncertain and not under the the “Company”) was prepared for a general presentation about the Company’s control of the Company and/or the group an
Slide 3: Continued growth and performance momentum
Continued growth and performance momentum4,5 ILS 1.07 billion net profit in 2022 Leading in Energy Storage “YAHEL” SOLAR POWER AND STORAGE FACILITY • ILS 1.96 Billion Shareholders equity • 2,300 MWh of mature pipeline • 73% Capital to Balance Sheet ratio (solo) ILS 675 million in Revenues Leaders in
Slide 4: Global pipeline
Global pipeline2,4,5 18.6 GWP (8,588) Storage 14.8 GWp 13.1 GWh 10.2 GWh (6,702) Solar PV Mature pipeline1 2,876 MWp 2,262 MWh (1,290) (1,385) 884 MWp 643 MWh 1,174 MWp 550 MWh 1,429 MWp 1,669 MWh 274 MWp 43 MWh Connected1 Under Winning Advanced Under Total global Construction / competitive Bids Dev
Slide 5: Predicted results from mature projects
Predicted results from mature projects1,4 Over ILS 1.3 Billion in expected revenues from our mature pipeline Power Revenues EBITDA FFO (MWp/MWh) (in ILS Millions) (in ILS Millions) (in ILS Millions) 2,876MWp (1,290) 1,352 993 637 (759) (518) (360) 2,262MWh (1,385) * Figures reflect systems outputs,
Slide 6: Predicted results from mature projects
Predicted results from mature projects1,4,7 Over ILS 1.1 Billion of expected revenues in 2025 922% 803% 659% Growth Growth Growth 1,115 grow t h grow t h grow t h (650) 804 (431) 675 539 (424) 452 (312) (250) 326 177 145 (192) 109 89 71 111 (82) (67) (51) (50) (40) (32) 2022 2023 2024 2025 2022 2023
Slide 7: Global market Macro trends and Doral operations
Global market Macro trends and Doral operations5,6 A significant downward trend in PV Panels Distribution of lithium prices* and storage prices - Maintaining projects profitability despite the increase in interest rates - Utilizing global purchasing power Inflation and increase in Interest Rates - E
Slide 8: Advancements in construction and development of Renewable energy and storage projects
Advancements in construction and development of Renewable energy and storage projects Israel | USA | Europe HOLIT SOLAR PV AND STORAGE FACILITY 8
Slide 9: Continuing the momentum of Construction and Connections
Continuing the momentum of Construction and Connections4,5 FLOATING PHOTOVOLTAICS BAHAN RESERVOIR PROJECT 1,227% Growth 364% 257% Growth Growth 2,841 50 6 31 1,980 8 10 214 Storage MWh 9 89 13 862 201 Solar PV MWp 2022 2024 2022 2024 2022 2024 Connected facilities Projects Revenues Projects EBITDA (
Slide 10: 2023: A turning point in electricity storage
2023: A turning point in electricity storage4,5 YAHEL SOLAR POWER AND STORAGE PROJECT The Power of Doral’s mature1 Extensive deployment Electricity Storage storage pipeline Under various regulations Shifts green electricity to Co-location facilities peak hours (Solar and Storage) Overcomes electrica
Slide 11: Leading the green electricity market
Leading the green electricity market Significant Green Electricity deals Pipeline Supplying Green Electricity to commercial customers through PV and storage facilities Leaders in supplying Contracts with substantial Skilled, advanced and Green Electricity Customers in the Israeli market active trade
Slide 12: Advancements in construction and development of Renewable energy and storage projects
Advancements in construction and development of Renewable energy and storage projects Israel | USA | Europe MAMMOTH NORTH PROJECT, USA 12
Slide 13: Doral LLC's Strength is expressed for the first time in the Financial Statements
Doral LLC’s Strength is expressed for the ILS1.07B first time in the $1.04B Financial Statements valuation Net profit for the Company $90M Accounting recognition of Doral LLC’s out of a credit limit of $500M Termination of Doral LLC’s Value in the Company’s Financial statement consolidation, Stateme
Slide 14: Extensive deployment across leading grid operators
Extensive deployment across leading grid operators4,5 MISO NYISO ISO-NE 4,795MWp 1,600MWh 1,000MWh PJM 175MW 2,856MWp 240MWh 8.2 GWh 15.1 Storage GWp capacity Total project SERC capacity ERCOT SPP 200MWp 760MWp 5,468MWp 1,340MWh 3,820MWh 14
Slide 15: Indiana (Mammoth) project
Indiana (Mammoth) project4,5 One of the largest solar projects in the world: Approximately 1,600 MWp Continued progress in the construction of the Indiana (North) project PANELS ARRIVING AT MAMMOTH NORTH USA SITE Signed purchase agreements of 840 MWp solar panels Progress in constructing the Indiana
Slide 16: The IRA's impact on Doral LLC
The IRA’s impact on Doral LLC5 Tax credits of 30% (ITC) Tax Benefits in the 40% ITC rate for most for the next Decade PTC Mechanism of Doral LLC’s projects The Company estimates that all The Company is examining the The Company estimates that most Doral LLC’s projects in the coming applications of T
Slide 17: Significant increase expected in PJM Network Capacity Rates
Significant increase expected in PJM Network Capacity Rates5 Past multi-year averages converging to consulting firms’ forecasts $/MW- Day Historical prices Past data and multi-year averages of availability 200 BRA cleared capacity prices (nominal $) rates indicate that rates are converging to the pe
Slide 18: Advancements in construction and development of Renewable energy and storage projects
Advancements in construction and development of Renewable energy and storage projects Israel | USA | Europe POLAND 18
Slide 19: Project pipeline in Europe
Project pipeline in Europe5 Denmark Poland 316MWp 514MWp About 2,000 MWp Total project capacity Italy Romania 486 MWp 671MWp 19
Slide 20: Europe
Europe4,5 Italy Denmark Poland Romania Ready for Connection/Under Europe portfolio Advanced development Development construction/Pre-construction Technology Total Capacity 152 MWp 459 MWp 100 MW 1,275 MWp Total Projected Construction Costs 470 1,346 378 (ILS Millions) Total Projected Revenues (ILS M
Slide 21: Doral Tech
Doral Tech Doral’s innovation and technology arm 21
Slide 22: Doral Tech
Doral Tech New investments Energy of Innovation 16 $ 274M Portfolio Total amount Companies raised by portfolio companies 7 $ 495M R&D projects with Non-dilutive Funding leading academic raised by portfolio institutions companies Co-investors Exemplary investors who invested alongside Doral Tech 12 2
Slide 23: Q4 and FY 2022 Financial Results
Q4 and FY 2022 Financial Results 23
Slide 24: Main financial data
Main +51% +41% +41% financial 72 10 63 89 51 72 data3 9 2021 2022 2021 2022 2021 2022 Project Revenues Project EBITDA Project FFO 100%, ILS Millions 100%, ILS Millions 100%, ILS Millions +275% +121% +292% 72 9 Additional 1,5 244 short-term9 liquid 2,68 1,9 29 balances 3 58 1,21 Cash, Cash 40 6 73% 4
Slide 25: Renewable Energy Driven by people
Renewable Energy Driven by people michal@doral-energy.com | www.doral-energy.com 25
Slide 26: Key financial Data
Key financial Data Key points from the consolidated statements of financial position (ILS 000)3 12.31.2022 12.31.2021 Cash and equivalents 387,115 601,466 Other current assets 404,946 285,501 Noncurrent assets 2,550,958 769,720 Total assets 1,676,151 657,161 Current maturities 99,947 8,350 Other cur
Slide 27: Key financial Data
Key financial Data The key points from the consolidated statements of profit or loss and others (ILS 000)3 Project data (ILS 000) IFRS Non-GAAP 2022 2021 2020 At a rate of 100% 2022 2021 2020 Revenues 91,958 56,578 39,099 Revenues 108,762 71,101 60,469 Expenses, excluding Financing 203,435 77,447 22
Slide 28: Most of the Mature Pipeline is in Construction/Pre-construction
Most of the Mature Pipeline is in Construction/Pre-construction8 The supplies Revenues EBITDA FFO MWp | MWh (ILS Millions) (ILS Millions) (ILS Millions) Connected 43 | 274 174 143 111 Under construction/ Mature Pre- construction 1,429 | 1,669 774 523 352 Pipeline Winning competitive procedures/PPA 1
Slide 29: Systems ready for connection
Systems ready for connection4,5 Competitive Small Feed-in-Tariff procedures No. 1 and Ground systems in Types of systems and regulations Systems / storage Israel biogas Total 2 for roof installations Poland at the consumer’s and reservoirs Technology PV Solar + Storage PV Biogas --- (4) Guaranteed r
Slide 30: Systems under construction or nearing construction
Systems under construction or nearing construction4,5 Market Competitive Small Feed-in- regulation – PV procedures for Competitive Mammoth Tariff Systems/ Mammoth South facilities PV facilities procedure No. 4 Agrovoltaic Types of systems and regulations North storage Indiana, USA combined with comb
Slide 31: Systems under construction or nearing construction (continued)
Systems under construction 4,5 or nearing construction (continued from previous slide) Competitive procedure No. 2 Ground system Ground systems Ground systems Ground systems Types of systems and regulations for roof Biogas Poland Total in Denmark in Poland in Romania in Italy installations and reser
Slide 32: Systems in advanced development stages with rate protection
Systems in advanced development stages with rate protection4,5 Market Competitive regulation – PV Mammoth Mammoth Goonies procedure No. 3 facilities High voltage Types of systems and regulations Central 1 Central 2 Pennsylvania, for roof Total combined with ground project Indiana, USA Indiana, USA U
Slide 33: Systems in additional advanced development stages
Systems in additional advanced development stages 4,5 Market regulation Small Feed-in- – PV facilities Brenneman High voltage Tariff Systems/ Agrovoltaic Ground systems Types of systems and regulations combined with Georgia, USA storage storage systems in Romania electricity at the consumer’s storag
Slide 34: Systems in additional advanced development stages (continued)
Systems in additional advanced development stages (continued from previous slide) 4,5 Ground system Ground systems Wind in Israel Types of systems and regulations Total in Poland in Italy Romania biogas Technology PV PV Wind Biogas --- (4) (4) (4) Guaranteed rates (ILS/kWh, for 2023) (4) --- (4) (4)
Slide 35: Notes
Notes 1 “Mature” – projects that are in commercial operation, are ready to be connected, are under construction or are in preparation for construction and/or that have won competitive law and/or the regulations, changes in the policy and/or financing costs, changes in the dates procedures, or signed
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