Econergy Ltd · TASE:ECNR
Econergy — Econergy Renewable Energy — Q3 2024 Earnings Presentation
42 slides from Econergy's earnings presentation, November 2024
Slide 1: Econergy Renewable Energy Capital Market Presentation Q3 2024
Econergy Renewable Energy Capital Market Presentation Q3 2024 November 2024
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 Rapid Project Deployment Significant Revenue Growth Diverse and Robust 407MW+102MWh €87M(1) Project Pipeline Projects in commercial operation and 2024 annual projected revenue The portfolio totals the ready to connect by the end of 2024
Slide 4: Geographic Presence and Development Stages
Geographic Presence and Development Stages Poland UK 35 projects 26 projects 909 2,403 1,457 6,549 MW MWh Romania MW MWh 423MW+1,633MWh 22 projects 1,254MW+5,796MWh 434MW+672MWh 135MW+263MWh Projects in early development 98MWh 52MW 2,100MW 68MW + 143MWh 52MW Projects under license 79MW 245MWh 945MW
Slide 5: Econergy's total project pipeline | Q3/2024
Econergy’s total project pipeline | Q3/2024 PV and wind capacity, MW Storage capacity, MWh Of the total projects under license, 515MW of PV and Wind plus 468MWh of storage, are expected to begin construction by the end of 2025(3) 7,996MW 3,004MW+9,369MWh + 11,095MWh Rapid deployment by Q3/2024: Conn
Slide 6: Corporate investments and financing – Supporting growth
Corporate investments and financing – Supporting growth Investment Partner Investment Agreement Highlights Date Amount H2/2021 Public Offering 110M€ IPO and convertible bonds. Equity investment in Econergy UK subsidiary at a pre-money Nov-2022 87.5M€ valuation of €350M. The partner provided capital
Slide 7: Significant Project Finance
Significant Project Finance Project’s name Total Funding Country Technology Installed Capacity Status M (€M) Romania Ratesti PV 155MW In Commercial Operation 60 Signed UK Swangate Storage 102MWh In Commercial Operation 33 Signed Poland Resko PV 52MW Ready to Connect 33 Signed Romania Parau PV 92MW I
Slide 8: Key Project Milestones and Highlights - PPA and Project Financing
Key Project Milestones and Highlights - PPA and Project Financing Econergy's first Polish project - Resko PV project, is ready to connect and expected to be operational in the coming months. This project is one of 35 projects in the company’s Polish pipeline totalling approximately 1GW of PV capacit
Slide 9: Financial Resilience
ww Financial Resilience
Slide 10: Connected, under construction, and highly certain to start by end of 2025
Connected, under construction, and highly certain to start by end of 2025(3) 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 connec
Slide 11: Sources and Uses: Secured funding for project pipeline through 2025
Secured funding for project pipeline through 2025(3),(6) Company’s share (€K) Sources 989,770 978,437 Uses Bond issuance* 22,533 Interest Expenses 17,812 Corporate OPEX Project finance – Senior debt 592,687 Investments in projects under development and construction, 938,093 expected to start constru
Slide 12: Econergy UK Results, Based on an 80% Stake
Projected Business Results by Development Stage Econergy UK Results, Based on an 80% Stake (in €M) Expected Yearly Revenue from Electricity Sales Annual forecast from electricity sales for projects starting by 2025, company’s share, factoring success probability Revenues(12) EBITDA FFO 152 Projects
Slide 13: Local Developer – Key Advantage and Financial Flexibility
Local Developer – Key Advantage and Financial Flexibility Econergy maintains a strong local presence in each market, with a substantial pipeline of fully owned projects under development. Enables the development, construction, partnerships, and sale of projects, generating significant value. . Nicul
Slide 14: Financial Ratios
Financial Ratios(3) Reducing leverage and increasing equity Increase in equity (in €M) 259 Net Debt/BS Financial Net Debt/Cap 53% 51% 59% 48% 169 171 165 48% 49% 143 137 38% 42% 31% 32% 38% 27% Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Sep-23 Dec-23 Mar-24 J
Slide 15: Macro Trends
Macro Trends 15
Slide 16: Material future growth in Electricity demand in the coming decade
Material future growth in Electricity demand in the coming decade Data Center, Electrolysis & EVs drive EU electricity consumption in the coming decade EU power demand (TWh) Historical Projected(14) Storage load Heat 4,520 Electrolysis +38% 3,158 3,275 EVs 4,000 3,500 3,000 2,500 TWh 2,000 Conventio
Slide 17: Europe experiences an acceleration in PV installations
Europe experiences an acceleration in PV installations Change in 2030 projected generation mix: Global Solar PV installations Comparison between actual data versus updated forecast Q4/2023(15) broke a new record in 2023(16 ) 500 420 +84% Installed Capacity (GW) 400 +33% 50% 300 228 66% 68% 70% 200 1
Slide 18: The renewable energy Market | Macro trends and effects
The renewable energy Market | Macro trends and effects 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)(17) Forecast (Euro per 1 MWh)(17) Forecast (Euro
Slide 19: Projects status over the course of 2024
Projects status over the course of 2024 19
Slide 20: Romania | Connected, Ready to be connected, and under construction projects
Romania | Connected, Ready to be connected, and under construction projects A leading IPP in Romania, with a substantial development pipeline exceeding 2GW and commercial operation of the largest project in the country, Ratesti total capacity 155MW By the end of 2025, the company anticipates having
Slide 21: 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%(3) Connected Projects Projects ready to connect and/or Under construction Total Project name Ratesti Parau Oradea Scurtu Mare Bobicesti Melinesti Iancu Jianu Installed Capacity 155 92 87
Slide 22: 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 102MWh capacity. Scotland Building Momentum in Storage - A boost in storage with the addition of the 163MWh Immingham project to the Dalmarnock storage project
Slide 23: 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%(3) Grid-ready and/or Under Connected Projects Total construction Project name Swangate Dalmarnock Immingham Energy Storage 102 82 163 347 Capacity(MWh) Holding(19) 100% 100% 100% Total constr
Slide 24: Poland | Projects under constructions
Poland | Projects under constructions The Resko project - A 52MW project is ready to connect to the grid in the coming months, marking the first from Poland's development pipeline of nearly 1GW of PV and 2.4GWh of storage. First VPPA - Signing with a major multinational corporation - for 19- years f
Slide 25: 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(19) 51% Resko,52MWp Total construction cost(20) 44.6 Representative year's 4.2 Revenues(21) Representative year's 3.4 Ebitda(22) Expected
Slide 26: Italy | Connected, Ready to connect, and under construction projects
Italy | Connected, Ready to connect, and under construction projects 12 projects totalling 66MW, out of a Pipeline of over 2GW under 6MW 11MW development, will be connected until the end of 2025(3). Storage - Launch of the first storage projects in the Italian market, with an installed capacity of 2
Slide 27: 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%(3) Projects ready to connect and/orF Under Connected Projects Total construction Project name Cluster of 5 Projects Cluster of 5 Projects Installed Capacity (MWp) 18.6 11 29.6 Cumiana, 4MWp (1
Slide 28: Project connection forecast based on existing pipeline
Project connection forecast based on existing pipeline Based on the Company’s 8GW PV and Wind pipeline in development and 11GWh of storage, and according to probabilities for success completing the development process that the Company published in its reports, the project connection forecast until 2
Slide 29: 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 30: Appendices
Appendices 30
Slide 31: Company Structure Incl. Strategic Partners Investments
Company Structure Incl. Strategic Partners Investments Econergy Renewable Energy Ltd. – TASE:ECNR 80% Infragreen Fund Invested €87.5m for 20% stake Econergy International Limited UK Based on €350m pre-money co. valuation. (Holding Company) 20% MoU for an investment of €50m for a holding of up to 28%
Slide 32: Electricity prices estimated according to technology
Electricity pricesestimated according to technology(27) Expected price Market prices in the first State 2024((28) 10 years of operation MIN(29) MAX(29) Italy Wind €/MWh 84 85 104 Italy PV €/MWh 81 62 99 UK PV €/MWh 79 72 86 UK BESS €/kW/year 69) 69 138 Romania Wind €/MWh 87 90 212 Romania PV €/MWh 7
Slide 33: Financial Statements Summary – Balance Sheet as of September 30, 2024
Financial Statements Summary – Balance Sheet as of September 30, 2024 (€K) 31.12.2022 31.12.202 3 30.09.2024 Total current assets 32,599 76,806 111,596 Total non-current assets 168,975 295,332 518,889 Total assets 201,574 372,138 630,485 Total current liabilities* 15,072 155,131 231,197 Total non-cu
Slide 34: Under construction and ready to connect projects
Under construction and ready to connect projects(3) Financial data in €K Country Project’s name Technology Project Status Installed BESS Company’s Expected Initial full Total Total Expected KWh/ Predicted first full five-year operation outcomes (4) Capacity Capacity share)1( connection operational e
Slide 35: Under construction and ready to connect projects (UK)
Under construction and ready to connect projects(3) Financial data in €K Country Project’s name Technology Project Installed BESS Company’s Expected Initial full Total Total Expected KWh/ Predicted first full five-year operation outcomes (4) Status Capacity Capacity share)1( connectio operational es
Slide 36: Projects approaching construction
Projects approaching construction(3) Financial data in €K Country Project’s name Technology Installed BESS Company’s Construction Expected Initial full Total Total Expected KWh/ Predicted first full five-year operation outcomes (35) Capacity Capacity share)31( start year connection operational estim
Slide 37: Projects approaching construction
Projects approaching construction(3) Financial data in €K Country Project’s name Technology Installed BESS Company’s Constructio Expected Initial full Total Total Expected KWh/ Projected first full five-year operation outcomes (35) Capacity Capacity share)31( n start year connection operational esti
Slide 38: Projects that are expected to start construction during 2025
Projects that are expected to start construction during 2025(3) Financial data in €K Country Project’s name Technology Installed BESS Company’s Construction Expected Initial full Total estimated Total KWh/ Projected first full five-year operation outcomes (35) Capacity Capacity share)31( start year
Slide 39: Projects that are expected to start construction during 2025
Projects that are expected to start construction during 2025(3) Financial data in €K Country Project’s name Technology Installed BESS Company’s Constructi Expected Initial full Total Total KWh/ Projected first full five-year operation outcomes (35) Capacity Capacity share)31( on start connection ope
Slide 40: Footnotes for Investor Presentation – Q3/2024
Footnotes for Investor Presentation – Q3/2024 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
Slide 41: Footnotes for Investor Presentation – Q3/2024
Footnotes for Investor Presentation – Q3/2024 Revenues are calculated based on the assumption of transactions for the purchase of 20. In terms of 100%, excluding VAT electricity set at a fixed price (PPA) for a period of 10 years from the first full year of 21. Projected revenues is based on the thi
Slide 42: Thank You!
Thank You!
Econergy Renewable Energy — Q3 2024 Earnings Presentation on 6ix