Econergy Ltd · TASE:ECNR
Econergy — Econergy Renewable Energy — FY2023 Earnings Presentation
36 slides from Econergy's earnings presentation, March 2024
Slide 1: Econergy Renewable Energy Capital Market Presentation Q4 2023
Econergy Renewable Energy Capital Market Presentation |Q4 2023 March 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 Large and diverse portfolio Local Market Player Large development pipeline totaling 8.3GW The company has local development, Total projected revenue for and 6.7GWh, across the 3 main renewables construction and operational teams in 2024 ap
Slide 4: Large and diverse portfolio
Large and diverse portfolio Econergy is building itself as a Leading Global IPP 4
Slide 5: Econergy's total project pipeline | Q4/2023
Econergy’s total project pipeline | Q4/2023 Out of the total PV and wind capacity, MW projects approaching construction, 402MW of 1,663MW+153MWh PV and wind projects Storage capacity, MWh plus 245MWh of storage projects are expected to begin construction 3,746MW in 2024*** + 7,030MW 204MWh + 943MWh
Slide 6: Projects in development | Geographical diversity and development stages
Projects in development | Geographical diversity and development stages Poland UK 29 projects 11 projects 968MW 222 943 MW MWh 429MW Romania 153MWh 22 projects 488MW 22MW + 204MWh 51MW 201MW + 484MWh 2,286MW Projects in early development* 102MWh 1,251MW Projects under license 591MW Projects approach
Slide 7: Advanced negotiations for realization of RTB projects in Romania at a premium
An advanced stage of negotiations for the realization of projects in RTB status in Romania at a significant premium An advanced stage of negotiations for selling The development realization premium four projects in RTB status, total capacity is anticipated to range between 120-140 thousand 309MW unt
Slide 8: Connected projects, under construction and expected to begin construction in 2024
Connected projects, Under construction and expected to begin construction over the course of 2024 8
Slide 9: Connected and Under Construction Projects | Romania
Connected and Under Construction Projects | Romania Parau* Oradea 92MW 87MW Melinesti 31MW Bobicesti Bucharest 25MW Scurtu Ratesti Mare 155MW 55MW CON N EC TE D 9 * The Project is in ready to connect status.
Slide 10: Ratesti | Romania's Largest PV Plant
N EC TE Ratesti | Romania’s Largest PV Plant* C ON D 155 MW Status €20M Installed capacity The project is connected to the electricity grid Expected annual Revenue (2) 50% €102M €18M holding Total construction cost (1) EBITDA (3) €20M 170 Hectares Equity investment – after Project Finance – Land is
Slide 11: Parau | Romania
Parau | Romania The project is in ready to connect status 92 MW Status Expected commercial €11M Installed capacity operation (1) Q2-2024 Expected annual revenue (3) 50% €64M €9M holding Total construction cost (2) EBITDA (4) €4.5M Development fee Equity investment In terms of 100% - Company Share (2
Slide 12: Oradea | Romania
Oradea | Romania The project is in final stage of construction 87 MW Status Expected commercial €9M Installed capacity operation (1) Q2-2024 Expected annual revenue (4) 51% €62M €8M holding (2) Total construction cost (3) EBITDA (5) €21M Development fee Equity investment In terms of 100% - Company S
Slide 13: Scurtu Mare | Romania
Scurtu Mare | Romania The project is in construction stage 55 MW Status Expected commercial €7M Installed capacity operation (1) Q4-2024 Expected annual revenue (4) 51% €32M €6M holding (2) Total construction cost (3) EBITDA (5) €10M Photo Illustration Equity investment - Development fee In terms of
Slide 14: Resko | Poland
Resko | Poland The project has completed the construction of the Plant and the substation and is in ready-to-connect status* 51 MW Status Expected commercial €5M Installed capacity operation (1) Q3-2024 Expected annual revenue (4) 51% €41M €4M holding (2) Total construction cost (3) EBITDA (5) €14M
Slide 15: Project pipeline | Italy
Project pipeline | Italy 7 projects, installed capacity of 17MW have completed construction and are in a ready-to-connect status 17MW Status Expected commercial €2.2M Installed capacity Expected annual operation (1) revenue (3) Q2/2024 €1.9M EBITDA (4) 50% €14M holding Total construction cost (2) In
Slide 16: Swangate Storage Project | UK
Swangate Storage Project | UK The Project is in Under-Construction Status 102 MWh Installed capacity Status Expected commercial €8M operation (1) Expected annual Q3-2024 revenue (3) €6M EBITDA (4) 100% €41M holding Total construction cost (2) In terms of 100% Battery vendor and construction contract
Slide 17: Connected Projects, ready to connect and/or Under construction
Connected Projects, ready to connect and/or Under construction⁽¹⁾ The financial data in EUR thousands Installed capacity Energy Storage Total Projected Projected EBITDA (3) (4) MWp, PV and Wind capacity MWh Construction Costs Revenue (3) (4) (5) Total 159 105,359 21,078 18,476 Connected Projects* To
Slide 18: Additional projects expected to begin construction in 2024
Additional projects expected to begin construction in 2024⁽¹⁾ The data is in thousands of EUR Project ownership The projects have very high The company has the is high, ranging probability to begin required capital to from 50% to 100% construction in 2024 construct these projects Below is the projec
Slide 19: Expected Equity development
Expected Equity development And Notable events in 2024 19
Slide 20: 2024 is expected to see a substantial increase in equity
2024 is expected to see a substantial increase in equity* Forecast for equity growth in millions of euros Projected Profit of 38 million euros from its (including Non-controlling interests)* purchase of UBS’ share in Italian projects due to the increase in control(1) Projected Profit from realizatio
Slide 21: Strategic partnerships and financial forecasts
Strategic partnerships and financial forecasts 21
Slide 22: Strategic partnerships and new financing agreements
Strategic partnerships and new financing agreements Partner Investment amount Target Main terms of agreement Additional Remarks (EUR millions) market Rumania A “Ballon” loan type for a five years period with a yearly interest rate of Italy 9-9.5% which will be paid on a quarterly basis. The first Fa
Slide 23: Example - Construction financing for the Parau project
Example - Construction financing for the Parau project In Euro millions(1) Required investment 71.8 100% Short-term bridging financing (up to 5 years) by the Rgreen Invest Short term bridge 35.9 50% partner, flexible to be replaced with long-term financing, no exit penalty Capital required for compl
Slide 24: The Renewable Energy Market | Macro trends and effects
The Renewable Energy Market | Macro trends and effects European electricity prices are Poland Wholesale Electricity Price Italy Wholesale Electricity Price Romania Wholesale Electricity Price expected to decrease in the Forecast (Euro per 1 MWh)* Forecast (Euro per 1 MWh)* Forecast (Euro per 1 MWh)*
Slide 25: Revenue forecast for 2024
Revenue forecast for 2024* Net revenue from project initiation and development** Total Total projected revenue for 2024 Under license 9 9 approx. 121 million EUR in 4 activity Approaching construction 1 4 5 countries. Revenues from development fees (Sale of 4 projects in Romania and UBS agreement) 3
Slide 26: Project connection forecast based on existing pipeline
Project connection forecast based on existing pipeline Based on the Company's 7GW PV and Wind pipeline in development and 1GWh of storage, and according to probabilities for success completing the development process that the Company published in its reports, Project connection forecast until 2026,
Slide 27: Business Results Forecast by Development Stage | The Company's Share
Business Results Forecast by Development Stage | The Company's Share in EUR millions* Projected business results only from electricity sales exclude net revenue from realization, initiation, development, and services fee ** Revenues*** EBITDA FFO Projects in early development 188 127 2 161 2 2 Proje
Slide 28: Econergy | 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 29: Appendices
Appendices 29
Slide 30: Company Structure Incl. Strategic Partners Investments
Company Structure Incl. Strategic Partners Investments Econergy Renewable Energy Ltd. – TASE:ECNR 80% Econergy International Limited UK (Holding Company) Infragreen Fund 20% Invested €87.5M for 20% stake Based on €350M pre-money co. valuation. 50-51% 100% 100% 50% SPCs jointly owned SPCs under the L
Slide 31: Econergy | a significant player in the field of storage in the UK
Econergy | a significant player in the field of storage in the UK Econergy develops storage projects in 2 configurations: The Swangate project with an installed capacity of as co-location projects together with the PV and wind 102MWh has started construction and signed a projects and as stand-alone
Slide 32: Electricity prices in the activity countries estimated according to the technology
Electricity prices in the activity countries estimated according to the technology* Expected price Market prices in the first State 2024** 10 years of operation MIN*** MAX*** Italy Wind €/MWh 93 76 117 Italy PV €/MWh 84 54 109 UK PV €/MWh 89 54 95 UK BESS €/kW/year 134**** 113 137 Romania Wind €/MWh
Slide 33: Projects approaching construction
Projects approaching construction(1) financial data in EUR thousands Expected Expected First full Total Installed BESS Company Year KWh/ Project Year of year of Projected Revenue Country Technology Capacity Capacity Share2 of KWp/ EBITDA3,4, 6 Name starting operations Constructi Projected2, 3, 4 MWp
Slide 34: Projects approaching construction
Projects approaching construction(1) financial data in EUR thousands Expected Expected Total Installed BESS First full KWh/ Project Company Year of Year Projected Revenue Country Technology Capacity Capacity year of KWp/ EBITDA3,4, 6 Name Share2 starting of Construction Projected2, 3, 4 MWp MWp oper
Slide 35: Financial Statements Extract – Balance Sheet as of December 31, 2023
Financial Statements Extract – Balance Sheet as of December 31, 2023 (EUR thousands) 31.12.2023 31.12.2022 31.12.2021 Total current assets 76,806 32,599 90,710 Total non-current assets 295,332 168,975 45,567 Total assets 372,138 201,574 136,277 Total current liabilities 21,464 15,072 8,128 Total non
Slide 36: Thank You!
Thank You!
Econergy Renewable Energy — FY2023 Earnings Presentation on 6ix