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INVESTOR PRESENTATION June 2020 DISCLAIMER By attending this - - PowerPoint PPT Presentation

INVESTOR PRESENTATION June 2020 DISCLAIMER By attending this presentation and/or by accepting this presentation you will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this


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SLIDE 1

June 2020

INVESTOR

PRESENTATION

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SLIDE 2

DISCLAIMER

By attending this presentation and/or by accepting this presentation you will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this disclaimer. The information contained in this presentation (“Presentation”) has been prepared by Grenergy Renovables S.A. (the “Company”) and has not been independently verified and will not be updated. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein and nothing in this Presentation is, or shall be relied upon as, a promise or representation. Neither the the Company nor any of its employees, officers, directors, advisers, representatives, agents or affiliates shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, under contract, tort or otherwise) for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. This Presentation is for information purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the Company’s publicly available information and, if applicable, the

  • ral briefing provided by the Company. The information and opinions in this presentation are provided as at the date hereof and subject to change without notice. It is not the intention to provide, and you

may not rely on these materials as providing, a complete or comprehensive analysis of the Company’s financial or trading position or prospects. This Presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your investment objectives or legal, accounting, regulatory, taxation

  • r financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Company. You

are solely responsible for seeking independent professional advice in relation to the Company. No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of such information. This Presentation contains financial information regarding the businesses and assets of the Company. Such financial information may not have been audited, reviewed or verified by any independent accounting firm. The inclusion of such financial information in this Presentation or any related presentation should not be regarded as a representation or warranty by the Company, its affiliates, advisors or representatives or any other person as to the accuracy or completeness of such information’s portrayal of the financial condition or results of operations by the Company and should not be relied upon when making an investment decision. Certain financial and statistical information in this document has been subject to rounding off adjustments. Accordingly, the sum of certain data may not conform to the expressed total. Certain statements in this Presentation may be forward-looking. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These include, among other factors, changing economic, business or other market conditions, changing political conditions and the prospects for growth anticipated by the Company’s management. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Any forward-looking statements contained in this Presentation and based upon past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The market and industry data and forecasts that may be included in this Presentation were obtained from internal surveys, estimates, experts and studies, where appropriate as well as external market research, publicly available information and industry publications. The Company, it affiliates, directors, officers, advisors and employees have not independently verified the accuracy of any such market and industry data and forecasts and make no representations or warranties in relation thereto. Such data and forecasts are included herein for information purposes only. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this Presentation. The distribution of this Presentation in other jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. NEITHER THIS PRESENTATION NOR ANY OF THE INFORMATION CONTAINED HEREIN CONSTITUTES AN OFFER OF PURCHASE, SALE OR EXCHANGE, NOR A REQUEST FOR AN OFFER OF PURCHASE, SALE OR EXCHANGE OF SECURITIES, OR ANY ADVICE OR RECOMMENDATION WITH RESPECT TO SUCH SECURITIES. The securities of the Company may not be offered or sold in the United States of America except pursuant to an effective registration statement under the Securities Act of 1933 or pursuant to a valid exemption from registration

02

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SLIDE 3

03

GRENERGY IN A NUTSHELL

INTEGRATED BUSINESS MODEL, present in the entire value chain of our projects From a purely Solar PV player to a MULTI-ENERGY company (Solar PV, Wind, Storage) Tangible PIPELINE >4GW and high project CONVERSION ratios aiming to secure future growth MULTI-COUNTRY player, with strong focus in Spain and LatAm FINANCIAL GROWTH & consistent TARGET OUTPERFORMANCE translated into outstanding market cap evolution DUAL strategic approach: B2O (build to own) + B2S (build to sale)

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SLIDE 4

4.5 GW

Pipeline

04

KEY FIGURES

>250 MW

Built

6

Countries

€33M

1Q20 Revenues

€5.6M

1Q20 EBITDA

+ 150

Employees

215 MW

Under Construction

466 MW

Backlog

+700 MW

A.D. Pipeline Increase last 3 months

€3.4M

1Q20 Net Income

3.6x

Net Deht/EBITDA1

March 31th 2020

>50%

Of employees abroad

1: Annualizel EBITDA (1Q20x4 or 22M€)

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SLIDE 5

05

KEY INVESTMENT HIGHLIGHTS

Attractive equity story

RENEWABLES REVOLUTION & COVID IMPACTS

1 2 3 4 5 6

PROVEN TRACK RECORD OUTPACING TARGETS PLATFORM WITH OUTSTANDING GROWTH POTENTIAL INTEGRATED BUSINESS MODEL AND ASSET ROTATION STRATEGY SOLID FINANCIAL PERFORMANCE STRONG GOVERNANCE STRUCTURE WITH FOCUS ON ESG

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SLIDE 6

06

1-RENEWABLES REVOLUTION

Wind & Solar to represent 30% of installed global capacity by 2040

Electrification to increase global demand of electricity Global installed power capacity is projected to rise from c. 6.7TW in 2016 to 12.0TW in 2040, with c. 30% of installed capacity being renewable (c. 17% Solar PV and c. 14% Wind)

17% 4% 4% 14% 15%

Global Installed Capacity (GW)1 S

  • l

a r P V 7 . 6 x

  • W

i n d 3 . 6 x

  • O

t h e r 1 . 4 x

6,677 8,647 9,725 11,961

2025E 2030E 2040E 2016E 2016(2) 2040E

Solar & Wind Other technologies

Global Installed Capacity – By Technology (%)

Fossil Fuels Hydro Wind Solar PV Nuclear Other Renewables

LCOE3 Evolution – Solar PV and Wind ($/MWh) LCOE3 – By Technology ($/MWh)

Gas Combined Cycled Coal Nuclear Onshore Wind Solar PV (Utility Scale)

Wind

Note: (1) Global Average Annual Capacity Additions under the New Policies Scenario, 2017-2040 (IEA); (2) Latest actual figure for WEO is 2015; (3) Levelized Cost of Energy Slide Source: OECD/IEA 2017 World Energy Outlook, IEA Publishing, Perspectivas 2018-2022 Iberdrola, Lazard’s Levelized Cost of Energy Analysis 2019

Solar PV 44 68 66 152 118 192 28 54 36 44

62% 4% 2% 7% 46% 19% 6%

400 350 300 250 200 150 100 50

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

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SLIDE 7

1-RENEWABLES REVOLUTION

Spain: Key Renewable Energy Market 07

Spain is currently one of the top countries in the world for the development of renewable energy, specially Solar PV

Source: REE / BNEF 2018

✓ Top irradiation geography in Europe ✓ Closing of coal and nuclear plants ✓ Market no longer based on subsidies or feed-in tariffs ✓ +30 GW of PV projects will be commissioned in the country either under pure merchant, public auctions or PPA by 2030 Spain: The Best Conditions European Irradiation Level Power Production Evolution by Technology

Fossil Fuels Hydro Wind Solar PV Nuclear Other Renewables

16% 5% 15%

2018 2040E

36% 27% 45% 2% 2% 12% 1% 25% 10%

>1750 kwh/m2 1600-1750 1400-1600 1200-1400 1050-1200 <1050

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SLIDE 8

1-RENEWABLES REVOLUTION

Renewables’ Revolution: A Sector in Motion… 08

Abdul Latif hires advisors to sell Fotowatio Renewable Deal Size: 0.9 GW Solar

  • c. €1,500M

Ongoing

Riberas´family prepare the sale of Elawan in the coming months Deal Size: 1.3 GW Wind

  • c. €2,000M

Ongoing

Brookfield has agreed to acquire a 50% stake in X-ELIO Energy Deal Size: 1.7 GW Solar PV $443M

July 2019

Ardian has agreed to acquire 420 MW portfolio from Renovalia Deal Size: 0.4 GW Wind €550M

May 2019

AIMCo agreed to acquire Eolia from Oaktree Capital and RES Neco Deal Size: 0.7 GW Wind €1,400M

November 2019

…with relevant M&A activty GALP agreed to adquire Zero.E from ACS Deal Size: 1,5 GW €1,000M

January 2020

Surged as a pure Solar PV player, but started the transition towards a multi-technology player back in 2015 Wind projects Under Construction in LatAm 600MW Hybrid Projects in Chile Battery Pilot Project in Chile Traditional pure Solar-PV players currently entering the wind sector, and vice versa

Source: Mergermarket 2019

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SLIDE 9

1-COVID-19 IMPACTS IN OUR SECTOR

09

Reduction in electricity prices due to a significant fall in the demand for power

1

  • Renewable generators that rely on fixed power price agreements with credit-worthy offtake counterparts are not materially

affected by the reduction in power prices.

  • PPA strategy is reinforced as assuming pool price risk has become challenging in an uncertain price and electricity demand evolution.

Projects under construction facing short term challenges

2

  • Covid-19 is affecting countries differently both in the impact of the virus and the political measures taken.
  • Chile is not stopping building activity within the renewable sector. Argentina and Peru are evolving positively and quarantine

measures may be relaxed in the next few weeks.

The development pipeline might be affected with longer maturing process

3

  • Permitting bottleneck and longer financing study processes may cause some quarters delays.
  • Renewable sector is facing this new worldwide crisis with a much more mature and cost competitive technology, so short term

impact is not affecting low carbon investment and the mid term renewable and storage capacity outlook.

Solar PV installation cost dropping much faster than expected

4

  • Solar PV supply chain is mainly located in China, where the industrial production activity is back to normal levels.
  • Less global Solar PV installations with the same level of production is creating competition and deflation pressure on most of

installation components.

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SLIDE 10

KEY INVESTMENT HIGHLIGHTS

Attractive equity story 10

RENEWABLES REVOLUTION & COVID IMPACTS

1 2 3 4 5 6

PROVEN TRACK RECORD OUTPACING TARGETS PLATFORM WITH OUTSTANDING GROWTH POTENTIAL INTEGRATED BUSINESS MODEL AND ASSET ROTATION STRATEGY SOLID FINANCIAL PERFORMANCE STRONG GOVERNANCE STRUCTURE WITH FOCUS ON ESG

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SLIDE 11

11

2-PROVEN TRACK RECORD

Evolving into a Multitech & Multicountry IPP

2007 2015 2020 20221

INCEPTION MAB IPO TODAY TOMORROW

Technology

300 MW Pipeline 50 MW built

Geographical Presence Capacity

>7,000 MW Pipeline Target + new markets 2 GW built Target 1.5 GW IPP Target 4,500 MW Pipeline >250 MW built

1: Company target

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SLIDE 12

KEY INVESTMENT HIGHLIGHTS

Attractive equity story 12

RENEWABLES REVOLUTION & COVID IMPACTS

1 2 3 4 5 6

PROVEN TRACK RECORD OUTPACING TARGETS PLATFORM WITH OUTSTANDING GROWTH POTENTIAL INTEGRATED BUSINESS MODEL AND ASSET ROTATION STRATEGY SOLID FINANCIAL PERFORMANCE STRONG GOVERNANCE STRUCTURE WITH FOCUS ON ESG

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SLIDE 13

3-PLATFORM WITH RELEVANT GROWTH POTENTIAL

Increasing Pipeline with strong conversion ratio from Early Stage to Backlog

29MW conected and delivered during this year. Portfolio of 3,9GW with important advances in Chile. Quillagua project (103MW) moving ahead with unchanged COD. Portfolio of 602 MW, of which 60MW under construction. Kosten project (24MW) postponing COD to Q3 20 Duna & Huambos (36MW) postponing COD to Q4 20

SOLAR PV WIND Chile Spain Colombia Mexico Peru Total #Projects Under Const Backlog MW

Advanced Dev Early Stage Total 100% 80% Probability

  • f execution

>50% <50% 155

  • 155

6 219 200 12 35

  • 466

14 660 660 46

  • 230

1.596 37 1.040 120 478

  • 1.638

16 2.074 980 536 35 230 3.855 73 Argentina Peru Chile Total #Projects Under Const Backlog MW

Advanced Dev Early Stage Total 100% 80% Probability

  • f execution

>50% <50% 24 36

  • 60

3

  • 70
  • 70

1

  • 54

418 472 7 24 160 418 602 11

* Solar PV and Wind Project portfolio as of may 21th, 2020. SOURCE: Company

4.5 GW Pipeline 13

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SLIDE 14

1: This classification of the pipeline phases has been made by the company itself on the basis of its previous experience in projects carried out, using its own internal criteria and procedures. 2: Commercial Operation Date

14 Project Classification1

< 50%

Success Rate

> 50%

Success Rate

> 80%

Success Rate

> 100%

Success Rate

4.5 GW Pipeline

Early Stage 2,110MW Advanced Development 1,666MW Backlog 466MW Ready to Build Construction 215MW Operation

COD Estimation

2022 1,510MW 2020 195MW 2021 644MW

3-PLATFORM WITH RELEVANT GROWTH POTENTIAL

Project Portfolio

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SLIDE 15

15

COD: Commercial Operation Date SOURCE: Company

Grenergy is expected to bring almost 700MW to COD during the next months

Type Country Project MW B20 Resource (Hours) COD Argentina Peru Peru Chile Chile

Total UC

Spain Colombia Chile Chile Mexico

Total Backlog

Kosten Duna Huambos Quilagua PMGD Los Escuderos Bayunca PMGD Quillagua2 San Miguel de Allende Wind Wind Wind Solar Solar Solar Solar Solar Solar Solar 24 18 18 103 52

215

200 12 108 111 35

466

Yes Yes Yes Yes No Yes Yes Yes Yes No 5.033 4.900 4.900 2.950 1924-2442 2.128 1.957 2000-2734 2.950 2.300 3Q20 4Q20 4Q20 3Q20 3Q20-1Q21 2Q21 2Q21 1Q21-4Q21 3Q21 1Q21

3-PLATFORM WITH RELEVANT GROWTH POTENTIAL

Projects Under Construction & Backlog

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SLIDE 16

3-PLATFORM WITH RELEVANT GROWTH POTENTIAL

Projects in Advanced Development 16

COD: Commercial Operation Date SOURCE: Company

Importants advances in Chilean and Colombian projects, increasing A.D pipeline to 1,7GW (+700 MW)

Advanced Development projects

Type Country Project MW Resource (Hours) COD Offtaker Negotiation Spain Spain Spain Spain Chile Chile Chile Chile Colombia Peru Peru Peru

Total

Belinchon Ayora Tabernas Jose Cabrera PMGD x11 PMGD 4,0 Nord x13 Teno Gabriela Distribution x4 Emma_Bayovar Matarani Lupi Solar Solar Solar Solar Solar Solar Solar Solar Solar Wind Solar Solar 150 160 300 50 110 130 200 220 46 70 80 150

1.666

2.150 2.212 2.358 2.156 2000-2700 2000-2700 2186 2800 1915 4.000 2.750 2.900 3Q22 4Q22 4Q22 4Q22 4Q21 2Q22 2Q22 3Q22 4Q21 2Q22 2Q22 2Q22 PPA 70-80% PPA 70-80% PPA 70-80% PPA 70-80% PMGD Regime PMGD Regime PPA 60% PPA 60% PPA 100% PPA 100% PPA 100% PPA 100% Advanced Advanced Advanced Advanced Completed Completed Initial Initial Advanced Pending Pending Pending

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SLIDE 17

KEY INVESTMENT HIGHLIGHTS

Attractive equity story 17

RENEWABLES REVOLUTION & COVID IMPACTS

1 2 3 4 5 6

PROVEN TRACK RECORD OUTPACING TARGETS PLATFORM WITH OUTSTANDING GROWTH POTENTIAL INTEGRATED BUSINESS MODEL AND ASSET ROTATION STRATEGY SOLID FINANCIAL PERFORMANCE STRONG GOVERNANCE STRUCTURE WITH FOCUS ON ESG

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SLIDE 18

18

4-INTEGRATED BUSINESS MODEL

Multi-Technology Player Across the Entire Value Chain

Integrated Player

Grenergy has the expertise to build and operate large-scale renewable energy plants

Multi-Technology Player

Grenergy

Development Construction Financing Solar Storage Wind Operation & Maintenance Asset Management Power Generation

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SLIDE 19

4-INTEGRATED BUSINESS MODEL - B20

Grenergy increases its IPP target to 1,5GW in 2022.

Build to Own (B2O)

19

Full visibility of 2021-22 Backlog and A.D. projects

Chile Spain Colombia Peru Argentina

800

1,460 660 163

20201 20211 20221

+36 +24 +103 +200 +66 +231 +400 +100

Rest2 226 MW (16%) Chile 634 MW (43%) Spain 600 MW (41%)

+300

1: Estimate. 2: Rest means Colombia (166 MW), Peru (36 MW) and Argentina (24 MW).

MW

2022 Estimation

163 500

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SLIDE 20

4-INTEGRATED BUSINESS MODEL - B20

2020 IPP Projects on track

K O S T E N W i n d P r

  • j

e c t

24MW COD 3Q20

C

  • m

m i s s i

  • n

i n g p h a s e

20

COD: Commercial Operation Date SOURCE: Company

Q U I L L A G U A S

  • l

a r P V P r

  • j

e c t

103MW COD 3Q20

Building phase

E S C U D E R O S S

  • l

a r P V P r

  • j

e c t

200MW COD 2Q21

Closing financing in 3Q20 PPA signed and bank mandated

D U N A H U A M B O S W i n d P r

  • j

e c t

36MW COD 4Q20

B u i l d i n g p h a s e

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SLIDE 21

4-INTEGRATED BUSINESS MODEL - B20

21 Built to Own: D&C margin covering a large part of the equity

Example of a project finance structure Power plants financed with non-recourse debt & additional tranche of mezzanine debt D&C gross margin covers a large part of Grenergy’s equity contribution to each B&O project

$100M $70M $10M $20M $12M $8M

100% 70% 10% 20%

Project Capex Senior Debt Mezzanine Debt Equity D&C Margin Grenergy Equity

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SLIDE 22

Grenergy has secured income and cash for the next two years

4-INTEGRATED BUSINESS MODEL - B2S

23

COD: Commercial Operation Date SOURCE: Company 1- Exchange rate 1,12 $

Build to Sell (B2S)

Strategy enabling strong FCF generation

4

4 17

10 6 13 23 8

44

21 13 2 1 8

44

18 20 13 22

74

22 1

23

2019 1Q201 2015 2016 2017 2018 +4x +3x +0% +72%

Carbon free Sonnedix JP Morgan Daelim AD Capital Interenergy Eurus

€M

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SLIDE 23

FOCUS PMGD: a success story

4-INTEGRATED BUSINESS MODEL - B2S

2018 2016

El Olivo 3MW

2017

Panquehue 7MW Doñihue 7MW

2019

Placilla 9MW

2020

Sol de Septiembre 10MW

2021-22-23

>350MW

coming soon

250MW

connected or under construction

✓ More than 350MW of PMGD projects in our pipeline. ✓ Bank already mandated for a 120MW PMGD B2O project finance.

20 MW/4 Projects

Our beginnings

45 MW/10 Projects

Speeding up

50 MW/5 Projects

Consolidation

57 MW/5 Projects

Growing project size

70 MW/8 Projects

More to come

What is a PMGD and its pros?

  • Distribution Projects in Chile with a cap of 9MW nominal.
  • Connected directly to the grid without substation cost.
  • Stabilized Price of energy sale regime, reducing price volatility
  • Self-dispatched, without curtailment risk.
  • Shorter development phase.
  • High interest in financing by banks-Liquid assets with high market unvalue.

24

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SLIDE 24

KEY INVESTMENT HIGHLIGHTS

Attractive equity story 25

RENEWABLES REVOLUTION & COVID IMPACTS

1 2 3 4 5 6

PROVEN TRACK RECORD OUTPACING TARGETS PLATFORM WITH OUTSTANDING GROWTH POTENTIAL INTEGRATED BUSINESS MODEL AND ASSET ROTATION STRATEGY SOLID FINANCIAL PERFORMANCE STRONG GOVERNANCE STRUCTURE WITH FOCUS ON ESG

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SLIDE 25

26

5-SOLID FINANCIAL PERFORMANCE

Track Record of Profitable Growth, fuelled by a strong pipeline of projects

Revenues (€M) EBITDA (€M) Net Income (€M) Market Cap (€M) Pipeline (MW) Headcount (#)

30 34 40 142 351

2016 2017 2018 YTD1 2015

300 626 1,038 2,487 4,457

2016 2017 2018 YTD 2015

24 43 63 108 150

2016 2017 2018 YTD 2015

4

  • 2

7 18 18

2016 2017 2018 FY19 2015

3

  • 3

4 10 11

2016 2017 2018 FY19 2015

10 17 48 46 85

2016 2017 2018 FY19 2015

x8 x12 x4 x4 x4 x15

1: Calculated on 24.3 Million Shares. Market data as of 12/06/2020

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SLIDE 26

27 Key Financials by Business Lines

5-SOLID FINANCIAL PERFORMANCE

Reported in 3 separate Business Lines

D&C ENERGY SERVICES

✓ Developing Greenfield projects financially & technically feasible ✓ Development & Construction ✓ In-house EPC/Construction ✓ Asset Management - AM ✓ Operation & Mantenance - O&M ✓ Provided to our B2O and B2S projects ✓ Sale of energy ✓ Private & Public PPAs ✓ Merchant

Overview EBITDA Margin1

25-30% 75-85% 15-20%

  • 1. Company estimate EBITDA margin run rate guidance.
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SLIDE 27

KEY INVESTMENT HIGHLIGHTS

Attractive equity story 28

RENEWABLES REVOLUTION & COVID IMPACTS

1 2 3 4 5 6

PROVEN TRACK RECORD OUTPACING TARGETS PLATFORM WITH OUTSTANDING GROWTH POTENTIAL INTEGRATED BUSINESS MODEL AND ASSET ROTATION STRATEGY SOLID FINANCIAL PERFORMANCE STRONG GOVERNANCE STRUCTURE WITH FOCUS ON ESG

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SLIDE 28

29

Top Management fully aligned with shareholders through stock options programmes

6-STRONG GOVERNANCE WITH FOCUS ON ESG

Committed management team with sound track record in the sector

Executive – 1/2 Independent members – 1/3 Female members BoD in line with Stock Exchange Best Practices

NON-INDEPENDENT MEMBERS

David Ruiz de Andrés Chairman (Propietary, Exec.) Antonio Jiménez Alarcón Director (CFO, Exec.) Florentino Vivancos Gasset Director (Proprietary) Nicolás Bergareche Mendoza Director Ana Peralta Moreno Director Rocío Hortigüela Esturillo Director

INDEPENDENT MEMBERS

Management Committee

David Ruiz de Andrés CEO Antonio Jiménez Alarcón CFO Mercedes Español M&A Daniel Lozano IR+Communication Alvaro Ruiz Legal Emi Takehara Structured Finance Gonzalo de Rojas Development Alfredo Casas EPC Daniel Barman Energy Sales Luis Collazo Services (O&M + AM)

Business Units Directors Highly experienced management team

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SLIDE 29

New Corporate Offices in Madrid (Spain) New LATAM Regional Office in Santiago (Chile) New Corporate Website 24/7 Control Center

30

6-STRONG GOVERNANCE WITH FOCUS ON ESG

Strengthening Corporate Structure to become a GLOBAL ORGANIZATION

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SLIDE 30

6-STRONG GOVERNANCE WITH FOCUS ON ESG

Commitment with a deep esg strategy 31

Working with EY to deliver a full roadmap and ESG report in 1H20 ENVIRONMENTAL

  • Establish efficient waste

management systems in all production processes.

  • Establish procedures for the

protection of biodiversity.

  • Articulate and quantify how the

company works on climate change mitigation measures.

SOCIAL

  • Establish and coordinate the

impact on communities (social action programs).

  • Define comprehensive and

homogeneous health and safety management systems for all geographies.

  • Define development and

training frameworks in line with the company's objectives.

GOVERNANCE

  • Define the ESG authorities

within the governing bodies.

  • Establish non-financial risk

control (ESG) systems.

  • Establish a global relationship

management framework with all stakeholders, their channels and main messages.

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SLIDE 31

32

6-STRONG GOVERNANCE WITH FOCUS ON ESG

Translating into solid value creation for its shareholders

General Information

Share Information

  • Currency: EUR
  • Market: Spanish Stock Exchange
  • ISIN: ES0105079000
  • Ticker code: GRE
  • Market Cap. (as of June 12th, 2020): €351.2M

(Share price: EUR 14.45)

  • Number of shares (as of June 12th, 2020):

24,306,221

Share Information

  • Admision to trading in to the main market last

16th December 2019.

Share Information

  • inversores@grenergy.eu

Shareholders (As of June 12th 2020)1 LTM Share Price Evolution (€/p.s.)

David Ruiz de Andrés 68% Free Float 32%

Note (s): David Ruiz de Andrés through Daruan Group Holding 20.00 17.50 15.00 12.50 10.0 7.50 5.0 2.50 2 1 9 A p r / 1 9 J u l / 1 9 O c t / 1 9 2 2 A p r / 1 9

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SLIDE 32

Appendixes

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SLIDE 33

PLATFORM WITH RELEVANT GROWTH POTENTIAL

Project Portfolio

> 50%

Success Rate

> 100%

Success Rate

Early Stage 2,110MW

Projects with technical and financial feasibility:

  • Possibilities to secure land and grid; and/or
  • Possibilities to sell it to third parties

Projects in a final phase before construction:

  • Secured land and grid access; and/or
  • +90% Probability to obtain environmental permits
  • Off-take agreements, PPA, or bankable scheme of stabilized

prices secured / ready to be signed Ready to Build: Financing close, PPA in place or negotiation of EPC Under Construction: EPC provider has been mandated to start construction works In Operation: Project responsibility transferred from the EPC provider to the project operator Projects with an advanced technical and financial stage:

  • +50% Probability to secure land; and/or
  • +90% Probability to get grid access; and/or
  • Environmental permits requested

Advanced Development 1,666MW Backlog 466MW Ready to Build Construction 215MW Operation

Project Classification1

< 50%

Success Rate

> 80%

Success Rate

34

1: This classification of the pipeline phases has been made by the company itself on the basis of its previous experience in projects carried out, using its own infernal criteria and procedures.

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SLIDE 34

PROJECT OVERVIEW

215 MW Under Construction 35

163 MW Build to Own – 52MW Build to Sell

Country Project Type Site Control Type MW Interconnect. rights Environmental approvals

Kosten Duna Huambos Quillagua San Vicente Teno - PMGD El Romeral Nahuen Molina Wind Wind Wind Solar Solar Solar Solar Solar Solar 24 18 18 103 9,6 11 9,6 10,8 10,8 215 Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained

Build & Own

Yes Yes Yes Yes No No No No No

COD

3Q20 4Q20 4Q20 3Q20 1Q21 1Q21 3Q20 3Q20 3Q20 Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained Obtained U.C U.C U.C U.C U.C U.C U.C U.C U.C Argentina Peru Peru Chile Chile Chile Chile Chile Chile TOTAL

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SLIDE 35

PROJECT OVERVIEW

466 MW Backlog 36

431 MW Build to Own –35MW Build to Sale

Country Project Type Site Control Type MW Interconnect. rights Environmental approvals

Mitchi Bellavista Pintados Condor Ckilir Lockma Arica2 Dolores Quillagua2 Bayunca Los Escuderos Ckontor Astillas

  • S. Miguel de Allende

Solar Solar Solar Solar Solar Solar Solar Solar Solar Solar Solar Solar Solar Solar 11 10,8 10,8 11 11 11 11 10,8 111 12 200 10,8 10,8 35 466 Secured Secured Secured Obtained Submitted Submitted Submitted Secured Obtained Obtained Obtained Submitted Obtained Obtained

Build & Own

Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No

COD

1Q21 2Q21 2Q21 2Q21 2Q21 2Q21 3Q21 4Q21 2Q21 2Q21 2Q21 3Q21 1Q21 1Q21 Secured Secured Obtained Submitted Obtained Obtained Secured Submitted Submitted Obtained Obtained Submitted Obtained Submitted Obtained Obtained Obtained Secured Obtained Obtained Submitted Obtained Obtained Obtained Obtained Submitted Obtained Obtained Backlog Backlog Backlog Backlog Backlog Backlog Backlog Backlog Backlog Backlog Backlog Backlog Backlog Backlog Chile Chile Chile Chile Chile Chile Chile Chile Chile Colombia España Chile Chile Mexico TOTAL

slide-36
SLIDE 36

Country Project Type Site Control Type MW Interconnect. rights Environmental approvals

PMGDs norte PMGs Teno Gabriela Buenavista Centro Sol del Mar Montelibano jose cabrera Belinchon Ayora Tabernas Emma_Bayovar Matarani Lupi Solar Solar Solar Solar Solar Solar Solar Solar Solar Solar Solar Solar Wind Solar Solar 130 110 200 220 11,6 11,6 11,6 11,6 50 150 160 300 70 80 150 1.666 Submitted Submitted Obtained Submitted In progress In progress In progress In progress Secured Obtained Obtained Submitted Obtained Obtained Obtained

Build & Own

TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD

COD

2Q22 4Q21 2Q22 3Q22 4Q21 4Q21 4Q21 4Q21 4Q22 3Q22 4Q22 4Q22 2Q22 2Q22 2Q22 Submitted Submitted Submitted Submitted Submitted Submitted Submitted Submitted Obtained Obtained Obtained Obtained Obtained Obtained Obtained Submitted Submitted Submitted In progress Submitted Submitted Submitted Submitted In progress Submitted Submitted In progress In progress In progress Obtained A.D A.D A.D A.D A.D A.D A.D A.D A.D A.D A.D A.D A.D A.D A.D Chile Chile Chile Chile Colombia Colombia Colombia Colombia España España España España Peru Peru Peru TOTAL

PROJECT OVERVIEW

1.666 MW Advanced Development

37 Proven track record and important conversion rate from Advance Development to Backlog

slide-37
SLIDE 37

REVENUE 1Q20

38 Total Revenue +33.3M€ (+227% YoY). B2S revenue still our main value driver and cash generator

+ 232% Revenue increase in D&C* division + 41% Revenue increase in Services** division

  • Energy division will add sales in 3Q 2020

SOURCE: Company * Development and Construction ** Services includes O&M (Operation and Maintenance) and AM (Asset Management)

1Q20 vs 1Q19; €M

Energy Services Total D&C 0.3 0.0 9.9 10.2

+227%

Energy Services D&C 0.4 0.0 32.8 Total IFRS 33.3

1Q19 Revenue 1Q20 Revenue

slide-38
SLIDE 38

EBITDA 1Q20

39 Total EBITDA +5.6M€ (vs -0.5M€ in 1Q19). Energy sale will increase Ebitda margin exponentially

+ 12x EBITDA increase in D&C division

  • Energy division will add EBITDA in H2 2020

Energy Services Corporate Total D&C 0.0 0.0 0.4

  • 0.8
  • 0.5

SOURCE: Company 1 EBITDA Margin calculation just considering third party sales *D&C = Development & Construction

EBITDA Margin1

1Q19 EBITDA 1Q20 EBITDA

1Q20 vs 1Q19; €M

Energy Services Corporate D&C 0.0 0.0 6.5 5.6 Total IFRS

  • 0,9

29% 4%

  • 11%
  • 5%

1% 25%

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SLIDE 39

CAPEX 1Q20

40 Grenergy invested 24M€ in Solar PV and Wind projects under construction. Capex expected to grow with Quillagua and Duna Huambos final disbursement

SOURCE: Company

€M

Wind Project: Kosten Wind Project: Duna Huambos Quillagua Development Capex Other Total Capex 2.6 3.7 1.4 0.1 23.7 15.9

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SLIDE 40

FREE CASH FLOW AT GROUP LEVEL 1Q20

41

SOURCE: Company

€M

End 2019

EBITDA Change in

  • perating WK

Taxes and Financial

  • Exp. Cash out

Growth Capex Project Debt ST Financial Investments Other ST debts

End 1Q20

11.9

  • 2.0
  • 1.4

22.6

  • 23.7
  • 0,3
  • 17.6

5.6 28.8

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SLIDE 41

€M

CHANGE IN NET DEBT AND LEVERAGE

42 Overall leverage kept growing as expected to 3,6x Net Debt/EBITDA due to capex investments Ample finance capacity for our IPP targets

SOURCE: Company 1 Leverage calculated as Net debt divided by annualized EBITDA for 1Q20 (1Q20x4 or 22M€)

ND/EBITDA 0,2x 0,5x 2,0x 3,6x Growth Capex 2019 Net Debt Funds from Operations FY19 Net Debt 2.0

  • 23.7
  • 12.3
  • 41.2
  • 75.3

Other

Change in net debt Leverage1

2019 Full year 1H19 1Q20 2018 Full year

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SLIDE 42

Solid increase in Net Income

Profit and losses

(€k) Revenue

Income from customer sales Income from related from third party sales

Procurement

Procurement from third parties Activated cost

Gross Margin Personnel expenses Other incomes Other operating expenses Other results EBITDA Depreciation and amortization EBIT Financial incomes Financial expenses Exchange rate differences Financial result Result before taxes Income tax Net Income External partners Net Income atributable to Parent Company 1Q20 33.278

22.838 10.440

(24.108)

(13.668) (10.440)

9.170 (1.318) 11 (2.291) 25 5.597 (196) 5.401 15 (565) (979) (1.529) 3.872 (445) 3.427 (13) 3.440 1Q19 10.184

10.184

  • (8.799)

(8.799)

  • 1.385

(891) 32 (1.032) 31 (475) (113) (588)

  • (112)

307 195 (393)

  • (393)

6 (399) Delta 227% 174% 562% 48% (66%) 122% (19%) (1278%) 73%

  • 1019%

n.m 404% (419%) (884%)

  • 1085%

n.m

  • 972%

1Q20 Results

Profit and Losses 43

slide-43
SLIDE 43

1Q20 Results

Balance Sheet 44

Solid balance position to finance growth

Balance Sheet

(€k) Non-current assets Intangible assets Fixed asset Assets with right of use Deferred tax assets Other fix assets Current assets Inventories Trade and other accounts receivable Current financial investments Other current financial assets Cash and cash equivalents TOTAL ASSETS (€k) Equity Non-current liabilities Deferred tax liabilities Non-current provisions Financial debt

Bonds Debt with financial entities Finance lease Other debts

Current liabilities Current provisions Trade and other accounts payable Financial debt Current financial liabilities Short-term financial lease Other current liabilities Group Loan TOTAL LIABILITIES AND EQUITY 31/3/20 112.268 9.538 93.961 4.361 4.199 209 56.927 4.111 32.289 8.274 321 11.932 169.195 31/3/20 39.549 88.661 3.475 2.802 82.384

21.537 57.281 3.358 208

40.985 1.824 21.825 17.336 299 13.105 658 3.274 169.195 31/12/19 88.044 9.446 70.347 4.564 3.498 189 69.583 8.851 24.763 6.873 323 28.773 157.627 31/12/19 37.098 73.437 3.450 2.748 67.239

21.540 41.765 3.726 208

47.092 829 36.621 9.642

  • 5.608

692 3.342 157.627 Var. 24.224 92 23.614 (203) 701 20 (12.656) (4.740) 7.526 1.401 (2) (16.841) 11.568 Var. 2.451 15.224 25 54 15.145

(3) 15.516 (368)

  • (6.107)

995 (14.796) 7.694 299 7.497 (34) (68) 11.568

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SLIDE 44

1: IFRS audited figures

In spite of important investment activity the company has still ample capacity for finance growth

(€k) Long-term financial debt Short-term financial debt Other long term debt Other short term debt Other current financial assets Cash & cash equivalents Corporate Net Debt with resource Project Finance debt with resource Project Finance cash with resource Project Finance Net Debt with resource Project Finance debt without resource Project Finance cash without resource Net Debt without resource Total Net Debt Deuda NIIF 16 NET DEBT FOR COVENANT EBITDA COVENANT

Net Debt

1Q20 23.428.199 7.663.900 208.249 3.273.758 (8.274.434) (10.627.157) 15.672.514 52.775.401 (1.304.971) 51.470.431 12.370.128

  • 12.370.128

79.513.073 3.859.618 75.653.455 5.597 3,55 FY19 26.097.393 4.841.280 208.249 3.342.401 (6.873.062) (20.408.005) 7.208.256 42.392.003 (8.365.082) 34.026.921

  • 41.235.177

4.254.136 36.981.041 18.463 2,23 1Q20-FY19 (2.669.194) 2.822.620

  • (68.643)

(1.401.372) 9.780.848 8.464.258 10.383.398 7.060.111 17.443.510 12.370.128

  • 12.370.128

38.277.896 (394.518) 38.672.414

1Q20 Results

Profit and Losses 45

1: IFRS audited figures

slide-45
SLIDE 45

JUNE 2020