Greenvolt Energias Renovaveis

Investor Presentation • Oct 25, 2021

A RENEWABLE OPERATOR WITH A REGULATED BUSINESS AND A CASH GENERATIVE PROFILE

October 2021

Disclaimer

The information contained herein ("Information") relates to GreenVolt - Energias Renováveis, S.A. ("GreenVolt") and its subsidiaries (together, the "Group") and has been prepared using GreenVolt's information or extracted from sources deemed credible and reliable. The Information does not purport to be comprehensive and has not been verified by an external auditor or expert and is not guaranteed as to accuracy or completeness.

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Executive Summary

Notes: Net injection capacity and pipeline; (1) Transaction closed on June 30th , 2021; (2) Excluding TGP; (3) Net pipeline of Solar PV and Wind in Europe, excluding Portugal; (4) 98 MW under construction

Executive Summary

Business Plan Execution
Biomass Developments	◼ Improvement in domestic operation, including Vila Velha de Ródão plant increase in efficiency and additional 1/2MW ◼ Tilbury (TGP) outperforming due to electricity price (brown power) increase - in 3Q21, TGP outperformed forecasted EBITDA in € 8M (+147% than budget)
V-Ridium	◼ V-Ridium has been increasing its pipeline for 2021 and 2022 in U/C, RTB or advanced phase, since GreenVolt's IPO (295 MW in Poland and 220 MW in Greece): totalling +224 MW ◼ There has been an increasing presence of V-Ridium works in new geographies such as Romania, Bulgaria and Italy ◼ Presence in energy storage segment, with 1.4GW of secured grid connection through KSME
Distributed Segment	◼ Acquisition of Profit Energy (C&I segment) – company with significant growth YoY, finalizing 2020 with sales of € 5.55M compared to € 5.65M sales in 2021 until July ◼ SPA signed for the acquisition of a 42% stake in Perfecta Energía (residential segment) - a growing Distributed Generation player in Spain focusing on the residential segment
Financing	◼ Signing of a € 50M commercial paper committed – 6 years programme ◼ Launching of the Green Bond process
Project kick-off	Signing of a € 50M Commercial Intention to float IPO GreenVolt in PSI-20 Paper Programme, committed announcement IPO Price= €4.25 until 2027
18/Mar/2021	24/Jun/2021 15/Jul/2021 08/Sep/2021 12/Oct/2021 22/Oct/2021 First day of trading stock price= €4.80 Stock price= €5.65 Stock price= €6.15 Stock price= €6.80

GreenVolt presents strong financial strength with high levels of liquidity

The financial Information presented is preliminary and unaudited and, therefore, may be subject to adjustments and shall be reported as of the document's date, as it is subject to many factors and uncertainties

Underleveraged financial structure for a mostly regulated cash flow

• ◼ 3Q20 reported € 9M EBITDA
• ◼ 3Q21* presents ~€ 20M EBITDA (estimated), considering biomass segment (PT & UK) and 3 months of V-Ridium activity
• ◼ V-Ridium with a negative 3Q21 EBITDA of ~€ 1M
• ◼ 3Q21* figure presents an increase of +122%

Biomass and V-Ridium EBITDA "million Euro"

• ◼ 9M20 reported € 24M EBITDA
• ◼ 9M21* presents ~€ 34M EBITDA (estimated), considering biomass segment (Portuguese Biomass Activity + 3 months of TGP's activity) and 3 months of V-Ridium activity
• ◼ If it is considered TGP & V-Ridium figures since the beginning of 2021, the EBITDA would circa € 50M
• ◼ 9M21* figure presents an increase of +42%

Recurrent annualized Net Debt/EBITDA below 3.0x

* Excluding non recurring transaction costs

The financial information presented is preliminary and unaudited and, therefore, may be subject to adjustments and shall be reported as of the document's date, as it is subject to many factors and uncertainties

1 STRATEGIC GUIDELINES 2 BUSINESS PLAN 3 GREEN BOND FRAMEWORK 4 FINANCIAL OVERVIEW & UPDATE 5 FINAL REMARKS

GreenVolt at the IPO: combining ~€ 33M 2020 EBITDA in a proven technology with a scalable model underpinned by stable and secured cash flows

Notes: Net injection capacity and pipeline; (1) Transaction closed on June 30th , 2021; (2) Excluding TGP; (3) Net pipeline of Solar PV and Wind in Europe, excluding Portugal; (4) 98 MW under construction

Biomass is a much-needed renewable energy technology attached to the circular economy with stable growth rates

Biomass(2) will remain as a key energy source both in Europe(3)… … and in Portugal(1)

(1) Portuguese NECP; (2) Biomass (including biofuels, biogas and urban waste); (3) IRENA EU-28 (including UK); (4) IRENA Database (2018 renewable electricity generation for EU-28 and Portugal)

Solar PV and On-shore Wind: Focus in projects-scarce European markets

Renewable energy generation expansion in Europe	▪ Wind and Solar PV are the main renewable drivers to achieve the energy transition in Europe (currently represent c. 45% of renewable electricity generation and expected to achieve c. 600 GW in 2030) ▪ Key geographies with a common project scarcity feature, while exhibiting different regulatory frameworks (not all MWs are the same)
	▪ Development is the most valuable stage of the Solar PV and Wind value chain
	▪ Increasing weight of Decentralised Generation Solar PV and Wind capacity to significantly increase in Europe(1)… … especially in the geographies where GreenVolt is focused on growing(2)

✓ Project-scarce regions

• ✓ Development momentum
• ✓ High growth targets (NECPs)
• ✓ Government auctions to support renewables growth
• ✓ Bankable and stable regulations
• ✓ Optimal LCOE areas (optimized site selection)

✓ TSOs investing €bn to reinforce grid and increase cross-border exchange

✓ Permitting processes streamlined to reduce consent timings

(1) IRENA; EU-28 (including UK); (2) IRENA and NECPs of Portugal, Poland, France, Greece, Italy and Romania

GreenVolt strategic positioning: Development is the highest return phase of the value chain

Strong growth potential for Decentralised Generation both globally and in Iberia

Efficiency reinforcement in inflation linked FiT regulated business

Notes: All data for FY2020; (1) 2020 calculated over 366 days

Expansion to UK: one of the strongest regulatory environments

Biomass UK: ROC until May 2037 and a PPA with a 25MW floor assures low risk upside

Project benefits from long-term contracts fully covering the debt tenor

Power Purchase Agreement (PPA)

• PPA covers 100% of electricity and REGOs produced by the plant, with all trading and imbalance risk carried by the power purchaser.
• The offtaker has recently made an amendment to the PPA to enhance the economics via lower route to market discounts and a wholesale electricity floor price for the term of the PPA.
• These changes were agreed and are effective from financial close of the acquisition.
• The floor payment mechanism is calculated annually based on the Volume Weighted Average Price ("VWAP") achieved by the Generator over the year.
• Payments made under the Floor Mechanism shall be subject to a payback mechanism in subsequent years to the Offtaker. This payback mechanism will be activated should the VWAP achieved be greater than the Floor Price, in which case the Generator shall pay to the Offtaker an amount equal to the minimum of either the remaining floor payment amounts under the Floor Mechanism (i.e. net of previous paybacks) or the difference between the VWAP and the Floor Price multiplied by the total volume delivered under the PPA in the applicable year.

Item	PPA
Energy price	97% of EPEX Day Ahead
Floor price	25/MWh average p.a.
ROC buyout	98%
ROC recycle	100%
REGOs	98%, with 10p/REGO floor yrs 1-3
Embedded benefits	100%
Guaranteed output level	N/a
Credit support	PCG from ESB Energy International Limited
Reporting	Advance notice of maintenance
LDs	Capped at £100k p.a. based on unnanounced outages
Term remaining	13 years + 5 years extension

ROC Accreditation

• The plant is fully ROC accredited and is entitled to receive 1.4 ROCs per MWh (in line with the dedicated biomass banding) until Mar-37.
• Generation export is currently constrained to 41.6 MW, in-line with the ROC accreditation limit set by Ofgem. Discussions have started with Ofgem to increase the ROC accredited capacity to 43.6 MW which would be more consistent with the Plant's operational capability. An informal letter has been shared with Ofgem and further feedback is expected H2 2021.

Source: Fichtner, Ashurst

Biomass UK: long terms OPEX contracts matching a long-term capital structure and ROC period

Project benefits from long-term contracts fully covering the debt tenor

• Strong guarantees from contractual counterparties providing high visibility.
• Contractual counterparties are all experienced players in the sector.

Platform for expansion to complementary technologies: ~3.6 GW(1) of Solar PV and On-shore Wind in project-scarce markets and high potential geographies o/w 1.5 GW U/C, RtB or in advanced phase

(1) Net pipeline, probability-weighted. (2) Service for third parties not included in the pipeline

Strong local and reputed V-Ridium development team with proven delivery capabilities: of pipeline development and asset rotation

(1) Net pipeline, including co-developments

V-Ridium Team asset rotation track record

Year	Technology	Project	Capacity	Buyer	Description
2007	Wind	Relax	1.2 GW		• Portfolio and development platform sold to EDPR in the biggest RES deal • Managed by future GEO founders, EDPR became No. 1 RES player
2011	Wind	GEO	104 MW		• GEOR develops two Wind farms and offers EDPR a JV, both executed successfully
2015	Wind	GEO	90 MW		• Two Wind farms successfully sold to IKEA • Transaction named "2015 RES Deal of the Year in Poland"
2018	Wind	GEO	204 MW		• GEOR creates JV with Vestas investing in seven Wind farms with total capacity of 204 MW
2019	PV	GEO	21 MW		• 21 MW of constructed Solar PV portfolio sold with CfD support scheme from auction (June 2017)
2019	PV	GEO	40 MW		• GEOR won Solar PV auction in 2018 with over 40MW Solar PV projects • 20 MW was sold to European utility
2019	PV	GEO	59 MW		• GEOR creates JV with German fund KGAL called Augusta Energy under which invests in 59 MW in a PV installation
2019	Wind	GEO	210 MW		• GEOR sales 210 MW of RTB Wind portfolio with CfD support scheme from auction (December 2019)
2020	Wind	GEO	51 MW		• 51 MW of RTB Wind portfolio sold with CfD support scheme from auction (December 2019)
2020	PV	GEO	22 MW		• GEOR exits with 22 MW Solar PV projects to Chinese funds with PV auction won in 2019
2020	PV & Wind	V-Ridium	-		• GEOR rebrands and establishes new operating and investment platform V-Ridium • Management team remained unchanged

Develop and sell at Ready to Build maximises cash flow and reduces CAPEX

Development: light CAPEX with double digit returns

GreenVolt's investment decisions to be based on best risk-adjusted returns across core markets

Notes: Exit values in Poland are derived from historical V-Ridium transactions and in-depth knowledge regarding investor yield expectations. Exit values in Greece are derived from V-Ridium insight into market transactions and in-depth knowledge regarding investor yield expectations. In the case of Italy and France, despite those markets currently yield higher exit values, V-Ridium is assuming a compression of exit values due to increased competition. (1) Only assuming value creation.

Decentralised Generation is GreenVolt's third strategic lever for imminent profitable growth

1 STRATEGIC GUIDELINES 2 BUSINESS PLAN 3 GREEN BOND FRAMEWORK 4 FINANCIAL OVERVIEW & UPDATE 5 FINAL REMARKS

Sustainable cash flow profile from regular sell downs and a balanced portfolio of operating assets

Solid financial foundations to support further growth

(1) Adjusted for € 50M capital increase in March 2021; (2) Including Biomass sales in 2020; (3) Recurrent EBITDA, excluding c.€ 2M from insurance policy; (4) Includes ~3.6 GW net pipeline + additional early stage Biomass assets and early stage assets in Poland and Italy

Conservative financial policy achieving Net Debt / EBITDA of 3.5-4.0x

Sources and uses of funds 2021-2025

(1) Adjusted for €50m capital increase in March 2021

GreenVolt's net debt level target vs. other industry players

(1) Net Debt / EBITDA (Last Calendar Year) from Bloomberg @ 08.10.2021

1 STRATEGIC GUIDELINES 2 BUSINESS PLAN

3 GREEN BOND FRAMEWORK

5 FINAL REMARKS

4 FINANCIAL OVERVIEW & UPDATE

GreenVolt presents a clear strategy for the use of proceeds raised through Green Bonds Issuance

GreenVolt's Green Bond Framework

1. Use of Proceeds

• ◼ GreenVolt intends to issue green bonds to finance and/or refinance:
• ◼ new and/or existing renewable energy projects and energy efficiency projects (including but not limited to biomass, wind, solar, decentralised generation and storage)
• ◼ integrated pollution prevention and control
• ◼ M&A transactions within the renewable energy sector (including without limitation to refinance the funding structure put in place to finance the acquisition of Tilbury Green Power – UK)
• ◼ other related and supporting expenditures such as R&D

GreenVolt's Green Bond Framework: process for project evaluation and selection

GreenVolt's Green Bond Framework

GreenVolt's Green Bond Framework: management of proceeds & reporting

GreenVolt's Green Bond Framework

3. Management of Proceeds 4. Reporting

• Net proceeds of green bonds issued by GreenVolt will be managed on a portfolio basis
• Proceeds will be used for the financing and/or refinancing of Eligible Green Projects (i.e. the financing of new projects and/or M&A transactions and/or the refinancing of existing projects and/or M&A transactions)
• GreenVolt, through its Finance Department, aims to achieve a level of allocation to the Eligible Green Projects portfolio that matches or exceeds the balance of net proceeds from its outstanding green bonds
• Proceeds not immediately disbursed will not be invested in non-green projects, GHG intensive activities nor in controversial activities.

▪ As regards allocation and impact reporting, GreenVolt will report annually on its Sustainability Report (which will be made available on its website) until full allocation of the outstanding green bonds

Eligible categories	Examples of outputs and impact indicators
Renewable and Clean Energy	▪ Installed renewable energy capacity (MW)
	▪ Expected annual renewable energy generation (MWh)
Energy Efficiency	▪ Estimated annual GHG emission avoided or reduced (tCO2e)
Integrated Pollution	▪ Reduction of biomass waste in the forest
Prevention	▪ Recycled construction and demolition wood waste
and Control	▪ Estimated annual GHG emission avoided or reduced (tCO2e)
	▪ Emissions of dust, nitrogen oxides (NOx), sulphur dioxide
	(SO2)

GreenVolt's Green Bond Framework: external review

GreenVolt's Green Bond Framework

• The SPO and the Green Bond Framework will be made available to the green bond investors on Greenvolt's website at
• www.greenvolt.pt > investors > green funding

32 October 2021

1 STRATEGIC GUIDELINES 2 BUSINESS PLAN 3 GREEN BOND FRAMEWORK 4 FINANCIAL OVERVIEW & UPDATE 5 FINAL REMARKS

Biomass Portugal: Solid growth of revenues

• ◼ Stable electricity revenues based on a FiT regulated framework
• ◼ Revenues posted significant growth mainly driven by:
• ◼ Figueira da Foz II SBM power plant (COD July 2019), which accounted for 38% of total electricity revenues in 2020
• ◼ Increasing electricity generation YoY of remaining power plants

(1) Load factor calculated considering 365 days for 2018 and 2019 and 366 days for 2020

Biomass Portugal: Supported by regulated Feed in Tariffs updated yearly at CPI

Increasing energy production

Stable average tariffs

• ◼ Increasing energy generation on a like-for-like basis:
• ◼ Reduction of Mortágua's annual maintenance stoppage in 2020 by almost 40 days (major repair for maintenance in 2019)

• ◼ Figueira da Foz II SBM power plant rapidly reached nominal capacity in 2019

• ◼ Stable evolution of tariffs per plant: regulated and inflation annually adjusted

• ◼ Reduction of 2019's like-for-like average tariff due to change in injected electricity's weight per plant
• ◼ Figueira da Foz II SBM lower average tariff justified as having the most recent start-up date. Due to the regulatory regime, more recent plants have lower tariffs(1)

Average tariff (€/MWh) 120.7 120.4 120.8 114.5 115.1 120.7 119.1 118.5 57.4 47.9 34.0 2018 2019 2020 Like-for-like Figueira da Foz II - SBM Average tariff Merchant price (baseload)

(1) For power plants with same Z factor and same productivity performance; (2) Availability rate calculated considering 365 days for 2018 and 2019 and 366 days for 2020

Biomass Portugal: Strong and steady EBITDA with improving margins

• ◼ Like for like EBITDA decrease in 2019 derived from:
• ◼ Mortágua's stoppage for 60 days
• ◼ Reduction of compensations for business interruption from € 1.1M in 2018 to € 0.5M in 2019
• ◼ EBITDA growth impacted significantly by Figueira da Foz II – SBM operation and its higher margin

(1) Operating profit before amortization and depreciation and impairment reversals/ (losses) in non-current assets; (2) In 2018, excludes c. € 1.7M net claim compensation for property, equipment and inventory damage in the Mortágua, Constância and Ródão power plants. 2018-2020, excludes non-cash investment grants of Mortágua´s power plant; (3) In 2020, adjusted revenues exclude sales of biomass of € 3M

Like for like margin expansion

TGP: Recent Developments

The financial information presented is preliminary and unaudited and, therefore, may be subject to adjustments and shall be reported as of the document's date, as it is subject to many factors and uncertainties.

V-Ridium: Pipeline at Capital Markets Day vs Pipeline Today for 2021 and 2022

• ◼ KSME (GV with a 51% controlling stake), 5.6GW energy storage pipeline in PL, of which 1.4GW already have grid connection fully secured.
• ◼ Ongoing discussions with potential off taker for 10-15 year PPA for 200-300GWh/year
• ◼ Romania – JV concluded, with the office becoming fully operational in the coming weeks.
• ◼ Italy – Italian pipeline currently at ~410MW and to be increased to ~1.7GW, both with existing partners and own development.

Pipeline Evolution (U/C, RTB or advanced phase )

Profit Energy: Acquisition and Recent Developments

The financial information presented is preliminary and unaudited and, therefore, may be subject to adjustments and shall be reported as of the document's date, as it is subject to many factors and uncertainties.

GreenVolt presents strong financial strength with high levels of liquidity

The financial Information presented is preliminary and unaudited and, therefore, may be subject to adjustments and shall be reported as of the document's date, as it is subject to many factors and uncertainties

Underleveraged financial structure for a mostly regulated cash flow

Biomass and V-Ridium EBITDA "million Euro"

• ◼ 3Q20 reported € 9M EBITDA
• ◼ 3Q21* presents ~€ 20M EBITDA (estimated), considering biomass segment (PT & UK) and 3 months of V-Ridium activity
• ◼ V-Ridium with a negative 3Q21 EBITDA of ~€ 1M
• ◼ 3Q21* figure presents an increase of +122%

Biomass and V-Ridium EBITDA "million Euro"

• ◼ 9M20 reported € 24M EBITDA
• ◼ 9M21* presents ~€ 34M EBITDA (estimated), considering biomass segment (Portuguese Biomass Activity + 3 months of TGP's activity) and 3 months of V-Ridium activity
• ◼ If it is considered TGP & V-Ridium figures since the beginning of 2021, the EBITDA would circa € 50M
• ◼ 9M21* figure presents an increase of +42%

Recurrent annualized Net Debt/EBITDA below 3.0x

* Excluding non recurring transaction costs

The financial information presented is preliminary and unaudited and, therefore, may be subject to adjustments and shall be reported as of the document's date, as it is subject to many factors and uncertainties

Strategic vision for future growth and profitability: medium-term ambition until 2025

1 STRATEGIC GUIDELINES 2 BUSINESS PLAN 3 GREEN BOND FRAMEWORK 4 FINANCIAL OVERVIEW & UPDATE 5 FINAL REMARKS

Attractive ESG-focused investment proposition under a best-practice Governance model

Main policies and initiatives

• ^◼ Neutral CO² Emissions
• ◼ Leader in the forest-based renewable energy sector, expecting to grow in other renewable energy sources
• ◼ SBM Green Bond 1 st green bond listed on Euronext Access Lisbon
• ◼ Member of the United Nation's Global Compact

◼ Finance for the Future Award (Euronext Lisbon Awards 2020 edition)

Well structured Governance

• ◼ Incorporating international guidelines
• ◼ Well-balanced and diverse Board of Directors
• ◼ c.36% of independent members
• ◼ c.36% of female members
• ◼ Well-established and organised system:
• ◼ Risk, Recruitment & Remuneration and Audit and Related Parties' Transactions committees
• ◼ Strategic and Operational Monitoring Committee
• ◼ Ethics, ESG and Sustainability Committee
• ◼ Strong Code of Ethics and active Risk Management
• ◼ Reporting and disclosure according with market references

Strong Human Resources policies

• ◼ Active employee retention policies
• ◼ Retribution policies fully aligned with GreenVolt's objectives
• ◼ Best-in-class training policies
• ◼ Focus on diversity

GV is a unique renewable energy vehicle with a solid and sustainable cash flow pattern

Leading and well-established Portuguese operator with superior development capabilities in Europe

(1) Net pipeline, probability-weighted, including 2.7 GW in Poland and Greece (V-Ridium) + 170 MW in Romania + 0.7 GW in Portugal; (2) Net, probability-weighted, including 1.3 GW in Poland and Greece (V-Ridium) + 170 MW in Romania + 0.1 GW in Portugal; (3) Compound annual growth rate until 2025

GreenVolt's unique positioning within the renewable sector

The future of renewable energies…

Glossary of terms (1/3)

• ◼ AM: Asset Management
• ◼ Availability: Amount of time that a power plant is able to produce electricity over a certain period
• ◼ CAGR: Compound Annual Growth Rate
• ◼ CapEx: Capital Expenditure
• ◼ CEE: Central Eastern Europe
• ◼ CfD: Contract-for-Differences
• ◼ COD: Commercial Operation Date
• ◼ CO² : Carbon Dioxide
• ◼ CPI: Consumer Price Index, measure of inflation
• ◼ C&I PPA: Corporate and Institutional Power Purchase Agreement
• ◼ DevEx: Development Expenditure
• ◼ DG: Decentralised Generation
• ◼ DGEG: Direção Geral de Energia e Geologia
• ◼ DSO: Distribution system operator
• ◼ EBITDA: Operating profit before amortization and depreciation and impairment reversals/ (losses) in non-current assets
• ◼ EBITDA margin: EBITDA / Revenues
• ◼ EPA: Environmental Protection Agency

• ◼ EPC: Energy Performance Certificate

• ◼ EPCM: Engineering, Procurement and Construction Management

• ◼ ESG: Environmental, Social and Governance
• ◼ FEE: France Energie Eolienne
• ◼ FiT: Feed-in-Tariff, policy mechanism offering long-term contracts to renewable energy producers
• ◼ GIM: Global Impact Member
• ◼ GW: Gigawatt
• ◼ GWh: Gigawatt hour
• ◼ HR: Human resources
• ◼ H&S: Health and Safety
• ◼ IFRS: International Financial Reporting Standards
• ◼ IPP: Independent Power Producer
• ◼ IRR: Internal Rate of Return
• ◼ IT: Information Technology
• ◼ JV: Joint venture
• ◼ Ke: Cost of Equity
• ◼ KPI: Key Performance Indicators
• ◼ KWp: Kilowatts peak
• ◼ LCOE: Levelised Cost of Energy, average net present cost of electricity generation for a plant over its lifetime

Glossary of terms (2/3)

• ◼ Load factor: Electricity produced during a year / Installed capacity * Hours of a year
• ◼ Like-for-like: Measure of growth, adjusted to reflect the same perimeter (e.g. excluding Figueira da Foz II – SBM plant)
• ◼ MOU: Memorandum of Understanding
• ◼ MW: Megawatt
• ◼ MWe: Megawatt electrical
• ◼ MWh: Megawatt hour
• ◼ MWp: Megawatt peak
• ◼ M&A: Mergers & Acquisitions
• ◼ ND: Net debt
• ◼ NECP: National Energy Climate Plan
• ◼ NES: National Employment Standards
• ◼ Net debt: Bonds + other loans + lease liabilities cash and cash-equivalents
• ◼ Net leverage: Net debt / EBITDA
• ◼ Net pipeline: Pipeline capacity adjusted by success rate probability and co-developers' share interest
• ◼ Net Profit: Profit after expenses, depreciation and amortization and financial expenses
• ◼ NFD: Net Financial Debt
• ◼ OFGEM: Office of Gas and Electricity Markets

• ◼ OpEx: Operational Expenditure

• ◼ O&M: Operations and Maintenance

• ◼ PPA: Power Purchase Agreement
• ◼ PSI: Portuguese Stock Index
• ◼ Recurrent EBITDA: EBITDA excluding effects of non-recurrent items
• ◼ RES: Renewable Energy Sources
• ◼ RO: Renewables Obligation
• ◼ ROC: Renewable Obligation Certificate
• ◼ RTB: Ready-to-Build
• ◼ SBM: Sociedade Bioeléctrica do Mondego
• ◼ SDG: Sustainable Development Goals
• ◼ SMEs: Small and Medium-sized Enterprises
• ◼ Solar PV: Solar Photovoltaic
• ◼ TCM: Technical and comercial management
• ◼ TGP: Tilbury Green Power Limited
• ◼ TGPH: Tilbury Green Power Holdings Limited
• ◼ TSO: Transmissions System Operator
• ◼ TWh: Terawatt hour
• ◼ UPP: Unidades de Pequena Produção (Small-Scale Production Units)
• ◼ U/C: Under construction

Glossary of terms (3/3)

• ◼ U/O: Under operation
• ◼ VAT: Value Added Tax
• ◼ YoY: Year-on-Year

Smarter, cleaner energy