Grenergy Renovables S.A.

Investor Presentation • Nov 21, 2023

November 2023

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AGENDA & SPEAKERS

GRENERGY AT A GLANCE

A unique and very successful equity story

1. VERTICALLY INTEGRATED IPP

Highly efficient to maximize value creation

SUPPORTED BY OUR GLOBAL TEAMS

2. GEOGRAFICAL DIVERSIFICATION

Flexibility to capture growth opportunities and mitigate risks

Only includes PV

3. HIGHLY VISIBLE BUSINESS MODEL - PPAs

Best-in-Class – 2.8TWh of PPAs signed, implying €2.7bn of contracted revenues

2.0GW/2.8TWh per year PPAs SIGNED

Significant step-up in 2023 (1.7TWh/y signed, c60% of total) First BESS PPAs signed in Chile (0.5TWh/y at peak hour)

€2.7bn REVENUES CONTRACTED

c80% contracted revenues c20% merchant exposure

Evolution of PPAs signed

15-year Revenue breakdown

4. STRONG GROWTH TRACK-RECORD - STRUCTURED FINANCE & CAPITAL MARKETS

Bullet proof - \$0.7bn financing secured and another \$1.3bn well-advanced

Impressive track-record – 1.1GW sold for €0.9bn in 2017-23 at an implicit 1.5x EV/IC

High value creation of development activities Strong track-record using this lever to finance growth Assets rotated are less than c3% of total pipeline

ASSET ROTATION EMBEDDED INTO OUR DNA VERY SUCCESSFUL TRACK RECORD IN 2017-23

58 projects	1.1GW	€0.9bn proceeds
	€335m capital gains (€0.37m/MW)
1.5x EV/IC valuation achieved

5. FIRST-MOVER INTO BESS OASIS ATACAMA is the largest BESS platform globally (4.1GWh)

• An efficient solution in Atacama (Chile) Output maximisation at higher captured prices
• PPAs contracted at attractive terms CPI adj. over 15 years
• Enhanced growth at incremental returns 11-14% project IRR

BESS – A GAME CHANGER		STORAGE
	MW	Under		Backlog	Advanced Dev.	Early Stage	Total	Total
• An efficient solution in Atacama (Chile) Output maximisation at higher	Probability of execution	Const. MWh	100%	90%	70%	50%	MW	MWh
captured prices	USA	0	0	0	0	695	695	3,033
	Total USA	0	0	0	0	695	695	3,033
• PPAs contracted at attractive terms CPI adj. over 15 years	Spain	0	0	0	88	314	402	904
	Italy	0	0	0	74	39	113	386
• Enhanced growth at incremental returns 11-14% project IRR	UK	0	0	0	0	180	180	360
	Poland	0	0	0	0	345	345	1,117
	Total Europe	0	0	0	162	878	1,040	2,767
	Chile	475	95	605	240	60	1,000	4,905
	Total Latam	475	95	605	240	60	1,000	4,905
	Total	475	95	605	402	1,366	2,735	10,705

12

KEY STRATEGIC TARGETS 2026

Growing to the next level

1. Assets in Operation & Under Construction. The difference between Gross and Net is Asset Rotation.

GRENERGY MARKETS

LATAM PLATFORM

MARKET OVERVIEW	STRATEGY
Market stats (2022)	Chile	Colombia	Peru	Mexico	• Why LATAM?
Type of Market	Deregulated	Deregulated	Deregulated	Deregulated	• Grenergy´s second home-market.
Total Capacity (GW)	33	19	13	95
Total Generation (TWh)	83	87	56	341	• Market approach
Renewables Capacity (GW, % of total)	19.0 (58%)	13.0 (69%)	0.7 (5%)	29.0 (30%)	• Selective in country selection and strategies.
Renewables Generation (TWh, % of total)	51.0 (62%)	57.0 (66%)	2.7 (5%)	106 (31%)	• Lead transition to firm renewables.
Solar PV Capacity (GW, % of total)	7.6 (23%)	0.5 (2%)	0.3 (2%)	8.5 (9%)	• Business model

PVOUT: Long term average of PV power potential, period 1999-2020
Daily totals:	2.46	2.74	3.01	3.29	3.56	3.83	4.11	4.38	4.65	4.93	5.20	5.48	5.75	6.02		6.30 6.57
																	kWh/kWp
Yearly totals:	900	1000	1100	1200	1300	1400	1500	1600	1700	1800	1900	2000	2100	2200	2300	2400

• Why LATAM?

• Grenergy´s second home-market.
• Growing demand for RES offering unique offtake opportunities

• Market approach

• Selective in country selection and strategies.
• Lead transition to firm renewables.

• Business model

• B2O and BTS in Chile; B2S in Colombia, Peru & Mexico
• Solar PV / Solar PV + BESS / BESS stand-alone
• Targeted return
• Double-digit project IRRs

PIPELINE EVOLUTION

CHILE – A GLOBAL POWERHOUSE IN SOLAR ENERGY

RESILIENT MACRC

Population (m)	19.6
GDP per capita (\$'000)	17.3
GDP growth (%)	2.4

GDP per capita

RESILIENT MACRO FAVORABLE RENEWABLE FRAMEWORK

• Investment Grade1 Credit Rating A- 2022
• Dollarized industry
• Regulatory stability
• Renewable support (capacity payment)

Penetration of solar energy capacity

EUROPEAN PLATFORM

MARKET OVERVIEW	STRATEGY
Market stats (2022)	Spain	Italy	Germany	Poland	Romania	• Why Europe?
Type of Market	Deregulated	Deregulated	Deregulated	Deregulated	Deregulated	• At the forefront of Energy Transition
Total Capacity (GW)	119	118	238	63	18
Total Generation (TWh)	262	317	507	175	57	• Market approach
Renewables Capacity (GW, % of total)	70 (59%)	60 (51%)	148 (62%)	25 (40%)	11 (59%)
Renewables Generation (TWh, % of total)	110 (42%)	81 (26%)	245 (48%)	30 (17%)	24 (42%)	• Create quality RTB pipeline at low cost
Solar PV Capacity (GW)	20 (17%)	25 (21%)	68 (28%)	14 (22%)	0.2 (1.3%)	• Opportunistic to optimize capital allocation

PVOUT: Long term average of PV power potential, period 1994-2020 (1999-2020 in the Southeast part of this map)
Daily totals:	2.19	2.46	2.74	3.01	3.29	3.56	3.83	4.11	4.38	4.65	4.93	5.20
													kWh/kWp
Yearly totals:	800	900	1000	1100	1200	1300	1400	1500	1600	1700	1800	1900

• Why Europe?

• At the forefront of Energy Transition
• Regulatory support (on energy independence needs)

• Market approach

• Organic growth through local development teams
• Create quality RTB pipeline at low cost
• Opportunistic to optimize capital allocation

• Business model

• On a country by country basis
• Solar PV / Solar PV + BESS / BESS stand-alone
• Targeted return
• High-single to double-digit project IRRs

EUROPEAN MARKETS

MARKET OVERVIEW
Market stats (2022)	Southeast	MISO+SPP(1)	TEXAS	Total US	Total US 2030
Type of Market	Deregulated	Deregulated	Deregulated	-	-
Total Capacity (GW)	175	190	139	1,262	1,690
Total Generation (TWh)	515	651	428	4,231	4,557
Renewables Capacity (GW, % of total)	18 (10%)	42 (22%)	53 (38%)	309 (18%)	3,600 (79%)
Renewables Generation (TWh, % of total)	26 (5%)	123 (19%)	131 (31%)	901 (21%)	2,195 (48%)
Solar PV Capacity (GW)	17 (10%)	3.8 (2%)	12 (9%%)	79 (6%)	432 (26%)

(1) Current Administration goals and current policy settings (2) Utility-scale solar (Bloomberg)

• Largest and most dynamic solar PV market globally (+419GW in 2022-30)
• Strong regulatory support (IRA)

• Market approach

• Acquisition of SOFOS HARBERT (Grenergy US)
• Accelerate development in core markets

• Business model

• Initially solar PV
• Also developing Solar PV + BESS and BESS stand-alone
• Targeted return
• High-single digit project IRRs
• Above-average capex per MW

21

STORAGE: 3A GAME CHANGER

STORAGE (I): A GAME CHANGER

STORAGE WILL BE A GAME CHANGER FOR THE SOLAR PV INDUSTRY

• Compensates renewable intermittency
• Improves grid stability
• Reduces carbon footprint

SOLAR PV ADOPTION IS BOOMING

CHILE2 AVERAGE PRICING BY HOUR

STORAGE (II): TECHNOLOGIES

		BESS vs. OTHER STORAGE TECHNOLOGIES		MAJOR BESS SUPPLIERS WORLDWIDE
	BESS	Pumped hydro	Hydrogen
Land availability
Speed of execution				Market Cap. \$94bn	Market Cap. \$119bn
Scalability
Capital intensity
External raw mat. need
Grid support

LITHIUM-ION IS THE MOST ADOPTED BESS TECHNOLOGY BESS KEY COMPONENTS

Grenergy is technology agnostic

GLOBAL BESS INSTALLED CAPACITY TARGETS (GW) BESS CUMULATIVE CAPACITY ACROSS

2023-2030 GLOBAL BESS CAPACITY BREAKDOWN

GRENERGY'S CORE MARKETS (GW)

STORAGE (IV): BUSINESS MODELS

26

STORAGE (V): CHILE ENTERING THE SWEET SPOT

BESS IS AN EFFICIENT SOLUTION IN ATACAMA RETURNS ALREADY ATTRACTIVE

• High solar penetration (c50% of total capacity)

• Existing cannibalisation & nodal risks

• Downward trend in capex (-33% in 18 months)
• Output maximisation (avoids curtailment)
• High trading spread between day and night (>\$100/MWh)
• Regulatory support (capacity payments in place)

STORAGE (VI): OASIS ATACAMA PLATFORM

Largest BESS project in Latam with 4.1GWh

PROJECT IRR 11-14% TOTAL CAPEX c\$1.4bn

OASIS ATACAMA

c1.0GW + 4.1GWh

Phases	2023	2024	2025	2026
Phase 1
Phase 2
Phase 3
Phase 4
Phase 5
RTB COD	PPA

	PV	BESS			Financing
	MW	MW	MWh	Years	Ouput	Offtaker
Phase 1 - Quillagua	103	95	475	15	128GWh/y	EMOAC	Mandated
Phase 2 - Quillagua 2	111	105	525	15	143GWh/y	EMOAC	Mandated
Phase 3 - Víctor Jara	230	200	1,000	15	270GWh/y	EMOAC	Mandated
Phase 4 - Gabriela	260	220	1,100	-	-	Advanced	Mandated
Phase 5 - Algarrobal	240	200	1,000	-	-	In negotiation	-
OASIS ATACAMA	c950	820	4,100

Growing to the next level

INSTALLED CAPACITY1

3.5GW Solar PV + 3.0GWh BESS Net 5.0GW Solar PV + 4.1GWh BESS Gross

Gross capex €2.6bn 2023-26

CAPEX

EBITDA

€250-300m Energy EBITDA run-rate2 Asset rotation 350-450MW p.a.

INSTALLED CAPACITY – GROSS ADDITIONS 2023-26

Solar PV pipeline 100% secured1 until 2025 5.0GW gross capacity in 2026 (in Op & U/C) Asset rotation 350-450MW p.a.

BESS pipeline 100% secured1 until 2025 4.1GWh gross capacity in 2026 (in Op & U/C) Asset rotation 1.0GWh in 2023-26

CAPEX PLAN – GROSS INVESTMENT 2023-26

2019-22 70% B2O 30% B2S 0.5 2.6 3.0 2.5 2.0 1.5 1.0 0.5 0 €bn 2023-26 Solar PV BESS Dev & Others 10% 30% 60%

PV CAPEX BREAKDOWN PER MW

POLYSILICON PRICE (RMB/kg)

PPAs - HIGH REVENUE VISIBILITY

EBITDA & RETURNS - PROFITABLE GROWTH

9-11%

11-14%

Energy EBITDA run–rate ~ €250-300m in 2026 Asset Rotation ~ 350-450MW p.a. 2024-26 (170MW in 2023)

Sensitivities

PROJECT IRR

+/- 10% capex PV	Project IRR -/+ 30bps
+/- 10% capex BESS	Project IRR -/+ 70bps
+/- 1% CPI adj.	Project IRR -/+ 100bps

Conservative Base-Case Assumptions

• Lifetime: 30y PV & 25y BESS
• Capex: \$0.6m/MW & \$0.2m/MWh
• Merchant prices: DNV and Aurora
• PPA CPI adj.: 2.0%

ASSET ROTATION – A KEY EQUITY RECYCLING LEVER

c50% already closed & advanced (c66% for 2023-25 period)

Asset Rotation of 350-450MW p.a. in 2023-26 €1.5-2.0bn proceeds in 2023-26 Implict valuation of 1.3x-1.5x EV/IC

ASSET ROTATION – VALKYRIA SUMMARY

INITIAL PLAN Sale of 530MW (49% of 1.1GW) for €0.9-1.1m/MW (implying c€0.53bn) MILESTONES TO DATE Sale of 447MW for €1.0m/MW (implying €0.45bn)

NEXT MILESTONES On track

	OUTCOME
	1ST MILESTONE	2ND MILESTONE	YTD
	EQT-SPK deal	ALLIANZ CP deal	Valkyria
MW	150	297	447
Deal closing	3Q23	2Q25	-
EV (€m)	174	271	445
EV/MW (€m)	1.16	0.911	1.00
EBITDA (€m)	69	75-802	144-149
EV/IC (x)	1.7	1.4	1.5

FINANCING – SELF-FUNDED INVESTMENT PLAN (I)

NON-RECOURSE FINANCING STRATEGY POTENTIAL UPCOMING DEALS

• c80% of Project capex (85-90% post D&C margin)
• c85% fixed/swapped
• 9.7 year average tenor
• c5.3% average cost

VALKYRIA ASSETS UNDER CONSTRUCTION (472MW)

• c€0.3bn bridge loan with 3 international banks
• 80-90% capex coverage

OASIS ATACAMA PLATFORM (700MW PV & 3.1GWh BESS)

• c\$1.0bn club deal with 5 international banks1
• 80-90% capex coverage
• Swapped SOFR + 200-225bps spread

CORPORATE FINANCING

• c30% of total debt
• c85% fixed/swapped
• 3.8-year average tenor
• c5.0% average cost

DEBT STRUCTURE - 2023-26 avg.

MOST RECENT DEAL

SANTANDER/CESCE1 FINANCING FACILITY

• Size \$157m financing facility with Santander
• Coverage 80% of principal covered by CESCE
• Rationale Support growth in Latam (inc. BESS)
• Maturity 8 years with 2-year grace period
• Cost 4.8% all-in fixed cost (swapped SOFR + 180bps)
• ESG-linked interest cost reduction subject to ESG criteria

39

5COMMITMENTS ESG

ESG THE HEART OF GRENERGY

Reasons for investing and enhancing ESG matters

41

GREEN FINANCING

GREEN ECONOMY >

POSITIVE IMPACT

BENEFITED COMMUNITIES AND ENVIRONMENT

>

> BUILDING STRONGER COMPANIES, DELIGHTING STAKEHOLDERS

ESG EXCELLENCE

ESG ROADMAP 2021-2023

Main highlights achieved

RECOGNITION IN ESG RATINGS

Expansion and improve positioning in ESG ratings

B+ B+ B+ B+

Confirmation of leadership in ESG ratings

Recognition by CDP of the level of ambition of Grenergy's climate strategy, placing it in the Leadership category, with a score of A-, two notches higher than the score received in the previous year, B-.

Expansion of index coverage, in this case Refinitiv, where Grenergy has obtained a score of 81/100, ranking 2nd out of 78 companies in the renewable energy sector.

A Grenergy Renovables
Azure Power Global Ltd.
EDP Renovaveis SA
Encavis AG
Greencoat Renewables plc

As a summary of the remaining ESG ratings obtained in 2022 and 2023

NEW SUSTAINABILITY STRATEGY 2024-2026

Structure | Dimensions, Drivers, Objectives and Actions

AREAS GRENERGY 19

ASSET MANAGEMENT - COMMITTEES - COMMUNICATION AND MARKETING - COMPLIANCE - DEVELOPMENT - ESG EPC - FINANCIAL - GENERAL SERVICES - HEALTH AND SAFETY - HUMAN RESOURCES - INVESTOR RELATIONS IT & DIGITAL TRANSFORMATION - LEGAL - NEW TECHNOLOGIES - O&M - PURCHASE - RISKS AND INTERNAL CONTROL - TAX

Fighters against CLIMATE CHANGE

• Climate neutrality and energy transition

Protectors of ENVIRONMENT

• Conservation and restoration of biodiversity and ecosystems
• Circular economy, efficient consumption and waste management
• Responsible management of water resources

Promoters of the best teams and PEOPLE

• Attracting, developing and retaining human capital
• Respect and protection of human rights
• Diversity, equality and inclusion

Integrators of the VALUE CHAIN

• Contribution to the development of local communities
• Sustainable supply chain
• Health and safety
• Commitment with customers and suppliers

Fulfillers of SUSTAINABLE FINANCE criteria and INNOVATION drivers

• Economic and financial performande & green financing
• R&D&i in new technologies and markets

Enhancer of a good CORPORATE GOVERNANCE

• Transparency and responsible taxation
• Good governance and fair corporate conduct
• Financial and non-financial risk management systems
• Cybersecurity and information security

NEW SUSTAINABILITY STRATEGY 2024-2026

Structure | Dimensions, Drivers, Objectives and Actions

OBJECTIVES | KEY TARGETS

APPENDIX

Projects In Operation, Under Construction & Backlog

Country	Project	Type	Solar PV MW	BESS MWh(1)	B20	Resource (Hours)	COD	Offtaker
Peru	Duna Huambos	Wind	36	0	No	4,900	4Q20	Auction 18 Yrs 100%
Chile	Quillagua 1	Solar	103	0	Yes	2,950	4Q20	Basket of PPAs + Merchant
Mexico	San Miguel de Allende	Solar	35	0	No	2,300	1Q21	Auction 20 Yrs 100%
Argentina	Kosten	Wind	24	0	Yes	5,033	1Q21	Auction 20 Yrs 100%
Spain	Los Escuderos	Solar	200	0	Yes	2,035	4Q21	PPA PV Profile 85%
Chile	PMGDs (11, DS244)	Solar	144	0	Yes	2,109	4Q21-3Q22	12 Yrs Stabilized Price
Colombia	Distribution (6 projects)	Solar	77	0	Yes	1,990	4Q21-4Q22	14 Yrs PPA PaP 100% 15 Yrs
Chile	Gran Teno	Solar	241	0	Yes	2,000	4Q23	PPA PaP 100% 12 Yrs
Total in Operation			860MW
Chile	PMGDs (15, DS244)	Solar	112	0	No	2,000-2,700	4Q23-4Q24	Stabilized Price 14 Yrs
Chile	PMGDs (15, DS244)	Solar	83	0	Yes	2,000-2,700	4Q23-4Q24	Stabilized Price 14 Yrs
Chile	Tamango	Solar	48	0	Yes	2,000	1Q24	PPA PaP 100% 15 Yrs
Peru	Matarani	Solar	97	0	No	2,750	2Q24	PPA PaP 70% 15 Yrs
Colombia	Distribution (5)	Solar	65	0	Yes	1,990	2Q24-4Q24	Merchant
Spain	Tabernas	Solar	250	0	No	1,850	1Q25	PPA PaP 75% 15 Yrs
Spain	Ayora	Solar	172	0	No	2,000	4Q24	PPA PaP 75% 15 Yrs
Spain	José Cabrera	Solar	47	0	No	1,900	4Q24	PPA PaP 75% 15 Yrs
Chile	Oasis Atacama - Quillagua 1	BESS		475	Yes	2,950	4Q24	PPA 15y
	Total Under Construction		873MW	+ 475 MWh
Chile	PMGDs (6, DS244)	PSolar	62	0	Yes	2,300	3Q23-2Q24	Stabilized Price 14 Yrs
Peru	Nairas	Wind	40	0	No	4,150	4Q24	Est. PPA Pap 80% 15 Yrs
Colombia	Distribucion (4)	Solar	96	0	Yes	1,900	4Q25	Merchant
Chile	Oasis Atacama - Quillagua 2	Solar PV+BESS	111	525	Yes	2,800	3Q25	PPA 15y
Chile	Oasis Atacama - Gabriela	Solar PV+BESS	264	1,100	Yes	2,950	4Q25	PPA 60-70%
Chile	Oasis Atacama - Victor Jara	Solar PV+BESS	240	1,000	Yes	2,800	4Q25	PPA 15y
Total Backlog			813MW	+ 2,625MWh

(1) Colocation

48

1.8 GW to feed our 2025-25 IPP targets

Country	Project	Type	Solar PV MW	BESS MWh(1)	Resource (Hours)	COD	Offtaker	Negotiation
Spain	Clara Campoamor	Solar	259	0	2,000	2Q25	PPA PaP 75% 15 Yrs	Contracted
Italy	Le Isole Projects	Solar	282	0	1,250	2Q25	PPA 60-70%	Initial
Poland	Jesionowo	Solar	74	0	1,100	4Q25	PPA 60-70%	Initial
UK	Solstice Projects	Solar	95	0	1,100	1Q26	PPA 60-70%	In Progress
USA USA	Coosa Pines Creed	Solar Solar	108 68	0 0	1,689 1,681	4Q25 4Q25	PPA 100% PPA 100%	Advanced Advanced
Chile Chile Chile Chile Chile Colombia	Oasis Atacama - Algarrobal PMGDs (15, DS88) Monte Águila Planchón Triqueta Pack 5 PYs Dx	Solar PV+BESS Solar Solar Solar Solar Solar	240 68 240 210 90 60	1,000 0 0 0 0 0	2,300 2,300 2,000 2,000 2,000 1,990	4Q24 3Q25 4Q26 4Q26 4Q26 4Q25	PPA 60-70% PPA 60-70% PPA 60-70% PPA 60-70% PPA 60-70% PPA 60-70%	Initial Contracted Advanced Advanced Advanced Initial
	Total Advanced Development			1,794 MW & 1,000 MWh (vs. 2,049 MW in previous report)

(1) Colocation

SOURCE: Company ı COD: Commercial Operation Date ı In progress: searching for a proper offtaker ı Initial: conversation taking place with several offtakers ı Advanced: Negotiation moving forward to completion at a good pace ı Contracted: Already secured the stabilization of energy sales with offtaker or public auctions.

SOLAR PV - BESS Europe - USA - LATAM