ESTE DOCUMENTO NO PUEDE DIVULGARSE, DISTRIBUIRSE NI PUBLICARSE, TOTAL O PARCIALMENTE, DIRECTA O INDIRECTAMENTE, EN O HACIA LOS ESTADOS UNIDOS (INCLUYENDO SUS TERRITORIOS Y POSESIONES, CUALQUIER ESTADO DE ESTADOS UNIDOS Y EL DISTRITO DE COLUMBIA), CANADÁ, AUSTRALIA, JAPÓN, SUDÁFRICA NI EN NINGÚN OTRO ESTADO O JURISDICCIÓN EN LOS QUE DICHA DIVULGACIÓN, DISTRIBUCIÓN O PUBLICACIÓN PUDIERA SER ILEGAL

En cumplimiento de los artículos 17 del Reglamento (UE) 596/2014, del Parlamento Europeo y del Consejo, de 16 de abril, sobre abuso de mercado, y 226 del texto refundido de la Ley del Mercado de Valores aprobado por el Real Decreto Legislativo 4/2015, de 23 de octubre, y sus disposiciones concordantes, Soltec Power Holdings, S.A. (la "Sociedad") comunica la siguiente

INFORMACIÓN PRIVILEGIADA

Como continuación de la comunicación de otra información relevante de fecha 29 de abril de 2022 (número de registro oficial 15926) se adjunta la presentación que realizará la Sociedad a analistas e inversores en el día de hoy en Madrid a partir de las 10 horas en el contexto de su evento Capital Markets Day, donde dará a conocer su plan estratégico para los años 2022- 2025 y sus resultados financieros del primer trimestre de 2022.

Madrid, 19 de mayo de 2022

Raúl Morales Torres Presidente y Consejero Delegado

___________________________

CAPITAL MARKETS DAY: THE VALUE OF INTEGRATION

Agenda

0 1 Welcome & Introduction 05 Financial Review

02 Business Environment

Sustainability and Innovation

03 Strategy Update & Value Proposition

04 Business Divisions

Closing 07 Remarks

08 Appendix

01 Welcome & Introduction

MERITXELL PÉREZ HEAD OF INVESTOR RELATIONS

TODAY'S PRESENTERS

Co-founder & Chief Executive Officer

23+ years' experience

As the founder and CEO of Soltec, in over a decade Raúl has brought the company to the top tier as manufacturer and supplier of cost-effective single-axis solar trackers.

Broad experience in the solar PV industry.

He combines his passion for renewable energy with a commitment to boost operational productivity through inspiring a culture of innovation and attracting qualified talent.

Member of UNEF (Unión Española Fotovoltaica).

José Núñez

Chief Financial Officer

21+ years' experience

José has led the finances of engineering, large-scale construction, energy and water companies worldwide.

Before joining Soltec he worked in Abengoa (+13 years) and Deloitte (+3 years).

He holds a BSc Hons Management Accounting & Finance from the University of Manchester (UK) and a joint PMD degree from Georgetown, ESADE & Loyola (US & Spain).

STRONG PREVIOUS EXPERIENCE

Co-founder & Head of Project Development

21+ years' experience

Leading development activities globally in Soltec Power Holdings, driving the company to a leading position in PV markets such as Brazil.

Previous experience in X-Elio and Siemens Gamesa among other managerial positions.

He holds a BEng (Mechanical Engineering) from the University of Central Lancashire (UK) and University of Zaragoza (Spain) and an Executive MBA from IEB (Spain).

02 Business Environment

RAÚL MORALES CO-FOUNDER & CHIEF EXECUTIVE OFFICER

NET ZERO BY 2050

THE ENERGY SECTOR PLAYS A CRITICAL ROLE IN THE UNAVOIDABLE JOURNEY TOWARDS GLOBAL DECARBONIZATION

KEY SOLUTIONS

RENEWABLE GENERATION 1
ENERGY EFFICIENCY 2
ELECTRIFICATION 3
BIOENERGY 4
CARBON CAPTURE, UTILISATION
AND STORAGE 5
GREEN HYDROGEN & HYDROGEN BASED FUELS 6
BEHAVIORAL CHANGES 7

KEY GLOBAL TRENDS

DECARBONIZATION

PATHWAY TO NET ZERO (1)

DIGITALIZATION

ENERGY DECENTRALIZATION GEOPOLITICAL TENSION

ENERGY INDEPENDENCE

SOLAR MARKET DYNAMICS & DRIVERS

THE FUTURE LOOKS INCREASINGLY BRIGHT FOR SOLAR ENERGY WITH SIGNIFICANT MOMENTUM AND OPPORTUNITES IN A DRAMATICALLY GROWING GLOBAL MARKET

SOLAR IS OUTPERFORMING THE COMPETITION

Solar has become the lowest cost generation source as LCOE continues to fall dramatically. New technologies promise to increase efficiency and lower costs further.

Flexible and faster construction and installation time with less variability than wind.

Fast becoming the preferred, most reliable source of renewable generation in many geographies.

GLOBAL SOLAR MARKET GROWTH IS ACCELERATING

Ambitious net-zero emissions targets and corporate sustainability goals are increasing demand.

Continued long-term decline of coal and the future of gas in question as renewables displace conventional generation as the only clear long-term growth business.

Utilities quickly responding to anticipated regulatory action by proactively procuring and deploying more renewables.

GLOBAL RENEWABLES POLICY SUPPORT IS STRENGTHENING

Recent geopolitical tensions demonstrate the need for energy security which will drive further renewable deployments.

Governments continue to create incentives in support of renewable deployment in order to reach climate targets.

Transition towards reduced dependency on fossil fuels and increasing domestic energy production.

STRONG PV COUNTRY TARGETS WORLDWIDE

2020-30 INSTALLED CAPACITY TARGETS

GEOGRAPHICAL STRATEGY

At Soltec we seek growth within the countries we operate, building platforms and gaining market share

Geographical diversified portfolio improving risk/return combined profile
Europe and US Platform with tier I Latam exposure
Tier I Countries with …
…High growth for renewable energies
Secure regulatory framework in favour of renewable energy
Track record

WITH A BOOMING SOLAR TRACKER MARKET

THE MARKET FOR SOLAR TRACKERS REMAINS STRONG AS A RESULT OF THE GROWTH PROSPECTS FOR SOLAR DEPLOYMENTS GLOBALLY

Percentage of trackers expected to increase globally from 20% in 2018 to 40% by 2025 of solar PV installations.

More than 300 GW of solar trackers forecast for installation globally between 2021 and 2025.

As markets mature and achieve economic growth, they are expected to shift to tracking systems.

SOLAR PV INSTALLATIONS (MW)

03 Strategy Update and Value Proposition

RAÚL MORALES CO-FOUNDER & CHIEF EXECUTIVE OFFICER

SOLTEC HAS A HISTORY OF INTEGRATION

Soltec

at a Glance

18-YEAR HISTORY OF BECOMING AN INTEGRATED LEADER IN THE SOLAR PV TRACKING SECTOR, ADAPTING OUR BUSINESS MODEL TO THE CHANGING RENEWABLES ENVIRONMENT TO MAXIMIZE VALUE CREATION

THE NEXT PHASE OF VERTICAL INTEGRATION

INDUSTRIAL AND CONSTRUCTION SERVICES

Tracker manufacturing division that also provides additional construction services
3rd largest solar tracker manufacturer globally(1)
Global presence with backlog and pipeline of €399 Mn (2.4 GW) and €2,928 Mn (24.1 GW).
More than 12.7 GW delivered so far (0.9 GW in Q1 2022)

PROJECT DEVELOPMENT

Greenfield solar development segment, developing early stage projects to RTB
Pipeline of 11.6 GW across Spain, Italy, Brazil, Colombia and Denmark
1.3 GW rotated in 2021 of assets located in Spain and Italy

ASSET OWNERSHIP

Solar IPP segment that owns and operates solar assets.
5 MW under operation(2) in Spain.
225 MW under construction in Brazil.
Plan to build out operating capabilities, including plant monitoring, power sales, compliance, and performance optimization.
Selective "build-to-own" strategy.

(1) According to Bloomberg "Booming Solar Tracker Market Innovates to Watch the Wind" Report, June 2021. Cumulative tracker shipments by end of 2020. (2) 35% ownership.

WHY AN INTEGRATED IPP?

IMPROVE MARGINS

To maximize returns

RESULTS

Stability in revenues and cost optimization

SYNERGIES Operational synergies

RISK Risk mitigation

BUSINESS INTEGRATION TO ADD FINANCIAL MARGINS

AN IPP WITH A STRONG, DIVERSIFIED AND QUALITY PIPELINE

MW UNDER CONSTRUCTION

56%

44%

EUROPE

AMERICAS

WHERE WE HAVE COME FROM SINCE THE IPO

USE OF FUNDS

(1) 944 MW in Italy & 95 MW in Spain partially rotated in FY2021 and 249 MW partially rotated in Italy in December 2020 but booked in 2021.

INTEGRATED AND SUSTAINABLE BUSINESS MODEL TO CAPTURE GROWTH AND MARGINS

KEY PILLARS OF OUR BUSINESS MODEL

FINANCING STRATEGY

FLEXIBLE FINANCING STRATEGY ENVISAGED, WITH ACCESS TO CORPORATE AND PROJECT-LEVEL FUNDING, ALONG WITH THE REINVESTMENT OF CASH GENERATED WITHIN THE BUSINESS

04 Business Divisions

BUSINESS UNITS

INDUSTRIAL PROJECT DEVELOPMENT

ASSET MANAGEMENT

SOLTEC INDUSTRIAL

RECORD ORDER BACKLOG (€399 MN ,+30% VS Q1 2021) AND PIPELINE (€2,928 MN , +10% VS Q1 2021)

GEOGRAPHIC DIVERSIFICATION

IN-HOUSE MANUFACTURING KEY COMPONENTS

Soltec maintains in-house manufacturing capabilities for the tracker controller and communication assemblies of the tracker.
Facilities: Murcia (Spain) & Salvador da Bahia (Brazil)
Additional 3rd party contract welding operations co-located (Murcia).

Manufacturing sites

Outsourced capabilities

LEADING POSITION

THIRD GLOBAL TRACKER SUPPLIER

(1) Source: 'Bloomberg "Booming Solar Tracker Market Innovates to Watch the Wind" Report, June 2021 – Cumulative tracker shipments by end of 2020.

PRODUCT INNOVATION

COMPETITIVE POSITIONING

PRODUCTS IN THE MARKET

DIFFERENTIATION VERSUS COMPETITORS

COMPANY	BUSINESS	MODEL		MAIN MARKET		PRODUCTS	ROW SYSTEM		BIFACIAL ADAPTION	MODULE CONFIGURING	MODULES/ TRACKER AND LENGTH
	Integrated		LatAm & Spain			SF7	Independent		Specific Product: 2P	2P	90 modules, 45.1 m
	Integrated		LatAm & Spain			SFOne	Dual Row		Low: 1P	1P	2x 1x65 (up to 75 m)
	Only Trackers Supply		Global			NX Horizon NT	Independent		Low: 1P	1P	90 modules, 95 m
	Only Trackers Supply		Global			NX Gemini NT	Independent		Standard	2P	120 modules
	Only Trackers Supply			US Duratrack HZ v3			Central	Low: 1P		1P	80-90 modules, 80-90 m
	Only Trackers Supply			LatAm & Spain	H-250 Dual Row				Low: 1P	1P	2x 1x60
	Only Trackers Supply			US	Voyager		Independent	Standard		2P	120 modules, 60m

COMPANY	PRODUCT	ROW SYSTEM	PILES PER TRACKER	PILES /MW(1)	STRINGS	MODULE CONFIGURATION	MODULES PER TRACKER	DRIVES	COMMUNICATION		POWER SUPPLY
	SF7	Independent	7	141.41	3x1500	2P	90	1	Full wireless/Wired		Self-pow. from auxiliary module/Grid version
	SFOne	Dual Row	18	272.73	4x1500	1P	120	1	Full wireless/Wired	Self-pow. from auxiliary module/Grid version
	NX Horizon	Independent	13	262.63	3x1500	1P	90	1	Full wireless/Wired		Self-pow. from auxiliary module/Grid version
	NX Gemini	Independent	9	136.36	4x1500	2P	120	2	Full wireless/Wired		Self-pow. from auxiliary module/Grid version
		Duratrack Centralized	13	262.63	3x1500	1P	90	1/32	Wired		Grid
	H250	Dual row	19	287.88	3x1500	1P	120	1	Wireless	Self-powered from auxiliary module
	Voyager	Independent	7	141.41	3x1500	2P	90	1	Wireless	Self-powered from auxiliary module

(1) Assuming modules of 550Wp

SOLTEC INDUSTRIAL'S TRACK RECORD

+12.7 GW DELIVERED WORLDWIDE SINCE 2014

2022 STILL A CHALLENGING ENVIRONMENT

logistics and human resources

SOLAR TRACKER MANUFACTURING PROCESS

ACTIONSIMPLEMENTED

LOGISTICS

New delivery terms: FOB (free on board)
Break bulk shipping
Production sites near destination
Agreements with new suppliers

RAW MATERIALS

Passing-through steel prices
Additional guarantees in contracts

HUMAN RESOURCES

● New labour suppliers to avoid dependencies

SOLTEC INDUSTRIAL'S TRACKER SUPPLY OUTLOOK

REVENUE OUTLOOK

• Figures does not include revenues generated by the projects owned by Soltec Asset Management

REVENUES BREAKDOWN

Services gaining share over tracker supply due to project development requirements

Split between revenues generated from third parties and the project development division

TRACKER ASP(1) EXPECTED EVOLUTION

TRACKER PRICE DECLINES HIT A ROADBLOCK IN 2021, BUT PRICES ARE EXPECTED TO FALL IN THE NEAR FUTURE

• Steel and freight costs are expected to undergo normalization through 2022 but will remain elevated moving into 2023. • Increasing module power output and tracker technology developments will continue to reduce tracker price throughout the forecast period.

IMPROVING EBITDA MARGINS

EBITDA MARGINS WILL IMPROVE FOR THE INDUSTRIAL DIVISION

FACTORS HELPING EBITDA MARGINS TO INCREASE

Increasing volumes
Tier 1 clients
Diversification of suppliers
Increasing flexibility in supply chain
Production near destination
Improving conditions in supply contracts and logistics

CAPITAL EXPENDITURE OUTLOOK

CAPEX REQUIRED FOR THE INDUSTRIAL DIVISION REMAIN LOW C. 1% OF TOTAL REVENUES

• CAPEX is mainly R&D (c. 80%- 90% of total CAPEX), land and machinery

BUSINESS UNITS

4.1

INDUSTRIAL PROJECT DEVELOPMENT

ASSET MANAGEMENT

POWERTIS: A DIFFERENCIATED STRATEGY

5 MW UNDER OPERATION AND 225 MW UNDER CONSTRUCTION IN 2022

HIGHLIGHTS

• High PV growth markets:

Operations in eight (8) countries: Brazil, Spain, Italy, Colombia, USA, Denmark, Mexico and Romania. Target 2025: Entry in a new country every 18 months

• Team involved in development

More than 85 employees exclusively dedicated to project development in the different markets

• Strong and quality pipeline:

Q1 2022: 11.6 GW (225 MW under construction) Target 2025: 25-30 GW

In-house development from the beginning, using trackers and construction services from Soltec Industrial

Experienced and focused team worldwide (85 employees exclusively dedicated to project development)
Contained development costs

Origination Capacity and high PV solar radiation and growth markets

Agreements with Tier 1 partners

SOLAR PV DEVELOPMENT CYCLE

11.6 GW PIPELINE ACROSS STRONG MARKETS

A BALANCED AND STRONG PIPELINE IN SIX GROWTH SOLAR MARKETS

56% EUROPE-44% AMERICAS

A BALANCED PIPELINE (2022)

MW	UNDER OPERATION	UNDER CONSTRUC.	BACKLOG	ADV. STAGE	EARLY STAGE	ID. OPP	TOTAL (3) PIPELINE…
Probability of completion	100%		>80%	50-80%	30-50%	<30%	-
Spain	5	-	5	877	1,049	906	2,837
Brazil	-	225	488	173	938	2,725	4,548
Italy	-	-	-	2,048	440	585	3,073
Denmark	-	-	-	-	-	405	405
Colombia	-	-	-	135	-	420	555
Romania	-	-	-	-	-	210	210
Total	5	225	492	3,233	2,427	5,251	11,627

PROJECT STATUS

STATUS OF PROJECTS IN THE PIPELINE

INCREASING PIPELINE

MARKET AND COMPETITIVE ENVIRONMENT EXPECTED PIPELINE FOR THE REGION

Moratorium that lasts from 2020, by RD 23/2020 until July 2021 and currently due to the call for capacity tenders in most of the transmission network.
In this difficult context, we have managed to secure more than 250 MW in new projects since July 2021.
Government is enabling new simplified procedures for processing projects even if there is uncertainty in its application and results.
Competitive environment: Intense competition for grid connections. No land for further developments. Increasing prices.

PIPELINE BREAKDOWN Q1 2022 STRATEGY

Focus on mid-size projects and continuing growth in the short term.
Diversifying positioning with new projects of green hydrogen.
PPA: do not secure long term offtakes until projects are near to construction stage.
Partners in Spain: Total Energies.

AGREEMENT WITH TOTAL

AGREEMENT WITHTOTAL

Development 468 MW with Total in Spain of utilityscale solar PV projects.
No exclusivity since March 2021

▪ Project financing securement

▪ Land securement ▪ Connection ▪ Required permits ▪ Management reporting ▪ Project financing securement

Soltec Industrial hold ROFO as preferred tracker supplier with a right-to-match and as EPC supplier under certain conditions on an open-books basis.
Total holds ROFO and ROFR as preferred PPA provider
First 5 MW under operation in 2022 (35% Powertis)

REMAINING STAKE (35%)

(1) Total Solar Ibérica, S.L., a fully owned subsidiary of Total Solar International, S.A.S. (2) Projects of 2.5MW or greater

PROJECT IN SPAIN

FIRST PROJECT(1) GENERATING POWER IN SPAIN

KEY PROJECT DATA
Location	Murcia, Spain
Capacity	4.5 MW

KEY DEVELOPMENT PERMITS
Site Control
Interconnection Rights
Environmental Approvals
Off-taker Arrangement / PPA	Total
RTB	Oct 2020
COD	Feb 2022
Selling energy date	Mar 2022

BRAZIL OVERVIEW

MARKET AND COMPETITIVE ENVIRONMENT

Brazil is a high volume, low margin market so the CAPEX increase significantly affects project feasibility, even if solar installed capacity is expected to grow over the years to come
PPA prices are rising but with certain delays
Large number of greenfield developers with low to medium development quality
Limited competition in "investment ready" segment, nevertheless return expectations are high, so the demand and willingness to pay high price depends on external macroeconomic factors in combination with CAPEX

EXPECTED PIPELINE FOR THE REGION

STRATEGY

High volume inhouse development
Full technical and commercial development of ready to invest assets
Vertically integrated engineering and construction in partnership with Soltec Industrial. Inhouse development.
Value creation through high return PPAs
No long-term commitments on investment/M&A side
Diversified exit: Secure a partner to expedite rotation at RTB, COD and operation of generation assets

ARAXÁ

PROJECT UNDER CONSTRUCTION IN BRAZIL. 70% CONSTRUCTED

KEY PROJECT DATA
Location	Minas Gerais, Brazil
Capacity	112.5 MW

KEY DEVELOPMENT PERMITS
Site Control
Interconnection Rights
Environmental Approvals
Off-taker Arrangement / PPA
PPA Avg. (inflation updated)	169 R\$/MWh
RTB
COD	H2 2022
Estimated selling energy date	H2 2022

● Financing secured. BNDES: Funding scheme of 323 Mn Brazilian Reais for Araxá and Pedranópolis projects for a period of 24 years.

PEDRANOPOLIS

KEY PROJECT DATA
Location	Sao Paulo, Brazil
Capacity	112.5 MW
KEY DEVELOPMENT PERMITS
Site Control
Interconnection Rights
Environmental Approvals
Off-taker Arrangement / PPA
PPA Avg. (inflation updated)	169 R\$/MWh
RTB
COD	H2 2022
Estimated selling energy date	H2 2022

● Financing secured. BNDES: Funding scheme of 323 Mn Brazilian Reais for Araxá and Pedranópolis projects for a period of 24 years.

ITALY OVERVIEW

MARKET AND COMPETITIVE ENVIRONMENT EXPECTED PIPELINE FOR THE REGION

Regulatory tail winds: central government is accelerating deployment of renewables across the Country to expedite transition away from gas.
Qualify projects can obtain environmental approvals and construction permits through fast-track processes ("Comissioni Via Vas e Pnrr-Pniec" for EIA and "Procedura Abilitativa Semplificata" for construction).
Simplification of processing for projects of less than 20 MW.
MITE 2022 target: 10 GW.
Agrivoltaic and PV projects on industrial land, are facilitated.
Strong development in south regions versus high consumer demand in the North.

Continue growth in industrial land.
Focus on mid and small-size projects and on new regions.
Strong competitive position in the country.
Expand agrovoltaic concept to all projects.

AGREEMENT WITH AQUILA CAPITAL

AGREEMENT

Development of up to +1.2 GW in Italy of utility-scale solar PV projects with Aquila Capital.
Additional 90 MW for energy storage.
Aquila can purchase Powertis's projects once they have secured land & interconnection rights.
Powertis continues as developer until projects reach "ready-to-build" status.
Soltec Industrial has certain rights to supply the trackers and secures construction of the projects as EPC provider.

ASSET ROTATION (51%) TO AQUILA

(1) ALBATROS PROJECTS XXIV S.à.r.l., investment vehicle managed by Aquila Capital (2) Projects of 2.5MW or greater

MARKET AND COMPETITIVE ENVIRONMENT EXPECTED PIPELINE FOR THE REGION

Mature wind market (both onshore and offshore), early stage in PV.
Development process still in control of local/municipal government (often focus on land use and visual impacts).
Central government has recently increased Country´s goal for 2030 to +15 GW.
Liquid and sophisticated PPA market.

STRATEGY

Powertis near term goals is to continue with site sourcing and portfolio growth, and to develop all internal capabilities (environmental, interconnection, etc.).
Focus on agrovoltaic projects, big competitive advantage. Powertis local team are experts in Soltec technology (worked with Soltec for many years) and traditional agro-business (legacy).
Long term goal is to achieve RTB for +500 MW by 2025.
Considering acquisition of early stage projects.
Exploring co-development agreements with pension funds owning large landholdings in the Country.

Early-stage market with still significant dependence on coal and with strong EU mandates.
Complex market to navigate & understand. Energy market going through important reforms to fully adopt EU regulations.
Strategy based on three (3) pillars: pure greenfield development, project recycling (those who achieved RTB but let the permits expire) and acquisition of early-stage development.
Long term goal is to achieve RTB for +500 MW by 2025.

STRATEGY EXPECTED PIPELINE FOR THE REGION

Early-stage market with significant dependence on hydro (and therefore subject "niño/niña effect") and coal.
Current administration increased goals for renewables and reform the interconnection process (Resolución 75/2021) that freed up capacity in the system.
Strategy based on two (2) pillars: pure greenfield development and acquisition of early-stage opportunities that resulted from the Resolución 75/2021.
Long term goal is to achieve RTB for +500 MW by 2025

STRATEGY EXPECTED PIPELINE FOR THE REGION

MARKET AND COMPETITIVE ENVIRONMENT

The market is currently on-hold due to the Federal Government opposition to certain renewable projects and push to strengthen CFE role in the market (Mexican´s government owned utility) by a reform of the electricity market.
Several companies leave the market due to administrative blockages and potential energy reform.
Reform of the electricity market failed to pass in April 2022, and it is currently ruled out.
It is expected that market will reactivate during the second half of 2022.
Market is short in electricity overall (never stop growing) and certain areas required access to new power plants to continue growth &

EXPECTED PIPELINE FOR THE REGION

STRATEGY

investments. Strategy based on pure greenfield development and tuning-up development speed with market growth.
- Long term tentative goal is to achieve RTB for +1,000 MW by 2025. From all markets in which Powertis operates, Mexico is the one in which goals could be substantially larger/smaller depending on the regulatory environment.

MARKET AND COMPETITIVE ENVIRONMENT EXPECTED PIPELINE FOR THE REGION

Second largest solar market in world (second after China), PV accounted for nearly half of all new electricity-generating capacity added in the US in 2021 (c. 23.6 GW).
Strong support from current Administration through increased goals (100% carbon-free electricity by 2035) and Build Back Better (BBB) Act (targeting +66% installations by 2030). Although it is unlikely that BBB passes in its current form, it is expected that the clean energy incentives will be passed in some fashion or other.
Strong corporate interest and voluntary procurement by utilities (to retire fossil facilities).
There are currently strong headwinds coming from US trade actions (Section 201 and AD/CVD) and certain legislative efforts related to forced labor (WRO).
US is pushing towards a strong local manufacturing of solar panels and limit dependance of Chinese-made equipments.

STRATEGY

Strategy based on pure greenfield development of mid-to-large projects and targeting only two (2) TSOs at the moment.
Long term goal is to achieve RTB for +500 MW by 2025.

PROJECT STATUS(1)

BACKLOG, ADVANCED STAGE & EARLY STAGE

BRAZIL	2022E	2023E	2024E	2025E	2026E	2027E	TOTAL
Target RTB	172	937	450	1,243	313	500	3,615
Target COD	225	112	547	937	813	450	3,084
TOTAL	397	1,049	997	2180	1125	950
SPAIN	2022E	2023E	2024E	2025E	2026E	2027E	TOTAL
Target RTB	428	393	215	0	895	615	2,546
Target COD	15	527	418	80	75	865	1,980
TOTAL	443	920	633	80	970	1,480
ITALY (2)	2022E	2023E	2024E	2025E	2026E	2027E	TOTAL
Target RTB	145	717	1,241	360	440	440	3,343
Target COD	0	197	665	971	800	175	2,808
TOTAL	145	914	1,906	1331	1,240	615

(1) Subject to regulatory changes and based on regulatory deadlines established at the time of the issuing of this presentation. (2) Not considering potential delays in TERNA.

MARKET PRICES FOR PV PROJECT RIGHTS AT RTB(1)

RTB PV PROJECT RIGHTS AND EPC COSTS(2), BY COUNTRY [IN K.EUR/MW MULTIPLES]. STAGE DIFFERS ACCORDING TO COUNTRIES. EPC COSTS VARY TOO

"Ready-to-Build" PV projects are projects that have reached core development milestones, namely:

Secured land (through lease).
Access to grid.
Building and administrative permits.
(in some cases) secured tariff.

Market prices for PV project rights at RTB stage differ (i) from countries to country and (ii) within countries, due to:

Irradiation.
Land and Grid Connection Costs.
Size and economies of scale.
Revenues' scheme.
Capex & Opex.
Supply and demand for PV project rights, and investors' risk and reward appetite.

Source: company estimates

(1) RTB = "Ready-to-Build". (2) Excluding grid connection costs, and assuming that current increases in modules', transportation and other EPC cost items are temporary and shall reverse in the next 6 to 12 months; however not returning to pre-disruption levels because of (i) likely continuous pressure on module prices and (iii) Strong Demand for EPC services when disruption period comes to an end, therefore putting upward pressure on EPC margins.

EFFICIENT DEVELOPMENT COSTS

• Development costs are all direct necessary investments of the project to obtain the permits (i.e. lease agreements, interconnection permits, engineering and environmental studies, construction permits, financing and PPA) to achieve RTB.

EXPECTED ASSET ROTATION & CASH

ROTATION OF PROJECTS TO THIRD PARTIES AND CASH GENERATED 2022-2025

▪ Long term outlook: 2 GW of assets rotated per year

▪ Assets are rotated in different development stages

CAPITAL EXPENDITURES OUTLOOK

PROJECT DEVELOPMENT INVESTMENT UNTIL RTB (READY TO BUILD) STATUS

• CAPEX: Investment in projects under development until RTB status. It does not include construction costs

• Long term capital expenditure outlook: € 30-35 Mn per year

BUSINESS UNITS

INDUSTRIAL PROJECT DEVELOPMENT

ASSET MANAGEMENT

SOLTEC ASSET MANAGEMENT A NEW BUSINESS LINE

EXPECTED ASSETS UNDER OWNERSHIP

OWNED ASSETS GENERATING ELECTRICITY, WILL BE GEOGRAPHICALLY BALANCED

• Long term outlook: 0.5 GW per year

• Target installed capacity of assets to be owned by Soltec Asset Management in the next three years represent 10% of current pipeline.

CAPITAL EXPENDITURES OUTLOOK

ASSET MANAGEMENT INVESTMENT REQUIRED TO BRING ASSETS TO COD STATUS

Development: development fee paid to Powertis
Construction CAPEX: c. € 650,000-700,000/MW
Long term investment outlook: € c. 500 Mn per year

INVESTMENT CRITERIA

IRR TARGETS BASED ON GEOGRAPHIC RISK, OFF-TAKER CREDITWORTHINESS, AND DEGREE TO WHICH ASSET IS CONTRACTED

IRRs contemplated over 30-year forecast period, in line with industry-wide practices. 1
Merchant price assumptions based on range of third-party providers. 2

05 Financial Review

JOSÉ NÚÑEZ CHIEF FINANCIAL OFFICER

FINANCIAL REVIEW

Q1 2022 INDUSTRIAL

PROJECT DEVELOPMENT CONTRIBUTION

€6 Mn (1.4% of total backlog) BACKLOG

8 MW (0.3% of total backlog)

€874 Mn (29.9% of total pipeline) PIPELINE

1,868 MW (7.8% of total pipeline)

PIPELINE BREAKDOWN BY PROBABILITY

Probability 100%: €914 Mn
Probability 80%: €10 Mn
Probability 70%: €84 Mn
Probability 50%: €537 Mn
Probability <50%: €1,384 Mn

Backlog Contracts signed pending execution.

Pipeline Future potential contracts (not signed) with a certain probability of success.

PIPELINE¹

(1) €Mn and MW figures shown are the absolute figures of all pipeline projects not weighted by probability.

SOLTEC INDUSTRIAL

REVENUES MIX EVOLUTION

Q1 2022 PROJECT DEVELOPMENT

722 717 Q1 2021 Q1 2022 887 3,233 BACKLOG MW/Year ADVANCED STAGE MW/Year

11.6 GW PIPELINE Q1 2022

(1)	(1)		KEY FIGURES
Q1 2021 ADVANCED STAGE MW/Year	Q1 2022		8 MARKETS	Brazil, Italy, Spain, Denmark, Colombia, USA 2 New markets 2022: Romania & Mexico
887 Q1 2021 EARLY STAGE MW/Year	3,233 Q1 2022	+264%	CAPACITY	Brazil: 4,548 MW Spain: 2,837 MW Italy: 3,073 MW Denmark: 405 MW Colombia:555 MW Romania: 210 MW
1,314 Q1 2021	2,427 Q1 2022	+85%	DEGREE OF DEVELOPMENT	(1) Backlog: 717 MW Advanced Stage: 3,233 MW Early Stage: 2,427 MW Identified Opp: 5,251 MW

BUSINESS DIVISIONS

Q1 2022 RESULTS

INDUSTRIAL¹

€ Mn	Q1 22	Q1 21	YoY
Revenues	117.1	28.4	88.7	313 %
Adj. EBITDA	(7.5)	(8.6)	1.1

PROJECT DEVELOPMENT¹

€ Mn	Q1 22	Q1 21	YoY
Revenues	-	-	-
Adj. EBITDA	(1.5)	2.1	(3.6)

HIGHLIGHTS

Revenues: strong revenue in the first quarter of the year, increasing 313% YoY to €117.1 Mn. Revenues driven by supply of trackers, services and Powertis.
EBITDA margins Margins impacted by the ongoing global disruptions. The Ukrainian war has added additional challenges to the international logistics.

HIGHLIGHTS

• No asset rotation during the quarter.

SOLTEC POWER HOLDINGS

Q1 2022 RESULTS

SOLTEC POWER HOLDINGS¹

€ Mn	Q1 22	Q1 21	YoY
Revenues	97.9	28.4	69.4	244 %
Adj. EBITDA	(13.0)	(7.1)	(5.9)
Net Profit	(15.5)	(4.5)	(11.0)

HIGHLIGHTS

Revenues: strong revenue base of €97.9 Mn in the first quarter, improving 244% versus the same period last year driven by tracker supply and other construction services. 0.9 GW supplied in Q122.
EBITDA. The differences between the EBITDA of the divisions (Industrial and Development) and Soltec Power Holdings, come from the consolidation differences from the projects under construction in Brazil (c.€3.8 Mn).

SOLTEC INDUSTRIAL

EXPENSES AS A % OF REVENUES MOST RELEVANT IMPACT FROM TRANSPORT, HUMAN RESOURCES AND SUBCONTRACTORS

• In Q1 2022 we still registered the effect of the increase in the freight prices of the projects signed in 2021. Measures implemented have contributed to mitigate his impact, and contracts scheduled for 2022 have this effect included in the sale price due to measures implemented.

• Compared to 2019, there has been an increase in construction services, increasing personnel and subcontractors' costs, which were also impacted by the human resources shortage.

SOLTEC INDUSTRIAL

Q1 2022

(1) Includes leases & fees, repairs & maintenance, insurance premiums, bank services, advertising, supplies, other services and taxes.

NET DEBT PROFILE

AS OF MARCH 31ST, 2022

(1) Includes €36.2 Mn of cash and other equivalent liquid assets + €6.3 Mn from current financial assets.

FINANCIAL REVIEW

Financials 2022-2025

SOLTEC POWER HOLDINGS

INDUSTRIAL

EXPECTED ROTATION OF ASSETS

BALANCE BETWEEN ASSETS TO SELL AND TO OWN

Assets to sell Assets to own

PROJECT DEVELOPMENT

• Project development generates EBITDA from asset rotation (to third parties or the asset management division)

ASSET MANAGEMENT

• Recurring revenue streams from power generation

SYNDICATED FACILITY (SOLTEC INDUSTRIAL)

MATURITY 11 FEB 2024

ADDITIONAL BANK RISK: €10 Mn

NET FINANCIAL DEBT

EXPECTED FINANCIAL STRUCTURE FOR 2025

• It includes debt with and without recourse (c.25%-75%)

06 Sustainability & Innovation

RAÚL MORALES CO-FOUNDER & CHIEF EXECUTIVE OFFICER

A CLEANER, SUSTAINABLE AND FAIR WORLD THROUGH ENERGY

SUSTAINABILITY INNOVATION

ECOVOLTAICA

DEVELOP SUSTAINABLE SOLAR PLANTS WITH A POSITIVE IMPACT IN THE ENVIRONMENT, THE ECONOMY AND THE LOCAL COMMUNITIES IN WHICH THEY ARE LOCATED.

SOCIOECONOMIC EXCELLENCE

Local employment Compatibility existing economic activity Dialogue local players Tractor effect on economy Benefit for the local community.

CIRCULAR ECONOMY

General waste management Waste management of electronic appliances Construction.

OFFSET NARIONAL CARBON FOOTPRINT Obtaining additional seal "Neutral project in emissions".

BIODIVERSITY Site Plant design Impact assessment Design of connection lines

Construction.

A CLEANER, SUSTAINABLE AND FAIR WORLD THROUGH ENERGY

SUSTAINABILITY INNOVATION

SOLTEC CORPORATE VENTURING

SOLTEC INNOVATION HORIZONS

Aurora is configured as a tool for promoting innovation through collaboration and investment agreements with emerging companies, both external and led by employees.

Open innovation: development of new markets and/or solutions in collaboration with external startups and scaleups.

Intrapreneurship: development of new markets and/or solutions in collaboration with spin-offs created in the IDEA program.

07 Closing Remarks

RAÚL MORALES CO-FOUNDER & CHIEF EXECUTIVE OFFICER

AN ORGANIZATION FOCUSED ON INCREASING ACCOUNTABILITY AND PROFITABILITY

KEY TAKEAWAYS

Increasing vertical integration

New asset management division to generate a new revenue stream

Soltec industrial increasing volume and margins

c.30 GW Tracker supply in 2025

Revenues c. €750- 800 Mn

EBITDA Margins 6—7%

Project development expected pipeline in 2025: 25-30 GW

Assets to own: 750 MW- 1,020 MW

Projects developed to sell (RTB or before): 3.5-4.4GW

No financial requirements for Soltec Industrial

Additional financial requirements for asset management division will come from asset rotation and access to Capital Markets to be considered (no capital increase).

08 Appendix

CAPITAL MARKETS DAY 2022 THE VALUE OF INTEGRATION

PROJECT DEVELOPMENT

PROJECT STATUS CATEGORIZATION

Projects in a preliminary stage (expected probability of completion <30%):

Land secured or in process, and/or
Feasibility study and business case performed

Projects in early stage (expected probability of completion 30%-50%):

Land secured and application for interconnection submitted; and
- ► PPA / Off-take agreement and SPA partially agreed; or
- ► Expected asset rotation within 24 months

Projects in advanced stage (expected probability of completion 50%-80%):

Land secured
Interconnection rights granted; or
PPA / Off-take agreement and SPA agreed or partially agreed

Backlog (expected probability of completion >80%):

Land secured;
Interconnection rights granted;
PPA / Off-take agreement agreed; and
Expected asset rotation within 6-12 months

Projects that have already started construction or are in a pre-construction phase and notice to proceed has been given to the relevant EPC contractor.

Projects under operation. Plants that have already started generating energy.

PROJECT STATUS BRAZIL

Target RTB Target COD

89 (1) Subject to regulatory changes and based on regulatory deadlines established at the time of the issuing of this presentation.

PROJECT STATUS BRAZIL

Target RTB Target COD

BRAZIL	2022E	2023E	2024E	2025E	2026E	2027E	TOTAL
Target RTB	172	937	450	1243	313	500	3615
Target COD	225	112	547	937	813	450	3084
TOTAL	397	1049	997	2180	1125	950

90 (1) Subject to regulatory changes and based on regulatory deadlines established at the time of the issuing of this presentation.

Target RTB Target COD

(1) Subject to regulatory changes and based on regulatory deadlines established at the time of the issuing of this presentation. 95

Target RTB Target COD

SPAIN	2022E	2023E	2024E	2025E	2026E	2027E	TOTAL
Target RTB	428	393	215	0	895	615	2546
Target COD	15	527	418	80	75	865	1980
TOTAL	443	920	633	80	970	1480

(1) Subject to regulatory changes and based on regulatory deadlines established at the time of the issuing of this presentation. 96