Soltec Power Holdings S.A.

M&A Activity • Dec 29, 2020

Powertis: Agreement in Italy

7 Powertis Aquila Capital

THE TOLET

Framework agreement in Italy with Aquila Capital

Joint Development Agreement entered between Powertis and Aquila Capital¹ to develop up to 750 MW of solar PV projectsin Italy

Overview of the JointDevelopment Agreement Structure & Ownership

• Development target of up to 750 MW in Italy of utility-scale solar PV projects ²
• 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.

(1) ALBATROS PROJECTS XXIV S.à.r.l., investment vehicle managed by Aquila Capital

(2) Projects of 2.5MW orgreater

Framework agreement in Italy with Aquila Capital

As of December 2020, Powertis has completed the sale of 10 projects to Aquila, reaching 249MW

MWp	Location
52	SICILIA
20	BASILICATA
20	BASILICATA
20	BASILICATA
17	PUGLIA
30	PUGLIA
20	BASILICATA
30	PUGLIA
20	BASILICATA
20	BASILICATA

249MW Transferred inDec-2020

• SPV: In December 2020 Powertis formalized the transfer of 51% of 10 SPVs to Aquila Capital (249 MW).
• Purchase price is paid in two installments: 1) 50% when the SPVs are transferred; 2) 50% at RTB
• Development Cost is borne by Aquila (51%) and Powertis (49%) from milestone 1 above.
• The price of Aquila's option to buy Powertis' remaining 49% at RTB or COD is based on a preagreed financial model and IRRs.

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