Grenergy Renovables S.A.

Investor Presentation • Feb 27, 2020

FY 2019 Jan-Dec Madrid, 27th February 2020 RESULTS PRESENTATION

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 oral 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 or 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

Strong Financial Performance	Revenue of 84.5M€ +83% YoY FY19 EBITDA of 18.5M€ in line YoY. FY19 Net Profit of 11.4M€ +20% YoY Leverage1 of 2.2x (Vs 0.2x in FY18)
Impressive	More than 50 MW connected since previous report
Operational	Increasing our pipeline by more than +2GW YoY to 4.6GW (+130%)
Execution	234 MWs under construction. 462 MWs Backlog
Achieving	Accomplishing the listing into the Stock Exchange
important financial	Issuance of the first Green Bond in MARF´s history - 50M€ Program
goals	Securing our first PPA for 200MW and 12 years period

REVENUE FY19

Total Revenue +83% YoY. Revenues Non-GAAP +122% YoY

FY18 vs FY19; €M

Growth momentum continues in D&C division

SOURCE: Company

* Development and Construction

** Services includes O&M (Operation and Maintenance) and AM (Asset Management)

Total EBITDA in line with previous year. EBITDA Non-GAAP +63% YoY

FY18 vs FY19; €M

D&C EBITDA margin above 30% on average (2018 & 2019)

Grenergy invested 63M€ in Solar PV and Wind projects under construction.

Financial close and beginning construction of Quillagua Solar PV project (103 MW)

FREE CASH FLOW AT GROUP LEVEL

€M

Overall leverage growth as expected to 2,2x Net Debt/EBITDA due to growth capex

Ample finance capacity for our IPP targets

Project Portfolio

1: This classication 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

Total pipeline increased by 430MW from previous update (+10% QoQ)

MW	Under Const	Backlog	Advanced Dev	Early Stage	Total
Probability of execution	100%	80%	>50%	<50%
Chile	174	221	-	1.832	2.227
Spain	-	200	660	120	980
Colombia	-	12		478	489
Mexico	-	30			30
Peru	-		230		230
Total	174	463	890	2.429	3.956
#Projects	9	15	6	23	53

Portfolio of 4 GW with important entries in Chile (27 new PMGD projects)

50 MW connected and delivered to third parties

Quillagua project (103MW) on track. Expected to be connected in Q3 20

SOLAR PV
MW	Under Const	Backlog	Advanced Dev	Early Stage	Total
Probability of execution	100%	80%	>50%	<50%
Chile	174	221	-	1.832	2.227
Spain	-	200	660	120	980
Colombia	-	12		478	489
Mexico	-	30			30
Peru	-		230		230

Portfolio of 602 MW, of which 60 MW under construction

Kosten project (24MW) in commissioning phase. Expected to be connected in 1Q20.

Duna & Huambos project (60MW) on track. Expected to be connected in 2Q20.

Project Under Construction & Backlog

Grenergy is expected to bring almost 700MW to COD during the next months Capital needs for these projects mostly funded

Country	Project	Type	MW	B20	Resource (Hours)	COD
Argentina	Kosten	Wind	24	Yes	5,033	1Q20
Peru	Duna	Wind	18	Yes	4,900	2Q20
Peru	Huambos	Wind	18	Yes	4,900	2Q20
Chile	Quilagua	Solar	103	Yes	2,950	3Q20
Chile	PMGD	Solar	71	No	1,924-2,442	1Q20-3Q20
Total UC			234
España	Los Escuderos	Solar	200	Yes	2,128	4Q20
Colombia	Bayunca	Solar	12	Yes	1,957	1Q21
Chile	PMGD	Solar	76	Yes	2,000-2,700	1Q21-4Q21
Chile	Quillagua2	Solar	103	Yes	2,950	1Q21
Chile	PMGD	Solar	42	No	2,109-2,734	1Q21-2Q21
Mexico	San Miguel de Allende	Solar	30	No	2,300	4Q20
Total Backlog			463

Projects in Advanced Development

1 GW of projects to be delivered in 2021 and 2022 to achieve our IPP Targets

Grenergy´s projects
Country	Project	Type	MW	Resource (Hours)	COD
España	Belinchon	Solar	150	2,.150	4Q21
España	Tabernas	Solar	300	2,358	4Q21
España	JoseCabrera	Solar	50	2,156	2Q22
España	Ayora	Solar	160	2,212	2Q22
Peru	Emma_Bayovar	Wind	70	4,000	2Q22
Peru	Matarani	Solar	80	2,750	2Q22
Peru	Lupi	Solar	150	2,900	2Q22
Total			960

BUILT TO OWN: B20

Grenergy to exponentially increase its MW in operation to 1.3GW by end 2022

Revenues stream guaranteed

BUILD TO OWN: B2O

2020 IPP Projects on track

KOSTEN Wind Project 24MW COD 1Q20

Commissioning phase

DUNA HUAMBOS Wind Project 36MW COD 2Q20

Building phase

QUILLAGUA Solar PV Project 103MW COD 3Q20 Building phase

ESCUDEROS Solar PV Project 200MW COD 4Q20

COD: Commercial Operation Date 17 Closing financing in 2Q20 PPA signed and bank mandated

SOURCE: Company

BUILD TO SALE: B2S

Grenergy has secured income and cash for the next two years

Strategy enabling strong FCF generation > €100M already contracted for 2020 and 2021

• 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.

● Define comprehensive and homogeneous health and safety management systems for all geographies.

SOCIAL

● Establish and coordinate the impact on communities (social

action programs).

● Define development and training frameworks in line with the company's objectives.

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

COMMITMENT WITH CAPITAL MARKETS

Listing from Growth Market into the Main market in December 2019

1 Market data as of 24th February 2020 2 Average volumen calculated from listing to 24th February

• Admission to trading into the Main market last 16th December 2019
• Market capitalization1 : 427M€.
• Liquidity on exchange avg.² : c.1M€.
• 32% free float.
• Commitment with:
  • Seeking for more analyst covering the stock
  • Fluent and transparent information to investors.

LTM Share Price Evolution (€/p.s.)

Green Bond – Aimed at financing of the growth established in the strategic plan

ENERGY PRICE RISK

• Solar hours pool price evolution depends on many unpredictable variables
  • Difficult to predict energy demand increase.
  • Conventional fuel energy plants shut down evolution.
  • Interconnection with other systems.
  • Other commodities price evolution.

✓

We will keep a PPA Strategy.

• Mitigate uncertain price evolution fixing the price for a long term.
• Securing the Cash flow and the investment risk for the sponsor.
• Better project financing terms.

● Grenergy is present is six different markets

We will open new markets in 2020. ✓

• Find new opportunities.
• Export our knowledge.

MARKET RISK TECHNOLOGY RISK

● Grenergy has a consistent pipeline in two different technologies: Wind and PV

We will develop a pilot battery project in 2020. ✓

• Batteries dropping 5-10% cost per year but still not competitive.
• Pilot project of 1.5MW nearby Santiago, Chile.
• R+D study to test different technologies for a future intensive big scale installation.

APPENDIXES

PLATFORM WITH RELEVANT GROWTH POTENTIAL

Project Portfolio

PROJECT OVERVIEW

234 MW Under Construction

163 MW Build to Own – 71MW Build to Sell

Country	Project	Type	MW	Site Control	Interconnect. rights	Environmental approvals	Build & Own	COD	Type
ArgentinaChile	Kosten	Wind	24	Obtained	Obtained	Obtained	Yes	1Q20	U.C
Peru	Quillagua	Solar	103	Obtained	Obtained	Obtained	Yes	3Q20	U.C
Peru	Duna	Wind	18	Obtained	Obtained	Obtained	Yes	2Q20	U.C
Chile	Huambos	Wind	18	Obtained	Obtained	Obtained	Yes	2Q20	U.C
Chile	La Estancia	Solar	3	Obtained	Obtained	Obtained	No	1Q20	U.C
Chile	Lemu	Solar	6	Obtained	Obtained	Obtained	No	1Q20	U.C
Chile	Quinta	Solar	9,2	Obtained	Obtained	Obtained	No	1Q20	U.C
Chile	El Romeral	Solar	9,6	Obtained	Obtained	Obtained	No	3Q20	U.C
Chile	Nahuen	Solar	10,8	Obtained	Obtained	Obtained	No	3Q20	U.C
Chile	Molina	Solar	10,8	Obtained	Obtained	Obtained	No	2Q20	U.C
Chile	Astillas	Solar	10,8	Obtained	Obtained	Obtained	No	2Q20	U.C
TOTAL	Sol de septiembre	Solar	11	Obtained	Obtained	Obtained	No	1Q20	U.C
			234

PROJECT OVERVIEW

462 MW Backlog

390 MW Build to Own –72MW Build to Sale

Country	Project	Type	MW	Site Control	Interconnect. rights	Environmental approvals	Build & Own	COD	Type
Chile	Dolores	Solar	10,8	Secured	Submitted	Obtained	Yes	4Q21	Backlog
Chile	Teno	Solar	11	Obtained	Obtained	Submitted	Yes	1Q21	Backlog
Chile	Quillagua2	Solar	103	Obtained	Submitted	Obtained	Yes	2Q21	Backlog
Colombia	Bayunca	Solar	12	Obtained	Obtained	Obtained	Yes	1Q21	Backlog
España	Los Escuderos	Solar	200	Obtained	Obtained	Secured	Yes	4Q20	Backlog
Chile	Condor	Solar	11	Obtained	Submitted	Submitted	Yes	2Q21	Backlog
Chile	Ckilir	Solar	11	Submitted	Obtained	Submitted	Yes	2Q21	Backlog
Chile	Lockma	Solar	11	Submitted	Obtained	Submitted	Yes	2Q21	Backlog
Chile	Ckuru	Solar	11	Submitted	Secured	Submitted	Yes	2Q21	Backlog
Chile	Arica2	Solar	11	Submitted	Secured	Submitted	Yes	2Q21	Backlog
Chile	Mitchi	Solar	11	Secured	Obtained	Obtained	No	1Q21	Backlog
Chile	Bellavista	Solar	10,8	Secured	Secured	Obtained	No	2Q21	Backlog
Chile	Pintados	Solar	10,8	Secured	Obtained	Obtained	No	2Q21	Backlog
Mexico	S. Miguel de Allende	Solar	30	Obtained	Submitted	Obtained	No	4Q20	Backlog
Chile	San Vicente	Solar	9,6	Obtained	Obtained	Obtained	No	1Q21	Backlog
TOTAL			462

PROJECT OVERVIEW

895 MW Advanced Development

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

Country	Project	Type	MW	Site Control	Interconnect. rights	Environmental approvals	Build & Own	COD	Type
España	Jose cabrera	Solar	50	Secured	Obtained	In progress	TBD	2Q22	A.D
España	Belinchon	Solar	150	Secured	Obtained	In progress	TBD	4Q21	A.D
España	Ayora	Solar	160	Submitted	Obtained	In progress	TBD	2Q22	A.D
España	Tabernas	Solar	300	Submitted	Obtained	In progress	TBD	4Q21	A.D
Peru	Emma_Bayovar	Wind	70	Obtained	Submitted	In progress	TBD	2Q22	A.D
Peru	Matarani	Solar	80	Obtained	Submitted	In progress	TBD	2Q22	A.D
Peru	Lupi	Solar	150	Obtained	Submitted	Obtained	TBD	2Q22	A.D
TOTAL			1.656

FY19 Results

Profit and Losses

Solid increase in Net Income (+20% YoY)

Profit and losses
(€k)	FY19	FY18	Delta
Revenue	84.530	46.300	83%
Income from customer sales	72.290	46.300	56%
Income from related from third party sales	12.240	-	n.m
Procurement	(65.291)	(21.051)	210%
Procurement from third parties	(53.051)	(21.051)
Activated cost	(12.240)	-
Gross Margin	19.239	25.249	(24%)
Personnel expenses	(4.784)	(3.152)	52%
Other incomes	52	69	(25%)
Other operating expenses	(4.847)	(3.618)	34%
Other results	20	(84)	(124%)
Badwill	8.790	-	n.m
EBITDA	18.470	18.464	0%
Depreciation and amortization	(952)	(3.056)	(69%)
EBIT	17.518	15.408	14%
Financial incomes	55	-	n.m
Financial expenses	(1.167)	(1.682)	(31%)
Exchange rate differences	(2.307)	(2.798)	(18%)
Financial result	(3.419)	(4.480)	(24%)
Result before taxes	14.099	10.928	29%
Income tax	(2.663)	(1.395)	91%
Net Income	11.436	9.533	20%
External partners	(1)	(194)	-99%
Net Income atributable to Parent Company	11.435	9.339	22%

FY19 Results

Balance Sheet

Solid balance position to finance growth

Balance Sheet
(€k)	31/12/19	31/12/18	Var.
Non-current assets	88.044	18.715	69.329
Intangible assets	9.446	2.697	6.749
Fixed asset	70.347	14.775	55.572
Assets with right of use	4.564	-	4.564
Deferred tax assets	3.498	956	2.542
Other fix assets	189	287	(98)
Current assets	69.583	41.856	27.727
Inventories	8.851	11.625	(2.774)
Trade and other accounts receivable	24.763	14.596	10.167
Current financial investments	6.873	2.360	4.513
Other current financial assets	323	156	167
Cash and cash equivalents	28.773	13.119	15.654
TOTAL ASSETS	157.627	60.571	97.056
(€k)	31/12/19	31/12/18	Var.
Equity	37.098	25.311	11.787
Non-current liabilities	73.437	9.735	63.702
Deferred tax liabilities	3.450	-	3.450
Non-current provisions	2.748	-	2.748
Financial debt	67.239	9.735	57.504
Bonds	21.540	-	21.540
Debt with financial entities	41.765	9.333	32.432
Finance lease	3.726	135	3.591
Other debts	208	267	(59)
Current liabilities	47.092	25.526	21.566
Current provisions	829	64	765
Trade and other accounts payable	36.621	17.794	18.827
Financial debt	9.642	7.334	2.308
Current financial liabilities	5.608	6.062	(454)
Short-term financial lease	692	28	664
Other current liabilities	3.342	1.244	2.098
Group Loan	-	334	(334)
TOTAL LIABILITIES AND EQUITY	157.627	60.572	97.055

FY19 Results

Profit and Losses

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

Net Debt	31/12/19	31/12/18
Long-term financial debt	26.097.393	3.117.519
Short-term financial debt	4.841.280	6.089.510
Other long term debt	208.249	266.535
Other short term debt	3.342.401	1.244.074
Other current financial assets	(6.873.062)	(123.838)
Cash & cash equivalents	(20.408.005)	(5.753.046)
Corporate Net Debt with resource	7.208.256	4.840.754
Project Finance debt with resource	42.392.003	6.350.782
Project Finance cash with resource	(8.365.082)	(7.365.995)
Project Finance Net Debt with resource	34.026.921	(1.015.213)
Project Finance debt without resource	-	-
Project Finance cash without resource	-	-
Net Debt without resource	-	-
Total Net Debt	41.235.177	3.825.541

Developers and IPP of SOLAR PV & WIND projects

Mexico DF – Lima – Madrid – Santiago – Buenos Aires – Bogotá