Aker Horizons — Investor Presentation 2021

Jul 14, 2021

Second-quarter and half-year results 2021

14 July 2021

Disclaimer

This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker Horizons ASA and Aker Horizons ASA's (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "intends", "may", "outlook", "plan", "strategy", "estimates" or similar expressions. Forward-looking statements include all statements other than statements of historical facts, including with respect to Covid-19 pandemic and its impacts, consequences and risks. You should not place undue reliance on these forwardlooking statements. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Aker Horizon's businesses, market acceptance of new products and services, changes in governmental regulations, actions of competitors, the development and use of new technology, particularly in the renewable energy sector, inability to meet strategic objectives, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the presentation. Although Aker Horizons ASA believes that its expectations and the presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation. Aker Horizons ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the presentation, and neither Aker Horizons ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. Any forward-looking statement and any other information included in this presentation speaks only as of the date on which such statement is made, and except as required by applicable law, we undertake no obligation to update any of these statements after the date of this presentation.

This presentation is being made only to, and is only directed at, persons to whom such presentation may be lawfully communicated ("relevant person"). Any person who is not a relevant person should not rely, act or make assessment on the basis of this presentation or anything included herein. This presentation does not constitute an offering of any of the securities described herein.

The Aker Horizons group consists of many legally independent entities, constituting their own separate identities. In this document we may sometimes use "Aker Horizons", "Group, "we" or "us" when we refer to Aker Horizons companies in general or where no useful purpose is served by identifying any particular Aker Horizons company.

Agenda Main developments Aker Horizons in brief Portfolio update Mainstream Renewable Power update Financials Strategic perspectives Q&A 1 2 3 4 5 6 7

Main developments

Mainstream Renewable Power acquisition closed according to plan

Transaction closed 11 May; adds best-in-class developer capabilities to Aker Horizons Acquired 75% for EUR 900 million + initial equity injection of EUR 109 million, both on 100% basis

Several key developments across portfolio

Aker Carbon Capture (ACC): MoU with Carbfix for total CCS value chain offering Aker Clean Hydrogen (ACH): MoUs with Cape Omega and Shell for development of Aukra Hydrogen Hub Aker Offshore Wind (AOW): Partnership with bp and Statkraft for Sørlige Nordsjø II Mainstream: Acquired 80% of 405 MW solar development portfolio in Vietnam

Aker Carbon Capture taking a first mover position in the CCS value chain

Launched Carbon Capture as a Service: Carbon capture made easyTM ACC will handle CO² from point of emission to permanent storage

Extending the Aker Horizons platform to additional planet-positive opportunities

Green Yield: Establishing a financing vehicle for decarbonization assets with core infrastructure characteristics. Target areas include assets related to Carbon Capture as a Service; Carbon capture made easyTM

Carbon credits: The carbon price is a key enabler for decarbonization with increasing regulatory support; Aker Horizons taking financial positions in EU Emission Allowances (EUAs)

Aker Horizons transferred from Euronext Growth to the main list of Oslo Børs

Portfolio development

Net asset value development

NOK billion, 31 March – 30 June 2021

		An active first half of 2021				7 July
18 January Collaboration with Hitachi Zosen Inova on CCS solutions for European waste-to	1 February Listing on Euronext Growth	8 March Raises NOK 3.0 bn in Private Placement		4 May Exploring hydrogen production facility opportunities in Aukra 11 May	4 June Hege Brende appointed CEO of Rainpower 14 June Aker, bp and Statkraft	Exploring opportunities for CO2 capture at BIR in Bergen 8 July Partnership with
energy industry	3 February Issues NOK 2.5 bn	10 March		Aker Horizons closes transaction to acquire Mainstream	join forces for offshore wind in the Norwegian North Sea	Ocean Winds for floating offshore wind
19 January Signs agreement to acquire 75% of	green bond 18 February	Exploring CCS at biomass-fired heat and power plants with		Renewable Power 20 May	18 June	energy in Scotland 9 July	988
Mainstream for EUR 900 million on 100% basis	Partners with Yara and Statkraft to establish Europe's	Ørsted and Microsoft 11 March		Uplisting from Euronext Growth to main list of Oslo Børs	Uplisting to the main list of Oslo Børs, qualifies for OTCQX trading in the US	Energization of 574 MW Condor portfolio in Chile	employees and hired-ins across Aker Horizons1
27 January Enters into hydropower with acquisition of	first large-scale green ammonia project in Norway 19 February	Listing on Euronext Growth 23 March	21 April Conversion to public limited company	27 May Industry veteran Philippe Kavafyan appointed CEO of Aker	28 June Grows footprint in Vietnam with 405 MW	9 July MoU with Carbfix and Elkem on CCS in Iceland	18k Aker Horizons
Rainpower 27 January	Launch of Aker Clean Hydrogen	MoU with Siemens on CCS for gas-fired power 29 March	22 April Collaboration with University of Strathclyde on	Offshore Wind 27 May	solar PV acquisition 30 June	12 July Launches Carbon	shareholders 31 ~NOK bn
Enters cooperation agreement with Statkraft	25 February Awarded feasibility study for Elkem	Exploring floating wind opportunities offshore Sweden with Hexicon	recycling glass fibre in end-of-life wind turbine blades	Kristian M. Røkke appointed Chairman of Mainstream	Financial close of 148.5 MW Copihue portfolio in Chile	Capture as a Service; Carbon capture made easyTM	combined market caps of Aker Horizons'
January	February	March	April 2021	May	June	July	platforms2

1. FTEs signed per 30 June 2021; not including subcontractors, REC Silicon, SuperNode

2. Market capitalizations of ACC, ACH and AOW + book value of MRP, all on 100% basis per 30 June 2021

2. Aker Horizons in brief

Planet-positive purpose + industrial & financial capabilities = attractive shareholder returns

Planet-positive – purpose driven, building businesses that have a major positive, net impact on the environment

Industrial edge – benefit from the Aker group's 180 year heritage and industrial scale including technology development, engineering capabilities and partnerships

Shareholder mindset – smart capital management for ambitious growth plans, value per share focus

Aker Horizons' portfolio addresses several key levers to reach net-zero

Aker Horizons ecosystem

Our 2025 ambition

1. Total capital investments originated by Aker Horizons and platform companies, before sell-downs. For other projects, Aker Horizons' or platform companies' pro rata share of project 2. Where 10 Mt CO² eq. will come from CCUS and ~15 Mt CO² eq. will come from avoidance of emissions from electricity generation, assuming 35% capacity factor on renewable capacity and 475 g/kWh carbon intensity

Investment thesis grounded in the UN SDGs

Further guided by the EU Taxonomy and our Green Finance Framework

3. Portfolio update

Portfolio overview

Aker Carbon Capture

Business model

• − Pure-play carbon capture company with certified market-leading proprietary technology
• − Delivers ready-to-use carbon capture plants utilizing best-in-class HSE friendly solvent and patented plant technologies

Q2 highlights

• − First mover of full value chain Carbon Capture as a Service offering launched 12 July
• − Signed MoU with Carbfix and Elkem to reduce CO² emissions of Elkem Iceland's ferrosilicon plant through carbon capture and mineral storage in underground rock structures
• − Brevik CCS project progressing according to plan

Ownership agenda

• − Contribute towards rapid development of Carbon Capture as a Service through Aker Horizons' financing-vehicle Green Yield
• − Support development and cost optimization of entire CCS value chain
• − Deep understanding of carbon credit markets

26% of AH GAV Investment value NOK 5.7 billion

Market cap NOK 11.2 billion

Aker Horizons ownership 51% 26,082 shareholders

109 own employees and contractor FTEs

Target contracts to secure 10Mt CO² p.a. by 2025

Aker Clean Hydrogen

Business model

• − Leading the industrialization of clean hydrogen production as an integrated clean hydrogen producer with unique end-to-end asset integration and optimization capabilities
• − Develops, builds, owns and operates clean hydrogen and ammonia facilities

Q2 highlights

• − Invested in Meraker Hydrogen AS to accelerate the development of green hydrogen production in Mid-Norway
• − MoUs signed with Cape Omega and Shell for development of a hydrogen hub in Aukra, Norway
• − Berlevåg project to decarbonize Arctic shipping forges ahead the project has successfully passed the feasibility and concept phases

Ownership agenda

• − Develop both existing and new strategic partnerships
• − Support in promotion and development of entire hydrogen value chain
• − Support financing optimization for large-scale hydrogen facilities through engagement with financial partners and development of financing models

Investment value NOK 4.3 billion

Market cap NOK 5.6 billion

Aker Horizons ownership 77.2% 5,349 shareholders

59 own employees and contractor FTEs

1.7 GW net capacity in projects and prospects

Aker Offshore Wind

Business model

• − Pure-play offshore wind developer with focus on deep-water assets. Sources, develops and operates offshore wind projects
• − Uses technology and the Aker group's long-standing leading position in offshore development as competitive advantages

Q2 highlights

• − Partnered with bp and Statkraft to pursue a bid to develop offshore wind power in the Sørlige Nordsjø II (SN2) licence area
• − Industry veteran Philippe Kavafyan appointed as CEO of Aker Offshore Wind. Kavafyan has vast experience from the wind industry, including as the CEO of MHI Vestas Offshore Wind
• − Signed MoU with the University of Strathclyde to collaborate on accelerating recycling of glass fiber used in wind turbine blades

Ownership agenda

• − Strategic partnerships
• − Growing pipeline organically and through M&A
• − Utilizing Aker group experience to significantly reduce LCoE

of AH GAV Investment value NOK 1.9 billion

Market cap NOK 3.7 billion

9%

Aker Horizons ownership 51% 31,359 shareholders

100 own employees and contractor FTEs

1.5 GW portfolio of development projects

Mainstream Renewable Power

Business model

• − Leading renewable energy company with a global footprint
• − Best-in-class in-house capabilities across entire asset lifecycle
• − High quality pipeline underpinning growth; multi-tech & -geography platform
• − Continuous growth in scale across existing and new markets
• − Leading expertise in hybridization and creating dispatchable renewable power

Q2 highlights

• − Closed Aker Horizons' acquisition of 75% of Mainstream
• − Acquired 80% of 405 MW solar development portfolio in Vietnam, expected to reach financial close in 2022
• − Executed 305 MW bilateral PPAs

Ownership agenda

• − Accelerate growth through maturing development pipeline and additional M&A
• − Drive synergies with Aker Offshore Wind and Aker Horizons' digital program, electron
• − Extend business capabilities and footprint to become a Renewable Energy Major

Investment value¹ NOK 7.7 billion

Acquisition price EUR 900 million² Privately held

Aker Horizons ownership 75%

449 own employees and contractor FTEs

~13.4 GW asset portfolio

1. See slide 36 for more detail 2. 100% basis Note: Values as of 30 June 2021

Mainstream Renewable Power Mary Quaney, Group CEO

4.

Mainstream Renewable Power

Independent renewable energy developer with a global footprint

Q2 highlights

Transaction closed on 11 May

Unlocking synergies and new opportunities across the business including digitalization, clean hydrogen ahead of accelerated growth period

Projects progressing

Energization of 574 MW Condor portfolio Financial close of 148.5 MW Copihue portfolio 305 MW bilateral PPAs executed

Pipeline growth

405 MW solar portfolio acquisition closed in Vietnam ~860 MW pipeline increase

13.4 GW portfolio of projects

Global portfolio of wind and solar assets

Regional platforms in high-growth markets

Latin America

Key milestones reached in Chile with Copihue reaching financial close, all Condor assets energized

Q2 highlights

• − 50 MW bilateral PPA executed to support expansion of Copihue portfolio
• − 148.5 MW Copihue portfolio achieved financial close
• − All four Condor assets energized, on track for commercial operation in H2 2021
• − 255 MW bilateral PPA executed; 1 wind and 1 solar project

Key attractions

• − Stable regulatory environment, renewable-friendly energy policies make Chile an attractive market
• − Strong market position with one of the largest portfolios in Chile
• − Large pipeline of opportunities including bilateral PPAs
• − Proven commercialization capabilities: c. 80% of production contracted¹
• − Collaboration with Aker Clean Hydrogen

Asia Pacific

Recent acquisition in Vietnam adds to attractive pipeline in fast-growing region

Q2 highlights

• − 80% stake in 405 MW portfolio of solar projects in Dak Nong province in Vietnam recently acquired and targeting financial close in H1 2022
• − Agreement signed with Vietnamese government in April to deliver second Offshore Wind capacity building event

Key attractions

• − Regional capacity of renewable energy is expected to triple by 2050
• − 2.3 GW (gross) Vietnamese pipeline worth of solar and offshore wind projects
  • 1.4 GW Soc Trang Offshore Wind Farm, one of largest in region (first 200 MW targeting financial close in H1 2022)
  • 500 MW Ben Tre Offshore Wind farm

Africa

High quality portfolio, strong track record in renewable energy auctions

Well positioned in South Africa for upcoming auction

• − More than 6 GW of 100% owned projects
• − Upcoming tender Round 5 taking place in August
• − Strong track record in renewable energy auctions 848 MW won to date over Rounds 1, 3, 4
• − Significant opportunity set within bilateral PPAs with corporates and municipalities

Pan African platform Lekela Power

• − Lekela platform has over 1 GW (gross) under construction or operational
• − Mainstream operates all of Lekela's operational projects in South Africa totalling 610 MW across 5 projects

Offshore

Strong track record delivering at scale

Primed for upcoming bids in Scotwind and US leasing rounds

• − Fully qualified to participate in the upcoming New York Bight lease auction
• − Scotwind submission imminent

Large scale projects progressing

• − Vietnam: 1.9 GW (gross) progressing first 200 MW expected to reach financial close H1 2022
• − Ireland: Three foreshore licence applications submitted

Strong offshore legacy having developed 3.5 GW offshore wind, approximately 22% of the UK's offshore capacity in operation or in construction:

• − 3 GW Hornsea, UK the largest offshore wind farm in the world now in operation
• − 450 MW Neart na Gaoithe, Scotland now in construction

Digitalization

Multi-year program to unlock value across full value chain

Mainstream will leverage digital solutions across the full value chain from feasibility, through development, construction and operations, to:

• − Minimize LCoE
• − Create flexible energy solutions for customers
• − Generate sustainable new revenue streams

Mainstream and Cognite/Aize have collaborated on a digital strategy project during Q2 – work will continue under the electron program through 2021 and beyond, leveraging digitalization work ongoing across Aker Horizons

First software development will focus on the operations phase of projects in support of large volume of Mainstream projects entering commercial operation

Building interactive platform for O&M activities for Mainstream's fleet – enabling condition monitoring and predictive maintenance to maximize uptime

Large-scale hybridization

0

40

80

Energy MWh

120

160

Delivering 3.4 TWh of firm power each year from diversified portfolio of wind and solar assets

Biggest winner in Chile's largest ever electricity auction, taking 27% of capacity

• − Contracted to deliver 3.4 TWh of firm power each year for 20 years
• − Will power the equivalent of one in every five Chilean homes

2 4 6 8 10 12 14 16 18 20 22 24

Hours of the day

Large and geographically diversified portfolio of assets selected to match Power Purchase Agreement demand

− Combining ten individual variable but predictable wind and solar power generation and backed by six years of data

24 hour generation profiles of Condor assets Condor generation profile and demand profile

0

0 2 4 6 8 10 12 14 16 18 20 22 24

Hours of the day

100

200

Energy MWh

300

400

Tchamma Alena Rio Escondido Cerro Tigre Portfolio generation DISCOs demand under PPA

1.35 GW hybrid portfolio

Power-to-X

Mainstream and Aker Clean Hydrogen collaborating on green hydrogen and ammonia production

Chile has a stated ambition to produce the most cost-efficient green hydrogen in the world by 2030

Collaboration combines Aker Clean Hydrogen's project development capabilities and Mainstream's position as a leading renewable energy developer in Chile

Mainstream brings 1 GW of its wind and solar asset pipeline to this partnership, thereby taking a leading role in the decarbonisation of the energy, industrial and mining sectors in Latin America

Mainstream is well positioned to capitalize on opportunities through extensive local competence, high-quality portfolio and established relationships in the country

Sustainability is at the heart of our business

Launch of third standalone Sustainability Report

Climate leadership

• − CDP A- Rating for third successive year
• − CDP Supplier Engagement Leadership
• − 5 million tCO2e avoided in 2020

Safety & Environment

• − 3.5 million contractor hours
• − SIP and LTI Frequency targets achieved
• − Zero Significant Environmental Events

Workplace

• − Diversity & Inclusion targets in place
• − Great Place to Work Certification for second successive year

Community initiatives

• − 134 community initiatives administered in 2020
• − 123 facilitators/teachers employed through community initiatives

13-year track record

Mainstream positioned for period of accelerated growth as part of Aker Horizons

High levels of planned activity across all regions

Building a Renewable Energy Major

Bringing additional 5.5 GW to financial close by 2023

Extensive track record and end-to-end capabilities as a global development platform

High quality pipeline underpinning growth; multi-tech and multi-geography platform

Continuous growth at scale across existing and new markets

Significant expertise/experience in fast growing offshore wind business

Leading expertise in hybridization at scale and creating dispatchable renewable power

Aker Horizons and holding companies per Q2 2021 NOK million

Income statement
Operating revenue	25
Operating expenses	(43)
EBITDA	(18)
Value change	(154)
Net other financial items	(102)
Profit (loss) before tax	(273)

Balance sheet
Interest-bearing assets	26
Investments1	21,347
Current operating assets	35
Cash and cash equivalents	290
Assets	21,698
Equity	15,406
Interest-bearing debt	6,152
Non-interest bearing debt	139
Equity and liabilities	21,698

1 Apr – 30 June 2021	Balance sheet	30 June 2021	Cash flow statement 1 Apr -	30 June 2021
	Interest-bearing assets	26	Cash flow from operating activities	(65)
	Investments1	21,347
	Current operating assets	35	Payment for shares in subsidiaries	(7,711)
	Cash and cash equivalents	290	Payment for equity-accounted investees	(48)
	Assets	21,698	Cash flow from investing activities	(7,759)
	Equity Interest-bearing debt	15,406 6,152	Proceeds from new borrowings, net of fees	501
	Non-interest bearing debt	139	Cash flow from financing activities	501
	Equity and liabilities	21,698	Total cash flow in the period	(7,323)
			Revaluation of cash and cash equivalents	(29)
			Cash in the beginning of the period	7,643
			Cash and cash equivalents 30 June 2021	290

Portfolio composition

NOK million

			Per 31 Mar 2021		Per 30 Jun 2021
		Aker Horizons %	NOK million	Aker Horizons %	NOK million
Platform investments	Aker Carbon Capture	51.0%	4,434	51.0%	5,714
	Aker Clean Hydrogen	77.2%	5,419	77.2%	4,325
	Aker Offshore Wind	51.0%	2,251	51.0%	1,911
	Mainstream Renewable Power1	-	-	75.0%	7,711
Sunrise portfolio	REC Silicon	24.7%	1,766	24.7%	1,729
	Rainpower	100.0%	112	100.0%	109
	SuperNode	-	-	49.9%	48
	Cash and other assets2		7,718		351
	Gross asset value3		21,698		21,897
	Liabilities4		(5,780)		(6,291)
	Net asset value		15,918		15,606

1. Acquisition price of EUR 900 mn on 100% basis, plus day-one equity injection of EUR 109 mn on 100% basis

2. Cash of NOK 290 mn and other assets of NOK 61 mn per Q2 2021

3. For listed portfolio companies, market values are applied. For unlisted, book values are applied

4. Interest-bearing debt of NOK 6,152 mn and other liabilities of NOK 139 mn per Q2 2021. Interest-bearing debt is booked net of fees. For the convertible bond, NOK 348 million is booked as equity at inception

External financing

NOK million

Debt Total facility Key terms Subordinated shareholder loan NOK 2,000 mn 6.0% coupon per annum, with deferral option against a 1.0% deferral fee Subordinated convertible bond NOK 1,500 mn 1.5% coupon per annum (PIK). Initial conversion price at NOK 43.75 per share Senior unsecured green bond NOK 2,500 mn 3m NIBOR + 325 bps coupon per annum Revolving credit facility EUR 400 mn Accordion option to upsize the facility amount to EUR 500 mn Debt maturities NOK million 2025 2,000 2021 2022 2023 2024 1,500 2026 2,500 4,069 3,500 RCF Convertible bond Green bond Shareholder loan Overview of financing facilities 1

1. EURNOK of 10.1717 per 30 June 2021

Liquidity and net interest-bearing debt NOK million

Cash and undrawn RCF as of 30 June 2021 NOK million

Net interest-bearing debt as of 30 June 2021 NOK million

Capital structure

NOK billion

³⁰ June 2021

6. Strategic perspectives

Regulatory tailwinds strengthening

The IEA's Net Zero 2050 roadmap includes an estimated tripling of investments in clean energy production from 2021 levels

The EU's ''Fit for 55'' strategy expected to target both the financial system and the EU ETS as mechanisms to reach its 55% emissions reduction target by 2030

Clear expectation of more aggressive climate target commitments to come ahead of the COP26 this fall

Norwegian White Paper on Energy indicates support for development of offshore wind and hydrogen projects

Carbon pricing to drive CO² reduction

Context

• − Carbon pricing is a fundamental mechanism for reducing carbon pollution
• − A carbon price of EUR ~130/ton required by 2030 to be on 1.5 degree pathway¹

Aker Horizons

• − Carbon Capture as a Service inherently linked to the carbon price
• − Connecting the dots between the price of carbon, regulation, customer interests, and cost-effective carbon capture solutions
• − Aker Horizons taking positions in EU Emission Allowances (EUAs)

Commercialization of carbon capture value chain

Capital costs are key for decarbonization

Context

• − Decarbonization projects tend to be capital intensive
• − Several capital sources available including project financing, corporate level financing, farm downs and public capital
• − Enormous global interest to fund projects with positive environmental impact

Green Yield

• − Aker group with extensive capabilities and track record within financial structuring and leasing
• − Competitive advantage in understanding, pricing and managing technology and counterparty risk
• − To invite strategic partners with long-term private capital and strong ESG interest
• − Potential to provide long-term stable cash flows to Aker Horizons

Summary

• High and increasing activity across Aker Horizons portfolio 1
• Several important milestones and partnerships announced 2
• Volatility in financial markets for renewables increased; macro environment remains encouraging 3
• Several promising planet-positive investment opportunities emerging 4

Q2 Reflections Strategic priorities

• Rapid expansion across portfolio companies business development, partnerships, M&A 1
• Building a Renewable Energy Major through Mainstream, including IPO of company 2
• Commercialization of carbon capture value chain in cooperation with Aker Carbon Capture 3
• Development of Green Yield as stand-alone business to invest in decarbonization assets with core infrastructure characteristics 4

Additional information

Aker Horizons share

Aker Horizons Net Asset Value

Per 30 June 2021, NOK million

	No. shares	Share Price	Market Cap	AH % ownership	AH Value	Per AH share
Aker Carbon Capture	566.1	19.80	11,205	51.0%	5,714	9.8
Aker Clean Hydrogen	687.8	8.14	5,598	77.2%	4,325	7.4
Aker Offshore Wind	678.7	5.52	3,747	51.0%	1,911	3.3
REC Silicon	372.4	18.79	6,998	24.7%	1,729	3.0
Listed assets			27,548		13,679	23.6
Non-listed assets			Book Value	AH % ownership	AH Value	Per AH share
Mainstream			10,282	75.0%	7,711	13.3
Other					156	0.3
Unlisted assets					7,868	13.5
Cash, cash equivalents and receivables					351	0.6
GAV					21,897	37.7
Liabilities					(6,291)	(10.8)
NAV					15,606	26.9

Mainstream financial information

Income Statement					H11
(EUR mn)	FY 2017	FY 2018	FY 2019	FY 2020	FY 2021
Revenue	19	632	71	6	2
Cost of sales	(0)	(83)	(1)	-	-
Gross Profit	18	549	70	6	2
Operating Expenses	(31)	(37)	(29)	(41)	(61)
Operating Profit/Loss	(12)	512	41	(35)	(60)
Net Profit/Loss	(6)	487	19	(66)	(71)
Group Balance Sheet					H11
(EUR mn)	FY 2017	FY 2018	FY 2019	FY 2020	FY 2021
Total non-current assets	14	17	88	102	1,048
Work-in-progress	135	81	215	598	35
Cash and cash equivalents	43	297	274	147	182
Restricted Cash	44	67	51	301	148
Trade and other receivables	7	10	18	76	107
Total current assets	230	455	558	1,122	472
Total Assets	244	472	646	1,224	1,520
Borrowings	115	51	198	738	857
Other Liabilities	44	22	49	182	285
Equity	85	399	399	304	378

Total Equity and Liabilities 244 472 646 1,224 1,520

Highlights

Balance sheet illustrates Mainstream's ongoing shift to an Energy Major with balance sheet growth of 6.0x to EUR 1.5 bn since 2017 Notable figures include:

• − Non-current assets– reflects Andes portfolio in Chile²
• − Cash (incl. Restricted) includes proceeds from Borrowings
• − Borrowings reflects Mainstream's growth as an institutional borrower of nonrecourse project finance and other debt

Income Statement is reflective of its successful history of focusing on the development and sale of projects

• − Net Loss reflective of decision to retain assets in 2020 and endure of a period prior to assets reaching operation and generation various revenue streams
• − H1 2021 loss includes c. EUR 40 mn of once off transaction costs on Company sale

Mainstream project portfolio overview

Plants in operation	Country	Technology	Gross Capacity MW	Economic Interest	Net Capacity MW
Sarco	Chile	Onshore Wind	170	40%	68
Aurora	Chile	Onshore Wind	129	40%	52
Cuel	Chile	Onshore Wind	33	40%	13
Taiba N'Diaye	Senegal	Onshore Wind	159	12%	20
Perdekraal East	South Africa	Onshore Wind	110	7%	8
Noupoort	South Africa	Onshore Wind	79	5%	4
Loeriesfontein 2	South Africa	Onshore Wind	138	5%	7
Kangnas	South Africa	Onshore Wind	140	7%	10
Khobab	South Africa	Onshore Wind	138	5%	7
Total			1,096	18%	190
Under construction	Country	Technology	Gross Capacity MW	Economic Interest	Net Capacity MW
Alena	Chile	Onshore Wind	86	100%	86
Tchamma	Chile	Onshore Wind	158	100%	158
Cerro Tigre	Chile	Onshore Wind	185	100%	185
Rio Escondido	Chile	Solar PV	145	100%	145
Caman	Chile	Onshore Wind	148.5	100%	148.5
Puelche Sur	Chile	Onshore Wind	156	100%	156
Pampa Tigre	Chile	Solar PV	100	100%	100
Valle Escondido	Chile	Solar PV	105	100%	105
Llanos del Viento	Chile	Onshore Wind	160	100%	160
Ckani	Chile	Onshore Wind	109	100%	109
West Bakr	Egypt	Onshore Wind	252	13%	33
Total			1,605	92%	1,386
Development pipeline	Gross Capacity MW	Economic Interest	Net Capacity MW

Offshore Wind	1,900	65%	1,230
Onshore Wind	4,820	97%	4,663
Solar PV	6,030	99%	5,949
Total	12,751	87%	11,842

Part of the Aker group with 180 years of industrial heritage