Enefit Green

Capital/Financing Update • Aug 30, 2022

Company	Enefit Green AS
Type	Company Release
Category	Other corporate action
Disclosure time	30 Aug 2022 13:00:00 +0300

Currency

Conclusion of new long-term electricity sales contracts in Lithuania Title

Enefit Green has signed long-term Power Purchase Agreements (PPAs) to sell majority of the production of 60MW Shilute and 39MW Ciuteliai wind farms in Lithuania at a fixed price with an average length of 9 years. With these contracts, Enefit Green will ensure the cash flow of these wind farms for a significantly longer period and at a higher price than before.

Until now, the electricity produced by these wind farms has been sold under the Lithuanian national feed-in-tariff (FiT) support scheme at a fixed price of 69.51 and 86.89 EUR/MWh, respectively. The support scheme for Ciuteliai wind farm should have matured in April 2025 and the one for Shilute in July 2028. Lithuanian law allows an electricity producer to prematurely opt out of the renewable energy support scheme and to continue selling produced electricity on market terms.

According to the concluded PPAs, Enefit Green will sell 60% of the estimated electricity production of these wind farms at a fixed price higher than foreseen by the current support mechanism. The remaining production will be at merchant terms on Nord Pool day-ahead market.

The change is expected to come into effect by the end of Q3 2022.

Further information: Sven Kunsing Head of Finance Communication investor@enefitgreen.ee (https://www.globenewswire.com/Tracker?data=eahglFI0K4UUxwsmqXkQdO3N_ld1uojlGTE_ vteiKcyQu1wfu3r9tXxEfe64TI9iPjXXdLcA-1wKJKK402r4cwPqdjBXLG-Ga36PZFEEUJ4=) https://enefitgreen.ee/en/investorile/ (https://www.globenewswire.com/Tracker?data=2hvtWZj2Sah7P5FHBmegLeIoMx1_pu7PK9v_ TsWBkf9HVGRVBco0gBWNAR8sTIf_RfHfPw1v74a_H6m3SjVkIBzGyIVVbjGOe57EOq9 agKg8ttz2h5EHYmF0la-hs-rAYHvQm2Fvlu3QknP8tcDCA==)

Finantsinspektsioon http://www.fi.ee

Enefit Green is one of the leading diversified renewable energy producers in the Baltic Sea area. The Company wind farms in Estonia and Lithuania, cogeneration plants in Estonia and Latvia, solar farms in Estonia and Poland, a pellet plant in Latvia and a hydroelectric plant in Estonia. In addition, the Company is developing several wind and solar farms in the mentioned countries and Finland. As of the end of 2021, the Group had a total installed electricity production capacity of 457 MW and a total installed heat production capacity of 81 MW. During 2021, the Company produced 1,193 GWh of electricity and 618 GWh of heat.

Finantsinspektsioon http://www.fi.ee