Enlight Energy — Investor Presentation 2020

Apr 11, 2021

INDEPENDENT EQUITY RESEARCH

April ¹¹th Enlight – Update Report , ²⁰²¹

Growth in all parameters in 2020; Revenues grew by 16% to NIS 349 million; mature facilities increased by 61% to 2 GW; entry into the US market; refinancing actions are expected to improve the future cash flow; target price remains at NIS 7.32

Enlight shows a significant growth in 2020 relative to last year, along with growth in revenue and profits. Similar to our estimate, Enlight ended the year with revenues of NIS 349 million and EBITDA of NIS 267 million (compared to our estimate of NIS 266 million). The company shows a significant increase in its portfolio in 2020. Increase of 61% in mature facilities (income-producing facilities, under construction and towards construction) and an increase of approx. 64% in facilities under development to 2.3 GW.

Strategically, Enlight continues to strengthen its capital structure to enable future rapid growth in its strategic next phase - extensive entry into the US market as a leading player. As also discussed during 2020, Enlight is interested in entering the US market as part of its strategy. On February 28, 2021, the company announced negotiations to acquire 90% of a leading solar energy and energy storage company in the US at a value of \$ 430 million.

We want to mention that the global growth potential is far from being exhausted. In the wind energy market, Frost & Sullivan expects that more than 900 gigawatts of new capacity will be added between 2020 and 2030. The annual investment will range from \$ 140 billion to \$ 160 billion. In the solar energy market, Frost & Sullivan predicts that about 1,500 gigawatts of new capacity will be added between 2020 and 2030, representing a total investment of \$ 1.5 trillion. We believe that the wind energy market and solar panels will continue to grow based on global demand and certainly in light of the tailwind from the Biden administration in the US.

Also, Enlight is working to assimilate the values of sustainability and the environment (ESG) at the core of the activity and recently published its first corporate responsibility report. Alongside the positive facet, there is also a signal to investors looking for environmental investments (a relatively new field called Impact investments); Enlight is expected to join relevant indices and increase its share exposure to additional investors in Israel and abroad.

We update the company's value in light of the projects progress. Concretely, we add (according to the milestones set for the project) the significant project signed in Sweden; we maintain our valuation at NIS 6.0b. On the next page, we present the main events in the fourth quarter (2020) and the past months of 2021.

Lead Analyst Dr. Tiran Rothman Equity.Research@frost.com Tel.: +972-9-9502888

April 11th , 2021

Key events in the fourth quarter (2020) and the passing months of 2021:

• In October 2020, the Company completed the acquisition of the Bjorenberget (Bjorn) project, 372 megawatts. Enlight will hold a 61% stake alongside a European fund specializing in energy infrastructure. Revenue in the first year is expected to be around € 30 million, and around € 60 million a year on average; EBITDA about 50 million euros on average. In December 2020, the company signed an agreement with one of the global technology giants for the sale of electricity (PPA) for a period of 10 years at a guaranteed price for 50% of the project's output. In January 2021, the company signed an agreement of intent to finance approximately 50% of the project costs in a non-recourse outline (without 'return right' to the owner) with a consortium of three senior European lenders.
• In February 2021, the Company reported on negotiations to acquire approximately 90% of the holdings in a leading company with extensive experience in initiating, developing, establishing, and operating in the field of solar energy and energy storage in the US (the "target company") at a total company value of up to 430 million Dollars, in a deal that includes an incremental-return performance-based mechanism. To date, the target company has successfully developed, established, and sold solar facilities with a capacity of over 1.5 GW and has a significant portfolio of projects under development with a wide geographical spread in the US, in states with significant growth potential. The target company employs about 80 people and is growing. The target company's portfolio consists of a pipeline of about 50 large solar projects (utility-scale) at various development stages with a total volume of about 9.9 gigawatts (in terms of DC power). Some projects will incorporate energy storage facilities, with a cumulative volume of over 1.5 GW. According to the company's estimates, about 10 projects with a total capacity of about 2 GW are in advanced development stages. The target company has already signed or is in advanced negotiations to sign electricity sale agreements concerning these facilities (PPAs), for an average period of 19 years and the full amount of electricity produced.
• In December 2020, the company signed an agreement to refinance five income-producing solar projects in Israel with a cumulative capacity of 83 MW. Under the agreement, the senior debt of a cumulative amount of NIS 1.1 billion was provided in the Non-recourse outline (without the right of returning to the owner). As part of the move, the company repaid the old senior debt provided for projects amounting to NIS 540 million net, and Mezzanine loans that were previously provided for projects amounting to NIS 140 million. The interest rate on the new senior debt is significantly lower than the interest rates on the old senior debt and the installment loans that have been repaid. This move created an excess cash flow balance for Enlight of approximately NIS 200 million (after payment of an early repayment fee for the old debt) and savings in expected financing expenses over the next 15 years.

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Enlight April 11th, 2021

Key events in the fourth quarter (2020) and the passing months of 2021:

• In December 2020, the company was informed that it had won tender No. 2 for the construction of combined solar and storage facilities. The company had won a cumulative capacity of 82 MW in terms of AC, reflecting the construction of facilities with an installed capacity of about 200 MW DC and a storage capacity of a total of 328 MW per hour. These facilities' expected construction cost is estimated at NIS 650-750 million, and revenues from electricity sales are expected to be NIS 65-85 million per year.
• In February 2021, the company signed an agreement in principle with the Navitas Group to cooperate in offshore wind projects in international markets. By the agreement in principle, the parties will work jointly and exclusively during the next two years to identify opportunities, initiate, develop, invest and/or acquire offshore wind projects abroad, with Enlight holding 60% and Navitas 40% of the joint activity and its fruits.
• In March 2021, the company announced on the approval of the connection of the Picasso project in Sweden to the electricity grid and the start of electricity flow to the grid. At this point, the company began to gradually connect the turbines to the power grid and perform run tests. The regulation in Sweden allows selling the electricity produced in this process to the grid under market conditions. The testing and commissioning process is carried out in parallel with the completion of the farm's construction. It is expected to take about 3 months until the full commercial operation of all the turbines.
• In March 2021, the company raised approximately NIS 590 million as part of a public offering of shares.

Corporate Responsibility

In March 2021, the company first published a corporate responsibility report with the aim of maximizing the positive impact and producing long-term value for all stakeholders. Enlight is expected to enter 3 ESG rankings: the Israeli Ma'aleh rankings and two other international rankings.

As part of the report, the company shows the significant environmental impact of its mature facilities:

The company's full corporate responsibility report:

https://enlightenergy.co.il/wp-content/uploads/2021/03/ESG\_enlight230321Digital.pdf

Executive Summary

Investment Thesis

Globally, the renewable energy sector is in a growth momentum in most countries as a result of government decisions and organizations to reduce dependence on polluting fuels and reduce greenhouse gas emissions, which are reflected in governments' actions to meet renewable energy targets they are committed to according to the Paris 2015 agreement.

The implementation of government decisions translates into policies, regulations and licensing processes of companies that build renewable energy electricity generating facilities that are supposed to provide electricity over many years in a reliable, safe and economical manner.

Enlight is well respected in its industry, both locally and globally. Their reputation extends across the renewable energy value and supply chains, as well as within their specific business ecosystem. This is demonstrated by the list of Enlight's institutional investors, financing partners and equipment suppliers.

The company has a record of success across all steps and stages of renewable energy projects, including initiation, development, financing, construction, management, operation, ownership and sale of assets.

The company aims to continue creating value by leveraging its proven expertise and experience in identifying, quickly evaluating and exploiting 'under the radar' market opportunities, both through "Greenfield" development in Israel and co-development in international markets. The company's strategy is to select and operate in markets that demonstrate a combination of factors with specific emphasis on; supportive policy, regulations, favorable natural resources, an opportunity to optimize the development, and market size that supports future growth. In international markets the company partners with local entities that provide advantages in the initial early stages of development.

Below is the strategic landscape the company operates in:

Source: Frost & Sullivan

Value proposition to investors, partners and suppliers include:

• Experience in evaluating projects and uncovering upside opportunities.
• Focus on markets that are mature or maturing in terms of renewable energy policy and regulation, and such markets where renewable energy sources provide competitive electricity prices without the need for subsidies.
• Identify opportunities to optimize projects' capacity or timetables immediately and/or in the long term.
• High likelihood to secure financing due to corporate reputation and industry relations.
• Leveraging experience to generate margins from optimization, development and construction.

Enlight met our expectation for 2020 revenues. We assume Enlight's revenues from projects (representing 100% holdings in projects) would reach NIS 415 million in 2021, and NIS 1.2 billion in the first full year after the completion of establishing the portfolio in development.

We emphasize that the field of storage in which the company enters is a large and growing market that constitutes additional potential. We estimate that the storage market is about 25,000 megawatts in 2020, with an estimated annual growth rate at the global level of about 32.9%. In a broad examination of the

storage market, today's main reliance is on a combination of batteries. Still, Enlight is also expected to understand that we will combine forces with other players in the market and combine additional new technologies to increase the return on projects at various stages.

We already identify a significant growth rate in the field of storage, especially in the United States, Germany

and East Asia.

The following is the scope of the company's expected pipeline portfolio as of 2020:

Source: Company investor presentation from March 2021. Mature facilities include income-producing facilities, under construction and towards construction.

Global Renewable Market Introduction

Historically, global power generation was dominated by centralized energy sources such as coal, nuclear, oil, and large hydropower plants. These plants were usually state-owned, and the electricity generated would be transmitted across the country via a centralized grid. There was a minimal competition within the market, and the environmental impact was hardly considered. This situation has gradually changed over the past two decades, mainly driven by market decentralization and favorable regulatory frameworks (which boosted competition), concerns over the impact of climate change, and supportive renewable incentive programs.

Driven by the transformation across the energy sector, renewable energy sources (RES), primarily wind energy and solar energy, have become well established low-carbon energy sources to meet global energy demand because of their widespread availability, cost-effective nature, and flexibility compared to other RES. An increase in the adoption of wind and solar energy technologies would significantly mitigate and alleviate issues associated with energy security, climate change, unemployment, etc. and help in reducing global CO2 emissions by more than 50% between now and 2050.

The impact of the renewable revolution has been felt in many global markets, but European nations and the US have been at the forefront, later joined by China. Although the incentives schemes for renewable energy in many markets have gradually become less generous, this has largely been offset by consistent declines in renewable energy technology and project costs, construction and service innovation, and the continuation of favorable regulatory frameworks that ensure renewables have priority access to the grid. Once a wind or solar plant is online it is basic common sense anyway to ensure that the power generated is given priority, as the fuel cost is zero.

Wind power and solar PV dominate global renewable investment (large hydropower, which is still a significant technology in a number of markets, is not considered truly renewable because of the potential environmental damage to the river networks). Global investments in renewable energies accounted for \$282 billion in 2019, with wind and solar energies accounting for ~97% of non-hydro renewable investment in 2019. A total of ~\$3 trillion is forecast to be invested across the next decade in renewable energy sources, with annual renewable energy investment exceeding ~\$300 billion in 2030. Further cost reductions mean that both technologies will reach grid parity (a situation where it is as cheap to build a solar plant as it is a coal plant) in an increasing number of markets over the coming decade, further supporting the business case for investing in renewables.

Figure: Annual Global Investments in Renewable Energies (Billion USD)

Continued Decline in Wind and Solar Technology and Project Costs

The decline in renewable energy project costs started around 2010, with solar PV leading the way. Solar module costs have declined by around 82% across the course of the decade (modules account between 35% and 45% of total project costs). Wind technology cost declines started later, but have also been substantial – the global average price per MW for an onshore wind has declined by 39% and offshore wind by 29% between 2010 and 2019.

Continued cost reductions are forecast for both wind and solar, through a combination of lower core technology costs (larger turbines and taller hub heights are a significant factor for wind projects); a reduction in total project costs (greater efficiencies in construction and commissioning), and lower servicing costs.

Israel Renewables Ecosystem

The growth engine behind renewables in Israel is the government's vision to utilize "natural gas or renewables only" for the production of energy by 2030. In order to realize this vision the government is putting major systems and regulations in place in order to completely replace the energy produced from coal with energy produced from solar sources. This transition is projected to produce a 6 fold increase in renewables and a 10 fold increase in energy storage capacity.

The four major drivers of the renewable energy market in Israel as stated in the Ministry of Energy's economic plan are: 1) the decreasing cost of solar technology 2) the global shift to electric vehicles 3) energy security 4) pollution regulations

These trends propel Israel into a reality that requires a heavy transition to renewable energy sources and therefore promotes the need for energy storage solutions.

Israel is exceptional in its high population growth rate as well as its high electricity consumption. Today, solar power is almost exclusively the country's renewable energy source and this will be true through 2030.

In 2030 Israel is positioned to be the world leader in solar energy dependency at a staggering 26% of energy produced by the country. By 2030, during the noon hours, 80% of the electricity generated in Israel will come from solar sources and this solar energy will surpass consumption demands during certain hours of the day.

Israel's Energy Source Composition

Renewables Will Replace Coal over the Next 10 Years

Valuation Summary

The Company's valuation is based on the company's projects pipeline portfolio. These are projects that the company has released detailed information for, which is included in our analysis. We have added to the project value the amount of management fees that the company is entitled to receive. In addition, should the Company succeed in financially closing future projects that we consider to be eligible; it will be eligible for additional success fees that are not included in our valuation due to the preliminary stages in which the projects are currently at. In this regard, the Company reported in its annual report that the total revenues from management, initiation and development attributed to it in the past 12 months amounted to approximately NIS 74 million.

We conservatively estimate that some of these revenues will continue for at least the next 5 years (such as initiation and development fees, which we believe are likely to grow in light of project development). Some will last for 15-20 years (such as management fees), discounted revenues on their own amount to slightly more than NIS 380 million in addition to the value of the company's projects. In terms of expenses, Enlight has general and administrative expenses and sales and marketing expenses. We estimate the expenses reported in the company's financial statements, which are expected to rise at a constant rate of 2% per year to support its activities. As of this report's date of publication, the Company's cash balance was approximately NIS 656 million. We considered all of the Company's recently refinanced actions and the company's recent capital raising held in March 2021.

Future Asset Pricing – The company's development portfolio in the coming years is growing. It is estimated at 2.3 GW of projects and another 1.2 GW of storage. From the company's development portfolio, about 1 GW is defined as advanced development (plus about 200 MW of storage), which is expected to reach RTB (Ready to build) in the next 24 months. We add these assets under a certain probability of realization in light of the Company's activities in recent years, its experience and its success in promoting and closing projects of extensive scope.

Appendices

Financial statements for 2020

Non-Gaap Profit and Loss Report (in thousands of shekels)

לשנה שהסתיימה ביום 31.12.2018	לשנה שהסתיימה ביום 31.12.2019	לשנה שהסתיימה ביום 31.12.2020	מיליוני שייח
186	300	349	הכנסות
(26)	(39)	(53)	עלות המכר
(50)	(75)	(92)	פחת והפחתות (1)
110	186	204	רווח גולמי
(20)	(25)	(29)	הוצאות תפעוליות
(4)	(12)	(9)	פחת והפחתות (1)
86	149	166	רווח מפעולות רגילות
	(23)		הוצאות מימון (8)
7	(20)	(1)	הפרשי שער
(72)	(87)	(111)	הוצאות ריבית (3)
2	5	7	הכנסות מימון
23	24	61	רווח לפני מס ולפני עמלות פירעון מוקדם
		(232)	עמלת פירעון מוקדם (9)
23	24	(171)	רווח (הפסד) לפני מס
140	236	267	2) EBITDA חברה

Source: Enlight's financial report, 2020.

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