MPC Energy Solutions N.V. — Investor Presentation 2021

Sep 15, 2021

COMPANY PRESENTATION |→ SEPTEMBER 2021

|→ 05 / 2019

MPC ENERGY SOLUTIONS

COMPANY HIGHLIGHTS |→ 2

THIS IS MPC ENERGY SOLUTIONS (MPCES)

DEVELOPER, OPERATOR AND OWNER OF SUSTAINABLE ENERGY SOLUTIONS

WITH GROWING FOOTPRINT IN LATIN AMERICA AND CARIBBEAN

BUILDING ON OVER TEN YEARS AND 4,300 MW OF EXPERIENCE

JAMAICA 51 MW US\$ 64 M

DOMINICAN REPUBLIC 33.4 MW US\$ 52 M

* Countries highlighted in dark green represent the portfolio projects, light green highlight refers to the projects in backlog

AMBITIOUS RENEWABLES TARGETS IN MPCES CORE MARKETS

0% 20% 40% 60% 80% 100% 2013 2019 Share of countries 100% renewables 75-99% 50-74% 25-49% 1-24% No national target 100% TARGET RENEWABLES SHARE BY 2050: Barbados Colombia Dominica Dominican Republic Grenada Honduras

COUNTRIES WITH RENEWABLE ENERGY TARGETS

HIGHLIGHTS

• • Over 50 countries now aim to reach 100% share of renewables by 2050
• • Caribbean and Latin American countries in particular have firmly committed to renewables
• • Dominican Republic, Jamaica and Colombia among countries with a 2025 target of 25% renewables
• • Ambitious renewable energy targets prompt favorable regulatory environment for investment in renewable energy

FOCUS ON FOUR ASSET TYPES WITH IRRs ABOVE 10%

STRONG DIVERSIFICATION IN TECHNOLOGY AND COUNTERPARTY ACROSS PORTFOLIO

KEY FACTS

PROJECT OVERVIEW

PORTFOLIO	63 MW
ADVANCED BACKLOG	114 MW
DEVELOPMENT BACKLOG	573 MW
GROWTH PIPELINE*	1.8 GW
PROJECT LEVEL TARGET IRR	10 - 18%

CAPITAL MARKET PROFILE

LISTING	EURONEXT GROWTH - OSLO
ISIN	NL0015268814
Listed Since	22 January 2021
Symbol / Ticker	MPCES
Shares outstanding	22,250,000
Analyst coverage	Fearnleys, SB1 Markets

SIGNIFICANT PORTFOLIO AND BACKLOG OF ATTRACTIVE PROJECTS

	UNDER MPCES OWNERSHIP		CAPITAL DEPLOYED OR READY FOR DEPLOYMENT					~ 75% EBITDA MARGIN			10 - 18% INDICATIVE IRR**
O	PROJECT	COUNTRY	SECTOR	STAGE	TOTAL CAPACITY (MW)	TOTAL CAPEX (US\$ M)	MPCES OWNERSHIP	MPCES EQUITY (US\$ M)		OFF-TAKE	COD	FIRST PAYBACK TO MPCES
OLI ORTF	1 Neol CHP	Puerto Rico	Energy Efficiency	Construction	3	9	95%	9		signed, 15Y, USD	2021	2022
	2 Planeta Rica	Colombia	Solar PV	Construction	27	24	50%	7		signed, 15Y, COP	2022	2023
P	3 Santa Rosa and Villa Sol	El Salvador	Solar PV	RTB	21	26	100%	7		signed, 20Y, USD	2022	2023
	4 Los Girasoles	Colombia	Solar PV	RTB	12	11	100%	11		signed, 12Y, COP	2022	2023
	TOTAL				63	70		34
UNDER EXCLUSIVITY, ROFR HIGH PROBABILITY OF OR WITH FID* TRANSACTION EXECUTION INSTALLED CAPACITY RAMP-UP FROM
	COUNTRY	STAGE	TOTAL CAPACITY (MW)	TOTAL CAPEX (US\$ M)	MPCES EQUITY (US\$ M)		200 PORTFOLIO AND ADVANCED BACKLOG 180 PROJECTS, MW				177
D	1 Eastern Caribbean	RtB	36	74	160 17 139
ANCE	2 Puerto Rico	RtB	2	6	6	140
V	3 Honduras	Operation	60	107	11	120
G D A O	4 Mexico	Operation	16	32	5	100
ACKL	Total		114	219	39
B	1 Eastern Caribbean	Development	-	6	5		80
NT ME OP VEL	2 Puerto Rico	Development	8	16	15		60
	3 Panama	Development	140	168	66		40
	4 Dominican Republic	Development	50	50	6		20
	5 Mexico 6 Colombia	Development Development	73 229	116 241	47 85		3
DE	7 Jamaica	Development	73	67	21		0
	Total		573	664	245		2021		2022		2023

* FID = Final Investment Decision

** Equity IRR calculated on the project level after tax

GROWING INTO DIVERSIFIED REGIONAL PORTFOLIO

0% 20% 40% 60% 80% 100% PORTFOLIO PORTFOLIO + BACKLOG Solar PV Energy Efficiency Wind Hybrid

SHARE OF EQUITY ALLOCATED TO DIFFERENT TECHNOLOGIES

SHARE OF EQUITY ALLOCATED TO DIFFERENT COUNTRIES

TRANSPARENT AND LEAN CAPITAL ALLOCATION

EQUITY COMMITTED AND ALLOCATED TO PORTFOLIO AND BACKLOG PROJECTS

HIGHLIGHTS

• • After IPO, USD 75 million were available for investments into projects
• • USD 37 million already committed to portfolio projects
• • Further USD 38 million committed for advanced backlog projects
• • Full capital commitment and deployment expected until the end of the year; financing options for future growth are constantly monitored and evaluated

ATTRACTIVE PROJECT ECONOMICS

EXEMPLARY BREAKDOWN OF PROJECT ECONOMICS ASSUMPTIONS

• • MPCES targets a 75% EBITDA margin on project level
• • Project assets are usually written off over 20 years (depreciation)
• • The impact of interest and taxes is very projectspecific, given that external financing may not be utilized for all the projects; tax regulations also differ among jurisdictions
• • Overall, we target a net income ratio of 15-20% on the project level
• • The net income will be distributed to the owners of the projects, i.e., MPCES and its partners

FURTHER DIVERSIFICATION AND GROWTH POTENTIAL

LAUNCH REGION

• • Local presence in the region since 2016
• • Extensive experience in development, construction and operation of energy infrastructure
• • Wide network of local & international developers
• • Proprietary development of projects in the region facilitated by offices in Panama and Colombia

GROWTH GEOGRAPHIES

2

• • Mid-term strategy to expand to regions with similar characteristics as Caribbean and LATAM
• • Initial project sourcing through exclusive partnerships in Southeast Asia and Oceania, with tangible opportunities identified
• • Additional pipeline identified in The Philippines and Australia

IMPLEMENTING ESG CONSIDERATIONS DURING FULL LIFE CYCLE

WE EMBRACE THE SIX UN PRINCIPLES FOR RESPONSIBLE INVESTMENT*

Tracking ESG factors since the origination of a project all the way until its operation

	ORIGINATION	CONSTRUCTION	OPERATION AND MAINTENANCE
TOOLS	+ Environmental and Social Due Diligence + Impact assessment model to estimate the lifetime environmental footprint + Business Partner check	+ Environmental and Social Assessment Report + Environmental and Social Management Plan + Community Engagement Plan including proper grievance mechanisms + Health, Safety and Environmental audits and periodic reporting	+ Health, Safety and Environmental mandatory checks + Emergency plan, periodic trainings to the operators and plant visitors + Yearly Fauna Impact study + Reporting and monitoring of the yearly corporate social responsibility budget
DEDICATED RESOURCES	+ ESG Director + Origination Associate	+ ESG Director + Asset Manager	+ ESG Director + Asset Manager
EXTERNAL SUPPORT	+ Independent Technical Advisor	+ Construction Manager	+ Asset Manager

KEY TAKE-AWAYS

FULL-CYCLE APPROACH	+ MPCES develops, builds, owns and operates renewable energy projects, enabling us to capture significant additional value from projects + Strong local presence and experience in the target region
STRONG PORTFOLIO AND BACKLOG	+ Initial 4 portfolio projects delivering 63 MW of installed capacity with 10-16% equity IRR are under construction or are ready-to-build (RTB) + Around 687 MW additional opportunities in advanced and development backlog in Latin America and the Caribbean + Diversified technology and expanded regional exposure
PROMISING MARKET ENVIRONMENT	+ Robust political commitment to energy transition and "green recovery" + Improving regulatory framework to support project implementation
	+ Transparent and lean allocation of initial funding accelerates execution of projects
LEAN CAPITAL ALLOCATION	+ Refinancing of selected projects will allow for additional investments
	+ MPCES benefits from attractive financing conditions and high availability of financing options

MPC ENERGY SOLUTIONS |→ 14

CONTACT INFORMATION

INVESTOR RELATIONS & PUBLIC RELATIONS Email: IR@mpc-energysolutions.com

NORWEGIAN MEDIA CONTACT Jo Christian Lund-Steigedal Corporate Communications AS Phone: +47 415 08733 Email: jcs@corpcom.no

WEBSITE www.mpc-energysolutions.com