#1Headquarters in Madrid Spain Grenergy renovables The sky is the limit Granar INVESTOR PRESENTATION Nov 2022#2DISCLAIMER 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 Presenta- tion is, or shall be relied upon as, a promise or representation. 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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. Grenergy renovables 02#3LE 1 EQUITY STORY & KEY FIGURES 2 PLATFORM & PIPELINE 43 OPERATIONAL INFORMATION 44 STRONG GOVERNANCE STRUCTURE WITH FOCUS ON ESG 03 Grenergy renovables#41-A STORY OF GROWTH WITH A PROVEN TRACK RECORD Evolving into a Multitech & Multicountry IPP Technology Geographical Presence 1 Company target. 2 Feed In Tariff SPAIN. Pipeline 2007 2012 2015 2019 2022 2025¹ INCEPTION END FIT² OPENING CHILE IPO MAB GROWTH LISTING MAIN STOCK First green bond TODAY TOMORROW T (•) (s) 300 MW Pipeline 11.4 GW Pipeline 50 MW built 1 GW built Grenergy renovables Europe + new markets LATAM USA 5.0 GW In Operation & U.C target 04#51-GRENERGY IN A NUTSHELL 1 INTEGRATED BUSINESS MODEL, present in the entire value chain. CAPEX OPEX From a purely Solar PV player to a MULTI-TECHNOLOGY IPP (Solar PV, Wind, Storage) MULTI-REGIONAL player, with strong presence in EUROPE (Spain, Italy, UK, Poland), USA and LATAM (Chile, Colombia, Mexico, Peru) High clarity 11.4 GW pipeline with dual strategic approach: B2O (build to own) and B2S (build to sell) SUSTAINALYTICS a Momingstar company ESG Strong ESG focus, INDUSTRY TOP RATED 2022 best ESG ranking among peers SOLID FINANCIAL GROWTH & consistent OUTPERFORMANCE translated into strong market performance and increased stock liquidity. Grenergy renovables 05#61-INTEGRATED BUSINESS MODEL Building a corporate structure to develop and build >1 GW PV annually from 2023 Integrated IPP Player Grenergy has the expertise to build and operate large-scale renewable energy plants CAPEX Development Construction Services Energy Sales PPA Origination Supported by our global teams OPEX Operation & Maintenance Asset Management Grenergy renovables Structured Finance M&A Asset Rotations 06#71-KEY FIGURES 9M22 Pipeline 11.4 GW Solar and Wind Pipeline 1,379 MW 171.7M€ Revenues Financials 27.2M€ EBITDA 12.8M€ 318.4M€ Net Debt 6.3x Leverage¹ 4.7x Corporate Leverage² In Operation and Under Construction 126.5M€ B2S Revenue 43.1M€ Energy Sales Net Income Financials & Pipeline c. 7.7 GWh Storage Pipeline 759 MW Backlog 2,665 MW Adv. Dev. Operational targets 2.1M€ Services In Operation & Under Construction 1.4GW B20 (Build-to-own) 9M22 B2S (Build-to-sell) 1 Leverage calculated as Net debt divided by EBITDA >50 plants Connected and transferred Track record 5.0GW FY 2025 Storage 1.OGWh FY 2025 >400MW B2S delivered 22MW B2S 9M22 2 Corporate leverage calculated as Corporate Net debt divided by EBITDA generated from activities not related with project finance with non-recourse Grenergy renovables 07#841 | EQUITY STORY & KEY FIGURES 2PLATFORM & PIPELINE 43 OPERATIONAL INFORMATION 44 STRONG GOVERNANCE STRUCTURE WITH FOCUS ON ESG Grenergy renovables 08#9✔ STORAGE 2-UNPRECEDENTED MOMENTUM IN THE SECTOR SOLAR PV USA EUROPE THE INDUSTRY • REPowerEU solar PV target to 740 GW by 2030 RES deployments will represent a growth from 36% in 2020 to 69% 2030 ⚫ EU Government accelerates permitting process helping decarbonization plan GRENERGY'S STRATEGY • From 2022 annual additions expected to grow by 3.5x in solar due to REPowerEU 4.3GW Pipeline c.2.5 GW 2025 Storage C. 5.4 GWh Under Dev. New offices in Berlin with 15 headcount • US GOV expects Solar PV deployments to increase from 67GW to 1,000 GW by 2035 • The Inflation Reduction Act -IRA- adds two new • mechanisms to monetize tax credits Biden administration waives Southeast Asia solar import tariffs for 24 months USA: Acquisition of Sofos-Harbert 1.9GW Pipeline Storage C.600 MWh Under Dev. PPA origination • Curtailment avoidance • RES Penetration enabler * Chile UK Germany: Largest potential market in Europe Country targets 215 GW Solar 2030 New projects in MISO & ERCOT Plant capacity factor up to an additional 50% • Electrical grid balance element • Enables wider long-term energy PPAS ✓ At least 4 GW Storage Objective 2030 ✓ Lowest LCOS worldwide High potential of minimum 9 GW storage market on track ✔ Most Advanced regulation in Europe ✓ At least 5 GW Storage Objective 2030. ✓ Lowest LCOS in Europe Spain 09 Grenergy renovables#102-COMPANY PLATFORMS OVERVIEW Three platforms with outstanding growth potential LATAM In Operation & U.C. 1.0 GW Solar 4.5 GW Wind 0.7 GW Storage 5.3 GWh USA Solar 1.9 GW Storage 0.4 GWh Grenergy renovables SOLAR & WIND LATAM; 5.2 45% O 11.4 GW USA; 1.9 17% Europe; 4.3 38% Europe In Operation & U.C. 0.35 GW Solar 4.1 GW Wind 0.2 GW Storage 1.9 GWh LATAM; 5.3 70% STORAGE 7.7 GWh USA; 0.4 5% Europe; 1.9 25% 09#11Grenergy renovables 2-STRATEGY AND OPERATIONAL TARGETS- B20 Grenergy targets up to 5GW in Solar and 1GWh in Storage for 2025 5 5.0 GW 4.5 4 2025 Growth PPAS Storage Company Drivers next 3 years Strong focus in USA and key European markets like Italy and Germany Reducing sale risk, covering at least 65-70% of energy sales with PPAs First movers in several key markets, new projects with COD by early 2024 In Operation or Under Construcion 3.5 2.5 2 1.5 0.5 0 3.6 3 GW 1 1.4 GW 9M2022 Solar & Wind Storage Storage 1.0 GWh Targets by geography 9M 2022 FY2025 In Operation and U.C. In Operation and U.C. Europe 45% USA 10% Europe 25% 1.4 GW LATAM 75% 5.0 GW LATAM 45% 10#122-STRATEGY AND OPERATIONAL TARGETS- B20 The next year deployments will be driven by Spain and LATAM MW 9M22 UNDER CONSTRUCTION BACKLOG Grenergy renovables 126 300 9M22 172 96 240 150 2.0 GW 227 12 1.4 GW 600 MW In Operation Zawady PMGDS Belinchón Teno Tamango Matarani In Operation & U.C. Ayora Tabernas PMGDS Distribution Projects Nairas In Operation & U.C. Colombia Chile Spain Chile Chile Peru Spain Spain Chile Colombia Peru COD PPA 4Q22 Signed 4Q20 4Q22-2Q23 Stabilised price 1Q23 Signed 1Q25 3Q23 Signed 2Q24 3Q23 4Q23 Signed 2Q24 Advanced 4Q23 Advanced 1Q24 Advanced 2Q23-3Q23 4Q23-4Q24 Stabilised In In price Negociation Negociation 1Q24 Financing 1Q23 1Q23-2Q23 LTAM PLATFORM 3Q23-4Q23 11#132-STRATEGY AND OPERATIONAL TARGETS - 2023 to 2025 Solar projects will drive Grenergy's growth in the three regions 2.0 GW In Operation & U.C. 0.5 GW 1.1 GW 1.4 GW EUROPE Spain, Biggest Utility scale Project under development Clara Campoamor 575MW. Italy, first projects reaching U.C. phase 135MW. Poland and UK, open both martkets in 2020 and 2021, contuning with the developing phases. LATAM Chile, Utility scale projects will drive 2024-2025. Colombia, Distribution projects and the 120 MW Compostela project. Peru: 150MW Solar project, Lupi 72MW Wind project, Emma NORTH AMERICA Coosa Pines 108MW and Rose Hill 250MW. Next markets following ERCOT (Texas) & MISO Fantastic opportunities for Storage driven by IRA Grenergy renovables FY25 5.0 GW In Operation & U.C. 12#142-NORTH AMERICA PLATFORM: US Gov approved The Inflation Reduction Act: Allocation of USD 369 billion in clean energy Regional power grids MISO SOUTH (Midwest) SOUTHEAST ERCOT PJM PJM (Mid-Atlantic) MISO SOUTH (Midwest) SOUTHEAST ERCOT Renewables as Key Driver in the US > After December 31, 2024, the traditional investment tax credit will begin to step-down. > "Base credit" 6% of the investment tax credit eligible cost basis. Under certain prevailing situation an additional 24% investment tax credit becomes available. > The IRA adds two new mechanisms to monetize tax credits. Grenergy renovables ⚫ Direct Pay: Direct pay essentially makes tax credits refundable by the United States Treasury. • Transferability: After 2022, taxpayers may elect to "transfer" or sell certain tax credits. > Extension tax credit to end of 2032 and the first-year greenhouse gas emissions in the United States are equal to or less than 25% vs 2022 emissions. 4.000 CAGR c.233% in electricity generated by RE between 2012-2023 Forecast PV installations expected to grow 5x after IRA 2021 History Projections Track record of > 560 MW Connected or RTB OF Total pipeline 1.8 GW SOFOS-HARBERT AT A GLANCE 3.000 PPA 2.000 origination 1.000 о 2012 2013 2014 2015|| 2016 2017 2018 2019 2020 2021 2022 2023 1.4 natural gas coal nuclear renewables (non-hydro) billion megawatthours 1.2 1.0 0.8 0.6 0.4 0.2 hydropower other sources Solid structure > 20 Employees Storage C. 600 MWh Under Dev. U.S. electricity generation by source, all sectors billion kilowatthours U.S. solar photovoltaic net generation by case (2010-2050) * Source: U.S. Energy Information Administration, Short-Term Energy Outlook, September 2022 LOLOZ 2020- 2030- Extended Credit case Reference case Sunset Credit case 2040- 2050- 13#152-AN UNPRECEDENTED OPPORTUNITY Europe increases PV targets for 2030 to 740 GW Europe's approach to renewables REPowerEU, intends to mobilize up to 300Bn Eur ⚫ EU's unprecedented solar strategy sets a target of doubling solar PV capacity by 2025 and installing 740 GW by 2030 EU increases solar ambition by 41%. Corporate Offices across Europe... Spain 241 TWh UK 304 TWh 0.5 GW Pipeline 2.2 GW Pipeline Poland Largest PV market Italy 296 TWh 0.8 GW Pipeline Prospecting opportunities... 164 TWh 0.6 GW Pipeline Germany 559 TWh 215 GW in solar by 2030 Austria Total consumption 74.2 TWh 100% R.E by 2030 Hungary Total consumption 43.3 TWh 6 GW in solar by 2030 Czech Republic Total consumption 67 TWh 10 GW in solar by 2030 Romania Total consumption 52.4 TWh Grenergy renovables Grenergy in Europe 4 GW in solar ● Operating Offices Prospect countries by 2030 14#162-PIPELINE UPDATE Project portfolio Highly visible 11.4GW pipeline, 600 MW in operation 2026/27 Estimated COD² 20-40% Success Rate 50% Success Rate 13.0GW Project Classification19M22 1H22 Identified Opportunities 6,190MW 3,927MW -2,263MW Early Stage 3,238MW 2,635MW 603MW 2025 70% Success Rate Advanced Development 2,587MW 2,665MW 78MW 2024 2023 2022 90% Success Rate Backlog 759MW Ready to Build 100% Success Rate Under Construction 779MW In operation 600MW 748MW 11MW 802MW -23MW 578MW 22MW 1 This classification 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. Grenergy renovables 5 15#172-PIPELINE UPDATE Total pipeline of 11.4 GW (increased by 5.1 GW YOY) >1.4 GW of projects either in operation, construction or backlog Grenergy renovables SOLAR PV WIND Under MW Probability of execution In Operation Advanced Early Ident. Total Const Backlog Dev Stage Opp. Pipeline 100% 90% 70% 50% 20-40% Under Advanced Early Ident. Total MW In Probability of execution Operation Const Backlog Dev Stage Opp. Pipeline 100% 90% 70% 50% 20-40% E.E.U.U. 358 919 668 1,945 Argentina Total North America 358 919 668 1,945 Peru 23 24 36 40 72 112 Chile 244 521 137 967 585 438 2,637 Chile 600 600 Colombia 60 12 60 204 288 494 1,058 Total LATAM 60 60 40 72 600 712 Mexico 35 Spain 200 200 Peru 8 150 515 Total LATAM 339 629 197 1,321 873 1,447 761 4,455 Total Europe 200 200 Total 60 40 72 600 200 912 Spain 200 150 522 575 950 1,997 #Projects 3 20 1 1 7 11 Italy 135 255 527 917 UK 95 375 43 513 Poland 120 216 292 628 Total Europe 200 150 522 925 876 1,812 4,054 Total 539 779 719 2,604 2,675 #Projects 26 29 21 30 43 3,927 10,455 67 190 Total solar portfolio of 10.45 GW for a total of 190 projects 29 projects (779 MW) under construction SOURCE: Company 1 * Solar PV and Wind Project portfolio as of 18TH November 2022 Wind portfolio of 912 MW 60 MWs wind projects in operation. 16#18Capacity GWh 2-STRATEGY AND OPERATIONAL TARGETS - STORAGE CAPEX Early stage MW's Advanced development MW's MW's Backlog Total Total MW's MWh's Chile 809 180 79 1,068 5,342 Total LatAM 809 180 79 1,068 5,342 Spain 317 50 367 1,449 Italy 74 74 165 ★ UK 144 144 368 Total Europe 535 50 584 1,982 USA 94 94 374 Total USA 94 94 374 Total 1,437 230 79 1,668 7,699 Project Number 32 7 5 39 39 800 700 600 500 400 300 200 100 0 Energy Storage Annual Capacity Additions, GWh 2013 2014 2015 CAGR 66% 2016 2017 2018 2019 2020 2021 CAGR 31% 2022 2023 2024 2025 2026 2027 2028 2029 2030 Source: BNEF, Wood Mackenzie. PIPELINE 7.7 GWh Chile: Main market in Latam. Big differences between solar and non-solar prices will be the key driver Spain: Potentially most significant BESS market in Europe due to RES penetration Storage Highlights Large increase in the scale and number of Storage projects. ⚫ RE penetration is growing and the power grids of each country have increasing stabilization requirements. • • Increase in demand for EV materials (EV demands NMC more than LFP) with batteries (BEV). CAPEX is experiencing a rise not foreseen by organizations such as LAZARD, NREL, etc. Deflation expected after 2023. Explained by mining projects which are already being launched worldwide, that will increase the supply of lithium. 17 Grenergy renovables#192-PIPELINE UPDATE Projects In Operation, Under Construction & Backlog 1.4 GW in operation and under construction. 759 MW in final development phase Country Project Resource Туре MW B20 COD (Hours) Peru Chile Duna Huambos Quillagua Wind Solar Mexico Argentina San Miguel de Allende Kosten Solar Wind Spain Los escuderos Solar Chile Colombia PMGDS (13 projects) Distribution (5 projects) Solar Solar 82 ཉྙཙཱསྣྲ+ 8 36 Yes 4,900 4Q20 103 Yes 2,950 4Q20 35 Yes 2,300 1Q21 24 Yes 5,033 1Q21 200 Yes 2,128 4Q21 141 Yes 2,109 Yes 1,990 4Q21-3Q22 4Q21-2Q22 Offtaker Auction 18 Yrs 100% Basket of PPAS + Merchant Auction 20 Yrs 100% Auction 20 Yrs 100% PPA PV Profile 85% 12 Yrs Stabilized Price 14 Yrs PPA PAP 100% 15 Yrs Total in Operation 600 (Vs. 578 previous report) Colombia Chile Distribution (1 project) PMGDS (20 projects) Solar 12 Yes 1,990 Solar 194 Yes 2,000-2,700 Chile PMGDS (4 projects) Solar 45 No 2,000-2,700 4Q22 4Q22-2Q23 4Q22-2Q23 Spain Belinchón Solar 150 Yes 2,150 1Q23 Chile Teno Solar 240 Yes 2,186 3Q23 Chile Tamango Solar 54 Yes 2,200 3Q23 Peru Matarani Solar 96 Yes 2,750 4Q23 PPA PAP 100% 15 Yrs Stabilized Price 14 Yrs Stabilized Price 14 Yrs PPA PAP 65% 12 Yrs PPA PAP 66% 12 Yrs PPA PAP 90% 15 Yrs Est. PPA PaP 90% 15 Yrs Total Under Construction 779 (Vs. 802 previous report) Spain Ayora Solar 172 Yes 2,112 4Q23 Spain Tabernas Solar 300 Yes 2,058 Spain José Cabrera Solar 50 No 2,156 Chile PMGDS (13 Projects) Solar 137 Yes 2,300 Colombia Distribution (5 Projects) Solar 60 Yes 1,990 Peru Nairas Wind 40 No 5,100 1Q24 4Q23 2Q23-3Q23 4Q23-4Q24 1Q24 Est. PPA PaP 75% 15 Yrs Est. PPA PaP 75% 15 Yrs Est. PPA PaP 75% 15 Yrs Stabilized Price 14 Yrs TBD Est. PPA Pap 80% 15 Yrs Total Backlog 759 (Vs. 748 previous report) SOURCE: Company 1 COD: Commercial Operation Date Grenergy renovables 18#202-PIPELINE UPDATE Projects in Advanced Development >2.6 GW to feed our 2024-25 IPP targets Country Project Туре MW Resource (Hours) COD Offtaker Negotiation Spain Clara Campoamor Solar 575 2,000 2Q24 UK Pack 3 PYs Dx middle size Solar 95 1,900 2Q24 Est. Ppa PaP 75% 15 Yrs. TBD Advanced Initial Italy Pack varios 4 PYS Solar 135 1,250 4Q24 Poland Jesionowo Solar 120 1,100 1Q25 PPA 70% Merchant PPA 70% - Merchant Initial Initial USA Coosa Pines Solar 108 1,689 4Q25 USA Rose Hill Solar 250 1,681 2Q25 Est. PPA PaP 100% 15 Yrs. Est. PPA PaP 100% 15 Yrs. Advanced Advanced Chile PMGDS (5 Projects) Solar 53 2,357 3Q23-3Q24 Stabilized Price Chile San Carlos middle size Solar 48 2,200 3Q24 PPA PAP 90% 15 Yrs Initial Chile Algarrobal Solar 240 2,300 4Q24 PPA PV+BESS Initial Chile Victor Jara Solar 240 2,800 4Q23 PPA PV+BESS Advanced Chile Quillagua2 Solar 111 2,950 4Q23 PPA PV+BESS Advanced Chile Gabriela Solar 264 2,800 4Q23 PPA PV+BESS Advanced Peru Emma_Bayovar Wind 72 4,000 1Q24 PPA PAP 80% Advanced Peru Lupi Solar 150 2,900 4Q24 PPA PAP 80% Advanced Colombia Batará Solar 12 2,079 4Q23 TBD Initial Colombia Compostela Solar 120 2,079 4Q24 TBD In Progress Colombia Centro Solar II Solar 12 1,990 4Q24 TBD Colombia Sol Santander Solar 48 1,990 4Q24 TBD Advanced Initial Colombia Brisa Solar II Solar 12 1,990 4Q24 TBD Initial 2,665 Grenergy renovables SOURCE: Company 1 COD: Commercial Operation Date 1 In progress: searching for a proper offtaker | Initial: conversation taking place with several offtakers | Advanced: Negotiation moving forward to completion at a good pace | Completed: Already secured the stabilization of energy sales with offtaker or public auctions. 19#21Grenergy renovables 41 | EQUITY STORY & KEY FIGURES 2 PLATFORM & PIPELINE 43 OPERATIONAL INFORMATION 44 STRONG GOVERNANCE STRUCTURE WITH FOCUS ON ESG || 20#223-INTEGRATED BUSINESS MODEL - B20 (Build-to-own) FOCUS ON IPP Strategy: a success story Grenergy Strategy Grenergy renovables In Operation and Under Construction Target (in GW) • Revenues 43.1M€ EBITDA 28.4M€ EBITDA Margin 67%. In 9M22 Grenergy reached >500MWs in operation, connecting projects in Chile and Peru. 'Operational portfolio target of 5.0 In operation & Under Construction 2025 'Close to 1.4GW in operation and under construction. FY25 2021 Pipeline of 11.4GW 5.0 5.0x. 1.4 9M22 FY25 2022-2023 5.OGW Target in operation and U.C 2025 198 MW/4 Projects In Operation 541 MW/23 Projects In Operation Argentina Peru Chile Mexico Spain Chile & Colombia Spain Chile Colombia Kosten 24MW Duna Huambos 36MW Quillagua 103MW San Miguel. A 35MW Escuderos 200MW PMGDS & Distribution Projects 143MW Belinchón, Tabernas Ayora and Clara Campoamor Utility Scale and PMGD projects Distribution projects 21#233-INTEGRATED BUSINESS MODEL - B2S (Build-to-sell) FOCUS M&A: a success story • Grenergy Strategy Revenues 29.0M€ - EBITDA 4.7M€ - EBITDA Margin 16%. 2017-2020; Important track record in B2S, generating cash to reduce capital needs for our investment plan. In 9M22 the company have sold during the first semester two solar plants in Chile. 2017-2020 280 MW/39 Projects Consolidated Track Record 2021 103 MW/11 Projects Annual Capacity Sold (in MW) 70 70 2017-2020 103 2021 2022-2023 Grenergy renovables El Olivo 3MW Panquehue 7MW Doñihue Placilla 7MW 9MW PMGDS, Chile 103MW Spain Colombia Chile 22#243-SOLAR PV CAPEX Solar PV CAPEX evolution and 2023 estimates Tier 1 Module capacities (GW) 2021 2022 2023F 2020 2021 2022 EUR Price W Cost per MW Modules 0.25 250,000 Price W 0.25 Cost per MW 250,000 Price W 0.235 Cost per MW 235,000 Longi 24 45 65 Jinko 19 30 50 Trackers 0.1 100,000 0.085 85,000 0.080 80,000 JA Solar 15 30 42.5 Trina Solar 15 35 36 Inverters 0.042 42,000 0.05 50,000 0.055 55,000 Canadian Solar 11.3 20 27.9 Risen Energy 10 20 24.6 Cable 0.043 43,000 0.040 40,000 0.05 50,000 Q Cell 6.5 8 12.4 First Solar 5.7 6.7 8.8 Logistics 0.06 60,000 0.014 14,000 0.014 14,000 GCL-SI 3.5 5 15 Civil works 0.027 27,000 0.030 30,000 0.036 36,000 Rest 44 44 88 154 244 370 Others BoP 0.013 13,000 0.013 13,000 0.020 20,000 140% ↑ Total new Solar PV Installed capacity (GW) Total 0.535 535,000 0.519 519,000 0.490 490,000 IEA forecast 135 183 228 Exchange rate 1.21 1.00 1.07 2022 • Cost of containers reverting to pre-covid. . Cost of modules for 2023 are being negotiated below current prices. Inflationary Reduction Act reduces restriction over Chinesse suppliers, increasing sales capabilities for 2023-2024 1 Company estimate and data from Bloomberg. More polysilicon for panels Forecast production of polysilicon (mill. of tons). 3 2 1 0 2021 2022 Grenergy renovables 23#253-RENEWABLES REVOLUTION - STORAGE MARKETS Grenergy main markets early position and core business Grenergy renovables PV + Storage, Spain New Capacity market regulation PROS: • At least 5 GW Storage Objective 2030 • Lowest LCOS in Europe CONS: . • Capacity market regulation in process • Stand Alone regulation in process PV + WIND + Storage, Chile Defining new Energy storage needs PROS: • At least 4 GW Storage Objective 2030 • Lowest LCOS worldwide CONS: • Marginal cost and Nodal prices • Energy market complexity PV + Storage, UK Mature Energy storage markets PROS: • High potential of minimum 9 GW storage market on track • Most Advanced regulation in Europe CONS: • Mature energy market & Complexity Grenergy Forecast of 5 - 10% Revenue in 2025 CAPEX FOM Energy Markets Missing money Pros and Cons scenario for a PV + Storage 50 MW / 200 MWh system in Spain, 50 MW / 250 MWh system un Chile and PV + Storage up to 50 MW / 100 MWh in the UK or Stand-alone system with Export/Import up to 50 MW. 1,5 cycles/day, and time life 15Y for a BOL system. Electrochemical BESS systems Lithium ion LFP. 24#263-CAPITAL MARKETS & FINANCING Grenergy has succesful track record securing capital needs in Capital Markets Grenergy renovables Sound financial structure Project debt (85/15 structure) • Strong cash position (117.7 M€, November 2022) Funds from Operations from: Equity: Share Capital Increase 2022 Completed on 28th june 22 . Deal size: 90M€ The book had c.50 lines with strong international demand. • Long-only accounts represented the majority of the allocations, with the top 10 allocations taking over 51% of the book. Capex Finance . Service and Energy division • Build and Sale 2015-2021 US$ 400 M 25 pv projects 608 MW LatAM Up to date US$ 400 M total secured financing Structured Finance 2022 2022 2022 Equity: Share Capital Increase 2021 Completed on 22nd March 21 Deal size: 105M€ Fixed Income Programme registered 16th Sep 21 Programme: 100M€ First Company to Issue Green Commercial Paper Programme in Spain. Outstanding Balance. • Average interest cost 0.73%. Programme registred March 22 Programme: 100M€ This deal raise 52.5M€ with an interest rate of 4%. • Grenergy renovables was upgraded to investment grade BBB- by Ethifinance • US$ 50 M 72 MW Colombia US$ 308 M 600 MW Spain US$ 150 M 240 MW Gran Teno • > US$ 500 M under negotiation 25#273-STRATEGY, ESTIMATES & OPERATIONAL TARGETS -B20 (Bulid-to-own) Built to Own: D&C margin covering a large part of the equity Grenergy renovables COD: Commercial Operation Date. SOURCE: Company. 100% 70% Example of a project finance structure Power plants financed with non-recourse debt & additional tranche of mezzanine debt D&C gross margin covers a large part of Grenergy's equity contribution to each B&O project 10% 20% Project Capex Senior Debt Mezzanine Debt Equity D&C Margin Grenergy Equity 2 26#28LE 41 | EQUITY STORY & KEY FIGURES 2 PLATFORM & PIPELINE 43 OPERATIONAL INFORMATION 44 STRONG GOVERNANCE STRUCTURE WITH FOCUS ON ESG 2 28 Grenergy renovables#294-ESG ROADMAP - PHASE II ESG Action Plan 2022 in progress TARGETS SCHEDULED FOR THE THIRD QUARTER ACHIEVED CONTROL SYSTEM DEFINED FOR THE IMPLEMENTATION OF CORPORATE POLICIES Embedded in Grenergy's Internal Regulatory Framework Implemented by the Executive Compliance Committee (ECC) Control system mechanism includes: Grenergy renovables Q1 Q2 Q3 Q4 -> Designation of Policy Owners CORPORATE POLICIES IMPLEMENTATION CONTROL SYSTEM DEFINED GOVERNANCE ESG KPIS OVERSIGHT PROCEDURE ESTABLISHED ESG GOALS IN OUR STRATEGY SUSTAINABILITY REPORT 2021 PUBLISHED AHEAD OF REGULATORY REQUIREMENTS ESG RISKS MANAGEMENT ESG ASPECTS INTEGRATED IN PROCUREMENT PROCEDURE TRAINING PLAN FOR EMPLOYEES IMPROVED ESG IMPACTS SITE LEVEL HUMAN RIGHTS IMPACT ASSESSMENTS COMPLETED WATER RESOURCES PROGRAMME DEFINED ENERGY EFFICIENCY IMPLEMENTATION PLAN DEFINED GENDER PAY GAP ASSESSMENT COMPLETED -> Annual control questionnaires/interviews by ECC -> Action plans produced and monitored by ECC -> Annual reporting by ECC to the Audit Committee PROCEDURE FOR THE OVERSIGHT OF ESG KPIs Key ESG KPIs identified attending to financial materiality and the commitments of the Sustainability Policy ESG aspects related to talent attraction & retention, gender equality, GHG emissions, H&S, local communities, biodiversity, water consumption Prepared by the Sustainability Committee -> presented to the Executive Committee every semester EMPLOYEES TRAINING PLAN Structured in four cross-cutting dimensions Management-oriented Grenergy Leadership Soft Communication Skills Diversity & inclusion Basic and Grenergy complementary skills Technical Social professional networks Skills Cibersecurity Collaborative workspace Operational on Internal knowledge demand training Grenergy Growth Ad hoc training to cover identified needs through Grenergy sharing Strategy, Project Net development, ESG, flexible Innovation, EPC remuneration/sponsorship ESG COMMUNICATION SUSTAINABILITY TRAINING FOR MANAGEMENT AND KEY STAFF PROVIDED GENDER PAY GAP ASSESSMENT COMPLETED • remuneration analysis of the workforce at global level ⚫ all business lines, categories and positions covered ⚫ positive result 0.27% concluded no significant gender pay gap 29#304-GRENERGY STRENGTHENS POSITION AS ESG LEADER MSCI and Sustainalytics ESG Ratings upgraded and ESG coverage expanded SUSTAINALYTICS MSCI Grenergy renovables 2021 13.6 Low Risk Negl. 0-10 Low 10-20 High Med. 20-30 30-40 Severe 40+ Ranked 5th in the Utilities Universe out of 575 companies Peers 1. Grenergy Renovables 2. Voltalia 3. Falck Renewables 4. Soltec 5. Acciona 6. Iberdrola 7. Solaria 8. Neoen 9. Audax 10.Scatec CDP DISCLOSURE INSIGHT ACTION 2022 10.2 Low Risk Low Negl. 0-10 10-20 20-30 30-40 Med. High Severe 40+ ESG Top Industry Rated 2022 distinction Ranked 6th in the Utilities Universe out of 680 companies ESG Risk Rating 10.2 Low 14.1 Low 18.8 Low 19.0 Low 20.0 Low 20.5 Medium SUSTAINALYTICS a Morningstar company ESG INDUSTRY TOP RATED 2021 MSCI ESG Ratings A ссс B BB BBB A AA AAA 8.5/10 score on governance section 2022 MSCI ESG Ratings AAA ссс B BB BBB A AA AAA Upgraded to highest rating AAA Industry-adjusted overall score 9.8/10 Grenergy Scatec Iberdrola CCC B BB BBB A AA AAA Soltec Acciona ссс B BB BBB A AA AAA Solaria EDPR CCC B BB BBB A AA AAA RATED BY ISS ESG‣ B+ 21.2 Medium 22.7 Medium 22.7 Medium 24.3 Medium 2022 B-score achieved in 2021 and waiting for 2022 results ISS ESG INITIATES COVERAGE AND POSITIONS GRENERGY AS A PRIME COMPANY Ranked in top position within the Renewable Electricity industry, Grenergy received a A- score (June 22) with "very high transparency level". NEW COVERAGE 1. Grenergy Renovables 2. Solaria EDPR Scatec 3. Voltalia Neoen 4. Iberdrola B- 5. Acciona C+ B 30#314-STRONG GOVERNANCE WITH FOCUS ON ESG Translating into solid value creation for its shareholders General Information Share Information Currency: EUR Market: Spanish Stock Exchange ISIN: ES0105079000 Ticker code: GRE ●Market Cap. (as of Nov 21st, 2022) 972.14M€; 30 Day Avg Volume. (as of Nov 21st, 2022) 57.780 (c.1.5M€) Number of shares (as of Jul 4th, 2022): 30,611,911 Share Information Admision to trading in to the main market last 16th December 2019. Share Information [email protected] Note(s): David Ruiz de Andrés through Daruan Group Holding. Shareholders (as of Jun, 2022)' Free Float 43% Members of the Board 0.6% Invesco Limited 2.0% Daruan Group Holding 53.3% Banks covering the stock Santander ODDO BHF BESTINVER Facciona Grupo CaixaBank ALANTRA RBC BPI renta4banco BARCLAYS Grenergy renovables BERENBERG PARTNERSHIP SINCE 1590 1737 Kempen JBCapital Markets 31#32Grenergy renovables APPENDICES#33PLATFORM WITH RELEVANT GROWTH POTENTIAL Project Portfolio 20-40% Success Rate 50% Success Rate Project Classification' Identified Opportunity 3,927MWMW Identified opportunities (20-40%): Project with technical and financial feasibility, given that 1) there is the possibility of land, 2) access to the electricity grid is operationally viable and/or 3) there is the possibility of sale to third parties. Early Stage 3,238MW Early Stage (50%): Based on an identified opportunity, the project is approved internally to enter the investment phase, with applications for grid access being made and negotiations for land commencing. 70% Success Rate 90% Success Rate 100% Success Rate Advanced Development 2,665MW Backlog 759MW Ready to Build Under Construction 779MW In operation 600MW Projects with an advanced technical and financial stage: +50% Probability to secure land; and/or • +90% Probability to get grid access; and/or • Environmental permits requested Projects in a final phase before construction: • Secured land and grid access; and/or +90% Probability to obtain environmental permits • Off-take agreements, PPA, or bankable scheme of stabilized prices secured/ready to be signed Ready to Build: Financing close, PPA in place or negotiation of EPC Under Construction: EPC provider has been mandated to start construction works In Operation: Plant fully operational or at least Mechanical Completion achieved and under commissioning 1 This classification 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 infernal criteria and procedures. Grenergy renovables 33#349M22 RESULTS Profit and Losses Solar and Wind projects producing EBITDA in the energy division Profit and losses (€k) Revenue Income from customer sales Income from capitalize works Procurement Procurement from third parties Activated cost Gross Margin Personnel expenses Other incomes Delta 14% 50% 9M 2022 9M 2021 171,685 150,439 74,178 49,542 97,507 100,897 (3%) (122,756) (119,304) 3% (29,170) (20,979) 39% (93,586) (98,325) (5%) 48,929 31,135 57% (10,467) (6,575) 59% 290 (50%) 65% (958%) 584 Other operating expenses (11,470) (6,962) Other results (103) 12 EBITDA 27,179 18,194 49% Depreciation and amortization (10,004) (4,852) 106% EBIT Financial incomes Financial expenses 17,175 428 (13,599) 13,342 74 29% 478% (6,984) 95% Other financial results 14,344 2,117 578% Financial result 1,173 (4,793) (124%) Result before taxes 18,348 8,549 115% Income tax (5,558) (1,655) 236% Net Income 12,790 6,894 86% Grenergy renovables 34#359M22 RESULTS Balance Sheet Balance Sheet (€k) 30/09/22 31/12/21 Var. Non-current assets Intangible assets Fixed assets Assets with right of use 12,779 Deferred tax assets 46,384 609,633 428,450 181,183 69 81 (12) 517,637 388,783 128,854 13,072 (293) 25,441 20,943 Other fix assets 32,764 1,073 31,691 Current assets 212,929 176,358 36,571 Inventories 9,154 17,347 (8,193) Trade and other accounts receivable 81,859 79,693 2,166 Current financial investments 2,647 7,961 (5,314) Other current financial assets 1,542 2,689 (1,147) Cash and cash equivalents 117,727 68,668 49,059 TOTAL ASSETS (€K) Equity Non-current liabilities Deferred tax liabilities Non-current provisions 822,562 604,808 217,754 30/09/22 31/12/21 Var. 249,054 158,708 90,346 395,957 286,376 109,581 17,571 14,365 17,467 12,509 3,206 4,958 Financial debt 360,919 259,502 101,417 Bonds & Commercial Paper 83,294 31,223 52,071 Debt with financial entities 236,467 201,905 34,562 Derivatives Debts 10,704 15,323 (4,619) Finance lease Other debts 30,454 11,051 19,403 Current liabilities Current provisions 177,551 945 159,724 17,827 1,804 (859) Trade and other accounts payable 34,379 83,755 (49,376) Financial debt 142,227 74,165 68,062 Bonds & Commercial Paper 52,197 32,146 20,051 Debt with financial entities 52,469 34,148 18,321 Derivatives Debts 1,464 6,326 (4,862) Finance lease 35,967 1,389 34,578 Other debts TOTAL LIABILITIES AND EQUITY 130 822,562 156 (26) 604,808 217,754 Grenergy renovables 35#369M22 RESULTS Net Debt Total leverage¹ 6.3x Total corporate leverage² 4.7x Net Debt (€k) 9M22 FY21 9M22-FY21 Long-term financial debt 92,756 39,073 53,683 Short-term financial debt 68,357 35,181 33,176 Long-term Lease debt (IFRS 16) 10,704 9,913 791 Short-term Lease debt (IFRS 16) 1,464 1,013 451 Other long term debt Other short term debt 130 156 (26) Other current financial assets (640) (6,423) 5,783 Cash & cash equivalents (77,972) (52,221) (25,751) Corporate Net Debt with recourse 94,799 26,692 68,107 Project Finance debt with recourse Project Finance cash with recourse Project Finance Net Debt with recourse Project Finance debt without recourse Project Finance cash without recourse 18,507 35,238 (16,731) (4,245) (2,673) (1,572) 14,261 32,564 (18,303) 244,808 191,444 53,364 (35,509) (13,773) (21,736) Project Finance Net Debt without recourse Total Net Debt 209,299 177,671 31,628 318,359 236,928 81,432 Grenergy renovables 1 calculated as Net debt including all project finance debt divided by last 12m EBITDA (50.40) - 2 calculated as Net debt with recourse divided by last 12 m Relevant Ebitda*. * Relevant EBITDA: +Dividends earned from SPVS (i.e. free cash from Projects in generation)+ EBITDA from O&M and Asset Management activities +EBITDA obtained from the sale of Projects and from the Development and Construction activity +EBITDA generated by the SPVS with Recourse Project Finance Debt (until the date of the lifting of the debt service guarantees assumed by the Company as sponsor under the corresponding Projects). ** Green Commercial paper included in line long-term financial debt. IFRS audited figures. 3 36#37Grenergy renovables Developers & IPP of SOLAR PV - WIND - STORAGE projects Europe USA - LATAM Duna Huambos windfarm - Peru