#1Greas Grenergy renovables The sky is the limit INVESTOR PRESENTATION - Jun 2022 - Headquarters in Madrid - Spain#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 2024¹ INCEPTION END FIT² OPENING CHILE IPO MAB GROWTH LISTING MAIN STOCK First green bond TODAY TOMORROW (•) (³) 300 MW Pipeline 11.5 GW Pipeline 50 MW built 1 GW built Europe + new markets LATAM USA 3.5 GW In Operation target Grenergy renovables 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 11.5 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 distinction awarded by Sustainalytics to industry leader SOLID FINANCIAL GROWTH & consistent OUTPERFORMANCE translated into strong market performance and increased stock liquidity. Grenergy renovables 05#61-INTEGRATED BUSINESS MODEL Creating the right structure to develop and build >1 GW annually PV from 2023 Integrated IPP Player Grenergy has the expertise to build and operate large-scale renewable energy plants HUNDE CAPEX OPEX Operation & Maintenance Development Construction Services Asset Management Energy Sales PPA Origination Supported by our global teams Grenergy renovables Structured Finance M&A Asset Rotations 06#71-KEY FIGURES 1Q22 Financials & Pipeline Operational targets Pipeline 11.5 GW Solar and Wind Pipeline 1,227 MW In Operation and Under Construction 811 MW Backlog Financials 46.9M€ Revenues 7.4M€ EBITDA 4.2M€ 291M€ Net Debt 6.2x Leverage¹ 3.6x Corporate Leverage² 28.8M€ B2O Revenue 10.1M€ Energy Sales Net Income c. 5 GWh Storage Pipeline 2,745 MW Adv. Dev. 7.1M€ B2S Revenue 0.8M€ Services B20 (Build-to-own) 198MW 2020 +343MW 541MW 2021 Track record 1.4GW 2022 2.4GW 2023 3.5GW 2024 +860MW +1,000MW +1,100MW B2S (Build-to-sell) >50 plants Connected 400MW B2S delivered 11MW B2S 1Q22 and transferred 1 Leverage calculated as Net debt divided by EBITDA 2 Corporate leverage calculated as Corporate Net debt divided by EBITDA generated from activities not related with project finance with non-recourse 100-200 MW/Yr 2021-2023 period Grenergy renovables 07#841 | EQUITY STORY & KEY FIGURES 2PLATFORM & PIPELINE 43 OPERATIONAL INFORMATION 44 STRONG GOVERNANCE STRUCTURE WITH FOCUS ON ESG Grenergy renovables 08#92-REGIONAL PLATFORMS OVERVIEW Three platforms with outstanding growth potential USA Solar 1.9 GW Storage 0.6 GWh Europe Grenergy renovables Solar 3.9 GW Wind 0.2 GW Consolidated Platforms . ⚫ USA: Sizeable market, adding value to Grenergy's footprint. . LATAM: Proven track record > 0.5 GW In Operation and U.C. • Europe: Fastest growing platform in the group. LATAM Storage 1.7 GWh Solar 4.3 GW Wind 1.2 GW Solar & Wind LATAM; 5.5 11.5 GW Storage 2.6 GWh USA; 1.9 Europe; 4.1 Storage LATAM; 2.6 USA; 0.6 Europe; 1.7 5 GWh 09#102-A NEW PLATFORM: USA & SOFOS-HARBERT US Gov expects an increase of Solar PV deployments from current 67GW to 1.000GW in 2035*. Total pipeline 1.8 GW Grenergy renovables Regional power grids Track record of PJM MISO SOUTH (Midwest) > 560 MW Connected or RTB SOUTHEAST PJM (Mid-Atlantic) MISO SOUTH (Midwest) SOUTHEAST * Data Source: taken from Solar Future Study released by the U.S Department of Energy in September 2021. MW SOFOS-HARBERT AT A GLANCE Solid structure > 20 Employees Storage C. 600 MWh Under Dev. ✓ Grenergy holds 40% of SHRE and a call option to reach 100% in the next three-year period. USA Solar Pipeline 1,882 PPA origination 1,008 454 420 Total Pipeline Advanced Dev. Early Stage Identified Opport. 10#112-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 2.2 GW Pipeline Italy 296 TWh 0.8 GW Pipeline UK 304 TWh 0.5 GW Pipeline Poland Prospecting opportunities... 164 TWh 0.6 GW Pipeline Largest PV market 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 11#122-PIPELINE UPDATE Project portfolio Highly visible 11.5 GW pipeline, 566 MW in operation 2025 Estimated COD² 20-40% Success Rate 50% Success Rate Project Classification¹1Q22 10.0GW FY21 Identified Opportunities 3,576MW 4,727MW 1,151MW Early Stage 2,567MW 2,338MW 229MW 2024 70% Success Rate Advanced Development 2,970MW 2,745MW -225MW 2023 2022 2021 90% Success Rate Backlog 811MW Ready to Build 100% Success Rate Under Construction 661MW In operation 566MW 714MW 97MW 424MW 237MW 541MW 25MW 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 12#132-PIPELINE UPDATE Total pipeline of 11.5 GWS (+5.4 GW vs Q1 21) >2.0 GW of projects either in operation, construction or backlog Grenergy renovables SOLAR PV WIND Under MW Probability In Operation Advanced Early Ident. Total Const Backlog Dev Stage Opp. Pipeline 100% 90% 70% 50% 20-40% Under MW of execution Probability of execution In Operation Advanced Early Ident. Total Const Backlog Dev Stage Opp. Pipeline 100% 90% 70% 50% 20-40% USA 454 Total USA 454 420 1,008 1,882 420 1,008 Argentina 1,882 Peru 23 24 36 112 360 380 852 Chile 223 486 149 1,098 250 558 2,542 Chile 350 350 Colombia 48 25 60 204 288 880 1,456 Total LATAM 60 60 112 710 380 1,200 Mexico 35 Spain 200 200 Peru 80 150 95 325 Total Europe 200 200 Total LATAM 306 511 289 1,452 538 1,533 4,323 Total 60 112 710 580 1,402 Spain 200 150 522 575 750 1,997 #Projects 3 2 3 8 13 Italy 58 188 522 768 UK 95 375 43 513 Poland 336 292 628 Total Europe 200 150 522 728 Total 506 661 811 2,634 899 1,607 1,857 4,147 10,110 3,905 #Projects 23 28 19 41 33 98 219 Total pipeline of 10 GW for a total of 219 projects 28 projects (661 MW) under construction SOURCE: Company 1 * Solar PV and Wind Project portfolio as of 12th May 2022 Pipeline of 1.4 GW 60 MWs wind projects in operation. 13#142-ENERGY STORAGE: COMPANY'S PIPELINE Total Storage pipeline 5.0 GWh Energy Storage PIPELINE MW/MWh Early stage Advanced development Total Total MW's MW's MWh's MW's Chile 523 523 2,615 Total LatAM 523 523 2,615 Spain 327 50 377 1,530 Italy 22 22 49 UK 165 . 165 165 Total Europe 514 50 564 1,744 USA 146 146 582 Total USA 146 146 582 Total 1,183 50 1,233 4,941 Project Number 56 1 57 57 Grenergy renovables In 2022 alone, European demand will expand with 97% year-on-year growth, deploying 2.8GW/3.3GWh Capacity market will be a key driver to boost large scale Storage in Europe Renewable energy penetration and stability will need storage to be deployed. BESS Unit being reinforced internationally with representatives and local teams in Spain, Chile, UK as main markets. 14#152-PIPELINE UPDATE Projects In Operation, Under Construction & Backlog 1.2 GW in operation and under construction. 811 MWs in final development phase Country Project Туре MW B20 Resource (Hours) COD Spain Los Escuderos Solar 200 Yes 2,128 4Q21 Chile Quillagua Solar 103 Yes 2,950 4Q20 Chile PMGDS (11 Projects) Solar 120 Yes 2,109 4Q21-1Q22 Mexico San Miguel de Allende Solar 35 Yes 2,300 1Q21 Colombia Distribution (4 Projects) Solar 48 Yes 1,957 4Q21-1Q22 Peru Duna Wind 18 Yes 4,900 4Q20 Peru Huambos Wind 18 Yes 4,900 4Q20 Argentina Kosten Wind 24 Yes 5,033 1Q21 Total in Operation 566 (Vs. 541 previous report) Spain Belinchón Solar 150 Yes 2,150 4Q22 Chile PMGDs (21 Projects) Solar 189 Yes 2,000-2,700 2Q22-1Q23 Chile PMGDS (6 Projects) Solar 57 No 2,000-2,700 1Q22-4Q22 Chile Teno Solar 240 Yes 2,186 1Q23 Colombia Distribution (2 Projects) Solar 25 Yes 1,990 4Q22 Total Under Construction 661 (Vs. 424 previous report) Spain Ayora Solar 172 Yes 2,212 2Q23 Spain Tabernas Solar 300 Yes 2,358 2Q23 Spain José Cabrera Solar 50 No 2,156 1Q23 Chile PMGDS (12Projects) Solar 105 Yes 2,300 1Q23 Chile Tamango middle size Solar 45 Yes 2,200 3Q23 Colombia Distribution (5 Projects) Solar 60 Yes 1,900 4Q23-4Q24 Matarani Solar 80 Yes 2,750 2Q23 Peru Total Backlog SOURCE: Company I COD: Commercial Operation Date 811 (Vs. 714 previous report) Grenergy renovables 15#162-PIPELINE UPDATE Projects in Advanced Development C.3 GW to feed our 2023-24 IPP targets Country Project Туре MW Resource (Hours) COD Offtaker Spain Clara Campoamor Solar 575 2,000 4Q23 UK Pack 2 PYs middle size Solar 95 1,700 2Q24 PPA 60-70% PPA 60-70% Negotiation Initial In Progress Italy Pack 4 projects Solar 58 2,000 4Q24 PPA 60-70% In Progress USA Letohatchee Solar 96 1,736 1Q24 PPA 100% Advanced USA Coosa Pines Solar 96 1,689 4Q24 PPA 100% Advanced USA Rose Hill Solar 152 1,681 4Q24 PPA 100% Advanced USA Two Dollar Solar 109 1,791 4Q24 PPA 100% Initial Chile Quillagua 2 Solar 111 2,950 2Q23 PPA 60-70% Chile PMGD (15 projects) Solar 160 2,200-2,700 4Q22-4Q23 PPA 60-70% Initial Completed Chile Amanita middle size Solar 35 2,200 3Q23 PPA 60-70% Initial Chile Gabriela Solar 264 2,800 3Q23 PPA 60-70% Initial Chile Victor Jara Solar 240 2,800 3Q23 PPA 60-70% Initial Chile San Carlos middle size Solar 48 2,200 3Q23 PPA 60-70% Initial Chile Algarrobal Solar 240 2,300 1Q24 PPA 60-70% Initial Peru Emma_Bayovar Wind 72 4,000 1Q24 PPA 70-80% Advanced Peru Nairas Wind 40 5,100 1Q24 PPA 70-80% Advanced Peru Lupi Solar 150 2,900 4Q24 PPA 70-80% Advanced Colombia Compostela Solar 120 2,079 1Q23 PPA 100% In Progress Colombia Batará Solar 12 2,079 4Q23 PPA 60-70% Initial Colombia Sol Santander Solar 48 1,990 4Q23 PPA 60-70% Initial Colombia Colombia Centro Solar II Solar 12 1,990 4Q24 PPA 60-70% Initial Brisa Solar II Solar 12 1,990 4Q24 PPA 60-70% Initial 2,745 SOURCE: Company | COD: Commercial Operation Date I In progress: searching for a proper offtaker | Initial: conversation taking place with several offtakers I Advanced: Negotiation moving forward to completion at a good pace I Completed: Already secured the stabilization of energy sales with offtaker or public auctions. Grenergy renovables 16#17Grenergy renovables 41 | EQUITY STORY & KEY FIGURES 2 PLATFORM & PIPELINE 43 OPERATIONAL INFORMATION 44 STRONG GOVERNANCE STRUCTURE WITH FOCUS ON ESG || 17#1813-STRATEGY, ESTIMATES & OPERATIONAL TARGETS - B20 (Buld-to-own) Grenergy increases its IPP target to 3,5 GW in 2024 Grenergy target up to 3,5GW in 2024 Grenergy renovables Target MW 198 541 1,400 2,400 3,500 GW LATAM Europe 1,200 +1,100 1,900 54% 600 +1,000 1,600 46% 1,200 200 +860 700 +343 341 198 2020 2021 2022 2023 2024 Diversifying to European markets to feed our future growth 18#193-INTEGRATED BUSINESS MODEL - B20 (Build-to-own) FOCUS ON IPP Strategy: a success story Grenergy Strategy Revenues 20M€ EBITDA 13M€ EBITDA Margin 67%. In 2021 Grenergy reached >500MWs in operation, connecting projects in four countries, including our biggest Solar Pv project YtD(Escuderos, 200MWs). Operational portfolio target of 1.4 GW in 2022. 'Close to 1GW in operation and under construction. 2020 198 MW/4 Projects 2021 541 MW/23 Projects Installed Capacity Target (in GW) Pipeline of 11.5GW 3.3x covered 6.0x 0.5 2021 In Operation In Operation Argentina Peru Chile Mexico Spain Chile & Colombia Spain 3.5 2024 2022-2023 Portolio target 1.4 GW Operational target 2024 3.5 GW Chile Grenergy renovables 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 19#203-INTEGRATED BUSINESS MODEL - B2S (Build-to-sell) FOCUS M&A: a success story Grenergy Strategy • Revenues 60M€ - EBITDA 33M€ - EBITDA Margin 55%. ✓ 2017-2020; Important track record in B2S, generating cash to reduce capital needs for our investment plan. In 2021 it was settled two sales agreements with NextGeneration Capital for the sale of 103MW of solar plants in Chile. The Company reiterates 22-23 B2S range of 100-200MW per year. 2017-2020 280 MW/39 Projects Consolidated Track Record 2021 70 Annual Capacity Sold (in MW) 103 2017-2020 2021 2022-2023 103 MW/11 Projects Target range 100-200 MW 100-200 2022-2024 El Olivo 3MW Panquehue 7MW Doñihue Placilla 7MW 9MW PMGDS, Chile 103MW Spain Colombia Chile Grenergy renovables 20#211 3-SOLAR PV CAPEX Solar PV CAPEX evolution and 2022 estimates Tiers 1 Module capacities (GW) EUR Modules Trackers 2020 Post Covid Price W 2021 Cost per MW Price W 0.193 193,000 0.25 Cost per MW 250,000 H2 2022 Price W Cost per MW 0.23 2020 2021 2022 230,000 Longi 24 45 Jinko 19 30 0.086 86,000 0.1 100,000 0.09 90,000 JA Solar 15 30 Trina Solar 15 35 Inverters 0.040 40,000 0.042 42,000 0.042 42,000 Canadian Solar 11.3 20 Risen Energy 10 20 Cable 0.035 35,000 0.043 43,000 0.043 43,000 Q Cell 6.5 First Solar 5.7 Logistics 0.009 9,000 0.06 60,000 0.035 35,000 Civil works 0.027 27,000 0.027 27,000 0.027 27,000 GCL-SI Rest 3.5 8 5 6.7 44 44 154 244 Others BoP 0.01 10,000 0.013 13,000 0.013 13,000 58% ↑ Total 400,000 0.535 535,000 0.480 480,000 Total new Solar PV Installed capacity (GW) IEA forecast Expected to continue growing in 2022 135 183 228 Exchange rate 1.14 1.21 1.05 • 2022 Containers inflation during 2021 was related mainly to covid quarantines in China and US main logistics ports. Depending on covid situation in 2022 those measures are smoothly relaxed and the situation is back to normal. ⚫ BNEF claims that Chinese polisilicon production will tripple in 2022, to allow equivalent production of 500GW per year. More polysilicon for panels Forecast production of polysilicon (mill. of tons). 3 2 1 0 2021 2022 Company estimate and data from Bloomberg. Grenergy renovables 21#222-STRATEGY AND OPERATIONAL TARGETS - STORAGE CAPEX Energy storage entering exponential market growth phase Energy Storage Annual Capacity Additions, GWh 800 700 Capacity GWh 600 500 400 300 200 100 O Source: BNEF, Wood Mackenzie. 2013 CAGR 66% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR 31% 2025 2026 2027 2028 2029 2030 Grenergy renovables • . • • Storage Highlights High 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 expect after 2023. Explain by mining projects are already being launched worldwide that will better absorb the demand for lithium. Average trend BESS capex by cathode ($/kWh up to 4 hour) 1.200 Suppliers price competitively to win earty demonstration projects. Heavy investment in R&D and increasing scale. Period of global supply disruptions. 1.100 Normalization-steep cost declines as supply chains stabilize and innovation materializes. Long-term cost declines return to previous trajectory. 800 600 400 200 Prices fall by 14-16% per year on average. 0 2014 2015 2016 Source: FLUENCE May 2022 2017 2018 2019 2020 2021 NMC Prices rise for the first time ever. 2022 2023 Prices decline by 5% on average per year. 2024 2025 2026 2027 -Previous LFP forecast (Dec 2021) LFP Prices decline by 3-4% on average per year. 2028 2029 2030 22#233-RENEWABLES REVOLUTION - STORAGE MARKETS Grenergy main markets early position and core business 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 Grenergy renovables 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 PV + Storage, UK Mature Energy storage markets PROS: • High potential of minimum 9 GW storage market on track •Most Advanced regulation in Europe CONS: Energy market complexity Grenergy Forecast of 5-10% Revenue in 2025 CAPEX FOM Energy Markets • Mature energy market & Complexity Missing money Energy Storage key points and future services 1. Curtailment avoidance 2. RES Penetration enabler 3. Plant capacity factor up to 50% additional 4. Electrical grid balance element 5. Smart Grids enabler 6. New long term Energy PPA 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. 23#243-CAPITAL MARKETS & FINANCING Grenergy has succesful track record securing capital needs in Capital Markets LE Capex Finance c.200M€ 350-400M€ 300-350M€ Equity: Share Capital Increase 2021 Deal size: 105M€ Completed on 22nd March 21. The book had c.50 investors with strong international demand. Long-only accounts represented the majority of the allocations, with the top 10 allocations taking over 60% of the book. • Largest equity offering by a Spanish IPP player in 2021. Fixed Income Programme registered 16th September 21. Programme: 100M€ First Company to Issue Green Commercial Paper Programme in Spain. • • Outstanding Balance. • Average interest cost 0.73%. Programme registred March 2022. • 2021 2022 This deal raise 52.5M€ with an interest rate of 4%. 2023 Programme: 100M€ Grenergy renovables was upgraded to investment grade BBB- by Ethifinance Structured Finance 2015-2021 2022 Capex Investment - 1000 M€ Sound financial structure • Project debt (85/15 structure) • Strong cash position (65.2 M€, March 2022) • Funds from Operation from: • ⚫ Service and Energy div. recurrent cash in • Build and Sale secure income 25 pv projects US$ 400 M US$ 50 M 72 MW Colombia 608 MW LatAM Up to date US$ 400 M total secured financing 2022 2022 US$ 308 M 600 MW Spain > US$ 500 M under negotiation US$ 150 M 240 MW Gran Teno Grenergy renovables 24#253-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 25#26STORAGE CHILE 3-ACELERATING OUR GROWTH PLATFORM SOLAR PV USA * *+* • EUROPE • Presence in 11 Countries REPowerEU solar PV target to 740 GW by 2030 Interconnection between Iberia and rest Europe Germany solar PV target of 215 GW by 2030 Grenergy growth strategy Total pipeline 11.5 GW New Offices New prospecting countries REPowerEU Germany Czech R. Romania Austria Hungary • Biden waives Southeast Asia solar import tariffs • US Gov expects Solar PV deployments from 67GW to 1.000GW in 2035 USA: Grenergy acquires 40% Sofos-Harber with a call option to reach 100 % in three years Chile, differences up to 70 USD/MWh between solar and non-solar • Capacity markets revenues will be key drivers in storage, UK and Chile. Already regulated • CAPEX prices expected to keep deflating from 2023 1.8GW Pipeline >560MW Connected > 20 Employees or RTB Storage C. 600 MWh Under Dev. PPA origination The company has built teams in Spain Chile Total pipeline 5 GWh across the three platforms Next Generation subsidies will feed up to 40% CAPEX 2 26 Grenergy renovables#27LE 41 | EQUITY STORY & KEY FIGURES 2 PLATFORM & PIPELINE 43 OPERATIONAL INFORMATION 44 STRONG GOVERNANCE STRUCTURE WITH FOCUS ON ESG 27 Grenergy renovables#284-INCREASED ESG RATINGS COVERAGE TOP ESG PERFORMER OUT OF MORE THAN 4,000 COMPANIES SUSTAINALYTICS a Morningstar company ESG INDUSTRY TOP RATED MSCI 2022 Distinction awarded to strong outperformers in their industries. GRENERGY at "low risk of experiencing material financial impacts from ESG factors, due to its low exposure and strong management of material aspects of ESG". Corporate governance scored 8.5/10 considered "well aligned with shareholder interests” GRENERGY positioned into the "highest scoring range for all the companies assessed relative to global peers". 13.6 Low Risk Negl. 0-10 Low Med. High Severe 10-20 20-30 30-40 40+ Accounting GOVERNANCE SCORE Grenergy renovables Board Pay 8.5/10 Ownership & Control 1. Scatec A 2. Grenergy Renovables B- CDP DISCLOSURE INSIGHT ACTION GRENERGY is taking "coordinated action on climate issues" and its score B- is above the renewable power generation sector average of C. 3. Voltalia 4. Solaria D 5. Audax Not submitted 6. Neoen Not submitted F 7. Solarpack Not submitted F 2 28#294-STRONG GOVERNANCE WITH FOCUS ON ESG Translating into solid value creation for its shareholders Grenergy renovables General Information Share Information Currency: EUR Market: Spanish Stock Exchange ISIN: ES0105079000 Ticker code: GRE ●Market Cap. (as of Jun 9th, 2022) 1,119M€; 30 Day Avg Volume. (as of Jun 9th, 2022) 53.305 (c.2.1M€) Number of shares (as of Jun 9th, 2022): 27,926,911 Share Information Admision to trading in to the main market last 16th December 2019. Share Information [email protected] ODDO BHF Shareholders (as of Jun, 2022)¹ Free Float 36.8% Members of the Board 0.6% Invesco Limited 1.5% Janus Henderson, 3.1% Daruan Group Holding 58.0% Banks covering the stock Santander BPI Grupo CaixaBank RBC BARCLAYS BESTINVER acciona ALANTRA JBCapital Markets 29 Note(s): David Ruiz de Andrés through Daruan Group Holding.#30Grenergy renovables APPENDICES#31PLATFORM WITH RELEVANT GROWTH POTENTIAL Project Portfolio 20-40% Success Rate 50% Success Rate Project Classification' Identified Opportunity 4,727MW 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 2,567MW 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 2,745MW Backlog 811MW Ready to Build Under Construction 661MW In operation 566MW 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: Project responsibility transferred from the EPC provider to the project operator 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 31#321Q22 RESULTS Profit and Losses Solar and Wind projects producing EBITDA in the energy division Profit and losses (€k) Revenue Income from customer sales Q1 2022 46,903 Q1 2021 Delta 18,701 151% 18,060 9,856 83% Income from capitalize works Procurement 28,843 8,845 226% (32,766) (13,808) 137% Procurement from third parties (5,365) Activated cost (27,401) (4,963) 8% (8,845) 210% Gross Margin 14,137 4,893 189% Personnel expenses (2,988) (2,015) 48% Other incomes 29 512 (94%) Other operating expenses (3,693) (1,618) 128% Other results (85) (15) 467% EBITDA 7,400 1,757 321% Depreciation and amortization (2,580) (1,018) 153% EBIT 4,820 739 552% Financial incomes n.m Financial expenses (2,709) (1,708) 59% Exchange rate differences 2,900 1.249 132% Financial result 191 (459) (142%) Result before taxes 5,011 280 1,690% Income tax (770) 111 (794%) Net Income 4,241 391 985% Grenergy renovables 32#331Q22 RESULTS Balance Sheet Balance Sheet (€k) 31/3/22 31/12/21 Var. Non-current assets Intangible assets Fixed assets 469,211 74 420,005 Assets with right of use 13,178 428,450 81 388,783 13,072 40,761 (7) 31,222 106 Deferred tax assets 24,797 25,441 (644) Other fix assets 11,156 1,073 10,083 Current assets 165,655 176,358 (10,703) Inventories 17,670 17,347 Trade and other accounts receivable 72,846 79,693 Current financial investments 8,538 7,961 323 (6,847) 577 Other current financial assets 1,353 2,689 (1,336) Cash and cash equivalents 65,248 68,668 (3,420) TOTAL ASSETS (€K) Equity Non-current liabilities 634,866 604,808 30,058 Deferred tax liabilities Non-current provisions 15,294 14,757 31/3/22 31/12/21 166,030 158,708 7,322 306,581 286,376 20,205 929 2,248 Var. 14,365 12,509 Financial debt 276,531 259,502 17,029 Bonds & Commercial Paper 31,287 31,223 64 Debt with financial entities 220,010 201,905 18,105 Derivatives Debts 14,290 15,323 (1,033) Finance lease Other debts 10,944 11,051 (107) Current liabilities 162,255 159,724 2,531 Current provisions 1,497 1,804 (300) Trade and other accounts payable 55,145 83,755 (28,610) Financial debt 105,612 74,165 31,447 Bonds & Commercial Paper 50,685 32,146 18,539 Debt with financial entities 47,051 34,148 12,903 Derivatives Debts 6,290 6,326 (36) Finance lease 1,457 1,389 68 Other debts 130 156 (26) TOTAL LIABILITIES AND EQUITY 634,866 604,808 30,058 Grenergy renovables 33