European Energy Financial Overview

== EUROPEAN ENERGY Growing global renewable-energy market Comments • • • . • From 2004 (when the Issuer was founded) until end of 2018, the global installed capacity of wind and solar PV farms has grown from 42 GW in early 2004 to approx. 1,100 GW This growth has been stimulated by significant technological breakthroughs, favourable political frameworks and dedicated developers, financiers and subcontractors Although renewable energy is still somewhat dependent on subsidies, new renewable-energy technology is becoming more competitive with fossil fuel sources. The levelised cost of energy, LCOE, has been pushed down due to the larger and more efficient wind turbines and scalability of production of solar PV panels and other solar PV components Onshore wind power is currently one of the most economically competitive alternatives to traditional fossil fuel sources. The technological advances, e.g. in terms of rotor diameter, standard generator capacity, and height of turbines, made during recent years, have contributed to the lowering of LCOE In most countries, the solar PV market remains policy-driven but the predictability and stability of power production from solar assets, increased competition between technology suppliers, improvement in underlying technology and economies of scale associated with panel productions, also support cost effective financing Despite seeing strong growth over the past 10 years, renewable energy makes up less than 5% of global energy demand. As such, the potential for future growth in the renewable-energy market continues to be very large 2017 Distribution of global energy mix 2% Strong global growth Capacity (GW) Capacity (GW) 500 600 Onshore Wind 540 CAGR: 496 16% 453 405 400 341 293 300 262 216 178 200 148 100 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 600 Solar PV 480 500 400 CAGR: 40% 386 292 300 221 200 173 136 100 71 100 23 40 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 98% ■Renewables excl. hydro Other Source: IEA (2019) World Energy Outlook 2018, https://www.iea.org/weo/. All rights reserved. Capacity (GW) 10 255 15 25 Offshore Wind 20 CAGR: 31% 12 8 7 5 3 4 2 0 2009 2010 2011 2013 2014 2015 19 14 14 23 23 2016 2017 2018 2012 Source: International Renewable Energy Agency - Renewable Capacity Statistics 2019 | 25

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