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Investor Presentaiton

REVAMPING IS A LUCRATIVE OPPORTUNITY EUROPEAN SOLAR PLANTS ARE GETTING OLDER 19 Typical failures in a PV module's lifecycle Power [%] EVA discoloring LID 0.5-5% Glass AR deg. Delamination, cracked cell isolation Pnominal <3% 10% PID Diode failure Cell interconnect breakage Corrosion of cell & interconnect Contact failure j-box/ string interconnect Glass breakage Loose frame Infant-failure Warranty Midlife-failure Time Wear-out-failure 2018-2023 Global demand for PV inverters replacement by region 100% 80% 60% 40% 20% 0% 2018 2019 2020 2021 2022 2023 EMEA Asia America Italian solar plants by year of construction After 2014 21% ~ 820k Before 2014 79% European countries have been the first one to invest in solar energy and they are nowadays the ones with the largest base of PV systems older than 5 years ■ 650,000 of Italian solar plants have been installed before 2014 and solar modules started showing needs for renewal interventions ■ Besides modules revamping, EMEA shows a significant demand for new inverters (3.4 GW replacement demand in 2019)
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