Energy Central-News Article

Investor Update on Recent Convertible Bond Issuance

January 20th 2023

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by Nature

I n v e s t o r U p d a t e o n R e c e n t C o n v e r t i b l e B o n d I s s u a n c e

Greenvolt is advancing according to the Business Plan

Greenvolt's Business Plan implementation is on the right track…

	? Total pipeline of wind and solar PV utility scale of 6.7 MW…
Utility-scale	? ….of which 2.9 MW reaching at least RtB status by the end of 2023…

	? ….and 500MW by the end of 2022, of which 346 MW under construction
	in several European geographies

…executed through new market opportunities

?	Very strong market environment with institutional
	push for RES, increasing demand for renewable
	energy projects at Commercial Operation Date
	(COD)
?	Current macroeconomic uncertainty is presenting

Biomass

Financing

Unique know-how of the industry is enabling continuous efficiency improvement of existing biomass plants
Inorganic growth on the way, with significant strategic initiatives under execution
Strong focus on organically developing Greenvolt's 3 products: EPCs, PPAs and Energy Communities
Greenvolt has been increasing its financial strength tapping systematically the traditional capital markets, with a share capital increase of 100M€ and a retail green bond issuance of 150M€
Traditional financing options outside Iberia are mainly non-recourse project finance

additional interesting business opportunities

? New sources of financing will:

? Allow Greenvolt to speed up existing

pipeline growth, taking more projects to

COD to be sold at a higher premium

? Grant enough financial capacity to take

advantage of potential market

opportunities within the scope of the

Business Plan

I n v e s t o r U p d a t e o n R e c e n t C o n v e r t i b l e B o n d I s s u a n c e

At least 500MW built or under construction by 2023

Focus on the development of the current pipeline of 6.7 1 GW, for both the asset rotation strategy and for consolidation of assets

As of Today

51 MWp

In Operation

149 MWp

At COD

346 MWp

Under Construction

Short-term Pipeline1 Breakdown

As of Today

Under

RTB Construction COD

12 MW	152 MW	91 MW
100 %	18%	62%
	82%	38%
	170 MW	58 MW
	100%	100%
20 MW	24 MW
100%	100%
	0.5 GW	evolves to

End of 2023

Including capacity at end 2022

RTB / COD

2.2 GW

26% 9% 65%

0.35 GW

100%

0.35 GW

79% 21%

2.9 GW

1 Probability-weighted pipeline capacity, excluding MaxSolar that estimates RTB/COD capacity of 143 MW by the end of 2022, which evolves to 298 MW by the end of 2023

I n v e s t o r U p d a t e o n R e c e n t C o n v e r t i b l e B o n d I s s u a n c e

Greenvolt is expanding its financing options beyond its traditional markets and instruments

Debt profile of Greenvolt1

Outstanding debt[1]

Loans

Relevant options available in the international financing market

Project finance4% 26%

Commercial paper	Iberian
Bonds
10%
60%

MLT Loans: 33M€
Iberian Bonds: 446M€
Commercial paper: 73M€
Project finance: 198M€

Equity Linked

Market

Convertible

Bond

Despite the low volume in the EQL primary market in 2H2022, the market is reopening and is being tapped by several issuers
Bilateral convertible bonds bring several advantages to Greenvolt
- Long only investor
- Establishment of a partnership with an entity that perceives Greenvolt as a forefront player in the energy transition with enormous growth opportunities and with the right strategy and market positioning
- Private investor perceiving the strong intrinsic value of Greenvolt

1 PRO-FORMASep-22 including 150M€ from Green Bond issuance (Nov-22), 25M€ of bond issuance and 2.5M€ of bank loan. Excluding the 200M€ convertible bond

I n v e s t o r U p d a t e o n R e c e n t C o n v e r t i b l e B o n d I s s u a n c e

Partnership with KKR will allow Greenvolt to consolidate its strength and accelerate growth

Profile of KKR

Leading global investment firm, that aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities
Long term investor committed to value creation

Sector

Expertise and

Global Reach

KKR is highly committed to the Energy Transition as evidenced by its global c.$14bn investments into the renewable energies segment
Greenvolt will be able to leverage KKR global reach and expertise to further enhance growth and explore new business opportunities within the existing strategic framework
New board member to be nominated by KKR (and supported by core shareholders) will bring extensive experience and new opportunities

Accelerate

Existing

Strategy

Accelerate the Utility Scale business by selling more projects at COD instead of RtB
Further expand in DG segment across Europe
Opportunistic market opportunities within the Business Plan scope

Shareholder

Support

Core shareholders of Greenvolt irrevocably committed to support the transaction at the AGM to be held until May 31st 2023

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Greenvolt Energias Renovaveis SA published this content on 20 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 January 2023 07:14:29 UTC.