Alternus Energy Group Plc. · OTC:ALTNF

Alternus Energy — Investor Presentation (June 2021)

76 slides from Alternus Energy's investor presentation, June 2021

  1. Slide 1: Investor Presentation June 2021

    INVESTOR PRESENTATION JUNE 2021

  2. Slide 2: Important Information

    IMPORTANT INFORMATION 2 This presentation (the “Presentation”) has been produced by Alternus Energy Group Public Limited Company (the Based on the granted reliance on the Local Reports and legal review performed on behalf of the Manager (both only “Company” or the “Issuer” and, together with its dir

  3. Slide 3: Important Information

    IMPORTANT INFORMATION 3 Neither the Group nor the Manager or any of their Representatives have taken any actions to allow the distribution of This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to this Presentation in any jurisdiction whe

  4. Slide 4: Contents

    CONTENTS 4 INVESTMENT ALTERNUS MARKET 1 HIGHLIGHTS 2 ENERGY GROUP 3 OVERVIEW FINANCIAL RISK PROJECT PROFILES 4 OVERVIEW 5 FACTORS 6 + APPENDICES

  5. Slide 5: Investment Highlights

    INVESTMENT HIGHLIGHTS 0@2 ALTERNUS @- e .e@ © @ .@ ¢@

  6. Slide 6: Investment Highlights

    INVESTMENT HIGHLIGHTS Investment Highlights 6 1 2 2 Vertically Integrated Solar IPP Efficient Operations and Project Sourcing § Targeted focus on fragmented European mid-sized § De-risked operations with value added services kept in house utility market § Opportunistic approach to project sourcing –

  7. Slide 7: Growth Strategy Targeting Fragmented Small & Medium Utility

    GROWTH STRATEGY TARGETING FRAGMENTED “SMALL & MEDIUM UTILITY” Investment Highlights 7 DELIVERING HIGHER EQUITY RETURNS 1 Focus on a well-defined solar plant segment delivers Commentary § Industry return gap between “Large utility” segment and “Small • Operational Park / FiT preference & medium utili

  8. Slide 8: Current Portfolio of Diversified Solar PV Assets

    CURRENT PORTFOLIO OF DIVERSIFIED SOLAR PV ASSETS Investment Highlights 8 1 130 MW operational1 – 278 MW in development / construction Operational Development / Construction 278 65 408 65 1 130 12 10 42 Romania Italy Netherlands Germany Owned Poland 1 Asset in Owned Total portfolio assets operation D

  9. Slide 9: Significant Contracted Backlog Added Since YE2020

    SIGNIFICANT CONTRACTED BACKLOG ADDED SINCE YE2020 Investment Highlights 9 1 Significant increase in contracted backlog… …further enhancing portfolio diversification in both geography and project stage 1,411 MW 1,411 MW Geographic Project stage 5% 14 18% 271 241 30% 1,133 MW 8% +1,241 20% 20% 885 170

  10. Slide 10: Typical Solar Project Life Cycle - Alternus Positioning

    TYPICAL SOLAR PROJECT LIFE CYCLE - ALTERNUS POSITIONING Investment Highlights 10 PROJECT DEVELOPMENT (“Project Rights”) CONSTRUCTION PHASE (“EPC”) OPERATION PHASE (“O&M”) Early Mid Late Construction & Commissioning Early operations Long-term Development Development Development Phase Year 1-2 Operati

  11. Slide 11: Greater Benefit to Equity from Earlier in Cycle Stage Entry

    GREATER BENEFIT TO EQUITY FROM ‘EARLIER IN CYCLE’ STAGE ENTRY Investment Highlights 11 1 Significant cost difference in buying projects earlier in cycle stage, with incremental differences reflected as equity returns EV/EBITDA project cost at various stages in project cycle Project Rights Connection

  12. Slide 12: Acquisition of Unisun Brings Vertical Integration

    ACQUISITION OF UNISUN BRINGS VERTICAL INTEGRATION THROUGHOUT SOLAR VALUE CHAIN Investment Highlights 12 1 Unisun allows for in-sourcing of EPC and O&M activities and limits third party value leakage from projects Headquartered in Rotterdam, the Netherlands, Unisun Energy Europe BV is a proven pan-Eu

  13. Slide 13: Reinvestment of EPC Margin Supports Self-Funded Growth

    REINVESTMENT OF EPC MARGIN IN PROJECTS SUPPORTS “SELF-FUNDED” GROWTH Investment Highlights 13 1 Highly profitable activities will provide a significant share of equity funding required for own development projects Commentary § Alternus expects to achieve a gross margin of approximately 10% on its EP

  14. Slide 14: Efficient and De-Risked Operations

    EFFICIENT AND DE-RISKED OPERATIONS Investment Highlights 14 2 Unisun Energy acquisition brings in-house O&M services and enhanced management of outsourced activities Connected directly to 24/7 site monitoring 98% performance guarantee national power grids SURVEILLANCE O&M SERVICES GRID CONNECTION In

  15. Slide 15: In-House O&M Service Captures a Larger Share of Project Revenue

    IN-HOUSE O&M SERVICE CAPTURES A LARGER SHARE OF PROJECT REVENUE Investment Highlights 15 2 Project cash generation for Alternus for projects with in-house O&M services Commentary § Alternus benefits from in-house O&M capability by capturing margin otherwise 100% paid to third party providers. Altern

  16. Slide 16: Project Origination Is Key Differentiator

    PROJECT ORIGINATION IS KEY DIFFERENTIATOR FOR ALTERNUS… Investment Highlights 16 2 Opportunistic & Agnostic approach to development construction / operations…. Driving rapid growth… Germany § Cultivated partner networks - provide priority access to secondary market Netherlands operational solar park

  17. Slide 17: Strong Contract Coverage Delivers Leverage Capacity

    STRONG CONTRACT COVERAGE DELIVERS LEVERAGE CAPACITY TO INCREASE EQUITY RETURNS Investment Highlights 17 3 Current portfolio weighted average unexpired FiT/GC/PPA term of 8.8 years Commentary Government / Longterm PPA (FiT / GC / PPA) - current portfolio 1-5 year Rolling PPA’s Spot Energy Market § Lo

  18. Slide 18: Significant Optionality on Debt Structures to Increase Equity Returns

    … WITH SIGNIFICANT OPTIONALITY ON DEBT STRUCTURES TO INCREASE EQUITY RETURNS Investment Highlights 18 3 Cash flows to equity (EURm) Project Characteristics No debt in project 6 capital stack Sample Size: 100 MW Levered IRR 5 Scenario #1 ~15% Reflects Profile of 1.4GW Portfolio 4 Non-amortising bond

  19. Slide 19: 30 Year Stable Income Streams Allow Flexible Debt Options

    30 YEAR STABLE INCOME STREAMS ALLOW FOR FLEXIBLE DEBT OPTIONS… Investment Highlights 19 3 Project Cash flow with non-amortising debt funding Project Cash flow with amortizing debt funding (year 1) – (EURm) (year 1) – (EURm) Cash flow example from a 100MW park on PPA 6.0 6.0 0.2 0.4 Incremental Inter

  20. Slide 20: Funding Strategy Shaped to Maximize Equity Returns

    FUNDING STRATEGY SHAPED TO MAXIMIZE EQUITY RETURNS Investment Highlights 20 3 Reinvested cash generated during bond financing is leveraged …to acquire additional capacity resulting in increased 8x with senior and junior debt…. Annual Recurring Revenues for 30+ years EUR 128m • Additional projects in

  21. Slide 21: European Solar PV Capacity Set to Grow ~40% Over Next Three Years

    EUROPEAN SOLAR PV CAPACITY IS SET TO GROW ~40% OVER THE NEXT THREE YEARS Investment Highlights 21 4 Installed solar capacity in Europe (GW) Commentary § European solar power capacity has Small scale Utility scale increased rapidly in the last decade, +12% 200 growing 10% p.a. since 2012 180 § Going

  22. Slide 22: Contracted Backlog and Pipeline Provide Strong Support for Growth

    CONTRACTED BACKLOG AND PIPELINE PROVIDE STRONG SUPPORT FOR FUTURE GROWTH Investment Highlights 22 4 Extensive third-party expert analysis of technical, regulatory and profitability before acquiring new projects MWp Owned Backlog Pipeline YE 2020 153 170 500 823 ‘Finance First’ methodology for projec

  23. Slide 23: Company Ambition of Portfolio Over 3.5 GW in Operation by 2025

    COMPANY AMBITION OF PORTFOLIO OVER 3.5 GW IN OPERATION BY 2025 Investment Highlights 23 4 1 Accelerated growth plan with contracted backlog expected in operation by end of year 2023 ~3 541 § Each operational MW added is expected to add circa EUR 70k in annual recurring revenues based ~1 100 on expec

  24. Slide 24: Increased In-House D&C Influence Will Reduce Capital Costs

    INCREASED IN-HOUSE D&C INFLUENCE WILL REDUCE OVERALL CAPITAL COSTS Investment Highlights 24 4 Bridge from currently owned operating parks to YE2023- MW Commentary ~891 ~1,541 § 948 MW of owned and contracted D&C Operational projects to be built in-house Alternus EPC Partner EPC ~541 § ~50% of D&C pr

  25. Slide 25: Alternus Energy Group

    ALTERNUS ENERGY GROUP 0@2 ALTERNUS @- e .e@ © @ .@ ¢@

  26. Slide 26: Corporate History

    CORPORATE HISTORY Alternus Energy Group 26 +17 +109 MW MW +2. +6 MW § Completes acquisition of additional 5.2 § Raised EUR 110m in debt financing MW MW in Italy from Risen in a senior secured Green Bond § Announces BayWa r.e. as European § Raised EUR 27m in institutional § Acquires first 2 operation

  27. Slide 27: Strong Diversification in Current Portfolio

    STRONG DIVERSIFICATION IN CURRENT PORTFOLIO Alternus Energy Group 27 Commentary Portfolio composition (annual run rate 130MW operating parks) 1 § Strong diversification across portfolio Revenue by contract type Revenue by country (pro-forma) § FiT contract structure representing 84% of portfolio Net

  28. Slide 28: Project Operations

    PROJECT OPERATIONS Alternus Energy Group 28 Key operating activities Operating flows INSURANCE SERVICES O&M Partner § O&M by market leading service providers BayWa and Meteo Control § Master O&M agreement to lock in pricing – 98% performance uptime § 24/7 park monitoring O&M SERVICES FIT AGREEMENT I

  29. Slide 29: Advanced and Streamlined Project Acquisition Process

    ADVANCED AND STREAMLINED PROJECT ACQUISITION PROCESS WITH STRONG Alternus Energy Group 29 RISK MANAGEMENT Cost effective & efficient acquisition process… …with strong risk management 1 § Rigorous Due Diligence and Financial Modelling Contractual Non-binding offer § Commercial terms lock-in with NBO

  30. Slide 30: Executive Management with Strong Sector Expertise

    EXECUTIVE MANAGEMENT WITH STRONG SECTOR EXPERTISE Alternus Energy Group 30 Experienced leadership VINCENT BROWNE I Chief Executive Officer GARY SWAN I Chief Technical Officer § Joined Alternus in 2015 as CFO, completed MBO in 2016, becoming § 30 years of construction experience working on the design

  31. Slide 31: Executive Management with Strong Sector Expertise

    EXECUTIVE MANAGEMENT WITH STRONG SECTOR EXPERTISE Alternus Energy Group 31 LARRY FARRELL I Vice President of Operations GITA SHAH I Strategic Planning Manager § 20+ years experience in production, operations, and service delivery management § Over 10 years of experience supporting the delivery of in

  32. Slide 32: Board of Directors

    BOARD OF DIRECTORS WITH EXPERIENCE AND IN LEADING SMB COMPANIES IN AN INTERNATIONAL ENVIRONMENT Alternus Energy Group 32 VINCENT BROWNE I Chairman JOHN MCQUILLAN I Board Member JOHN THOMAS I Board Member ROLF A. WIKBORG I Board Member NEW MEMBER I Board Member § Joined Alternus in 2015 as CFO, § CFO

  33. Slide 33: Market Overview

    -_ MARKET OVERVIEW *- ALTERNUS Wit, ep ta @ Ne) leh i ten Ve

  34. Slide 34: European Solar PV Capacity Set to Grow ~40% Over Next Three Years

    EUROPEAN SOLAR PV CAPACITY IS SET TO GROW ~40% OVER THE NEXT THREE YEARS Market Overview 34 Installed solar capacity in Europe (GW) Commentary § European solar power capacity has Small scale Utility scale +12% 200 increased rapidly in the last decade, 180 growing 10% p.a. since 2012 162 § Going forw

  35. Slide 35: Capacity Growth Supported by Declining Investment Costs

    CAPACITY GROWTH SUPPORTED BY DECLINING INVESTMENT COSTS Market Overview 35 Solar System Prices (2020), (USD/W) Levelized Cost of Energy (LCOE): Solar in Europe (USD/MWh) 2010 2015 2020 2023F 2010 2015 2020 2023F 4.08 210.10 -11% 3.29 -9% -13% 123.60 1.71 1.40 66.30 60.10 1.01 0.89 0.63 0.54 Commerci

  36. Slide 36: Solar Power Offers One of the Lowest-Cost Energy Alternatives

    SOLAR POWER NOW OFFERS ONE OF THE LOWEST-COST ENERGY ALTERNATIVES Market Overview 36 Levelized Cost of Energy (LCOE) in Europe 1), by Technology (USD/MWh, real 2019) Commentary Fossil-fuel based energy Renewable energy § After falling 70% since 2010, solar 247 power is now the second-cheapest source

  37. Slide 37: Alternus Present in Largest and Fastest Growing European Jurisdictions

    ALTERNUS PRESENT IN LARGEST AND FASTEST GROWING EUROPEAN JURISDICTIONS Market Overview 37 Installed PV capacity, selected European countries (GW) Commentary § Germany the largest market PV market Installed capacity (2019) Projected capacity additions (’20-’22) 65 in Europe followed by Italy, UK, Fra

  38. Slide 38: Utility-Scale PV Expected to Drive European Capacity Growth

    UTILITY-SCALE PV EXPECTED TO DRIVE EUROPEAN CAPACITY GROWTH Market Overview 38 Solar PV Capacity in Europe, by Segment (GW) Commentary § Utility-scale solar is the largest and fastest 2010 2015 2020 2023F growing PV segment in Europe +36 § More than 30GW of new utility-scale PV 129 capacity expected

  39. Slide 39: Solar Segment Mix Varies Widely Across Europe

    SOLAR SEGMENT MIX VARIES WIDELY ACROSS EUROPE Market Overview 39 Solar Segment Mix, by Country – installed capacity Utility scale Commercial Residential 1% 1% 1% 5% 7% 9% 15% 1% 17% 13% 23% 22% 23% 21% 27% 32% 42% 10% 12% 56% 31% 18% 72% 52% 50% 98% 57% 91% 89% 82% 42% 67% 21% 65% 65% 55% 54% 21% 31

  40. Slide 40: Financial Overview

    FINANCIAL OVERVIEW 0@2 ALTERNUS @- e .e@ © @ .@ ¢@

  41. Slide 41: Lean and Efficient Operations Driving Predictable Cash Flows

    LEAN AND EFFICIENT OPERATIONS DRIVING STRONG AND HIGHLY PREDICTABLE CASH FLOWS Financial Overview 41 High 2 and stable margins yielding considerable cash flows (Current portfolio run-rate figures in EURm) Revenue 88% 79% 77% ~80% EBITDA margin 19.9 (2.4) 17.6 (1.9) 15.7 15.3 (0.3) Cash available aft

  42. Slide 42: Consolidated Statement of Profit or Loss

    CONSOLIDATED STATEMENT OF PROFIT OR LOSS Financial Overview 42 P&L Run-rate project EBITDA by country Audited Unaudited Current EUR '000 2018 2019 2020 1Q ’21 Run Rate 2% 6% Revenue 2,319 2,310 3,827 700 19,912 15% Romania EUR Italy 17.6m Poland Cost of goods sold (1,144) (660) (969) (108) (2.356) 1

  43. Slide 43: Portfolio Output and Seasonality Considerations

    PORTFOLIO OUTPUT AND SEASONALITY CONSIDERATIONS Financial Overview 43 Historical energy output relative to expectations Seasonality profile of portfolio – (current run-rate) (EURm) Historical energy output of portfolio in GWh relative to P50 Reported revenue Cash receipts GWh expectations (86.9GWh)

  44. Slide 44: Capital Expenditure and Working Capital

    CAPITAL EXPENDITURE AND WORKING CAPITAL Financial Overview 44 Capital expenditures and acquisitions (EURm) Monthly net working capital development (current run rate) (EURm) 2.1 30 2.0 2.1 28.1 2.0 25 1.7 1.5 15 1.1 1.1 12.4 0.8 10 8.1 0.6 0.6 5 0.3 1.8 0 2018 2019 2020 2021 Q1 Jan Feb Mar Apr Mai Ju

  45. Slide 45: Consolidated Statement of Cash Flow

    CONSOLIDATED STATEMENT OF CASH FLOW Financial Overview 45 Audited Unaudited EUR '000 2018 2019 2020 Q1 ‘21 Cash flows from operating activities Net loss (1,657) (2,706) (5,670) (240) Depreciation & Amortisation 626 1,066 1,758 1,053 Gain on bargain purchase (1,452) (3,675) - (392) Loss on sale of en

  46. Slide 46: Consolidated Statement of Financial Position

    CONSOLIDATED STATEMENT OF FINANCIAL POSITION Financial Overview 46 Assets Liabilities & Shareholders Equity (“SE”) Audited Unaudited Audited Unaudited EUR '000 2018 2019 2020 Q1 ‘21 EUR '000 2018 2019 2020 Q1 ‘21 Current labilities Current Assets Accounts payable 1,483 3,300 12,631 6,489 Cash and eq

  47. Slide 47: Debt Funding Readily Available for Solar PV Assets

    DEBT FUNDING IS READILY AVAILABLE FOR SOLAR PV ASSETS AT ATTRACTIVE TERMS Financial Overview 47 Commentary Current average capital stack on portfolio Senior debt lending rates by country Senior Mezzanine Equity 4.2% § Given the governmental contracts underpinning 5% 5% 10% revenues - Alternus enjoys

  48. Slide 48: Minimal Impact from COVID-19

    MINIMAL FINANCIAL IMPACT FROM COVID-19 Financial Overview 48 Business Performance was not materially impacted in 2020 § Marginal negative impact on the spot market energy prices in Italy § Approximately 3% of Alternus’ current portfolio is exposed to Italian spot energy prices and which saw a margin

  49. Slide 49: Risk Factors

    RISK FACTORS 0@2 ALTERNUS @- e .e@ © @ .@ ¢@

  50. Slide 50: Risk Factors (1/9)

    RISK FACTORS (1/9) Risk Factors 50 An investment in Alternus Energy Group Public Limited Company, incorporated in Ireland (the "Company") involves operations and prospects. inherent risks, and an investment in the Company's shares (the "Shares") is suitable only for investors who understand the risk

  51. Slide 51: Risk Factors (2/9)

    RISK FACTORS (2/9) Risk Factors 51 benefit of operating history. may become constrained in its ability to simultaneously fund other investments in such projects. If the Group consummates any future acquisitions, its capitalization and results of operations may change Development, operation and maint

  52. Slide 52: Risk Factors (3/9)

    RISK FACTORS (3/9) Risk Factors 52 Successful completion of a particular solar project may be adversely affected by numerous factors, including Risks relating to PV plants quality or PV plants performance without limitation: Insufficient quality of installed solar modules and other equipment resulti

  53. Slide 53: Risk Factors (4/9)

    RISK FACTORS (4/9) Risk Factors 53 The Group's principal resources of liquidity to date have been cash from its operations and borrowings from banks to develop new solar parks on a timely basis or at all might be harmed, which could have a material adverse effect and its shareholders. The Group leve

  54. Slide 54: Risk Factors (5/9)

    RISK FACTORS (5/9) Risk Factors 54 The Group may also experience equipment malfunction or failure, leading to unexpected maintenance needs, The Group's operations and those of its contract manufacturers and outsourced service providers are vulnerable to unplanned outages or other operational issues.

  55. Slide 55: Risk Factors (6/9)

    RISK FACTORS (6/9) Risk Factors 55 resulting in judgments or findings against the Group, may harm its reputation and competitiveness in the market. The Group may fail to comply with laws and regulations in the countries where it develops, constructs and operates solar power projects and government a

  56. Slide 56: Risk Factors (7/9)

    RISK FACTORS (7/9) Risk Factors 56 The Group has limited business insurance coverage internationally in functional currencies of their subsidiaries. The Group's investment holding companies may have foreign financing and investing activities, which exposes the Group to foreign currency risk. Any inc

  57. Slide 57: Risk Factors (8/9)

    RISK FACTORS (8/9) Risk Factors 57 financial and industry conditions. Failure to comply with financial and other covenants may potentially result in circumstances. In particular, each potential investor should: (i) have sufficient knowledge and experience to make a increased financial costs, require

  58. Slide 58: Risk Factors (9/9)

    RISK FACTORS (9/9) Risk Factors 58 result of events within the VPS. Thus, the Company may not be able to recover its entire loss if the VPS Registrar transactions not subject to, the registration requirements of the US Securities Act and other applicable securities does not perform its obligations u

  59. Slide 59: Project Profiles & Appendix

    6 PROJECT PROFILES & APPENDIX

  60. Slide 60: Diversified Growing Asset Base - Pan-European Backlog and Pipeline

    DIVERSIFIED GROWING ASSET BASE - PAN-EUROPEAN BACKLOG AND PIPELINE Appendix 60 Diversified portfolio ensures de-risked operations across multiple jurisdictions ITALY IRELAND MWp 274 MWp Backlog 311 MWp Pipeline 70 MWp Backlog 11 GERMANY 3GREECE 287 MWp Under Contract 113 MWp Pipeline 4 MWp Backlog 1

  61. Slide 61: Italian Portfolio Summary

    ITALIAN PORTFOLIO SUMMARY Appendix 61 Owned § Total solar PV cumulative capacity was 21.3 GWp at the end of 20201 Contracted § Currently the second largest solar PV market share in the EU at 16% § Set to double solar PV capacity to 51 GWp by 2030 according to the National Energy Climate Plan (NECP)

  62. Slide 62: The Netherlands Portfolio Summary

    THE NETHERLANDS PORTFOLIO SUMMARY Appendix 62 Owned Operational Owned DNC § Total PV cumulative capacity was a 23% increase from 2019 at 9.2 GWp by the end of 20201 § Set to expand total solar PV capacity by two thirds to 27 GWp by 2030 according to the National Energy and Climate Plan (NECP) for th

  63. Slide 63: Romania Portfolio Summary

    ROMANIA PORTFOLIO SUMMARY Appendix 63 Owned § Total solar PV capacity was 1.4 GWp by the end of 20201 § Set to expand solar PV capacity by more than double the current installed capacity to 5.1 GWp by 2030 according to the National Energy and Climate Plan for Romania § The NECP 2030 target to be sup

  64. Slide 64: Poland Portfolio Summary

    POLAND PORTFOLIO SUMMARY Appendix 64 Contracted § Total solar PV cumulative capacity was 3.6 GWp by the end of 20201 § Set to double solar PV capacity to 7.3 GWp by 2030 according to the National Energy and Climate Plan for Poland PV MARKET § The NECP 2030 target to be supported by government-backed

  65. Slide 65: Greece Portfolio Summary

    GREECE PORTFOLIO SUMMARY Appendix 65 Contracted § Total solar PV cumulative capacity was 3.3 GWp by the end of 20201 § Set to expand solar PV capacity to 7.6 GWp by 2030 according to the National Energy and Climate Plan for Greece § Development of subsea EuroAsia Interconnector set to boost solar PV

  66. Slide 66: Germany Portfolio Summary

    GERMANY PORTFOLIO SUMMARY Appendix 66 Owned § Total solar PV cumulative capacity was 54.6 GWp by the end of 20201 § Currently the largest solar PV market share in the EU at a 40% share § Set to expand solar PV capacity to 98 GWp by 2030 according to the National Energy and PV MARKET Climate Plan for

  67. Slide 67: Spain Portfolio Summary

    SPAIN PORTFOLIO SUMMARY Appendix 67 Contracted § Total solar PV cumulative capacity was 13.2 GWp by the end of 20201 § Currently the third largest solar PV market share in the EU at almost 10% § Set to expand solar PV capacity by two thirds to 39.2 GWp by 2030 according to the National Energy and Cl

  68. Slide 68: Ireland Portfolio Summary

    IRELAND PORTFOLIO SUMMARY Appendix 68 Contracted § Total PV cumulative capacity was 50 MWp at the end of 20201 § Set to expand PV capacity to 431 MWp by 2030 according to the National Energy and Climate Plan for Ireland PV MARKET § The NECP 2030 target to be supported by the government–backed Renewa

  69. Slide 69: Portfolio and PPA/FiT Overview

    PORTFOLIO AND PPA/FIT OVERVIEW Appendix 69 Weighted average unexpired FiT/GC/PPA term of 8.8 years # of SPV PV Country 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 à assets Power Clouds 1 Romania Fran Energy 1 Roman

  70. Slide 70: Backlog Portfolio Timeline Chart

    BACKLOG PORTFOLIO TIMELINE CHART Appendix 70 PROJECT DEVELOPMENT CONSTRUCTION PHASE (EPC) OPERATION PHASE (O&M) Early Development Mid Late Construction Phase Expected Operation Date Status stage Development stage Development stage Ready to Build In Construction Q4 H1 H2 H1 H2 H1 RTB 2021 2022 2022 2

  71. Slide 71: Group Legal Structure

    GROUP LEGAL STRUCTURE (ALL COMPANIES AND ASSETS ARE OWNED ON A 100% BASIS) 1 Appendix 71 Alternus Energy Group Plc. 60% Unisun Energy Holding ALTAM Inc. Solis BondCo DAC BV Unisun Energy B.V AE Europe B.V. AEN 01 B.V. AEN 02 B.V. Zonnepark Rilland BV PC-Italia-03 S.r.l. UPER Energy 1 PV asset Europe

  72. Slide 72: Organisational Structure

    ORGANISATIONAL STRUCTURE Appendix 72 VINCENT BROWNE Chief Executive Officer BUSINESS DEVELOPMENT PROJECT DELIVERY OPERATIONS FINANCE BUSINESS SUPPORT BRAM BROSHIUS GARY SWAN LARRY FARRELL JOSEPH DUEY Head of TALIESIN DURANT Chief Technical Officer Vice President of Operations Chief Financial Officer

  73. Slide 73: Shareholder Overview

    SHAREHOLDER OVERVIEW Appendix 73 Shareholder overview (as of 04.06.2021) Comments Rank Beneficial Ownership Country Holding Stake Options, warrants and convertibles 1 Browne, Vincent1 Ireland 4,318,9544 18.2% § Alternus currently has 783,197 warrants outstanding with a weighted average strike price

  74. Slide 74: Equity Capital Injected Since Establishment of Company

    EQUITY CAPITAL INJECTED SINCE ESTABLISHMENT OF COMPANY Appendix 74 Convertible instruments have all been converted to equity since issued Book value equity in Company EUR 125k of convertible notes issued EUR 212k of convertible notes with a through vending in 2 solar PV assets to Vincent Browne with

  75. Slide 75: Offtake Contract Types - FiT vs. PPA

    OFFTAKE CONTRACT TYPES - FIT VS. PPA Appendix 75 Feed-in-Tariff (FiT) § A Feed-in Tariff (FiT) is a renewable energy payment that is a policy mechanism designed to accelerate Alternus Energy is the parent investment in renewable energy technologies Energy produced by the Solar company that owns the

  76. Slide 76: Corporate Headquarters and Management Contacts

    CORPORATE Unit 11, Plaza 212, HEADQUARTERS Blanchardstown Corporate Park 2, Dublin, D15 PK64, Ireland WEBSITE www.AlternusEnergy.com EXECUTIVE Vincent Browne (Irish) – CEO MANAGEMENT Joseph Duey (US) – CFO Tali Durant (US) – General Counsel Gary Swan (Irish) – CTO BOARD OF Vincent Browne (Irish) – C

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