7C Solarparken AGXETR: HRPK

9M 2024 Results & Annual Outlook

· Issued by 7C Solarparken AG

On 6ix: 6ix.com/news/7c-solarparken-9m-2024-results-and-annual-outlook

26-11-2024

ANALYST CALL 9M'24 Results & Full-Year Outlook

  1. EQUITY STORY

3

EQUITY STORY Pure-Play & Low-Risk German PV IPP with 468 MWP

  • SIZE: Capacity of 468 MWP and rising via opportunistic growth
  • PREDICTABLE CASH FLOWS: Majority of revenues secured from Fixed feed-in tariffs
  • RELIABILITY: Stable & transparent regulatory environment in Germany
  • IMPROVING ASSET PERFORMANCE through Refurbishment & Repowering (PV Estate Parks)
  • OPTIMISING ROUTE-TO-MARKET: FIT, on-site PPA, off-site PPA, Swaps, curtailment
  • BALANCE SHEET STRENGTH: Among the lowest net debt/EBITDA ratios in industry
  • CAPITALISATION BELOW BOOK VALUE: Valuation not reflecting underlying fundamentals

7C SOLARPARKEN IN BRIEF

4

SHARE PRICE Negative Inflection Point Related to Announcement on Guidance Cut

RECORD POWER PRICES (UKRAIN)

RISING 10Y BOND YIELD UP TO 2.7%

FORWARD PRICE ALMOST HALVED

NEGATIVE POWER PRICES

LARGE CAPS M&A BY PRIVATE EQUITY

GUIDANCE CUT

7C SOLARPARKEN IN BRIEF

5

  1. UPDATE IPP PORTFOLIO

6

IPP PORTFOLIO 468 MWP Yielding Annual EBITDA of EUR > 55 Mio.

Capacity

~IBN

Yield

Production

Capture (*)

Power Sales

EBITDA

MWP

Year

KWH/KWP

GWH

EUR/MWH

EUR Mio

EUR Mio

Germany

409

2.014

983

402

148

59

52

Rooftop

91

2.010

851

78

209

16

14

Freefield

312

2.015

997

311

135

42

36

Wind

6

2.016

2.276

13

87

1

1

Belgium

59

2.021

780

46

98

5

4

Green Certificates Fixed Rate

5

2.011

864

4

408

2

2

Green Certificates Banding Factor

21

2.020

881

19

91

2

1

Free Market PPA

33

2.023

701

23

48

1

1

GROUP

468

2.015

957

448

143

64

55

Grid-connected

441

2.015

958

423

148

63

55

Not Grid-connected

27

2.024

949

25

48

1

1

(*) Capture Price includes "Minimum" assumed Solar PV & Wind Market Price

48

EUR/MWh

  • Recently started projects in construction (23 MWP) have been added to the portfolio: Rötz V, Pirk, Premenreuth and Kohlberg
  • Average year of commissioning: 2015 (weighted capacity)
  • (*) Average capture price (based on PV price assumption EUR 48/MWH): EUR 143/MWh
    • Germany: Feed-in Tariffs are state-guaranteed and fixed for 20 years + year of commissioning
    • Belgium: mainly on-site PPA's (plus capital subsidy or green certificates for older parks)
  • Rooftop and land lease contracts usually running 20 years + option for at least 5 years extension
  • PV Estate 199 ha includes land ownership on 98 MWP PV assets

LOCATION OF GERMAN PARKS > 2 MWP

UPDATE IPP PORTFOLIO

7

BREAKDOWN BY YEAR OF COMMISSIONING Long-TermCash Flow Potential

PARKS WITH HIGH EBITDA

PARKS WITH POWER PRICE OPTION VALUE BUT ALSO EXPOSURE TO NEGATIVE PRICES

UPDATE IPP PORTFOLIO

8

CLASSIFICATION BY EEG Exposure to Negative Prices is Managed

§51 EEG

MWP

EUR MIO

EUR/MWH

Exposure to Negative Prices

Management Action

Fixed FIT (<2017)

198

46

234

No

6-Hours Rule

EEG 2017

110

7

66

_ PV Market Value

5

48

Negative Prices depress the monthly PV Market Value

_ PV Market Premium

2

18

No premium during 6 consecutive negative hours

Conclude Swaps

4-Hours Rule

EEG 2021

57

3

52

_ PV Market Value

3

48

Negative Prices depress the monthly PV Market Value

_ PV Market Premium

0

4

No premium during 4 consecutive negative hours

Conclude Swaps

1-Hour Rule

EEG 2023

37

2

54

_ PV Market Value

2

48

Negative Prices depress the monthly PV Market Value

_ PV Market Premium

0

6

No premium during negative hours

Conclude Swaps

Rooftops < 500 KWP excluded

6

0

77

No, excluded from the rule

Green Certificates Belgium

5

2

315

No

Own-consumption PPA Belgium

26

2

65

No

Spot Price Belgium

28

1

48

Full Exposure

Curtailment & Intra-Day Sale

GROUP

468

64

Underlying Direct Exposure "Negative

P

232

4

_ Germany

204

3

_ Belgium

28

1

UPDATE IPP PORTFOLIO

9

NEW PARKS (23 MWP) IN CONSTRUCTION Q1'25 Connection in Perspective

PIRK, Bavaria

3,3 MWP

FIT FFAV ~ EUR 50/MWH

DMEGC Panels

RÖTZ V, Bavaria

6,6 MWP

FIT ~ EUR 50/MWH SunPro Power Panels

KOHLBERG, Bavaria

6,8 MWP

FIT ~ EUR 50/MWH

DMEGC Panels

PREMENREUTH, Bavaria

6,4 MWP

FIT ~ EUR 50/MWH SunPro Power Panels

UPDATE IPP PORTFOLIO

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