Project Hércules -

Business opportunity in
Solar Photovoltaic Portfolio in Spain July 2019
DISCLAIMER

The present document (the “Teaser”) belongs to AMDA Energía, (hereinafter, “AMDA” or “the Company”), and has been prepared by the Company and its
advisor, EDIBEL Capital Energy, (hereinafter, “the Authors”) in relation to the development of a solar photovoltaic portfolio in Spain (the “Portfolio” or the
“Projects”) to be presented to a number of potential investors (the “Investors”) in order to share risk and profit on the development phase (altogether,
hereinafter, “ the Transaction”).

This Teaser has been prepared for the sole use of the potential Investors in connection with its consideration of the proposed Transaction. The Teaser is
confidential and will be treated as such by the potential Investors, which will not, without the prior written consent of the Authors, disclose or copy the report or
any part of it to any person other than to those of its directors and employees who need to know such information for the purpose of its consideration of the
proposed Transaction.

The Teaser has been prepared on the basis and assumptions stated therein and as at the date thereof. None of the information and opinions contained in this
Teaser have been independently verified. The opinions expressed by EDIBEL in the Teaser are only for the use of the Investor in the context of the proposal
currently envisaged and should not be relied upon in any other context or by any other person. Whilst every care has been taken in preparing this document,
no representation, warranty or undertaking (express or implied) is given and no responsibility or liability is or will be accepted by EDIBEL or by any of its
directors, officers or employees as to, or in relation to, the accuracy, reliability or completeness of the whole or any part of the information or opinions
contained in the Teaser.

Private & confidential 2

Index

1. Business opportunity in renewable sector

2. About AMDA Energía

3. Solar photovoltaic sector in Spain

4. Portfolio details

Private & confidential 3

Business opportunity
in renewable sector
1
 Business opportunity in renewable sector

Introduction
Project 2
AMDA Energía, Project 1 30-40 MW Project 3
▪ AMDA is actively working in identifying feasible photovoltaic projects in Spain and
a company 30-50 MW HUESCA 20-25 MW is currently developing a Portfolio of c. 200 MW
ZARAGOZA LÉRIDA
specialized in
▪ In this development phase AMDA is firstly searching, analyzing and identifying
development of
connection & access points in the distribution network mainly (< 200 kV) or
renewable
trough transmission (with connection at < 200 kV) (both, SET), with enough capacity
energy projects,
to evacuate the generated energy
is looking for an
investor to be ▪ So far, AMDA has identified several locations suitable to install PV plants, as they
involved in the have confirmed:
development ✓ Spare capacity in a close distribution or transmission SET
phase of a
✓ Availability of land to rent where to install the PV plants
Portfolio of PV
Projects, by ✓ In a preliminary analysis, the locations are not environmental protected
granting the areas (nor ZEPA, LIC or others special environmental protection programs)
necessary grid ▪ In total, 6 SET have been identified with a surplus capacity between 190-245 MW,
bonds to obtain being critical to reserve immediately the capacity in those connection
the connection infrastructures
permit Project 5 Project 4
30-40 MW Project 6 40-50 MW ▪ To obtain the grid connection, AMDA needs the support of an investor/partner
SEVILLA 40 MW ALICANTE
SEVILLA who provides the necessary guarantees (grid bonds) to submit the request of the
grid connection point

▪ The required bank / insurance company grid bond is € 40,000 per MW, so the final
190-245 c.€ 8-10 m
MW
Diversified
Grid figure of guarantees shall amount € 7,6 - 9,8 million
Portfolio
Solar PV bonds

Private & confidential 5

 Business opportunity in renewable sector

The proposed transaction

Deposit of RTB (1) COD (2)
The proposed grid bonds
scheme entails
Feasibility study PLA Construction Operation
to share risk &
profit of
development
Land, resource & connection Permits, licenses & authorizations EPC Contract O&M and Asset Management
phase

A risk • As the feasibility studies of the Portfolio has been finished, next step is to deposit the guarantees for grid
Investor to connection request; the Investor will provide, with its own corporate support, the grid bonds for each Project
mitigation
provide the grid (one SPV for each Project)
mechanism will
bonds • All the development costs will be borne by AMDA, whereas the financial cost of the grid bonds will be shared
be implemented
(50% each one) by AMDA and the Investor
in order to
minimize the Brief explanation of the main terms of the projects
• As a compensation for the bonds, the investor will receive a liberate stake (50% of the shares) of the SPVs
risk level incorporated for each Project
assumed by the
Compensation to • As certain milestones are reached, this % will be reduced according to the risk mitigation, as follows:
Investor
the Investor during • Confirmation of Urbanistic Compatibility: reduced up to 40%
PLA phase • Apply for Preliminary Administrative Authorization (AA): reduced up to 30%
• Granting of positive Environmental Impact Declaration: reduced up to 20%
• Obtention of Construction Administrative Authorization: reduced up to 10%

• Once the Projects have reached the RTB status AMDA’s goal is selling them to a third party (new financial or
industrial investor) sharing the development fee with the Investor (for its corresponding % of the SPVs)
Final sale of the
Projects • The purchaser will replace the guarantees granted by the Investor
(1) Ready To Build
(2) Commercial Operation Date • The Investor will have some type of privilege to acquire the Projects (pre-emption right, call option, …). [To
be negotiated]
Private & confidential 6
 Business opportunity in renewable sector

Risk mitigation scheme

In order to Issues to analyze in a
Description / AMDA’s action Mitigation mechanism
compensate PV development
and minimize
• If the connection point is not finally granted, the grid bonds are returned, thus no Financial costs of the bonds to
the risk
Grid connection risk is assumed for this reason, except the financial costs be shared 50% between AMDA
assumed by the
• Once the connection is granted, final sponsor has 5 years to connect to the grid and the investor
Investor when
granting the grid • An in-depth analysis of the land where PV plants will be installed must be
Condition Precedent (CP):
bonds, AMDA carried out in the feasibility study to confirm availability and initiate negotiations
Land The signing of lease option
shall offer a • AMDA has already identified land available and has initiated negotiations with
agreements
compensation owners to reach lease option agreements before depositing grid bonds
and risk
mitigation well • There can be environmental issues that impede the PV plant construction CP: Preliminary internal report
balanced Environmental • In the feasibility study AMDA has checked that there are not major issues confirming environmental
regarding environmental impact clearance shall be issued
scheme

• The resource must be measured in order to analyze the economic viability of

CP: Preliminary study of solar
Resource / the Projects
resource shall be issued.
Profitability • Given its track-record, AMDA’s studies of the solar resource are reliable. Best solar resource locations
Additionally, the Projects are located in Spanish regions with the best radiation

• Local municipalities must confirm that the PV plant are not incompatible with the
existing rules regarding the use of land Preliminary study has not
Urbanistic
pointed out any potential risk
• AMDA is initiating conversations with municipalities to obtain their support

• Along the development and permitting (PLA) phase, some issues regarding
Others (legal legal and regulatory matters may arise
Preliminary study has not
permitting) pointed out any potential risk
• In the feasibility study AMDA has not discovered any relevant issue
Private & confidential 7
 Business opportunity in renewable sector

Compensation scheme
In order to Deposit of

% of SPV shares (liberated)

grid bonds
compensate the
Confirmation of
risks still open, Urbanistic
50% 50%
Compatibility
despite of the
mitigation
mechanism in
Preliminary AA
place, AMDA 40% -10% application
offers a sharing
of the
Positive
development Environmental
30% -10%
fee that will be Impact Decl.
reduced as
some Construction
milestones are -10% Administrative
20%
achieved Authorization

10% -10%

Milestone Milestone Milestone Milestone

Achievement of milestones
Fulfilment 1 2 3 4
of CP’s
Risk
Private & confidential 8
 Business opportunity in renewable sector

Highlights
The business Description of the advantage
opportunity ✓ AMDA has a successful track-record developing greenfield projects in the renewable energy industry with
offers a very wide experience in Spain and around the world
attractive return, First class
✓ The team has a deep industry knowledge and proven success in developing and selling solar PV and wind
sponsor
sharing with a projects at RTB
reliable ✓ Capacity to originate new opportunities
developer like
AMDA’s grid ✓ AMDA has a network of contacts who has a sound and deep knowledge of the national grid (both
AMDA its transmission and distribution)
intelligence &
experience in capabilities / ✓ All the Projects of the Portfolio have enough guarantees in terms of availability of land, evacuation capacity vs
the development best other sponsor’s projects that have no backup feasibility analysis
of renewable positioning ✓ AMDA’s highest investing standards entails the Projects to have a risk-profit balanced profile
energy projects
Best resource ✓ The Projects are located at some of the Spanish regions with the best irradiation / solar resource
& grid capacity ✓ Feasible connection to distribution grid → easier and quicker permitting
✓ The current Portfolio is dynamic, as AMDA continues working in the identification of feasible locations
Portfolio
flexibility ✓ Thus, if a Project is finally rejected (for no connection capacity or other reasons) it could be easily replaced
by another one
✓ The Portfolio is composed of 6 different projects between 20-50 MW each, which connect to different SETs
Diversification
✓ Geographically diversified in several of the Spanish regions with best solar resources

High growth ✓ Renewables industry in Spain has high growth expectations: to achieve EU targets > 8.5 GW until 2020 and
expectations > 20 GW to be achieved in 2030, targets under the new Directive in process
✓ High return with minimum cash contribution and limited exposure to risk (see pages 7 and 8)
Attractive
return ✓ Moreover, the Investor will have the possibility to maximize its return by acquiring the Projects at RTB
status or before, during the development phase (call option scheme)

Private & confidential 9

About AMDA Energía
2
 About AMDA Energía

Introduction
AMDA is an AMDA operates renewable energy projects in different technologies involving activities of development, project management and sale
energy
developer Photovoltaic Bioenergy Wind
company,
focused on the
promotion and
full development
of renewable
energy
projects in the
Iberian Region • AMDA has an extensive experience in PV • AMDA has developed a Biogas Plant in • AMDA has developed wind projects since
and abroad development, mainly abroad Almenar, Lérida, Spain: its origin in 2008, reaching 368 MW fully
• So far, 679 MW, in 9 PV projects, fully ✓ 3 MWe, 140,000 Tn/year of waste developed and sold in different regions
developed and sold in South Africa: water treatment • Proven experience and long track record
✓ Comprehensive role in RSA projects ✓ Organic fertilizer production: solid in Mexico and South Africa, having
Herbert & Greefspan: development, among their clients Acciona and
fertiizer 8,000 Tn/year and liquid
EPC negotiation, financing & project Santander
fertilizer 3,500 Tn/year
managemt
✓ Start of development in 2009 and end • Currently analysing greenfield projects up
✓ AMDA remained temporally in the of construction in 2013
to 580 MW in Colombia, 300 MW in
equity of the SPVs with a minority stake Mexico and >300 MW in Spain & Portugal
✓ Sold in 2018, after operating the plant
✓ 225 MW project sold to Iberdrola for 5 years • Supported with best relationships with
local partners
• Mozambique:150MW under development

AMDA’s current pipeline is > 1 GW comprising projects in Europe, Latinamerica and Africa
Private & confidential 11
 About AMDA Energía

History & Main milestones

Since its ✓ Before incorporating the company, the 3 co-founding partners have held high level positions for decades in industrial sectors such as
incorporation,
energy, real estate and telecomunications, both local (with origin in Aragón region) and international
AMDA has ✓ Together they accumulate c. 50 years of experience in the renewable sector and have generated more than 3.500 MW in more than 80
expanded their projects
activities ✓ During all these years they have built a remarkable network in energy sector in the regions where they develop their activities
abroad,
establishing
strong 2008 2011 2013 2016 2018
relationships
with local
Sale of Almenar
partners Company South Africa (auction Development and sale
Almenar Biogas Biogas Plant
incorporation Round 1): Herbert & at RTB of wind project
Plant COD, 3MWe Start of developing PV
Market Research in Greefspan PV El Cortijo in Mexico,
Spain & wind projects in
target countries projects awarded 168 MW
Spain

Opening of
subsidiaries in Mexico Sale of minority
and South Africa First wind project in PV projects sold in stakes remaining in
Start of analysis and Mexico, El Sauzal, Rounds 3 and 4 in SPVs owners of
development of 200 MW South Africa, 420MW Greefspan & Herberts
bioenergy projects in PV plants
Spain

2009 2012 2014 2017

Private & confidential 12

 About AMDA Energía

Highlights
AMDA’s aim is
to become a
leader in
developed and
emerging
markets which
have adequate
legal
frameworks and
political stability Successful experience and international presence in 6 countries and 3 continents

Partnerships with local experts in each market, who play a key role in their success

Extensive experience in negotiation, project fundraising, construction, management and operation

AMDA
Assets developer of reference for some of the largest world energy companies

A team of first class professionals with deep experience in all key areas of project development

Resource Administrative Environmental

Engineering Interconnection Financing
analysis procedures issues
Private & confidential 13
 About AMDA Energía

Team (1/3)
One of AMDA’s • One of AMDA’s most valuable assets is the team, with a wide accumulated knowledge and experience. The members of the team
most valuable
have held high level positions in the renewable and other sectors for decades. Together they have generated more than 3,500 MW in
more than 80 projects
assets is the
experienced and • AMDA has an extensive experience in all key areas of project development. It have experts in resource analysis, engineering,
multinational administrative procedures, interconnection, environment issues and fund management
Senior Team • Further evidence of this expertise is our extensive experience in negotiation, project fund raising, construction, management and
operation
• Their experience is enriched by local experts, who play a key role in their success
Members of AMDA’s Senior Team

Jorge Gutiérrez, CEO Juan Carlos Ruiz, CFO Piero Granelli, CEO South Africa Ernesto Valdez,Co-funder AMDAMex

Raúl Latorre, Business Ignacio de la Iglesia, Business Cristina Luna, Financial Planning José Daniel Román ,Business
Development Africa&Middle East Development Spain and Portugal and Analysis Development Latam
Private & confidential 14
 About AMDA Energía

Senior Team (2/3)

The top
executives
have also a
wide experience
in other
industries
along with
renewable Luis Sánchez, CHAIRMAN Jorge Gutiérrez, CEO Juan Carlos Ruiz, CFO
energy industry Since 2008, Mr. Sanchez is the President and co- In 2008, Mr. Gutiérrez co-founded AMDA In 2008, he co-founded AMDA Energía. Since
founder of AMDA Energía. Energía and is its CEO from the very beginning. June 2012, Mr. Ruiz is the CFO of AMDA
Energía.
Currently is also co-founder and President of He was Regional Manager for Aragón and La
ARCA Group, an engineering group leader, in Rioja Regions in VESTAS – NEG-MICON Formerly, in 1988 he co-found the company
Spain in the telecommunications industry. Ibérica SA in Spain and Managing Director of EDP (PET packaging for pharmaceuticals and
regional offices for GAMESA. During this time personal care). In December 2007, EDP SA was
From 1992 to 1995 he acted as a director of period he worked on 30 wind power projects purchased by the company Gerresheimer AG
Master in Construction Management and Real ranging from small wind farms to 485 MW and since then, Mr. Ruiz was the CEO of the
Estate in Politechnic University of Valencia. plants. Spanish business unit.
From 1992 to 1995 he was the Regional Director
of Look & Find, Real Estate Franchises. He was Head Manager of the Renewable From 1988 to 2006, he was a member of IDOM,
Energy Division for TAIMWESER (Zaragoza, engineering company, in consulting division,
From 1995 to 2000, he was CEO of Ekron Mobile Spain), focused on wind energy, with activities in making several projects in chemical and energy
and before CFO of Group Zodiac, construction management and manufacturing of wind power industry.
group with projects in different Spanish cities. plant components as well as the promotion and
development of a Biomass power plant. He has a Master degree in Industrial
He has a Master degree in Law from the University Engineering with specialization in mechanical
of Valencia and MBA from IESE Business School He has a Master degree in Electrical engineering from the Zaragoza University and a
as well as Master in Construction and Real Estate Engineering. MBA in IESE Business School, University of
management, by the University of Madrid. Navarra.

Private & confidential 15

 About AMDA Energía

Senior Team (3/3)

The Heads of
the different
regions have
accumulated a
joint experience
in business
development in
renewable Piero Granelli Raúl Latorre, Head of Business Ignacio de la Iglesia, Head of José Daniel Román, Head of
energy sector of CEO South Africa Development Business Development Business Development
> 40 years Africa & Middle East Spain & Portugal Latam

From 2012, CEO of AMDA Developments in

South Africa, concluding the bidding, From 2010 to 2017, Project Manager From 2018, Head of Business From 2016 to 2018 Project Manager in
financial close, construction and COD for and Chief Technical Officer in AMDA Development LATAM. AMDA Energía.
two PV projects in the South Africa Energía. Involvement in the following
Renewable Energy Independent Power AMDA key projects : He joined AMDA in 2008 as Business Before joining AMDA, he was Business
Producer Programme (REIPPP) Development Manager. From 2013 to Developer and International Project
• El Cortijo Wind Power Plant, 168 2018 he was Head of biogas and Engineer in GAS NATURAL FENOSA
Piero leads the development of wind, solar MW environment business area and CEO of (Naturgy) and Project and Structural
and hydro projects in RSA with a portfolio of • El Sauzal Wind Power Plant, 200 Bioenergía de Almenar. engineer in INECO.
1 GW in PV and 600 MW in wind. MW
• Greefspan PV Power Plant, 11 MWp Formerly, from 2005 to 2008, he was He has a Master Degree in Civil
From 2000 to 2005 Piero was a partner in & Herbert PV Power Plant, 22 MWp Network Development Engineer for Engineering, a Master Degree in Energy
PricewaterhouseCoopers in London before VODAFONE SPAIN. Business and Master Degree in
returning to RSA to pursue renewable He has a Master degree in Industrial Structural engineering and materials at
energy opportunities. Engineering (Energy & Heat Transfer He has a Master degree in UPM and is MBA by CEU San Pablo
intensity) and a PDD in IESE Business Telecommunications Engineering and a Madrid,.
He has a Business Science degree from School, University of Navarra. PDD in IESE Business School,
University of Cape Town, as well as a CIMA University of Navarra.

Private & confidential 16

 About AMDA Energía

Current Project Pipeline 2019

Currently AMDA has an extensive expertise with a diversified range
focused in
of renewable generation sources, with projects
implemented using mainly wind and solar technologies.
developing
Spain
projects in The project pipeline of AMDA cover six nations across
Portugal
Spain and Africa, Europe and Latin America.
Portugal again, Mexico
Colombia
taking In those last 2 years, after having a successful experience
advantage of its abroad, AMDA is focused in Iberia Region, where they
experience are developing several projects, standing out the following: Mozambique

worldwide and
• PV project in South of Spain, 50 MWp South
Africa
the good
momentum in ✓ Guarantees for grid connection: already deposited Mexico Colombia
Iberia ✓ Land agreements: already signed WIND WIND
PV Projects MW MW PV Projects MW MW
Projects Projects
✓ Pre-confirmation of non-incompatibility of the use
of land for the PV plant installation 3 480 - - 1 50 1 378

✓ Confirmation of connection in process

Mozambique South Africa
• Portugal auctions: being AMDA’s role to obtain the
WIND WIND
administrative and environmental permits, land lease PV Projects MW
Projects
MW PV Projects MW
Projects
MW

agreements,…, acting as an exclusive developer for one

1 30 - - 3 675 2 420
of the biggest Iberian utilities.

Spain Portugal

WIND WIND
PV Projects MW MW PV Projects MW MW
Projects Projects

3 150 2 200

Private & confidential 17

 About AMDA Energía

Accomplishments - Mexico
In Mexico,
since 2008
✓ EL SAUZAL, 200 MW
AMDA has
developed and
• Technology: Wind
sold 368 MW in
to 2 wind • Location: Oaxaca
projects • Project start: 2008
• Sold to Banco Santander in 2013

✓ EL CORTIJO, 168 MW

• Technology: Wind
• Location: Tamaulipas
• Project start: 2013
• Sold to ACCIONA in 2015

Private & confidential 18

 About AMDA Energía

Accomplishments – South Africa (1/2)

In South Africa,
since 2010
✓ GENESIS
AMDA has
developed and
developed and • Acquisition of the company
sold 679 MW, Genesis Eco-Energy with a project
participating in portfolio
the public • Sold to Lereko Metier
auctions Sustainable Capital in 2017
(Rounds 1, 3
and 4) as
exclusive
developer of
✓ HERBERT, 22 MW
industrial or
financial clients
• Technology: Solar PV
• Location: Northern Cape
• Project start: 2010
• Sold to Katiso and AIIM (Africa
Infrastructure Investment
Managers, Old Mutual´s asset
manager) in 2017

Private & confidential 19

 About AMDA Energía

Accomplishments – South Africa (2/2)

In South Africa, ✓ GREEFSPAN I, 11 MWp
since 2010 • Technology: Solar PV
AMDA has • Location: Northern Cape
developed and
• Project start: 2010
developed and
sold 679 MW, • Sold to Katiso and AIIM (Africa
participating in Infrastructure Investment Managers,
Old Mutual´s asset manager) in 2017
the public
auctions
(Rounds 1, 3
✓ GREEFSPAN II, 55 MWp
and 4) as
exclusive • Technology: Solar PV
developer of • Location: Northern Cape
industrial or • Project start: 2012
financial clients
• Sold to Sun Edison in 2017 (currently
the PV plant is property of AIIM)

✓ KLONDIKE, 225 MWp

• Technology: Solar PV
• Location: Northwest province
• Project start: 2014
• Sold to IBERDROLA in 2017

Private & confidential 20

 About AMDA Energía

Accomplishments - Spain
In addition to ✓ ALMENAR BIOGAS POWER PLANT
the study of
different
• Technologies:
portfolios in
✓ Biogas (3 MWe)
wind and solar
PV, in Spain, ✓ Waste water treatment (140.000 Tn/year)
AMDA achieved ✓ Organic fertilizer production (solid 8.000 Tn/year;
the construction
liquid 3.500 Tn/year)
of a Biogas • Location: Almenar, Lérida (Spain)
plant in Lérida • Project start: 2013
and operated • Sold to Griñó Ecologic in 2018
the plant for 5
years

Private & confidential 21

 About AMDA Energía

Accomplishments - Colombia
In Colombia ✓ CERRITO, 378 MW
AMDA has
recently sold its
• Technology: Wind
successful wind
development • Location: La Guajira
amounting 378 • Project start: 2016
MW on the • Recently sold (June 2019) on a very
Caribbean advanced development status
region of the
• AMDA’s role: Project Developer until RTB
country and project manager
• Client: Confidential

Private & confidential 22

 About AMDA Energía

Partnership
AMDA has the ✓ Lender for Herbert and ✓ AMDA is its main developer
best partners, Greefspan PV project in South Africa - 225 MW sold
both national
and
✓ Financial partner for ✓ AMDA is its main developer in
international to USA - early stage working
Mozambican projects
successfully partnership
develop its
projects; with ✓ Investment fund which has
some of them ✓ Local partner in Colombia
participated with AMDA in
AMDA has South African projects and was
established final purchaser
ongoing and ✓ Local partner in ✓ Client for El Cortijo wind project
stable Mozambique in Mexico (168 MW). Currently
relationships working with them in Colombia

✓ Client for Nampula PV project

in Mozambique (150 MW)
✓ Lender for Herbert and
Greefspan PV project

✓ Client for Sauzal wind project in

Mexico (200 MW)
✓ Asset Management JV Vehicle
(AE AMD - AMDA subsidiary in ✓ South African investment fund
RSA - and Old Mutual) for ✓ AMDA’s partner in Herbert and
Herbert and Greefspan projects Greefspan projects

Private & confidential 23

Solar photovoltaic
sector in Spain
3
 Solar photovoltaic sector
✓ Resource: Spain is the best country in Europe for PV investment, given to its high solar resource (see chart 1) and the relatively cheaper
Solar PV Grid parity cost of land
technology has
✓ Technology: Increasingly reduced cost of technology. LCOE (levelized cost of energy) 2020 estimation of 29 €/MWh for PV (see chart 2)
proven enough
efficiency to ✓ Spanish and European banks are providing again non-recourse financing on merchant risk basis or by taking PPAs as collateral,
compete on Financing without necessity of subsidies or feed-in tariffs and out of the scheme derived from auctions of 2017 and 2018
the merchant ✓ PPAs relevant to get better financing conditions
market (grid ✓ Although current merchant price of electricity in Spain is high, both spot (pool) and futures prices (see chart 3)
parity) specially ✓ International capital inflows into renewables in both equity and debt
in Spain
Government ✓ Spanish Government PNIEC, Energy & Climate Integrated National Plan, recently issued, sets up the pace towards energy
support transition for period 2021 -2030, targeting a 42% of renewable generation of total energy consumption by 2030
✓ PV and on-shore wind technologies will lead the increase of renewable energy capacity necessary to achieve this goal, which will
entail the installation of c. 60 GW until 2030 (see chart 4)
✓ In order to ease these ambitious previsions, Government has announced an scheme of future auctions of c. 3,000 MW per year

Spain is the country in Europe with the Previsions of new installed capacity,
1 highest solar radiation 2 Reduced Cost of Technology, LCOE, €/MWh 3 Price of electricity in Spain, Q futures 2019-2021 4 period 2019-2030, (GW)

Onshore Wind Offshore Wind Solar PV Onshore Wind Solar PV

-85% 26,8 32
-66% GW GW

190 36,9
-28% 50,3

129
23,5
61
44 44 29 4,9

Source: OMIP, 26th april 2019

2011 2018 2011 18 2011 2020 2018 2030 2018 2030

Private & confidential 25

PV Portfolio details
4
 Project Hércules

Summary
Project 2
´The Portfolio is Project 1 30-40 MW Project 3
geographically 30-50 MW HUESCA 20-25 MW Location Capacity Grid Bond
ZARAGOZA Project SET NDO (1)
diversified in a LÉRIDA (Province) (MW) (‘000 €)
well sized
number of Project 1 Zaragoza Distribution ENDESA 30 – 50 1.200 – 2.000
projects
Project 2 Huesca Distribution ENDESA 30 – 40 1.200 – 1.600
Projects have
an interesting Project 3 Lérida Distribution ENDESA 20 – 25 800 – 1.000
size (MW) and
are located Project 4 Alicante Distribution IBERDROLA 40 – 50 1.600 – 2.000
close to the
SET /connection Distribution/
Project 5 Sevilla ENDESA 30 – 40 1.200 – 1.600
Transmission
point

Project 6 Sevilla Distribution ENDESA 40 1.600

TOTAL 190 – 245 7.600 – 9.800

Project 4
Project 5 (1) Network Distribution Operator
40-50 MW
30-40 MW
Project 6 ALICANTE
SEVILLA
40 MW Good size
Diversified Proximity
SEVILLA of each
Portfolio to SET
Project

Private & confidential 27

 Project Hércules

Project status (1/3)

The first phase Issue Status Data
2
of the 1 Location, MW Zaragoza, Aragón 30 – 50 MW
developmnet
process,
Feasibility Study ✓ Already done ✓
regarding ✓ Already incorporated ✓

Project
SPV
feasibility
study has been
1 ✓ Land identified
Land ✓ In negotiation of lease agreements with land In process
already done owners

AMDA expects Yield With 1 axis-tracker 1.763 h

the Projects to Grid/Connection Evacuation line: Less than 10 km to SET
reach RTB Environmental No major issues identified
status between
Q3 2020 and Issue Status Data
Q1 2021
Location, MW Huesca, Aragón 30 – 40 MW

Feasibility Study ✓ Already done ✓

✓ Already incorporated ✓
Project
SPV

2 ✓ Land identified
Land ✓ In negotiation of lease agreements with land In process
owners
Yield With 1 axis-tracker 1.853 h
Grid/Connection Evacuation line: Less than 10 km to SET
Environmental No major issues identified

Private & confidential 28

 Project Hércules

Project status (2/3)

The first phase 3 Issue Status Data
of the Location, MW Lérida, Cataluña 20 – 25 MW
developmnet
process,
Feasibility Study ✓ Already done ✓
regarding
✓

Project
SPV ✓ Already incorporated
feasibility
3 ✓ Land identified
study has been
Land ✓ In negotiation of lease agreements with land In process
already done
owners
AMDA expects Yield With 1 axis-tracker 1.811 h
the Projects to Grid/Connection Evacuation line: Less than 10 km to SET
reach RTB Environmental No major issues identified
status between
Q3 2020 and Issue Status Data
Q1 2021
Location, MW Alicante, Comunidad Valenciana 40 – 50 MW

Feasibility Study ✓ Already done ✓

4
✓ Already incorporated ✓
Project
SPV

4 ✓ Land identified
Land ✓ In negotiation of lease agreements with land In process
owners
Yield With 1 axis-tracker 1.826 h
Grid/Connection Evacuation line: Less than 10 km to SET
Environmental No major issues identified

Private & confidential 29

 Project Hércules

Project status (3/3)

The first phase Issue Status Data
of the Location, MW Sevilla, Andalucía 30 – 40 MW
developmnet
process,
Feasibility Study ✓ Already done ✓
regarding ✓ Already incorporated ✓

Project
SPV
feasibility
study has been
5 ✓ Land identified
Land ✓ In negotiation of lease agreements with land In process
already done owners

AMDA expects Yield With 1 axis-tracker 1.937 h

the Projects to Grid/Connection Evacuation line: Less than 10 km to SET
reach RTB Environmental No major issues identified
status between
Q3 2020 and Issue Status Data
Q1 2021
Location, MW Sevilla, Andalucía 40 MW
5
6 Feasibility Study ✓ Already done ✓
✓ Already incorporated ✓
Project
SPV

6 ✓ Land identified
Land ✓ In negotiation of lease agreements with land In process
owners
Yield With 1 axis-tracker 1.946 h
Grid/Connection Evacuation line: Less than 10 km to SET
Environmental No major issues identified

Private & confidential 30

Contact details

José Antonio Frej Marga Santos

+34 630 788 175 +34 649 819 800
[email protected] [email protected]

C/ Goya 25, 5º izda - 28001 Madrid

www.edibel.eu

Private & confidential 31