Energeia (ENERG) Investor presentation summary

Project overview and investment opportunity

• Launching Norway's largest hybrid solar and battery energy storage system (BESS) project, Seval Skog, with 46 MW solar and 10 MW/20 MWh BESS, targeting COD in 2027.

• NOK 100 million equity raise to fund the project, with a total CAPEX of approximately NOK 400 million and senior debt of NOK 209 million.

• Project is fully permitted with a 30-year NVE concession, land lease, grid connection, and environmental assessment completed.

• SPV ownership split: 51% Energeia, 49% Eidsiva Vekst.

• Agri-PV concept enables dual land use for agriculture and solar generation.

Financial performance and returns

• Base case levered IRR is 12.3%, with unlevered IRR at 9.4%; BESS alone delivers a 34.2% unlevered IRR.

• Project remains cash flow positive above €42.35/MWh, with a medium capture price of €50/MWh.

• Year 1 P50 production estimated at 50,357 MWh; EBITDA margin projected at 78–85% over the first years.

• Revenue stack includes merchant sales, Guarantees of Origin (GoO), and BESS ancillary services, with additional upside from potential PPAs and grid services.

• Debt service coverage ratio (DSCR) remains strong, with headroom above covenant requirements.

Market drivers and competitive positioning

• Surging demand from data centers and electrification in Norway is driving higher power prices and strong project returns.

• No subsidies required; project economics are supported by market prices and structural demand growth.

• Seval Skog holds Norway's first utility-scale solar concession, representing about one-third of all approved capacity.

• Energeia has a proven operational track record since 2011, with institutional partners and a robust project pipeline exceeding 463 MW DC.