Energeia (ENERG) Investor update summary

Project overview and investment opportunity

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

• NOK 100M equity raise underway to fund the project, with a 51/49 SPV structure between Energeia and Eidsiva Vekst.

• Full NVE 30-year concession granted, eliminating regulatory risk; all major milestones completed, ready for FID in H1 2026.

• Project levered IRR projected at 12.3%, with breakeven at €42.35/MWh and base case capture price at €50/MWh.

• BESS permitted under existing concession, optimized for ancillary markets, and expected to deliver 34.2% unlevered IRR.

Financials and returns

• Total CAPEX estimated at NOK ~400M, with NOK ~209M senior debt and NOK 100M equity raise.

• Solar unlevered IRR at 7.19%, BESS unlevered IRR at 34.2%, and project levered IRR at 12.3%.

• Project remains cash flow positive above €42.35/MWh, with strong upside from structural demand and BESS revenue.

• Revenue stack includes merchant sales, Guarantees of Origin, and BESS ancillary services, with PPA and FCR grid services as upside options.

• EBITDA margin projected at 78–85% over the first decade, with DSCR consistently above 2x.

Market drivers and competitive advantages

• Surging demand from data centers and electrification expected to drive power prices and returns higher.

• First-mover advantage with Norway's first utility-scale solar concession and proven operational track record.

• Institutional partners (Eidsiva Vekst, Obligo Climate Impact Fund) provide governance, expertise, and financial strength.

• All de-risking complete: concession, land lease, grid, yield study, and BESS permit secured.

• Agri-PV concept ensures community support and productive land use.