Energeia (ENERG) Pareto securities 28th annual power & renewable energy conference presentation summary

Market position and project pipeline

• Leading player in Norwegian utility-scale PV solar, holding the first large-scale concession (Seval Skog, 46 MWp), representing about one-third of approved national capacity.

• Listed on the Oslo Stock Exchange, with a mature and sizeable pipeline of projects, all including battery storage and agrivoltaics.

• Operational asset in the Netherlands (12 MWp) provides stable cash flow under a 15-year CfD at ~€90/MWh.

• Extensive Norwegian pipeline totals over 400 MWdc, with several projects in various licensing stages and expected CODs from 2027 to 2032.

Seval Skog project and hybrid value stacking

• Seval Skog project fully permitted (46 MWdc/30 MWac), with a 30-year license and expected annual production of ~49 GWh.

• BESS permit allows up to 6 MW/12 MWh; target COD is 2027.

• Hybrid setup (solar + PPA + battery) enhances bankability, cash flow stability, and revenue potential through flexibility and capture uplift.

• De-risking checklist includes concession, land, BESS, grid, EPC, PPA, and financing, with FID and construction milestones mapped through 2029.

Agrivoltaics and sustainability

• Agrivoltaics enables dual land use for crops and power, supporting food production and energy transition.

• Norwegian irradiation levels are comparable to top European solar markets, making agrivoltaics viable.

• Projects integrate in-field sheep grazing, maintaining productive farmland and reducing land-use conflicts.