Energeia (ENERG) Status Update summary

Operational and financial status

• Netherlands operations are at break-even, with a profitable solar plant and a challenging but positive installation business.

• Sævdalsskog project in Norway received concession, making it the largest solar plant in the country.

• Ongoing rights issue is fully guaranteed, securing working capital for the next year and beyond.

• Two main shareholders, Obligo and Eidsiva, control nearly 85% of shares, but there is a push for broader ownership.

• Revenue stream from new projects expected to start in 2027, with potential for earlier if long lead items are expedited.

Project pipeline and development

• Multiple projects in Norway are in the application phase, with Sævdalsskog approved and others like Store Nøkkelberg and Mælum awaiting decisions.

• Grid connection for future projects may be accelerated through conditional agreements with grid operators.

• Sævdalsskog includes plans for battery storage, with ongoing analysis of optimal sizing and market opportunities.

• Local support is strong, with municipalities as landowners and political backing for key projects.

• Project IRR is estimated at 7-8%, with a payback period of over 17 years and dividend yield above 10%.

Market and strategic outlook

• Norwegian solar market is still small, but recent concessions have significantly increased capacity.

• Agri-PV and dual land use are central to project acceptance and stakeholder engagement.

• Capture price for solar is a key concern; use of trackers and batteries aims to optimize revenue by shifting production to higher-priced periods.

• Conservative power price assumptions are used in models, with high volatility expected over the next 30 years.

• PPA negotiations are ongoing, with both aggregators and direct industrial buyers showing interest.