COMPANY PRESENTATION

INTRODUCTION OF GREENCELLS GROUP

Business Agile international PV down-

Business model with maximum of flexibility Sound financials and no long-term debt
stream company covering
 project development,
 engineering, procurement,
construction (EPC),
 operation and
maintenance (O&M)
of utility-scale solar PV power
plants
Founded 2007
Ownership Privately owned by Global footprint – activities in >20 countries Strong international track record of > 1.45GW
management
HQ Saarbrücken, Germany
Staff 73 employees
Track More than 1,450 MW
record developed and/or built
Revenue EUR 41M in 2016, EUR 76M in
2017
STRICTLY CONFIDENTIAL UNDER NDA 2
ENGINEERING, PROCUREMENT & CONSTRUCTION AT A GLANCE

MWp
180
EPC 59,0%

135
GC 38,0%
90
SUB 3,0%
45
SPLIT OF TURNOVER
IN 2016 (APPROX.) 0 ‘05-’07 2009 2011 2013 15/16 17/18

Since 2008 Greencells has
completed
113 power plants until the end of
March 2018, amounting to
1290 MWp installed capacity.
Greencells is a debt free company,
owned by its management, and won
the 12th Deloitte
Technology Award.
We expect earnings of
more than $80mn. this year.
Always fast to market:
Since entering the UK market in
2014, Greencells has installed more
than 300 MWp – and thus acquired
a 15% market share (utility scale)
during this period.
WHAT WE DO

1. CO-DEVELOPMENT

2. ENGINEERING

3. PROCUREMENT

4. CONSTRUCTION

5. OPERATION &
MAINTENANCE

PLAN. BUILD. RUN.

GREENCELLS’ USP ADDRESSES THE NEEDS OF THE GLOBAL PV INDUSTRY
MAXIMUM OF FLEXIBILITY
Greencells’ business approach is
focused on offering a maximum of
flexibility with a highly modular scope
of services: Greencells offers exactly
those downstream services that cater
best to the individual project’s or
customer’s needs
PREMIER QUALITY AROUND THE GLOBE
Greencells develops and builds high-
quality PV plants in emerging markets
around the globe by:
 Injecting its vast PV experience
early in the development process
 Strict quality management
 Complementing local workforce
with experienced Greencells
installation staff
STRICTLY CONFIDENTIAL UNDER NDA
CONTINUOUS COST REDUCTIONS
Having thrived as a company during
times of crisis in the German PV
industry, Greencells has always
focused on lean operations and
continuous reduction of cost by
streamlining of processes, increasing
the flexibility and optimizing
Greencells’ business model
5
PROJECT DEVELOPER AND EPC ARE KEY ROLES IN CREATING PV PLANTS

Covered by Greencells Not covered by Greencells

PV DOWNSTREAM INDUSTRY STRUCTURE WITH KEY ACTIVITIES
DEVELOP BUILD RUN
Early-stage Late-stage Engineering Procurement Construction O&M Owning
development development

The roles “project developer”, “EPC” and “O&M provider” are segmented in further sub-roles, often offered by different actors. In the PV
industry, business models and activities covered by different PV downstream players differ widely, despite having the same role.

 Identifying and securing land  Designing and optimizing the PV  Technical operations:
 Identifying power offtaker plant for the specific site Monitoring, preventive
maintenance and repairing
 Conducting site studies
defects
 Arranging permits  Selecting and procuring
 Commercial operations:
components, mainly PV modules,
Reporting and accounting
 Negotiating power purchasing agreement (PPA) inverters and mounting structures
 Selecting suppliers, mainly EPC
 Planning and arranging grid connection  Earthworks and preparation of site  Providing equity
 Financing development  Mechanical construction  Earning profits of plant
 Finding an investor to sell to  Electrical installation

Greencells offers a highly modular scope of services, covering whatever combination of downstream activities is optimal for
the individual project
6
OUR DOWNSTREAM PLATFORM

Order to deliver turn-key Delivers

Past: system as EPC or GC COD

Standard
Project Owner Project
EPC

Open interface to 3rd party

Today: EPCs

OUR KEY
CAPABILITIES PLAN BUILD RUN
& SERVICES

Market Co- Construction: O&M + M&A

Intelligence Development EPC / EPC Light / GC Build-Operate-Transfer

Downstream Platform for Corporate Partners:  Module manufacturers

 Cell Manufacturers
 Utilities / Integrators
 Financial Investors / IPPs
RISK IS MANAGED THROUGH A DISCIPLINED BUSINESS DEVELOPMENT APPROACH

LEAD QUALIFICATION AND BUSINESS DEVELOPMENT PROCESS

access to a huge network
Greencells’ business partners
Process Start of projects and developers Lead
through market presence
for 15 years, existing peers
1. & intelligent market
research S S
Opportunities
Commercial / Utility Scale
can participate at any stage:
Gate to be passed in Industrial
2. order to qualify as lead
Quality Classification Co-
Bids
 Early-stage codevelopment
gates EPC Development EPC
(RFPs)
3.
Allocation according to
segment definitions
Projects  Late-stage codevelopment
Quick Test
Account team, internal S S PCP
lead PCP
S S  Project right acquisition
meeting, sales calls, Go / lead Go / Go /
4. planning, travels, follow- No-Go PCP
lead
No-Go No-Go  Construction bridge finance
Qualification ups

Not just “opportunity” Promising EPC Realistic Projects Promising Bids Promising EPC
 Module supply
Qualified Lead
 …
Sales calls, meetings, Project Pipeline
research, pre-pare
5. Pursuit approval Project Bid
Basic Planning Basic Planning
Development Preparation
Subject to project / deal S SProject Board, SPAA, Project S
PAA, Project
size, structure and LoA’s
corporate warranties SVB Board, LoA’s Board, LoA’s
6. Approval

M Project realisation Downstream platform for

7. Offer process PLAN – BUILD - RUN
Process End business partners

S Subprocess within Greencells

M Other main process within Greencells

8
GREENCELLS IS MORE THAN JUST AN EPC PROVIDER

One stop shop for solar projects

The entirety of the EPC

system integration,
plus:

• Planning Consultancy

• Financial Advisory

• Know-how transfer to
investor staff

• excellent ESS & Grid

integration
GREENCELLS COVERS ENTIRE PV PROJECT VALUE CHAIN

→ Greencells provides own → Greencells identifies ready-to-build

Operation, Maintenance and sites where permitting processes are
Management. We offer a wide Project straightforward and network
range of services such as Development connection points are available close
preventative and corrective fault by.
intervention, monitoring and → The company undertakes own
reporting, as well as asset Co-development
developing effort, closes framework
management and direct power & brokerage
agreements with developers, utilities
sales. and, where appropriate, with solar
power operators.

Long-term
O&M security Steady power EPC or GC
generation execution

Turnkey systems

• During construction phase, Greencells is responsible for designing, planning and managing the entire construction process.
• After exhaustive tests according to German standards the system is handed over either to a third party owner or the partner utility -
operated and maintained by Greencells.
GREENCELLS’ RELIABLE REALISATION ORGANIGRAM PROVIDES HIGH FLEXIBLITY

GREENCELLS SECURES LOCAL VALUE CREATION, BUT ENSURES QUALITY AND SPEED OF THE CONSTRUCTION.

Project and site management

Local content/local services Civil works / construction Electric installation / commissioning / monitoring Procurement

Workforce recruitment 1 Construction leader Electrical leader Logistic services

Local site security Foremen for civil works / Foremen for electric Installation / commissioning / Technical advisor /
ramming / mounting monitoring owners engineer

Supply of machinery 2 Teams1 5 Teams1 3 Teams1 2 teams1 2 teams1 Greencells

(5–8 (2–4 (7–10 (7–10 workers) (3–5 workers)
workers) workers) workers)
Local partner/external

Mixed
1) Either Greencells or local partner, depending on individual project

11
DEVELOPMENT OF HIGH-QUALITY PROJECTS IN INTERNATIONAL PV MARKETS

PLAN BUILD RUN

“As a project developer, Greencells leads the project from its inception to the construction stage.”

ACTIVITIES DIFFERENTIATION EXAMPLES

Co-development
 Working with local well-connected early-stage
developers as partners
 Supporting the local partners in technical
aspects and ensuring highest quality
standards in early-stage development
Late-stage development
 Acquiring project rights or contributing late-
stage development in co-development
projects
 Greencells covers the full spectrum of late-
stage development, including securing a
bankable power purchasing agreement (PPA),
planning and negotiation of grid connection,
finding an investor and financing project
development based on set quality gates
 Ensuring quality in emerging PV markets:
With proven processes and vast experience
with PV projects, Greencells helps local
developers in new PV markets to develop
projects that meet highest international
quality standards
 Build as permitted: Providing the technical
design early on in the approval procedures,
avoids changes of the construction permit and
thus streamlines the development process
 High quality pipeline: Following clearly set
quality gates, Greencells ensures a high quality
throughout its pipeline and thus is a trusted
partner for investors
Greencells has developed / built 107 projects and
has a significant pipeline under development.
Some examples are:
 Egypt:
(Co)-Development of 60 MWp
 Bangladesh:
Development of 2 projects with
130 MWp together with a local
developer and the IFC

12
FAST, RELIABLE CONSTRUCTION OF PV POWER PLANTS AT LOW COST
PLAN BUILD RUN
“Greencells constructs high-quality power plants in various roles, whatever is best suited for the individual project.”
ACTIVITIES
Greencells takes various roles in building PV
plants: being a turnkey EPC, a general contractor
or offering only mechanical installation
 Turn-key EPC: Offering a turnkey PV plant,
including technical design, selection and
procurement of components, construction and
commissioning, all backed by performance
guarantees
 General contractor (GC): Constructing the PV
power plant based on the plans of the EPC
with components purchased by the EPC
 Mechanical works: Offering only mechanical
installation to other EPCs or general
contractors
DIFFERENTIATION EXAMPLES
 Strong track record: 1 GW of international Greencells has constructed more than 1 GWp of PV
experience and track record allows Greencells power plants around the globe. Some examples
to optimize the technical design to reduce cost are:
and improve yield
 Full scope: High flexibility in scope offered,  Cottbus I, II, III:
often act even as subcontractor for other EPCs 167 MWp – largest project
of Greencells in Germany
 Full transparency: In selected projects,
Greencells is offering open-book contracts
giving full transparency to its customers
 Experienced workforce at low cost:  Rose & Crown:
Greencells has highly trained Romanian 30 MWp – largest project
workers that bring experience in constructing of Greencells in England
PV plants and build plants across Europe
 Local content: Outside Europe, Greencells
supplementing teams of eight local workers –  Sweihan 1.2 GWp:
thereby having a high local content – with one Selected as GC for 290 MWp;
experienced Greencells employee to improve supplying mounting
quality of construction structures for full 1.2 GWp of
project in Abu Dhabi/UAE
13
FLEXIBLE OPERATIONS & MAINTAINANCE SERVICES FOR ASSET OWNERS

PLAN BUILD RUN

“Greencells provides the full operations and maintenance package in markets where they can attain a critical mass of projects.”

ACTIVITIES DIFFERENTIATION EXAMPLES

 Monitoring: 24/7 plant monitoring from  Selected markets: Greencells provides O&M  Greencells provides O&M services for a total of
central control room in Romania to identify services only in markets where they have 320 MWp across 24 PV power plants in the UK
changes in performance and malfunctions sufficient projects to attain economies of scale,
 Greencells provides its O&M services for major
early on currently only in the UK
PV asset owners in the UK, including:
 Reporting: Of performance to asset owners  Low cost base: Monitoring operations in
Romania results in low cost base for the labor-
 Preventive and corrective maintenance:
intense monitoring
Schedule, arrange and manage electrical and
mechanical maintenance works, including  Full flexibility for asset owners: Greencells
management and storage of spare parts, as offers to cover a wide range of O&M services
well as management of warranty claims and customers can decide which aspects to
outsource to Greencells and which aspects to
 Field services: Greenkeeping of the site, e.g.,
cover inhouse
grass cutting, hedge trimming, and cleaning of
the modules if accumulated soiling sufficiently
decreases the output of the PV plant
 Availability guarantee provision: Guarantees
up to 84% performance ratio for PV Systems
and 99% availability backing the owners’
financial models

14
LATEST CLIENTS & FINANCING REFERENCES

COUNTRY SIZE IN MWP CLIENT INVESTOR BANK SCOPE

Toggam Farm
Greenheath Forest Heath Roundshield CO-DEV.
UK 12,9
Ltd., UK Council, UK (mezzanine) EPCM

Coombeshead
Meryll Lynch /
Belltown Belltown
UK 9,6 Bank of EPCM
Power, UK Power, UK
America
Hawkers Farm Roundshield
NEXT Energy NEXT Energy
UK 11,8 (mezzanine) EPCM
Capital, UK Capital, UK
Macquarie (longterm)
Lwyndu Farm
NEXT Energy NEXT Energy
UK 8 NIBC BANK, NL EPCM
Capital, UK Capital, UK

Cockhill Farm
NEXT Energy NEXT Energy
UK 20,2 NIBC BANK, NL EPCM
Capital, UK Capital, UK
LATEST CLIENTS & FINANCING REFERENCES

COUNTRY SIZE IN MWP CLIENT INVESTOR BANK SCOPE

Roundponds
Buckland Buckland
UK 13,1 Close Brothers EPCM
Capital, UK Capital, UK

Reden Mine Vereinigte

GER 8 RAG, GER RE:Cap, CH Volksbank Saar, EPC
DE
ROC 1.2 sites
Macquarie
UK 80 N/A NESF EPC
RBS (2 sites)

Dej Mountain
RO 5,87 UniSUN, CN UniSUN, CN n/a EPC

COTTONWOOD
CO-DEV.
US 4,2 Blue Planet LG CAPITAL full equity
EPCM

16
PRODUCTIVITY – 15 DISPERSED PROJECTS IN UK ONLY IN Q1 / 17

Project Size MWp Construction Start Energisation date Days to Completion Lisburn
Carrowdore 6 03/11/2016 20/02/2017 93
Lisburn 20.5 03/11/2016 27/02/2017 99
Henley 5 04/12/2016 10/03/2017 82
Eaglescliff 5 13/02/2017 26/03/2017 35
Swanland 5 06/01/2017 22/03/2017 64
Hill Farm 4.985 25/01/2017 22/03/2017 48
Axe View 5 06/03/2017 27/03/2017 18
Manor Wasing 5 23/01/2017 28/03/2017 55
Flixborough 5 20/02/2017 29/03/2017 32
Siddick Workington 5 10/02/2017 29/03/2017 40 Siddick Workington
Pottersbar 5 19/12/2016 26/02/2017 59
Pickhill Bridge 3.63 23/01/2017 05/03/2017 35
Farm
Forest Farm 3 14/12/2016 05/02/2017 45
Meadowly (Upper) 5 27/01/2017 31/03/2017 54
Bryncyrnau Isaf 5 03/02/2017 31/03/2017 48
Sub-Total 88.115

average construction speed: 1 MW a day – Peak speed: 2 MW a day… in 15 projects in parallel…

 ACTUAL PIPELINE GLOBALY

ACTUAL PROJECTS IN GREENCELLS PIPELINE

Country Netherlands Country Poland
Size 80 MWp (5 projects) Size 6 MWp (6 projects)
Status Late-stage Status under construction Country Hungary
Greencells' role Codeveloper & EPC Greencells' role EPC Size 200 MWp (6 projects)
Country France Status Late-stage (FIT)
Size 170 MWp (18 projects) Greencells' role EPC
Status Late-stage (FIT)
Greencells' role Codeveloper
Country Albania
Size 125 MWp
Status CFD scheme
Greencells' role Co-Dev EPC

Country USA / North Carolina Country Bangladesh

Size 20+26 MWp (PPA / ITC) 2 Projects Size 2 x 50 MWp (2 projects) + 100 MWp
Status Ready-to-build Status Late-stage (PPA)
Greencells' role EPC Greencells' role Codeveloper & EPC + EPC

Country UK - Greencells Portfolio

Size 150 MWp (4 projects)
Status Shovel-ready (synthetic PPA)
Greencells' role EPC
Country Vietnam
Country Spain - Greencells Portfolio
Size 50 MWp
Size 150 MWp (3 projects)
Status Late-stage (FIT)
Status Late-stage (FIT)
Greencells' role EPC
Greencells' role Codeveloper & EPC
Country Egypt
Size 60 MWp (FIT) + 120 MWp
Country Chile
Status Ready-to-build
Size 43 MWp + 96 MWp (1 project)
Greencells' role EPC / CC in a JV
Status Ready-to-build (PPA)
Greencells' role EPC

Country Nigeria Country Philippines / Mindanao

Country Malaysia
Size 130 MWp (1 project) Size 32 MWp (PPA)
Size 45 MWp (PPA)
Status Ready-to-build (PPA) Status Under construction
Status Late-stage (FIT)
Greencells' role EPC Greencells' role EPC
Greencells' role Codeveloper & EPC

STRICTLY CONFIDENTIAL UNDER NDA 18

 COMPANY STRUCTURE – MANAGEMENT LEVEL

Total staff:
73 employees and
>250 workers1
Andreas Hoffmann Marius Kisauer
CEO CFO/COO

Business Development & Sales Branch Offices Legal Corporate Finance Firmwide

Thomas Freyberg Florian Johänntgen Stefan Riel Stefan Horn Ardeshir Arian Ric Hallikeri Dan Cirstoc James Tyson Cyrill Reidelstürz Patrick Clemens
Global Head of Head of Sales Managing Director Managing Director Managing Director Managing Director Managing Director General Counsel SVP – Corporate CTO
Business APAC APAC USA MEA CEE Finance
Development

Business and Supporting Units

Business Unit (E) Business Unit (P) Business Unit (C) Business Unit (M) Business Unit (OM) Support Unit Support Unit Support Unit
Electrical + Strategic Construction Project Management+ Operations Controlling, Legal / HR / Mgtm. IT / Marketing
Civil Engineering Purchasing Management Quality Management & Maintenance Accounting, Treasury Assistance
14 Employees 14 Employees 11 Employees 9 Employees 8 Employees 10 Employees 3 Employees 4 Employees

Enzo Klepper Boris Radloff Dan Ludusan James Ricketts Costin Nicha Thorsten Günther Nicole Schubotz/ HR Georg Curta & Mihalcea
Head of Design & Head of Purchasing Head of Construction Head of Project- & Head of O&M Head of Financial Oksana Chines/ CoS Juraviea
Engineering Quality Management Control IT
STRICTLY CONFIDENTIAL UNDER NDA 19
1) Group wide - as of 2017-06-26 – workers only have short-term contract terms for employment
REFERENCES

Greencells Group operates its

own construction business
Unit with more than 500
employees. This allows us to
allocate resources in order to
meet demanding timelines
Kencot Hill Issacea Rochefort du Gard Hamburg
Located in England Located in Romania Located in France Located in Germany
Operating since 2014 Operating since 2012 Operating since 2013 Operating since 2011
37 MWp capacity 9 MWp capacity 25 MWp capacity 25 MWp capacity

Our construction
performance is up to 2 MWp
built per day.

Ford Farm Nancy Mainz Littlebourne

Located in France Located in France Located in Germany Located in England
Operating since 2016 Operating since 2011 Operating since 2010 Operating since 2014
11,5 MWp capacity 21 MWp capacity 123 kWp capacity 17 MWp capactiy
REFERENCES

Greencells uses only TIER1

components for the entire
design, which guarantees a
yearly degradation of not
more than 0,5%.

Rose & Crown Metz Herchenbach Laceby Farm

Located in England Located in France Located in Germany Located in England
Operating since 2016 Operating since 2011 Operating since 2013 Operating since 2016
30 MWp capacity 19 MWp capacity 5,5 MWp capacity 10 MWp capacity

Greencells guarantees up to
84% performance ratio for PV
Systems and 99% availability,
backed by AAA bonds (e.g.
SwissRe, R&V, Allianz, HDI,
CoFace)

Karlstadt Halberstadt Cottbus I,II,III Carnemough

Located in Germany Located in Germany Located in Germany Located in England
Operating since 2010 Operating since 2012 Operating since 2013 Operating since 2014
19 MWp capacity 18 MWp capacity 167 MWp capacity 4 MWp capactiy
GREENCELLS WORKS VERY EFFICIENTLY: 15 DISPERSED UK PROJECTS ONLY IN Q1

Project Size MWp

Greencells works very efficiently and has a track Carrowdore 6

record of meeting ambitious timelines Lisburn

Henley
21
5
Eaglescliff 5

In Q1/2017, Greencells worked on 15 dispersed projects in the UK Swanland

Hill Farm
5
5

88 MWp. Over these projects with an

Axe View 5
in parallel totaling Manor Wasing 5
Flixborough 5

average size of 5.9 MWp Greencells achieved an average construction Siddick Workington 5
Pottersbar 5

1 MWp per day, in peak times even

speed of Pickhill Bridge Farm
Forest Farm
4
3

2 MWp per day. Meadowly (Upper)

Bryncyrnau Isaf
5
5
Total 881

1) Sum does not add up due to rounding error

22
ENGINEERING EXCELLENCE

1. DESIGN FOCUS on Total Cost of Ownership (TCO)

The design of our power plants is optimized so as to obtain the best ratio between
CAPEX + OPEX / YIELD over the whole lifecycle of the asset.

2. TECHNICAL PROJECT
Greencells’ award-winning designs create power plants which are able to provide:
reactive power, load balancing and up to multiple Mega Watt hours storage capacity.

3. QUALITY MANAGEMENT
- up to 10 years overall guarantee
- Wrapping up different warranties for different parts
- Laboratory testing and certifications for key components
- Supply Chain Management

PLAN. BUILD. RUN.

www.greencells.com