Presente y Futuro de las Energías Renovables Nuevos Mercados y Evolución de los Mercados Existentes Juan M. Fernández Sonnedix SOLAR PV TREND

40% ABOUT SONNEDIX

• Founded in 2009, Sonnedix is a leading solar photovoltaic (“solar PV”) independent power developer and producer • Currently controls >1.6 GW of solar photovoltaic (“PV”) capacity across eight countries in four continents • More than USD 3 billion invested in solar PV projects globally • 9th largest solar PV portfolio in Europe, top 5 IPP in , and • Controls 14 plants representing nearly 500 MW of capacity in

• Sonnedix develops, builds, owns and operates assets globally in key markets (main focus on OECD countries)

• Sonnedix Group is majority owned by institutional investors advised by J.P. Morgan Asset Management (17 portfolio companies with NAV of USD 9.8 billion, as of September 2018) WE HARNESS THE POWER OF THE SUN TO BUILD A BRIGHT FUTURE A GLOBAL PLATFORM

167 1,642 MW 806 MW 201 MW 635 MW Plants Controlled Operational Construction Development Capacity

FRANCE USA & PUERTO RICO UK 4 MW Operating 190 MW Operating 73 MW Operating 5 MW Construction 52 MW Development

SPAIN 214 MW Operating JAPAN ITALY 51 MW Operating 181 MW Operating 196 MW Construction 242 MW Development

CHILE 7 MW Operating 340 MW 86 MW Operating Development DIGITALISATION PLATFORM REVAMPING: 50% of 1.8MWn BEFORE AFTER

2008 Inverters (x18) Replacement with New OEM String Inverter 1) Inverter chopper power electronics failure mode 1) 50% Site under standard 5 year inverter wty 2) MTBF = 1070 hours (at site level) 2) Corrective limited to exchange and RMA of affected unit 3) Ca. 10k€ corrective costs 3) O&M intervention simplified: small and low weight power modules 4) O&M intervention ergonomics appalling 4) Availability: Enhanced stockage of incumbent inverter failing parts 5) Availability impacted by RMA process 5) 6% PR Enhancement thus far 6) Reaching full retribution challenged REVAMPING: 50% of 1.8MWn

Early Results: 15 minute based data for comparable periods before and after inverter replacement

Results & Considerations DPR +6% (est.) DC Field 15 to 21 Module Strings Protections 1000 V Ratings Permitting No Impact Legalisation Achieved FUTURE TRENDS

1) STORAGE

a) WHEN

b) CAPEX

c) OPEX

2) GRID SERVICES

1) GRID COMPLIANCE

2) CURTAILMENTS RESPONSE

3) REVENUE OPTIMIZATION