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PRIVATE AND CONFIDENTIAL

Global Offshore Wind M&A Activity and Pricing Trends9th May 2018

Global Offshore Wind M&A Activity and Pricing TrendsPrivate and Confidential 9th May 2018

Page 1

� First offshore wind project financing (North Hoyle as part of RWE Innogy’s Zephyr transaction in 2004)

� First sale of pure offshore wind turbine maker (Multibrid to Areva closed in 2007/2010)

� First sale of German offshore wind project to a PE investor (Nördlicher Grund to Blackstone in 2011)

� Sale of largest offshore wind portfolio with permit and grid (PNE’s Gode Wind to Dong Energy in 2012)

� Largest Google corporate PPA in Europe (160MW Norwegian wind farm Tellenes in 2016)

� Largest Facebook corporate PPA worldwide (294MW Norwegian wind farm, Bjerkreim cluster 2018)

� Advised Yushan Energy on the sale of a 50% stake to Mitsui (2018). Yushan is the JV partner of Northland Power in Hai Long

Augusta & Co: pioneering renewable energy transactions

� A leading European specialist investment bank for renewable energy

� €10.4bn raised across 92 successfully completed transactions

� Onshore and offshore wind, solar, biomass, hydro

Pioneering renewable energy transactions since 2002


Page 2

The European market is setting the pace in the evolution of offshore wind….

Sector “firsts” in the last 24 months:

� Over 20GW installed globally, forecast to grow to 130GW+ by 2030

� £57.5/MWh1 delivery strike price for Moray East and Hornsea 2 in UK

� €35/MWh bid-equivalent LCOE for Danish near-shore3

� Vattenfall secures Hollandse Kust Zuid I and II concessions on a zero-subsidy winning basis (delivery in 2022/23)

� 8.8MW WTGs deployed commercially in 2018 (Aberdeen Bay) with 9.5MW WTGs being produced (Triton Knoll in UK and Northwester II in Belgium)

� Hywind pilot park as the world’s first floating wind farm started operations off the coast of Scotland in Oct-17

Over the past two years we have seen a number of firsts in European offshore wind markets

Notes: 1. In 2012 prices. 2. BNEF LCOE equivalent estimate of $55/MWh, 3. BNEF LCOE equivalent estimate of $39/MWh, 2016 prices, 2016 average USD/EUR FX rate used, Source: Bloomberg New Energy Finance (BNEF), CfD register, Vattenfall website and press release, Mitsubishi Heavy Industries Vestas Offshore Wind website and press release, A&Co analyses


Page 3

…with new emerging offshore wind markets gearing up for growth

Australia:2GW offshore wind development project

Taiwan:5.5GW of offshore wind awarded

Japan:Sector development to meet RES targets

India:EOI for 1GW offshore wind farm

USA:Award of 1.2GW offshore wind tender

Award of 4.1GW worth of land leases in Massachusetts

EnBW has formed California-based JV

Mature offshore market

New offshore market

Approximate project location

South Korea:Aggressive roadmap to 2020

China:Fastest growing offshore wind market globally

Ireland:Sector development to meet RES targets

Poland:Sector development to meet RES targets

Turkey:Launching first 1GW offshore wind tender in 2018

Source: Bloomberg New Energy Finance, 4C Offshore, Inspiratia, company reports

Norway:Sector development

Vietnam:Sector development to meet RES targets


Page 4

Enterprise ValueDate of Announcement Country Status Target Wind Farm / Portfolio Buyer Stake Net MW €m €m/MW €/MWh

Apr-19 Taiwan Construction Yunlin Sojitz, JXTG, Chugoku, Shikoku 27.0% 172.8Mar-19 UK Operating Westermost Rough and Lincs Arjun Infrastructure Partners 15.3% 73.4Jan-19 Ireland Consented Oriel ESB 35.0% 115.5Jan-19 Ireland Pre-Consent Clogher Head Parkwind 35.0% 175.0Jan-19 UK Operating Walney I and II PGGM 10.0% 36.8Jan-19 UK Construction Moray East China Three Gorges 10.0% 95.0Jan-19 UK Operating Gunfleet Sands JERA Co 25.0% 43.1Dec-18 Taiwan Construction Formosa 1 JERA Co 32.5% 41.6Dec-18 France Consented Le Treport and Yeu Noirmoutier Sumitomo Corporation 29.5% 292.6Dec-18 USA Development Land lease Equinor Wind 100.0% 1,400.0Dec-18 USA Development Land lease Mayflower Wind Energy 100.0% 1,400.0Dec-18 USA Development Land lease Vineyard Wind 100.0% 1,400.0Dec-18 Germany Operating Veja Mate IRI Investments, Ikea, Commerz Real, wpd Invest 75.0% 300.0Nov-18 UK Construction Moray East Kansai, Mitsubishi UFJ 16.7% 158.7Nov-18 Denmark Operating Middelgrunden Hofor 50.0% 20.0Oct-18 Ireland Pre-Consent North Irish Sea Array Statkraft 100.0% 540.0Sep-18 UK Consented Seagreen Alpha / Bravo SSE 50.0% 750.0 263.5 0.18Sep-18 UK Pre-Consent Moray West Engie 33.0% 330.0Sep-18 UK Construction Hornsea 1 Global Infrastructure Partners 50.0% 609.0 5,023.1 4.12Aug-18 Belgium Construction Northwester 2 Sumitomo 30.0% 65.7Aug-18 Taiwan Consented Hai Long Mitsui 20.0% 208.8Aug-18 UK Construction Triton Knoll Electric Power Dev. / Kansai 41.0% 352.6Jul-18 UK Operating Teesside Dalmore / PIP 49.0% 30.4Jun-18 USA Pre-Consent Morro Bay EnBW 50.0% 500.0May-18 Germany Construction Hohe See and Albatros CPPIB 24.5% 148.9 1,499.2 2.46May-18 Germany Consented Arcadis Ost I Parkwind 100.0% 247.0May-18 UK Consented Neart Na Gaoithe EDF Energy 100.0% 450.0 500.0 1.11Apr-18 UK Construction Race Bank Arjun Infrastructure / Gravis Capital 12.5% 71.6Apr-18 Netherlands Operating Gemini Alte Leipziger / wpd 5.0% 30.0Apr-18 Ireland Pre-Consent North Irish Sea Array Element Power 100.0% 540.0Mar-18 UK Operating Galloper ESB 12.5% 44.1Mar-18 UK Operating Westermost Rough GIG 25.0% 52.5Mar-18 Ireland Pre-Consent Dublin Array Innogy 50.0% 300.0Mar-18 UK Construction Moray East Diamond Generating Europe 33.4% 317.3Mar-18 Poland Pre-Consent BSII & BSIII Equinor (fka Statoil) 50.0% 600.0Feb-18 Taiwan Pre-Consent Three offshore wind farms EnBW 37.5% 750.0Jan-18 Netherlands Consented Borssele 3&4 Partners Group 45.0% 329.4

The market is active with 37 transactions (excl. China) since January 2018…

Source: A&Co database based on publicly available information and company announcements; Note: 1. Weighted average of the stakes acquired in the offshore wind farms as part of the transaction

1


Page 5

…with activity in all stages of a project life-cycle…

# Deals by Asset Development Stage and Subsidy SupportThe past 18 months have seen activity along the entire development cycle of offshore wind projects

As projects mature, projects are being sold in ever smaller bite sizes to long-term capital investors

Investors Net MW Investors Net MW Investors Net MW Investors Net MW Investors Net MW

Equinor Wind 1,400 EnBW (2 deals) 1,250 SSE 750 GIP 609IRI, Ikea, CommerzReal, wpd Invest

300

Mayflower Wind 1,400 Equinor 600 EDF 448J-PowerKansai

353 Arjun Infrastructure 73

Vineyard Wind 1,400 Statkraft 540 Partners Group 330 DGE 317 GIG 53

Element Power 540 Sumitomo 293Sojitz, JXTG, Chugoku, Shikoku

173 ESB 44

Engie 330 Parkwind 247Kansai, Mitsubishi UFJ

159 JERA 43

Innogy 300 Mitsui 209 CPPIB 149 PGGM 37

Parkwind 175 ESB 116China Three Gorges

95 Dalmore / PIP 30

Arjun Infrastructure / Gravis Capital

72 Alte Leipziger / wpd 30

Sumitomo 66 Hofor 20

JERA 42

5

9 9

3

8

2

-

2

4

6

8

10

Development Pre-Consent Consented Construction Operating

# of deals

Subsidised Unsubsidised

Source: A&Co database based on publicly available information and company announcements


Page 6

11,095

1,480

95 149-

2,000

4,000

6,000

8,000

10,000

12,000

Europe Japan China Canada

Net MW

Europe UK Taiwan USA

…with operating assets increasingly finding long-term financial investors…

Financial investors are pushing themselves earlier in the value chain to satisfy their return requirements in this competitive market

Japanese strategic investors are becoming increasingly competitive in European auctions as they place a premium on the development know-how in order to redeploy it in their home market

# Deals by Investor Origin

# Deals by Investor Type

Europe70%

Japan24%

China3%

Canada3%

4,2003,944

2,537

1,681

630

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Development Pre-Consent Consented Construction Operating

Net MW

Strategic Financial

Net MW by Investor Type and Development Stage

Strategic

73%

Financial

27%

Net MW by Asset Location and Investor Origin

Investor origin

Source: A&Co analysis


Page 7

Europe78%

Taiwan11%

USA11%

…with new markets opening up outside of Europe

Taiwan is the newest non-core offshore market to gain investor attention given the government’s commitment and an attractive 20-year feed-in tariff

Legacy assets get considerable investor attention with very competitive auction processes which aid in delivering premium valuations

Subsidy Regimes Currently in Place in Main Target Geographies# Deals by Asset Location

Country Mechanics Next award

� CfD at strike price £/MWh, subsidy determined by difference between strike price and half-hourly electricity price

� Superseded ROCs

� Jun-19 (Round 3), budget allocation of £65m by authorities

� Flexible Feed-in Premium� Apr-21, first centralised tender where

the authorities pre-develop the offshore wind farm project

� Flexible Feed-in Premium with ceiling on a set amount of production (usually 50,000 full load hours), then merchant price

� Timeline not disclosed, in the course of 2019 (Project Thor 800MW)

� CfD model at strike price €/MWh with RECs

� Target 12% IRR (at FID)� Adjusts for full load hours > 3,500/MW

� Timeline not disclosed, likely 2022 for new development areas

� Feed-in Premium capped at a minimum electricity price

� Currently in process for HollandseKust Zuid III and IV (zero-subsidy basis)

� Dec-19 for next round

� Fixed inflation-linked Feed-in Tariff� Currently in process for Dunkerque� Timeline not disclosed (Project Oléron

750MW)

� Fixed inflation-linked Feed-in Tariff digressing on full load hours

� Option 1: Fixed 20-year FiT� Option 2: Sculpted FiT 10 years + 10

years

� Timeline not disclosed

# Deals by Subsidy Support

Subsidy Support # DealsUK – ROC 7

UK – CfD 6

Germany – FiP 3

Denmark – FiP 1

Belgium – FiP 1

Netherlands – FiP 2

France – FiT 1

Taiwan - FiT 3

Unsubsidised 13

Source: A&Co analysis and research


Page 8

Plenty of transactions are in the market or heard to come to market soon…

Country Wind Farm MW COD Project owners Status A&Co commentary

UK East Anglia One 714 2020 (exp.) ScottishPower 100% Construction Currently sounding out investors for the under-construction project

UK Hornsea 2 1,386 2022 (exp.) Ørsted 100% Construction Likely to farm-down a 50% stake in the project

UK Neart Na Gaoithe 448 2023 (exp.) EDF 100% Pre-construction EDF looking for a 50% co-shareholder

UK Seagreen Alpha & Bravo1 1,500 2023/25 (exp.) SSE 100% Pre-construction SSE took 100% ownership in the project may look to sell

UK Dogger Bank (Sofia)1 1,400 2023/25 (exp.) Innogy 100% Pre-construction Will seek minority sell-down similar to Triton Knoll transaction

Ireland Codling Wind Park 1,100 n/a Fred Olsen Renewables 50%,Hazel Shore Ltd 50%

Pre-consent Hazel Shore engaged Rothschild to sell their stake. Fred Olsen officially not selling

Gernany Bard Offshore 1 400 2010 HypoVereinsbank (Unicredit) 100% Operating HypoVereinsbank selling out of the project

Germany Nordegründe 111 2017 Gothaer 30%, John Laing 30%, wpd 30% Operating John Laing rumoured to be selling out

Germany Gode Wind 1 330 201750% Global Infrastructure Partners (GIP)50% Ørsted (formerly DONG Energy)

Operating GIP selling out of its stake in the project

Germany Arkona 378 2019 E.ON 50%, Equinor 50% Operating Equinor selling half of its stake

Germany Merkur Offshore (MEG 1) 396 2019 (exp.) Partners Group 50%, InfraRed Capital 25%, DEME 12.5%, GE Financial Services 6.25%, ADEME 6.25%

Construction/Operating Sales process has been initiated jointly by the shareholders

Germany Arcadis Ost 1 247 2021 (exp.) Parkwind 100% Pre-construction Interested in an asset swap transaction

France Saint-Brieuc 496 2023 (exp.) Iberdrola 70%, RES 22.5%, CDC 7.5% Consented RES selling out of its stake in the project

Sweden Swedish offshore project 500 n/a Undisclosed Pre-consent Esmera Partners has launched the sale

Denmark Horns Rev 3 407 2019 (exp.) Vattenfall 100% Construction/Operating Vattenfall may look to sell down

Denmark Kriegers Flak 604 2021 (exp.) Vattenfall 100% Construction Vattenfall may look to sell down

Taiwan Formosa 2 378 2020/21 (exp.) Macquarie 75%, Swancor 25% Pre-construction Macquarie selling down part of its stake

Taiwan Yunlin 640 2020/21 (exp.) wpd 73%, Sojitz consortium 27% Construction Wpd may look to sell an additional 22% in the project

Taiwan Changhua 1/2a 900 2021/22 (exp.) Ørsted 100% Construction Initiating sales process

Sales process underway

Source: A&Co analysis; Note: 1. Participating in CfD Round 3 allocation in Jun-19


Page 9

…surely driven by the strong reduction in required returns

Consideration Onshore wind Offshore wind(2015)

Offshore wind(2019)

Equity IRR � 6-8% � 9-10% � 6-8%

Project life � 25-30 years � 25 years � 25-30 years

Typical stakes � Majority� Levered

� Minority� Levered/Unlevered

� Minority� Levered/Unlevered

Operating partners � O&M/TCM agreements � Industrial or strategic equity partner

� Industrial or strategic equity partner

Scale (Gross) � 10-100MW � 60-700MW � 200MW-1.5GW

Typical gearing at FID � 80% � 0-60% � 0-75%

Yield performance � Sub P50� 30-40% CF

� ~ P50� 35-45% CF

� >P50� 45-55% CF

EBITDA margins � 80% � 70% � 70-80%

Subsidy (e.g. UK) � ROC: 0.9/MWh� CfD: £80/MWh

� ROC: 1.5/MWh� CfD: ~ £115/MWh

� ROC: None� CfD: £57.50-74.75/MWh

Capex (e.g. UK) � £1.2-1.5m/MW � £4.0-5.0m/MW � £2.2-3.5m/MW

Assuming these returns work for investors, offshore wind ought to be more attractive owing to investors’ relative ability to deploy more capital in projects

It is worth noting, industry views are still developing on the following key value drivers that will determine the sector’s long-term attractiveness as an asset class:- Project life- O&M strategy and

costs - Turbine availability


Page 10

(8) (6) (4) (2) - 2 4 6 8

Project life +/- 2 yrs

Production +/- 3.0%

Merchant power prices +/- 10.0%

WTG O&M post-contract +/- 15.0%

Inflation rate +/- 0.5%

Turbine availability +/- 1.5%

Upside Downside

Offshore wind economic sensitivities are similar to onshore wind…

The project’s equity value is sensitive toseveral valuation parameters, such as:

� Merchant power prices are a key valuedriver due to the tail of uncontracted cashflows after the EEG remuneration period

� Upside from optimisation in the post-LTPperiod due to more competitive O&Mpricing and cost reductions

� Macroeconomic factors such as inflationrate will play an important role for value

� Project life extension is feasible from atechnical perspective but might comewith reduced availability and increasedoperating costs. It also depends onreceiving an operating permit for the timeafter 25 years from COD 100

Note: Equity value and all sensitivities indexed to €100m

Sample Equity Value Sensitivities for an Operating Offshore Wind Project in Germany (Indexed)Augusta’s extensive sell-side and buy-side experience provides a good understanding of what investors look for and what factors drive value


Page 11

…and winning bidders can find ways to monetise upside that others can’t

Potential Valuation Upsides

Upside Description

Green Bond Refinancing Some bidders have gained experience in green bonds and are willing to use the proceeds to backlever their equity stake. Assuming backleverage at 2.5% all-in interest, the levered IRR could be lowered from 8% levered to below 6%.

Wake Effect Reduction Internal and external wake effects can be reduced following a technology upgrade from Siemens. However, detailed information on the technology and associated cost are yet to be provided by the Siemens, but this is an item that an investor should get itself familiar with to stand out.

Decommissioning Cash and DSRA Collateral

Legally required decommissioning provision is collateralised by cash that is kept in the SPV, thereby restricting dividend capacity. If collateral was provided in a non-cash impacting form (e.g. via an L/C), equity value could increase materially. Same applies to the DSRA.

Further Repricing of Senior Debt

The senior debt market is offering further margin reductions, seen as low as 120bps for offshore wind in Germany. Any wind financing older than 6 months would likely benefit from a further margin and term renegotiation.

O&M Cost Degressions Many technical advisory firms still promote prudent O&M cost assumptions which basically extend the year 15 cost by inflation post contract. This is particularly for tariff-based projects a very conservative assumption in Augusta’s view, being an anachronism to the recent highly competitive auction results which certainly involve much more market-based views on long-term costs.

Project specific value upsides Projects often come with specific upsides that may or may not realise, such as additional grid capacity becoming available. A leading bidder would be able to attribute some value to such upsides, or structure an earn-out.

In Augusta’s recent buyside offshore activity we identified a number of upsides that could positively affect a project’s valuation

To win a transaction in this market, a winning bidder needs to be prepared to take a view on these items

Other considerations that need careful handling to secure top value include can be: � Unspent contingency; Future investments into production enhancing WTG upgrades (power boost;

blade upgrades); Decommissioning costs vs. residual value; Production ramp-up; Six hour rule implications (specific to Germany); (trade) tax considerations; Sales by co-shareholders


Page 12

Augusta & Co contacts

www.augustaco.com

Meadows House, 2nd Floor20-22 Queen StreetLondon, W1J 5PPTel: +44 (0)20 7776 0800

DisclaimerThis document (the “Document”) with the information contained therein is confidential and proprietary to Augusta & Co Limited (“Augusta”). It has been prepared for information purposes with the express understanding that it is to be read solely by the person to whom it is addressed and his/her professional advisers. Without prior permission of Augusta, no person accepting this document will release or reproduce (in whole or in part) this Document, discuss any information contained herein, make representations or use such information for any purpose other than to evaluate apotential involvement in the transaction proposed. Augusta is authorised and regulated by the Financial Conduct Authority in the United Kingdom.

Philipp Hirche, DirectorTel: +44 (0) 20 7776 0820Email: [email protected]

Appendix – Credentials


Page 14

Experienced renewable energy team

Justin FitzHughPartner11 years with A&Co4 years with Pöyry & CCCapital6 years with JPMorgan

Henrik Boge ThuAssociate3 years with A&Co

Jonas LarsenAssociate2 years with A&Co2 years with Deloitte

Charlie HodgesDirector9 years with A&Co3 years with Bloomberg NEF

Simon Clement-DaviesManaging Director9 years with A&Co13 years with Hill Samuel & Bankers Trust

Léonard de RivièreAnalyst3 years with A&Co

Robert PütterAnalyst2 years with A&Co

Harry GibsonAssociate Director4 years with A&Co3 years with FTI Consulting

James KnightPartner17 years with A&Co2 years with Vision Capital5 years with Goldman Sachs

Ida Christine GyldenløveAssociate Director2 years with A&Co4 years with Swedbank

Giacomo CasaliAnalyst2 years with A&Co

Fabian BockAssociate2 years with A&Co3 years with KfW IPEX-Bank

Philipp HircheDirector6 years with A&Co7 years with JPMorgan

Mortimer MenzelPartner17 years with A&Co3 years with Goldman Sachs9 years with Linklaters/Freshfields

Elise DoAssociate Director1 year with A&Co10 years with Rio Tinto

Beatrix von SchröderAnalyst3 years with A&Co

Øystein StavliManaging Director3 years with A&Co2 years with NTE3 years with Statkraft

Samira Rüdig-SotomayorAssociate1 year with A&Co3 years with Guinness AM2 years with Bloomberg NEF

Mari MossingAnalyst1 year with A&Co

Frederick CarterAnalyst1 year with A&Co4 years with Swire Group


Page 15

Advisory Buy-Side Sell-Side

Baltic Eagle (2015)/(2017) 476MW

Leading experience in the offshore wind sector

Note: All closed except: Moray Firth, Beatrice, Inch Cape, Côte D’Albâtre, MEG I and Borkum West II

Beatrice920MW

Bernstein400MW

Inch Cape905MW

Moray Firth1,500MW

North Hoyle60MW

Kentish Flats90MW

Gode Wind I(2007)/(2010)/(2012) 332MW

Ventotec Ost II400MW

Nördlicher Grund I320MW

Borkum West II231MW

Gode Wind II252MW / 504MW

Gode Wind III90MW

Gemini (5%)600MW

Citrin400MW

Ormonde150MW

Veja Mate402MW

Hiiumaa700MW

Aquamarin400MW

MEG I (now Merkur)400MW

Côte D’Albâtre105MW

Augusta has advised on more offshore wind transactions than any other adviser:- 17 project sell-sides

closed (including 2 late stage development sell-sides)

- 5 project buy-sides (2 closed)

- 2 strategic advisory mandates

- 1 TIV sell-side (closed)

- 1 TIV buy-side (closed)

Yushan1,200MW

Taiwan

A2SEA

OLC

NRG Bluewater500MWUSA


Page 16

Augusta & Co’s leading experience – selected transactions, offshore wind

Augusta has been involved and completed some of the most noteworthy transactions in the European offshore wind industry including asset and supply chain transactions

Sale of 400MWGerman offshore

wind farm

2010

Sale of single turbine installation vessel Victoria Mathias

2015

Equity placement in 400MW offshore wind farm

2007

Sale of blade manufacturer PN Rotor

GmbH to AREVA

2009

Financial adviser on sale of UK plc & 150MW offshore wind farm

2008

Acquisition of 400MW German offshore

wind farm

2010

€150m two-part sale of Multibrid (offshore wind

power turbines) to AREVA

2010 / 2007

Sale of 320MW German offshore wind farm

2011

Client Confidential

Sale of 584-926MW German offshore wind

portfolio

2012

Sale of 400MW German offshore wind farm

Veja Mate

2014

LAIDLAW CAPITALGROUP

Sale of 1,400MW+ German offshore wind

farms Aquamarin, Bernstein and Citrin

2013

Sale of 5% of 600MW permitted offshore wind

farm Gemini in the Netherlands

2014

Buyer Confidential

Acquisition of leading offshore wind installation

business

2017

Valuation / AdvisoryBaltic Eagle (Germany)

2015

Sale of large German offshore wind farm of

up to 500MW

2017

Client Confidential

Buyer Confidential

Partial sale of Taiwanese offshore wind portfolio of

up to 1,200MW

2018

Buy-side advisory for a 400MW operating offshore wind farm in the German

North Sea2018

Client Confidential

Seller Confidential

Buy-side advisory for a 367MW operating offshore wind farm in the Irish Sea

2018

Client Confidential

Seller Confidential


Page 17

Augusta & Co’s leading experience – selected transactions, onshore wind and solar

Capital raise & PPA sourcing for 160MW onshore wind farm in

Norway2016

Sale of c.47MW operating and under-construction onshore wind farms in

Scotland2016

Sale of 120MW under-construction onshore wind

farms in France

2017

Acquisition of a leading offshore wind installation

business

2017

Sale of large German offshore wind farm

2017

Buyer confidential

Client confidential

Sale of c.70MW operating onshore wind portfolio in

the UK

2017

Sale of 36MW operating onshore wind farm in

Ireland

2018

Sale of 44MW operating onshore wind farm in the

Netherlands

2018

Sale of Epuron developer, 700MW+ onshore wind pipeline and two wind

farms (c.26MW) in France2018

Acquisition of stake in 353MW ready-to-build onshore wind farm and

PPA in Sweden2018

Partial sale of Taiwanese offshore wind portfolio of

up to 1,200MW

2018

Sale and PPA sourcing for 294MW pre-construction

onshore wind farm in Norway

2018

Sale of largest renewable IPP (4Energia) in the

Baltic States (287MW)

2018

Developer clientconfidential

Sale of onshore wind portfolio in

the Netherlands

2018

Buyer confidential

Sale and PPA sourcing for 197.4MW pre-construction


2018

Sale of 250MW construction-ready

onshore wind farm in Sweden

2019

Sale of 95MW construction-ready


2019

Sale of 476MW onshore wind development platform and 167MW mixed-stage wind and solar portfolio

2019

Sale of large operating ground-mounted solar PV

portfolio in France

2019

Sale of 39MW operating ground-mounted solar PV

farm in France

2018

Sale of 213MW operating onshore wind farm in

Sweden

2019


Page 18

We have global access to capital

In five past processes, Augusta has approached 588 investors of whom 49% were strategic and 51% financial

Our database tracks 1,000+ renewable energy investors and we have executed transactions with c.100 of these

US & Canada53

Europe448

Middle East9

Asia74

Australia3

South Africa1

UK & Ireland108

Nordics66

Baltics9

Iberia18

Greece & Italy15

Benelux47

France21

Germany & Austria124

Switzerland23

Eastern Europe14

Russia3

Source: Augusta & Co analysis, = Investor

Country of Origin of Augusta’s Investors Across Five Past Deals

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