Voltalia : A very dynamic Q4 2020 with revenues up 65% at constant currency

PRESS RELEASE

January 26, 2021

A very dynamic Q4 2020 with revenues up 65% at constant currency

Q4 2020 consolidated revenues up by 65% at constant currency, at €89.6 million

• Energy sales sustained growth driven by new wind and solar plants vs. continuous weakness of the Brazilian real
• Services strong growth in Q4, further Development sales and increased Construction activity

FY 2020 consolidated revenues up by 57% at constant currency, at €239.6 million

• Energy sales record contribution, overcoming COVID-related impacts and H1 2020 low wind and continuous weakness of the Brazilian real
• Increased share of third-party clients in Services: greater contribution to consolidated revenues

All ambitions confirmed

• Growth trajectory in line with EBITDA ambitions
• 1 GW installed capacity and additional power sales contracts won secure 2.6 GW1 target by 2023

Voltalia (Euronext Paris, ISIN code: FR0011995588), an international player in renewable energies, announces today its revenues for Q4 2020 and the 2020 fiscal year.

"We are ending the year 2020 on our highest quarter ever, at almost €90 million, despite the impacts of the sanitary crisis. Many milestones were passed this year: our installed capacity now exceeds one gigawatt, our capacity under management stands at 3.4 GW. And further growth is secured with 1 gigawatt of new power purchase agreements won during the year. This very strong growth has been accompanied with a diversification of our activity both geographically and technologically. On the strength of these major achievements and bolstered fundamentals, we reiterate our confidence in the achievement of our short and medium term objectives", states Sébastien Clerc, CEO of Voltalia.

Q4 and FY 2020 revenues
In € million	Q4	Q4	Change	Change	FY	FY	Change	Change
at constant	at constant
20202	2019	2020	2019
		3		FX rates
				FX rates
Energy sales	50.0	46.6	+7%	+35%	157.5	130.5	+21%	+46%
Services	60.5	35.34	+71%	+75%	146.4	144.3	+1%	+5%
Total revenues (internal and external)	110.5	82.0	+35%	+52%	303.9	274.8	+11%	+25%
Eliminations5	(20.9)	(19.6)	+7%	+11%	(64.3)	(99.3)	-35%	-33%
Consolidated revenues	89.6	62.5	+43%	+65%	239.6	175.5	+37%	+57%

1. In operation and construction
2. Quarterly figures calculated by difference between FY and 9M
3. 2020 revenues calculated at 2019 exchange rates
4. A EUR 0.4 m telecom contribution has been reclassified from Energy Sales to Services. The was no contribution from the Telecom activity in 2020.
5. Eliminations: services provided by the Services business for Group-owned power plants are eliminated upon financial consolidation

PRESS RELEASE

January 26, 2021

Other key figures

Production (in GWh)	968	715	+35%	+35%	2,756	2,117
Installed (in MW, end of period6)					1,015	678
Capacity					3,420	2,7507
Managed (in MW, end of period)

+30% +30%

+50% +50%

+24% +24%

Business review

Voltalia Q4 2020 consolidated revenues are €89.6 million, up 65% at constant exchange rates. Consolidated revenues for the year of 2020 (FY 2020) were €239.6 million, up 57% at constant exchange rates. 45% of the 2020 consolidated fully-year sales were generated in Brazil vs. 58% in 2019.

Energy sales

FY 2020 revenues are €157.5 million, up by 46% at constant exchange rates, with growth in the portfolio of plants since H2 2019 (VSM1, Râ Solar, Helexia…) largely offsetting poor wind conditions in the first half of 2020, and delays in new commissionings attributable to the COVID-19 situation.

Growth at current exchange rates is +21%: the global sanitary and economic crisis is leading to a weakening of the Brazilian real against the euro. The average EUR/BRL rate was 5.9 in 2020 compared with 4.4 in 2019.

Q4 2020 revenues total €50.0 million. Growth on Q4 2019 reaches 35% at constant exchange rates, driven by increased power production, with volumes up by 35%. Reported growth stands at 7% after taking into account the 27% depreciation of the Brazilian real against the euro, compared with the same period last year.

By country

• in Brazil, growth in production and revenues is chiefly due to the full contribution of the new VSM1 wind farm (163 MW) and partial contribution of the VSM2 wind farms (85 MW out of 128 MW), which progressive commissioning is ongoing. The usual seasonal catch-up experienced in Q3 2020 continued in Q4 2020, with older wind parcs' production up by 94% on average in H2 2020 compared with H1 2020, which was well below long-term averages;
• in France, lower wind and hydroelectric resource is more than offset by new ground and rooftop solar power plants;
• in the other countries (United Kingdom, Belgium, Portugal, Spain, Italy, Greece, Jordan and Egypt), production more than doubled, with Voltalia recording increased contribution from new solar power plants, including the contribution of the newly acquired Ma'an and Mafraq solar plants in Jordan.

Services

FY 2020 revenues (internal and external) are €146.4 million, up 5% at constant exchange rates (1% at current exchange rates). While internal sales are down 35% over the year in the absence of strongly contributing projects, external sales to third-party clients are up 80% compared with FY 2019, driven by the strong commercial activity since late 2019.

1. Including Adriers (10 MW): see Recent development
2. As of March 2020, including Greensolver

PRESS RELEASE

January 26, 2021

Q4 2020 revenues (internal and external) total €60.5 million, increasing by 75% at constant exchange rate and

+71% at current exchange rates compared with Q4 2019:

• total revenues from the Development and Construction business reach €54.1 million, up 77% at constant exchange rates compared with Q4 2019. The sale of a 35.2 MW portfolio8 drove Development sales higher compared with Q4 2019, which already included material Development sale. EPC Services grew sharply, driven by new Voltalia plants commissioning in France in the final quarter of 2020 and ongoing constructions carried out for third-party clients in Portugal.
• total revenues from Operation & Maintenance services stand at €6.4 million, up by 59% at constant exchange rates driven internally by the decennial maintenance work at the Voltalia Kourou biomass plant in French Guiana and externally the successful integration of Greensolver.

The strong commissioning activity for Voltalia-owned plants recorded in the final months of 2020 results both in higher Services revenues and increased revenues Eliminations against Q4 2019. After eliminations of internal sales, the contribution of Services to the 2020 consolidated revenues was up 83% compared with 2019 at €82.1 million, as a result from increased revenues from third-party clients for both activities.

Recent developments

Selling a 35.2 MW onshore wind portfolio with Services to an infrastructure fund in France

In December 2020, following a competitive process, Voltalia sold to Fonds Siloé Infrastructures, new funds of Credit Mutuel Capital Privé, a portfolio made of three wind farms, all backed by long-term power sales contracts: Vergne and Coivert (25.2 MW, under construction) and Adriers (10 MW, in operation).

Voltalia ensured the development of these three projects, the construction of the plant currently in operation (Adriers) and will build the two other wind plants. For all assets, Voltalia will provide Operations & Maintenance services and, for the first time, Voltalia also sold Asset Management services from its subsidiary Greensolver bundled with the other Services, demonstrating the commercial synergies less than one year after the acquisition of Greensolver. This sale is part of Voltalia's dynamic development strategy, with a capacity to sell project at various stages of development, ready-to-build, under construction or in operation. This is also part of the strategy to allocate resources on competitive, non-subsidized electricity production everywhere the Company operates.

Buying a controlling stake in a 57 MW portfolio of solar plants in Jordan

Voltalia acquired a 70% controlling stake in a portfolio of four solar plants (57 MW) in Jordan built, maintained and partially developed by Voltalia since 2015. Thanks to this acquisition, Voltalia is now a power producer in the growing Jordan market. The solar plants benefit from a 20-yearpublic-utility power sales contract signed in 2016. Revenues are dollarized and guaranteed by the Government of Jordan for the full duration of the power sales contract.

8 See Recent developments

PRESS RELEASE

January 26, 2021

Signature of new Corporate PPAs

In Q4 2020 Voltalia signed 4 Corporate PPAs9:

• In France, LCL, a leading French bank for small and medium-sized businesses part of the Crédit Agricole Group, and Voltalia launched a unique service which will enable some fifteen of the companies most involved in the energy transition to benefit from contracts that will secure their supply of green electricity over a long period of time, at guaranteed prices. The electricity will come from a 56 MW photovoltaic plant located in the South of France which Voltalia will develop and operate.
• In France, Voltalia signed 15-year minimum Corporate PPA with Decathlon and will build a 16 MW new solar energy plant in the South East of France to supply the retailers' French sites. The plant will be operational by 2023 and will supply around 15% of Decathlon's annual electricity consumption in France.
• In the UK, Voltalia won the first Corporate PPA to be signed directly between a renewables producer and a governing authority and will supply green electricity to London's prestigious business district, the City of London under a 15-year contract. The electricity will be produced by a new solar plant with a total capacity of 49.9 MW built by Voltalia in Dorset.
• In Brazil, Helexia, Voltalia's subsidiary specializing in solar rooftops and energy efficiency solutions signed a 20-year contract under which it will supply Telefonica's Vivo mobile phone networks with green electricity. 16 new solar plants located in five states will be built for a total capacity of 60 MW, a major contract for Helexia whose portfolio now reaches 165 MW, or 3.2 times its installed capacity when it was acquired in 2019.

Commissioning of new Voltalia plants brings total installed capacity over 1 GW

In November 2020, Voltalia commissioned a new battery storage power plant with a capacity of 10 MW, in Mana in French Guiana. This new plant reinforces the Toco storage complex, France's largest storage system with 12.6 MW in operation and 0.5 MW under construction.

At the end of Q4 2020, Voltalia announced the start of operation of its Sarry wind farm in Burgundy Franche- Comté (France). The Sarry wind farm, representing an installed capacity of 23.1 MW, has produced its first kilowatt-hours. The Sarry power plant will benefit from the very good wind resources of Burgundy-Franche- Comté and will actively participate in achieving the renewable energy objective set by the region.

At the end of Q4 2020, Voltalia's new biomass power plant Cacao in French Guiana produced its first kilowatt- hours. The 5.1 MW plant was designed and built by Voltalia, which is also providing maintenance services. The plant benefits from a contract with a guaranteed tariff for a 25-year period. The power plant has a storage capacity thanks to batteries with a capacity of 550 kW / 250 kWh, enabling the power plant's output to be modulated extremely quickly and helping to stabilize the non-interconnected network of French Guiana.

9 Corporate Power Purchase Agreement: a long-term power sales contract linking directly the power generator, Voltalia, with the end user of the electricity, a corporate