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May 2015 Corporate Presentation – Etrion Corporation

Etrion Corporation · May 8, 2015 · 37 slides

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Slides

  1. May 2015 Corporate Presentation – Etrion Corporation – slide 1
    Corporate Presentation May 2015 1
  2. May 2015 Corporate Presentation – Etrion Corporation – slide 2
    CORPORATE OVERVIEW 3
  3. May 2015 Corporate Presentation – Etrion Corporation – slide 3
    THE LUNDIN GROUP Etrion is part of the Lundin Group of Companies, 10 publicly-traded companies in the mining and energy sectors The companies range from exploration stage to advanced development and production, operating in over 30…
  4. May 2015 Corporate Presentation – Etrion Corporation – slide 4
    ETRION CORPORATION Company Overview Financial Summary Independent power producer (IPP) that develops, builds, owns and operates ground-based solar photovoltaic (PV) power generation plants Recent Share Price (TSX/OMX: ETX) C0.46 / SEK…
  5. May 2015 Corporate Presentation – Etrion Corporation – slide 5
    ETRION AT A GLANCE Operational 60 MW of installed capacity in Italy operational since 2011; 70 MW in Chile operational since 2014 Excellence 17 solar power plants in Italy consistently perform above plan with 99.7% availability in…
  6. May 2015 Corporate Presentation – Etrion Corporation – slide 6
    UTILITY-SCALE SOLAR POWER GENERATION Goal: Build, own and operate solar electricity plants at lowest cost per kWh Borgo Piave, Lazio, Italy 3.5 MW Etrion Lazio Atacama, Chile 70 MW Salvador Montalto, Lazio, Italy 24 MW Cassiopea…
  7. May 2015 Corporate Presentation – Etrion Corporation – slide 7
    DOWNSTREAM PLAYER IN THE SOLAR ENERGY MARKET PARTS SERVICES RAW PROJECT ASSET (MODULES, (ENGINEERING, DEVELOPMENT MATERIALS FINANCE MANAGEMENT INVERTERS) CONSTRUCTION) Solar facilities are developed in new markets Raw materials…
  8. May 2015 Corporate Presentation – Etrion Corporation – slide 8
    BUSINESS MODEL KEY DRIVERS Key drivers Rationale STABLE REVENUES 1. Long-term contracts Premium price for solar electricity generation under long-term contracts (i.e., FiT or PPA) REVENUE 2. Solar irradiation Annual solar…
  9. May 2015 Corporate Presentation – Etrion Corporation – slide 9
    SOLAR PROJECT CASH FLOW CREATION Example of Solar Project Cash Flow Creation 100% 15% 33% 17% 10% 25% Revenues Operating cost Interest payment Debt repayment State and local Free Cash Flow taxes to Equity High…
  10. May 2015 Corporate Presentation – Etrion Corporation – slide 10
    SOLAR PROJECT VALUE CREATION Example of Leveraged Solar Project Value Creation Non-Recourse Project Debt Equity Total Investment Development Distributions Asset Management Residual Value Total Value Premium Notes: (1)…
  11. May 2015 Corporate Presentation – Etrion Corporation – slide 11
    STRONG MANAGEMENT TEAM Marco A. Northland (Chief Executive Officer and Director) - has extensive experience leading growth companies. Prior to co-founding Etrion in 2008, he was responsible for establishing and overseeing European…
  12. May 2015 Corporate Presentation – Etrion Corporation – slide 12
    EXPERIENCED NON-EXECUTIVE BOARD MEMBERS Ian H. Lundin (Chairman) - co-leads the investment initiatives of the Lundin Group and serves on the board of several Lundin companies, specifically, Chairman of Lundin Petroleum AB. In 1984, he…
  13. May 2015 Corporate Presentation – Etrion Corporation – slide 13
    INDUSTRY OVERVIEW 14
  14. May 2015 Corporate Presentation – Etrion Corporation – slide 14
    GLOBAL SOLAR INSTALLED CAPACITY (2014) Total global solar installed capacity of 195 gigawatts (GW) in 2014 Solar represents less than 4% of global installed power generation capacity Annual solar installation growth projected at…
  15. May 2015 Corporate Presentation – Etrion Corporation – slide 15
    STRONG OUTLOOK FOR SOLAR PV INDUSTRY Cumulative Solar PV Installed Capacity (GW) Solar PV has experienced significant growth over the past decade and is on the way to becoming a 370 mature and mainstream source of electricity…
  16. May 2015 Corporate Presentation – Etrion Corporation – slide 16
    ACCELERATED DECREASE IN REQUIRED CAPEX Evolution of Utility-Scale Solar PV Capex (US / W) As all-in solar installation costs have fallen significantly in 5.85 recent years, solar PV is perfectly positioned to capitalize on the…
  17. May 2015 Corporate Presentation – Etrion Corporation – slide 17
    ASSET OVERVIEW 18
  18. May 2015 Corporate Presentation – Etrion Corporation – slide 18
    ETRIONS GLOBAL PLATFORM Geographic diversification across Italy, Chile and Japan Revenue diversification across FiT, PPAs and spot (merchant) pricing Etrion is constantly evaluating new opportunities in high-growth regions 19
  19. May 2015 Corporate Presentation – Etrion Corporation – slide 19
    COUNTRY SNAPSHOT ITALY CHILE JAPAN S&P: BBB- S&P: AA- S&P: AA- Sovereign Credit Rating Moodys: Baa2 Moodys: Aa3 Moodys: A1 Fitch: BBB+ Fitch: A+ Fitch: A 10-Year Bond Yield 1.92% 4.52% 0.36% Inter-annual CPI (Dec-2014) 0.2% 4.7%…
  20. May 2015 Corporate Presentation – Etrion Corporation – slide 20
    ITALY: OPERATING ASSETS 21
  21. May 2015 Corporate Presentation – Etrion Corporation – slide 21
    ITALIAN POWER MARKET Overview Italy is a leading producer of electricity from renewable energy sources, and it is one of the largest producers of solar energy in the world The solar PV sector has historically been the dominant…
  22. May 2015 Corporate Presentation – Etrion Corporation – slide 22
    ITALIAN OPERATING ASSETS Project Sites Capacity Technology EPC/O&M Modules Inverters (MW)(2) Contractor Cassiopea 1 24.0 Single axis SunPower SunPower SMA Helios ITA-3 2 10.0 Single axis ABB Yingli Bonfiglioli Centauro 1 8.8…
  23. May 2015 Corporate Presentation – Etrion Corporation – slide 23
    CHILE: OPERATING ASSET AND PIPELINE 24
  24. May 2015 Corporate Presentation – Etrion Corporation – slide 24
    CHILEAN POWER MARKET Overview Chile Installed Capacity by Source 2013 In 2013, Chile had 18 GW of total installed power capacity, of 17% Wind 21% 2% which large hydro and natural gas made up more than 50% Biomass & Waste…
  25. May 2015 Corporate Presentation – Etrion Corporation – slide 25
    CHILEAN OPERATING ASSET SALVADOR (70 MW) Project Details Sites 1 Region Atacama Capacity 70 MW Ownership 70%(1) Technology Single axis Module SunPower EPC SunPower O&M SunPower Irradiation Yield 2,916 kWh/kWp…
  26. May 2015 Corporate Presentation – Etrion Corporation – slide 26
    CHILEAN SOLAR PIPELINE CONTRACT COUNTRY REGION PROJECT NAME SITES MW STATUS OWNERSHIP SHOVEL-READY REGIME - Land concession assigned; decree expected in four months. SING Aguas Blancas Merchant + - Environmental impact assessment…
  27. May 2015 Corporate Presentation – Etrion Corporation – slide 27
    JAPAN: ASSETS UNDER CONSTRUCTION AND DEVELOPMENT 28
  28. May 2015 Corporate Presentation – Etrion Corporation – slide 28
    JAPANESE POWER MARKET Overview Japan Installed Capacity by Source 2013 1% 7% Japan is one of the largest solar PV markets in the world today with 21% 25.9 GW of installed capacity in 2014 10% Relatively low-risk jurisdiction with an…
  29. May 2015 Corporate Presentation – Etrion Corporation – slide 29
    JAPANESE ASSETS UNDER CONSTRUCTION SHIZUKUISHI MITO Sites 1 5 Region North (Iwate) Central (Ibaraki) Capacity 24.7 MW 9.3 MW Ownership 87%(1) 87%(1) Technology Fixed-tilt Fixed-tilt SHIZUKUISHI, 24.7MW Module Canadian Solar…
  30. May 2015 Corporate Presentation – Etrion Corporation – slide 30
    MITO - 9.3 MW UNDER CONSTRUCTION Mito, Japan 9.3 MW Mito project under construction, site 4. Completion of project expected in Q3-2015 31
  31. May 2015 Corporate Presentation – Etrion Corporation – slide 31
    JAPANESE SOLAR PIPELINE CONTRACT COUNTRY REGION PROJECT NAME SITES MW STATUS OWNERSHIP SHOVEL-READY REGIME - FiT secured. Greenfield 1 Japan South 36 FiT 1 25 - Land contract secured. 85% Q1-2016 Project 1 - Grid impact studies…
  32. May 2015 Corporate Presentation – Etrion Corporation – slide 32
    SUMMARY 33
  33. May 2015 Corporate Presentation – Etrion Corporation – slide 33
    OVERALL PROJECT PORTFOLIO POTENTIAL GROWTH MW Net Installed Capacity Evolution (3) 119 (2) 357 350 More than 5x growth in installed capacity 300 250 27 72 200 24 Aguas Blancas 2B (2) 48 Aguas Blancas 2A&C 150 22 (1) (2)…
  34. May 2015 Corporate Presentation – Etrion Corporation – slide 34
    CONCLUSION Attractive returns in downstream solar power generation sector Global Platform Well positioned to expand within Europe, Asia and the Americas Systems in place to effectively manage operations across multiple jurisdictions…
  35. May 2015 Corporate Presentation – Etrion Corporation – slide 35
    APPENDIX 36
  36. May 2015 Corporate Presentation – Etrion Corporation – slide 36
    ETRION EQUITY RESEARCH COVERAGE Target Target Broker Location Date of Last Report Price Price Recommendation (CAD) (SEK) 1 ABG Sundal Collier Stockholm March 23, 2015 0.44 3.0 Hold 2 Cormark Securities Toronto March 20, 2015 0.80…
  37. May 2015 Corporate Presentation – Etrion Corporation – slide 37
    Contact Details Etrion Corporation Rue de la Rtisserie 1 1204 Geneva Switzerland Phone: +41 22 715 20 90 Email: infoetrion.com Website: www.etrion.com 38

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