PROJECT BODEGA

Confidential Information Memorandum

CONFIDENTIAL FEBRUARY 2023

CONFIDENTIAL INFORMATION MEMORANDUM

Disclaimer
This Confidential Information Memorandum (the “Information Memorandum”) has been prepared by Lazard Argentina S.A. (“Lazard”), at the request of, and under its capacity as financial advisor to, Equinor
Wind Power AS (“Equinor”) and Scatec Solar Argentina B.V. (“Scatec” and, jointly with Equinor, the “Shareholders”). This Information Memorandum contains publicly available information and/or information
supplied by the Shareholders or the Target (as defined below) in connection with Parque Guañizuil IIA (the "Target"), Equinor and Scatec, and is being furnished to you (the “Recipient”) solely for information
purposes and only as additional background elements for you to decide whether to proceed with an evaluation, based on your independent judgment and determination, of the potential acquisition of the
Target (the “Proposed Transaction”). It is subject to, governed by, and being provided to the Recipient pursuant to the terms of the confidentiality and non-disclosure agreement previously executed by the
Recipient, on the one side, and the Shareholders, on the other side (the “Confidentiality Agreement”). It is thus strictly confidential and may not be reproduced, summarized, or disclosed to any person, in
whole or in part, without the prior written authorization of Lazard or the Shareholders. The Information Memorandum is incomplete without reference to, and should be read solely in conjunction with, the oral
briefing provided by Lazard.

The Information Memorandum shall not be deemed an indication of the state of the Shareholders or the Target’s businesses, or their respective financial condition, results of operations and prospects. The
Information Memorandum does not purport to be comprehensive or to contain all information that a prospective investor may require when evaluating the Proposed Transaction, is wholly indicative and for
information purposes only. The Information Memorandum is based upon publicly available information and/or information and data, including estimates, forecasts, and projections, provided by the Target or the
Shareholders, which may not have been audited, or publicly available information, none of which have been independently verified by Lazard. Any estimates, projections and forward-looking statements
contained herein have been prepared by the management of the Target or the Shareholders and involve significant elements of subjective judgment and analysis, which may or may not be correct. In
preparing these materials, Lazard has assumed that the estimates, forecasts and projections contained herein, made by the management of the Target or the Shareholders, are reliable, and Lazard has not
independently verified the assets or liabilities of the Target or the Shareholders. With respect to the financial forecasts and projections, Lazard has assumed that they have been reasonably prepared based on
the best currently available estimates and judgments of the management of the Target or the Shareholders as to the future results of operations and financial condition and performance of the Target, and
Lazard has assumed that such financial forecasts and projections will be realized in the amounts and at the times contemplated thereby and assumes no responsibility, nor expresses any views, with respect to
the projections or assumptions upon which they have been based. None of the Target, Equinor, Scatec, Lazard, or any of their respective direct or indirect affiliates, or direct or indirect shareholders, members,
partners, directors, officers, employees or agents of any of the foregoing entities, provides any representation or warranty (express or implied) or assumes – and in fact, each of such persons expressly
disclaims – any responsibility or liability of any kind whatsoever with respect to the authenticity, origin, validity, accuracy, completeness, achievability, reasonableness or reliability of any information, data,
estimates, projections and forward-looking statements contained in the Information Memorandum, or any further written or oral information made available to the Recipient or its representatives, or assumes
any obligation for damages, losses (including, without limitation, any direct or consequential losses), costs or expenses of any kind arising out of or in connection with the use of, or reliance on, the Information
Memorandum, or resulting from any errors, misstatements or omissions contained in, the Information Memorandum.

Nothing in the Information Memorandum shall constitute legal, financial, tax or other advice. Each Recipient of this Information Memorandum must make its own investigation and assessment of the Target and
the Proposed Transaction and should seek its own financial and other advice in evaluating the Target, its business and affairs and the Proposed Transaction. Neither the receipt of this Information
Memorandum nor of any information made available in connection with the Target, Equinor, Scatec or the Proposed Transaction constitutes, or is to be taken as constituting, the giving of investment advice by
Lazard or any of its direct or indirect affiliates.

As specified in the process letter that has been made available to you, the Shareholders reserve the right, in their sole discretion, to vary, suspend or terminate the procedure of the Proposed Transaction
without advance notice to you or your representatives and without liability for Equinor, Scatec or Lazard for any losses (including, without limitation, any direct or consequential losses), costs or expenses
incurred by you or your representatives.

The Information Memorandum is not an offering document and does not constitute an offer or the solicitation of an offer in connection with the Proposed Transaction nor any sale of any assets or shares of the
Target. Neither this Information Memorandum nor the information contained herein shall form the basis of, or constitute, any contract or binding offer. This Information Memorandum should not be considered
as a recommendation by Lazard, any other member of the Lazard Group, Equinor, Scatec or the Target or any of their respective subsidiaries to invest in or otherwise acquire any interest in the Target.

1
CONFIDENTIAL CONFIDENTIAL INFORMATION MEMORANDUM

Table of Contents

I EXECUTIVE SUMMARY 2

II OPPORTUNITY OVERVIEW 5

III OPERATIONS & TECHNICAL OVERVIEW 9

IV KEY AGREEMENTS 16

V HUMAN RESOURCES, HSSE & SUSTAINABILITY 21

VI FINANCIAL OVERVIEW

A Historical Financial Performance 24

B Financial Projections 26

VII INDUSTRY OVERVIEW 34

CONFIDENTIAL CONFIDENTIAL INFORMATION MEMORANDUM

I Executive Summary
CONFIDENTIAL INFORMATION MEMORANDUM I EXECUTIVE SUMMARY

Project Bodega — Transaction Considerations

Process Considerations and Contact Information Transaction

Transaction
Perimeter
Perimeter

• Lazard has been retained on an exclusive basis by Equinor & Scatec (the The proposed transaction envisions the acquisition of both the SPV (owner of the asset)
“Shareholders”) as the financial advisor in connection to the 100% sale and OpCo (the operator)
(the “Transaction” or “Bodega”) of Parque Guañizuil IIA (“GIIA”),
hereinafter the “Target”, the “Company” or the “Project”
Scatec Equinor
• These introductory materials are being provided to a limited number of
parties and are intended to help facilitate your preliminary review of the
Target and the Transaction
50% 50% 50% 50%
• For any additional information regarding the proposed Transaction, please
contact Lazard. Under no circumstances are prospective parties allowed to
contact the Shareholders or their respective directors or employees Argentina
without the expressed consent of Lazard

• Any inquiries regarding the Transaction should be addressed to any of the

Lazard representatives named below Scatec Equinor
Cordilleras Solar Solutions
VIII S.A Argentina S.A
(“SPV”) O&M Agreement(1)
(“OpCo”)
MSA Agreement(2)

Transaction Perimeter

Transaction Contact Points

Santiago Alsina
Managing Director Jasmine Earnshaw
Head of Power, Energy & Infrastructure LatAm (excl. Brazil & Director
Mexico) & Head of Investment Banking Argentina Power, Energy & Infrastructure LatAm (excl. Brazil & Mexico)
(+54) 11 4319 5882 (+54) 11 4319 5830
Jasmine.Earnshaw@lazard.com
Santiago.Alsina@lazard.com

Source: Company information 2

(1) Operation & Maintenance Agreement
(2) Management Service Agreement
CONFIDENTIAL INFORMATION MEMORANDUM I EXECUTIVE SUMMARY

Project Bodega at a Glance

Bodega consists of an operating solar farm totaling 117 MWp of installed capacity located in San Juan, Argentina. The project had COD in
July of 2021 and is contracted with the Government through a PPA in U.S. dollars awarded at the RenovAr auction for 20 years

Ownership • Guañizuil II is a 117MWp photovoltaic plant located in the Iglesia

department of Las Flores, San Juan

• The project is the largest solar plant in the province of San Juan, and the
Scatec
50% 50% third largest in terms of installed capacity in the whole country. Located
Equinor 201 kilometers northwest of the capital of the San Juan province, it has
an altitude ~2,050 meters above sea level
Guañizuil II
• San Juan is the province with the largest number of operating solar plants
in the country, concentrating half of plants in operation, thanks to the
excellent solar resource – irradiation in the area is one of the strongest in
the world, competing with the Atacama Desert

• The Guañizuil IIA project was awarded with a 20-year PPA in the second
phase of the third round (Round 2.5) of Argentina's program for large-
scale solar and renewable energy projects called RenovAr

• The PPA has a 20-year term, with CAMMESA as the sole off-taker at a
price of US$41.67 / MWh (1)
Solar Plant Installed Capacity Location
• The project is a collaboration between two Norwegian companies:
1 Caucharí 300 MW Jujuy
Scatec and Equinor. The plant is currently operated and administrated
2 Altiplano 200 200 MW Salta onshore through the OpCo, and monitored remotely by Scatec through
an O&M agreement and a Management Service Agreement
3 Guañizuil IIA 100 MW San Juan

4 Cafayate 80 MW Salta July 2021 US$ 134 MM 282.3 GWh US$ 12MM
COD TOTAL CAPEX 2022 2022 EBITDA
5 Cordillera Solar 80 MW San Juan
(Incl. VAT) PRODUCTION

Source: Company information

3
(1) Annual profiled with two factors – one fixed 1.7% per annum indexation, one declining incentive factor over time
CONFIDENTIAL INFORMATION MEMORANDUM I EXECUTIVE SUMMARY

Key Investment Highlights

The Target is a unique opportunity to acquire a state-of-the-art solar power generation asset in a superb location with contracted capacity
denominated in U.S. Dollars

UNIQUE AND SUSTAINABLE LONG-TERM POWER PURCHASE STABLE CASH-FLOW WORLD-CLASS

STATE-OF-THE-ART
1 INVESTMENT OPORTUNITY 2 3 AGREEMENT IN PLACE 4 GENERATION WITH 5 SHAREHOLDERS
FACILITIES IN
IN THE ENERGY WITH THE GOVERNMENT PROVEN OPERATIONAL AND PROVEN
PRISTINE CONDITION
TRANSITION SPACE IN HARD CURRENCY TRACK-RECORD MANAGEMENT

• Exceptional clean energy
project in a prime location, in
the best province in
Argentina for solar energy
generation
• Irradiation among the
strongest in the world, on par
with the Atacama Desert
• Guañizuil IIA is a solar plant
of 117 MWp (100 MWAC) of
installed capacity conformed
by over 350,000 solar panels
• Constructed and operated by
Scatec, achieved COD in July
2021
• Performance Ratio of 82.05%
(Yr. 1, P50)
• 20-year PPA with CAMMESA
with a current price of US$50
/ MWh(1), denominated in
U.S. Dollars(2), ending in
July 2041, with a long useful
life post PPA period
• The Target’s sole off-taker is
CAMMESA, the Argentine
Wholesale Power Market
Administrator
• Plant availability of >99% in
its first 1.5 years of operation
reflecting the high quality of
the asset
• Project financed by
shareholders so no need to
comply with covenants from
external senior lenders
• Both sellers are publicly
listed, with strict codes and
compliance standards
• Experienced plant
management and
maintenance staff included in
the transaction perimeter
• Excellent HSSE and
compliance track record

Source: Company information 4

(1) PPA average price for 2022
(2) PPA denominated in U.S. Dollars and collected in Argentine pesos at the applicable FX rate of each period
CONFIDENTIAL CONFIDENTIAL INFORMATION MEMORANDUM

II Opportunity Overview
CONFIDENTIAL INFORMATION MEMORANDUM II OPPORTUNITY OVERVIEW

Layout and Location

Guañizuil IIA is located in the center-west area of Argentina, in the San Juan province. The province is characterized by an arid climate,
mountainous landscape and a scarcity of surface water bodies
• The solar farm is located in the district of Iglesia, Province of San Juan.
The nearest town, Las Flores, has 882 inhabitants, is located 148km form
the plant and 201km northwest from the capital city of the province of San
Juan
• The Project is situated in a 350-hectare polygon that is 2,050 meters above
sea level and has route access. The land is located where the relief
decreases from west to east, from the Cordillera de Los Andes mountain
range to the plains in the center of the province. Thus, the high mountain
Guañizuil IIA landscape is found towards the western of the plant
Solar Park • The Project area has relatively regular topography. The area where the
project is located has low slopes suitable for the implementation of
photovoltaic modules
• The Project is connected to the SADI by means of the Guañizuil step-up
Substation. The Commercial Connection Point of the Plant is the 132kV
output bay in Guañizuil substation. Guañizuil substation connects to the
Bauchaceta 132kV substation through a 15.5km / 132kV transmission line
owned by EPRE San Juan(1), operated and maintained by Energía San Juan
Guañizuil IIA
Solar Park

15.5 km of
transmission
lines

Bauchaceta
Substation

5
Source: Company information
EPRE San Juan: Ente Provincial Regulador de la Electricidad, electricity regulator from the San Juan province
CONFIDENTIAL INFORMATION MEMORANDUM II OPPORTUNITY OVERVIEW

Ideal Location Providing Supreme Plant Factors

The Project is located in one of Argentina’s prime areas for solar known as Cordillera Central, a strategic and ideal location hosting one of the
best exposures to solar resources in the world
• Solar radiation in the Cuyo Area ranges from 1.8MWh/m2 to 2.2MWh/m2
per year, the highest in the country P-Value Yield (GWh/annum) Specific Yield (kWh/kWp)

• San Juan has a daily sunshine duration between 4 to 9 hours, depending

on the time of the year and section of the province P50 305.1 2,598.7

• Several pre-construction Energy Yield Assessment Reports were carried Year 1

out by the shareholders and third parties. The final report was prepared GIIA
P90 275.6 2,347.4
by the global team of Scatec Solar and was published in June 2020 (100%
availability)
P99 251.6 2,142.6

The Energy Yields reported by Scatec are calculated on the basis of a

Performance Ratio of 82.05% (Yr 1, P50, 100% availability)

• The Project site is located in a high-terrain zone, securing one of the world’s
best available irradiation and ideal environmental conditions
• The province of San Juan offers one the of the best locations worldwide for
photovoltaic power production
• San Juan has desert and semi-desert areas, which are not suitable for
agricultural or mining activity and can be used for the installation of large-
capacity solar power plants
• Provincial government is very receptive to solar investments, since more
than 50% of its energy matrix comes directly from solar energy sources

2,339 kWh/m2 11.4 OC 2,050 Mts

Long Term Local Average year-round Altitude above
Irradiation temperature sea level

Source: Company information 6

CONFIDENTIAL INFORMATION MEMORANDUM II OPPORTUNITY OVERVIEW

Key Milestones of the Project

With the original permanent license granted in 2018, the Company achieved a commercial operation date in July 2021

November 2017 November 2018 January 2020 July 17th, 2021

Martifer wins the RenovAr
2.5 national tender for
project Guanizuil IIA​
The Company signs a
contract for the supply of
renewable energy with
CAMMESA(1) for a term of 20
years as from commercial
authorization, which is
expected to occur 519 days
from June 21, 2018
The Company signs a new addendum (Addendum COD of GIIA. The farm was
No. 3) to the contract for the supply of renewable authorized to operate by
energy with CAMMESA to modify the deadline for CAMMESA and began to
Project commercial authorization due to the generate and inject energy to
unavailability of the Bauchaceta transformer the grid under the PPA. The
station and the Rodeo-Nuevo San Juan Project has been operating at
transmission line, both works being essential to full capacity since COD
inject energy to the national grid

2018 2019 2020 2021 2022

September 2018 February 2019
Scatec and Equinor acquire the
100% of modules were
project from Martifer
finally imported
The site was completely
cleared, and the
engineering design in
progress
March 19, 2019
Notice to Proceed (NTP) is
signed, and construction
works begin
May 2019
The Company signs
Addendum No. 1 to the
contract for the supply of
renewable energy with
CAMMESA, amending
clause "10.3. Obligation to
take or pay"
September 2019 March 18, 2020
The Company signed Addendum Plant construction officially
No. 2 to the contract for the completed. This milestone
supply of renewable energy with was reported to CAMMESA
CAMMESA to extend the deadline
for Project commercial
authorization for 84 (eighty-four)
calendar days, to February 14,
2020

Legend: Changes in Ownership Administrative and Regulatory Proceedings Project Development

Source: Company information 7

(1) CAMMESA: Compañía Administradora del Mercado Mayorista Energético S.A.
 CONFIDENTIAL INFORMATION MEMORANDUM II OPPORTUNITY OVERVIEW

Project Bodega — Corporate Governance Structure

Scatec ASA Equinor ASA Scatec ASA Equinor ASA

Equinor ASA engages in the exploration, production, transport,
refining, and marketing of petroleum and petroleum-derived
Steering Commitee → Equinor + Scatec products. It operates through the following segments: Exploration
and Production Norway; Exploration and Production International;
Marketing, Midstream, and Processing; and Other. The company
Scatec Netherlands was founded on September 18, 1972 and is headquartered in
BV Stavanger, Norway. Equinor’s long-term ambition is to become a
net zero company by 2050. Equinor owns 13% of the shares in
Scatec ASA. Through its various investments, Equinor has solar
energy presence in Brazil, Argentina, Poland and North Europe.
Scatec Solar 74,69%
Scatec Netherlands
Wind Power AS Wind Power AS
Argentina BV BV 88.4 B 1.5 GW 4.2 GW 112.4 B
2022 Revenue Installed Capacity of Renewable Energy 2022 Market Cap
50% 50% 50% Renewable Energy under construction
50%

Transaction Scatec is a leading renewable energy solutions provider,

Perimeter Cordilleras Solar VIII accelerating access to reliable and affordable clean energy in high
EPC Agreement(1) Scatec Equinor
S.A (SPV) growth markets. As a long-term player, they develop, build, own
Solutions Argentina
O&M Agreement and operate renewable energy plants, with 4.6 GW in operation
(SPV) S.A (OpCo(2))
MS Agreement and under construction (including solar, wind and hydro) across
four continents today. Since the establishment of Scatec (former
Scatec Solar) in 2007 by Alf Bjørseth, and the acquisition of SN
Power in 2021, Scatec has acquired extensive knowledge and
experience across the complete lifecycle of solar, wind and hydro
power plants and storage solutions.
Finance & Operations &
Administration Manteinance ~2 GW 364 MM
2022 Revenue
1.3 GW 18
Countries where
Solar Energy Of projects under
Installed Capacity construction Scatec is present
3 F&A employees 7 O&M employees
Source: Company Information 8
(1) Not terminated due to pending guarantees
(2) OpCo stands for Operating Company
CONFIDENTIAL CONFIDENTIAL INFORMATION MEMORANDUM

III Operations & Technical Overview

CONFIDENTIAL INFORMATION MEMORANDUM III OPERATIONS & TECHNICAL OVERVIEW

Key Project Characteristics and Infrastructure

The Project has been operating since July 2021, with state-of-the-art facilities constructed and operated by Scatec

Project Description
Guañizuil IIA
• The Project was designed in a property of over 350 hectares, with its Solar Park
own on-site office, warehouse, weather stations, and substation
161km / 132kV
• Climate and irradiation studies have been performed by Scatec Solar Rodeo/Iglesia
in order to assess the quantity and quality of the solar resource 15.5km / 132kV Interconnection Line
transmission
• Plant construction began in February 2019, and reached COD in July line
2021

132kV E.T Nuevo San Juan

Key Performance Indicators & Equipment
Bauchaceta
Global Horizontal Irradiation • 2,339.5 kWh/m2 Substation
Iglesia Department San Juan City
Performance Ratio (Yr. 1, P50) • 82.05%

Specific Yield (Yr. 1, P50) • 2,598.7 kWh/kWp Equipment & Infrastructure

Production (Yr. 1, P50) • 305,152.0 MWh (100% availability) Guañizuil IIA • Scatec and Equinor designed, built and now own its own
Nominal Power • 100 MWac (GIIA) Substation substation, which is located on JinkoSolar’s land

Peak Power • 117.4 MWp • The GIIA substation connects to EPRE(1) San Juan substation
Transmission through a 15.5 km, 132 kV OHL(2) transmission line. It is owned
Project Layout • 220 ha (Total land 350 ha)
Line by EPRE San Juan, and is operated and maintained by
Solar Modules Provider • Risen Energy Energía San Juan

Number of modules • 358,560

• The Project dispatches energy to the SADI(3) through the
Inverter Provider • Huawei Grid Substation Bauchaceta Substation, which is owned as well by EPRE San
Juan
Number of inverters • 996

Tracking Technology • NX Horizon 100 Access roads

• Civil works include roads, platforms, drainages, buildings such
and other civil
Number of trackers • 3,984 as office space and warehouse, trenching, etc.
works

Source:
(1)
Company information
EPRE San Juan: Ente Provincial Regulador de la Electricidad, electricity regulator from San Juan province
9
(2) OHL stands for overhead transmission line
(3) SADI: Sistema Argentino de Interconexión (national interconnection system)
CONFIDENTIAL INFORMATION MEMORANDUM III OPERATIONS & TECHNICAL OVERVIEW

Core Equipment – Solar Modules

Solar modules are provided by Risen Energy, a long-established player with a recognized track record in the design and supply of high-
performance solar photovoltaic products to the global market. The Project has 358,560 solar modules, each thoroughly maintained
Layout of PV Modules Modules Key Characteristics and Manufacturer
Model • RISEN RSM72 -3xxP (325Wp and 330Wp)
Maximum Power • 325 – 330 Wp
Current at Maximum Power • 8.7 A
Panel efficiency • 17%
Panel Dimension • 1956x992x40 mm
Weight • 22 kg
Cell type • Polycrystalline
Cell Size • 156.75×156.75 mm
Cell number • 72
Frame Type • Anodized Aluminum Alloy
Number of modules • 358,560
• Certified to withstand severe environmental conditions
• Anti-reflective & anti-soiling surface minimizes power loss from
dirt and dust
• Severe salt mist, ammonia & blown sand resistance, key for a
Other highlights
hostile, desert environment
• The panels come with a 12-year Product Warranty and a 25-year
Linear Power Warranty, to ensure that performance of the solar
panels does not decrease more than the expected degradation
• Risen Energy is a global leading tier 1 manufacturer of high performance solar
photovoltaic products, as well as a provider of business solutions for residential,
commercial and utility-scale power generation
• The company has operations in Australia, China, Germany, India, Mexico, and Japan.
Risen Energy is headquartered in Ningbo City, Zhejiang, China, and was founded in 1986
• The Company was publicly listed in 2010 and has a market cap of US$ 4.2 billion as of
December 2022
• Risen is one of the best Chinese manufacturers. Independent testing has shown their
panels can perform extremely well, and they back their products with an above average
product warranty
Source: Company information 10
CONFIDENTIAL INFORMATION MEMORANDUM III OPERATIONS & TECHNICAL OVERVIEW

Core Equipment – Inverters, Transformer Station & Trackers

Scatec’s engineers have selected top-of-the-line infrastructure to support the PV panels

INVERTER TRANSFORMER STATION TRACKER

Huawei SUN2000-105KTL Smart-String Inverters Huawei STS-6000K Transformer Station NEXTracker (NX Horizon Self-Powered Tracker)

Maximum AC output 105 kW 3,150 kVA @40°C / 2,880 kVA Horizontal single-axis balanced-
AC Power Input Tracking
@50°C mass tracker with
Technology
Maximum MPP input independently-driven rows
25A Rated Input
current 800V
Voltage Tracking Range Up to 120° (± 60°)
Maximum array short
33A Rated Output 10 kV, 11 kV, 15 kV, 20 kV, 22 - 1 Self-Powered Controller
circuit current
Voltage kV, 23 kV (SPC) per tracker;
Control System
Minimum start up voltage 650V - 1 Network Control Unit (NCU)
per 100 SPCs
Minimum - Maximum Smart Transformer Station is a
600V – 1500V
MPP string voltage compact 20 ft. container that System Voltage 1,500 volt
contains an outdoor MV
transformer, MV ring main unit GIIA makes use of 3,984 NX
Other highlights
and LV panel. It enables a Horizon Trackers for its solar
GIIA uses 996 Huawei quick and reliable connection
Other highlights Other highlights plant. NEXTrackers are very
inverters of the PV inverter with the MV advanced and one of the most
grids reliable trackers in the market

Source: Company information 11

CONFIDENTIAL INFORMATION MEMORANDUM III OPERATIONS & TECHNICAL OVERVIEW

Grid Interconnection
GIIA and its neighboring plant connect to the national grid though a 15.5km 132kV transmission line owned by EPRE and operated by
Energía San Juan
Transaction Perimeter
• Scatec and Equinor built, own and operate the Guañizuil IIA step-up Substation
• The solar plant connects to the substation through a ~400-meter underground
Gualñizuil 33kV cable Cordillera Solar I
GIIA PV plant
(Jinko Solar)
IIASubstation • For technical reasons, the substation is located within the area leased by the
neighboring solar plant, owned by JinkoSolar. There is a right of way agreement,
in which neighbor JinkoSolar yields the land used by the GIIA Substation

• The neighboring plant Cordillera Solar I is owned by JinkoSolar, a Chinese solar GIIA JinkoSolar
panel manufacturer Substation Substation
JinkoSolar • JinkoSolar entered the Argentine solar market with the construction of the 80MW
Cordillera Solar I project in 2018, for which it secured a 20-year PPA in Round
1.5 of RenovAr in 2016

15.5 km / 132kV
Transmission Line
• GIIA’s substation connects to the national grid through 132kV double-circuit
(EPRE)
overhead transmission line that is 15.5 km long
• The transmission line was originally owned by GIIA and JinkoSolar, and its
EPRE’s
construction was funded 35% by GIIA and 65% by JinkoSolar
Transmission Line
• The ownership of the transmission line was later transferred to EPRE (1) San Bauchaceta
Juan, and the operation and maintenance is performed by Energía San Juan, a Substation
subsidiary of EPRE (EPRE)

• The Bauchaceta substation is owned by EPRE San Juan, and is used for the SADI(2)
Bauchaceta electricity supply for users mainly in the Departments of Iglesia and Calingasta (National Grid)
Substation • GIIA and Cordillera Solar I are the only PV power plants operating around
Bauchaceta, while other projects are under development in the same area

Source: Company information 12

(1) EPRE San Juan: Ente Provincial Regulador de la Electricidad, electricity regulator from San Juan province
(2) SADI: Sistema Argentino de Interconexión (national interconnection system)
CONFIDENTIAL INFORMATION MEMORANDUM III OPERATIONS & TECHNICAL OVERVIEW

Site Details
GIIA’s and JinkoSolar’s substations are built next to each other for technical reasons, but each has a separate perimeter and are operated
separately

Cordillera Substations
Solar I

Office Space

Guañizuil
IIA

Guañizuil IIA
Solar Park

15.5 km / 132kV
transmission Guañizuil IIA’s Jinko Solar´s
line Substation Substation

Bauchaceta
Substation

13
Source: Company Information
CONFIDENTIAL INFORMATION MEMORANDUM III OPERATIONS & TECHNICAL OVERVIEW

Operational Asset with Strong Operational Track-Record

GIIA has been operating since July 2021, with stable production following the natural annual seasonality of the solar resource
Plant Production (GWh) Key Production Metrics 2022

31 Plant Metrics Solar Resource Metrics

29 29 28 Average Monthly 29 29 29
27 Power Generation
25 25 Production Incline Irradiation
since COD: 24 GWh 25
23 282 GWh 3,045 kWh/m2
22 22

17 17
Performance Ratio Average temperature
13 80% 40.8°C

9
Avg. Plant Availability Avg. Grid Availability
99.5% 99.3%

Jul-21 Aug-21Sep-21 Oct-21 Nov-21Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22Sep-22 Oct-22 Nov-22Dec-22 The main production drivers for 2022 were the following:
• In-plane Irradiation was lower than expected, with
Plant Availability (%) several cloudy days
Average Plant Availability since COD: 99.4% • Plant availability was affected due to the inspection and
repair works carried out on the HV/MV power transformer.
100% 99% 99% 100% 100% 100% 100% 100% 99% 100% 100% 100% 100% 100% 99% 100%
97% 97% • Performance Ratio (PR) deviations were due to:
o Negative impact due to high temperatures
o Curtailment losses due to seasonal preventive
maintenance works and corrective maintenance works
at the utility (note these are covered by the PPA)
o Tracker losses due to strong winds, triggering the
stow position to avoid damages.
o Replacement of a valve of the HV/MV power
transformer and extended oil treatment process during
the extraordinary maintenance
o Soiling losses accumulated during first and last
sunlight hours (higher on cloudy days)
Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22

14
Source: Company information
 CONFIDENTIAL INFORMATION MEMORANDUM III OPERATIONS & TECHNICAL OVERVIEW

Overview of Capital Expenditures

Scatec and Equinor have injected in total US$ 125.2 MM cash into the project, comprising of US$ 25.4 MM in hard equity, US$ 62.2 MM Senior
Bridge Loan entirely from Equinor, and US$ 37.6 MM in shareholder loans (incl. VAT Loan Facility) which are split 50:50 between the two
sponsors
Capital Expenditures in US$ MM

As a % of
19% 47% 21% 7% 6%
150

total CapEx
$134 $134

9.0 VAT Refund

125

9.4 VAT Facility

(1)

Shareholder
100
28.2 Loans

75
EPC Capex

134.2

62.2 Senior Bridge

50
Loan

25

Other Capex

25.4 Hard Equity

VAT
0

Hard Equity Senior Bridge Loan Shareholder Loans VAT Loan Facility VAT Refund Total Capex

15
Source: Company information
CONFIDENTIAL CONFIDENTIAL INFORMATION MEMORANDUM

IV Key Agreements
CONFIDENTIAL INFORMATION MEMORANDUM IV KEY AGREEMENTS

Key Agreements in Place

SPV holds most of the key contracts for the plant’s operation, while OpCo connects the asset with the global O&M and MSA services
provided by Scatec’s global operations

Power Purchase
MCSA(1) Agreement
6 1
Scatec CAMMESA
Interconnection
2 Agreements
EPRE San Juan

7
Remote O&M
Scatec

OpCo Land Lease

SPV
(Scatec Equinor 3
(Cordillera Solar VIII Tierra de los Andes S.A
Solutions Argentina
S.A.)
S.A.) O&M
10
Insurance MSA(1)
8
Mapfre/Zurich

Sponsor Financing
4
Scatec & Equinor
Other Other
9 External Services (IT & Cybersecurity,
Security, Vehicles, Offices 5 SCADA, Insurance)

Source: Company information

Note: OpCo has other agreements in place with global Scatec entities related to the EPC contract, which will be terminated prior to closing of the transaction (including with Scatec Brazil, and Honduras.
16
There is also an EPC agreement between OpCp and SPV which will also be terminated prior to closing of the transaction.
(1) MSA stands for Management Service Agreement and MCSA stands for Management and Construction Service Agreement.
 CONFIDENTIAL INFORMATION MEMORANDUM IV KEY AGREEMENTS

SPV Contracts – Power Purchase Agreement

The Company holds a 20-year PPA with CAMMESA for 100 MW of installed capacity at a base price of US$ 41.76 / MWh

1 Key PPA Terms

• Project Bodega was awarded with a 20-year PPA in the public action RenovAr 2.5 that took place in November 2017
• The Government contacted 22 projects that had previously applied to RenovAr’s second round and narrowly lost, and offered them to sign the respective PPA contracts if
they accepted a slightly reduced PPA price vs. what they had offered
• The sole off-taker of the PPA is CAMMESA

• Project Bodega’s PPA is structured as follows:

• The Project has 100 MW of contracted capacity, at the set PPA price
• The contract has a duration of 20 years (240 months) of consecutive production from COD
• CAMMESA will buy all the contracted energy from the Project

• The PPA price was set initially at $ 41.76 / MWh, adjusted on an annual basis by:
(i) Annual Price Adjustment (“PA”), considering a projected US CPI Index set in the PPA
(ii) Incentive Factor (“IF”), intended to encourage projects to reach COD as soon as possible. The incentive factor decreases as the years go by, so that the longer the
construction of the project takes, the lower the price paid by CAMMESA
• The full adjustment formula is as follows:

EP(i)= EP(o) x (1 + PA(i)) x (1 + IF(i))

Where:
• EP(i) = Energy price for the current period
• EP(o) = Energy base price of the first period indicated in the contract (US$ 41.76 / MWh)
• PA(i) = Annual price adjustment factor of current period (applied in July of each year, since COD was in July)
• IF(i) = Incentive factor of current period (applied in January of each year)

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 20345 2035 2036 2037 2038 2039 2040

PA (Price Adjustment)(1) 1.01 1.03 1.05 1.07 1.08 1.10 1.12 1.14 1.16 1.18 1.20 1.22 1.24 1.26 1.28 1.31 1.33 1.35 1.37 1.40

IF (Incentive Factor)(1) 1.15 1.15 1.10 1.10 1.10 1.05 1.05 1.05 1.00 1.00 1.00 1.00 1.00 0.90 0.90 0.90 0.80 0.80 0.80 0.80

Actual PPA Annual Price(1) 48.85 49.67 48.32 49.15 49.99 48.53 49.36 50.20 48.63 49.46 50.30 51.16 52.04 47.63 48.44 49.27 44.54 45.31 46.08 46.87

17
Source: Company information
(1) Price is adjusted: (i) with the PA on an annual basis as from COD (every July) and (ii) with the IF on an annual basis each calendar year (every January)
 CONFIDENTIAL INFORMATION MEMORANDUM IV KEY AGREEMENTS

SPV Contracts – Power Purchase Agreement (cont’d)

The Company holds a 20-year PPA with CAMMESA for 100 MW of installed capacity at a base price of US$ 41.76/MWh

1 Key PPA Terms (cont’d)

• The PPA sets penalties if generation falls below a minimum generation (Energy shortages):
• Minimum generation under the PPA is set on an annual basis and calculated as the “Guaranteed Energy”
• Guaranteed Energy for a year is calculated based on the CAMMESA pre-construction Energy Production Report
• The missing energy may be supplied in a Recovery Year (the following production year)
• If the generation in the Recovery Year still does not cover the energy due, the penalty amount is equivalent to the missing energy cost multiplied by the difference
between the missing energy and the surplus, if there is any, of the Recovery Year
• The following chart displays the Guaranteed, Committed and Average Energy as agreed on the PPA contract, measured in GWh:

Production Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Average Energy (P50) 305.2 303.7 302.1 300.6 299.1 297.5 296.0 294.4 292.9 291.4 289.8 288.3 286.8 285.3 283.7 282.2 280.7 279.1 277.6 276.1

Energy Committed (P90) 261.2 259.9 258.6 257.3 255.9 254.7 253.4 252.0 250.7 249.4 248.1 246.8 245.5 244.2 242.9 241.6 240.2 238.9 237.6 236.3

Guaranteed Energy (P99) 225.4 224.2 223.1 221.9 220.9 219.7 218.6 217.5 216.3 215.2 214.1 212.9 211.8 210.7 209.5 208.4 207.3 206.1 204.9 203.8

Addendums signed to the PPA contract to extend COD deadlines

• The PPA contract had penalties for late COD, including:

• Daily penalty fee of US$ 1,388 per MW
• If the project COD is more than 60 days late, the guarantee that the Project had put in escrow (US$ 250,000 per contracted MW ), would have to be increased by 20%
every 10 days of delay, for a maximum of 6 increases
• The COD was almost a year later than expected. The Project signed in total four addendums to the PPA which granted extensions to the committed COD,
implying not paying any penalty
• In May and September 2019, Addendums no. 1 and 2 were issued respectively to amend PPA clause "10.3. Obligation to take or pay“, due to an inconsistency in the
clause across RenovAr 2.5 contracts, and to extended the committed COD by a total of 8 months
• Addendum no. 3 and 4 were issued to modify the committed COD due to the unavailability of the Bauchaceta transformer station and the Rodeo-Nuevo San Juan
transmission line, both works being essential for the project to inject energy to the national grid
• The Project reached COD on July 17th, 2021, within the timeframe established by the Addendums and thus without paying any penalties

Source: Company information 18

 CONFIDENTIAL INFORMATION MEMORANDUM
SPV Contracts
Cordillera Solar VIII ( the “SPV”) has several agreements and contracts in place, securing the interconnection of the plant and its capacity to
dispatch energy thorugh the SADI
SPV
2 Interconnection Agreements
• Permits to Act as a Generating Agent and to Access the Power Grid
• Resolution 2020-89-APN-ENRE#MDP granted GIIA access to the power grid
for 100 MW of installed capacity, through the Bauchaceta Substation, by using
the EPRE’s 15.5 km / 132 kv transmission line
• Resolution no. 2020-129-APN-SE#MDP gave GIIA the right to act as a
generating agent of the wholesale market (MEM(1))
• The Company also has a Right of Way Agreement which sets
Interconnection Access to the project to its own substation located in the
neighboring project’s land.
• In this agreement, JinkoSolar, the owner of the neighboring plant, yields the
land that is required to access GIIA’s substation. It is a small patch of land, but
necessary to protect the autonomy of the Project
4 Sponsor Financing
• The Project was financed mainly through: (i) a Senior Shareholder Loan from
Equinor and (ii) Shareholder loans split 50/50 between Equinor & Scatec, and
(iii) the remaining portion with Equity split 50/50 between Equinor & Scatec
• As of December 2022, the outstanding balance (2) of each of the following
was:
• US$ 71.6 MM(2) the Equinor Senior Shareholder Loan
• US$ 38.2 MM(2) remaining for the other Shareholder loans
• This financing will need to be replaced at Closing of the transaction
Source: Company information
(1) MEM: Mercado Eléctrico Mayorista
(2) Includes accrued and unpaid interests
IV KEY AGREEMENTS
Land Lease 3
• The Project possesses a usufruct agreement with Tierra de Los Andes, the
vehicle of a local landowner, in order to rent the 350-hectare polygon where
the solar plant is located
• Currently, the agreement has 28 years left (20 years since COD, plus a 10-year
extension which can be exercised unilaterally by CSVIII)
• The rent is calculated as follows:
• The annual rent is of US$ 500 / hectare per year
• The Company had to make an initial disbursement of US$ 82,500
• Total value for the lifetime of the contract: US$ 3,582,500
Other (IT & Cybersecurity, SCADA, Insurance) 5
• SCVIII has an IT agreement with Scatec ASA, in which Scatec provides the
management and maintenance of the systems used to operate the solar
plants
• One of these systems know as Powerview Supervisory Control And Data
Acquisition (“SCADA”), is provided by Prediktor. The SCADA controls and
monitors the solar plant, weather stations and grid step-up substation. It
delivers online and historical data to a database on site, where the
information is used to produce detailed reports and measurements
• Moreover, the SPV has two insurance contracts with MAPFRE:
• Plant’s Third-Party Liability insurance
• Plant’s Operational All Risk insurance, including machines (US$ 100 MM) and
production interruption (US$ 15 MM)
19
 CONFIDENTIAL INFORMATION MEMORANDUM IV KEY AGREEMENTS

OpCo Contracts
Scatec Equinor Solutions Argentina (the “OpCo”) has several key contracts in place, primarily taking care of the solar plant’s management,
operation and maintenance
Scatec Global → OpCo OpCo → SPV

6 Management and Construction Services Agreement (“MCSA”) Management Services Agreement 10

• Scatec has an agreement with Scatec Equinor Solutions (the OpCo) to
provide management and construction services to the plant. This agreement
was mainly used during the Project’s EPC, but is still active as of today,
where Scatec provides advisory services to the plant's operations
• These management services include:
• Advisory services during the plant’s EPC
• Advisory services and assistance on administrative, O&M, overhead services
and IT infrastructure during the plant’s operation
• The Fees charged by Scatec are as follows:
• Variable fee: hourly rate for the time incurred by Scatec, ranging from US$ 66
to US$ 372 / hour, depending on the level of hierarchy of the employee
providing the service
• Fixed Fee of US$ 24,277 per month
• This agreement is not expected to continue after Closing
Other OpCo
8 Insurance Contracts
• OpCo provides Financial and Asset Management Services to the SPV
through a Management Services Agreement (MSA)
O&M 10
• The OpCo provides O&M services to the SPV, in which OpCo is required to:
• Ensure that all the facilities, utilities and equipment are in good condition for
the solar plant to be able to function correctly, following an ordinary
maintenance schedule
• Provide and maintain the grid substation to enable the plant to carry out its
obligations
• Procure and manage all the spare parts that the plant requires for its correct
performance
• Assuming OpCo provides an adequate service, then the fee charged is
composed of an annual fee(1), adjusted by an indexation percentage in
accordance with the US CPI on the first day of each year
• OpCo serves the O&M agreement through its 7 operating employees
Remote O&M 7

• OpCo possesses three main insurance contracts with MAPFRE and ZURICH: • OpCo relies on Scatec’s global hub in South Africa for the remote operation
(i) Mendoza Office’s Third-Party Liability insurance, (ii) O&M activities’ Third- of the plant via a Centralized O&M Services Agreement. Through this hub,
Party Liability insurance and (iii) Director’s Third-Party Liability insurance Scatec monitors most of its global solar plants through a 24/7 global Control
• The Company also has an insurance broker service agreement with Scatec, & Monitoring center. This hub is required to:
since Scatec negotiates these contracts at a global level. It consists of an • Monitor the performance of the Power Station through a remote web-based
annual fee of US$ 6,702 per year tele control system, including monitoring, outages notifications, and reporting
forecasts
9 Other External Services
• Support on the procurement, management and storage of all Spare Parts
• The OpCo externalizes the services of the plant´s security, vehicle • This remote operation can be done locally, but Scatec’s hub is meant to
management, and the cleaning of offices capture efficiencies from operating a global portfolio
• This agreement is not expected to continue after Closing
Source: Company information 20
(1) The Employer will pay to the O&M Contractor with effect from the start of the Mobilization Period an annual fee of 7.80 USD per kWp (the “Fee”), provided that, for the purposes
of calculating the Fee for the initial Contract Year, the Fee shall be reduced by fifty percent (50%) during the Mobilization Period and by twenty-five percent (25%) during the
Interim Operating Period.
CONFIDENTIAL CONFIDENTIAL INFORMATION MEMORANDUM

V Human Resources, HSSE & Sustainability

CONFIDENTIAL INFORMATION MEMORANDUM V HUMAN RESOURCES, HSSE & SUSTAINABILITY

Project Bodega — OpCo Employees

Scatec Equinor Solutions Argentina S.A (OpCo)

Finance & Administration Operations & Maintenance

Remote from Mendoza: 3 FTEs(1) On-site staff: 7 FTEs(1)

Accounting, Tax and Reporting Manager O&M Manager

Accountant HR & Office Coordinator Senior O&M Engineer O&M Assistant O&M Assistant HSE Coordinator Senior Electrician Senior Electrician

World Class Shareholders and Management with Proven Track-Record

Scatec & Equinor Management

International shareholders with vast experience in renewables Experienced on-site plant management team, with extensive know-
Presence in over 40 countries how in the renewable and energy sectors

• Scatec and Equinor provide advisory services to the on-site management and O&M teams, adding value with their vast experience and deep know-how of the
sector

• The EPC was performed by Equinor and Scatec via the OpCo

• Both O&M and Management Services are provided by the OpCo to the SPV. Most of the tasks are executed by the local experienced teams of the OpCo, and
others benefit of remote support provided by Scatec group (through intercompany contracts)

21
Source: Company information
(1) FTEs stands for Full Time Employees
CONFIDENTIAL INFORMATION MEMORANDUM V HUMAN RESOURCES, HSSE & SUSTAINABILITY

Project Bodega – HSSE

The Company’s Health, Safety and Environment track record is impeccable, with no significant incidents reported during Guañizuil’s one
and a half years of operations, with no injuries nor lost time
Incidents Unit Q3 2021 Q4 2021 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 2022 TOTAL
Hours Worked on Site Hrs 5,952 8,390 14,342 6,610 5,408 6,639 8,207 26,846 41,188
All-Incident Free Hours Hrs 5,408
5,952 8,390 14,342 6,610 6,639 8,207 26,846 41,188
Fatal Accidents Qty 0 0 0 0 0 0 0 0 0
Serious Injuries with Disabilities Qty 0 0 0 0 0 0 0 0 0
LTI (Lost Time Injuries) Qty 0 0 0 0 0 0 0 0 0
Medical Treatment Without Time Loss Qty 0 0 0 0 0 0 0 0 0
Restricted Work Case (RWC) Qty 0 0 0 0 0 0 0 0 0
Reports of Near-Misses Qty 0 0 0 0 0 0 1 1 1
Work Related Illness Qty 0 0 0 0 0 0 0 0 0
(1)
Property damage Qty 1 2 3 0 0 0 0 0 3
Environmental Incidents Qty 0 0 0 0 0 0 0 0 0
Community Incidents Qty 0 0 0 0 0 0 0 0 0
Security Incidents Qty 0 0 0 0 0 0 0 0 0
Total Recordable Injuries Qty 0 0 0 0 0 0 0 0 0

LTIFR (Lost time injury frequency rate per million hours) Rate 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TRIFR (Total recordable injury frequency rate per Rate
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
million hours)

Source: Company Information 22

(1) Property damage includes: a scuffed vehicle after a minor collision with a panel; no damage to the panel, instruments damaged from a door slamming due to strong winds, and a problem with an
inverter with internal failure that got burned. No personnel was injured.
CONFIDENTIAL INFORMATION MEMORANDUM V HUMAN RESOURCES, HSSE & SUSTAINABILITY

Project Bodega – Sustainability

GIIA presents a positive influence on its community through both environmental and social metrics, following objectives set by the World
Health Organization’s Sustainable Development Goals (WHO’s SDGs)

• During 2022 the Company sponsored a children’s reading program to promote reading and literacy amongst
children in Argentina, generating a long-lasting and positive impact in their personal development to facilitate their
social inclusion
• In August 2022, GIIA held a Tree Day event in which the plant’s management visited a local school and planted fruit
trees, explaining their importance to the students. The activity was held with the Multiple Special Education School
and was very helpful to local children as well as showing support to the community
• In addition to the youth programs, the Company hosted several Cancer Awareness Days, including:
• Prostate Cancer Awareness Day: Prostate exam with professionals at a health center. This campaign was carried out
with the participation, organization and commitment of Scatec’s employees, as well as the mayor's office, the hospital
and the Fundación Sanatorio Argentino
• Breast Cancer Awareness Day: Performed breast examination, colposcopy, PAP, endocervical brushing and biopsy (if
necessary), in local health centers for 150 women from remote areas with the proper follow-up tests if any pathology
was detected. The campaign was carried out in November 2022 in Las Flores, reaching the population of Villa Iglesia
and El Llano. It was also carried out in Rodeo, reaching the districts of Colanguil, Angualasto, and Maliman
• In August 2022 the Company collaborated with Club San Lorenzo’s “Children’s Day” celebration

Source: Company Information 23

CONFIDENTIAL CONFIDENTIAL INFORMATION MEMORANDUM

VI Financial Overview
CONFIDENTIAL CONFIDENTIAL INFORMATION MEMORANDUM

A Historical Financial Performance

CONFIDENTIAL INFORMATION MEMORANDUM A HISTORICAL FINANCIAL PERFORMANCE

Historical Financials—P&L and Balance Sheet

The following table and accompanying commentary describe Bodega’s financial performance from the last two years

Summary P&L Summary Balance Sheet

in US$ Ths. FY2021 FY2022 in US$ Ths. FY2021 FY2022
Net Revenue 7,178 13,791 Assets
Non-Current Assets
Operating expenses (1,242) (2,006)
Property, Plant And Equipment 126,825 121,392
Administrative and selling expenses (608) (78) Intangible Assets 843 -
Other expenses (5) - Deffered Tax Assets 20 12,371
EBITDA 5,323 11,707 Total Non-Current Assets 127,688 133,763
EBITDA Margin 74.2% 84.9% Current Assets
Depreciation, Amortization & Impairment (3,083) (6,184) Other Receivables 3,422 845
Operating profit (EBT) 2,240 5,523 Accounts Receivables 3,230 3,115
Cash And Cash Equivalents 530 4,413
Interests and other Financial Income 259 694
Total Current Assets 7,182 8,373
Interest and other Financial expenses (2,571) (8,319) Total Assets 134,870 142,136
Net foreign exhange gain/(losses) (595) (1,553)
Liabilities
Financial Expense, Net (2,907) (9,178)
Non-Current Liabilities
Losses before Income Tax (667) (3,655) Non-Current & Non-Recourse Project Financing 109,843 37,648
Non-Current Payables & Other Liabilities 3,395 3,140
Comments (All figures in US$ unless otherwise noted) Total Non-Current Liabilities 113,238 40,788
• As for the P&L:
Current Liabilities
− The asset started operations in July 2021, therefore FY2021 figures
reflect only half a year of operation
Accruals 700 -
Current & Non-Recourse Project Financing - 71,707
− Figures for 2022 stem from the Interim Financial Statements of the
Company, and are subject to auditor’s review Trade And Other Accounts Payables 1,986 1,639
Total Current Liabilities 2,686 73,346
• As for the Balance Sheet:
Total Liabilities 115,924 114,134
− Figures for 2022 stem from the Interim Financial Statements of the
Company, and are subject to auditor’s review
Equity
− The outstanding financial obligations of the company are comprised by Other Shareholders’ Equity Components 20,603 23,157
shareholder loans provided by Equinor & Scatec, as well as a 30-year
lease for the project’s land (included within Non-Current Payables & Accumulated Earnings (1,657) 4,825
Other Liabilities) Other Reserves - 20
Total Shareholders’ Equity 18,946 28,002
Source: Audited financial statements 2021 & interim financial statements for FY2022 24
CONFIDENTIAL INFORMATION MEMORANDUM A HISTORICAL FINANCIAL PERFORMANCE

Financial Snapshot
As of December 2022, the Project has a total of US$ 109.4 MM worth of Shareholder Loans and US$ 4.4 MM of Cash & Equivalents

Financial Position as of December 31, 2022 (in US$ Ths.)

Total: US$ 109,355 Ths. VAT Loan Facility

• The Company holds a VAT Loan Facility provided by Equinor & Scatec in 2019. This
500
facility is subordinated to the Senior Bridge Loan and has a prepayment clause for any
3 9,069 8,569
3 refunds provided by the tax authority
435
• The outstanding value of this instrument is US$ 9 MM, divided into:
- US$ 8.6 MM of Principal Amount
- US$ 0.5 MM of Accrued Interests
2 28,643 28,208
Shareholder Loans

• Comprised by the following facilities:

- Junior Shareholder Loan Agreement
9,443 - Refinancing Agreement
- Short Term Shareholder Loan Agreement
2
• These facilities have similar terms and conditions and share priority on a pari-passu
basis, subordinated to the Senior Bridge Loan

• The outstanding value of these instruments is US$ 28.6 MM, divided into:
- US$ 28.2 MM of Principal Amount
- US$ 0.4 MM of Accrued Interests
1 71,643
62,200 Senior Bridge Loan Agreement

• Senior Bridge Loan provided by Equinor in 2018. This facility is the principal loan and
prelates over the other debts of the company
1
• The outstanding value of this instrument is US$ 71.6 MM, divided into:
- US$ 62.2 MM of Principal Amount
Total: US$ 4,413 Ths. - US$ 9.4 MM of Accrued Interests

4,413 = Principal Amount = Accrued Interests

Debt Cash & Equivalents
25
Source: Company information
CONFIDENTIAL CONFIDENTIAL INFORMATION MEMORANDUM

B Financial Projections
CONFIDENTIAL INFORMATION MEMORANDUM B FINANCIAL PROJECTIONS

Financial Projections – Introduction

Overview

• Financial projections are based on the following assumptions:

− Projections have been prepared in US Dollars, which is the functional currency of Bodega

− Projections begin in 2023. Monthly projections have been prepared for the asset, considering an estimated useful life of 35 years

− Spot price projection has been set fixed to 60 US$/MWh, projected in nominal US Dollars with no indexation

− Power generation projections for Bodega are according to the 2020 Energy Yield Assessment performed by Scatec’s Engineering Team for the first 25 years, and
according to Scatec’s internal estimates for the remaining 10 years

− Inflation projections for the US correspond to Standard & Poor’s projection as published in February 2023

Macroeconomic Assumptions

2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2040E 2045E 2050E 2053E+

Inflation USA (CPI Growth) 3.96% 2.30% 2.18% 2.14% 2.21% 2.12% 2.11% 2.14% 2.20% 2.21% 2.20% 2.14% 2.09% 2.13% 2.21% 2.29% 2.27%

Source: Company information 26

CONFIDENTIAL INFORMATION MEMORANDUM B FINANCIAL PROJECTIONS

Bodega: Main Assumptions

Main Assumptions for Bodega

PPA Period Spot Period

Jan-2023 Jul-2041 Aug-2041 Mar-2056

• PPA Price
- Original Tariff: 41.76US$/MWh
- The original tariff is adjusted by the following variables:
- i) Annual Price Adjustment (“PA”): considering a projected US CPI Index set in the PPA, which takes place on the COD anniversary of
the asset throughout the life of the contract (every July)(1).
REVENUES - Ii) Incentive Factor (“IF”): scheduled for each calendar year of the PPA in the contract (every January)(1).
• Spot Price
- Nominal Price: 60 US$/MWh with no indexation

• Annual Power Generation:

− The annual power generation follows the curve provided by the Energy Yield Assessment 2020 Report issued by Scatec Engineering Team for
the first 25 years, and according to Scatec’s internal estimates for the remaining 10 years
− Projections follow the monthly generation curve provided by the report, which distributes the annual yield pursuant the irradiation present in the different
months of the year in the location area
− The solar panels are assumed to have a 0.4% annual degradation factor over the asset’s lifetime, which reduces the generation progressively.
Additionally, plant availability is reduced by 1% per annum starting from year 31 onwards

Source: Company information 27

(1) Prefer refer to Page 27 for more information
CONFIDENTIAL INFORMATION MEMORANDUM B FINANCIAL PROJECTIONS

Bodega: Main Assumptions (Cont´d)

Main Assumptions for Bodega (cont’d)

• In 2023 a total expense of US$ 997 Ths. is budgeted for the asset according to Scatec’s 2023 Budget. O&M US$ 997 Ths.
O&M
For the projection, this amount is adjusted annually at US CPI inflation rate Formula + US CPI

• MSA expenses are modelled pursuant the MSA Contract Agreement, which includes a US$ 530 Ths. US$ 530 Ths.
MSA Base fee for 2021, which is adjusted each year pursuant an adjustment schedule until 2041 (c. 1.7% MSA
+ Schedule
Formula
indexation per annum). After this year, the fee is adjusted using US CPI inflation rate Adjustment

• In 2023 a total expense of US$ 194 Ths. is budgeted for the asset according to Scatec’s 2023 Budget. Insurance US$ 194 Ths.
Insurances
For the projection, this amount is adjusted annually at US CPI inflation rate Formula + US CPI

• In 2023 a total expense of US$ 11 Ths. is budgeted for the asset according to Scatec’s 2023 Budget. Auditing US$ 11 Ths.
Auditing
For the projection, this amount is adjusted annually at US CPI inflation rate Formula + US CPI

• In 2023 a total expense of US$ 76 Ths. is budgeted for the asset according to Scatec’s 2023 Budget. Legal
US$ 76 Ths.
OPEX Legal Services Services
For the projection, this amount is adjusted annually at US CPI inflation rate + US CPI
Formula

• In 2023 a total expense of 615 US$/MWp is budgeted for the asset according to Scatec’s 2023 Budget. Spare
615 US$/MWp
Spare Parts Parts
For the projection, this amount is adjusted annually at US CPI inflation rate + US CPI
Formula

Site
• In 2023 a total expense of US$ 103 Ths. is budgeted for the asset according to Scatec’s 2023 Budget. Site C&U US$ 103 Ths.
Communication
For the projection, this amount is adjusted annually at US CPI inflation rate Formula + US CPI
& Utilities

CSR • In 2023 a total expense of US$ 52 Ths. is budgeted for the asset according to Scatec’s 2023 Budget. CSR US$ 52 Ths.
Contribution For the projection, this amount is adjusted annually at US CPI inflation rate Formula + US CPI

• The inverter Service fee expense is modelled starting on July 2027 and until December 2050. This line Inverter
Inverter Service 182 US$/MWp
is modelled as a base fee of 182 US$/MWp for 2023 and adjusted by US CPI inflation rate for the Service
Fee + US CPI
projected period Formula

Source: Company information 28

CONFIDENTIAL INFORMATION MEMORANDUM B FINANCIAL PROJECTIONS

Bodega: Main Assumptions (Cont´d)

Main Assumptions for Bodega (cont’d)

• The Income Tax rate for the projected period is 35%, according to Argentine corporate tax rate
INCOME TAXES
• It is adjusted for accelerated tax depreciation, a benefit for renewable projects with RenovAr PPAs

CAPEX • Maintenance CapEx is included in Opex, as spare parts and inverter service fees

• Days Sales Outstanding (DSO) for the projected period: 60 days

WORKING CAPITAL
• Days Payables Outstanding (DPO) for the projected period: 45 days

• Accounting Depreciation has been modelled considering 2022 PP&E figure and a 20-year straight line depreciation schedule
DEPRECIATION • Tax Depreciation has been modelled considering 2022 PP&E figure and a 10-year (accelerated) straight-line depreciation schedule, given
incentives to renewable power generation

• In 2023 a total lease expense of US$ 141 Ths. is budgeted for the asset. For the projection, this amount is adjusted annually at US CPI inflation
LEASES
rate
Lease US$ 141 Ths.
Formula + US CPI

Source: Company information 29

 CONFIDENTIAL INFORMATION MEMORANDUM B FINANCIAL PROJECTIONS

Key Highlights

Revenues (in $ MM)

Sales to Spot Market

17 17 17 17 17 17 16 16 16 16 16 16 15 15
15 15 15 15 15 15
14 15 14 14 14 14 14
14 14
13 13 13 13

Generation and Avg. Price per MWh

GWh 500 60 60 60 60 60 60 60 60 60 60 60 60 60 60 60 US$/

MWh
450 53 60
51 52
400 49 50 49 50 49 50 49
48 48 48 47 48
45 46 46
350 44 50
300
299 299 298 297 296 295 294 293 292 292 291 290 289 288 287 286 40
250 285 283 282 281 280 279 278 277 276 274 273 272
270 266 262 258
255
200
30
150
100 118 20
50
0 10

Source: Company information 30

CONFIDENTIAL INFORMATION MEMORANDUM B FINANCIAL PROJECTIONS

Key Highlights (Cont´d)

EBITDA (in US$ MM, unless noted)

Sales to Spot Market

18 86% 85% 84% 83% 90%

81% 82% 81% 80%
16 80% 79% 85%
78% 78% 77% 76%
14 75% 74% 80%
71% 75%
12 14 14 14 13 13
13 13 13 13 13
12 12 12 12 12 12 12 12 12 12 13 12 70%
12 12 12
10 11 11 11 11
10 10 10 10 65%
8
60%
6 55%
4 5 50%
2 45%
0 40%

EBITDA EBITDA Margin

FCFF (in US$ MM, unless noted)

Sales to Spot Market

13
13 13 12 12 12 12 12 12

9 9 9 9
8 8 8 8 8
8 8 8 8
7 7 7 7 7 7 7
6 6 6 6

Source: Company information 31

CONFIDENTIAL INFORMATION MEMORANDUM B FINANCIAL PROJECTIONS

Detailed Business Plan

P&L

(US$ ‘000, unless noted) 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2035E 2040E 2045E 2050E 2055E 2056E

P&L

Revenues 14,345 14,551 14,758 14,286 14,489 14,693 14,190 14,389 13,867 13,173 16,667 16,334 15,274 7,096
Energy Production Revenues 14,345 14,551 14,758 14,286 14,489 14,693 14,190 14,389 13,867 13,173 16,667 16,334 15,274 7,096
Net Output (MWh) 299,341 298,523 297,691 296,846 295,993 295,130 294,254 293,363 288,639 283,434 277,779 272,241 254,565 118,269
Average Energy Price (US$/MWh) 47.9 48.7 49.6 48.1 48.9 49.8 48.2 49.0 48.0 46.5 60.0 60.0 60.0 60.0

Expenses (2,053) (2,097) (2,140) (2,184) (2,241) (2,298) (2,344) (2,391) (2,647) (2,923) (3,251) (3,632) (4,021) (2,056)
Scatec O&M BoP (997) (1,020) (1,042) (1,064) (1,088) (1,111) (1,135) (1,159)
(2)
(1,290) (1,431) (1,594) (1,781) (1,993) (1,019)
Asset Management Fee (548) (558) (567) (577) (587) (597) (607) (617) (672) (731) (811) (906) (1,013) (518)
Insurance, Premium & Broker Fees (194) (198) (203) (207) (212) (216) (221) (225) (251) (279) (310) (347) (388) (198)
Others (314) (321) (328) (335) (354) (374) (382) (390) (434) (481) (536) (599) (628) (321)
Auditing (11) (11) (11) (12) (12) (12) (13) (13) (14) (16) (18) (20) (22) (11)
Legal services (76) (78) (79) (81) (83) (85) (86) (88) (98) (109) (122) (136) (152) (78)
Spare parts (72) (74) (75) (77) (79) (80) (82) (84) (93) (103) (115) (129) (144) (74)
Site communications & utilities (103) (105) (108) (110) (112) (115) (117) (120) (133) (148) (165) (184) (206) (105)
CSR contribution (52) (53) (54) (56) (57) (58) (59) (60) (67) (75) (83) (93) (104) (53)
Inverter service fee 0 0 0 0 (12) (24) (24) (25) (28) (31) (34) (38) 0 0

EBITDA 12,292 12,453 12,617 12,103 12,248 12,395 11,846 11,998 11,220 10,250 13,416 12,702 11,253 5,040
EBITDA Margin 85.7% 85.6% 85.5% 84.7% 84.5% 84.4% 83.5% 83.4% 80.9% 77.8% 80.5% 77.8% 73.7% 71.0%

Depreciation Expense (incl. Land Lease) (6,241) (6,562) (6,562) (6,562) (6,562) (6,562) (6,562) (6,562) (6,562) (6,562) 0 0 0 0

EBIT 6,051 5,892 6,056 5,541 5,686 5,834 5,285 5,436 4,659 3,689 13,416 12,702 11,253 5,040
EBIT Margin 42.2% 40.5% 41.0% 38.8% 39.2% 39.7% 37.2% 37.8% 33.6% 28.0% 80.5% 77.8% 73.7% 71.0%

Source: Company information 32

CONFIDENTIAL INFORMATION MEMORANDUM B FINANCIAL PROJECTIONS

Detailed Business Plan (cont’d)

Free Cash Flow

(US$ ‘000, unless noted) 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2035E 2040E 2045E 2050E 2055E 2056E

Cash Flow Analysis

EBITDA 12,292 12,453 12,617 12,103 12,248 12,395 11,846 11,998 11,220 10,250 13,416 12,702 11,253 5,040
+ Variance in WK 888 (28) (29) 83 (26) (27) 88 (27) (24) (21) 20 21 48 1,102
- Income Tax credits / (payable) 291 235 177 357 306 255 447 394 (3,927) (3,588) (4,695) (4,446) (3,938) (1,764)
- Land Lease cash payment (141) (144) (147) (154) (157) (161) (164) (168) (187) (207) (231) (258) (288) (147)
Cash Flow from Operations 13,330 12,515 12,618 12,389 12,371 12,463 12,218 12,197 7,082 6,435 8,510 8,020 7,074 4,230

CapEx 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash Flow from Investing 0 0 0 0 0 0 0 0 0 0 0 0 0 0
(2)

Free Cash Flow to Firm 13,330 12,515 12,618 12,389 12,371 12,463 12,218 12,197 7,082 6,435 8,510 8,020 7,074 4,230

33
Source: Company information
CONFIDENTIAL CONFIDENTIAL INFORMATION MEMORANDUM

VII Industry Overview

CONFIDENTIAL INFORMATION MEMORANDUM VII INDUSTRY OVERVIEW

An Overview of the Argentine Power Sector

Argentina has unbeatable weather conditions for the development of renewable power generation. The country's energy matrix has been
evolving towards greener and more sustainable energy sources
• Argentina is one of the largest economies in Latin • Define and supervise energy policies
America, with a Gross Domestic Product (GDP) of US$ • Recognize wholesale market (MEM(1)) agents
~500 Bn,. The country has vast natural resources in Secretary of Energy
• Settle legal claims against ENRE
energy and agriculture, with extraordinary fertile lands, • Authorize network expansion (Law N° 24,065)
gas and lithium reserves, and has great potential for
renewable energy • Ensure compliance with applicable legislation
• Create and enforce technical rules regarding proceedings,
• The country has 43 GW of installed capacity. Even though measurement and billing, electricity meter control and use, service
the energy matrix is predominantly thermal-based, quality, security, interconnection and disconnection
renewable power generation has been growing • Set basis for billing calculation
ENRE(2)
exponentially, supplying a record 13.9% of Argentina’s • Apply penalties
total electricity demand in 2022 • Perform public hearings
• Promote modifications to the Secretary of Energy’s rulings
− There are currently c.80 renewable projects in operation, • Ensure protection to customers, environment, private property and
which represent c.4 GW the country’s installed capacity public safety
− Eight projects were commissioned in 2022, for a total of • Economic and technical operation of the SADI(4) interconnection system
47.57 MW • Maximize security and quality of service
• The country has a vertically disaggregated electricity • Minimize spot market prices
system, resulting from the national government's • Supervise the market
privatization process in 1992 • Perform economic transactions and manage accounts
CAMMESA(3)
• Evaluate requests to access the SADI
− Power Generation: private and state-owned companies • Dictate technical proceedings
carry out generation in a competitive market • Non-profit corporation managed by the national government
• Currently, CAMMESA has adopted activities not specifically related to
− Power Transmission: public service with open access.
operators, such as the purchase and supply of fuel to generators
Companies operate and maintain assets in the concession
area granted by the Secretary of Energy. Expansions in the
transmission sector are open to competition between private
Secretary of Energy
companies ATEERA AGEERA
Electric transmission companies association Power generation companies association
− Power Distribution: public service operated by private-sector
players under concession agreements, constituting a heavily CAMMESA
ADEERA AGUEERA
regulated monopoly Electric distribution companies association Major users association

Source: Public Information, Transener.

(1) MEM: Mercado Eléctrico Mayorista (Wholesale Electricity Market) 34
(2) ENRE: Ente Nacional Regulador de la Electricidad (Electricity Regulation National Entity)
(3) CAMMESA: Compañía Administradora del Mercado Mayorista Eléctrico Sociedad Anónima (Wholesale Electricity Market Administration Company)
(4) SADI: Sistema Argentino de Interconexión (Argentine Interconnection System)
 CONFIDENTIAL INFORMATION MEMORANDUM VII INDUSTRY OVERVIEW

Argentine Power Sector – Market Structure

Argentina’s power system is divided into three segments: i) generation, which is open to private and public sector competition,
ii) transmission, which is treated and regulated as a public service, and iii) distribution, which is regulated as a public service

POWER GENERATION POWER TRANSMISSION POWER DISTRIBUTION POWER CONSUMPTION

• In 1992, the National Government
initiated a privatization process
intended to protect consumer’s rights
and promote competition in the
generation and distribution sectors
• Since then, private and state-owned
companies generate power and sell
electricity in a wholesale market
operated by CAMMESA
• Different types of off-take agreements:
(i) through the spot market, (ii) PPAs
with thermal plants (plants installed
before 2006), (iii) self generation and
(iv) private PPAs for Renewables
43 GW 145 TWh 13%
2022 Installed 2022 Annual Renewable Share
Capacity Generation of Annual Gx
Players
• Transmission companies operate and
maintain assets in the concession area
granted by the Secretary of Energy
• Power transmission is a natural
monopoly which operates in a captive
market
• Transener (co-controlled by Pampa
Energía and ENARSA) operates the
national power transmission grid under
a long-term agreement with the
Argentine Government
− With its subsidiary Transba,
Transener directly operates 20,981
km of transmission lines, of which c.
14,919 km are high voltage
transmission lines of 500 kV (85% of
Argentine National High Voltage
Transmission Network)
• The distribution market is heavily
regulated
• Distribution in Buenos Aires area is
provided by two companies: Edenor
and Edesur. The rest is split between
provincial companies (approx. 43%),
cooperatives (28%) and direct buyers.
Distributors operate the distribution
network under a concession for a
specific area
• Edenor: Largest power distribution
company in Argentina both in number
of customers and electricity sold
(19,7% of the market(1))
• Edesur: 13,2% of the market(1) in the
south of Buenos Aires Region in terms
of clients
• The demand for electricity in Argentina
is divided into three types of
consumers: Residential, Commercial
and Industrial Users
• During the last 4 years total demand
has grown at a 2% CAGR, with
residential demand growing at a 3%
CAGR
• Regarding the national distribution of
this consumption, 50% of the country's
energy is consumed in Buenos Aires,
12% is consumed in the Litoral area
and 14% in the Northwestern zones
Industrial
27%
138 TWh Residential
2022 Annual 45%
Demand

Commercial
Key

28%

Source: Public Information, CAMMESA

35
(1) Excludes cooperatives and direct buyers (Large Users)
CONFIDENTIAL INFORMATION MEMORANDUM VII INDUSTRY OVERVIEW

Argentine Power Generation Sector – Snapshot

Installed Capacity Breakdown by Location and Technology Sector Description

• The power generation sector in Argentina has been growing significantly in
NORTHWEST NORTHEAST
the last years as a response to high demand and energy transition. In 2022,
the system generated 145 TWh
− The energy matrix is primarily dominated by thermal power plants, which
4,365 MW 3,156 MW generated 56% of the total energy injected to the system in 2022

• There are different types of Off-take Agreements

− Spot market and/or distribution company
CENTRE LITORAL
− PPAs with thermal plants (owned by third parties): Currently limited to plants
installed before 2006. This limitation is expected to be lifted in the medium term,
meaning consumers would be able to negotiate PPAs with any generation agents
3,252 MW 4,027 MW − Self generation: consumer generates power in the same node where the energy
is consumed, excess energy is sold to the market
− Distributed self generation model: consumer generates power in a different node
from where it is consumed, some transmission costs are to be paid, excess
CUYO BUENOS AIRES energy is sold to the market
METROPOLITAN AREA − Private PPAs for Renewables: the new Renewables Law allows private PPAs
between private companies and power generators (for power coming from
renewable resources)
2,124 MW
8,198 MW
Evolution of installed capacity and breakdown of current matrix
Biomass
GW 42.9 GW and
COMAHUE PROVINCE OF Waste
BUENOS AIRES 40 12% 3% Small
4% 10% hydro

7,110 MW 5 GW
30 24%
7,935 MW 65% 22%
Solar

PATAGONIA 20 Wind
Onshore

59%
Thermal Renewable 10
2,769 MW
Hydro Nuclear
0
2002 2005 2008 2011 2014 2017 2020 2022
36
Source: CAMMESA, publicly available information.
Note: Data as of January 2023.
CONFIDENTIAL INFORMATION MEMORANDUM VII INDUSTRY OVERVIEW

Argentine Power Generation Sector – Price Model

Pricing Scheme Historical Evolution of Monomial Price (US$/MWh)
The price charged by power generators, the “monomial price,” is As of December 2022
defined by the following components: 140.0
1• Energy component:
120.0
− Spot price: according to Resolution No. 748/2021, the price cap for spot
prices is 938 AR$/MWh 100.0
− Additional energy: Distributors, large users and self-generators will share
the cost associated with systemic energy losses. This is calculated by 78.1
80.0 Average: 70.7 US$/MWh
multiplying a week’s losses by the node price and dividing by that week’s
demand 60.0
− Additional fuel fee: this component covers taxes on fuel transfers, taxes
on diesel and a natural gas fee 40.0
2• Dispatch transitory cost overrun: Even the most efficient power plants have
20.0
remuneration costs over the capped spot price of 938 AR$/MWh. Any
remuneration above 938 AR$/MWh is accumulated as “Transient Additional
0.0
Dispatch Cost”
Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22
3• Capacity component: payment received in exchange for making installed
capacity available to CAMMESA 2020-2022 CAMMESA’s Monomial Supply Cost (US$/MWh)
4• Excess Demand Fee: Fee applied to Large Users (consumers of over 300
kWh/month) for said excess consumption 140
US$/MWh
5• Other costs include Brazil account and wholesale market supply contracts 120

100
1 Energy Component 80 Average Price: 71.3 US$/MWh

60
2 Dispatch Transitory Cost Overrun
40

20
Monomial Price 3 Capacity Component
0
Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22
4 Excess Demand Fee Energy Component Dispatch Transitory Cost Overrun
Excess Demand Fee Other Costs
5 Other Costs Capacity Component Monomial Price

37
Source: CAMMESA
CONFIDENTIAL INFORMATION MEMORANDUM VII INDUSTRY OVERVIEW

Argentine Power Generation Sector – Competitive Landscape

The 8 largest players in the country represent c. 56% of Argentina’s installed capacity of 43 GW, with Pampa Energía being the market leader
with c. 12% market share
Installed Capacity in Argentina in MW
Company Country Breakdown by Technology Key Assets
- % of Total Installed Capacity

1161 MW Hydro 61%, Thermal 33%, Solar • Genelba Thermal Plant (1253 MW)
Pampa Energia USA 5,088 12% 18%
2%, Wind 4% 75% 6% • Loma de la Lata Thermal Plant (780 MW)

315 MW 62% thermal, 38% hydro

Central Puerto Colombia 4689 11% 93% 7% • Central de Ciclo Combinado (2554 MW)

401 MW Hydro 75%, Solar 25% • Costanera Thermal Plant (2324 MW)
Enel Italy 4,539 11% 29% 71%
• El Chocon Hydroelectric Plant (1328 MW)

170 MW 6% solar, 6% biomasa, 88% • Three Thermal Plants (1578 MW)

AES Panama 3,001 7% 40% 53% 8%
thermal • Four Hydroelectric Plants (1207)

145 MW 100% hydro

YPF Luz Mexico 2,483 6% 73% 19% 7% • Generación Tucuman Complex (1,302 MW)

310 MW 69% wind, 13% solar, 18% thermal

EPEC Generación 4% • Rio Grande Hydroelectric Plant (750 MW)
1,605 67% 23% 10%

• Seven thermoelectric power plants (1,247

MSU Energy
1,437 3% 100% MW)

306 MW 100% termal

Grupo Albanesi Canada • M. Maranzana Power Plant (350 MW)
1,380 3% 100%
223 MW 73% thermal, 27% hydro • Madryn Eolic Power Plant (222 MW)
GENNEIA Panama 3%
1,140 30% 64% 7% • Chubut Norte Eolic Plant (196 MW)

• Agua del Cajón Thermoelectric Power Central

Capex 2%
707 95% 5% (672 MW)

4097-all above
PCR 1% • Four Eolic Power Plants (325 MW)
325 100%

Hydro Thermal Wind Solar Others

Source: Mercados Energéticos Report, company filings and public information as of January 2023 38
CONFIDENTIAL INFORMATION MEMORANDUM VII INDUSTRY OVERVIEW

Argentine Renewable Power Generation Sector

The renewable power generation sector has been growing exponentially since 2016. The government awarded 242 projects through several
auctions, adding almost 7 GW of renewable capacity to the system
• The renewable energy sector has experienced significant
DECEMBER Promotional Regime for the Use of Sources of Renewable Energy
growth in recent years, driven by government policies and tax Law 26,190 Its main objective was to increase the proportion of energy generated from
benefits aimed at promoting clean energy sources. Installed 2006
renewable energy sources to 8% of national consumption within 10 years
capacity from clean sources of energy currently represent 12%
of the national energy matrix, representing a c.90% growth rate
since 2019 This regime introduced several tax benefits for adopters of a renewable energy project, including:
• From a regulatory standpoint, Government has passed several (i) Early refund of the VAT on the project’s new depreciable assets
laws and resolutions, including the creation of the Promotional (ii) Accelerated asset depreciation for income tax purposes
Regime for the Use of Sources of Renewable Energy in 2006. In (iii) No payment of the minimum presumed income tax provided by Law No. 25,063
2015, Law 27,191 was passed, which established a target for 8%
of total power demand to come from renewable sources by
2018 and 20% by 2025
− Several auctions have taken place since September 2016, SEPTEMBER Amendment to Law 26,190, intended to increase investments in renewable
Law 27,191 energies. New objectives for the proportion of energy generated from renewable
awarding a total of 4.7 GW of renewable installed capacity, 2015
mainly to solar and wind projects energy sources were set: 8% of national consumption for 2017, 12% for 2019,
• Key players in the renewable sector include Genneia, YPF Luz, 16% for 2021, 18% for 2023 and 20% for 2025
Central Puerto, PCR, Pampa Energía, and AES which together
represent c.50% of the total renewable installed capacity The updated regime added several new tax benefits for renewables projects:
• Investments in renewable energy have grown steadily, with the (i) Extension to 10 years of the tax loss carryforward term
country attracting approximately US$ 6.7 billion between 2016 (ii) A 10-percentage point exemption on the dividend tax applicable to the shareholders of
and 2019 projects under this new regime
• In early 2023, the government launched a new public tender
called RenMDI, aiming to add 620 MW of renewable installed
capacity to the system (solar with or without storage, wind only
with storage, biogas and biomass). It implies a total investment MARCH Decree 531/2016 regulated Law 27,191 and effectivized all these additional
of US$ ~500 million 2016 Decree 531/16
objectives and tax benefits
− RenMDI will offer US$-denominated PPAs with CAMMESA for a
15-year term
It enabled two paths for large users to meet their imposed renewables goals:
Percentage of the total energy demanded met by renewable generation (GWh) (i) Joint purchases mechanism developed by CAMMESA and implemented through RenovAr
(ii) Enabling large electricity users to contract renewable energy and/or self-generate
19% 20%
18%
17%
20% 20%

18%
16% 18%

16%
14% 16%

14% 14% RenovAr & RenovAr and MATER were very succesfull and competitive public tenders for
12% 12% 2016-2022 MATER renewable power generation that have taken place since 2016
10% 10%

14%
8% 8%

6%
12% 6% • RenovAr has injected 5 GW to the system across 185 new renewable energy projects,
4%
10% 4% whereas MATER has awarded over 2 GW through 57 new renewable projects
2% 2%
• Peak share of renewables in Argentina’s National Grid reached 28.8% on September 26, 2021
0% 0%
• More than 11,000 new jobs were created, and an estimated 193 million tons of CO2 emissions
2020 2021 2022 2023 2024 2025
will be avoided by 2040
Objective Actual

39
Source: CAMMESA and publicly available information as of October 2022.
CONFIDENTIAL INFORMATION MEMORANDUM
Argentine Renewable Power Generation Sector – Regulatory Framework
The following timeline summarizes the key policies enacted by the government regarding renewable energy generation
January 16, 1992
Law No. 24,065
Established the current
basic regulatory framework
for the sector. This
regulatory framework is
supplemented by the
regulations of the Secretary
of Energy (“SE”) for
generation and marketing
of electric power
1992 2007
January 2, 2007
Law No. 26,190
Federal law aimed at promoting
renewable power generation
Law No. 25,019 enacted in 1998 had
already declared wind and solar
technologies as a national area of
development
December 24, 2007
Resolution 140/07
Decree enacted in order to encourage
efficient use of energy for the general
population as well as big users
Source:
(1)
October 15, 2009
Resolution No. 712/2009:
Enabled PPAs for
renewable contracts. By
the end of 2009, ENARSA
carried out a tender for
renewable projects
(“GENREN”)
2010 2013
March 17, 2008
Resolution No. 553/2008
Argentina’s Rational and Efficient
Use of Energy Program
(PRONUREE) is implemented
Public Information.
MEM: Mercado Eléctrico Mayorista (Wholesale Electricity Market)
VII INDUSTRY OVERVIEW
September 23, 2015
Law 27,191 January 21, 2022
Amendment to Law 26,190, intended Resolution No. 14/2022:
to increase investments in renewable May 17, 2016 Introduces modifications to the dispatch
energies. New objectives were set: SE Resolution No. priority scheme, simplifying tie-breaking
8% for 2017, 12% for 2019, 16% for 71/2016: processes
2021, 18% for 2023 and 20% for 2025 Announcement of
October 15, 2015 renewables public auction
Law No. 27,191 RenovAr 1 for 1,000 MW November 20, 2018
Modifies 2007’s Law No. 26,190, adds MiniREN:
October 28, 2016 Announcement of renewables public
a target to reach 8% of nationwide SE Resolution No.
energy consumption to be provided by auction RenovAr 3.0 focused on small-
252/2016: scale projects with a max capacity of 10
renewable sources by December Announcement of
2017 MW with no infrastructure requirements in
renewables public auction terms of power transmission or distribution
RenovAr 1.5
2014 2015 2016 2017 2018 2019 2020 2021 2022
August 16, 2017 December 27, 2021
SE Resolution No. 275/2017: Resolution No. 1260/2021:
Announcement of renewables public auction
Mater: dispatch priority was awarded
RenovAr 2 to 800 MW that corresponded to
August 18, 2017 unfinished projects from previous
SE Resolution No. 281/2017: RenovAr auctions
Announcement of public auction for dispatch
priority for renewables
November 30, 2017 January 31, 2023
SE Resolution No. 473/2017 Resolution 36/2023:
Announcement of renewables public auction Announcement of new
RenovAr 2.5 renewables public auction
December 27, 2017 “RenMDI” for 620 MW of new
Law 27,424: installed capacity
Established that private users in the distribution
network can produce and commercialize power
40
CONFIDENTIAL INFORMATION MEMORANDUM VII INDUSTRY OVERVIEW

Argentine Renewable Power Generation Sector – Auctions Summary

Pursuant to the objective of achieving 20% of the Energy Matrix from renewable sources by 2025, Argentina has launched several auctions in
order to foster the development of a robust renewable energy generation platform
Offers Presented Offers Awarded Other Comments

Key Participants
RenovAr 1.0
123 6.3 GW 29 1.1 GW 35% 58 62 JULY 2016
Offers Offered Offers Awarded 62% US$/MWh Avg. US$/MWh Avg.
Presented Capacity Awarded Capacity Capacity Price Capacity Price

Key Participants
RenovAr 1.5
47 2.5 GW 30 1.3 GW 40% 54 54
Offers Offered Offers Awarded 60% US$/MWh Avg. US$/MWh Avg. OCT 2016
Presented Capacity Awarded Capacity Capacity Price Capacity Price

Key Participants
RenovAr 2.0
228 9.4 GW 66 1.4 GW 47%
41 45
Offers Offered Offers Awarded 40% US$/MWh Avg. US$/MWh Avg. AUG 2017
Presented Capacity Awarded Capacity Capacity Price Capacity Price

Key Participants
RenovAr 2.5
120 6.1 GW 22 0.6 GW 40 42
Offers Offered Offers Awarded 41% 52% US$/MWh Avg. US$/MWh Avg. NOV 2017
Presented Capacity Awarded Capacity Capacity Price Capacity Price

Key Participants
RenovAr 3.0 50(1) 0.4 GW 38 0.3 GW 58 57
Offers Offered Offers Awarded 37% 50% US$/MWh Avg. US$/MWh Avg. SEPT 2018
Presented Capacity Awarded Capacity Capacity Price Capacity Price

Key Participants
MATER n.a. n.a.
57 1.7 GW 30%
n.a.
OCT 2017-
Offers Awarded 70% APR 2022
Awarded Capacity

Wind 41
Source: Company filings, CAMMESA and publicly available information as of October 2022. Solar
(1) The ministry invited the sponsors of the 12 projects that did not receive contracts to sign contracts with the government at the lowest awarded price Biomass
Small Hydro
CONFIDENTIAL INFORMATION MEMORANDUM VII INDUSTRY OVERVIEW

Argentine Renewable Power Generation Sector – Auctions Summary (cont’d)

Below is a summary of the geographical disposition of both Wind & Solar Projects awarded in the different government auctions
Location of Wind Projects awarded in RenovAr & MATER Location of Solar Projects awarded in RenovAr & MATER

Total Awarded Capacity(1) Total Awarded Capacity(1)

3,818 MW 2,280 MW

Project Status(2) Project Status(2)

4% 1%
10%
28% 37%
30%
56%
33%

Operating Under Dev Project awarded in

Operating Under Dev
Project awarded in RenovAr 1
RenovAr 1
Gov wants to Cancelled Gov wants to Cancelled
revoke Project awarded in revoke
Project awarded in RenovAr 1.5
RenovAr 1.5
Project awarded in
Project awarded in RenovAr 2
RenovAr 2 Main Players Main Players
Project awarded in
Project awarded in RenovAr 2.5
RenovAr 2.5
Project awarded in
Project awarded in RenovAr 3.0
RenovAr 3.0
Project awarded in
Project awarded in MATER
MATER

Source: CAMMESA, MINEM (Ministerio de Energía y Minería (Energy and Mining Ministry))
(1) Considers MATER projects above 10MW
42
(2) Status as of December 2022. Status "Cancelled" means project was cancelled in coordination with the government prior to project construction. Status "Govt. wants to revoke"
means the government is seeking to revoke contracts that have not yet started construction, due to problems with financing among others, to free up priority dispatch capacity.