71 86 100 118 1542018 2202020 5002025

INVESTOR PRESENTATION Q1 2019

22.02.2019 1

COMPANY OVERVIEW

B U S I N E S S M O D E L & P O R T F O L I O F I N A N C I A L P O S I T I O N C A P A C I T Y & M A R K E T C A P

2

Business Model & PortfolioPure-play PV operator with 166 MW own assets, and 77 MW external management contracts

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ASSET MANAGEMENTIPP PORTFOLIO PV ESTATE

CASH FLOWS

Acquire assets

Develop new projects

(Re-) finance

Optimise & operate

166 MW

SYNERGIES

Recurring fees from external investors

Economies of scale

M&A potential

77 MW

Acquired from Ernst Russ AG on 19.02.2019

TERMINAL VALUE

No land lease costs

Repowering potential for PV parks already in use

Development potential for unused land

110 HECTAR

Business Model & PortfolioCurrent IPP portfolio generates annual EBITDA of at least EUR 34 Mio.

Portfolio characteristics

CAPACITY TARIFF YIELD REVENUES EBITDA

MWp EUR/MWh kWh/kWp EUR Mio EUR Mio

Freefield PV 91 246 1,003 22.4 19.9

Rooftop PV 72 262 881 16.7 14.0

Onshore wind 3 86 2,400 0.6 0.4

IPP PORTFOLIO 166 246 973 39.7 34.3

LOCATIONS > 1 MW

4

▪ PV assets concentrated in Bavaria, Eastern Germany, and Rhineland-Palatinate

▪ Average plant size: 1.2 MWp

▪ Average year of commissioning: 2011

▪ Average feed-in-tariff: EUR 246/MWh.

▪ Tariffs are state-guaranteed and fixed for 20 years + year of commissioning

▪ Rooftop and land lease contracts usually running 20 years + at least 5 years extension option

▪ Small diversification into onshore wind (up to max. 10% of portfolio)

Financial Position Robust financials with annual dividend of EUR 0.10/share

CASH FLOW PER SHARE AND EQUITY RATIOEBITDA EVOLUTION AND RETURN

0.10 0.10

0.26

0.410.45

0.49 0.52

18%

23%

25%

29% ~ 30%

0%

5%

10%

15%

20%

25%

30%

35%

0.00

0.10

0.20

0.30

0.40

0.50

0.60

2014 2015 2016 2017 2018F

Dividend per share Cash Flow per share Equity ratio

16.7

24.927.9

29.933.0

5.4%

7.6%

8.9%

9.6%~9.5%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

2014 2015 2016 2017 2018F

EBITDA in EUR Mio.

Return (clean EBITDA/total assets until 2017, EBITDA/total assets for 2018F)

5

30

40

50

60

70

80

90

100

110

120

130

140

150

160

170

180

190

200

30

40

50

60

70

80

90

100

110

120

130

140

150

160

170

180

190

200

Jan

-15

Fe

b-1

5

Mar-

15

Ap

r-15

Ma

y-1

5

Jun

-15

Jul-1

5

Au

g-1

5

Se

p-1

5

Oct-

15

Nov-1

5

Dec-1

5

Jan

-16

Fe

b-1

6

Mar-

16

Ap

r-16

Ma

y-1

6

Jun

-16

Jul-1

6

Au

g-1

6

Se

p-1

6

Oct-

16

Nov-1

6

Dec-1

6

Jan

-17

Fe

b-1

7

Mar-

17

Ap

r-17

Ma

y-1

7

Jun

-17

Jul-1

7

Au

g-1

7

Se

p-1

7

Oct-

17

Nov-1

7

Dec-1

7

Jan

-18

Fe

b-1

8

Mar-

18

Ap

r-18

Ma

y-1

8

Jun

-18

Jul-1

8

Au

g-1

8

Se

p-1

8

Oct-

18

Nov-1

8

Dec-1

8

Jan

-19

Fe

b-1

9

Capacity in MWp Market cap in EUR Mio

Capacity and Market CapTrack record of growth and capital appreciation

2014-15ACQUISITION COLEXON

IN NEW SHARES + RESTRUCTURING

(26 MWP)

2015-16ACQUISITION

MISKINA IN NEW SHARES +

OPTIMISATION(24 MWP)

2016-17GROWTH TO 115 MWP THROUGH

PRIVATE PLACEMENTS

2018UP TO ~150 MWP

THROUGH ACQUISITION OF

DEVELOPER +ALTERNATIVE

FINANCING

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2018-19CAPITAL-

INTENSIVE GROWTH TO 220

MWP BY 2020

VIEW ON GERMAN PV MARKET

E E G F E E D - I N T A R I F F S N E W M O D E L S T O M A R K E T P VP V C O M P E T I T I V E N E S S

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PV CompetitivenessSolar PV now the lowest-cost power generator, even cheaper than conventional power

HIGHER EFFICIENCY MODULES

MODULE COST DECLINES

FALLING LEVELISED COST OF ELECTRICITY (LCOE)

Source: IRENA Source: LazardSource: IRENA

-

0.40

0.80

1.20

1.60

2.00

2.40

2.80

Feb

10

Jun

10

Oct

10

Feb

11

Jun

11

Oct

11

Feb

12

Jun

12

Oct

12

Feb

13

Jun

13

Oct

13

Feb

14

Jun

14

Oct

14

Feb

15

Jun

15

Oct

15

Feb

16

Jun

16

Oct

16

Feb

17

Crystalline China

Crystalline Europe (Germany)

Crystalline Japan

Thin film

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EEG Feed-In TariffsFixed tariffs still at attractive levels, but difficult to scale up

SYSTEM COST GERMANY 750 KWP ROOFTOP

▪ No relevant decrease in tariffs for new-build since 2014 due to

annual capacity additions below the 2.5 GWp regulatory target

▪ 20% decline in panel prices in H2 2018 reflecting:

1. Subsidy stop for new PV projects in China

2. End of import duty on Chinese panels in Europe

▪ Government decided a to cut new-build tariffs for large rooftop

by 10% during the period Feb-April 2019.

▪ The <750 kWp segment remains attractive, but limitations to

scale up in size and time (no longer EEG tariffs once 52 GWp cap

is reached)

7C SOLARPARKEN VIEW:

EUR/MWhEUR/Wp

9

-

10

20

30

40

50

60

70

80

90

100

110

120

-

0.20

0.40

0.60

0.80

1.00

1.20

1.40

2015H1

2015H2

2016H1

2016H2

2017H1

2017H2

2018H1

2018H2

2019Q1

2019Q2

BOS EUR/Wp

PV Panel EUR/Wp

FIT Large rooftop EUR/MWh

Freefield < 750 kWp EUR/MWhFIT FOR NEW PROJECTS Q2’19

Large rooftop < 750 kWp: ~ EUR 90/MWh

Freefield < 750 kWp: ~ EUR 80/MWh

New Models to Market PV PowerA. Market Parity

WHOLESALE POWER PRICE AND PV AUCTIONS > 750 KWP OPTION A: SELL POWER AT THE AUCTION (FFAV TARIFF)

▪ Fixed state-guaranteed tariff for 20 years

▪ Principally from 750 kWp to 10 MWp

▪ EEG limitations: rooftop, conversion land, alongside motorways

▪ Allocated FFAV or auction tariff is paid out on a monthly basis as

market price + market premium (at least zero)

▪ Captures upside from rising market price (FFAV tariff as minimum)

▪ Special auctions: 500 MWp in Dec ‘19, 1 GWp in 2020 and 1 GWp

in 2021

OPTION B: CORPORATE PPA

▪ Long-term contract with utility or corporate wholesale

customer who purchases green power at a fixed price

▪ No limitation on size or on land as long as compliant to

construction law

▪ Suitable for large freefield installations

▪ Driver: LCOE of large freefield PV (EUR 45-60/MWh in 2019)

▪ Corporate PPA market in Germany only a recent occurrence

-

10

20

30

40

50

60

70

80

90

100

27

/07

/20

06

27

/01

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07

27

/07

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07

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08

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/07

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09

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11

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18

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18

27

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/20

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EEX market price (EUR/MWh)

FFAV/auction tariff EUR/MWh

10

~ 160

91 9064

5

-

20

40

60

80

100

120

140

160

180

Industrial client<20 kV

EEG levy for2019

Imbalance risk Theoreticalpricing for PPA

FIT large roof750 kWp,

Q2'19

New Models to Market PV PowerB. Grid Parity

DISTRIBUTED GENERATION AT MEDIUM-VOLTAGE

Prices in EUR/MWh

▪ Long-term contract with on-site client who buys green

power at a fixed price

▪ At mid-voltage level, end-user / industrial clients pay on

average EUR 160/MWh for their power including the EEG

levy of EUR 64/MWh.

▪ Ideally suited to large rooftop PV installations

▪ Driver: LCOE of rooftop PV (<EUR 90/MWh in 2018)

▪ On-site consumption market not developed yet in

Germany as feed-in tariffs for large rooftops, prior to

Q2’19, were at higher levels than the theoretical pricing of

a PPA (EUR 91/MWh)

▪ Significant potential as from Q2’19 due to the further

monthly drop in feed-in tariffs for rooftop projects

ON-SITE PPA

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CAPACITY PLAN 2018-2020

T I E R - T W O T A R G E T 2 0 2 0 : 2 2 0 M W P V I S I O N 2 0 2 5 : 5 0 0 M W P

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Tier-TwoTarget: Tier-2 player to benefit from improved valuation and cost of capital

OVERVIEW LISTED YIELDCOS & GREEN IPP’S IN EUROPE

TIER 1+2 TIER 3

-

200

400

600

800

1,000

1,200

1,400

1,600

Market cap EUR Mio. MW

Clear benefits for 200 Mio. EUR market caps / 200 MW players

- Access to a broader class of institutional investors who are

looking for long-term cash flows and defensive yield stocks.

- Increased leverage potential at corporate level (to finance

“big” deal) and cheaper debt

- Tier 1+2: average net debt/EBITDA ~6x

- Tier 3: average net debt/EBITDA ~5x

- Improved equity valuation

- Tier 1+2: average price/cash flow ~8x (min. 6x)

- Tier 3: average price/cash flow ~5x

MANAGEMENT VIEW

< 200 MW

< 200 Mio. EUR

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Target 2020: 220 MWpContinuation of growth acceleration with EUR 16 Mio fresh capital required to meet 220 MWp

BREAKDOWN OF BUILD UP PLAN TO 220 MW (STATUS NOV’18)

▪ 66 MWp planned additions: through own development and

acquisition of operating parks

▪ Capex budget: EUR 107 Mio.

▪ Project financing: EUR 72 Mio.

▪ Equity financing: EUR 35 Mio.

▪ EBITDA contribution: at least EUR 9 Mio. The 66 MWp new

investments assume an average specific yield of 965 kWh/kWp

and an average FIT of EUR 170/MWh (mix of old parks and

new-build).

▪ Net cash flow contribution: at least EUR 7 Mio.

▪ Requires capital increase of EUR 16 Mio.

MANAGEMENT INDICATION

14

118

154

220

0

50

100

150

200

250

2017 2018 2019 2020

OBJECTIVE TO ALLOCATE EQUITY OF EUR 35 MIO.

YIELDING NET CASH FLOW OF > EUR 7 MIO.

Vision 2025: 500 MWCapturing future opportunities once the Tier-2 status is reached

POTENTIAL POOL OF LARGER SCALE ACQUISITIONS & DEVELOPMENT

IPP PORTFOLIO ASSET & FUND MANAGEMENT500 MW

CONSOLIDATION: 15 GWp existing PV installations > 1 MWp in Germany

AUCTIONS: Special rounds in 2019-21, including innovative auctions

PPA: Large scale opportunities > 10 MWp upon further LCOE improvement

REPOWERING: 4 GWp runs out of the tariff by 2025

EXPLORE OPPORTUNITIES: in other stable and mature EU countries

200 MWP IPP AND 200 MIO EUR CAP IS AN ENABLER

▪ An improved / cheaper access to debt

▪ Attract large institutional investors as new

shareholders, mainly those who reallocate funds

out of conventional utilities into green energy

LEADING & DRIVING THIRD-PARTY INVESTORS

▪ Identify the right investment that fits in their

sustainability agenda

▪ Monetize expertise

▪ Financial flexibility between IPP and asset management

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FINANCIAL TARGETS

2 0 1 8 G U I D A N C E E B I T D A & C F P S T A R G E T D I V I D E N D P O L I C Y

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2018 GuidanceEBITDA will rise to EUR 33 Mio, CFPS to EUR 0.52

REPORTED FIGURES FORECAST

in Mio. EUR Q1'18 H1'18 9M '18 2018F

Revenues 5.1 20.4 35.7 39.5

_ Power sales 5.0 20.2 35.5 39.2

_ Other revenues 0.1 0.2 0.2 0.3

Other operating income 0.9 1.0 1.9 1.0

Cost of sales and opex 1.7 3.4 5.9 7.5

EBITDA 4.3 18.0 31.7 33.0

Cash interest paid -2.7 -5.7

Full-year interest expense SSD (*) -0.6

Taxes paid -0.1 -1.3

Net cash flow (**) 15.2 25.4

Average number of shares 46.9 49.3

CFPS (per share data) (**) 0.32 0.52

Net debt 160.4 163.6 163.6 166.0

Equity ratio 29.2% ~ 30%

Outlook for 2018 reflects strong production yield

(*) in Feb ‘18, 7C Solarparken issued a Schuldschein of EUR 25 Mio. at an average interest cost of 2.78%. Nonetheless, the first annual interest payment is

scheduled for Feb ’19 and therefore there is no cash interest to be paid during 2018.

(**) To provide a more realistic view, management indicatively presents the net cash flow and CFPS under the assumption as there would be a pro-rata cash

interest paid on the SSD

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7C SOLARPARKEN WILL REPORT THEIR FY’18 RESULTS ON 23 APRIL 2019

EBITDA & CFPS targetTowards EBITDA > EUR 41 Mio. upon executing the Plan 2018-2020

ESTIMATED EBITDA AND NET CASH FLOW SHOWCASE 220 MWP (EUR MIO) MANAGEMENT COMMENT

▪ EBITDA to increase by EUR 9.3 Mio to EUR 41.3 Mio following

acquisition / commissioning of the planned 67 MWp.

▪ Net cash flow contribution from the added capacity is EUR 7.3 Mio.

reflecting EUR 2 Mio interest costs on the EUR 72 Mio underlying

project loans (2.8% interest cost).

▪ The number of shares is planned to increase from 53.4 Mio. to

59.1 Mio. upon execution of the financing plan. The planned capital

increase of EUR 16 Mio could create ~5.7 Mio. new shares

▪ Cash Flow per Share: targeted to rise to EUR 0.57/share

▪ Net debt will reflect the capex plan and rise from EUR 166 Mio.

(year-end ‘18) to EUR 220 Mio. in 2020.

32.5

41.3

33.6 1.0

1.5

9.3

4.8 2.0

1.0

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

EBITDA > EUR 41 Mio.

CFPS to rise to EUR 0.57/share

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Dividend PolicyStable annual dividend or equivalent, cash-flow related but at least EUR 10ct/share

DIVIDEND OUTLOOK 2018

▪ Partly exempt of German withholding tax: First-time dividend

over 2017 of EUR 10ct/share has been paid out exempt of

withholding tax in Germany. The same regime will apply in part for

the 2018 dividend.

▪ Strong comfort on 2018 numbers

▪ Equity ratio well above 25%

▪ CFPS guidance “at least EUR 0.52/share in 2018” versus

EUR 0.49/share in 2017

DIVIDEND POLICY

▪ A stable and preferably increasing dividend or dividend

equivalent

▪ Shareholders can be rewarded in cash, in stock or through a

buyback of shares

▪ Dividend growth will generally be in line with the performance

of the company results (CFPS as current performance

indicator), as long as it does not affect the 25% equity ratio.

AT LEAST EUR 10CT/SHARE PLANNED FOR 2018

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THE SHARE & GOVERNANCE

O W N E R S H I P M A N A G E M E N TO U T P E R F O R M A N C E

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Outperformance Among German Developers & IPPsLed by defensive character and growth

50

70

90

110

130

150

170

190

Dec

-14

Mar

-15

Jun

-15

Sep

-15

Dec

-15

Mar

-16

Jun

-16

Sep

-16

Dec

-16

Mar

-17

Jun

-17

Sep

-17

Dec

-17

Mar

-18

Jun

-18

Sep

-18

7C Solarparken Encavis

PNE Wind Energiekontor

ABO Invest

4-YEARS SHARE PRICE PERFORMANCE (REBASED) SHARE PRICE PERFORMANCE 2018 (REBASED)

75

80

85

90

95

100

105

110

115

7C Solarparken Encavis

PNE Wind Energiekontor

ABO Invest

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Librae Holding10.6%

Rodolphe de Spoelberch8.1%

Distri Beheer6.0%

Steven De Proost4.7%

DVP Invest4.5%

XIX Invest4.4%

Sufina3.1%

Vlaamse Energieholding

3.1%

Free float, 55.7%

OwnershipObjective to further institutionalize the shareholders’ structure and to increase free float

SHAREHOLDERS STRUCTURE Q1’2019

38.4% 38.7%

43.4% 44.0%

53.5%55.7%

2014 2015 2016 2017 2018 Q1'19

TREND IN FREE FLOAT

▪ Rising free float reflects the regular issue of new shares to new

institutional investors via private placements , and brings about

increased liquidity in the stock.

▪ Target is to attract larger institutional investors to support the

growth trajectory to 220 MWp and the long-term vision of 500

MWp

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ManagementEntrepreneurship and industry-expertise

Steven De Proost, CEO

✓ Utilities & energy analyst and head of equity research at Delta Lloyd and Dexia

✓ Ranked by Handelsblatt as best analyst in the German power industry in 2008

✓ Founder of 7C Solarparken NV

✓ CEO of 7C Solarparken AG as June 2014 with responsibilities for Strategy & Budgeting, Investor

Relations and Technical operations

✓ Voted best CEO in European Solar Industry 2017 by CEO Magazine

Koen Boriau, CFO

✓ Buy-side analyst and fund manager at Selectum

✓ Sector analyst for shipping & renewable energies at Dexia

✓ Co-founder of 7C Solarparken NV

✓ CFO of 7C as from May 2014 with responsibilities for Finance, Operations and Legal affairs

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CONTACT

7C SOLARPARKEN AG

An der Feuerwache 15

95445 Bayreuth / Germany

+49 (0) 921 23 05 57 77

www.solarparken.com

ir@solarparken.com

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