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Analyst Presentation – 30 September 2018

Investment Highlights

Investment portfolio of 87 solar PV assets amounting to 691MWp installed capacity
◼ Acquired 24 new UK solar assets during the last six months including first investment of integrated battery
energy storage systems with operating solar assets
◼ Fully deployed the equity capital raised. Funds invested at attractive valuations
◼ Project rights to build in excess of 172MWp without subsidies secured; on track to announce start of
construction during second half of the financial year. Letters of Intent signed for 470MWp incremental
subsidy-free projects and early-stage discussions on several operational with-subsidy solar projects
◼ After the period end, announcement of first Preference Shares issuance for £100m to optimise the capital
structure and reduce exposure to secured debt financing. Subsequent issuance expected by the second
half of the financial year
◼ Significant Portfolio overperformance resulted in energy generation above budget (480GWh generated,
+7.9% above budget)

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