FIRST RAY CAPITAL PARTNERS

A specialized principal investment and investment advisory firm

focused on the macro-trend of the energy transition

THIS BRIEF FOCUS: COMPANY TRACK RECORD IN EASTERN EUROPE

May 2022

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 Our Business

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 Investment & Services

1. Principal Investment (PI)

Whenever the opportunity arise, we take principal positions in alignment with our investment partners.
Thanks to our deep industry knowledge, we are able to deploy smart-equity at the very early stages of each
opportunity when most players struggle to be effective. Many of our early investments started by taking
controlling positions with high-5 to low-6 digits investments and evolved into assets valued in the 9 digits.

+
2. Investment Advisory Services (IAS)
Our intimate understanding of the energy industry from the perspective of both capital markets as well as
technology & operations, together with a capillary network to key players and institutions, allow us to
provide well circumstantiated advice on investment opportunities with sustainable, superior returns. Our
clients includes Fortune 500 companies as well as global financial institutions.

3. Project Development Services (PDS)

Working with an extensive network of trusted local partners, we have overseen the origination and
development of over 10 GW equivalent of renewable assets. Besides our own principal investments, we
have been the driving force behind some world-class initiatives of global infrastructure banks, Fortune 500
industrial players, and Government institutions investing in the energy transition.

4. Engineering Management Services (EMS)

When its critical to the success of our investments and the investments of our partners, we can directly
oversee the engineering, procurement, construction, and commissioning of the assets. By controlling
key functions of the EPC work, and deploying highly qualified personnel on-site, we have launched into
operation plants in a wide range of regions and challenging circumstances.

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 Group Structure

Principal Investment Our strength comes from our combined experience in principal
First Ray Capital
Investment Advisory Services investment, highly selective procedures of screening for early
stage investment in greenfield, world-class solutions for funding
development, and decades of experiences in project financing,
100%
coupled with decades of experience in the technological and
engineering challenges of bringing a project up to completion with
the most cost-effective solutions confronting a wide range of
Project Development Services regional environments. This is why First Ray has consistently
First Ray Engineering
Engineering Management Services secured partnerships with world leading investors and Fortune 500
companies.

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 Partners’ Track Record In Numbers

10+ GW
deals originated, structured, and managed from inception and to cash flow

2.5+ GW
projects wholly invested or co-invested along investment partners

3+ EUR billion
investment opportunity created at superior risk-adjusted returns

200+
projects originated, either greenfield or via joint-development agreements

22
countries with track record of successful project development

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 Recent Select Investments

Client / Partner Key Metrics Description of the initiative

PC Engineering Management Services First Ray established PC Engineering Management Services (PCEMS) in
Investment Period: 2018 – 2021 order to provide Project Development Services (PDS) and Engineering
Capacity: 313 MWp Management Services (EMS) to the PowerChina group. Through PCEMS,
Partner: PowerChina Guizhou Construction Co., Ltd we led PowerChina to contract, build, and successfully connect, 5 projects
in Eastern Europe for an aggregate of over 300 MWp.

Alleans Renewables Alleans Renewables (AR) has been an early investment of First Ray. We
Investment Period: 2017 – 2022 invested as principals in the high 6 digits and started with a small team of
Capacity: 2,506 MWp (across different platforms) highly senior professionals. In 3 years, we built AR into a group owning
Partner: (various, see details below) over 2.5 GWp of projects in several investment-grade markets, and a
world-class team of 50+ headcount.

Sole Renewables Sole Renewables (SR) has been our flagship partnership with the
Investment Period: 2019 – 2022 Macquarie Group. We co-invested along Macquarie and have been fully in
Capacity: 976 MWp charge of providing the platform with project origination and project
Partner: Green Investment Group (Macquarie Capital) development services. Today the platform owns ca. 1 GWp of assets in
Italy, and we remain invested with a minority share.

Alleans Capital International Alleans Capital International (ACI) has been our joint investment platform
Investment Period: 2019 – 2022 with the China Genertec Group. Our team has fully taken charge of project
Capacity: 622 MWp origination and development. Today ACI owns ca. 600 MWp under
Partner: China Genertec Group development in Italy and Spain, and we remain invested with a minority
share.

Alleans Renewables US We invested in the USA as principal investor in 2018 in Arizona and North
Investment Period: 2019 – 2022 Carolina. Originating and developing projects for ca. 1 GWp. The largest of
Capacity: 908 MWp such projects, in Arizona, is at this moment fully ready to build and one of
Partner: APartners Capital the largest such renewable energy resource in the country. We remain
invested with a minority share.

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 Select Track Record: Focus on Eastern Europe

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Track Record: Engineering Management Services (EMS), Eastern Europe

Site: Shalanky (Ukraine) Site: Progressovka (Ukraine), Cluester 1 Site: Progressovka (Ukraine), Cluster 2
Size: 35 MWp Size: 19.35 MWp Size: 71.1 MWp
COD: February 2020 COD: March 2021 COD: March 2021

First Ray has managed the necessary senior workforce to:

• Run the RFPs for engineering services providers,
monitoring of the engineering work (incl. “nationalization” of
the work)
• Run the RFPs for the equipment vendors, to guarantee
the most competitive terms were found in the market
• Monitor on-site construction progress, quality control,
health and safety, construction as per sponsor design,
management of exceptions
• Supervision of all related contract drafting and
negotiation (partnering with specialized legal advisors as
necessary)
• Supervision of commissioning and hand-over by the EPC
Site: Progressovka (Ukraine), Cluster 3 Site: Cherikov (Belarus)
Size: 57.29 MWp Size: 130 MWp
COD: March
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