AUDAX RENOVABLES 1ST INDEPENDENT ENERGY GROUP IN PORTUGAL

Audax Renovables, a company whose business is divided between the marketing of electricity and gas and the generation of renewable 100% electricity, was awarded 157 MW of photovoltaic power of the 700 MW auctioned in Portugal, between 24 and 25 August.

Second in terms of power obtained, the Spanish company obtained two lots, one of 99 MW (Lot 1), located in the Alentejo region and another of 58 MW (Lot 4) in the Algarve.

Both assignments follow the compensation mechanism to the national electricity system for the use of the network. These are projects without battery storage systems, whose RTB deadlines (Ready to Build) and COD (Commercial Operation Date) are set for 2023 and 2024.

At the same time, Audax acquired PH Simples, an energy selling company, increasing and strengthening – in this way – its position on the Portuguese market. The operation, in fact, places Audax as first energy group independent in the Portuguese electricity market, with over 23,000 customers, a volume of energy supplied of 1.2 TWh/year and a total turnover of 175 million euros.

The EBITDA of Audax Portugal, following this acquisition, exceeds 6 million euros; to this figure we must add 230 MW of power generated by its own plants renewable energy. Another clear sign of the Group's interest also in the production of 100% green electricity.

The objective of growth in the Portuguese energy market also involves the specific SME segment, within which Audax occupies a rather important position. The excellent results achieved and a highly professional team only confirm the development forecasts.

Over the last two years, Audax has shattered all kinds of growth records in Portugal. This is also thanks to the strengthening of the management with the arrival - in the role of Country Manager - of Marc Farriol, a young director who has grown professionally within Audax Renovables.

And by operating with the trust of the management group, Farriol has led Audax Portugal to be the sixth company in the electricity market - behind only the large traditional energy companies - with 60 people employed.

Globally, Audax Renovables continues its strategy to 2022. Objectives include increasing the number of customers from 305,000 to 500,000 and energy supply to a total of 15 TWh.

It is then expected to exceed 1,500 million euros in turnover and bring EBITDA above 100 million euros, reducing financial debt so as to optimize the Group's resources and create value for shareholders.