The New Smart Utility - AIM-Italia2014 Global PV capacity – Top 10 Countries (GWp) 2014 - 2015 Annual installations by region (GWp) 38 28 23 19 18 6 5 4 3 3 0 5 10 15 20 25 30 35

AIM Investor Day 2016 - April, 14th 2016

The New Smart Utility


Leading Italian player in renewable energy and energy conservation, building solar power plants,

designing and distributing components for photovoltaic systems, designing and manufacturing

high-quality LED lighting, reselling electricity and natural gas to residential and corporate users.

While running solar EPC (Engineering, Procurement and Construction) operations already in six

geographical areas (Italy, South Africa, Namibia, Eritrea, Romania and Latin America), Enertronica is

continuously scouting new opportunities, wherever its engineering capabilities can be best exploited. In

the solar EPC business Enertronica plays both on a stand-alone basis and as a contractor for

primary international utilities.

In addition, Enertronica is an E.S.Co. (Energy Saving Company) providing energy-saving solution

to corporate and institutional users (also acting as contractor for public entities).

Founded in 2005, Enertronica went public on the AIM segment of Borsa Italiana in 2013. Since then, the

company has strongly outperformed, with an overall +103% gain over the IPO price.

WHO WE ARE - Enertronica at a glance

2


INTERNATIONAL MARKET PENETRATION

WHAT WE DO

3

Italy

South

America

South Africa

PV EPC

• EPC Contractor (design and construction of PV turnkey solutions)

• Maintenance, supervision systems and surveillance of photovoltaic power plants

MAIN BUSINESS UNITS

• Energy saving

• Electricity and natural gas reselling to end-users

COMPONENTS

ESCO

ENERGY RESELLER

• Design and construction of PV mounting systems (greenhouses, carports and industrial roofs)

• Design and construction of mono-axial and biaxial photovoltaic trackers

PV EPC

Namibia

Eritrea

Romania


2015: AN YEAR OF EXTRAORDINARY GROWTH

4

Revenue growth of 3x in the last 3 years, also thanks to the award of a 165 MWp EPC project in South Africa, amounting to €120m.

Consolidated presence in SOUTH AFRICA

Establishment and launch of

SMART UTILITY S.p.A.

Second contract gained in ERITREA

First contract gained in NAMIBIA

Revenue growth from 0,5 to 16,1 €/mln in the last 3 years, thanks to a customers base of more than 50,000 units.

Design and construction of 73 photovoltaic systems with energy storage using batteries, for an order value of 7 €/mln to be invoiced in full by the end of 2016.

Construction of a 45 MW photovoltaic power plants with one of the world's leading Utility for a value of about 27 €/mln, to be built in the biennium 2016-2017.


ENT SpA

ENT SGR Smart Utility ENT SA

ENT Mounting System

ENT Investment

ENT 4 BID

Projects

Certum Energy

GROUP STRUCTURE

5

Italy South Africa

100% 95% 51% 55% 100%

Renewable

energy

production from

own PV power

plants

2 MWp PV in

operation (Italy)

Sale of electricity

and natural gas

to end-users

Energy efficiency

4.000 customers

EPC for the

South African

market

Commission

Packet for over

165 MWp

O&M contracts for

165 MWp

Production of

anchoring

systems for the

African market

Production

capacity of over

200 MW / Year

Financial support

for group

investments in

the African

market

SPV

participating to 4

BID in South

Africa

Pipeline > 120

MWp

Non-operating

company

Design, engineering and management

of PV EPC projects

EPC contractor for major Italian

operators in the energy sector (over

60 MWp track record)

Selected by Enel Green Power as

main contractor for two solar farms in

South Africa (165 MWp)

70% 60%

5 MWp power

plant in

Namibia,

currently

under

construction

Namibia


BUSINESS MODEL (1/2)

6

• Turnkey

photovoltaic

systems

• Financial

assistance

• Due diligence

• Engineering

• Procurement

• Construction

• Electrical

installations

• Civil works

• Maintenance

• Mounting

systems for

pitched and flat

roofs, carports

and

greenhouses

• Mounting

systems for

large PV

installations

both fixed and

moving

• Uniaxial and

biaxial tracking

systems

• Management of

own PV assets

and direct

energy sale

• Providing

energy services

with related

energy reselling

activity

• Electricity and

natural gas

purchase from

large

manufacturers

and other

retailers, that is

sold mainly to

residential,

small/micro

businesses and

industrial clients

EPC Components

supply

ESCO

(Energy

services)

Energy

reseller

PV EPC Components

supply


BUSINESS MODEL (2/2)

7

Startup of Storage Division

LED market

internationalization

Off-grid systems for

emerging countries (Storage)

Micro wind Italy and Africa

Latin America Market

EPC

South Africa,

Romania, China and Japan

Roof Top Italia/ LED Lighting

Public lighting systems

Small wind power Italy

Storage systems

Micro production for PA

Grid Parity Italy

Smart City and sustainable

transport

Domestic sales force set up

Structuring deals with mix of

bundled products

New markets

Financial structuring

2013 2014 2015

Extension of supply and manufacturing partnership

Mix of technological and financial resources

Supply expansion Energy

reseller

ESCO

Components

supply

Storage Latin America Market

Grid Parity Italy

Storage

Latin America / North Africa

New products and new markets


2013 2014 2015

Energy Retail Componentistica PV EPC

Impressive growth of Revenues in the last 3ys, in the region of 10x, mainly attributable to the award of a

165 MWp EPC project in South Africa, amounting to €120m

+60% the Energy reselling growth, mainly due to the increase in residential and micro-business end-users

Net Financial Position benefits from the increase in cash mainly due to advance payment from the South

Africa projects

B1,2 the rating given by Cerved Rating Agency in February 2016

CONSOLIDATED KEY FINANCIALS

8

Revenue Net Invested Capital

2013 2014 2015

EQUITY NET DEBT

6,3 €/mln

10,1 €/mln

10,1 €/mln 5,9

€/mln

17,7 €/mln

8,4 €/mln


STRATEGIC DRIVERS

9

Tenders participation as solar EPC contractor of major

international utilities or local authorities:

Energy and natural gas reselling to residential and

corporate end-users

Sale of PV kits to residential clients

South Africa

Morocco

Eritrea

Namibia

Participation to tenders for solar and energy saving

projects in the public sector

International

EPC

expansion

Domestic

EPC

Energy

reselling &

efficiency (Smart Utility)


0

20000

40000

60000

80000

100000

120000

140000

160000

180000

200000

2

2,5

3

3,5

4

4,5

5

5,5

6

6,5

18/09/2014 18/11/2014 18/01/2015 18/03/2015 18/05/2015 18/07/2015 18/09/2015 18/11/2015 18/01/2016

Volume Price

€

STOCK PERFORMANCE ON THE AIM ITALIA MARKET

10

Last 18-month performance Shareholders

( * ) Interest held indirectly by Plocco Services Srl

+ 81%

NTS Srl; 48,17%

Trust Seven Plocco (*); 41,59%

Market; 10,24%

Source: Bloomberg March 18th, 2016

ANALYST COVERAGE Date Target Price Price Upside Rating

EnVent 06/10/2015 4 3,4 18% Outperform


CONVERTIBLE BONDS PERORMANCE

11

Last 18-month price and volume trend Highlights

Issuer: Enertronica S.p.A.

Type: convertible bonds

Size: €6m - 1.110 bonds convertible in new common stocks without par value

Par value: €5.400 per bond

Subscription Price: par value

Interest rate: fixed annual coupon rate is 7,5% - postponed semi-annual payment

Maturity: 30 months from Issuing Date

Conversion Price: €6

Issuing date: 30th April 2014

Listing date: 8th May 2014

Source: Bloomberg March 18th, 2016

-

20.000

40.000

60.000

80.000

100.000

120.000

140.000

160.000

180.000

200.000

96

97

98

99

100

101

102

103

104

18/09/2014 18/11/2014 18/01/2015 18/03/2015 18/05/2015 18/07/2015 18/09/2015 18/11/2015 18/01/2016

Volume Price

€


PV EPC GLOBAL MARKET HIGHLIGHTS (1/2)

12

Global PV cumulated capacity (GWp)

2014 Global PV capacity – Top 10 Countries (GWp)

2014 - 2015 Annual installations by region (GWp)

38

28

23

19 18

6 54 3 3

0

5

10

15

20

25

30

35

40

45

Germany China Japan Italy USA France Spain Australia Belgium India

Source: Renewable Global Status Report 2015 (REN21); RECAI, February 2016 (EY)

Source: Trends 2015 in Photovoltaic Applications (IEA)

Source: RECAI, February 2016 (EY)

Source: Trends 2015 in Photovoltaic Applications (IEA)

40 GWp

57 GWp

4 5 7 916

23

40

70

100

138 40

57

0

50

100

150

200

250

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Cumulative installed capacity Annual installations

177

234

Asia-Pacific

23,8

North America

6,8

Europe7

Middle East and

Africa1

Central / South

America 1,2

Asia-Pacific

36

North America

8,9

Europe 8,3

Middle East and

Africa1,8

Central / South

America 1,7

AIM Investor Day 2016 – 14 April

INTERNATIONAL EXPANSION: EPC contractor for third parties (1/4)

13

Enertronica is carrying on its international expansion and strengthening its presence in Africa by being awarded

tenders in new countries

Examples of this business are the two contracts signed in Eritrea (Eritrea 1 and Eritrea 2)

Project location: Eritrea (Debub, Maekel,

Anseba)

Technicals: 1,7 MWp, 10 MWh

Time frame: 8 months, €7m

Management team: Enertronica SA

Expected start: April 2016

Expected final COD*: October 2017

Description: 73 innovative PV systems with

energy storage based on acid-lead batteries,

which will serve facilities, offices, farms and

clinics property of the Minister of Agriculture all

over Eritrea. Plants are commissioned directly by

the Eritrean Government and financed by the

European Commission.

The projects are located in 3 regions of Eritrea,

namely the Debub, Maekel, and Anseba regions.

Authorities involved: the Government of the State

of Eritrea (Contracting Authority) and the Minister

Of Agriculture (Beneficiary Customer)

The photovoltaic park has a peak power of about 1,7 MW, and

cumulative storable energy of almost 10 MWh. It will consist of over

100 shelters, 49 of which anchored to Enertronica’s roof mounted

structure. Contract involves supply, delivery, unloading, installation

and commissioning of 16 drip and sprinkler irrigation systems

powered by photovoltaic energy. Water source for the drip irrigation

systems is mainly surface water from small reservoirs with a storage

capacity ranging from 150.000 to 3.000.000 mc. The area of

irrigation schemes ranges from 3,7 to 274 ha.

* Commercial Operations Date (COD)


INTERNATIONAL EXPANSION: EPC contractor for third parties (2/4)

14

Enertronica is currently considering new markets, selected upon

the potential opportunities they can generate over the near future.

In Morocco, they have already pre-qualified for a potential

engineering of a 100 MWp plant, while Egypt is another market

where interesting opportunities can be seized.

Latin America is another area where they expect to evaluate

increasingly available opportunities.

By targeting these areas, Enertronica intends to leverage its

capabilities in engineering and project management of new plants,

and the expertise already developed and consolidated in the

participation to international tenders.

The plan envisages an international expansion through the

opening of operational facilities (possibly in Morocco and the

south-west of the United States) to cover:

- Morocco and North Africa

- Central and South America

- The US (potential selected opportunities)


Enertronica is planning to seize business opportunities also as BOT operator. This can be achieved thanks to the local

intelligence (in specific African countries) and to the significant experience gained in South Africa.

An example of this business is the contract signed in Namibia for the construction of a 5 MWp power plant

INTERNATIONAL EXPANSION: BOT diversification (3/4)

15

Project location: Erongo Region, mining area,

close to Walvis Bay harbor.

Technicals: 5 MWp (AC), 6,2 MW (DC)

Time frame: 8 months,

Management team: Enertronica SA

Expected start: April 2016

Expected final COD*: October 2017

Description: The Trekkopje Solar Park is located

in the Region of Erongo, Namibia, 45 km NE from

Swakopmund, on the road to Usakos. The PV

plant lies within the Trekkopje mining area,

covering around 37.000 ha, and is located in the

immediate proximity of the substation feeding

directly the Trekkopje mine area. The dedicated

power line feeding the three pumping stations

and the Erongo Desalination plant departs from

the same substation. The project is located on

flat terrain.

TREKKOPJE SOLAR PARK

Photovoltaic modules technology:

Polycrystalline

Mounting system: Tracker Monoaxial

ERONGO REGION

5 MWp

Trekkopje Project Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16

Preparation site:

Civil works

Mechanical works

Electrical works

COD:

* Commercial Operations Date (COD)


INTERNATIONAL EXPANSION: BOT diversification (4/4)

16

Enertronica can seize enormous investment opportunities in the development of plants whose size may be quite small

for large players, but still capable to provide very positive returns. Trekkopje (Namibia) is just the first step, but many

more can be added, based on the Group’s financial sustainability.

Trekkopje

(Namibia)

Expected Project IRR: 13%

AIM Investor Day 2016 – 14 April

DOMESTIC EPC

17

Although more challenging, the photovoltaic market in Italy is still

interesting, and continuously offering new opportunities.

During 2015, Enertronica S.p.A. was engaged in 14 tenders for

public works, winning 2 (one has been successfully completed -

Siracusa, the other is on the way to be accomplished ).

10 tenders have already been attempted in 1Q2016, and this

activity is expected to offer new business.

Enertronica has a strong engineering division (engineers and project

management specialists) with significant experience and track record in

supporting the company’s effort in both the Italian contract and the

international EPC venture.

The engineering division provided a remarkable contribution to the

company’s profitability in 2015, and is expected to steer the success of

Enertronica in many future challenges.


DOMESTIC PUBLIC LIGHTENING ENERGY-SAVING TENDERS

18

In addition to the traditional tenders for

public works, Italian local authorities are

continuously proposing new tenders for

energy saving investments. Such tenders

are awarded on the basis of long-term

repayment schedules, funded with

enduring energy savings. Enertronica is

currently evaluating such tenders, to

identify the best ways to participate.

Only a handful of firms have the technology and expertise to

provide local authorities with the required solutions, able to

generate tangible savings to taxpayers.

Enertronica has already been awarded public works, and

can validly participate to these tenders, whose number and

aggregate size is increasing very rapidly.

This type of work requires an initial investment for the engineering, manufacturing and

hardware installation. It generates a stream of periodic cash flows over a time span of 15-

25 years, in exchange for periodic maintenance. The IRR generated by these projects is

often very attractive, especially if combined with appropriate and dedicated financial

structures.


Smart Utility is the Group vehicle that

approaches the domestic market for energy

reselling, targeting residential and corporate

end-users with supply of electricity and gas.

Smart Utility plans to pursue a rapid and

sustainable growth in the number and the

quality of clients, through an intense and

selective marketing campaign.

Energy reselling is a low-margin business, but

Smart Utility business model is crafted to add

high-margin tailor-made specialty products to

the basic offer of purely commoditized energy.

Energy-saving kits are sold at an average price

of €1.800, providing the company with

significant margin.

Financial solutions to end consumers will be

proposed as a marketing tool to make the

purchase more affordable and to strengthen

customer loyalty.

Smart Utility is planning to more than double its

customer base.

ENERGY RESELLING (SMART UTILITY)

19


Contacts

Enertronica S.p.A.

Francesco Passeretti

Via Armando Fabi, 337

[email protected]

www.enertronica.it

IR Top (Investor & Media Relations)

Floriana Vitale, Domenico Gentile

via Cantu, 1 Milano

[email protected]

www.irtop.com

Documents

The New Smart Utility - AIM-Italia2014 Global PV capacity – Top 10 Countries (GWp) 2014 - 2015 Annual installations by region (GWp) 38 28 23 19 18 6 5 4 3 3 0 5 10 15 20 25 30 35