THE LOS ARENALES PROJECT
The company has obtained an administrative permit and a building permit for the Los Arenales project, thanks to which the construction processes will start in the coming weeks.

Audax Renovables (ADX.MC), an energy group of companies that generate and supply electricity and gas from renewable sources in 100%, continues to increase the level of generated energy through various projects in this area in its portfolio.

In an effort to meet its commitment to keep stakeholders informed about the progress of its projects in a transparent manner and in connection with the Los Arenales project, which the Group announced on January 14, which is located in Polán (Toledo province) and has a production capacity of 5 MWp, the company is happy to announce that it has obtained administrative and building permits from the competent authorities.

Immediately after obtaining the construction license, the company will start procedures aimed at starting construction, ensuring the participation of the best contractors meeting high quality requirements and concluding procurement and construction contracts in the EPC modality (turnkey) with Sequoia Renewables at an advanced stage of implementation.
In the coming weeks, the Group will continue to inform the market systematically about the progress of the projects in its portfolio, so that its stakeholders and investors can always enjoy the latest knowledge.

These projects are part of the strategy of the Audax Renovables Group aimed at expanding the portfolio of 100% renewable energy generation projects. For this reason, the Group is focusing on finalizing other purchase contracts to supply its customers with renewable energy generated in its own installations.

Energy producer audax renovables increases profit to €26.4 million amid the pandemic

The group achieved a turnover of EUR 970 million and an EBITDA of EUR 66.4 million
Audax Renovables (ADX.MC), an energy group that both produces and sells 100% renewable energy and gas, increased its profit to a record €26.4 million in fiscal year 2020. Thus, it increased by 4% compared to the previous year - and this despite the ongoing coronavirus pandemic.

The benefits of vertical integration of the two activities, as well as the strategic turnaround made by the company in 2020, allowed the company to achieve a turnover of EUR 969 million. EBITDA amounted to EUR 66.4 million.
As mentioned in the recent communiqué issued by the company in connection with the inclusion in the portfolio of renewable power plants with a capacity of 1,942 MWp, which are currently in various stages of construction, Audax strongly believes that these investments will significantly contribute to the development of the Group, which in turn will affect the future on its income structure. This expansion of the investment portfolio also confirms the company's commitment to sustainable development and environmental protection. The total portfolio of the group already amounts to 2,498 MW. It should be emphasized that despite the difficult economic situation, in the midst of the pandemic, the Group managed to start construction of 60 MW installations in the Spanish provinces of Guadalajara, Toledo and Huelva.

As far as sales activities are concerned, the number of the Group's customers increased by 52% compared to the previous year and already amounts to 515 thousand. As a result, the Group ranks first among independent electricity sellers in the SME sector in Spain. This increase in the number of customers meant that the volume of energy supplied increased by 6% compared to the previous year - to 10.5 TWh. This was despite the fact that the last financial year was full of difficulties caused by the outbreak of the COVID-19 pandemic. It led to a decrease in revenues due to a decrease in raw material and lower energy demand from customers. Nevertheless, the company managed to enter the Hungarian market thanks to the acquisition of 100% shares in the energy sales company E.ON EnergiakereskedelmiKft.

In a difficult and complex situation caused by the COVID-19 pandemic, Audax managed to issue green bonds and convertible bonds in the amount of EUR 325 million. As José Elías, president and majority shareholder of the company, said: “We are proud that the current situation not only did not affect the Group's investment and financial strategies at all, but did not even prevent the issuance of green bonds and convertible bonds. What's more, the amount of cash at our disposal has reached a record level. This strengthens our financial condition and allows us to proceed with the implementation of investments in RES installations, which we have planned for the coming years, with greater peace of mind.”

In addition, despite the increase in the issue of debt instruments, the company maintains debt at such a level that the ratio of DFN to EBITDA is below 3x, even taking into account the issue of green bonds and convertible bonds, which the Group announced in the second half of 2020.
Due to its solid financial condition, in the current financial year Audax intends to pay dividends again in the amount of EUR 10 million from the profit generated in 2020. It will happen provided that circumstances allow it. It should be borne in mind that last year the dividend payment had to be suspended as a result of the situation caused by COVID-19.
These results, taking into account the extraordinary circumstances that the company has had to and still has to face, represent an improvement in every field and place the company in a dream position when it comes to further implementation of the strategic plan.

FOR COMMISSIONING THE CAÑAMARES PHOTOVOLTAIC POWER PLANT

The company received the green light for the launch of the Cañamares photovoltaic power plant, located in Castile-La Mancha and built as part of the implementation of the strategy assuming the Group's development to be based on energy production

Audax Renovables (ADX.MC), an energy group that both produces and sells 100%'s renewable energy and gas, has been granted a license by the Guadalajara Regional Commission for Sustainable Development to operate a photovoltaic power plant in Cañamares, located in Fontanar in the province of Guadalajara (autonomous community of Castile-La Mancha). The power of the power plant is 5 MWp.

Due to the COVID-19 pandemic, the waiting time for the finalization of certain procedures before the competent authorities has been extended. However, in the end all formalities were completed, which means that the power plant will be able to start production soon.

In addition, it is worth noting that the formalities related to the launch of energy production in the Carolinas I and II photovoltaic power plants, with a total capacity of 10 MWp, located in El Casar (Guadalajara, Castile-La Mancha) are also nearing completion. The start-up date of the power plant will be announced soon.

The energy produced by both the Cañamares power plant and the Carolinas I and II solar installations will be sold under a PPA to the parent company, Audax Renovables.

These power plants did not require third party financing. Their construction was possible thanks to the issue of green bonds carried out by the Group at the end of last year.

In the coming weeks, Audax will continue to provide regular updates on the progress of work on the power plants it has in its portfolio. It is important for the Group that all stakeholders and investors can easily get acquainted with the news concerning it.

These installations are part of the strategy of the Audax Renovables Group, which is designed to increase the production of energy from RES in 100%. The Group is currently finalizing other contracts aimed at providing customers with energy from renewable sources produced in the Group's power plants.

The fact that two new members joined the Management Board proves that the Group applies the best practices in corporate management

The energy group Audax Renovables (ADX.MC) – which both produces and sells 100% renewable energy and gas – has changed and strengthened its Board of Directors by inviting two new members to this most important governing body of the Group. By unanimous resolution, the Board of Audax Renovables appointed Anabel López Porta and Rosa González Sans as its members. They will perform their functions for the next four years.

The election of these talented members to the Management Board of the Group is in line with the best practices of corporate management and implies the introduction of certain changes in the structure of the Management Board.
Anabel López graduated in Law from the University of Barcelona and in Management from IESE Business School. He has over 16 years of experience in the renewable energy sector and capital markets. Currently, he is responsible for the production portfolio of the Audax Group; he is also a member of the management board of several other subsidiaries of the Group. She started her professional career in 1995 in the Godó Group, where she worked in the finance and controlling departments. In 2004, she joined Fersa Energías Renovables and became its CEO in 2015. She carried out a sale transaction of the company, which ended with its acquisition by Audax Energía, SA She was directly involved in the merger by acquisition operation, which resulted in the Audax Renovables Group. Recently, she was elected a member of the Management Board and the Audit and Compliance Committee of Ezentis Group, SA as a representative of Eléctrica Nuriel - a company controlled in 100% by José Elías.

Rosa González has over 12 years of experience in the energy market, specifically in energy sales. She was the founder and for 11 years also a partner of the advertising company Mediaworks, SA She joined the Audax Energía Group shortly after its establishment. Throughout her professional career in the Group, she held managerial positions in the finance and HR departments, which gave her a broad view of the company's operations. Working directly with the president of the Group, José Elías, she participated in transactions carried out by the company on the international arena. In 2016 and 2017, she was responsible for the development and expansion of the Audax Group, and until 2018, she was the general director of the Group's subsidiary in Italy. Currently, he is a board member of several subsidiaries of the Audax Renovables Group.

With the new members elected, Audax Renovables' top governing body now has six members, including two women. The share of women in it is currently 33%, i.e. more than 30% - the threshold, which was planned to be reached in 2020 - and therefore it is approaching the level set by the latest modification of the Code of Good Governance, which is 40% and which is planned to be reached in 2022.
This composition of the Management Board is an expression of the company's commitment to meeting the recommendations of the Code of Good Management. It is used by listed companies and published by the Spanish National Stock Exchange Commission. The Code contains guidelines on diversity, both in terms of education and experience, as well as gender (it is recommended that women make up the already mentioned 33% of the board) and independence (independent members are to make up the 33% of the board). This makes the management board a balanced body focused on achieving a common goal, which is to promote the company's interest through the active and valuable work of all members.

On the occasion of the election of new members of the Management Board, there were also personnel changes in certain committees of the Management Board. Anabel López also became a member of the Audit Committee and the Appointment and Remuneration Committee.
It is worth emphasizing that the Management Board also includes an independent coordinator of works, performing an executive function, who presides over the works. It performs the functions listed in the Code of Good Corporate Governance. At the same time, all advisory committees of the Management Board are composed mainly of independent members; they are also headed by independent persons.
As stated by the President of the Management Board, José Elías, the election of Rosa González and Anabel López as members of the Management Board gives the Group a wider range of knowledge, skills and experience, which will positively affect the work of the Management Board and the quality of decisions made.

The Audax Group, an energy company combining two types of activity, producing energy in 100% from RES, a few weeks ago announced a strategic turn and concentration of forces and resources on energy generation. In addition, a new strategic plan is in preparation and will be made public shortly.

The company achieved better than expected results, especially in the second half of the year, when EBITDA almost doubled compared to the first half of the year. Audax closed a financial year characterized by high volatility and challenges with a record gross margin (EUR 128 million) and a positive net result (EUR 2.8 million).

In 2021, the company increased the capacity of its power plants by 150%, invested EUR 77 million in new installations, and the total capacity of installations in its portfolio reached 2,536 MW. The company serves 518 thousand. customers.

Audax Renovables (ADX.MC) – a vertically integrated energy group that generates and supplies 100% electricity from renewable sources and gas to customers in 7 European countries – has published its financial results for the 2021 financial year.

The management methods adopted by Audax in the first half of the year and the vertical integration of the group allowed the company to achieve high efficiency - and this in a financial year in which there was a simultaneous increase in raw material prices, especially in the last quarter of the year, and an increase in energy demand due to faster-than-forecast recovery of economies after the COVID-19 pandemic.

In 2021, the company increased sales by 74% compared to the previous year - to the level of EUR 1,690 million. This is a record result in its history, achieved not only by the increase in raw material prices, but also due to the increase in the volume of supplied energy (by 48%) and the acquisition of numerous new customers. Sixty-two percent of the revenue was generated in Spain and Portugal, and the remaining 38% in other European countries, with sales in Hungary accounting for a particularly large percentage. For the Hungarian company belonging to the Audax group, 2021 was the first full financial year of operation.

Audax's gross margin in 2021 was also record-breaking at €129 million, an increase of 12% year on year. The EBITDA indicator reached the level of EUR 53 million. Taking into account EBITDA excluding special items of €69.4 million in 2021, this represents an improvement of 39% compared to the previous financial year. Thanks to the significant increase in the second half of the year compared to the first half, EBITDA almost doubled (by 91%) to PLN 34.7 million.

The good results achieved in the second half of 2021, and above all in its last quarter, also allowed the company to close a year that presented the energy sector with many challenges, with a net positive result of EUR 2.8 million.

Audax also has a sizeable cash pool of €329 million, enabling it to seamlessly meet all its financial obligations – both present and future – and has a debt to EBITDA ratio of 2.7x.

José Elías Navarro, President of Audax Renovables, believes that "the fact of achieving record turnover and gross margin in a year so demanding, so full of uncertainty for all players in the energy sector, is great news and a testimony to the effectiveness of the company's strategic plan, which has recently been refreshed in the 2026 perspective . The finalization of the vertical integration process, the focus on transactions with higher profitability and the improvement of management and control tools are some of the factors that allowed us to achieve such good results. We hope that the market will notice all this and that the stock exchange valuation of our company will reflect our results and our high position on the markets of energy generation and sale in Europe.”

A large portfolio of customers and an increase in the capacity of renewable installations by 150%

In terms of the number of customers, Audax supplied energy to 518,000 in 2021. collection points - this means an increase of 1% compared to the previous year. Forty-three percent of them are located outside Spain - mainly in Hungary, Italy and the Netherlands. Compared to 2018, when the number of collection points was 305,000, this means an increase of 70%. This increase is the best confirmation of the effectiveness of the commercial strategy and international expansion of the Spanish corporation.

In 2021, Audax delivered 15.4 TWh of energy to its customers. This is 48% more than in 2020. Seventy-five percent of this volume is electricity, while the remaining 25% is accounted for by the sale of natural gas.

As for investments in installations, last year Audax continued to carry them out, building and commissioning photovoltaic power plants. As a result, the capacity in the company's renewable installations increased by 1,50% compared to 2020. The amount of investment in new power plants amounted to EUR 77 million.

In total, in 2021, installations with a total capacity of 1,968 MW joined the company's portfolio. They are located in Spain, Italy and Portugal. Their construction will be finalized in the coming months, followed by their launch. The company's total portfolio in this area will then reach 2,536 MW.

As of today, Audax has installations with a capacity of 226 MW - 150% more than in 2020. Almost half of them (112 MW) are located outside Spain.

As stated by Elías Navarro, “with 77 million euros for the construction of new power plants, we are strongly in favor of photovoltaic energy. There are few companies that have a portfolio of power plants exceeding 2,500 MW. Audax occupies a convenient market position, which in the coming years will allow us to consolidate and strengthen our role in the renewable energy sector in Europe.”

Among the new power plants, the construction of which was carried out in 2021, the connection to the grid of 35 MW from the installations of Cañamares (Cuenca), Carolinas I and II and Zarzuela I, II, III and IV (Toledo) should be mentioned, as well as obtaining a permit to start Alberizas I, II, II and IV power plants (Guadalajara) with a capacity of 20 MW. The company also completed work on the Calañas (Huelva), Los Arenales y El Toconal (Toledo) power plants with a total capacity of 14.5 MW. In December, the purchase of the Zaratán 1 and 2 photovoltaic installations, with a capacity of 12.36 MW, located in the Ciguñuela (Valladolid) area, was finalized. In Panama, construction of the Toabré wind farm was completed, in which Audax holds 30% of shares. Test energy production has also started there.

The company focuses on sustainable development and diversity

Audax remains true to its Sustainability Promise and intends to continue to deliver on its ESG Strategy and fully implement its Sustainability Plan in 2022. Last year, thanks to ongoing activities, it was possible to avoid the emission of 132 tons of CO2 into the atmosphere, and the electricity produced by Audax again came from renewable sources in the 100%. In terms of management, 59% of the company's staff are women, who also make up 1/3 of the management board. Thirty-three percent of the board are independent members.

About Audax Renovables

Audax Renovables, founded in 2000, is a Spanish energy group combining the activity of generating electricity from renewable sources with the sale of energy from RES and gas to customers in seven European countries. It currently owns wind farms and photovoltaic installations located in Spain, Portugal, Italy, France, Poland and Panama. Some of them are already up and running; others are in various stages of construction, with a total capacity of 2,536 MW. In terms of energy sales, the group, headed by José Elías Navarro, supplies renewable electricity and gas to over 518,000 households. customers in Spain, Portugal, Italy, Germany, Poland, the Netherlands and Hungary. It ranks first in the SME sector in Spain. Since 2003, Audax has been listed on the Spanish secondary market, and in 2007 it entered the continuous market. There, in March 2020, it was included in the IBEX SMALL CAP ® index. The turnover of the company with over 800 employees in 2021 amounted to EUR 1,690 million.

For more information, please visit www.audaxrenovables.com.

Under the agreement, IKAV became the owner of 49% already operating photovoltaic power plants with a capacity of 69.5 MW in exchange for EUR 8.8 million, which is its contribution to the power plant as a financial partner and provides long-term financing worth EUR 29.9 million.

Moreover, the investment fund will join the shareholders of special purpose vehicles, providing the financing necessary for the construction of photovoltaic power plants with a total capacity of up to 160 MW, which will be in the "ready for construction" phase in 2022/23.

Audax Renovables (ADX.MC) - a Spanish vertically integrated energy group that produces and supplies electricity from renewable sources and gas in 100%, operating in nine countries - has included photovoltaic power plants from its portfolio as its partner in the international IKAV fund, proving In this way, the value of its assets on the market and obtaining the funds necessary to further implement its ambitious strategic plan in the medium and long term.

The group, which probably has the best infrastructure in the sector, as its power plants are located in areas with the best access to the technologies it uses - terrestrial wind and photovoltaic - shows how valuable and attractive its portfolio of assets is. This will translate into an increase in sales and the Group's EBITDA.

This innovative deal includes several deals with different goals. First, IKAV acquires, through one of its investment companies, a 49% equity stake in Audax Renovables photovoltaic power plants, which are currently operating (69.5 MW), for the amount of EUR 8.8 million. The accounting profit from this transaction for Audax Renovables, SA on an individual basis amounted to EUR 2 million. In addition, Audax reserved the option to repurchase the capital in the future.

In addition, IKAV will provide long-term financing in the amount of EUR 29.9 million for the already operating power plants. Thanks to this, Audax will recover part of the invested capital and will be able to allocate the obtained funds to include more power plants in its portfolio.

Moreover, the groups have also signed an agreement according to which IKAV joins the shareholders of special purpose vehicles, providing the financing necessary for the construction of photovoltaic power plants with a total capacity of 160 MW, which will enter the "ready for construction" phase in 2022/23.

Therefore, the cooperation of both capital groups may reach 230 MW of power. Audax Renovables will continue to strengthen and maintain control over the assets, in line with its business model.

With this transaction, Audax Renovables gave a new impetus to its renewable asset rotation strategy, while maintaining majority and control of them at all times. The energy produced will continue to be sold under PPAs (power purchase agreements), and the company will purchase electricity in the most efficient way possible.

“We are very happy that we can count IKAV – a reputable and reliable company – among our partners,” assured José Elías, the main shareholder and President of the Management Board of Audax Renovables. “This transaction is another that demonstrates the high quality and attractiveness of our portfolio, contributing to the increase in the value of our operating assets. Our goal is to reinvest the acquired funds and, consequently, to implement our strategic plan,” he added.

IKAV Group Chief Operating Officer Emilio Camblor said: “We are delighted to support such a renowned company as Audax Renovables in developing its renewable energy business in Spain. IKAV already has a portfolio of regionally significant renewable assets under its management, so this transaction fits perfectly into our long-term investment strategy.”

The company, headed by José Elías Navarro, was advised on the transaction by, among others, ING and J&A Garrigues.

The agreement between the companies aims to promote electromobility by providing installation, maintenance and technical support services for charging stations for electric vehicles.

Thanks to Plan Moves III, Spain ranks fourth among the top ten countries in the world when it comes to regulations on electric cars.

Audax Renovables - a Spanish vertically integrated energy group, producing and supplying electricity from renewable sources and gas in 100%, and emovili, a leader in the Spanish market of electromobility and photovoltaic energy, join forces to offer Audax Renovables customers energy efficiency solutions based on o photovoltaic panels and charging points of the Spanish company Wallbox - a leader in providing solutions in the field of charging and energy management.

Under the agreement, emovili will provide installation, maintenance and technical support services for charging points for electric and hybrid vehicles, which will be available to all Audax Renovables customers: both private individuals, companies and public entities. This strategic alliance, initially planned for one year and nationwide, will allow Audax Renovables to benefit from emovili's expertise in energy efficiency, as well as a highly qualified team of technicians and equipment used to build the charging stations.

The purpose of the agreement is to provide high-quality energy-saving solutions, such as chargers, to promote electromobility in society by improving the infrastructure for charging electric vehicles, and to reduce greenhouse gas emissions.

The nearly 100% majority obtained at all three meetings testifies to the bondholders' support for the management of the company.
- The company managed to obtain the necessary approvals from bondholders to be able to implement a possible structural energy supply operation through a strategic partner (market access).
- In addition, the company obtained an exceptional exemption from the obligation to comply with the debt ratio set for the 2022 financial year.

NOVEMBER 29, 2022 – Yesterday, Audax Renovables (ADX.MC) held the General Meeting of Representatives of Bondholders of the "Audax 2018 Senior Unguaranteed Notes" issue (ISIN ES0305039028) for the Second and Third Bond Issues under the "EUR 400,000,000 Senior Unsecured Notes" program Program Audax Renovables, SA 2020” (ISIN ES0236463008) and for the Green Convertible Bond Issue (ISIN XS2263652815) issued by AUDAX RENOVABLES. During the meeting, all motions put to the vote were adopted by a large majority of votes.

The proposals, adopted by a majority of nearly 100% at all three assemblies convened in the first session, include numerous deals for both a potential structured supply operation of gas, electricity and other products through a strategic partner (market access) as well as a unique waiver of the debt established for the financial year 2022.

The approval of the motions put to the vote by the majority of those present proves the bondholders' support for the management of the company. Should the market access operation take place, Audax will gain a significant competitive advantage at a time when the market is extremely complex, reducing its working capital needs while freeing up a significant amount of cash. This will allow Audax to further implement its debt relief strategy.

Renowned law firms such as Garrigues and Alantra assisted the Audax group in carrying out the three assemblies.

The Cuatro Caminos 1, Cuatro Caminos 2, Cuatro Caminos 3 and Cuatro Caminos 4 power plants will have a total capacity of 21.87 MW, and the value of the investment will amount to approx. EUR 16 million

The installations will be located in the municipality of Cabanillas del Campo in the province of Guadalajara.

DECEMBER 28, 2022 - Audax Renovables (ADX.MC) - a Spanish vertically integrated energy group that produces and supplies 100% renewable electricity and gas to customers in seven countries - announced the start of construction of four photovoltaic power plants located in the municipality of Cabanillas del Campo in the province of Guadalajara. Their total capacity will be 21.87 MW.

In line with its strategy of expanding its manufacturing activities by adding numerous new power plants to its portfolio, Audax intends to invest approximately €16 million.

The power plant will be equipped with 39,489 modules with a power of 550 W with a single-axis Tier-1 solar tracker, which will generate 40.5 GWh of electricity per year. This corresponds to the needs of almost 11,500 households and about 36,000 people. Thanks to the fact that it will be clean energy, approximately 8,250 t of CO2 will be avoided annually.

The installation will be connected to the Cabanillas del Campo substation and equipped with its own power line of just over 5 km. Construction is estimated to take about a year, as work will have to be interrupted between March and June for environmental reasons. The works will be carried out by renowned contractors, guaranteeing the highest quality standards, and after the works are completed, the investment will be handed over in a turnkey condition (EPC).

Negotiations regarding obtaining financing necessary for the construction of the power plant are at a very advanced stage. It will be non-recourse financing, on the same terms as in the case of previously built power plants already in the Group's portfolio.

Audax currently has already operating power plants with a total capacity of 226 MW. Installations with a capacity of 19.2 MW are in the commissioning phase - these are the photovoltaic power plants La Miranda and Zaratán 1 and 2.

The construction of these power plants is part of the strategy of the Audax Group, which aims to increase the portfolio of 100% renewable installations owned - either through organic growth or by concluding sales contracts. All this to be able to provide customers with electricity from RES from the Group's own power plants.

The El Rebollo power plant will have a capacity of 4.12 MW, and the value of the investment will amount to approx. EUR 2.6 million.
The power plant will be located in the municipality of Yunquera de Henares in the province of Guadalajara.

DECEMBER 29, 2022 - Audax Renovables (ADX.MC) - a Spanish vertically integrated energy group that produces and supplies 100% renewable electricity and gas to customers in seven countries - announced the start of construction of a photovoltaic power plant located in the municipality of Yunquera de Henares, in province of Guadalajara, with a total capacity of 4.12 MW.

In accordance with the strategy assuming the development of production activities by including numerous new power plants in the company's portfolio, Audax Renovables intends to invest approximately EUR 2.6 million in this construction.

The power plant will be equipped with 7,482 modules with a power of 550 W with a single-axis Tier-1 solar tracker, which will generate 7.7 GWh of electricity per year. This corresponds to the needs of almost 2,100 households and about 6,800 people. Thanks to the fact that the energy will come from renewable sources, it will be possible to avoid the emission of approx. 1,600 t of CO2 into the atmosphere annually.

The power plant will be connected to the Yunquera de Henares substation and will have its own power line of just over 2.5 km. Construction is estimated to take about a year, as work will have to be interrupted between March and June for environmental reasons. The works will be carried out by reputable contractors, ensuring high quality standards, and after the works are completed, the investment will be handed over in turnkey condition (EPC).

Negotiations regarding obtaining financing for the construction of the power plant are currently at a very advanced stage. It will be non-recourse financing, on the same basis as in the case of previously built power plants included in the portfolio of Audax Renovables.

Audax Renovables currently has 226 MW power plants already in operation and 19.2 MW installations in the commissioning phase - these are the La Miranda and Zaratán 1 and 2 photovoltaic power plants. The Cuatro Caminos photovoltaic power plants with a capacity of 21, 87 MW.

The construction of these power plants is part of the strategy of the Audax Group, which aims to increase the portfolio of 100% renewable installations owned - either through organic growth or by concluding sales contracts. All this to be able to provide customers with electricity from RES from the Group's own power plants.

At the same time, it should be emphasized that neither this nor any other power plant in the Audax Renovables portfolio is affected by the inflation mitigation decree passed by the Spanish government on December 27 last year, imposing an eighteen-month moratorium on RES power plants that have not yet obtained permission to connect to the grid . All power plants in the Group's portfolio have the necessary permits for access and connection to the grid.