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Pacifico Renewables Yield AG, DE000A2YN371

Pacifico Renewables Yield AG, DE000A2YN371

14.10.2021 - 12:18:43

Pacifico Renewables Yield AG signs 14.1 MW solar park acquisition in the Netherlands and prolongs strategic partnership

A Dutch renewable energy advisory firm acted as fairness opinion provider to the Company's supervisory board.

As part of the Company's due diligence, the alignment of the project with the technical screening criteria, do no significant harm criteria and minimum social safeguards of the EU taxonomy[2] was assessed internally on a best-efforts basis. The Company's internal assessment concluded that the project aligns with the EU taxonomy.

The sale and purchase agreement is subject to customary closing conditions. Closing is expected to take place in a timely manner and will be financed through reinvested cash flows from the Company's operating portfolio and its revolving credit facility.

In addition to this project, the Company continues to work on building out its operational footprint in the Netherlands to further add stable and predictable cash flows to the overall portfolio.

Strategic Partnership prolonged

In parallel to this acquisition, the management board of the Company and the management team of Pacifico Partners have agreed to refine and prolong their partnership by amending and prolonging until 2029 the asset management and right of first offer agreements. The scope of the asset management contracts was refined to provide for a modular framework. This modular framework affords the Company additional flexibility in pursuing its strategy of becoming a platform to the capital market for a multitude of project developers.

Dr. Martin Siddiqui, Co-CEO, summarizes the refined partnership: "Our relationship with Pacifico Partners is a proven success story which benefits both parties mutually. It acted as a key foundation of our rapid growth during the last two years and remains a strategic cornerstone for further growth. The acquisition of the Dutch solar park serves as an illustrative example for the benefits of this relationship. Partnerships provide us with the unique opportunity to avoid development risks whilst being able to have high visibility on growth opportunities. We are pleased to have prolonged our strategic partnership and we are looking forward to growing our portfolio further on the back of this."

As part of the amended contractual framework, the parties developed a tailored approach to realize the repowering potential of the Company's older wind parks in Germany. Onshore wind repowering projects in Germany face a risk profile almost identical to other development projects, which is neither in line with the Company's strategic focus nor its risk appetite. As up to 22.5 MW of the Company's portfolio could be candidates for repowering measures in the foreseeable future, the Company signed agreements to grant Pacifico Partners the option to acquire the respective wind parks in Germany. Under these agreements, a predefined mechanism will be used to determine the value of continued operations after the expiration of the public support mechanism. This ensures an early commencement and higher expected success rate of the repowering projects while giving the Company priority access to repurchase the projects once successfully repowered via the right of first offer agreement.

About Pacifico Renewables Yield AG

Pacifico Renewables Yield AG is an independent power producer listed on the open market of the Dusseldorf Stock Exchange with additional requirements (Prim?rmarkt) (ISIN: DE000A2YN371) with the aim of building up a gradually growing portfolio of plants for energy generation from renewable sources. With operational wind and photovoltaic power plants spread across Europe, the Company offers a clear and diversified profile with stable and predictable earnings.


This press release may contain certain forward-looking statements, estimates, opinions, and forecasts concerning the future business situation, earnings situation, and results of Pacifico Renewables Yield AG ("forward-looking statements"). Forward-looking statements can be identified by words such as "believe", "estimate", "anticipate", "expect", "intend", "will", or "should" and their negation and similar variations or comparable terminology. Forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current opinions, forecasts and assumptions of the Management Board of Pacifico Renewables Yield AG and involve significant known and unknown risks and uncertainties, therefore actual results, performance and events may differ materially from those expressed or implied by forward-looking statements. Forward-looking statements contained herein should not be construed as guarantees of future performance or results and are not necessarily reliable indicators of whether or not such results will be achieved. The forward-looking statements contained in this release are only valid on the date of this publication. We will not update the information, forward-looking statements or conclusions contained in this release in light of subsequent events or circumstances, nor will we reflect subsequent events or circumstances or correct inaccuracies that arise after the date of this release as a result of new information, future developments or otherwise, and we do not assume any obligation to do so. We do not assume any responsibility whatsoever that the forward- looking statements or assumptions contained herein will occur. ?

[1] This estimation is based on an enterprise value of approximately EUR14.5 million and certain assumptions related to, i.e. production, power price, inflation, operational expenditure, key tax items, asset lifetime, interest rate and electricity marketing split. However, investors should not rely on this internal estimation as it may turn out to be inaccurate, e.g. due to inaccurate modelling, inaccurate assumptions or subsequent changes to assumptions.

[2] Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment. The technical screening criteria are laid out in the technical annex to the respective EU Taxonomy report.

14.10.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

Language: English Company: Pacifico Renewables Yield AG Bavariafilmplatz 7, Geb?ude 49 82031 Gr?nwald

Germany E-mail: ir@pacifico-renewables.com Internet: www.pacifico-renewables.com ISIN: DE000A2YN371 WKN: A2YN37 Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Munich, Stuttgart, Tradegate Exchange EQS News ID: 1240789 ? End of News DGAP News Service


@ dgap.de