Energeia delivered the third revision of the concession application for the
Seval Skog solar power plant to NVE (The Norwegian Water Resources and Energy
Directorate) on the 4th of March 2024. The application includes the grid
connection for the solar power plant applied for by Elvia AS.
  
The Seval Skog project is planned as an agrivoltaic project, meaning renewable
energy production and agriculture on the same area. Based on grid restrictions
the initial capacity of the solar power plant is reduced from 75 MWDC to 46
MWDC. The solar power plant is planned with a 6 MW/12 MWh battery energy storage
system (BESS). Annual power production is estimated to 53.5 GWh. The project has
received all necessary approvals for grid connection and permission for
cultivation of the area.

Total investment is budgeted to NOK 312 million including BESS. Based on a
long-term real price of electricity of NOK 0,50 per kWh and a 50/50 debt/equity
financing, the solar power plant is expected to deliver a return on total
capital of 7,7 per cent after tax, 9 per cent return on equity and an average
annual dividend yield of 12.5 percent over 30 years.

The calculated levelized cost of electricity (LCOE) for Seval Skog solar power
plant based on a cost of capital (WACC) after tax of 6 per cent is NOK 0.37 per
kWh for the solar power plant and NOK 0.423 per kWh for the solar power plant
including BESS.

The concession application is a public document and will be published on the
Company website. 

Contact persons:
CEO, Viktor Jakobsen, email: viktor@energeia.no and telephone: +47 916 11 009

Deputy CEO, Jarl Egil Markussen, email: jarl@energeia.no and telephone: +47 480
23 214

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act.