Reference is made to Otovo's announcement made on 17 February 2023 regarding the
Italian government's decision to discontinue the possibility for consumers to
resell tax credits issued under the Superbonus and Ecobonus schemes. On 5 April
the Italian senate approved the law and it is expected to be published in the
Gazetta Ufficiale as definitive in the coming days. 

As part of the finalisation of the law, the government has clarified that
projects where pre-payment was effectuated prior to the proposal of the law,
will qualify under the old provisions where the consumer could sell the tax
credits they assume to a third party. For Otovo this means that the pipeline of
projects sold but not installed before 16 February will be completed on the same
terms for the customer as prior to the changes in regulations.

Expecting this clarification, Otovo has kept up its planned installation pace.
Consequently, Q1 installations will not be materially affected by the Italian
regulatory change. Meanwhile, the uncertainty borne by consumers has affected
sales substantially for two months. However, underlying consumer interest
remains strong and sales have started to rebound. This is in line with the
impact seen in other markets where support systems have been materially
modified.

- The pipeline is fully derisked and will be installed as planned. The
uncertainty consumers have felt is reduced and they are adjusting expectations
to the new regulations. With this, sales should start to return to levels seen
prior to these unexpected changes. The conditions for residential solar remain
sunny in Italy, says Fabio Stefanini, Managing Director and Country Manager
Italy.

***

About Otovo: For homeowners, Otovo is the easiest way to get solar panels on the
roof, and batteries in the home. Otovo is a marketplace that organises hundreds
of local, vetted, high quality energy installers. The company uses its
proprietary technology to analyse the potential of any home and finds the best
price and installer for customers based on an automatic bidding process between
available installers.

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