X-ELIO acquires 103MW solar pv project from NARENCO in Allendale County, South Carolina

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X-ELIO, the leading global developer of photovoltaic solar energy with presence in five continents, announces today the acquisition of the Lily Solar LLC photovoltaic project from the US National Renewable Energy Corporation (NARENCO). It is a 103MW park on a 640 acre site located in Allendale County, South Carolina. NARENCO will continue to participate in the project through the development of engineering, procurement and construction (EPC) functions. In addition, it will be a provider of operations and maintenance.

Lily Solar is currently under construction and it is expected to start delivering power by the end of 2019, under a 20-year Power Purchase Agreement (PPA) with the US group South Carolina Electricity and Gas (SCE & G). X-Elio is arranging the tax equity and construction financing with undisclosed entities.

Jorge Barredo, CEO of X-Elio said: “this acquisition is another step in our ambitious growth strategy in the US, one of the key markets of X-Elio, and we are delighted to have established this relationship with NARENCO. They have done outstanding work during development, and we are confident that they will keep exceeding expectations during the construction and operation phases.”

Press Release Jesse Montgomery, President of Development at NARENCO said: “we are excited about the opportunity to partner with X-Elio and their skilled team in order to deliver a completed project that will be one of the largest solar installations in the Southeast U.S.”

Andrew Giraldo, President of EPC at NARENCO said: “we look forward to working closely with XElio’s team of experienced engineering and construction professionals as we continue our engineering efforts and transition to the construction and operational phases of the project.”

About X-ELIO X-ELIO (www.X-ELIO.com) is a company specialized in the development, construction, operation and maintenance of solar plants with a presence in the United States, the Middle East, Japan, South Africa, Latin America (Mexico and Chile among others), Australia, Southeast Asia, Italy and Spain. In 2017 it achieved revenues of more than 127 million euros. The group is leader in the global renewable and sustainable energy industry and has a solid accumulated experience in the construction of solar plants of more than 1,1GW, with a strong commitment to the reduction of greenhouse gases and the fight against climate change.

About NARENCO NARENCO is a leading Independent Power Producer focused on the development, engineering, procurement and construction (EPC) and operations of utility-scale solar installations. Headquartered in Charlotte, North Carolina, NARENCO has established a strong track record of success by developing and constructing over 300MW of solar projects. For more information about NARENCO, visit www.narenco.com.

Press contacts:

X-ELIO / KREAB Óscar Torres otorres@kreab.com Tlf. +34 685 929 026

Asunción Ten aten@kreab.com Tlf. +34 91 702 71 70