37 LEADERSHIP MESSAGES GROUP CEO REVIEW FYE 2019 GROWTH OF YINSON RENEWABLES SINCE ESTABLISHMENT 7,000 6,000 5,000 4,000 3,000 2,000 1,000 Capacity of renewables projects pipeline (MW) FYE 2020 FYE 2021 FYE 2022 March 2023 Operational Under construction Secured and under development Projects in early stage site investigation October Established Yinson Renewables. March Acquired 37.5% stake in Rising Bhadla 1 & 2 in India. July Signed first development agreement in Italy. August Increased stake in Rising Bhadla 1 & 2 to 95%. Acquisition completed in December 2020. March Won 285 MWp(DC) solar plant project in Nokh Solar Park. Signed PPA with NTPC later that month. June Started collaborating with Verano to progress solar pipeline in Latin America. Signed key development agreement in New Zealand. March Acquired two late stage development projects in Brazil. May Formed joint venture with Plus Xnergy to develop solar projects in Malaysia. September Entered Indonesian renewables market through acquisition of Inecosolar. REDUCING EMISSIONS IN OUR FPSOs Although Yinson is fully committed to reducing emissions in our FPSOs, modifying our existing fleet can prove challenging as we are constrained by space and design limitations, contractual obligations and the client’s readiness to implement new emissions reducing technology. Nevertheless we have made significant progress on our efforts to retrofit a closed flare system for one of our FPSOs. This modification implemented is a significant step towards closing the flare of the asset, and will contribute to reducing flaring levels in the time to come. On an ongoing basis, however, our strategy is to ensure that we proactively pursue opportunities to install the latest technologies on our new FPSOs or FPSOs that are currently being built. FPSO Maria Quitéria, for example, incorporates a closed flare system and combined cycle power generation technology which reduces and recycles gas to generate power on the FPSO. With these measures, we aim to reduce emissions by more than 20% compared to the status quo. FPSO AGOGO: Leading the way to a Zero Emissions FPSO Closed Flare and Hydrocarbon Blanketing | Combined Cycle Power Generation | Carbon Capture and Storage | Electrification | Seawater Turbine Generator The design of the asset is projected to reduce the asset’s lifecycle emissions by up to 27%, compared to if the emissions-lowering technologies were not implemented over the contract period. The design of the asset will be the greenest in Yinson’s fleet to date, and will have significant impact on lowering Yinson’s carbon intensity. FPSO Agogo is regarded as an industry-leading project in terms of low emissions design and implementation. Together with our client, Azule Energy, we are excited to be leading the decarbonisation agenda through FPSO Agogo.
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