78 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2024 Italy We have nearly 500 MW of wind and solar PV projects in development, of which over two-thirds are already in the consenting process. New projects are also being investigated and we expect to grow this pipeline steadily over the coming year. By 2030, the European Union aims to achieve an overall renewable energy share of 45% and has set a binding target of 42.5% for all member states, up from the previous 32% target. The directive entered into force in all EU countries on 20 November 2023, calling for almost double the existing share of renewable energy in the EU. To achieve its targets, the EU is committed to speed up permit-granting procedures for renewables and facilitate power purchase agreements (“PPA”). These steps bode well for renewable energy players, especially those who have established a local presence and track record. In Europe, our current focus is Italy. As part of its National Energy and Climate Plan (NECP), Italy targets reaching 40% of its gross energy needs from renewable sources and aims for renewables to account for 65% of electricity generation by the end of this decade. To achieve this, Italy plans to add 70 GW of renewables to the existing capacity. The strategy for reaching these objectives focuses both on boosting the share of renewables in electricity. CONSTRUCTION & OPERATIONAL HIGHLIGHTS India A significant milestone for us in the financial year was undoubtedly the completion of the 285 MWp Nokh Solar Park, which commenced commercial operations on 3 November 2023. The park is now exporting power to the Rajasthan power grid, aligning with the Indian government’s National Solar Mission. The project has a 25-year PPA with NTPC Limited, which is majorityowned by the Indian government and is India’s largest power utility company. Since commencing operations, Nokh has been performing well, with full output achieved on 3 April 2024. The Bhadla assets in India continued to perform very well in the year under review. Irradiation levels during the year were around 5% lower than forecasted, which is a common variance. That considered, the assets continued to perform strongly during the year under review to generate just 2% below forecast. Taking a longer view, the asset has performed above forecast over its six years of operation – a testament to the commitment and capabilities of the overall Yinson Renewables team. Peru We acquired the 97 MWp Matarani Project in Peru from Grenergy Renewables in January 2024. The project is located in the Mollendo Desert in the Arequipa region, one of the world’s highest solar irradiation areas. A 15-year PPA has been signed with Enel Generation Peru, one of the largest utility companies in Peru. The project is currently under construction and is expected to enter commercial operations before the end of 2024. Matarani will be Yinson Renewables’ first operating project in the South American region. EUROPE
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