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Summary of Highlights

Energix released its annual report on 12 March, 2018 detailing the following:

The company operates in a highly regulated market, with growth dependent upon political sentiment towards renewables, the availability of financing and interest rates.

• Israel: In December 2017, the Company won a tender to supply 52MW at a fixed tariff of ILA 19.78 per Kw to the national grid from Solar PV projects established in Israel by Energix (70% ownership) and its partner (30% ownership).
• The tender awarded was the Company's second for 2017, after securing a PV project generating 90MW in March 2017 (100% ownership).
• Ministerial approval of the Aran project (~152MW) continues local regulatory confidence in the Company.
• Approval of several permits in 2017 sets the Company on track for financial closing in 2018 and for meeting construction and operation milestones as planned
• Poland: After decreasing 60% between 2015 and 2017, 'Green Certificate' prices have risen nearly 30% since mid-2017.
• The government announced that it intends to publish tariff tenders for the construction of new facilities for the production of electricity from wind energy and photovoltaic energy at a capacity of about 1,000MW. It is estimated that these tenders will be published during the second half of 2018.
• The US: In 2017, Energix entered the US market, announcing a JV with a local firm in projects totaling hundreds of MW with the Company's share in these projects ranging from 51% to 60%.

We increase Energix's equity value to $425.2M / NIS 1,526.49M corresponding to a target price ranging between NIS 3.85 a NIS 4.29; a mean of NIS 4.05.

• Net Profit for 2017 totaled NIS 16M, an increase of 317% from 2016.
• For a detailed breakdown of our valuation methodology for the Company please refer to our Initiation of Coverage report of 25 June 2017.

About the Company - Energix Renewable Energies Ltd. (hereinafter "Energix" or "the Company") is a renewable energy company, currently active in the field of Solar Photovoltaic (PV) and Wind Energies. As one of the largest Israeli Independent Power Producers (IPPs), the company initiates, develops, constructs and owns long-term renewable energy projects. Once it has secured production rights through government tenders, Energix sells the generated electricity to utility companies who distribute electricity to end users. Energix shares have traded on the Tel Aviv Stock Exchange since 2011.

Read the full report here.

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