Renewable Electricity Producers Sector Outlook — September 2026

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UTILITIES › UTILITIES › RENEWABLE ELECTRICITY PRODUCERS

Renewable Electricity Producers: Premiums Sit with Growth

The report shows where public-market premiums sit, how business models differ and what precedent transactions suggest buyers value.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Renewable Electricity Producers Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   UTILITIES › UTILITIES › RENEWABLE ELECTRICITY PRODUCERS

   Renewable Power: The Higher Multiples Sit with Contracted Earnings

   Cover slide introducing the Renewable Electricity Producers sector outlook as of September 2026.

   We open with the sector's core finding: the market pays materially different multiples for the same forward earnings, and the premium sits with contracted, visible cash flow. This deck walks through why, using EV/EBITDA on CY2027E consensus as the primary basis.

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   UTILITIES › UTILITIES › RENEWABLE ELECTRICITY PRODUCERS Renewable Electricity Producers: Premiums Sit with Growth The report shows where public-market premiums sit, how business models differ and what precedent transactions suggest buyers value. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Renewable Electricity Producers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   Contents page listing the report's five sections plus appendix.

   We've built this report so the bottom line comes first — a reader who stops after Section 01 still leaves with the whole story. The sections that follow build the evidence: the market landscape, valuation drivers, precedent deals, and strategic implications.

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   CONTENTS What This Report Covers 01 The Bottom Line Renewable Electricity Premiums Sit with Growth, While Cash-Flow Durability Remains Central 02 The Landscape Different Renewable Electricity Models Answer to Different Valuation Tests 03 Valuation & Situations The Premium End Holds a Wide Lead on Forward Earnings 04 Precedent Transactions Buyers Are Active Across Operating Assets, Portfolios and Platforms 05 Strategic Implications Durable Growth Needs Contracted Cash Flow and Credible Pipeline Conversion 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Renewable Electricity Producers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Renewable Electricity Producers Split Three Ways: Contracted Portfolios, Solar Platforms and Adjacent Models

   Summarizes that the sector splits into three groups — contracted portfolios, solar platforms and adjacent models — priced differently on EV/EBITDA (CY2027E).

   Of the 10 approved companies, 6 carry a rated EV/EBITDA on CY2027E consensus, and the median across that set is 12.8x. Contracted portfolio vehicles make up half of the universe, with solar generation platforms and adjacent models rounding out the rest — one label, three different earnings profiles. The premium pair in this set holds at 31.8x even on a forward basis, against 7.2x for the discount pair, so the spread is not simply a timing artifact. That's the headline we want a reader to leave with even if they read nothing else in this report.

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   01 · THE BOTTOM LINE Renewable Electricity Producers Split Across Contracted Portfolios, Solar Platforms and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Renewable Electricity Producers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Business Model Shapes the Valuation Test Contracted renewable portfolio vehicles represent 5 of the 10 peers, while solar generation platforms represent 3. Contract tenor, merchant tail and cash available for distribution matter differently from installation channels and securitisable receivables. 2 The Premium End Holds a Wide Forward Lead The premium end stands at 31.5x versus 7.1x at the discount end on CY2027E EV / EBITDA. With forecast growth already reflected in a forward multiple, the remaining spread is associated with confidence in durability. 3 Faster-Growing Names Sit at Higher Valuations On the 6 companies with a CY2027E EV / EBITDA estimate, the faster-growing group stands at 15.4x versus 10.0x for the slower-growing group. The observation supports a focus on repeatable growth rather than a single forecast period. 4 High Margin Alone Does Not Secure the Premium Three of the 6 companies with a CY2027E EV / EBITDA estimate sit above the sector midpoint, including two below the profitability midpoint. Offtake quality, pipeline conversion, funding access and exposure to curtailment and basis risk remain relevant alongside margin. 12.7x Sector median EV/EBITDA CY2027E consensus · 6 rated of 10 companies 31.5x Premium end EV/EBITDA vs 7.1x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 61 Transactions with disclosed terms 228 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Divider introducing Section 02 on how each segment of the sector earns its revenue.

   Half the approved companies run contracted fleets; the rest earn their revenue through different models entirely. We use this section to map the sector segment by segment and show how each is priced.

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   SECTION 02 02 THE LANDSCAPE Different Renewable Electricity Models Answer to Different Valuation Tests Contracted portfolios, solar platforms and adjacent models bring distinct cash-flow and execution profiles. 02 of 06 Renewable Electricity Producers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   One Sector Label Covers Three Ways to Earn Power Revenue

   Groups the 10 approved companies by business segment and shows the median EV/EBITDA per group.

   One sector label covers three distinct ways to earn power revenue, and we've grouped all 10 approved companies accordingly. Group medians are calculated only on rated names, so each segment's multiple reflects what the market is actually pricing today. Segmenting this way is what lets us explain why one sector label produces such a wide valuation range — the mix of business models, not noise, drives it.

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   02 · MARKET MAP Value Sits Across Three Models with Different Cash-Flow Proof Points 10 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Renewable Electricity Producers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 CONTRACTED RENEWABLE PORTFOLIO VEHICLES 5 cos median 10.0x Clearway Energy (CWEN) Enlight (ENLT) ReNew Energy (RNW) Ormat Technologies (ORA) NextNRG (NXXT) These businesses are judged on offtake and PPA tenor, cash available for distribution and merchant-tail exposure. SOLAR GENERATION PLATFORMS 3 cos 20.8x · 1 rated Sunrun (RUN) Spruce Power (SPRU) SunPower (SPWR) These platforms depend more heavily on channel economics, customer acquisition and the quality of lease and PPA receivables. ADJACENT MODELS 2 cos median 23.9x Bloom Energy (BE) Companhia (CIG) These businesses broaden the set beyond conventional portfolios and require model-specific assessment of earnings durability.

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   02 · LANDSCAPE

   The Count Sits with Contracted Portfolios; The Higher Multiples Sit with the Smaller Groups

   Shows that contracted portfolios hold the largest company count while smaller segments command higher multiples.

   Contracted portfolios are the largest group by count in the approved universe, yet the highest EV/EBITDA medians sit with the smaller segments. That split matters for how we read the sector: scale and pricing power don't move together here. We keep the full company-level detail in the appendix for anyone who wants to trace a specific name.

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   02 · LANDSCAPE Contracted Portfolios Anchor the Set, While Other Models Carry Higher Observed Pricing Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Renewable Electricity Producers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Contracted renewable portfolio vehicles 5 50% 10.0x Clearway Energy, Inc. (CWEN) · Enlight Renewable Energy Ltd (ENLT) · +3 more Cash flow visibility matters. This group represents 50% of the peer set and stands at 10.0x across the 3 names with an estimate. Contract duration, counterparty quality, project debt and cash available for distribution shape the valuation discussion. Solar generation platforms 3 30% 20.8x n=1 Sunrun Inc. (RUN) · Spruce Power Holding Corporation (SPRU) · +1 more Channel economics change the test. This group represents 30% of the peer set and shows 20.8x from one company with an estimate. Installation economics, customer acquisition cost and receivable seasoning sit alongside forecast earnings. Adjacent models 2 20% 23.9x Bloom Energy Corporation (BE) · Companhia Energética de Minas Gerais (CIG) Model specifics command attention. This group represents 20% of the peer set and stands at 23.9x across 2 companies with estimates. Technology exposure and regulated economics require separate underwriting rather than a blended sector view.

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   SECTION 03

   03

   Divider introducing Section 03 on public market valuation across the approved companies.

   Buyers are paying very different prices for the same forward earnings. This section ranks EV/EBITDA on CY2027E consensus across the approved companies and unpacks what separates the two ends of that range.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Holds a Wide Lead on Forward Earnings Forecast growth aligns with the higher valuations, while margin alone does not separate the two ends. 03 of 06 Renewable Electricity Producers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Sector Clears at 12.8x EV/EBITDA — the Range Around That Median Is the Story

   Ranks all 6 rated companies on EV/EBITDA (CY2027E) and shows the sector clears at a 12.8x median.

   The sector clears at a 12.8x median EV/EBITDA on CY2027E consensus, but the range around that median is the real story — the tier zones here split the rated set at its own quartiles. Six of the ten approved companies carry an eligible multiple under our plausibility gates; the other four are excluded rather than plotted. That spread is what the rest of this section sets out to explain.

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   03 · PUBLIC MARKET VALUATION Forward Pricing Separates Businesses with Different Growth and Durability Profiles EV / EBITDA (CY2027E) · all 6 rated companies, sorted descending · sector median 12.7x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Renewable Electricity Producers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 31.5x CORE · median 12.7x DISCOUNT · median 7.1x Sector median 12.7x WHAT SEPARATES THE TWO ENDS The forward gap remains wide. The premium end stands at 31.5x, while the discount end stands at 7.1x. A forward multiple already credits forecast performance, so the gap places added weight on the durability of delivery. Business models matter. The two ends include different operating models, from on-site electrochemical generation and solar platforms to contracted portfolios and a rate-based utility. Durability still needs proof. Contract coverage, pipeline conversion, funding access and exposure to merchant pricing help frame whether forecast earnings can hold.

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   03 · VALUATION DRIVERS

   Faster Growth Sits with the Higher Multiple Across the 6 Rated Names

   Compares median EV/EBITDA by revenue-growth cohort and by EBITDA-margin cohort across the 6 rated names.

   Splitting the six rated names into faster- and slower-growth cohorts shows the faster-growing group sitting at a visibly higher median multiple. The same split by EBITDA margin does not show the same pattern, so growth appears to track more closely with valuation than margin does in this set. We read this as an association in the data we have, not a causal claim — but it's a distinction worth carrying into the next section.

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   03 · VALUATION DRIVERS Faster Forecast Growth Aligns with Higher Pricing, While Margin Gives a Mixed Read Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=3; slower n=3; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Renewable Electricity Producers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 7% · EBITDA-margin split at 26% Faster Growth Sits with the Higher Valuation Group On the 6 companies with a CY2027E EV / EBITDA estimate, the faster-growing group stands at 15.4x versus 10.0x for the slower-growing group. Profitability Does Not Cleanly Separate the Two Sides Two companies combine above-midpoint profitability with below-midpoint valuation, while two combine below-midpoint profitability with above-midpoint valuation. Margin is relevant, but the observed split is mixed. Revenue Quality Determines How Forecasts Are Judged Long-dated offtake, counterparty quality and limited merchant-tail exposure support cash-flow visibility. Curtailment, basis risk and refinancing exposure can weaken that visibility. Pipeline Value Depends on Credible Conversion Land control and interconnection position matter most when projects progress toward notice to proceed and commercial operation. Delays can separate headline pipeline from usable growth.

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    03 · SITUATION MAP

    Growth and Profitability Split the Set into Four Camps, and the Owner Agenda Changes from Camp to Camp

    Places the rated companies into four camps by EV/EBITDA versus the sector median and EBITDA margin versus the covered median.

    Cutting the set on EV/EBITDA against the 12.8x sector median and EBITDA margin against the 26% covered median produces four distinct camps, and the agenda for an owner changes camp to camp. These are observations about where each name sits today, not recommendations to buy or sell. The value of the map is in matching the right strategic question to the right camp.

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    03 · SITUATION MAP The Peer Map Shows Why Profitability Needs a Durability Test Cut on EV / EBITDA vs the sector median (12.7x) (rows) and EBITDA margin vs the covered median (26%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Renewable Electricity Producers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium Pricing, Higher Margin Above-median multiple · above-median EBITDA margin 1 names Bloom Energy Corporation (BE) Bloom Energy Corporation (BE) occupies this position. The combination supports attention to whether forecast performance can remain durable. Premium Pricing, Lower Margin Above-median multiple · below-median EBITDA margin 2 names Sunrun Inc. (RUN) · Enlight Renewable Energy Ltd (ENLT) Sunrun Inc. (RUN) and Enlight Renewable Energy Ltd (ENLT) occupy this position. Their pricing suggests the market is looking beyond current profitability toward forecast delivery and business-model economics. Lower Pricing, Higher Margin Below-median multiple · above-median EBITDA margin 2 names ReNew Energy Global Plc (RNW) · Ormat Technologies, Inc. (ORA) ReNew Energy Global Plc (RNW) and Ormat Technologies, Inc. (ORA) occupy this position. Higher profitability has not translated into above-midpoint pricing in this sample. Lower Pricing, Lower Margin Below-median multiple · below-median EBITDA margin 1 names Companhia Energética de Minas Gerais (CIG) Companhia Energética de Minas Gerais (CIG) occupies this position. The valuation case must address both earnings progression and the economics of its rate-based utility model.

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    03 · THE AGENDA

    Where the Higher Multiples Sit: With the Faster-Growing Names, and Not with the Higher-Margin Ones

    Frames the questions an owner or acquirer should resolve given where the higher multiples sit.

    The higher multiples in this set sit with the faster-growing names, not the higher-margin ones — a pattern that reframes the questions worth asking of any name in the portfolio. We've framed these as questions to resolve, grounded in the cohort data shown earlier, not as investment advice. Getting the framing right here is what makes the next two sections actionable rather than academic.

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    03 · THE AGENDA Capital Choices Should Follow Cash-Flow Quality and Pipeline Proof NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Renewable Electricity Producers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Which Growth Deserves Capital? Prioritise projects with credible interconnection, permitting and offtake pathways over earlier-stage volume that remains far from notice to proceed. What changes the answer: The answer changes when queue position, contract coverage or commercial operation timing improves. Where Can Asset Rotation Fund Growth? Compare retained cash yield with the funding released by capital recycling and asset rotation across operating projects. What changes the answer: The answer changes when funding costs, buyer appetite or cash available for distribution shifts. How Much Merchant Exposure Is Acceptable? Balance re-contracting upside against merchant-tail, curtailment and basis risk across the portfolio. What changes the answer: The answer changes with offtake tenor, node economics and counterparty terms. Should Capability Be Built or Acquired? Test whether development, servicing, storage or repowering capability is faster and more economic to build internally or add through a transaction. What changes the answer: The answer changes when time to market, integration cost or available targets shift.

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    SECTION 04

    04

    Divider introducing Section 04 on precedent transactions in the sector.

    Infrastructure and pension capital have been the standing bid for these assets. This section walks through who has been buying, what they bought, and what was disclosed.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Are Active Across Operating Assets, Portfolios and Platforms The transaction record supports separate treatment of contracted fleets, development pipelines and distributed channels. 04 of 06 Renewable Electricity Producers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Long-Term Holders Are Buying Operating Fleets, and Paying Mid-Teens for Earnings

    Walks through 3 of 66 disclosed-terms transactions as case studies, with multiples on LTM financials at announcement.

    Long-term holders have been buying operating fleets, and the disclosed deals in this set price at mid-teens multiples on LTM financials at announcement. We've selected three transactions as case studies from the 66 with disclosed terms; the complete list sits in the appendix. These multiples sit on a different basis than the CY2027E public comps, so we don't draw a spread between the two — but the buyer identity and the pricing itself tell us who is willing to pay for contracted, operating cash flow today.

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    04 · DEAL CASE STUDIES Precedent Transactions Span Projects, Portfolios and Corporate Platforms 3 of 61 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 203 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 167 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Renewable Electricity Producers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Dec-2023 $95M Retailco, LLC acquires Via Renewables, Inc. EV / LTM revenue 0.2x EV / LTM EBITDA 1.7x WHY THE DEAL HAPPENED Its selection suggests relevance to how buyers assess renewable electricity assets or platforms. Strategic fit should be read through the asset type, contracted cash flow and development exposure. HOW THE TARGET WAS VALUED The transaction should be benchmarked on the disclosed value and valuation basis used in its underlying terms. Project debt, tax equity and non-controlling interests should be treated consistently with the comparable set. Jun-2023 $2.8B Brookfield Renewable Partners L.P. acquires utility-scale solar and wind group EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Its selection suggests relevance to buyer appetite across the sector. The commercial read depends on the balance between operating cash flow and development pipeline value. HOW THE TARGET WAS VALUED The valuation should be compared using the disclosed transaction basis and the deck's CY2027E EV / EBITDA lens where applicable. Any project-level obligations should remain aligned with enterprise value. Sep-2024 $1.4B Masdar acquires Saeta Yield EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Its selection suggests a useful reference for strategic fit within renewable electricity. Contract duration, counterparty quality and pipeline maturity frame the read-through. HOW THE TARGET WAS VALUED The disclosed transaction value and multiples should be assessed against comparable asset maturity and cash-flow visibility. A sum-of-the-parts view may be appropriate where operating assets and pipeline carry different risk.

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    SECTION 05

    05

    Divider introducing Section 05 on strategic implications for operating plans.

    The pricing evidence points toward building the plan around contracted visibility and conversion. This section turns that observation into a set of questions for the next twelve months.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Durable Growth Needs Contracted Cash Flow and Credible Pipeline Conversion Owners can strengthen their standing through revenue quality, disciplined funding and repeatable execution. 05 of 06 Renewable Electricity Producers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Earnings Visibility and Cash Conversion Sit Alongside the Higher Multiples in This Set

    Lays out the questions the pricing evidence raises for owners, boards and operating teams over the next year.

    Earnings visibility and cash conversion sit alongside the higher multiples in this set, and we treat that as a directional view drawn from the analysis in this report rather than a prescription. The questions we raise here are meant to sit on the table for the next twelve months, not to be answered in one sitting. Read alongside the situation map, they give an owner a place to start.

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    05 · STRATEGIC IMPLICATIONS Owners Can Strengthen Their Position Through Better Growth Quality NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Renewable Electricity Producers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Put Capital Behind Visible Conversion Concentrate investment where interconnection, permitting, land and offtake support a credible path to notice to proceed and commercial operation. FOR OPERATORS Protect Cash Flow at the Asset Level Reduce curtailment and basis exposure, preserve capacity factor and pursue repowering or storage where site economics support it. FOR FINANCE LEADERS Match Funding to Usable Cash Assess project debt, tax equity and transferability against cash available for distribution rather than reported earnings alone.

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    SECTION 06

    06

    Divider introducing Section 06, the appendix covering the full universe, methodology and sources.

    This closing section carries the full comparables universe, the methodology, and the source behind every figure in the body of the report.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Renewable Electricity Producers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Lists all 10 approved companies grouped by valuation tier, with 6 rated and 4 unrated on EV/EBITDA (CY2027E).

    This table carries all 6 rated companies against the 12.8x sector median, shaded by tier, alongside the 4 names without an eligible multiple. Every ticker links to its underlying source, so any figure in the body of this report can be traced back to where it came from. The companion workbook carries the complete field set for anyone who wants to go a layer deeper.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (12.7x); amber marks below · 6 rated companies; 4 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 6 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Renewable Electricity Producers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥19.5x · median 31.5x · 2 companies Bloom Energy Corporation BE Fuel cell and on-site electrochemical generation systems $75.3B 42.2x 67% 26% 93 Sunrun Inc. RUN Solar generation platforms $17.2B 20.8x 4% 26% 29 CORE — 8.9x–19.5x · median 12.7x · 2 companies Enlight Renewable Energy Ltd ENLT Contracted renewable portfolio vehicles $13.8B 15.4x 46% 25% 71 Ormat Technologies, Inc. ORA Contracted renewable portfolio vehicles $6.7B 10.0x -2% 58% 56 DISCOUNT — <8.9x · median 7.1x · 2 companies ReNew Energy Global Plc RNW Contracted renewable portfolio vehicles $10.7B 8.6x 10% 69% 79 Companhia Energética de Minas Gerais CIG Rate-based hydro and renewable utilities $9.2B 5.6x -3% 22% 20

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Lists precedent transactions with disclosed terms, newest first, the first of two pages.

    This page carries the first set of disclosed-terms transactions out of the 66 identified, with multiples on LTM financials at announcement where disclosed. We show 18 of the 66 here; the rest sit in the companion workbook along with the full data-quality notes. Deal values link to the underlying filing wherever one exists.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 61 transactions with disclosed terms in this tier (228 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 203 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 167 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 61 transactions shown; the rest are in the companion workbook. Renewable Electricity Producers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2026 n/a → Clearway Energy, Inc. $14.1B 9.5x 14.3x Clearway Energy, Inc. was announced at a recorded $14.1B value, 9.5x EV / Revenue and 14.3x EV / EBITDA. The transaction provides a direct benchmark for a contracted renewable platform. Mar-2026 Technique Solaire Group → 100 MW/117.5 MWp solar project in Tamil Nadu $49M n/a n/a Technique Solaire Group announced the acquisition of the 100 MW/117.5 MWp solar project in Tamil Nadu for $49M. The transaction shows buyer interest at the project level. Nov-2025 Energy Capital Partners → Poplar Hill facility n/a n/a 10.0x Energy Capital Partners completed the acquisition of Poplar Hill facility. The disclosed earnings multiple offers a project-level reference within the transaction record. Oct-2025 Sembcorp Industries → ReNew Sun Bright Private Limited $191M n/a n/a Sembcorp Industries announced the acquisition of ReNew Sun Bright Private Limited for $191M. The pairing suggests a strategic fit between an integrated energy group and a renewable generation asset. Jun-2025 Undisclosed buyer → Enlight Renewable Energy Ltd n/a 13.4x n/a An Undisclosed buyer announced a transaction involving Enlight Renewable Energy Ltd at 13.4x EV / Revenue. The reference is useful for platform value, although it applies a revenue lens rather than the deck's lead earnings lens. Jun-2025 IndiGrid Infrastructure Trust → ReNew Solar Aayan Private Limited and Koppal Narendra Transmission Limited $275M n/a n/a IndiGrid Infrastructure Trust announced the acquisition of ReNew Solar Aayan Private Limited and Koppal Narendra Transmission Limited for $275M. The package suggests interest in linked generation and grid infrastructure. Feb-2025 Brookfield Asset Management → National Grid Renewables US onshore renewables business (unit of National Grid Renewables US onshore renewables business) $1.7B n/a n/a Brookfield Asset Management announced the acquisition of National Grid Renewables US onshore renewables business (unit of National Grid Renewables US onshore renewables business) for $1.7B. The transaction aligns a large renewables portfolio with an infrastructure… Feb-2025 Caisse de dépôt et placement du Québec → Innergex Renewable Energy Inc. n/a 9.7x 14.7x Caisse de dépôt et placement du Québec announced the acquisition of Innergex Renewable Energy Inc. at 9.7x EV / Revenue and 14.7x EV / EBITDA. The pricing offers both revenue and earnings references for a renewable platform. Feb-2025 TPG Global, LLC; TPG Rise Climate Transition Infrastructure, L.P. → Altus Power, Inc. n/a 11.2x 21.5x TPG Global, LLC; TPG Rise Climate Transition Infrastructure, L.P. announced the acquisition of Altus Power, Inc. at 11.2x EV / Revenue and 21.5x EV / EBITDA. The transaction benchmarks a distributed platform on both scale and earnings.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Continues the precedent transactions list with disclosed terms, newest first.

    This second page completes the run of disclosed-terms transactions shown in the body, again on an LTM-at-announcement basis. As on the prior page, deal values link back to the underlying filing, and the remaining transactions sit in the companion workbook.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 61 transactions with disclosed terms in this tier (228 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 203 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 167 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 61 transactions shown; the rest are in the companion workbook. Renewable Electricity Producers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2025 La Caisse (f/k/a CDPQ) → Innergex Renewable Energy Inc. n/a n/a 13.7x Dec-2024 Anzen India Energy Yield Plus Trust → ReNew Sun Waves Private Limited $176M n/a n/a Oct-2024 Brookfield Asset Management Ltd. → four U.K. offshore wind farms: Hornsea 1, Hornsea 2, Walney Extension, and Burbo Bank Extension $2.3B n/a n/a Value shown as recorded in the filing; financial target ev not meaningful. Sep-2024 Masdar → Saeta Yield $1.4B n/a n/a Jun-2024 Abu Dhabi Future Energy Company PJSC - Masdar → TERNA ENERGY Industrial Commercial Technical Societe Anonyme n/a 7.6x 14.4x Value shown as recorded in the filing; deal value unit unresolved. May-2024 Energy Capital Partners → Atlantica Sustainable Infrastructure plc n/a 6.1x 10.1x Value shown as recorded in the filing; deal value unit unresolved. May-2024 EQT AB (publ); EQT Infrastructure VI → OX2 AB (publ) n/a 1.8x 13.3x Value shown as recorded in the filing; deal value unit unresolved. May-2024 salesforce.com, inc. → Avangrid, Inc. n/a 11.2x n/a Mar-2024 Viessmann Generations Group GmbH & Co. KG; Kohlberg Kravis Roberts & Co. L.P. → Encavis AG n/a 9.9x 17.0x Value shown as recorded in the filing; deal value unit unresolved.

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    06 · REPORTED FIGURES AND THEIR FILINGS

    Every Reported Figure, Linked to the Filing It Was Taken From

    Links every reported figure in the deck to the SEC filing it was taken from, covering all 10 companies.

    Every reported figure behind this deck links back to the SEC filing it came from, covering all 10 approved companies, with a text fragment that takes the reader straight to the relevant number. Estimates are consensus figures and carry no filing link, which we mark rather than hide. This traceability lets a reader verify any figure in this report against its primary source.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Renewable Electricity Producers Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Renewable Electricity Producers and it clears the coverage gate with 6 of 10 companies (60%). EV / Revenue, P / E are carried as a cross-check. The set earns: 6 of the 8 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 19 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 453 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (452) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Explains the report's sources, exclusions and data-quality approach.

    This page sets out how we built the analysis, what was excluded under our plausibility gates, and where each underlying figure sits in the public record. Every figure in this report links back to the record it came from, and where a link isn't possible, the appendix names the source and the basis used. That transparency is what lets a client trust the multiples and the pattern we've drawn from them.

    Everything on this page

    Premium Pricing Sits with Growth, but Durability Remains the Test. NeuraCap AI — Renewable Electricity Producers Coverage September 2026 · Prepared by NeuraCap AI · Confidential Renewable Electricity Producers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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    In This Set, the Higher Prices Sit with Contracted Visibility and Conversion.

    Closing slide restating that the higher prices in this set sit with contracted visibility and conversion.

    In this set, the higher prices sit with contracted visibility and conversion — the pattern we've traced across the market map, the valuation drivers, and the precedent deals. The companion tables carry the full universe and source index for any figure a client wants to verify.

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