Inactive Instrument

Athena Investments

Equities

ATHENA

DK0010240514

Athena Investments A/S : Monthly Update for October 2020

November 16, 2020 at 05:59 am EST

Monthly Update for October 2020

Company Announcement No. 19/2020

16 November 2020

PRODUCTION (MWh)		October 2020	October 2019		YTD 2020	YTD 2019 *


WIND

Italy	2,674	5,320	31,977	52,255
Total (Gross)	2,674	5,320	31,977	52,255
Total (net)	2,674	5,320	31,977	52,255

SOLAR
Italy	1,318	1,536	16,143	16,442
Total (Gross)	1,318	1,536	16,143	16,442
Total (Net)	1,318	1,536	16,143	16,442

Total Production (Gross)	3,992	6,855	48,120	68,697
Total Production (Net)	3,992	6,855	48,120	68,697
Change in net production (%)	-42%			-30%

As diclosed in Company Announcement n.13/2019, on 25 July 2019 Athena sold some of its w ind and solar assets located in Italy and Spain to Ardian Infrastructure and Glennmont Partners. For consistency, the production figures for YTD 2019 are presented excluding the assets sold.
(reminder: production figures including the assets sold w ould be for YTD 2019: 177,537 MWh for Wind and 42,072 MWh for Solar.)

PRODUCTION CAPACITY		October 2020		October 2019

(MW)	Gross	Net	Gross	Net

Wind
Italy	45.0		45.0	45.0	45.0
Total Wind	45.0		45.0	45.0	45.0
Solar
Italy	12.4		12.4	12.4	12.4
Total Solar	12.4		12.4	12.4	12.4
Total	57.4		57.4	57.4	57.4

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Monthly Update for October 2020

WIND

In October 2020, total wind production was 24% below budget due to weaker wind conditions than expected.

The monthly production was halved compared to the significantly high output of October 2019.
Net wind production year-to-date was 36% below estimates and 39% lower than the year-earlier period (excluding the assets sold in 2019).

SOLAR

In October 2020, total solar production was 13% lower than budget and 14% lower than the year-earlier period.

The average irradiation was 10% lower than expectations.
Net solar production year-to-date was slightly below expectations and the same period last year (excluding the assets sold in 2019).

The Board of Directors

Contact:

Peter Høstgaard-Jensen, Chairman of the Board of Directors, Tel: +45 40 10 88 71

Francesco Vittori, CEO, Tel: +45 33 36 42 02

Athena Investments A/S - Harbour House, Sundkrogsgade 21, 2100 Copenhagen - Denmark www.athenainvestments.com

Page 2 of 2

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Athena Investments A/S published this content on 16 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 November 2020 10:58:01 UTC

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Company Profile

Athena Investments A/S, formerly Greentech Energy Systems A/S, is a Denmark-based energy company focused on wind and solar power projects. Its scope of activities covers three phases: project development, installation and operation of energy projects. The Company has an installed production capacity of over 250 Megawatts (MW) in wind and around 40 MW in solar. Additionally, the Company focuses on development of facilities for the treatment of drinking water, development and construction of plants for the production of energy from hydropower and biomass, and development of monitoring and control systems. The Company conducts activities in Denmark, Italy, Germany and Spain.

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