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The portfolio as of September 2019:

Project Location Capacity % Owned by
the Company
Site Type Status Commissioning/
Expected
commissioning
Battery
provider
Boulby North Yorkshire
UK
6.0 MW 100%[1] Industrial Mining Operational Q4 2017 NEC ES

Cenin Wales
UK
4.0 MW 49% Renewable Generation Operational Q1 2018 TESLA

Lower Road Essex
UK
10.0 MW 100% Greenfield Design stage Q4 2019 NEC ES

Port of Tilbury London
UK
9.0 MW 100% Port Under construction Q4 2019 NEC ES

Mullavilly Northern Ireland 50.0 MW 51% Greenfield Acquired
in June 2019
Q1 2021 To be confirmed

Drumkee Northern Ireland 50.0 MW 51% Greenfield Acquired
in June 2019
Q1 2021 To be confirmed

Kilmannock[2] Republic of Ireland 30.0 MW 51% Greenfield Acquisition contract signed in June 2019 Q3 2021 To be confirmed

Porterstown[3] Republic of Ireland 30.0 MW 51% Greenfield Acquisition contract signed in June 2019 Q3 2021 To be confirmed

[1] Excluding profit sharing equity instruments owned by General Electricity Holdings Ltd, the parent company of Kiwi Power Limited.

[2] Conditional on a signed DS3 fixed contract. The condition can be waived at the Company's discretion.

[3] Conditional on a signed DS3 fixed contract. The condition can be waived at the Company's discretion.

Pipeline

The utility scale battery market is relatively nascent worldwide, and the Adviser has been able to identify attractive opportunities in markets including the UK, Ireland, North America and North-West Europe. The Adviser is among the first entrants into the market by being one of the first commercial players to be involved with the installation and commissioning of a project in England through the facility at Boulby. As a result, the Adviser has developed a market leading approach to investing in battery storage projects in the UK market and has built up a significant and wide-ranging contact base within the energy storage industry.

Lithium-ion Batteries

Although the projects comprising the Seed Portfolio utilise lithium-ion batteries and much of the pipeline of investments identified by the Company are also expected to utilise lithium-ion batteries, the Company is generally agnostic about which technology it utilises in its energy storage projects. The Company does not presently see any energy storage technology which is a viable alternative to lithium-ion batteries. However, there are a number of technologies which are being researched which if successfully commercialised, could prove over time more favourable and the Company will closely monitor such developing technologies.