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Schneider Electric, the pioneer in the digital transformation of energy management and automation, announces that it has committed to invest in a portfolio of Texas-based clean energy projects utilizing a Tax Credit Transfer Agreement (TCTA) for solar and battery storage systems developed, built, and operated by ENGIE North America (ENGIE). The contracted projects are expected to come online throughout 2024 and will enable Schneider Electric to get closer to its 100% renewable energy goal in the U.S. and Canada. Battery storage systems The agreement between ENGIE, a pioneer in the net-zero energy transition, and Schneider is among the first at this scale to take advantage of new tax credit transfer provisions in the Inflation Reduction Act (IRA) that will help companies meet their renewable energy goals. Schneider Electric is committed to achieving net-zero emissions across our operations by 2030" “Schneider Electric is committed to achieving net-zero emissions across our operations by 2030. This new solar-plus-storage agreement for the U.S. and Canada with ENGIE, a leading developer of renewables, will help us reach that goal,” said Aamir Paul, President, North America Operations. “The IRA opens the door for innovative projects through its transferability clause, and expands the range of entities that can benefit from tax credits in meeting decarbonization objectives. Schneider Electric is a leader in sustainability, efficiency, and the energy transition, and we are proud to ‘model the way’ with this tax credit transfer.” Clean energy projects The IRA’s transferability clause enables the transfer of eligible federal tax credits from renewable energy, clean energy manufacturing, and battery storage projects, among other clean energy projects. This new feature creates a feasible alternative to traditional tax equity structures. Tax credit transfer also enables Schneider’s Scope 2 decarbonization when the investor-buyer procures associated environmental attributes as part of the transaction. This is not the first collaboration between Schneider Electric and ENGIE. Since 2017, the two companies have joined forces on multiple projects, and have led clients through their procurement of renewable energy via virtual power purchase agreements (VPPAs) that exceed 1.6GW in total in North America alone. ENGIE’s investment and innovation in renewables have resulted in the company being named the leading developer of corporate energy PPAs in 2023 by BloombergNEF in its latest Market Outlook report and being ranked in the top three since 2019. ENGIE’s total corporate PPA portfolio in North America exceeds 6.5GW. Tax credit transfer structures This collaboration with Schneider signals a real step forward in accelerating the net-zero transition" “This collaboration with Schneider signals a real step forward in accelerating the net-zero transition. The solar-plus-storage portfolio, coupled with the innovative tax credit transfer structures enabled by the IRA, helps expand the opportunities for an increasing set of corporate clients to meet their goals,” said Dave Carroll, Chief Renewables Officer and SVP, ENGIE North America. “This approach supports the continued growth of renewable energy and storage options in the U.S., which brings economic opportunities to an expanding set of communities alongside the transition to a lower-carbon grid.” Progress actionable solutions “Schneider Electric’s North American renewable energy goal is commendable, and its advancement in accelerating its efforts. Schneider’s work demonstrates both the power of collaboration with essential partners in the energy industry and the innovation necessary to progress actionable solutions in our nation’s journey toward net zero,” said Sheri Givens, President and CEO, Smart Electric Power Alliance (SEPA). “SEPA values its members’ efforts in the clean energy transition, and Schneider’s leadership serves as an example of those companies at the forefront.” According to Bloomberg (BNEF), the IRA's tax credit transfer rules create a new set of possibilities for funding America's energy transition. Most intriguing is the market for tax credits, which could greatly streamline the process of getting money to where it is most needed and is a step towards maturity as market participants discover together operating models that can scale. Credit investment landscape Schneider Electric was advised on the deal by consultants from its Sustainability Business Schneider Electric was advised on the deal by consultants from its Sustainability Business, the world’s largest advisor on corporate renewable energy procurement. Schneider provides these consulting services on tax credit transfers to clients to help them take advantage of the innovative opportunities created by the IRA. It is estimated by Credit Suisse that nearly $1 trillion could be unlocked over the next ten years thanks to public and private spending mobilized by the IRA in climate and energy-related investments. The tax credit transfer opportunities structured by Schneider Electric’s advisory team allow companies to simultaneously reduce Scope 2 emissions, capture favorable risk-adjusted returns on investment, demonstrate environmental leadership, and accelerate progress toward decarbonization goals. This requires an understanding of complex regulations, market uncertainty, energy and environmental attribute markets, and technology maturity curves. With its 20+ years of renewable energy advisory experience, Schneider Electric is uniquely equipped to guide enterprises through the complexities of the new tax credit investment landscape. Renewable energy solutions The IRA has proven to be significant for Schneider Electric’s customers in the private, public, and residential sectors. The company has seen increasing demand for offsite and onsite renewable energy solutions and microgrid technologies using IRA-provided benefits, and growth in its residential consumer market in addition to corporate tax credit opportunities. Schneider’s Sustainability Business is also helping its U.S. public sector clients – predominantly schools and municipalities – to utilize IRA provisions to procure electric vehicles like school buses and emergency response vehicles and to implement onsite solar, providing tax relief to economically disadvantaged public entities across the country.

ENGIE Vianeo, through its subsidiaries - ENGIE Solutions and SSEC (a joint venture with CERTAS ENERGY France), has joined forces with Siemens Smart Infrastructure to deploy state-of-the-art electric vehicle charging stations.  These are deployed on the networks SANEF (Société des Autoroutes du Nord et de l’Est France), APRR (Autoroutes Paris-Rhin-Rhône), AREA (Société des Autoroutes Rhône-Alpes), and VINCI Autoroutes. Combining efficiency and speed, these charging stations deliver modular power from 160 kW to 300 kW. They provide a charge of up to 80 percent in 20 minutes. Optimum power transmission Each charging station dynamically distributes the charge between two vehicles, simultaneously Each charging station dynamically distributes the charge between two vehicles, simultaneously and features a 24" screen to optimize the user experience. The chargers’ constant efficiency of more than 95.5 percent optimizes energy expenditures by ensuring optimum power transmission to the vehicles.  In line with the current challenges associated with the energy and environmental transition, the mobility market has seen sustained growth for several years. In 2022, almost 200,000 electric vehicles were registered in France, an increase of 26 percent over 2021. By the end of 2022, more than 1.1 million electric and plug-in hybrid vehicles were on the road in France.  Charging infrastructure deployment Under the International Energy Agency´s Stated Policies Scenario (STEPS), the 2023 global outlook for the share of electric car sales based on existing policies and firm objectives has increased to 35 percent in 2030, up from less than 25 percent in the previous outlook.  In May 2023, France passed the milestone of 100,000 charging stations open to the public. Charging infrastructure deployment is a key element in the development of electromobility. According to calculations by Avère France, between 330,000 and 480,000 publicly available charging stations will be needed by 2030.  Building and transportation networks Siemens is responding to the challenges of tomorrow with powerful, interoperable, and scalable charging infrastructure solutions for electric vehicles. Siemens eMobility offers IoT-enabled hardware, software, and services for alternating current (AC) and direct current (DC) charging from 11 to 300 kW for a broad range of applications, adapted to a context where energy, building and transportation networks must be smart and therefore interconnected and interoperable. “We are delighted to be working with Siemens on this project. Strengthening the country-wide network of charging stations is crucial to building the mobility of tomorrow where the use of electric vehicles will become increasingly widespread. We will also need foolproof technology to ensure the careful management of our energy resources and a very high level of charging station availability, something that electric vehicle drivers rightly demand. Because of its technical performance and commitment to decarbonization, Siemens is the ideal partner for this project,” said Didier Liautaud, Managing Director of ENGIE Vianeo France. Low-carbon mobility “We are proud to support ENGIE Vianeo in deploying this essential solution for electrifying the mobility of tomorrow. We share our partner's commitment to low-carbon mobility that is as accessible as possible. With its scalable design and dynamic charging capacity, the new SICHARGE D series represents a major step forward to meet the challenges of electromobility,” said Olivier Delassus, Director of the eMobility business at Siemens Smart Infrastructure France.

Plug Power Inc. (PLUG), a global provider of turnkey hydrogen solutions for the global green hydrogen economy, plans to develop three green hydrogen production plants in Finland, resulting in the production of 850 tons per day (TPD) of green hydrogen, or 2.2 gigawatts (GW) of electrolyzer capacity, by the end of the decade with final investment decision (FID) by 2025/2026. Plug’s PEM electrolyzer Using Plug’s PEM electrolyzer and liquefaction technology, the green hydrogen produced at these sites will support the production of ammonia and green direct reduced iron (DRI), reduce dependence on fossil fuels, and materially support the decarbonization of Europe. These projects are expected to represent some of the largest investments in the European market. Plug has initiated discussions with large financial investors and debt providers. Plug expects capital structure will include a majority of non-recourse debt, similar to other renewable asset financing. Plug collaborates with financial and industrial partners They are collaborating with financial partners to secure optimal capital solutions They are collaborating with financial partners to secure optimal capital solutions, and industrial partners to secure off-take commitments from creditworthy counterparties, before these projects get to FID by the 2025/2026 timeframe. At a signing ceremony in Helsinki, Finland, Plug’s Chief Executive Officer (CEO), Andy Marsh secured the commitment of three Finnish municipalities to access land, kicking off these historical projects. The sites will be strategically located in Finland to take advantage of its abundant decarbonized and clean energy sources, such as nuclear, wind and hydro power. Kokkola, Finland: This site is expected to generate 85TPD of liquid green hydrogen, and up to 700 kt of green ammonia per year, using 1GW of electrolyzers. The liquid green hydrogen will be produced for local use and for export to western Europe from the Port of Kokkola. Green ammonia will also be exported through the same port. Kristinestad, Finland: The 1GW electrolyzer plant located close to a former coal plant will generate green hydrogen for green steel production (2.0 mt/y of DRI/HBI produced) exported from the port of Kristinestad. Porvoo, Finland: This site will produce up to 100TPD by 2030. The hydrogen will be used for local mobility and exported through pipeline injection to Western Europe. Plug Power Inc. partners with Hy2Gen For the development of the ammonia plant, Plug is partnering with Hy2Gen, the global project developer of renewable hydrogen, ammonia and hydrogen-based e-fuels. Hy2gen is backed by Hy24, the largest global hydrogen infrastructure fund, by Mirova, a management company dedicated to sustainable investment, by CDPQ, a global investment group investing in the energy transition, by Technip Energies, a leading engineering and technology company for the energy transition, and Trafigura, a market leader in the global commodities industry. Plug will also collaborate with Hy2Gen on the development of hydrogen derivatives (e-fuels, methanol and ammonia) on other projects in the region, enabling industry and transport users to reduce their carbon footprint. Development of the DRI/HBI plant For the development of the DRI/HBI plant, a form of green reduced iron, Plug is partnering with GravitHy For the development of the DRI/HBI plant, a form of green reduced iron, Plug is partnering with GravitHy, an industrial company dedicated to decarbonizing the steel value chain and in which Plug was a founding partner alongside other large corporations (EIT InnoEnergy, Engie, Forvia, IDEC, Primetals). GravitHy is also developing a similar integrated site which will produce 2 million tonnes of DRI/HBI in the south of France. Andy Marsh, CEO of Plug said, “Already one of the largest players in the European hydrogen market, Plug is accelerating its commitment to Europe at an unprecedented scale with these three planned historic industrial sector projects collaborating with both financial and industrial partners. We are proud to commit our know-how and turnkey hydrogen solutions towards helping Finland deliver on its vision to become a European leader of the green hydrogen economy.” Finland attracts green investments, like that from Plug “This investment is significant for Europe, showcasing Finland's international competitiveness and marking a remarkable achievement. With an innovative ecosystem and self-sufficient, carbon-free energy production, Finland has attracted green investments, like that from Plug, into the European value chain. Collaboration with our regions has been outstanding, demonstrating how small towns can lead industrial progress. This project will boost economic activity, create jobs, and foster well-being for years to come,” said Markku Kivistö, Head of Cleantech Industry at Invest in Finland, part of Business Finland. “We are proud to be at the forefront of the green transition towards a more sustainable economy. We have consistently developed our infrastructure with a focus on attracting industrial investments. Kokkola is committed to support the installation of Plug’s project in Kokkola South, and we are delighted about the estimated several hundreds of industrial jobs that will be created with Plug's establishment,” said Jonne Sandberg, the Development Director of Kokkola. Plug Power Inc. - European pioneer in the green transition “In Kristinestad, we have been working for a long time on developing green energy through wind power, solar power, and hydrogen. We are a European pioneer in the green transition. We are doing everything in our power to ensure the success of the project in Kristinestad. It will have positive impacts on the entire region's economy,” said Mila Segervall, the Mayor of Kristinestad. “A significant clean tech hub is developing in Porvoo. We are pleased to welcome international operators to the Kilpilahti area, which is a key location for the green transition in Finland and Northern Europe. The discussion with Plug has been open and smooth, which is important for the success of the process,” said Jukka-Pekka Ujula, the Mayor of Porvoo. Finland’s ambitious goals in the hydrogen economy I am very pleased to see Plug has identified Finland as the right place for their investments" “I am very pleased to see Plug has identified Finland as the right place for their investments. We have ambitious goals in the hydrogen economy, so investments like this are exactly what we need. This is a big part of the future of Finnish industrial policy,” said Mika Lintilä, the Minister of Economic Affairs. Cyril Dufaut-Sansot, the Chief Executive Officer (CEO) and Co-Founder  of Hy2gen AG, said “The market for synthetic fuels is developing fast, particularly along the major sea routes and in the European core markets. Hy2gen is working hard to support this development towards renewable fuels and energy carriers through our existing presence and various projects in the region.” Cyril Dufaut-Sansot adds, “We congratulate Plug for their strong engagement and investments in the Nordic markets. Our partnership with Plug will ramp up the necessary production of renewable fuels in the Nordic region, where ample renewable energy feedstock, the people and the country's unwavering dedication will facilitate such projects to decarbonize industries and transportation.” Decarbonization of steel production Jose Noldin, the Chief Executive Officer (CEO) of GravitHy, said “The decarbonization of steel production presents an immense and pressing challenge that demands decisive action and partnerships with innovative, forward-thinking companies. GravitHy is at the forefront of the green steel revolution, spearheading the redesign of the value chain and creating significant value in the process. Our collaboration with Plug in Finland not only strengthens our business case but also garners market interest and builds momentum in the transformation of Europe towards a sustainable future.” Jose Noldin continues, “The opportunity in Finland, combined with our rapidly advancing project in France, positions GravitHy perfectly to serve the market and meet the growing demand for low-carbon metallics in the steel industry. By seizing these opportunities, we are well-positioned to contribute significantly to the industry's sustainable growth and play a pivotal role in shaping a greener future.” Plug executes MoUs with Fingrid At the signing ceremony, Plug also executed memorandums of understanding (MoUs) with Fingrid At the signing ceremony, Plug also executed memorandums of understanding (MoUs) with Fingrid, Finland’s electricity transmission system operator, and Gasgrid, Finland’s natural gas transmission system operator. Plug is working closely with Fingrid and Gasgrid to ensure electric grid capacities and development of hydrogen infrastructures. Benjamin Haycraft, the Executive Vice President (EVP) - EMEA Region, Plug Power Inc., said “By scaling up our top-tier manufacturing to continually lower costs, Plug aims to democratize access to green hydrogen in Europe with attractive economics. Finland’s abundant decarbonized and growing renewable energy sources make it the most strategic location.” This is a strategically important move for Plug and will enhance European energy security. This scale of electrolyzer capacity accounts for close to 5% of the RePower EU plan, which has targeted 10 million tons of renewable hydrogen produced in Europe by 2030. Support the development of green hydrogen These projects will support the development of green electricity and green hydrogen around the European backbone pipeline near the Bothnian Bay and contribute to Finland's efforts to become carbon neutral by 2035, a goal set by the Finnish government in the National Climate and Energy Strategy. Plug’s planned green hydrogen production sites are expected to create around 1,000 direct jobs and over 3,000 indirect jobs, significantly boosting the local economy.