Dear Renewable Energy Supporters,

The third quarter of 2024 was a really interesting one in the PV business. We continued to expand renewable energy from the sun to companies in the country and in 17 other countries, including our new market, Ireland. We are helping businesses not only to become energy independent, but also to reduce their carbon footprint and meet ESG criteria, which are becoming increasingly important, especially for large companies.

In terms of specific projects, we have been able to complete the delivery of the relatively complex Wildenstein project, a generous 24.5 MW project. We also closed a long-under-construction large rooftop installation of 2.23 MW in the Netherlands, as well as a number of other installations in Austria, Scandinavia, and Germany. I am particularly pleased with the completed rooftop installations in our home market.

Although the solar market in the Czech Republic continues to grow, the subsidy conditions are currently set up in such a way that many customers simply set price as the main criterion for choosing a supplier. This is an advantage for new, inexperienced competitors to quickly access contracts they would not otherwise get. However, price should definitely not be the only criterion for PV contracts. Today and every day we see poorly done work, installations that do not meet building standards or the quality of the materials used, and whose lifetime is therefore at the edge of sustainability. Quite often we get to repair contracts at various stages of work, and we feel an increasing need to draw attention to this mischief. It is a matter of course for us that Greenbuddies' customers get their buildings not only correctly priced, but especially with a guarantee of quality workmanship and with a minimum risk of non-delivery. In addition, we have established a strategic partnership with UniCredit Leasing and are focusing on more affordable financing for PV in the Czech Republic, which I am very pleased about.

The international market is also growing at a good pace, and we are adding new, valuable customer names, especially in Scandinavia. We have also re-focused on the German market this year, which still has huge potential, so we will certainly see large German projects coming on stream in the coming months. We are also gaining further valuable experience across Europe with specific technologies such as trackers, agrivoltaics, solar carports and low-load roof solutions.

I look forward to the last quarter and the end of 2024!

Wishing you a nice and colourful autumn

Aleš Spáčil

Chief Sales Buddy

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