The first opportunity we are working on in is the Biomethane platform.

Idalia plans to invest in

a leading biomethane platform in Spain. Why biomethane. Well
Spain is the 2nd European country in terms of biomethane production potential, 144 TWh, 13
bcm by 2050, after France but with higher potential production than Italy and Germany. This
potential is nearly 40% of total Spanish gas consumption, which in 2021 was Spain 33,9 bcm or
378.4 TWh (400 TWh en 2019). 100% interchangeable with natural gas:

 avoids emissions that would otherwise occur naturally coming from the organic
residues (animal manure, agricultural residues, municipal waste)
 biomethane produced displaces fossil fuels as energy sources
But biomethane in Spain has had modest development because the regulation just went
through a few months ago.

 On March 2022, The council of ministers approved the Spanish Biogas Roadmap.
 On May 2022, RDLaw 376/2022, established the creation of Guarantees of Origin for
renewable gases, certifying gases that have been produced from renewable sources
 In July 2022, the Ministry for the Ecological Transition (MITECO) opened the first call for
aid for biomethane projects of EUR 150 m opened from Sept 12 to Oct 14, 2022
So the potential is there, the regulation is there, and our plan is to invest in a leading
biomethane platform in Spain and to reach a total annual production of 3 TWh by 2029, with a
capex of around 1bn € and with an IRR of over 25%. A growth platform starting with 40 M€
investment in year 1 to reach the 1 Bn investment in year 6/7