On June 27, 2022, SPI Energy issued, through a public offering in the Argentine market, two series of U.S. Dollar-Linked senior secured notes for an aggregate principal amount of US$135,000,000 comprising its 4.00% Class 1 Senior Secured Notes due 2026, for an aggregate principal amount of US$33,499,900, and 6.75% Class 2 Senior Secured Notes due 2032, for an aggregate principal amount of US$101,500,100 (the “Notes”). The Notes are secured with first priority liens on SPI Energy’s rights under the project, including the combined cycle PPA with CAMMESA, and the project’s EPC contract and equipment.

The expansion and conversion to combined cycle of the San Pedro plant consists on the installation of a 60 MW steam turbine, three heat recovery steam generators, an aero-condenser and various other auxiliary components which will increase aggregate plant capacity to 208.5 MW and enhance energy efficiency by 25%, placing San Pedro amongst the most efficient thermal generators in the Argentine power matrix. The combined cycle is expected to become fully operational by February 2024.

The issuance of the Notes is a milestone in SPI Energy’s history, evidencing investors’ support following the recent acquisition of Stoneway Capital Corporation’s assets by SCC Power.

Banco de Servicios y Transacciones S.A. will act as collateral agent and trustee for the Notes, and jointly with Banco de la Provincia de Buenos Aires and Banco Supervielle S.A., acted as organizer and placement agent. Allaria Ledesma & Cia. S.A., Puente Hnos. S.A., Facimex Valores S.A., Industrial Valores S.A., Balanz Capital Valores S.A.U., Adcap Securities Argentina S.A., Banco Mariva S.A., Supervielle Agente de Negociación S.A.U., and TPCG Valores S.A.U. acted as placement agents for the Notes.

Counsel to SPI Energy S.A.:

Bomchil: Partner: Fermín Caride. Associates: Victoria Tuculet, Emir Faita, Luciano Zanutto, Delfina Ortega y Benjamín Anaya.

Counsel to the Placement Agents:

Tavarone, Rovelli, Salim & Miani: Partner: Francisco Molina Portela. Associates: Eduardo Cano and Fiorella Ascenso Sanabria.