Ardian and Enel X Form a Joint Venture

● Enel X joins Sterling and Wilson to establish a 50-50 joint venture (JV) to boost the deployment of electric vehicle charging infrastructure across India ● BNEF forecasts that by 2040, 33% of India’s passenger vehicles will be electric ● Adequate charging infrastructure deployment is part of the central government’s FAME-II scheme to support EV adoption Rome and Mumbai, February 26th, 2021 -- Enel X, the Enel Group’s advanced energy solutions business line and Sterling and Wilson Pvt Ltd (SWPL), a Shapoorji Pallonji group company and India’s leading engineering, procurement and construction (EPC) company, have entered into a joint venture (JV) aimed at accelerating electric vehicle (EV) adoption across India. Starting from April 2021, the JV will leverage Enel X’s 50+ years’ experience executing on the world’s most complex integrated infrastructure projects as well as the engineering, operations and deployment expertise of SWPL to promote the adoption of smart EV charging infrastructure across India. Francesco Venturini, Enel X CEO, said: “This partnership represents an important step forward in our energy and mobility transition strategy. We are leading the spread of electric mobility in several global markets, including Europe and North America and we are thrilled to work with Sterling and Wilson, marking our entry into the Indian market. Joining forces allows our teams to leverage our extensive market knowledge and technical experience, helping to deliver effective results, as well as making important steps towards a clean and sustainable future. We will support the JV by bringing electric mobility solutions to market that are fit for local needs, accessible, and convenient for all EV drivers, significantly contributing to the decarbonization of the transport sector across India and subsequently South East Asia.” Sanjay Jadhav, Sterling Generators Pvt Ltd CEOsaid: “As part of our commitment to sustainability, we are happy to announce our entry into the electric mobility segment through a joint venture with Enel X, providing end-to-end services for electric vehicle charging stations across India. The quick electric charger will be a game-changer for the EV sector in the country and is in line with the national vision to combat fossil fuel pollution and associated climate change through accelerated electrification of private and public transportation. The JV will help create direct and indirect employment through local manufacturing and operations & maintenance services of the charging infrastructure.” The JV will enable the deployment of Enel X commercial EV charging solutions. The new business will market, distribute and customize its portfolio of existing smart charging solutions, including the JuiceBox and JuicePump for India’s market needs. In addition, the JV will leverage Enel X’s charging infrastructures’ software platform. The partnership is in line with the Enel Group’s commitment to boosting the development of electric mobility, a key element in decarbonizing the energy and transportation sectors globally. Enel X is committed to delivering public and private charging infrastructure, software and services to overcome usage barriers and to create new economic, social, and environmental value for all, including shareholders, consumers, businesses, and public administrations. India has joined the global electrification transition. BNEF forecasts that by 2040, 33% of India’s passenger vehicles and over 60% of two-wheel vehicles will be electric. Adequate charging infrastructure deployment is part of the central government’s FAME-II scheme to support EV adoption. As noted in a recent Woods Mackenzie report, at the state level, there are several proposed or approved plans to set deployment targets, reduce financial barriers, improve building codes with EV-readiness and encourage collaboration with planning authorities and electricity supply agencies. The joint venture between Enel X and Sterling and Wilson is expected to be incorporated on April 1st, 2021, and will start operating in the second quarter of 2021. About Enel X Enel X is the Enel Group's global business line dedicated to the development of innovative products and digital solutions in sectors where energy is showing the greatest potential for transformation: cities, homes, industries and electric mobility. The company is a global leader in the advanced energy solution sector, managing services such as demand response for around 6 GW of total capacity at global level and 116 MW of storage capacity installed worldwide, as well as a leading player in the electric mobility sector, with around 175,000 public and private EV charging stations across the globe. Enel X designs and develops solutions focusing on sustainability and circular economy principles in order to provide people, communities, institutions and companies with an alternative model that respects the environment and integrates technological innovation into daily life. Follow Enel X on social media channels: LinkedIn: @EnelX Twitter: @EnelXGlobal and @EnelXChargingNA Instagram: @EnelXGlobal and @EnelXChargingNA Facebook: @EnelXGlobal About Sterling and Wilson Group (S&W Group) Sterling and Wilson Group (S&W Group) is one of India’s leading engineering, procurement and construction (EPC) companies. The Group operates across the globe in more than 30 countries with a strong presence in regions such as the Middle East, Africa, Europe, the Americas and Australia. S&W Group has grown from a turnover of USD 402 million* in FY2012 to USD 1.4 billion** in FY2020. From being mainly focused on doing MEP projects in India, the Group over the past 10 years has set up global operations in MEP, Diesel Generator sets, Gas-based Power Plants, Turnkey Data Centers, Transmission & Distribution, and Solar EPC. With its recent foray into Energy Storage, Sterling and Wilson is perfectly poised to play a pivotal role in the global trend of moving away from thermal plants to a future of renewable energy with storage. As a responsible corporate entity, Sterling and Wilson has been actively contributing to socio-economic development of the communities in which it operates, through various CSR activities. https://sterlingandwilson.com/

Ardian Is Forming a Joint Venture with Enel X

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