PETRO MATAD LIMITED - Renewable Energy joint venture investor Presentation

Petro Matad Limited provided an investor update on the growth strategy and commercial potential of its Sunstep Renewable Energy joint venture, highlighting significant opportunities in Mongolia’s expanding renewable energy sector. The company outlined a portfolio of four exclusively held projects representing 570MW of generation capacity, with its priority Mandalgobi and Arvaikheer solar and battery storage developments targeting financial close and initial revenue generation from 2027. With feasibility studies approved and construction licences secured, Sunstep is progressing power purchase agreements and targeting development fees of approximately US$20–30 million over the next three years, subject to successful commercial and financing milestones. Management highlighted the joint venture’s capital-light business model, with the potential to retain equity interests of up to 30% in selected projects. A major strategic development is Sunstep’s memorandum of understanding with Saudi Arabia’s ACWA Power, targeting an initial 4.5GW renewable energy export initiative supported by 500MWh of battery storage, creating substantial longer-term growth opportunities. Additional projects include wind power, off-grid mining energy solutions and green hydrogen development. The presentation also addressed Petro Matad’s oil operations, including ongoing challenges with PetroChina affecting oil sales, discussions with potential farm-out partners and opportunities arising from Mongolia’s planned domestic refinery. Management reiterated its focus on securing renewable energy development income, progressing strategic partnerships and unlocking shareholder value through its diversified energy portfolio.