Message from Doral’s Chairman and CEO

Dear Readers,

At a time when the world grapples with both geopolitical and climate challenges, and as our society processes the aftermath of the terror events of October 7th, our headquarters in Israel continue to experience profound shock. During this complex period, we express immense solidarity with our business partners in the Gaza Envelope and the wider Israeli public. Out of our commitment and responsibility to promote energy security, renewable energy, and environmental innovation, we maintained business continuity and continue our operational activity unabated, with the help and support of our business partners. Alongside this, we care for all our stakeholders, especially our employees and their families, our partners in the local community, and the social organizations we support. We see this period as crucial in demonstrating our public and personal responsibility by maintaining ethical business conduct, strengthening and empowering our employees and surrounding communities, and continuing our mission to reduce the impacts of the climate crisis in Israel and worldwide.

Furthermore, in 2023, the COP28 climate conference took place in Dubai against the backdrop of ongoing global warming and scientific studies warning us about future consequences. The conference decided on actions to be promoted by Paris Agreement signatories, with a focus on mitigating and adapting to the consequences of climate change. Participating countries committed to increasing their emissions reduction targets by defining sufficient national reduction goals, while intensifying efforts to realize existing ones. Additionally, it was determined that by 2030, countries must contribute to tripling global renewable energy capacity and doubling the average annual improvement rate of global energy efficiency. All this while ensuring a just, orderly, and fair transition to a low-carbon economy and accelerating the achievement of net zero emissions by 2050, based on scientifically informed emissions scenarios. The conference also agreed to accelerate the adoption of low and zero greenhouse gas emission technologies, including those for energy production and storage. At Doral, we view these decisions and the ongoing global activities in the field as vital tools to strengthen our operations and underscore the importance of investing in clean and innovative renewable energy.

As of the end of 2023, Doral holds a portfolio of renewable energy and storage facilities in Israel and worldwide, in various stages of planning and construction, with a cumulative capacity of approximately 15.9 Gigawatt-peak (GWp) and 14.3 Gigawatt-hour (GWh), of which roughly half constitutes the company’s share in these projects. As a pioneer of innovation, we operate in various segments of the renewable energy sector, including commissioning the first facility in Israel that combines solar and storage, and operating as a virtual electricity supplier, which beginning in 2024, will be delivered as a service directly to end consumers in Israel. Furthermore, this year we launched Israel’s first agrivoltaic project at Kibbutz Revadim, combining agriculture, green electricity production, and energy storage. We also completed the first phase of the Indiana (North) project, and our technological innovation arm, Doral Tech, continues to lead development and investments in various renewable energy, environmental, and climate initiatives, including energy storage, green hydrogen production technologies, and recycling. In addition, Doral Environmental Infrastructure continued to work toward the promotion of innovative projects for energy and fertilizer production from waste. These are the ways that we support our stakeholders in advancing the transition to renewable energy and progressing toward attainment of their environmental and sustainability goals.

We invite you to explore and read our 2023 ESG report, which presents our continued progress in our journey to implement and integrate Environmental, Social, and Governance (ESG) considerations into our interactions with all our stakeholders. We continue to progress toward the goals we have set for ourselves and strive to improve our performance over time. Furthermore, our efforts are highly encouraged by the positive ESG ratings we have received, acknowledging our growth, progress, and initiatives so far.

Imbuing strength in the Israeli public and security forces, and in anticipation of better, peaceful, and quieter days.

Best regards,