EDF / 2018 Reference document

FINANCIAL STATEMENTS Information relating to the allocation of funds raised through Green Bonds issued by EDF

At 31 December 2018 the following Eligible Projects had been chosen by EDF Hydro for financing under the Green Bond issued in October 2016:

Average generation (2011-2018) (TWh)

Additional generation potential (TWh)

Number of operations by type

Capacity in question (MW)

Amounts (in €m)

1. Renovation and heavy maintenance 2. Modernisation and automation 3. Development of existing structures

184 215

9.6

20.6 31.7

- -

177

15.9

58

12

1.2

2.4

0.3 0.3

190 424

411

17.1

34.0

TOTAL (EXCL. DUPLICATION)

As part of managing its portfolio of renewable energy assets, the Group may sell stakes in the assets it develops. At 31 December 2016 the Group held 65%, 46% and 98% of generation capacity financed under Green Bonds no. 1, 2 and 3, respectively.

Impact of Eligible Projects financed The table below shows three main impacts associated with the renewable energy projects that received Green Bond financing: the electricity generation capacity built under each EDF Renewables project or ■ renovated, modernised or developed as part of the hydropower investments; the additional electricity generation expected from each project; and ■ the CO 2 emissions avoided as a result of injecting this additional electricity ■ generation into the electricity grid.

These impacts are presented in aggregate: gross data correspond to the aggregate impact of projects that received funding from the Green Bond in question; while the net values correspond to the sum total of the impact of each Eligible Project weighted by the share of project investment amount financed by the Green Bond considered.

6.

Total capacity of projects financed at 31 December 2018 (in MW)

Estimated CO 2 emissions avoided (in tonnes/year)

Expected output (inTWh/year)

Gross (1)

Net (2)

Gross (1)

Net (2)

Gross (1)

Net (2)

Green Bond no. 1 – November 2013 Green Bond no. 2 – October 2015

1,755 1,306

976 832

7.0 5.4

4.1 3.3

2.94 3.46

1.64 1.97

EDF Renewables EDF Hydro

878

574

3.3

2.1

1.40

0.85

Green Bond no. 3 – October 2016

0.2 (3)

0.2 (3)

0.01 (3)

0.01 (3)

17,064

17,064

Sum of the gross impacts of each project that received Green Bond financing. (1) Sum of the impacts of each project weighted by the project investment amount financed by the Green Bond in question. (2) Only related to the expected additional generation resulting from development investments, including half of the expected additional generation of the (3) Romanche-Gavet project.

The above impacts are established using the methodological principles below: generation capacity of financed projects: installed capacity at the end of the ■ construction of each Eligible Project as defined in the project’s investment memorandum and updated as appropriate during the construction phase or at project commissioning; expected output: generation forecast (the “P50”) taken into account when the ■ investment decision of each Eligible Project is made;

the project corresponds to the LCA emission factor of the project’s technology. The energy mixes are those published by the Environmental Protection Agency (2016) for large power networks in the United States, Statistics Canada (2016) for the networks and provinces of Canada, and the International Energy Agency (2016) for other countries. LCA emission factors of each technology correspond to the median values established by the IPCC and published in its fifth assessment report (2014). The detailed methodology is available on request at the office of the EDF group. It is important to note that (i) there is no single standard defining a methodology for calculating avoided CO 2 emissions and (ii)

■

expected avoided CO 2

emissions: the average emission factor per kWh of the

the expected output and, therefore avoided, CO 2

emissions are estimated

electric system is estimated on the basis of the energy mix of the electric system and LCA emission factors of each generation technology. The emission factor of

forecast data and not actual data.

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EDF I Reference Document 2018