EDF / 2019 Universal registration document

6. Financial statements Information relating to the allocation of proceeds raised through Green Bonds issued by EDF

The Eligible Projects selected by Luminus for financing as at 31 December 2019 as part of the January 2017 Green Bond issue in yen (GB4) for the first tranche can be ■ broken down as follows:

Projects

Type and Capacity

Location

Year come into service

Green Bond Financing

Geel-West

Onshore wind, 11MW

Belgium Belgium Belgium Belgium

In service In service In service In service

GB4 GB4 GB4 GB4

Villers 4 Onshore wind, 45MW

Turnhout

Onshore wind, 12MW

Monsin

Hydropower

The Eligible Projects selected by EDF Hydro for financing as at 31 December 2019 as part of the October 2016 Green Bond issue can be broken down as follows: ■

Number of operations by type

Capacity in question (MW)

Average generation (2011-2018)* (TWh)

Amount (in millions of euros)

Renovation and heavy maintenance

474 302

9.6

20.6 31.7

269

Modernisation and automation

15.9

72

Development of existing structures

30

1.2

2.4

247 588

TOTAL (EXCL. DUPLICATION)

806

17.1

34.0

*

2018 data, 2019 data are not available.

As part of managing its portfolio of renewable energy assets, the Group may sell stakes in the assets it develops. At 31 December 2019 the Group held 39%, 14% and 91% and 100% of generation capacity financed under Green Bonds no. 1, 2, 3 and 4, respectively. Impact of financed Eligible Projects 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 or Luminus ■ project or renovated, modernised or developed as part of the hydropower investments; the additional electricity generation expected from each project; and ■ the estimated 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 every project that received financing 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 in question.

Total capacity of projects financed at 31 December 2019 (in MW)

Estimated CO 2 emissions avoided (in megatonnes/year)

Expected output (in TWh/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 Green Bond no. 3 – October 2016

1,755

976

6.0

4.1

2.21

1.55

1,306 1,788

815

4.6 6.7

3.3 5.2

2.53 3.19

1.83 2.54

EDF Renewables

1,354 1,011

0.2  (3)

0.2  (3)

0.01  (3)

0,01  (3)

EDF Hydro

14,596

Luminus

67

29

0.1

0.06

0.03

0.01

Green Bond no. 4 – January 2017

EDF Hydro + Luminus

2,468

145

0.1

0.05

0.01

0.01

Sum of the gross impacts of each project that received Green Bonds 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; avoided CO 2 emissions: the average emission factor per kWh of the 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 the

project corresponds to the LCA emission factor of the project’s production chain. The energy mixes are those published by the Energy Information Administration (EIA, 2018) for large power networks in the United States, Statistics Canada (2018) for the networks and provinces of Canada, and the International Energy Agency (2018) for other countries. LCA emission factors of each technology correspond to the median values established by the Intergovernmental Panel on Climate Change (IPCC) and published in its fifth assessment report (2014). The detailed methodology is available on request at the EDF group head office. It is important to note that (i) there is no single standard defining a methodology for calculating avoided CO 2 emissions and (ii) the expected output and, therefore avoided, CO 2 emissions are estimated forecast data and not actual data.

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EDF | Universal registration document 2019

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