EDF / 2020 Universal Registration Document

6 FINANCIAL STATEMENTS

Notes to the consolidated financial statements

12.2

Taishan

12.2.1

Taishan financial indicators

The key financial indicators published for Taishan (on a 100% basis) are as follows:

31/12/2019

31/12/2018

(in millions of euros)

Non-current assets

12,183

11,595

Current assets

618

451

TOTAL ASSETS

12,801

12,046

Equity

3,882 7,467 1,452

3,279 7,777

Non-current liabilities

Current liabilities

990

TOTAL EQUITY AND LIABILITIES

12,801

12,046

Sales

783

32 (8)

Net income

44

Dividends paid

-

-

12.2.2

Transactions between the EDF group

In 2020, €(189) million of impairment was booked in respect of investments in associates and joint ventures concerning various specific assets: certain coal-fired plants in China, investments held by Framatome in entities operating in sectors greatly impacted by the Covid-19 pandemic, and certain unlisted assets owned by EDF SA (EDF Invest) included in dedicated assets (see note 15.1.2). In 2019, €(73) million of impairment was booked in respect of investments in associates and joint ventures, concerning various specific assets of non-significant individual amounts. Developments in investments accounted for by the equity method owned by EDF Renewables in 2020 EDF Renewables – Jinko Power consortium reached the financial closing of the world’s largest solar project and launched its construction in Abu Dhabi On 22 December 2020, the consortium, formed by French EDF group subsidiary, EDF Renewables and Chinese Jinko Power HK , subsidiary of Jinko Power Technology Co. Ltd. have successfully reached the financial closing for the 2.1GW Al Dhafra PV2 solar project in Abu Dhabi, United Arab Emirates. This operation has been completed along with TAQA Group and Masdar, the Abu Dhabi-based shareholders and major players in the electricity and renewable sectors. The approximately 1 billion USD transaction has been funded via project financing from a banking group. Completion of this major milestone allows the mobilization on site and start of construction. Located in the region of Al Dhafra, 35 kilometres south of Abu Dhabi City, this solar photo-voltaic plant will be the largest single-site solar plant worldwide. The plant spans over 20 square kilometres of desert climate area, with more than 4 million PV modules. Upon commissioning, targeted in 2022, this project will provide the equivalent electricity to power over 160,000 local households. As the project is under an independent power producer model (IPP), EDF Renewables and Jinko Power hold respectively 20% of the shares, the remaining 60% is owned by TAQA and Masdar. The four partners had previously signed the 30-years Power Purchase Agreement (PPA) on 23 July 2020. EDEN Renewables India increases its portfolio with new solar photovoltaic power plants On 1 October 2020, EDF Renewables and Total Eren, two world leaders in renewable energy, announced that EDEN Renewables India, their equally owned joint venture dedicated to the Indian solar photovoltaic market, had been awarded three solar photovoltaic (PV) projects for a total of 1,350MWp in Rajasthan, Northern India. At 31 December 2020, EDEN Renewables confirmed its ambitions in India, with more than 1.2GW of wind and solar power projects in operation or construction.

and Taishan

EDF owns 30% of Taishan Nuclear Power Joint Venture Company Limited (TNPJVC), which was set up to build and operate two EPR nuclear reactors in Taishan, in the province of Guangdong in China. Comprising two 1750-MW EPR reactors, Taishan nuclear power plant is the biggest cooperation project between China and France in the energy sector. CGN holds a 51% stake and Yudean a 19% stake. Following the start of commercial operation by the first reactor on 13 December 2018, the second reactor began commercial operation on 7 September 2019. 2020 saw the first shutdown for refuelling of Taishan 1, from 29 June to 24 September 2020. On 20 March 2019, the NDRC (National Development and Reform Commission) attributed regulated tariffs to the first three 3rd-generation nuclear projects in China, one of which is Taishan. The tariff attributed to Taishan was set at RMB435/MWh until the end of 2021, with retroactive effect to the date the first unit was commissioned (13 December 2018). Indexing mechanisms for the post-2021 tariffs were not set out in this decision and are not currently known. The impairment test at 31 December 2020 was updated to take account of the uncertainties over tariff levels and certain operating assumptions which were adjusted following the operations of 2020. The results confirmed the absence of impairment on the investment as stated in the financial statements at 31 December 2020. The other investments held by EDF SA are included in dedicated assets (see note 15.1.2). The other investments held by EDF Renewables are mainly located in the United States, Europe, China and Brazil. Other investments in associates and joint ventures principally concern: the dam owned by Compagnie Énergétique de Sinop (CES) in Brazil, 51%-owned ● by the Group: the first turbine was commissioned in September 2019 and the second in October 2019; the Nachtigal dam in Cameroon, 40%-owned by the Group: construction began in ● March 2019, with commissioning expected in early 2024; the supercritical coal-fired plant owned by Jiangxi Datang International Fuzhou ● Power Generation Company Ltd. in China, 49%-owned by the Group. Other investments in associates 12.3 and joint ventures

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020