EDF / 2020 Universal Registration Document

6 FINANCIAL STATEMENTS

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

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, Luminus or ● EDF ENR 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 total sum 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 2020 (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

1,529

976

6.0

4.1

2.21

1.55

1,107 1,450

815 962 903

4.6 5.3

3.3 3.5

2.53 2.42

1.83 1.61

EDF Renewables

0.2 (3)

0.2 (3)

0.01 (3)

0.01 (3)

EDF Hydro

903

EDF Renewables + Luminus EDF Hydro + Luminus EDF Renewables + EDF ENR + Luminus

Green Bond no. 4 – January 2017

137 142

86

0.4 0.1

0.26 0.05

0.17 0.01

0.12 0.01

133

Green Bond no. 5 – September 2020

4.0 (4) 0.03 20.6

3.1 (4) 0.03 14.6

1.59 (4) 0.001

1.15 (4) 0.001

1,355

1,088

EDF Hydro

123

123

TOTAL

6,746

5,084

8.9

6.3

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. Excluding any acquisition. (4)

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.

493

EDF - UNIVERSAL REGISTRATION DOCUMENT 2020