EDF_REGISTRATION_DOCUMENT_2017

6.

FINANCIAL STATEMENTS Information on the use of funds raised through Green Bonds issued by EDF

At 31 December 2017 the following Eligible Projects had been chosen by the Hydropower Division for financing under the Green Bond issued in October 2016:

Average generation (2011-2017) (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

96

6,788

15.6 31.2

83 37

4

15,840

3. Works on existing plants TOTAL (EXCL. DUPLICATION)

11

1,148

2.4

0.3 0.3

116 235

111

16,341

32.3

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 53%, 53% and 97% 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 EN project or renovated, ■

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.

modernised or developed as part of the hydropower investments; the expected additional electricity generation from each project; and ■ the estimated CO 2

■

emissions avoided by injecting this renewable electricity

output into the electricity grid.

Total capacity of projects financed at 31 December 2017 (in MW)

Expected output (inTWh/year)

Estimated CO 2

emissions avoided (in tonnes/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

976 832 251

7.0 5.1 2.3

4.1 3.2 1.3

3.29 3.46 1.04

1.82 2.15 0.49

EDF EN

466

0.2 (3)

0.2 (3)

0.01 (3)

0.01 (3)

Green Bond no. 3 – October 2016

Hydropower

16,341

16,341

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. Energy mix are those published by the Environmental Protection Agency (2012) for large power networks in the United States, Statistics Canada (2013) for networks and provinces of Canada, and the International Energy Agency (2013) 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 reference defining a methodology for calculating avoided CO 2 emissions and (ii) the

■

emissions: the average emission factor per kWh of the

expected avoided CO 2

expected output and, therefore avoided, CO 2

emissions are estimated forecast

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

data and not actual data.

472

EDF I Reference Document 2017