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"value": "01. The business operations of the EDP Renov\u00e1veis Group EDP Renov\u00e1veis, Sociedad An\u00f3nima (hereinafter referred to as \u201cEDP Renov\u00e1veis\u201d or \u201cEDPR\u201d) was incorporated in Spain on 4 December 2007. Its main corporate objective is to engage in activities related to the electricity sector, namely the planning, construction, operation and maintenance of
electricity generating power stations, using renewable energy sources, mainly wind and solar. The registered offices of the company are located in Oviedo, Plaza de la Gesta 2, Spain. On 18 March 2008 EDP Renov\u00e1veis was converted into a company incorporated by shares (Sociedad An\u00f3nima). The Company belongs to the EDP Group, of which the ultimate parent company is EDP Energias de Portugal, S.A., with registered offices at Avenida 24 de Julho, 12, Lisbon. As at 31 December 2023, EDP Energias de Portugal, S.A through its Spanish branch EDP S.A. - Sucursal en Espa\u00f1a Energ\u00edas de Portugal S.A. (\"EDP Branch\") held a qualified shareholding of 71.27% (74.98 %as at 31 December 2022) of the share capital and voting rights of EDPR and 28.73% (25.02% as at 31 December 2022) of the share capital was free floated in the Euronext Lisbon. As of 31 December 2023, EDP Renov\u00e1veis S.A. directly holds a 100% stake in the share capital of the following companies: EDP Renewables Europe, S.L. (EDPR EU), EDP Renewables North America, LLC (EDPR NA), EDP Renewables Canada, Ltd. (EDPR Canada), EDP Renov\u00e1veis Brasil, S.A. (EDPR BR), Colombian companies Eolos Energ\u00eda S.A.S. E.S.P., Vientos del Norte S.A.S. E.S.P., Solar Power Solutions S.A.S. E.S.P, Parque Solar Fotovoltaico El Copey, S.A.S. E.S.P, Vietnamese company EDP Renewables Vietnam Ltd., Singaporean companies Trung Son SG Pte. Ltd., Sunseap Group Pte. Ltd., Chilean company EDP Renewables Chile SpA. and the Mexican company Parque Solar Los Cuervos, S. de R.L. de C.V. Refer to note 6 for the changes in the perimeter. During 2022, following the acquisition of Sunseap by EDP Renov\u00e1veis S.A. and consequent entry into the Asian Market, EDP and CTG updated the Strategic Partnership Agreement (concluded in December 2011). This update aims to make the growth strategies of both companies more flexible, ensuring the application of the most demanding corporate governance standards in their future relationships. The Group essentially operates in the European (Spain, Portugal, Poland, Romania, France, Italy, Greece, UK and Belgium), American (U.S., Brazil, Canada and Mexico) and Asian (Vietnam, Singapore, Taiwan, China, Thailand, Japan and Cambodia) energy sectors.
EDPR Group is currently developing wind and solar onshore projects in other countries such as, Germany, Netherlands, Chile, Colombia, Hungary, South Korea, Indonesia, Philippines and Australia. Further, EDPR Group signed an agreement with ENGIE on January 2020 to establish a co-controlled 50/50 joint venture, OW Offshore S.L. (Ocean Winds), in fixed and floating offshore wind business. This entity is the exclusive vehicle of investment of EDPR and ENGIE for offshore wind opportunities worldwide. EDP Renov\u00e1veis Group, through its subsidiaries has an installed capacity, as follows: INSTALLED CAPACITY MW 31 DEC 2023 31 DEC 2022 United States of America 6,891 6,025 Spain 2,042 2,166 Portugal 1,413 1,168 Brazil 1,165 1,114 Poland 798 733 Romania 521 521 Mexico 496 496 Canada 427 130 Italy 412 295 Vietnam 402 405 Singapore 315 230 France 244 214 China 123 44 Chile 83 - Greece 80 45 Taiwan 43 32 Belgium 11 11 Netherlands 9 - Thailand 7 1 United Kingdom 5 5 15,487 13,635 Additionally, the EDP Renov\u00e1veis Group through its equity-consolidated companies has an installed capacity, attributed to EDPR, as follows: INSTALLED CAPACITY MW 31 DEC 2023 31 DEC 2022 United States of America 592 592 Spain 120 156 Portugal 20 31 APAC 16 15 Rest of Europe 322 311 1,070 1,105 Regulatory framework for the activities in North America EDP Renewables operates in most of the electricity markets in the U.S., Canada, and Mexico. The nature of regulations and market rules vary from market to market with different degrees of influence from Federal and State/Provincial regulators in each market. The opportunities and constraints for EDPR assets and prospects are significantly defined by these regulations and market rules. Regional Transmission Organizations (\u201cRTO\u201d), Independent System Operators (\u201cISO\u201d) exist throughout much of North America to operate a region's electricity grid, administer the region's wholesale electricity markets, and provide reliability planning for the region's bulk electricity system. RTOs carry additional responsibility for the region\u2019s transmission network. U.S. markets with RTOs and ISOs fall under greater Federal influence through the Federal Energy Regulatory Commission (\u201cFERC\u201d) which results in more transparent tariff and market rules. Regulation and market rules for regions not in RTO/ISO footprints tend to be influenced by various combinations of entities including State regulators, vertically integrated utilities, municipal governments, and Federal Agencies. In Canada, the regulatory framework varies depending on the particular Province or Territory. Provincial regulators have jurisdiction over their province\u2019s energy generation, intra-provincial transmission, distribution, retail pricing and wholesale markets (if such markets exist). In general, EDPR seeks to build assets in North American markets where long-term contracts are available for the bulk of the output of its generation facilities. In addition to electrical power, our facilities can produce capacity and ancillary services in regions with demand for these products. Many states have enacted Renewable Portfolio Standards (\u201cRPS\u201d) require obligated entities to provide a certain percentage of their energy supply from qualifying renewable sources, similar to the Renewable Energy Directive in the EU. In Canada, Provincial Governments have required utilities to procure supply from renewable facilities with programs such as Ontario\u2019s Large Renewable Procurement Programs. Over the last few years, U.S. states have expanded these targets such that renewable portfolio standards in over fifteen states require 50% or more of their energy supply to be delivered via renewable resources in the next ten to twenty years. Further, more than ten states have set requirements to achieve 100% clean energy supply by 2050. Certain facilities within the EDPR wind and solar portfolio, given their location, produce renewable energy credits (\u201cREC\u201d), certificates of clean energy (\u201cCEL\u201d) and other environmental attributes which are typically sold, along with the energy, capacity, and ancillary services, from the plants under long- term contracts. These RECs generated via renewable production may also be sold separately from the wind and solar generation, if not already included in the long-term contracts. The party owning the RECs is solely entitled to the benefits of the environmental attributes. U.S. federal, state and local governments have established various incentives to support the development of renewable energy projects. Included in these incentives are the Investment Tax Credit (\u201cITC\u201d), Production Tax Credit (\u201cPTC\u201d), cash grants, and tax equity financing. Pursuant to the U.S. federal Modified Accelerated Cost Recovery System, wind and solar projects are fully depreciated for tax purposes over a five-year period even though the useful life of such projects is generally much longer than five years. Owners of utility-scale wind facilities are eligible to claim the ITC upon initially achieving commercial operation or PTCs for generation from qualifying facilities. The PTC is awarded based on the volume of electricity produced by the wind facility during the first ten years of commercial operation. This incentive was established by the U.S. Congress as part of the 1992 Energy Policy Act and has been extended several times, most recently as part of the $1.4 trillion omnibus and COVID-19 relief package. The ITC and PTC levels for a given facility depend on that facility\u2019s start of construction date and commissioning date and remain fixed at this level for the first ten years of operation. The COVID-19 crisis continued to create challenges for clean energy companies seeking to advance the development of wind and solar projects. Delays in equipment manufacturing, shipment deliveries, work stoppages, and labour force restrictions, among other things, caused project development and construction timelines to slip and created some risk of projects not meeting their safe harbor deadlines for placement into service. The U.S. Department of the Treasury (Treasury) determines eligibility under the federal law governing qualification for the wind energy production tax credit (PTC) and the solar energy
investment tax credit (ITC). Treasury has allowed projects a \u201csafe harbor\u201d with respect to qualifying for the tax credit available in the year construction commenced, so long as the project subsequently was placed in service within a certain period of years. Guidance from Treasury (issued 20 June 2020) continues to apply: \u2022 Extends the placed-in-service safe harbor to six years for facilities that began construction in 2016, 2017, 2018 or 2019; \u2022 Extends the placed-in-service safe harbor to five years for facilities that began construction in 2020; and, \u2022 Provides that taxpayers not relying on the continuity safe harbor may demonstrate continuity by using the \u201ccontinuous efforts\u201d standard rather than the more restrictive \u201ccontinuous construction\u201d standard, regardless of whether the project started construction under the physical work pathway. \u2022 Qualifying equipment procured in 2016 can now be deployed in 2022 and be eligible for the full PTC (previously it would have had to be deployed in 2021); and \u2022 Qualifying equipment procured in 2017 can now be deployed in 2023 and be eligible for the 80% PTC (previously it would have had to be used in 2022). In January 2022, the Biden Administration\u2019s first year came to a close. The key component of the Administration\u2019s domestic agenda, \u201cBuild Back Better,\u201d which would have extended existing renewables tax credits and expanded credit eligibility among other policies, was rejected by Senator Manchin (D-WV) in a statement published in December 2021. Without this 50th Senate vote, the omnibus did not pass. The tax credits are still being considered as part of the budget reconciliation process, though the scope of policies included is unclear \u2013 it may range from a simple production tax credit (PTC) and investment tax credit (ITC) extension to the introduction of a direct-pay provision \u2013 and economic concerns over rising inflation and gas prices have emerged as top political priorities. Despite these headwinds, several appointees are advancing energy transition goals. Secretary Haaland of the Department of the Interior announced the \u201cOffshore Wind Path Forward\u201d plan to organize as many as seven offshore wind lease auctions by 2025, including the February 2022 New York Bight lease sale. In May 2022, President Biden also announced his intent to nominate FERC Chairman Richard Glick to a second five-year term. Glick\u2019s current agenda includes overhauling transmission planning and generation interconnection rules and better incorporating distributed energy resources in wholesale markets. In June 2022 President Biden signed an Executive Order protecting southeast Asian solar PV panel imports for the next 2 years from any additional tariff resulting from the Department of Commerce\u2019s Anti-Dumping and Countervailing Duty (AD/CVD) tariff investigation, as well as authorizing use of the Defence Production Act (DPA) to increase domestic manufacturing of five clean energy technologies including solar PV panels. In August 2022, President Biden signed into law the Inflation Reduction Act of 2022 (IRA2022). For renewable energy development, the IRA2022 supports expansion of the domestic supply change for clean energy technologies, especially solar panel production, as well as providing major extensions and improvements to the ITC and PTC while making these incentives available for a wider set of technologies. The Act also allows improved transferability of the tax credits. Prior to the IRA2022, the maximum ITC was set at 30% of qualified solar project capex, with the declining according to a defined schedule depending on year when construction began and the ultimate date of commercial operation. The IRA2022 changes the rate structure making projects eligible for a base rate along with bonuses on top of that base rate that depend on certain criteria being satisfied related to the nature of labour and materials used in construction of the project along with location specific criteria. The base rate set the ITC at 6% of qualified costs. Labour requirements include the payment of prevailing wages during construction and during any repairs and the employment of a specified percentage of qualified apprentices. Meeting the labour requirements adds 24% additional ITC on top of the 6% base rate. Building with qualifying materials adds 10% to the project ITC rate if domestic content requirements are met. The location of the project can also add bonuses to the ITC rate with low income and energy communities being favoured with additional 10% ITC bonuses, respectively. In addition, IRA2022 changes the structure of the PTC similarly. Prior to the Act, the maximum PTC was set at $26 per MWh for wind project generation for the first ten years of project operation. The value of the PTC declined according to a defined schedule also dependent on the year construction started and the date of commercial operation. The IRA2022 changes this rate structure to set the PTC value to a base rate set at $5 per MWh plus bonuses for contracted labour adding $21 per MWh. Use of domestic materials adds $3 per MWh while building in qualified energy communities adds an additional $3 per MWh. Additionally, the PTC becomes technology neutral in 2025 such that solar could receive the PTC in lieu of the ITC. Regulatory framework for the activities in Spain The main piece regulating the Spanish electricity sector is Law 24/2013 that replaced Law
54/1997. This law is part of a comprehensive reform of the Spanish energy sectorThe main purposes of this law are to adapt the regulation to the evolution of the electricity sector and to guarantee the sustainability of the system in the long term, removing existing deficiencies in the system operation. Specifically, the Law aims at correcting the structural tariff deficit. The law sets principles and provisions governing the electricity sector, with the objective to effectively guarantee the supply of electricity and to adapt it to the needs of consumers ensuring safety, quality, efficiency, objectivity, transparency and electricity at the minimum cost. As a part or this Energy Reform, Royal Decree-Law 9/2013 was passed in July 2013. The purpose of this Royal Decree-Law was to adopt a series of measures to ensure the sustainability of the electricity system. In particular, RDL 9/2013 introduced a new legal and economic regime for existing renewable, cogeneration and waste energy facilities. The RDL set the principles governing these facilities, and these principles were then developed by law 24/2013 and Royal Decree 413/2014. In accordance with this new framework, renewable facilities would receive during their operating lifetime, in addition to the remuneration for the sale of the energy valued at the market price, a specific remuneration composed by (i) an \u201cinvestment premium\u201d and (ii) \u201can operating remuneration premium\u201d designed to cover the share of a facility\u2019s operating costs that could not be recovered by means of energy sales. The calculation of the aforementioned remuneration shall be carried out on the basis of the standard costs and revenues (initial investment, operation and revenue from the sale of energy) corresponding to a \u201cstandard power plant, over the useful regulatory life and based on the business activity that would be carried out by and efficient and well-managed company\u201d. Under this scheme, projects would receive a remuneration guaranteeing a \u201creasonable profitability\u201d calculated, for the first six-year regulatory period, at \"300 basis points above the yield on 10-year government bonds over the last ten years\u201d. The Spanish Government published in June 2014, Order IET/1045/2014, which included the parameters to remunerate the renewable energy assets, under the new remuneration framework. RD 413/2014 confirmed that wind farms that started operations in 2003 (or before) would not receive any further incentive, while the rest of wind farms would receive an incentive calculated in order to reach a 7,398% return. This order describes more than 1,300 possible types of renewables installation, 23 of them corresponding to wind farms of more than 5 MW classified by the year of first operation (from 1994 to 2016). In October 2015 the Government approved Royal Decree 947/2015 and a Ministerial Order aimed at allowing the installation of new renewable capacity through competitive tenders. In January 2016, the firstrenewable auction was held. The auction was designed to provide a similar remuneration that the one applying to operating installations (RD 413/2014). Following this framework, tender participants were requested to bid discounts on the \u201cinitial investment\u201d (CAPEX) parameter which would then, by being plugged in the formula set by RD 413/2014 determine the \u201cRinv\u201d (investment premium) that would eventually be awarded. Following the outcome of the first 2017 tender, the Spanish government decided to launch an additional tender for a maximum of 3 GW. This new tender was held in July, and was opened to wind and solar PV exclusively. Additionally, the royal decree ruling the tender (RD 650/2017) included the possibility to increase the allocated capacity to all capacity bidding the same discount, provided it would not create an overcost to the system. Following this clause, all projects offering the maximum allowed discount were successful (no tiebreaker rule was triggered). In October 2018, the Spanish Ministry for Energy transition and environment introduced several measures aiming at limiting electricity cost for final consumers and serving as a first step towards the long-term energy transition. The implemented measures include the suspension of the 7% generation tax during a period of 6 months, the facilitation of self-consumption and the administrative extension until March 2020 of the connection rights for the renewable plants awarded in previous year\u00b4s auctions. On 22 November 2019 Royal Decree Law 17/2019 was passed, introducing a series of measures aimed at guaranteeing a stable regulatory and economic framework to encourage the development of renewable energy generation in Spain. The RDL updates the \u201creasonable return\u201d for renewable generation for the next regulatory period starting on 1 January 2020 at a level of 7.39% for assets before RDL 9/2013 and 7.09% for the new ones. Another objective of the RDL was to adopt a new regulation governing access to the network in nodes affected by the closure of coal and nuclear power plants and concessions for the private use of water, where new renewable projects could offer an alternative. The grid access to renewable projects in areas affected by the closure of thermal facilities, is based on the technical and economic benefits, as well as the environmental and social ones, in particular job creation. In January 2020, the CNMC\u2019s Circular 3/2020 was approved. The Circular sets the methodology to calculate access fee and removes the former 0.5\u20ac/MWh that generators had to pay. A new fee of 0.13741 \u20ac/MWh was introduced to remunerate the system operator. On 28 February 2020 the final version of the Rinv (investment premium) adjustment was published (as in 2019 ended the second semi-regulatory period of the RD 413/2014 framework).
Three main adjustments were introduced: (i) the estimation of pool prices using forward prices, (ii) the adjustment of the OPEX to reflect the removal of the 0.5 \u20ac/MWh access fee and (iii) the inclusion of the system operator remuneration. On 14 March 2020 Royal Decree 463/2020 entered into force, declaring the state of alarm for the management of the health crisis caused by the coronavirus (COVID 19). During extreme situations (among them, health crises) article 116 of the Spanish Constitution allows the executive to declare the state of alarm, a measure that enables it to prohibit the free movement of people throughout the country and to take all steps required to guarantee the supply of food to the nation's markets. It also allows the government to take over the means of production and requisition goods. Initially the state of alarm was set to last until March 29 but the Congress extended it to June 21. Also, the government toughened the lockdown measures requiring the halt of all \u201cnon-essential\u201d activities from March 30 to April 9, including wind farms\u2019 construction. Several subsequent Royal Decrees were published during the State of Alarm. These RD included economic and social measures to fight the pandemic effects. Despite the lockdown, several consultations were launched by the Energy Ministry (Hydrogen Strategy, Electric Energy Storage (EES), offshore strategy and FEDER auctions). Due to the disruption caused by COVID-19, a 2-month extension (from the last day of the state of alarm) of the connection rights expiring on 31 March 2020, was decided. The final version of the Spanish NECP (National Energy and Climate Plan) for the period 2021-2030 was sent to the European Commission. The Government approved Royal Decree Law 23/2020 of 23 June approving measures in the area of energy and other areas aimed at economic recovery. The objective of this Royal Decree Law is to guide energy policy for economic recovery, financial resource mobilisation and sustainable job creation. In particular, RD/2020 consists of a battery of measures intended to help the energy transition, remove barriers to the large-scale deployment of renewable energy sources and promote energy efficiency. On 17 July 2020 the Ministerial Order TED/668/2020 was approved, setting the adjusted \u201cRinv\u201d (investment premium) values for 2018 and 2019, accounting for the temporal suspension of the 7% levy on generation during Q4 2018 and Q1 2019. The Ministry for the Ecological Transition and Demographic Challenge (MITECO) decided to allocate 316 million euros to support innovative projects that favour the integration of renewable energies in the systems. Different lines of action, drawn up in collaboration with the Autonomous Communities, are expected to contribute to the achievement of the objectives that Spain, in its NECP, has set in this area: doubling the consumption of renewable energy by 2030, and reaching climate neutrality in 2050. Specifically, the Official State Gazette (BOE) published on August 3 set the regulatory criteria to allocate 246 million euros in aid to renewable projects in a competitive competition regime. On 10 September 2020 several tenders were announced in Madrid, Andaluc\u00eda, Extremadura, Asturias, Castilla La Mancha, Catalu\u00f1a and Murcia regions. The announced competitive procedures will allocate 80 million euros to renewable projects. On 4 November 2020, Royal Decree 960/2020 regulating the economic regime for renewable energies for electricity production facilities, was approved. The RD sets the framework for a new scheme for RES investment (including hybrid, energy storage projects and repowering) to be awarded in auctions. It defines some general characteristics of the scheme, although most aspects remain flexible and will need to be defined in lower level legislation. Additionally, it sets the obligation of publishing a 5-years auction calendar. Regarding the auction mechanism, the RD establishes that the auction product may be power, energy or a combination of both and that auctions would be structured as pay-as-bid ones. A maximum price will be set although it may be confidential and a minimum price may also be introduced. The awarded price will be defined in \u20ac/MWh and will not be indexed. The RD includes the possibility of defining so-called \u201csymmetrical incentives\u201d for market participation. In this case, the price received for the energy sold in each market (day-ahead/intra- day) will be adjusted by a factor applied to the difference between (i) the price of the day-ahead market and (ii) the awarded price. The tenure of the scheme is set as the sooner of achieving a maximum energy, or 10 to 15 years (exceptionally up to 20 years for technologies with high CAPEX or high technology risk which will need to be defined for each auction). Following the approval of RD 960/2020, The Ministry for the Ecological Transition and Demographic Challenge (MITECO) approved Order TED/1161/2020 of December 4, 2020 in which it sets the auction mechanism for the first auction. The Order also includes the auction calendar for the next 5 years. Over the next 5 years, the Spanish Government plans to launch tenders for 20GW of renewable power (mainly wind: 8.5GW and solar PV: 10GW) in order to achieve the 60GW target set out in the Spanish National Energy and Climate Plan for 2021-2030. On 29 December 2020, the Royal Decree on access and connection to the energy transmission and distribution networks (RD 1183/2020) was approved. This Royal Decree establishes the principles and criteria in relation to the application, processing and granting of permits for access and connection to the electricity transmission and distribution networks. With the approval of this
RD, the government aims at preparing the regulatory framework for the planned deployment of renewables, while helping to eliminate inefficiencies and speculative behaviours to ensure the achievement of energy policy objectives. The first auction under the new auction framework (set by RD 960/2020) was held on 26 January 2021. In total 3,034 MW were awarded: 2,036 MW of solar PV projects (at an average price of 24.47 \u20ac/MWh) and 998 MW of onshore wind\u2019s (at an average price of 25.31\u20ac/MWh). Winning bids were awarded 12-year power purchase agreements (PPAs). In May 2021, the Spanish Parliament approved a law on climate change and energy transition (Law 7/2021), which will bring the country into line with the EU\u2019s goal to become carbon neutral by 2050. As an intermediate target, the law targets to cut emissions 23% by 2030, compared with 1990 levels. Regarding the renewables\u2019 sector, the law foresees a reform of the electricity sector aimed at fostering: (i) the participation of consumers in the markets including aggregation and demand response and (ii) investment in variable and flexible renewables, distributed generation and energy storage among others. A fiscal reform Is also foreseen focused on green taxation. In June 2021, the European Commission adopted a positive assessment of Spain\u2019s Recovery and Resilience Plan. The financing will amount to 69.5 b\u20ac in grants and will support the implementation of the crucial investment and reform measures outlined in the Plan. The presented Plan devotes 40% of its total allocation to measures that support climate objectives (sustainable mobility, energy efficiency and deployment of renewable energies, among others). In June 2021, the government released Royal Decree-Law 12/2021 which adopted urgent measures in the field of energy taxation and generation. The RDL approved the suspension of the 7% generating tax and a reduction of value added tax for electricity bills (from 21% to 10%) until the end of the year. The VAT reduction would be applied to consumers with contracted power <10 kV (if wholesale prices were more than 45\u20ac/MWh) and to vulnerable consumers (regardless market prices). These measures come after Spain changed its hourly bands for calculating power bills and amid soaring power prices. On 16 September 2021, Royal Decree-Law 17/2021 (RDL 17/2021) on urgent measures to mitigate the impact of rising natural gas prices in the retail gas and electricity markets, came into force. In line with the previous Royal Decree-law, the new regulation introduced different measures to cushion the escalation of electricity prices and limit the amount of consumers\u2019 electricity bills. \u2022 One of the measures consists in introducing a mechanism to reduce the over-remuneration that certain facilities receive, due to the marginal cost price setting of the energy market \u2022 The RDL also introduced a new type of long-term power purchase auction to be held alongside the wholesale market. In these auctions, certain operators must offer their CO 2 -free, manageable inframarginal generation products (not included in the renewables auctions), with a settlement period equal to or greater than one year \u2022 The regulation also includes tax measures. On the one hand, the rate of the Special Tax on Electricity, was reduced from 5.1% to 0.5% until 31 December 2021. On the other hand, it extended the temporary suspension of the tax on the Value of Electricity Production (the 7% levy) to the fourth quarter of 2021. \u2022 In addition, the RDL sets a Minimum Vital Supply for vulnerable consumers by which the cut off of the electricity supply is prohibited to the beneficiaries of the Electric Social Bonus for six months in addition to the four already existing (thus, during 10 months in total). On 26 October 2021 Royal Decree Law 23/2021 was approved, adopting urgent measures to protect energy consumers and bring transparency into the wholesale and retail electricity and natural gas markets. On the one hand, this RDL increases the discounts of the electricity social bond from 40% to 70% for severe vulnerable consumers and from 25% to 60% for vulnerable consumers until the end of March 2022. The minimum amount of the thermal social bonus for the year 2021 was also increased from 25 to 35 euros. On the other hand, the RDL limits the scope of application of the mechanism to reduce over-remuneration obtained by some generating facilities, regulated in RDL 17/2021. Finally, it contains some measures to strengthen transparency in the electricity and gas markets. The Spanish companies of the Group are therefore excluded from the scope of application of the mechanisms to reduce over-remuneration, since, according to the RDL 23/2021, the Group has derivatives and PPAs to hedge energy sales prices. The second renewables auction of 2021 was held on October 19, awarding 2,258 MW capacity for onshore wind projects (at an average price of 36.68\u20ac/MW) and 866 MW solar PV (at an average of 31.65\u20ac/MWh) to the winners. In January 2022, the High Court resolved on the 2016-2022 social bonus mechanism declaring that imposing the financing obligation exclusively on the retailing companies was against the European legislation. According to the resolution, the government has to give back the financed amounts (except the amounts that have been passed thought the costumers). In March 2022, a new Royal Decree Law (RDL 06/2022) was published with a comprehensive set of measures to mitigate the effects of the Ukranian war, in particular the impact of rising fuel prices on electricity prices. The RDL mandates an extraordinary RECORE (specific remuneration regime for renewables cogeneration and waste) settlement dated 1 st January 2022. The adjustment needs to take into account actual prices in 2020 and 2021, and a new price forecast for 2022, resulting in lower payments. Within the RDL 06/2022, bilateral contracting of RECORE energy is
fostered by removing the regulatory collar from 2023 onwards. However, the collar was later rectified in RDL 10/2022: bands remain but from 2023 instead of using only the average day- ahead and intraday prices, forward prices will also be taken into account. Therefore, in 2023, the price will take into account a weighted average of day-ahead market prices (75%), annual forwards (15%) and quarterly forwards (2,5% each). In the following years, the share of forwards will be risen. The RDL also extended the scope of the social bonus (the financing will be borne by generators) and reduced by 80% the access tolls for electro-intensive consumers. Regarding new generation projects, the permitting process for certain projects was streamlined while some provisions to facilitate the deployment of new technologies were introduced (storage, floating PV, hydrogen, and self-consumption projects). Finally, the RDL extended the gas clawback (approved by RDL 17/2021) until 30 June (and included the energy covered by instruments signed after 29 th March with a tenure of one year or more and a price above 67\u20ac/MWh). In June 2022, the Spanish government had decided to temporarily reduce the VAT applied in electricity to 10%. After that, Royal Decree-Law 06/2022, stipulated that the reduced VAT would be maintained as long as the price in the wholesale market was higher than 45\u20ac/MWh. The Royal Decree also stated that severe vulnerable consumers or at risk of exclusion (therefore, consumers eligible for the social bonus), would still be charged a reduced VAT, even if the price in the wholesale market was less than \u20ac45/MWh. In June 2022, the Spanish cabinet (RDL 11/2022) agreed to further reduce the VAT on electricity from 10% to 5%, to counteract the staggering rise in energy prices until 2022 year end. The remaining temporary measures on energy taxes would be also extended until 2022 year end: the rate of the Special Tax on Electricity (that had been reduced 5.1% to 0.5%) and the temporary suspension of the tax on the Value of Electricity Production (the 7% levy). Additionally, the gas price clawback mechanism (approved by RDL 17/2021) was extended until December 2022. This RDL established a rate for non-emitting carbon technologies based on the price of natural gas In June, the European Commission approved a year-long cap on the price of gas used for power generation. The measure, which applies to both the Spanish and Portuguese markets, will run until May 31, 2023. During the first six months of the application of the measure, the actual price cap will be set at \u20ac40/MWh. As of the seventh month, the price cap will increase by \u20ac5/MWh per month, resulting in a price cap of \u20ac70/MWh in the 12th month. The measure will be financed by the \u201ccongestion income\u201d obtained by the grid operator as result of cross-border electricity trade between France and Spain and a charge imposed by Spanish and Portugal on buyers benefiting from the measure. In October 2022, a security of supply strategy (the so-called \u201cPlan + Seguridad Energ\u00e9tica\u201d) was released. Regarding renewables, the plan includes provisions regarding guarantees of origin for renewable gases, a new 2024-2029 transmission grid plan, a new regulatory framework to promote offshore wind and fiscal incentives for fuel switching to renewables. In October 2022, the Royal Decree Law 18/2022 was approved, releasing a new set of measures applying to the energy sector, including the extension of the gas clawback scheme until 31 December 2023. In December 2022, a new tax for energy operators was approved. This tax will apply in 2023 and 2024 (based on 2022 and 2023 turnover) to energy operators with a turnover over 1 billion Euros in 2019. Tax would be charged at a 1.2% rate on the net amount of last Fiscal Year's turnover (this will include the tax groups income derived from its activities carried out in Spain, excluding the income derived from regulated activities). The windfall tax would apply as from 1 st January 2023 and 2024, and the payment would be due within the first 20 days of September, with an interim assessment of 50% of the levy within the first 20 days of February. In December 2022, was approved the Royal Decree-Law 20/2022 related to measures to respond to the economic and social consequences of the war in Ukraine and also certain fiscal measures were approved. On the one hand, the application of the 0.5% tax rate of the Special Tax on Electricity was extended until 2023 year end. On the other hand, the temporary suspension of the Tax on the Value of Electricity Production was also extended until 2023 year end. Regarding permitting, sets for the next 18 months the suspension of administrative procedures for projects that had requested grid access in nodes that have been later listed for network capacity tenders, except for requests related to hybridization of existing renewable plants. The above RDL provides a new simplified procedure for the environmental assessment of renewable projects (\u201cDeterminaci\u00f3n de Afecci\u00f3n Ambiental\u201d) where deadlines are reduced with respect to the existing procedure (\u201cDeclaraci\u00f3n de Impacto Ambiental\u201d) applicable to projects that request administrative authorization from 28 December 2021 up to 31 December 2024. In addition, a simplified procedure for the administrative authorization is developed for projects with approved environmental assessment. In June 2023, Royal Decree-Law 5/2023 (RDL 5/2023) was published, with important amend- ments on citizen energy communities, incentives for electrification and the adaptation of administrative milestones, among others. In particular, the RDL includes a 6-month extension of the term for the accreditation of obtaining the authorization for the construction of electricity gen- eration and storage facilities. This is relevant as in Spain there are around 43 GW of renewable projects that must obtain the construction authorization before July 25 or restart all the adminis- trative process after obtaining access permits and connection to the grid again, in accordance with the milestone calendar established by RDL 23/2020.
This RDL 5/2023 also introduces changes to the Rinv scheme, as it has updated the market price forecasts to be used in the estimation of the Rinv in the 2023-25 semi-period. In December 2023, the Council of Ministers approved Royal Decree-Law 8/2023 The main im- pacts are related to the VAT on electricity, which will be raised from 5% to 10% in 2024 and the IVPEE (Taxation on the Value of Production of Electrical Energy) which will be gradually raised up to is 7% level. Similarly, the Special Tax on Electricity, which was reduced to 0,5% will gradually come back to its 5,11% level. Regulatory framework for the activities in Portugal The principal pieces of legislation regulating the Portuguese electricity sector are Decree-Law 29/2006 of 15 February 2006 (amended by Decree-Law 215-A/2012) and Decree-Law 172/2006 of 23 August 2006 (amended by Decree-Law 215-B/2012). The legislative framework for renewable energy is primarily contained in Ministerial Order 243/2013 of 2 August 2013, which sets out the terms, conditions and criteria for the licensing of electricity generation under special regime with guaranteed remuneration. The Portuguese legal provisions applicable to electricity generation from renewable resources are currently established by Decree-Law 189/88 dated 27 May, as amended by Decree-Law 168/99 dated 18 May, Decree-Law 312/2001 dated 10 December, and Decree-Law 339-C/2001 dated 29 December. Also relevant is Decree-Law 33-A/2005, dated 16 February 2005 (\u201cDL 33- A/2005\u201d), which establishes the remuneration formula applicable to energy produced by renewable sources (this is, the formula to calculate the feed-in tariff). In September 2012 and after months of negotiations, the Portuguese wind industry reached an agreement with the Portuguese government to extend the existing feed-in tariff regime in exchange of an upfront payment. Following the agreement, the Portuguese Government published a decree articulating its terms, the Decree Law 35/2013. The Government proposed four alternative tariff schemes to be chosen by wind developers. EDPR and ENEOP chose a 7-year extension of the tariff defined as the average market price of previous twelve months, with a floor of 74\u20ac/MWh and a cap of 98\u20ac/MWh to be updated annually with inflation from 2021 onwards, in exchange of a payment of 5.800\u20ac/MW from 2013 to 2020. The Environment and Energy Ministry published in July 2014, Decree Law 94/2014 that allowed wind operators to increase the capacity of their operating wind farms up to 20%. The additional production generated by the increased capacity is remunerated at 60 \u20ac/MWh, whilst the remaining production is remunerated following the feed-in tariff scheme. The Portuguese government, in its 2019 Budget, included an extension of the special energy tax (so-called CESE) to renewables. However, renewable facilities with licenses granted through public tenders are exempted. In line with the 2019 Budget, the 2020 State Budget envisaged that small producers (up to 20 MW) would be exempted from paying the CESE. Also, passive subjects with more than 60 MW under tariff schemes would also be exempted from paying the tax. On 31 January 2019 Portaria 43/2019 on over-equipment \u201csobrequipamientos\u201d (\u201cSE\u201d) was published. The new Portaria set a new remuneration scheme for SE of 45\u20ac/MWh (non-indexed values) for 15 years, period after which the SE would be under the ordinary regime not being entitled to be under the tariff extension scheme set by D-L 35/2013. The new scheme exempts developers from requesting ERSE authorization to the SE. On 3 June 2019 the DL 76/2019 was published. This DL is a comprehensive review of the legal basis of the Portuguese electricity sector. Regarding new renewable capacity, the Decree changes the order in which grid capacity reservation and production license are obtained. New projects will need to obtain the title of grid capacity reservation prior to applying for the production license. The Decree also introduces three ways to obtain grid capacity reservation, being one of them through competitive tenders. Portugal launched its first utility-scale renewable energy auction in July 2019, for 1.4 GW of solar PV capacity. Developers could present two kinds of offers: one with a fixed price below \u20ac45/MWh and another with a variable tariff which included a requirement to pay compensation to the electricity system, depending on spot market power prices. Both systems would have a 15-year length. In December 2019, the DGEG (Dire\u00e7\u00e3o-Geral de Energia e Geologia) released regulation of the Licensing Monitoring Committee (Comiss\u00e3o de Acompanhamento dos Processos de Licenciamento) of the solar PV plants resulting from the 2019\u2019s Auction. This Committee was set up with the aim of contributing to the fulfilment of the obligations arising from the tender procedure, in particular regarding the deadline for obtaining the licence In Portugal, a GO (Guarantees of Origin) system was launched starting in March 2020. Registration shall be compulsory for renewable producers above 5 MW and high efficiency cogeneration. Until 2021YE, renewable plants <1 MW and self-consumption ones will be exempted.
n order to prevent further spread of the Covid-19, the state of emergency was declared by Presidential Decree no. 14-A/2020, of 18 March, as authorized by the Parliament\u2019s Resolution no. 15 A/2020, of 18 March 2020. DGEG suspended all deadlines linked to licensing procedures for all electrical projects after 16 March 2020. In particular, this suspension comprehends the deadlines for any administrative proceeding to be performed by solar promoters with projects awarded in the first solar auction (June 2019). The Emergency State was lifted on 2 May 2020 and replaced by the Calamity State. On 27 March 2020 a new solar auction was announced by the Energy Secretary of State. Developers had to choose one of the following three remuneration schemes: \u2022 A fixed guaranteed tariff structure, where the bids expressed a discount to a reference price, in \u20ac/MWh. Awarded projects would enter into an hourly two-side CfD with OMIP for 15 years. The CfD would be settled based on the actual price captured by the specific plant. \u2022 A market scheme where the promoters bid for a contribution made to the National Electric System (\u201cSEN\u201d) and where the promoters that bid the largest contributions would be awarded with the capacity title. Participants would then commit to pay this quantity for 15 years and their projects would get their revenues from participating in the electricity market on a merchant basis. \u2022 A new system consisting of a market scheme for power plants incorporating a storage system, in which participants bid the value of the capacity payment that would like to receive in \u20ac/MW (MW of connection capacity). In exchange, they shall sign a \u201cone-side\u201d CfD contract (\u201cavailable contract\u201d) with REN to protect the system against price spikes events. On 31 March 2020 Law 3/2020 accompanying the State Budget was published setting the main policies and investments for the 2020-23 period. In terms of energy, the path to carbon neutrality in 2050 is set by confirming the 55% emission reduction target in 2030, promoting regional guidelines for carbon neutrality and envisaging the development of 5-year carbon budgets. Also, the main goals of the Portuguese National Energy and Climate Plan (NCEP) are also confirmed by the Law (preparation works for coal phase out, installations of 2 GW of solar PV in the next 2 years, reinforcement of existing onshore, promotion of hybrid and Energy storage, offshore wind, hydrogen, etc.). Energy efficiency, e-mobility and economic incentives for decarbonization are also among the government priorities. On July 10 the Ministry Council officially approved the NCEP setting 2030 Renewable targets. The Plan commits to a 47% RES contribution that translates into 80% RES-E. According to the NCEP, Portugal expects to reach 9.3 GW of wind and 9 GW of solar PV by 2030. Additionally, on 9 June 2020 the Council of Ministers approved the Supplementary Budget for 2020. The proposed law amends the State Budget law for 2020, allowing the materialization of the Economic and Social Stabilization Program. On 10 July 2020 the Ministry Council officially approved the Portuguese National Energy and Climate Plan (NCEP) setting 2030 Renewable targets. The Plan commits to a 47% RES contribution that translates into 80% RES-E. According to the NECP, Portugal expects to reach 9.3 GW of wind and 9 GW of solar PV by 2030. DL 35/2013 introduced the tariff extension regime for wind producers: in exchange of 5.8 k\u20ac/MW payment from 2013 to 2020, producers were entitled to enter a cap and floor regime of 74 and 90 \u20ac/MWh during seven years once the initial tariff is exhausted. Both payments and cap and floor values were subject to indexation: \u2022 From 2023 to June 2020 based on the Kn factor, which envisages an annual adjustment for the difference between CPI and 2% \u2022 After June 2021 with CPI, applied over the reference value So far, ERSE has applied literally the indexation formulas, that is, individually on each year, without cumulation. Despacho n.\u00ba 6304/2021, published in June 2021, set that kn shall be applied on a cumulative basis, meaning that in 2020 the initial floor value of 74 \u20ac/MWh would change to 66 \u20ac/MWh. The Despacho mandated ERSE to regularize payments and to apply the new methodology in the next update to be applied already in July 2021. The European Commission adopted in June 2021 a positive assessment of Portugal\u2019s Recovery and Resilience Plan. The Plan total 13.9 b\u20ac of grants and 2.7b\u20ac in loans and devotes 38% of its total allocation to measures that support climate objectives. This includes investments to finance a large-scale renovation programme to increase the energy efficiency of buildings or the promotion of energy efficiency and the use of alternative energy sources in industrial processes. In January 2022, a new Decree Law governing the functioning of the SEN (National Energy System) was approved. The legislation had been under public consultation. The new DL has been structured into five fundamental axes, namely the administrative activity of control of the activities of the SEN, networks planning, the introduction of competitive mechanisms for the exercise of the SEN\u2019s activities, the active participation of consumers in generation activities and in markets, and, the legislative framework for the development of new realities (such as repowering, hybridization and storage). The DL also transposes into national law EU directive 2019/244 regarding internal electricity market rules and the Renewable Energy Directive.
Regarding renewables, the DL keeps the three options to obtain grid connection (general, agreement and auction) and includes a payment of 1,5k\u20ac/MW in the general case and an obligation to install self-consumption devices for the municipalities equivalent to 0.3% of the connection capacity (or a compensation of 1.5k\u20ac/MW). Also, the DL includes deadlines to obtain production licenses and set the obligation to generators to present a \u201cdecommissioning plan\u201d for the facility. Repowering of power plants is allowed up to 20% or more, until the NECP targets are achieved (and the original remuneration scheme can be kept by the repowered assets). In April, the first floating PV auction was held in Portugal. The auction intended to grant 263 MVA of connection capacity in 7 different lots with sizes ranging from 8 to 100 MVA. Under the auction, two modalities were possible: a contract-for-difference or a contribution to the SEN. EDP was awarded the Alqueva lot (70 MVA). In April the Decree-Law 30-A/2022 was published, providing for exceptional measures to ensure the installation of renewable and storage capacity, hydrogen facilities and electricity transmission and distribution infrastructures. In line with the measures recommended by the European Commission (namely the REPowerEU Plan), the DL states that the Environmental Impact Assessment (IEA) of electricity generation projects, up until then, always mandatory, will only occur at the request of the licensing authority when there are indications that the project may cause significant impacts on the environment. The DL also aims to streamline administrative procedures for the issuing of opinions and authorisations within the IEA producer or in the analysis of environmental impacts. Regarding wind projects, the DL allows existing projects to inject all their production (without the limit of the administratively allocated injection capacity) as to guarantee the maximum possible production according to the installed power of each generation unit. In June, the European Commission approved a year-long cap on the price of gas used for power generation. The measure, which applies to both the Spanish and Portuguese markets, will run until May 31, 2023. During the first six months of the application of the measure, the actual price cap will be set at \u20ac40/MWh. As of the seventh month, the price cap will increase by \u20ac5/MWh per month, resulting in a price cap of \u20ac70/MWh in the 12th month. The measure will be financed by the \u201ccongestion income\u201d obtained by the grid operator as result of cross-border electricity trade between France and Spain and a charge imposed by Spanish and Portugal on buyers benefiting from the measure. On 19 th October 2022, a new Decree Law (DL 72/2022) was published, containing exceptional measures for the development of renewables and energy storage. The Decree Law (DL) amends DL 30-A/2022 (approved in April 2022), including additional measures. In terms of permitting, the DL focuses on the licensing of urban development operations (building process). Projects below 1 MW (or equal to 1 MW) will not need approvals (only a responsibility declaration will be required). Projects above 1 MW will need to be communicated and all the documentation will need to be shared with municipalities. Municipalities will have 8 days to reject the project (only a pre-defined list of reasons may apply) or ask for more information. In any case, the rule of tacit approval applies. In addition, this DL introduces a new compensation for municipalities (a compensation of 13.5k\u20ac/MVA of connection capacity will be granted and funds will be provided by the Environmental Fund). According to the DL, agreements between the TSO and developers for infrastructure reinforcement will prioritize projects that already have a positive or conditioned positive EIA. Also, the test period for projects of the 2019, 2020 and 2021 solar PV auctions will be increased by 12 months (from 12 to 24 months) in order to allow producers to benefit from a longer merchant exposure period (provided that producers respect their COD deadline). Finally, the regulation allows FITs and CfD strike prices awarded in auctions to be exceptionally indexed to CPI from the year of award to the actual COD. On 7 th December 2022, the Council of Ministers approved the decree-law that initiates the reform and simplification of licensing in environmental matters, through the elimination of redundant licenses, permits and procedures. Through the reduction of administrative burdens, the DL intends to simplify the permitting procedure, and boost investments, without prejudice to compliance with environmental protection rules. For instance, Portugal is to cease requiring environmental impact assessments (EIA) for some wind, solar and green hydrogen facilities, from March 2023. Hydrogen and PV installations that occupy surfaces of less than 100 hectares, as well as wind turbines that are separated by more than 2 kilometres, will not need environmental approval. This regulation is part of the first package of the so-called \u201cSimplex\u201d licenses, which is a package of measures to amend the environmental rules for the development of hydrogen and renewable energy projects. During the first half of 2023 several amendments were approved related to the \u201cSimplex\u201d framework. The Portuguese government unveiled in June 2023 the draft of the revised National Energy and Climate Plan (NECP), which is now subject to public consultation. The new plan raises the renewable target from 47% (in the previous version) to 49% by 2030. In the electricity sector, the target is raised to 85% (from the previous level of 80%), driven by a strong deployment of renewables and solar DG. Regulatory framework for the activities in France The electricity sector in France is primarily governed by Act 2000-108 passed on 10 February
2000, which constitutes the general legislative framework for the operation of generation facilitiesAct 2000 allowed wind operators to enter into long-term agreements for the purchase and sale of their energy with electricit\u00e9 de France (EDF), the national incumbent. The tariffs were initially set in 2006, then updated in the \u201cArr\u00eat\u00e9 du 17 novembre 2008\u201d at the following level: i) during the first ten years of the EDF Agreement, EDF would paid a fixed annual tariff, set at \u20ac82/MWh for wind farms that had made the application in 2008 (after 2008, this tariff was updated using an inflation- related index); ii) During years 11 to 15 of the EDF Agreement, the initial tariff would be revised considering the load factors achieved by the facility iii) After year 16, no specific support scheme would be granted (wind farms would need to sell the energy in the market and would receive market prices). In July 2015, the \u201cEnergy Transition Bill\u201d, whose aim was to build a long-term and comprehensive energy strategy, was passed. In 66 articles, the bill included ambitious emission reduction targets while it also targeted to reduce fossil fuels use (including nuclear). Regarding renewables, the Energy Transition Bill increased the renewable target up to 32% by 2030. A new Contract-for-difference (CfD) was released in December 2016 in line with the European \u201cGuidelines on State aid for environmental protection and energy 2014-2020\u201d. According to this new scheme, wind farms having requested a PPA in 2016 would receive a 15-years CfD, being the strike price (and the terms of the tariff) very similar to the previous feed-in tariff. From 2017 onwards, wind farms of more than 6 wind turbines (and more than 3 MW per turbine) would need to participate in competitive tenders to obtain a 20-year CfD. The first tender was held in November 2017. However, smaller wind farms (with 6 turbines or less, and 3 MW per turbine or less) would be exempted from participating in tenders. On 27 November 2017, the \u201cPluriannual Energy Planning\u201d (PPE) was released. According to the PPE, 40% of the energy would be produced from renewable sources by 2030.The PPE included different targets for renewables: 35.6-44.5 GW of solar capacity, 34-35.6 GW of onshore wind and 4.7-5 GW of offshore wind, by 2028. On 29 November 2017, the government approved the D\u00e9cret 2018-1054 aimed at accelerating legal procedures following claims against the administrative authorization of wind farms. In particular, the Decree removes the two-level court system in the event of litigation. The third offshore round took place in March 2019 with all major players participating (grouped in 10 consortiums). The French Parliament approved on 26 September 2019 the so-called \u201cEnergy and Climate Law\u201d, committing the country to carbon-neutrality by 2050. The adoption of the Energy-Climate law constitutes a major step toward achieving the government's ambition to address climate change by becoming carbon neutral by 2050. This objective represents a reduction of France's greenhouse gas emissions by a factor of more than six compared to 1990\u2019s emission level. In order to achieve carbon neutrality by 2050, the Energy-Climate law provides for the reduction of fossil fuels consumption by 40% by 2030 (instead of the previous 30% target) and for the end of coal- based electricity generation by 2022. The law provides that the share of nuclear in the electricity mix should be reduced to 50% by 2035. Regarding wind energy, the law redefines the authority responsible for permitting onshore wind projects. Concerning offshore wind, the law also includes a higher target of auctioning 1 GW of capacity until 2024 (doubling the volumes defined by France\u2019s initial energy plan published in January 2019). A new version of the PPE (Programmation Plurianuelle de l\u00b4\u00c9nergie) was approved in 2020, in line with the final version of France\u2019s NECP (National Energy and Climate Plan). It increased offshore wind targets vs. the previous version whilst decreased solar PV\u2019s. In total, the PPE sets that France will need to achieve between 33.2 and 34.7 GW of onshore wind in 2028, 5.2-6.2 GW of offshore wind and 35,1-44 GW of solar PV. The PPE also includes a schedule of tenders to be held between 2020 and 2034. The French Assembl\u00e9e Nationale approved on 21 March 2020, a law introducing the \u201cState of health emergency\u201d during the coronavirus pandemic. The law includes measures limiting private liberties (such as lock-downs and requisitions) and contains provisions regarding postponing the second round of the French municipal elections, economic measures to support the economy and other measures impacting the French justice and labour law. Measures easing restrictions across the country were applied from May 11. Economic rescue packages could amount to up to 110 billion euros, and will include guarantees, loans, moratorium on debt repayments, among others. In the renewables sector, extensions of several deadlines have been envisaged to cope with delays and the sector has itself been declared \u201cstrategic\u201d. Test periods for CR16 and CR17 projects have been extended 3 months. Additionally, a 7-month extension of COD deadlines has been announced but will be restricted to wind and solar projects with (i) COD initially scheduled after March 12th, (ii) remuneration scheme granted before or during the period March 12 to June 23 and (iii) nominal capacity less than 200 MW. On 8 September 2020 France published a hydrogen commitment, exceeding previous European national strategies, by pledging 6.5GW of electrolyser capacity by 2030. The plan came after the French government announced an economic recovery plan due to the coronavirus outbreak of \u20ac100bn, including \u20ac30bn entirely devoted to ecological transition. The newly hydrogen strategy included a commitment of \u20ac7bn budget for low-carbon hydrogen between 2020-2030.
The European Commission endorsed in June 2021 the French Recovery and Resilience Plan. According to it, the EU will disburse 39.4 b\u20ac in grants. The Plan devotes 46% of the total allocation to measures that support climate objectives. It features significant investments in R&D and innovation, in particular in the field of green technologies that should promote they deployment of renewable hydrogen. In April 2021, the Energy Regulator (CRE) released the new set of rules (\u201cCahier des Charges\u201d) that will govern auctions (both technology-specific and neutral) from the second half of 2021 until 2026. According to the document, there will seven types of tenders for a total of 34 GW of new renewable capacity (including: (i) ground-mounted solar PV, ii) building-mounted solar PV, (iii) onshore wind, (iv) hydro, (v) innovative solar, (vi) self-consumption and (vii) technology neutral tenders). Winning projects will be supported by 20-year CfD. The European Commission gave green light to the Cahier des Charges in August 2021, under the EU State aid rules. Law No. 2021-1104 on combating climate change and strengthening resilience (\u201cThe Climate and Resilience Law\u201d) was adopted on 24 August 2021. The law is regarded as a text aiming at supporting the ecological transition by helping France reach its 40% emission reduction targets by 2030. In particular, the law seeks to improve the air quality of large cities, support building renovation, promote electric mobility, among other objectives. Regarding solar PV, a cost reduction for the grid connection of small PV systems is included, and the solarization of new buildings. With regards to onshore wind, the law finally did not include a right for mayors to veto wind projects (they will be mandatorily consulted prior to any work but won\u00b4t have a right to veto). Finally, the law includes several provisions seeking to accelerate/streamline renewables development. For example, in order to ensure better implementation of renewable targets, specific targets will be set at a regional level, with local authorities having to implement specific territorial objectives. In February 2022, the so-called \u201cLaw 3DS\u201d was adopted. It allows municipalities to define specific zones for onshore wind deployment by modifying urbanism plans. However, such modifications shall be based on a public consultation and details will be detailed in an upcoming decree. Two auctions under the 2021-2026 framework were held in the first half of 2022. On April 15 th , the second onshore wind auction was held, in which 925 MW were offered in the auction, with a ceiling price of 70\u20ac/MWh. On May 20 th , the second on-the-ground solar PV was held, offering 700 MW, with a ceiling price of 90\u20ac/MWh. In April 2022, a decree revising eligibility conditions to benefit from the so-called \u201ccomplement de remuneration\u201d (CR17 scheme) was issued. According to the decree, a 137 meters tip height limit will be introduced, starting the 1 st of July 2022 (except for projects from cooperatives or majority- owned by municipalities). Wind farms wishing to be included in the scheme, will need to prove they comply with the civil/military aeronautical restrictions as well. The new eligibility criteria are also extended to repowered assets and storage-collocated ones. In May 2022, a decree defining the terms of the tender procedure for the development of electricity storage capacities was published. The decree stipulates that once the TSO has received guidelines from the Energy Ministry, it will draw up draft specifications for the call for tenders in compliance the specified conditions and organize then a consultation on the project. Emergency measures aimed at improving the profitability of renewables were issued during the summer of 2022. These measures have been designed for both tender and CR17 frameworks: \u2022 Regarding tender\u2019s: on 30 th August, an amendment to previous tenders\u2019 specifications was published to allow secured projects (from previous rounds) to sell the energy on the market and extending by 18 additional months the window to start the CfD contract. Therefore, projects with COD up to 31 st January 2024 and before the end of their window are allowed to access the market. \u2022 Regarding CR17: on 31 st December the revision decree was published and implemented the same measures for projects requested before 1 st July 2022 and projects with COD between 1 st September 2022 and 31 st December 2024. On 16 th November 2022, the Cahier des Charges was once again updated, including new rules for upcoming tenders. As a first measure, ceiling prices applicable to the upcoming rounds will not be disclosed in order to prevent manipulative strategies. Also, the new \u201cK\u201d indexation will be included and applied between the application date and the COD, while the \u201cL\u201d indexation formula (to be applied on an annual basis from the start of operations) is also revised. For wind, the price score formula is revised in order to be the same than the one for PV projects (to reduce the weight on collaborative features). For solar PV projects: (i) all capacities are homogenized as being MWp, (ii) volumes reserved for agricultural projects are increased to 250 MWp and requisites are detailed, (iii) the competition clause is better formulated to cover all cases and (iv) a dismantling guaranteed for projects over 10 MWc is introduced (10k\u20ac/MWc). On 31 st December, the Finance Law for 2023 was officially published. In particular, article 54 transposes EU regulations addressing high energy prices through cap prices. These cap prices will apply from June 1 st 2022 to June 30 th 2023 with a 10% abatement, and from July 1 st to December 31 st 2023 with an abatement to be defined later by decree. Cap levels are defined by technology, with solar, wind and nuclear being subject to a 100\u20ac/MWh cap price. Exemptions are also settled by the legislative text, in particular FITs and CfDs are exempted, including extension periods going merchant granted under emergency measures. Regarding PPAs, they will be subject to the cap
and regulations include an anti-abuse clause to prevent sector agents to avoid the cap by lowering prices during these periods. The previous measured has no impact in the EDPR portfolio in France. In April 2023, a decree enabling wind farms with COD before October 2022 to request a tempo- rary uprise of their output, was published. The request would be possible for up to 1 MW per wind turbine and only until 2023YE. The uprise is not to be achieved by replacing the wind turbine, but only when a higher nominal capacity of the wind turbine had been capped at 3 MW. In December 2023, the 2024 Finance Law was approved. The Law defines (i) the extension of the clawback in 2024, revalued in line with inflation and with the rate of levy limited to 50% of income in excess of the tax threshold (ii) the creation of a green industry investment tax credits for the pro- duction of wind turbines, solar panels, batteries and heat pumps, and (iii) the total de-capping of CR17 contracts liquidations. Regulatory framework for the activities in Poland The legislation applicable to renewable energy in Poland was initially contained in the \u201cEnergy Act\u201d passed on 10 April 1997, which was subsequently amended in 2002 and 2004. The Energy Act introduced a Green Certificate scheme with mandatory quotas. According to the scheme, energy suppliers are required to: a) purchase GC and submit them to the Energy Regulator, or b) pay a substitution fee calculated in accordance with the Energy Act. If suppliers fail to meet their obligation (either the submission of GC or the payment of substitution fee), they must pay a fine, equal to 130% of the substitution fee in that year. The Green Certificate scheme was replaced in 2015 by a new system, consisting in Contracts-for- Difference (CfD) granted through competitive tenders. However, the law guaranteed that the GC scheme would be maintained (with some adjustments) for operating plants. The law also introduced the possibility for operating plants to voluntary shift to the CfD system, through specific tenders for operating assets. In June 2016, after a long approval process, the so-called \u201cWind Turbine Investment Act\u201d was approved, including (i) new minimum distance for new wind farms and (ii) higher real estate tax burden. In July 2017 a new methodology to calculate the substitution fee was approved. According to the new formula, the substitution fee would be calculated every year as 125% of the average CG market price of the previous year capped at 300PLN. In October 2018, the Energy Regulatory Office published a call for the first auction in Poland in which wind onshore and solar PV with capacity above 1MW could participate to get a 15- year CfD. The first auction was held in November 2018. Poland\u2019s National Energy and Climate Plan (NECP) was sent to the European Commission in December 2019. The Plan targets a 23% share of renewable energy in 2030. In addition, the share of renewables in electricity generation will rise to 32% in 2030. Onshore wind installed capacity could increase up to 9,6 GW in 2030 while offshore wind to 3,8 GW in 2030 and 8 GW in 2040. On 13 March 2020, the Minister of Health announced a state of epidemiological threat in Poland, which is a legal situation aimed at introducing measures to reduce the spread of COVID-19. Following the announcement, some restrictions were approved, including the prohibition on entering the territory of Poland for foreigners, the obligation of a 14-day home quarantine or the suspension of all international flight and railway connections, among others. The restrictive measures started to be lifted on April 20 th . Several economic relief measures, the so-called government anti-crisis shields, were approved since the start of the state of epidemiological threat. In particular, the following ones apply to renewable producers: \u2022 renewable projects awarded in the 2018 and 2019 auctions would benefit from COD extensions (up to 12 months), if some delays are proved (for example, (i) delays in the delivery of equipment that is part of the installation, (ii) in the construction or (iii) the grid connection, among others); \u2022 also, power companies will be obliged to adjust in the grid connection agreements the date of the first delivery, considering the deadlines extensions. In February 2021, the Polish Government announced the approval of the \u201cPoland\u2019s energy policy until 2040\u201d, which is based on 3 pillars: a just transition, a zero-emission energy system and a good air quality. According to the document, in 2040, zero-emission sources will constitute more than half of the installed capacity, with special focus on offshore wind and nuclear power plants. Due to the adopted assumptions, the use of coal for electricity production is expected to drop to 37% in 2030 (being the current level 70%) and 28% in 2040. After months of consultations, the offshore wind law was finally published in February 2021. The law set the regulatory framework for the development of offshore wind energy in the Baltic Sea. The regulation approved a new remuneration scheme for offshore wind, that will be introduced in two phases. In the first one, support will be granted by administrative decision (for a total of 5,9 GW). Then, in a second phase, support will be granted via competitive auctions, with the first auction taking place in 2025. In May 2021 Poland submitted to the European Commission its National Recovery and Resilience Plan. Poland has requested a total of 23,9 b\u20ac in grants and 12,1 b\u20ac in loans. The Polish Plan is structured around five pillars of resilience of the economy, including green energy. In particular, it
includes measures improving air quality and the development of renewable energy sources. The EU Commission will now assess the Polish plan within the next months and translate its contents into legally binding acts if all the criteria are met. A new renewable auction was held in June 2021, awarding CfDs to 1,2 GW of solar PV and 0,3 GW of onshore wind. In August 2021, new GC quotas for the year 2022 were announced: 18.5% for green certificates (below 19.5% in 2021) and 0.5% for the so-called \u201cBlue certificates\u201d (that confirm that the energy is produced from agricultural biogas). The President of the Republic signed an Act amending the Renewable Energy Act on 17 September 2021. Key changes include extending the period of auctions for sale of energy from renewables until the end of 2027 (thus, extending CfD maximum delivery date to June 2047) and setting auction volumes for the period 2022-2027 in a single regulation of the Council of Ministers. The law also modifies the period of settling a negative and positive balance (the period is extended from 10 to 15 days) and provides for modified rules for settling positive balances. The Amendment also simplifies the way in which the Spatial Planning and Land Development Act applies to investors. In particular, the Amendment modifies the capacity limit for RES and allows free- standing photovoltaic devices with a capacity of up to 1 MW to be constructed on poor-quality agricultural lands or on rooftops (without capacity threshold), regardless of whether the municipality\u2019s study designates such areas as being potential locations of RES investments. The European Commission approved, under EU State aid rules, these amendments of the Renewable Energy Law. On 30 th March 2022, following the Russian invasion of Ukraine, the polish government announced a plan to abandon the import of energy resources from Russia. According to this plan, renewables and nuclear are expected to become the pillar to achieve energy independence from Russia. As a first step, Poland stopped coal imports from Russia in April 2022. Later, in June 2022, the Polish Prime Minister confirmed that Poland would subsidize coal for domestic use, mainly heating, to control inflation derived from high energy prices. Oil imports would stop by the end of 2022 (although at the end of 2022 Poland kept importing oil from Russia, suggesting that oil ban could be delayed). The final regulation to reduce green certificates quota from 18,5% to 12% in 2023 was released (OJ 2022 pos. 1566). A new set of amendments to the RES act was published. It included: (i) the flexibilization of the use of substitution fee by suppliers: new wording allows to pay the substitution fee if the previous 3- month average is above previous year average (previously, if Green Certificates average prices of the previous 3 months and previous year, were below the substitution fee, Green Certificates had to be cancelled); (ii) extension of the deadlines to COD for solar PV plants awarded in auctions (33 months vs previous 24) and (iii) introduction of a new definition of hybrid power plant. On 13 th October 2022, the Council of Ministers adopted the Ordinance on the maximum quantities and values from Renewable Energy Sources that may be sold through auctions in subsequent years 2022-2027. On 27 th October 2022, an Act on Emergency measures was released. It sets a cap on electricity costs for certain consumers to be financed by a clawback mechanism on inframarginal technologies. This clawback is calculated as sum of the volume of electricity sold multiplied by the positive difference between the volume-weighted average market price of electricity sold and the volume-weighted average capped price of electricity sold - for a given day. The cap was originally set at 295 PLN/MWh for non-CfD wind assets and 355 PLN/MWh for PV, applying from December 2022. These caps were increased by 50 PLN/MWh in December 2022, setting new cap at 345 PLN/MWh and 405 PLN/MWh respectively. For assets with a CfD in place, the cap is set at the strike price. The scheme envisages that all revenues above the cap had to be reimbursed to a Fund. However, only PPAs with physical delivery or financial PPA with a final consumer and linked to physical delivery, were finally considered for the purpose. Poland\u00b4s parliament approved an extension of current energy price freezers for households and other consumers until the middle of 2024. However, the regulation confirms that the clawback mechanism won\u00b4t continue in 2024. Regulatory framework for the activities in Romania A Green Certificate mechanism was introduced in Romania in 2005 to promote renewable energies and to comply with the European renewable targets. According to this scheme, electricity suppliers and industrial consumers are obliged to source a certain amount of GC every year (a fine is applicable if this annual quota is not met). On the other side, renewable generators receive GC by each MWh produced. Law 220/2008 of November, introduced some changes in the initial GC system, improving the framework for renewable generators. In particular, it increased the amount of GC to be received by wind generators (from 1 GC/MWh to 2 GC/MWh until 2015 and 1 GC/MWh from 2016 onwards). The law also guaranteed that the trading value of GC would have a floor of 27\u20ac and a cap of 55\u20ac. Law 123/2012 of 19 July 2012 on Electricity and Natural Gas eliminated the provision of bilateral contracts not publicly negotiated as a mean to sale electricity. Thus, the trading of electricity could only be carried out on a centralized market.
The Romanian Parliament approved Law of 17 December 2013, introducing several changes to the GC scheme and in particular:For operating renewable plants: decision to postpone (or \u201cfreeze\u201d) part of the granted GC: \u2022 wind generators would have 1 GC (out of 2 GC) postponed from trading from 1 July 2013 to 31 March 2017; \u2022 solar generators would have 2 GCs (out of 6 GCs) postponed from trading from 1 July 2013 to 31 March 2017; \u2022 postponed GC would be gradually recovered until 31 December 2020 (starting on 1 April 2017 for solar PV and 1 January 2018 for wind). \u2022 For new renewable plants: decision to reduce the amount of granted GC: \u2022 wind facilities would receive 1.5 GC/MWh until 2017 and 0.75 GC/MWh from 2018 onwards; \u2022 solar facilities would only receive 3 GC from 1 January 2014 onwards; \u2022 these GC could be immediately traded. On 24 March 2014, the President of Romania approved EGO 57/2013 with the following amendments: (i) Reduction of the GC validity from 16 months to 12 months; and (ii) the obligation for ANRE (Energy Regulator) to communicate in each year the GC quota for the following year. Other amendments were introduced in 2015 by Law 122/2015. Among other changes, the law included: (i) supplier\u2019s obligation to purchase GC on a quarterly basis (ii) the inclusion of imported electricity in the GC scheme, and (iii) the removal of the right to receive GC for the electricity sold at negative prices. In March 2017, the government approved a new emergency ordinance (EGO 24/2017) to further amend the renewable law 220/2008. As expected, the GC scheme was extended until 2031 (GC will remain valid until March 2032). The Ordinance also confirmed the removal of the indexation of the GC parameters (GC floor would remain fixed at 29,4\u20ac and GC cap would be fixed at 35\u20ac). Regarding wind energy, the ordinance approved the extension of the GC recovery period from 2018 to 2025, while solar PV\u2019s GC postponement was extended until the end of 2024 (the recovery will take place from 2025 to 2030). The State of emergency was declared on 16 March 2020, through presidential Decree 195/2020. The Decree aimed at controlling the spread of COVID-19. Among others, the Decree included restrictions of certain rights (introducing for example compulsory quarantines). It also included the possibility of price controls for certain goods and/or services (for example, of electricity prices). The State of emergency was subsequently extended until May 16 th . During the State of emergency period, the government released several economic relief measures such as extension of payment deadlines for local taxes, a tax debt restructuring program, a reduction of the monetary interest rate, among others. ANRE published Order 61/2020 of 31 March 2020 stating that negative prices would be allowed from September 2020 in line with Order 236/2019. Emergency Ordinance 74/2020, amending the Energy Law 123 was approved on 14 May 2020 allowing PPAs signed outside the centralized markets for new renewable projects operating from June 2020. In June 2020, the Romanian Energy Ministry proposed a Memorandum with the basic characteristics of a potential CfD scheme, addressed at low carbon technologies (renewables, CCS and ESS). On 9 December 2020 Order no. 213/2020, approving the single imbalance price was finally published on the Official Gazette (in force since February 2021). The methodology introduces a single imbalance price except for those cases when the system is almost balanced when a double price is calculated. The implementation of the new imbalance price was coincident with the 15- minute settlement introduction, in line with EU regulation. Romania submitted its Recovery and Resilience Plan in May 2021. In September 2021, the European Commission endorsed the Plan, and will disburse \u20ac14.2 billion in grants and \u20ac14.9 billion in loans under the Recovery and Resilience Facility (RRF). The EC\u2019s assessment finds that the plan devotes 41% of the total allocation on measures that support the green transition. It includes measures to phase out coal and lignite power production by 2032. On 29 October 2021, the Romanian Parliament Endorsed Law 259/2021, which approved and put into action Government Emergency Ordinance 118/2021. The Ordinance immediately came into force on 1 November. It contains measures to alleviate the burden of the current rise in energy price such as direct financial support and a reduction of taxes paid by end-consumers. For example, the Law added a price cap mechanism until 31 March 2022 which applies to household customers and other selected customers (hospitals, NGOs, etc) to cap the final price for electricity to RON 1/kWh and natural gas at RON 0,37/kWh. The differences between the average prices and the capped prices will be reimbursed from the state budget, through a separate budgetary expense. Also, the Law includes a windfall tax for electricity producers: until 31 March 2022, the additional income obtained by electricity producers and resulting from the difference between the average monthly selling price of electricity and the price of RON 450/MWh will be taxed at 80%. However, this tax only applies to CO2 -free generation facilities and will not apply to producers of electricity
based on fossil fuels, including cogeneration.In October 2021, the Romanian Parliament endorsed Law 259/2021, which approved and put into action the Emergency Ordinance 118/2021. The Ordinance immediately came into force on November 1 st . It contained measures to alleviate the burden of the current rise in energy price providing direct financial support and a lowering the amount of taxes paid by end-consumers. For example, the regulation set a price cap mechanism until 31 st of March 2022 applying to household customers and other selected customers (hospitals, NGOs, etc) to cap the final price for electricity to 1 RON/kWh and natural gas at 0.37 RON/kWh. The differences between the average prices and the capped prices would be reimbursed from the state budget, through a separate budgetary expense. The methodology of the calculation of this tax was clarified in March 2022, with the publication of the Emergency Ordinance 27 (EO 27), which added details and clarifications to the tax calculation methods, specifically including balancing costs and some financial costs. The Emergency Ordinance also extended the measures until March 2023. In November 2021, Order 117-2021 established a new algorithm for the calculation of the estimated average impact on consumers of green certificates for the following year. The regulation sets that the maximum impact that the consumers would assume in order to support the Green Certificates scheme would be 14.5 \u20ac/MWh, but the algorithm uses the previous years\u2019 share of excess to slowly reduce the impact on consumers and make the reduction more progressive, with the final objective to allow the termination of the scheme in 2031. On 31 st March 2022, the Romanian Ministry of Energy launched a call for projects under a new scheme for supporting the development of new wind and solar PV plants. The support scheme was launched under Romania\u2019s recovery and resilience fund. Total budget amounts to 457M\u20ac, of which 382 M\u20ac will be dedicated to wind and solar PV with over 1 MW of installed capacity and 75 M \u20acfor wind and solar projects with installed capacity between 0.2-1 MW. About 950 MW of renewable capacity could benefit from this support scheme. Applications to participate in the scheme were submitted between 31 March 2022 and 31 May 2022. On 20 th July 2022, the law 248 was approved. It established that electricity producers are obliged to trade, at least, 40% of the annual electricity production through contracts on the electricity markets, on markets others than PZU (DAM), PI (Intraday) and PE (Balancing Market). The law exempts generation facilities put into operation after 1 st June 2020. On 1 st September, 2022, the EO 27/2022 was amended by the EO 119/2022, converting the tax into a Contribution to the Energy Transition fund and extending its application until August 2023. The tax was also increased to 100% and the new EO specified that financial costs and hedges would no longer be considered in the calculation of the tax. On 23 rd November, a new Law was passed in the Parliament to introduce some amendments to the EO 119/2022. The Law extended the application of the EO until 31 st March 2025. It also amended the calculation method, including financial hedges in the computation and capping balancing costs at 5% of the realised price. It also provides that offtakers of financial hedges (foreign counterparties of financial hedges) are subject to the Contribution to the Energy Transition Fund, to be withheld by electricity producers, calculated monthly as the difference between the PPA variable price and the 450 lei/MWh cap. It is unclear, however, whether the PPA variable price is the underlying market price or the PPA strike price. On 8 th November, 2022, the Senate adopted the Law approving Emergency Ordinance 108/2022 on decarbonization of the power sector, setting out the coal phase out with closure of mines and generating plants by 2032. The Law sets out a calendar for the closure of coal and lignite mines and generation plants. It also foresees a technical reserve for the period of 2023-2030, with the possibility of postponing the closure of certain capacity under the request and the justification of the TSO. In the event of an energy crisis, the government is also allowed to postpone the closures or restart closed plants. Finally, the law also includes measures for the social and economic development of the local economy and affected regions. On 11 th November 2022, a new Emergency Ordinance was also published, establishing a centralized electricity purchasing mechanism from 1 st January 2022 up to 31 st March 2025. According to this mechanism, OPCOM would be the energy at 450 RON/MWh, to sell it at the same price to suppliers. This mechanism applies to non-Green Certified technologies (i.e., thermal, nuclear, hydro). ANRE published the list of companies affected by this obligation, but the volume of production and demand and purchased through this mechanism is still unclear. These amendments apply from 1 st September 2022. Emergency Ordinance 186/2022 introduced on 29th December 2022 a solidarity contribution to be paid by companies with a turnover coming mainly (\u226575%) from crude oil, natural gas, coal and refineries for financial years 2022 and 2023. This contribution is calculated as 60% of the annual taxable profits of the year that exceed by more than 20% the average of taxable profits of years 2018-2021. The proceeds of the contribution are to be used for support final energy consumers, especially vulnerable households, and electro-intensive industries, as well as for projects aligned with REPowerEU objectives. Regulatory framework for the activities in Italy On 6 July 2012, the Government approved a new renewable framework by means of the Decree on Renewables (DM FER) introducing a feed-in-tariff support scheme. The key aspects of this
regulation provided by the DM FER were the following: (i) wind farms over 5 MW would be remunerated under a feed-in tariff scheme defined by tenders; (ii) capacity to be tendered would be determined in line with the agreed technologies\u2019 capacity paths; (iii) the reference tariff for 2013 was 127 \u20ac/MWh for onshore wind and tender participants would bid offering discounts on this reference tariff (in %); (iv) The reference tariff would decrease 2% per year and (v) tariffs would be granted for 20 years. The new system replaced the previous one based on GCs. Under the previous system, producers obtained their revenues from the sale of the electricity in the electricity market and from the sale of GCs. Wind farms built until December 2012 continued to operate under the previous system until 2015 (from 2015 onwards, the GC system was transformed into a feed-in-premium in which, for the remaining duration of the original incentive period, the value was set at 78% of the difference between \u20ac180 and the electricity price). Spalma Incentivi Decree, published in November 2014, stipulated that wind farms under the GCs scheme could voluntarily adhere to an extension of the support period of 7 years in exchange of a permanent reduction of the premium/GCs received, being the coefficient of reduction calculated individually for each wind farm depending on their remaining regulatory life. As the option was voluntary, wind farms that refused to accept this change remained under previous GCs scheme. On 10 November 2017, The Strategia Energetica Nazionale (National Energy Strategy), known by the acronym SEN, was presented after several months of public consultation. One of the main features of the SEN is that it included the complete phase-out of coal power generation by 2025, five years ahead of schedule. The SEN also highlighted the role of renewables and targeted that renewable energy would increase to 28% of energy consumption in 2030. According to the SEN, the RES-E (renewables in electricity production) would increase up to 55% in 2030. The Italian Ministry of Economic Development signed in July 2019 a decree implementing a new set of auctions to be held between 2019 and 2021, seeking to allocate around 5,5 GW of wind and solar PV. On 9 March 2020, a national quarantine, restricting the movement of the population was approved, in response to the growing pandemic COVID-19 . A gradual ease of restrictions started on May 4. Regarding the electricity sector, several measures were introduced, including a suspension of all bureaucratic terms for renewables since March 13, a relief of several reporting obligations, the implementation of transitory measures between 10 March and 30 June 2020 to limit the burden of imbalance costs and an extension of all permits expired during the emergency state of 90 days, among others. On 27 April 2020, Italy presented its National Recovery and Resilience Plan (NRRP) which will support the implementation of the crucial investment and reform measures following the COVID- 19 pandemic. The European Commission adopted a positive assessment of the Plan in June 2021. The Plan will provide \u20ac 68,9 b in grants and \u20ac 122,6 b in loans. The share of climate projects is 37% of the total and, to achieve a progressive decarbonization, interventions are planned to significantly increase the use of renewables. The Italian government released the so-called \u201cDecreto Semplificazione\u201d in May 2021 and was officially converted into law in July. The Decree seeks to simplify administrative procedures (in particular, regarding public procurement and concessions). It defines the regulatory framework aimed at simplifying and facilitating implementation of the goals and objectives established in its \u201cNational Recovery and Resilience Plan\u201d and in its \u201cNational Energy and Climate Plan\u201d. It also rationalizes the role of the Minister of Culture, whose opinion won\u00b4t be binding in locations outside protected areas, and it provides a series of measures aimed at streamlining the obtention of the VIA (environmental authorization). In December 2021, the GSE announced the 8 th auction under DM FER 19. The auction was held in February 2022. Out of the 2,346 MW available for \u201cBloc A\u201d projects (onshore wind and solar PV, utility scale), only 306,5 MW (of which 40 MW of onshore wind) were selected in the auction, which was highly undersubscribed. The average price was 65.05 \u20ac/MWh, close to the ceiling price of 65.15 \u20ac/MWh. The remaining 2 GW (capacity not awarded in previous rounds) was auctioned in June 2022. A new decree was published in the Italian Official Gazette no. 21 of 27 January 2022, setting \u201curgent measures to support businesses and economic operators as well as to limit the effects of price increases in the electricity sector\u201d. It was repealed and replaced the 25 th February by DL n\u00ba 23, slightly modifying Article 16, in which the clawback measures are defined. Under new wording, clawback affects certain RES with a COD previous to 1 st January 2010: \u2022 Solar plants (>20kW) with fixed premium schemes and non-incentivized plant (>20kW) \u2022 The measure excludes PPA\u2019s when the contract does not exceed by more than 10% the reference price \u2022 The clawback measure, applying from 1 st February to 31 st December, introduces a 2 ways CfD scheme at what is \u2022 considered as the reasonable price for the mechanism (ca. 60 \u20ac/MWh). Revenues over this value are reimbursed.
In March the government approved \u201cDL Tagliaprezi\u201d a potential clawback through a 10% one-off levy on producers and sellers of electricity, natural gas and petrol products. The measure needs to be approved in 60 days The measure applies to profit margins which rose by more than 5 million euros during the Oct. 2021 - March 2022 period compared to a year earlier, excluding cases where the profit margin rose by less than 10%. In March 2022, the Minister of Ecological Transition announced a plan to replace Russian gas imports in the next 3 years. In May 2022, the so-called \u201cDL Aiuti\u201d (Decree-Law no. 50 of 17 May 2022) aimed to counteract the high energy prices effects on consumers, was approved. The Decree increased the one-off levy on producers and sellers on electricity, natural gas and petrol products from the initial 10% (previously approved in March 2022) to 25% and extended the period one extra month (up to April 2022). The Decree also introduced significant permitting simplifications, aimed at facilitating the development of new renewable plants. On 21 st September 2022, the so-called \u201cDL Aiuti Bis\u201d was approved. It extended the clawback tax introduced by Sostegni TER from 11 to 17 months (from 1 st February 2022 to 30 th June 2023). This levy introduces a 2-way CfD scheme at what is considered to be a \u201creasonable price\u201d for the mechanism (around 60\u20ac/MWh). Revenues over this value are reimbursed. The scheme only applies to some renewable projects with a COD before 1 st January 2010 (it doesn\u00b4t apply to any EDPR project). On 21 November 2022, the Council of Ministers approved a new Budget Law, which was then ratified by the Parliament on 29 th December. The new budget will be financed, among others, by a retroactive increase of the windfall tax to 50% (previously set at 25%) that applied in 2022 to producers and sellers of electricity, natural gas and petrol products. This model replaces former VAT declaration-based model, which was implemented until middle 2022. The taxable base is defined as the portion of total income determined for corporate income tax purposes that exceeds by, at least, 10% of the average total income determined for corporate income tax purposes earned in the 2018-2021 period. The amount of the extraordinary contribution shall not exceed 25% of the equity value of the assets at the end of 2021. The contribution is to be paid by June 2023. Also, in line with EU regulation, from 1 st December 2022, to 30 th June 2023, a price cap (of 180\u20ac/MWh for wind and solar) shall be applied to market revenues of inframarginal technologies through a one-way compensation mechanism. The settlement is to be done on a monthly basis, with the average captured price. In case of plants under one-way incentives schemes, the reference price will be equal to the maximum value between 180\u20ac/MWh and the tariff. On November, 2023 \u201cDecreto Sicurezza Energetica\u201d was approved, introducing the promotion of use of renewable energy sources and to support energy-intensive businesses. Regarding the promotion of renewable energy sources, the DL foresees new incentives for energy intensive companies to install renewable energy sources. Also. It introduces measures for the development of the floating offshore wind energy sector in Southern Italy. Regulatory framework for the activities in Greece Renewables projects in Greece are supported by 20-year feed-in premiums (Contracts-for- Difference) awarded through auctions. The first full-scale renewables auction was held on 2 July 2018, with 277 MW of capacity awarded. On 15 April 2019, the first technology-neutral renewable auction (for onshore wind and solar PV) was held. In December 2019, Law 4643/2019 on the liberalization of the Greek energy market, the modernization of the Public Power Corporation (PPC), the privatization of the Public Natural Gas Company (DEPA) and the support of the renewable energy sector, was passed. The law introduced significant changes to the electricity market. Regarding renewables, the law set out the possibility to renewable plants with a capacity exceeding 250 MW (or aggregated capacity at the same connection point exceeding 250 MW) to directly agree with the Ministry of Environment and Energy a selling price (provided the EU Commission gives the green light). The law also stated that renewable generators under the fixed-tariff scheme had to be balancing responsible (although it is only applicable to renewable projects in operation after July 2019). Greece, as all EU Members, submitted its National Energy and Climate Plan (NECP) in December 2019. It includes ambitious renewable targets (35% RES target by 2030) and the complete phase- out of coal facilities by 2028. The government announced a total lockdown in the country starting on 23 March 2020, in an attempt to reduce new coronavirus cases. However, measures progressively started to ease on May 4. The Greek government approved extensions of power facilities deadlines due to the COVID-19 crisis (legislative Act OG A\u201975/30.3.2030). The Act stated that installation licenses and binding grid connection offers which were about to expire would be extended 4 or 6 months (depending on
bexpiring date). Also, deadlines for connecting projects which had been selected through auctions, would also be extended 4 or 6 months (also depending on the deadline). The European Commission favourably reviewed Greece\u2019s electricity market in a 7 th post-bailout report on the country\u2019s economy. It issued however a warning on the RES special account deficit, although it attributed the deficit to the pandemic. In November 2020 Greece launched into operation the \u201cEU electricity Target Model\u201d, which is the basis for the development of the Single market in Europe. It includes a day-ahead, and intra-day and balancing market (the future market was already operating). Thus, the EU harmonization of the Greek electricity market is now effective. In addition, the Greek day-ahead market was coupled with the Italian one in December 2020 and with the Bulgarian one in May 2021. On 9 December 2020, Law 4759/2020 introduced several measures to reduce the RES Account Deficit, which is the Fund that supports renewable projects. These measures were (i) a \"one-time extraordinary contribution\" of 6% on the turnover of 2020 for old renewable projects (projects that started operations before 31 December 2015) (ii) A \u201cone-time emergency charge\u201d on suppliers equal to 2\u20ac/MWh during 2021, (iii) an increased percentage of emissions allowances sales at 78% (vs. 65% previously), (iv) a green tax on diesel consumption of 0.03\u20ac/liter and (v) Re-orientation of revenues from the Special Fee for issuance of Certificate of Electricity Producer from RES currently paid to regulator. On 23 August 2021, the government announced that the RES special account would be split into two, to protect producers\u2019 revenues. As a result, a new RES special account for projects operating since January 2021 will be created. This new account will be supported by the \u201cDynamic Renewable Charge\u201d, that will be paid by electricity suppliers and then passed on to their customers. The European Commission adopted a positive assessment of Greece\u2019s Recovery and Resilience Plan in June 2021. Greece had requested 17.8 b\u20ac in grants and 12.7 b\u20ac in loans under the Plan. The Plan devotes 38% of Greece\u2019s total allocation to measures that support climate objectives, including upgrading the electricity network and strengthening the support scheme for producers of renewable energy sources, among others. The European Commission approved in November 2021, under EU State aid rules, a \u20ac2.27 billion Greek scheme for the production of electricity from renewable sources and high efficiency combined heat and power (CHP). This approval came after Greece notified the Commission of its intention to approve a new scheme to support electricity for renewable sources. For both onshore wind and solar installations, support will be awarded through a joint competitive tendering procedure (although separate auctions are also envisaged in case targets are not met). Winning projects will be awarded two-way contract-for-difference contracts. The scheme is expected to start in March 2022 and will be opened until 2025. In December 2021, the minister of energy published in the Official Gazette B 6250 the decision 123726/5096, defining technologies and categories of electricity generation units from renewables and Combined Heat and Power plants (CHP) eligible to apply for operational support. The listed categories and estimated timings are the following: \u2022 Technology-specific competitive bidding procedures for PV above 0.5 MW and below 1MW until December 2022, and for solar PV below 1MW, wind above 0. 06 MW and below 6 MW, from January 2023 to December 2025. \u2022 Competitive tendering procedures by region, to cover power margin for the interconnection Nea Makri \u2013 Polypotamos with Evia, the Cyclades and the second phase of Attica with Crete. \u2022 Joint competitive processes until December 2025 for wind above 0.06 MW and solar PV above 1 MW (units from the technology-specific process are also eligible from January 2023). \u2022 Additionally, specific joint competitive processes for renewables with storage are included until December 2025, for wind and solar power plants above 10 MW with integrated electricity storage of guaranteed (useful) storage capacity of at least equal to 20% of the maximum hourly energy produced Under this plan, a total of 3 GW of renewables are expected to be auctioned during the period 2022-2025, although there is no visibility on the expected volumes and timings for each year. in July 2022 Greece implemented its own technology specific cap at 85 \u20ac/MWh for RES, differing from the one proposed at European level. The cap is implemented at the level of the day-ahead market hourly prices for one year but could be extended. It is also applicable to PPAs, both physical and financial. However, an exception for physical PPAs could be announced. In August 2022Law 4951/2022 on permitting and EES was published. The Law defines several key measures aimed at accelerating the RES licensing process (it aims to shorten the overall RES licensing process from 5 years to 14 months). It also targets to increase connections to the grid throughout operational restrictions although it opens the door to output curtailment (up to 5% of the annual generation). It also includes an integrated framework for the development of storage projects. In September 2022, the ministers of Finance and Environment and Energy issued a joint Ministerial
Decree by which a windfall tax of 90% would be imposed to vertically integrated energcompanies. According to it, monthly positive gross profit margins from October 2021 to June 2022, would be taxed at the announced rate. In March, law 5037/2023 was published and introduced new provisions regarding RES State Aid contracts. Given the financial difficulties that projects could find, if a project is commissioned and has started its contract for less than 4 years, then the contract could be terminated without losing any guarantees. In addition, projects that have a CfD signed before 31/12/2023 would have the right to go merchant for up to 2 years after the issuance of the operation license, without losing their CfD contract and maintaining its tenure. In May 2023, new renewables injection restriction rules were officially published via Ministerial Decision published in the state journal. According to former rule (included in Law 4957/2022), in case of high grid congestion, injection restrictions could be applied to renewable plants. However, these restrictions could not amount to more than 5% of the annual energy generated by the renew- able facility. New rules published in 2023 will apply to all renewable plants under development (including storage) with connection offers and to renewable plants with connection requests al- ready submitted either to DEDDIE/HEDNO or IPTO. According to these new rules, solar PV plants will be subject to injection restrictions, and the maximum power of injection will be capped at 72%. Wind and BESS will also be subject to restrictions (for wind, maximum power of injection will range between 65-80%), but only during the day (in solar hours). In any case, these restrictions will be applied with the limitation of the maximum 5% of annual generation maximum cut, that will still apply. In August 2023, the Ministry of Environment and Energy decided to extend until the end of 2023 the clawback mechanism. No further extension has been decided. Regulatory frameworks for the activities in UK A Energy Bill, that received royal assent on 18 December 2013, became law making the Contract for Difference (CfD) regime official in the UK. The UK Government also released the Electricity Market Reform (EMR) Delivery Plan on 19 December 2013. In the new system, CfDs have a 15-year length for renewables (except for biomass conversions) and are granted through tenders. The \u201cestablished technologies\u201d, which include onshore wind and solar PV, compete for budgets in different allocation rounds. Less mature technologies, such as offshore wind, compete in a separate \u201cpot\u201d. CfDs are based on a strike price for each technology. When the pool price falls below the strike price, generators receive a top-up payment. However, if it increases above the strike price, generators have to pay this difference back. In June 2019, a new legally binding net-zero emissions target by 2050 was passed into law, amending Great Britain\u2019s existing 2008 Climate Change Act. The target will require the UK to bring all greenhouse gas emissions to net zero by 2050, compared with the previous target of \u201cat least\u201d 80% reduction from 1990 levels. In order to achieve the target, several measures are proposed, including the support to new renewables facilities through CfD awarded through tenders. The UK officially left the EU on 31 January 2020, following the signature of the \u201cWithdrawal Agreement\u201d with the EU. The UK officially completed its economic separation from the European Union on 31 December 2020, after the end of the transition period in which the UK kept the same rules as the remaining 27 countries while it tried to negotiate a post-Brexit trade deal with the EU. After months of intensive negotiations, the UK and the EU announced a free trade deal on December 24. The agreement provides for zero tariffs and zero quotas on all goods that comply with the appropriate rules of origin. Regarding the energy field, the agreement provides a new model for trading and interconnectivity although the final day-ahead power market coupling rules between the EU and the UK are not expected to be in place until early 2022. In the meantime, interim arrangements will apply. The EU commission has also announced that there will be \u201cambitious\u201d cooperation over renewable energy and climate action. The Government announced on 30 June 2021 that the coal phase-out would be brought forward by a year, so that from 1 st October 2024, no coal facilities could be producing electricity in the country. In December 2021, the energy regulator (Ofgem) rose the energy price cap (the energy price cap limits the rates a supplier can charge for their default tariffs) and announced that updates would become more frequent (up until now, the price cap was updated on a 6-month basis). Accordingly, a new price cap of 1,971\u00a3 (vs. previous 1,277\u00a3) was set starting on April 1 st to September 20 th , 2022. The Fourth Allocation Round (\u201cAR4\u201d) bid window was opened from May 24 th to June 15 th , and results are expected in July, with more than 12 GW of renewables expected to be granted a 15-year contract-for-difference. The participating technologies were divided in 3 \u201cpots\u201d, meaning that projects only compete with other projects on their same pot. All pots are subject, however, to a budget limit. Pot 2 (which includes wind onshore and solar PV, among other technologies) was the only one that was also constrained to a maximum capacity of 5 GW, with both onshore wind and solar PV having each a capacity cap of 3.5 GW. In February 2022, the government announced that upcoming CfD allocation rounds will be held annually. In March 2023, AR5 will be opened to applications.
In April 2022, the Energy Security Strategy was published. The key aim of the strategy is for the UK to achieve long-term independence from foreign energy sources and decarbonise the nation\u2019s power supply. The document announced new targets across the different sectors, including: \u2022 Oil and gas: a new licensing round for new North Sea oil and gas projects expected to be launched in 2022, with the final aim to reduce gas imports \u2022 Wind: new ambition to deliver up to 50 GW of offshore wind, a tenth of which would come from floating facilities \u2022 Solar PV: ambition to deliver 70 GW by 2035 \u2022 Nuclear: total capacity expected to triple up to 24 GW by 2050, supplying around 25% of total electricity demand \u2022 Hydrogen: the government has doubled its ambition to increase hydrogen production, with a new target of 10 GW by 2030, with at least half of this being electrolytic hydrogen In April 2022, Ofgem announced the removal of Balancing Services Use of System (BSUoS) charges from generation. BSUoS charges are the means by which the Electricity System Operator recovers costs associated with balancing the electricity transmission system. Starting in April 2023, these charges will only be collected from final demand (electricity consumers, excluding generators and electricity exports). On 19 th July 2022, National Grid published the Capacity Market Operational Plan for 2022/2023. The government has set a target of 5,8 GW for the 2023-2024 year ahead (T-1) and 42.4 GW for the 2026-27 four-year ahead (T-4) capacity auctions, to be held in February 2023. On 27 th September 2022, the UK government launched the \u201cGrowth Plan 2022\u201d aimed at reducing inflation and supporting growth in the short term. To this end, it includes a wide range of measures, being some of them aimed at speeding up renewables\u2019 deployment (increasing renewables capacity by 15% in 2023). The Plan mainly focuses on onshore and offshore wind, hydrogen and carbon capture projects. It also contains measures to accelerate infrastructure delivery, in particular to accelerate onshore wind deployment. A \u201cNew Energy Supply Task Force\u201d is also created, aimed at reshaping the electricity market to reduce gas dependency and eventually, reduce electricity prices. The Plan also announced the creation of the \u201cEnergy Market Financing Scheme\u201d, which will help energy companies facing high and volatile energy prices to address liquidity issues. On 17 th November, the British government announced a windfall tax on energy companies that were making extraordinary profits due to the spike in energy commodity prices. The so-called \u201cElectricity Generator Levy\u201d replaces the \u201cCost Plus Revenue Limit\u201d announced during the Truss Interlude. The Levy will apply to nuclear and renewable generators, excluding those with CfD contracts. The windall tax will be calculated on an annual basis and is to be collected by HM Revenue & Customs (HMRC) in the same way that as a corporate tax and similar to the EU revenue cap. It will only apply to \u201cexcess\u201d profits above 75 GBP/MWh. The Levy will apply from 1 st January 2023 until 31 st March 2028, but if market prices return to \u201cnormal\u201d levels, the windfall tax would decrease accordingly. This measure had not impact to EDPR portfolio in UK. In November 2023, the Government published the core parameters for Allocation Round 6 (AR6) of the Contracts for Difference (CfD) scheme. The Government decided to raise administrative strike prices for all technologies, including a 66% increase in the offshore wind\u2019s administrative strike price. The core parameters also confirm that AR6 will feature a three-pot structure, with off- shore wind having its own pot. Regulatory frameworks for the activities in Brazil The Electricity Sector in Brazil is regulated by Federal Law nr 8,987 of 13 February 1995, which generally rules the concession and permission regime of public services; Law nr 9,074 of 7 July 1995, which rules the grant and extension of public services concession or permission contracts; Federal Law nr 10,438 of 26 April 2002, which governs the increase in Emergency Electric Power Supply and creates the 3,300 MW Program of Incentives for Alternative Electricity Sources (PROINFA); Federal Law nr 10,762 of 11 November 2003 and Law nr 10,848 of 15 March 2004, concerning commercial rules for the trade of Electric Power; and, subsequent amendments to the legislation. The institutions that ensure a proper development and functioning of Electricity Sector in Brazil are: a. the Energy Research Company (\u201cEPE\u201d), responsible for long term planning in the electric sector; b. the Electric Sector Monitoring Committee (\u201cCMSE\u201d), responsible to continuously assess the security of electricity supply, c. the Chamber for the Commercialization of Electric Energy (\u201cCCEE\u201d), an institution dealing with commercialization of electricity in Interconnected System, d. National Electricity Regulatory Agency (\u201cANEEL\u201d), responsible for regulating and inspecting the electricity sector, as well as establishing the tariff for the consuming public and promote energy auctions together with MME, EPE and CCEE; e. Ministry of Mines and Energy (MME) responsible for the creation and implementation of policies, acting as the Conceding Authority;
f. the National Electric System Operator (ONS), which is responsible for the coordination of real time operation and supervision of the energy generation and transmission grid. Federal Law n\u00ba 9,427 of 26 December 1996 establishes the possibility of Renewable Energy producers to sell directly to the final consumer(s) (aggregated demand > 500kW), at any voltage level. As part of the regulatory incentive framework, Renewable Energy producers (small hydro, biomass, wind and solar) are granted a reduction of, at least, 50% in the Distribution and Transmission System Use Tariff (TUSD and TUST) provided that pre-defined rules are met. The Law n\u00ba 13,203 of 8 December 2015 extended the subsidy for larger solar, wind and biomass plants. Renewable energy production from plants which receive the above-mentioned subsidy is defined as \u201cincentivized energy\u201d, while the electricity production from no-incentivized sources is defined as \u201cconventional energy\u201d. Special Consumers, the ones which consumption demand is above 500 kW and under 3 MW, are allowed to purchase electricity only from incentivized sources. Since July 2019, the minimum demand is gradually reducing, so that, as of January 2023 those Special Consumers will be allowed to purchase incentivized or conventional energy by their own free choice. The Decree nr 5,025 of 30 March 2004, regulates the Federal Law nr 10,438 and states the \"Alternative Energy Sources\" economical and legal framework. PROINFA participants have granted a PPA with ELETROBR\u00c1S, and are subject to the regulator (ANEEL) authority. The Decree n\u00ba 5,163 of 30 July 2004 regulates the Federal Law n\u00ba 10,848, establishing two trading environments for sale and purchase energy: the Regulated Contracting Environment (\"ACR\"), with the participation of energy producers, traders and distribution agents, and the Free Contracting Environment (\"ACL\"), in which Producers, Traders, Importers & Exporters and Free Consumers participate. In the ACR, distribution companies are allowed to buy \u201cdistributed energy\u201d (local generation), by observing a limit of 10% of the total demand of each distribution agent. In terms of tariff moderation for Captive Consumers (consumption demand < 500 kW), Brazilian Energy Sector provides for the purchase of electricity by distributors through regulated auctions, subject to the lowest cost criteria, aiming to reduce the cost of acquisition of electric energy that is re-passed to captive customer tariffs. These auctions seek to provide the lowest possible price of electricity to be re- passed to the consuming public. During the fourth quarter of 2019, Ministry of Mines and Energy set strategic lines of activities to be developed towards the modernization of the Brazilian electricity sector. One of the first measures taken relates to the PLD (short-term price), currently calculated on a weekly basis. Hourly PLD has been calculated on a test basis (\u201cshadow operation\u201d) since 2018, aiming to become economically effective as of 1 January 2021. It aims to improve efficiency between electricity production and consumption based on an efficient management of price formation and real-time operation. The government has taken measures in response to Covid-19 impacts in main areas as the energy sector, by means of Decrees, Provisional Measures and changes in existing regulation. By the end of March, to ensure uninterrupted supply of energy to consumers, Decree n\u00ba 10.282/2020 reinforced electricity generation, transmission and distribution as essential activities. This included the equipment supply needed for operation and maintenance. By the end of April 2020, the range was extended to include construction works. Through Normative Resolution n\u00ba 878/2020, the Brazilian Electricity Regulatory Agency (ANEEL) suspended energy supply cuts regardless of the consumers\u2019 capacity of payment for 90 days as of 23 March 2020. In addition, the low-income population registered for lower tariffs (the Social Tariff program) will not undergo periodic checks over the next three months, and therefore will not be subject to the loss of the benefit. Measures have also been taken to prevent distributors (DSO)\u00b4 s financial losses due to a potential high default rate, and consequently affect their stakeholders. In order to add liquidity, ANEEL authorized the transfer of resources from sector funds to distributors and consumers, totalizing R$2,43 billion so far. Provisional Measure n\u00ba 950/2020 propose temporary use of resources from National Treasury, other sector funds and bank loans for DSO to be paid for all consumers, as well as new measures to subsidize low-income consumers, providing a 90-day exemption from paying the electricity bills. ANEEL also released a first assessment of Covid-19 impacts to the energy sector, through which reinforced the need of maintenance of the economic and financial balance of contracts, preservation of contracts and the participation of all segments (generators, TSO, DSO, consumers) towards the best solutions. On 23 June 2020, ANEEL enacted the Normative Resolution n\u00ba 885/2020 establishing the loan conditions to support the DSO in reducing the impacts of Covid, without resources from National treasury. A total of 19 banks led by BNDES will inject up to R$ 16,25 billion to \u201cConta Covid\u201d and will be paid by consumers in 60 months. To benefit from the resources, the DSOs may declare they have the right to question any of the conditions in court, preserve the PPAs and limit the distribution of dividends in the case of a default.
In March 2020, the Chamber of Electric Energy Commercialization (CCEE) and the National Power System Operator (ONS) estimated a 0,9% decrease in total consumption for 2020 compared with last year, based on a \u201cclose to zero\u201d variation of GDP due to the impacts of COVID- 19 on economic activity. On May 1 st , Ministry of Economy made a significant downward revision of GDP forecast, from 0 to 5% decline for the worst-case scenario of Brazilian economy. By the end of June 2020, Central Bank of Brazil updated the GDP projection for 2020 reducing it from -5% to -6.5%. Under this circumstance, demand for electricity is expected to further diminish. Due to the uncertainties on future demand for electricity, the regulated auctions scheduled for 2020 are postponed. According to CCEE and ONS, it\u00b4s also an opportunity to revisit guidelines in order to introduce cheaper and more efficient power plants. One strategy proposed is to restrict the participation in regulated auctions to thermal plants which unit variable cost (CVU) are less than R$300/MWh, allowing for lower spot market prices (PLD). The National Development Bank (BNDES), main financing institution announced several measures to support sectors of oil and gas, airports, ports, energy, transportation, urban mobility, health, industry and commerce and services. Other measures regarding public health, tax and employment rules were announced in response to COVID-19. On 1 September 2020, the Brazilian government issued the Provisional Measure (\u201cMP\u201d) n\u00ba 988/2020 with the main purpose of reducing the electricity bills for consumers. The Brazilian Congress has a 120-day period to approve the MP and convert it into Law, otherwise it will become ineffective. For renewable generators, the main impact is due to the cut in subsidies in the rates of the transmission and distribution system tariff within a 12-month deadline as of the MP enactment. Power plants authorized during this period and which requires an increase of power capacity will still be granted with the benefit and shall start commercial operation within a 48-month period after the published authorization. All those power plants already granted by the benefit before the MP are not affected. The end of subsidies must be compensated by the development of mechanisms based on the environmental benefits due to renewable energy sources related to low-carbon emission. On 8 September 2020, the Law 14,052/2020 was finally enacted and establishes the conditions for hydro generators to renegotiate debts due to the hydrological risks, which caused a low Generation Scaling Factor (\u201cGSF\u201d) during a prolonged drought, intensified by measures taken by the government to secure the national grid operation. The debt has been impacting the short-term market settlement, which currently involves more than R$ 9 billion. ANEEL has a 90-day period to propose a regulation, which must be, at first, submitted to a public hearing. On 8 December 2020, MME announced a regulated auction schedule for the next three years (2021- 2023). Three kinds of auctions are expected aiming at contracting energy from new and existing power plants and the expansion of the transmission system. New energy auctions A-3/A- 4 and A-5/A-6 for 2021 are scheduled to take place on June and September, respectively. As of 1 January 2021, the short-term price (PLD) comes into effect in an hourly basis, after two years of shadow operation. Although, since the last year, the ONS has been operating based on the new dispatch model results, just now the hourly PLD became effective for the purpose of commercialization. On 23 March 2021, ANEEL published the rules to compensate the lack of wind generation due to grid curtailments caused by systemic electrical limitations. The regulation for solar plants is expected for 2022. On 6 December 2021, ANEEL published the normative resolution for the implementation of hybrid power plants, allowing potential synergies in terms of grid costs and energy production. In the same month, MME announced the regulated auctions scheduled for the next three years by means of Portaria MME n\u00ba 32/2021. A A-4 new energy auction will take place in 27 May 2022 starting supply as of 1 January 2026. On 7 January 2022, Law 14.300/2022 was enacted establishing the regulatory framework for consumers to generate energy by means of micro (up to 75 kW) and micro (between 75kW and 5MW) distributed generation. In July 2023, in an attempt to partially settle the imbalance between generation offer and grid capacity, ANEEL approved an extraordinary mechanism allowing generators, on their own will, to revoke their grants and terminate the connection contracts without any penalties. More than 11 GW is expected to be free-up, which shall be confirmed by Sep/2023.The increasing participation of renewables, especially the intermittent wind/solar, has been driving ANEEL to promote enhancements in existing regulations as the recent changes in Normative Resolution 1.030/2022, which establishes the rules for ancillary services in the National Interconnected System (SIN), including renewables to be compensated for reactive power support. The increasing participation of renewables, especially wind/solar, has been driving ANEEL to pro- mote enhancements in existing regulations as the recent changes in Normative Resolution 1.030/2022, which establishes the rules for ancillary services in the National Interconnected
System (SIN), including renewables to be compensated for reactive power support. Nonetheless, the remuneration scheme must be reviewed so that it becomes attractive for new investments. Public consultations have been held by ANEEL in order to improve the regulation. With regards to the free market expansion, since Jan 1st 2024, all consumers connected to high voltage (> 2,3 kV) grid system (categorized as group A), regardless their consumption demand, are now able to negotiate energy contracts with suppliers of their own choice. Regulatory frameworks for the activities in Vietnam The Vietnamese Ministry of Industry and Trade (MOIT) introduced a wind feed-in tariff (FIT) in 2011 to encourage investment in the sector. Projects were granted a 20-year power purchase agreement (PPA) with EVN, the state utility. However, this first remuneration framework failed to spur wind deployment as investors considered that revenues under this scheme didn\u00b4t provide appropriate returns. In September 2019, the government released a new FIT scheme of around 85\u20ac/MWh for onshore projects and 98\u20ac/MWh for offshore wind projects, provided that projects were commissioned before 1 November 2021. Government officials are now evaluating the introduction of competitive auctions, but no regulation has been adopted yet. Based on the Decision 13/2020/QD-TTg, effective from 22 May 2020 and related to solar PV, a first solar FIT was released in April 2017 but the scheme expired on 30 June 2019. A second solar FiT (the so-called FIT2) scheme was then announced in April 2020. Under the FIT2, solar PV projects were eligible for a 20-year PPA with EVN, and different prices were set depending on the size/type of solar facility. Solar projects were required to receive investment approval by 23 November 2019 and start operations before 31 December 2020 to be eligible for the FIT2. The government is now planning to implement a pilot auction program for solar power and a draft decision of the prime minister guiding the future auction system was released in February 2021. However, the scheme has still not been officially approved. Vietnam Electricity Law (Law No. 28/2004/QH11 on Electricity, as amended by Law No. 24/2012/QH13) requires \u201cnational power development master plans\u201d to be established for a 10- year period. The master plan serves as a basis for future power development in the country, applicable to all investment in the sector. The Government set the plan for the period 2011-2020 in the \u201cPower Development Plant VII\u201d in 2011. However, in 2016, the Plan was adjusted in order to increase renewable targets and to provide a vision to 2030. A new master plan is now due and MOIT released a first draft of a new Plan for the period 2021-2030, with a vision to 2045. In October 2022 Circular 15/2022 was released. It stated that projects that should have signed a PPA with EVN (Vietnam\u2019s state utility) but had failed to meet the conditions for applying the FIT prices, would receive prices set in this regulation. In particular, it set a price bracket formulation methodology for standard power plants, based on different paraments. These parameters are economic life of the facility, CAPEX, capital ratios (debt and equity) and financial discount rate. When negotiating the price for a specific project, calculations should be done with specific project data, and presented to EVN. Additionally, Decision 21/QD-BCT published on January 7 th , 2023, set a ceiling price for each technology. If price resulting from the methodology set in Circular 15/2022 is higher than the ceiling price (Decision 21/QD-BCT), then the ceiling price should prevail. Vietnam\u2019s eighth national power development plan (\u201cPDP8\u201d) was approved by Vietnam\u2019s Deputy Primer Minster under Decision 500/QD-TTg. The roadmap, with a vision to 2030, aims to boost wind and gas production while reducing reliance on coal. Wind solar and other renewable sources are expected to cover at least 31% of the country\u2019s energy needs by 2030. Regarding solar PV, the total installed capacity of solar facilities connected to the grid 2030 is expected to reach nearly 13 GW (8,5% of total installed capacity) by 2030. Vietnam\u2019s Ministry of Industry and Trade (MOIT) issued in December 2023 new rules (Circular 19/2023/TT-BCT, effective from 19 December 2023) for determining feed-in tariffs (FIT) for new wind and solar projects. The FITs under this new system will apply to the following technologies: ground-mounted solar PV, floating solar PV and onshore and offshore wind. The new calculation will only apply to solar projects that started operations after January 1, 2021 and wind projects that started operations after November 1, 2021. Regulatory framework for the activities in Singapore Singapore aims to halve its CO 2 emissions by 2050, according to its commitments raised in the latest National Energy and Climate Plan. The country also aspires to achieve net-zero emissions as soon as viable in the second half of the century but has not committed to a firm net-zero target yet. To this end, the country launched the \u201cSingapore Green Plan 2030\u201d, which is a roadmap to advance its sustainability agenda toward its long-term net-zero aspiration. Singapore also aims at decarbonizing its power sector through four levers, being solar PV one of them. Due to the lack of natural resources and the high population density, solar PV is regarded as the most viable renewable energy option. Specifically, the country targets 2 GW of solar PV capacity by 2030 (and 1.5 GWp by 2025). Most of this capacity is expected to be constrained to rooftops (and floating solar) as land resources are scarce.
From the regulatory point of view, no support is given to large-scale renewable energy, as the government seeks to facilitate renewable energy\u2019s access to the power market. The only specific support system is the net metering scheme which allows electricity consumers to sell excess electricity from their rooftop PV systems to the grid. Payment varies according to the type of consumer and the capacity of the PV system. Both residential and commercial consumers can sell excess power from rooftop PV to the grid. On the one hand, non-contestable customers (usually residential consumers) are paid the regulated tariff minus the grid charges (being the regulated tariffs reviewed every quarter by Singapore Power, the State-owned utility). On the other hand, non-residential consumers (with a monthly consumption equal or above 2,000 kWh and systems with a size equal or above 1 MW (regardless their monthly consumption) are paid the nodal price. In addition to this, solar PV development has also been accelerated thanks to the SolarNova programme, launched in 2014, which aggregates demand for solar PV across government agencies to achieve economies of scale. Since 2014, six SolarNova tenders have been launched, granting 366 MW. Awarded companies are given a 20-years floating or fixed PPA with Housing & Development Board (HDB), which is Singapore\u2019s public housing authority. Other government-led initiatives have been launched in order to use new spaces to deploy solar capacity, in particular, floating solar PV. For example, the Public Utilities Board launched a 60 MW floating solar PV tender at the Tengeh Reservoir. The tender had 2 components: first was the solar power to be sold into the wholesale market and a 25-year retail contract for the reservoir owner. In June 2023, Singapore\u2019s Energy Markets Authority (EMA) will impose a temporary wholesale power price cap from 1 July 2023, according to a document published on its website. The objec- tive is to protect electricity retailers (and final consumers) from high and volatile LNG prices. The cap price will be calculated according to a formula that takes into account natural gas and gen- eration costs, but the formula has not been disclosed. Regulatory framework for the activities in Taiwan Taiwan\u2019s energy policy is driven by the need to increase energy security, reduce its dependency on nuclear power and cut greenhouse gas emissions. The Renewable Energy Development Act (\u201cREDA\u201d), approved in 2009 is the main law governing renewables. This regulation introduced the Feed-in Tariff program, that applies to solar PV, onshore and offshore wind, biomass and hydro. Since then, FITs are the main support scheme for renewables in Taiwan. FITs have a 20-year term, and their values are reviewed once or twice per year (new FITs only apply to new projects). In the latest version of the Act (published in May 2020), the country has targeted 30 GW of RES by 2025 (20% of total electricity consumption). Solar PV and offshore wind are regarded as the leading technologies, being the 2025 targets, respectively, 20 and 5,7 GW. For a long time, the power market has been dominated by the state-owned utility \u201cTaipower\u201d. However, in January 2017, the government passed the revision to the Electricity Act to ensure: (i) open competition in supply, (ii) a fair access to the electricity grid and (iii) free power purchasing choices for customers. Since 2019, renewable generators may choose whether to sell electricity via direct supply, wheel- ing or wholesale to Taipower. According to it, corporate purchasers may acquire renewable energy on an \u201coff-site basis\u201d. In addition, renewable generators that have signed a corporate PPA are still able to subsequently switch and sell the electricity to Taipower at the agreed FIT calcu-
lated based on the date of the initial grid connection",
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"value": "to engage in activities related to the electricity sector, namely the planning, construction, operation and maintenance of
electricity generating power stations, using renewable energy sources",
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"value": "The Group essentially operates in the European (Spain, Portugal, Poland, Romania, France, Italy, Greece, UK and Belgium), American (U.S., Brazil, Canada and Mexico) and Asian (Vietnam, Singapore, Taiwan, China, Thailand, Japan and Cambodia) energy sectors.
",
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"value": "02. Accounting policies A) Basis of preparation The accompanying consolidated annual accounts (financial statements hereinafter) reflect the results of EDP Renov\u00e1veis, S.A. and its subsidiaries (EDPR Group or Group) and the Group's interest in its joint ventures and associated companies. The consolidated financial statements for 2023 have been prepared to present fairly the consolidated equity and consolidated financial position of EDP Renov\u00e1veis, S.A. and subsidiaries at 31 December 2023, the consolidated results of operations, consolidated statement of comprehensive income, consolidated cash flows and changes in consolidated equity for the year then ended. In accordance with Regulation (EC) no. 1606/2002 of 19 July 2002, of the European Council and Parliament, the Group's consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), as endorsed by the European Union (EU). IFRS comprise accounting standards issued by the International Accounting Standards Board (IASB) and its predecessor body as well as interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and their predecessor bodies.
Accounting policies have been applied consistently by all Group companies and in all periods presented in the consolidated financial statements. The new standards and interpretations recently issued but not yet effective and that the Group has not yet applied on its consolidated financial statements, are detailed in note 3. Taking into account the amendments to IAS 1, effective on 1 January 2023, regarding the disclo- sure of accounting policies, the Group reviewed the information disclosed in this note and made the changes deemed relevant. The Board of Directors approved these consolidated annual accounts on 27 February 2024. The annual accounts are presented in thousand Euros, rounded to the nearest thousand.
The financial statements have been prepared on a going concern basis under the historical cost convention, modified by the application of fair value accounting to derivative financial instruments, financial assets at fair value through profit or loss, financial assets at fair value through other comprehensive income, except those for which a reliable measure of fair value is not available. Assets and liabilities that are hedged under hedge accounting are stated at fair value in respect of the hedged risk. Non-current assets and disposal groups held for sale are stated at the lower of carrying amount and fair value less costs to sell. Liabilities for defined benefit plans are recognised at the present value of the obligation net of plan assets fair value. The preparation of financial statements in accordance with IFRS-EU requires the Board of Directors to make judgments, estimates and assumptions that affect the application of the accounting policies and of the reported amounts of assets, liabilities, income and expenses. The estimates and related assumptions are based on historical experience and other factors considered reasonable in accordance with the circumstances, the results of which form the basis for making judgments regarding the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The areas involving the highest degree of judgment or complexity, or for which the assumptions and estimates are considered significant, are disclosed in note 4 - Critical accounting estimates and judgments in applying accounting policies. (*) Updating the fair value of identifiable assets and liabilities - Acquisition of Kronos Group In accordance with IFRS 3 - Business Combinations, when the initial purchase price allocation of assets, liabilities, and contingent liabilities acquired is identified as provisional, the legal acquirer should make the final allocation of the purchase price related to the fair value of the assets, liabilities, and contingent liabilities acquired within the subsequent 12 months after the business combination transaction. These adjustments, which impact the amount of goodwill determined and booked in previous periods, lead to a restatement of the comparative information on the statement of financial position from the date of the business combination transaction. In the fourth quarter of 2022, EDPR completed the acquisition of Kronos Group, framed within the scope of IFRS 3. With reference to the acquisition date, EDPR, based on an assessment carried out by an independent external entity, proceeded to provisional determination of the fair value of the options signed within the business combination transaction as part of the total consideration for the acquisitions of shares. In the fourth quarter of 2023, a more detailed assessment by the independent external entity resulted in a definitive update of the fair value, leading to the following restatement of comparative data in the financial position statement as of acquisition date: ASSETS \u2013 Non Current 31 DEC 2022 FAIR VALUE ADJUSMENT 31 DEC 2022 (MODIFIED) Goodwill 2.329.964 -40.052 2.289.912 Liabilities \u2013 Non Current Other liabilities and other payables -2.844.344 40.052 -2.804.292 - B) Basis of consolidation The accompanying consolidated financial statements reflect the assets, liabilities and results of EDP Renov\u00e1veis, S.A. and its controlled subsidiaries and the equity and results attributable to the Group, through the investments in associates and jointly controlled entities. EDPR Group applies prospectively as from 1 January 2010, IFRS 3 (revised) for the accounting of business combinations. Accumulated losses in controlled subsidiaries are attributed to non-controlling interests in the corresponding proportions held, implying that the Group can recognise negative non-controlling interests. On a step acquisition process resulting in the acquisition of control the revaluation of any interest previously held is booked against the income statement. On a partial disposal resulting in loss of control over a subsidiary, any participation retained is revalued at market value on the sale date and the gain or loss resulting from this revaluation is booked against the income statement, as well
as any gain or loss resulting from the disposal. Jointly controlled entities The Group classifies an arrangement as a joint arrangement when the jointly control is contractually established. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that collectively control the arrangement. After determining the existence of joint control, the Group classifies joint arrangements into two types - joint operations or joint ventures. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets, and obligations for the liabilities, relating to the arrangement, so the assets and liabilities (and related revenues and expenses) in relation to its interest in the arrangement are recognised and measured in accordance with relevant IFRSs applicable. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement, so this investment shall be included in the consolidated financial statements under the equity method. The consolidated financial statements include the Group's attributable share of total reserves and profits or losses of entities where the Group exercises joint control with other partners (joint ventures) and entities where the Group exercises significant influence (associates), included in the consolidated financial statements under the equity method. When the Group\u2019s share of losses exceeds its interest in a jointly controlled entity, the Group's carrying amount is reduced to zero and recognition of further losses is discontinued, except to the extent that the Group has a legal or contractual obligation to cover such losses on behalf of that entity.
Accounting for investments in subsidiaries, joint ventures and associates in the company\u2019s financial statements Investments in subsidiaries, joint ventures and associates not classified as held for sale or not included in a disposal group which is classified as held for sale are accounted for at cost in the company\u2019s financial statements, and are subject to periodic impairment tests, whenever
indication exists that certain financial investment may be impaired. Business combination Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. The Group measures goodwill at the acquisition date as: \u2022 The fair value of the consideration transferred; plus \u2022 The recognised amount of any non-controlling interests in the acquiree; plus \u2022 If the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 The net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. If the initial purchase price allocation of assets, liabilities and contingent liabilities acquired is identified as provisional, in the subsequent 12 months after the business combination transaction, the legal acquirer should make the final allocation of the purchase price related to the fair value of the assets, liabilities and contingent liabilities acquired. After that period, adjustments to initial measurement are only made to correct an error.
Purchases of non-controlling interests and dilution In acquisitions (dilutions not resulting in a loss of control of non-controlling interests), the difference between the fair value of the non-controlling interests acquired and the consideration paid, is accounted against reserves. The acquisitions of non-controlling interests through written put
a liability for the fair value of the amount payable, against non-controlling interests. The fair value of the liability is determined based on the contractual price which may be fixed or variable. In case of a variable price, the changes in the liability are recognised against the income statement as well as the effect of the financial discount of the liability (unwinding).
Acquisition of assets out of the scope of IFRS 3 In order to assess whether an acquisition of an asset or a group of assets is a business, EDPR identifies the elements in the acquired entity (inputs, processes and outputs), assesses the capability to create outputs (it should have at a minimum, an input and a substantive process to be assessed as a business) and, finally, assesses the capability of market participants to continuing to create outputs (conducting the activities as a business). In the case of an integrated set of activities that is in an early-stage of development and has not started to generate outputs, EDPR considers other factors to determine whether it constitutes a business, such as if: (i) planned principal activities have begun; (ii) employees, intellectual property, and other inputs and processes are present; (iii) a plan to produce outputs is being pursued; and/or (iv) access to customers who will purchase the outputs can be obtained. Generally, an early-stage entity that has employees capable of developing an output will be considered a business. Therefore, in application of the above, EDPR concludes that IFRS 3 is not applicable when there are no outputs at the acquisition date due to an early-stage of development, and the acquired process(es) cannot be considered substantive. Thus, the acquisition of an asset or a group of assets that does not fulfil the conditions to be considered a business is classified as an acquisition of a company out of scope of IFRS 3.
Investments in foreign operations The financial statements of the foreign subsidiaries and associates of the Group are prepared using their functional currency, defined as the currency of the primary economic environment in which they operate. In the consolidation process, the assets and liabilities of foreign subsidiaries are translated into Euros at the official exchange rate at the balance sheet date.
Balances and transactions eliminated on consolidation Inter-company balances and transactions, including any unrealised gains and losses on transactions between group companies, are eliminated in preparing the consolidated financial statements. Unrealised gains and losses arising from transactions with associates and joint ventures are eliminated to the extent of the Group's interest in those entities.
Common control transactions The accounting for transactions among entities under common control is excluded from IFRS 3. Consequently, in the absence of specific guidance, within IFRSs, the EDP Renov\u00e1veis Group has developed an accounting policy for such transactions, as considered appropriate. According to the Group's policy, business combinations among entities under common control are accounted for in the consolidated financial statements using the EDP consolidated book values of the acquired company (subgroup). The difference between the carrying amount of the net assets received and the consideration paid, is recognised in equity. Put options related to non-controlling interests The Group applies IAS 32 to put options related to non-controlling interests. EDPR records written put options at the date of acquisition of a business combination or at a subsequent date as an advance acquisition of these interests, recording a financial liability for the present value of the best estimate of the amount payable, irrespective of the estimated probability that the options will be exercised. The difference between this amount and the amount corresponding to the percentage of the interests held in the identifiable net assets acquired is recorded as goodwill. Subsequent changes in the carrying amount of the put liability are recognized in profit or loss. Disposal of subsidiaries When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount of the investment recognised in profit or loss. Fair value is the initial carrying amount for the purposes of the subsequent recording of the interest retained in the associate, joint venture or financial asset. In addition to that, any amount previously recorded in other comprehensive income in relation to that entity is recorded as if the Group had directly sold all the related assets and liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. If the ownership of a holding in an associate is reduced but significant influence is retained, only the proportional part of the amounts previously recognised in other comprehensive income will be reclassified to the income statement.
C) Foreign currency transactions Foreign currency transactions are translated at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currency are translated into Euros at the exchange rates at the balance sheet date. These exchange differences arising on translation are recognised in the income statement as financial results. Foreign currency non-monetary assets and liabilities accounted for at historical cost are translated using the exchange rates at the dates of the transactions. Foreign currency non- monetary assets and liabilities stated at fair value are translated into Euros at the exchange rates at the dates the fair value was determined.
D) Derivative financial instruments and hedge accounting Derivative financial instruments are recognised on the trade date at fair value. Subsequently, the fair value of derivative financial instruments is re-measured on a regular basis, being the gains or losses on re-measurement recognised directly in the income statement, except for derivatives designated as hedging instruments. The recognition of the resulting gains or losses on re- measurement of the derivatives designated as hedging instruments depends on the nature of the risk being hedged and of the hedge model used. The fair value of derivative financial instruments corresponds to their market value, if available, or to quotes indicated by external entities through the use of valuation techniques, which are compared in each date of report to fair values available in common financial information platforms. Hedge accounting The Group uses financial instruments to hedge interest rate risk, exchange rate risk and price risk resulting from its operational and financing activities. Derivatives not qualified for hedge accounting under IFRS 9 are accounted for as trading instruments. Hedging derivatives are recorded at fair value, being the gains and losses recognised in accordance with the hedge accounting model applied by the Group. Hedge relationship exists when: \u2022 The hedging relationship consists only in hedging instruments and hedged items that are eligible as per determined in IFRS 9; \u2022 At the inception of the hedge there is formal documentation of the hedging relationship and the Group\u2019s risk management objective and strategy for the hedge; \u2022 There is an economic relationship between the hedged item and the hedging instrument; \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship; \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item.
Fair value hedge Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged assets and liabilities or group of hedged assets and liabilities that are attributable to the hedged risk. When the hedging relationship ceases to comply with the requirements for hedge accounting, the accumulated gains or losses concerning the fair value of the risk being hedged are amortised over the residual period to maturity of the hedged item. Cash flow hedge Changes in the fair value of derivatives qualified as cash flow hedges are recognised in reserves. The cumulative gains or losses recognised in reserves are reclassified to the income statement when the hedged item affects the income statement. When a hedging relation of a future transaction is discontinued, the changes in the fair value of derivative recognised in reserves remain recognised in reserves until the future hedged transaction occurs. When the future transaction is no longer expected to occur, the cumulative gains or losses recognized in reserves are recorded immediately in the income statement. Net investment hedge The net investment hedge model is applied on a consolidated basis to investments in subsidiaries in foreign currencies. This model allows that the exchange differences recognised in the currency translation reserve to be offset by the foreign exchange differences in foreign currency loans or currency derivatives contracted, recognised in Currency translation reserve - Net investment hedge. For cross currency interest rate swaps, the cross-currency basis spread and forward points are not designated into the hedge relationship, but deferred as a hedging cost in other comprehensive income, in Currency translation reserve - Net investment hedge - Cost of hedging, and recognized in profit or loss over the period of the hedge. The ineffective portion of the hedging relationship is recognised in the income statement. The accumulated foreign exchange gains and losses regarding the net investment and the related hedging instrument recognised in equity are transferred to the income statement when the foreign currency subsidiary is sold, as part of the gain or loss resulting from the disposal. Effectiveness The Group performs prospective tests at the inception date and at each balance sheet date, in order to demonstrate its effectiveness, showing that any adjustments to the fair value of the hedged item attributable to the risk being hedged are offset by adjustments to the fair value of the
E) Debtors and other financial assets Group classifies its financial assets, at the initial recognition based on the business model for managing the financial assets (\"business model test\") and their contractual cash flow characteristics (\"SPPI test\"). Financial assets at amortised cost Financial assets included within this category are initially recognised at fair value and subsequently measured at amortised cost. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. Loans and trade receivables are generally held to collect contractual cash flows and are expected to give rise to cash flows representing solely payments of principal and interest, thus they meet the criteria for amortised cost measurement. Financial assets measured at fair value through other comprehensive income (FVOCI) Financial assets included within this category are initially recognised and subsequently measured at fair value, with the changes in the carrying amount booked in other comprehensive income, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses, which are recognised in profit and loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in other comprehensive income is reclassified to profit or loss. Financial assets at fair value through profit or loss (FVTPL) Financial assets that do not meet the criteria to be classified as financial assets at fair value through other comprehensive income (FVOCI) or at amortised cost, are classified at fair value through profit or loss.
Regardless of the business model assessment, EDPR Group can elect to classify a financial asset at fair value through profit or loss if doing so reduces or eliminates a measurement or recognition inconsistency (\u201caccounting mismatch\u201d).
Changes in the business model assessment over time Financial assets are not reclassified subsequent to their initial recognition. However, if the Company changes its business model for managing financial assets, it will classify newly originated or newly purchased financial assets under the new business model but will keep the classification of existing assets under the previous business model. Recognition and derecognition of financial assets Purchases and sales of financial assets are recognised on the trade date, which is the date on which the Company commits to purchase or sell these financial assets. Financial assets are derecognised when: (i) the contractual rights to receive their future cash flows have expired, (ii) the Company has transferred substantially the risks and rewards of ownership, or (iii) although retaining some, but not substantially all the risks and rewards of ownership, the Company has transferred control over the assets. Impairment EDPR Group recognise an impairment loss based on the Expected Credit Loss (ECL) model, before the objective evidence of a loss event from past actions. This model is the basis for the recognition of impairment losses on held financial assets that are measured at amortised cost or at fair value through other comprehensive income (which includes cash and cash equivalents, trade receivables, loans and debt securities). The impairment methodology applied depends on whether there has been a significant increase in credit risk. If the credit risk on a financial asset does not increase significantly since its initial recognition, EDPR Group measures the loss allowance for that financial asset at an amount equal to 12-month expected credit losses. If the credit risk increases significantly since its initial recognition, EDPR Group measures the loss allowance for that financial asset at an amount equal to lifetime expected credit losses. Regardless of the above, a significant increase in credit risk is presumed if there is an objective evidence that the financial asset is impaired, including if there is observable data that comes to the attention of the holder of the asset about the following loss events, among others: significant financial difficulty of the issuer or obligor; restructuring of an amount due to the Company in terms that it would not consider otherwise; a breach of contract, such as a default or delinquency in interest or principal payments; or it becoming probable that the borrower will enter bankruptcy or other financial reorganization. As soon as the loss event occurs the impairment allowance would be allocated directly to financial asset affected, that is, the asset\u2019s carrying amount is reduced and the amount of the loss is recognised in profit or loss. If, in a subsequent period, the amount of the impairment loss decreases, the previously recognised impairment loss is reversed in profit or loss, if the decrease can be related objectively to an event occurring after the impairment loss was recognised. Trade receivables and loans EDPR Group applies the simplified approach and record lifetime expected losses on all trade receivables including those with a significant financing component. The estimated ECL are calculated based on actual credit loss experience over a period that, per business and type of customers, is considered statistically relevant and representative of the specific characteristics of the underlying credit risk. Considering the particularities of each business, exposures are segmented based on common credit risk characteristics such as credit risk grade, geographic region and/or industry. Actual credit loss experience is adjusted by scalar factors to reflect differences between economic conditions during the period over which historical data was collect, current conditions and EDPR Group's view of economic conditions over the expected lives of the receivables. For loans carried at amortised cost and FVOCI, EDPR Group performs an analysis based on the general approach. On making its assessment, the company has to make assumptions about risk of default and expected loss rates, which requires judgement. The inputs used for risk assessment and for calculation of the loss allowances for financial assets includes: (i) credit ratings (as far as available) from external credit rating companies such as Standard and Poor, Moody\u2019s and Fitch.; (ii) significant changes in the expected performance and behavior of the borrower, including changes in the payment status of borrowers in the Group and changes in the operating results of the borrower; (iii) Public market data, namely on probabilities of default and loss given default
expectations; and (iv) macroeconomic information (such as market interest rates or growth rates). all the risks and rewards incidental to ownership of an underlying asset. Otherwise, the lease is classified as an operating lease. Therefore, at the commencement date, the Group recognizes: i) assets held under a finance lease in its statement of financial position and present them as a receivable at an amount equal to the net investment in the lease. ii) lease payments from operating leases as income on either a straight\u2010line basis or another systematic basis (if that basis is more representative of the pattern in which benefit from the use of the underlying asset is diminished). The assets subject to operating leases are presented in its statement of financial position according to the nature of the underlying asset.
F) Trade payables and other financial liabilities An instrument is classified as a financial liability when there is a contractual obligation for the issuer to liquidate capital and/or interests, through delivering cash or other financial asset, regardless of its legal form. Financial liabilities are recognised at the issuance date (trade date): (i) initially at fair value less transaction costs; and (ii) subsequently at amortised cost, using the effective interest method. All financial liabilities are booked at amortised cost, with the exception of the financial liabilities hedged at fair value hedge, which are stated at fair value on risk component that is being hedged. Lease liabilities (rents due from lease contracts) EDPR Group measures the lease liability (rents due from lease contracts) on the commencement date based on the present value of the future payments of that lease contracts, discounted using EDPR Group's incremental borrowing rate for each portfolio of leases identified. The variable lease payments that do not depend in an index or a rate are not included in the measurement of the liability regarding the rents due from lease contracts, nor the right-of-use asset. Those payments are recognised as cost in the period in which the event or condition that gives rise to the payments occurs. EDPR Group determines the lease term as the non\u2010cancellable period of a lease, together with both: (i) periods covered by an option to extend the lease, if the lessee is reasonably certain to exercise that option; and (ii) periods covered by an option to terminate the lease, if the lessee is reasonably certain not to exercise that option. EDPR Group applies the recognition exemption provided by IFRS 16 for the leases which lease term is 12 months or less, or that are for a low-value asset. After the commencement date, the lease liability (rents due from lease contracts) are increased to reflect interest on the liability and reduced to reflect the lease payments made. EDPR Group remeasure the lease liability (rents due from lease contracts), and adjusts the corresponding right-of-use assets, by discounting the revised lease payments, using an unchanged discount rate, if either: \u2022 There is a change in future lease payments resulting from a change in an index or a rate used to determine those payments; or \u2022 There is a change in the amounts expected to be payable under a residual value guarantee. If there is a lease modification that do not qualifies to be accounted as a separate lease, EDPR Group remeasures the lease liability (rents due from lease contracts) and adjusts the corresponding right-of-use assets by discounting the revised lease payments, using a revised discount rate at the effective date of the modification.
Derecognition of financial liabilities EDPR Group derecognises a financial liability (or a part of a financial liability) from its statement of financial position when, and only when, the obligation specified in the contract is discharged or cancelled or expires. An exchange between an existing borrower and lender of debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability, or a part of it, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of a financial liability (or part of a financial liability) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss.
G) Equity instruments Costs directly attributable to the issuance of equity instruments are recognised in equity, as a deduction to the amount issued. Amounts paid or received relating to sales or acquisitions of equity instruments are recognised in equity, net of transaction costs. Distributions related to equity instruments are deducted from equity, as dividends, when declared. Equity instruments at fair value EDPR Group classifies the equity instruments that are held for trading at fair value to profit or loss. For all other equity instruments, management has the ability to make an irrevocable election on
initial recognition, on an instrument-by-instrument basis, to present changes in fair value in other comprehensive income. If this election is made, all fair value changes, excluding dividends that are a return on investment, will be included in other comprehensive income. There is no recycling of amounts from other comprehensive income to profit and loss (for example, on sale of an equity investment) being, at that time, transferred to retained earnings.
H) Capitalisation of borrowing costs Borrowing costs that are directly attributable to the acquisition or construction of assets are capitalised as part of the cost of the assets. The amount of borrowing costs eligible for capitalisation are determined by applying a capitalisation rate to the expenditures on these assets. The capitalisation rate corresponds to the weighted average of the borrowing costs applicable to the outstanding borrowings during the period. The amount of borrowing costs capitalised during a period does not exceed the amount of borrowing costs incurred during the period. The capitalisation of borrowing costs commences when expenditures for the asset are being incurred, borrowing costs have been incurred and activities necessary to prepare all or part of the assets for their intended use or sale are in progress. Capitalisation ceases when substantially all the activities necessary to prepare the assets for their intended use or sale are completed.
I) Property, plant and equipment Property, plant and equipment are stated at acquisition cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. In case of projects in a development stage, costs are only capitalized when it is probable that the project will be finally built. If due to changes in regulation or other circumstances costs capitalized are derecognized from property plant and equipment, they are recognized in the profit and loss caption of \u201cOther expenses\u201d. Replacements or renewals of complete items are recognized as increases in the value of property, plant and equipment and the items replaced or renewed are derecognized and recognized in the \u201cOther expenses\u201d caption. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for its intended use, and the costs of dismantling and removing the items and restoring the site on which they are located. Cost also may include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. The cost of acquisition includes interest on external financing and personnel costs and other internal expenses directly or indirectly related to work in progress accrued solely during the period of construction. The cost of production is capitalised by charging costs attributable to the asset as own work capitalised under financial expenses and personnel costs and employee benefit expense in the consolidated income statement. Subsequent costs are recognised as separate assets only when it is probable that future economic benefits associated with the item will flow to the Group. Repair and maintenance costs are charged to the income statement during the financial period in which they are incurred. The Group carries out impairment tests whenever events or circumstances may indicate that the book value of an asset exceeds its recoverable amount and, at least, annually, being the impairment recognised in the income statement. Land is not depreciated. Depreciation on the other assets is calculated using the straight-line method, less the residual value, over their estimated useful lives, as follows: NUMBER OF YEARS Buildings and other constructions 8 to 40 Plant and machinery: - Renewable assets 20 to 35 - Other plant and machinery 4 to 12 Transport equipment 3 to 5 Office equipment and tools 2 to 10 Other tangible fixed assets 3 to 10
The Group reviews the estimate of the useful life of assets whenever a change in the expected economic benefits flowing from the assets occurs as well as when the technical use planned for the assets differs from previous estimates. Changes occurring in the depreciation charge for the year are accounted prospectively. Residual value is the amount determined by the Group related to the scrap to be obtained from dismantled wind farms and solar plants and is calculated based on the technology of each project and the estimated prices of steel, copper and aluminium (this last one in the case of solar plants or
distributed generation assets). J) Intangible assets The Group\u2019s intangible assets are booked at acquisition cost less accumulated amortisation and impairment losses. The Group performs impairment tests, whenever events or circumstances may indicate that the book value of the asset exceeds its recoverable amount, being any impairment recognised in the income statement. Acquisition and development of software Acquired computer software licenses are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortised on the basis of their expected useful lives, and typically in 5 years.
Costs incurred by the Group directly related to the development of software, that are expected to generate economic benefits beyond one year, are recognised as intangible assets. Such costs include employee costs directly associated to the project and are amortised on a straight-line basis over its estimated useful life. Maintenance costs of software are charged to the income statement when incurred. Industrial property and other rights Industrial property and other rights are amortised on a straight-line basis over the estimated useful life of the assets, which does not exceed 6 years.
K) Leases/ Right-of-use assets EDPR Group presents the information related to lease contracts in the caption Right-of-use assets, creating a separate line in the Consolidated Statement of Financial Position. These assets are accounted for at cost less accumulated depreciation and impairment losses. The cost of these assets comprises the initial costs and the initial measurement of the liabilities regarding the rents due from lease contracts, deducted from the prepaid amounts and any incentives received. Depreciation of right-of-use assets is calculated on a straight-line basis over their estimated useful lives, considering the lease contract terms.
If EDPR Group remeasures the lease liability (rents due from lease contracts) (see 2F), the corresponding right-of-use assets shall be adjusted accordingly. L) Non-current assets held for sale and discontinued operations Non-current assets or groups of non-current assets held for sale (groups of assets and related liabilities that include at least one noncurrent asset) are classified as held for sale when their carrying amounts will be recovered mainly through sale, the assets or groups of assets are available for immediate sale and the sale is highly probable. Prior to their classification as held for sale, the measurement of all non-current assets and all assets and liabilities included in a disposal group, is adjusted in accordance with the applicable IFRS standards. Subsequently, these assets or disposal groups are measured at the lowest between their carrying amount and fair value less costs to sell.
M)Impairment of non-financial assets The carrying amounts of the Group\u2019s non-financial assets, other than inventories and deferred tax assets, are reviewed to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is then estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the cash- generating unit). The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units which are expected to benefit from the synergies of the combination. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro-rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in circumstances that caused the impairment. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
N) Inventories Inventories are measured at the lower of the acquisition cost and net realisable value. The cost of inventories includes purchases, conversion and other costs incurred in bringing the inventories to their present location and condition. The net realisable value is the estimated selling price in the ordinary course of business less the estimated selling costs. The cost of inventories is assigned by using the weighted average cost method. Green Certificates and Renewable Energy Credits (RECs) In some jurisdictions, on top of the market price, generators receive certificates for their performance, which are sold to the off-takers obliged to fulfil a quota obligation (a share of energy that must be sourced from renewable sources). Being these certificates considered subsidies under IAS 20, they are recognised when generated as inventory, at fair market value, mainly determined by active markets or public market operators. Green Certificates registered as Inventories are discharged at the time of their effective sale and any difference between the selling price and the fair value of the certificates is registered in the profit and loss account.
O) Classification of assets and liabilities as current and non-current The Group classifies assets and liabilities in the consolidated statement of financial position as current and non-current. Current assets and liabilities are determined as follows: Assets are classified as current when they are expected to be realised or are intended for sale or consumption in the Group\u2019s normal operating cycle, they are held primarily for the purpose of trading, they are expected to be realised within twelve months of the balance sheet date or are cash or a cash equivalent, unless the assets may not be exchanged or used to settle a liability for at least twelve months from the balance sheet date. Liabilities are classified as current when they are expected to be settled in the Group\u2019s normal operating cycle, they are held primarily for the purpose of trading, they are due to be settled within twelve months of the balance sheet date or the Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. Financial liabilities are classified as current when they are due to be settled within twelve months after the reporting period, even if the original term was for a period longer than twelve months, and an agreement to refinance, or to reschedule payments, on a long-term basis is completed after the reporting period and before the consolidated financial statements are authorised for issue. P) Provisions Provisions are recognised when: (i) the Group has a present legal or constructive obligation, (ii) it is probable that settlement will be required in the future and (iii) a reliable estimate of the obligation can be made. Dismantling and decommissioning provisions The Group accounts for provisions for dismantling and decommissioning of assets at the end of the assets\u2019 useful life when there is a legal, contractual or constructive obligation. Therefore, such provisions have been booked for the electric power plants to cover the cost of restoring the loca- tion and land to their original condition. The provisions are calculated at the present amount of the expected future liability and are accounted for as part of the cost of the related property, plant and equipment being depreciated on a straight-line basis over the useful life of those assets. Discounting and inflation rates used for 2023 are: EUROPE NORTH AMERICA LATAM APAC Discount Rate [3.09% - 7.09%] [3.85% - 11.34%] [11.73% - 11.83%] [1.43% - 5.12%] Inflation Rate [1.96% - 6.07%] [2.01% - 3.95%] [3.62% - 4.50%] [1.31% - 3.68%] Discounting and inflation rates used for 2022 were: EUROPE NORTH AMERICA LATAM APAC Discount Rate [2.24% - 8.75%] [4.02% - 4.42%] [12.40% - 12.50%] [3.50% - 7.67%] Inflation Rate [1.90% - 3.88%] [2.07% - 3.51%] [3.45% - 3.59%] [1.40% - 3.90%] Decommissioning and dismantling provisions are remeasured on an annual basis based on the best estimate of the settlement amount. As of 31 December 2023 and 2022 the dismantling
average cost per megawatt and salvage value have been updated (see note 32). EDPR\u2019s technical department has performed an in-depth analysis taking into account the reality of the EDPR\u2019s fleet. This analysis has led to the conclusion that the average cost per megawatt and salvage value of the renewable assets requires to be updated with effect December 2023 (see note 32). The unwinding of the discount at each balance sheet date is charged to the income statement.
Tax liabilities Liabilities for payment of taxes or levies related to an activity of the Group are recognized as the activity which triggers the payment is carried out, according to the laws regulating such taxes or levies. However, in the cases of taxes or levies with right of reimbursement of the amount already paid proportionally to the period of time in which there is no activity or the asset which triggers the payment is no longer owned, liabilities are recognized on a proportional basis. Q) Recognition of revenue from contracts with customers EDPR Group recognises revenue in accordance with the core principle introduced by IFRS 15. Thus, the Group recognises revenue to depict the transfer of control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for these goods or services, as provided in the 5 steps methodology, namely: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to performance obligations; and (v) recognise revenue when (or as) the entity satisfies a performance obligation. Costs and revenues are recorded in the year to which they refer regardless of when paid or received, in accordance with the accrual basis. Differences between amounts received and paid and the corresponding revenue and cost are recorded under Other assets and Other liabilities. Revenue in EDPR Group arises essentially from electricity generation and green certificate sales. For electricity generation, the transfer of control occurs when the energy is generated and injected into the transport/distribution grids. The electricity generated is sold under free market conditions or through the establishment of medium/long term power purchase agreements. In the sale of green certificates, the performance obligation becomes effective when they are made available to the client, that is, when control of the certificate is transferred to the client. For contracts that include sale of electricity and green certificates, there is only one performance obligation that becomes effective when the electricity is made available to the customer. At that moment, the energy is made available to the client at the point of delivery and, at the same time, the control of the green certificate is transferred to the client. These contracts have a unique price that includes both concepts under the same performance obligation, which is the delivery of electricity and green certificates at the same time. EDPR Group recognises the revenue related with services rendered over time given that the cus- tomer simultaneously receives and consumes the benefits provided by the Group. In what concerns variable transaction prices, EDPR Group only recognises revenue when it is highly probable that there will not be any significant reversal of the recognised revenue, when it becomes certain. IFRS 15 requires that this estimate of variable transaction prices is determined using either (i) the expected value method \u2013 based on probability-weighted amounts, or (ii) the most likely outcome method. EDPR Group considers the facts and circumstances when analyzing the terms of each contract with customers, applying the requirements that determine the recognition and measurement of revenue in a harmonized manner, when considering contracts with the same characteristics and in similar circumstances. Value of adjustments for deviations in the market price in accordance with article 22 of Royal Decree 413/2014 On 22 October 2021, the CNMV issued a statement establishing the criteria for accounting for the value of the adjustments for deviations in the market price in accordance with article 22 of Royal Decree 413/2014, of 6 June, which regulates the activity of electricity production from renewable energy sources, cogeneration and waste (RD 413/2014). The value of the adjustments for deviations in the market price includes the differences, which occur in each year, between the income from the sale of energy at the price estimated by the regulator at the beginning of each regulatory semi-period and the real average market price in said year. EDPR had already been applying the criteria established by the CNMV, so that, each of the positive and negative market deviations arising under RD 413/2014 are typically recognized as assets and liabilities in the consolidated statement of financial position. However, if throughout the residual regulatory life of the renewable facilities, according to EDPR\u2019s best estimate of the future evolution of energy market prices, it would be highly probable that market returns would be higher than those established in the RD 413/2014 and, therefore, abandoning the remuneration regime would not have significantly more adverse economic consequences than remaining in said regime, it is considered that in this situation, only the asset is recognized. As at 31 December 2023, none of the
renewable facilities have abandoned the remuneration regime.
R) Financial results Financial results include interest costs on borrowings, interest income on funds invested, the financial expenses (unwinding) related to the discount of institutional partnership in North America, provisions, lease liabilities, dividend income, foreign exchange gains and losses, realised gains and losses, changes in fair value of derivative financial instruments related to financing activity classified by the Group, within IFRS 9, as held for trading and consequently measured at fair value through profit or loss and changes in the fair value of hedged risks, when applicable. Interest is recognised in the income statement on an accrual basis. Dividend income is recognised on the date the right to receive is established.
S) Income tax Income tax recognised in the income statement includes current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is also recognised in equity. Deferred taxes arising from the revaluation of assets measured at fair value through other comprehensive income and cash flow hedge derivatives recognised in equity are recognised in the income statement in the period the results that originated the deferred taxes are recognised. Current tax is the tax expected to be paid on the taxable income for the period, using tax rates enacted at the statement of financial position date and any adjustment to tax payable in respect of previous years. Deferred taxes are calculated in accordance with the balance sheet liability method, considering temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax basis, using the tax rates enacted or substantively enacted at the balance sheet date for each jurisdiction and that are expected to be applied when the temporary differences are reversed. Deferred tax liabilities are recognised for all taxable temporary differences except for goodwill not deductible for tax purposes, differences arising on initial recognition of assets and liabilities that affect neither accounting nor taxable profit and differences relating to investments in subsidiaries, to the extent that these will probably not be reversed in the future. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available to absorb deductible temporary differences for taxation purposes. Following the amendments made to IAS 12 - Deferred tax related to assets and liabilities arising from a Single Transaction, effective on 1 January 2023, the EDPR Group proceeded with the breakdown of deferred tax assets and deferred tax liabilities related with: i) assets under right of use and lease liabilities; and ii) provisions for dismantling and decommissioning and correspond- ing tangible fixed assets, where and whenever these amounts are not deductible until the payment date. The Group offsets the deferred tax assets and liabilities if, and only if: \u2022 the entity has a legally enforceable right to offset current tax assets against current tax liabilities; and \u2022 the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in future periods in which deferred tax liabilities or assets are expected to be settled or recovered.
When accounting for interest and penalties related to income taxes, EDPR Group considers whether a particular amount payable or receivable is, in its nature, a taxable income and, if so, applies IAS 12 to this amount. Otherwise, IAS 37 is applied. Regarding the IFRIC 23 related to IAS 12 \u2013 Income tax, when there is uncertainty over income tax treatments, EDPR Group measures its current or deferred tax asset or liability applying the re- quirements in IAS 12. Additionally, the Group analyses all the pending litigations or disputes with tax authorities regarding income tax and records the best estimation related to contingencies and litigations whenever necessary. T) Earnings per share Basic earnings per share are calculated by dividing the consolidated net profit attributable to equity holders of EDP Renov\u00e1veis S.A. by the weighted average number of ordinary shares outstanding during the year, excluding the average number of ordinary shares purchased by the Group and held as treasury stock. For the diluted earnings per share calculation, the weighted average number of ordinary shares outstanding is adjusted to consider conversion of all dilutive potential ordinary shares, such as convertible debt and stock options granted to employees. The dilution effect corresponds to a decrease in earnings per share resulting from the assumption that the convertible instruments are
U) Cash and cash equivalents Cash and cash equivalents include balances with maturity of less than three months from the date of acquisition, including cash and deposits in banks. This caption also includes other short-term, highly liquid investments that are readily convertible to known amounts of cash and specific demand deposits in relation to institutional partnerships that are funds required to be held in escrow sufficient to pay the remaining construction related costs of projects in institutional equity partnerships in U.S.A., in the next twelve months. The Group classifies as cash and cash equivalents the debit balance of the current accounts with EDP Group formalized under cash-pooling agreements.
V) Government grants Government grants are recognised initially as deferred income under non-current liabilities when there is reasonable assurance that they will be received and that the Group will comply with the conditions associated with the grant. Grants that compensate the Group for expenses incurred are recognised in profit or loss on a systematic basis in the same periods in which the expenses are recognised.
W)Environmental issues The Group takes measures to prevent, reduce or repair the damage caused to the environment by its activities. Expenses derived from environmental activities are recognised as other operating expenses in the period in which they are incurred.
X) Institutional partnerships in North America The Group has entered in several partnerships with institutional investors in the United States, through limited liability Company operating agreements that apportion the cash flows generated by the wind farms between the investors and the Company and allocates the tax benefits, which include Production Tax Credits (PTCs), Investment Tax Credits (ITCs) and accelerated depreciation, largely to the investor. The institutional investors purchase their minority partnership interests for an upfront cash payment with an agreed targeted internal rate of return over the period that the tax credits are generated. This anticipated return is computed based on the total anticipated benefit that the institutional investors will receive and includes the value of PTCs / ITCs, allocated taxable income or loss and cash distributions received. The control and management of these wind farms are a responsibility of EDPR Group and they are fully consolidated in these financial statements. The financial instruments held by the institutional investors issued by the partnerships represent compound financial instruments as they contain characteristics of both financial liabilities and equity. The Group has determined that at the funding dates, the fair values of the original proceeds is equal to the fair values of the liabilities at that time and no value was assigned to the equity component. Subsequently, these liabilities are measured at amortized cost. This liability is reduced by the value of tax benefits provided and cash distributions made to the institutional investors during the contracted period. The value of the tax benefits delivered, primarily accelerated depreciation and ITC are recognized as Income from institutional partnerships over the 30-35 year useful life of the assets and over the 5-year recapture period, respectively. The value of the PTCs delivered are recorded as generated. This liability is increased by an interest accrual that is based on the outstanding liability balance and the targeted internal rate of return agreed. After the Flip Date (date on which institutional investors reach their specified return as indicated in the corresponding agreements), the institutional investor retains a non-significant interest for the duration of the structure. This non-controlling interest is entitled to distributions ranging from 2.5% to 10% and taxable income allocations ranging from 5% to 10%. EDPR NA has an option to purchase the institutional investor\u2019s residual interest at fair market value during a defined period following the flip date. Such fair value is calculated according to the future cashflows of the wind or solar projects or by an external party. This amount is reclassified from the total equity attributable to the Parent to non-controlling interests caption in the period in which the flip date takes place (see note 30). Deferred tax liabilities arise since related project\u2019s assets are consolidated and corresponding accounting depreciation is registered, while a very large allocation of the tax depreciation is absorbed by the institutional investor. Y) Statement of Cash Flow The Statement of Cash Flow is presented under the direct method, by which gross cash flows from operating, financing and investing activities are disclosed. The Group classifies cash flows related
to interest and dividends paid as financing activities and interest and dividends received as
investing activities",
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"value": "02. Accounting policies A) Basis of preparation The accompanying consolidated annual accounts (financial statements hereinafter) reflect the results of EDP Renov\u00e1veis, S.A. and its subsidiaries (EDPR Group or Group) and the Group's interest in its joint ventures and associated companies. The consolidated financial statements for 2023 have been prepared to present fairly the consolidated equity and consolidated financial position of EDP Renov\u00e1veis, S.A. and subsidiaries at 31 December 2023, the consolidated results of operations, consolidated statement of comprehensive income, consolidated cash flows and changes in consolidated equity for the year then ended. In accordance with Regulation (EC) no. 1606/2002 of 19 July 2002, of the European Council and Parliament, the Group's consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), as endorsed by the European Union (EU). IFRS comprise accounting standards issued by the International Accounting Standards Board (IASB) and its predecessor body as well as interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and their predecessor bodies.
Accounting policies have been applied consistently by all Group companies and in all periods presented in the consolidated financial statements. The new standards and interpretations recently issued but not yet effective and that the Group has not yet applied on its consolidated financial statements, are detailed in note 3. Taking into account the amendments to IAS 1, effective on 1 January 2023, regarding the disclo- sure of accounting policies, the Group reviewed the information disclosed in this note and made the changes deemed relevant. The Board of Directors approved these consolidated annual accounts on 27 February 2024. The annual accounts are presented in thousand Euros, rounded to the nearest thousand.
The financial statements have been prepared on a going concern basis under the historical cost convention, modified by the application of fair value accounting to derivative financial instruments, financial assets at fair value through profit or loss, financial assets at fair value through other comprehensive income, except those for which a reliable measure of fair value is not available. Assets and liabilities that are hedged under hedge accounting are stated at fair value in respect of the hedged risk. Non-current assets and disposal groups held for sale are stated at the lower of carrying amount and fair value less costs to sell. Liabilities for defined benefit plans are recognised at the present value of the obligation net of plan assets fair value. The preparation of financial statements in accordance with IFRS-EU requires the Board of Directors to make judgments, estimates and assumptions that affect the application of the accounting policies and of the reported amounts of assets, liabilities, income and expenses. The estimates and related assumptions are based on historical experience and other factors considered reasonable in accordance with the circumstances, the results of which form the basis for making judgments regarding the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The areas involving the highest degree of judgment or complexity, or for which the assumptions and estimates are considered significant, are disclosed in note 4 - Critical accounting estimates and judgments in applying accounting policies. (*) Updating the fair value of identifiable assets and liabilities - Acquisition of Kronos Group In accordance with IFRS 3 - Business Combinations, when the initial purchase price allocation of assets, liabilities, and contingent liabilities acquired is identified as provisional, the legal acquirer should make the final allocation of the purchase price related to the fair value of the assets, liabilities, and contingent liabilities acquired within the subsequent 12 months after the business combination transaction. These adjustments, which impact the amount of goodwill determined and booked in previous periods, lead to a restatement of the comparative information on the statement of financial position from the date of the business combination transaction. In the fourth quarter of 2022, EDPR completed the acquisition of Kronos Group, framed within the scope of IFRS 3. With reference to the acquisition date, EDPR, based on an assessment carried out by an independent external entity, proceeded to provisional determination of the fair value of the options signed within the business combination transaction as part of the total consideration for the acquisitions of shares. In the fourth quarter of 2023, a more detailed assessment by the independent external entity resulted in a definitive update of the fair value, leading to the following restatement of comparative data in the financial position statement as of acquisition date: ASSETS \u2013 Non Current 31 DEC 2022 FAIR VALUE ADJUSMENT 31 DEC 2022 (MODIFIED) Goodwill 2.329.964 -40.052 2.289.912 Liabilities \u2013 Non Current Other liabilities and other payables -2.844.344 40.052 -2.804.292 - B) Basis of consolidation The accompanying consolidated financial statements reflect the assets, liabilities and results of EDP Renov\u00e1veis, S.A. and its controlled subsidiaries and the equity and results attributable to the Group, through the investments in associates and jointly controlled entities. EDPR Group applies prospectively as from 1 January 2010, IFRS 3 (revised) for the accounting of business combinations. Accumulated losses in controlled subsidiaries are attributed to non-controlling interests in the corresponding proportions held, implying that the Group can recognise negative non-controlling interests. On a step acquisition process resulting in the acquisition of control the revaluation of any interest previously held is booked against the income statement. On a partial disposal resulting in loss of control over a subsidiary, any participation retained is revalued at market value on the sale date and the gain or loss resulting from this revaluation is booked against the income statement, as well
as any gain or loss resulting from the disposal. Jointly controlled entities The Group classifies an arrangement as a joint arrangement when the jointly control is contractually established. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that collectively control the arrangement. After determining the existence of joint control, the Group classifies joint arrangements into two types - joint operations or joint ventures. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets, and obligations for the liabilities, relating to the arrangement, so the assets and liabilities (and related revenues and expenses) in relation to its interest in the arrangement are recognised and measured in accordance with relevant IFRSs applicable. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement, so this investment shall be included in the consolidated financial statements under the equity method. The consolidated financial statements include the Group's attributable share of total reserves and profits or losses of entities where the Group exercises joint control with other partners (joint ventures) and entities where the Group exercises significant influence (associates), included in the consolidated financial statements under the equity method. When the Group\u2019s share of losses exceeds its interest in a jointly controlled entity, the Group's carrying amount is reduced to zero and recognition of further losses is discontinued, except to the extent that the Group has a legal or contractual obligation to cover such losses on behalf of that entity.
Accounting for investments in subsidiaries, joint ventures and associates in the company\u2019s financial statements Investments in subsidiaries, joint ventures and associates not classified as held for sale or not included in a disposal group which is classified as held for sale are accounted for at cost in the company\u2019s financial statements, and are subject to periodic impairment tests, whenever
indication exists that certain financial investment may be impaired. Business combination Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. The Group measures goodwill at the acquisition date as: \u2022 The fair value of the consideration transferred; plus \u2022 The recognised amount of any non-controlling interests in the acquiree; plus \u2022 If the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 The net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. If the initial purchase price allocation of assets, liabilities and contingent liabilities acquired is identified as provisional, in the subsequent 12 months after the business combination transaction, the legal acquirer should make the final allocation of the purchase price related to the fair value of the assets, liabilities and contingent liabilities acquired. After that period, adjustments to initial measurement are only made to correct an error.
Purchases of non-controlling interests and dilution In acquisitions (dilutions not resulting in a loss of control of non-controlling interests), the difference between the fair value of the non-controlling interests acquired and the consideration paid, is accounted against reserves. The acquisitions of non-controlling interests through written put
options related with investments in subsidiaries held by non-controlling interests, are recorded as
a liability for the fair value of the amount payable, against non-controlling interests. The fair value of the liability is determined based on the contractual price which may be fixed or variable. In case of a variable price, the changes in the liability are recognised against the income statement as well as the effect of the financial discount of the liability (unwinding).
Acquisition of assets out of the scope of IFRS 3 In order to assess whether an acquisition of an asset or a group of assets is a business, EDPR identifies the elements in the acquired entity (inputs, processes and outputs), assesses the capability to create outputs (it should have at a minimum, an input and a substantive process to be assessed as a business) and, finally, assesses the capability of market participants to continuing to create outputs (conducting the activities as a business). In the case of an integrated set of activities that is in an early-stage of development and has not started to generate outputs, EDPR considers other factors to determine whether it constitutes a business, such as if: (i) planned principal activities have begun; (ii) employees, intellectual property, and other inputs and processes are present; (iii) a plan to produce outputs is being pursued; and/or (iv) access to customers who will purchase the outputs can be obtained. Generally, an early-stage entity that has employees capable of developing an output will be considered a business. Therefore, in application of the above, EDPR concludes that IFRS 3 is not applicable when there are no outputs at the acquisition date due to an early-stage of development, and the acquired process(es) cannot be considered substantive. Thus, the acquisition of an asset or a group of assets that does not fulfil the conditions to be considered a business is classified as an acquisition of a company out of scope of IFRS 3.
Investments in foreign operations The financial statements of the foreign subsidiaries and associates of the Group are prepared using their functional currency, defined as the currency of the primary economic environment in which they operate. In the consolidation process, the assets and liabilities of foreign subsidiaries are translated into Euros at the official exchange rate at the balance sheet date.
Balances and transactions eliminated on consolidation Inter-company balances and transactions, including any unrealised gains and losses on transactions between group companies, are eliminated in preparing the consolidated financial statements. Unrealised gains and losses arising from transactions with associates and joint ventures are eliminated to the extent of the Group's interest in those entities.
Common control transactions The accounting for transactions among entities under common control is excluded from IFRS 3. Consequently, in the absence of specific guidance, within IFRSs, the EDP Renov\u00e1veis Group has developed an accounting policy for such transactions, as considered appropriate. According to the Group's policy, business combinations among entities under common control are accounted for in the consolidated financial statements using the EDP consolidated book values of the acquired company (subgroup). The difference between the carrying amount of the net assets received and the consideration paid, is recognised in equity. Put options related to non-controlling interests The Group applies IAS 32 to put options related to non-controlling interests. EDPR records written put options at the date of acquisition of a business combination or at a subsequent date as an advance acquisition of these interests, recording a financial liability for the present value of the best estimate of the amount payable, irrespective of the estimated probability that the options will be exercised. The difference between this amount and the amount corresponding to the percentage of the interests held in the identifiable net assets acquired is recorded as goodwill. Subsequent changes in the carrying amount of the put liability are recognized in profit or loss. Disposal of subsidiaries When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount of the investment recognised in profit or loss. Fair value is the initial carrying amount for the purposes of the subsequent recording of the interest retained in the associate, joint venture or financial asset. In addition to that, any amount previously recorded in other comprehensive income in relation to that entity is recorded as if the Group had directly sold all the related assets and liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. If the ownership of a holding in an associate is reduced but significant influence is retained, only the proportional part of the amounts previously recognised in other comprehensive income will be reclassified to the income statement.
C) Foreign currency transactions Foreign currency transactions are translated at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currency are translated into Euros at the exchange rates at the balance sheet date. These exchange differences arising on translation are recognised in the income statement as financial results. Foreign currency non-monetary assets and liabilities accounted for at historical cost are translated using the exchange rates at the dates of the transactions. Foreign currency non- monetary assets and liabilities stated at fair value are translated into Euros at the exchange rates at the dates the fair value was determined.
D) Derivative financial instruments and hedge accounting Derivative financial instruments are recognised on the trade date at fair value. Subsequently, the fair value of derivative financial instruments is re-measured on a regular basis, being the gains or losses on re-measurement recognised directly in the income statement, except for derivatives designated as hedging instruments. The recognition of the resulting gains or losses on re- measurement of the derivatives designated as hedging instruments depends on the nature of the risk being hedged and of the hedge model used. The fair value of derivative financial instruments corresponds to their market value, if available, or to quotes indicated by external entities through the use of valuation techniques, which are compared in each date of report to fair values available in common financial information platforms. Hedge accounting The Group uses financial instruments to hedge interest rate risk, exchange rate risk and price risk resulting from its operational and financing activities. Derivatives not qualified for hedge accounting under IFRS 9 are accounted for as trading instruments. Hedging derivatives are recorded at fair value, being the gains and losses recognised in accordance with the hedge accounting model applied by the Group. Hedge relationship exists when: \u2022 The hedging relationship consists only in hedging instruments and hedged items that are eligible as per determined in IFRS 9; \u2022 At the inception of the hedge there is formal documentation of the hedging relationship and the Group\u2019s risk management objective and strategy for the hedge; \u2022 There is an economic relationship between the hedged item and the hedging instrument; \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship; \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item.
Fair value hedge Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged assets and liabilities or group of hedged assets and liabilities that are attributable to the hedged risk. When the hedging relationship ceases to comply with the requirements for hedge accounting, the accumulated gains or losses concerning the fair value of the risk being hedged are amortised over the residual period to maturity of the hedged item. Cash flow hedge Changes in the fair value of derivatives qualified as cash flow hedges are recognised in reserves. The cumulative gains or losses recognised in reserves are reclassified to the income statement when the hedged item affects the income statement. When a hedging relation of a future transaction is discontinued, the changes in the fair value of derivative recognised in reserves remain recognised in reserves until the future hedged transaction occurs. When the future transaction is no longer expected to occur, the cumulative gains or losses recognized in reserves are recorded immediately in the income statement. Net investment hedge The net investment hedge model is applied on a consolidated basis to investments in subsidiaries in foreign currencies. This model allows that the exchange differences recognised in the currency translation reserve to be offset by the foreign exchange differences in foreign currency loans or currency derivatives contracted, recognised in Currency translation reserve - Net investment hedge. For cross currency interest rate swaps, the cross-currency basis spread and forward points are not designated into the hedge relationship, but deferred as a hedging cost in other comprehensive income, in Currency translation reserve - Net investment hedge - Cost of hedging, and recognized in profit or loss over the period of the hedge. The ineffective portion of the hedging relationship is recognised in the income statement. The accumulated foreign exchange gains and losses regarding the net investment and the related hedging instrument recognised in equity are transferred to the income statement when the foreign currency subsidiary is sold, as part of the gain or loss resulting from the disposal. Effectiveness The Group performs prospective tests at the inception date and at each balance sheet date, in order to demonstrate its effectiveness, showing that any adjustments to the fair value of the hedged item attributable to the risk being hedged are offset by adjustments to the fair value of the
E) Debtors and other financial assets Group classifies its financial assets, at the initial recognition based on the business model for managing the financial assets (\"business model test\") and their contractual cash flow characteristics (\"SPPI test\"). Financial assets at amortised cost Financial assets included within this category are initially recognised at fair value and subsequently measured at amortised cost. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. Loans and trade receivables are generally held to collect contractual cash flows and are expected to give rise to cash flows representing solely payments of principal and interest, thus they meet the criteria for amortised cost measurement. Financial assets measured at fair value through other comprehensive income (FVOCI) Financial assets included within this category are initially recognised and subsequently measured at fair value, with the changes in the carrying amount booked in other comprehensive income, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses, which are recognised in profit and loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in other comprehensive income is reclassified to profit or loss. Financial assets at fair value through profit or loss (FVTPL) Financial assets that do not meet the criteria to be classified as financial assets at fair value through other comprehensive income (FVOCI) or at amortised cost, are classified at fair value through profit or loss.
Regardless of the business model assessment, EDPR Group can elect to classify a financial asset at fair value through profit or loss if doing so reduces or eliminates a measurement or recognition inconsistency (\u201caccounting mismatch\u201d).
Changes in the business model assessment over time Financial assets are not reclassified subsequent to their initial recognition. However, if the Company changes its business model for managing financial assets, it will classify newly originated or newly purchased financial assets under the new business model but will keep the classification of existing assets under the previous business model. Recognition and derecognition of financial assets Purchases and sales of financial assets are recognised on the trade date, which is the date on which the Company commits to purchase or sell these financial assets. Financial assets are derecognised when: (i) the contractual rights to receive their future cash flows have expired, (ii) the Company has transferred substantially the risks and rewards of ownership, or (iii) although retaining some, but not substantially all the risks and rewards of ownership, the Company has transferred control over the assets. Impairment EDPR Group recognise an impairment loss based on the Expected Credit Loss (ECL) model, before the objective evidence of a loss event from past actions. This model is the basis for the recognition of impairment losses on held financial assets that are measured at amortised cost or at fair value through other comprehensive income (which includes cash and cash equivalents, trade receivables, loans and debt securities). The impairment methodology applied depends on whether there has been a significant increase in credit risk. If the credit risk on a financial asset does not increase significantly since its initial recognition, EDPR Group measures the loss allowance for that financial asset at an amount equal to 12-month expected credit losses. If the credit risk increases significantly since its initial recognition, EDPR Group measures the loss allowance for that financial asset at an amount equal to lifetime expected credit losses. Regardless of the above, a significant increase in credit risk is presumed if there is an objective evidence that the financial asset is impaired, including if there is observable data that comes to the attention of the holder of the asset about the following loss events, among others: significant financial difficulty of the issuer or obligor; restructuring of an amount due to the Company in terms that it would not consider otherwise; a breach of contract, such as a default or delinquency in interest or principal payments; or it becoming probable that the borrower will enter bankruptcy or other financial reorganization. As soon as the loss event occurs the impairment allowance would be allocated directly to financial asset affected, that is, the asset\u2019s carrying amount is reduced and the amount of the loss is recognised in profit or loss. If, in a subsequent period, the amount of the impairment loss decreases, the previously recognised impairment loss is reversed in profit or loss, if the decrease can be related objectively to an event occurring after the impairment loss was recognised. Trade receivables and loans EDPR Group applies the simplified approach and record lifetime expected losses on all trade receivables including those with a significant financing component. The estimated ECL are calculated based on actual credit loss experience over a period that, per business and type of customers, is considered statistically relevant and representative of the specific characteristics of the underlying credit risk. Considering the particularities of each business, exposures are segmented based on common credit risk characteristics such as credit risk grade, geographic region and/or industry. Actual credit loss experience is adjusted by scalar factors to reflect differences between economic conditions during the period over which historical data was collect, current conditions and EDPR Group's view of economic conditions over the expected lives of the receivables. For loans carried at amortised cost and FVOCI, EDPR Group performs an analysis based on the general approach. On making its assessment, the company has to make assumptions about risk of default and expected loss rates, which requires judgement. The inputs used for risk assessment and for calculation of the loss allowances for financial assets includes: (i) credit ratings (as far as available) from external credit rating companies such as Standard and Poor, Moody\u2019s and Fitch.; (ii) significant changes in the expected performance and behavior of the borrower, including changes in the payment status of borrowers in the Group and changes in the operating results of the borrower; (iii) Public market data, namely on probabilities of default and loss given default
expectations; and (iv) macroeconomic information (such as market interest rates or growth rates). all the risks and rewards incidental to ownership of an underlying asset. Otherwise, the lease is classified as an operating lease. Therefore, at the commencement date, the Group recognizes: i) assets held under a finance lease in its statement of financial position and present them as a receivable at an amount equal to the net investment in the lease. ii) lease payments from operating leases as income on either a straight\u2010line basis or another systematic basis (if that basis is more representative of the pattern in which benefit from the use of the underlying asset is diminished). The assets subject to operating leases are presented in its statement of financial position according to the nature of the underlying asset.
F) Trade payables and other financial liabilities An instrument is classified as a financial liability when there is a contractual obligation for the issuer to liquidate capital and/or interests, through delivering cash or other financial asset, regardless of its legal form. Financial liabilities are recognised at the issuance date (trade date): (i) initially at fair value less transaction costs; and (ii) subsequently at amortised cost, using the effective interest method. All financial liabilities are booked at amortised cost, with the exception of the financial liabilities hedged at fair value hedge, which are stated at fair value on risk component that is being hedged. Lease liabilities (rents due from lease contracts) EDPR Group measures the lease liability (rents due from lease contracts) on the commencement date based on the present value of the future payments of that lease contracts, discounted using EDPR Group's incremental borrowing rate for each portfolio of leases identified. The variable lease payments that do not depend in an index or a rate are not included in the measurement of the liability regarding the rents due from lease contracts, nor the right-of-use asset. Those payments are recognised as cost in the period in which the event or condition that gives rise to the payments occurs. EDPR Group determines the lease term as the non\u2010cancellable period of a lease, together with both: (i) periods covered by an option to extend the lease, if the lessee is reasonably certain to exercise that option; and (ii) periods covered by an option to terminate the lease, if the lessee is reasonably certain not to exercise that option. EDPR Group applies the recognition exemption provided by IFRS 16 for the leases which lease term is 12 months or less, or that are for a low-value asset. After the commencement date, the lease liability (rents due from lease contracts) are increased to reflect interest on the liability and reduced to reflect the lease payments made. EDPR Group remeasure the lease liability (rents due from lease contracts), and adjusts the corresponding right-of-use assets, by discounting the revised lease payments, using an unchanged discount rate, if either: \u2022 There is a change in future lease payments resulting from a change in an index or a rate used to determine those payments; or \u2022 There is a change in the amounts expected to be payable under a residual value guarantee. If there is a lease modification that do not qualifies to be accounted as a separate lease, EDPR Group remeasures the lease liability (rents due from lease contracts) and adjusts the corresponding right-of-use assets by discounting the revised lease payments, using a revised discount rate at the effective date of the modification.
Derecognition of financial liabilities EDPR Group derecognises a financial liability (or a part of a financial liability) from its statement of financial position when, and only when, the obligation specified in the contract is discharged or cancelled or expires. An exchange between an existing borrower and lender of debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability, or a part of it, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of a financial liability (or part of a financial liability) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss.
G) Equity instruments Costs directly attributable to the issuance of equity instruments are recognised in equity, as a deduction to the amount issued. Amounts paid or received relating to sales or acquisitions of equity instruments are recognised in equity, net of transaction costs. Distributions related to equity instruments are deducted from equity, as dividends, when declared. Equity instruments at fair value EDPR Group classifies the equity instruments that are held for trading at fair value to profit or loss. For all other equity instruments, management has the ability to make an irrevocable election on
initial recognition, on an instrument-by-instrument basis, to present changes in fair value in other comprehensive income. If this election is made, all fair value changes, excluding dividends that are a return on investment, will be included in other comprehensive income. There is no recycling of amounts from other comprehensive income to profit and loss (for example, on sale of an equity investment) being, at that time, transferred to retained earnings.
H) Capitalisation of borrowing costs Borrowing costs that are directly attributable to the acquisition or construction of assets are capitalised as part of the cost of the assets. The amount of borrowing costs eligible for capitalisation are determined by applying a capitalisation rate to the expenditures on these assets. The capitalisation rate corresponds to the weighted average of the borrowing costs applicable to the outstanding borrowings during the period. The amount of borrowing costs capitalised during a period does not exceed the amount of borrowing costs incurred during the period. The capitalisation of borrowing costs commences when expenditures for the asset are being incurred, borrowing costs have been incurred and activities necessary to prepare all or part of the assets for their intended use or sale are in progress. Capitalisation ceases when substantially all the activities necessary to prepare the assets for their intended use or sale are completed.
I) Property, plant and equipment Property, plant and equipment are stated at acquisition cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. In case of projects in a development stage, costs are only capitalized when it is probable that the project will be finally built. If due to changes in regulation or other circumstances costs capitalized are derecognized from property plant and equipment, they are recognized in the profit and loss caption of \u201cOther expenses\u201d. Replacements or renewals of complete items are recognized as increases in the value of property, plant and equipment and the items replaced or renewed are derecognized and recognized in the \u201cOther expenses\u201d caption. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for its intended use, and the costs of dismantling and removing the items and restoring the site on which they are located. Cost also may include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. The cost of acquisition includes interest on external financing and personnel costs and other internal expenses directly or indirectly related to work in progress accrued solely during the period of construction. The cost of production is capitalised by charging costs attributable to the asset as own work capitalised under financial expenses and personnel costs and employee benefit expense in the consolidated income statement. Subsequent costs are recognised as separate assets only when it is probable that future economic benefits associated with the item will flow to the Group. Repair and maintenance costs are charged to the income statement during the financial period in which they are incurred. The Group carries out impairment tests whenever events or circumstances may indicate that the book value of an asset exceeds its recoverable amount and, at least, annually, being the impairment recognised in the income statement. Land is not depreciated. Depreciation on the other assets is calculated using the straight-line method, less the residual value, over their estimated useful lives, as follows: NUMBER OF YEARS Buildings and other constructions 8 to 40 Plant and machinery: - Renewable assets 20 to 35 - Other plant and machinery 4 to 12 Transport equipment 3 to 5 Office equipment and tools 2 to 10 Other tangible fixed assets 3 to 10
The Group reviews the estimate of the useful life of assets whenever a change in the expected economic benefits flowing from the assets occurs as well as when the technical use planned for the assets differs from previous estimates. Changes occurring in the depreciation charge for the year are accounted prospectively. Residual value is the amount determined by the Group related to the scrap to be obtained from dismantled wind farms and solar plants and is calculated based on the technology of each project and the estimated prices of steel, copper and aluminium (this last one in the case of solar plants or
distributed generation assets). J) Intangible assets The Group\u2019s intangible assets are booked at acquisition cost less accumulated amortisation and impairment losses. The Group performs impairment tests, whenever events or circumstances may indicate that the book value of the asset exceeds its recoverable amount, being any impairment recognised in the income statement. Acquisition and development of software Acquired computer software licenses are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortised on the basis of their expected useful lives, and typically in 5 years.
Costs incurred by the Group directly related to the development of software, that are expected to generate economic benefits beyond one year, are recognised as intangible assets. Such costs include employee costs directly associated to the project and are amortised on a straight-line basis over its estimated useful life. Maintenance costs of software are charged to the income statement when incurred. Industrial property and other rights Industrial property and other rights are amortised on a straight-line basis over the estimated useful life of the assets, which does not exceed 6 years.
K) Leases/ Right-of-use assets EDPR Group presents the information related to lease contracts in the caption Right-of-use assets, creating a separate line in the Consolidated Statement of Financial Position. These assets are accounted for at cost less accumulated depreciation and impairment losses. The cost of these assets comprises the initial costs and the initial measurement of the liabilities regarding the rents due from lease contracts, deducted from the prepaid amounts and any incentives received. Depreciation of right-of-use assets is calculated on a straight-line basis over their estimated useful lives, considering the lease contract terms.
If EDPR Group remeasures the lease liability (rents due from lease contracts) (see 2F), the corresponding right-of-use assets shall be adjusted accordingly. L) Non-current assets held for sale and discontinued operations Non-current assets or groups of non-current assets held for sale (groups of assets and related liabilities that include at least one noncurrent asset) are classified as held for sale when their carrying amounts will be recovered mainly through sale, the assets or groups of assets are available for immediate sale and the sale is highly probable. Prior to their classification as held for sale, the measurement of all non-current assets and all assets and liabilities included in a disposal group, is adjusted in accordance with the applicable IFRS standards. Subsequently, these assets or disposal groups are measured at the lowest between their carrying amount and fair value less costs to sell.
M)Impairment of non-financial assets The carrying amounts of the Group\u2019s non-financial assets, other than inventories and deferred tax assets, are reviewed to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is then estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the cash- generating unit). The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units which are expected to benefit from the synergies of the combination. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro-rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in circumstances that caused the impairment. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
N) Inventories Inventories are measured at the lower of the acquisition cost and net realisable value. The cost of inventories includes purchases, conversion and other costs incurred in bringing the inventories to their present location and condition. The net realisable value is the estimated selling price in the ordinary course of business less the estimated selling costs. The cost of inventories is assigned by using the weighted average cost method. Green Certificates and Renewable Energy Credits (RECs) In some jurisdictions, on top of the market price, generators receive certificates for their performance, which are sold to the off-takers obliged to fulfil a quota obligation (a share of energy that must be sourced from renewable sources). Being these certificates considered subsidies under IAS 20, they are recognised when generated as inventory, at fair market value, mainly determined by active markets or public market operators. Green Certificates registered as Inventories are discharged at the time of their effective sale and any difference between the selling price and the fair value of the certificates is registered in the profit and loss account.
O) Classification of assets and liabilities as current and non-current The Group classifies assets and liabilities in the consolidated statement of financial position as current and non-current. Current assets and liabilities are determined as follows: Assets are classified as current when they are expected to be realised or are intended for sale or consumption in the Group\u2019s normal operating cycle, they are held primarily for the purpose of trading, they are expected to be realised within twelve months of the balance sheet date or are cash or a cash equivalent, unless the assets may not be exchanged or used to settle a liability for at least twelve months from the balance sheet date. Liabilities are classified as current when they are expected to be settled in the Group\u2019s normal operating cycle, they are held primarily for the purpose of trading, they are due to be settled within twelve months of the balance sheet date or the Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. Financial liabilities are classified as current when they are due to be settled within twelve months after the reporting period, even if the original term was for a period longer than twelve months, and an agreement to refinance, or to reschedule payments, on a long-term basis is completed after the reporting period and before the consolidated financial statements are authorised for issue. P) Provisions Provisions are recognised when: (i) the Group has a present legal or constructive obligation, (ii) it is probable that settlement will be required in the future and (iii) a reliable estimate of the obligation can be made. Dismantling and decommissioning provisions The Group accounts for provisions for dismantling and decommissioning of assets at the end of the assets\u2019 useful life when there is a legal, contractual or constructive obligation. Therefore, such provisions have been booked for the electric power plants to cover the cost of restoring the loca- tion and land to their original condition. The provisions are calculated at the present amount of the expected future liability and are accounted for as part of the cost of the related property, plant and equipment being depreciated on a straight-line basis over the useful life of those assets. Discounting and inflation rates used for 2023 are: EUROPE NORTH AMERICA LATAM APAC Discount Rate [3.09% - 7.09%] [3.85% - 11.34%] [11.73% - 11.83%] [1.43% - 5.12%] Inflation Rate [1.96% - 6.07%] [2.01% - 3.95%] [3.62% - 4.50%] [1.31% - 3.68%] Discounting and inflation rates used for 2022 were: EUROPE NORTH AMERICA LATAM APAC Discount Rate [2.24% - 8.75%] [4.02% - 4.42%] [12.40% - 12.50%] [3.50% - 7.67%] Inflation Rate [1.90% - 3.88%] [2.07% - 3.51%] [3.45% - 3.59%] [1.40% - 3.90%] Decommissioning and dismantling provisions are remeasured on an annual basis based on the best estimate of the settlement amount. As of 31 December 2023 and 2022 the dismantling
average cost per megawatt and salvage value have been updated (see note 32). EDPR\u2019s technical department has performed an in-depth analysis taking into account the reality of the EDPR\u2019s fleet. This analysis has led to the conclusion that the average cost per megawatt and salvage value of the renewable assets requires to be updated with effect December 2023 (see note 32). The unwinding of the discount at each balance sheet date is charged to the income statement.
Tax liabilities Liabilities for payment of taxes or levies related to an activity of the Group are recognized as the activity which triggers the payment is carried out, according to the laws regulating such taxes or levies. However, in the cases of taxes or levies with right of reimbursement of the amount already paid proportionally to the period of time in which there is no activity or the asset which triggers the payment is no longer owned, liabilities are recognized on a proportional basis. Q) Recognition of revenue from contracts with customers EDPR Group recognises revenue in accordance with the core principle introduced by IFRS 15. Thus, the Group recognises revenue to depict the transfer of control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for these goods or services, as provided in the 5 steps methodology, namely: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to performance obligations; and (v) recognise revenue when (or as) the entity satisfies a performance obligation. Costs and revenues are recorded in the year to which they refer regardless of when paid or received, in accordance with the accrual basis. Differences between amounts received and paid and the corresponding revenue and cost are recorded under Other assets and Other liabilities. Revenue in EDPR Group arises essentially from electricity generation and green certificate sales. For electricity generation, the transfer of control occurs when the energy is generated and injected into the transport/distribution grids. The electricity generated is sold under free market conditions or through the establishment of medium/long term power purchase agreements. In the sale of green certificates, the performance obligation becomes effective when they are made available to the client, that is, when control of the certificate is transferred to the client. For contracts that include sale of electricity and green certificates, there is only one performance obligation that becomes effective when the electricity is made available to the customer. At that moment, the energy is made available to the client at the point of delivery and, at the same time, the control of the green certificate is transferred to the client. These contracts have a unique price that includes both concepts under the same performance obligation, which is the delivery of electricity and green certificates at the same time. EDPR Group recognises the revenue related with services rendered over time given that the cus- tomer simultaneously receives and consumes the benefits provided by the Group. In what concerns variable transaction prices, EDPR Group only recognises revenue when it is highly probable that there will not be any significant reversal of the recognised revenue, when it becomes certain. IFRS 15 requires that this estimate of variable transaction prices is determined using either (i) the expected value method \u2013 based on probability-weighted amounts, or (ii) the most likely outcome method. EDPR Group considers the facts and circumstances when analyzing the terms of each contract with customers, applying the requirements that determine the recognition and measurement of revenue in a harmonized manner, when considering contracts with the same characteristics and in similar circumstances. Value of adjustments for deviations in the market price in accordance with article 22 of Royal Decree 413/2014 On 22 October 2021, the CNMV issued a statement establishing the criteria for accounting for the value of the adjustments for deviations in the market price in accordance with article 22 of Royal Decree 413/2014, of 6 June, which regulates the activity of electricity production from renewable energy sources, cogeneration and waste (RD 413/2014). The value of the adjustments for deviations in the market price includes the differences, which occur in each year, between the income from the sale of energy at the price estimated by the regulator at the beginning of each regulatory semi-period and the real average market price in said year. EDPR had already been applying the criteria established by the CNMV, so that, each of the positive and negative market deviations arising under RD 413/2014 are typically recognized as assets and liabilities in the consolidated statement of financial position. However, if throughout the residual regulatory life of the renewable facilities, according to EDPR\u2019s best estimate of the future evolution of energy market prices, it would be highly probable that market returns would be higher than those established in the RD 413/2014 and, therefore, abandoning the remuneration regime would not have significantly more adverse economic consequences than remaining in said regime, it is considered that in this situation, only the asset is recognized. As at 31 December 2023, none of the
R) Financial results Financial results include interest costs on borrowings, interest income on funds invested, the financial expenses (unwinding) related to the discount of institutional partnership in North America, provisions, lease liabilities, dividend income, foreign exchange gains and losses, realised gains and losses, changes in fair value of derivative financial instruments related to financing activity classified by the Group, within IFRS 9, as held for trading and consequently measured at fair value through profit or loss and changes in the fair value of hedged risks, when applicable. Interest is recognised in the income statement on an accrual basis. Dividend income is recognised on the date the right to receive is established.
S) Income tax Income tax recognised in the income statement includes current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is also recognised in equity. Deferred taxes arising from the revaluation of assets measured at fair value through other comprehensive income and cash flow hedge derivatives recognised in equity are recognised in the income statement in the period the results that originated the deferred taxes are recognised. Current tax is the tax expected to be paid on the taxable income for the period, using tax rates enacted at the statement of financial position date and any adjustment to tax payable in respect of previous years. Deferred taxes are calculated in accordance with the balance sheet liability method, considering temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax basis, using the tax rates enacted or substantively enacted at the balance sheet date for each jurisdiction and that are expected to be applied when the temporary differences are reversed. Deferred tax liabilities are recognised for all taxable temporary differences except for goodwill not deductible for tax purposes, differences arising on initial recognition of assets and liabilities that affect neither accounting nor taxable profit and differences relating to investments in subsidiaries, to the extent that these will probably not be reversed in the future. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available to absorb deductible temporary differences for taxation purposes. Following the amendments made to IAS 12 - Deferred tax related to assets and liabilities arising from a Single Transaction, effective on 1 January 2023, the EDPR Group proceeded with the breakdown of deferred tax assets and deferred tax liabilities related with: i) assets under right of use and lease liabilities; and ii) provisions for dismantling and decommissioning and correspond- ing tangible fixed assets, where and whenever these amounts are not deductible until the payment date. The Group offsets the deferred tax assets and liabilities if, and only if: \u2022 the entity has a legally enforceable right to offset current tax assets against current tax liabilities; and \u2022 the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in future periods in which deferred tax liabilities or assets are expected to be settled or recovered.
When accounting for interest and penalties related to income taxes, EDPR Group considers whether a particular amount payable or receivable is, in its nature, a taxable income and, if so, applies IAS 12 to this amount. Otherwise, IAS 37 is applied. Regarding the IFRIC 23 related to IAS 12 \u2013 Income tax, when there is uncertainty over income tax treatments, EDPR Group measures its current or deferred tax asset or liability applying the re- quirements in IAS 12. Additionally, the Group analyses all the pending litigations or disputes with tax authorities regarding income tax and records the best estimation related to contingencies and litigations whenever necessary. T) Earnings per share Basic earnings per share are calculated by dividing the consolidated net profit attributable to equity holders of EDP Renov\u00e1veis S.A. by the weighted average number of ordinary shares outstanding during the year, excluding the average number of ordinary shares purchased by the Group and held as treasury stock. For the diluted earnings per share calculation, the weighted average number of ordinary shares outstanding is adjusted to consider conversion of all dilutive potential ordinary shares, such as convertible debt and stock options granted to employees. The dilution effect corresponds to a decrease in earnings per share resulting from the assumption that the convertible instruments are
converted or the options granted are exercised.
U) Cash and cash equivalents Cash and cash equivalents include balances with maturity of less than three months from the date of acquisition, including cash and deposits in banks. This caption also includes other short-term, highly liquid investments that are readily convertible to known amounts of cash and specific demand deposits in relation to institutional partnerships that are funds required to be held in escrow sufficient to pay the remaining construction related costs of projects in institutional equity partnerships in U.S.A., in the next twelve months. The Group classifies as cash and cash equivalents the debit balance of the current accounts with EDP Group formalized under cash-pooling agreements.
V) Government grants Government grants are recognised initially as deferred income under non-current liabilities when there is reasonable assurance that they will be received and that the Group will comply with the conditions associated with the grant. Grants that compensate the Group for expenses incurred are recognised in profit or loss on a systematic basis in the same periods in which the expenses are recognised.
W)Environmental issues The Group takes measures to prevent, reduce or repair the damage caused to the environment by its activities. Expenses derived from environmental activities are recognised as other operating expenses in the period in which they are incurred.
X) Institutional partnerships in North America The Group has entered in several partnerships with institutional investors in the United States, through limited liability Company operating agreements that apportion the cash flows generated by the wind farms between the investors and the Company and allocates the tax benefits, which include Production Tax Credits (PTCs), Investment Tax Credits (ITCs) and accelerated depreciation, largely to the investor. The institutional investors purchase their minority partnership interests for an upfront cash payment with an agreed targeted internal rate of return over the period that the tax credits are generated. This anticipated return is computed based on the total anticipated benefit that the institutional investors will receive and includes the value of PTCs / ITCs, allocated taxable income or loss and cash distributions received. The control and management of these wind farms are a responsibility of EDPR Group and they are fully consolidated in these financial statements. The financial instruments held by the institutional investors issued by the partnerships represent compound financial instruments as they contain characteristics of both financial liabilities and equity. The Group has determined that at the funding dates, the fair values of the original proceeds is equal to the fair values of the liabilities at that time and no value was assigned to the equity component. Subsequently, these liabilities are measured at amortized cost. This liability is reduced by the value of tax benefits provided and cash distributions made to the institutional investors during the contracted period. The value of the tax benefits delivered, primarily accelerated depreciation and ITC are recognized as Income from institutional partnerships over the 30-35 year useful life of the assets and over the 5-year recapture period, respectively. The value of the PTCs delivered are recorded as generated. This liability is increased by an interest accrual that is based on the outstanding liability balance and the targeted internal rate of return agreed. After the Flip Date (date on which institutional investors reach their specified return as indicated in the corresponding agreements), the institutional investor retains a non-significant interest for the duration of the structure. This non-controlling interest is entitled to distributions ranging from 2.5% to 10% and taxable income allocations ranging from 5% to 10%. EDPR NA has an option to purchase the institutional investor\u2019s residual interest at fair market value during a defined period following the flip date. Such fair value is calculated according to the future cashflows of the wind or solar projects or by an external party. This amount is reclassified from the total equity attributable to the Parent to non-controlling interests caption in the period in which the flip date takes place (see note 30). Deferred tax liabilities arise since related project\u2019s assets are consolidated and corresponding accounting depreciation is registered, while a very large allocation of the tax depreciation is absorbed by the institutional investor. Y) Statement of Cash Flow The Statement of Cash Flow is presented under the direct method, by which gross cash flows from operating, financing and investing activities are disclosed. The Group classifies cash flows related
to interest and dividends paid as financing activities and interest and dividends received as
investing activities. A) Basis of preparation The accompanying consolidated annual accounts (financial statements hereinafter) reflect the results of EDP Renov\u00e1veis, S.A. and its subsidiaries (EDPR Group or Group) and the Group's interest in its joint ventures and associated companies. The consolidated financial statements for 2023 have been prepared to present fairly the consolidated equity and consolidated financial position of EDP Renov\u00e1veis, S.A. and subsidiaries at 31 December 2023, the consolidated results of operations, consolidated statement of comprehensive income, consolidated cash flows and changes in consolidated equity for the year then ended. In accordance with Regulation (EC) no. 1606/2002 of 19 July 2002, of the European Council and Parliament, the Group's consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), as endorsed by the European Union (EU). IFRS comprise accounting standards issued by the International Accounting Standards Board (IASB) and its predecessor body as well as interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and their predecessor bodies.
Accounting policies have been applied consistently by all Group companies and in all periods presented in the consolidated financial statements. The new standards and interpretations recently issued but not yet effective and that the Group has not yet applied on its consolidated financial statements, are detailed in note 3. Taking into account the amendments to IAS 1, effective on 1 January 2023, regarding the disclo- sure of accounting policies, the Group reviewed the information disclosed in this note and made the changes deemed relevant. The Board of Directors approved these consolidated annual accounts on 27 February 2024. The annual accounts are presented in thousand Euros, rounded to the nearest thousand.
The financial statements have been prepared on a going concern basis under the historical cost convention, modified by the application of fair value accounting to derivative financial instruments, financial assets at fair value through profit or loss, financial assets at fair value through other comprehensive income, except those for which a reliable measure of fair value is not available. Assets and liabilities that are hedged under hedge accounting are stated at fair value in respect of the hedged risk. Non-current assets and disposal groups held for sale are stated at the lower of carrying amount and fair value less costs to sell. Liabilities for defined benefit plans are recognised at the present value of the obligation net of plan assets fair value. The preparation of financial statements in accordance with IFRS-EU requires the Board of Directors to make judgments, estimates and assumptions that affect the application of the accounting policies and of the reported amounts of assets, liabilities, income and expenses. The estimates and related assumptions are based on historical experience and other factors considered reasonable in accordance with the circumstances, the results of which form the basis for making judgments regarding the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The areas involving the highest degree of judgment or complexity, or for which the assumptions and estimates are considered significant, are disclosed in note 4 - Critical accounting estimates and judgments in applying accounting policies. (*) Updating the fair value of identifiable assets and liabilities - Acquisition of Kronos Group In accordance with IFRS 3 - Business Combinations, when the initial purchase price allocation of assets, liabilities, and contingent liabilities acquired is identified as provisional, the legal acquirer should make the final allocation of the purchase price related to the fair value of the assets, liabilities, and contingent liabilities acquired within the subsequent 12 months after the business combination transaction. These adjustments, which impact the amount of goodwill determined and booked in previous periods, lead to a restatement of the comparative information on the statement of financial position from the date of the business combination transaction. In the fourth quarter of 2022, EDPR completed the acquisition of Kronos Group, framed within the scope of IFRS 3. With reference to the acquisition date, EDPR, based on an assessment carried out by an independent external entity, proceeded to provisional determination of the fair value of the options signed within the business combination transaction as part of the total consideration for the acquisitions of shares. In the fourth quarter of 2023, a more detailed assessment by the independent external entity resulted in a definitive update of the fair value, leading to the following restatement of comparative data in the financial position statement as of acquisition date: ASSETS \u2013 Non Current 31 DEC 2022 FAIR VALUE ADJUSMENT 31 DEC 2022 (MODIFIED) Goodwill 2.329.964 -40.052 2.289.912 Liabilities \u2013 Non Current Other liabilities and other payables -2.844.344 40.052 -2.804.292 ",
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"f31221": {
"value": "In accordance with Regulation (EC) no. 1606/2002 of 19 July 2002, of the European Council and Parliament, the Group's consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), as endorsed by the European Union (EU). IFRS comprise accounting standards issued by the International Accounting Standards Board (IASB) and its predecessor body as well as interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and their predecessor bodies.
",
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"f31250": {
"value": "The Board of Directors approved these consolidated annual accounts on 27 February 2024. The annual accounts are presented in thousand Euros, rounded to the nearest thousand.
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"value": "B) Basis of consolidation The accompanying consolidated financial statements reflect the assets, liabilities and results of EDP Renov\u00e1veis, S.A. and its controlled subsidiaries and the equity and results attributable to the Group, through the investments in associates and jointly controlled entities. EDPR Group applies prospectively as from 1 January 2010, IFRS 3 (revised) for the accounting of business combinations. Accumulated losses in controlled subsidiaries are attributed to non-controlling interests in the corresponding proportions held, implying that the Group can recognise negative non-controlling interests. On a step acquisition process resulting in the acquisition of control the revaluation of any interest previously held is booked against the income statement. On a partial disposal resulting in loss of control over a subsidiary, any participation retained is revalued at market value on the sale date and the gain or loss resulting from this revaluation is booked against the income statement, as well
as any gain or loss resulting from the disposal. Jointly controlled entities The Group classifies an arrangement as a joint arrangement when the jointly control is contractually established. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that collectively control the arrangement. After determining the existence of joint control, the Group classifies joint arrangements into two types - joint operations or joint ventures. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets, and obligations for the liabilities, relating to the arrangement, so the assets and liabilities (and related revenues and expenses) in relation to its interest in the arrangement are recognised and measured in accordance with relevant IFRSs applicable. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement, so this investment shall be included in the consolidated financial statements under the equity method. The consolidated financial statements include the Group's attributable share of total reserves and profits or losses of entities where the Group exercises joint control with other partners (joint ventures) and entities where the Group exercises significant influence (associates), included in the consolidated financial statements under the equity method. When the Group\u2019s share of losses exceeds its interest in a jointly controlled entity, the Group's carrying amount is reduced to zero and recognition of further losses is discontinued, except to the extent that the Group has a legal or contractual obligation to cover such losses on behalf of that entity.
Accounting for investments in subsidiaries, joint ventures and associates in the company\u2019s financial statements Investments in subsidiaries, joint ventures and associates not classified as held for sale or not included in a disposal group which is classified as held for sale are accounted for at cost in the company\u2019s financial statements, and are subject to periodic impairment tests, whenever
indication exists that certain financial investment may be impaired. Business combination Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. The Group measures goodwill at the acquisition date as: \u2022 The fair value of the consideration transferred; plus \u2022 The recognised amount of any non-controlling interests in the acquiree; plus \u2022 If the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 The net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. If the initial purchase price allocation of assets, liabilities and contingent liabilities acquired is identified as provisional, in the subsequent 12 months after the business combination transaction, the legal acquirer should make the final allocation of the purchase price related to the fair value of the assets, liabilities and contingent liabilities acquired. After that period, adjustments to initial measurement are only made to correct an error.
Purchases of non-controlling interests and dilution In acquisitions (dilutions not resulting in a loss of control of non-controlling interests), the difference between the fair value of the non-controlling interests acquired and the consideration paid, is accounted against reserves. The acquisitions of non-controlling interests through written put
options related with investments in subsidiaries held by non-controlling interests, are recorded as
a liability for the fair value of the amount payable, against non-controlling interests. The fair value of the liability is determined based on the contractual price which may be fixed or variable. In case of a variable price, the changes in the liability are recognised against the income statement as well as the effect of the financial discount of the liability (unwinding).
Acquisition of assets out of the scope of IFRS 3 In order to assess whether an acquisition of an asset or a group of assets is a business, EDPR identifies the elements in the acquired entity (inputs, processes and outputs), assesses the capability to create outputs (it should have at a minimum, an input and a substantive process to be assessed as a business) and, finally, assesses the capability of market participants to continuing to create outputs (conducting the activities as a business). In the case of an integrated set of activities that is in an early-stage of development and has not started to generate outputs, EDPR considers other factors to determine whether it constitutes a business, such as if: (i) planned principal activities have begun; (ii) employees, intellectual property, and other inputs and processes are present; (iii) a plan to produce outputs is being pursued; and/or (iv) access to customers who will purchase the outputs can be obtained. Generally, an early-stage entity that has employees capable of developing an output will be considered a business. Therefore, in application of the above, EDPR concludes that IFRS 3 is not applicable when there are no outputs at the acquisition date due to an early-stage of development, and the acquired process(es) cannot be considered substantive. Thus, the acquisition of an asset or a group of assets that does not fulfil the conditions to be considered a business is classified as an acquisition of a company out of scope of IFRS 3.
Investments in foreign operations The financial statements of the foreign subsidiaries and associates of the Group are prepared using their functional currency, defined as the currency of the primary economic environment in which they operate. In the consolidation process, the assets and liabilities of foreign subsidiaries are translated into Euros at the official exchange rate at the balance sheet date.
Balances and transactions eliminated on consolidation Inter-company balances and transactions, including any unrealised gains and losses on transactions between group companies, are eliminated in preparing the consolidated financial statements. Unrealised gains and losses arising from transactions with associates and joint ventures are eliminated to the extent of the Group's interest in those entities.
Common control transactions The accounting for transactions among entities under common control is excluded from IFRS 3. Consequently, in the absence of specific guidance, within IFRSs, the EDP Renov\u00e1veis Group has developed an accounting policy for such transactions, as considered appropriate. According to the Group's policy, business combinations among entities under common control are accounted for in the consolidated financial statements using the EDP consolidated book values of the acquired company (subgroup). The difference between the carrying amount of the net assets received and the consideration paid, is recognised in equity. Put options related to non-controlling interests The Group applies IAS 32 to put options related to non-controlling interests. EDPR records written put options at the date of acquisition of a business combination or at a subsequent date as an advance acquisition of these interests, recording a financial liability for the present value of the best estimate of the amount payable, irrespective of the estimated probability that the options will be exercised. The difference between this amount and the amount corresponding to the percentage of the interests held in the identifiable net assets acquired is recorded as goodwill. Subsequent changes in the carrying amount of the put liability are recognized in profit or loss. Disposal of subsidiaries When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount of the investment recognised in profit or loss. Fair value is the initial carrying amount for the purposes of the subsequent recording of the interest retained in the associate, joint venture or financial asset. In addition to that, any amount previously recorded in other comprehensive income in relation to that entity is recorded as if the Group had directly sold all the related assets and liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. If the ownership of a holding in an associate is reduced but significant influence is retained, only the proportional part of the amounts previously recognised in other comprehensive income will be reclassified to the income statement.
06. Consolidation perimeter During the year ended in 31 December 2023, the changes in the consolidation perimeter of the EDP Renov\u00e1veis Group were: Companies acquired: The following acquisitions were classified as asset purchases, out of scope of IFRS 3 \u2013 Business Combinations, due to the substance of these transactions, the type of assets acquired and the very early stage of the projects: \u2022 EDP Renewables Europe, S.L.U. acquired 100% of the British companies Harrington Franklin Limited and Balnacraig Battery Storage Limited; \u2022 EDP Renovables Espa\u00f1a, S.L.U. acquired 100% of the company Global Pracima, S.L. and its subsidiaries Jul Solar, S.L., Agos Fotovoltaicas, S.L. and Corona Fotovoltaicas, S.L., Energia Geoide VIII, S.L. and 67,73% of the company ICE Tudela S.L.; \u2022 EDPR PT - Promo\u00e7\u00e3o e Opera\u00e7\u00e3o, S.A. acquired 100% of the company SPEE - Sociedade Produ\u00e7\u00e3o Energia E\u00f3lica, S.A.; \u2022 EDPR France Holding, S.A.S. acquired 100% of the companies Saussignac Solaire, S.A.S., Oxavi 1, S.A.S. and Oxavi 2, S.A.S.; \u2022 EDP Renewables Italia Holding, S.r.l. acquired 100% of the companies Solar Italy XXIII, S.r.l., Wind Energy Castelluccio, S.r.l., the 60% of the company Winderg Valleverde, S.r.l. and the 51% of the company Wind Energy Monte Cavallo, S.r.l.; \u2022 EDP Renewables Polska, Sp. Z o.o. acquired 100% of the companies Farma Fotowoltaiczna Pakos\u0142aw, Sp. z o.o., Farma Fotowoltaiczna I\u0142\u017ca, Sp. z o.o., CSH Renewables III, Sp. z o.o., Maella, Sp. z o.o., Wind Farm Debrzno, Sp. z o.o., Wind Farm Gniewkowo, Sp. z o.o., EDPR Polska Wind, Sp. z o.o., EDPR Polska Solar 2, Sp. z o.o., EDPR Polska Storage, Sp. z o.o. and Ekoenergia Solar 3, Sp. z o.o.; \u2022 EDP Renewables North America LLC acquired 100%of the companies Cheboygan Solar Farm LLC and Three Lakes Solar LLC; \u2022 EDPR NA Distributed Generation LLC, thought its subsidiaries, acquired the 100% of the companies CF OH Solar St RT 118, Ansonia LLC, CF OH Solar St RT 118, Rossburg LLC, CF OH Solar SR 309, Kenton LLC, CF OH Solar County Hwy 58, Upper Sandusky LLC, CF OH Solar Lincoln Hwy, Bucyrus1 LLC, CF OH Solar Rd N, Pandora LLC and CF OH Solar SR 81 Ada LLC, Generate USF Livermore LLC, and CF OH Solar N Dixie Hwy Lima LLC; \u2022 EDPR Sunseap Pte. Ltd. through its subsidiaries acquired 100% of the Chinese companies Chuzhou Huitai Photovoltaic Power Generation Co., Fangxian Tianhang New Energy Co., Ltd., Siping Lvsheng Energy Technology Co., Ltd., Jiaxing Luken Energy Technology Co., Ltd, Harbin Panshuo Energy Technology Co., Ltd., Jingmen Zhongbei New Energy Co., Ltd., Tianjin Pengling Funeng New Energy Technology Co., Anhui Jinyang New Energy Co., Ltd., Ltd.,the 40% of the Ningbo Jiangbei Baoyi Enterprise Management Consulting Partnership LP; 100% of the Japanese company Godo Kaisha NW-3, 100% of the Vietnamese companies Millennium Energy Investment Co., Ltd., HTD Vietnam Investment Development Co., Ltd. and HTT Bin h Duong Investment Development Co., Ltd.,Lam Gia Luat Co., Ltd. and Dai Linh Phat Co., Ltd, 100% of the South Korean company Angang Wind Power Corporation. Additionally, the following companies were acquired: \u2022 During 2023, EDPR NA Distributed Generation LLC acquired the 100% stake in a distributed solar generation portfolio, Longroad Solar Portfolio III LLC and SunE Solar V LLC, located in North America for a total of 44MW solar operational projects. The total amount paid for these transactions has been 17,294 thousand Euros. These transactions were framed within the scope of IFRS 3 \u2013 Business combinations that has implied the recognition of a provisional goodwill in the amount of 14,511 thousand Euros (see note 19 and 42); \u2022 During 2023, EDP Renovables Espa\u00f1a, S.L.U. has acquired the remaining 53% of the share capital of San Juan de Bargas E\u00f3lica, S.L. As a consequence, as at 31 December, 2023, EDPR has the 100% of the shares capital in this company. The total amount paid for this transaction has been 13,898 thousand Euros. This transaction was framed within the scope of IFRS 3 \u2013 Business combinations achieved in stage. that has implied the recognition of a badwill in the amount of 8,723 thousand Euros (see note 19 and 42); \u2022 During 2023 Sunseap Group Pte. Ltd., through its subsidiaries, has acquired the 100% stake in a solar PV portfolio, which holding company is ITP Development Pty. Ltd. and located in Australia for a total of 730MW. These solar projects are in a different development stages. The total amount paid for this transaction has been 13,648 thousand Euros. This transaction was framed within the scope of IFRS 3 \u2013 Business combinations that has implied the recognition of a provisional goodwill in the amount of 16,983 thousand Euros (see note 19 and 42).
Companies sold and liquidated: \u2022 In the fourth quarter of 2023, EDPR Group, through its fully owned subsidiary EDP Reno- v\u00e1veis Brasil, S.A., sold to Statkraft AS the EDPR\u2019s entire stake in the Brazilian companies Central E\u00f3lica Boqueir\u00e3o I, S.A., Central E\u00f3lica Boqueir\u00e3o II, S.A., Jerusal\u00e9m Holding, S.A. and Central E\u00f3lica Jerusal\u00e9m from I to VI. Total shares proceeds for the transaction amount to 188,940 thousand Euros. This transaction has generated a gain, net of transaction costs, amounting to 67,805 thousand Euros, which has been registered within the \u201cOther income\u201d caption of the consolidated income statement (see note 9). In the third quarter of 2023, EDPR Group, through its fully owned subsidiary EDP Renewa- bles Europe, S.L.U., sold to Verbund AG the EDPR\u2019s entire stake in the Spanish companies Viesgo Europa, S.L.U. and Viesgo Renovables, S.L.U. Total shares proceeds for the transac- tion amount to 482,681 thousand Euros. This transaction has generated a gain, net of transaction costs, amounting to 184,478 thousand Euros, which has been registered within the \u201cOther income\u201d caption of the consolidated income statement (see note 9). \u2022 In the third quarter of 2023, EDPR Group, through its fully owned subsidiary EDP Renewa- bles Polska, Sp. Z o.o., sold to Orlen S.A. the EDPR\u2019s entire stake in the Polish companies EW Dobrzyca, sp. z o.o., Ujazd, Sp. z o.o. and Wind Field Wielkopolska, Sp. z o.o. Total shares proceeds for the transaction amount to 346,866 thousand Euros. This transaction has gen- erated a gain, net of transaction costs, amounting to 249,898 thousand Euros, which has been registered within the \u201cOther income\u201d caption of the consolidated income statement (see note 9). In addition the Group has reclassified to the consolidated income statement the accumulated OCI related to the commodities hedges derivatives associated to these companies (-43,052 thousand Euros). \u2022 In the third quarter of 2023, Sunseap Group Pte. Ltd. through its fully subsidiaries sold the EDPR\u2019s entire stake in Sunseap Solutions Taiwan Ltd. and Charge+ Pte. Ltd. (49% and 26,25% respectively). Total shares proceeds for the transaction amount to 4,076 thousand Euros. This transaction has generated a gain, net of transaction costs, amounting to 3,198 thousand Euros, which has been registered within the \u201cJoint ventures and associates\u201d caption of the consolidated income statement (see note 20). \u2022 EDPR France Holding, S.A.S. sold the company Eoles Montjean, S.A.S. with no significant impacts in the consolidated financial statements. \u2022 EDP Renewables Europe, S.L.U. sold the company EDPR Investment Hungary, Kft. with no significant impacts in the consolidated financial statements. \u2022 Viesgo Renovables, S.L.U. liquidated the company Viesgo Mantenimiento, S.L.U. with no significant impacts in the consolidated financial statements. \u2022 EDP Renewables Canada Ltd. sold the 50% of the stake in the Canadian company Edgeware BESS Project LP without loss of control and with no significant impacts in the consolidated financial statements. \u2022 Sunseap Group Pte. Ltd. liquidated fully owned companies Jinan Xingsheng Energy Co., Ltd. and Yuzhou Yixing Energy Technology Co., Ltd. with no significant impacts in the consolidated financial statements. \u2022 EDP Renewables Canada Ltd. liquidated the companies fully owned EDP Renewables SASK SE GP Ltd., EDP Renewables SASK SE Limited Partnership, Kennedy Wind Farm GP Ltd. and Kennedy Wind Farm Limited Partnership with no significant impacts in the consolidated financial statements. \u2022 EDP Renewables North America LLC liquidated the companies fully owned Nine Kings Transco LLC, C2 CA WMS Redlands #1693 LLC, C2 IL WMS Bloomington #3459 LLC, C2 IL WMS Skokie #1998 LLC, DC- JD Portfolio - Barrel Roof, DC- JD Portfolio - Flat Roof, DC- JD Portfolio - Green Roof, DC- JD Portfolio - Parking Deck, VA- Green Acres, 2021 DG Agora Sol I LLC, 2021 DG CA Agora Sol I LLC, EDPR Wind Ventures X LLC, 2011 Vento X LLC, McLean Solar 1 LLC, Amsterdam 3 Solar LLC, C2 OH Otsego I LLC, RI Stainless LLC, C2 WM California 2039 LLC, C2 WM California 5884 LLC, New Scotland 5 Solar LLC, SC Heathwood Hall Solar LLC, DC Green Solar LLC, DC PD Solar LLC, NY Gomer SAS LLC, NY Broadway SAS LLC, NY Highland SAS LLC and the joint venture company Nine Kings Wind Farm LLC . with no significant impacts in the consolidated financial statements. Companies Incorporated: \u2022 Fengcheng Xingtai New Energy Technology Co., Ltd. \u2022 Desarrollos Renovables de Alfajarin, S.L.U. \u2022 KS SPV from 81 to 85 Limited \u2022 Fransol from 51 to 70, S.A.S. \u2022 EDPRNA DG Ridgefield BOE LLC (*) \u2022 Pueblo Norte Solar Park LLC (*) \u2022 Carpenter Wind Farm LLC (*) \u2022 NDIW California RE LLC (*) \u2022 Eighty South Solar Park LLC (*) \u2022 Hobolochitto Solar Park LLC (*) \u2022 Poplarville Solar Park LLC (*) \u2022 Stone North Solar Park LLC (*) \u2022 Twenty North Solar Park LLC (*) \u2022 EDPR Wind Ventures XXIV LLC (*) \u2022 2023 Vento XXIV LLC (*) \u2022 Central E\u00f3lica Ita\u00fana III, S.A. \u2022 Central E\u00f3lica S\u00e3o Domingos IV, S.A. \u2022 Central E\u00f3lica S\u00e3o Domingos V, S.A. \u2022 Renewables Energy Colombia, S.A.S. \u2022 KSD from 41 to 60 UG \u2022 EDPR Sicilia Quattro, S.r.l. \u2022 Miyagi Motoyoshi Solar GK \u2022 Gumisan Wind Power Co., Ltd. \u2022 Winding Canyon Wind LLC (*) \u2022 EDPRNA DG PR Aguadilla LLC (*) \u2022 Duff Storage LLC (*) \u2022 Buffalo Lick Solar Park LLC (*) \u2022 EDPRNA DG Kentucky Development LLC (*) \u2022 EDPRNA DG Bristol Solar LLC (*) \u2022 EDPRNA DG Livermore Solar LLC (*) \u2022 Vientos de Taltal, SpA \u2022 Jiangsu Xingsheng New Energy Technology Co., Ltd. \u2022 Changchun Xingsheng Jinhu Photovoltaic New Energy Co., Ltd. \u2022 Wuhu Xingsheng New Energy Co., Ltd. \u2022 Putian Xingsheng New Energy Co., Ltd. \u2022 Jingmen Xingsheng New Energy Co., Ltd. \u2022 EDPR Bora, Kft. \u2022 EDPR Mistral, Kft. \u2022 EDPR Sirocco, Kft. \u2022 EDPR Siesta, Kft. \u2022 EDPR Pampero, Kft. \u2022 EDPR Zephyr, Kft. \u2022 EDPR Terra, Kft. \u2022 EDPR Silvanus, Kft. \u2022 Serracapriola, S.r.l. \u2022 KS SPV 00 Limited \u2022 Trailing Springs Storage LLC (*)
Sandrini BESS Storage LLC (*) \u2022 OH FP Commerce Center LLC \u2022 Longleaf Storage LLC (*) \u2022 Jericho Solar Park LLC (*) \u2022 Flatland Storage LLC (*) \u2022 EDPRNA DG RT Chicago LLC \u2022 EDPRNA DG RT Bedford Park LLC \u2022 EDPRNA DG RT Addison LLC \u2022 EDPRNA DG LS Rancho Cucamonga LLC \u2022 EDPR Solar Ventures VIII LLC \u2022 EDPR Solar Ventures IX LLC \u2022 EDPR Magnolia Holdings LLC (*) \u2022 EDPR Magnolia DevCo LLC (*) \u2022 EDPR Dahlia Holdings LLC (*) \u2022 EDPR Dahlia DevCo LLC (*) \u2022 Daffodil Grove Storage LLC (*) \u2022 Crooked Lake Solar III LLC (*) \u2022 Black River Solar Park LLC (*) \u2022 2023 SOL VIII LLC \u2022 2023 SOL IX LLC \u2022 EDPRNA DG CA Mbusa LLC \u2022 EDPRNA DG CA CLNS Fairfield LLC \u2022 EDPRNA DG Manning Solar LLC \u2022 EDPRNA DG Eaton Solar LLC \u2022 EDPRNA DG Washington Solar LLC \u2022 EDPRNA DG Morton Solar LLC \u2022 EDPRNA DG OH Massie Solar LLC \u2022 EDPRNA DG OH Continental Solar LLC \u2022 Lumberjack Storage LLC (*) \u2022 South Branch BESS Project GP Ltd. (*) \u2022 South Branch BESS Project Limited Partnership (*) \u2022 South Branch BESS Project Limited Partnership (*) * EDPR Group holds, through its subsidiary EDPR NA and EDP Renewables Canada, a set of subsidiaries legally established in the United States and Canada without share capital and that, as at 31 December 2023, do not have any assets, liabilities, or any operating activity. Others: \u2022 As a consequence of the legal entity restructuring in Singapore, the following entities have been merged with other EDPR companies in the country: Sunseap Leasing Beta Pte. Ltd., Sunseap Solutions Pte. Ltd., Sunseap Vpower Pte. Ltd., Uper Renewable Energy (Singapore) Pte. Ltd., Sunseap Solarnova Pte. Ltd., Sunseap Commercial Holdings Pte. Ltd., Sunseap Leasing Alpha Pte. Ltd., Sunseap Vietnam Pte. Ltd., Sunseap Commercial & Industrial Assets (S.E.A.) Holdings Pte. Ltd., Sunseap Vietnam Beta Pte. Ltd., Sunseap Vietnam Gamma Pte. Ltd., Sunseap Philippines Solar Holdings Pte. Ltd., Sunseap SolarNova 4 Beta Holdings Pte. Ltd., Solarland Alpha Holdings Pte. Ltd. and Solar PV Exchange Pte. Ltd. \u2022 Merger of the company EDPR PT -. Promo\u00e7\u00e3o e Opera\u00e7\u00e3o, S.A. into the company EDP Renewables SGPS, S.A. with no impacts in the consolidated financial statements. \u2022 During the second quarter, Viesgo Renovables, S.L.U sold the 36.23% of the interest in the share capital that hold of Ge\u00f3lica Magall\u00f3n, S.L. As a consequence of this transaction, EDPR has registered a loss amounted to 10,566 thousand Euros in the caption Joint ventures and associates in theconsolidated income statements (see note 20). \u2022 Sale of the 49% of the stake hold by EDPR in Todae Solar Pty. Ltd. with no impacts in the
consolidated financial statementsANNEX I The Subsidiary Companies consolidated under the full consolidated method, as at 31 December 2023 and 2022, are as follows, where \u201c% of capital\u201d represents the direct stake held by the immediate parent company/ies and \u201c% of voting rights\u201d represents the indirect stake held by the Group\u2019s parent holding company (EDP Renov\u00e1veis S.A.): COMPANY HEAD OFFICE AUDITOR 2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS GROUP'S PARENT HOLDING COMPANY AND RELATED ACTIVITIES EDP Renov\u00e1veis, S.A. (Group's parent holding company) Oviedo PwC 100.00% 100.00% 100.00% 100.00% EDP Renov\u00e1veis Servicios Financieros, S.A. Oviedo PwC 100.00% 100.00% 100.00% 100.00% EUROPE GEOGRAPHY / PLATFORM Spain EDP Renewables Europe, S.L.U. (Europe Parent Company) Oviedo PwC 100.00% 100.00% 100.00% 100.00% EDP Renovables Espa\u00f1a, S.L.U. Oviedo PwC 100.00% 100.00% 100.00% 100.00% Acampo Arias, S.L. Zaragoza PwC 95.00% 95.00% 95.00% 95.00% Agos Fotovoltaicas, S.L.U. Asturias n.a. 100.00% 100.00% 0.00% 0.00% Aplicaciones Industriales de Energ\u00edas Limpias, S.L. Zaragoza n.a. 61.50% 61.50% 61.50% 61.50% Canerde, S.L. Madrid n.a. 80.00% 80.00% 80.00% 80.00% Compa\u00f1\u00eda E\u00f3lica Aragonesa, S.A.U. Zaragoza PwC 100.00% 100.00% 100.00% 100.00% Corona Fotovoltaicas, S.L.U. Asturias n.a. 100.00% 100.00% 0.00% 0.00% Desarrollos E\u00f3licos de Teruel, S.L. Teruel n.a. 51.00% 51.00% 51.00% 51.00% Desarrollos Renovables de Alfajarin, S.L.U. Zaragoza n.a. 100.00% 100.00% 0.00% 0.00% Desarrollos Renovables de Allande, S.L.U. Asturias n.a. 100.00% 100.00% 100.00% 100.00% Desarrollos Renovables de la Frontera, S.L.U. C\u00e1diz n.a. 100.00% 100.00% 100.00% 100.00% Desarrollos Renovables de Teruel, S.L. Teruel n.a. 51.00% 51.00% 51.00% 51.00% EDPR M\u00e9xico, S.L.U. Asturias n.a. 100.00% 100.00% 100.00% 100.00% EDPR Terral S.L.U. Madrid n.a. 100.00% 100.00% 100.00% 100.00% EDPR Yield, S.A.U. Asturias PwC 100.00% 100.00% 100.00% 100.00% Energia Geoide VIII, S.L. Asturias n.a. 100.00% 100.00% 0.00% 0.00% E\u00f3lica Arlanz\u00f3n, S.A. Madrid PwC 85.00% 85.00% 85.00% 85.00% E\u00f3lica Campollano, S.A. Madrid PwC 75.00% 75.00% 75.00% 75.00% E\u00f3lica Fontesilva, S.L.U. La Coru\u00f1a PwC 100.00% 100.00% 100.00% 100.00% E\u00f3lica La Br\u00fajula, S.A.U. Madrid PwC 100.00% 100.00% 100.00% 100.00% Global Pracima, S.L.U. Asturias n.a. 100.00% 100.00% 0.00% 0.00% IAM Caecius, S.L.U. Madrid n.a. 100.00% 100.00% 100.00% 100.00% Iberia Aprovechamientos E\u00f3licos, S.A. Zaragoza PwC 94.00% 94.00% 94.00% 94.00% ICE Tudela, S.L.U. Madrid n.a. 100.00% 100.00% 0.00% 0.00% Jul Solar, S.L.U. Asturias n.a. 100.00% 100.00% 0.00% 0.00% Palma Hive, S.L.U. Madrid n.a. 100.00% 100.00% 100.00% 100.00% Parque E\u00f3lico Altos del Voltoya, S.A. Madrid PwC 92.50% 92.50% 92.50% 92.50% Parque E\u00f3lico de Abrazadilla, S.L.U. Madrid n.a. 100.00% 100.00% 100.00% 100.00% Parque E\u00f3lico La Sotonera, S.L. Zaragoza PwC 69.84% 69.84% 69.84% 69.84% Parque E\u00f3lico Los Cantales, S.L.U. Zaragoza PwC 100.00% 100.00% 100.00% 100.00% Parque E\u00f3lico Santa Quiteria, S.L. Zaragoza PwC 100.00% 83.96% 100.00% 83.96% Pedregal Hive, S.L.U. Madrid n.a. 100.00% 100.00% 100.00% 100.00% Renovables Castilla La Mancha, S.A. Madrid PwC 90.00% 90.00% 90.00% 90.00% Rocio Hive, S.L. Madrid n.a. 100.00% 100.00% 100.00% 100.00% San Juan de Bargas E\u00f3lica, S.L.U. Zaragoza n.a. 100.00% 100.00% 0.00% 0.00%
COMPANY HEAD OFFICE AUDITOR 2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Site Sunwind Energy, S.L.U. Madrid n.a. 100.00% 100.00% 100.00% 100.00% T\u00e9bar E\u00f3lica, S.A.U. Madrid PwC 100.00% 100.00% 100.00% 100.00% Viesgo Europa, S.L.U. Oviedo PwC 0.00% 0.00% 100.00% 100.00% Viesgo Mantenimiento, S.L.U. Cantabria PwC 0.00% 0.00% 100.00% 100.00% Viesgo Renovables, S.L.U. Oviedo PwC 0.00% 0.00% 100.00% 100.00% Portugal EDP Renov\u00e1veis Portugal, S.A. Porto PwC 51.00% 51.00% 51.00% 51.00% EDPR Cross Solutions, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% EDPR PT - Parques E\u00f3licos, S.A. Porto PwC 51.00% 51.00% 51.00% 51.00% EDPR PT - Promo\u00e7\u00e3o e Opera\u00e7\u00e3o, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% E\u00f3lica da Coutada II, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% E\u00f3lica da Coutada, S.A. Soutelo de Aguiar PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica da Serra das Alturas, S.A. Boticas PwC 50.10% 25.55% 50.10% 25.55% E\u00f3lica da Terra do Mato, S.A. Porto PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica das Serras das Beiras, S.A. Pi\u00f3d\u00e3o - Arganil PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica de Alagoa, S.A. Arcos de Valdevez PwC 60.00% 30.60% 60.00% 30.60% E\u00f3lica de Montenegrelo, S.A. Vila Pouca de Aguiar PwC 50.10% 25.55% 50.10% 25.55% E\u00f3lica do Alto da Lagoa, S.A. Porto PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica do Alto da Teixosa, S.A. Alh\u00f5es PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica do Alto do Mourisco, S.A. Cerdedo PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica do Espig\u00e3o, S.A. Vila Nova CMV PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica dos Altos de Salgueiros- Guilhado, S.A. Vila Pouca de Aguiar PwC 100.00% 51.00% 100.00% 51.00% Fotovoltaica Flutuante do Grande Lago, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% Fotovoltaica Lote A, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% Malhadizes - Energia E\u00f3lica, S.A. Porto PwC 100.00% 51.00% 100.00% 51.00% Parque E\u00f3lico do Barlavento, S.A. Porto PwC 89.98% 89.98% 89.98% 89.98% S.E.E. - Sul Energ\u00eda E\u00f3lica, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% SPEE - Sociedade Produ\u00e7\u00e3o de Energia E\u00f3lica, S.A. Porto PwC 100.00% 100.00% 0.00% 0.00% EDP Renewables SGPS, S.A. Porto PwC 0.00% 0.00% 100.00% 100.00% IE2 Portugal, SGPS, S.A. Porto PwC 0.00% 0.00% 100.00% 100.00% EDP Renov\u00e1veis Portugal, S.A. Porto PwC 51.00% 51.00% 51.00% 51.00% EDPR Cross Solutions, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% EDPR PT - Parques E\u00f3licos, S.A. Porto PwC 51.00% 51.00% 51.00% 51.00% EDPR PT - Promo\u00e7\u00e3o e Opera\u00e7\u00e3o, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% E\u00f3lica da Coutada II, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% E\u00f3lica da Coutada, S.A. Soutelo de Aguiar PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica da Serra das Alturas, S.A. Boticas PwC 50.10% 25.55% 50.10% 25.55% E\u00f3lica da Terra do Mato, S.A. Porto PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica das Serras das Beiras, S.A. Pi\u00f3d\u00e3o - Arganil PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica de Alagoa, S.A. Arcos de Valdevez PwC 60.00% 30.60% 60.00% 30.60% E\u00f3lica de Montenegrelo, S.A. Vila Pouca de Aguiar PwC 50.10% 25.55% 50.10% 25.55% E\u00f3lica do Alto da Lagoa, S.A. Porto PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica do Alto da Teixosa, S.A. Alh\u00f5es PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica do Alto do Mourisco, S.A. Cerdedo PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica do Espig\u00e3o, S.A. Vila Nova CMV PwC 100.00% 51.00% 100.00% 51.00%
COMPANY HEAD OFFICE AUDITOR 2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS E\u00f3lica dos Altos de Salgueiros- Guilhado, S.A. Vila Pouca de Aguiar PwC 100.00% 51.00% 100.00% 51.00% Fotovoltaica Flutuante do Grande Lago, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% Fotovoltaica Lote A, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% Malhadizes - Energia E\u00f3lica, S.A. Porto PwC 100.00% 51.00% 100.00% 51.00% Parque E\u00f3lico do Barlavento, S.A. Porto PwC 89.98% 89.98% 89.98% 89.98% S.E.E. - Sul Energ\u00eda E\u00f3lica, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% SPEE - Sociedade Produ\u00e7\u00e3o de Energia E\u00f3lica, S.A. Porto PwC 100.00% 100.00% 0.00% 0.00% EDP Renewables SGPS, S.A. Porto PwC 0.00% 0.00% 100.00% 100.00% IE2 Portugal, SGPS, S.A. Porto PwC 0.00% 0.00% 100.00% 100.00% France EDPR France Holding, S.A.S. Paris PwC 100.00% 100.00% 100.00% 100.00% EDPR Energies France, S.A.S. Paris PwC 100.00% 100.00% 100.00% 100.00% Monts de la Madeleine Energie, S.A.S. Paris PwC 100.00% 100.00% 100.00% 100.00% Monts du Forez Energie, S.A.S. Paris PwC 100.00% 100.00% 100.00% 100.00% Oxavi 1, S.A.S. Paris n.a. 100.00% 100.00% 0.00% 0.00% Oxavi 2, S.A.S. Paris n.a. 100.00% 100.00% 0.00% 0.00% Parc \u00c9olien d\u2019Entrains-sur-Nohain, S.A.S. Paris PwC 90.00% 90.00% 90.00% 90.00% Parc Eolien de Dionay, S.A.S. Paris PwC 100.00% 100.00% 100.00% 100.00% Saussignac Solaire, S.A.S. Paris n.a. 100.00% 100.00% 0.00% 0.00% Transition Euroise Roman II, S.A.S. Paris n.a. 85.00% 85.00% 85.00% 85.00% Vanosc Energie, S.A.S. Paris n.a. 100.00% 100.00% 100.00% 100.00% Kronos Solar France, S.A.S. Boulogne- Billancourt n.a. 100.00% 100.00% 100.00% 100.00% Fransol 11, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 12, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 13, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 14, S.A.S. Paris n.a. 100.00% 100.00% 100.00% 85.00% Fransol 15, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 16, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 17, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 18, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 19, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 20, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 21, S.A.S. Boulogne- Billancourt n.a. 100.00% 100.00% 100.00% 85.00% Fransol 22, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 23, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 24, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 25, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 26, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 27, S.A.S. Boulogne- Billancourt n.a. 100.00% 100.00% 100.00% 85.00% Fransol 28, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 29, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 30, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Fransol 31, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 32, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 33, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 34, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 35, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 36, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 37, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 38, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 39, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 40, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 41, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 42, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 43, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 44, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 45, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 46, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 47, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 48, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 49, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 50, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 51, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 52, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 53, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 54, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 55, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 56, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 57, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 58, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 59, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 60, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 61, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 62, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 63, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 64, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 65, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 66, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 67, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 68, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Fransol 69, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 70, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Kronos 18 Fain, S.A.S. Saint- Louis n.a. 100.00% 100.00% 100.00% 85.00% Kronos IB Vogt 15, S.A.S. Saint- Louis n.a. 100.00% 85.00% 100.00% 85.00% Kronos IB Vogt 16, S.A.S. Saint- Louis n.a. 100.00% 85.00% 100.00% 85.00% Kronos IB Vogt 19, S.A.S. Saint- Louis n.a. 100.00% 85.00% 100.00% 85.00% Kronos IB Vogt 20, S.A.S. Saint- Louis n.a. 100.00% 85.00% 100.00% 85.00% Kronos IB Vogt 22, S.A.S. Saint- Louis n.a. 100.00% 85.00% 100.00% 85.00% Kronos IB Vogt 25, S.A.S. Saint- Louis n.a. 100.00% 85.00% 100.00% 85.00% Kronosol 11, S.A.R.L. Saint- Louis n.a. 100.00% 85.00% 100.00% 85.00% Kronosol 12, S.A.R.L. Saint- Louis n.a. 100.00% 100.00% 100.00% 85.00% Kronosol 13, S.A.R.L. Paris n.a. 100.00% 100.00% 100.00% 85.00% Kronosol 14, S.A.R.L. Paris n.a. 100.00% 100.00% 100.00% 85.00% Kronosol 15, S.A.R.L. Saint- Louis n.a. 100.00% 100.00% 100.00% 85.00% Eoles Montjean, S.A.S. Paris n.a. 0.00% 0.00% 100.00% 100.00% Poland EDP Renewables Polska, Sp. z o.o. Warsaw PwC 100.00% 100.00% 100.00% 100.00% EDP Renewables Polska HoldCo, S.A. Warsaw PwC 51.00% 51.00% 51.00% 51.00% EDP Renewables Polska Solar, Sp. z o.o. Warsaw PwC 100.00% 100.00% 100.00% 100.00% EDP Renewables Polska Storage, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 0.00% 0.00% EDP Renewables Polska Wind, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 0.00% 0.00% EDPR Polska Solar 2, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 0.00% 0.00% Ekoenergia Solar 3, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 0.00% 0.00% Budzyn, Sp. z o.o. Warsaw PwC 100.00% 51.00% 100.00% 51.00% CSH Renewables III, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 0.00% 0.00% Elektrownia Kamienica, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Elektrownia Wiatrowa Kresy I, Sp. z o.o. Warsaw PwC 100.00% 51.00% 100.00% 51.00% Farma Fotowoltaiczna Budzyn, Sp. z o.o. Warsaw PwC 100.00% 100.00% 100.00% 100.00% Farma Fotowoltaiczna Dobrzyca, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Farma Fotowoltaiczna I\u0142\u017ca, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 0.00% 0.00% Farma Fotowoltaiczna Koden, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Farma Fotowoltaiczna Pakos\u0142aw, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 0.00% 0.00% Farma Fotowoltaiczna Poturzyn, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 0.00% 0.00% Farma Fotowoltaiczna Radziej\u00f3w, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Farma Fotowoltaiczna Tomasz\u00f3w, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Farma Fotowoltaiczna Ujazd, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Farma Fotowoltaiczna Warta, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Farma Fotowoltaiczna Wielkopolska, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Farma Wiatrowa Starozreby, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% FW Warta, Sp. z o.o. Pozna\u0144 PwC 100.00% 100.00% 100.00% 100.00% Gudziki Wind Farm, sp. z o.o. Warsaw PwC 100.00% 51.00% 100.00% 51.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Karpacka Mala Energetyka, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Korsze Wind Farm, Sp. z o.o. Warsaw PwC 100.00% 51.00% 100.00% 51.00% Masovia Wind Farm I, Sp. z o.o. Warsaw PwC 100.00% 100.00% 100.00% 100.00% Miramit Investments, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Molen Wind II, Sp. z o.o. Warsaw PwC 100.00% 51.00% 100.00% 51.00% Neo Solar Chotk\u00f3w, Sp. z o.o. Warsaw PwC 100.00% 100.00% 100.00% 100.00% Neo Solar Farm, Sp. z o.o. Warsaw PwC 100.00% 100.00% 100.00% 100.00% Neo Solar Przykona II, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% R.Wind, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Radziej\u00f3w Wind Farm, Sp. z o.o. Warsaw PwC 100.00% 51.00% 100.00% 51.00% Rampton, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Relax Wind Park I, Sp. z o.o. Warsaw PwC 100.00% 51.00% 100.00% 51.00% Relax Wind Park III, Sp. z o.o. Warsaw PwC 100.00% 51.00% 100.00% 51.00% WF Energy III, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Wind Farm Debrzno, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 0.00% 0.00% Wind Farm Gniewkowo, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 0.00% 0.00% Wind Field Wielkopolska, Sp. z o.o. Pozna\u0144 PwC 0.00% 0.00% 100.00% 100.00% EW Dobrzyca, sp. z o.o. Pozna\u0144 PwC 0.00% 0.00% 100.00% 100.00% Ujazd, Sp. z o.o. Pozna\u0144 PwC 0.00% 0.00% 100.00% 100.00% Romania EDPR Rom\u00e2nia, S.R.L. Bucarest PwC 100.00% 100.00% 100.00% 100.00% Beta Wind, S.R.L. Bucarest n.a. 100.00% 100.00% 100.00% 100.00% Energopark, S.R.L. Bucarest n.a. 100.00% 100.00% 100.00% 100.00% Fravezac, S.R.L. Bucarest n.a. 100.00% 100.00% 100.00% 100.00% International Solar Energy, S.R.L. Bucarest n.a. 100.00% 100.00% 100.00% 100.00% Solar Phoenix, S.R.L. Bucarest n.a. 100.00% 100.00% 100.00% 100.00% United Kingdom EDP Renewables UK Limited Edinburgh PwC 100.00% 100.00% 100.00% 100.00% Altnabreac Wind Farm Limited Edinburgh PwC 100.00% 100.00% 100.00% 100.00% Balmeanach Wind Farm Limited Edinburgh PwC 100.00% 100.00% 100.00% 100.00% Balnacraig Battery Storage Limited Edinburgh n.a. 100.00% 100.00% 0.00% 0.00% Ben Sca Wind Farm Limited Edinburgh PwC 100.00% 100.00% 100.00% 100.00% Drummarnock Wind Farm Limited Edinburgh PwC 100.00% 100.00% 100.00% 100.00% Harrington Franklin Limited Leeds n.a. 100.00% 100.00% 0.00% 0.00% Lurg Hill Wind Farm Limited Edinburgh PwC 100.00% 100.00% 100.00% 100.00% Moorshield Wind Farm Limited Edinburgh PwC 100.00% 100.00% 100.00% 100.00% Muirake Wind Farm Limited Edinburgh PwC 79.00% 79.00% 79.00% 79.00% Kronos Solar Projects Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 00 Limited Newmark et Ensors 100.00% 100.00% 0.00% 0.00% KS SPV 46 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 62 Limited Newmark et Ensors 100.00% 100.00% 0.00% 0.00% KS SPV 64 Limited Newmark et Ensors 100.00% 100.00% 0.00% 0.00% KS SPV 65 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 67 Limited Newmark et Ensors 100.00% 100.00% 0.00% 0.00% KS SPV 68 Limited Newmark et Ensors 100.00% 100.00% 0.00% 0.00% KS SPV 69 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS KS SPV 70 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 71 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 72 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 73 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 74 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 75 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 76 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 77 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 78 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 79 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 80 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 81 Limited Newmark et Ensors 100.00% 100.00% 0.00% 0.00% KS SPV 82 Limited Newmark et Ensors 100.00% 100.00% 0.00% 0.00% KS SPV 83 Limited Newmark et Ensors 100.00% 100.00% 0.00% 0.00% KS SPV 84 Limited Newmark et Ensors 100.00% 100.00% 0.00% 0.00% KS SPV 85 Limited Newmark et Ensors 100.00% 100.00% 0.00% 0.00% Italy EDP Renewables Italia, S.r.l. Milan PwC 51.00% 51.00% 51.00% 51.00% EDP Renewables Italia Holding, S.r.l. Milan PwC 100.00% 100.00% 100.00% 100.00% EDPR Basilicata, S.r.l. Milan n.a. 100.00% 100.00% 100.00% 100.00% EDPR Centro Italia PV, S.r.l. Milan n.a. 100.00% 100.00% 100.00% 100.00% EDPR Puglia Due, S.r.l. Milan n.a. 100.00% 100.00% 100.00% 100.00% EDPR Sardegna, S.r.l. Milan n.a. 100.00% 100.00% 100.00% 100.00% EDPR Sicilia Due, S.r.l. Milan n.a. 100.00% 100.00% 100.00% 100.00% EDPR Sicilia PV, S.r.l. Milan n.a. 100.00% 100.00% 100.00% 100.00% EDPR Sicilia Quattro, S.r.l. Milan n.a. 100.00% 100.00% 0.00% 0.00% EDPR Sicilia Tre, S.r.l. Milan n.a. 100.00% 100.00% 100.00% 100.00% EDPR Sicilia Uno, S.r.l. Milan n.a. 100.00% 100.00% 100.00% 100.00% EDPR Sicilia Wind, S.r.l. Milan PwC 100.00% 100.00% 100.00% 100.00% EDPR Sud Italia, S.r.l. Milan n.a. 100.00% 100.00% 100.00% 100.00% EDPR Villa Galla, S.r.l. Milan PwC 100.00% 51.00% 100.00% 51.00% AW 2, S.r.l. Milan PwC 75.00% 75.00% 75.00% 75.00% C & C Tre Energy S.r.l. Milan PwC 100.00% 100.00% 100.00% 100.00% Custolito, S.r.l. Milan n.a. 100.00% 100.00% 100.00% 100.00% Energia Emissioni Zero 4, S.r.l. Milan PwC 60.00% 60.00% 60.00% 60.00% Giglio, S.r.l. Milan PwC 60.00% 60.00% 60.00% 60.00% Re Plus, S.r.l. Milan n.a. 100.00% 100.00% 100.00% 100.00% Sarve, S.r.l. Milan PwC 100.00% 100.00% 100.00% 100.00% Serracapriola, S.r.l. Milan n.a. 100.00% 100.00% 0.00% 0.00% Solar Italy I, S.r.l. Milan PwC 100.00% 100.00% 100.00% 100.00% Solar Italy II, S.r.l. Milan PwC 100.00% 100.00% 100.00% 100.00% Solar Italy IV, S.r.l. Milan PwC 100.00% 100.00% 100.00% 100.00% Solar Italy XXIII, S.r.l. Milan n.a. 100.00% 100.00% 0.00% 0.00% T Power, S.p.A. Cesena Baker Tilly Revisa 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Tivano, S.r.l. Milan PwC 75.00% 75.00% 75.00% 75.00% VRG Wind 153, S.r.l. Milan PwC 100.00% 100.00% 100.00% 100.00% Wind Energy Castelluccio, S.r.l. Milan n.a. 100.00% 100.00% 0.00% 0.00% Wind Energy Monte Cavallo, S.r.l. Pescara n.a. 51.00% 51.00% 0.00% 0.00% Wind Energy San Giorgio, S.r.l. Milan PwC 60.00% 60.00% 60.00% 60.00% Winderg Valleverde, S.r.l. Milan n.a. 60.00% 60.00% 0.00% 0.00% Greece Aeolos Evias Energiaki, M.A.E. Athens n.a. 100.00% 100.00% 100.00% 100.00% Aioliki Oitis Energiaki A.E. Athens n.a. 100.00% 100.00% 100.00% 100.00% Aioliko Parko Fthiotidas Erimia A.E. Athens PwC 100.00% 100.00% 100.00% 100.00% EDPR Hellas 1 M.A.E. Athens PwC 100.00% 100.00% 100.00% 100.00% EDPR Hellas 2 M.A.E. Athens PwC 100.00% 100.00% 100.00% 100.00% Energiaki Arvanikou E.P.E. Athens PwC 100.00% 100.00% 100.00% 100.00% Kadmeios Anemos Energiaki A.E. Athens n.a. 100.00% 100.00% 100.00% 100.00% Voiotikos Anemos Energiaki A.E. Athens n.a. 100.00% 100.00% 100.00% 100.00% Wind Park Aerorrachi M.A.E. Athens PwC 100.00% 100.00% 100.00% 100.00% Wind Shape A.E. Athens n.a. 100.00% 100.00% 100.00% 100.00% Belgium EDP Renewables Belgium, S.A. Brussels PwC 100.00% 100.00% 100.00% 100.00% Netherlands EDPR International Investments, B.V. Amsterda m PwC 100.00% 100.00% 100.00% 100.00% Kronos Solar Projects NL, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL10, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL12, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL13, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL14, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL16, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL17, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL20, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL23, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL24, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL25, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL27, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL28, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL29, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL3, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL30, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL31, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL32, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL33, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL34, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL35, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL36, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL37, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL38, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL39, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL40, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL41, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL42, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS KS NL43, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL44, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL45, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL46, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL47, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL48, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL49, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL50, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL6, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL8, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% Hungary EDP Renewables Hungary Budapest PwC 100.00% 100.00% 100.00% 100.00% EDPR Bora, Kft. Budapest PwC 100.00% 100.00% 0.00% 0.00% EDPR Mistral, Kft. Budapest PwC 100.00% 100.00% 0.00% 0.00% EDPR Pampero, Kft. Budapest PwC 100.00% 100.00% 0.00% 0.00% EDPR Siesta, Kft. Budapest PwC 100.00% 100.00% 0.00% 0.00% EDPR Silvanus, Kft. Budapest PwC 100.00% 100.00% 0.00% 0.00% EDPR Sirocco, Kft. Budapest PwC 100.00% 100.00% 0.00% 0.00% EDPR Terra, Kft. Budapest PwC 100.00% 100.00% 0.00% 0.00% EDPR Zephyr, Kft. Budapest PwC 100.00% 100.00% 0.00% 0.00% Napenergia, Kft. Budapest PwC 100.00% 100.00% 100.00% 100.00% Ny\u00edrs\u00e9g Watt, Kft. Budapest PwC 100.00% 100.00% 100.00% 100.00% Sunglare Capture, Kft. Budapest PwC 100.00% 100.00% 100.00% 100.00% Sunglare Expert, Kft. Budapest PwC 100.00% 100.00% 100.00% 100.00% Sunlight Solar, Kft. Budapest PwC 85.00% 85.00% 85.00% 85.00% Szabadsolar, Kft. Budapest PwC 100.00% 100.00% 100.00% 100.00% EDPR Investment Hungary, Kft. Budapest PwC 0.00% 0.00% 100.00% 100.00% Germany EDP Renewables Germany GmbH Munich n.a. 100.00% 100.00% 100.00% 100.00% Kronos Projektgesellschaft mbH Munich n.a. 100.00% 100.00% 100.00% 100.00% Kronos Solar Projects GmbH Munich n.a. 100.00% 100.00% 100.00% 100.00% Kronos Solar Projects France UG Munich n.a. 85.00% 85.00% 85.00% 85.00% KSD 11 UG B\u00fctow n.a. 100.00% 100.00% 100.00% 100.00% KSD 12 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 13 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 14 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 15 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 16 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 17 GmbH Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 18 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 19 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 21 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 22 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 23 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 24 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 25 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 26 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 27 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 28 UG Munich n.a. 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS KSD 29 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 30 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 31 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 32 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 33 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 34 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 35 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 36 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 37 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 38 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 39 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 40 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 41 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 42 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 43 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 44 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 45 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 46 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 47 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 48 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 49 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 50 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 51 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 52 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 53 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 54 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 55 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 56 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 57 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 58 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 59 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 60 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% NORTH AMERICA GEOGRAPHY / PLATFORM Mexico EDPR Servicios de M\u00e9xico, S. de R.L. de C.V. Ciudad de M\u00e9xico n.a. 100.00% 100.00% 100.00% 100.00% E\u00f3lica de Coahuila, S.A. de C.V. Ciudad de M\u00e9xico PwC 51.00% 51.00% 51.00% 51.00% Parque Solar Los Cuervos, S. de R.L. de C.V. Ciudad de M\u00e9xico n.a. 100.00% 100.00% 100.00% 100.00% Vientos de Coahuila, S.A. de C.V. Ciudad de M\u00e9xico n.a. 100.00% 100.00% 100.00% 100.00% United States EDP Renewables North America LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% 10 Point Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% 17th Star Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% 2007 Vento I LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% 2007 Vento II LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% 2008 Vento III LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% 2009 Vento V LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% 2011 Vento IX LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% 2014 Sol I LLC Delaware PwC 100.00% 50.00% 100.00% 50.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS 2014 Vento XI LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% 2014 Vento XII LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% 2015 Vento XIII LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% 2015 Vento XIV LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% 2016 Vento XV LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% 2016 Vento XVI LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% 2017 Sol II LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% 2018 Vento XVIII LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% 2019 Vento XXI LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% 2020 Vento XXII LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% 2021 DG Agora Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% 2021 DG Agora Ventures I LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% 2021 DG Apollo Sol II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% 2021 DG Apollo Ventures II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% 2021 DG CA Agora Ventures I LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% 2021 DG CA Apollo Sol II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% 2021 DG CA Apollo Ventures II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% 2021 Vento XXIII LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% 2022 SOL VI LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% 2022 SOL VII LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% 2023 SOL IX LLC Delaware PwC 100.00% 100.00% 0.00% 0.00% 2023 SOL VIII LLC Delaware PwC 100.00% 100.00% 0.00% 0.00% 2023 Vento XXIV LLC Delaware PwC 100.00% 100.00% 0.00% 0.00% Alabama Ledge Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Alabama Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Antelope Ridge Wind Power Project LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Arbuckle Mountain Wind Farm LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Arkwright Summit Wind Farm LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Arlington Wind Power Project LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Aroostook Wind Energy LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Ashford Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Athena-Weston Wind Power Project II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Athena-Weston Wind Power Project LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Avondale Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% AZ Solar LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Azalea Springs Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Bar Harbor Community Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Bayou Bend Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% BC2 Maple Ridge Holdings LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% BC2 Maple Ridge Wind LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Bear Peak Beccaria LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Bear Peak Brady LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Bear Peak East Carroll LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Bear Peak Glen Hope LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Bear Peak Jennerstown LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Bear Peak Juniata LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Bear Peak Paint II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Bear Peak Richmond LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Big River Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Big River Wind Power Project LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Black Prairie Solar Park II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Black Prairie Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Black Prairie Storage II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Black Prairie Storage LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Black Prairie Wind Farm II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Black Prairie Wind Farm III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Black Prairie Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Black River Solar Park LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Blackford County Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blackford County Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blackstone Wind Farm II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blackstone Wind Farm III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blackstone Wind Farm IV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blackstone Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blackstone Wind Farm V LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blissville Road LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Blue Canyon Windpower II LLC Texas PwC 100.00% 100.00% 100.00% 100.00% Blue Canyon Windpower III LLC Texas n.a. 100.00% 100.00% 100.00% 100.00% Blue Canyon Windpower IV LLC Texas n.a. 100.00% 100.00% 100.00% 100.00% Blue Canyon Windpower V LLC Texas PwC 100.00% 51.00% 100.00% 51.00% Blue Canyon Windpower VI LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Blue Canyon Windpower VII LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blue Harvest Solar Park LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Blue Marmot I LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blue Marmot II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blue Marmot IV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blue Marmot IX LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blue Marmot Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blue Marmot V LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blue Marmot VI LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blue Marmot VII LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blue Marmot VIII LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blue Marmot XI LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Bluebird Prairie Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Bright Stalk Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Broadlands Wind Farm II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Broadlands Wind Farm III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Buffalo Bluff Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Buffalo Lick Solar Park LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% C2 Alpha Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 Bristol I LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 Bristol II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 CB 2017 Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 Centrica MT LLC Delaware PwC 100.00% 85.00% 100.00% 85.00% C2 CI Holdings 2 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 CT Fund 1 Holding LLC Delaware PwC 100.00% 85.00% 100.00% 85.00% C2 Energy Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS C2 MA Adams II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 MA DEPCOM 2017 LLC Delaware PwC 100.00% 85.00% 100.00% 85.00% C2 MA Dudley II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 MA FKW Holdings LLC Delaware PwC 100.00% 85.00% 100.00% 85.00% C2 MA Kelly Way Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 MA Lakeville Holdings LLC Delaware PwC 100.00% 85.00% 100.00% 85.00% C2 MA Lakeville LLC Delaware PwC 100.00% 85.00% 100.00% 85.00% C2 MA Managing Member II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 MA New Salem LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 MN Hopkins LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 NC Kitty Hawk LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 NJ Andover I LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 NY Brookhaven LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 NY Sentinel Heights Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 OH New Lebanon LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 OH Otsego II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 Omega Holding Company LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 RI Hopkinton LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 Scripps 3 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 Scripps 4 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 SH 2019 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 Starratt Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM 2020 Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 1 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 10 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 1512 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 1549 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 2 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 2112 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 3 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 3360 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 3465 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 3799 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 3833 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 3861 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 4 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 4451 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 5 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 5768 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 6 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 7 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 8 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 9 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM California 1789 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM California 1988 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM California 4202 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM California 4317 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM California 5890 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS C2 WM California Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM DSA Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Greenwood Leasing LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 1404 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 1489 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 1548 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 1553 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 1761 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 1848 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 1933 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 2215 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 2491 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 253 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 5442 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 612 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 891 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Laurens Leasing LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Louisiana 309 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Louisiana 539 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Louisiana 87 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Louisiana Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Maryland 1715 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Maryland 2436 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Maryland Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM New Jersey 1 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM New Jersey 1807 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM New Jersey 1844 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM New Jersey 1869 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM New Jersey 1977 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM New Jersey 2195 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM New Jersey 3795 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM New Jersey Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Phase 3 Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Phase 3 Sponsor LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Powdersville Leasing LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Regent Dev Holdings 2020 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Simpsonville Leasing LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 Woodbury Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% CA Gettysburg Solar Farm LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% CA Marinwood Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% CA Olde Thompson Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% CA Syracuse Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% CA Tours Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Camden PV PSEG Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Camden PV Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Cameron Solar LLC South Carolina PwC 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Carpenter Wind Farm LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Casa Grande Carmel Solar LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Castle Valley Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Cattlemen Solar Park II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Cattlemen Solar Park LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% CF OH Solar County Hwy 58, Upper Sandusky LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% CF OH Solar Lincoln Hwy, Bucyrus1 LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% CF OH Solar N Dixie Hwy Lima LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% CF OH Solar Rd N, Pandora LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% CF OH Solar SR 309, Kenton LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% CF OH Solar SR 81 Ada LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% CF OH Solar St RT 118, Ansonia LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% CF OH Solar St RT 118, Rossburg LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% Chateaugay River Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Cheboygan Solar Farm LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Cielo Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Citizens Dickenson Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Citizens Westmoreland Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Clinton County Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Cloud County Wind Farm LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Clover Creek Solar Project II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Clover Creek Solar Project LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Coldwater Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Coos Curry Wind Power Project LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Cortland-Virgil Road Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Creed Road Solar 1 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Crescent Bar Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Crooked Lake Solar II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Crooked Lake Solar III LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Crooked Lake Solar LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Cropsey Ridge Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Crossing Trails Wind Power Project II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Crossing Trails Wind Power Project LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Cypress Knee Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Daffodil Grove Storage LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Dairy Hills Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% DC Michigan Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Diamond Power Partners LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Drake Peak Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Dry Creek Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Duff Solar Park II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Duff Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Duff Storage LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Eagle Creek Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% East Klickitat Wind Power Project LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% East River Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Eastmill Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Aurora Holdings LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS EDPR CA Solar Park II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR CA Solar Park III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR CA Solar Park IV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR CA Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR CA Solar Park V LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR CA Solar Park VI LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Dahlia DevCo LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% EDPR Dahlia Holdings LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% EDPR Magnolia DevCo LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% EDPR Magnolia Holdings LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% EDPR NA DG Holding LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% EDPR NA DG MN SLP LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPR NA DG MN YMCA LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPR NA Distributed Generation LLC Delaware PwC 85.00% 85.00% 85.00% 85.00% EDPR NA Greenfield Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR NA Shelby Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Northeast Allen Solar Park II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Northeast Allen Solar Park III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Northeast Allen Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR RS LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Scarlet I LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% EDPR Scarlet II BESS LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Scarlet II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Scarlet III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Solar Ventures I LLC Delaware n.a. 50.00% 50.00% 50.00% 50.00% EDPR Solar Ventures II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Solar Ventures III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Solar Ventures IV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Solar Ventures IX LLC Delaware PwC 100.00% 100.00% 0.00% 0.00% EDPR Solar Ventures V LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Solar Ventures VI LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Solar Ventures VII LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% EDPR Solar Ventures VIII LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% EDPR South Table LLC Nebraska n.a. 100.00% 100.00% 100.00% 100.00% EDPR Vento I Holding LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Vento II Holding LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Vento III Holding LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Vento IV Holding LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% EDPR WF LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Wind Ventures XI LLC Delaware n.a. 51.00% 51.00% 51.00% 51.00% EDPR Wind Ventures XII LLC Delaware n.a. 51.00% 51.00% 51.00% 51.00% EDPR Wind Ventures XIII LLC Delaware n.a. 51.00% 51.00% 51.00% 51.00% EDPR Wind Ventures XIV LLC Delaware n.a. 51.00% 51.00% 51.00% 51.00% EDPR Wind Ventures XIX LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Wind Ventures XV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Wind Ventures XVI LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Wind Ventures XVII LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Wind Ventures XVIII LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Wind Ventures XX LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS EDPR Wind Ventures XXI LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Wind Ventures XXII LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Wind Ventures XXIII LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Wind Ventures XXIV LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% EDPRNA Bar Harbor Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Bristol Solar LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG CA 2016 Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG CA CLNS Fairfield LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG CA Mbusa LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG California Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG CI Sponsor 2 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG CT Fund 1 MM LLC Delaware PwC 100.00% 85.00% 100.00% 85.00% EDPRNA DG Distributed Sun Holding LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Eaton Solar LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG Energy Holdings Inc. Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Franklin LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Gamma Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Georgia Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Illinois Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Indiana Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Kentucky Development LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG Lessee Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Livermore Solar LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG LS Rancho Cucamonga LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG MA 2016 Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG MA Adams I Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG MA Adams I LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG MA Depcom Sponsor LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG MA Lakeville Sponsor LLC Delaware PwC 100.00% 85.00% 100.00% 85.00% EDPRNA DG MA Managing Member LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG MA Owner LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG MA Swansea Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG MA Swansea LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Manassas LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Manning Solar LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG Maryland Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Michigan Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Mississippi Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Missouri Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Morin LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Morton Solar LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG New York Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG O&M Services LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG OH Continental Solar LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS EDPRNA DG OH Massie Solar LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG Ohio Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Pennsylvania Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG PR Aguadilla LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG PR Radar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Rho LLC Delaware PwC 100.00% 85.00% 100.00% 85.00% EDPRNA DG Ridgefield BOE LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG RT Addison LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG RT Bedford Park LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG RT Chicago LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG Scripps 1 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Solar Portfolio IV LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Solar WF Portfolio LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Starratt Sponsor LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Texas Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Virginia Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Washington Solar LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG Wisconsin Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG WM 2020 Parent LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG WM Chester Leasing LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG WM DSA Sponsor LLC Delaware PwC 100.00% 85.00% 100.00% 85.00% EDPRNA DG WM Illinois 1998 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG WM Illinois 3459 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG WM Indian Land Leasing LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG WM Lake Wylie Leasing LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG WM Leasing LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG WM Phase 1 Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG WM Pickens Leasing LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG XII Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG York County Sun LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG-REA Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Edwardsport Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Eighty South Solar Park LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Esker Solar Park II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Esker Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Estill Solar I LLC South Carolina PwC 100.00% 100.00% 100.00% 100.00% Five-Spot LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Flatland Storage LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Ford Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Franklin Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% FRV CSU Power II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% FRV SI Transport Solar LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% Generate USF Fairburn LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Generate USF Las Vegas LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Generate USF Livermore LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% Generate USF Loveland LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Generate USF McClellan LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Generate USF N Las Vegas LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Generate USF Phoenix LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% German Community Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Gilpatrick Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Goldfinger Ventures III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Green Country Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Green Power Offsets LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Greenbow Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Gulf Coast Windpower Management Company LLC Delaware n.a. 75.00% 75.00% 75.00% 75.00% Hampton Solar II LLC South Carolina PwC 100.00% 100.00% 100.00% 100.00% HB Steel Community Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Headwaters Wind Farm II LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Headwaters Wind Farm III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Headwaters Wind Farm IV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Headwaters Wind Farm LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Helena Harbor Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Hickory Solar LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Hidalgo Wind Farm II LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Hidalgo Wind Farm LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% High Prairie Wind Farm II LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% High Trail Wind Farm LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Hobolochitto Solar Park LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Holly Hill Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Chocolate Bayou I LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Midwest IX LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Northwest I LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Northwest IV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Northwest VII LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Northwest X LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Northwest XI LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Panhandle I LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Southwest I LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Southwest II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Southwest III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Southwest IV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Valley I LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Freeport Windpower I LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind MREC Iowa Partners LLC Delaware n.a. 75.00% 75.00% 75.00% 75.00% Horizon Wind Ventures I LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Ventures III LLC Delaware n.a. 51.00% 51.00% 51.00% 51.00% Horizon Wind Ventures IX LLC Delaware n.a. 51.00% 51.00% 51.00% 51.00% Horizon Wyoming Transmission LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horse Mountain Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Indiana Crossroads Solar Park II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Indiana Crossroads Wind Farm II LLC Delaware PwC 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Indiana Crossroads Wind Ventures LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Iron Valley Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Jericho Rise Wind Farm LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Jericho Solar Park LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Juniper Wind Power Partners LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Leprechaun Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Lexington Chenoa Wind Farm II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Lexington Chenoa Wind Farm III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Lime Hollow Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Little Brook Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Loblolly Hill Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Loki Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Loma de la Gloria Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Lone Valley Solar Park I LLC Delaware PwC 100.00% 50.00% 100.00% 50.00% Lone Valley Solar Park II LLC Delaware PwC 100.00% 50.00% 100.00% 50.00% Long Hollow Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Longleaf Storage LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Longroad ASD1 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad CPA CDC1 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad CPA CSU3 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad CPA CSU4 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad DG Portfolio I LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad Fund III Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad SD LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad SIT1 Hoboken LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad Solar Fund III LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad Solar Portfolio III LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% Longroad ST6 Stockton LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad WF7 Cheshire LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad WGNJ1 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad WGNJ2 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Lost Lakes Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Lotus Blocker LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Lotus DevCo II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Lowland Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Loyal Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Lumberjack Storage LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Machias Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Madison Windpower LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Marathon Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Marble River LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Martinsdale Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Mastamho Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% McLean Solar 2 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% ME Dover Foxcroft Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% ME Ellsworth Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% ME New Vineyard Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% ME Rocky Hill Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% ME Sandy Hill Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Meadow Lake Wind Farm II LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Meadow Lake Wind Farm III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Meadow Lake Wind Farm IV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Meadow Lake Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Meadow Lake Wind Farm VIII LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Mesquite Wind LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% MidCoast C2 Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Mineral Springs Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Misenheimer Solar LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% MMA Belmar Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA BWS Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA CCC Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA DAS Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA Fresno Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA GDC Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA Happy Valley Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA LHIW Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA MDS Power I LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA MDS Power II LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA MDS Power IV LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA Mission Bay Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA Renewable Ventures Solar Fund III LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA Rita Power LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA RMS Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA Solar Fund III GP Sub Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA SROSA Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA WBF Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MN CSG 2 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Mohave Power Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Mohave Power LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Moonshine Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Morgan Road Solar East LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Morgan Road Solar West LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% MT Plentywood Solar I LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% MT Plentywood Solar II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% NC Loy Farm Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% ND Crystal Solar I LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% NDIW California RE LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% New Road Power LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% New Trail Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% NH Hinsdale Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% North Coast Highway Solar 1 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% North Coast Highway Solar 2 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% North Slope Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Norton Solar I LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Norton Solar II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Number Nine Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% NV Solar Sparks LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% NY CSG 2 Holdings LLC Delaware PwC 100.00% 85.00% 100.00% 85.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS NY CSG 2 Sponsor LLC Delaware PwC 100.00% 85.00% 100.00% 85.00% NY Hemlock Hills Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% NY Mines Press Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% NY Morgan Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% NY OG 1 Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% OH FP Commerce Center LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% Old Trail Wind Farm LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Omega CSG 1 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% OPQ Property LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Pacific Southwest Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Paulding Wind Farm II LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Paulding Wind Farm III LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Paulding Wind Farm IV LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Paulding Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Paulding Wind Farm V LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Paulding Wind Farm VI LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Pearl River Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Penn Yan Solar I LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Peterson Power Partners LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Pioneer Prairie Wind Farm I LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Piscataquis Valley Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Pleasantville Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Plum Nellie Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Poplar Camp Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Poplarville Solar Park LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Post Oak Wind LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Potsdam Community Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Prospector Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Pueblo Norte Solar Park LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Quilt Block Wind Farm II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Ragsdale Solar II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Ragsdale Solar LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Rail Splitter Wind Farm II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Rail Splitter Wind Farm LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Randolph Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% RE Scarlet LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% REA-EDPRNA DG 2016 Lessee LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Reloj del Sol Wind Farm LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Renewable Ventures Solar Fund V GP LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Renewable Ventures Solar Fund V LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Renewable Ventures V Equity Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Renewable Ventures V GP Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Renville County Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% RevEnergy C2 Franklin LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% RI Abrava Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% RI- Moo Cow Delaware n.a. 100.00% 85.00% 100.00% 85.00% RI Quarry Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% RI Sposato Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Rio Blanco Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Rising Tree Wind Farm II LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Rising Tree Wind Farm III LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Rising Tree Wind Farm LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Riverstart Solar Park II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Riverstart Solar Park III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Riverstart Solar Park IV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Riverstart Solar Park V LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Riverstart Solar Park VI LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Rock Dane Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Rolling Upland Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Rose Run Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Rosewater Ventures LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Route 13 Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Route 149 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% RS Holyoke 3 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% RSBF Jeffco II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% RTSW Solar Park II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% RTSW Solar Park III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% RTSW Solar Park IV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% RTSW Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% RTSW Solar Park V LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% RTSW Solar Park VI LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Rush County Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% RV CSU Power LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Rye Patch Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Saddleback Wind Power Project LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Sagebrush Power Partners LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Sailor Springs Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Salt Lick Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% San Clemente Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Sandrini BESS Storage LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Sandrini LandCo LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Sardinia Windpower LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Sawmill Junction Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% SC Beaufort Jasper Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SC Southern Wesleyan Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Sedge Meadow Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Shields Drive LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Shullsburg Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Shy Place Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Signal Hill Wind Power Project LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Simpson Ridge Wind Farm II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Simpson Ridge Wind Farm III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Simpson Ridge Wind Farm IV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Simpson Ridge Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Simpson Ridge Wind Farm V LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% SLX Project 1080 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Smart Sunscribe LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Solar Ventures Purchasing LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Soteria Solar Services LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Spruce Ridge Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Stinson Mills Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Stone North Solar Park LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Strawberry Solar Farm LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Sugar Plum Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% SunE Bristow MS LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE CPA CDC2 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE CPA CSU5 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE CPA CTS1 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE D14 ATC-A Holdings LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE D14 DGS-A Holdings LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE D14 KHL-A Holdings LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE D14 MISC-A Holdings LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE D14 MISC-B Holdings LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE D14 SPLS-A Holdings LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE D14 WMT-A Holdings LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE Fairfield SSD LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE H3 Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE Lakeland Center LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE M5 Holdings LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE M5B Holdings LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE M5C Holdings LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE MCPS Clarksburg LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE MCPS FSK LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE MCPS Gardens LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE MCPS Lakelands LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE MCPS Montgomery LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE MCPS Parkland LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE MCPS Quince Orchard LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE MCPS Shriver LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE Multnomah JBY LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE Multnomah JJC LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE NC Progress1 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE NLB-2 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE PD Oak LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE PD Sycamore LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE PD Willow LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE PNMC Roof LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE Solar IV LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE Solar V LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE Solar VI LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE Solar XII LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE Solar XIV LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE SR1 Arvada5 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE SR1 NREL LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE SR1 Rifle PS LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE U6 Holdings LLC Delaware PwC 100.00% 85.00% 100.00% 85.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS SunE W12DG-A LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE W12DG-B LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE W12DG-C LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE W12DG-D LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE WF3 KHL A Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE WF3 KHL B Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE WF3-BART Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE WF3-Broomfield Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE WF3-ST Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE WF3-WG Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE WMT PR2 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE H4 Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE Solar III LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Sustaining Power Solutions LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Sweet Acres Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Sweet Stream Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Telocaset Wind Power Partners LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Three Lakes Solar LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Tillman Solar Park II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Tillman Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% TillmaN Storage LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Timber Road II Storage LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Timber Road III Storage LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Timber Road Solar Park II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Timber Road Solar Park III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Timber Road Solar Park LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Top Crop I Storage LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Top Crop II Storage LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Trailing Springs Storage LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Trolley Barn Storage LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Tug Hill Windpower LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Tumbleweed Wind Power Project LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Turkey Creek Solar Park LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Turtle Creek Wind Farm LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Twin Groves I Storage LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Twin Groves II Storage LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Upper Road LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% VT Stone Valley LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Waverly Wind Farm II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Waverly Wind Farm LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Western Trail Wind Project I LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Wheat Field Holding LLC Delaware PwC 51.00% 51.00% 51.00% 51.00% Wheat Field Wind Power Project LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Whiskey Ridge Power Partners LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Whistling Wind WI Energy Center LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% White Stone Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Whitestone Wind Purchasing LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Wildcat Creek Wind Farm LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Wilson Creek Power Project LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Wind Turbine Prometheus LP Delaware n.a. 100.00% 100.00% 100.00% 100.00% Winding Canyon Wind LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Wolf Run Solar LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Wrangler Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% WTP Management Company LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% 2011 Vento X LLC Delaware PwC 0.00% 0.00% 100.00% 100.00% 2021 DG Agora Sol I LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% 2021 DG CA Agora Sol I LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% Amsterdam 3 Solar LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% C2 CA WMS Redlands #1693 LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% C2 IL WMS Bloomington #3459 LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% C2 IL WMS Skokie #1998 LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% C2 OH Otsego I LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% C2 WM California 2039 LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% C2 WM California 5884 LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% DC Green Solar LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% DC- JD Portfolio - Barrel Roof Delaware n.a. 0.00% 0.00% 100.00% 85.00% DC- JD Portfolio - Flat Roof Delaware n.a. 0.00% 0.00% 100.00% 85.00% DC- JD Portfolio - Green Roof Delaware n.a. 0.00% 0.00% 100.00% 85.00% DC- JD Portfolio - Parking Deck Delaware n.a. 0.00% 0.00% 100.00% 85.00% DC PD Solar LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% EDPR Wind Ventures X LLC Delaware n.a. 0.00% 0.00% 100.00% 100.00% McLean Solar 1 LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% New Scotland 5 Solar LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% Nine Kings Transco LLC Delaware n.a. 0.00% 0.00% 100.00% 100.00% NY Broadway SAS LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% NY Gomer SAS LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% NY Highland SAS LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% RI Stainless LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% SC Heathwood Hall Solar LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% VA- Green Acres Delaware n.a. 0.00% 0.00% 100.00% 85.00% Canada EDP Renewables Canada Ltd. British Columbia n.a. 100.00% 100.00% 100.00% 100.00% Blue Bridge Solar Park GP Ltd. British Columbia n.a. 100.00% 100.00% 100.00% 100.00% Blue Bridge Solar Park Limited Partnership Alberta n.a. 100.00% 100.00% 100.00% 100.00% Bromhead Solar Park GP Ltd. British Columbia n.a. 100.00% 100.00% 100.00% 100.00% Bromhead Solar Park Limited Partnership Saskatche wan n.a. 100.00% 100.00% 100.00% 100.00% Edgeware BESS Project GP Ltd. British Columbia n.a. 100.00% 100.00% 100.00% 100.00% Edgeware BESS Project Limited Partnership Ont\u00e1rio n.a. 50.00% 50.00% 100.00% 100.00% EDP Renewables Canada Management Services Ltd. British Columbia n.a. 100.00% 100.00% 100.00% 100.00% EDP Renewables SH II Project GP Ltd. British Columbia n.a. 100.00% 100.00% 100.00% 100.00% EDP Renewables SH II Project Limited Partnership Alberta n.a. 100.00% 100.00% 100.00% 100.00% EDP Renewables SH Project GP Ltd. British Columbia n.a. 100.00% 100.00% 100.00% 100.00% EDP Renewables SH Project Limited Partnership Alberta n.a. 100.00% 100.00% 100.00% 100.00% Halbrite Solar Park GP Ltd. British Columbia n.a. 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Halbrite Solar Park Limited Partnership Saskatche wan n.a. 100.00% 100.00% 100.00% 100.00% Nation Rise Wind Farm GP Inc. British Columbia PwC 100.00% 100.00% 100.00% 100.00% Nation Rise Wind Farm Limited Partnership Ont\u00e1rio PwC 49.99% 49.99% 49.99% 49.99% SBWF GP Inc. British Columbia n.a. 51.00% 51.00% 51.00% 51.00% Sounding Creek Solar Park GP Ltd. British Columbia n.a. 100.00% 100.00% 100.00% 100.00% Sounding Creek Solar Park Limited Partnership Alberta n.a. 100.00% 100.00% 100.00% 100.00% South Branch BESS Project GP Ltd. Ont\u00e1rio n.a. 100.00% 100.00% 0.00% 0.00% South Branch BESS Project Limited Partnership Ont\u00e1rio n.a. 100.00% 100.00% 0.00% 0.00% South Branch Wind Farm II GP Inc. British Columbia n.a. 100.00% 100.00% 100.00% 100.00% South Branch Wind Farm II Limited Partnership Ont\u00e1rio n.a. 100.00% 100.00% 100.00% 100.00% South Dundas Windfarm Limited Partnership Ont\u00e1rio PwC 51.00% 51.00% 51.00% 51.00% EDP Renewables Sask SE GP Ltd. British Columbia n.a. 0.00% 0.00% 100.00% 100.00% EDP Renewables Sask SE Limited Partnership Ont\u00e1rio n.a. 0.00% 0.00% 100.00% 100.00% Kennedy Wind Farm GP Ltd. British Columbia n.a. 0.00% 0.00% 100.00% 100.00% Kennedy Wind Farm Limited Partnership Saskatche wan n.a. 0.00% 0.00% 100.00% 100.00% LATIN AMERICA GEOGRAPHY / PLATFORM Brazil EDP Renov\u00e1veis Brasil, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Amanhecer I, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Amanhecer II, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Amanhecer III, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Amanhecer IV, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Amanhecer V, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Amanhecer VI, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Amanhecer VII, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Asas de Zabel\u00ea I, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Asas de Zabel\u00ea II, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Asas de Zabel\u00ea III, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Asas de Zabel\u00ea IV, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Asas de Zabel\u00ea V, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Asas de Zabel\u00ea VI, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Asas de Zabel\u00ea VII, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Aventura I, S.A. S\u00e3o Paulo PwC 51.00% 51.00% 51.00% 51.00% Central E\u00f3lica Baixa do Feij\u00e3o I, S.A. S\u00e3o Paulo PwC 51.00% 51.00% 51.00% 51.00% Central E\u00f3lica Baixa do Feij\u00e3o II, S.A. S\u00e3o Paulo PwC 51.00% 51.00% 51.00% 51.00% Central E\u00f3lica Baixa do Feij\u00e3o III, S.A. S\u00e3o Paulo PwC 51.00% 51.00% 51.00% 51.00% Central E\u00f3lica Baixa do Feij\u00e3o IV, S.A. S\u00e3o Paulo PwC 51.00% 51.00% 51.00% 51.00% Central E\u00f3lica Barra I, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Barra II, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Barra III, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Barra IV, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Barra IX, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Barra V, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Central E\u00f3lica Barra VI, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Barra VII, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Barra VIII, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Barra X, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Barra XI, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Borborema I, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Borborema II, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Borborema III, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Borborema IV, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Catanduba I, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Catanduba II, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Ita\u00fana I, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Ita\u00fana II, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Ita\u00fana III, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 0.00% 0.00% Central E\u00f3lica JAU, S.A. S\u00e3o Paulo PwC 51.00% 51.00% 51.00% 51.00% Central E\u00f3lica Monte Verde I, S.A. Lagoa Nova PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Monte Verde II, S.A. Lagoa Nova PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Monte Verde III, S.A. Lagoa Nova PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Monte Verde IV, S.A. Lagoa Nova PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Monte Verde V, S.A. Lagoa Nova PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Monte Verde VI, S.A. Lagoa Nova PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica S\u00e3o Domingos I, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica S\u00e3o Domingos II, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica S\u00e3o Domingos III, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica S\u00e3o Domingos IV, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 0.00% 0.00% Central E\u00f3lica S\u00e3o Domingos V, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 0.00% 0.00% Central Geradora Fotovoltaica Monte Verde Solar I, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Geradora Fotovoltaica Monte Verde Solar II, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Geradora Fotovoltaica Monte Verde Solar III, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Geradora Fotovoltaica Monte Verde Solar IV, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Geradora Fotovoltaica Monte Verde Solar V, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Geradora Fotovoltaica Monte Verde Solar VI, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Geradora Fotovoltaica Monte Verde Solar VII, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Nacional de Energia E\u00f3lica, S.A. S\u00e3o Paulo PwC 51.00% 51.00% 51.00% 51.00% Central Solar Barra I, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Barra II, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Barra III, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Barra IV, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central Solar F\u00eanix I, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar F\u00eanix II, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar F\u00eanix IV, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar F\u00eanix V, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Central Solar F\u00eanix VI, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Lagoa I, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Solar Lagoa II, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Solar Minas do Sol II, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Minas do Sol III, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Minas do Sol IV, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Minas do Sol V, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Minas do Sol VI, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Minas do Sol VIII, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Novo Oriente I, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Solar Novo Oriente II, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Solar Novo Oriente III, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Solar Novo Oriente IV, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Solar Novo Oriente V, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Solar Novo Oriente VI, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Solar Pereira Barreto I, S.A. Pereira Barreto PwC 100.00% 100.00% 100.00% 100.00% Central Solar Pereira Barreto II, S.A. Pereira Barreto PwC 100.00% 100.00% 100.00% 100.00% Central Solar Pereira Barreto III, S.A. Pereira Barreto PwC 100.00% 100.00% 100.00% 100.00% Central Solar Pereira Barreto IV, S.A. Pereira Barreto PwC 100.00% 100.00% 100.00% 100.00% Central Solar Pereira Barreto V, S.A. Pereira Barreto PwC 100.00% 100.00% 100.00% 100.00% Central Solar Presidente JK I, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Presidente JK VII, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Presidente JK XI, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Zebu I, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Zebu II, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Zebu III, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Zebu IV, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Zebu V, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Zebu VI, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Zebu VII, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Elebr\u00e1s Projetos, S.A. S\u00e3o Paulo PwC 51.00% 51.00% 51.00% 51.00% Monte Verde Holding, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Jerusal\u00e9m Holding, S.A. S\u00e3o Paulo PwC 0.00% 0.00% 100.00% 100.00% Central E\u00f3lica Jerusal\u00e9m I, S.A. S\u00e3o Paulo PwC 0.00% 0.00% 100.00% 100.00% Central E\u00f3lica Jerusal\u00e9m II, S.A. S\u00e3o Paulo PwC 0.00% 0.00% 100.00% 100.00% Central E\u00f3lica Jerusal\u00e9m III, S.A. S\u00e3o Paulo PwC 0.00% 0.00% 100.00% 100.00% Central E\u00f3lica Jerusal\u00e9m IV, S.A. S\u00e3o Paulo PwC 0.00% 0.00% 100.00% 100.00% Central E\u00f3lica Jerusal\u00e9m V, S.A. S\u00e3o Paulo PwC 0.00% 0.00% 100.00% 100.00% Central E\u00f3lica Jerusal\u00e9m VI, S.A. S\u00e3o Paulo PwC 0.00% 0.00% 100.00% 100.00% Central E\u00f3lica Boqueir\u00e3o I, S.A. S\u00e3o Paulo PwC 0.00% 0.00% 100.00% 100.00% Central E\u00f3lica Boqueir\u00e3o II, S.A. S\u00e3o Paulo PwC 0.00% 0.00% 100.00% 100.00% Colombia Renewables Energy Colombia, S.A.S. Bogot\u00e1 n.a. 100.00% 100.00% 0.00% 0.00% Elipse Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 n.a. 100.00% 100.00% 100.00% 100.00% Eolos Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 PwC 100.00% 100.00% 100.00% 100.00% Kappa Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 n.a. 100.00% 100.00% 100.00% 100.00% Omega Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 n.a. 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Parque Solar Fotovoltaico El Copey, S.A.S. E.S.P. Bogot\u00e1 n.a. 100.00% 100.00% 100.00% 100.00% Solar Power Solutions, S.A.S. E.S.P. Bogot\u00e1 PwC 100.00% 100.00% 100.00% 100.00% Vientos del Norte, S.A.S. E.S.P. Bogot\u00e1 PwC 100.00% 100.00% 100.00% 100.00% Chile EDP Renewables Chile, SpA Santiago PwC 100.00% 100.00% 100.00% 100.00% Los Llanos Solar, SpA Santiago n.a. 100.00% 100.00% 100.00% 100.00% Parque E\u00f3lico Punta de Talca, SpA Santiago PwC 100.00% 100.00% 100.00% 100.00% Parque E\u00f3lico San Andr\u00e9s, SpA Santiago n.a. 100.00% 100.00% 100.00% 100.00% Parque E\u00f3lico Victoria, SpA Santiago n.a. 100.00% 100.00% 100.00% 100.00% ASIA - PACIFIC GEOGRAPHY / PLATFORM South Korea EDPR Korea, Ltd. Yeosu n.a. 100.00% 100.00% 100.00% 100.00% Angang Wind Power Corporation Gyeongsa ngbuk-do n.a. 100.00% 100.00% 0.00% 0.00% Gumisan Wind Power Co., Ltd. Gyeongsa ngbuk-do n.a. 100.00% 100.00% 0.00% 0.00% OMA Haedori Co., Ltd. Goheung- gun n.a. 75.00% 75.00% 75.00% 75.00% Vietnam EDP Renewables Vietnam Co., Ltd. Ho Chi Minh City PwC 100.00% 100.00% 100.00% 100.00% Bien Dong Energy Investment Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% CMX RE Sunseap Vietnam Solar Power Co., Ltd. Ninh Thuan Province PwC 55.00% 55.00% 55.00% 55.00% Dai Linh Phat Co., Ltd. Ho Chi Minh City PwC 100.00% 100.00% 0.00% 0.00% DKT Energy Investment Co., Ltd. Ho Chi Minh City PwC 100.00% 100.00% 100.00% 100.00% H2A Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% H2HA Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% H2HD Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% H2HO Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% H2HU Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% H2K Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% H2ML Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% H2O Ben Luc Investment Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% H2S Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% H2T Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% H2TR Solar Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% H2VP Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% Hao Thanh Dat Investment Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% HTD Vietnam Investment Development Co., Ltd. Ho Chi Minh City PwC 100.00% 100.00% 0.00% 0.00% HTT Binh Duong Investment Development Co., Ltd. Ho Chi Minh City PwC 100.00% 100.00% 0.00% 0.00% Incom International Investment and Development Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% Kim Cuong Energy Investment Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% Lam Gia Luat Co., Ltd. Ho Chi Minh City PwC 100.00% 100.00% 0.00% 0.00% Long Dai Phat Investment Co., Ltd. Ho Chi Minh City PwC 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Millennium Energy Investment Co., Ltd. Ho Chi Minh City PwC 100.00% 100.00% 0.00% 0.00% Phu An Energy Investment Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% Quang Lam Printing Import Export Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% SSKT Beta Energy Co., Ltd. Ho Chi Minh City PwC 100.00% 59.00% 100.00% 100.00% STP5 Energy Production Trading Co., Ltd. Ho Chi Minh City PwC 100.00% 89.90% 100.00% 100.00% STP6 Energy Trading Technical Co., Ltd. Ho Chi Minh City PwC 100.00% 89.90% 100.00% 100.00% STP7 Energy Development Co., Ltd. Ho Chi Minh City PwC 100.00% 89.90% 100.00% 100.00% STP8 Energy Investment Co., Ltd. Ho Chi Minh City PwC 100.00% 89.90% 100.00% 100.00% Sun Times 1 Energy Co., Ltd. Ho Chi Minh City PwC 100.00% 89.90% 100.00% 100.00% Sun Times 3 Energy Co., Ltd. Ho Chi Minh City PwC 100.00% 89.90% 100.00% 100.00% Sun Times 4 Energy Co., Ltd. Ho Chi Minh City PwC 100.00% 89.90% 100.00% 100.00% Sun Times 5 Energy Co., Ltd. Ho Chi Minh City PwC 100.00% 89.90% 100.00% 100.00% Sun Times 6 Energy Co., Ltd. Ho Chi Minh City PwC 100.00% 89.90% 100.00% 100.00% Sun Times 7 Energy Co., Ltd. Ho Chi Minh City PwC 100.00% 89.90% 100.00% 100.00% Sunseap Commercial & Industrial Assets (Vietnam) Co., Ltd. Ho Chi Minh City PwC 100.00% 100.00% 100.00% 100.00% Sunseap KTG Energy Investment Co., Ltd. Ho Chi Minh City PwC 59.00% 59.00% 100.00% 100.00% Sunseap Sun Times Solar Investment Co., Ltd. Ho Chi Minh City PwC 89.90% 89.90% 100.00% 100.00% Thiet Thanh Cong Investment Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% Trung Son Energy Development LLC Khanh Hoa Province PwC 100.00% 100.00% 100.00% 100.00% Uper Renewable Energy Vietnam Co., Ltd. Ho Chi Minh City PwC 100.00% 100.00% 100.00% 100.00% Xuan Thien Ninh Thuan Co., Ltd. Ninh Thuan Province PwC 100.00% 100.00% 100.00% 100.00% Xuan Thien Thuan Bac Co., Ltd. Ninh Thuan Province PwC 100.00% 100.00% 100.00% 100.00% Singapore EDPR Sunseap Korea Holdings Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Group Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Data4Eco Holdings Pte. Ltd. Singapore PwC 60.00% 60.00% 60.00% 60.00% LYS Energy Investment Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Solarland Alpha Assets Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% SolarNova 4 Beta Assets Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% SolarNova Phase 1 Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Australia Holdings Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Batam Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap China Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap CMX RE Solar Holdings Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Commercial Assets Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Delta Holdings Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Energy Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Energy Ventures Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Engineering Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Gamma Assets Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Sunseap Gamma Holdings Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Indonesia Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap International Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Japan Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Leasing Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Links Daklong Pte. Ltd. Singapore PwC 95.00% 95.00% 95.00% 95.00% Sunseap Links Pte. Ltd. Singapore PwC 80.00% 80.00% 80.00% 80.00% Sunseap Taiwan Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Trung Son SG Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% SolarNova 4 Beta Holdings Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Solar PV Exchange Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Solarland Alpha Holdings Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Sunseap Commercial & Industrial Assets (S.E.A.) Holdings Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Sunseap Commercial Holdings Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Sunseap Leasing Alpha Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Sunseap Leasing Beta Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Sunseap Philippines Solar Holdings Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Sunseap SolarNova Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Sunseap Solutions Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Sunseap Vietnam Beta Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Sunseap Vietnam Gamma Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Sunseap Vietnam Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Sunseap Vpower Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Uper Renewable Energy (Singapore) Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Australia Sunseap (Australia) Investments Pty. Ltd. Melbourne n.a. 100.00% 100.00% 100.00% 100.00% Sunseap (Australia) Pty. Ltd. Melbourne n.a. 100.00% 100.00% 100.00% 100.00% Sunseap Assets (Australia) Pty. Ltd. Melbourne n.a. 100.00% 100.00% 100.00% 100.00% Energy Democracy Management Pty. Ltd. Canberra n.a. 100.00% 100.00% 0.00% 0.00% ITP Development Pty. Ltd. Canberra n.a. 100.00% 100.00% 0.00% 0.00% ITP-NHT Devco Pty. Ltd. Canberra n.a. 100.00% 100.00% 0.00% 0.00% Merino Solar Farm Pty. Ltd. Canberra n.a. 100.00% 100.00% 0.00% 0.00% Merino Solar Farm Trust Canberra n.a. 100.00% 100.00% 0.00% 0.00% Orange Community Renewable Energy Park Pty. Ltd. Canberra n.a. 100.00% 100.00% 0.00% 0.00% Orange Community Renewable Energy Park Trust Canberra n.a. 100.00% 100.00% 0.00% 0.00% Yoogali Solar Farm Pty. Ltd. Canberra n.a. 100.00% 100.00% 0.00% 0.00% Cambodia Sunseap Solar Cambodia Co., Ltd. Phnom Penh City n.a. 100.00% 100.00% 100.00% 100.00% China Anhui Jinyang New Energy Co., Ltd. Anhui City n.a. 100.00% 100.00% 100.00% 100.00% Changchun Xingsheng Jinhu Photovoltaic New Energy Co., Ltd. Changchu n City n.a. 100.00% 100.00% 100.00% 100.00% Changzhou Jingyi New Energy Technology Co., Ltd. Changzho u City n.a. 100.00% 100.00% 100.00% 100.00% Chongqing Xingzhi New Energy Technology Co., Ltd. Chongqin g City n.a. 100.00% 100.00% 100.00% 100.00% Chuzhou Huitai Photovoltaic Power Generation Co., Ltd. Chuzhou City n.a. 100.00% 100.00% 100.00% 100.00% Dongguan Jiehuang New Energy Technology Co., Ltd. Dongguan City n.a. 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Dongying Daoli New Energy Co., Ltd. Dongying City n.a. 100.00% 100.00% 100.00% 100.00% Fangxian Tianhang New Energy Co., Ltd. Fangxian City n.a. 100.00% 100.00% 100.00% 100.00% Fengcheng Xingtai New Energy Technology Co., Ltd. Fengchen g City n.a. 100.00% 100.00% 100.00% 100.00% Foshan YingYuan New Energy Technology Co., Ltd. Foshan City n.a. 100.00% 100.00% 100.00% 100.00% Harbin Panshuo Energy Technology Co., Ltd. Harbin City n.a. 100.00% 100.00% 100.00% 100.00% Hefei Yiman New Energy Technology Co., Ltd. Hefei City n.a. 100.00% 100.00% 100.00% 100.00% Heze Dechen New Energy Co., Ltd. Heze City n.a. 100.00% 100.00% 100.00% 100.00% Hubei Jianghui New Energy Co., Ltd. Jingzhou City n.a. 100.00% 100.00% 100.00% 100.00% Jiangsu Xingsheng New Energy Technology Co., Ltd. Jiangsu City n.a. 100.00% 100.00% 100.00% 100.00% Jiaxing Luken Energy Technology Co., Ltd. Jiaxing City n.a. 100.00% 100.00% 100.00% 100.00% Jingmen Xingsheng New Energy Co., Ltd. Jingmen City n.a. 100.00% 100.00% 100.00% 100.00% Jingmen Zhongbei New Energy Co., Ltd. Jingmen City n.a. 100.00% 100.00% 100.00% 100.00% Jining Yihang New Energy Technology Co., Ltd. Jining City n.a. 100.00% 100.00% 100.00% 100.00% Liyang Yushun Power New Energy Co., Ltd. Liyang City n.a. 100.00% 100.00% 100.00% 100.00% Nantong Eaton Guoyun Photovoltaic New Energy Co., Ltd. Nantong City n.a. 95.00% 95.00% 95.00% 95.00% Ningbo Jiangbei Baoyi Enterprise Management CP LP Ningbo city PwC 100.00% 100.00% 60.00% 60.00% Putian Xingsheng New Energy Co., Ltd. Putian City n.a. 100.00% 100.00% 100.00% 100.00% Qingdao Xingqi Energy Co., Ltd. Qingdao n.a. 100.00% 100.00% 100.00% 100.00% Qinghe County Xinou Funeng New Energy Technology Co., Ltd. Xingtai City n.a. 100.00% 100.00% 100.00% 100.00% Rongcheng Xingyi New Energy Technology Co., Ltd. Weihai City PwC 100.00% 100.00% 100.00% 100.00% Shanghai Jingwen Equity Investment Center LP Shanghai PwC 90.22% 90.22% 90.22% 90.22% Shanghai Yihuang New Energy Technology Co., Ltd. Shanghai n.a. 100.00% 100.00% 100.00% 100.00% Shanghai Yikuang New Technology Co., Ltd. Shanghai n.a. 100.00% 100.00% 100.00% 100.00% Siping Lvsheng Energy Technology Co., Ltd. Sipiang City n.a. 100.00% 100.00% 100.00% 100.00% State Cloud Sunseap Equity Investment Partnership LP Jinan City PwC 80.33% 80.33% 80.33% 80.33% Sunseap China Energy (Qingdao) Co., Ltd. Qingdao n.a. 100.00% 100.00% 100.00% 100.00% Sunseap China Energy (Shanghai) Ltd. Shanghai PwC 100.00% 100.00% 100.00% 100.00% Suzhou Haoruitian Power New Energy Co., Ltd. Kunshan City n.a. 100.00% 100.00% 100.00% 100.00% Suzhou Liansong New Energy Technology Co., Ltd. Suzhou City n.a. 100.00% 100.00% 100.00% 100.00% Suzhou Xingdao New Energy Technology Co., Ltd. Suzhou City n.a. 100.00% 100.00% 100.00% 100.00% Suzhou Xingyi Energy Engineering Co., Ltd. Suzhou City n.a. 100.00% 100.00% 100.00% 100.00% Tianjin Baoyi New Energy Technology Co., Ltd. Tianjin City n.a. 100.00% 100.00% 100.00% 100.00% Tianjin Pengling Funeng New Energy Technology Co., Ltd. Tianjin City n.a. 100.00% 100.00% 100.00% 100.00% Tianjin Xingrun Energy Development Co., Ltd. Tianjin City n.a. 100.00% 100.00% 100.00% 100.00% Tianjin Xingsheng Energy Development Co., Ltd. Tianjin City n.a. 100.00% 100.00% 100.00% 100.00% Tianjin Yuntong New Energy Technology Co., Ltd. Tianjin City n.a. 100.00% 100.00% 100.00% 100.00% Weihai Deao New Energy Technology Co., Ltd. Weihai City n.a. 100.00% 100.00% 100.00% 100.00% Wenzhou Xingyi New Energy Technology Co., Ltd. Wenzhou City n.a. 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Wuhan Panshuo Energy Technology Co., Ltd. Wuhan City n.a. 100.00% 100.00% 100.00% 100.00% Wuhu Xingsheng New Energy Co., Ltd. Wuhu City n.a. 100.00% 100.00% 100.00% 100.00% Wuxi Lingzhong New Energy Technology Co., Ltd. Wuxi City n.a. 100.00% 100.00% 100.00% 100.00% Yancheng Baoyi New Energy Technology Co., Ltd. Yancheng City n.a. 100.00% 100.00% 100.00% 100.00% Yancheng Qingneng Power Technology Co., Ltd. Yancheng City n.a. 100.00% 100.00% 100.00% 100.00% Zhenjiang Ruichengda New Energy Co., Ltd. Zhenjiang City n.a. 100.00% 100.00% 100.00% 100.00% Jinan Xingsheng Energy Co., Ltd. Jinan City n.a. 0.00% 0.00% 100.00% 100.00% Yuzhou Yixing Energy Technology Co., Ltd. Yuzhou City n.a. 0.00% 0.00% 100.00% 100.00% Indonesia PT Green Corridor Indonesia Kota Batam BDO 99.00% 99.00% 99.00% 99.00% PT Right People Renewable Energy Jakarta BDO 100.00% 100.00% 100.00% 100.00% PT Sunseap Commercial Industrial Indonesia Asset Jakarta BDO 99.00% 99.00% 99.00% 99.00% Japan RE Capital Co., Ltd. Tokyo n.a. 100.00% 100.00% 100.00% 100.00% Godo Kaisha NW-3 Tokyo n.a. 100.00% 100.00% 0.00% 0.00% Miyagi Motoyoshi Solar GK Tokyo n.a. 100.00% 100.00% 0.00% 0.00% Malaysia Sunseap Energy (Malaysia) Sdn. Bhd. Kuala Lumpur NHT 100.00% 100.00% 100.00% 100.00% Taiwan Hoya Energy Ltd. Taipei City PwC 100.00% 100.00% 100.00% 100.00% Pacific Sunseap Energy Ltd. Taipei City PwC 65.00% 65.00% 65.00% 65.00% Shuangjian Photoelectric Ltd. Taipei City PwC 70.00% 70.00% 70.00% 70.00% Sunseap Advance Green Technology Ltd. Taipei City PwC 100.00% 100.00% 100.00% 100.00% Sunseap Advance International Ltd. Taipei City PwC 100.00% 100.00% 100.00% 100.00% Sunseap Taiwan Solar Holdings Ltd. Taipei City PwC 100.00% 100.00% 100.00% 100.00% Top Green Energy Ltd. Taipei City PwC 100.00% 65.00% 100.00% 65.00% Thailand Sunseap Energy (Thailand) Co., Ltd. Bangkok Thai Info Ltd 95.50% 95.50% 95.50% 95.50% Thai-Sunseap Asset Co. Ltd. Bangkok Pechrungroj Office Co., Ltd 100.00% 67.00% 100.00% 67.00% Thai-Sunseap Co., Ltd. Bangkok Pechrungroj Office Co., Ltd 67.00% 67.00% 67.00% 67.00% Thai-Sunseap Energy Solutions Co. Ltd. Bangkok Pechrungroj Office Co., Ltd 100.00% 67.00% 100.00% 67.00 %
The main financial indicators of the jointly controlled companies included in the consolidation under the equity method as at 31 December 2023, are as follows: COMPANY SHARE CAPITAL HEAD OFFICE AUDITOR % OF CAPITAL % OF VOTING RIGHTS Desarrollos Energ\u00e9ticos Canarios, S.A. \u20ac 15.025 Las Palmas n.a. 49,90% 49,90% Desarrollos Energ\u00e9ticos del Val, S.L. \u20ac 137,070 Soria n.a. 25.00% 25.00% Evoluci\u00f3n 2000, S.L. \u20ac 117,994 Albacete PwC 49.15% 49.15% OW Offshore, S.L. \u20ac 72,205,252 Madrid PwC 50.00% 50.00%
COMPANY SHARE CAPITAL HEAD OFFICE AUDITOR % OF CAPITAL % OF VOTING RIGHTS Sistemas E\u00f3licos Tres Cruces, S.L. \u20ac 50,000 Soria n.a. 25.00% 25.00% Evoikos Voreas A.E. \u20ac 196,000 Athens PwC 51.00% 51.00% Sofrano A.E. \u20ac 900,000 Athens PwC 51.00% 51.00% Centrale Eolienne D'Occey, S.A.S. \u20ac 484,844 Paris n.a. 51.00% 51.00% Lomartico Investments, Sp. z o.o. \u20ac 1,150 Warsaw n.a. 50.00% 50.00% Medsteville Investments, Sp. z o.o. \u20ac 1,150 Warsaw n.a. 50.00% 50.00% Ondentille Investments, Sp. z o.o. \u20ac 1,150 Warsaw n.a. 50.00% 50.00% Kronos IBV UK GmbH \u20ac 25,000 Berlin n.a. 50.00% 50.00% KSD 20 UG \u20ac 1,000 Munich n.a. 50.00% 50.00% 2017 Vento XVII LLC \u20ac 422,602,223 Delaware PwC 20.00% 20.00% 2018 Vento XIX LLC \u20ac 405,808,645 Delaware PwC 20.00% 20.00% 2019 Vento XX LLC \u20ac 516,800,347 Delaware PwC 20.00% 20.00% Flat Rock Windpower LLC \u20ac 507,125,989 Delaware PwC 50.00% 50.00% Flat Rock Windpower II LLC \u20ac 199,604,602 Delaware PwC 50.00% 50.00% Goldfinger Ventures II LLC \u20ac 151,779,538 Delaware PwC 50.00% 50.00% Goldfinger Ventures LLC \u20ac 115,559,303 Delaware PwC 50.00% 50.00% Riverstart Development LLC \u20ac - Delaware n.a. 20.00% 20.00% Riverstart Ventures LLC \u20ac 162,128,696 Delaware PwC 20.00% 20.00% Solar Ventures Acquisition LLC -\u20ac 41,600,200 Delaware n.a. 50.00% 50.00% Sunseap Asset (Cambodia) Co., Ltd. \u20ac 1,273,846 Phnom Penh City BDO 51.00% 51.00% Sunseap Energy (Cambodia) Co., Ltd. \u20ac 161,855 Phnom Penh City n.a. 49.00% 49.00% Cenergi Sunseap Energy Solutions Sdn. Bhd. \u20ac 787,789 Kuala Lumpur EY 40.00% 40.00% Sunseap LCS Energy Sdn. Bhd. \u20ac 9,650 Kuala Lumpur HLCO 49.00% 49.00% RL Sunseap Energy Sdn. Bhd. \u20ac 241,260 Sarawak Crowe Malaysia PLT 49.00% 49.00% Powersource Sunseap Corp. \u20ac - Makati City n.a. 40.00% 40.00% Powersource Sunseap Solar Solution Corp. \u20ac - Makati City n.a. 40.00% 40.00% The main financial indicators of the jointly controlled companies included in the consolidation under the equity method as at 31 December 2022, were as follows: COMPANY SHARE CAPITAL HEAD OFFICE AUDITOR % OF CAPITAL % OF VOTING RIGHTS Desarrollos Energ\u00e9ticos Canarios, S.A. \u20ac 15,025 Las Palmas n.a. 49.90% 49.90% Desarrollos Energ\u00e9ticos del Val, S.L. \u20ac 137,070 Soria n.a. 25.00% 25.00% Evoluci\u00f3n 2000, S.L. \u20ac 117,994 Albacete PwC 49.15% 49.15% OW Offshore, S.L. \u20ac 57,519,614 Madrid PwC 50.00% 50.00% Sistemas E\u00f3licos Tres Cruces, S.L. \u20ac 50,000 Soria n.a. 25.00% 25.00% Evoikos Voreas A.E. \u20ac 126,000 Athens n.a. 51.00% 51.00% Sofrano A.E. \u20ac 830,000 Athens n.a. 51.00% 51.00% Centrale Eolienne D'Occey, S.A.S. \u20ac 284,844 Paris n.a. 51.00% 51.00% Lomartico Investments, Sp. z o.o. \u20ac 1,066 Warsaw n.a. 50.00% 50.00% Medsteville Investments, Sp. z o.o. \u20ac 1,066 Warsaw n.a. 50.00% 50.00% Ondentille Investments, Sp. z o.o. \u20ac 1,066 Warsaw n.a. 50.00% 50.00% Kronos IBV UK GmbH (1) \u20ac 25,000 Berlin n.a. 50.00% 50.00% KSD 20 UG (1) \u20ac 1,000 Munich n.a. 50.00% 50.00% 2017 Vento XVII LLC \u20ac 457,105,962 Delaware PwC 20.00% 20.00% 2018 Vento XIX LLC \u20ac 436,471,238 Delaware PwC 20.00% 20.00%
COMPANY SHARE CAPITAL HEAD OFFICE AUDITOR % OF CAPITAL % OF VOTING RIGHTS 2019 Vento XX LLC \u20ac 540,192,107 Delaware PwC 20.00% 20.00% Flat Rock Windpower LLC \u20ac 514,100,517 Delaware KPMG 50.00% 50.00% Flat Rock Windpower II LLC \u20ac 202,349,774 Delaware KPMG 50.00% 50.00% Goldfinger Ventures II LLC \u20ac 158,862,680 Delaware PwC 50.00% 50.00% Goldfinger Ventures LLC \u20ac 123,728,648 Delaware PwC 50.00% 50.00% Nine Kings Wind Farm LLC \u20ac - Delaware n.a. 50.00% 50.00% Riverstart Development LLC \u20ac - Delaware n.a. 20.00% 20.00% Riverstart Ventures LLC \u20ac 175,144,763 Delaware PwC 20.00% 20.00% Solar Ventures Acquisition LLC \u20ac - Delaware n.a. 50.00% 50.00% Sunseap Asset (Cambodia) Co., Ltd. \u20ac 2,760,000 Phnom Penh City n.a. 51.00% 51.00% Sunseap Energy (Cambodia) Co., Ltd. \u20ac 365,000 Phnom Penh City n.a. 49.00% 49.00% Cenergi Sunseap Energy Solutions Sdn. Bhd. \u20ac 2,131,119 Kuala Lumpur n.a. 40.00% 40.00% Powersource Sunseap Corp. \u20ac - Makati City n.a. 40.00% 40.00% Powersource Sunseap Solar Solution Corp. \u20ac - Makati City n.a. 40.00% 40.00% RL Sunseap Energy Sdn. Bhd. \u20ac 532,780 Sarawak n.a. 49.00% 49.00% Sunseap LCS Energy Sdn. Bhd. \u20ac 21,311 Kuala Lumpur n.a. 49.00% 49.00% Sunseap Solutions Taiwan Ltd. \u20ac 924,126 Taipei City n.a. 49.00% 49.00%
The Associated Companies included in the consolidation under the equity method as at 31 December 2023, are as follows: COMPANY SHARE CAPITAL HEAD OFFICE AUDITOR % OF CAPITAL % OF VOTING RIGHTS Biomasas del Pirineo, S.A. \u20ac 454,896 Huesca n.a. 30.00% 30.00% Desarrollos E\u00f3licos de Canarias, S.A. \u20ac 1,817,130 Las Palmas PwC 44.75% 44.75% Eos Pax IIa, S.L. \u20ac 6,010 La Coru\u00f1a Deloitte 48.50% 48.50% Parque E\u00f3lico Belmonte, S.A. \u20ac 120,400 Madrid KPMG 29.90% 29.90% Parque E\u00f3lico Sierra del Madero, S.A. \u20ac 7,193,970 Madrid KPMG 42.00% 42.00% Promotores Villarrubia Elevaci\u00f3n, S.L. \u20ac 3,000 Madrid n.a. 32.87% 32.87% Promotores Villarrubia Morata 200KV, S.L. \u20ac 3,000 Madrid n.a. 43.62% 43.62% Solar Siglo XXI, S.A. \u20ac 80,000 Ciudad Real n.a. 25.00% 25.00% Uni\u00f3n de Generadores de Energ\u00eda, S.L. \u20ac 23,044 Zaragoza PwC 50.00% 50.00% Hytlantic, S.A. \u20ac 50,000 Sines E&Y 28.50% 28.50% E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. \u20ac 500,000 Lourinh\u00e3 n.a. 45.00% 45.00% Blue Canyon Windpower LLC \u20ac 57,783,738 Texas PWC 25.00% 25.00% The Associated Companies included in the consolidation under the equity method as at 31 December 2022, were as follows: COMPANY SHARE CAPITAL HEAD OFFICE AUDITOR % OF CAPITAL % OF VOTING RIGHTS Biomasas del Pirineo, S.A. \u20ac 454,896 Huesca n.a. 30.00% 30.00% Blue Canyon Windpower LLC \u20ac 63,851,000 Texas PwC 25.00% 25.00% Desarrollos E\u00f3licos de Canarias, S.A. \u20ac 1,817,130 Gran Canaria PwC 44.75% 44.75% E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. \u20ac 500,000 Lourinh\u00e3 n.a. 45.00% 45.00% Eos Pax IIa, S.L. \u20ac 6,010 Coru\u00f1a Deloitte 48.50% 48.50% Ge\u00f3lica Magall\u00f3n, S.L. \u20ac 2,040,000 Zaragoza PwC 36.24% 36.24% Parque E\u00f3lico Belmonte, S.A. \u20ac 120,400 Madrid KPMG 29.90% 29.90% Parque E\u00f3lico Sierra del Madero, S.A. \u20ac 7,193,970 Madrid KPMG 42.00% 42.00% San Juan de Bargas E\u00f3lica, S.L. \u20ac 5,000,000 Zaragoza PwC 47.01% 47.01% Solar Siglo XXI, S.A. \u20ac 80,000 Ciudad Real n.a. 25.00% 25.00% Solar Works! B.V. \u20ac 5,976,514 Rotterdam RSM Global 20.19% 20.19% Uni\u00f3n de Generadores de Energ\u00eda, S.L. \u20ac 23,044 Zaragoza PwC 50.00% 50.00%
Accumulated losses in controlled subsidiaries are attributed to non-controlling interests in the corresponding proportions held, implying that the Group can recognise negative non-controlling interests. On a step acquisition process resulting in the acquisition of control the revaluation of any interest previously held is booked against the income statement. On a partial disposal resulting in loss of control over a subsidiary, any participation retained is revalued at market value on the sale date and the gain or loss resulting from this revaluation is booked against the income statement, as well
as any gain or loss resulting from the disposalAccounting for investments in subsidiaries, joint ventures and associates in the company\u2019s financial statements Investments in subsidiaries, joint ventures and associates not classified as held for sale or not included in a disposal group which is classified as held for sale are accounted for at cost in the company\u2019s financial statements, and are subject to periodic impairment tests, whenever
indication exists that certain financial investment may be impaired. Disposal of subsidiaries When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount of the investment recognised in profit or loss. Fair value is the initial carrying amount for the purposes of the subsequent recording of the interest retained in the associate, joint venture or financial asset. In addition to that, any amount previously recorded in other comprehensive income in relation to that entity is recorded as if the Group had directly sold all the related assets and liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. If the ownership of a holding in an associate is reduced but significant influence is retained, only the proportional part of the amounts previously recognised in other comprehensive income will be reclassified to the income statement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31345": {
"value": "Jointly controlled entities The Group classifies an arrangement as a joint arrangement when the jointly control is contractually established. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that collectively control the arrangement. After determining the existence of joint control, the Group classifies joint arrangements into two types - joint operations or joint ventures. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets, and obligations for the liabilities, relating to the arrangement, so the assets and liabilities (and related revenues and expenses) in relation to its interest in the arrangement are recognised and measured in accordance with relevant IFRSs applicable. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement, so this investment shall be included in the consolidated financial statements under the equity method. The consolidated financial statements include the Group's attributable share of total reserves and profits or losses of entities where the Group exercises joint control with other partners (joint ventures) and entities where the Group exercises significant influence (associates), included in the consolidated financial statements under the equity method. When the Group\u2019s share of losses exceeds its interest in a jointly controlled entity, the Group's carrying amount is reduced to zero and recognition of further losses is discontinued, except to the extent that the Group has a legal or contractual obligation to cover such losses on behalf of that entity.
Accounting for investments in subsidiaries, joint ventures and associates in the company\u2019s financial statements Investments in subsidiaries, joint ventures and associates not classified as held for sale or not included in a disposal group which is classified as held for sale are accounted for at cost in the company\u2019s financial statements, and are subject to periodic impairment tests, whenever
indication exists that certain financial investment may be impaired. Jointly controlled entities The Group classifies an arrangement as a joint arrangement when the jointly control is contractually established. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that collectively control the arrangement. After determining the existence of joint control, the Group classifies joint arrangements into two types - joint operations or joint ventures. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets, and obligations for the liabilities, relating to the arrangement, so the assets and liabilities (and related revenues and expenses) in relation to its interest in the arrangement are recognised and measured in accordance with relevant IFRSs applicable. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement, so this investment shall be included in the consolidated financial statements under the equity method. The consolidated financial statements include the Group's attributable share of total reserves and profits or losses of entities where the Group exercises joint control with other partners (joint ventures) and entities where the Group exercises significant influence (associates), included in the consolidated financial statements under the equity method. When the Group\u2019s share of losses exceeds its interest in a jointly controlled entity, the Group's carrying amount is reduced to zero and recognition of further losses is discontinued, except to the extent that the Group has a legal or contractual obligation to cover such losses on behalf of that entity.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31376": {
"value": "Accounting for investments in subsidiaries, joint ventures and associates in the company\u2019s financial statements Investments in subsidiaries, joint ventures and associates not classified as held for sale or not included in a disposal group which is classified as held for sale are accounted for at cost in the company\u2019s financial statements, and are subject to periodic impairment tests, whenever
indication exists that certain financial investment may be impaired",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31385": {
"value": "Business combination Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. The Group measures goodwill at the acquisition date as: \u2022 The fair value of the consideration transferred; plus \u2022 The recognised amount of any non-controlling interests in the acquiree; plus \u2022 If the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 The net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. If the initial purchase price allocation of assets, liabilities and contingent liabilities acquired is identified as provisional, in the subsequent 12 months after the business combination transaction, the legal acquirer should make the final allocation of the purchase price related to the fair value of the assets, liabilities and contingent liabilities acquired. After that period, adjustments to initial measurement are only made to correct an error.
Purchases of non-controlling interests and dilution In acquisitions (dilutions not resulting in a loss of control of non-controlling interests), the difference between the fair value of the non-controlling interests acquired and the consideration paid, is accounted against reserves. The acquisitions of non-controlling interests through written put
options related with investments in subsidiaries held by non-controlling interests, are recorded as
a liability for the fair value of the amount payable, against non-controlling interests. The fair value of the liability is determined based on the contractual price which may be fixed or variable. In case of a variable price, the changes in the liability are recognised against the income statement as well as the effect of the financial discount of the liability (unwinding).
Business combination Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. The Group measures goodwill at the acquisition date as: \u2022 The fair value of the consideration transferred; plus \u2022 The recognised amount of any non-controlling interests in the acquiree; plus \u2022 If the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 The net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. If the initial purchase price allocation of assets, liabilities and contingent liabilities acquired is identified as provisional, in the subsequent 12 months after the business combination transaction, the legal acquirer should make the final allocation of the purchase price related to the fair value of the assets, liabilities and contingent liabilities acquired. After that period, adjustments to initial measurement are only made to correct an error.
Purchases of non-controlling interests and dilution In acquisitions (dilutions not resulting in a loss of control of non-controlling interests), the difference between the fair value of the non-controlling interests acquired and the consideration paid, is accounted against reserves. The acquisitions of non-controlling interests through written put
options related with investments in subsidiaries held by non-controlling interests, are recorded as
a liability for the fair value of the amount payable, against non-controlling interests. The fair value of the liability is determined based on the contractual price which may be fixed or variable. In case of a variable price, the changes in the liability are recognised against the income statement as well as the effect of the financial discount of the liability (unwinding).
Business combination Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. The Group measures goodwill at the acquisition date as: \u2022 The fair value of the consideration transferred; plus \u2022 The recognised amount of any non-controlling interests in the acquiree; plus \u2022 If the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 The net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. If the initial purchase price allocation of assets, liabilities and contingent liabilities acquired is identified as provisional, in the subsequent 12 months after the business combination transaction, the legal acquirer should make the final allocation of the purchase price related to the fair value of the assets, liabilities and contingent liabilities acquired. After that period, adjustments to initial measurement are only made to correct an error.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31422": {
"value": "Purchases of non-controlling interests and dilution In acquisitions (dilutions not resulting in a loss of control of non-controlling interests), the difference between the fair value of the non-controlling interests acquired and the consideration paid, is accounted against reserves. The acquisitions of non-controlling interests through written put
options related with investments in subsidiaries held by non-controlling interests, are recorded as
a liability for the fair value of the amount payable, against non-controlling interests. The fair value of the liability is determined based on the contractual price which may be fixed or variable. In case of a variable price, the changes in the liability are recognised against the income statement as well as the effect of the financial discount of the liability (unwinding).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31474": {
"value": "Acquisition of assets out of the scope of IFRS 3 In order to assess whether an acquisition of an asset or a group of assets is a business, EDPR identifies the elements in the acquired entity (inputs, processes and outputs), assesses the capability to create outputs (it should have at a minimum, an input and a substantive process to be assessed as a business) and, finally, assesses the capability of market participants to continuing to create outputs (conducting the activities as a business). In the case of an integrated set of activities that is in an early-stage of development and has not started to generate outputs, EDPR considers other factors to determine whether it constitutes a business, such as if: (i) planned principal activities have begun; (ii) employees, intellectual property, and other inputs and processes are present; (iii) a plan to produce outputs is being pursued; and/or (iv) access to customers who will purchase the outputs can be obtained. Generally, an early-stage entity that has employees capable of developing an output will be considered a business. Therefore, in application of the above, EDPR concludes that IFRS 3 is not applicable when there are no outputs at the acquisition date due to an early-stage of development, and the acquired process(es) cannot be considered substantive. Thus, the acquisition of an asset or a group of assets that does not fulfil the conditions to be considered a business is classified as an acquisition of a company out of scope of IFRS 3.
H) Capitalisation of borrowing costs Borrowing costs that are directly attributable to the acquisition or construction of assets are capitalised as part of the cost of the assets. The amount of borrowing costs eligible for capitalisation are determined by applying a capitalisation rate to the expenditures on these assets. The capitalisation rate corresponds to the weighted average of the borrowing costs applicable to the outstanding borrowings during the period. The amount of borrowing costs capitalised during a period does not exceed the amount of borrowing costs incurred during the period. The capitalisation of borrowing costs commences when expenditures for the asset are being incurred, borrowing costs have been incurred and activities necessary to prepare all or part of the assets for their intended use or sale are in progress. Capitalisation ceases when substantially all the activities necessary to prepare the assets for their intended use or sale are completed.
I) Property, plant and equipment Property, plant and equipment are stated at acquisition cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. In case of projects in a development stage, costs are only capitalized when it is probable that the project will be finally built. If due to changes in regulation or other circumstances costs capitalized are derecognized from property plant and equipment, they are recognized in the profit and loss caption of \u201cOther expenses\u201d. Replacements or renewals of complete items are recognized as increases in the value of property, plant and equipment and the items replaced or renewed are derecognized and recognized in the \u201cOther expenses\u201d caption. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for its intended use, and the costs of dismantling and removing the items and restoring the site on which they are located. Cost also may include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. The cost of acquisition includes interest on external financing and personnel costs and other internal expenses directly or indirectly related to work in progress accrued solely during the period of construction. The cost of production is capitalised by charging costs attributable to the asset as own work capitalised under financial expenses and personnel costs and employee benefit expense in the consolidated income statement. Subsequent costs are recognised as separate assets only when it is probable that future economic benefits associated with the item will flow to the Group. Repair and maintenance costs are charged to the income statement during the financial period in which they are incurred. The Group carries out impairment tests whenever events or circumstances may indicate that the book value of an asset exceeds its recoverable amount and, at least, annually, being the impairment recognised in the income statement. Land is not depreciated. Depreciation on the other assets is calculated using the straight-line method, less the residual value, over their estimated useful lives, as follows: NUMBER OF YEARS Buildings and other constructions 8 to 40 Plant and machinery: - Renewable assets 20 to 35 - Other plant and machinery 4 to 12 Transport equipment 3 to 5 Office equipment and tools 2 to 10 Other tangible fixed assets 3 to 10
The Group reviews the estimate of the useful life of assets whenever a change in the expected economic benefits flowing from the assets occurs as well as when the technical use planned for the assets differs from previous estimates. Changes occurring in the depreciation charge for the year are accounted prospectively. Residual value is the amount determined by the Group related to the scrap to be obtained from dismantled wind farms and solar plants and is calculated based on the technology of each project and the estimated prices of steel, copper and aluminium (this last one in the case of solar plants or
distributed generation assets)",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31493": {
"value": "Investments in foreign operations The financial statements of the foreign subsidiaries and associates of the Group are prepared using their functional currency, defined as the currency of the primary economic environment in which they operate. In the consolidation process, the assets and liabilities of foreign subsidiaries are translated into Euros at the official exchange rate at the balance sheet date.
C) Foreign currency transactions Foreign currency transactions are translated at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currency are translated into Euros at the exchange rates at the balance sheet date. These exchange differences arising on translation are recognised in the income statement as financial results. Foreign currency non-monetary assets and liabilities accounted for at historical cost are translated using the exchange rates at the dates of the transactions. Foreign currency non- monetary assets and liabilities stated at fair value are translated into Euros at the exchange rates at the dates the fair value was determined.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31495": {
"value": "Investments in foreign operations The financial statements of the foreign subsidiaries and associates of the Group are prepared using their functional currency, defined as the currency of the primary economic environment in which they operate. In the consolidation process, the assets and liabilities of foreign subsidiaries are translated into Euros at the official exchange rate at the balance sheet date.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31514": {
"value": "Balances and transactions eliminated on consolidation Inter-company balances and transactions, including any unrealised gains and losses on transactions between group companies, are eliminated in preparing the consolidated financial statements. Unrealised gains and losses arising from transactions with associates and joint ventures are eliminated to the extent of the Group's interest in those entities.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31578": {
"value": "D) Derivative financial instruments and hedge accounting Derivative financial instruments are recognised on the trade date at fair value. Subsequently, the fair value of derivative financial instruments is re-measured on a regular basis, being the gains or losses on re-measurement recognised directly in the income statement, except for derivatives designated as hedging instruments. The recognition of the resulting gains or losses on re- measurement of the derivatives designated as hedging instruments depends on the nature of the risk being hedged and of the hedge model used. The fair value of derivative financial instruments corresponds to their market value, if available, or to quotes indicated by external entities through the use of valuation techniques, which are compared in each date of report to fair values available in common financial information platforms. Hedge accounting The Group uses financial instruments to hedge interest rate risk, exchange rate risk and price risk resulting from its operational and financing activities. Derivatives not qualified for hedge accounting under IFRS 9 are accounted for as trading instruments. Hedging derivatives are recorded at fair value, being the gains and losses recognised in accordance with the hedge accounting model applied by the Group. Hedge relationship exists when: \u2022 The hedging relationship consists only in hedging instruments and hedged items that are eligible as per determined in IFRS 9; \u2022 At the inception of the hedge there is formal documentation of the hedging relationship and the Group\u2019s risk management objective and strategy for the hedge; \u2022 There is an economic relationship between the hedged item and the hedging instrument; \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship; \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item.
Fair value hedge Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged assets and liabilities or group of hedged assets and liabilities that are attributable to the hedged risk. When the hedging relationship ceases to comply with the requirements for hedge accounting, the accumulated gains or losses concerning the fair value of the risk being hedged are amortised over the residual period to maturity of the hedged item. Cash flow hedge Changes in the fair value of derivatives qualified as cash flow hedges are recognised in reserves. The cumulative gains or losses recognised in reserves are reclassified to the income statement when the hedged item affects the income statement. When a hedging relation of a future transaction is discontinued, the changes in the fair value of derivative recognised in reserves remain recognised in reserves until the future hedged transaction occurs. When the future transaction is no longer expected to occur, the cumulative gains or losses recognized in reserves are recorded immediately in the income statement. Net investment hedge The net investment hedge model is applied on a consolidated basis to investments in subsidiaries in foreign currencies. This model allows that the exchange differences recognised in the currency translation reserve to be offset by the foreign exchange differences in foreign currency loans or currency derivatives contracted, recognised in Currency translation reserve - Net investment hedge. For cross currency interest rate swaps, the cross-currency basis spread and forward points are not designated into the hedge relationship, but deferred as a hedging cost in other comprehensive income, in Currency translation reserve - Net investment hedge - Cost of hedging, and recognized in profit or loss over the period of the hedge. The ineffective portion of the hedging relationship is recognised in the income statement. The accumulated foreign exchange gains and losses regarding the net investment and the related hedging instrument recognised in equity are transferred to the income statement when the foreign currency subsidiary is sold, as part of the gain or loss resulting from the disposal. Effectiveness The Group performs prospective tests at the inception date and at each balance sheet date, in order to demonstrate its effectiveness, showing that any adjustments to the fair value of the hedged item attributable to the risk being hedged are offset by adjustments to the fair value of the
D) Derivative financial instruments and hedge accounting Derivative financial instruments are recognised on the trade date at fair value. Subsequently, the fair value of derivative financial instruments is re-measured on a regular basis, being the gains or losses on re-measurement recognised directly in the income statement, except for derivatives designated as hedging instruments. The recognition of the resulting gains or losses on re- measurement of the derivatives designated as hedging instruments depends on the nature of the risk being hedged and of the hedge model used. The fair value of derivative financial instruments corresponds to their market value, if available, or to quotes indicated by external entities through the use of valuation techniques, which are compared in each date of report to fair values available in common financial information platforms. Hedge accounting The Group uses financial instruments to hedge interest rate risk, exchange rate risk and price risk resulting from its operational and financing activities. Derivatives not qualified for hedge accounting under IFRS 9 are accounted for as trading instruments. Hedging derivatives are recorded at fair value, being the gains and losses recognised in accordance with the hedge accounting model applied by the Group. Hedge relationship exists when: \u2022 The hedging relationship consists only in hedging instruments and hedged items that are eligible as per determined in IFRS 9; \u2022 At the inception of the hedge there is formal documentation of the hedging relationship and the Group\u2019s risk management objective and strategy for the hedge; \u2022 There is an economic relationship between the hedged item and the hedging instrument; \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship; \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item.
Fair value hedge Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged assets and liabilities or group of hedged assets and liabilities that are attributable to the hedged risk. When the hedging relationship ceases to comply with the requirements for hedge accounting, the accumulated gains or losses concerning the fair value of the risk being hedged are amortised over the residual period to maturity of the hedged item. Cash flow hedge Changes in the fair value of derivatives qualified as cash flow hedges are recognised in reserves. The cumulative gains or losses recognised in reserves are reclassified to the income statement when the hedged item affects the income statement. When a hedging relation of a future transaction is discontinued, the changes in the fair value of derivative recognised in reserves remain recognised in reserves until the future hedged transaction occurs. When the future transaction is no longer expected to occur, the cumulative gains or losses recognized in reserves are recorded immediately in the income statement. Net investment hedge The net investment hedge model is applied on a consolidated basis to investments in subsidiaries in foreign currencies. This model allows that the exchange differences recognised in the currency translation reserve to be offset by the foreign exchange differences in foreign currency loans or currency derivatives contracted, recognised in Currency translation reserve - Net investment hedge. For cross currency interest rate swaps, the cross-currency basis spread and forward points are not designated into the hedge relationship, but deferred as a hedging cost in other comprehensive income, in Currency translation reserve - Net investment hedge - Cost of hedging, and recognized in profit or loss over the period of the hedge. The ineffective portion of the hedging relationship is recognised in the income statement. The accumulated foreign exchange gains and losses regarding the net investment and the related hedging instrument recognised in equity are transferred to the income statement when the foreign currency subsidiary is sold, as part of the gain or loss resulting from the disposal. Effectiveness The Group performs prospective tests at the inception date and at each balance sheet date, in order to demonstrate its effectiveness, showing that any adjustments to the fair value of the hedged item attributable to the risk being hedged are offset by adjustments to the fair value of the
hedging instrument. Any ineffectiveness is recognised in the income statement when it occurs",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31593": {
"value": "Hedge accounting The Group uses financial instruments to hedge interest rate risk, exchange rate risk and price risk resulting from its operational and financing activities. Derivatives not qualified for hedge accounting under IFRS 9 are accounted for as trading instruments. Hedging derivatives are recorded at fair value, being the gains and losses recognised in accordance with the hedge accounting model applied by the Group. Hedge relationship exists when: \u2022 The hedging relationship consists only in hedging instruments and hedged items that are eligible as per determined in IFRS 9; \u2022 At the inception of the hedge there is formal documentation of the hedging relationship and the Group\u2019s risk management objective and strategy for the hedge; \u2022 There is an economic relationship between the hedged item and the hedging instrument; \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship; \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item.
Fair value hedge Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged assets and liabilities or group of hedged assets and liabilities that are attributable to the hedged risk. When the hedging relationship ceases to comply with the requirements for hedge accounting, the accumulated gains or losses concerning the fair value of the risk being hedged are amortised over the residual period to maturity of the hedged item. Cash flow hedge Changes in the fair value of derivatives qualified as cash flow hedges are recognised in reserves. The cumulative gains or losses recognised in reserves are reclassified to the income statement when the hedged item affects the income statement. When a hedging relation of a future transaction is discontinued, the changes in the fair value of derivative recognised in reserves remain recognised in reserves until the future hedged transaction occurs. When the future transaction is no longer expected to occur, the cumulative gains or losses recognized in reserves are recorded immediately in the income statement. Net investment hedge The net investment hedge model is applied on a consolidated basis to investments in subsidiaries in foreign currencies. This model allows that the exchange differences recognised in the currency translation reserve to be offset by the foreign exchange differences in foreign currency loans or currency derivatives contracted, recognised in Currency translation reserve - Net investment hedge. For cross currency interest rate swaps, the cross-currency basis spread and forward points are not designated into the hedge relationship, but deferred as a hedging cost in other comprehensive income, in Currency translation reserve - Net investment hedge - Cost of hedging, and recognized in profit or loss over the period of the hedge. The ineffective portion of the hedging relationship is recognised in the income statement. The accumulated foreign exchange gains and losses regarding the net investment and the related hedging instrument recognised in equity are transferred to the income statement when the foreign currency subsidiary is sold, as part of the gain or loss resulting from the disposal. Effectiveness The Group performs prospective tests at the inception date and at each balance sheet date, in order to demonstrate its effectiveness, showing that any adjustments to the fair value of the hedged item attributable to the risk being hedged are offset by adjustments to the fair value of the
E) Debtors and other financial assets Group classifies its financial assets, at the initial recognition based on the business model for managing the financial assets (\"business model test\") and their contractual cash flow characteristics (\"SPPI test\"). Financial assets at amortised cost Financial assets included within this category are initially recognised at fair value and subsequently measured at amortised cost. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. Loans and trade receivables are generally held to collect contractual cash flows and are expected to give rise to cash flows representing solely payments of principal and interest, thus they meet the criteria for amortised cost measurement. Financial assets measured at fair value through other comprehensive income (FVOCI) Financial assets included within this category are initially recognised and subsequently measured at fair value, with the changes in the carrying amount booked in other comprehensive income, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses, which are recognised in profit and loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in other comprehensive income is reclassified to profit or loss. Financial assets at fair value through profit or loss (FVTPL) Financial assets that do not meet the criteria to be classified as financial assets at fair value through other comprehensive income (FVOCI) or at amortised cost, are classified at fair value through profit or loss.
Regardless of the business model assessment, EDPR Group can elect to classify a financial asset at fair value through profit or loss if doing so reduces or eliminates a measurement or recognition inconsistency (\u201caccounting mismatch\u201d).
Changes in the business model assessment over time Financial assets are not reclassified subsequent to their initial recognition. However, if the Company changes its business model for managing financial assets, it will classify newly originated or newly purchased financial assets under the new business model but will keep the classification of existing assets under the previous business model. Recognition and derecognition of financial assets Purchases and sales of financial assets are recognised on the trade date, which is the date on which the Company commits to purchase or sell these financial assets. Financial assets are derecognised when: (i) the contractual rights to receive their future cash flows have expired, (ii) the Company has transferred substantially the risks and rewards of ownership, or (iii) although retaining some, but not substantially all the risks and rewards of ownership, the Company has transferred control over the assets. Impairment EDPR Group recognise an impairment loss based on the Expected Credit Loss (ECL) model, before the objective evidence of a loss event from past actions. This model is the basis for the recognition of impairment losses on held financial assets that are measured at amortised cost or at fair value through other comprehensive income (which includes cash and cash equivalents, trade receivables, loans and debt securities). The impairment methodology applied depends on whether there has been a significant increase in credit risk. If the credit risk on a financial asset does not increase significantly since its initial recognition, EDPR Group measures the loss allowance for that financial asset at an amount equal to 12-month expected credit losses. If the credit risk increases significantly since its initial recognition, EDPR Group measures the loss allowance for that financial asset at an amount equal to lifetime expected credit losses. Regardless of the above, a significant increase in credit risk is presumed if there is an objective evidence that the financial asset is impaired, including if there is observable data that comes to the attention of the holder of the asset about the following loss events, among others: significant financial difficulty of the issuer or obligor; restructuring of an amount due to the Company in terms that it would not consider otherwise; a breach of contract, such as a default or delinquency in interest or principal payments; or it becoming probable that the borrower will enter bankruptcy or other financial reorganization. As soon as the loss event occurs the impairment allowance would be allocated directly to financial asset affected, that is, the asset\u2019s carrying amount is reduced and the amount of the loss is recognised in profit or loss. If, in a subsequent period, the amount of the impairment loss decreases, the previously recognised impairment loss is reversed in profit or loss, if the decrease can be related objectively to an event occurring after the impairment loss was recognised. Trade receivables and loans EDPR Group applies the simplified approach and record lifetime expected losses on all trade receivables including those with a significant financing component. The estimated ECL are calculated based on actual credit loss experience over a period that, per business and type of customers, is considered statistically relevant and representative of the specific characteristics of the underlying credit risk. Considering the particularities of each business, exposures are segmented based on common credit risk characteristics such as credit risk grade, geographic region and/or industry. Actual credit loss experience is adjusted by scalar factors to reflect differences between economic conditions during the period over which historical data was collect, current conditions and EDPR Group's view of economic conditions over the expected lives of the receivables. For loans carried at amortised cost and FVOCI, EDPR Group performs an analysis based on the general approach. On making its assessment, the company has to make assumptions about risk of default and expected loss rates, which requires judgement. The inputs used for risk assessment and for calculation of the loss allowances for financial assets includes: (i) credit ratings (as far as available) from external credit rating companies such as Standard and Poor, Moody\u2019s and Fitch.; (ii) significant changes in the expected performance and behavior of the borrower, including changes in the payment status of borrowers in the Group and changes in the operating results of the borrower; (iii) Public market data, namely on probabilities of default and loss given default
expectations; and (iv) macroeconomic information (such as market interest rates or growth rates). all the risks and rewards incidental to ownership of an underlying asset. Otherwise, the lease is classified as an operating lease. Therefore, at the commencement date, the Group recognizes: i) assets held under a finance lease in its statement of financial position and present them as a receivable at an amount equal to the net investment in the lease. ii) lease payments from operating leases as income on either a straight\u2010line basis or another systematic basis (if that basis is more representative of the pattern in which benefit from the use of the underlying asset is diminished). The assets subject to operating leases are presented in its statement of financial position according to the nature of the underlying asset.
Financial assets at fair value through profit or loss (FVTPL) Financial assets that do not meet the criteria to be classified as financial assets at fair value through other comprehensive income (FVOCI) or at amortised cost, are classified at fair value through profit or loss.
Regardless of the business model assessment, EDPR Group can elect to classify a financial asset at fair value through profit or loss if doing so reduces or eliminates a measurement or recognition inconsistency (\u201caccounting mismatch\u201d).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31740": {
"value": "Impairment EDPR Group recognise an impairment loss based on the Expected Credit Loss (ECL) model, before the objective evidence of a loss event from past actions. This model is the basis for the recognition of impairment losses on held financial assets that are measured at amortised cost or at fair value through other comprehensive income (which includes cash and cash equivalents, trade receivables, loans and debt securities). The impairment methodology applied depends on whether there has been a significant increase in credit risk. If the credit risk on a financial asset does not increase significantly since its initial recognition, EDPR Group measures the loss allowance for that financial asset at an amount equal to 12-month expected credit losses. If the credit risk increases significantly since its initial recognition, EDPR Group measures the loss allowance for that financial asset at an amount equal to lifetime expected credit losses. Regardless of the above, a significant increase in credit risk is presumed if there is an objective evidence that the financial asset is impaired, including if there is observable data that comes to the attention of the holder of the asset about the following loss events, among others: significant financial difficulty of the issuer or obligor; restructuring of an amount due to the Company in terms that it would not consider otherwise; a breach of contract, such as a default or delinquency in interest or principal payments; or it becoming probable that the borrower will enter bankruptcy or other financial reorganization. As soon as the loss event occurs the impairment allowance would be allocated directly to financial asset affected, that is, the asset\u2019s carrying amount is reduced and the amount of the loss is recognised in profit or loss. If, in a subsequent period, the amount of the impairment loss decreases, the previously recognised impairment loss is reversed in profit or loss, if the decrease can be related objectively to an event occurring after the impairment loss was recognised. Trade receivables and loans EDPR Group applies the simplified approach and record lifetime expected losses on all trade receivables including those with a significant financing component. The estimated ECL are calculated based on actual credit loss experience over a period that, per business and type of customers, is considered statistically relevant and representative of the specific characteristics of the underlying credit risk. Considering the particularities of each business, exposures are segmented based on common credit risk characteristics such as credit risk grade, geographic region and/or industry. Actual credit loss experience is adjusted by scalar factors to reflect differences between economic conditions during the period over which historical data was collect, current conditions and EDPR Group's view of economic conditions over the expected lives of the receivables. For loans carried at amortised cost and FVOCI, EDPR Group performs an analysis based on the general approach. On making its assessment, the company has to make assumptions about risk of default and expected loss rates, which requires judgement. The inputs used for risk assessment and for calculation of the loss allowances for financial assets includes: (i) credit ratings (as far as available) from external credit rating companies such as Standard and Poor, Moody\u2019s and Fitch.; (ii) significant changes in the expected performance and behavior of the borrower, including changes in the payment status of borrowers in the Group and changes in the operating results of the borrower; (iii) Public market data, namely on probabilities of default and loss given default
expectations; and (iv) macroeconomic information (such as market interest rates or growth rates). all the risks and rewards incidental to ownership of an underlying asset. Otherwise, the lease is classified as an operating lease. Therefore, at the commencement date, the Group recognizes: i) assets held under a finance lease in its statement of financial position and present them as a receivable at an amount equal to the net investment in the lease. ii) lease payments from operating leases as income on either a straight\u2010line basis or another systematic basis (if that basis is more representative of the pattern in which benefit from the use of the underlying asset is diminished). The assets subject to operating leases are presented in its statement of financial position according to the nature of the underlying asset.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31766": {
"value": "Trade receivables and loans EDPR Group applies the simplified approach and record lifetime expected losses on all trade receivables including those with a significant financing component. The estimated ECL are calculated based on actual credit loss experience over a period that, per business and type of customers, is considered statistically relevant and representative of the specific characteristics of the underlying credit risk. Considering the particularities of each business, exposures are segmented based on common credit risk characteristics such as credit risk grade, geographic region and/or industry. Actual credit loss experience is adjusted by scalar factors to reflect differences between economic conditions during the period over which historical data was collect, current conditions and EDPR Group's view of economic conditions over the expected lives of the receivables. For loans carried at amortised cost and FVOCI, EDPR Group performs an analysis based on the general approach. On making its assessment, the company has to make assumptions about risk of default and expected loss rates, which requires judgement. The inputs used for risk assessment and for calculation of the loss allowances for financial assets includes: (i) credit ratings (as far as available) from external credit rating companies such as Standard and Poor, Moody\u2019s and Fitch.; (ii) significant changes in the expected performance and behavior of the borrower, including changes in the payment status of borrowers in the Group and changes in the operating results of the borrower; (iii) Public market data, namely on probabilities of default and loss given default
expectations; and (iv) macroeconomic information (such as market interest rates or growth rates). Trade receivables and loans EDPR Group applies the simplified approach and record lifetime expected losses on all trade receivables including those with a significant financing component. The estimated ECL are calculated based on actual credit loss experience over a period that, per business and type of customers, is considered statistically relevant and representative of the specific characteristics of the underlying credit risk. Considering the particularities of each business, exposures are segmented based on common credit risk characteristics such as credit risk grade, geographic region and/or industry. Actual credit loss experience is adjusted by scalar factors to reflect differences between economic conditions during the period over which historical data was collect, current conditions and EDPR Group's view of economic conditions over the expected lives of the receivables. For loans carried at amortised cost and FVOCI, EDPR Group performs an analysis based on the general approach. On making its assessment, the company has to make assumptions about risk of default and expected loss rates, which requires judgement. The inputs used for risk assessment and for calculation of the loss allowances for financial assets includes: (i) credit ratings (as far as available) from external credit rating companies such as Standard and Poor, Moody\u2019s and Fitch.; (ii) significant changes in the expected performance and behavior of the borrower, including changes in the payment status of borrowers in the Group and changes in the operating results of the borrower; (iii) Public market data, namely on probabilities of default and loss given default
expectations; and (iv) macroeconomic information (such as market interest rates or growth rates). Trade receivables and loans EDPR Group applies the simplified approach and record lifetime expected losses on all trade receivables including those with a significant financing component. The estimated ECL are calculated based on actual credit loss experience over a period that, per business and type of customers, is considered statistically relevant and representative of the specific characteristics of the underlying credit risk. Considering the particularities of each business, exposures are segmented based on common credit risk characteristics such as credit risk grade, geographic region and/or industry. Actual credit loss experience is adjusted by scalar factors to reflect differences between economic conditions during the period over which historical data was collect, current conditions and EDPR Group's view of economic conditions over the expected lives of the receivables. For loans carried at amortised cost and FVOCI, EDPR Group performs an analysis based on the general approach. On making its assessment, the company has to make assumptions about risk of default and expected loss rates, which requires judgement. The inputs used for risk assessment and for calculation of the loss allowances for financial assets includes: (i) credit ratings (as far as available) from external credit rating companies such as Standard and Poor, Moody\u2019s and Fitch.; (ii) significant changes in the expected performance and behavior of the borrower, including changes in the payment status of borrowers in the Group and changes in the operating results of the borrower; (iii) Public market data, namely on probabilities of default and loss given default
expectations; and (iv) macroeconomic information (such as market interest rates or growth rates",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31822": {
"value": "F) Trade payables and other financial liabilities An instrument is classified as a financial liability when there is a contractual obligation for the issuer to liquidate capital and/or interests, through delivering cash or other financial asset, regardless of its legal form. Financial liabilities are recognised at the issuance date (trade date): (i) initially at fair value less transaction costs; and (ii) subsequently at amortised cost, using the effective interest method. All financial liabilities are booked at amortised cost, with the exception of the financial liabilities hedged at fair value hedge, which are stated at fair value on risk component that is being hedged. Lease liabilities (rents due from lease contracts) EDPR Group measures the lease liability (rents due from lease contracts) on the commencement date based on the present value of the future payments of that lease contracts, discounted using EDPR Group's incremental borrowing rate for each portfolio of leases identified. The variable lease payments that do not depend in an index or a rate are not included in the measurement of the liability regarding the rents due from lease contracts, nor the right-of-use asset. Those payments are recognised as cost in the period in which the event or condition that gives rise to the payments occurs. EDPR Group determines the lease term as the non\u2010cancellable period of a lease, together with both: (i) periods covered by an option to extend the lease, if the lessee is reasonably certain to exercise that option; and (ii) periods covered by an option to terminate the lease, if the lessee is reasonably certain not to exercise that option. EDPR Group applies the recognition exemption provided by IFRS 16 for the leases which lease term is 12 months or less, or that are for a low-value asset. After the commencement date, the lease liability (rents due from lease contracts) are increased to reflect interest on the liability and reduced to reflect the lease payments made. EDPR Group remeasure the lease liability (rents due from lease contracts), and adjusts the corresponding right-of-use assets, by discounting the revised lease payments, using an unchanged discount rate, if either: \u2022 There is a change in future lease payments resulting from a change in an index or a rate used to determine those payments; or \u2022 There is a change in the amounts expected to be payable under a residual value guarantee. If there is a lease modification that do not qualifies to be accounted as a separate lease, EDPR Group remeasures the lease liability (rents due from lease contracts) and adjusts the corresponding right-of-use assets by discounting the revised lease payments, using a revised discount rate at the effective date of the modification.
Derecognition of financial liabilities EDPR Group derecognises a financial liability (or a part of a financial liability) from its statement of financial position when, and only when, the obligation specified in the contract is discharged or cancelled or expires. An exchange between an existing borrower and lender of debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability, or a part of it, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of a financial liability (or part of a financial liability) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31833": {
"value": "Lease liabilities (rents due from lease contracts) EDPR Group measures the lease liability (rents due from lease contracts) on the commencement date based on the present value of the future payments of that lease contracts, discounted using EDPR Group's incremental borrowing rate for each portfolio of leases identified. The variable lease payments that do not depend in an index or a rate are not included in the measurement of the liability regarding the rents due from lease contracts, nor the right-of-use asset. Those payments are recognised as cost in the period in which the event or condition that gives rise to the payments occurs. EDPR Group determines the lease term as the non\u2010cancellable period of a lease, together with both: (i) periods covered by an option to extend the lease, if the lessee is reasonably certain to exercise that option; and (ii) periods covered by an option to terminate the lease, if the lessee is reasonably certain not to exercise that option. EDPR Group applies the recognition exemption provided by IFRS 16 for the leases which lease term is 12 months or less, or that are for a low-value asset. After the commencement date, the lease liability (rents due from lease contracts) are increased to reflect interest on the liability and reduced to reflect the lease payments made. EDPR Group remeasure the lease liability (rents due from lease contracts), and adjusts the corresponding right-of-use assets, by discounting the revised lease payments, using an unchanged discount rate, if either: \u2022 There is a change in future lease payments resulting from a change in an index or a rate used to determine those payments; or \u2022 There is a change in the amounts expected to be payable under a residual value guarantee. If there is a lease modification that do not qualifies to be accounted as a separate lease, EDPR Group remeasures the lease liability (rents due from lease contracts) and adjusts the corresponding right-of-use assets by discounting the revised lease payments, using a revised discount rate at the effective date of the modification.
K) Leases/ Right-of-use assets EDPR Group presents the information related to lease contracts in the caption Right-of-use assets, creating a separate line in the Consolidated Statement of Financial Position. These assets are accounted for at cost less accumulated depreciation and impairment losses. The cost of these assets comprises the initial costs and the initial measurement of the liabilities regarding the rents due from lease contracts, deducted from the prepaid amounts and any incentives received. Depreciation of right-of-use assets is calculated on a straight-line basis over their estimated useful lives, considering the lease contract terms.
If EDPR Group remeasures the lease liability (rents due from lease contracts) (see 2F), the corresponding right-of-use assets shall be adjusted accordingly. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31876": {
"value": "Derecognition of financial liabilities EDPR Group derecognises a financial liability (or a part of a financial liability) from its statement of financial position when, and only when, the obligation specified in the contract is discharged or cancelled or expires. An exchange between an existing borrower and lender of debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability, or a part of it, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of a financial liability (or part of a financial liability) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31889": {
"value": "G) Equity instruments Costs directly attributable to the issuance of equity instruments are recognised in equity, as a deduction to the amount issued. Amounts paid or received relating to sales or acquisitions of equity instruments are recognised in equity, net of transaction costs. Distributions related to equity instruments are deducted from equity, as dividends, when declared. Equity instruments at fair value EDPR Group classifies the equity instruments that are held for trading at fair value to profit or loss. For all other equity instruments, management has the ability to make an irrevocable election on
initial recognition, on an instrument-by-instrument basis, to present changes in fair value in other comprehensive income. If this election is made, all fair value changes, excluding dividends that are a return on investment, will be included in other comprehensive income. There is no recycling of amounts from other comprehensive income to profit and loss (for example, on sale of an equity investment) being, at that time, transferred to retained earnings.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31922": {
"value": "H) Capitalisation of borrowing costs Borrowing costs that are directly attributable to the acquisition or construction of assets are capitalised as part of the cost of the assets. The amount of borrowing costs eligible for capitalisation are determined by applying a capitalisation rate to the expenditures on these assets. The capitalisation rate corresponds to the weighted average of the borrowing costs applicable to the outstanding borrowings during the period. The amount of borrowing costs capitalised during a period does not exceed the amount of borrowing costs incurred during the period. The capitalisation of borrowing costs commences when expenditures for the asset are being incurred, borrowing costs have been incurred and activities necessary to prepare all or part of the assets for their intended use or sale are in progress. Capitalisation ceases when substantially all the activities necessary to prepare the assets for their intended use or sale are completed.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f31964": {
"value": "Land is not depreciated. Depreciation on the other assets is calculated using the straight-line method, less the residual value, over their estimated useful lives, as follows: NUMBER OF YEARS Buildings and other constructions 8 to 40 Plant and machinery: - Renewable assets 20 to 35 - Other plant and machinery 4 to 12 Transport equipment 3 to 5 Office equipment and tools 2 to 10 Other tangible fixed assets 3 to 10
Acquired computer software licenses are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortised on the basis of their expected useful lives, and typically in 5 years.
Industrial property and other rights are amortised on a straight-line basis over the estimated useful life of the assets, which does not exceed 6 years.
Depreciation of right-of-use assets is calculated on a straight-line basis over their estimated useful lives, considering the lease contract terms.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f32006": {
"value": "J) Intangible assets The Group\u2019s intangible assets are booked at acquisition cost less accumulated amortisation and impairment losses. The Group performs impairment tests, whenever events or circumstances may indicate that the book value of the asset exceeds its recoverable amount, being any impairment recognised in the income statement. Acquisition and development of software Acquired computer software licenses are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortised on the basis of their expected useful lives, and typically in 5 years.
Costs incurred by the Group directly related to the development of software, that are expected to generate economic benefits beyond one year, are recognised as intangible assets. Such costs include employee costs directly associated to the project and are amortised on a straight-line basis over its estimated useful life. Maintenance costs of software are charged to the income statement when incurred. Industrial property and other rights Industrial property and other rights are amortised on a straight-line basis over the estimated useful life of the assets, which does not exceed 6 years.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f32046": {
"value": "L) Non-current assets held for sale and discontinued operations Non-current assets or groups of non-current assets held for sale (groups of assets and related liabilities that include at least one noncurrent asset) are classified as held for sale when their carrying amounts will be recovered mainly through sale, the assets or groups of assets are available for immediate sale and the sale is highly probable. Prior to their classification as held for sale, the measurement of all non-current assets and all assets and liabilities included in a disposal group, is adjusted in accordance with the applicable IFRS standards. Subsequently, these assets or disposal groups are measured at the lowest between their carrying amount and fair value less costs to sell.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f32058": {
"value": "M)Impairment of non-financial assets The carrying amounts of the Group\u2019s non-financial assets, other than inventories and deferred tax assets, are reviewed to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is then estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the cash- generating unit). The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units which are expected to benefit from the synergies of the combination. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro-rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in circumstances that caused the impairment. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f32099": {
"value": "N) Inventories Inventories are measured at the lower of the acquisition cost and net realisable value. The cost of inventories includes purchases, conversion and other costs incurred in bringing the inventories to their present location and condition. The net realisable value is the estimated selling price in the ordinary course of business less the estimated selling costs. The cost of inventories is assigned by using the weighted average cost method. Green Certificates and Renewable Energy Credits (RECs) In some jurisdictions, on top of the market price, generators receive certificates for their performance, which are sold to the off-takers obliged to fulfil a quota obligation (a share of energy that must be sourced from renewable sources). Being these certificates considered subsidies under IAS 20, they are recognised when generated as inventory, at fair market value, mainly determined by active markets or public market operators. Green Certificates registered as Inventories are discharged at the time of their effective sale and any difference between the selling price and the fair value of the certificates is registered in the profit and loss account.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f32133": {
"value": "P) Provisions Provisions are recognised when: (i) the Group has a present legal or constructive obligation, (ii) it is probable that settlement will be required in the future and (iii) a reliable estimate of the obligation can be made. Dismantling and decommissioning provisions The Group accounts for provisions for dismantling and decommissioning of assets at the end of the assets\u2019 useful life when there is a legal, contractual or constructive obligation. Therefore, such provisions have been booked for the electric power plants to cover the cost of restoring the loca- tion and land to their original condition. The provisions are calculated at the present amount of the expected future liability and are accounted for as part of the cost of the related property, plant and equipment being depreciated on a straight-line basis over the useful life of those assets. Discounting and inflation rates used for 2023 are: EUROPE NORTH AMERICA LATAM APAC Discount Rate [3.09% - 7.09%] [3.85% - 11.34%] [11.73% - 11.83%] [1.43% - 5.12%] Inflation Rate [1.96% - 6.07%] [2.01% - 3.95%] [3.62% - 4.50%] [1.31% - 3.68%] Discounting and inflation rates used for 2022 were: EUROPE NORTH AMERICA LATAM APAC Discount Rate [2.24% - 8.75%] [4.02% - 4.42%] [12.40% - 12.50%] [3.50% - 7.67%] Inflation Rate [1.90% - 3.88%] [2.07% - 3.51%] [3.45% - 3.59%] [1.40% - 3.90%] Decommissioning and dismantling provisions are remeasured on an annual basis based on the best estimate of the settlement amount. As of 31 December 2023 and 2022 the dismantling
average cost per megawatt and salvage value have been updated (see note 32). EDPR\u2019s technical department has performed an in-depth analysis taking into account the reality of the EDPR\u2019s fleet. This analysis has led to the conclusion that the average cost per megawatt and salvage value of the renewable assets requires to be updated with effect December 2023 (see note 32). The unwinding of the discount at each balance sheet date is charged to the income statement.
Tax liabilities Liabilities for payment of taxes or levies related to an activity of the Group are recognized as the activity which triggers the payment is carried out, according to the laws regulating such taxes or levies. However, in the cases of taxes or levies with right of reimbursement of the amount already paid proportionally to the period of time in which there is no activity or the asset which triggers the payment is no longer owned, liabilities are recognized on a proportional basis. Dismantling and decommissioning provisions The Group accounts for provisions for dismantling and decommissioning of assets at the end of the assets\u2019 useful life when there is a legal, contractual or constructive obligation. Therefore, such provisions have been booked for the electric power plants to cover the cost of restoring the loca- tion and land to their original condition. The provisions are calculated at the present amount of the expected future liability and are accounted for as part of the cost of the related property, plant and equipment being depreciated on a straight-line basis over the useful life of those assets. Discounting and inflation rates used for 2023 are: EUROPE NORTH AMERICA LATAM APAC Discount Rate [3.09% - 7.09%] [3.85% - 11.34%] [11.73% - 11.83%] [1.43% - 5.12%] Inflation Rate [1.96% - 6.07%] [2.01% - 3.95%] [3.62% - 4.50%] [1.31% - 3.68%] Discounting and inflation rates used for 2022 were: EUROPE NORTH AMERICA LATAM APAC Discount Rate [2.24% - 8.75%] [4.02% - 4.42%] [12.40% - 12.50%] [3.50% - 7.67%] Inflation Rate [1.90% - 3.88%] [2.07% - 3.51%] [3.45% - 3.59%] [1.40% - 3.90%] Decommissioning and dismantling provisions are remeasured on an annual basis based on the best estimate of the settlement amount. As of 31 December 2023 and 2022 the dismantling
average cost per megawatt and salvage value have been updated (see note 32). EDPR\u2019s technical department has performed an in-depth analysis taking into account the reality of the EDPR\u2019s fleet. This analysis has led to the conclusion that the average cost per megawatt and salvage value of the renewable assets requires to be updated with effect December 2023 (see note 32). The unwinding of the discount at each balance sheet date is charged to the income statement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f32208": {
"value": "Q) Recognition of revenue from contracts with customers EDPR Group recognises revenue in accordance with the core principle introduced by IFRS 15. Thus, the Group recognises revenue to depict the transfer of control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for these goods or services, as provided in the 5 steps methodology, namely: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to performance obligations; and (v) recognise revenue when (or as) the entity satisfies a performance obligation. Costs and revenues are recorded in the year to which they refer regardless of when paid or received, in accordance with the accrual basis. Differences between amounts received and paid and the corresponding revenue and cost are recorded under Other assets and Other liabilities. Revenue in EDPR Group arises essentially from electricity generation and green certificate sales. For electricity generation, the transfer of control occurs when the energy is generated and injected into the transport/distribution grids. The electricity generated is sold under free market conditions or through the establishment of medium/long term power purchase agreements. In the sale of green certificates, the performance obligation becomes effective when they are made available to the client, that is, when control of the certificate is transferred to the client. For contracts that include sale of electricity and green certificates, there is only one performance obligation that becomes effective when the electricity is made available to the customer. At that moment, the energy is made available to the client at the point of delivery and, at the same time, the control of the green certificate is transferred to the client. These contracts have a unique price that includes both concepts under the same performance obligation, which is the delivery of electricity and green certificates at the same time. EDPR Group recognises the revenue related with services rendered over time given that the cus- tomer simultaneously receives and consumes the benefits provided by the Group. In what concerns variable transaction prices, EDPR Group only recognises revenue when it is highly probable that there will not be any significant reversal of the recognised revenue, when it becomes certain. IFRS 15 requires that this estimate of variable transaction prices is determined using either (i) the expected value method \u2013 based on probability-weighted amounts, or (ii) the most likely outcome method. EDPR Group considers the facts and circumstances when analyzing the terms of each contract with customers, applying the requirements that determine the recognition and measurement of revenue in a harmonized manner, when considering contracts with the same characteristics and in similar circumstances. Value of adjustments for deviations in the market price in accordance with article 22 of Royal Decree 413/2014 On 22 October 2021, the CNMV issued a statement establishing the criteria for accounting for the value of the adjustments for deviations in the market price in accordance with article 22 of Royal Decree 413/2014, of 6 June, which regulates the activity of electricity production from renewable energy sources, cogeneration and waste (RD 413/2014). The value of the adjustments for deviations in the market price includes the differences, which occur in each year, between the income from the sale of energy at the price estimated by the regulator at the beginning of each regulatory semi-period and the real average market price in said year. EDPR had already been applying the criteria established by the CNMV, so that, each of the positive and negative market deviations arising under RD 413/2014 are typically recognized as assets and liabilities in the consolidated statement of financial position. However, if throughout the residual regulatory life of the renewable facilities, according to EDPR\u2019s best estimate of the future evolution of energy market prices, it would be highly probable that market returns would be higher than those established in the RD 413/2014 and, therefore, abandoning the remuneration regime would not have significantly more adverse economic consequences than remaining in said regime, it is considered that in this situation, only the asset is recognized. As at 31 December 2023, none of the
renewable facilities have abandoned the remuneration regime.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f32277": {
"value": "R) Financial results Financial results include interest costs on borrowings, interest income on funds invested, the financial expenses (unwinding) related to the discount of institutional partnership in North America, provisions, lease liabilities, dividend income, foreign exchange gains and losses, realised gains and losses, changes in fair value of derivative financial instruments related to financing activity classified by the Group, within IFRS 9, as held for trading and consequently measured at fair value through profit or loss and changes in the fair value of hedged risks, when applicable. Interest is recognised in the income statement on an accrual basis. Dividend income is recognised on the date the right to receive is established.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f32289": {
"value": "S) Income tax Income tax recognised in the income statement includes current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is also recognised in equity. Deferred taxes arising from the revaluation of assets measured at fair value through other comprehensive income and cash flow hedge derivatives recognised in equity are recognised in the income statement in the period the results that originated the deferred taxes are recognised. Current tax is the tax expected to be paid on the taxable income for the period, using tax rates enacted at the statement of financial position date and any adjustment to tax payable in respect of previous years. Deferred taxes are calculated in accordance with the balance sheet liability method, considering temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax basis, using the tax rates enacted or substantively enacted at the balance sheet date for each jurisdiction and that are expected to be applied when the temporary differences are reversed. Deferred tax liabilities are recognised for all taxable temporary differences except for goodwill not deductible for tax purposes, differences arising on initial recognition of assets and liabilities that affect neither accounting nor taxable profit and differences relating to investments in subsidiaries, to the extent that these will probably not be reversed in the future. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available to absorb deductible temporary differences for taxation purposes. Following the amendments made to IAS 12 - Deferred tax related to assets and liabilities arising from a Single Transaction, effective on 1 January 2023, the EDPR Group proceeded with the breakdown of deferred tax assets and deferred tax liabilities related with: i) assets under right of use and lease liabilities; and ii) provisions for dismantling and decommissioning and correspond- ing tangible fixed assets, where and whenever these amounts are not deductible until the payment date. The Group offsets the deferred tax assets and liabilities if, and only if: \u2022 the entity has a legally enforceable right to offset current tax assets against current tax liabilities; and \u2022 the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in future periods in which deferred tax liabilities or assets are expected to be settled or recovered.
When accounting for interest and penalties related to income taxes, EDPR Group considers whether a particular amount payable or receivable is, in its nature, a taxable income and, if so, applies IAS 12 to this amount. Otherwise, IAS 37 is applied. Regarding the IFRIC 23 related to IAS 12 \u2013 Income tax, when there is uncertainty over income tax treatments, EDPR Group measures its current or deferred tax asset or liability applying the re- quirements in IAS 12. Additionally, the Group analyses all the pending litigations or disputes with tax authorities regarding income tax and records the best estimation related to contingencies and litigations whenever necessary. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f32307": {
"value": "Deferred tax liabilities are recognised for all taxable temporary differences except for goodwill not deductible for tax purposes, differences arising on initial recognition of assets and liabilities that affect neither accounting nor taxable profit and differences relating to investments in subsidiaries, to the extent that these will probably not be reversed in the future. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available to absorb deductible temporary differences for taxation purposes. Following the amendments made to IAS 12 - Deferred tax related to assets and liabilities arising from a Single Transaction, effective on 1 January 2023, the EDPR Group proceeded with the breakdown of deferred tax assets and deferred tax liabilities related with: i) assets under right of use and lease liabilities; and ii) provisions for dismantling and decommissioning and correspond- ing tangible fixed assets, where and whenever these amounts are not deductible until the payment date. The Group offsets the deferred tax assets and liabilities if, and only if: \u2022 the entity has a legally enforceable right to offset current tax assets against current tax liabilities; and \u2022 the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in future periods in which deferred tax liabilities or assets are expected to be settled or recovered.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f32339": {
"value": "T) Earnings per share Basic earnings per share are calculated by dividing the consolidated net profit attributable to equity holders of EDP Renov\u00e1veis S.A. by the weighted average number of ordinary shares outstanding during the year, excluding the average number of ordinary shares purchased by the Group and held as treasury stock. For the diluted earnings per share calculation, the weighted average number of ordinary shares outstanding is adjusted to consider conversion of all dilutive potential ordinary shares, such as convertible debt and stock options granted to employees. The dilution effect corresponds to a decrease in earnings per share resulting from the assumption that the convertible instruments are
converted or the options granted are exercised.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f32367": {
"value": "U) Cash and cash equivalents Cash and cash equivalents include balances with maturity of less than three months from the date of acquisition, including cash and deposits in banks. This caption also includes other short-term, highly liquid investments that are readily convertible to known amounts of cash and specific demand deposits in relation to institutional partnerships that are funds required to be held in escrow sufficient to pay the remaining construction related costs of projects in institutional equity partnerships in U.S.A., in the next twelve months. The Group classifies as cash and cash equivalents the debit balance of the current accounts with EDP Group formalized under cash-pooling agreements.
U) Cash and cash equivalents Cash and cash equivalents include balances with maturity of less than three months from the date of acquisition, including cash and deposits in banks. This caption also includes other short-term, highly liquid investments that are readily convertible to known amounts of cash and specific demand deposits in relation to institutional partnerships that are funds required to be held in escrow sufficient to pay the remaining construction related costs of projects in institutional equity partnerships in U.S.A., in the next twelve months. The Group classifies as cash and cash equivalents the debit balance of the current accounts with EDP Group formalized under cash-pooling agreements.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f32381": {
"value": "V) Government grants Government grants are recognised initially as deferred income under non-current liabilities when there is reasonable assurance that they will be received and that the Group will comply with the conditions associated with the grant. Grants that compensate the Group for expenses incurred are recognised in profit or loss on a systematic basis in the same periods in which the expenses are recognised.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f32390": {
"value": "W)Environmental issues The Group takes measures to prevent, reduce or repair the damage caused to the environment by its activities. Expenses derived from environmental activities are recognised as other operating expenses in the period in which they are incurred.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f32455": {
"value": "Y) Statement of Cash Flow The Statement of Cash Flow is presented under the direct method, by which gross cash flows from operating, financing and investing activities are disclosed. The Group classifies cash flows related
to interest and dividends paid as financing activities and interest and dividends received as
investing activities. 03. Recent accounting standards and interpretations issued Standards, amendments and interpretations issued effective for the Group The amendments that have been issued and that are already effective and that the Group has applied on its financial statements, can be analysed as follow: \u2022 IAS 12 (Amended) - Deferred tax related to assets and liabilities arising from a Single Transaction The IASB amended IAS 12, \"Income taxes\", in order to clarify the recognition of deferred tax on par- ticular transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. The amendments target the recognition of deferred tax in respect of: - Right-of-use assets and lease liabilities; and - Provision for dismantling, decommissioning and the corresponding tangible fixed assets. As part of the adoption of these amendments, effective on 1 January 2023, the EDPR Group pro- ceeded with the breakdown of deferred tax assets and deferred tax liabilities related with: i) assets under right of use and lease liabilities; and ii) provisions for dismantling and decommis- sioning and corresponding tangible fixed assets, where and whenever these amounts are not deductible until the payment date. Thus, on 31 December 2023, the impacts of this amendment are disclosed in note 21. The amendments that have been issued and that are already effective and that the Group has applied on its financial statements, with no significant impacts are the following: \u2022 IAS 1 (Amended) - Disclosure of Accounting Policies; \u2022 IAS 8 (Amended) - Definition of Accounting Estimates; \u2022 IFRS 17 - Insurance Contracts and \u2022 IAS 12 (Amended) - International Tax Reform: Pillar Two Model Rules (see note 15). Standards, amendments and interpretations issued but not yet effective for the Group The standards, amendments and interpretations issued but not yet effective for the Group (whose effective application date has not yet occurred or, despite their effective dates of application, they have not yet been endorsed by the UE) for which no significant impact is expected, are the following: \u2022 IAS 1 (Amended) - Classification of Liabilities as Current or Non-current; \u2022 IAS 1 (Amended) - Non-current Liabilities with Covenants; \u2022 IFRS 16 (Amended) - Lease liability in a sale and leaseback; \u2022 IAS 21 (Amended) - The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability; and \u2022
IAS 7 and IFRS 7 (Amended) - Supplier Finance Arrangements",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f32528": {
"value": "04. Critical accounting estimates and judgments in applying accounting policies The IFRS set forth a range of accounting treatments and require the Board of Directors to apply judgment and make estimates in deciding which treatment is most appropriate. The main accounting estimates and judgements used in applying the accounting policies are discussed in this note in order to improve the understanding of how their application affects the Group\u2019s reported results and disclosures. A broader description of the material accounting policies employed by the Group is disclosed in note 2 to the Consolidated Financial Statements. Although estimates are calculated by the Board of Directors based on the best information available at 31 December 2023 and 2022, future events may require changes to these estimates in subsequent years. Any effect on the financial statements of adjustments to be made in subsequent years would be recognised prospectively. Considering that in many cases there are alternatives to the accounting treatment adopted by EDP Renov\u00e1veis, the Group\u2019s reported results could differ if a different treatment was chosen. EDP Renov\u00e1veis believes that the choices made are appropriate and that the financial statements are presented fairly, in all material respects, the Group\u2019s financial position and results. The alternative outcomes discussed below are presented solely to assist the reader in understanding the financial statements and are not intended to suggest that other alternatives or estimates would be more appropriate.
Measurement of the fair value of financial instruments Fair values are based on listed market prices, if available. Otherwise, fair value is determined either by the price of similar recent transactions under market conditions, or determined by external entities, or based on valuation methodologies, supported by discounting future cash flows techniques, considering market conditions, time value, yield curves and volatility factors. These methodologies may require the use of assumptions or judgements in determining fair values. Consequently, the use of different methodologies and different assumptions or judgements in applying a particular model, could generate different financial results from those reported. Additionally, financial instruments\u2019 classification as debt or equity requires judgement in the interpretation of contractual clauses and in the evaluation of the existence of a contractual obligation to deliver cash or other financial assets. Review of the useful life of the assets The Group reviews periodically the reasonableness of the assets' useful lives that are used to determine the depreciation rates of assets assigned to the activity, and prospectively changes the depreciation charge of the year based on such review. Lease Liabilities (Rents due from lease contracts) With the adoption of IFRS 16, the Group recognises right-of-use assets (ROU assets) and lease liabilities (rents due from lease contracts), if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: i) the contract involves the use of an identified asset; ii) it has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of use; and iii) it has the right to direct the use of the asset. EDPR Group uses judgement on its assessment, namely concerning the termination and extension contract options and the determination of the incremental borrowing rate to be applied for each portfolio of leases identified. Impairment Impairment of long-term assets and Goodwill Impairment tests are performed whenever there is an indication that the recoverable amount of property, plant and equipment, right of use assets, intangible assets and investments in joint ventures and associates is less than the corresponding net book value of assets. On an annual basis, the Group reviews the assumptions used to assess the existence of impairment in goodwill resulting from acquisitions of shares in subsidiaries. The assumptions used are sensitive to changes in macroeconomic indicators and business assumptions used by management. The net interest in associates is reviewed when circumstances indicate the existence of impairment. Considering the uncertainties regarding the recoverable amount of property, plant and equipment, right of use assets, intangible assets and investments in joint ventures, associates and goodwill as they are based on the best information available, changes in the assumptions could result in changes on the determination of the amount of impairment and, consequently, in results. Income taxes The Group is subject to income taxes in numerous jurisdictions. Certain interpretations and estimates are required in determining the global amount for income taxes. There are several transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. Different interpretations and estimates would result in a different level of income taxes, current and deferred, recognized in the period. Tax Authorities are entitled to review EDP Renov\u00e1veis, and its subsidiaries\u2019 determination of its annual taxable earnings, for a determined period that may be extended in case there are tax losses carried forward. Therefore, it is possible that some additional taxes may be assessed, mainly as a result of differences in interpretation of the tax law. However, the EDP Renov\u00e1veis and its subsidiaries, do not anticipate any significant changes to the income tax booked in the financial statements. EDPR evaluates the recoverability of deferred tax assets based on estimations of future taxable income in the period in which such deferred taxes are deductible. Deferred tax assets are yearly evaluated to ensure there are no indications of impairment. In these analyses, which are based on assumptions considered in the impairment test indicated in note 19, the Group verifies that such deferred tax assets are still recoverable in the future.
Dismantling and decommissioning provisions The Board of Directors considers that Group has contractual obligations with the dismantling and decommissioning of property, plant and equipment related to wind and solar electricity generation. For these responsibilities the Group has recorded provisions for the expected cost of restoring sites and land to its original condition. The provisions correspond to the present value of the expenditure expected to be required to settle the obligation. In 2023 EDPR\u2019s technical department has performed an in-depth analysis taking into account the reality of the EDPR\u2019s fleet. This analysis has led to the conclusion that the average cost per megawatt and salvage value of the renewable assets require to be updated with effect December 2023 (see note 2.P and 32). The use of different assumptions in estimates and judgments referred may have produced different results from those that have been considered. Entities included in the consolidation perimeter In order to determine which entities must be included in the consolidation perimeter, the Group evaluates whether it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. This evaluation requires judgement, assumptions and estimates in order to conclude whether the Group is in fact exposed to variable returns and has the ability to affect those returns through its power over the investee. Other assumptions and judgments could lead to a different consolidation perimeter of the Group, with direct impact in the consolidated financial statements. Business combinations Under IFRS 3 (Business Combination) in a business combination, the acquirer shall recognize and measure in the consolidated financial statements the assets acquired and liabilities assumed at fair value at the acquisition date. The difference between the purchase price and the fair value of the assets and liabilities acquired leads to the recognition of goodwill or a gain from a purchase at a low price (bargain purchase). The fair value determination of the assets acquired and liabilities assumed is carried out internally or by independent external evaluators, using the discounted cash flows method, using the replacement cost or other fair value determination techniques, which rely on the use of assumptions including macroeconomic indicators such as inflation rates, interest rates, exchange rates, discount rates, sale and purchase prices of energy, cost of raw materials, production estimates, useful life and business projections. Consequently, the determination of the fair value and goodwill or gain from a purchase at a low price is subject to numerous assumptions and judgments and therefore changes could result in different impacts on results. Fair value measurement of contingent consideration and variable prices Contingent consideration from a business combination or variable prices for a sale of assets or businesses are measured at fair value at the acquisition date as part of the business combination or at the date of the sale in the event of a sale of a assets or businesses. This contingent consideration or variable price are subsequently remeasured at fair value at each report date. Fair value is based on discounted cash flows. The main assumptions consider the probability of achieving each objective and the discount factor, corresponding to the best estimates of management at each report date. Changes in assumptions could have significant impact on the values of variable prices for the assets and contingent liabilities recognised in the financial statement.
The main assumptions used for the impairment tests are as follows: \u2022 Power produced: net capacity factors used for each CGU utilize the wind studies carried out, which takes into account the long-term predictability of wind output and that wind generation is supported in nearly all countries by regulatory mechanisms that allow for production and priority dispatching whenever weather conditions permit; \u2022 Electricity remuneration: regulated or contracted remuneration has been applied where available, as for the CGUs that benefit from regulated remuneration or that have signed contracts to sell their output during all or part of their useful life; where this is not available, prices were derived using price curves projected by the company based on its experience, internal models and using external data references; \u2022 New capacity: tests were based on the best information available on the wind and solar farms expected to be built in coming years, adjusted by probability of success and by the growth prospects of the company based on the Business Plan Targets, which includes the commitment to develop under construction wind farms, its historical growth and market size projections. The tests considered the contracted and expected prices to buy turbines from various suppliers; \u2022 Operating costs: established contracts for land leases and maintenance agreements were used; other operating costs were projected consistent with the company\u2019s experience and internal models;
Terminal value: considered as a 15% of the initial investment in each wind farm, considering inflation; \u2022 Discount rate: the discount rates used are post-tax (which does not differ significatively from the discount rate pre-tax), reflect EDPR Group\u2019s best estimate of the risks specific to each CGU and range as follows: 2023 2022 Europe 4.40%-9.02% 3.7%-8.6% North America 6.5%-7.5% 6.0% LATAM 6.68%-11.27% 5.9%-9.6% APAC 2.84%-11.02% 6.9%-10.8% Impairment tests done have taken into account the regulation changes in each country, as disclosed in note 1.
As a result of the impairment tests, it has been required to book an impairment in Property, plant and equipment during the year ended 31 December 2023, mainly, for certain Colombian projects which do not have any associated goodwill (in 2022 for certain Colombian projects which did not have any associated goodwill) and reversal impairment for previous years in Romania in the amount of 37,797 thousand Euros. Further, EDPR has performed the following sensitivity analyses in the results of goodwill impairment tests performed in Europe, North America, LATAM and APAC in some of the key variables, such as: \u2022 5% reduction of Merchant Prices used in the base case. This sensitivity analysis performed for this assumption independently would not suppose any impairment for the goodwill allocated to each country; \u2022 100 basis points increase of the discount rate used in the base case. This sensitivity analysis performed for this assumption independently would not suppose any impairment for the
goodwill allocated to each country",
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}
},
"f32669": {
"value": "05. Financial risk management policies The businesses of EDP Renov\u00e1veis Group are exposed to a variety of risks, including the effects of changes in electricity market prices, foreign exchange and interest rates. The main financial risks arise from interest-rate and the exchange-rate exposures. The volatility of financial markets is analysed on an on-going basis in accordance with EDPR\u2019s risk management policies. Financial instruments are used to mitigate potential adverse effects on EDP Renov\u00e1veis financial performance resulting from interest rates and foreign exchange rates changes. The Board of Directors of EDP Renov\u00e1veis is responsible for the definition of general risk- management policies and the establishment of exposure limits. Recommendations to manage financial risks of EDP Renov\u00e1veis Group are proposed by EDPR's Finance and Global Risk Departments and discussed in the Financial Risk Committee of EDP Renov\u00e1veis, which is held quarterly. The pre-agreed strategy is shared with the Finance Department of EDP - Energias de Portugal, S.A., to verify the accordance with the policies approved by the Board of Directors of EDP. The evaluation of appropriate hedging mechanisms and the execution is done by EDPR but may also be outsourced to the Finance Department of EDP. All transactions undertaken using derivative financial instruments require the prior approval of the Board of Directors or the Management Team, which defines the parameters of each transaction and approves the formal documents describing their objectives.
Exchange-rate risk management EDPR and EDP Group\u2019s Financial Departments are responsible for managing the foreign exchange exposure of the Group, seeking to mitigate the impact of exchange rate fluctuations on the net assets and net profits of the Group. Instruments used for hedging are foreign exchange derivatives, foreign exchange debt and other hedging structures with offsetting exposure versus the item to be hedged. The effectiveness of these hedges is reassessed and monitored throughout their lives. EDPR operates internationally and is exposed to the exchange-rate risk resulting from investments in foreign subsidiaries. With the objective of minimizing the impact of exchange rates fluctuations, EDP Renov\u00e1veis general policy is to fund each project in the currency of the operating cash flows generated by the project. Currently, the main currencies exposure are the U.S. Dollar, resulting from the shareholding in EDPR NA and Singaporean Dollar resulting from the shareholding in EDPR APAC companies. EDPR is also exposed to Polish Zloty, Romanian Leu, Brazilian Real, British Pound, Canadian Dollar, Colombian Peso, Hungarian Forint, Chinese renminbi, Taiwanese Dollar and a marginal fiscal exposure to MXN due to Mexican assets and relatively small exposure to other southeast Asian currencies. To hedge the risk originated with net investment in EDPR NA, EDP Renov\u00e1veis uses financial debt expressed in USD and also entered into cross currency interest rate swaps (CIRS) USD/EUR with EDP - Energias de Portugal, S.A. Following the same strategy adopted to hedge the net investments in USA, EDP Renov\u00e1veis has also entered into CIRS in BRL/EUR, GBP/EUR, CAD/EUR and in PLN/EUR to hedge the investments in Brazil, United Kingdom, Canada and Poland, respectively, where exposures are sizable for hedging (see note 37). Sensitivity analysis - Foreign exchange rate As a consequence, a depreciation/appreciation of 10% in the most significant foreign currency exchange rate, with reference to 31 December 2023 and 2022, would originate an increase/(decrease) in EDP Renov\u00e1veis Group income statement and equity before taxes, as follows: 31 DEC 2023 THOUSAND EUROS PROFIT OR LOSS EQUITY +10% -10% +10% -10% USD/EUR 20,195 -24,683 -130,360 159,328 BRL/EUR 1,143 -1,397 -66,391 81,145 SGD/EUR 2,083 -2,546 -39,882 48,745 26,656 -32,580 -236,633 289,218 31 DEC 2022 THOUSAND EUROS PROFIT OR LOSS EQUITY +10% -10% +10% -10% USD/EUR 14,500 -17,722 -119,873 146,511 BRL/EUR 35 -43 -20,069 24,528 SGD/EUR 302 -369 -65,001 79,446 14,837 -18,314 -204,943 250,485 This analysis assumes that all other variables, namely interest rates, remain unchanged.
Interest rate risk management The Group\u2019s operating cash flows are substantially independent from the fluctuation in interest- rate markets. The purpose of the interest-rate risk management strategy is to reduce the exposure of debt cash flows to market fluctuations. As such, whenever considered necessary and in accordance to the Group's policy, interest-rate financial instruments are contracted to hedge interest rate risks. These financial instruments hedge cash flows associated with future interest payments, converting floating rate loans into fixed rate loans. All these hedges are undertaken on liabilities in the Group\u2019s debt portfolio and are mainly perfect hedges with a high correlation between changes in fair value of the hedging instrument and changes in fair value of the interest-rate risk or upcoming cash flows. The EDP Renov\u00e1veis Group has a portfolio of interest-rate derivatives with maturities up to 17 years. The Financial Department of EDP Group undertakes sensitivity analyses of the fair value of financial instruments to interest-rate fluctuations or upcoming cash flowsAbout 92% of EDP Renov\u00e1veis Group financial debt bear interest at fixed rates, considering operations of hedge accounting with financial instruments. Additionally, during the fiscal year 2023, EDPR unwound the pre-hedges performed in 2022, both for EUR and USD refinanced debt, obtaining a gain and a reduction of volatility for the new bullets debt. Sensitivity analysis - Interest rates EDPR/EDP Group\u2019s Financial Departments are responsible for managing the interest rate risk associated to activities developed by the Group, contracting derivative financial instruments to mitigate this risk. Based on the EDPR Group debt portfolio and the related derivative financial instruments used to hedge associated interest rate risk, as well as on the shareholder loans received by EDP Renov\u00e1veis, a change of 100 basis points in the interest rates with reference to 31 December 2023 and 2022 would increase/(decrease) in EDP Renov\u00e1veis Group income statement and equity before taxes, as follows: 31 DEC 2023 PROFIT OR LOSS EQUITY THOUSAND EUROS +100 BPS -100 BPS +100 BPS -100 BPS Cash flow hedge derivatives - - 26,469 -3,204 Unhedged debt (variable interest rates) -51,137 51,137 - - -51,137 51,137 26,469 -3,204 31 DEC 2022 PROFIT OR LOSS EQUITY THOUSAND EUROS +100 BPS -100 BPS +100 BPS -100 BPS Cash flow hedge derivatives - - 35,830 -7,560 Unhedged debt (variable interest rates) -9,580 9,580 - - -9,580 9,580 35,830 -7,560 This analysis assumes that all other variables, namely foreign exchange rates, remain unchanged.
Counterparty credit-rate risk management in financial transactions The EDP Renov\u00e1veis Group counterparty risk exposure in financial and non-financial transactions is managed by an analysis of technical capacity, competitiveness and probability of default to the counterparty. EDP Renov\u00e1veis has defined a counterparty risk policy inspired in Basel III, which is implemented across all departments in all EDP Renov\u00e1veis geographies. EDP Renov\u00e1veis Group is exposed to counterparty risk in financial derivatives transactions in energy sales (electricity, GC and RECs) and in supply contracts. Counterparties in derivatives and financial transactions are restricted to high-quality credit institutions or to the EDP Group. Most relevant counterparties in derivatives and financial transactions are companies within EDP Group. Financial instruments contracted outside EDP Group are generally engaged under ISDA Master Agreements and credit quality of external counterparties is analysed and collaterals required when needed. In the process of selling the energy (electricity, GCs and RECs produced), counterparty exposure arises from trade receivables, but also from mark-to-market of long-term contracts: \u2022 In the specific case of the energy sales of EDPR EU & Latam platform, the Group\u2019s main customers are utilities and regulated entities in the different countries (EDP and CNMC in the case of the Spanish market). Credit risk from trade receivables is not significant due to the limited average collection period for customer balances and the quality of its debtors. Additional counterparty risk comes from the countries with renewables incentives, which it is usually treated as regulatory risk; \u2022 In the specific case of EDPR NA platform, the Group\u2019s main customers are regulated utility companies and regional market agents in the US. As it occurs in Europe, credit risk from trade receivables is not significant due to the limited average collection period for customer balances and the quality of the debtors. However, the exposure due to the mark-to-market of long-term contracts may be significant. With the acquisition of Sunseap, in the specific case of EDPR APAC, the Group\u2019s main customers are Distributed Generation off-takers and regulated entities in the different markets, namely in Singapore and Vietnam. As it occurs in the other platforms, credit risk from trade receivables is not significant due to same reasons. However, counterparty risk comes from countries with renewables incentives through regulated tariffs, which it is usually treated as regulatory risk.
Exposure in all markets is managed by a detailed assessment of the counterparty before signing any long term agreement and by a requirement of collaterals when financial soundness of the counterparty deteriorates. Regarding Trade receivables and other debtors, they are recognized net of the impairment losses. The Group believes that the credit quality of these receivables is adequate and that no significant impaired credits exist that have not been recognised as such and provided for. Counterparty exposure to suppliers arises mainly from pre-paid contracts with equipment manufacturers and civil engineering contractors. Counter-party analyses are performed for each new contract. If needed, either parent company guarantees or bank guarantees are requested to comply with the limits of exposure established by EDP Renov\u00e1veis counter-party risk policy. The maximum exposure to customer credit risk by counterparty type is detailed as follows: THOUSAND EUROS DEC 2023 DEC 2022 CORPORATE SECTORS AND INDIVIDUALS Supply companies 68,167 73,275 Business to business 12,670 31,387 Other 40,521 18,306 Total Corporate sectors and individuals 121,358 122,968 Public sector 448 452 Total Public sector and Corporate sectors/individuals 121,806 123,420 Trade receivables by geographical market for the Group EDPR, is as follows: THOUSAND EUROS DEC 2023 EUROPE NORTH AMERICA LATAM APAC OTHER TOTAL Corporate sectors and individuals 48,552 32,805 15,152 24,746 103 121,358 Public sector - 448 - - - 448 Total 48,552 33,253 15,152 24,746 103 121,806 THOUSAND EUROS DEC 2022 EUROPE NORTH AMERICA LATAM APAC OTHER TOTAL Corporate sectors and individuals 55,033 28,542 14,223 25,074 96 122,968 Public sector - 452 - - - 452 Total 55,033 28,994 14,223 25,074 96 123,420 In accordance with accounting policies, impairment losses are determined using the simplified
approach precluded in IFRS 9, based on life time expected losses.
Liquidity risk Liquidity risk is the possibility that the Group will not be able to meet its financial obligations as they fall due. The Group strategy to manage liquidity is to ensure, as far as possible, that it will always have significant liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation. The liquidity policy followed ensures compliance with payment obligations acquired, through maintaining sufficient credit facilities and having access to the EDP Group facilities who manages the Group liquidity risk through the engagement and maintenance of credit lines and financing facilities with a firm underwriting commitment with international reliable financial institutions as well as term deposits, allowing immediate access to funds. These credit lines are used to complement and backup national and international commercial paper programs, allowing the EDP Group\u2019s short-term financing sources to be diversified.
The Directors have estimated cash flows that show that the Group will meet the commitments existing at the close as at 31 December 2023. The maturity analysis for financial debt (see note 31), including expected future interests, is as follows: THOUSAND EUROS DEC 2024 DEC 2025 DEC 2026 DEC 2027 DEC 2028 FOLLO WING YEARS TOTAL Bank loans 301,376 115,439 76,170 130,885 112,250 588,427 1,324,547 Loans received from EDP Group 886,341 225,241 478,054 452,489 1,185,354 2,687,329 5,914,808 Other loans 2,838 - - 358 - 7,472 10,668 Expected future interests 303,002 291,202 279,690 272,248 243,672 419,686 1,809,500 1,493,557 631,882 833,914 855,980 1,541,276 3,702,914 9,059,523 EDPR has developed and presented to the markets a very ambitious Multi-Year Growth Plan, aimed at creating value for its shareholders, which entails a significant annual investment volume. EDPR defines itself as a listed company with a low risk profile and as such has defined a financing plan that ensures a balanced financial position structure, preserving its credit quality and, at the same time, guaranteeing the necessary flexibility to accommodate any temporary deviation that may occur throughout the implementation period of its growth plan. In the base case, the financing of the investment volume is ensured based on 5 major sources of financing: \u2022 The cash flow generated by the assets in operation and retained in the Group; \u2022 The program for selling assets in operation (sell down/Asset Rotation), as a way to anticipate and crystallize value/cash flow; \u2022 The Tax Equity Investment (the entry of institutional investors in projects developed in the US that materializes just before the entry into operation of the assets); \u2022 The capital increase in EDP Renov\u00e1veis S.A. \u2022 Complemented by medium and long-term external financing, and namely: \u2022 Via Corporate Finance, as the most relevant solution; and \u2022 Project Finance, particularly in markets where the functional currency is different from EUR/USD and it is important to manage equity exposure to the market. Flexibility, in order to manage temporary differences or adjustments in the proportions of the components identified above, is given by the following variables: \u2022 EDPR has Current Accounts in EUR and USD with EDP Group that uses to manage daily/weekly/monthly its net liquidity needs; \u2022 EDPR has a formal agreement with its parent company (EDP Group) whereby EDP has agreed to provide the necessary financing for the execution of EDPR's Growth Plan; \u2022 Current Accounts and Overdrafts negotiated with commercial banks (as backup).
Electricity market price risk As of 31 December 2023, electricity market price risk affecting the EDP Renov\u00e1veis Group is not significant. In the case of EDPR NA, the great majority of the plants are under power purchase agreements or long-term financial contracts, with fixed or escalating prices. In the case of EDPR EU, the electricity is sold in Spain, France, Italy, Portugal and Poland through regulated tariffs or financial PPAs. In Romania the green certificates have a floor. For the smaller share of energy with merchant exposure after tariff regimes, PPAs or long-term financial contracts (electricity, green certificates and RECs), market risk is managed through the execution of electricity, green certificate and REC forward contracts. For this exposure EDPR EU and EDPR NA have electricity, green certificates and REC financial swaps that qualify for hedge accounting (cash flow hedge) that are related to sales for the years 2024 to 2026 (see note 37). The purpose of EDP Renov\u00e1veis Group is to hedge in advance a significant volume of the merchant exposure to reduce the volatility of energy prices in each reporting year. For 2023, the Group's total generation was 33.6 TWh, of which 71% was subject to both regulated remuneration and long-term contracts and the remaining 29% was remunerated at market price. Anyway, as commented above, this portion of generation remunerated at market price is practically fully hedged, increasing overall hedged position in the year to ca. 88%. During 2023, market prices have experienced a generalized decreasing trend, however, they are still above historical averages in nearly all regions. For EDPR EU and EDPR NA, the potential loss from the decrease in electricity prices was very limited, since, as indicated above, EDPR\u00b4s merchant exposure for the year 2023 was already hedged before the start of this trend. Considering recent spike in market prices and volatility, EDPR is closely managing and monitoring its exposure to market prices variations, despite it being limited with current hedges in place. For 2024, EDPR\u00b4s exposure to a potential decrease of 30% in market prices would be approximately
of 50 million Euros. Capital management The Group\u2019s goal in managing equity, in accordance with the policies established by its main shareholder, is to safeguard the Group\u2019s capacity to continue operating as a going concern, grow steadily to meet established growth targets and maintain an optimum equity structure to reduce equity cost. In conformity with other sector groups, the Group controls its financing structure based on the leverage ratio. This ratio is calculated as net financial borrowings divided by total equity and net borrowings. Net financial borrowings are determined as the sum of financial debt, institutional equity liabilities corrected for non-current deferred revenues, less cash and cash equivalents.
Climate-related risk The Earth's climate has changed throughout history. Scientists attribute the current global warming trend observed since the mid-20 th century to the human expansion of the \"greenhouse effect\" \u2013 warming that results when the atmosphere traps heat radiating from Earth toward space. Over the last century, the burning of fossil fuels like coal and oil has increased the concentration of atmospheric carbon dioxide (CO 2 ). EDPR is a clear example of how fighting against climate change creates business opportunities. The Company\u2019s core business, to deliver clean energy by developing, building and operating top quality wind farms and solar plants, inherently implies the reduction of greenhouse gas emissions, contributing to the world\u2019s fight against climate change and its impacts. Since its inception, EDPR has been performing a strategy focused on selective growth, by investing in quality projects with predictable future cash-flows, and seamless execution, supported by core competences that yield superior profitability, all embedded within a distinctive and self-funding model designed to accelerate value creation. As a result of undertaking such strategy, at the same time flexible enough to accommodate changing business and economic environments, EDPR remains today a leading company in the renewable energy industry. As presented in its 2023- 2026 Business Plan, EDPR plans to add 17.1 GW in the 2023-2026, of which 9.7 GW is already secured. EDPR will diversify its portfolio geographically and technologically even more, developing more wind onshore, solar, wind offshore, green hydrogen and storage technology along with the entrance in new markets. During 2023, EDPR added 2.5 GW and finished the year managing a global portfolio of 16.6 GW. Benefiting from a diversified portfolio, the Company generated 34.6 TWh of renewable energy, avoiding the emissions of 20 (19,783,219 tCO2) million tons of CO 2 . Capital expenditures and financial investments with capacity additions, ongoing construction and development works during the year totaled 2,951 million of Euros. However, EDPR faces climate change not only as a business opportunity, but also as an opportunity to innovate. EDPR\u2019s commitment to innovation and new technologies has made it a leader in the renewable energy sector. Currently, the Company continues to take advantage of all expertise obtained since the start of its inception to ensure more efficient solutions, more attractive returns and a more sustainable future. As a result, EDPR engages in projects that cover wind energy, solar energy, energy storage plants, floating offshore wind farms, green hydrogen and hybrid power plants. Nevertheless, on the risk side, meteorological changes may pose a risk for EDPR\u2019s activities and results since they are carried out in areas of the planet that are being affected by climate change. In addition, future estimations of wind and solar production are based on analysis of historical measurements for more than 20 years and they are considered to be representative of the future. However, relevant unexpected meteorological changes could lead to a lower production than the one expected from historical data. Thus, when evaluating a new investment, EDPR considers potential changes in the production forecasted but, even so, the size of the potential deviation in the case of relevant meteorological changes is uncertain. Moreover, renewable plants in construction and in operation are exposed to weather hazards, natural disasters, etc. These risks depend on the location of the assets. At EDPR, all plants are insured from the physical damage during construction and operation. During operation, any natural disaster, weather hazard or accident will also be partially insured to cover revenue losses due to the event. Thus, no material impacts are identified in the EDPR\u2019s consolidated financial statements as a consequence of climate change. As a sector leader, EDPR is aware of the urgency to fight climate change and even though its business inherently implies a positive impact on the environment, the Company continues to work on a daily basis to hold itself to a higher standard and to incorporate innovation in its value chain in order to further contribute to the protection of the climate. Exchange-rate risk management EDPR and EDP Group\u2019s Financial Departments are responsible for managing the foreign exchange exposure of the Group, seeking to mitigate the impact of exchange rate fluctuations on the net assets and net profits of the Group. Instruments used for hedging are foreign exchange derivatives, foreign exchange debt and other hedging structures with offsetting exposure versus the item to be hedged. The effectiveness of these hedges is reassessed and monitored throughout their lives. EDPR operates internationally and is exposed to the exchange-rate risk resulting from investments in foreign subsidiaries. With the objective of minimizing the impact of exchange rates fluctuations, EDP Renov\u00e1veis general policy is to fund each project in the currency of the operating cash flows generated by the project. Currently, the main currencies exposure are the U.S. Dollar, resulting from the shareholding in EDPR NA and Singaporean Dollar resulting from the shareholding in EDPR APAC companies. EDPR is also exposed to Polish Zloty, Romanian Leu, Brazilian Real, British Pound, Canadian Dollar, Colombian Peso, Hungarian Forint, Chinese renminbi, Taiwanese Dollar and a marginal fiscal exposure to MXN due to Mexican assets and relatively small exposure to other southeast Asian currencies. To hedge the risk originated with net investment in EDPR NA, EDP Renov\u00e1veis uses financial debt expressed in USD and also entered into cross currency interest rate swaps (CIRS) USD/EUR with EDP - Energias de Portugal, S.A. Following the same strategy adopted to hedge the net investments in USA, EDP Renov\u00e1veis has also entered into CIRS in BRL/EUR, GBP/EUR, CAD/EUR and in PLN/EUR to hedge the investments in Brazil, United Kingdom, Canada and Poland, respectively, where exposures are sizable for hedging (see note 37). Sensitivity analysis - Foreign exchange rate As a consequence, a depreciation/appreciation of 10% in the most significant foreign currency exchange rate, with reference to 31 December 2023 and 2022, would originate an increase/(decrease) in EDP Renov\u00e1veis Group income statement and equity before taxes, as follows: 31 DEC 2023 THOUSAND EUROS PROFIT OR LOSS EQUITY +10% -10% +10% -10% USD/EUR 20,195 -24,683 -130,360 159,328 BRL/EUR 1,143 -1,397 -66,391 81,145 SGD/EUR 2,083 -2,546 -39,882 48,745 26,656 -32,580 -236,633 289,218 31 DEC 2022 THOUSAND EUROS PROFIT OR LOSS EQUITY +10% -10% +10% -10% USD/EUR 14,500 -17,722 -119,873 146,511 BRL/EUR 35 -43 -20,069 24,528 SGD/EUR 302 -369 -65,001 79,446 14,837 -18,314 -204,943 250,485 This analysis assumes that all other variables, namely interest rates, remain unchanged.
Interest rate risk management The Group\u2019s operating cash flows are substantially independent from the fluctuation in interest- rate markets. The purpose of the interest-rate risk management strategy is to reduce the exposure of debt cash flows to market fluctuations. As such, whenever considered necessary and in accordance to the Group's policy, interest-rate financial instruments are contracted to hedge interest rate risks. These financial instruments hedge cash flows associated with future interest payments, converting floating rate loans into fixed rate loans. All these hedges are undertaken on liabilities in the Group\u2019s debt portfolio and are mainly perfect hedges with a high correlation between changes in fair value of the hedging instrument and changes in fair value of the interest-rate risk or upcoming cash flows. The EDP Renov\u00e1veis Group has a portfolio of interest-rate derivatives with maturities up to 17 years. The Financial Department of EDP Group undertakes sensitivity analyses of the fair value of financial instruments to interest-rate fluctuations or upcoming cash flows. About 92% of EDP Renov\u00e1veis Group financial debt bear interest at fixed rates, considering operations of hedge accounting with financial instruments. Additionally, during the fiscal year 2023, EDPR unwound the pre-hedges performed in 2022, both for EUR and USD refinanced debt, obtaining a gain and a reduction of volatility for the new bullets debt. Sensitivity analysis - Interest rates EDPR/EDP Group\u2019s Financial Departments are responsible for managing the interest rate risk associated to activities developed by the Group, contracting derivative financial instruments to mitigate this risk. Based on the EDPR Group debt portfolio and the related derivative financial instruments used to hedge associated interest rate risk, as well as on the shareholder loans received by EDP Renov\u00e1veis, a change of 100 basis points in the interest rates with reference to 31 December 2023 and 2022 would increase/(decrease) in EDP Renov\u00e1veis Group income statement and equity before taxes, as follows: 31 DEC 2023 PROFIT OR LOSS EQUITY THOUSAND EUROS +100 BPS -100 BPS +100 BPS -100 BPS Cash flow hedge derivatives - - 26,469 -3,204 Unhedged debt (variable interest rates) -51,137 51,137 - - -51,137 51,137 26,469 -3,204 31 DEC 2022 PROFIT OR LOSS EQUITY THOUSAND EUROS +100 BPS -100 BPS +100 BPS -100 BPS Cash flow hedge derivatives - - 35,830 -7,560 Unhedged debt (variable interest rates) -9,580 9,580 - - -9,580 9,580 35,830 -7,560 This analysis assumes that all other variables, namely foreign exchange rates, remain unchanged.
Electricity market price risk As of 31 December 2023, electricity market price risk affecting the EDP Renov\u00e1veis Group is not significant. In the case of EDPR NA, the great majority of the plants are under power purchase agreements or long-term financial contracts, with fixed or escalating prices. In the case of EDPR EU, the electricity is sold in Spain, France, Italy, Portugal and Poland through regulated tariffs or financial PPAs. In Romania the green certificates have a floor. For the smaller share of energy with merchant exposure after tariff regimes, PPAs or long-term financial contracts (electricity, green certificates and RECs), market risk is managed through the execution of electricity, green certificate and REC forward contracts. For this exposure EDPR EU and EDPR NA have electricity, green certificates and REC financial swaps that qualify for hedge accounting (cash flow hedge) that are related to sales for the years 2024 to 2026 (see note 37). The purpose of EDP Renov\u00e1veis Group is to hedge in advance a significant volume of the merchant exposure to reduce the volatility of energy prices in each reporting year. For 2023, the Group's total generation was 33.6 TWh, of which 71% was subject to both regulated remuneration and long-term contracts and the remaining 29% was remunerated at market price. Anyway, as commented above, this portion of generation remunerated at market price is practically fully hedged, increasing overall hedged position in the year to ca. 88%. During 2023, market prices have experienced a generalized decreasing trend, however, they are still above historical averages in nearly all regions. For EDPR EU and EDPR NA, the potential loss from the decrease in electricity prices was very limited, since, as indicated above, EDPR\u00b4s merchant exposure for the year 2023 was already hedged before the start of this trend. Considering recent spike in market prices and volatility, EDPR is closely managing and monitoring its exposure to market prices variations, despite it being limited with current hedges in place. For 2024, EDPR\u00b4s exposure to a potential decrease of 30% in market prices would be approximately
of 50 million Euros",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "Sensitivity analysis - Foreign exchange rate As a consequence, a depreciation/appreciation of 10% in the most significant foreign currency exchange rate, with reference to 31 December 2023 and 2022, would originate an increase/(decrease) in EDP Renov\u00e1veis Group income statement and equity before taxes, as follows: 31 DEC 2023 THOUSAND EUROS PROFIT OR LOSS EQUITY +10% -10% +10% -10% USD/EUR 20,195 -24,683 -130,360 159,328 BRL/EUR 1,143 -1,397 -66,391 81,145 SGD/EUR 2,083 -2,546 -39,882 48,745 26,656 -32,580 -236,633 289,218 31 DEC 2022 THOUSAND EUROS PROFIT OR LOSS EQUITY +10% -10% +10% -10% USD/EUR 14,500 -17,722 -119,873 146,511 BRL/EUR 35 -43 -20,069 24,528 SGD/EUR 302 -369 -65,001 79,446 14,837 -18,314 -204,943 250,485 This analysis assumes that all other variables, namely interest rates, remain unchanged.
THOUSAND EUROS 31 DEC 2023 31 DEC 2022 FINANCIAL INCOME Interest income 64,148 37,352 Derivative financial instruments: Interest 42,316 16,893 Fair value 233,061 340,608 Foreign exchange gains 338,925 284,643 Other financial income - 1,136 678,450 680,632 FINANCIAL EXPENSES Interest expense 307,048 225,201 Derivative financial instruments: Interest 103,063 84,342 Fair value 392,857 265,177 Foreign exchange losses 171,246 434,499 Own work capitalised -131,711 -41,342 Unwinding 127,049 136,296 Other financial expenses 22,110 25,561 991,662 1,129,734 Net financial income / (expenses) -313,212 - 449 102
THOUSAND EUROS BALANCE AT 01 JAN ADDITIONS DISPOSALS/ WRITE-OFF TRANSFERS EXCHANGE DIFFERENCES CHANGES IN PERIMETER/ OTHER BALANCE AT 31 DEC COST Land and natural resources 50,481 3,308 -199 - -755 2,295 55,130 Buildings and other constructions 30,925 1,068 -93 - -713 -13,572 17,615 Plant and machinery 19,979,921 175,334 -36,892 2,905,681 -350,929 -1,161,364 21,511,751 Other 87,417 4,840 -1,251 14,283 -1,346 1,982 105,925 Assets under construction 4,870,215 4,376,031 -19,299 -2,919,289 41,280 -5,503 6,343,435 25,018,959 4,560,581 -57,734 675 -312,463 -1,176,162 28,033,856 THOUSAND EUROS BALANCE AT 01 JAN CHARGE FOR THE PERIOD IMPAIRMENT LOSSES/ REVERSES DISPOSALS/ WRITE-OFF EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES Buildings and other constructions 14,638 476 - -65 -449 -625 13,975 Plant and machinery 6,932,514 670,278 2,990 -35,464 -124,325 -45,557 7,400,436 Assets under construction 122,987 - 143,927 - 32,844 - 299,758 Other 57,966 9,403 - -753 -1,164 2,071 67,523 7,128,105 680,157 146,917 -36,282 -93,094 -44,111 7,781,692
Exchange differences are mainly generated by the variation in the exchange rate of the US Dollar, Mexican Peso, Canadian Dollar, Colombian COPS, Singaporean Dollar, Polish zloty and Brazilian Real.
THOUSAND EUROS BALANCE AT 01 JAN ADDITIONS DISPOSALS/ WRITE-OFF TRANSFERS EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC COST Land and natural resources 31,491 18,295 -113 - 942 -134 50,481 Buildings and other constructions 20,646 328 -135 3,814 1,007 5,265 30,925 Plant and machinery 18,276,306 63,589 -25,517 760,334 719,984 185,225 19,979,921 Other 76,909 6,425 -1,464 2,514 2,378 655 87,417 Assets under construction 2,420,599 3,340,158 -14,245 -765,880 -10,081 -100,336 4,870,215 20,825,951 3,428,795 -41,474 782 714,230 90,675 25,018,959
HOUSAND EUROS BALANCE AT 01 JAN CHARGE FOR THE PERIOD IMPAIRMENT LOSSES/ REVERSES DISPOSALS/ WRITE-OFF EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES Buildings and other constructions 13,056 496 - -23 1,109 - 14,638 Plant and machinery 6,126,449 641,235 344 -24,900 209,311 -19,925 6,932,514 Assets under construction 73,131 - 54,088 - -7,851 3,619 122,987 Other 51,015 6,614 - -1,121 1,731 -273 57,966 6,263,651 648,345 54,432 -26,044 204,300 -16,579 7,128,105
Exchange differences were mainly generated by the variation in the exchange rate of the US Dollar, Mexican Peso, Canadian Dollar, Colombian COPS, Singaporean Dollar, Polish zloty and Brazilian Real.
THOUSAND EUROS BALANCE AT 01 JAN ADDITIONS DISPOSALS/ WRITE-OFF TRANSFERS EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC COST Land and natural resources 1,070,178 93,715 - - -21,533 -110,198 1,032,162 Buildings and other constructions 51,490 18,200 -153 - -829 12,406 81,114 Plant and machinery: - 1,954 - - 37 -1,851 140 Other 6,743 478 -91 - 77 1,862 9,069 1,128,411 114,347 -244 - -22,248 -97,781 1,122,485
THOUSAND EUROS BALANCE AT 01 JAN CHARGE FOR THE PERIOD DISPOSALS / WRITE-OFF TRANSFERS EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES Land and natural resources 113,271 39,207 - - -2,549 -3,568 146,361 Buildings and other constructions 22,590 10,674 -46 - -213 1,865 34,870 Plant and machinery: - 3 - - 31 -34 Other 4,248 1,431 -44 - 54 -72 5,617 140,109 51,315 -90 - -2,677 -1,809 186,848
Cost additions include new lease contracts mainly located in the United States, Spain and APAC. Exchange differences are mainly generated by the variation in the exchange rate of the US Dollar.
THOUSAND EUROS BALANCE AT 01 JAN ADDITIONS DISPOSALS/ WRITE-OFF EXCHANGE DIFFERENCES TRANSFERS EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC COST Land and natural resources 721,642 316,735 -1,613 3,221 28,222 1,971 1,070,178 Buildings and other constructions 35,720 15,015 - -3,193 1,108 2,840 51,490 Plant and machinery: 119 - - -119 - - - Other 5,568 1,508 -288 -74 32 -3 6,743 763,049 333,258 -1,901 -165 29,362 4,808 1,128,411 THOUSAND EUROS BALANCE AT 01 JAN ADDITIONS DISPOSALS/ WRITE-OFF TRANSFERS EXCHANGE DIFFERENCES CHANGES IN PERIMETER/ OTHER BALANCE AT 31 DEC ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES Land and natural resources 75,789 35,523 -795 325 2,554 -125 113,271 Buildings and other constructions 15,168 7,451 - -407 391 -13 22,590 Plant and machinery: 10 4 - -14 - - - Other 3,294 1,089 -116 -24 8 -3 4,248 94,261 44,067 -911 -120 2,953 -141 140,109
Exchange differences are mainly generated by the variation in the exchange rate of the US Dollar.THOUSAND EUROS BALANCE AT 01 JAN ADDITION S DISPOSALS / WRITE-OFFS TRANSFERS EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC COST Industrial property, other rights and other intangible assets 426,891 1,061 - 9,345 -13,933 41,188 464,552 Concession rights 55,913 46 - 14,321 20 -18,765 51,535 Intangible assets under development 70,511 18,209 - -24,341 -995 401 63,785 553,315 19,316 - -675 -14,908 22,824 579,872 THOUSAND EUROS BALANCE AT 01 JAN ADDITIONS DISPOSALS/ WRITE-OFFS EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC ACCUMULATED AMORTISATION AND IMPAIRMENT LOSSES Industrial property, other rights and other intangible assets 147,543 37,321 - -3,001 84 181,948 Concession Rights 24,926 5,786 - 9 -12,667 18,052 172,469 43,107 - -2,992 -12,583 200,000
THOUSAND EUROS BALANCE AT 01 JAN ADDITIONS DISPOSALS/ WRITE- OFFS TRANSFERS EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC COST Industrial property, other rights and other intangible assets 232,351 1,574 - 6,038 4,990 181,938 426,891 Concession rights 31,493 420 -853 5,933 41 18,879 55,913 Intangible assets under development 44,461 15,515 -1,315 -12,753 514 24,089 70,511 308,305 17,509 -2,168 -782 5,545 224,906 553,315 THOUSAND EUROS BALANCE AT 01 JAN ADDITIONS DISPOSALS/ WRITE-OFFS EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC ACCUMULATED AMORTISATION AND IMPAIRMENT LOSSES Industrial property, other rights and other intangible assets 140,246 20,093 - 3,568 -16,364 147,543 Concession Rights 9,183 3,807 -177 15 12,098 24,926 149,429 23,900 -177 3,583 -4,266 172,469
THOUSAND EUROS BALANCE AT 01 JAN(*) INCREASES DECREASES/ REGULARIZATIONS IMPAIRMENT EXCHANGE DIFFERENCES BALANCE AT 31 DEC EDPR EU : - EDPR Spain 419,023 - -64,584 - - 354,439 - EDPR France 25,904 - - - - 25,904 - EDPR Portugal 43,712 - - - - 43,712 - Kronos Solar Group 611,605 - 1,882 - - 613,487 - Other 36,910 - - - 353 37,263 EDPR NA 758,736 14,511 -17,310 - -26,057 729,880 EDPR LATAM 668 - - - 36 704 EDPR APAC 393,354 16,983 28,829 - -8,954 430,212 2,289,912 31,494 -51,183 - -34,622 2,235,601
THOUSAND EUROS BALANCE AT 01 JAN INCREASES DECREASES/ REGULARIZATIONS IMPAIRMENT EXCHANGE DIFFERENCES BALANCE AT 31 DEC EDPR EU : - EDPR Spain 470,784 - -51,761 - - 419,023 - EDPR France 25,904 - - - - 25,904 - EDPR Portugal 43,712 - - - - 43,712 - Kronos Solar Group - 651,657 - - - 651,657 - Other 37,720 - -685 - -125 36,910 EDPR NA 686,842 28,965 - - 42,929 758,736 EDPR LATAM 627 - -33 - 75 668 EDPR APAC 2,446 384,721 - - 6,186 393,354 1,268,035 1,065,343 -52,479 - 49,065 2,329,964
THOUSAND EUROS 2023 2022 Balance as at 1 January 1,157,249 988,522 Changes in the consolidation perimeter -9,906 25,002 Changes in consolidation method -8,595 - Acquisitions / other perimeter variations 74,230 -839 Disposals -875 - Share of profits of joint ventures and associates 20,969 161,534 Dividends -41,600 -45,445 Exchange differences -15,039 23,142 Hedging and fair value reserve in joint ventures and associates -80,055 85,782 Others -16,802 -80,449 Balance as at the end of the period 1,079,576 1,157,249
NET DEFERRED TAX ASSETS THOUSAND EUROS BALANCE AT 31.12.2022 MOV. RESULTS MOV. RESERVES PERIMETER VARIATIONS, EXCHANGE DIFFERENCES AND OTHERS BALANCE AT 31.12.2023 Tax losses and tax credits 856,933 56,692 -2,262 -48,658 862,705 Provisions 51,079 8,190 -15 5,194 64,448 Financial instruments 353,836 -85,079 -313,883 109,177 64,051 Property plant and equipment 39,254 -2,883 619 3,341 40,331 Non-deductible financial expenses -1,383 -14,047 - 15,039 -391 Lease liabilities and other temporary differences 296,187 60,464 847 8,624 366,122 Assets/liabilities compensation of deferred taxes -970,549 -46,619 -847 242,254 -775,761 625,357 -23,282 -315,541 334,970 621,505 NET DEFERRED TAX LIABILITIES THOUSAND EUROS BALANCE AT 31.12.2022 MOV. RESULTS MOV. RESERVES PERIMETER VARIATIONS, EXCHANGE DIFFERENCES AND OTHERS BALANCE AT 31.12.2023 Financial instruments 34,361 -8,499 12,676 9,880 48,418 Property plant and equipment 613,962 34,687 - -1,593 647,056 Allocation of fair value to assets and liabilities acquired 459,109 -4,644 1,841 -22,385 433,921 Income from institutional partnerships (North America) 439,588 6,325 88 -15,421 430,580 Other temporary differences 61,819 5,160 105 5,802 72,886 Assets/liabilities compensation of deferred taxes -970,549 -46,619 -847 242,254 -775,761 638,290 -13,590 13,863 218,537 857,100
NET DEFERRED TAX ASSETS THOUSAND EUROS BALANCE AT 31.12.2021 MOV. RESULTS MOV. RESERVES PERIMETER VARIATIONS, EXCHANGE DIFFERENCES AND OTHERS BALANCE AT 31.12.2022 Tax losses and tax credits 762,913 58,118 3,244 32,658 856,933 Provisions 23,320 708 -30 -3,991 20,006 Financial instruments 133,261 131,506 185,624 -96,555 353,836 Property plant and equipment 68,105 -16,823 - -12,029 39,254 Non-deductible financial expenses 15,858 -14,403 - -2,838 -1,383 Other temporary differences 36,808 19,362 -3,159 42,340 95,352 Assets/liabilities compensation of deferred taxes -708,461 -32,463 3,159 -875 -738,641 331,803 146,005 188,838 -41,289 625,357 NET DEFERRED TAX LIABILITIES THOUSAND EUROS BALANCE AT 31.12.2021 MOV. RESULTS MOV. RESERVES PERIMETER VARIATIONS, EXCHANGE DIFFERENCES AND OTHERS BALANCE AT 31.12.2022 Financial instruments 2,119 47,295 53,420 -68,472 34,361 Property plant and equipment 302,384 12,550 39,411 27,694 382,039 Allocation of fair value to assets and liabilities acquired 461,374 2,215 - -4,481 459,109 Income from institutional partnerships (North America) 383,232 32,733 -91 23,714 439,588
NET DEFERRED TAX LIABILITIES THOUSAND EUROS BALANCE AT 31.12.2021 MOV. RESULTS MOV. RESERVES PERIMETER VARIATIONS, EXCHANGE DIFFERENCES AND OTHERS BALANCE AT 31.12.2022 Other temporary differences 24,715 23,700 -1 13,404 61,819 Assets/liabilities compensation of deferred taxes -719,260 -32,463 3,159 9,940 -738,624 454,564 86,030 95,898 1,799 638,290
THOUSAND EUROS 31 DEC 2023 31 DEC 2022 OTHER COMPREHENSIVE INCOME Fair value reserve (cash flow hedge) -271,501 -1,052,141 Fair value reserve (equity instruments at fair value) 3,278 19,737 Exchange differences - Currency translation arising on consolidation 508,257 672,254 Exchange differences - Net investment hedge -639,118 -790,670 Exchange differences - Net investment hedge - Cost of hedging -11,398 -20,925 -410,482 -1,171,745 OTHER RESERVES AND RETAINED EARNINGS Retained earnings and other reserves 3,513,784 2,903,746 Additional paid in capital 60,666 60,666 Legal reserve 214,829 214,829 3,789,279 3,179,241 3,378,797 2,007,496
THOUSAND EUROS NET INVESTMENT HEDGE COST OF HEDGING Balance as at 31 December 2022 -20,925 Changes in fair value 203,939 12,704 Tax effect fair value changes -49,411 -3,176 Transfer to income statement resulting from the sale of a foreign subsidiary -2,976 - Balance as at 31 December 2023 -639,118 -11,397
THOUSAND EUROS NET INVESTMENT HEDGE COST OF HEDGING Balance as at 31 December 2021 -544,039 711 Changes in fair value -320,792 -28,849 Tax effect fair value changes 77,383 7,213 Transfer to income statement resulting from the sale of a foreign subsidiary -3,222 - Balance as at 31 December 2022 -790,670 -20,925
Exchange differences arising on consolidation This caption reflects the amount arising on the translation of the financial statements of subsidiaries and associated companies from their functional currency into Euros. The most significant exchange rates used in the preparation of the consolidated financial statements are as follows: EXCHANGE RATES AT 31 DECEMBER 2023 EXCHANGE RATES AT 31 DECEMBER 2022 CLOSING RATE AVERAGE RATE CLOSING RATE AVERAGE RATE US Dollar USD 1.105 1.081 1.067 1.053 Polish Zloty PLN 4.348 4.544 4.690 4.688
EXCHANGE RATES AT 31 DECEMBER 2023 EXCHANGE RATES AT 31 DECEMBER 2022 CLOSING RATE AVERAGE RATE CLOSING RATE AVERAGE RATE Brazilian Real BRL 5.362 5.401 5.639 5.440 New Leu RON 4.975 4.946 4.947 4.931 Pound Sterling GBP 0.869 0.870 0.887 0.853 Canadian Dollar CAD 1.464 1.459 1.444 1.369 Mexican Peso MXN 18.690 19.167 20.781 21.198 Colombian Peso COP 4,222 4,677 5,133.687 4,470.960 Hungarian Forint HUF 382.800 381.853 400.87 391.286 Vietnamese Dong VND 26,807 25,828 25,182 24,601 Singaporian Dollar SGD 1.459 1.452 1.43 1.451
THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Balance at the beginning of the period 2,212,162 2,259,741 Proceeds received from institutional investors 505,922 57,095 Deferred transaction costs -4,311 -2,172 Cash paid to institutional investors -130,745 -134,480 Income (see note 8) -231,055 -233,505 Unwinding (see note 14) 81,058 96,955 Transfers to Held for sale (see note 27) -207,452 - Perimeter variations 45,581 - Exchange differences -78,032 142,242 Others -4,883 26,286 Balance at the end of the period 2,188,245 2,212,162
",
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"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f32883": {
"value": "Counterparty credit-rate risk management in financial transactions The EDP Renov\u00e1veis Group counterparty risk exposure in financial and non-financial transactions is managed by an analysis of technical capacity, competitiveness and probability of default to the counterparty. EDP Renov\u00e1veis has defined a counterparty risk policy inspired in Basel III, which is implemented across all departments in all EDP Renov\u00e1veis geographies. EDP Renov\u00e1veis Group is exposed to counterparty risk in financial derivatives transactions in energy sales (electricity, GC and RECs) and in supply contracts. Counterparties in derivatives and financial transactions are restricted to high-quality credit institutions or to the EDP Group. Most relevant counterparties in derivatives and financial transactions are companies within EDP Group. Financial instruments contracted outside EDP Group are generally engaged under ISDA Master Agreements and credit quality of external counterparties is analysed and collaterals required when needed. In the process of selling the energy (electricity, GCs and RECs produced), counterparty exposure arises from trade receivables, but also from mark-to-market of long-term contracts: \u2022 In the specific case of the energy sales of EDPR EU & Latam platform, the Group\u2019s main customers are utilities and regulated entities in the different countries (EDP and CNMC in the case of the Spanish market). Credit risk from trade receivables is not significant due to the limited average collection period for customer balances and the quality of its debtors. Additional counterparty risk comes from the countries with renewables incentives, which it is usually treated as regulatory risk; \u2022 In the specific case of EDPR NA platform, the Group\u2019s main customers are regulated utility companies and regional market agents in the US. As it occurs in Europe, credit risk from trade receivables is not significant due to the limited average collection period for customer balances and the quality of the debtors. However, the exposure due to the mark-to-market of long-term contracts may be significant. With the acquisition of Sunseap, in the specific case of EDPR APAC, the Group\u2019s main customers are Distributed Generation off-takers and regulated entities in the different markets, namely in Singapore and Vietnam. As it occurs in the other platforms, credit risk from trade receivables is not significant due to same reasons. However, counterparty risk comes from countries with renewables incentives through regulated tariffs, which it is usually treated as regulatory risk.
Exposure in all markets is managed by a detailed assessment of the counterparty before signing any long term agreement and by a requirement of collaterals when financial soundness of the counterparty deteriorates. Regarding Trade receivables and other debtors, they are recognized net of the impairment losses. The Group believes that the credit quality of these receivables is adequate and that no significant impaired credits exist that have not been recognised as such and provided for. Counterparty exposure to suppliers arises mainly from pre-paid contracts with equipment manufacturers and civil engineering contractors. Counter-party analyses are performed for each new contract. If needed, either parent company guarantees or bank guarantees are requested to comply with the limits of exposure established by EDP Renov\u00e1veis counter-party risk policy. The maximum exposure to customer credit risk by counterparty type is detailed as follows: THOUSAND EUROS DEC 2023 DEC 2022 CORPORATE SECTORS AND INDIVIDUALS Supply companies 68,167 73,275 Business to business 12,670 31,387 Other 40,521 18,306 Total Corporate sectors and individuals 121,358 122,968 Public sector 448 452 Total Public sector and Corporate sectors/individuals 121,806 123,420 Trade receivables by geographical market for the Group EDPR, is as follows: THOUSAND EUROS DEC 2023 EUROPE NORTH AMERICA LATAM APAC OTHER TOTAL Corporate sectors and individuals 48,552 32,805 15,152 24,746 103 121,358 Public sector - 448 - - - 448 Total 48,552 33,253 15,152 24,746 103 121,806 THOUSAND EUROS DEC 2022 EUROPE NORTH AMERICA LATAM APAC OTHER TOTAL Corporate sectors and individuals 55,033 28,542 14,223 25,074 96 122,968 Public sector - 452 - - - 452 Total 55,033 28,994 14,223 25,074 96 123,420 In accordance with accounting policies, impairment losses are determined using the simplified
approach precluded in IFRS 9, based on life time expected losses",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f32885": {
"value": "Counterparty credit-rate risk management in financial transactions The EDP Renov\u00e1veis Group counterparty risk exposure in financial and non-financial transactions is managed by an analysis of technical capacity, competitiveness and probability of default to the counterparty. EDP Renov\u00e1veis has defined a counterparty risk policy inspired in Basel III, which is implemented across all departments in all EDP Renov\u00e1veis geographies. EDP Renov\u00e1veis Group is exposed to counterparty risk in financial derivatives transactions in energy sales (electricity, GC and RECs) and in supply contracts. Counterparties in derivatives and financial transactions are restricted to high-quality credit institutions or to the EDP Group. Most relevant counterparties in derivatives and financial transactions are companies within EDP Group. Financial instruments contracted outside EDP Group are generally engaged under ISDA Master Agreements and credit quality of external counterparties is analysed and collaterals required when needed. In the process of selling the energy (electricity, GCs and RECs produced), counterparty exposure arises from trade receivables, but also from mark-to-market of long-term contracts: \u2022 In the specific case of the energy sales of EDPR EU & Latam platform, the Group\u2019s main customers are utilities and regulated entities in the different countries (EDP and CNMC in the case of the Spanish market). Credit risk from trade receivables is not significant due to the limited average collection period for customer balances and the quality of its debtors. Additional counterparty risk comes from the countries with renewables incentives, which it is usually treated as regulatory risk; \u2022 In the specific case of EDPR NA platform, the Group\u2019s main customers are regulated utility companies and regional market agents in the US. As it occurs in Europe, credit risk from trade receivables is not significant due to the limited average collection period for customer balances and the quality of the debtors. However, the exposure due to the mark-to-market of long-term contracts may be significant. With the acquisition of Sunseap, in the specific case of EDPR APAC, the Group\u2019s main customers are Distributed Generation off-takers and regulated entities in the different markets, namely in Singapore and Vietnam. As it occurs in the other platforms, credit risk from trade receivables is not significant due to same reasons. However, counterparty risk comes from countries with renewables incentives through regulated tariffs, which it is usually treated as regulatory risk.
Exposure in all markets is managed by a detailed assessment of the counterparty before signing any long term agreement and by a requirement of collaterals when financial soundness of the counterparty deteriorates. Regarding Trade receivables and other debtors, they are recognized net of the impairment losses. The Group believes that the credit quality of these receivables is adequate and that no significant impaired credits exist that have not been recognised as such and provided for. Counterparty exposure to suppliers arises mainly from pre-paid contracts with equipment manufacturers and civil engineering contractors. Counter-party analyses are performed for each new contract. If needed, either parent company guarantees or bank guarantees are requested to comply with the limits of exposure established by EDP Renov\u00e1veis counter-party risk policy. The maximum exposure to customer credit risk by counterparty type is detailed as follows: THOUSAND EUROS DEC 2023 DEC 2022 CORPORATE SECTORS AND INDIVIDUALS Supply companies 68,167 73,275 Business to business 12,670 31,387 Other 40,521 18,306 Total Corporate sectors and individuals 121,358 122,968 Public sector 448 452 Total Public sector and Corporate sectors/individuals 121,806 123,420 Trade receivables by geographical market for the Group EDPR, is as follows: THOUSAND EUROS DEC 2023 EUROPE NORTH AMERICA LATAM APAC OTHER TOTAL Corporate sectors and individuals 48,552 32,805 15,152 24,746 103 121,358 Public sector - 448 - - - 448 Total 48,552 33,253 15,152 24,746 103 121,806 THOUSAND EUROS DEC 2022 EUROPE NORTH AMERICA LATAM APAC OTHER TOTAL Corporate sectors and individuals 55,033 28,542 14,223 25,074 96 122,968 Public sector - 452 - - - 452 Total 55,033 28,994 14,223 25,074 96 123,420 In accordance with accounting policies, impairment losses are determined using the simplified
approach precluded in IFRS 9, based on life time expected losses.
The maximum exposure to customer credit risk by counterparty type is detailed as follows: THOUSAND EUROS DEC 2023 DEC 2022 CORPORATE SECTORS AND INDIVIDUALS Supply companies 68,167 73,275 Business to business 12,670 31,387 Other 40,521 18,306 Total Corporate sectors and individuals 121,358 122,968 Public sector 448 452 Total Public sector and Corporate sectors/individuals 121,806 123,420 Trade receivables by geographical market for the Group EDPR, is as follows: THOUSAND EUROS DEC 2023 EUROPE NORTH AMERICA LATAM APAC OTHER TOTAL Corporate sectors and individuals 48,552 32,805 15,152 24,746 103 121,358 Public sector - 448 - - - 448 Total 48,552 33,253 15,152 24,746 103 121,806 THOUSAND EUROS DEC 2022 EUROPE NORTH AMERICA LATAM APAC OTHER TOTAL Corporate sectors and individuals 55,033 28,542 14,223 25,074 96 122,968 Public sector - 452 - - - 452 Total 55,033 28,994 14,223 25,074 96 123,420 In accordance with accounting policies, impairment losses are determined using the simplified
approach precluded in IFRS 9, based on life time expected losses.
",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f33037": {
"value": "Liquidity risk Liquidity risk is the possibility that the Group will not be able to meet its financial obligations as they fall due. The Group strategy to manage liquidity is to ensure, as far as possible, that it will always have significant liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation. The liquidity policy followed ensures compliance with payment obligations acquired, through maintaining sufficient credit facilities and having access to the EDP Group facilities who manages the Group liquidity risk through the engagement and maintenance of credit lines and financing facilities with a firm underwriting commitment with international reliable financial institutions as well as term deposits, allowing immediate access to funds. These credit lines are used to complement and backup national and international commercial paper programs, allowing the EDP Group\u2019s short-term financing sources to be diversified.
The Directors have estimated cash flows that show that the Group will meet the commitments existing at the close as at 31 December 2023The maturity analysis for financial debt (see note 31), including expected future interests, is as follows: THOUSAND EUROS DEC 2024 DEC 2025 DEC 2026 DEC 2027 DEC 2028 FOLLO WING YEARS TOTAL Bank loans 301,376 115,439 76,170 130,885 112,250 588,427 1,324,547 Loans received from EDP Group 886,341 225,241 478,054 452,489 1,185,354 2,687,329 5,914,808 Other loans 2,838 - - 358 - 7,472 10,668 Expected future interests 303,002 291,202 279,690 272,248 243,672 419,686 1,809,500 1,493,557 631,882 833,914 855,980 1,541,276 3,702,914 9,059,523 EDPR has developed and presented to the markets a very ambitious Multi-Year Growth Plan, aimed at creating value for its shareholders, which entails a significant annual investment volume. EDPR defines itself as a listed company with a low risk profile and as such has defined a financing plan that ensures a balanced financial position structure, preserving its credit quality and, at the same time, guaranteeing the necessary flexibility to accommodate any temporary deviation that may occur throughout the implementation period of its growth plan. In the base case, the financing of the investment volume is ensured based on 5 major sources of financing: \u2022 The cash flow generated by the assets in operation and retained in the Group; \u2022 The program for selling assets in operation (sell down/Asset Rotation), as a way to anticipate and crystallize value/cash flow; \u2022 The Tax Equity Investment (the entry of institutional investors in projects developed in the US that materializes just before the entry into operation of the assets); \u2022 The capital increase in EDP Renov\u00e1veis S.A. \u2022 Complemented by medium and long-term external financing, and namely: \u2022 Via Corporate Finance, as the most relevant solution; and \u2022 Project Finance, particularly in markets where the functional currency is different from EUR/USD and it is important to manage equity exposure to the market. Flexibility, in order to manage temporary differences or adjustments in the proportions of the components identified above, is given by the following variables: \u2022 EDPR has Current Accounts in EUR and USD with EDP Group that uses to manage daily/weekly/monthly its net liquidity needs; \u2022 EDPR has a formal agreement with its parent company (EDP Group) whereby EDP has agreed to provide the necessary financing for the execution of EDPR's Growth Plan; \u2022 Current Accounts and Overdrafts negotiated with commercial banks (as backup).
",
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"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f33040": {
"value": "Liquidity risk is the possibility that the Group will not be able to meet its financial obligations as they fall due. The Group strategy to manage liquidity is to ensure, as far as possible, that it will always have significant liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation. The liquidity policy followed ensures compliance with payment obligations acquired, through maintaining sufficient credit facilities and having access to the EDP Group facilities who manages the Group liquidity risk through the engagement and maintenance of credit lines and financing facilities with a firm underwriting commitment with international reliable financial institutions as well as term deposits, allowing immediate access to funds. These credit lines are used to complement and backup national and international commercial paper programs, allowing the EDP Group\u2019s short-term financing sources to be diversified.
",
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"concept": "ifrs-full:DescriptionOfManagingLiquidityRisk",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f33163": {
"value": "Electricity market price risk As of 31 December 2023, electricity market price risk affecting the EDP Renov\u00e1veis Group is not significant. In the case of EDPR NA, the great majority of the plants are under power purchase agreements or long-term financial contracts, with fixed or escalating prices. In the case of EDPR EU, the electricity is sold in Spain, France, Italy, Portugal and Poland through regulated tariffs or financial PPAs. In Romania the green certificates have a floor. For the smaller share of energy with merchant exposure after tariff regimes, PPAs or long-term financial contracts (electricity, green certificates and RECs), market risk is managed through the execution of electricity, green certificate and REC forward contracts. For this exposure EDPR EU and EDPR NA have electricity, green certificates and REC financial swaps that qualify for hedge accounting (cash flow hedge) that are related to sales for the years 2024 to 2026 (see note 37). The purpose of EDP Renov\u00e1veis Group is to hedge in advance a significant volume of the merchant exposure to reduce the volatility of energy prices in each reporting year. For 2023, the Group's total generation was 33.6 TWh, of which 71% was subject to both regulated remuneration and long-term contracts and the remaining 29% was remunerated at market price. Anyway, as commented above, this portion of generation remunerated at market price is practically fully hedged, increasing overall hedged position in the year to ca. 88%. During 2023, market prices have experienced a generalized decreasing trend, however, they are still above historical averages in nearly all regions. For EDPR EU and EDPR NA, the potential loss from the decrease in electricity prices was very limited, since, as indicated above, EDPR\u00b4s merchant exposure for the year 2023 was already hedged before the start of this trend. Considering recent spike in market prices and volatility, EDPR is closely managing and monitoring its exposure to market prices variations, despite it being limited with current hedges in place. For 2024, EDPR\u00b4s exposure to a potential decrease of 30% in market prices would be approximately
of 50 million Euros. Capital management The Group\u2019s goal in managing equity, in accordance with the policies established by its main shareholder, is to safeguard the Group\u2019s capacity to continue operating as a going concern, grow steadily to meet established growth targets and maintain an optimum equity structure to reduce equity cost. In conformity with other sector groups, the Group controls its financing structure based on the leverage ratio. This ratio is calculated as net financial borrowings divided by total equity and net borrowings. Net financial borrowings are determined as the sum of financial debt, institutional equity liabilities corrected for non-current deferred revenues, less cash and cash equivalents.
",
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"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f33330": {
"value": "Additionally, the following companies were acquired: \u2022 During 2023, EDPR NA Distributed Generation LLC acquired the 100% stake in a distributed solar generation portfolio, Longroad Solar Portfolio III LLC and SunE Solar V LLC, located in North America for a total of 44MW solar operational projects. The total amount paid for these transactions has been 17,294 thousand Euros. These transactions were framed within the scope of IFRS 3 \u2013 Business combinations that has implied the recognition of a provisional goodwill in the amount of 14,511 thousand Euros (see note 19 and 42); \u2022 During 2023, EDP Renovables Espa\u00f1a, S.L.U. has acquired the remaining 53% of the share capital of San Juan de Bargas E\u00f3lica, S.L. As a consequence, as at 31 December, 2023, EDPR has the 100% of the shares capital in this company. The total amount paid for this transaction has been 13,898 thousand Euros. This transaction was framed within the scope of IFRS 3 \u2013 Business combinations achieved in stage. that has implied the recognition of a badwill in the amount of 8,723 thousand Euros (see note 19 and 42); \u2022 During 2023 Sunseap Group Pte. Ltd., through its subsidiaries, has acquired the 100% stake in a solar PV portfolio, which holding company is ITP Development Pty. Ltd. and located in Australia for a total of 730MW. These solar projects are in a different development stages. The total amount paid for this transaction has been 13,648 thousand Euros. This transaction was framed within the scope of IFRS 3 \u2013 Business combinations that has implied the recognition of a provisional goodwill in the amount of 16,983 thousand Euros (see note 19 and 42).
As at 31 December 2023, the caption Gain on business combination mainly includes the impact of the business combination achieved in stages of the company San Juan de Bargas E\u00f3lica, S.L. (see note 42).
19. Goodwill For the Group, the breakdown of Goodwill resulting from the difference between the cost of the investments and the corresponding share of the fair value of the net assets acquired, is analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022(*) Goodwill booked in EDPR EU : 1,074,805 1,177,206 - EDPR Spain 354,439 419,023 - EDPR France 25,904 25,904 - EDPR Portugal 43,712 43,712 - Kronos Solar Group 613,487 611,605 - Other 37,263 36,910 Goodwill booked in EDPR NA 729,880 758,736 Goodwill booked in EDPR LATAM 704 668 Goodwill booked in EDPR APAC 430,212 393,354 2,235,601 2,289,912 * See note 2.A) for details regarding the restatement as a result of the Purchase Price Allocation assessment closing during 2023. The movements in Goodwill, by subgroup, during the period ended 31 December 2023 is as fol- lows: THOUSAND EUROS BALANCE AT 01 JAN(*) INCREASES DECREASES/ REGULARIZATIONS IMPAIRMENT EXCHANGE DIFFERENCES BALANCE AT 31 DEC EDPR EU : - EDPR Spain 419,023 - -64,584 - - 354,439 - EDPR France 25,904 - - - - 25,904 - EDPR Portugal 43,712 - - - - 43,712 - Kronos Solar Group 611,605 - 1,882 - - 613,487 - Other 36,910 - - - 353 37,263 EDPR NA 758,736 14,511 -17,310 - -26,057 729,880 EDPR LATAM 668 - - - 36 704 EDPR APAC 393,354 16,983 28,829 - -8,954 430,212 2,289,912 31,494 -51,183 - -34,622 2,235,601
* See note 2.A) for details regarding the restatement as a result of the Purchase Price Allocation assessment closing during 2023The caption increase includes the Goodwill related to the business combination closed during 2023 (see note 42). The movements in Goodwill, by subgroup, during 2022 are analysed as follows: THOUSAND EUROS BALANCE AT 01 JAN INCREASES DECREASES/ REGULARIZATIONS IMPAIRMENT EXCHANGE DIFFERENCES BALANCE AT 31 DEC EDPR EU : - EDPR Spain 470,784 - -51,761 - - 419,023 - EDPR France 25,904 - - - - 25,904 - EDPR Portugal 43,712 - - - - 43,712 - Kronos Solar Group - 651,657 - - - 651,657 - Other 37,720 - -685 - -125 36,910 EDPR NA 686,842 28,965 - - 42,929 758,736 EDPR LATAM 627 - -33 - 75 668 EDPR APAC 2,446 384,721 - - 6,186 393,354 1,268,035 1,065,343 -52,479 - 49,065 2,329,964
42. Business Combination Business Combination closed during the year ended 31 December 2023 San Juan de Bargas On June 1, 2023, EDPR entered into an agreement to acquire the remaining 53% of the stake in San Juan de Bargas E\u00f3lica, S.L. (hereinafter, \u201cSJB\u201d), which holds a windfarm of 44,8 MW in oper- ation and located in Spain, for a total consideration of 13,898 thousand Euros that were paid at a closing date. The agreement did not entail any conditions precedent therefore signing and closing was simultaneous. Within this transaction, EDPR has gained control over the company San Juan de Bargas E\u00f3lica, S.L. (SJB), where EDPR had 47% of the shares of the company and acquired the remaining 53% of the shares, considering this acquisition a business combination achieved in stages under IFRS 3. Until the date in which the control was obtained, the shareholding previously held was being in- cluded in the consolidated financial statements under the equity method. Total value of the equity investment, previously to the transaction, amounted to 12,329 thousand Euros of which an amount of 270 thousand Euros corresponds to the result of the company for the year 2023 attributable to EDPR and the goodwill allocated to this company in the amount of 3,464 thousand Euros. The Group used the financial statements as of 31 May 2023 of the acquired company, to determine pre-acquisition balance sheet and results, and, consequently, the company have been consoli- dated from that date following the full consolidation method. Thus, this acquisition has contributed to the consolidated financial statements with Revenues, mainly from energy sales, in the approxi- mate amount of 2,196 thousand Euros and with a Net loss in the approximate amount of 1,199 thousand Euros, referring to the seven-month period ended on 31 December 2023. If this acquisition had occurred in the beginning of the exercise, it would have contributed to the consolidated financial statements with revenues, mainly from energy sales, in the approximate amount of 4,410 thousand Euros and with a Net loss for the period in the approximate amount of 1,981 thousand Euros, referring to the twelve-month period ended on 31 December 2023. At the acquisition date, EDPR Group has determined internally the fair value of the assets acquired and liabilities assumed. The valuation methodology utilized has been the Multi-Excess Earning Method (MEEM) and the discounted cashflow approach. This valuation methodology assumes that the kind of assets to be valued normally generates cash flows in combination with other tan- gible and intangible assets and therefore consists in deducting the estimated cost of the use of other assets, such as PP&E or working capital, from the estimated cash flows associated to the as- set to be valued. The main components of cashflow, namely production, long term power prices and operational costs were estimated using EDPR\u2019s own methodology using historical data and experience assessing investments of similar windfarm projects in EDPR\u2019s portfolio. The after-tax cash flows were then discounted at the weighted average cost of capital, reflecting the risk of the country, and adjusted for the profile of the project. Such valuation has determined a fair value of the net assets acquired in the amount of 34,950 thousand Euros. Fair value of identifiable assets and liabilities at the acquisition date is presented as follows: THOUSAND EUROS BOOK VALUE AT ACQUISITION DATE FAIR VALUE ADJUSTMENT FAIR VALUE AT ACQUISITION DATE ASSETS Intangible assets 115 - 115 Property, plant and equipment 4,294 39,080 43,374 Other Non-Current Assets 714 - 714 Total Non-Current Assets 5,123 39,080 44,203 Other debtors and other assets 3,343 - 3,343
THOUSAND EUROS BOOK VALUE AT ACQUISITION DATE FAIR VALUE ADJUSTMENT FAIR VALUE AT ACQUISITION DATE Total Current Assets 3,343 - 3,343 Total Assets 8,466 39,080 47,546 LIABILITIES Provisions 640 - 640 Deferred tax liabilities - 9,770 9,770 Total Non-Current Liabilities 640 9,770 10,410 Trade and other payables from commercial activities 2,186 - 2,186 Total Current Liabilities 2,186 - 2,186 Total Liabilities 2,826 9,770 12,596 Total Net assets acquired at fair value 34,950 Net assets previously held in San Juan de Bargas (business combination achieved in stages) -12,329 Total Net assets acquire at fair value 22,621 - Total consideration for the acquisition of the shares -13,898 Badwill -8,723 The aforementioned San Juan de Bargas\u2019s valuation has determined a fair value for Property, plant and equipment in the amount of 43,374 thousand Euros, generating a fair value adjustment of 39,080 thousand Euros and a corresponding deferred tax liability in the amount of 9,770 thousand Euros (see notes 16 and 21). The purchase price allocation exercise carried out in accordance with IFRS 3 resulted in a gain recognition in the amount of 8,723 thousand Euros, as per the difference of the net assets acquired at fair value and the consideration transferred for the acquisition of the shares. The gain resulting from the purchase price allocation has been registered in the \u201cOther income\u201d caption of the con- solidated financial statements (see note 9). Others In addition to the above transaction, as at 31 December 2023, EDPR Group has acquired the Australian business ITP Development Pty. Ltd. and North American business Longroad Solar Portfolio III LLC and SunE Solar V LLC (Longroad portfolio). The impact of both is consider not material. The net book values of these projects at acquisition date amounted to -3,335 thousand Euros and 2,783 thousand Euros, respectively. The provisional goodwill recognized for these transactions have been 16,983 thousand Euros related to ITP Development and 14,511 thousand Euros related to Longroad (Portfolio III and SunE Solar V)(see notes 6 and 19). Business Combination closed during the year ended 31 December 2022 Sunseap EDPR entered in November 2021 into an agreement with BPIN Investment Company Limited (owner of 47% issued shares at the moment of entering into the agreement) , Mr. Frank Phuan and Mr. Lawrence Wu (as the \u201cFounder Shareholders\u201d) (owners of 14%% issued shares at the moment of entering into the agreement), and the additional selling shareholders (owners of 36%% issued shares at the moment of entering into the agreement) for the acquisition of up to 91.4% of the shares of Sunseap Group Pte.Ltd which holds a sizeable portfolio including of close to 10 GW of renewable projects at different stages of development. The agreement also includes the acquisition of the subscription rights granted to some shareholders and employees of the company by EDPR and the new issuance of those shares to be paid by EDPR, the total percentage acquired of 91.4% is inclusive of such shares. At that moment, the completion of this transaction was subject to customary conditions precedent. With this transaction, completed in 24 February 2022 once the aforementioned customary conditions precedent were fulfilled, EDPR acquired 91.4% of the mentioned Group for a total consideration of 659,658 thousand Euros (including the put option present value). This transaction is considered under the scope of IFRS 3 - Business combinations. EDPR signed the corresponding shareholders agreements which include put and call options agreements for the remaining percentage of the shares of the Sunseap Group with the minority shareholders. As a consequence, EDPR has call options to acquire the remaining stake of the capital of the Sunseap Group and the sellers have put options to sell their shares. EDPR have applied the anticipated-acquisition method (see note 2.A and 6).The exercise price for these options has been determined in an amount equal to 56,442 thousand Euros (see note 35). Upon completion of the agreement, Sunseap Group Pte.Ltd performed a capital increase which was subscribed solely by EDP Renov\u00e1veis, S.A and lead to EDP Renov\u00e1veis, S.A holding 92.28% of the total stake of the acquired company, the amount of the capital increase is not considered within the consideration transferred for the business combination.
The Group used the financial statements as at 28 February 2022 of the company acquired, to determine pre-acquisition balance sheet and results, and, consequently, the companies have been consolidated from that date following the full consolidation method. Thus, this acquisition has contributed to the consolidated financial statements with Revenues, mainly from energy sales, in the approximate amount of 108,763 thousand Euros and with a Net profit in the approximate amount of 224 thousand Euros, referring to the ten-month period ended at 31 December 2022. If this acquisition had occurred in the beginning of the exercise, it would have contributed to the consolidated financial statements with revenues, mainly from energy sales, in the approximate amount of 121,430 thousand Euros and with a Net loss for the period in the approximate amount of 7,623 thousand Euros , referring to the twelve-month period ended at 31 December 2022. At the acquisition date, EDPR Group has determined the fair value of the assets acquired and liabilities assumed, with the assistance of a specialized and independent firm. The valuation methodology utilized has been the Multi-Excess Earning Method (MEEM) and the discounted cashflow approach. This valuation methodology assumes that the kind of assets to be valued normally generates cash-flows in combination with other tangible and intangible assets and therefore consists in deducting the estimated cost of the use of other assets, such as PP&E or working capital, from the estimated cash flows associated to the asset to be valued. The main components of cashflow, namely production, long term power prices and operational costs were estimated using EDPR\u2019s own methodology using historical data and experience assessing investments of similar solar PV projects in EDR\u2019s portfolio. These internal assumptions used in the preparation of the cashflows of the portfolio have been challenged by the specialized firm. The after tax cash flows were then discounted at the weighted average cost of capital within a range of 6.3%-10.8% (blended), that has been calculated by the firm, reflecting the risks of the specific countries and adjusted for the profile of each project. Such valuation has determined a fair value of the net assets acquired in the amount of 296,173 thousand Euros. THOUSAND EUROS BOOK VALUE AT ACQUISITION DATE FAIR VALUE ADJUSTMENT FAIR VALUE AT ACQUISITION DATE ASSETS Property, plant and equipment 409,589 110,932 520,521 Right-of-use assets 39,000 - 39,000 Intangible assets 422 113,295 113,717 Goodwill 2,159 -2,159 - Investments in joint ventures and associates 9,111 14,842 23,954 Equity instruments at fair value 24 - 24 Deferred tax assets 9,908 - 9,908 Other Non-Current Assets 11,136 - 11,136 Total Non-Current Assets 481,348 236,910 718,259 Inventories 6,945 - 6,945 Debtors and other assets from commercial activities 70,534 - 70,534 Other debtors and other assets 49,532 - 49,532 Current tax assets 6,867 - 6,867 Cash and cash equivalents 127,576 - 127,576 Total Current Assets 261,455 - 261,455 Total Assets 742,803 236,910 979,713 LIABILITIES Medium / Long term financial debt 233,746 - 233,746 Provisions 6,162 - 6,162 Deferred tax liabilities 1,836 38,836 40,673 Other liabilities and other payables 115,021 - 115,021 Total Non-Current Liabilities 356,766 38,836 395,603 Short term financial debt 30,425 - 30,425 Trade and other payables from commercial activities 70,845 - 70,845 Current tax liabilities 823 - 823 Other current liabilities 147,858 - 147,858 Total Current Liabilities 249,951 - 249,951 Total Liabilities 606,707 38,836 645,554 Total Net assets acquired at fair value 334,160 - Non-controlling interests -37,986 Total Net assets acquired at fair value 296,173
BOOK VALUE AT ACQUISITION DATE FAIR VALUE ADJUSTMENT FAIR VALUE AT ACQUISITION DATE - Total consideration for the acquisition of the shares -659,658 Goodwill 363,485 The aforementioned Sunseap's group valuation has determined a fair value for Property, plant and equipment in the amount of 520,521 thousand Euros, generating a fair value adjustment of 110,932 thousand Euros corresponding to the permits, licences and concessions (PLCs) and an associated deferred tax liability in the amount of 21,472 thousand Euros (see note 16 and 21). Furthermore, the valuation has determined a fair value for Intangible assets in the amount of 113,717 thousand Euros, generating a fair value adjustment of 113,295 thousand Euros corresponding to the power purchase agreements and feed-in-tariffs of the whole portfolio and an associated deferred tax liability in the amount of 17,378 thousand Euros. The purchase price allocation exercise carried out in accordance with IFRS 3 resulted as a goodwill recognition in the amount of 363,485 thousand Euros, as per the difference of the net assets acquired at fair value and the consideration transferred for the acquisition of the shares. The aforementioned provisional goodwill recognition resulting from the purchase price allocation, is mainly attributable to EDPR's establishment in the APAC platform within the context of EDP Business plan 2021-25, allowing EDPR to establish a portfolio for the APAC region of close to 10 GW of solar projects, of which 563 MW operating and under construction, and an experienced team of more than 600 employees spread across 9 markets, providing a growth platform for the region. The purchase price allocation exercise has been closed during 2023 with no significant impacts compared to the allocation carried out in 2022. Xuan Thien EDPR, through its wholly owned Vietnamese subsidiary Sunseap Commercial & Industrial Assets (Vietnam) Co., Ltd. entered in 2022 into an agreement with Xuan Thien Group for the acquisition of 99.99% of the shares of Xuan Thien Ninh Thuan JSC and Xuan Thien Thuan Vac JSC, each of one holding a PV project totalling 200 MWac (255MWdc) (see note 6). At that moment, the completion of this transaction was subject to customary conditions precedent. With this transaction, completed in 7 September 2022 once the aforementioned customary conditions precedent were fulfilled, EDPR has acquired 99,99% of the shareholding of the mentioned companies for a total consideration of 198,832 thousand Euros. Of the total consideration, 157,544 thousand Euros have been paid as of 31 December 2022, and an amount of 41,288 thousand Euros is accrued under the caption Other liabilities and other payables - Current (see note 35) correspond to the retentions that, in accordance with the sale purchase agreement, will be paid when certain milestones related to financing, module damages repairs and land use rights are fulfilled. This transaction is considered under the scope of IFRS 3 - Business combinations. The Group used the financial statements as at 7 September 2022 of the companies acquired, to determine pre-acquisition balance sheet and results, and, consequently, the companies have been consolidated from that date following the full consolidation method. Thus, this acquisition has contributed to the consolidated financial statements with Revenues, mainly from energy sales, in the approximate amount of 9,319 thousand Euros and with a Net profit in the approximate amount of 1,819 thousand Euros, referring to the four months period ended at 31 December 2022. If this acquisition had occurred in the beginning of the exercise, it would have contributed to the consolidated financial statements with revenues, mainly from energy sales, in the approximate amount of 33,225 thousand Euros and with a Net profit for the period in the approximate amount of 8.985 thousand Euros referring to the twelve-month period ended at 31 December 2022. At the acquisition date, EDPR Group has determined the fair value of the assets acquired and liabilities assumed, with the assistance of a specialized and independent firm. The valuation methodology utilized has been the Multi-Excess Earning Method (MEEM) and the discounted cashflow approach. This valuation methodology assumes that the kind of assets to be valued normally generates cash-flows in combination with other tangible and intangible assets and therefore consists in deducting the estimated cost of the use of other assets, such as PP&E or working capital, from the estimated cash flows associated to the asset to be valued. The main assumptions of cashflow, namely production, long term power prices and operational costs were estimated using EDPR\u2019s own methodology using historical data and experience assessing investments of similar solar assets in EDPR\u2019s portfolio. These internal assumptions used in the preparation of the cashflows of the portfolio have been challenged by the specialized firm. The after tax cash flows were then discounted at the weighted average cost of capital of 10.3%, that has been calculated by the firm, reflecting the risk of the country and adjusted for the profile of the projects. Such valuation has determined a fair value of the net assets acquired in the amount of 181,061 thousand Euros.
Fair value of identifiable assets and liabilities at the acquisition date is presented as follows: THOUSAND EUROS BOOK VALUE AT ACQUISITION DATE FAIR VALUE ADJUSTMENT FAIR VALUE AT ACQUISITION DATE ASSETS Property, plant and equipment 171,487 26,754 198,241 Intangible assets - 85,476 85,476 Deferred tax assets - 238 238 Total Non-Current Assets 171,487 112,468 283,956 Debtors and other assets from commercial activities 14,562 - 14,562 Other debtors and other assets 3,500 -16 3,484 Cash and cash equivalents 314 - 314 Total Current Assets 18,376 -16 18,360 Total Assets 189,864 112,452 302,316 LIABILITIES Medium / Long term financial debt 102,425 - 102,425 Provisions 2,303 - 2,303 Deferred tax liabilities - 8,497 8,497 Other liabilities and other payables - 3,155 3,155 Total Non-Current Liabilities 104,728 965 116,380 Short term financial debt 352 - 352 Other current liabilities 4,521 - 4,521 Total Current Liabilities 4,874 - 4,874 Total Liabilities 109,602 11,652 121,254 Total Net assets acquired at fair value 181,061 - Total consideration for the acquisition of the shares -202,298 Goodwill 21,236 The aforementioned Xuan Thien's projects valuation has determined a fair value for Property, plant and equipment in the amount of 198,241 thousand Euros, generating a fair value adjustment of 26,754 thousand Euros corresponding to the permits, licences and concessions (PLCs) and an associated deferred tax liability in the amount of 2,026 thousand Euros (see note 16 and 21). Furthermore, the valuation has determined a fair value for Intangible assets in the amount of 85,476 thousand Euros, which equals the amount of the fair value adjustment corresponding to the power purchase agreements that these companies have in place and an associated deferred tax liability in the amount of 6,471 thousand Euros. The purchase price allocation exercise carried out in accordance with IFRS 3 resulted in goodwill recognition in the amount of 21,236 thousand Euros, as per the difference of the net assets acquired at fair value and the consideration transferred for the acquisition of the shares. The aforementioned provisional goodwill recognition resulting from the provisional purchase price allocation, which is identified according to what is indicated in note 2.A, is mainly attributable to EDPR doubling its operational capacity in Vietnam, strengthening its presence in the APAC region, a market where it entered in 2021 and has been since reinforced with the integration of Sunseap in February 2022. The purchase price allocation exercise has been closed during 2023 with no significant impacts compared to the allocation carried out in 2022. Kronos Group In the third quarter of 2022, EDPR entered into an agreement with Summercourt Capital GmbH (owner of 85% of the shares) and Bohne-Verm\u00f6gensverwaltungs-GmbH (owner of 15% of the shares) to acquire a 66.80% stake of Kronos Solar Projects GmbH. which holds a solar generation portfolio of 9,4GW under development located in Germany, Netherlands, France and UK (see note 6). At that moment, the completion of this transaction was subject to customary conditions precedent. With this transaction, completed in 5 October 2022 once the aforementioned customary conditions precedent were fulfilled, EDPR has acquired 66,80% of the mentioned companies for a total consideration of 663,030 thousand Euros of which an amount of 341,995 thousand Euros corresponds to the put options and an amount of 71,035 thousand Euros relates to the estimation for the success fee to be paid to the sellers (see note 35). This transaction is considered under the scope of IFRS 3 - Business combinations. Upon completion of the agreement, Kronos Solar Projects GmbH performed a capital increase which was subscribed solely by EDP Renewables Europe, S.L.U. and lead to EDP Renewables Europe, S.L.U. holding 70% of the total stake of the acquired company, the amount of the capital
increase is not considered within the consideration transferred for the business combination. Furthermore and within the context of this acquisition, and for the purpose of constructing and operating the projects, EDP Renewables Europe, S.L.U. and the sellers have incorporated the company Kronos Projektgesellschaft mbH with the same split in the shareholding (70%-30%). EDPR signed the corresponding shareholders agreements which include put and call options agreements for the remaining percentage of the shares of the Kronos Group with the minority shareholders. As a consequence, EDPR has call options to acquire the remaining stake of the capital of the Kronos Group and the sellers have put options to sell their shares. EDPR have applied the anticipated-acquisition method (see note 2.A, 6 and 35). The Group used the financial statements as at 30 September 2022 of the acquired companies, to determine pre-acquisition balance sheet and results, and, consequently, the companies have been consolidated from that date following the full consolidation method and equity method when applicable. Thus, this acquisition has contributed to the consolidated financial statements with no revenues since none of the projects of the portfolio are operating and no sales of projects have occurred during the period and with a Net loss in the approximate amount of 438 thousand Euros, referring to the four-month period ended at 31 December 2022. If this acquisition had occurred in the beginning of the exercise, it would have contributed to the consolidated financial statements with no revenues since none of the projects of the portfolio are operating and no sales of projects have occurred during the year and with a Net loss in the approximate amount of 1,176 thousand Euros , referring to the twelve-month period ended at 31 December 2022. At the acquisition date, EDPR Group has determined internally the fair value of the assets acquired and liabilities assumed. Since the portfolio acquired is still in an early stage of development EDPR has not allocated any value to specific assets, hence the difference amounting to 651,657 thousand Euros between the consideration transferred and the net assets acquired has been allocated to provisional goodwill. Such assessment has determined a fair value of the net assets acquired in the amount of 11,373 thousand Euros. Fair value of identifiable assets and liabilities at the acquisition date is presented as follows: THOUSAND EUROS BOOK VALUE AT ACQUISITION DATE FAIR VALUE ADJUSTMENT FAIR VALUE AT ACQUISITION DATE ASSETS Property, plant and equipment 4,871 - 4,871 Intangible assets 3,331 - 3,331 Other non-current assets 455 - 455 Total Non-Current Assets 8,656 - 8,656 Other debtors and other assets 1,591 - 1,591 Cash and cash equivalents 13,423 13,423 Total Current Assets 15,014 - 15,014 Total Assets 23,670 - 23,670 LIABILITIES Provisions 493 - 493 Deferred tax liabilities 151 - 151 Other liabilities and other payables 5 - 5 Total Non-Current Liabilities 649 - 649 Other current liabilities 11,560 - 11,560 Total Current Liabilities 11,560 - 11,560 Total Liabilities 12,209 - 12,209 Total Net assets acquired at fair value 11,461 - Non-controlling interest 88 Total Net assets acquired at fair value 11,373 - Total consideration for the acquisition of the shares -663,030 Goodwill 651,657 The aforementioned goodwill recognition resulting from the purchase price allocation, which is identified as provisional according to what is indicated in note 2.A, is mainly attributable to the opportunity of entrance in new regions for EDPR (namely Netherlands and Germany), which benefit from ambitious renewables targets given the increased importance of security of supply and energy independence coupled with government initiatives such as the \u201cEaster Package\u201d in Germany that stands out with ambitious renewables capacity targets, with 360 GW of renewable installed capacity until 2030. In that sense almost 50% of the acquired solar development portfolio is located in Germany. Another element to consider within the goodwill is the well-proven know- how and track record of Kronos\u2019s team with 1,4 GW developed through 80 successfully installed
projects in 9 countries. Finally, this acquisition is considered to be highly complementary with EDPR geographical current set up, not only allowing the entrance in Germany and Netherlands, but also scaling presence in France and the UK with a fully solar focused business. The purchase price allocation exercise has been closed during 2023, see the impact in note 2. A). Longroad EDPR, through its majority controlled US subsidiary, EDPR NA Distributed Generation, LLC, entered into an agreement in April 2022 to acquire 100% of the equity interests in ninety one (91) distinct limited liability companies and limited partnerships owning an aggregate nameplate capacity of 99.3 MWdc of operating solar plants located throughout the US. The acquisition of these companies has been structured in 8 different transactions (\u201ctranches\u201d) which are independent from each other. However, given that the seller is the same, the assets have same nature and risks and are all located in the same geography, the Group has opted to present all these transactions aggregated in the same note, grouping the assets and liabilities acquired depending on whether the transaction has generated goodwill or badwill. At that moment, the completion of this transaction was subject to certain conditions precedent. The conditions precedent, which were specific for each acquired company, necessitated multiple closings of discrete asset groups in separate tranches. The closing tranches served to organize companies based up common attributes and/or common conditions precedent such as acquired companies with loan repayments, sale leaseback financed companies, and companies with common off-takers. With the aforementioned conditions precedent fulfilled, EDPR acquired the aforementioned 100% equity interests in 84 companies in four tranches, each of which is considered under the scope of IFRS 3 \u2013 Business combinations, for the following cash consideration: CLOSING DATE CLOSING DATE PROJECTS ACQUIRED PURCHASE PRICE CAPACITY (MW DC) THOUSAND EUR MW DC Renewable Venture Solar Fund V GP, LLC 19 April 2022 7 16,659 6.46 Longroad Solar Portfolio IV, LLc 9 August 2022 3 248 1.82 Longroad Solar WF Portfolio, LLc 9 August 2022 6 3,522 10.65 SunE Solar VI, LLC 9 August 2022 2 2,623 1.22 Longroad XII Holdings, LLC 3 October 2022 7 38,257 24.19 MMA Renewable Venture Solar Fund III, LLC 3 October 2022 18 22,867 16.93 Longroad DG Portolio I, LLC 9 December 2022 11 3,661 5.94 Longroad Fund III Holdings, LLC 9 December 2022 30 45,155 32.09 84 132,992 99.3 The Group used the financial statements as at each respective closing date to determine pre- acquisition results and, consequently, the companies and their operations have been consolidated since that date. The profit and loss and statement of cash flows reflect the activity of these project companies from the respective date of closing presented in the table above through 31 December 2022. If these acquisitions had occurred at the beginning of 2022, these would have contributed to the consolidated financial statements with Revenues, mainly from energy and environmental attribute (REC) sales, in the approximate amount of 14,244 thousand Euros (15,000 thousand USD) and with Net income for the period in the approximate amount of 2,279 thousand Euros (2,400 thousand USD), referring to the twelve-month period ended at 31 December 2022. At the acquisition dates for each respective tranche, the Group has determined the fair values of the assets acquired and liabilities assumed, based on valuations performed by a third party. The valuation methodology utilized was a discounted cashflow approach, where cash flows for each project were forecasted for the remaining life of the assets. The main components of cashflow, namely production, long term power prices and operational costs were estimated using EDPR\u2019s own methodology using historical data of the assets provided by the seller. The after tax cash flows were then discounted at the weighted average cost of capital of 8.25% reflecting the risk of the debt and equity financing components adjusted for the contracted profile of each project. Lastly to the aggregate value of the portfolio, adjustments were made for one-off items, other balance sheet assets or liabilities and synergies, to reach the final equity valuation. Such valuation has determined a fair value of the net assets acquired in the amount of 77,372 thousand Euros. Inputs and assumptions included in the valuation models relied upon the use of significant estimates including market energy pricing curves, federal income tax rates and other
present value factorsFair values of identifiable assets and liabilities at the acquisition dates for tranches resulting in a provisional goodwill from the transaction are presented as follows: THOUSAND EUROS BOOK VALUE AT ACQUISITION DATE FAIR VALUE ADJUSTMENT FAIR VALUE AT ACQUISITION DATE ASSETS Property, plant and equipment 41,506 - 41,506 Intangible assets - 11,570 11,570 Other non-current assets 489 - 489 Total Non-Current Assets 41,995 11,570 53,565 Debtors and other assets from commercial activities 629 - 629 Other debtors and other assets 2,682 - 2,682 Cash and cash equivalents 129 - 129 Total Current Assets 3,440 - 3,440 Total Assets 43,435 11,570 57,005 LIABILITIES Provisions 4,416 -3,702 714 Deferred tax liabilities - - - Institutional partnerships in USA wind farms 2,821 -212 2,609 Total Non-Current Liabilities 7,237 -3,914 3,323 Other current liabilities 37 - 37 Total Current Liabilities 37 - 37 Total Liabilities 7,274 -3,914 3,360 Total Net assets acquired at fair value 53,645 - Total consideration transferred for the acquisition of the shares -61,372 Goodwilll 7,727 THOUSAND EUROS BOOK VALUE AT ACQUISITION DATE FAIR VALUE ADJUSTMENT FAIR VALUE AT ACQUISITION DATE ASSETS Property, plant and equipment 29,273 - 29,273 Intangible assets - 9,097 9,097 Other non-current assets 2,170 - 2,170 Total Non-Current Assets 31,443 9,097 40,540 Debtors and other assets from commercial activities 596 - 596 Other debtors and other assets 750 - 750 Cash and cash equivalents 1,662 - 1,662 Total Current Assets 3,008 - 3,008 Total Assets 34,451 9,097 43,548 LIABILITIES Provisions 1,639 -1,280 359 Deferred tax liabilities - - - Institutional partnerships in USA wind farms 22,070 -2,900 19,170 Total Non-Current Liabilities 23,709 -4,180 19,529 Other current liabilities 292 - 292 Total Current Liabilities 292 - 292 Total Liabilities 24,001 -4,180 19,821 Total Net \u2018assets acquired at fair value 23,727 - Total consideration transferred for the acquisition of the shares -22,804 Badwillll 923 The purchase price allocation exercise carried out in accordance with IFRS 3 resulted as a provisional goodwill recognition in the amount of 7,727 thousand Euros, as per the difference of the net assets acquired at fair value and the consideration transferred for the acquisition of the shares
of the projects Longroad Solar Portfolio IV, LLC, Longroad XII Holdings, LLC, MMA Renewable Ventures Solar Fund III, LLC, Longroad DG Portfolio I, LLC, and Longroad Fund III Holdings, LLC (see note19). Other purchase price allocations resulted in a provisional badwill recognition. The acquisitions of Renewable Ventures Solar Fund V GP, LLC, Longroad Solar WF Portfolio, LLC, and SunE Solar VI, LLC contributed badwill amounted to 932 thousand Euros (see note 9). The aforementioned provisional goodwill resulting from the purchase price allocation is mainly attributable to the acquisition of above-market power purchase agreements. The aforementioned valuations have determined a fair value for Intangible assets 20,667 thousand Euros. In addition to the above, as at 31 December 2022, the last tranche of the transaction recently closed and a purchase price allocation has not yet been finalized for Longroad DG Portfolio I, LLC (DG1) and Longroad Fund III Holdings, LLC (Fund III). The book values of these projects at acquisition date amounted to net assets of 27,578 thousand Euros. The provisional goodwill recognized for these transactions has been 21,238 thousand Euros (see note 19). The purchase price allocation exercises have been closed during 2023 with no significant impacts compared to the allocation carried out in 2022.
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"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
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"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f33671": {
"value": "07. Revenues Revenues are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 REVENUES BY BUSINESS AND GEOGRAPHY Electricity in Europe 1,013,520 1,269,806 Electricity in North America 699,330 685,211 Electricity in LATAM 77,570 52,793 Electricity in APAC 114,111 79,424 1,904,531 2,087,235 Other revenues 54,640 2,425 1,959,171 2,089,660 Services rendered 57,081 55,227 Changes in inventories and cost of raw material and consumables used Cost of consumables used and changes in inventories -8,463 -6,906 Total Revenues 2,007,789 2,137,981 The breakdown of revenues by segment is presented in the segmental reporting (see annex I). Decrease in electricity revenues is, mainly, explained by the stabilisation of energy prices after the high volatility in 2022 as a consequence of the conflict in Eastern Europe which affected the world
economic situation. Other revenues include mainly settlements of energy trading derivative and hedge which have been affected as well by the decrease of energy prices. 07. Revenues Revenues are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 REVENUES BY BUSINESS AND GEOGRAPHY Electricity in Europe 1,013,520 1,269,806 Electricity in North America 699,330 685,211 Electricity in LATAM 77,570 52,793 Electricity in APAC 114,111 79,424 1,904,531 2,087,235 Other revenues 54,640 2,425 1,959,171 2,089,660 Services rendered 57,081 55,227 Changes in inventories and cost of raw material and consumables used Cost of consumables used and changes in inventories -8,463 -6,906 Total Revenues 2,007,789 2,137,981 The breakdown of revenues by segment is presented in the segmental reporting (see annex I). Decrease in electricity revenues is, mainly, explained by the stabilisation of energy prices after the high volatility in 2022 as a consequence of the conflict in Eastern Europe which affected the world
economic situation. Other revenues include mainly settlements of energy trading derivative and hedge which have been affected as well by the decrease of energy prices. 07. Revenues Revenues are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 REVENUES BY BUSINESS AND GEOGRAPHY Electricity in Europe 1,013,520 1,269,806 Electricity in North America 699,330 685,211 Electricity in LATAM 77,570 52,793 Electricity in APAC 114,111 79,424 1,904,531 2,087,235 Other revenues 54,640 2,425 1,959,171 2,089,660 Services rendered 57,081 55,227 Changes in inventories and cost of raw material and consumables used Cost of consumables used and changes in inventories -8,463 -6,906 Total Revenues 2,007,789 2,137,981 The breakdown of revenues by segment is presented in the segmental reporting (see annex I). Decrease in electricity revenues is, mainly, explained by the stabilisation of energy prices after the high volatility in 2022 as a consequence of the conflict in Eastern Europe which affected the world
economic situation",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f33719": {
"value": "08. Income from institutional partnerships in North America Income from institutional partnership in North America in the amount of 231,055 thousand Euros (31 December 2022: 233,505 thousand Euros), includes revenue recognition related to production tax credits (PTC), investments tax credits (ITC) and other tax benefits, mostly from accelerated tax depreciation related to projects Sol I, II and V, Vento I to V, Vento IX, Vento XI to XVI, Vento XVIII and Vento XXI to XXIII (see note 33).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f33728": {
"value": "09. Other income Other income is analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Amortisation of deferred income related to power purchase agreements 807 1,041 Contract and insurance compensations 31,289 60,789 Gains on business combination 8,807 578 Gains on disposals 511,107 411,372 Other income 31,193 52,246 583,203 526,026 As at 31 December 2023, the caption Gain on business combination mainly includes the impact of the business combination achieved in stages of the company San Juan de Bargas E\u00f3lica, S.L. (see note 42).
As at 31 December 2023, the caption Gains on disposals essentially includes: \u2022 Gain amounting to 67,805 thousand Euros resulting from the sale of the entire stake in the Brazilian companies Central E\u00f3lica Boqueir\u00e3o I, S.A., Central E\u00f3lica Boqueir\u00e3o II, S.A., Jerusal\u00e9m Holding, S.A. and Central E\u00f3lica Jerusal\u00e9m from I to VI (see note 6). \u2022 Gain amounting to 184,478 thousand Euros resulting from the sale of the entire stake in the Spanish companies Viesgo Europa, S.L.U. and Viesgo Renovables, S.L.U. (see note 6). \u2022 Gain amounting to 249,898 thousand Euros resulting from the sale of the entire stake in the Polish companies EW Dobrzyca, sp. z o.o., Ujazd, Sp. z o.o., Wind Field Wielkopolska, Sp. z o.o. (see note 6). As at 31 December 2022, the caption Gains on disposals essentially included: \u2022 Gain amounting to 51,795 thousand Euros resulting from the sale of the entire stake in the Polish companies Winfan, Sp. z o.o., Lichnowy Windfarm, Sp. z o.o., Kowalewo Wind, Sp. z o.o., EWP European Wind Power Krasin, Sp. z o.o., Nowa Energia 1, Sp. z o.o. and Farma Wiatrowa Bogoria, Sp. z o.o. (see note 6). Gain amounting to 42,596 thousand Euros resulting from the sale of the entire stake in the Spanish companies E\u00f3lica La Janda, S.L. y Parc E\u00f2lic Serra Voltorera, S.L. (see note 6). \u2022 Gain amounting to 168,568 thousand Euros resulting from the sale of the entire stake in the Italian companies WinCap, S.r.l. TACA Wind, S.r.l., San Mauro, S.r.l., Conza Energia, S.r.l., Lucus Power, S.r.l, Breva Wind, S.r.l. and Aria del Vento S.R.L. (see note 6). \u2022 Gain amounting to 119,085 thousand Euros resulting from the sale of the entire stake in the Brazilian companies Aventura Holding, S.A. and its subsidiaries (Central E\u00f3lica Aventura II, S.A., Central E\u00f3lica Aventura III, S.A., Central E\u00f3lica Aventura IV, S.A., Central E\u00f3lica Aventura V, S.A.) and SRMN Holding, S.A. and its subsidiaries ( Central E\u00f3lica SRMN I, S.A., Central E\u00f3lica SRMN II, S.A, Central E\u00f3lica SRMN III, S.A., Central E\u00f3lica SRMN IV, S.A., Central E\u00f3lica SRMN V, S.A. (see note 6). \u2022 Gain amounting to 15,791 thousand Euros resulting from the sale of the entire stake in the North American company Meadow Lake Solar Park LLC (see note 6). \u2022 Income amounting to 12,492 thousand Euros resulting from the lower cost to pay related to the project Indiana Crossroads Wind Farm LLC (see note 35). As at 31 December 2022, the caption other income mainly included: \u2022 An amount of 739 thousand Euros which refers to changes in the fair value of the variable price related to the sale in 2018 to Sumitomo Corporation and in 2020 to OW Offshore SL of shares in the companies \u00c9oliennes en Mer Dieppe - Le Tr\u00e9port, SAS and \u00c9oliennes en Mer \u00celes d'Yeu et de Noirmoutier, SAS (see note 24); \u2022 An amount of 748 thousand Euros which refers to changes in the fair value of the variable price, related to the sale in 2020 to OW Offshore S.L. of Mayflower Wind Energy LLC; \u2022 An amount of 8,678 thousand Euros which refers to the success fee received from OW related to the stake of Moray West Holdings Limited sold in 2019; \u2022 Price adjustment amounting to 12,428 thousand Euros according to the corresponding agreements in the transaction of selling 49% of EDPR Portugal portfolio of companies to CTG that took place in 2013; \u2022 Price adjustment amounting to 5,633 thousand Euros according to the corresponding agreements in the transaction of selling 49% of EDP Renewables Polska SP.Zo.o portfolio of companies to CTG that took place in 2016; \u2022 Management and cost reinvoiced to equity accounted projects in the amount of 5,403 thousand Euros; As at 31 December 2023 and 2022 the caption contract and insurance compensations includes, mainly, the liquidity damage compensation for certain projects under construction in North America.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f33831": {
"value": "10. Supplies and services This caption is analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Rents and leases 33,661 38,472 Maintenance and repairs 247,623 225,819 SPECIALISED WORKS: - IT Services, legal and advisory fees 15,605 18,225 - Shared services 20,772 22,854 - Other services 76,827 71,302 Other supplies and services 80,037 62,302 474,525 438,974 The caption Rents and leases mainly includes costs for variable lease payments and rental costs for short-term leases. The caption Other supplies and services mainly includes in the years ended 31 December 2023
and 2022, insurances, travels and accommodations, advertising and other outsourced services. 10. Supplies and services This caption is analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Rents and leases 33,661 38,472 Maintenance and repairs 247,623 225,819 SPECIALISED WORKS: - IT Services, legal and advisory fees 15,605 18,225 - Shared services 20,772 22,854 - Other services 76,827 71,302 Other supplies and services 80,037 62,302 474,525 438,974 The caption Rents and leases mainly includes costs for variable lease payments and rental costs for short-term leases. The caption Other supplies and services mainly includes in the years ended 31 December 2023
and 2022, insurances, travels and accommodations, advertising and other outsourced services. 10. Supplies and services This caption is analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Rents and leases 33,661 38,472 Maintenance and repairs 247,623 225,819 SPECIALISED WORKS: - IT Services, legal and advisory fees 15,605 18,225 - Shared services 20,772 22,854 - Other services 76,827 71,302 Other supplies and services 80,037 62,302 474,525 438,974 The caption Rents and leases mainly includes costs for variable lease payments and rental costs for short-term leases. The caption Other supplies and services mainly includes in the years ended 31 December 2023
and 2022, insurances, travels and accommodations, advertising and other outsourced services",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f33876": {
"value": "11. Personnel costs and employee benefits Personnel costs and employee benefits is analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 PERSONNEL COSTS Board remuneration (see note 39) 785 838 Remunerations 223,841 194,855 Social charges on remunerations 35,462 30,978 Employee\u2019s variable remuneration 45,431 52,985 Other costs 7,268 7,255 Own work capitalised (see note 16) -97,445 -72,666 215,342 214,245 EMPLOYEE BENEFITS Costs with pension plans 9,369 8,985 Costs with medical care plans and other benefits 19,355 17,381 28,724 26,366 244,066 240,611 As at 31 December 2023, Costs with pension plans relates essentially to defined contribution plans in the amount of 9,212 thousand Euros (31 December 2022: 8,848 thousand Euros) and defined benefits plans amounting to 10 thousand Euros (31 December 2022: 61 thousand Euros).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f33918": {
"value": "The average breakdown by management positions and professional category of the permanent staff during 2023 and 2022 is as follows: 2023 2022 Senior Managers 150 350 Managers 456 271 Specialists 1,952 1,661 Technicians 518 450 3,076 2,732 During 2023, EDPR has adjusted the methodology for classifying the employees within categories, identifying categories throughout all the segments in order to unify the criteria on a group level. The breakdown by gender of the permanent staff during 2023 and 2022 with the new system is as follows: 31 DEC 2023 31 DEC 2022 MALE FEMALE MALE FEMALE Senior Managers 114 37 117 38 Managers 283 115 386 155 Specialists 1,228 803 1,103 719 Technicians 369 92 473 95 1,994 1,047 2,079 1,007 The breakdown by gender of the permanent staff during 2022 with the previous methodology is as follows: 31 DEC 2022 MALE FEMALE Senior Managers 287 94 Managers 209 105 Specialists 1,155 709 Technicians 428 99 2,079 1,007 The increase in the average number of employees mainly is a consequence of the growth within the platforms acquired in 2022, the Sunseap Group and Kronos Group. In the companies in Spain where there is a legal obligation to have people with disabilities in the workforce to comply with the LISMI due to the number of employees, EDPR has opted for the exceptionality measures provided by the Law. The Company is able to comply with the quota that
egally applies to it through contracts of goods or services with companies that promote the hiring of disabled people and also through donations. EDPR\u2019s companies under this obligation are covered with the exceptionality measures since March 2021 until 2023. For the rest of EDPR countries, the approach is the same. In 2020, as part of EDPR\u2019s global strategy, a Diversity and Equality Committee was set up with the participation of the Management Team, whose objective is to integrate the commitment to this issue within the company. One of the objectives of this Committee is focused on the group of people with
disabilities as one of the most important topics to be developed",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f34016": {
"value": "12. Other expenses Other expenses are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Taxes 152,117 142,058 Losses on fixed assets 24,421 19,895 Other costs and losses 105,852 75,816 282,390 237,769 The caption Taxes, as at 31 December 2023 includes other direct and indirect taxes. The impact of extraordinary taxes on profit incurred in geographies such as Romania or Italy during 2022 has have no significant impact due to the stabilisation of energy prices. This effect has been compensated by the new Regulatory Framework established in Poland for which in October 2022, an Act on Emergency measures was released aimed to counteract the effects on consumers of high energy prices by introducing a clawback mechanism. In December 2022, a new tax for energy operators was approved in Spain. This tax will apply in 2023 and 2024 (based on 2022 and 2023 turnover) to energy operators with a turnover over 1 billion Euros in 2019. Tax would be charged at a 1.2% rate on the net amount of last Fiscal Year's turnover (this will include the tax groups income derived from its activities carried out in Spain, excluding the income derived from regulated activities). The impact for the period ended 31 December 2023 is 1,458 thousand Euros. Losses on fixed assets as at 31 December 2023 and 2022 mainly refers to abandonment of projects in Europe and North America. Other costs and losses include as at 31 December 2023 and 2022, mainly, operating costs associated with compensations and availability bonus to O&M suppliers.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f34050": {
"value": "13. Amortisation and impairment This caption is analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 PROPERTY, PLANT AND EQUIPMENT Buildings and other constructions 476 497 Plant and machinery 670,278 641,234 Other 9,403 6,614 Impairment loss (see note 16 and 19) 146,917 54,432 Impairment loss from assets held for sale (see note 27) 39,866 - 866,940 702,777 RIGHT-OF-USE ASSETS Right-of-use assets 51,314 44,067 Intangible assets Industrial property, other rights and other intangibles 43,107 23,900 961,361 770,744 Impairment of goodwill - - - - Amortisation of deferred income (Government grants) -17,700 -19,433 943,661 751,311
Right of use assets includes depreciation of IFRS 16 related assets. Amortisation of deferred income (Government grants) refers to grants for fixed assets received by EDPR NA subgroup under the American Recovery and Reinvestment Act promoted by the United States that are amortised through the recognition of revenue in the income statement over the useful life of the related assets (see note 34).
THOUSAND EUROS 31 DEC 2023 31 DEC 2022 COST Land and natural resources 55,130 50,481 Buildings and other constructions 17,615 30,925 Plant and machinery: - Renewables generation 21,500,825 19,969,929 - Other plant and machinery 10,926 9,992 Other 105,925 87,417 Assets under construction 6,343,435 4,870,215 28,033,856 25,018,959 ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES Depreciation charge -680,157 -648,345 Accumulated depreciation in previous years -6,722,131 -6,280,429 Impairment losses -146,917 -54,432 Impairment losses in previous years -232,487 -144,899 -7,781,692 -7,128,105 Carrying amount 20,252,164 17,890,854
THOUSAND EUROS BALANCE AT 01 JAN CHARGE FOR THE PERIOD IMPAIRMENT LOSSES/ REVERSES DISPOSALS/ WRITE-OFF EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES Buildings and other constructions 14,638 476 - -65 -449 -625 13,975 Plant and machinery 6,932,514 670,278 2,990 -35,464 -124,325 -45,557 7,400,436 Assets under construction 122,987 - 143,927 - 32,844 - 299,758 Other 57,966 9,403 - -753 -1,164 2,071 67,523 7,128,105 680,157 146,917 -36,282 -93,094 -44,111 7,781,692
THOUSAND EUROS BALANCE AT 01 JAN CHARGE FOR THE PERIOD IMPAIRMENT LOSSES/ REVERSES DISPOSALS/ WRITE-OFF EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES Buildings and other constructions 13,056 496 - -23 1,109 - 14,638 Plant and machinery 6,126,449 641,235 344 -24,900 209,311 -19,925 6,932,514 Assets under construction 73,131 - 54,088 - -7,851 3,619 122,987 Other 51,015 6,614 - -1,121 1,731 -273 57,966 6,263,651 648,345 54,432 -26,044 204,300 -16,579 7,128,105
HOUSAND EUROS 31 DEC 2023 31 DEC 2022 COST Land and natural resources 1,032,162 1,070,178 Buildings and other constructions 81,115 51,490 Plant and machinery: 140 - Other 9,068 6,743 1,122,485 1,128,411 ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES Depreciation charge -51,314 -44,067 Accumulated depreciation -135,534 -96,042 -186,848 -140,109 Carrying amount 935,637 988,302
THOUSAND EUROS BALANCE AT 01 JAN CHARGE FOR THE PERIOD DISPOSALS / WRITE-OFF TRANSFERS EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES Land and natural resources 113,271 39,207 - - -2,549 -3,568 146,361 Buildings and other constructions 22,590 10,674 -46 - -213 1,865 34,870 Plant and machinery: - 3 - - 31 -34 Other 4,248 1,431 -44 - 54 -72 5,617 140,109 51,315 -90 - -2,677 -1,809 186,848
THOUSAND EUROS BALANCE AT 01 JAN ADDITIONS DISPOSALS/ WRITE-OFF TRANSFERS EXCHANGE DIFFERENCES CHANGES IN PERIMETER/ OTHER BALANCE AT 31 DEC ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES Land and natural resources 75,789 35,523 -795 325 2,554 -125 113,271 Buildings and other constructions 15,168 7,451 - -407 391 -13 22,590 Plant and machinery: 10 4 - -14 - - - Other 3,294 1,089 -116 -24 8 -3 4,248 94,261 44,067 -911 -120 2,953 -141 140,109
THOUSAND EUROS EUROS 31 DEC 2023 31 DEC 2022 Cost Industrial property, other rights and other intangible assets 464,551 426,891 Concession Rights 51,536 55,913 Intangible assets under development 63,785 70,511 579,872 553,315 Accumulated amortisation Amortisation charge -43,107 -23,900 Accumulated amortisation in previous years -156,451 -137,010 Impairment losses - - Impairment losses in previous years -442 -11,559 -200,000 -172,469 Carrying amount 379,872 380,846
THOUSAND EUROS BALANCE AT 01 JAN ADDITIONS DISPOSALS/ WRITE-OFFS EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC ACCUMULATED AMORTISATION AND IMPAIRMENT LOSSES Industrial property, other rights and other intangible assets 147,543 37,321 - -3,001 84 181,948 Concession Rights 24,926 5,786 - 9 -12,667 18,052 172,469 43,107 - -2,992 -12,583 200,000
THOUSAND EUROS BALANCE AT 01 JAN ADDITIONS DISPOSALS/ WRITE-OFFS EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC ACCUMULATED AMORTISATION AND IMPAIRMENT LOSSES Industrial property, other rights and other intangible assets 140,246 20,093 - 3,568 -16,364 147,543 Concession Rights 9,183 3,807 -177 15 12,098 24,926 149,429 23,900 -177 3,583 -4,266 172,469
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f34054": {
"value": "THOUSAND EUROS 31 DEC 2023 31 DEC 2022 PROPERTY, PLANT AND EQUIPMENT Buildings and other constructions 476 497 Plant and machinery 670,278 641,234 Other 9,403 6,614 Impairment loss (see note 16 and 19) 146,917 54,432 Impairment loss from assets held for sale (see note 27) 39,866 - 866,940 702,777 RIGHT-OF-USE ASSETS Right-of-use assets 51,314 44,067 Intangible assets Industrial property, other rights and other intangibles 43,107 23,900 961,361 770,744 Impairment of goodwill - - - - Amortisation of deferred income (Government grants) -17,700 -19,433 943,661 751,311
THOUSAND EUROS 31 DEC 2023 31 DEC 2022 COST Land and natural resources 55,130 50,481 Buildings and other constructions 17,615 30,925 Plant and machinery: - Renewables generation 21,500,825 19,969,929 - Other plant and machinery 10,926 9,992 Other 105,925 87,417 Assets under construction 6,343,435 4,870,215 28,033,856 25,018,959 ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES Depreciation charge -680,157 -648,345 Accumulated depreciation in previous years -6,722,131 -6,280,429 Impairment losses -146,917 -54,432 Impairment losses in previous years -232,487 -144,899 -7,781,692 -7,128,105 Carrying amount 20,252,164 17,890,854
Impairment losses are mainly related with certain projects in Colombia and other less relevant projects in APAC and Europe for a total amount of 184,714 thousand Euros. In addition, the caption includes the reversal of an impairment in Romania amounting to 37,797 thousand Euros (see note 19).
Impairment losses were mainly related to certain projects in Colombia as a result of the recoverability assessment (see note 19).
THOUSAND EUROS BALANCE AT 01 JAN(*) INCREASES DECREASES/ REGULARIZATIONS IMPAIRMENT EXCHANGE DIFFERENCES BALANCE AT 31 DEC EDPR EU : - EDPR Spain 419,023 - -64,584 - - 354,439 - EDPR France 25,904 - - - - 25,904 - EDPR Portugal 43,712 - - - - 43,712 - Kronos Solar Group 611,605 - 1,882 - - 613,487 - Other 36,910 - - - 353 37,263 EDPR NA 758,736 14,511 -17,310 - -26,057 729,880 EDPR LATAM 668 - - - 36 704 EDPR APAC 393,354 16,983 28,829 - -8,954 430,212 2,289,912 31,494 -51,183 - -34,622 2,235,601
THOUSAND EUROS BALANCE AT 01 JAN INCREASES DECREASES/ REGULARIZATIONS IMPAIRMENT EXCHANGE DIFFERENCES BALANCE AT 31 DEC EDPR EU : - EDPR Spain 470,784 - -51,761 - - 419,023 - EDPR France 25,904 - - - - 25,904 - EDPR Portugal 43,712 - - - - 43,712 - Kronos Solar Group - 651,657 - - - 651,657 - Other 37,720 - -685 - -125 36,910 EDPR NA 686,842 28,965 - - 42,929 758,736 EDPR LATAM 627 - -33 - 75 668 EDPR APAC 2,446 384,721 - - 6,186 393,354 1,268,035 1,065,343 -52,479 - 49,065 2,329,964
Impairment tests - EDPR Group Goodwill, property, plant and equipment, right of use assets, intangible assets and investments in joint ventures and associates of the EDPR Group are tested for impairment each year. In the case of operational wind farms and solar plants, it is performed by determining the recoverable value through the value in use. Goodwill is allocated to each country (CGUs) where EDPR Group performs its activity, so the EDPR Group calculates cash flows in each country in order to determine the recoverable amount of goodwill and the rest of the assets allocated. To perform this analysis, a Discounted Cash Flow (DCF) method was used. This method is based on the principle that the estimated value of an entity or business is defined by its capacity to generate financial resources in the future, assuming these can be removed from the business and distributed among the company\u2019s shareholders, without compromising the maintenance of the activity. Therefore, for the businesses developed by EDPR's CGUs, the valuation was based on free cash flows generated by the business, discounted at appropriate discount rates. The future cash flows projection period used is the useful life of the assets (20 to 35 years) which is consistent with the current depreciation method. The cash flows also incorporate the long-term off-take contract in place and long-term estimates of power prices, whenever the asset holds merchant exposure. The main assumptions used for the impairment tests are as follows: \u2022 Power produced: net capacity factors used for each CGU utilize the wind studies carried out, which takes into account the long-term predictability of wind output and that wind generation is supported in nearly all countries by regulatory mechanisms that allow for production and priority dispatching whenever weather conditions permit; \u2022 Electricity remuneration: regulated or contracted remuneration has been applied where available, as for the CGUs that benefit from regulated remuneration or that have signed contracts to sell their output during all or part of their useful life; where this is not available, prices were derived using price curves projected by the company based on its experience, internal models and using external data references; \u2022 New capacity: tests were based on the best information available on the wind and solar farms expected to be built in coming years, adjusted by probability of success and by the growth prospects of the company based on the Business Plan Targets, which includes the commitment to develop under construction wind farms, its historical growth and market size projections. The tests considered the contracted and expected prices to buy turbines from various suppliers; \u2022 Operating costs: established contracts for land leases and maintenance agreements were used; other operating costs were projected consistent with the company\u2019s experience and internal models;
Terminal value: considered as a 15% of the initial investment in each wind farm, considering inflation; \u2022 Discount rate: the discount rates used are post-tax (which does not differ significatively from the discount rate pre-tax), reflect EDPR Group\u2019s best estimate of the risks specific to each CGU and range as follows: 2023 2022 Europe 4.40%-9.02% 3.7%-8.6% North America 6.5%-7.5% 6.0% LATAM 6.68%-11.27% 5.9%-9.6% APAC 2.84%-11.02% 6.9%-10.8% Impairment tests done have taken into account the regulation changes in each country, as disclosed in note 1.
As a result of the impairment tests, it has been required to book an impairment in Property, plant and equipment during the year ended 31 December 2023, mainly, for certain Colombian projects which do not have any associated goodwill (in 2022 for certain Colombian projects which did not have any associated goodwill) and reversal impairment for previous years in Romania in the amount of 37,797 thousand Euros. Further, EDPR has performed the following sensitivity analyses in the results of goodwill impairment tests performed in Europe, North America, LATAM and APAC in some of the key variables, such as: \u2022 5% reduction of Merchant Prices used in the base case. This sensitivity analysis performed for this assumption independently would not suppose any impairment for the goodwill allocated to each country; \u2022 100 basis points increase of the discount rate used in the base case. This sensitivity analysis performed for this assumption independently would not suppose any impairment for the
goodwill allocated to each country.
Amortisation of deferred income (Government grants) refers to grants for fixed assets received by EDPR NA subgroup under the American Recovery and Reinvestment Act promoted by the United States that are amortised through the recognition of revenue in the income statement over the useful life of the related assets (see note 34).
34. Trade and other payables from commercial activities Trade and other payables from commercial activities are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 TRADE AND OTHER PAYABLES FROM COMMERCIAL ACTIVITIES - NON-CURRENT Government grants / subsidies for investments in fixed assets 293,102 317,446 Electricity sale contracts - EDPR NA 3,397 4,353 Property, plant and equipment suppliers 196,195 202,826 Other creditors and sundry operations 79,485 108,424 572,179 633,049 TRADE AND OTHER PAYABLES FROM COMMERCIAL ACTIVITIES \u2013 CURRENT Suppliers 245,300 248,577 Property, plant and equipment suppliers 2,642,857 2,387,080 Other creditors and sundry operations 253,950 283,087 3,142,107 2,918,744 3,714,286 3,551,793 Government grants for investments in fixed assets are essentially related to grants received by EDPR NA subgroup under the American Recovery and Reinvestment Act promoted by the United States of America Government.
Property plant and equipment suppliers-non-current mainly includes success fees payables in the long term for the acquisition of certain projects in Colombia for a total amount of 46,094 thousand Euros (47,754 thousand Euros as of December 31, 2022), the United States for a total amount of 25,529 thousand Euros (46,600 thousand Euros as of December 31, 2022), UK for a total amount of 26,956 thousand Euros (32,754 thousand Euros as of December 31, 2022), Greece for a total amount of thousand Euros 24,757 (32,687 thousand Euros as of December 31, 2022), Italy for a total amount of 20,000 thousand Euros, Poland for a total amount of 12,755 thousand Euros (22,155 thousand Euros as of December 31, 2022), Romania for a total amount of 18,179 thousand Euros (13,396 thousand Euros as of December 31, 2022), Brazil for a total amount 17,585 thousand Euros and Portugal for a total amount of 4,500 thousand Euros that, due to the nature of such transactions, the type of assets acquired and the initial stage of completion of the projects, they have been considered asset acquisitions (see note 6). The main variation in this caption is due to the acquisition of various projects in North America and Europe and payments made in Europe. Variation in other creditors and sundry operations \u2013 non-current is mainly explained by the evolution of the energy pool prices in the Spanish market related to the establishment of the pool boundaries adjustment as a result of the publication of Royal Decree-Law 413/2014 and Order IET/1045/2014, and the regulatory reforms established by Royal Decree-Law 6/2022 and Royal Decree-Law 10/2022. The balance of such concept as at 31 December 2023 amounts to a credit amount of 41,222 thousand Euros (87,369 thousand Euros as at 31 December 2022) of which a debit amount of 12,733 thousand Euros refers to the current 2023 semi-period, a credit amount of 45,276 thousand Euros refers to the 2020-2021 and 2022 semi-periods, a credit amount of 11,405 thousand Euros refers to the 2017-2019 semi-period and a debit amount of 2,726 thousand Euros refers to the 2014-2016 semi-period. The movements during the period, which has been recorded under the revenues caption of the consolidated income statement, are mainly related to: \u2022 Decrease amounting to 15,540 thousand Euros as a result of the adjustment for the current 2023 period. \u2022 Decrease amounting to 10,826 thousand Euros as a result of the straight-line basis recognition according to the EDPR accounting policy. \u2022 Decrease amounting to 19,780 thousand Euros as a result of the sale of certain portfolio in Spain (see note 6). Because of the high electricity prices that were occurring in the Spanish market in 2022, considering the market prices until December 2022 and updated in December 2023, the EDPR Group facilities whose commissioning was in the years 2006, and 2007 will reach net present value equal to zero before the next regulatory semi-period (2026) instead of at the end of the regulatory useful life of the facility. Thus, EDPR Group had stopped recognizing, for these installations, adjustments for deviations from market prices, and had derecognized the net accruals (assets & liabilities). The accounting impact as at 31 December 2022, in the amount of 40,324 thousand Euros, had been recorded as an increase under the revenues caption of the consolidated income statement. Variation in suppliers, is cause by the normal course of the business. Property plant and equipment suppliers - current refer to wind and solar farms in construction mainly in the United States in the amount of 1,855,254 thousand Euros (1,225,554 thousand Euros as of December 31, 2022), Italy in the amount of 134,636 thousand Euros (31 December 2022: 69,769 thousand Euros), Canada in the amount of 87,711 thousand Euros (31 December 2022: 108,275 thousand Euros), Brazil in the amount of 77,870 thousand Euros, Colombia in the amount of 71,154 thousand Euros (31 December 2022: 356,474 thousand Euros), Greece in the amount of 57,464 thousand Euros, Spain in the amount of 54,623 thousand Euros (31 December 2022: 73,724 thousand Euros), Mexico in the amount of 51,269 thousand Euros (31 December 2022: 74,769 thousand Euros), Chile in the amount of 46,316 thousand Euros, Portugal in the amount of 28,040 thousand Euros (31 December 2022: 97,709 thousand Euros) and Poland in the amount of 25,931 thousand Euros (31 December 2022: 172,308 thousand Euros). The caption Property plant and equipment suppliers -current also includes success fees payables for the acquisition of certain projects in the amount of 125,491 thousand Euros (31 December 2022: 141,838 thousand Euros) mainly in the United States, Colombia, UK, Greece, Italy, Romania and Poland that due to the nature of such transactions, the type of assets acquired and the initial stage of completion of the projects, they have been considered asset acquisitions. The fair values and carrying amounts of current trade and other payables do not differ significantly. The Company has prepared the below information for Spanish subsidiaries, according to criterion required by the Spanish Accounting and Auditing Institute (ICAC) resolution of 29 January 2017 and the requirements introduced by the Law 18/2022 approved in 2022 on disclosures in notes to financial statements of late payments to suppliers in commercial transactions:
THOUSAND EUROS 31 DEC 2023 31 DEC 2022 DAYS Average payment period 33 35 Ratio paid operations 34 37 Ratio of pending operations 21 24 Total payments made 203,724 202,121 Total outstanding payments 19,802 28,799 In 2023, total number of invoices paid by Spanish companies within the legal payment period amounted to 36,259 invoices, 93% of total invoices, while the payments made within the legal payment period amounted to 184,710 thousand Euros, which represents 91% of total payments. The average supplier payment period was of 33 days, below the payment period stipulated by law of 60 days.
14. Financial income and financial expenses Financial income and financial expenses are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 FINANCIAL INCOME Interest income 64,148 37,352 Derivative financial instruments: Interest 42,316 16,893 Fair value 233,061 340,608 Foreign exchange gains 338,925 284,643 Other financial income - 1,136 678,450 680,632 FINANCIAL EXPENSES Interest expense 307,048 225,201 Derivative financial instruments: Interest 103,063 84,342 Fair value 392,857 265,177 Foreign exchange losses 171,246 434,499 Own work capitalised -131,711 -41,342 Unwinding 127,049 136,296 Other financial expenses 22,110 25,561 991,662 1,129,734 Net financial income / (expenses) -313,212 - 449 102
Derivative financial instruments include interest liquidations on the derivative financial instrument established between EDPR and EDP - Energias de Portugal, S.A. (see notes 24, 35 and 37). The variation in the captions fair value is mainly due to the stabilisation of the exchange rates after the effects suffered last year in relation to the conflict in Eastern Europe which affected the world economic situation. The increase of interest income is related to interest from interest from loans granted to Joint Ventures and Associates as well as from deposits formalized in Brazil. The variation in foreign exchange gains and loses is related to the financing in foreign currency, mainly in US Dollars, Singaporean Dolars and Colombian pesos. In accordance with the corresponding accounting policy, the borrowing costs (interest) capitalised in tangible fixed assets in progress as at 31 December 2023 amounted to 131,711 thousand Euros (at 31 December 2022 amounted to 41,342 thousand Euros) (see note 16), which are included under Own work capitalised (financial interest). The interest rates used for this capitalisation vary in accordance with the related loans. Interest expense refers to interest on loans bearing interest at contracted and market rates. Unwinding expenses refers essentially to: (i) the implied return in institutional partnerships in North America amounting to 81,058 thousand Euros (31 December 2022: 96,955 thousand Euros) (see note 33); (ii) financial update of lease liabilities related to IFRS 16 in the amount of 34,706 thousand Euros (31 December 2022: 33,612 thousand Euros) (see note 35) (iii) financial update of provisions for dismantling and decommissioning of wind and solar farms in the amount of 11,270 thousand Euros (31 December 2022: 5,729 thousand Euros) (see note 32); and (iv) others for an amount of 15 thousand Euros
14. Financial income and financial expenses Financial income and financial expenses are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 FINANCIAL INCOME Interest income 64,148 37,352 Derivative financial instruments: Interest 42,316 16,893 Fair value 233,061 340,608 Foreign exchange gains 338,925 284,643 Other financial income - 1,136 678,450 680,632 FINANCIAL EXPENSES Interest expense 307,048 225,201 Derivative financial instruments: Interest 103,063 84,342 Fair value 392,857 265,177 Foreign exchange losses 171,246 434,499 Own work capitalised -131,711 -41,342 Unwinding 127,049 136,296 Other financial expenses 22,110 25,561 991,662 1,129,734 Net financial income / (expenses) -313,212 - 449 102
Derivative financial instruments include interest liquidations on the derivative financial instrument established between EDPR and EDP - Energias de Portugal, S.A. (see notes 24, 35 and 37). The variation in the captions fair value is mainly due to the stabilisation of the exchange rates after the effects suffered last year in relation to the conflict in Eastern Europe which affected the world economic situation. The increase of interest income is related to interest from interest from loans granted to Joint Ventures and Associates as well as from deposits formalized in Brazil. The variation in foreign exchange gains and loses is related to the financing in foreign currency, mainly in US Dollars, Singaporean Dolars and Colombian pesos. In accordance with the corresponding accounting policy, the borrowing costs (interest) capitalised in tangible fixed assets in progress as at 31 December 2023 amounted to 131,711 thousand Euros (at 31 December 2022 amounted to 41,342 thousand Euros) (see note 16), which are included under Own work capitalised (financial interest). The interest rates used for this capitalisation vary in accordance with the related loans. Interest expense refers to interest on loans bearing interest at contracted and market rates. Unwinding expenses refers essentially to: (i) the implied return in institutional partnerships in North America amounting to 81,058 thousand Euros (31 December 2022: 96,955 thousand Euros) (see note 33); (ii) financial update of lease liabilities related to IFRS 16 in the amount of 34,706 thousand Euros (31 December 2022: 33,612 thousand Euros) (see note 35) (iii) financial update of provisions for dismantling and decommissioning of wind and solar farms in the amount of 11,270 thousand Euros (31 December 2022: 5,729 thousand Euros) (see note 32); and (iv) others for an amount of 15 thousand Euros
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"f34119": {
"value": "THOUSAND EUROS 31 DEC 2023 31 DEC 2022 FINANCIAL INCOME Interest income 64,148 37,352 Derivative financial instruments: Interest 42,316 16,893 Fair value 233,061 340,608 Foreign exchange gains 338,925 284,643 Other financial income - 1,136 678,450 680,632 FINANCIAL EXPENSES Interest expense 307,048 225,201 Derivative financial instruments: Interest 103,063 84,342 Fair value 392,857 265,177 Foreign exchange losses 171,246 434,499 Own work capitalised -131,711 -41,342 Unwinding 127,049 136,296 Other financial expenses 22,110 25,561 991,662 1,129,734 Net financial income / (expenses) -313,212 - 449 102
Derivative financial instruments include interest liquidations on the derivative financial instrument established between EDPR and EDP - Energias de Portugal, S.A. (see notes 24, 35 and 37). The variation in the captions fair value is mainly due to the stabilisation of the exchange rates after the effects suffered last year in relation to the conflict in Eastern Europe which affected the world economic situation. The increase of interest income is related to interest from interest from loans granted to Joint Ventures and Associates as well as from deposits formalized in Brazil. The variation in foreign exchange gains and loses is related to the financing in foreign currency, mainly in US Dollars, Singaporean Dolars and Colombian pesos. In accordance with the corresponding accounting policy, the borrowing costs (interest) capitalised in tangible fixed assets in progress as at 31 December 2023 amounted to 131,711 thousand Euros (at 31 December 2022 amounted to 41,342 thousand Euros) (see note 16), which are included under Own work capitalised (financial interest). The interest rates used for this capitalisation vary in accordance with the related loans. Interest expense refers to interest on loans bearing interest at contracted and market rates. Unwinding expenses refers essentially to: (i) the implied return in institutional partnerships in North America amounting to 81,058 thousand Euros (31 December 2022: 96,955 thousand Euros) (see note 33); (ii) financial update of lease liabilities related to IFRS 16 in the amount of 34,706 thousand Euros (31 December 2022: 33,612 thousand Euros) (see note 35) (iii) financial update of provisions for dismantling and decommissioning of wind and solar farms in the amount of 11,270 thousand Euros (31 December 2022: 5,729 thousand Euros) (see note 32); and (iv) others for an amount of 15 thousand Euros
THOUSAND EUROS 31 DEC 2023 31 DEC 2022 FINANCIAL INCOME Interest income 64,148 37,352 Derivative financial instruments: Interest 42,316 16,893 Fair value 233,061 340,608 Foreign exchange gains 338,925 284,643 Other financial income - 1,136 678,450 680,632 FINANCIAL EXPENSES Interest expense 307,048 225,201 Derivative financial instruments: Interest 103,063 84,342 Fair value 392,857 265,177 Foreign exchange losses 171,246 434,499 Own work capitalised -131,711 -41,342 Unwinding 127,049 136,296 Other financial expenses 22,110 25,561 991,662 1,129,734 Net financial income / (expenses) -313,212 - 449 102
Derivative financial instruments include interest liquidations on the derivative financial instrument established between EDPR and EDP - Energias de Portugal, S.A. (see notes 24, 35 and 37). The variation in the captions fair value is mainly due to the stabilisation of the exchange rates after the effects suffered last year in relation to the conflict in Eastern Europe which affected the world economic situation. The increase of interest income is related to interest from interest from loans granted to Joint Ventures and Associates as well as from deposits formalized in Brazil. The variation in foreign exchange gains and loses is related to the financing in foreign currency, mainly in US Dollars, Singaporean Dolars and Colombian pesos. In accordance with the corresponding accounting policy, the borrowing costs (interest) capitalised in tangible fixed assets in progress as at 31 December 2023 amounted to 131,711 thousand Euros (at 31 December 2022 amounted to 41,342 thousand Euros) (see note 16), which are included under Own work capitalised (financial interest). The interest rates used for this capitalisation vary in accordance with the related loans. Interest expense refers to interest on loans bearing interest at contracted and market rates. Unwinding expenses refers essentially to: (i) the implied return in institutional partnerships in North America amounting to 81,058 thousand Euros (31 December 2022: 96,955 thousand Euros) (see note 33); (ii) financial update of lease liabilities related to IFRS 16 in the amount of 34,706 thousand Euros (31 December 2022: 33,612 thousand Euros) (see note 35) (iii) financial update of provisions for dismantling and decommissioning of wind and solar farms in the amount of 11,270 thousand Euros (31 December 2022: 5,729 thousand Euros) (see note 32); and (iv) others for an amount of 15 thousand Euros
THOUSAND EUROS 31 DEC 2023 31 DEC 2022 FINANCIAL INCOME Interest income 64,148 37,352 Derivative financial instruments: Interest 42,316 16,893 Fair value 233,061 340,608 Foreign exchange gains 338,925 284,643 Other financial income - 1,136 678,450 680,632 FINANCIAL EXPENSES Interest expense 307,048 225,201 Derivative financial instruments: Interest 103,063 84,342 Fair value 392,857 265,177 Foreign exchange losses 171,246 434,499 Own work capitalised -131,711 -41,342 Unwinding 127,049 136,296 Other financial expenses 22,110 25,561 991,662 1,129,734 Net financial income / (expenses) -313,212 - 449 102
Derivative financial instruments include interest liquidations on the derivative financial instrument established between EDPR and EDP - Energias de Portugal, S.A. (see notes 24, 35 and 37). The variation in the captions fair value is mainly due to the stabilisation of the exchange rates after the effects suffered last year in relation to the conflict in Eastern Europe which affected the world economic situation. The increase of interest income is related to interest from interest from loans granted to Joint Ventures and Associates as well as from deposits formalized in Brazil. The variation in foreign exchange gains and loses is related to the financing in foreign currency, mainly in US Dollars, Singaporean Dolars and Colombian pesos. In accordance with the corresponding accounting policy, the borrowing costs (interest) capitalised in tangible fixed assets in progress as at 31 December 2023 amounted to 131,711 thousand Euros (at 31 December 2022 amounted to 41,342 thousand Euros) (see note 16), which are included under Own work capitalised (financial interest). The interest rates used for this capitalisation vary in accordance with the related loans. Interest expense refers to interest on loans bearing interest at contracted and market rates. Unwinding expenses refers essentially to: (i) the implied return in institutional partnerships in North America amounting to 81,058 thousand Euros (31 December 2022: 96,955 thousand Euros) (see note 33); (ii) financial update of lease liabilities related to IFRS 16 in the amount of 34,706 thousand Euros (31 December 2022: 33,612 thousand Euros) (see note 35) (iii) financial update of provisions for dismantling and decommissioning of wind and solar farms in the amount of 11,270 thousand Euros (31 December 2022: 5,729 thousand Euros) (see note 32); and (iv) others for an amount of 15 thousand Euros
THOUSAND EUROS 31 DEC 2023 31 DEC 2022 FINANCIAL INCOME Interest income 64,148 37,352 Derivative financial instruments: Interest 42,316 16,893 Fair value 233,061 340,608 Foreign exchange gains 338,925 284,643 Other financial income - 1,136 678,450 680,632 FINANCIAL EXPENSES Interest expense 307,048 225,201 Derivative financial instruments: Interest 103,063 84,342 Fair value 392,857 265,177 Foreign exchange losses 171,246 434,499 Own work capitalised -131,711 -41,342 Unwinding 127,049 136,296 Other financial expenses 22,110 25,561 991,662 1,129,734 Net financial income / (expenses) -313,212 - 449 102
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"value": "HOUSAND EUROS 31 DEC 2023 31 DEC 2022 FINANCIAL INCOME Interest income 64,148 37,352 Derivative financial instruments: Interest 42,316 16,893 Fair value 233,061 340,608 Foreign exchange gains 338,925 284,643 Other financial income - 1,136 678,450 680,632 FINANCIAL EXPENSES Interest expense 307,048 225,201 Derivative financial instruments: Interest 103,063 84,342 Fair value 392,857 265,177 Foreign exchange losses 171,246 434,499 Own work capitalised -131,711 -41,342 Unwinding 127,049 136,296 Other financial expenses 22,110 25,561 991,662 1,129,734 Net financial income / (expenses) -313,212 - 449 102
Derivative financial instruments include interest liquidations on the derivative financial instrument established between EDPR and EDP - Energias de Portugal, S.A. (see notes 24, 35 and 37). The variation in the captions fair value is mainly due to the stabilisation of the exchange rates after the effects suffered last year in relation to the conflict in Eastern Europe which affected the world economic situation. The increase of interest income is related to interest from interest from loans granted to Joint Ventures and Associates as well as from deposits formalized in Brazil. The variation in foreign exchange gains and loses is related to the financing in foreign currency, mainly in US Dollars, Singaporean Dolars and Colombian pesos. In accordance with the corresponding accounting policy, the borrowing costs (interest) capitalised in tangible fixed assets in progress as at 31 December 2023 amounted to 131,711 thousand Euros (at 31 December 2022 amounted to 41,342 thousand Euros) (see note 16), which are included under Own work capitalised (financial interest). The interest rates used for this capitalisation vary in accordance with the related loans. Interest expense refers to interest on loans bearing interest at contracted and market rates. Unwinding expenses refers essentially to: (i) the implied return in institutional partnerships in North America amounting to 81,058 thousand Euros (31 December 2022: 96,955 thousand Euros) (see note 33); (ii) financial update of lease liabilities related to IFRS 16 in the amount of 34,706 thousand Euros (31 December 2022: 33,612 thousand Euros) (see note 35) (iii) financial update of provisions for dismantling and decommissioning of wind and solar farms in the amount of 11,270 thousand Euros (31 December 2022: 5,729 thousand Euros) (see note 32); and (iv) others for an amount of 15 thousand Euros
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"f34207": {
"value": "15. Income tax expense and Extraordinary Contribution to the Energy Sector (CESE) The following note includes an analysis on the reconciliation between the theoretical and the effective income tax rate applicable at the level of the EDPR Group, on a consolidated basis. In general terms, the analysis on the reconciliation between the theoretical and the effective income tax rate aims at quantifying the impact of the income tax, recognised in the income statement, which includes both current and deferred tax. The note also includes an analysis on the extraordinary contribution to the energy sector (CESE). As the EDPR Group prepares and discloses its financial statements in accordance with IFRS, an alignment between the accounting of income tax expense or income and the corresponding cash flow is not mandatory. Accordingly, this analysis does not represent the income tax paid or received by the EDPR Group for the corresponding reporting period.
Notwithstanding the above, the income tax paid by the EDPR Group on a country-by-country basis is disclosed in the Annual Report, which is available on EDPR's website (www.edpr.com). This website also includes the details on the general principles concerning EDPR Group's mission and tax policy and the overall tax contribution to public finance in 2023. Main features of the tax systems of the countries in which the EDP Renewables Group operates The statutory corporate income tax rates applicable in the main countries in which EDP Renewables Group operates are as follows: EDP Renov\u00e1veis S.A. and its subsidiaries file individual tax returns in accordance with the applicable tax legislation. Nevertheless, the company and the majority of its Spanish subsidiaries are taxed under the tax consolidation group regime foreseen in the Spanish law. EDP - Energias de Portugal, S.A. - Sucursal en Espa\u00f1a (Branch)(which is not consolidated under EDPR consolidated financial statement) is the dominant company of this Group, which includes other subsidiaries that are not within the renewables energy industry. As per the applicable legislation, in general terms, the corporate income tax for a fiscal year may be subject to review and reassessment by the tax authorities during a limited period of time. In Spain and Portugal, this period is 4 years, or, if tax losses or credits have been used, the number of years that such tax losses or credits may be carried forward. The general period in the USA is 3 years, and in Brazil is 5 years. In other key jurisdictions, the statute of limitation period ranges between 2 and 12 years. Tax losses generated in each year are also subject to the tax authorities' review and reassessment and may be carried forward and set off against income over a time period and limits established in each jurisdiction. In Spain, Portugal, USA, Brazil and the Netherlands, tax losses may be carried forward indefinitely. Moreover, in the Netherlands the tax losses of a given year may be used to recover current tax of the previous year with limitations. However, the deduction of tax losses in Spain, Portugal, the Netherlands, USA and Brazil may be limited to a percentage of the taxable income of each period or is subject to other limitations. EDPR Group companies may, in accordance with the law, benefit from certain tax benefits or incentives in specific conditions, namely the Production Tax Credits in North America, which represent an extra source of revenue per unit of electricity, over the first 10 years of the asset\u2019s life. Wind and solar facilities that achieve commercial operations by 2022 or later qualify for the application of the Production Tax Credits ($2.75/KWh being adjusted for inflation in subsequent years). Alternatively, the EDP Group companies can, instead of the production tax credit, choose to benefit from the Investment Tax Credit which avails solar and wind projects to a credit based upon its capital expenditures. This credit amount equates to 30% for projects that achieve commercial operations by 2022 or later. Additionally, this credit can increase to 40% or 50% dependent on the 1) the use of domestic made equipment and/or 2) locating a project in an economically depressed area or an area that once had a traditional energy facility. Transfer pricing legislation is duly complied with by EDP Renov\u00e1veis Group. Its policy follows the rules, guidelines and best international practices applicable across all geographies where the Group operates, in due compliance with the spirit and letter of the Law. During 2023, the EDPR Group had various tax audits regarding different topics. In May 2022, the commencement of a general tax audit was notified to the Spanish tax consolidation group headed
by EDP - Energias de Portugal, S.A. - Sucursal en Espa\u00f1a (Branch), whose scope mainly covers fiscal years 2017 - 2019. This tax audit is currently close to finalise and EDPR does not expect any liability exceeding the one already recorded in the companies' accounts at December, 2023. Changes in the tax law with relevance to the EDP Renewables Group in 2023 As from 2023, the statutory CIT rates applicable in the following relevant geographies have been modified as follows: \u2022 In the United Kingdom, the general CIT rate has raised to 25% from April 2023, onwards. The former 19% still applies only for profits under GBP 50,000. \u2022 In Korea, a reduction of 1% has been enacted for the CIT rate applicable for each bracket. Namely, from January 2023 onwards, 9% on income up to KRW 200 million; 19% between KRW 200 million and KRW 20,000 million; 21% between KRW 20,000 million and KRW 300,000 million; 24% on excess. Directive 2022/2523, of 22 December 2022 (Pillar 2 Directive) On 22 December 2022, European Union adopted Directive 2022/2523 (Pillar 2), on ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the Union. These rules aim to ensure that multinational enterprises that operate in EU pay an effective minimum rate of tax of 15% on their profits, regardless of the country in which those profits are generated. The directive should have been transposed by Member States by 31 December 2023. Taking into account the preliminary analysis carried out and EDP and EDPR Group\u00b4s consolidated revenues, it is expected that the Group will be subject to this tax regulation. Spain did not comply with the transposition deadlines, although it is expected that such transposition occurs during 2024. However, assuming that the transposition will strictly follow the Directive, no top-up tax is expected to be paid by EDP or EDPR Group. In the countries where EDPR Group carries out its activities and where the Pillar 2 rules were already enacted, we expect the safe harbours will apply and therefore no additional tax will be due. Windfall / extra-profit taxes During the course of 2023 several European countries maintained the so-called windfall taxes / extra-profit taxes, inclusively beyond EU recommendation to terminate the imposition of those tributes from July 2023 onwards. In what concerns to EDPR, as of December 31, 2023, these taxes mainly impact Spain, Romania and Poland. For additional information on the nature of these taxes see Note 1 - Regulatory Framework. As per described in the referred Note, the European Union Council Regulation 2022/1854 of 6 October 2022 (Regulation) consubstantiated on a European Union wide emergency intervention to address high energy prices. While EDPR fully acknowledges that the existing emergency situation required for extraordinary measures, the Company also considers that (i) the principle of not taxing unrealized extra-profits should always prevail and (ii) the compatibility of those measures with the existing, legitimately implemented, risk management strategies, needs to be ensured. These requirements are necessary to avoid harming producers that do not actually benefit from the current high electricity prices volatility, due to having hedged, individually or at Group level, their revenues, against fluctuations in the wholesale electricity market. These financial hedges follow the Company\u2019s established low risk strategy to secure long term revenues and to remove electricity prices volatility on the company\u2019s earnings. Considering the above EDPR is pursuing the necessary legal actions at its disposal in order to challenge the legality of these measures. Corporate income tax provision. This caption is analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Current tax -44,119 -233,540 Deferred tax -54,813 91,315 Income tax expense -98,932 -142,225 The effective income tax rate as at 31 December, 2023 and 2022, is analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Profit before tax 561,331 962,402 Income tax expense -98,932 -142,225 Effective Income Tax Rate 17.62% 14.78% The difference between the theoretical and the effective income tax expense, results from the
application of the law provisions in the determination of the tax base, as demonstrated belowThe reconciliation between the nominal and the effective income tax rate for the Group during the years ended 31 December, 2023 and 2022, is analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Profit before taxes 561,331 962,402 Nominal income tax rate* 25.00% 25.00% Theoretical income tax expense -140,333 -240,601 Fiscal revaluations, amortization, depreciation and provisions -62,140 -15,098 Tax losses and tax credits -10,434 8,576 Financial investments in associates 16,293 21,851 Difference between tax and accounting gains and losses 91,881 76,986 Non-deductible windfall taxes - -35,732 Effect of tax rates in foreign jurisdictions and CIT rate changes 38,381 -7,823 Taxable differences attributable to non-controlling interests (USA) 14,473 17,926 Others -47,053 31,690 Effective income tax expense as per the Consolidated Income Statement -98,932 -142,225 * Statutory corporate income tax rate applicable in Spain The main captions are the following: \u2022 The caption Fiscal revaluations, amortization, depreciation and provisions mainly includes the effect of non-deductible impairments recognized over property, plant and equipment in Colombia. \u2022 The caption Difference between tax and accounting gains and losses refers to changes in the Group\u2019s perimeter not subject to income taxes. \u2022 The caption Non-deductible windfall taxes includes the effect of the Italian and Polish windfall taxes, enacted in 2022, as those taxes are not deductible for CIT purposes. \u2022 The caption Effect of tax rates in foreign jurisdictions and CIT rate changes mainly includes the difference between the nominal statutory rate (reference rate for effective income tax reconciliation purposes) and the tax rates applicable in each EDPR jurisdiction. \u2022 The caption Taxable differences attributable to non-controlling interests (USA) essentially includes the effect inherent to the attribution of taxable income to non-controllable interests in the subgroup EDPR NA, as determined by the tax legislation of that geography. \u2022 The caption Others mainly refers to the adjustment for inflation and exchange rate in Mexico. Extraordinary Contribution to the Energy Sector (CESE) Law 83-C/2013, of the State Budget 2014, approved by the Portuguese Government on 31 December 2013, introduced an extraordinary contribution applicable to the energy sector (CESE), with the objective of financing mechanisms that promote the energy sector systemic sustainability, through the establishment of a fund which aims to contribute for the reduction of tariff debt and to finance social and environmental policies in the energy sector. This contribution focuses generally on the economic operators that develop the following activities: (i) generation, transportation or distribution of electricity; (ii) transportation, distribution, storage or wholesale supply of natural gas; and (iii) refining, treatment, storage, transportation, distribution and wholesale supply of crude oil and oil products. CESE is calculated based on the companies\u2019 net assets as at 1 January, which comply, cumulatively, to: (i) property, plant and equipment; (ii) intangible assets, except industrial property elements; and (iii) financial assets assigned to concessions or licensed activities. In the case of regulated activities, CESE focuses on the value of regulated assets if it is higher than the value of those assets. As at 31 December 2023, EDPR Group recorded in caption Tax Liabilities a fair value for this
contribution of 2,964 thousand Euros",
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"f34524": {
"value": "16. Property, plant and equipment This caption is analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 COST Land and natural resources 55,130 50,481 Buildings and other constructions 17,615 30,925 Plant and machinery: - Renewables generation 21,500,825 19,969,929 - Other plant and machinery 10,926 9,992 Other 105,925 87,417 Assets under construction 6,343,435 4,870,215 28,033,856 25,018,959 ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES Depreciation charge -680,157 -648,345 Accumulated depreciation in previous years -6,722,131 -6,280,429 Impairment losses -146,917 -54,432 Impairment losses in previous years -232,487 -144,899 -7,781,692 -7,128,105 Carrying amount 20,252,164 17,890,854
THOUSAND EUROS BALANCE AT 01 JAN ADDITIONS DISPOSALS/ WRITE-OFF TRANSFERS EXCHANGE DIFFERENCES CHANGES IN PERIMETER/ OTHER BALANCE AT 31 DEC COST Land and natural resources 50,481 3,308 -199 - -755 2,295 55,130 Buildings and other constructions 30,925 1,068 -93 - -713 -13,572 17,615 Plant and machinery 19,979,921 175,334 -36,892 2,905,681 -350,929 -1,161,364 21,511,751 Other 87,417 4,840 -1,251 14,283 -1,346 1,982 105,925 Assets under construction 4,870,215 4,376,031 -19,299 -2,919,289 41,280 -5,503 6,343,435 25,018,959 4,560,581 -57,734 675 -312,463 -1,176,162 28,033,856 THOUSAND EUROS BALANCE AT 01 JAN CHARGE FOR THE PERIOD IMPAIRMENT LOSSES/ REVERSES DISPOSALS/ WRITE-OFF EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES Buildings and other constructions 14,638 476 - -65 -449 -625 13,975 Plant and machinery 6,932,514 670,278 2,990 -35,464 -124,325 -45,557 7,400,436 Assets under construction 122,987 - 143,927 - 32,844 - 299,758 Other 57,966 9,403 - -753 -1,164 2,071 67,523 7,128,105 680,157 146,917 -36,282 -93,094 -44,111 7,781,692
Plant and machinery include the cost of the wind farms and solar plants under operation. Additions includes, the investment in wind farms and solar plants under development and construction mainly in the United States of America, Brazil, Italy, Spain, Canada, Poland, Chile, Colombia, Portugal, Greece, Singapore, France, China, Mexico, United Kingdom, Taiwan, Netherlands, Japan and Hungary. This caption also includes the allocation of the acquisition cost of certain companies due to the nature of the transactions, the type of assets and the initial stage of completion of the projects acquired (see note 6). The most significant ones, including additions from their acquisition, are: \u2022 North American companies Cheboygan Solar Farm LLC and Three Lakes Solar LLC for a total amount of 39,883 thousand Euros; North American companies CF OH Solar St RT 118, Ansonia LLC, CF OH Solar St RT 118, Rossburg LLC, CF OH Solar SR 309, Kenton LLC, CF OH Solar County Hwy 58, Upper Sandusky LLC, CF OH Solar Lincoln Hwy, Bucyrus1 LLC, CF OH Solar Rd N, Pandora LLC and CF OH Solar SR 81 Ada LLC, Generate USF Livermore LLCand CF OH Solar N Dixie Hwy Lima LLC, for a total amount of 5,498 thousand Euros; \u2022 Italian Companies Solar Italy XXIII, S.r.l., Wind Energy Castelluccio, Wind Energy Monte Cavallo, S.r.l. and Winderg Valleverde, S.r.l. for a total amount of 79,098 thousand Euros; \u2022 Portuguese company SPEE - Sociedade Produ\u00e7\u00e3o Energia E\u00f3lica, S.A. for a total amount of 17,165 thousand Euros; \u2022 Spanish companies Global Pracima, S.L., Jul Solar, S.L., Agos Fotovoltaicas, S.L. and Corona Fotovoltaicas, S.L. for a total amount of 16,209 thousand Euros; \u2022 Vietnamese companies HTD Vietnam Investment Development Co., Ltd. and HTT Binh Duong Investment Development Co., Ltd., 100%, Lam Gia Luat Co., Ltd. and Dai Linh Phat Co., Ltd. for a total amount of 4,166 thousand Euros; \u2022 British companies Balnacraig Battery Storage Limited and Harrington Franklin Limited for a total amount of 16,269 thousand Euros; In addition, the caption additions increases due to dismantling cost associated with the projects that have reached COD during the year ended 31 December 2023 for a total amount of 25,495 thousand Euros (see note 32). Transfers from assets under construction into operation refer to wind and solar farms that became operational in the United States of America, Brazil, Poland, Canada, Mexico, Portugal, Spain, Italy, Singapore, France, Greece, Taiwan and China. Write-offs mainly refer to abandonment of projects in Europe and North America. This amount is recorded under the caption Losses on fixed assets in the consolidated income statement (see note 12). Exchange differences are mainly generated by the variation in the exchange rate of the US Dollar, Mexican Peso, Canadian Dollar, Colombian COPS, Singaporean Dollar, Polish zloty and Brazilian Real.
The caption Changes in perimeter/Other mainly includes: \u2022 Increase amounting to 48,977 thousand Euros related to the acquisition in 2023 of the new Longroad portfolio, a distributed solar generation business in the United States of America (see note 6); \u2022 Increase amounting to 43,374 thousand Euros related to the acquisition and the adjustment in the provisional purchase price allocation of the remaining stake in San Juan de Bargas E\u00f3lica, S.L., a Wind generation business in the Spain (see notes 6 and 42); \u2022 Net decrease amounting to 486,111 thousand Euros related to the reclassification to held for sale of certain portfolio in North America (see note 27); \u2022 Decrease amounting to 205,842 thousand Euros related to the sale of certain portfolio in Poland (see note 6); \u2022 Decrease amounting to 242,213 thousand Euros related to the sale of certain portfolio in Brazil (see note 6); \u2022 Decrease amounting to 260,571 thousand Euros related to the sale of certain portfolio in Spain (see note 6). The Company has taken out an insurance global program to cover risks relating to property, plant and equipment. The coverage provided by these policies is considered to be sufficient. Loans with credit institutions formalized as \u2018Project Finance\u2019 are secured by the shares of the corresponding wind farms and, ultimately, by the fixed assets of the wind farm to which the financing is related (see note 31). Additionally, the construction of certain assets has been partly financed by grants received from different Government Institutions. Impairment losses are mainly related with certain projects in Colombia and other less relevant projects in APAC and Europe for a total amount of 184,714 thousand Euros. In addition, the caption includes the reversal of an impairment in Romania amounting to 37,797 thousand Euros (see note 19).
The movement in Property, plant and equipment during 2022, is analysed as follows: THOUSAND EUROS BALANCE AT 01 JAN ADDITIONS DISPOSALS/ WRITE-OFF TRANSFERS EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC COST Land and natural resources 31,491 18,295 -113 - 942 -134 50,481 Buildings and other constructions 20,646 328 -135 3,814 1,007 5,265 30,925 Plant and machinery 18,276,306 63,589 -25,517 760,334 719,984 185,225 19,979,921 Other 76,909 6,425 -1,464 2,514 2,378 655 87,417 Assets under construction 2,420,599 3,340,158 -14,245 -765,880 -10,081 -100,336 4,870,215 20,825,951 3,428,795 -41,474 782 714,230 90,675 25,018,959
THOUSAND EUROS BALANCE AT 01 JAN CHARGE FOR THE PERIOD IMPAIRMENT LOSSES/ REVERSES DISPOSALS/ WRITE-OFF EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES Buildings and other constructions 13,056 496 - -23 1,109 - 14,638 Plant and machinery 6,126,449 641,235 344 -24,900 209,311 -19,925 6,932,514 Assets under construction 73,131 - 54,088 - -7,851 3,619 122,987 Other 51,015 6,614 - -1,121 1,731 -273 57,966 6,263,651 648,345 54,432 -26,044 204,300 -16,579 7,128,105
Plant and machinery include the cost of the wind farms and solar plants under operation. Additions included, the investment in wind farms and solar plants under development and construction mainly in the United States of America, Colombia, Brazil, Poland, Italy, Canada, Spain, Portugal, Mexico, Singapore, Greece, Taiwan, France, China. Vietnam, Chile and Hungary. This caption also included the allocation of the acquisition cost of certain companies due to the nature of the transactions, the type of assets and the initial stage of completion of the projects acquired (see note 6). The most significant ones, including additions from their acquisition, were: \u2022 Polish companies Farma Fotowoltaiczna Radziej\u00f3w, Sp. z o.o. and Farma Fotowoltaiczna Ujazd, Sp. Z.o.o. Farma Fotowoltaiczna Warta, Sp. Z o.o., Farma Fotowoltaiczna Wielkopolska, Sp. Z o.o., Farma Fotowoltaiczna Budzyn, Sp. Z o.o., Farma Fotowoltaiczna Dobrzyca, Sp. Z o.o. and Farma Fotowoltaiczna Tomasz\u00f3w, Sp. Z o.o. for a total amount of 40,335 thousand Euros; \u2022 Colombian company Parque Solar Fotovoltaico El Copey, S.A.S. E.S.P. for a total amount of 8,036 thousand Euros; \u2022 Hungarian companies Szabadsolar, Kft, Sunglare Capture, Kft., Sunglare Expert, Kft. and Napenergia, Kft. For a total amount of 6,726 thousand Euros; \u2022 Greek company Aeolos Evias Energiaki, M.A.E for a total amount of 20,128 thousand Euros. \u2022 Spanish companies Rocio Hive, S.L., Palma Hive, S.L. and Pedregal Hive, S.L. for a total amount of 19,274 thousand Euros; \u2022 Italian companies Solar Italy I, S.r.l., Solar Italy II, S.r.l. and Solar Italy IV, S.r.l. for a total amount of 41,463 thousand Euros; \u2022 North American Distributed Generation companies for a total amount of 33,498 thousand Euros; \u2022 Brazilian companies for a total amount of 38,204 thousand Euros; \u2022 Asian Distributed Generation companies for a total amount of 19,148 thousand Euros. Changes in the perimeter / other also included the change in the dismantling provisions related to the update of the main assumptions as at 31 December 2023 (see note 32). Transfers from assets under construction into operation refered to wind and solar farms that became operational in Poland, the United States of America, Italy, Brazil, Spain, France, Mexico, Singapore, Taiwan and Canada. Write-offs mainly referred to abandonment of projects in the United States of America and other certain projects in Europe. This amount was recorded under the caption Losses on fixed assets in the consolidated income statement (see note 12). Exchange differences were mainly generated by the variation in the exchange rate of the US Dollar, Mexican Peso, Canadian Dollar, Colombian COPS, Singaporean Dollar, Polish zloty and Brazilian Real.
The caption Changes in perimeter/Other mainly included: \u2022 Increase amounting to 520,521 thousand Euros related to the acquisition of Sunseap, a distributed solar generation business in Singapore (see note 6 and 42); \u2022 Increase amounting to 198,241 thousand Euros related to the acquisition of a certain solar generation business in Vietnam (see note 6 and 42); \u2022 Increase amounting to 97,330 thousand Euros related to the acquisition of a distributed solar generation business in EDPR North America (see note 6 and 42); \u2022 Increase amounting to 4,871 thousand Euros related to the acquisition of a solar generation business \u201cKronos\u201d (see note 6 and 42); \u2022 Net decrease amounting to 222,919 thousand Euros due to the sale of the companies WinCap, S.r.l., TACA Wind, S.r.l., San Mauro, S.r.l., Conza Energia, S.r.l., Lucus Power, S.r.l., Breva Wind, S.r.l. and Aria del Vento in Italy (see note 6 and 9); \u2022 Decrease amounting to 210,044 thousand Euros due to the sale of the companies Central E\u00f3lica Aventura II, S.A., Central E\u00f3lica Aventura III, S.A., Central E\u00f3lica Aventura IV, S.A., Central E\u00f3lica Aventura V, S.A., Central E\u00f3lica SRMN I, S.A., Central E\u00f3lica SRMN II, S.A., Central E\u00f3lica SRMN III, S.A., Central E\u00f3lica SRMN IV, S.A. and Central E\u00f3lica SRMN V, S.A. in Brazil (see note 6); \u2022 Decrease amounting to 182,766 thousand Euros due to the sale of the companies Meadow Lake Solar Park LLC and RSBF E470 I LLC in the United States of America (see note 6); \u2022 Decrease amounting to 9,152 thousand Euros due to the reclassification to held for sale of certain portfolio in Europe (see note 27). Increase in the amount of 9,841 thousand Euros related to the dismantling cost for projects that have reached the COD during the year ended 31 December 2022. \u2022 Update on the estimated dismantling cost according to an in-depth analysis performed by the EDPR\u2019s technical department with a net impact of a decrease in the amount of 84,613 thousand Euros The Company had taken out an insurance global program to cover risks relating to property, plant and equipment. The coverage provided by these policies is considered to be sufficient. Loans with credit institutions formalized as \u2018Project Finance\u2019 were secured by the shares of the corresponding wind farms and, ultimately, by the fixed assets of the wind farm to which the financing was related (see note 31). Additionally, the construction of certain assets has been partly financed by grants received from different Government Institutions. Impairment losses were mainly related to certain projects in Colombia as a result of the recoverability assessment (see note 19).
Assets under construction as at 31 December 2023 and 31 December 2022 were analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 EDPR NA 3,788,190 2,589,575 EDPR EU 1,087,256 1,074,177 EDPR LATAM 1,389,904 1,098,164 EDPR APAC 78,085 108,299 6,343,435 4,870,215 Assets under construction as at 31 December 2023 are mainly related to wind and solar farms under construction and development in the United States of America, Colombia, Poland, Canada, Spain, Brazil, Mexico, Italy, Greece, Portugal, China, Japan, Singapore, Taiwan, Hungary, France, United Kingdom, Chile and Romania. Financial interests capitalized during the period amount to 131,711 thousand Euros as at 31 December 2023 (31 December 2022: 41,342 thousand Euros) (see note 14). Personnel costs capitalised during the period amount to 97,445 thousand Euros as at 31 December 2023 (31 December 2022: 72,666 thousand Euros) (see note 11). The EDP Renov\u00e1veis Group has purchase obligations disclosed in Note 38 - Commitments. ",
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"f35085": {
"value": "17. Right of use assets This caption is analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 COST Land and natural resources 1,032,162 1,070,178 Buildings and other constructions 81,115 51,490 Plant and machinery: 140 - Other 9,068 6,743 1,122,485 1,128,411 ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES Depreciation charge -51,314 -44,067 Accumulated depreciation -135,534 -96,042 -186,848 -140,109 Carrying amount 935,637 988,302
The movements in Right of use assets, for the Group, for the period ended 31 December 2023, are as follows: THOUSAND EUROS BALANCE AT 01 JAN ADDITIONS DISPOSALS/ WRITE-OFF TRANSFERS EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC COST Land and natural resources 1,070,178 93,715 - - -21,533 -110,198 1,032,162 Buildings and other constructions 51,490 18,200 -153 - -829 12,406 81,114 Plant and machinery: - 1,954 - - 37 -1,851 140 Other 6,743 478 -91 - 77 1,862 9,069 1,128,411 114,347 -244 - -22,248 -97,781 1,122,485
HOUSAND EUROS BALANCE AT 01 JAN CHARGE FOR THE PERIOD DISPOSALS / WRITE-OFF TRANSFERS EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES Land and natural resources 113,271 39,207 - - -2,549 -3,568 146,361 Buildings and other constructions 22,590 10,674 -46 - -213 1,865 34,870 Plant and machinery: - 3 - - 31 -34 Other 4,248 1,431 -44 - 54 -72 5,617 140,109 51,315 -90 - -2,677 -1,809 186,848
Cost additions include new lease contracts mainly located in the United States, Spain and APAC. Exchange differences are mainly generated by the variation in the exchange rate of the US Dollar.
The caption Changes in perimeter/Other mainly includes: \u2022 Decrease, net of accumulated depreciation, amounting to 22,213 thousand Euros due to the sale of certain portfolio in Spain, Brazil and Poland (see note 6). \u2022 Decrease, net of accumulated depreciation, amounting to 57,478 thousand Euros due to the reclassification to held for sale of certain portfolio of US companies (see note 27). The movements in Right of use assets, for the Group, for the period ended 31 December 2022, are as follows: THOUSAND EUROS BALANCE AT 01 JAN ADDITIONS DISPOSALS/ WRITE-OFF EXCHANGE DIFFERENCES TRANSFERS EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC COST Land and natural resources 721,642 316,735 -1,613 3,221 28,222 1,971 1,070,178 Buildings and other constructions 35,720 15,015 - -3,193 1,108 2,840 51,490 Plant and machinery: 119 - - -119 - - - Other 5,568 1,508 -288 -74 32 -3 6,743 763,049 333,258 -1,901 -165 29,362 4,808 1,128,411 THOUSAND EUROS BALANCE AT 01 JAN ADDITIONS DISPOSALS/ WRITE-OFF TRANSFERS EXCHANGE DIFFERENCES CHANGES IN PERIMETER/ OTHER BALANCE AT 31 DEC ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES Land and natural resources 75,789 35,523 -795 325 2,554 -125 113,271 Buildings and other constructions 15,168 7,451 - -407 391 -13 22,590 Plant and machinery: 10 4 - -14 - - - Other 3,294 1,089 -116 -24 8 -3 4,248 94,261 44,067 -911 -120 2,953 -141 140,109
Cost additions include new lease contracts mainly located in the USA, Spain, Canada and Poland. Exchange differences are mainly generated by the variation in the exchange rate of the US Dollar. The caption Changes in perimeter/Other mainly includes: \u2022 Increase amounting to 39,000 thousand Euros related to the acquisition of the Sunseap Group (see note 6); \u2022 Decrease amounting to 9,705 thousand Euros due to the sale of a certain portfolio in Europe; \u2022 Decrease amounting to 24,346 thousand Euros due to the sale of certain portfolio in North America. ",
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"f35416": {
"value": "18. Intangible assets This caption is analysed as follows: THOUSAND EUROS EUROS 31 DEC 2023 31 DEC 2022 Cost Industrial property, other rights and other intangible assets 464,551 426,891 Concession Rights 51,536 55,913 Intangible assets under development 63,785 70,511 579,872 553,315 Accumulated amortisation Amortisation charge -43,107 -23,900 Accumulated amortisation in previous years -156,451 -137,010 Impairment losses - - Impairment losses in previous years -442 -11,559 -200,000 -172,469 Carrying amount 379,872 380,846
Industrial property, other rights and other intangible assets include mainly: \u2022 Power sales contracts in relation to former asset acquisitions out of the scope of IFRS 3 in the amount of 56,845 thousand Euros (31 December 2022: 58,892) that are amortized over the term of the power sales contracts. The variation is explained by the effect of the exchange rates; \u2022 Fair value related to the power sales contracts acquired in business combination transactions in the amount of 233,235 thousand Euros (31 December 2022: 219,438 thousand Euros); \u2022 Software substation access rights and wind generation permit and licenses amounting to 140,134 thousand Euros (31 December 2022: 135,698 thousand Euros). The movement in Intangible assets for the period ended 31 December 2023, are as follows: THOUSAND EUROS BALANCE AT 01 JAN ADDITION S DISPOSALS / WRITE-OFFS TRANSFERS EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC COST Industrial property, other rights and other intangible assets 426,891 1,061 - 9,345 -13,933 41,188 464,552 Concession rights 55,913 46 - 14,321 20 -18,765 51,535 Intangible assets under development 70,511 18,209 - -24,341 -995 401 63,785 553,315 19,316 - -675 -14,908 22,824 579,872 THOUSAND EUROS BALANCE AT 01 JAN ADDITIONS DISPOSALS/ WRITE-OFFS EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC ACCUMULATED AMORTISATION AND IMPAIRMENT LOSSES Industrial property, other rights and other intangible assets 147,543 37,321 - -3,001 84 181,948 Concession Rights 24,926 5,786 - 9 -12,667 18,052 172,469 43,107 - -2,992 -12,583 200,000
Additions mainly refer to software development during the period. Changes in the perimeter and others mainly refers to the final amount for the allocation to the fair value of power purchase agreements associated to the generation assets acquired in the business combination transaction acquired in December 2022 of Longroad portfolio for a total amount of 18,364 thousand Euros (see note 6 and 19), 8,822 for the acquisition of certain rights for future projects in APAC and sale of certain portfolio in Spain for a total amount of 6,391 thousand euros (see note 6). The movement in Intangible assets during 2022, is analysed as follows: THOUSAND EUROS BALANCE AT 01 JAN ADDITIONS DISPOSALS/ WRITE- OFFS TRANSFERS EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC COST Industrial property, other rights and other intangible assets 232,351 1,574 - 6,038 4,990 181,938 426,891 Concession rights 31,493 420 -853 5,933 41 18,879 55,913 Intangible assets under development 44,461 15,515 -1,315 -12,753 514 24,089 70,511 308,305 17,509 -2,168 -782 5,545 224,906 553,315 THOUSAND EUROS BALANCE AT 01 JAN ADDITIONS DISPOSALS/ WRITE-OFFS EXCHANGE DIFFERENCES CHANGES IN PERIMETER / OTHER BALANCE AT 31 DEC ACCUMULATED AMORTISATION AND IMPAIRMENT LOSSES Industrial property, other rights and other intangible assets 140,246 20,093 - 3,568 -16,364 147,543 Concession Rights 9,183 3,807 -177 15 12,098 24,926 149,429 23,900 -177 3,583 -4,266 172,469
Additions mainly refer to software development during the period. Changes in the perimeter mainly refers to the fair value of power purchase agreements associated to the generation assets agreements acquired in the business combination transactions. An amount of 113,717 thousand Euros corresponds to the Sunseap Group, 85,476 thousand Euros corresponds to the Xuan Thien and 20,667 thousand Euros to Longroad from the acquisition of the Sunseap Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f35676": {
"value": "19. Goodwill For the Group, the breakdown of Goodwill resulting from the difference between the cost of the investments and the corresponding share of the fair value of the net assets acquired, is analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022(*) Goodwill booked in EDPR EU : 1,074,805 1,177,206 - EDPR Spain 354,439 419,023 - EDPR France 25,904 25,904 - EDPR Portugal 43,712 43,712 - Kronos Solar Group 613,487 611,605 - Other 37,263 36,910 Goodwill booked in EDPR NA 729,880 758,736 Goodwill booked in EDPR LATAM 704 668 Goodwill booked in EDPR APAC 430,212 393,354 2,235,601 2,289,912 * See note 2.A) for details regarding the restatement as a result of the Purchase Price Allocation assessment closing during 2023. The movements in Goodwill, by subgroup, during the period ended 31 December 2023 is as fol- lows: THOUSAND EUROS BALANCE AT 01 JAN(*) INCREASES DECREASES/ REGULARIZATIONS IMPAIRMENT EXCHANGE DIFFERENCES BALANCE AT 31 DEC EDPR EU : - EDPR Spain 419,023 - -64,584 - - 354,439 - EDPR France 25,904 - - - - 25,904 - EDPR Portugal 43,712 - - - - 43,712 - Kronos Solar Group 611,605 - 1,882 - - 613,487 - Other 36,910 - - - 353 37,263 EDPR NA 758,736 14,511 -17,310 - -26,057 729,880 EDPR LATAM 668 - - - 36 704 EDPR APAC 393,354 16,983 28,829 - -8,954 430,212 2,289,912 31,494 -51,183 - -34,622 2,235,601
The caption increase includes the Goodwill related to the business combination closed during 2023 (see note 42). The movements in Goodwill, by subgroup, during 2022 are analysed as follows: THOUSAND EUROS BALANCE AT 01 JAN INCREASES DECREASES/ REGULARIZATIONS IMPAIRMENT EXCHANGE DIFFERENCES BALANCE AT 31 DEC EDPR EU : - EDPR Spain 470,784 - -51,761 - - 419,023 - EDPR France 25,904 - - - - 25,904 - EDPR Portugal 43,712 - - - - 43,712 - Kronos Solar Group - 651,657 - - - 651,657 - Other 37,720 - -685 - -125 36,910 EDPR NA 686,842 28,965 - - 42,929 758,736 EDPR LATAM 627 - -33 - 75 668 EDPR APAC 2,446 384,721 - - 6,186 393,354 1,268,035 1,065,343 -52,479 - 49,065 2,329,964
Impairment tests - EDPR Group Goodwill, property, plant and equipment, right of use assets, intangible assets and investments in joint ventures and associates of the EDPR Group are tested for impairment each year. In the case of operational wind farms and solar plants, it is performed by determining the recoverable value through the value in use. Goodwill is allocated to each country (CGUs) where EDPR Group performs its activity, so the EDPR Group calculates cash flows in each country in order to determine the recoverable amount of goodwill and the rest of the assets allocated. To perform this analysis, a Discounted Cash Flow (DCF) method was used. This method is based on the principle that the estimated value of an entity or business is defined by its capacity to generate financial resources in the future, assuming these can be removed from the business and distributed among the company\u2019s shareholders, without compromising the maintenance of the activity. Therefore, for the businesses developed by EDPR's CGUs, the valuation was based on free cash flows generated by the business, discounted at appropriate discount rates. The future cash flows projection period used is the useful life of the assets (20 to 35 years) which is consistent with the current depreciation method. The cash flows also incorporate the long-term off-take contract in place and long-term estimates of power prices, whenever the asset holds merchant exposure. The main assumptions used for the impairment tests are as follows: \u2022 Power produced: net capacity factors used for each CGU utilize the wind studies carried out, which takes into account the long-term predictability of wind output and that wind generation is supported in nearly all countries by regulatory mechanisms that allow for production and priority dispatching whenever weather conditions permit; \u2022 Electricity remuneration: regulated or contracted remuneration has been applied where available, as for the CGUs that benefit from regulated remuneration or that have signed contracts to sell their output during all or part of their useful life; where this is not available, prices were derived using price curves projected by the company based on its experience, internal models and using external data references; \u2022 New capacity: tests were based on the best information available on the wind and solar farms expected to be built in coming years, adjusted by probability of success and by the growth prospects of the company based on the Business Plan Targets, which includes the commitment to develop under construction wind farms, its historical growth and market size projections. The tests considered the contracted and expected prices to buy turbines from various suppliers; \u2022 Operating costs: established contracts for land leases and maintenance agreements were used; other operating costs were projected consistent with the company\u2019s experience and internal models;
Terminal value: considered as a 15% of the initial investment in each wind farm, considering inflation; \u2022 Discount rate: the discount rates used are post-tax (which does not differ significatively from the discount rate pre-tax), reflect EDPR Group\u2019s best estimate of the risks specific to each CGU and range as follows: 2023 2022 Europe 4.40%-9.02% 3.7%-8.6% North America 6.5%-7.5% 6.0% LATAM 6.68%-11.27% 5.9%-9.6% APAC 2.84%-11.02% 6.9%-10.8% Impairment tests done have taken into account the regulation changes in each country, as disclosed in note 1.
As a result of the impairment tests, it has been required to book an impairment in Property, plant and equipment during the year ended 31 December 2023, mainly, for certain Colombian projects which do not have any associated goodwill (in 2022 for certain Colombian projects which did not have any associated goodwill) and reversal impairment for previous years in Romania in the amount of 37,797 thousand Euros. Further, EDPR has performed the following sensitivity analyses in the results of goodwill impairment tests performed in Europe, North America, LATAM and APAC in some of the key variables, such as: \u2022 5% reduction of Merchant Prices used in the base case. This sensitivity analysis performed for this assumption independently would not suppose any impairment for the goodwill allocated to each country; \u2022 100 basis points increase of the discount rate used in the base case. This sensitivity analysis performed for this assumption independently would not suppose any impairment for the
goodwill allocated to each country.
Impairment tests - EDPR Group Goodwill, property, plant and equipment, right of use assets, intangible assets and investments in joint ventures and associates of the EDPR Group are tested for impairment each year. In the case of operational wind farms and solar plants, it is performed by determining the recoverable value through the value in use. Goodwill is allocated to each country (CGUs) where EDPR Group performs its activity, so the EDPR Group calculates cash flows in each country in order to determine the recoverable amount of goodwill and the rest of the assets allocated. To perform this analysis, a Discounted Cash Flow (DCF) method was used. This method is based on the principle that the estimated value of an entity or business is defined by its capacity to generate financial resources in the future, assuming these can be removed from the business and distributed among the company\u2019s shareholders, without compromising the maintenance of the activity. Therefore, for the businesses developed by EDPR's CGUs, the valuation was based on free cash flows generated by the business, discounted at appropriate discount rates. The future cash flows projection period used is the useful life of the assets (20 to 35 years) which is consistent with the current depreciation method. The cash flows also incorporate the long-term off-take contract in place and long-term estimates of power prices, whenever the asset holds merchant exposure. The main assumptions used for the impairment tests are as follows: \u2022 Power produced: net capacity factors used for each CGU utilize the wind studies carried out, which takes into account the long-term predictability of wind output and that wind generation is supported in nearly all countries by regulatory mechanisms that allow for production and priority dispatching whenever weather conditions permit; \u2022 Electricity remuneration: regulated or contracted remuneration has been applied where available, as for the CGUs that benefit from regulated remuneration or that have signed contracts to sell their output during all or part of their useful life; where this is not available, prices were derived using price curves projected by the company based on its experience, internal models and using external data references; \u2022 New capacity: tests were based on the best information available on the wind and solar farms expected to be built in coming years, adjusted by probability of success and by the growth prospects of the company based on the Business Plan Targets, which includes the commitment to develop under construction wind farms, its historical growth and market size projections. The tests considered the contracted and expected prices to buy turbines from various suppliers; \u2022 Operating costs: established contracts for land leases and maintenance agreements were used; other operating costs were projected consistent with the company\u2019s experience and internal models;
erminal value: considered as a 15% of the initial investment in each wind farm, considering inflation; \u2022 Discount rate: the discount rates used are post-tax (which does not differ significatively from the discount rate pre-tax), reflect EDPR Group\u2019s best estimate of the risks specific to each CGU and range as follows: 2023 2022 Europe 4.40%-9.02% 3.7%-8.6% North America 6.5%-7.5% 6.0% LATAM 6.68%-11.27% 5.9%-9.6% APAC 2.84%-11.02% 6.9%-10.8% Impairment tests done have taken into account the regulation changes in each country, as disclosed in note 1.
5% reduction of Merchant Prices used in the base case. This sensitivity analysis performed for this assumption independently would not suppose any impairment for the goodwill allocated to each country; \u2022 100 basis points increase of the discount rate used in the base case. This sensitivity analysis performed for this assumption independently would not suppose any impairment for the
goodwill allocated to each country.
",
"dimensions": {
"concept": "ifrs-full:ExplanationOfInputsAssumptionsAndEstimationTechniquesUsedToApplyImpairmentRequirementsExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f36028": {
"value": "20. Investments in Joint Ventures and Associates This caption is analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 INVESTMENTS IN ASSOCIATES Interests in joint ventures 997,973 1,057,048 Interests in associates 81,603 100,201 Carrying amount 1,079,576 1,157,249 For the purpose of the consolidated financial statements presentation, goodwill arising from the acquisition of joint ventures and associated companies is presented in this caption. None of the companies is listed. The movement in Investments in joint ventures and associates, is analysed as follows: THOUSAND EUROS 2023 2022 Balance as at 1 January 1,157,249 988,522 Changes in the consolidation perimeter -9,906 25,002 Changes in consolidation method -8,595 - Acquisitions / other perimeter variations 74,230 -839 Disposals -875 - Share of profits of joint ventures and associates 20,969 161,534 Dividends -41,600 -45,445 Exchange differences -15,039 23,142 Hedging and fair value reserve in joint ventures and associates -80,055 85,782 Others -16,802 -80,449 Balance as at the end of the period 1,079,576 1,157,249
Acquisition and other perimeter variations as at 31 December 2023 includes mainly an amount related to capital increases of 73,429 thousand Euros of the entity OW Offshore S.L. Acquisition and other perimeter variations included as at 31 December 2022 an amount related to capital increases of 2,586 thousand Euros mainly of the entities of Evoikos Voreas A.E., Total Sofrano A.E. and Charge+ Pte. Ltd and a negative amount of 3,425 thousand Euros related to capital reductions mainly of the entities of San Juan de Bargas E\u00f3lica, S.L. and Uni\u00f3n de Generadores de Energ\u00eda, S.L. As at 31 December 2023 the caption changes in the consolidation perimeter includes the impact from the sale of the associate entity of Ge\u00f3lica Magall\u00f3n, S.L. As at 31 December 2022 the caption mainly included an amount of 9,111 thousand Euros related to the acquisition of Sunseap Group (see note 42) and the fair value adjustment amounting to 14,842 thousand Euros. The caption changes in the consolidation method includes the change to full consolidation method after the acquisition of the remaining 53% of the share capital of San Juan de Bargas E\u00f3lica, S.L. (see note 6). The caption dividends includes as at 31 December 2023 dividends distributed by Ge\u00f3lica Magall\u00f3n S.L. before the sale of the associate, as well as a dividend distributed by San Juan de Bargas E\u00f3lica, S.L. before the change of the consolidation method, for a total amount of 2,058 thousand of Euros. The caption \u201cjoint venture and associates\u201d in the income statement includes a loss amounting to 10,566 thousand Euros resulting from the sale of the associate entity of Ge\u00f3lica Magall\u00f3n, S.L., as well as the gains for the sale of the EDPR\u2019s entire stake in Sunseap Solutions Taiwan Ltd. and Charge+ Pte for an amount of 3,198 thousand euros which are not reflected in the chart above due to this amount is recorded in the corresponding holding companies (see note 6). The caption also includes an amount of 137 thousand Euros gains from other concepts not reflected as well in the chart above. As at 31 December 2022 the caption included a gain amounting to 16,981 thousand Euros resulting from the sale of the remaining stake in the offshore company Moray West Holdings Limited and an amount of 752 thousand Euros resulting from the sale of the stake in the company Solar Works! B.V., which are were not reflected in the chart above due to this amount is recorded in the corresponding holding companies. The following table resumes the companies' financial information of joint ventures included in the Group consolidated accounts, as of December 2023: THOUSAND EUROS OW OFFSHORE, S.L. AND SUBSIDIARIES GOLDFINGER VENTURES II LLC FLAT ROCK WINDPOWER LLC GOLDFINGER VENTURES LLC 2017 VENTO XVII LLC AND SUBSID. 2019 VENTO XX LLC AND SUBSID. COMPANIES' FINANCIAL INFORMATION OF JOINT VENTURES Non-Current Assets 3,582,38 8 300,851 176,022 193,093 502,088 594,753 Current Assets 575,929 -59 9,339 949 11,599 9,257 Cash and cash equivalents 222,488 40 8,328 - 1 200 Total Equity 1,004,825 217,389 177,947 151,444 219,159 108,645 Long term Financial debt 1,534,036 - - - - - Non-Current Liabilities 2,606,331 77,169 4,296 39,309 288,169 473,348 Short term Financial debt 6,323 - - 23 146 536 Current Liabilities 547,161 6,234 3,118 3,289 6,359 22,017 Revenues 69,363 16,115 9,243 10,990 39,421 34,922 PPE and intangible assets amortisations -8,700 -9,708 -14,341 -10,180 -22,014 -24,027 Other financial expenses -161,732 -3,202 -58 -1,623 -13,390 -18,105 Income tax expense 3,986 - - - - - Net profit for the period -20,760 18,046 -18,775 9,850 37,554 30,739 AMOUNTS PROPORTIONALLY ATTRIBUTED TO EDPR GROUP Net assets 450,073 96,905 90,064 68,630 62,557 47,788 Goodwill 5,352 - - - - - Dividends paid - 2,530 14,940 3,333 4,448 4,006 THOUSAND EUROS 2018 VENTO XIX LLC AND SUBSIDIARIES RIVERSTART VENTURES LLC (SOLV) FLAT ROCK WINDPOWE R II LLC EVOIKOS VOREAS A.E. EVOLUCI\u00d3N 2000, S.L. OTHERS COMPANIES' FINANCIAL INFORMATION OF JOINT VENTURES Non-Current Assets 451,809 297,048 72,433 1.,575 25,330 32,364 Current Assets 13,871 8,686 2,688 891 10,220 14,175 Cash and cash equivalents 1 - 2,489 891 9,219 6,202 Total Equity 121,934 206,674 72,688 1,967 30,404 14,770 Long term Financial debt - - - - - 6,024 Non-Current Liabilities 338,364 96,388 1,646 - 3,995 10,353 Short term Financial debt 152 39 - - - 2,016 Current Liabilities 5,382 2,672 787 499 1,151 21,416
THOUSAND EUROS 2018 VENTO XIX LLC AND SUBSIDIARIES RIVERSTART VENTURES LLC (SOLV) FLAT ROCK WINDPOWE R II LLC EVOIKOS VOREAS A.E. EVOLUCI\u00d3N 2000, S.L. OTHERS Revenues 30,107 24,911 3,709 - 8,758 3,706 PPE and intangible assets amortisations -18,222 -8,867 -5,605 - -2,583 -1,304 Other financial expenses -16,378 -2,317 -26 -83 -107 -1,532 Income tax expense - - - - -1,288 7 Net profit for the period 24,879 29,868 -7,408 -416 3,132 226 AMOUNTS PROPORTIONALLY ATTRIBUTED TO EDPR GROUP Net assets 43,493 40,327 36,344 21,578 17,611 22,603 Goodwill - - - - 2,667 27 Dividends paid 4,200 3,313 - - - - The following table resumes the companies' financial information of joint ventures included in the Group consolidated accounts, as of December 2022: THOUSAND EUROS OW OFFSHORE, S.L. AND SUBSIDIARIES FLAT ROCK WINDPOWER LLC GOLDFINGER VENTURES II LLC GOLDFINGER VENTURES LLC 2019 VENTO XX LLC AND SUBSID. 2017 VENTO XVII LLC AND SUBSID. COMPANIES' FINANCIAL INFORMATION OF JOINT VENTURES Non-Current Assets 2,625,31 2 196,542 322,496 211,527 632,137 539,395 Current Assets 457,761 12,882 -2,069 221 7,830 11,673 Cash and cash equivalents 237,416 10,400 58 - - - Total Equity 1,069,68 0 203,387 211,917 153,491 24,236 202,561 Long term Financial debt 493,044 - - - - - Non-Current Liabilities 987,607 4,391 98,885 54,690 597,474 340,973 Short term Financial debt 4,918 - - 448 517 219 Current Liabilities 1,025,78 6 1,646 9,625 3,567 18,257 7,534 Revenues 46,200 20,238 17,172 12,484 39,529 46,946 PPE and intangible assets amortisations -8,466 -14,719 -10,039 -10,556 -23,872 -25,529 Other financial expenses -121,882 -60 -3,432 -1,724 -20,218 -17,905 Income tax expense 7,298 - - - - - Net profit for the period 257,040 -6,653 20,039 11,192 27,652 33,995 AMOUNTS PROPORTIONALLY ATTRIBUTED TO EDPR GROUP Net assets 490,929 111,047 93,349 68,989 34,035 62,510 Goodwill 5,352 - - - - - Dividends paid - 1,012 5,858 3,677 4,186 4,311 THOUSAND EUROS 2018 VENTO XIX LLC AND SUBSIDIARIES FLAT ROCK WINDPOWE R II LLC SOL V EVOIKOS VOREAS A.E. EVOLUCI\u00d3N 2000, S.L. OTHERS COMPANIES' FINANCIAL INFORMATION OF JOINT VENTURES Non-Current Assets 489,003 80,600 324,297 1,021 27,826 30,487 Current Assets 18,917 4,901 4,415 878 8,964 15,502 Cash and cash equivalents - 3,889 - 878 7,125 7,175 Total Equity 101,026 82,815 194,623 1,723 27,272 14,461 Long term Financial debt - - - - - 16,211 Non-Current Liabilities 398,228 1,677 125,503 - 4,037 18,716 Short term Financial debt 38 - 58 - 1 317 Current Liabilities 8,666 1,009 8,586 176 5,481 12,812 Revenues 22,271 7,653 17,751 - 23,673 2,833 PPE and intangible assets amortisations -20,377 -5,682 -9,473 - -2,594 -900 Other financial expenses -17,990 -27 -3,630 -5 -86 -994 Income tax expense - - - - -5,080 6
2018 VENTO XIX LLC AND SUBSIDIARIES FLAT ROCK WINDPOWE R II LLC SOL V EVOIKOS VOREAS A.E. EVOLUCI\u00d3N 2000, S.L. OTHERS Net profit for the period 16,866 -2,916 20,389 -153 14,022 -552 AMOUNTS PROPORTIONALLY ATTRIBUTED TO EDPR GROUP Net assets 40,986 41,407 39,001 21,454 16,071 37,270 Goodwill - - - - 2,667 27 Dividends paid 2,290 - 1,217 - 7,063 - The following table resumes the companies' financial information of associates included in the Group consolidated accounts, as of December 2023: THOUSAND EUROS E\u00d3LICA DE S\u00c3O JULI\u00c3O, LDA. PARQUE E\u00d3LICO SIERRA DEL MADERO, S.A. UNI\u00d3N DE GENERADOR ES DE ENERG\u00cdA, S.L. DESARROLL OS E\u00d3LICOS DE CANARIAS, S.A. COMPANIES' FINANCIAL INFORMATION OF ASSOCIATES Non-Current Assets 4,942 39,330 2,600 1,508 Current Assets 25,984 36,301 960 2,759 Equity 14,928 54,369 2,889 3,014 Non-Current Liabilities 8,901 4,365 3 793 Current Liabilities 7,097 16,897 668 460 Revenues 11,827 12,195 870 2,943 Net profit for the period 5,522 2,995 1,568 846 AMOUNTS PROPORTIONALLY ATTRIBUTED TO EDPR GROUP Net assets 25,609 22,835 9,792 7,827 Goodwill 1,457 - 1,913 6,479 Dividends paid - - 350 2,249 THOUSAND EUROS PARQUE E\u00d3LICO BELMONTE, S.A SOLAR POWER ZETA GK EOS PAX IIA, S.L OTHERS COMPANIES' FINANCIAL INFORMATION OF ASSOCIATES Non-Current Assets 17,577 7,593 729 13,189 Current Assets 1,912 1,239 2,677 3,671 Equity 16,015 73 2,548 8,623 Non-Current Liabilities 1,921 8,017 381 7,618 Current Liabilities 1,553 742 477 619 Revenues 4,711 1,266 2,687 3,797 Net profit for the period 879 159 -98 269 AMOUNTS PROPORTIONALLY ATTRIBUTED TO EDPR GROUP Net assets 6,514 3,912 3,755 1,359 Goodwill 1,726 - - - Dividends paid - 156 - 17 The following table resumes the companies' financial information of associates included in the Group consolidated accounts, as of December 2022: THOUSAND EUROS PARQUE E\u00d3LICO SIERRA DEL MADERO, S.A. E\u00d3LICA DE S\u00c3O JULI\u00c3O, LDA. UNI\u00d3N DE GENERADORE S DE ENERG\u00cdA, S.L. GE\u00d3LICA MAGALL\u00d3 N, S.L. COMPANIES' FINANCIAL INFORMATION OF ASSOCIATES Non-Current Assets 41,120 5,839 2,600 4,441 Current Assets 32,020 23,725 1,626 11,800 Equity 51,374 -1,219 3,171 4,243 Non-Current Liabilities 3,852 15,411 28 2,211 Current Liabilities 17,914 15,372 1,027 9,787 Revenues 30,477 15,821 - 571 Net profit for the period 17,973 12,496 8,665
8,247
THOUSAND EUROS PARQUE E\u00d3LICO SIERRA DEL MADERO, S.A. E\u00d3LICA DE S\u00c3O JULI\u00c3O, LDA. UNI\u00d3N DE GENERADORE S DE ENERG\u00cdA, S.L. GE\u00d3LICA MAGALL\u00d3 N, S.L. AMOUNTS PROPORTIONALLY ATTRIBUTED TO EDPR GROUP Net assets 21,577 19,639 13,851 10,181 Goodwill - 1,457 1,913 683 Dividends paid 3,262 - 150 3,880 THOUSAND EUROS DESARROLLOS E\u00d3LICOS DE CANARIAS, S.A. SAN JUAN DE BARGAS E\u00d3LICA, S.L. PARQUE E\u00d3LICO BELMONTE, S.A OTHERS COMPANIES' FINANCIAL INFORMATION OF ASSOCIATES Non-Current Assets 2,246 5,866 18,250 21,061 Current Assets 7,211 6,992 7,440 13,645 Equity 7,193 4,811 15,136 17,460 Non-Current Liabilities 607 1,741 1,934 5,935 Current Liabilities 1,658 6,306 8,620 11,311 Revenues 8,212 475 12,469 13,638 Net profit for the period 4,568 3,784 6,863 3,705 AMOUNTS PROPORTIONALLY ATTRIBUTED TO EDPR GROUP Net assets 9,697 8,455 6,251 10,550 Goodwill 6,479 - 1,725 - Dividends paid 1,542 3,451 360 3,186 During 2023, the significant companies' financial information of joint ventures and associates presented the following fair value reconciliation of net assets proportionally attributed to EDPR Group: THOUSAND EUROS EQUITY % INVESTMENT FAIR VALUE ADJUSTMENTS GOODWILL OTHERS NET ASSETS OW Offshore S.L. and subsidiaries 2 997,192 50,00% -53,875 5,352 - 450,073 Goldfinger Ventures II LLC 217,389 50,00% -11,790 - - 96,905 Flat Rock Windpower LLC 177,947 50,00% - - 1,090 90,064 Goldfinger Ventures LLC 151,444 50,00% -7,092 - - 68,630 2017 Vento XVII LLC and subs. 219,159 20,00% 18,725 - - 62,557 2019 Vento XX and subsidiaries 108,645 20,00% 26,059 - - 47,788 2018 Vento XIX LLC and subs. 121,934 20,00% 19,106 - - 43,493 Riverstart Ventures LLC (Sol V) 206,674 20,00% -1,008 - - 40,327 Flat Rock Windpower II LLC 72,688 50,00% - - - 36,344 Evoikos Voreas A.E 1 1,967 51,00% 20,575 - - 21,578 Evoluci\u00f3n 2000, S.L. 30,404 49,15% - 2,667 - 17,611 E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. 14,928 45,00% 17,434 1,457 - 25,609 Parque E\u00f3lico Sierra del Madero, S.A. 54,369 42,00% - - - 22,835 Uni\u00f3n de Generadores de Energ\u00eda, S.L. 2,889 50,00% 6,434 1,913 - 9,792 Desarrollos E\u00f3licos de Canarias, S.A. 3,014 44,75% - 6,479 -1 7,827 Parque E\u00f3lico Belmonte, S.A. 16,015 29,90% - 1,725 - 6,514 Solar Power Zeta GK 73 100,00% 1,084 - 2,755 3,912 Eos Pax IIa, S.L 2,548 48,50% 2,519 - - 3,755 1 According to the relevant shareholder agreements, it has been concluded a joint control over the company. 2 In caption equity only Equity attributable to holders of parent is disclosed. During 2022, the significant companies' financial information of joint ventures and associates presented the following fair value reconciliation of net assets proportionally attributed to EDPR Group:
THOUSAND EUROS EQUITY % INVESTMENT FAIR VALUE ADJUSTMENTS GOODWILL OTHERS NET ASSETS OW Offshore S.L. and subsidiaries 1.069,680 50.00% -49,265 5,352 - 490,929 Flat Rock Windpower LLC 203,387 50.00% - - 9,356 111,047 Goldfinger Ventures II LLC 211,917 50.00% -12,610 - - 93,349 Goldfinger Ventures LLC 153,491 50.00% -7,756 - - 68,989 2019 Vento XX and subsidiaries 24,236 20.00% 29,188 - 34,035 2017 Vento XVII LLC and subs. 202,561 20.00% 21,998 - 62,510 2018 Vento XIX LLC and subs. 101,026 20.00% 20,781 - - 40,986 Flat Rock Windpower II LLC 82,815 50.00% - - - 41,407 Sol V 194,623 20.00% 76 - - 39,001 Evoikos Voreas A.E (1) 1,723 51.00% 20,575 - - 21,454 Evoluci\u00f3n 2000, S.L. 27,212 49.15% - 2,667 - 16,071 Parque E\u00f3lico Sierra del Madero, S.A. 51,374 42.00% - - - 21,577 E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. -1,219 45.00% 18,731 1,457 - 19,639 Uni\u00f3n de Generadores de Energ\u00eda, S.L. 3,171 50.00% 10,352 1,913 - 13,851 Ge\u00f3lica Magall\u00f3n, S.L. 4,243 36.23% 7,961 683 - 10,181 Desarrollos E\u00f3licos de Canarias, S.A. 7,193 44.75% - 6,479 -1 9,697 San Juan de Bargas E\u00f3lica, S.L. 4,811 47.01% 6,193 - - 8,455 Parque E\u00f3lico Belmonte, S.A. 15,136 29,90% - 1,725 - 6,251 1 According to the relevant shareholder agreements, it has been concluded a joint control over the company. EDPR commitments to provide funding to Joint Ventures as at 31 December 2023 are: 2023 CAPITAL OUTSTANDING BY MATURITY THOUSAND EUROS TOTAL LESS THAN 1 YEAR FROM 1 TO 3 YEARS FROM 3 TO 5 YEARS MORE THAN 5 YEARS EDPR Commitments to provide funding to Joint Ventures 286,135 286,135 - - - 286,135 286,135 - - - EDPR commitments to provide funding to Joint Ventures as at 31 December 2022 are: 2022 CAPITAL OUTSTANDING BY MATURITY THOUSAND EUROS TOTAL LESS THAN 1 YEAR FROM 1 TO 3 YEARS FROM 3 TO 5 YEARS MORE THAN 5 YEARS EDPR Commitments to provide funding to Joint Ventures 295,780 295,780 - - - 295,780 295,780 - - - EDPR Commitments to provide funding for Joint Ventures in 2023 and 2022 refer to funds agreed to be provided to Ocean Winds for financing the offshore business. EDPR Group granted parent company guarantees for certain joint venture projects. Total guarantees granted refer to financial and operational guarantees granted by EDPR to joint ventures in the amount of 838,531 thousand Euros and 634,810 thousand Euros respectively (411,637 thousand Euros and 455,579 thousand Euros respectively as at 31 December 2022). Further, EDP Energ\u00edas de Portugal Sucursal en Espa\u00f1a has operational guarantees to EDPR\u2019s joint ventures in the amount of 11,312 thousand Euros (11,719 thousand Euros as at 31 December 2022).
The Associated Companies included in the consolidation under the equity method as at 31 December 2023, are as follows: COMPANY SHARE CAPITAL HEAD OFFICE AUDITOR % OF CAPITAL % OF VOTING RIGHTS Biomasas del Pirineo, S.A. \u20ac 454,896 Huesca n.a. 30.00% 30.00% Desarrollos E\u00f3licos de Canarias, S.A. \u20ac 1,817,130 Las Palmas PwC 44.75% 44.75% Eos Pax IIa, S.L. \u20ac 6,010 La Coru\u00f1a Deloitte 48.50% 48.50% Parque E\u00f3lico Belmonte, S.A. \u20ac 120,400 Madrid KPMG 29.90% 29.90% Parque E\u00f3lico Sierra del Madero, S.A. \u20ac 7,193,970 Madrid KPMG 42.00% 42.00% Promotores Villarrubia Elevaci\u00f3n, S.L. \u20ac 3,000 Madrid n.a. 32.87% 32.87% Promotores Villarrubia Morata 200KV, S.L. \u20ac 3,000 Madrid n.a. 43.62% 43.62% Solar Siglo XXI, S.A. \u20ac 80,000 Ciudad Real n.a. 25.00% 25.00% Uni\u00f3n de Generadores de Energ\u00eda, S.L. \u20ac 23,044 Zaragoza PwC 50.00% 50.00% Hytlantic, S.A. \u20ac 50,000 Sines E&Y 28.50% 28.50% E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. \u20ac 500,000 Lourinh\u00e3 n.a. 45.00% 45.00% Blue Canyon Windpower LLC \u20ac 57,783,738 Texas PWC 25.00% 25.00% The Associated Companies included in the consolidation under the equity method as at 31 December 2022, were as follows: COMPANY SHARE CAPITAL HEAD OFFICE AUDITOR % OF CAPITAL % OF VOTING RIGHTS Biomasas del Pirineo, S.A. \u20ac 454,896 Huesca n.a. 30.00% 30.00% Blue Canyon Windpower LLC \u20ac 63,851,000 Texas PwC 25.00% 25.00% Desarrollos E\u00f3licos de Canarias, S.A. \u20ac 1,817,130 Gran Canaria PwC 44.75% 44.75% E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. \u20ac 500,000 Lourinh\u00e3 n.a. 45.00% 45.00% Eos Pax IIa, S.L. \u20ac 6,010 Coru\u00f1a Deloitte 48.50% 48.50% Ge\u00f3lica Magall\u00f3n, S.L. \u20ac 2,040,000 Zaragoza PwC 36.24% 36.24% Parque E\u00f3lico Belmonte, S.A. \u20ac 120,400 Madrid KPMG 29.90% 29.90% Parque E\u00f3lico Sierra del Madero, S.A. \u20ac 7,193,970 Madrid KPMG 42.00% 42.00% San Juan de Bargas E\u00f3lica, S.L. \u20ac 5,000,000 Zaragoza PwC 47.01% 47.01% Solar Siglo XXI, S.A. \u20ac 80,000 Ciudad Real n.a. 25.00% 25.00% Solar Works! B.V. \u20ac 5,976,514 Rotterdam RSM Global 20.19% 20.19% Uni\u00f3n de Generadores de Energ\u00eda, S.L. \u20ac 23,044 Zaragoza PwC 50.00% 50.00%
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f36030": {
"value": "20. Investments in Joint Ventures and Associates This caption is analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 INVESTMENTS IN ASSOCIATES Interests in joint ventures 997,973 1,057,048 Interests in associates 81,603 100,201 Carrying amount 1,079,576 1,157,249 For the purpose of the consolidated financial statements presentation, goodwill arising from the acquisition of joint ventures and associated companies is presented in this caption. None of the companies is listed. The movement in Investments in joint ventures and associates, is analysed as follows: THOUSAND EUROS 2023 2022 Balance as at 1 January 1,157,249 988,522 Changes in the consolidation perimeter -9,906 25,002 Changes in consolidation method -8,595 - Acquisitions / other perimeter variations 74,230 -839 Disposals -875 - Share of profits of joint ventures and associates 20,969 161,534 Dividends -41,600 -45,445 Exchange differences -15,039 23,142 Hedging and fair value reserve in joint ventures and associates -80,055 85,782 Others -16,802 -80,449 Balance as at the end of the period 1,079,576 1,157,249
Acquisition and other perimeter variations as at 31 December 2023 includes mainly an amount related to capital increases of 73,429 thousand Euros of the entity OW Offshore S.L. Acquisition and other perimeter variations included as at 31 December 2022 an amount related to capital increases of 2,586 thousand Euros mainly of the entities of Evoikos Voreas A.E., Total Sofrano A.E. and Charge+ Pte. Ltd and a negative amount of 3,425 thousand Euros related to capital reductions mainly of the entities of San Juan de Bargas E\u00f3lica, S.L. and Uni\u00f3n de Generadores de Energ\u00eda, S.LAs at 31 December 2023 the caption changes in the consolidation perimeter includes the impact from the sale of the associate entity of Ge\u00f3lica Magall\u00f3n, S.L. As at 31 December 2022 the caption mainly included an amount of 9,111 thousand Euros related to the acquisition of Sunseap Group (see note 42) and the fair value adjustment amounting to 14,842 thousand Euros. The caption changes in the consolidation method includes the change to full consolidation method after the acquisition of the remaining 53% of the share capital of San Juan de Bargas E\u00f3lica, S.L. (see note 6). The caption dividends includes as at 31 December 2023 dividends distributed by Ge\u00f3lica Magall\u00f3n S.L. before the sale of the associate, as well as a dividend distributed by San Juan de Bargas E\u00f3lica, S.L. before the change of the consolidation method, for a total amount of 2,058 thousand of Euros. The caption \u201cjoint venture and associates\u201d in the income statement includes a loss amounting to 10,566 thousand Euros resulting from the sale of the associate entity of Ge\u00f3lica Magall\u00f3n, S.L., as well as the gains for the sale of the EDPR\u2019s entire stake in Sunseap Solutions Taiwan Ltd. and Charge+ Pte for an amount of 3,198 thousand euros which are not reflected in the chart above due to this amount is recorded in the corresponding holding companies (see note 6). The caption also includes an amount of 137 thousand Euros gains from other concepts not reflected as well in the chart above. As at 31 December 2022 the caption included a gain amounting to 16,981 thousand Euros resulting from the sale of the remaining stake in the offshore company Moray West Holdings Limited and an amount of 752 thousand Euros resulting from the sale of the stake in the company Solar Works! B.V., which are were not reflected in the chart above due to this amount is recorded in the corresponding holding companies. The following table resumes the companies' financial information of joint ventures included in the Group consolidated accounts, as of December 2023: THOUSAND EUROS OW OFFSHORE, S.L. AND SUBSIDIARIES GOLDFINGER VENTURES II LLC FLAT ROCK WINDPOWER LLC GOLDFINGER VENTURES LLC 2017 VENTO XVII LLC AND SUBSID. 2019 VENTO XX LLC AND SUBSID. COMPANIES' FINANCIAL INFORMATION OF JOINT VENTURES Non-Current Assets 3,582,38 8 300,851 176,022 193,093 502,088 594,753 Current Assets 575,929 -59 9,339 949 11,599 9,257 Cash and cash equivalents 222,488 40 8,328 - 1 200 Total Equity 1,004,825 217,389 177,947 151,444 219,159 108,645 Long term Financial debt 1,534,036 - - - - - Non-Current Liabilities 2,606,331 77,169 4,296 39,309 288,169 473,348 Short term Financial debt 6,323 - - 23 146 536 Current Liabilities 547,161 6,234 3,118 3,289 6,359 22,017 Revenues 69,363 16,115 9,243 10,990 39,421 34,922 PPE and intangible assets amortisations -8,700 -9,708 -14,341 -10,180 -22,014 -24,027 Other financial expenses -161,732 -3,202 -58 -1,623 -13,390 -18,105 Income tax expense 3,986 - - - - - Net profit for the period -20,760 18,046 -18,775 9,850 37,554 30,739 AMOUNTS PROPORTIONALLY ATTRIBUTED TO EDPR GROUP Net assets 450,073 96,905 90,064 68,630 62,557 47,788 Goodwill 5,352 - - - - - Dividends paid - 2,530 14,940 3,333 4,448 4,006 THOUSAND EUROS 2018 VENTO XIX LLC AND SUBSIDIARIES RIVERSTART VENTURES LLC (SOLV) FLAT ROCK WINDPOWE R II LLC EVOIKOS VOREAS A.E. EVOLUCI\u00d3N 2000, S.L. OTHERS COMPANIES' FINANCIAL INFORMATION OF JOINT VENTURES Non-Current Assets 451,809 297,048 72,433 1.,575 25,330 32,364 Current Assets 13,871 8,686 2,688 891 10,220 14,175 Cash and cash equivalents 1 - 2,489 891 9,219 6,202 Total Equity 121,934 206,674 72,688 1,967 30,404 14,770 Long term Financial debt - - - - - 6,024 Non-Current Liabilities 338,364 96,388 1,646 - 3,995 10,353 Short term Financial debt 152 39 - - - 2,016 Current Liabilities 5,382 2,672 787 499 1,151 21,416
THOUSAND EUROS 2018 VENTO XIX LLC AND SUBSIDIARIES RIVERSTART VENTURES LLC (SOLV) FLAT ROCK WINDPOWE R II LLC EVOIKOS VOREAS A.E. EVOLUCI\u00d3N 2000, S.L. OTHERS Revenues 30,107 24,911 3,709 - 8,758 3,706 PPE and intangible assets amortisations -18,222 -8,867 -5,605 - -2,583 -1,304 Other financial expenses -16,378 -2,317 -26 -83 -107 -1,532 Income tax expense - - - - -1,288 7 Net profit for the period 24,879 29,868 -7,408 -416 3,132 226 AMOUNTS PROPORTIONALLY ATTRIBUTED TO EDPR GROUP Net assets 43,493 40,327 36,344 21,578 17,611 22,603 Goodwill - - - - 2,667 27 Dividends paid 4,200 3,313 - - - - The following table resumes the companies' financial information of joint ventures included in the Group consolidated accounts, as of December 2022: THOUSAND EUROS OW OFFSHORE, S.L. AND SUBSIDIARIES FLAT ROCK WINDPOWER LLC GOLDFINGER VENTURES II LLC GOLDFINGER VENTURES LLC 2019 VENTO XX LLC AND SUBSID. 2017 VENTO XVII LLC AND SUBSID. COMPANIES' FINANCIAL INFORMATION OF JOINT VENTURES Non-Current Assets 2,625,31 2 196,542 322,496 211,527 632,137 539,395 Current Assets 457,761 12,882 -2,069 221 7,830 11,673 Cash and cash equivalents 237,416 10,400 58 - - - Total Equity 1,069,68 0 203,387 211,917 153,491 24,236 202,561 Long term Financial debt 493,044 - - - - - Non-Current Liabilities 987,607 4,391 98,885 54,690 597,474 340,973 Short term Financial debt 4,918 - - 448 517 219 Current Liabilities 1,025,78 6 1,646 9,625 3,567 18,257 7,534 Revenues 46,200 20,238 17,172 12,484 39,529 46,946 PPE and intangible assets amortisations -8,466 -14,719 -10,039 -10,556 -23,872 -25,529 Other financial expenses -121,882 -60 -3,432 -1,724 -20,218 -17,905 Income tax expense 7,298 - - - - - Net profit for the period 257,040 -6,653 20,039 11,192 27,652 33,995 AMOUNTS PROPORTIONALLY ATTRIBUTED TO EDPR GROUP Net assets 490,929 111,047 93,349 68,989 34,035 62,510 Goodwill 5,352 - - - - - Dividends paid - 1,012 5,858 3,677 4,186 4,311 THOUSAND EUROS 2018 VENTO XIX LLC AND SUBSIDIARIES FLAT ROCK WINDPOWE R II LLC SOL V EVOIKOS VOREAS A.E. EVOLUCI\u00d3N 2000, S.L. OTHERS COMPANIES' FINANCIAL INFORMATION OF JOINT VENTURES Non-Current Assets 489,003 80,600 324,297 1,021 27,826 30,487 Current Assets 18,917 4,901 4,415 878 8,964 15,502 Cash and cash equivalents - 3,889 - 878 7,125 7,175 Total Equity 101,026 82,815 194,623 1,723 27,272 14,461 Long term Financial debt - - - - - 16,211 Non-Current Liabilities 398,228 1,677 125,503 - 4,037 18,716 Short term Financial debt 38 - 58 - 1 317 Current Liabilities 8,666 1,009 8,586 176 5,481 12,812 Revenues 22,271 7,653 17,751 - 23,673 2,833 PPE and intangible assets amortisations -20,377 -5,682 -9,473 - -2,594 -900 Other financial expenses -17,990 -27 -3,630 -5 -86 -994 Income tax expense - - - - -5,080 6
THOUSAND EUROS 2018 VENTO XIX LLC AND SUBSIDIARIES FLAT ROCK WINDPOWE R II LLC SOL V EVOIKOS VOREAS A.E. EVOLUCI\u00d3N 2000, S.L. OTHERS Net profit for the period 16,866 -2,916 20,389 -153 14,022 -552 AMOUNTS PROPORTIONALLY ATTRIBUTED TO EDPR GROUP Net assets 40,986 41,407 39,001 21,454 16,071 37,270 Goodwill - - - - 2,667 27 Dividends paid 2,290 - 1,217 - 7,063 - The following table resumes the companies' financial information of associates included in the Group consolidated accounts, as of December 2023: THOUSAND EUROS E\u00d3LICA DE S\u00c3O JULI\u00c3O, LDA. PARQUE E\u00d3LICO SIERRA DEL MADERO, S.A. UNI\u00d3N DE GENERADOR ES DE ENERG\u00cdA, S.L. DESARROLL OS E\u00d3LICOS DE CANARIAS, S.A. COMPANIES' FINANCIAL INFORMATION OF ASSOCIATES Non-Current Assets 4,942 39,330 2,600 1,508 Current Assets 25,984 36,301 960 2,759 Equity 14,928 54,369 2,889 3,014 Non-Current Liabilities 8,901 4,365 3 793 Current Liabilities 7,097 16,897 668 460 Revenues 11,827 12,195 870 2,943 Net profit for the period 5,522 2,995 1,568 846 AMOUNTS PROPORTIONALLY ATTRIBUTED TO EDPR GROUP Net assets 25,609 22,835 9,792 7,827 Goodwill 1,457 - 1,913 6,479 Dividends paid - - 350 2,249 THOUSAND EUROS PARQUE E\u00d3LICO BELMONTE, S.A SOLAR POWER ZETA GK EOS PAX IIA, S.L OTHERS COMPANIES' FINANCIAL INFORMATION OF ASSOCIATES Non-Current Assets 17,577 7,593 729 13,189 Current Assets 1,912 1,239 2,677 3,671 Equity 16,015 73 2,548 8,623 Non-Current Liabilities 1,921 8,017 381 7,618 Current Liabilities 1,553 742 477 619 Revenues 4,711 1,266 2,687 3,797 Net profit for the period 879 159 -98 269 AMOUNTS PROPORTIONALLY ATTRIBUTED TO EDPR GROUP Net assets 6,514 3,912 3,755 1,359 Goodwill 1,726 - - - Dividends paid - 156 - 17 The following table resumes the companies' financial information of associates included in the Group consolidated accounts, as of December 2022: THOUSAND EUROS PARQUE E\u00d3LICO SIERRA DEL MADERO, S.A. E\u00d3LICA DE S\u00c3O JULI\u00c3O, LDA. UNI\u00d3N DE GENERADORE S DE ENERG\u00cdA, S.L. GE\u00d3LICA MAGALL\u00d3 N, S.L. COMPANIES' FINANCIAL INFORMATION OF ASSOCIATES Non-Current Assets 41,120 5,839 2,600 4,441 Current Assets 32,020 23,725 1,626 11,800 Equity 51,374 -1,219 3,171 4,243 Non-Current Liabilities 3,852 15,411 28 2,211 Current Liabilities 17,914 15,372 1,027 9,787 Revenues 30,477 15,821 - 571 Net profit for the period 17,973 12,496 8,665
8,24THOUSAND EUROS PARQUE E\u00d3LICO SIERRA DEL MADERO, S.A. E\u00d3LICA DE S\u00c3O JULI\u00c3O, LDA. UNI\u00d3N DE GENERADORE S DE ENERG\u00cdA, S.L. GE\u00d3LICA MAGALL\u00d3 N, S.L. AMOUNTS PROPORTIONALLY ATTRIBUTED TO EDPR GROUP Net assets 21,577 19,639 13,851 10,181 Goodwill - 1,457 1,913 683 Dividends paid 3,262 - 150 3,880 THOUSAND EUROS DESARROLLOS E\u00d3LICOS DE CANARIAS, S.A. SAN JUAN DE BARGAS E\u00d3LICA, S.L. PARQUE E\u00d3LICO BELMONTE, S.A OTHERS COMPANIES' FINANCIAL INFORMATION OF ASSOCIATES Non-Current Assets 2,246 5,866 18,250 21,061 Current Assets 7,211 6,992 7,440 13,645 Equity 7,193 4,811 15,136 17,460 Non-Current Liabilities 607 1,741 1,934 5,935 Current Liabilities 1,658 6,306 8,620 11,311 Revenues 8,212 475 12,469 13,638 Net profit for the period 4,568 3,784 6,863 3,705 AMOUNTS PROPORTIONALLY ATTRIBUTED TO EDPR GROUP Net assets 9,697 8,455 6,251 10,550 Goodwill 6,479 - 1,725 - Dividends paid 1,542 3,451 360 3,186 During 2023, the significant companies' financial information of joint ventures and associates presented the following fair value reconciliation of net assets proportionally attributed to EDPR Group: THOUSAND EUROS EQUITY % INVESTMENT FAIR VALUE ADJUSTMENTS GOODWILL OTHERS NET ASSETS OW Offshore S.L. and subsidiaries 2 997,192 50,00% -53,875 5,352 - 450,073 Goldfinger Ventures II LLC 217,389 50,00% -11,790 - - 96,905 Flat Rock Windpower LLC 177,947 50,00% - - 1,090 90,064 Goldfinger Ventures LLC 151,444 50,00% -7,092 - - 68,630 2017 Vento XVII LLC and subs. 219,159 20,00% 18,725 - - 62,557 2019 Vento XX and subsidiaries 108,645 20,00% 26,059 - - 47,788 2018 Vento XIX LLC and subs. 121,934 20,00% 19,106 - - 43,493 Riverstart Ventures LLC (Sol V) 206,674 20,00% -1,008 - - 40,327 Flat Rock Windpower II LLC 72,688 50,00% - - - 36,344 Evoikos Voreas A.E 1 1,967 51,00% 20,575 - - 21,578 Evoluci\u00f3n 2000, S.L. 30,404 49,15% - 2,667 - 17,611 E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. 14,928 45,00% 17,434 1,457 - 25,609 Parque E\u00f3lico Sierra del Madero, S.A. 54,369 42,00% - - - 22,835 Uni\u00f3n de Generadores de Energ\u00eda, S.L. 2,889 50,00% 6,434 1,913 - 9,792 Desarrollos E\u00f3licos de Canarias, S.A. 3,014 44,75% - 6,479 -1 7,827 Parque E\u00f3lico Belmonte, S.A. 16,015 29,90% - 1,725 - 6,514 Solar Power Zeta GK 73 100,00% 1,084 - 2,755 3,912 Eos Pax IIa, S.L 2,548 48,50% 2,519 - - 3,755 1 According to the relevant shareholder agreements, it has been concluded a joint control over the company. 2 In caption equity only Equity attributable to holders of parent is disclosed. During 2022, the significant companies' financial information of joint ventures and associates presented the following fair value reconciliation of net assets proportionally attributed to EDPR Group:
THOUSAND EUROS EQUITY % INVESTMENT FAIR VALUE ADJUSTMENTS GOODWILL OTHERS NET ASSETS OW Offshore S.L. and subsidiaries 1.069,680 50.00% -49,265 5,352 - 490,929 Flat Rock Windpower LLC 203,387 50.00% - - 9,356 111,047 Goldfinger Ventures II LLC 211,917 50.00% -12,610 - - 93,349 Goldfinger Ventures LLC 153,491 50.00% -7,756 - - 68,989 2019 Vento XX and subsidiaries 24,236 20.00% 29,188 - 34,035 2017 Vento XVII LLC and subs. 202,561 20.00% 21,998 - 62,510 2018 Vento XIX LLC and subs. 101,026 20.00% 20,781 - - 40,986 Flat Rock Windpower II LLC 82,815 50.00% - - - 41,407 Sol V 194,623 20.00% 76 - - 39,001 Evoikos Voreas A.E (1) 1,723 51.00% 20,575 - - 21,454 Evoluci\u00f3n 2000, S.L. 27,212 49.15% - 2,667 - 16,071 Parque E\u00f3lico Sierra del Madero, S.A. 51,374 42.00% - - - 21,577 E\u00f3lica de S\u00e3o Juli\u00e3o, Lda. -1,219 45.00% 18,731 1,457 - 19,639 Uni\u00f3n de Generadores de Energ\u00eda, S.L. 3,171 50.00% 10,352 1,913 - 13,851 Ge\u00f3lica Magall\u00f3n, S.L. 4,243 36.23% 7,961 683 - 10,181 Desarrollos E\u00f3licos de Canarias, S.A. 7,193 44.75% - 6,479 -1 9,697 San Juan de Bargas E\u00f3lica, S.L. 4,811 47.01% 6,193 - - 8,455 Parque E\u00f3lico Belmonte, S.A. 15,136 29,90% - 1,725 - 6,251 1 According to the relevant shareholder agreements, it has been concluded a joint control over the company. EDPR commitments to provide funding to Joint Ventures as at 31 December 2023 are: 2023 CAPITAL OUTSTANDING BY MATURITY THOUSAND EUROS TOTAL LESS THAN 1 YEAR FROM 1 TO 3 YEARS FROM 3 TO 5 YEARS MORE THAN 5 YEARS EDPR Commitments to provide funding to Joint Ventures 286,135 286,135 - - - 286,135 286,135 - - - EDPR commitments to provide funding to Joint Ventures as at 31 December 2022 are: 2022 CAPITAL OUTSTANDING BY MATURITY THOUSAND EUROS TOTAL LESS THAN 1 YEAR FROM 1 TO 3 YEARS FROM 3 TO 5 YEARS MORE THAN 5 YEARS EDPR Commitments to provide funding to Joint Ventures 295,780 295,780 - - - 295,780 295,780 - - - EDPR Commitments to provide funding for Joint Ventures in 2023 and 2022 refer to funds agreed to be provided to Ocean Winds for financing the offshore business. EDPR Group granted parent company guarantees for certain joint venture projects. Total guarantees granted refer to financial and operational guarantees granted by EDPR to joint ventures in the amount of 838,531 thousand Euros and 634,810 thousand Euros respectively (411,637 thousand Euros and 455,579 thousand Euros respectively as at 31 December 2022). Further, EDP Energ\u00edas de Portugal Sucursal en Espa\u00f1a has operational guarantees to EDPR\u2019s joint ventures in the amount of 11,312 thousand Euros (11,719 thousand Euros as at 31 December 2022).
The main financial indicators of the jointly controlled companies included in the consolidation under the equity method as at 31 December 2023, are as follows: COMPANY SHARE CAPITAL HEAD OFFICE AUDITOR % OF CAPITAL % OF VOTING RIGHTS Desarrollos Energ\u00e9ticos Canarios, S.A. \u20ac 15.025 Las Palmas n.a. 49,90% 49,90% Desarrollos Energ\u00e9ticos del Val, S.L. \u20ac 137,070 Soria n.a. 25.00% 25.00% Evoluci\u00f3n 2000, S.L. \u20ac 117,994 Albacete PwC 49.15% 49.15% OW Offshore, S.L. \u20ac 72,205,252 Madrid PwC 50.00% 50.00%
COMPANY SHARE CAPITAL HEAD OFFICE AUDITOR % OF CAPITAL % OF VOTING RIGHTS Sistemas E\u00f3licos Tres Cruces, S.L. \u20ac 50,000 Soria n.a. 25.00% 25.00% Evoikos Voreas A.E. \u20ac 196,000 Athens PwC 51.00% 51.00% Sofrano A.E. \u20ac 900,000 Athens PwC 51.00% 51.00% Centrale Eolienne D'Occey, S.A.S. \u20ac 484,844 Paris n.a. 51.00% 51.00% Lomartico Investments, Sp. z o.o. \u20ac 1,150 Warsaw n.a. 50.00% 50.00% Medsteville Investments, Sp. z o.o. \u20ac 1,150 Warsaw n.a. 50.00% 50.00% Ondentille Investments, Sp. z o.o. \u20ac 1,150 Warsaw n.a. 50.00% 50.00% Kronos IBV UK GmbH \u20ac 25,000 Berlin n.a. 50.00% 50.00% KSD 20 UG \u20ac 1,000 Munich n.a. 50.00% 50.00% 2017 Vento XVII LLC \u20ac 422,602,223 Delaware PwC 20.00% 20.00% 2018 Vento XIX LLC \u20ac 405,808,645 Delaware PwC 20.00% 20.00% 2019 Vento XX LLC \u20ac 516,800,347 Delaware PwC 20.00% 20.00% Flat Rock Windpower LLC \u20ac 507,125,989 Delaware PwC 50.00% 50.00% Flat Rock Windpower II LLC \u20ac 199,604,602 Delaware PwC 50.00% 50.00% Goldfinger Ventures II LLC \u20ac 151,779,538 Delaware PwC 50.00% 50.00% Goldfinger Ventures LLC \u20ac 115,559,303 Delaware PwC 50.00% 50.00% Riverstart Development LLC \u20ac - Delaware n.a. 20.00% 20.00% Riverstart Ventures LLC \u20ac 162,128,696 Delaware PwC 20.00% 20.00% Solar Ventures Acquisition LLC -\u20ac 41,600,200 Delaware n.a. 50.00% 50.00% Sunseap Asset (Cambodia) Co., Ltd. \u20ac 1,273,846 Phnom Penh City BDO 51.00% 51.00% Sunseap Energy (Cambodia) Co., Ltd. \u20ac 161,855 Phnom Penh City n.a. 49.00% 49.00% Cenergi Sunseap Energy Solutions Sdn. Bhd. \u20ac 787,789 Kuala Lumpur EY 40.00% 40.00% Sunseap LCS Energy Sdn. Bhd. \u20ac 9,650 Kuala Lumpur HLCO 49.00% 49.00% RL Sunseap Energy Sdn. Bhd. \u20ac 241,260 Sarawak Crowe Malaysia PLT 49.00% 49.00% Powersource Sunseap Corp. \u20ac - Makati City n.a. 40.00% 40.00% Powersource Sunseap Solar Solution Corp. \u20ac - Makati City n.a. 40.00% 40.00% The main financial indicators of the jointly controlled companies included in the consolidation under the equity method as at 31 December 2022, were as follows: COMPANY SHARE CAPITAL HEAD OFFICE AUDITOR % OF CAPITAL % OF VOTING RIGHTS Desarrollos Energ\u00e9ticos Canarios, S.A. \u20ac 15,025 Las Palmas n.a. 49.90% 49.90% Desarrollos Energ\u00e9ticos del Val, S.L. \u20ac 137,070 Soria n.a. 25.00% 25.00% Evoluci\u00f3n 2000, S.L. \u20ac 117,994 Albacete PwC 49.15% 49.15% OW Offshore, S.L. \u20ac 57,519,614 Madrid PwC 50.00% 50.00% Sistemas E\u00f3licos Tres Cruces, S.L. \u20ac 50,000 Soria n.a. 25.00% 25.00% Evoikos Voreas A.E. \u20ac 126,000 Athens n.a. 51.00% 51.00% Sofrano A.E. \u20ac 830,000 Athens n.a. 51.00% 51.00% Centrale Eolienne D'Occey, S.A.S. \u20ac 284,844 Paris n.a. 51.00% 51.00% Lomartico Investments, Sp. z o.o. \u20ac 1,066 Warsaw n.a. 50.00% 50.00% Medsteville Investments, Sp. z o.o. \u20ac 1,066 Warsaw n.a. 50.00% 50.00% Ondentille Investments, Sp. z o.o. \u20ac 1,066 Warsaw n.a. 50.00% 50.00% Kronos IBV UK GmbH (1) \u20ac 25,000 Berlin n.a. 50.00% 50.00% KSD 20 UG (1) \u20ac 1,000 Munich n.a. 50.00% 50.00% 2017 Vento XVII LLC \u20ac 457,105,962 Delaware PwC 20.00% 20.00% 2018 Vento XIX LLC \u20ac 436,471,238 Delaware PwC 20.00% 20.00%
COMPANY SHARE CAPITAL HEAD OFFICE AUDITOR % OF CAPITAL % OF VOTING RIGHTS 2019 Vento XX LLC \u20ac 540,192,107 Delaware PwC 20.00% 20.00% Flat Rock Windpower LLC \u20ac 514,100,517 Delaware KPMG 50.00% 50.00% Flat Rock Windpower II LLC \u20ac 202,349,774 Delaware KPMG 50.00% 50.00% Goldfinger Ventures II LLC \u20ac 158,862,680 Delaware PwC 50.00% 50.00% Goldfinger Ventures LLC \u20ac 123,728,648 Delaware PwC 50.00% 50.00% Nine Kings Wind Farm LLC \u20ac - Delaware n.a. 50.00% 50.00% Riverstart Development LLC \u20ac - Delaware n.a. 20.00% 20.00% Riverstart Ventures LLC \u20ac 175,144,763 Delaware PwC 20.00% 20.00% Solar Ventures Acquisition LLC \u20ac - Delaware n.a. 50.00% 50.00% Sunseap Asset (Cambodia) Co., Ltd. \u20ac 2,760,000 Phnom Penh City n.a. 51.00% 51.00% Sunseap Energy (Cambodia) Co., Ltd. \u20ac 365,000 Phnom Penh City n.a. 49.00% 49.00% Cenergi Sunseap Energy Solutions Sdn. Bhd. \u20ac 2,131,119 Kuala Lumpur n.a. 40.00% 40.00% Powersource Sunseap Corp. \u20ac - Makati City n.a. 40.00% 40.00% Powersource Sunseap Solar Solution Corp. \u20ac - Makati City n.a. 40.00% 40.00% RL Sunseap Energy Sdn. Bhd. \u20ac 532,780 Sarawak n.a. 49.00% 49.00% Sunseap LCS Energy Sdn. Bhd. \u20ac 21,311 Kuala Lumpur n.a. 49.00% 49.00% Sunseap Solutions Taiwan Ltd. \u20ac 924,126 Taipei City n.a. 49.00% 49.00%
",
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},
"f37417": {
"value": "21. Deferred tax assets and liabilities EDP Renov\u00e1veis Group records the tax effect resulting from temporary differences between the assets and liabilities determined on an accounting basis and on a tax basis. As at 31 December 2023, on a consolidated basis, the movement by nature of Net Deferred Tax Assets and Liabilities are as follows: NET DEFERRED TAX ASSETS THOUSAND EUROS BALANCE AT 31.12.2022 MOV. RESULTS MOV. RESERVES PERIMETER VARIATIONS, EXCHANGE DIFFERENCES AND OTHERS BALANCE AT 31.12.2023 Tax losses and tax credits 856,933 56,692 -2,262 -48,658 862,705 Provisions 51,079 8,190 -15 5,194 64,448 Financial instruments 353,836 -85,079 -313,883 109,177 64,051 Property plant and equipment 39,254 -2,883 619 3,341 40,331 Non-deductible financial expenses -1,383 -14,047 - 15,039 -391 Lease liabilities and other temporary differences 296,187 60,464 847 8,624 366,122 Assets/liabilities compensation of deferred taxes -970,549 -46,619 -847 242,254 -775,761 625,357 -23,282 -315,541 334,970 621,505 NET DEFERRED TAX LIABILITIES THOUSAND EUROS BALANCE AT 31.12.2022 MOV. RESULTS MOV. RESERVES PERIMETER VARIATIONS, EXCHANGE DIFFERENCES AND OTHERS BALANCE AT 31.12.2023 Financial instruments 34,361 -8,499 12,676 9,880 48,418 Property plant and equipment 613,962 34,687 - -1,593 647,056 Allocation of fair value to assets and liabilities acquired 459,109 -4,644 1,841 -22,385 433,921 Income from institutional partnerships (North America) 439,588 6,325 88 -15,421 430,580 Other temporary differences 61,819 5,160 105 5,802 72,886 Assets/liabilities compensation of deferred taxes -970,549 -46,619 -847 242,254 -775,761 638,290 -13,590 13,863 218,537 857,100
As at 31 December 2022, on a consolidated basis, the movement by nature of Net Deferred Tax Assets and Liabilities are as follows: NET DEFERRED TAX ASSETS THOUSAND EUROS BALANCE AT 31.12.2021 MOV. RESULTS MOV. RESERVES PERIMETER VARIATIONS, EXCHANGE DIFFERENCES AND OTHERS BALANCE AT 31.12.2022 Tax losses and tax credits 762,913 58,118 3,244 32,658 856,933 Provisions 23,320 708 -30 -3,991 20,006 Financial instruments 133,261 131,506 185,624 -96,555 353,836 Property plant and equipment 68,105 -16,823 - -12,029 39,254 Non-deductible financial expenses 15,858 -14,403 - -2,838 -1,383 Other temporary differences 36,808 19,362 -3,159 42,340 95,352 Assets/liabilities compensation of deferred taxes -708,461 -32,463 3,159 -875 -738,641 331,803 146,005 188,838 -41,289 625,357 NET DEFERRED TAX LIABILITIES THOUSAND EUROS BALANCE AT 31.12.2021 MOV. RESULTS MOV. RESERVES PERIMETER VARIATIONS, EXCHANGE DIFFERENCES AND OTHERS BALANCE AT 31.12.2022 Financial instruments 2,119 47,295 53,420 -68,472 34,361 Property plant and equipment 302,384 12,550 39,411 27,694 382,039 Allocation of fair value to assets and liabilities acquired 461,374 2,215 - -4,481 459,109 Income from institutional partnerships (North America) 383,232 32,733 -91 23,714 439,588
NET DEFERRED TAX LIABILITIES THOUSAND EUROS BALANCE AT 31.12.2021 MOV. RESULTS MOV. RESERVES PERIMETER VARIATIONS, EXCHANGE DIFFERENCES AND OTHERS BALANCE AT 31.12.2022 Other temporary differences 24,715 23,700 -1 13,404 61,819 Assets/liabilities compensation of deferred taxes -719,260 -32,463 3,159 9,940 -738,624 454,564 86,030 95,898 1,799 638,290
The compensation between deferred tax assets and liabilities is performed at each subsidiary, and therefore the consolidated financial statements reflect the total deferred tax assets and deferred tax liabilities of the Group's subsidiaries. Provisions, Property plant and equipment and Other temporary differences include 204,625 thousand Euros (31 December 2022: 217,138 thousand Euros) of Deferred tax assets related to Lease liabilities and 187,504 thousand Euros (31 December 2022: 202,836 thousand Euros) of Deferred tax liability related to Right of use assets, due to the application of IFRS 16. Additionally, Provisions and Property plant and equipment, deferred tax assets and deferred tax liabilities associated with the recognition of provisions for dismantling, pursuant to the IAS 12 amendments \u2013 Income taxes mentioned in note 3. Management considers that in accordance with the business plan approved by the Board of Directors, the deferred tax assets related to tax losses and tax credits will be recoverable with future tax profit. In relation to the Spanish Constitutional Court ruling dated 19 January 2024, Management has concluded that it has no significant impact on the accompanying financial statements. The Group tax losses carried forward are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 EXPIRATION DATE 2023 - 2,983 2024 1,375 1,555 2025 2,890 3,189 2026 12,956 11,842 2027 10,736 62,869 2028 18,156 4,985 2029 417 409 2030 to 2044 2,381,523 2,313,971 Without expiration date 740,058 851,916 3,168,111 3,253,720 In addition to the above, EDPR North America LLC has State tax losses that are recorded in the Group's accounts. The associated deferred tax asset raised to 71,035 thousand Euros as at 31 December 2023 (78,566 thousand Euros as at 31 December 2022). Of the total tax losses available to carry forward as at 31 December 2023, an amount of 199,996 thousand Euros does not have an associated deferred tax asset, in accordance with the applicable accounting standards since, at the present date, there is still not sufficient visibility about the future period in which such tax losses will be used. 22. Inventories This caption is analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Advances on account of purchases 5,555 4,749 Finished and intermediate products 18,132 11,490 Green certificates and RECs 171,668 172,658 Raw and subsidiary materials and consumables 64,467 63,947 259,822 252,844 The caption Green certificates and RECs includes the Green certificates and RECs generated and
pending to be sold",
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"f37791": {
"value": "23. Debtors and other assets from commercial activities Debtors and other assets from commercial activities are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 DEBTORS AND OTHER ASSETS FROM COMMERCIAL ACTIVITIES - NON-CURRENT Trade receivables 5 54 Deferred costs 22,337 23,209 Sundry debtors and other operations 35,602 12,743 57,944 36,006 DEBTORS AND OTHER ASSETS FROM COMMERCIAL ACTIVITIES \u2013 CURRENT Trade receivables 313,582 370,231 Services rendered 37,272 44,825 Advances to suppliers 30,177 44,810 Deferred costs 86,418 58,473 Sundry debtors and other operations 37,325 55,344 504,774 573,683 Impairment losses -3,826 -3,996 558,892 605,693
The amount of trade receivables - current as at 31 December 2023 principally refers to Europe in the amount of 111,712 thousand Euros (188,828 thousand Euros as at 31 December 2022) and to North America in the amount of 133,678 thousand Euros (120,288 thousand Euros as at 31 December 2022), which mainly includes electricity generation invoicing. Also, as at 31 December 2023 the caption includes an amount of 30,317 thousand Euros refers to APAC (32,210 thousand Euros as at 31 December 2022). The caption debtors and other assets from commercial activities \u2013 Current, includes 3,826 thousand Euros, which is the result of impairment losses under the expected credit loss model
recommended in IFRS 9 (3,996 thousand Euros as at 31 December 2022). The caption Advances to suppliers mainly includes as at 31 December 2023 an amount of 30,177 thousand Euros as a result of the under construction of certain projects mainly in Italy, Portugal, Colombia and Brazil. The caption mainly included as at 31 December 2022 an amount of 44,801 thousand Euros as a result of the under construction of certain projects in LATAM and Europe. The caption Deferred costs \u2013 current has increased due to the variation of the availability bonus receivables in North America. The credit risk analysis are disclosed in note 5, under the Counterparty credit risk management section. The fair values and carrying amounts of current debtors and other assets do not differ significantly. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f37795": {
"value": "THOUSAND EUROS 31 DEC 2023 31 DEC 2022 DEBTORS AND OTHER ASSETS FROM COMMERCIAL ACTIVITIES - NON-CURRENT Trade receivables 5 54 Deferred costs 22,337 23,209 Sundry debtors and other operations 35,602 12,743 57,944 36,006 DEBTORS AND OTHER ASSETS FROM COMMERCIAL ACTIVITIES \u2013 CURRENT Trade receivables 313,582 370,231 Services rendered 37,272 44,825 Advances to suppliers 30,177 44,810 Deferred costs 86,418 58,473 Sundry debtors and other operations 37,325 55,344 504,774 573,683 Impairment losses -3,826 -3,996 558,892 605,693
The caption debtors and other assets from commercial activities \u2013 Current, includes 3,826 thousand Euros, which is the result of impairment losses under the expected credit loss model
recommended in IFRS 9 (3,996 thousand Euros as at 31 December 2022)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f37858": {
"value": "24. Other debtors and other assets Other debtors and other assets are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 OTHER DEBTORS AND OTHER ASSETS - NON-CURRENT Loans to related parties 430,876 185,775 Derivative financial instruments 268,030 137,597 Sundry debtors and other operations 125,570 138,802 824,476 462,174 OTHER DEBTORS AND OTHER ASSETS \u2013 CURRENT Loans to related parties 111,740 337,020 Derivative financial instruments 127,820 163,262 Sundry debtors and other operations 337,930 722,624 577,490 1,222,906 1,401,966 1,685,080 Loans to related parties mainly include loans granted to Ocean Winds in the amount of 429,098 thousand Euros in the long-term with maturity between 2028 and 2030 and 105,537 thousand Euros in the short-term, in the context of the agreement with ENGIE on January 2020 to establish a co-controlled 50/50 joint venture, OW Offshore S.L., to jointly develop fixed and floating
offshore wind business (184,644 thousand Euros in the long-term and 326,730 thousand Euros in the short-term as at 31 December 2022). These loans bear interest at market rates, which are fixed or with reference rate indexed to Euribor, plus a market spread. Sundry debtors and other operations- non-current mainly includes: \u2022 Fair value of the variable price in the amount of 42,813 thousand Euros in connection with the sale in 2020 of the stake in the company Mayflower Wind Energy LLC in the context of the sale of the offshore business to OW Offshore S.L. (41,452 thousand Euros as at 31 December 2022); \u2022 62,776 thousand Euros (51,758 thousand Euros as af 31 December 2022) mainly related to Interconnection and transmission deposits in EDPR NA; \u2022 9,698 thousand Euros as of 31 December 2023 (9,421 thousand Euros as of 31 December 2022) as part of the price adjustment, according to the corresponding agreements, in the transaction of selling 49% of EDP Renov\u00e1veis Portugal S.A to CTG that took place in 2013. \u2022 In addition, as of 31 December 2022, the caption also included 30,000 thousand Euros related to the advance payment paid during 2022 for future investment acquisitions.
Sundry debtors and other operations-current mainly includes: \u2022 As of 31 December 2022 the caption included the fair value of the variable price in connection with the sale in 2020 and 2018 of 29.5% and 13.5% stake of the French companies \u00c9oliennes en Mer Dieppe - Le Tr\u00e9port, S.A.S. and \u00c9oliennes en Mer \u00celes d'Yeu et dxe Noirmoutier, S.A.S. to OW Offshore S.L. and Sumitomo Corporation respectively, in accordance with the relevant agreements signed, that amounted to 77,920 thousand Euros and 29,112 thousand Euros, respectively. As of 31 December 2023 an amount of 39,400 thousand Euros and 18,305 thousand Euros has been collected from OW Offshore S.L. and Sumitomo, respectively. \u2022 As at 31 December 2022 included the receivable for the proceeds for the sale of the Brazilian companies Aventura Holding, S.A. and SRMN Holding, S.A. and its subsidiaries in the amount 184,778 thousand Euros (see note 9). The amount has been collected during 2023; \u2022 Cash collateral held in markets where the Group enters into derivative instruments and trades US green certificates in the amount of 149,222 thousand Euros (238,375 thousand Euros as of 31 December 2022); \u2022 24,621 thousand Euros related to the sale transaction in 2021 of the company Indiana Crossroads Wind Farm LLC (116,141 thousand Euros as of 31 December 2022); \u2022 Receivables related to the derivatives, mainly with the EDP Group, in the amount of 5,851 thousand Euros (19,916 thousand Euros as at 31 December 2022); \u2022 An amount of 9,341 thousand Euros as part of the price adjustment, according to the corresponding agreements, in the transaction of selling 49% of EDP Renov\u00e1veis Portugal S.A. to CTG that took place in 2013 (16,063 thousand Euros as of 31 December 2022); \u2022 55,423 thousand Euros related to receivable of the sale transaction in 2023 for the sale of Viesgo\u2019s companies (see note 9 and 6); \u2022 As of 31 December 2022, an amount of 4,634 thousand Euros related to the advance payment paid during 2022 for future investment acquisitions. For derivatives, refer to note 37.
The fair values and carrying amounts of other debtors and other assets do not differ significantly. 24. Other debtors and other assets Other debtors and other assets are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 OTHER DEBTORS AND OTHER ASSETS - NON-CURRENT Loans to related parties 430,876 185,775 Derivative financial instruments 268,030 137,597 Sundry debtors and other operations 125,570 138,802 824,476 462,174 OTHER DEBTORS AND OTHER ASSETS \u2013 CURRENT Loans to related parties 111,740 337,020 Derivative financial instruments 127,820 163,262 Sundry debtors and other operations 337,930 722,624 577,490 1,222,906 1,401,966 1,685,080 Loans to related parties mainly include loans granted to Ocean Winds in the amount of 429,098 thousand Euros in the long-term with maturity between 2028 and 2030 and 105,537 thousand Euros in the short-term, in the context of the agreement with ENGIE on January 2020 to establish a co-controlled 50/50 joint venture, OW Offshore S.L., to jointly develop fixed and floating
offshore wind business (184,644 thousand Euros in the long-term and 326,730 thousand Euros in the short-term as at 31 December 2022). These loans bear interest at market rates, which are fixed or with reference rate indexed to Euribor, plus a market spread. Sundry debtors and other operations- non-current mainly includes: \u2022 Fair value of the variable price in the amount of 42,813 thousand Euros in connection with the sale in 2020 of the stake in the company Mayflower Wind Energy LLC in the context of the sale of the offshore business to OW Offshore S.L. (41,452 thousand Euros as at 31 December 2022); \u2022 62,776 thousand Euros (51,758 thousand Euros as af 31 December 2022) mainly related to Interconnection and transmission deposits in EDPR NA; \u2022 9,698 thousand Euros as of 31 December 2023 (9,421 thousand Euros as of 31 December 2022) as part of the price adjustment, according to the corresponding agreements, in the transaction of selling 49% of EDP Renov\u00e1veis Portugal S.A to CTG that took place in 2013. \u2022 In addition, as of 31 December 2022, the caption also included 30,000 thousand Euros related to the advance payment paid during 2022 for future investment acquisitions.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f37928": {
"value": "Sundry debtors and other operations-current mainly includes: \u2022 As of 31 December 2022 the caption included the fair value of the variable price in connection with the sale in 2020 and 2018 of 29.5% and 13.5% stake of the French companies \u00c9oliennes en Mer Dieppe - Le Tr\u00e9port, S.A.S. and \u00c9oliennes en Mer \u00celes d'Yeu et dxe Noirmoutier, S.A.S. to OW Offshore S.L. and Sumitomo Corporation respectively, in accordance with the relevant agreements signed, that amounted to 77,920 thousand Euros and 29,112 thousand Euros, respectively. As of 31 December 2023 an amount of 39,400 thousand Euros and 18,305 thousand Euros has been collected from OW Offshore S.L. and Sumitomo, respectively. \u2022 As at 31 December 2022 included the receivable for the proceeds for the sale of the Brazilian companies Aventura Holding, S.A. and SRMN Holding, S.A. and its subsidiaries in the amount 184,778 thousand Euros (see note 9). The amount has been collected during 2023; \u2022 Cash collateral held in markets where the Group enters into derivative instruments and trades US green certificates in the amount of 149,222 thousand Euros (238,375 thousand Euros as of 31 December 2022); \u2022 24,621 thousand Euros related to the sale transaction in 2021 of the company Indiana Crossroads Wind Farm LLC (116,141 thousand Euros as of 31 December 2022); \u2022 Receivables related to the derivatives, mainly with the EDP Group, in the amount of 5,851 thousand Euros (19,916 thousand Euros as at 31 December 2022); \u2022 An amount of 9,341 thousand Euros as part of the price adjustment, according to the corresponding agreements, in the transaction of selling 49% of EDP Renov\u00e1veis Portugal S.A. to CTG that took place in 2013 (16,063 thousand Euros as of 31 December 2022); \u2022 55,423 thousand Euros related to receivable of the sale transaction in 2023 for the sale of Viesgo\u2019s companies (see note 9 and 6); \u2022 As of 31 December 2022, an amount of 4,634 thousand Euros related to the advance payment paid during 2022 for future investment acquisitions. For derivatives, refer to note 37.
The fair values and carrying amounts of other debtors and other assets do not differ significantly",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f37967": {
"value": "25. Current tax assets Current tax assets are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Income tax 90,932 68,345 Value added tax (VAT) 192,044 208,883 Other taxes 58,359 25,156 341,335 302,384 The increase in the income tax caption corresponds, mainly, to the amount related with the tax paid in the past for the sale of certain companies which Directors and legal experts have estimated recoverable. In certain geographies, there are taxes that base their prepayments on the result of the previous year. Since 2022 had abnormally high energy prices, the base in which our instalments were calculated was also higher than usual, making the Company overpay and later obtain tax credits in those regions.
36. Current tax liabilities This caption is analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Income tax 60,295 99,463 Withholding tax 8,532 13,674 Value added tax (VAT) 43,807 45,430 Other taxes 88,198 76,837 200,832 235,404 The caption Other taxes mainly includes windfall taxes in Poland as well as Property taxes in the United States of America.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f38000": {
"value": "26. Cash and cash equivalents Cash and cash equivalents are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Cash 554 410 BANK DEPOSITS Current deposits 1,064,423 799,938 Term deposits 94,680 30,632 Specific demand deposits in relation to institutional partnerships 2,915 1,536 1,162,018 832,106 Other short-term investments 209,196 339,416 1,371,768 1,171,932 Term deposits include temporary financial investments to place treasury surpluses. Specific demand deposits in relation to institutional partnerships are funds required to be held in escrow sufficient to pay the remaining construction related costs of projects in institutional equity partnerships (see note 33), under the accounting policy. The governing agreements of these partnerships and specific escrow agreements define the appropriate expenditure of these funds. The caption \u201cOther short-term investments\u201d essentially includes, as at 31 December 2023 and 31 December 2022, the debit balance of the current account with EDP Servicios Financieros Espa\u00f1a S.A. in the amount of 199.038 thousand euros (326.815 thousand euros in 2022) in accordance
with the terms and conditions of the contract signed between the parties (see note 39)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f38037": {
"value": "27. Assets and liabilities held for sale The criteria for classifying assets and liabilities as held for sale and discontinued operations, as well as their presentation in the EDPR Group\u2019s consolidated financial statements, are presented under accounting policies. This caption is analysed as follows: 31 DEC 2023 31 DEC 2022 THOUSAND EUROS ASSETS HELD FOR SALE LIABILITIES HELD FOR SALE ASSETS HELD FOR SALE LIABILITIES HELD FOR SALE Electricity generation assets 516,602 273,816 9,198 - 516,602 273,816 9,198 - \u2022 Reduction of 9,198 thousand Euros related to the closing of the sale of portfolio in Europe (see note 6) and other non-current Property, plant and equipment. \u2022 Increase in 509,908 thousand Euros related to the process of selling the assets of a project in North America. Liabilities associated to this operation amount to 273,816 thousand Euros. \u2022 Increase in 6,694 thousand Euros related to the process of selling an asset in Europe. There are no liabilities associated to this operation. As at 31 December 2023 the following reclassifications were made to held for sale: THOUSAND EUROS ELECTRICITY GENERATION ASSETS Property, plant and equipment 486,111 Right-of-use assets 57,402 Other assets 12,955 Impairment loss from assets held for sale (see note 13) -39,866 Non-Current Assets Held for Sale 516,602 LIABILITIES Financial debt 469 Provisions 2,447 Institutional partnerships in USA wind farms 207,452 Other liabilities 63,448 Non-Current Liabilities Held for Sale 273,816
As at 31 December 2022 the following reclassifications were made to held for sale: THOUSAND EUROS ELECTRICITY GENERATION ASSETS Property, plant and equipment 9,152 Right-of-use assets - Other assets 46 Cash and cash equivalents - Non-Current Assets Held for Sale 9,198 LIABILITIES Financial debt - Provisions - Other liabilities - Non-Current Liabilities Held for Sale - These reclassifications were made only for financial statement presentation purposes. As a consequence of the reclassification in accordance with IFRS 5, it has been necessary to register an impairment because the book value was higher than the fair value less the sale cost expected to receive (see note 13).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f38139": {
"value": "28. Share capital and share premium On March 6, 2023, EDPR made a capital increase by issuing 50,968,400 ordinary shares, with a par value of 5 Euros each and a share premium of 14,62 Euros per share. The new shares are fungible with EDPR\u2019s other shares and will confer on their holders, as from the date of the respective issue, the same rights as the other shares existing prior to the capital increase. On April 4, 2023, the Annual General Shareholders\u2019 Meeting approved for 2022 profits distribution through a scrip dividend to be executed as a share capital increase, through the issuance of new ordinary shares, with a par value of 5 Euros, without share premium. The scrip dividends were executed by the 92,32% of the Shareholders. This has meant that the company has increased its share capital by issuing 12,451,539 new shares with a par value of 5 Euro against the share premium. The new shares are fungible with EDPR\u2019s other shares and will confer on their holders, as from the date of the respective issue, the same rights as the other shares existing prior to the capital increase. The capital increase has been completed on May 25, 2023. The shareholders who have not executed this mechanism have sold their subscription rights to the company for a total amount of 20,580 thousand Euro, receiving this amount as a dividend charged against the EDPR\u2019s share premium. As such, the share capital of EDPR at 31 December 2023 amounts to 5,119,890,505 Euros, represented by 1,023,978,101 shares of 5 euros par value each, all of a single class and series. As of 31 December2022 the share capital of EDPR amounted to 4,802,790,810 Euros, represented by 960,558,162 shares of 5 euros par value each, all of a single class and series. EDP Renov\u00e1veis, S.A. shareholder's structure as at 31 December 2023 is analysed as follows: NO. OF SHARES % CAPITAL % VOTING RIGHTS EDP - Energias de Portugal, S.A. Sucursal en Espa\u00f1a (EDP Branch) 729,793,922 71.27% 71.27% Other* 294,184,179 28.73% 28.73% 1,023,978,101 100.00% 100.00% * Shares quoted on the Lisbon stock exchange EDP Renov\u00e1veis, S.A. shareholder's structure as at 31 December 2022 is analysed as follows: NO. OF SHARES % CAPITAL % VOTING RIGHTS EDP - Energias de Portugal, S.A. Sucursal en Espa\u00f1a (EDP Branch) 720,191,372 74.98% 74.98% Other* 240,366,790 25.02% 25.02% 960,558,162 100.00% 100.00% * Shares quoted on the Lisbon stock exchange
Movements in Share capital and Share premium during 2023 are as follows: SHARE CAPITAL SHARE PREMIUM Balance as at 1 January 2023 4,802,791 1,599,013 Movements during the period (net of transaction costs) 317,100 655,542 Balance as at 31 December 2023 5,119,891 2,254,555 There were no changes in Share capital and Share premium during 2023. The Share premium is freely distributable. Earnings per share attributable to the shareholders of EDPR are analysed as follows: 31 DEC 2023 31 DEC 2022 Profit attributable to the equity holders of the parent (in thousand Euros) 309,014 616,231 Profit from continuing operations attributable to the equity holders of the parent (in thousand Euros) 309,014 616,231 Weighted average number of ordinary shares outstanding 1,011,332,855 960,558,162 Weighted average number of diluted ordinary shares outstanding 1,011,332,855 960,558,162 Earnings per share (basic) attributable to equity holders of the parent (in Euros) 0.31 0.64 Earnings per share (diluted) attributable to equity holders of the parent (in Euros) 0.31 0.64 Earnings per share (basic) from continuing operations attributable to the equity holders of the parent (in Euros) 0.31 0.64 Earnings per share (diluted) from continuing operations attributable to the equity holders of the parent (in Euros) 0.31 0.64 The EDPR Group calculates its basic and diluted earnings per share attributable to equity holders of the parent using the weighted average number of ordinary shares outstanding during the period. The company does not hold any treasury stock as at 31 December 2023 and 31 December 2022. The average number of shares was determined as follows: 31 DEC 2023 31 DEC 2022 Ordinary shares issued at the beginning of the period 960,558,162 960,558,162 Effect of shares issued during the period 50,774,693 - Average number of realised shares 1,011,332,855 960,558,162 Average number of shares during the period 1,011,332,855 960,558,162 Diluted average number of shares during the period 1,011,332,855 960,558,162
29. Other comprehensive income, reserves and retained earnings This caption is analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 OTHER COMPREHENSIVE INCOME Fair value reserve (cash flow hedge) -271,501 -1,052,141 Fair value reserve (equity instruments at fair value) 3,278 19,737 Exchange differences - Currency translation arising on consolidation 508,257 672,254 Exchange differences - Net investment hedge -639,118 -790,670 Exchange differences - Net investment hedge - Cost of hedging -11,398 -20,925 -410,482 -1,171,745 OTHER RESERVES AND RETAINED EARNINGS Retained earnings and other reserves 3,513,784 2,903,746 Additional paid in capital 60,666 60,666 Legal reserve 214,829 214,829 3,789,279 3,179,241 3,378,797 2,007,496
Currency translation reserve - Net investment hedge and Cost of hedging The changes in these captions for the year 2023 are as follows: THOUSAND EUROS NET INVESTMENT HEDGE COST OF HEDGING Balance as at 31 December 2022 -20,925 Changes in fair value 203,939 12,704 Tax effect fair value changes -49,411 -3,176 Transfer to income statement resulting from the sale of a foreign subsidiary -2,976 - Balance as at 31 December 2023 -639,118 -11,397
The changes in these captions for the year 2022 are as follows: THOUSAND EUROS NET INVESTMENT HEDGE COST OF HEDGING Balance as at 31 December 2021 -544,039 711 Changes in fair value -320,792 -28,849 Tax effect fair value changes 77,383 7,213 Transfer to income statement resulting from the sale of a foreign subsidiary -3,222 - Balance as at 31 December 2022 -790,670 -20,925
Additional paid in capital The accounting for transactions among entities under common control is excluded from IFRS 3. Consequently, in the absence of specific guidance, within IFRSs, the Group EDPR has adopted an accounting policy for such transactions, judged appropriate. According to the Group's policy, business combinations among entities under common control are accounted for in the consolidated financial statements using the book values of the acquired company (subgroup) in the EDPR consolidated financial statements. The difference between the carrying amount of the net assets received and the consideration paid is recognised in equity. Legal reserve The legal reserve has been appropriated in accordance with Article 274 of the Spanish Companies Act whereby companies are obliged to transfer 10% of the profits for the year to a legal reserve until such reserve reaches an amount equal to 20% of the share capital. This reserve is not distributable to shareholders and may only be used to offset losses, if no other reserves are available, or to increase the share capital. Results distribution (parent company) The EDP Renov\u00e1veis, S.A. Board of Directors proposal for 2023 results distribution to be presented in the Annual General Meeting is as follows: EUROS BASE FOR DISTRIBUTION Loss for the year 2023 -247,715,982 Prior years' losses 247,715,982 The Board of Directors of EDP Renov\u00e1veis, S.A. has agreed to propose to the Ordinary General Shareholders' Meeting to remunerate its shareholders through a flexible dividend (scrip dividend) for a maximum gross amount of 210,000 thousand Euros , so that they may elect to receive new issued shares of the Company or all or part of the remuneration in cash. The scrip dividend will be paid through the issue of free allotment rights for new shares and the subsequent execution of a capital increase, which the Board of Directors will propose to the Ordinary General Meeting of Shareholders, so that shareholders wishing to receive their remuneration in cash will do so by selling their free-of-charge allocation rights to the Company, which will undertake to purchase them at a guaranteed fixed price, the approval of which will also be proposed to the Annual General Meeting of Shareholders, or on the regulated market of Euronext Lisbon. Both the acquisition of the free-of-charge allocation rights by the Company and the capital increase will be charged against share premium at the date on which the Board of Directors, if any, resolves to execute them. Thus, the final aggregate gross amount of the scrip dividend will be equal to the sum of the amounts indicated below: (i) the result of multiplying the nominal value of the Company's shares (\u20ac5) by the number of shares issued in the capital increase, resulting from the conversion of the free-of- charge allocation rights outstanding after the end of the period for requesting the Company to exercise the purchase commitment or their sale on the market; plus (ii) (ii) the result of multiplying the guaranteed fixed price by the number of free-of-charge allocation rights acquired by the Company under the purchase commitment. At the date of preparation of these Consolidated Financial Statements, it is not possible to specify the amount of the scrip dividend or, consequently, the amount of the dividend to be charged to the results of the financial year 2023. Once the scrip dividend process has been completed, the final nominal amounts of the capital increase and of the cash remuneration to be applied to the share premium will be communicated as soon as the Board of Directors, or the person to whom it delegates the corresponding powers, determines them in accordance with the terms of the resolution to distribute the dividend corresponding to financial year 2023 and to increase the share capital, which the Board of Directors will propose to the Ordinary General Shareholders' Meeting in relation to the scrip dividend. The EDP Renov\u00e1veis, S.A. Board of Directors proposal for 2022 profits distribution was presented in the Annual General Meeting was as follows: EUROS BASE FOR DISTRIBUTION Loss for the year 2022 -220,662,410 Retained earnings from previous periods 240,139,541 DISTRIBUTION Prior years' losses -220,662,410 Dividends 240,139,541
Fair value reserve (cash flow hedge) The Fair value reserve (cash flow hedge) comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments. Fair value reserve (equity instruments at fair value) This reserve includes the cumulative net change in the fair value of equity instruments at fair value as at the balance sheet date: THOUSAND EUROS Balance as at 1 January 2021 4,146 Parque E\u00f3lico Montes de las Navas, S.L. 4,542 E\u00f3licas P\u00e1ramo de Poza, S.A. 10,352 Others 697 Balance as at 31 December 2022 19,737 Parque E\u00f3lico Montes de las Navas, S.L. -4,205 E\u00f3licas P\u00e1ramo de Poza, S.A. -3,918 Lhyfe, S.A.S. -7,664 Others -672 Balance as at 31 December 2023 3,278 Exchange differences arising on consolidation This caption reflects the amount arising on the translation of the financial statements of subsidiaries and associated companies from their functional currency into Euros. The most significant exchange rates used in the preparation of the consolidated financial statements are as follows: EXCHANGE RATES AT 31 DECEMBER 2023 EXCHANGE RATES AT 31 DECEMBER 2022 CLOSING RATE AVERAGE RATE CLOSING RATE AVERAGE RATE US Dollar USD 1.105 1.081 1.067 1.053 Polish Zloty PLN 4.348 4.544 4.690 4.688
EXCHANGE RATES AT 31 DECEMBER 2023 EXCHANGE RATES AT 31 DECEMBER 2022 CLOSING RATE AVERAGE RATE CLOSING RATE AVERAGE RATE Brazilian Real BRL 5.362 5.401 5.639 5.440 New Leu RON 4.975 4.946 4.947 4.931 Pound Sterling GBP 0.869 0.870 0.887 0.853 Canadian Dollar CAD 1.464 1.459 1.444 1.369 Mexican Peso MXN 18.690 19.167 20.781 21.198 Colombian Peso COP 4,222 4,677 5,133.687 4,470.960 Hungarian Forint HUF 382.800 381.853 400.87 391.286 Vietnamese Dong VND 26,807 25,828 25,182 24,601 Singaporian Dollar SGD 1.459 1.452 1.43 1.451
28. Share capital and share premium On March 6, 2023, EDPR made a capital increase by issuing 50,968,400 ordinary shares, with a par value of 5 Euros each and a share premium of 14,62 Euros per share. The new shares are fungible with EDPR\u2019s other shares and will confer on their holders, as from the date of the respective issue, the same rights as the other shares existing prior to the capital increase. On April 4, 2023, the Annual General Shareholders\u2019 Meeting approved for 2022 profits distribution through a scrip dividend to be executed as a share capital increase, through the issuance of new ordinary shares, with a par value of 5 Euros, without share premium. The scrip dividends were executed by the 92,32% of the Shareholders. This has meant that the company has increased its share capital by issuing 12,451,539 new shares with a par value of 5 Euro against the share premium. The new shares are fungible with EDPR\u2019s other shares and will confer on their holders, as from the date of the respective issue, the same rights as the other shares existing prior to the capital increase. The capital increase has been completed on May 25, 2023. The shareholders who have not executed this mechanism have sold their subscription rights to the company for a total amount of 20,580 thousand Euro, receiving this amount as a dividend charged against the EDPR\u2019s share premium. As such, the share capital of EDPR at 31 December 2023 amounts to 5,119,890,505 Euros, represented by 1,023,978,101 shares of 5 euros par value each, all of a single class and series. As of 31 December2022 the share capital of EDPR amounted to 4,802,790,810 Euros, represented by 960,558,162 shares of 5 euros par value each, all of a single class and series. EDP Renov\u00e1veis, S.A. shareholder's structure as at 31 December 2023 is analysed as follows: NO. OF SHARES % CAPITAL % VOTING RIGHTS EDP - Energias de Portugal, S.A. Sucursal en Espa\u00f1a (EDP Branch) 729,793,922 71.27% 71.27% Other* 294,184,179 28.73% 28.73% 1,023,978,101 100.00% 100.00% * Shares quoted on the Lisbon stock exchange EDP Renov\u00e1veis, S.A. shareholder's structure as at 31 December 2022 is analysed as follows: NO. OF SHARES % CAPITAL % VOTING RIGHTS EDP - Energias de Portugal, S.A. Sucursal en Espa\u00f1a (EDP Branch) 720,191,372 74.98% 74.98% Other* 240,366,790 25.02% 25.02% 960,558,162 100.00% 100.00% * Shares quoted on the Lisbon stock exchange
Movements in Share capital and Share premium during 2023 are as follows: SHARE CAPITAL SHARE PREMIUM Balance as at 1 January 2023 4,802,791 1,599,013 Movements during the period (net of transaction costs) 317,100 655,542 Balance as at 31 December 2023 5,119,891 2,254,555 There were no changes in Share capital and Share premium during 2023. The Share premium is freely distributable. Earnings per share attributable to the shareholders of EDPR are analysed as follows: 31 DEC 2023 31 DEC 2022 Profit attributable to the equity holders of the parent (in thousand Euros) 309,014 616,231 Profit from continuing operations attributable to the equity holders of the parent (in thousand Euros) 309,014 616,231 Weighted average number of ordinary shares outstanding 1,011,332,855 960,558,162 Weighted average number of diluted ordinary shares outstanding 1,011,332,855 960,558,162 Earnings per share (basic) attributable to equity holders of the parent (in Euros) 0.31 0.64 Earnings per share (diluted) attributable to equity holders of the parent (in Euros) 0.31 0.64 Earnings per share (basic) from continuing operations attributable to the equity holders of the parent (in Euros) 0.31 0.64 Earnings per share (diluted) from continuing operations attributable to the equity holders of the parent (in Euros) 0.31 0.64 The EDPR Group calculates its basic and diluted earnings per share attributable to equity holders of the parent using the weighted average number of ordinary shares outstanding during the period. The company does not hold any treasury stock as at 31 December 2023 and 31 December 2022. The average number of shares was determined as follows: 31 DEC 2023 31 DEC 2022 Ordinary shares issued at the beginning of the period 960,558,162 960,558,162 Effect of shares issued during the period 50,774,693 - Average number of realised shares 1,011,332,855 960,558,162 Average number of shares during the period 1,011,332,855 960,558,162 Diluted average number of shares during the period 1,011,332,855 960,558,162
",
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"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f38229": {
"value": "Earnings per share attributable to the shareholders of EDPR are analysed as follows: 31 DEC 2023 31 DEC 2022 Profit attributable to the equity holders of the parent (in thousand Euros) 309,014 616,231 Profit from continuing operations attributable to the equity holders of the parent (in thousand Euros) 309,014 616,231 Weighted average number of ordinary shares outstanding 1,011,332,855 960,558,162 Weighted average number of diluted ordinary shares outstanding 1,011,332,855 960,558,162 Earnings per share (basic) attributable to equity holders of the parent (in Euros) 0.31 0.64 Earnings per share (diluted) attributable to equity holders of the parent (in Euros) 0.31 0.64 Earnings per share (basic) from continuing operations attributable to the equity holders of the parent (in Euros) 0.31 0.64 Earnings per share (diluted) from continuing operations attributable to the equity holders of the parent (in Euros) 0.31 0.64 The EDPR Group calculates its basic and diluted earnings per share attributable to equity holders of the parent using the weighted average number of ordinary shares outstanding during the period. The company does not hold any treasury stock as at 31 December 2023 and 31 December 2022. The average number of shares was determined as follows: 31 DEC 2023 31 DEC 2022 Ordinary shares issued at the beginning of the period 960,558,162 960,558,162 Effect of shares issued during the period 50,774,693 - Average number of realised shares 1,011,332,855 960,558,162 Average number of shares during the period 1,011,332,855 960,558,162 Diluted average number of shares during the period 1,011,332,855 960,558,162
",
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"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f38285": {
"value": "29. Other comprehensive income, reserves and retained earnings This caption is analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 OTHER COMPREHENSIVE INCOME Fair value reserve (cash flow hedge) -271,501 -1,052,141 Fair value reserve (equity instruments at fair value) 3,278 19,737 Exchange differences - Currency translation arising on consolidation 508,257 672,254 Exchange differences - Net investment hedge -639,118 -790,670 Exchange differences - Net investment hedge - Cost of hedging -11,398 -20,925 -410,482 -1,171,745 OTHER RESERVES AND RETAINED EARNINGS Retained earnings and other reserves 3,513,784 2,903,746 Additional paid in capital 60,666 60,666 Legal reserve 214,829 214,829 3,789,279 3,179,241 3,378,797 2,007,496
Currency translation reserve - Net investment hedge and Cost of hedging The changes in these captions for the year 2023 are as follows: THOUSAND EUROS NET INVESTMENT HEDGE COST OF HEDGING Balance as at 31 December 2022 -20,925 Changes in fair value 203,939 12,704 Tax effect fair value changes -49,411 -3,176 Transfer to income statement resulting from the sale of a foreign subsidiary -2,976 - Balance as at 31 December 2023 -639,118 -11,397
The changes in these captions for the year 2022 are as follows: THOUSAND EUROS NET INVESTMENT HEDGE COST OF HEDGING Balance as at 31 December 2021 -544,039 711 Changes in fair value -320,792 -28,849 Tax effect fair value changes 77,383 7,213 Transfer to income statement resulting from the sale of a foreign subsidiary -3,222 - Balance as at 31 December 2022 -790,670 -20,925
Additional paid in capital The accounting for transactions among entities under common control is excluded from IFRS 3. Consequently, in the absence of specific guidance, within IFRSs, the Group EDPR has adopted an accounting policy for such transactions, judged appropriate. According to the Group's policy, business combinations among entities under common control are accounted for in the consolidated financial statements using the book values of the acquired company (subgroup) in the EDPR consolidated financial statements. The difference between the carrying amount of the net assets received and the consideration paid is recognised in equity. Legal reserve The legal reserve has been appropriated in accordance with Article 274 of the Spanish Companies Act whereby companies are obliged to transfer 10% of the profits for the year to a legal reserve until such reserve reaches an amount equal to 20% of the share capital. This reserve is not distributable to shareholders and may only be used to offset losses, if no other reserves are available, or to increase the share capital. Results distribution (parent company) The EDP Renov\u00e1veis, S.A. Board of Directors proposal for 2023 results distribution to be presented in the Annual General Meeting is as follows: EUROS BASE FOR DISTRIBUTION Loss for the year 2023 -247,715,982 Prior years' losses 247,715,982 The Board of Directors of EDP Renov\u00e1veis, S.A. has agreed to propose to the Ordinary General Shareholders' Meeting to remunerate its shareholders through a flexible dividend (scrip dividend) for a maximum gross amount of 210,000 thousand Euros , so that they may elect to receive new issued shares of the Company or all or part of the remuneration in cash. The scrip dividend will be paid through the issue of free allotment rights for new shares and the subsequent execution of a capital increase, which the Board of Directors will propose to the Ordinary General Meeting of Shareholders, so that shareholders wishing to receive their remuneration in cash will do so by selling their free-of-charge allocation rights to the Company, which will undertake to purchase them at a guaranteed fixed price, the approval of which will also be proposed to the Annual General Meeting of Shareholders, or on the regulated market of Euronext Lisbon. Both the acquisition of the free-of-charge allocation rights by the Company and the capital increase will be charged against share premium at the date on which the Board of Directors, if any, resolves to execute them. Thus, the final aggregate gross amount of the scrip dividend will be equal to the sum of the amounts indicated below: (i) the result of multiplying the nominal value of the Company's shares (\u20ac5) by the number of shares issued in the capital increase, resulting from the conversion of the free-of- charge allocation rights outstanding after the end of the period for requesting the Company to exercise the purchase commitment or their sale on the market; plus (ii) (ii) the result of multiplying the guaranteed fixed price by the number of free-of-charge allocation rights acquired by the Company under the purchase commitment. At the date of preparation of these Consolidated Financial Statements, it is not possible to specify the amount of the scrip dividend or, consequently, the amount of the dividend to be charged to the results of the financial year 2023. Once the scrip dividend process has been completed, the final nominal amounts of the capital increase and of the cash remuneration to be applied to the share premium will be communicated as soon as the Board of Directors, or the person to whom it delegates the corresponding powers, determines them in accordance with the terms of the resolution to distribute the dividend corresponding to financial year 2023 and to increase the share capital, which the Board of Directors will propose to the Ordinary General Shareholders' Meeting in relation to the scrip dividend. The EDP Renov\u00e1veis, S.A. Board of Directors proposal for 2022 profits distribution was presented in the Annual General Meeting was as follows: EUROS BASE FOR DISTRIBUTION Loss for the year 2022 -220,662,410 Retained earnings from previous periods 240,139,541 DISTRIBUTION Prior years' losses -220,662,410 Dividends 240,139,541
Fair value reserve (cash flow hedge) The Fair value reserve (cash flow hedge) comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments. Fair value reserve (equity instruments at fair value) This reserve includes the cumulative net change in the fair value of equity instruments at fair value as at the balance sheet date: THOUSAND EUROS Balance as at 1 January 2021 4,146 Parque E\u00f3lico Montes de las Navas, S.L. 4,542 E\u00f3licas P\u00e1ramo de Poza, S.A. 10,352 Others 697 Balance as at 31 December 2022 19,737 Parque E\u00f3lico Montes de las Navas, S.L. -4,205 E\u00f3licas P\u00e1ramo de Poza, S.A. -3,918 Lhyfe, S.A.S. -7,664 Others -672 Balance as at 31 December 2023 3,278 Exchange differences arising on consolidation This caption reflects the amount arising on the translation of the financial statements of subsidiaries and associated companies from their functional currency into Euros. The most significant exchange rates used in the preparation of the consolidated financial statements are as follows: EXCHANGE RATES AT 31 DECEMBER 2023 EXCHANGE RATES AT 31 DECEMBER 2022 CLOSING RATE AVERAGE RATE CLOSING RATE AVERAGE RATE US Dollar USD 1.105 1.081 1.067 1.053 Polish Zloty PLN 4.348 4.544 4.690 4.688
EXCHANGE RATES AT 31 DECEMBER 2023 EXCHANGE RATES AT 31 DECEMBER 2022 CLOSING RATE AVERAGE RATE CLOSING RATE AVERAGE RATE Brazilian Real BRL 5.362 5.401 5.639 5.440 New Leu RON 4.975 4.946 4.947 4.931 Pound Sterling GBP 0.869 0.870 0.887 0.853 Canadian Dollar CAD 1.464 1.459 1.444 1.369 Mexican Peso MXN 18.690 19.167 20.781 21.198 Colombian Peso COP 4,222 4,677 5,133.687 4,470.960 Hungarian Forint HUF 382.800 381.853 400.87 391.286 Vietnamese Dong VND 26,807 25,828 25,182 24,601 Singaporian Dollar SGD 1.459 1.452 1.43 1.451
",
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"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f38465": {
"value": "EUROS BASE FOR DISTRIBUTION Loss for the year 2022 -220,662,410 Retained earnings from previous periods 240,139,541 DISTRIBUTION Prior years' losses -220,662,410 Dividends 240,139,541
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f38610": {
"value": "30. Non-controlling interests This caption is analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Non-controlling interests in income statement 150,421 200,871 Non-controlling interests in share capital and reserves 1,439,748 1,344,263 1,590,169 1,545,134 Non-controlling interests, by subgroup, are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 EDPR NA 905,241 912,461 EDPR EU 573,592 520,217 EDPR LATAM 67,026 65,131 EDPR APAC 44,310 47,325 1,590,169 1,545,134 The movement in non-controlling interests of EDP Renov\u00e1veis Group is mainly related to: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Balance as at 1 January 1,545,134 1,408,026 Dividends distribution -59,122 -62,867 Net profit for the year 150,421 200,871 Exchange differences arising on consolidation -18,089 55,916 Acquisitions and sales without change of control 7,106 -2,076 Increases/(Decreases) of share capital -36,353 -98,508 Other changes 1,072 43,772 Balance as at 31 December 1,590,169 1,545,134
",
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"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f38679": {
"value": "31. Financial debt Financial debt current and Non-current is analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 FINANCIAL DEBT - NON-CURRENT Bank loans: - EDPR EU 23,825 66,876 - EDPR LATAM 366,292 325,656 - EDPR NA 438,678 361,177 - EDPR APAC 184,349 182,886 Loans received from EDP group entities: - EDP Renov\u00e1veis, S.A. - 207,507 - EDP Renov\u00e1veis Servicios Financieros, S.L. 5,028,467 3,698,948 Other loans: - EDPR EU 358 15,374 - EDPR APAC 7,472 11,428 Total Debt and borrowings - Non-current 6,049,441 4,869,851 Collateral Deposit - Project Finance and others* - 31,914 -23,311 Total Collateral Deposits - Non-current - 31,914 -23,311 FINANCIAL DEBT - CURRENT Bank loans: - EDPR EU 155,094 318,482 - EDPR LATAM 91,529 9,393 - EDPR NA 24,900 37,455 - EDPR APAC 23,957 66,847 Loans received from EDP group entities: - EDP Renov\u00e1veis, S.A. 200,167 37,026 - EDP Renov\u00e1veis Servicios Financieros, S.L. 609,088 770,298 Other loans: - EDPR EU 4 1,207 - EDPR APAC 2,759 1,258 Interest payable 82,537 48,137 Total Debt and borrowings \u2013 Current 1,190,035 1,290,103 Collateral Deposit - Project Finance and others* - 35,213 -26,734 Total Collateral Deposits \u2013 Current - 35,213 -26,734 Total Debt and borrowings \u2013 Current and Non-current 7,239,476 6,159,954 Total Debt and borrowings net of collaterals \u2013 Current and Non- current 7,172,349 6,109,909
* Collateral deposits mainly refer to amounts held in bank accounts to comply with obligations under project finance agreements entered into by certain EDP Renewable subsidiaries. Loans received from EDP group entities current and non-current as of 31 December 2023 mainly refer to a set of loans granted by EDP Finance BV amounting to 4,566,019 thousand Euros (31 December 2022: 4,213,354 thousand Euros), including accrued interests and deducted of debt origination fees (4,028,467 thousand Euros non-current and 537,552 thousand Euros current) (31 December 2022: 3,906,456 thousand Euros non-current and 306,898 thousand Euros current) and by EDP Servicios Financieros Espa\u00f1a S.A. amounting to 1,000,000 thousand Euros non- current and 348,789 current (31 December 2022: 544,832 thousand euros current), the balance includes an amount related to cash pooling of 338,037 thousand Euros (31 December 2022: 311,807 thousand euros). The bundled average maturity regarding long-term loans is approximately 5 years and bear interest at weighted average fixed market rates of 3,85% for EUR loans and 4% for USD loans. In 2023, EDPR has received corporate loans from EDP Group for total amount of 1,685 million of Euros. The purpose of these corporate financings is to fund the growth of EDPR either paying new investments in acquisition of projects (mainly in Europe) and developing and construction costs of the EDPR pipeline. The main events regarding external financing and refinancing of the Group refers to: i) new debt in the Sunseap portfolio, (CNY 353,926,575.69, TWD 1,006,071,180 and VND 64,571,617,406), ii) Brazilian project of Monte Verde and Catanduba plus additional dispositions in existing projects resulting in 149,6 million Euros debt increase and iii) Amortization on existing project finance around 249 million of Euros. Regarding the new Corporate loans, two were contracted in 2023: a 1,000,000 thousand SGD were financed, with EDP Finance BV, on a 5 year tenor, at a variable rate, but with an interest rate swap of 70% over the notional amount of the loan, with an average all-in rate, at 31 of December of 4,86%; a 500,000 thousand Euros Loan and two 250,000 thousand euros with EDP Servicios Fi- nanceiros Espa\u00f1a SA also with a 5y tenor, at fixed rate, but due to the use of the pre-hedge executed, in 2022, by the EDPR group, the average all-in rate of this loan was set on 3,37%, 4,16% and 4,73% respectively. As at 31 December 2023, future debt and borrowings payments and accrued interest by type of loan and currency are analysed as follows: THOUSAND EUROS 2024 2025 2026 2027 2028 FOLLOW ING YEARS TOTAL BANK LOANS Euro 127,981 11,755 352 - - - 140,088 Polish Zlotych 20,707 8,873 3,564 - - - 33,144 American d\u00f3lar 23,941 22,435 22,446 77,861 55,095 190,676 392,454 Brazilian Real 95,577 24,318 28,906 30,093 31,292 237,341 447,527 Canadian d\u00f3lar 6,714 7,681 7,864 7,995 8,247 104,195 142,696 Singapore d\u00f3lar 5,724 27,435 - - - - 33,159 Other 20,732 12,942 13,038 14,936 17,616 56,215 135,479 301,376 115,439 76,170 130,885 112,250 588,427 1,324,547 LOANS RECEIVED FROM EDP GROUP Euro 338,082 - - - 500,000 500,000 1,338,082 American Dollar 539,009 225,241 478,054 452,489 - 2,187,329 3,882,122 Singapore Dolar 9,250 - - - 685,354 - 694,604 886,341 225,241 478,054 452,489 1,185,354 2,687,329 5,914,808 OTHER LOANS Euro 7 - - 358 - - 365 Other 2,831 - - - - 7,472 10,303 2,838 - - 358 - 7,472 10,668 Origination fees - 520 - - 18 - 349 - -9,660 -10,547 1,190,035 340,680 554,206 583,383 1,297,604 3,273,568 7,239,476 As at 31 December 2022, future debt and borrowings payments and accrued interest by type of loan and currency are analysed as follows: THOUSAND EUROS 2023 2024 2025 2026 2027 FOLLOWING YEARS TOTAL BANK LOANS Euro 302,990 25,224 11,755 158 - - 340,127 Polish Zlotych 15,938 19,121 8,226 3,901 - - 47,186 American d\u00f3lar 33,194 23,874 23,242 28,104 23,822 177,350 309,585 Brazilian Real 14,298 17,817 19,441 24,287 22,737 250,173 348,753 Canadian d\u00f3lar 6,338 6,442 7,789 7,974 8,107 114,015 150,665 Singapore d\u00f3lar 31,147 2,336 4,695 2,568 23,091 15,262 79,099 Other 32,526 12,226 12,846 9,752 11,082 31,156 109,588 436,431 107,040 87,994 76,743 88,839 587,956 1,385,002 LOANS RECEIVED FROM EDP GROUP Euro 589,224 - - - - 1,126,220 1,715,444 American Dollar 262,507 488,641 233,350 507,242 568,779 982,223 3,042,742 851,731 488,641 233,350 507,242 568,779 2,108,443 4,758,186 OTHER LOANS Euro 1,243 1,011 1,031 1,304 1,073 10,954 16,616 Other 1,305 - 11,428 - - - 12,733 2,549 1,011 12,459 1,304 1,073 10,954 29,350 Origination fees -607 - - -11,977 - - -12,584 1,290,103 596,692 333,803 573,312 658,691 2,707,353 6,159,954
namely the pledge or a promise of pledge of bank accounts and assets of the related projects. As of 31 December 2023, these financings amount to 1,034,866 thousand Euros (31 December 2022: 1,097,288 thousand Euros), which are included within the financial debt caption. At 31 December 2023 and 31 December 2022, the Group confirms the fulfilment of all the covenants of the Project Finance Portfolio under the Facilities Agreements. Additionally, there are no loans, as of 31 of De- cember 2023, that are being guaranteed by EDPR (31 December 2022 was 16,111 thousand Euros), due to an early repayment performed in June 2023. The fair value of EDP Renov\u00e1veis Group's debt is analysed as follows: 31 DEC 2023 31 DEC 2022 THOUSAND EUROS CARRYING VALUE* MARKET VALUE CARRYING VALUE* MARKET VALUE Financial debt - Non-current 6,049,441 5,311,864 4,869,851 4,196,714 Financial debt - Current 1,190,035 1,190,035 1,290,103 1,290,103 7,239,476 6,501,899 6,159,954 5,486,817 * Net of origination fees The market value of the medium/long-term (non-current) debt and borrowings that bear a fixed interest rate is calculated based on the discounted cash flows at the rates ruling at the balance sheet date. The market value of debt and borrowing that bear a floating interest rate is considered not to differ from its book value as these loans bear interest at a rate indexed to Euribor. The book
value of the short-term (current) debt and borrowings is considered to be the market value",
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"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f38681": {
"value": "31. Financial debt Financial debt current and Non-current is analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 FINANCIAL DEBT - NON-CURRENT Bank loans: - EDPR EU 23,825 66,876 - EDPR LATAM 366,292 325,656 - EDPR NA 438,678 361,177 - EDPR APAC 184,349 182,886 Loans received from EDP group entities: - EDP Renov\u00e1veis, S.A. - 207,507 - EDP Renov\u00e1veis Servicios Financieros, S.L. 5,028,467 3,698,948 Other loans: - EDPR EU 358 15,374 - EDPR APAC 7,472 11,428 Total Debt and borrowings - Non-current 6,049,441 4,869,851 Collateral Deposit - Project Finance and others* - 31,914 -23,311 Total Collateral Deposits - Non-current - 31,914 -23,311 FINANCIAL DEBT - CURRENT Bank loans: - EDPR EU 155,094 318,482 - EDPR LATAM 91,529 9,393 - EDPR NA 24,900 37,455 - EDPR APAC 23,957 66,847 Loans received from EDP group entities: - EDP Renov\u00e1veis, S.A. 200,167 37,026 - EDP Renov\u00e1veis Servicios Financieros, S.L. 609,088 770,298 Other loans: - EDPR EU 4 1,207 - EDPR APAC 2,759 1,258 Interest payable 82,537 48,137 Total Debt and borrowings \u2013 Current 1,190,035 1,290,103 Collateral Deposit - Project Finance and others* - 35,213 -26,734 Total Collateral Deposits \u2013 Current - 35,213 -26,734 Total Debt and borrowings \u2013 Current and Non-current 7,239,476 6,159,954 Total Debt and borrowings net of collaterals \u2013 Current and Non- current 7,172,349 6,109,909
* Collateral deposits mainly refer to amounts held in bank accounts to comply with obligations under project finance agreements entered into by certain EDP Renewable subsidiaries. Loans received from EDP group entities current and non-current as of 31 December 2023 mainly refer to a set of loans granted by EDP Finance BV amounting to 4,566,019 thousand Euros (31 December 2022: 4,213,354 thousand Euros), including accrued interests and deducted of debt origination fees (4,028,467 thousand Euros non-current and 537,552 thousand Euros current) (31 December 2022: 3,906,456 thousand Euros non-current and 306,898 thousand Euros current) and by EDP Servicios Financieros Espa\u00f1a S.A. amounting to 1,000,000 thousand Euros non- current and 348,789 current (31 December 2022: 544,832 thousand euros current), the balance includes an amount related to cash pooling of 338,037 thousand Euros (31 December 2022: 311,807 thousand euros). The bundled average maturity regarding long-term loans is approximately 5 years and bear interest at weighted average fixed market rates of 3,85% for EUR loans and 4% for USD loans. In 2023, EDPR has received corporate loans from EDP Group for total amount of 1,685 million of Euros. The purpose of these corporate financings is to fund the growth of EDPR either paying new investments in acquisition of projects (mainly in Europe) and developing and construction costs of the EDPR pipeline. The main events regarding external financing and refinancing of the Group refers to: i) new debt in the Sunseap portfolio, (CNY 353,926,575.69, TWD 1,006,071,180 and VND 64,571,617,406), ii) Brazilian project of Monte Verde and Catanduba plus additional dispositions in existing projects resulting in 149,6 million Euros debt increase and iii) Amortization on existing project finance around 249 million of Euros. Regarding the new Corporate loans, two were contracted in 2023: a 1,000,000 thousand SGD were financed, with EDP Finance BV, on a 5 year tenor, at a variable rate, but with an interest rate swap of 70% over the notional amount of the loan, with an average all-in rate, at 31 of December of 4,86%; a 500,000 thousand Euros Loan and two 250,000 thousand euros with EDP Servicios Fi- nanceiros Espa\u00f1a SA also with a 5y tenor, at fixed rate, but due to the use of the pre-hedge executed, in 2022, by the EDPR group, the average all-in rate of this loan was set on 3,37%, 4,16% and 4,73% respectively. As at 31 December 2023, future debt and borrowings payments and accrued interest by type of loan and currency are analysed as follows: THOUSAND EUROS 2024 2025 2026 2027 2028 FOLLOW ING YEARS TOTAL BANK LOANS Euro 127,981 11,755 352 - - - 140,088 Polish Zlotych 20,707 8,873 3,564 - - - 33,144 American d\u00f3lar 23,941 22,435 22,446 77,861 55,095 190,676 392,454 Brazilian Real 95,577 24,318 28,906 30,093 31,292 237,341 447,527 Canadian d\u00f3lar 6,714 7,681 7,864 7,995 8,247 104,195 142,696 Singapore d\u00f3lar 5,724 27,435 - - - - 33,159 Other 20,732 12,942 13,038 14,936 17,616 56,215 135,479 301,376 115,439 76,170 130,885 112,250 588,427 1,324,547 LOANS RECEIVED FROM EDP GROUP Euro 338,082 - - - 500,000 500,000 1,338,082 American Dollar 539,009 225,241 478,054 452,489 - 2,187,329 3,882,122 Singapore Dolar 9,250 - - - 685,354 - 694,604 886,341 225,241 478,054 452,489 1,185,354 2,687,329 5,914,808 OTHER LOANS Euro 7 - - 358 - - 365 Other 2,831 - - - - 7,472 10,303 2,838 - - 358 - 7,472 10,668 Origination fees - 520 - - 18 - 349 - -9,660 -10,547 1,190,035 340,680 554,206 583,383 1,297,604 3,273,568 7,239,476 As at 31 December 2022, future debt and borrowings payments and accrued interest by type of loan and currency are analysed as follows: THOUSAND EUROS 2023 2024 2025 2026 2027 FOLLOWING YEARS TOTAL BANK LOANS Euro 302,990 25,224 11,755 158 - - 340,127 Polish Zlotych 15,938 19,121 8,226 3,901 - - 47,186 American d\u00f3lar 33,194 23,874 23,242 28,104 23,822 177,350 309,585 Brazilian Real 14,298 17,817 19,441 24,287 22,737 250,173 348,753 Canadian d\u00f3lar 6,338 6,442 7,789 7,974 8,107 114,015 150,665 Singapore d\u00f3lar 31,147 2,336 4,695 2,568 23,091 15,262 79,099 Other 32,526 12,226 12,846 9,752 11,082 31,156 109,588 436,431 107,040 87,994 76,743 88,839 587,956 1,385,002 LOANS RECEIVED FROM EDP GROUP Euro 589,224 - - - - 1,126,220 1,715,444 American Dollar 262,507 488,641 233,350 507,242 568,779 982,223 3,042,742 851,731 488,641 233,350 507,242 568,779 2,108,443 4,758,186 OTHER LOANS Euro 1,243 1,011 1,031 1,304 1,073 10,954 16,616 Other 1,305 - 11,428 - - - 12,733 2,549 1,011 12,459 1,304 1,073 10,954 29,350 Origination fees -607 - - -11,977 - - -12,584 1,290,103 596,692 333,803 573,312 658,691 2,707,353 6,159,954
The Group has project finance funding that include the usual guarantees on this type of financings, namely the pledge or a promise of pledge of bank accounts and assets of the related projects. As of 31 December 2023, these financings amount to 1,034,866 thousand Euros (31 December 2022: 1,097,288 thousand Euros), which are included within the financial debt caption. At 31 December 2023 and 31 December 2022, the Group confirms the fulfilment of all the covenants of the Project Finance Portfolio under the Facilities Agreements. Additionally, there are no loans, as of 31 of De- cember 2023, that are being guaranteed by EDPR (31 December 2022 was 16,111 thousand Euros), due to an early repayment performed in June 2023. The fair value of EDP Renov\u00e1veis Group's debt is analysed as follows: 31 DEC 2023 31 DEC 2022 THOUSAND EUROS CARRYING VALUE* MARKET VALUE CARRYING VALUE* MARKET VALUE Financial debt - Non-current 6,049,441 5,311,864 4,869,851 4,196,714 Financial debt - Current 1,190,035 1,190,035 1,290,103 1,290,103 7,239,476 6,501,899 6,159,954 5,486,817 * Net of origination fees The market value of the medium/long-term (non-current) debt and borrowings that bear a fixed interest rate is calculated based on the discounted cash flows at the rates ruling at the balance sheet date. The market value of debt and borrowing that bear a floating interest rate is considered not to differ from its book value as these loans bear interest at a rate indexed to Euribor. The book
value of the short-term (current) debt and borrowings is considered to be the market value. 35. Other liabilities and other payables Other liabilities and other payables are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022(*) OTHER LIABILITIES AND OTHER PAYABLES \u2013 NON-CURRENT Amount payable for changes in the perimeter 66,032 71,035 Loans from non-controlling interests 68,394 82,895 Derivative financial instruments 584,827 1,335,600 Rents due from lease contracts 927,063 966,932 Other creditors and sundry operations 345,469 347,830 1,991,785 2,804,292 OTHER LIABILITIES AND OTHER PAYABLES \u2013 CURRENT Amount payable for changes in the perimeter 114,191 229,186 Derivative financial instruments 266,014 647,419 Loans from non-controlling interests 21,067 17,407 Rents due from lease contracts 77,442 72,889 Other creditors and sundry operations 130,166 43,343 608,880 1,010,244 2,600,665 3,814,536 * See note 2.A) for details regarding the restatement as a result of the Purchase Price Allocation assessment closing during 2023. The caption Loans from non-controlling interests Current and Non-Current mainly includes: \u2022 Loans granted by ACE Portugal (CTG Group) due to the sale in 2017 of 49% of shareholding in EDPR PT \u2013 Parques E\u00f3licos S.A and subsidiaries for a total amount of 15,382 thousand Euros, including accrued interests (20,713 thousand Euros as of 31 December 2022), bearing interest at a fixed rate of 3.75%; \u2022 Loans granted by ACE Poland (CTG Group) due to the sale in 2016 of 49% of shareholding in EDP Renewables Polska HoldCo, S.A. and subsidiaries for a total amount of 35,390 thousand Euros including accrued interests (41,026 thousand Euros as at 31 December 2022), bearing interest at a fixed rate of a range between 2.95% and 7.23%; \u2022 Loans granted by ACE Italy (CTG Group) due to the sale in 2016 of 49% of shareholding in EDP Renewables Italia, S.r.l. and subsidiaries for a total amount of 30,527 thousand Euros including accrued interests (31,954 thousand Euros as at 31 December 2022), bearing interest at a fixed rate of 4.50%. The caption Rents due from lease contracts - Non-Current and Current includes lease liabilities related to IFRS 16. Variation in both captions is as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Balance as at 1 January 1,039,821 698,527 Increases due to new lease contracts 114,347 327,487 Unwinding (note 14) 34,706 33,612 Payment of leases -61,686 -54,612 Exchange differences -20,167 28,590 Changes in the perimeter and other changes -102,516 6,217 Balance at the end of the period 1,004,505 1,039,821
Increases due to new lease contracts are mainly located in the USA, Spain and APAC. Changes in the perimeter and other changes in 2023 mainly refers to: \u2022 Decrease amounting to 22,205 thousand Euros due to the sale of certain portfolio of European companies; \u2022 Decrease amounting to 57,478 thousand Euros due to the reclassification to held for sale of certain US companies (see note 27). Changes in the perimeter and other changes in 2022 mainly refers to: \u2022 Increase amounting to 40,581 thousand Euros related to the acquisition of Sunseap Group; \u2022 Decrease amounting to 10,072 thousand Euros due to the sale of certain portfolio of European companies; \u2022 Decrease amounting to 24,302 thousand Euros due to the sale of a company in North America. As at 31 December 2023, the nominal value of the rents due from lease contracts is detailed as follows: (i) less than 5 years: 403,062 thousand Euros; (ii) from 5 to 10 years: 371,430 thousand Euros; (iii) from 10 to 15 years: 359,552 thousand Euros; and (iv) more than 15 years: 734,831 thousand Euros. The captions amount payable for changes in the perimeter non-current and current mainly include in 2023: \u2022 Decrease amounting to 24,933 thousand Euros in the caption non-current related to the payment of the variable price associated to the sale transaction of the company Vento XX and subsidiaries; \u2022 Decrease amounting to 76,837 thousand Euros in the caption current refers to payment during 2023 for the remaining cost related to the projects Indiana Crossroads Wind Farm LLC, Meadow Lake Solar Park LLC, Rosewater and Vento V. The captions amount payable for changes in the perimeter non-current and current mainly included in 2022: \u2022 Increase amounting to 71,035 thousand Euros in the caption non-current related to the acquisition of Kronos Group (see note 42); \u2022 Decrease amounting to 20,395 thousand Euros in the caption non-current related to the payment of the variable price associated to the sale transaction of the company Vento XX and subsidiaries; \u2022 Increase amounting to 41,288 thousand Euros in the caption current related to the acquisition of Xuan Thien Ninh Thuan JSC and Xuan Thien Thuan Vac JSC (see note 42); \u2022 Increase amounting to 166,510 thousand Euros in the caption current related to the remaining cost to pay, mainly, for the projects Meadow Lake Solar Park LLC, Rosewater and Vento XX; \u2022 Decrease amounting to 39,549 thousand Euros in the caption current refers to payment during 2022 for the remaining cost related to the project Indiana Crossroads Wind Farm LLC. The caption other creditors and sundry operations non-current mainly includes as at 31 December 2023 the present value accrued for the put options associated to the Sunseap Group acquisition in the amount of 40,173 thousand Euros (40,991 thousand Euros as at 31 December 2022) and Kronos Group in the amount of 301,944 thousand Euros (341,996 thousand Euros as at 31 December 2022) (see note 19 and 2.A). As at 31 December 2022 the caption other creditors and sundry operations current included 15,451 thousand Euros related to the put option associated to the Sunseap Group which has been executed by EDPR in 2023 (see note 6). The caption other creditors and sundry operations current mainly includes as at 31 December 2023 i) an amount of 6,303 thousand Euros related to the acquisition of ITPD Group (see note 42); ii) an amount of 5,380 thousand Euros related to the acquisition of Kronos Group in 2022 which has been reclassified from the caption amount payable for changes in the perimeter non-current; iii) 22,669 thousand Euros related to certain cost outstanding in relation to the portfolio sold in Poland and iv) 17,100 thousand Euros related to dividends to non-controlling interest. In addition the caption includes 41,950 thousand Euros related to the balance of tax pooling with the head of the Spanish tax Group, EDP - Energias de Portugal, S.A. Sucursal en Espa\u00f1a. The fair values and carrying amounts of current trade and other payables do not differ significantly.
See note 37 for non-current and current derivatives. THOUSAND EUROS 31 DEC 2023 31 DEC 2022 FINANCIAL DEBT - NON-CURRENT Bank loans: - EDPR EU 23,825 66,876 - EDPR LATAM 366,292 325,656 - EDPR NA 438,678 361,177 - EDPR APAC 184,349 182,886 Loans received from EDP group entities: - EDP Renov\u00e1veis, S.A. - 207,507 - EDP Renov\u00e1veis Servicios Financieros, S.L. 5,028,467 3,698,948 Other loans: - EDPR EU 358 15,374 - EDPR APAC 7,472 11,428 Total Debt and borrowings - Non-current 6,049,441 4,869,851 Collateral Deposit - Project Finance and others* - 31,914 -23,311 Total Collateral Deposits - Non-current - 31,914 -23,311 FINANCIAL DEBT - CURRENT Bank loans: - EDPR EU 155,094 318,482 - EDPR LATAM 91,529 9,393 - EDPR NA 24,900 37,455 - EDPR APAC 23,957 66,847 Loans received from EDP group entities: - EDP Renov\u00e1veis, S.A. 200,167 37,026 - EDP Renov\u00e1veis Servicios Financieros, S.L. 609,088 770,298 Other loans: - EDPR EU 4 1,207 - EDPR APAC 2,759 1,258 Interest payable 82,537 48,137 Total Debt and borrowings \u2013 Current 1,190,035 1,290,103 Collateral Deposit - Project Finance and others* - 35,213 -26,734 Total Collateral Deposits \u2013 Current - 35,213 -26,734 Total Debt and borrowings \u2013 Current and Non-current 7,239,476 6,159,954 Total Debt and borrowings net of collaterals \u2013 Current and Non- current 7,172,349 6,109,909
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f39171": {
"value": "32. Provisions Provisions are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Dismantling and decommission provisions 294,730 264,756 Provision for other liabilities and charges 24,416 4,989 Long-term provision for other liabilities and charges 20,356 4,266 Short-term provision for other liabilities and charges 4,060 723 Employee benefits 660 468 319,806 270,213 Dismantling and decommission provisions refer to the costs to be incurred for dismantling wind and solar farms and restoring sites and land to their original condition, in accordance with the corresponding accounting policy. The above amount mainly refers to: (i) 133,033 thousand Euros for wind farms and solar plants in North America (31 December 2022: 140,723 thousand Euros); (ii) 116,758 thousand Euros for wind farms and solar plants in Europe (31 December 2022: 110,441 thousand Euros); (iii) 40,330 thousand Euros for wind farms and solar plants in APAC (31 December 2022: 10,913 thousand Euros) and (iv) 4,609 thousand Euros for wind farms and solar plants in LATAM (31 December 2022: 2,679 thousand Euros). The variation during the year ended 31 December 2023 in the dismantling provision is mainly explained by: \u2022 Increase in the amount of 25,495 thousand Euros for projects that have reached the COD during the period ended 31 December 2023 (31 December 2022: 9.841 thousand Euros); \u2022 Increase in the amount of 4,355 thousand Euros related to the Longroad acquisition (see note 6) and 640 thousand Euros related to the Juan de Bargas E\u00f3lica, S.L. acquisition. \u2022 Decrease in the amount of 7,937 thousand euros for the sale of various projects in Europe and LATAM (See note 6); \u2022 Decrease in the amount of 2,447 thousand euros for projects under held for sale in North America (see note 27); \u2022 Increase for the unwinding charged for the period ended 31 December 2023 amounted to 11,270 thousand Euros. \u2022 Increase in the amount of 4,849 thousand Euros due to the purchase price allocation from the acquisition of Longroad during 2022 and 2023 (see note 19); \u2022 Update on the estimated dismantling cost according to an in-deep analysis performed by the EDPR's technical department as well as update in the discount and inflation rates used for determining the provisions, with a net impact of a decrease in the amount of 1,489 thousand Euros. \u2022 Decrease in the amount of 4,762 thousand Euros related to the effect of the exchange rates variation, and mainly for the US Dollar. EDP Renov\u00e1veis believes that the provisions booked on the consolidated statement of financial position adequately cover the foreseeable obligations described in this note. Therefore, it is not expected that they will give rise to liabilities in addition to those recorded.
34. Trade and other payables from commercial activities Trade and other payables from commercial activities are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 TRADE AND OTHER PAYABLES FROM COMMERCIAL ACTIVITIES - NON-CURRENT Government grants / subsidies for investments in fixed assets 293,102 317,446 Electricity sale contracts - EDPR NA 3,397 4,353 Property, plant and equipment suppliers 196,195 202,826 Other creditors and sundry operations 79,485 108,424 572,179 633,049 TRADE AND OTHER PAYABLES FROM COMMERCIAL ACTIVITIES \u2013 CURRENT Suppliers 245,300 248,577 Property, plant and equipment suppliers 2,642,857 2,387,080 Other creditors and sundry operations 253,950 283,087 3,142,107 2,918,744 3,714,286 3,551,793 Government grants for investments in fixed assets are essentially related to grants received by EDPR NA subgroup under the American Recovery and Reinvestment Act promoted by the United States of America Government.
Property plant and equipment suppliers-non-current mainly includes success fees payables in the long term for the acquisition of certain projects in Colombia for a total amount of 46,094 thousand Euros (47,754 thousand Euros as of December 31, 2022), the United States for a total amount of 25,529 thousand Euros (46,600 thousand Euros as of December 31, 2022), UK for a total amount of 26,956 thousand Euros (32,754 thousand Euros as of December 31, 2022), Greece for a total amount of thousand Euros 24,757 (32,687 thousand Euros as of December 31, 2022), Italy for a total amount of 20,000 thousand Euros, Poland for a total amount of 12,755 thousand Euros (22,155 thousand Euros as of December 31, 2022), Romania for a total amount of 18,179 thousand Euros (13,396 thousand Euros as of December 31, 2022), Brazil for a total amount 17,585 thousand Euros and Portugal for a total amount of 4,500 thousand Euros that, due to the nature of such transactions, the type of assets acquired and the initial stage of completion of the projects, they have been considered asset acquisitions (see note 6). The main variation in this caption is due to the acquisition of various projects in North America and Europe and payments made in Europe. Variation in other creditors and sundry operations \u2013 non-current is mainly explained by the evolution of the energy pool prices in the Spanish market related to the establishment of the pool boundaries adjustment as a result of the publication of Royal Decree-Law 413/2014 and Order IET/1045/2014, and the regulatory reforms established by Royal Decree-Law 6/2022 and Royal Decree-Law 10/2022. The balance of such concept as at 31 December 2023 amounts to a credit amount of 41,222 thousand Euros (87,369 thousand Euros as at 31 December 2022) of which a debit amount of 12,733 thousand Euros refers to the current 2023 semi-period, a credit amount of 45,276 thousand Euros refers to the 2020-2021 and 2022 semi-periods, a credit amount of 11,405 thousand Euros refers to the 2017-2019 semi-period and a debit amount of 2,726 thousand Euros refers to the 2014-2016 semi-period. The movements during the period, which has been recorded under the revenues caption of the consolidated income statement, are mainly related to: \u2022 Decrease amounting to 15,540 thousand Euros as a result of the adjustment for the current 2023 period. \u2022 Decrease amounting to 10,826 thousand Euros as a result of the straight-line basis recognition according to the EDPR accounting policy. \u2022 Decrease amounting to 19,780 thousand Euros as a result of the sale of certain portfolio in Spain (see note 6). Because of the high electricity prices that were occurring in the Spanish market in 2022, considering the market prices until December 2022 and updated in December 2023, the EDPR Group facilities whose commissioning was in the years 2006, and 2007 will reach net present value equal to zero before the next regulatory semi-period (2026) instead of at the end of the regulatory useful life of the facility. Thus, EDPR Group had stopped recognizing, for these installations, adjustments for deviations from market prices, and had derecognized the net accruals (assets & liabilities). The accounting impact as at 31 December 2022, in the amount of 40,324 thousand Euros, had been recorded as an increase under the revenues caption of the consolidated income statement. Variation in suppliers, is cause by the normal course of the business. Property plant and equipment suppliers - current refer to wind and solar farms in construction mainly in the United States in the amount of 1,855,254 thousand Euros (1,225,554 thousand Euros as of December 31, 2022), Italy in the amount of 134,636 thousand Euros (31 December 2022: 69,769 thousand Euros), Canada in the amount of 87,711 thousand Euros (31 December 2022: 108,275 thousand Euros), Brazil in the amount of 77,870 thousand Euros, Colombia in the amount of 71,154 thousand Euros (31 December 2022: 356,474 thousand Euros), Greece in the amount of 57,464 thousand Euros, Spain in the amount of 54,623 thousand Euros (31 December 2022: 73,724 thousand Euros), Mexico in the amount of 51,269 thousand Euros (31 December 2022: 74,769 thousand Euros), Chile in the amount of 46,316 thousand Euros, Portugal in the amount of 28,040 thousand Euros (31 December 2022: 97,709 thousand Euros) and Poland in the amount of 25,931 thousand Euros (31 December 2022: 172,308 thousand Euros). The caption Property plant and equipment suppliers -current also includes success fees payables for the acquisition of certain projects in the amount of 125,491 thousand Euros (31 December 2022: 141,838 thousand Euros) mainly in the United States, Colombia, UK, Greece, Italy, Romania and Poland that due to the nature of such transactions, the type of assets acquired and the initial stage of completion of the projects, they have been considered asset acquisitions. The fair values and carrying amounts of current trade and other payables do not differ significantly. The Company has prepared the below information for Spanish subsidiaries, according to criterion required by the Spanish Accounting and Auditing Institute (ICAC) resolution of 29 January 2017 and the requirements introduced by the Law 18/2022 approved in 2022 on disclosures in notes to financial statements of late payments to suppliers in commercial transactions:
THOUSAND EUROS 31 DEC 2023 31 DEC 2022 DAYS Average payment period 33 35 Ratio paid operations 34 37 Ratio of pending operations 21 24 Total payments made 203,724 202,121 Total outstanding payments 19,802 28,799 In 2023, total number of invoices paid by Spanish companies within the legal payment period amounted to 36,259 invoices, 93% of total invoices, while the payments made within the legal payment period amounted to 184,710 thousand Euros, which represents 91% of total payments. The average supplier payment period was of 33 days, below the payment period stipulated by law of 60 days.
35. Other liabilities and other payables Other liabilities and other payables are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022(*) OTHER LIABILITIES AND OTHER PAYABLES \u2013 NON-CURRENT Amount payable for changes in the perimeter 66,032 71,035 Loans from non-controlling interests 68,394 82,895 Derivative financial instruments 584,827 1,335,600 Rents due from lease contracts 927,063 966,932 Other creditors and sundry operations 345,469 347,830 1,991,785 2,804,292 OTHER LIABILITIES AND OTHER PAYABLES \u2013 CURRENT Amount payable for changes in the perimeter 114,191 229,186 Derivative financial instruments 266,014 647,419 Loans from non-controlling interests 21,067 17,407 Rents due from lease contracts 77,442 72,889 Other creditors and sundry operations 130,166 43,343 608,880 1,010,244 2,600,665 3,814,536 * See note 2.A) for details regarding the restatement as a result of the Purchase Price Allocation assessment closing during 2023. The caption Loans from non-controlling interests Current and Non-Current mainly includes: \u2022 Loans granted by ACE Portugal (CTG Group) due to the sale in 2017 of 49% of shareholding in EDPR PT \u2013 Parques E\u00f3licos S.A and subsidiaries for a total amount of 15,382 thousand Euros, including accrued interests (20,713 thousand Euros as of 31 December 2022), bearing interest at a fixed rate of 3.75%; \u2022 Loans granted by ACE Poland (CTG Group) due to the sale in 2016 of 49% of shareholding in EDP Renewables Polska HoldCo, S.A. and subsidiaries for a total amount of 35,390 thousand Euros including accrued interests (41,026 thousand Euros as at 31 December 2022), bearing interest at a fixed rate of a range between 2.95% and 7.23%; \u2022 Loans granted by ACE Italy (CTG Group) due to the sale in 2016 of 49% of shareholding in EDP Renewables Italia, S.r.l. and subsidiaries for a total amount of 30,527 thousand Euros including accrued interests (31,954 thousand Euros as at 31 December 2022), bearing interest at a fixed rate of 4.50%. The caption Rents due from lease contracts - Non-Current and Current includes lease liabilities related to IFRS 16. Variation in both captions is as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Balance as at 1 January 1,039,821 698,527 Increases due to new lease contracts 114,347 327,487 Unwinding (note 14) 34,706 33,612 Payment of leases -61,686 -54,612 Exchange differences -20,167 28,590 Changes in the perimeter and other changes -102,516 6,217 Balance at the end of the period 1,004,505 1,039,821
Increases due to new lease contracts are mainly located in the USA, Spain and APAC. Changes in the perimeter and other changes in 2023 mainly refers to: \u2022 Decrease amounting to 22,205 thousand Euros due to the sale of certain portfolio of European companies; \u2022 Decrease amounting to 57,478 thousand Euros due to the reclassification to held for sale of certain US companies (see note 27). Changes in the perimeter and other changes in 2022 mainly refers to: \u2022 Increase amounting to 40,581 thousand Euros related to the acquisition of Sunseap Group; \u2022 Decrease amounting to 10,072 thousand Euros due to the sale of certain portfolio of European companies; \u2022 Decrease amounting to 24,302 thousand Euros due to the sale of a company in North America. As at 31 December 2023, the nominal value of the rents due from lease contracts is detailed as follows: (i) less than 5 years: 403,062 thousand Euros; (ii) from 5 to 10 years: 371,430 thousand Euros; (iii) from 10 to 15 years: 359,552 thousand Euros; and (iv) more than 15 years: 734,831 thousand Euros. The captions amount payable for changes in the perimeter non-current and current mainly include in 2023: \u2022 Decrease amounting to 24,933 thousand Euros in the caption non-current related to the payment of the variable price associated to the sale transaction of the company Vento XX and subsidiaries; \u2022 Decrease amounting to 76,837 thousand Euros in the caption current refers to payment during 2023 for the remaining cost related to the projects Indiana Crossroads Wind Farm LLC, Meadow Lake Solar Park LLC, Rosewater and Vento V. The captions amount payable for changes in the perimeter non-current and current mainly included in 2022: \u2022 Increase amounting to 71,035 thousand Euros in the caption non-current related to the acquisition of Kronos Group (see note 42); \u2022 Decrease amounting to 20,395 thousand Euros in the caption non-current related to the payment of the variable price associated to the sale transaction of the company Vento XX and subsidiaries; \u2022 Increase amounting to 41,288 thousand Euros in the caption current related to the acquisition of Xuan Thien Ninh Thuan JSC and Xuan Thien Thuan Vac JSC (see note 42); \u2022 Increase amounting to 166,510 thousand Euros in the caption current related to the remaining cost to pay, mainly, for the projects Meadow Lake Solar Park LLC, Rosewater and Vento XX; \u2022 Decrease amounting to 39,549 thousand Euros in the caption current refers to payment during 2022 for the remaining cost related to the project Indiana Crossroads Wind Farm LLC. The caption other creditors and sundry operations non-current mainly includes as at 31 December 2023 the present value accrued for the put options associated to the Sunseap Group acquisition in the amount of 40,173 thousand Euros (40,991 thousand Euros as at 31 December 2022) and Kronos Group in the amount of 301,944 thousand Euros (341,996 thousand Euros as at 31 December 2022) (see note 19 and 2.A). As at 31 December 2022 the caption other creditors and sundry operations current included 15,451 thousand Euros related to the put option associated to the Sunseap Group which has been executed by EDPR in 2023 (see note 6). The caption other creditors and sundry operations current mainly includes as at 31 December 2023 i) an amount of 6,303 thousand Euros related to the acquisition of ITPD Group (see note 42); ii) an amount of 5,380 thousand Euros related to the acquisition of Kronos Group in 2022 which has been reclassified from the caption amount payable for changes in the perimeter non-current; iii) 22,669 thousand Euros related to certain cost outstanding in relation to the portfolio sold in Poland and iv) 17,100 thousand Euros related to dividends to non-controlling interest. In addition the caption includes 41,950 thousand Euros related to the balance of tax pooling with the head of the Spanish tax Group, EDP - Energias de Portugal, S.A. Sucursal en Espa\u00f1a. The fair values and carrying amounts of current trade and other payables do not differ significantly.
See note 37 for non-current and current derivatives. 32. Provisions Provisions are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Dismantling and decommission provisions 294,730 264,756 Provision for other liabilities and charges 24,416 4,989 Long-term provision for other liabilities and charges 20,356 4,266 Short-term provision for other liabilities and charges 4,060 723 Employee benefits 660 468 319,806 270,213 Dismantling and decommission provisions refer to the costs to be incurred for dismantling wind and solar farms and restoring sites and land to their original condition, in accordance with the corresponding accounting policy. The above amount mainly refers to: (i) 133,033 thousand Euros for wind farms and solar plants in North America (31 December 2022: 140,723 thousand Euros); (ii) 116,758 thousand Euros for wind farms and solar plants in Europe (31 December 2022: 110,441 thousand Euros); (iii) 40,330 thousand Euros for wind farms and solar plants in APAC (31 December 2022: 10,913 thousand Euros) and (iv) 4,609 thousand Euros for wind farms and solar plants in LATAM (31 December 2022: 2,679 thousand Euros). The variation during the year ended 31 December 2023 in the dismantling provision is mainly explained by: \u2022 Increase in the amount of 25,495 thousand Euros for projects that have reached the COD during the period ended 31 December 2023 (31 December 2022: 9.841 thousand Euros); \u2022 Increase in the amount of 4,355 thousand Euros related to the Longroad acquisition (see note 6) and 640 thousand Euros related to the Juan de Bargas E\u00f3lica, S.L. acquisition. \u2022 Decrease in the amount of 7,937 thousand euros for the sale of various projects in Europe and LATAM (See note 6); \u2022 Decrease in the amount of 2,447 thousand euros for projects under held for sale in North America (see note 27); \u2022 Increase for the unwinding charged for the period ended 31 December 2023 amounted to 11,270 thousand Euros. \u2022 Increase in the amount of 4,849 thousand Euros due to the purchase price allocation from the acquisition of Longroad during 2022 and 2023 (see note 19); \u2022 Update on the estimated dismantling cost according to an in-deep analysis performed by the EDPR's technical department as well as update in the discount and inflation rates used for determining the provisions, with a net impact of a decrease in the amount of 1,489 thousand Euros. \u2022 Decrease in the amount of 4,762 thousand Euros related to the effect of the exchange rates variation, and mainly for the US Dollar. EDP Renov\u00e1veis believes that the provisions booked on the consolidated statement of financial position adequately cover the foreseeable obligations described in this note. Therefore, it is not expected that they will give rise to liabilities in addition to those recorded.
",
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}
},
"f39314": {
"value": "34. Trade and other payables from commercial activities Trade and other payables from commercial activities are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 TRADE AND OTHER PAYABLES FROM COMMERCIAL ACTIVITIES - NON-CURRENT Government grants / subsidies for investments in fixed assets 293,102 317,446 Electricity sale contracts - EDPR NA 3,397 4,353 Property, plant and equipment suppliers 196,195 202,826 Other creditors and sundry operations 79,485 108,424 572,179 633,049 TRADE AND OTHER PAYABLES FROM COMMERCIAL ACTIVITIES \u2013 CURRENT Suppliers 245,300 248,577 Property, plant and equipment suppliers 2,642,857 2,387,080 Other creditors and sundry operations 253,950 283,087 3,142,107 2,918,744 3,714,286 3,551,793 Government grants for investments in fixed assets are essentially related to grants received by EDPR NA subgroup under the American Recovery and Reinvestment Act promoted by the United States of America Government.
Property plant and equipment suppliers-non-current mainly includes success fees payables in the long term for the acquisition of certain projects in Colombia for a total amount of 46,094 thousand Euros (47,754 thousand Euros as of December 31, 2022), the United States for a total amount of 25,529 thousand Euros (46,600 thousand Euros as of December 31, 2022), UK for a total amount of 26,956 thousand Euros (32,754 thousand Euros as of December 31, 2022), Greece for a total amount of thousand Euros 24,757 (32,687 thousand Euros as of December 31, 2022), Italy for a total amount of 20,000 thousand Euros, Poland for a total amount of 12,755 thousand Euros (22,155 thousand Euros as of December 31, 2022), Romania for a total amount of 18,179 thousand Euros (13,396 thousand Euros as of December 31, 2022), Brazil for a total amount 17,585 thousand Euros and Portugal for a total amount of 4,500 thousand Euros that, due to the nature of such transactions, the type of assets acquired and the initial stage of completion of the projects, they have been considered asset acquisitions (see note 6). The main variation in this caption is due to the acquisition of various projects in North America and Europe and payments made in Europe. Variation in other creditors and sundry operations \u2013 non-current is mainly explained by the evolution of the energy pool prices in the Spanish market related to the establishment of the pool boundaries adjustment as a result of the publication of Royal Decree-Law 413/2014 and Order IET/1045/2014, and the regulatory reforms established by Royal Decree-Law 6/2022 and Royal Decree-Law 10/2022. The balance of such concept as at 31 December 2023 amounts to a credit amount of 41,222 thousand Euros (87,369 thousand Euros as at 31 December 2022) of which a debit amount of 12,733 thousand Euros refers to the current 2023 semi-period, a credit amount of 45,276 thousand Euros refers to the 2020-2021 and 2022 semi-periods, a credit amount of 11,405 thousand Euros refers to the 2017-2019 semi-period and a debit amount of 2,726 thousand Euros refers to the 2014-2016 semi-period. The movements during the period, which has been recorded under the revenues caption of the consolidated income statement, are mainly related to: \u2022 Decrease amounting to 15,540 thousand Euros as a result of the adjustment for the current 2023 period. \u2022 Decrease amounting to 10,826 thousand Euros as a result of the straight-line basis recognition according to the EDPR accounting policy. \u2022 Decrease amounting to 19,780 thousand Euros as a result of the sale of certain portfolio in Spain (see note 6). Because of the high electricity prices that were occurring in the Spanish market in 2022, considering the market prices until December 2022 and updated in December 2023, the EDPR Group facilities whose commissioning was in the years 2006, and 2007 will reach net present value equal to zero before the next regulatory semi-period (2026) instead of at the end of the regulatory useful life of the facility. Thus, EDPR Group had stopped recognizing, for these installations, adjustments for deviations from market prices, and had derecognized the net accruals (assets & liabilities). The accounting impact as at 31 December 2022, in the amount of 40,324 thousand Euros, had been recorded as an increase under the revenues caption of the consolidated income statement. Variation in suppliers, is cause by the normal course of the business. Property plant and equipment suppliers - current refer to wind and solar farms in construction mainly in the United States in the amount of 1,855,254 thousand Euros (1,225,554 thousand Euros as of December 31, 2022), Italy in the amount of 134,636 thousand Euros (31 December 2022: 69,769 thousand Euros), Canada in the amount of 87,711 thousand Euros (31 December 2022: 108,275 thousand Euros), Brazil in the amount of 77,870 thousand Euros, Colombia in the amount of 71,154 thousand Euros (31 December 2022: 356,474 thousand Euros), Greece in the amount of 57,464 thousand Euros, Spain in the amount of 54,623 thousand Euros (31 December 2022: 73,724 thousand Euros), Mexico in the amount of 51,269 thousand Euros (31 December 2022: 74,769 thousand Euros), Chile in the amount of 46,316 thousand Euros, Portugal in the amount of 28,040 thousand Euros (31 December 2022: 97,709 thousand Euros) and Poland in the amount of 25,931 thousand Euros (31 December 2022: 172,308 thousand Euros). The caption Property plant and equipment suppliers -current also includes success fees payables for the acquisition of certain projects in the amount of 125,491 thousand Euros (31 December 2022: 141,838 thousand Euros) mainly in the United States, Colombia, UK, Greece, Italy, Romania and Poland that due to the nature of such transactions, the type of assets acquired and the initial stage of completion of the projects, they have been considered asset acquisitions. The fair values and carrying amounts of current trade and other payables do not differ significantly. The Company has prepared the below information for Spanish subsidiaries, according to criterion required by the Spanish Accounting and Auditing Institute (ICAC) resolution of 29 January 2017 and the requirements introduced by the Law 18/2022 approved in 2022 on disclosures in notes to financial statements of late payments to suppliers in commercial transactions:
THOUSAND EUROS 31 DEC 2023 31 DEC 2022 DAYS Average payment period 33 35 Ratio paid operations 34 37 Ratio of pending operations 21 24 Total payments made 203,724 202,121 Total outstanding payments 19,802 28,799 In 2023, total number of invoices paid by Spanish companies within the legal payment period amounted to 36,259 invoices, 93% of total invoices, while the payments made within the legal payment period amounted to 184,710 thousand Euros, which represents 91% of total payments. The average supplier payment period was of 33 days, below the payment period stipulated by law of 60 days.
",
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},
"f39476": {
"value": "35. Other liabilities and other payables Other liabilities and other payables are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022(*) OTHER LIABILITIES AND OTHER PAYABLES \u2013 NON-CURRENT Amount payable for changes in the perimeter 66,032 71,035 Loans from non-controlling interests 68,394 82,895 Derivative financial instruments 584,827 1,335,600 Rents due from lease contracts 927,063 966,932 Other creditors and sundry operations 345,469 347,830 1,991,785 2,804,292 OTHER LIABILITIES AND OTHER PAYABLES \u2013 CURRENT Amount payable for changes in the perimeter 114,191 229,186 Derivative financial instruments 266,014 647,419 Loans from non-controlling interests 21,067 17,407 Rents due from lease contracts 77,442 72,889 Other creditors and sundry operations 130,166 43,343 608,880 1,010,244 2,600,665 3,814,536 * See note 2.A) for details regarding the restatement as a result of the Purchase Price Allocation assessment closing during 2023. The caption Loans from non-controlling interests Current and Non-Current mainly includes: \u2022 Loans granted by ACE Portugal (CTG Group) due to the sale in 2017 of 49% of shareholding in EDPR PT \u2013 Parques E\u00f3licos S.A and subsidiaries for a total amount of 15,382 thousand Euros, including accrued interests (20,713 thousand Euros as of 31 December 2022), bearing interest at a fixed rate of 3.75%; \u2022 Loans granted by ACE Poland (CTG Group) due to the sale in 2016 of 49% of shareholding in EDP Renewables Polska HoldCo, S.A. and subsidiaries for a total amount of 35,390 thousand Euros including accrued interests (41,026 thousand Euros as at 31 December 2022), bearing interest at a fixed rate of a range between 2.95% and 7.23%; \u2022 Loans granted by ACE Italy (CTG Group) due to the sale in 2016 of 49% of shareholding in EDP Renewables Italia, S.r.l. and subsidiaries for a total amount of 30,527 thousand Euros including accrued interests (31,954 thousand Euros as at 31 December 2022), bearing interest at a fixed rate of 4.50%. The caption Rents due from lease contracts - Non-Current and Current includes lease liabilities related to IFRS 16. Variation in both captions is as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Balance as at 1 January 1,039,821 698,527 Increases due to new lease contracts 114,347 327,487 Unwinding (note 14) 34,706 33,612 Payment of leases -61,686 -54,612 Exchange differences -20,167 28,590 Changes in the perimeter and other changes -102,516 6,217 Balance at the end of the period 1,004,505 1,039,821
Increases due to new lease contracts are mainly located in the USA, Spain and APAC. Changes in the perimeter and other changes in 2023 mainly refers to: \u2022 Decrease amounting to 22,205 thousand Euros due to the sale of certain portfolio of European companies; \u2022 Decrease amounting to 57,478 thousand Euros due to the reclassification to held for sale of certain US companies (see note 27). Changes in the perimeter and other changes in 2022 mainly refers to: \u2022 Increase amounting to 40,581 thousand Euros related to the acquisition of Sunseap Group; \u2022 Decrease amounting to 10,072 thousand Euros due to the sale of certain portfolio of European companies; \u2022 Decrease amounting to 24,302 thousand Euros due to the sale of a company in North America. As at 31 December 2023, the nominal value of the rents due from lease contracts is detailed as follows: (i) less than 5 years: 403,062 thousand Euros; (ii) from 5 to 10 years: 371,430 thousand Euros; (iii) from 10 to 15 years: 359,552 thousand Euros; and (iv) more than 15 years: 734,831 thousand Euros. The captions amount payable for changes in the perimeter non-current and current mainly include in 2023: \u2022 Decrease amounting to 24,933 thousand Euros in the caption non-current related to the payment of the variable price associated to the sale transaction of the company Vento XX and subsidiaries; \u2022 Decrease amounting to 76,837 thousand Euros in the caption current refers to payment during 2023 for the remaining cost related to the projects Indiana Crossroads Wind Farm LLC, Meadow Lake Solar Park LLC, Rosewater and Vento V. The captions amount payable for changes in the perimeter non-current and current mainly included in 2022: \u2022 Increase amounting to 71,035 thousand Euros in the caption non-current related to the acquisition of Kronos Group (see note 42); \u2022 Decrease amounting to 20,395 thousand Euros in the caption non-current related to the payment of the variable price associated to the sale transaction of the company Vento XX and subsidiaries; \u2022 Increase amounting to 41,288 thousand Euros in the caption current related to the acquisition of Xuan Thien Ninh Thuan JSC and Xuan Thien Thuan Vac JSC (see note 42); \u2022 Increase amounting to 166,510 thousand Euros in the caption current related to the remaining cost to pay, mainly, for the projects Meadow Lake Solar Park LLC, Rosewater and Vento XX; \u2022 Decrease amounting to 39,549 thousand Euros in the caption current refers to payment during 2022 for the remaining cost related to the project Indiana Crossroads Wind Farm LLC. The caption other creditors and sundry operations non-current mainly includes as at 31 December 2023 the present value accrued for the put options associated to the Sunseap Group acquisition in the amount of 40,173 thousand Euros (40,991 thousand Euros as at 31 December 2022) and Kronos Group in the amount of 301,944 thousand Euros (341,996 thousand Euros as at 31 December 2022) (see note 19 and 2.A). As at 31 December 2022 the caption other creditors and sundry operations current included 15,451 thousand Euros related to the put option associated to the Sunseap Group which has been executed by EDPR in 2023 (see note 6). The caption other creditors and sundry operations current mainly includes as at 31 December 2023 i) an amount of 6,303 thousand Euros related to the acquisition of ITPD Group (see note 42); ii) an amount of 5,380 thousand Euros related to the acquisition of Kronos Group in 2022 which has been reclassified from the caption amount payable for changes in the perimeter non-current; iii) 22,669 thousand Euros related to certain cost outstanding in relation to the portfolio sold in Poland and iv) 17,100 thousand Euros related to dividends to non-controlling interest. In addition the caption includes 41,950 thousand Euros related to the balance of tax pooling with the head of the Spanish tax Group, EDP - Energias de Portugal, S.A. Sucursal en Espa\u00f1a. The fair values and carrying amounts of current trade and other payables do not differ significantly.
See note 37 for non-current and current derivatives. 35. Other liabilities and other payables Other liabilities and other payables are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022(*) OTHER LIABILITIES AND OTHER PAYABLES \u2013 NON-CURRENT Amount payable for changes in the perimeter 66,032 71,035 Loans from non-controlling interests 68,394 82,895 Derivative financial instruments 584,827 1,335,600 Rents due from lease contracts 927,063 966,932 Other creditors and sundry operations 345,469 347,830 1,991,785 2,804,292 OTHER LIABILITIES AND OTHER PAYABLES \u2013 CURRENT Amount payable for changes in the perimeter 114,191 229,186 Derivative financial instruments 266,014 647,419 Loans from non-controlling interests 21,067 17,407 Rents due from lease contracts 77,442 72,889 Other creditors and sundry operations 130,166 43,343 608,880 1,010,244 2,600,665 3,814,536 * See note 2.A) for details regarding the restatement as a result of the Purchase Price Allocation assessment closing during 2023. The caption Loans from non-controlling interests Current and Non-Current mainly includes: \u2022 Loans granted by ACE Portugal (CTG Group) due to the sale in 2017 of 49% of shareholding in EDPR PT \u2013 Parques E\u00f3licos S.A and subsidiaries for a total amount of 15,382 thousand Euros, including accrued interests (20,713 thousand Euros as of 31 December 2022), bearing interest at a fixed rate of 3.75%; \u2022 Loans granted by ACE Poland (CTG Group) due to the sale in 2016 of 49% of shareholding in EDP Renewables Polska HoldCo, S.A. and subsidiaries for a total amount of 35,390 thousand Euros including accrued interests (41,026 thousand Euros as at 31 December 2022), bearing interest at a fixed rate of a range between 2.95% and 7.23%; \u2022 Loans granted by ACE Italy (CTG Group) due to the sale in 2016 of 49% of shareholding in EDP Renewables Italia, S.r.l. and subsidiaries for a total amount of 30,527 thousand Euros including accrued interests (31,954 thousand Euros as at 31 December 2022), bearing interest at a fixed rate of 4.50%. The caption Rents due from lease contracts - Non-Current and Current includes lease liabilities related to IFRS 16. Variation in both captions is as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Balance as at 1 January 1,039,821 698,527 Increases due to new lease contracts 114,347 327,487 Unwinding (note 14) 34,706 33,612 Payment of leases -61,686 -54,612 Exchange differences -20,167 28,590 Changes in the perimeter and other changes -102,516 6,217 Balance at the end of the period 1,004,505 1,039,821
Increases due to new lease contracts are mainly located in the USA, Spain and APAC. Changes in the perimeter and other changes in 2023 mainly refers to: \u2022 Decrease amounting to 22,205 thousand Euros due to the sale of certain portfolio of European companies; \u2022 Decrease amounting to 57,478 thousand Euros due to the reclassification to held for sale of certain US companies (see note 27). Changes in the perimeter and other changes in 2022 mainly refers to: \u2022 Increase amounting to 40,581 thousand Euros related to the acquisition of Sunseap Group; \u2022 Decrease amounting to 10,072 thousand Euros due to the sale of certain portfolio of European companies; \u2022 Decrease amounting to 24,302 thousand Euros due to the sale of a company in North America. As at 31 December 2023, the nominal value of the rents due from lease contracts is detailed as follows: (i) less than 5 years: 403,062 thousand Euros; (ii) from 5 to 10 years: 371,430 thousand Euros; (iii) from 10 to 15 years: 359,552 thousand Euros; and (iv) more than 15 years: 734,831 thousand Euros. The captions amount payable for changes in the perimeter non-current and current mainly include in 2023: \u2022 Decrease amounting to 24,933 thousand Euros in the caption non-current related to the payment of the variable price associated to the sale transaction of the company Vento XX and subsidiaries; \u2022 Decrease amounting to 76,837 thousand Euros in the caption current refers to payment during 2023 for the remaining cost related to the projects Indiana Crossroads Wind Farm LLC, Meadow Lake Solar Park LLC, Rosewater and Vento V. The captions amount payable for changes in the perimeter non-current and current mainly included in 2022: \u2022 Increase amounting to 71,035 thousand Euros in the caption non-current related to the acquisition of Kronos Group (see note 42); \u2022 Decrease amounting to 20,395 thousand Euros in the caption non-current related to the payment of the variable price associated to the sale transaction of the company Vento XX and subsidiaries; \u2022 Increase amounting to 41,288 thousand Euros in the caption current related to the acquisition of Xuan Thien Ninh Thuan JSC and Xuan Thien Thuan Vac JSC (see note 42); \u2022 Increase amounting to 166,510 thousand Euros in the caption current related to the remaining cost to pay, mainly, for the projects Meadow Lake Solar Park LLC, Rosewater and Vento XX; \u2022 Decrease amounting to 39,549 thousand Euros in the caption current refers to payment during 2022 for the remaining cost related to the project Indiana Crossroads Wind Farm LLC. The caption other creditors and sundry operations non-current mainly includes as at 31 December 2023 the present value accrued for the put options associated to the Sunseap Group acquisition in the amount of 40,173 thousand Euros (40,991 thousand Euros as at 31 December 2022) and Kronos Group in the amount of 301,944 thousand Euros (341,996 thousand Euros as at 31 December 2022) (see note 19 and 2.A). As at 31 December 2022 the caption other creditors and sundry operations current included 15,451 thousand Euros related to the put option associated to the Sunseap Group which has been executed by EDPR in 2023 (see note 6). The caption other creditors and sundry operations current mainly includes as at 31 December 2023 i) an amount of 6,303 thousand Euros related to the acquisition of ITPD Group (see note 42); ii) an amount of 5,380 thousand Euros related to the acquisition of Kronos Group in 2022 which has been reclassified from the caption amount payable for changes in the perimeter non-current; iii) 22,669 thousand Euros related to certain cost outstanding in relation to the portfolio sold in Poland and iv) 17,100 thousand Euros related to dividends to non-controlling interest. In addition the caption includes 41,950 thousand Euros related to the balance of tax pooling with the head of the Spanish tax Group, EDP - Energias de Portugal, S.A. Sucursal en Espa\u00f1a. The fair values and carrying amounts of current trade and other payables do not differ significantly.
See note 37 for non-current and current derivatives. 35. Other liabilities and other payables Other liabilities and other payables are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022(*) OTHER LIABILITIES AND OTHER PAYABLES \u2013 NON-CURRENT Amount payable for changes in the perimeter 66,032 71,035 Loans from non-controlling interests 68,394 82,895 Derivative financial instruments 584,827 1,335,600 Rents due from lease contracts 927,063 966,932 Other creditors and sundry operations 345,469 347,830 1,991,785 2,804,292 OTHER LIABILITIES AND OTHER PAYABLES \u2013 CURRENT Amount payable for changes in the perimeter 114,191 229,186 Derivative financial instruments 266,014 647,419 Loans from non-controlling interests 21,067 17,407 Rents due from lease contracts 77,442 72,889 Other creditors and sundry operations 130,166 43,343 608,880 1,010,244 2,600,665 3,814,536 * See note 2.A) for details regarding the restatement as a result of the Purchase Price Allocation assessment closing during 2023. The caption Loans from non-controlling interests Current and Non-Current mainly includes: \u2022 Loans granted by ACE Portugal (CTG Group) due to the sale in 2017 of 49% of shareholding in EDPR PT \u2013 Parques E\u00f3licos S.A and subsidiaries for a total amount of 15,382 thousand Euros, including accrued interests (20,713 thousand Euros as of 31 December 2022), bearing interest at a fixed rate of 3.75%; \u2022 Loans granted by ACE Poland (CTG Group) due to the sale in 2016 of 49% of shareholding in EDP Renewables Polska HoldCo, S.A. and subsidiaries for a total amount of 35,390 thousand Euros including accrued interests (41,026 thousand Euros as at 31 December 2022), bearing interest at a fixed rate of a range between 2.95% and 7.23%; \u2022 Loans granted by ACE Italy (CTG Group) due to the sale in 2016 of 49% of shareholding in EDP Renewables Italia, S.r.l. and subsidiaries for a total amount of 30,527 thousand Euros including accrued interests (31,954 thousand Euros as at 31 December 2022), bearing interest at a fixed rate of 4.50%. The caption Rents due from lease contracts - Non-Current and Current includes lease liabilities related to IFRS 16. Variation in both captions is as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Balance as at 1 January 1,039,821 698,527 Increases due to new lease contracts 114,347 327,487 Unwinding (note 14) 34,706 33,612 Payment of leases -61,686 -54,612 Exchange differences -20,167 28,590 Changes in the perimeter and other changes -102,516 6,217 Balance at the end of the period 1,004,505 1,039,821
Increases due to new lease contracts are mainly located in the USA, Spain and APAC. Changes in the perimeter and other changes in 2023 mainly refers to: \u2022 Decrease amounting to 22,205 thousand Euros due to the sale of certain portfolio of European companies; \u2022 Decrease amounting to 57,478 thousand Euros due to the reclassification to held for sale of certain US companies (see note 27). Changes in the perimeter and other changes in 2022 mainly refers to: \u2022 Increase amounting to 40,581 thousand Euros related to the acquisition of Sunseap Group; \u2022 Decrease amounting to 10,072 thousand Euros due to the sale of certain portfolio of European companies; \u2022 Decrease amounting to 24,302 thousand Euros due to the sale of a company in North America. As at 31 December 2023, the nominal value of the rents due from lease contracts is detailed as follows: (i) less than 5 years: 403,062 thousand Euros; (ii) from 5 to 10 years: 371,430 thousand Euros; (iii) from 10 to 15 years: 359,552 thousand Euros; and (iv) more than 15 years: 734,831 thousand Euros. The captions amount payable for changes in the perimeter non-current and current mainly include in 2023: \u2022 Decrease amounting to 24,933 thousand Euros in the caption non-current related to the payment of the variable price associated to the sale transaction of the company Vento XX and subsidiaries; \u2022 Decrease amounting to 76,837 thousand Euros in the caption current refers to payment during 2023 for the remaining cost related to the projects Indiana Crossroads Wind Farm LLC, Meadow Lake Solar Park LLC, Rosewater and Vento V. The captions amount payable for changes in the perimeter non-current and current mainly included in 2022: \u2022 Increase amounting to 71,035 thousand Euros in the caption non-current related to the acquisition of Kronos Group (see note 42); \u2022 Decrease amounting to 20,395 thousand Euros in the caption non-current related to the payment of the variable price associated to the sale transaction of the company Vento XX and subsidiaries; \u2022 Increase amounting to 41,288 thousand Euros in the caption current related to the acquisition of Xuan Thien Ninh Thuan JSC and Xuan Thien Thuan Vac JSC (see note 42); \u2022 Increase amounting to 166,510 thousand Euros in the caption current related to the remaining cost to pay, mainly, for the projects Meadow Lake Solar Park LLC, Rosewater and Vento XX; \u2022 Decrease amounting to 39,549 thousand Euros in the caption current refers to payment during 2022 for the remaining cost related to the project Indiana Crossroads Wind Farm LLC. The caption other creditors and sundry operations non-current mainly includes as at 31 December 2023 the present value accrued for the put options associated to the Sunseap Group acquisition in the amount of 40,173 thousand Euros (40,991 thousand Euros as at 31 December 2022) and Kronos Group in the amount of 301,944 thousand Euros (341,996 thousand Euros as at 31 December 2022) (see note 19 and 2.A). As at 31 December 2022 the caption other creditors and sundry operations current included 15,451 thousand Euros related to the put option associated to the Sunseap Group which has been executed by EDPR in 2023 (see note 6). The caption other creditors and sundry operations current mainly includes as at 31 December 2023 i) an amount of 6,303 thousand Euros related to the acquisition of ITPD Group (see note 42); ii) an amount of 5,380 thousand Euros related to the acquisition of Kronos Group in 2022 which has been reclassified from the caption amount payable for changes in the perimeter non-current; iii) 22,669 thousand Euros related to certain cost outstanding in relation to the portfolio sold in Poland and iv) 17,100 thousand Euros related to dividends to non-controlling interest. In addition the caption includes 41,950 thousand Euros related to the balance of tax pooling with the head of the Spanish tax Group, EDP - Energias de Portugal, S.A. Sucursal en Espa\u00f1a. The fair values and carrying amounts of current trade and other payables do not differ significantly.
See note 37 for non-current and current derivatives",
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"f39686": {
"value": "37. Derivative financial instruments As of 31 December 2023, the fair value of derivatives is analysed as follows: THOUSAND EUROS FAIR VALUE NOTIONAL (THOUSAND UNITS) ASSETS LIABILITIES UNITS UNTIL 1 YEAR 1 TO 5 YEARS MORE THAN 5 YEARS TOTAL NET INVESTMENT HEDGE Cross currency rate swaps 68,484 -63,726 EUR 1,187,392 317,232 1,212,812 2,717,436 Currency forwards 690 -10,321 EUR 254,856 22,113 - 276,969 69,174 -74,047 1,442,248 339,345 1,212,812 2,994,405 FAIR VALUE HEDGES Cross currency rate swaps 195 -4,239 EUR 39,800 - 82,912 122,712 195 -4,239 39,800 - 82,912 122,712 CASH FLOW HEDGE Power price swaps 263,749 -572,010 MWh 13,297 46,007 78,075 137,379 Interest rate swaps 15,348 -17,305 EUR 91,021 227,862 270,583 589,466 Currency forwards 7 -23,485 EUR 361,430 - - 361,430 279,104 -612,800 TRADING Power price swaps 27,404 -114,687 MWh 4,737 3,253 837 8,827 Interest rate swaps 9,288 -8,761 EUR - - 7,460 7,460 Cross currency rate swaps 303 -2,859 EUR 73,598 45,777 - 119,375 Currency forwards 10,382 -33,448 EUR 1,428,381 54,101 - 1,482,482 47,377 -159,755 395,850 -850,841 The fair value of derivative financial instruments is recorded under Other debtors and other assets (note 24) or Other liabilities and other payables (note 35), if the fair value is positive or negative, respectively. The net investment derivatives are mainly related to the CIRS and Forward in USD and EUR with EDP SA as referred in the notes 39 and 40. The net investment derivatives also include CIRS and Forward in CAD, BRL, COP, CNY, TWD, PLN, GBP and SGD with EDP with the purpose of hedging EDP Renov\u00e1veis Group's operations in Canada, Brazil, Colombia, Taiwan, China, Poland, UK and Singapore. Interest rate swaps are related to the project finances and have been formalised to convert variable to fixed interest rates. Cash flow hedge power price swaps are related to the hedging of the sales price. EDPR NA has entered into a power price swap to hedge the variability in the spot market prices received in some of its projects. Additionally, both EDPR NA and EDPR EU have entered in short and long term hedges to hedge the short and long term volatility of certain un-contracted generation of its wind farms. In certain US power markets, EDPR NA is exposed to congestion and line loss risks which typically have a negative impact on the price received for power generated in these markets. To economically hedge these risk exposures, EDPR NA entered into Financial Transmission Rights (\u201cFTR\u201d) and a three year fixed for floating Locational Marginal Price (LMP) swap.
The trading derivative financial instruments are derivatives contracted for economic hedging that are not eligible for hedge accounting. Fair value of derivative financial instruments is based, mainly, on quotes indicated by external entities, which are compared in each date of report to fair values available in common financial information platforms. These entities use discounted cash flows techniques usually accepted and data from public markets. The only exceptions are the CIRS in USD/EUR with EDP SA, which fair values are determined by the Financial Department of EDP, using the same above-mentioned discounted cash flows techniques and data. As such, according to IFRS13 requirements, the fair value of the derivative financial instruments is classified as of level 2 (see note 40) and no changes of level were made during this period. As of 31 December 2022, the fair value and maturity of derivatives is analysed as follows: THOUSAND EUROS FAIR VALUE NOTIONAL (THOUSAND UNITS) ASSETS LIABILITIES UNITS UNTIL 1 YEAR 1 TO 5 YEARS MORE THAN 5 YEARS TOTAL NET INVESTMENT HEDGE Cross currency rate swaps 5,702 -159,114 EUR 91,158 1,430,850 957,776 2,479,784 Currency forwards 22,583 -84,063 EUR 1,819,013 133,660 - 1,952,673 28,285 -243,177 1,910,171 1,564,510 957,776 4,432,457 FAIR VALUE HEDGES 18 -2,056 EUR - - 85,897 85,897 18 -2,056 EUR - - 85,897 85,897 CASH FLOW HEDGE Power price swaps 44,117 -1,594,997 MWh 13,261 42,051 72,915 128,227 Interest rate swaps 79,753 -1,725 EUR 159,363 204,355 1,725,040 2,088,758 Currency forwards 13,985 -14,578 EUR 146,760 290 - 147,050 137,855 -1,611,300 TRADING Power price swaps 29,338 -94,952 MWh 4,082 5,124 871 10,077 Interest rate swaps 1,189 -105 EUR 700 3,070 8,753 12,523 Cross currency rate swaps 25,539 -1,521 EUR 182,062 32,353 493,896 708,311 Currency forwards 78,635 -29,654 EUR 2,349,940 72,629 - 2,422,569 134,701 -126,231 300,859 -1,983,019 The changes in the fair value of hedging instruments and risks being hedged are as follows: 31 DEC 2023 31 DEC 2022 CHANGES IN FAIR VALUE CHANGES IN FAIR VALUE THOUSAND EUROS HEDGING INSTRUMENT HEDGED ITEM INSTRUMENT RISK INSTRUMENT RISK Net Investment hedge Cross currency rate swaps Subsidiary accounts in USD, RON, BRL, GBP, CAD and COP 158,170 -151,909 -91,970 77,881 Net Investment hedge Currency forward Subsidiary accounts in USD, GBP, BRL, SGD, PLN, CNY, TWD and COP 51,849 -67,636 -34,765 9,174 Fair Value hedge Cross currency rate swaps Subsidiary accounts in BRL -2,006 -2,006 -2,038 -2,038 Cash-flow hedge Interest rate swap Interest rate -79,985 - 77,539 - Cash-flow hedge Power price swaps Power price 1,242,619 - -517,166 - Cash-flow hedge Currency forward Exchange rate -22,885 - -21,783 - 1,347,762 -221,551 -590,183 -85,017 During 2023 and 2022 the following market inputs were considered for the fair value calculation:
INSTRUMENT MARKET INPUT Cross currency interest rate swaps Fair value indexed to the following interest rates: Euribor 3M, Euribor 6M, Libor 3M, Libor 6M daily Brazilian CDI, CAD-BA-CDOR 3M, Wibor 3M, Wibor 6M and CO IBR index; and exchange rates: EUR/BRL, EUR/PLN, EUR/CAD, EUR/GBP, EUR/RON, USD/BRL and EUR/USD. Interest rate swaps Fair value indexed to the following interest rates: Euribor 3M, Euribor 6M, Wibor 3M, Wibor 6M Libor 1M, Libor 3M, SORA 1D and CAD-BA-CDOR 3M. Foreign exchange forwards Fair value indexed to the following exchange rates: EUR/USD, EUR/PLN, EUR/GBP, USD/PLN, USD/HUF, EUR/HUF, USD/CAD, EUR/CAD, BRL/CNY, BRL/EUR, BRL/USD, COP/USD, EUR/COP, SGD/USD, EUR/SGD, EUR/TWD, JPY/EUR, EUR/KRW, EUR/AUD, USD/JPY, SGD/CNY, SGD/TWD and USD/VND. Power price swaps Fair value indexed to the price of electricity. The movements in cash flow hedge reserve have been as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Balance at the beginning of the year -1,052,141 -754,884 Fair value changes 863,378 -366,010 Transfers to results -6,567 6,323 Effect of derivatives in the equity consolidated companies -76,137 82,639 Effect of the sale with loss of control of EDPR subsidiaries -34 -20,209 Balance at the end of the year -271,501 -1,052,141 The gains and losses on the financial instruments portfolio booked in the income statement are as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Net investment hedge \u2013 ineffectiveness -8,696 -39,680 Cash-flow hedge Transfer to results from hedging of financial liabilities 10,977 2,829 Transfer to results from hedging of commodity prices -4,410 -9,153 Non eligible for hedge accounting derivatives -234,026 104,371 -236,155 58,367 The amount from transfers to results from hedging of commodity prices is registered in Revenues while the remaining gains and losses are registered in Financial income and Financial expense, respectively (see note 14). The effective interest rates for derivative financial instruments associated with financing operations during 2023, were as follows: EDPR GROUP CURRENCY PAYS RECEI VES INTEREST RATE CONTRACTS Interest rate swaps EUR [ 1.75% - 4.13% ] [ -4.13% - -1.75% ] Interest rate swaps PLN [ 2.48% - 4.17% ] [-7.05% - -5.82% ] Interest rate swaps USD [ 0.86% - 1.86% ] [ -5.65% - -0.01% ] Interest rate swaps CAD [ 2.10% - 2.75% ] [ -5.53% - -5.44% ] Interest rate swaps TWD [ 1.47% \u2013 1.74% ] [ 1.49% ] Interest rate swaps SGD [ 0.95% ] [ 3.94% ] Interest rate swaps VND [ 4.45% ] [ 5.58% ] CURRENCY AND INTEREST RATE CONTRACTS CIRS (currency interest rate swaps) EUR/USD [ 1.08% - 5.78% ] [ -0.29% - 4.17% ] CIRS (currency interest rate swaps) EUR/BRL [ 10.71% ] [ 3.93% - 3.93% ] CIRS (currency interest rate swaps) EUR/CAD [ 5.15% - 5.58% ] [ 3.89% - 3.97% ] CIRS (currency interest rate swaps) EUR/GBP [ 1.54% - 2.19% ] [ 0.00% ] CIRS (currency interest rate swaps) EUR/PLN [ 6.82% - 8.72% ] [ 3.93% - 5.78% ] CIRS (currency interest rate swaps) EUR/SGD [ 2.94% - 3.11% ] [ -0.01% - -0.01% ]
he effective interest rates for derivative financial instruments associated with financing operations during 2022, were as follows: EDPR GROUP CURRENCY PAYS RECEIVES INTEREST RATE CONTRACTS Interest rate swaps EUR [ 1.59% - 3.67% ] [ -2.70% - -2.48% ] Interest rate swaps PLN [ 2.48% - 4.17% ] [-7.15% - 7.05% ] Interest rate swaps USD [ 1.08% - 1.86% ] [ -4.73% - -3.75% ] Interest rate swaps CAD [ 2.10% - 2.75% ] [ -4.88% - -4.20% ] CURRENCY AND INTEREST RATE CONTRACTS CIRS (currency interest rate swaps) EUR/USD [ 1.08% - 5.78% ] [ -0.29% - 4.73% ] CIRS (currency interest rate swaps) EUR/CAD [ 4.41% - 5.16% ] [ 1.56% - 2.20% ] CIRS (currency interest rate swaps) EUR/COP [ 4.13% ] [ 2.13% ] CIRS (currency interest rate swaps) EUR/GBP [ 1.35% - 1.92% ] [ -0.00% ] CIRS (currency interest rate swaps) EUR/BRL [ 5.95% ] [ -0.44% ] CIRS (currency interest rate swaps) USD/BRL [ 1.37% - 2.02% ] [ 1.40% - 2.71% ]
",
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"f40237": {
"value": "38. Commitments As at 31 December 2023 and 2022, the financial commitments not included in the statement of financial position in respect of financial and operational guarantees provided, are analysed as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 GUARANTEES OF OPERATIONAL NATURE EDP Renov\u00e1veis, S.A. 1,614,697 1,625,852 EDPR NA 2,495,815 1,973,492 EDPR EU 316,599 16,628 EDPR LATAM 120,572 86,373 EDPR APAC 7,302 15,166 Total 4,554,985 3,717,511 The above operating guarantees, which are not included in the consolidated statement of financial position or in the Notes, as at 31 December 2023 and 2022, mainly refer to Power Purchase Agreements (PPA), interconnection, permits and market participation guarantees. Concepts covered by PPA guarantees depends on the status of the project and typically cover related risks of development and construction, correct operation and maintenance of the projects and compliance with payment obligations. These guarantees amount to 1,529,951 thousand Euros as at 31 December 2023 of which 624,805 thousand Euros refer to guarantees granted by EDP to EDPR companies and 80,276 thousand Euros refer to guarantees granted by EDP and EDPR to Joint Ventures (1,037,351 thousand Euros as at 31 December 2022, of which 341,085 thousand Euros refer to guarantees granted by EDP to EDPR companies and 87,826 thousand Euros refer to guarantees granted by EDP and EDPR to Joint Ventures). Additional to the above guarantees, there are operational guarantees amounted to 112,865 thousand Euros associated to the portfolio classified as Held for sale as at 31 December 2023 (see note 27). In 2023, the above guarantees include an amount of 10,268 thousand Euros refer to guarantees of operational nature related to the Spanish and Polish companies that have been sold during 2023 (see note 6) although EDPR assumed temporarily the responsibility under such guarantees until these were effectively replaced. In 2022, additionally to the above guarantees, an amount of 30,450 thousand Euros referred to guarantees of operational nature related to the Spanish, Polish, Italian and Brazilian companies that were sold as at 31 December 2022 although EDPR assumed temporarily the responsibility under such guarantees until these were effectively replaced. An amount of 152,770 thousand Euros referred to guarantees of financial nature related to Brazilian companies that were also sold in 2022, although EDPR only assumed responsibility under such guarantees until 30 January 2023, when this had been effectively replaced. Refer to note 39 for guarantees granted by EDP Group companies to EDPR Group companies. Refer to note 20 for guarantees granted by EDP Group and EDPR\u2019 Group to joint venture companies.
There are additional financial and operating guarantees granted by EDPR Group that have underlying liabilities already reflected in its Consolidated Statement of Financial Position and/or disclosed in the Notes. EDPR does not expect any significant liability arising from the above commitments related to financial and operational guarantees provided. The EDPR Group future cash outflows not reflected in the measurement of the lease liabilities and purchase obligations by maturity date are as follows: 31 DEC 2032 CAPITAL OUTSTANDING BY MATURITY THOUSAND EUROS TOTAL UP TO 1 YEAR 1 TO 3 YEARS 3 TO 5 YEARS MORE THAN 5YEARS Future Cash Outflows not reflected in the measurement of the Lease Liabilities 210,671 16,731 27,154 17,840 148,946 Purchase obligations 5,718,473 3,608,076 1,473,233 155,239 481,925 5,929,144 3,624,807 1,500,387 173,079 630,871 31 DEC 2022 CAPITAL OUTSTANDING BY MATURITY THOUSAND EUROS TOTAL UP TO 1 YEAR 1 TO 3 YEARS 3 TO 5 YEARS MORE THAN 5YEARS Future Cash Outflows not reflected in the measurement of the Lease Liabilities 66,340 9,994 18,429 7,935 29,982 Purchase obligations 5,361,294 3,678,743 1,089,012 126,215 467,324 5,427,634 3,688,737 1,107,441 134,150 497,306 The variation in commitments with respect to 2022 is fully in line with the evolution of the business and increasing activity of the EDPR Group. According with IFRS 16 EDPR Group presents the information related to lease contracts in the caption Right-of-use assets (see note 17). Purchase obligations include debts related with long-term agreements of property, plant and equipment and operational and maintenance contracts product and services supply related to the Group operational activity. When prices are defined under forward contracts, these are used in estimating the amounts of the contractual commitments. Some of the disposal of non-controlling interests transactions retaining control carried out in previous years incorporate contingent assets and liabilities according to the terms of the
corresponding agreements",
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"f40386": {
"value": "39. Related parties The Members of the Board of Directors of the Company and its delegated Committees do not own directly or indirectly any shares from EDPR, as of 31 December 2023 or 31 December 2022. According to Article nr 229 of \"Ley de Sociedades de Capital\" (Spanish Companies Law), the members of the Board of Directors of EDP Renov\u00e1veis have not communicated, or the parent company has knowledge, of any conflict of interests or incompatibility that could affect the performance of their duties. Remuneration of the members of the Board of Directors and Management Team In accordance with the Company's by-laws, the remuneration of the members of the Board of Directors is proposed by the Appointments, Remunerations and Corporate Governance Committee to the Board of Directors on the basis of the overall amount of remuneration authorized by the General Meeting of Shareholders. The Board of Directors approves the distribution and the exact amount to be paid to each Director on the basis of this proposal. The average number of members of the Board of Directors during 2023 and 2022 is 11. The remuneration paid to the members of the Board of Directors in 2023 and 2022 were as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 CEO - - Board members 785 727 785 727
The above amount refers to salaries, allowances and other remuneration as members of the Board of Directors and their membership/chairmanship of the Delegated Committees. Further, EDPR signed an Executive Management Services Agreement with EDP, under which EDP bears the cost for the services rendered by its Executive and Non-Executive Directors, which are Miguel Stilwell d\u2019Andrade, Rui Teixeira, Miguel Setas (until April 2023), Vera de Morais Pinto Pereira Carneiro and Ana Paula Marques. This corporate governance practice of remuneration is in line with the model adopted by the EDP Group, in which the executive Directors of EDP do not receive any remuneration directly from the group companies on whose governing bodies they serve, but rather through EDP. Under this contract, EDPR is due to pay an amount to EDP, for the services rendered by the Executive Managers and the Non-executive Managers. The amount due under said Agreement for the management services rendered by EDP in 2023 is 1,862 thousand Euros (1,208 thousand Euros in 2022), of which 1,710 thousand Euros refers to the management services rendered by the Executive Members (979 thousand Euros as at 31 December 2022) and 152 thousand Euros to the management services rendered by the non-executive Members (195 thousand Euros as at 31 December 2022). There is an additional amount of 46 thousand Euros related to retirement saving plans (34 thousand Euros as at 31 December 2022). As per the Management Team, there is a retirement savings plan for the members indicated which, acts as an effective retirement supplement with a range between 3% to 6% of their annual salary. The percentage is defined according with the retirement savings plan applicable in their home country. In the case of the Duarte Bello- COO EU&LatAm; Bautista Rodr\u00edguez, -CTO&Business Offshore; Sandhya Ganapathy - COO NA; and Pedro Vasconcelos - COO APAC , the remuneration in 2023 was as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Salaries and other allowances 2,967 2,808 Retirement saving plans 75 44 Life insurance premiums 7 16 3,049 2,868 Since April 2023, following his appointment as member of the Executive Board of Directors of EDP Energ\u00edas de Portugal, S.A., Pedro Vasconcelos receives his remuneration exclusively from EDP Energ\u00edas de Portugal, S.A. Since that moment, the amount corresponding to the services rendered by Pedro Vasconcelos to EDPR is invoiced by EDP Energ\u00edas de Portugal, S.A. to EDPR. Additionally they received the following non-monetary benefits: retirement savings plan (as described above), company car and Health Insurance in the amount of 116 thousand Euros (363 thousand Euros in 2022). Relevant balances and transactions with subsidiaries and associates of China Three Gorges Group Within the context of the transactions with CTG related to the sale of 49% of EDPR Portugal, EDPR PT-PE, EDPR Italia and EDPR Polska equity shareholding to CTG Group, CTG has granted loans to the EDPR Group in the amount of 81,299 thousand Euros including accrued interests (19,576 thousand Euros as current and 61,732 thousand Euros as non-current) as at 31 December 2023. As at 31 December 2022, this balance amounted to 93,693 thousand Euros including accrued interests (17,392 thousand Euros as current and 76,301 thousand Euros as non-current). See note 35. During the year ended 31 December 2022, EDPR sold the entire stake in the Spanish companies E\u00f3lica La Janda, S.L. and Parc E\u00f2lic Serra Voltorera, S.L. to CTG. Total shares proceeds amounted to 207,018 thousand Euros. Balances and transactions with EDP Group companies In their ordinary course of business, EDPR Group companies establish commercial transactions and operations with other Group companies, whose terms reflect current market conditions. As at 31 December 2023, assets and liabilities with related parties, are analysed as follows: ASSETS THOUSAND EUROS LOANS AND INTERESTS TO RECEIVE OTHERS TOTAL EDP Energias de Portugal, S.A. - 23,674 23,674 EDP - Energias de Portugal, S.A. Sucursal en Espa\u00f1a (EDP Branch) - 3,253 3,253 Joint Ventures and Associated companies 540,348 89,038 629,386 EDP Servi\u00e7o Universal, S.A. - 19,068 19,068 EDP Finance B.V. - 69,218 69,218
ASSETS THOUSAND EUROS LOANS AND INTERESTS TO RECEIVE OTHERS TOTAL EDP Servicios Financieros Espa\u00f1a, S.A. 199,567 - 199,567 EDP Espa\u00f1a S.A.U. - 29,511 29,511 EDP GEM Portugal, S.A. - 135,922 135,922 Other EDP Group companies - 3,327 3,327 739,915 373,011 1,112,926 LIABILITIES THOUSAND EUROS LOANS AND INTERESTS TO PAY OTHERS TOTAL EDP Energias de Portugal, S.A. - 121,917 121,917 EDP - Energias de Portugal, S.A. Sucursal en Espa\u00f1a (EDP Branch) - 61,372 61,372 Joint Ventures and Associated companies 52 4,028 4,080 EDP Finance B.V. 4,566,019 17,242 4,583,261 EDP Servicios Financieros Espa\u00f1a, S.A. 1,348,789 8,494 1,357,283 EDP Global Solutions - 1,443 1,443 EDP GEM Portugal, S.A. - 128,589 128,589 Other EDP Group companies - 2,834 2,834 5,914,860 345,919 6,260,779 Assets mainly refer to: \u2022 Debit balance of the Euro and US Dollar current accounts with EDP Servicios Financieros Espa\u00f1a, S.A. (see note 26) amounting to 199,038 thousand Euros as at 31 December 2023 (31 December 2022: 326,815 thousand Euros); \u2022 Loans granted to companies consolidated by the equity method, mainly to Ocean Winds in the total amount of 534,635 thousand Euros (31 December 2022: 511,374 thousand Euros); \u2022 Others with Joint Ventures and Associated companies correspond mainly with the variable price related to the sale of the offshore business to Ocean Winds in the amount of 77,679 thousand Euros and derivatives contracted with E\u00f3lica de S\u00e3o Juli\u00e3o in the amount of 5,550 thousand Euros (31 December 2022: 77,920 thousand Euros and 17,775 thousand Euros respectively) (see note 24 and 37); \u2022 Commercial receivables related to the sale of energy in EDPR Portugal and EDPR Spain through EDP Servi\u00e7o Universal, S.A. (which is a last resort retailer due to regulatory legislation) and EDP Espa\u00f1a S.A.U.; \u2022 Derivatives contracted with EDP Energias de Portugal, S.A., EDP Finance B.V. and EDP GEM Portugal, S.A. which market value as at 31 December 2023 amounts to 22,044 thousand Euros (31 December 2022: 84,686thousand Euros), 69,218 thousand Euros (31 December 2022: 73,812 thousand Euros) and 122,767 thousand Euros, respectively (see note 37). Liabilities mainly refer to: \u2022 Loans obtained by EDP Renov\u00e1veis S.A. and by EDP Renov\u00e1veis Servicios Financieros S.A. from EDP Finance BV in the amount, including interests and deducted from debt origination fees, of 4,566,019 thousand Euros (31 December 2022: 4,212,912 thousand Euros) and from EDP Servicios Financieros Espa\u00f1a S.A. in the amount of 1,010,752 thousand Euros (544,832 thousand Euros as at 31 December 2022) (see note 31) including the cash-pooling in the amount of 338,037 thousand Euros as at 31 December 2023; \u2022 Derivatives contracted with EDP Energias de Portugal, S.A. which market value as at 31 December 2023 amounts to 119,160 thousand Euros (31 December 2022: 614,415 thousand Euros), with EDP Finance B.V. which market value as at 31 December 2023 amounts to 17,099 thousand Euros (31 December 2022: 37,270 thousand Euros) and with EDP GEM Portugal, S.A. which market value as at 31 December 2023 amounts to 124,204 thousand Euros, mainly related to power price derivatives and Cross currency rate swaps (See note 37); \u2022 The amount included in EDP - Energias de Portugal, S.A. Sucursal en Espa\u00f1a is mainly explained by the increase of the tax pooling base for a total amount of 41,707 thousand Euros.
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"f40388": {
"value": "39. Related parties The Members of the Board of Directors of the Company and its delegated Committees do not own directly or indirectly any shares from EDPR, as of 31 December 2023 or 31 December 2022. According to Article nr 229 of \"Ley de Sociedades de Capital\" (Spanish Companies Law), the members of the Board of Directors of EDP Renov\u00e1veis have not communicated, or the parent company has knowledge, of any conflict of interests or incompatibility that could affect the performance of their duties. Remuneration of the members of the Board of Directors and Management Team In accordance with the Company's by-laws, the remuneration of the members of the Board of Directors is proposed by the Appointments, Remunerations and Corporate Governance Committee to the Board of Directors on the basis of the overall amount of remuneration authorized by the General Meeting of Shareholders. The Board of Directors approves the distribution and the exact amount to be paid to each Director on the basis of this proposal. The average number of members of the Board of Directors during 2023 and 2022 is 11. The remuneration paid to the members of the Board of Directors in 2023 and 2022 were as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 CEO - - Board members 785 727 785 727
The above amount refers to salaries, allowances and other remuneration as members of the Board of Directors and their membership/chairmanship of the Delegated Committees. Further, EDPR signed an Executive Management Services Agreement with EDP, under which EDP bears the cost for the services rendered by its Executive and Non-Executive Directors, which are Miguel Stilwell d\u2019Andrade, Rui Teixeira, Miguel Setas (until April 2023), Vera de Morais Pinto Pereira Carneiro and Ana Paula Marques. This corporate governance practice of remuneration is in line with the model adopted by the EDP Group, in which the executive Directors of EDP do not receive any remuneration directly from the group companies on whose governing bodies they serve, but rather through EDP. Under this contract, EDPR is due to pay an amount to EDP, for the services rendered by the Executive Managers and the Non-executive Managers. The amount due under said Agreement for the management services rendered by EDP in 2023 is 1,862 thousand Euros (1,208 thousand Euros in 2022), of which 1,710 thousand Euros refers to the management services rendered by the Executive Members (979 thousand Euros as at 31 December 2022) and 152 thousand Euros to the management services rendered by the non-executive Members (195 thousand Euros as at 31 December 2022). There is an additional amount of 46 thousand Euros related to retirement saving plans (34 thousand Euros as at 31 December 2022). As per the Management Team, there is a retirement savings plan for the members indicated which, acts as an effective retirement supplement with a range between 3% to 6% of their annual salary. The percentage is defined according with the retirement savings plan applicable in their home country. In the case of the Duarte Bello- COO EU&LatAm; Bautista Rodr\u00edguez, -CTO&Business Offshore; Sandhya Ganapathy - COO NA; and Pedro Vasconcelos - COO APAC , the remuneration in 2023 was as follows: THOUSAND EUROS 31 DEC 2023 31 DEC 2022 Salaries and other allowances 2,967 2,808 Retirement saving plans 75 44 Life insurance premiums 7 16 3,049 2,868 Since April 2023, following his appointment as member of the Executive Board of Directors of EDP Energ\u00edas de Portugal, S.A., Pedro Vasconcelos receives his remuneration exclusively from EDP Energ\u00edas de Portugal, S.A. Since that moment, the amount corresponding to the services rendered by Pedro Vasconcelos to EDPR is invoiced by EDP Energ\u00edas de Portugal, S.A. to EDPR. Additionally they received the following non-monetary benefits: retirement savings plan (as described above), company car and Health Insurance in the amount of 116 thousand Euros (363 thousand Euros in 2022). Relevant balances and transactions with subsidiaries and associates of China Three Gorges Group Within the context of the transactions with CTG related to the sale of 49% of EDPR Portugal, EDPR PT-PE, EDPR Italia and EDPR Polska equity shareholding to CTG Group, CTG has granted loans to the EDPR Group in the amount of 81,299 thousand Euros including accrued interests (19,576 thousand Euros as current and 61,732 thousand Euros as non-current) as at 31 December 2023. As at 31 December 2022, this balance amounted to 93,693 thousand Euros including accrued interests (17,392 thousand Euros as current and 76,301 thousand Euros as non-current). See note 35. During the year ended 31 December 2022, EDPR sold the entire stake in the Spanish companies E\u00f3lica La Janda, S.L. and Parc E\u00f2lic Serra Voltorera, S.L. to CTG. Total shares proceeds amounted to 207,018 thousand Euros. Balances and transactions with EDP Group companies In their ordinary course of business, EDPR Group companies establish commercial transactions and operations with other Group companies, whose terms reflect current market conditions. As at 31 December 2023, assets and liabilities with related parties, are analysed as follows: ASSETS THOUSAND EUROS LOANS AND INTERESTS TO RECEIVE OTHERS TOTAL EDP Energias de Portugal, S.A. - 23,674 23,674 EDP - Energias de Portugal, S.A. Sucursal en Espa\u00f1a (EDP Branch) - 3,253 3,253 Joint Ventures and Associated companies 540,348 89,038 629,386 EDP Servi\u00e7o Universal, S.A. - 19,068 19,068 EDP Finance B.V. - 69,218 69,218
ASSETS THOUSAND EUROS LOANS AND INTERESTS TO RECEIVE OTHERS TOTAL EDP Servicios Financieros Espa\u00f1a, S.A. 199,567 - 199,567 EDP Espa\u00f1a S.A.U. - 29,511 29,511 EDP GEM Portugal, S.A. - 135,922 135,922 Other EDP Group companies - 3,327 3,327 739,915 373,011 1,112,926 LIABILITIES THOUSAND EUROS LOANS AND INTERESTS TO PAY OTHERS TOTAL EDP Energias de Portugal, S.A. - 121,917 121,917 EDP - Energias de Portugal, S.A. Sucursal en Espa\u00f1a (EDP Branch) - 61,372 61,372 Joint Ventures and Associated companies 52 4,028 4,080 EDP Finance B.V. 4,566,019 17,242 4,583,261 EDP Servicios Financieros Espa\u00f1a, S.A. 1,348,789 8,494 1,357,283 EDP Global Solutions - 1,443 1,443 EDP GEM Portugal, S.A. - 128,589 128,589 Other EDP Group companies - 2,834 2,834 5,914,860 345,919 6,260,779 Assets mainly refer to: \u2022 Debit balance of the Euro and US Dollar current accounts with EDP Servicios Financieros Espa\u00f1a, S.A. (see note 26) amounting to 199,038 thousand Euros as at 31 December 2023 (31 December 2022: 326,815 thousand Euros); \u2022 Loans granted to companies consolidated by the equity method, mainly to Ocean Winds in the total amount of 534,635 thousand Euros (31 December 2022: 511,374 thousand Euros); \u2022 Others with Joint Ventures and Associated companies correspond mainly with the variable price related to the sale of the offshore business to Ocean Winds in the amount of 77,679 thousand Euros and derivatives contracted with E\u00f3lica de S\u00e3o Juli\u00e3o in the amount of 5,550 thousand Euros (31 December 2022: 77,920 thousand Euros and 17,775 thousand Euros respectively) (see note 24 and 37); \u2022 Commercial receivables related to the sale of energy in EDPR Portugal and EDPR Spain through EDP Servi\u00e7o Universal, S.A. (which is a last resort retailer due to regulatory legislation) and EDP Espa\u00f1a S.A.U.; \u2022 Derivatives contracted with EDP Energias de Portugal, S.A., EDP Finance B.V. and EDP GEM Portugal, S.A. which market value as at 31 December 2023 amounts to 22,044 thousand Euros (31 December 2022: 84,686thousand Euros), 69,218 thousand Euros (31 December 2022: 73,812 thousand Euros) and 122,767 thousand Euros, respectively (see note 37). Liabilities mainly refer to: \u2022 Loans obtained by EDP Renov\u00e1veis S.A. and by EDP Renov\u00e1veis Servicios Financieros S.A. from EDP Finance BV in the amount, including interests and deducted from debt origination fees, of 4,566,019 thousand Euros (31 December 2022: 4,212,912 thousand Euros) and from EDP Servicios Financieros Espa\u00f1a S.A. in the amount of 1,010,752 thousand Euros (544,832 thousand Euros as at 31 December 2022) (see note 31) including the cash-pooling in the amount of 338,037 thousand Euros as at 31 December 2023; \u2022 Derivatives contracted with EDP Energias de Portugal, S.A. which market value as at 31 December 2023 amounts to 119,160 thousand Euros (31 December 2022: 614,415 thousand Euros), with EDP Finance B.V. which market value as at 31 December 2023 amounts to 17,099 thousand Euros (31 December 2022: 37,270 thousand Euros) and with EDP GEM Portugal, S.A. which market value as at 31 December 2023 amounts to 124,204 thousand Euros, mainly related to power price derivatives and Cross currency rate swaps (See note 37); \u2022 The amount included in EDP - Energias de Portugal, S.A. Sucursal en Espa\u00f1a is mainly explained by the increase of the tax pooling base for a total amount of 41,707 thousand Euros.
Transactions with related parties for the period ended 31 December 2023 are analysed as follows: THOUSAND EUROS OPERATING INCOME FINANCIAL INCOME OPERATING EXPENSES FINANCIAL EXPENSES EDP Energias de Portugal, S.A. 11,704 310,637 -331,324 -373,146 EDP Energias de Portugal, S.A. Sucursal en Espa\u00f1a (EDP Branch) 67 - -47,694 -1,298 Joint Ventures and Associated companies 25,679 27,131 -13,855 - THOUSAND EUROS OPERATING INCOME FINANCIAL INCOME OPERATING EXPENSES FINANCIAL EXPENSES EDP Servi\u00e7o Universal, S.A. 254,809 20 -30 -41 EDP Finance B.V. - 125,420 - -210,894 EDP Servicios Financieros Espa\u00f1a, S.A. - 5,755 - -47,283 EDP Espa\u00f1a S.A.U. 339,027 - -5,396 -41 EDP Clientes S.A. 4,109 - -1,640 - EDP Trading Comercializa\u00e7\u00e3o e Servi\u00e7os de Energia 60,758 - -66 - EDP GEM Portugal, S.A. 371,322 - -3,887 -1,825 Other EDP Group companies 4,463 - -5,843 - 1,071,938 468,963 -409,735 -634,528 Operating income mainly includes electricity sales to EDP Servi\u00e7o Universal, S.A. which is a supplier of last resource in Portugal due to regulatory legislation, to EDP Espa\u00f1a S.A.U. as the commercial agent in Spain and to EDP Trading Comercializa\u00e7\u00e3o e Servi\u00e7os de Energia; Operating transactions with EDP Energias de Portugal, S.A. and EDP GEM Portugal, S.A. are mainly related to commodity derivatives financial instruments; Financial Income is mainly explained by the derivative financial instruments of EDP Energias de Portugal, S.A. and EDP Finance B.V. as well as interests accrued with Joint Ventures and Associated companies; Financial expenses with EDP Finance B.V., EDP Energias de Portugal, S.A. and EDP Servicios Financieros Espa\u00f1a S.A., are related interests on the loans granted to EDP Renov\u00e1veis S.A. and EDP Renov\u00e1veis Servicios Financieros, S.A. referred above, and the income/expenses related to derivative instruments; The payments for financial leasing of IFRS 16 during the period amounts to 1,786 thousand Euros with EDP Energias de Portugal, S.A. Sucursal en Espa\u00f1a (EDP Branch). As at 31 December 2022, assets and liabilities with related parties, are analysed as follows: ASSETS THOUSAND EUROS LOANS AND INTERESTS TO RECEIVE OTHERS TOTAL EDP Energias de Portugal, S.A. - 100,978 100,978 EDP - Energias de Portugal, S.A. Sucursal en Espa\u00f1a (EDP Branch) - 140 140 Joint Ventures and Associated companies 521,584 148,361 669,945 EDP Finance B.V. - 26,860 26,860 EDP Servi\u00e7o Universal, S.A. - 73,812 73,812 EDP Servicios Financieros Espa\u00f1a, S.A. 326,815 - 326,815 EDP Espa\u00f1a S.A.U. - 41,947 41,947 Other EDP Group companies - 5,322 5,322 848,399 397,420 1,245,819 LIABILITIES THOUSAND EUROS LOANS AND INTERESTS TO PAY OTHERS TOTAL EDP Energias de Portugal, S.A. - 634,935 634,935 EDP - Energias de Portugal, S.A. Sucursal en Espa\u00f1a (EDP Branch) - 13,243 13,243 Joint Ventures and Associated companies - 820 820 EDP Finance B.V. 4,213,354 37,693 4,251,047 EDP Servicios Financieros Espa\u00f1a, S.A. 544,832 3,493 548,325 EDP Global Solutions - 1,861 1,861 Other EDP Group companies - 16,951 16,951 4,758,186 708,996 5,467,182
Assets mainly refer to: \u2022 Debit balance of the Euro and US Dollar current accounts with EDP Servicios Financieros Espa\u00f1a, S.A. (see note 26) amounting to 326,815 thousand Euros as at 31 December 2022; \u2022 Loans granted to companies consolidated by the equity method, mainly to Ocean Winds in the total amount of 511,374 thousand Euros; \u2022 Others with Joint Ventures and Associated companies correspond mainly with the variable price related to the sale of the offshore business to Ocean Winds in the amount of 77,920 thousand Euros and derivatives contracted with E\u00f3lica de S\u00e3o Juli\u00e3o in the amount of 17,775 thousand Euros (see note 24 and 37); \u2022 Commercial receivables related to the sale of energy in EDPR Portugal and EDPR Spain through EDP Servi\u00e7o Universal, S.A. (which is a last resort retailer due to regulatory legislation) and EDP Espa\u00f1a S.A.U.; \u2022 Derivatives contracted with EDP Energias de Portugal, S.A. and EDP Finance B.V. which market value as at 31 December 2022 amounts to 84,686 thousand Euros and 73,812 thousand Euros, respectively (see note 37); Liabilities mainly refer to: \u2022 Loans obtained by EDP Renov\u00e1veis S.A. and by EDP Renov\u00e1veis Servicios Financieros S.A. from EDP Finance BV in the amount, including interests and deducted from debt origination fees, of 4,212,912 thousand Euros (31 December 2021: 2,652,219 thousand Euros) and from EDP Servicios Financieros Espa\u00f1a S.A. in the amount of 544,832 thousand Euros (445,499 thousand Euros as at 31 December 2021) (see note 31) including the cash-pooling in the amount of 311,807 thousand Euros as at 31 December 2022; \u2022 Derivatives contracted with EDP Energias de Portugal, S.A. which market value as at 31 December 2022 amounts to 614,415 thousand Euros and with EDP Finance B.V. which market value as at 31 December 2022 amounts to 37,270 thousand Euros, mainly related to power price derivatives and Cross currency rate swaps (See note 37). Transactions with related parties for the year ended 31 December 2022 are analysed as follows: THOUSAND EUROS OPERATING INCOME FINANCIAL INCOME OPERATING EXPENSES FINANCIAL EXPENSES EDP Energias de Portugal, S.A. 56,488 296,834 -264,171 -233,580 EDP Energias de Portugal, S.A. Sucursal en Espa\u00f1a (EDP Branch) 16 - -36,197 -1,134 Joint Ventures and Associated companies 50,497 16,388 -5,247 -2,761 EDP Servi\u00e7o Universal, S.A. 255,983 - -26 - EDP Finance B.V. 20,234 97,679 - -170,958 EDP Servicios Financieros Espa\u00f1a, S.A. - - - -31,767 EDP Espa\u00f1a S.A.U. 728,267 - -8,523 -57 EDP Clientes S.A. 1,928 - -359 - EDP Trading Comercializa\u00e7\u00e3o e Servi\u00e7os de Energia 37,601 - -1,002 - Other EDP Group companies 187 - -6,557 - 1,151,201 410,901 -322,082 -440,257 Operating income mainly includes electricity sales to EDP Servi\u00e7o Universal, S.A. which is a supplier of last resource in Portugal due to regulatory legislation, to EDP Espa\u00f1a S.A.U. as the commercial agent in Spain, to EDP Trading Comercializa\u00e7\u00e3o e Servi\u00e7os de Energia. Operating transactions with EDP Energias de Portugal, S.A., EDP Finance BV and EDP GEM Portugal, S.A. are mainly related to commodity derivatives financial instruments; Financial expenses with EDP Finance B.V. and EDP Servicios Financieros Espa\u00f1a S.A., are related interests on the loans granted to EDP Renov\u00e1veis S.A. and EDP Renov\u00e1veis Servicios Financieros, S.A. referred above, and the income/expenses related to derivative instruments. Financial Income is mainly explained by the derivative financial instruments of EDP Energias de Portugal, S.A. and EDP Finance B.V. As part of its operational activities, the EDP Renov\u00e1veis Group must present guarantees in favor of certain suppliers and in connection with renewable energy contracts. As at 31 December 2023, EDP Espa\u00f1a and EDP Energ\u00edas de Portugal Sucursal en Espa\u00f1a granted operational guarantees to suppliers in favour of EDP Renov\u00e1veis S.A. and EDPR NA in the amount of 697,278 thousand Euros (444,520 thousand Euros as at 31 December 2022). The operational guarantees are issued following the commitments assumed by EDPR EU and EDPR NA in relation to Power Purchase Agreements (PPA), interconnection, permits and market participation. Refer to note 20 for guarantees granted by EDP Group and EDPR Group to joint venture companies.
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},
"f40973": {
"value": "40. Fair value of financial assets and liabilities Fair value of financial instruments is based, whenever available, on quoted market prices. Otherwise, fair value is determined through internal models, which are based on generally accepted cash flow discounting techniques and option valuation models or through quotations supplied by third parties. Non-standard instruments may require alternative techniques, which consider their characteristics and the generally accepted market practices applicable to such instruments. These models are developed considering the market variables that affect the underlying instrument, namely yield curves, exchange rates and volatility factors. Market data is obtained from generally accepted suppliers of financial data (Bloomberg and Reuters). Non-listed equity instruments, for which a reliable and consistent fair value estimate is not available either by internal models or external providers, are recognized at their historical cost. As at 31 December 2023 and 2022, the following table presents the interest rate curves of the major currencies to which the Group is exposed. These interest rates were used as the base for the fair value calculations made through internal models referred above: 31 DEC 2023 31 DEC 2022 CURRENCIES CURRENCIES EUR USD SGD EUR USD SGD 3 months 3,88% 5,66% 3,48% 2.13% 4.77% 3.57% 6 months 3,09% 5,49% 3,38% 2.69% 5.07% 3.86% 9 months 3,63% 5,26% 3,30% 3.45% 5.16% 3.88% 1 year 3,46% 5,04% 3,19% 3.69% 5.07% 3.84% 2 years 2,80% 4,35% 2,81% 3.39% 4.71% 3.48% 3 years 2,55% 4,04% 2,64% 3.31% 4.34% 3.30% 5 years 2,43% 3,82% 2,56% 3.24% 4.02% 3.15% 7 years 2,44% 3,77% 2,57% 3.20% 3.90% 3.10% 10 years 2,49% 3,76% 2,58% 3.20% 3.84% 3.04% Equity instruments at fair value and financial assets at fair value through profit or loss Listed financial instruments are recognized at fair value based on market prices. The financial instruments for which reliable fair value estimates are not available, are recorded in the statement of financial position at their cost. Cash and cash equivalents, trade receivables and suppliers These financial instruments include mainly short-term financial assets and liabilities. Given their short-term nature at the reporting date, their book values are not significantly different from their fair values. Loans granted These loans bear interest at market rates, which are fixed or with reference rate indexed, such as Euribor and SOFR, etc plus a market spread. Given the long-term maturity, for fixed rate loans, fair value has been calculated based on the discounted cash flows at market interest rates at the balance sheet date. Financial debt The fair value of the financial debt is estimated through internal models, which are based on generally accepted cash flow discounting techniques. At the reporting date, the carrying amount of floating rate loans is approximately their fair value. In case of fixed rate loans, mainly the intercompany loans granted by EDP Group, their fair value is obtained through internal models based on generally accepted discounting techniques. Derivative financial instruments All derivatives are accounted at their fair value. For those which are quoted in organized markets, the respective market price is used. For over-the-counter derivatives, fair value is estimated through the use of internal models based on cash flow discounting techniques and option valuation models generally accepted by the market, or by dealer price quotations. CIRS with EDP - Energias de Portugal, S.A. (note 37) With the purpose of hedging the foreign exchange risk resulting from the net investment in EDPR NA, the Group entered into CIRS in USD and EUR with EDP - Energias de Portugal, S.A. These financial derivatives are presented in the statement of financial position at its fair value, which is
estimated by discounting the projected USD and EUR cash flows. The discount rates and forward interest rates were based on the interest rate curves referred to above and the USD/EUR exchange rate is disclosed on note 35. The fair values of assets and liabilities as at 31 December 2023 and 2022 are analysed as follows: 31 DECEMBER 2023 31 DECEMBER 2022 THOUSAND EUROS CARRYING AMOUNT FAIR VALUE DIFFERENCE CARRYING AMOUNT FAIR VALUE DIFFERENCE FINANCIAL ASSETS Equity instruments at fair value 24,785 24,785 - 43,321 43,321 - Debtors and other assets from commercial activities 558,682 558,682 - 605,693 605,693 - Loans to related parties 542,616 436,661 -105,955 522,795 476,624 -46,171 Other debtors and other assets 845,611 845,611 - 1,162,285 1,162,285 - Derivative financial instruments 382,110 382,110 - 272,660 272,660 - Cash and cash equivalents 1,371,768 1,371,768 - 1,171,932 1,171,932 - 3,725,572 3,619,617 -105,955 3,707,166 3,732,515 -46,171 FINANCIAL LIABILITIES Financial debt 7,239,476 6,501,899 -737,577 6,159,954 5,486,817 -673,137 Suppliers 3,084,352 3,084,352 - 2,838,483 2,838,483 - Institutional partnerships in North America 2,188,245 2,188,245 - 2,212,162 2,212,162 - Trade and other payables from commercial activities 629,934 629,934 - 713,310 713,310 - Other liabilities and other payables 1,749,983 1,749,983 - 1,871,568 1,871,568 - Derivative financial instruments 883,937 883,937 - 1,954,820 1,954,820 - 15,775,718 15,038,141 737.577 15,750,297 15,077,160 -673,137 The fair value levels used to valuate EDP Renov\u00e1veis Group financial assets and liabilities are defined as follows: \u2022 Level 1 - Quoted prices (unadjusted) in active market for identical assets and liabilities \u2022 Level 2 - Inputs other than quoted prices included within Level 1 that are observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e., derived from prices) \u2022 Level 3 - Inputs for assets or liabilities that are not based on observable market data (unobservable inputs). 31 DECEMBER 2023 31 DECEMBER 2022 THOUSAND EUROS LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 1 LEVEL 2 LEVEL 3 FINANCIAL ASSETS Equity instruments at fair value 14,400 - 10,385 24,712 - 18,609 Derivative financial instruments - 382,111 - - 272,660 - 14,400 382,111 10,385 24,712 272,660 18,609 Financial liabilities Liabilities arising from options with non-controlling interests - - - - - 883 Derivative financial instruments - 883,937 - - 1,954,820 - - 883,937 - - 1,954,820 883 The remaining assets and liabilities are valuated within Level 1 or correspond to assets and liabilities which fair value is the same as its carrying amount. In 2023, there are no transfers between levels. The movement in 2023 and 2022 of the financial assets and liabilities within Level 3 are analysed was as follows:
TRADE AND OTHER PAYABLES 2023 2022 Balance at the beginning of the year 883 883 Gains / (Losses) in other comprehensive income - - Increases/Purchases -883 - Disposals - - Others - - Balance at the end of the year - 883 The Trade and other payables within level 3 are related to Liabilities with non-controlling interests. The movements in 2023 and 2022 of the derivative financial instruments are presented in note 37.
40. Fair value of financial assets and liabilities Fair value of financial instruments is based, whenever available, on quoted market prices. Otherwise, fair value is determined through internal models, which are based on generally accepted cash flow discounting techniques and option valuation models or through quotations supplied by third parties. Non-standard instruments may require alternative techniques, which consider their characteristics and the generally accepted market practices applicable to such instruments. These models are developed considering the market variables that affect the underlying instrument, namely yield curves, exchange rates and volatility factors. Market data is obtained from generally accepted suppliers of financial data (Bloomberg and Reuters). Non-listed equity instruments, for which a reliable and consistent fair value estimate is not available either by internal models or external providers, are recognized at their historical cost. As at 31 December 2023 and 2022, the following table presents the interest rate curves of the major currencies to which the Group is exposed. These interest rates were used as the base for the fair value calculations made through internal models referred above: 31 DEC 2023 31 DEC 2022 CURRENCIES CURRENCIES EUR USD SGD EUR USD SGD 3 months 3,88% 5,66% 3,48% 2.13% 4.77% 3.57% 6 months 3,09% 5,49% 3,38% 2.69% 5.07% 3.86% 9 months 3,63% 5,26% 3,30% 3.45% 5.16% 3.88% 1 year 3,46% 5,04% 3,19% 3.69% 5.07% 3.84% 2 years 2,80% 4,35% 2,81% 3.39% 4.71% 3.48% 3 years 2,55% 4,04% 2,64% 3.31% 4.34% 3.30% 5 years 2,43% 3,82% 2,56% 3.24% 4.02% 3.15% 7 years 2,44% 3,77% 2,57% 3.20% 3.90% 3.10% 10 years 2,49% 3,76% 2,58% 3.20% 3.84% 3.04% Equity instruments at fair value and financial assets at fair value through profit or loss Listed financial instruments are recognized at fair value based on market prices. The financial instruments for which reliable fair value estimates are not available, are recorded in the statement of financial position at their cost. Cash and cash equivalents, trade receivables and suppliers These financial instruments include mainly short-term financial assets and liabilities. Given their short-term nature at the reporting date, their book values are not significantly different from their fair values. Loans granted These loans bear interest at market rates, which are fixed or with reference rate indexed, such as Euribor and SOFR, etc plus a market spread. Given the long-term maturity, for fixed rate loans, fair value has been calculated based on the discounted cash flows at market interest rates at the balance sheet date. Financial debt The fair value of the financial debt is estimated through internal models, which are based on generally accepted cash flow discounting techniques. At the reporting date, the carrying amount of floating rate loans is approximately their fair value. In case of fixed rate loans, mainly the intercompany loans granted by EDP Group, their fair value is obtained through internal models based on generally accepted discounting techniques. Derivative financial instruments All derivatives are accounted at their fair value. For those which are quoted in organized markets, the respective market price is used. For over-the-counter derivatives, fair value is estimated through the use of internal models based on cash flow discounting techniques and option valuation models generally accepted by the market, or by dealer price quotations. CIRS with EDP - Energias de Portugal, S.A. (note 37) With the purpose of hedging the foreign exchange risk resulting from the net investment in EDPR NA, the Group entered into CIRS in USD and EUR with EDP - Energias de Portugal, S.A. These financial derivatives are presented in the statement of financial position at its fair value, which is
estimated by discounting the projected USD and EUR cash flows. The discount rates and forward interest rates were based on the interest rate curves referred to above and the USD/EUR exchange rate is disclosed on note 35. The fair values of assets and liabilities as at 31 December 2023 and 2022 are analysed as follows: 31 DECEMBER 2023 31 DECEMBER 2022 THOUSAND EUROS CARRYING AMOUNT FAIR VALUE DIFFERENCE CARRYING AMOUNT FAIR VALUE DIFFERENCE FINANCIAL ASSETS Equity instruments at fair value 24,785 24,785 - 43,321 43,321 - Debtors and other assets from commercial activities 558,682 558,682 - 605,693 605,693 - Loans to related parties 542,616 436,661 -105,955 522,795 476,624 -46,171 Other debtors and other assets 845,611 845,611 - 1,162,285 1,162,285 - Derivative financial instruments 382,110 382,110 - 272,660 272,660 - Cash and cash equivalents 1,371,768 1,371,768 - 1,171,932 1,171,932 - 3,725,572 3,619,617 -105,955 3,707,166 3,732,515 -46,171 FINANCIAL LIABILITIES Financial debt 7,239,476 6,501,899 -737,577 6,159,954 5,486,817 -673,137 Suppliers 3,084,352 3,084,352 - 2,838,483 2,838,483 - Institutional partnerships in North America 2,188,245 2,188,245 - 2,212,162 2,212,162 - Trade and other payables from commercial activities 629,934 629,934 - 713,310 713,310 - Other liabilities and other payables 1,749,983 1,749,983 - 1,871,568 1,871,568 - Derivative financial instruments 883,937 883,937 - 1,954,820 1,954,820 - 15,775,718 15,038,141 737.577 15,750,297 15,077,160 -673,137 The fair value levels used to valuate EDP Renov\u00e1veis Group financial assets and liabilities are defined as follows: \u2022 Level 1 - Quoted prices (unadjusted) in active market for identical assets and liabilities \u2022 Level 2 - Inputs other than quoted prices included within Level 1 that are observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e., derived from prices) \u2022 Level 3 - Inputs for assets or liabilities that are not based on observable market data (unobservable inputs). 31 DECEMBER 2023 31 DECEMBER 2022 THOUSAND EUROS LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 1 LEVEL 2 LEVEL 3 FINANCIAL ASSETS Equity instruments at fair value 14,400 - 10,385 24,712 - 18,609 Derivative financial instruments - 382,111 - - 272,660 - 14,400 382,111 10,385 24,712 272,660 18,609 Financial liabilities Liabilities arising from options with non-controlling interests - - - - - 883 Derivative financial instruments - 883,937 - - 1,954,820 - - 883,937 - - 1,954,820 883 The remaining assets and liabilities are valuated within Level 1 or correspond to assets and liabilities which fair value is the same as its carrying amount. In 2023, there are no transfers between levels. The movement in 2023 and 2022 of the financial assets and liabilities within Level 3 are analysed was as follows:
TRADE AND OTHER PAYABLES 2023 2022 Balance at the beginning of the year 883 883 Gains / (Losses) in other comprehensive income - - Increases/Purchases -883 - Disposals - - Others - - Balance at the end of the year - 883 The Trade and other payables within level 3 are related to Liabilities with non-controlling interests. The movements in 2023 and 2022 of the derivative financial instruments are presented in note 37.
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"f41342": {
"value": "41. Relevant subsequent events EDPR secures its first PPA in Germany EDPR has secured a 15-year Power Purchase Agreement (\u201cPPA\u201d) Lhyfe, with whom EDPR has a partnership agreement to provide renewable power for the future green hydrogen production sites in the region, that will be used for mobility and industrial processes, thus consolidating its sus- tained growth. The PPA entitles the sale of the renewable energy generated by a 55 MW solar project in Germany with start of operations expected during 2025. EDPR entered the German market in 2022 through the acquisition of Kronos Solar EDPR and cur- rently has a capacity of 8.5 GW in different stages of development in solar utility scale, including agri-PV projects. Although EDPR\u2019s business in Germany is focused on solar technology, the company has the ambition of developing wind projects in the country by the end of the decade. Germany announced in 2022 ambitious renewables capacity targets of 360 GW of renewable capacity to be installed until 2030. To reach that target, The Country has committed to install 155 GW of solar capacity, representing close to 40% of the expected EU solar additions and making it one of the largest and fastest growing solar markets in the world. EDPR's success in securing new PPAs reinforces its low-risk profile and growth strategy based on the development of competitive projects with long-term visibility, fostering the acceleration of the energy transition and the decarbonization of the economy. EDPR secures a PPA for a 250 MW portfolio in Spain EDPR has secured a 15-year Power Purchase Agreement (\u201cPPA\u201d) with a global corporate client to sell the green energy produced by a 250 MW portfolio in Spain. The portfolio consists of 4 solar projects amounting to 205 MW and 1 wind project with 45 MW of capacity, all of them expected to enter in operation in 2025. This pay-as-produced PPA supports EDPR\u2019s value creation thresholds, and with it EDPR has now more than 55% of the capacity secured out of the ~17 GW target additions for 2023-2026 announced in EDPR Capital Markets Day in March 2023. EDPR awarded with 20-year CfD for 100 MW in Italy EDPR has been awarded with 20- year contracts for difference (\u201cCfD\u201d) for 100 MW of wind re- newable capacity, at the latest renewable auction in Italy promoted by the Gestore ServiziEnergetici (\"GSE\"). These CfDs were attributed to 3 onshore wind projects located in the south of Italy, which are expected to enter in operation by 2026. The auction, that has delivered 1 GW of new clean energy, achieved a clearing price of \u20ac77.6/MWh, a significant increase from last year's \u20ac66.5/MWh in the twelfth auction. CfD auctions play a piv- otal role in supporting the green transition and ensuring competitive projects. With these new contracts, EDPR has now 57% of the capacity secured out of the ~17 GW targeted additions announced in EDPR Capital Markets Day in March 2023. EDPR signs Asset Rotation deal for a 297 MW wind project in Canada EDPR has signed a Sale and Purchase Agreement with Connor, Clark & Lunn Infrastructure (\u201c CC&L Infrastructure\u201d) to sell an 80% equity stake in a 297 MW operating wind project located in Alberta, Canada for an estimated Enterprise Value of C$0.6 billion (for the 80% stake). This is EDPR\u2019s second transaction with CC&L Infrastructure, having previously sold a 560 MW portfolio of wind and solar assets in the United States. EDPR will retain a minority equity interest in the project and continue to operate and manage the asset.
The transaction is subject to conditions precedent, regulatory and other usual conditions for a transaction of this nature. This transaction comes in the context of the \u20ac7 billion Asset rotation program for 2023-26 an- nounced in EDPR\u2019s Capital Markets Day in March 2023, allowing EDPR to accelerate value creation while recycling capital to reinvest in accretive growth. EDPR completes Asset Rotation deal for a 340 MW solar portfolio in the US EDPR announces the completion of a Sale and Purchase Agreements with a major energy global player, to sell an 80% equity stake in portfolios of 340 MW from 3 operating solar projects, 2 in Ohio and 1 in Texas, for a total Enterprise Values of $0.4 billion (for the 80% stake). With the conclusion of these agreements, EDPR has executed and signed ~35% of the \u20ac7 billion Asset rotation program for 2023-2026 as announced in EDPR\u2019s Capital Markets Day in March 2023, allowing EDPR to accelerate value creation while recycling capital to reinvest in accretive growth.
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"f42488": {
"value": "44. Operating segments report The Group generates energy from renewable resources and has, since 1 January 2022, four reportable segments which are the Group\u2019s business platforms, Europe, North America, Latam and Apac. The strategic business units have operations in different geographic zones and are managed separately because their characteristics are quite different. For each of the strategic business units, the Group\u2019s CEO reviews internal management reports on at least a quarterly basis. The accounting policies of the reportable segments are the same as described in note 2. Information regarding the results of each reportable segment is included in Annex 2. Performance is based on segment operating profit measures, as included in the internal management reports that are reviewed by the Management. Segment operating profit is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries. Inter-segment pricing is determined on an arm\u2019s length basis. A business segment is an identifiable component of the Group, aimed at providing a single product or service, or a group of related products or services, and it is subject to risks and returns that can be distinguished from those of other business segments. The Group generates energy from renewable sources in several locations and its activity is managed based on the following business segments: \u2022 Europe: refers to companies that operate in Spain, Portugal, Belgium, France, Italy, Germany, Netherlands, Poland, Romania, United Kingdom, Hungary and Greece; \u2022 North America: refers to companies that operate in United States of America, Canada and Mexico; \u2022 LATAM: refers to companies that operate in Brasil, Chile and Colombia; \u2022 APAC: refers to companies that operate in South Korea, Singapore, Vietnam, Malaysia, Indonesia, Thailand, Cambodia, China, Taiwan, Australia and Japan.
As at 31 December 2022, business segments were the following: \u2022 Europe: refers to companies that operate in Spain, Portugal, Belgium, France, Italy, Germany, Netherlands, Poland, Romania, United Kingdom, Hungary and Greece; \u2022 North America: refers to companies that operate in United States of America, Canada and Mexico; \u2022 LATAM: refers to companies that operate in Brasil, Chile and Colombia; \u2022 APAC: refers to companies that operate in Korea, Singapore, Vietnam, Malaysia, Indonesia, Thailand, Cambodia, China, Taiwan and Japan. Segment definition The amounts reported in each business segment result from the aggregation of the subsidiaries and business units defined in each segment perimeter, including the intra-segment eliminations, without any inter-segment allocation adjustment. The financial information disclosed by each business segment is determined based on the amounts booked directly in the subsidiaries that compose the segment, including the intra- segment eliminations, without any inter-segment allocation adjustment.
ANNEX II Group Activity by Operating Segment Operating Segment Information for the years ended 31 December 2023 THOUSAND EUROS EUROPE NORTH AMERICA LATAM APAC SEGMENTS TOTAL Revenues 1,069,374 729,370 78,208 114,489 1,991,441 Income from institutional partnerships in North America - 231,055 - - 231,055 1,069,374 960,425 78,208 114,489 2,222,496 Other operating income 458,913 42,715 69,837 1,276 572,741 Supplies and services -229,501 -214,545 -45,766 -30,124 -519,936 Personnel costs and Employee benefits expenses -65,266 -117,109 -9,290 -16,438 -208,103 Other operating expenses -142,406 -118,229 -14,940 -4,214 -279,789 21,740 -407,168 -159 -49,500 -435,087 Joint ventures and associates -4,503 30,446 - 3,131 29,074 Gross operating profit 1,086,611 583,703 78,049 68,120 1,816,482 Provisions -12,800 314 -3,946 - -16,432 Amortisation and impairment -218,957 -442,256 -208,672 -56,810 -926,695 Operating profit 854,854 141,761 -134,569 11,310 873,355 Assets 7,090,076 13,244,616 1,790,354 1,633,786 23,758,832 Liabilities 579,628 2,385,956 277,841 111,680 3,355,105 Operating Investment 876,467 2,746,543 708,253 160,077 4,491,340 Note: The Segment \"Europe\" includes: i) revenues in the amount of 384,944 thousands of Euros from Spanish companies; ii) assets from Spanish companies in the amount of 2,090,071 thousands of Euros. Reconciliation between the Segment Information and the Financial Statements: THOUSAND EUROS Revenues of the Reported Segments 2,222,488 Revenues of Other Segments 51,115 Elimination of intra-segment transactions -34,759 Revenues of the EDPR Group 2,238,844 Gross operating profit of the Reported Segments 1,816,482 Gross operating profit of Other Segments -92,345 Elimination of intra-segment transactions 110,542 Gross operating profit of the EDPR Group 1,834,672 Operating profit of the Reported Segments 873,355 Operating profit of Other Segments -118,992 Elimination of intra-segment transactions 120,189 Operating profit of the EDPR Group 874,543 Assets of the Reported Segments 23,758,832 Not Allocated Assets 5,168,125 Financial Assets 2,947,335 Tax assets 710,041 Debtors and other assets 1,510,749 Assets of Other Segments 13,100,316 Elimination of intra-segment transactions -11,980,621 Assets of the EDPR Group 30,070,311, Investments in joint ventures and associates 1,079,576 Liabilities of the Reported Segments 3,355,106 Not Allocated Liabilities 10,157,247 Financial Liabilities 1,548,246 Institutional investors in wind farms in USA 2,188,245 Tax liabilities 730,291
THOUSAND EUROS Payables and other liablities 5,690,464 Liabilities of Other Segments 4,014,027 Elimination of intra-segment transactions -132,154 Liabilities of the EDPR Group 17,452,133, Operating Investment of the Reported Segments 4,491,340 Operating Investment of Other Segments 72,313 Operating Investment of the EDPR Group 4,563,653 THOUSAND EUROS TOTAL OF THE REPORTED SEGMENTS OTHER SEGMENTS ELIMINATION OF INTRA-SEGMENT TRANSACTIONS TOTAL OF THE EDPR GROUP Income from institutional partnerships in North America 231,055 - - 231,055 Other operating income 572,741 4,751 5,711 583,203 Supplies and services -519,937 -62,868 108,280 -474,525 Personnel costs and Employee benefits expenses -208,103 -44,649 8,686 -244,066 Other operating expenses -279,789 -25,356 22,623 -282,522 Provisions -16,432 -15,868 15,833 -16,467 Amortisation and impairment -926,695 -10,779 -6,187 -943,661 Joint ventures and associates 29,074 -15,337 1 13,738 Operating Segment Information for the consolidated income statement and consolidated statement of financial position ended 31 December 2022: THOUSAND EUROS EUROPE NORTH AMERICA LATAM APAC SEGMENTS TOTAL Revenues 1,279,292 718,298 52,821 84,516 2,134,928 Income from institutional partnerships in North America - 233,505 - - 233,505 1,279,292 951,803 52,821 84,516 2,368,432 Other operating income 308,311 89,091 122,054 2,653 522,108 Supplies and services -204,833 -202,395 -30,005 -29,900 -467,134 Personnel costs and Employee benefits expenses -54,087 -124,436 -6,710 -21,127 -206,359 Other operating expenses -129,693 -94,291 -10,061 -1,024 -235,070 -80,303 -332,031 75,278 -49,399 -386,455 Joint ventures and associates 49,280 35,308 - -354 84,234 Gross operating profit 1,248,270 655,080 128,099 34,763 2,066,212 Provisions 5,527 81 - - 5,608 Amortisation and impairment -245,835 -399,356 -63,129 -21,723 -730,043 Operating profit 1.007,961 255,805 64,970 13,040 1,341,777 Assets 6,901,430 11,836,674 1,397,053 1,514,603 21,649,760 Liabilities 833,365 1,771,275 451,670 85,101 3,141,411 Operating Investment 736,466 1,850,471 708,436 126,204 3,421,577 Note: The Segment \"Europe\" includes: i) revenues in the amount of 263,264 thousand of Euros from Spanish companies; ii) assets from Spanish companies in the amount of 2,228,498 thousands of Euros.
Reconciliation between the Segment Information and the Financial Statements THOUSAND EUROS Revenues of the Reported Segments 2,134,928 Revenues of Other Segments -7,261 Elimination of intra-segment transactions 10,315 Revenues of the EDPR Group 2,137,981 Gross operating profit of the Reported Segments 2,066,212 Gross operating profit of Other Segments 319,378 Elimination of intra-segment transactions -228,383 Gross operating profit of the EDPR Group 2,157,207 Operating profit of the Reported Segments 1,341,777 Operating profit of Other Segments 310,861 Elimination of intra-segment transactions -241,133 Operating profit of the EDPR Group 1,411,505 Assets of the Reported Segments 21,649,760 Not Allocated Assets 5,447,142 Financial Assets 2,742,557 Tax assets 876,689 Debtors and other assets 1,827,896 Assets of Other Segments 11,512,060 Elimination of intra-segment transactions -11,115,893 Assets of the EDPR Group 27,493,069 Investments in joint ventures and associates 1,157,249 Liabilities of the Reported Segments 3,141,411 Not Allocated Liabilities 11,592,798 Financial Liabilities 2,048,861 Institutional investors in wind farms in USA 2,212,162 Tax liabilities 766,403 Payables and other liabilities 6,565,372 Liabilities of Other Segments 3,234,241 Elimination of intra-segment transactions -1,046,047 Liabilities of the EDPR Group 16,922,404 Operating Investment of the Reported Segments 3,421,577 Operating Investment of Other Segments 31,967 Operating Investment of the EDPR Group 3,453,544 THOUSAND EUROS TOTAL OF THE REPORTED SEGMENTS OTHER SEGMENTS ELIMINATION OF INTRA-SEGMENT TRANSACTIONS TOTAL OF THE EDPR GROUP Income from institutional partnerships in North America 233,505 - - 233,505 Other operating income 522,108 6,554 -2,637 526,026 Supplies and services -467,134 -48,880 77,039 -438,974 Personnel costs and Employee benefits expenses -206,359 -43,446 9,195 -240,611 Other operating expenses -235,070 317,374 -322,292 -239,987 Provisions 5,608 - - 5,608 Amortisation and impairment -730,043 -8,517 -12,751 -751,311 Joint ventures and associates 84,121 95,148 -2 179,267
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"f42548": {
"value": "45. Audit and non-audit fees PricewaterhouseCoopers (PwC) was reappointed in the Shareholder\u2019s Meeting held on April 12 th 2021 as the external auditor of the EDPR Group for years 2021, 2022 and 2023. Fees for professional services provided by this company and the other related entities and persons in accordance with Law 22/2015 of 20 July, for the year ended in 31 December 2023 are as follows: 31 DECEMBER 2023 THOUSAND EUROS EUROPE NORTH AMERICA LATAM APAC TOTAL Audit and statutory audit of accounts 1,810 2,195 388 1,008 5,401 Other non-audit services 283 13 8 - 304 Total 2,093 2,208 396 1,008 5,705 The amount of Other non-audit services in Europe includes, among others, services that refer to the entire Group such as the review of the internal control system on financial reporting and review of the non-financial information related to sustainability included in the EDPR Group\u2019s annual report, which are invoiced to a European company. This amount also includes the limited review as of June 30, 2023 of the EDPR Consolidated Financial Statements and other reviews for Group consolidation purposes which are considered non-audit services according to the respective local regulation. Total amount for Europe includes 969 thousand Euros of services provided by PricewaterhouseCoopers Auditores S.L. from which 693 thousand Euros refer to audit services and 276 thousand Euros refer to non-audit services. The above fees exclude the fees for the companies that were sold during 2023 amounting 139 thousand Euros (see note 6). The PwC fees for 2022 are as follows: 31 DECEMBER 2022 THOUSAND EUROS EUROPE NORTH AMERICA BRAZIL OTHER TOTAL Audit and statutory audit of accounts 1,603 1,795 368 994 4,760 Other non-audit services 218 12 38 - 268 Total 1,821 1,807 406 994 5,028 Total amount for Europe includes 857 thousand Euros of services provided by PricewaterhouseCoopers Auditores S.L. from which 676 thousand Euros refer to audit services
and 181 thousand Euros refer to non-audit services",
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"entity": "scheme:529900MUFAH07Q1TAX06",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f42669": {
"value": "2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS GROUP'S PARENT HOLDING COMPANY AND RELATED ACTIVITIES EDP Renov\u00e1veis, S.A. (Group's parent holding company) Oviedo PwC 100.00% 100.00% 100.00% 100.00% EDP Renov\u00e1veis Servicios Financieros, S.A. Oviedo PwC 100.00% 100.00% 100.00% 100.00% EUROPE GEOGRAPHY / PLATFORM Spain EDP Renewables Europe, S.L.U. (Europe Parent Company) Oviedo PwC 100.00% 100.00% 100.00% 100.00% EDP Renovables Espa\u00f1a, S.L.U. Oviedo PwC 100.00% 100.00% 100.00% 100.00% Acampo Arias, S.L. Zaragoza PwC 95.00% 95.00% 95.00% 95.00% Agos Fotovoltaicas, S.L.U. Asturias n.a. 100.00% 100.00% 0.00% 0.00% Aplicaciones Industriales de Energ\u00edas Limpias, S.L. Zaragoza n.a. 61.50% 61.50% 61.50% 61.50% Canerde, S.L. Madrid n.a. 80.00% 80.00% 80.00% 80.00% Compa\u00f1\u00eda E\u00f3lica Aragonesa, S.A.U. Zaragoza PwC 100.00% 100.00% 100.00% 100.00% Corona Fotovoltaicas, S.L.U. Asturias n.a. 100.00% 100.00% 0.00% 0.00% Desarrollos E\u00f3licos de Teruel, S.L. Teruel n.a. 51.00% 51.00% 51.00% 51.00% Desarrollos Renovables de Alfajarin, S.L.U. Zaragoza n.a. 100.00% 100.00% 0.00% 0.00% Desarrollos Renovables de Allande, S.L.U. Asturias n.a. 100.00% 100.00% 100.00% 100.00% Desarrollos Renovables de la Frontera, S.L.U. C\u00e1diz n.a. 100.00% 100.00% 100.00% 100.00% Desarrollos Renovables de Teruel, S.L. Teruel n.a. 51.00% 51.00% 51.00% 51.00% EDPR M\u00e9xico, S.L.U. Asturias n.a. 100.00% 100.00% 100.00% 100.00% EDPR Terral S.L.U. Madrid n.a. 100.00% 100.00% 100.00% 100.00% EDPR Yield, S.A.U. Asturias PwC 100.00% 100.00% 100.00% 100.00% Energia Geoide VIII, S.L. Asturias n.a. 100.00% 100.00% 0.00% 0.00% E\u00f3lica Arlanz\u00f3n, S.A. Madrid PwC 85.00% 85.00% 85.00% 85.00% E\u00f3lica Campollano, S.A. Madrid PwC 75.00% 75.00% 75.00% 75.00% E\u00f3lica Fontesilva, S.L.U. La Coru\u00f1a PwC 100.00% 100.00% 100.00% 100.00% E\u00f3lica La Br\u00fajula, S.A.U. Madrid PwC 100.00% 100.00% 100.00% 100.00% Global Pracima, S.L.U. Asturias n.a. 100.00% 100.00% 0.00% 0.00% IAM Caecius, S.L.U. Madrid n.a. 100.00% 100.00% 100.00% 100.00% Iberia Aprovechamientos E\u00f3licos, S.A. Zaragoza PwC 94.00% 94.00% 94.00% 94.00% ICE Tudela, S.L.U. Madrid n.a. 100.00% 100.00% 0.00% 0.00% Jul Solar, S.L.U. Asturias n.a. 100.00% 100.00% 0.00% 0.00% Palma Hive, S.L.U. Madrid n.a. 100.00% 100.00% 100.00% 100.00% Parque E\u00f3lico Altos del Voltoya, S.A. Madrid PwC 92.50% 92.50% 92.50% 92.50% Parque E\u00f3lico de Abrazadilla, S.L.U. Madrid n.a. 100.00% 100.00% 100.00% 100.00% Parque E\u00f3lico La Sotonera, S.L. Zaragoza PwC 69.84% 69.84% 69.84% 69.84% Parque E\u00f3lico Los Cantales, S.L.U. Zaragoza PwC 100.00% 100.00% 100.00% 100.00% Parque E\u00f3lico Santa Quiteria, S.L. Zaragoza PwC 100.00% 83.96% 100.00% 83.96% Pedregal Hive, S.L.U. Madrid n.a. 100.00% 100.00% 100.00% 100.00% Renovables Castilla La Mancha, S.A. Madrid PwC 90.00% 90.00% 90.00% 90.00% Rocio Hive, S.L. Madrid n.a. 100.00% 100.00% 100.00% 100.00% San Juan de Bargas E\u00f3lica, S.L.U. Zaragoza n.a. 100.00% 100.00% 0.00% 0.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Site Sunwind Energy, S.L.U. Madrid n.a. 100.00% 100.00% 100.00% 100.00% T\u00e9bar E\u00f3lica, S.A.U. Madrid PwC 100.00% 100.00% 100.00% 100.00% Viesgo Europa, S.L.U. Oviedo PwC 0.00% 0.00% 100.00% 100.00% Viesgo Mantenimiento, S.L.U. Cantabria PwC 0.00% 0.00% 100.00% 100.00% Viesgo Renovables, S.L.U. Oviedo PwC 0.00% 0.00% 100.00% 100.00% Portugal EDP Renov\u00e1veis Portugal, S.A. Porto PwC 51.00% 51.00% 51.00% 51.00% EDPR Cross Solutions, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% EDPR PT - Parques E\u00f3licos, S.A. Porto PwC 51.00% 51.00% 51.00% 51.00% EDPR PT - Promo\u00e7\u00e3o e Opera\u00e7\u00e3o, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% E\u00f3lica da Coutada II, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% E\u00f3lica da Coutada, S.A. Soutelo de Aguiar PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica da Serra das Alturas, S.A. Boticas PwC 50.10% 25.55% 50.10% 25.55% E\u00f3lica da Terra do Mato, S.A. Porto PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica das Serras das Beiras, S.A. Pi\u00f3d\u00e3o - Arganil PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica de Alagoa, S.A. Arcos de Valdevez PwC 60.00% 30.60% 60.00% 30.60% E\u00f3lica de Montenegrelo, S.A. Vila Pouca de Aguiar PwC 50.10% 25.55% 50.10% 25.55% E\u00f3lica do Alto da Lagoa, S.A. Porto PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica do Alto da Teixosa, S.A. Alh\u00f5es PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica do Alto do Mourisco, S.A. Cerdedo PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica do Espig\u00e3o, S.A. Vila Nova CMV PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica dos Altos de Salgueiros- Guilhado, S.A. Vila Pouca de Aguiar PwC 100.00% 51.00% 100.00% 51.00% Fotovoltaica Flutuante do Grande Lago, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% Fotovoltaica Lote A, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% Malhadizes - Energia E\u00f3lica, S.A. Porto PwC 100.00% 51.00% 100.00% 51.00% Parque E\u00f3lico do Barlavento, S.A. Porto PwC 89.98% 89.98% 89.98% 89.98% S.E.E. - Sul Energ\u00eda E\u00f3lica, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% SPEE - Sociedade Produ\u00e7\u00e3o de Energia E\u00f3lica, S.A. Porto PwC 100.00% 100.00% 0.00% 0.00% EDP Renewables SGPS, S.A. Porto PwC 0.00% 0.00% 100.00% 100.00% IE2 Portugal, SGPS, S.A. Porto PwC 0.00% 0.00% 100.00% 100.00% EDP Renov\u00e1veis Portugal, S.A. Porto PwC 51.00% 51.00% 51.00% 51.00% EDPR Cross Solutions, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% EDPR PT - Parques E\u00f3licos, S.A. Porto PwC 51.00% 51.00% 51.00% 51.00% EDPR PT - Promo\u00e7\u00e3o e Opera\u00e7\u00e3o, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% E\u00f3lica da Coutada II, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% E\u00f3lica da Coutada, S.A. Soutelo de Aguiar PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica da Serra das Alturas, S.A. Boticas PwC 50.10% 25.55% 50.10% 25.55% E\u00f3lica da Terra do Mato, S.A. Porto PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica das Serras das Beiras, S.A. Pi\u00f3d\u00e3o - Arganil PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica de Alagoa, S.A. Arcos de Valdevez PwC 60.00% 30.60% 60.00% 30.60% E\u00f3lica de Montenegrelo, S.A. Vila Pouca de Aguiar PwC 50.10% 25.55% 50.10% 25.55% E\u00f3lica do Alto da Lagoa, S.A. Porto PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica do Alto da Teixosa, S.A. Alh\u00f5es PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica do Alto do Mourisco, S.A. Cerdedo PwC 100.00% 51.00% 100.00% 51.00% E\u00f3lica do Espig\u00e3o, S.A. Vila Nova CMV PwC 100.00% 51.00% 100.00% 51.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS E\u00f3lica dos Altos de Salgueiros- Guilhado, S.A. Vila Pouca de Aguiar PwC 100.00% 51.00% 100.00% 51.00% Fotovoltaica Flutuante do Grande Lago, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% Fotovoltaica Lote A, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% Malhadizes - Energia E\u00f3lica, S.A. Porto PwC 100.00% 51.00% 100.00% 51.00% Parque E\u00f3lico do Barlavento, S.A. Porto PwC 89.98% 89.98% 89.98% 89.98% S.E.E. - Sul Energ\u00eda E\u00f3lica, S.A. Porto PwC 100.00% 100.00% 100.00% 100.00% SPEE - Sociedade Produ\u00e7\u00e3o de Energia E\u00f3lica, S.A. Porto PwC 100.00% 100.00% 0.00% 0.00% EDP Renewables SGPS, S.A. Porto PwC 0.00% 0.00% 100.00% 100.00% IE2 Portugal, SGPS, S.A. Porto PwC 0.00% 0.00% 100.00% 100.00% France EDPR France Holding, S.A.S. Paris PwC 100.00% 100.00% 100.00% 100.00% EDPR Energies France, S.A.S. Paris PwC 100.00% 100.00% 100.00% 100.00% Monts de la Madeleine Energie, S.A.S. Paris PwC 100.00% 100.00% 100.00% 100.00% Monts du Forez Energie, S.A.S. Paris PwC 100.00% 100.00% 100.00% 100.00% Oxavi 1, S.A.S. Paris n.a. 100.00% 100.00% 0.00% 0.00% Oxavi 2, S.A.S. Paris n.a. 100.00% 100.00% 0.00% 0.00% Parc \u00c9olien d\u2019Entrains-sur-Nohain, S.A.S. Paris PwC 90.00% 90.00% 90.00% 90.00% Parc Eolien de Dionay, S.A.S. Paris PwC 100.00% 100.00% 100.00% 100.00% Saussignac Solaire, S.A.S. Paris n.a. 100.00% 100.00% 0.00% 0.00% Transition Euroise Roman II, S.A.S. Paris n.a. 85.00% 85.00% 85.00% 85.00% Vanosc Energie, S.A.S. Paris n.a. 100.00% 100.00% 100.00% 100.00% Kronos Solar France, S.A.S. Boulogne- Billancourt n.a. 100.00% 100.00% 100.00% 100.00% Fransol 11, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 12, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 13, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 14, S.A.S. Paris n.a. 100.00% 100.00% 100.00% 85.00% Fransol 15, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 16, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 17, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 18, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 19, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 20, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 21, S.A.S. Boulogne- Billancourt n.a. 100.00% 100.00% 100.00% 85.00% Fransol 22, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 23, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 24, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 25, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 26, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 27, S.A.S. Boulogne- Billancourt n.a. 100.00% 100.00% 100.00% 85.00% Fransol 28, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 29, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 30, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Fransol 31, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 32, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 33, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 34, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 35, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 36, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 37, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 38, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 39, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 40, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 41, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 42, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 43, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 44, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 45, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 46, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 47, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 48, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 49, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 50, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 100.00% 85.00% Fransol 51, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 52, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 53, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 54, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 55, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 56, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 57, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 58, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 59, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 60, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 61, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 62, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 63, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 64, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 65, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 66, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 67, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 68, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Fransol 69, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Fransol 70, S.A.S. Boulogne- Billancourt n.a. 100.00% 85.00% 0.00% 0.00% Kronos 18 Fain, S.A.S. Saint- Louis n.a. 100.00% 100.00% 100.00% 85.00% Kronos IB Vogt 15, S.A.S. Saint- Louis n.a. 100.00% 85.00% 100.00% 85.00% Kronos IB Vogt 16, S.A.S. Saint- Louis n.a. 100.00% 85.00% 100.00% 85.00% Kronos IB Vogt 19, S.A.S. Saint- Louis n.a. 100.00% 85.00% 100.00% 85.00% Kronos IB Vogt 20, S.A.S. Saint- Louis n.a. 100.00% 85.00% 100.00% 85.00% Kronos IB Vogt 22, S.A.S. Saint- Louis n.a. 100.00% 85.00% 100.00% 85.00% Kronos IB Vogt 25, S.A.S. Saint- Louis n.a. 100.00% 85.00% 100.00% 85.00% Kronosol 11, S.A.R.L. Saint- Louis n.a. 100.00% 85.00% 100.00% 85.00% Kronosol 12, S.A.R.L. Saint- Louis n.a. 100.00% 100.00% 100.00% 85.00% Kronosol 13, S.A.R.L. Paris n.a. 100.00% 100.00% 100.00% 85.00% Kronosol 14, S.A.R.L. Paris n.a. 100.00% 100.00% 100.00% 85.00% Kronosol 15, S.A.R.L. Saint- Louis n.a. 100.00% 100.00% 100.00% 85.00% Eoles Montjean, S.A.S. Paris n.a. 0.00% 0.00% 100.00% 100.00% Poland EDP Renewables Polska, Sp. z o.o. Warsaw PwC 100.00% 100.00% 100.00% 100.00% EDP Renewables Polska HoldCo, S.A. Warsaw PwC 51.00% 51.00% 51.00% 51.00% EDP Renewables Polska Solar, Sp. z o.o. Warsaw PwC 100.00% 100.00% 100.00% 100.00% EDP Renewables Polska Storage, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 0.00% 0.00% EDP Renewables Polska Wind, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 0.00% 0.00% EDPR Polska Solar 2, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 0.00% 0.00% Ekoenergia Solar 3, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 0.00% 0.00% Budzyn, Sp. z o.o. Warsaw PwC 100.00% 51.00% 100.00% 51.00% CSH Renewables III, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 0.00% 0.00% Elektrownia Kamienica, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Elektrownia Wiatrowa Kresy I, Sp. z o.o. Warsaw PwC 100.00% 51.00% 100.00% 51.00% Farma Fotowoltaiczna Budzyn, Sp. z o.o. Warsaw PwC 100.00% 100.00% 100.00% 100.00% Farma Fotowoltaiczna Dobrzyca, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Farma Fotowoltaiczna I\u0142\u017ca, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 0.00% 0.00% Farma Fotowoltaiczna Koden, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Farma Fotowoltaiczna Pakos\u0142aw, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 0.00% 0.00% Farma Fotowoltaiczna Poturzyn, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 0.00% 0.00% Farma Fotowoltaiczna Radziej\u00f3w, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Farma Fotowoltaiczna Tomasz\u00f3w, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Farma Fotowoltaiczna Ujazd, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Farma Fotowoltaiczna Warta, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Farma Fotowoltaiczna Wielkopolska, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Farma Wiatrowa Starozreby, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% FW Warta, Sp. z o.o. Pozna\u0144 PwC 100.00% 100.00% 100.00% 100.00% Gudziki Wind Farm, sp. z o.o. Warsaw PwC 100.00% 51.00% 100.00% 51.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Karpacka Mala Energetyka, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Korsze Wind Farm, Sp. z o.o. Warsaw PwC 100.00% 51.00% 100.00% 51.00% Masovia Wind Farm I, Sp. z o.o. Warsaw PwC 100.00% 100.00% 100.00% 100.00% Miramit Investments, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Molen Wind II, Sp. z o.o. Warsaw PwC 100.00% 51.00% 100.00% 51.00% Neo Solar Chotk\u00f3w, Sp. z o.o. Warsaw PwC 100.00% 100.00% 100.00% 100.00% Neo Solar Farm, Sp. z o.o. Warsaw PwC 100.00% 100.00% 100.00% 100.00% Neo Solar Przykona II, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% R.Wind, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Radziej\u00f3w Wind Farm, Sp. z o.o. Warsaw PwC 100.00% 51.00% 100.00% 51.00% Rampton, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Relax Wind Park I, Sp. z o.o. Warsaw PwC 100.00% 51.00% 100.00% 51.00% Relax Wind Park III, Sp. z o.o. Warsaw PwC 100.00% 51.00% 100.00% 51.00% WF Energy III, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 100.00% 100.00% Wind Farm Debrzno, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 0.00% 0.00% Wind Farm Gniewkowo, Sp. z o.o. Warsaw n.a. 100.00% 100.00% 0.00% 0.00% Wind Field Wielkopolska, Sp. z o.o. Pozna\u0144 PwC 0.00% 0.00% 100.00% 100.00% EW Dobrzyca, sp. z o.o. Pozna\u0144 PwC 0.00% 0.00% 100.00% 100.00% Ujazd, Sp. z o.o. Pozna\u0144 PwC 0.00% 0.00% 100.00% 100.00% Romania EDPR Rom\u00e2nia, S.R.L. Bucarest PwC 100.00% 100.00% 100.00% 100.00% Beta Wind, S.R.L. Bucarest n.a. 100.00% 100.00% 100.00% 100.00% Energopark, S.R.L. Bucarest n.a. 100.00% 100.00% 100.00% 100.00% Fravezac, S.R.L. Bucarest n.a. 100.00% 100.00% 100.00% 100.00% International Solar Energy, S.R.L. Bucarest n.a. 100.00% 100.00% 100.00% 100.00% Solar Phoenix, S.R.L. Bucarest n.a. 100.00% 100.00% 100.00% 100.00% United Kingdom EDP Renewables UK Limited Edinburgh PwC 100.00% 100.00% 100.00% 100.00% Altnabreac Wind Farm Limited Edinburgh PwC 100.00% 100.00% 100.00% 100.00% Balmeanach Wind Farm Limited Edinburgh PwC 100.00% 100.00% 100.00% 100.00% Balnacraig Battery Storage Limited Edinburgh n.a. 100.00% 100.00% 0.00% 0.00% Ben Sca Wind Farm Limited Edinburgh PwC 100.00% 100.00% 100.00% 100.00% Drummarnock Wind Farm Limited Edinburgh PwC 100.00% 100.00% 100.00% 100.00% Harrington Franklin Limited Leeds n.a. 100.00% 100.00% 0.00% 0.00% Lurg Hill Wind Farm Limited Edinburgh PwC 100.00% 100.00% 100.00% 100.00% Moorshield Wind Farm Limited Edinburgh PwC 100.00% 100.00% 100.00% 100.00% Muirake Wind Farm Limited Edinburgh PwC 79.00% 79.00% 79.00% 79.00% Kronos Solar Projects Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 00 Limited Newmark et Ensors 100.00% 100.00% 0.00% 0.00% KS SPV 46 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 62 Limited Newmark et Ensors 100.00% 100.00% 0.00% 0.00% KS SPV 64 Limited Newmark et Ensors 100.00% 100.00% 0.00% 0.00% KS SPV 65 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 67 Limited Newmark et Ensors 100.00% 100.00% 0.00% 0.00% KS SPV 68 Limited Newmark et Ensors 100.00% 100.00% 0.00% 0.00% KS SPV 69 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS KS SPV 70 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 71 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 72 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 73 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 74 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 75 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 76 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 77 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 78 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 79 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 80 Limited Newmark et Ensors 100.00% 100.00% 100.00% 100.00% KS SPV 81 Limited Newmark et Ensors 100.00% 100.00% 0.00% 0.00% KS SPV 82 Limited Newmark et Ensors 100.00% 100.00% 0.00% 0.00% KS SPV 83 Limited Newmark et Ensors 100.00% 100.00% 0.00% 0.00% KS SPV 84 Limited Newmark et Ensors 100.00% 100.00% 0.00% 0.00% KS SPV 85 Limited Newmark et Ensors 100.00% 100.00% 0.00% 0.00% Italy EDP Renewables Italia, S.r.l. Milan PwC 51.00% 51.00% 51.00% 51.00% EDP Renewables Italia Holding, S.r.l. Milan PwC 100.00% 100.00% 100.00% 100.00% EDPR Basilicata, S.r.l. Milan n.a. 100.00% 100.00% 100.00% 100.00% EDPR Centro Italia PV, S.r.l. Milan n.a. 100.00% 100.00% 100.00% 100.00% EDPR Puglia Due, S.r.l. Milan n.a. 100.00% 100.00% 100.00% 100.00% EDPR Sardegna, S.r.l. Milan n.a. 100.00% 100.00% 100.00% 100.00% EDPR Sicilia Due, S.r.l. Milan n.a. 100.00% 100.00% 100.00% 100.00% EDPR Sicilia PV, S.r.l. Milan n.a. 100.00% 100.00% 100.00% 100.00% EDPR Sicilia Quattro, S.r.l. Milan n.a. 100.00% 100.00% 0.00% 0.00% EDPR Sicilia Tre, S.r.l. Milan n.a. 100.00% 100.00% 100.00% 100.00% EDPR Sicilia Uno, S.r.l. Milan n.a. 100.00% 100.00% 100.00% 100.00% EDPR Sicilia Wind, S.r.l. Milan PwC 100.00% 100.00% 100.00% 100.00% EDPR Sud Italia, S.r.l. Milan n.a. 100.00% 100.00% 100.00% 100.00% EDPR Villa Galla, S.r.l. Milan PwC 100.00% 51.00% 100.00% 51.00% AW 2, S.r.l. Milan PwC 75.00% 75.00% 75.00% 75.00% C & C Tre Energy S.r.l. Milan PwC 100.00% 100.00% 100.00% 100.00% Custolito, S.r.l. Milan n.a. 100.00% 100.00% 100.00% 100.00% Energia Emissioni Zero 4, S.r.l. Milan PwC 60.00% 60.00% 60.00% 60.00% Giglio, S.r.l. Milan PwC 60.00% 60.00% 60.00% 60.00% Re Plus, S.r.l. Milan n.a. 100.00% 100.00% 100.00% 100.00% Sarve, S.r.l. Milan PwC 100.00% 100.00% 100.00% 100.00% Serracapriola, S.r.l. Milan n.a. 100.00% 100.00% 0.00% 0.00% Solar Italy I, S.r.l. Milan PwC 100.00% 100.00% 100.00% 100.00% Solar Italy II, S.r.l. Milan PwC 100.00% 100.00% 100.00% 100.00% Solar Italy IV, S.r.l. Milan PwC 100.00% 100.00% 100.00% 100.00% Solar Italy XXIII, S.r.l. Milan n.a. 100.00% 100.00% 0.00% 0.00% T Power, S.p.A. Cesena Baker Tilly Revisa 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Tivano, S.r.l. Milan PwC 75.00% 75.00% 75.00% 75.00% VRG Wind 153, S.r.l. Milan PwC 100.00% 100.00% 100.00% 100.00% Wind Energy Castelluccio, S.r.l. Milan n.a. 100.00% 100.00% 0.00% 0.00% Wind Energy Monte Cavallo, S.r.l. Pescara n.a. 51.00% 51.00% 0.00% 0.00% Wind Energy San Giorgio, S.r.l. Milan PwC 60.00% 60.00% 60.00% 60.00% Winderg Valleverde, S.r.l. Milan n.a. 60.00% 60.00% 0.00% 0.00% Greece Aeolos Evias Energiaki, M.A.E. Athens n.a. 100.00% 100.00% 100.00% 100.00% Aioliki Oitis Energiaki A.E. Athens n.a. 100.00% 100.00% 100.00% 100.00% Aioliko Parko Fthiotidas Erimia A.E. Athens PwC 100.00% 100.00% 100.00% 100.00% EDPR Hellas 1 M.A.E. Athens PwC 100.00% 100.00% 100.00% 100.00% EDPR Hellas 2 M.A.E. Athens PwC 100.00% 100.00% 100.00% 100.00% Energiaki Arvanikou E.P.E. Athens PwC 100.00% 100.00% 100.00% 100.00% Kadmeios Anemos Energiaki A.E. Athens n.a. 100.00% 100.00% 100.00% 100.00% Voiotikos Anemos Energiaki A.E. Athens n.a. 100.00% 100.00% 100.00% 100.00% Wind Park Aerorrachi M.A.E. Athens PwC 100.00% 100.00% 100.00% 100.00% Wind Shape A.E. Athens n.a. 100.00% 100.00% 100.00% 100.00% Belgium EDP Renewables Belgium, S.A. Brussels PwC 100.00% 100.00% 100.00% 100.00% Netherlands EDPR International Investments, B.V. Amsterda m PwC 100.00% 100.00% 100.00% 100.00% Kronos Solar Projects NL, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL10, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL12, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL13, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL14, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL16, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL17, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL20, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL23, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL24, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL25, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL27, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL28, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL29, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL3, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL30, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL31, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL32, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL33, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL34, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL35, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL36, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL37, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL38, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL39, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL40, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL41, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL42, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS KS NL43, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL44, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL45, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL46, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL47, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL48, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL49, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL50, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL6, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% KS NL8, B.V. Arnhem n.a. 100.00% 100.00% 100.00% 100.00% Hungary EDP Renewables Hungary Budapest PwC 100.00% 100.00% 100.00% 100.00% EDPR Bora, Kft. Budapest PwC 100.00% 100.00% 0.00% 0.00% EDPR Mistral, Kft. Budapest PwC 100.00% 100.00% 0.00% 0.00% EDPR Pampero, Kft. Budapest PwC 100.00% 100.00% 0.00% 0.00% EDPR Siesta, Kft. Budapest PwC 100.00% 100.00% 0.00% 0.00% EDPR Silvanus, Kft. Budapest PwC 100.00% 100.00% 0.00% 0.00% EDPR Sirocco, Kft. Budapest PwC 100.00% 100.00% 0.00% 0.00% EDPR Terra, Kft. Budapest PwC 100.00% 100.00% 0.00% 0.00% EDPR Zephyr, Kft. Budapest PwC 100.00% 100.00% 0.00% 0.00% Napenergia, Kft. Budapest PwC 100.00% 100.00% 100.00% 100.00% Ny\u00edrs\u00e9g Watt, Kft. Budapest PwC 100.00% 100.00% 100.00% 100.00% Sunglare Capture, Kft. Budapest PwC 100.00% 100.00% 100.00% 100.00% Sunglare Expert, Kft. Budapest PwC 100.00% 100.00% 100.00% 100.00% Sunlight Solar, Kft. Budapest PwC 85.00% 85.00% 85.00% 85.00% Szabadsolar, Kft. Budapest PwC 100.00% 100.00% 100.00% 100.00% EDPR Investment Hungary, Kft. Budapest PwC 0.00% 0.00% 100.00% 100.00% Germany EDP Renewables Germany GmbH Munich n.a. 100.00% 100.00% 100.00% 100.00% Kronos Projektgesellschaft mbH Munich n.a. 100.00% 100.00% 100.00% 100.00% Kronos Solar Projects GmbH Munich n.a. 100.00% 100.00% 100.00% 100.00% Kronos Solar Projects France UG Munich n.a. 85.00% 85.00% 85.00% 85.00% KSD 11 UG B\u00fctow n.a. 100.00% 100.00% 100.00% 100.00% KSD 12 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 13 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 14 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 15 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 16 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 17 GmbH Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 18 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 19 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 21 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 22 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 23 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 24 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 25 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 26 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 27 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 28 UG Munich n.a. 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS KSD 29 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 30 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 31 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 32 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 33 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 34 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 35 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 36 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 37 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 38 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 39 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 40 UG Munich n.a. 100.00% 100.00% 100.00% 100.00% KSD 41 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 42 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 43 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 44 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 45 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 46 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 47 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 48 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 49 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 50 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 51 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 52 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 53 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 54 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 55 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 56 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 57 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 58 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 59 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% KSD 60 UG Munich n.a. 100.00% 100.00% 0.00% 0.00% NORTH AMERICA GEOGRAPHY / PLATFORM Mexico EDPR Servicios de M\u00e9xico, S. de R.L. de C.V. Ciudad de M\u00e9xico n.a. 100.00% 100.00% 100.00% 100.00% E\u00f3lica de Coahuila, S.A. de C.V. Ciudad de M\u00e9xico PwC 51.00% 51.00% 51.00% 51.00% Parque Solar Los Cuervos, S. de R.L. de C.V. Ciudad de M\u00e9xico n.a. 100.00% 100.00% 100.00% 100.00% Vientos de Coahuila, S.A. de C.V. Ciudad de M\u00e9xico n.a. 100.00% 100.00% 100.00% 100.00% United States EDP Renewables North America LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% 10 Point Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% 17th Star Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% 2007 Vento I LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% 2007 Vento II LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% 2008 Vento III LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% 2009 Vento V LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% 2011 Vento IX LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% 2014 Sol I LLC Delaware PwC 100.00% 50.00% 100.00% 50.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS 2014 Vento XI LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% 2014 Vento XII LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% 2015 Vento XIII LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% 2015 Vento XIV LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% 2016 Vento XV LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% 2016 Vento XVI LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% 2017 Sol II LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% 2018 Vento XVIII LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% 2019 Vento XXI LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% 2020 Vento XXII LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% 2021 DG Agora Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% 2021 DG Agora Ventures I LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% 2021 DG Apollo Sol II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% 2021 DG Apollo Ventures II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% 2021 DG CA Agora Ventures I LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% 2021 DG CA Apollo Sol II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% 2021 DG CA Apollo Ventures II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% 2021 Vento XXIII LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% 2022 SOL VI LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% 2022 SOL VII LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% 2023 SOL IX LLC Delaware PwC 100.00% 100.00% 0.00% 0.00% 2023 SOL VIII LLC Delaware PwC 100.00% 100.00% 0.00% 0.00% 2023 Vento XXIV LLC Delaware PwC 100.00% 100.00% 0.00% 0.00% Alabama Ledge Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Alabama Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Antelope Ridge Wind Power Project LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Arbuckle Mountain Wind Farm LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Arkwright Summit Wind Farm LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Arlington Wind Power Project LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Aroostook Wind Energy LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Ashford Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Athena-Weston Wind Power Project II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Athena-Weston Wind Power Project LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Avondale Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% AZ Solar LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Azalea Springs Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Bar Harbor Community Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Bayou Bend Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% BC2 Maple Ridge Holdings LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% BC2 Maple Ridge Wind LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Bear Peak Beccaria LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Bear Peak Brady LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Bear Peak East Carroll LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Bear Peak Glen Hope LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Bear Peak Jennerstown LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Bear Peak Juniata LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Bear Peak Paint II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Bear Peak Richmond LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Big River Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Big River Wind Power Project LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Black Prairie Solar Park II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Black Prairie Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Black Prairie Storage II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Black Prairie Storage LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Black Prairie Wind Farm II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Black Prairie Wind Farm III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Black Prairie Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Black River Solar Park LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Blackford County Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blackford County Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blackstone Wind Farm II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blackstone Wind Farm III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blackstone Wind Farm IV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blackstone Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blackstone Wind Farm V LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blissville Road LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Blue Canyon Windpower II LLC Texas PwC 100.00% 100.00% 100.00% 100.00% Blue Canyon Windpower III LLC Texas n.a. 100.00% 100.00% 100.00% 100.00% Blue Canyon Windpower IV LLC Texas n.a. 100.00% 100.00% 100.00% 100.00% Blue Canyon Windpower V LLC Texas PwC 100.00% 51.00% 100.00% 51.00% Blue Canyon Windpower VI LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Blue Canyon Windpower VII LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blue Harvest Solar Park LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Blue Marmot I LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blue Marmot II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blue Marmot IV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blue Marmot IX LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blue Marmot Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blue Marmot V LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blue Marmot VI LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blue Marmot VII LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blue Marmot VIII LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Blue Marmot XI LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Bluebird Prairie Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Bright Stalk Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Broadlands Wind Farm II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Broadlands Wind Farm III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Buffalo Bluff Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Buffalo Lick Solar Park LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% C2 Alpha Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 Bristol I LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 Bristol II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 CB 2017 Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 Centrica MT LLC Delaware PwC 100.00% 85.00% 100.00% 85.00% C2 CI Holdings 2 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 CT Fund 1 Holding LLC Delaware PwC 100.00% 85.00% 100.00% 85.00% C2 Energy Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS C2 MA Adams II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 MA DEPCOM 2017 LLC Delaware PwC 100.00% 85.00% 100.00% 85.00% C2 MA Dudley II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 MA FKW Holdings LLC Delaware PwC 100.00% 85.00% 100.00% 85.00% C2 MA Kelly Way Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 MA Lakeville Holdings LLC Delaware PwC 100.00% 85.00% 100.00% 85.00% C2 MA Lakeville LLC Delaware PwC 100.00% 85.00% 100.00% 85.00% C2 MA Managing Member II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 MA New Salem LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 MN Hopkins LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 NC Kitty Hawk LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 NJ Andover I LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 NY Brookhaven LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 NY Sentinel Heights Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 OH New Lebanon LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 OH Otsego II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 Omega Holding Company LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 RI Hopkinton LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 Scripps 3 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 Scripps 4 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 SH 2019 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 Starratt Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM 2020 Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 1 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 10 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 1512 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 1549 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 2 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 2112 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 3 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 3360 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 3465 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 3799 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 3833 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 3861 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 4 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 4451 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 5 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 5768 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 6 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 7 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 8 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona 9 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Arizona Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM California 1789 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM California 1988 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM California 4202 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM California 4317 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM California 5890 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS C2 WM California Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM DSA Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Greenwood Leasing LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 1404 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 1489 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 1548 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 1553 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 1761 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 1848 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 1933 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 2215 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 2491 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 253 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 5442 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 612 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois 891 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Illinois Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Laurens Leasing LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Louisiana 309 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Louisiana 539 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Louisiana 87 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Louisiana Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Maryland 1715 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Maryland 2436 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Maryland Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM New Jersey 1 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM New Jersey 1807 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM New Jersey 1844 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM New Jersey 1869 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM New Jersey 1977 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM New Jersey 2195 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM New Jersey 3795 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM New Jersey Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Phase 3 Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Phase 3 Sponsor LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Powdersville Leasing LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Regent Dev Holdings 2020 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 WM Simpsonville Leasing LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% C2 Woodbury Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% CA Gettysburg Solar Farm LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% CA Marinwood Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% CA Olde Thompson Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% CA Syracuse Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% CA Tours Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Camden PV PSEG Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Camden PV Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Cameron Solar LLC South Carolina PwC 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Carpenter Wind Farm LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Casa Grande Carmel Solar LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Castle Valley Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Cattlemen Solar Park II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Cattlemen Solar Park LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% CF OH Solar County Hwy 58, Upper Sandusky LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% CF OH Solar Lincoln Hwy, Bucyrus1 LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% CF OH Solar N Dixie Hwy Lima LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% CF OH Solar Rd N, Pandora LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% CF OH Solar SR 309, Kenton LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% CF OH Solar SR 81 Ada LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% CF OH Solar St RT 118, Ansonia LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% CF OH Solar St RT 118, Rossburg LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% Chateaugay River Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Cheboygan Solar Farm LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Cielo Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Citizens Dickenson Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Citizens Westmoreland Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Clinton County Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Cloud County Wind Farm LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Clover Creek Solar Project II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Clover Creek Solar Project LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Coldwater Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Coos Curry Wind Power Project LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Cortland-Virgil Road Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Creed Road Solar 1 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Crescent Bar Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Crooked Lake Solar II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Crooked Lake Solar III LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Crooked Lake Solar LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Cropsey Ridge Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Crossing Trails Wind Power Project II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Crossing Trails Wind Power Project LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Cypress Knee Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Daffodil Grove Storage LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Dairy Hills Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% DC Michigan Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Diamond Power Partners LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Drake Peak Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Dry Creek Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Duff Solar Park II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Duff Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Duff Storage LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Eagle Creek Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% East Klickitat Wind Power Project LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% East River Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Eastmill Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Aurora Holdings LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS EDPR CA Solar Park II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR CA Solar Park III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR CA Solar Park IV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR CA Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR CA Solar Park V LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR CA Solar Park VI LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Dahlia DevCo LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% EDPR Dahlia Holdings LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% EDPR Magnolia DevCo LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% EDPR Magnolia Holdings LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% EDPR NA DG Holding LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% EDPR NA DG MN SLP LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPR NA DG MN YMCA LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPR NA Distributed Generation LLC Delaware PwC 85.00% 85.00% 85.00% 85.00% EDPR NA Greenfield Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR NA Shelby Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Northeast Allen Solar Park II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Northeast Allen Solar Park III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Northeast Allen Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR RS LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Scarlet I LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% EDPR Scarlet II BESS LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Scarlet II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Scarlet III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Solar Ventures I LLC Delaware n.a. 50.00% 50.00% 50.00% 50.00% EDPR Solar Ventures II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Solar Ventures III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Solar Ventures IV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Solar Ventures IX LLC Delaware PwC 100.00% 100.00% 0.00% 0.00% EDPR Solar Ventures V LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Solar Ventures VI LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Solar Ventures VII LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% EDPR Solar Ventures VIII LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% EDPR South Table LLC Nebraska n.a. 100.00% 100.00% 100.00% 100.00% EDPR Vento I Holding LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Vento II Holding LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Vento III Holding LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Vento IV Holding LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% EDPR WF LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Wind Ventures XI LLC Delaware n.a. 51.00% 51.00% 51.00% 51.00% EDPR Wind Ventures XII LLC Delaware n.a. 51.00% 51.00% 51.00% 51.00% EDPR Wind Ventures XIII LLC Delaware n.a. 51.00% 51.00% 51.00% 51.00% EDPR Wind Ventures XIV LLC Delaware n.a. 51.00% 51.00% 51.00% 51.00% EDPR Wind Ventures XIX LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Wind Ventures XV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Wind Ventures XVI LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Wind Ventures XVII LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Wind Ventures XVIII LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Wind Ventures XX LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS EDPR Wind Ventures XXI LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Wind Ventures XXII LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Wind Ventures XXIII LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% EDPR Wind Ventures XXIV LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% EDPRNA Bar Harbor Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Bristol Solar LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG CA 2016 Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG CA CLNS Fairfield LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG CA Mbusa LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG California Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG CI Sponsor 2 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG CT Fund 1 MM LLC Delaware PwC 100.00% 85.00% 100.00% 85.00% EDPRNA DG Distributed Sun Holding LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Eaton Solar LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG Energy Holdings Inc. Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Franklin LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Gamma Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Georgia Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Illinois Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Indiana Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Kentucky Development LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG Lessee Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Livermore Solar LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG LS Rancho Cucamonga LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG MA 2016 Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG MA Adams I Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG MA Adams I LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG MA Depcom Sponsor LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG MA Lakeville Sponsor LLC Delaware PwC 100.00% 85.00% 100.00% 85.00% EDPRNA DG MA Managing Member LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG MA Owner LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG MA Swansea Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG MA Swansea LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Manassas LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Manning Solar LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG Maryland Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Michigan Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Mississippi Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Missouri Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Morin LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Morton Solar LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG New York Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG O&M Services LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG OH Continental Solar LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS EDPRNA DG OH Massie Solar LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG Ohio Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Pennsylvania Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG PR Aguadilla LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG PR Radar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Rho LLC Delaware PwC 100.00% 85.00% 100.00% 85.00% EDPRNA DG Ridgefield BOE LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG RT Addison LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG RT Bedford Park LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG RT Chicago LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG Scripps 1 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Solar Portfolio IV LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Solar WF Portfolio LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Starratt Sponsor LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Texas Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Virginia Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG Washington Solar LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% EDPRNA DG Wisconsin Development LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG WM 2020 Parent LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG WM Chester Leasing LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG WM DSA Sponsor LLC Delaware PwC 100.00% 85.00% 100.00% 85.00% EDPRNA DG WM Illinois 1998 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG WM Illinois 3459 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG WM Indian Land Leasing LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG WM Lake Wylie Leasing LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG WM Leasing LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG WM Phase 1 Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG WM Pickens Leasing LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG XII Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG York County Sun LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% EDPRNA DG-REA Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Edwardsport Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Eighty South Solar Park LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Esker Solar Park II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Esker Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Estill Solar I LLC South Carolina PwC 100.00% 100.00% 100.00% 100.00% Five-Spot LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Flatland Storage LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Ford Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Franklin Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% FRV CSU Power II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% FRV SI Transport Solar LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% Generate USF Fairburn LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Generate USF Las Vegas LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Generate USF Livermore LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% Generate USF Loveland LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Generate USF McClellan LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Generate USF N Las Vegas LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Generate USF Phoenix LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% German Community Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Gilpatrick Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Goldfinger Ventures III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Green Country Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Green Power Offsets LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Greenbow Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Gulf Coast Windpower Management Company LLC Delaware n.a. 75.00% 75.00% 75.00% 75.00% Hampton Solar II LLC South Carolina PwC 100.00% 100.00% 100.00% 100.00% HB Steel Community Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Headwaters Wind Farm II LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Headwaters Wind Farm III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Headwaters Wind Farm IV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Headwaters Wind Farm LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Helena Harbor Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Hickory Solar LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Hidalgo Wind Farm II LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Hidalgo Wind Farm LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% High Prairie Wind Farm II LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% High Trail Wind Farm LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Hobolochitto Solar Park LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Holly Hill Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Chocolate Bayou I LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Midwest IX LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Northwest I LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Northwest IV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Northwest VII LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Northwest X LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Northwest XI LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Panhandle I LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Southwest I LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Southwest II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Southwest III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Southwest IV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Energy Valley I LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Freeport Windpower I LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind MREC Iowa Partners LLC Delaware n.a. 75.00% 75.00% 75.00% 75.00% Horizon Wind Ventures I LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horizon Wind Ventures III LLC Delaware n.a. 51.00% 51.00% 51.00% 51.00% Horizon Wind Ventures IX LLC Delaware n.a. 51.00% 51.00% 51.00% 51.00% Horizon Wyoming Transmission LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Horse Mountain Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Indiana Crossroads Solar Park II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Indiana Crossroads Wind Farm II LLC Delaware PwC 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Indiana Crossroads Wind Ventures LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Iron Valley Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Jericho Rise Wind Farm LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Jericho Solar Park LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Juniper Wind Power Partners LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Leprechaun Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Lexington Chenoa Wind Farm II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Lexington Chenoa Wind Farm III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Lime Hollow Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Little Brook Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Loblolly Hill Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Loki Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Loma de la Gloria Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Lone Valley Solar Park I LLC Delaware PwC 100.00% 50.00% 100.00% 50.00% Lone Valley Solar Park II LLC Delaware PwC 100.00% 50.00% 100.00% 50.00% Long Hollow Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Longleaf Storage LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Longroad ASD1 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad CPA CDC1 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad CPA CSU3 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad CPA CSU4 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad DG Portfolio I LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad Fund III Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad SD LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad SIT1 Hoboken LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad Solar Fund III LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad Solar Portfolio III LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% Longroad ST6 Stockton LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad WF7 Cheshire LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad WGNJ1 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Longroad WGNJ2 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Lost Lakes Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Lotus Blocker LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Lotus DevCo II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Lowland Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Loyal Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Lumberjack Storage LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Machias Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Madison Windpower LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Marathon Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Marble River LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Martinsdale Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Mastamho Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% McLean Solar 2 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% ME Dover Foxcroft Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% ME Ellsworth Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% ME New Vineyard Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% ME Rocky Hill Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% ME Sandy Hill Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Meadow Lake Wind Farm II LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Meadow Lake Wind Farm III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Meadow Lake Wind Farm IV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Meadow Lake Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Meadow Lake Wind Farm VIII LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Mesquite Wind LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% MidCoast C2 Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Mineral Springs Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Misenheimer Solar LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% MMA Belmar Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA BWS Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA CCC Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA DAS Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA Fresno Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA GDC Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA Happy Valley Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA LHIW Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA MDS Power I LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA MDS Power II LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA MDS Power IV LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA Mission Bay Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA Renewable Ventures Solar Fund III LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA Rita Power LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA RMS Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA Solar Fund III GP Sub Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA SROSA Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MMA WBF Power LP Delaware n.a. 100.00% 85.00% 100.00% 85.00% MN CSG 2 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Mohave Power Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Mohave Power LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Moonshine Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Morgan Road Solar East LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Morgan Road Solar West LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% MT Plentywood Solar I LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% MT Plentywood Solar II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% NC Loy Farm Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% ND Crystal Solar I LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% NDIW California RE LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% New Road Power LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% New Trail Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% NH Hinsdale Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% North Coast Highway Solar 1 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% North Coast Highway Solar 2 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% North Slope Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Norton Solar I LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Norton Solar II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Number Nine Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% NV Solar Sparks LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% NY CSG 2 Holdings LLC Delaware PwC 100.00% 85.00% 100.00% 85.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS NY CSG 2 Sponsor LLC Delaware PwC 100.00% 85.00% 100.00% 85.00% NY Hemlock Hills Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% NY Mines Press Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% NY Morgan Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% NY OG 1 Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% OH FP Commerce Center LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% Old Trail Wind Farm LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Omega CSG 1 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% OPQ Property LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Pacific Southwest Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Paulding Wind Farm II LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Paulding Wind Farm III LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Paulding Wind Farm IV LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Paulding Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Paulding Wind Farm V LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Paulding Wind Farm VI LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Pearl River Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Penn Yan Solar I LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Peterson Power Partners LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Pioneer Prairie Wind Farm I LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Piscataquis Valley Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Pleasantville Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Plum Nellie Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Poplar Camp Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Poplarville Solar Park LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Post Oak Wind LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Potsdam Community Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Prospector Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Pueblo Norte Solar Park LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Quilt Block Wind Farm II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Ragsdale Solar II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Ragsdale Solar LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Rail Splitter Wind Farm II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Rail Splitter Wind Farm LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Randolph Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% RE Scarlet LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% REA-EDPRNA DG 2016 Lessee LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Reloj del Sol Wind Farm LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Renewable Ventures Solar Fund V GP LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Renewable Ventures Solar Fund V LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Renewable Ventures V Equity Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Renewable Ventures V GP Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Renville County Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% RevEnergy C2 Franklin LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% RI Abrava Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% RI- Moo Cow Delaware n.a. 100.00% 85.00% 100.00% 85.00% RI Quarry Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% RI Sposato Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Rio Blanco Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Rising Tree Wind Farm II LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Rising Tree Wind Farm III LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Rising Tree Wind Farm LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Riverstart Solar Park II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Riverstart Solar Park III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Riverstart Solar Park IV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Riverstart Solar Park V LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Riverstart Solar Park VI LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Rock Dane Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Rolling Upland Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Rose Run Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Rosewater Ventures LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Route 13 Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Route 149 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% RS Holyoke 3 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% RSBF Jeffco II LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% RTSW Solar Park II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% RTSW Solar Park III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% RTSW Solar Park IV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% RTSW Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% RTSW Solar Park V LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% RTSW Solar Park VI LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Rush County Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% RV CSU Power LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Rye Patch Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Saddleback Wind Power Project LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Sagebrush Power Partners LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Sailor Springs Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Salt Lick Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% San Clemente Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Sandrini BESS Storage LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Sandrini LandCo LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Sardinia Windpower LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Sawmill Junction Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% SC Beaufort Jasper Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SC Southern Wesleyan Solar LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Sedge Meadow Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Shields Drive LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Shullsburg Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Shy Place Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Signal Hill Wind Power Project LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Simpson Ridge Wind Farm II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Simpson Ridge Wind Farm III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Simpson Ridge Wind Farm IV LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Simpson Ridge Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Simpson Ridge Wind Farm V LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% SLX Project 1080 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Smart Sunscribe LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Solar Ventures Purchasing LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Soteria Solar Services LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Spruce Ridge Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Stinson Mills Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Stone North Solar Park LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Strawberry Solar Farm LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Sugar Plum Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% SunE Bristow MS LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE CPA CDC2 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE CPA CSU5 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE CPA CTS1 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE D14 ATC-A Holdings LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE D14 DGS-A Holdings LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE D14 KHL-A Holdings LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE D14 MISC-A Holdings LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE D14 MISC-B Holdings LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE D14 SPLS-A Holdings LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE D14 WMT-A Holdings LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE Fairfield SSD LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE H3 Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE Lakeland Center LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE M5 Holdings LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE M5B Holdings LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE M5C Holdings LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE MCPS Clarksburg LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE MCPS FSK LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE MCPS Gardens LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE MCPS Lakelands LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE MCPS Montgomery LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE MCPS Parkland LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE MCPS Quince Orchard LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE MCPS Shriver LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE Multnomah JBY LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE Multnomah JJC LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE NC Progress1 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE NLB-2 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE PD Oak LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE PD Sycamore LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE PD Willow LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE PNMC Roof LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE Solar IV LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE Solar V LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE Solar VI LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE Solar XII LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE Solar XIV LLC Delaware n.a. 100.00% 85.00% 0.00% 0.00% SunE SR1 Arvada5 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE SR1 NREL LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE SR1 Rifle PS LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE U6 Holdings LLC Delaware PwC 100.00% 85.00% 100.00% 85.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS SunE W12DG-A LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE W12DG-B LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE W12DG-C LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE W12DG-D LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE WF3 KHL A Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE WF3 KHL B Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE WF3-BART Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE WF3-Broomfield Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE WF3-ST Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE WF3-WG Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE WMT PR2 LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE H4 Holdings LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% SunE Solar III LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Sustaining Power Solutions LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Sweet Acres Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Sweet Stream Wind Farm LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Telocaset Wind Power Partners LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Three Lakes Solar LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Tillman Solar Park II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Tillman Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% TillmaN Storage LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Timber Road II Storage LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Timber Road III Storage LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Timber Road Solar Park II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Timber Road Solar Park III LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Timber Road Solar Park LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Top Crop I Storage LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Top Crop II Storage LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Trailing Springs Storage LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Trolley Barn Storage LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Tug Hill Windpower LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Tumbleweed Wind Power Project LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Turkey Creek Solar Park LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Turtle Creek Wind Farm LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Twin Groves I Storage LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Twin Groves II Storage LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Upper Road LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% VT Stone Valley LLC Delaware n.a. 100.00% 85.00% 100.00% 85.00% Waverly Wind Farm II LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Waverly Wind Farm LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Western Trail Wind Project I LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Wheat Field Holding LLC Delaware PwC 51.00% 51.00% 51.00% 51.00% Wheat Field Wind Power Project LLC Delaware PwC 100.00% 51.00% 100.00% 51.00% Whiskey Ridge Power Partners LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Whistling Wind WI Energy Center LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% White Stone Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Whitestone Wind Purchasing LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Wildcat Creek Wind Farm LLC Delaware PwC 100.00% 100.00% 100.00% 100.00% Wilson Creek Power Project LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Wind Turbine Prometheus LP Delaware n.a. 100.00% 100.00% 100.00% 100.00% Winding Canyon Wind LLC Delaware n.a. 100.00% 100.00% 0.00% 0.00% Wolf Run Solar LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% Wrangler Solar Park LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% WTP Management Company LLC Delaware n.a. 100.00% 100.00% 100.00% 100.00% 2011 Vento X LLC Delaware PwC 0.00% 0.00% 100.00% 100.00% 2021 DG Agora Sol I LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% 2021 DG CA Agora Sol I LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% Amsterdam 3 Solar LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% C2 CA WMS Redlands #1693 LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% C2 IL WMS Bloomington #3459 LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% C2 IL WMS Skokie #1998 LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% C2 OH Otsego I LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% C2 WM California 2039 LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% C2 WM California 5884 LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% DC Green Solar LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% DC- JD Portfolio - Barrel Roof Delaware n.a. 0.00% 0.00% 100.00% 85.00% DC- JD Portfolio - Flat Roof Delaware n.a. 0.00% 0.00% 100.00% 85.00% DC- JD Portfolio - Green Roof Delaware n.a. 0.00% 0.00% 100.00% 85.00% DC- JD Portfolio - Parking Deck Delaware n.a. 0.00% 0.00% 100.00% 85.00% DC PD Solar LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% EDPR Wind Ventures X LLC Delaware n.a. 0.00% 0.00% 100.00% 100.00% McLean Solar 1 LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% New Scotland 5 Solar LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% Nine Kings Transco LLC Delaware n.a. 0.00% 0.00% 100.00% 100.00% NY Broadway SAS LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% NY Gomer SAS LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% NY Highland SAS LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% RI Stainless LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% SC Heathwood Hall Solar LLC Delaware n.a. 0.00% 0.00% 100.00% 85.00% VA- Green Acres Delaware n.a. 0.00% 0.00% 100.00% 85.00% Canada EDP Renewables Canada Ltd. British Columbia n.a. 100.00% 100.00% 100.00% 100.00% Blue Bridge Solar Park GP Ltd. British Columbia n.a. 100.00% 100.00% 100.00% 100.00% Blue Bridge Solar Park Limited Partnership Alberta n.a. 100.00% 100.00% 100.00% 100.00% Bromhead Solar Park GP Ltd. British Columbia n.a. 100.00% 100.00% 100.00% 100.00% Bromhead Solar Park Limited Partnership Saskatche wan n.a. 100.00% 100.00% 100.00% 100.00% Edgeware BESS Project GP Ltd. British Columbia n.a. 100.00% 100.00% 100.00% 100.00% Edgeware BESS Project Limited Partnership Ont\u00e1rio n.a. 50.00% 50.00% 100.00% 100.00% EDP Renewables Canada Management Services Ltd. British Columbia n.a. 100.00% 100.00% 100.00% 100.00% EDP Renewables SH II Project GP Ltd. British Columbia n.a. 100.00% 100.00% 100.00% 100.00% EDP Renewables SH II Project Limited Partnership Alberta n.a. 100.00% 100.00% 100.00% 100.00% EDP Renewables SH Project GP Ltd. British Columbia n.a. 100.00% 100.00% 100.00% 100.00% EDP Renewables SH Project Limited Partnership Alberta n.a. 100.00% 100.00% 100.00% 100.00% Halbrite Solar Park GP Ltd. British Columbia n.a. 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Halbrite Solar Park Limited Partnership Saskatche wan n.a. 100.00% 100.00% 100.00% 100.00% Nation Rise Wind Farm GP Inc. British Columbia PwC 100.00% 100.00% 100.00% 100.00% Nation Rise Wind Farm Limited Partnership Ont\u00e1rio PwC 49.99% 49.99% 49.99% 49.99% SBWF GP Inc. British Columbia n.a. 51.00% 51.00% 51.00% 51.00% Sounding Creek Solar Park GP Ltd. British Columbia n.a. 100.00% 100.00% 100.00% 100.00% Sounding Creek Solar Park Limited Partnership Alberta n.a. 100.00% 100.00% 100.00% 100.00% South Branch BESS Project GP Ltd. Ont\u00e1rio n.a. 100.00% 100.00% 0.00% 0.00% South Branch BESS Project Limited Partnership Ont\u00e1rio n.a. 100.00% 100.00% 0.00% 0.00% South Branch Wind Farm II GP Inc. British Columbia n.a. 100.00% 100.00% 100.00% 100.00% South Branch Wind Farm II Limited Partnership Ont\u00e1rio n.a. 100.00% 100.00% 100.00% 100.00% South Dundas Windfarm Limited Partnership Ont\u00e1rio PwC 51.00% 51.00% 51.00% 51.00% EDP Renewables Sask SE GP Ltd. British Columbia n.a. 0.00% 0.00% 100.00% 100.00% EDP Renewables Sask SE Limited Partnership Ont\u00e1rio n.a. 0.00% 0.00% 100.00% 100.00% Kennedy Wind Farm GP Ltd. British Columbia n.a. 0.00% 0.00% 100.00% 100.00% Kennedy Wind Farm Limited Partnership Saskatche wan n.a. 0.00% 0.00% 100.00% 100.00% LATIN AMERICA GEOGRAPHY / PLATFORM Brazil EDP Renov\u00e1veis Brasil, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Amanhecer I, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Amanhecer II, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Amanhecer III, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Amanhecer IV, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Amanhecer V, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Amanhecer VI, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Amanhecer VII, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Asas de Zabel\u00ea I, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Asas de Zabel\u00ea II, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Asas de Zabel\u00ea III, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Asas de Zabel\u00ea IV, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Asas de Zabel\u00ea V, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Asas de Zabel\u00ea VI, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Asas de Zabel\u00ea VII, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Aventura I, S.A. S\u00e3o Paulo PwC 51.00% 51.00% 51.00% 51.00% Central E\u00f3lica Baixa do Feij\u00e3o I, S.A. S\u00e3o Paulo PwC 51.00% 51.00% 51.00% 51.00% Central E\u00f3lica Baixa do Feij\u00e3o II, S.A. S\u00e3o Paulo PwC 51.00% 51.00% 51.00% 51.00% Central E\u00f3lica Baixa do Feij\u00e3o III, S.A. S\u00e3o Paulo PwC 51.00% 51.00% 51.00% 51.00% Central E\u00f3lica Baixa do Feij\u00e3o IV, S.A. S\u00e3o Paulo PwC 51.00% 51.00% 51.00% 51.00% Central E\u00f3lica Barra I, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Barra II, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Barra III, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Barra IV, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Barra IX, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Barra V, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Central E\u00f3lica Barra VI, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Barra VII, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Barra VIII, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Barra X, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Barra XI, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Borborema I, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Borborema II, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Borborema III, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Borborema IV, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Catanduba I, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Catanduba II, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Ita\u00fana I, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Ita\u00fana II, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Ita\u00fana III, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 0.00% 0.00% Central E\u00f3lica JAU, S.A. S\u00e3o Paulo PwC 51.00% 51.00% 51.00% 51.00% Central E\u00f3lica Monte Verde I, S.A. Lagoa Nova PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Monte Verde II, S.A. Lagoa Nova PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Monte Verde III, S.A. Lagoa Nova PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Monte Verde IV, S.A. Lagoa Nova PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Monte Verde V, S.A. Lagoa Nova PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica Monte Verde VI, S.A. Lagoa Nova PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica S\u00e3o Domingos I, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica S\u00e3o Domingos II, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica S\u00e3o Domingos III, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central E\u00f3lica S\u00e3o Domingos IV, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 0.00% 0.00% Central E\u00f3lica S\u00e3o Domingos V, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 0.00% 0.00% Central Geradora Fotovoltaica Monte Verde Solar I, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Geradora Fotovoltaica Monte Verde Solar II, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Geradora Fotovoltaica Monte Verde Solar III, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Geradora Fotovoltaica Monte Verde Solar IV, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Geradora Fotovoltaica Monte Verde Solar V, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Geradora Fotovoltaica Monte Verde Solar VI, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Geradora Fotovoltaica Monte Verde Solar VII, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Nacional de Energia E\u00f3lica, S.A. S\u00e3o Paulo PwC 51.00% 51.00% 51.00% 51.00% Central Solar Barra I, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Barra II, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Barra III, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Barra IV, S.A. Lagoa Nova n.a. 100.00% 100.00% 100.00% 100.00% Central Solar F\u00eanix I, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar F\u00eanix II, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar F\u00eanix IV, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar F\u00eanix V, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Central Solar F\u00eanix VI, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Lagoa I, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Solar Lagoa II, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Solar Minas do Sol II, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Minas do Sol III, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Minas do Sol IV, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Minas do Sol V, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Minas do Sol VI, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Minas do Sol VIII, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Novo Oriente I, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Solar Novo Oriente II, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Solar Novo Oriente III, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Solar Novo Oriente IV, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Solar Novo Oriente V, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Solar Novo Oriente VI, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Central Solar Pereira Barreto I, S.A. Pereira Barreto PwC 100.00% 100.00% 100.00% 100.00% Central Solar Pereira Barreto II, S.A. Pereira Barreto PwC 100.00% 100.00% 100.00% 100.00% Central Solar Pereira Barreto III, S.A. Pereira Barreto PwC 100.00% 100.00% 100.00% 100.00% Central Solar Pereira Barreto IV, S.A. Pereira Barreto PwC 100.00% 100.00% 100.00% 100.00% Central Solar Pereira Barreto V, S.A. Pereira Barreto PwC 100.00% 100.00% 100.00% 100.00% Central Solar Presidente JK I, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Presidente JK VII, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Presidente JK XI, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Zebu I, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Zebu II, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Zebu III, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Zebu IV, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Zebu V, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Zebu VI, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Central Solar Zebu VII, S.A. S\u00e3o Paulo n.a. 100.00% 100.00% 100.00% 100.00% Elebr\u00e1s Projetos, S.A. S\u00e3o Paulo PwC 51.00% 51.00% 51.00% 51.00% Monte Verde Holding, S.A. S\u00e3o Paulo PwC 100.00% 100.00% 100.00% 100.00% Jerusal\u00e9m Holding, S.A. S\u00e3o Paulo PwC 0.00% 0.00% 100.00% 100.00% Central E\u00f3lica Jerusal\u00e9m I, S.A. S\u00e3o Paulo PwC 0.00% 0.00% 100.00% 100.00% Central E\u00f3lica Jerusal\u00e9m II, S.A. S\u00e3o Paulo PwC 0.00% 0.00% 100.00% 100.00% Central E\u00f3lica Jerusal\u00e9m III, S.A. S\u00e3o Paulo PwC 0.00% 0.00% 100.00% 100.00% Central E\u00f3lica Jerusal\u00e9m IV, S.A. S\u00e3o Paulo PwC 0.00% 0.00% 100.00% 100.00% Central E\u00f3lica Jerusal\u00e9m V, S.A. S\u00e3o Paulo PwC 0.00% 0.00% 100.00% 100.00% Central E\u00f3lica Jerusal\u00e9m VI, S.A. S\u00e3o Paulo PwC 0.00% 0.00% 100.00% 100.00% Central E\u00f3lica Boqueir\u00e3o I, S.A. S\u00e3o Paulo PwC 0.00% 0.00% 100.00% 100.00% Central E\u00f3lica Boqueir\u00e3o II, S.A. S\u00e3o Paulo PwC 0.00% 0.00% 100.00% 100.00% Colombia Renewables Energy Colombia, S.A.S. Bogot\u00e1 n.a. 100.00% 100.00% 0.00% 0.00% Elipse Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 n.a. 100.00% 100.00% 100.00% 100.00% Eolos Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 PwC 100.00% 100.00% 100.00% 100.00% Kappa Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 n.a. 100.00% 100.00% 100.00% 100.00% Omega Energ\u00eda, S.A.S. E.S.P. Bogot\u00e1 n.a. 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Parque Solar Fotovoltaico El Copey, S.A.S. E.S.P. Bogot\u00e1 n.a. 100.00% 100.00% 100.00% 100.00% Solar Power Solutions, S.A.S. E.S.P. Bogot\u00e1 PwC 100.00% 100.00% 100.00% 100.00% Vientos del Norte, S.A.S. E.S.P. Bogot\u00e1 PwC 100.00% 100.00% 100.00% 100.00% Chile EDP Renewables Chile, SpA Santiago PwC 100.00% 100.00% 100.00% 100.00% Los Llanos Solar, SpA Santiago n.a. 100.00% 100.00% 100.00% 100.00% Parque E\u00f3lico Punta de Talca, SpA Santiago PwC 100.00% 100.00% 100.00% 100.00% Parque E\u00f3lico San Andr\u00e9s, SpA Santiago n.a. 100.00% 100.00% 100.00% 100.00% Parque E\u00f3lico Victoria, SpA Santiago n.a. 100.00% 100.00% 100.00% 100.00% ASIA - PACIFIC GEOGRAPHY / PLATFORM South Korea EDPR Korea, Ltd. Yeosu n.a. 100.00% 100.00% 100.00% 100.00% Angang Wind Power Corporation Gyeongsa ngbuk-do n.a. 100.00% 100.00% 0.00% 0.00% Gumisan Wind Power Co., Ltd. Gyeongsa ngbuk-do n.a. 100.00% 100.00% 0.00% 0.00% OMA Haedori Co., Ltd. Goheung- gun n.a. 75.00% 75.00% 75.00% 75.00% Vietnam EDP Renewables Vietnam Co., Ltd. Ho Chi Minh City PwC 100.00% 100.00% 100.00% 100.00% Bien Dong Energy Investment Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% CMX RE Sunseap Vietnam Solar Power Co., Ltd. Ninh Thuan Province PwC 55.00% 55.00% 55.00% 55.00% Dai Linh Phat Co., Ltd. Ho Chi Minh City PwC 100.00% 100.00% 0.00% 0.00% DKT Energy Investment Co., Ltd. Ho Chi Minh City PwC 100.00% 100.00% 100.00% 100.00% H2A Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% H2HA Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% H2HD Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% H2HO Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% H2HU Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% H2K Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% H2ML Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% H2O Ben Luc Investment Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% H2S Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% H2T Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% H2TR Solar Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% H2VP Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% Hao Thanh Dat Investment Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% HTD Vietnam Investment Development Co., Ltd. Ho Chi Minh City PwC 100.00% 100.00% 0.00% 0.00% HTT Binh Duong Investment Development Co., Ltd. Ho Chi Minh City PwC 100.00% 100.00% 0.00% 0.00% Incom International Investment and Development Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% Kim Cuong Energy Investment Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% Lam Gia Luat Co., Ltd. Ho Chi Minh City PwC 100.00% 100.00% 0.00% 0.00% Long Dai Phat Investment Co., Ltd. Ho Chi Minh City PwC 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Millennium Energy Investment Co., Ltd. Ho Chi Minh City PwC 100.00% 100.00% 0.00% 0.00% Phu An Energy Investment Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% Quang Lam Printing Import Export Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% SSKT Beta Energy Co., Ltd. Ho Chi Minh City PwC 100.00% 59.00% 100.00% 100.00% STP5 Energy Production Trading Co., Ltd. Ho Chi Minh City PwC 100.00% 89.90% 100.00% 100.00% STP6 Energy Trading Technical Co., Ltd. Ho Chi Minh City PwC 100.00% 89.90% 100.00% 100.00% STP7 Energy Development Co., Ltd. Ho Chi Minh City PwC 100.00% 89.90% 100.00% 100.00% STP8 Energy Investment Co., Ltd. Ho Chi Minh City PwC 100.00% 89.90% 100.00% 100.00% Sun Times 1 Energy Co., Ltd. Ho Chi Minh City PwC 100.00% 89.90% 100.00% 100.00% Sun Times 3 Energy Co., Ltd. Ho Chi Minh City PwC 100.00% 89.90% 100.00% 100.00% Sun Times 4 Energy Co., Ltd. Ho Chi Minh City PwC 100.00% 89.90% 100.00% 100.00% Sun Times 5 Energy Co., Ltd. Ho Chi Minh City PwC 100.00% 89.90% 100.00% 100.00% Sun Times 6 Energy Co., Ltd. Ho Chi Minh City PwC 100.00% 89.90% 100.00% 100.00% Sun Times 7 Energy Co., Ltd. Ho Chi Minh City PwC 100.00% 89.90% 100.00% 100.00% Sunseap Commercial & Industrial Assets (Vietnam) Co., Ltd. Ho Chi Minh City PwC 100.00% 100.00% 100.00% 100.00% Sunseap KTG Energy Investment Co., Ltd. Ho Chi Minh City PwC 59.00% 59.00% 100.00% 100.00% Sunseap Sun Times Solar Investment Co., Ltd. Ho Chi Minh City PwC 89.90% 89.90% 100.00% 100.00% Thiet Thanh Cong Investment Co., Ltd. Long An Province PwC 100.00% 100.00% 100.00% 100.00% Trung Son Energy Development LLC Khanh Hoa Province PwC 100.00% 100.00% 100.00% 100.00% Uper Renewable Energy Vietnam Co., Ltd. Ho Chi Minh City PwC 100.00% 100.00% 100.00% 100.00% Xuan Thien Ninh Thuan Co., Ltd. Ninh Thuan Province PwC 100.00% 100.00% 100.00% 100.00% Xuan Thien Thuan Bac Co., Ltd. Ninh Thuan Province PwC 100.00% 100.00% 100.00% 100.00% Singapore EDPR Sunseap Korea Holdings Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Group Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Data4Eco Holdings Pte. Ltd. Singapore PwC 60.00% 60.00% 60.00% 60.00% LYS Energy Investment Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Solarland Alpha Assets Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% SolarNova 4 Beta Assets Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% SolarNova Phase 1 Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Australia Holdings Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Batam Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap China Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap CMX RE Solar Holdings Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Commercial Assets Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Delta Holdings Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Energy Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Energy Ventures Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Engineering Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Gamma Assets Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Sunseap Gamma Holdings Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Indonesia Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap International Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Japan Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Leasing Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Sunseap Links Daklong Pte. Ltd. Singapore PwC 95.00% 95.00% 95.00% 95.00% Sunseap Links Pte. Ltd. Singapore PwC 80.00% 80.00% 80.00% 80.00% Sunseap Taiwan Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% Trung Son SG Pte. Ltd. Singapore PwC 100.00% 100.00% 100.00% 100.00% SolarNova 4 Beta Holdings Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Solar PV Exchange Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Solarland Alpha Holdings Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Sunseap Commercial & Industrial Assets (S.E.A.) Holdings Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Sunseap Commercial Holdings Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Sunseap Leasing Alpha Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Sunseap Leasing Beta Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Sunseap Philippines Solar Holdings Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Sunseap SolarNova Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Sunseap Solutions Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Sunseap Vietnam Beta Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Sunseap Vietnam Gamma Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Sunseap Vietnam Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Sunseap Vpower Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Uper Renewable Energy (Singapore) Pte. Ltd. Singapore PwC 0.00% 0.00% 100.00% 100.00% Australia Sunseap (Australia) Investments Pty. Ltd. Melbourne n.a. 100.00% 100.00% 100.00% 100.00% Sunseap (Australia) Pty. Ltd. Melbourne n.a. 100.00% 100.00% 100.00% 100.00% Sunseap Assets (Australia) Pty. Ltd. Melbourne n.a. 100.00% 100.00% 100.00% 100.00% Energy Democracy Management Pty. Ltd. Canberra n.a. 100.00% 100.00% 0.00% 0.00% ITP Development Pty. Ltd. Canberra n.a. 100.00% 100.00% 0.00% 0.00% ITP-NHT Devco Pty. Ltd. Canberra n.a. 100.00% 100.00% 0.00% 0.00% Merino Solar Farm Pty. Ltd. Canberra n.a. 100.00% 100.00% 0.00% 0.00% Merino Solar Farm Trust Canberra n.a. 100.00% 100.00% 0.00% 0.00% Orange Community Renewable Energy Park Pty. Ltd. Canberra n.a. 100.00% 100.00% 0.00% 0.00% Orange Community Renewable Energy Park Trust Canberra n.a. 100.00% 100.00% 0.00% 0.00% Yoogali Solar Farm Pty. Ltd. Canberra n.a. 100.00% 100.00% 0.00% 0.00% Cambodia Sunseap Solar Cambodia Co., Ltd. Phnom Penh City n.a. 100.00% 100.00% 100.00% 100.00% China Anhui Jinyang New Energy Co., Ltd. Anhui City n.a. 100.00% 100.00% 100.00% 100.00% Changchun Xingsheng Jinhu Photovoltaic New Energy Co., Ltd. Changchu n City n.a. 100.00% 100.00% 100.00% 100.00% Changzhou Jingyi New Energy Technology Co., Ltd. Changzho u City n.a. 100.00% 100.00% 100.00% 100.00% Chongqing Xingzhi New Energy Technology Co., Ltd. Chongqin g City n.a. 100.00% 100.00% 100.00% 100.00% Chuzhou Huitai Photovoltaic Power Generation Co., Ltd. Chuzhou City n.a. 100.00% 100.00% 100.00% 100.00% Dongguan Jiehuang New Energy Technology Co., Ltd. Dongguan City n.a. 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Dongying Daoli New Energy Co., Ltd. Dongying City n.a. 100.00% 100.00% 100.00% 100.00% Fangxian Tianhang New Energy Co., Ltd. Fangxian City n.a. 100.00% 100.00% 100.00% 100.00% Fengcheng Xingtai New Energy Technology Co., Ltd. Fengchen g City n.a. 100.00% 100.00% 100.00% 100.00% Foshan YingYuan New Energy Technology Co., Ltd. Foshan City n.a. 100.00% 100.00% 100.00% 100.00% Harbin Panshuo Energy Technology Co., Ltd. Harbin City n.a. 100.00% 100.00% 100.00% 100.00% Hefei Yiman New Energy Technology Co., Ltd. Hefei City n.a. 100.00% 100.00% 100.00% 100.00% Heze Dechen New Energy Co., Ltd. Heze City n.a. 100.00% 100.00% 100.00% 100.00% Hubei Jianghui New Energy Co., Ltd. Jingzhou City n.a. 100.00% 100.00% 100.00% 100.00% Jiangsu Xingsheng New Energy Technology Co., Ltd. Jiangsu City n.a. 100.00% 100.00% 100.00% 100.00% Jiaxing Luken Energy Technology Co., Ltd. Jiaxing City n.a. 100.00% 100.00% 100.00% 100.00% Jingmen Xingsheng New Energy Co., Ltd. Jingmen City n.a. 100.00% 100.00% 100.00% 100.00% Jingmen Zhongbei New Energy Co., Ltd. Jingmen City n.a. 100.00% 100.00% 100.00% 100.00% Jining Yihang New Energy Technology Co., Ltd. Jining City n.a. 100.00% 100.00% 100.00% 100.00% Liyang Yushun Power New Energy Co., Ltd. Liyang City n.a. 100.00% 100.00% 100.00% 100.00% Nantong Eaton Guoyun Photovoltaic New Energy Co., Ltd. Nantong City n.a. 95.00% 95.00% 95.00% 95.00% Ningbo Jiangbei Baoyi Enterprise Management CP LP Ningbo city PwC 100.00% 100.00% 60.00% 60.00% Putian Xingsheng New Energy Co., Ltd. Putian City n.a. 100.00% 100.00% 100.00% 100.00% Qingdao Xingqi Energy Co., Ltd. Qingdao n.a. 100.00% 100.00% 100.00% 100.00% Qinghe County Xinou Funeng New Energy Technology Co., Ltd. Xingtai City n.a. 100.00% 100.00% 100.00% 100.00% Rongcheng Xingyi New Energy Technology Co., Ltd. Weihai City PwC 100.00% 100.00% 100.00% 100.00% Shanghai Jingwen Equity Investment Center LP Shanghai PwC 90.22% 90.22% 90.22% 90.22% Shanghai Yihuang New Energy Technology Co., Ltd. Shanghai n.a. 100.00% 100.00% 100.00% 100.00% Shanghai Yikuang New Technology Co., Ltd. Shanghai n.a. 100.00% 100.00% 100.00% 100.00% Siping Lvsheng Energy Technology Co., Ltd. Sipiang City n.a. 100.00% 100.00% 100.00% 100.00% State Cloud Sunseap Equity Investment Partnership LP Jinan City PwC 80.33% 80.33% 80.33% 80.33% Sunseap China Energy (Qingdao) Co., Ltd. Qingdao n.a. 100.00% 100.00% 100.00% 100.00% Sunseap China Energy (Shanghai) Ltd. Shanghai PwC 100.00% 100.00% 100.00% 100.00% Suzhou Haoruitian Power New Energy Co., Ltd. Kunshan City n.a. 100.00% 100.00% 100.00% 100.00% Suzhou Liansong New Energy Technology Co., Ltd. Suzhou City n.a. 100.00% 100.00% 100.00% 100.00% Suzhou Xingdao New Energy Technology Co., Ltd. Suzhou City n.a. 100.00% 100.00% 100.00% 100.00% Suzhou Xingyi Energy Engineering Co., Ltd. Suzhou City n.a. 100.00% 100.00% 100.00% 100.00% Tianjin Baoyi New Energy Technology Co., Ltd. Tianjin City n.a. 100.00% 100.00% 100.00% 100.00% Tianjin Pengling Funeng New Energy Technology Co., Ltd. Tianjin City n.a. 100.00% 100.00% 100.00% 100.00% Tianjin Xingrun Energy Development Co., Ltd. Tianjin City n.a. 100.00% 100.00% 100.00% 100.00% Tianjin Xingsheng Energy Development Co., Ltd. Tianjin City n.a. 100.00% 100.00% 100.00% 100.00% Tianjin Yuntong New Energy Technology Co., Ltd. Tianjin City n.a. 100.00% 100.00% 100.00% 100.00% Weihai Deao New Energy Technology Co., Ltd. Weihai City n.a. 100.00% 100.00% 100.00% 100.00% Wenzhou Xingyi New Energy Technology Co., Ltd. Wenzhou City n.a. 100.00% 100.00% 100.00% 100.00%
2023 2022 % OF CAPITA L % OF VOTING RIGHTS % OF CAPITA L % OF VOTING RIGHTS Wuhan Panshuo Energy Technology Co., Ltd. Wuhan City n.a. 100.00% 100.00% 100.00% 100.00% Wuhu Xingsheng New Energy Co., Ltd. Wuhu City n.a. 100.00% 100.00% 100.00% 100.00% Wuxi Lingzhong New Energy Technology Co., Ltd. Wuxi City n.a. 100.00% 100.00% 100.00% 100.00% Yancheng Baoyi New Energy Technology Co., Ltd. Yancheng City n.a. 100.00% 100.00% 100.00% 100.00% Yancheng Qingneng Power Technology Co., Ltd. Yancheng City n.a. 100.00% 100.00% 100.00% 100.00% Zhenjiang Ruichengda New Energy Co., Ltd. Zhenjiang City n.a. 100.00% 100.00% 100.00% 100.00% Jinan Xingsheng Energy Co., Ltd. Jinan City n.a. 0.00% 0.00% 100.00% 100.00% Yuzhou Yixing Energy Technology Co., Ltd. Yuzhou City n.a. 0.00% 0.00% 100.00% 100.00% Indonesia PT Green Corridor Indonesia Kota Batam BDO 99.00% 99.00% 99.00% 99.00% PT Right People Renewable Energy Jakarta BDO 100.00% 100.00% 100.00% 100.00% PT Sunseap Commercial Industrial Indonesia Asset Jakarta BDO 99.00% 99.00% 99.00% 99.00% Japan RE Capital Co., Ltd. Tokyo n.a. 100.00% 100.00% 100.00% 100.00% Godo Kaisha NW-3 Tokyo n.a. 100.00% 100.00% 0.00% 0.00% Miyagi Motoyoshi Solar GK Tokyo n.a. 100.00% 100.00% 0.00% 0.00% Malaysia Sunseap Energy (Malaysia) Sdn. Bhd. Kuala Lumpur NHT 100.00% 100.00% 100.00% 100.00% Taiwan Hoya Energy Ltd. Taipei City PwC 100.00% 100.00% 100.00% 100.00% Pacific Sunseap Energy Ltd. Taipei City PwC 65.00% 65.00% 65.00% 65.00% Shuangjian Photoelectric Ltd. Taipei City PwC 70.00% 70.00% 70.00% 70.00% Sunseap Advance Green Technology Ltd. Taipei City PwC 100.00% 100.00% 100.00% 100.00% Sunseap Advance International Ltd. Taipei City PwC 100.00% 100.00% 100.00% 100.00% Sunseap Taiwan Solar Holdings Ltd. Taipei City PwC 100.00% 100.00% 100.00% 100.00% Top Green Energy Ltd. Taipei City PwC 100.00% 65.00% 100.00% 65.00% Thailand Sunseap Energy (Thailand) Co., Ltd. Bangkok Thai Info Ltd 95.50% 95.50% 95.50% 95.50% Thai-Sunseap Asset Co. Ltd. Bangkok Pechrungroj Office Co., Ltd 100.00% 67.00% 100.00% 67.00% Thai-Sunseap Co., Ltd. Bangkok Pechrungroj Office Co., Ltd 67.00% 67.00% 67.00% 67.00% Thai-Sunseap Energy Solutions Co. Ltd. Bangkok Pechrungroj Office Co., Ltd 100.00% 67.00% 100.00% 67.00 %
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}