The key financial indicators published for Taishan (on a 100% basis) are as follows:
(in millions of euros) | 31/12/2019 | 31/12/2018 |
|---|---|---|
| Non-current assets | Non-current assets 31/12/2019 12,183 | Non-current assets 31/12/2018 11,595 |
| Current assets | Current assets 31/12/2019 618 | Current assets 31/12/2018 451 |
TOTAL ASSETS | TOTAL ASSETS 31/12/2019 12,801 | TOTAL ASSETS 31/12/2018 12,046 |
| Equity | Equity 31/12/2019 3,882 | Equity 31/12/2018 3,279 |
| Non-current liabilities | Non-current liabilities 31/12/2019 7,467 | Non-current liabilities 31/12/2018 7,777 |
| Current liabilities | Current liabilities 31/12/2019 1,452 | Current liabilities 31/12/2018 990 |
TOTAL EQUITY AND LIABILITIES | TOTAL EQUITY AND LIABILITIES 31/12/2019 12,801 | TOTAL EQUITY AND LIABILITIES 31/12/2018 12,046 |
| Sales | Sales 31/12/2019 783 | Sales 31/12/2018 32 |
Net income | Net income 31/12/2019 44 | Net income 31/12/2018 (8) |
| Dividends paid | Dividends paid 31/12/2019 - | Dividends paid 31/12/2018 - |
EDF owns 30% of Taishan Nuclear Power Joint Venture Company Limited (TNPJVC), which was set up to build and operate two EPR nuclear reactors in Taishan, in the province of Guangdong in China. Comprising two 1750-MW EPR reactors, Taishan nuclear power plant is the biggest cooperation project between China and France in the energy sector. CGN holds a 51% stake and Yudean a 19% stake.
Following the start of commercial operation by the first reactor on 13 December 2018, the second reactor began commercial operation on 7 September 2019. 2020 saw the first shutdown for refuelling of Taishan 1, from29 June to 24 September 2020.
On 20 March 2019, the NDRC (National Development and Reform Commission) attributed regulated tariffs to the first three 3rd-generation nuclear projects in China, one of which is Taishan. The tariff attributed to Taishan was set at RMB435/MWh until the end of 2021, with retroactive effect to the date the first unit was commissioned (13 December 2018). Indexing mechanisms for the post-2021 tariffs were not set out in this decision and are not currently known. The impairment test at 31 December 2020 was updated to take account of the uncertainties over tariff levels and certain operating assumptions which were adjusted following the operations of 2020. The results confirmed the absence of impairment on the investment as stated in the financial statements at 31 December 2020.
The other investments held by EDF SA are included in dedicated assets (see note 15.1.2).
The other investments held by EDF Renewables are mainly located in the United States, Europe, China and Brazil.
Other investments in associates and joint ventures principally concern:
In 2020, €(189) million of impairment was booked in respect of investments in associates and joint ventures concerning various specific assets: certain coal-fired plants in China, investments held by Framatome in entities operating in sectors greatly impacted by the Covid-19 pandemic, and certain unlisted assets owned by EDF SA (EDF Invest) included in dedicated assets (see note 15.1.2).
In 2019, €(73) million of impairment was booked in respect of investments in associates and joint ventures, concerning various specific assets of non-significant individual amounts.
On 22 December 2020, the consortium, formed by French EDF group subsidiary, EDF Renewables and Chinese Jinko Power HK, subsidiary of Jinko Power Technology Co. Ltd. have successfully reached the financial closing for the 2.1GWAl Dhafra PV2 solar project in Abu Dhabi, United Arab Emirates. This operation has been completed along with TAQA Group and Masdar, the Abu Dhabi-based shareholders and major players in the electricity and renewable sectors.
The approximately 1 billion USD transaction has been funded via project financing from a banking group.
Completion of this major milestone allows the mobilization on site and start of construction. Located in the region of Al Dhafra, 35 kilometres south of Abu Dhabi City, this solar photo-voltaic plant will be the largest single-site solar plant worldwide. The plant spans over 20 square kilo metres of desert climate area, with more than 4 million PV modules.
Upon commissioning, targeted in 2022, this project will provide the equivalent electricity to power over 160,000 local households.
As the project is under an independent power producer model (IPP), EDF Renewables and Jinko Power hold respectively 20% of the shares, the remaining 60% is owned by TAQA and Masdar.
The four partners had previously signed the 30-years Power Purchase Agreement(PPA) on 23 July 2020.
On 1 October 2020, EDF Renewables and Total Eren, two world leaders in renewable energy, announced that EDEN Renewables India, their equally owned joint venture dedicated to the Indian solar photovoltaic market, had been awarded three solar photovoltaic (PV) projects for a total of 1,350MWp in Rajasthan, Northern India.
At 31 December 2020, EDEN Renewables confirmed its ambitions in India, with more than 1.2GW of wind and solar power projects in operation or construction.
