Universal Registration Document 2020

Impact of financed Eligible Projects

The table below shows three main impacts associated with the renewable energy projects that received Green Bond financing:

the electricity generation capacity built under each EDF Renewables, Luminus or EDF ENR project or renovated, modernised or developed as part of the hydropower investments;
the additional electricity generation expected from each project; and
the estimated CO₂ emissions avoided as a result of injecting this additional electricity generation into the electricity grid.

These impacts are presented in aggregate: gross data correspond to the aggregate impact of every project that received financing from the Green Bond in question; while the net values correspond to the total sum of the impact of each Eligible Project weighted by the share of project investment amount financed by the Green Bond in question.

		Total capacity of projects financed at 31 December 2020 (in MW)		Expected output (in TWH/year)		Estimated CO2 emissions avoided (in megatonnes/year)
		Gross ⁽¹⁾	Net ⁽²⁾	Gross ⁽¹⁾	Net ⁽²⁾	Gross ⁽¹⁾	Net ⁽²⁾
Green Bond no. 1 – November 2013	Green Bond no. 1 – November 2013	Green Bond no. 1 – November 2013 Total capacity of projects financed at 31 December 2020 (in MW) 1,529	Green Bond no. 1 – November 2013 Expected output (in TWH/year) 976	Green Bond no. 1 – November 2013 Estimated CO2 emissions avoided (in megatonnes/year) 6.0	4.1	2.21	1.55
Green Bond no. 2 – October 2015	Green Bond no. 2 – October 2015	Green Bond no. 2 – October 2015 Total capacity of projects financed at 31 December 2020 (in MW) 1,107	Green Bond no. 2 – October 2015 Expected output (in TWH/year) 815	Green Bond no. 2 – October 2015 Estimated CO2 emissions avoided (in megatonnes/year) 4.6	3.3	2.53	1.83
Green Bond no. 3 – October 2016	Green Bond no. 3 – October 2016 EDF Renewables	Green Bond no. 3 – October 2016 Total capacity of projects financed at 31 December 2020 (in MW) 1,450	Green Bond no. 3 – October 2016 Expected output (in TWH/year) 962	Green Bond no. 3 – October 2016 Estimated CO2 emissions avoided (in megatonnes/year) 5.3	3.5	2.42	1.61
Green Bond no. 3 – October 2016	EDF Hydro	903	Total capacity of projects financed at 31 December 2020 (in MW) 903	Expected output (in TWH/year) 0.2 ⁽³⁾	Estimated CO2 emissions avoided (in megatonnes/year) 0.2 ⁽³⁾	0.01⁽³⁾	0.01⁽³⁾
Green Bond no. 4 – January 2017	Green Bond no. 4 – January 2017 EDF Renewables +Luminus	Green Bond no. 4 – January 2017 Total capacity of projects financed at 31 December 2020 (in MW) 137	Green Bond no. 4 – January 2017 Expected output (in TWH/year) 86	Green Bond no. 4 – January 2017 Estimated CO2 emissions avoided (in megatonnes/year) 0.4	0.26	0.17	0.12
Green Bond no. 4 – January 2017	EDF Hydro + Luminus	142	Total capacity of projects financed at 31 December 2020 (in MW) 133	Expected output (in TWH/year) 0.1	Estimated CO2 emissions avoided (in megatonnes/year) 0.05	0.01	0.01
Green Bond no. 5 – September 2020	Green Bond no. 5 – September 2020 EDF Renewables +EDF ENR + Luminus	Green Bond no. 5 – September 2020 Total capacity of projects financed at 31 December 2020 (in MW) 1,355	Green Bond no. 5 – September 2020 Expected output (in TWH/year) 1,088	Green Bond no. 5 – September 2020 Estimated CO2 emissions avoided (in megatonnes/year) 4.0 ⁽⁴⁾	3.1⁽⁴⁾	1.59⁽⁴⁾	1.15⁽⁴⁾
Green Bond no. 5 – September 2020	EDF Hydro	123	Total capacity of projects financed at 31 December 2020 (in MW) 123	Expected output (in TWH/year) 0.03	Estimated CO2 emissions avoided (in megatonnes/year) 0.03	0.001	0.001
TOTAL	TOTAL	TOTAL Total capacity of projects financed at 31 December 2020 (in MW) 6,746	TOTAL Expected output (in TWH/year) 5,084	TOTAL Estimated CO2 emissions avoided (in megatonnes/year) 20.6	14.6	8.9	6.3

(1) Sum of the gross impacts of each project that received Green Bond financing.

(2) Sum of the impacts of each project weighted by the project investment amount financed by the Green Bond in question.

(3) Only related to the expected additional generation resulting from development investments, including half of the expected additional generation of the Romanche-Gavet project.

(4) Excluding any acquisition.

The above impacts are established using the methodological principles below:

generation capacity of financed projects: installed capacity at the end of the construction of each Eligible Project as defined in the project’s investment memorandum and updated as appropriate during the construction phase or at project commissioning;
expected output: generation forecast (the “P50”) taken into account when the investment decision of each Eligible Project is made;
avoided CO2 emissions: the average emission factor per kWh of the electric system is estimated on the basis of the energy mix of the electric system and LCA emission factors of each generation technology. The emission factor of the project corresponds to the LCA emission factor of the project’s production chain. The energy mixes are those published by the Energy Information Administration (EIA,2018) for large power networks in the United States, Statistics Canada (2018) for the networks and provinces of Canada, and the International Energy Agency (2018) for other countries. LCA emission factors of each technology correspond to the median values established by the Intergovernmental Panel on Climate Change (IPCC) and published in its fifth assessment report (2014). The detailed methodology is available on request at the EDF group head office. It is important to note that (i) there is no single standard defining a methodology for calculating avoided CO₂ emissions and (ii) the expected output and, therefore avoided, CO₂ emissions are estimated forecast data and not actual data.

Universal Registration Document 2020

6. Financial statements

Impact of financed Eligible Projects