On 22 February 2021, EDF Renewables, EIH S.a.r.l, a subsidiary of Enbridge Inc., a North American energy infrastructure company, and wpd, a European renewable energies company, announced the launch of construction activity on the Calvados offshore wind farm (Courseulles-sur-Mer). This announcement followed the finalisation of financing agreements between the consortium and its financial partners.
The 448MW Calvados offshore wind power project is comprised of 64 wind turbines located more than 10km from the Bessin coastline and occupies a total surface area of approximately 45km2. Upon its commissioning, expected in 2024, it will generate the equivalent of the annual electricity consumption of 630,000 people, or over 90% of the Calvados department’s population.
The total project cost is estimated at around €2 billion. The majority will be financed through non-recourse project finance debt. The Calvados offshore wind farm holds a 20-year power purchase agreement (PPA) granted by the French government in June 2018.
The shareholders of this project are EDF Renewables and EIH S.a.r.l (each with a 42.5% stake in the project through Eolien Maritime France) and wpd (which holds a 15% stake in the project).
On 1 July 2021, the EDF group, through Atlantic Shores Offshore Wind (Atlantic Shores), a 50-50 joint venture between its subsidiary EDF Renewables and Shell New Energies US LLC., announced that it had been awarded a 1.5GW offshore wind farm project off the coast of New Jersey, USA. The New Jersey Board of Public Utilities selected the winner of the project.
The future wind farm is located between 15 and 30km off the coast of New Jersey. This offshore wind farm will be one of the most powerful in the United States and will be able to supply enough power for 700,000 homes every year. Construction is scheduled to begin in 2024.
The Saint-Nazaire offshore wind farm is jointly owned by EDF Renewables, and EIH S. à r.l., a joint venture between Enbridge Inc. and the Canada Pension Plan Investment Board (through its wholly owned subsidiary CPP Investment Board Europe S. à r.l.). With a capacity of 480MW, it comprises 80 wind turbines located on the rocky plateau of the Banc de Guérande, more than 12km off the coast of the Guérande peninsula.
Two years after construction works began, significant progress has been made in producing the various components required for the future wind farm.
The EDF group and China Energy Investment Corporation (CEI), its Chinese partner, announced the commissioning of the 200MW Dongtai V offshore wind farm. Located in the China Sea, off the Jiangsu coast, north of Shanghai, its construction took 20 months.
Together with the 300MW Dongtai IV wind farm commissioned in December 2019, the Group now operates 500MW in offshore wind capacity in China. The Dongtai IV and V wind farms lie approximately 40km off the coast of Jiangsu, the most advanced province in offshore technology, and operate 125 wind turbines which will generate electricity covering the annual needs of 2 million local inhabitants.
The joint venture between CEI (62.5%) and the EDF group (37.5%) operates both the Dongtai IV and V wind farms. It is the first Sino-French joint venture dedicated to the development and operation of offshore wind energy projects in China.
Changes in net working capital during 2021 are as follows:
| (in millions of euros) | Notes | 31/12/2020 | Monetary changes | Non-monetary changes | 31/12/2021 |
|---|---|---|---|---|---|
| (in millions of euros) Inventories and work-in-process |
Notes13.2 | 31/12/2020 (14,738) |
Monetary changes (626) |
Non-monetary changes (833) |
31/12/2021 (16,197) |
| (in millions of euros) Trade receivables net of provisions |
Notes13.3 | 31/12/2020 (14,521) |
Monetary changes (7,411) |
Non-monetary changes (303) |
31/12/2021 (22,235) |
| (in millions of euros) Trade payables |
Notes13.4 | 31/12/2020 11,900 |
Monetary changes 7,407 |
Non-monetary changes 258 |
31/12/2021 19,565 |
| (in millions of euros) Compensation receivable for Public Energy Service charges (CSPE receivable) |
Notes13.3.4 | 31/12/2020 (1,993) |
Monetary changes 2,268 |
Non-monetary changes (275) |
31/12/2021 - |
| (in millions of euros) Other receivables and payables (1) |
Notes13.3.4 and 13.5 | 31/12/2020 9,551 |
Monetary changes (3,133) |
Non-monetary changes (74) |
31/12/2021 6,344 |
| (in millions of euros) Other components of working capital (2) |
Notes
|
31/12/2020 (740) |
Monetary changes (31) |
Non-monetary changes 123 |
31/12/2021 (648) |
| (in millions of euros)NET WORKING CAPITAL | Notes
|
31/12/2020(10,541) | Monetary changes(1,526) | Non-monetary changes(1,104) | 31/12/2021(13,171) |
(1) Excluding receivables and payables on acquisition/disposal of assets and investment subsidies
(2) The other components of working capital includes CO2 emission rights and green certificates presented in intangible assets in the balance sheet, and derivatives related to operations.
