Investor Presentation • May 7, 2021
Investor Presentation
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These materials are not an offer for sale of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be sold in the United States absent registration or an exemption from registration under the Securities Act.
Madrid, a 7 de mayo de 2021
Muy Sres. nuestros:
En cumplimiento de lo dispuesto en el Art. 226 del texto refundido de la Ley del Mercado de Valores, aprobado por el Real Decreto Legislativo 4/2015, de 23 de octubre, ACCIONA, S.A. (en adelante, "ACCIONA") comunica lo siguiente:
Dear Sirs,
Pursuant to the provisions of Art. 226 of the consolidated text of the Securities Market Act, approved by Royal Legislative Decree 4/2015, of 23 October, ACCIONA, S.A. (hereinafter "ACCIONA") reports the following:
Como continuación de la Comunicación de Otra Información Relevante de fecha 29 de abril de 2021 (OIR número de registro 9028), ACCIONA adjunta la presentación en inglés que se seguirá en el evento virtual "Acciona Energía Capital Markets Day" que va a tener lugar hoy día 7 de mayo a las 13h (hora de Madrid). La presentación podrá ser seguida vía webcast a través de la página web de Acciona (www.acciona.com).
Dicha presentación incluye información privilegiada relativa a la filial Corporación Acciona Energías Renovables, S.A. Unipersonal, cabecera de la división de Energía del grupo ACCIONA.
Esta comunicación de Información Privilegiada se publica en idiomas español e inglés, en caso de discrepancia entre ambas versiones, prevalecerá la versión española.
As a follow up to the Other Relevant Information communication published on 29th April 2021, (OIR number 9028), ACCIONA attaches the presentation to follow the virtual event "Acciona Energía Capital Markets Day" to take place today 7 th May 2021 at 1:00pm (CET). The presentation may be followed via webcast through Acciona's website (www.acciona.com).
The presentation contains insider information relating to the subsidiary Corporación Acciona Energías Renovables, S.A. Unipersonal, the parent company of ACCIONA's Group Energy division.
This insider information statement is published in Spanish and English languages and, in case of discrepancy between both versions, the Spanish version shall prevail.
Atentamente/ Yours faithfully Jorge Vega-Penichet López Secretario del Consejo de Administración
La información contenida en este documento está sujeta y debe leerse junto con toda la información pública disponible de ACCIONA, S.A. (en adelante, "ACCIONA") y su grupo que contengan información más completa. Cualquier persona que en cualquier momento adquiera valores debe hacerlo exclusivamente sobre la base de su propio juicio acerca de los méritos y la idoneidad de los valores para la consecución de sus objetivos y sobre la base únicamente de información pública, y después de haber recibido el asesoramiento profesional o de otra índole que considere necesario o adecuado a sus circunstancias, y no únicamente sobre la base de la información contenida en esta presentación. No se debe realizar ningún tipo de actividad inversora únicamente sobre la base de la información contenida en este documento. Al poner a su disposición este documento, ACCIONA no está prestando ningún asesoramiento ni realizando ninguna recomendación de compra, venta o cualquier otro tipo de negociación sobre las acciones de ACCIONA ni sobre cualquier otro valor o instrumento financiero.
Ni este documento ni ninguna parte o copia del mismo puede ser llevado o transmitido a los Estados Unidos o publicado, divulgado, revelado o distribuido, directa o indirectamente, en los Estados Unidos, tal y como este término se define en la US Securities Act of 1933 (la "US Securities Act"). Este documento, así como cualquier parte o copia de la misma, no podrá ser publicado, divulgado, distribuido o revelado en Australia, Canadá, Sudáfrica o Japón. El incumplimiento de esta restricción puede constituir una violación de las leyes de valores de Estados Unidos, Australia, Canadá, Sudáfrica o Japón.
Este documento y la información contenida en él no constituyen una oferta de compra de valores ni una oferta de venta de valores en los Estados Unidos (en el sentido de la Regulation S de la US Securities Act). Las acciones ordinarias de ACCIONA ENERGÍA no han sido, ni serán, registradas bajo la US Securities Act y no pueden ser ofrecidas o vendidas en los Estados Unidos sin estar registradas bajo la US Securities Act, excepto en virtud de una exención de, o en el caso de una transacción no sujeta a, los requisitos de registro de la US Securities Act y en cumplimiento de las leyes de valores estatales pertinentes. No habrá oferta pública de las acciones ordinarias en los Estados Unidos.
The information contained in this document is subject to, and must be read in conjunction with, all other publicly available information, on ACCIONA, S.A. (en adelante, "ACCIONA") and its group. Any person who acquires securities at any time must do so only on the basis of their own judgment as to the merits or suitability of the securities and only on insight contained in public information, having taken all professional or other advice as they deem necessary or appropriate in the circumstances and not in reliance on the information contained in this document. No investment activity should be undertaken on the basis of the information contained in this document. In making this document available, ACCIONA gives no advice and makes no recommendation to trade or otherwise deal in ACCIONA shares or any other securities or investments whatsoever
Neither this document nor any part or copy of it may be taken or transmitted into the United States or published, released, disclosed or distributed, directly or indirectly, in the United States, as that term is defined in the United States Securities Act of 1933, as amended (the "Securities Act"). Neither this document nor any part or copy of it may be published, released, distributed or disclosed in Australia, Canada, South Africa or Japan. Any failure to comply with this restriction may constitute a violation of U.S., Australian, Canadian, South African or Japanese securities laws.
This document and the information contained herein are not a solicitation of an offer to buy securities or an offer for the sale of securities in the United States (within the meaning of Regulation S under the Securities Act). The ordinary shares of ACCIONA ENERGIA have not been, and will not be, registered under the Securities Act and may not be offered or sold in the United States absent registration under the Securities Act except pursuant to an exemption from, or in the case of a transaction not subject to, the registration requirements of the Securities Act and in compliance with the relevant state securities laws. There will be no public offering of the ordinary shares in the United States.
ACCIONA Energía: leading the energy transition CAPITAL MARKETS DAY
7 May 2021
This document has been prepared by Corporación ACCIONA Energías Renovables, S.A. Unipersonal (together with its subsidiaries and joint ventures except as the context otherwise requires, the "Company") exclusively for its use during the presentation of the Company in the context of its Capital Markets Day held on 7 May 2021. Therefore, it cannot be disclosed or made public by any person or entity with an aim other than the one expressed above, without the prior written consent of the Company.
For the purposes of this disclaimer, "Presentation" means this document, its contents or any part of it, including its annexes, any oral presentation and any written or oral material discussed or distributed during the presentation of this document or otherwise in connection with it. This Presentation may not be copied, distributed, reproduced or passed on, directly or indirectly, in whole or in part, or disclosed by any recipient, to any other person (other than as required to those within your organization who agree to be bound by these restrictions) or published in whole or in part, for any purpose or under any circumstances.
This Presentation does not constitute, and may not be relied on in any manner as, legal, tax, investment, accounting, regulatory or any other type of advice on, about or in relation to the Company, nor does it constitute or form part of, and should not be construed as, any offer to sell or issue or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, or otherwise acquire, any securities of the Company or of Acciona, S.A. (the "Parent"), nor shall it or any part of it —nor the fact of its distribution— form the basis of, or be relied upon in connection with, any contract or investment decision.
This Presentation does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14, 2017 on the prospectus to be publishedwhen securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (the "Prospectus Regulation"). In addition, this Presentation does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase,sale or exchange of securities, nor a request for any vote or approval in any other jurisdiction. Particularly, this Presentation does not constitute an offer to purchase, sell or exchange or the solicitation of an offer to purchase, sell or exchange any securities.
This Presentation does not constitute a prospectus for the purposes of the Prospectus Regulation. The information and opinions in this Presentation are not based upon a consideration of any particular investment objectives, financial situation or needs. Readers may wish to seek independent and professional advice and conduct their own independent investigation and analysis of the information contained in this document and of the business, operations, financial condition, prospects, status and affairs of the Company.
The information contained in this Presentation does not purport to be comprehensive and has not been independently verified. None of the Company or the Parent, or any of their respective subsidiaries or affiliates, or any of their respective directors, officers, employees, advisers or agents, accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to, and no reliance should be placed on, the truthfulness, fullness, accuracy or completeness of the information contained or referred to in this Presentation (or whether any information has been omitted from this Presentation) or any other information relating to the Company, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available, and nor do they accept any responsibility or liability whatsoever for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection therewith. Each of such persons accordingly disclaims any and all liability whatsoever, whether direct or indirect, express or implied, arising in tort, contract or otherwise, in respect of this Presentation or any such information.
Neither this Presentation nor any part or copy of it may be taken or transmitted into the United States or published, released, disclosed or distributed, directly or indirectly, in the United States, as that term is defined in the United States Securities Act of 1933, as amended (the "Securities Act"), except to a limited number of qualified institutional buyers (QIBs), as defined in Rule 144A under the Securities Act. Neither this Presentation nor any part or copy of it may be published, released, distributed or disclosed in Australia, Canada, South Africa or Japan. Any failure to comply with this restriction may constitute a violation of U.S., Australian, Canadian, South African or Japanese securities laws. The publication, release, distribution or disclosure of this Presentation in other jurisdictions may also be restricted by law, and persons into whose possession this Presentation comes should inform themselves about and observe any such restrictions.
This Presentation and the information contained herein are not a solicitation of an offer to buy securities or an offer for the sale of securities in the United States (within the meaning of Regulation S under the Securities Act). The ordinary shares of the Company have not been, and will not be, registered under the Securities Act and may not be offered or sold in the United States absent registration under the Securities Act except pursuant to an exemption from, or in the case of a transaction not subject to, the registration requirements of the Securities Act and in compliance with the relevant state securities laws. There will be no public offering of the ordinary shares in the United States.
Nothing in this Presentation constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. If you have received this Presentation and you are (i) in the EEA (other than the United Kingdom) and are not a Qualified Investor or (ii) in the United Kingdom and are not a Relevant Person, you must disregard this Presentation.
The information in this Presentation may include forward-looking statements, which are based on current expectations, projections and assumptions about future events. These forward-looking statements include all matters that are not historical facts. The words "believe", "expect", "anticipate", "intends", "estimate", "forecast", "project", "plan", "will", "should", "target", "pipeline", "plan", "will", "may" and similar expressions identify forward-looking statements. Other forward-looking statements can be identified from the context in which they are made. These forward-looking statements, as well as those included in any other information discussed in this Presentation, are subject to known or unknown risks, uncertainties and assumptions about the Company, its investments and its business strategy, regarding, among other matters, relevant industry, regulatory and economic trends and the Company's ability to successfully fund and carry out its strategic plan, meet its targets and deliver on its pipeline. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur and actual results, performance or achievements may materially differ from any future results, performance or achievements that may be expressed or implied in this Presentation. No representation or warranty is made that any forward-looking statement will come to pass. Forwardlooking statements speak as of the date of this Presentation and no one undertakes to publicly update or revise any such forward-looking statement, whether as a result of new information, future events or otherwise. None of the Company, the Parent, or any of their respective subsidiaries or affiliates, or any of their respective directors, officers, employees, advisers or agents, accepts any responsibility or liability whatsoever or makes any representation or warranty, expressed or implied, as to the truthfulness, fairness, accuracy, completeness or verification of such information. Accordingly, undue reliance should not be placed on any forward-looking statement contained in this Presentation.
The definition and classification of the pipeline of the Company, which comprises secured and under construction projects, highly visible projects and advanced development projects, as well as early stage pipeline and other identified opportunities, may not necessarily be the same as that used by other companies engaged in similar businesses. As a result, the expected capacity of the Company's pipeline may not be comparable to the expected capacity of the pipeline reported by such other companies. In addition, given the dynamic nature of the pipeline, the Company's pipeline is subject to change without notice and certain projects classified under a certain pipeline category as identified above could be reclassified under another pipeline category or could cease to be pursued in the event that unexpected events, which may be beyond the Company's control, occur.
To the extent available, the industry, market and competitive position data contained in this Presentation has been derived from official or third-party sources. Third-party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company reasonably believes that each of these publications, studies and surveys has been prepared by a reputable source, none of the Company, the Parent, or any of their respective subsidiaries or affiliates, or any of their respective directors, officers, employees, advisers or agents, has independently verified the data contained therein. In addition, some of the industry, market and competitive position data contained in this Presentation was derived from the Company's own internal research and estimates. While the Company reasonably believes that such research and estimates are reasonable and reliable, they —and their underlying methodology and assumptions— have not been verified by any independent source for accuracy or completeness and are subject to change. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this Presentation. The information in this Presentation will not be updated or revised.
Certain financial and statistical information contained in this Presentation is subject to rounding adjustments.
The financial information included in this Presentation has been derived from the Company's (i) unaudited consolidated annual accounts as of and for the financial year ended December 31, 2020, (ii) audited consolidated annual accounts as of and for the financial years ended December 31, 2019 and 2018, and (iii) the Company's unaudited condensed consolidated interim financial statements as of and for the three-month period ended on March 31, 2021. Please note that the neither the unaudited consolidated annual accounts of the Company as of and for the financial year ended December 31, 2020 nor the unaudited condensed consolidated interim financial statements as of and for the three-month period ended on March 31, 2021 have been audited by the Company's statutory auditors and therefore are preliminary and subject to change.
Financial information and operating data relating to the Company contained in this Presentation has not been audited or revised and in some cases is based on management information and estimates and is subject to change.
This Presentation contains certain non-IFRS financial measures of the Company derived from (or based on) its accounting records, and which it regards as alternative performance measures (APMs) for the purposes of Commission Delegated Regulation (EU) 2019/979 of March 14, 2019 and as defined in the European Securities and Market Authority Guidelines on Alternative Performance Measures dated October 5, 2015. Other companies may calculate such financial information differently or may use such measures for different purposes than the Company does, limiting the usefulness of such measures as comparative measures. These measures should not be considered as alternatives to measures derived in accordance with IFRS, have limited use as analytical tools, should not be considered in isolation and, may not be indicative of the Company's results of operations. Recipients should not place undue reliance on this information. The financial information included herein has not been reviewed for accuracy or completeness and, as such, should not be relied upon.
This Presentation is provided to the recipients for general informational purposes only. The information provided herein is not to be relied upon in substitution of the recipient exercising its own independent judgment with regard to the operations, financial condition and prospects of the Company. None of the statements herein shall be understood as intending to create any contractual obligation between its recipient and the Company or the Parent, neither on their own behalf nor that of any third party.
IMPORTANT NOTICE: certain data in this Presentation are the Company's mid-term and long-term targets and estimates only and do not constitute profit forecasts for the purposes of the Prospectus Regulation and delegated regulations. These targets and estimates rely on a number of important assumptions regarding future economic, competitive and other conditions, and many of these assumptions are outside the Company's control. There can be no assurance that these targets or estimates can or will be met and they should not be seen as an indication of the Company's expected or actual profits, results or returns.
| Sections | Presenters | Page | |
|---|---|---|---|
| Leading the energy transition 1 |
José Manuel Entrecanales | 5 | |
| ACCIONA 2 |
Energía: a global leader in renewable energy | Rafael Mateo | 9 |
| 3 | Strong growth backed by highly tangible and diversified pipeline | Rafael Esteban, José Entrecanales | 25 |
| 4 4 |
Distinctive engineering and construction management | Joaquín Ancín | 41 |
| Unparalleled operational leadership 5 5 |
Juan Otazu, Santxo Laspalas |
49 | |
| Sophisticated energy management 6 6 |
Santiago Gómez, Javier Montes | 63 | |
| Financial overview and risk management 7 7 |
Arantza Ezpeleta, Raimundo Fernández Cuesta |
78 | |
| Closing remarks |
Chairman and CEO of ACCIONA Chairman of ACCIONA Energía
Source: Company information
7
Notes: (1) Based on year-end 2020 total installed capacity; includes 100% of the assets' capacity regardless of ACCIONA Energía'sstake
8
Chairman and CEO of ACCIONA Chairman of ACCIONA Energía
Joaquin Ancín Chief Engineering and Construction Officer
Javier Montes Head of Commercial
Arantza Ezpeleta
Rafael Mateo Chief Executive Officer
Juan Otazu Chief Operations Officer
Rafael Esteban Chief Business Development Officer
José Entrecanales Chief Strategy & Corporate Development Officer
Santxo Laspalas Head of CECOER
Santiago Gómez Chief Energy Management Officer
Raimundo Fernández-Cuesta Head of Finance and Investor Relations
Chief Financial & Sustainability Officer
Rafael Mateo Chief Executive Officer
ACCIONA Energía is one of the world's largest renewable energy platforms: #1 independent and 100% renewable utility globally(1)
Notes: Corporación ACCIONA Energías Renovables, S.A. Unipersonal was incorporated as a limited liability company (sociedad de responsabilidad limitada) in 2008 in order to hold and develop the historical renewable energy business of the ACCIONA, S.A.; (1) Excluding Chinese companies. Independence of operations from ACCIONA, S.A. with framework agreement governing relationship between ACCIONA Energía and ACCIONA, S.A.; (2) 2020 consolidated capacity: 8,631MW / 2020 net capacity: 8,835MW; (3) EHN acquisition (2003- 05); (4) CESA acquisition (2006); (5) Group entities
Global reach with presence in 16 countries across 5 continents with 10.7GW of total installed capacity in 2020
100% renewable energy portfolio since inception with high technological diversification and demonstrated capabilities that uniquely position ACCIONA Energía to realize growth potential opportunities beyond wind and solar PV
Strong growth plans backed by a sizeable, highly diversified and tangible pipeline 3
ACCIONA Energía has a solid foundation for growth targeting 20GW by 2025, through a strong, visible and diversified pipeline, and has further identified 28GW of additional opportunities beyond 2025
Source: Company information
CAPITAL
14
MARKETS DAY
Notes: (1) Includes 100% of the assets' capacity regardless of ACCIONA Energía's stake; (2) Pipeline presented as the sum of the maximum MWs of each project according to permits, licenses, contracts, applications or other, not weighted by the estimate of the probability that the relevant project will be completed. Pipeline projects according to most recent ACCIONA Energía's information, subject to change
15
An innovation leader with a longstanding track record of pioneering technology and business solutions in new market segments
Source: Company information; National Renewable Energy Laboratory (NREL), Fuel Cells and Hydrogen (FCH) and other public information. Notes: (1) ACCIONA Windpower – Nordex merger took place in 2016
MARKETS DAY …and strong technical and operational expertise across technologies and business model 4
Beyond onshore wind and solar PV, ACCIONA Energía has extensive experience in other technologies, where it has been the pioneer in a number of different innovative solutions providing multiple opportunities
Source: Company information. Notes: (1) Excluding China. Source: Global Wind Energy Council (GWEC); (2) Commercial and Industrial
CAPITAL
16
In-house expertise and know-how across the entire value chain underpin best-in-class operations, efficiency and continuous learning as well as best practices sharing between the different business units
ꓲ In-house integrated activities allow value accretion and continuous improvement
ꓲ Economies of scale and well-ordered processes allow for premium returns
Sources: BloombergNEF, Company information Notes: (1) ACCIONA, S.A.'s stake in Nordex does not form part of the perimeter of ACCIONA Energía's Group; (2) By volume of corporate PPAs signed in 2020 according to BloombergNEF
ACCIONA Energía operates under the highest standards of operational excellence across the value chain, with the objective of maximizing production and profitability, extending useful life beyond standards and with safety at the core of its operations
Notes: (1) According to the Spanish sector magazine Energías Renovables; (2) Measured against initial expected module degradation; (3) Frequency index of occupational accidents defined as the number of Lost Work Day Cases multiplied by 200,000 hours divided by the number of worked hours. Considers both internal employees and subcontractors
Source: Company information
Solid financial results with highly visible cash flows driven by our ability to secure offtake solutions through a diversified and sophisticated combination of energy sale mechanisms along with technical and geographical diversification
20
…delivering resilience and stable results across economic cycles and regulatory frameworks
Source: Company information
Notes: (1) Weighted number of years of remaining contracted/regulated energy sales (excludes wholesale hedging); (2) Includes EUR, USD, CAD and AUD; (3) Adjusted EBITDA corresponds to EBITDA before change in impairment of assets and other provisions and allowances, income from changes in the value of financial instruments at fair value, financial costs capitalized, financial revenues and other financial results and results from disposals of non-current assets and other gains or losses; (4) Americas include North, Central and South America
Source: Company information. (1) Includes EUR, USD, CAD and AUD; (2) In 2020, according to BloombergNEF; (3) According to CNMC; (4) Based on year-end 2020 total installed capacity of c.10.7GW; (5) Net debt Including IFRS 16 adjustments and Intragroup Capitalization
CAPITAL
MARKETS DAY
6
Sustainability and strong social responsibilities are key strategic competitive advantages in all of our relationships
Panama, Peru, Chile, Spain, Ethiopia and Philippines
Notes: (1) As of November 13, 2020. (2) S&P Global Environmental, Social and Governance (ESG) Score
Framework Agreement governing relationship with ACCIONA, S.A. and balanced Board composition with a majority of independent directors
CAPITAL
Source: Company information
Rafael Esteban Chief Business Development Officer José Entrecanales Chief Strategy & Corporate Development Officer
Diversified growth strategy will result in an increase in solar PV within the installed capacity mix, and will expand ACCIONA Energía's international footprint, gaining further scale in core countries
Total Installed Capacity
Solid pipeline with a strong historical track record of conversion to installed capacity, and well progressed in terms of key land, interconnection and offtake rights
Notes: (1) Pipeline presented as the sum of the maximum MWs of each project according to permits, licenses, contracts, applications or other, not weighted by the estimate of the probability that the relevant project will be completed. Pipeline projects according to most recent ACCIONA Energía information, subject to change
High-quality and tangible pipeline comprised of c.19GW of U/C and secured, highly visible and advanced development pipeline and an additional c.28GW of opportunities identified beyond 2025
Notes: (1) Pipeline presented as the sum of the maximum MWs of each project according to permits, licenses, contracts, applications or other, not weighted by the estimate of the probability that the relevant project will be completed. Pipeline projects according to most recent ACCIONA Energía information, subject to change
ACCIONA Energía's 2025 20GW target installed capacity is fully covered by the U/C & secured and highly visible pipeline, with additional buffer from the advanced development pipeline
Onshore Wind Solar PV Hydrogen
Notes: (1) Capacity additions correspond to assets that have achieved full COD at year-end
CAPITAL MARKETS DAY 30 Our pipeline is focused on highly attractive markets with stable macroeconomic characteristics
Our hubs position us to capture growth opportunities around the world. Specifically, c.90% of our pipeline(1) is located in markets supported by strong fundamentals and hard currency contracts with high growth potential
Source: Bloomberg New Energy Finance, Strategic Environmental Study issued PNIEC (Estudio Ambiental Estrategico del PNIEC).
Notes: (1) Includes U/C & Secured Projects (3.0GW) and Highly Visible (6.3GW) pipeline projects only; (2) Refers to PPAs signed in those markets in general, not specific to ACCIONA Energía's PPAs
Benefitting from the scale of our wind fleet, we have developed a strong pipeline to build renewable platforms in our existing wind farms, adding solar PV (and storage when economically viable)
Estimated level of progress in key milestones
Real utility-scale Solar PV vs real hybrid PV in an
Source: Company information based on projects of similar timeline and scale
c.2.4 GW of PV hybridization projects in Spanish pipeline
(c.50% of ACCIONA Energía's total pipeline in Spain)
Positioned to capture future opportunities in attractive markets and new business models
ACCIONA Energía is actively evaluating related technologies to secure our leadership in the next wave of growth
ACCIONA Energía: continuously exploring new technologies to maintain our edge
INNOVATIVE TECHNOLOGIES – DEEP DIVES
Leveraging on its wind expertise, ACCIONA Energía plans to develop new capabilities in offshore wind through greenfield development in Iberia and partnerships with key offshore wind players
Offshore Wind
Offshore wind: research on Gravity Based Structure ("GBS")
CONSTRUCTION Construction with Kugira(1) | + transition piece + systems + WTG BYK-ON & TRANSPORT Connection BYK- GBS + towage INSTALLATION Water ballasting + tugs assistance TOUCHDOWN & BYK-OFF BYK additional ballasting + refloat by deballasting
At Port
Greenchain® deployment: our global tracking blockchain tool to trace the 100% renewable origin of energy stored
H2
Green hydrogen: MoU to negotiate launch of JV with Plug Power, a leading supplier of hydrogen electrolyzers, to develop an Iberian green hydrogen platform
Aiming to reach a 20% market share (JV share) of the Iberian green hydrogen business by 2030, which will entail an initially planned investment of over €2Bn for the JV
CAPITAL
ꓲ Unique positioning and capabilities derived from growing business model in a growing market
ꓲ Target of doubling our size
ꓲ Leverage 30+ years of activity
ꓲ Longest renewable energy experience in Spain with proven model that has outperformed over decades
of growth ꓲ Highly visible growth trajectory backed by solid pipeline, constantly fed by new opportunities
ꓲ Diversified growth strategy will expand international footprint and gain further scale in core countries
ꓲ Rigorous investment framework paired with agile organization and development process to maximize value creation
ꓲ Unique track record of delivering and accelerating growth in new markets
ꓲ Maintaining first mover advantage by exploring new technologies / business models
Joaquín Ancín Chief Engineering and Construction Officer
2
1
Oriented towards the maximization of future production
Ready to deliver on our accelerated capacity growth targets
Continued focus on high asset quality and performance ("assets for life")
Zero-accident target to ensure the well-being of all employees and subcontractors
Source: Company information
CAPITAL
objectives Our key objectives Scale and track record in Engineering, Procurement and Construction provides solid foundation and comfort in the delivery of our growth targets
| Outsourced |
ꓲ Leading project design, identifying the best solution for a given site ꓲ Centralized knowledge and best practices, developed c.500 projects |
The Engineering team has significant capabilities | in scaling up growth… | |||
|---|---|---|---|---|---|---|
| Engineering | over the last 26 years | 2017 | 2020 | Increase | ||
| In-house |
ꓲ Optimize time and resources, whilst ensuring safety and quality from design |
# of opportunities analysed |
347 | 739 | 2.1x | |
| Outsourced | ꓲ Excellent long-standing relationships with tier-1 manufacturers |
Consolidated capacity analyzed (GW) |
9.0 | 30.1 | 3.3x | |
| Procurement | | ꓲ Well-established procurement process and pre-qualification criteria ꓲ Privileged relationships with key manufacturers providing access to latest technology |
Projects delivered to Business Development team |
118 | 258 | 2.2x |
| In-house |
ꓲ Procurement focused on quality beyond cost reduction |
…whilst maintaining project discipline | ||||
| ꓲ Best-in-class asset quality |
||||||
| Outsourced |
ꓲ Typically outsourced to multiple parties – multi-contracting allows for of up to 20% vs. turnkey EPC solution cost optimization |
ꓲ Achieve operational excellence ꓲ Basis for perpetual life |
||||
| Construction | ꓲ Active management of contractors |
ꓲ Continuous LCOE improvement |
||||
| In-house |
ꓲ Over 30 initiatives to make management of projects under construction more efficient |
ꓲ Best balance between investment minimization and the maximization of production |
Source: Company information
43
Best practices achieved between Engineering, Procurement and Construction, Business Development and O&M areas, which are further supported by an efficient Supply Chain area to deliver on the next phase of growth in a competitive way
Notes: (1) Program targeting time reduction with more than 30 initiatives to make the management of projects under construction more agile and efficient
Targeting best balance between LCOE minimization and the maximization of production
Source: Company information
Notes: (1) Solar PV LCOE reductions achieved due to internal efficiencies (internalsolar PV) vs. also considering PV modules and main components(total solar PV) Onshore Wind LCOE reductions achieved due to internal efficiencies, only BOP (internal wind) vs. considering turbines and equipment (total wind)
Best-in-class projects deserve best-in-class equipment ensuring excellent basis for sustained quality over the life of the assets
Source: Company information Notes: (1) Master Supply Agreements
ACCIONA Energía's active and continuous project management has allowed for sustained discipline whilst increasing project competitiveness
Source: Company information
Notes: (1) BoP also includes civil works, medium voltage, assembly works, etc. In onshore wind 60% refers to labour costs and for solar PV 70%; (2) Considers project substation(s) and transmission lines until "delivery point"
1 2
Zero-accident target to ensure the well-being of all our people, including subcontractors
Juan Otazu Chief Operations Officer Santxo Laspalas Head of CECOER
Proven ability and track record to design, structure and manage a large number of projects simultaneously with scope for enhanced scale
Maximize production is key to profitability: ACCIONA Energía's renewable fleet average availability is higher compared to market standards allowing higher energy yields
Source: Company information
CAPITAL
Notes: (1) Wind turbine availability excluding substation availability and maintenance
MARKETS DAY 53 Unique O&M capabilities working under the highest standards whilst utilizing a number of levers to decrease and minimize costs 2
ACCIONA Energía has a centralized O&M platform with top quality standards and preventive maintenance practices and technologies that allows it to operate a best-in-class asset fleet while reducing costs
Maintenance expenses are all embedded within O&M costs
9.4
Budget
CAPITAL
O&M activities oriented towards securing long-term lifespan extension of our assets, boosting ACCIONA Energía's assets value ("Assets for life")
Historical availability ≥97% and optimized O&M costs, oriented towards securing long-term extension lifespan of our assets, boosting the Company's overall income
ꓲ Degradation of the modules is 4x lower vs. suppliers' specifications(1)
ꓲ By 2040, 85% of the hydro assets' concessions will still be in force
years
We continuously analyze opportunities to extend asset life cycle and maximize production
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Major correctives: Turbines w/o reblading
0%
ACCIONA Energía also executes recurring analyses to study the repowering of its renewable projects: we have identified 210MW projects with repowering potential in our portfolio
Source: Company information
CAPITAL
ACCIONA Energía carried out in 2019 the first repowering project in Spain, El Cabrito, to improve technical efficiency and increase energy yield
ꓲ 1st Spanish repowering maintaining the same total capacity (30MW) and increasing the output due to the more efficient wind turbine technology and higher availability:
ꓲ +8% under fully operational conditions (before technological obsolescence)
Possibility to expand capacity in the site
Environmental impact overcome
CECOER is one of the most advanced and largest renewables control centres in the world
Coordination with TSOs and DSOs
Maximization of grid integration and grid codes compliance
Coordination, quality control and access for maintenance works
Leadership and safety control in high voltage grid
O&M and monitoring of asset performance to maximize availability and profitability
Demand/supply monitoring and pricing strategies
Implementation, control and verification of operational and safety procedures
Asset integrity control, compliance with safety and environmental standards and implementation of emergency protocols
CECOER is strategic to maximize production, focused on innovation, digitalization and excellence in operations
ꓲ Solves in 3 minutes 30% of wind turbine stops ꓲ Monitors 75,000 operating conditions simultaneously ꓲ Monitors ongoing compliance with grid codes
ꓲ Allows the operator to manage up to 2,000 turbines at a time ꓲ +6,000 stops, previously local, solved remotely ꓲ Pre-diagnosis and statistical support in decision making
Operations' assistance
60% INCIDENTS SOLVED REMOTELY
personnel to access the relevant site
Avoids operations that would have required local
ꓲ Reduced number of calls per year (↓300,000(1)) ꓲ Tracks and secures the most relevant operations ꓲ Immediate report on the status of the fleet and operations
for the company and customers in 24 countries
Cutting-edge technology in big data, machine learning and artificial intelligence
c.97%ASSETS AVAILABILITY 24/365 surveillance
from 400+ facilities with a wide range of technologies
Source: Company information
Notes: (1) 300,000 reductions in phone calls per annum since 2018 (67% decrease from 450,000 annual phone calls before)
CECOER is one of the best examples of ACCIONA Energía's strong focus on innovation, but we also have a strong track record of pioneering in technological O&M solutions
Source: Company information
Drone inspection in biomass plant
Wind tower cleaning
Specific in-house programs to extend the life of our assets, redesigning components and their stresses through material science, big data, machine learning and artificial intelligence
Technology: Big data, machine learning and artificial intelligence
Identify unexpected operations and optimize production in solar PV plants
Detect anomalies in operation, prediction of remaining useful life, behavior analysis, with the goal of predictive maintenance
Useful life beyond 40 years and O&M program to extend life beyond 50 years
Optimization of energy yield from best-in-class availabilities and load factors 1 2
Predictive maintenance, digital strategy and focus on innovation while maintaining the highest standards
Securing long-term lifespan extensions for our assets: "Assets for life" model
ꓲ The ACT Safe program helps us control and continuously improve safety performance
Source: Company information
1
3
Santiago Gómez Chief EnergyManagement Officer Javier Montes Head of Commercial
Our in-house energy management capabilities and expertise allow us to capture the opportunities and address the challenges posed by evolving energy markets
The new energy world requires strong energy management capabilities
ACCIONA Energía is equipped with in-house capabilities and longstanding expertise…
ꓲ The electricity system is being challenged through more renewables, distributed generation and prosumers integration in wholesale energy markets
ꓲ Downstream exposure is becoming key, with customers/prosumers looking for one-stop shop offering integrated energy solutions
ꓲ Deep knowledge and understanding of energy markets, their pricing dynamics, offtake structures and regulatory frameworks
…allowing us to maximize revenue and minimize market risk
ACCIONA Energía's risk management process factors in all relevant asset-specific and market drivers and combines them to obtain an accurate risk assessment of our merchant exposure
ꓲ This metric estimates the potential negative deviations from a central scenario that is updated on a regular basis with certain level of confidence (usually 95%)
In our in-depth Sales at Risk analysis, ACCIONA Energía's geographical, products and technology portfolio diversification strategy leads up to a 50% risk mitigation
Source: Company information
Notes: (1) Illustrative SaR analysis, for a given year, as calculated in December of the previous year (as the year progresses, sales at risk decline)
The complementarity of the different technologies stabilizes the generation profile and allows to meet client's demands. In Spain, diversification by region allows for a more balanced and stable generation profile and reduces deviations penalties in wholesale market
Notes: installed capacity as of 2020 YE; (1) Refers to all the technologies excluding solar
Our extensive knowledge allows us to have a wide catalogue of energy products. Increased prices and scopes in carbon pricing generate upsides and facilitate route to clients satisfying their requirements
ꓲ Due to the 100% renewable origin of its generation, ACCIONA Energía is not a relevant CO2 emitter and its few emissions are offset
ꓲ Renewable certificates, offsets and emission reductions units are a highgrowth market: ACCIONA Energía is a net seller of these attributes
ꓲ The company will be positively affected by increasing prices in carbon markets like EU-ETS
Medium- and long-term EUA price projections, annual averages(1)
Source: BloombergNEF
Notes: (1) Assumes an EU ETS reduction target of 63% by 2030. ERT = Emissions reduction target. NR = no one-time rebasing of the cap. MSR = Market Stability Reserve. LT = injection threshold lowered to 600Mt from the current 833Mt
For the small proportion of open positions in wholesale markets, an optimal hedged volume is defined yearly depending on the market situation
Spanish portfolio – Hedged volumes 2021 (as of March 31st, 2021)
Source: Company information
Wide variety of long-term offtake solutions, creating value to the buyers through solutions tailor-made to the needs of every customer and adjusting terms and conditions by market and regulation
Renewable project developed, in the clients' property and the energy will be directly "self-consumed". Any energy surplus not internally consumed will be fed into the grid
Supply renewable energy to the customers' consumption points located in the same wholesale electricity market, through ACCIONA Energía's retailing company
The renewable energy project and the energy user do not need to be in the same wholesale electricity market. The renewable project can "virtually" provide energy to multiple sites which makes it an ideal solution for customers with many load points
The retailing structures in countries such as the US, Chile and Mexico allow to remove geographical restrictions derived from a nodal market which provides access to a wide number and variety of clients
Strategic structure where our retailer company buys from our project the energy and associated renewable attributes which are required by the PPAs
Retailer PPAs provide an indirect hedge to the generation portfolio through margin
ꓲ Internal PPA: as generated – at the project node
ꓲ Project revenues: merchant sales + margin (revenue sharing)
ꓲ PPA price based on consumption costs, not linked to generation. As consumed – at the client node
Pioneer in signing the first renewable PPA in the world in Mexico in 2006. Since then, the Company has capitalized on the soaring appetite of corporations by securing long-term contracts in an increasing number of countries: Spain, Chile, Mexico, US, Australia, and in 2021, Poland and Portugal
Corporate PPAs – Accumulated contracted volume (GWh)
ꓲ 560GWh new PPAs signed in 2021 (YTD)
ꓲ 7 PPAs awarded in Chile, Mexico and Portugal, for an aggregate of 326GWh/year – commercial terms agreed, contracts under negotiation
Our differentiated PPA structuring capabilities, the wide variety of long-term offtake solutions we can offer and our track record and expertise in different geographies make us the go-to supplier for clients who are committed to sustainability
Thanks to energy management capabilities and cost advantages
Pioneer and worldwide leader in renewables PPAs
Increased efforts to further develop the portfolio of B2B customers to support upstream position and to add value to them through an ecosystem of products and services as a first step to go into PPAs
Business origination doesn't come from upstream alone any more: joint strategy between energy management and generation
Spain's largest 100% renewable electricity supplier according to the CNMC, the company is currently deploying an expansion plan to provide an alternative hedging instrument to the generation portfolio, in order to grow the supply business +7TWh by 2030
Where we are today
IBERIA B2B ACCIONA Energía's retailing business plan
Supply points in the new SMEs(1) segment
ꓲ New target: SME(1) segment
With our strategy to focus in large C&I clients and SMEs, ACCIONA Energía addressable market represents 60% of Spain's total current electricity consumption
Source: Company information; CNMC
Note: (1) Small and medium-sized enterprises, defined as companies consuming less than 1GWh/year in 3.0 and 3.1 tariffs
Growth based on our ability to sell in a less crowded market and access larger projects
Source: Company information
Notes: (1) PJM Interconnection LLC and Southern Power Pool, Inc. (2) CleanCo Queensland: government-owned electricity generation company
!
ꓲ Sophisticated risk management set up leveraging a diversified portfolio of assets, contracts and energy products, trading capabilities, a systematic approach to hedging and differentiated commercialization strategies
ꓲ Ability to offer a wide variety of long-term offtake solutions, resulting in ACCIONA Energía ranking as 4th developer worldwide by volume of contracted PPAs in 2020
ꓲ Spain's largest 100% renewable energy supplier, targeting both C&I and SME customers with potential for cross-selling opportunities ꓲ Integration with B2B customers to support upstream business origination
Arantza Ezpeleta Chief Financial & Sustainability Officer Raimundo Fernández-Cuesta Head of Finance and Investor Relations
2
4
€
3
1
Solid financial results with highly visible cashflows driven by a large and contracted generation fleet
€MM
We have delivered attractive returns on investment deployed. When looking at the assets developed since 2016, the Pre-Tax ROCE1 is in the 10% region (despite negative one-offs), resulting in a significant and sustained value creation
When looking at the assets developed since 20164, we posted a Pre-Tax ROCE1 of c.10% despite negative oneoffs (Chilean project curtailment in 2018, 2019)
The average Pre-Tax ROCE1 achieved by ACCIONA Energía in years 2019 and 2020 was c. 10.7%
Notes: (1) ROCE defined as Portfolio EBITDA / Gross Capital Employed, excluding when applicable capital invested to take into account assets not generating EBITDA totally or partially over a year; (2) Refers to Gross Capital Employed only from assets developed since 2016; (3) EBITDA only from assets developed since 2016, includes associated maintenance costs; (4) The analysis is performed on assets that have started generating EBITDA since 2016 and were in operation for at least 12 months in each relevant year, however, only showing 3 years of returns as projects only have 12 months of operations since 2018 Source: Company information.
Our attractive project pipeline balances risk with higher diversification while maintaining the contracted revenue base
Maintain high degree of contractedness… …and diversification… …in hard currencies
Capacity increase to drive strong EBITDA and earnings growth
GW
Note: Capacity additions consist of installed and built capacity each year, and do not necessarily match COD figures
Economies of scale drive down costs
CAPITAL
Investment plan only entails growth investments, does not depend on a farm-down strategy, and fully underwrites the targeted capacity additions to 2025
%
%
Planned Investments 2021-2025E by geography Expected Investment costs 2021-25E
Disciplined investment approval process to maximize value creation, targeting attractive returns worldwide
Growth plan funded by diverse sources of funding
€MM
Financially independent from ACCIONA, S.A. No cross-guarantees or cross-defaults
Initial capital structure designed for investment grade profile to support delivery of long-term growth plans
Financing model aligned with low-risk profile of ACCIONA Energía's overall business model/asset base
Financial Targets
Notes: (1) Assuming base rates remain the same
€MM, pro forma as of 31 December 2020
Notes: (1) Debentures and other negotiable securities and loans and borrowings (2) Financial liabilities with Group Companies and affiliates in the FY2020 Accounts (3) Sum of cash & cash equivalents and other current financial assets in the FY2020 accounts
€MM, project debt amortisation profile as of 31 December 2020
Project debt
EUR USD Other Currencies
Note: (1) Tentative terms based on commercial offers received (2) EU Taxonomy aligned capex
Tangible growth in our renewable energy portfolio expected to produce an attractive total shareholder return
Notes: (1) The company has a dividend policy that reflects its strong existing asset base but prioritizes growth commitments and maintaining an investment grade profile, starting at the low end of the dividend payout range; (2) OPEX figures shown do not include overhead costs and 7% Spanish generation tax
Investment grade capital structure
3
4
Attractive and sustainable shareholder returns
| Geography / Technology | Total Installed Capacity (MW/MWp) |
% Weight | Total Expected Output (1) (MWh) |
% Weight |
|---|---|---|---|---|
| Spain | 5,677.0 | 53.1% | 13,062.7 | 44.1% |
| Wind | 4,738.4 | 44.3% | 10,533.4 | 35.6% |
| Solar PV | 4.4 | 0.0% | 5.3 | 0.0% |
| Hydro | 873.0 | 8.2% | 2,088.7 | 7.1% |
| Others | 61.2 | 0.6% | 435.3 | 1.5% |
| Rest of Europe | 575.9 | 5.4% | 1,114.6 | 3.8% |
| Wind | 430.5 | 4.0% | 906.8 | 3.1% |
| Solar PV | 145.4 | 1.4% | 207.8 | 0.7% |
| Americas | 3,406.6 | 31.9% | 12,106.9 | 40.9% |
| Wind | 2,536.8 | 23.7% | 9,554.7 | 32.3% |
| Solar PV | 805.9 | 7.5% | 2,428.6 | 8.2% |
| Others | 64.0 | 0.6% | 123.6 | 0.4% |
| Geography / Technology | Total Installed Capacity (MW/MWp) |
% Weight | Total Expected Output (MWh) |
% Weight |
|---|---|---|---|---|
| Australia | 452.5 | 4.2% | 1,801.9 | 6.1% |
| Wind | 452.5 | 4.2% | 1,801.9 | 6.1% |
| Rest of World | 582.1 | 5.4% | 1,501.5 | 5.1% |
| Wind | 301.8 | 2.8% | 857.8 | 2.9% |
| Solar PV | 280.3 | 2.6% | 643.7 | 2.2% |
| TOTAL CAPACITY - WIND | 8,460.0 | 79.1% | 23,654.5 | 79.9% |
| TOTAL CAPACITY - SOLAR PV | 1,236.0 | 11.6% | 3,285.5 | 11.1% |
| TOTAL CAPACITY - HYDRO | 873.0 | 8.2% | 2,088.7 | 7.1% |
| TOTAL CAPACITY - OTHERS | 125.2 | 1.2% | 558.9 | 1.9% |
| TOTAL CAPACITY | 10,694.2 | 100.0% | 29,587.6 | 100.0% |
| Spain |
|---|
| Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | Spanish Regulation | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | COD | AE Stake | Consol. | Net | Total | Consol. | Net | Total | Consol. | Net | scheme | IT code | Final year |
| El Perdón | Wind | 1994 | 100% | 100% | 100% | 20.0 | 20.0 | 20.0 | 67.4 | 67.4 | 67.4 | Merchant | IT-00644 | n.a. |
| (2) El Cabrito |
Wind | 1995 | 100% | 100% | 100% | 0.0 | 0.0 | 0.0 | 113.7 | 113.7 | 113.7 | Merchant | n.a. | n.a. |
| Aritz | Wind | 1996 | 100% | 100% | 100% | 19.2 | 19.2 | 19.2 | 38.6 | 38.6 | 38.6 | Merchant | IT-00646 | n.a. |
| San Martin de Unx | Wind | 1996 | 100% | 100% | 100% | 24.6 | 24.6 | 24.6 | 58.5 | 58.5 | 58.5 | Merchant | IT-00646 | n.a. |
| Barbanza | Wind | 1997 | 13% | 0% | 13% | 29.0 | 0.0 | 3.6 | 64.8 | 0.0 | 8.1 | Merchant | IT-00647 | n.a. |
| Leoz | Wind | 1997 | 100% | 100% | 100% | 24.6 | 24.6 | 24.6 | 67.7 | 67.7 | 67.7 | Merchant | IT-00647 | n.a. |
| Lerga | Wind | 1997 | 100% | 100% | 100% | 19.8 | 19.8 | 19.8 | 43.9 | 43.9 | 43.9 | Merchant | IT-00647 | n.a. |
| Bustelo | Wind | 1998 | 100% | 100% | 100% | 24.7 | 24.7 | 24.7 | 60.4 | 60.4 | 60.4 | Merchant | IT-00648 | n.a. |
| Izco | Wind | 1998 | 100% | 100% | 100% | 33.0 | 33.0 | 33.0 | 104.8 | 104.8 | 104.8 | Merchant | IT-00648 | n.a. |
| Vicedo | Wind | 1998 | 50% | 0% | 50% | 24.6 | 0.0 | 12.3 | 55.3 | 0.0 | 27.7 | Merchant | IT-00648 | n.a. |
| A Ruña | Wind | 1999 | 50% | 0% | 50% | 24.6 | 0.0 | 12.3 | 72.6 | 0.0 | 36.3 | Merchant | IT-00649 | n.a. |
| Aibar | Wind | 1999 | 100% | 100% | 100% | 16.5 | 16.5 | 16.5 | 40.4 | 40.4 | 40.4 | Merchant | IT-00649 | n.a. |
| Alaiz | Wind | 1999 | 100% | 100% | 100% | 26.4 | 26.4 | 26.4 | 84.1 | 84.1 | 84.1 | Merchant | IT-00649 | n.a. |
| Cuadramón | Wind | 1999 | 100% | 100% | 100% | 18.8 | 18.8 | 18.8 | 47.9 | 47.9 | 47.9 | Merchant | IT-00649 | n.a. |
| Echagüe | Wind | 1999 | 100% | 100% | 100% | 23.1 | 23.1 | 23.1 | 61.8 | 61.8 | 61.8 | Merchant | IT-00649 | n.a. |
| Lerga 2 | Wind | 1999 | 100% | 100% | 100% | 5.3 | 5.3 | 5.3 | 11.7 | 11.7 | 11.7 | Merchant | IT-00649 | n.a. |
| Nordés | Wind | 1999 | 100% | 100% | 100% | 20.3 | 20.3 | 20.3 | 43.4 | 43.4 | 43.4 | Merchant | IT-00649 | n.a. |
| Peña Blanca | Wind | 1999 | 100% | 100% | 100% | 14.5 | 14.5 | 14.5 | 38.8 | 38.8 | 38.8 | Merchant | IT-00649 | n.a. |
| Salajones | Wind | 1999 | 100% | 100% | 100% | 19.1 | 19.1 | 19.1 | 54.7 | 54.7 | 54.7 | Merchant | IT-00649 | n.a. |
| San Esteban | Wind | 1999 | 50% | 0% | 50% | 24.4 | 0.0 | 12.2 | 62.9 | 0.0 | 31.4 | Merchant | IT-00649 | n.a. |
| San Xoan | Wind | 1999 | 100% | 100% | 100% | 15.8 | 15.8 | 15.8 | 31.7 | 31.7 | 31.7 | Merchant | IT-00649 | n.a. |
| Soán | Wind | 1999 | 100% | 100% | 100% | 19.5 | 19.5 | 19.5 | 59.0 | 59.0 | 59.0 | Merchant | IT-00649 | n.a. |
| Virxe do Monte | Wind | 1999 | 50% | 0% | 50% | 19.2 | 0.0 | 9.6 | 49.5 | 0.0 | 24.7 | Merchant | IT-00649 | n.a. |
| El Canto + Ampliación | Wind | 2000 | 100% | 100% | 100% | 15.2 | 15.2 | 15.2 | 29.5 | 29.5 | 29.5 | Merchant | IT-00650 | n.a. |
| El Pulpal | Wind | 2000 | 100% | 100% | 100% | 17.3 | 17.3 | 17.3 | 41.9 | 41.9 | 41.9 | Merchant | IT-00650 | n.a. |
| Los Llanos + Ampliación | Wind | 2000 | 25% | 0% | 25% | 19.8 | 0.0 | 5.0 | 49.9 | 0.0 | 12.5 | Merchant | IT-00650 | n.a. |
| Mazorras (Peña Alta + La Torada + Ampliaciones) 3 | Wind | 2000 | 100% | 100% | 100% | 9.2 | 9.2 | 9.2 | 19.7 | 19.7 | 19.7 | Merchant | IT-00650 | n.a. |
| Sierra Selva | Wind | 2000 | 100% | 100% | 100% | 33.0 | 33.0 | 33.0 | 93.3 | 93.3 | 93.3 | Merchant | IT-00650 | n.a. |
| Villanueva | Wind | 2000 | 67% | 100% | 67% | 19.8 | 19.8 | 13.2 | 49.1 | 49.1 | 32.8 | Merchant | IT-00650 | n.a. |
| A Carba | Wind | 2001 | 100% | 100% | 100% | 19.5 | 19.5 | 19.5 | 45.5 | 45.5 | 45.5 | Merchant | IT-00651 | n.a. |
| Adraño | Wind | 2001 | 50% | 0% | 50% | 21.6 | 0.0 | 10.8 | 61.5 | 0.0 | 30.7 | Merchant | IT-00651 | n.a. |
| Alaiz 2 y 3 | Wind | 2001 | 100% | 100% | 100% | 5.9 | 5.9 | 5.9 | 18.9 | 18.9 | 18.9 | Merchant | IT-00651 | n.a. |
Notes: (1) Expected Output represents output for the entire installation (2) Repowering of El Cabrito in 2019 (please see case study on pg 57 of the main presentation) as well as the entry for El Cabrito (repowered) with COD in 2018
| Spain |
|---|
| Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | Spanish Regulation | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | COD | AE Stake | Consol. | Net | Total | Consol. | Net | Total | Consol. | Net | scheme | IT code | Final year |
| El Aguallal + Ampliación | Wind | 2001 | 100% | 100% | 100% | 11.9 | 11.9 | 11.9 | 19.9 | 19.9 | 19.9 | Merchant | IT-00651 | n.a. |
| El Cerro + Ampliación | Wind | 2001 | 100% | 100% | 100% | 19.8 | 19.8 | 19.8 | 41.9 | 41.9 | 41.9 | Merchant | IT-00651 | n.a. |
| El Pical | Wind | 2001 | 100% | 100% | 100% | 19.8 | 19.8 | 19.8 | 46.1 | 46.1 | 46.1 | Merchant | IT-00651 | n.a. |
| La Gamoneda + Ampliación | Wind | 2001 | 100% | 100% | 100% | 19.8 | 19.8 | 19.8 | 40.4 | 40.4 | 40.4 | Merchant | IT-00651 | n.a. |
| Lomba | Wind | 2001 | 100% | 100% | 100% | 22.5 | 22.5 | 22.5 | 57.5 | 57.5 | 57.5 | Merchant | IT-00651 | n.a. |
| Mazorras (Peña Alta + La Torada + Ampliaciones) | Wind | 2001 | 100% | 100% | 100% | 19.2 | 19.2 | 19.2 | 40.9 | 40.9 | 40.9 | Merchant | IT-00651 | n.a. |
| Refachón | Wind | 2001 | 100% | 100% | 100% | 21.0 | 21.0 | 21.0 | 55.8 | 55.8 | 55.8 | Merchant | IT-00651 | n.a. |
| San Ciprian | Wind | 2001 | 100% | 100% | 100% | 17.9 | 17.9 | 17.9 | 27.8 | 27.8 | 27.8 | Merchant | IT-00651 | n.a. |
| Sistral | Wind | 2001 | 100% | 100% | 100% | 8.5 | 8.5 | 8.5 | 17.0 | 17.0 | 17.0 | Merchant | IT-00651 | n.a. |
| Sos del Rey Católico | Wind | 2001 | 100% | 100% | 100% | 18.7 | 18.7 | 18.7 | 54.0 | 54.0 | 54.0 | Merchant | IT-00651 | n.a. |
| Ventoada | Wind | 2001 | 100% | 100% | 100% | 11.3 | 11.3 | 11.3 | 31.5 | 31.5 | 31.5 | Merchant | IT-00651 | n.a. |
| Vilalba | Wind | 2001 | 100% | 100% | 100% | 24.7 | 24.7 | 24.7 | 64.0 | 64.0 | 64.0 | Merchant | IT-00651 | n.a. |
| Aibar2 | Wind | 2002 | 100% | 100% | 100% | 17.3 | 17.3 | 17.3 | 42.4 | 42.4 | 42.4 | Merchant | IT-00652 | n.a. |
| Aitzkibel | Wind | 2002 | 100% | 100% | 100% | 11.2 | 11.2 | 11.2 | 41.3 | 41.3 | 41.3 | Merchant | IT-00652 | n.a. |
| Ameixenda y Filgueira | Wind | 2002 | 50% | 0% | 50% | 34.8 | 0.0 | 17.4 | 91.6 | 0.0 | 45.8 | Merchant | IT-00652 | n.a. |
| Bobia - San Isidro (BSI) | Wind | 2002 | 50% | 0% | 50% | 49.3 | 0.0 | 24.7 | 114.1 | 0.0 | 57.0 | Merchant | IT-00652 | n.a. |
| Caxado | Wind | 2002 | 100% | 100% | 100% | 24.4 | 24.4 | 24.4 | 56.6 | 56.6 | 56.6 | Merchant | IT-00652 | n.a. |
| Currás | Wind | 2002 | 50% | 0% | 50% | 7.8 | 0.0 | 3.9 | 25.1 | 0.0 | 12.6 | Merchant | IT-00652 | n.a. |
| Deva | Wind | 2002 | 50% | 0% | 50% | 39.6 | 0.0 | 19.8 | 90.5 | 0.0 | 45.2 | Merchant | IT-00652 | n.a. |
| El Aguallal + Ampliación2 | Wind | 2002 | 100% | 100% | 100% | 25.0 | 25.0 | 25.0 | 41.8 | 41.8 | 41.8 | Merchant | IT-00652 | n.a. |
| El Canto + Ampliación 2 | Wind | 2002 | 100% | 100% | 100% | 5.1 | 5.1 | 5.1 | 9.9 | 9.9 | 9.9 | Merchant | IT-00652 | n.a. |
| El Cerro + Ampliación 2 | Wind | 2002 | 100% | 100% | 100% | 10.2 | 10.2 | 10.2 | 21.6 | 21.6 | 21.6 | Merchant | IT-00652 | n.a. |
| Ibargoiti | Wind | 2002 | 100% | 100% | 100% | 28.1 | 28.1 | 28.1 | 84.6 | 84.6 | 84.6 | Merchant | IT-00652 | n.a. |
| La Gamoneda + Ampliación 2 | Wind | 2002 | 100% | 100% | 100% | 29.8 | 29.8 | 29.8 | 60.8 | 60.8 | 60.8 | Merchant | IT-00652 | n.a. |
| Los Llanos + Ampliación 2 | Wind | 2002 | 25% | 0% | 25% | 13.6 | 0.0 | 3.4 | 34.2 | 0.0 | 8.6 | Merchant | IT-00652 | n.a. |
| Peña Blanca II | Wind | 2002 | 100% | 100% | 100% | 36.5 | 36.5 | 36.5 | 95.9 | 95.9 | 95.9 | Merchant | IT-00652 | n.a. |
| Pena Loba | Wind | 2002 | 100% | 100% | 100% | 24.4 | 24.4 | 24.4 | 56.7 | 56.7 | 56.7 | Merchant | IT-00652 | n.a. |
| Ampl. de Soán | Wind | 2003 | 100% | 100% | 100% | 9.0 | 9.0 | 9.0 | 23.1 | 23.1 | 23.1 | Merchant | IT-00653 | n.a. |
| Caluengo | Wind | 2003 | 50% | 0% | 50% | 49.5 | 0.0 | 24.8 | 108.9 | 0.0 | 54.5 | Regulated | IT-00653 | 2023 |
| Cinseiro | Wind | 2003 | 50% | 0% | 50% | 12.0 | 0.0 | 6.0 | 28.5 | 0.0 | 14.3 | Merchant | IT-00653 | n.a. |
| Cueva Dorada | Wind | 2003 | 50% | 100% | 50% | 19.6 | 19.6 | 9.8 | 33.4 | 33.4 | 16.7 | Merchant | IT-00653 | n.a. |
| El Granado | Wind | 2003 | 100% | 100% | 100% | 14.5 | 14.5 | 14.5 | 24.0 | 24.0 | 24.0 | Merchant | IT-00653 | n.a. |
| Spain | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | Spanish Regulation | ||||||||||
| Asset Name | Technology | COD | AE Stake | Consol. | Net | Total | Consol. | Net | Total | Consol. | Net | scheme | IT code | Final year |
| Labrada | Wind | 2003 | 100% | 100% | 100% | 18.8 | 18.8 | 18.8 | 28.9 | 28.9 | 28.9 | Merchant | IT-00653 | n.a. |
| Leste | Wind | 2003 | 100% | 100% | 100% | 14.3 | 14.3 | 14.3 | 28.9 | 28.9 | 28.9 | Merchant | IT-00653 | n.a. |
| Los Sillones | Wind | 2003 | 50% | 100% | 50% | 16.2 | 16.2 | 8.1 | 31.9 | 31.9 | 15.9 | Merchant | IT-00653 | n.a. |
| Mareiro | Wind | 2003 | 100% | 100% | 100% | 15.0 | 15.0 | 15.0 | 31.9 | 31.9 | 31.9 | Merchant | IT-00653 | n.a. |
| Pedra Chantada | Wind | 2003 | 100% | 100% | 100% | 21.8 | 21.8 | 21.8 | 60.8 | 60.8 | 60.8 | Merchant | IT-00653 | n.a. |
| Pena Grande | Wind | 2003 | 100% | 100% | 100% | 17.2 | 17.2 | 17.2 | 40.1 | 40.1 | 40.1 | Merchant | IT-00653 | n.a. |
| Pena Luisa | Wind | 2003 | 100% | 100% | 100% | 21.8 | 21.8 | 21.8 | 45.2 | 45.2 | 45.2 | Merchant | IT-00653 | n.a. |
| Silán | Wind | 2003 | 100% | 100% | 100% | 13.2 | 13.2 | 13.2 | 30.8 | 30.8 | 30.8 | Merchant | IT-00653 | n.a. |
| Tea | Wind | 2003 | 50% | 0% | 50% | 48.1 | 0.0 | 24.1 | 114.0 | 0.0 | 57.0 | Merchant | IT-00653 | n.a. |
| Ventoada 2 | Wind | 2003 | 100% | 100% | 100% | 3.0 | 3.0 | 3.0 | 8.4 | 8.4 | 8.4 | Merchant | IT-00653 | n.a. |
| Alhambra + Ampliación | Wind | 2004 | 100% | 100% | 100% | 34.0 | 34.0 | 34.0 | 68.0 | 68.0 | 68.0 | Regulated | IT-00654 | 2024 |
| Ampl. de Soán 2, 3 y 4 | Wind | 2004 | 100% | 100% | 100% | 12.8 | 12.8 | 12.8 | 32.7 | 32.7 | 32.7 | Regulated | IT-00654 | 2024 |
| Carballeira | Wind | 2004 | 100% | 100% | 100% | 24.4 | 24.4 | 24.4 | 46.7 | 46.7 | 46.7 | Regulated | IT-00654 | 2024 |
| Cristo Bailones | Wind | 2004 | 100% | 100% | 100% | 42.0 | 42.0 | 42.0 | 81.1 | 81.1 | 81.1 | Regulated | IT-00654 | 2024 |
| El Ruedo | Wind | 2004 | 100% | 100% | 100% | 14.4 | 14.4 | 14.4 | 26.3 | 26.3 | 26.3 | Regulated | IT-00654 | 2024 |
| Fonsagrada | Wind | 2004 | 100% | 100% | 100% | 45.5 | 45.5 | 45.5 | 78.2 | 78.2 | 78.2 | Regulated | IT-00654 | 2024 |
| La Manga | Wind | 2004 | 100% | 100% | 100% | 11.8 | 11.8 | 11.8 | 20.0 | 20.0 | 20.0 | Regulated | IT-00654 | 2024 |
| Piedras del Alto | Wind | 2004 | 100% | 100% | 100% | 34.0 | 34.0 | 34.0 | 60.4 | 60.4 | 60.4 | Regulated | IT-00654 | 2004 |
| Punago | Wind | 2004 | 100% | 100% | 100% | 30.4 | 30.4 | 30.4 | 69.7 | 69.7 | 69.7 | Regulated | IT-00654 | 2024 |
| Río Almodóvar | Wind | 2004 | 100% | 100% | 100% | 12.8 | 12.8 | 12.8 | 22.1 | 22.1 | 22.1 | Regulated | IT-00654 | 2024 |
| San Esteban II | Wind | 2004 | 50% | 0% | 50% | 11.1 | 0.0 | 5.5 | 28.8 | 0.0 | 14.4 | Regulated | IT-00654 | 2024 |
| Uzkita | Wind | 2004 | 50% | 0% | 50% | 24.7 | 0.0 | 12.3 | 57.9 | 0.0 | 29.0 | Regulated | IT-00654 | 2024 |
| Ventoada 3 | Wind | 2004 | 100% | 100% | 100% | 6.8 | 6.8 | 6.8 | 18.9 | 18.9 | 18.9 | Regulated | IT-00654 | 2024 |
| Aguilar | Wind | 2005 | 100% | 100% | 100% | 50.0 | 50.0 | 50.0 | 92.6 | 92.6 | 92.6 | Regulated | IT-00655 | 2025 |
| Alijar | Wind | 2005 | 100% | 100% | 100% | 24.0 | 24.0 | 24.0 | 39.7 | 39.7 | 39.7 | Regulated | IT-00655 | 2025 |
| Azuelo | Wind | 2005 | 100% | 100% | 100% | 43.2 | 43.2 | 43.2 | 96.9 | 96.9 | 96.9 | Regulated | IT-00655 | 2025 |
| Codes 2ª fase | Wind | 2005 | 100% | 100% | 100% | 33.0 | 33.0 | 33.0 | 72.8 | 72.8 | 72.8 | Regulated | IT-00655 | 2025 |
| Cortijo de Iruelas | Wind | 2005 | 100% | 100% | 100% | 13.6 | 13.6 | 13.6 | 28.7 | 28.7 | 28.7 | Regulated | IT-00655 | 2025 |
| El Gallego | Wind | 2005 | 100% | 100% | 100% | 24.0 | 24.0 | 24.0 | 44.0 | 44.0 | 44.0 | Regulated | IT-00655 | 2025 |
| El Ruedo 2 | Wind | 2005 | 100% | 100% | 100% | 1.6 | 1.6 | 1.6 | 2.9 | 2.9 | 2.9 | Regulated | IT-00655 | 2025 |
| Gamoide | Wind | 2005 | 50% | 0% | 50% | 15.6 | 0.0 | 7.8 | 32.5 | 0.0 | 16.3 | Regulated | IT-00655 | 2025 |
La Manga 2 Wind 2005 100% 100% 100% 0.8 0.8 0.8 1.4 1.4 1.4 Regulated IT-00655 2025
| Spain |
|---|
| Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | Spanish Regulation | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | COD | AE Stake | Consol. | Net | Total | Consol. | Net | Total | Consol. | Net | scheme | IT code | Final year |
| Moncayuelo | Wind | 2005 | 100% | 100% | 100% | 48.0 | 48.0 | 48.0 | 145.2 | 145.2 | 145.2 | Regulated | IT-00655 | 2025 |
| Montemayor | Wind | 2005 | 100% | 100% | 100% | 12.8 | 12.8 | 12.8 | 25.3 | 25.3 | 25.3 | Regulated | IT-00655 | 2025 |
| Montemayor Norte | Wind | 2005 | 100% | 100% | 100% | 21.0 | 21.0 | 21.0 | 47.1 | 47.1 | 47.1 | Regulated | IT-00655 | 2025 |
| Puerto de Bilbao | Wind | 2005 | 100% | 100% | 100% | 10.0 | 10.0 | 10.0 | 15.8 | 15.8 | 15.8 | Regulated | IT-00655 | 2025 |
| Rubió | Wind | 2005 | 100% | 100% | 100% | 49.5 | 49.5 | 49.5 | 86.7 | 86.7 | 86.7 | Regulated | IT-00655 | 2025 |
| Terral | Wind | 2005 | 100% | 100% | 100% | 27.0 | 27.0 | 27.0 | 48.4 | 48.4 | 48.4 | Regulated | IT-00655 | 2025 |
| Txutxu | Wind | 2005 | 100% | 100% | 100% | 17.4 | 17.4 | 17.4 | 33.9 | 33.9 | 33.9 | Regulated | IT-00655 | 2025 |
| Vedadillo | Wind | 2005 | 100% | 100% | 100% | 49.5 | 49.5 | 49.5 | 128.7 | 128.7 | 128.7 | Regulated | IT-00655 | 2025 |
| Ventoada 4 | Wind | 2005 | 100% | 100% | 100% | 1.5 | 1.5 | 1.5 | 4.2 | 4.2 | 4.2 | Regulated | IT-00655 | 2025 |
| Aibar3 | Wind | 2006 | 100% | 100% | 100% | 3.0 | 3.0 | 3.0 | 7.3 | 7.3 | 7.3 | Regulated | IT-00656 | 2026 |
| Arriello | Wind | 2006 | 50% | 0% | 50% | 49.5 | 0.0 | 24.8 | 116.7 | 0.0 | 58.4 | Regulated | IT-00656 | 2026 |
| Breña | Wind | 2006 | 100% | 100% | 100% | 36.0 | 36.0 | 36.0 | 88.3 | 88.3 | 88.3 | Regulated | IT-00656 | 2026 |
| Buio | Wind | 2006 | 50% | 0% | 50% | 40.3 | 0.0 | 20.2 | 87.5 | 0.0 | 43.8 | Regulated | IT-00656 | 2026 |
| Escepar | Wind | 2006 | 100% | 100% | 100% | 30.0 | 30.0 | 30.0 | 49.0 | 49.0 | 49.0 | Regulated | IT-00656 | 2026 |
| Folch | Wind | 2006 | 50% | 0% | 50% | 49.5 | 0.0 | 24.8 | 122.9 | 0.0 | 61.5 | Regulated | IT-00656 | 2026 |
| Folch 2 | Wind | 2006 | 50% | 0% | 50% | 15.0 | 0.0 | 7.5 | 37.2 | 0.0 | 18.6 | Regulated | IT-00656 | 2026 |
| Fonteavia | Wind | 2006 | 50% | 0% | 50% | 6.5 | 0.0 | 3.3 | 15.8 | 0.0 | 7.9 | Regulated | IT-00656 | 2026 |
| Gamoide 2 | Wind | 2006 | 50% | 0% | 50% | 16.9 | 0.0 | 8.5 | 35.2 | 0.0 | 17.6 | Regulated | IT-00656 | 2026 |
| Las Hoyuelas | Wind | 2006 | 100% | 100% | 100% | 32.0 | 32.0 | 32.0 | 54.9 | 54.9 | 54.9 | Regulated | IT-00656 | 2026 |
| Loma Almendarache | Wind | 2006 | 100% | 100% | 100% | 12.0 | 12.0 | 12.0 | 20.2 | 20.2 | 20.2 | Regulated | IT-00656 | 2026 |
| Majales | Wind | 2006 | 100% | 100% | 100% | 31.5 | 31.5 | 31.5 | 65.2 | 65.2 | 65.2 | Regulated | IT-00656 | 2026 |
| Manzanera | Wind | 2006 | 50% | 0% | 50% | 25.5 | 0.0 | 12.8 | 54.5 | 0.0 | 27.3 | Regulated | IT-00656 | 2026 |
| Refoyas | Wind | 2006 | 50% | 0% | 50% | 49.5 | 0.0 | 24.8 | 117.5 | 0.0 | 58.8 | Regulated | IT-00656 | 2026 |
| Rioboo | Wind | 2006 | 50% | 0% | 50% | 20.8 | 0.0 | 10.4 | 50.4 | 0.0 | 25.2 | Regulated | IT-00656 | 2026 |
| San Esteban II 2 | Wind | 2006 | 50% | 0% | 50% | 16.0 | 0.0 | 8.0 | 41.7 | 0.0 | 20.9 | Regulated | IT-00656 | 2026 |
| Todolella | Wind | 2006 | 50% | 0% | 50% | 40.5 | 0.0 | 20.3 | 91.2 | 0.0 | 45.6 | Regulated | IT-00656 | 2026 |
| Torre Miró 1 | Wind | 2006 | 50% | 0% | 50% | 49.5 | 0.0 | 24.8 | 126.5 | 0.0 | 63.2 | Regulated | IT-00656 | 2026 |
| Torre Miró 2 | Wind | 2006 | 50% | 0% | 50% | 49.5 | 0.0 | 24.8 | 117.7 | 0.0 | 58.9 | Regulated | IT-00656 | 2026 |
| Tortosa | Wind | 2006 | 100% | 100% | 100% | 29.9 | 29.9 | 29.9 | 58.0 | 58.0 | 58.0 | Regulated | IT-00656 | 2026 |
| Torviscal | Wind | 2006 | 100% | 100% | 100% | 24.0 | 24.0 | 24.0 | 50.9 | 50.9 | 50.9 | Regulated | IT-00656 | 2026 |
| Valpardo | Wind | 2006 | 100% | 100% | 100% | 21.3 | 21.3 | 21.3 | 45.5 | 45.5 | 45.5 | Regulated | IT-00656 | 2026 |
| Alto de Abara | Wind | 2007 | 50% | 0% | 50% | 6.0 | 0.0 | 3.0 | 13.6 | 0.0 | 6.8 | Regulated | IT-00657 | 2027 |
| Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | Spanish Regulation | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | COD | AE Stake | Consol. | Net | Total | Consol. | Net | Total | Consol. | Net | scheme | IT code | Final year |
| Alto Palancia I | Wind | 2007 | 100% | 100% | 100% | 20.0 | 20.0 | 20.0 | 36.9 | 36.9 | 36.9 | Regulated | IT-00657 | 2027 |
| Alto Palancia II | Wind | 2007 | 100% | 100% | 100% | 42.0 | 42.0 | 42.0 | 79.2 | 79.2 | 79.2 | Regulated | IT-00657 | 2027 |
| Angostillos | Wind | 2007 | 100% | 100% | 100% | 28.0 | 28.0 | 28.0 | 66.0 | 66.0 | 66.0 | Regulated | IT-00657 | 2027 |
| Bidueiros | Wind | 2007 | 50% | 0% | 50% | 37.7 | 0.0 | 18.9 | 92.9 | 0.0 | 46.5 | Regulated | IT-00657 | 2027 |
| Cerroblanco | Wind | 2007 | 100% | 100% | 100% | 48.0 | 48.0 | 48.0 | 97.7 | 97.7 | 97.7 | Regulated | IT-00657 | 2027 |
| Cuadrón | Wind | 2007 | 100% | 100% | 100% | 22.0 | 22.0 | 22.0 | 48.2 | 48.2 | 48.2 | Regulated | IT-00657 | 2027 |
| Dehesa Virginia | Wind | 2007 | 100% | 100% | 100% | 30.0 | 30.0 | 30.0 | 60.1 | 60.1 | 60.1 | Regulated | IT-00657 | 2027 |
| El Pandero | Wind | 2007 | 100% | 100% | 100% | 18.0 | 18.0 | 18.0 | 31.6 | 31.6 | 31.6 | Regulated | IT-00657 | 2027 |
| Encinedo | Wind | 2007 | 100% | 100% | 100% | 30.0 | 30.0 | 30.0 | 70.2 | 70.2 | 70.2 | Regulated | IT-00657 | 2027 |
| Fonteavia 2,4,5 y 6 | Wind | 2007 | 50% | 0% | 50% | 39.0 | 0.0 | 19.5 | 94.8 | 0.0 | 47.4 | Regulated | IT-00657 | 2027 |
| Fonteavia 3 | Wind | 2007 | 50% | 0% | 50% | 3.9 | 0.0 | 2.0 | 9.5 | 0.0 | 4.7 | Regulated | IT-00634 | 2027 |
| Fuente La Arena | Wind | 2007 | 100% | 100% | 100% | 30.0 | 30.0 | 30.0 | 65.8 | 65.8 | 65.8 | Regulated | IT-00657 | 2027 |
| Hornillos | Wind | 2007 | 100% | 100% | 100% | 26.0 | 26.0 | 26.0 | 53.4 | 53.4 | 53.4 | Regulated | IT-00657 | 2027 |
| La Esperanza | Wind | 2007 | 100% | 100% | 100% | 30.0 | 30.0 | 30.0 | 48.7 | 48.7 | 48.7 | Regulated | IT-00657 | 2027 |
| La Torre I | Wind | 2007 | 100% | 100% | 100% | 16.0 | 16.0 | 16.0 | 30.2 | 30.2 | 30.2 | Regulated | IT-00657 | 2027 |
| La Valdivia | Wind | 2007 | 100% | 100% | 100% | 28.5 | 28.5 | 28.5 | 62.0 | 62.0 | 62.0 | Regulated | IT-00657 | 2027 |
| Las Cabrillas | Wind | 2007 | 50% | 0% | 50% | 28.5 | 0.0 | 14.3 | 60.2 | 0.0 | 30.1 | Regulated | IT-00657 | 2027 |
| Los Morrones | Wind | 2007 | 100% | 100% | 100% | 30.0 | 30.0 | 30.0 | 60.9 | 60.9 | 60.9 | Regulated | IT-00657 | 2027 |
| Majales 3 | Wind | 2007 | 100% | 100% | 100% | 18.0 | 18.0 | 18.0 | 37.3 | 37.3 | 37.3 | Regulated | IT-00657 | 2027 |
| Mazorral-Cerro Rajola | Wind | 2007 | 100% | 100% | 100% | 28.4 | 28.4 | 28.4 | 54.7 | 54.7 | 54.7 | Regulated | IT-00657 | 2027 |
| Mazorral-Cerro Rajola 2 | Wind | 2007 | 100% | 100% | 100% | 4.0 | 4.0 | 4.0 | 0.0 | 0.0 | 0.0 | Merchant | n.a. | n.a. |
| Cerroblanco | Wind | 2007 | 100% | 100% | 100% | 48.0 | 48.0 | 48.0 | 97.7 | 97.7 | 97.7 | Regulated | IT-00657 | 2027 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cuadrón | Wind | 2007 | 100% | 100% | 100% | 22.0 | 22.0 | 22.0 | 48.2 | 48.2 | 48.2 | Regulated | IT-00657 | 2027 |
| Dehesa Virginia | Wind | 2007 | 100% | 100% | 100% | 30.0 | 30.0 | 30.0 | 60.1 | 60.1 | 60.1 | Regulated | IT-00657 | 2027 |
| El Pandero | Wind | 2007 | 100% | 100% | 100% | 18.0 | 18.0 | 18.0 | 31.6 | 31.6 | 31.6 | Regulated | IT-00657 | 2027 |
| Encinedo | Wind | 2007 | 100% | 100% | 100% | 30.0 | 30.0 | 30.0 | 70.2 | 70.2 | 70.2 | Regulated | IT-00657 | 2027 |
| Fonteavia 2,4,5 y 6 | Wind | 2007 | 50% | 0% | 50% | 39.0 | 0.0 | 19.5 | 94.8 | 0.0 | 47.4 | Regulated | IT-00657 | 2027 |
| Fonteavia 3 | Wind | 2007 | 50% | 0% | 50% | 3.9 | 0.0 | 2.0 | 9.5 | 0.0 | 4.7 | Regulated | IT-00634 | 2027 |
| Fuente La Arena | Wind | 2007 | 100% | 100% | 100% | 30.0 | 30.0 | 30.0 | 65.8 | 65.8 | 65.8 | Regulated | IT-00657 | 2027 |
| Hornillos | Wind | 2007 | 100% | 100% | 100% | 26.0 | 26.0 | 26.0 | 53.4 | 53.4 | 53.4 | Regulated | IT-00657 | 2027 |
| La Esperanza | Wind | 2007 | 100% | 100% | 100% | 30.0 | 30.0 | 30.0 | 48.7 | 48.7 | 48.7 | Regulated | IT-00657 | 2027 |
| La Torre I | Wind | 2007 | 100% | 100% | 100% | 16.0 | 16.0 | 16.0 | 30.2 | 30.2 | 30.2 | Regulated | IT-00657 | 2027 |
| La Valdivia | Wind | 2007 | 100% | 100% | 100% | 28.5 | 28.5 | 28.5 | 62.0 | 62.0 | 62.0 | Regulated | IT-00657 | 2027 |
| Las Cabrillas | Wind | 2007 | 50% | 0% | 50% | 28.5 | 0.0 | 14.3 | 60.2 | 0.0 | 30.1 | Regulated | IT-00657 | 2027 |
| Los Morrones | Wind | 2007 | 100% | 100% | 100% | 30.0 | 30.0 | 30.0 | 60.9 | 60.9 | 60.9 | Regulated | IT-00657 | 2027 |
| Majales 3 | Wind | 2007 | 100% | 100% | 100% | 18.0 | 18.0 | 18.0 | 37.3 | 37.3 | 37.3 | Regulated | IT-00657 | 2027 |
| Mazorral-Cerro Rajola | Wind | 2007 | 100% | 100% | 100% | 28.4 | 28.4 | 28.4 | 54.7 | 54.7 | 54.7 | Regulated | IT-00657 | 2027 |
| Mazorral-Cerro Rajola 2 | Wind | 2007 | 100% | 100% | 100% | 4.0 | 4.0 | 4.0 | 0.0 | 0.0 | 0.0 | Merchant | n.a. | n.a. |
| Peralejo | Wind | 2007 | 100% | 100% | 100% | 20.0 | 20.0 | 20.0 | 32.8 | 32.8 | 32.8 | Regulated | IT-00657 | 2027 |
| Plá D'Embalagué | Wind | 2007 | 50% | 0% | 50% | 37.5 | 0.0 | 18.8 | 78.7 | 0.0 | 39.4 | Regulated | IT-00657 | 2027 |
| Rubió II | Wind | 2007 | 100% | 100% | 100% | 25.5 | 25.5 | 25.5 | 41.3 | 41.3 | 41.3 | Regulated | IT-00657 | 2027 |
| San Esteban 2 | Wind | 2007 | 50% | 0% | 50% | 6.0 | 0.0 | 3.0 | 15.4 | 0.0 | 7.7 | Regulated | IT-00657 | 2027 |
| San Esteban II 3 | Wind | 2007 | 50% | 0% | 50% | 15.0 | 0.0 | 7.5 | 39.1 | 0.0 | 19.6 | Regulated | IT-00657 | 2027 |
| Sos del Rey Católico 2 | Wind | 2007 | 100% | 100% | 100% | 30.0 | 30.0 | 30.0 | 86.6 | 86.6 | 86.6 | Regulated | IT-00657 | 2027 |
| Tallat | Wind | 2007 | 100% | 100% | 100% | 49.5 | 49.5 | 49.5 | 112.1 | 112.1 | 112.1 | Regulated | IT-00657 | 2027 |
| Viento de Alcalá | Wind | 2007 | 100% | 100% | 100% | 26.0 | 26.0 | 26.0 | 62.9 | 62.9 | 62.9 | Regulated | IT-00657 | 2027 |
| Vilobí | Wind | 2007 | 100% | 100% | 100% | 40.5 | 40.5 | 40.5 | 92.8 | 92.8 | 92.8 | Regulated | IT-00657 | 2027 |
| Alto Palancia I 2 y 3 | Wind | 2008 | 100% | 100% | 100% | 6.0 | 6.0 | 6.0 | 11.1 | 11.1 | 11.1 | Regulated | IT-00658 | 2028 |
| Alto Palancia II 2 y 3 | Wind | 2008 | 100% | 100% | 100% | 4.0 | 4.0 | 4.0 | 7.5 | 7.5 | 7.5 | Regulated | IT-00635 | 2028 |
| Notes: (1) Expected Output represents output for the entire installation |
| Spain | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | Spanish Regulation | ||||||||||
| Asset Name | Technology | COD | AE Stake | Consol. | Net | Total | Consol. | Net | Total | Consol. | Net | scheme | IT code | Final year |
| Ampliación Escepar | Wind | 2008 | 100% | 100% | 100% | 6.0 | 6.0 | 6.0 | 9.8 | 9.8 | 9.8 | Regulated | IT-00658 | 2028 |
| Cabeza Morena-Dueñas | Wind | 2008 | 100% | 100% | 100% | 50.0 | 50.0 | 50.0 | 100.7 | 100.7 | 100.7 | Regulated | IT-00658 | 2028 |
| Chao das Grallas | Wind | 2008 | 50% | 0% | 50% | 4.0 | 0.0 | 2.0 | 8.4 | 0.0 | 4.2 | Regulated | IT-00658 | 2028 |
| El Pandero 3 | Wind | 2008 | 100% | 100% | 100% | 2.0 | 2.0 | 2.0 | 3.5 | 3.5 | 3.5 | Regulated | IT-00658 | 2028 |
| Llanos del Espino | Wind | 2008 | 100% | 100% | 100% | 26.0 | 26.0 | 26.0 | 45.7 | 45.7 | 45.7 | Regulated | IT-00658 | 2028 |
| Loma de Lazaro | Wind | 2008 | 100% | 100% | 100% | 14.0 | 14.0 | 14.0 | 32.0 | 32.0 | 32.0 | Regulated | IT-00658 | 2028 |
| Paramo de Angostillos | Wind | 2008 | 50% | 0% | 50% | 26.0 | 0.0 | 13.0 | 54.7 | 0.0 | 27.3 | Regulated | IT-00658 | 2028 |
| Viento de Alcalá 2 | Wind | 2008 | 100% | 100% | 100% | 12.0 | 12.0 | 12.0 | 29.0 | 29.0 | 29.0 | Regulated | IT-00658 | 2028 |
| Zorraquín | Wind | 2008 | 66% | 100% | 66% | 12.0 | 12.0 | 7.9 | 24.9 | 24.9 | 16.4 | Regulated | IT-00658 | 2028 |
| Alto Palancia III | Wind | 2009 | 100% | 100% | 100% | 32.0 | 32.0 | 32.0 | 52.3 | 52.3 | 52.3 | Regulated | IT-00659 | 2029 |
| Ampliación Peralejo | Wind | 2009 | 100% | 100% | 100% | 6.0 | 6.0 | 6.0 | 9.8 | 9.8 | 9.8 | Regulated | IT-00659 | 2029 |
| Boira | Wind | 2009 | 100% | 100% | 100% | 34.5 | 34.5 | 34.5 | 70.7 | 70.7 | 70.7 | Regulated | IT-00659 | 2029 |
| Celada V | Wind | 2009 | 100% | 100% | 100% | 26.0 | 26.0 | 26.0 | 60.4 | 60.4 | 60.4 | Regulated | IT-00659 | 2029 |
| Cerro de la Nevera | Wind | 2009 | 50% | 0% | 50% | 31.5 | 0.0 | 15.8 | 46.1 | 0.0 | 23.1 | Regulated | IT-00659 | 2029 |
| Cerro Gavira | Wind | 2009 | 100% | 100% | 100% | 41.7 | 41.7 | 41.7 | 72.7 | 72.7 | 72.7 | Regulated | IT-00659 | 2029 |
| Chao Das Grallas 2 | Wind | 2009 | 50% | 0% | 50% | 24.0 | 0.0 | 12.0 | 50.2 | 0.0 | 25.1 | Regulated | IT-00659 | 2029 |
| El Mulatón | Wind | 2009 | 100% | 100% | 100% | 38.0 | 38.0 | 38.0 | 63.9 | 63.9 | 63.9 | Regulated | IT-00659 | 2029 |
| El Relumbrar | Wind | 2009 | 100% | 100% | 100% | 40.0 | 40.0 | 40.0 | 76.8 | 76.8 | 76.8 | Regulated | IT-00659 | 2029 |
| Exp. Peñablanca | Wind | 2009 | 100% | 100% | 100% | 3.0 | 3.0 | 3.0 | 6.7 | 6.7 | 6.7 | Regulated | IT-00636 | 2029 |
| La Castellana | Wind | 2009 | 100% | 100% | 100% | 34.0 | 34.0 | 34.0 | 80.2 | 80.2 | 80.2 | Regulated | IT-00659 | 2029 |
| La Solana | Wind | 2009 | 100% | 100% | 100% | 44.2 | 44.2 | 44.2 | 97.1 | 97.1 | 97.1 | Regulated | IT-00659 | 2029 |
| Llanos del Espino 2 y 3 | Wind | 2009 | 100% | 100% | 100% | 12.0 | 12.0 | 12.0 | 21.1 | 21.1 | 21.1 | Regulated | IT-00659 | 2029 |
| Loma de Lazaro 2 | Wind | 2009 | 100% | 100% | 100% | 2.0 | 2.0 | 2.0 | 4.6 | 4.6 | 4.6 | Regulated | IT-00659 | 2029 |
| Losilla | Wind | 2009 | 100% | 100% | 100% | 24.0 | 24.0 | 24.0 | 49.0 | 49.0 | 49.0 | Regulated | IT-00659 | 2029 |
| Peñas de Dios | Wind | 2009 | 50% | 0% | 50% | 39.0 | 0.0 | 19.5 | 56.5 | 0.0 | 28.2 | Regulated | IT-00659 | 2029 |
| Peñas de Dios II | Wind | 2009 | 50% | 0% | 50% | 25.5 | 0.0 | 12.8 | 41.9 | 0.0 | 20.9 | Regulated | IT-00659 | 2029 |
| Rincon del Cabello | Wind | 2009 | 100% | 100% | 100% | 40.0 | 40.0 | 40.0 | 77.5 | 77.5 | 77.5 | Regulated | IT-00659 | 2029 |
| Viento de Alcalá 3 | Wind | 2009 | 100% | 100% | 100% | 4.0 | 4.0 | 4.0 | 9.7 | 9.7 | 9.7 | Regulated | IT-00659 | 2029 |
| Villamayor | Wind | 2009 | 100% | 100% | 100% | 34.0 | 34.0 | 34.0 | 97.7 | 97.7 | 97.7 | Regulated | IT-00659 | 2029 |
| Celada I | Wind | 2010 | 100% | 100% | 100% | 34.0 | 34.0 | 34.0 | 74.9 | 74.9 | 74.9 | Regulated | IT-00660 | 2030 |
| Las Bodeguillas | Wind | 2010 | 100% | 100% | 100% | 36.6 | 36.6 | 36.6 | 62.7 | 62.7 | 62.7 | Regulated | IT-00660 | 2030 |
Benalaz I Wind 2011 100% 100% 100% 37.5 37.5 37.5 72.1 72.1 72.1 Regulated IT-00661 2031
| Spain |
|---|
| Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | Spanish Regulation | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | COD | AE Stake | Consol. | Net | Total | Consol. | Net | Total | Consol. | Net | scheme | IT code | Final year |
| Benalaz II | Wind | 2011 | 100% | 100% | 100% | 16.5 | 16.5 | 16.5 | 27.8 | 27.8 | 27.8 | Regulated | IT-00661 | 2031 |
| El Chaparro | Wind | 2011 | 100% | 100% | 100% | 16.0 | 16.0 | 16.0 | 33.6 | 33.6 | 33.6 | Regulated | IT-00661 | 2031 |
| Peña Nebina | Wind | 2011 | 100% | 100% | 100% | 20.0 | 20.0 | 20.0 | 50.2 | 50.2 | 50.2 | Regulated | IT-00661 | 2031 |
| Salomón | Wind | 2011 | 100% | 100% | 100% | 37.5 | 37.5 | 37.5 | 70.8 | 70.8 | 70.8 | Regulated | IT-00661 | 2031 |
| Amp. La Castellana | Wind | 2012 | 100% | 100% | 100% | 12.0 | 12.0 | 12.0 | 28.3 | 28.3 | 28.3 | Regulated | IT-00662 | 2032 |
| Els Escambrons | Wind | 2012 | 100% | 100% | 100% | 48.0 | 48.0 | 48.0 | 119.6 | 119.6 | 119.6 | Regulated | IT-00662 | 2032 |
| Exp. CENER | Wind | 2012 | 100% | 100% | 100% | 3.0 | 3.0 | 3.0 | 13.3 | 13.3 | 13.3 | Regulated | IT-00662 | 2032 |
| Peñas de Dios II 2 | Wind | 2012 | 50% | 0% | 50% | 3.0 | 0.0 | 1.5 | 4.9 | 0.0 | 2.5 | Regulated | IT-00662 | 2032 |
| Exp. Barasoain | Wind | 2013 | 100% | 100% | 100% | 15.0 | 15.0 | 15.0 | 33.6 | 33.6 | 33.6 | Regulated | IT-00663 | 2033 |
| Exp. Vedadillo | Wind | 2013 | 100% | 100% | 100% | 9.0 | 9.0 | 9.0 | 24.0 | 24.0 | 24.0 | Regulated | IT-00663 | 2033 |
| Exp. Villanueva | Wind | 2013 | 100% | 100% | 100% | 6.0 | 6.0 | 6.0 | 16.3 | 16.3 | 16.3 | Regulated | IT-00663 | 2033 |
| Vilobí 2 | Wind | 2013 | 100% | 100% | 100% | 9.0 | 9.0 | 9.0 | 18.9 | 18.9 | 18.9 | Regulated | IT-00663 | 2033 |
| Monreal | Wind | 2016 | 100% | 100% | 100% | 4.5 | 4.5 | 4.5 | 16.2 | 16.2 | 16.2 | Merchant | n.a. | n.a. |
| El Cabrito (repowered) | Wind | 2018 | 100% | 100% | 100% | 30.0 | 30.0 | 30.0 | 0.0 | 0.0 | 0.0 | n.a. | n.a. | n.a. |
| SPAIN TOTAL WIND | 4,738.4 | 3,513.6 | 4,078.2 | 10,533.4 | 7,708.5 | 9,018.1 |
| Spain |
|---|
| (1) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Installed capacity (MW) | Expected output (MWh) | Pricing | Spanish Regulation | |||||||||||
| Asset Name | Technology | COD | AE Stake | Consol. | Net | (1) Total |
Consol. | Net | Total | Consol. | Net | scheme | IT code | Final year |
| S. Leoz | Solar PV | 1999 | 100% | 100% | 100% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00024 | 2036 |
| Montes de Cierzo | Solar PV | 2002 | 100% | 100% | 100% | 1.2 | 1.2 | 1.2 | 1.7 | 1.7 | 1.7 | Regulated | IT-00079 | 2036 |
| Termoelectrica (edif. Sarriguren y Propia) + cuadre MWp | Solar PV | 2002 | 75% | 100% | 75% | 0.9 | 0.9 | 0.7 | 0.0 | 0.0 | 0.0 | Merchant | n.a. | n.a. |
| Inst 1 - A04 // Arguedas 1 | Solar PV | 2003 | 75% | 100% | 75% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00009 | 2032 |
| Inst 1 - A18 // Sesma | Solar PV | 2003 | 75% | 100% | 75% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00009 | 2032 |
| Inst 2 - B08// Arguedas 1 | Solar PV | 2003 | 75% | 100% | 75% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00009 | 2032 |
| Inst 2 - B20 // Sesma | Solar PV | 2003 | 75% | 100% | 75% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00009 | 2032 |
| Inst 3 - C20 // Sesma | Solar PV | 2003 | 75% | 100% | 75% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00009 | 2032 |
| Inst 10 - J19 // Sesma | Solar PV | 2004 | 75% | 100% | 75% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00010 | 2033 |
| Inst 11- K19 // Sesma | Solar PV | 2004 | 75% | 100% | 75% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00010 | 2033 |
| Inst 3 - C01 // Arguedas 1 | Solar PV | 2004 | 75% | 100% | 75% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00010 | 2033 |
| Inst 4 - D09 // Sesma | Solar PV | 2004 | 75% | 100% | 75% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00009 | 2032 |
| Inst 4- D01 // Arguedas 1 | Solar PV | 2004 | 75% | 100% | 75% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00010 | 2033 |
| Inst 5 - E10 // Arguedas 1 | Solar PV | 2004 | 75% | 100% | 75% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00010 | 2033 |
| Inst 5 - E15 // Sesma | Solar PV | 2004 | 75% | 100% | 75% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00010 | 2033 |
| Inst 6 - F02 // Sesma | Solar PV | 2004 | 75% | 100% | 75% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00010 | 2033 |
| Inst 6 - G18 // Arguedas 1 | Solar PV | 2004 | 75% | 100% | 75% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00010 | 2033 |
| Inst 7 - G08 // Sesma | Solar PV | 2004 | 75% | 100% | 75% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00010 | 2033 |
| Inst 7 - I13 // Arguedas 1 | Solar PV | 2004 | 75% | 100% | 75% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00010 | 2033 |
| Inst 8 - H18 // Sesma | Solar PV | 2004 | 75% | 100% | 75% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00010 | 2033 |
| Inst 9 - I08 // Sesma | Solar PV | 2004 | 75% | 100% | 75% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00010 | 2033 |
| Inst 1 - H01-H16 // Cintruenigo | Solar PV | 2005 | 75% | 100% | 75% | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.1 | Regulated | IT-00049 | 2034 |
| Inst 1 - N11 // Rada | Solar PV | 2005 | 75% | 100% | 75% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00050 | 2035 |
| Inst 1 - O03-018,M07,08,12,16 // Arguedas 2 | Solar PV | 2005 | 75% | 100% | 75% | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | Regulated | IT-00049 | 2034 |
| Inst 12 - L01-L20 // Sesma | Solar PV | 2005 | 75% | 100% | 75% | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | Regulated | IT-00032 | 2035 |
| Inst 13 - M01-M20 // Sesma | Solar PV | 2005 | 75% | 100% | 75% | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | Regulated | IT-00032 | 2035 |
| Inst 14 - N01-N20 // Sesma | Solar PV | 2005 | 75% | 100% | 75% | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | Regulated | IT-00032 | 2035 |
| Inst 2 - A05-A20 // Cintruenigo | Solar PV | 2005 | 75% | 100% | 75% | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.1 | Regulated | IT-00049 | 2034 |
| Inst 2 N01-N18 // Arguedas 2 | Solar PV | 2005 | 75% | 100% | 75% | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.1 | Regulated | IT-00050 | 2035 |
| Inst 3 - J05-J20 // Arguedas 2 | Solar PV | 2005 | 75% | 100% | 75% | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.1 | Regulated | IT-00049 | 2034 |
| Inst 4 - H05-H20,M02-M05 // Arguedas 2 | Solar PV | 2005 | 75% | 100% | 75% | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | Regulated | IT-00050 | 2035 |
| Inst 1 - BW5 // Milagro | Solar PV | 2006 | 75% | 100% | 75% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00063 | 2036 |
Notes: Numbers are rounded to 1 d.p. Installed Capacity of 0.0 refers to capacity of less than 0.05MW – for exact details please refer to the databook; (1) Expected Output represents output for the entire installation
Spain
| Installed capacity (MW) | (1) Expected output (MWh) |
Pricing | Spanish Regulation | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | COD | AE Stake | Consol. | Net | (1) Total |
Consol. | Net | Total | Consol. | Net | scheme | IT code | Final year |
| Inst 2 - EDIFICIO | Solar PV | 2006 | 75% | 100% | 75% | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00028 | 2036 |
| Inst 2 - SE5 // Milagro | Solar PV | 2006 | 75% | 100% | 75% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00063 | 2036 |
| Estación Servicio Legarda | Solar PV | 2008 | 100% | 100% | 100% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Regulated | IT-00029 | 2037 |
| FV Flotante Sierra Brava | Solar PV | 2020 | 100% | 100% | 100% | 1.2 | 1.2 | 1.2 | 1.8 | 1.8 | 1.8 | Merchant | n.a. | n.a. |
| SPAIN TOTAL SOLAR PV | 4.4 | 4.4 | 3.9 | 5.3 | 5.3 | 4.9 |
| Spain |
|---|
| End of | Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | Spanish Regulation | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | concession COD |
AE Stake | Consol. | Net | Total | Consol. | Net | Total | Consol. | Net | scheme | IT code | Final year |
| Lodosa | Hydro | 2021 | 100% | 100% | 100% | 5.0 | 5.0 | 5.0 | 9.3 | 9.3 | 9.3 | Regulated | IT-00697 | 2021 |
| La Morca | Hydro | 2023 | 100% | 100% | 100% | 0.7 | 0.7 | 0.7 | 0.5 | 0.5 | 0.5 | Merchant | n.a. | n.a. |
| Salinas | Hydro | 2024 | 100% | 100% | 100% | 2.4 | 2.4 | 2.4 | 11.5 | 11.5 | 11.5 | Merchant | n.a. | n.a. |
| Argoné | Hydro | 2025 | 100% | 100% | 100% | 14.8 | 14.8 | 14.8 | 48.3 | 48.3 | 48.3 | Merchant | n.a. | n.a. |
| Embid | Hydro | 2025 | 100% | 100% | 100% | 2.8 | 2.8 | 2.8 | 3.2 | 3.2 | 3.2 | Merchant | n.a. | n.a. |
| La Morana | Hydro | 2025 | 100% | 100% | 100% | 0.8 | 0.8 | 0.8 | 0.4 | 0.4 | 0.4 | Merchant | n.a. | n.a. |
| Baños | Hydro | 2027 | 100% | 100% | 100% | 5.5 | 5.5 | 5.5 | 27.0 | 27.0 | 27.0 | Merchant | IT-00747 | n.a. |
| Celis | Hydro | 2030 | 100% | 100% | 100% | 6.3 | 6.3 | 6.3 | 33.0 | 33.0 | 33.0 | Merchant | IT-00747 | n.a. |
| Herrerías | Hydro | 2030 | 100% | 100% | 100% | 7.9 | 7.9 | 7.9 | 29.8 | 29.8 | 29.8 | Merchant | IT-00747 | n.a. |
| Murillo | Hydro | 2033 | 100% | 100% | 100% | 5.0 | 5.0 | 5.0 | 9.7 | 9.7 | 9.7 | Regulated | IT-00697 | 2021 |
| El Serradó | Hydro | 2034 | 100% | 100% | 100% | 2.3 | 2.3 | 2.3 | 5.3 | 5.3 | 5.3 | Regulated | IT-00702 | 2026 |
| Viana II | Hydro | 2034 | 100% | 100% | 100% | 5.0 | 5.0 | 5.0 | 16.3 | 16.3 | 16.3 | Merchant | IT-00747 | n.a. |
| Santacara | Hydro | 2035 | 100% | 100% | 100% | 5.0 | 5.0 | 5.0 | 7.5 | 7.5 | 7.5 | Merchant | IT-00747 | n.a. |
| Viana III | Hydro | 2035 | 100% | 100% | 100% | 6.2 | 6.2 | 6.2 | 19.6 | 19.6 | 19.6 | Regulated | IT-00697 | 2021 |
| Jabarrella | Hydro | 2036 | 100% | 100% | 100% | 14.7 | 14.7 | 14.7 | 60.1 | 60.1 | 60.1 | Merchant | n.a. | n.a. |
| Javierrelatre | Hydro | 2036 | 100% | 100% | 100% | 10.4 | 10.4 | 10.4 | 38.6 | 38.6 | 38.6 | Merchant | n.a. | n.a. |
| Los Rábanos | Hydro | 2036 | 100% | 100% | 100% | 3.9 | 3.9 | 3.9 | 5.8 | 5.8 | 5.8 | Merchant | n.a. | n.a. |
| Sabiñánigo | Hydro | 2036 | 100% | 100% | 100% | 6.7 | 6.7 | 6.7 | 26.3 | 26.3 | 26.3 | Merchant | n.a. | n.a. |
| Lerín | Hydro | 2038 | 100% | 100% | 100% | 1.2 | 1.2 | 1.2 | 2.5 | 2.5 | 2.5 | Regulated | IT-00699 | 2023 |
| Alcanadre | Hydro | 2039 | 100% | 100% | 100% | 1.3 | 1.3 | 1.3 | 6.4 | 6.4 | 6.4 | Regulated | IT-00698 | 2022 |
| Caparroso | Hydro | 2039 | 100% | 100% | 100% | 4.7 | 4.7 | 4.7 | 6.1 | 6.1 | 6.1 | Regulated | IT-00700 | 2024 |
| Villanúa | Hydro | 2039 | 100% | 100% | 100% | 10.9 | 10.9 | 10.9 | 28.3 | 28.3 | 28.3 | Merchant | n.a. | n.a. |
| Aitona | Hydro | 2041 | 100% | 100% | 100% | 4.9 | 4.9 | 4.9 | 8.6 | 8.6 | 8.6 | Regulated | IT-00706 | 2030 |
| Tudela | Hydro | 2041 | 100% | 100% | 100% | 5.0 | 5.0 | 5.0 | 22.4 | 22.4 | 22.4 | Regulated | IT-00702 | 2026 |
| Canalroya | Hydro | 2042 | 100% | 100% | 100% | 6.8 | 6.8 | 6.8 | 13.8 | 13.8 | 13.8 | Merchant | n.a. | n.a. |
| Grado I | Hydro | 2042 | 100% | 100% | 100% | 18.5 | 18.5 | 18.5 | 51.9 | 51.9 | 51.9 | Merchant | n.a. | n.a. |
| Jaca | Hydro | 2042 | 100% | 100% | 100% | 15.9 | 15.9 | 15.9 | 36.9 | 36.9 | 36.9 | Merchant | n.a. | n.a. |
| IPT | Hydro | 2043 | 100% | 100% | 100% | 88.9 | 88.9 | 88.9 | 39.7 | 39.7 | 39.7 | Merchant | n.a. | n.a. |
| Mediano | Hydro | 2044 | 100% | 100% | 100% | 67.0 | 67.0 | 67.0 | 155.1 | 155.1 | 155.1 | Merchant | n.a. | n.a. |
| Biescas II | Hydro | 2048 | 100% | 100% | 100% | 61.4 | 61.4 | 61.4 | 138.4 | 138.4 | 138.4 | Merchant | n.a. | n.a. |
| Grado II | Hydro | 2048 | 100% | 100% | 100% | 25.7 | 25.7 | 25.7 | 79.9 | 79.9 | 79.9 | Merchant | n.a. | n.a. |
| Ribera I | Hydro | 2053 | 100% | 100% | 100% | 1.1 | 1.1 | 1.1 | 0.8 | 0.8 | 0.8 | Merchant | n.a. | n.a. |
| Spain |
|---|
| End of | Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | Spanish Regulation | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | concession COD |
AE Stake | Consol. | Net | Total | Consol. | Net | Total | Consol. | Net | scheme | IT code | Final year |
| Peñas de Bejo | Hydro | 2054 | 100% | 100% | 100% | 20.8 | 20.8 | 20.8 | 67.2 | 67.2 | 67.2 | Merchant | IT-00773 | n.a. |
| Rozadio | Hydro | 2054 | 100% | 100% | 100% | 12.6 | 12.6 | 12.6 | 47.3 | 47.3 | 47.3 | Merchant | IT-00773 | n.a. |
| Casablanca | Hydro | 2056 | 100% | 100% | 100% | 0.7 | 0.7 | 0.7 | 0.0 | 0.0 | 0.0 | Merchant | n.a. | n.a. |
| Betolegui | Hydro | 2058 | 100% | 100% | 100% | 5.6 | 5.6 | 5.6 | 12.8 | 12.8 | 12.8 | Merchant | IT-00747 | n.a. |
| Irabia | Hydro | 2058 | 100% | 100% | 100% | 1.7 | 1.7 | 1.7 | 4.5 | 4.5 | 4.5 | Merchant | IT-00749 | n.a. |
| Irati | Hydro | 2058 | 100% | 100% | 100% | 2.4 | 2.4 | 2.4 | 9.7 | 9.7 | 9.7 | Merchant | IT-00747 | n.a. |
| Olaldea I | Hydro | 2058 | 100% | 100% | 100% | 3.3 | 3.3 | 3.3 | 13.5 | 13.5 | 13.5 | Merchant | IT-00747 | n.a. |
| Almándoz | Hydro | 2061 | 100% | 100% | 100% | 3.2 | 3.2 | 3.2 | 8.2 | 8.2 | 8.2 | Merchant | IT-00695 | n.a. |
| Aratorés | Hydro | 2061 | 100% | 100% | 100% | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | Merchant | n.a. | n.a. |
| Biescas I | Hydro | 2061 | 100% | 100% | 100% | 2.7 | 2.7 | 2.7 | 8.9 | 8.9 | 8.9 | Merchant | IT-00695 | n.a. |
| Brutau | Hydro | 2061 | 100% | 100% | 100% | 0.2 | 0.2 | 0.2 | 0.9 | 0.9 | 0.9 | Merchant | IT-00669 | n.a. |
| Campdevanol | Hydro | 2061 | 100% | 100% | 100% | 0.3 | 0.3 | 0.3 | 0.7 | 0.7 | 0.7 | Regulated | IT-00675 | 2025 |
| Carcavilla | Hydro | 2061 | 100% | 100% | 100% | 4.8 | 4.8 | 4.8 | 34.2 | 34.2 | 34.2 | Merchant | n.a. | n.a. |
| Castielfabib | Hydro | 2061 | 100% | 100% | 100% | 1.3 | 1.3 | 1.3 | 3.3 | 3.3 | 3.3 | Merchant | n.a. | n.a. |
| Castiello | Hydro | 2061 | 100% | 100% | 100% | 1.1 | 1.1 | 1.1 | 2.0 | 2.0 | 2.0 | Merchant | n.a. | n.a. |
| Coromina | Hydro | 2061 | 100% | 100% | 100% | 0.4 | 0.4 | 0.4 | 1.2 | 1.2 | 1.2 | Merchant | IT-00669 | n.a. |
| Eriste | Hydro | 2061 | 100% | 100% | 100% | 87.6 | 87.6 | 87.6 | 110.8 | 110.8 | 110.8 | Merchant | n.a. | n.a. |
| Escarra | Hydro | 2061 | 100% | 100% | 100% | 6.2 | 6.2 | 6.2 | 22.1 | 22.1 | 22.1 | Merchant | IT-00747 | n.a. |
| Falces | Hydro | 2061 | 100% | 100% | 100% | 5.2 | 5.2 | 5.2 | 7.7 | 7.7 | 7.7 | Merchant | IT-00747 | n.a. |
| Folcrá | Hydro | 2061 | 100% | 100% | 100% | 0.6 | 0.6 | 0.6 | 2.3 | 2.3 | 2.3 | Merchant | IT-00669 | n.a. |
| Goizueta | Hydro | 2061 | 100% | 100% | 100% | 2.5 | 2.5 | 2.5 | 7.5 | 7.5 | 7.5 | Merchant | IT-00695 | n.a. |
| La Caseta | Hydro | 2061 | 100% | 100% | 100% | 0.5 | 0.5 | 0.5 | 1.3 | 1.3 | 1.3 | Merchant | IT-00669 | n.a. |
| La Hidroeléctrica de Huesca | Hydro | 2061 | 100% | 100% | 100% | 0.9 | 0.9 | 0.9 | 5.5 | 5.5 | 5.5 | Merchant | n.a. | n.a. |
| La Sarra | Hydro | 2061 | 100% | 100% | 100% | 24.0 | 24.0 | 24.0 | 45.1 | 45.1 | 45.1 | Merchant | IT-00773 | n.a. |
| Lafortunada Cinca | Hydro | 2061 | 100% | 100% | 100% | 41.4 | 41.4 | 41.4 | 142.7 | 142.7 | 142.7 | Merchant | n.a. | n.a. |
| Laspuña | Hydro | 2061 | 100% | 100% | 100% | 14.3 | 14.3 | 14.3 | 51.1 | 51.1 | 51.1 | Merchant | n.a. | n.a. |
| Machín | Hydro | 2061 | 100% | 100% | 100% | 4.0 | 4.0 | 4.0 | 10.6 | 10.6 | 10.6 | Regulated | IT-00698 | 2022 |
| Marracos | Hydro | 2061 | 100% | 100% | 100% | 6.7 | 6.7 | 6.7 | 22.6 | 22.6 | 22.6 | Merchant | n.a. | n.a. |
| Monistrol | Hydro | 2061 | 100% | 100% | 100% | 0.3 | 0.3 | 0.3 | 1.1 | 1.1 | 1.1 | Merchant | IT-00669 | n.a. |
| O sor | Hydro | 2061 | 100% | 100% | 100% | 0.5 | 0.5 | 0.5 | 0.4 | 0.4 | 0.4 | Merchant | IT-00669 | n.a. |
| Olaldea II | Hydro | 2061 | 100% | 100% | 100% | 1.0 | 1.0 | 1.0 | 1.5 | 1.5 | 1.5 | Merchant | IT-00669 | n.a. |
| Purroy | Hydro | 2061 | 100% | 100% | 100% | 0.5 | 0.5 | 0.5 | 1.6 | 1.6 | 1.6 | Merchant | n.a. | n.a. |
Spain
| End of | Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | Spanish Regulation | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | concession COD |
AE Stake | Consol. | Net | Total | Consol. | Net | Total | Consol. | Net | scheme | IT code | Final year |
| Rialb I | Hydro | 2061 | 100% | 100% | 100% | 5.9 | 5.9 | 5.9 | 12.3 | 12.3 | 12.3 | Regulated | IT-00760 | 2032 |
| Rialb II | Hydro | 2061 | 100% | 100% | 100% | 24.8 | 24.8 | 24.8 | 84.8 | 84.8 | 84.8 | Regulated | IT-00812 | 2032 |
| Sallent | Hydro | 2061 | 100% | 100% | 100% | 11.4 | 11.4 | 11.4 | 38.2 | 38.2 | 38.2 | Merchant | IT-00773 | n.a. |
| San Mateo | Hydro | 2061 | 100% | 100% | 100% | 0.5 | 0.5 | 0.5 | 2.2 | 2.2 | 2.2 | Merchant | n.a. | n.a. |
| Sartaguda | Hydro | 2061 | 100% | 100% | 100% | 4.7 | 4.7 | 4.7 | 16.1 | 16.1 | 16.1 | Merchant | IT-00747 | n.a. |
| Seira | Hydro | 2061 | 100% | 100% | 100% | 36.7 | 36.7 | 36.7 | 79.4 | 79.4 | 79.4 | Merchant | n.a. | n.a. |
| Sentmenat | Hydro | 2061 | 100% | 100% | 100% | 0.2 | 0.2 | 0.2 | 0.5 | 0.5 | 0.5 | Merchant | IT-00669 | n.a. |
| Sesué | Hydro | 2061 | 100% | 100% | 100% | 36.0 | 36.0 | 36.0 | 88.3 | 88.3 | 88.3 | Merchant | IT-00773 | n.a. |
| Travy | Hydro | 2061 | 100% | 100% | 100% | 0.2 | 0.2 | 0.2 | 0.5 | 0.5 | 0.5 | Merchant | IT-00669 | n.a. |
| El Berbel | Hydro | 2063 | 100% | 100% | 100% | 18.7 | 18.7 | 18.7 | 42.7 | 42.7 | 42.7 | Merchant | n.a. | n.a. |
| Anzánigo | Hydro | 2064 | 100% | 100% | 100% | 7.8 | 7.8 | 7.8 | 37.8 | 37.8 | 37.8 | Merchant | n.a. | n.a. |
| Lanuza | Hydro | 2067 | 100% | 100% | 100% | 49.8 | 49.8 | 49.8 | 94.3 | 94.3 | 94.3 | Merchant | n.a. | n.a. |
| SPAIN TOTAL HYDRO | 873.0 | 873.0 | 873.0 | 2,088.7 | 2,088.7 | 2,088.7 |
| Spain |
|---|
| Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | Spanish Regulation | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | COD | AE Stake | Consol. | Net | Total | Consol. | Net | Total | Consol. | Net | scheme | IT code | Final year |
| Bm Sangüesa | Others | 2005 | 100% | 100% | 100% | 30.2 | 30.2 | 30.2 | 202.8 | 202.8 | 202.8 | Regulated | IT-00834 | 2030 |
| Bm Briviesca | Others | 2010 | 85% | 100% | 85% | 16.0 | 16.0 | 13.6 | 120.0 | 120.0 | 102.0 | Regulated | IT-00839 | 2035 |
| Bm Miajadas | Others | 2011 | 100% | 100% | 100% | 15.0 | 15.0 | 15.0 | 112.5 | 112.5 | 112.5 | Regulated | IT-00840 | 2036 |
| SPAIN TOTAL OTHERS | 61.2 | 61.2 | 58.8 | 435.3 | 435.3 | 417.3 | ||||||||
| SPAIN TOTAL | 5,677.0 | 4,452.1 | 5,013.9 | 13,062.7 | 10,237.9 | 11,529.0 |
| Operating Assets | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Croatia | ||||||||||||||
| Minorities in | Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | End of | |||||||||
| Asset Name | Technology | COD | AE Stake | Consol. | Net | AEI perimeter | Total | Consol. | Net | Total | Consol. | Net | scheme | PPA |
| Jelinak | Wind | 2013 | 100% | 100% | 75% | 25% | 30.0 | 30.0 | 22.5 | 80.0 | 80.0 | 60.0 | FIT | 2025 |
| CROATIA TOTAL | 30.0 | 30.0 | 22.5 | 80.0 | 80.0 | 60.0 |
| Minorities in | Installed capacity (MW) | (1) Expected output (MWh) |
Pricing | End of | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | COD | AE Stake | Consol. | Net | AEI perimeter | Total | Consol. | Net | Total | Consol. | Net | scheme | PPA |
| Movar H1 | Wind | 2006 | 49% | 0% | 49% | n.a. | 24.0 | 0.0 | 11.8 | 49.2 | 0.0 | 24.3 | PPA | 2021 |
| HUNGARY TOTAL | 24.0 | 0.0 | 11.8 | 49.2 | 0.0 | 24.3 |
| Minorities in | Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | End of | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | COD | AE Stake | Consol. | Net | AEI perimeter | Total | Consol. | Net | Total | Consol. | Net | scheme | PPA |
| Cocullo | Wind | 2006 | 100% | 100% | 75% | 25% | 31.5 | 31.5 | 23.6 | 31.7 | 31.7 | 23.8 | Merchant | n.a. |
| Isola (Campo Rizzuto) | Wind | 2008 | 100% | 100% | 75% | 25% | 40.0 | 40.0 | 30.0 | 62.8 | 62.8 | 47.1 | FIT | 2023 |
| Caccamo | Wind | 2010 | 100% | 100% | 75% | 25% | 14.5 | 14.5 | 10.8 | 19.6 | 19.6 | 14.7 | FIT | 2025 |
| Ampliación Isola | Wind | 2011 | 100% | 100% | 75% | 25% | 6.0 | 6.0 | 4.5 | 9.3 | 9.3 | 6.9 | FIT | 2023 |
| Isola (Sant'Anna) | Wind | 2012 | 100% | 100% | 75% | 25% | 64.0 | 64.0 | 48.0 | 123.9 | 123.9 | 92.9 | FIT | 2027 |
| Pitagora | Wind | 2012 | 100% | 100% | 75% | 25% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | n.a. | n.a. |
| ITALY TOTAL | 155.8 | 155.8 | 116.9 | 247.2 | 247.2 | 185.4 |
| Minorities in | Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | End of | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | COD | AE Stake | Consol. | Net | AEI perimeter | Total | Consol. | Net | Total | Consol. | Net | scheme | PPA |
| Golice | Wind | 2011 | 100% | 100% | 75% | 25% | 38.0 | 38.0 | 28.5 | 68.6 | 68.6 | 51.4 | PPA | 2026 |
| Gostyn | Wind | 2013 | 100% | 100% | 75% | 25% | 33.0 | 33.0 | 24.8 | 91.8 | 91.8 | 68.8 | Merchant | n.a. |
| Gostyn 2 | Wind | 2015 | 100% | 100% | 75% | 25% | 30.0 | 30.0 | 22.5 | 76.4 | 76.4 | 57.3 | Merchant | n.a. |
| POLAND TOTAL | 101.0 | 101.0 | 75.8 | 236.7 | 236.7 | 177.6 |
Operating Assets
| Minorities in | Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | End of | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | COD | AE Stake | Consol. | Net | AEI perimeter | Total | Consol. | Net | Total | Consol. | Net | scheme | PPA |
| Señora de Castelo I | Wind | 2003 | 100% | 100% | 75% | 25% | 1.2 | 1.2 | 0.9 | 2.7 | 2.7 | 2.0 | FIT | 2025 |
| Cadraço | Wind | 2004 | 100% | 100% | 75% | 25% | 1.2 | 1.2 | 0.9 | 2.4 | 2.4 | 1.8 | FIT | 2025 |
| Dirão da Rua | Wind | 2004 | 100% | 100% | 75% | 25% | 2.6 | 2.6 | 2.0 | 6.6 | 6.6 | 4.9 | FIT | 2025 |
| Señora de Castelo II | Wind | 2004 | 100% | 100% | 75% | 25% | 4.0 | 4.0 | 3.0 | 8.4 | 8.4 | 6.3 | FIT | 2025 |
| Do Montijo | Wind | 2005 | 100% | 100% | 75% | 25% | 2.0 | 2.0 | 1.5 | 4.9 | 4.9 | 3.7 | FIT | 2025 |
| Moinho de Manique | Wind | 2005 | 100% | 100% | 75% | 25% | 2.6 | 2.6 | 2.0 | 9.2 | 9.2 | 6.9 | FIT | 2025 |
| Outeiro | Wind | 2005 | 100% | 100% | 75% | 25% | 30.0 | 30.0 | 22.5 | 70.4 | 70.4 | 52.8 | FIT | 2025 |
| Passarinho | Wind | 2005 | 100% | 100% | 75% | 25% | 8.0 | 8.0 | 6.0 | 18.0 | 18.0 | 13.5 | FIT | 2025 |
| Costa Vicentina | Wind | 2006 | 100% | 100% | 75% | 25% | 10.0 | 10.0 | 7.5 | 18.9 | 18.9 | 14.1 | FIT | 2025 |
| Pracana | Wind | 2006 | 100% | 100% | 75% | 25% | 1.8 | 1.8 | 1.4 | 3.5 | 3.5 | 2.6 | FIT | 2021 |
| Senhora do Socorro I | Wind | 2006 | 100% | 100% | 75% | 25% | 8.0 | 8.0 | 6.0 | 20.9 | 20.9 | 15.7 | FIT | 2023 |
| Sardinha | Wind | 2008 | 70% | 100% | 53% | 25% | 26.0 | 26.0 | 13.7 | 76.2 | 76.2 | 40.0 | FIT | 2023 |
| Ampl. Passarinho | Wind | 2009 | 100% | 100% | 75% | 25% | 4.0 | 4.0 | 3.0 | 10.3 | 10.3 | 7.7 | FIT | 2023 |
| Caravelas | Wind | 2009 | 100% | 100% | 75% | 25% | 1.2 | 1.2 | 0.9 | 3.6 | 3.6 | 2.7 | FIT | 2025 |
| Portal da Freita | Wind | 2009 | 100% | 100% | 75% | 25% | 1.1 | 1.1 | 0.8 | 3.5 | 3.5 | 2.6 | FIT | 2025 |
| Ribabelide | Wind | 2009 | 100% | 100% | 75% | 25% | 14.0 | 14.0 | 10.5 | 28.1 | 28.1 | 21.1 | FIT | 2024 |
| Seramera (Ampl. Montijo) | Wind | 2009 | 100% | 100% | 75% | 25% | 2.0 | 2.0 | 1.5 | 6.0 | 6.0 | 4.5 | FIT | 2022 |
| PORTUGAL TOTAL WIND | 119.7 | 119.7 | 83.9 | 293.6 | 293.6 | 203.0 | ||||||||
| Moura | Solar PV | 2008 | 66% | 0% | 49% | 25% | 45.8 | 0.0 | 22.5 | 89.9 | 0.0 | 44.3 | FIT | 2023 |
| PORTUGAL TOTAL SOLAR PV | 45.8 | 0.0 | 22.5 | 89.9 | 0.0 | 44.3 | ||||||||
| PORTUGAL TOTAL | 165.5 | 119.7 | 106.4 | 383.5 | 293.6 | 247.3 |
| Minorities in | Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | End of | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | COD | AE Stake | Consol. | Net | AEI perimeter | Total | Consol. | Net | Total | Consol. | Net | scheme | PPA |
| Arzyz | Solar PV | 2019 | 94% | 100% | 94% | n.a. | 17.7 | 17.7 | 16.7 | 22.6 | 22.6 | 21.3 | FIT | 2029 |
| Dymerka 2 | Solar PV | 2019 | 100% | 100% | 100% | n.a. | 11.8 | 11.8 | 11.8 | 12.8 | 12.8 | 12.8 | FIT | 2029 |
| Dymerka 3 | Solar PV | 2019 | 100% | 100% | 100% | n.a. | 11.8 | 11.8 | 11.8 | 13.1 | 13.1 | 13.1 | FIT | 2029 |
| Dymerka 4 | Solar PV | 2019 | 100% | 100% | 100% | n.a. | 34.0 | 34.0 | 34.0 | 37.0 | 37.0 | 37.0 | FIT | 2029 |
| Gudzovka 1 | Solar PV | 2019 | 92% | 100% | 92% | n.a. | 12.2 | 12.2 | 11.2 | 16.2 | 16.2 | 15.0 | FIT | 2029 |
| Gudzovka 2 | Solar PV | 2019 | 92% | 100% | 92% | n.a. | 12.2 | 12.2 | 11.2 | 16.2 | 16.2 | 15.0 | FIT | 2029 |
| UKRAINE TOTAL | 99.6 | 99.6 | 96.7 | 117.9 | 117.9 | 114.1 | ||||||||
| TOTAL - REST OF EUROPE | 575.9 | 506.1 | 430.1 | 1,114.6 | 975.4 | 808.6 |
| Minorities in | Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | End of | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | COD | AE Stake | Consol. | Net | AEI perimeter | Total | Consol. | Net | Total | Consol. | Net | scheme | PPA |
| Magrath | Wind | 2004 | 33% | 33% | 25% | 25% | 30.0 | 10.0 | 7.5 | 88.4 | 29.5 | 22.1 | Merchant | n.a. |
| Chin Chute | Wind | 2006 | 33% | 33% | 25% | 25% | 30.0 | 10.0 | 7.5 | 90.8 | 30.3 | 22.7 | Merchant | n.a. |
| Ripley | Wind | 2007 | 100% | 100% | 75% | 25% | 76.0 | 76.0 | 57.0 | 153.4 | 153.4 | 115.1 | PPA | 2027 |
| Lameque | Wind | 2011 | 100% | 100% | 75% | 25% | 45.0 | 45.0 | 33.8 | 145.4 | 145.4 | 109.0 | PPA | 2034 |
| CANADA TOTAL | 181.0 | 141.0 | 105.7 | 478.0 | 358.6 | 268.9 |
| Minorities in | Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | End of | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | COD | AE Stake | Consol. | Net | AEI perimeter | Total | Consol. | Net | Total | Consol. | Net | scheme | PPA |
| Punta Palmeras | Wind | 2014 | 100% | 100% | 75% | 25% | 45.0 | 45.0 | 33.8 | 124.0 | 124.0 | 93.0 | PPA | 2026 |
| San Gabriel | Wind | 2019 | 100% | 100% | 100% | n.a. | 183.0 | 183.0 | 183.0 | 635.9 | 635.9 | 635.9 | PPA | Supply portfolio PPA |
| Tolpan | Wind | 2020 | 100% | 100% | 100% | n.a. | 84.0 | 84.0 | 84.0 | 307.6 | 307.6 | 307.6 | PPA | Supply portfolio PPA |
| CHILE TOTAL WIND | 312.0 | 312.0 | 300.8 | 1,067.5 | 1,067.5 | 1,036.5 | ||||||||
| (2) Malgarida |
Solar PV | n.a. | 100% | 100% | 100% | n.a. | 29.0 | 29.0 | 29.0 | 652.7 | 652.7 | 652.7 | PPA | Supply portfolio PPA |
| El Romero | Solar PV | 2016 | 100% | 100% | 100% | n.a. | 246.3 | 246.3 | 246.3 | 502.3 | 502.3 | 502.3 | PPA | Supply portfolio PPA |
| Almeyda | Solar PV | 2019 | 100% | 100% | 100% | n.a. | 61.9 | 61.9 | 61.9 | 165.3 | 165.3 | 165.3 | PPA | Supply portfolio PPA |
| Usya | Solar PV | 2020 | 100% | 100% | 100% | n.a. | 64.1 | 64.1 | 64.1 | 145.6 | 145.6 | 145.6 | PPA | Supply portfolio PPA |
| CHILE TOTAL SOLAR PV | 401.3 | 401.3 | 401.3 | 1,466.0 | 1,466.0 | 1,466.0 | ||||||||
| CHILE TOTAL | 713.3 | 713.3 | 702.0 | 2,533.5 | 2,533.5 | 2,502.5 |
| Minorities in | Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | End of | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | COD | AE Stake | Consol. | Net | AEI perimeter | Total | Consol. | Net | Total | Consol. | Net | scheme | PPA |
| Chiripa | Wind | 2014 | 65% | 100% | 65% | n.a. | 49.5 | 49.5 | 32.2 | 269.3 | 269.3 | 175.0 | FIT | 2034 |
| COSTA RICA TOTAL | 49.5 | 49.5 | 32.2 | 269.3 | 269.3 | 175.0 |
Notes: (1) Expected Output represents output for the entire installation (2) Malgarida shows capacity constructed as of FY 2020 (partial)
| Minorities in | Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | End of | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | COD | AE Stake | Consol. | Net | AEI perimeter | Total | Consol. | Net | Total | Consol. | Net | scheme | PPA |
| (2) San Carlos |
Wind | n.a. | 100% | 100% | 100% | n.a. | 52.8 | 52.8 | 52.8 | 839.5 | 839.5 | 839.5 | PPA | n.a. |
| Eurus | Wind | 2009 | 94% | 100% | 71% | 25% | 250.5 | 250.5 | 176.6 | 873.2 | 873.2 | 615.6 | PPA | 2030 |
| Oaxaca 2 | Wind | 2011 | 100% | 100% | 75% | 25% | 102.0 | 102.0 | 76.5 | 403.3 | 403.3 | 302.5 | PPA | 2032 |
| Oaxaca 3 | Wind | 2011 | 100% | 100% | 75% | 25% | 102.0 | 102.0 | 76.5 | 368.8 | 368.8 | 276.6 | PPA | 2031 |
| Oaxaca 4 | Wind | 2011 | 100% | 100% | 75% | 25% | 102.0 | 102.0 | 76.5 | 451.3 | 451.3 | 338.5 | PPA | 2032 |
| El Cortijo | Wind | 2018 | 100% | 100% | 100% | n.a. | 183.0 | 183.0 | 183.0 | 774.2 | 774.2 | 774.2 | PPA | 2034 |
| Santa Cruz | Wind | 2020 | 100% | 100% | 100% | n.a. | 138.0 | 138.0 | 138.0 | 566.1 | 566.1 | 566.1 | PPA | 2031 |
| MEXICO TOTAL WIND | 930.3 | 930.3 | 779.9 | 4,276.6 | 4,276.6 | 3,713.1 | ||||||||
| Tuto II | Solar PV | n.a. | 50% | 0% | 50% | n.a. | 175.2 | 0.0 | 87.6 | 417.6 | 0.0 | 208.8 | PPA | 2034 |
| Puerto Libertad | Solar PV | 2019 | 50% | 0% | 50% | n.a. | 229.4 | 0.0 | 114.7 | 545.0 | 0.0 | 272.5 | PPA | 2034 |
| MEXICO TOTAL SOLAR PV | 404.6 | 0.0 | 202.3 | 962.6 | 0.0 | 481.3 | ||||||||
| MEXICO TOTAL | 1,334.9 | 930.3 | 982.2 | 5,239.2 | 4,276.6 | 4,194.4 |
| USA |
|---|
| Minorities in | Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | End of | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | COD | AE Stake | Consol. | Net | AEI perimeter | Total | Consol. | Net | Total | Consol. | Net | scheme | PPA |
| La Chalupa | Wind | n.a. | 100% | 100% | 100% | n.a. | 198.5 | 198.5 | 198.5 | 606.8 | 606.8 | 606.8 | Merchant | n.a. |
| Blue Canyon | Wind | 2003 | 5% | 0% | 4% | 25% | 74.3 | 0.0 | 2.9 | 243.8 | 0.0 | 10.0 | PPA | 2023 |
| Velva | Wind | 2005 | 100% | 100% | 75% | 25% | 11.9 | 11.9 | 8.9 | 29.5 | 29.5 | 22.1 | PPA | 2025 |
| Tatanka | Wind | 2008 | 100% | 100% | 75% | 25% | 180.0 | 180.0 | 135.0 | 612.6 | 612.6 | 459.4 | Merchant | n.a. |
| Eco grove | Wind | 2009 | 100% | 100% | 75% | 25% | 100.5 | 100.5 | 75.4 | 257.2 | 257.2 | 192.9 | Merchant | n.a. |
| Red Hills | Wind | 2009 | 95% | 100% | 71% | 25% | 123.0 | 123.0 | 87.6 | 430.0 | 430.0 | 306.4 | PPA | 2029 |
| Dempsey Ridge | Wind | 2012 | 100% | 100% | 75% | 25% | 132.0 | 132.0 | 99.0 | 451.7 | 451.7 | 338.7 | Merchant | n.a. |
| Pioneer Grove | Wind | 2012 | 100% | 100% | 100% | n.a. | 6.0 | 6.0 | 6.0 | 11.9 | 11.9 | 11.9 | PPA | 2032 |
| San Román | Wind | 2016 | 100% | 100% | 100% | n.a. | 93.0 | 93.0 | 93.0 | 343.5 | 343.5 | 343.5 | Hedge | 2029 |
| Palmas Altas | Wind | 2019 | 100% | 100% | 100% | n.a. | 144.9 | 144.9 | 144.9 | 476.4 | 476.4 | 476.4 | Hedge | 2032 |
| USA TOTAL WIND | 1,064.0 | 989.7 | 851.2 | 3,463.3 | 3,219.5 | 2,768.2 | ||||||||
| Nevada Solar One | Others | 2007 | 100% | 100% | 75% | 25% | 64.0 | 64.0 | 48.0 | 123.6 | 123.6 | 92.7 | PPA | 2027 |
| USA TOTAL SOLAR OTHERS | 64.0 | 64.0 | 48.0 | 123.6 | 123.6 | 92.7 | ||||||||
| USA TOTAL | 1,128.0 | 1,053.7 | 899.2 | 3,586.9 | 3,343.1 | 2,860.9 | ||||||||
| TOTAL - AMERICAS | 3,406.6 | 2,887.8 | 2,721.3 | 12,106.9 | 10,781.0 | 10,001.7 |
| Minorities in | Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | End of | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | COD | AE Stake | Consol. | Net | AEI perimeter | Total | Consol. | Net | Total | Consol. | Net | scheme | PPA |
| (2) Mortlake |
Wind | n.a. | 100% | 100% | 100% | n.a. | 18.0 | 18.0 | 18.0 | 529.3 | 529.3 | 529.3 | PPA | 2035 |
| Cathedral Rocks | Wind | 2005 | 50% | 0% | 38% | 25% | 64.0 | 0.0 | 24.0 | 155.2 | 0.0 | 58.2 | Merchant | n.a. |
| Waubra | Wind | 2009 | 100% | 100% | 75% | 25% | 192.0 | 192.0 | 144.0 | 651.2 | 651.2 | 488.4 | PPA | 2021 |
| Gunning | Wind | 2011 | 100% | 100% | 75% | 25% | 46.5 | 46.5 | 34.9 | 156.9 | 156.9 | 117.7 | PPA | 2026 |
| Mt. Gellibrand | Wind | 2018 | 100% | 100% | 100% | n.a. | 132.0 | 132.0 | 132.0 | 309.4 | 309.4 | 309.4 | PPA | 2026 |
| AUSTRALIA TOTAL | 452.5 | 388.5 | 352.9 | 1,801.9 | 1,646.7 | 1,502.9 | ||||||||
| TOTAL - AUSTRALIA | 452.5 | 388.5 | 352.9 | 1,801.9 | 1,646.7 | 1,502.9 |
Egypt
| Minorities in | Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | End of | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | COD | AE Stake | Consol. | Net | AEI perimeter | Total | Consol. | Net | Total | Consol. | Net | scheme | PPA |
| Alsubh | Solar PV | 2019 | 50% | 0% | 50% | n.a. | 62.0 | 0.0 | 31.0 | 147.1 | 0.0 | 73.6 | FIT | 2044 |
| Rising Sun | Solar PV | 2019 | 38% | 0% | 38% | n.a. | 62.0 | 0.0 | 23.6 | 147.1 | 0.0 | 55.9 | FIT | 2044 |
| Sunrise | Solar PV | 2019 | 38% | 0% | 38% | n.a. | 62.0 | 0.0 | 23.6 | 147.1 | 0.0 | 55.9 | FIT | 2044 |
| EGYPT TOTAL | 186.0 | 0.0 | 78.1 | 441.3 | 0.0 | 185.4 |
| Minorities in | Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | End of | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | COD | AE Stake | Consol. | Net | AEI perimeter | Total | Consol. | Net | Total | Consol. | Net | scheme | PPA |
| Anabaru | Wind | 2008 | 100% | 100% | 75% | 25% | 16.5 | 16.5 | 12.4 | 53.8 | 53.8 | 40.4 | FIT | 2028 |
| Arasinagundi | Wind | 2008 | 100% | 100% | 75% | 25% | 13.2 | 13.2 | 9.9 | 39.6 | 39.6 | 29.7 | FIT | 2028 |
| Tuppadahalli | Wind | 2011 | 100% | 100% | 75% | 25% | 56.1 | 56.1 | 42.1 | 136.4 | 136.4 | 102.3 | FIT | 2031 |
| Bannur | Wind | 2017 | 100% | 100% | 100% | n.a. | 78.0 | 78.0 | 78.0 | 235.0 | 235.0 | 235.0 | FIT | 2042 |
| INDIA TOTAL | 163.8 | 163.8 | 142.4 | 464.8 | 464.8 | 407.3 |
| Minorities in | Installed capacity (MW) | Expected output (MWh) | (1) | Pricing | End of | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Name | Technology | COD | AE Stake | Consol. | Net | AEI perimeter | Total | Consol. | Net | Total | Consol. | Net | scheme | PPA |
| Gouda | Wind | 2015 | 55% | 100% | 41% | 25% | 138.0 | 138.0 | 56.8 | 393.0 | 393.0 | 161.8 | FIT | 2035 |
| SOUTH AFRICA TOTAL WIND | 138.0 | 138.0 | 56.8 | 393.0 | 393.0 | 161.8 | ||||||||
| Sishen | Solar PV | 2014 | 55% | 100% | 41% | 25% | 94.3 | 94.3 | 38.8 | 202.4 | 202.4 | 83.3 | FIT | 2034 |
| SOUTH AFRICA TOTAL SOLAR PV | 94.3 | 94.3 | 38.8 | 202.4 | 202.4 | 83.3 | ||||||||
| SOUTH AFRICA TOTAL | 232.3 | 232.3 | 95.6 | 595.4 | 595.4 | 245.2 | ||||||||
| TOTAL - REST OF THE WORLD | 582.1 | 396.1 | 316.1 | 1,501.5 | 1,060.2 | 837.8 |
| Installed Capacity (MW) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total | Consolidated | Equity Accounted | Minorities | Net | |||||||||||
| FY 2020 | FY 2019 | FY 2018 | FY 2020 | FY 2019 | FY 2018 | FY 2020 | FY 2019 | FY 2018 | FY 2020 | FY 2019 | FY 2018 | FY 2020 | FY 2019 | FY 2018 | |
| Wind | 4,738 | 4,740 | 4,740 | 3,514 | 3,516 | 3,516 | 593 | 593 | 593 | 29 | 29 | 29 | 4,078 | 4,080 | 4,080 |
| Hydro | 873 | 873 | 876 | 873 | 873 | 876 | 0 | 0 | 0 | 0 | 0 | 0 | 873 | 873 | 876 |
| Solar Thermal | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Solar PV | 4 | 3 | 3 | 4 | 3 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 3 | 3 |
| Biomass | 61 | 61 | 61 | 61 | 61 | 61 | 0 | 0 | 0 | 2 | 2 | 2 | 59 | 59 | 59 |
| SPAIN | 5,677 | 5,678 | 5,681 | 4,452 | 4,453 | 4,456 | 593 | 593 | 593 | 31 | 31 | 31 | 5,014 | 5,015 | 5,018 |
| Mexico | 930 | 740 | 740 | 930 | 740 | 740 | 0 | 0 | 0 | 150 | 196 | 196 | 780 | 544 | 544 |
| USA | 1,064 | 866 | 721 | 990 | 791 | 646 | 4 | 4 | 4 | 143 | 188 | 184 | 851 | 607 | 467 |
| Australia | 453 | 435 | 435 | 389 | 371 | 371 | 32 | 32 | 32 | 68 | 90 | 90 | 353 | 312 | 312 |
| Italy | 156 | 156 | 156 | 156 | 156 | 156 | 0 | 0 | 0 | 39 | 52 | 52 | 117 | 104 | 104 |
| South Africa | 138 | 138 | 138 | 138 | 138 | 138 | 0 | 0 | 0 | 81 | 87 | 87 | 57 | 51 | 51 |
| Portugal | 120 | 120 | 120 | 120 | 120 | 120 | 0 | 0 | 0 | 36 | 45 | 45 | 84 | 75 | 75 |
| Canada | 181 | 181 | 181 | 141 | 141 | 141 | 0 | 0 | 0 | 35 | 47 | 47 | 106 | 94 | 94 |
| Poland | 101 | 101 | 101 | 101 | 101 | 101 | 0 | 0 | 0 | 25 | 34 | 34 | 76 | 67 | 67 |
| India | 164 | 164 | 164 | 164 | 164 | 164 | 0 | 0 | 0 | 21 | 29 | 29 | 142 | 135 | 135 |
| Costa Rica | 50 | 50 | 50 | 50 | 50 | 50 | 0 | 0 | 0 | 17 | 17 | 17 | 32 | 32 | 32 |
| Chile | 312 | 234 | 45 | 312 | 234 | 45 | 0 | 0 | 0 | 11 | 15 | 15 | 301 | 219 | 30 |
| Croacia | 30 | 30 | 30 | 30 | 30 | 30 | 0 | 0 | 0 | 8 | 10 | 10 | 23 | 20 | 20 |
| Greece | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Hungary | 24 | 24 | 24 | 0 | 0 | 0 | 12 | 12 | 12 | 0 | 0 | 0 | 12 | 12 | 12 |
| Wind - International | 3,722 | 3,236 | 2,902 | 3,519 | 3,034 | 2,700 | 48 | 48 | 48 | 635 | 810 | 806 | 2,932 | 2,272 | 1,942 |
| Chile | 401 | 308 | 246 | 401 | 308 | 246 | 0 | 0 | 0 | 0 | 0 | 0 | 401 | 308 | 246 |
| South Africa | 94 | 94 | 94 | 94 | 94 | 94 | 0 | 0 | 0 | 55 | 60 | 60 | 39 | 35 | 35 |
| Portugal | 46 | 46 | 46 | 0 | 0 | 0 | 30 | 30 | 30 | 8 | 10 | 10 | 23 | 20 | 20 |
| Mexico | 405 | 405 | 405 | 0 | 0 | 0 | 202 | 202 | 202 | 0 | 0 | 0 | 202 | 202 | 202 |
| Egypt | 186 | 186 | 165 | 0 | 0 | 0 | 78 | 78 | 69 | 0 | 0 | 0 | 78 | 78 | 69 |
| Ukraine | 100 | 100 | 24 | 100 | 100 | 24 | 0 | 0 | 0 | 3 | 11 | 0 | 97 | 89 | 24 |
| Solar PV - International | 1,232 | 1,138 | 980 | 595 | 502 | 365 | 310 | 310 | 302 | 66 | 80 | 70 | 840 | 732 | 596 |
| Solar Thermal - US | 64 | 64 | 64 | 64 | 64 | 64 | 0 | 0 | 0 | 16 | 21 | 21 | 48 | 43 | 43 |
| INTERNATIONAL | 5,017 | 4,439 | 3,946 | 4,179 | 3,600 | 3,129 | 358 | 358 | 350 | 717 | 911 | 897 | 3,820 | 3,047 | 2,582 |
| Total Wind | 8,460 | 7,977 | 7,643 | 7,033 | 6,550 | 6,216 | 641 | 641 | 641 | 663 | 838 | 834 | 7,011 | 6,353 | 6,023 |
| Total Other technologies | 2,234 | 2,140 | 1,984 | 1,598 | 1,504 | 1,369 | 310 | 310 | 302 | 84 | 104 | 94 | 1,824 | 1,710 | 1,577 |
| TOTAL INSTALLED CAPACITY | 10,694 | 10,117 | 9,627 | 8,631 | 8,053 | 7,585 | 952 | 952 | 943 | 748 | 942 | 928 | 8,835 | 8,062 | 7,600 |
| Output (GWh) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total | Consolidated | Equity Accounted | Minorities | Net | |||||||||||
| FY 2020 | FY 2019 | FY 2018 | FY 2020 | FY 2019 | FY 2018 | FY 2020 | FY 2019 | FY 2018 | FY 2020 | FY 2019 | FY 2018 | FY 2020 | FY 2019 | FY 2018 | |
| Wind | 9,671 | 10,639 | 10,149 | 7,007 | 7,725 | 7,306 | 1,289 | 1,417 | 1,378 | (54) | (58) | (58) | 8,242 | 9,085 | 8,625 |
| Hydro | 2,374 | 1,720 | 2,581 | 2,374 | 1,720 | 2,581 | 0 | 0 | 0 | 0 | 0 | 0 | 2,374 | 1,720 | 2,581 |
| Solar Thermal | 0 | 0 | 80 | 0 | 0 | 80 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 80 |
| Solar PV | 3 | 4 | 4 | 3 | 4 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 4 | 4 |
| Biomass | 437 | 421 | 428 | 437 | 421 | 428 | 0 | 0 | 0 | (18) | (19) | (18) | 419 | 402 | 410 |
| SPAIN | 12,486 | 12,784 | 13,242 | 9,821 | 9,870 | 10,399 | 1,289 | 1,417 | 1,378 | (72) | (77) | (76) | 11,038 | 11,211 | 11,700 |
| Mexico | 2,610 | 2,457 | 2,282 | 2,610 | 2,457 | 2,282 | 0 | 0 | 0 | (632) | (635) | (695) | 1,978 | 1,822 | 1,587 |
| USA | 2,201 | 2,179 | 2,220 | 1,987 | 1,948 | 1,989 | 12 | 13 | 13 | (488) | (558) | (554) | 1,510 | 1,402 | 1,448 |
| Australia | 1,239 | 1,234 | 1,072 | 1,106 | 1,083 | 903 | 67 | 75 | 84 | (298) | (293) | (296) | 874 | 866 | 692 |
| Italy | 231 | 257 | 223 | 231 | 257 | 223 | 0 | 0 | 0 | (77) | (86) | (74) | 154 | 171 | 148 |
| South Africa | 329 | 330 | 345 | 329 | 330 | 345 | 0 | 0 | 0 | (209) | (209) | (219) | 120 | 121 | 126 |
| Portugal | 263 | 309 | 262 | 263 | 309 | 262 | 0 | 0 | 0 | (101) | (118) | (102) | 162 | 191 | 160 |
| Canada | 503 | 483 | 481 | 371 | 373 | 369 | 0 | 0 | 0 | (124) | (124) | (123) | 247 | 249 | 246 |
| Poland | 230 | 244 | 227 | 230 | 244 | 227 | 0 | 0 | 0 | (77) | (81) | (76) | 153 | 163 | 151 |
| India | 367 | 396 | 392 | 367 | 396 | 392 | 0 | 0 | 0 | (65) | (71) | (71) | 301 | 326 | 322 |
| Costa Rica | 227 | 267 | 285 | 227 | 267 | 285 | 0 | 0 | 0 | (80) | (93) | (100) | 148 | 174 | 185 |
| Chile | 777 | 273 | 122 | 777 | 273 | 122 | 0 | 0 | 0 | (37) | (38) | (41) | 740 | 235 | 81 |
| Croacia | 71 | 82 | 78 | 71 | 82 | 78 | 0 | 0 | 0 | (24) | (27) | (26) | 47 | 55 | 52 |
| Greece | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Hungary | 42 | 51 | 42 | 0 | 0 | 0 | 21 | 25 | 21 | 0 | 0 | 0 | 21 | 25 | 21 |
| Wind - International | 9,090 | 8,561 | 8,030 | 8,568 | 8,019 | 7,477 | 99 | 113 | 118 | (2,210) | (2,334) | (2,375) | 6,457 | 5,798 | 5,220 |
| Chile | 685 | 461 | 411 | 685 | 461 | 411 | 0 | 0 | 0 | 0 | 0 | 0 | 685 | 461 | 411 |
| South Africa | 201 | 208 | 205 | 201 | 208 | 205 | 0 | 0 | 0 | (127) | (132) | (130) | 74 | 76 | 75 |
| Portugal | 88 | 96 | 85 | 0 | 0 | 0 | 58 | 63 | 56 | (19) | (21) | (19) | 39 | 42 | 37 |
| Mexico | 918 | 408 | 0 | 0 | 0 | 0 | 459 | 204 | 0 | 0 | 0 | 0 | 459 | 204 | 0 |
| Egypt | 432 | 319 | 0 | 0 | 0 | 0 | 181 | 134 | 0 | 0 | 0 | 0 | 181 | 134 | 0 |
| Ukraine | 67 | 40 | 0 | 67 | 40 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 67 | 40 | 0 |
| Solar PV - International | 2,390 | 1,533 | 701 | 952 | 710 | 616 | 698 | 400 | 56 | (147) | (153) | (149) | 1,504 | 957 | 523 |
| Solar Thermal - US | 110 | 113 | 114 | 110 | 113 | 114 | 0 | 0 | 0 | (37) | (38) | (38) | 73 | 76 | 76 |
| INTERNATIONAL | 11,589 | 10,207 | 8,846 | 9,630 | 8,842 | 8,207 | 797 | 513 | 174 | (2,393) | (2,524) | (2,561) | 8,033 | 6,831 | 5,819 |
| Total Wind | 18,761 | 19,201 | 18,179 | 15,574 | 15,744 | 14,783 | 1,388 | 1,530 | 1,495 | (2,264) | (2,392) | (2,433) | 14,698 | 14,883 | 13,845 |
| Total Other technologies | 5,314 | 3,791 | 3,908 | 3,877 | 2,968 | 3,823 | 698 | 400 | 56 | (201) | (210) | (205) | 4,373 | 3,159 | 3,674 |
| TOTAL OUTPUT | 24,075 | 22,991 | 22,087 | 19,451 | 18,712 | 18,605 | 2,086 | 1,931 | 1,551 | (2,465) | (2,601) | (2,638) | 19,072 | 18,042 | 17,519 |
| Unit Full Opex (€/MWh) |
Total Full Opex |
(€MM) | Total output (GWh) | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2018 | 2019 | 2020 | 2018 | 2019 | 2020 | |
| Geographical breakdown | |||||||||
| Spain - Excluding Revenue Generation Tax |
24 | 24 | 24 | 320 | 313 | 303 | 13,242 | 12,784 | 12,486 |
| International | 20 | 20 | 18 | 175 | 203 | 212 | 8,846 | 10,207 | 11,589 |
| Average/Total unit Full Opex (€/Mwh) |
22 | 22 | 21 | 496 | 516 | 516 | 22,087 | 22,991 | 24,075 |
| Technology breakdown | |||||||||
| Wind | 20 | 20 | 20 | 362 | 382 | 379 | 18,179 | 19,201 | 18,761 |
| Solar Pv | 18 | 20 | 12 | 13 | 31 | 29 | 705 | 1,536 | 2,393 |
| Solar Thermal | 109 | 175 | 177 | 21 | 20 | 19 | 194 | 113 | 110 |
| Biomass | 79 | 80 | 75 | 34 | 34 | 33 | 428 | 421 | 437 |
| Hydro | 26 | 29 | 23 | 66 | 50 | 55 | 2,581 | 1,720 | 2,374 |
| Average/Total unit Full Opex (€/Mwh) |
22 | 22 | 21 | 496 | 516 | 516 | 22,087 | 22,991 | 24,075 |
Note: These costs include O&M as well as other expenses (e.g. land leases, insurance, external services, local taxes, transport etc) except for the Spanish generation revenue tax of 7% and corporate overheads (estimated to be €90-100m going forward); Land leases reflect cash costs, irrespective of how they are accounted under IFRS 16
| Consolidated Output by Type of Route to Market FY2020 | ||
|---|---|---|
| Output (GWh) |
Weight | |
| PPAs(1) | 6,666 | 34% |
| Regulated Spain | 5,259 | 27% |
| Wholesale Market Spain - Hedged |
2,062 | 11% |
| FIT | 1,723 | 9% |
| Wholesale Market Spain - Merchant |
2,500 | 13% |
| Wholesale Market International | 1,241 | 6% |
| Total Consolidated Output |
19,451 | 100% |
| Consolidated Contracted Output(2) | 81% |
Note: (1) includes corporate PPAs, PPAs with distribution companies (e.g. Chile), with State utilities (e.g. CFE) (2) Contracted for the purposes of this table includes PPAs, Regulated Spain, Wholesale Market Spain – Hedged and FIT.
| Weight | Weight | Average | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Consolidated data | Output sold | on | on | Revenues | on | on | Average price | end | |
| FY 2020 | (Consolidated) (GWh) | each tech. | country output | (€'000) | each tech. | country revenue | (€/MWh) | year | |
| USA | |||||||||
| Wind | Merchant | 1,014 | 51% | 48% | 26,880 | 54% | 39% | 26.6 | |
| Wind | Contracted/hedged | 973 | 49% | 47% | 23,109 | 46% | 33% | 23.7 | 2029 |
| Solar | Contracted/hedged | 110 | 100% | 5% | 19,352 | 100% | 28% | 176.5 | 2027 |
| Canada | |||||||||
| Wind | Merchant | 34 | 9% | 9% | 681 | 3% | 3% | 20.2 | |
| Wind | Contracted/hedged | 337 | 91% | 91% | 22,287 | 97% | 97% | 66.1 | 2030 |
| Mexico | |||||||||
| Wind | Contracted/hedged | 2,610 | 100% | 100% | 161,545 | 100% | 100% | 61.9 | 2033 |
| Costa Rica | |||||||||
| Wind | Contracted/hedged | 227 | 100% | 100% | 17,801 | 100% | 100% | 78.3 | 2034 |
| South Africa | |||||||||
| Wind | Contracted/hedged | 329 | 100% | 62% | 23,840 | 100% | 45% | 72.5 | 2035 |
| Solar | Contracted/hedged | 201 | 100% | 38% | 29,197 | 100% | 55% | 145.3 | 2034 |
| Chile | |||||||||
| Wind | Contracted/hedged | 777 | 100% | 53% | 40,172 | 100% | 47% | 51.7 | 2038 |
| Solar | Contracted/hedged | 685 | 100% | 47% | 45,084 | 100% | 53% | 65.9 | 2044 |
| Australia | |||||||||
| Wind | Contracted/hedged | 1,106 | 100% | 100% | 63,917 | 100% | 100% | 57.8 | 2024 |
| India | |||||||||
| Wind | Contracted/hedged | 367 | 100% | 100% | 18,177 | 100% | 100% | 49.6 | 2030 |
| Portugal | |||||||||
| Wind | Contracted/hedged | 263 | 100% | 100% | 25,133 | 100% | 100% | 95.5 | 2024 |
| Ukraine | |||||||||
| Solar | Contracted/hedged | 67 | 100% | 100% | 9,065 | 100% | 100% | 135.3 | 2029 |
| Italy Wind |
Merchant | 33 | 14% | 14% | 1,156 | 4% | 4% | 35.3 | |
| Wind | Contracted/hedged | 198 | 86% | 86% | 27,163 | 96% | 96% | 137.0 | 2025 |
| Poland | |||||||||
| Wind | Merchant | 160 | 70% | 70% | 16,069 | 81% | 81% | 100.3 | |
| Wind | Contracted/hedged | 69 | 30% | 30% | 3,864 | 19% | 19% | 55.7 | 2026 |
| Croatia | |||||||||
| Wind | Contracted/hedged | 71 | 100% | 100% | 7,667 | 100% | 100% | 108.2 | 2025 |
| Spanish Asset Base & Regulatory Income (Rinv+Ro) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Standard Asset | Regulatory | Total Capacity | Expected Output | Consolidated | Rinv 2020-22 |
Rinv 2020-22 |
Consolidated Output |
Ro 2021 | Ro 2021 | Total Annual | ||||||
| COD | Code (IT) |
Type | Useful Life | (MW) | Consol | Net | Total | Consol. | Net | Capacity (MW) | (€'000/MW) | (€MM) | (Expected) (GWh) | (€/MWh) | (€MM) | Rinv+Ro(€MM) |
| Wind Spain >5MW | ||||||||||||||||
| 1994 | IT-00644 | W | 20 | 100% | 100% | 67 | 67 | 67 | 20 | - | - | - | ||||
| 1995 | IT-00645 | W | 39 | 100% | 100% | 130 | 130 | 130 | 39 | - | - | - | ||||
| 1996 | IT-00646 | W | 44 | 100% | 100% | 97 | 97 | 97 | 44 | - | - | - | ||||
| 1997 | IT-00647 | W | 73 | 60% | 65% | 176 | 112 | 120 | 44 | - | - | - | ||||
| 1998 | IT-00648 | W | 82 | 70% | 86% | 221 | 165 | 193 | 58 | - | - | - | ||||
| 1999 | IT-00649 | W | 248 | 72% | 86% | 658 | 473 | 566 | 179 | - | - | - | ||||
| 2000 | IT-00650 | W | 114 | 83% | 87% | 283 | 234 | 230 | 94 | - | - | - | ||||
| 2001 | IT-00651 | W | 262 | 92% | 96% | 623 | 561 | 592 | 240 | - | - | - | ||||
| 2002 | IT-00652 | W | 357 | 59% | 79% | 867 | 512 | 681 | 212 | - | - | - | ||||
| 2003 | IT-00653 | W | 294 | 63% | 81% | 639 | 387 | 480 | 184 | - | - | - | ||||
| 2004 | IT-00654 | W | 20 | 304 | 88% | 94% | 611 | 524 | 567 | 268 | 2 | 1 | 1 | |||
| 2005 | IT-00655 | W | 20 | 442 | 96% | 98% | 947 | 914 | 930 | 427 | 14 | 6 | 6 | |||
| 2006 | IT-00656 | W | 20 | 649 | 34% | 67% | 1,455 | 439 | 947 | 220 | 37 | 8 | 8 | |||
| 2007 | IT-00657 | W | 20 | 806 | 79% | 89% | 1,726 | 1,331 | 1,529 | 636 | 71 | 45 | 45 | |||
| 2008 | IT-00658 | W | 20 | 158 | 81% | 91% | 320 | 257 | 280 | 128 | 104 | 13 | 13 | |||
| 2009 | IT-00659 | W | 20 | 532 | 77% | 89% | 1,038 | 844 | 941 | 412 | 113 | 47 | 47 | |||
| 2010 | IT-00660 | W | 20 | 71 | 100% | 100% | 138 | 138 | 138 | 71 | 123 | 9 | 9 | |||
| 2011 | IT-00661 | W | 20 | 128 | 100% | 100% | 255 | 255 | 255 | 128 | 107 | 14 | 14 | |||
| 2012 | IT-00662 | W | 20 | 66 | 95% | 98% | 166 | 161 | 164 | 63 | 103 | 7 | 7 | |||
| 2013 | IT-00663 | W | 20 | 39 | 100% | 100% | 93 | 93 | 93 | 39 | 100 | 4 | 4 | |||
| Total Wind Spain >5MW | 4,727 | 10,510 | 7,694 | 8,999 | 3,507 | 44 | 153 | 153 | ||||||||
| Wind Spain <5MW | ||||||||||||||||
| 2007 | IT-00634 | W | 19 | 4 | 0% | 50% | 9 | - | 5 | - | 106 | - | - | |||
| 2008 | IT-00635 | W | 20 | 4 | 100% | 100% | 8 | 8 | 8 | 4 | 138 | 1 | 1 | |||
| 2009 | IT-00636 | W | 20 | 3 | 100% | 100% | 7 | 7 | 7 | 3 | 145 | 0 | 0 | |||
| Total Wind Spain <5MW | 11 | 24 | 14 | 19 | 7 | 141 | 1 | 1 | ||||||||
| Total Wind Spain | 4,738 | 10,533 | 7,709 | 9,018 | 3,514 | 185 | 154 | 154 |
| Spanish Asset Base & Regulatory Income (Rinv+Ro) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Standard Asset | Regulatory | Total Capacity | Expected Output | Consolidated | Rinv 2020-22 |
Rinv 2020-22 |
Consolidated Output |
Ro 2021 | Ro 2021 | Total Annual | ||||||
| COD | Code (IT) |
Type | Useful Life | (MW) | Consol | Net | Total | Consol. | Net | Capacity (MW) | (€'000/MW) | (€MM) | (Expected) (GWh) | (€/MWh) | (€MM) | Rinv+Ro(€MM) |
| Biomass | ||||||||||||||||
| 2005 | IT-00834 | B | 25 | 30 | 100% | 100% | 203 | 203 | 203 | 30 | 198 | 6 | 203 | 54 | 11 | 17 |
| 2010 | IT-00839 | B | 25 | 16 | 100% | 85% | 120 | 120 | 102 | 16 | 227 | 4 | 120 | 51 | 6 | 10 |
| 2011 | IT-00840 | B | 25 | 15 | 100% | 100% | 113 | 113 | 113 | 15 | 239 | 4 | 113 | 50 | 6 | 9 |
| Total Biomass Spain | 61 | 435 | 435 | 417 | 61 | 215 | 13 | 435 | 52 | 23 | 36 | |||||
| Hydro | ||||||||||||||||
| Various | 805 | 100% | 100% | 1,891 | 1,891 | 1,891 | 805 | - | - | - | ||||||
| 1996 | IT-00697 | H | 25 | 15 | 100% | 100% | 39 | 39 | 39 | 15 | 28 | 0.4 | 0 | |||
| 1997 | IT-00698 | H | 25 | 5 | 100% | 100% | 17 | 17 | 17 | 5 | 73 | 0.4 | 0 | |||
| 1998 | IT-00699 | H | 25 | 1 | 100% | 100% | 2 | 2 | 2 | 1 | 95 | 0.1 | 0 | |||
| 1999 | IT-00700 | H | 25 | 4 | 100% | 100% | 6 | 6 | 6 | 4 | 107 | 0.4 | 0 | |||
| 2000 | IT-00675 | H | 25 | 0 | 100% | 100% | 1 | 1 | 1 | 0 | 192 | 0.1 | 0 | |||
| 2001 | IT-00702 | H | 25 | 7 | 100% | 100% | 28 | 28 | 28 | 7 | 117 | 0.9 | 1 | |||
| 2005 | IT-00706 | H | 25 | 5 | 100% | 100% | 9 | 9 | 9 | 5 | 136 | 0.7 | 1 | |||
| 2007 | IT-00760 | H | 25 | 6 | 100% | 100% | 12 | 12 | 12 | 6 | 44 | 0.3 | 0 | |||
| 2007 | IT-00812 | H | 25 | 25 | 100% | 100% | 85 | 85 | 85 | 25 | 7 | 0.2 | 0 | |||
| Total Hydro Spain | 873 | 2,089 | 2,089 | 2,089 | 873 | 4 | 3.3 | 3 | ||||||||
| PV Spain | ||||||||||||||||
| Total Solar PV Spain | PV | 30 | 4 | 100% | 100% | 5 | 5 | 5 | 4 | 351 | 2 | 5 | 19 | 0 | 2 | |
| Total capacity Spain – | Summary | |||||||||||||||
| No Regulatory Incentives | 2,338 | 5,652 | 4,629 | 5,046 | 1,920 | - | - | - | - | - | ||||||
| With Regulatory Incentives | 3,339 | 7,410 | 5,609 | 6,483 | 2,532 | 2,280 | 172 | 441 | 71 | 23 | 195 | |||||
| Total capacity Spain | 5,677 | 13,063 | 10,238 | 11,529 | 4,452 | 2,280 | 172 | 441 | 71 | 23 | 195 |
| Geography / Technology | Scheduled Capacity Additions (MW/MWp) |
% Weight |
|---|---|---|
| Spain | 402.3 | 13.2% |
| Wind | 48.0 | 1.6% |
| Solar PV | 354.3 | 11.6% |
| Rest of Europe | 0.0 | 0.0% |
| Wind | 0.0 | 0.0% |
| Solar PV | 0.0 | 0.0% |
| Americas | 1,580.8 | 51.9% |
| Wind | 145.2 | 4.8% |
| Solar PV | 1,435.6 | 47.1% |
| Australia | 1,062.9 | 34.9% |
| Wind | 1,062.9 | 34.9% |
| Solar PV | 0.0 | 0.0% |
| Rest of World | 0.0 | 0.0% |
| Wind | 0.0 | 0.0% |
| Solar PV | 0.0 | 0.0% |
| TOTAL - WIND | 1,256.1 | 41.2% |
| TOTAL - SOLAR PV | 1,789.9 | 58.8% |
| TOTAL | 3,046.0 | 100.0% |
| Geography / Technology | Scheduled Capacity Additions (MW/MWp) |
% Weight |
|---|---|---|
| Spain | 1,384.4 | 21.9% |
| Wind | 884.2 | 14.0% |
| Solar PV | 500.2 | 7.9% |
| Rest of Europe | 147.0 | 2.3% |
| Wind | 0.0 | 0.0% |
| Solar PV | 147.0 | 2.3% |
| Americas | 2,524.5 | 40.0% |
| Wind | 385.0 | 6.1% |
| Solar PV | 2,139.5 | 33.9% |
| Australia | 1,459.1 | 23.1% |
| Wind | 1,277.0 | 20.2% |
| Solar PV | 182.1 | 2.9% |
| Rest of World | 798.8 | 12.7% |
| Wind | 712.5 | 11.3% |
| Solar PV | 86.3 | 1.4% |
| TOTAL - WIND | 3,258.7 | 51.6% |
| TOTAL - SOLAR PV | 3,055.0 | 48.4% |
| TOTAL | 6,313.7 | 100.0% |
| Project | Technology | (1) Stake(2) COD | Scheduled Capacity Additions | Land | Grid | Permits | Offtake | Scheduled Capacity Additions | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Capacity | 21 | 22 | 23 | 24 | 25 | |||||||||||||
| Celada Fusion | Wind | 48.0 | 100% | 2021 | 48.0 | - | - | - | - | | | | | |||||
| Petra | Solar PV | 7.6 | 45% | 2021 | 7.6 | - | - | - | - | | | | | |||||
| Ayora | Solar PV | 85.7 | 100% | 2022 | - | 85.7 | - | - | - | | | | | |||||
| Bolarque I | Solar PV | 50.0 | 100% | 2022 | - | 50.0 | - | - | - | | | | | |||||
| Extremadura | Solar PV | 125.0 | 100% | 2022 | - | 125.0 | - | - | - | | | | | |||||
| Lloseta | Solar PV | 8.1 | 45% | 2022 | - | 8.1 | - | - | - | | | | | |||||
| Escepar y Peralejo | ||||||||||||||||||
| Hibridacion | Solar PV | 56.9 | 100% 2023 | - | - | 56.9 | - | - | | H | | | ||||||
| Tarifa | Solar PV | 21.0 | 100% | 2023 | - | - | 21.0 | - | - | | | | | |||||
| TOTAL CAPACITY | 402.3 | 55.6 | 268.8 | 77.9 | 0.0 | 0.0 |
| Project | Technology | Capacity | (1) Stake(2) COD | 21 | 22 | 23 | 24 | 25 | Land | Grid | Permits | Offtake | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Project 1 | Wind | 18.0 | 51% | 2022 | - | 18.0 | - | - | - | | | | |
| Project 2 | Wind | 48.0 | 51% | 2023 | - | - | 48.0 | - | - | | | | |
| Project 3 | Wind | 45.0 | 51% | 2023 | - | - | 45.0 | - | - | | | | |
| Project 4 | Wind | 48.0 | 51% | 2023 | - | - | 48.0 | - | - | | | | |
| Project 5 | Wind | 196.5 | 50% | 2024 | - | - | - | 196.5 | - | | | | |
| Project 6 | Wind | 50.0 | 100% | 2024 | - | - | - | 50.0 | - | | | | |
| Project 7 | Wind | 324.0 | 50% | 2024 | - | - | - | 324.0 | - | | | | |
| Project 8 | Wind | 50.0 | 100% | 2024 | - | - | - | 50.0 | - | | | | |
| Project 9 | Wind | 42.0 | 100% | 2025 | - | - | - | - | 42.0 | | | | |
| Project 10 | Wind | 62.7 | 100% | 2025 | - | - | - | - | 62.7 | | | | |
| Project 11 | Solar PV | 26.5 | 100% | 2023 | - | - | 26.5 | - | - | | H | | |
| Project 12 | Solar PV | 28.7 | 100% | 2023 | - | - | 28.7 | - | - | | H | | |
| Project 13 | Solar PV | 73.5 | 100% | 2023 | - | - | 73.5 | - | - | | H | | |
| Project 14 | Solar PV | 40.0 | 100% | 2023 | - | - | 40.0 | - | - | | H | | |
| Project 15 | Solar PV | 29.4 | 100% | 2023 | - | - | 29.4 | - | - | | H | | |
| Project 16 | Solar PV | 26.0 | 100% | 2024 | - | - | - | 26.0 | - | | H | | |
| Project 17 | Solar PV | 46.0 | 100% | 2024 | - | - | - | 46.0 | - | | H | | |
| Project 18 | Solar PV | 32.0 | 100% | 2024 | - | - | - | 32.0 | - | | H | | |
| Project 19 | Solar PV | 19.2 | 100% | 2024 | - | - | - | 19.2 | - | | H | | |
| Project 20 | Solar PV | 28.5 | 100% | 2024 | - | - | - | 28.5 | - | | H | | |
| Project 21 | Solar PV | 50.4 | 100% | 2024 | - | - | - | 50.4 | - | | H | | |
| Project 22 | Solar PV | 100.0 | 100% | 2025 | - | - | - | - | 100.0 | | | | |
| TOTAL CAPACITY | 1,384.4 | - | 18.0 | 339.1 | 822.6 | 204.7 |
Secured H Hybridization Close to be secured, in advanced process / visibility Ongoing, in process , under commercial progress
| Technology Capacity | (1) | Stake(2) | COD | Scheduled Capacity Additions | Land | Grid Permits Offtake | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Project | 21 | 22 | 23 | 24 | 25 | ||||||||
| Project 1 | Solar PV | 147.0 | 100% | 2025 | - | - | - | - | 147.0 | | | | |
| TOTAL CAPACITY | 147.0 | - | - | - | - | 147.0 |
TOTAL CAPACITY - REST OF EUROPE 147.0 - - - - 147.0
| Project | (1) Stake(2) | COD | Land | Grid Permits Offtake | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Technology Capacity | 21 | 22 | 23 | 24 | 25 | ||||||||
| (3) Fort Bend (TX) |
Solar PV | 317.0 | 100% | 2021 | 49.4 | 267.6 | - | - | - | | | | |
| (3) Fleming (KY) |
Solar PV | 235.0 | 100% | 2022 | - | 99.0 | 136.0 | - | - | | | | |
| High Point (IL) | Solar PV | 125.0 | 100% | 2022 | - | 125.0 | - | - | - | | | | |
| Madison County (KY) | Solar PV | 125.0 | 100% | 2022 | - | 125.0 | - | - | - | | | | |
| (3) Union (OH) |
Solar PV | 405.0 | 100% | 2022 | - | 189.0 | 216.0 | - | - | | | | |
| TOTAL CAPACITY | 1,207.0 | 49.4 | 805.6 352.0 | - | - |
| Project | Technology Capacity(1) Stake(2) | COD | Land | Grid Permits Offtake | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 21 | 22 | 23 | 24 | 25 | |||||||||
| (3) San Carlos |
Wind | 198.0 | 100% | 2020 | 145.2 | - | - | - | - | | | | |
| GxDx Toyota Guanajuato |
Solar PV | 19.2 | 100% | 2022 | - | 19.2 | - | - | - | | | | |
| TOTAL CAPACITY | 217.2 | 145.2 | 19.2 | - | - | - |
| Technology Capacity(1) Stake(2) | COD | Land | Grid Permits Offtake | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Project (3) |
21 | 22 | 23 | 24 | 25 | ||||||||
| Malgarida | Solar PV | 238.4 | 100% | 2020 | 209.4 | - | - | - | - | | | | |
| TOTAL CAPACITY | 238.4 | 209.4 | - | - | - | - | |||||||
TOTAL CAPACITY - AMERICAS 1,662.6 404.0 824.8 352.0 - -
| Scheduled Capacity Additions | Project | Technology Capacity | (1) Stake(2) | COD | Scheduled Capacity Additions | Land | Grid Permits Offtake | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 22 | 23 | 24 | 25 | 21 | 22 | 23 | 24 | 25 | |||||||||||
| Project 1 | Solar PV | 312.5 | 100% | 2023 | - | - | 312.5 | - | - | | | | | ||||||
| Project 2 | Solar PV | 281.3 | 100% | 2023 | - | - | 281.3 | - | - | | | | | ||||||
| Project 3 | Solar PV | 187.5 | 100% | 2024 | - | - | - | 187.5 | - | | | | | ||||||
| Project 4 | Solar PV | 375.0 | 100% | 2024 | - | - | - | 375.0 | - | | | | | ||||||
| Project 5 | Solar PV | 168.8 | 100% | 2025 | - | - | - | - | 168.8 | | | | | ||||||
| Project 6 | Solar PV | 187.5 | 100% | 2025 | - | - | - | - | 187.5 | | | | | ||||||
| TOTAL CAPACITY | 1,512.5 | - | - | 593.8 | 562.5 | 356.3 | |||||||||||||
| Scheduled Capacity Additions | Project | Technology Capacity(1) Stake(2) | COD | Scheduled Capacity Additions | Land | Grid Permits Offtake | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 22 | 23 | 24 | 25 | 21 | 22 | 23 | 24 | 25 | |||||||||||
| Project 1 | Wind | 180.0 | 100% | 2024 | - | - | - | 180.0 | - | | | | | ||||||
| Project 2 | Solar PV | 187.5 | 100% | 2023 | - | - | 187.5 | - | - | | | | | ||||||
| Project 3 | Solar PV | 187.5 | 100% | 2024 | - | - | - | 187.5 | - | | | | | ||||||
| TOTAL CAPACITY | 555.0 | - | - | 187.5 | 367.5 | - |
| Scheduled Capacity Additions | Project | Technology Capacity(1) Stake(2) | COD | Scheduled Capacity Additions | Land | Grid Permits Offtake | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 22 | 23 | 24 | 25 | 21 | 22 | 23 | 24 | 25 | |||||||||||
| Project 1 | Wind | 205.0 | 100% | 2025 | - | - | - | - | 205.0 | | | | | ||||||
| Project 2 | Solar PV | 112.0 | 100% | 2023 | - | - | 112.0 | - | - | | | | | ||||||
| Project 3 | Solar PV | 140.0 | 100% | 2024 | - | - | - | 140.0 | - | | | | | ||||||
| TOTAL CAPACITY | 457.0 | - | - | 112.0 | 140.0 | 205.0 | |||||||||||||
| TOTAL CAPACITY - AMERICAS | 2,524.5 | - | - | 893.3 1,070.0 561.3 |
Secured H Hybridization Close to be secured, in advanced process / visibility Ongoing, in process , under commercial progress
Notes: (1) Total Installed Capacity (Gross) in MW/MWp, for the purposes of this table COD is presented as the year of the first scheduled capacity addition (2) At the time of the CMD Presentation (3) Projects expected to produce early generation as MWs become operational each relevant year
| (1) Stake(2) COD | Scheduled Capacity Additions | Scheduled Capacity Additions | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Project | Technology | Capacity | 21 | 22 | 23 | 24 | 25 | Land | Grid | Permits | Offtake | 21 | 22 | 23 | 24 | |||||
| Mortlake South | Wind | 157.5 | 100% | 2021 | 139.5 | - | - | - | - | | | | | |||||||
| (3) MacIntyre (QLD) |
Wind | 923.4 | 70% | 2022 | - | 535.8 | 387.6 | - | - | | | | | |||||||
| TOTAL CAPACITY | 1,080.9 | 139.5 | 535.8 | 387.6 | - | - |
| Project | Technology Capacity(1) Stake(2) | COD | Land | Grid Permits Offtake | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 21 | 22 | 23 | 24 | 25 | |||||||||
| Project 1 | Wind | 365.0 | 100% | 2024 | - | - | - | 365.0 | - | | | | |
| Project 2 | Wind | 912.0 | 100% | 2025 | - | - | - | - | 912.0 | | | | |
| Project 3 | Solar PV | 182.1 | 100% | 2023 | - | - | 182.1 | - | - | | | | |
| TOTAL CAPACITY | 1,459.1 | - | - | 182.1 | 365.0 | 912.0 |
Secured H Hybridization Close to be secured, in advanced process / visibility Ongoing, in process , under commercial progress
Notes: (1) Total Installed Capacity (Gross) in MW/MWp, for the purposes of this table COD is presented as the year of the first scheduled capacity addition (2) At the time of the CMD Presentation (3) Projects expected to produce early generation as MWs become operational each relevant year
| Project | Technology Capacity | (1) Stake(2) | COD | Scheduled Capacity Additions | Land | Grid Permits Offtake | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 21 | 22 | 23 | 24 | 25 | |||||||||
| Project 1 | Wind | 142.5 | 26% | 2024 | - | - | - | 142.5 | - | | | | |
| Project 2 | Wind | 285.0 | 51% | 2025 | - | - | - | - | 285.0 | | | | |
| Project 3 | Wind | 285.0 | 51% | 2025 | - | - | - | - | 285.0 | | | | |
| Project 4 | Solar PV | 86.3 | 51% | 2023 | - | - | 86.3 | - | - | | | | |
| TOTAL CAPACITY | 798.8 | - | - | 86.3 | 142.5 | 570.0 |
Investment plan prioritises growth in OECD markets focusing on hard currencies and well-established regulatory frameworks
€Bn
| Region | Currency | Units | 2021 |
|---|---|---|---|
| Spain(1) | EUR | EUR/MWh | 68.6 |
| RoE(2) | EUR | EUR/MWh | 123.2 |
| Americas(3) | EUR | EUR/MWh | 45.6 |
| Australia | EUR | EUR/MWh | 46.8 |
| RoW(4) | EUR | EUR/MWh | 69.2 |
Spanish pool 55.6
Notes: Output weighted average
| Australia | AUD | 1.65 |
|---|---|---|
| Canada | CAD | 1.55 |
| Croatia | HRK | 7.57 |
| Hungary | HUF | 354.99 |
| India | INR | 87.32 |
| Poland | PLN | 4.37 |
| South Africa | ZAR | 20.06 |
| United States | USD | 1.17 |
Source: Bloomberg FX forecast by contributors - median forecast as of 22 July 2020
Notes: Expected Achieved Prices have been calculated based on PPA prices and merchant prices where applicable; Merchant power prices have been adjusted by profile and in nodal markets - like US or Mexico - they have been adjusted by basis; Merchant third party provider/source by country: Spain: 2021 average pool price calculated on the basis of actual pool prices 1 Jan-5 April + forward prices as of 5 April for the rest of the year from OMIP, RoE: Poland - TGE; Italy - GME; Portugal – IHS, Americas: USA - Argus; Canada & Mexico; Hitachi ABB; Chile - own model based on PLP software, Australia: ACIL Allen, ICAP, RoW: no merchant prices are applicable; Certificates - REC, GC, LGCs. Merchant price source: Broker sheets data as ICAP in Australia (1) On the basis of the expected Spanish pool price, includes Rinv and Ro, the regulatory banding mechanism if applicable, and hedged positions (2) Portugal, Italy, Poland, Hungary, Croatia & Ukraine (3) Canada, USA, Mexico, Costa Rica, & Chile. Including PTCs (4) South Africa, India & Egypt
| (€MM) | FY 18A | FY 19A | FY 20A | Comment |
|---|---|---|---|---|
| Other current financial assets | (249) | (198) | (196) | |
| Cash and cash equivalents |
(209) | (296) | (468) | |
| Cash and other current financial assets |
(458) | (494) | (664) | |
| Debentures and other negotiable securities - non-current |
216 | 209 | 181 | |
| Loans and borrowings - non-current |
716 | 650 | 620 | |
| Financial liabilities with group companies and affiliates - non-current |
1,058 | 1,357 | 1,569 | Excludes "Other" representing Tax Equity and shareholder loans from minority partners |
| Debentures and other negotiable Securities - current |
9 | 11 | 12 | |
| Loans and borrowings - current |
246 | 140 | 192 | |
| Financial liabilities with group companies and affiliates - current |
1,523 | 1,383 | 1,339 | |
| 3,767 | 3,749 | 3,912 | ||
| Lease obligations - non-current |
- | 300 | 368 | IFRS 16 applicable from 1 Jan 2019 |
| Lease obligations - current |
- | 21 | 20 | IFRS 16 applicable from 1 Jan 2019 |
| Lease obligations | - | 321 | 388 | |
| Net financial debt | 3,309 | 3,255 | 3,248 | |
| Net financial debt - including leases |
3,309 | 3,576 | 3,636 | |
| Intragroup debt | 2,582 | 2,741 | 2,908 |
| Facility | FX | Comment | Base Rate | Spread | TOTAL | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ce oaxaca dos, s. de r.l. de c.v. | USD | Fixed | 7.25% | 98 | 6 | 6 | 7 | 6 | 7 | 8 | 9 | 10 | 11 | 13 | 15 | - | - | |
| Ce oaxaca cuatro, s. de r.l. de c.v. |
USD | Fixed | 7.25% | 99 | 6 | 6 | 7 | 6 | 7 | 8 | 9 | 10 | 12 | 13 | 15 | - | - | |
| Tolpan sur, spa |
USD | VAT facility | 10 | - | 10 | - | - | - | - | - | - | - | - | - | - | - | ||
| Consorcio eolico chiripa, s.a. |
USD | Libor | 6.35% | 61 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 3 | |
| Usya spa (usd) |
USD | VAT facility | 3 | - | 3 | - | - | - | - | - | - | - | - | - | - | - | ||
| Red hills finance, llc | USD | Fixed | 6.50% | 43 | 5 | 5 | 6 | 6 | 6 | 6 | 7 | 2 | - | - | - | - | - | |
| Energias renovables pena nebina. s.l. |
EUR | Euribor | 4.25% | 14 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 1 | - | - | - | - | |
| Vjetroelektrana jelinak doo |
HRK | Euribor | 4.25% | 16 | 3 | 3 | 4 | 4 | 2 | 0 | 0 | - | - | - | - | - | - | |
| Acciona energia, s.a. |
EUR | Mortgage on Navarra headquarters |
3 | 1 | 1 | 1 | 1 | 0 | - | - | - | - | - | - | - | - | ||
| Acciona eólica levante, s.l. |
EUR | Euribor | 2.80% | 59 | 12 | 13 | 14 | 15 | 5 | - | - | - | - | - | - | - | - | |
| Golice wind farm sp. z.o.o. |
PLN | Wibor | 3.50% | 10 | 10 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Acciona energy australia global, pty. Ltd |
AUD | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | |||
| Eolica de zorraquin, s.l. |
EUR | Euribor | 1.85% | 7 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | - | - | - | - | - | - | |
| Windfall 59 properties (pty) ltd | ZAR | Jibar | 2.94% | 84 | 4 | 5 | 6 | 7 | 7 | 7 | 8 | 9 | 10 | 12 | 7 | - | - | |
| Sun photo voltaic energy india pvt ltd |
INR | Fixed | 10.50% | 40 | 2 | 2 | 2 | 3 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 8 | |
| Parques eólicos celadas, s.l. |
EUR | Euribor | 3.00% | 33 | 6 | 6 | 7 | 7 | 6 | 1 | - | - | - | - | - | - | - | |
| Parque eolico la esperanza. s.l. |
EUR | Euribor | 0.60% | 6 | 2 | 2 | 2 | - | - | - | - | - | - | - | - | - | - | |
| Lameque wind power lp |
CAD | Fixed | 5.47% | 29 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 4 | - | - | |
| Parque eólico villamayor, s.l. |
EUR | Euribor | 3.50% | 22 | 3 | 3 | 3 | 4 | 4 | 4 | - | - | - | - | - | - | - | |
| Blue falcon 140 trading (pty) ltd | ZAR | Jibar | 2.75% | 96 | 4 | 5 | 6 | 7 | 9 | 11 | 11 | 11 | 12 | 14 | 7 | - | - | |
| Tuppadahalli energy india private l imited |
INR | Fixed | 9.60% | 7 | 2 | 2 | 2 | 1 | - | - | - | - | - | - | - | - | - | |
| Notos produçao de energia lda | EUR | Euribor | 1.20% | 15 | 3 | 3 | 3 | 3 | 3 | - | - | - | - | - | - | - | - | |
| Parque eólico peralejo, s.a. |
EUR | Early repayment in Q1 21 | Euribor | 0.75% | 6 | 2 | 2 | 2 | 1 | - | - | - | - | - | - | - | - | - |
| Parques eolicos del cerrato. s.l. |
EUR | Euribor | 0.75% | 31 | 9 | 9 | 9 | 5 | - | - | - | - | - | - | - | - | - | |
| Acciona solar, s.a. |
EUR | 1 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | |||
| Parque eólico escepar, s.a. |
EUR | Early repayment in Q1 21 | Euribor | 0.75% | 9 | 9 | - | - | - | - | - | - | - | - | - | - | - | - |
| Total project debt (€MM) | 803 | 98 | 96 | 90 | 85 | 68 | 59 | 57 | 55 | 58 | 63 | 56 | 8 | 11 | ||||
| Project debt in EUR (€MM) | 207 | 48 | 42 | 44 | 38 | 21 | 8 | 3 | 2 | 1 | - | - | - | - | ||||
| Project debt in USD (€MM) | 314 | 21 | 35 | 24 | 23 | 25 | 28 | 30 | 28 | 28 | 31 | 34 | 5 | 3 | ||||
| Project debt in Other Currencies (€MM) | 283 | 28 | 20 | 22 | 24 | 22 | 23 | 25 | 26 | 29 | 32 | 21 | 3 | 8 | ||||
| Total project debt (€MM) | 803 | 98 | 96 | 90 | 85 | 68 | 59 | 57 | 55 | 58 | 63 | 56 | 8 | 11 |
| Tax Equity at Inception | Tax Equity Current Situation | |||||||
|---|---|---|---|---|---|---|---|---|
| Project | Size (MW) | Location | Investment (\$MM) | Operation Start | Contribution (\$MM) | Structure | Pending (\$MM) | Expected Flip |
| Red Hills | 123 | Oklahoma | 252 | February 2009 | 100 | Flip Partnership | 0 | 0 |
| Tatanka | 180 | North Dakota South Dakota |
383 | July 2009 | 282 | Flip Partnership | 173 | 2038 |
| Nevada Solar One | 69 | Nevada | 309 | July 2007 | 146 | Sale & Lease Back | 47(1) | 2027 |
| San Roman | 95 | Texas | 146 | December 2016 | 84 (Upfront) 14 (Deferred) |
Flip Partnership | 35 | 2038(2) |
| Palmas Altas | 145 | Texas | 191 | December 2019 | 91 (Upfront) 28 (Deferred) |
Flip Partnership | 69 | 2039 |
| La Chalupa | 198 | Texas | 290 | December 2020 | 120 (Upfront) 37 (Deferred) |
Flip Partnership | 129(3) | 2034 |
Source: Company information
Notes: (1) \$47MM is the total pending Junior Rents as per the Lease contract (2) Tatanka does not reach the flip date during the project life (3) Higher than their contribution due to the unexpected income allocation coming from the Texas February sales
| As of December | 31 | ||
|---|---|---|---|
| (€MM) | 2020(1) | 2019(2) | 2018(3) |
| Assets (Activo) | |||
| Property, plant and equipment (inmovilizado material) |
7,038.9 | 6,826.0 | 6,422.2 |
| Right-of-use assets (derechos de uso) | 352.5 | 284.9 | - |
| assets (otros activos intangibles) Other intangible |
130.8 | 146.7 | 157.7 |
| Non-current financial assets (activos financieros no corrientes) |
26.6 | 34.2 | 43.6 |
| Equity- accounted investees (inversiones contabilizadas aplicando el método de la participación) |
347.9 | 318.1 | 296.1 |
| Deferred tax assets (activos por impuestos diferidos) |
361.7 | 363.3 | 277.8 |
| and other non-current assets (deudores a largo Non-current receivables plazo y otros activos no corrientes) |
208.6 | 141.2 | 153.8 |
| Non-current assets (activos no corrientes) |
8,467.1 | 8,114.3 | 7,351.2 |
| (existencias) Inventories |
109.4 | 119.8 | 112.4 |
| Trade and other accounts receivable (deudores comerciales y otras cuentas a cobrar) |
430.1 | 363.6 | 559.3 |
| Other current financial assets (otros activos financieros corrientes) | 196.3 | 197.9 | 249.0 |
| Current tax assets (activos por impuentos sobre las ganancias corrientes) |
29.2 | 45.4 | 22.9 |
| Other current assets (otros activos corrientes) | 109.6 | 96.1 | 69.3 |
| Cash and cash equivalents (efectivo y otros medios liquidos equivalentes) |
467.7 | 296.0 | 209.1 |
| Current assets (activos corrientes) | 1,342.3 | 1,118.8 | 1,221.9 |
| (total activo) Total assets |
9,809.4 | 9,233.1 | 8,573.1 |
| Equity and | liabilities (pasivo y patrimonio neto) | ||
|---|---|---|---|
| capital (capital) Share |
329.3 | 329.3 | 329.3 | |
|---|---|---|---|---|
| (ganancias acumuladas) Retained earnings |
2,338.8 | 2,256.4 | 2,221.0 | |
| Consolidated net profit attributable to equity holders of the parent (resultado del ejercicio) |
198.8 | 189.7 | 134.1 | |
| Gains (losses) on foreign exchange (diferencias de conversion) |
(96.0) | (13.0) | (28.6) | |
| Interim dividend (dividendo a cuenta) |
(100.0) | (75.0) | (76.3) | |
| Total equity attributable to equity holders of the parent (patrimonio atribuido a tenedores de instrumentos de patrimonio neto de la dominante) |
2,670.9 | 2,687.4 | 2,579.5 | |
| interests (intereses minoritarios) Non-controlling |
367.5 | 203.4 | 193.7 | |
| Equity (patrimonio neto) |
3,038.4 | 2,890.7 | 2,773.3 | |
| As of December | 31 | ||
|---|---|---|---|
| (€MM) | 2020(1) | 2019(2) | 2018(3) |
| negotiable securities (obligaciones y otros valores negociables) Debentures and other |
181.0 | 209.4 | 215.6 |
| Loans and borrowings (deudas con entidades de crédito) |
619.6 | 650.2 | 715.8 |
| Lease obligations (obligaciones de arrendamiento) |
368.3 | 299.9 | - |
| Payable to group companies, associates and related parties (deudas con empresas del grupo, asociadas y vinculadas) |
1,775.0 | 1,769.9 | 1,439.1 |
| tax liabilities (pasivos por impuestos diferidos) Deferred |
541.4 | 506.2 | 424.1 |
| Provisions (provisiones) | 162.1 | 162.0 | 151.2 |
| Other non-current liabilities (otros pasivos no corrientes) |
183.1 | 248.2 | 275.6 |
| Non-currentliabilities (pasivos no corrientes) | 3,830.5 | 3,845.9 | 3,221.4 |
| Debentures and other negotiable securities (obligaciones y otros valores negociables) |
11.6 | 10.7 | 8.8 |
| Loans and borrowings (deudas con entidades de crédito) |
191.7 | 139.8 | 245.9 |
| Lease obligations (obligaciones de arrendamiento) | 19.9 | 20.5 | - |
| Payable to group companies, associates and related parties (deudas con empresas del grupo y asociadas) |
1,339.3 | 1,385.5 | 1,542.4 |
| Trade and other accounts payable (acreedores comerciales y otras cuentas a pagar) |
359.1 | 317.1 | 466.6 |
| Provisions (provisiones) | 1.5 | 1.5 | 1.2 |
| (pasivos por impuestos sobre las ganancias corrientes) Current tax liabilities |
5.4 | 13.7 | 16.3 |
| Other current liabilities (otros pasivos corrientes) |
1,012.2 | 607.5 | 315.1 |
| Current liabilities (pasivos corrientes) |
2,940.6 | 2,496.5 | 2,578.4 |
| Total equity and liabilities (total pasivo) |
9,809.4 | 9,233.1 | 8,573.1 |
Notes: (1) Derived from the 2020 Unaudited Consolidated Annual Accounts (2) Derived from the 2019 Audited Consolidated Annual Accounts (3) Derived from the 2018 Audited Consolidated Annual Accounts
| For the Year Ended December 31 |
|||
|---|---|---|---|
| (€MM) | 2020(1) | 2019(2) | 2018(3) |
| Turnover (importe neto de la cifra de negocios) |
1,759.1 | 1,994.7 | 2,205.2 |
| Other income (otros ingresos) |
562.1 | 482.7 | 255.5 |
| Supplies (aprovisionamientos) | (904.7) | (1,013.1) | (1,045.7) |
| expenses (gastos de personal) Staff |
(115.4) | (118.7) | (115.8) |
| Amortization, depreciation and impairment (dotación a la amortización y variación de provisiones) |
(409.2) | (417.3) | (385.7) |
| Other Operating expenses (otros gastos de explotación/otros gastos externos) |
(499.2) | (464.9) | (513.8) |
| with analogue activities (resultado puesta en equivalencia actividad análoga) Results from equity method entities |
57.3 | 44.6 | - |
| Results of asset impairment (resultado por deterioro de activos) |
84.5 | (3.3) | (0.2) |
| Net profit/(loss) on disposal of non-current assets (resultado de la enajenación de activos no corrientes) | (0.4) | (0.8) | 31.4 |
| profit or loss (otras ganancias o perdidas) Other |
(0.1) | 15.0 | 0.5 |
| Operating results (resultado de explotación) | 534.3 | 519.0 | 431.4 |
| Financial income (ingresos financieros) | 4.1 | 10.1 | 8.5 |
| Financial expenses (gastos financieros) | (238.2) | (257.4) | (252.6) |
| Gains (losses) on foreign exchange (differencias de cambio) | (3.7) | 13.2 | 8.5 |
| Changes in provisions for investment (variación de provisiones de inversions financieras) |
(0.6) | (2.1) | (0.1) |
| in the value of financial instuments at fair value (resultado de variaciones de valor de instrumentos financieros a valor razonable) Income from changes |
23.6 | 2.2 | (0.2) |
| Results from equity method entities(4) (resultado de sociedades por el metodo de participación) | - | - | 45.9 |
| Pre-tax profit (loss) from continuing operations(resultado antes de impuestos de actividades continuadas) |
319.4 | 285.0 | 241.3 |
| Income tax expenses (gasto por impuesto sobre las ganancias) | (95.9) | (70.7) | (87.6) |
| Profit for year from continuing operations (resultado del ejercicio de actividades continuadas) |
223.5 | 214.3 | 153.7 |
| Profit for the year (resultado del ejercicio) |
223.5 | 214.3 | 153.7 |
| Non-controlling interests (intereses minoritarios) |
(24.7) | (24.6) | (19.7) |
| Profit attributed to parent company (resultado atribuible a la sociedad dominante) |
198.8 | 189.7 | 134.1 |
Notes: (1) Derived from the 2020 Unaudited Consolidated Annual Accounts(2) Restated information as appearing in the 2020 Audited Consolidated Annual Accounts (3) Derived from the 2018 Audited Consolidated Annual Accounts(4) Since January 1, 2020, the Company includes the results of associates and joint ventures with activities analogous to those of the Group in which it holds interests and which are accounted for using the equity method within operating results as established in International Accounting Standard 1, and the 2019 figures were restated to show this change
| For the Year Ended December 31 | |||
|---|---|---|---|
| (€MM) | 2020 (1) | 2019 (2) | 2018 (3) |
| Pre-tax profit (loss) from continued operations (resultado antes de impuestos de actividades continuadas/ resultado antes de impuestos y externos) |
319.4 | 285.0 | 241.3 |
| Adjustments | |||
| Amortization, depreciation and impairment (amortizaciones y deterioros) |
324.7 | 420.6 | 385.9 |
| Result from equity method entities, net of tax (resultado de sociedades por el método de la paticipación antes de impuestos) |
(57.3) | (44.6) | (45.9) |
| Net profit/(loss) on disposal of non-current assets (resultado de la enajenación de activos no corrientes) |
0.4 | 0.8 | (31.4) |
| Financial income and expenses (ingresos y gastos financieros) | 234.1 | 247.3 | 244.1 |
| Other results not involving the movement of funds (otros resultados que no generan movimientos de fondos) |
(43.9) | (28.9) | (26.7) |
| Adjusted pre-tax profit from continued operations (resultado antes de impuestos de actividades continuadas corregido por ajustes/flujos de efectivo de las operaciones) |
777.3 | 880.2 | 767.5 |
| Changes in inventory (variación de existencias) | 5.6 | (7.9) | (5.0) |
| Changes in current assets/liabilities (variación en activo/pasivo corrientes) |
(26.3) | (182.4) | 113.6 |
| Current financial income and expenses (ingresos y gastos financieros corrientes) |
(207.8) | (145.0) | (242.4) |
| Dividends received from associates and other non-current financial investments (dividendos recibidos de entitades asociadas y de otras inversions financieras no (4) corrientes) |
10.2 | 26.4 | - |
| Income tax received/(paid) (cobros/pagos por impuesto sobre sociedades) | (48.5) | 125.2 | (56.5) |
| Changes in non-current assets/liabilities (variación en activo/pasivo no corriente operativo) |
(80.7) | (0.6) | 4.9 |
| Net cash flows from operations (flujos netos de efectivo de las actividades de explotación) |
429.9 | 695.9 | 582.1 |
| Acquisitions of PPE, intangible assets and non-current financial assets (adquisición de inmovillizado material , intangible y activos financieros no corrientes) |
(493.1) | (451.7) | (490.6) |
| Disposals of PPE, intangible assets and non/current financial assets (enajenación de inmovilizado material, intangible y activos financieros no corrientes) |
1.8 | 0.5 | 2.7 |
| Investments in group companies and associates (inversión en empresas grupo y asociadas) |
(11.1) | (17.0) | (44.9) |
| Disposals of group companies and associates (enajenación de empresas del grupo y asociadas) |
0.2 | - | 896.5 |
| Dividends received from associates and other non-current financial investments (dividendos recibidos de entidades asociades y de otras inversions financieras no (4) corrientes) |
- | - | 51.1 |
| Net cash flows (used in)/from investments (flujos netos de efectivo de las actividades de inversion) |
(502.2) | (468.2) | 414.6 |
| For the Year Ended December 31 | |||
|---|---|---|---|
| (€MM) | 2020 (1) | 2019 (2) | 2018 (3) |
| Dividend payments (pago de dividendos) | (75.0) | (76.3) | - |
| Dividends paid to external shareholders (pago de dividendos a socios extemos) | (31.8) | (47.6) | (35.7) |
| From equity instrument issues (cobras por emisión de instrumentos de patrimonio) | - | - | - |
| From financial liability instrument issues (cobros por emisión de instrumentos de pasivo financiero) |
208.7 | 49.1 | 49.8 |
| Payments on financial liability instruments issued (pagos por emisión de instrumentos de pasivo financiero) |
(129.4) | (240.4) | (231.5) |
| Net flows from financial instruments issues with the Group (flujo neto de emisión de intrumentos de pasivo con Grupo) |
213.7 | 137.2 | (759.2) |
| Net flows from other current financial assets (flujo neto de otros activos financieros corrientes) |
20.0 | (5.1) | 37.2 |
| Lease payments (pago arrendamientos) | (45.8) | (39.3) | - |
| Other financial flows (otros flujos de financiación) | 96.7 | 80.9 | - |
| Net cash flows from/(used in) financing (flujos netos de efectivo de las actividades de financiación) |
257.1 | (141.4) | (939.4) |
| Effect of exchange rate fluctuations (efecto de las variaciones en los tipos de cambio) |
(13.1) | 0.1 | (0.4) |
| Variation in cash and cash equivalents (variación de efectivo y medios líquidos equivalentes) |
171.7 | 87.0 | 57.0 |
| Opening balance of cash and cash equivalents (saldo inicial de efectivo y medios líquidos equivalentes) |
296.0 | 209.1 | 152.1 |
| Closing blance of cash and cash equivalents (saldo final de efectivo y medios líquidos equivalentes) |
467.8 | 296.0 | 209.1 |
Notes: (1) Derived from the 2020 Unaudited Consolidated Annual Accounts (2) Restated information as appearing in the 2020 Audited Consolidated Annual Accounts (3) Derived from the 2018 Audited Consolidated Annual Accounts (4) Since January 1, 2020, the Company includes the dividends received from associates and other non-current financial investments within cash flow from operations. For the years ended December 31, 2019 and 2018 this line item is classified within cash flow from investments
Digital transformation acceleration with 139 active initiatives oriented towards resilience and positive impact on EBITDA, with average payback periods of less than one year. Additional 40 initiatives already planned for the period 2022-2024
| Digital investments €24.8MM |
Business development |
Engineering and construction |
Operation and maintenance |
Energy management | Functional areas | |
|---|---|---|---|---|---|---|
| Data driven decision making |
€4.3MM | ꓲ Advanced analytics in construction projects |
ꓲ Turbine for life |
ꓲ Advanced analytics |
||
| Self-regulating assets and lifecycle management |
€4.0MM | ꓲ Energy storage optimization |
ꓲ SCADA ꓲ Energy storage management ꓲ Automation and robotization |
ꓲ Virtual Power Plant |
||
| Zero-based field operations |
€2.1MM | ꓲ Mobility in the work field |
ꓲ Facility Digitization ꓲ ESG Digitization (e.g. bird protection) |
|||
| Digitization of the stakeholder experience |
€2.4MM | ꓲ Digitization of document management |
ꓲ Digitization of the management process |
ꓲ Customer experience ꓲ Blockchain |
||
| Digitization of corporate and support processes |
€9.2MM | ꓲ Digitization of emergency plans |
ꓲ RPA ꓲ SME business strategy ꓲ Guarantees of Origin |
ꓲ Supply chain visibility ꓲ RPA ꓲ Blockchain |
||
| New digital businesses |
ꓲ €2.9MM ꓲ |
EV charging control platform Distributed generation |
ꓲ Exploitation of risk management information |
Digitalization and remote control operations through CECOER have allowed to maintain strong performance and resiliency through 2020 despite COVID-19 pandemic (c.97% average availability in 2020) Source: Company information
Digital Transformation Investments 2019-2021 €MM
CAPITAL MARKETS DAY 146 Our in-house energy management capabilities and expertise allow us to capture opportunities and addresses the challenges posed by the evolution in energy markets
Our in-house energy management capabilities and expertise allow us to capture the opportunities and address the challenges posed by evolving energy markets
Source: Company information
capabilities and depth of teams
Source: Company information
CAPITAL
favouring achievement of results
ACCIONA.org's objective is to provide access to energy, water and sanitation to underserved people and communities without prospects of getting them, with an approach of technical and managerial innovation
Optimally positioned to seize the opportunity and accelerate growth momentum with a target of doubling our size and reaching a total installed capacity of 20GW by 2025
Note: (1) CAGR is calculated assuming no asset disposals in Greece (48MW in 2016) and in Spain (CSP 250MW in 2018)
Unique positioning and capabilities derived from our global business model in a growing market
Leverage our unique track record of delivering and accelerating growth in new markets
Highly visible growth trajectory backed by solid pipeline, constantly fed by new opportunities
Maintaining our first mover advantage by exploring new technologies / business models
Rigorous investment framework to maximize value creation
The value of intangibles: with 30+ years of activity, the longest renewable energy experience in Spain, ACCIONA Energía was key in the design of early technologies which are now a standard in the sector, with a proven model that has outperformed over decades
Commissioning date of ACCIONA Energía's first assets in each country, by technology
Global presence across technologies to tap into a broader opportunity set
Opportunities analyzed in near 70 countries with wideranging knowledge of the market
On-the-ground expert local teams covering site analysis, permit applications, energy market studies, finance, regulatory and environmental aspects
Well-proven experience entering new countries and working with different system operators and technical standards
Integration across the value chain to maximize LCOE competitiveness
Growth non-dependent on farm-downs or securing project finance
Evolution of number of employees in business development
Chile: from single project to integrated utility in 5 years – from 45MW to almost 1GW
Notes: Only includes U/C & Secured projects in Chile. (1) Chilean auctions for long-term power-purchase agreements organized by distribution companies (DisComs)
US: sustained expansion that is expected to double total installed capacity by 2023 with projects secured to start construction in 2021-22
ACCIONA Energía's Business Development approach focuses on regional hubs with local resources combined with centralized business functions, allowing for sharing of best practices
Next generation EU funds provide additional upside to our growth trajectory
Note: (1) Not including green H2 projects
Floating Solar PV: 1.5GWp of floating solar PV pipeline across different reservoirs in Spain
The World Bank estimates a potential market for floating solar PV of approximately 400GW
Developing next-generation of solar PV solutions
Installation of innovative floating solar PV projects in reservoirs: the floating solar PV reduces the water evaporation and improves the quality of the water, minimizing the algae growth
Potential worldwide 1.5GWp of floating solar PV in different reservoirs across Spain
1,800 Bifacial PV modules
Surface: 1,2ha
Preparing hybridization projects of solar PV with hydro in our central hydroelectric plants
Pumped hydro plants: contributing value to the system through short, medium and long term energy storage services
| Description | • One of the most efficient systems to store energy in the medium and long-term • It provides stability to the electric grid with fast responsiveness and zero emissions • The role of hydroelectric pumped technology will be increasingly relevant as renewable technologies increase their penetration |
|
|---|---|---|
| Configuration | We are analysing the potential of pumped hydro in our portfolio and • have new projects are under development • ACCIONA Energía operates 873MW of hydroelectric plants in Spain, including the Ip pumped hydro plant, which has 89MW of capacity and an operating history of more than half a century |
|
| Projects | We have selected 2 initial projects in Aragon with the most potential • for pumped hydro additions amongst our operating hydroelectric plants (90MW) • We are developing new hydroelectric pumped hydro technology in Spain (200MW) |
As a pumped hydro plant, the plant pumps water to the upper reservoir in moments of energy surplus and uses the stored power to generate energy in moments of shortage which favours the integration of renewable energy to the grid
Smart Charging: capable of optimizing both client consumption and the grid flexibility needs
Forecasted growth in installed capacity: ACCIONA Energía has the resources to grow in line with the sector
Source: NEO 2020 Economic Transition Scenario, BloombergNEF, considering just the electricity mix. The figure of global renewable installed capacity would be higher in an scenario consistent with net-zero and including renewable capacity used as raw material to produce green hydrogen. Totals reflect simplified calculations, not considering capacity retirements .
Robust and thorough investment process involving multiple departments across ACCIONA Energía
ACCIONA Energía uses a dynamic country assessment model to select new markets, and leverages in-house capabilities to successfully bring renewable projects to operation
macroeconomic changes
Dynamic tool to select geographies: country assessment model
East and Southeast Asia Regional Assessment: Singapore, Taiwan, Philippines, Vietnam, S. Korea, Malaysia, Thailand and Indonesia
1 2 3 4 5
Market Attractiveness
1 2 3 4
Market Attractiveness
Disciplined approach to development with rigorous return thresholds
Selective view towards growth opportunities developed through a long standing track record in relevant geographies
The Engineering, Procurement and Construction organization is highly integrated within the various departments of ACCIONA Energía and is locally well-connected in order to deliver the best solutions
Source: Company information
Notes: (1) Additional employees contracted for projects under construction (currently 120 employees)
ACCIONA Energía's in-house experience and active project management expertise aims to deliver high quality whilst optimizing costs through multi-contracting
ꓲ Case-by-case analysis for an optimal contract split strategy
CAPITAL
ꓲ Hands-on and active management through a
ꓲ Purchase of BOP services, which may or may not include the provision of the trackers depending on complexity of location ꓲ Turn-key evacuation infrastructure
ACCIONA Energía's focus
issues early on ꓲ Multiple parties involved allowing for cost optimization and risk mitigation
protective contractual framework, anticipation of
Success factors
The BUILD Safe program supports continuous improvement in safety performance throughout the whole organization and all of our subcontractors
Source: Company information
172
Note: (1) Frequency rate reflects the number of accidents with lost time injury multiplied by 200,000 over total hours worked
Centralized organizational set up with strong local support, benefiting from 30 years of experience and appropriately sized for the growth opportunity ahead
ACCIONA Energía does not rely on third party providers of life extension packages, and has the skills, know-how and experience to perform this decisive task in-house
Wind farms P50 life estimation map for the component "Blade root, Composite" in years
Wind farms P50 life estimation map for the component "Blade root, Joint" in years
| P50 | P90 | |
|---|---|---|
| Blade root, composite | >40.0 | 30.2 |
| Blade root, joint |
32.0 | 28.6 |
| Hub | >40.0 | >40.0 |
| Hub-shaft, joint |
>40.0 | >40.0 |
| Low-speed shaft | >40.0 | >40.0 |
| Main frame, casting | >40.0 | >40.0 |
| Main frame welded | >40.0 | >40.0 |
| Main frame tower, joint |
>40.0 | >40.0 |
| Tower top | >40.0 | >40.0 |
reputable third party technical analysis
• All critical components >40 years useful life
| Component | Failure mode | Inspection | lntervals |
|---|---|---|---|
| Blade root, composite |
Fatigue | Visual Inspection (binoculars, high resolution camera, climbing robot, drones, rope access etc.) |
One year |
| Fatigue | Tap testing of all rotor bolts. Spot checks of the bolts preload are recommended | One year | |
| Blade root, joint | Corrosion | Proper surface treatment and protection for the corrosion issues | Once before year 20 - when necessary afterwards |
| Fatigue and corrosion | NDT (ultrasonic analysis, magnetic particles testing or penetrating liquids) | Four years | |
| Fatigue | NDT (ultrasonic analysis, magnetic particles testing or penetrating liquids) | Four years | |
| Hub | Fatigue and corrosion | Visual inspection | One year |
| Corrosion | Proper surface treatment and protection for the corrosion issues | Once before year 20 - when necessary afterwards |
|
| Visual inspection | One year | ||
| Main frame, welded | Fatigue | NDT (ultrasonic analysis, magnetic particles testing or penetrating liquids) | Four years |
The ACT Safe program will help to continuously improve safety performance: safety is completely integrated with operations
Source: Company information
Notes: (1) Frequency rate decrease from 2011 to 2020; (2) Frequency rate reflects the number of accidents with lost time injury multiplied by 200,000 over total hours worked
Availability and safety at Benban plant significantly improved after ACCIONA Energía took control of the operations
ꓲ Improvement of the work conditions, organization of the plant and the use of personal protective equipment
ꓲ Relevant improvements in the prevention of risks, reduction in the number of accidents and policy breaches in Benban
ꓲ No accidents since the moment when ACCIONA Energía took control back in February 2020 (in the 7 months before we took control there were 8 car crashes in Benban and continuous breaches of safety rules)
Over the last 4 years ACCIONA Energía has ranked ahead of its main competitors
Our sophisticated energy management organizational structure combining centralized functions and local markets expertise, allows us to maximize revenue and minimize risks
Source: Company information
2 Centralized standards complemented by local market knowledge
Sophisticated risk management processes
Diversified contracts and asset base, with complementary technologies and locations
Diversified portfolio of energy products
Trading capabilities to optimize short term sale
Systematic approach to hedging
Differentiated PPA structuring capabilities worldwide
Increasing integration with B2B customers in Iberia
Source: Company information
3
4
5
6
7
8
9
In-depth planning to anticipate future electricity market developments, in order to maintain both predictability and optimum performance of future cash flow streams
Global practices are complemented by specific solutions for the various markets we operate in
Source: Company information
Note: (1) Refers to PPAs signed in the market as a whole, not to specific ACCIONA Energía PPAs; (2) Countries in which assets have already been commissioned (refer to Section 3 for detailed pipeline information)
1
The energy management desk in the Iberian market ensures greater competitiveness of our assets
Source: Company information
Notes: (1) Refers to installed capacity enabled by the T.S.O to provide ancillary services in the operation markets of the Spanish electrical system; capacity is included in the current Spanish portfolio.; (2) Daily figures
An increasingly important lever to mitigate merchant exposure
Our business model is adapted to customers' needs, managing all types of energy services
| ENERGY EFFICIENCY | ||||
|---|---|---|---|---|
DEMAND ENERGY SERVICES
ꓲ We optimize energy use by implementing mature technologies that offer energy efficiency, reducing the environmental impact
SUPPLY ENERGY SERVICES
ꓲ We maximize the self-generation of energy at our customers' plants. We improve their use through storage solutions and shared use with nearby infrastructure
DIGITAL ENERGY SERVICES
110,000MWh SAVINGS IN ENERGY CONSUMPTION
+10MM M2 SURFACE AREA MANAGED
+4,000GWh MONITORED AND OPTIMIZED A YEAR
33,000Tn C02 EMISSIONS AVOIDED
Energy services in 400 municipal buildings belonging to Madrid City Council and its independent bodies
Energy management of exhibition and distribution centers and the main plant. The following actions can be highlighted:
Madrid City Council 400 municipal buildings Cosentino. Almeria and distribution centres Renault. Valladolid, Palencia, Seville and Madrid
Energy services in factories at all plants in Spain; factories and headquarters
ACCIONA Energía's capability to attract clients both in the PPA and on the B2B market
ꓲ Spanish retail business: +75% of its portfolio renewed y-o-y
ꓲ ACCIONA Energía's retail clients in Spain and Portugal report a level of satisfaction of 7.75 out of 10
ꓲ ACCIONA Energía's PPA clients in Chile consistently report a level of satisfaction close to 90%
B2B clients Iberia PPA clients Worldwide Potential evolution of B2B customersinto PPA offtakers
The B2B segment is transitioning from short-term supply contracts to longer tenors and PPA structures and ACCIONA Energía is well placed to leverage from the growth of that trend
The electricity price that ACCIONA Energía achieves via PPAs and B2B enables to capture revenues well above those registered in the auctions around the world
Source: Company information
Unique access to large and stable clients that demand a supply of 100% green energy
Case study: Telefonica's PPA – ACCIONA Energía's capabilities to maximize the value of its portfolio
Physical PPA Spain - 100GWh/yr 10years
Physical PPA
Green Energy supply for 24h/day consump.
Agile
process
ACCIONA Energía's capabilities to maximize the value of its portfolio and its results in Mexico
ꓲ Mr Alonso Rubio is the country manager for Mexico and Central America, were he has been managing since 2008. Mr Alonso Rubio has more than 30 years of experience in the engineering and construction sector.
ꓲ He began his professional career at Azkoyen Industrial in the R&D+i department. His entrepreneurial drive led him to, while holding such position, found his own engineering company, that he ran for 10 years until joining ACCIONA Energía in 2001. After spending five years in the I&C (engineering and construction) and international business development departments, he moved to Mexico to build up the structure of the Company in that geography.
ꓲ Mr Alonso Rubio holds a Law degree from the Universidad del Valle de México, an Industrial Engineering degree from the Universidad de Zaragoza, an ADII, Business Administration and Management, from the Instituto Panamericano de Alta Dirección de Empresa (IPADE Business School) and a master's in Marketing and Commercial Management from the Universidad Pública of Navarra.
ꓲ Mr Bravo Urtasun is the Country Manager for South Africa, position he has held since 2020. He has more than 16 years of international experience, leading and increasing business development and driving market penetration and operational excellence in renewable energy sector.
ꓲ Before joining ACCIONA Energía, he began his career in the renewable sector as Project Development Engineer at Woltwerk AG and a Delegate and Commercial Engineer from Spain at ERES S.A.
ꓲ In ACCIONA Energía, he first worked in in photovoltaic business development, and then went on to become the Director of Business Development in South Africa, position he held for seven years before becoming the Country Manager.
ꓲ Mr. Bravo is an Industrial Technical Engineer from the University of the Basque Country and holds a Masters in Photovoltaic Energy.
| Acronyms | Meaning |
|---|---|
| CAER | Corporación ACCIONA Energías Renovables S.A. Unipersonal |
| CAGR | Compound Annual Growth Rate |
| Capex | Capital expenditures |
| CCGT | Combined Cycle Gas Turbines |
| CECOER | Centro de Control de Energías Renovables(ACCIONA Energía's Renewable Energy Control Centre) |
| COD | Commercial Operation Date |
| CSP | Concentrated Solar Power |
| C&I | Commercial and Industrial |
| D&A | Depreciation and Amortization |
| DSO | Distribution System Operator |
| E&C | Engineering and Construction |
| EBITDA | Earnings Before Interests, Taxes, Depreciation and Amortisation |
| EPC | Engineering, Procurement and Construction |
| ERCOT | Electric Reliability Council of Texas (Texas Electric Grid Operator) |
| ESG | Environmental, Social and Governance |
| EV | Electric vehicle |
| FiT | Feed-In-Tariff |
| GoOs | Guarantees of Origin |
| ITF | Intention To Float |
| IRR | Internal Rate of Return |
| JV | Joint Venture |
| LCOE | Levelized Cost Of Energy |
| MEM | Mercado Eléctrico Mayorista (Mexico Wholesale Electricity Market) |
| MSA | Master Service Agreement |
| Acronyms | Meaning |
|---|---|
| MoU | Memorandum of Understanding |
| NDT | Non-Destructive Testing |
| NEMO | Nominated Electricity Market Operator |
| O&M | Operation and Maintenance |
| OECD | Organisation for Economic Co-operation and Development |
| OEM | Original Equipment Manufacturer |
| OMIE | Operador del Mercado Ibérico de la Electricidad (Spanish Electric Market Operator) |
| Opex | Operating expenses |
| PPA | Power Purchase Agreement |
| REE | Red Eléctrica de España |
| RES | Renewable Energy Sources |
| RoE | Rest of Europe |
| RoW | Rest of the World, or "Other" in the geographic segment presentation in the Company's accounts |
| RTB | Ready-to-Build |
| SME | Small medium enterprise |
| SSAA | Ancillary Services |
| TSO | Transmission System Operator |
| U/C | Under Construction |
| ACCIONA Energía's Scope of Business |
Scope of Business includes the following activities, globally and involving all types of technologies: ACCIONA Energía's • Promotion, development, exploitation and operation of (a) electricity-generation facilities through renewable-energy sources, and (b) green hydrogen generation facilities; • Production, transport, storage, marketing and delivery of green hydrogen and its subproducts; production and marketing of electrolyzers; • Commercialization of renewable energy; • Utility-scale storage of energy generated through electricity-production facilities by means of renewable-energy sources; and • R&D&I activities relating to the foregoing, including the development of new technologies related or ancillary to renewable energy |
|---|---|
| ACCIONA's Group Commitment |
• ACCIONA will not engage in activities pertaining to ACCIONA Energía's Scope of Business, with limited exceptions, unless ACCIONA Energía (i) has rejected such opportunities, with the directors appointed by ACCIONA, S.A. refraining from participating in the corresponding discussions and casting their votes or (ii) is offered by ACCIONA the opportunity to acquire the relevant businesses or assets on arms-length basis |
| Related party transactions between ACCIONA Energía and ACCIONA |
• ACCIONA will continue to provide to ACCIONA Energía certain corporate services, and ACCIONA Energía will provide ACCIONA energy supply and technical assistance services. The parties may provide furtherservicesto the other on demand. Allservices will be provided on arms' length basis. • As a general rule, related party transactions between ACCIONA Energía and ACCIONA will be approved by ACCIONA Energía's Board of Directors, following a report from the Audit and Sustainability Committee. Nevertheless: The Board of Directors may delegate the approval of related-party transactions if these are carried out (i) in the ordinary course of business in arm's length conditions or (ii) on the basis of standardized contractsfor a consideration below 0.5% of the Company'sturnover The General Shareholders meeting must approve any related-party transactionsfor a consideration above 10% of the Company's net assets |
| Information | • ACCIONA Energía to continue to provide ACCIONA with customary information as it is necessary for ACCIONA to be able to satisfy its regulatory, legal, contractual, tax and accounting obligations or other purposes for the benefit of both ACCIONA Energía and ACCIONA |
| Amendments, term and termination |
Amendment of Framework Agreement requires the approval of the disinterested directors of ACCIONA Energía following a report from the Audit and • Sustainability Committee • Framework agreement will remain in force for so long as ACCIONA Energía is a fully-consolidated subsidiary of ACCIONA under IFRS-EU |
| Terms and Acronyms |
Meaning |
|---|---|
| ACCIONA Energía / Company |
Corporación ACCIONA Energías Renovables, S.A. Unipersonal |
| Adjusted EBITDA |
Adjusted EBITDA corresponds to profit for the period / year before interest expenses, income tax expenses, depreciation and amortization adjusted for change in impairment of assets and other provisions and allowances, income from changesin the value of financial instruments at fair value, financial costs capitalized, financial revenues and other financial results and resultsfrom disposals of non-current assets and other gains or losses. Adjusted EBITDA is referred to as EBITDA in ACCIONA Energía's audited consolidated annual accounts |
| Additional opportunities |
Additional opportunities for an approximate of 28GW that we expect will allow us to reach more than 30GW by 2030 |
| Advanced Development pipeline |
Projects for which land or grid access has not yet been secured but one of such milestones is close to being secured |
| Availability | Defined as the ratio calculated on an annual basis between the total amount of time during which a generating project is able to produce electricity reduced by the time during which such generating project does not produce electricity due to a breakdown or maintenance procedures divided by the total amount of time during which a generating project is able to produce electricity |
| Biomass | It includes biomass and biomass co-generation |
| Full Opex | Full Opex includes land leases, operations & maintenance, external services, transport costs, insurance, local taxes, utilities and other current expenses; do not include overhead costs and 7% Spanish generation tax |
| Hard Currencies | EUR, USD and AUD |
| Highly visible pipeline | Projects for which land and grid access have been secured or are close to being secured, discussions for offtake solutions are in advanced stage and/or there is high visibility of award mechanisms |
| Investments | Capex (Capital expenditures) |
| iRECs | International Renewable Energy Certificates are certifications designed to be a tracking system to verify and certify certain attributes of generated renewable energy by an energy plant. This provides support for tracking compliance with regulatory renewable energy targets and enables voluntary end-users to track, verify and ground their environmental claims toward climate goals |
| Load factor | The load factor is an indicator of how efficiently energy is being utilized, being the actual amount of energy delivered during a designated period of time, as opposed to the total possible energy that could have been delivered during that same designated period of time |
| Terms and Acronyms |
Meaning |
|---|---|
| Net Financial Debt |
Non current debentures and other negotiable securities plus non-current loans and borrowings plus current debentures and other negotiable securities plus current loans and borrowings minus other current financial assets (other receivables short term), other current financial assets (other financial assets short term) and cash and cash equivalents minus other loans with Group companies and derivatives plus financial liabilities with Group companies and affiliates (non current) and financial liabilities with Group companies and affiliates (current) |
| Net Income | Profit attributed to parent company (resultado atribuible a la sociedad dominante) |
| Net Installed Capacity |
Installed capacity of the projectsthat is proportional to the Company'sshareholding stake in the company owning the relevant project |
| Total Installed Capacity |
Total installed capacity of the projects owned by companies in which the Company owns, directly or indirectly, any interest (including projects in which the Company owns non-controlling interests) and it takes into account the entire installed capacity of the relevant project irrespective of the interest the Company ownsin it (not weighted according to the effective economic exposure it has to such project) |
| Total Production |
Total production from the projects owned by companiesin which the Company owns, directly or indirectly, any interest (including projects in which the Company owns non- controlling interests) and it takesinto account the entire production of the relevant project irrespective of the interest the Company ownsin it (not weighted according to the effective economic exposure it has to such project) |
| U/C & Secured Projects | Projects under construction or for which construction will commence in 2021 or 2022 as a final investment decision has already been made and an offtake solution has already been secured |
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