Corporacion Acciona Energias Renovables S.A.

Investor Presentation • Jul 28, 2021

COMISION NACIONAL DEL MERCADO DE VALORES

Madrid, 28 de julio de 2021

Muy Sres. nuestros:

Dear Sirs,

Corporación Acciona Energías Renovables, S.A. ("Acciona Energía") adjunta presentación en inglés que se seguirá en la multiconferencia de mañana día 29 de julio, a las 10:00h (CET). La presentación podrá ser seguida vía webcast a través de la Web de Acciona Energía (www.acciona-energia.com)

Corporación Acciona Energías Renovables, S.A. ("Acciona Energía"), attaches the presentation to follow the conference call to be held tomorrow 29th July at 10:00am (CET). The presentation can be followed via webcast through Acciona Energía's website (www.accionaenergia.com)

Atentamente/Yours faithfully,

Jorge Vega-Penichet López Secretario del Consejo Company Secretary

R E S U L T S P R E S E N T A T I O N

2 9 t h H 1 2 0 2 1 – J a n u a r y - J u n e J u l y 2 0 2 1

DISCLAIMER

This document has been prepared by Corporación Acciona Energías Renovables. S.A. ("ACCIONA Energía" or the "Company" and, together with its subsidiaries, "ACCIONA Energía Group") exclusively for use during the presentation of financial results. Therefore it cannot be disclosed or made public by any person or entity for any other purposes without the prior written consent of the Company. The Company does not assume any liability for the content of this document if used for any purposes different from the one outlined above.

The information and any opinions or statements made in this document do not purport to be comprehensive and have not been verified by independent third parties nor audited, and in some cases are based on management information and estimates and are subject to change; therefore no express or implied warranty is made as to the impartiality, accuracy, completeness or correctness of the information or the opinions or statements expressed herein. Certain financial and statistical information contained in this Presentation may be subject to rounding adjustments.

Neither the Company, its subsidiaries or any entity within the ACCIONA Energía Group or subsidiaries, any of its advisors or representatives assume liability of any kind, whether for negligence or any other reason, for any damage or loss arising from any use of this document or its contents.

The information contained in this document on the price at which securities issued by ACCIONA Energía have been bought or sold, or on the performance of those securities, may not and should not be used to predict the future performance of securities issued by ACCIONA Energía.

Neither this document nor any part thereof constitutes, 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 may it be used or relied upon in connection with, form the basis of, or for incorporation into or construction of, any contract or agreement or investment decision.

IMPORTANT INFORMATION

This document 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 published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC.

In addition, this document 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 solicitation for any vote or approval in any other jurisdiction.

Particularly, this document does not constitute an offer to purchase, sell or exchange or the solicitation of an offer to purchase, sell or exchange any securities.

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"). 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.

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 ACCIONA Energía 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.

FORWARD-LOOKING STATEMENTS

This document contains forward-looking information and statements about ACCIONA Energía, including financial projections and estimates and their underlying assumptions, statements regarding plan, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words "expects", "anticipates", "believes", "intends", "estimates", "pipeline" and similar expressions.

Although ACCIONA Energía believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ACCIONA Energía shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of ACCIONA Energía, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed in the documents filed by ACCIONA Energía with the CNMV, which are accessible to the public.

Forward-looking statements are not guarantees of future performance. They have not been reviewed by the auditors of ACCIONA or ACCIONA Energía. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date they were made. All subsequent oral or written forward-looking statements attributable to ACCIONA, ACCIONA Energía or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. All forwardlooking statements included herein are based on information available to ACCIONA Energía, on the date hereof. Except as required by applicable law, ACCIONA Energía does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The Results Report 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. The Results Report includes the list and definition of the Alternative Performance Measures (APMs) used both in this presentation and the Results Report. 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 an alternative 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.

The definition and classification of the pipeline of ACCIONA Energía, which comprises both secured and under construction projects, highly visible projects and advanced development projects, as well as other additional opportunities, may not necessarily be the same as that used by other companies engaged in similar businesses. As a result, the expected capacity of ACCIONA Energía'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, ACCIONA Energía'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 ACCIONA Energía's control, occur.

KEY HIGHLIGHTS H1 2021

A C C I O N A E N E R G Í A – I N D E P E N D E N T L Y L I S T E D & F I N A N C E D P U R E - P L A Y R E N E W A B L E U T I L I T Y

• › Successful IPO process completed shares started trading on 1 July
• › Full exercise of Green Shoe option (2.25%) ahead of time brings total free float to 17.25%
• › Funding & treasury separation from ACCIONA Group completed on 8 July
• › ECP & EMTN debt issuance programmes already registered and credit ratings underway

S T R O N G F I R S T H A L F R E S U L T S D R I V E N B Y N E W C A P A C I T Y I N O P E R A T I O N ( T E X A S ) & L O W E R F I N A N C I A L C H A R G E S U N D E R N E W C A P I T A L S T R U C T U R E

• › EBITDA up 18.3% to €501m and Net Income increases by 91.4% to €153m
• › Spanish generation business not benefiting significantly yet from higher power prices due to regulatory banding accounting and high level of contractedness
• › International generation EBITDA up by 27.6% strong operating & market risk management capabilities demonstrated in challenging Texas weather incident

T O T A L C A P A C I T Y A D D I T I O N S S I N C E H 1 2 0 2 0 O F 0 . 8 G W C O N C E N T R A T E D I N O U R C O R E H U B S

• › 494MW added since January, on track to meet 598MW capacity additions target for FY 2021
• › 0.5GW under construction and 1.3GW to start in coming months (Australia, US, Spain and Mexico)
• › Intense development & commercial activity growing demand for green electricity
• › Hydrogen Plug Power JV gathering speed, Mallorca demonstration project on track, and requests worth €642m submitted to EU NextGen funds

C A P I T A L E X P E N D I T U R E O F € 6 6 1 M

› Includes increased stake in subsidiary AEI & capex deferrals from 2020 COVID-driven cashflow management

N E T D E B T A T € 2 . 3 B N – A M P L E H E A D R O O M T O D E L I V E R G R O W T H P L A N ; I G R A T I N G C O M M I T M E N T

• › Expect year-end Net Debt/EBITDA at ~2.3x and ratio to increase gradually in following three years towards ~3.5x
• › Longer term financial policy/leverage targets to be ultimately driven by commitment to Investment Grade credit rating

NEW CAPACITY – CONSTRUCTION ACTIVITY

Intense construction activity during 2021

Projects under construction & to start construction in 2021

Asset name	Country	MW
Fort Bend	USA	315
High Point	USA	125
Celada Fusión	Spain	48
Petra	Spain	7
Total		495
	Country	MW
	Australia	923
	USA	125
To start construction in H2 2021 Asset name McIntyre Complex Madison (Tenaska) Extremadura	Spain	125
Bolarque I	Spain	50
Pedregales	Spain	18
Lloseta	Spain	9

495MW under construction in June 2021 and 1,250MW to start construction in H2 2021

PIPELINE UPDATE & COMMERCIAL ACTIVITY

P I P E L I N E P R O J E C T S : N E W O P P O R T U N I T I E S – A C Q U I S I T I O N & G R E E N F I E L D

• › McIntyre: ACCIONA places firm order for Nordex turbines
• › In the US, the company begins construction work on its first solar projects in this market + advancing to bring to Secure status the Highly Visible Tenaska project pipeline
• › Exploring development project acquisition opportunities to enter new markets Brazil, Peru and Dominican Republic (projects under development already acquired)
• › As example of recent developments, new projects in Chile close to RTB, progress in building our development portfolio in Poland and in hybridization opportunities in Portugal

C O M M E R C I A L A C T I V I T Y

• › Retaining position as #1 green energy supplier in Spain
• › Development of Spanish SME supply portfolio emerging demand for 5-10 year contracts in high wholesale price context
• › Awarded new corporate PPA with top tier Spanish corporate 10-year contract
• › Total PPA contracts signed in H1 across main hubs amounts to 750GWh and we have 1TWh in Binding Offer status
• › Current high wholesale price environment is feeding into PPAs unsatisfied demand for PPAs in certain markets

INNOVATION & NEW TECHNOLOGIES

G R E E N H Y D R O G E N

• › Formalisation & structuring of JV with Plug Power in advanced state supply of green hydrogen in Spain & Portugal
• › JV partners working together with several clients towards on-site generation and supply of green H2
• › JV submitted for EU funds an additional "H2 valley" as first joint project of 40MW electrolyser/100MW renewable generation (additional to existing 0.5GW pipeline)
• › Mallorca demonstration project on track for commissioning at year end expect imminent environmental permit (key milestone)
• › Starting to explore opportunities in Chile to access CORFO funds

O F F S H O R E

• › SSE offshore JV signed MoU for the offshore wind development JV for Spain and Poland
• › Working jointly on Polish tender 2021

I N N O V A T I O N

• › Commissioning of first storage facility in Spain with second-life batteries from electric vehicles
• › Agrivoltaics EU funds awarded to innovative PV powered pumping project for agricultural irrigation
• › GreenH2Chain blockchain platform in full operation pioneering solution to trace green origin for H2
• › Commercial launch of ACCIONA Energía's smart solution for efficient charging of electric vehicles (Green Smart Charge) to complement range of products offered to Commercial & Industrial energy supply customers

H1 2021 RESULTS HIGHLIGHTS

	H1 2021 (€m)	% Chg. vs H1 2020		H1 2021 (€m)	% Chg. vs H1 2020
Revenues	1,041	23%	Total capacity (MW)	11,188	8%
Generation Revenues	698	16%	Consolidated capacity (MW)	9,125	9%
EBITDA	501	18%	Total production (GWh)	12,557	4%
EBT	225	54%	Consolidated production (GWh)	10,227	4%
Attributable net profit	153	91%	Supply volumes Spain & Portugal (GWh)	3,540	18%

	Jan-Jun 21 (€m)	Jan-Jun 20 (€m)	Production contracted (%)	84%	+8.7pp
Net ordinary Capex	404	478	(1) Avg. residual contracted life (years)	9	n.m.

	H1 2021 (€m)	FY 2020
Net financial debt	2,345	3,636

		H1 2021 (€m)	% Chg. vs H1 2020
	Average Load Factor (%)	29%	-1.3pp
(€m)	Production contracted (%)	84%	+8.7pp
	(1)
	Average price (€/MWh)	68.3	11%
(€m)	EBITDA Generation margin (%)	72%	+1.9pp

ESG HIGHLIGHTS – H1 2021

Key ESG indicators
People	30-Jun-21	30-Jun-20	Chg. (%)
Workforce (no.)	1,557	1,552	0.3%
Executive and manager women (%)	23.2%	21.3%	+1.9pp
Accident frequency index - employees & contractors	0.60	0.48	+0.12u
Social Impact Management projects (no.)	32	29	10.3%
Planet	30-Jun-21	30-Jun-20	Chg. (%)
CAPEX aligned with the low-carbon taxonomy (%)	100%	100%	-
Renewable production (GWh)	12,557	12,104	3.7%
Avoided emissions (CO₂ million ton)	6.8	6.9	-1.4%
Generated scope 1+2 emissions (CO₂ million ton)	0.010	0.012	-0.002u
Waste to landfill (thousand ton)	17.6	17.8	-1.1%
Recovered waste (%)	94%	94%	-
Water consumed (hm³)	0.63	0.69	-8.7%

ESG highlights

• Top ESG rating in the global energy sector in a cross-sector assessment conducted by S&P Global Ratings
• Arranged €2.5bn syndicated facility under innovative "double impact" ESG scheme
• Completed first phase in roll-out of world-class package of ESG policies and strategies, in anticipation of approval of Sustainability Master Plan 2025 in H2
• First Spanish electric utility to join The Climate Pledge

Evolution of key ESG indicators

• Higher women in executive and manager positions ratio increase in promotions
• Rise in the accident frequency index decrease in working hours in the construction of new capacity
• Social Impact Management has been implemented in new projects in Chile as Tolpán, Almeyda and Usya. The number of impacted people has been measured by semester for the first time
• The increase in renewable generation is mainly due to new wind and photovoltaic facilities in the USA, Mexico and Chile. However, avoided emissions have not grown as load factors have decreased in the period
• Emissions have decreased due to direct measurement at biomass plant stacks
• Water consumption was reduced due to higher efficiency in biomass plants

INVESTMENT

Net Ordinary Capex	Capex Deferral	Net
		Investment
32	-7	25
48	76	124
61	54	115
73	198	271
0	0	0
182	328	510
74	-63	10
3	7	10
-1	-6	-7
258	264	523
113	0	113
404	258	661

Capex related to the construction of new generation assets

Most of the investment effort has been allocated to the 5 main hubs (Spain, USA, Mexico, Chile & Australia)

The increase in the stake in ACCIONA Energía Internacional represented an additional investment of €113m

NET DEBT EVOLUTION

Net debt reconciliation H1 2021 (€m)

1. IFRS16 adjustment as of December 2020 not included (€388m)

2. IFRS16 lease payments: €28m of which €11m is reflected in Financial results (net interest) and €17m in Derivatives, FX & IFRS16 principal

NET FINANCIAL DEBT

Net financial debt breakdown (€m)

Debt breakdown by nature (1)

1. Proforma for the repayment of remaining intragroup debt of €1.57bn by drawing down from new ESG Syndicated Facility on 8 July 2021, which completed the full financial separation of ACCIONA Energía from the ACCIONA Group

DEBT MATURITY & LIQUIDITY

Liquidity and debt principal maturity schedule (€m)

SPAIN – MARKET OVERVIEW

Pool price evolution (€/MWh)

Spanish production mix and hydro reserves evolution

		Renewable Non-Renewable
H1 2020	48%	52%
H1 2021	53%	47%

Commodities

SPAIN – REVENUE DRIVERS

Average achieved prices – regulated vs. wholesale (€/MWh)

Average achieved price composition (€/MWh)

(€/MWh)	Jan-Jun 21	Jan-Jun 20	Chg. (%)
Achieved market price	53.2	28.4	87.5%
Hedging	-5.5	4.6	-219.6%
Achieved market price with hedging	47.7	32.9	45.0%
Regulatory income	18.8	19.2	-2.1%
Banding	-5.1	8.1	-163.5%
Average total price	61.4	60.2	2.0%

SPAIN – OPERATING RESULTS

(Million Euro)	Jan-Jun 21	Jan-Jun 20	Chg. (€m)	Chg. (%)
Generation	321	308	13	4.3%
Intragroup adjust., Supply & Other	243	164	79	48.1%
Revenues	564	472	92	19.5%
Generation	179	160	19	12.1%
Generation - equity accounted	17	26	-9	-35.0%
Total Generation	196	185	10	5.6%
Intragroup adjust., Supply & Other	-16	-17	2	9.2%
EBITDA	180	168	12	7.1%
Generation Margin (%)	60.9%	60.2%

EBITDA evolution (€m)

Consolidated production variation (GWh)

INTERNATIONAL – MARKET OVERVIEW

Power markets

Exchange rates

Electricity demand (GW)

INTERNATIONAL – REVENUE DRIVERS

Average achieved prices (€/MWh)

%Chg. vs H1 2020

INTERNATIONAL – OPERATING RESULTS

(Million Euro)	Jan-Jun 21	Jan-Jun 20	Chg. (€m)	Chg. (%)
Generation	377	296	82	27.6%
USA	107	36	70	192.6%
Mexico	76	78	-1	-1.9%
Chile	49	42	7	17.9%
Australia	31	32	-1	-3.5%
Rest of the World	115	108	7	6.1%
Intragroup adjust., Supply & Other	100	77	23	29.1%
Revenues	477	373	104	27.9%
Generation	295	226	69	30.6%
USA	91	21	70	332.5%
Mexico	57	67	-11	-16.1%
Chile	35	35	0	-0.5%
Australia	20	22	-2	-8.1%
Rest of the World	92	80	12	15.0%
Generation - equity accounted	11	11	0	-0.6%
Total Generation	305	236	69	29.2%
Intragroup adjust., Supply & Other	15	19	-3	-17.8%
EBITDA	321	255	66	25.8%
Generation Margin (%)	80.9%	79.9%

EBITDA evolution (€m)

Consolidated production variation (GWh)

CONCLUDING REMARKS

S T R O N G F I R S T H A L F – E X P E C T T O M A I N T A I N S O L I D D O U B L E - D I G I T E B I T D A G R O W T H I N T O T H E F U L L Y E A R D E S P I T E W E A K E R O U T P U T S O F A R

› H I G H E R B E N E F I T F R O M S P A N I S H P R I C E S I N H 2 – A C C O U N T I N G O F R E G U L A T O R Y B A N D I N G I N S Y N C W I T H M A R K E T P R I C E S & H I G H E R H E D G E D P R I C E S

A C C E L E R A T I O N O F M W S U N D E R C O N S T R U C T I O N & G O O D M O M E N T U M I N N E W I N I T I A T I V E S A N D C O M M E R C I A L A C T I V I T Y I N H 2

E X P E C T T O T A L I N V E S T M E N T C A S H F L O W O F ~ € 1 . 0 - 1 . 1 B N F O R T H E Y E A R A S A W H O L E A N D N E T D E B T / E B I T D A F Y 2 0 2 1 A T ~ 2 . 3 X

02 A P P E N D I X

ACCIONA ENERGÍA OPERATING RESULTS

Key figures H1 2021

(Million Euro)	Jan-Jun 21	Jan-Jun 20	Chg. (€m)	Chg. (%)
Generation Spain	321	308	13	4.3%
Generation International	377	296	82	27.6%
Intragroup adjust., Supply & Other	343	241	101	42.0%
Revenues	1,041	845	196	23.2%
Generation Spain	196	185	10	5.6%
Generation International	305	236	69	29.2%
Intragroup adjust., Supply & Other	0	1	-2	-117.9%
EBITDA	501	423	78	18.3%
Generation Margin (%)	71.7%	69.9%

EBITDA evolution (€m)

Consolidated production variation (GWh)

SCHEDULED CAPACITY ADDITIONS

									Scheduled Capacity Additions per		(1)
						MW				year (MW)
Technology Country		Asset name	% ANA stake	Total	Added YTD	Under const. Jun 2021	Start const. 2021	Start const. 2022	2021	2022	2023	2024	Details
Wind	Mexico	San Carlos	100%	198	145				145				Private PPA
Wind	Australia	Mortlake	100%	158	140				140				PPA with State of Victoria
Wind	Spain	Celada Fusión	100%	48		48			48				Private PPA
Wind	Spain	Pedregales	100%	18			18			18			PPA Portfolio
Wind	Australia	McIntyre Complex	70%	923			923			125	713	85	PPA with CleanCo for 40% of the production. ACCIONA will own 923 MW and build 103 MW for CleanCo. in advanced negotiations with offtaker-investment partners and working on additional PPAs
PV	Chile	Malgarida	100%	238	209				209				Private PPA
PV	Mexico	DG Guanajuato	100%	19				19		19			Private PPA
PV	Spain	Petra	45%	7		7			7				Green hydrogen project - Mallorca
PV	Spain	Lloseta	45%	9			9			9			Green hydrogen project - Mallorca
PV	Spain	Extremadura	100%	125			125			125			Private PPA
PV	Spain	Ayora	100%	86				86		86			Private PPA
PV	Spain	Bolarque I	100%	50			50			50			Spanish renewable auction
PV	Spain	Escepar y Peralejo Hibridación	100%	57				57		57			Spanish renewable auction
PV	Spain	Tarifa	100%	21				21		21			Spanish renewable auction
PV	USA	High Point	100%	125		125				125			Private PPA + ITC
PV	USA	Fort Bend	100%	315		315			49	266			Prospected PPA + ITC
PV	USA	(2) Tenaska Portfolio	100%	765			125	640		210	555		Private PPA + ITC
Total				3.162	494	495	1.250	823	598	1.111	1.268

1. Capacity constructed, not equivalent to plant COD; subject to change depending on business development progress

2. Tenaska Portfolio includes 3 projects. Madison to start construction in H2 2021

INSTALLED CAPACITY

Installed MW (30 June 2021)

	Total	Consolidated	Eq accounted	Net
Spain	5,677	4,452	593	5,014
Wind	4,738	3,514	593	4,078
Hydro	873	873	0	873
Solar PV	4	4	0	4
Biomass	61	61	0	59
International	5,511	4,672	358	4,314
Wind	4,006	3,804	48	3,217
CSP	64	64	0	48
Solar PV	1,441	804	310	1,049
Total	11,188	9,125	952	9,329

EQUITY ACCOUNTED CAPACITY

Proportional figures (30 June 2021)

	MW	GWh	EBITDA (€m)	NFD (€m)
Wind Spain	593	680	31	74
Wind International	48	44	0	-2
Australia	32	29	0	-2
Hungary	12	12	0	0
USA	4	3	0	0
Solar PV	310	352	13	43
Total equity accounted	952	1,075	44	115

SPAIN – ACHIEVED PRICES

	Consolidated
	production			Achieved price (€/MWh)			Revenues (€m)
	(GWh)	Market	Rinv+Ro	Banding	Total	Market	Rinv+Ro	Banding	Total
H1 2021
Regulated	2,865	50.6	34.3	-9.4	75.6	145	98	-27	217
Wholesale - hedged	1,780	40.3			40.3	72			72
Wholesale - unhedged	582	56.1			56.1	33			33
Total - Generation	5,228	47.7	18.8	-5.1	61.4	250	98	-27	321
H1 2020
Regulated	2,622	27.4	37.4	15.7	80.6	72	98	41	211
Wholesale - hedged	1,114	50.8			50.8	57			57
Wholesale - unhedged	1,372	29.0			29.0	40			40
Total - Generation	5,109	32.9	19.2	8.1	60.2	168	98	41	308
Chg. (%)
Regulated	9.3%				-6.2%				2.5%
Wholesale - hedged	59.8%				-20.6%				26.9%
Wholesale - unhedged	-57.6%				93.8%				-17.8%
Total - Generation	2.3%				2.0%				4.3%

WIND – DRIVERS BY COUNTRY

Wind prices (€/MWh) (1) and Load factors (%)

	H1 2021			H1 2020
	Av. price (€/MWh)	LF (%)	Av. price (€/MWh)	LF (%)	Av. price (€/MWh)
Spain Average	59.7	26.0%	64.5	22.5%	-7.5%
Spain - Regulated	70.7		79.3
Spain - Not regulated	39.1		37.6
Canada	56.5	30.9%	55.7	33.2%	1.3%
(2) USA	94.3	21.6%	23.5	32.5%	301.9%
India	47.4	23.0%	51.5	21.9%	-8.0%
Mexico	54.4	35.9%	65.5	36.0%	-16.9%
Costa Rica	98.4	65.8%	105.4	62.7%	-6.7%
Australia	60.1	30.1%	59.1	31.4%	1.7%
Poland	90.1	23.6%	72.3	31.1%	24.6%
Croatia	108.1	34.0%	108.3	29.9%	-0.2%
Portugal	87.6	27.1%	102.8	24.1%	-14.8%
Italy	154.8	20.3%	116.3	18.6%	33.1%
Chile	69.8	29.3%	59.0	33.7%	18.2%
South Africa	78.6	27.3%	73.6	28.7%	6.8%

1. 238MW located in the US additionally receive a "normalized" PTC of \$25/MWh

OTHER TECHNOLOGIES – DRIVERS BY COUNTRY

Other technologies (€/MWh) and Load factors (%)

	H1 2021		H1 2020		Chg. (%)
	Av. price (€/MWh)	LF (%)	Av. price (€/MWh)	LF (%)	Av. price (€/MWh)
Hydro
Spain	53.3	29.0%	39.5	38.3%	34.9%
Biomass
Spain	132.5	77.9%	122.7	86.9%	8.0%
Solar Thermoelectric
USA	169.0	20.4%	182.4	19.6%	-7.4%
Solar PV
South Africa	157.4	22.8%	147.6	22.9%	6.7%
Chile	42.8	26.1%	72.2	21.5%	-40.7%
Ukraine	127.3	9.9%	145.8	13.9%	-12.7%

R E S U L T S P R E S E N T A T I O N

2 9 t h H 1 2 0 2 1 – J a n u a r y - J u n e J u l y 2 0 2 1