Corporacion Acciona Energias Renovables S.A.

Investor Presentation • Jul 27, 2022

COMISION NACIONAL DEL MERCADO DE VALORES

Madrid, 27 de julio de 2022

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 28 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 28th 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 8 t h H 1 2 0 2 2 – J a n u a r y - J u n e J u l y 2022

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.

01

I N T R O D U C T O R Y R E M A R K S

J o s é M a n u e l E n t r e c a n a l e s C h a i r m a n

A CHANGING RENEWABLE SECTOR BACKDROP

Erratic/contradictory regulatory actions

Healthy short-term profitability/cashflow

No windfalls. ~€10bn invested – historical returns eroded by 2012-13 Spanish regulatory reform

Higher value of our operating fleet & pipeline

Focus remains on operating excellence/life extension + balanced risk profile + profitable growth

Higher-for-longer energy price environment

Rising demand for ESGnergy, security of supply, price stability

Volatile capex costs & WACCs Supply chain – grids – permitting –
                                          social acceptance

02 H 1 2 0 2 2 H I G H L I G H T S

R a f a e l M a t e o C h i e f E x e c u t i v e O f f i c e r

KEY HIGHLIGHTS H1 2022

G O O D F I N A N C I A L P E R F O R M A N C E I N H 1 2 0 2 2 – F I R M L Y O N T R A C K T O M E E T O U T L O O K 2 0 2 2

• › Results supported by the higher commodity environment across our key markets (Australia, Americas, Europe) and lower interest charges post recapitalisation
• › More balanced global contracted position relative to 2021 and roll-over of hedges
• › Cut in regulatory income in Spain as a result of the ongoing interim regulatory review

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

• › Fitch affirms Investment Grade rating (BBB- with Stable outlook)
• › Net investment cashflow of €770m in H1 and stable Net Debt at €2bn undisputed capacity to accommodate growth, expecting ND/EBITDA 2022 at ~1.5x
• › Second benchmark green bond issued in January and successful inaugural green USPP transaction closed in April a natural issuer of green instruments
• › S&P ESG Evaluation score of 87 reflects its "stronger-than-peers" environmental and social performance. Highest score in S&P's Energy ESG coverage

S T R O N G C O M M E R C I A L A N D R I S K M A N A G E M E N T C A P A B I L I T I E S I N A C H A N G I N G E N V I R O N M E N T

› Successful early deployment of Generation-to-Supply strategy in Spain

• contributing to provide affordable prices and visibility to Spain's industrial sector 1.7 TWh signed mostly on 10-year PPA contracts
• protecting and improving our balanced risk profile in the context of the accelerated maturity/payback of the Spanish regulated business
• › Strong global PPA market on growing demand and scarcity of mature projects prices increasing, compensating higher capex and funding costs

S U P P L Y C H A I N - R E C O R D C A P A C I T Y U N D E R C O N S T R U C T I O N B U T L O W E R E X P E C T E D 2 0 2 2 A D D I T I O N S

• › Capacity under construction reaches 2.1 GW with intense activity in Australia and the US
• › The Anti-circumvention enquiry in the US severely aggravates PV module supply Fort Bend and High Point (440 MW) affected in their final stages of construction and will partly slip into H1 2023, despite two-year tariff waiver
• › ACCIONA Energía has secured additional module supplies and related logistics in 2023 to cover the bulk of its 1.3 GW of US PV projects in progress
• › Capacity addition target in 2022 now at ~550 MW under the expectation that only up to ~200 MW of additional modules will be supplied during H2 in the US
• › Year-end 2022 assets under construction to remain at 2.1 GW with the start of Red Tail Hawk PV plant (458 MW) and completion of ~450 MW in H2

SUPPLY CHAIN UPDATE – RISK CONTAINMENT

• Proactive management actions taken to contain disruptions/risks in Australia & Europe securing and locking-in logistics, equipment supply, contractors
• Commodities & Freight metal prices seem past their peak, while polysilicon continues its strong escalation. Freight prices may ease
• Evolving US PV module situation Anticircunvention inquiry aftermath
• › Anticircunvention petition and subsequent investigation severely disrupts an already constrained US PV module market, despite the two-year waiver on any tariffs that may be imposed
• › ACCIONA Energía has secured the bulk of module needs for the 1.3 GW of short-term ongoing projects in the US with additional supply contracts
• › Optimisation of construction work amongst the different projects to minimise impact of limited module supply in H2 2022
• › ACCIONA Energía has not cancelled any of its ongoing projects in the US market
• Renewable energy capex costs in the market have increased by c.20% since before the Pandemic
• › ACCIONA Energía capex inflation in 2021-23 projects (~3.4 GW) better than market, at high single-digit relative to initial expectation

CONSTRUCTION PLAN – >2GW UNDER CONSTRUCTION

Strong momentum in projects under construction underpins step-change in capacity additions from 2023 onwards

CONSTRUCTION PLAN – KEY PROJECTS

Project	Country	Technology	Capacity	Construction Progress	Expected Completion(1)	Comments
Macintyre	Australia	Wind	923	100% 15% 0 % 2021 2022 2023 2024	Q4 2023 2025	Civil works ongoing. Majority of assembly be completed to throughtout and several phases during 2023 energisation in 2024.
de San Juan Marcona	Peru	Wind	136	100% 13% 0% 2021 2022 2023 2024	Q3 2023 2025	Civil works already started. Assembly be completed during to 2023
Bend Fort	USA	PV	315	100% 85% 0 % 2021 2022 2023 2024	Q2 2023 2025	of Substation is energised. Assembly trackers will be completed early close of module August. Expect 150 MWs to assembly during and the 2022, in 2023 rest
High Point	USA	PV	125	100% 69% 0 % 2021 2022 2023 2024	Q3 2023 2025	Substation is energised. Assembly of trackers will be completed early All modules will be assembled August. during May-July as supply 2023 resumes
Union	USA	PV	407	100% 15% 0 % 2021 2022 2023 2024	Q4 2023 2025	Civil works are commencing. Currently securing additional module supply of the needs cover 100% project contract to
Red Tailed Hawk	USA	PV	466	100% 12% 0 % 2021 2022 2023 2024	Q1 2024 2025	The main is expected commence onsite contrator to mobilisation the first half of activities in August 2022
Extremadura	Spain	PV	125	100% 100% 71% 0 % 2021 2022 2023 2024	Q4 2022 2025	Close already assembled 75 MWs to

ADITIONAL DEVELOPMENTS

Brazil	Wind development projects Sento Sé (850 MW) and Ipupiara (354 MW) awaiting connection to the grid permits. If successful, construction could commence in 2023 and mechanical completion in 2024-25
Spain	Second wave of projects awaiting Environmental Permit (DIA) during H2 2022 (1.1 GW) plus a third wave of projects linked to Hybridisation (2.0 GW) with permits expected at a later stage. Together with c.400 MW Secured & Under Construction, will support target of c.2 GW capacity additions in Spain for the period 2021-25 Participating in Nudo Mudéjar interconnection access auction – bidding for 890 MW in JV with Falck Renewables. Resolution expected Sep 2022
Other projects	Recently awarded a 72 MW regulated PPA in Croatia (12-year)
South East Asia	Analysing opportunities to enter this high growth region
Other Developments	PERTE Electric Vehicle – presented a project to supply energy to an Envision battery factory in Extremadura Offshore wind – tendered with partner SSE for seabed lease allocation in Poland. Developing pipeline in Italy Floating Offshore – acquisition of 24% stake in French floating offshore structures company Eolink + participation in two projects shortlisted for EU funds

HEDGING/PPA ACTIVITY – INTENSE ACTIVITY IN SPAIN

~80:20 long-term policy unchanged but dynamic short-term contracting/hedging policy given highly volatile energy price and regulatory environment – optimisation of sales-at-risk

03

F I N A N C I A L I N F O R M A T I O N

A r a n t z a E z p e l e t a C h i e f F i n a n c i a l & S u s t a i n a b i l i t y O f f i c e r

H1 2022 RESULTS HIGHLIGHTS

	H1 2022	% Chg.		H1 2022	% Chg.
	(€m)	vs H1 2021		(€m)	vs H1 2021
EBITDA	909	82%	Total production (GWh)	12,476	-1%
EBT	570	153%	Consolidated production (GWh)	10,247	0 %
Attributable net profit	390	155%	Supply volumes Spain & Portugal (GWh)	3,842	9 %
			Average Load Factor (%)	28.1%	-0.4pp
	H1 2022 (€m)	H1 2021 (€m)	Production contracted (%)	76.4%	-8.1pp
Net investment cashflow	770	661	(1) Average residual contracted life (years)	7	n.m.
			(2) Average age of assets - ex-hydro (years)	1 2	n.m.
	30-Jun-22 (€m)	31-Dec-21 (€m)	Average price (€/MWh)	116.2	70%
Net financial debt	2,049	1,989	EBITDA Generation margin (%)	77.4%	+5.6pp

A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S
H1 2022 RESULTS HIGHLIGHTS
	H1 2022 (€m)	% Chg. vs H1 2021		H1 2022 (€m)	% Chg. vs H1 2021
Revenues	2,206	112%	Total capacity (MW)	11,212	0 %
Generation Revenues	1,191	71%	Consolidated capacity (MW)	9,328	2 %
EBITDA	909	82%	Total production (GWh)	12,476	-1%
EBT	570	153%	Consolidated production (GWh)	10,247	0 %
Attributable net profit	390	155%	Supply volumes Spain & Portugal (GWh)	3,842	9 %
			Average Load Factor (%)	28.1%	-0.4pp
	H1 2022 (€m)	H1 2021 (€m)	Production contracted (%)	76.4%	-8.1pp
Net investment cashflow	770	661	(1) Average residual contracted life (years)	7	n.m.
			(2) Average age of assets - ex-hydro (years)	1 2	n.m.
	30-Jun-22 (€m)	31-Dec-21 (€m)	Average price (€/MWh)	116.2	70%
Net financial debt	2,049	1,989	EBITDA Generation margin (%)	77.4%	+5.6pp
			Availability (%)	94.8%	-1.8pp

1. Average residual contracted life excludes short term hedges in Spanish market

2. Average age of assets including hydro assets: 15 years

H1 2022 ESG HIGHLIGHTS

Key ESG indicators
People	H1 2022	H1 2021	Chg.
Workforce (no )	2,098	1,558	34.7%
and manager women (%) Executive	25.4%	22.5%	+2.9pp
Social (no ) Impact Management projects	114	32	256.3%
Social beneficiaries (thousand people) Impact Mngt.	170	201	-15.4%
Accident frequency index - employees & contractors	0.55	0.60	-0.05u
Planet	H1 2022	H1 2021	Chg.
aligned with the low-carbon (%) CAPEX taxonomy	100%	100%	n.m
Renewable production (GWh)	12,476	12,557	-0.6%
Avoided (CO₂ million ton) emissions	6.7	6.8	-1.5%
(CO₂ ton) Generated thousand scope 1+2 emissions	8.7	9.2	-5.9%
Non-hazardous landfill (thousand ton) waste to	0.36	0.65	-44.0%
Recovered (%) waste	98%	97%	+1.0pp
(hm³) consumed Water	0.71	0.68	+0.03u
through nature-based solutions (no Net positive emissions planted) of trees	30,900	n.m	n.m

ESG highlights

• Highest S&P ESG assessment score in the global energy sector (87/100, improving on last year's 86/100). Working to obtain additional ratings in the coming months
• New green financing instruments: €500m 10-year Euro green bond as well as US\$200m inaugural USPP transaction. Significantly oversubscribed
• Increased weight of sustainability objectives in variable pay increases from 8% to 10% in 2022
• Successful leadership programmes for female talent on going, such as 50:50 projects: increase in the % of women in technical positions, 25% in IN Chile O&M up from zero in 2020
• Accident frequency index below internal objective. Road Safety award received from EU
• Four decarbonization projects on going financed by the company's Decarbonization Fund. Progress in the vehicle fleet electrification programme

Evolution of key ESG indicators

• Higher ratio of women in executive & manager positions due to new hires and promotions– especially in International
• Recovered waste increases due to reuse of sewage produced as fertiliser and waste-to-landfill falls as less waste produced in construction projects and 100% reuse of legally recoverable slag and ashes at biomass plants
• 30,900 trees planted in Spain, USA, and Poland
• Scope 1+2 emissions fall and remain significantly below the SBTi pathway (-60% in 2030 relative to base year 2017)

INVESTMENT

	Ordinary Gross	Capex	Ordinary Net
(Million Euro)	Capex	Deferral	Capex
Spain	134	17	150
USA	121	-35	86
Mexico	4	126	129
Chile	8	-7	1
Other Americas	26	-1	25
Americas	158	82	241
Australia	113	170	283
of Rest Europe	91	-1	91
of the World Rest	5	1	5
International	367	252	620
Total	501	269	770

Key highlights

Investment mainly related to the construction of new generation assets in the US, Spain and Australia, and capex deferral payments for projects recently completed in Australia and Mexico

NET DEBT EVOLUTION

Net debt reconciliation H1 2022 (€m)

1. IFRS16 lease payments: €32m of which €11m is reflected in Financial results (net interest) and €21m in Derivatives, FX & IFRS16 principal

SPAIN – MARKET OVERVIEW

1. Estimated pool price Jan-Dec 2022: Actual prices Jan-Jun 2022 and future prices as of 30 Jun 2022 for Jul-Dec 2022

Spanish production mix and hydro reserves evolution

H1 2021 H1 2022 120.5 118.3 Electricity demand

Commodities

(TWh)

-1.8%

SPAIN – REVENUE DRIVERS

Consolidated output (GWh)

Generation revenues (€m)

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

Average achieved price composition (€/MWh)

(€/MWh)	H1 2022	H1 2021	Chg. (%)
Achieved market price	204.3	53.2	284.1%
Hedging	-35.3	-5.5	n.m
Achieved market price with hedging	168.9	47.7	253.9%
Regulatory income	7.7	18.8	-58.9%
Banding (estimated)	-7.3	-5.1	-42.0%
Average price	169.4	61.4	175.8%

SPAIN – OPERATING RESULTS

Key figures H1 2022

(Million Euro)	H1 2022	H1 2021	Chg. (€m)	Chg. (%)
Generation	833	321	512	159.4%
adjust ., Supply & Other Intragroup	797	243	554	228.2%
Revenues	1,630	564	1,066	189.0%
Generation	619	179	440	246.0%
Generation - equity accounted	51	17	34	204.4%
Total Generation	670	196	474	242.4%
adjust ., Supply & Other Intragroup	6	-16	21	136.2%
EBITDA	676	180	496	275.2%
(%) Generation Margin	80.5%	60.9%

Consolidated production variation (GWh)

INTERNATIONAL – MARKET OVERVIEW

Power markets

Exchange rates

	Average
	EUR/USD	EUR/AUD
H1 2021	1.201	1.570
H1 2022	1.085	1.515
Chg. (%)	11%	4%
	Closing
	EUR/USD	EUR/AUD
H1 2021	1.186	1.581
H1 2022	1.039	1.510
Chg. (%)	14%	5%

Electricity demand (GW)

Commodities

INTERNATIONAL – REVENUE DRIVERS

Consolidated output (GWh)

Average achieved prices (€/MWh)

Generation revenues (€m)

INTERNATIONAL – OPERATING RESULTS

Key figures H1 2022
(Million Euro)	H1 2022	H1 2021	(€m) Chg.	Chg. (%)
Generation	358	377	-19	-5.1%
USA	50	107	-57	-53.3%
Mexico	101	76	25	32.4%
Chile	36	49	-13	-26.4%
Australia	39	31	8	27.0%
of the World Rest	132	115	17	15.2%
adjust ., Supply & Other Intragroup	218	100	118	118.4%
Revenues	576	477	99	20.7%
Generation	249	295	-45	-15.4%
USA	34	91	-57	-62.4%
Mexico	77	57	21	36.9%
Chile	18	35	-17	-48.7%
Australia	24	20	4	19.1%
of the World Rest	95	92	3	3.8%
Generation - equity accounted	2	11	- 9	-81.8%
Total Generation	251	305	-54	-17.7%
adjust ., Supply & Other Intragroup	-17	15	-33	-212.3%
EBITDA	234	321	-87	-27.0%
(%) Generation Margin	70.1%	80.9%

Consolidated production variation (GWh)

03

A P P E N D I X

ACCIONA ENERGÍA – OPERATING RESULTS

Key figures H1 2022

(Million Euro)	H1 2022	H1 2021	Chg. (€m)	Chg. (%)
Generation Spain	833	321	512	159.4%
International Generation	358	377	-19	-5.1%
adjust ., Supply Other Intragroup &	1,015	343	672	196.2%
Revenues	2,206	1,041	1,165	111.9%
Generation Spain	670	196	474	242.4%
International Generation	251	305	-54	-17.7%
adjust ., Supply & Other Intragroup	-12	0	-11	n.m
EBITDA	909	501	409	81.7%
(%) Generation Margin	77.4%	71.7%

Consolidated production variation (GWh)

Consolidated capacity variation (MW)

NET FINANCIAL DEBT

Debt breakdown by nature

1. H1 2021 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

2. H1 2022: 2.66 years including extension of one of the tranches of the syndicated facility agreed and currently being signed by the syndicate banks

DEBT MATURITY & LIQUIDITY

Liquidity and debt principal maturity schedule (€m)

SCHEDULED CAPACITY ADDITIONS

						M W			Scheduled	Capacity	Additions	per year (MW)	(1)
Technology	Country	Asset name	% ANE stake	Total	Added YTD	Under const. Jun 2022	Start const. 2022	Start const. 2023	2022	2023	2024	2025	2026	Details
Wind	Spain	Pedregales	100%	18	18				18					PPA Portfolio
Wind	Australia	McIntyre Complex	70%	923		923			137	787				PPA with CleanCo for 40% of the production. ANE will own 923MW and build 103MW for CleanCo. In advanced negotiations with offtaker-investment partners and working on additional PPAs
Wind	Peru	San Juan de Marcona	100%	136		136				136				Private PPA, merchant in the initial phase
PV	Spain	Extremadura	100%	125	68	57			125					Private PPA
PV	Spain	Bolarque I	100%	50		50			50					Spanish renewable auction
PV	Spain	Escepar y Peralejo Hibridación	100%	62			62			62				Spanish renewable auction
PV	Spain	Ayora	100%	86				86		86				Private PPA
PV	USA	Fort Bend	100%	315	6	309			150	165				Private PPA + ITC
PV	USA	High Point	100%	126		126				126				Private PPA + ITC
PV	USA	Tenaska Portfolio	100%	765		405		360		405				360 Private PPA + ITC
PV	USA	Red Tailed Hawk	100%	458			458			335	123			Merchant
PV	Dominican Rep.	Enren (Calabaza I)	100%	58		58			58					Private PPA
PV	Croatia	Boraja	100%	45				45			45			Regulated PPA
PV	Croatia	Opor	100%	27				27			27			Regulated PPA
Total				3,223	9 2	2,064	520	518	538	2,101	195	0	360

GLOBAL REACH ACROSS 5 CONTINENTS

With presence in 17 countries & 11.2GW of total installed capacity in H1 2022

INSTALLED CAPACITY

Installed MW (30 June 2022)

	Total	Consolidated	. accounted Eq	Net
Spain	5 697 ,	4 650 ,	512	5 131 ,
Wind	4 681 ,	3 648 ,	506	4 125 ,
Hydro	868	868	0	868
Solar PV	87	73	7	79
Biomass	61	61	0	59
International	5 515 ,	678 4 ,	358	320 4 ,
Wind	4 005 ,	3 804 ,	48	3 217 ,
CSP	64	64	0	48
Solar PV	1 447 ,	810	310	1 055 ,
Total	11 212 ,	9 328 ,	870	9 451 ,

EQUITY ACCOUNTED CAPACITY

Proportional figures (30 June 2022)

	MW	GWh	(€m) EBITDA	(€m) NFD
Wind Spain	593	1 285 ,	83	22
Wind International	48	86	2	- 3
Australia	32	59	2	- 2
Hungary	12	21	0	0
USA	4	6	0	0
Solar PV	317	679	26	33
Total accounted equity	958	2 049 ,	111	5 2

SPAIN – ACHIEVED PRICES

	Consolidated		Achieved price	(€/MWh)			Revenues	(€m)
	production (GWh)	Market	Rinv+Ro	Banding	Total	Market	Rinv+Ro	Banding	Total
H1 2022
Regulated	1 712 ,	206 7	22 2	-20 9	207 9	354	3 8	-36	356
Wholesale - hedged	2 225 ,	125 1			125 1	278			278
Wholesale - unhedged	979	203 0			202 5	199			198
Total - Generation	4 917 ,	169 0	7 7	-7 3	169 4	831	3 8	-36	833
H1 2021
Regulated	2 865 ,	50 6	34 3	-9 4	75 6	145	9 8	-27	217
Wholesale - hedged	1 781 ,	40 3			40 3	7 2			7 2
Wholesale - unhedged	581	56 3			56 3	3 3			3 3
Total - Generation	5 228 ,	47 7	18 8	-5 1	61 4	250	9 8	-27	321
(%) Chg
Regulated	-40 2%				175 1%				64 4%
Wholesale - hedged	0% 25				6% 210				1% 288
Wholesale - unhedged	68 4%				259 7%				505 8%
Total - Generation	-5 9%				175 8%				159 4%

WIND – DRIVERS BY COUNTRY

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

	2022 H1		2021 H1		Chg. (%)
	(€/MWh) Av. price	(%) LF	(€/MWh) Av. price	(%) LF	(€/MWh) Av. price
Spain Average	169.2	24.2%	59.7	26.0%	183.5%
Spain - Regulated	208.6		70.7		194.8%
Spain regulated - Not	140.4		39.1		258.7%
Canada	65.8	36.3%	56.5	30.9%	16.4%
(2) USA	33.0	24.3%	94.3	21.6%	-65.0%
India	50.6	21.8%	47.4	23.0%	6.7%
Mexico	68.7	37.7%	54.4	35.9%	26.2%
Rica Costa	110.6	60.1%	98.4	65.8%	12.4%
Australia	83.0	28.5%	60.1	30.1%	38.1%
Poland	102.5	30.3%	90.1	23.6%	13.8%
Croatia	110.9	29.6%	108.1	34.0%	2.6%
Portugal	95.7	26.7%	87.6	27.1%	9.3%
Italy	250.1	20.5%	154.8	20.3%	61.5%
Chile	38.2	29.1%	69.8	29.3%	-45.3%
South Africa	84.6	29.3%	78.6	27.3%	7.7%

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

OTHER TECHNOLOGIES – DRIVERS BY COUNTRY

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

	H1 2022		H1 2021		(%) Chg
	(€/MWh) . price Av	(%) LF	(€/MWh) . price Av	(%) LF	(€/MWh) . price Av
Hydro
Spain	171 6	26 6%	53 3	29 0%	222 1%
Biomass
Spain	185 0	82 2%	132 5	77 9%	39 6%
Solar Thermoelectric
USA	164 5	22 7%	169 0	20 4%	-2 7%
Solar PV
South Africa	169 3	21 2%	157 4	22 8%	7 5%
Chile	32 4	24 5%	42 8	26 1%	-24 5%
Ukraine	33 1	7 0%	130 2	9 9%	-74 6%

SUSTAINABLE FINANCE & RATINGS

SUSTAINABLE FINANCE OPERATIONS

EMTN - GREEN NOTES	AMOUNT (MILLION)	MATURITY
XS2388941077 (0.375%)	EUR 500	Oct-27
XS2436160183 (1.375%)	EUR 500	Jan-32
OTHER GREEN TRANSACTION	AMOUNT	MATURITY
	(MILLION)
USPP (E1000*AA1)	USD 200	Apr-37

A L L O C A T I O N O F P R O C E E D S

100% of all requests for disbursement were compliant with the EU Taxonomy and related to projects in the category of renewable energies

ESG-LINKED TRANSACTIONS	AMOUNT	MATURITY
	(MILLION)
Syndicate ESG Loan EUR 2,500 M ACCIONA Energía	EUR 2,500	May-26

S U S T A I N A B I L I T Y P E R F O R M A N C E T A R G E T S

Set out in ACCIONA Energía sustainability-linked framework, monitored annually and the targets for 2022 are on track

• 95% of CAPEX aligned with the EU Taxonomy Regulation

• Net POSITIVE by Nature-Based Solutions: 540,000 trees to be planted by 2025

	Environmental, Social, And Governance Evaluation
	Acciona Energía
Summary		PRIMARY ANALYST
	Accora Energia is an integrated renewable energy operator headquartered in Spain. It is a fully-pared subsidiary of Spanish energy and infrastructure company Accional SA, which has more than 30 years' experience in renewables. Assistes S.A. is the majority ehereholder of Acolona Energia with about \$2% of the capital, the remaining 17% being free finat Acciona Energia operates a large 11.25 pigewant (GM) finet of wind onshore (78%), solar photovoltako (13%), hudropowar (8%), and biomass and concentrated oclar power (190, it operates across the globe, with 58% of its revenues panarated in Spain, As of June 20, 2022, the continent will be listed on the liter 35. The benchmark stock market index of the Bolas de Mashid Gosin's stock exchanged.	Anna Liubechusa London + 44 7871 362753 ADOA ENGINEERING scatisfied, now." SECONDARY ANALYST Clarre Maudist-La Clerc Davis + 33 54 430 F20F Gans Nauburg
	Acciona Energía's ESG Svolustion of 97 primarily reflects its attorger than-peers. environmental and social performance, as sell as our view that it is sell equipped to execute its long-term strategy and capitalize on opportunities eterming from the low sarbon economy. Acciona Energia is enabling the transition to a low carbon economy by penerating clean energy. It is also decreasing its preenhouse gas (SHG) emissions.	NOODM ORD Lucas na Berbarian MADFAB $+36912882200$ kásina berbertunik RENDERED FORT DESPARTA CONTERCTS
mechanisms and reporting. in Europa.	by applying efficiency measures and using shedow cerbon pricing. It willigates land- use this arising from renewable energy assession by taking preventative and enhancement measures. The company also has comprehensive policies and strategies for a pender-balanced work toros, fair remuneration, and controunity engagement. Accions Energia's governance in characterized by a diverse board in terms of skills, experience, and pender, and strong representation of independent. direction. It also has a concentensive code of conduct and stress compliance Acciona Emergia demonstrates strong preparedness supported by an excellent ewareness of optential future disruptions and proactively capitalizes on low carbon growth opportunities, as seen in its early adoption of prehore wind farm technology.
	ESG Profile Components nurse situate modest	Anichan Europopachye PUM OWN GRANAMIES S&P Arkiers ESG Profile 91

AWARDS AND RECOGNITIONS

T O P E S G S C O R E I N P O W E R S E C T O R B Y S & P

Scored 87 out of 100 points in its ESG evaluation, making it the industry leader for second year in a row

T O P G R E E N E S T U T I L I T Y since 2015 among 100 companies

OUR AMBITION: TO BE A CLIMATE LEADER

Climate Pledge 2040 Commitment to achieve carbon neutrality by 2040, ten years ahead of the Paris Climate Agreement's goal

Science Based Targets (SBTi) In line with the 1.5ºC scenario, to reduce Scope 1 and 2 emissions by 60% and Scope 3 emissions by 47% in the period 2017-2030

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

2 8 t h H 1 2 0 2 2 – J a n u a r y - J u n e J u l y 2022