EDP-Energias — Management Reports 2020

Jan 21, 2021

Investor Relations Department

Rui Antunes, Head of IR Pia Domecq Celia de Cominges Duarte Andrada

Phone: +34 902 830 700 Fax: +34 914 238 429 Email: ir@edpr.com Site: www.edpr.com

EDP Renováveis, S.A. Head office: Plaza de la Gesta, 2 33007 Oviedo, Spain

Volumes & Capacity Statement 2020

21st of January, 2021

(1) Including the acquisition of the renewables business of Viesgo

Electricity Generated and Installed Capacity

Renewables Index (vs expected avg.)	93%	93%	92%	97%

Electricity Generated (GWh)		2020	2019	r %
Spain Portugal Rest of Europe		4,346 2,624 3,054	5,298 3,160 3,333	(18%) (17%) (8%)
Europe		10,024	11,791	(15%)
US Canada		16,633 78	15,696 70	+6% +12%
Mexico		710	726	(2%)
North America Brazil		17,421 1,093	16,492 1,757	+6% (38%)
Total		28,537	30,041	(5%)
Load Factor (%)	4Q20	4Q19	2020	2019
Spain Portugal Rest of Europe	30% 32% 26%	32% 38% 30%	25% 26% 27%	28% 29% 26%
Europe	29%	33%	26%	28%
US	37%	36%	33%	34%
Canada	35%	28%	30%	27%
Mexico	38%	37%	41%	42%
North America Brazil Total	37% 42% 34%	36% 48% 35%	33% 38% 30%	34% 43% 32%

EDPR produced 28.5 TWh of clean energy in 2020, -5% YoY. The YoY evolution comes in line with a lower average installed capacity YoY following the execution of EDPR's Sell-down strategy (3Q19: 997MW of European Assets (-1.2 TWh YoY); 1Q20: 137 MW in Brazil (-671 GWh YoY) and 4Q20: 237 MW in Spain (-64 GWh YoY)).

In 2020, operations in Europe, North America and Brazil generated 35%, 61% and 4% of the total output, respectively. In Europe generation decreased 15% YoY, mainly impacted by the deconsolidation of 997 MW in Jul-19 from a Sell-down transaction and by a lower wind resource. In North America, output increased +6% YoY to 17.4 TWh, reflecting the new capacity in operation partially impacted by a lower wind resource. In Brazil, production decreased to 1,093 GWh, driven by the deconsolidation in the 1Q20 of 137 MW from the Sell-down of Babilonia wind farms.

In 2020, EDPR achieved a 30% load factor (vs 32% in 2019) reflecting 92% of P50 (long term average for 12M).

Installed Capacity			2020				Under
(MW)	Dec-20	r YoY	Built (1)	Sold	Decom.	r YTD	Constr.
Spain Portugal Rest of Europe Europe	2,137 1,228 1,403 4,769	+163 +64 +140 +367	+401 +64 +140 +605	(237) - - (237)	- - - -	+163 +64 +140 +367	85 135 502 722
US Canada Mexico North America	5,828 68 400 6,296	+114 +38 +200 +352	+587 +38 +200 +825	(465) - - (465)	(8) - - (8)	+114 +38 +200 +352	908 62 0 970
Brazil	436	(32)	+105	(137)	-	(32)	359
Total	11,500	+688	+1,535	(839)	(8)	+688	2,051
Spain + Portugal US Offshore Equity Consolidated	187 471 10 668	+35 +73 +10 +118	+35 - +10 +45	- +73 - +73	- - - -	+35 +73 +10 +118	0 0 269 269
EBITDA + Eqt. Cons.	12,168	+806	+1,580	(766)	(8)	+806	2,320

In Europe, EDPR reached a 26% load factor (-2pp YoY). EDPR accomplished a load factor of 25% in Spain (-3pp YoY). Portugal reached a load factor of 26% (-3pp YoY). In RoE, EDPR delivered a 27% load factor (+1pp YoY) mainly driven by France (+9pp YoY) and Romania (+1pp YoY). In North America, EDPR achieved a 33% load factor (-1pp YoY). In Brazil, EDPR reached a 38% load factor (vs 43% in the 2019, with YoY impacted by Babilonia deconsolidation).

By Dec-20, EDPR operational portfolio totalled 12.2 GW, of which 5.0 GW in Europe, including 2.3 GW in Spain, 1.2 GW in Portugal, 1.4 GW in RoE, 6.8 GW in North America and the remaining 0.4 GW in Brazil. From the 12.2 GW, 484 MW are related to solar PV, 11,674 MW to wind onshore and 10 MW to offshore wind technology (equity stake).

Since Dec-19, EDPR added a total of 1,580 MW, including the 486 MW from the acquisition of the renewables business of Viesgo. During such period, EDPR successfully completed Sell-downs totalling 766 MW. Consolidated YoY portfolio net variation was +806 MW.

In 2020, EDPR added 1,370 MW of wind onshore, corresponding to 640 MW in Europe, 625 MW in North America and 105 MW in Brazil, 200 MW of solar PV in Mexico, and 10 MW of wind offshore corresponding to Windplus floating in Portugal (equity stake). Pursuing its Sell-down strategy, EDPR successfully concluded the Sell-down of its entire ownership in the 137 MW Babilonia wind farms in Brazil, 237 MW in a Spanish portfolio, 80% sell-down of a 563 MW portfolio in the US (of which 200 MW will become operational in 2021) and a 102 MW Build and Transfer wind farm in US. All in all, YTD portfolio net variation was +806 MW.

As of Dec-20, EDPR had 2.3 GW of new capacity under construction, of which 1,648 MW related to wind onshore, 404 MW to solar PV and 269 MW to equity participations in offshore projects. In terms of wind onshore, in Europe were 722 MW under construction, with 85 MW in Spain, 136 MW in Italy, 292 MW in Poland, 30 MW in France, 135 MW in Portugal and 45 MW in Greece. In North America 970 MW were under construction, of which 770 MW corresponding to wind onshore projects in US and Canada and 200 MW from a solar project in US. In Brazil 155 MW of wind onshore and 204 MW of solar were under construction. In terms of wind offshore, EDPR had 269 MW under construction from Moray East in the UK (equity stake).

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