EDP Renováveis — Annual Report 2020

Feb 25, 2021

EDP Renováveis, S.A. Audit Report Annual Accounts at 31 December 2020 Management Report

PricewaterhouseCoopers Auditores, S.L., Torre PwC, Pº de la Castellana 259 B, 28046 Madrid, España
Tel.: +34 915 684 400 / +34 902 021 111, Fax: +34 915 685 400
1 R. M. Madrid, hoja 87.250-1, folio 75, tomo 9.267, libro 8.054, sección 3ª
Inscrita en el R.O.A.C. con el número S0242 - CIF: B-79 031290

Independent auditor´s report on the annual accounts

To the shareholders of EDP Renováveis, S.A.:

Report on the annual accounts

Opinion

We have audited the annual accounts of EDP Renováveis, S.A. (the Company), which comprise the balance sheet as at December 31, 2020, and the income statement, statement of changes in equity, statement of cash flows and related notes for the year then ended.

In our opinion, the accompanying annual accounts present fairly, in all material respects, the equity and financial position of the Company as at December 31, 2020, as well as its financial performance and cash flows for the year then ended, in accordance with the applicable financial reporting framework (as identified in note 2.A of the notes to the annual accounts), and, in particular, with the accounting principles and criteria included therein.

Basis for opinion

We conducted our audit in accordance with legislation governing the audit practice in Spain. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the annual accounts section of our report. We are independent of the Company in accordance with the ethical requirements, including those relating to independence, that are relevant to our audit of the annual accounts in Spain, in accordance with legislation governing the audit practice. In this regard, we have not rendered services other than those relating to the audit of the accounts, and situations or circumstances have not arisen that, in accordance with the provisions of the aforementioned legislation, have affected our necessary independence such that it has been compromised.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the annual accounts of the current period. These matters were addressed in the context of our audit of the annual accounts as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

EDP Renováveis, S.A. 2

| Key audit matter 151 # Responsibility of the directors and the audit, control and related party transactions committee for the annual accounts

The Company´s directors are responsible for the preparation of the accompanying annual accounts, such that they fairly present the equity, financial position and financial performance of EDR Renováveis, S.A., in accordance with the financial reporting framework applicable to the entity in Spain, and for such internal control as the directors determine is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error. In preparing the annual accounts, the Company´s directors are responsible for assessing the Company´s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. The audit, control and related party transactions committee is responsible for overseeing the process of preparation and presentation of the annual accounts.

Auditor's responsibilities for the audit of the annual accounts

Our objectives are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with legislation governing the audit practice in Spain will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts.

As part of an audit in accordance with legislation governing the audit practice in Spain, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

x Identify and assess the risks of material misstatement of the annual accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
x Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company´s internal control.
x Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Company´s directors.
EDP Renováveis, S.A. 5

x Conclude on the appropriateness of the directors´ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company´s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor´s report to the related disclosures in the annual accounts or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor´s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
x Evaluate the overall presentation, structure and content of the annual accounts, including the disclosures, and whether the annual accounts represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the Company´s audit, control and related party transactions committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the Company´s audit, control and related party transactions committee with a statement that we have complied with relevant ethical requirements, including those relating to independence, and we communicate with the audit, control and related party transactions committee those matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the Company´s audit, control and related party transactions committee, we determine those matters that were of most significance in the audit of the annual accounts of the current period and are therefore the key audit matters. We describe these matters in our auditor´s report unless law or regulation precludes public disclosure about the matter.

Report on other legal and regulatory requirements

European single electronic format

We have examined the digital file of the European single electronic format (ESEF) of EDP Renováveis, S.A. for the 2020 financial year that comprises an XHTML file of the annual accounts for the financial year, which will form part of the annual financial report. The directors of EDP Renováveis, S.A. are responsible for presenting the annual report for the 2020 financial year in accordance with the formatting requirements established in the EU Delegated Regulation 2019/815 of the European Commission (hereinafter the ESEF Regulation). Our responsibility is to examine the digital file prepared by the directors of the Company, in accordance with legislation governing the audit practice in Spain. This legislation requires that we plan and execute our audit procedures in order to verify whether the content of the annual accounts included in the aforementioned file completely agrees with that of the annual accounts that we have audited, and whether the format of these accounts has been effected, in all material respects, in accordance with the requirements established in the ESEF Regulation.

In our opinion, the digital file examined completely agrees with the audited annual accounts, and these are presented, in all material respects, in accordance with the requirements established in the ESEF Regulation.

EDP Renováveis, S.A. 6

Report to the audit, control and related party transactions committee

The opinion expressed in this report is consistent with the content of our additional report to the Company's audit, control and related party transactions committee dated 24 February 2021.

Appointment period

The General Ordinary Shareholders' Meeting held on 3 April 2018 appointed PricewaterhouseCoopers Auditores, S.L. as auditors for a period of 3 years, as from the year ended 31 December 2018.

Services provided

Services provided to the Company for services other than the audit of the accounts, and additional to those indicated in the note 24 of the accompanying annual accounts. For the non-audit services, provided to the Company´s subsidiaries, please see the audit report of 24 February 2021 on the consolidated annual accounts of EDP Renováveis, S.A. and subsidiaries in which they are included.

PricewaterhouseCoopers Auditores, S.L.
(S0242)
Iñaki Goiriena Basualdu
(16198)
24 February 2021
22725304Q IÑAKI GOIRIENA
2021-02-24 16:53
Signer: CN=22725304Q IÑAKI GOIRIENA C=ES 2.5.4.42=IÑAKI 2.5.4.4=GOIRIENA BASUALDU
Public key: RSA/2048 bits

 renovóveis

INDIVIDUAL ANNUAL ACCOUNTS AND INDIVIDUAL MANAGEMENT REPORT

At EDP R , we are in the business of innovating. Our 4 decade long track record has turned us into better energy providers and pioneers of the green evolution. Change has been our driver as we deliver an agile network with more efficient, smart and sustainable solutions. As leaders in the energy transition, we see investment in renewables as an active way to engage with future generations, promoting decarbonisation in energy production and consumption. We are playing our part for a more balanced and sustainable world, one that is inclusive, diverse and humane. We’re changing tomorrow now.

Changing tomorrow now.

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2020 Individual Annual Accounts
2020 I ndividual A nnual A ccounts
2020 Individual Management Report
01 The Company
02 Company Business
Business Environment
Strategy
Operational performance
Financial performance
Non-financial information
Information on average payment terms to suppliers
03 Foreseeable Execution	100
04 Research, Development & Technological Innovation	100
05 Relevant & Subsequent Events	101
06 Own Shares	104
07 Risk Management	104
Annex I: Corporate Governance	107
Annex II: Remuneration Report	198
Annex III: Statement of Compliance on SCIRF	207
Annex IV: Auditor’s Report on SCIRF	208
Changing tomorrow now.

2020 Individual Annual Accounts

Balance Sheet

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Income statement

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Statement of changes in equity

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Cash flow statement

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Notes to the Individual Annual Accounts

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2020 INDIVIDUAL ANNUAL ACCOUNTS

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The accompanying notes form an integral part of the annual accounts for 2020.# EDPR 2020 ANNUAL REPORT

Balance sheet at 31 December 2020

THOUSAND EUROS	NOTE	2020	2019
ASSETS
Intangible assets	5	24,779	7,257
Property, plant and equipment	6	1,779	2,125
Non-current investments in Group companies and associates:		8,370,758	7,561,609
Equity instruments	8	8,315,368	7,548,533
Derivatives	11	55,327	3,352
Other financial assets	9	63	9,724
Non-current investments:		8,318	8,157
Equity instruments	9	7,628	7,628
Other financial assets	9	690	529
Deferred tax assets	19	23,700	33,317
Total non-current assets		8,429,334	7,612,465
Non-current assets held for sale	12	-	18,185
Trade and other receivables:	9	115,700	74,690
Customers, Group companies and associates - current		59,662	21,325
Receivables from Group companies and associates		55,496	53,351
Other receivables		541	13
Public entities, other	1	1	-
Current investments in Group companies and associates:	10.a	45,355	-
Derivatives	11	44,466	-
Other financial assets	9	889	-
Current investments	9	16	491
Prepayments for current assets		309	421
Cash and cash equivalents	13	1,508,882	175,852
Cash		1,508,882	175,852
Total current assets		1,670,262	269,639
Total assets		10,099,596	7,882,104

EQUITY AND LIABILITIES

THOUSAND EUROS	NOTE	2020	2019
Capital and reserves:
Share capital	14.a	4,361,541	4,361,541
Share premium		1,228,451	1,228,451
Reserves		350,091	419,875
Prior years' losses		-8,789	-
Profit/(loss) for the year		1,388,573	- 8,789
Total equity		7,319,867	6,001,078
LIABILITIES
Non-current provisions:		797	836
Long-term employee benefits	15	797	836
Non-current debt:		73,678	145,496
Derivatives arranged with Group companies	11	12,014	120,920
Other financial liabilities	8	61,664	24,576
Non-current debt with Group companies and associates	17.a	2,447,620	1,241,257
Deferred tax liabilities	19	65,717	58,426
Total non-current liabilities		2,587,812	1,446,015
Current debt:		7,709	31,228
Derivatives arranged with Group companies	11	2,395	30,996
Other financial liabilities		5,314	232
Current debt with Group companies and associates	17.a	162,115	390,439
Trade and other payables:		22,093	13,344
Payables, Group companies and associates - current	17.c	11,716	5,849
Other payables	17.c	4,158	2,041
Personnel (salaries payable)	17.c	5,401	4,775
Public entities, other	19	818	679
Total current liabilities		191,917	435,011
Total equity and liabilities		10,099,596	7,882,104

The accompanying notes form an integral part of the annual accounts for 2020.
EDPR 2020 ANNUAL REPORT

Income Statement for the year ended 31 December 2020

THOUSAND EUROS	NOTE	2020	2019
CONTINUING OPERATIONS
Revenues	22	1,524,964	161,347
Self-constructed assets		-	6
Other operating income:		2,068	1,644
Non-trading and other operating income		2,068	1,644
Personnel costs:		-26,390	- 22,972
Salaries, wages and similar compensation		-21,384	-18,082
Employee benefits expense	22.c	-5,006	- 4,890
Other operating expenses		-26,959	-21,102
External services	22.d	-26,476	- 20,741
Tax		-41	- 8
Other general expenses		-442	- 353
Amortisation and depreciation	5 & 6	-6,009	- 860
Impairment and gains/(losses) on disposal		1,685	1
Property, plant and equipment		-	-
Investments	8 & 12	1,685	3
Operating results		1,469,359	118,064
Finance income:	9	1	1
From marketable securities and other financial instruments:		1	1
Other		1	1
Finance cost:	16	-113,050	- 156,847
Group companies and associates		-112,914	-156,809
Other		-136	- 38
Exchange gains and losses	10.d & 17.e	7,519	- 4,499
Change in fair value of financial instruments	11	-2,756	904
Impairment and gains/(losses) on disposal of financial instruments	11	-	171
Net finance cost/income		-108,286	- 160,270
Profit/(loss) before tax		1,361,073	- 42,206
Income tax	19	27,500	33,417
Profit/(loss) for the year from continuing operations		1,388,573	- 8,789
Profit/(loss) for the year		1,388,573	- 8,789

The accompanying notes form an integral part of the annual accounts for 2020.
EDPR 2020 ANNUAL REPORT

Statement of changes in equity for the year ended 31 December 2020

a) Statement of recognised income and expense for the year ended 31 December 2020

THOUSAND EUROS	NOTE	2020	2019
Net profit/(loss) for the year		1,388,573	- 8,789
Total income and expense recognised directly in equity		-	-
Grants, donations and bequests		-	-
Tax effect		-	-
Total amounts transferred to the income statement		-	-
Grants, donations and bequests		-	-
Tax effect		-	-
Total recognised income and expense		1,388,573	- 8,789

b) Statement of total changes in equity for the year ended 31 December 2020

THOUSAND EUROS	2020	ENTITY	SHARE CAPITAL	SHARE PREMIUM	RESERVES	PROFIT/(LOSS) IN PRIOR YEARS	PROFIT/ (LOSS) FOR THE YEAR	TOTAL
Balance at 31 December 2019		4,361,541	1,228,451	419,875	-	8,789	6,001,078
Recognised income and expense		-	-	-	-	1,388,573	1,388,573
Allocation of profit or loss (note 3):
Reserves		-	-	-8,789	8,789	-	-
Dividends		-	-	-69,784	-	-	-69,784
Balance at 31 December 2020		4,361,541	1,228,451	350,091	-8,789	1,388,573	7,319,867

THOUSAND EUROS	2019	ENTITY	SHARE CAPITAL	SHARE PREMIUM	RESERVES	PROFIT/(LOSS) FOR THE YEAR	TOTAL
Balance at 31 December 2018		4,361,541	1,228,451	451,678	29,258	6,070,928
Recognised income and expense		-	-	-	-8,789	-8,789
Allocation of profit or loss (note 3):
Reserves		2,926	-	2,926	-	-
Dividends		-34,729	-	26,332	-61,061
Balance at 31 December 2019		4,361,541	1,228,451	419,875	-	8,789	6,001,078

The accompanying notes form an integral part of the annual accounts for 2020.
EDPR 2020 ANNUAL REPORT

Cash flow statement for the year ended 31 December 2020

THOUSAND EUROS	NOTE	2020	2019
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
Profit/(loss) for the year before tax		1,361,073	-42,206
Adjusted profit/(loss):		112,571	161,359
Amortisation and depreciation (+)	5 & 6	6,009	860
Change in provisions (+/-)	15	-39	230
Gains/(losses) from disposals of fixed assets		-	-1
Grains/(losses) from disposals of investments	8	-1,685	-
Finance income (-)		-1	-1
Finance cost (+)		113,050	156,847
Exchange gains and losses (+/-)	10.d & 17.f	-7,519	4,499
Change in fair value of financial instruments	11	2,756	-904
Impairment and gains/(losses) on disposal of financial instruments (+/-)	11	-	-171
Changes in operating assets and liabilities:		-43,213	-4,141
Trade and other receivables (+/-)		-52,074	-3,375
Other current assets		112	-188
Trade and other payables (+/-)		8,749	-578
Other cash flows from (used in) operating activities:		-62,520	-107,821
Interest paid (-)		-112,592	-145,807
Interest received (+)		1	1
Derivative financial instruments received (paid) (+/-)		-2,680	3,504
Income tax received (paid) (+/-)	19	52,751	34,481
Cash flows from (used in) operating activities		1,367,911	7,191
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Payments for investments: (-)		-1,749,610	-1,067,018
Group companies and associates		-1,746,050	-1,045,016
Intangible assets		-2,625	-4,473
Property, plant and equipment		-	-339
Other financial assets		-935	-17,190
Proceeds from sale of investments: (+)		688,496	731,834
Group companies and associates		675,147	722,254
Other financial assets		13,349	9,580
Cash flows from (used in) investing activities		-1,061,114	-335,184
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Payments made and received for financial liability instruments:		1,093,431	381,431
Debt issues, Group companies (+)		1,822,226	915,374
Redemption and repayment of debts with Group companies (-)		-728,795	-533,943
Dividends and interest on other equity instruments paid:		-69,784	-61,061
Dividends (-)		-69,784	-61,061
Cash flows from (used in) financing activities		1,023,647	320,370
Effect of exchange rate fluctuations		2,586	-53
Net increase/decrease in cash and cash equivalents		1,333,030	-7,676
Cash and cash equivalents at beginning of year	13	175,852	183,528
Cash and cash equivalents at year end	13	1,508,882	175,852

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EDPR 2020 ANNUAL REPORT

Covid-19. Macroeconomic, regulatory, operating and accounting impact and stakeholders
01. Nature and activities of the company
02. Basis of presentation
03. Allocation of profit/(loss)
04. Significant accounting policies
05. Intangible assets
06. Property, plant and equipment
07. Risk management policy
08. Investments in equity instruments of group companies and associates
09. Financial assets by category
10. Investments and trade receivables
11. Derivative financial instruments
12. Non-current assets held for sale
13. Cash and cash equivalents
14.Capital and reserves
15. Provisions
16. Financial liabilities by category
17. Debt and trade payables
18. Late payments to suppliers
19. Taxation
20. Environmental information
21. Related party balances and transactions
22. Income and expense
23. Employee information
24. Audit fees
25. Commitments
26. Events after the reporting period
Annex I
Annex II

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EDPR 2020 ANNUAL REPORT

Covid-19. Macroeconomic, regulatory, operating and accounting impact affecting stakeholders

SARS-COV-2, a virus that can cause a serious pneumonia-like respiratory infection in humans was identified for the first time in the Chinese city of Wuhan at the end of 2019. The disease caused by the virus COVID-19 was classified as a pandemic by the World Health Organization (WHO) in 2020. COVID-19 forced the entire world to change its habits and it is having several social, economic, regulatory, operating, accounting and public health impacts.

Macroeconomic impact
The current global Covid-19 pandemic crisis brings significant risks to the economy and society, and the duration of the epidemic and its long-term economic impacts continue to be uncertain. COVID-19 ha s impacted the EDPR Group’s business in its various geographic locations and areas of its value chain from an overall macroeconomic standpoint. However, a prudent strategy to hedge energy and financial market risks, maintaining solid levels of liquidity and the active management of critical suppliers and supplies resulted in a significant mitigation of the impacts of this crisis.# EDPR Group’s energy business has been affected by a decline in demand as a result of the lockdown, as well as a sharp decline in the prices obtained by the groupings in the various geographic locations that were partially seen a few months before the Covid-19 crisis in Europe but somewhat recovered at the end of the year. The high level of fixed price hedges within the price risk hedging strategy has allowed the EDPR Group to contain the impact of falling prices at its groupings in various geographic locations. There was a very significant increase in the volatility of exchange and interest rates in financial markets that gradually declined after the low point seen in March. While there has not been a significant increase in bad debts, there has been an increase in the credit risk exposure affecting electricity and GC hedges and a general deterioration of counterparty financial situations worldwide. Nevertheless, since the Group’s primary customers and counterparties are public utilities, regulated entities and regional market agents with a solid credit profile, this credit risk exposure has been minimal. As the main shareholder of EDPR, EDP has strengthened its financial situation and is applying adequate mitigation measures at the first signs of distress and is better prepared to absorb the potential impacts that may be caused by this pandemic.

Regulatory impact

A series of extraordinary urgent measures were approved and applied to respond to the epidemiological situation caused by the new Covid-19 virus in the various geographic locations in which EDPR is present.

Operating impact

EDPR operates a solid business model that puts its daily operations at reduced risk of retail prices, as can be seen in the 94% of revenue already contracted for 2021 in December 2020. The Company has suffered some interruptions in construction and the supply chain due to Covid-19, which led to a total of c.0.5 delays that did not have any impact on project fundamentals. These delays have been offset by the acquisition of +0.5 GW of the Viesgo renewable energy business and some projects in Brazil were brought forward.

Accounting impact

The EDPR Group reassessed the estimates that it considered pertinent and which could have been affected by this event in order to determine any possible accounting impact deriving from Covid-19. The EDPR Group analysed these pertinent estimates at 31 December 2020 and reached the conclusion that there were no significant accounting impacts resulting from the Covid-19 pandemic.

Stakeholders

EDPR implemented a Response Plan after the Covid-19 pandemic that focused on protecting employees and assisting local communities while minimising the impact on business continuity and the business plan. The Company therefore implemented protection measures focusing on anticipation and prevention and working to ensure the re-establishment of operations under safe conditions for everyone:

Employees

As a responsible company, EDPR quickly adopted measures to minimise the conditions under which the virus propagates by focusing on personal health and maintaining essential operating services. EDPR implemented travel restrictions in February, took measures involving those that had recently been in affected areas and distributed hand sanitiser at its facilities. EDPR activated its Contingency Plan at the beginning of March supported by the two recently launched pilot projects to work from home one day per week, and visits to its facilities were restricted while employees were continually informed of any updates to the situation and of instructions to follow in the event of a positive or possible infection. Employees continued to have the option of working from home or gradually returning to facilities at the end of the year, in accordance with a Reopening Plan based on geographic locations in order to guarantee the highest health and safety standards for everyone, while complying with legal limitations and social distancing. EDPR was even able to continue contracting and maintaining promotions, actions and training sessions during the global crisis by adapting processes to the current situation. All recruiting and onboarding processes were adapted to take place via interactive meetings and EDPR increased its payroll by 20% in 2020 compared to the previous year. EDPR implemented several initiatives to promote work-life balance that focused mainly on family, time and health while sharing multiple tips on health, well-being and working from home on its intranet throughout the year. The challenges imposed by the Covid-19 pandemic on training and development programmes were successfully overcome by redesigning and adapting training content and sessions to virtual formats and on-line learning. Finally, despite the global pandemic, there was a slight increase in the number of secondment processes in 2020 compared to the preceding year.

Communities

Covid- 19 has altered everyone’s life and daily routines. In this unprecedented situation, EDPR launched a solidarity campaign that distributed more than €1 million in assistance and establishes initiatives in all of its markets to help local communities combat the pandemic and to recover from the socio-economic crisis. EDPR assisted vulnerable populations by making donations to food banks, acquiring medical equipment, devices and quick testing kits while facilitating on-line learning and digital education materials. The Company provided assistance in the 15 countries in which it maintains a presence: Spain, Portugal, France, Belgium, Italy, Poland, Romania, Greece, Brazil, Colombia, United States, Canada and Mexico, as well as in Mozambique and Nigeria through the A2E - Energy Access programme. EDP R’s response to the global crisis is in line with its commitment to maintaining a close relationship with local communities, seeking to understand, respect and support their needs while helping improve society’s living conditions.

EDPR 2020 ANNUAL REPORT

01. Nature and activities of the company

EDP Renováveis, S.A. (hereinafter, "the Company") was incorporated by public deed under Spanish law on 4 December 2007 for an indefinite period of time and commenced operations on the same date. Its registered office is in Oviedo at Plaza del Fresno 2.

According to the Company's articles of association, the statutory activity of EDP Renováveis, S.A. comprises activities related to the electricity sector, specifically the planning, construction, maintenance and management of electricity production facilities, in particular those eligible for the special regime for electricity generation. The Company promotes and develops projects relating to energy resources and electricity production activities as well as managing and administering other companies' equity securities. The Company can engage in its statutory activities directly or indirectly through ownership of shares or investments in companies or entities with identical or similar statutory activities.

On 28 January 2008, EDP-Energías de Portugal, S.A. informed the market and the general public that its directors had decided to launch a public share offering in EDP Renováveis, S.L. The Company completed its initial flotation in June 2008, with 22.5% of its shares quoted on the Lisbon stock exchange. During 2017, EDP - Energías de Portugal, S.A. carried out a buyback process to buy back quoted shares. After this process was completed, only 17.44% of the Company's shares remain quoted on the Lisbon Stock Exchange.

As explained in note 8, the Company holds investments in subsidiaries. Consequently, in accordance with prevailing legislation, the Company is the parent of a group of companies. In accordance with generally accepted accounting principles in Spain, consolidated annual accounts must be prepared to give a true and fair view of the financial position of the Group, the results of operations and changes in its equity and cash flows. Details of investments in Group companies are provided in Appendix I.

On 23 February 2021 the Directors authorised for issue the consolidated annual accounts of EDP Renováveis, S.A. and subsidiaries for 2020 under International Financial Reporting Standards adopted by the European Union (IFRS-EU), which show consolidated profit of Euros 680,577 thousand and consolidated equity of Euros 8,623,831 thousand (Euros 622,667 thousand and Euros 8,334,700 thousand in 2019). The consolidated annual accounts will be filed at the Asturias Mercantile Registry.

The Company belongs to the EDP Group, of which the parent is EDP - Energías de Portugal, S.A., with registered office at Avenida 24 de Julho, n.º 12 in Lisbon. Through its Spanish branch office, EDP SA - Sucursal en España ("EDP Sucursal"), EDP Energias de Portugal, SA owns a qualified 82.6% interest in EDPR’s share capital and 17.44% of its voting rights.

In December 2011, China Three Gorges Corporation (CTG) signed an agreement to acquire 780,633,782 ordinary shares in EDP from Parpública - Participações Públicas SGPS, S.A., representing 21.35% of the share capital and voting rights of EDP Energias de Portugal S.A., the majority shareholder of the Company. This transaction took place in May 2012. The terms of the agreements under which CTG became a shareholder of the EDP Group stipulate minority investments by CTG totalling Euros 2,000 million in renewable energy products underway and ready for construction (including co-funding capex (capital expenditure)).

Within the context of the foregoing agreement, the following transactions have taken place:

• In June 2013, EDPR sold its 49% interest in the equity of EDPR Portugal to CTG through CITIC CWEI Renewables S.C.A.# 11 • In May 2015, EDPR closed the sale of its 49% interest in the following EDPR Brazil subsidiaries to CTG through CWEI Brasil participaçoes LTDA: Elebrás Projetos S.A, Central Nacional de Energia Eólica S.A, Central Eólica Baixa do Feijão I S.A, Central Eólica Baixa do Feijão II S.A, Central Eólica Baixa do Feijão III S.A, Central Eólica Baixa do Feijão IV S.A, Central Eólica Jau S.A. and Central Eólica Aventura S.A.
  • In October 2016, EDPR sold its 49% interest in the capital of EDP Renewables Polska SP.Zo.o. to CTG through ACE Poland S.Á.R.L. and sold its 49% interest in the capital of EDP Renewables Italia S.R.L. to CTG through ACE Italy S.Á.R.L.
  • In June 2017, the EDPR Group closed the sale of its 49% interest in the capital of EDPR PT – Parques Eólicos, S.A. to CTG through ACE Portugal S.Á.R.L.
  • In December 2018, EDPR closed the sale of 10% of the share capital of the associate Moray East Holdings Limited to CTG through China Three Gorges (UK) Limited.
  The operating activity of the Group headed by the Company is essentially carried out in Europe, the USA and Brazil through three subgroups headed by EDP Renewables Europe, S.L.U. (EDPR EU) in Europe, EDP Renewables North America, LLC (EDPR NA) in the USA and EDP Renováveis Brasil (EDPR Brasil) in Brazil. The Company also incorporated a subsidiary in Canada in 2010, called EDP Renewables Canada, Ltd. In 2019 and 2020 the Company acquired the Colombian companies, Eolos Energía S.A.S. E.S.P., Vientos del Norte S.A.S. E.S.P. and Solar Power Solutions S.A.S.E.S.P. and in 2020 it incorporated EDPR Vietnam to develop its projects in those countries.

02. Basis of presentation

A) True and fair view

The annual accounts for 2020 have been prepared on the basis of the accounting records of EDP Renováveis, S.A., in accordance with prevailing legislation and the Spanish General Chart of Accounts to give a true and fair view of the equity and financial position at 31 December 2020 and results of operations, changes in equity, and cash flows for the year then ended. The directors consider that the accompanying individual annual accounts for 2020, authorised for issue on 23 February 2021, will be approved with no changes by the shareholders at their annual general meeting.

B) Comparative information

The balance sheet, income statement, statement of changes in equity, cash flow statement and the notes thereto for 2020 include comparative figures for 2019, which formed part of the 2019 annual accounts approved by shareholders at the annual general meeting held on 26 March 2020.

C) Functional and presentation currency

The figures disclosed in the annual accounts are expressed in thousands of Euros, the Company's functional and presentation currency.

D) Critical issues regarding the valuation and estimation of relevant uncertainties and judgements used when applying accounting principles

Relevant accounting estimates and judgements and other estimates and assumptions have to be made when applying the Company's accounting principles to prepare the annual accounts. A summary of the items requiring a greater degree of judgement or which are more complex, or where the assumptions and estimates made are significant to the preparation of the annual accounts, is as follows:

12 EDPR 2020 ANNUAL REPORT

Relevant accounting estimates and assumptions

The Company tests investments in Group companies for impairment on an annual basis. Impairment is calculated by comparing the carrying amount of the investment with its recoverable amount. The recoverable amount is the higher of value in use and fair value less costs to sell. The Company generally uses cash flow discounting methods to calculate these values. Cash flow discounting calculations are based on projections in the budgets approved by management. The cash flows take into consideration past experience and represent management's best estimate of future market performance. The key assumptions employed when determining fair value less costs to sell and value in use include growth rates in accordance with best estimates of rises in electricity prices in each country, the weighted average cost of capital and tax rates. The estimates, including the methodology used, could have a significant impact on values and impairment loss. In certain cases, when estimating impairment of such investments, the investee's equity is taken into consideration, corrected for any net unrealised gains existing at the measurement date. The fair value of financial instruments is based on market quotations when available. Otherwise, fair value is based on prices applied in recent, similar transactions in market conditions or on evaluation methodologies using discounted future cash flow techniques, considering market conditions, time value, the profitability curve and volatility factors. These methods may require assumptions or judgements in estimating fair value.

Recording and recovery of deferred tax assets. The recording and recoverability of deferred tax assets is assessed when they are generated and subsequently at each statement of financial position reporting date in accordance with expected taxable income/tax loss. The Company also takes into account future tax obligations constituting the recovery of such assets.

Changes in accounting estimates

Although estimates are calculated by the Company's directors based on the best information available at 31 December 2020, future events may require changes to these estimates in subsequent years. Any effect on the annual accounts of adjustments to be made in subsequent years would be recognised prospectively.

03. Allocation of profit/(loss)

The proposed allocation of 2020 profit to be submitted to the shareholders for approval at their annual general meeting is as follows:

EUROS	BASIS OF ALLOCATION:	DISTRIBUTION:
Profit for the year	1,388,573,084.60
Voluntary reserve		Legal reserve
		138,857,308.46
		Dividends
		69,784,652.96
		Voluntary reserve
		1,179,931,123.18
Total	1,388,573,084.60	1,388,573,084.60

13

The distribution of profit and reserves of the Company for the year ended 31 December 2019, approved by the shareholders at their annual general meeting held on 26 March 2020, was as follows:

EUROS	BASIS OF ALLOCATION:	DISTRIBUTION:
Losses for the year	-8,788,570.89	Prior years' losses
		-8,788,570.89
		Dividends
		69,784,652.96
Total	60,996,082.07	60,996,082.07

At 31 December, non-distributable reserves are as follows:

THOUSAND EUROS	2020	2019
NON-DISTRIBUTABLE RESERVES:
Legal reserve	75,971	75,971
	75,971	75,971

Profit recognised directly in equity cannot be distributed, either directly or indirectly.

04. Significant accounting policies

A) Foreign currency transactions, balances and cash flows

Foreign currency transactions have been translated into Euros using the exchange rate prevailing at the transaction date. Monetary assets and liabilities denominated in foreign currencies have been translated into Euros at the closing rate, while non-monetary assets and liabilities measured at historical cost have been translated at the exchange rate prevailing at the transaction date. In the cash flow statement, cash flows from foreign currency transactions have been translated into Euros at the exchange rates at the dates the cash flows occur. The effect of exchange rate fluctuations on cash and cash equivalents denominated in foreign currencies is recognised separately in the cash flows statement as Effect of exchange rate fluctuations. Exchange gains and losses arising on the settlement of foreign currency transactions and the translation into Euros of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

B) Intangible assets

Computer software is measured at purchase price and carried at cost, less any accumulated amortisation and impairment. Computer software is amortised by allocating the depreciable amount on a systematic basis over its useful life, which has been estimated at five years from the asset entering normal use. Capitalised personnel expenses of employees who install computer software are recognised as Self-constructed assets in the income statement.

Computer software acquired and produced by the Company, including website costs, is recognised when it meets the following conditions:

• Payments attributable to the performance of the project can be measured reliably.
• The allocation, assignment and timing of costs for each project are clearly defined.
• There is evidence of the project's technical success, in terms of direct operation or sale to a third party of the results thereof once completed and if a market exists.
• The economic and commercial feasibility of the project is reasonably assured.
• Financing to develop the project, the availability of adequate technical and other resources to complete the development and to use or sell the resulting intangible asset are reasonably assured.
• There is an intention to complete the intangible asset for its use or sale.

Computer software maintenance costs are charged as expenses when incurred.

C) Property, plant and equipment

Property, plant and equipment are measured at cost of acquisition. Property, plant and equipment are carried at cost less any accumulated depreciation and impairment. Property, plant and equipment are depreciated by allocating the depreciable amount of an asset on a systematic basis over its useful life. The depreciable amount is the cost of an asset, less its residual value. The Company determines the depreciation charge separately for each component of an item of property, plant and equipment with a cost that is significant in relation to the total cost of the asset and with a useful life that differs from the remainder of the asset.

14 EDPR 2020 ANNUAL REPORT# Property, plant and equipment

Property, plant and equipment are depreciated using the following criteria:

DEPRECIATION METHOD	ESTIMATED YEARS OF USEFUL LIFE
Other installations	Straight-line 10
Furniture	Straight-line 10
Information	Straight-line 4
technology equipment

D) Financial instruments

Financial assets and liabilities at fair value through changes in profit and loss

This category includes the derivative financial instruments described in note 11, which are initially recognised at fair value. Transaction costs directly attributable to the acquisition or issue are recognised as an expense when incurred. After initial recognition, they are recognised at fair value through profit or loss. Fair value is reduced by transaction costs incurred on sale or disposal. Accrual interest and dividends are recognised separately.

Loans and receivables

Loans and receivables comprise trade and non-trade receivables with fixed or determinable payments that are not quoted in an active market other than those classified in other financial asset categories. These assets are initially recognised at fair value, including transaction costs, and are subsequently measured at amortised cost using the effective interest method.

Investments in Group companies

Investments in Group companies are initially recognised at cost, which is equivalent to the fair value of the consideration given, excluding transaction costs, and are subsequently measured at cost net of any accumulated impairment. The cost of investments in Group companies acquired before 1 January 2010 includes any transaction costs incurred. Investments in Group companies denominated in foreign currencies covered by hedges of net investments in foreign operations are updated to reflect exchange rate fluctuations (see note 4 L). Investments in Group companies acquired through a non-monetary contribution from another Group company are measured at the pre-transaction value in the consolidated accounts.

Non-monetary contributions in exchange for investments in the equity of other companies

In non-monetary contributions of businesses (including investments in Group companies) to other Group companies, equity investments received are measured on the transaction date at the carrying amount of the company in the consolidated accounts. Gains or losses deferred in recognised income and expense associated with the assets and liabilities conveyed continue to be recognised in equity but are linked to the investment received.

Interest and dividends

Interest is recognised using the effective interest method. Dividends from investments in equity instruments are recognised when the Company is entitled to receive them. If the distributed dividends unequivocally originate from the profits generated prior to the acquisition date, they reduce the carrying amount of the investment. Pursuant to request ruling number 2 issued by the Spanish Accounting and Auditing Institute, published in its Official Gazette number 78, for entities whose ordinary activity is the holding of shares in group companies and the financing of investees, the dividends and other income - coupons, interest - earned on financing extended to investees, as well as gains obtained from the disposal of investments, except those deriving from the disposal of subsidiaries, jointly controlled entities and associates, constitute revenue in the income statement.

Derecognition of financial assets

Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or have been transferred and the Company has transferred substantially all the risks and rewards of ownership.

Impairment of financial assets

Impairment of financial assets carried at amortised cost

The amount of the impairment loss of financial assets carried at amortised cost is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset's original effective interest rate. The impairment loss is recognised in profit and loss and may be reversed in subsequent periods if the decrease can be objectively related to an event occurring after the impairment has been recognised. The loss can only be reversed to the limit of the amortised cost of the assets had the impairment loss not been recognised.

Investments in Group companies

Impairment is calculated by comparing the carrying amount of the investment with its recoverable amount. The recoverable amount is the higher of value in use and fair value less costs to sell. Value in use is calculated based on the Company's share of the present value of future cash flows expected to be derived from ordinary activities and from the final disposal of the asset.

The carrying amount of the investment includes any monetary item that is receivable or payable for which settlement is neither planned nor likely to occur in the foreseeable future, excluding trade receivables or trade payables. In subsequent years, reversals of impairment losses in the form of increases in the recoverable amount are recognised, up to the limit of the carrying amount that would have been determined for the investment if no impairment loss had been recognised. The recognition or reversal of an impairment loss is recorded in the income statement. Impairment of an investment is limited to the amount of the investment, except when contractual, legal or constructive obligations have been assumed by the Company or payments have been made on behalf of the companies.

Financial liabilities

Financial liabilities, including trade and other payables, that are not classified as held for trading or as financial liabilities at fair value through profit or loss are initially recognised at fair value less any transaction costs directly attributable to the issue of the financial liability. After initial recognition, liabilities classified under this category are measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

The Company derecognises all or part of a financial liability when it either discharges the liability by paying the creditor, or is legally released from primary responsibility for the liability either by process of law or by the creditor.

Fair value

The fair value is the amount for which an asset can be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction. If available, quoted prices in an active market are used to determine fair value. Otherwise, the Company calculates fair value using recent transaction prices or, if insufficient information is available, generally accepted valuation techniques such as discounting expected cash flows.

E) Cash and cash equivalents

Cash and cash equivalents include cash on hand and demand deposits in financial institutions. They also include other short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. An investment normally qualifies as a cash equivalent when it has a maturity of less than three months from the date of acquisition. The Company classifies current accounts with Group companies under this heading if they are considered to be cash-pooling accounts when there is a debit balance. If not, they are recorded under current payables with Group companies and associates. The Company recognises cash payments and receipts for financial assets and financial liabilities in which turnover is quick on a net basis in the statement of cash flows. Turnover is considered to be quick when the period between the date of acquisition and maturity does not exceed six months.

F) Provisions

Provisions are recognised when the Company has a present obligation (legal, contractual, constructive or tacit) as a result of a past event; it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period, taking into account all risks and uncertainties surrounding the amount to be recognised as a provision and, where the time value of money is material, the financial effect of discounting provided that the expenditure to be made each period can be reliably estimated. The discount rate is determined before taxes, taking into consideration the time value of money, as well as the specific risks that have not been included in the future cash flows relating to the provision at each closing date. The financial effect of the provisions is recognised as a financial expense in the income statement. If it is not probable that an outflow of resources will be required to settle an obligation, the provision is reversed.

G) Revenue from sales and services rendered

Revenue from the sale of goods and the rendering of services is measured at the fair value of the consideration received or receivable. Discounts, as well as the interest added to the nominal amount of the consideration, are recognised as a reduction in the consideration. Revenues associated with the rendering of services are recognised in the income statement by reference to the stage of completion at the reporting date when revenues, the stage of completion, the costs incurred and the costs to complete the transaction can be estimated reliably and it is probable that the economic benefits derived from the transaction will flow to the Company.

H) Income tax

The income tax expense or tax income for the year comprises current tax and deferred tax.# Current tax assets or liabilities

Current tax assets or liabilities are measured at the amount expected to be paid to or recovered from the taxation authorities, using the tax rates and tax laws that have been enacted or substantially enacted at the reporting date. Current and deferred tax are recognised as income or an expense and included in profit or loss for the year, except to the extent that the tax arises from a transaction or event which is recognised, in the same or a different year, directly in equity, or from a business combination.

The Company files consolidated tax returns as part of the 385/08 group headed by EDP Energías de Portugal, S.A. Sucursal en España. In addition to the factors to be considered for individual taxation, set out previously, the following factors are taken into account when determining the accrued income tax expense for the companies forming the consolidated tax group:

• temporary and permanent differences arising from the elimination of profits and losses on transactions between Group companies, derived from the process of determining consolidated taxable income.
• deductions and credits corresponding to each company forming the consolidated tax group.

For these purposes, deductions and credits are allocated to the company that carried out the activity or obtained the profit necessary to obtain the right to the deduction or tax credit. Temporary differences arising from the elimination of profits and losses on transactions between tax group companies are allocated to the company which recognised the profit/loss and are valued using the tax rate of that company. A reciprocal credit and debit arises between the companies that contribute tax losses to the consolidated Group and the rest of the companies that offset those losses. Where a tax loss cannot be offset by the other consolidated Group companies, these tax credits for loss carryforwards are recognised as deferred tax assets using the applicable recognition criteria, considering the tax group as a taxable entity.

18 EDPR 2020 ANNUAL REPORT

The Parent of the Group records the total consolidated income tax payable (recoverable) with a debit (credit) to receivables (payables) from/to Group companies and associates. The amount of the debt (credit) relating to the subsidiaries is recognised with a credit (debit) to payables (receivables) to/from Group companies and associates (see note 19).

Taxable temporary differences

Taxable temporary differences are recognised in all cases except where they arise from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable income.

Deductible temporary differences

Deductible temporary differences are recognised provided that it is probable that sufficient taxable income will be available against which the deductible temporary difference can be utilised, or when tax legislation envisages the possibility of converting deferred tax assets into a receivable from public entities in the future. The Company recognises the conversion of a deferred tax asset into a receivable from public entities when it becomes enforceable in accordance with prevailing tax legislation. For this purpose, the deferred tax asset is derecognised with a charge to the deferred tax expense and the receivable is recognised with a credit to current tax. The Company recognises the payment obligation deriving from financial contributions as an operating expense with a credit to payables to public entities when it is accrued in accordance with the Spanish Income Tax Law. Nonetheless, assets arising from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable income, are not recognised.

In the absence of evidence to the contrary, it is not considered probable that the Company will have future taxable profit when the deferred tax assets are expected to be recovered in a period of more than ten years from the end of the reporting period, irrespective of the nature of the deferred tax asset; or, in the case of tax credits for deductions and other tax relief that are unused due to an insufficient amount of total tax, when there is reasonable doubt - after the activity or the income giving rise to entitlement to the deduction or tax credit has been rendered or received, respectively - as to whether the requirements for their offset will be met.

The Company only recognises deferred tax assets arising from tax loss carryforwards when it is probable that future taxable profit will be generated against which they may be offset within the period stipulated in applicable tax legislation, up to a maximum period of ten years, unless there is evidence that their recovery in a longer period of time is probable and tax legislation provides for their utilisation in a longer period or stipulates no time limit for their utilisation. Conversely, it is considered probable that the Company will generate sufficient taxable profit to recover deferred tax assets when there are sufficient taxable temporary differences relating to the same taxation authority and the same taxable entity, which are expected to reverse in the same tax period as the expected reversal of the deductible temporary differences or in periods into which a tax loss arising from a deductible temporary difference can be carried back or forward. The Company recognises deferred tax assets not previously recognised because they were not expected to be utilised within the ten-year recovery period, inasmuch as the future reversal period does not exceed ten years from the end of the reporting period or when there are sufficient taxable temporary differences. Tax planning opportunities are only considered when assessing the recoverability of deferred tax assets and if the Company intends to use these opportunities or it is probable that they will be utilised.

19 Measurement

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the years when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantially enacted. The tax consequences that would follow from the manner in which the Company expects to recover or settle the carrying amount of its assets or liabilities are also reflected in the measurement of deferred tax assets and liabilities. For these purposes, the Company has considered the deduction for reversal of the temporary measures provided in transitional provision thirty- seven of Income Tax Law 27/2014 of 27 November 2014 as an adjustment to the tax rate applicable to the deductible temporary difference associated with the non-deductibility of amortisation and depreciation charges in 2013 and 2014.

Classification

Deferred tax assets and liabilities are recognised in the statement of financial position under non-current assets or liabilities, irrespective of the expected date of recovery or settlement.

I) Classification of assets and liabilities as current and non-current

The Company classifies assets and liabilities in the statement of financial position as current and non-current. Current assets and liabilities are determined as follows:

• assets are classified as current when they are expected to be realised or are intended for sale or consumption in the Company's normal operating cycle, they are held primarily for the purpose of trading, they are expected to be realised within 12 months after the reporting date or are cash or a cash equivalent, unless the assets may not be exchanged or used to settle a liability for at least 12 months after the reporting date.
• liabilities are classified as current when they are expected to be settled in the Company's normal operating cycle, they are held primarily for the purpose of trading, they are due to be settled within 12 months after the reporting date or the Company does not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.
• financial liabilities are classified as current when they are due to be settled within 12 months after the reporting date, even if the original term was for a period longer than 12 months, and an agreement to refinance or to reschedule payments on a long-term basis is completed after the reporting date and before the annual accounts are authorised for issue.

J) Environmental issues

Environmental assets

Non-current assets acquired by the Company to minimise the environmental impact of its activity and to protect and improve the environment, including the reduction and elimination of future pollution from the Company's activities, are recognised as property, plant and equipment in the balance sheet at purchase price or cost of production and depreciated over their estimated useful lives.

Environmental expenses

Environmental expenses are the costs derived from managing the environmental effects of the Company's operations and existing environmental commitments. These include expenses relating to the prevention of pollution caused by ordinary activities, waste treatment and disposal, decontamination, restoration, environmental management or environmental audit. Expenses derived from environmental activities are recognised as operating expenses in the period in which they are incurred.

20 EDPR 2020 ANNUAL REPORT

Environmental provisions

The Company makes an environmental provision when expenses are probable or certain to arise but the amount or timing is unknown. Where necessary, provision is also made for environmental actions arising from any legal or contractual commitments and for those commitments acquired for the prevention and repair of environmental damage.

K) Related party transactions

Transactions between Group companies are recognised at the fair value of the consideration given or received.L) Hedge accounting
Derivative financial instruments which qualify for hedge accounting are initially measured at fair value, plus any transaction costs that are directly attributable to the acquisition, or less any transaction costs directly attributable to the issue of the financial instruments. The Company undertakes fair value hedges and hedges of net investments in foreign operations. At the inception of the hedge the Company formally designates and documents the hedging relationships and the objective and strategy for undertaking the hedges. Hedge accounting is only applicable when the hedge is expected to be highly effective at the inception of the hedge and in subsequent years in achieving offsetting changes in fair value or cash flows attributable to the hedged risk, throughout the period for which the hedge was designated (prospective analysis), and the actual effectiveness is within a range of 80%-125% (retrospective analysis) and can be reliably measured. The Company hedges net investments in foreign operations in relation to its investment in the Group companies EDP Renewables North America, LLC., EDP Renováveis Brasil S.A. and EDP Renewables Canada, Ltd.

M) Hedges of a net investment in a foreign operation
The Company hedges the foreign currency risk arising from investments in Group companies denominated in foreign currency. The portion of gains or losses on the hedging instrument or on the exchange rate of the monetary item used as the hedging instrument is recognised as exchange gains or losses in the income statement. Gains or losses on investments related to the underlying foreign currency amount in the annual accounts are recognised as exchange gains or losses in profit and loss.

N) Grants, donations and bequests
Grants, donations and bequests are recorded in recognised income and expense when, where applicable, they have been officially awarded, the conditions attached to them have been met or there is reasonable assurance that they will be received. Monetary grants, donations and bequests are measured at the fair value of the sum received, whilst non-monetary grants, donations and bequests received are accounted for at fair value. In subsequent years, grants, donations and bequests are recognised as income as they are applied.

O) Long- and short-term employee benefits
The Company recognises the expected cost of profit-sharing and bonus plans when it has a present legal or constructive obligation to make such payments as a result of past events and a reliable estimate of the obligation can be made.

P) Non-current assets held for sale
Non-current assets or disposal groups whose carrying amount will be largely recovered through a sale transaction instead of recognised at the value in use are recognised under this heading. In order for non-current assets or disposal groups to be classified as held for sale, they must be available for disposal in their current condition, exclusively subject to the usual terms and conditions of sale transactions, and the disposal must also be deemed to be highly probable. Non-current assets and disposal groups classified as held for sale are not amortised or depreciated, and are recorded at their carrying amount or fair value, whichever is lower, less costs to sell. The Company recognises initial and subsequent impairment losses on assets classified in this category in the income statement under results of continuing operations.

05. Intangible assets

Details of intangible assets and movement are as follows:

THOUSAND EUROS	BALANCE AT 31.12.18	ADDITIONS	TRANSFER	BALANCE AT 31.12.19	ADDITIONS	TRANSFER	BALANCE AT 31.12.20
COST:
Computer software	6,728	-	4,320	11,048	22,327	267	33,642
Computer software under development	1,363	5,078	-4,320	2,121	858	-267	2,712
	8,091	5,078	-	13,169	23,185	-	36,354
AMORTISATION:
Computer software	-5,438	-474	-	-5,912	-5,663	-	-11,575
	-5,438	-474	-	-5,912	-5,663	-	-11,575
Carrying amount	2,653	4,604	-	7,257	17,522	-	24,779

Additions in 2020 and 2019 reflect information management applications purchased or developed during the year. At the 2020 reporting date, the Company had fully amortised intangible assets in use amounting to Euros 5,197 thousand (Euros 5,197 thousand in 2019). At 31 December 2020 and 2019 the Company has no commitments to purchase intangible assets.

06. Property, plant and equipment

Details of property, plant and equipment and movement are as follows:

THOUSAND EUROS	BALANCE AT 31.12.18	ADDITIONS	DISPOSALS	BALANCE AT 31.12.19	ADDITIONS	BALANCE AT 31.12.20
COST:
Other fixtures	2,869	180	-	3,049	-	3,049
Information technology equipment and furniture	1,385	159	-	1,544	-	1,544
Vehicles	21	-	-	21	-	-
	4,275	339	-	4,593	-	4,593
DEPRECIATION:
Other fixtures	-1,421	-280	-	-1,701	-236	-1,937
Information technology equipment and furniture	-662	-105	-	-767	-110	-877
Vehicles	-6	-1	7	-	-	-
	-2,089	-386	-	-2,468	-346	-2,814
Carrying amount	2,186	-47	-14	2,125	-346	1,779

Additions in 2019 mainly reflect the work to improve and modernise the Company's headquarters carried out during the year. The Company has taken out insurance policies to cover the risk of damage to its property, plant and equipment. The coverage of these policies is considered sufficient. Fully depreciated property, plant and equipment amount to Euros 1,953 thousand at the 2020 reporting date (Euros 852 thousand in 2019) and comprise information technology equipment and furniture. At 31 December 2020 and 2019 the Company has no commitments to purchase property, plant and equipment.

07. Risk management policy

A) Financial risk factors

The Company's activities are exposed to various financial risks: market risk (including currency risk and fair value interest rate risk), credit risk, liquidity risk, and cash flow interest rate risk. The Company's global risk management programme focuses on uncertainty in the financial markets and aims to minimise potential adverse effects on the Company's profits. The Company uses derivatives to mitigate certain risks. The directors of the Company are responsible for defining general risk management principles and establishing exposure limits. The Company's financial risk management is subcontracted to the Finance Department of EDP - Energías de Portugal, S.A. in accordance with the policies approved by the Board of Directors. The subcontracted service includes the identification and evaluation of hedging instruments. All operations involving derivative financial instruments are subject to prior approval from the board of directors, which sets the parameters of each operation and approves the formal documents describing the objectives of the operation.

Currency risk

The Company operates internationally and is therefore exposed to currency risk when operating with foreign currencies, especially with regard to the US Dollar, the Brazilian Real, the Canadian Dollar and the Polish Zloty. Currency risk is associated with recognised assets and liabilities, and net investments in foreign operations. The Company holds investments in group companies that are denominated in foreign currency, which are therefore exposed to exchange-rate risk at year- and when translating those amounts into the Company’s functional currency (euro). Currency risk affecting these investments is mitigated primarily through derivative financial instruments and borrowings in the corresponding foreign currencies. Details of hedged financial assets and the derivative financial instruments obtained to hedge them are provided in notes 8 and 11. Details of financial assets and liabilities in foreign currencies and transactions in foreign currencies are provided in notes 8, 10.11, 17 and 22.

Credit Risk

The Company is not significantly exposed to credit risk as the majority of its balances and transactions are with Group companies. As the counterparties of derivative financial instruments are Group companies, and the counterparties of their derivative financial instruments are highly solvent banks, the Company is not subject to significant counterparty default risk. Guarantees or other derivatives are therefore not requested in this type of operation. The Company has documented its financial operations in accordance with international standards. The majority of its operations with derivative financial instruments are therefore contracted under "ISDA Master Agreements", which facilitate the transfer of instruments in the market. The total amount of financial assets subject to credit risk is shown in note 10.

Liquidity Risk

Liquidity risk is the risk that the Company will be unable to comply with its financial commitments on maturity. The Company's approach in managing liquidity risk is to guarantee as far as possible that liquidity will always be available to pay its debts before they mature, in normal conditions and during financial difficulties, without incurring unacceptable losses or compromising the Company's reputation. The directors have estimated cash flows which show that the Company will meet existing commitments at 2020 year end and those expected for 2021. Compliance with the liquidity policy ensures that contracted commitments are paid, maintaining sufficient credit facilities. The EDP Renováveis Group manages liquidity risk by arranging and maintaining credit facilities with its majority shareholder, or directly with domestic and international entities in the market, under optimal conditions, to ensure access to the financing required to continue its activities. Details of financial assets and financial liabilities by contractual maturity date are provided in notes 10 and 17.# Cash flow and fair value interest rate risks

In 2020 and 2019 the Company does not have a considerable amount of interest-bearing assets and as a result, income and cash flows from operating activities are not significantly affected by fluctuations in market interest rates. Interest rate risk arises from non-current borrowings, which are extended by Group companies. The loans have fixed interest rates, mitigating the risk of interest rate volatility. Details of hedged financial assets and the derivative financial instruments obtained to hedge them are provided in notes 8 and 11.

08. Investments in equity instruments of Group companies and associates

Details of direct investments in equity instruments of Group companies and associates are as follows:

THOUSAND EUROS	2020	2019
GROUP COMPANIES
EDP Renováveis Brasil S.A.	254,576	233,113
EDP Renewables Europe, S.L.U.	3,079,340	3,079,340
EDP Renewables North America, LLC	4,462,403	3,875,792
EDP Renewables Canada, Ltd	96,247	46,597
EDP Renováveis Servicios Financieros S.A	274,892	274,892
EDPR România, S.R.L	25	25
Eolos Energias S.A.S E.S.P	32,668	27,256
Vientos del Norte S.A.S E.S.P	16,014	9,281
Solar Power Solutions, S.A.S. E.S.P.	57,915	-
Parque Solar Los Cuervos, S. de R.L. de C.V.	20,169	-
EDPR Vietnam	254	-
Other (See Appendix I)	10	10
Total	8,294,513	7,546,306
ASSOCIATES
Solar Works BV	2,227	2,227
OW Offshore S.L.	18,628	-
Total	20,855	2,227
Total	8,315,368	7,548,533
(Note 10A)
(Note 10A)

Movement in Group and associate equity instruments during 2020 and 2019 was as follows:

2020

THOUSAND EUROS	31.12.2019	ADDITIONS	DISPOSALS	CHANGES IN EXCHANGE RATES	31.12.2020
GROUP COMPANIES
EDP Renováveis Brasil S.A.	233,113	29,451	-	-7,988	254,576
EDP Renewables Europe, S.L	3,079,340	-	-	-	3,079,340
EDP Renewables North America, LLC	3,875,792	944,749	-	-358,138	4,462,403
EDP Renewables Canada, Ltd	46,597	53,209	-	-3,559	96,247
EDP Renováveis Servicios Financieros S.A	274,892	-	-	-	274,892
EDPR România, S.R.L (previously EDPR RO PV S.L.R)	25	-	-	-	25
Eolos Energía, S,A,S E.S.P	27,256	5,290	-	122	32,668
Vientos del Norte S.A.S E.S.P	9,281	6,670	-	63	16,014
Solar Power Solutions, S.A.S. E.S.P.	-	57,676	-	239	57,915
Parque Solar Los Cuervos, S. de R.L. de C.V.	-	22,600	-134	-2,297	20,169
EDPR Vietnam	-	254	-	-	254
Other (See Appendix I)	10	-	-	-	10
Total	7,546,306	1,119,899	-134	-371,558	8,294,513
ASSOCIATES
Solar Works BV	2,227	-	-	-	2,227
OW Offshore S.L.	-	18,628	-	-	18,628
Total	2,227	18,628			20,855
Total	7,548,533	1,138,527	-134	-371,558	8,315,368

2019

THOUSAND EUROS	31.12.2018	ADDITIONS	DISPOSALS	CHANGES IN EXCHANGE RATES	31.12.2019
GROUP COMPANIES
EDP Renováveis Brasil S.A.	218,553	15,002	-	-442	233,113
EDP Renewables Europe, S.L	3,079,340	-	-	-	3,079,340
EDP Renewables North America, LLC	3,538,271	969,212	-701,917	70,226	3,875,792
EDP Renewables Canada, Ltd	33,476	31,529	-20,327	1,919	46,597
EDowables Offshore France S.A.S	500	2,160	-2,660	-	-
EDP Renováveis Servicios Financieros S.A	274,892	-	-	-	274,892
EDPR RO PV S.L.R	25	-	-	-	25
EDPR Offshore España S.L	725	14,800	-15,525	-	-
Eolos Energía, S,A,S E.S.P	-	27,256	-	-	27,256
Vientos del Norte S.A.S E.S.P	-	9,281	-	-	9,281
Other (See Appendix I)	7	10	-7	-	10
Total	7,145,789	1,069,250	-740,436	71,703	7,546,306
ASSOCIATES
Solar Works BV	2,227	-	-	-	2,227
Total	2,227	-	-	-	2,227
Total	7,148,016	1,069,250	-740,436	71,703	7,548,533

A) Investments in Group companies and associates

Details of direct and indirect investments in Group companies are provided in Appendix I. In 2020 and 2019 the Company financed its subsidiary EDP Renewables North America, LLC (EDPR NA) by subscribing successive capital increases/reductions for a net amount of Euros 944,749 thousand and Euros 267,295 thousand (US Dollars 1,118,538 thousand and US Dollars 303,895 thousand) representing increases in both years. In 2020 and 2019, the Company has signed capital increases in EDP Renováveis Brasil S.A. for Euros 29,450 and Euros 15,002 thousand (Brazilian Reals 180,000 and Brazilian Reals 65,036 thousand), respectively. In 2020 and 2019, the Company signed capital increases in EDP Renewables Canada for Euros 53,209 and Euros 31,529 thousand (Canadian Dollars 82,400 and 46,797 thousand), respectively. In addition, a capital reduction was signed in January 2019 for Euros 20,327 thousand (Canadian Dollars 30.950). During 2019 the Company entered into the purchase of the Colombian companies Eolos Energía, S.A.S E.S.P. and Vientos de Norte, S.A.S E.S.P. for Euros 27,256 thousand and Euros 9,281 thousand (Colombian Pesos 97,412 and 33,166 million). This acquisition entailed a success fee of Euros 16,792 thousand and Euros 5,701 thousand, respectively (Euros 18,342 and Euros 6,227 thousand in 2019), which the Company recognises in other non-current financial liabilities (see note 17a). In 2020, the Company signed capital increases in these companies for Euros 5,290 and Euros 6,670 thousand (Colombian Pesos 23,000 and 29,000 million), respectively. During 2020 the Company entered into the purchase of the Colombian company Solar Power Solution, S.A.S E.S.P. for Euros 57,653 thousand (Colombian Pesos 237,589 million). This acquisition entails a success fee of Euros 42,754 thousand, which the Company has recognised in other non-current financial liabilities (Euros 39,164 thousand) and in other current financial liabilities (Euros 3,590 thousand) (see note 17a). Furthermore, the Company subscribed a capital increase of Euros 23 thousand (Colombian Pesos 98,293 thousand).

During 2020 the Company entered into the purchase of the Mexican company Parque Solar Los Cuervos, S. de R.L. de C.V. for Euros 22,600 thousand (US Dollars 24,750 thousand). This acquisition entails a success fee of Euros 1,693 thousand, which the Company has recognised in other current financial liabilities (see note 17a). In 2020, the Company incorporated the Vietnamese company EDPR Vietnam for Euros 254 thousand (Vietnamese Dong 7,207 million). In 2019, the Company entered into the purchase of 0.1% of the Greek company Aeoliko Parko Fthiotidos Erimia, E.P.E. for Euros 9 thousand. This acquisition entails a success fee of Euros 7 thousand, which the Company has recognised in other non-current financial liabilities (see note 17a). During 2020 the Company recorded the 50% interest held in the company Ocean Winds Offshore, S.L. (formerly called EDPR Offshore España, S.L.) in the amount of Euros 18,628 thousand. At 31 December 2019, the Company recognised this investment in non-current assets held for sale (see note 12).

Testing for impairment in investments in equity instruments

Testing for impairment in investments in equity instruments is carried out annually. For operational wind farms, the recoverable amount is determined using the value in use. Shareholder discounted cash flows were used to carry out this analysis. This method is based on the principle that the estimated value of an entity or business is defined by its capacity to generate future financial resources, assuming that these resources can be withdrawn from the business and distributed among the Company's shareholders, without compromising the continuation of the activity. The amount was therefore based on free cash flows generated by each company's business, less appropriate discount rates and net debt. The projection period for future cash flows is the useful life of the assets (30 years), which is in line with the current amortisation method. Cash flows also include long-term operating contracts and long-term estimates of energy prices, provided that the asset carries market prices risk.

The following main assumptions are used for testing impairment:

• Energy produced: the wind studies carried out are used to determine the net capacity factors used for each farm, which take into account the long-term predictability of wind production and that wind energy production is supported in almost all countries by regulations that allow priority production and supply whenever weather conditions allow.
• Electricity remuneration: approved or contracted remuneration has been applied when available with regards the companies that benefit from regulated remuneration or that have signed agreements to sell their predetermined production over the entire useful life of the asset or a part of it; when this option was not available, prices were calculated using price curves projected by the company using its experience, internal models and external information sources.
• New capacity: tests were based on the best information available about the wind farms expected to be built in the coming years, adjusted by the likelihood that the planned projects will be completed successfully and by the company's growth prospects based on the objectives in the business plan, historical growth and projections of market size. Tests took into account the contracted and expected prices for acquiring turbines from several suppliers.
• Operating costs: contracts entered into for land leases and maintenance agreements were used; other operating costs were projected in a manner consistent with the company's internal models and experience.
• Residual value: residual value is taken as 15% of the initial investment in each wind farm, taking inflation into consideration.
• Discount rate: the following discount rates used are after taxes and they reflect the EDPR Group's best estimate of the specific risks:

	2020	2019
Europe (EUR)	3.5%-6.0%	3.1%-5.8%
North America (USD)	4.9%-7.1%	4.9%-6.3%
Brazil (USD)	8.5%-10.2%	8.8%-10.4%
Colombia (USD)	8.2%	-

EDPR has performed the following sensitivity analyses on the results of the affected impairment tests.

• 10% reduction in the market prices used in the reference scenario. This sensitivity analysis performed independently for such an assumption does not assume any impairment.
• Increase in the discount rate used in the reference scenario of 100 base points.This sensitivity analysis performed independently for such an assumption does not assume any impairment. During 2020 the company reversed the measurement adjustment that it had recorded with respect to its interest in Ocean Winds Offshore, S.L. totalling Euros 3,103 thousand and recorded income under the impairment and profit/(loss) on the disposal of shareholdings heading in the income statement. Furthermore, no impairment has been recognised as a result of the tests performed during 2020 and 2019.

Foreign currency

The functional currencies of foreign operations are the currencies of the countries in which they are domiciled. These are primarily the US Dollar, the Canadian Dollar and the Brazilian Real.

Hedged investments

Details of investments, the fair value of which is hedged against currency risk, at 31 December 2020 and 2019 are as follows:

THOUSAND EUROS	INTEREST COVERED	INTEREST NOT COVERED	TOTAL
2020
EDP Renováveis Brasil S.A.	19,220	235,356	254,576
EDP Renewables North America, LLC. (EDPR NA)	4,444,951	17,452	4,462,403
EDP Renewables Canada, Ltd	96,247	-	96,247
Eolos Energía, S,A,S E.S.P	1,750	30,918	32,668
Vientos del Norte S.A.S E.S.P	904	15,110	16,014
Solar Power Solutions, S.A.S. E.S.P.	3,454	54,461	57,915
Parque Solar Los Cuervos, S. de R.L. de C.V.	20,169	-	20,169
Total	4,586,695	353,297	4,923,992

THOUSAND EUROS	INTEREST COVERED	INTEREST NOT COVERED	TOTAL
2019
EDP Renováveis Brasil S.A.	26,468	206,645	233,113
EDP Renewables North America, LLC. (EDPR NA)	3,822,555	53,237	3,875,792
EDP Renewables Canada, Ltd	46,597	-	46,597
Total	3,895,620	259,882	4,155,502

28 EDPR 2020 ANNUAL REPORT

Management hedges foreign currency risk arising from the Company's investments in EDP Renewables North America, LLC., denominated in foreign currency. The changes in value due to exchange rate fluctuations of equity instruments and the changes in fair value of hedging instruments are recognised in exchange gains/losses in the income statement. Details for 2020 and 2019 are as follows:

THOUSAND EUROS	GAINS/(LOSSES) 2020	EDPR NA	EDPR BR	EDPR CA	OTHER	TOTAL
Investments in Group companies (note 11)		-358,138	-7,988	-3,559	-1,873	371,558
Hedging instruments
Foreign currency derivatives (note 11)		223,172	7,717	3,568	-433	234,024
Current account in foreign currency (note 11)		179	-	-	2,266	2,445
Fixed rate debt in foreign currency (note 11)		138,342	-	-	-	138,342
Total		3,555	-271	9	-40	3,253

THOUSAND EUROS	GAINS/(LOSSES) 2019	EDPR NA	EDPR BR	EDPR CA	TOTAL
Investments in Group companies (note 11)		70,226	-442	1,919	71,703
Hedging instruments
Foreign currency derivatives (note 11)		-60,874	474	-2,563	-62,963
Current account in foreign currency (note 11)		-53	-	-	-53
Fixed rate debt in foreign currency (note 11)		-13,365	-	-	-13,365
Total		-4,066	32	-644	-4,678

The hedging instruments used by the Company to hedge foreign currency risk arising from the investments in EDP Renewables North America, LLC. comprise:

• hedging instrument consisting of three EUR/USD swaps taken out with EDP Energias de Portugal, S.A. with a notional amount of USD 1,778,816 thousand (three EUR/USD swaps with EDP Finance, B.V. with a notional amount of USD 2,398 thousand in 2019). The fair value of the hedging instrument amounts to Euros 31,970 thousand at 31 December 2020 (Euros 129,001 thousand payable at 31 December 2019) and has been recognised under investments in Group companies and associates in current assets (Euros 43,974 thousand) and under non-current debt in non-current liabilities (Euros 12,004 thousand) (see note 11). During 2020 agreements of this kind have been settled generating revenue of Euros 14,076 thousand, which is recognised in the exchange differences account. At 31 December 2020 the net finance cost incurred on hedging instruments on net investments totalled Euros 45,561 thousand (net cost of Euros 67,003 thousand in 2019) and has been recognised in finance costs on debts with Group companies in the accompanying income statement;
• a hedging instrument comprising a EUR/USD cross interest rate swap arranged with EDPR Servicios Financieros, S.A. for a notional amount of US Dollars 678,814 thousand (US Dollars 1,025,380 thousand in 2019). The fair value of the hedging instrument amounts to Euros 44,208 thousand at 31 December 2020 (Euros 20,604 thousand payable at 31 December 2019) and has been recognised under investments under Group companies and associates in non-current assets (see note 11). During 2020 this agreement has been settled in part, generating costs of Euros 16,687 thousand, which is recognised in the exchange differences account. At 31 December 2020 the net finance cost incurred on hedging instruments on net investments totalled Euros 9,580 thousand (net cost of Euros 26,996 thousand in 2019) and has been recognised under finance costs on debt with Group companies in the accompanying income statement;

29 EDPR 2020 ANNUAL REPORT

• current account with EDPR Servicios Financieros, S.A. for an amount of US dollars 192,195 thousand at 31 December 2020 (USD 197,450 thousand at 31 December 2019). On 31 December 2020, the fair value of the current account amounts to Euros 156,625 thousand (Euros 175,761 thousand at 31 December 2019) and is recorded in the caption cash and cash equivalents of the attached balance sheet (see note 13). The current account has generated revenues on exchange differences in 2020 for Euros 179 thousand (losses of Euros 53 thousand in 2019);
• loans received from EDP Finance BV in US Dollars with a notional amount of US Dollars 668,588 thousand. These loans have generated net income from exchange differences in 2020 of Euros 33,962 thousand (losses of Euros 11,227 thousand in 2019);
• loans received from EDP Renovaveis Servicios Financieros, S.A. in US Dollars with a notional amount of US Dollars 1,367,783 thousand (US Dollars 450,000 in 2019). These loans have generated income from exchange differences in 2020 of Euros 104,380 thousand (losses of Euros 2,138 thousand in 2019).

To hedge the currency risk arising from the exposure of the investment in EDP Renováveis Brasil S.A., denominated in Brazilian Reals, the Company has arranged a hedging instrument comprising two swaps for a total notional amount of Brazilian Reals 120,500 thousand in 2020 and 2019. The net fair value of the hedging instrument amounts to Euros 9,908 thousand at 31 December 2020 (Euros 2,191 thousand at 31 December 2019) and has been recognised under Investments in Group companies and associates in non-current assets (see note 11). This hedging instrument incurred a net finance cost of Euros 1,047 thousand (cost of Euros 1,660 thousand in 2019), which has been recognised under finance costs on debt with Group companies in the accompanying income statement.

To hedge the currency risk arising from the exposure of the investment in EDP Renewables Canada, Ltd, denominated in Canadian Dollars, the Company has arranged a hedging instrument comprising ten swaps for a total notional amount of Canadian Dollars 149,650 thousand (six swaps for a total notional amount of Canadian Dollars 67,247 thousand in 2019). At 31 December 2020 the fair value of the hedging instrument amounts to Euros 1,583 thousand (Euros 2,054 thousand payable at 31 December 2019) and has been recognised under Investments in Group companies and associates in current and non-current assets (Euros 420 thousand and Euros 1,211 thousand respectively) and under non-current debt in non-current liabilities (Euros 10 thousand) and under current debt in current liabilities (Euros 38 thousand) (see note 11). During 2020 an agreement of this kind has been settled generating costs of Euros 69 thousand, which is recognised in the exchange differences account. These hedging instruments incurred a net finance cost of Euros 935 thousand (cost of Euros 1,001 thousand in 2019), which has been recognised under finance costs on debt with Group companies in the accompanying income statement.

In order to avoid the exposure to exchange rate risk of the investment in the Colombian companies Eolos Energía, S.A.S E.S.P., Vientos de Norte, S.A.S E.S.P. and Solar Power Solution, S.A.S E.S.P., which are denominated in COP, the Company maintains a hedge instrument consisting of a swap with a total notional value of Colombian Pesos 25,598 million in 2020. The fair value of the hedging instrument at 31 December 2020 totalled Euros 433 thousand, and is recognised under current debt in current liabilities (see note 11). This hedging instrument incurred a net finance cost of Euros 30 thousand, which has been recognised under finance costs on debt with Group companies in the accompanying income statement.

The Company financed the US dollar 22,672 thousand investment in the Mexican company Parque Solar Los Cuervos, S. de R.L. de C.V. using its US dollar denominated current account to avoid exposure to exchange-rate risk. On 31 December 2020, the fair value of the current account amounts to Euros 18,476 thousand and is recorded in the caption Cash and cash equivalents on the attached balance sheet (see note 13). The current account has generated income on exchange differences of Euros 2,266 thousand.

30 EDPR 2020 ANNUAL REPORT
09.# 10. Investments and trade receivables

A) Investments in Group companies

Details of investments in Group companies and associates are as follows:

THOUSAND EUROS	NON-CURRENT	CURRENT	NON-CURRENT	CURRENT
	2020	2020	2019	2019
Equity instruments (note 8)	8,315,368	-	7,548,533	-
Derivative financial instruments (note 11)	55,327	44,466	3,352	-
Loans to Group companies and associates	-	889	-	-
Other financial assets	63	-	9,724	-
Trade and other receivables	-	115,158	-	74,676
Total	8,370,758	160,513	7,561,609	74,676

The non-current financial assets balance at 31 December 2019 includes the Company's collection right over the associate Ocean Winds UK (EDPR, UK), which, together with non-controlling interests, is undertaking an offshore project through its subsidiary Moray West Holding Limited. This amount relates to the difference in return received by the offshore project partners who chose to finance the project via loans (5.5% return) and those, such as the EDPR Group, who chose a bridge loan (EBL) through banks, where the return is 1%. That contract was transferred to the Group company EDP Renovaveis Servicios Financieros, S.A. on 1 July 2020.

Current loans to Group companies and associates at 31 December 2020 mainly consist of the US dollar 1 million (Euros 889 thousand) granted to the associate Solar Works. This loan has generated costs on exchange differences in 2020 for Euros 105 thousand.

B) Classification by maturity

The classification of financial assets by maturity is as follows:

THOUSAND EUROS	2021	2022	2023	2024	SUBSEQUENT YEARS	LESS CURRENT PORTION	TOTAL NON-CURRENT
2020
Loans to companies	904	-	-	-	-	-904	-
Derivative financial instruments	5,772	48,846	709	-	-	-44,466	55,327
Other financial assets	63	-	-	690	-	-1	753
Trade and other receivables	-	-	-	-	-	-115,699	-
Total	5,835	48,846	709	690	-	-161,070	56,080
2019	2020	2021	2022	2023	SUBSEQUENT YEARS	LESS CURRENT PORTION	TOTAL NON-CURRENT
Loans to companies	486	-	-	-	-	-486	-
Derivative financial instruments	967	2,385	-	-	-	-3,352	-
Other financial assets	5	9,724	-	529	-	-5	10,253
Trade and other receivables	-	-	-	-	-	-74,689	-
Total	967	12,109	-	529	-	-75,180	13,605

C) Trade and other receivables

Details of trade and other receivables are as follows:

CURRENT	2020	2019
THOUSAND EUROS
Group (See note 21):	115,158	74,676
Customers	59,662	21,325
Other receivables	55,496	53,351
Unrelated parties:	542	14
Other receivables	541	13
Public entities, other	1	1
Total	115,700	74,690

Trade receivables from Group companies in 2020 and 2019 essentially reflect the balance receivable under management support service contracts arranged with EDP Renewables Europe S.L.U and EDP Renewables North America, LLC in 2013 (See note 21 b.).

Other Group receivables mainly include corporate income tax totalling Euros 35,465 thousand (Euros 42,619 thousand in 2019) (see note 19) and in 2020 the dividend receivable from EDP Renovaveis Brasil, S.A. amounted to Euros 20,031 thousand (Euros 10,732 thousand in 2019).

D) Exchange differences recognised in profit or loss in relation to financial assets

Details of exchange differences recognised in profit or loss in relation to financial instruments, distinguishing between settled and outstanding transactions, are as follows:

THOUSAND EUROS	2020	2019
	SETTLED	OUTSTANDING
Hedged investments in Group companies (note 8)	-	-371,558
Hedging derivatives of net investments in foreign operations	14,076	119,309
Other financial assets	2,135	-762
Trade and other receivables	154	-3,240
Cash and cash equivalents	-	2,586
Total financial assets	16,365	-253,665

11. Derivative financial instruments

Details of derivative financial instruments are as follows:

THOUSAND EUROS	2020	2019
	ASSETS	LIABILITIES
	NON-CURRENT	CURRENT
HEDGING DERIVATIVES
a) Fair value hedges
Net investment hedging swaps (note 8)	55,327	44,394
Total	55,327	44,394
DERIVATIVES HELD FOR TRADING AND AT FAIR VALUE THROUGH CHANGES IN PROFIT OR LOSS
b) Foreign currency derivatives
FX forward	-	72
Total derivatives	55,327	44,466

A) Fair value hedges

The total amount of gains and losses on hedging instruments and on items hedged under fair value hedges of net investments in Group companies is as follows:

GAINS/(LOSSES)	2020	2019
THOUSAND EUROS
FORWARD EXCHANGE CONTRACTS:
Net investment hedging swaps (note 8)	-371,558	-62,963
Fixed rate debt (note 8)	234,024	-13,365
Investments in Group companies (note 8)	2,445	71,703
Current account in foreign currency (note 8)	138,342	-53
Total	3,253	-4,678

B) Foreign currency derivatives

In order to eliminate the exchange rate risk on the success fee recognised as a result of the acquisition of the Colombian companies (see note 8), in 2020 and 2019 the Company has arranged several futures contracts on the US Dollar exchange rate for a notional amount of Euros 70,847 thousand (US Dollars 22,887 thousand). The fair value of those instruments totalling Euros 72 thousand and Euros 1,924 thousand is recognised under the heading Current investments in Group companies and associates and current loans, respectively (Euros 904 thousand under investments in Group companies and associates in 2019). During 2019 contracts of this type were settled and a profit generated, which was recognised in the income statement under impairment and proceeds on disposals of equity instruments for Euros 171 thousand.

12. Non-current assets held for sale

At 31 December 2019, the Company had recognised its investments in Ocean Winds Offshore, S.L.(previously EDPR Offshore España, S.L.) and EDP Renewables Offshore France, S.A.S in non-current assets held for sale for an amount of Euros 15,525 thousand and Euros 2,660 thousand, respectively, as a result of the agreement reached in May 2019 between the EDPR Group and Engie to create a fixed and floating marine energy joint venture.

The transaction described in the preceding paragraph was closed in March 2020 and the interest totalling Euros 18,628 thousand in the company Ocean Winds Offshore, S.L.was reclassified to Associates (see Note 8). Furthermore, the impairment provision associated with that interest was also reversed, which gave rise to income totalling Euros 3,103 thousand in the heading Impairment and profit/(loss) on disposals of shareholdings in the income statement (see Note 8).

In March 2020 the Company sold its interest in EDP Renewables France, S.A. S to the company Ocean Winds Offshore, S.L. for Euros 1,242 thousand. This transaction gave rise to a loss totalling Euros 1,418 thousand, which was recognised in the heading profit/(loss) on disposals of shareholdings in the income statement.# Cash and cash equivalents

Details of cash and cash equivalents are as follows:

	THOUSAND EUROS
	2020
Cash in hand and at banks	58
Other cash equivalents	1,508,824
Total	1,508,882

In accordance with the terms of the contract signed by the parties on 1 June 2015, cash and cash equivalents at 31 December 2020 and 2019 include the balance of the US Dollar current account with EDPR Servicios Financieros S.A. of Euros 183,498 thousand and Euros 175,761 thousand, respectively. This item also records the euro-denominated current account balance of Euros 1,325,326 at 31 December 2020 with EDPR Servicios Financieros, S.A.

Capital and reserves

Details of equity and movement during 2020 and 2019 are shown in the statement of changes in equity.

A) Subscribed capital

At 31 December 2020 and 2019, the share capital of the Company is represented by 872,308,162 ordinary bearer shares of Euros 5 par value each, all fully paid. These shares have the same voting and profit-sharing rights. These shares are freely transferable.

Companies that hold a direct or indirect interest of at least 10% in the share capital of the Company at 31 December 2020 and 2019 are as follows:

2020

COMPANY	NUMBER OF SHARES	PERCENTAGE OF OWNERSHIP
EDP - Energías de Portugal, S.A. Sucursal en España	720,177,619	82.56%
Others (shares quoted on the Lisbon stock exchange)	152,130,543	17.44%
Total	872,308,162	100.00%

2019

COMPANY	NUMBER OF SHARES	PERCENTAGE OF OWNERSHIP
EDP - Energías de Portugal, S.A. Sucursal en España	720,177,619	82.56%
Others (shares quoted on the Lisbon stock exchange)	152,130,543	17.44%
Total	872,308,162	100.00%

In 2015 Hidroeléctrica del Cantábrico S.A. sold its shares in the Company (135,256,700 ordinary shares amounting to 15.51% of total shares), to EDP - Energías de Portugal S.A., Sucursal en España. During 2017, EDP - Energías de Portugal, S.A. carried out a buyback process to buy back quoted shares. After this process was completed, only 17.44% of the Company's shares remain quoted on the Lisbon Stock Exchange.

B) Share premium

This reserve is freely distributable.

36 EDPR 2020 ANNUAL REPORT

C) Reserves

Details of reserves and movement during the year reflect the proposed distribution of profit approved by the shareholders at their annual general meeting (see note 3).

Legal reserve

Pursuant to the Revised Spanish Companies Act, in force since 1 September 2010, companies are required to transfer 10% of profits for the year to a legal reserve until this reserve reaches an amount equal to 20% of share capital. The legal reserve may be used to increase capital. Except for this purpose, until the reserve exceeds 20% of share capital it may only be used to offset losses if no other reserves are available. At 31 December 2020 the amount of this reserve is Euros 75,971 thousand (Euros 75,971 thousand in 2019). This reserve has still not been appropriated with the minimum amount required by the Spanish Companies Act.

Voluntary reserve

These reserves are freely distributable.

Negative reserve for costs of the public share offering

As a result of the public share offering, the Company incurred a number of expenses associated with the capital increase, which have been recognised in this item net of the tax effect.

15. Provisions

Movement in provisions during 2020 and 2019 is as follows:

	THOUSAND EUROS
	BALANCE AT 31.12.18
Personnel expense	606
Total	606

Additions are recorded under the personnel expense as multi-year remuneration obligations. Provisions applied mainly reflect the reclassification of salaries payable to current liabilities. In 2020 and 2019, the amount recognised as a provision is the directors' best estimate at the reporting date of the expenditure required to settle the present obligation.

37 EDPR 2020 ANNUAL REPORT

16. Financial liabilities by category

The classification of financial liabilities by category and class and a comparison of the fair value with the carrying amount are as follows:

2020

	NON-CURRENT	CURRENT
	AT AMORTISED COST OR COST	AT AMORTISED COST OR COST
THOUSAND EUROS	CARRYING AMOUNT	FAIR VALUE AT
Debts and payables:
Group companies:
Fixed rate	2,447,620	2,553,175
Variable rate	-	-
Other financial liabilities (note 8)	61,664	61,664
Trade and other payables	-	-
Total	2,509,284	2,614,839
Hedging derivatives:
Traded on OTC markets	-	-
Total	-	-
Total financial liabilities	2,509,284	2,614,839

2019

	NON-CURRENT	CURRENT
	AT AMORTISED COST OR COST	AT AMORTISED COST OR COST
THOUSAND EUROS	CARRYING AMOUNT	FAIR VALUE AT
Debts and payables:
Group companies:
Fixed rate	1,241,257	1,293,989
Variable rate	-	-
Other financial liabilities (note 8)	24,576	24,576
Trade and other payables	-	-
Total	1,265,833	1,318,565
Hedging derivatives:
Traded on OTC markets	-	-
Total	-	-
Total financial liabilities	1,265,833	1,318,565

38 EDPR 2020 ANNUAL REPORT

Net losses and gains by financial liability category are as follows:

2020

	THOUSAND EUROS
	DEBTS AND PAYABLES, GROUP COMPANIES
Finance cost	112,914
Change in fair value of financial instruments	-
Total	112,914

2019

	THOUSAND EUROS
	DEBTS AND PAYABLES, GROUP COMPANIES
Finance cost	156,809
Total	156,809

17. Debt and trade payables

A) Debt with Group companies

Details of debt with Group companies are as follows:

	2020		2019
THOUSAND EUROS	NON-CURRENT	CURRENT	NON-CURRENT	CURRENT
Group (note 20)
Debt with Group Companies (note 17b)	2,447,620	116,664	1,241,257	252,205
Interest	-	22,850	-	22,253
Derivative financial instruments (note 11)	12,014	2,395	120,920	30,996
Suppliers of fixed assets	-	22,601	-	1,978
Other financial liabilities	-	-	-	114,003
Unrelated parties
Other financial liabilities	61,664	5,283	24,576	-
Total	2,521,298	169,793	1,386,753	421,435

Other current financial liabilities with Group companies at 31 December 2019 comprise current account with EDPR Servicios Financieros, S.A., which accrues daily interest that is settled on a monthly basis. The rate applicable to interest receivable is one-month Euribor plus a spread of between 0% and 0.1%, whilst the rate applicable to interest payable is one-month Euribor, plus a spread of between 0.9% and 1%. The current account balance reflects a receivable at 31 December 2020, which is recorded under the Cash heading (Note 13).

39 EDPR 2020 ANNUAL REPORT

Other non-current and current financial liabilities at 31 December 2020 and 2019 mainly relate to the success fees deriving from the acquisitions of the companies mentioned in Note 8, as follows:

2020

	NON-CURRENT	CURRENT
THOUSAND EUROS	EUROS	DOLLARS
Eolos Energía, S,A,S E.S.P	16,792	20,605
Vientos del Norte S.A.S E.S.P	5,701	6,996
Solar Power Solutions, S.A.S. E.S.P.	39,164	48,059
Parque Solar Los Cuervos, S. de R.L. de C.V.	-	-
Other financial liabilities	7	-
Total	61,664	75,660

2019

	NON-CURRENT	CURRENT
THOUSAND EUROS	EUROS	DOLLARS
Eolos Energía, S,A,S E.S.P	18,342	20,605
Vientos del Norte S.A.S E.S.P	6,227	6,996
Other financial liabilities	7	-
Total	24,576	27,601

40 EDPR 2020 ANNUAL REPORT

B) Main characteristics of debt

The terms and conditions of loans and debt are as follows:

2020

	THOUSAND EUROS
	CARRYING AMOUNT	TYPE	CURRENCY	EFFECTIVE RATE	NOMINAL RATE	MATURITY
EDP Finance		USD	4.99%	4.42%	2023	240,019
EDP Finance		USD	4.75%	4.75%	2024	180,250
EDPR Servicios Financieros		USD	3.13%	3.13%	2025	123,231
EDPR Sercicios Financieros		USD	3.13%	3.13%	2025	79,598
EDPR Servicios Financieros		USD	3.75%	3.75%	2030	202,829
EDPR Servicios Financieros		USD	2.22%	2.22%	2026	171,135
EDPR Servicios Financieros		USD	3.02%	3.02%	2030	171,135
EDPR Servicios Financieros		USD	3.25%	3.25%	2031	421,115
EDPR Servicios Financieros		USD	2.31%	2.31%	2026	226,754
EDPR Servicios Financieros		USD	5.18%	5.18%	2023	122,239
EDPR Servicios Financieros		USD	4.41%	4.41%	2024	244,479
EDPR Servicios Financieros		EUR	2.02%	2.02%	2023	170,000
EDPR Servicios Financieros		EUR	1.74%	1.74%	2022	115,000
EDPR Servicios Financieros		EUR	1.74%	1.74%	2022	96,500
Total	2,564,284					2,447,620

2019

	THOUSAND EUROS
	CARRYING AMOUNT	TYPE	CURRENCY	EFFECTIVE RATE	NOMINAL RATE	MATURITY
EDP Finance		USD	4.99%	4.42%	2023	395,176
EDP Finance		USD	4.75%	4.75%	2024	196,888
EDPR Servicios Financieros		USD	5.18%	5.18%	2023	133,523
EDPR Servicios Financieros		USD	4.41%	4.41%	2024	267,047
EDPR Servicios Financieros		EUR	2.02%	2.02%	2023	170,000
EDPR Servicios Financieros		EUR	1.74%	1.74%	2022	115,000
EDPR Servicios Financieros		EUR	1.74%	1.74%	2022	96,500
EDPR Servicios Financieros		EUR	0.46%	0.46%	2020	119,328
Total	1,493,462					1,241,257

41 During 2017, the Company and EDP Finance BV agreed to modify certain clauses of the debt contract they had arranged for US Dollars 447,403 thousand.From an accounting perspective, these modifications did not give rise to significant changes in the existing terms and conditions. At 31 December 2020 an amount of Euros 1,353 thousand (Euros 3,083 thousand at 31 December 2019) is recognised in debt with Group companies and associates on account of commissions for the aforementioned modification, of which Euros 927 thousand is recorded as current and will be taken to the income statement in 2021. During 2019, a fixed rate loan in US Dollars was arranged with EDPR Renovaveis Servicios Financieros, S.A. for US Dollars 300,000 thosuand (Euros 267,047 thousand at 31 December 2019). During 2020, new fixed rate loans in US Dollars have been arranged with EDPR Renovaveis Servicios Financieros, S.A. for US Dollars 1,712,783 thosuand (Euros 1,395,797 thousand at 31 December 2020).

C) Trade and other payables

Details of trade and other payables are as follows:

THOUSAND EUROS	CURRENT
	2020	2019
GROUP
Payables	11,716	5,849
Total	11,716	5,849
UNRELATED PARTIES
Payables	4,158	2,041
Salaries payable	5,401	4,775
Public entities, other (note 18)	818	679
Total	10,377	7,495
Total	22,093	13,344

The payables, Group companies balance in 2020 and 2019 mainly comprises expenses invoiced by EDP - Energías de Portugal, S.A. and EDP - Energías de Portugal, S.A. (Sucursal en España) for management services. It also records the value added tax payable totalling Euros 5,643 thousand (Euros 2,221 thousand in 2019) resulting from the Company pertaining to the tax consolidation group led by EDP- Energias de Portugal, S.A. Sucursal en España (see Note 19).

D) Classification by maturity

The classification of financial liabilities by maturity is as follows:

THOUSAND EUROS	2020	2021	2022	2023	2024	SUBSEQUENT YEARS	LESS CURRENT PORTION	TOTAL	NON-CURRENT
Derivative financial instruments	2,395	12,004	10	-	-	-	-2,395	12,014
Debt with Group Companies and associates	162,115	211,500	415,594	424,728	1,395,798	-	-162,115	2,447,620
Other financial liabilities	5,314	61,664	-	-	-	-	-5,314	61,664
Trade and other payables	21,275	-	-	-	-	-	-21,275	-
Total financial liabilities	191,099	285,168	415,604	424,728	1,395,798	-	-191,099	2,521,298

42 EDPR 2020 ANNUAL REPORT

2019

THOUSAND EUROS	2020	2021	2022	2023	SUBSEQUENT YEARS	LESS CURRENT PORTION	TOTAL	NON-CURRENT
Derivative financial instruments	30,996	14,805	84,723	21,043	349	-30,996	120,920
Debt with Group Companies and associates	390,439	127,518	311,261	338,543	463,935	-390,439	1,241,257
Other financial liabilities	232	24,576	-	-	-	-232	24,576
Trade and other payables	12,665	-	-	-	-	-12,665	-
Total financial liabilities	434,332	166,899	395,984	359,586	464,284	-434,332	1,386,753

E) Exchange differences recognised in profit or loss in relation to financial liabilities

Details of exchange differences recognised in profit or loss in relation to financial instruments, distinguishing between settled and outstanding transactions, are as follows:

THOUSAND EUROS	2020	2019
	SETTLED	OUTSTANDING	SETTLED	OUTSTANDING
Non-current debt with Group companies and associates	-4,957	143,299	-	-13,365
Hedging derivatives of net investments in foreign operations	-16,756	117,395	-	-63,390
Other financial liabilities	92	5,741	-162	-508
Trade and other payables	5	-	13	-
Total financial liabilities	-21,616	266,435	-149	-77,263

1. Late payments to suppliers

Final provision two of Law 31/2014 of 3 December 2014, amending the Spanish Companies Act to introduce improvements to corporate governance, amends additional provision three of Law 15/2010 of 5 July 2010, amending Law 3/2004 of 29 December 2004 establishing measures to combat late payment, to require that all commercial companies expressly disclose average supplier payment periods in the notes to the annual accounts. The following table shows the average supplier payment period, transactions paid ratio, transactions payable ratio, total payments made and total payments outstanding at the reporting date:

	2020	2019
	DAYS	DAYS
Average supplier payment period	26	38
Transactions paid ratio	41	41
Transactions payable ratio	51	18
Total payments made	26,588	34,639
Total payments outstanding	29,312	4,331

43 EDPR 2020 ANNUAL REPORT

1. Taxation

Details of balances with public entities are as follows:

THOUSAND EUROS	2020		2019
	NON-CURRENT	CURRENT	NON-CURRENT	CURRENT
ASSETS
Deferred tax assets	23,700	-	33,317	-
Public entities, other	-	1	-	1
Total	23,700	1	33,317	1
LIABILITIES
Deferred tax liabilities	65,717	-	58,426	-
Social Security	-	473	-	412
Withholdings	-	345	-	267
Total	65,717	818	58,426	679

The Company files consolidated income tax and value added tax returns. The parent of this consolidated tax group is EDP-Energías de Portugal, S.A. Sucursal en España. At 31 December 2020 the Company has recognised income tax receivable of Euros 35,465 thousand (Euros 42,619 thousand in 2019) and VAT payable of Euros 5,643 thousand (Euros 2,221 thousand in 2019). These balances have been included in receivables, Group companies and associates and payables, Group companies and associates in the balance sheet (see notes 10c and 17c). In 2020, the taxation authorities concluded the inspection of the consolidated tax group's income taxes for 2013 to 2016, without it having had a significant impact on 2020. In accordance with prevailing legislation, taxes cannot be considered definitive until they have been inspected by the taxation authorities or the inspection period has elapsed. Taking into account the aforementioned inspection period, at 31 December 2020 the Company has the following main applicable taxes open to inspection:

TAX YEARS OPEN TO INSPECTION
Corporate income tax
Value added tax
Personal income tax
Capital gains tax
Tax on economic activities
Social Security
Non-residents

Due to the treatment permitted by fiscal legislation of certain transactions, additional tax liabilities could arise in the event of an inspection. In any case, the Company's Directors do not consider that any such liabilities that could arise would have a significant effect on the annual accounts.

44 EDPR 2020 ANNUAL REPORT

A) Income tax

The Company files consolidated tax returns as part of the Group headed by EDP Energías de Portugal, S.A. Sucursal en España. A reconciliation of net income and expenses for the year with taxable income is as follows:

2020

THOUSAND EUROS	INCOME STATEMENT	INCOME AND EXPENSE RECOGNISED IN EQUITY						TOTAL
	INCREASES	DECREASES	NET	INCREASES	DECREASES	NET
Profit/(loss) for the year	1,388,573		1,388,573					1,388,573
Corporate income tax	-27,500		-27,500					-27,500
Profit before income tax	1,361,073		1,361,073					1,361,073
PERMANENT DIFFERENCES
Individual company	1,492	-3,103	-1,611	-	-	-		-1,611
Consolidation adjustments	-	-1,472,089	-1,472,089	-	-	-		-1,472,089
TEMPORARY DIFFERENCES:
originating in current year	-29,232		-29,232	-	-	-		-29,232
originating in prior years
Taxable income	-141,859		-141,859					-141,859

2019

THOUSAND EUROS	INCOME STATEMENT	INCOME AND EXPENSE RECOGNISED IN EQUITY						TOTAL
	INCREASES	DECREASES	NET	INCREASES	DECREASES	NET
Profit/(loss) for the year	-8,789		-8,789					-8,789
Corporate income tax	-33,417		-33,417					-33,417
Profit before income tax	-42,206		-42,206					-42,206
PERMANENT DIFFERENCES
Individual company	73	-	73	-	-	-		73
Consolidation adjustments	-	-99,111	-99,111	-	-	-		-99,111
TEMPORARY DIFFERENCES:
originating in current year	-29,232		-29,232	-	-	-		-29,232
originating in prior years
Taxable income	-170,476		-170,476					-170,476

Decreases in permanent differences in 2020 mainly reflect dividends of Euros 836,704 thousand (Euros 94,154 thousand in 2019) received from EDP Renewables Europe S.L.U., Euros 10,470 thousand from EDP Renováveis Servicios Financieros S.A. (Euros 4,957 thousand in 2019), Euros 612,445 thousand from EDP Renewables North America, LLC and Euros 12,470 thousand from EDP Renovaveis Brasil, S.A.

45 EDPR 2020 ANNUAL REPORT

Decreases in temporary differences in 2020 and 2019 mainly reflect the tax amortisation of the financial goodwill of EDPR NA (Euros 29,163 thousand) and the reversal of the amortisation limit (Euros 69 thousand). The relationship between tax income and accounting profit for the year is as follows:

2020

THOUSAND EUROS	GAINS AND LOSSES	EQUITY	TOTAL
Profit/(loss) for the year before tax	1,361,073	-	1,361,073
Tax at 25%	340,268	-	340,268
Non-deductible expenses
Provisions	-403	-	-403
Non-taxable income
Dividends	-368,022	-	-368,022
Prior years' adjustments	657	-	657
Income tax expense/(income)	-27,500	-	-27,500

2019

THOUSAND EUROS	GAINS AND LOSSES	EQUITY	TOTAL
Profit/(loss) for the year before tax	-42,206	-	-42,206
Tax at 25%	-10,551	-	-10,551
Non-deductible expenses
Provisions	18	-	18
Non-taxable income
Dividends	-24,778	-	-24,778
Withholdings at source (dividends in Brazil)	1,894	-	1,894
Income tax expense/(income)	-33,417	-	-33,417

Details of income tax income are as follows:

THOUSAND EUROS	2020	2019
CURRENT TAX
Present year	-35,465	-42,619
Withholdings at source (dividends in Brazil)	-	1,892
Prior years' adjustments	-8,943	-
Total	-44,408	-40,727
DEFERRED TAX
Unrecognised tax credits carried forward	352	-
Expense for reduction in deferred tax assets	9,239	-
Tax amortisation of EDPR NA goodwill	7,291	7,291
Non-deductible amortisation	26	19
Total	16,908	7,310
Total	-27,500	-33,417

46 EDPR 2020 ANNUAL REPORT

Expense for reduction in deferred tax assets in 2020 comprises the tax credit adjustment relating to non-deductible finance costs originating in prior years. In 2020 ,the Company has adjusted capitalised tax credits amounting to Euros 1,408 thousand (Euros 352 thousand tax paid) reflecting the best estimate of the Company's tax losses generated in prior years. In 2019 the Company contributed tax credits to the tax group amounting to Euros 28,412 thousand (Euros 7,103 thousand tax paid) during the 2018 tax settlement.## Details of deferred tax assets and liabilities by type of asset and liability are as follows:

ASSETS	LIABILITIES	NET
THOUSAND EUROS	2020	2019
Tax loss carryforwards	21,413	21,765
Tax amortisation of EDPR NA goodwill	-	-
Non-deductible amortisation	92	118
Limited deductibility of finance costs under RD 12/2012	2,195	11,434
Total assets/liabilities	23,700	33,317

Movement in deferred tax assets and liabilities in 2020 and 2019 is as follows:

THOUSAND EUROS	BALANCE AT 31.12.18	ADDITIONS	DISPOSALS	BALANCE AT 31.12.19	ADDITIONS	DISPOSALS	BALANCE AT 31.12.20
ASSETS
Tax loss carryforwards	28,868	-	-7,103	21,765	-	-352	21,413
Limited deductibility of finance costs under RD 12/2012	11,434	-	-	11,434	-	-9,239	2,195
Non-deductible amortisation	137	-	-19	118	-	-26	92
Total	40,439	-	-7,122	33,317	-	-9,617	23,700
LIABILITIES
Tax amortisation of goodwill	-51,135	-7,291	-	-58,426	-	-7,291	-65,717
Total	-51,135	-7,291	-	-58,426	-	-7,291	-65,717

Details of deferred tax assets and liabilities that are expected to be realised or reversed in periods exceeding 12 months are as follows:

THOUSAND EUROS	2020	2019
Tax loss carryforwards	21,413	21,765
Non-deductible amortisation	92	118
Tax amortisation of EDPR NA goodwill	-65,717	-58,426
Limited deductibility of finance costs under RD 12/2012	2,195	11,434
Net	-42,017	-25,109

20. Environmental information

Given that the Company's activities to develop, construct and operate energy production facilities are carried out through Group companies rather than directly, the Company does not consider it necessary to make investments to prevent or correct any impact on the environment or make any environmental provisions. These annual accounts do not include any environmental costs. The directors consider that no significant environmental contingencies exist.

21. Related party balances and transactions

A) Related party balances

Balances receivable from and payable to Group companies and related parties, including key management personnel and directors, and the main details of these balances, are disclosed in notes 10 and 17 (a). Details of balances by category are as follows:

2020

THOUSAND EUROS	PARENT	GROUP COMPANIES/ ASSOCIATES	TOTAL
Non-current assets
Investments in Group companies	-	8,315,368	8,315,368
Other financial assets	-	63	63
Derivatives	11,119	44,208	55,327
Total non-current assets	11,119	8,359,639	8,370,758
Current assets
Trade and other receivables	470	114,688	115,158
Derivatives	44,466	-	44,466
Other financial assets	-	889	889
Cash	-	1,508,824	1,508,824
Total current assets	44,936	1,624,401	1,669,337
Total assets	56,055	9,984,040	10,040,095
Non-current liabilities
Non-current debt (derivatives)	12,014	-	12,014
Non-current debt with Group companies	-	2,447,620	2,447,620
Total non-current liabilities	12,014	2,447,620	2,459,634
Current liabilities
Current debt (derivatives)	2,395	-	2,395
Current debt with Group companies	353	161,762	162,115
Trade and other payables	10,134	1,582	11,716
Total current liabilities	12,882	163,344	176,226
Total liabilities	24,896	2,610,964	2,635,860

2019

THOUSAND EUROS	PARENT	GROUP COMPANIES	TOTAL
Non-current assets
Investments in Group companies	-	7,548,533	7,548,533
Other financial assets	-	9,724	9,724
Derivatives	3,352	-	3,352
Total non-current assets	3,352	7,558,257	7,561,609
Current assets
Trade and other receivables	43,478	31,198	74,676
Cash	-	175,761	175,761
Total current assets	43,478	206,959	250,437
Total assets	46,830	7,765,216	7,812,046
Non-current liabilities
Non-current debt (derivatives)	1,676	119,244	120,920
Non-current debt with Group companies	-	1,241,257	1,241,257
Total non-current liabilities	1,676	1,360,501	1,362,177
Current liabilities
Current debt with Group companies	50	390,439	390,439
Trade and other payables	4,718	1,131	5,849
Total current liabilities	4,768	391,570	396,338
Total liabilities	6,444	1,752,071	1,758,515

At 31 December 2020 and 2019 all derivative financial instruments held by the Company have been arranged with Group companies.

B) Related party transactions

The Company's transactions with related parties, at market value, are as follows:

2020

THOUSAND EUROS	PARENT	GROUP COMPANIES/ ASSOCIATES	DIRECTORS	TOTAL
INCOME
Other services rendered (note 22a)	-	52,020	-	52,020
Other income	-	600	-	600
Dividends (notes 9 and 22a)	-	1,472,089	-	1,472,089
Finance income (note 9)	-	855	-	855
Total	-	1,525,564	-	1,525,564
EXPENSES
Operating lease expenses and royalties	-875	-	-	-875
Other services received	-11,685	-1,624	-	-13,309
Salaries	-	-	-569	-569
Finance cost (note 15)	-12,835	-100,079	-	-112,914
Change in fair value of financial instruments (note 10)	-2,756	-	-	-2,756
Total	-28,151	-101,703	-569	-130,423

2019

THOUSAND EUROS	PARENT	GROUP COMPANIES/ ASSOCIATES	DIRECTORS	TOTAL
INCOME
Other services rendered (note 22a)	-	49,298	-	49,298
Other income	470	490	-	960
Dividends (notes 9 and 22a)	-	111,736	-	111,736
Finance income (note 9)	-	241	-	241
Change in fair value of financial instruments (note 11)	904	-	-	904
Impairment and proceeds on disposal of financial instruments (note 11)	171	-	-	171
Total	1,545	161,765	-	163,310
EXPENSES
Operating lease expenses and royalties	-716	-	-	-716
Other services received	-9,202	-1,739	-	-10,941
Salaries	-	-	-606	-606
Finance cost (note 15)	-4,325	-152,484	-	-156,809
Total	-14,243	-154,223	-606	-169,072

Other services rendered basically derive from two management support service contracts arranged with EDP Renewables Europe S.L.U and EDP Renewables North America, LLC in 2013. Dividends reflect dividends received from EDP Renewables Europe S.L.U., EDP Renováveis Servicios Financieros, S.A., EDP Renováveis Brasil S.A. And EDP Renewables North America LLC. Operating lease expenses and royalties essentially reflect the lease payments for the Company's offices. Other services received comprise various management services, specifically for the loan of personnel and other items. All transactions with related parties take place on an arm’s length basis.

C) Information on the company's directors and executive committee

In 2020 the Directors of the Company have accrued remuneration of Euros 569 thousand (Euros 606 thousand in 2019) in respect of their position as Directors. On 4 May 2011 an executive management services contract was entered into between EDP Energías de Portugal, S.A. and the Company, effective from 18 March 2011. This contract stipulates the conditions under which EDP Energías de Portugal, S.A. renders executive management services to the Company, including matters relating to its day-to-day administration. By virtue of this contract, EDP Energías de Portugal, S.A. appoints three members of the Company's executive committee, for which the Company pays an amount determined by the remuneration committee. Pursuant to this contract, the Company has recognised payments for management services provided totalling Euros 1,095 thousand in 2020 and Euros 854 thousand in 2019 (fixed and variable remuneration) as other services, under external services in the accompanying income statement. The retirement savings plan for the members of the Executive Committee not including the Chief Executive Officer range between 3% to 6% of their annual salary.

In the case of Executive Committee members who are also Directors (Duarte Melo de Castro Bello, Head of Operations in Europe and Brazil, Miguel Ángel Prado Balboa, Head of Operations in North America, João Paulo Costeira, Head of Offshore Operations and Head of Digital Strategy up until February 2019 and Spyridon Martinis, Head of Offshore and Development since March 2019), some employment contracts were signed with EDP Renewables North America, LLC (Miguel Ángel Prado Balboa) and with EDP Energías de Portugal SA Sucursal en España (Duarte Melo de Castro Bello, João Paulo Costeira, up until February 2019 and Spyridon Martinis since March 2019), with the former receiving monetary remuneration of Dollars 913 thousand (Dollars 581 thousand in 2019) and the latter receiving monetary remuneration of Euros 784 thousand in 2020 (Euros 534 thousand in 2019), which has been invoiced to the Company by EDP Energías de Portugal, S.A. Sucursal en España for the executive functions they perform in the Company. No significant non-monetary remuneration was paid in 2020 or 2019. Pension plan contributions made on behalf of members of the executive committee (except for the managing director) range from 3% to 6% of their annual salary. Additionally, the above members received the following non-monetary benefits: retirement savings plan (as described above), company car and Health Insurance. In 2020, the non-monetary benefits amounted to 268 thousand Euros. Further, in application of a deferral policy, in 2020 an amount of 84 thousand Euros was paid to Miguel Amaro (former Executive CFO of the Group), for the services rendered in 2016-2017. The directors and executive committee have not received any loans or advances nor has the Company extended any guarantees on their behalf. The Company has a civil liability insurance policy that covers its directors. In 2020, an expense of Euros 55 thousand (Euros 27 thousand in 2019) has been recorded. The Company reported the changes approved by the Board of Directors relating to its composition on 19 January 2021 (see Note 26).

D) Transactions other than ordinary business or under terms differing from market conditions carried out by the directors of the Company.

In 2020 and 2019 the directors of the Company have not carried out any transactions other than ordinary business with the Company or applied terms that differ from market conditions.

E) Investments and positions held by directors

The directors of the Company and their related parties have had no conflicts of interest requiring disclosure in accordance with article 229 of the Revised Spanish Companies Act.

22.# Income and expense

A) Revenues

Details of revenues by category of activity and geographical market are as follows:

	DOMESTIC	REST OF EUROPE	NORTH AMERICA	SOUTH AMERICA	TOTAL
THOUSAND EUROS	2020	2019	2020	2019	2020
Other services	36,256	28,808	6,462	12,384	6,975
Dividends	847,174	99,111	-	-	612,445
Finance income	479	-	376	-	-
Total	883,909	127,919	6,838	12,384	619,420

B) Foreign currency transactions

Details of income and expenses denominated in foreign currencies are as follows:

THOUSAND EUROS	2020	2019
INCOME
Revenues	59	-
EXPENSES
Finance cost	-21,405	-45,397
Total	-21,346	-45,397

The Company's main foreign currency transactions are carried out in US Dollars.

C) Employee benefits expense

Details of the employee benefits expense are as follows:

THOUSAND EUROS	2020	2019
EMPLOYEE BENEFITS EXPENSE
Social Security payable by the company	4,125	3,316
Other employee benefits expense	881	1,574
Total	5,006	4,890

D) External services

Details of external services are as follows:

THOUSAND EUROS	2020	2019
Leases	1,305	891
Independent professional services	7,606	3,369
Advertising and publicity	730	805
Other services	16,835	15,676
Total	26,476	20,741

Leases mainly reflect the rental of the Company's offices. There are no non-cancellable payments at 31 December 2020 and 2019. Other services primarily comprise management support, communications and maintenance expenses, as well as travel costs. At 31 December 2020 the Company has commitments to purchase external services amounting to Euros 6,802 thousand within one year (Euros 5,091 thousand in 2019). Furthermore, in 2020 the Company has no commitments to purchase external services from one to five years (Euros 589 thousand in 2019).

52 EDPR 2020 ANNUAL REPORT

23. Employee information

The average headcount of the Company in 2020 and 2019, distributed by category, is as follows:

NUMBER	2020	2019
Executives	57	50
Managers	28	22
Specialists	198	152
Technicians	5	5
Total	288	229

At year end the distribution by gender of Company personnel is as follows:

	2020	2019
	NUMBER
	MALE FEMALE	MALE FEMALE
Executives	39 19	31 20
Managers	22 10	19 7
Specialists	122 91	89 88
Technicians	1 5	1 3
Total	184 125	140 118

Moreover, regarding to Board of Directors, as of December 31, 2020, it is composed of twelve men, two women and there is a vacancy (twelve men and three women in 2019). The Company does not have employees with disabilities equal to or greater than 33% during 2020 and 2019. However, the Company outsources certain services to companies that hold exemption certificates.

24. Audit fees

PricewaterhouseCoopers Auditores, S.L. (PwC) was appointed as external auditor of the EDPR Group for 2018, 2019 and 2020 by shareholders at the annual general meeting held on 3 April 2018. Details of the fees for professional services accrued by this company for the year ended 31 December 2020 and 2019 are as follows:

THOUSAND EUROS	2020	2019
Audit services, individual and consolidated annual accounts	309	194
Audit-related services (1)	24	24
Review services for internal control over financial reporting	40	40
Other services (2)	85	35
Total services invoiced by PricewaterhouseCoopers Auditores, S.L.	458	293
Total	458	293

(1) Audit-related services include six-monthly limited reviews.
(2) Other services includes the non-financial information assurance report for EDP Renovavéis Group, and the financial information review reports for the Company’s main shareholder.

25. Commitments

At 31 December 2020 the Company has deposited guarantees on behalf of Group companies amounting to Euros 2,535 million (Euros 1,982 million in 2019), including guarantees of US Dollars 1,534 million (US Dollars 1,473 million in 2019). The Company's directors do not expect any significant liabilities to arise from these guarantees.

53

26. Events after the reporting period

The following are the most relevant subsequent events from the first months of 2021 until the publication of this report:

EDPR informs about PPA contracts secured for two solar projects in the US

Madrid, January 4 th 2021: EDP Renováveis, SA (“EDPR”), through its fully owned subsidiary EDP Renewables North America LLC, has closed two 15- year Power Purchase Agreement (“PPA”) to sell the energy produced by two solar PV plants totalling 275 MW. In detail, the projects located in the US states of Mississippi and Indiana are expected to commence operations in 2023. With this new agreement, EDPR reached globally 2.0 GW of total solar PV capacity secured for the 2020-2023 period.

EDPR informs about agreement to acquire 85% of a distributed solar platform in the US

Madrid, January 18 th 2021: EDP Reno váveis, SA (“EDPR”), through its fully owned subsidiary EDP Renewables North America, LLC ("EDPR NA"), has entered into an agreement to acquire a majority interest in C2 Omega LLC ("C2 Omega"), the distributed solar platform of C2 Energy Capital LLC (“C2”) . In detail, EDPR will acquire an 85% equity stake in a solar generation portfolio that includes 89 MW of operating and imminent completion capacity and a near-term pipeline of around 120 MW, across nearly 200 sites in 16 states. EDPR’s investment in C2’s distributed solar platform business corresponds to an enterprise value of approximately $119m for the acquisition of the operating capacity (89 MW). The transaction will also include certain earn-out payments based on the growth in future operational capacity. C2's management team will continue to be engaged in the day-to-day operations of the business. The transaction will establish EDPR’s presence in the fast -growing distributed generation segments as an owner-operator of one of the largest commercial and industrial distributed generation portfolios in the US, and will enable EDPR to serve a rapidly growing market and offer to its customers a range of new services and solutions to meet their renewable energy needs. The completion of this transaction is subject to customary conditions precedent, and closing is expected to occur in the first quarter of 2021.

EDP Renováveis informs about changes in Corporate Bodies

Madrid, January 19 th 2021: EDP Renováveis, S.A. ("EDPR") informs about a resolution approved by EDPR´s Board of Directors: After the public communication of António Mexia and João Manso Neto about their no availability to be re-elected for their positions in EDP and following the appointment by E DP’s shareholders of a new Executive Board of Directors team at EDP, and taking in consideration that both informed that they will put their positions at the disposal of the Board, the Board of EDPR has agreed to cease António Mexia as Chairman of EDPR´s Board, and João Manso as Vice-Chairman of EDPR´s Board and CEO of EDPR. EDPR would like to thank António Mexia and João Manso Neto for their enormous dedication and contribution to the company, for the definition and implementation of a sustainable growth strategy, that brought EDPR to be a leader in the renewables’ sector, clearly and greatly valued by the company’s stakeholders. In addition, EDPR informs that has received the following resignations as members of EDPR’s Board of Directors: Francisca Oliveira, with effect from December 30 th 2020 (was also member of EDPR’s Audit, Control and Related Party Transactions Committee); Duarte Bello, with effect from January 19 th 2021 (was also member of the Executive Committee); Spyridon Martinis, with effect from January 19 th 2021 (was also member of the Executive Committee); Miguel Ángel Prado, with effect from the next General Shareholders Meeting (was also member of the Executive Committee). To fulfil the vacant positions, EDPR’s Board has co -opted: Miguel Stilwell de Andrade, as Executive Director; Ana Paula Marques, as Non-executive Director; Joan Avalin Dempsey, as Non-executive and Independent Director. Furthermore, EDPR’s Board has appointed Miguel Stilwell de Andrade as Chairman of EDPR´s Board and CEO of ED PR and Rui Teixeira, currently EDPR’s Executive Director and Consejero Delegado , as CFO of the Company.

54 EDPR 2020 ANNUAL REPORT

To better maximize EDPR’s Board participation in the management of the Company, the Board has decided to eliminate the Executive Committee body, which included up to now Executive Board members of the company, whose executive staff will now be integrated in a Management Team composed by: Miguel Stilwell de Andrade, CEO; Rui Teixeira, CFO; Duarte Bello, COO Europe and Brazil; Miguel Ángel Prado, COO North America; Spyridon Martinis, CDO & COO Offshore. To cover the vacant position in the EDPR’s Audit, Control and Related -Party Transactions Committee, following the resignation from Francisca Oliveira, EDPR´s Board of Directors has agreed to name Francisco Seixas da Costa as member of such Committee. Following this appointment, EDPR’s Audit, Control and Related -Party Transactions Committee is composed by: Acácio Jaime Liberado Mota Piloto (Chairman); António do Pranto Nogueira Leite; Francisco Seixas da Costa. With this resolution, EDPR’s Audit, Control and Related -Party Transactions Committee continues to be composed only by independent members. Lastly, the Board of Directors has agreed that a General Shareholders’ Meeting will be summoned fo r the February 22 nd with the following agenda: Ratification of co-opted Directors; Deliberate on the termination of members of the Board of Directors; Establishment of the number of Board Members in 12; Amendment to the By-Laws to eliminate the role of the Chairman of the Shareholders’ Meeting, and allow the Shareholders Meeting to be chaired by the Board of Directors Chairman; Delegation of powers.

EDP Renováveis, S.A. informs about Spanish and Italian renewable energy auctions

Madrid, January 27 th 2021: EDP Renováveis, S.A.# EDPR 2020 ANNUAL REPORT

I. Business Overview

Awarded new Contracts for Difference (“CfDs”) in Spanish and Italian auctions

EDPR was awarded long-term Contract-for-Differences (“CfDs”) at the Spanish & Italian renewable energy auctions to sell electricity. In detail, at the Spanish auction, a portfolio of 6 projects of wind and solar, including hybrid projects, with a total capacity of 143 MW have been awarded. The projects are expected to become operational in 2022 and 2023. These new long-term contracts reinforce EDPR’s footprint in Spain with 2.3 GW in operation and close to 0.4 GW already secured in the country for the following years. At the Italian auction, a wind project of 44 MW and expected to become operational in 2022 has also been awarded. In Italy, EDPR has 271 MW already operational and more than 0.2 GW secured for the coming years. As of today, EDPR has globally secured 6.7 GW for projects expected to become operational from 2021 onwards.

EDPR enters Hungarian market with a 50 MW solar PV project

Madrid, February 12th 2021: EDP Renováveis, SA (“EDPR”) secured a 15-year Contract-for-Difference ("CfD") to sell energy produced by a solar PV project in Hungary totalling 50 MW and with expected commercial operation in 2022. With this project, EDPR increases its worldwide footprint by entering in a new market with a sustainable development of its Renewable Energy Source. Hungary expects to increase its solar PV capacity to 6.5 GW by 2030, mostly through an auction-based regulatory framework. As part of its growth strategy, EDPR continues to study worldwide opportunities while developing profitable projects focused in countries with low risk profile and regulatory stability. EDPR's success in securing new long-term contracts reinforces its low-risk profile and growth strategy based on the development of competitive projects with long-term visibility.

EDPR approved its new Strategic Plan for the 2021-2025 period

At the end of February, EDPR approved its new Strategic Plan for the 2021-2025 period and the main three pillars are as follows: Growth: accelerated and selective growth with +20 GW of additions for 2021-2025; Value: on going asset rotation with €8bn of proceeds for the period; Excellence: high quality teams and efficient operations targeting a Core Opex/MW CARG 2021-2025 of -2%. The strategy is set to deliver superior growth through 2025 promoting clean energy while operating in a sustainable way across the three ESG dimensions. By 2025, EDPR targets to have 25 GW of installed capacity, €2.3bn of EBITDA and €0.8bn of net income.

EDPR Extraordinary General Shareholders' Meeting

Madrid, February 22nd 2021: EDP Renováveis, S.A. (“EDPR”) informs that at the Extraordinary General Shareholders’ Meeting held today, Shareholders have adopted the following resolutions:

• Board of Directors: ratification of appointments of Directors by co-optation.
• Ratification of the appointment by co-option as Executive Director of Mr. Miguel Stilwell de Andrade.
• Ratification of the appointment by co-option as Dominical Director Mrs. Ana Paula Garrido de Pina Marques.
• Ratification of the appointment by co-option as Independent Director of Mrs. Joan Avalyn Dempsey.
• Board of Directors: dismissal (separación) of Directors.
• Dismiss (separar) Mr. António Luis Guerra Nunes Mexia of his position as Dominical Director.
• Dismiss (separar) Mr. João Manuel Manso Neto of his position as Executive Director.
• Adjustment of the number of Members of the Board in twelve (12).
• Amendment of articles 12 (“Notice of General Meetings”) and 16 (“Chairman of the General Meetings”) of Articles of Association.
• Delegation of powers to the formalisation and implementation of all resolutions adopted at the Extraordinary General Shareholders’ Meeting, for the execution of any relevant public deed and for its interpretation, correction, addition or development in order to obtain the appropriate registrations.

All information and documentation of the Extraordinary General Shareholders’ Meeting is also available in the Company´s website.

Annex I (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)

EDP Renovaveis, S.A. Details of investments in Group companies as at 31 December 2020

THOUSAND EUROS

GROUP COMPANIES	REGISTERED OFFICE	DIRECT %	INDIRECT %	AUDITOR	ACTIVITY	CAPITAL	RESERVES	OTHER EQUITY ITEMS	NET PROFIT	TOTAL EQUITY CONTINUING OPERATIONS	TOTAL
TOTAL EDP Renewables EUROPE, S.L.U.*	Spain	100%	-	PWC	Holding	249,499	1,613,267	-	639,587	639,587	2,502,353
EDP Renovables España, S.L.U.*	Spain	-	100%	PWC	Holding, construction and wind energy production	46,128	382,565	313	255,819	255,819	684,825
EDPR Polska, Sp.z.o.o.	Poland	-	100%	PWC	Holding and wind energy production	94,272	83,358	107	2,604	2,604	180,341
EDPR International Investmets, B.V.	Netherlands	-	100%	PWC	Holding	20	-27,259	-	-30,531	-30,531	3,293
EDPR France Holding SAS	France	-	100%	PWC	Holding	19,900	37,926	-	-6,764	-6,764	51,063
EDP Renewables SGPS,SA	Portugal	-	100%	PWC	Holding	50	116,930	-	9,848	9,848	126,828
EDP Renewables Belgium,S.A	Belgium	0.17%	99.83%	PWC	Holding	287	403	-	-99	-99	590
EDPR Portugal , S.A.	Portugal	-	51%	PWC	Holding and wind energy production	7,500	97,075	4,074	46,341	46341	154,990
EDPR PT-Promocao e Operacao,S.A	Portugal	-	100%	PWC	Wind: Wind farm development	58	6,903	788	-1,390	-1,390	5,571
Cernavoda Power,S.A	Romania	0.01%	99.99%	PWC	Wind energy production	68,939	-14,683	-	3,566	3,566	57,822
VS Wind Farm S.A.	Romania	0.01%	99.99%	PWC	Wind energy production	44,394	2,238	-	2,761	2,761	49,392
Pestera Wind Farm, S.A.	Romania	0.01%	99.99%	PWC	Wind energy production	55,439	-15,698	-	2,451	2,451	42,192
EDPR Romania, S.R.L.	Romania	0.01%	99.99%	PWC	Wind energy production	222,119	54,448	-	11,182	11,182	287,749x
Sibioara Wind Farm,S.r.L	Romania	0.01%	99.99%	PWC	Wind energy production	16,819	-10,407	-	-25	-25	6,388
EDP Renowables Italia,S.r.l	Italy	-	51%	PWC	Holding and wind energy production	34,439	15,812	-	11,225	11,225	61,477
EDP Renovaveis Servicios Financieros. S.A*	Spain	70.01%	29.99%	PWC	Other economic activities	84,691	321,750	-	10,687	10,687	417,128
Parque Eólico Santa Quiteria, S.L.	Spain	-	84%	PWC	Wind energy production	63	14,019	-	620	620	14,702
Eólica La Janda, S.l.U*	Spain	-	100%	PWC	Wind energy production	4,525	10,802	-	10,506	10,506	25,833
Eólica Fontesilva, S.L.U*	Spain	-	100%	PWC	Wind energy production	6,860	8,664	-	1,055	1,055	16,579
EDPR Yield S.A.U*	Spain	-	100%	PWC	Wind energy production	99,405	59,272	-	29,740	29,740	188,418
Parque Eólico Altos del Voltoya S.A.*	Spain	-	93%	PWC	Wind energy production	6,434	12,207	-	195	195	18,836
Eólica La Brújula, S.A.U	Spain	-	100%	PWC	Wind energy production	3,294	16,095	-	2,852	2,852	22,241
Eólica Arlanzón S.A.	Spain	-	85%	PWC	Wind energy production	4,509	8,365	-	414	414	13,289
Eolica Campollano S.A.	Spain	-	75%	PWC	Wind energy production	6,560	20,959	-	2,512	2,512	30.031
Parque Eólico La Sotonera S.L.	Spain	-	70%	PWC	Wind energy production	2,000	5,958	-	427	427	8,385
Viesgo Europa,S.L.U	Spain	-	100%	PWC	Wind energy production	1,000	2,453	-	-	-	3,453

THOUSAND EUROS

GROUP COMPANIES	REGISTERED OFFICE	DIRECT %	INDIRECT %	AUDITOR	ACTIVITY	CAPITAL	RESERVES	OTHER EQUITY ITEMS	NET PROFIT	TOTAL EQUITY CONTINUING OPERATIONS	TOTAL
Viesgo Renovables,S.L.U	Spain	-	100%	PWC	Wind energy production	12,770	179,357	-	-	-	192,126
Viesgo Mantenimiento,S.L.U	Spain	-	100%	PWC	Wind energy production	3	923	-	-	-	926
Northeolic Monte Buño, S.L	Spain	-	75%	PWC	Wind energy production	4	-155	-	-	-	-151
Compañia Eolica Aragonesa S.A	Spain	-	100%	PWC	Wind energy production	6,701	34,564	-	-	-	41,265
Parque Eólico de Abrazadilla, S.L.U	Spain	-	100%	Unaudited	Wind energy production	3	-1	-	-2	-2	0
Korsze Wind Farm,SP.z.o.o	Poland	-	51%	PWC	Wind energy production	8,420	14,829	-	6,283	6,283	29,532
Radzeijów wind farm SP.z.o.o	Poland	-	51%	PWC	Wind energy production	5,982	-3,738	-	-144	-144	2,100
Energiaki Arvanikou E.P.E	Greece	0.01%	99.99%	Unaudited	Wind energy production	13,222	860	-	-825	-825	13,258
Wind Park Aerorrachi M.A.E	Greece	-	100%	Unaudited	Wind energy production	310	735	-	-1,061	-1,061	-16
Edpr Hellas 1 M.A.E	Greece	-	100%	Unaudited	Wind energy production	1,205	388	-	-155	-155	1,438
Edpr Hellas 2 M.A.E	Greece	-	100%	Unaudited	Wind energy production	410	1,428	-	-173	-173	1,665
Wind Shape,Ltd	Greece	-	100%	Unaudited	Wind energy production	18	-52	-	-	-	-34
Aioliko Parko Fthiotidos Erimia E.P.E	Greece	0.67	99.33%	Unaudited	Wind energy production	35	261	-	-158	-158	138
Wincap S.R.L	Italy	-	100%	PWC	Wind energy production	2,550	4,990	-	870	870	8,411
Renovables Castilla La Mancha, S.A.	Spain	-	90%	PWC	Wind energy production	60	4,662	-	1,609	1,609	6,332
Monts de la Madeleine Energie,SA.S	France	-	100%	PWC	Wind energy production	37	-22	-	-10	-10	5
Monts du Forez Energie,SAS	France	-	100%	PWC	Wind energy production	37	-69	-	-8	-8	-40
Sarve,S.R.L	Italy	-	51%	Unaudited	Wind energy production	10	84	-	-243	-243	149
Bourbriac II SAS	France	-	100%	PWC	Wind energy production	1	-29	-	-6	-6	-34
Molen Wind II sp.Z.o.o	Poland	-	51%	PWC	Wind energy production	3	10,367	210	2,093	2,093	12,672
Breva Wind S.R.L	Italy	-	100%	PWC	Wind energy production	7,100	-824	-	-330	-330	5,946
Acampo Arias, SL*	Spain	-	95%	PWC	Wind energy production	3,314	3,200	-	609	609	7,123
Relax Wind Park III, Sp.z.o.o.	Poland	-	51%	PWC	Wind energy production	12,916	1,648	59	1,207	1,207	15,830
Relax Wind Park I, Sp.z.o.o.
GROUP COMPANIES	REGISTERED OFFICE	DIRECT %	INDIRECT %	AUDITOR	ACTIVITY	CAPITAL	RESERVES	OTHER EQUITY ITEMS	NET PROFIT	TOTAL EQUITY
:---	:---	:---	:---	:---	:---	:---	:---	:---	:---	:---
La Plaine De Nouaille,S.A.S	France	-	100%	PWC	Wind energy production	8	-24	-	-6	-6
Le Chemin de Saint Druon,S.A.S	France	-	100%	PWC	Wind energy production	92	-14	-	-4	-4
Parc Eolien des Longs Champs, S.A.R.L	France	-	100%	PWC	Wind energy production	1,201	86	-	486	486
Parc Eolien de Mancheville, S.A.R.L	France	-	100%	PWC	Wind energy production	1	145	-	189	189
Parc Eolien de La Hetroye, SAS	France	-	100%	PWC	Wind energy production	37	-56	-	-4	-4
Parc Eolien Louvieres,S.A.R.L	France	-	100%	Unaudited	Wind energy production	1	-68	-	185	185
Parc Eolien de Dionay,S.A.A	France	-	100%	PWC	Wind energy production	37	-78	-	-5	-5
Parc Éolien d´Entrains-sur- Nohain,S.A.S	France	-	90%	PWC	Wind energy production	451	-17	-	-5	-5
Parc Éolien de Marchéville,S.A.S	France	-	100%	PWC	Wind energy production	1	-126	-	497	497
Le Chemin deLa Corvée,S.A.S	France	-	100%	PWC	Wind energy production	123	-61	-	-2	-2
Eólica de Serra das Alturas,S.A	Portugal	-	25.55%	PWC	Wind energy production	50	6,309	-	1,395	1,395
Malhadizes- Energia Eólica, SA	Portugal	-	51%	PWC	Wind energy production	50	7,657	-	2,255	2,255
Eólica de Montenegrelo, LDA	Portugal	-	25.55%	PWC	Wind energy production	50	9,760	-	2,388	2,388
Eólica da Alagoa,SA	Portugal	-	30.60%	PWC	Wind energy production	50	3,297	564	1,542	1,542
Fotovoltaica Lott A,S.A	Portugal	-	100%	PWC	Wind energy production	50	-22	-	-24	-24
Aplica.Indust de Energias limpias S.L	Spain	-	62%	Unaudited	Wind energy production	131	855	-	393	393
Aprofitament D´Energies Renovables de la Tierra Alta S.A	Spain	28.35%	-	Unaudited	Wind energy production	1,994	-1,966	-	-2	-2
Parc Eólic Serra Voltorera S.l.U	Spain	-	100%	PWC	Wind energy production	3,458	6,806	-	846	846
Elektrownia Wiatrowa Kresy I sp zoo	Poland	-	51%	PWC	Wind energy production	15	68,709	665	6,259	6,259
Edpr Villa Galla,S.R.L	Italy	-	51%	PWC	Wind energy production	9,000	51,208	-	7,515	7,515
Desarrollos Eólicos de Teruel SL	Spain	-	51%	Unaudited	Wind energy production	60	-	-	-	-
Custolito,S.r.l	Italy	-	100%	Unaudited	Wind energy production	10	35	-	-10	-10
Edpr Sicilia PV,S.r.l	Italy	-	100%	Unaudited	Wind energy production	10	-3	-	-9	-9
Edpr Sicilia Wind,S.r.l	Italy	-	100%	Unaudited	Wind energy production	10	-3	-	-28	-28
Tebar Eólica, S.A.U.*	Spain	-	100%	PWC	Wind energy production	4,720	2,561	-	2,515	2,515
Edpr Terral S.L.U	Spain	-	100%	Unaudited	Wind energy production	3	-1	-	-	-
Edpr Suvan, S.L.U	Spain	-	100%	Unaudited	Wind energy production	3	-1	-	-	-
Masovia Wind Farm I s.p. zo.o.	Poland	-	100%	PWC	Wind energy production	273	-222	-	-43	-43
Farma wiaStarozbery Sp.z.o.o	Poland	-	100%	Unaudited	Wind energy production	101	212	-	-14	-14
Karpacka Mala Energetyka,Sp.z.o.o	Poland	-	85%	Unaudited	Wind energy production	11	-392	-	-33	-33
Edpr Italia holding,S.r.l	Italy	-	100%	PWC	Holding	347	53,221	-	-3,936	-3,396
Re plus – Societa ´a Responsabilita ´limitada	Italy	-	100%	Unaudited	Wind energy production	100	30	-	-30	-30
Iberia Aprove- chamientos Eólicos, S.A.U.*	Spain	-	94%	PWC	Wind energy production	1,919	3,228	-	268	268
Parc Éolien de boqueho-Pouagat SAS	France	-	100%	PWC	Wind energy production	1	1,100	-	598	598
Parc éolien des 7 Domaines, S.A.S	France	-	100%	PWC	Photovoltaic energy production	5	-15	-	-15	-15
EDPR PT - Parques Eólicos, S.A.	Portugal	-	51%	PWC	Wind energy production	50	43,925	-	1,141	1,141
Eólica do Alto da Lagoa, S.A.	Portugal	-	51%	PWC	Wind energy production	50	11,136	-298	1,275	1,275
Eólica das Serras das Beiras, S.A.	Portugal	-	51%	PWC	Wind energy production	50	33,248	-1,899	5,248	5,248
Eólica da Coutada, S.A.	Portugal	-	51%	PWC	Wind energy production	50	45,812	-2,021	8,085	8,085
Eólica do Espigão, S.A.	Portugal	-	51%	PWC	Wind energy production	50	13,141	-206	1,799	1,799
Eólica do Sincelo, S.A.	Portugal	-	100%	PWC	Wind energy production	150	3,634	-	886	886
Eólica da Linha, S.A.	Portugal	-	100%	PWC	Wind energy production	100	643	-673	5,129	5,129
Eólica do Alto do Mourisco, S.A.	Portugal	-	51%	PWC	Wind energy production	50	7,718	-251	1,661	1,661
Eólica dos Altos dos Salgueiros-Guilhado, S.A.	Portugal	-	51%	PWC	Wind energy production	50	3,328	-95	712	712
Eólica do Alto da Teixosa, S.A.	Portugal	-	51%	PWC	Wind energy production	50	8,953	-446	1,620	1,620
Eólica da Terra do Mato, S.A.	Portugal	-	51%	PWC	Wind energy production	50	10,234	-570	1,682	1,682
Parque Eólico do Planato,S.A	Portugal	-	90%	PWC	Wind energy production	60	30,533	-	-	-
IE2 Portugal, SGPS, S.A	Portugal	-	100%	PWC	Wind energy production	331	1,243	-	-	-
S.E.E,Sul Energia Eólica,S.A	Portugal	-	100%	PWC	Wind energy production	150	5,767	-	-	-
Eoliser-Servicos de Gestao para Parques Eólicos,Lda	Portugal	-	100%	PWC	Wind energy production	264	529	-	-	-
TACA Wind, S.r.l.	Italy	-	100%	PWC	Wind energy production	1,160	5,639	-	392	392
Vientos de Coahuila, S.A. de C.V.	Mexico	0.01%	99.99%	Unaudited	Wind energy production	2,039	-189	-9	-241	-241
Eólica de Coahuila, S.A. de C.V.	Mexico	-	51%	PWC	Wind energy production	5,859	15,752	-2,372	20,362	20,362
Parque Solar Los Cuervos,S de R.L de C.V	Mexico	99%	-	Unaudited	Wind energy production	4,274	18	-	-602	-602
Parc Éolien de Flavin,S.A.S	France	-	100%	PWC	Wind energy production	2,501	1,013	-	277	277
Parc Éolien de Prouville, S.A.S	France	-	100%	PWC	Wind energy production	1	-21	-	-10	-10
Vaudrimesnil Energie, S.A.R.L	France	-	100%	Unaudited	Wind energy production	7	3	-	-10	-10
Vanosc Energie,S.A.S	France	-	100%	Unaudited	Wind energy production	1	-	-	-1	-1
Transition Euroise Roman II, S.A.S	France	-	85%	Unaudited	Wind energy production	603	-	-	-5	-5
Parc Éolien de la Champagne Berrichonne, S.A.R.L	France	-	100%	PWC	Wind energy production	4	1,734	-	502	502
Parc Éolien de Paudy, S.A.S.	France	-	100%	PWC	Wind energy production	3,537	697	-	1,087	1,087
Parc Éolien de la Cote du Cerisat,S.A.S	France	-	100%	Ernest&Yo ung	Wind energy production	27	-109	-	910	910
Tivano,S.R.L	Italy	-	75%	PWC	Wind energy production	100	1,942	-	604	604
San Mauro, S.R.L	Italy	-	75%	PWC	Wind energy production	70	2,972	-	-51	-51
Conza Energia,S.R.L	Italy	-	100%	PWC	Wind energy production	456	3,592	-	940	940
Energia Emissioni Zero 4,S.r.l	Italy	-	60%	PWC	Wind energy production	10	88	-	-41	-41
Aliseo,S.r.l	Italy	-	65%	PWC	Wind energy production	500	-30	-	-11	-11
VRG Wind 153,S.r.l	Italy	-	80%	Unaudited	Wind energy production	10	448	-	-3	-3
Wind Energy San Giorgio, S.r.l	Italy	-	60%	Unaudited	Wind energy production	20	715	-	-2	-2
Giglio,S.r.l	Italy	-	60%	Unaudited	Wind energy production	20	1,206	-	-2	-2
AW 2,S.r.l	Italy	-	75%	PWC	Wind energy production	100	3,699	-	613	613
Lucus Power,S.r.l	Italy	-	100%	PWC	Wind energy production	10	4,457	-	666	666
T Power, S.p.A	Italy	-	100%	Baker. T.R	Wind energy production	1,000	1,865	-	-648	-648
Miramit Investments, Sp.z.o.o.	Poland	-	100%	Unaudited	Wind energy production	12	167	-	-12	-12
Budzyn,Sp.z.o.o	Poland	-	51%	Unaudited	Wind energy production	1	-	-	-3	-3
FW Warta,Sp.z.o.o	Poland	-	100%	PWC	Wind energy production	2	-129	69	-172	-172
Wind Field Wielkopolska,Sp z.o.o	Poland	-	100%	PWC	Wind energy production	109	-176	3	-508	-508
Neo Solar Farm, Sp z.o.o	Poland	-	100%	Unaudited	Wind energy production	1	-1,080	-	-1	-1
R.Wind,Sp z.o.o	Poland	-	100%	Unaudited	Wind energy production	1	-16	-	-	-
Edp Renewables Polska HOLDCO,S.A	Poland	-	51%	PWC	Holding	22	155,562	-	7,362	7,362
Rampton,Sp z.o.o	Poland	-	100%	Unaudited	Wind energy production	218	-38	-	-	-
Altnabreac Wind Farm Limited	UK	-	100%	Unaudited	Wind energy production	-	-	-	-	-
Edp Renewables Hungary	Hungary	-	100%	PWC	Wind energy production	41	-	-	-250	-250
Sunligt Solar Kft	Hungary	-	85%	PWC	Wind energy production	14	-	-	-238	-238
Esc Eromu,KFT	Hungary	-	85%	PWC	Wind energy production	8	-	-	-235	-235
Ben Sca Wind Farm Limited	UK	-	100%	Unaudited	Wind energy production	-	-5	-	-	-
Moorshield Wind Farm limited	UK	-	100%	Unaudited	Wind energy production	-	-	-	-	-
Poland - 51% PWC					Wind energy production	10,085	7,308	3,125	5,811	5,811
Parque Eólico Los Cantales, S.L.U.*	Spain - 100% PWC				Wind energy production	1,963	1,363	-	1,061	1,061
Gudziki Wind Farm,sp.z.o.o	Poland - 51% Unaudited				Wind energy production	1	-3	-	-20	-20
EW Dobrzyca, sp z.o.o	Poland - 100% Unaudited				Wind energy production	146	6,833	50	-489	-489
Ujazd, So.z.o.o	Poland - 100% Unaudited				Wind energy production	1,007	-825	8	-234	-234
Winfan,Sp.z.o.o	Poland - 100% Unaudited				Wind energy production	4	162	2	-81	-81
Kowalewo Wind.Sp z.o.o	Poland - 100% Unaudited				Wind energy production	19	485	4	-179	-179
EWP European Wind Power Krasin,Sp.z.o.o	Poland - 100% Unaudited				Wind energy production	1,558	-104	31	-287	-287
Nowa Energia 1 Sp,z.o.o	Poland - 100% Unaudited				Wind energy production	18	333	9	-629	-629
Farma Wiatrowa Bogoria,Sp z.o.o	Poland - 100% Unaudited				Wind energy production	519	1,894	14	-292	-292
Lichnowy Windfarm,Sp z.o.o	Poland - 100% Unaudited				Wind energy production	188	983	18	-8	-8
Edpr Polska Solar,Sp.z.o.o.	Poland - 100% Unaudited				Wind energy production	1	-87	-	-113	-113
26,330
4,387
-22
6,541
-44
88
329
1,198
-268
2,135
1,181
-2
58
-23
73
1,773
336
-23
119
-46
429
372
60
7,754
9,962
12,198
5,454
4
1,379
27
11,110
75,648
67,723
60
35
-2
-20
9,796
2
2
8
300
-413
49,632
100
59
5,415
1,699
-25
45,116
12,163
36,647
51,926
14,784
4,671
5,199
9,178
3,995
10,178
11,396
30,593
1,574
5,917
793
7,191
1,493
39,601
3,689
3,791
-30
-7
-1
598
2,240
5,321
829
2,646
60
2,991
4,988
57
459
455
733
1,224
4,411
5,133
2,217
168
-2
-230
-572
-1,080
-15
163,037
180
-
-209
-224
-227
-5											61

THOUSAND EUROS
GROUP COMPANIES | REGISTERED OFFICE | DIRECT % | INDIRECT % | AUDITOR | ACTIVITY | CAPITAL | RESERVES | OTHER EQUITY ITEMS | NET PROFIT | TOTAL EQUITY | CONTINUING OPERATIONS | TOTAL
---|---|---|---|---|---|---|---|---|---|---|---|---
Drummarnock Wind Farm limited | UK | 100% | | Unaudited | Wind energy production | | | | | | |
Wind 2 Project 1 Limited | UK | 100% | | Unaudited | Wind energy production | | | | | | |
EDP Renewables North America, LLC | USA | 100% | | PWC | Photovoltaic energy production | 4,443,709 | -697,529 | 5,255 | 90,963 | 90,963 | 3,842,397 |
EDPR Servicios de México, S. de R.L. de C.V. | Mexico | 100% | | Unaudited | Wind energy production | 4,821 | -1,943 | 80 | -241 | -241 | 2,717 |
Paulding Wind Farm IV LLC | USA | 100% | | Unaudited | Wind energy production | 160,750 | 299 | - | -798 | -798 | 160,250 |
EDPR Solar Ventures II LLC | USA | 100% | | Unaudited | Photovoltaic energy production | 43,740 | 1,225 | - | 853 | 853 | 45,818 |
EDPR Solar Ventures IV LLC | USA | 100% | | Unaudited | Photovoltaic energy production | 79,962 | -38 | - | 1,797 | 1,797 | 81,720 |
Rush County Wind Farm LLC | USA | 100% | | Unaudited | Wind energy production | 2,293 | - | - | - | - | 2,293 |
North Slope Wind Farm LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Number Nine Wind Farm LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Pacific Southwest Wind Farm LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Horizon Wyoming Transmissin LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Buffalo Bluff Wind Farm LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Sardinia Wind power LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Cameron Solar LLC | USA | 100% | | PWC | Photovoltaic energy production | 29,965 | 219 | - | 39 | 39 | 30,217 |
2017 Sol II LLC | USA | 100% | | PWC | Photovoltaic energy production | 92,116 | -78 | - | -46 | -46 | 91,992 |
2017 Vento XVII LLC | USA | | | Unaudited | Wind energy production | | | | | | |
EDPR Wind Ventures XVII, L.L.C. | USA | 100% | | Unaudited | Wind energy production | - | -93,651 | - | 125,813 | 125,813 | 32,163 |
Estill Solar I LLC | USA | 100% | | PWC | Photovoltaic energy production | 32,463 | 64 | - | 3 | 3 | 30,955 |
Horizaon Wind energy Southwest III LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Peterson Power Partners LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Duff Solar Park II LLC | USA | 100% | | Unaudited | Photovoltaic energy production | - | - | - | - | - |
EDPR Northeast Allen Solar Park LLC | USA | 100% | | Unaudited | Photovoltaic energy production | - | - | - | - | - |
Indiana Crossroads Solar Park II LLC | USA | 100% | | Unaudited | Photovoltaic energy production | - | - | - | - | - |
RTSW Solar Park LLC | USA | 100% | | Unaudited | Photovoltaic energy production | - | - | - | - | - |
RTSW Solar Park LLC | USA | 100% | | Unaudited | Photovoltaic energy production | - | - | - | - | - |
RTSW Solar Park II LLC | USA | 100% | | Unaudited | Photovoltaic energy production | - | - | - | - | - |
RTSW Solar Park III LLC | USA | 100% | | Unaudited | Photovoltaic energy production | - | - | - | - | - |
RTSW Solar Park IV LLC | USA | 100% | | Unaudited | Photovoltaic energy production | - | - | - | - | - |
RTSW Solar Park V LLC | USA | 100% | | Unaudited | Photovoltaic energy production | - | - | - | - | - |
RTSW Solar Park VI LLC | USA | 100% | | Unaudited | Photovoltaic energy production | - | - | - | - | - |
2019 Sol V LLC | USA | 100% | | Unaudited | Photovoltaic energy production | - | - | - | - | - |
Goldfinger Ventures III LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Timber Road Solar Park II LLC | USA | 100% | | Unaudited | Photovoltaic energy production | - | - | - | - | - |
Horizon Wind Energy Northwest XI LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Cattlemen Solar Park LLC | USA | 100% | | Unaudited | Photovoltaic energy production | - | - | - | - | - |
Rail Splitter Wind Farm II LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Timber Road II Storage LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |

62

EDPR 2020 ANNUAL REPORT

THOUSAND EUROS
GROUP COMPANIES | REGISTERED OFFICE | DIRECT % | INDIRECT % | AUDITOR | ACTIVITY | CAPITAL | RESERVES | OTHER EQUITY ITEMS | NET PROFIT | TOTAL EQUITY | CONTINUING OPERATIONS | TOTAL
---|---|---|---|---|---|---|---|---|---|---|---|---
Timber Road III Storage LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Top Crop I Storage LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Top Crop II Storage LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Twin Groves I Storage LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Twin Groves II Storage LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Edwardsport Solar Park LLC | USA | 100% | | Unaudited | Photovoltaic energy production | - | - | - | - | - |
Azalea Springs Solar Park LLC | USA | 100% | | Unaudited | Photovoltaic energy production | - | - | - | - | - |
Crescent Bar Solar Park LLC | USA | 100% | | Unaudited | Photovoltaic energy production | - | - | - | - | - |
Esker Solar Park II LLC | USA | 100% | | Unaudited | Photovoltaic energy production | - | - | - | - | - |
Bluebird Prairie Solar Park LLC | USA | 100% | | Unaudited | Photovoltaic energy production | - | - | - | - | - |
Timber Road Solar Park III LLC | USA | 100% | | Unaudited | Photovoltaic energy production | - | - | - | - | - |
EDPR Wind Ventures XXII LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
TEI Vento XVII | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Riverstart Ventures LLC | USA | 20% | | Unaudited | Wind energy production | - | - | - | - | - |
Riverstart Development LLC | USA | 20% | | Unaudited | Wind energy production | - | - | - | - | - |
2020 Vento XXII LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Rosewater Ventures LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Misenheimer Solar LLC | USA | 100% | | Unaudited | Photovoltaic energy production | - | - | - | - | - |
RE Scarlet LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Big River Wind Power Project LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Tug Hill Windpower LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Whiskey Ridge Power Partners LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Wilson Creek Power Project LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Black Prairie Wind Farm II LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Black Prairie Wind Farm III LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Simpson Ridge Wind Farm II LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Simpson Ridge Wind Farm III LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Simpson Ridge Wind Farm IV LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Simpson Ridge Wind Farm V LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Athena-Weston Wind Power Project II LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
17th Star Wind Farm LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Green Country Wind Farm LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Rolling Upland Wind Farm LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |

63

THOUSAND EUROS
GROUP COMPANIES | REGISTERED OFFICE | DIRECT % | INDIRECT % | AUDITOR | ACTIVITY | CAPITAL | RESERVES | OTHER EQUITY ITEMS | NET PROFIT | TOTAL EQUITY | CONTINUING OPERATIONS | TOTAL
---|---|---|---|---|---|---|---|---|---|---|---|---
Horizaon Wind energy Southwest IV LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Horizon Wind energy Valley I LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Headwaters Wind Farm II LLC | USA | 100% | | Unaudited | Wind energy production | 61,665 | - | - | -780 | -780 | 60,885 |
Horizon Wind MREC Iowa Partners LLC | USA | 75% | | Unaudited | Wind energy production | - | - | - | - | - |
Horizon Wind Freeport Windpower I LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
2019 Sol V LLC | USA | 100% | | Unaudited | Photovoltaic energy production | | | | | | |
Edpr Solar Ventures V LLC | USA | 100% | | Unaudited | Photovoltaic energy production | 2,239 | - | - | - | - | 2,239 |
Goldfinger Ventures III LLC | USA | 100% | | Unaudited | Wind energy production | | | | | | |
Juniper Wind Power Partners LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Wildcat Creek Wind Farm LLC | USA | 100% | | Unaudited | Wind energy production | -75,568 | -50 | - | - | - | 75,518 |
Machias Wind Farm LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Blue Canyon Windpower VII LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
New Trail Wind Farm LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Western Trail Wind Project I LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Whistling Wind WI Energy Center LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Simpson Ridge Wind Farm LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Reloj del Sol Wind Farm LLC | USA | 100% | | Unaudited | Wind energy production | 79,337 | -10 | - | -40 | -40 | 79,327 |
Coos Curry Wind Power Project LLCC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Renville County Wind Farm LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Ford Wind Farm LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Gulf Coast Windpower Management Company LLC | USA | 75% | | Unaudited | Wind energy production | - | - | - | - | - |
Horizaon Wind energy Northwest IV LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Horizaon Wind energy Northwest VII LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Horizaon Wind energy Northwest X LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Horizaon Wind energy Panhandle I LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Horizaon Wind energy Southwest I LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Horizaon Wind energy Southwest II LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Horizon Wind Energy Midwest IX LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Horizon Wind energy Northwest I LLC | USA | 100% | | Unaudited | Wind energy production | - | - | - | - | - |
Az Solar LLC | USA | 100% | | Unaudited | Photovoltaic energy production | - | - | - | - | - |

64

EDPR 2020 ANNUAL REPORT

THOUSAND EUROS
GROUP COMPANIES | REGISTERED OFFICE | DIRECT % | INDIRECT % | AUDITOR | ACTIVITY | CAPITAL | RESERVES | OTHER EQUITY ITEMS | NET PROFIT | TOTAL EQUITY | CONTINUING OPERATIONS | TOTAL
---|---|---|---|---|---|---|---|---|---|---|---|---
2016 Vento XV LLC | USA | 100% | | PWC | Wind energy production | 386,496 | -324 | - | -126 | -126 | 386,046 |
Solar Ventures Purchasing LLC | USA | 100% | | Unaudited | Photovoltaic energy production | - | 624 | - | -1,617 | -1,617 | -993 |
2016 Vento XVI LLC | USA | 100% | | PWC | Wind energy production | 142,601 | -299 | - | -120 | -120 | 142,182 |
EDPR# EDPR 2020 ANNUAL REPORT

GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL

GROUP COMPANIES	REGISTERED OFFICE	DIRECT %	INDIRECT %	AUDITOR	ACTIVITY	CAPITAL	RESERVES	OTHER EQUITY ITEMS	NET PROFIT	TOTAL EQUITY	CONTINUING OPERATIONS	TOTAL
Wind Ventures XV LLC	USA	100%	Unaudited	Wind energy production	109,299	36,909	-	9,254	9,254	155,461
Wind Ventures XVI LLC	USA	100%	Unaudited	Wind energy production	51,776	4,659	-	1,532	1,532	57,967
Riverstart Solar Park LLC	USA	100%	Unaudited	Photovoltaic energy production	2,239	-	-	-272	-272	1,967
Edpr Wind Ventures XIX LLC	USA	100%	Unaudited	Wind energy production	-	50,693	-	-27,080	-27,080	23,613
Edpr Wind Ventures XX LLC	USA	100%	Unaudited	Wind energy production	170,863	117	-	10,481	10,481	181,461
Edpr Wind Ventures XXI LLC	USA	100%	Unaudited	Wind energy production	103,879	-	-	2,169	2,169	106,048
Edpr Solar Ventures III LLC	USA	100%	Unaudited	Photovoltaic energy production	65,385	-57	-	-467	-467	64,862
Athena-Weston Wind Power Project LLC	USA	100%	Unaudited	Wind energy production	-	-	-	-	-	-
Lexington Chenoa Wind Farm III LLC	USA	100%	Unaudited	Wind energy production	-	-	-	-	-	-
Blackstone Wind farm IV LLC	USA	100%	Unaudited	Wind energy production	-	-	-	-	-	-
WTP Management comapny LLC	USA	100%	Unaudited	Wind energy production	-	-	-	-	-	-
Blackstone Wind Farm V LLC	USA	100%	Unaudited	Wind energy production	-	-	-	-	-	-
Blue Canyon Windpower III LLC	USA	100%	Unaudited	Wind energy production	-	-	-	-	-	-
Blue Canyon Windpower IV LLC	USA	100%	Unaudited	Wind energy production	-	-	-	-	-	-
Broadlands Wind Farm II LLC	USA	100%	Unaudited	Wind energy production	-	-	-	-	-	-
Broadlands Wind Farm III LLC	USA	100%	Unaudited	Wind energy production	-	-	-	-	-	-
Chateaugay River Wind Farm LLC	USA	100%	Unaudited	Wind energy production	-	-	-	-	-	-
Cropsey Ridge Wind Farm LLC	USA	100%	Unaudited	Wind energy production	-	-	-	-	-	-
Dairy Hills Wind Farm LLC	USA	100%	Unaudited	Wind energy production	-	-	-	-	-	-
Diamond Power Partners LLC	USA	100%	Unaudited	Wind energy production	-	-	-	-	-	-
East Klickitat Wind Power Project LLC	USA	100%	Unaudited	Wind energy production	-	-	-	-	-	-
Hidalgo Wind Farm II LLC	USA	100%	Unaudited	Wind energy production	37,741	-3	-	839	839	38,578
Wind Turbine Prometheus LP	USA	99la%	Unaudited	Wind energy production	5	-5	-	-	-	-
Whitestone Wind Purchasing LLC	USA	100%	Unaudited	Wind energy production	6,812	-1,208	-	-960	-960	4,643
Blue Canyon Windpower V LLC	USA	51%	PWC	Wind energy production	22,046	66,700	-	7,226	7,226	95,972
Sagebrush Power Partners LLC	USA	100%	PWC	Wind energy production	106,765	-16,314	276	4,837	4,837	95,564
Marble River LLC	USA	100%	Unaudited	Wind energy production	172,710	29,116	69,477	-3,239	-3,239	268,064
Blackstone Wind Farm LLC	USA	100%	Unaudited	Wind energy production	75.562	784	26,243	-1,310	-1,310	101,280
Aroostook Wind Energy LLC	USA	100%	Unaudited	Wind energy production	37,545	-4,431	-	-	-	33,114
Jericho Rise Wind Farm LLC	USA	100%	PWC	Wind energy production	108,817	8,883	-	-325	-325	117,375
Martinsdale Wind Farm LLC	USA	100%	Unaudited	Wind energy production	4,447	-23	-	-30	-30	4,394
Signal Hill Wind Power Project LLC	USA	100%	Unaudited	Wind energy production	4	-4	-	-	-	-
Tumbleweed Wind Power Project LLC	USA	100%	Unaudited	Wind energy production	3	-3	-	-	-	-
Stinson Mills Wind Farm LLC	USA	100%	Unaudited	Wind energy production	3,750	-81	-	-	-	3,669
OPQ Property LLC	USA	100%	Unaudited	Wind energy production	-	142	-	-	-	142
Meadow Lake Wind Farm LLC	USA	100%	Unaudited	Wind energy production	154,884	-15,462	53,379	-2,094	-2,094	190,716
Wheat Field Wind Power Project LLC	USA	51%	PWC	Wind energy production	-	46,081	-	-6,324	-6,324	184,789
High Trail Wind Farm LLC	USA	100%	PWC	Wind energy production	123,950	67,163	-	-6,324	-6,324	184,789
Madison Windpower LLC	USA	100%	PWC	Wind energy production	14,337	-10,017	-	-1,119	-1,119	3,200
Mesquite Wind LLC	USA	100%	PWC	Wind energy production	91,892	57,077	-	2,638	2,638	151,607
BC2 Maple Ridge Wind LLC	USA	100%	PWC	Wind energy production	219,062	-33,748	-	-82,821	-82,821	102,494
Blue Canyon Windpower II LLC	USA	100%	PWC	Wind energy production	93,407	4,620	-	-32,485	-32,485	65,542
Telocaset Wind Power Partners LLC	USA	51%	PWC	Wind energy production	11,021	63,244	3,216	7,653	7,653	85,133
Post Oak Wind LLC	USA	51%	PWC	Wind energy production	107,831	64,733	-	2,744	2,744	175,307
High Prairie Wind Farm II LLC	USA	51%	PWC	Wind energy production	48,708	21,771	267	3,523	3,523	74,269
Old Trail Wind Farm LLC	USA	51%	PWC	Wind energy production	112,691	69,924	1,740	10,730	10,730	195,085
Cloud County Wind Farm LLC	USA	51%	PWC	Wind energy production	126,076	29,785	-	5,946	5,946	161,808
Pioneer Prairie Wind Farm I LLC	USA	51%	PWC	Wind energy production	174,819	93,717	5,475	11,879	11,879	285,890
Arlington Wind Power Project LLC	USA	51%	PWC	Wind energy production	57,956	20,844	3,422	6,860	6,860	89,083
Rail Splitter Wind Farm LLC	USA	100%	PWC	Wind energy production	163,385	-46,838	505	-4,390	-4,390	112,662
Hampton Solar II LLC	USA	100%	PWC	Photovoltaic energy production	29,725	1,131	-	99	99	30,955
Meadow Lake Wind Farm II LLC	USA	100%	PWC	Wind energy production	117,097	-12,409	279	-1,656	-1,656	103,311
Black Prairie Wind Farm LLC	USA	100%	Unaudited	Wind energy production	961	-2	-	-	-	959
Meadow Lake Wind Farm IV LLC	USA	100%	Unaudited	Wind energy production	71,699	-4,502	24,784	-1,424	-1,424	90,558
Blackstone Wind Farm II LLC	USA	100%	Unaudited	Wind energy production	165,753	855	59,285	134	134	226,028
Saddleback Wind Power Project LLC	USA	100%	Unaudited	Wind energy production	1,101	-1,100	-	-	-	1
Meadow Lake Wind Farm III LLC	USA	100%	Unaudited	Wind energy production	77,614	5,513	30,148	-495	-495	112,779
2007 Vento I LLC	USA	100%	PWC	Wind energy production	449,800	41,716	-	2,716	2,716	494,231
2007 Vento II LLC	USA	51%	PWC	Wind energy production	284,547	-4,342	-	-155	-155	280,050
2008 Vento III LLC	USA	51%	PWC	Wind energy production	363,811	-5,610	-	-46	-46	358,156
2009 Vento IV LLC	USA	100%	PWC	Wind energy production	164,509	-1,163	-	-117	-117	163,229
2009 Vento V LLC	USA	51%	PWC	Wind energy production	22,691	-1,055	-	-24	-24	21,612
2019 V ento XX LLC	USA	100%	Unaudited	Wind energy production	507,531	-	-	-37	-37	507,494
2019 Vento XXI LLC	USA	100%	Unaudited	Wind energy production	222,418	-	-	-46	-46	222,372

EDPR 2020 ANNUAL REPORT

GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL

GROUP COMPANIES	REGISTERED OFFICE	DIRECT %	INDIRECT %	AUDITOR	ACTIVITY	CAPITAL	RESERVES	OTHER EQUITY ITEMS	NET PROFIT	TOTAL EQUITY	CONTINUING OPERATIONS	TOTAL
Horizon Wind Ventures I LLC	USA	100%	Unaudited	Wind energy production	80,741	390,718	-	-106	-106	471,354
Horizon Wind Ventures II LLC	USA	100%	Unaudited	Wind energy production	112,863	14,499	-	1,889	1,889	129,251
Horizon Wind Ventures III LLC	USA	51%	Unaudited	Wind energy production	-	13,483	-	-184	-184	13,299
Clinton County Wind Farm LLC	USA	100%	Unaudited	Wind energy production	172,716	-6	-	-	-	172,709
Antelope Ridge Wind Power Project LLC	USA	100%	Unaudited	Wind energy production	10	-10	-	-	-	-
Lexington Chenoa Wind Farm II LLC	USA	100%	Unaudited	Wind energy production	1,635	-490	-	-	-	1,145
Blackstone Wind Farm III LLC	USA	100%	Unaudited	Wind energy production	5,114	-5,114	-	-	-	-
Lexington Chenoa Wind Farm LLC	USA	100%	Unaudited	Wind energy production	254,269	267	-	-1,829	-1,829	252,708
Paulding Wind Farm LLC	USA	100%	Unaudited	Wind energy production	29	-24	-	-5	-5	-
Paulding Wind Farm II LLC	USA	51%	PWC	Wind energy production	62,580	41,510	300	5,262	5,262	109,651
Waverly Wind Farm LLC	USA	51%	PWC	Wind energy production	207,060	18,339	-	2,176	2,176	227,576
Blue Canyon Windpower VI LLC	USA	100%	PWC	Wind energy production	73,207	14,971	-	2,216	2,216	90,393
Paulding Wind Farm III LLC	USA	100%	PWC	Wind energy production	143,224	8,216	-	2,039	2,039	153,479
2011 Vento IX LLC	USA	51%	PWC	Wind energy production	63,372	-845	-	-117	-117	62,410
Horizon Wind Ventures IX LLC	USA	51%	Unaudited	Wind energy production	31,719	-4,317	-	1,509	1,509	28,911
EDPR Vento IV Holding LLC	USA	100%	PWC	Wind energy production	56,226	-	-	-	-	56,226
Headwaters Wind Farm LLC	USA	51%	Unaudited	Wind energy production	197,176	38,766	-	7,695	7,695	243,636
Lone Valley Solar Park I LLC	USA	51%	Unaudited	Photovoltaic energy production	19,679	1,071	-	211	211	20,961
Lone Valley Solar Park II LLC	USA	51%	Unaudited	Photovoltaic energy production	33,823	4,292	-	629	629	38,745
Rising Tree Wind Farm LLC	USA	51%	PWC	Wind energy production	85,832	23,875	-	6,647	6,647	116,354
Arbuckle Mountain Wind Farm LLC	USA	51%	PWC	Wind energy production	122,450	-4,104	-	-2,023	-2,023	116,323
Hidalgo Wind Farm LLC	USA	100%	PWC	Wind energy production	283,178	8,044	-	-8,341	-8,341	282,791
Rising Tree Wind Farm III LLC	USA	51%	PWC	Wind energy production	114,396	22,484	-	5,086	5,086	141,967
Rising Tree Wind Farm II LLC	USA	51%	PWC	Wind energy production	20,989	3,942	-	682	682	25,612
Wheat Field Holding LLC	USA	51%	PWC	Wind energy production	-	-10,090	-	-19	-19	-10,108
EDPR WF LLC	USA	100%	Unaudited	Wind energy production	40,190	-	-	-	-	40,190
Sustaining Power Solutions LLC	USA	100%	Unaudited	Wind energy production	71,929	-64,675	-	-5,184	-5,184	1,439
Green Power Offsets LLC	USA	100%	Unaudited	Wind energy production	9	-9	-	-	-	-
Arkwright Summit Wind Farm LLC	USA	100%	PWC	Wind energy production	159,854	3,495	-	-315	-315	163,034
EDPR Vento I Holding LLC	USA	100%	Unaudited	Wind energy production	226,127	-	-	-	-	226,127
Turtle Creek Wind Farm LLC	USA	100%	PWC	Wind energy production	232,066	4,487	-	6,030	6,030	242,583
Rio Blanco Wind Farm LLC	USA	100%	Unaudited	Wind energy production	2,490	-1	-	-	-	2,489
Plum Nellie Wind Farm LLC	USA	100%	Unaudited	Wind energy production	-	-	-	-	-	-
Five-Spot LLC	USA	100%	Unaudited	Wind energy production	-	-	-	-	-	-		# GROUP COMPANIES

GROUP COMPANIES	REGISTERED OFFICE	DIRECT %	INDIRECT %	AUDITOR	ACTIVITY	CAPITAL	RESERVES	OTHER EQUITY ITEMS	NET PROFIT	TOTAL EQUITY	CONTINUING OPERATIONS	TOTAL
Horizon Wind Chocolate Bayou I LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Alabama Ledge Wind Farm LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Ashford Wind Farm LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Alabama Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Blackford Country Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Esker Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Greenbow Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Holly Hill Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Pleasantville Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Mineral Springs Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Black Prairie Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Duff Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Broadlands Wind Farm LLC	USA	100%		Unaudited	Wind energy production	243,288	-16	-5,942	-1,208	-1,208	236,123	236,123
Eastmill Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Lowloand Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
EDPR Wind Ventures X LLC	USA	100%		Unaudited	Wind energy production	8,829	48,172	-	7,688	7,688	64,690	64,690
EDPR Wind Ventures XI LLC	USA	51%		Unaudited	Wind energy production	41,608	33,689	-	8,542	8,542	83,838	83,838
EDPR Wind Ventures XII LLC	USA	51%		Unaudited	Wind energy production	18,766	4,195	-	1,309	1,309	24,270	24,270
EDPR Wind Ventures XIII LLC	USA	51%		Unaudited	Wind energy production	59,191	19,920	-	5,878	5,878	84,989	84,989
EDPR Wind Ventures XIV LLC	USA	51%		Unaudited	Wind energy production	22,429	20,336	-	5,775	5,775	48,539	48,539
Crossing Trails Wind Power Project LLC	USA	100%		Unaudited	Wind energy production	7,421	-	-	-16	-16	7,405	7,405
Moonshine Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Sedge Meadow Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Helena Harbor Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Headwaters Wind Farm III LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Loki Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Leprechaun solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Little brook Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Bright Stalk Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Crossing trails Wind Power Project II LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Headwaters Wind Farm IV LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Blackford country Wind farm LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Prospector Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Rye Patch Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Loblolly Hill solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Meadow lake Wind farm VIII LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Loyal Wind Farm LLC	USA	10%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Marathon wind Farm LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Cielo Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Quilt block Wind Farm II LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Shullsburg Wind Farm LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Loma de la Gloria Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Wrangler Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
San clemente Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Indiana Crossroads Wind Farm LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-148	-148	-148	-148
Indiana Crossroads Wind Farm II LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Bayou bend Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Poplar Camp Wind Farm LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Avondale Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Crittenden Wind Farm LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Coldwater Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Meadow Lake Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Nine kings Transco LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Sweet Stream Wind Farm LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Blue Harvest Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Franklin Wind Farm LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Edpr South Table LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Casa Grande Carmel Solar LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Paulding Wind Farm V LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Waverly wind Farm II LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Spruce Ridge Wind farm LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
2015 Vento XIV LLC	USA	51%		PWC	Wind energy production	207,497	-384	-	-107	-107	207,006	207,006
2011 Vento X LLC	USA	100%		PWC	Wind energy production	73,554	-802	-	-112	-112	72,640	72,640
Blue Marmot I LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Blue Marmot II LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Drake Peak Solar ParK LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Blue Marmot IV LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Blue Marmot V LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Blue Marmot VI LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Blue Marmot VII LLc	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
2014 Vento XI LLC	USA	51%		PWC	Wind energy production	197,197	-62	-	-23	-23	197,112	197,112
EDPR Solar Ventures I LLC	USA	100%		Unaudited	Photovoltaic energy production	31,668	3,034	-	-900	-900	33,801	33,801
2014 Sol I LLC	USA	51%		PWC	Photovoltaic energy production	53,826	-373	-	-91	-91	53,362	53,362
2014 Vento XII LLC	USA	51%		PWC	Wind energy production	106,863	-70	-	-27	-27	106,766	106,766
Blue Marmot VIIII LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
2015 Vento XIII LLC	USA	51%		PWC	Wind energy production	237,037	-586	-	-110	-110	236,341	236,341
2018 Vento XVIII LLC	USA	100%		PWC	Wind energy production	391,152	-196	-	-110	-110	390,846	390,846
Blue Marmot IX LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Blue Marmot Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Blue Marmot XI LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Horse Mountain Wind Farm LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
EDPR Wind Ventures XVIII LLC	USA	100%		Unaudited	Wind energy production	137,068	7,974	-	7,821	7,821	188,863	188,863
Riverstart Solar Park II LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Long Hollow Wind Farm LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Horizon Wind Ventures IB LLC	USA	51%		Unaudited	Wind energy production	-	74,881	-	2,014	2,014	76,894	76,894
Horizon Wind Ventures IC LLC	USA	51%		Unaudited	Wind energy production	168,752	151,814	-	2,276	2,276	322,842	322,842
Castle Valley Wind Farm LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
White Stone Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Riverstart Solar Park III LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Dry Creek Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Lost Lakes Wind Farm LLC	USA	100%		Unaudited	Wind energy production	92,857	810	272	2,192	2,192	96,131	96,131
Riverstart Solar Park IV LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Riverstart Solar Park V LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Timber Road Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Paulding Wind Farm VI LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Edpr Ca Solar Park LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-6	-6	-6	-6
Edpr CA Solar Park II LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Edpr CA Solar Park III LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Edpr CA Solar Park IV LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Edpr CA Solar Park V LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
Edpr CA Solar Park VI LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-67	-67	-67	-67
BC2 Maple Ridge Holdings LLC	USA	100%		Unaudited	Photovoltaic energy production	-	-	-	-	-	-	-
North river Wind LLC	USA	100%		Unaudited	Wind energy production
EDP Renewables Canada LTD.

CANADA

GROUP COMPANIES	REGISTERED OFFICE	DIRECT %	INDIRECT %	AUDITOR	ACTIVITY	CAPITAL	RESERVES	OTHER EQUITY ITEMS	NET PROFIT	TOTAL EQUITY	CONTINUING OPERATIONS	TOTAL
EDP Renewables Sharp Hills Project LP	Canada	100%	-	Unaudited	Holding	95,725	25,873	279	-31,240	-31,240	90,638
EDP Renewables Sharp Hills Project LP	Canada	-	100%	Unaudited	Wind energy production	533	-442	-	-238	-238	-148
SBWF GP Inc.	Canada	-	51%	Unaudited	Wind energy production	-	1	-	-	1
South Dundas Wind Farm LP	Canada	-	51%	PWC	Wind energy production	9,026	15,547	2,172	3,602	3,602	30,347
Nation Rise Wind Farm LP	Canada	-	100%	PWC	Wind energy production	60,780	-544	-6,266	-263	-263	53,707
Nation Rise Wind Farm GP Inc.	Canada	-	100%	Unaudited	Wind energy production	3	-2	-	-	-	1
South Branch Wind Farm II GP Inc.	Canada	-	100%	Unaudited	Wind energy production	-	-	-	-	-	-
South Branch Wind Farm II LP	Canada	-	100%	Unaudited	Wind energy production	265	-374	-	-36	-36	-145
EDP Renewables Sharp Hills Project GP Ltd.	Canada	-	100%	Unaudited	Wind energy production	-	-	-	-	-	-
Edp Renewables Canada Management Services LTD	Canada	-	100%	Unaudited	Wind energy production	-	-2,435	-	-	-	-2,435
Edp Renewables Sask Se GP Ltd	Canada	-	100%	Unaudited	Wind energy production	-	-	-	-	-	-
Edp Renewables Sask SE Limited Partnership	Canada	-	100%	Unaudited	Wind energy production	-	-347	-	-170	-170	-517
Kennedy Wind farm GP Ltd	Canada	-	100%	Unaudited	Wind energy production	-	-	-	-	-
Keneedy Wind farm Limited Partnership	Canada	-	100%	Unaudited	Wind energy production	-	-186	-	-13	-13	-199
Bromhead Solar Park Gp Ltd	Canada	-	100%	Unaudited	Photovoltaic energy production	-	-	-	-	-	-
Bromhead Solar Park Limited Partnership	Canada	-	100%	Unaudited	Photovoltaic energy production	-	-186	-	-13	-13	-199
Halbrite Solar Park Gp Ltd	Canada	-	100%	Unaudited	Photovoltaic energy production	-	-	-	-	-
Halbrite Solar Park Limited Partnership	Canada	-	100%	Unaudited	Photovoltaic energy production	-	-186	-	-13	-13	-199
Blue Bridge Solar Park Gp Ltd	Canada	-	100%	Unaudited	Photovoltaic energy production	-	-	-	-	-	-
Blue bridge Solar Park Limited Partnership	Canada	-	100%	Unaudited	Photovoltaic energy production	-	-186	-	-13	-13	-199
Edp Renewables Sh II Project GP Ltd	Canada	-	100%	Unaudited	Wind energy production	-	-	-	-	-	-
Edp Renewables Sh II Project GP Ltd	Canada	-	100%	Unaudited	Wind energy production	-	-	-	-	-	-
Nation Rise Wind farm GP II inc	Canada	-	100%	Unaudited	Wind energy production	-	-	-	-	-	-
Quatro Limited Partnership	Canada	-	100%	Unaudited	Wind energy production	34,987	-21,609	-	26,853	26,853	40,230

COLOMBIA

GROUP COMPANIES	REGISTERED OFFICE	DIRECT %	INDIRECT %	AUDITOR	ACTIVITY	CAPITAL	RESERVES	OTHER EQUITY ITEMS	NET PROFIT	TOTAL EQUITY	CONTINUING OPERATIONS	TOTAL
Eolos Energia,S.A.S	Colombia	-	100%	Unaudited	Photovoltaic energy production	557	4,840	-	5	5	5,402
Vientos del Norte,S.A.S, E.S.P	Colombia	-	100%	Unaudited	Wind energy production	703	6,114	-	283	283	7,100
Solar Power Solutions,S.A.S E.S.P	Colombia	-	100%	Unaudited	Photovoltaic energy production	-	-6	-	-415	-415	-421
Elipse Energia ,S.A.S E.S.P	Colombia	-	100%	Unaudited	Photovoltaic energy production	10	-6	-	-419	-419	-416
Omega Energia S.A.S E.S.P	Colombia	-	100%	Unaudited	Photovoltaic energy production	6	-3	-	-419	-419	-416
Kappa Energia,S.A.S.E.S.P	Colombia	-	100%	Unaudited	Photovoltaic energy production	6	-3	-	-419	-419	-416

VIETNAM

GROUP COMPANIES	REGISTERED OFFICE	DIRECT %	INDIRECT %	AUDITOR	ACTIVITY	CAPITAL	RESERVES	OTHER EQUITY ITEMS	NET PROFIT	TOTAL EQUITY	CONTINUING OPERATIONS	TOTAL
Edpr Vietnam Viestman	-	-	100%	Unaudited	Holding	254	-	-	-	-	254

BRAZIL

GROUP COMPANIES	REGISTERED OFFICE	DIRECT %	INDIRECT %	AUDITOR	ACTIVITY	CAPITAL	RESERVES	OTHER EQUITY ITEMS	NET PROFIT	TOTAL EQUITY	CONTINUING OPERATIONS	TOTAL
EDP Renováveis Brasil, S.A.	Brazil	100%	-	PWC	Holding	163,459	43,274	-1,603	2,903	2,903	208,023
Central Nacional de Energia Eólica, S.A.	Brazil	-	51%	PWC	Wind energy production	1,945	83	-	933	933	2,961
Elebrás Projetos, S.A.	Brazil	-	51%	PWC	Wind energy production	16,283	516	-	6,768	6,768	23,567
Central Eólica Baixa do Feijão I, S.A.	Brazil	-	51%	PWC	Wind energy production	6,153	1,729	-	169	169	8,051
Central Eólica Baixa do Feijão II, S.A.	Brazil	-	51%	PWC	Wind energy production	6,362	1,857	-	110	110	8,330
Central Eólica Baixa do Feijão III, S.A.	Brazil	-	51%	PWC	Wind energy production	10,578	577	-	-222	-222	10,933
Central Eólica Baixa do Feijão IV, S.A.	Brazil	-	51%	PWC	Wind energy production	6,972	1,274	-	-68	-68	8,178
Central Eólica JAU, S.A.	Brazil	-	51%	PWC	Wind energy production	27,309	7,175	-	468	468	34,952
Central Eólica Aventura I, S.A.	Brazil	-	50.99%	PWC	Wind energy production	12,815	65	-	674	674	13,554
Central Eólica Aventura II, S.A.	Brazil	-	100%	PWC	Wind energy production	5,595	-33	-	-33	-33	5,529
Central Eólica Boqueirao I,S.A.	Brazil	-	100%	PWC	Wind energy production	-	-	-	-6	-6	-6
Central Eólica Boqueirao II, S.A.	Brazil	-	100%	PWC	Wind energy production	-	-	-	-4	-4	-4
Central Eólica Catanduba I, S.A.	Brazil	-	100%	PWC	Wind energy production	-	-	-	-5	-5	-5
Central Eólica Catadunba II, S.A.	Brazil	-	100%	PWC	Wind energy production	-	-	-	-5	-5	-5
Jerusalém Holding,S.A	Brazil	-	100%	PWC	Holding	8,977	-8	-	-67	-67	8,902
Central Eólica Monte Verde VI,S.A	Brazil	-	100%	PWC	Wind energy production	1,916	-2	-	-9	-9	1,906
Monte Verde holding,S.A	Brazil	-	100%	PWC	Holding	15,190	-8	-	-55	-55	15,127
Central Eóílica Aventura III,S.A	Brazil	-	100%	PWC	Wind energy production	12,355	-12	-	-27	-27	12,317
Central Eólica Aventura IV,S.A	Brazil	-	100%	PWC	Wind energy production	7,724	-13	-	-37	-37	7,675
Central Eólica Aventura V,S.A	Brazil	-	100%	PWC	Wind energy production	7,777	-13	-	-27	-27	7,737
Srmn Holding S,A	Brazil	-	100%	PWC	Holding	45,329	-74	-	-93	-93	45,161
Central Eólica Srmn I,S.A	Brazil	-	100%	PWC	Wind energy production	8,491	-19	-	-19	-19	8,453
Central Eólica Srmn II,S.A	Brazil	-	100%	PWC	Wind energy production	13,084	-13	-	-17	-17	13,054
Central Eólica Srmn III,S.A	Brazil	-	100%	PWC	Wind energy production	8,506	-14	-	-17	-17	8,475
Central Eólica Srmn IV,S.A	Brazil	-	100%	PWC	Wind energy production	8,730	-14	-	-16	-16	8,700
Central Eólica Srmn V,S.A	Brazil	-	100%	PWC	Wind energy production	6,487	-12	-	-15	-15	6,460
Central Solar Lagoa I, S.A	Brazil	-	100%	Unaudited	Photovoltaic energy production	2	-	-	-	-	2
Central Solar Lagoa II, S.A	Brazil	-	100%	Unaudited	Photovoltaic energy production	2	-	-	-	-	2
Aventura Holding,S.A	Brazil	-	100%	PWC	Holding	33,424	-69	-	-134	-134	33,220
Central Eólica Monte Verde I,S.A	Brazil	-	100%	PWC	Wind energy production	3,231	-1	1,840	-9	-9	5,060
Central Eólica Monte Verde II,S.A	Brazil	-	100%	PWC	Wind energy production	3,186	-1	1,840	-5	-5	5,019
Central Eólica Monte Verde III,S.A	Brazil	-	100%	PWC	Wind energy production	2,898	-1	1,610	-8	-8	4,499
Central Eólica Monte Verde IV,S.A	Brazil	-	100%	PWC	Wind energy production	2,279	-1	1,265	-8	-8	3,536
Central Eólica Monte Verde V,S.A	Brazil	-	100%	PWC	Wind energy production	1,650	-1	920	-2	-2	2,568
Central Solar Pereira Barreto I,LTDA.	Brazil	-	100%	PWC	Photovoltaic energy production	6,169	-7	169	-97	-97	6,234
Central Solar Pereira Barreto II,LTDA.	Brazil	-	100%	PWC	Photovoltaic energy production	16,097	-7	169	-210	-210	16,049
Central Solar Pereira Barreto III,LTDA.	Brazil	-	100%	PWC	Photovoltaic energy production	5,452	-8	169	-67	-67	5,546
Central Solar Pereira Barreto IV,LTDA.	Brazil	-	100%	PWC	Photovoltaic energy production	8,590	-7	169	-237	-237	8,514
Central Solar Pereira Barreto V,LTDA.	Brazil	-	100%	PWC	Photovoltaic energy production	2,202	-6	145	-79	-79	2,262
Central Eólica Jerusalém I,S.A	Brazil	-	100%	PWC	Wind energy production	1,552	-1	805	-12	-12	2,344
Central Eólica Jerusalém II,S.A	Brazil	-	100%	PWC	Wind energy production	1,414	-1	805	-9	-9	2,209
Central Eólica Jerusalém III,S.A	Brazil	-	100%	PWC	Wind energy production	1,523	-1	805	-9	-9	2,318
Central Eólica Jerusalém IV,S.A	Brazil	-	100%	PWC	Wind energy production	1,406	-1	805	-9	-9	2,200
Central Eólica Jerusalém V,S.A	Brazil	-	100%	PWC	Wind energy production	1,408	-1	805	-9	-9	2,202
Central Eólica Jerusalém VI,S.A	Brazil	-	100%	PWC	Wind energy production	1,650	-1	920	-9	-9	2,559

*Companies included in the tax group that the Company belongs to (note 19)

JOINTLY CONTROLLED ENTITIES AND ASSOCIATES

GROUP COMPANIES	REGISTERED OFFICE	% DIRECT	% INDIRECT	AUDITOR	ACTIVITY	CAPITAL	RESERVES	OTHER EQUITY ITEMS	NET PROFIT	TOTAL EQUITY	CONTINUING OPERATIONS	TOTAL
Biomasas del Pirineo, S.A.	Huesca, Spain	-	30%	Unaudited	Biomass electricity production	136	-65	-	-	-	71
Sistemas Eólicos tres Cruces,S.L	Soria, Spain	-	25%	Unaudited	Wind energy production	13	-5	-	-	-	8
Desarrollos Energéticos del Val,S.l	Soria, Spain	-	25%	Unaudited	Wind energy production	34	38	-	-	-	73
Parque Eólico Sierra del Madero, S.A.	Soria, Spain	-	42%	Kpmg	Wind energy production	3,021	9,941	-	1,070	1,070	14,033
Desarrollos Eólicos de Canarios, S.A.	Las Palmas de Gran Canaria	-	45%	PWC	Wind: Wind farm development	813	284	-	70	70	1,167
Solar Siglo XXI, S.A.	Ciudad Real, Spain	-	25%	Unaudited	Wind energy production	20	-4	-	-	-	16
Parque Eólico Belmonte, S.A.	Madrid, Spain	-	30%	Kpmg	Wind energy production	36	2,071	-	355	355	2,462
OW Offshore,S.L	Spain	-	50%	PWC	Wind energy production	3,731	24,665	-	-16,813	-16,813	11,583
OW FS Offshore,S.A	Spain	-	50%	PWC	Holding	3,500	3	-	289	289	3,792
MFW Neptun,Sp.Z.o.o	Poland	-	50%	PWC	Wind energy production	48	-49	-	-29	-29	-30
Relax Wind Park IV,Sp.z.o.o	Poland	-	50%	PWC	Wind energy production	973	-888	-	-35	-35	50
B-Wind Polska,SP z.o.o	Poland	-	50%	PWC	Wind energy production	13	-98	-	-102	-102	-187
C-Wind Polska,Sp z.o.o	Poland	-	50%	PWC	Wind energy production	401	-527	-	-175	-175	-301
Ow Japan Godo Kaisha	Japan	-	50%	Unaudited	Wind energy production	193	-112	-	-336	-336	-255
Ow South Korea Co,Ltd	Korea	-	50%	Unaudited	Wind energy production	49	-	-	-238	-238	-190
Korean Floating Wind Power Co	Korea	-	30.6%	Unaudited	Wind energy production	7	-811	-	-3,527	-3,527	-4,331
East Blue Power Co,Ltd	Korea	-	28%	Unaudited	Wind energy production	-	-	-	-	-	-
Ventos do Atlantico-Projetos de Energia Eólica Ltda	Brazil	-	50%	Unaudited	Wind energy production	-	-	-	-	-	-2
Ancoris Beheer Nederland B.V	Netherlands	-	50%	Unaudited	Wind energy production	-	-	-	-2	-2

REGISTERED OFFICE	% DIRECT	% INDIRECT	AUDITOR	ACTIVITY	CAPITAL	RESERVES	OTHER EQUITY ITEMS	NET PROFIT	TOTAL EQUITY CONTINUING OPERATIONS	TOTAL
VIII,b.v Netherlands - 50%	Unaudited	Wind energy production	-	-	-	-2	-2	-2	-	-
Ventum Ventures III Holding,B.V Netherlands - 50%	Unaudited	Wind energy production	-	-	-	-3	-3	-3	-	-
4THEWIND I,b.v Netherlands - 50%	Unaudited	Wind energy production	-	-	-	-3	-3	-3	-	-
4THEWIND II,b.v Netherlands - 50%	Unaudited	Wind energy production	-	-	-	-3	-3	-3	-	-
4THEWIND III,b.v Netherlands - 50%	Unaudited	Wind energy production	-	-	-	-3	-3	-3	-	-
4THEWIND IV,b.v Netherlands - 50%	Unaudited	Wind energy production	-	-	-	-3	-3	-3	-	-
4THEWIND V,b.v Netherlands - 50%	Unaudited	Wind energy production	-	-	-	-3	-3	-3	-	-
4THEWIND VI,b.v Netherlands - 50%	Unaudited	Wind energy production	-	-	-	-3	-3	-3	-	-
4THEWIND VII,b.v Netherlands - 50%	Unaudited	Wind energy production	-	-	-	-3	-3	-3	-	-
Electrabel Offshore Energy Belgium - 50%	Unaudited	Wind energy production	13,606	-45	-	-	13,562	-	-
Delphis Holdings Limited UK - 50,20%	PWC	Wind energy production	-	17,860	-	2,157	2,157	20,018	-	-
Ocean Winds UK Limited UK - 50%	PWC	Wind energy production	10,654	-9,098	-	-3,298	-3,298	-1,743	-	-
Moray Offshore Renewable Power Limited UK - 50%	PWC	Wind energy production	25,614	25,237	-	1,816	1,816	52,666	-	-
Mordel Limited UK - 50%	PWC	Wind energy production	-	-	-	-	-	-	-	-
Moray East Holdings Limited UK - 28,30%	PWC	Wind energy production	11,123	-5	-	-143	-143	10,976	-	-
Moray Offshore Windfarm (west) Limited UK - 64,20%	PWC	Wind energy production	-	-	-	-	-	-	-	-
Moray Offshore Windfarm (East)Limited UK - 28,30%	PWC	Wind energy production	-	-	-	-	-	-	-	-
Windplus,S.A Portugal - 42.63%	PWC	Wind energy production	1,515	-1,956	-	3,583	3,583	3,142	-	-
OW North America LLC USA - 50%	Unaudited	Wind energy production	186,366	-343	-	-4,066	-4,066	181,957	-	-
North River Wind LLC USA - 50%	Unaudited	Wind energy production	-	-	-	-	-	-	-	-
Redwood Coast Offshore Wind LLC USA - 25%	Unaudited	Wind energy production	-	-	-	-251	-251	-251	-	-
Mayflower Wind Energy LLC - 25%	Unaudited	Wind energy production	190,816	799	-	-929	-929	190,686	-	-
OW France,S.A.S France - 50%	PWC	Wind energy production	1,308	-149	-	-807	-807	352	-	-
Les Eoliennes Flottantes du Golfe du Lion,S.A.S France - 40%	Ernest&Youn g	Wind energy production	32	-3,019	-	-2,691	-2,691	-5,678	-	-
Les Eoliennes en Mer Services,S.A.S France - 30%	Ernest&Youn g	Wind energy production	24	894	-	197	197	1,116	-	-
Éoliennes en Mer Dieppe-le Treport,S.A.S France - 30.25%	Ernest&Youn g	Wind energy production	19,019	-2,391	-	-497	-497	16,131	-	-
Éoliennes en Mer Iles d´Yeu et de Noirmoutier,S.A.S France - 30.25%	Ernest&Youn g	Wind energy production	22,007	-2,437	-	-511	-511	19,060	-	-
Dunkerque Éoliennes en Mer, S.A.S France - 32%	Unaudited	Wind energy production	3	-	-	-	-	3	-	-
Ceprastur, A.I.E. Spain - 57%	Unaudited	Mini- hydroelectric: electricity production	205	5	-	-2	-2	207	-	-
Evolución 2000,S.L Spain - 49,%	PWC	Wind energy production	58	8,776	-	978	978	9,812	-	-
Desarrollos energéticos Canarias, S.A Spain - 50%	Unaudited	Wind: Wind farm development	7	-12	-	-	-	-5	-	-
Elecdey Carcelen,S.A Spain - 23%	PWC	Wind energy production	1,603	-272	-	-	-	1,331	-	-
Eox Pax lla,S.L Spain - 49%	PWC	Wind energy production	3	1,665	-	-	-	1,668	-	-
Geólica Magallón,S.L Spain - 36%	PWC	Wind energy production	1,232	565	-	-	-	1,798	-	-
San Juan de Bargas Eólica, S.L Spain - 47%	PWC	Wind energy production	2,351	1,398	-	-	-	3,748	-	-
Unión Generadores de Energia,S.l Spain - 50%	PWC	Wind energy production	12	3,155	-	-	-	3,166	-	-
Eólica das Serras das Beiras, S.A Portugal - 45%	PWC	Wind energy production	225	1,028	-	-	-	1,253	-	-
Solar Works! B.V Netherlands - 20%	RSM Global	Wind energy production	1,113	-474	-	-409	-409	231	-	-
Goldfinger Ventures LLC USA - 50%	Unaudited	Wind energy production	146,474	-52	-	1,026	1,026	147,447	-	-
Goldfinger Ventures II LLC USA - 50%	Unaudited	Wind energy production	317,354	-27	-	4,669	4,669	321,996	-	-
Nine Kings Wind Farm LLC USA - 50%	Unaudited	Wind energy production	-	-	-	-	-	-	-	-
Hog Creek Wind Project LLC USA - 20%	PWC	Wind energy production	-	-	-	-	-	-	-	-
Redbed Plains Wind Farm LLC USA - 20%	PWC	Wind energy production	-	-	-	-	-	-	-	-
Quilt Block Wind Farm LLC USA - 20%	PWC	Wind energy production	-	-	-	-	-	-	-	-
Meadow Lake Wind Farm V LLC USA - 20%	PWC	Wind energy production	-	-	-	-	-	-	-	-
2017 Vento XVII LLC USA - 20%	PWC	Wind energy production	-	-	-	-	-	-	-	-
2018 Vento XIX LLC USA - 20%	PWC	Wind energy production	-	-	-	-	-	-	-	-
Meadow Lake Wind Farm VI LLC USA - 20%	PWC	Wind energy production	-	-	-	-	-	-	-	-
Prairie Queen Wind Farm LLC USA - 20%	PWC	Wind energy production	-	-	-	-	-	-	-	-
Solar Ventures Acquisition LLC USA - 50%	Unaudited	Wind energy production	2,727	-	-	-1,614	-1,614	1,114	-	-
Windhub Solar A LLC USA - 50%	PWC	Wind energy production	-	-	-	-	-	-	-	-
Shunshine Valley Solar LLC USA - 50%	PWC	Photovoltaic energy production	-	-	-	-	-	-	-	-
2019 SOL III LLC USA - 50%	PWC	Photovoltaic energy production	-	-	-	-	-	-	-	-
2019 SOL IV LLC USA - 50%	PWC	Photovoltaic energy production	-	-	-	-	-	-	-	-
Sun Streams LLC USA - 50%	PWC	Photovoltaic energy production	-	-	-	-	-	-	-	-
Blue Canyon Windpower LLC USA - 25%	PWC	Wind energy production	-	-	-	-	-	-	-	-
Flat Rock Windpower II LLC USA - 50%	PWC	Wind energy production	87,619	-43,945	-	-3,721	-3,721	39,952	-	-
Flat Rock Windpower LLC USA - 50%	PWC	Wind energy production	221,497	-115,778	-	-9,270	-9,270	96,450	-	-
Moray West Holdings limited United Kingdom - 33.4%	PWC	Wind energy production	1	-398	-	-122	-122	-519	-	-

GROUP COMPANIES

GROUP COMPANIES	REGISTERED OFFICE	DIRECT %	INDIRECT %	AUDITOR	ACTIVITY	CAPITAL	RESERVES	OTHER EQUITY ITEMS	NET PROFIT	TOTAL EQUITY CONTINUING OPERATIONS	TOTAL
EDP Renewables EUROPE, S.L.U.*	Spain	100%	-	PWC	Holding	249,499	2,113,263	-	336,704	336,704	2,699,466
EDP Renovables España, S.L.U.*	Spain	-	100%	PWC	Holding, construction and wind energy production	46,128	613,366	256	67,033	67,033	726,783
EDPR Polska, Sp.z.o.o.	Poland	-	100%	PWC	Holding and wind energy production	121,284	104,139	-	-278	-278	225,146
EDPR International Investmets, B.V.	Netherlands	-	100%	PWC	Holding	20	9,332	-	2,995	2,995	12,346
EDPR France Holding SAS	France	-	100%	PWC	Holding	19,900	45,624	-	-7,698	-7,698	57,826
EDP Renewables SGPS,SA	Portugal	-	100%	PWC	Holding	50	120,916	-	9,849	9,849	130,815
EDP Renewables Belgium,S.A	Belgium	0.17%	99.83%	PWC	Holding	287	699	-	-297	-297	689
EDPR Portugal , S.A.	Portugal	-	51%	PWC	Holding and wind energy production	50	50,875	-	2,800	2,800	53,725
EDPR PT- Promocao e Operacao,S.A	Portugal	-	100%	PWC	Wind: Wind farm development	58	7,403	1	-501	-501	6,960
EDPR Ro Pv,S.r.l	Romania	0.05%	99.95%	Unaudited	Wind energy production	55,935	-2,922	-	-242	-242	52,771
Cernavoda Power,S.A	Romania	0.01%	99.99%	PWC	Wind energy production	83,454	-29,509	-	1,291	1,291	55,236
VS Wind Farm S.A.	Romania	0.01%	99.99%	PWC	Wind energy production	53,740	-8,048	-	1,782	1,782	47,474
Pestera Wind Farm, S.A.	Romania	0.01%	99.99%	PWC	Wind energy production	67,111	-29,288	-	2,636	2,636	40,459
EDPR Romania, S.R.L.	Romania	0.01%	99.99%	PWC	Wind energy production	208,827	-14,069	-	9,392	9,392	204,150
Sibioara Wind Farm,S.r.L	Romania	0.01%	99.99%	PWC	Wind energy production	20,361	-13,838	-	7	7	6,530
Vanju Mare Solar,S.A	Romania	0.05%	99.95%	PWC	Photovoltaic energy production	9,611	3,266	-	1,551	1,551	14,428
Studina Solar,S.A	Romania	0.05%	99.95%	PWC	Photovoltaic energy production	7,988	5,023	-	1,791	1,791	14,802
Cujmir Solar, S.A	Romania	0.05%	99.95%	PWC	Photovoltaic energy production	10,393	6,013	-	2,188	2,188	18,594
Potelu Solar,S.A	Romania	0.05%	99.95%	PWC	Photovoltaic energy production	7,574	3,882	-	1,269	1,269	12,725
Foton Delta,S.A	Romania	0.05%	99.95%	PWC	Photovoltaic energy production	3,556	1,951	-	316	316	5,823
Foton Epsilon,S.A	Romania	0.05%	99.95%	PWC	Photovoltaic energy production	4,302	4,838	-	1,169	1,169	10,309
EDP Renowables Italia,S.r.l	Italy	-	51%	PWC	Holding and wind energy production	34,439	14,546	-	11,203	11,203	60,188
EDPR Uk Limited	United Kingdom	-	100%	PWC	Holding	10,785	-7,376	-	-2,902	-2,902	507
EDP Renovaveis Servicios Financieros. S.A*	Spain	70.01%	29.99%	PWC	Other economic activities	84,691	320,088	-	16,617	16,617	421,396
Parque Eólico Santa Quiteria, S.L.	Spain	-	84%	PWC	Wind energy production	63	14,019	-	944	944	15,026
Eólica La Janda, S.l.U*	Spain	-	100%	PWC	Wind energy production	4,525	10,802	-	9,880	9,880	25,207
Eólica Fontesilva, S.L.U*	Spain	-	100%	PWC	Wind energy production	6,860	7,080	-	1,584	1,584	15,524
EDPR Yield S.A.U*	Spain	-	100%	PWC	Wind energy production	99,405	53,362	-	116,752	116,752	269,519
Parque Eólico Altos del Voltoya S.A.*	Spain	-	93%	PWC	Wind energy production	6,434	11,041	-	1,166	1,166	18,641
Eólica La Brújula, S.A.U	Spain	-	100%	PWC	Wind energy production	3,294	16,095	-	2,306	2,306	21,695
Eólica Arlanzón S.A.	Spain	-	85%	PWC	Wind energy production	4,509	8,365	-	354	354	13,228
Eolica Campollano S.A.	Spain	-	75%	PWC	Wind energy production	6,560	18,131	-35	2,829	2,829	27,485
Parque Eólico La Sotonera S.L.	Spain	-	70%	PWC	Wind energy production	2,000	4,897	-	1,061	1,061	7,958
Korsze Wind Farm,SP.z.o.o	Poland	-	51%	PWC	Wind energy production	10,832	12,369	-	6,300	6,300	29,501
Eólica Sierra de Avila, S.L.U.

THOUSAND EUROS

GROUP COMPANIES	REGISTERED OFFICE	DIRECT %	INDIRECT %	AUDITOR	ACTIVITY	CAPITAL	RESERVES	OTHER EQUITY ITEMS	NET PROFIT	TOTAL EQUITY	CONTINUING OPERATIONS	TOTAL
European Wind Power Krasin,Sp.z.o.o	Poland	100%		Unaudited	Wind energy production	1,689	-113	-	-	1576		1576
Nowa Energia 1 Sp,z.o.o	Poland	100%		Unaudited	Wind energy production	20	362	-	-	382		382
Farma Wiatrowa Bogoria,Sp z.o.o	Poland	100%		Unaudited	Wind energy production	563	2,053	-	-	2,616		2,616
Lichnowy Windfarm,Sp z.o.o	Poland	100%		Unaudited	Wind energy production	241	1,231	-	-516	956		956
Edpr Polska Solar,Sp.z.o.o.	Poland	100%		Unaudited	Wind energy production	1	-1	-	-94	-94		-94
La Plaine De Nouaille,S.A.S	France	100%		PWC	Wind energy production	8	-21	-	-4	-17		-17
Le Chemin de Saint Druon,S.A.S	France	100%		PWC	Wind energy production	92	-12	-	-3	77		77
Parc Eolien des Longs Champs, S.A.R.L	France	100%		PWC	Wind energy production	1,201	149	-	-2	1,348		1,348
Parc Eolien de Mancheville, S.A.R.L	France	100%		PWC	Wind energy production	1	313	-	-94	220		220
Parc Eolien de La Hetroye, SAS	France	100%		PWC	Wind energy production	37	-52	-	-4	-19		-19
Parc Eolien Louvieres,S.A.R.L	France	100%		Unaudited	Wind energy production	1	-62	-	-5	-66		-66
Parc Eolien de Dionay,S.A.A	France	100%		PWC	Wind energy production	37	-50	-	-28	-41		-41
Parc Éolien d´Entrains-sur- Nohain,S.A.S	France	100%		PWC	Wind energy production	451	-8	-	-9	434		434
Parc Éolien de Marchéville,S.A.S	France	100%		PWC	Wind energy production	1	-7	-	-119	-125		-125
Le Chemin deLa Corvée,S.A.S	France	100%		PWC	Wind energy production	123	-59	-	-2	62		62
Eólica de Serra das Alturas,S.A	Portugal	25.55%		PWC	Wind energy production	50	5,881	-	1,428	7,359		7,359
Malhadizes- Energia Eólica, SA	Portugal	51%		PWC	Wind energy production	50	7,031	-	2,376	9,457		9,457
Eólica de Montenegrelo, LDA	Portugal	25.55%		PWC	Wind energy production	50	8,754	-	2,756	11,560		11,560
Eólica da Alagoa,SA	Portugal	30.60%		PWC	Wind energy production	50	3,586	605	1,911	6,152		6,152
Fotovoltaica Lott A,S.A	Portugal	100%		PWC	Wind energy production	50	-	-	-22	28		28
Aplica.Indust de Energias limpias S.L	Spain	62%		Unaudited	Wind energy production	131	435	-	847	1,413		1,413
Aprofitament D´Energies Renovables de la Tierra Alta S.A	Spain	28.35%		Unaudited	Wind energy production	1,994	-1,981	-	16	29		29
Parc Eólic Serra Voltorera S.l.U	Spain	100%		PWC	Wind energy production	3,458	6,716	-	899	11,073		11,073
Elektrownia Wiatrowa Kresy I sp zoo	Poland	51%		PWC	Wind energy production	20	73,695	750	5,840	80,305		80,305
Edpr Villla Galla,S.R.L	Italy	51%		PWC	Wind energy production	9,000	50,702	-	8,364	68,066		68,066
Desarrollos Eólicos de Teruel SL	Spain	51%		Unaudited	Wind energy production	60	-	-	-	60		60
Custolito,S.r.l	Italy	100%		Unaudited	Wind energy production	10	-	-	-15	-5		-5
Edpr Sicilia PV,S.r.l	Italy	100%		Unaudited	Wind energy production	10	-	-	-3	7		7
Edpr Sicilia Wind,S.r.l	Italy	100%		Unaudited	Wind energy production	10	-	-	-3	7		7
Tebar Eólica, S.A.U.*	Spain	100%		PWC	Wind energy production	4,720	2,561	-	2,339	9,620		9,620
Edpr Terral S.L.U	Spain	100%		Unaudited	Wind energy production	3	-	-	-1	2		2
Edpr Amaris S.L.U	Spain	100%		Unaudited	Wind energy production	3	-	-	-1	2		2
Edpr Suvan, S.L.U	Spain	100%		Unaudited	Wind energy production	3	-	-	-1	2		2
Par Eólic de Coll de Moro S.L.U.*	Spain	100%		PWC	Wind energy production	7,809	3,838	-3,063	2,570	11,154		11,154
Par Eólic de Torre Madrina S.L.U.*	Spain	100%		PWC	Wind energy production	7,755	7,576	-2,888	3,736	16,179		16,179
Parc Eolic de Vilalba dels Arcs S.L.U*	Spain	100%		PWC	Wind energy production	3,066	5,351	-1,367	2,264	9,314		9,314
Bon Vent de Corbera, S.L.U.*	Spain	100%		PWC	Wind energy production	7,255	12,905	-	3,568	23,728		23,728
Masovia Wind Farm I s.p zo.o.	Poland	100%		PWC	Wind energy production	351	10,435	-	-9,917	869		869
Farma wiaStarozbery Sp.z.o.o	Poland	100%		Unaudited	Wind energy production	130	231	-	-21	340		340
Karpacka Mala Energetyka,Sp.z.o.o	Poland	85%		Unaudited	Wind energy production	12	-367	-	-33	-388		-388
Edpr Italia holding,S.r.l	Italy	100%		PWC	Wind energy production	347	56,551	-	-3,330	53,568		53,568
Re plus – Societa ´a Responsabilita ´limitada	Italy	100%		Unaudited	Wind energy production	100	-	-	-45	55		55
Iberia Aprove- chamientos Eólicos, S.A.U.*	Spain	94%		PWC	Wind energy production	1,919	2,037	-	1,191	5,147		5,147
Parc Éolien de boqueho-Pouagat SAS	France	100%		PWC	Wind energy production	1	1,105	-	299	1,405		1,405
Parc éolien des 7 Domaines, S.A.S	France	100%		PWC	Photovoltaic energy production	5	-10	-	-5	-10		-10
EDPR PT - Parques Eólicos, S.A.	Portugal	51%		PWC	Wind energy production	7,500	76,407	4,365	60,673	148,945		148,945
Eólica do Alto da Lagoa, S.A.	Portugal	51%		PWC	Wind energy production	50	9,250	-447	2,189	11,042		11,042
Eólica das Serras das Beiras, S.A.	Portugal	51%		PWC	Wind energy production	50	26,537	-2,858	6,710	30,440		30,440
Eólica da Coutada, S.A.	Portugal	51%		PWC	Wind energy production	50	35,033	-2,967	10,779	42,895		42,895
Eólica do Espigão, S.A.	Portugal	51%		PWC	Wind energy production	50	10,717	-455	2,705	13,016		13,016
Eólica do Sincelo, S.A.	Portugal	100%		PWC	Wind energy production	150	3,805	-	-171	3,784		3,784
Eólica da Linha, S.A.	Portugal	100%		PWC	Wind energy production	100	-2,293	-	5,937	3,743		3,743
Eólica do Alto do Mourisco, S.A.	Portugal	51%		PWC	Wind energy production	50	5,758	-398	1,960	7,370		7,370
Eólica dos Altos dos Salgueiros- Guilhado, S.A	Portugal	51%		PWC	Wind energy production	50	2,379	-156	949	3,222		3,222
Eólica do Alto da Teixosa, S.A.	Portugal	51%		PWC	Wind energy production	50	6,963	-681	1,990	8,322		8,322
Eólica da Terra do Mato, S.A.	Portugal	51%		PWC	Wind energy production	50	7,595	-882	2,639	9,403		9,403
TACA Wind, S.r.l.	Italy	100%		PWC	Wind energy production	1,160	5,203	-	435	6,799		6,799
Vientos de Coahuila, S.A. de C.V.	Mexico	0.01%	99.99%	Unaudited	Wind energy production	2	-101	-	-105	-204		-204
Eólica de Coahuila, S.A. de C.V.	Mexico	51%		PWC	Wind energy production	5,191	16,531	-122	4,190	25,791		25,791
Parc Éolien de Flavin,S.A.S	France	100%		PWC	Wind energy production	2,501	507	-	759	3,767		3,767
Parc Éolien de Prouville, S.A.S	France	100%		PWC	Wind energy production	1	-7	-	-14	-20		-20
Parc Éolien de la Champagne Berrichonne, S.A.R.L	France	100%		PWC	Wind energy production	4	2,026	-	255	2,285		2,285
Parc Éolien de Paudy, S.A.S.	France	100%		PWC	Wind energy production	3,537	532	-	368	4,437		4,437
Parc Éolien de la Cote du Cerisat,S.A.S	France	100%		Ernest&Young	Wind energy production	27	-14	-	-94	-81		-81
Tivano,S.R.L	Italy	75%		PWC	Wind energy production	100	1,043	-	899	2,042		2,042
San Mauro, S.R.L	Italy	75%		PWC	Wind energy production	70	3,188	-	102	3,360		3,360
Conza Energia,S.R.L	Italy	100%		PWC	Wind energy production	456	3,151	-	441	4,048		4,048
AW 2,S.r.l	Italy	75%		PWC	Wind energy production	100	3,797	-	-98	3,799		3,799
Lucus Power,S.r.l	Italy	100%		PWC	Wind energy production	10	3,961	-	496	4,467		4,467
T Power, S.p.A	Italy	100%		Baker. T.R	Wind energy production	1,000	1,885	-	-20	2,865		2,865
Miramit Investments, Sp.z.o.o.
Spain - 100%	PWC				Wind energy production	12,977	25,462	-1,077	3,407	40,769		40,769
Radzeijów wind farm SP.z.o.o	Poland - 51%			PWC	Wind energy production	7,696	-5,344	-	-81	2,433		2,433
Energiaki Arvanikou E.P.E	Greece 0.01% 99.99%	Unaudited			Wind energy production	772	-275	-	-213	284		284
Wind Park Aerorrachi M.A.E	Greece - 100%	Unaudited			Wind energy production	210	-45	-	-119	46		46
MFW Neptun Sp.zo.o	Poland - 100%	Unaudited			Wind energy production	61	-52	-	-11	-2		-2
Edpr Hellas 1 M.A.E	Greece - 100%	Unaudited			Wind energy production	1,150	-	-	-107	1,043		1,043
Edpr Hellas 2 M.A.E	Greece - 100%	Unaudited			Wind energy production	240	-	-	-101	139		139
Aioliko Parko Fthiotidos Erimia E.P.E	Greece 0.67% 99.33%	Unaudited			Wind energy production	5	-9	-	-	-4		-4
Wincap S.R.L	Italy - 100%	PWC			Wind energy production	2,550	4,837	-	154	7,541		7,541
Renovables Castilla La Mancha, S.A.	Spain - 90%	PWC			Wind energy production	60	2,842	-	1,820	4,722		4,722
Monts de la Madeleine Energie,SA.S	France - 100%	PWC			Wind energy production	37	-10	-	-12	15		15
Monts du Forez Energie,SAS	France - 100%	PWC			Wind energy production	37	-36	-	-33	-32		-32
Sarve,S.R.L	Italy - 51%	Unaudited			Wind energy production	10	-2	-	-14	-6		-6
Bourbriac II SAS	France - 100%	PWC			Wind energy production	1	-18	-	-11	-28		-28
Molen Wind II sp.Z.o.o	Poland - 51%	PWC			Wind energy production	4	8,825	799	2,513	12,141		12,141
Breva Wind S.R.L	Italy - 100%	PWC			Wind energy production	7,100	-796	-	-28	6,276		6,276
Acampo Arias, SL*	Spain - 95%	PWC			Wind energy production	3,314	550	-	2,650	6,514		6,514
Relax Wind Park III, Sp.z.o.o.	Poland - 51%	PWC			Wind energy production	16,616	-78	-	-750	15,788		15,788
Relax Wind Park I, Sp.z.o.o.	Poland - 51%	PWC			Wind energy production	12,975	-825	3,564	6,706	22,420		22,420
Relax Wind Park IV, Sp.z.o.o.	Poland - 100%	PWC			Wind energy production	1,252	-1,147	-	-12	93		93
Parque Eólico Los Cantales, S.L.U.*	Spain - 100%	PWC			Wind energy production	1,963	1,363	-	1,703	5,029		5,029
Gudziki Wind Farm,sp.z.o.o	Poland - 51%	Unaudited			Wind energy production	1	-	-	-3	-2		-2
EW Dobrzyca, sp z.o.o	Poland - 100%	Unaudited			Wind energy production	158	7,415	-	-7	7,566		7,566
Ujazd, So.z.o.o	Poland - 100%	Unaudited			Wind energy production	1,092	-895	-	-	197		197
Winfan,Sp.z.o.o	Poland - 100%	Unaudited			Wind energy production	5	176	-	-	181		181
Kowalewo Wind.Sp z.o.o	Poland - 100%	Unaudited			Wind energy production	21	526	-	-	547		547
GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL
Edp Renewables Polska Sp. z o.o. Poland - 100% Unaudited Wind energy production 15 180 - -1 -1 194
Edp Renewables Polska HOLDCO,S.A Poland - 51% PWC Holding 28 230,326 - -16,318 -16,318 214,036
Rampton,Sp z.o.o Poland - 100% Not audited Wind energy production 280 -46 - -40 -40 195
Moray Offshore Renewable Power limited UK - 100% PWC Photovoltaic energy production 25,929 26,795 - 611 611 53,335
EDP Renewables North America, LLC USA - 100% PWC Photovoltaic energy production 3,859,595 -78,490 - -42,641 -42,641 3,738,464
EDPR Servicios de México, S. de R.L. de C.V. Mexico - 100% Unaudited Wind energy production 3,826 -1,977 - -154 -154 1,695
Paulding Wind Farm IV LLC USA - 100% Unaudited Wind energy production 23,125 -15 - 342 342 23,452
EDPR Solar Ventures II LLC USA - 100% Unaudited 39,293 382 - 956 956 40,631
EDPR Solar Ventures IV LLC USA - 100% Unaudited 94,189 - - -42 -42 94,147
Rush County Wind Farm LLC USA - 100% Unaudited Wind energy production 2,413 - - - - 2,413
North Slope Wind Farm LLC USA - 100% Unaudited - - - - - - -
Number Nine Wind Farm LLC USA - 100% Unaudited Wind energy production - - - - - -
Pacific Southwest Wind Farm LLC USA - 100% Unaudited - - - - - - -
Horizon Wyoming Transmissin LLC USA - 100% Unaudited - - - - - - -
Buffalo Bluff Wind Farm LLC USA - 100% Unaudited - - - - - - -
Sardinia Wind power LLC USA - 100% Unaudited - - - - - - -
Cameron Solar LLC USA - 100% PWC Wind energy production 30,305 -779 - 1,018 1,018 30,544
2017 Sol II LLC USA - 100% PWC Wind energy production 94,654 -16 - -69 -69 94,569
2017 Vento XVII LLC USA - 100% PWC Wind energy production 505,344 -125 - -123 -123 505,096
EDPR Wind Ventures XVII, L.L.C. USA - 100% Unaudited - 116,976 25,005 - 18,823 18,823 160,804
Estill Solar I LLC USA - 100% PWC Wind energy production 33,165 -964 - 1,033 1,033 33,234
Horizaon Wind energy Southwest III LLC USA - 100% Unaudited - - - - - - -
Peterson Power Partners LLC USA - 100% Unaudited - - - - - - -
Big River Wind Power Project LLC USA - 100% Unaudited - - - - - - -
Tug Hill Windpower LLC USA - 100% Unaudited - - - - - - -
Whiskey Ridge Power Partners LLC USA - 100% Unaudited - - - - - - -
Wilson Creek Power Project LLC USA - 100% Unaudited - - - - - - -
81

THOUSAND EUROS
GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL
Black Prairie Wind Farm II LLC USA - 100% Unaudited - - - - - - -
Black Prairie Wind Farm III LLC USA - 100% Unaudited - - - - - - -
Simpson Ridge Wind Farm II LLC USA - 100% Unaudited - - - - - - -
Simpson Ridge Wind Farm III LLC USA - 100% Unaudited - - - - - - -
Simpson Ridge Wind Farm IV LLC USA - 100% Unaudited - - - - - - -
Simpson Ridge Wind Farm V LLC USA - 100% Unaudited - - - - - - -
Athena-Weston Wind Power Project II LLC USA - 100% Unaudited - - - - - - -
17th Star Wind Farm LLC USA - 100% Unaudited - - - - - - -
Green Country Wind Farm LLC USA - 100% Unaudited - - - - - - -
Rolling Upland Wind Farm LLC USA - 100% Unaudited - - - - - - -
Horizaon Wind energy Southwest IV LLC USA - 100% Unaudited - - - - - - -
Horizon Wind energy Valley I LLC USA - 100% Unaudited - - - - - - -
Headwaters Wind Farm II LLC USA - 100% Unaudited - - - - - - -
Horizon Wind MREC Iowa Partners LLC USA - 75% Unaudited - - - - - - -
Horizon Wind Freeport Windpower I LLC USA - 100% Unaudited - - - - - - -
2019 Sol V LLC USA - 100% Unaudited - - - - - - -
Edpr Solar Ventures V LLC USA - 100% Unaudited - - - - - - -
Goldfinger Ventures III LLC USA - 100% Unaudited - - - - - - -
Juniper Wind Power Partners LLC USA - 100% Unaudited - - - - - - -
Wildcat Creek Wind Farm LLC USA - 100% Unaudited 223 - - - -55 -55 168
Machias Wind Farm LLC USA - 100% Unaudited - - - - - - -
Blue Canyon Windpower VII LLC USA - 100% Unaudited - - - - - - -
New Trail Wind Farm LLC USA - 100% Unaudited - - - - - - -
Western Trail Wind Project I LLC USA - 100% Unaudited - - - - - - -
Whistling Wind WI Energy Center LLC USA - 100% Unaudited - - - - - - -
Simpson Ridge Wind Farm LLC USA - 100% Unaudited - - - - - - -
Reloj del Sol Wind Farm LLC USA - 100% Unaudited Wind energy production 5,326 - - -11 -11 5,315
Coos Curry Wind Power Project LLCC USA - 100% Unaudited - - - - - - -
Renville County Wind Farm LLC USA - 100% Unaudited - - - - - - -
Ford Wind Farm LLC USA - 100% Unaudited - - - - - - -
Gulf Coast Windpower Management Company LLC USA - 75% Unaudited - - - - - - -
Horizaon Wind energy Northwest IV LLC USA - 100% Unaudited - - - - - - -
Horizaon Wind energy Northwest VII LLC USA - 100% Unaudited - - - - - - -
82

EDPR 2020 ANNUAL REPORT
THOUSAND EUROS
GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL
Horizaon Wind energy Northwest X LLC USA - 100% Unaudited - - - - - - -
Horizaon Wind energy Panhandle I LLC USA - 100% Unaudited - - - - - - -
Horizaon Wind energy Southwest I LLC USA - 100% Unaudited - - - - - - -
Horizaon Wind energy Southwest II LLC USA - 100% Unaudited - - - - - - -
Hog Creek Wind Project LLC USA - 100% Unaudited Wind energy production 89,618 2,330 - 2,001 2,001 93,949
Horizon Wind Energy Midwest IX LLC USA - 100% Unaudited - - - - - - -
Horizon Wind energy Northwest I LLC USA - 100% Unaudited - - - - - - -
Redbed Plains Wind Farm LLC USA - 100% PWC Wind energy production 140,878 175 - -1,660 -1,660 139,393
Az Solar LLC USA - 100% Unaudited - - - - - - -
Windhub Solar A LLC USA - 50% Unaudited Wind energy production 33,739 - - -3 -3 33,735
Sunshine Valley Solar LLC USA - 50% Unaudited Wind energy production 185,615 - - -47 -47 185,542
Sun Strems LLC USA - 50% Unaudited Wind energy production 296,965 - - -24 -24 296,941
2016 Vento XV LLC USA - 100% PWC 436,265 -216 - -137 -137 435,912
Solar Ventures Purchasing LLC USA - 50% Unaudited Wind energy production - -62,943 - 23,329 23,329 -39,614
2016 Vento XVI LLC USA - 100% PWC Wind energy production 163,946 -203 - -124 -124 163,619
EDPR Wind Ventures XV LLC USA - 100% Unaudited Wind energy production 133,480 25,954 - 14,361 14,361 173,795
EDPR Wind Ventures XVI LLC USA - 100% Unaudited Wind energy production 63,793 2,702 - 2,386 2,386 68,881
2019 Sol III LLC USA - 50% Unaudited Wind energy production 219,355 - - -1 -1 219,354
2019 Sol IV LLC USA - 50% Unaudited Wind energy production 296,965 - - - - 296,965
Riverstart Solar Park LLC USA - 100% Unaudited Wind energy production - - - - - -
Edpr Offshore North America LLC USA - 100% Unaudited Wind energy production 65,182 - - -374 -374 64,808
Edpr Wind Ventures XIX LLC USA - 100% Unaudited Wind energy production - 98,365 - -78,310 -78,310 20,055
Edpr Wind Ventures XX LLC USA - 100% Unaudited Wind energy production - -154,273 - 128 128 -154,145
Edpr Wind Ventures XXI LLC USA - 100% Unaudited Wind energy production 32 - - - - 32
Edpr Solar Ventures III LLC USA - 100% Unaudited Wind energy production 73,242 - - -62 -62 73,180
Athena-Weston Wind Power Project LLC USA - 100% Unaudited - - - - - - -
Lexington Chenoa Wind Farm III LLC USA - 100% Unaudited - - - - - - -
Blackstone Wind farm IV LLC USA - 100% Unaudited - - - - - - -
WTP Management comapny LLC USA - 100% Unaudited - - - - - - -
Blackstone Wind Farm V LLC USA - 100% Unaudited Wind energy production - - - - - -
Blue Canyon Windpower III LLC USA - 100% Unaudited Wind energy production - - - - - -
Blue Canyon Windpower IV LLC USA - 100% Unaudited Wind energy production - - - - - -
Broadlands Wind Farm II LLC USA - 100% Unaudited Wind energy production - - - - - -
Broadlands Wind Farm III LLC USA - 100% Unaudited Wind energy production - - - - - -
83

THOUSAND EUROS
GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL
Chateaugay River Wind Farm LLC USA - 100% Unaudited Wind energy production - - - - - -
Cropsey Ridge Wind Farm LLC USA - 100% Unaudited Wind energy production - - - - - -
Dairy Hills Wind Farm LLC USA - 100% Unaudited Wind energy production - - - - - -
Diamond Power Partners LLC USA - 100% Unaudited Wind energy production - - - - - -
East Klickitat Wind Power Project LLC USA - 100% Unaudited Wind energy production - - - - - -
Hidalgo Wind Farm II LLC USA - 100% Unaudited Wind energy production - - - -3 -3 -3
Wind Turbine Prometheus LP USA - 99la% Unaudited Wind energy production 5 -5 - - - -
Quilt Block Wind Farm LLC USA - 100% PWC Wind energy production 131,741 6,611 - 4,414 4,414 142,766
Whitestone Wind Purchasing LLC USA - 100% Unaudited Wind energy production 3,544 -1,057 - -263 -263 2,224
Blue Canyon Windpower V LLC USA - 51% PWC Wind energy production 37,293 63,571 - 9,286 9,286 110,150
Sagebrush Power Partners LLC USA - 100% PWC Wind energy production 129,524 -18,977 - 1,157 1,157 111,704
Marble River LLC USA - 100% Unaudited Wind energy production 197,882 28,450 - 3,354 3,354 229,686
Blackstone Wind Farm LLC USA - 100% Unaudited Wind energy production 860455 -52 - 908 908 87,311
Aroostook Wind Energy LLC USA - 100% Unaudited Wind energy production 40,699 -4,809 - -31 -31 35,859
Jericho Rise Wind Farm LLC USA - 100% PWC Wind energy production 123,459 10,805 - -1,102 -1,102 133,162
Martinsdale Wind Farm LLC USA - 100% Unaudited Wind energy production 4,203 -25 - - - 4,178
Signal Hill Wind Power Project LLC USA - 100% Unaudited Wind energy production 4 -4 - - - -
Tumbleweed Wind Power Project LLC USA - 100% Unaudited Wind energy production 4 -4 - - - -
Stinson Mills Wind Farm LLC USA - 100% Unaudited Wind energy production 3,971 -88 - - - 3,883
OPQ Property LLC USA - 100% Unaudited Wind energy production -26 181 - - - 155
Meadow Lake Wind Farm LLC USA - 100% Unaudited Wind energy production 176,946 -17,277 - 387 387 160,056
Wheat Field Wind Power Project LLC USA - 51% PWC Wind energy production 2,582 55,846 - 5,513 5,513 63,941
High Trail Wind Farm LLC USA - 100% PWC Wind energy production 141,695 76,532 - -3,170 -3,170 215,057# GROUP COMPANIES

GROUP COMPANIES	REGISTERED OFFICE	DIRECT %	INDIRECT %	AUDITOR	ACTIVITY	CAPITAL	RESERVES	OTHER EQUITY ITEMS	NET PROFIT	TOTAL EQUITY	CONTINUING OPERATIONS	TOTAL
Madison Windpower LLC	USA	100%		PWC	Wind energy production	14,906	-10,169	-	-773	-773	3,964
Mesquite Wind LLC	USA	100%		PWC	Wind energy production	111,911	59,883	-	2,463	2,463	174,257
BC2 Maple Ridge Wind LLC	USA	100%		PWC	Wind energy production	250,859	-27,510	-	-9,353	-9,353	213,996
Blue Canyon Windpower II LLC	USA	100%		PWC	Wind energy production	101,335	7,311	-	-2,265	-2,265	106,381
Telocaset Wind Power Partners LLC	USA	51%		PWC	Wind energy production	25,714	61,633	-	7,704	7,704	95,051
Post Oak Wind LLC	USA	51%		PWC	Wind energy production	128,573	68,865	-	1,843	1,843	199,281
High Prairie Wind Farm II LLC	USA	51%		PWC	Wind energy production	62,086	19,794	-	4,296	4,296	86,176
Old Trail Wind Farm LLC	USA	51%		PWC	Wind energy production	147,990	64,713	-	13,679	13,679	226,382
Cloud County Wind Farm LLC	USA	51%		PWC	Wind energy production	154,071	27,029	-	5,505	5,505	186,605
Pioneer Prairie Wind Farm I LLC	USA	51%		PWC	Wind energy production	221,504	94,560	-	14,122	14,122	330,186
Arlington Wind Power Project LLC	USA	51%		PWC	Wind energy production	77,316	19,923	-	2,845	2,845	100,084
Rail Splitter Wind Farm LLC	USA	100%		PWC	Wind energy production	180,454	-46,959	-	-4,203	-4,203	129,292
Hampton Solar II LLC	USA	100%		PWC	Wind energy production	31,636	-534	-	1,769	1,769	32,871
Meadow Lake Wind Farm II LLC	USA	100%		PWC	Wind energy production	132,398	-12,388	-	-1,167	-1,167	118,843
Black Prairie Wind Farm LLC	USA	100%		Unaudited	Wind energy production	1,048	-2	-	-	-	1,046
Meadow Lake Wind Farm IV LLC	USA	100%		Unaudited	Wind energy production	80,069	-5,046	-	129	129	75,152
Blackstone Wind Farm II LLC	USA	100%		Unaudited	Wind energy production	188,968	-199	-	1,133	1,133	189,902
Saddleback Wind Power Project LLC	USA	100%		Unaudited	Wind energy production	1,202	-1,202	-	-	-
Meadow Lake Wind Farm III LLC	USA	100%		Unaudited	Wind energy production	87,232	4,604	-	1,417	1,417	93,253
2007 Vento I LLC	USA	100%		PWC	Wind energy production	527,924	41,993	-	3,574	3,574	573,491
2007 Vento II LLC	USA	51%		PWC	Wind energy production	370,429	-4,588	-	-155	-155	365,686
2008 Vento III LLC	USA	51%		PWC	Wind energy production	458,829	-5,590	-	-537	-537	452,702
2009 Vento IV LLC	USA	100%		PWC	Wind energy production	181,568	-1,145	-	-125	-125	180,298
2009 Vento V LLC	USA	51%		PWC	Wind energy production	38,420	-1,121	-	-31	-31	37,268
2009 Vento VI LLC	USA	100%		N/A	Wind energy production	112,549	-958	-	-117	-117	111,474
2019 V ento XX LLC	USA	100%		N/A	Wind energy production	33,268	-	-	-	-	33,268
2019 Vento XXI LLC	USA	100%		N/A	Wind energy production	-	-	-	-	-	-
Horizon Wind Ventures I LLC	USA	100%		Unaudited	Wind energy production	153,769	430,129	-	-3,344	-3,344	580,554
Horizon Wind Ventures II LLC	USA	100%		Unaudited	Wind energy production	125,154	13,391	-	2,447	2,447	140,992
Horizon Wind Ventures III LLC	USA	51%		Unaudited	Wind energy production	-	23,652	-	4,376	4,376	28,028
Horizon Wind Ventures VI LLC	USA	100%		Unaudited	Wind energy production	63,658	9,992	-	1,864	1,864	75,514
Clinton County Wind Farm LLC	USA	100%		Unaudited	Wind energy production	197,889	-7	-	-	-	197,882
Antelope Ridge Wind Power Project LLC	USA	100%		Unaudited	Wind energy production	11,420	-11,420	-	1	1
Lexington Chenoa Wind Farm II LLC	USA	100%		Unaudited	Wind energy production	711	-535	-	-	-	176
Blackstone Wind Farm III LLC	USA	100%		Unaudited	Wind energy production	5,586	-5,586	-	8	8
Lexington Chenoa Wind Farm LLC	USA	100%		Unaudited	Wind energy production	140,872	-73	-	365	365	141,164
Paulding Wind Farm LLC	USA	100%		Unaudited	Wind energy production	26	-26	-	-	-
Paulding Wind Farm II LLC	USA	51%		PWC	Wind energy production	80,729	39,403	-	5,939	5,939	126,071
Meadow Lake Wind Farm V LLC	USA	100%		PWC	Wind energy production	141,165	3,049	-	3,215	3,215	147,429
Waverly Wind Farm LLC	USA	51%		Unaudited	Wind energy production	239,024	16,017	-	4,016	4,016	259,057
Blue Canyon Windpower VI LLC	USA	100%		PWC	Wind energy production	85,327	14,409	-	1,944	1,944	101,680
Paulding Wind Farm III LLC	USA	100%		PWC	Wind energy production	163,076	7,440	-	1,534	1,534	172,050
2010 Vento VII LLC	USA	100%		PWC	Wind energy production	133,385	-890	-	-124	-124	132,371
2010 Vento VIII LLC	USA	100%		PWC	Wind energy production	130,633	-1,033	-	-123	-123	129,477
2011 Vento IX LLC	USA	51%		PWC	Wind energy production	81,527	-801	-	-122	-122	80,604
Horizon Wind Ventures VII LLC	USA	100%		Unaudited	Wind energy production	82,368	10,523	-	1,848	1,848	94,739
Horizon Wind Ventures VIII LLC	USA	100%		Unaudited	Wind energy production	87,242	5,689	-	1,723	1,723	94,654
Horizon Wind Ventures IX LLC	USA	51%		Unaudited	Wind energy production	44,742	-4,225	-	1,591	1,591	42,108
EDPR Vento IV Holding LLC	USA	100%		PWC	Wind energy production	61,416	-	-	-	-	61,416
Headwaters Wind Farm LLC	USA	51%		Unaudited	Wind energy production	234,620	34,930	-	7,414	7,414	276,964
Lone Valley Solar Park I LLC	USA	51%		Unaudited	Wind energy production	22,551	922	-	248	248	23,721
Lone Valley Solar Park II LLC	USA	51%		Unaudited	Wind energy production	39,260	3,869	-	820	820	43,949
Rising Tree Wind Farm LLC	USA	51%		PWC	Wind energy production	105,860	18,438	-	7,641	7,641	131,989
Arbuckle Mountain Wind Farm LLC	USA	51%		PWC	Wind energy production	135,698	-2,726	-	-1,757	-1,757	131,215
Hidalgo Wind Farm LLC	USA	100%		PWC	Wind energy production	312,233	10,817	-	-2,031	-2,031	321,019
Rising Tree Wind Farm III LLC	USA	51%		PWC	Wind energy production	137,761	19,138	-	5,422	5,422	162,321
Rising Tree Wind Farm II LLC	USA	51%		PWC	Wind energy production	24,869	3,442	-	863	863	29,174
Wheat Field Holding LLC	USA	51%		PWC	Wind energy production	2,664	-70	-	-26	-26	2,568
EDPR WF LLC	USA	100%		Unaudited	Wind energy production	43,900	-	-	-	-	43,900
Sustaining Power Solutions LLC	USA	100%		Unaudited	Wind energy production	74,883	-59,847	-	-10,797	-10,797	4,239
Green Power Offsets LLC	USA	100%		Unaudited	Wind energy production	9	-9	-	-	-
Arkwright Summit Wind Farm LLC	USA	100%		Unaudited	Wind energy production	170,942	-2,148	-	5,965	5,965	174,759
EDPR Vento I Holding LLC	USA	100%		Unaudited	Wind energy production	265,302	-	-	-	-	265,302
Turtle Creek Wind Farm LLC	USA	100%		Unaudited	Wind energy production	256,181	272	-	4,629	4,629	261,082
Rio Blanco Wind Farm LLC	USA	100%		Unaudited	Wind energy production	2,704	-	-	-1	-1	2,703
Plum Nellie Wind Farm LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Five-Spot LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Horizon Wind Chocolate Bayou I LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Alabama Ledge Wind Farm LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Ashford Wind Farm LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Alabama Solar Park LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Blackford Country Solar Park LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Esker Solar Park LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Greenbow Solar Park LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Holly Hill Solar Park LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Pleasantville Solar Park LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Mineral Springs Solar Park LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Black Prairie Solar Park LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Duff Solar Park LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Broadlands Wind Farm LLC	USA	100%		Unaudited	Wind energy production	38,275	-	-	-17	-17	38,258
Eastmill Solar Park LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Lowloand Solar Park LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
EDPR Wind Ventures X LLC	USA	100%		Unaudited	Wind energy production	24,820	43,639	-	8,980	8,980	77,439
EDPR Wind Ventures XI LLC	USA	51%		Unaudited	Wind energy production	64,547	26,562	-	10,237	10,237	101,346
EDPR Wind Ventures XII LLC	USA	51%		Unaudited	Wind energy production	34,997	2,473	-	2,108	2,108	39,578
EDPR Wind Ventures XIII LLC	USA	51%		Unaudited	Wind energy production	70,574	14,901	-	6,858	6,858	92,333
EDPR Wind Ventures XIV LLC	USA	51%		Unaudited	Wind energy production	30,091	14.3911	-	7,302	7,302	52,304
Crossing Trails Wind Power Project LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Moonshine Solar Park LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Sedge Meadow Solar Park LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Helena Harbor Solar Park LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Headwaters Wind Farm III LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Loki Solar Park LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Leprechaun solar Park LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Little brook Solar Park LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Bright Stalk Solar Park LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Crossing trails Wind Power Project II LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Headwaters Wind Farm IV LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Blackford country Wind farm LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-
Prospector Solar Park LLC	USA	100%		Unaudited	Wind energy production	-	-	-	-	-

87 THOUSAND EUROS

GROUP COMPANIES REGISTERED OFFICE	DIRECT %	INDIRECT %	AUDITOR	ACTIVITY	CAPITAL	RESERVES	OTHER EQUITY ITEMS	NET PROFIT	TOTAL EQUITY CONTINUING OPERATIONS	TOTAL
Rye Patch Solar Park LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Loblolly Hill solar Park LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Meadow lake Wind farm VIII LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Loyal Wind Farm LLC USA	10%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Marathon wind Farm LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Cielo Solar Park LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Quilt block Wind Farm II LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Shullsburg Wind Farm LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Loma de la Gloria Solar Park LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Wrangler Solar Park LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
San clemente Solar Park LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Indiana Crossroads Wind Farm LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Indiana Crossroads Wind Farm II LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Bayou bend Solar Park LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Poplar Camp Wind Farm LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Avondale Solar Park LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Crittenden Wind Farm LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Coldwater Solar Park LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Meadow Lake Solar Park LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Nine Kings Wind Farm LLC USA	50%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Nine kings Transco LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Sweet Stream Wind Farm LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Blue Harvest Solar Park LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Franklin Wind Farm LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Edpr South Table LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Casa Grande Carmel Solar LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Paulding Wind Farm V LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Waverly wind Farm II LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Spruce Ridge Wind farm LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
2015 Vento XIV LLC USA	51%	-	PWC	Wind energy production	238,896	-301	-119	-119	238,476	-
2011 Vento X LLC USA	100%	-	PWC	Wind energy production	87,658	-755	-121	-121	86,782	-
Blue Marmot I LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Blue Marmot II LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Drake Peak Solar ParK LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Blue Marmot IV LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Blue Marmot V LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Blue Marmot VI LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Blue Marmot VII LLc USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
2014 Vento XI LLC USA	51%	-	PWC	Wind energy production	234,499	-43	-25	-25	234,431	-
EDPR Solar Ventures I LLC USA	100%	-	Unaudited	Wind energy production	37,285	3,301	903	903	41,489	-
2014 Sol I LLC USA	51%	-	PWC	Wind energy production	62,379	-324	-83	-83	61,972	-
2014 Vento XII LLC USA	51%	-	PWC	Wind energy production	131,226	-63	-13	-13	131,150	-
Blue Marmot VIIII LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
2015 Vento XIII LLC USA	51%	-	PWC	Wind energy production	274,270	-535	-106	-106	273,629	-
2018 Vento XVIII LLC USA	100%	-	Unaudited	Wind energy production	450,429	-26	-188	-188	450,215	-
Blue Marmot IX LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Blue Marmot Solar Park LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Blue Marmot XI LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Horse Mountain Wind Farm LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
EDPR Wind Ventures XVIII LLC USA	100%	-	Unaudited	Wind energy production	212,214	1,653	7,057	7,057	220,924	-
Riverstart Solar Park II LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Long Hollow Wind Farm LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-

88 EDPR 2020 ANNUAL REPORT THOUSAND EUROS

GROUP COMPANIES REGISTERED OFFICE	DIRECT %	INDIRECT %	AUDITOR	ACTIVITY	CAPITAL	RESERVES	OTHER EQUITY ITEMS	NET PROFIT	TOTAL EQUITY CONTINUING OPERATIONS	TOTAL
Horizon Wind Ventures IB LLC USA	51%	-	Unaudited	Wind energy production	-	166,108	-24,700	-24,700	141,408	-
Horizon Wind Ventures IC LLC USA	51%	-	Unaudited	Wind energy production	245,764	163,616	2,212	2,212	411,592	-
Castle Valley Wind Farm LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
White Stone Solar Park LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Riverstart Solar Park III LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Dry Creek Solar Park LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Lost Lakes Wind Farm LLC USA	100%	-	Unaudited	Wind energy production	111,524	-1,642	2,527	2,527	112,409	-
Riverstart Solar Park IV LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Riverstart Solar Park V LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Timber Road Solar Park LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Paulding Wind Farm VI LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Edpr Ca Solar Park LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Edpr CA Solar Park II LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Edpr CA Solar Park III LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Edpr CA Solar Park IV LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Edpr CA Solar Park V LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Edpr CA Solar Park VI LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
BC2 Maple Ridge Holdings LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
North river Wind LLC USA	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
EDP Renewables Canada LTD. Canada	100%	-	Unaudited	Holding	46,066	23,310	4,411	4,411	73,787	-
EDP Renewables Sharp Hills Project LP Canada	100%	-	Unaudited	Wind energy production	35	-183	-191	-191	-339	-
SBWF GP Inc. Canada	51%	-	Unaudited	Wind energy production	1	1	-	-	2	-
South Dundas Wind Farm LP Canada	51%	-	PWC	Wind energy production	14,669	13,116	3,437	3,437	31,222	-
Nation Rise Wind Farm GP Inc. Canada	25%	-	Unaudited	Wind energy production	1	-	-	-	1	-
South Branch Wind Farm II GP Inc. Canada	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
South Branch Wind Farm II LP Canada	100%	-	Unaudited	Wind energy production	187	-211	-189	-189	-213	-
EDP Renewables Sharp Hills Project GP Ltd. Canada	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Edp Renewables Canada Management Services LTD Canada	100%	-	Unaudited	Wind energy production	-	-2,607	-	-	-2,607	-
Edp Renewables Sask Se GP Ltd Canada	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Edp Renewables Sask SE Limited Partnership Canada	100%	-	Unaudited	Wind energy production	-	-135	-236	-236	-371	-
Kennedy Wind farm GP Ltd Canada	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Keneedy Wind farm Limited Partnership Canada	100%	-	Unaudited	Wind energy production	-	-135	-64	-64	-199	-

89 THOUSAND EUROS

GROUP COMPANIES REGISTERED OFFICE	DIRECT %	INDIRECT %	AUDITOR	ACTIVITY	CAPITAL	RESERVES	OTHER EQUITY ITEMS	NET PROFIT	TOTAL EQUITY CONTINUING OPERATIONS	TOTAL
Bromhead Solar Park Gp Ltd Canada	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Bromhead Solar Park Limited Partnership Canada	100%	-	Unaudited	Wind energy production	-	-135	-64	-64	-199	-
Halbrite Solar Park Gp Ltd Canada	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Halbrite Solar Park Limited Partnership Canada	100%	-	Unaudited	Wind energy production	-	-135	-64	-64	-199	-
Blue Bridge Solar Park Gp Ltd Canada	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Blue bridge Solar Park Limited Partnership Canada	100%	-	Unaudited	Wind energy production	-	-135	-64	-64	-199	-
Edp Renewables Sh II Project GP Ltd Canada	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Edp Renewables Sh II Project GP Ltd Canada	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Nation Rise Wind farm GP II inc Canada	100%	-	Unaudited	Wind energy production	3	-1	-2	-2	-	-
Quatro Limited Partnership Canada	100%	-	Unaudited	Wind energy production	33,633	-10,492	-23,141	-	-	-
EDP Renováveis Brasil, S.A. Brazil	100%	-	PWC	Holding	190,846	4,916	72,781	72,781	268,543	-
Central Nacional de Energia Eólica, S.A. Brazil	51%	-	PWC	Wind energy production	2,745	368	1,234	1,234	4,347	-
Elebrás Projetos, S.A. Brazil	51%	-	PWC	Wind energy production	22,982	2,001	7,191	7,191	32,174	-
Central Eólica Baixa do Feijão I, S.A. Brazil	51%	-	PWC	Wind energy production	8,685	2,683	-187	-187	11,181	-
Central Eólica Baixa do Feijão II, S.A. Brazil	51%	-	PWC	Wind energy production	8,980	2,899	-240	-240	11,639	-
Central Eólica Baixa do Feijão III, S.A. Brazil	51%	-	PWC	Wind energy production	14,929	1,720	-905	-905	15,744	-
Central Eólica Baixa do Feijão IV, S.A. Brazil	51%	-	PWC	Wind energy production	9,840	2,324	-527	-527	11,637	-
Central Eólica JAU, S.A. Brazil	51%	-	PWC	Wind energy production	38,544	9,903	500	500	48,947	-
Central Eólica Aventura I, S.A. Brazil	50.99%	-	PWC	Wind energy production	18,088	493	-176	-176	18,405	-
Central Eólica Aventura II, S.A. Brazil	100%	-	Unaudited	Wind energy production	82	-104	-24	-24	-46	-
Central Eólica Boqueirao I,S.A. Brazil	100%	-	Unaudited	Wind energy production	-	-	-	-	-	-
Central Eólica Boqueirao II, S.A.	-	-	-	-	-	-	-	-	-	-

THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL

GROUP COMPANIES	REGISTERED OFFICE	DIRECT %	INDIRECT %	AUDITOR	ACTIVITY	CAPITAL	RESERVES	OTHER EQUITY ITEMS	NET PROFIT	TOTAL EQUITY	CONTINUING OPERATIONS	TOTAL
Central Eólica Catanduba I, S.A.	Brazil	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Central Eólica Catadunba II, S.A.	Brazil	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Jerusalém Holding,S.A	Brazil	100%		Unaudited	Wind energy production	-	-	-	-	-	-	-
Central Eólica Monte Verde VI,S.A	Brazil	100%		Unaudited	Wind energy production	-	-	-11	-11	-11	-	-
Monte Verde holding,S.A	Brazil	100%		Unaudited	Wind energy production	-	-	-11	-11	-11	-	-
Central Eóílica Aventura III,S.A	Brazil	100%		Unaudited	Wind energy production	-	-98	-	-16	-16	-114	-
Central Eólica Aventura IV,S.A	Brazil	100%		Unaudited	Wind energy production	2	-114	-	-18	-18	-130	-
Central Eólica Aventura V,S.A	Brazil	100%		Unaudited	Wind energy production	2	-14	-	-18	-18	-130	-
Srmn Holding S,A	Brazil	100%		Unaudited	Wind energy production	-	-	-	-104	-104	-104	-
Central Eólica Srmn I,S.A	Brazil	100%		Unaudited	Wind energy production	-	-130	-	-27	-27	-157	-
Central Eólica Srmn II,S.A	Brazil	100%		Unaudited	Wind energy production	-	-114	-	-18	-18	-132	-
Central Eólica Srmn III,S.A	Brazil	100%		Unaudited	Wind energy production	-	-130	-	-19	-19	-149	-
Central Eólica Srmn IV,S.A	Brazil	100%		Unaudited	Wind energy production	-	-131	-	-19	-19	-150	-
Central Eólica Srmn V,S.A	Brazil	100%		Unaudited	Wind energy production	-	-98	-	-17	-17	-115	-
Aventura Holding,S.A	Brazil	100%		Unaudited	Wind energy production	-	-19	-	-79	-79	-98	-
Central Eólica Monte Verde I,S.A	Brazil	100%		Unaudited	Wind energy production	2	-547	-	-2	-2	-547	-
Central Eólica Monte Verde II,S.A	Brazil	100%		Unaudited	Wind energy production	2	-547	-	-2	-2	-547	-
Central Eólica Monte Verde III,S.A	Brazil	100%		Unaudited	Wind energy production	2	-479	-	-2	-2	-479	-
Central Eólica Monte Verde IV,S.A	Brazil	100%		Unaudited	Wind energy production	2	-377	-	-1	-1	-376	-
Central Eólica Monte Verde V,S.A	Brazil	100%		Unaudited	Wind energy production	2	-274	-	-1	-1	-376	-
Central Solar Pereira Barreto I,LTDA.	Brazil	100%		Unaudited	Wind energy production	221	-	-	-10	-10	211	-
Central Solar Pereira Barreto II,LTDA.	Brazil	100%		Unaudited	Wind energy production	224	-1	-	-10	-10	213	-
Central Solar Pereira Barreto III,LTDA.	Brazil	100%		Unaudited	Wind energy production	224	-	-	-11	-11	213	-
Central Solar Pereira Barreto IV,LTDA.	Brazil	100%		Unaudited	Wind energy production	224	-1	-	-10	-10	213	-
Central Solar Pereira Barreto V,LTDA.	Brazil	100%		Unaudited	Wind energy production	224	-	-	-9	-9	215	-
Central Eólica Jerusalém I,S.A	Brazil	100%		Unaudited	Wind energy production	-	-239	-	-2	-2	-241	-
Central Eólica Jerusalém II,S.A	Brazil	100%		Unaudited	Wind energy production	-	-239	-	-2	-2	-241	-
Central Eólica Jerusalém III,S.A	Brazil	100%		Unaudited	Wind energy production	-	-239	-	-2	-2	-241	-
Central Eólica Jerusalém IV,S.A	Brazil	100%		Unaudited	Wind energy production	-	-239	-	-2	-2	-241	-
Central Eólica Jerusalém V,S.A	Brazil	100%		Unaudited	Wind energy production	-	-239	-	-2	-2	-241	-
Central Eólica Jerusalém VI,S.A	Brazil	100%		Unaudited	Wind energy production	-	-274	-	-2	-2	-276	-

*Companies included in the tax group that the Company belongs to (note 19)

THOUSAND EUROS JOINTLY CONTROLLED ENTITIES AND ASSOCIATES REGISTERED OFFICE % DIRECT % INDIRECT AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL

JOINTLY CONTROLLED ENTITIES AND ASSOCIATES	REGISTERED OFFICE	% DIRECT	% INDIRECT	AUDITOR	ACTIVITY	CAPITAL	RESERVES	OTHER EQUITY ITEMS	NET PROFIT	TOTAL EQUITY	CONTINUING OPERATIONS	TOTAL
Aprofitament D´Energies Renovables de l´Ebre S.l	Spain	13,%		J..G. Valls	Infrastructure management	14,933	-7,100	-	-85	-85	7,748
Biomasas del Pirineo, S.A.	Huesca, Spain	30%		Unaudited	Biomass electricity production	455	-217	-	-	-	238
Sistemas Eólicos tres Cruces,S.L	Soria, Spain	25%		Unaudited	Wind energy production	50	-19	-	-	-	31
Desarrollos Energéticos del Val,S.l	Soria, Spain	25%		Unaudited	Wind energy production	137	153	-	-	-	290
Parque Eólico Sierra del Madero, S.A.	Soria, Spain	42%		Kpmg	Wind energy production	7,194	23,563	-	3,662	3,662	34,419
Desarrollos Eólicos de Canarios, S.A.	Las Palmas de Gran Canaria, Spain	45%		PWC	Wind: Wind farm development	1,817	638	-	1,610	1,610	4,065
Solar Siglo XXI, S.A.	Ciudad Real, Spain	25%		Unaudited	Wind energy production	80	-18	-	-	-	62
Parque Eólico Belmonte, S.A.	Madrid, Spain	30%		Kpmg	Wind energy production	120	5,542	-	1,384	1,384	7,047
Eoliennes en Mer Dieppe - Le Tréport, S.A.S.	France	29.5%		Ernst & Young	Wind energy production	31,436	-3,258	-	-694	-694	27,484
Eoliennes en Mer iles d´Yeu et de Noirmoutier, S.A.S	France	29.5%		Ernst & Young	Wind energy production	36,376	-3,316	-	-712	-712	32,348
Les Eoliennes Flottantes du Golfe du Lion, S.A.S	France	35%		Ernst & Young	Wind energy production	40	-5,144	-	1,371	1,371	-3,733
Les Eoliennes en Mer Services, S.A.S.	France	29.5%		Ernst & Young	Wind energy production	40	1,144	-	360	360	1,544
Dunkerque Éoliennes en Mer, S.A.S	France	32%		Unaudited	Wind energy production	10	-	-	-	-	10
Ceprastur, A.I.E.	Spain	57%		Unaudited	Mini- hydroelectric: electricity production	361	13	-	-5	-5	369
Windplus,S.A	Portugal	54.4%		PWC	Wind energy production	1,250	1,312	-	-3,609	-3,609	-1,047
Evolución 2000,S.L	Spain	49,%		PWC	Wind energy production	118	19,566	-	2,521	2,521	22,205
Desarrollos energéticos Canarias, S.A	Spain	50%		Unaudited	Wind: Wind farm development	60	-25	-25	-	-	10
Compañía Eólica Aragonesa, S.A	Spain	50%		PWC	Wind energy production	6,701	83,941	-	1,018	1,018	91,660
Frontier Beheer nederland,B.V	Netherlands	30%		Unaudited	Wind energy production	1	-	-	-	-	1
Frontier,C.V	Netherlands	30%		Unaudited	Wind energy production	1	-	-	-	-	1
Solar Works! B.V	Netherlands	20%		RSM Global	Wind energy production	0	3,161	-	-345	-345	2,816
Goldfinger Ventures LLC	USA	50%		Unaudited	Wind energy production	137,955	-	-	-47	-47	137,908
Goldfinger Ventures II LLC	USA	50%		Unaudited	Wind energy production	208,332	-	-	-67	-67	208,265
Nine Kings Wind Farm LLC	USA	50%		Unaudited	Wind energy production	-	-	-	-	-	-
Solar Ventiures Acquisition LLC	USA	50%		Unaudited	Wind energy production	-49,626	-	-	52,356	52,356	2,730
Nation Rise Wind Farm GP inc	Canada	25%		Unaudited	Wind energy production	1	-	-	-	-	1
Flat Rock Windpower II LLC	USA	50%		PWC	Wind energy production	210,934	-98,991	-	-8,425	-8,425	103,518
Flat Rock Windpower LLC	USA	50%		PWC	Wind energy production	535,824	-261,989	-	-20,992	-20,992	252,844
Blue Canyon Windpower LLC	USA	25%		PWC	Wind energy production	56,837	-41,401	-	1,653	1,653	17,089
Mayflower Wind Energy LLC	USA	50%		Unaudited	Wind energy production	158,822	-	-	1,958	1,958	160,780
2018 Vento XIX LLC	USA	20%		Unaudited	Wind energy production	482,580	-	-	-126	-126	482,454
Korean Floating Wind Power Co,Ltd	KOREA	* 61%		Unaudited	Wind energy production	8	-17	-	-819	-819	-828
Moray West Holdings limited	United Kingdom	67%		Unaudited	Wind energy production	1	-14	-	-20	-20	-33
Moray East Holdings Limited	United Kingdom	33.3%		PWC	Wind energy production	11,754	-14	-	9	9	11,749

Changing tomorrow now.

2020 Individual Management Report

01 The Company

94

02 Company Business

95

Business environment

95

Strategy

97

Operational performance

98

Financial performance

99

Non-financial information

99

Information on average payment terms to suppliers

99

03 Foreseeable Execution

100

04 Research, Development & Technological Innovation

100

05 Relevant & Subsequent Events

101

Relevant events of the period

101

Subsequent events

102

06 Own Shares

104

07 Risk Management

104

Annex I: Corporate Governance

107

Annex II: Remuneration Report

198

Annex III: Statement of Compliance on SCIRF

207

Annex IV: Auditor’s Report on SCIRF

208

94 ANNUAL REPORT EDPR 2020

Individual Management Report

EDP RENOVÁVEIS, S.A.

Management Report of December 2020

The Annual Corporate Governance Report for the year 2020 is included as an Annex to this Management Report, forming an integral part thereof. The non-financial information required by the regulations has been included in the Consolidated Management Report of the EDP Renováveis Group.

1. The Company

EDP Renováveis, S.A. (hereinafter referred to as “EDP Renováveis”, “EDPR” or “Company”) was incorporated on 4 December 2007. Its main corporate objective is to engage in activities related to the electricity sector, namely the planning, construction, operation and maintenance of electricity generating power stations, using renewable energy sources, mainly wind.

The registered offices of the company are located in Oviedo, Spain.

Registered at: Plaza del Fresno, Nº 2, Oviedo, Spain
Headquarters: Serrano Galvache 56, Centro Empresarial Parque Norte, Edificio Olmo, 7 th Floor. 28033 Madrid, Spain
C.I.F.: Nº A-74219304

EDPR total share capital is, since its initial public offering (IPO) in June 2008, EUR 4,361,540,810 consisting of issued and fully paid 872,308,162 shares with nominal value of EUR 5.00 each. All the shares are part of a single class and series and are admitted to trading on the Euronext Lisbon regulated market.

• ISIN: ES0127797019
• LEI: 529900MUFAH07Q1renfeTAX06

EDPR Group – Major Shareholder

EDPR main shareholder is EDP – Energias de Portugal, S.A., through EDP – Energias de Portugal, S.A. Sucursal en España (hereinafter referred as “EDP”), with 82.6% of share capital and voting rights. For more information on EDPR's capital structure, see chapter 1.3. Organization of the Consolidated Management Report.

95

2. Company Business

Business environment

Green recovery COVID-19 is not only a global pandemic and public health crisis; it has also severely damaged the global economy and financial markets.# ANNUAL REPORT EDPR 2020

However, it has also boosted the climate movement and the sense of urgency in climate action, leading to bolder commitments from countries all around the world. We are now at a pivotal moment, as national governments are designing stimulus packages to revive their economies. The recovery from COVID-19 is showing a new will to set ambitious mitigation targets, which can strengthen the case for accelerating the transition to a climate-neutral society. Low carbon policies can not only mitigate climate and health risks, but also reactivate the world economy. In this context, renewables must be at the heart of rebuilding policies as they are the cheapest generating alternative in most countries, while they can also stimulate the economy by creating “green” jobs, ensuring energy security and saving money from fossil fuel imports. Demand for “Green recovery” is materializing in different ways, including more ambitious emission and renewable targets. In December 2020, the world celebrated the 5th anniversary of the Paris Agreement and the United Nations hosted an important summit in which 75 countries announced new commitments, with 24 pledging to reach carbon neutrality. In Europe, the Green Deal announced in December 2019 is at the heart of the EU’s strategy to drive the economic recovery from the COVID-19 pandemic, in particular through the so- called “Next Generation EU”, a €750 billion recovery instrument announced in May 2020. Around 30% of the €750 billion fund will be used to support decarbonization, in addition to the €1 trillion previously announced by the Green Deal. Additionally, several EU Member countries are announcing national recovery plans, some of which have substantial green components. In parallel, EU leaders agreed in December 2020 to cut the bloc’s net emissions by at least 55% by 2030, compared to 1990 levels, increasing considerably from its previous level of 40%. To achieve this, the European Commission (EC) is preparing its “Fit for 55 Package” of proposal s, an umbrella term for all the revisions and initiatives linked to the 55% emission reduction target. The Renewable Energy Directive will need to be reviewed, to align the current “at least 32% renewable target by 2030” with the new 55% emission reductio n target. In the US, president Joe Biden signed on its first day of mandate an executive order to reinstate the US to the Paris Climate agreement, which highlights the urgency of tackling climate change. In 2020, many countries have also adopted net zero emission targets by 2050. As of today, at least 8 countries have already put the commitment into law (Norway, Denmark, New Zealand, the UK, Hungary, Germany, Sweden and France), while others, like the EU have proposed the legislation (under the EU Green Deal) and are awaiting ratification. Together, net zero commitments so far represent nearly 50% of global CO2 emissions and 50% of global GDP, which could increase importantly if the US were to join as well, in line with current President Biden recent announcement. Other large economies are also considering to becoming carbon neutral, like Japan and South Africa (in 2050) or China (in 2060). Companies have also shown a growing environmental awareness in 2020, despite the severe turmoil caused by the global pandemic. According to the analysis by the non-profit global Climate-Disclosure Project platform (CDP), the number of major companies who’ve disclosed their environmental impact and committed to reducing it increased 14% in 2020.

96 ANNUAL REPORT EDPR 2020

The evolution of renewables around the world in 2020

Wind

Global wind additions are likely to witness considerable growth in 2020¹, with analysts² forecasting around 60-72 GW of new capacity, vs 60.4 GW in 2019. For example, according to the latest market outlook published by the Global Wind Energy Council (GWEC), wind could increase as much as 71.3 GW in 2020, despite the impact of the COVID-19 pandemic. However, as China announced in January 2020 the staggering figure of nearly 72 GW of wind additions in 2020 (nearly tripling the amount of capacity in 2019), worldwide wind additions are now expected to be much higher, probably around 100-112 GW³. All forecasts highlight wind industry resilience during the pandemic crisis. Despite that national lockdowns led to a slowdown of construction activity (essentially caused by supply chain disruptions and logistical challenges) in the first half of the year, deployment accelerated in the second half. The offshore wind sector has also proved to be resilient. According to preliminary data, around 6.9 GW could have been connected, around 4 GW in China, and 2.9 GW in Europe. In Europe, the wind industry experienced disruptions in the first semester but total additions were nevertheless comparable to previous years. According to Wind Europe, 3.9 GW of onshore wind facilities were connected in the first six months of the year, slightly over the average of the previous three years (3.7 GW) while offshore installations were slightly below the three-year average (1.2 GW in 2020 vs 1.5 GW in 2017-2019). Overall, preliminary results are particularly encouraging considering that wind installations are typically higher in the second half of the year, mainly due to the strongest activity in summer months, suggesting that total 2020 additions could easily surpass the 10 GW threshold (Wind Europe expects around 14 GW). In 2020, wind power contributed to 15% of Europe’s total electricity generation, its highest -ever share, according to a report released by Enappsys Ltd. In the US, developers commissioned 16.9 GW of new onshore wind capacity, far more than the previous record of 13.2 GW in 2012, according to the American Clean Power Association. This is partly explained by the rush of wind developers to connect their projects before the phase-out of the full value of the US production tax credit (PTC) at the end of 2020. China remained the undisputed world’s wind power leader, adding 71.6 GW of wind energy, more than double the previous record (29.4 GW in 2025) according to the National Energy Administration (NEA). Despite challenges posed by COVID-19 pandemic, developers in China were rushing to complete projects before the phase-out of the current remuneration scheme. It has been a particularly good year for offshore wind installations as it is estimated that around 3.5-4 GW of offshore wind facilities have been added. However, given astonishing total figure of 71.6 GW (that includes both onshore and offshore facilities), offshore additions could be much higher. After this surge of new installations, China may become the largest offshore wind operator worldwide in 2020 or 2021 the latest.

Solar PV

Solar PV grew robustly around the world in 2020 despite the turmoil caused by the COVID-19 crisis. Although final data are still being collected, experts points out that around 106-132 GW of new facilities could have been connected in 2020⁴. Therefore, 2020 final figure is expected to be in line with 2019 data (108 GW) or, more likely, above. In Europe, 18.2 GW of solar PV capacity was added, up 11% from the 16.2 GW installed in 2019, according to Solar Power Europe. With this surge in new installations, the European solar PV industry proved its resilience during the coronavirus pandemic as 2020 was the second-best year for installations, only behind 2011 when 21.4 GW were installed. Over the past 12 months, Germany led the way with 4.8 GW of new installations, followed by 2.8 GW in the Netherlands and 2.6 GW in Spain. Poland more than doubled its additions to 2.2 GW, and France installed 0.9 GW.

1 At the time of preparation of this report, data from the Global Wind Wnergy Council (GWEC), the American Wind Energy Association (AWEA) or Wind Europe, have not been released.
2 Experts consulted include: GWEC, IHS markit, bloomberg new energy finance, international energy agency, wood mackenzie, IEA, wind europe and US energy information administration, among others.
3 Most of the experts consulted had forecast that China would install around 30 GW of wind in 2020, therefore, 40 GW below the final figure.
4 Experts consulted included: BNEF, IHS, Wood Mackenzie, IEA, The Solar Energy Industries associations (SEIA) among others.

97

In the US, utility-scale solar additions more than doubled from 2019 levels, as 11,158 MW were connected in 2020, according to the Energy Information Administration (EIA). With those additions, there are now more than 47 GW of solar PV operating in the US, enough to power 11 million American homes. China remains the largest market. According to the National Energy Administration, the country added 48 GW of solar PV additions, exceeding all expectations. This figure largely surpasses the 30.1 GW added in 2019, although it remains below the 2017 record of 52.8 GW.

Strategy

Since its inception, EDPR has been performing a strategy focused on selective growth, by investing in quality projects with predictable future cash-flows and seamless execution, supported by core competences that yield superior profitability, all embedded within a distinctive and self-funding model designed to accelerate value creation. As a result of undertaking such strategy, at the same time flexible enough to accommodate changing business and economic environments, EDPR remains today a leading company in the renewable energy industry. EDPR’s strategy is supported by its three main pillars:

For more information on EDPR, see chapter 2.2 Strategy of the Consolidated Management Report.

98 ANNUAL REPORT EDPR 2020

Operational performance

Through its subsidiaries, as of December 2020, EDPR managed a global portfolio of 12.2 GW, of which Europe accounted for 40%, including 2.3 GW in Spain, 1.2 GW in Portugal and 1.4 GW in RoE, North America for 56%, including 6.3 GW in the US, 0.4 GW in Mexico and 68 MW in Canada and the remaining 0.4 GW in Brazil representing 4% of the portfolio.Since Dec ‐ 19, EDPR added a total of 1,580 MW, including the 486 MW from the acquisition of the renewables business of Viesgo. In 2020, EDPR added 1,157 MW of wind onshore, corresponding to 640 MW in Europe, namely 436 MW in Spain (15 MW from equity stake), 84 MW in Portugal (20 MW from equity stake), 73 MW in France, 58 MW in Poland and 10 MW in Belgium, while in North America 517 MW of wind were built, more precisely 587 MW in United States and 38 MW in Canada. In terms of solar PV, 200 MW were installed in Mexico, whilst 10 MW of wind offshore, corresponding to Windplus floating in Portugal (equity stake), were built. 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, in 2020, EDPR YTD consolidated portfolio net variation was positive by 806 MW. As of December 2020, EDPR installed capacity was:

INSTALLED CAPACITY (MW)
| | VS. 2019 | Dec-20 | Built | Sold | Decom. | Var. YoY |
|---|---|---|---|---|---|---|
| Spain | | 2,137 | 401 | -237 | - | 163 |
| Portugal | | 1,228 | 64 | - | - | 64 |
| Rest of Europe | | 1,403 | 140 | - | - | 140 |
| France | | 126 | 83 | - | - | 73 |
| Belgium | | 10 | - | - | - | 10 |
| Italy | | 271 | - | - | - | - |
| Poland | | 476 | 58 | - | - | 58 |
| Romania | | 521 | - | - | - | - |
| Europe | | 4,769 | 605 | -237 | - | 367 |
| US | | 5,828 | 587 | -465 | -8 | 114 |
| Canada | | 68 | 38 | - | - | 38 |
| Mexico | | 400 | 200 | - | - | 200 |
| North America | | 6,296 | 825 | -465 | -8 | 352 |
| Brazil | | 436 | 105 | -137 | - | -32 |
| Total | | 11,500 | 1,535 | -839 | -8 | 688 |
| Equity Consolidated | | 668 | 45 | 73 | - | 118 |
| Wind Onshore (SP + PT) | | 187 | 35 | - | - | 35 |
| Wind/ Solar Onshore (US) | | 471 | - | 73 | - | -73 |
| Wind Offshore | | 10 | 10 | - | - | 10 |
| EBITDA MW + EQUITY CONSOL. | | 12,168 | 1,580 | -766 | -8 | 806 |

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)). 99 In 2020, EDPR achieved a 30% load factor (vs 32% in 2019) reflecting 92% of P50 (long term average for 12M). In the 4Q20, EDPR reached a 34% load factor (vs 35% in 4Q19), with QoQ comparison being affected by lower wind resource, mainly in Brazil.

NCF GW H
| | Dec-20 | Dec-19 | Var. YoY | Dec-20 | Dec-19 | Var. YoY |
|---|---|---|---|---|---|---|
| Spain | 25% | 28% | -3.1pp | 4,346 | 5,298 | -18% |
| Portugal | 26% | 29% | -3.4pp | 2,624 | 3,160 | -17% |
| Rest of Europe | 27% | 26% | +0.6pp | 3,054 | 3,333 | -8% |
| France | 31% | 22% | +9.2pp | 212 | 465 | -44% |
| Belgium | 22% | - | | 2 | 68 | -47% |
| Italy | 25% | 27% | -1.9pp | 595 | 551 | 43% |
| Poland | 29% | 30% | -1.3pp | 1,059 | 1,098 | 19% |
| Romania | 26% | 25% | +0.9pp | 1,186 | 1,151 | 9% |
| Europe | 26% | 28% | -2.1pp | 10,024 | 11,791 | -15% |
| US | 33% | 34% | -0.8pp | 16,633 | 15,696 | 6% |
| Canada | 30% | 27% | +3.0pp | 78 | 70 | 12% |
| Mexico | 41% | 42% | -1.1pp | 710 | 726 | -2% |
| North America | 33% | 34% | -0.8pp | 17,421 | 16,492 | 6% |
| Brazil | 38% | 43% | -4.9pp | 1,093 | 1,757 | -38% |
| Total | 30% | 32% | -1.4pp | 28,537 | 30,041 | -5% |

Financial performance
EDP Renováveis S.A. net profit in 2020 was € 1,388,573, thousand, which has increased compared to € -8,789 thousand in 2019. The revenues for the 2020 fiscal year totalled € 1,524,964 thousand, which represents a 9x increase with respect to 2019, mainly due to the increase in dividends received from subsidiaries in Europe and North America. The negative financial result during the financial year 2020 was € 108,286 thousand, which represents a decrease of 32% with respect to 2019, mainly due to the lower financial interests from Debt with Group companies.

Non-financial information
The non-financial information required by the Spanish regulation has been included in the Consolidated Management report of the EDP Renováveis group. On average, during 2020, there were 288 employees at EDP Renováveis on average, S.A., +26% versus the 229 employees on average in December 2019. For information on EDPR Human Capital approach, please see chapter 3.2. Human Capital of the Consolidated Management Report.

Information on average payment terms to suppliers
In 2020, total payments made to suppliers amounted to € 26,588 thousand with an average payment period of 26 days, below the payment period stipulated by law of 60 days.

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1. Foreseeable evolution
   The Company will continue to control its current holdings in different subsidiaries, not having foreseen any activity different from those currently carried out.

2. Research, development and technological innovation
   Technical innovation is one of the hallmarks of EDPR. The Company’s history is built on the continuous searc hing of new trends and solutions in energy production to meet its stakeholders and shareholders expectations. Accordingly, EDPR develops projects within the framework of its two main strategic pillars for Innovation: Cleaner Energy focused on sustainable power generation, and Energy Storage & Flexibility to ensure a smoother transition to an energy mix system. For more information on EDPR innovation and digitalisation, see chapters 3.6 Digital Capital and 3.7 Innovation Capital of the Consolidated Management Report.

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1. Relevant & subsequent events
   Relevant events of the period

EDPR’S MAIN EVENTS I N 2020
1. 13-Jan: EDPR secures a PPA for a new 66 MW solar project in Brazil
2. 21-Jan: EDPR releases FY 2019 Operating Data
3. 23-Jan: EDPR finalises the agreement with ENGIE to create a 50:50 JV for offshore wind
4. 29-Jan: EDPR is awarded a 20-year CfD for 109 MW of wind at Italian auction
5. 12-Feb: EDPR concludes €0.3 billion asset rotation deal for 103 MW Babilonia wind farm in Brazil
6. 20-Feb: EDPR releases FY 2019 results
7. 02-Mar: Spanish government published the regulatory revision for wind energy assets
8. 26-Mar: EDPR Annual Shareholders Meeting
9. 30-Mar: EDPR announces payment of a gross dividend of €0.08 per share
10. 15-Apr: EDPR releases 1Q20 Operating Data
11. 16-Apr: EDPR secures a long-term 200 MW solar PPA in Mexico
12. 21-Apr: EDPR secures a PPA for 59 MW in Spain
13. 24-Apr: EDPR starts the payment of dividends
14. 06-May: EDPR secures a 15-year PPA for 100 MW in the state of California, USA
15. 07-May: EDPR releases 1Q20 Results
16. 28-May: EDPR is awarded a 20-year CfD for 2 projects in Italy for a total capacity of 54 MW
17. 07-Jul: EDPR releases Clarification on Public Prosecutor measures regarding EDPR Board members
18. 09-Jul: EDPR releases 1H20 Operating Data
19. 15-Jul: EDPR informs about agreement to acquire 100% of the renewables business of Viesgo
20. 10-Aug: EDPR informs about a sale agreement for 242 MW in Spain
21. 02-Sep: EDPR announces sale agreement of an 80% stake in North America
22. 03-Sep: EDPR releases 1H20 Results
23. 09-Oct: EDPR releases 9M20 Operating Data
24. 13-Oct: EDPR secures PPA for 100 MW in the US
25. 29-Oct: EDPR releases 9M20 Results
26. 19-Nov: EDPR informs about a PPA secured for 63 MW in Spain
27. 24-Nov: EDPR announces PPA contract for a 74 MW solar project in the US
28. 14-Dec: EDPR is awarded in CfD for 5 project of wind and solar in Poland with 220 MW
29. 15-Dec: EDPR announces conclusion of 242 MW sale agreement in Spain
30. 16-Dec: EDPR concludes the 100% acquisition of the renewables business of Viesgo
31. 28-Dec: EDPR informs about the conclusion of an 80% equity stake sale agreement in North America

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Subsequent events
The following are the most relevant subsequent events from the first months of 2021 until the publication of this report: The following are the most relevant subsequent events from the first months of 2021 until the publication of this report:

EDPR informs about PPA contracts secured for two solar projects in the US

Madrid, January 4th 2021: EDP Renováveis, SA (“EDPR”), through its fully owned subsidiary EDP Renewables North America LLC, has closed two 15-year Power Purchase Agreement (“PPA”) to sell the energy produced by two solar PV plants totalling 275 MW. In detail, the projects located in the US states of Mississippi and Indiana are expected to commence operations in 2023. With this new agreement, EDPR reached globally 2.0 GW of total solar PV capacity secured for the 2020-2023 period.

EDPR informs about agreement to acquire 85% of a distributed solar platform in the US

Madrid, January 18th 2021: EDP Renováveis, SA (“EDPR”), through its fully owned subsidiary EDP Renewables North America, LLC ("EDPR NA"), has entered into an agreement to acquire a majority interest in C2 Omega LLC ("C2 Omega"), the distributed solar platform of C2 Energy Capital LLC (“C2”). In detail, EDPR will acquire an 85% equity stake in a solar generation portfolio that includes 89 MW of operating and imminent completion capacity and a near-term pipeline of around 120 MW, across nearly 200 sites in 16 states. EDPR’s investment in C2’s distributed solar platform business corresponds to an enterprise value of approximately $119m for the acquisition of the operating capacity (89 MW). The transaction will also include certain earn-out payments based on the growth in future operational capacity. C2's management team will continue to be engaged in the day-to-day operations of the business. The transaction will establish EDPR’s presence in the fast-growing distributed generation segments as an owner-operator of one of the largest commercial and industrial distributed generation portfolios in the US, and will enable EDPR to serve a rapidly growing market and offer to its customers a range of new services and solutions to meet their renewable energy needs. The completion of this transaction is subject to customary conditions precedent, and closing is expected to occur in the first quarter of 2021.

EDP Renováveis informs about changes in Corporate Bodies

Madrid, January 19th 2021: EDP Renováveis, S.A.# EDPR ("EDPR") informs about a resolution approved by EDPR´s Board of Directors:

After the public communication of António Mexia and João Manso Neto about their no availability to be re-elected for their positions in EDP and following the appointment by EDP’s shareholders of a new Executive Board of Directors team at EDP, and taking in consideration that both informed that they will put their positions at the disposal of the Board, the Board of EDPR has agreed to cease António Mexia as Chairman of EDPR´s Board, and João Manso as Vice-Chairman of EDPR´s Board and CEO of EDPR. EDPR would like to thank António Mexia and João Manso Neto for their enormous dedication and contribution to the company, for the definition and implementation of a sustainable growth strategy, that brought EDPR to be a leader in the renewables’ sector, clearly and greatly valued by the company’s stakeholders.

In addition, EDPR informs that has received the following resignations as members of ED PR’s Board of Directors:

• Francisca Oliveira, with effect from December 30 th 2020 (was also member of EDPR’s Audit, Control and Related Party Transactions Committee);
• Duarte Bello, with effect from January 19 th 2021 (was also member of the Executive Committee);
• Spyridon Martinis, with effect from January 19 th 2021 (was also member of the Executive Committee);
• Miguel Ángel Prado, with effect from the next General Shareholders Meeting (was also member of the Executive Committee).

To fulfil the vacant positions , EDPR’s Board has co -opted:

• Miguel Stilwell de Andrade, as Executive Director;
• Ana Paula Marques, as Non-executive Director;
• Joan Avalin Dempsey, as Non-executive and Independent Director.

Furthermore, EDPR’s Board has appointed Miguel Stilwell de Andrade as Chairman of EDPR´s Board and CEO of EDPR and Rui Teixeira, currently EDPR’s Executive Director and Consejero Delegado , as CFO of the Company.

To better maximize EDPR’s Board participation in the management of the Company, the Board has decided to elimi nate the Executive Committee body, which included up to now Executive Board members of the company, whose executive staff will now be integrated in a Management Team composed by:

• Miguel Stilwell de Andrade, CEO;
• Rui Teixeira, CFO;
• Duarte Bello, COO Europe and Brazil;
• Miguel Ángel Prado, COO North America;
• Spyridon Martinis, CDO & COO Offshore.

To cover the vacant position in the EDPR’s Audit, Control and Related -Party Transactions Committee, following the resignation from Francisca Oliveira, EDPR´s Board of Directors has agreed to name Francisco Seixas da Costa as member of such Committee. Following this appointment, EDPR’s Audit, Control and Related -Party Transactions Committee is composed by:

• Acácio Jaime Liberado Mota Piloto (Chairman);
• António do Pranto Nogueira Leite;
• Francisco Seixas da Costa.

With this resolution, EDPR’s Audit, Control and Related -Party Transactions Committee continues to be composed only by independent members.

Lastly, the Board of Directors has agreed that a General Shareholders’ Mee ting will be summoned for the February 22 nd with the following agenda:

• Ratification of co-opted Directors;
• Deliberate on the termination of members of the Board of Directors;
• Establishment of the number of Board Members in 12;
• Amendment to the By-Laws to eliminate the role of the Chairman of the Shareholders’ Meeting, and allow the Shareholders Meeting to be chaired by the Board of Directors Chairman;
• Delegation of powers.

EDPR Renováveis, S.A. informs about Spanish and Italian renewable energy auctions

Madrid, January 27 th 2021: EDP Renováveis, S.A. (“EDPR”) was awarded long -term Contract-for-Differences (“CfDs”) at the Spanish & Italian renewable energy auctions to sell electricity.

In detail, at the Spanish auction, a portfolio of 6 projects of wind and solar, including hybrid projects, with a total capacity of 143 MW have been awarded. The projects are expected to become operational in 2022 and 2023. These new long- term contracts reinforce EDPR’s footprint in Spain with 2.3 GW in operation and close to 0.4 GW already secured in the country for the following years.

At the Italian auction, a wind project of 44 MW and expected to become operational in 2022 has also been awarded. In Italy, EDPR has 271 MW already operational and more than 0.2 GW secured for the coming years.

As of today, EDPR has globally secured 6.7 GW for projects expected to become operational from 2021 onwards.

EDPR enters Hungarian market with a 50 MW solar PV project

Madrid, February 12 th 2021: EDP Renováveis, SA (“EDPR”) secur ed a 15-year Contract-for-Difference ("CfD") to sell energy produced by a solar PV project in Hungary totalling 50 MW and with expected commercial operation in 2022.

With this project, EDPR increases its worldwide footprint by entering in a new market with a sustainable development of its Renewable Energy Source. Hungary expects to increase its solar PV capacity to 6.5 GW by 2030, mostly through an auction-based regulatory framework.

As part of its growth strategy, EDPR continues to study worldwide opportunities while developing profitable projects focused in countries with low risk profile and regulatory stability. EDPR's success in securing new long-term contracts reinforces its low-risk profile and growth strategy based on the development of competitive projects with long-term visibility.

EDPR approved its new Strategic Plan for the 2021-2025 period

At the end of February, EDPR approved its new Strategic Plan for the 2021-2025 period and the main three pillars are as follows:

• Growth: accelerated and selective growth with +20 GW of additions for 2021-2025;
• Value: on going asset rotation with €8bn of proceeds for the period;
• Excellence: high quality teams and efficient operations targeting a Core Opex/MW CARG 2021-2025 of -2%.

The strategy is set to deliver superior growth through 2025 promoting clean energy while operating in a sustainable way across the three ESG dimensions. By 2025, EDPR targets to have 25 GW of installed capacity, €2.3bn of EBITDA and €0.8bn of net income.

ANNUAL REPORT EDPR 2020

EDPR Extraordinary General Shareholders' Meeting

Madrid, February 22 th 2021: EDP Renováveis, S.A. (“EDPR”) informs that at the Extraordinary General Shareholders' Meeting held today, Shareholders have adopted the following resolutions:

• Board of Directors: ratification of appointments of Directors by co-optation.
  • Ratification of the appointment by co-option as Executive Director of Mr. Miguel Stilwell de Andrade.
  • Ratification of the appointment by co-option as Dominical Director Mrs. Ana Paula Garrido de Pina Marques.
  • Ratification of the appointment by co-option as Independent Director of Mrs. Joan Avalyn Dempsey.
• Board of Directors: dismissal ( separación ) of Directors.
  • Dismiss ( separar ) Mr. António Luis Guerra Nunes Mexia of his position as Dominical Director.
  • Dismiss ( separar ) Mr. João Manuel Manso Neto of his position as Executive Director.
• Adjustment of the number of Members of the Board in twelve (12).
• Amendment of articles 12 (“Notice of General Meetings”) and 16 (“Chairman of the General Meetings”) of Articles of Association.
• Delegation of powers to the formalisation and implementation of all resolutions adopted at the Extraordinary General Shareholders’ Meeting, for the execution of any relevant public deed and for its interpretation, correction, addition or development in order to obtain the appropriate registrations.

All information and documentation of the Extraordinary General Shareholders’ Meeting is also available in the Company´s website.

6. Own Shares

As of December 2020, EDPR did not hold own shares and no transactions were made during the year.

7. Risk Management

The Company's activities are exposed to various financial risks: market risk (including currency risk and fair value interest rate risk), credit risk, liquidity risk, and cash flow interest rate risk. The Company's global risk management programme focuses on uncertainty in the financial markets and aims to minimise potential adverse effects on the Company's profits. The Company uses derivatives to mitigate certain risks. The Directors of the Company are responsible for defining general risk management principles and establishing exposure limits. The Company's financial risk management is subcontracted to the Finance Department of EDP - Energias de Portugal, S.A. in accordance with the policies approved by the Board of Directors. The subcontracted service includes the identification and evaluation of hedging instruments. All operations involving derivative financial instruments are subject to prior approval from the Board of Directors, which sets the parameters of each operation and approves the formal documents describing the objectives of the operation.

Currency risk

The Company operates internationally and is therefore exposed to currency risk when operating with foreign currencies, especially regarding the US Dollar, the Brazilian Real, the Canadian Dollar and the Polish Zloty. Currency risk is associated with recognised assets and liabilities, and net investments in foreign operations. The Company holds investments in Group companies denominated in a foreign currency, which are exposed to exchange rate risk at closing translate such amounts into the company´s functional currency (euro). The exchange rate risk on these investments is managed mainly through derivative financial instruments and through borrowings denominated in the related foreign currencies.

Credit risk

The Company is not significantly exposed to credit risk as the majority of its balances and transactions are with Group companies. As the counterparties of derivative financial instruments are Group companies, and the counterparties of their derivative financial instruments are highly solvent banks, the Company is not subject to significant counterparty default risk. Guarantees or other derivatives are therefore not requested in this type of operation.# PART I

Information on shareholder structure, organisation and corporate governance

A. Shareholder structure

I. Capital structure

1. Capital structure

EDP Renováveis, S.A. (hereinafter referred to as “EDP Renováveis”, “EDPR” or the “Company”) total share capital is, since its initial public offering (IPO) in June 2008, EUR 4,361,540,810 consisting of issued and fully paid 872,308,162 shares with nominal value of EUR 5.00 each. All the shares are part of a single class and series and are admitted to trading on the Euronext Lisbon regulated market.

Codes and tickers of EDP Renováveis SA share:
ISIN:ES0127797019
LEI:529900MUFAH07Q1TAX06
Bloomberg Ticker (Euronext Lisbon): EDPR PL
Reuters RIC:EDPR.LS

EDPR main shareholder is EDP – Energias de Portugal, S.A., through EDP – Energias de Portugal, S.A. Sucursal en España (hereinafter referred as “EDP”), with 82.6% of share capital and voting rights. Excluding EDP, EDPR shareholders comprise more than 30,000 institutional and private investors spread across 30 countries with main focus in the United States and United Kingdom. Institutional Investors represent about 94% of Company shareholders (ex-EDP Group), mainly investment funds and socially responsible investors (“SRI”), while Private Investors, mostly Portuguese, stand for the remaining. For further information about EDPR shareholder structure please see chapter 1.3 of the Annual Report (“Organisation”).

2. Restrictions to the transferability of shares

EDPR’s Articles of Association have no restrictions on the transferability of shares.

3. Own shares

EDPR does not hold own shares.

4. Change of control

EDPR has not adopted any measures designed to prevent successful takeover bids, nor defensive measures for cases of a change in control in its shareholder structure or agreements subject to the condition of a change in control of the Company, other than in accordance with normal practice, and therefore, has not adopted any mechanisms that imply payments or assumption of fees in the case of the transfer of control or the change in the composition of the managing body, or that could be likely to harm the free transferability of shares or shareholder assessment of the performance of the members of the managing body.

Notwithstanding the above, the following are normal market practice related to a potential change of control:

• In the case of financing of certain wind farm projects, lenders have the right to approve change in control at the borrower if the later ceased to be controlled, directly or indirectly by EDPR.
• In the case of guarantees provided by EDP Group companies, if EDP directly or indirectly ceases to have the majority of EDPR then EDP is no longer obliged to provide such services or guarantees. The relevant subsidiaries will be obliged to provide for the cancellation or replacement of all outstanding guarantees within approximately sixty (60) days of the change of control event.
• In the cases of intra-group services agreements and according to the Framework Agreement signed between EDP Renováveis S.A.and EDP Energias de Portugal S.A., the contracts will maintain their full force as long as (i) EDP maintains its share capital above 50% or the right to exercise directly or indirectly more than 50% of voting rights on EDPR’s share capital, or (ii) even if the share capital of EDP or its voting rights are below 50%, but more than half of the Members of the Board or of EDPR’s Executive Committee are elected through an EDP proposal.

5. Special agreements regime

EDPR does not have a special system for the renewal or withdrawal of counter measures for the restriction on the number of votes capable of being held or exercised by only one shareholder individually or together with other shareholders.

6. Shareholders’ agreements

The Company is not aware of any shareholders’ agreement that may result in restrictions on the transfer of securities or voting rights.

II. Shareholdings and bonds held

7. Qualified holdings

Qualifying holdings in EDPR are subject to the Spanish Law, which regulates the criteria and thresholds of the shareholder’s ownerships. The table below includes the information about the qualifying holdings of EDPR and their voting rights as of December 31st, 2020:

SHAREHOLDER	SHARES	% CAPITAL	% VOTING RIGHTS
EDP – ENERGIAS DE PORTUGAL, S.A. – SUCURSAL EN ESPAÑA	720,191,372	82.6%	82.6%
Total qualified holdings	720,191,372	82.6%	82.6%

EDP detains 82.6% of EDPR capital and voting rights, through EDP – Energias de Portugal, S.A. – Sucursal en España.# As of December 31 st , 2020 , EDPR’s shareholder structure consisted in a total qualified sha reholding of 82.6%, corresponding to EDP Group.

8. Shares held by the Members of the Management and Supervisory Boards

The table below reflects the Members of the Board of Directors/Delegated Committees of the Company that, as of December 31 st 2020, directly or indirectly own EDPR shares:

BOARD MEMBER	DIRECT SHARES	INDIRECT SHARES
Spyridon Martinis	10,413*	-

(*) These shares were bought before the appointment as Director of the Company (being the first acquisition in 2011 and the last one in 2018).

9. Powers of the Board of Directors

The Board of Directors is vested with the broad-ranging powers of administration, management, and governance of the Company, with no other limitations besides the powers which are expressly assigned to the General Shareholders’ Meetings in the Company’s Articles of Association (specifically in article 13) or in the applicable law. In this regard, the powers of the Board include, without limitation 1 to:

• Acquire on lucrative or onerous title basis personal and real property, rights, shares and interests that may suit the Company;
• Sell and mortgage or charge personal and real property, rights, shares and interests of the Company and cancel mortgages and other rights in rem ;
• Negotiate and conclude as many loans and credit operations that it may deem appropriate;
• Enter and formalize all sort of acts and contracts with public entities or private persons;
• Exercise any civil and criminal actions and all further actions to be undertaken by the Company, representing it before governmental officers, authorities, corporations, governing, administrative, administrative-economic, administrative-litigation and judicial courts, labor courts and the labor sections of the Supreme Courts and of the High Courts of the Autonomous Communities, with no limitations whatsoever, including before the European Court of Justice, and in general, before the Government, in all its levels and hierarchies, to intervene or promote, follow or terminate through all procedures and instances, the processes, court sections or proceedings; to accept decisions, to file any kind of appeal, including the cassation one and other extraordinary appeals, to discontinue or confess, to agree an early termination of a proceeding, to submit litigious questions to arbitration judges, and to carry out all sort of notices and requirements and to grant power of
  1 This list has a merely indicative nature, as the Board of Directors may perform all further powers expressly granted to the Board in the Articles or in the applicable law.
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  attorney to Court Representatives and other representatives, with case-related powers and the powers which are usually granted to litigation cases and all the special powers applicable, and to revoke such powers;
• Agree the allotment of interim dividends;
• Call and convene the General Meetings and submit to them the proposals that it deem appropriate;
• Direct the Company and the organize its operations and exploitations by acknowledging the course of the Company businesses and operations, managing the investment of funds, making extraordinary depreciations of bonds in circulation and realizing anything that it is considered appropriate to obtain maximum gains towards the object of the Company;
• Freely appoint and dismiss Directors and all the Company’s technical and administrative personnel, defining their office and retribution;
• Agree any changes of the registered office’s address within the same borough;
• Incorporate under the law all sorts of legal persons; contribute and assign all sorts of assets and rights, as well as entering merger and cooperation agreements, association, grouping and temporary union agreements between companies or business and joint property agreements, and agreeing their alteration, transformation and termination;

Likewise, the General Shareholders’ Meeting held in March 26 th , 2020, approved the delegation to the Board of Directors of the power to issue in one or more occasions both:

• Fixed income securities or other debt instruments of analogous nature;
• Fixed income securities or other type of securities (warrants included) convertible or exchangeable into EDP Renováveis, S.A. shares, or that recognize at the Board of Directors’ discretion the right of subscription or acquisition of shares of EDP Renováveis, S.A. or of other companies, up to a maximum amount of three hundred million Euros (EUR 300,000,000) or its equivalent in other currency.

As part of such delegation, the General Shareholder’s Meeting delegated into the Board of Directors the power to increase the share capital up to the necessary amount to execute the related tasks above.

Additionally, it was also approved to authorize the Board of Directors for the acquisition of own shares by the Company and/or the affiliate companies up to the maximum limit of 10% of the subscribed share capital.

These delegations may be exercised by the Board of Directors within a period of five (5) years since the proposal was approved, and within the limits provided under the law and the By-Laws.

The General Shareholders’ Meeting may also delegate to the Board of Directors the power to implement an adopted decision to increase the share capital, indicating the date or dates of its implementation and establishing any other conditions that were not specified by the General Shareholders’ Meeting. The Board of Directors may use this delegation wholly or partially, and may also decide not to perform it in accordance with the situation and conditions of the Company, the market, or any particularly relevant events or circumstances that justify such decision - of which the General Shareholders’ Meeting must be informed at the end of the time limit or limits for adopting and performing the decision.

Additionally, in compliance with its personal law and Company’s internal regulations , some functions of the Board of Directors are non- delegable and, as such, have to be performed at this level, which are the following:

• Election of the Chairperson of the Board of Directors;
• Appointment of Directors by co-option;
• Request to convene or convening of General Shareholders’ Meetings and the preparation of the agenda and proposals of resolutions;
• Preparation of the Annual Reports and Management Reports and their presentation to the General Shareholders’ Meeting;
• Change of Headquarters;
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• Preparation and approval of mergers, spin-off, or transformation projects of the Company;
• Monitoring the effective functioning of the Board of Directors committees and the performance of delegated bodies and appointed directors;
• Definition of the Company’s general policies and strategies.

In any case, the following transactions individually considered, shall be subject to the prior approval of the Board of Directors, or its ratification in cases of justified urgency:

• Acquisition or sale of assets, rights or participations with an economic value higher than seventy-five million Euros (EUR 75,000,000) and not included in the budget approved by the Board of Directors;
• Opening or closing of establishments/branches or relevant parts of establishments /branches, as well as the extension or reduction of its activity;
• Other business activity or transactions, including expansion investments, with a significant strategic relevance or with an economic value higher than seventy-five million Euros (EUR 75,000,000) and not included in the budget approved by the Board of Directors; or
• Creation or termination of strategic alliances or partnerships or other forms of long-term cooperation;
• Authorization or waiver of the obligations arising from duty of loyalty;
• Its own organisation and functioning;
• Preparation of any report required by the law to the management body, provided that the operation referred in the report cannot be delegated;
• Appointment and dismissal of Chief Executive Officer, top management directly depending from the Board of Directors or any of its members, and their general contractual conditions including remuneration;
• Decisions concerning director’s remuneration within the Articles of Association’s frame and, if any, the remuneration policy approved by the General Meeting;
• Policy concerning own shares;
• The faculties that the General Meeting may have delegated on the Board of Directors, except for the cases expressly authorized by the first to sub delegate them

Should be noted that as exposed in topic 15 of this Chapter 5 of the Annual Report, as of 31 st December 2020, EDPR does not have a Supervisory Board, but its Board of Directors has set up three Delegated Committees entirely composed by Members of the Board of Directors, and all these directors are necessarily involved in the definition of the strategy and policies of the Company as per the non - delegable basis of these functions under its personal law. Therefore, in compliance with its personal law, all the members of the delegated committees will assess and give its opinion on the strategic lines and the risk policy of the Company at the Board level prior to its final approval.

Likewise, should be noted that the corresponding monitorization of the accomplishment of these actions, as detailed in topic 29 this Chapter 5 of the Annual Report, is performed by the Audit, Control and Related Party Transactions Committee and the Nominations and Remunerations Committee, both of which are integrally formed by non-executive and independent directors.

10. Significant business relationships between the holders of qualifying holdings and the Company

Information on any significant business relationships between the holders of qualifying holdings and the Company is described on topic 90 of this Chapter 5 of the Annual Report.

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ANNUAL REPORT EDPR 2020

B. Corporate Boards and Committees

I.# General Shareholders’ Meeting

A) Composition of the Board of the General Meeting

11. Board of the General Shareholders’ Meeting

The Members of the Board of the General Shareholders’ Meeting are its Chairman, the Chairman of the Board of Directors (or his substitute), the other Directors and the Secretary of the Board of Directors. In accordance with article 180 of the Spanish Companies’ Law, all the Board Members are obliged to attend the General Meetings.

The Chairman of the General Shareholders’ Meeting is José António de Melo Pinto Ribeiro, who was elected on the General Meeting of April 8th, 2014, for a three-year (3) term; and re-elected on the General Shareholders’ Meeting held on April 6th, 2017 for a last mandate of three-year (3) term. Mr. Pinto Ribeiro office was extended until the first General Shareholders’ Meeting following of the end of this office term.

The Chairman of the Board of Directors is António Mexia, who was re-elected as member of the Board for a three-year (3) term by the General Shareholders’ Meeting held in June 27th, 2018, and for the position of Chairman of the Board of Directors on its meeting subsequently held on the same date.

The Secretary of the Board of Directors is Emilio García-Conde Noriega who is also the Secretary of the General Shareholders’ Meeting, and was appointed as Secretary of the Board of Directors on December 4th, 2007. The Secretary of the Board of Directors’ mandate does not have an end of term date according to the Spanish Companies Law since is not a Board Director.

The Chairman of the General Shareholders’ Meeting of EDPR has at his disposal, the necessary human and logistical resources required for the performance of his duties. Therefore, in addition to the resources provided by the Company’s General Secretary, in 2020 the Company hired a specialized entity to give support to the meeting and to collect, process and count the votes submitted by the shareholders on the General Shareholders’ Meeting held on March 26th.

B) Exercising the right to vote

12. Voting rights restrictions

Each EDPR share entitles its holder to one vote. EDPR’s Articles of Association have no restrictions regarding voting rights.

13. Voting rights

EDPR’s Articles of Association have no reference to a maximum percentage of voting rights that may be exercised by a single shareholder or by shareholders that are in any relationship. All shareholders, regardless the number of shares owned, may attend to the General Shareholders’ Meeting and request the information or explanations that they consider relevant regarding the matters included in the Agenda of the convened meeting, and are entitled as shareholders of the Company, to take part in its deliberations and to participate in its voting process.

The Board of Directors approves a Shareholder’s Guide for each General Shareholders’ Meeting, detailing among other matters, the procedure and requirements for the submission through mail and electronic communication of voting forms. This Guide is available at the Company’s website.

As informed in the related Notice and in the corresponding Shareholders’ Guide, in order to exercise their right to attend, the shareholders must have the ownership of their shares duly registered in the Book Entry Account at least five (5) days prior to the date of the General Shareholders’ Meeting.

Any shareholder may be represented at the General Shareholders’ Meeting by a third party by means of a revocable Power of Attorney (even if such representative is not a shareholder). The Board of Directors may require shareholders’ Power of Attorney to be in the Company’s possession at least two (2) days in advance, indicating the name of the representative. These Powers of Attorney shall be granted specifically for each General Shareholders’ Meeting and can be evidenced in writing or by remote means of communication such as email or post.

According to the applicable law and the Company’s Articles of Association, the notice of EDPR’s General Shareholders’ Meetings is published in the Official Gazette of the Commercial Registry and on the Company’s website at least thirty (30) days prior to the meeting date. Likewise, the Notice of the General Shareholder’s Meeting is published at the website of Sociedade Gestora de Sistemas de Liquidação e de Sistemas Centralizados de Valores Mobiliários, S.A (“Interbolsa”) and on the website of the Comissão do Mercado de Valores Mobiliários (“CMVM”) - and of the Comisión Nacional del Mercado de Valores (“CNMV”) - as the case may be.

Simultaneously with the publication of the meeting Notice, the supporting documentation in relation to the General Shareholders’ Meeting is published on the CMVM website. Likewise, as soon as the notice of the meeting is formally published, the following information and documentation related to the General Shareholders’ Meeting is made available at the Company’s website:

• the notice of the General Shareholders’ Meeting;
• the total number of shares and voting rights at the date of the Meeting notice;
• the template letter expressing the intention to attend the Meeting, the template of the letter of representation and the template of the ballot to be sent by mail, and also, the links to the electronic platforms that the Company provides for the telematic submission of the intention to attend and the voting on the topics included in the Agenda;
• the full texts of the proposed resolutions (included when received if such were the case, those proposed by shareholders) and related supporting documentation, that will be submitted to the General Shareholders’ Meeting for approval;
• The Shareholders’ Guide;
• The consolidated texts in force (Articles of Association and the other applicable regulations).

In 2020, the Company included the English and Portuguese versions of the information and documents related to the General Shareholders´ Meeting on its website with the notice of the meeting, being the Spanish version of the documents the one that prevailed.

Shareholders may vote on the topics included on the Shareholders’ Meeting Agenda, in person (including by means of the corresponding representative) at the meeting, by ordinary mail, or by electronic communication (in this latest case, through a telematic vote platform made available at the Company’s website or sending the related filled and signed templates by email), and in any case providing the documentation indicated in the Shareholder’s Guide.

Pursuant to the terms of article 15 of the Articles of Association, both electronic and mail-in votes must be received by the Company before midnight (24.00 hours) of the day before the scheduled meeting date of first call. Remote votes can be revoked subsequently by the same means used to cast them, always within the deadlines established for that purpose, or by personal attendance to the General Shareholders’ Meeting of the shareholder who casted the vote to his/her representative.

14. Decisions that can only be adopted by a qualified quorum

According to EDPR’s Articles of Association and as established in the law, both ordinary and extraordinary General Shareholders’ Meetings are validly constituted when first called if the shareholders, either present or represented, jointly reach at least twenty-five percent (25%) of the subscribed voting capital. On second call, the General Shareholders’ Meeting will be validly constituted regardless of the amount of the capital present or represented.

Notwithstanding the above percentages, to validly approve the issuance of bonds, the increase or reduction of capital, the transformation, global assignment of assets and liabilities, merger or spin-off of the Company, the transfer of the Registered Office abroad, the elimination or limitation of pre-emptive rights of new shares and in general, any necessary amendment to the Articles of Association, in the Ordinary or Extraordinary Shareholders’ Meeting, it is required that on first call, the Shareholders, either present or represented, reach at least fifty percent (50%) of the subscribed voting capital and, on second call, at least twenty-five percent (25%) of the subscribed voting capital.

In relation to the quorum required to validly approve these matters, in accordance with the Law and the Articles of Association, when the shareholders attending represent more than fifty percent (50%) of the subscribed voting capital, the above mentioned resolutions will be validly adopted by absolute majority, and in the case the shareholders attending represent between the twenty-five percent (25%) and the fifty percent (50%) – but without reaching it - the favorable vote of the two-thirds (2/3) of the present or represented capital in the General Shareholders’ Meeting will be required to approve these resolutions.

EDPR has not established any mechanism that may intend to cause mismatching between the rights to receive dividends or the subscription of new securities and the voting right of each common share, and has not adopted mechanisms that hinder the passing of resolutions by shareholders, including fixing a quorum for resolutions greater than that provided by the law.

II. Management and supervision

A) Composition

15. Corporate Governance model

EDPR is a Spanish Company listed in a regulated stock exchange in Portugal. The corporate organisation of EDPR is subject to its personal law and to the extent possible, to the recommendations contained in the Corporate Governance Code of the Instituto Português de Corporate Governance (“IPCG”), resulted as of the Protocol signed on October 13th, 2017 between the Comissão do Mercado de Valores Mobiliários (“CMVM” – Portuguese Securities Market Commission) and the IPCG, which was last reviewed in July 2020.This governance code is available at the IPCG website. As such, the Company intends to comply with both legal systems but always taking into account that its personal law is the Spanish one, and that in case of discrepancy, the aim is to adopt the law that entails more protectionism for its shareholders. The governance structure of EDPR is the one applicable under its personal law, that comprises a General Shareholders’ Meeting and a Board of Directors that represents and manages the Company. Additionally, with the purpose of adapting this structure to the extent possible to the Portuguese legislation, parallelly seeks to correspond it to the so-called “Anglo - Saxon” model set forth in the Portuguese Commercial Companies Code, in which the management body is a Board of Directors, and the supervision and control duties are of the responsibility of an Audit and Control Committee. The organisation and functioning of EDPR corporate governance model aims to achieve the highest standards of corporate governance, business conduct and ethics referenced on the best national and international practices. In line with its governance model above referred, and as detailed along topics 15 - 29 of this Chapter 5 of the Annual Report and contemplated in the law and Articles of Association of the Company, as of December 31 st , 2020, EDPR does not have a Supervisory Board, but its Board of Directors has set up three Delegated Committees entirely composed by Members of the Board of Directors: the Executive Committee, the Audit, Control and Related-Party Transactions Committee and the Nominations and Remunerations Committee. This structure and its functioning, enables a fluent workflow between all levels of the governance model, as: i) each of the Delegated Committees shall report the decisions taken to the Board of Directors (drafting the minutes of each of the meetings and also providing whatever further clarification is required by the Board), and ii) as the committees Members are also members of the Board, all of them will also receive the complete information at Board of Directors level (as convening of the meetings, supporting documents and related minutes) in order to take the corresponding decisions; and all in all, thus ensuring in time and manner the access to all the information to the whole Board of Directors in order to appraise the performance, current situation and perspectives for the further development of the Company. The General Secretary constitutes the focal point in charge of the centralization of the reception and management of all the information and documents to be provided to the different Governing Bodies. This information is prepared by the different departments of EDPR, with the support when necessary of external experts, and always managed in a strictly confidential basis. Additionally, the corresponding duties and functioning procedures for the Governing Bodies (including but without limitation, the performance of their functions, their Chairmanship, periodicity of meetings, their functioning and the duties of their members) have been defined at the Articles of Association and Board of Directors and Delegated Committees Regulations (which are published at the website of the Company), with the aim of ensuring the adequacy in terms of time and manner of the elaboration, management and access to the information in order to procced at each level with the corresponding acknowledgements and decisions. In line with the above, the General Secretary sends the notices and supporting documents of the topics to be discussed in each meeting of the Board and of each of its committees to their proper discussion during the meeting. Additionally, the minutes of all meetings are drawn and also circulated. 115 The governance model of EDPR was designed to ensure the transparent and meticulous separation of duties, management and the specialization of supervision, through the following governing bodies: • General Shareholders’ Meeting • Board of Directors • Executive Committee • Audit, Control and Related Party Transactions Committee The experience gained operating the Company through this structure indicates that the governance model approved by EDPR shareholders, and adopted in EDPR, is the most appropriate in line with the corporate organisation of its activity, especially because it affords transparency and a healthy balance between the management and the supervisory functions. The links of the Company Website that refers to the information of the Governing Bodies and its regulations are indicated in topics 59-65 of this Chapter 5 of the Annual Report.

16. Rules for the nomination and replacement of directors

According to Article 29.5 of the Company’s Articles of Association, the Nominations and Remunerations Committee is empowered by the Board of Directors to propose, advise and inform the Board regarding the appointments (including by co- option), re-elections, removals and remuneration of the Board Members, as well as the composition of the committees of the Board. This committee also advises on the appointment, remuneration and dismissal of top management officers. As also referred in the Company Articles of Association (Article 21) the term of office of the Board Members shall be of three (3) years, and may be re-elected once or more times for equal periods. Following the best Corporate Governance practices, EDPR has analyzed and discussed about the possible criteria applicable in the selection of the new members of its Governing Bodies. As a conclusion, the Nominations and Remunerations Committee and the Board of Directors resolved at their meetings held on November 2 nd , 2016, and December 14 th , 2016 respectively, to take into account among others the following: the education, experience in the energy sector, integrity and independence, having a proven expertise, and the diversity that such candidate may provide to the related body. Likewise, on the Shareholder’s Meeting held on March 2 6 th , 2020, the Board of Directors’s made public its particular interest in supporting the gender diversity in accordance with the Lei n º 62/2017 of August 1 st , and specifically committed at the seveth resolution of the agenda, to promote that at the first Elective Shareholders’ Meeting to be held after termination of the current term of office of the Board Members, the percentage of Board Members corresponding to the less represented gender is increased to a 33.3%. Based on the above criteria, after the previous advice of the Nominations and Remunerations Committee, the Board of Directors would submit a proposal to the General Shareholders’ Meeting (including for sake of clarity, the curriculum vitae of the candidates, which will be publicly disclosed with the other supporting documents of the meeting in the terms referred in topic 13 above). The appointment proposals should be approved by majority. For more information about the composition of the Board of Directors please check the Sustainability Chapter of the Annual Report at its topic GRI 405-1,and the Annex I of this Chapter 5 of the Annual Report, which includes the curricular details of its Members. Additionally, in case of a vacancy, pursuant to the Articles of Association and the Spanish Companies Law, the Board of Directors may co- opt a new Board Member, who will occupy the position until the next General Shareholders’ Meeting, to which a proposal will be submitted for the ratification of such appointment by co-option. Pursuant to the Spanish Companies Law, the co-option of Directors must be approved by absolute majority of the Directors at the Board meeting. Finally, pursuant to Article 23 of the Articles of Association and 243 of the Spanish Companies Law, shareholders may group their shares until constituting an amount of capital equal or higher than the result of dividing the company’s capital by the number of Members of the Board, to be entitled to appoint a number of Directors equal to the result of the fraction using only whole amounts. Those shareholders making use of this power, cannot intervene in the nomination of the other members of the Board of Directors. 116 ANNUAL REPORT EDPR 2020

17. Composition of the Board of Directors

Pursuant to Article 20 of the Company’s Articles of Association, the Board of Directors shall consist of no less than five (5) and no more than seventeen (17) Directors. Considering the size of EDPR and the complexity of the risks intrinsic to its activity, a Board with a total of fifteen (15) members has been considered as adequate, being ten (10) of them non-executive. The Secretary of the Board of Directors is Emilio García-Conde Noriega. Likewise, according to the proposal submitted by the Nominations and Remunerations Committee, the Board of Directors approved on its meeting held on May 7 th , 2019 the appointment of María Gonzalez Rodríguez as Vice-Secretary of the Board of Directors of EDPR. By the end of 2019, Gilles August presented his resignation to the position as Board Member, and in order to fill the vacancy left, and in accordance with the proposal submitted by the Nominations and Remunerations Committee, the Board of Directors approved on its meeting held on October 29 th , 2019 the appointment by cooption of Rui Teixeira based on his extensive professional career as executive member of the managing bodies of EDP and EDPR, and the material know-how about renewable energy acquired during his nearly seven (7) years as executive director of EDPR few years ago. This appointment was duly ratified by the Shareholders’ Meeting held on March 26 th , 2020.Few months later, in the context of a judicial procedure undergoing related to the activity of EDP – Energias de Portugal, António Mexia and João Manso Neto, were suspended from their executive functions in all EDP Group companies - the process continues in the inquiry phase and they have not been formally accused - and following this, the Board of Directors of EDPR met on July 6 th , 2020 and identified Rui Teixera as the best candidate to reinforce the executive line of the Company, mainly considering his deep knowledge of the business (in particular with regards of renewables), and he had been CFO of EDP Renováveis during several years, and therefore, his involment woud imply a continuity and support in the completion of the Bussiness Plan in these special circumstances. Based on that, the Board resolved to appoint him as a new member of EDPR’s Executive Committee and Joint CEO, designated as the responsible person to coordinate the Executive Committee activities and to liaise with EDP – EDPR’s principal shareholder . At the en of 2020, with effects 30 th December, Francisca Guedes de Oliveira resigned to her position as Member of the Board. As of December 31 st , 2020, the Board of Directors is composed by the following fourteen (14) Directors:

BOARD MEMBER	POSITION	DATE OF FIRST APPOINTMENT	DATE OF RE- ELECTION	END OF TERM
António Mexia	Chairman	18/03/2008	27/06/2018	27/06/2021
João Manso Neto	Vice-Chairman CEO	4/12/2007	27/06/2018	27/06/2021
Rui Teixeira	Joint CEO and Executive Committee Coordinator	29/10/2019	-	27/06/2021
Duarte Bello	Director	26/09/2017	27/06/2018	27/06/2021
Miguel Ángel Prado	Director	26/09/2017	27/06/2018	27/06/2021
Spyridon Martinis	Director	26/02/2019	-	27/06/2021
Vera Pinto	Director	26/02/2019	-	27/06/2021
Manuel Menéndez	Director	04/06/2008	27/06/2018	27/06/2021
António Nogueira Leite	Director	26/02/2013	27/06/2018	27/06/2021
Acácio Piloto	Director	26/02/2013	27/06/2018	27/06/2021
Allan J. Katz	Director	09/04/2015	27/06/2018	27/06/2021
Francisca Guedes De Oliveira*	Director	09/04/2015	27/06/2018	N/A
Francisco Seixas da Costa	Director	14/04/2016	27/06/2018	27/06/2021
Conceição Lucas	Director	27/06/2018	-	27/06/2021
Alejandro Fernandez de Araoz	Director	27/06/2018	-	27/06/2021

*Francisca Guedes de Oliveira presented her resignation to her position as Member of the Board with effects 30 th December 2020.

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18. Executive, Non-Executive and Independent Members of the Board

The independence of the Directors is evaluated according to the Company’s personal law, and annually confirmed by each of the corresponding Directors through the signature of an independence declaration. Likewise, EDPR Board of Directors Regulations, and Article 20.2 its Articles of Association, defines independent Directors as those who are able to perform their duties without being limited by relations with the Company, its significant Shareholders, or its management officers and comply with the other legal requirements. Corporate Governance recommendations of the IPCG Code state that the number of non-executive directors should be higher than the number of executive directors, and that at least one third over the total members shall be non-executive members that also comply with the independence criteria. To this extent, and provided that the independence criteria applicable to EDPR Directors are the ones established under its personal law, from a total of fifteen (15) positions that composed of EDPR’s Board of Directors as of December 31 st , 2020, there was one (1) vacant and fourteen (14) Directors out of which nine (9) were non- executive, being five (5) of them also independent.

In accordance with the law and pursuant the last amendment of Articles of Association, it has been established that Non- Executive Directors can only be represented in the Board meetings by other Non- Executive Director. As such, it has been concluded that the composition of the Board and its Delegated Committees is suitable for the size of the company and the complexity of the risks intrinsic to its activity mainly considering that enables a separation of duties, management and specialization of supervision at the same time that the non-executive and independent directors take part in all the decisions also at the Board of Directors level. Should be noted to this extend that the Board of Directors is composed by a majority of non-executive members, and being balanced the number of executive and independent; and that the Audit, Control and Related Party Transactions Committee and the Nominations and Remunerations Committee, are entirely composed by non- executive and independent members.

Spanish law, Regulations of the Board of Directors and Company Articles of Association regulate the criteria for the incompatibilities with the position of Director. Specifically, Article 23 of the Articles of Association, establish that the following can not be Directors:

• Those who are directors of or are associated with any competitor of EDPR, or have family relations with them. In this respect a Company shall be considered as a competitor of EDPR, whenever it is engaged, if it is directly or indirectly involved in the production, storage, transport, distribution, marketing or supply of electricity or fuel gas; or also if has interests opposed to those of EDPR, or to the ones of any competitor or any of the companies in its group, and the Board members, employees, lawyers, consultants, or representatives of any of them. Under no circumstances shall companies belonging to the same group as EDPR, including abroad, be considered competitors;
• Those who are in any other situation of incompatibility or prohibition under the law or EDPR’s Articles of Association. Under Spanish law, among others, are not allowed to be Directors those who are underage – under eighteen (18) years - and were not emancipated, disqualified, competitors, convicted of certain offences, or that hold certain management positions.

The prevention and avoidance of the conflict of interest in the performance of the duties of the Directors of EDPR is regulated in line with the terms contained in article 229 of the Spanish Companies Law and implemented in article 28.3 of the Board of Directors Regulations, which is also applicable to the committees under article 12 of their respective regulations. This article states that in case any direct or indirect conflict of interest arose, it shall be communicated to the Board of Directors, being the Director involved obliged to abstain from intervening in the corresponding operation. Additionally, all the Board Members (and hence those of its Delegated Committees, as they are entirely composed by Members of the Board) shall annually sign an statement declaring their compliance with the terms of the requirements stated under article 229 of the Spanish Companies Law, and their commitment to notify any variation in the information declared under the statement as soon as it may occur, in order to fully comply with the loyalty duty and avoid any interference or irregularity in any decision-making process.

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ANNUAL REPORT EDPR 2020

The following table includes the executive, non-executive and independent members of the Board of Directors as of December 31 st , 2020:

BOARD MEMBER	POSITION
António Mexia	Chairman and Non-Executive Director
João Manso Neto	Vice-Chairman and Executive Director
Rui Teixeira	Joint CEO and Executive Director
Duarte Bello	Executive Director
Miguel Ángel Prado	Executive Director
Spyridon Martinis	Executive Director
Vera Pinto	Non-Executive Director
Manuel Menéndez	Non-Executive Director
António Nogueira Leite *	Non-Executive Director and independent Director
Acácio Piloto	Non-Executive Director and independent Director
Allan J. Katz	Non-Executive Director and independent Director
Francisca Guedes De Oliveira**	Non-Executive Director and independent Director
Francisco Seixas da Costa	Non-Executive Director and independent Director
Conceição Lucas	Non-Executive Director and independent Director
Alejandro Fernandez de Araoz	Non-Executive Director

• Having been appointed as first time in 2008, the present term of office is the last one in which he can be considered as Independent Director.
  ** Francisca Guedes de Oliveira presented her resignation to her position as Member of the Board with effects 30 th December 2020.

Following the best corporate governance recommendations, considering that the Chairperson of the Board of Directors of EDPR, Antonio Mexia, is a non-independent Director, the Nominations and Remunerations Committee approved on its meeting held on February 18 th , 2019 to propose to the independent Members of Board the appointment Antonio Nogueira Leite as Lead Independent Director whose functions would namely be: i) act, when necessary, as an interlocutor between the Chairperson of the Board of Directors and the other Directors, (ii) ensure the necessary conditions and means so the Directors may carry out their functions; and (iii) coordinate the independent Directors in the assessment of the performance of the managing body. This proposal was unanimously approved by all the independent Directors (with the abstention of the candidate proposed) on the Board meeting held February 26 th , 2019.

19. Professional qualifications and biographies of the Members of the Board of Directors

The main positions held by the members of the Board of Directors in the last five (5) years, those that they currently hold in Group and non-Group companies and other relevant curricular information details are available in the Annex I of this Chapter 5 of the Annual Report.

20. Family, professional and business relationships of the Members of the Board of Directors with qualifying shareholders

Qualifying Shareholders in EDPR are subject to the Spanish Law, which regulates the criteria and thresholds of the shareholders’ holdings.# 1. Directors, Senior Management and Employees

As of December 31st, 2020, and as far as the Company was informed, there are no family or business relationships of Members of the Board of Directors with qualifying shareholders but only professional relationships due to the fact that some of the Members of EDPR’s Board of Directors are currently Members of the Board of Directors in other companies belonging to the same group as EDP Energias de Portugal S.A., which are the following:
* António Mexia;
* João Manso Neto;
* Manuel Menéndez Menéndez;
* Vera Pinto;
* Rui Teixeira.

Or employees in other companies belonging to EDP’s Group, which are the following:
* Duarte Bello;
* Miguel Ángel Prado;
* Spyridon Martinis.

21. Management structure

As exposed in topic 15 above, the governance model of EDPR was designed to ensure the transparent and meticulous separation of duties and the specialization of supervision through the following structure of its governing bodies:

General Shareholders’ Meeting:

which is the body in which the shareholders participate. Represents the Company with the full authority corresponding to its legal personality and has the power to deliberate, vote and adopt decisions, particularly on matters that the law and Articles of Association reserve for its decision and that must be submitted for its approval.

Board of Directors:

that represents and administrates the Company under the broadest powers of management, supervision and governance with no limitations other than the responsibilities expressly and exclusively granted to the jurisdiction of the General Shareholders Meeting in the Company’s Articles of Association or in the applicable law.

Executive Committee:

which is the delegated body of the Board of Directors entrusted to perform the daily management of the business. As of 31st December 2020, EDPR’s Executive Committee was composed by the following members that were also Joint Directors:

• João Manso Neto (CEO and Chairman of the Executive Committee)
• Rui Teixeira (Joint CEO and Executive Committee Coordinator)
• Duarte Bello (COO Europe & Brazil and member of the Executive Committee)
• Miguel Ángel Prado (COO North America and member of the Executive Committee)
• Spyridon Martinis (COO Offshore and New Markets, CDO and member of the Executive Committee)

Other Delegated Committees:

as regulated by the applicable Law and pursuant to the best corporate governance recommendations, EDPR has set up two additional specialized internal committees:

The Audit, Control and Related Party Transactions Committee:

whose main duties are the appointment of the company’s auditors, the monitorization of internal risk management and control systems, the supervision of internal audits and compliance, and also the ratification of transactions between EDPR and EDP and between its related parties, qualified shareholders, directors, key employees or their relatives.

The Nominations and Remunerations Committee:

whose main duties are the assistance and report to the Board of Directors in the appointments, re-elections, dismissals, evaluation and remunerations of the members of the Board of Directors.

B) Functioning

22. Board of Directors regulations

EDPR’s Board of Directors Regulations are available at Company’s website, and at Company’s headquarters at Plaza del Fresno, 2, Oviedo, Spain.

23. Number of meetings held by the Board of Directors

According to the Law and its Articles of Association, EDPR’s Board of Directors meetings take place at least once every quarter. During the year ended on December 31st, 2020, the Board of Directors held eight (8) meetings. The notices and supporting documents of the topics to be discussed in each meeting are sent to the Board members in advance to their proper discussion during the meeting. Additionally the minutes of all meetings are drawn and also circulated.

The table below expresses the attendance percentage of the participation of the Directors to the meetings held during 2020:

BOARD MEMBER	POSITION	ATTENDANCE*
António Mexia	Chairman and Non-Executive Director	33.3%*
João Manso Neto	Vice-Chairman and Executive Director	100%*
Rui Teixeira	Joint CEO and Executive Director	100%*
Duarte Bello	Executive Director	100%*
Miguel Ángel Prado	Executive Director	100%*
Spyridon Martinis	Executive Director	100%*
Vera Pinto	Non-Executive Director	100%*
Manuel Menéndez	Non-Executive Director	87.5%
António Nogueira Leite	Non-Executive Director	75%
Acácio Piloto	Non-Executive Director	100%
Allan J. Katz	Non-Executive Director	87.5%
Francisca Guedes De Oliveira	Non-Executive Director	100%
Francisco Seixas da Costa	Non-Executive Director	87.5%
Conceição Lucas	Non-Executive Director	100%
Alejandro Fernandez de Araoz	Non-Executive Director	87.5%

(*) The percentage reflects the meetings attended by the Members of the Board, provided that, on July 6th, 2020 António Mexia and João Manso Neto were suspended from their executive functions in all EDP Group companies and thus the percentage shown in the table reflects the attendance calculated over the meetings celebrated until such date.

24. Competent body for the performance appraisal of Executive Directors

The key performance indicators for the appraisal of the Executive Directors are set in advance and approved by the General Shareholder’s Meeting. Once the corresponding fiscal year is completed, the Nominations and Remunerations Committee performs the first assessment about the compliance with such key performance indicators, and submits its recommendation to the Board of Directors, which evaluates the proposal of this committee and makes the final decision. Should be noted that according to the personal law of EDPR, the definitive assessment of this performance is a non-delegable competence of the Board of Directors.

25. Performance evaluation criteria

The criteria for assessing the Executive Directors’ performance are described on topics 70, 71 and 72 of this Chapter 5 of the Annual Report.

26. Availability of the Members of the Board of Directors

The members of Board of Directors of EDPR are fully available for the performance of their duties having no constraints for the execution of this function simultaneously with other positions. Additionally, Executive Directors of EDPR, do not perform any other executive duties outside the Group. The positions held at the same time in other companies within and outside the Group, and other relevant activities undertaken by members of the Board of Directors throughout the financial year are listed in the Annex I of this Chapter 5 of the Annual Report.

C) Committees within the Board of Directors or Supervisory Board and Managing Directors

27. Board of Directors’ Committees

As previously exposed, in line with Spanish Law and as specifically foreseen in Article 10 of the Company’s Articles of Association, the Board of Directors is entitled to create delegated bodies. The Board of Directors of EDPR has set up three committees:

• Executive Committee
• Audit, Control and Related-Party Transactions Committee
• Nominations and Remunerations Committee

With the exception of the Executive Committee, the other committees are composed exclusively by independent members.

28. Executive Committee composition

Pursuant to Article 27 of the Company’s Articles of Association, the Executive Committee shall consist of no less than four (4) and no more than seven (7) Directors. Its constitution, the nomination of its members and the extension of the powers delegated must be approved by two-thirds (2/3) of the members of the Board of Directors. As of December 31st, 2020, EDPR Executive Committee was composed by the following members, who were also Joint Directors:

• João Manso Neto, Chairman and CEO
• Rui Teixeira, who since July 6th is the Executive Committee Coordinator
• Duarte Bello (COO Europe& Brazil)
• Miguel Ángel Prado (COO North America)
• Spyridon Martinis (COO Offshore & New Markets, and CDO)

Additionally, Emilio García-Conde Noriega is the Secretary of the Executive Committee.

29. Committees competencies

Executive Committee

Composition

The composition of the Executive Committee is described on the previous topic.

Competences

The Executive Committee is a permanent body in charge of the daily management of the Company, to which all the competences of the Board of Directors that are delegable under the law and the Articles of Association can be assigned.

Functioning

In addition to the Articles of Association, this committee is also governed by its regulations approved on June 4th 2008 and last amended on November 2nd, 2016. The committee regulations are available at the Company’s website. The Executive Committee shall meet at least once a month and whenever is deemed appropriate by its Chairperson, who may also suspend or postpone meetings when he sees fit. The Executive Committee shall also meet when requested by at least two (2) of its members. The notices and supporting documents of the topics to be discussed in each meeting of this committee are sent to its members in advance to their proper discussion during the meeting, being the minutes of all meetings drawn and also circulated. Additionally, this committee informs about of its decisions at the first Board held after each committee meeting. Meetings of the Executive Committee are valid if half of its members plus one are present or represented. Decisions shall be adopted by majority. In the event of a tie, the Chairman shall have the casting vote. Executive Directors shall provide any clarifications needed by the other Directors or corporate bodies whenever requested to do so.

2020 Activity

The Executive Committee’s main activity is the daily management of the Company, and in the execution of such duties, during 2020 held a total of fifty-one (51) meetings.# Audit, Control and Related Party Transactions Committee

Composition

Pursuant to Article 28 of the Company’s Articles of Association and Article 9 of its Regulations, the Audit, Control and Related Party Transactions Committee consists of no less than three (3) and no more than five (5) members. According to Article 28.5 of the Articles of Association the term of office of the Chairman of the Audit, Control and Related Party Transactions Committee is a maximum of six (6) years. Following the proposal submitted by the Nominations and Remuneration Committee, its Chairman, Acacio Piloto, was first elected for this position on June 27th, 2018.

The Audit, Control and Related Party Transactions Committee consists of three (3) non-executive and independent members, plus the Secretary who until December 30th 2020², were the following:

• Acacio Piloto, who is the Chairman
• Antonio Nogueira Leite
• Francisca Guedes de Oliveira

Additionally, Mr. Emilio García-Conde Noriega is the Secretary of the Audit, Control and Related Party Transactions Committee. The committee members shall maintain their positions for as long as they are Company Directors. Nevertheless, the Board may decide to discharge members of the committee at any time, and also the members may resign of these positions but still maintaining their seat as Members of the Board of Directors.

² Francisca Guedes de Oliveira presented her resignation as Member of the Board with effects 30th December 2020, and therefore also as member of the Audit, Control, and Related Party Transactions Committee. In order to fill this vacancy at the committee level, the Board of Directors resolved at its meeting held on January 19th, 2021 to appoint Francisco Seixas as new member of the Audit, Control and Related Party Transactions Committee.

Competences

Notwithstanding the other duties that the Board may assign to this committee, it shall perform supervisory functions of Audit and Control independently from the Board of Directors, as well as, supervisory functions of the transactions between Related Parties, as follows:

A) Audit and Control functions:

• Reporting through the Chairperson on questions falling under its jurisdiction to the General Shareholders’ Meetings;
• Proposing the appointment of the Company’s auditors to the Board of Directors for subsequent approval by the General Shareholders’ Meeting, as well as the contractual conditions, scope of the work – specially concerning audit services, “audit related” and “non-audit” – annual activity evaluation and revocation or renovation of the auditor appointments;
• Supervising the finance reporting and the functioning of the internal risk management and control systems, as well as evaluating those systems and proposing the adequate adjustments according to the Company necessities (including without limitation, the monitorization of the development of the strategic lines and risk policies defined);
• Supervising internal audits and compliance;
• Establishing a permanent contact with the external auditors to assure the conditions, including independence, that may be adequate for provision of services performed by them acting as the Company speaker for the subjects related to the auditing process, and receiving and maintaining information on any other questions regarding accounting subjects;
• Preparing an annual report on its activities, including eventual constraints, and expressing an opinion on the Management Report, the accounts and the proposals presented by the Board of Directors;
• Receiving notices of financial and accounting irregularities presented by the Company’s employees, shareholders, or entities that have a direct interest and judicially protected, related with the Company’s social activity;
• Engaging the services of experts to collaborate with committee members in the performance of their functions (when engaging the services of such experts and determining their remuneration, it must be taken into account the importance of the matters entrusted to them and the economic situation of the Company);
• Drafting reports at the request of the Board and its committees;

B) Related Party Transactions functions:

• Periodically reporting to the Board of Directors on the commercial and legal relations between EDP or related entities and EDP Renováveis or related entities;
• In connection with the approval of the Company's annual results, reporting on the commercial and legal relations between the EDP Group and the EDP Renováveis Group, and the transactions between related entities during the fiscal year in question;
• Ratifying transactions between EDP and/or related entities with EDP Renováveis and/or related entities by the stipulated deadline in each case, provided that the value of the transaction exceeds €5,000,000 or represents 0.3% of the consolidated annual income of the EDP Renováveis Group for the fiscal year before;
• Ratifying any modification of the Framework Agreement signed by EDP and EDP Renováveis on May 7th, 2008;
• Making recommendations to the Board of Directors of the Company or its Executive Committee regarding the transactions between EDP Renováveis and related entities with EDP and related entities;
• Asking EDP for access to the information needed to perform its duties;
• Ratifying, in the correspondent term according to the necessities of each specific case, the transactions between Qualifying Holdings other than EDP with entities from the EDP Renováveis Group whose annual value is superior to 1,000,000€;
• Ratifying, in the correspondent terms according to the necessities of each specific case, the transactions between Board Members, “Key Employess” and/or Family Members with entities from EDP Renováveis Group whose annual value is superior to 75,000€.

Functioning

In addition to the Articles of Association and the law, this committee is governed by its regulations approved on June 27th 2018, which are available at the Company’s website. The committee shall meet at least once a quarter and additionally whenever its Chairperson sees fit. The notices and supporting documents of the topics to be discussed in each meeting of this committee are sent to its members in advance to their proper discussion during the meeting. Additionally, this committee shall draft minutes of every meeting held and inform the Board of Directors of its decisions at the first Board held after each committee meeting. Decisions shall be adopted by majority and the Chairperson shall have the casting vote in the event of a tie.

2020 Activity

In 2020 the Audit, Control and Related Party Transactions committee’s activities included the following:

A) Audit and Control Activities:

• Monitor the closure of quarterly accounts, first half-year and year-end accounts;
• Information about the proposals of application of results for the fiscal year ended on December 31st 2020 and the distribution of dividends;
• Information about the independence of the External Auditor;
• Assessment of the external auditor’s work, especially concerning the scope of work in 2020, approval of all “audit related” and “non-audit” services and analysis of external auditor’s remuneration;
• Analysis the service proposal presented by the external Auditors for 2021-2023;
• Supervision of the quality and integrity in the preparation and disclosure of the financial information in accordance with the applicable accounting policies, estimates and judgments;
• Drafting of an opinion about the individual and consolidated reports (including the Corporate Governance report) and accounts, in a quarterly, half year and yearly basis;
• Monitorization of the 2020 Internal Audit Action Plan and pre-approval of the draft prepared for the 2020 Internal Audit Action Plan;
• Monitorization of the recommendations issued by Internal Audit and reviewing the Internal Audit Standard;
• Follow-up and supervision of the quality, integrity and efficiency of the treasury management (finance and debt), the internal control system, risk management and internal auditing;
• Evaluation of the strategies and risk policies adopted, and elaborating a report including its assessment about the risk management during 2020;
• Information about Whistle-Blowing;
• Information about the contingencies affecting to the Group;
• Issuance of the report of its activities performed during 2019 and self-assessment about its performance, as well as an specific anual report regarding the appraisal of the Internal Audit functions and Internal control activities.
• Analysis of the decision of incorporating a new department (“CIC”) in the Company centralizing the Compliance and Internal Control functions (including SCIRF), as well of the proposal issued by the Nominations and Remunerations Committee regarding the candidate to perform its direction;
• Analysis of the new candidate proposed for the Internal Audit direction.

B) Related Party Transactions Activities:

In 2020, the Audit, Control and Related Party Transactions Committee revised, approved and proposed to the Board of Directors the approval of agreements and contracts between related parties submitted to its consideration. Section E – I, topic 90 of Chapter 5 this Annual Report includes a description of the fundamental aspects of the agreements and contracts between related parties. The Audit, Control and Related Party Transactions Committee found no constraints during its control and supervision activities. The information regarding the meetings celebrated by this committee and the attendance of its related members during the year 2020 is described at topic 35.

Nominations and Remunerations Committee

Composition

Pursuant to Article 29 of the Company’s Articles of Association and Article 9 the Nominations and Remunerations Committee Regulations, this committee shall consist of no less than three (3) and no more than six (6) members.# ANNUAL REPORT EDPR 2020

III. Supervision

A) Supervision

30. Supervisory Board model adopted

EDPR’s governance model, as long as it is compatible with its personal law (Spanish law), corresponds to the so-called “Anglo-Saxon” model set forth in the Portuguese Commercial Companies Code, in which the management body is a Board of Directors, and the supervision and control duties are of the responsibility of an Audit, Control and Related Party Transactions Committee.

31. Composition of the Audit, Control and Related Party Transactions Committee

The Audit, Control and Related Party Transactions Committee is comprised only by non-executive and independent members, as follows:

MEMBER	MEMBER	DATE OF FIRST APPOINTMENT
Acacio Piloto	Chairman	27/06/2018
Antonio Nogueira Leite	Vocal	6/11/2018
Francisca Guedes de Oliveira*	Vocal	27/06/2018

*Francisca Guedes de Oliveira presented her resignation as Member of the Board with effects 30 th December 2020, and therefore also as member of the Audit, Control, and Related Party Transactions Committee. In order to fill this vacancy at the committee level, the Board of Directors resolved at its meeting held on January 19 th , 2021 to appoint Francisco Seixas as new member of the Audit, Control and Related Party Transactions Committee.

32. Independence of the Members of the Audit, Control and Related Party Transactions Committee

Information concerning the independence of the members of the Audit, Control and Transactions Party Committee is available on the chart of topic 18 of this Chapter 5 of the Annual Report. As mentioned on the first paragraph of topic 18, the independence of the members of the Board and of its committees is evaluated according to the Company’s personal law, the Spanish law.

33. Professional qualifications and biographies of the Members of the Audit, Control and Related Party Transactions Committee

Professional qualifications of each member of the Audit, Control and Related Party Transactions Committee and other important curricular information, are available in the Annex I of this Chapter 5 of the Annual Report.

B) Functioning

34. Audit, Control and Related Party Transactions Committee Regulations

The Audit, Control and Related Party Transactions Committee regulations are available at the Company’s website and at the Company’s Headquarters at Plaza del Fresno, 2, Oviedo, Spain.

35. Number of meetings held by the Audit, Control and Related Party Transactions Committee

The Audit, Control and Related Party Transactions Committee regularly meets representatives of the internal specialized departments involved in the areas under committee’s competences in order to discuss the information periodically reported about, among others, work plans and resources of the internal auditing service (including Compliance), Company accounts, detection of potential irregularities (whistleblowing), global risk management and audit and non-audit services provided by the External Auditor (including the appraisal about its independence).

At least one of its members must be independent and shall be its Chairman. In accordance with its personal law (Spanish law), with recommendation V.3.3. of the Corporate Governance Code of IPCG, and to the extent possible with recommendation V.2.1. of the Corporate Governance Code of IPCG (as considering that in Spain this committee shall be created by the Board and being entirely comprised by members of its Board of Directors), the Nominations and Remunerations Committee of EDPR is entirely constituted by Non-Executive Directors and being the majority of them independent.

As of December 31 st , 2020, the Nominations and Remunerations Committee consists of three (3) independent members, who are the following:
* Antonio Nogueira Leite, who is the Chairman
* Francisco Seixas da Costa
* Conceição Lucas

Additionally, Emilio García-Conde Noriega is the Secretary of the Nominations and Remunerations Committee. None of the committee members are spouses or up to third degree relatives in direct line of the other members of the Board of Directors. The committee members shall maintain their positions for as long as they are Company Directors. Nonetheless, the Board may decide to discharge members of the committee at any time and the members may resign said positions while remaining Company Directors.

127 Competences

The Nominations and Remunerations committee is a permanent body belonging to the Board of Directors with an informative and consultative nature and its recommendations and reports are not binding. The Nominations and Remunerations committee has no executive functions.

The main functions of the Nominations and Remunerations committee are to assist and report to the Board of Directors about appointments (including by co-option), re-elections, removals and remuneration of the Board Members and its Officers, the composition of the Board delegated committees; as well as the appointment, remuneration, and removal of executive staff.

The Nominations and Remunerations Committee shall also inform the Board of Directors on general remuneration and incentive policy and incentives for Board members and executive staff. These functions include the following:

• Defining the standards and principles governing the composition of the Board of Directors and the selection and appointment of its members;
• Proposing the appointment and re-election of Directors in cases of appointment (including nominations by co-option) for the submission to the General Shareholders’ Meeting by the Board of Directors;
• Proposing to the Board of Directors the candidates for the different committees;
• Proposing to the Board, within the limits established in the Articles of Association, the remuneration system, distribution method, and amounts payable to the Directors;
• Making proposals to the Board of Directors on the conditions of the contracts signed with Directors;
• Informing and making proposals to the Board of Directors regarding the appointment and/or removal of executives and the conditions of their contracts and generally defining the hiring and remuneration policies of executive staff;
• Reviewing and reporting on incentive plans, pension plans, and compensation packages;
• Any other functions assigned in the Articles of Association or by the Board of Directors.

On its meeting held on December 14th, 2016, the Board of Directors approved to delegate the functions related to the reflection on the Corporate Governance structure and on its efficiency in the Nominations and Remunerations Committee. In the performance of these functions, this committee annually issues a report where the Corporate Governance system adopted by the Company is analyzed.

In accordance with the personal law of EDPR, all the Board Members shall attend to the General Shareholder’s Meeting, and as exposed in topic 15 of this Chapter 5 of the Annual Report, all the Delegated Committees are composed Directors. As such, the Chairperson of the Nominations and Remunerations Committee shall attend the Shareholder’s Meetings, and in case its agenda includes any topic related to remuneration of the company’s governing bodies, this Director will be most adequate to answer. During 2020 one Shareholders’ Meeting was held on March 26 th , and the Chairperson of the Remuneration Committee, Antonio Nogueira Leite, attended.

Functioning

In addition to the Articles of Association, the Nominations and Remunerations Committee is governed by its Regulations approved on June 4 th 2008. The notices and supporting documents of the topics to be discussed in each meeting of this committee are sent to its members in advance to their proper discussion during the meeting. Additionally, this committee shall draft minutes of every meeting held and inform the Board of Directors of its decisions at the first Board held after each committee meeting. Decisions shall be adopted by majority and the Chairperson shall have the deciding vote in the event of a tie.

128 ANNUAL REPORT EDPR 2020

2020 Activity

In 2020 the Nominations and Remunerations Committee held two (2) meetings, and the main activities performed were:

• Performance evaluation of the Board of Directors and Delegated Committees;
• Analysis of the main principles of the new Remunerations Policy proposed for 2020-2022;
• Drafting of the Declaration of the Board of Directors Remuneration Policy for 2020 to be proposed to the Board of Directors for its submission to the General Shareholders Meeting;
• Analysis of the decision of incorporating a new department (“CIC”) in the Company centralizing the Compliance and Internal Control functions (including SCIRF), as well as the proposal regarding the candidate to perform its direction and the objectives, functions and reporting lines to be applied;
• Development of an analysis regarding the gender diversity criteria regulation and recommendations applicable to EDPR in 2020;
• Drafting the report of its activities performed during the year 2019;
• Analysis and issuance of a reflection on the Corporate Governance system adopted by EDPR;
• Analysis and acknowledgement of the measures applied to António Mexia and João Manso Neto in the context of the judicial procedure undergoing related to the activity of EDP – Energias de Portugal, concluding to this extent that the reinforcement of the executive line with an additional member would be advisable to ensure the agility of its response, and therefore proposed to the Board of Directors to establish the number of members of the Executive Committee in five (5) in accordance with Article 27.3 of the Bylaws, and to appoint Rui Teixeira as new member of the Executive Committee and as Joint CEO, designated as the responsible person to coordinate the Executive Committee activities and to liaise with EDP – EDPR’s principal shareholder.This relationship provides a wider information to the committee that would be taken into account for the development of its functions and in particular, for the assessments issued under the elaboration of the Internal Control Report, the SCIRF Report and the Risk Management Report, that this committee issues for every fiscal year.

During 2020, the Audit, Control and Related Party transactions Committee held a total of nine (9) meetings, and as referred in paragraph above, in order to better perfom its supervisory functions over the activities reported by the areas within its competentences, the committee invited the responsible teams of the related areas to several of these meetings as follows: Internal Audit participated in eight (8), CIC (Compliance and Intercal Control) in four (4), Global Risk in four (4), Planing and Control in four (4); Finance in five (5) and Administration, Consolidation and Tax in nine (9). Likewise, the committee invited the External Auditors to four (4) of these meetings.

The following tables reflect the attendance of the members of the Audit, Control and Related Party Transactions Committee to its meetings held during 2020:

MEMBER	POSITION	ATTENDANCE
Acacio Piloto	Chairman	100%
Antonio Nogueira Leite	Vocal	89%
Francisca Guedes de Oliveira	Vocal	100%

36. Availability of the Members of the Audit, Control and Related Party Transactions Committee

The members of the Audit, Control and Related Party Transactions Committee are fully available for the performance of their duties having no constraints for the execution of this function simultaneously with positions in other companies. The positions held simultaneously in other companies inside and outside the Group and other relevant activities undertaken by members of this committee throughout the financial year are listed in Annex I of this Chapter 5 of the Annual Report.

130 ANNUAL REPORT EDPR 2020

C) Powers and duties

37. Procedures for hiring additional services to the External Auditor

In accordance to the Recommendation VII.2.1. of the IPCG Corporate Governance Code, in EDPR there is a policy of pre- approval by the Audit, Control and Related Party Transactions Committee of the the provision of non-audit services to be provided by the External Auditor and any related entity. This policy was strictly followed during 2020. The non – audit services provided by the External Auditor and entities in a holding relationship with or incorporated in the same network as the External Auditor were previously approved by the Audit, Control and Related Party Transactions Committee according to Article 8.A), b) of its Regulations, considering the following aspects: (i) such services having no effect on the independence of the External Auditor and any safeguards used; and (ii) the position of the External Auditor in the provision of such services - notably the External Auditor ’ s experience and knowledge of the Company. Furthermore, although hiring services other than auditing services to the External Auditor is admissible, it is envisaged as an exception. In 2020 such services reached only around 6.5% of the total amount of services provided to the Company.

38. Other duties of the Audit, Control Related Party Transactions Committee

Apart from the competences expressly delegated on the Audit, Control and Related Party Transactions Committee according to Article 8 of its Regulations, and in order to safeguard the independence of the External Auditor, the following additional competences of this committee were exercised during the 2020 financial year and should be highlighted:

• Pre-approval of any services to be hired from the External Auditor and perform its direct and exclusive supervision;
• Assessment of the qualifications, independence, and performance of the External Auditors, and obtaining, yearly and directly from the External Auditors, written information on all relations existing between the Company and the Auditors or associated persons, including all services rendered and all services in progress. In order to evaluate independence, the Audit Committee, obtained the information regarding External Auditors’ independence in light of the Spanish Law no. 22/2015 of July 20th, 2015 ( “ Ley de Auditoría de Cuentas ” );
• Review of the transparency report, signed by the Auditor and disclosed at its website. This report covers the matters provided for under Law no. 22/2015 of July 20th, 2015 ( “ Ley de Auditoría de Cuentas ” ); including those regarding the quality control internal system of the audit firm and the quality control procedures carried out by the competent authorities;
• Review with the External Auditors their scope, planning, and resources to be used in their provision of services;

IV-V. STATUTORY AND EXTERAL AUDITORS

39-41.

According to the Spanish law, the External Auditor ( “ Auditor de Cuentas ” ) is appointed by the General Shareholders ’ Meeting and corresponds to the statutory auditor body ( “ Revisor Oficial de Contas ” ) described on the Portuguese Law. The information about the External Auditor is available in topics 42 to 47 of Section V of this Chapter 5 of the Annual Report.

42. External Auditor identification

The main criteria considered in the selection of the most suitable and competitive firm to be appointed as External Auditor are the following:

• Recognized technical and professional track record as External Auditor;
• Consolidated Know-How about the business developed by the whole Group;
  131
• Tailored and highly prepared working team;
• Competitive contractual conditions and working methodology (including but without limitation, the total estimation of hours required for the development of the services- both as a total for the complete provision of services, and per each professional category of the proposed team);
• Competitive fee proposal, including the final cap and a breakdown referring the price average per hour, and the remuneration per hour for each professional category of the proposed team.

As a result of a competitive process launched in 2017, during which the above criteria were exhaustively analyzed, PricewaterhouseCoopers Auditores, S.L. was appointed as EDPR SA External Auditor by the Shareholder’s Meeting held on April 3 rd , 2018. PricewaterhouseCoopers Auditores, S.L., is a Spanish Company registered at the Spanish Official Register of Auditors under number S0242 with Tax Identification Number B-79031290 and whose audit partner in charge of EDPR is Iñaki Goiriena.

43. Number of years of the External Auditor

PricewaterhouseCoopers Auditores, S.L. is in charge of the audit of EDPR SA accounts for the years 2018, 2019 and 2020, being 2018 the first year performing these duties.

44. Rotation Policy

According to the personal Law of EDPR - the Spanish Law- the maximum term for an audit firm as the External Auditor of a company is established in a 10-year term. Following the proposal of the Audit, Control and Related Party Transactions Committee presented to the Board of Directors to its submi ssion to the General Shareholders’ Meeting, on its meeting held on April 3 rd , 2018, it was approved to appoint PricewaterhouseCoopers Auditores, S.L as EDPR’s External Auditor for the years 2018, 2019 and 2020.

45. External Auditor evaluation

The Audit, Control and Related Party Transactions Committee is responsible for the monitorization and annual evaluation of the services provided by the External Auditor according to the competences granted by its Regulations. In order to perform this assessment, this committee periodically includes in the agenda of its meetings a topic regarding the review of the services provided by the External Auditor (both audit an non-audit ) and the fees already incurred and those estimated until year end. Likewise, and as exposed in topic 35 of this Chapter 5 of the Annual Report, the External Auditor attends and participates in some of the meetings held by this committee, mainly in order to analyze the results of their audit reports. As such, the Audit, Control and related Party Transactions Committee acts as the company speaker with the External Auditor, with whom establishes a permanent contact throughout the year to assure the proper conditions for the provision of both the statutory audit services and non-audit services, and being also the body in charge of monitoring its independence along the year. Likewise, the External Auditor shall sign an annual statement declaring its independence.

During 2020, according to the Audit, Control and Related Party Transactions Commit tee’s competences and in line with Recommendation VII.2.2, this committee was the first and direct recipient and the corporate body in charge of the permanent contact with the External Auditor on matters that may pose a risk to their independence as well as any other matters related to the auditing of accounts. Additionally, in compliance with the auditing standards in effect, it also receives and maintains the record of information about other matters as provided in the applicable auditing and accounting legislation. The External Auditor, within the scope of its duties, verified the implementation of the remuneration policies and systems of the corporate bodies as well as the efficiency and effectiveness of the internal control mechanisms and report any shortcomings to the Audit, Control and Related Party Transactions Committee of the Company.

132 ANNUAL REPORT EDPR 2020

46. Non-Audit Services carried out by the External Auditor

On March 3 rd , 2016, it was approved the regulation on the provision of services by the Statutory Auditor or Statutory Audit Firm, which defines and promotes criteria and methodologies to safeguard the independence of the audit and non-audit services (SDA).# In accordance with such regulation, the Audit, Control and Related Party Transactions Committee closely follows the requests of non- audit services, each of which necessarily require the preapproval of this committee before its provision as per exposed in topic 29 of this Chapter 5 of the Annual Report and Article 8.A),b) of its Regulations. The identification of such non- audit services that will eventually be provided by the External Auditors is performed under the rules issued by the European Union on this matter, in particular under Regulation 537/2014 and the Spanish Auditing Law nº 22/2015, of 20 th July, as well as when applicable, in line with the particularities of the local regulations where the service is to be provided. During 2020 the non-audit services provided by the External Auditor of EDP Renováveis S.A (PricewaterhouseCoopers Auditores, S.L) consisted mostly on i) limited review as of June 30 th , 2020 of the EDPR Consolidated Financial Statements; ii) review of the internal control system on financial reporting for the EDPR Group; and iii) review of the non-financial information related to sustainability included in the EDPR Group’s annual report. Other non -audit services provided by the External Auditor or its network to EDPR’s subsidiaries mainly refer to i) quarterly reviews as of March 31 st ,2020 and September 30 th , 2020 for EDP Group’s consolidation purposes; and ii) agreed-upon procedures, mainly related to the review of covenants in the context of bank financing agreements, external auditor’s certifications for share capital transactions as required by local Laws and IFRS conversion/adoption for some EDPR subsidiaries. PricewaterhouseCoopers Auditores, was engaged to provide the above-mentioned services due to its in-depth knowledge of the Group’s activities and processes. These engagements did not risk their independence as External Auditors and were pre - approved by the Audit, Control and Related Party Transactions Committee prior to rendering the services.

1. External Auditor remuneration in 2020 for EDP Renováveis S.A. and subsidiaries

TYPE OF SERVICE	PORTUGAL	SPAIN	BRAZIL	US	OTHER	TOTAL	%
Audit and statutory audit of accounts	161,802	583,370	166,671	1,066,435	684,006	2,662,284	93.5%
Total audit related services	161,802	583,370	166,671	1,066,435	684,006	2,662,284	93.5%
Other non-audit services	-	151,382	4,000	-	29,007	184,389	6.5%
Total non-audit related services	-	151,382	4,000	-	29,007	184,389	6.5%
Total	161,802	734,752	170,671	1,066,435	713,013	2,846,673	100,00%

The amount of Other non-audit services in Spain includes, among others, services that refer to the entire Group such as the review of the internal control system on financial reporting and review of the non-financial information related to sustainability included in the EDPR Group ’ s annual report, which are invoiced to a Spanish companies. This amount also includes the limited review as of June 30, 2020 of the EDPR Consolidated Financial Statements and other reviews for Group consolidation purposes which are considered non-audit services according to the respective local regulation. Total amount for Spain refers to services provided by PricewaterhouseCoopers Auditores S.L. The above fees exclude the fees for full consolidated Viesgo companies which are also audited by PricewaterhouseCoopers Auditores S.L in the amount of 90,471 Euros and the fees for the companies that were sold during 2020 (see note 6 of the consolidated annual accounts).

133 C. Internal organisation

I. Articles of Association

48. Amendmets to the articles of association

The amendments of the Articles of Association of the Company are of the responsibility of the General Shareholders’ Meeting. According to Article 17 of the Company’s Articles of Association (“ Constitution of the General Shareholders’ Meeting, Adoption of resolutions ”), to validly approve any amendment to the Articles of Association, the Ordinary or Extraordinary Shareholders’ Meeting will need:

• On first call, that the Shareholders either present or represented by proxy, represent at least fifty percent (50%) of the subscribed voting capital.
• On second call, that the Shareholders either present or represented by proxy, represent at least twenty-five percent (25%) of the subscribed voting capital.

In the event that the shareholders attending represent more than fifty percent (50%) of the subscribed voting capital, the resolutions referred to in the present paragraph will be validly adopted when reached absolute majority. If the shareholders attending represent between twenty-five percent (25%) and fifty percent (50%) – but without reaching it – the favorable vote of two-thirds (2/3) of the present or represented capital in the General Shareholders’ Meeting will be required in order to validly approve these resolutions.

II. Reporting of irregularities

49. Irregularities communication channels

WHISTLEBLOWING

EDPR has always carried out its activity by consistently implementing measures to ensure the good governance of its companies, including the prevention of incorrect practices, particularly in the areas of accounting and finance. On this basis, and in compliance with the provisions of IPCG Corporate Governance Code, EDPR provides the Group workers with a channel enabling them to report directly and confidentially to the Audit, Control and Related Party transactions Committee any practice presumed illicit or any alleged accounting and/or financial irregularity in their Company. With this channel for reporting irregular accounting and financial practices, EDPR aims to:

• Guarantee conditions that allow workers to freely report any concerns they may have in these areas to the Audit, Control, and Related Party Transactions Committee;
• Facilitate the early detection of irregular situations, which, if practiced, might cause serious damage to the EDPR Group, its workers, customers and shareholders.

Contact with the Company’s Audit, Control and Related Party Transactions Committee to this extent is only possible by email and post, and access to information received is restricted. Any complaint addressed to the Audit, Control and Related Party Transactions Committee will be kept strictly confidential and the whistle-blower will remain anonymous, provided that this does not prevent the investigation of the complaint. He/she will be assured that the Company will not take any retaliatory or disciplinary action as a result of exercising his/her right to blow the whistle on irregularities, provide information, or assist in an investigation. The process and functioning rules of this channel are explained in the Welcome Presentation organized every year for the new hires of EDPR and also published on the intranet and website of the Company. The bylaws of this channel are available at the intranet of the Company, which includes, among other issues, the regulation of the suitable means and procedure of communication and treatment of irregularities, and the terms of safeguarding the confidentiality of the information transmitted and the identity of its provider.

134 ANNUAL REPORT EDPR 2020

The Secretary of the Audit, Control and Related Party Transactions Committee receives all the communications and presents a quarterly report to the members of the Committee. In 2020 there were no communications through this channel regarding any irregularity at EDPR.

CODE OF ETHICS AND ETHICS CHANNEL

EDPR has astrong commitment in relation to the dissemination and promotion of compliance with ethic guidelines and principles like transparency, honesty, integrity, non-discrimination, equal opportunity, and sustainability, which is encouraged to all employees. With this goal, a new Code of Ethics was approved in December 2020 which replaces the Code of Ethics of February, 2014 as well as the regulation to the Code of Ethics. The commitments of this new Code are equally applicable to EDPR business partners, representatives and suppliers who are, in any way, entitled to act on behalf of EDPR. Other suppliers are explicitly required to respect this Code, in accordance with the obligations arising from qualification procedures or established contracts. The Code of Ethics is an “action guide” reflecting the way EDPR believes one should work, therefore its enforcement is inevitably mandatory; and thefore, employees who do not comply with this Code shold be subject to disciplinaty actions under the terms of the applicable regulations. Suppliers to whom the Code is applicable will also be subject, in the event of non- compliance, to the measures or sanctions contractually established or arising from the assessment and qualification procedures in force at EDPR. The Code is a privileged tool that frames the reflection on Ethics, but it is essentially a means of supporting the resolution of ethical issues, since it presents standards and norms of behaviour that help sustain our decisions Both the Code and its regulations are published on its intranet and website and attached to the labour agreements of the new hires to their written acknowledgement when they join the Company. Likewise, this Code has been widely circulated to the employees of the Group through internal communications and additionally, with the objective that every employee of the Company receive an specific training on Ethics at least once, the Company periodically, provides an online course (“Ética EDP”) to all the employees. In this sense, during 2020 the following Ethic courses were launched: (i) Ethics is Value: in me, in society, in EDP ; and (ii) Ética é valor:15 anos de edifício ético EDP .# In order to support and achieve its Ethics Code and Ethics commitments and initiatives, and with the aim of minimizing the risk of unethical practices, generating transparency and trust in relationships, EDPR has also approved and implemented the following:

• Ethics Committee:

is a committee enterely composed by independent members , whose objective is to ensure the Code of Ethics compliance within the Company, processing all information received to this extent and establishing, if appropriate, corrective actions. The main functions of the Ethics Committee are the receipt, registration, processing and reporting to the Board of Directors of information and reports received by the employees regarding infractions of the Code in matters of legislation and ethics, conduct in the work environment, human rights and equal opportunities, integrity, relations with customers and suppliers, the environment and sustainability. These functions include the following:

• Proposing corporate ethics instruments, policies, goals and targets;
• Monitoring application of the Code of Ethics, laying down guidelines for its regulation and overseeing its proper application by the Company and its subsidiaries;
• Analysing reported infractions of the Code of Ethics, deciding on their relevance and admissibility;
• Deciding if there is any need for a more in-depth investigation to ascertain the implications and persons involved. The Ethics Committee may, for this purpose, use internal auditors or hire external auditors or other resources to assist in the investigation;
• Appointing the Ethics Ombudsperson;
• Any other functions assigned to it in the Articles of Association or by the Board of Directors.

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The Ethics Committee shall be composed by three members: the Chairman of the Audit, Control and Related Party Transactions Committee, the Chairman of the Appointments and Remuneration Committee, and the Compliance Officer. As of December 31st, 2020, the members of the Ethics Committee are as follows:

• Acacio Piloto, Chairman of the Ethics Committee as Chairman of the Audit, Control and Related Party Transactions Committee;
• Antonio Nogueira Leite, vocal of the Ethics Committee as Chairman of the Nominations and Remunerations Committee;
• Joao Paulo Cruz Bastia Mateus, vocal of the Ethics Committee as Compliance Officer of EDPR;

The Ethics Committee shall meet at least once a year and whenever the Chairman deems it is necessary, and its meetings shall be validly convened when one-half plus one of its members are present or represented at the meeting. The resolutions of the Ethics Committee shall be approved by majority vote with the Chairman casting deciding vote in the event of a tie. This Committee shall also inform the Board of Directors of the resolutions it approves at the first meeting of the Board following the Committee meeting in which the resolution was agreed.

• Ethics Ombudsperson:

is an external person from the Company that receives complaints and doubts submitted through the Ethics Channel and investigates and documents the procedure for each of them, with guaranteed confidentiality in relation to the identity of the claimant. The appointment for this position is made by the Ethics Committee. Its main functions are therefore as follows:

• Receiving the doubts and claims submitted through the Ethics channel and preparing and documenting the cases;
• Submitting the related reports of the claims received to the Ethics Committee;
• Monitoring each case analyzed until its conclusion, liaising with the complainant whenever necessary.

Since January 2019, the Ombudsperson of EDPR is Maria Manuela Casimiro da Silva.

• Ethics Channel:

is an internal and external channel made available for the submission of claims and doubts about the infringements of the Ethics Code in matters of legislation and ethics, conduct in the work environment, human rights and equal opportunities, integrity, relations with customers and suppliers, environment and sustainability. This channel is available on the intranet and Website of the Company and its existence and functioning is also introduced in Welcome Presentation organized every year for the new hires of EDPR. The procedure and workflow of the claims and queries submitted through this channel is regulated under the Regulations of the Code of Ethics and the regulations of the Ethics Committee, and is as follows:

1. The claimant (internal or external) submits its communication through the Ethics Channel (by email or letter through the template available at the Website an intranet), which is received by the Ethics Ombudsperson.
2. The Ethics Ombudsperson starts the investigation and drafts the related report.
3. The Ethics Ombudsperson submits the summary of the investigation to the Ethics Committee (omitting the identity of the complainant) for its deliberation about the effective infringement of the Ethics Code or not and, to analyse if additional information is needed. If the latest were the case, an investigation will be carried out with the support of internal or external means as appropriate.
4. The final decision about the query or claim is communicated to the claimant. The Ethics Ombudsperson will make further contact with the complainant to report the opinion of the Ethics Committee.

In 2020, there were three (3) claims submitted through the Ethics Channel. Two of them were considered unfounded, and the other one as inconclusive. Thus, the Ethics Committee declared the closing 3 of the processes and filed the claims.
3 One of the claims was concluded in early 2021.

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ANNUAL REPORT EDPR 2020

ANTI-CORRUPTION POLICY

In order to ensure compliance with the standards of Anti-Corruption Regulation in every geography where EDPR operates, the Company developed in 2014 an Anti-Bribery Policy of application to all EDPR Group, which was approved by its Board of Directors on December 19th 2014, and last updated in 2017. A new revision of the Anti-Corruption Policy was performed in July 2019 and approved by the Executive Committee; and communicated to all EDPR Employees. This Anti-Corruption Policy implies a series of procedures regarding the relationships of EDPR employees with external parties, namely the approval of certain actions regarding hospitality to and from external parties, donations, and sponsorships. This Policy was implemented in the Group in 2015, through the introduction of several approval systems in the corporate’s employee channels in order to ensure transparency and prevent any corrupt business practice, and since then, has been periodically communicated EDPR employees. Once this implementation was finished, the corresponding training sessions were organized for part of our employees, and made available the Policy in the intranet and Website, in order to ensure appropriate knowledge and understanding of the Policy. It is also attached to the labor agreements of the new hires to their written acknowledgement when they join the Company, and besides that, in the Welcome Presentation organized every year for the new hires of EDPR, they are also explained the main contents of this documents and its functioning.

III. Internal Control and Risk Management

50. Internal Audit

EDPR’s Internal Audit Department is composed by eight (8) members. The function of EDPR’s Internal Audit is to carry out an objective and independent assessment of the Group’s activities and of its internal control situation, in order to make recommendations to improve the internal control mechanisms over systems and management processes in accordance with the Group’s objectives. The functions of the Internal Audit Department of EDPR were evaluated by the “Instituto de Auditores Internos” for the first time in 2020, (as until the date, that was analized jointly with EDP), obtaining the highest calification. EDPR has a Responsibilities Model and a SCIRF Manual (Internal Control System over Financial Reporting), in which individuals, governing bodies and committees responsible for implementing and managing the internal control system are indicated. The Responsibilities Model includes the functions and main activities in the management and maintenance of the system at all levels of the organization including monitoring activities related to the annual cycle, the implementation of controls and documentation of evidence and supervision activities. The SCIRF Manual incorporates the general principles of the Internal Control System over Financial Reporting as well as the methodology used, the procedures for ensuring the effectiveness of internal control and design of models, documentation, evaluation and reporting. In line with the general principles of the model adopted by EDPR for the management of the SCIRF, the COSO Internal Control integrated Framework 2013 (Committee of Sponsoring Organisations of the Treadway Commission), the responsibility for supervising the Internal Control System lies in the Board of Directors and the Audit, Control and Related Party Transactions Committee. The CEO is accountable before the Board and must ensure the proper functioning and effectiveness the SCIRF, promoting its design, implementation and maintenance. The Executive Committee must support the CEO in this task, guiding the development of the Entity Level Controls of the company and the controls in their areas of responsibility, relying when necessary on other levels of the organisation. Also, the Senior Managers are responsible for evaluating any deficiencies and implementing appropriate improvement opportunities. To ful fil these responsibilities, EDPR’s Internal Control offers support and advice for the management and development of the SCIRF.

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51.# Organisational structure of Internal Audit

The Internal Audit function in EDPR Group is a corporate function carried out by the Internal Audit Department, which reports both to the Chairman of EDPR’s Executive Committee and to EDPR’s Audit, Control and Related Party Transactions Committee.

52. Risk Management

EDPR’s Enterprise Risk Management Process is an integrated and transversal management model that ensures the minimization of the effects of risk on EDPR's capital and earnings, as well as the implementation of best practices of Corporate Governance and transparency. The process aligns EDPR’s risk exposure with the company’s desired risk profile. The Enterprise Risk Management Framework was approved in 2016, in accordance with the guidelines agreed at its Board of Directors level. Based on this risk framework, the Company develops a Risk Management System through individual risk policies and procedures for most relevant risks, where it is defined the methodology to calculate probability of occurrence and impacts, as well as mitigation measures and thresholds. In addition, these risk policies and procedures establish the process for control, periodic evaluation and eventual adjustments. The approvals necessary to proceed with this system are submitted to the Executive Committee, which will inform the Board of Directors of these progresses. Likewise, the Risk Management System is closely followed and supervised by the Audit, Control and Related Party Transactions Committee, an independent supervisory body composed of non executive members that reports to the Board of Directors, in charge, among others, of the monitorization of the compliance and progresses of the Risk Management Plan and possible improvements to the measures and controls for mitigating potential risks identified within EDPR. Market, counterparty, operational, business and strategic risks are identified and assessed and, following the result of the assessment, Risk Policies are defined and implemented across the company. These policies are aimed to mitigate risks without compromising potential opportunities, thus, optimizing return versus risk exposure. In 2020, EDPR updated the Enterprise Risk Management Framework following Risk Committees discussions in order to update of risk limits for the NI@Risk metric, following the recent growth of the company. During 2020, EDPR updated its view on the sustainability of RES policies in the geographies where the Company is present and in new potential geographies. This deep-dive analysis was performed within the scope of the Country Risk Policy. EDPR carried out a review of historical capex deviations for projects in both Europe & Brazil and North American platforms, with the aim of improving the accuracy of Capex contingencies to be included in the modelling of future projects. Finally, an updated methodology for EBITDA@Risk and NI@Risk was approved, through a bottom-up calculation allowing for a closer and more intuitive monitoring of the different risks.

138 ANNUAL REPORT EDPR 2020

53. Risk Map

Risk Management at EDPR is focused on covering all risks of the company. In order to have a holistic view of risks, they are grouped in Risk Categories, which are Market, Counterparty, Operational, Business and Strategic. The definition of Risk Categories at EDPR is as follows:

• Market Risk – It refers to the risk to EDPR resulting from movements in market prices. Due to the relationship between wind production and energy price, production risk is considered within market risk. In particular, market risk are changes in energy prices, production, interest rates, foreign exchange rates, inflation and commodity prices (other than energy);
• Counterparty Risk (credit and operational) – Risk that counterparty to a transaction could default before final settlement of the transaction’s cash flows. A direct economic loss would occur if transactions with the counterparty had positive economic value at the time of default. Even in the case of not defaulting, it may not comply with its contract obligations (timing, quality, etc.), implying additional higher costs due to its replacement or to delays in fulfilling the contract;
• Operational Risk (other than counterparty) – Defined as the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events (such as an increase in equipment default rates, increasing O&M, or natural disasters), including the effect of a loss created by not being able to ensure business continuity;
• Business Risk – Potential loss in the company’s earnings due to adverse changes in business margins. Such losses can above all from a serious increase in equipment prices or changes in the regulatory environment. Changes in electricity prices and production are considered market risks;
• Strategic Risk – It refers to risks coming from macroeconomic, political, social or environmental situation in countries where EDPR is present, as well as those coming from a change in competitive landscape, from technology disruptions, from changes in energy markets or from governance decisions (investment decisions criteria, Corporate Governance and Reputational issues).

Within each Risk Category, risks are classified in Risk Groups.

1. Market Risk

i) Energy price risk

EDPR faces limited electricity price risk as it pursues a strategy of being present in countries or regions with long-term visibility on revenues. In most countries where EDPR is present, prices are determined through regulated framework mechanisms. In those countries with no regulated tariffs, power purchase agreements are negotiated with different off-takers to eliminate electricity and Green Certificate or Renewable Energy Credit (REC) price risks. Despite EDPR’s strategy of eliminating market price risk, EDPR still has some plants with merchant exposure. In Europe, EDPR operates in countries where the selling price is defined by a feed-in-tariff (Portugal, France and Italy) or in markets where, on top of the electricity price, EDPR receives either a pre-defined regulated premium or a green certificate, whose price is achieved on a regulated market (Spain, Belgium, Poland and Romania). EDPR is also developing projects in the UK and in Greece, under contract for differences remuneration schemes. In countries with a predefined regulated premium or a green certificate scheme, EDPR is exposed to electricity price fluctuations. Considering current Power Purchase Agreements (PPAs) in place, EDPR is exposed to electricity price risk in Romania, in Poland, in Belgium and partially in Spain. Additionally, in European countries with a green certificate scheme (Romania, Belgium and Poland), EDPR is exposed to fluctuation on the price of green certificates. The US market does not provide a regulated framework system for the electricity price. Nevertheless, renewable generation is incentivized through PTCs (Production Tax Credits) and regional Renewable Portfolio Standard (RPS) programs that allow 139 receiving RECs for each MWh of renewable generation. REC prices are very volatile and depend on the regional supply/demand equilibrium in the relevant market. Most of EDPR’s capacity in the US has predefined prices determined by bundled (electricity + REC) long-term contracts with local utilities in line with the Company’s policy of avoiding electricity price risk. Despite existing long term contracts, some EDPR’s plants in the US do not have PPA and are selling merchant with exposure to electricity and REC prices. Additionally, some plants with existing PPAs do not sell their energy where it is produced and are therefore exposed to basis risk (difference in price between the location where energy is produced and that where energy is sold). In Ontario (Canada), the selling price is defined by a long-term feed-in-tariff, thus, there is no electricity price exposure. In Brazilian and Colombian operations, the selling price is defined through a public auction which is later translated into a long-term contract. Electricity price exposure is almost null, with little exposure for the production above or below the contracted production. Under EDPR’s global approach to minimize the exposure to market electricity prices, the Company evaluates on a permanent basis, if there are any deviations to the pre-defined limits (measured through EBITDA at risk, Net Income at risk and total merchant exposure). EDPR intends to eliminate Green Certificates and REC price risk with the signing of bundled PPAs with private off-takers, which include the sale of the electricity and the Green Certificate or REC. In some cases, the off-taker may be interested in contracting only the Green Certificate or the REC, thus a GCPA (Green Certificate Purchase Agreement) or a RECPA (REC Purchase Agreement) is signed. In those geographies with remaining merchant exposure, EDPR uses various commodity-hedging instruments in order to minimize the exposure to fluctuating market prices. In some cases, due to the lack of liquidity of financial derivatives, it may not be possible to successfully hedge all existing merchant exposure, after considering PPAs in place. In 2020 EDPR had financially hedged most of its remaining merchant exposure in Poland, Romania, Spain, Brazil and the US, mitigating any potential impact from COVID-19 pandemic. As aforementioned, some US plants have exposure to REC price risk and/or basis risk (difference in electricity price between locations). EDPR hedges REC prices through forward sales and basis exposures through financial swaps or FTR (Financial Transmission Rights).

ii) Energy Production Risk

The amount of electricity generated by EDPR’s renewable plants is dependent on weather conditions, which vary across locations, from season to season and from year to year. Variation on the amount of electricity that is generated affects EDPR’s operating results and efficiency.# ANNUAL REPORT EDPR 2020

Not only the total wind or solar production in a specific location is relevant, but also the profile of production. Wind usually blows more at night than at daytime, when energy prices are lower and the opposite for solar. Generation profile will affect the discount or add-on in price of a plant versus a baseload generation. Finally, curtailment of a plant will also affect its production. Curtailment occurs when the production of a plant is stopped by the TSO (Transmission System Operators) for external reasons to the Company. Examples of cases of curtailment are upgrades in transmission lines or exceptional congestion (high level of electricity generation for available transmission capacity). EDPR mitigates wind and solar resource volatility and seasonality through geographical diversification of its asset base in different countries and regions. EDPR acknowledges the correlation between different plants in its portfolio that allows for this geographical diversification, which enables EDPR to partially offset production variations in each region and to keep the total energy generation relatively steady. Currently, EDPR is present in 14 countries: Spain, Portugal, France, Belgium, Poland, Romania, Italy, UK (no generation), Greece (no generation), Colombia (no generation), US, Canada, Brazil and Mexico. 140 ANNUAL REPORT EDPR 2020 Nevertheless, 2020 was a year with generation slightly below the one initially forecasted. EDPR continues to analyze the potential use of financial products to hedge wind risk and might use this product to mitigate risk in specific cases. Profile risk and curtailment risk are managed ex-ante. For every new investment, EDPR factors the effect that expected generation profile and curtailment will have on the output of the plant. Generation profile and curtailment of EDPR’s plants are constantly monitored by EPDR’s Risk department to detect potential future changes.

1. iii) Risks related to financial markets

EDPR finances its plants through project finance or corporate debt. In both cases, a variable interest rate might imply significant fluctuations in interest payments. On the other hand, due to EDPR’s presence in several countries, revenues are denominated in different currencies. Consequently, exchange rate fluctuations may have a material adverse effect on financial results or on the value of the foreign investment.

1. iii) a) Interest rate risk

Given the policies adopted by EDPR Group, current exposure to variable interest rate is not significant and financial cash flows are substantially independent from the fluctuation of interest rates. The purpose of interest rate risk management policies is to reduce the exposure of long-term debt cash flows to market fluctuations, mainly by contracting long term debt with a fixed rate. When long-term debt is issued with floating rates, EDPR settles derivative financial instruments to swap from floating to fixed rate. EDPR has a portfolio of interest-rate derivatives with maturities of up to 14 years. Sensitivity analyses of the fair value of financial instruments to interest-rate fluctuations are periodically performed. With most of interest rate being fixed, main exposure to interest rates arises at refinancing. To protect against this risk, EDPR intends to maintain a balanced maturity profile for its corporate fixed debt, thus, diversifying the risk of bad timing when refinancing occurs. Repricing calendar of debt is continuously monitored together with interest rates in order to detect good timing for restructuring debt. Taking into account risk management policy and approved exposure limits, Global Risk Area supports the Finance team in interest rate hedging decisions and the Finance team submits the financial strategy appropriate to each project/location for Executive Committee’s approval.

1. iii) b) Exchange rate risk

EDPR has international operations and is exposed to the exchange-rate risk resulting from investments in foreign subsidiaries. Currency exposure in operating plants is to U.S. dollar, Romanian leu, Polish zloty, Brazilian real, British pound, Canadian dollar and Colombian pesos. In addition, EDPR has a marginal fiscal exposure to MXN due to Mexican assets. EDPR hedges risk against currency fluctuations by financing in the same currency as the revenues of the project. When local financing is not available, EDPR hedges debt cash flows though cross currency interest rate swaps. EDPR also hedges net investment (investment after deducting local debt) in foreign currency through cross currency interest rate swaps. Finally, EDPR contracts foreign exchange forwards to hedge the risk in specific transactions, mainly in payments to suppliers which may be denominated in different currencies. 141 EDPR’s hedging efforts minimize exchange rate volatility, but do not eliminate completely this risk due to high costs associated to hedging FX in certain situations.

1. iii) c) Inflation risk

In specific projects, regulated remuneration is linked to inflation. Additionally, O&M costs are considered to be linked to inflation in most cases. Exposure to inflation in revenues may be naturally hedged with exposure to interest rates and EDPR regularly analyses inflation exposure and its relationship with interest rates to adjust level of interest rate coverage in project finance structures. Exposure to inflation in O&M costs is managed at the moment of the investment decisions, by executing sensitivity analyses.

iii) d) Liquidity risk

Liquidity risk is the risk of EDPR not meeting its financial obligations. Liquidity risk is mainly related to extreme market movements in electricity prices, interest rates, exchange rates or credit markets, which may change the expected cash flow from revenues, opex, margin calls or funding (due to credit downgrades). EDPR tracks liquidity risk in the short term (margin calls, etc.) and in the long term (financing sources) in order to meet strategic targets previously set (EBITDA, debt ratio and others). EDPR’s strategy to manage liquidity risk is to ensure that its liquidity is sufficient to meet financial liabilities when due, under both normal and stressed conditions, and without incurring unacceptable losses or risking damage to EDPR’s reputation. Different funding sources are used such as Tax Equity investors, commercial banks, multilateral organisations, corporate debt and asset rotation in order to ensure long-term liquidity to finance planned projects and working capital. The Directors have estimated cash flows that show that the Group will meet the commitments existing at the close of the 2020 financial year and those foreseen for 2021.

1.iv) Commodity price risk (other than energy)

In projects in which there is a significant number of years between investment decision and start of construction, EDPR may be exposed to the price of the materials used in turbine manufacturing, foundations and interconnection through escalation formulae included in the contracts with suppliers. In order to manage this risk, EDPR may hedge the market exposure in OTC/future commodity markets, considering the risks (potential losses) and the cost of the hedge.

2. Counterparty Risk

Counterparty credit risk is the risk that the counterparty to a transaction could default before the final settlement of the transaction’s cash flows. An economic loss could occur, either a direct economic loss if the transaction has a positive value at the moment of default (counterparty credit risk) or a replacement cost due to change of the counterparty (counterparty operational risk).

2. i) Counterparty Credit Risk

If the transactions or portfolio of transactions with the counterparty has a positive economic value at the time of default, an economic loss would occur. To control credit risk at EDPR, thresholds of Expected Loss and Unexpected Loss are established at company level as defined under Basel Standards and re-evaluated monthly. If the threshold is surpassed by the company as a whole, mitigation measures are implemented in order to remain within the pre-established limit. 142 ANNUAL REPORT EDPR 2020 Additionally, Expected Loss limits are established for each individual counterparty or Group of counterparties (parent and subsidiaries).

2.ii) Counterparty Operational Risk

If the transactions or portfolio of transactions with the counterparty do not have a positive economic value at the time of default, it will impact operations. Despite no direct loss at the time of default, the replacement of the counterparty could imply a cost to EDPR due to potential delays, higher contract value with a new counterparty (replacement costs), etc. Construction and O&M subcontractors are counterparties to which EDPR is exposed from an operational point of view. To minimize the probability of incurring in potential replacement costs with counterparties, EDPR´s policy concerning counterparty operational risk is managed by an analysis of the technical capacity, competitiveness, credit quality and replacement cost of the counterparty.

3. Operational Risk

Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events (such as an increase in equipment default rates, increasing O&M, or natural disasters). Moreover, it includes the risk of the business being disrupted due to internal or external causes (such as a pandemic, cyberattack or IT systems malfunctioning), affecting business continuity.

3. i) Development Risk

Renewable plants are subject to strict regulations at different authority levels (international, national, state, regional and local) relating to the development, construction, grid interconnection and operation of power plants. Among other things, these laws regulate landscape and environmental aspects, building licenses, land use and land securing and access to the grid issues.# EDPR ANNUAL REPORT 2020

3. Risks

ii) Execution Risk

During the construction of the foundations, interconnection and substation of a plant, and the installation of the equipment, different events (bad weather, accidents, etc.) might occur that could imply an over cost or a delay in the commercial operation date of the plant:

• The delay implies a postponement of cash flows, affecting profitability of the investment.
• When a plant has a PPA, a delay of the commercial operation date might imply the payment of LDs, with the consequent loss of revenues and the impact on annual financial results.

During the design phase, EDPR engineering teams supervise the engineering and the installation method. Construction is subcontracted to technically capable construction companies.

In both cases, a critical path analysis is performed to assess the reliability of construction and installation plan. Also, collaterals may be required to the counterparty following EDPR’s Counterparty Risk Policy.

iii) Operation Risk

Damage to Physical Assets Risk

Renewable plants in construction and in operation are exposed to weather hazards, natural disasters, etc. These risks depend on the location. All plants are insured the physical damage during construction and operation. During operation, any natural disaster, weather hazard or accident will be partially insured to revenue losses due to the event.

Equipment Performance Risk (O&M costs)

Output from renewable plants depends upon the operating availability of the equipment. EDPR mitigates this risk by using a mix of suppliers which minimizes technological risk, avoiding exposure to a unique manufacturer. EDPR also engages suppliers through medium-term full-scope maintenance agreements during the first years of operation to ensure alignment with supplier in minimizing technology risk. Finally, for older plants, EDPR has created an Operation and Maintenance (O&M) program with an adequate preventive and scheduled maintenance program. EDPR externalizes non-core technical O&M activities of its renewable plants, while primary and value added activities continue to be controlled by EDPR.

iv) Information Technology Risk

IT (Information Technologies) risk may occur in the technical network (information network for plants operation) or in the office network (information network of corporate services: ERP, accounting…) EDPR mitigates this risk creating redundancy of servers and control centers of renewable plants. Redundancy is created in a different location to anticipate potential natural disasters, etc.

v) Legal claims Risk (compliance, corruption, fraud)

EDPR faces potential claims of third parties, corruption and fraud of its employees. EDPR has implemented an internal “Code of Ethics” and an Anticorruption Policy where the company commits to comply with legal obligations in every community where EDPR is established. Additionally, the company Ombudsperson receives all the complaints sent through the “Code of Ethics” channel and decides the appropriate procedure for each one of them. An anticorruption mailbox is also available to report any questionable practice.

vi) Personnel Risk

EDPR identifies four main risk factors regarding personnel: turnover, health and safety, human rights, and discrimination, violence or behavior against human dignity.

• Turnover: A high turnover implies direct costs of replacement and indirect costs of knowledge loss. EDPR mitigates turnover through constant reassessment and benchmarking of remuneration schemes in different geographies. Additionally, EDPR offers flexibility to its employees to improve work life balance. In 2020, EDPR was elected as “Top Employer” in Spain by the Top Employers Institute.
• Health and safety: EDPR has deployed an H&S management system, complying with OHSAS 18001, pursuing the “zero accidents” target.
• Human rights: EDPR has committed, through its “Code of Ethics”, to respect international human rights treaties and best work practices. All counterparties which sign a contract with EDPR are committed to respect EDPR’s “Code of Ethics”.
• Discrimination, violence or behavior against human dignity: EDPR forbids any kind of discrimination, violence or behavior against human dignity, as stated in its “Code of Ethics”. Strict compliance is enforced, not only through the reporting channel of the Ombudsperson, but also through constant awareness from all employees of the company.

vii) Processes Risk

Internal processes are subject to potential human errors that may negatively affect the outcome. Internal Audit Department regularly reviews internal processes and recommends the establishment of new controls or the improvement in the implementation of existing procedures. Moreover, business continuity is ensured by a Global Crisis Plan, which defines the procedure to follow for each level of crisis and frames individual emergency plans at activity or asset level.

4. Business Risk

i) Regulatory Risk (renewables)

The development and profitability of renewable energy projects are subject to policies and regulatory frameworks. The jurisdictions in which EDPR operates provide different types of incentives supporting energy generated from renewable sources. Remuneration schemes have become less competitive in some countries due to the financial crisis and it cannot be guaranteed that current support will be maintained in all EDPR’s geographies or that future renewable energy projects will benefit from current support measures. Regulation promoting green energy has been revised or is under revision in some of the countries where EDPR is present. In the US, renewable generation from wind will be incentivized through Production Tax Credits (PTC) at a Federal level for all projects beginning of construction up to 2021. Level of incentives will be progressively fading out. Additionally, wind and solar production is also incentivized through State RPS Programs that allow receiving RECs (Renewable Energy Credit) for each MWh of renewable generation. EDPR is managing its exposure to regulatory risks through diversification, by being present in several countries and through participation as an active member in several wind and solar associations. Regulatory Risk in each of EDPR’s countries is monitored continuously, considering current regulation, potential drafts of new laws, feedback from associations, evolution of installed renewable generation capacity and other inputs. EDPR has developed an internal quantitative assessment of Regulatory Risk that serves as an indicator for changes in supporting schemes. This measure is updated annually in all EDPR´s geographies. Regulatory Risk is also considered ex-ante, at the moment of the investment, through sensitivity analyses that are performed to evaluate its impact in project profitability under different scenarios.

ii) Equipment Market Risk

Equipment Price Risk

Price of equipment is affected, not only by market fluctuations of the materials used, but also by the demand of this equipment or a possible increase in trade tariffs and levies. For every new project, EDPR secures the demand risk by engaging in advance with manufacturers, elected through a competitive process.

Equipment Supply Risk

The demand for new plants may offset the offer of equipment. Currently, the local component requirement in some geographies (Ex: Brazil) may create this shortfall situation. In the event of a trade war, supply chain of equipment suppliers may be affected, creating further imbalances in local component requirements. EDPR currently faces limited risk to the availability and price increase of equipment due to existing framework agreements with major global suppliers. The Company uses a large mix of suppliers in order to diversify equipment supply risk. For geographies with specific requirements of local component, EDPR does not engage in a project before securing the supply of the equipment. This risk is further explained on EDPR’s annual report due to its current relevance in the business.

5. Strategic Risk

i) Country Risk

Country Risk is defined as the probability of occurrence of a financial loss in a given country due to macroeconomics, political or natural disasters. EDPR has defined a Country Risk Policy that assesses country risk through an internal scoring based on publicly available data. This internal scoring is compared with external assessments from renowned organisations.# 5. Risk Factors

Each risk factor affecting country risk is evaluated independently to decide on potential mitigating actions:

• Macroeconomic Risk: risks from the country’s economic evolution, affecting revenue or cost time of the investments
• Political Risk: all possible damaging actions or factors for the business of foreign companies that emanate from any political authority, governmental body or social group in the host country
• Natural disaster risk: natural phenomena (seismicity, weather) that may impact negatively in the business conditions

Before approving a project in a new geography, EDPR analyses the risk of the new country and compares it to our existing portfolio. Mitigation measures may be decided when this risk is above a certain threshold. In addition, EDPR uses a Security risk index to rank countries from a security and safety standpoint, establishing mitigation measures for employees when above a pre-defined threshold.

5. ii) Competitive landscape

In the renewable business, size can be an advantage or disadvantage in specific situations. For example, in development of renewable plants, small and dynamic companies are usually more competitive than larger companies. On the other hand, when participating in tender processes for offshore wind farms, the size of the investment benefits larger companies. Additionally, the consequences of a change in the competitive landscape due to mergers and acquisitions may also be a risk. To mitigate the risks, EDPR has a clear knowledge of its competitive advantages and tries to leverage on them. When EDPR has no advantage versus its competitors, alternatives are considered in order to become competitive. For example, for offshore wind farms, EDPR has partnered with large companies with previous experience in large electricity generation projects, in order to become a more competitive consortium.

5. iii) Technology disruptions

Most renewables are relatively recent technologies, which are continuously evolving and improving efficiency. As such, some initially expensive technologies can become competitive in a relatively short time. EDPR growth focuses in the most competitive renewable technologies at the moment, which are onshore wind, offshore wind and PV solar, but also participates in other innovative projects such as floating offshore wind.

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5. iv) Meteorological changes

Future estimations of wind and solar production are based on analysis of historical measurements for more than 20 years, and they are considered to be representative of the future. Relevant unexpected meteorological changes could lead to a lower production than the one expected from historical data. When evaluating a new investment, EDPR considers potential changes in the production forecasted, however, the size of the potential deviation in the case of relevant meteorological changes is uncertain.

5. v) Investment decisions criteria

Not all projects have the same risk profile. This will depend on merchant exposure of remuneration, construction risk, etc. In order to take proper business decisions, EDPR uses Risk Adjusted Metrics for investment decisions, which take into consideration the different risks inherent of each project.

5. vi) Energy Planning

Assumptions in future evolution of energy markets affect the profitability of the investments for the period after the fixed remuneration (regulated tariff or PPAs). Structure of electricity markets in most of EDPR geographies (marginal setting price) were not designed to consider a great share of generation from renewable sources with zero marginal price. Thus, the increase in renewable generation could lead to lower pool prices in medium term if reforms of electricity markets are not properly undertaken. When investing, EDPR performs sensitivity analyses to stress pool price scenarios for the period without fixed remuneration to understand the robustness of the profitability of the investment.

5. vii) Corporate Organisation and Governance

Corporate governance systems should ensure that a company is managed in the interests of its shareholders and other relevant stakeholders. In particular, EDPR has an organisation in place with a special focus on transparency, where the management body (Board of Directors) is separated from the supervision and control duties (Audit and Control Committee). Members of the Audit Committee are invited to the General Risk Committee of EDPR.

5. viii) Reputational risk

Companies are exposed to public opinion and today’s social networks are a rapid mean to express particular opinions. A bad reputation could eventually harm financial results of a company in the short and in the long term. Sustainability makes part of the essence of EDPR. EDPR is not only committed in building a better future, but also in doing it well, in an ethical and sustainable manner, consequently limiting reputational risk.

6. Impact of COVID-19

The year 2020 was marked by the outburst of COVID-19 pandemic. Already in March, EDPR carried out a comprehensive assessment of the potential impacts on the company’s operations, followed by recommendations of actions to be put in place and a process for continuous monitoring of the situation.

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The impact of COVID-19 has been transversal across all areas and geographies of the company, but those impacts can be grouped under several risk categories:

Market Risk:

• Energy price risk: Energy price significantly dropped during 2020 in most of EDPR geographies due to the reduction in demand following the lockdown and a lower economic activity. However, impact of low energy prices on EDPR results was minimal, as EDPR’s marginal merchant exposure was mostly hedged for 2020.
• FX risk: Emerging economies suffered a strong depreciation of their currencies. Net Investment hedges at EDPR mitigated most of the FX fluctuations. On the other hand, a specific plan for hedging FX transactional exposures in Capex was set out, in order to avoid hedging at particularly unfavorable rates due to the pandemic. Monitoring of market risk was performed on a monthly basis in the Restricted Risk Committee, adjusting the position when necessary.

Counterparty Risk:

Despite the increase in exposure from counterparties in financial hedges and the temporary deterioration of the financial situation of some of EDPR’s PPA off -takers, impact for EDPR was negligible. The existing collateral in electricity hedges and a diversified portfolio of creditworthy PPA off-takers, some of which improved their credit metrics during the year (ie: Pacific Gas and Electric Company), made EDPR resilient to increase in counterparty risk. Monitoring of counterparty risk was also performed monthly in the Restricted Risk Committee.

Operational Risk and Business Continuity:

• Execution Risk: The impact of the pandemic on the construction and execution of projects lead to some COD delays, due to construction stoppages and/or supply chain disruptions. To mitigate this risk, EDPR implemented a strategy of prioritization of projects and set out a review of contractual clauses to prevent or minimize changes in tariff regimes, PPA penalties or Capex increases. By the end of 2020, incentivized regime contracts or PPAs were all maintained despite some COD delays.
  • Monitoring of the evolution of the execution risk at EDPR was performed on a weekly basis, together with the Engineering & Construction Department.
• Operation Risk: No significant impact, as the potential reduction in plant availability due to delayed maintenance or repairs was residual.
• Personnel Risk: EDPR initially implemented travel restrictions and other measures designed to stop the spread of the coronavirus and guarantee the safety of its personnel. In March, EDPR activated its Contingency Plan for pandemics, introducing home office in all geographies and restricting access to its facilities, while minimizing disruptions in its operations, thus ensuring business continuity.
• EDPR employees have a Reopening Plan for gradually returning to the facilities according to the development of the pandemic, with geographical specifications, guaranteeing the highest health & safety standards.

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54. Risk functions and framework

A corporation can manage risks in two different ways, one risk at a time on a largely and compartmentalized basis, or all risks together within a coordinated and strategic framework. The latter approach is called “Enterprise Risk Management” and is the approach used at EDPR. Risk Management at EDPR is supported by three distinct organisational functions, each on a different role: Strategy (Risk Profiler), Management (Risk Manager) and Controlling (Risk Controller).

RISK FUNCTIONS	DESCRIPTION
Strategy	Global Risk Department provides analytically supported proposals to general strategic issues. Responsible for proposing guidelines and policies for risk management within the company
Management	Implement defined policies by Global Risk Responsible for day-to-day operational decisions and for related risk taking and risk
Controlling	Responsible for follow-up of the results of risk taking decisions and for contrasting alignment of operations with general risk policy approved by the board

The Risk Committee is the forum where the different Risk Functions discuss the policies to be implemented and control the risk exposure of the company. EDPR’s Risk Committee integrates and coordinates all Risk Functions and assures the link between corporate’s risk appetite and defined strategy and the operations of the company. EDPR created three distinct meetings of the Risk Committee in order to separate discussions on execution of mitigation strategies from those on the definition of new policies:

• Restricted Risk Committee: Held every month, it is mainly focused on development risk and market risk from energy price (market, basis, profile, GCs and RECs).# INTERNAL CONTROL SYSTEM OVER FINANCIAL REPORTING

EDPR has an Internal Control System over Financial Reporting (SCIRF) updated and monitored in line with international standards of Internal Control. This system covers the main aspects of the COSO framework: maintaining a control environment for the preparation of qualified financial information, assessment of the risks of financial reporting, existence of control activities to mitigate risks of error, information and communication and evaluation mechanisms.

SCOPE REVISION AND UPDATE

The SCIRF Manual includes the annual update of the scope that aims to identify companies, areas and processes that must be included in the scope of SCIRF, according to criteria of materiality and risk, including the risk of error or fraud. The risk analysis included in the scoping process for SCIRF, includes both the different types of risk (operational, economic, financial, technological or legal) and the control objectives of financial reporting (existence and occurrence, completeness, measurement, presentation, disclosure and comparability, and rights and obligations in terms of their potential impact on the financial statements). The results of the updated scope with the methodology outlined are communicated at all levels of the organisation involved in the SCIRF and supervised by the Audit, Control and Related Party Transactions Committee.

CONTROL ACTIVITIES

In documented SCIRF processes and controls, information capture mechanisms are established (including identification of the scope of consolidation) and are specified the steps and checks that are carried out for the preparation of the financial information that will be part of consolidated financial statements. The procedures for the review and approval of financial information are provided by the areas of Planning and Control, and Administration, Consolidation and Tax. Financial information is supervised in the scope of its competences by the Audit, Control and Related Party Transactions Committee, prior to the formulation of the accounts by the Board of Directors. The SCIRF includes control activities related to these processes, embodied in Entity Level Controls, Process Controls and General Computer Controls. These processes include review and approval activities of the financial information which are described in the processes of elaboration of individual accounts, preparation of consolidated accounts and processing of consolidated financial statements.

EDPR has descriptions of Competency Profiles for the Positions to be carried out in the exercise of the main features of each position that includes a description of the main responsibilities. These include the descriptions of the key positions of those involved in the preparation of financial information. These descriptions include responsibilities in the preparation of financial information and compliance with internal control procedures.

The documentation of processes and associated controls designed include among others, the completion of closure activities by completing monthly closing checklists by entity, setting time limits for the closures, the identification of the relevance of the operations in order to be reviewed at the appropriate level, conducting analytical reviews of financial information, the existence of limitations in systems to prevent erroneous records or access by unauthorized persons, analysis of deviations from the budget, the analysis in Executive Committees of relevant and significant facts that could cause a significant impact on the accounts, or the allocation of responsibilities for calculating amounts to be provisioned for them to be carried out by authorized personnel with the right skills. In addition to the mentioned processes, major transactional processes resulting from the scope are documented. The description of the activities and controls are designed with the aim of ensuring the registration, evaluation, appropriate presentation and disclosure of transactions in financial reporting.

Control activities of EDPR’s SCIRF also include those relating to systems and information technology (Computer General Controls) following an international reference, the COBIT framework (Control Objectives for Information and related Technologies). The importance of this area is that information systems are the tools with which financial information is prepared, and is therefore relevant for transactions conducted with them. These control activities include those related to access control to applications and systems, segregation of duties, management of corrective and preventive maintenance, new projects implementation, administration and management of the systems, facilities and operations (back-ups, security incidents) and their proper monitoring and planning. These activities are developed taking into account the requirements of control and supervision. Among the activities of SCIRF’s scope update, there is a periodic analysis of the existence of service suppliers that perform relevant activities in relation to the processes of preparing financial information.

SCIRF SUPERVISION

The Audit, Control and Related Party Transactions Committee supervises the SCIRF in the scope of the exercise of their activities through the monitoring and supervision of the developed mechanisms for SCIRF’s implementation, evolution and evaluation, and the results of the scope analysis and the extent of the situation in terms of coverage. To this extent, the Internal Control Area assists the Audit, Control and Related Party Transactions Committee. EDPR has an Internal Control area, integrated in the Compliance and Internal Control Department, which report to the Chairman of the Executive Committee. The Audit, Control and Related Party Transactions Committee supervises the Internal Control area activities. The main functions of the Internal Control area are set out in the SCIRF Manual, which includes, among others, the evaluation of the activities of internal control systems, including the internal control system over financial reporting. Internal Control supports the Audit, Control and Related Party Transactions Committee in supervising the implementation and maintenance of SCIRF and reports the results of the evaluation, improvement actions identified and their evolution. The entity has action plans for improvement actions identified in SCIRF’s assessment processes, which are accompanied and supervised by the Internal Control area, considering their impact on the financial information. Also in the year 2020, as in previous years, a process of self-certification was made by the heads of the various process and Entity Level Control owners regarding proper documentation update on SCIRF controls and processes in their area of responsibility and the implementation of controls with corresponding evidence.

SCIRF EVALUATION

Besides the monitoring and evaluation activities described in the preceding paragraph, in case the auditors identified internal control weaknesses in the scope of their financial audit work, they are expected to communicate these circumstances to the Audit, Control and Related Party Transactions Committee, which regularly monitors the results of the audit work. Additionally, in 2020 the EDPR Group decided to have its SCIRF audited by the external auditor. As a result of its evaluation, the external auditor issued a report with a favorable opinion on the SCIRF of the EDPR Group, according to ISAE 3000 (International Standard on Assurance Engagements 3000), included in Annex II of this Chapter 5 of the Annual Report.

CORPORATE COMPLIANCE

The implementation of a solid corporate culture of integrity and transparency has always been a priority for EDPR, structuring its supervision and monitoring, through a regulatory compliance conduct basis and through the adoption of ethical values and principles; both consolidated as central elements of its business model.In order to lead and manage the necessary measures and initiatives required to this implementation and its functioning, the Compliance Officer figure was created in 2016 in EDPR.Since then, EDPR has been working with the support of specialized advisors in the evaluation of the potential corporate 151 criminal liability risks of the Company in all its geographies and in the assessment of the compliance structure to be adopted in order to comply with the requirements of the applicable criminal regulations. In this context, the Board of Directors of EDPR approved the Criminal and Legal Risk Prevention Model (Compliance Model) on December 2017 with the goal of promoting, establishing, developing and maintaining an adequate ethical business culture. The Compliance Model is constantly updated according to the most demanding national and international standards. During 2018, the Company completed the first update of the Compliance Model and started working on the definition of a criminal risk matrix at an international level including an inventory of the potential risks and its controls in each of the geographies where EDPR operates. In June 2019, the Compliance Area was created to support and provide assistance to the Compliance Officer. The Compliance Area main responsibilities are promoting a culture of prevention based on the principle of “absolute rejection” towards the commission of illegal acts and fraud situations, guaranteeing the dissemination of the principles of the Compliance Model and managing the cases of complaints from employees or collaborators. In February 2020, with the commitment of stregnght the Compliance culuture and comply with the international standars in Corporate Governance, the Departmant of Compliance and Internal Control was created. A new department which reports, directly, to the CEO. Among the activities performed during 2020, main were: 1) The review and update of the International Compliance Model. For this review, a third-party consultant was engaged to identify and evaluate the criminal risks in all geographies of EDPR and review the associated controls in order to ensure the International Compliance Model was reflecting the most current legal and organisational changes. Additionally, EDPR has updated the identification and evaluation of the risks in the following geographies: Brazil, Poland, Romania, French and Belgium. 2) A new procedure regarding Third Party Integrity Due Diligence has been approval with the aim to deepen the general principles performance and the duties of the EDPR Group companies and their employees in relation to third parties, aligning their business operations with the best market practices and with strict compliance with the applicable legislation and regulations, reinforcing the mechanisms for preventing and combating practice of illegal acts, in particular conduct associated with the practice of acts of corruption, bribery, money laundering and terrorist financing. 3) Additionally, concerning the risk of interactions with public officials or politicaly exposed persons, EDPR developed a procedure to guide employees and representatives when leading with such entities and to monitor this relationships. The main aims of this procedure are: (i) Reinforce and implement compliance with the principles set out in EDPR's Anti- Corruption Policy, (ii) establish the rules for guiding the relationship and maintenance of interactions between EDPR employees and their subsidiaries or third party representatives acting on behalf of EDPR or its subsidiaries, with Public Officials and PEPs and (iii) establish the guidelines for the hiring of PEPs and the respective monitoring and risk management mechanisms. 4) Training and communication are fundamental tools to strengthen and disseminate the ethic and integrity culture. In that sense, the following activities have been developed: (i) Training in Brazil for the head of the different departments and (ii) online training for the new hires with the main goal to explain the fundamentals of Compliance and the essential aspects of our Model. Regarding Personal Data Protection, EDPR has been strengthing its management system. A new governance model was created, with a multidisciplinary team supporting the Data Protection Officer in the implementation and monitoring of the GDPR obligations.Adittionally, a global Personal Data protection Policy was approved to support the management of personal data across all EDPR Group and we have updated our privacy notice for employees. Both documents are published in our intranter and in our web. Last but not least, a privacy policy for candidates was also approved in order to inform them about the process of their personal data in the hiring process. Additionally, the Compliance Channel allows any employee, supplier, contractor, client or any person or entity outside the Company, who has indications or doubts of behavior contrary to the law and / or that may imply the materialization of a criminal risk, must immediately inform it, through complianceofficer@edpr.com. The bylaws of this Channel are available at the intranet and website of the Company and only have access to it the Compliance Officer and the Compliance Area. In 2020, no claims were submitted through the Compliance Channel. 152 ANNUAL REPORT EDPR 2020 IV. Investor Assistance 56. Investor Relations department EDPR seeks to provide to shareholders, investors, financial analysts and other stakeholders and the market in general, all the relevant information about the Company and its business environment, on a regular basis and whenever a relevant fact takes place. The promotion of transparent, consistent, rigorous, easily accessible, and high-quality information is essential to an accurate perception of the Company’s strategy, financial situation, accounts, assets, prospects, ris ks, and significant events. EDPR, therefore, looks to provide the market with accurate information that can support them in making informed, clear and concrete investment decisions. The Investor Relations Department was created to ensure a direct and permanent contact with all market related agents and stakeholders, to guarantee effective communication, equality between shareholders and to prevent imbalances in the information access. The EDPR Investor Relations Department (IR) is the intermediary between EDPR and its actual and potential shareholders, the financial analysts that follow Company’s activity, all investors and other members of the financial community. The main purpo se of the department is to guarantee the principle of equality among shareholders, by preventing asymmetries in the access of the information and reducing the gap between market perception and Company’s strategy and intrinsic value. The Investor Relations department centralizes all relevant and material information that could impact EDPR share price. This information is prepared by the different departments of EDPR, with the support when necessary of external experts, and always managed in a strictly confidential basis. The department responsibility also comprises developing and implem enting EDPR’s communication strategy and preserving an appropriate institutional and informative relationship with the financial market, the stock exchange at which EDPR shares trade and the regulatory and supervisory entities (CMVM – Comissão de Mercado de Valores Mobiliários – in Portugal and CNMV – Comisión Nacional del Mercado de Valores – in Spain. EDPR is clearly aware of the importance of detailed and transparent information, delivered on-time to the market. Consequently, EDPR publishes Company’s price sensitive information before the opening or following the closing of the Euronext Lisbon stock exchange through CMVM’s information system and, simultaneously, make that same information available on the website investors’ section and through the IR department’s mailing list. In 20 20, EDPR made 26 market notifications, in addition to quarterly, semi-annual and annual results presentations, handouts and operating data statement elaborated by the IR Department. In addition, the IR Department also elaborates key data files and interim presentations which are available on the website investors’ section. On each earnings announcement, EDPR promotes a conference call and webcast, opened to the market in general, at which the Company’s management updates the market on EDPR’s activities. On each of these events, shareholders, investors and analysts had the opportunity to directly submit their questions and to discuss EDPR’s results as well as the Company’s outloo k and strategy. EDPR IR Department is coordinated by Rui Antunes and is located at the Company’s head offices in Madrid, Spain. The department structure and contacts are as follows: IR Contacts: • Rui Antunes, Head of Planning & Control, Investor Relations and Sustainability • Calle Serrano Galvache, 56; Centro Empresarial Parque Norte; Edificio Olmo – 7th floor; 28033 – Madrid – España • E-Mail: ir@edpr.com • Phone: +34 902 830 700 / +34 914 238 429 153 EDPR IR Department was in continuous contact with capital markets agents, namely shareholder and investors, along with financial analysts who evaluate the Company. In 2020, as far as the Company is aware, sell - side analysts issued more than 75 reports evaluating EDPR’s business and performance. At the end of the 2020, as far as the Company is aware of, there were 19 institutions elaborating research reports and following actively EDPR activity. As of December 31 st 2020, the average price target of those analysts was of Euro 16.18 per share with 7 “Neutral” , 11 “Buy” and 1 “Sell” recommendations.| COMPANY | ANALYST | PRICE TARGET | DATE | RECOMMENDATION |
| :----------------------- | :-------------- | :----------- | :------- | :------------- |
| Bank of America Merrill Lynch | Mikel Zabala | € 20.60 | 02-Dec-20 | Buy |
| Barclays | Jose Ruiz | € 1 7.80 | 07-Dec-20 | Equalweight |
| BBVA | Daniel Ortea | € 1 4.00 | 08-Jul-20 | Outperform |
| Berenberg | Lawson Steele | € 1 4.50 | 06-Jul-20 | Buy |
| Bernstein | Meike Becker | € 22.00 | 07-Dec-20 | Outperform |
| CaixaBank BPI | Gonzalo Sanchez | € 1 3.15 | 06-Jul-20 | Neutral |
| Caixa BI | Helena Barbosa | € 9.95 | 06-Jan-20 | Neutral |
| Commerzbank | Tanja Markloff | € 1 9.00 | 30-Oct-20 | Buy |
| Exane BNP | Manuel Palomo | € 16 .20 | 05-Oct-20 | Outperform |
| Goldman Sachs | Alberto Gandolfi| € 1 8.00 | 29-Oct-20 | Buy |
| JB Capital | Jorge Guimarães | € 1 4.70 | 07-Sep-20 | Neutral |
| JP Morgan | Javier Garrido | € 1 4.50 | 28-Aug-20 | Overweight |
| Kepler Cheuvreux | Jose Porta | € 22.00 | 15-Dec-20 | Buy |
| Morgan Stanley | Arthur Sitbon | € 12.80 | 25-May-20 | Overweight |
| MedioBanca | Sara Piccinini | € 18.70 | 14-Oct-20 | Outperform |
| ODDO BHF | Philippe Ourpatian| € 11.00 | 04-Sep-20 | Sell |
| RBC | Fernando Garcia | € 1 7.50 | 23-Nov-20 | Equalweight |
| Santander | Bosco Muguiro | € 14.00 | 30-Jul-20 | Hold |
| Société Générale | Jorge Alonso | € 1 7.00 | 02-Nov-20 | Hold |

1. Market Relations Representative

EDPR representative for relations with the market is Rui Antunes, Head of Planning & Control, Investor Relations and Sustainability Department.

1. Information Requests

During the year, IR Department received more than 150 information requests and interacted more than 80 times with institutional investors. On average, information requests were replied in less than 24 hours, with complex requests being replied within one-week time. As of December 31st 2020 there was no pending information request.

154 ANNUAL REPORT EDPR 2020

IV. Website – Online information

59-65. EDPR considers online information a powerful tool in the dissemination of material information, updating its website with all the relevant documents. Apart from all the required information by CMVM and CNMV regulations, EDPR website also carries financial and operational updates of Company’s activities ensuring an easy access to the information.

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D. Remuneration

I. Power to establish

1. Competences to determine the Remuneration of the Corporate Bodies

The Nominations and Remunerations Committee is a permanent body belonging to the Board of Directors with an informative and advisory nature. Its recommendations and reports are non-binding. The Nominations and Remunerations Committee has no executive functions. The main functions of the Nominations and Remunerations Committee are to assist and inform the Board of Directors regarding the nominations (including by co-option), re-elections, dismissals, and the remuneration of the Board Members and its position about the composition of the Board of Directors, as well as the nominations, remuneration, and removal of senior management personnel. The Nominations and Remunerations Committee is the body responsible for proposing to the Board of Directors the determination of the remuneration of the Executive Directors of the Company; the Declaration on Remuneration Policy; the evaluation and compliance of the KPI’s (Key Performance Indicators); the annual and multi annual variable remuneration, if applicable, and also proposes the remuneration of the Non-Executive Directors and members of the Board Committees. The Board of Directors is responsible for the approval of the above-mentioned proposals except to the extent it concerns the Declaration on the Remuneration Policy which is approved by the General Shareholders’ Meeting. The Board of Directors also evaluates with an annual periodicity its own performance and the performance of its delegated Committees. The evaluation of the performance of the Board of Directors and its Executive Committee, is then additionally submitted for the approval of the General Shareholder Meeting. The Declaration on the Remuneration Policy is submitted by the Board of Directors to the approval of the General Shareholders’ Meeting as an independent proposal. According to the Company’s Articles of Association the Board of Directors remuneration is subject to a maximum value that can only be modified by a Shareholders agreement.

II. Nominations and Remunerations Committee

1. Nominations and Remunerations Committee

The Composition of the Nominations and Remunerations Committee is reflected on topic 29 of the report. The Company has not stablished any restrictions within its Articles of Association, Regulations or internal policies limiting the competence of the Nominations and Remunerations Committee of hiring any consulting services that may find necessary to carry out its duties; additionally in case such services would be hired, it should be noted that they should be rendered independently, ensuring that the service provider do not provide any other services to EDPR or to any company in controlling or group relationship.

1. Knowledge and experience regarding Remuneration Policy

The Chairman of the Nominations and Remunerations Committee has knowledge and experience regarding Remuneration Policy.

III. Remuneration structure

1. Remuneration Policy

Pursuant to Article 26.1 of the Company’s Articles of Association the Directors shall be entitled to a remuneration which consists of a fixed amount to be determined annually by the General Shareholders’ Meeting for the whole Board of Directors and of (ii) attendance fees regarding the Board Meetings. The above-mentioned article also establishes the possibility of the Directors being remunerated with Company shares, share options, or other securities granting the right to obtain shares or by means of share-indexed remuneration systems. In any case, the system chosen must be approved by the General Shareholders’ Meeting and comply with current legal provisions.

156 ANNUAL REPORT EDPR 2020

The total amount of the remunerations that the Company will pay to its Directors under the terms provided in the previous paragraphs shall not exceed the amount determined by the General Shareholders’ Meeting. The maximum remuneration approved by the General Shareholders’ Meeting for all the members of the Board of Directors was EUR 2,500,000 per year. Pursuant to Article 26.4 of the Company’s Articles of Association, the rights and duties of any kind derived from the condition of Board Member shall be compatible with any other rights and obligations either fixed or variable that could correspond to the Board Members as a consequence of other employment or professional engagements, if any, carried out in the Company. Variable remuneration resulting from said contracts or from any other relationship, including being a Board Member, will be limited to a maximum annual amount to be established by the General Shareholders’ Meeting. The maximum annual amount approved by the General Shareholders’ Meeting for the variable remuneration for all the executive members of the Board of Directors was EUR 1,000,000 per year EDPR, in line with EDP Group corporate governance practices, has signed an Executive Management Services Agreement with EDP, under which the Company bears the cost for such services to some of the members of the Board of Directors to the extent their services are devoted to EDPR. The Non-Executive Directors only receive a fixed remuneration, which is calculated on the basis of their work exclusively as Directors or with their membership on the Nominations and Remunerations Committee and to the Audit, Control and Related Party Transactions Committee. Those members who are seated in two different Committees do not accumulate two remunerations. In these cases, the remuneration to be received is the one that corresponds to the highest value. EDPR has not incorporated any share remuneration or share purchase options plans as components of the remuneration of its Directors. No Director has entered into any contract with the Company or third parties that have the effect of mitigating the risk inherent in the variability of the remuneration established by the Company. In EDPR there are not any payments for the dismissal or termination of Director's duties. The remuneration policy for the Directors of the Company is submitted each year to the General Shareholders’ Meeting for approval.

1. Remuneration Structure

The remuneration policy applicable for 2020-2022 was proposed by the Nominations and Remuneration Committee and approved by the General Shareholders’ Meeting held on March 26th, 2020 (the “Remuneration Policy”). It defines a structure with a fixed remuneration for all members of the Board of Directors, whereas for the members of the Executive Committee defines a fixed and a variable remuneration, with an annual component and a multi-annual component. Additionally, on its meeting dated October 16th, 2019 the Appointments and Remunerations Committee agreed to propose to the Board of Directors a Complementary Long Term Program homogeneous for the three COOs and for the 2019-2022 term. Such Complementary Long Term Program was approved at the Board of Directors’ meeting dated October 29, 2019. Such plan substituted the Complementary Long Term Program approved on 2017. On the topic below can be found the KPIs (“Key Performance Indicators”) stated in the Remuneration Policy for variable annual and multi-annual variable components.

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1. Variable Remuneration

Variable annual and multi-annual remuneration applies to the members of the Executive Committee. The variable annual remuneration may range from 0 to 68% over the annual fixed remuneration and the multi-annual remuneration from 0 to 102% over the annual fixed remuneration for the CEO, and over 250.000€ for other members of the Executive Committee. The key performance indicators (KPIs) used to determine the amounts of the annual and multi-annual variable remuneration regarding to each year of the term are proposed by the Nominations and Remunerations Committee with the aim of align them with the strategic grounds of the Company: growth, risk control and efficiency.# IV. Remuneration disclosure

71. Compensation Policy

These are the same for all members of the Executive Committee, although with specific targets for the platforms in the case of COOs. For the year 2020 the KPIs were:

KEY PERFORMANCE INDICATOR	CEO	COO’ S NA AND EU	COO IG WEIGHT	EDPR RESULTS WEIGHT	EDPR RESULTS	PLATFORM RESULTS WEIGHT	EDPR RESULTS	PLATFORM RESULTS
Total Shareholder return	15%
TSR vs. Wind peers & Psi	20%	100%	100%	100%	0%	100%	0%
Shareholders	80%	60%
Operatin Cash Flow (€ million)	10%	100%	10%	50%	50%	10%	100%	0%
AR/Sell-down + Tax Equity (€ million)	10%	100%	10%	100%	0%	10%	100%	0%
EBITDA+ sell down gains (€ million)	10%	100%	10%	50%	50%	10%	100%	0%
Net Profit (€ million)	10%	100%	10%	100%	0%	10%	100%	0%
Core Opex Adjusted (€ thousand/MW)	10%	100%	10%	50%	50%	10%	100%	0%
Projects with FID (% of total ’19 - ’22 additions in BP)	10%	100%	10%	50%	50%	10%	50%	50%
Clients	10%
Renewable Capacity Built (in MW)	10%	100%	10%	50%	50%	10%	50%	50%
Assets & Operations	10%
Technical Energy Availability (%)	5%	100%	5%	50%	50%	5%	100%	0%
Capex per MW (€ thousand)	5%	100%	5%	50%	50%	5%	50%	50%
Environment & Commnunitie s	5%
Certified MW %	5%	100%	5%	50%	50%	5%	100%	0%
Innovation & partners	5%
H&S frequency rate (employees + contractors)	5%	100%	5%	50%	50%	5%	100%	0%
People Management	10%
People Management	10%	100%	10%	50%	50%	10%	50%	50%
Remuneration Committee	5%
Appreciation remuneration committee		100%	100%	100%	0%	100%	100%	0%

158 ANNUAL REPORT EDPR 2020

There is also a qualitative evaluation of the CEO about the annual performance of the members of the Executive Committee. This evaluation will have a weight of 20% for the final calculation in the annual variable remuneration and of 32% in the multi- annual variable remuneration. The other 80% will be calculated based on the weights indicated in the next paragraph for the annual variable remuneration and 68% for the multi-annual variable.

According to the Remuneration Policy approved by the General Shareholders’ Meeting, the maximum variable remuneration (annual and multi-annual) is applicable if all the above mentioned KPI’s were achieved and the performance evaluation is equal or above 110%.

As mentioned above a Complementary Long Term Program homogeneous for the three COOs (COO NA, COO EU & BR and COO Offshore) and for the 2019-2022 term was approved in 2019. The conditions of such Complementary Long Term Program are: (i) four year period (2019-2022); (ii) Target Award will be 4 x 50% of base annual remuneration of each COO; (iii) KPIs are consistent through the whole term and specific for each COO; and (iv) payments will be done in accordance with the percentage of the achieved fulfilment with a limit of 120% of the Target Award.

72. Multi-Annual Remuneration

In line with corporate governance practices, the Remuneration Policy incorporates the deferral for a period of three years of the multi-annual variable remuneration, being the relevant payment conditioned to the lack of any willful illicit action, known after the appraisal and which endangers the sustainable performance of the company. The amounts paid in application of such deferral policy during 2020 for the multinual accrued in 2017 are reflected in topic 78 of this Chapter 5 of the Annual Report.

73. Variable Remuneration Based On Shares

EDPR has not allocated variable remuneration on shares and does not maintain Company shares that the Executive Directors have had access to.

74. Variable Remuneration Based On Options

EDPR has not allocated variable remuneration on options.

75. Annual Bonus And Non-Monetary Benefits

The key factors and grounds for any annual bonus scheme are described on topics 71 and 72. Additionally, the Officers, with the exception of the CEO, received the following non-monetary benefits: retirement savings plan (as described in the following topic), company car and Health Insurance. In 2020, the non-monetary benefits amounted to 267.733 EUR. The Non-Executive Directors do not receive any relevant non-monetary benefits as remuneration

76. Retirement Savings Plan

The retirement savings plan for the members of the Executive Committee that are also Officers, acts as an effective retirement supplement with a range between 3% to 6% of their annual salary. The percentage is defined according with the retirement savings plan applicable in their home country. The retirement savings plan applicable to 2020, which is included within the Remuneration Policy applicable for the term office 2020-2022, was defined and proposed by the Nominations and Remunerations Committee to the Board of Directors for its submission to the General Shareholder’s Meeting, which approved it on its meeting held on March 26th, 2020.

159 ANNUAL REPORT EDPR 2020

77. Board of Directors remuneration

The remuneration paid by EDPR to the members of its Board of Directors for the year ended on December 31st 2020 was as follows:

REMUNERATION	TOTAL FIXED (€)
EXECUTIVE DIRECTORS
João Manso Neto*	0
Rui Teixeira*	0
Duarte Bello**	61,804
Miguel Ángel Prado**	0
Spyridon Martinis**	61,804
NON-EXECUTIVE DIRECTORS
Antonio Mexia*	0
Vera Pinto*	0
Manuel Menéndez Menéndez	45,000
António Nogueira Leite	60,000
Acácio Jaime Liberado Mota Piloto	80,000
Allan J.Katz	45,000
Francisca Guedes de Oliveira	60,000
Francisco Seixas da Costa	55,000
Conceiçao Lucas	55,000
Alejandro Fernández de Araoz Gómez-Acebo	45,000
TOTAL	568,608

*António Mexia, João Manso Neto, Vera Pinto and Rui Teixeira do not receive any remuneration from EDPR. EDPR and EDP signed an Executive Management Services Agreement according to which EDPR pays to EDP a fee for the services rendered by these Board Members.

**Duarte Bello, Miguel Ángel Prado and Spyridon Martinis, as Officers and members of the Executive Committee, and for the relevant period of 2020 corresponding to each of them, received their remuneration as Directors as described on the table above and as other Group co mpanies’ employees, as described on the table below. According to the Executive Management Services Agreement signed with EDP, EDPR is due to pay an amount to EDP, for the services rendered by the Executive Managers and the Non-Executive Managers. The amount due under said Agreement for the management services rendered by in 2020 is EUR 1,094,560, of which EUR 959,560 refers to the management services rendered by the Executive Members and EUR 135,000 to the management services rendered by the Non-Executive Members.

The retirement savings plan for the members of the Executive Committee, excluding the Officers, acts as an effective retirement supplement and corresponds to 5% of their annual salary. The Non-Executive Directors may opt between a fixed remuneration or attendance fees per meeting, in a value equivalent to the fixed remuneration proposed for a Director, taking into consideration the duties carried out.

160 ANNUAL REPORT EDPR 2020

78. Remuneration from other Group Companies

The total remuneration of the Officers during the relevant 2020 period corresponding to each of them, ex-CEO, was the following:

OFFICER	PAYER	FIXED	VARIABLE ANNUAL	VARIABLE MULTI- ANNUAL	VARIABLE PLURI- ANNUAL	TOTAL
Duarte Bello	EDP Energías de Portugal, S.A. Sucursal en España	228.196 €	145,000 €	37.500 €		410.696 €
Miguel Ángel Prado	EDPR North America LLC	466,897$	162.328$	237.908$	45.725$	912.858$
Spyridon Martinis	EDP Energías de Portugal S.A. Sucursal en España	228.196 €	145,000 €	0		373.196 €

*All the amounts are in EUR, except Miguel Ángel Prado ones, which are in USD. Likewise, in application of the deferral policy, in 2020 an amount of 84.443€ was paid to Miguel Amaro (former Executive CFO of the company), for the services rendered in 2016-2017.

79. Remuneration paid in form of profit sharing and/or bonus payments

In EDPR there is no payment of remuneration in the form of profit sharing and/or bonus payments and the reasons for said bonuses or profit sharing being awarded.

80. Compensation For Resigned Board Members

In EDPR there is no compensation paid or owed to former executive Directors concerning contract termination during the financial year.

81. Audit, Control And Related Part Transactions Committee Remuneration

POSITION	COMMITEE MEMBER	REMUNERATION
Chairman	Acacio Piloto	80,000 €
Vocal	Antonio Nogueira Leite	60,000 €
Vocal	Francisca Guedes de Oliveira	60,000 €

*The Non-Executive Directors receive only a fixed remuneration, which is calculated based on their work exclusively as Directors or with their membership on the Nominations and Remunerations Committee, or the Audit, Control and Related Party Transactions Control Committee.

82. Remuneration Of The Chairperson Of The General Shareholders’ Meeting

In 2020, the remuneration of the Chairman of the General Shareholders’ Meeting of EDPR was EUR 15,000.

V. Agreements with remuneration implication

83-84.

EDPR has no agreements with remuneration implication. For avoidance of doubt, the Company has not adopted any mechanism that imply payments or assumption of fees in the case of change in the composition of the managing body (Board of Directors), and which could be likely to harm the free transferability of shares and a shareholder assessment of the performance of the members of this managing body.

VI. Share-allocation and/or Stock Option Plans

85-88.

EDPR does not have any Share-Allocation and/or Stock Option Plans.

161 ANNUAL REPORT EDPR 2020

E. Related-Party transactions

I. Control Mechanisms and Procedures

89. Related-Party Transactions Controlling Mechanisms

A Framework Agreement was signed in 2008 in order to regulate the Related Party Transactions (understanding as such those relationships performed between companies of EDP Group and those of EDPR Group), stating that in compliance with the transparency purp oses for future investors, such shall continue to be developed in line with the market prices, in an arm’s length basis, and following certain predefined principles and rules (considering criteria as parties involved, scope and amount).

162 ANNUAL REPORT EDPR 2020# In order to supervise the transactions between the Group Companies and its qualified shareholders, the Board of Directors has created the Audit, Control and Related Party Transactions Committee, a permanent body with delegated functions.

Without prejudice to other duties that the Board may assign to this committee, it shall perform supervisory functions of Audit and Control independently from the Board of Directors, as well as, supervisory functions of the transactions between Related Parties including their compliance with the principles of the Framework Agreement. The detail of the duties of this committee is included in topic 29 of this Chapter 5 of the Annual Report. Under its Audit and Control competences, it also supervises the transactions with qualified shareholders when requested by the Board of Directors according to Article 8.A), i) of its Regulations. This information is included on the annual report of the Audit, Control and Related Party Transactions Committee.

In light of all the above, and in accordance to the Governance Model detailed in topic 15 of this Chapter 5 of the Annual Report, EDPR has implemented an structure for the evaluation of Related Party Transactions, that involves its Executive Committee (which as the body in charge of the daily activity of Company, will first discuss the commercial and legal viability of the operations) and the Audit Control and Related Party Transactions Committee which, as referred above, analyzes the compliance of each Related Part Transaction with the Framework Agreement and reports them to the Board of Directors, which finally approves the Related Party Transactions.

It should be noted that in accordance with article 13.3 of the Regulations of the Audit, Control and Related Party Transactions Committee, the resolutions adopted by this committee are reported to the Board of Directors at the first Board meeting held following the meeting of the committee in which such proposals were discussed. That means that in case there are Related Party Transactions, they are reported to the Board of Directors at least every quarter (maximum period elapsed between Board of Directors Meeting in accordance with Article 22 of its Regulations).

90. Transactions subject to control during 2020

During 2020, EDPR has not signed any contracts with the members of its corporate bodies or with holders of qualifying holdings, excluding EDP, as mentioned below. The contracts signed between EDPR and its related parties have been analyzed by the Related Party Transactions Committee according to its competences, as mentioned on the previous topic, and have been concluded according to the market conditions.

The total amount of supplies and services in 2020 incurred with or charged by the EDP Group was EUR 30.379.196 corresponding to 9.98% of the total value of Supplies & Services for the year (EUR 304,436,934).

The most significant contracts in force during 2020 are the following:

FRAMEWORK AGREEMENT

The framework agreement was signed by EDP and EDPR on May 7 th 2008 and came into effect when the latter was admitted to trading. The purpose of the framework agreement is to set out the principles and rules governing the legal and business relations existing when it came into effect and those entered into subsequently.

The framework agreement establishes that neither EDP nor the EDP Group companies other than EDPR and its subsidiaries can engage in activities in the field of renewable energies without the consent of EDPR. EDPR shall have worldwide exclusivity, with the exception of Brazil, where it shall engage its activities through a joint venture with EDP Energias do Brasil S.A., for the development, construction, operation, and maintenance of facilities or activities related to wind, solar, wave and/or tidal power, and other renewable energy generation technologies that may be developed in the future. Nonetheless, the agreement excludes technologies being developed in hydroelectric power, biomass, cogeneration, and waste in Portugal and Spain.

It lays down the obligation to provide EDP with any information that it may request from EDPR to fulfil its legal obligations and prepare the EDP Group’s conso lidated accounts. The framework agreement shall remain in effect for as long as EDP directly or indirectly owns more than 50% of the share capital of EDPR or appoints more than 50% of its Directors.

MANAGEMENT SERVICES AGREEMENT

On November 4 th , 2008 EDP and EDPR signed a Management Services Agreement that has been amended during the last years in accordance of the variations in the services rendered by EDP to the Company. Through this contract, EDP provides management services to EDP Renováveis, including matters related to the day-to- day running of the Company.

As of 31 December 2020, under this agreement EDP renders management services corresponding to four people from EDP which are part of EDPR’s Management:
(i) two Executive Managers which are members of the EDPR Executive Committee and CEO, and
(ii) two Non-Executive Managers, for which EDP Renováveis pays EDP an amount defined by the Related Party Committee, and approved by the Board of Directors and the Shareholders Meeting.

Under this contract, EDPR incurred an amount of EUR 1,094,560 for the management services rendered in 2020.

FINANCE AGREEMENTS AND GUARANTEES

The most significant finance agreements between EDP Group companies and EDPR Group companies were established under the above-described Framework Agreement and currently include the following:

LOAN AGREEMENTS

EDPR and EDPR Servicios Financieros SA (as the borrower) have loan agreements with EDP Finance BV and EDP Servicios Financieros España (as the lender), companies 100% owned by EDP Energias de Portugal S.A. Such loan agreements can be established both in EUR and USD, up to 10- year tenor and are remunerated at rates set at an arm’s length basis.

As of December 31 st 2020, such loan agreements totalled USD 3,438,967,282.26 and EUR 444,587,000.

CURRENT ACCOUNT AGREEMENT

EDPR Servicios Financieros (EDPR SF) and EDP Servicios Financieros España (EDP SFE) signed an agreement through which EDP SFE manages EDPR SF’s cash accounts. The agreement also regulates the current account (cc) scheme on arm’s length basis.

As of December 31 st 2020, there are two different current accounts with the following balance and counterparties:

• in USD, for a total amount of USD 191,094,741.78 in favour of EDPR SF;
• in EUR, for a total amount of 58,273,603.27 in favour of EDPR SF.

The agreements in place are valid for one year as of date of signing and are automatically renewed for equal periods.

COUNTER-GUARANTEE AGREEMENT

A counter-guarantee agreement was signed, under which EDP or EDP Energias de Portugal S.A., Sucursal en España (hereinafter guarantor or EDP Sucursal) undertakes on behalf of EDPR, EDP Renewables Europe SLU (hereinafter EDPR EU), and EDP Renewables North America LLC (hereinafter EDPR NA) to provide corporate guarantees or request the issue of any guarantees, on the terms and conditions requested by the subsidiaries, which have been approved on a case by case basis by the EDP’s Executive Board. EDPR will be jointly liable for compliance by EDPR EU and EDPR NA. The subsidiaries of EDPR undertake to indemnify the guarantor for any losses or liabilities resulting from the guarantees provided under the agreement and to pay a fee established in arm’s length basis.

Nonetheless, certain guarantees issued prior to the date of approval of these agreements may have different conditions. As of December 31 st 2020, such counter-guarantee agreements totalled EUR 269.368.743,30 and USD 356.075.000.

A counter-guarantee agreement was signed between EDPR Group and EDP España, under which, EDPR group can request the issue of any guarantee, on the terms and conditions requested by the subsidiaries of EDPR. EDPR group undertake to indemnify the guarantor for any losses or liabilities resulting from the guarantees provided under this agreement and to pay a fee establ ished in arm’s length basis. As of December 31 st 2020, the amount of guarantees issued under this agreement totalled EUR 66.013.905,70 .

CROSS CURRENCY INTEREST RATE SWAPS

Due to the net investments in EDPR NA, EDPR Canada, EDPR Brazil, in United Kingdom, in Poland, and in Colombian companies, EDPR’s accounts were exposed to the foreign exchange risk. With the purpose of hedging this foreign exchange risk, EDPR Group companies settled the following Cross Currency Interest Rate Swap (CIRS).

As of December 31 st 2020 the total amount of CIRS by geography and currency are as following

• in USD/EUR, with EDP Energias de Portugal SA for a total amount of USD 1,778,815,770.00
• in CAD/EUR, with EDP Energias de Portugal SA for a total amount of CAD 149,650,000
• in BRL/EUR, with EDP Energias de Portugal SA for a total amount of BRL 122,500,000
• in GBP/EUR, with EDP Energias de Portugal SA for a total amount of GBP 43,400,000
• in PLN/EUR, with EDP Energias de Portugal SA for a total amount of PLN 986,113,009.10
• in COP/EUR with EDP Energias de Portugal SA for a total amount of COP 37,326,000,000.00

HEDGE AGREEMENTS – EXCHANGE RATE

EDPR Group companies entered into several hedge agreements with EDP Energias de Portugal S.A., with the purpose of managing the transactional exposure related to the short term or transitory positions, in Colombian, Polish and United Kingdom subsidiaries, fixing the exchange rate for USD/EUR, EUR/PLN and GBP/EUR in accordance to the prices in the forward market in each contract date.As of December 31st, 2020, the total amount of Forwards and Non Delivery Forwards by geography and currency are as follows:
* Colombian operations, for USD/EUR a total amount of EUR 66,808,023.14 (FWDs)
* Polish operations, for EUR/PLN, a total amount of PLN 1,624,881,824.00 (FWDs+NDFs)
* United Kingdom operations, for GBP/EUR a total amount of EUR 2,537,972.64 (FWDs)

HEDGE AGREEMENTS – COMMODITIES
EDP and EDPR EU entered into hedge agreements for 2020 for a total volume of 2,310,192 MWh (sell position) and 566,005 MW (buy position) at the forward market price at the time of execution related with the expected sales of energy in the Spanish market.

165 CONSULTANCY SERVICE AGREEMENT
On June 4th, 2008, EDP and EDPR signed a consultancy service agreement. Through this agreement, and upon request by EDPR, EDP (or through EDP Sucursal) shall provide consultancy services in the areas of legal services, internal control systems, financial reporting, taxation, sustainability, regulation and competition, risk management, human resources, information technology, brand and communication, energy planning, accounting and consolidation, corporate marketing, and organisational development. The price of the agreement is calculated as the cost incurred by EDP plus a margin. For the first year, it was fixed at 8% based on an independent expert on the basis of market research. For 2020 the estimated cost of these services is EUR 6,545,289. This was the total cost of services provided for EDPR, EDPR EU, and EDPR NA. The duration of the agreement is one (1) year tacitly renewable for equal periods.

RESEARCH AND DEVELOPMENT AGREEMENT
On May 13th, 2008, EDP Inovação S.A. (hereinafter EDP Inovação), an EDP Group Company, and EDPR signed an agreement regulating relations between the two companies regarding projects in the field of renewable energies (hereinafter the R&D Agreement). The object of the R&D Agreement is to prevent conflicts of interest and foster the exchange of knowledge between companies and the establishment of legal and business relationships. The agreement forbids EDP Group companies other than EDP Inovação to undertake or invest in companies that undertake the renewable energy projects described in the agreement. The R&D Agreement establishes an exclusive right on the part of EDP Inovação to project and develop new renewable energy technologies that are already in the pilot or economic and/or commercial feasibility study phase, whenever EDPR exercises its option to undertake them. The fee corresponding to this agreement in 2020 is EUR 260,567. The agreement shall remain in effect for as long as EDP directly or indirectly maintains control of more than 50% of both companies or appoint the majority of the members of the Board and Executive Committee of the parties to the agreement.

MANAGEMENT SUPPORT SERVICES AGREEMENT BETWEEN EDP RENOVÁVEIS PORTUGAL S.A., AND EDP GLOBAL SOLUTIONS - GESTÃO INTEGRADA DE SERVIÇOS S.A.
On January 1st, 2003, EDPR – Promoção e Operação S.A., and EDP Global Solutions - Gestão Integrada De Serviços S.A. (hereinafter EDP Global Solutions), an EDP Group Company, signed a management support service agreement. The object of the agreement is the provision to EDPR – Promoção e Operação S.A. by EDP Global Solutions of services in the areas of procurement, economic and financial management, fleet management, property management and maintenance, insurance, occupational health and safety, and human resource management and training. The remuneration accrued by EDP Global Solutions by EDPR Promoção e Operação S.A. and its subsidiaries for the services provided in 2020 totalled EUR 1,707,898. The initial duration of the agreement was five (5) years from date of signing on January 1st, 2008, and tacitly renewable for equal periods of one (1) year. Either party may renounce the contract with one (1) year’s notice.

INFORMATION TECHNOLOGY MANAGEMENT SERVICES AGREEMENT BETWEEN EDP RENOVÁVEIS S.A. AND EDP ENERGIAS DE PORTUGAL S.A.
On January 1st, 2010, EDPR and EDP signed an IT management services agreement. The object of the agreement is to provide to EDPR the information technology services described on the contract and its attachments by EDP. The amount incurred for the services provided in 2020 totalled EUR 3,723,820.

166 ANNUAL REPORT EDPR 2020
The initial duration of the agreement is one (1) year from date of signing and it is tacitly renewed for a new period of one (1) year. Either party may renounce the contract with one (1) month notice.

CONSULTANCY AGREEMENT BETWEEN EDP RENOVÁVEIS BRASIL S.A., AND EDP ENERGIAS DO BRASIL S.A.
The object of the agreement is to provide to EDP Renováveis Brasil S.A. (hereinafter EDPR Brasil) the consultancy services described on the contract and its attachments by EDP – Energias do Brasil S.A. (hereinafter EDP Brasil). Through this agreement, and upon request by EDPR Brasil, EDP Brasil shall provide consultancy services in the areas of legal services, internal control systems, financial reporting, taxation, sustainability, regulation and competition, risk management, human resources, information technology, brand and communication, energy planning, accounting and consolidation, corporate marketing, and organisational development. The amount incurred by EDP Brasil for the services provided in 2020 totalled BRL 219,237. The initial duration of the agreement is one (1) year from the date of signing and it is tacitly renewed for a new period of one (1) year.

1. Description of the procedures applicable to the supervisory body for the assessment of the business deals
   The most significant contracts signed between EDPR and its Qualified Shareholders are analyzed by the Audit, Control and Related-Party Transactions Committee according to its competences, as mentioned on topic 89 of the Chapter 5 of this Annual Report.

II. Data on business deals
92. Details of the place where the financial statements including information on business dealings with related parties are available, in accordance with IAS 24, or alternatively a copy of said data.
The information on business dealings with related parties is available on Note 39 of the Financial Statements.

167 PART II – CORPORATE GOVERNANCE ASSESSMENT
I. Details of the Corporate Governance code implemented
Following the protocol signed between the CMVM and the Portuguese Institute of Corporate Governance (IPCG) on October 13th, 2017, the CMVM revoked its Corporate Governance Code (2013), which was replaced by a single applicable code, the new Corporate Governance Code of the IPCG, which entered into force on January 1st, 2018, and that was reviewed in 2020. For the purposes of the proper preparation of corporate governance reports for the year beginning in 2020, and to be reported in 2021, they should continue to be prepared in accordance with the structure of contents referred the annex to CMVM Regulation No. 4/2013 available at the CMVM website. The report template is divided into two parts:
* Part I - mandatory information on shareholder structure, organisation and governance of the company. This information shall be referred within points 1 to 92 of this Corporate Governance Report in accordance with the structure included in that Annex.
* Part II - Corporate governance assessment: should include a declaration in which they must: (i) identify the applicable code, (ii) state whether or not they adhere to each of the recommendations of this code and, (iii) with respect to recommendations that do not follow, explain reasonably why.

The agreement between CMVM and IPCG on the new Corporate Governance Code may be found on the Protocol signed on October 13th, 2017, which is available at the website of CMVM. Likewise, the reviewed version Corporate Governance Code of the IPCG is published on the website of IPCG and of the Monitoring Committees.

II. Analysis of Compliance with the Corporate Governance code implemented
The following table shows the recommendations set forth in the Corporate Governance Code of the IPCG and indicates EDPR’s compliance with it and the place in this report in which they are described in more detail. Also in order to comply with the best Corporate Governance recommendations, and according to the results of the reflection made by the Nominations and Remunerations Committee, the governance model that was adopted has been ensuring an effective performance and articulation of EDPR Governing Bodies and proved to be adequate to the Company’s governance structure without any constraints to the performance of its checks and balances system adopted to justify the changes made in the governance practices of EDPR. The explanation of the Corporate Governance Code of the IPCG recommendations that EDPR does not adopt or that the Company deems not applicable, reasoning and other relevant comments as well as reference to the part of the report where the description may be found, are in the table below. In this context, EDPR states that it has adopted the Corporate Governance recommendations on the governance of listed companies provided in the Corporate Governance Code of the IPCG, with the exceptions indicated in the following table.

168 ANNUAL REPORT EDPR 2020

CORPORATE GOVERNANCE RECOMMENDATIONS - STATEMENT OF COMPLIANCE

CHAPTER I - GENERAL PROVISIONS

1.1. COMPANY’S RELATIONSHIP WITH INVESTORS AND DISCLOSURE
I.1.1 The Company should establish mechanisms to ensure the timely disclosure of information to its governing bodies, shareholders, investors and other stakeholders, financial analysts, and to the markets in general.	ADOPTED	Section B - II, a) Topic 15 (Page 161); Section C-IV Topic 56, Section C-V, 59 – 65 (Pages 200 - 202)
1.2. DIVERSITY IN THE COMPOSITION AND FUNCTIONING OF THE COMPANY’S GOVERNING BODIES
I.2.1 Companies should establish standards and requirements regarding the profile of new members of their governing bodies, which are suitable according to the roles to be carried out.

I.2.2 The company’s managing and supervisory boards, as well as their committees, should have internal regulations — namely regulating the performance of their duties, their Chairmanship, periodicity of meetings, their functioning and the duties of their members — , disclosed in full on the company’s website. Minutes of the meetings of each of these bodies should be drawn out.

ADOPTED Section B-II, a) Topic 15 (Page 161); 169

I.2.3 The composition and the number of annual meetings of the managing and supervisory bodies, as well as of their committees, should be disclosed on the company’s website

ADOPTED Section B-II, a) Topic 15 (Page 161, 162); Section C-V, Topics 59 – 65 (Page 201)

I.2.4 A policy for the communication of irregularities (whistleblowing) should be adopted that guarantees the suitable means of communication and treatment of those irregularities, with the safeguarding of the confidentiality of the information transmitted and the identity of its provider, whenever such confidentiality is requested.

ADOPTED Section C-II, Topic 49 (Page 180)

1.3. RELATIONSHIPS BETWEEN THE COMPANY BODIES

I.3.1 The bylaws, or other equivalent means adopted by the company, should establish mechanisms that, within the limits of applicable laws, permanently ensure the members of the managing and supervisory boards are provided with access to all the information and company’s collaborators, in order to appraise the performance, current situation and perspectives for further developments of the company, namely including minutes, documents supporting decisions that have been taken, calls for meetings, and the archive of the meetings of the managing board, without impairing the access to any other documents or people that may be requested for information.

ADOPTED Section B-II, a) Topic 15 (Page 161)

I.3.2 Each of the company’s boards and committees should ensure the timely and suitable flow of information, especially regarding the respective calls for meetings and minutes, necessary for the exercise of the competences, determined by law and the bylaws, of each of the remaining boards and committees.

ADOPTED Section B-II, a) Topic 15 (Page 161); Section B-II, c) Topic 29 (Pages 170, 172 and 174)

170 ANNUAL REPORT EDPR 2020

1.4 CONFLICTS OF INTEREST

I.4.1 The members of the managing and supervisory boards and the internal committees are bounded, by internal regulation or equivalent, to inform the respective board or committee whenever there are facts that may constitute or give rise to a conflict between their interests and the company’s interest.

ADOPTED Section B-II, a) Topic 18 (Page 164)

I.4.2 Procedures should be adopted to guarantee that the member in conflict does not interfere in the decision- making process, without prejudice to the duty to provide information and other clarifications that the board, the committee or their respective members may request.

ADOPTED Section B-II, a) Topic 18 (Page 164)

1.5. RELATED PARTY TRANSACTIONS

I.5.1 The managing body should disclose in the corporate governance report or by other means publicly available the internal procedure for verifying transactions with related parties.

ADOPTED Section E-I, Topic 89 (Page 209)

I.5.2 The managing body should report to the supervisory body the results of the internal procedure for verifying transactions with related parties, including the transactions under analysis, at least every six months.

ADOPTED Section E-I, Topic 89 (Page 209)

171 CHAPTER II – SHAREHOLDERS AND GENERAL MEETINGS

II.1 The company should not set an excessively high number of shares to confer voting rights, and it should make its choice clear in the corporate governance report every time its choice entails a diversion from the general rule: that each share has a corresponding vote.

NOT APPLICABLE Section B-I, b) Topics 12 and 13 (Page 159)

II.2 The company should not adopt mechanisms that make decision making by its shareholders (resolutions) more difficult, specifically, by setting a quorum higher than that established by law.

ADOPTED Please note EDPR’s personal law is the Spanish one, and as such, the majorities and quorums applicable for the Shareholders’ Meeting resolutions are not the ones set under Portuguese Law, but those established under the Spanish one, with which is completely aligned. Section B-I, b) Topic 14 (Pages 160, 161)

II.3. The company should implement adequate means for the remote participation by shareholders in the general meeting, which should be proportionate to its size.

NOT ADOPTED EDPR has deeply analyzed the needs and priorities of its shareholders worldwide, and therefore, since 2009, it is provided the possibility of fulfilling all the requirements necessary to validly exercise their right to vote by distance means (registry of intention to attend, submission of the certificate of titularity of shares, granting of representation proxies, and properly voting). The efficiency and interest of our shareholders in these initiatives has been clearly proved, as nearly almost all of the participation is exercised by these means. In the same way, EDPR has also reviewed the track record of participation in the Sh areholders’ Meeting the day of its celebration (when generally all the votes are submitted beforehand by distance voting), the shareholding structure of the Company, and its shareholders’ profiles; concluding that the implementation of a streaming system to digitally participate will imply a material cost where the demonstrated preferences of almost all EDPR shareholders is to submit their votes by distance means. Hence, EDPR considers for the time being not so recommendable to follow his initiative. Section B-I, b) Topic 13 (Pages 159, 160)

II.4. The company should also implement adequate means for the exercise of remote voting, including by correspondence and electronic means.

ADOPTED Section B-I, b) Topic 13 (Pages 159, 160)

172 ANNUAL REPORT EDPR 2020

II.5. The bylaws, which specify the limitation of the number of votes that can be held or exercised by a sole shareholder, individually or in coordination with other shareholders, should equally provide that, at least every 5 years, the amendment or maintenance of this rule will be subject to a shareholder resolution — without increased quorum in comparison to the legally established — and in that resolution, all votes cast will be counted without observation of the imposed limits.

NOT APPLICABLE Section A-I, Topic 5 (Page 155); Section B-I, b) Topic 12 (Page 159)

II.6. The company should not adopt mechanisms that imply payments or assumption of fees in the case of the transfer of control or the change in the composition of the managing body, and which are likely to harm the free transferability of shares and a shareholder assessment of the performance of the members of the managing body.

ADOPTED Section A-I, Topic 4 (Page 155); Section D - IV, Topic 80 (Page 207); and Section D - V, Topics 83- 84 (Page 207)

CHAPTER III – NON-EXECUTIVE MANAGEMENT, MONITORING AND SUPERVISION

III.I Without prejudice to the legal powers of the chair of the managing body, if he or she is not independent, the independent directors should appoint a coordinator from amongst them, namely, to: (i) act, when necessary, as an interlocutor near the chair of the board of directors and other directors, (ii) make sure there are the necessary conditions and means to carry out their functions; and (iii) coordinate the independent directors in the assessment of the performance of the managing body, as established in recommendation V.1.1.

ADOPTED Section B-II, a) Topic 18 (Page 165).

173

III.2 The number of non- executive members in the managing body, as well as the number of members of the supervisory body and the number of the members of the committee for financial matters should be suitable for the size of the company and the complexity of the risks intrinsic to its activity, but sufficient to ensure, with efficiency, the duties which they have been attributed. The formation of such suitability judgment should be included in the corporate governance report.

ADOPTED Section B-II, a) Topic 18 (Pages 164 and 165)

III.3 In any case, the number of non-executive directors should be higher than the number of executive directors.

ADOPTED Section B-II, a) Topic 18 (Page 164 and 165)

III.4 Each company should include a number of non- executive directors that corresponds to no less than one third, but always plural, who satisfy the legal requirements of independence. For the purposes of this recommendation, an independent person is one who is not associated with any specific group of interest of the company, nor under any circumstance likely to affect his/her impartiality of analysis or decision, namely due to: i. having carried out functions in any of the company’s bodies for more than twelve years, either on a consecutive or nonconsecutive basis; ii. having been a prior staff member of the company or of a company which is considered to be in a controlling or group relationship with the company in the last three years; iii. having, in the last three years, provided services or established a significant business relationship with the company or a company which is considered to be in a controlling or group relationship, either directly

ADOPTED The independence criteria applicable to EDPR are those stablished under its personal law (Spanish law). Section B-II, a) Topic 18 (Pages 164 and 165)

174 ANNUAL REPORT EDPR 2020

or as a shareholder, director, manager or officer of the legal person; iv.# CHAPTER IV – EXECUTIVE MANAGEMENT

IV.I

The managing body should approve, by internal regulation or equivalent, the rules regarding the action of the executive directors applicable to their performance of executive functions in entities outside of the group. ADOPTED Section B-II, b) Topic 26 (Page 168)

IV.2

The managing body should ensure that the company acts consistently with its objects and does not delegate powers, namely, in what regards:
i. the definition of the strategy and main policies of the company;
ii. the organisation and coordination of the business structure;
iii. matters that should be considered strategic in virtue of the amounts involved, the risk, or special characteristics. ADOPTED Section A -II, Topic 9 (Page 158)

IV.3

In the annual report, the managing body explains in what terms the strategy and the main policies defined seek to ensure the long-term success of the company and which are the main contributions resulting therein for the community at large. ADOPTED Chapter 1.1.6 Sustainability Roadmap of the Management Report – Pages 18 and 19

CHAPTER V – EVALUATION OF PERFORMANCE, REMUNERATION AND APPOINTMENT

V.1 EVALUATION OF PERFORMANCE

V.I.I

The managing body should annually evaluate its performance as well as the performance of its committees and executive directors, taking into account the accomplishment of the company’s strategic plans and budget plans, the risk management, the internal functioning and the contribution of each member of the body to these objectives, as well as the relationship with the company’s other bodies and committees. ADOPTED Section A -II, Topic 9 (Page 158); Section B-II b), Topic 24 (Page 168); Section D – I Topic 66 (Page 202); Section D – III, Topic 71 (Page 204)

V.2 Remuneration

V.2.I

The company should create a remuneration committee, the composition of which should ensure its independence from the management, which may be the remuneration committee appointed under the terms of article 399 of the Commercial Companies Code. ADOPTED Section B - II, c) Topic 27 (Page 169); Section B- II, Topic 29 (Page 173); Section D - I, Topic 66 (Page 202)

V.2.2

The remuneration should be set by the remuneration committee or the general meeting, on a proposal from that committee. ADOPTED Section D – I, Topic 66 (Page 202); Section D – III, Topic 69 (Pages 202, 203)

V.2.3

For each term of office, the remuneration committee or the general meeting, on a proposal from that committee, should also approve the maximum amount of all compensations payable to any member of a board or committee of the company due to the respective termination of office. The said situation as well as the amounts should be disclosed in the corporate governance report or in the remuneration report. ADOPTED Section D – IV, Topic 80 (Page 207)

V.2.4

In order to provide information or clarifications to shareholders, the chair or, in case of his/her impediment, another member of the remuneration committee should be present at the annual general meeting, as well as at any other, whenever the respective agenda includes a matter linked with the remuneration of the members of the company’s boards and committees or, if such presence has been requested by the shareholders. ADOPTED Section B-I, a) Topic 11 (Page 159); Section B-II, a) Topic 29 (Page 174)

V.2.5

Within the company’s budgetary limitations, the remuneration committee should be able to decide, freely, on the hiring, by the company, of necessary or convenient consulting services to carry out the committee’s duties. ADOPTED Section D – II Topics 67 (Page 202)

V.2.6

The remuneration committee should ensure that those services are provided independently and that the respective providers do not provide other services to the company, or to others in controlling or group relationship, without the express authorization of the committee. ADOPTED Section D – II Topics 67 (Page 202)

V.2.7

Taking into account the alignment of interests between the company and the executive directors, a part of their remuneration should be of a variable nature, reflecting the sustained performance of the company, and not stimulating the assumption of excessive risks. ADOPTED Section D – III, Topics 70 -72 (Pages 203 - 205)

V.2.8

A significant part of the variable component should be partially deferred in time, for a period of no less than three years, being necessarily connected to the confirmation of the sustainability of the performance, in the terms defined by a company’s internal regulation. ADOPTED Section D – III, Topic 72 (Page 205)

V.2.9

When variable remuneration includes the allocation of options or other instruments directly or indirectly dependent on the value of shares, the start of the exercise period should be deferred in time for a period of no less than three years. NOT APPLICABLE Section D – III, Topics 73 and 74 (Page 205)

V.2.10

The remuneration of non- executive directors should not include components dependent on the performance of the company or on its value. ADOPTED Section D – III, Topic 69 (Page 203); Section D – IV, 77 (Page 206)

V.3 Appointments

V.3.I

The company should, in terms that it considers suitable, but in a demonstrable form, promote that proposals for the appointment of the members of the company’s governing bodies are accompanied by a justification in regard to the suitability of the profile, the skills and the curriculum vitae to the duties to be carried out. ADOPTED Section B-II, a) Topics 16, 17 (Pages 162, 163)

V.3.2

The overview and support to the appointment of members of senior management should be attributed to a nomination committee unless this is not justified by the company’s size. ADOPTED Section B- II,c) Topic 29 (Page 174)

V.3.3

This nomination committee includes a majority of non- executive, independent members. ADOPTED Section B- II, c) Topic 29 (Page 173)

V.3.4

The nomination committee should make its terms of reference available, and should foster, to the extent of its powers, transparent selection processes that include effective mechanisms of identification of potential candidates, and that those chosen for proposal are those who present a higher degree of merit, who are best suited to the demands of the functions to be carried out, and who will best promote, within the organisation, a suitable diversity, including gender diversity. ADOPTED Section B-II, a) Topics 16, 17 (Pages 162, 163)

CHAPTER VI – INTERNAL CONTROL

VI.I

The managing body should debate and approve the Company’s strategic plan and risk policy, which should include the establishment of limits on risk-taking. ADOPTED . Section A -II, Topic 9 (Pages 157); Section C) - III, Topic 52 (Page 184)

VI.2

The supervisory board should be internally organised, implementing mechanisms and procedures of periodic control that seek to guarantee that risks which are effectively incurred by the company are consistent with the company’s objectives, as set by the managing body. ADOPTED Topic 35 (Page 176); Section C – II, Topic 52 (Pages 184)

VI.3

The internal control systems, comprising the functions of risk management, compliance, and internal audit should be structured in terms adequate to the size of the company and the complexity of the inherent risks of the company’s activity. The supervisory body should evaluate them and, within its competence to supervise the effectiveness of this system, propose adjustments where they are deemed to be necessary. ADOPTED Section B- II, c) Topic 29 (Page 171); Section B- III, Topic 30 (Page 175); Section C – III, Topics 50-55 (Pages 183-198)

VI.4

The supervisory body should provide its view on the work plans and resources allocated to the services of the internal control system, including the risk management, compliance and internal audit functions, and may propose the adjustments deemed to be necessary.# ADOPTED Section B- II, c) Topic 29 (Pages 171 - 173); Section B – III, b) Topic 35 (Page 176)

VI.5 The supervisory body should be the recipient of the reports prepared by the internal control services, including the risk management functions, compliance and internal audit, at least regarding matters related to the approval of accounts, the identification and resolution of conflicts of interest, and the detection of potential irregularities.

ADOPTED Section B- II, c) Topic 29 (Pages 171 - 173) Section B – III, b) Topic 35 (Page 176);

VI.6 Based on its risk policy, the company should establish a risk management function, identifying (i) the main risks it is subject to in carrying out its activity; (ii) the probability of occurrence of those risks and their respective impact; (iii) the devices and measures to adopt towards their mitigation; and (iv) the monitoring procedures, aiming at their accompaniment.

ADOPTED Section C) – III, Topics 52 - 55 (1854 - 198); Chapter 2 of this Annual Report (Pages 48-53)

VI.7 The company should establish procedures for the supervision, periodic evaluation, and adjustment of the internal control system, including an annual evaluation of the level of internal compliance and the performance of that system, as well as the perspectives for amendments of the risk structure previously defined.

ADOPTED Section C) -III, Topics 52, 54, 55 (Pages 184, 195 - 199)

181 CHAPTER VII – FINANCIAL INFORMATION

VII.1 Finantial information

VII.1.1 The supervisory body’s internal regulation should impose the obligation to supervise the suitability of the preparation process and the disclosure of financial information by the managing body, including suitable accounting policies, estimates, judgments, relevant disclosure and its consistent application between financial years, in a duly documented and communicated form.

ADOPTED Section B- II, Topic 29 (Pages 171, 172 and 173); Section B – III, b) Topic 35 (Page 176); Section C – III, Topic 55 (Pages 195 - 198)

VII.2 Statutory Auditor, Accounts and Supervision

VII.2.1 By internal regulations, the supervisory body should define, according to the applicable legal regime, the monitoring procedures aimed at ensuring the independence of the statutory audit.

ADOPTED Section B- II, c) Topic 29 (Page 171), Section B – III, c) Topics 37 and 38 (Page 177); Section B – IV-V, Topics 45, 46 and 47 (Pages 178 and 179)

VII.2.2 The supervisory body should be the main interlocutor of the statutory auditor in the company and the first recipient of the respective reports, having the powers, namely, to propose the respective remuneration and to ensure that adequate conditions for the provision of services are ensured within the company.

ADOPTED Sections B – II, c) Topic 29 (Page 171); Section B – V, Topics 45, 46 (Pages 178 and 179)

VII.2.3 The supervisory body should annually assess the services provided by the statutory auditor, their independence and their suitability in carrying out their functions, and propose their dismissal or the termination of their service contract by the competent body when this is justified for due cause.

ADOPTED Section B – II, c) Topic 29 (Pages 171 - 173); Section B – III a), Topic 30 (Page 175), Section B – III, c) Topics 37 and 38 (Page 177); Section B- IV- V, Topic 45 (Page 178)

182 ANNUAL REPORT EDPR 2020

Board of Directors

EDP Renováveis 2020 - CVs

António Mexia

Born: 1957

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES
* Chairman of the Board of Directors of EDP Renováveis, S.A.
* Chairman and CEO of the Executive Board of Directors of EDP – Energias de Portugal, S.A.
* Permanent Representative of EDP – Energias de Portugal, Sociedade Anónima, Sucursal en España, and Representative of EDP Finance BV
* Chairman of the Board of Directors of EDP – Energias do Brasil, S.A.
* Chairman of the Board of Directors of Fundação EDP

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP GROUP OF COMPANIES
* Sustainable Energy for All-Chairman

OTHER PREVIOUS POSITIONS
* Minister of Publi c Works, Transport and Communication for Portugal’s 16th Constitutional Government
* Chairman of the Portuguese Energy Association (APE)
* Executive Chairman of Galp Energia
* Chairman of the Board of Directors of Petrogal, Gás de Portugal, Transgás and Transgás-Atlântico
* Vice-Chairman of the Board of Directors of Galp Energia
* Director of Banco Espírito Santo de Investimentos
* Vice-Chairman of the Board of Directors of ICEP (Portuguese Institute for Foreign Trade)
* Assistant to the Secretary of State for Foreign Trade
* Assistant Lecturer in the Department of Economics at Université de Genève (Switzerland)

EDUCATION:
* BSc in Economics from Université de Genève (Switzerland)
* Postgraduate lecturer in European Studies at Universidade Católica

183

João Manso Neto

Born: 1958

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES
* Executive Vice-Chairman of the Board of Directors and Chairman of the Executive Committee (CEO) of EDP Renováveis, S.A.
* Chairman of the Board of Directors of EDP Renewables Europe, S.L.U., EDP Renováveis Brasil S.A., EDP Renováveis Servicios Financieros, S.A. and EDPR FS Offshore, S.A.
* Executive Director of EDP Energias de Portugal, S.A.
* Member of the Board of Directors of EDP España, S.A.U.
* Permanent Representative of EDP Energias de Portugal, S.A. Sucursal en España, and Representative of EDP Finance BV
* Chairman of the Board of Directors of EDP Gás.com Comércio de Gás Natural, S.A.

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP GROUP OF COMPANIES
* Member of the Board of the Operador del Mercado Ibérico de Energía, Polo Español (OMEL)
* Member of the Board of OMIP – Operador do Mercado Ibérico (Portugal), SGPS, S.A.
* Member of the Board of MIBGAS

MAIN POSITIONS IN THE LAST FIVE YEARS
* Member of the Executive Board of Directors of EDP Energias de Portugal, S.A.
* Chairman of EDP Gestão da Produção de Energia, S.A.
* CEO and Vice-Chairman of EDP España, S.A.U.
* Vice-Chairman of Naturgás Energia Grupo, S.A.
* Member of the Board of the Operador del Mercado Ibérico de Energía, Polo Español (OMEL)
* Member of the Board of OMIP – Operador del Mercado Ibérico (Portugal) SGPS, S.A.

OTHER PREVIOUS POSITIONS
* Head of the International Credit Division, and General Manager responsible for Financial and South Retail areas at Banco Português do Atlântico
* General Manager of Financial Management, General Manager of Large Corporate and Institutional Businesses, General Manager of the Treasury, Member of the Board of Directors of BCP Banco de Investimento and Vice- Chairman of BIG Bank Gdansk in Poland at Banco Comercial Português
* Member of the Board of Banco Português de Negócios
* General Manager and Member of the Board of EDP Produção

EDUCATION
* Degree in Economics from Instituto Superior de Economia
* Post-graduate degree in European Economics from Universidade Católica Portuguesa
* Program in Economics at the Faculty of Economics, Universidade Nova de Lisboa
* Advanced Management Program for Overseas Bankers at the Wharton School in Philadelphia

184 ANNUAL REPORT EDPR 2020

Rui Manuel Rodrigues Lopes Teixeira

Born: 1972

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES
* Member of the Board of Directors of EDP Renováveis, S.A.
* Member of the Executive Committee of EDP Renováveis, S.A.
* Member of the Board of Directors of EDP Energias de Portugal, S.A.
* CEO of EDP España, S.L.U.

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP GROUP OF COMPANIES
* (none)

MAIN POSITIONS IN THE LAST FIVE YEARS
* Member of the Board of Directors of EDP Renováveis, S.A.
* Member of the Executive Committee of EDP Renováveis, S.A.
* Member of the Board of Directors of EDP Energias de Portugal, S.A.
* CEO of EDP España, S.L.U.
* President of EDP Gestão de Produção de Energia, S.A.

OTHER PREVIOUS POSITIONS
* Consultant at McKinsey & Company, focusing on energy, shipping, and retail banking
* Project manager and ship surveyor for Det Norske Veritas
* Assistant director of the commercial naval department of Gellweiler – Sociedade Equipamentos Maritimos e Industriais, Lda

EDUCATION
* Graduate of Harvard Business School’s Advanced Management Program, AMP184
* Master in Business and Administration from the Universidade Nova de Lisboa
* Master degree in Naval Architecture and Marine Engineering from the Instituto Superior Técnico de Lisboa

185

Duarte Bello

Born: 1979

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES
* Chief Operating Officer of EDP Renováveis, S.A. for Europe and Brazil
* Member of the Board of Directors of EDP Renováveis, S.A.
* Member the Executive Committee of EDP Renováveis, S.A.

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP GROUP OF COMPANIES
* (none)

MAIN POSITIONS IN THE LAST FIVE YEARS
* Head of EDP Group M&A and Corporate Development
* Member of EDP Group Investment Committee

OTHER PREVIOUS POSITIONS
* Chief of Staff for EDP’s CEO
* Project Manager in EDP Group M&A and Corporate Development
* Financial Analyst at Schroder Salomon Smith Barney in London and Lisbon
* Financial analyst in Citigroup’s Investment Banking division in London

EDUCATION
* Business and Administration from Faculdade de Economia da Universidade Nova de Lisboa
* MBA from INSEAD (Singapore and France)

186 ANNUAL REPORT EDPR 2020

Miguel Ángel Prado

Born: 1975

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES
* Chief Operating Officer of EDP Renováveis, S.A. for North America and CEO EDP Renewables North America LLC
* Member of the Board of Directors of EDP Renováveis, S.A.
* Member of the Executive Committee of EDP Renováveis, S.A.
* Responsible for Corporate Procurement at EDP Renováveis, S.A.

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP GROUP OF COMPANIES
* (none)

MAIN POSITIONS IN THE LAST FIVE YEARS
* Head of Investments, Mergers and Acquisitions at EDP Renováveis, S.A.
* Leadership of the asset rotation strategy of EDP Renováveis, S.A.# ANNUAL REPORT EDPR 2020

Spryridon Martinis Spettel

Born: 1979

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES
* Chief Executive Officer of Ocean Winds
* Chief Operating Officer of EDP Renováveis, S.A. for Offshore and New Markets
* Chief Development Officer of EDP Renováveis, S.A.
* Member of the Board of Directors of EDP Renováveis, S.A.
* Member of the Executive Committee of EDP Renováveis, S.A.

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP GROUP OF COMPANIES
* (none)

MAIN POSITIONS IN THE LAST FIVE YEARS:
* Executive Business Initiatives Director, EDP Renováveis,S.A.
* Executive Operating Director – Europe, EDP Renováveis,S.A.
* Asset Management & Business Development Director – Europe, EDP Renováveis,S.A.
* Director of EDPR Polska, France and Belgium
* Business Development Director & Coordinator – Europe, EDP Renováveis,S.A.

OTHER PREVIOUS POSITIONS
* Head of Business Development, Eastern & Northern Europe, EDPR
* Project Finance specialist, Corporate Finance, Energy Division, BANKIA
* Business Development Coordinator, Gamesa

EDUCATION
* Executive Global Leadership Vanguard Program, Xynteo
* International Executive MBA, IE Business School
* Full time MBA, IEDE-Laureate University
* Postgraduate degree in Finance, CESMA
* University Degree in Economic & Business Sciences, Aristotle University

Vera Pinto Pereira

Born: 1974

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES
* Executive Board Member at EDP Energias de Portugal SA
* President of the Board at EDP Comercial
* President of the Board at EDP Soluções Comerciais
* Board Member at EDP España, S.A.U.
* Board Member at EDP Renováveis, S.A.
* Board Member at Fundação EDP

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP GROUP OF COMPANIES
* (none)

MAIN POSITIONS IN THE LAST FIVE YEARS
* Executive Vice President – Managing Director for Spain and Portugal at Fox Network Group
* Non-executive Board Member at Pulsa Media

OTHER PREVIOUS POSITIONS
* MEO TV Business Director – at Portugal Telecom (Altice)
* TV Service Director – at TV Cabo Portugal – PT Multimedia (NOS)
* Founding Partner of Innovagency Consulting
* Associate in Mercer Management Consulting

EDUCATION
* Master in Business Administration (M.B.A.), Fontainebleau – INSEAD
* Graduate & Post-Graduate Degrees in Economics – Universidade NOVA de Lisboa – NOVA School of Business and Economics

Manuel Menéndez Menéndez

Born: 1959

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES
* Member of the Board of Directors of EDP Renováveis, S.A.
* Chairman of the Board of Directors of EDP España, S.A.U.

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP GROUP OF COMPANIES
* CEO of Liberbank, S.A.

MAIN POSITIONS IN THE LAST FIVE YEARS
* Chairman and CEO of Liberbank, S.A.
* Chairman of Cajastur
* Chairman of EDP España, S.A.U.
* Chairman of Naturgás Energía Grupo, S.A.
* Member of the Board of Confederación Española de Cajas de Ahorro (CECA)
* Member of the Board of AELÉC

OTHER PREVIOUS POSITIONS
* Member of the Board of Directors of EDP Renewables Europe, S.L.U.
* University Professor in the Department of Business Administration and Accounting at the University of Oviedo

EDUCATION
* BSc in Economics and Business Administration from the University of Oviedo
* PhD in Economic Sciences from the University of Oviedo

António Nogueira Leite

Born: 1962

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES
* Member of the Board of Directors of EDP Renováveis, S.A.
* Chairman of the Nominations and Remunerations Committee of EDP Renováveis, S.A.
* Member of the Audit, Control and Related Party transactions Committee of EDP Renováveis, S.A.

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP GROUP OF COMPANIES
* Senior Board Advisor at Hipoges Iberia,S.A.
* Chairman of the Board, Embopar, SGPS, S.A.
* Chairman of the Board, Sociedade Ponto Verde, S.A.
* Vice- Chairman of “Fórum para a Competitividade”
* Chairman of the Board at Forum Oceano

MAIN POSITIONS IN THE LAST FIVE YEARS
* Director of Sagasta, STC,S.A.
* Member of the Advisory Committee at Incus Capital Advisors

OTHER PREVIOUS POSITIONS
* Vice-Chairman of the Executive Committee of Caixa Geral de Depósitos, S.A.
* Chairman of the Board at Caixa Banco de Investimento, S.A., Caixa Capital SCR SGPS, S.A., Caixa Leasing e Factoring, S.A. Partang, SGPS, S.A.
* Director, Group José de Mello (one of Portugal’s leading private groups)
* Director of Soporcel, S.A. (1997-1999)
* Director of Papercel SGPS, S.A. (1998-1999)
* Director of MC Corretagem, S.A. (1998-1999)
* Chairman of the Board, Lisbon Stock Exchange (1998-1999)
* Secretary of State for Treasury and Finance and Alternate Governor (IMF, EBRD, EIB, WB)
* Member of the Economic and Financial Committee of the European Union
* Advisor GE Capital (2001-2002)
* Director of Brisal, S.A.(2002-2011)
* Director of CUF, SGPS, S.A. (2002-2011)
* Director of CUF Quimicos, S.A.(2005-2011)
* Director of Efacec Capital, S.A.(2005-2011)
* Director of Jose de Mello Saúde, SGPS, S.A. (2005-2011)
* Director of Jose de Mello Investimentos, SGPS, S.A. (2010-2011)
* Chairman of the Board of Directors, OPEX, S.A. (2002-2011)

EDUCATION
* Degree, Universidade Católica Portuguesa, 1983
* Master of Science in Economics, University of Illinois at Urbana-Champaign
* PhD in Economics, University of Illinois at Urbana-Champaign

Acácio Piloto

Born: 1957

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES
* Member of the Board of Directors of EDP Renováveis, S.A.
* Chairman of the Audit, Control and Related-Party Transactions Committee of EDP Renováveis, S.A.

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP GROUP OF COMPANIES
* (none)

MAIN POSITIONS IN THE LAST FIVE YEARS
* Member of the Supervisory Board and Chairman of the Risk Committee of Caixa Económica Montepio Geral
* Member of the Nominations and Remunerations Committee of EDP Renováveis, S.A.
* Member of the Related-Party Transactions Committee of EDP Renováveis, S.A.

OTHER PREVIOUS POSITIONS
* International Division of Banco Pinto e Sotto Mayor
* International and Treasury Division of Banco Comercial Português
* Head of BCP International Corporate Banking
* Member of the Executive Committee of AF Investimentos SGPS and Chairman of the following group companies: AF Investimentos, Fundos Mobiliários; AF Investimentos, Fundos Imobiliários; BPA Gestão de Patrimónios; BCP Investimentos International; AF Investimentos International and Prime International
* Member of the BCP Investment Committee
* Executive Board Member of BCP – Banco de Investimento, in charge of Investment Banking
* Millennium BCP Group Treasurer and Head of Capital Markets
* Millennium BCP Chair of Group ALCO
* CEO of Millennium Gestão de Ativos SGFIM
* Chairman of Millennium SICAV
* Chairman of BII International
* Member of the Board of Directors and Member of the Audit Committee of INAPA IPG, S.A.

EDUCATION
* Law degree by the Law Faculty of Lisbon University
* During 1984 and 1985 he was a scholar from the Hanns Seidel Foundation, Munich where he obtained a Post-Graduation in Economic Law by Ludwig Maximilian University
* Post- Graduation in European Community Competition Law by Max Planck Institut
* Trainee at the International Division of Bayerische Hypoteken und Wechsel Bank
* Professional education courses, mostly in banking, financial and asset management, namely the International Banking School (Dublin, 1989), the Asset and Liability Management Seminar (Merrill Lynch International) and the INSEAD Executive Program (Fontainebleau)
* Nova SBE Executive Program on Corporate Governance and Leadership of Boards

Francisca Guedes de Oliveira

Born: 1973

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES
* Member of the Board of EDP Renováveis, S.A.
* Member of the Audit, Control and Related-Party Transactions Committee of EDP Renováveis, S.A.

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP GROUP OF COMPANIES
* Associate Dean at Católica Porto Business School (responsibility of Faculty Management) (until june 2020)
* Associate Dean for the Master Programmes at Católica Porto Business School (until June 2020)
* Assistant Professor at Católica Porto Business School
* Member of the Social and Economic Council
* President of the Tax Comitee of Unilabs Portugal

MAIN POSITIONS IN THE LAST FIVE YEARS
* Coordinator of the MSc programme in Business Economics at Católica Porto Business School
* Coordinator of the seminars in economics at the Master of Public Administration at Católica Porto Business School
* Coordinator of the PhD in Economics at the Universidade Católica de Moçambique
* Coordinator of the work group appointed by the Finance Minister dedicated to evaluate Tax Expenditures

OTHER PREVIOUS POSITIONS
* Assistant Professor at Católica Porto Business School
* Researcher at the National Statistics Institute

EDUCATION
* Executive programme at London School of Economics
* PhD in Economics at Nova School of Business and Economics
* Master in Economics at Faculdade de Economia da Universidade do Porto
* Undergraduate degree in Economics at Faculdade de Economia da Universidade do Porto
* PhD scholarship from Fundação para a Ciência e Tecnologia

Allan J.Katz

Born: 1947

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES
* Member of the Board of EDP Renováveis, S.A

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP GROUP OF COMPANIES
* Founder of the American Public Square
* Executive Committee Chair of the Academic and Corporate Board to ISCTE Business School in Lisbon Portugal
* Board Member# Board of Directors

Independent Directors

Thomas D. L. Hill

Born: 1944

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES
* Member of the Board of Directors of EDP Renováveis, S.A.
* Member of the Audit, Control and Related Party Transactions Committee of EDP Renováveis, S.A.

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP GROUP OF COMPANIES
* Member of the Board of Directors of the International Relation Council of Kansas City
* Board Member of the WW1 Commission Diplomatic Advisory Board
* Creator of Katz, Jacobs and Associates LLC (KJA)
* Frequent speaker and moderator on developments in Europe and on American Politics

MAIN POSITIONS IN THE LAST FIVE YEARS
* Ambassador of the United States of America to the Republic of Portugal
* Distinguished Professor at University of Missouri Kansas City

OTHER PREVIOUS POSITIONS
* National Director of the Public Policy practice group at the firm of Akerman Senterfitt
* Assistant Insurance Commissioner and Assistant State Treasurer for the State of Florida
* Legislative Counsel to Congressman Bill Gunter and David Obey
* General Counsel to the Commission on Administrative Review of the US House of Representatives
* Member of the Board of the Florida Municipal Energy Association
* President of the Brogan Museum of Art & Science in Tallahassee, Florida
* Board member of the Junior Museum of Natural History in Tallahassee, Florida
* First Chair of the State Neurological Injury Compensation Association
* Member of the State Taxation and Budget Commission
* City of Tallahassee Commissioner

EDUCATION
* BA from UMKC in 1969
* JD from Washington College of Law at American University in Washington DC in 1974

194 ANNUAL REPORT EDPR 2020

Francisco Seixas Da Costa

Born: 1948

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES
* Member of the Board of Directors of EDP Renováveis, S.A.
* Member of the Nominations and Remunerations Committee of EDP Renováveis, S.A.
* Member of the Audit, Control and Related Party Transactions Committee of EDP Renováveis, S.A. (appointed in January 19th, 2021)

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP GROUP OF COMPANIES
* Member of the Board of Directors of Jeronimo Martins SGPS, S.A.
* Member of the Board of Directors of Mota Engil SGPS, S.A.
* Member of the Board of Directors of Mota Engil Africa, S.A.
* Member of the Audit Committee of Mota Engil Africa, S.A.
* Chairman of the Fiscal Council of Tabaqueira II, S.A.
* Chairman of the Advisory Council of A.T. Kearney Portugal

MAIN POSITIONS IN THE LAST FIVE YEARS
* Member of the Consultative Council of Calouste Gulbenkian Foundation
* Member of the Independent General Council, RTP - Radio e Televisão de Portugal, S.A.
* Invited Researcher, Universidade Autónoma, Lisbon, Portugal

OTHER PREVIOUS POSITIONS
* Portuguese ambassador to the United Nations, OSCE, UNESCO, Brazil and France
* Secretary of State for European Affairs (1995/2001), Portuguese government, Lisbon

EDUCATION
* Degree in Political and Social Sciences, Lisbon University

195

Conceição Lucas

Born: 1956

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES
* Member of the Board of EDP Renováveis, S.A.
* Member of the Nominations and Remunerations Committee of EDP Renováveis, S.A.

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP GROUP OF COMPANIES
* Chairwoman of Banco Atlantico Europa, S.A.
* Member of the Nominations and Remunerations Committee of Banco Atlantico Europa,S.A.
* Chairwoman of Atlantico Europa, SGPS, S.A

MAIN POSITIONS IN THE LAST FIVE YEARS
* Executive Board Member of Millennium BCP, for Corporate and Investment Banking
* Member of the Board of BCP Capital
* Manager of BCP Africa SGPS
* Vice-Chairman of the Board of Directors and Chairman of the Audit Board of Medis
* Vice-Chairman of the Board of Directors and Chairman of the Audit Board of Ocidental
* Vice-Chairman of the Board of Directors and Chairman of the Audit Board of Millennium BCP Ageas insurance group
* Vice-Chairman of the Board of Directors and Chairman of the Audit Board of Ocidental Vida
* Member of the Supervisory Board of Bank Millennium S.A. (Poland) (2012-2015)
* Member of the Board of Banco Millennium Angola (BMA), in Angola
* Member of the Board and Member of the Remunerations Commission of BIM – Banco Internacional de Moçambique
* Member of the Remuneration Commission of SIM – Seguradora Internacional de Moçambique
* Board member and Vice-Chairman of Banque Privée, Geneve, Switzerland

OTHER PREVIOUS POSITIONS
* Chairman of the Board of Directors of Millennium BCP Gestão de Ativos (MGA)
* Member of the Board of Fundação Millennium BCP
* Executive Board Member of Banco Privado Atlantico – Europa
* Co-head of Société Générale, Rep. Office, in Portugal
* Senior Manager, Banco Espirito Santo, Portugal
* Manager of Petrogal, S.A.
* Générale Bank, branch in Portugal

EDUCATION
* Degree in Management and Business Administration, Portuguese Catholic University (UCP), Lisbon
* Post-graduate degree in Hautes Etudes Européennes, major in Economics, College of Europe, Bruges
* MSc, London School of Economics, London University

196 ANNUAL REPORT EDPR 2020

Alejandro Fernández De Araoz Gómez-Acebo

Born: 1962

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES
* Member of the Board of EDP Renováveis, S.A.

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP GROUP OF COMPANIES
* Partner of Araoz & Rueda, Abogados
* Member of the Board and Vice-Secretary of Inversiones Doalca Socimi, S.A.
* Member of the Board of Bodegas Benjamin de Rothschild & Vega-Sicilia, S.A
* Vocal-International Advisory Board of Scope Ratings AG.
* “Patrono” and Secretary of Fundación Ar iane de Rothschild
* Representative in Spain of Fundación Daniel y Nina Carasso

MAIN POSITIONS IN THE LAST FIVE YEARS
* (none)

OTHER PREVIOUS POSITIONS
* Lawyer at Estudio Legal, Abogados, Madrid
* Secretary and legal advisor of Fundación José Ortega y Gasset-Gregorio Marañón
* Associate Professor of Commercial Law in Instituto de Estudios Bursátiles
* Associate-Professor of Commercial Law in Facultad de Derecho Universidad Complutense de Madrid
* Associate-Professor at Program of Instruction for Lawyers (PIL), a joint program between Harvard Law School and Instituto de Empresa
* Professor in Instituto de Empresa

EDUCATION
* Law Degree from the Complutense University, Madrid
* Researcher, Ludwig-Maximilian Universitat, Munich
* Researcher, Cambridge MA, Harvard Law School
* Master in Law, New York University School of Law
* Master in Law, London School of Economics and Political Science, University of London
* PhD in Law, Complutense University, Madrid
* Business Tax Consultancy Course, ICADE
* Advance Course of Maritime Busisness, Instituto Marítimo Español
* European Business Law, City of London Polytechnic

197

Emilio García-Conde Noriega

Born: 1955

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES
* General Secretary and General Counsel of EDP Renováveis, S.A.
* Member/Chairman and/or Secretary of several Boards of Directors of EDPR’s subsidiaries

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP GROUP OF COMPANIES
* (none)

MAIN POSITIONS IN THE LAST FIVE YEARS
* General Secretary and General Counsel of EDP Renováveis, S.A.
* Member and/or Secretary of several Board of Directors of EDPR’s subsidiaries

OTHER PREVIOUS POSITIONS
* Legal Counsel of Soto de Ribera Power Plant (consortium comprising Electra de Viesgo, Iberdrola and Hidrocantábrico)
* General Counsel of Soto de Ribera Power Plant
* Chief of administration and human resources of the consortium
* Legal Counsel of Hidrocantábrico
* General Counsel of Hidrocantábrico and member of the management committee

EDUCATION
* Law Degree from the University of Oviedo

EDP Renováveis, S.A. Independent Reasonable Assurance Report on the design and effectiveness of the Internal Control System Over Financial Reporting (ICSFR) as of December 31, 2020

PricewaterhouseCoopers Auditores, S.L.,
Torre PwC, Pº de la Castellana 259 B, 28046 Madrid, España
Tel.: +34 915 684 400 / +34 902 021 111, Fax: +34 915 685 400

1 R. M. Madrid, hoja 87.250-1, folio 75, tomo 9.267, libro 8.054, sección 3ª
Inscrita en el R.O.A.C. con el número S0242 - CIF: B-79 031290

Independent reasonable assurance report on the design and effectiveness of the Internal Control System over Financial Reporting (ICSFR)

To the Board of Directors of EDP Renováveis, S.A.:

We have carried out a reasonable assurance engagement of the design and effectiveness of the Internal Control System over Financial Reporting (hereinafter, ICSFR) and the description of it that is included in the attached Report that forms part of the corresponding section of the Annual Corporate Governance Report of the Directors Report, prepared according to the applicable portuguese regulation, accompanying the consolidated annual accounts of EDP Renováveis, S.A., and its subsidiaries (hereinafter, the EDPR Group) as at December 31, 2020. This system is based on the criteria and policies defined by the EDPR Group in accordance with the guidelines established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in its "Internal Control-Integrated Framework" report.

An Internal Control System over Financial Reporting is a process designed to provide reasonable assurance over the reliability of financial information in accordance with the applicable financial reporting framework and includes those policies and procedures that:

(i) enable the records reflecting the transactions performed to be kept accurately and with a reasonable level of detail;
(ii) provide reasonable assurance as to the proper recognition of transactions to make it possible to prepare the financial information in accordance with the accounting principles and standards applicable to it and that they are made only in accordance with established authorizations; and
(iii) provide reasonable assurance in relation to the prevention or timely detection of unauthorised acquisitions, use or sales of the Group’s assets that could have material effect on the financial information.# Inherent Limitations

In this regard, it should be borne in mind that, given the inherent limitations of any Internal Control System over Financial Reporting, regardless of the quality of the design and operation of the system, it can only allow reasonable, but not absolute security, in relation to the objectives it pursues, which may lead to errors, irregularities or fraud that may not be detected. On the other hand, the projection to future periods of the evaluation of internal control is subject to risks such that said internal control being inadequate as a result of future changes in the applicable conditions, or that in the future the level of compliance of the established policies or procedures may be reduced.

Director's responsibility

The Directors of EDP Renováveis, S.A., are responsible for taking the necessary measures to reasonably ensure the implementation, maintenance and supervision of an appropriate Internal Control System over Financial Reporting, as well as the evaluation of its effectiveness, the development of improvements to that system and the preparation and establishment of the content of the information relating to the ICSFR attached.

Our Responsibility

Our responsibility is to issue a reasonable assurance report on the design and effectiveness of the EDPR Group Internal Control System over Financial Reporting, based on the work we have performed and on the evidence we have obtained. We have performed our reasonable assurance engagement in accordance with International Standard on Assurance Engagements 3000 (ISAE 3000) (Revised), "Assurance Engagements other than Auditing or Reviews of Historical Financial Information", issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC).

A reasonable assurance engagement includes the understanding of the Internal Control System over Financial Reporting, assessing the risk of material weaknesses in the internal control, that the controls are not properly designed or they do not operate effectively, the execution of tests and evaluations on the design and effective implementation of this ICSFR, based on our professional judgment, and the performance of such other procedures as may be deemed necessary. We believe that the evidence we have obtained provides a sufficient and adequate basis for our opinion.

Our Independence and Quality Control

We have complied with the independence requirements and other ethical requirements of the Accounting Professionals Code of Ethics issued by the International Ethics Standards Board for Accountants (IESBA), which is based on the fundamental principles of integrity, objectivity, professional competence and diligence, confidentiality and professional behavior. Our firm applies the “International Standard on Quality Control 1 (ISQC 1)” and maintains an exhaustive qualitative control system that includes documented policies and procedures regarding compliance with ethical requirements, professional standards, and applicable legal and regulatory provisions.

Opinion

In our opinion, the EDPR Group maintained, as at December 31, 2020, in all material respects, an effective Internal Control System over Financial Reporting for the period ended at December 31, 2020, which is based on the criteria and the policies defined by the EDP Renováveis Group’s management in accordance with the guidelines established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in its "Internal Control-Integrated Framework" report.

In addition, the attached description of the ICSFR Report as at December 31, 2020 has been prepared, in all material respects, in accordance with the requirements established by the Code of Recommendations of the IPCG and the Appendix I to CMVM Regulation nº 4/2013 for the purposes of the description of the ICSFR in the Annual Reports of Corporate Governance.

This work does not constitute an audit nor is it subject to the regulations governing the audit activity in force in Spain, so we do not express any audit opinion in the terms provided in the aforementioned regulations.

PricewaterhouseCoopers Auditores, S.L.
Iñaki Goiriena Basualdu
24 February 2021
22725304Q
IÑAKI GOIRIENA
2021-02-24 16:5
Signer: CN=22725304Q IÑAKI GOIRIENA C=ES 2.5.4.42=IÑAKI 2.5.4.4=GOIRIENA BASUALDU
Public key: RSA/2048 bits

198 ANNUAL REPORT EDPR 2020

Annex II Remuneration Report

EDPR has rooted in its organizational culture the challenge and ambition to implement and achieve, at all times, the best corporate governance practices, and seeks, with transparency and rigor, to go beyond the legal and regulatory requirements applicable in this area. Despite the understanding of the Portuguese Securities Commission (CMVM) that the remuneration report only needs to be released and submitted to shareholders, for the first time, at the annual general shareholders’ meeting subsequent to the year in which the new remuneration policy is approved after the enter into force of Law nº 50/2020 of 25 August, (this is as of 2022), EDPR sought, under the terms of Article 245.º - C of the Portuguese Securities Code, to anticipate, already in 2021, to provide a version aiming to the effective compliance of such legal requirement. This commitment seeks to materialize our culture towards our Shareholders and the market in general.

Pursuant to the terms of Article 245-C of the Portuguese Securities Code, as amended by Law no. 50/2020, of 25 August, this Remuneration Report envisages to provide a wide-ranging view of the remuneration attributed to the members of the corporate bodies of EDP Renováveis S.A., including all benefits, regardless of their form, due or attributed during the financial year of 2020.

199 Definition and adoption of the Remuneration Policy of EDP Renováveis

The definition of the proposal of the remuneration policy for the members of the Board of Directors of EDPR is incumbent on Nominations and Remunerations Committee which is a elegated body of the Board of Directors enterely composed by non- executive and independent members. Under such competences this Committee takes the responsibility for proposing to the Board of Directors the determination of the remuneration of the Executive Directors of the Company; the Declaration on Remuneration Policy; the evaluation and compliance of the KPI’s (Ke y Performance Indicators); the annual and multi annual variable remuneration, and also proposes the remuneration of the Non-Executive Directors and members of the Board Committees.

As such, this Committee prepares a proposal that defines the remuneration to be attributed to Directors and to the members of the Executive Committee, with the purpose that it reflects the performance of each of the members in each year of their term of office establishing for the Executive Committee Members a variable component which is consistent with the maximisation of the Company's long term performance (variable annual and multi-annual remuneration for a three-year period), and long term incentive plans for the achievement of the most challenging objectives of the business plan, thereby guaranteeing the alignment of the performance of the governing bodies with the interests of the shareholders.

The Board of Directors is responsible for the approval of the above-mentioned proposals except to the extent it concerns the Declara tion on the Remuneration Policy which is annualy approved by the General Shareholders’ Meeting. The Board of Directors also evaluates with an annual periodicity its own performance and the performance of its delegated Committees. The evaluation of the performance of the Board of Directors and its Executive Committee, is then additionally submitted for the approval of the General Shareholder Meeting. The Declaration on the Remuneration Policy is submitted by the Board of Directors to the approval of the Gene ral Shareholders’ Meeting as an independent proposal.

According to the Company’s Articles of Association the Board of Directors remuneration is subject to a maximum value that can only be modified by a Shareholders agreement. The remuneration policy applicable for 2020-2022 was proposed by the Nominations and Remuneration Committee and approved by the General Shareholders’ Meeting held on March 26 th , 2020. It defined a structure with a fixed remuneration for all members of the Board of Directors, whereas for the members of the Executive Committee defines a fixed and a variable remuneration, with an annual component and a multi-annual component. Additionally, on its meeting dated October 16 th , 2019 the Appointments and Remunerations Committee agreed to propose to the Board of Directors a Complementary Long Term Program homogeneous for the three COOs and for the 2019-2022 term. Such Complementary Long Term Program was approved at the Board of Directors’ meeting dated October 29, 2019.

200 ANNUAL REPORT EDPR 2020

A. Remuneration structure and disclosure

The remuneration policy applicable for 2020-2022 defines a structure with a fixed remuneration for all members of the Board of Directors, whereas for the members of the Executive Committee defines a fixed and a variable remuneration, with an annual component, a multi-annual component and a Complementary Long Term Program homogeneous for the three COOs for the 2019-2022 term. The Non-Executive Directors only receive a fixed remuneration, which is calculated on the basis of their work exclusively as Directors or with their membership on the Nominations and Remunerations Committee and to the Audit, Control and Related Party Transactions Committee. Those members who are seated in two different Committees do not accumulate two remunerations. In these cases, the remuneration to be received is the one that corresponds to the highest value.# EDPR, in line with EDP Group corporate governance practices, has signed an Executive Management Services Agreement with EDP, under which the Company bears the cost for such services to some of the members of the Board of Directors to the extent their services are devoted to EDPR.

i. Remuneration paid by EDPR to its Directors for their functions as Members of the Board and Members of the Audit, Control and Related Party Transactions Committee and Nominations and Remunerations Committee for the year ended on December 31st 2020:

o Executive Directors

DIRECTOR	TOTAL FIXED (€)
João Manso Neto*	0
Rui Teixeira*	0
Duarte Bello**	61,804
Miguel Ángel Prado**	0
Spyridon Martinis**	61,804

* João Manso Neto and Rui Teixeira do not receive any remuneration from EDPR. EDPR and EDP signed an Executive Management Services Agreement according to which EDPR pays to EDP a fee for the services rendered by these Board Members.
** Duarte Bello, Miguel Ángel Prado and Spyridon Martinis, as Officers and members of the Executive Committee, and for the relevant period of 2020 corresponding to each of them, received their remuneration as Directors as described on the table above and as other Group companies’ employees, as described at the end of this section.

o Non Executive Directors that are not members of any delegated committee

DIRECTOR	TOTAL FIXED (€)
Antonio Mexia*	0
Vera Pinto*	0
Manuel Menéndez Menéndez	45,000
Allan J.Katz	45,000
Alejandro Fernández de Araoz Gómez-Acebo	45,000

* António Mexia and Vera Pinto do not receive any remuneration from EDPR. EDPR and EDP signed an Executive Management Services Agreement according to which EDPR pays to EDP a fee for the services rendered by these Board Members.

o Non Executive Directors that are members of the Audit, Control and Related party Transactions Committee and/or the Nominations and Remunerations Committee

AUDIT, CONTROL AND RELATED PARTY TRANSACTIONS COMMITEE

DIRECTOR	TOTAL FIXED (€)
Acácio Jaime Liberado Mota Piloto (Chairman)	80,000
Francisca Guedes de Oliveira	60,000
António Nogueira Leite*	60,000

NOMINATIONS AND REMUNERATIONS COMMITTEE

DIRECTOR	TOTAL FIXED (€)
António Nogueira Leite (Chairman)*	60,000
Francisco Seixas da Costa	55,000
Conceiçao Lucas	55,000

* Those members who are seated in two different Committees do not accumulate two remunerations. In these cases, the remuneration to be received is the one that corresponds to the highest value (as the case of Antonio Nogueira Leite).

ii. Remuneration paid to EDPR Executive Directors (ex CEO) for the functions performed as Officers for the year ended on December 31st 2020

OFFICER	PAYER	FIXED	VARIABLE ANNUAL	VARIABLE MULTI- ANNUAL	VARIABLE PLURI- ANNUAL	TOTAL
Duarte Bello	EDP Energías de Portugal, S.A. Sucursal en España	228.196€	145,000€	37.500€		410.696€
Miguel Ángel Prado	EDPR North America LLC	466,897$	162.328$	237.908$	45.725$	912.858$
Spyridon Martinis	EDP Energías de Portugal S.A. Sucursal en España	228.196€	145,000€	0		373.196€

* All the amounts are in EUR, except Miguel Ángel Prado ones, which are in USD. Likewise, in application of the deferral policy, in 2020 an amount of 84.443€ was paid to Miguel Amaro (former Executive CFO of the company), for the services rendered in 2016-2017.

iii. Non-Monetary Benefits

The Officers, with the exception of the CEO, received the following non-monetary benefits: retirement savings plan (as described in the following topic), company car and Health Insurance. In 2020, the non-monetary benefits amounted to 267.733 EUR. The Non-Executive Directors do not receive any relevant non-monetary benefits as remuneration.

iv. Retirement Savings Plan

The retirement savings plan for the members of the Executive Committee that are also Officers, acts as an effective retirement supplement with a range between 3% to 6% of their annual salary. The percentage is defined according with the retirement savings plan applicable in their home country. The retirement savings plan applicable to 2020, which is included within the Remuneration Policy applicable for the term office 2020-2022, was defined and proposed by the Nominations and Remunerations Committee to the Board of Directors for its submission to the General Shareholder’s Meeting, which approved it on its meeting held on March 26th, 2020.

The total amount of the remunerations that the Company paid to its Directors under the terms provided in the previous paragraphs have not exceeded the amount determined by the General Shareholders’ Meeting, which for year 2020 was set in EUR 2,500,000 for the Board of Directors and in EUR 1,000,000 for the Executive Committee.

B. Allingment of the application of the remuneration with the Remuneration Policy adopted. Contribution of the Remuneration Policy to the long term performance of the Company and criteria taken into account.

The remuneration policy adopted by EDPR for 2020 included key elements to enhance a Company’s management performance not only focused on short-term objectives, but also incorporate as part of its results the interests of the Company and of shareholders in the medium and long term. These elements are: (i) the definition of the indicators in accordance with the 6 clusters, (ii) the relative weight assigned to each KPIs to calculate annual, multiannual variable remuneration, and if such is the case, of the LTICPs, (iii) the relevance associated with the achievement of such KPIs on the platform in the case of COOs, (iv) the three-year term considered for determining the value of variable multi-annual component of the remuneration, as well as the four-year term considered for determining the value of the LTICP, (v) the deferral in three years for the payment of the variable multi-annual as recommended by CMVM as a good corporate governance practices, as well as conditioning its payment to the fact of there has not been unlawful actions known after the performance evaluated that may jeopardize the sustainability of the company’s performance, (vi) the use of the qualitative criteria focused on a strategic and medium term perspective of the development of the Company, and (vii) the existence of a maximum limit for the variable remuneration.

As previously exposed, the remuneration policy applicable for 2020-2022 defines a structure with a fixed remuneration for all members of the Board of Directors (which is detailed in the previous section) and a fixed and a variable remuneration, with an annual component and a multi-annual component, for members of the Executive Committee. The variable annual remuneration may range from 0 to 68% over the annual fixed remuneration and the multi-annual remuneration from 0 to 102% over the annual fixed remuneration for the CEO, and over 250,000€ for other members of the Executive Committee.

The key performance indicators (KPIs) used to determine the amounts of the annual and multi-annual variable remuneration regarding to each year of the term are proposed by the Nominations and Remunerations Committee with the aim of align them with the strategic grounds of the Company: growth, risk control and efficiency. These are the same for all members of the Executive Committee, although with specific targets for the platforms in the case of COOs. For the year 2020 the KPIs were:

KEY PERFORMANCE INDICATOR	CEO WEIGHT	COO’S NA AND EU WEIGHT	EDPR RESULTS WEIGHT	COO IG WEIGHT	EDPR RESULTS WEIGHT	PLATFORM RESULTS WEIGHT
Total Shareholder return	15%	100 %		20	100%	100%
TSR vs. Wind peers & Psi			0%	100%	0%	100%
Shareholders	80%	60%
Operatin Cash Flow (€ million)	10%	100%		10%	50%	50%
AR/Sell-down + Tax Equity (€ million)	10%	100%		10%	100%	0%
EBITDA+ sell down gains (€ million)	10%	100%		10%	50%	50%
Net Profit (€ million)	10%	100%		10%	100%	0%
Core Opex Adjusted (€ thousand/MW)	10%	100%		10%	50%	50%
Projects with FID (% of total ’19 - ’22 additions in BP)	10%	100%		10%	50%	50%
Clients	10%
Renewable Capacity Built (in MW)		10%	100%	10%	50%	50%
Assets & Operations	10%
Technical Energy Availability (%)		5%	100%	5%	50%	50%
Capex per MW (€ thousand)		5%	100%	5%	50%	50%
Environment & Commnunitie s	5%
Certified MW %		5%	100%	5%	100%	0%
Innovation & partners	5%
H&S frequency rate (employees + contractors)		5%	100%	5%	50%	50%
People Management	10%
People Management		10%	100%	10%	50%	50%
Remuneration Committee	5%
Appreciation remuneration committee		100%	100%	100%	0%	100%

There is also a qualitative evaluation of the CEO about the annual performance of the members of the Executive Committee. This evaluation will have a weight of 20% for the final calculation in the annual variable remuneration and of 32% in the multi-annual variable remuneration. The other 80% will be calculated based on the weights indicated in the next paragraph for the annual variable remuneration and 68% for the multi-annual.

According to the Remuneration Policy approved by the General Shareholders’ Meeting, the maximum variable remuneration (annual and multi- annual) is applicable if all the above mentioned KPI’s were achieved and the performance evaluation is equal or above 110%.

-16.1%
16.2%
12.4%
36.2%
118.8%
2016
2017
2018
2019
2020
Total shareholder return
Source: Bloomberg

103,349
101,267
101,574
104,851
102,958
2016
2017
2018
2019
2020
Employee average remuneration (€)

As mentioned above a Complementary Long Term Program homogeneous for the three COOs (COO NA, COO EU & BR and COO Offshore) and for the 2019-2022 term was approved in 2019.The conditions of such Complementary Long Term Program are: (i) four year period (2019-2022); (ii) Target Award will be 4 x 50% of base annual remuneration of each COO; (iii) KPIs are consistent through the whole term and specific for each COO; and (iv) payments will be done in accordance with the percentage of the achieved fulfilment with a limit of 120% of the Target Award.

C. Performance of the company and remuneration average of the employees

D. Remuneration from other Group Companies

As exposed in section B of this chapter 6 of the Annual Report, the remuneration of the Executive Directors related to the functions permormed as Officers were paid by EDP Energías de Portugal S.A. Sucursal en España and EDPR North America LLC as follows:

OFFICER	PAYER	FIXED	VARIABLE ANNUAL	VARIABLE MULTI-ANNUAL	VARIABLE PLURI-ANNUAL	TOTAL
Duarte Bello	EDP Energías de Portugal, S.A. Sucursal en España	228.196€	145,000€	37.500€		410.696€
Miguel Ángel Prado	EDPR North America LLC	466,897$	162.328$	237.908$	45.725$	912.858$
Spyridon Martinis	EDP Energías de Portugal S.A. Sucursal en España	228.196€	145,000€	0		373.196€

*All the amounts are in EUR, except Miguel Ángel Prado ones, which are in USD.

In 2020, in application of the deferral policy adopted by EDPR, an amount of 84.443€ was paid by EDP Energías de Portugal, S.A. Sucursal en España to Miguel Amaro (former Executive CFO of the company), for the services rendered in 2016-2017. Likewise, according to the Executive Management Services Agreement signed with EDP, EDPR is due to pay an amount to EDP, for the services rendered by the Executive Managers and the Non-Executive Managers. The amount due under said Agreement for the management services rendered by in 2020 is EUR 1,094,560, of which EUR 959,560 refers to the management services rendered by the Executive Members and EUR 135,000 to the management services rendered by the Non-Executive Members.

E. Share-allocation and/or Stock Option Plans

EDPR does not have any Share-Allocation and/or Stock Option Plans. Should be noted that at 31st December 2020, Spyridon Martinis had 10,413 shares of EDP Renováveis, but all of them were bought before his appointment as Director of the Company (being the first acquisition in 2011 and the last one in 2018).

F. Refund of a variable remuneration

EDPR has not regulated the option of refunding the variable remuneration of the Directors but in line with corporate governance practices, the Remuneration Policy incorporates the deferral for a period of three years of the multi-annual variable remuneration, being the relevant payment conditioned to the lack of any willful illicit action, known after the appraisal and which endangers the sustainable performance of the company.

ANNUAL REPORT EDPR 2020

G. Information on any withdrawal of the procedure for applying the remuneration policy and the derogations applied, including an explanation of the nature of the exceptional circumstances and an indication of the specific elements subject to the derogation

The remuneration policy applicable for 2020-2022 was approved by the General Shareholders’ Meeting held on March 26th, 2020 and has been applied withouth exceptions since then. Should be noted to this extent that the Complementary Long Term Program approved for the three COOs for the 2019-2022 term that was approved at the Board of Directors’ meeting dated October 29th, 2019 substituted the Complementary Long Term Program approved on 2017.

Other remunerations

Remuneration of the Chairman of the General Shareholders’ Meeting

In 2020, the remuneration of the Chairman of the General Shareholders’ Meeting of EDPR, José António de Melo Pinto Ribeiro, was EUR 15,000.

External Auditor remuneration in 2020 for EDP Renováveis S.A. and subsidiaries

TYPE OF SERVICE	PORTUGAL	SPAIN	BRAZIL	US	OTHER	TOTAL	%
Audit and statutory audit of accounts	161,802	583,370	166,671	1,066,435	684,006	2,662,284	93.5%
Total audit related services	161,802	583,370	166,671	1,066,435	684,006	2,662,284	93.5%
Other non-audit services	-	151,382	4,000	-	29,007	184,389	6.5%
Total non-audit related services	-	151,382	4,000	-	29,007	184,389	6.5%
Total	161,802	734,752	170,671	1,066,435	713,013	2,846,673	100,00%

The amount of Other non-audit services in Spain includes, among others, services that refer to the entire Group such as the review of the internal control system on financial reporting and review of the non-financial information related to sustainability included in the EDPR Group’s annual report, which are invoi ced to a Spanish companies. This amount also includes the limited review as of June 30, 2020 of the EDPR Consolidated Financial Statements and other reviews for Group consolidation purposes which are considered non-audit services according to the respective local regulation. Total amount for Spain refers to services provided by PricewaterhouseCoopers Auditores S.L. The above fees exclude the fees for full consolidated Viesgo companies which are also audited by PricewaterhouseCoopers Auditores S.L in the amount of 90,471 Euros and the fees for the companies that were sold during 2020 (see note 6 of the consolidated annual accounts).