GENNEIA S.A.

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Interim Condensed Consolidated Financial Statements as of and for the nine-month period ended September 30, 2021 and Comparative Information together with the Report of Independent Public Accountants

Deloitte & Co. S.A. Florida 234, 5° piso C1005AAF Ciudad Autónoma de Buenos Aires Argentina Tel.: (+54-11) 4320-2700 Fax: (+54-11) 4325-8081/4326-7340 www.deloitte.com/ar

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REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

To the Shareholders, President and Board of Directors of GENNEIA S.A.

1. Identification of the interim condensed consolidated financial statements subject to review

We have reviewed the accompanying interim condensed consolidated financial statements of GENNEIA S.A. (an Argentine corporation, hereinafter mentioned as “GENNEIA” or the “Company”) and its subsidiaries which comprise the interim condensed consolidated statement of financial position as of September 30, 2021, the interim condensed consolidated statements of profit or loss and other comprehensive income, changes in shareholders’ equity and cash flows for the nine-month period then ended, and other explanatory information included in notes 1 to 11.

The amounts and other information corresponding to the fiscal year ended December 31, 2020 and to the ninemonth period ended September 30, 2020 are an integral part of the interim condensed consolidated financial statements referred to above and are intended to be read only in relation to the amounts and other information of the current period.

2. Responsibility of the Company’s Board of Directors for the interim condensed consolidated financial statements

The Company’s Board of Directors is responsible for the preparation and presentation of the financial statements of the Company in accordance with the International Financial Reporting Standards (IFRS), and consequently, is responsible for the preparation and presentation of the accompanying interim condensed consolidated financial statements in accordance with the International Accounting Standard (IAS) 34, “Interim financial reporting”.

3. Auditors’ responsibility

Our responsibility is to express a conclusion on the accompanying interim condensed consolidated financial statements based on our review. We conducted our review in accordance with the International Standards on Review Engagements (ISRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”.

A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit performed in conformity with International Standards on Auditing (ISA) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

4. Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements of GENNEIA S.A. for the nine-month period ended September 30, 2021 are not prepared, in all material respects, in accordance with IAS 34.

Deloitte & Co. S.A. - Registro de Asoc. Profesionales CPCE Prov. Bs. As. - T° 1 Folio 13

5. Emphasis of matter paragraph related to negative working capital

We draw attention to Note 8.1 of the interim condensed consolidated financial statements, which describes that “As of September 30, 2021, the Company has a negative working capital of US$ 63,267 thousand. This situation is strictly temporary and is mainly due to the short-term financial obligations directly related to the progress of the different projects that have been completed recently, as described in the notes to the financial statements as of December 31, 2020. In this regard, it is worth mentioning that, in line with the financial projections, the Company's Board of Directors and Management consider that the aforementioned situation does not present problems and will be reversed, among others, with (i) the refinancing and/or canceling of the Class XX Negotiable Obligations which matures in January 2022 for an amount of US$ 92 million; and (ii) the cash flow of the projects inaugurated during the current period and the fiscal years ended on December 31, 2020, 2019 and 2018, which add up to an installed capacity of 706 MW”.

In relation to the financial debt for the Class XX Negotiable Obligations for US$ 92 million, which maturity will take place in January 2022, the Company's Board of Directors and Management considers that there is a reasonable probability of refinancing and/or canceling said debt at maturity and, therefore, there is no material uncertainty about the Company's ability to continue as a going concern.”

Our conclusion is not modified in respect of this matter.

6. Other matter

The accompanying interim condensed consolidated financial statements as of September 30, 2021 are not prepared, and do not include certain information, according to Argentine Securities Commission (CNV) regulations. The interim condensed consolidated and separate financial statements used by the Company for statutory, legal and regulatory purposes in Argentina are those prepared in Argentine pesos, issued and filed with the CNV, and approved by the Board of Directors of GENNEIA and authorized for issue on November 11, 2021.

Province of Buenos Aires, November 11, 2021

Deloitte & Co. S.A.

Sergio E. Cortina Partner

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about for a more detailed description of DTTL and its member firms.

Deloitte Touche Tomatsu Limited is a private Company limited by guarantee incorporated in England & Wales under Company number 07271800, and its registered office is Hill House, 1 Little new Street, London, EC4a, 3TR, United Kindom.

GENNEIA S.A.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE NINEMONTH PERIOD ENDED SEPTEMBER 30, 2021 (UNAUDITED)

Index

	Interim condensed consolidated statement of financial position	1
	Interim condensed consolidated statement of profit or loss and other comprehensive income	2
	Interim condensed consolidated statement of changes in shareholders’ equity	3
	Interim condensed consolidated statement of cash flows	4
	Notes to the interim condensed consolidated financial statements:
	1. Business of the Company	5
	2. Basis of preparation of the interim condensed consolidated financial statements	5
	3. Cash and cash equivalents	10
	4. Critical judgments in applying accounting policies	10
	5. Detail of the main accounts of the interim condensed consolidated financial statements	11
	6. Balances and transactions with related parties	27
	7. Financial instruments	30
	8. Relevant events for the period and ongoing projects	32
	9. Consolidated business segment information	41
	10. Subsequent events	43
	11. Approval of the interim condensed consolidated financial statements	43
	Annex A - Other supplemental information	44
	Annex B - Operational data	48

GENNEIA S.A.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF SEPTEMBER 30, 2021 (UNAUDITED)

(Presented for comparative purposes with the corresponding amounts of the fiscal year ended December 31, 2020 - amounts expressed in thousands of United States dollars - Note 2.1)

Current Assets Cash and banks (Note 5.a) Investments (Note 5.b) Trade receivables (Note 5.c) Other receivables (Note 5.d) Inventories (Note 5.e) Total current assets Non-current assets Other receivables (Note 5.d) Investments (Note 5.b) Inventories (Note 5.e) Fixed assets (Note 5.f) Intangible assets (Note 5.f) Total non-current assets Total assets Current liabilities Accounts payable (Note 5.g) Loans (Note 5.h) Salaries and social security payable (Note 5.i) Taxes payable (Note 5.j) Other liabilities (Note 5.k) Provisions (Note 5.l) Total current liabilities Non-current liabilities Other liabilities (Note 5.k) Loans (Note 5.h) Deferred income tax liability (Note 5.r) Total non-current liabilities Total liabilities Shareholders’ equity (per corresponding statements) Capital stock Share premium Capital contributions Legal reserve Accumulated other comprehensive loss Unappropriated retained losses Shareholders’ equity attributable to owners of the Company Total liabilities and shareholders’ equity	September 30, 2021	December 31, 2020
	61,837 39,412 67,709 18,699 1,295	55,638 66,582 72,991 23,377 1,305
	188,952	219,893
	31,058 46,234 10,249 1,036,266 22,557	29,446 53,844 9,008 1,068,337 25,323
	1,146,364	1,185,958
	1,335,316	1,405,851
	69,884 153,290 5,913 21,322 75 1,735	66,119 92,127 6,116 4,740 92 2,574
	252,219	171,768
	8,248 653,699 218,697	8,867 819,268 142,410
	880,644	970,545
	1,132,863	1,142,313
	19,491 276,029 5,323 1,221 (1,184) (98,427)	19,491 276,029 5,323 1,221 (2,934) (35,592)
	202,453 1,335,316	263,538 1,405,851

Notes 1 to 11 are an integral part of and should be read in conjunction with these interim condensed consolidated financial statements.

Cesar Rossi Authorized Director

GENNEIA S.A.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE NINE AND THREE-MONTH PERIOD ENDED SEPTEMBER 30, 2020 (UNAUDITED)

(Presented for comparative purposes with the corresponding amounts from the nine and three-month period ended September 30, 2020 (unaudited) - amounts expressed in thousands of United States dollars, except for per share amounts in United States dollars - Note 2.1)

Net sales (Note 5.m) Cost of sales (Note 5.n) Gross profit Selling expenses (Note 5.o) Administrative expenses (Note 5.o) Other expenses, net (Note 5.p) Loss on long term investment in joint ventures Financial expense, net (Note 5.q) Net profit before income tax Income tax (Note 5.r) Net (loss) profit for the period Other comprehensive income Translation differences from investments in companies(1) Total other comprehensive income (loss) Total comprehensive (loss) profit for the period (Loss) profit attributable to: Owners of the Company Net (loss) profit for the period Total comprehensive (loss) profit attributable to: Owners of the Company Total comprehensive (loss) profit for the period (Loss) profit per share (basic and diluted):	For the nine-month period ended September 30, 2021 September 30, 2020 203,146 229,193 (73,981) (72,848) 129,165 156,345 (1,616) (2,071) (10,908) (10,062) (2,833) (2,875) (3,369) (1,842) (75,261) (83,409) 35,178 56,086 (98,013) (27,862) (62,835) 28,224 1,750 (25) 1,750 (25) (61,085) 28,199 (62,835) 28,224 (62,835) 28,224 (61,085) 28,199 (61,085) 28,199 (0.61) 0.27	For the three-month period ended September 30, 2021 September 30, 2020 69,976 79,856 (23,607) (24,553) 46,369 55,303 (525) (536) (4,063) (3,559) (879) (829) 243 (451) (32,501) (29,592) 8,644 20,336 (20,734) (16,835) (12,090) 3,501 739 178 739 178 (11,351) 3,679 (12,090) 3,501 (12,090) 3,501 (11,351) 3,679 (11,351) 3,679 (0.71) 0.03	For the three-month period ended September 30, 2021 September 30, 2020 69,976 79,856 (23,607) (24,553) 46,369 55,303 (525) (536) (4,063) (3,559) (879) (829) 243 (451) (32,501) (29,592) 8,644 20,336 (20,734) (16,835) (12,090) 3,501 739 178 739 178 (11,351) 3,679 (12,090) 3,501 (12,090) 3,501 (11,351) 3,679 (11,351) 3,679 (0.71) 0.03
	203,146 (73,981)		79,856 (24,553)
	129,165		55,303
	(1,616) (10,908) (2,833) (3,369) (75,261)		(536) (3,559) (829) (451) (29,592)
	35,178 (98,013)		20,336 (16,835)
	(62,835) 1,750		3,501 178
	1,750		178
	(61,085)		3,679
	(62,835)		3,501
	(62,835)		3,501
	(61,085)		3,679
	(61,085)		3,679
	(0.61)		0.03

(1) May be reclassified subsequently to profit or loss at the moment of the sale of the investment or the full or partial reimbursement of the capital.

Notes 1 to 11 are an integral part of and should be read in conjunction with these interim condensed consolidated financial statements.

Cesar Rossi Authorized Director

GENNEIA S.A.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2021 (UNAUDITED)

(Presented for comparative purposes with the corresponding amounts from the nine-month period ended September 30, 2020 - amounts expressed in thousands of United States dollars - Note 2.1)

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Shareholders’ contributions Retained earnings Equity attributable to:
Accumulated other Unappropriated Owners of
Issuance Capital Legal Facultative comprehensive retained the
Capital stock premiums Subtotal contributions Total Reserve reserve loss [(1)] results Company Total
Balances at the beginning of the year,
2020 19,491 276,029 295,520 5,323 300,843 1,221 - (1,997) (60,870) 239,197 239,197
Net profit for the period - - - - - - - - 28,224 28,224 28,224
Other comprehensive loss for the period - - - - - - - (25) - (25) (25)
Balances as of the end of the period
ended September 30, 2020 19,491 276,029 295,520 5,323 300,843 1,221 - (2,022) (32,646) 267,396 267,396
Balances at the beginning of the year,
2021 19,491 276,029 295,520 5,323 300,843 1,221 - (2,934) (35,592) 263,538 263,538
Net loss for the period - - - - - - - - (62,835) (62,835) (62,835)
Other comprehensive income for the period - - - - - - - 1,750 - 1,750 1,750
Balances as of the end of the period
ended September 30, 2021 19,491 276,029 295,520 5,323 300,843 1,221 - (1,184) (98,427) 202,453 202,453
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(1) Corresponds to the effect of the translation of the financial statements of investments in companies with functional currencies other than the U.S. dollar.

Notes 1 to 11 are an integral part of and should be read in conjunction with these interim condensed consolidated financial statements.

Cesar Rossi Authorized Director

GENNEIA S.A.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2021 (UNAUDITED)

(Presented for comparative purposes with the corresponding amounts from the nine-month period ended September 30, 2020 - amounts expressed in thousands of United States dollars - Note 2.2)

Cash flows provided by operating activities Net (loss) profit for the period Adjustments to reconcile net profit for the period to net cash flows provided by operating activities: Depreciation and amortization of non-current assets Income tax Loss from long term investment in joint ventures Allowances and provisions net decrease Interest expense recognized in profit or loss Issuance costs and withholdings Exchange differences and others Changes in assets and liabilities: Trade receivables Other receivables (3) Inventories Accounts payable Salaries and social security payable Taxes payable Other liabilities Interest payments Net cash flows provided by operating activities Cash flows provided by (used in) investing activities (2) (4) Payments for fixed assets acquisitions Loans granted to related parties Acquisitions of investments not considered cash and equivalents Proceeds of investments not considered cash and equivalents Deposits in guarantee (Note 5.d) Net cash flows provided by (used in) investing activities Cash flows used in financing activities (5) Proceeds from issue of negotiable debt obligations, net of transaction costs Payment of negotiable debt obligations Proceeds from loans, net of commissions(6) Payment of loans Payment of leasings Net cash flows used in financing activities Exchange differences on cash and cash equivalents (Decrease) increase in cash and cash equivalents(1) Cash and cash equivalents at the beginning of the year(1) Cash and cash equivalents at the end of the period(1)	September 30, 2021	September 30, 2020
	(62,835) 51,567 98,013 3,369 (839) 66,350 11,003 (4,068) 3,660 3,288 (1,231) 10,301 65 (1,484) (636) (90,028)	28,224 51,692 27,862 1,842 (685) 63,951 8,915 6,374 (10,527) 16,373 (542) 952 224 1,463 (1,175) (68,752)
	86,495	126,191
	(6,096) (539) (60,375) 75,486 3	(90,447) (2,480) - (5,907) 1,961
	8,479	(96,873)
	64,577 (123,233) 4,352 (37,160) (654)	50,125 (46,774) 39,682 (52,153) (602)
	(92,118)	(9,722)
	(8,725) (5,869) 106,551 100,682	(5,202) 14,394 91,261 105,655

(1) Cash and short-term investments with maturity up to three months at the acquisition date (Note 3).

(2) As of September 30, 2021 cash used in investing activities includes payments of adquisitions of fixed assets made during the period and is net of financed acquisitions of fixed assets at the end of the period for a net amount of (1,881); aditionally includes advanced payments to fixed assets suppliers made during the period and is net of advanced payments to fixed assets suppliers made during preceding years for a net amount of (1,085). As of September 30, 2020 cash used in investing activities includes payments of adquisitions of fixed assets made during the period and is net of financed acquisitions of fixed assets at the end of the period for a net amount of 68,408; aditionally includes advanced payments to fixed assets suppliers made during the period and is net of advanced payments to fixed assets suppliers made during preceding years for a net amount of (5,073).

(3) Includes (11,169) related to the increase in the Account for future investments for the period ended September 30, 2020.

(4) Includes 4,664 of interest payments related to financial costs capitalized in fixed asset for the period ended September 30, 2020.

(5) See Note 5.h for a reconciliation between opening and closing balances of liabilities arising from financing activities.

(6) Proceeds from issue of negotiable debt obligations are net of transaction costs and commisions for 939 for the period ended September 30, 2020, and proceeds from loans are net of issuance expenses and commissions for 2,715 for the period ended September 30, 2020.

Notes 1 to 11 are an integral part of and should be read in conjunction with these interim condensed consolidated financial statements.

Cesar Rossi Authorized Director

GENNEIA S.A.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2021 (UNAUDITED)

(Presented for comparative purposes with the corresponding amounts and other information of the fiscal year ended December 31, 2020 and the nine and three-month period ended September 30, 2020 - Amounts stated in thousands of United States dollars, except where otherwise indicated - Note 2.1)

NOTE 1 - BUSINESS OF THE COMPANY

GENNEIA S.A. (“GENNEIA” or the “Company”) is a “sociedad anónima” (stock corporation) incorporated under the laws in force in Argentina, with a registered office at Nicolas Repetto 3676, 3[rd] Floor, Olivos, Province of Buenos Aires, Argentina.

The main activities of GENNEIA, its subsidiaries and joint ventures comprise three business units: (i) the electric power generation from renewable sources; (ii) the electric power generation from conventional sources; and (iii) the trading on its own, on behalf of third parties or associated to third parties, of natural gas and/or its transportation capacity and of electric power.

We are an Argentine independent power generation company whose mission is to provide reliable and sustainable energy. We prospect, develop, build and operate a diverse portfolio of renewable (wind and solar power) and conventional (thermal power) power plants. As of September 30, 2021 Genneia its subsidiaries and joint ventures had an installed capacity of 1,279 MW (866 MW of renewable energy and 413 MW of conventional energy). We primarily derive our revenues from long-term U.S. dollar-denominated PPAs, which provide us with stable and predictable cash flows.

NOTE 2 - BASIS OF PREPARATION OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2.1. Basis of preparation

These condensed consolidated financial statements of GENNEIA and its controlled companies as of September 30, 2021 and for the nine-month period then ended are prepared in accordance with International Accounting Standard (“IAS”) 34 “Interim Financial Reporting”. The adoption of such standard and of the International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) was determined by the Technical Resolution No. 26 (ordered text) issued by the Argentine Federation of Professional Councils in Economic Sciences (“FACPCE”) and the regulations of the Argentine Securities Commission (“CNV”).

The condensed consolidated financial statements as of and for the period ended September 30, 2021 do not include all of the information required for a complete set of IFRS financial statements and, accordingly, should be read in conjunction with the consolidated financial statements as of December 31, 2020.

These condensed consolidated financial statements are not prepared, and do not include certain information, according to Argentine Securities Commission (“CNV”) regulations. The consolidated and separate financial statements used by the Company for statutory, legal and regulatory purposes in Argentina are those issued and filed with the CNV and approved by the Board of Directors of GENNEIA and authorized for issue on November 11, 2021.

Amounts and other information as of December 31, 2020 and for the nine and three-month period ended September 30, 2020, are included as an integral part of the above mentioned interim condensed consolidated financial statements, and are intended to be read only in relation to that interim condensed consolidated financial statements.

The interim condensed consolidated financial statements as of and for the nine-month period ended September 30, 2021 and 2020 are unaudited, but in the opinion of the Company's Management, include all necessary adjustments to be presented on a consistent basis with the audited consolidated financial statements. The results of operations for the nine-month period ended September 30, 2021 are not necessarily indicative of the results for the full year.

These consolidated financial statements are presented in U.S. dollars (“US$”) which is the functional currency of the Company (Note 3.1 to the consolidated financial statements as of December 31, 2020), and are prepared mainly with the purpose of being used by the non-Argentine holders of the Company’s Negotiable Obligations and foreign financial institutions.

2.2. Applicable accounting policies

The interim condensed consolidated financial statements have been prepared under the historical cost basis, except for certain financial instruments that are measured at fair value at the end of each reporting period, as explained in the summary of significant accounting policies in Note 3 to the consolidated financial statements as of December 31, 2020. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique.

In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date;
Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and
Level 3 inputs are unobservable inputs for the asset or liability.

The accounting policies adopted for the preparation of the condensed consolidated financial statements as of September 30, 2021, taking into consideration the matters mentioned in Note 2.3, are consistent with those used to prepare the consolidated financial statements as of December 31, 2020 and, consequently, these condensed consolidated financial statements must be read in conjunction with the consolidated financial statements as of December 31, 2020, which include the main accounting policies described in Note 3 of those financial statements.

These condensed consolidated financial statements are presented in U.S. dollars which is the functional currency of the Company as defined by its Board of Directors (Note 3.1 to the consolidated financial statements as of December 31, 2020). In accordance with the provisions of IAS 21, the Company's Management has defined for the companies Enersud Energy S.A.U., Ingentis II Esquel S.A., Patagonia Wind Energy S.A. Nor Aldyl Bragado S.A. Nor Aldyl San Lorenzo S.A., MyC Energía S.A. and Genneia Desarrollos S.A. the peso as the functional currency.

Under IAS 21, the financial statements of a subsidiary with the functional currency of a hyperinflationary economy have to be restated according to IAS 29 before they are included in the consolidated financial statements of its parent company with a functional currency of a non-hyperinflationary economy, except for their comparative figures. Following the aforementioned guidelines, the results and financial position of subsidiaries with the Peso as functional currency were translated into U.S. dollars by the following procedures: all amounts (i.e., assets, liabilities, stockholders’ equity items, expenditures and revenues) were translated at the exchange rate effective at the closing date of the financial statements, except for comparative amounts, which were presented as current amounts in the financial statements of the previous fiscal year (i.e., these amounts were not be adjusted to reflect subsequent variations in price levels or exchange rates). Thus, the effect of the restatement of comparative amounts was recognized in other comprehensive income. When an economy ceases to be hyperinflationary and an entity ceases to restate its financial statements in accordance with IAS 29, it will use the amounts restated according to the price level of the date on which the entity ceased to make such restatement as historical costs, in order to translate them into the presentation currency.

The Company has adopted all the new standards and interpretations, or amendments issued by the IASB that are relevant to its operations and that are applicable as of September 30, 2021, as described in note 2.3.2 to the Company's consolidated financial statements as of December 31, 2020. The new standards and their interpretations or modifications adopted have not had a significant impact on these interim condensed consolidated financial statements (Note 2.3.1).

The preparation of these consolidated financial statements is the responsibility of the Company's Management and requires accounting estimates and judgments of the management when applying financial standards. Areas of high complexity which require more judgments or those in which assumptions and estimations are more significant are detailed in Note 4.

2.3. Standards and Interpretations issued

2.3.1. New standards issued adopted by the Company and impact of adoption.

The standards and interpretations or amendments thereto, published by the IASB, which were adopted as of the year beginning January 1, 2021, are as follows:

Rental concessions related to COVID-19 (Amendment to IFRS 16)

The IASB published on May 28, 2020, an amendment that gives to tenants an exemption from assessing whether a COVID19-related rental concession is a lease modification. This amendment is effective for annual financial statement reporting periods beginning on or after June 1, 2020, with early application permitted.

The impact of its adoption was not significant on the disclosures or amounts reported in these financial statements.

IASB amendments related to benchmark interest rate reform (IBOR) - Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)

On August 27, 2020, the IASB approved the amendments that introduce, in the case of financial assets, financial liabilities and leases, a practical expedient for the modifications necessary as a direct consequence of the IBOR reform and carried out on an economically viable basis. They clarify that hedge accounting is not being discontinued solely due to the IBOR reform and introduce disclosures that allow users to understand the nature and scope of risks arising from the IBOR reform to which the entity is exposed and how the entity manages those risks, as well as the entity's progress in transitioning from IBORs to alternative benchmarks and how the entity is managing this transition.

This amendment is effective for annual financial statement reporting periods beginning on or after January 1, 2021, with early application permitted.

The impact of its adoption was not significant on the disclosures or amounts reported in these financial statements.

There are no other IFRS or IFRIC interpretations that are effective for the first time for the financial year beginning on or after January 1, 2021 that have a significant effect on these financial statements, nor other IFRS or IFRIC interpretations that are not yet effective and expected to have a significant effect on the Company.

2.3.2. New standards, interpretations and amendments issued not yet adopted

In addition to the new and revised IFRS that have been issued but are not yet in mandatory force as described in Note 2.3.2 to the annual consolidated financial statements as of December 31, 2020, during the nine-month period ended September 30, 2021, the standards and interpretations or modifications described below have also been issued. The Company did not adopt the standards and interpretations or amendments mentioned below, because its application is not required at the period ended September 30, 2021.

Amendments to IFRS 4 Extension of the temporary exemption from the application of IFRS 9[(1)] Amendments to IAS 1 and the IFRS Disclosure of accounting policies[(1)] 2 Practice Document Amendments to IAS 8 Definition of accounting estimates[(1)] Amendments to IAS 12 Deferred Tax Arising from Assets and Liabilities in a Single Transaction[(1)]

(1) Effective for fiscal years beginning on or after January 1, 2023, with early application permitted.

Extension of the temporary exemption from the application of IFRS 9 (Amendments to IFRS 4)

The amendment extends the temporary exemption from IFRS 4 Insurance Contracts with regard to the application of IFRS 9 Financial Instruments. The application of IFRS 9 is then required for annual periods beginning on or after January 1, 2023. Its early application is permitted.

Disclosure of accounting policies (Amendments to IAS 1 and to the IFRS 2 Practical expedient)

The amendment requires an entity to disclose its material accounting policies, rather than its significant accounting policies. Adds information that explains how an entity can identify a material accounting policy, giving examples of when an accounting policy is likely to be material. The amendments clarify that the information on accounting policies may be material due to its nature, even if the related amounts are immaterial. To support the amendment, the IASB has also developed guidance and examples to explain and demonstrate the application of the 'four-step materiality process' described in the IFRS 2 Practical expedient. The amendments clarify that information on accounting policies may be material due to its nature, even if the related amounts are immaterial.

This amendment is effective for annual financial statement reporting periods beginning on or after January 1, 2023, with early application permitted.

Definition of accounting estimates (Amendments to IAS 8)

The amendment replaces the definition of “change in accounting estimates” with a definition of “accounting estimates”. Under the new definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement uncertainty. Accounting issuers do if accounting policies require elements of financial statements to be measured in a way that involves measurement uncertainty. The amendments clarify that a change in the accounting estimate resulting from new information or new estimates is not the correction of an error. In addition, the effects of a change in an entry or a measurement technique used to develop an accounting estimate are changes in accounting estimates if they are not the result of correcting errors from prior periods.

This amendment is effective for annual financial statement reporting periods beginning on or after January 1, 2023, with early application permitted.

Deferred tax arising from assets and liabilities in a single transaction (Amendment to IAS 12)

The main change in deferred tax related to assets and liabilities arising from a single transaction is an exception to the initial recognition exception provided for in the standard. The amendment indicates that the initial recognition exception does not apply to transactions in which deductible or taxable temporary differences arise in the initial recognition for equal amounts.

This amendment is effective for annual financial statement reporting periods beginning on or after January 1, 2023. Its early application is permitted.

The Company's Board of Directors anticipates that the application of the aforementioned modifications will not have an impact on the Company's financial statements.

As of the date of issuance of these condensed interim consolidated financial statements, the Company's Management is evaluating the impact that the adoption of the standards and interpretations or modifications to them, which are effective as of January 1, 2022 or later, will have in the financial statements of the Company. A reasonable estimate of the potential effect cannot be provided until a detailed review has been completed. The Company will not adopt any of these standards and interpretations or modifications in advance from their effective date and the Company will use the transition provisions included in each standard or amendment.

2.4. Basis of consolidation

The consolidated financial statements of GENNEIA incorporate the separate financial statements of the Company and its controlled entities. They are considered controlled when the Company (i) has power over the investee, (ii) is exposed, or has rights, to variable returns from its involvement with the investee and, (iii) has the ability to use its power to affect its returns.

The main consolidation adjustments are the following:

elimination of assets and liabilities and income and expenses of the parent with its subsidiaries, in order to disclose the balances maintained effectively with third parties; and
elimination of interests in the equity and earnings of the controlled entities, for each period.

The latest financial statements available as of the statement of financial position date have been used in the consolidation process and considering significant subsequent events and transactions and/or available management information and the transactions between GENNEIA and the controlled entity.

If necessary, financial statements of controlled entities are adjusted to adapt their accounting policies with those used by the Company.

Detailed below are the controlled companies whose financial statements have been included in these consolidated financial statements:

Subsidiaries: Enersud Energy S.A.U. Ingentis II Esquel S.A. Genneia Desarrollos S.A. Nor Aldyl San Lorenzo S.A. (1) Nor Aldyl Bragado S.A. (1) MyC Energía S.A. Genneia Vientos Argentinos S.A. Genneia Vientos Sudoeste S.A. Genneia Vientos del Sur S.A. Patagonia Wind Energy S.A. Parque Eólico Loma Blanca IV S.A. Genneia La Florida S.A. Ullum 1 Solar S.A.U. Ullum 2 Solar S.A.U. Ullum 3 Solar S.A.U. Sofeet International LLC	Mainactivity Industrialization, separation and trading of propane and butane gas and/or liquefied gas and trading of natural gas and transportation for industrial or residential consumption. Power generation and trading. Production and development of renewable energies and its commercialization. Production and development of renewable energies and its commercialization, construction of gas pipelines and networks. Production and development of renewable energies and its commercialization, construction of gas pipelines and networks. Generation, production, development and trading of energies. Construction, financing, commissioning, operation and maintenance of a renewable sources power plant. Construction, financing, commissioning, operation and maintenance of a renewable sources power plant Construction, financing, commissioning, operation and maintenance of a renewable sources power plant Production and development of renewable energies and its commercialization. Production and development of renewable energies and its commercialization. Construction, financing, commissioning, operation and maintenance of a renewable sources power plant Production and development of renewable energies and its commercialization. Production and development of renewable energies and its commercialization. Production and development of renewable energies and its commercialization. Any business that is accepted by the laws of the State of Delaware, United States.	Percentage of participation (direct and indirect)	Percentage of participation (direct and indirect)
		September 30, 2021 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%	December 31, 2020
			100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

(1) Nor Aldyl San Lorenzo S.A. and Nor Aldyl Bragado S.A. began the liquidation and dissolution process.

Since the Company has a 100% interest in its controlled entities, there is no information to disclose in relation to noncontrolling interests.

2.5. Investments in joint ventures:

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.

The results, assets, and liabilities of joint ventures are incorporated in these interim condensed consolidated financial statements using the equity method of accounting.

Under the equity method, an investment in a joint venture is initially recognized in the statement of financial position at cost and adjusted thereafter to recognize the Company’s share of the profit or loss and other comprehensive income of the joint ventures.

Joint ventures have been valued based upon the latest available financial statements of these companies as of the end of each period or year, taking into consideration, if applicable, significant subsequent events and transactions, available management information and transactions between the Company and the related company which have produced changes on the latter’s shareholders’ equity.

On each closing date or upon the existence of signs of impairment, it is determined whether there is any objective evidence of impairment in the value of the investment in joint ventures. If this is the case, Company calculates the amount of the impairment as the difference between the recoverable value of joint ventures and their book value, and recognizes the difference under “Loss on long term investments in joint ventures” in the statement of profit or loss and other comprehensive income. The recorded value of investments in joint ventures does not exceed their recoverable value.

2.6. Seasonality of operations

The operations of the Company do not have a significant seasonal nature.

NOTE 3 – CASH AND CASH EQUIVALENTS

Include cash, time deposits in financial entities and short-term investments with maturity up to three months at the acquisition date, with low risk of value variation and destined to cancel short-term liabilities.

Cash Current investments Cash and cash equivalents	September 30, 2021	December 31, 2020 55,638 50,913 106,551	September 30, 2020
	61,837 38,845 100,682		57,307 48,348 105,655

NOTE 4 - CRITICAL JUDGEMENTS IN APPLYING ACCOUNTING POLICIES

In the application of the Company’s accounting policies, the Management and Board of Directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future years.

The main accounting areas and items that require that management make significant judgment and estimates in preparing its financial statements are described in the consolidated financial statements as of December 31, 2020 and there have been no significant changes, except from the changes in the income tax described in note 5q.

NOTE 5 - DETAIL OF THE MAIN ACCOUNTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

The breakdown of the main accounts of the consolidated financial statements is as follows:

Interim condensed consolidated statement of financial position as of September 30, 2021

Assets a) Cash and banks: Cash Banks Checks to be deposited b) Investments: Current Government bonds(1) Time deposits(2) Mutual funds(1) (3)	September 30, 2021 16 61,816 5 61,837 - 749 38,663 39,412	December 31, 2020
		18 55,615 5
		55,638
		16,162 12,854 37,566
		66,582

(1) As of September 30, 2021 includes investments not considered as cash and equivalents for an amount of 567 in mutual funds. As of december 31, 2020 includes investments that have a maturity period of more than 90 days from the date of incorporation, for an amount of 2,465 in government bonds and 13,204 in mutual funds.

(2) As of September 30, 2021 and December 31, 2020 corresponds to deposits that have a maturity period of less than 90 days from the date of incorporation. (3) As of December 31, 2020 includes 165 as collateral for futures contracts maturing in January, 2021.

Non-current Investments in joint venture	September 30, 2021 46,234 46,234	December 31, 2020 53,844 53,844

Includes the interest in the following joint ventures:

Joint venture:	Main activity	Percentage of participation
		September 30, 2021 December 31, 2020
Vientos de Necochea S.A. Vientos Sudamericanos Chubut Norte IV S.A. Vientos Patagónicos Chubut Norte III S.A.	Production and development of renewable energies and its commercialization. Construction, financing, commissioning, operation and maintenance of a renewable sources power plant. Construction, financing, commissioning, operation and maintenance of a renewable sources power plant.	50% 50% 51% 51% 51% 51%

The interests in joint ventures mentioned above are accounted for using the equity method. The description of each of the companies and the evaluated assumptions are described in note 5.b to the consolidated financial statements of the company as of December 31, 2020.

Summarized financial information in respect of the joint ventures is set out below. The summarized financial information below represents amounts shown in the joint venture’s interim condensed financial statements.

Statement of financial position Current assets(2) Non-current assets(2) Current liabilities(3) Non-current liabilities(3) Shareholders’ equity Statement of profit or loss and other comprehensive income Net sales(1) Cost of sales Administration expenses Other expenses, net Financial expenses, net Net income (loss) before income tax Income tax Net loss for the period(4)	Vientos Sudamericanos Chubut Norte IV S.A. Vientos Patagónicos Chubut Norte III S.A. Vientos de Necochea S.A.
	September 30, 2021
	15,420 19,955 13,170 122,327 80,532 66,747 68,650 58,685 4,798 30,395 14,958 49,508 38,702 26,844 25,611 For the nine-month period ended September 30, 2021
	8,526 5,990 7,999 (3,465) (2,375) (3,135) (124) (47) (89) (419) (45) (141) (4,418) (4,343) (4,282)
	100 (820) 352 (4,092) (1,440) (716)
	(3,992) (2,260) (364)

Reconciliation of the above summarized financial information to the carrying amount of the interest in the joint venture recognized in the interim condensed consolidated financial information:

Net assets of the joint venture Proportion of the Company’s ownership interest in the joint venture Carrying amount of the Company’s interest in the joint venture Evolution of non-current investments: Balance at the beginning of the year Other capital contributions decrease(5) Comprehensive loss for the period Balance at the end of the period	Total September 30, 2021
	38,702 26,844 25,611 - 51% 51% 50% -
	19,738 13,691 12,805 46,234
	24,564 16,293 12,987 53,844 (2,931) (1,449) - (4,380) (1,895) (1,153) (182) (3,230) 19,738 13,691 12,805 46,234

(1) For the period September 30, 2021, 100% of sales have been made to CAMMESA.

(2) Includes cash and equivalents for an amount of 9,821, 9,700 and 11,226 corresponding to Vientos Sudamericanos Chubut Norte IV S.A., Vientos Patagónicos Chubut Norte III S.A. and Vientos de Necochea S.A., respectively.

(3) Includes financial debts with third parties in the amount of 65,688, 44,806 and 36,834 corresponding to Vientos Sudamericanos Chubut Norte IV S.A., Vientos Patagónicos Chubut Norte III S.A. and Vientos de Necochea S.A., respectively.

(4) Includes depreciation of fixed assets for an amount of 2,675, 1,817 and 1,775 corresponding to Vientos Sudamericanos Chubut Norte IV S.A., Vientos Patagónicos Chubut Norte III S.A. and Vientos de Necochea S.A., respectively.

(5) Corresponds to the effect of the change in tax rate (Note 5.q) on the deferred tax asset recognized in relation to the financing mentioned in Note 6.1.2, which was found with a counterpart in non-current investments, in relation to loan transactions to joint ventures that, according to IFRS, based on the underlying economic reality of the operation, have been assimilated to increases or decreases in other capital contributions to such companies.

Statement of financial position Current assets (3) Non-current assets (3) Current liabilities (4) Non-current liabilities (4) Shareholders’ equity Statement of profit or loss and other comprehensive income Net sales(2) Cost of sales Administration expenses Other expenses. Net Financial expenses. Net Net (loss) profit before income tax Income tax Net (loss) profit for the period(5)	Vientos Sudamericanos Chubut Norte IV S.A. Vientos Patagónicos Chubut Norte III S.A. Vientos de Necochea S.A.
	December 31, 2020
	15,628 18,001 9,325 119,915 76,795 68,383 65,898 52,670 15,672 21,481 10,178 36,062 48,164 31,948 25,974 For the nine-month period ended September 30, 2020
	- - 7,201 - - (2,527) (63) (51) (70) (128) (239) (71) (3,797) (2,393) (4,160)
	(3,988) (2,683) 373 954 2,316 (265)
	(3,034) (367) 108

Reconciliation of the above summarized financial information to the carrying amount of the interest in the joint venture recognized in the interim condensed consolidated financial information:

Net assets of the joint venture Proportion of the Company’s ownership interest in the joint venture Carrying amount of the Company’s interest in the joint venture Evolution of non-current investments: Balance at the beginning of the year Other capital contributions(1) Comprehensive (loss) profit for the period Balance at the end of the period	Total September 30, 2020
	46,910 30,954 25,966 - 51% 51% 50% -
	23,924 15,787 12,983 52,694
	24,865 14,227 12,930 52,022 733 1,712 - 2,445 (1,674) (152) 53 (1,773) 23,924 15,787 12,983 52,694

(1) Corresponds mainly to the effect related to those transactions of loans to joint ventures that, according to IFRS, according on the underlying economic substance of the operation, are assimilated to increases or decreases in other capital contributions to such companies (see Note 5.d of these consolidated financial statements and 3.4 to the financial statements as of December 31, 2020).

(2) For the period September 30, 2020, 100% of sales have been made to CAMMESA.

(3) Includes cash and equivalents for an amount of 3,245, 8,538 and 6,619 corresponding to Vientos Sudamericanos Chubut Norte IV S.A., Vientos Patagónicos Chubut Norte III S.A. and Vientos de Necochea S.A., respectively.

(4) Includes financial debts with third parties in the amount of 54,691, 37,357 and 22,960 corresponding to Vientos Sudamericanos Chubut Norte IV S.A., Vientos Patagónicos Chubut Norte III S.A. and Vientos de Necochea S.A., respectively.

(5) Includes depreciation of fixed assets for an amount of 1,576 corresponding to Vientos de Necochea S.A..

c)	Trade receivables: Current Trade receivables - electric power generation Accruals for unbilled sales of electric power generation Related parties (Note 6) Trade receivables - sale of gas and gas transportation Accruals for unbilled sales of gas and gas transportation Aging of trade receivables Up to three months Three to six months Six to nine months Nine to twelve months More than one year Past due balance at end of the period or year(1) To be due Balance at end of period or year	September 30, 2021 40,682 20,395 124 3,021 3,487 67,709 10,182 202 380 121 5,344 16,229 51,480 67,709	December 31, 2020
			45,959 23,990 95 1,824 1,123 72,991 13,782 517 226 501 7,650
			22,676
			50,315
			72,991

(1) In relation to uncollected past due current trade receivables with IEASA (Ex ENARSA) of 9,175 and 10,506 as September 30, 2021 and December 31, 2020 respectively, see Note 11.3 to the financial statements as of Decembre 31, 2020 and 8.1.5 to these financial statements.

d)	Other receivables: Current Financial assets Related parties (Note 6)(1) Credit related to the sale of companies (2) Other receivables to collect Receivable for investment in Patagonian Pipeline Loma Blanca Trust credits Prepayments, tax receivables and others Prepaid insurance Value added tax Income tax and minimum presumed income tax advances and withholdings (net of minimum presumed income tax payable) Advanced payments to suppliers Turnover tax credit Recovery of expenses receivable Miscellaneous Non-current Financial assets Related parties (Note 6) (1) Construction costs to be recovered Receivable for investment in Patagonian Pipeline Loma Blanca Trust credits	8,733 421 1,890 65 339 11,448 1,720 3,503 532 21 158 981 336 7,251 18,699 11,985 93 392 1,222 13,692	13,174 1,851 2,217 76 153
			17,471
			1,358 478 714 49 214 981 2,112
			5,906
			23,377
			10,718 189 463 1,361
			12,731

Prepayments, tax receivables and others Minimum presumed income tax credit Turnover tax credit Advanced payments to suppliers of fixed assets(3) Credit from tax on bank debits and credits Expenses paid in advance Deposits in guarantee(4) Miscellaneous	September 30, 2021 405 261 961 3,678 1,490 8,615 1,956 17,366 31,058	December 31, 2020
		539 332 2,404 2,852 1,553 8,614 421
		16,715
		29,446

(1) As of September 30, 2021 and December 31, 2020 includes US$ 38 million of term loans granted to joint ventures, which have been recognized at the time of their initial recognition at fair value, having recognized the difference generated with respect to the nominal value of the transaction, net of its effect on deferred tax, as other capital contributions in joint ventures.

(2) Corresponds to the credit held with PAF associated with the sale of 49% of the shares of Vientos Sudamericanos Chubut Norte IV S.A. and Vientos Patagonicos Chubut Norte III S.A. (Note 5.b to the financial statements as of December 31, 2020).

(3) Corresponds to advanced payments to suppliers for fixed assets acquisitions in relation to the projects detailed in Note 12 to the financial statements as of Decembre 31, 2020.

(4) As of September 30, 2021 and December 31, 2020 corresponds to a guarantee deposit of US$ 6.6 million, made as collateral for the Pomona II, Chubut Norte I and II, and Villalonga I projects; and US$ 2 million, made in compliance with the commitment to contribute to the projects of Chubut Norte III and IV. The projects are described in Note 12 to the consolidated financial statements as of December 31, 2020.

e) Inventories:

Current

f)	Materials and spare parts Non-current Materials and spare parts Fixed assets, intangible assets and goodwill: f.1) Fixed assets Fixed assets value Allowance for fixed assets impairments (Note 5.l) Net book value	September 30, 2021 1,058,045 (21,779) 1,036,266		1,295 1,295 10,249 10,249 December 31, 2020 1,089,180 (20,843) 1,068,337	1,305
					1,305
					9,008 9,008 September 30, 2020
					1,104,601 (9,227) 1,095,374

Main account	2021
	Cost
	Accumulated at the beginning of theyear Increases Transfers Foreign currency exchange difference Accumulated at the end of theperiod
Land Furniture and fixture Machinery Computer equipment Communication equipment Vehicles Buildings and installations Tools Pipelines Power generation equipment(1) Wind Farm Solar Photovoltaic Plant Work in progress Right of use on land and buildings Total 2021 Total 2020	8,229 - - 281 8,510 543 - - 3 546 3,992 - - - 3,992 6,290 77 - 11 6,378 61 - - - 61 1,670 562 - 0 2,232 15,458 9 - 138 15,605 1,786 134 - 5 1,925 10,900 - - 2,377 13,277 490,086 - - 10,392 500,478 889,421 932 35,713 1 926,067 83,744 23 - - 83,767 35,314 6,740 (35,713) - 6,341 5,797 585 - - 6,382
	1,553,291 9,062 - 13,208 1,575,561 1,535,277 21,764 - (4,234) 1,552,807

Main account	2021 Accumulated Depreciation Accumulated at the beginning of theyear Annual depreciation rate Increases Foreign currency exchange difference Accumulated at the end of theperiod Net book value at September 30, 2021 - - - - - 8,510 465 10% 17 2 484 62 1,861 10% 356 - 2,217 1,775 5,482 33% 290 8 5,780 598 51 33% 1 - 52 9 1,352 20% 143 (105) 1,390 842 3,550 10% 462 27 4,039 11,566 1,105 10% 123 2 1,230 695 8,972 3%-7% 596 2,020 11,588 1,689 311,989 5%-10% 18,946 2,008 332,943 167,535 120,876 3%-5% 25,849 (1) 146,724 779,343 5,750 3% 2,080 - 7,830 75,937 - - - - - 6,341 2,658 4%-33% 581 - 3,239 3,143 464,111 49,444 3,961 517,516 1,058,045 400,958 33,109 (1,587) 432,480	2020	2020
		Net book value at September 30, 2020 8,240 84 2,249 841 10 372 12,064 663 2,074 184,159 777,290 78,610 34,628 3,317 1,104,601	Net book value at December 31, 2020
	Accumulated at the beginning of theyear Annual depreciation rate
Land Furniture and fixture Machinery Computer equipment Communication equipment Vehicles Buildings and installations Tools Pipelines Power generation equipment(1) Windfarm Solar Photovoltaic Plant Work in progress Right of use on land and buildings Total 2021 Total 2020	- - 465 10% 1,861 10% 5,482 33% 51 33% 1,352 20% 3,550 10% 1,105 10% 8,972 3%-7% 311,989 5%-10% 120,876 3%-5% 5,750 3% - - 2,658 4%-33% 464,111 400,958		8,229 78 2,131 808 10 318 11,908 681 1,928 178,097 768,545 77,994 35,314 3,139
			1,089,180

(1) As of the date of issuance of these interim condensed consolidated financial statements, includes a residual value of 45,039 related to some thermal plants for which the management and the board of directors are evaluating different alternatives, including the sale of the equipment. The evaluation of the asset's recovery value is based on estimates of the use value and disposition value as appropriate. See Notes 1 and 14 to the Consolidated Financial Statements as of December 31, 2020.

f.2) Evolution of intangible assets:

Cost value Accumulated amortization Allowance for impairment of intangible assets (Note 5.l) Book value at the beginning of the year Amortization of the period Impairment decrease Book value at the end of the period Cost value Accumulated amortization Allowance for impairment of intangible assets (Note 5.l) Book value at the end of the period Cost value Accumulated amortization Allowance for impairment of intangible assets Book value at the beginning of the year Amortization of the period Impairment decrease Book value at the end of the period Cost value Accumulated amortization Allowance for impairment of intangible assets (Note 5.l) Book value at the end of the period	September 30, 2021
	Intangible assets acquired separately (Puerto Madryn Project) Intangible assets acquired in a business combination (intangible asset related PELBIV acquisition) Intangible assets acquired in a business combination (intangible asset related ULLUMs acquisitions) Total
	4,260 31,904 5,792 41,956 (219) (10,622) (576) (11,417) - - (5,216) (5,216)
	4,041 21,282 - 25,323
	(106) (2,660) (216) (2,982) - - 216 216
	3,935 18,622 - 22,557
	4,260 31,904 5,792 41,956 (325) (13,282) (792) (14,399) - - (5,000) (5,000)
	3,935 18,622 - 22,557
	September 30, 2020
	Intangible assets acquired separately (Puerto Madryn Project) Intangible assets acquired in a business combination (intangible asset related PELBIV acquisition) Intangible assets acquired in a business combination (intangible asset related ULLUMs acquisitions) Total
	4,260 31,904 5,792 41,956 (77) (7,076) (288) (7,441) - - (5,504) (5,504)
	4,183 24,828 - 29,011
	(106) (2,660) (216) (2,982) - - 216 216
	4,077 22,168 - 26,245
	4,260 31,904 5,792 41,956 (183) (9,736) (504) (10,423) - - (5,288) (5,288)
	4,077 22,168 - 26,245

Liabilities

Liabilities
g) Accounts payable: Current Trade Accrual for invoices pending to receive Related parties (Note 6)	September30, 2021 45,898 23,905 81 69,884(1)	December 31, 2020
		47,803 18,235 81
		66,119(2)

(1) Includes 1,094 past due up to three months, 37 from nine to twelve months, and 40,483 over a year and 28,270 to be due up to three months. In relation to past due accounts payable to IEASA (Ex ENARSA) for an amount of 38,442 as of December 31, 2020, see Note 11.3 to the financial statements as of December 31, 2020 and 8.1.5 to these financial statements.

(2) Includes 1,152 past due up to three months, 1 from three to six months, 307 from six to nine months, 498 from nine to twelve months, and 45,573 over a year and 18,588 to be due up to three months. In relation to past due accounts payable to IEASA (Ex ENARSA) for an amount of 38,442 as of December 31, 2020, see Note 11.3 to the consolidated financial statements as of December 31, 2020.

h) Loans: Current Negotiable Debt Obligations Bank loans and others Leasings Non-current Negotiable Debt Obligations Bank loans and others Related parties, net of commissions (Note 6) Leasings	102,581 50,262 447 153,290 (1) 453,031 198,094 - 2,574 653,699(1)	37,651 54,155 321
		92,127(1)
		557,279 217,670 41,433 2,886
		819,268(1)

(1) Current loans are net of 2,764 and 3,848 as of September 30, 2021 and December 31, 2020, respectively, corresponding to fees and costs demanded in the structuring of loans and the issuance of negotiable obligations. Non-current loans are net of 40,687 and 41,676 as of September 30, 2021 and December 31, 2020, respectively, corresponding to fees and costs demanded in the structuring of loans and the issuance of negotiable obligations.

Detail of interest rates of loans:

	Outstanding
	principal as of
	September 30,	Interest
Loans	2021	Rate	Date	Maturity
Bank Loans in US$ fixed rate	25,267	5.50%-10.75%	2017-2019	2021-2026
Bank Loans in US$ variable rate	7,341	Libor+5.5% (2)	2020	2023
Bank Loans in AR$ variable rate	5,960	Badlar+8.5%	2020	2023
Bank Loans in variable rate UVA (1)	4,605	7.50%	2020	2023
Project finance variable rate	217,320	2.2%-9.92%	2018-2020	2023-2034
KfW Corporate Loan variable rate	17,773	Libor+1.5% (2)	2020	2023-2024
Negotiable Debt Obligations in US$
fixed rate	551,541	0%-14.5%	2015-2020	2022-2023

(1) Corresponds to financing from Genneia Desarollos S.A. with BH and BACS denominated in Purchasing Value Units (UVA). See Note 9.2.7 to the consolidated financial statements as of December 31, 2020.

(2) Regarding the discontinuation of the LIBOR as a reference rate, see note 7.3 to these financial statements.

i)	September 30, 2021 Evolution of loans and reconciliation of liabilities arising from financing activities: Balances at the beginning of the year 911,395 Financing cash flows Proceeds from loans 68,928 Principal payments to third parties (161,046) (92,118) Non-cash changes Leasings 354 Exchange Negotiable Debt Obligations 9,344 9,698 Other changes: Interest accrual 55,798 Accruedissuance costs 8,148 Interest payments to third parties (90,028) Effect of exchange difference and others 4,096 (21,986) Balance at the end of the period 806,989 September 30, 2021 Detail of loans: Series XX Bonds (Genn 2022 Bond) 93,626 Private Negotiable Debt Obligation - Series XXVII Negotiable Debt Obligations - Series XXVIII Negotiable Debt Obligations 7,335 Series XXIX Negotiable Debt Obligations 12,759 Series XXX Negotiable Debt Obligations 30,846 Series XXXI Negotiable Debt Obligations 346,620 Series XXXII Negotiable Debt Obligations 48,803 Series XXXIV Negotiable Debt Obligations 15,623 Syndicated Loan 2,825 KfW Corporate Loan Pomona II and Chubut Norte II - Genneia S.A. (1) 16,221 GDSA Credit Facility 17,858 Financial Trust Loma Blanca Serie I 20,922 Project Finance Pomona I - Genneia Vientos del Sudoeste S.A.(2) 86,213 Project Finance Chubut Norte I - Genneia Vientos del Sur S.A.(3) 39,482 Project Finance Villalonga I - Genneia Vientos Argentinos S.A.(4) 60,950 Promissory note related to Private Negotiable Debt Obligation 3,885 Leasings Genneia S.A. 152 Leasings Parque Eólico Loma Blanca IV S.A. 1,183 Leasings Genneia Vientos del Sudoeste S.A. 1,530 Leasings Genneia La Florida S.A. 156 806,989 (1) As of September 30, 2021 and December 31, 2020, the amount disbursed amounts to 29,148 and 26,674 respectively. (2) As of September 30, 2021 and December 31, 2020, the amount disbursed amounts to 118,453 and 116,575 respectively. (3) As of September 30, 2021 and December 31, 2020, the amount disbursed amounts to 47,849. (4) As of September 30, 2021 and December 31, 2020, the amount disbursed amounts to 74,351. Salaries and social security payable: Salaries, social security and withholdings payables 5,913 5,913	September 30, 2020
		945,743 89,807 (99,529)
		(9,722)
		- -
		-
		61,977 7,493 (73,416) (626)
		(4,572)
		931,449
		December 31, 2020
		520,933 41,433 20,308 10,388 12,719 30,582 - - - 11,280 20,480 21,084 29,997 89,731 38,959 60,294 - - 1,486 1,572 149
		911,395
		6,116
		6,116

j) Taxes payable: Current Income tax Value added tax Tax withholdings payable Taxes under regularization regime Miscellaneous k) Other liabilities: Current Miscellaneous Non-current Accrual for assets retirement obligation	September30, 2021 18,757 1,433 333 4 795 21,322 75 75 8,248 8,248	December 31, 2020
		- 3,524 235 3 978 4,740 92
		92
		8,867 8,867

l) Allowances and provisions:

Items	September 30, 2021 September 30, 2020
	Value as of December 31, 2020 Decreases Additions Value as of September 30, 2021 Value as of December 31, 2019 Decreases Additions Value as of September 30, 2020
Allowances deducted from assets: For fixed assets For intangible assets Total deducted from assets Provisions included in liabilities: For claims and pending labor lawsuits Total included in liabilities	20,843 (742)(1) 1,678(4) 21,779 9,838 (611)(3) - 9,227 5,216 (216)(2) - 5,000 5,504 (216)(3) - 5,288
	26,059 (958) 1,678 26,779 15,342 (827) - 14,515
	2,574 (839) - 1,735 3,479 (685) - 2,794 2,574 (839) - 1,735 3,479 (685) - 2,794

(1) Includes decreases of 854 related to the Amortization of fixed assets included on Operating cost of electric power generation from conventional sources Note 5.o.

(2) Included in Amortization of intangible assets on Operating cost of electric power generation from renewable sources Note 5.o.

(3) Includes decreases of 307 related to the Amortization of fixed assets included on Operating cost of electric power generation from conventional sources Note 5.o.and 216 related to Amortization of intangible assets, respectevely, included on Operating cost of electric power generation from renewable sources Note 5.o.

(4) Corresponds to additions due to the Result from exposure to changes in the purchasing power of the currency in fixed assets of Genneia Desarrollos S.A.

Interim condensed consolidated statements of profit or loss and other comprehensive income for the nine and threemonth period ended September 30, 2021

			For the nine-month period	For the nine-month period	For the nine-month period	For the three-month period	For the three-month period
			ended			ended
			September 30,	September 30,		September 30,	September 30,
			2021		2020	2021	2020
m)	Net sales(1):
	Revenue from electric power generation
	from renewable sources		158,150		170,119	56,478	61,127
	Revenue from electric power generation
	from conventional sources		36,384		52,142	10,510	16,564
	Revenue from gas trading and transport		3,710		3,766	1,431	1,385
	Other revenues		4,902		3,166	1,557	780
			203,146		229,193	69,976	79,856
	(1) For the nine-month periods ended September 30,		2021 and 2020, 90%	and 93%, respectively, of sales were made to CAMMESA and IEASA
	(Ex ENARSA).
n)	Cost of sales:
	Purchases for electric power generation
	from conventional sources		(902)		(2,142)	(303)	(514)
	Purchases for gas trading and transport		(723)		(679)	(266)	(263)
	Operating costs of electric	power
	generation from renewable sources (Note
	5.o)		(47,014)		(43,612)	(15,214)	(15,051)
	Operating costs of electric	power
	generation from conventional	sources
	(Note 5.o)		(24,703)		(25,859)	(7,585)	(8,533)
	Operating cost of gas trading and	transport
	(Note 5.o)		(639)		(556)	(239)	(192)
			(73,981)		(72,848)	(23,607)	(24,553)

o) Operating costs and expenses:

Salaries and benefits Social security charges and other contributions Professional fees and compensations for services Directors and statutory auditors’ fees Expenses for development of new businesses Other staff costs Travelling and lodging expenses Freight and insurance Rental and expenses of property, machinery and equipment Taxes, rates and contributions Maintenance and repairs Works contracts and other services Fixed assets depreciation Amortization of intangible assets Miscellaneous Total 2021	For the nine-month period ended September 30, 2021
	Operating cost of electric power generation from renewable sources Operating cost of electric power generation from conventional sources Operating cost of gas trading and transport Administrative expenses Selling Expenses 1,798 1,519 55 5,090 395 580 269 10 725 68 8,629 115 - 1,104 2 - - - 1,227 - - - - 178 - 267 23 - 144 - 86 93 - 108 2 1,510 995 - 38 - 380 1,152 - 224 5 491 113 8 62 617 669 975 - 495 1 399 289 - - - 28,468 18,833 566 932 2 2,766 - - - - 971 327 - 581 524 47,014 24,703 639 10,908 1,616	Total
		8,857 1,652 9,850 1,227 178 434 289 2,543 1,761 1,291 2,140 688 48,801 2,766 2,403 84,880

Salaries and benefits Social security charges and other contributions Professional fees and compensations for services Directors and statutory auditors’ fees Expenses for development of new businesses Other staff costs Travelling and lodging expenses Freight and insurance Rental and expenses of property, machinery and equipment Taxes, rates and contributions Maintenance and repairs Works contracts and other services Fixed assets depreciation Amortization of intangible assets Miscellaneous Total 2020	For the nine-month period ended September 30, 2020
	Operating cost of electric power generation from renewable sources Operating cost of electric power generation from conventional sources Operating cost of gas trading and transport Administrative expenses Selling expenses 1,647 1,699 43 4,526 300 677 463 8 575 68 7,772 135 - 734 1 - - - 1,163 - - - - 97 - 6 17 - 440 - 27 88 - 188 1 1,299 1,405 - 59 - 379 4 - 209 6 308 136 7 6 1,169 677 654 - 487 1 127 202 - 307 - 26,883 20,702 498 838 5 2,766 - - - - 1,044 354 - 433 520 43,612 25,859 556 10,062 2,071	Total
		8,215 1,791 8,642 1,163 97 463 304 2,763 598 1,626 1,819 636 48,926 2,766 2,351 82,160

Salaries and benefits Social security charges and other contributions Professional fees and compensations for services Directors and statutory auditors’ fees Expenses for development of new businesses Other staff costs Travelling and lodging expenses Freight and insurance Rental and expenses of property, machinery and equipment Taxes, rates and contributions Maintenance and repairs Works contracts and other services Fixed assets depreciation Amortization of intangible assets Miscellaneous Total 2021	For the three-month period ended September 30, 2021
	Operating cost of electric power generation from renewable sources Operating cost of electric power generation from conventional sources Operating cost of gas trading and transport Administrative expenses Selling expenses 708 267 24 1,584 112 209 91 4 255 23 2,972 59 - 526 1 - - - 731 - - - - 107 - 117 11 - 71 - 35 40 - 56 1 521 345 - 18 - 139 1 - 88 1 191 26 1 48 213 360 501 - 95 - 155 113 - - - 8,505 6,022 210 299 - 922 - - - - 380 109 - 185 174 15,214 7,585 239 4,063 525	Total
		2,695 582 3,558 731 107 199 132 884 229 479 956 268 15,036 922 848 27,626

			For the three-month period	For the three-month period	For the three-month period	For the three-month period	ended	ended
				September		30, 2020
	Operating cost of	Operating cost of
	electric power	electric power
	generation from	generation from	Operating cost of
	renewable	conventional	gas trading and			Administrative			Selling
	sources	sources		transport		expenses			expenses	Total
Salaries and benefits	735	595			14		1,729		116	3,189
Social security charges and other
contributions	296	140			3		114		23	576
Professional fees and compensations for
services	2,856	51			-		306		-	3,213
Directors and statutory auditors’ fees	-	-			-		438		-	438
Expenses for development of new
businesses	-	-			-			37	-	37
Other staff costs	6	6			-		168		-	180
Travelling and lodging expenses	8	25			-			43	-	76
Freight and insurance	424	466			-			16	-	906
Rental and expenses of property,
machinery and equipment	126	2			-			67	2	197
Taxes, rates and contributions	91	-			2			1	219	313
Maintenance and repairs	246	253			-			74	-	573
Works contracts and other services	43	74			-		100		-	217
Fixed assets depreciation	8,959	6,826			173		305		2	16,265
Amortization of intangible assets	922	-			-			-	-	922
Miscellaneous	339	95			-		161		174	769
Total 2020	15,051	8,533			192		3,559		536	27,871
		For the	nine-month period						For the three-month period
			ended						ended
		September	30,	September 30,				September 30,		September 30,
		2021			2020				2021	2020
p) Other expenses, net:
Tax on bank debits and credits		(3,309)			(3,097)				(1,318)	(896)
Others		476				222			439	67
		(2,833)			(2,875)				(879)	(829)

For the nine-month period ended September 30, 2021 September 30, 2020 Financial expense, net: The breakdown of financial income and expenses is as follows: Financial income: Interest income 8,235 5,511 Fair value gains on financial assets at fair value through profit or loss 6,609 1,982 14,844 7,493 Financial expense Fair value losses on financial assets at fair value through profit or loss (436) (2,546) Interest expense (57,006) (63,951) Exchange differences, net (13,447) (14,225) Issuance costs and withholdings (11,003) (8,915) Exchange negotiable debt obligations (9,344) - Miscellaneous (5,754) (3,894) (96,990) (93,531) Result from exposure to changes in the purchasing power of the currency 6,885 2,629 Total financial expense, net (75,261) (83,409)	For the nine-month period ended September 30, 2021 September 30, 2020 Financial expense, net: The breakdown of financial income and expenses is as follows: Financial income: Interest income 8,235 5,511 Fair value gains on financial assets at fair value through profit or loss 6,609 1,982 14,844 7,493 Financial expense Fair value losses on financial assets at fair value through profit or loss (436) (2,546) Interest expense (57,006) (63,951) Exchange differences, net (13,447) (14,225) Issuance costs and withholdings (11,003) (8,915) Exchange negotiable debt obligations (9,344) - Miscellaneous (5,754) (3,894) (96,990) (93,531) Result from exposure to changes in the purchasing power of the currency 6,885 2,629 Total financial expense, net (75,261) (83,409)	For the three-month period ended September 30, 2021 September 30, 2020 2,980 2,034 3,506 273 6,486 2,307 156 (1,696) (19,862) (20,639) (3,624) (1,831) (6,420) (3,938) (9,344) - (3,071) (1,585)	For the three-month period ended September 30, 2021 September 30, 2020 2,980 2,034 3,506 273 6,486 2,307 156 (1,696) (19,862) (20,639) (3,624) (1,831) (6,420) (3,938) (9,344) - (3,071) (1,585)
			2,034 273
			2,307
			(1,696) (20,639) (1,831) (3,938) - (1,585)
(96,990) 6,885 (75,261)	(93,531) 2,629 (83,409)	(42,165) 3,178 (32,501)	(29,689)
			(2,210) (29,592)

q) Financial expense, net:

r) Income tax:

The consolidated income tax charge for the nine and three-month period ended September 30, 2021 and 2020 is as follows:

Current income tax Deferred income tax	For the nine-month period ended September 30, 2021 September 30, 2020 (19,294) - (78,719) (27,862) (98,013) (27,862)	For the three-month period ended September 30, 2021 September 30, 2020 (6,998) - (13,736) (16,835) (20,734) (16,835)	For the three-month period ended September 30, 2021 September 30, 2020 (6,998) - (13,736) (16,835) (20,734) (16,835)
			- (16,835) (16,835)

Changes in tax Regime

On June 16, 2021, Law No. 27,630 was published in the Official Gazette, which introduces a variable tax rate depending on the Accumulated taxable net income of the company. By virtue of this modification, for the fiscal year beginning on January 1, 2021, the income tax rates for companies will be as follows:

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Amounts in thousands
Accumulated taxable net income Income tax
Taxable income in
More than AR$ To AR$ A fixed amount of Plus a
excess of
AR$ 0 AR$ 5.000 AR$ 0 25% AR$ 0
AR$ 5.000 AR$ 50.000 AR$ 1.250 30% AR$ 5.000
AR$ 50.000 Onwards AR$ 14.750 35% AR$ 50.000
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The aforementioned amounts will be updated annually starting on 2022, considering the annual variation of the consumer price index (CPI) provided by the National Institute of Statistics and Census (INDEC), a decentralized body within the scope of the Ministry of Economy, corresponding to the month of October of the year prior to the adjustment, compared to the same month of the previous year.

For the nine-month period ended September 30, 2021, the company measured the income tax using a statutory tax rate of 25% according to the estimated amount of the accumulated tax income for the year 2021.

The net deferred tax liability as of September 30, 2021 was measured considering the rate expected for the year the temporary item will be reversed or used. The effect of the application of the new rates is disclosed separately, in the line item “Tax rate change effect” in the table below.

The reconciliation between the consolidated income tax charge for the nine-month period ended September 30, 2021 and 2020 and the loss that would result from applying the prevailing tax rate on the net loss before income tax, included in the consolidated statement of profit or loss and other comprehensive income for each period, is as follows:

Net profit before income tax Statutory tax rate Statutory tax rate applied to net profit before income tax Permanent differences and others at the prevailing tax rate: Loss on long term investment in joint ventures Tax rate change effect Tax effects due to tax restatement to current units of currency Effects of the functional currency and others(1) Income tax - (Charge)	For the nine-month period ended	For the nine-month period ended
	September 30, 2021 35,178 25% (8,795) (842) (49,271) (60,494) 21,389 (98,013)	September 30, 2020
		56,086 30%
		(16,826)
		553 (54,902) - 43,313 (27,862)

(1) It mainly includes the effect of using a different currency for reporting and tax purposes.

Furthermore, the breakdown of the consolidated net deferred tax liabilities as of September 30, 2021 and December 31, 2020, is as follows:

Deferred tax assets Tax loss carryforwards Non deductible liabilities Other receivables with related parties(1) Miscellaneous Total deferred tax assets Deferred tax liabilities Fixed assets Intangible assets Tax effect due to restatement to current units of currency Miscellaneous Total deferred tax liabilities Net deferred tax liabilities	September 30, 2021 31,529 3,600 14,026 5,552 54,707 (182,573) (7,745) (77,153) (5,933) (273,404) (218,697)	December 31, 2020
		77,947 5,966 9,788 4,628
		98,329
		(150,693) (6,101) (81,413) (2,532)
		(240,739)
		(142,410)

(1) Corresponds to the deferred asset related to the financing mentioned in Note 6.1.2, which has been recognized as other capital contributions in non current investments at the time of initial recognition of the financing. During the nine-month period ended September 30, 2021, there has been a increse for 4,192 related to the changes in the tax law which were recognized on non-current investments.

As of September 30, 2021 the Company and its subsidiaries maintain a deferred tax asset for accumulated tax loss carryforwards as of December 31, 2020, for accumulated tax loss carryforwards of 76,965, which may be offset against taxable income as follows:

Year until it can be used	Tax loss carryforward Deferred asset
2022 2023 2024 2025 2027 2028 2029 2030	956 239 8,923 2,403 8,362 2,421 5,930 1,979 2,144 536 46,238 11,560 124,440 32,582 73,497 25,245 270,490 76,965

The following table summarizes the deferred tax assets for tax loss carry forwards as of December 31, 2020 by the individual project and company, which generates it:

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Project/Company Deferred asset
PEM I [(1) ] 11,574
PEM II [(1)] 12,706
PER III [(1)] 3,202
Subtotal Genneia 27,482
GEDESA 2,944
PELBIV 895
Vientos Argentinos [(1)] 10,763
Vientos del Sudoeste [(1)] 20,555
Vientos del Sur [(1)] 5,480
Ullum 1 Solar [(1)] 2,460
Ullum 2 Solar [(1)] 2,595
Ullum 3 Solar [(1)] 3,236
La Florida 554
Others Subsidiaries 1
Subtotal Subsidiaries 49,483
Total 76,965
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(1) According to Law No. 26.190 (National Development Regime for the Use of Renewable Sources of Energy Destined for The Production of Electric Energy), the tax loss carryforwards for these project may be used for up to ten years from the year in which they are generated to compensate against taxable income generated from these projects.

For the period ended September 30, 2021 the Company has estimated a tax income in relation to the Madryn I, Madryn II, Rawson III, Villalonga, Chubut Norte I, Ullum 1 Solar, Ullum 2 Solar, Ullum 3 Solar, Florida and Pomona projects, mainly genearated by the Tax effect due to restatement to current units of currency offset by the effect of the benefit granted by Article 9 of Law No. 26.190 (National Development Regime for the Use of Renewable Sources of Energy Destined for The Production of Electric Energy), the accelerated tax amortization of wind and solar farms that which may be compensated with losses from previous years. In relation for tax results not generated by these businesses, for the nine-month period ended September 30, 2021 the Company has estimated a tax income, in compliance with current tax regulations which may be partially compensated with losses from previous years, additionally, the company has recognized an income tax liability of 12,247.

For the period ended September 30, 2020 the Company has estimated a tax loss in relation to the Madryn I, Madryn II, Rawson III, Villalonga, Chubut Norte I, Ullum I Solar, Ullum II Solar, Ullum III Solar, Florida and Pomona projects, by virtue of the benefit granted by Article 9 of Law No. 26.190 (National Development Regime for the Use of Renewable Sources of Energy Destined for The Production of Electric Energy), whose tax loss carryforwards may be used for up to ten years from the year in which they are generated to compensate against taxable income generated from these projects. In addition, the Companies in charge of these projects chose to apply the benefit of the accelerated tax amortization of wind and solar parks, granted in the aforementioned Law. In relation for tax results not generated by these businesses, for the ninemonth period ended September 30, 2020 the Company has estimated a tax income, in compliance with current tax regulations, which may be compensated with losses from previous years.

The Company and its subsidiaries recognize tax loss carry-forwards and other tax credits as deferred tax assets when its deduction against future taxable income is probable. To that effect, based on paragraph 36 of IAS 12, the Company and its subsidiaries consider the projected tax results and reverse of temporary liability differences.

To assess the probability of recoverability and estimate the recoverable amount of deferred assets related to tax loss carryforwards, Management has projected the tax income based on various future variables including an estimate of the peso devaluation against the US$ for the next fiscal years. Such estimates are reviewed periodically, and the effects of such estimates are recognized in the period of the revision.

Unrecognised taxable temporary difference associated with subsidiaries and joint ventures

Taxable temporary differences in relation to investments in subsidiaries and joint ventures for which deferred tax liabilities have not been recognised are attributable to the following:

Subsidiaries Joint ventures	September 30, 2021 (28,320) (5,509) (33,829)	December 31, 2020
		(27,730) (6,929) (34,659)

NOTE 6 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES

The principal outstanding consolidated balances as of September 30, 2021 and December 31, 2020 for transactions with related parties are as follows:

Companies under joint control: Vientos de Necochea S.A Vientos Sudamericanos Chubut Norte IV S.A. Vientos Patagónicos Chubut Norte III S.A. Shareholders, directors and key management: Fintech Energy LLC Jorge Horacio Brito Delfín Jorge Ezequiel Carballo PointState Argentum LLC Other related companies: Banco Macro S.A.(1)	September 30, 2021
	Trade receivables Other Receivables Accounts payable Loans
	Current Current Non Current Current Current Non Current
	- 797 3,402 - - - - 2,936 4,981 - - - - 5,000 3,602 - - - - - - 74 - - - - - 7 - - - - - - - - - - - - - - 124 - - - - - 124 8,733 11,985 81 - -

Companies under joint control: Vientos de Necochea S.A Vientos Sudamericanos Chubut Norte IV S.A. Vientos Patagónicos Chubut Norte III S.A. Shareholders, directors and key management: Fintech Energy LLC Jorge Horacio Brito Jorge Pablo Brito Delfín Jorge Ezequiel Carballo PointState Argentum LLC Other related companies: Banco Macro S.A.(1)	December 31, 2020
	Trade receivables Other receivables Accounts payable Loans
	Current Current Non Current Current Current Non Current
	- 803 3,050 - - - - 7,062 4,674 - - - - 5,309 2,994 - - - - - - 74 - 17,369 - - - 7 - - - - - - - - - - - - - 3,472 - - - - - 20,841 95 - - - - - 95 13,174 10,718 81 - 41,682

(1) Company related to shareholders Delfín Jorge Ezequiel Carballo and Jorge Pablo Brito.

The main consolidated operations with related parties for the nine-month period ended September 30, 2021 and 2020 are as follows:

Companies under joint control: Vientos de Necochea S.A Vientos Sudamericanos Chubut Norte IV S.A. Vientos Patagónicos Chubut Norte III S.A. Shareholders, directors and key management: Fintech Energy LLC Delfín Jorge Ezequiel Carballo PointState Argentum LLC Other related companies: Banco Macro S.A.(1) Companies under joint control: Vientos de Necochea S.A Vientos Sudamericanos Chubut Norte IV S.A. Vientos Patagónicos Chubut Norte III S.A. Shareholders, directors and key management: Fintech Energy LLC (3) Delfín Jorge Ezequiel Carballo (3) PointState Argentum LLC (3) Other related companies: Banco Macro S.A.(1)	September 30, 2021
	Sales of goods and services Recovery (reimbursement) of expenses, investments and other services, net Loans received (paid), net Loans granted (collected), net Interests and commissions earned, (lost)
	495 - - - 413 376 - - 490 451 261 - - 49 292 - - (12,638) - (2,624) - - (2,526) - (525) - - (15,165) - (3,148) 68 - - - - 1,200 - (30,329) 539 (5,141)
	September 30, 2020
	Sales of goods and services Recovery (reimbursement) of expenses, investments and other services, net Loans received (paid), net Loans granted (collected), net Interests and commissions lost
	485 6 - (7,059) 1,145 425 4 - 2,836 350 295 3 - 6,703 205 - - (13,013) - (3,548) - - (2,499) - (709) - - (15,614) - (4,257) 98 - - - (228) 1,303 13 (31,126)(2) 2,480 (7,042)

(1) Company related to shareholders Delfín Jorge Ezequiel Carballo and Jorge Pablo Brito.

(2) Corresponds to the purchase by Sofeet International LLC of Private Negotiable Obligation simple negotiable obligations, see note 8.6 to the consolidated financial statements as of December 31, 2020.

(3) The shareholders Fintech Energy LLC, Delfín Jorge Ezequiel Carballo and PointState Argentum LLC transferred their holdings in Private Class Negotiable Obligations that they had at the beginning of the fiscal year to third parties.

Additionally, the Company has hired insurance policies to grant an indemnity to its Directors in the exercise of their duties.

6.1. Financing agreements with companies under joint control

6.1.1. Financing agreements with Vientos de Necochea S.A.

In May 2019, the Company granted two loans for a total amount of US$ 10,150,000 due within 17 years to finance the execution of the project.

One of the loans was defined in pesos for an amount of AR$ 231,946,000 and accrues an interest rate on the balance of principal equivalent to the BADLAR rate on a quarterly basis. These interests will be capitalized quarterly until the date of the effective payment of the principal.

The other loan was defined in US dollars for an amount of US$ 4,950,000 and accrues an interest rate on the balance of principal equivalent to the annual LIBOR plus Country Risk Premium published by JPMorgan on a quarterly basis. These interests will be capitalized quarterly until the date of the effective payment of the principal.

During the year ended December 31, 2020, that loan defined in United States dollars was canceled in advance by Vientos de Necochea S.A. together with the part of the interest capitalized as of December 31, 2019 for a total amount of US$ 5,101,047. In addition, in the same period, Vientos de Necochea S.A. canceled in advance part of its debt for the loan determined in pesos for a total amount of US$ 2,842,996. Subsequently, in October 2020, the remaining balance of the debt at that time was converted to dollars by the terms and conditions agreed in the contract and began to accrue an interest rate on the principal balance equivalent to the ANNUAL LIBOR rate plus Premium for Country Risk published by JPMorgan on a quarterly basis. Said interests will be capitalized quarterly until the date of the effective payment of the principal.

The balance due as of September 30, 2021 is disclosed under “other non current receivables” and amounts to 3,402.

6.1.2. Loans and financing to Vientos Sudamericanos Chubut Norte IV S.A. and Vientos Patagónicos Chubut Norte III S.A.

In July 2019, the Company formalized with its related companies Vientos Sudamericanos Chubut Norte III SA and Vientos Patagonicos Chubut Norte IV S.A., a credit line agreement in pesos and without interest, by means of which it was determined that all the financing made used to pay the VAT payments up to the date became part of the credit line, the terms and conditions for future financial assistance were defined, and the possibility that an interest rate applicable to said credit line could be determined under common agreement of the parties from the date on which the parties agree.

The principal owed will be returned and paid in pesos exclusively with the amounts paid by the AFIP as credit for VAT refunds as such payments are received.

As of September 30, 2021, the balance related to said agreement is disclosed under “other current receivables” and amounts to 2,936 with Vientos Sudamericanos Chubut Norte IV S.A. and 5,000 with Vientos Patagónicos Chubut Norte III S.A.

In addition, in July 2019, the Companies signed a credit agreement in dollars and 0% interest rate, through which all the financing carried out to date, except those included in the agreement mentioned in the previous paragraph, went to being part of the credit line, the terms and conditions for future financial assistance were defined, and the possibility that the common agreement of the parties can determine an interest rate applicable to said credit line from the date on which the parties agree. The agreement has a term of 17 years from the signing date and early cancellations may be required by partial payments or in single payment before the due date. In accordance with the provisions of IFRS, this financial credit has been initially recognized at fair value at the time of the transaction in “other non-current receivables” of the Company's statement of financial position and the effect of the difference between said value and the nominal value of the financial assistance delivered has been recognized as other capital contributions within the long-term investment caption, net of the corresponding deferred tax effect.

As of September 30, 2021, the balance related to said agreement is disclosed under “other non current receivables” and amounts to 4,981 with Vientos Sudamericanos Chubut Norte IV S.A. and 3,602 with Vientos Patagónicos Chubut Norte III S.A.

NOTE 7 - FINANCIAL INSTRUMENTS

7.1. Capital management

GENNEIA manages its capital to ensure its ability to continue as a going concern, managing investment projects, while maximizing the return to its shareholders through the optimization of debt and equity balance.

The Company takes part in operations, which involves financial instruments, stated in statement of financial position, and intended to attend operative requirements and to reduce the exposure to risks of markets, currency and interest rate. The management of these risks, as well as their respective instruments, is performed through defined strategies, establishment of control systems and determination of exposure limits.

The Company is not subject to any externally imposed capital requirements.

The Company’s capital management overall strategy remains unchanged as from December 31, 2020.

7.2. Financial instruments by category and fair value measurements

Company’s Financial instruments were classified according to IFRS 7 in the following categories:

Financial assets Amortized cost: Cash and cash equivalents Investments Loans and trade receivables Investments at fair value through profit or loss Financial liabilities Amortized cost: Loans Account payables and other liabilities	September 30, 2021 December 31, 2020
	61,837 55,638 749 29,016 92,849 103,193 38,663 37,566 806,989 911,395 78,207 75,078

7.2.1. Fair Value Measurements

This note provides information about how the Company determines fair values of various financial assets and financial liabilities.

7.2.1.1. Fair value of the financial assets and financial liabilities that are measured at fair value on a recurring basis

Some of the Company’s financial assets and financial liabilities are measured at fair value at the end of each reporting period. The following table gives information about how the fair values of these financial assets and financial liabilities are determined (in particular, the valuation technique(s) and inputs used).

Financial assets Investments in financial assets: - Mutual funds	Fair	value December 31, 2020 Fair value hierarchy Valuation technique(s) and key input(s)
	September 30, 2021
	38,663	37,566 Level 1 Quoted bid prices in the markets where these financial instruments trade

7.2.1.2. Fair value of financial assets and financial liabilities that are not measured at fair value (but fair value disclosures are required)

Except as detailed in the following table, Management considers that the carrying amounts of financial assets and financial liabilities recognized in the consolidated financial statements approximate their fair values.

September	30, 2021 December 31, 2020	30, 2021 December 31, 2020
Carrying amount Fair value Carrying amount Fair value 457 216 539 254 806,989 734,043 911,395 762,497 Fair value September 30, 2021 December 31, 2020 Fair value hierarchy(1) 216 254 Level 3 734,043 762,497 Level 3		Fair value
September 30, 2021 216 734,043
	254 Level 3 762,497 Level 3

(1) The fair value of financial assets and liabilities included in the Level 3 category above have been determined in accordance with generally accepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount rate that reflects the credit risk of counterparties and prices derived from quoted bid prices in the markets where these financial instruments trade.

Between December 31, 2020 and September 30, 2021, there was a devaluation of the peso against the US dollar of around 17%. The devaluation of the currency has an impact on financial assets and liabilities denominated in Argentine pesos, the effect of which was recognized in these interim condensed consolidated financial statements.

7.3. Risk Management

The Company´s financial management coordinates access to domestic and international financial markets and monitors and manages associated financial risks. According to the nature, financial instruments may involve known or unknown risks, being important the better possible analysis of the potential of those risks. Among the major risks that could affect the business of the Company are: market risk (which includes foreign currency risk, interest rate risk and price risk), credit risk and liquidity risk.

Regarding the discontinuation of the LIBOR as a reference rate, it is worth clarifying that it will be available and used by the Company and its lenders, as a calculation basis, throughout the current fiscal year for those loans that establish it. However, the Financial Management is currently talking with the lenders to agree on the application of a new reference rate, which minimizes the uncertainties and the risk premium factor that represents the LIBOR rate today and motivates its discontinuation. Considering the total volume of the Company's financial debts that use the LIBOR rate and the potential alternatives under discussion, in the opinion of the Company's Management, the situation described will not have a material effect on the financial situation of the Company.

The interim condensed financial statements do not include all the information and disclosures of the financial risk management and should be read in connection with the annual consolidated financial statements as of December 31, 2020.

There have been no changes in the risk management or risk management policies applied by the Company since December 31, 2020.

NOTE 8 – RELEVANT EVENTS FOR THE PERIOD

8.1. Working Capital

As of September 30, 2021, the Company has a negative working capital of 63,267. This situation is strictly temporary and is mainly due to the short-term financial obligations directly related to the progress of the different projects that have been completed recently, as described in the notes to the financial statements as of December 31, 2020. In this regard, it is worth mentioning that, in line with the financial projections, the Company's Board of Directors and Management consider that the aforementioned situation does not present problems and will be reversed, among others, with (i) the refinancing and/or canceling of the Class XX Negotiable Obligations which matures in January 2022 for an amount of US$ 92 million; and (ii) the cash flow of the projects inaugurated during the current period and the fiscal years ended on December 31, 2020, 2019 and 2018, which add up to an installed capacity of 706 MW.

In relation to the maturity of the financial debt for the Class XX Negotiable Obligations for US$ 92 million in January 2022, the Company's Board of Directors and Management considers that there is a reasonable probability of the refinancing and/or canceling said debt at maturity and, therefore, there is no material uncertainty about the Company's ability to continue as a going concern. In this sense, in the evaluation carried out by the Company's Board of Directors and Management, it has been considered as critical judgment factors i) that the Company is in a solid operating and financial position -which is reflected in the increase in the flow of available funds and a reduction in the net financial debt to EBITDA- ratio; ii) that the Company has successfully proved several times having access to the international and local capital markets; iii) that the Company has access to bank financing lines; and iv) that the Company maintains frequent contact with banks and investors, which is extremely useful to know the situation of the debt market and their opinion about the Company.

8.2. Recent evolution of the economic-financial context in with the company operates

During the years 2019 and 2020 and during the period ended September 30, 2021, there has been an increasing rise in the general level of prices, salary costs, interest rates and the exchange rate of foreign currency, as well as volatility in other variables of the economy, which has impacted on the figures in these financial statements.

On December 20, 2019, the National Congress passed Law No. 27,541 called the Law of Social Solidarity and Productive Reactivation in the framework of Public Emergency declaring the public emergency in economic, financial, fiscal, administrative, pension, tariff matters, energy, health and social, delegating to the National Executive Power broad powers to ensure the sustainability of public debt, regulate the rate restructuring of the energy system through a renegotiation of the current comprehensive tariff revision and reorder the regulatory entities of the energy system, among others . In addition, electricity and natural gas rates will be maintained for a maximum period of 180 days for residential and commercial users and industries.

Said law, promoted by the new National Government, modified the personal property tax, increasing its rate, and empowered the National Executive Power to set higher rates for financial assets located abroad. Also, a new 30% currency purchase tax was created. This tax covers the purchase of bills and foreign currency in foreign currency for treasury or without a specific destination. As part of the package of measures aimed at reducing the fiscal deficit, said law suspended the pension adjustment system for 180 days, among other issues.

On April 30, 2020, the Central Bank issued Communication “A” 7001 (modified by Communication “A” 7030, Communication “A” 7042 and Communication “A” 7052, and for their eventual supplements and amendments, in hereinafter, “Communication“ A ”7001”) that establishes certain limitations on the transfer of securities to and from Argentina.

According to Communication “A” 7001, access to the Argentine exchange market for the purchase or transfer of foreign currency abroad (for any purpose) will be subject to the prior agreement of the Central Bank, if the person or entity seeking access the Argentine exchange market has sold securities with settlement in foreign currency or has transferred said securities to foreign depository entities during the immediately preceding 90 calendar days.

Furthermore, Communication “A” 7001 established: (i) that the person or entity must undertake not to make any sale or transfer during the 90 calendar days following said access; (ii) temporary restrictions to access the MULC to make certain import payments and for the payment of principal of loans whose creditor is a related entity.

Subsequently, on September 16, 2020, Communication “A” 7106 issued by the Central Bank of the Argentine Republic came into force, later supplemented by Communication “A” 7133. As provided in point 7 of Communication “A ”7106, debtors that register scheduled principal maturities between October 15, 2020 and June 30, 2021 (the“ Relevant Period ”) for, among others, financial debt operations abroad and issuance of debt securities With public registration in the country denominated in foreign currency, they must submit to the BCRA a detail of a refinancing plan based on certain conditions in order for the BCRA to grant access to the exchange market for the payment of said amortizations. The Relevant Period was extended until December 31, 2021 by Communication “A” 7230, currently replaced by Communication “A” 7272”.

On the other hand, with respect to the relevant period extended by communication “A” 7230, neither the Company nor its subsidiaries have maturities.

The Board of Directors and the Management of the Company will analyze the evolution of the described issues, as well as the possible additional modifications that the National Government could implement and will evaluate the impacts that they could have on their financial and economic situation, results and future cash flows.

8.3. Effects of the spread of COVID-19 on our business, financial position and results of operations

On January 30, 2020, the World Health Organization (WHO) declared an international health emergency due to the coronavirus outbreak. Since March 11, 2020, the WHO has characterized the spread of the coronavirus as a pandemic. This emergency situation and the measures adopted in the different countries to deal with it have significantly affected international economic activity with different impacts in each affected country and business sectors.

The extent of the impact of the Coronavirus on our operational and financial performance will depend on the evolution of the events (duration and rate of spread, as well as the national and international governmental measures taken for this purpose) and the impact that this situation generates on the payment chain of our main client CAMMESA, employees and suppliers; all of which is uncertain and cannot be predicted at the moment.

As of the date of issuance of these condensed interim consolidated financial statements, as a result of the aforementioned situation, there have been delays in payments by CAMMESA -mainly with regard to thermal generation and unsecured renewable energy contracts. FODER (Rawson I, II and Trelew wind farms). Likewise, the Ministry of Energy of the Nation has ordered the suspension of the indexation of the prices established by Resolution No. 31/2020 during the year 2020, during the year 2021, the Ministry of energy carried out an update of the rates by means of the Resolution 440/2021 (see note 8.7.1) There have also been certain delays in the provision of supplies and materials destined mainly for the Chubut Norte II, III and IV projects, which were commercially enabled during 2021 (Note 8.4 .3 and 8.5.2.3).

Taking into consideration the characteristics of the Company's business and operations, as of the date of issuance of these condensed interim consolidated financial statements, the issues previously stated do not represent a material adverse effect on the financial situation, results and cash flows. of the society. It is not possible to foresee the effects that the extension and deepening of the pandemic spread of the Coronavirus and the local and international government emergency regulations, already adopted or to be adopted in the future as a consequence, could have on the world economy, in Argentina or of its strategic partners, nor in the Company; However, for the purposes of issuing these condensed interim consolidated financial statements, there is no evidence that the Company will have significant difficulties in continuing with its activities normally in the next twelve months.

8.4. Other financing arrangements

The main financing are described in Note 9 to the annual consolidated financial statements. The main news for the ninemonth period ended September 30, 2021, are described below:

8.4.1. Financing of the Pomona I Wind Farm

On January 20, 2021 and July 2, 2021, the company received a disbursement of US$ 1.4 million and US$ 0.5 million, respectively. As of September 30, 2021, the company totals disbursements for US$ 118.5 million. The capital owed by virtue of the disbursement started being paid semi-annually beginning on March 31, 2020.

8.4.2. Financing of Necochea Wind Farm Project

On March 12, 2021, the joint venture received a final disbursement of US$ 13.9 million, totaling as of September 30, 2021 disbursements for US$ 44 million, that is, for the entire amount committed by the Lenders. The capital owed by virtue of what has been disbursed started being paid semi-annually beginning on October 30, 2020.

8.4.3. Financing of Chubut Norte III y IV Wind Farm Project

On July 15, 2019, the Joint Ventures, Vientos Patagónicos Chubut Norte III S.A. and Vientos Sudamericanos Chubut Norte IV S.A, entered into financing agreements for the Chubut Norte III and Chubut Norte IV wind farms (with a combined capacity of 141 MW). Through these Project Finance, the Joint Ventures subsidiaries entered into financing agreements for up to US$ 131 million that will be used for the construction and start-up costs of the projects.

On October 27, 2021, the financing agreements were amended with the objective of adjusting the repayment schedule to the current situation of the wind farms. The capital owed as established in the new repayment schedule started being paid semiannually beginning on October 29, 2021. The amendments to the financing agreements implied a reduction of US$ 1.5 million on the original committed amount.

As of September 30, 2021, the companies’ have disbursed the full amount committed, which total US$ 130 million.

8.4.4. Exchange Offer and Consent Request

The Company by means of the prospectus supplement dated August 2, 2021 issued under the Simplified Regime of Frequent Issuer of the CNV, established in Section VIII, Chapter V, Title II of the CNV Rules (the “Supplement to the Offer of Exchange and Request for Consent”), announced the exchange offer of (i) class XX negotiable obligations maturing in 2022, issued on January 20, 2017 for a nominal value of US$ 350,000,000 and on January 20, 2018 for a nominal value of US$ 150,000,000, and (ii) private negotiable obligations maturing in 2022 issued on December 21, 2018 for a nominal value of US$ 53,286,000; for class XXXI secured negotiable obligations denominated and payable in US dollars at a fixed interest rate of 8.75% maturing in 2027 (the “Exchange Offer”).

As part of the Exchange Offer, the Company also asked the holders of the securities to express their consent to make certain modifications to the terms and conditions of the class XX negotiable obligations and the private negotiable obligations (the “Consent Request "; And together with the Exchange Offer, the" Exchange Offer and Consent Request ").

The terms of the Exchange Offer are described in the Supplement to the Exchange Offer and Consent Request published in the CNV on August 2, 2021.

On the expiration date of the Exchange Offer, the Amount of the Class XX Negotiable Obligations presented for the exchange was US$ 408,076,000 (representing 81.6152% of the outstanding amount before the Issue and Settlement Date), of which an amount of US$ 16,000 was returned for rounding purposes. The Amount of the Class XX Negotiable Obligations that chose option A was US$ 73,150,000 (representing approximately 15% of the outstanding amount before the Issue and Settlement Date). The Amount of the Class XX Negotiable Obligations that opted for option B was US$ 334,926,000 (representing approximately 67% of the outstanding amount before the Issue and Settlement Date). Additionally, the Amount of the Private Negotiable Obligations presented for exchange on the Expiration Date was US$ 53,285,999 (which represents substantially 100.0000% of the outstanding amount before the Issue and Settlement Date). All Private Negotiable Obligations opted for Option A.

Participation percentage (1) Global Notes Series XX Private Notes Existing Notes tendered	Option A Option B Total
	14,6% 67,0% 81,6% 100,0% - 100,0% 22,9% 60,5% 83,4%

(1) Calculated on the outstanding amount from the issuance date and settlement.

On September 2, 2021, each holder received for each US$ 1,000 of capital of the Existing Notes validly submitted and accepted in the Exchange Offer and Request for Consent, (i) US$ 1,015 of capital of Class XXXI Notes under Option A, and (ii) US$ 710 of capital of Class XXXI Negotiable Obligations and US$ 298 of Consideration for Early Exchange under Option B, in each case, plus the corresponding Payment of Accrued Interest.

Per U.S.$1,000 principal amount of Existing Notes Cash Consideration New Notes Total Consideration	Option A Option B
	- 298 1.015 710 1.015 1.008

In turn, on the date of the aforementioned exchange, the Company owed the holders of the Private Negotiable Obligations the accrued interest for US$ 30,964,716, concerning which: (i) US$ 24,185,923 were paid during September 2021, and (ii) the remainder of US$ 6,778,793 will be paid in January 2022. To guarantee compliance with such obligation, the Company delivered - without this implying novation of the debt - “promissory notes” that accrue interest at a rate of 8.75% maturing in January 2022. They are exposed within the heading Current loans.

The Outstanding Nominal Value of the Class XX Negotiable Obligations after the Issue and Settlement Date amounts to US$ 91,940,000.

Additionally, the Company has obtained the required Consents. In this sense, the Class XX Negotiable Obligations Trust Agreement will be modified in accordance with the Supplemental Trust Agreement in order to eliminate certain restrictive commitments and events of default of the Class XX Negotiable Obligations.

New issuance of Class XXXI obligations, classified as Green Bonds

As a consequence of the results of the Exchange Offer, on September 2, 2021 Genneia issued the Negotiable Obligations, classified as Green Bonds, Class XXXI for the Nominal Value of US$ 366,118,638 at a fixed interest rate of 8.75% maturing in 2027.

Interest on the Class XXXI Negotiable Obligations will be paid semi-annually every March 2 and every September 2, beginning on March 2, 2022 and until the Maturity Date, September 2, 2027. The capital of the New Negotiable Obligations will be will be amortized in ten substantially equal semi-annual installments every March 2 and September 2, beginning on March 2, 2023 and the last on the Maturity Date of September 2, 2027.

Genneia evaluated whether the instruments subject to exchange were substantially different, considering both qualitative aspects (for example, currency, term and rate) and quantitative aspects (if the present value of the cash flows discounted under the new conditions, including any commission paid net of any commission received, and using the original effective interest rates to make the discount, differs by at least 10% from the discounted present value of the cash flows that still remain from the original financial liabilities). In this sense, the Company recognized the exchange of the Negotiable Obligations as a modification in accordance with IFRS 9 “Financial Instruments” in relation to the exchange of the Class XX Negotiable Obligations because the instruments subject to exchange are not substantially different, and as a extinction of the original debt in relation to the exchange of the Private Negotiable Obligations. As a result of the operation, the Company recognized a loss of 9.3 million that was recorded under the heading of financial results.

8.4.5. New issuance of Classes XXXII and XXXIV negotiable obligations, classified as Green Bonds

On August 10, 2021, Class XXXII negotiable debt obligations, classified as Green Bonds, were issued, denominated in dollars, but integrated and payable in Argentine pesos at the exchange rate applicable at each moment (“Dolar linkd instrument”), for US$ 49 million, with a term of 24 months, which accrue a fixed interest rate of 3.5%. The capital of the Class XXXII negotiable debt obligations will be payable in full on the expiration date. On August 10, 2021, Class XXXIV negotiable obligations, classified as Green Bonds, were issued, denominated and payable in United States Dollars for US$ 15.6 million, for a term of 36 months, which accrue an interest rate of 6% per year. The capital corresponding to the Class XXXIV negotiable obligations will be payable in four equal installments, at the 18, 24, 30 and 36 months from the date of issuance.

Green Bonds

The recent issuance of Negotiable Obligations (Class XXXI, Class XXXII and Class XXXIV) are aligned to the main components of the 2020 Principles of Green Bonds of the ICMA (International Capital Market Association) and were issued following said guidelines and the guidelines for the issuance of social, green and sustainable negotiable securities in Argentina contemplated in Annex III, Chapter I, Title VI of the CNV Regulations. Additionally, these Negotiable Obligations are included in ByMA's Social and Sustainable Green Bonds panel.

8.5. Principal contingencies, claims and contingent assets

The main contingencies, claims and contingent assets are described in Note 11 to the annual consolidated financial statements. The main news for the nine-month period ended September 30, 2021 are described below:

8.5.1. Situation with IEASA (EX ENARSA) - IEASA receivables and payables

Since 2011, the Company and the subsidiary Enersud Energy S.A.U. ("Enersud") started to accumulate debts vis-à-vis IEASA for purchases of natural gas, because of the extensive delay by the Argentine Government in implementing the process for replacing the power supply agreements with IEASA (EX ENARSA) under the Energía Distribuida Program with new agreements with CAMMESA under Resolution SE 220/07.

On the other hand, several balances receivable from IEASA (EX ENARSA) started to accrue for generation invoices and unrecorded accrued amounts for exchange rate differences between the invoicing date and the date of effective payment.

In 2015, the Company notified IEASA of the legal compensation of its liabilities for an amount of US$ 38.2 million corresponding to invoices issued by IEASA pursuant to gas sales contracts (the “Gas Debt”) with the credits of the Partnership with IEASA corresponding to exchange differences and other items withheld from invoices paid by CAMMESA (on behalf of IEASA).

In October 2017 and June 2020, IEASA requested the Company to pay the Gas Debt, thereby implicitly ignoring said compensation alleged by the Company. In December 2017 and July 2020, the Company objected to IEASA's respective requests.

As part of the notification sent to IEASA in July 2020, the Company and its subsidiary Parque Eólico Loma Blanca IV S.A. They ordered the payment of amounts owed under the Rawson (I and II) wind farm PPAs and the Trelew wind farm PPA for the sum of US$ 9.4 million and US$ 5.8 million, respectively. These amounts contain the corresponding exchange differences. Additionally, in January 2021 the Company and the Loma Blanca IV Wind Farm filed before the Arbitration Tribunal of the Stock Exchange arbitration claims claiming sums owed as of that date under the PPAs indicated for US$ 9.4 million and US$ 10.5 million in concept of capital, plus applicable interest. In October 2021, Parque Eólico Loma Blanca IV S.A. increased the sum of the demanded capital by US$ 1.6 million based on the generation of new unpaid balances. Thereto, IEASA timely filed its response, denying its debt and claiming that the statute of limitation of two years should apply to certain invoices and debit notes claimed thereunder. On July 5, 2021 the court deferred its decision on the statute of limitation to its final decision on the subject matter.

Based on the opinion of its external advisors, the Company considers that the compensation made is legal in nature and has solid legal and factual bases to reject any claim of IEASA that tries to object to the compensation, including any possible claim for interests associated with the debt of gas. On the other hand, based on the opinion of its legal advisors, the Company considers that it has the pertinent information and documentation that supports the rights to collect the amounts claimed before the arbitration tribunal of the Stock Exchange.

8.5.2. Situation with CAMMESA

8.5.2.1. Ullum 1 y 2 Penalty

The Ullum 1 and 2 Photovoltaic Plants reached commercial authorization on December 19, 2018, 32 days after the date set in their respective PPAs. On repeated occasions, Ullum 1 and Ullum 2 made presentations to CAMMESA reporting various facts that in their opinion constituted force majeure events and that, if accepted as such, would exempt the aforementioned subsidiaries from the application of fines for delays in obtaining the commercial clearance. CAMMESA recognized only 2 days of force majeure, and on March 21, 2019, it notified Ullum 1 and Ullum 2 of the application of a fine of US$ 1,041,000 each, corresponding to a 30-day delay in reaching the date of commercial authorization agreed in the PPAs.

In March 2020, CAMMESA began to debit the current account of Ullum 1 and Ullum 2 on a monthly basis, for their respective PPAs, the total amount of the fine, in 48 installments in dollars, with an annual interest of 1.7% on the balance.

By virtue of the provisions of the contracts for the "turnkey" construction, supply, assembly and start-up of the works of the Ullum Photovoltaic Power Plants, signed with Energías Sustentables S.A. (“ESSA”) and other related agreements (the “EPC Agreement”), ESSA assumed the obligation to pay the total amount of the fines that may be applied by CAMMESA for delays in obtaining the commercial authorization of the Ullum Photovoltaic Power Plants 1 and 2, discounted at a nominal annual rate of 12%.

ESSA's payment obligation was guaranteed by (i) US$ 878,464 deposited in an escrow account opened in the U.S. Bank National Association, corresponding to the price balance of the EPC Agreement, which can be withdrawn by individual instruction of the companies, and (ii) promissory notes issued by ESSA and guaranteed by Fides Group S.A. and its shareholder for a total amount of US$ 878,464. As of the date of these Financial Statements, the companies Ullum 1 and Ullum 2 received from the U.S. Bank National Association the transfer of the US$ 878,464 previously mentioned.

On February 5, 2021, a unique arbitration process was initiated to question the origin of said penalties, both for reasons of force majeure and for the exorbitant fines. As of the date of these financial statements, the arbitration process is in the evidentiary stage.

In the event that, after payment of the fine by ESSA, by a final and final judgment, the amount of the fine is totally or partially reduced, the companies must reimburse ESSA for the amounts discounted in excess of the final amount of the fine.

8.5.2.2. Necochea Wind Farm Penalty

On February 8, 2020, CAMMESA granted the commercial authorization of the Necochea wind farm with a commercially enabled power of 38 MW. This meant a delay in the deadlines committed under the PPA, since the Commercial Enablement Date agreed in said contract was December 11, 2019.

On March 4, 2021, the National Energy Secretariat, through Note NO-2021-19390103-APN-SE # MEC, ordered the granting of an extension for a period of up to 88 calendar days on the date agreed in the PPAs for the commercial authorization, of those projects that can prove delays as a consequence of the exchange restrictions resolved through DNU N ° 609/2019 and Communication “A” 6770 of the Central Bank of the Argentine Republic. The granting of the extension is conditioned to the owners of the projects renouncing to make claims related to the exchange restrictions.

On June 9, 2021, through Note B-156007-1, CAMMESA informed Vientos de Necochea that the application of the fine provided for in Clause 13.3 (b), consisting of an amount of one thousand three hundred and eighty-eight dollars, was applicable. (US$ 1,388) for each megawatt of power contracted for each day of delay of the PPA, in the amount of US$ 2,897,103 (the “Imposed Fine”), the collection of which would be made through its discount in the Sales Settlements.

In July, August, September and October 2021, CAMMESA issued debit notes against Vientos de Necochea, through which it deducted from the payments due to Vientos de Necochea under the PPA the first four installments of the Imposed Fine, out of a total of 48 installments.

As of the date of these financial statements, through notes B-157586-1, CAMMESA gave rise to the request for an extension presented by Vientos de Necochea, informing that the Commercial Enablement Date of the project was extended beyond the effective commercial enablement date and that it would return the discounted installments of the Fine Imposed to date, once the corresponding Addendum to the PPA has been executed.

8.5.2.3. “Chubut Norte III” y “Chubut Norte IV” Wind Farms Penalty

Through Note NO-2020-37458730-APN-SE # MDP dated June 10, 2020, the Ministry of Energy expressed that, in consideration of the exceptional and anomalous situations generated by the COVID-19 pandemic, it was necessary to review the conditions of enforceability of certain obligations arising from the contracts entered into and the current regulations. Consequently, the Ministry of Energy instructed the temporary suspension, until September 12, 2020 (inclusive), of the calculation of terms within the framework of the execution of the contracts of the RenovAr Programs (Rounds 1, 1.5, 2 and 3) (among others) of those projects that had not been commercially enabled as of March 12, 2020. As a corollary of the foregoing, it also instructed CAMMESA to suspend the injunctions for non-compliance with the scheduled dates of progress of works, both with respect to the increase in the guarantee of contract fulfillment and the imposition of fines.

Through Note NO-2020-60366379-APN-SSEE # MEC, dated September 10, 2020, the Undersecretariat of Electric Energy resolved to extend, until November 15, 2020, the suspension of terms provided by the aforementioned Note NO-202037458730-APN-SE # MDP, setting as a condition for accessing the extension of the aforementioned extension, the submission of a waiver to make claims to the National State, the Ministry of Energy and CAMMESA in relation to the delays caused between on March 12 and November 15, 2020 due to the health emergency generated by the COVID-19 pandemic. In this regard, on September 25, 2020, the subsidiaries that own the Chubut Norte III and IV Wind Farms submitted their resignation notes to CAMMESA.

Finally, through Note NO-2020-88681913-APN-SE # MEC of December 18, 2020, the Secretary of Energy of the Nation extended once again the suspension of terms granted by the previous notes, for a period of 45 calendar days, counted from November 16, 2020 (that is, until December 30, 2020, inclusive), with respect to those projects specifically listed in Annex I. The Vientos Patagónicos Chubut Norte III S.A. and Vientos Sudamericanos Chubut Norte IV S.A. projects are expressly included in that Annex and are therefore reached by the new extension. In this sense, by virtue of the extension of the aforementioned extension, the new Scheduled Date of Commercial Enablement of both projects would become January 21, 2021.

On February 4 and February 25, 2021, CAMMESA granted the commercial authorization of the Chubut Norte IV and Chubut Norte III wind farms, respectively. This meant a delay in the deadlines committed under the PPA, since the Commercial Enablement Date finally established from the extensions mentioned below is January 21, 2021. In this context, CAMMESA could claim the application, to the Company , of the fine contemplated in the PPA, consisting of an amount of one thousand three hundred and eighty-eight dollars (US$ 1,388) for each megawatt of power contracted (Chubut Norte III 57,6 MW and Chubut Norte IV 82,8 MW) for each day of delay in reaching the Commercial Qualification Date with respect to the Qualification Date Committed commercial.

Notwithstanding the foregoing, since 2019 Vientos Sudamericanos and Vientos Patagónicos have submitted to CAMMESA and the Secretariat of Energy multiple requests for review of contractual conditions in the terms of Article 16.1 of the referred PPAs, as well as notifications of Case Events Fortuitous or Force Majeure and Change of Law based on the macroeconomic situation and the aforementioned exchange restrictions imposed by the Argentine government as of September 2019, which, if recognized, would imply an additional running of the aforementioned Scheduled Trade Authorization Dates plus beyond January 21, 2021.

Subsequently, on March 4, 2021, the National Energy Secretariat, through Note NO-2021-19390103-APN-SE # MEC, ordered the granting of an extension for a period of up to 88 calendar days on the date agreed in the PPAs for the commercial authorization, of those projects that can prove delays because of the exchange restrictions resolved through DNU N ° 609/2019 and Communication “A” 6770 of the Central Bank of the Argentine Republic. The granting of the extension is conditioned to the owners of the projects renouncing to make claims related to the exchange restrictions.

Through notes B-156890-1 and B-156891-1, CAMMESA acknowledged the extension requested by Vientos Patagónicos and Vientos Sudamericanos, and informed that the COD of both projects has been extended beyond the actual comercial operation date and the application of the penalty contemplated in Article 13.2 of the PPA does not apply.

8.5.3. Puerto Madryn Municipality fees

On December 27, 2019, Provincial Law XVI No. 101 was enacted, which expanded the municipal boundaries of Puerto Madryn and, consequently, the Company and its subsidiaries that own wind farms located in this municipality were subject to the provisions of the tax code from Puerto Madryn. In April 2020, through Ordinance No. 11,349 (modified by Ordinance No. 11,546), the Municipality of Puerto Madryn established specific tax bases for the wind generation activity with respect to the authorization, inspection, safety and hygiene and control rate. environmental, and the construction rate.

Subsequently, and effective for fiscal period 2021, through Ordinance No. 11,546, the Municipality modified the calculation basis of the applicable Rate that it considers applicable to the aforementioned wind farms.

The Municipality initiated inspection processes in the Company and the other subsidiaries and joint ventures that own the wind farms currently located within the Puerto Madryn boundaries, namely: Genneia Vientos del Sur S.A., Vientos Patagónicos Chubut Norte III S.A., and Vientos Sudamericanos Chubut Norte IV S.A. The Municipality of Puerto Madryn determined ex officio the application of the rate for authorization, inspection, safety and hygiene and environmental control for several periods and amounts. On November 12, 2020, the Company and each of the subsidiaries filed their respective discharges with the Municipality.

Since the end of 2019, within the framework of the current PPAs for the Madryn I, Madryn II, Chubut Norte I, III and IV Wind Farms, the Company and its subsidiaries have made a series of presentations to CAMMESA, requesting a revision of the price of PPAs to compensate for the effect that the application of these rates could have. On August 14, 2020, CAMMESA issued a statement on the matter stating that it will submit the request to the Ministry of Energy. As of the date of these Financial Statements, the Ministry of Energy has not been issued.

In March 2021, the Company and its subsidiaries and joint ventures (Genneia Vientos del Sur S.A., Vientos Patagónicos Chubut Norte III S.A. y Vientos Sudamericanos Chubut Norte IV S.A.), filed before the Federal Court of Rawson a lawsuit against the Municipality of Puerto Madryn, seeking to render null and void these rates and requesting precautionary measures.

In May 2021, the Federal Chamber of Comodoro Rivadavia issued a ruling, granting the requested precautionary measures, suspending all the effects derived from the authorization, inspection, safety and hygiene and environmental control fees and also the application of any preventive measure aimed at ensuring the collection of your alleged credit, until the substantive issue is resolved. Consequently, the Municipality annulled the provisions that gave rise to the ex officio determinations and prior injunctions.

The Management and legal advisors of the Company consider that, in the event that these rates are applied, the Company and its subsidiaries have sufficient arguments to achieve a favorable result in court.

8.5.4. Situation with the Province of Chubut

On August 31, 2021, the Company and the Province entered into a new transactional agreement by means of which they terminated the transactional agreement signed on November 4, 2020. The terms of the new agreement are substantially similar to those agreed in November 2020; that is, Genneia and the Province waived, among other issues, to make claims related to the contract of the Río Mayo and Gobernador Costa Power Plants and agreed to the payment financed in installments from the Province to the Company in the amount of AR$ 410 million.

The transactional agreement was approved by the Provincial Executive Power and subsequently presented to the Superior Court of Justice for judicial approval. As of the date of this financial statement, the Province made payments to the Company for AR$ 246 million corresponding to the initial payment and the first two installments, pending the payment of 4 monthly installments of AR$ 41 million each.

8.6. Commercial operation Chubut Norte II Wind Farm

On March 27, 2021, the Chubut Norte II wind farm entered into commercial operation with an installed capacity of 26 MW. The generation of this park is commercialized in the MATER with industrial users or in the spot market.

On May 3, 2021, the Company and Nordex entered into a new addendum to the EPC Agreement in order to settle the existing differences, the main terms of which are as follows: (i) the milestone of Final Take Over under the Agreement is deemed to have been met EPC and Nordex shall operate all wind turbines under the terms of the O&M Agreement; (ii) the parties waive all their claims arising from the EPC Settlement; and (iii) the price balance of the EPC Contract is redefined. The agreement is subject to the prior consent of KFW, in its capacity as creditor under the loan granted to finance the construction of the Pomona II and Chubut Norte II Wind Farms. As of the date of these financial statements, the payment indicated in point (iii) above is pending.

8.7. Electrical power generation from conventional sources

8.7.1. Resolution 440/2021

On May 21, 2021 the secretariat of energy issued Resolution No. 440/2021 which amends Resolution 31/2021 (see note 1 to the consolidated financial statements as of December 31, 2020) increasing the prices set in Argentine pesos by a 29%. It established that in order for Resolution No. 440 to be applicable, each WEM generating agent must submit a note (“the waiver note”) to CAMMESA, within 30 calendar days from the publication of Resolution No. 440, expressing fully and unconditionally to the satisfaction of CAMMESA the waiver to any administrative claim or judicial process in progress against the Argentine government, the SE and/or CAMMESA, related to article 2 of Resolution No. 31, as well as the waiver to file any administrative and/or judicial claim against the Argentine government, the SE and / or CAMMESA in the future, in relation to it.

If the presentation is made within the 30 calendar days mentioned, the new remuneration values will be applied retroactively to February 2021, however if the presentation is made once the indicated term has expired, the new remuneration values will be applied from the transaction of the month that the waiver note is presented. In the event that the generating agent does not submit the waiver note, the sales settlement will be carried out with the remuneration values in force prior to the sanction of Resolution No. 440.

On June 17, 2021 the subsidiary Genneia Desarrollos, submitted the waiver note within 30 calendar days.

8.7.2. Thermal power plants under Resolution 220/2007

As described on Note 1 to the consolidated financial statements as of December 31, 2020, the PPA for the power plants Las Armas II (24 MW) expired on January 20, 2021 and the Bragado I (50 MW) expired on June 15, 2021. The Las Armas II power plant ceased operation as of May 5, 2021 as provided by Resolution RESOL-2021-376-APN-SE#MEC and the Bragado I power plant has submitted the request to disengage from the MEM, having not received the authorization of the SE on the date of issuance of these financial statements.

As of the date of issuance of these interim condensed consolidated financial statements, management and the board of directors are evaluating different alternatives for the assets related to the thermal power plants disconnected from the Sistema Argentino de Interconexión (SADI), including the sale of the equipment.

8.8. Changes in the Income Tax Law

On June 16, 2021, Law No. 27,630 was published in the Official Gazette, which introduces a variable tax rate depending on the Accumulated taxable net income of the company. This modification has produced an impact in the income tax charge for the nine month period ended September 30, 2021, which is descripted on note 5.r to these intermediate condensed consolidated financial statements.

NOTE 9 - CONSOLIDATED BUSINESS SEGMENT INFORMATION

The different segments in which the Company is organized have been determined in considering the different activities from which the Company obtains income and incurs expenses. The mentioned organizational structure is based on the way in which the highest authority in the decision-making process analyzes the main financial and operating activities on the basis of internal reports regarding components of the Company while making decisions about resource allocation and performance assessment considering the Company’s business strategy.

The Company develops its activities in three business segments: (i) electrical power generation from conventional sources; (ii) electrical power generation from renewable sources; (iii) trading on its own, on behalf of third parties or associated with third parties of natural gas and/or its transportation capacity and of electric power, through the Company and its subsidiary Enersud Energy S.A.U. Aditionally, costs and assets not related to these business segments including, corporate administration and other income (expenses) are allocated into the segment “Corporate and others”.

All the sales and the non-current assets of the Company are generated and are located in Argentina.

Below is disclosed the information for each business segment as defined by the Company:

Nine-month period ended September 30, 2021 Net sales to third parties Net inter-segment sales Net sales Gross profit less administrative and selling expenses Net profit (loss) before financial expense, net and income tax(2) (3) (5) Fixed assets depreciation and intangible assets amortization Fixed assets investments(4) Assets(4) Nine-month period ended September 30, 2020 Net sales to third parties Net inter-segment sales Net sales Gross profit net administration and selling expenses Net profit (loss) before financial expense, net and income tax(2) (3) (5) Fixed assets depreciation and intangible assets amortization Fixed assets investments(4) Year ended December 31, 2020 Assets(4)	Electrical Power generation from renewable sources Electrical power generation from conventional sources Trading of natural gas and gas transportation Corporate and others Consolidation adjustments Total
	158,150 36,384 3,710 4,902 - 203,146 - - - - - -
	158,150 36,384 3,710 4,902 - 203,146
	111,136 10,779 2,348 (7,622) - 116,641 107,767 10,779 2,348 (10,455)(1) - 110,439 31,234 18,833 566 934 - 51,567 7,695 - - 1,367 - 9,062 998,755 146,687 7,493 294,183 (111,802) 1,335,316 170,119 52,142 3,766 3,166 - 229,193 - - - - - -
	170,119 52,142 3,766 3,166 - 229,193
	126,507 24,141 2,531 (8,967) - 144,212 124,665 24,141 2,531 (11,842)(1) - 139,495 29,649 20,702 498 843 - 51,692 22,438 - - 10 - 22,448 1,015,906 278,923 16,315 196,517 (72,929) 1,434,732

(1) Includes (2,833) and (2,875) of other expenses, net for the nine-month period ended September 30, 2021 and 2020, respectively.

(2) Financial expense, net and income tax are allocated to the corporate and others segment.

(3) Loss on long term investments in joint ventures has been allocated to Electrical Power generation from renewable sources.

(4) In addition, the company has made advanced payments to fixed assets suppliers for an amount of 961 and 2,404 as of September 30, 2021 and December 31, 2020, respectively, included in other non-current receivables.

(5) For the nine month period ended September 30, 2021, the Electricity generation from renewable sources segment includes: Gross profit for 111,136, and Results for long-term investments for (3,369). The Electricity Generation segment from conventional sources includes: Gross profit for 10,779. The Trading of natural gas and gas transportation segment includes: Gross profit for 2,348. Corporate and others include: Gross profit for 4,902, Administrative expenses for (10,908), Selling expenses for (1,616) and Other net expenses for (2,833). For the nine month period ended September 30, 2020, the Electricity generation from renewable sources segment includes: Gross profit for 126,507, and Results for long-term investments for (1,842). The Electricity Generation segment from conventional sources includes: Gross profit for 24,141. The Trading of natural gas and gas transportation segment includes: Gross profit for 2,531. Corporate and others include: Gross profit for 3,166, Administrative expenses for (10,062), Selling expenses for (2,071) and Other net expenses for (2,875).

NOTE 10 - SUBSEQUENTS EVENTS

At the date of issuance of these interim condensed consolidated financial statements there have been no significant subsequent events whose effect on the consolidated financial position and the results of the Company's operations as of and for the ninemonth period ended September 30, 2021 or its disclosure in a note to these financial statements, if applicable, they would not have been considered in them according to IFRS.

NOTE 11 - APPROVAL OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

These interim condensed consolidated financial statements were approved by the Board of Directors of GENNEIA and authorized for issue on November 11, 2021.

Cesar Rossi Authorized Director

Annex A - OTHER SUPPLEMENTAL INFORMATION (Not covered by the Report of Independent Public Accountants)

As part of the terms of issuance of the International Notes (Series XX), the Company has to comply with certain financial ratios as a requirement to incur in new indebtedness.

The following tables present the financial position and results of operations of Genneia S.A. on a standalone basis and its subsidiaries, which are grouped by the Company’s Management as Subsidiaries A and Subsidiaries B (as defined below), and Consolidation Adjustments as of September 30, 2021 and for the period ended on such date, to arrive to Genneia´s figures on a consolidated basis. The unaudited information provided in this table has been derived from the Company records and its consolidation worksheet and provides supplementary information that is useful for the holders of the Negotiable Obligations in better evaluating the Company’s compliance with certain financial ratios under the covenants included in the indenture of the International Notes (Series XX).

Subsidiaries A comprise the following companies: Enersud Energy S.A.U., Ingentis II Esquel S.A., Parque Eólico Loma Blanca IV S.A., Patagonia Wind Energy S.A., MyC Energía S.A., Genneia La Florida S.A., Ullum 1 Solar S.A.U., Ullum 2 Solar S.A.U., Ullum 3 Solar S.A.U. and Sofeet Internacional LLC.

Subsidiaries B comprise the following companies: Genneia Vientos Argentinos S.A., Genneia Vientos del Sur S.A., Genneia Vientos Sudoeste S.A. and Genneia Desarrollos S.A..

SUPPLEMENTAL CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF SEPTEMBER 30, 2021 (Unaudited)

(amounts expressed in thousands of United States dollars)

	Genneia S.A.	Subsidiaries	Subsidiaries	Consolidation		Genneia S.A.
	(Standalone)	A	B	adjustments	(Consolidated)
Current Assets
Cash and banks	22,542	13,610	25,685	-		61,837
Investments	15,002	2,932	21,637	(159)		39,412
Trade receivables	51,798	12,100	11,688	(7,877)		67,709
Other receivables	20,545	7,081	12,496	(21,423)		18,699
Inventories	1,242	53	-	-		1,295
Total current assets	111,129	35,776	71,506	(29,459)		188,952
Non-current assets
Other receivables	105,202	6,046	2,293	(82,483)		31,058
Investments	184,398	22,581	7	(160,752)		46,234
Inventories	9,710	-	539	-		10,249
Fixed assets	599,797	141,654	298,663	(3,848)		1,036,266
Intangible assets	3,935	18,622	-	-		22,557
Total non-currents assets	903,042	188,903	301,502	(247,083)		1,146,364
Total assets	1,014,171	224,679	373,008	(276,542)		1,335,316
Current liabilities
Accounts payable	64,721	5,929	8,511	(9,277)		69,884
Loans	128,071	15,813	23,977	(14,571)		153,290
Salaries and social security payable	5,789	(23)	147	-		5,913
Taxes payable	14,918	5,049	1,355	-		21,322
Other liabilities	4,999	3,168	4,988	(13,080)		75
Provisions	791	944	-	-		1,735
Total current liabilities	219,289	30,880	38,978	(36,928)		252,219
Non-current liabilities
Other liabilities	6,696	-	1,552	-		8,248
Loans	487,443	63,309	200,424	(97,477)		653,699
Deferred income tax liability	104,721	41,658	69,249	3,069		218,697
Total non-current liabilities	598,860	104,967	271,225	(94,408)		880,644
Total liabilities	818,149	135,847	310,203	(131,336)		1,132,863
Shareholders’ equity attributable to owners of
the Company	196,022	88,832	62,805	(145,206)		202,453
Total liabilities and shareholders’ equity	1,014,171	224,679	373,008	(276,542)		1,335,316

SUPPLEMENTAL CONSOLIDATING STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2021 (Unaudited)

(amounts expressed in thousands of United States dollars)

Net sales Cost of sales(1) Gross profit Selling expenses(2) Administrative expenses(3) Other expenses, net Loss on long term investment in joint ventures Financial expense, net(4) Net (loss) profit before income tax Income tax Net (loss) profit for the period Other comprehensive income Translation differences from investments in companies Total other comprehensiveincome (loss) Total comprehensive (loss) profit for the period	Genneia S.A. (Standalone) Subsidiaries A Subsidiaries B Consolidation adjustments GenneiaS.A. (Consolidated)
	141,085 23,912 43,393 (5,244) 203,146 (49,695) (12,031) (16,950) 4,695 (73,981)
	91,390 11,881 26,443 (549) 129,165 (1,062) (33) (521) - (1,616) (8,896) (1,460) (717) 165 (10,908) (2,368) 193 (658) - (2,833) (27,474) - - 24,105 (3,369) (54,203) (3,125) (16,979) (954) (75,261)
	(2,613) 7,456 7,568 22,767 35,178 (60,224) (15,347) (22,538) 96 (98,013)
	(62,837) (7,891) (14,970) 22,863 (62,835) 1,750 - (58) 58 1,750
	1,750 - (58) 58 1,750 (61,087) (7,891) (15,028) 22,921 (61,085)

SUPPLEMENTAL INFORMATION FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2021 (Unaudited)

(amounts expressed in thousands of United States dollars)

(1)Cost of sales Includes fixed assets depreciation and amortization of intangible assets (2)Selling expenses Includes fixed assets depreciation (3)Administrative expenses Includes fixed assets depreciation (4)Financial expense, net Includes interest expense Includes issuance costs and withholdings Includes exchange difference	Genneia S.A. (Standalone) Subsidiaries A Subsidiaries B Consolidation adjustments Genneia S.A. (Consolidated)
	31,975 8,296 9,978 384 50,633 2 - - - 2 932 - - - 932 46,115 6,528 15,510 (11,147) 57,006 5,432 - 4,617 954 11,003 9,600 443 3,404 - 13,447

The principal outstanding balances as of September 30, 2021 for transactions between Genneia (standalone) and its subsidiaries (which were eliminated in the consolidation process) are as follows:

Investments Trade receivables Other receivables(1) Accounts payable Loans Other liabilities	Subsidiaries A Subsidiaries B
	22,398 - 2,760 4,515 60,038 23,619 2,000 4 490 10,983 3,403 -

(1) Includes balances from loans granted to Subsidiaries A amounting to 56,861 and to Subsidiaries B amounting to 18,367.

The main operations for the period ended September 30, 2021 for transactions between Genneia (standalone) and its subsidiaries (which were eliminated in the consolidation process) are as follows:

				Subsidiaries	Subsidiaries
				A	B
				Gain	(loss)
Sales				2,827	2,096
Purchases				306	-
Recovery investments	(reimbursement) and other services,	of net	expenses,	9	2
Loans granted (collected), net				(6,427)	(8,064)
Interests gain (loss), net				(151)	1,441

Cesar Rossi Authorized Director

Annex B - Operational data (Not covered by the Report of Independent Public Accountants)

		January to	January to
	Unit	September 30,	September 30,
		2021	2020
THERMAL POWER PLANTS
Generation	MW/h	206,405	325,111
Las Armas	MW/h	964	83,130
Matheu	MW/h	-	9,121
Olavarría	MW/h	-	26,896
Paraná	MW/h	-	1,886
Concepción del Uruguay	MW/h	-	1,224
Bragado	MW/h	199,559	197,214
Cruz Alta	MW/h	5,882	5,640
Installed capacity	MW	413	574
Las Armas	MW	-	35
Olavarría	MW	-	42
Paraná	MW	-	42
Concepción del Uruguay	MW	-	42
Bragado	MW	168	168
Cruz Alta	MW	245	245
Volume of Energy Dispatched	MW	206,404	325,110
Gas Natural	MW	169,957	306,796
Gas Oil	MW	36,447	18,314

WIND FARMS
Generation	MW/h	1,692,587	1,816,760
Rawson	MW/h	273,602	305,744
Trelew	MW/h	110,414	118,117
Madryn	MW/h	665,970	753,709
Chubut Norte I	MW/h	94,160	106,483
Chubut Norte II	MW/h	57,263	-
Villalonga I	MW/h	174,676	192,345
Villalonga II	MW/h	11,565	12,710
Pomona I	MW/h	270,420	295,869
Pomona II	MW/h	34,517	31,783
Installed capacity	MW	605	579
Rawson	MW	109	109
Trelew	MW	51	51
Madryn	MW	222	222
Chubut Norte I	MW	29	29
Chubut Norte II	MW	26	-
Villalonga I	MW	52	52
Villalonga II	MW	3	3
Pomona I	MW	101	101
Pomona II	MW	12	12

		January to	January to
	Unit	September 30,	September 30,
		2021	2020
SOLAR FARMS
Generation	MW/h	137,541	142,847
Ullum Solar 1	MW/h	41,514	43,204
Ullum Solar 2	MW/h	42,532	43,304
Ullum Solar 3	MW/h	53,495	56,339
Installed capacity	MW	82	82
Ullum Solar 1	MW	25	25
Ullum Solar 2	MW	25	25
Ullum Solar 3	MW	32	32

GAS COMMERCIALIZATION AND TRANSPORTATION
Total natural gas sales	M3	113,228,944	61,944,110
Total transportation sales	M3	134,311,495	107,062,345

WIND FARMS
Non-controlling companies
Generation	MW/h	468,324	111,393
Chubut Norte III	MW/h	120,932	111,393
Chubut Norte IV	MW/h	137,783	-
Necochea	MW/h	209,609	-
Installed capacity	MW	179	38
Chubut Norte III	MW	38	38
Chubut Norte IV	MW	58	-
Necochea	MW	83	-

Cesar Rossi Authorized Director

GENNEIA S.A.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2021

RATIFICATION OF LITHOGRAPHED SIGNATURES

I hereby ratify the signatures that appear in lithographed form on the preceding sheets from page No.1 through page No.49.

Cesar Rossi Authorized Director

AI assistant

GENNEIA S.A. — Interim / Quarterly Report 2021

68552_rns_2021-11-11_e4625781-21c8-47b3-b33a-587619f84b7d.pdf

GENNEIA S.A.

REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Identification of the interim condensed consolidated financial statements subject to review

2. Responsibility of the Company’s Board of Directors for the interim condensed consolidated financial statements

3. Auditors’ responsibility

4. Conclusion

5. Emphasis of matter paragraph related to negative working capital

6. Other matter

GENNEIA S.A.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE NINEMONTH PERIOD ENDED SEPTEMBER 30, 2021 (UNAUDITED)

Index

GENNEIA S.A.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF SEPTEMBER 30, 2021 (UNAUDITED)

GENNEIA S.A.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE NINE AND THREE-MONTH PERIOD ENDED SEPTEMBER 30, 2020 (UNAUDITED)

GENNEIA S.A.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2021 (UNAUDITED)

GENNEIA S.A.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2021 (UNAUDITED)

GENNEIA S.A.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2021 (UNAUDITED)

NOTE 1 - BUSINESS OF THE COMPANY

NOTE 2 - BASIS OF PREPARATION OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2.1. Basis of preparation

2.2. Applicable accounting policies

2.3. Standards and Interpretations issued

2.3.1. New standards issued adopted by the Company and impact of adoption.

2.3.2. New standards, interpretations and amendments issued not yet adopted

2.4. Basis of consolidation

2.5. Investments in joint ventures:

2.6. Seasonality of operations

NOTE 3 – CASH AND CASH EQUIVALENTS

NOTE 4 - CRITICAL JUDGEMENTS IN APPLYING ACCOUNTING POLICIES

NOTE 5 - DETAIL OF THE MAIN ACCOUNTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

Interim condensed consolidated statement of financial position as of September 30, 2021

e) Inventories:

Current

f.2) Evolution of intangible assets:

Liabilities

Detail of interest rates of loans:

l) Allowances and provisions:

Interim condensed consolidated statements of profit or loss and other comprehensive income for the nine and threemonth period ended September 30, 2021

o) Operating costs and expenses:

q) Financial expense, net:

r) Income tax:

Changes in tax Regime

Unrecognised taxable temporary difference associated with subsidiaries and joint ventures

NOTE 6 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES

6.1. Financing agreements with companies under joint control

6.1.1. Financing agreements with Vientos de Necochea S.A.

6.1.2. Loans and financing to Vientos Sudamericanos Chubut Norte IV S.A. and Vientos Patagónicos Chubut Norte III S.A.

NOTE 7 - FINANCIAL INSTRUMENTS

7.1. Capital management

7.2. Financial instruments by category and fair value measurements

7.2.1. Fair Value Measurements

7.2.1.1. Fair value of the financial assets and financial liabilities that are measured at fair value on a recurring basis

7.2.1.2. Fair value of financial assets and financial liabilities that are not measured at fair value (but fair value disclosures are required)

7.3. Risk Management

NOTE 8 – RELEVANT EVENTS FOR THE PERIOD

8.1. Working Capital

8.2. Recent evolution of the economic-financial context in with the company operates

8.3. Effects of the spread of COVID-19 on our business, financial position and results of operations

8.4. Other financing arrangements

8.4.1. Financing of the Pomona I Wind Farm

8.4.2. Financing of Necochea Wind Farm Project

8.4.3. Financing of Chubut Norte III y IV Wind Farm Project

8.4.4. Exchange Offer and Consent Request

New issuance of Class XXXI obligations, classified as Green Bonds

8.4.5. New issuance of Classes XXXII and XXXIV negotiable obligations, classified as Green Bonds

Green Bonds

8.5. Principal contingencies, claims and contingent assets

8.5.1. Situation with IEASA (EX ENARSA) - IEASA receivables and payables

8.5.2. Situation with CAMMESA

8.5.2.1. Ullum 1 y 2 Penalty

8.5.2.2. Necochea Wind Farm Penalty

8.5.2.3. “Chubut Norte III” y “Chubut Norte IV” Wind Farms Penalty

8.5.3. Puerto Madryn Municipality fees

GENNEIA S.A. Interim / Quarterly Report 2021