We Choose Earth We Choose Earth We Choose Earth We Choose Earth Individual Annual Report 2023
We Choose Earth We Choose Earth We Choose Earth We Choose Earth Our choice is part of who we are. The Earth is the heart of our company, and as a pure 100% renewable player, we’re commied to tirelessly protect and sustain our precious home. The energy sector stands at a crucial juncture and despite the challenging year for the renewable energy industry, we remain at the forefront of this vital change. Proudly dedicated to a greener future, we continue to work on expanding our porolio of renewable energy projects. Our focus remains on innovating and delivering new models all around the world with technologies to accelerate the crucial transition to cleaner energy sources. Through sustainable innovation, we reinforce our ambition to become Net Zero by 2040. We’re creating superior value that protects the Earth and human life. That’s our choice, give power to every leaf, every drop, every wind blow, and every sunrise. We Choose Earth Individual Annual Report 2023 Manifesto 002
Individual Annual Report 2023 Purpose 003 Our energy and heart drive a beer tomorrow Speaks of our stamina, our track record and what drives us to continuously deliver green energy Highlights our people and their key role in delivering our commitment to our clients, partners and communities Reflects our ambition and leadership in making change happen Purpose The reason why we work every day
004 Inidividual Annual Report 2023 Index Index PART I Individual management Report 01 The company 07 02 Company Business 07 03 Foreseeable evolution 12 04 Research, development and technological innovation 12 05 Relevant & subsequent events 12 06 Own shares 14 07 Own shares 15 Annex I - Corporate governance report 17 Annex II - Remunerations report 102 PART II Financial Statements 114
Part I Part I Individual management report 005 Individual Annual Report 2023 Management Report Part I
004 Inidividual Annual Report 2023 Index Index PART I Individual management Report 01 The company 07 02 Company Business 07 03 Foreseeable evolution 12 04 Research, development and technological innovation 12 05 Relevant & subsequent events 12 06 Own shares 14 07 Risk management 15 Annex I - Corporate governance report 17 Annex II - Remunerations report 102 PART II Financial Statements 114
007 Individual Annual Report 2023 Individual Management Report Individual management report EDP Renováveis S.A. Management report of December 2023 The Corporate Governance Report and Remuneration Report for the year 2022 are included as Annexes to this Management Report, forming an integral part thereof. The non- financial information required by the regulations has been included in the Consolidated Management Report of the EDP Renováveis Group. 1. The Company EDP Renováveis, S.A. (hereinafter referred to as “EDP Renováveis”, “EDPR” or the “Company”) total share capital is 5,119,890,505€, following: the capital increase for a nominal amount of €254,842,00 executed on March 2nd, 2023, implemented through the issuance of 50,968,400 ordinary shares of the Company, with a nominal value of €5 each (at a subscription price of €19.62 per share and share premium of €14.62 per share) being the resulting share capital of the company €5,057,632,810. and, a capital increase charged to reserves executed on May 2nd,2023, where 12,451,539 new ordinary shares were issued. EDPR total share capital is composed of 1,023,978,101 shares with a nominal value of EUR 5.00 each, fully paid up and the share capital is now €5,119,890,505. All these shares are part of a single class and series and are listed on the regulated market of Euronext Lisbon. Codes and tickers of EDP Renováveis S.A. share: ISIN:ES0127797019 LEI:529900MUFAH07Q1TAX06 Bloomberg Ticker (Euronext Lisbon): EDPR PL Reuters RIC:EDPR.LS EDPR main shareholder is EDP – Energias de Portugal, S.A., through EDP – Energias de Portugal, S.A. Sucursal en España, with 71.27% of share capital and voting rights. Excluding EDP, EDPR shareholders comprise more than 35,000 institutional and private investors spread across 40 countries with main focus in the United States,United Kingdom, France and Singapore. Institutional Investors represent about 96% of Company shareholders (ex- EDP Group), mainly investment funds and socially responsible investors (“SRI”), while Private Investors, mostly Portuguese, stand for the remaining 4%. For further information about EDPR shareholder structure please see chapter 1.3 of the Annual Report (“Organisation”). 2. Company business Business environment 2023 was marked by efforts to recover from what happened in the previous years. After a global pandemic and the immediate effects of the war in Ukraine, the impacts on the global economy still last. The different global economies still struggle to get back on track and the energy sector is finding its way back to lower volatility. While in 2022 inflation rates were at very high levels, 2023 was the year to start seeing more stable indexes. In the Eurozone inflation was 5.4% by 2023, a drop from 8.4% in 2022, while in the United States, it stood at 4.1% against 8.0% in 2022 (source: Focus Economics). Monetary policy measures played a big role in 2023, with consecutive increases in interest rates both by the European Central Bank and by the US Federal Reserve. The higher cost of capital creates a challenging environment for investors, cautiously considering where to put their money next. Having a sustainable and secure energy system is a clear priority to many countries, after everything that happened in 2022. Accelerating the energy transition is on the political agenda of so many countries, as well as on the strategic plans of private sector corporations. Throughout the year 2023, several policies were put in place, with the main focus of boosting investors’ confidence back and strengthening industries' competitiveness, so that economies can keep on recovering and businesses have a favourable environment to strive.
008 Individual Annual Report 2023 Individual Management Report The evolution of renewables around the world in 2023 Global Overview According to the International Energy Agency (IEA), in 2023, the amount of renewable energy capacity added to energy systems grew by 50% globally compared to the previous year, the fastest growth rate in the last two decades, estimating that 507 GW have been added. Photovoltaics contributed to a third of the increase in global capacity. The IEA expects an even faster growth in the next 5 years, increasing the chances of achieving the goal of tripling renewables global capacity by 2030 as agreed at the COP 28 Climate Change Conference. According to the IEA, solar PV and wind will account for 95% of global renewable additions through 2028. Supportive policy environments and the improving economic attractiveness of these two technologies remain the most important drivers behind the expected growth. The astonishing renewables growth in 2023 was mainly driven by China, that installed as much solar PV as the entire world did in 2022. The growth was also supported by all-time records of new renewable additions in Europe, the US and Brazil. Wind According to IEA estimations, global wind additions could have reached 108 GW in 2023, the highest figure ever seen. Long-term fundaments remain strong for the coming years, and supportive policies in China, the US and Europe in particular, are expected to boost wind additions in the coming years. However, short and medium-term challenges in project execution remain. New installations in China could have hit a record and grow to 59-65 GW1 as provinces are accelerating to meet the targets set out in their five-year plans. India could have commissioned more than 3 GW of new wind projects, the highest figure since 2017. In the US, new installations have grown at a moderate pace, with around 7-9 GW built in 2023. Although developers seem to be taking advantage of new tax credits from the Inflation Reduction Act, it still takes time to bring projects online. At the end of Q3 2023, nearly 147 GW of onshore wind were operating in the US, according to the American Clean Power Association (ACP). Additions are expected to pick up in 2024. The European Union built a record 17 GW of new wind capacity in 2023, according to preliminary data from Wind Europe. Wind energy is expected to be a fundamental piece of Europe’s clean energy transition, but these figures are still well below the required capacity to hit the 2030 target (30 GW/year). In particular, onshore wind energy still faces some significant obstacles that contribute to the delay, namely difficulties in obtaining licensing, network restrictions and increased costs in the production chain. Germany was the largest market, followed by the Netherlands and Sweden. Germany2 installed 2.9 GW of onshore wind power in 2023, more than the previous year (2.4 GW). In addition, around 7.5 GW were approved in 2023 and 6.4 GW awarded in tenders, figures never seen before. Spain commissioned 1.6 GW of onshore wind facilities, a very promising figure but still below the 4 GW per year that would be necessary to reach the 63 GW 2030 wind target proposed in the National Energy and Climate Plan (NECP) submitted to the European Commission for approval. In Latin America, Brazil remains the largest wind market, with record additions of around 4.9 GW3. This growth could bring Brazil’s total installed capacity to nearly 28 GW, making it the country’s second largest generating technology, after large-scale hydro. Regarding offshore wind, around 12-14 GW of new offshore installed capacity were globally added in 2023, surpassing the 2022 figure (9 GW). Rising costs and supply-chain bottlenecks have hindered the industry, resulting in projects delays and cancellations. China remains the main market, with around 7-8 GW installed. According to Wind Europe preliminary data, Europe (including the UK) installed 4.2 GW of offshore wind capacity, up 40% on 2022. Netherlands led offshore, as it commissioned the 1.5 GW Hollandse Kust Zuid wind farm, the world’s largest operational wind farm, followed by UK and France. 1 At the time of preparation of this report, final data from the Global Wind Energy Council (GWEC), the American Clean Power Association (ACP) or Wind Europe, had not been released. Experts consulted include IEA, S&P, Bloomberg New Energy Finance, Wood MacKenzie. 2 Data from BWE. 3 Data From National Electricity Energy Agency (ANEEL). Solar PV 2023 is on course to become another record-breaking year for solar PV, with the IEA forecasting around 373 GW of new installed capacity, a 63% increase compared to 2022. This shows the enormous growth potential of the technology, continuously braking records in the last years. All solar PV segments have witnessed considerable growth in in 2023.
009 Individual Annual Report 2023 Individual Management Report According to the IEA, around 55% of new solar PV capacity would be utility-scale projects and the remaining ones small-scale (mainly residential and commercial systems). China could have added between 180 and 200 GW of solar PV capacity, according to data released by the National Energy Administration (NEA). The growth was supported by China “30-60” goal of reaching peak emissions by 2030 and net zero in 2060. Other major markets in Asia include India (~10 GW expected), Japan (~8 GW) and Republic of Korea (~3.5 GW). In the US, approximately 31-33 GW of solar PV capacity could have been added in 2023, according to analysts consulted1. Solar PV is the fastest-growing source of electricity in the US, making up almost half of all new power capacity in the first three quarters of 2023. According to the American Clean Power Association, more than 83 GW of solar PV were operating at the end of the third quarter of 2023. The EU installed a record 56 GW of solar capacity in 2023, well above the 40 GW added the previous year, according to SolarPower Europe. In 2023, Germany returned to the top spot with 14.1 GW of new capacity, followed by Spain with 8.2 GW, Italy with 4.8 GW, Poland with 4.6 GW and the Netherlands with 4.1 GW. In Central and Eastern Europe, Czech Republic, Bulgaria and Romania crossed the 1 GW threshold for annual solar additions. In Latin America, Brazil is expected to remain the main market in 2023, with around 12 GW installed, according to the Solar Association ABSOLAR. 1 Experts consulted include IEA, SEIA (Solar Energy Industries Association), American Clean Power Association, S&P, Bloomberg New Energy Finance, Wood MacKenzie. Storage Energy storage systems allow energy consumption to be separated in time from the production of energy. Electricity storage and, more in particular, battery energy storage systems (BESS), are a key tool in achieving a low-carbon future, as they allow to accommodate larger shares of variable renewables (typically wind and solar PV) allowing to achieve a greater system flexibility. Batteries can not only shift excess renewable energy to hours when there is less production, but they can also provide a wide range of services to the system, such as frequency response, reserve capacity, black-start capability among other grid services. In addition to providing grid stability services, BESS could also be used by TSO and DSOs to defer costly grid investments. All in all BESS, can be a valuable tool to reduce curtailment, an increasingly important challenge in countries with high renewables’ penetration. Batteries offer enormous deployment and cost reduction potential, according to analysts. In that sense, utility-scale battery storage deployment is already happening on a very large scale, and its capacity is expected to increase nearly 85-fold by 20502. However, many challenges lie ahead. On the one side, BESS supply chains are today highly geographically concentrated. According to the IEA, China concentrates around 75% of the manufacturing capacity, and the share is not expected to significantly decrease in the next years. Therefore, countries need to diversify supply chains and/or develop industrial strategies for batteries’ manufacturing. The access to critical minerals, essential for BESS production, is also a key challenge for most of the countries. On the other side, regulatory and market conditions are not always well-suited to compensate batteries for all the services they can provide, and in most of the countries BESS projects are not attractive to investors. Therefore, it is important to enhance the returns they can yield, monetizing positive externalities and minimizing the risks associated with the projects. This can be achieved through different options including: (i) allowing BESS participation in capacity markets (which need to provide long-term contracts); (ii) designing ancillary services well-suited for BESS; (iii) allowing BESS participation in auctions (standalone or paired with renewables); (iv) granting aids or grants when necessary; and (v) enabling the PPA market. 2 Source: IEA (WEO 2023) according to the data of the Stated Policies Scenario (STEP).
010 Individual Annual Report 2023 Individual Management Report Strategy The energy transition has become increasingly critical for addressing climate change and the pressure has never been greater. Over the past decade we have witnessed continuous breaking of warmest year records, all-time high-water levels, and record high CO2 emissions. Climate change has become the biggest challenge that society faces today. Furthermore, there has been a shift in global dynamics showcasing the higher need for endogenous, affordable, and reliable energy. This shift has been aggravated by the impact of macro movements, that have promoted the volatility of energy markets, supply chain disruption and concerns about energy security. 2023 has shown signs of stability mainly reflected in normalized energy prices. The World recognizes that renewables play a key role in the global solution to energy independence and a sustainable planet. The energy transition is an opportunity to create more resilient, efficient, and sustainable energy systems that will meet future energy needs while reducing greenhouse gas emissions. Governments worldwide are taking decisive action to support the transition to low-carbon energy systems. Legislative frameworks such as the Inflation Reduction Act in the United States and REPowerEU in Europe, are evidence of clear targets and incentives for companies, cities, and countries to take decisive action towards the decarbonization of the economy. Operational performance OPERATING PORTFOLIO INSTALLED CAPACITY 2023 (MW) NET CAPACITY FACTOR (%) ELECTRICITY GENERATION (GWh) DEC- 23 ADDED AR (1) YTD (2) 2023 2022 PP YOY 2023 2022 % YOY Europe 5,535 +775 -398 +377 26% 26% +0.01pp 11,619 11,778 -1% Spain 2,042 +131 -256 -124 25% 26% -1pp 4,491 4,885 -8% Portugal 1,413 +245 - +245 27% 27% -0.3pp 2,701 2,715 -1% Rest of Europe 2,080 +399 -142 +257 28% 26% +2pp 4,428 4,178 +6% France 244 +30 - +30 28% 24% +4pp 525 411 +28% Belgium 11 - - - 34% 27% +7pp 29 24 +24% Poland 798 +207 -142 +65 28% 28% +1pp 1,749 1,739 +1% Romania 521 - - - 28% 26% +3pp 1,284 1,163 +10% Italy 412 +117 - +117 26% 25% +0.4pp 747 737 +1% Greece 80 +35 - +35 22% 24% -1pp 86 93 -8% UK 5 - - - 21% 24% -3pp 9 10 -11% Netherlands 9 +9 - +9 - - - - - - North America 7,813 +1,166 - +1,163 30% 33% -3pp 17,306 18,362 -6% US 6,891 +869 - +866 30% 33% -3pp 15,428 17,029 -9% Canada 427 +297 - +297 27% 32% -5pp 394 360 +9% Mexico 496 - - - 35% 45% -9pp 1,484 973 +53% South America 1,248 +394 -260 +134 41% 39% +2pp 4,483 2,625 +71% Brazil 1,165 +311 -260 +51 41% 39% +2pp 4,483 2,625 +71% Chile 83 +83 - +83 - - - - - - APAC 890 +190 - +178 17% 16% +1pp 1,184 636 +86% Vietnam 402 +9 - -2 21% 19% +3pp 743 393 +89% Singapore 315 +85 - +85 13% 12% +0.4pp 296 184 +61% Rest of APAC 172 +96 - +95 15% 16% -1pp 145 59 +146% Total EBITDA level 15,485 +2,525 - 658 +1,852 29% 30% -2pp 34,593 33,401 +4% To take early action in the energy transition and be better positioned to seize the opportunities presented by this shift, EDPR released in March 2023 its new Business Plan for 2023-26, where it clearly restates the Company’s commitment to step-up to the Net Zero challenge and create superior value as a leading pure renewable global player.
011 Individual Annual Report 2023 Individual Management Report OPERATING PORTFOLIO INSTALLED CAPACITY 2023 (MW) DEC-23 ADDED AR (1) YTD (2) Europe 462 -36 - -36 Spain 120 -36 - -36 Portugal 31 - - - Rest of Europe 311 - - - North America 592 - - - US 592 - - - APAC 16 +1 - +1 Rest of APAC 16 +1 - +1 Total Equity level 1,070 -35 - -35 TOTAL (EBITDA + Equity) 16,555 +2,491 -658 +1,817 With a top-quality portfolio, EDPR has a strong track record and proven capability to execute superior projects and deliver on targets. The installed asset base of 16.6 GW is not only young, on average 9 years, it is also mostly certified in terms of environmental and health and safety standards. As of 2023, EDPR had, in terms of EBITDA + Equity capacity, 5,997 MW installed in Europe, 8,405 MW in North America, 1,248 MW in South America and 905 MW in APAC. In terms of technology, EDPR continued its effort to diversify its portfolio, which translates into 12,985 MW of wind onshore, 322 MW of wind offshore and 3,248 MW of solar technology, that includes both solar PV utility-scale and solar DG. During 2023, EDPR added a total of 2,526 MW globally, with Europe and North America representing 76% of the total installations, and a larger percentage of solar capacity vs. wind. More specifically, EDPR added 958 MW of wind onshore, corresponding to 277 MW in Europe, namely 117 MW in Italy, 65 MW in Spain, 35 MW in Greece, 26 MW in France, 22 MW in Portugal and 12 MW in Poland. In North America, 499 MW were installed coming from a project in US and another one in Canada. Lastly, in South America, EDPR added 182 MW of wind onshore, including 83 MW in Chile. In terms of solar capacity, EDPR added a total of 1,569 MW, corresponding to 667 MW in the US, 223 MW in Portugal, 212 MW in Brazil, 195 MW in Poland, 66 MW in Spain, 9 MW in Netherlands, 4 MW in France, 85 MW in Singapore, 9 MW in Vietnam and 97 MW in the Rest of APAC. Pursuing its Asset rotation strategy, EDPR successfully concluded three Asset rotation deals that amounted to c.0.7 GW of capacity. In detail, EDPR sold 100% stake in a 256 MW wind portfolio in Spain, 100% in a 142 MW wind portfolio in Poland and 100% in a 250 MW wind portfolio in Brazil. All in all, in 2023, EDPR consolidated portfolio net variation was +1.8 GW. EDPR produced 34.6 TWh (+4% YoY) of clean energy in 2023 and achieved a 29% load factor (vs 30% in 2022) reflecting a 94% renewable index. The YoY evolution has been affected by the increase of 12% in installed capacity with a high concentration of annual additions in the last quarter or the year along with the asset rotations closed in mid-2023 for wind assets in Europe. In terms of resource, generation has been impacted by the increase of solar capacity weight, with lower load factors vs wind, as well as wind resources below LT average in US from El Niño weather phenomenon, where EDPR has more than 45% of its renewable portfolio. Financial performance EDP Renováveis S.A.'s net profit in 2023 was EUR -247,716 thousand, down from EUR - 220,663 thousand in 2022. Income in 2023 amounted to EUR 232,130 thousand, which represents a significant increase of 82% compared to 2022 (EUR 127,780 thousand), mainly due to the increase in dividends received from subsidiaries in 2023 compared to 2022. The negative financial result during the financial year 2023 was EUR 247,177 thousand, representing an increase of 4% compared to 2022 (EUR 237,518 thousand), mainly due to financial expenses and foreign exchange. Non-financial information The non-financial information required by the Spanish Regulation has been included in the Consolidated Management Report of the EDP Renováveis Group. On average, during 2023, there were 447 employees in EDP Renováveis,S.A., an increase of 7% compared to 416 employees in 2022.
012 Individual Annual Report 2023 Individual Management Report For information on EDPR's human capital approach, please refer to chapter 3.2. Human Capital of the Consolidated Management Report. Information on average payment terms to suppliers In 2023, total payments made to suppliers amounted to 85,597 thousand euros with an average payment period of 27 days, below the legally stipulated payment period of 60 days. 3. Foreseeable evolution The Company will continue to control its current holdings in different subsidiaries, not having foreseen any activity different from those currently carried out. 4. Research, development, and technological innovation Technical innovation is one of the hallmarks of EDPR. The Company’s history is built on the continuous searching of new trends and solutions in energy production to meet its stakeholders’ expectations. Accordingly, EDPR develops projects within the framework of its two main strategic pillars for Innovation: Cleaner Energy focused on sustainable power generation, and Energy Storage & Flexibility to ensure a smoother transition to an energy mix system. For more information on EDPR innovation and digitalisation, see chapters 3.6 Digital Capital and 3.7 Innovation Capital of the Consolidated Management Report. 5. Relevant & subsequent events Relevant events of the period RELEVANT EVENTS 1 20-Jan EDPR informs about gender equality plan 2 30-Jan Closing of Asset Rotation deal of a 260 MW operating wind portfolio in Brazil 3 14-Feb EDPR secured its first PPA in Greece 4 27-Feb EDPR informs about the increase of its target dividend payout ratio to 30-50% and announces new Scrip Dividend programme 5 27-Feb EDPR informs about FY 2022 Results 6 02-Mar EDPR informs about its Business Plan 2023-2026 7 02-Mar Intention from EDPR to pursue equity raise of ~€1 billion 8 02-Mar Approval of non-preemptive capital increase 9 03-Mar Notice of the General Shareholders Meeting of April 4th, 2023 10 03-Mar Capital increase completion and final terms 11 06-Mar Registration of share capital increase of EDPR 12 07-Mar Admission to trading of shares of EDPR 13 09-Mar Notification of qualified shareholding of GIC 14 13-Mar Resignation of a member of the Board of Directors 15 30-Mar Agreement with First Solar to secure solar modules 16 04-Apr EDPR informs about resolutions of the Annual General Shareholders Meeting 17 17-Apr EDPR secured PPA for a wind project in the US 18 27-Apr EDPR secured PPA for a solar project in the US 19 02-May EDPR secured long term VPPAs for a 54 MW wind portfolio in Spain 20 02-May Scrip Dividend Programme launch and approval of the informative document 21 03-May EDPR secured PPA secured for 150 MW solar project in the US 22 04-May EDPR informs about 1Q23 results 23 25-May Registration of share capital increase of EDPR 24 01-Jun EDPR awarded 20-year FiT in the eleventh GSE auction in Italy 25 02-Jun Admission to trading of shares of the Company 26 14-Jun EDPR secured its first long-term PPA in the Netherlands 27 26-Jun EDP increases its participation in EDPR as a result of Scrip Dividend program 28 25-Jul EDPR closes Asset Rotation deal for a 257 MW wind portfolio in Spain 29 26-Jul EDPR informs about 1H23 results
013 Individual Annual Report 2023 Individual Management Report RELEVANT EVENTS 30 27-Jul EDPR informs about Asset rotation deal signed for a renewables portfolio in Poland 31 07-Aug Management transaction related with the acquisition of shares by the Member of the Executive Board of Directors 32 29-Aug EDPR signs Asset Rotation deal for a 260 MW wind portfolio in Brazil 33 5-Sep Blackrock notifies change in qualified shareholding in EDPR 34 8-Sep EDPR awarded with CfD for 56 MW of wind onshore in the UK 35 2-Oct EDPR on Ocean Winds sells minority stake in its 950 MW Moray East offshore project 36 12-Oct EDPR completes Asset Rotation deal of a 300 MW renewable portfolio in Poland 37 17-Oct EDPR secures a PPA for a 180 MW solar project in the US 38 31-Oct EDPR informs about 9M23 Results 39 29-Dec EDPR buys back 49% stake in 1 GW wind portfolio in Portugal, Poland and Italy for €0.57bn 40 29-Dec EDPR completes Asset Rotation deal for a 260 MW wind portfolio in Brazil Subsequent events EDPR informs on Asset Rotation deal for a solar portfolio in North America Madrid, January 4th 2024: EDP Renováveis, S.A. ("EDPR”) signed a Sale and Purchase Agreement with a major energy global player to sell an 80% equity stake in a portfolio of 340 MWac from 2 operating solar projects in Ohio and 1 operating solar project in Texas. The total consideration of the transaction corresponds to an Enterprise Value of $0.4 billion (for the 80% stake). The transaction is subject to conditions precedent, regulatory and other usual conditions for a transaction of this nature. With the transaction announced today, EDPR has executed and secured >25% of the €7 billion Asset rotation program for 2023-26 as announced in EDPR’s Capital Markets Day in March 2023, allowing EDPR to accelerate value creation while recycling capital to reinvest in accretive growth. EDPR secures its first PPA in Germany Madrid, January 24th 2024: EDP Renováveis, S.A. (“EDPR”) through Kronos Solar EDPR (“Kronos”) has secured a 15-year Power Purchase Agreement (“PPA”) with Lhyfe S.A (“Lhyfe”), a European producer and supplier of green and renewable hydrogen with whom EDPR has a partnership agreement to create value and leverage upon complementary skills and synergies in the promotion of renewable H2 projects. The PPA entitles the sale of the renewable energy generated by a 39 MWac (55 MWdc) solar project in Germany with start of operations expected during 2025. This PPA is the first closed by EDPR in Germany, the first one with a hydrogen company and the first materialization of the industrial agreement between the two companies. It will provide renewable power for Lhyfe’s future green hydrogen production sites in the region, that will be used to mobility and industrial processes, thus consolidating its sustained growth. EDPR entered Germany in 2022 through the acquisition of Kronos Solar EDPR and currently has a capacity of 8.5 GWdc in different stages of development in solar utility scale, including agri-PV projects. Although EDPR’s business in Germany is focused on solar technology, the company has the ambition of developing wind projects in the country by the end of the decade. Germany announced in 2022 ambitious renewables capacity targets of 360 GW of renewable capacity to be installed until 2030. To reach that target, Germany has committed to install 155 GW of solar capacity, representing close to 40% of the expected EU solar additions and making it one of the largest and fastest growing solar markets in the world. EDPR has currently secured >55% of its total capacity out of the ~17 GW established for the 2023-26 period. EDPR's success in securing new PPAs reinforces its low-risk profile and growth strategy based on the development of competitive projects with long-term visibility, fostering the acceleration of the energy transition and the decarbonization of the economy.
014 Individual Annual Report 2023 Individual Management Report EDPR informs on PPA secured for a 250 MW portfolio in Spain Madrid, February 7th 2024: EDP Renováveis, S.A. (“EDPR”) has secured a 15-year Power Purchase Agreement (“PPA”) with a global corporate client to sell the green energy produced by a 250 MW portfolio in Spain. The portfolio consists of 4 solar projects amounting to 205 MWdc (168 MWac) and 1 wind project with 45 MW of capacity, all of them expected to enter in operation in 2025. This pay-as-produced PPA supports EDPR’s value creation thresholds, and with it EDPR has now more than 55% of the capacity secured out of the ~17 GW target additions for 2023-2026 announced in EDPR Capital Markets Day in March 2023. EDPR's success in securing new PPAs reinforces its low-risk profile and growth strategy based on the development of competitive projects with long-term visibility, fostering the acceleration of the energy transition and the decarbonization of the economy. EDPR informs on CfDs secured for 100 MW of onshore wind in Italian auction Madrid, February 12th 2024: EDP Renováveis, S.A. (“EDPR”) has been awarded with 20- year contracts for difference (“CfD”) for 100 MW of wind renewable capacity, at the latest renewable auction in Italy promoted by the Gestore Servizi Energetici ("GSE"). These CfDs were attributed to 3 onshore wind projects located in the south of Italy, which are expected to enter in operation by 2026. The auction, that has delivered 1 GW of new clean energy, achieved a clearing price of €77.6/MWh, a significant increase from last year's €66.5/MWh in the twelfth auction. CfD auctions play a pivotal role in supporting the green transition and ensuring competitive projects. With these new contracts, EDPR has now 57% of the capacity secured out of the ~17 GW targeted additions announced in EDPR Capital Markets Day in March 2023. EDPR's success reinforces its low-risk profile and growth strategy based on the development of competitive projects with long-term visibility, fostering the acceleration of the energy transition and the decarbonization of the economy. EDPR informs on completion of Asset Rotation deal for a solar portfolio in North America Madrid, February 15th 2024: Following the information released to the market on January 4th 2024, EDP Renováveis, S.A. ("EDPR”) is pleased to announce the completion of a Sale and Purchase Agreement with a major energy global player, to sell an 80% equity stake in a portfolio of 340 MWac from 3 operating solar projects, 2 in Ohio and 1 in Texas, for an Enterprise Value of $0.4 billion (for the 80% stake). With the conclusion of this agreement, EDPR has executed and signed ~35% of the €7 billion Asset rotation program for 2023-26 as announced in EDPR’s Capital Markets Day in March 2023, allowing EDPR to accelerate value creation while recycling capital to reinvest in accretive growth. EDPR informs on Asset Rotation deal for a wind project in Canada Madrid, February 14th 2024: EDP Renováveis, S.A. ("EDPR”) signed a Sale and Purchase Agreement with Connor, Clark & Lunn Infrastructure (“CC&L Infrastructure”) to sell an 80% equity stake in a 297 MW operating wind project located in Alberta, Canada for an estimated Enterprise Value of C$0.6 billion (for the 80% stake). This is EDPR’s second transaction with CC&L Infrastructure, having previously sold a 560 MW portfolio of wind and solar assets in the United States. EDPR will retain a minority equity interest in the project and continue to operate and manage the asset The transaction is subject to conditions precedent, regulatory and other usual conditions for a transaction of this nature. This transaction comes in the context of the €7 billion Asset rotation program for 2023-26 announced in EDPR’s Capital Markets Day in March 2023, allowing EDPR to accelerate value creation while recycling capital to reinvest in accretive growth. 6. Own shares EDPR does not hold own shares.
015 Individual Annual Report 2023 Individual Management Report 7. Risk management The Company's activities are exposed to various financial risks, including movements in Interest Rates, Foreign Exchange Rates (FX), Inflation and Commodity prices. It also includes Earnings on Equity risk, due to the relevance of asset rotation in EDPR's strategy. The Company's overall risk management programme focuses on the uncertainty of financial markets and seeks to minimise the potential adverse effects on the Company's financial performance. The Company uses derivatives to mitigate certain risks. The Company's Board of Directors is responsible for defining general risk management principles and setting exposure limits, which is carried out by the Company's Finance Department in accordance with policies approved by the Board of Directors. The main functions include, among others, the identification and evaluation of hedging instruments. All transactions in financial derivative instruments are subject to prior approval by the Board of Directors, which defines the parameters of each transaction and approves the formal documents describing the objectives of the transactions. Interest Rate Risk Given the policies adopted by EDPR Group, current exposure to variable interest rate is not significant and financial cash flows are substantially independent from the fluctuation of interest rates. The purpose of interest rate risk management policies is to reduce the exposure of long- term debt cash flows to market fluctuations, mainly by contracting long term debt with a fixed rate. When long-term debt is issued with floating rates, EDPR settles derivative financial instruments to swap from floating to fixed rate. EDPR has a portfolio of interest-rate derivatives with maturities of up to 15 years. Sensitivity analyses of the fair value of financial instruments to interest-rate fluctuations are periodically performed. With most of interest rates being fixed, main exposure to interest rates arises at refinancing. To protect against this risk, EDPR intends to maintain a balanced maturity profile for its corporate fixed debt, thus, diversifying the risk of bad timing when refinancing occurs. Repricing calendar of debt is continuously monitored together with interest rates in order to detect good timing for restructuring debt. Additionally, Risk and Finance teams regularly perform analyses on the possibility of carrying out pre-hedging of interest rates, in order to identify potential opportunities to further mitigate this risk. During 2023, the EUR-denominated pre-hedges carried out in the previous year were applied to new debt raised by EDPR during the year. As for the USD-denominated pre- hedges, they were unwound due to the optimization of the EUR/USD position, following the review of EDPRs Net Investment Hedge strategy. Taking into account risk management policies and approved exposure limits, Global Risk Area supports the Finance team in interest rate hedging decisions and the Finance team submits the appropriate financial strategy to each project/location for Management Team’s approval. Exchange Rate Risk As a global company present in almost 30 different markets, EDPR is exposed to the exchange-rate risk resulting from investments in foreign subsidiaries. Under construction and operating plants can have currency exposure to the US dollar, Romanian leu, Polish zloty, Brazilian real, British pound, Canadian dollar, Hungarian forint, and Colombian peso. In APAC, main FX exposure comes from Singaporean dollar, Chinese renminbi, and Taiwanese dollar, with relatively small exposure to other southeast Asian currencies. In addition, EDPR has also a marginal fiscal exposure to MXN due to its Mexican assets. EDPR hedges risk against currency fluctuations by procuring financing in the same currency as the revenues of the project. When local financing is not available, EDPR hedges debt cash flows though cross currency interest rate swaps. EDPR also hedges its net investment (investment after deducting local debt obligations) in foreign currency through cross currency interest rate swaps and forward instruments. Finally, EDPR contracts foreign exchange forwards to hedge the risk for specific transactions, mainly in payments to suppliers which may be denominated in different currencies than the projectsrevenues, and also to hedge proceeds from Asset Rotation deals. EDPRs hedging efforts minimize exchange rate volatility, but do not completely eliminate this risk due to the high costs associated to hedging FX in certain situations.
016 Individual Annual Report 2023 Individual Management Report Inflation Price Risk In certain geographies, regulated remuneration is linked to inflation. Additionally, O&M costs are considered to be linked to inflation in most cases. Exposure to inflation in revenues may be naturally hedged with exposure to interest rates. EDPR regularly analyses inflation exposure and its relationship with interest rates to adjust the level of interest rate coverage in project finance structures. Exposure to inflation in O&M costs for each project is managed at the moment of the investment decision, by carrying out sensitivity analyses on the evolution of O&M costs. Commodity Price Risk (other than energy) In projects in which there is a significant time lag between investment decision and the start of construction, EDPR may be exposed to the price of the materials used in turbine, solar panel and battery manufacturing, foundations, and interconnection, through escalation formulae included in the contracts signed with suppliers. In order to manage this risk, EDPR may hedge the market exposure in OTC/future commodity markets, considering the risks (potential impact on project profitability) and the cost of the hedge. Capital Gains Risk Risk of depreciation in the value of assets being considered for sale, due to changes in market conditions such as exchange rates, interest rates, energy prices or inflation, among others. To manage this risk, EDPR tries to mitigate the impacts of the abovementioned effects by hedging its exposure, whenever possible, while also performing sensitivity analysis on the estimated amount of capital gains from Asset Rotation transactions, resulting from changes in market variables. Additionally, EDPR maintains a diversified portfolio of projects in terms of geographical location, technology and risk profile and is constantly reassessing its Asset Rotation strategy, with the aim of extracting the highest value out of its projects.
01 Part I Integrated Annual Report 2023
Part I Individual Annual Report 2023 Part I Corporate Governance Report | Index 018 Annex I - Corporate Governance Report Part I – Information on shareholder, organisation and corporate governance 019 Part II – Corporate governance assessement 079 Curricula vitae of the Board of Directores EDP Renováveis S.A. 090
019 Part I Individual Annual Report 2023 Individual Management Report | Annex I PART I - Information on shareholder structure, organisation and corporate governance A. Shareholder structure I. Capital structure 1. Capital structure EDP Renováveis, S.A. (hereinafter referred to as “EDP Renováveis”, “EDPR” or the “Company”) total share capital is 5,119,890,505€, following: the capital increase for a nominal amount of €254,842,00 executed on March 2nd, 2023, implemented through the issuance of 50,968,400 ordinary shares of the Company, with a nominal value of 5 each (at a subscription price of 19.62 per share and share premium of 14.62 per share) being the resulting share capital of the company €5,057,632,810. and, a capital increase charged to reserves executed on May 2nd,2023, where 12,451,539 new ordinary shares were issued. EDPR total share capital is composed of 1,023,978,101 shares with a nominal value of EUR 5.00 each, fully paid up and the share capital is now €5,119,890,505. All these shares are part of a single class and series and are listed on the regulated market of Euronext Lisbon. Codes and tickers of EDP Renováveis S.A. share: ISIN:ES0127797019 LEI:529900MUFAH07Q1TAX06 Bloomberg Ticker (Euronext Lisbon): EDPR PL Reuters RIC:EDPR.LS EDPR main shareholder is EDP – Energias de Portugal, S.A., through EDP – Energias de Portugal, S.A. Sucursal en España, with 71.27% of share capital and voting rights. Excluding EDP, EDPR shareholders comprise more than 35,000 institutional and private investors spread across 40 countries with main focus in the United States,United Kingdom, France and Singapore. Institutional Investors represent about 96% of Company shareholders (ex-EDP Group), mainly investment funds and socially responsible investors (“SRI”), while Private Investors, mostly Portuguese, stand for the remaining 4%. For further information about EDPR shareholder structure please see chapter 1.3 of the Annual Report (“Organisation”). 2. Restrictions to the transferability of shares EDPR’s Articles of Association have no restrictions on the transferability of shares. 3. Own shares EDPR does not hold own shares. 4. Change of control EDPR has not adopted any measures designed to prevent successful takeover bids, nor defensive measures for cases of a change in control in its shareholder structure or agreements subject to the condition of a change in control of the Company, other than in accordance with normal practice, and therefore, has not adopted any mechanisms that imply payments or assumption of fees in the case of the transfer of control or the change in the composition of the managing body, or that could be likely to harm the free transferability of shares or shareholder assessment of the performance of the members of the managing body.
020 Part I Individual Annual Report 2023 Individual Management Report | Annex I Notwithstanding the above, the following are normal market practice related to a potential change of control: In the case of financing of certain wind farm projects, lenders have the right to approve change in control at the borrower if the later ceased to be controlled, directly or indirectly by EDP. In the case of guarantees provided by EDP Group companies, if EDP directly or indirectly ceases to have the majority of EDPR then EDP is no longer obliged to provide such services or guarantees. The relevant subsidiaries will be obliged to provide for the cancellation or replacement of all outstanding guarantees within approximately sixty (60) days of the change of control event. In the cases of intra-group services agreements and according to the Framework Agreement signed between EDP Renováveis S.A. and EDP Energias de Portugal S.A., the contracts will maintain their full force as long as (i) EDP maintains its share capital above 50% or the right to exercise directly or indirectly more than 50% of voting rights on EDPR’s share capital, or (ii) even if the share capital of EDP or its voting rights are below 50%, but more than half of the Members of the Board are elected through an EDP proposal. 5. Special agreements regime EDPR does not have a special system for the renewal or withdrawal of counter measures for the restriction on the number of votes capable of being held or exercised by only one shareholder individually or together with other shareholders. 6. Shareholders’ agreements The Company is not aware of any shareholders’ agreement that may result in restrictions on the transfer of securities or voting rights. II. Shareholdings and bonds held 7. Qualified holdings Qualifying holdings in EDPR are subject to the Spanish Law, which regulates the criteria and thresholds of the shareholder’s ownerships. The table below includes the information about the qualifying holdings of EDPR and their voting rights as of December 31 st , 2023: SHAREHOLDER SHARES EDP – ENERGIAS DE PORTUGAL, S.A. – SUCURSAL EN ESPAÑA 729,793,922 GIC 43,523,707 BLACKROCK INC. 34,736,754 Total qualified holdings 808,053,909 EDP detains 71.27% of EDPR capital and voting rights, through EDP – Energias de Portugal, S.A. – Sucursal en España. As of December 31 st , 2023, EDPR’s shareholder structure consisted in a total qualified shareholding of 78.91%, corresponding to EDP Group, GIC and Blackrock Inc., with 71.27%, 4.25% and 3.39% of the capital, respectively. 8. Shares held by the Members of the Management and Supervisory Boards As of December 31st, 2023, only Rui Teixeira, member of the Board of Directors, holds directly 351 EDPR shares out of a total of 1,023,978,101. 9. Powers of the Board of Directors The Board of Directors is vested with the broad-ranging powers of administration, management, and governance of the Company, with no other limitations besides the powers which are expressly assigned to the General Shareholders’ Meetings in the
021 Part I Individual Annual Report 2023 Individual Management Report | Annex I Company’s Articles of Association (specifically in article 13) or in the applicable law. In this regard, the powers of the Board include, without limitation 1 to: Acquire on lucrative or onerous title basis personal and real property, rights, shares and interests that may suit the Company. Sell and mortgage or charge personal and real property, rights, shares and interests of the Company and cancel mortgages and other rights in rem. Negotiate and enter into loans and credit operations that it may deem appropriate. Negotiate and formalize all sort of acts and contracts with public entities or private persons. Exercise civil and criminal actions and all further actions to be undertaken by the Company, representing it before governmental officers, authorities, corporations, governing, administrative, administrative-economic, administrative-litigation and judicial courts, labour courts and the labour sections of the Supreme Court and of the High Courts of the Autonomous Communities, with no limitations whatsoever, including before the European Court of Justice, and in general before the Government, in all its levels and hierarchies. to intervene or promote, follow and terminate, through all procedures and instances, the processes, court sections or proceedings. to accept decisions, to file any kind of appeal, including the cassation one and other extraordinary appeals, to discontinue or confess, to agree an early termination of a proceeding, to submit litigious questions to arbitration judges, and to carry out all sorts of notices and requirements and to grant a power of attorney to Court Representatives and other representatives, with the case-related powers and the powers which are usually granted to litigation cases and all the special powers applicable, and to revoke such powers. Agree the allotment of interim dividends. Call and convene the General Meetings and submit to them the proposals that it deem appropriate. Direct the Company and organize its operations and exploitations by acknowledging the course of the Company businesses and operations, managing the investment of funds, making extraordinary amortizations of bonds and realizing anything that it is considered appropriate for the best achievement of the Company’s objectives. Determine the roles of the members of the Board of Directors and to appoint and dismiss other Company’s technical and administrative personnel, defining their responsibilities and remuneration. Agree any changes of the registered office’s address within the same municipal area. Incorporate legal entities as stipulated under the law. assigning and investing all sorts of assets and rights, as well as entering merger and cooperation agreements, association, grouping and temporary union agreements between companies or business and joint property agreements, and agreeing their alteration, transformation and termination. Likewise, the General Shareholders’ Meeting held on March 26 th , 2020, approved the delegation to the Board of Directors of the power to issue in one or more occasions both: Fixed income securities or other debt instruments of analogous nature. Fixed income securities or other type of securities (warrants included) convertible or exchangeable into EDP Renováveis, S.A. shares, or that recognize at the Board of Directors’ discretion the right of subscription or acquisition of shares of EDP Renováveis, S.A. or of other companies, up to a maximum amount of three hundred million Euros (EUR 300,000,000) or its equivalent in other currency. As part of such delegation, the General Shareholder’s Meeting delegated into the Board of Directors the power to increase the share capital up to the necessary amount to execute the related tasks above. Additionally, it was also approved to authorize the Board of Directors for the acquisition of own shares by the Company and/or the affiliate companies up to the maximum limit of 10% of the subscribed share capital. These delegations may be exercised by the Board of Directors within a period of five (5) years since the proposal was approved, and within the limits provided under the law and the By-Laws. Likewise, on the General Shareholders’ Meeting held on March 31 st , 2022, it was also approved the delegation to the Board of Directors of the power to carry out increases of share capital with the exclusion of the pre-emptive subscription rights (on one or several occasions) within the maximum term of five years. The total maximum amount of the increase or increases decided upon under this authorization shall be no higher than 50% of the present share capital. or in the event that the increase of capital excludes the pre- emptive subscription right of shareholders, than the 20% of the present share capital. This authorization shall be extended, as broadly as may be required by Law, to the setting and determination of those terms inherent in each of the increases in order to obtain any authorizations required under the legal provisions in force (including, but without being limited to, the determination of the amount and date of implementation, the number of shares to be issued, with or without voting rights, with or without a share premium, consisting of the countervalue of the new shares to be issued in monetary contributions, 1 This list has a merely indicative nature, as the Board of Directors may perform all further powers expressly granted to the Board in the Articles or in the applicable law.
022 Part I Individual Annual Report 2023 Individual Management Report | Annex I and being able to determine the terms and conditions of the increase of capital and the characteristics of the shares). Should be noted that, it has been specifically stated with regards to this authorization that the total or partial exclusion of the pre-emptive subscription right shall be performed in terms of the corporate interest and pursuant to the legal requirements, and that the Board of Directors shall issue a report detailing those reasons that justify this in the corporate interest in each specific case, and which shall be made available to the shareholders and communicated at the first General Meeting of Shareholders held after the increase in capital. Additionally, in compliance with its personal law and Company’s internal regulations, some functions of the Board of Directors are non- delegable and, as such, have to be performed at this level, which are the following: Election of the Chairperson of the Board of Directors. Appointment of Directors by co-option. Supervision of the effective functioning of any committees that it may have incorporated and of the performance of any delegated bodies or managers it may have designated. Determination of the company’s general policies and strategies. Authorization or waiver of the obligations arising from the Directors duty of loyalty. Its own organization and functioning. Formulation of the annual accounts and its submission to the General Shareholders’ Meeting. Preparation of any type of report required from the board by law, when the underlying transaction to which the report refers cannot be delegated. Appointment and removal of the delegated directors (“Joint Directors”) of the company, as well as the determination of their contract conditions. Appointment or removal of the members of the Management Team, as well as the determination of their basic contract conditions, including remuneration. Decisions relating to directors’ remuneration, within the statutory framework and, if such is the case, within the remuneration policy approved by the General Shareholders’ Meeting. Calling the General Shareholders’ Meeting and preparing the agenda and proposed resolutions. Policy relating to own shares. 2 For the purposes of this provision, the amounts of the respective financial guarantees shall be considered in aggregate. Any powers that the General Shareholders’ Meeting has vested to the board of directors, unless the board has explicitly authorized that they may be sub- delegated. Approval of the strategic or business plan, annual management objectives and budget, investment and financing policies, social sustainability policy and the dividends policy. Determination of the risk control and management policy, including those related to tax matters, and the supervision of the internal information and control systems. Determination of the company’s corporate governance policy as well as the one applicable to the group of which the company is the parent entity. its organization and functioning and, in particular, the approval and amendment of its own regulations. Approval of the financial information that the company must disclose periodically. The definition of the structure of the group of companies of which the company is the parent entity. Approval of all type of investments and transactions that due to their high amount or special nature are considered as strategic or that may imply a financial risk, unless their approval falls under the General Shareholders’ Meeting. For the purposes of this paragraph, the following transactions shall be considered as included: I. The purchase and sale of assets, rights or shareholdings by EDPR, included in the business plan approved by the Board of Directors (“the Business Plan”), whenever their [A] (i) book value, or (ii) market value assessed in terms of equity value, or (iii) the transaction price, or (iv) the initial investment value, is over one hundred and fifty million Euros (150,000,000€)2 (at present value), or [B] initial investment value consumes the total amount foreseen Business Plan for these type of transactions, whenever their (i) book value, or (ii) its market value assessed in terms of equity value, or (iii) the transaction price, or (iv) the initial investment value, is over seventy-five million Euros (75,000,000€) (at present value). II. Agreements regarding (i) bank loans and (ii) credit facilities in an amount above two hundred and fifty million Euros (250.000.000€), provided that, as a result of such agreements, EDPR’s overall indebtedness exceeds the amount set forth in the approved annual budget. III. Total or partial opening or closure of establishments, as well as extensions or reductions of its activity, provided that, according to a reasonable estimate of the executive directors, they result in a change in the turnover or in the assets of the Company of over seventy-five million Euros (75,000,000€). IV. Other operations and relevant transactions, and in particular, those excluded from the scope of the Business Plan whenever their (i) book value or (ii) market value
023 Part I Individual Annual Report 2023 Individual Management Report | Annex I assessed in terms of equity value, or (iii) the transaction price, or (iv) the initial investment value is above seventy-five million Euros (75,000,000€)3 (at present value). V. Any operations not directly related to the energy sector which amount is above twenty million Euros (20,000,000€). VI. Setting up or terminating strategic partnerships or any other forms of enduring cooperation, in an amount above twenty million Euros (20,000,000€).4 The approval of the creation or acquisition of shares in special purpose entities or registered in countries or territories considered tax havens, as well as any other transaction or operation of a similar nature that, due to its complexity, may undermine the transparency of the company and its group. The approval of Related Party Transactions, unless: I. Its approval corresponds to the Shareholders’ Meeting; or II. transactions (i) between companies of the same group and that are performed in the ordinary management of the company and under market conditions, or (ii) closed under standardized conditions and wholesale applied to a high number of clients, and at prices or tariffs generally established by the supplier of the good or service, the amount of which does not exceed the 0.5% of the net annual company turnover. which will be approved by the Audit, Control and Related Party Transactions Committee. The determination of the company’s tax strategy. The supervision of the elaboration and submission process of the financial information and the management report, that will include, as the case may be, the required non- financial information and the submission of the recommendations or proposals presented to the Board aimed to protect its integrity. Should be noted that in case of duly justified urgency situations, or when considered convenient in an interim period between meetings of the Board of Directors, the decisions related to the reserved matters referred above may be adopted by the delegated bodies or individuals and will be ratified at the first Board meeting to be held after the adoption of the decision. Notwithstanding the above, from October 2022, a fast-track procedure has been established by the Board of Directors of EDPR for certain matters that require urgent 3 For the purposes of this provision, the amounts of the respective financial guarantees shall be considered in aggregate. approval. This procedure is extensively ruled under the regulations of the Board of Directors. As per the governance model adopted, EDPR has to comply with the regulation established under the Spanish Companies Act, which among others, as mentioned above, stablishes that the approvals of the strategic lines and policies of the company are a reserved matters of the Board of Directors that cannot be delegated, and that shall be necessarily approved at this level. Therefore, in compliance with recommendation V.1 and its personal Law (Spanish one), in case of proposal of a new Business Plan, in EDPR such will be first assessed by the Audit, Control and Related Party Transactions Committee (as per its Governance Model does not have a Supervisory Body), and being the final proposal approved at the Board of Directors level. 10. Significant business relationships between the holders of qualifying holdings and the Company Information on any significant business relationships between the holders of qualifying holdings and the Company is described on topic 90 of this Chapter 5 of the Annual Report. B. Corporate Boards and Committees I. General Shareholders’ Meeting On March 31 st , 2022 the General Shareholders’ Meeting resolved to approve the Regulations of the General Shareholders' Meeting of EDP Renováveis, S.A., which establishes the principles of its organization and operation, and, that contain the rules governing the convening, preparation, information, attendance and development of the General Shareholders’ Meeting, as well as the exercise of the corresponding rights of the shareholders when it is convened and held, all in accordance with the applicable regulations in force. These regulations are available at the website of the Company www.edpr.com. Any amendment to these Regulations shall require the resolution to be adopted by the General Shareholders’ Meeting but not with qualified quorum. 4 5 For the purposes of this provision, partnerships or other forms of cooperation which do not have a strategic and lasting character, namely regarding cases where such partnerships are limited to specific transactions in predominantly commercial and operational matters, or which relate to the Company’s core activities.
024 Part I Individual Annual Report 2023 Individual Management Report | Annex I a) Composition of the Board of the General Meeting 11. Board of the General Shareholders’ Meeting Since 2021, EDPR adopted the general practice followed under the personal law of the Company (Spanish one) that allows the Shareholders’ Meeting to be chaired by the Chairperson of the Board of Directors, and in the absence thereof, to the Vice-Chairperson (in the absence of both of them, it will be assigned to the oldest director). As such, the Chairperson of the Board of Directors - or whoever acting as substitute - together with the remaining Members of the Board, shall constitute the Board of the General Shareholders’ Meeting; and its Secretary will be the Secretary of the Board of Directors. Therefore, as of December 31 th , 2023 the role of Chairperson of the Shareholders’ Meeting corresponds to António Gomes Mota, - who was appointed as member of the Board for a three-year (3) term by the General Shareholders’ Meeting held in April 12 th , 2021, and for the position of Chairperson of the Board of Directors on its meeting subsequently held on the same date—and the role of the Secretary of the General Shareholders’ Meeting corresponds to the Secretary of the Board of Directors, María González Rodríguez, who was appointed for that position on November 2 nd , 2021. Should be also highlighted that accordance with article 180 of the Spanish Companies’ Law, all the Board of Directors’ Members are obliged to attend the General Meetings. The Chairperson of the General Shareholders’ Meeting of EDPR has at his disposal, the necessary human and logistical resources required for the performance of his duties. Therefore, in addition to the resources provided by the Company’s General Secretary, in 2023 the Company hires a specialized entity to give support to the meeting and to collect, process and count the votes submitted by the shareholders on the Ordinary Shareholders’ meetings. b)Exercising the right to vote 12. Voting rights restrictions Each EDPR share entitles its holder to one vote. Neither EDPR’s Articles of Association, nor General Shareholders' Meeting Regulations establish any restriction regarding voting rights. Additionally, the Articles of Association do not include any provisions for double loyalty voting. 13. Voting rights Neither EDPR’s Articles of Association, nor General Shareholders' Meeting Regulations have any reference to a maximum percentage of voting rights that may be exercised by a single shareholder or by shareholders that are in any relationship. All shareholders, regardless the number of shares owned, may attend to the General Shareholders’ Meeting and request the information or explanations that they consider relevant regarding the matters included in the Agenda of the convened meeting, and are entitled as shareholders of the Company, to take part in its deliberations and to participate in its voting process. The logistics for the exercise of the voting rights, including the procedure and requirements for the submission through mail and electronic communication of voting forms, and the cutoff date for the shareholders to be able to exercise such rights, are set forth in the Regulations of the General Shareholders’ Meeting. Any shareholder may be represented at the General Shareholders’ Meeting by a third party by means of a revocable Power of Attorney (even if such representative is not a shareholder). The Board of Directors may require shareholders’ Power of Attorney to be in the Company’s possession at least two (2) days in advance, indicating the name of the representative. These Powers of Attorney shall be granted specifically for each General Shareholders’ Meeting and can be evidenced in writing or by remote means of communication such as email or post. According to the applicable law and the Company’s Articles of Association, the notice of EDPR’s General Shareholders’ Meetings is published in the Official Gazette of the Commercial Registry and on the Company’s website at least thirty (30) days prior to the meeting date. Likewise, the Notice of the General Shareholders’ Meeting is published at the website of Sociedade Gestora de Sistemas de Liquidação e de Sistemas Centralizados de Valores Mobiliários, S.A (“Interbolsa”) and on the website of the Comissão do Mercado de Valores Mobiliários (“CMVM”) – at www.cmvm.pt - and of the Comisión Nacional del Mercado de Valores (“CNMV”) – at www.cnmv.es. Simultaneously with the publication of the meeting Notice, the supporting documentation in relation to the General Shareholders’ Meeting is published on the CMVM website. Likewise, as soon as the notice of the meeting was formally published, the following information and documentation related to the General Shareholders’ Meeting was made available at the Company’s website (www.edpr.com): The notice of the General Shareholders’ Meeting. The total number of shares and voting rights at the date of the Meeting notice.
025 Part I Individual Annual Report 2023 Individual Management Report | Annex I The template of the letter of representation and the template of the ballot to be sent by mail, and also, the links to the electronic platform that the Company provides for the voting on the topics included in the Agenda. The full texts of the proposed resolutions (included when received if such were the case, those proposed by shareholders) and related supporting documentation, that will be submitted to the General Shareholders’ Meeting for approval. The consolidated texts in force (Articles of Association and the other applicable regulations). In 2023, the Company included the English and Portuguese versions of the information and documents related to the Shareholders´ Meetings on its website (www.edpr.com) with the notice of the meetings being the Spanish version of the documents the one that prevailed. Shareholders may vote on the topics included on the Shareholders’ Meeting Agenda, in person (including by means of the corresponding representative) at the meeting, by ordinary mail, or by electronic communication (in this latest case, through a telematic vote platform made available at the Company’s website or sending the related filled and signed templates by email), and in any case providing the documentation indicated in the General Shareholders’ Meeting Regulations. Pursuant to the terms of article 15 of the Articles of Association and Article 24.7 of the General Shareholders’ Meeting Regulations, both electronic and mail-in votes must be received by the Company before midnight (24.00 hours) of the day before the scheduled meeting date of first call. Remote votes can be revoked subsequently by the same means used to cast them, always within the deadlines established for that purpose, or by personal attendance to the General Shareholders’ Meeting of the shareholder who casted the vote to his/her representative. In addition to the above-mentioned means, and pursuant IPGC recommendation III.4, the EDPR General Shareholder’s Meeting held the 4 th April, 2023 offered to the shareholders the possibility of attending the Meeting by telematic means in accordance with article 15.6 of the Bylaws and articles 11.3.e) and 16.5 of the General Shareholders’ Meeting Regulations. 14. Decisions that can only be adopted by a qualified quorum According to EDPR’s Articles of Association and the General Shareholders’ Meeting Regulations, and as established in the law, both ordinary and extraordinary General Shareholders’ Meetings are validly constituted when first called if the shareholders, either present or represented, jointly reach at least twenty-five percent (25%) of the subscribed voting capital. On second call, the General Shareholders’ Meeting will be validly constituted regardless of the amount of the capital present or represented. Notwithstanding the above percentages, to validly approve the issuance of bonds, the increase or reduction of capital, the transformation, global assignment of assets and liabilities, merger or spin-off of the Company, the transfer of the Registered Office abroad, the elimination or limitation of pre-emptive rights of new shares and in general, any necessary amendment to the Articles of Association, in the Ordinary or Extraordinary Shareholders’ Meeting, it is required that on first call, the Shareholders, either present or represented, reach at least fifty percent (50%) of the subscribed voting capital and, on second call, at least twenty-five percent (25%) of the subscribed voting capital. In relation to the quorum required to validly approve these matters, in accordance with the Law, the Articles of Association and the General Shareholders’ Meeting Regulations, when the shareholders attending represent more than fifty percent (50%) of the subscribed voting capital, the above mentioned resolutions will be validly adopted by absolute majority, and in the case the shareholders attending represent between the twenty-five percent (25%) and the fifty percent (50%) – but without reaching it - the favorable vote of the two-thirds (2/3) of the present or represented capital in the General Shareholders’ Meeting will be required to approve these resolutions. EDPR has not established any mechanism that may intend to cause mismatching between the rights to receive dividends or the subscription of new securities and the voting right of each common share and has not adopted mechanisms that hinder the passing of resolutions by shareholders, including fixing a quorum for resolutions greater than that provided by the law.
026 Part I Individual Annual Report 2023 Individual Management Report | Annex I II. Management and supervision a) Composition 15. Corporate Governance model EDPR is a Spanish Company listed in a regulated stock exchange in Portugal. The corporate organization of EDPR is subject to its personal law and to the extent possible, to the recommendations contained in the Corporate Governance Code of the Instituto Português de Corporate Governance (“IPCG”), resulted as of the Protocol signed on October 13 th , 2017, between the Comissão do Mercado de Valores Mobiliários (“CMVM” – Portuguese Securities Market Commission) and the IPCG, which was last reviewed in 2023. This governance code is available at the IPCG website (https://cam.cgov.pt/). As such, the Company intends to comply with both legal systems but always taking into account that its personal law is the Spanish one, and that in case of discrepancy, the aim is to adopt the law that entails more protectionism for its shareholders. The governance structure of EDPR is the one applicable under its personal law, that comprises a General Shareholders’ Meeting and a Board of Directors that represents and manages the Company. Additionally, parallelly seeks to correspond it to the so-called “Anglo-Saxon” model set forth in the Portuguese Commercial Companies Code, in which the management body is a Board of Directors, and the supervision and control duties are of the responsibility of an Audit, Control and Related Party Transactions Committee. The organization and functioning of EDPR corporate governance model aims to achieve the highest standards of corporate governance, business conduct and ethics referenced on the best national and international practices. In line with the governance model above referred, and as detailed along topics 15 - 29 of this Chapter 5 of the Annual Report and contemplated in the law and Articles of Association of the Company, as of December 31 st , 2023, EDPR does not have a Supervisory Board, but its Board of Directors has set up three Delegated Committees entirely composed by Independent Members of the Board of Directors: the Audit, Control and Related-Party Transactions Committee, the Appointments and Remunerations Committee and the Environmental, Social and Corporate Governance Committee. This structure and its functioning, enables a fluent workflow between all levels of the governance model, as: i) each of the Delegated Committees shall report the decisions taken to the Board of Directors (drafting the minutes of each of the meetings and also providing whatever further clarification is required by the Board), and ii) as the committees members are also Members of the Board, all of them will also receive the complete information at Board of Directors level (as convening of the meetings, supporting documents and related minutes) in order to take the corresponding decisions; and all in all, thus ensuring in time and manner the access to all the information to the whole Board of Directors in order to appraise the performance, current situation and perspectives for the further development of the Company. The General Secretary constitutes the focal point in charge of the centralization of the reception and management of all the information and documents to be provided to the different Governing Bodies. This information is prepared by the different departments of EDPR, with the support, when necessary, of external experts, and always managed in a strictly confidential basis. Additionally, the corresponding duties and functioning procedures for the Governing Bodies (including but without limitation, the performance of their functions, their Chairmanship, periodicity of meetings, their functioning and the duties of their Members) have been defined at the Articles of Association, the General Shareholders’ Meeting Regulations, and Board of Directors and Delegated Committees Regulations (which are published at the website of the Company www.edpr.com), with the aim of ensuring the adequacy in terms of time and manner of the elaboration, management and access to the information in order to procced at each level with the corresponding acknowledgements and decisions. In line with the above, the General Secretary sends the notices and supporting documents of the topics to be discussed in each meeting of the Board and of each of its committees, to their proper discussion during the meeting. Besides the above, Secretary to the Board of Directors also provides necessary legal advice to the Governing Bodies. Finally, the minutes of all meetings of the Board of Directors and Delegated Committees are drawn and also circulated by the General Secretary. The governance model of EDPR was designed to ensure the transparent and meticulous separation of duties, management, and the specialization of supervision, through the following governing bodies: General Shareholders’ Meeting Board of Directors Audit, Control and Related Party Transactions Committee Appointments and Remunerations Committee Environmental, Social and Corporate Governance Committee The experience gained operating the Company through this structure indicates that the governance model approved by EDPR shareholders, and adopted in EDPR, is the most appropriate in line with the corporate organization of its activity, especially because it affords transparency and a healthy balance between the management and the supervisory functions.
027 Part I Individual Annual Report 2023 Individual Management Report | Annex I The links of the Company Website that refers to the information of the Governing Bodies and its regulations are indicated in topics 59-65 of this Chapter 5 of the Annual Report. 16. Rules for the nomination and replacement of directors According to Article 29.5 of the Company’s Articles of Association, the Appointments and Remunerations Committee is empowered by the Board of Directors to propose, advise, and inform the Board regarding the appointments (including by co- option), re-elections, removals and remuneration of the Board Members, as well as the composition of the committees of the Board. This committee also advises on the appointment, remuneration and dismissal of top management officers. As also referred in the Company Articles of Association (Article 21) the term of office of the Board Members shall be of three (3) years and may be re-elected once or more times for equal periods. The appointment proposals shall be approved by majority. Following the best Corporate Governance practices, at the meeting of 24 October 2023, there were analysed and reviewed the possible criteria applicable in the selection of the new members of its Governing Bodies. For these purposes the criteria and requirements to be met by future Board Members, depending on their role, have been defined beforehand. The market trends, the Recommendation II.2.1. and the specific needs of EDPR were taken into account by profiling a blueprint of the professional competences of the current Members, in order to ensure the suitability of the roles, the contribution of the new profiles to a better performance, and the aim of ensuring a balanced composition in the bodies of the Company. As a conclusion of this reflection, the Appointments and Remunerations Committee agreed to consider as a reference certain standards and requirements in accordance with the following: Individual attributes: education, competence, integrity, availability, and experience that were particularized into: Core industry, Strategy & Business Development, Financial Acumen, Accounting, Auditing and Control, International Experience, M&A and Capital Markets, Legal, Governance, Environmental and Sustainability, Health and Safety, People Management, IT/Cybersecurity, Digital Transformation, Technology, Procurement, Operations, Communications and Public Affairs, Regulation, amongst others. Diversity: to be considered as a wide criteria, analyzed in accordance with the nature and complexity of the businesses developed, as well as according to the social and environmental context from time to time, and that will include, among others, gender, age and culture or geographical origin. It was expressly stated that this list should not be considered as an exhaustive nor limiting reference, and that in any case, depending on the needs and competences required, other criteria may be taken into account. Based on the above criteria, after the previous advice of the Appointments and Remunerations Committee, the Board of Directors submits the related proposals to the General Shareholders’ Meeting (including for sake of clarity, the curriculum vitae of the candidates, and the justifying report, which shall be publicly disclosed with the other supporting documents of the meeting in the terms referred in topic 13 above). For more information about the composition of the Board of Directors please check the Sustainability Chapter of the Annual Report at its topic GRI 405-1, and the Annex I of this Chapter 5 of the Annual Report, which includes the curricular details of its Members. Additionally, in case of a vacancy, pursuant to the Articles of Association and the Spanish Companies Law, the Board of Directors may co-opt a new Board Member, who will occupy the position until the next General Shareholders’ Meeting, to which a proposal will be submitted for the ratification of such appointment by co-option. Pursuant to the Spanish Companies Law, the co-option of Directors must be approved by absolute majority of the Directors at the Board meeting. Finally, pursuant to Article 23 of the Articles of Association and article 243 of the Spanish Companies Act, shareholders may group their shares until constituting an amount of capital equal or higher than the result of dividing the company’s capital by the number of Members of the Board, to be entitled to appoint a number of Directors equal to the result of the fraction using only whole amounts. Those shareholders making use of this power, cannot intervene in the nomination of the other Members of the Board of Directors. 17. Composition of the Board of Directors Pursuant to Article 20 of the Company’s Articles of Association, the Board of Directors shall consist of no less than five (5) and no more than seventeen (17) Directors. Taking into account the size of EDPR and the complexity of the risks intrinsic to its activity, following the proposal of the Appointments and Remunerations Committee, the Board of Directors EDPR submitted to the Extraordinary Shareholders Meeting held on February 22 nd , 2021, the proposal to adjust the number of Directors of the Company to a total of twelve (12) members. As also referred in the Company Articles of Association (Article 21) the term of office of the Board Members shall be of three (3) years and may be re-elected once or more times for equal periods. On March 13 th , 2023, the Board acknowledged the resignation of Miguel Nuno Simões Nunes Ferreira Setas to his position as Director (with effects April 12 th , 2023). The General Shareholders’ Meeting held on April 4 th resolved the continuation of the existing vacancy on the Board of Directors, leaving the position unfilled. Therefore, as of December 31 st , 2023, the Board of Directors was composed by the following Directors:
028 Part I Individual Annual Report 2023 Individual Management Report | Annex I MEMBER POSITION FIRST APPOINTMENT RE- ELECTION END OF TERM António Gomes Mota Independent Chairperson 12/04/2021 - 12/04/2024 Miguel Stilwell d’Andrade CEO & Executive Vice-Chairperson 19/02/2021 12/04/2021 12/04/2024 Rui Teixeira CFO and Executive Director 29/10/2019 12/04/2021 12/04/2024 Vera Pinto Pereira Director 26/02/2019 12/04/2021 12/04/2024 Ana Paula Marques Director 19/02/2021 12/04/2021 12/04/2024 Manuel Menén- dez Director 04/06/2008 12/04/2021 12/04/2024 Acácio Piloto Director 26/02/2013 12/04/2021 12/04/2024 Allan J. Katz Director 09/04/2015 12/04/2021 12/04/2024 Rosa García Gar- cía Director 12/04/2021 - 12/04/2024 José Manuel Félix Morgado Director 12/04/2021 - 12/04/2024 Kay Mc Call Director 1/06/2022 4/04/2023- 4/04/2026 Likewise, since November 2nd, 2021, the Secretary non-member of the Board of Directors is María González Rodríguez, and the Vice-Secretary of the Board of non-member is Borja Pérez Dapena. 18. Executive, Non-Executive and Independent Members of the Board The independence of the Directors is evaluated according to the Company’s personal law, and annually confirmed by each of the corresponding Directors through the signature of an independence declaration. Likewise, EDPR Board of Directors Regulations, and Article 20.2 of its Articles of Association, defines independent Directors as those who are able to perform their duties without being limited by relations with the Company, its significant Shareholders, or its management officers and comply with the other legal requirements. In order to comply with Recommendation IV.2.5 (cooling-off period) and explain Recommendation IV.2.4. (Independence requirements) of the IPGC, the Company provides an explanation of the considerations used to categorize Independent Directors. As the independence of directors is regulated by law in Spain, the Company is required to adhere strictly to its personal law. While the alignment between Spanish law and the IPGC recommendation is highly similar, it is not fully comprehensive. Therefore, the Company follows the ”comply-or-explain” principle with respect to Recommendation IV.2.4. In this regard, the following is a reproduction of Article 524duodecies 4 of the Spanish Corporate Law, which outlines the criteria for the classification of independent directors. [..] 4. Independent Directors are those who, appointed based on their personal and professional qualities, can perform their duties without being influenced by relationships with the company or its group, significant shareholders, or executives. In no case can those who are in any of the following situations be considered independent Directors: a) Those who have been employees or executive Directors of group companies, unless 3 or 5 years, respectively, have elapsed since the end of that relationship. • b) Those who receive from the company or its group any amount or benefit for a concept other than Director's remuneration, unless it is not significant for the Director. For the purposes of this criteria, dividends or pension supplements received by the Director due to their previous professional or employment relationship will not be considered, provided that such supplements are unconditional and, therefore, the company that pays them cannot suspend, modify, or revoke their accrual without a breach of its obligations. c) Those who are or have been partners of the external auditor or responsible for the audit report during the last 3 years, whether it is the audit of the listed company or any other company in its group. • d) Those who are executive-Directors or senior executives of another company in which any executive Director or senior executive of the company is an external director. e) Those who maintain, or have maintained during the last year, a significant business relationship with the company or any company in its group, either on their own behalf or as a significant shareholder, Director, or senior executive of an entity that maintains or has maintained such a relationship. Business relationships will be considered those of supplier of goods or services, including financial ones, and advisor or consultant. •
029 Part I Individual Annual Report 2023 Individual Management Report | Annex I f) Those who are significant shareholders, executive Directors, or senior executives of an entity that has received donations from the company or its group during the last 3 years. Those who are mere trustees of a foundation that receives donations will not be included in this letter. g) Those who are spouses, persons linked by an analogous affective relationship, or relatives up to the second degree of an executive Director or senior executive of the company. h) Those who have not been proposed, either for their appointment or renewal, by the appointments committee. i) Those who have been Directors for a continuous period of more than 12 years. j) Those who are in any of the situations referred to in letters a), e), f), or g) above with respect to a significant shareholder or representative on the board. In the case of the relationship of kinship referred to in letter g), the limitation will apply not only with respect to the shareholder but also to their dominical Directors in the participating company. Corporate Governance recommendations of the IPCG Code state that the number of non- executive directors should be higher than the number of executive directors, and that at least one third over the total members shall be non-executive members that also comply with the independence criteria. In this sense, and provided that the independence criteria applicable to EDPR Directors are the ones established under its personal law, from a total of eleven (11) positions that composed of EDPR’s Board of Directors as of December 31 st , 2023, nine (9) were non-executive, being six (6) of them also independent. In accordance with the law and Articles of Association, it has been established that Non- Executive Directors can only be represented in the Board meetings by another Non- Executive Director. As such, it has been concluded that the composition of the Board and its Delegated Committees is suitable for the size of the company and the complexity of the risks intrinsic to its activity mainly considering that enables a separation of duties, management and specialization of supervision at the same time that the non-executive and independent directors take part in all the decisions also at the Board of Directors level. Should be noted to this extent that the Board of Directors is composed by a majority of non-executive members, with a high percentage of independents. and that the Audit, Control and Related Party Transactions Committee, the Appointments and Remunerations Committee and the Environmental, Social and Corporate Governance Committee are entirely composed by non- executive and independent Members. Likewise, the executive line of the Board is centralized in two directors, who are supported in the daily activity of the Company by the Members of a Management Team. Spanish law, Regulations of the Board of Directors and Company Articles of Association regulate the criteria for the incompatibilities with the position of Director. Specifically, Article 23 of the Articles of Association, establish that the following can not be Directors: Those who are directors of or are associated with any competitor of EDPR or have family relations with them. In this respect a Company shall be considered as a competitor of EDPR, whenever it is engaged, if it is directly or indirectly involved in the production, storage, transport, distribution, marketing or supply of electricity or fuel gas. or also if has interests opposed to those of EDPR, or to the ones of any competitor or any of the companies in its group, and the Board Members, employees, lawyers, consultants, or representatives of any of them. Under no circumstances shall companies belonging to the same group as EDPR, including abroad, be considered competitors. Those who are in any other situation of incompatibility or prohibition under the law or EDPR’s Articles of Association. Under Spanish law, among others, are not allowed to be Directors those who are underage – under eighteen (18) years - and were not emancipated-, disqualified, competitors, convicted of certain offences, or that hold certain management positions. The prevention and avoidance of the conflict of interest in the performance of the duties of the Directors of EDPR is regulated in line with the terms contained in article 229 of the Spanish Companies Law and implemented in article 28.3 of the Board of Directors Regulations, which is also applicable to the committees under article 12 of their respective regulations. This article states that in case any direct or indirect conflict of interest arose, it shall be communicated to the Board of Directors, being the Director involved obliged to abstain from intervening in the corresponding operation. Additionally, all the Board Members (and hence those of its Delegated Committees, as they are entirely composed by Members of the Board) shall annually sign an statement declaring their compliance with the terms of the requirements stated under article 229 of the Spanish Companies Law, and their commitment to notify any variation in the information declared under the statement as soon as it may occur, in order to fully comply with the loyalty duty and avoid any interference or irregularity in any decision-making process.
030 Part I Individual Annual Report 2023 Individual Management Report | Annex I The following table includes the executive, non-executive, and independent members of the Board of Directors as of December 31 st , 2023: BOARD MEMBER POSITION António Gomes Mota Chairperson (non-Executive & independent) Miguel Stilwell d’Andrade CEO and Executive Vice-Chairperson Rui Teixeira CFO and Executive Director Vera Pinto Pereira Non-Executive Director Ana Paula Marques Non-Executive Director Manuel Menéndez Non-Executive Director Acácio Piloto Non-Executive and independent Director Allan J. Katz Non-Executive and independent Director Rosa García García Non-Executive and independent Director José Morgado Non-Executive and independent Director Kay Mc Call Non-Executive and independent Director 19. Professional qualifications and biographies of the Members of the Board of Directors The skills and main positions held by the Members of the Board of Directors, as well as those that they currently hold in Group and non-Group companies and other relevant curricular information details are available in the Annex I of this Chapter 5 of the Annual Report. 20. Family, professional and business relationships of the Members of the Board of Directors with qualifying shareholders Qualifying Shareholders in EDPR are subject to the Spanish Law, which regulates the criteria and thresholds of the shareholders’ holdings. As of December 31 st , 2023, and as far as the Company was informed, there are no family or business relationships of Members of the Board of Directors with qualifying shareholders but only professional relationships due to the fact that some of the Members of EDPR’s Board of Directors are currently Members of the Board of Directors in other companies belonging to the same group as EDP Renováveis S.A., which are the following: Miguel Stilwell d’ Andrade, Rui Teixeira, Vera Pinto Pereira, Ana Paula Marques and Manuel Menéndez. 21. Corporate bodies and management structure As exposed in topic 15 above, the governance model of EDPR was designed to ensure the transparent and meticulous separation of duties and the specialization of supervision through the following governing bodies and management structure:
031 Part I Individual Annual Report 2023 Individual Management Report | Annex I General Shareholders’ Meeting: which is the body in which the shareholders participate. Represents the Company with the full authority corresponding to its legal personality and has the power to deliberate, vote and adopt decisions, particularly on matters that the law and Articles of Association reserve for its decision and that must be submitted for its approval. Board of Directors: that represents and administrates the Company under the broadest powers of management, supervision and governance with no limitations other than the responsibilities expressly and exclusively granted to the jurisdiction of the General Shareholders’ Meeting in the Company’s Articles of Association, in the General Shareholders’ Regulations or in the applicable law. Executive Directors: EDPR has two Executive Directors who are also Joint Directors, Miguel Stilwell de Andrade (CEO) and Rui Teixeira (CFO), to whom the Board agreed to delegate all the competences that can be delegated as per established under the Company Bylaws and the applicable law. Delegated Committees: as regulated by the applicable Law and pursuant to the best corporate governance recommendations, EDPR has set up three additional specialized internal committees: The Audit, Control and Related Party Transactions Committee, whose main duties are the supervision of the financial information and internal control, risk management and Compliance systems. It also assumes the functions related to the analysis and, when applicable, the approval of the Related Party Transactions of the Company. The Appointments and Remunerations Committee, whose main duties are the assistance and report to the Board of Directors in the appointments, re-elections, dismissals, evaluation, and remunerations of Directors and Management Team Members. The Environmental, Social and Corporate Governance Committee, whose main duties are the assistance and report to the Board of Directors in the alignment with the market trends and the company needs regarding Environmental, Social and Corporate Governance matters, with the aim of also providing the investors with more transparent and exhaustive information regarding matters related to Corporate Governance and Sustain ability. Management Team: On January 2021 the Board of Directors agreed to create this body in order to assume the conduction and supervision of the daily activity and performance of the Company. Considering the growing tendence of EDPR and its presence in new geographies, it has been concluded that in order to ensure the required support to the needs to be covered both in business and technical terms, the appropriate composition of the Management Team will be the CEO and CFO, the representatives of EDPR’s Platforms (Europe, LaTam, APAC and North America), and a member in charge of the coordination of the technical functions and Offshore business. Therefore, as of 31 st , December 2023 the composition of the Management Team of EDPR was as follows: Miguel Stilwell d’Andrade (CEO) Rui Teixeira (CFO) Duarte Bello (COO Europe&LaTam) Pedro Vasconcelos (COO APAC) Sandhya Ganapathy (COO NA) Bautista Rodríguez (CTO & Business Offshore) b) Functioning 22. Board of Directors regulations EDPR’s Board of Directors Regulations were last amended on December 12 th , 2022, and are available at Company’s website (www.edpr.com), and at Company’s headquarters at Plaza del Fresno, 2, Oviedo, Spain. 23. Number of meetings held by the Board of Directors and attendance report According to the Law and its Articles of Association, EDPR’s Board of Directors meetings take place at least once every quarter. During the year ended on December 31 st , 2023, the Board of Directors held eleven (11) meetings. The notices and supporting documents of the topics to be discussed in each meeting are sent to the Board Members in advance to their proper discussion during the meeting. Additionally, the minutes of all meetings are drawn and also circulated.
032 Part I Individual Annual Report 2023 Individual Management Report | Annex I The following table expresses the attendance percentage of the participation of the Directors to the meetings held during 2023: BOARD MEMBER POSITION ATTENDANCE* António Gomes Mota Chairperson (non-Executive and inde- pendent) 100% Miguel Stilwell d’An- drade CEO and Executive Vice-Chairperson 100% Rui Teixeira CFO and Executive Director 100% Vera Pinto Pereira Non-Executive Director 91% Ana Paula Marques Non-Executive Director 100% Miguel Setas Non-Executive Director 100%* Manuel Menéndez Non-Executive Director 100% Acácio Piloto Non-Executive Director and independent Director 100% Allan J. Katz Non-Executive Director and independent Director 100%** Rosa García García Non-Executive Director and independent Director 100%** José Félix Morgado Non-Executive Director and independent Director 100% Kay Mc Call Non-Executive Director and independent Director 100%** *The percentage reflects the meetings attended by the Members of the Board during 2023, provided that Miguel Setas resigned on March3rd, 2023 (with effects April 12st, 2023), thus the percentage shown in the table reflects the attendance calculated over the meetings celebrated until such date. ** Miguel Setas was not able to attend to the Board of Directors meeting held on February 27th ,2023 but in line with the Company bylaws and the applicable law, he delegated his representation and vote into other non-executive member of the Board (António Gomes Mota). **Allan J. Katz was not able to attend to the Board of Directors meetings held on March 2nd and April 4th, 2023, but in line with the Company bylaws and the applicable law, he delegated his representation and vote into other non-executive member of the Board (Acácio Piloto and António Gomes Mota, respectively). **Rosa García and Kay Mc Call were not able to attend to the Board of Directors meeting held on March 2nd, 2023, but in line with the Company bylaws and the applicable law, they delegated their representation and votes into other non-executive member of the Board (António Gomes Mota). Likewise, on January 23 rd , 2023, it was held a meeting of non- executive Directors in order to analyze and assess the organization, composition and functioning of the Board of Directors and its Committees. With the aim of improving the quality of corporate governance, focusing on supervision and decision-making, two Offsite meetings were held, one in Madrid and another in São Paulo in 2023. The meetings were held in a different environment from the usual one, encouraging dialogue and creating a dynamic of interaction and cohesion among Board Members and with the Management Team Members, with the aim of improving the climate for future debates. Both meetings focused on the medium-term business model, with particular involvement of the teams from the geographical areas where the meetings were held. The Company has reported that it did not use artificial intelligence as a decision-making tool for social bodies in 2023, in accordance with IPCG Recommendation VII.9. The Companys approach is to be cautious about the potential risk associated with the implementation of automated decision-making systems. However, EDPR recognizes the importance of efficient management of Board meetings and, to this end, has adopted initiatives to support the Board of Directors. These tools are not directly related to automated artificial intelligence, but rather to facilitate meeting management, decision support in a data-driven culture and enhance operational efficiency. The Company remains committed to closely monitoring the evolution of the artificial intelligence market and emerging trends in the use of AI in decision-making. EDPR is committed to maintaining a proactive stance by closely monitoring technological innovations and developments in the field. This is achieved through a multi-disciplinary team of technology, business, ethics, legal and compliance experts. 24. Competent body for the performance appraisal of Executive Directors The key performance indicators for the appraisal of the Executive Directors are set in advance and approved by the General Shareholder’s Meeting. Once the corresponding fiscal year is completed, the Appointments and Remunerations Committee performs the first assessment about the compliance with such key performance indicators, and submits its recommendation to the Board of Directors, which evaluates the proposal of this committee and makes the final decision. Should be noted that according to the personal law of EDPR, the definitive assessment of this performance is a non-delegable competence of the Board of Directors.
033 Part I Individual Annual Report 2023 Individual Management Report | Annex I 25. Performance evaluation criteria applicable to Executive Directors The criteria for assessing the Executive Directors’ performance are described on topics 70, 71 and 72 of this Chapter 5 of the Annual Report. 26. Availability of the Members of the Board of Directors The availability of the Members of the Board of Directors is one of the individual attributes considered by EDPR in the selection processes, and a reference that is clearly being more observed and acquiring material relevance in the Market. As such, and with the aim of complying with the best governance practices, the Board of Directors resolved at its meeting held in October 25 th , 2022 to rule under its Regulations the performance of EDPR Executive Directors when they have executive functions in entities outside the Group; in accordance to which it has been stablished hat: i) the Executive Members of the Board of Directors may not exercise executive functions in more than two companies outside EDP Group.; and ii) the exercise of that functions will be subject to prior assessment of the Appointments and Remunerations Committee and of the approval by the Board of Directors. The Members of Board of Directors of EDPR are fully available for the performance of their duties having no constraints for the execution of this function simultaneously with other positions. The positions held at the same time in other companies within and outside the Group, and other relevant activities undertaken by Members of the Board of Directors throughout the financial year are listed in the Annex I of this Chapter 5 of the Annual Report. c) Committees within the Board of Directors or Supervisory Board and Board Delegates 27. Board of Directors’ Committees As previously exposed, in line with Spanish Law and as specifically foreseen in Article 10 of the Company’s Articles of Association, the Board of Directors is entitled to create delegated bodies. The Board of Directors of EDPR has set up three committees: Audit, Control and Related-Party Transactions Committee Appointments and Remunerations Committee Environmental, Social and Corporate Governance Committee The three Committees are composed exclusively by non-executive and independent Members. 28. Details of the Executive Delegates of the Board On January 19 th , 2021, the Board of Directors agreed to appoint Miguel Stilwell d’Andrade and Rui Teixeira as Joint Executive Directors, delegating in them all the competences that can be delegated as per established under the Company Bylaws and the applicable law. On April 12 th , 2022, the Board agreed to re-elect both of them as Joint Executive Directors, as well as to again delegate in them all the competences that can be delegated as per established under the Company Bylaws and the applicable law. The reserved matters of the Board of Directors are identified in topic 9 of this Chapter 5 of the Annual Report and article 9 of the Board of Directors Regulations. 29. Committees’ competences Audit, Control and Related Party Transactions Committee Composition Pursuant to Article 28 of the Company’s Articles of Association and Article 9 of its Regulations, the Audit, Control and Related Party Transactions Committee consists of no less than three (3) and no more than five (5) members. Following the proposal submitted by the Appointments and Remunerations Committee, its Chairperson, Acácio Piloto, was first elected for this position on June 27 th , 2018, and re-elected on April 12 th , 2021. The Audit, Control and Related Party Transactions Committee consists of three (3) non-executive and independent Members, who as of December 31 st 2023, are the following: Acácio Piloto, who is the Chairperson. Rosa García García José Manuel Félix Morgado Additionally, María González Rodríguez is the Secretary of the Audit, Control and Related Party Transactions Committee since November 2 nd , 2021.
034 Part I Individual Annual Report 2023 Individual Management Report | Annex I The committee Members shall maintain their positions for as long as they are Company Directors. Nevertheless, the Board may decide to discharge members of the committee at any time, and also the members may resign of these positions but still maintaining their seat as Members of the Board of Directors. Competences Notwithstanding the other duties that the Board may assign to this committee, it shall perform supervisory functions of Audit and Control independently from the Board of Directors, as well as, by delegation of the Board of Directors, the supervisory functions of the transactions between Related Parties, as follows: a) Audit and Control functions: Reporting through the Chairperson on questions falling under its jurisdiction to the General Shareholders’ Meetings. Proposing the appointment of the Company’s auditors to the Board of Directors for subsequent approval by the General Shareholders’ Meeting, as well as the contractual conditions, scope of the work – specially concerning audit services, “audit related” and “non-audit” – annual activity evaluation and revocation or renovation of the auditor appointments. Supervising the finance reporting and the functioning of the internal risk management and control systems, evaluating those systems and proposing the adequate adjustments according to the Company necessities, as well as supervising the suitability of the preparation process and the disclosure of financial information by the Board of Directors, including suitable accounting policies, estimates, judgments, relevant disclosure and its consistent application between financial years in a duly documented and communicated form. Supervising internal audits, in particular: i) approving and supervising in coordination with the CEO, the Annual Internal Audit Plan. ii) approving and reviewing the Internal Audit Rule. and iii) supervising in coordination with the CEO and Management Team the implementation of the recommendations issued by Internal Audit. Establishing a permanent contact with the External Auditors to assure the conditions, including independence, that may be adequate for provision of services performed by them, acting as the Company speaker for the subjects related to the auditing process, and receiving and maintaining information on any other questions regarding accounting subjects. Preparing an annual report on its activities, including eventual constraints, and expressing an opinion on the Management Report, the accounts and the proposals presented by the Board of Directors. Receiving notices of financial and accounting irregularities presented by the Company’s employees, shareholders, or entities that have a direct interest and judicially protected, related with the Company’s social activity. Engaging the services of experts to collaborate with committee Members in the performance of their functions (when engaging the services of such experts and determining their remuneration, it must be taken into account the importance of the matters entrusted to them and the economic situation of the Company). Drafting reports at the request of the Board and its Committees. Approving and supervising, in coordination with the Management Team, the Annual Activity Plan of the Corporate Compliance Department. Appreciating and monitoring the recommendations on measures to be taken in situations of significant non-compliance. Supervising compliance with regulations and alignment of business processes with the requirements of the Compliance Management System in order to achieve a sustainable compliance culture throughout the Company. b) Related Party Transactions functions: By delegation of the Board of Directors: I. Analyzing and, where appropriate, approving the (i) (a) intragroup transactions or (b) transactions performed between EDPR Group and EDP Group when their amount is below 10% of the total assets at the last annual balance sheet approved by the company, as long as they are in the ordinary management of the company and under market conditions. (ii) transactions executed under contracts with standardized terms that are wholesale applied to a high number of clients under prices or tariffs generally established by the supplier of the goods or services, and which amount does not exceed the 0,5% of the net annual company turnover. and periodically informing the Board of Directors about the transactions approved by this Committee in the exercise of the above referred delegation, stating the fairness and transparency of such transactions, and as the case may be, the compliance with the applicable legal criteria. II. Analyzing and informing about any modification of the Framework Agreement signed by EDP and EDP Renováveis on 7 May 2008.
035 Part I Individual Annual Report 2023 Individual Management Report | Annex I III. Submitting reports to the Board of Directors of the Company regarding the Related Party Transactions – that shall be approved by the Board of Directors of EDPR SA or by its Shareholder’s Meeting in accordance with the law – and that shall include: (i) the information regarding the nature of the operation and the relation with the Related Party, (ii) the identity of the Related Party, the date and value or amount of the compensation of the transaction, and any other information necessary to appraise if the operation is fair and reasonable for the company and for the non- Related Party shareholders. IV. Asking EDP for access to the information needed to perform its duties. Functioning In addition to the Articles of Association and the law, this committee is governed by its regulations (that were last amended on February 15 th 2022), which are available at the Company’s website (www.edpr.com). The committee shall meet at least once a quarter and additionally whenever its Chairperson deems it appropriate. The notices and supporting documents of the topics to be discussed in each meeting of this committee are sent to its Members in advance to their proper discussion during the meeting. Additionally, this committee shall draft minutes of every meeting held and inform the Board of Directors of its decisions at the first Board held after each committee meeting. Decisions shall be adopted by majority and the Chairperson shall have the casting vote in the event of a tie. 2023 Activity In 2023 the Audit, Control and Related Party Transactions committee’s activities included the following: a) Audit and Control Activities: Monitor the closure of quarterly accounts, first half-year and year-end accounts. Information about the proposals of application of results for the fiscal year ended on December 31 st 2022, and the distribution of dividends. Information about the independence of the External Auditor. Assessment of the external auditor’s work, especially concerning the scope of work in 2023, approval of all “audit related” and “non- audit” services and analysis of external auditor’s remuneration. Assessment on the policies and remunerations systems of the Company. Supervision of the quality and integrity in the preparation and disclosure of the financial information in accordance with the applicable accounting policies, estimates and judgments. Issuance of an opinion about the individual and consolidated reports (including the Corporate Governance report) and accounts, in a quarterly, half year and yearly basis. Monitorization of Internal Audit Activity, including the supervision of the execution of the Audit Plan for 2023, its Budget and headcount and pre-approval of the draft prepared for the 2024 Internal Audit Plan. Monitorization of the recommendations issued by Internal Audit. Follow-up and supervision of the quality, integrity and efficiency of the treasury management (finance and debt), the Internal Control System, Compliance (including the supervision of the execution of the Activity Plan for 2023 for EDPR and OW and approval of the draft prepared for the 2024 Activity Plan) and Risk Management. Monitorization and evaluation of the risk management performed during 2023, issuing a report including the assessment about Internal Control System and Risk Management. Information about claims received regarding financial irregularities. Information about the contingencies affecting to the Group. Issuance of the report of its activities performed during 2022. Issuance of a self-assessment about its performance and an appraisal of the Internal Audit functions regarding fiscal year 2022. Consideration and review of the Enterprise Risk Management Framework (ERM), taking into account the new reference limits and changes to the taxonomy. Recommendation to the Board of Directors for approval. Following the best Corporate Governance practice, the Committee held a specific and complementary meeting with the External Auditors twice a year to discuss any remark in the process of the elaboration of the Company half year and year end accounts. Propose minor amendments to the Regulation of the Provision of Services by the External Auditor of EDPR (both audit and non-audit), under which, they are regulated, among others, the provision of their services, and the relationship with the External Auditor, to include the amendment to Article 40 of the Law on Auditing, which would allow the extension of the term of the external auditor’s appointment (i) for an additional 10 years
036 Part I Individual Annual Report 2023 Individual Management Report | Annex I if the appointment is made on a competitive basis, or (ii) for an additional 14 years if another audit firm is appointed for the additional period. Subsequent to Recommendation V.1 (formerly III.6) a dedicated session took place on March 1 st to discuss the monitoring and risk assessment of the 2023-2026 Business Plan before its submission to the Board of Directors. From 11 to 13 September, attended an off-site together with other Audit Committees of the Group's companies. The purpose of the meeting was to discuss best practices for in- ternal audit, risk, compliance, accounting and tax functions, as well as to analyze key challenges regarding these committees' responsibilities. The event paid particular at- tention to sustainability information and reporting and new legislation in this area. Subsequently, on 4 December, the Committee attended another monographic session on sustainability in Lisbon. On the 14th and 15th of November, a meeting was held in Singapore to establish the focus and upcoming milestones for the 2024 audit of the APAC region. The meeting included site visits and interviews with managers and employees in the region. The primary ob- jective of these activities was to obtain firsthand information to formulate strategies and action plans. b) Related Party Transactions Activities: Among the most relevant activities in relation with Related Party Transactions during 2023, the following ones can be highlighted: On April 12th, 2023, the Audit, Control and Related Party Transactions Committee reviewed, and recommended for approval the Financing Framework Agreement between EDP Renováveis, SA (EDPR) and EDP Energias de Portugal, SA (EDP). This recommendation was motivated by EDPs ability to obtain financial agreements on more favorable terms and to provide necessary financing to Group companies. This allows EDPR and its subsidiaries to benefit from EDPs credit ratings and extensive access to international credit and capital markets. As a result, EDP offers various forms of financing and hedging arrangements, such as loans, guarantees, swaps, and cash management services, to support the development and fulfillment the Company’s and its subsidiaries activities. Furthermore, during the first half of 2023 the following contacts were analyzed: (i) an Energy Transfer Master Agreement (ii) an Environmental Attributes Transfer Master Agreement, and (iii) a Market Access Master Agreement, between EDP Renováveis SA and its subsidiaries and EDP GEM Portugal, SA. Following due analysis, in July 2023 the Audit, Control and Related Party Transactions Committee recommended their approval to the Board of Directors. Section E – I, topic 90 of Chapter 5 this Annual Report includes a description of the fundamental aspects of the agreements and contracts between related parties. The Audit, Control and Related Party Transactions Committee found no constraints during its control and supervision activities. The information regarding the meetings celebrated by this Committee and the attendance of its related members during the year 2023 is described at topic 35. Appointments and Remunerations Committee Composition Pursuant to Article 29 of the Company’s Articles of Association and Article 9 the Appointments and Remunerations Committee Regulations, this committee shall consist of no less than three (3) and no more than six (6) Members. At least one of its Members must be independent and shall be its Chairperson. In accordance with its personal law (Spanish law), with recommendation V.3.3. of the Corporate Governance Code of IPCG, and to the extent possible with recommendation V.2.1. of the Corporate Governance Code of IPCG (as considering that in Spain this committee shall be created by the Board and being entirely comprised by Members of its Board of Directors), the Appointments and Remunerations Committee of EDPR is entirely integrated by Non-Executive and Independent Directors. The Appointments and Remunerations Committee consists of three (3) non-executive an independent, as of December 31 st 2023, are the following: António Gomes Mota, who is the Chairperson. Rosa García García José Félix Morgado Additionally, María González Rodríguez is the Secretary of the Appointments and Remunerations Committee since November 2 nd , 2021.
037 Part I Individual Annual Report 2023 Individual Management Report | Annex I None of the committee Members are spouses or up to third degree relatives in direct line of the other members of the Board of Directors. The committee Members shall maintain their positions for as long as they are Company Directors. Nonetheless, the Board may decide to discharge members of the committee at any time and the members may resign said positions while remaining Company Directors. Competences The Appointments and Remunerations Committee is a permanent body belonging to the Board of Directors with an informative and consultative nature and its recommendations and reports are not binding. The Appointments and Remunerations Committee has no executive functions. The main functions of this committee are to assist and report to the Board of Directors about appointments (including by co-option), re- elections, removals and remuneration of Directors and Members of the Management Team. It also informs the Board of Directors on general remuneration and incentives for Board Members and executive staff. These functions include the following: Defining the standards and principles governing the composition of the Board of Directors and the selection and appointment of its Members. Proposing the appointment and re-election of Directors (including nominations by co- option) for the submission to the General Shareholders’ Meeting by the Board of Directors. Proposing to the Board of Directors the candidates for the different Committees. Proposing to the Board, within the limits established in the Articles of Association, the remuneration system, distribution method, and amounts payable to the Directors. Making proposals to the Board of Directors on the conditions of the contracts signed with Directors. Informing and making proposals to the Board of Directors regarding the appointment and/or removal of executives and the conditions of their contracts and generally defining the hiring and remuneration policies of executive staff. Reviewing and reporting on incentive plans, pension plans, and compensation packages. Any other functions assigned in the Articles of Association or by the Board of Directors. In accordance with the personal law of EDPR, all the Board Members shall attend to the General Shareholder’s Meeting, and as exposed in topic 15 of this Chapter 5 of the Annual Report, all the Delegated Committees are composed Directors. As such, the Chairperson of the Appointments and Remunerations Committee shall attend the Shareholder’s Meetings, and in case its agenda includes any topic related to remuneration of the company’s governing bodies, this Director will be most adequate to answer. In 2023 it was held one Shareholders’ Meeting on April 4 th , and the Chairperson of the Committee, Antonio Gomes Mota, attended. Functioning In addition to the Articles of Association, the Appointments and Remunerations Committee is governed by its Regulations (that were last amended on October 25 th , 2022), which are available at the Company’s website (www.edpr.com). The notices and supporting documents of the topics to be discussed in each meeting of this committee are sent to its Members in advance to their proper discussion during the meeting. Additionally, this committee shall draft minutes of every meeting held and inform the Board of Directors of its decisions at the first Board held after each committee meeting. Decisions shall be adopted by majority and the Chairperson shall have the casting vote in the event of a tie. 2023 Activity In 2023 the Appointments and Remunerations Committee held four (4) meetings, and the main activities performed were: Issued its opinion regarding the performance evaluation for year 2022 of the Board of Directors, the CEO, the CFO and the Management Team Members, as well as of the Delegated Committees. Reviewed and approved the remuneration policy to be applied to the Members of the Management Team. Reviewed and approved the Remuneration Policy that will apply to the Board of Directors and its delegated Committees in 2023-2025, submitted by the Board of Directors to the General Shareholders’ Meeting. Reviewed and approved the Corporate Governance Report related to 2022, submitted by the Board of Directors to the General Shareholders’ Meeting.
038 Part I Individual Annual Report 2023 Individual Management Report | Annex I Reviewed and approved the Remunerations Report related to 2022, submitted by the Board of Directors to the General Shareholders’ Meeting. Acknowledged the resignation to the position as Board Member presented by Miguel Setas (with effects April 12 th , 2023) and analyzed the criteria drivers for the recruitment process to be launched. Drafted the report of its activities performed during the year 2023. Reviewed and approved the Development Program proposed for the Non-Executive Directors (including General Training Programs regarding Corporate Governance Matters and Board effectiveness. specific trainings regarding Committee’s competences, and in-house programs to be defined). Discussed and acknowledged the feedback received by the CEAM regarding the Corporate Governance report issued for 2022 and agreed with the action plan proposed. Adapted "ex-ante and abstract" selection criteria for Board Members to ensure that they are suitable to their roles, contribute to better performance and the maintenance of a good balance composition. In order to achieve this objective, a new "competency map" has been proposed, following recommendation II.2.1 of the IPGC. Environmental, Social and Corporate Governance Committee. It was on October 25th, 2022, when the Board of Director agreed, in accordance with the proposal submitted the Appointments and Remunerations Committee, to incorporate in EDPR an Environmental, Social and Corporate Governance Committee, and also specifically approving its competences, composition, remuneration of its members and the regulations applicable to the Committee. Composition Pursuant to Article 9 the Environmental, Social, and Corporate Governance Committee Regulations, this committee shall consist of no less than three (3) and no more than six (6) members, and the majority of them shall be independent. The Chairperson of the Environmental, Social, and Governance Committee shall be appointed by the Board of Directors amongst the Committee’s members and must necessarily be an independent director. The Environmental, Social, and Corporate Governance Committee consists of five (5) non- executive an independent, that as of December 31 st 2023, are the following: Antonio Gomes Mota, who is the Chairperson. Allan J. Katz Cynthia Kay Mc Call Rosa María García García José Manuel Félix Morgado Additionally, María González Rodríguez is the Secretary of the Environmental, Social, and Corporate Governance Committee since its incorporation, on October 25th, 2022. The committee members shall maintain their positions for as long as they are Company Directors. Nonetheless, the Board may decide to discharge members of the committee at any time and the members may resign said positions while remaining Company Directors. Competences The Environmental, Social, and Governance Committee is a specialized and delegated committee of a merely informative and consultative nature whose recommendations are not binding and that performs no executive functions. This Committee assists and reports to the Board of Directors in the alignment with the market trends and the company needs regarding Environmental, Social, and Governance matters, with the aim of also providing the investors with more transparent and exhaustive information regarding matters related to Corporate Governance and Sustainability. These functions include the following: Oversee the Company's key environmental, social and corporate governance key performance indicators included in the Business Plan and monitor their achievement. Propose to the Board of Directors EDPR’s sustainability and environmental, social, and corporate governance policies and their update. Promote, steer, and oversee the Company’s objectives, action plans and practices in health, safety and occupational risk prevention. Review and present to the Board of Directors the Annual Report (EINF). The Committee shall also monitor the Company's relationship and reporting to investors, indexes and rating agencies on sustainability issues. Monitor and conduct a regular review of the main environmental, social, and corporate governance trends and regulatory developments relevant to the Company’s activity. Analyse the integration of environmental, social, and corporate governance risks and opportunities into the Company´s procedures and its Risk Management System.
039 Part I Individual Annual Report 2023 Individual Management Report | Annex I Update and inform the Board of Directors on the stakeholder relations and dialogue model, in order to understand the needs and expectations of all EDPR's stakeholders (employees, clients, suppliers, subcontractors, and others). Oversee and assess the Company’s corporate image and its reputation with the various stakeholders, namely in terms of the market in general and consumers, investors and supervisory authorities, public and published opinion, monitoring the activity of the Company’s competent services, taking into consideration the implemented strategies, policies, process and procedures implemented, privileging the spirit of service to the Community. Oversee and assess the suitability of the corporate governance model implemented by the Company and their compliance with internationally accepted models of corporate governance, forwarding any appropriate recommendations in this area to the Board of Directors. Supervise compliance with, and the correct application of, the corporate governance principles and standards in force, promoting and requesting the exchange of information necessary for this purpose. Any other functions assigned to it in the Articles of Association or by the Board of Directors. Functioning In addition to the Articles of Association, the Environmental, Social and Corporate Governance Committee is governed by its Regulations (approved on October 25th, 2022), which are available at the Company’s website (www.edpr.com). The committee shall meet whenever its Chairperson deems it appropriate. The notices and supporting documents of the topics to be discussed in each meeting of this committee shall be sent to its members in advance to their proper discussion during the meeting. Additionally, this committee shall draft minutes of every meeting held and inform the Board of Directors of its decisions at the first Board held after each committee meeting. Decisions shall be adopted by majority and the Chairperson shall have the casting vote in the event of a tie. 2023 Activity In 2023, the Environmental, Social and Governance Committee met four (4) meetings, and the main activities performed were: Review the strategy for the Net Zero ESG target for 2023-2025. Review of non-financial information reporting for the 2022 financial year. Analysis of the scores achieved in the Dow Jones Sustainability Benchmark Index and areas for improvement. Review the status of the 2021 recommendations included in the 2022 CEAM IAGC and confirm the content of the 2022 IAGC. Review the EDPR governance structure and model. Propose a Security Policy to the Board of Directors. Review the key challenges and initiatives contained in the 2023 Human Resources Plan. Analysis of the distribution and direction of the vote at the 2023 Annual General Shareholders’ Meeting. Analysis of the 2023 IPCG Code of Good Governance. Analysis of the social engagement of the EDPR in the region of La Guajira in Colombia, as well as with other local communities. a) 2023 Sustainability Overview The principles and values that guide EDPR's actions for environmental and social objectives are defined in the public commitments made, in the policies and procedures adopted, and more broadly in EDPR’s Code of Ethics. Under its Environmental Policy, EDPR is committed to environmental protection, mitigating its impacts, managing risks, stimulating R&D + Innovation, and promoting continuous improvement of processes, practices, and performance through a collaborative approach with stakeholders. The management of social aspects is based globally on several corporate policies, the management of which is distributed across various organizational units within EDPR. For details, see EDPR’s health & safety, human and labour rights, local communities, ethics & compliance and stakeholders webpages, and the table of Non-Financial Information Statement (Spanish Law 11/2018) for details on monitoring the implementation of Environmental and Social Policies and where the various points/subpoints of the report are addressed, developing the progress of targets associated with objectives.(This disclosure is in line with Recommendation I.2. of the IPGC).
040 Part I Individual Annual Report 2023 Individual Management Report | Annex I To address environmental, social, and sustainability risks, the Company implements a procedure for gathering and analyzing data pertaining to these areas: Throughout the year 2023, the EDP Group began the process of preparing the company for sustainability reporting under the Corporate Sustainability Reporting Directive (CSRD). Considering the new requirements, it made sense to initiate the implementation of an Internal Control System for Sustainability Reporting (SCIRS). Although not currently mandatory, it made sense to promote interdisciplinary involvement of various organizational units to have a formalized control system that allows for the prevention of future risks and the immediate detection of gaps. Sustainability governance has been in place for several years. The Sustainability Committee was established in 2013 at Executive Committee level. In 2022, the ESG Committee was created as a specialized and delegated committee of the Board of Directors, which assists and reports to the Board of Directors in the alignment with the market trends and the company needs regarding ESG matters, with the aim of also providing the investors with more transparent and exhaustive information regarding matters related to Corporate Governance and the Environmental and Social pillars. For details, see EDPR’s webpage. (This disclosure is in line with Recommendation VII.7 of the IPGC) EDPR is a clear example of how fighting against climate change creates business opportunities. The Company’s core business, to deliver clean energy by developing, building and operating top quality wind farms and solar plants, inherently implies the reduction of greenhouse gas emissions, contributing to the world’s fights against climate change and its impacts. Accordingly, EDPR reports the risks and opportunities for the company derived from climate change and the alignment with TCFD recommendations in the Natural Capital and Climate Change chapters of the Annual Report where the integration of climate change into EDPR’s decision-making processes is detailed. (This disclosure is in line with Recommendation VII.8 of the IPGC) III. Supervision a) Supervision 30. Supervisory Board - model adopted EDPR’s governance model, as long as it is compatible with its personal law (Spanish law), corresponds to the so -called “Anglo- Saxon” model set forth in the Portuguese Commercial Companies Code, in which the management body is a Board of Directors, and the supervision and control duties are of the responsibility of an Audit, Control and Related Party Transactions Committee. 31. Composition of the Audit, Control and related Parties Transactions The Audit, Control and Related Parties Transactions is entirely integrated by non-executive an independent Directors. Committee members retain their positions for as long as they are Company Directors-applicable regulations to the mandate of the Board Members and the information on the periods are available in section 17 of this Chapter 5 of the Annual Report. As of 31 st , 2023 the composition of the Audit, Control and Related Parties Transactions of EDPR was as follows: MEMBER POSITION FIRST APPOINTMENT Acácio Piloto President 27/06/2018* Rosa García García Member 12/04/2021 José Félix Morgado Member 12/04/2021 *Re-elected on April 12th, 2021. Additionally, María González Rodríguez is the Secretary of the Audit, Control and Related Party Transactions Committee since November 2 nd , 2021. 32. Independence of the Members of the Audit, Control and Related Party Transactions Committee Information concerning the independence of the members of the Audit, Control and Transactions Party Committee is available on the chart of topic 18 of this Chapter 5 of the Annual Report. As mentioned on the first paragraph of topic 18, the independence of the members of the Board and of its committees is evaluated according to the Company’s personal law, the Spanish law. 33. Professional qualifications and biographies of the Members of the Audit, Control and Related Party Transactions Committee Professional qualifications of each member of the Audit, Control and Related Party Transactions Committee and other important curricular information, are available in the Annex I of this Chapter 5 of the Annual Report.
041 Part I Individual Annual Report 2023 Individual Management Report | Annex I b) Functioning 34. Audit, Control and Related Party Transactions Committee Regulations The Audit, Control and Related Party Transactions Committee regulations are available at the Company’s website (www.edpr.com) and at the Company’s Headquarters at Plaza del Fresno, 2, Oviedo, Spain. 35. Number of meetings held by the Audit, Control and Related Party Transactions Committee The Audit, Control and Related Party Transactions Committee periodically meets representatives of the internal specialized departments involved in the areas under committee’s competences in order to discuss the information periodically reported about, among others, work plans and resources of Internal Audit, Compliance and SCIRF, Company accounts, detection claims regarding financial irregularities, global risk management and audit and non-audit services provided by the External Auditor (including the appraisal about its independence). This regular interaction, in particular with regards to the periodical discussion of the development and status of the alignment of the level of risk and the accomplishment of objectives set by the Board of Directors, provides the committee with the necessary information for the development of its functions and in particular, for the assessments issued under the appraisal report over the functions of Internal Audit, and the Report regarding Risk Management and appraisal of the Internal Control System , that this committee issues for every fiscal year. During 2023, the Audit, Control and Related Party Transactions Committee held a total of eleven (11) meetings, and as referred in paragraph above, in order to better perform its supervisory functions over the activities reported by the areas within its competences, the committee invited the responsible teams of the related areas to several of these meetings to provide the updates of the status of their activity and accomplishment of targets. As such, the participation of these departments at these meetings in 2023 was as follows: Internal Audit participated in seven (7), Compliance and Internal Control in four (4), Global Risk in five (5), Planning and Control in four (4). Finance in four (4) and Administration, Consolidation and Tax in four (4). Likewise, the committee invited the External Auditors to three (3) of these meetings. The following table reflect the attendance of the members of the Audit, Control and Related Party Transactions Committee to its meetings held during 2023: MEMBER POSITION ATTENDANCE Acácio Piloto Chairperson 100% Rosa García García Vocal 100% José Manuel Félix Morgado Vocal 100% On November 14 th and 15 th , an extraordinary meeting of the Committee was held in Singapore to discuss the audit plan and the situation in the APAC region, with in-person meetings with the teams and leaders of this geographical area. In addition, PwC experts conducted specialized seminars on non-financial information disclosure and reporting in September in Porto and in December in Lisbon. 36. Availability of the Members of the Audit, Control and Related Party Transactions Committee The members of the Audit, Control and Related Party Transactions Committee are fully available for the performance of their duties having no constraints for the execution of this function simultaneously with positions in other companies. The positions held simultaneously in other companies inside and outside the Group and other relevant activities undertaken by members of this committee throughout the financial year are listed in Annex I of this Chapter 5 of the Annual Report. c) Powers and duties 37. Procedures for hiring additional services to the External Auditor On July 2022, EDPR approved an internal regulation to rule the provision of services and relationship with the External Auditor, with regards to both audit and non-audit services to be hired, and the reporting and approval procedure to be applied. These regulations also establish the independence criteria to be considered. In accordance with the rules included under this regulation, and in line with recommendation VII.2.1. of the IPCG Corporate Governance Code, in EDPR there is a policy of pre- approval by the Audit, Control and Related Party Transactions Committee of the provision of non-audit services to be provided by the External Auditor and any related entity. This policy was strictly followed during 2023. This competence is also established under Article 8. A) b) of the Committee Regulations.
042 Part I Individual Annual Report 2023 Individual Management Report | Annex I The analysis of the adequacy of the provision of non- audit services by the External Auditor and entities in a holding relationship (with or incorporated in the same network as the External Auditor) is performed considering the following aspects: (i) such services having no effect on the independence of the External Auditor and any safeguards used and (ii) the position of the External Auditor in the provision of such services - notably the External Auditor’s experience and knowledge of the Company. Furthermore, although hiring services other than auditing services to the External Auditor is admissible, it is envisaged as an exception. In 2023 such services reached only around 5.32% of the total amount of services provided to the Company. 38. Other duties of the Audit, Control Related Party Transactions Committee Apart from the competences expressly delegated on the Audit, Control and Related Party Transactions Committee according to Article 8 of its Regulations, and in order to safeguard the independence of the External Auditor, the following additional competences of this committee were exercised during the 2023 financial year and should be highlighted: Pre-approval of any services to be hired from the External Auditor and perform its direct and exclusive supervision. Assessment of the qualifications, independence, and performance of the External Auditors, and obtaining, yearly and directly from the External Auditors, written information on all relations existing between the Company and the Auditors or associated persons, including all services rendered and all services in progress. In order to evaluate independence, the Audit Committee, obtained the information regarding External Auditors’ independence in light of the Spanish Law no. 22/2015 of July 20 th , 2015 (“Ley de Auditoría de Cuentas”). Review of the transparency report, signed by the Auditor and disclosed at its website. This report covers the matters provided for under Law no. 22/2015 of July 20 th , 2015 (“Ley de Auditoría de Cuentas”) including those regarding the quality control internal system of the audit firm and the quality control procedures carried out by the competent authorities. Review with the External Auditors their scope, planning, and resources to be used in their provision of services. Following the best Corporate Governance practice, the Committee held a specific and complementary meeting with the External Auditors twice a year to discuss any remark in the process of the elaboration of the Company half year and year end accounts. IV-V. STATUTORY AND EXTERNAL AUDITORS 39-41. According to the Spanish law, the External Auditor (“Auditor de Cuentas”) is appointed by the General Shareholders’ Meeting and corresponds to the statutory auditor body (“Revisor Oficial de Contas”) described on the Portuguese Law. The information about the External Auditor is available in topics 42 to 47 of this Chapter 5 of the Annual Report. 42. External Auditor identification The main criteria considered in the selection of the most suitable and competitive firm to be appointed as External Auditor of EDPR are the following: Recognized technical and professional track record as External Auditor. Consolidated Know-How about the business developed by the whole Group. Tailored and highly prepared working team. Competitive contractual conditions and working methodology (including but without limitation, the total estimation of hours required for the development of the services- both as a total for the complete provision of services, and per each professional category of the proposed team). Competitive fee proposal, including the final cap and a breakdown referring the price average per hour, and the remuneration per hour for each professional category of the proposed team. As a result of a competitive process launched in 2017, during which the above criteria were exhaustively analyzed, PricewaterhouseCoopers Auditores, S.L. was appointed as EDPR SA External Auditor by the Shareholder’s Meeting held on April 3 rd , 2018. PricewaterhouseCoopers Auditores, S.L., is a Spanish Company registered at the Spanish Official Register of Auditors under number S0242 with Tax Identification Number B- 79031290. The renewal of PricewaterhouseCoopers Auditores, S.L. as External Auditor of EDPR SA for years 2021, 2022 and 2023 was approved by EDPR’s Shareholders Meeting on April 12 th , 2021, and the audit partner in charge of EDPR is Antonio Velasco Dañobeitia.
043 Part I Individual Annual Report 2023 Individual Management Report | Annex I 43. Number of years of the External Auditor PricewaterhouseCoopers Auditores, S.L. is in charge of the audit of EDPR S.A. accounts for the years 2021, 2022 and 2023, being 2018 the first year performing these duties. 44. Rotation Policy Until year end of 2022, the personal Law of EDPR –the Spanish Law– and EDPR External Auditor Regulations, established the maximum term for an audit firm as the External Auditor of a listed company in a 10-year term. However, this reference was updated under the Spanish Law with effects January 2023, in order to establish that the maximum term will be a total of 20 years, provided that a public tender is launched after completing the tenth fiscal year. Following the proposal of the Audit, Control and Related Party Transactions Committee presented to the Board of Directors to its submission to the General Shareholders’ Meeting, on its meeting held on April 3 rd 2018, it was approved to appoint PricewaterhouseCoopers Auditores, S.L as EDPR’s External Auditor for the years 2018, 2019 and 2020. The renewal of PricewaterhouseCoopers Auditores, S.L. as External Auditor of EDPR SA for years 2021, 2022 and 2023 was approved by EDPR’s Shareholders Meeting on April 12 th , 2021. In view of the above, the Audit, Control and Related Parties Committee agreed at its meeting on 19 December 2023 to submit to the Board of Directors the proposal for the re- election of PwC as auditors for the period 2024-26, to be presented at the next Annual General Meeting. Likewise, the applicable regulation requires that in case of listed companies, every five (5) years since the initial contract, the person designated by the External Auditor as its signatory of the audit report shall also rotate. For these purposes, it is hereby stated that 2023 is the first year of Antonio Velasco Dañobeitia, current partner signing the audit report of the Group, as auditor of EDPR Group. 45. External Auditor evaluation The Audit, Control and Related Party Transactions Committee is responsible for the overview and annual evaluation of the services provided by the External Auditor according to the competences granted by its Regulations and in line with the rules established under the Regulations for the provision of services by the Statutory Auditor. In order to perform this assessment, this committee periodically includes in the agenda of its meetings a topic regarding the review of the services provided by the External Auditor (both audit and non- audit) and the fees already incurred and those estimated until year end. Likewise, and as exposed in topic 35 of this Chapter 5 of the Annual Report, the External Auditor attends and participates in some of the meetings held by this committee, mainly in order to analyze the results of their audit reports. As such, the Audit, Control and Related Party Transactions Committee acts as the company speaker with the External Auditor, with whom establishes a permanent contact throughout the year to assure the proper conditions for the provision of both the statutory audit services and non-audit services and being also the body in charge of monitoring its independence along the year. Likewise, the External Auditor shall sign an annual statement declaring its independence. During 2023, according to the Audit, Control and Related Party Transactions Committee’s competences and in line with Recommendation VIII.2.2, this committee was the first and direct recipient and the corporate body in charge of the permanent contact with the External Auditor on matters that may pose a risk to their independence as well as any other matters related to the auditing of accounts. Additionally, in compliance with the auditing standards in effect, it also receives and maintains the record of information about other matters as provided in the applicable auditing and accounting legislation. The External Auditor, within the scope of its duties, verified the implementation of the remuneration policies and systems of the corporate bodies as well as the efficiency and effectiveness of the internal control mechanisms and report any shortcomings to the Audit, Control and Related Party Transactions Committee of the Company. 46. Non-Audit Services carried out by the External Auditor As previously referred, in July 2022, it was approved the regulation on the provision of services by the Statutory Auditor or Statutory Audit Firm, which defines and promotes criteria and methodologies to safeguard the independence of the audit and non-audit services. In accordance with such regulation, the Audit, Control and Related Party Transactions Committee closely follows the requests of non- audit services, each of which necessarily require the preapproval of this committee before its provision as per exposed in topic 29 of this Chapter 5 of the Annual Report and Article 8.A), b) of its Regulations. The identification of such non- audit services that will eventually be provided by the External Auditors is performed under the rules issued by the European Union on this matter, in particular under Regulation 537/2014 and the Spanish Auditing Law nº 22/2015, of 20 th
044 Part I Individual Annual Report 2023 Individual Management Report | Annex I July, as well as when applicable, in line with the particularities of the local regulations where the service is to be provided. During 2023 the non-audit services provided by the External Auditor of EDP Renováveis S.A (PricewaterhouseCoopers Auditores, S.L) consisted mostly on i) limited review as of March 31, 2023, June 30 th , 2023 and September 30 th , 2023 of the EDPR Interim Consolidated information; ii) review of the internal control system on financial reporting for the EDPR Group; iii) review of the non-financial information related to sustainability included in the EDPR Group’s annual report; and iv) access to a repository of international accounting standards as well as to the PwC Accounting Manual in digital version. Other non-audit services provided by the External Auditor or its network to EDPR’s subsidiaries mainly refer to i) agreed-upon procedures related to the review of covenants in the context of bank financing agreements; ii) tax certificates in Greece according to ISAE 3000, iii) procedures for reviewing compliance with financing capacity in accordance with the criteria defined by the European Commission, within the framework of European Regulation 2021/2041, iv) average payment period for invoices to suppliers to comply with European subsidies for investment in the repowering of wind turbines and v) services in relation to compliance with the merger project of certain group companies. PricewaterhouseCoopers Auditores, was engaged to provide the above-mentioned services due to its in-depth knowledge of the Group’s activities and processes. These engagements did not risk their independence as External Auditors and were pre - approved by the Audit, Control and Related Party Transactions Committee prior to rendering the services. 47. External Auditor remuneration in 2023 for EDP Renováveis S.A. and subsidiaries SERVICE EUROPE NORTH AMERICA LATAM APAC TOTAL % Audit and statutory au- dit of accounts 1,809,610€ 2,194,907€ 387,963€ 1,008,6605,401,140€ 94.68% Other non- audit ser- vices 283,049€ 12,69€ 8,075€ - 303,733€ 5.32% Total 2,092,659€ 2,207,516€ 396,038€ 1,008,660€ 5,704,873€ 100% The amount of other non-audit services in Europe includes among others, services that refer to the entire Group such as the review of the internal control system on financial reporting and review of the non-financial information related to sustainability included in EDPR Annual Report, which are invoiced to a European company. This amount also includes the limited review as of June 30 th , 2023, of the EDPR Consolidated Financial Statements and other reviews for Group consolidation purposes which are considered non-audit services according to the respective local regulation. Total amount for Europe includes 969,245 Euros of services provided by PricewaterhouseCoopers Auditores S.L. in Spain from which 693,197 Euros refer to audit services and 276,048 Euros refer to non-audit services. C. Internal organisation I. Articles of Association 48. Amendments to the articles of association The amendments of the Articles of Association of the Company are of the responsibility of the General Shareholders’ Meeting. According to Article 17 of the Company’s Articles of Association (“Constitution of the General Shareholders’ Meeting, Adoption of resolutions”), and article 9 of the General Shareholders’ Meeting Regulations (“Competences”). In accordance with the applicable law, and the internal regulations, to validly approve any amendment to the Articles of Association, the Ordinary or Extraordinary Shareholders’ Meeting will need: On first call, that the Shareholders either present or represented by proxy, represent at least fifty percent (50%) of the subscribed voting capital. On second call, that the Shareholders either present or represented by proxy, represent at least twenty-five percent (25%) of the subscribed voting capital. In the event that the shareholders attending represent more than fifty percent (50%) of the subscribed voting capital, the resolutions referred to in the present paragraph will be validly adopted when reached absolute majority. If the shareholders attending represent between twenty-five percent (25%) and fifty percent (50%) – but without reaching it – the favorable vote of two-thirds (2/3) of the present or represented capital in the General Shareholders’ Meeting will be required in order to validly approve these resolutions.
045 Part I Individual Annual Report 2023 Individual Management Report | Annex I In 2023, there were three amendments to EDPR Articles of Association: On March 2 nd , 2023, the Board of Directors, with the prior approval of the General Shareholders’ meeting held on March 31 st 2022, amended article 5 (“Share capital”), in order to align its contents with the execution of a share capital increase for a nominal amount of €254,842,000.00, to be implemented through the issuance of 50,968,400 ordinary shares of the Company, with a par value of 5 each (being the subscription price of 19.62 per share and the share premium of 14.62 per share) The resulting share capital of the company will be €5,057,632,810. The Annual General ShareholdersMeeting held on April 4th, 2023, approved the amendment of the Articles of Association to reflect the creation of a new Environmental, Social and Corporate Governance Committee by introducing a new article 30 (Environmental, Social and Corporate Governance Committee) and the amendment to Articles 10 (Governing Bodies), 26 (Remuneration of Directors) and 29 (Appointments and Remunerations Committee) of the Company Bylaws. On 25 May 2023, the Company increased its share capital by issuing new shares out of reserves, using the rights issued under the scrip dividend program. The decision to carry out this capital increase was taken on 2 May 2023 by the Board of Directors, with the prior approval of the General Shareholders’ Meeting of on 4 April 2023. The nominal amount of the capital increase was EUR 62,257,695.00 and was carried out by issuing 12,451,539 new ordinary shares with a nominal value of EUR 5 each. As a result, article 5 ("Share capital") of the Articles of Association was amended, and the share capital is now 5,119,890,505. II. Reporting of irregularities 49. Irregularities communication channels Speak up channel EDPR has always carried out its activity by consistently implementing measures to ensure the good governance and the transparency of its companies, including the prevention of incorrect practices, giving voice to those who consider that certain conducts do not comply with ethical principles, legal provisions or internal regulations. In this sense, EDPR believes that speaking openly about the concerns we have that relate to the way we act in the workplace is crucial for creating a good environment and increasing the psychological security of both individuals and teams. With this goal, EDPR has the “Speak Up” channel, a global channel, which has been adapted according with the requirements of the Directive (EU) 2019/1937 on the protection of persons who report violations of EU law and also of the Spanish Law 2/2023 of February 20 regulating the protection of people who report regulatory infractions and the fight against corruption, that welcomes the reporting of alleged violations, either of the Code of Ethics, or of any legal issues - among which are those provided for in the Directive (EU) 2019/1937– as well as internal policies and regulations. Additionally, in geographies where required by local laws, EDPR has specific Speak Up channels. Specifically, in Portugal and United Sates. These channels are published on the official website available to all the employees and also to any interested party (https://www.edpr.com/en/speak-up). An essential aspect of the reporting process is the protection of the whistle-blowers, who can also make denounces in an anonymous way. This commitment is predicated on full respect for the principle that anyone who uses the reporting methods in good faith and with justification will be protected from censure or retaliation. Processes have been designed and implemented to ensure that the complaints are handled and managed with total security, independence, integrity and privacy. All information exchanged is kept confidential and secured against unauthorized access, so that personal data protection is assured. In 2023, there were seventeen (17) claims submitted through the Speak up channel 13 of them were closed and the others 4are under analysis. Code of ethics EDPR has a strong commitment in relation to the dissemination and promotion of compliance with ethic guidelines and principles like transparency, honesty, integrity, non- discrimination, equal opportunity, and sustainability, which is encouraged to all employees. This commitment is faithfully reflected in the Code of Ethics which is reviewed and updated every two years to guarantee compliance with current legislation and the integration of the challenges that EDPR has, and may can come across. In this sense, the Code of Ethics has
046 Part I Individual Annual Report 2023 Individual Management Report | Annex I been reviewed and approved in October 2022 by the Ethics Committee and the Board of Directors of EDPR. The Code of Ethics applies, regardless of functions, geographical location, or functional reporting to all employees of all EDPR companies. The employee’s commitments set out in the Code are also applicable to proxies, as well as to agents and suppliers who are in any way empowered to act on behalf of EDPR. Other suppliers are explicitly required to respect this Code, in accordance with the obligations arising from qualification procedures or signed contracts. The Code of Ethics is an “action guide” reflecting the way EDPR believes one should work, therefore its enforcement is inevitably mandatory. and employees who do not comply with this Code should be subject to disciplinary actions under the terms of the applicable regulations. The Code is a privileged tool that helps to “do what we have to do well”. The Code of Ethics is published on the corporate website (https://www.edpr.com/en/edpr/ethics-compliance) and there is also a digital version available in the intranet. Annually all employees, including new hires, declare that they have received, read, and understood the EDPR Code of Ethics, and they agree to comply with its provisions. Likewise, this Code has been, in 2023, widely circulated to the employees of the Group through communication initiatives where the most relevant aspects of the Code of Ethics are disseminated. In this sense, new hires receive a specific training on introduction to the Code of Ethics called “Let’s live our Code of Ethics”. Additionally, in 2023, specific training actions have been developed with the members of EDPR Board Directors and all of them have received the most relevant trainings on ethics and compliance, including the training on introduction to the Code of Ethics (“Let’s live our Code of Ethics”). In order to support and achieve the Ethics Code and Ethics commitments and initiatives, and with the aim of minimizing the risk of unethical practices, generating transparency and trust in relationships, EDPR has also approved and implemented the following initiatives in the last years: In 2021, EDPR decided to review organization and functioning of its Ethics Commission and as consequence, a new Ethics Committee was created with the following goals: Ensure independence from executive management. Decrease the number of members for more efficient operation. Allow the analysis and decision on ethical complaints in a more restricted context. Allow more participatory debates on structuring Ethics themes, as well as on the annual Ethics Plan and its regular follow-up. In 2023, the regulation of the Ethics Committee was updated and, having in consideration the Code of Ethics and the obligations imposed by the EU Directive 2019/1937 on the protection of persons who report breaches of the Union Law, the following functions were defined: The assumption of the position of Responsible of the Internal Information System, as a collegiate body, in charge of ensuring its proper management. To appoint the Compliance Officer as designated person for the management of the Internal Information System for the purposes of notifications and dialogue with the publics authorities competent in the matter. To establish guidelines for complying with the Code of Ethics. To propose to the Board of Directors multi-annual Ethics Programs and the relevant annual Plans prepared by the Compliance Area and the Ethics Ombudsperson. To appraise the quarterly Reports on the implementation of the Group's annual ethics plans prepared by the Compliance area and the Ethics Ombudsperson or other elements on ethical performance. To review the cases of infraction of the Code of Ethics instructed by the Ethics Ombudsperson with the support of the teams that manage complaints at EDPR and to issue a binding opinion thereon. To issue recommendations, when requested by any of the management bodies of the companies that make the EDPR Group, on practices or codes of conduct in the fields of ethics or deontology, developed within the framework of specific, legal, or regulatory needs. To continuously ensure that the Code of Ethics and the procedures deriving from it are appropriate to the needs of the EDPR Group and to promote reviews of that document, at least every two years, duly supported by a review report to be sent to the Board of Directors for approval. To make the Board of Directors aware of the annual report on the actions undertaken by the Ethics Committee in the exercise of its powers.
047 Part I Individual Annual Report 2023 Individual Management Report | Annex I In this sense, the current Ethics Committee is composed by: I. The Chairperson of the Appointments and Remunerations Committee, who shall chair the Committee. II. The Chairperson of the Audit, Control, and Related Party Transactions Committee. III. The Ethics Ombudsperson. IV. The Compliance Officer. V. The Human Resources Director. VI. The General Counsel & Compliance of EDPR North America LLC. VII. The Secretary of the Board of Directors, who shall also perform the duties of the Secretary of the Ethics Committee meetings. Ethics Ombudsperson: receives complaints and doubts submitted through the Speak Up Channel and investigates and documents the procedure for each of them, with guaranteed confidentiality in relation to the identity of the claimant. The appointment for this position is made by the Appointments and Remunerations Committee and approved by the Board of Directors. Its main functions are therefore as follows: To be an independent, impartial listener, respecting confidentiality, and anonymity, at the disposal of those who seek him/her to clarify any situations on allegedly ethical grounds, bearing in mind the framework and the provisions of the EDPR Code of Ethics. To receive communications of an ethical nature and, where appropriate, to instruct, document and submit the respective ethical infraction processes to the Ethics Committee. To monitor each of the infraction proceedings, until their adjournment, establishing, whenever necessary and appropriate, the liaison with the complainant. To regularly promote, jointly with the Compliance Area, initiatives with the areas of the Group that are the subject of complaints, to improve procedures and practices that will enable future complaints to be avoided and especially, to promote behavior that is more in line with the EDPR Code of Ethics. Prepare with the Compliance Area initiatives to be included in the Compliance and Ethics Programmes and Annual Plans. To advice the Ethics Committee regarding strengthening the consistency of the Group´s Ethic Policy. To annually report on the activity with the scope of their assigned function. To annually review and update the procedure for managing all contacts addressed to them. Since January 2019, the Ombudsperson of EDPR is Maria Manuela Casimiro da Silva. Other activities: In 2023, with the goal of reinforcing the ethics culture, EDPR has launched different communication campaigns to all the employees. Specifically, a new initiative was developed called “The Energy of Ethics” where monthly different directors and leaders of all the Group have launched important messages in relation with the topics of the Code of Ethics through videos on the Intranet. As every year, the Global Ethics Day (October 18 th ) was celebrated and different initiatives were performed as: publication of news on the intranet, videos with messages from the Ethics Ombudsperson r, different posts on ethics themes in the internal tools (Viva Engage) and a talk about the importance to develop a Speak Up culture in the organization was took place with a known speaker specialist on the subject. Additionally, in 2023, in the context of the biennial study “Employee’s view on Ethics at EDP”, an ethics survey was launched to all the employees with the goal to know the perception of the employees on ethics matters and learn more about the evolution of ethical environment in EDP. III. Internal Control and Risk Management 50. Internal Audit EDPR’s Internal Audit Department (“IAD”) is composed by eleven (11) members. Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. The Internal Audit department has the mission of enhance and protect organizational value by providing risk-based and objective assurance, advice and insight, covering the following areas of activity: Evaluate and issue recommendations to improve the Company's governance processes. Assist the organization to improve risk management processes and maintaining effective controls by evaluating their effectiveness and efficiency and by promoting
048 Part I Individual Annual Report 2023 Individual Management Report | Annex I continuous improvements covering the governance, operations and information systems of the organization, regarding to: I. Achievement of the organization’s strategic objectives. II. Reliability and integrity of financial, non-financial and operational information. III. Effectiveness and efficiency of operations and programs. IV. Safeguarding assets. V. Compliance with laws, regulations, policies, procedures and contracts. The Internal Audit services can be divided into two categories: assurance services and consulting. Assurance services consist in objective analyses of evidence to provide an independent assessment of the organization's governance, risk management, and control. The consulting services performed at the specific request of the Company Governing Bodies or of any of its Officers. They consist of advisory activities and related services designed to add value and improve the organization's governance, risk management, and control processes without the internal auditor assuming any management responsibility. The fulfillment of these objectives aims to reduce the risks in pursuing the activity and increase the creation of value for the Group. Therefore, approaches based on a proactive view of internal control measures geared to the relevant risks must be taken, making them a relevant support tool for management. The IAD is not an executive body of EDPR, so it has no power in making management decisions in the Group’s activities, nor any hierarchical or functional link with the audited units, thus maintaining a relationship of total independence and objectivity in relation to them. This positioning makes it possible to achieve the following objectives: Ensure the independence of the Internal Audit activity and fulfils its responsibilities. Ensure objectivity in obtaining the conclusions of work carried out and the resulting recommendations, as well improvement actions to be implemented. As such, the Internal Audit, in development of its function, should be an instrument to support management with proactive view of internal control systems. In this sense, the collaboration of the entire Organization is essential to achieve the objective set. The Internal Audit Department, as well as all professionals assigned to this function, will govern their performance by Internal Audit Standard, the Fundamental Principles for the Practice of Internal Auditing, the Code of Ethics and the International Standards for the Professional Practice of Internal Audit approved by The Institute of Internal Auditors (IIA). The functions of the Internal Audit Department of EDPR were evaluated by the “Instituto de Auditores Internos” for the first time in 2020, obtaining the highest qualification. 51. Organisational structure of Internal Audit The Internal Audit function in the EDPR Group is a corporate function, carried out by the Internal Audit Department (IAD), which has administrative dependence to the CEO of EDPR and functional dependence to the Audit, Control and Related Parties Committee which supervise the activities and to which Internal Audit activities are reported. Administrative Dependence In terms of the IAD’s administrative dependence to the CEO of EDPR, the CEO of EDPR shall: Create adequate information flows that allow IAD to keep up to date on the company's activities, plans and initiatives. Support the internal audit function, positioning the IAD at an appropriate level within the EDPR’s organization. Facilitate direct and open communication to the EDPR Group's Management and Administration bodies. Provide the appropriate technical, human, financial and information-gathering means that enable the IAD to fulfill its functions, in accordance with the approved Audit Plan. Request assurance and consultancy projects from IAD that it deems necessary considering the Organization's objectives and risks. Approve, annually, in coordination with the Audit, Control and Related Party Transactions Committee, the IAD Audit Plan, based on the EDPR's risk matrix and the Basic Standard for Internal Audit. Approve, whenever applicable, in coordination with the Audit, Control and Related Party Transactions Committee, the remuneration of the IAD Director and the process of his/her appointment, evaluation and removal. Assess the activity and performance of the IAD and the adequacy of working conditions, namely in terms of human resources and technical and financial means, checking if
049 Part I Individual Annual Report 2023 Individual Management Report | Annex I there are limitations or interferences within the scope of the Internal Audit function or its budget that may make it impossible to IAD to fulfill its responsibilities. Overseeing the effectiveness of the internal audit systems and, if necessary, proposing improvement measures. Functional Dependence In terms of the IAD's functional dependence to the Audit, Control and Related Party Transactions Committee, the Audit, Control and Related Parties Committee should: Approve, annually, in coordination with the CEO of EDPR, the IAD Audit Plan, based on the EDPR's risk matrix and the Basic Standard for Internal Audit. In this context, also approve the human and financial resources to be made available by EDPR to the IAD. Approve, in coordination with the CEO of EDPR, the remuneration of the IAD Director and the process for his/her appointment, evaluation and removal. Receive communications and individual reports and conclusions, issued by IAD, on the activity developed by IAD. Assess the activity and performance of the IAD and the adequacy of working conditions, namely in terms of human resources and technical and financial means, checking if there are limitations or interferences within the scope of the Internal Audit function or its budget that may make it impossible to IAD to fulfill its responsibilities. Overseeing the effectiveness of the internal audit systems and, if necessary, proposing improvement measures. The functions of the Audit, Control and Related Party Transactions Committee regarding to Internal Audit are defined in its Internal Regulation. The articulation between EDPR Internal Audit and EDP Internal Audit is carried out through the Functional Reporting of the EDPR Internal Audit Director to the EDP Internal Audit Corporate Director, in which the associated management function includes the promotion and harmonization of work policies and methodologies, the management of action plans and reporting activities to EDP Internal Audit Director. 52. Risk Management EDPR’s Enterprise Risk Management Process is an integrated and transversal management model that ensures the minimization of the effects of risk on EDPR's capital and earnings, as well as the implementation of best practices of Corporate Governance and transparency. The process aligns EDPR’s risk exposure with the company’s desired risk profile. The Enterprise Risk Management Framework was approved in 2016, in accordance with the guidelines agreed at its Board of Directors level. Based on this risk framework, the Company developed a Risk Management System through individual risk policies and procedures for most relevant risks, where it is defined the methodology to calculate probability of occurrence and impacts, as well as mitigation measures and thresholds. In addition, these risk policies and procedures establish the process for control, periodic evaluation, and eventual adjustments. The approvals necessary to proceed with this system are submitted to the Management Team, which will inform the Board of Directors of the progress. Likewise, the Risk Management System is closely followed and supervised by the Audit, Control and Related Party Transactions Committee, an independent supervisory body composed of non-executive members that reports to the Board of Directors, in charge, among others, of the monitorization of the compliance and progresses of the Risk Management Plan and possible improvements to the measures and controls for mitigating potential risks identified within EDPR. Risks that fall under the Energy Market, Financial, Strategic, Counterparty, Operational and ESG categories are identified, and their impacts regularly evaluated and checked against limits established by Risk Policies which are defined and implemented across the Company, with the aim of mitigating risks without compromising potential business opportunities, thus optimizing return versus exposure. In 2023, following both external and internal assessments carried out on the maturity of its ERM Framework, EDPR reviewed its Risk Taxonomy and made some additional updates to its Enterprise Risk Management Framework, in order to act on the audits’ recommendations and further strengthen its risk governance, policies and procedures. The revised ERM Framework and the new Risk Taxonomy, which now includes a specific section dedicated to ESG Risks, were approved during the second half of 2023. Also, during 2023, an historical analysis was performed on the profitability of EDPR’s projects at the time of approval, to understand how the different profitability risk metrics for the portfolio have evolved in the last decade and to provide higher visibility on the risk- return relationship, at approval, for different technologies and geographies. Slight changes in methodology were proposed and a set of recommendations were issued to further improve resilience of current profitability risk metrics being used. Additionally, during the year, a deep dive on EDPR’s historical and projected structural merchant exposure was performed, to understand how future capacity additions could
050 Part I Individual Annual Report 2023 Individual Management Report | Annex I impact the company’s desired long term risk profile. The analysis provided insights on current trends, how average contracted life of EDPR’s assets is evolving and offered recommendations to ensure exposure is aligned with the company’s desired risk profile for the following years. Another risk initiative developed throughout 2023 is related to the review of EDPR’s Net Investment FX Risk strategy, which aims to mitigate the potential impact of exchange rate movements in the Group’s net assets denominated in foreign currency. A thorough review of the methodology was carried out and adjustments were made to better align the Net Investment Strategy with EDPR’s Business Plan and desired risk profile, while seeking out the optimization of the risk-return trade off. Also in 2023, EDPR reassessed its internal Operational Risk, executing a bottom-up analysis across all departments, while also relying on historical data. The analysis provided an updated visibility on the main operational risks impacting the company, how they have evolved over time and whether they could be seen as representative for the future, as EDPR implements its current Business Plan. Likewise, throughout the year, other specific analyses were carried out, covering different subjects: Task Force on Climate-Related Financial Disclosure (TCFD): Review of current process for annual assessment of climate risks and their impacts on the company’s performance, while issuing some recommendations to further improve resilience of current disclosures under the ESG Risk management pillar. Counterparty Risk Policy: Overview of the current policy and its limits implemented at EDPR, with proposed amendments to better align them with current company and market reality. DG Community Solar: Deep-dive analysis on the risk profile of the DG Community Solar business in the US vs other DG opportunities, while recommending mitigation measures to align exposure with desired risk profile. Country risk: Detailed annual assessment of country risk for those geographies in which EDPR is currently present and for those that could potentially be part of EDPR’s portfolio. Finally, during 2023, a comprehensive series of trainings were performed across the organization to reinforce EDPR’s risk culture and promote awareness of risk management topics among its employees. Main trainings carried out throughout the year were as follows: Counterparty Risk: Reinforce the importance of the topic in EDPR and the main fundamentals on how to manage it. Training was provided to the Procurement, Purchasing, Origination and M&A teams, across all platforms. Operational Risk: Present the results of the Operational Risk analysis carried out in 2023, including main conclusions and recommendations. Training was provided to all senior management of the company. Profitability and FX Risk: Overview of risk metrics and sensitivity analyses performed on FX and project profitability for investment approval. Training was provided to the M&A teams across all platforms. Business Continuity and Crisis Management: Detail Crisis Management Policy, processes, and procedures, while reinforcing importance of employees’ awareness to prevent crises. Training was provided to all employees in the company. Commodities Risk: Overview of main raw materials indexes and their liquidity and how to project future prices for cost estimations. Training was provided to the Procurement, Purchasing and Storage teams in Europe, LATAM and NA. Some of these trainings have been incorporated in EDPR’s knowledge catalogue and will be provided on a recurrent basis to maintain the level of risk awareness and promote a risk culture across the company. 53. Risk Map Risk Management at EDPR is focused on covering all risks of the company. In order to have a holistic view of risks, they are grouped in Risk Categories, which are Energy market, Financial, Strategic, Counterparty, Operational and ESG. The definition of Risk Categories at EDPR is as follows: Energy Market Risk – It refers to the risk to EDPR resulting from movements in market prices. Due to the relationship between wind and solar production and energy price, production risk is considered within market risk. Moreover, liquidity risk is also included due to its relationship with extreme changes in energy prices. Financial Risk - It refers to risks affecting EDPR’s ability to fulfil its financial obligations due to movements in the financial markets. It includes movements in Interest Rates, Exchange Rates (FX), Inflation and Commodity prices. It also includes Capital Gains risk, due to the importance of EDPR’s asset rotation strategy in its business. Strategic Risk – It refers to risks coming from macroeconomic, political, social, or environmental situation in geographies where EDPR is present, as well as those coming from a change in competitive landscape, from technology disruptions, or from supply
051 Part I Individual Annual Report 2023 Individual Management Report | Annex I chain issues. Investment Decisions criteria and Reputational issues also fall under this category. Counterparty Risk (credit and operational) – Risk that a counterparty to a transaction could default before final settlement of the transaction’s cash flows. A direct economic loss would occur if transactions with the counterparty had positive economic value at the time of default. Even in the case of not defaulting, it may not comply with its contract obligations (timing, quality, etc.), implying additional higher costs due to its replacement or to delays in fulfilling the contract. Operational Risk (other than counterparty) – Defined as the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events (such as an increase in equipment default rates, increasing O&M, or natural disasters), including the effect of a loss created by not being able to ensure business continuity. ESG Risk – It refers to risks related with Environment, such as Climate change or Circular economy; Social, such as Communities or Health & Safety, and Governance, which includes risks related to Corporate Governance or Business Ethics. They help define a set of standards for a company’s behavior used by socially conscious investors to screen potential investments. Within each Risk Category, risks are classified in Risk Groups. 1. Energy Market Risk 1. i) Energy price risk EDPR faces limited energy price risk as it pursues a strategy of being present in geographies with long -term visibility on revenues. In most countries where EDPR is present, prices are determined through regulated framework mechanisms. In those countries with no regulated tariffs, power purchase agreements are negotiated with different off takers to eliminate price risk from Electricity and Environmental attributes (Green Certificates, Guarantees of Origin or RECs- Renewable Energy Certificates). Despite EDPR’s strategy of minimizing market price risk, EDPR still has some plants with merchant exposure. In Europe, EDPR operates in countries where the selling price is defined by a feed-in-tariff (Portugal and France) or a contract for differences remuneration scheme (Italy, Hungary, UK or Greece). EDPR also operates in markets where, on top of the electricity price, it receives either a pre-defined regulated premium or a green certificate, whose price is achieved on a regulated market (Spain, Belgium, Poland or Romania). In countries with a predefined regulated premium or a green certificate scheme, EDPR is exposed to energy price fluctuations. Considering current Power Purchase Agreements (PPAs) in place, EDPR is exposed to energy price risk in Romania, in Poland, in Belgium, in Netherlands and partially in Spain. Additionally, in European countries with a green certificate scheme (Romania, Belgium and Poland), EDPR is exposed to fluctuation on the price of green certificates. The US market does not provide a regulated framework system for the electricity price. Nevertheless, renewable generation is incentivized through PTCs (Production Tax Credits) and regional Renewable Portfolio Standard (RPS) programs that allow receiving RECs for each MWh of renewable generation. REC prices are fairly volatile and depend on the regional supply/demand equilibrium in the relevant market. Most of EDPR’s capacity in the US has predefined prices determined by bundled (electricity + REC) long-term contracts with local utilities or C&Is, in line with the Company’s policy of minimizing energy price risk. Despite existing long-term contracts, some EDPR’s plants in the US do not have PPA and are selling merchant with exposure to electricity and REC prices. Additionally, some plants with existing PPAs do not sell their energy where it is produced and are therefore exposed to basis risk (difference in price between the location where energy is produced and that where that energy is sold). In Ontario (Canada), the selling price is defined by a long-term feed-in-tariff, thus, there is no energy price exposure. In Brazilian, Colombian and Chilean operations, the selling price is defined mainly through a public auction which is later translated into a long-term contract. Energy price exposure is limited, with reduced exposure for the production above or below the contracted production. In APAC, EDPR operates in markets where the selling price is defined by a feed-in-tariff (Vietnam, Japan, Malaysia and Taiwan) or through Power Purchase Agreements (Singapore, Cambodia, China, Malaysia, Indonesia, Korea and Thailand). Under EDPR’s global approach to minimize the exposure to market energy prices, the Company evaluates on a permanent basis, if there are any deviations to the pre-defined limits (measured through EBITDA at risk, Net Income at risk and total merchant exposure). EDPR aims to minimize Environmental Attributes price risk with the signing of bundled PPAs with private off takers, which include the sale of the electricity and the Green
052 Part I Individual Annual Report 2023 Individual Management Report | Annex I Certificates, Guarantees of Origin or RECs. In some cases, the off taker may be interested in contracting only the Green Certificate or the REC, thus a GCPA (Green Certificate Purchase Agreement) or a RECPA (REC Purchase Agreement) is signed. In those geographies with remaining merchant exposure, EDPR uses various commodity- hedging instruments in order to minimize the exposure to fluctuating market prices. In some cases, due to the lack of liquidity of financial derivatives, it may not be possible to successfully hedge all existing merchant exposure, after considering PPAs in place. As aforementioned, some US plants have exposure to REC price risk and/or basis risk (difference in electricity price between locations). EDPR hedges REC prices through forward sales and basis exposure through financial swaps or FTR (Financial Transmission Rights). 1. ii) Energy Production Risk The amount of electricity generated by EDPR’s renewable plants is dependent on weather conditions, which vary across locations, from season to season and from year to year. Variation on the amount of electricity that is generated affects EDPR’s operating results and efficiency. Not only the total wind or solar production in a specific location is relevant, but also the profile of production. Wind usually blows more at night than at daytime, and the opposite for solar, with each technology capturing a different price. Generation profile will affect the discount or add-on in price of a plant versus a baseload generation. Finally, curtailment of a plant will also affect its net production. Curtailment occurs when the production of a plant is stopped by the TSO (Transmission System Operators) for external reasons to the Company. Examples of cases of curtailment are upgrades in transmission lines or exceptional congestion (high level of electricity generation for available transmission capacity). EDPR mitigates wind and solar resource volatility and seasonality through geographical diversification of its asset base in different countries and regions. EDPR acknowledges the correlation between different plants in its portfolio that allows for this geographical diversification, which enables EDPR to partially offset production variations in each region and to keep the total energy generation relatively steady. Currently, EDPR is present in 28 international markets: Belgium, Brazil, Cambodia, Canada, Chile (No generation), China, Colombia (No generation), France, Greece, Germany (no generation), Hungary (no generation), Indonesia, Italy, Japan, Malaysia, Mexico, Netherlands (No generation), Poland, Portugal, Romania, Singapore, South Korea (No generation), Spain, Taiwan, Thailand, UK, US and Vietnam.2023 was a year with actual generation below the one initially forecasted, mainly due to the effects of the El Niño phenomenon. EDPR continues to analyse the potential use of financial products to hedge wind volume risk and might use this product in future years to mitigate risk in specific cases. Profile risk and curtailment risk are managed ex-ante. For every new investment, EDPR factors the effect that expected generation profile and curtailment will have on the output of the plant. Generation profile and curtailment of EDPR’s plants are constantly monitored by EDPR’s Risk department to detect potential future changes. 1. iii) Liquidity risk Liquidity risk is the risk of EDPR not meeting its financial obligations. Liquidity risk is mainly related to extreme market movements in energy prices, interest rates, exchange rates or credit markets, which may change the expected cash flow from revenues, OPEX, margin calls or funding (due to credit downgrades). EDPR tracks liquidity risk in the short term (margin calls, etc.) and in the long term (financing sources) in order to meet strategic targets previously set (EBITDA, debt ratio and others). EDPR’s strategy to manage liquidity risk is to ensure that its liquidity is sufficient to meet financial liabilities when due, under both normal and stressed conditions, and without incurring unacceptable losses or risking damage to EDPR’s reputation. Different funding sources are used such as Tax Equity investors, commercial banks, multilateral organizations, corporate debt and asset rotation in order to ensure long-term liquidity to finance planned projects and working capital. The Directors have estimated cash flows that show that the Group will meet the commitments existing at the close of the 2023 financial year and those foreseen for 2024.
053 Part I Individual Annual Report 2023 Individual Management Report | Annex I 2. Financial Risk 2. i) Interest Rate Risk Given the policies adopted by EDPR Group, current exposure to variable interest rate is not significant and financial cash flows are substantially independent from the fluctuation of interest rates. The purpose of interest rate risk management policies is to reduce the exposure of long- term debt cash flows to market fluctuations, mainly by contracting long term debt with a fixed rate. When long-term debt is issued with floating rates, EDPR settles derivative financial instruments to swap from floating to fixed rate. EDPR has a portfolio of interest-rate derivatives with maturities of up to 15 years. Sensitivity analyses of the fair value of financial instruments to interest-rate fluctuations are periodically performed. With most of interest rates being fixed, main exposure to interest rates arises at refinancing. To protect against this risk, EDPR intends to maintain a balanced maturity profile for its corporate fixed debt, thus, diversifying the risk of bad timing when refinancing occurs. Repricing calendar of debt is continuously monitored together with interest rates in order to detect good timing for restructuring debt. Additionally, Risk and Finance teams regularly perform analyses on the possibility of carrying out pre-hedging of interest rates, in order to identify potential opportunities to further mitigate this risk. During 2023, the EUR-denominated pre-hedges carried out in the previous year were applied to new debt raised by EDPR during the year. As for the USD-denominated pre- hedges, they were unwound due to the optimization of the EUR/USD position, following the review of EDPRs Net Investment Hedge strategy. Taking into account risk management policies and approved exposure limits, Global Risk Area supports the Finance team in interest rate hedging decisions and the Finance team submits the appropriate financial strategy to each project/location for Management Team s approval. 2. ii) Exchange Rate Risk As a global company present in almost 30 different markets, EDPR is exposed to the exchange-rate risk resulting from investments in foreign subsidiaries. Under construction and operating plants can have currency exposure to the US dollar, Romanian leu, Polish zloty, Brazilian real, British pound, Canadian dollar, Hungarian forint, and Colombian peso. In APAC, main FX exposure comes from Singaporean dollar, Chinese renminbi, and Taiwanese dollar, with relatively small exposure to other southeast Asian currencies. In addition, EDPR has also a marginal fiscal exposure to MXN due to its Mexican assets. EDPR hedges risk against currency fluctuations by procuring financing in the same currency as the revenues of the project. When local financing is not available, EDPR hedges debt cash flows though cross currency interest rate swaps. EDPR also hedges its net investment (investment after deducting local debt obligations) in foreign currency through cross currency interest rate swaps and forward instruments. Finally, EDPR contracts foreign exchange forwards to hedge the risk for specific transactions, mainly in payments to suppliers which may be denominated in different currencies than the projectsrevenues, and also to hedge proceeds from Asset Rotation deals. EDPRs hedging efforts minimize exchange rate volatility, but do not completely eliminate this risk due to the high costs associated to hedging FX in certain situations. 2. iii) Inflation Price Risk In certain geographies, regulated remuneration is linked to inflation. Additionally, O&M costs are considered to be linked to inflation in most cases. Exposure to inflation in revenues may be naturally hedged with exposure to interest rates. EDPR regularly analyses inflation exposure and its relationship with interest rates to adjust the level of interest rate coverage in project finance structures. Exposure to inflation in O&M costs for each project is managed at the moment of the investment decision, by carrying out sensitivity analyses on the evolution of O&M costs.
054 Part I Individual Annual Report 2023 Individual Management Report | Annex I 2. iv) Commodity Price Risk (other than energy) In projects in which there is a significant time lag between investment decision and the start of construction, EDPR may be exposed to the price of the materials used in turbine, solar panel and battery manufacturing, foundations, and interconnection, through escalation formulae included in the contracts signed with suppliers. In order to manage this risk, EDPR may hedge the market exposure in OTC/future commodity markets, considering the risks (potential impact on project profitability) and the cost of the hedge. 2. v) Capital Gains Risk Risk of depreciation in the value of assets being considered for sale, due to changes in market conditions such as exchange rates, interest rates, energy prices or inflation, among others. To manage this risk, EDPR tries to mitigate the impacts of the abovementioned effects by hedging its exposure, whenever possible, while also performing sensitivity analysis on the estimated amount of capital gains from Asset Rotation transactions, resulting from changes in market variables. Additionally, EDPR maintains a diversified portfolio of projects in terms of geographical location, technology and risk profile and is constantly reassessing its Asset Rotation strategy, with the aim of extracting the highest value out of its projects. 3. Strategic risk 3. i) Country Risk Country Risk is defined as the probability of occurrence of a financial loss in a given country due to macroeconomics, political or natural disasters. EDPR has defined a Country Risk Policy that assesses country risk through an internal scoring based on publicly available data. This internal scoring is compared with external assessments from renowned entities. Each risk factor affecting country risk is evaluated independently to decide on potential mitigating actions: Macroeconomic Risk: risks from the country’s economic evolution, affecting revenue or cost time of the investments. Political Risk: all possible damaging actions or factors for the business of foreign companies that emanate from any political authority, governmental body or social group in the host country. Natural disaster Risk: natural phenomena (seismicity, weather) that may impact negatively in the business conditions. Before approving a project in a new geography, EDPR analyses the risk of the new country and compares it to its existing portfolio. Mitigation measures may be decided when this risk is above a certain threshold. In addition, EDPR uses a Security risk index to rank countries from a security and safety standpoint, establishing mitigation measures for employees when above a pre-defined threshold. 3. ii) Regulatory Risk (renewables) The development and profitability of renewable energy projects is subject to policies and regulatory frameworks. The jurisdictions in which EDPR operates provide different types of incentives supporting energy generated from renewable sources. Remuneration schemes have become less competitive in some countries due to inflationary pressures affecting supply chains and construction costs, and it cannot be guaranteed that current support will be maintained in all EDPRs geographies or that future renewable energy projects will benefit from current support measures. Regulation promoting green energy has been revised or is under revision in some of the countries where EDPR is present. In 2023, the conflict between Ukraine and Russia continued influencing electricity prices, particularly in Europe, which led the EU to maintain the emergency cap on gas prices. Some countries, like Spain, Poland or Romania also implemented their own cap measures and kept them in place throughout the whole of 2023, with the aim of limiting electricity prices. EDPR is managing its exposure to regulatory risks through diversification, by being present in several countries and through participation as an active member in several wind and solar associations. Regulatory Risk in each of EDPRs countries is monitored continuously, considering current regulation, potential drafts of new laws, feedback from associations, evolution of installed renewable generation capacity and other inputs. EDPR has developed an internal
055 Part I Individual Annual Report 2023 Individual Management Report | Annex I quantitative assessment of Regulatory Risk that serves as an indicator for changes in supporting schemes. This measure is updated regularly in all EDPR´s geographies. Regulatory Risk is also considered ex-ante, at the moment of the investment, through sensitivity analyses that are performed to evaluate its impact in project profitability under different scenarios. 3. iii) Competitive Landscape Risk In the renewables business, size can be an advantage or disadvantage in specific situations. For example, in development of renewable projects, small and dynamic companies are usually more competitive than larger companies. On the other hand, when participating in tender processes for offshore wind farms, the size of the investment benefits larger companies. Additionally, the consequences of a change in the competitive landscape due to mergers and acquisitions may also be a risk. To mitigate the risks stemming from the competitive landscape, EDPR has a clear knowledge of its competitive advantages and tries to leverage on them. When EDPR has no advantage versus its competitors, alternatives are considered in order to become competitive. For example, for offshore wind farms, EDPR has partnered with large companies with previous experience in large electricity generation projects, in order to form a more competitive consortium. 3. iv) Technology Disruptions Risk Most renewables are relatively recent technologies, which are continuously evolving and improving efficiency. As such, some initially expensive technologies can become competitive in a relatively short time. EDPR growth focuses in the most competitive renewable technologies at the moment, which are onshore wind, offshore wind, solar PV and Distributed Generation, but also participates in other innovative projects such as floating offshore wind, batteries development or green hydrogen. 3. v) Investment Decisions Criteria and Energy Planning Not all projects have the same risk profile. This will depend on the duration of the fixed remuneration, the amount of merchant exposure, construction risk, etc. In order to take proper business decisions, EDPR uses Risk Adjusted Metrics for investment decisions, which take into consideration the different risks inherent to each project. Assumptions in future evolution of energy markets affect the profitability of the investments for the period after the fixed remuneration is over (regulated tariff or PPAs). Structure of electricity markets in most of EDPR geographies (marginal setting price) were not designed to consider a great share of generation from renewable sources with zero marginal price. Thus, the increase in renewable generation could lead to lower pool prices in medium term if reforms of electricity markets are not properly undertaken. When investing, EDPR performs sensitivity analyses to stress pool price scenarios for the period without fixed remuneration to understand the robustness of the profitability of the investment. 3. vi) Supply Chain Risk Price of equipment is affected, not only by market fluctuations of the materials used, but also by the demand of this equipment or a possible increase in trade tariffs and levies. For every new project, EDPR secures the demand risk by engaging in advance with manufacturers, elected through a competitive process. The demand for new plants may offset the offer of equipment. Currently, the local component requirement in some geographies (ex: Brazil) may create this shortfall situation. In the event of a trade war, supply chain of equipment suppliers may be affected, creating further imbalances in local component requirements. EDPR currently faces limited risk to the availability and price increase of equipment after project investment approval, due to existing framework agreements with major global suppliers. The Company uses a large mix of suppliers in order to diversify its equipment supply risk. For geographies with specific requirements of local content, EDPR typically does not engage in a project before securing the supply of that equipment. This risk is further explained on EDPRs annual report due to its current relevance to the business.
056 Part I Individual Annual Report 2023 Individual Management Report | Annex I 3. vii) Reputational Risk Companies are exposed to public opinion and todays social networks are a rapid means to express and propagate particular opinions. A bad reputation could eventually harm financial results of a company in the short and in the long term. To address and mitigate reputational risk, EDPR is committed not only in building a better future, but also in doing it the right way, in an ethical and sustainable manner, complying with legal requirements, following best practices, and creating awareness and providing trainings to its employees. 4. Counterparty Risk 4. i) Counterparty Credit Risk If the transactions or portfolio of transactions with the counterparty has a positive economic value at the time of default, an economic loss would occur. To control credit risk at EDPR, thresholds of Expected Loss and Unexpected Loss are established at company level as defined under Basel Standards and re-evaluated monthly. If the threshold is surpassed by the company as a whole, mitigation measures are implemented in order to remain within the pre-established limit. Additionally, Expected Loss limits are established for each individual counterparty or Group of counterparties (parent and subsidiaries). 4.ii) Counterparty Operational Risk If the transactions or portfolio of transactions with a counterparty do not have a positive economic value at the time of default, it will still impact operations. Despite no direct loss at the time of default, the replacement of the counterparty could imply a cost to EDPR due to potential delays, higher contract value with a new counterparty (replacement costs), etc. Suppliers, Construction and O&M subcontractors are counterparties to which EDPR is exposed from an operational point of view. To minimize the probability of incurring in potential replacement costs with third parties, EDPR´s policy concerning counterparty operational risk is managed by an analysis of the technical capacity, competitiveness, credit quality and replacement cost of the counterparty. 5. Operational Risk 5. i) Development Risk Renewable plants are subject to strict regulations at different authority levels (international, national, state, regional and local) relating to the development, construction, grid interconnection and operation of power plants. Among other things, these laws regulate landscape and environmental aspects, building licenses, land use and land securing and access to the grid issues. While permitting processes might be different depending on the geographies, EDPR acknowledges a trend for legislations to align towards concentrating the most restrictive rules and development risks on the consenting (environmental and urban permissions) and interconnection (electricity connection of the plant to the national grid). In this context, EDPR’s experience gathered in different markets is useful to anticipate and deal with similar situations in other countries. During the development and design phase, EDPR focuses on the optimization of its projects. By mastering the variables, such as choice of locations, layout, etc., the objective is to make the projects more resilient to permitting risks. Additionally, EDPR mitigates development risk by generating optionality, with development activities in 28 different markets and a portfolio of projects in several stages of maturity. EDPR has a large pipeline of projects that provide a “buffer” to overcome potential delays in the development of prioritized projects, ensuring growth targets and being able to compensate permitting delays in some geographies. 5. ii) Construction Risk During the construction of the foundations, interconnection and substation of a plant, and the installation of the equipment, different events (bad weather, accidents, etc.) might occur that could imply an over cost or a delay in the commercial operation date of the plant: The delay implies a postponement of cash flows, affecting profitability of the investment. When a plant has a PPA, a delay of the commercial operation date might imply the payment of Liquidated Damages (LDs), with the consequent loss of revenues and the impact on annual financial results.
057 Part I Individual Annual Report 2023 Individual Management Report | Annex I During the design phase, EDPR’s technical and engineering teams supervise the engineering and the installation method. Construction is subcontracted to technically capable construction companies. In both cases, a critical path analysis is performed to assess the reliability of the construction and installation plan. Also, collaterals may be required to the counterparties providing the construction services, following EDPR’s Counterparty Risk Policy. 5.iii) Operation Risk a. Damage to Physical Assets Risk Renewable plants under construction and in operation are exposed to weather hazards, natural disasters, etc. These risks depend on the location of the assets. All plants are insured against physical damage during construction and operation stages. Also, for operating projects, any natural disaster, weather hazard or accident will be partially insured against revenue losses caused the event. b. Equipment Performance Risk (O&M costs) Output from renewable plants depends upon the operating availability of the equipment. EDPR mitigates this risk by using a mix of suppliers which minimizes technological risk, avoiding exposure to a unique manufacturer. EDPR also engages suppliers through medium-term full-scope maintenance agreements during the first years of operation to ensure alignment with supplier in minimizing technology risk. Finally, for older plants, EDPR has created an Operation and Maintenance (O&M) model with an adequate preventive and scheduled maintenance program. EDPR externalizes non-core technical O&M activities of its renewable plants, while primary and value-added activities continue to be controlled by EDPR. 5. iv) IT/OT Risk IT (Information Technologies) and OT (Operational Technologies) risk may occur in the technical network (information network for plants operation) or in the office network (information network of corporate services: ERP, accounting…) EDPR mitigates this risk creating redundancy of servers and control centers of renewable plants. Redundancy is created in a different location to anticipate potential natural disasters, etc. 5. v) Legal claims Risk (compliance, corruption, fraud) Like any other organization, EDPR faces potential claims from third parties and could be subjected to charges of corruption and fraud of its employees. EDPR has implemented an internal “Code of Ethics” and an Anticorruption Policy where the company commits to comply with legal obligations in every community where EDPR is established. Additionally, the company Ombudsperson receives all the complaints sent through the “Code of Ethics” channel and decides the appropriate procedure for each one of them. An anticorruption mailbox is also available to report any questionable practice. 5.vi) Personnel Risk EDPR identifies four main risk factors regarding personnel: turnover, health and safety, human rights, and discrimination, violence or behavior against human dignity. Turnover: A high turnover implies direct costs of replacement and indirect costs of knowledge loss. EDPR mitigates turnover through constant reassessment and benchmarking of remuneration schemes in different geographies. Additionally, EDPR offers flexibility to its employees to improve work life balance. In 2023, EDPR was elected as “Top Employer” in Spain by the Top Employers Institute. Health and safety: EDPR has deployed an H&S management system, complying with OHSAS 18001, pursuing the “zero accidents” target. Human rights: EDPR has committed, through its “Code of Ethics”, to respect international human rights treaties and best work practices. All counterparties which sign a contract with EDPR are committed to respect EDPR’s “Code of Ethics”. Discrimination, violence or behavior against human dignity: EDPR forbids any kind of discrimination, violence or behavior against human dignity, as stated in its “Code of Ethics”. Strict compliance is enforced, not only through the reporting channel of the Ombudsperson, but also through constant awareness from all employees of the company.
058 Part I Individual Annual Report 2023 Individual Management Report | Annex I 5. vii) Processes Risk Internal processes are subject to potential human errors that may negatively affect the outcome. Internal Audit Department regularly reviews internal processes and recommends the establishment of new controls or the improvement in the implementation of existing procedures. Moreover, business continuity is ensured by a Global Crisis Plan, which defines the procedure to follow for each level of crisis and frames individual emergency plans at activity or asset level. Also, a tool to oversee different events that could impact Business Continuity is being used to ensure and support the correct management of crisis. 6. ESG Risk 6. i) Environmental Risk Environmental risks include the actual or potential threats and economic impacts of adverse effects on the environment by activities carried out by organizations and countries. Some issues analysed under this topic include climate change, circular economy or biodiversity. EDPR performs some analyses to Identify climate-related risks and opportunities, such as those based on the Task-Force on Climate-Related Financial Disclosures (TCFD) recom- mendations. The impact of these risks and opportunities are assessed on an annual basis and mitigated through environmental measures, contingency plans and other related initiatives. 6. ii) Social Risk Social Risk encompasses activities that affect how relations are managed with employ- ees, suppliers, customers and communities where EDPR operates. EDPR focuses mainly on factors such as human rights, health and safety within the com- pany and also with its third-party contractors, and labour issues in the markets where the company is present. 6. iii) Corporate Organization and Governance Corporate governance systems should ensure that a company is managed in the interests of its shareholders and other relevant stakeholders. In particular, EDPR has an organization in place with a special focus on transparency, where the management body (Board of Directors) is separated from the supervision and control duties (Audit, Control and Related Party Transactions Committee). Members of this Committee are invited to attend the General Risk Committee of EDPR, which is held on a quarterly basis. 54. Risk functions and framework A corporation can manage risks in two different ways, one risk at a time on a largely and compartmentalized basis, or all risks together within a coordinated and strategic framework. The latter approach is called “Enterprise Risk Management” and is the approach used at EDPR. Risk Management at EDPR is supported by three distinct organizational functions, each on a different role: Strategy (Risk Profiler), Management (Risk Manager) and Controlling (Risk Controller). RISK FUNCTIONS DESCRIPTION Strategy – General risk strategy & policy Global Risk Department provides analytically supported pro- posals to general strategic issues. Responsible for proposing guidelines and policies for risk management within the company. Management – Risk management & risk busi- ness decisions Implement defined policies by Global Risk Responsible for day-to-day operational decisions and for re- lated risk taking and risk. Controlling – Risk moni- toring Responsible for follow-up of the results of risk-taking deci- sions and for contrasting alignment of operations with general risk policy approved by the board. The Risk Committee is the forum where the different Risk Functions discuss the policies to be implemented and control the risk exposure of the company. EDPR’s Risk Committee integrates and coordinates all Risk Functions and assures the link between corporate’s risk appetite and defined strategy and the operations of the company.
059 Part I Individual Annual Report 2023 Individual Management Report | Annex I EDPR created three distinct meetings of the Risk Committee in order to separate discussions on execution of mitigation strategies from those on the definition of new policies: Restricted Risk Committee: Held every month, it is mainly focused on execution risk and counterparty risk, as well as providing visibility on the decisions on energy hedging strategies taken in the Global Energy Management (GEM) Steering Committees, where EDPR’s risk officer is one of the permanent members. Currently, the Restricted Risk Committee is the forum to: c. Discuss the status of projects under development and construction. d. Review exposure to offtakers, suppliers and financial institutions. e. Track merchant exposure and provide visibility on hedging decisions taken in the GEM Sterring Committees. f. Monitor compliance with risk thresholds defined in EDPR’s risk policies (market, counterparty, operational and country risk). Main participants in the Restricted Risk Committee include EDPR’s Management Team and several Corporate and regional teams involved in the decision making of these topics. Financial Risk Committee: Held every quarter, it is the forum to review main financial risks and discuss the execution of mitigation strategies. Exchange rate risk, interest rate risk, liquidity risk, commodities risk and credit risk from financial counterparties are most relevant risks reviewed in this committee. Main participants of the Financial Risk Committee include EDPR’s CEO and CFO and selected members of the Finance, Planning & Control, A cccounting & Consolidation, M&A and Global Risk teams. General Risk Committee: Held every quarter, it is the forum where new strategic analysis is discussed, and new policies and procedures are proposed for approval to the Management Team. Additionally, EDPR’s overall risk position is reviewed, together with EBITDA@Risk and Net Income@Risk. Main participants of the General Risk Committee include EDPR’s Management Team, Global Risk, Internal Audit, Compliance & Internal Control, and other directors of the Company from selected departments. Additionally, the members of the Audit, Control and Related Party Transactions Committee are permanently invited participants of the General Risk Committee. Moreover, the Audit, Control and Related Parties Committee receives information from the Global Risk Director, on a quarterly basis, on the company’s risk management status and evaluation (see Recommendation VII.3). During these meetings, a detailed review of the level of each risk category within the risk taxonomy is conducted, comparing it with the maximum thresholds established in the ERM Framework. In addition, a comparison is made with the results from the previous quarter and the previous year, in order to assess the evolution of risks and take preventive measures if necessary. During the year 2023, the Committee received reports on EDPR’s risk management status in March, June, September, and December. These reports allowed the Committee to be updated about the risks and make informed decisions to protect the interests of EDPR and its shareholders. The quarterly review of the risk taxonomy is an essential practice to ensure effective management of business risks and maintain the financial stability of the company. To provide clarification on IPGC Recommendation V.1, EDPR's Audit, Control and Related Parties Committee conducted a review and gave a favorable opinion for the revised Enterprise Risk Management Framework, which included updated baseline limits, a revised risk taxonomy and other content additions. Following this review, the revised ERM Framework was presented and approved by EDPR’s Board of directors on its July 25th meeting. 55. Details on the internal control and risk management systems implemented in the company regarding the procedure for reporting financial information With the purpose of not only controlling risks, but also managing them ex-ante, EDPR has created Global Risk policies that are enforceable at a Global Level. These policies are proposed and discussed in the Risk Committee and approved by the Management Team. EDPR’s Enterprise Risk Management Process is inspired on Basel Committee on Banking Supervision’s principles, guidelines and recommendations and is similar to other risk management frameworks. In this respect, performance of risk metrics at EDPR and their compliance with established internal risk limits are assessed on a monthly basis. Additionally, a formal review and update of each Risk Policy, and the adequacy of its limits, is performed every two years. Internal control system over financial reporting EDPR has an Internal Control System over Financial Reporting (SCIRF) updated and monitored in line with international standards of Internal Control.
060 Part I Individual Annual Report 2023 Individual Management Report | Annex I This system covers the main aspects of the COSO framework: maintaining a control environment for the preparation of qualified financial information, assessment of the risks of financial reporting, existence of control activities to mitigate risks of error, information and communication and evaluation mechanisms. In addition, the SCIRF Standard was approved in 2022. The purpose of this Standard is to formalize the mission and responsibilities of the SCIRF function, as well as to define the principles and methodological rules governing the exercise of its function and the relationship model with all its stakeholders. Scope revision and update The SCIRF Manual includes the annual update of the scope that aims to identify companies, areas and processes that must be included in the scope of SCIRF, according to criteria of materiality and risk, including the risk of error or fraud. The risk analysis included in the scoping process for SCIRF, includes both the different types of risk (operational, economic, financial, technological or legal) and the control objectives of financial reporting (existence and occurrence, completeness, measurement, presentation, disclosure and comparability, and rights and obligations in terms of their potential impact on the financial statements). The results of the updated scope with the methodology outlined are communicated at all levels of the organization involved in the SCIRF and supervised by the Audit, Control and Related Party Transactions Committee. Control activities In documented SCIRF processes and controls, information capture mechanisms are established (including identification of the scope of consolidation) and are specified the steps and checks that are carried out for the preparation of the financial information that will be part of consolidated financial statements. The procedures for the review and approval of financial information are provided by the areas of Planning and Control, and Administration, Consolidation and Tax. Financial information is supervised in the scope of its competences by the Audit, Control and Related Party Transactions Committee, prior to the formulation of the accounts by the Board of Directors. The SCIRF includes control activities related to these processes, embodied in Entity Level Controls, Process Controls and General IT Controls. These processes include review and approval activities of the financial information which are described in the processes of elaboration of individual and consolidated accounts and processing of consolidated financial statements. EDPR has descriptions of Competency Profiles for the Positions to be carried out in the exercise of the main features of each position that includes a description of the main responsibilities. These include the descriptions of the key positions involved in the preparation of financial information. These descriptions include responsibilities in the preparation of financial information and compliance with internal control procedures. The documentation of processes and associated controls designed include among others, the completion of closure activities by completing monthly closing checklists, setting due dates for the closures, the identification of the relevance of the operations in order to be reviewed at the appropriate level, conducting analytical reviews of financial information, the existence of limitations in systems to prevent erroneous records or access by unauthorized persons, analysis of deviations from the budget, the analysis by the Management Team of relevant and significant facts that could cause a significant impact on the accounts, or the allocation of responsibilities for calculating amounts to be provisioned for them to be carried out by authorized personnel with the right skills. In addition to the mentioned reporting processes, major transactional processes resulting from the scope are documented. The description of the activities and controls are designed with the aim of ensuring the registration, evaluation, appropriate presentation and disclosure of transactions in financial reporting. Control activities of EDPR’s SCIRF also include those relating to systems and information technology (General IT Controls) following an international reference, the COBIT framework (Control Objectives for Information and related Technologies). The importance of this area is that information systems are the tools with which financial information is prepared and is therefore relevant for transactions conducted with them. These control activities include those related to access control to applications and systems, segregation of duties, management of corrective and preventive maintenance, new projects implementation, administration and management of the systems, facilities and operations (back-ups, security incidents) and their proper monitoring and planning. These activities are developed taking into account the requirements of control and supervision.
061 Part I Individual Annual Report 2023 Individual Management Report | Annex I Among the activities of SCIRF’s scope update, there is a periodic analysis of the existence of service suppliers that perform relevant activities in relation to the processes of preparing financial information. SCIRF supervision The Audit, Control and Related Party Transactions Committee supervises the SCIRF in the scope of the exercise of their activities through the monitoring and supervision of the developed mechanisms for SCIRF’s implementation, evolution and evaluation, and the results of the scope analysis and the extent of the situation in terms of coverage. To this extent, the Internal Control Area assists the Audit, Control and Related Party Transactions Committee. EDPR has an Internal Control area, integrated in the Compliance and Internal Control Department, which report to the CEO. The Audit, Control and Related Party Transactions Committee supervises the Internal Control area activities. The main functions of the Internal Control area are set out in the SCIRF Manual, which includes, among others, the evaluation of the activities of internal control systems or support in the implementation and maintenance of the Internal Control system over Financial Reporting. Internal Control supports the Audit, Control and Related Party Transactions Committee in supervising the implementation and maintenance of SCIRF and reports the results of the evaluation, improvement actions identified and their evolution. The entity has action plans for improvement actions identified in SCIRF’s assessment processes, which are accompanied and supervised by the Internal Control area, considering their impact on the financial information. Also, in the year 2023, as in previous years, a process of self-certification was made by the owners of the various controls and Entity Level Control regarding proper documentation update on SCIRF controls and processes in their area of responsibility and the implementation of controls with corresponding evidence. Additionally, in 2023, additional activities have been carried out for the integration of new platforms and businesses acquired by the company within the existing Internal Control System. In this regard, a specific identification of their associated risks and a review of the control matrix have been carried out. Finally, in 2023, the Internal Control area, as part of its supervisory functions as a second line of defense, has carried out a monitoring activity of a selection of controls, reviewing their design and risks and reviewing the evidence of execution of the controls in order to verify that they are updated, in operation and that their design is adequate. SCIRF evaluation Besides the monitoring and evaluation activities described in the preceding paragraphs, in case the auditors identified internal control weaknesses in the scope of their financial audit work, they are expected to communicate these circumstances to the Audit, Control and Related Party Transactions Committee, which regularly monitors the results of the audit work. Additionally, in 2023 the EDPR Group decided to have its SCIRF audited by the external auditor. As a result of its evaluation, the external auditor issued a report with a favorable opinion on the SCIRF of the EDPR Group, according to ISAE 3000 (International Standard on Assurance Engagements 3000), included in Annex II of this Chapter 5 of this Annual Report. Corporate Compliance The implementation of a solid corporate culture of compliance, integrity and transparency has always been a priority for EDPR, structuring its supervision and monitoring, through a regulatory compliance conduct basis and through the adoption of ethical values and principles; both consolidated as central elements of its business model. Taking into account the Group's priority, the Compliance Model has evolved over the years: during 2016 and 2017, the Compliance Officer position and the Criminal and Legal Risk Prevention Model (Specific Compliance Model) were created. during 2018, the Company completed the first update of the Criminal Compliance Model and started working on the definition of a criminal risk matrix at an international level including an inventory of the potential risks and its controls in each of the geographies where EDPR operates. in June 2019, the Compliance Area was created to support and provide assistance to the Compliance Officer. In February 2020, with the commitment of strengthening the Compliance culture and to comply with the international standards in Corporate Governance, the area evolved to the Department of Compliance and Internal Control – a new department which reports, directly, to the CEO.
062 Part I Individual Annual Report 2023 Individual Management Report | Annex I in 2022, the Compliance Area has been working on the implementation of a Global Compliance Model with actions addressed to reinforce the establishing of a Ethic and Compliance culture in the whole Group. Reinforcing what stated in the previous point, in 2022, the Compliance Areas has created the Ethics and Corporate Compliance Area (ECC) in the North America platform as support area of the Compliance Officer. Global compliance model In the definition of the Global Compliance Model, the Global Compliance structure has been defined, and a great effort has been made to develop a robust set of policies and procedures for the Group, which includes the following: the Compliance Standard, approved by the Board of Directors in November 2021 and reviewed and updated in October 2022, which establishes the basic principles, the methodological rules that govern the carrying out of the Compliance function and the specific Compliance functions of all employees. the Code of Conduct for Top Management and Senior Financial Officers, approved by the Board of Directors in July 2021, that reinforces and complements the Code of Ethics, and reflects the commitment of the people who have been given the responsibility and power to carry out the supervisory and administrative functions of the EDPR Group. The Global Compliance Model integrates specific models depending on the risks affecting the Group: A specific Integrity Compliance Program focused on the prevention of corruption and bribery risks. EDPR has a zero-tolerance approach to bribery and corruption and is committed to act professionally, fairly and with integrity in all business dealings and relationships wherever the Group operates. For this reason, the specific Integrity Compliance Program has as its central axis the Integrity Policy, which replaces the previous Anticorruption Policy; was approved by the Board of Directors in July 2021 and reviewed and updated in October 2022. The Integrity Policy has been complemented by other procedures that facilitate the application of this Policy. Among others: i. The Donations and Sponsorships Procedure, approved by the Management Team in June 2021. ii. The Offers and Events Procedure, approved by the Management Team in June 2021 and reviewed and updated in December 2022. iii. The Conflict-of-Interest Procedure, approved by the Management Team in June 2021. iv. The Integrity Due Diligence Procedure and the Procedure for relationship with Public Officials and Politically Exposed Persons, approved on 2020 and developed during 2021 through different electronic platforms. The creation of a technological platform for third-party analysis, which can be used by all Group employees, is noteworthy. Both of them have been reviewed and updated in December 2022. v. The Intermediary Agreements Procedure, approved by the Management Team in July 2022. vi. A specific Criminal Compliance Program focused on the prevention of criminal risks in Spain taking into consideration the regulation in Spain. during this 2022 the Criminal Compliance Policy has been updated (initially approved in December 2017). the risk and control matrix has been updated. All the Areas/departments of EDPR Group have reviewed the assigned controls and have validated the applicable controls (self- assessment). a Control Audit Plan has been established and the controls assigned in the Plan have been audited by an independent third party. In addition, the Risk Assessment Methodology has been updated in order to have a more objective risk assessment. A specific Personal Data Protection Compliance Program focused on the protection of personal data to which EDPR has access and for which it is responsible. In this context, EDPR has been strengthening its management system to ensure the compliance and adequacy of EDPR Group's entities to the applicable legal requirements regarding Data Protection in the different geographies. The specific Personal Data Protection Compliance Program has as its central axis in the principles reflected on the Personal Data Protection Policy, approved by the Board of Directors in 2020. The main matters involved this Program are periodically reviewed taking into account new requirements and the expansion of the Group in new geographies. The Cookie Policies across different geographies have been updated in 2022. Since September 2022, the internal Data Protection Procedures and Methodologies, defined and developed at a group level in 2021, are being reviewed taking in to account the regulatory requirements established in the legislations of the new geographies in which EDPR has a presence.
063 Part I Individual Annual Report 2023 Individual Management Report | Annex I In October 2022, EDPR started a Project for the review and identification of International Personal Data Transfers accompanied by the elaboration of a Gap Analysis and Action Plan for the subsequent regularization of those transfers that may require it. In December 2022, EDPR has started the development of a new Master Data Protection Policy at a Group Level. All this normative development has implied a strong work to make the new policies and procedures of the Group known, having made special focus this year in training and communication in the field of Compliance. Training and communication Training and communication are fundamental tools to strengthen and disseminate the ethic and compliance culture. In this sense, the following training courses have been developed: Compliance at EDP with the goal of showing all the employees how the EPDR’s Compliance Management System works. ComplianceFLIX “how I met integrity” which aims to make employees reflect on situations that may involve illegal acts and improper/unethical conducts and show them how they should act to comply with the EDPR Integrity Policy. ComplianceFLIX The Personal Data Protection Lady with the goal of reflecting on situations involving the processing of personal data, sometimes resulting in personal data incidents, and showing all the employees how they should act to comply with the law and internal regulations on data protection. Follow Criminal Compliance which contains the main guidelines of EDPR's Criminal Compliance Policy and the consequences of not complying with them. This training is addressed to new hires or employees who had not completed this training last year. Ethics is value: Let’s live our Code of Ethics, which is based on different videos of the Directors of EDPR who describe the structure and the main elements of the Code of Ethics. Ethics for leaders to guarantee that middle management knows the relevant ethics tools to apply in the management of their teams. Specific trainings online to different areas (Procurement, M&A, Legal) and geographies in order to guarantees the correct implementation of the Integrity Due Diligence Process. Training sessions in person in different geographies (Italy, Greece, France, Romania, Brazil, Colombia and Hungary) in order to assure the correct acknowledge of all compliance policies and procedures. These trainings have been complemented with communication activities as the (i) monthly Ethics and Compliance Comic which shows practices cases where apply the Code of Ethics and the Compliance policies and procedures, (ii) Global Ethics Day campaign, (iii) periodic posts on the intranet and internal platforms over compliance topics and (iv) different thematic campaigns as the Privacy Day, GRPD anniversary or Anticorruption Day. Reporting system Lastly, the reporting system to Top Management and Senior Management has also been improved, establishing reports about the Global Compliance Model to: (i) the CEO (monthly), (ii) the Audit Control and Related Party Transactions Committee (CAUD) (quarterly), (iii) the Management Team (at least quarterly) and (iv) to the Board of Directors (yearly). Operation, methodology and certifications The entire operation and methodology for the management of the Criminal Compliance Program and the Integrity Compliance Program has been compiled in an internal departmental document called Integrated Management System for Criminal Compliance and Antibribery Handbook updated during 2022. Additional documents, for the support and documentation of this system, have been also drafted. All this development has allowed EDPR, at the end of 2021, to obtain a double certification from AENOR that verifies and accredits that the company has developed a system of criminal and anti-bribery compliance that meets the requirements of reference standards UNE 19601 and ISO 37001. With said recognitions, EDPR demonstrates that it has an effective anti-bribery management system (ISO 37001) and that its Spanish criminal risks Prevention Model complies with best practices to prevent crime, reduce risk, and foster an ethical and legally compliant business culture (UNE 19601). In 2022, EDPR has renewed its AENOR certifications in Criminal Compliance and Anti Bribery, reinforcing, once more time, EDPR's commitment to promote a culture of compliance and strengthen values such as integrity, accountability and transparency.
064 Part I Individual Annual Report 2023 Individual Management Report | Annex I IV. Investor Assistance 56. Investor Relations department EDPR seeks to provide to shareholders, investors, financial analysts and other stakeholders and the market in general, all the relevant information about the Company and its business environment, on a regular basis and whenever a relevant fact takes place. The promotion of transparent, consistent, rigorous, easily accessible, and high-quality information is essential to an accurate perception of the Company’s strategy, financial situation, accounts, assets, prospects, risks, and significant events. EDPR, therefore, looks to provide the market with accurate information that can support them in making informed, clear and concrete investment decisions. The Investor Relations Department was created to ensure a direct and permanent contact with all market related agents and stakeholders, to guarantee effective communication, equality between shareholders and to prevent imbalances in the information access. The EDPR Investor Relations Department (IR) is the intermediary between EDPR and its actual and potential shareholders, the financial analysts that follow Company’s activity, all investors and other members of the financial community. The main purpose of the department is to guarantee the principle of equality among shareholders, by preventing asymmetries in the access of the information and reducing the gap between market perception and Company’s strategy and intrinsic value. The Investor Relations department centralizes all relevant and material information that could impact EDPR share price. This information is prepared by the different departments of EDPR, with the support, when necessary, of external experts, and always managed in a strictly confidential basis. The department responsibility also comprises developing and implementing EDPR’s communication strategy and preserving an appropriate institutional and informative relationship with the financial market, the stock exchange at which EDPR shares trade and the regulatory and supervisory entities (CMVM – Comissão de Mercado de Valores Mobiliários – in Portugal and CNMV – Comisión Nacional del Mercado de Valores – in Spain. EDPR is clearly aware of the importance of detailed and transparent information, delivered on-time to the market. Consequently, EDPR publishes Company’s price sensitive information before the opening or following the closing of the Euronext Lisbon stock exchange through CMVM’s information system and, simultaneously, make that same information available on the website investors’ section and through the IR department’s mailing list. In 2023, EDPR made more than 30 market notifications, in addition to quarterly, semi-annual and annual results presentations, handouts and operating data statement elaborated by the IR Department. In addition, the IR Department also elaborates key data files and interim presentations which are available on the website investors’ section. On each earnings announcement, EDPR promotes a conference call and webcast, opened to the market in general, at which the Company’s management updates the market on EDPR’s activities. On each of these events, shareholders, investors and analysts had the opportunity to directly submit their questions and to discuss EDPR’s results as well as the Company’s outlook and strategy. EDPR IR Department is coordinated by Miguel Viana and is located at the Company’s head offices in Madrid, Spain. The department structure and contacts are as follows: Miguel Viana, Head of Investor Relations and Sustainability Avenida de Burgos, 89; Edificio Adequa 1 A – 7 th floor; 28050 – Madrid – España Website: www.edpr.com/en/investors E-Mail: ir@edpr.com Phone: +34 900 830 004 EDPR IR Department was in continuous contact with capital markets agents, namely shareholder and investors, along with financial analysts who evaluate the Company. In 2023, as far as the Company is aware, sell-side analysts issued more than 90 reports evaluating EDPR’s business and performance. At the end of the 2023, as far as the Company is aware of, there were 26 institutions elaborating research reports and following actively EDPR activity. As of December 31 st 2023, the average price target of those analysts was of Euro 20.67 per share with 14 “Buy”, 11 “Neutral” and 1 “Sell” recommendations.
065 Part I Individual Annual Report 2023 Individual Management Report | Annex I COMPANY ANALYST PRICE TARGET DATE RECOMMENDA- TION Alantra Fernando Lafuente € 22.35 22-Dec-23 Buy Bank of Amer- ica Ekaterina Smyk € 18.50 17-Mar-23 Underperform Barclays Jose Ruiz € 20.20 21-Dec-23 Equalweight Bestinver Daniel Rodríguez € 19.75 31-Oct-23 Buy Berenberg Lawson Steele € 27.00 10-Oct-22 Buy BNP Paribas Manuel Palomo € 18.8 31-Oct-23 Outperform CaixaBank BPI Flora Trindade € 19.40 24-Oct-23 Buy Citi Jenny Ping € 23.50 6-Nov-23 Neutral Deutsche Bank Olly Jeffery € 16.00 17-Oct-23 Hold Goldman Sachs Alberto Gandolfi € 19.5 3-Nov-23 Buy HSBC Charles Swabey € 20.00 7-Dec-23 Buy Intermoney Guillermo Barrio € 23.00 23-Oct-23 Buy JB Capital Jorge Guimarães € 24.00 11-Oct-23 Buy Jefferies Skye Landon € 27.50 22-Jul-22 Buy JP Morgan Javier Garrido € 22.00 30-May-23 Neutral Kepler Cheuvreux Jose Porta € 23.30 14-Dec-23 Buy Morgan Stanley Arthur Sitbon € 19.00 24-Oct-23 Overweight Morning Star Tancrede Fulop €21.00 5-Dec-23 Buy MedioBanca Enrico Bartoli € 18.20 1-Nov-23 Neutral Mirabaud Sonia Ruiz de Gari- bay € 21.00 31-Oct-23 Hold ODDO BHF Philippe Ourpatian € 20.50 14-Sep-23 Neutral RBC Fernando Garcia € 18.00 6-Nov-23 Equalweight Redburn Fawwaz Janjua € 22.00 2-Feb-23 Neutral COMPANY ANALYST PRICE TARGET DATE RECOMMENDA- TION Santander Bosco Muguiro € 20.85 23-Jun-23 Neutral Société Gé- nérale Jorge Alonso € 19.30 20-Sep-23 Buy UBS Gonzalo Sanchez- Bordona € 16.35 25-Oct-23 Neutral 57. Market Relations Representative EDPR representative for relations with the market at CNMV and CMVM is Rui Teixeira, Chief Financial Officer. 58. Information Requests EDPR's aims to communicate to the market with objective and transparent information that is understandable to all stakeholders. In order to achieve such intent and bearing in mind the importance of keeping a trustworthy and sustainable behavior, EDPR has adopted a financial reporting policy based on transparent and consistent information properly conveyed to investors and analysts. In 2023, the Investor Relations received several requests for information during the year and the average response time to queries was less than 24 hours, with complex requests being replied within one-week time. V. Website – Online information 59-65. EDPR considers online information a powerful tool in the dissemination of material information, updating its website with all the relevant documents. Apart from all the required information by CMVM and CNMV regulations, EDPR website also carries financial and operational updates of Company’s activities ensuring an easy access to the information. EDPR website: www.edpr.com
066 Part I Individual Annual Report 2023 Individual Management Report | Annex I INFORMATION LINK Company information www.edpr.com/en/who_we_are Corporate by-laws and bod- ies/committees’ regulations www.edpr.com/en/investors/corporate-govern- ance/company-data Members of the corporate bod- ies and management structure https://www.edpr.com/en/investors/corporate-gov- ernance/governing-bodies-and-management- structure Market relations representative, IR department www.edpr.com/en/investors Information channels www.edpr.com/en/edpr Financial statements docu- ments www.edpr.com/en/investors/investors-infor- mation/reports-and-results Corporate events Agenda www.edpr.com/en/investors D. Remuneration I. Power to establish 66. Competences to determine the Remuneration of the Corporate Bodies and Executive Staff The Appointments and Remunerations Committee is a permanent body belonging to the Board of Directors with an informative and advisory nature. Its recommendations and reports are non-binding. The Appointments and Remunerations Committee has no executive functions. The main functions of the Appointments and Remunerations Committee are to assist and inform the Board of Directors regarding the appointments (including by co-option), re-elections, dismissals, and the remuneration of the Directors and executive staff. It also informs the Board of Directors on general remuneration and incentive policies and incentives for Board members and executive staff. As such, the Appointments and Remunerations Committee is the body responsible for proposing to the Board of Directors the remuneration of the Executive and Non-Executive Directors, the members of the Board Committees and the Executive Staff; the Remuneration Policy; the evaluation and compliance of the KPI’s (Key Performance Indicators); the annual and multi annual variable remuneration, if applicable. The Board of Directors is responsible for the approval of the above-mentioned proposals except the Remuneration Policy which is approved by the General Shareholders’ Meeting. The Board of Directors also evaluates with an annual periodicity its own performance and the performance of its delegated Committees. The evaluation of the performance of the Board of Directors, is then additionally submitted for the approval of the General Shareholders’ Meeting. The proposal on the Remuneration Policy is submitted by the Board of Directors for the approval of the General Shareholders’ Meeting as an independent proposal, which will be in effect for a maximum of a three-year period. According to the Company’s Articles of Association the Board of Directors remuneration is subject to a maximum value that can only be modified by a Shareholders’ agreement. II. Appointments and Remunerations Committee 67. Appointments and Remunerations Committee composition. Relevant service providers in 2023. The composition of the Appointments and Remunerations Committee is reflected on topic 29 of this Chapter 5 of the Annual Report. The Company has not stablished any restrictions within its Articles of Association, Regulations or internal policies limiting the competence of the Appointments and Remunerations Committee to hire any consulting services that may be considered necessary to carry out its duties. additionally in case such services would be hired, it should be noted that they should be rendered independently, ensuring that the service provider do not provide any other services to EDPR or to any company in controlling or group relationship. In 2023 the Committee hired the services of Egon Zehnder for the identification of the best Independent Directors profiles to cover potential vacancies, and the provision of these services strictly complied with the referred requirements.
067 Part I Individual Annual Report 2023 Individual Management Report | Annex I 68. Knowledge and experience regarding Remuneration Policy The members of the Appointments and Remunerations Committee have knowledge and experience regarding Remuneration Policy. III. Remuneration structure 69. Remuneration Policy Pursuant to Article 26 of the Company’s Articles of Association, the Directors shall be entitled to a remuneration which consists of a fixed amount to be determined annually by the General Shareholders’ Meeting for the whole Board of Directors. The above-mentioned article also establishes the possibility of the Directors of receiving attendance fees or being remunerated with Company shares, share options, or other securities granting the right to obtain shares or by means of share-indexed remuneration systems. In any case, the system chosen must be approved by the General Shareholders’ Meeting and comply with current legal provisions. The total amount of the remunerations that the Company will pay to its Directors shall not exceed the amount determined by the General Shareholders’ Meeting. Pursuant to Article 26.5 of the Company’s Articles of Association, the rights and duties of any kind derived from the condition of Board Member shall be compatible with any other rights and obligations either fixed or variable that could correspond to the Board Members as a consequence of other employment or professional engagements, if any, carried out in the Company. Variable remuneration resulting from said contracts or from any other relationship, including being a Board Member, will be limited to a maximum annual amount to be also established by the General Shareholders’ Meeting. For these purposes, the General Shareholders' Meeting held on May 13th, 2008, set a maximum annual amount for the Board of Directors for fixed remuneration of EUR 2,500,000. and at its meeting held on April 8 th , 2014, also resolved to establish a maximum annual amount for variable remuneration of EUR 1,000,000 for executive directors. For 2023 onwards, the maximum annual amount for fix and variable remuneration for the Board of Directors has been set in EUR 3,500,000 by the approval of the General Shareholders’ Meeting held on March 31 st , 2022. This amount results of the merge of the former EUR 2,500,000 that was stablished for fix renumeration and the EUR 1,000,000 that was established for variable annual remuneration. EDPR, in line with EDP Group corporate governance practices, has signed a Management Services Agreement with EDP, under which the Company bears the cost for such services to some of the members of the Board of Directors to the extent their services are devoted to EDPR. The Non-Executive Directors only receive a fixed remuneration, which is calculated on the basis of their work as Directors and a complement as Member or Chairperson of the Appointments and Remunerations Committee, and /or the Audit, Control and Related Party Transactions Committee and/or the Environmental, Social and Corporate Governance Committee. Such amounts are cumulative, except for the Chairman of the Board of Directors who does not receive any complement derived from his role at any Committee. EDPR has not incorporated any share remuneration or share purchase options plans as components of the remuneration of its Directors. No Director has entered into any contract with the Company or third parties that have the effect of mitigating the risk inherent in the variability of the remuneration established by the Company. In EDPR there are not any payments for the dismissal or termination of Director's duties. 70. Remuneration Structure The General Shareholders’ Meeting held on March 31, 2022, approved the Renumeration Policy to be applied for 2023-2025 term, following the proposal of the Appointments and Remunerations Committee. This Remuneration Policy maintains a structure with a fixed remuneration for all members of the Board of Directors, whereas for the Executive Directors also defines a fixed and a variable remuneration, with an annual component and a multi- annual component. In 2023, the Board of Directors Remuneration Policy in place for this term was duly applied. 71. Variable Remuneration Variable annual and variable multi-annual remuneration apply to the Executive Directors. Variable annual and multi-annual remuneration will be a percentage of fixed annual component, with a superior weight for multiannual vs. annual component (120% vs. 80%).
068 Part I Individual Annual Report 2023 Individual Management Report | Annex I Thus, the value of the variable remuneration may range between 0% and 85% of the 80% in the case of the annual variable, and between 0% and 85% of the 120% in the case of the multi-annual variable. Such percentages are applied over the gross annual fixed remuneration. According to the Remuneration Policy approved by the General Shareholders’ Meeting, the maximum variable remuneration (annual and multi-annual) is applicable if all the KPI’s were achieved, and the performance evaluation is equal or above 110%. The key performance indicators (KPIs) used to determine the amounts of the annual and multi - annual variable remuneration for each year of the term are proposed by the Appointments, and Remunerations Committee with the aim of aligning them with the strategic pillars of the Company: growth, risk control and efficiency. The KPIs considered for the variable remuneration paid in 2023 (as a result of the performance developed in 2022), as well as those to be considered in 2024 for the appraisal of the performance of year 2023 were the following: 5 The policy has considered the labour conditions and the remuneration of the Company employees in order to define its terms, and in particular, has established this KPI, that includes the results of the Climate Survey launched to the employees in which the satisfaction level with the performance and applicable conditions is reflected. CLUSTER KEY PERFORMANCE INDICATOR CEO / CFO WEIGHT WEIGHT EDPR RESULTS Total Share- holder return 15% 100% TSR vs. Wind peers & PSI 20 100% 96% Shareholders 80% 60% Operating Cash Flow (€ million) 10% 76% AR/Sell-down + Tax Equity (€ million) 10% 98% EBITDA+ sell down gains (€ million) 10% 120% Net Profit (€ million) 10% 120% Core Opex Adjusted (€ thousand/MW) 10% 93% Projects with FID (% of total ’19-’22 additions in BP) 10% 111% Clients 10% Renewable Capacity Built (in MW) 10% 0% Assets & Oper- ations 10% Technical Energy Availability (%) 5% 98% Capex per MW (€ thousand) 5% 97% Environment & Communities 5% Certified MW (%) 5% 100% Innovation & partners 5% H&S frequency rate (employees + contractors) 5% 84% People 5 Management 10% People Management 10% 108% Remuneration Committee 5% 100% Appreciation remuneration committee 100% 100%
069 Part I Individual Annual Report 2023 Individual Management Report | Annex I 72. Deferral period applicable to variable Remuneration In line with corporate governance practices, the Remuneration Policy incorporates the deferral for a period of three years of the multi-annual variable remuneration, being the relevant payment conditioned to the lack of any willful illicit action, known after the appraisal and which endangers the sustainable performance of the company. 73. Variable Remuneration based on shares EDPR has not allocated variable remuneration on shares and does not maintain Company shares that the Executive Directors have had access to. 74. Variable Remuneration based on options EDPR has not allocated variable remuneration on options. 75. Annual Bonus and non-monetary benefits The key factors and grounds for any annual bonus scheme are described on topics 71 and 72. No non-monetary benefits are paid by EDPR to its Board Members, except for a company car for the Chairman of the Board of Directors (whose total related cost for four years was borne and reported in in 2021) and the retirement savings plan for Executive Directors referred in the following section. It is disclosed, as recommended by VI.2.3. of the IPGC, that no additional costs were incurred by the Company in connection with the termination of Miguel Setas' mandate in 2023. 76. Retirement Savings Plan The retirement savings plan applicable to 2023, which is included within the Remuneration Policy applicable for such term was defined and proposed by the Appointments and Remunerations Committee to the Board of Directors for its submission to the General Shareholder’s Meeting, which was duly approved. For the Executive Directors of EDPR (Miguel Stilwell d’ Andrade and Rui Teixeira) it was stablished in a 5% of the fixed fee under the Management Services Agreement. For the year 2023, EDPR paid a fee to EDP under the Management Services agreement of 27,500€ corresponding to the retirement saving plan of Miguel Stilwell d’ Andrade, and of 18,000€ corresponding to the retirement saving plan of Rui Teixeira. IV. Remuneration disclosure 77. Board of Directors remuneration Below the list of EDPR Directors that composed the Board during 2023, and the amounts paid by EDPR either (i) as remuneration to them for their functions at the Board level or (ii) as fee to EDP under the Management Services Agreement for their services (not remuneration). The following figures reflect the period of 2023 in which each relevant Director was member of the Board: DIRECTOR REMUNERATION FEES MANAGEMENT SERVICES AGREEMENT EDP-EDPR EXECUTIVE DIRECTORS FIXED COMPONENT VARIABLE COMPONENT Miguel Stilwell d’ Andrade 0€- 550,000€* 455,835€ Rui Teixeira 0€- 360,000€* 344,250€ NON-EXECUTIVE DIRECTORS FIXED COMPONENT António Mota 230,000€ - Vera Pinto Pereira 0€- 65,000€* - Ana Paula Marques 0€- 65,000€* - Miguel Setas (***) 0€- 21,667€* - Manuel Menéndez 65,000€ - Acácio Piloto (**) 120,000€ - Allan J.Katz (**) 75,000€ - Rosa García (**) 110,000€ -
070 Part I Individual Annual Report 2023 Individual Management Report | Annex I DIRECTOR REMUNERATION FEES MANAGEMENT SERVICES AGREEMENT EDP-EDPR José Morgado (**) 110,000€ - Kay Mc Call (**) 75,000€ - Sub-Total 785,000€ 1,061,667€ 800,085€ Total 2,646,752€ *These amounts correspond to the service fee paid by EDPR to EDP under the Management Services Agreement for the services rendered in 2023 by such director. In addition, EDPR pays to EDP a 5% of such service fee which is applied to the retirement savings plan for Executive Directors described in topic 76 of this Chapter 5 of the Annual Report. **These Directors also received remuneration for their participation in the Delegated Committees that is detailed at Chapter 6 of this Annual Report. *** Miguel Setas presented the resignation to his positions as Board Members with effects April 12th, 2023, and therefore the amounts indicated in the table above reflect the remuneration accrued in 2023 until his resignation. 78. Remuneration from other Group Companies The members of the Board of Directors as of end of December 2023 do not receive any payment from any company under EDPR control or subject to EDPR common control. 79. Remuneration paid in form of profit sharing and/or bonus payments In EDPR there is no payment of remuneration in the form of profit sharing and/or bonus payments and the reasons for said bonuses or profit sharing being awarded. 80. Compensation for contract termination of Executive Board Members In 2023 there was no compensation paid or owed to former Executive Directors concerning contract termination during the financial year. Should be noted for these purposes that in 2022, the General Shareholders’ Meeting approved the Remuneration Policy to be applied for 2023-2025 under which, except as provided in section below, is specifically established that no severance payment shall be made to Directors for termination of their duties before the end of the term of office for which they were appointed, and that Executive Directors shall not sign contracts, either with EDPR or with third parties, that have the effect of mitigating the risk inherent in the variability of the remuneration set by EDP. Considering the terms laid down by law and market practice, and approved under the Remuneration Policy for 2023-2025, as on the remuneration of Executive Directors in the event of early termination of office it has been established that: In the event of termination for reasons not attributable to the Executive Director, he/she shall be entitled to receive the full fixed component until the end of the term of office for which he/she was elected, and the variable component accrued until the date of termination of office, but shall lose the right to receive any other benefits inherent to the effective exercise of functions for periods of annual or multi-annual performance not completed in their entirety. In the event of resignation not arising from an early termination agreement with EDPR, the Executive Director shall be entitled to receive only the fixed and variable remuneration accrued up to the date of resignation, the payment of which shall be made on the same terms and conditions as for serving executive Directors. In the event of termination of service by agreement with EDPR whereby the Executive Director agrees to resign, the Executive Director shall be entitled to receive the amount agreed at that time, which shall not exceed (i) the amount of the fixed component until the end of the term of office, plus (ii) the full variable component for the annual or multi- year period payable after it is determined at the end of the relevant period, as if the Executive Director had remained in office. 81. Audit, Control and Related Party Transactions Committee Remuneration Except in the case of the Chairperson of the Board of Directors, the directors that are also members/chairperson of the Delegated Committees receive for these functions a complement to their fixed remuneration as members of the Board. Below the list of members of the Audit, Control and Related Party Transactions Committee as of December 31 st 2023, and the amounts paid by EDPR as remuneration to them for the functions performed at this body. COMMITEE MEMBER POSITION REMUNERATION Acácio Piloto Chairman 55,000€ Rosa García García Vocal 25,000€ José Félix Morgado Vocal 25,000€
071 Part I Individual Annual Report 2023 Individual Management Report | Annex I 82. Remuneration of the Chairperson of the General Shareholders’ Meeting In 2021 it was decided to adopt the general practice followed under the personal law of the Company (Spanish one) that allows the Shareholders Meeting to be chaired by the Board of Directors Chairman. Therefore, there are no additional remunerations applies for the chairmanship of the General Shareholders’ Meeting, as it is performed by the Chairperson of the Board of Directors (António Gomes Mota). 83-84 Agreements with remuneration implication. EDPR has no agreements with remuneration implication. For avoidance of doubt, the Company has not adopted any mechanism that imply payments or assumption of fees in the case of change in the composition of the managing body (Board of Directors), and which could be likely to harm the free transferability of shares and a shareholder assessment of the performance of the members of this managing body. 85-88 Share-allocation and/or Stock Option Plans. EDPR does not have any Share-Allocation and/or Stock Option Plans.
072 Part I Individual Annual Report 2023 Individual Management Report | Annex I E. Related-Party Transactions I. Control mechanisms and procedures 89. Related-Party Transactions Controlling Mechanisms The Spanish Companies Act sets the regulation and requirements for Related Party Transactions, including the definition of Related Party Transactions, and the approval and disclosure procedures of these type of operations. This definition of Related Party Transactions under Spanish Law considers those performed by a company or its subsidiaries, with Directors, shareholders holding a 10% or more of the voting rights or represented at the Board of the company, or with whomever that shall be considered as related party under the International Accounting Standards. With regards the competence to approve Related Party Transactions, as of such amendment, it has been stablished an assignation of competence to different governing bodies depending on the amount as follows: The Shareholders Meeting: transactions of an amount equal or above a 10% of the total assets according to the last annual balance sheet. These transactions shall be submitted together with a supporting report issued by the Audit Committee of the Company. The Board of Directors: transactions of an amount below a 10% of the total assets according to the last annual balance sheet. These transactions shall be also submitted together with a supporting report issued by the Audit Committee of the Company. Delegated Bodies: the Board of Directors may delegate the approval of: (i) transactions performed between companies of the same group that are performed in the ordinary management of the company and under market conditions, and (ii) that are executed under contracts with standardized terms that are wholesale applied to a high number of clients under prices or tariffs generally established by the supplier of the goods or services, the amount of which does not exceed the 0.5% of the net amount of the annual company business value. 6 To this extent the following shall be considered as Key Employees: (i) the members of the Management Team of EDP Renováveis, S.A., (ii) the General Secretary of the Company, (iii) the Directors of Internal Audit, Compliance and Internal Control, Global Risk, Finance, ACT, Planning and Control, Investor Relations, Legal, IT, as well as (iv) any other that the Audit, Control, and Related Party Transactions Committee may designate. The transactions approved by the delegated body will not require the issuance of the Audit Committee report, but the Board shall establish a periodic internal reporting and control procedure involving the Audit Committee, which will verify the fairness and transparency of the transactions and the compliance with the applicable legal criteria. In light of the above, on July 27 th , 2021, the Board of Directors approved to implement the necessary adjustments in the process of analysis and approval of Related Party Transactions, and in particular resolved to take the following decisions: To approve the delegation in the Audit, Control and Related Party Transactions Committee of the competence to approve Related Party Transactions that are delegable under the law. To approve a procedure for reporting and control of such transactions involving the Audit, Control and Related Party Transactions Committee. To approve a new definition of Related Party Transactions to be regulated under the Audit, Control and Related Party Transactions Committee, considering as Related Party the following:(i) any company of the EDP Group, (ii) any company in which both EDPR SA and a Related Party have a stake, (iii) any shareholder holding a 10% or more of the voting rights or with representation at the Board of the Company, and (iv) any party deemed as related Party under the International Accounting Standards, including without limitation, Board members, Key Employees 6 and Relatives 7 . In order to formalize the above referred delegations, to amend article 8.B. (“Nature and Competence”) of the Regulations of the Audit, Control and Related Party Transactions Committee including the necessary competences to perform its duties, as follows: i. Analise and, where appropriate, approve the (i) (a) intragroup transactions or (b) transactions performed between EDPR Group and EDP Group when their amount is below 10% of the total assets at the last annual balance sheet approved by the company, as long as they are in the ordinary management of the company and under market conditions. (ii) transactions executed under contracts with standardized terms that are wholesale applied to a high number of clients under prices or tariffs generally established by the supplier of the goods or services, and which amount does not exceed the 0,5% of the net annual company turnover, and ii. Periodically inform the Board of Directors about the transactions approved by this Committee in the exercise of the above referred delegation, stating the fairness 7 To this extent the following shall be considered as Relatives: the spouse or assimilated partners of a Board Member and or/ of a Key Employee, the children of a Board Member and/or of a Key Employee, or of his/her spouse or assimilated partner, as well as the dependent individuals of the Board Member and/or Key Employee or of his/her spouses or assimilated partners.
073 Part I Individual Annual Report 2023 Individual Management Report | Annex I and transparency of such transactions, and as the case may be, the compliance with the applicable legal criteria. iii. Analise and inform about any modification of the Framework Agreement signed by EDP and EDP Renováveis on 7 May 2008. 8 iv. Submit a report to the Board of Directors of the Company regarding the Related Party Transactions that shall be approved by the Board of Directors of EDPR SA or by its Shareholder’s Meeting in accordance with the law, and that shall include: (i) the information regarding the nature of the operation and the relation with the Related Party, (ii) the identity of the Related Party, the date and value or amount of the compensation of the transaction, and any other information necessary to appraise if the operation is fair and reasonable for the company and for the shareholders that are not Related Parties. v. Request EDP for access to the information needed to perform its duties. It should be also noted that in accordance with article 13.3 of the Regulations of the Audit, Control and Related Party Transactions Committee, the resolutions adopted by this committee are reported to the Board of Directors at the first Board meeting held following the meeting of the committee in which such proposals were discussed. That means that in case there are Related Party Transactions, they are reported to the Board of Directors at least every quarter (maximum period elapsed between Board of Directors Meeting in accordance with Article 22 of its Regulations). 90. Transactions subject to control during 2023 During 2023, EDPR has not signed any contracts with the members of its corporate bodies or with holders of qualifying holdings, excluding EDP, as mentioned below. The contracts signed between EDPR and its related parties have been analyzed by the Audit, Control and Related Party Transactions Committee according to its competences, as mentioned on the previous topic, and have been concluded according to the market conditions. The total amount of supplies and services in 2023 incurred with or charged by the EDP Group was EUR 44,293,208 thousand corresponding to 10% of the total value of Supplies & Services for the year (EUR 438,973,930 thousand). 8 This Framework Agreement was signed between EDP and EDPR in order to regulate the transactions closed between companies of EDP Group and EDPR Group, stating that in compliance with the transparency purposes for future investors, such shall continue to be The most significant contracts in force during 2023 are the following: Framework agreement The framework agreement was signed by EDP and EDPR on May 7 th 2008 and came into effect when the latter was admitted to trading. The purpose of the framework agreement is to set out the principles and rules governing the legal and business relations existing when it came into effect and those entered into subsequently. The framework agreement establishes that neither EDP nor the EDP Group companies other than EDPR and its subsidiaries can engage in activities in the field of renewable energies without the consent of EDPR. EDPR shall have worldwide exclusivity, with the exception of Brazil, where it shall engage its activities through a joint venture with EDP Energias do Brasil S.A., for the development, construction, operation, and maintenance of facilities or activities related to wind, solar, wave and/or tidal power, and other renewable energy generation technologies that may be developed in the future. Nonetheless, the agreement excludes technologies being developed in hydroelectric power, biomass, cogeneration, and waste in Portugal and Spain. It lays down the obligation to provide EDP with any information that it may request from EDPR to fulfil its legal obligations and prepare the EDP Group’s consolidated accounts. The framework agreement shall remain in effect for as long as EDP directly or indirectly owns more than 50% of the share capital of EDPR or appoints more than 50% of its Directors. Management services agreement On November 4 th , 2008 EDP and EDPR signed a Management Services Agreement that has been amended during the last years in accordance of the variations in the services rendered by EDP to the Company. Through this contract, EDP provides management services to EDPR, including matters related to the day-to- day running of the Company. As of 31 December 2023, under this agreement EDP renders management services corresponding to five (5) people from EDP which are part of EDPR’s Management: (i) two Executive Directors, who are also the CEO and CFO of EDPR, and (ii) two Non-Executive Directors (there were three Non-Executive Directors until April 12th, 2023, when Miguel Setas resigned), for which EDPR pays EDP an amount defined both by the Appointments and Remunerations Committee and by the Audit, Control and Related Party Transactions Committee, and approved by the Board of developed in line with the market prices, in an arm’s length basis, and following certain predefined principles and rules (considering criteria as parties involved, scope and amount).
074 Part I Individual Annual Report 2023 Individual Management Report | Annex I Directors and the Shareholders Meeting. Under this contract, EDPR incurred an amount of EUR 1,861,752 for the management services rendered in 2023. Finance agreements and guarantees The most significant finance agreements between EDP Group companies and EDPR Group companies were established under the above-described Framework Agreement and currently include the following: Loan agreements EDPR and EDPR Servicios Financieros SA (“EDPR SF” as the borrower) have loan agreements with EDP Finance BV and EDP Servicios Financieros España (“EDP SFE” as the lender), companies 100% owned by EDP. Such loan agreements can be established both in EUR and SGD, up to 10-year tenor and are remunerated at rates set at an arm’s length basis. As of December 31 st 2023, such loan agreements totaled USD 2,813,967,282 EUR 2,267,754,189 and SGD 1,000,000,000. Current account agreement EDPR SF and EDP SFE signed an agreement through which EDP SFE manages EDPR SF’s cash accounts. The agreement also regulates the current account scheme on arm’s length basis. As of December 31 st 2023, there are two different current accounts with the following balance and counterparties: in USD, for a total amount of USD 219,937,523 in favour of EDPR SF in EUR, for a total amount of EUR 338,081,671in favour of EDP SFE The agreements in place are valid for one year as of date of signing and are automatically renewed for equal periods. Counter-guarantee agreement A counter-guarantee agreement was signed, under which EDP or EDP Energias de Portugal S.A., Sucursal en España (hereinafter guarantor or EDP Sucursal) undertakes on behalf of EDPR, EDP Renewables Europe SLU (hereinafter EDPR EU), and EDP Renewables North America LLC (hereinafter EDPR NA) to provide corporate guarantees or request the issue of any guarantees, on the terms and conditions requested by the subsidiaries, which have been approved on a case by case basis by the EDP’s Executive Board. EDPR will be jointly liable for compliance by EDPR EU and EDPR NA. The subsidiaries of EDPR undertake to indemnify the guarantor for any losses or liabilities resulting from the guarantees provided under the agreement and to pay a fee established in arm’s length basis. Nonetheless, certain guarantees issued prior to the date of approval of these agreements may have different conditions. As of December 31 st 2023, such counter-guarantee agreements totaled in EUR equivalent 705,961,014. A counter-guarantee agreement was signed between EDPR Group and EDP Sucursal, under which, EDPR Group can request the issue of any guarantee, on the terms and conditions requested by the subsidiaries of EDPR. EDPR group undertake to indemnify the guarantor for any losses or liabilities resulting from the guarantees provided under this agreement and to pay a fee established in arm’s length basis. As of December 31 st 2023, the amount of guarantees issued under this agreement totalled EUR 2,629,249 Cross currency interest rate swaps Due to the net investments in North America, Canada, Brazil, United Kingdom, Poland, Romania and in Colombian companies, EDPR’s accounts were exposed to the foreign exchange risk. With the purpose of hedging this foreign exchange risk, EDPR Group companies settled the following Cross Currency Interest Rate Swap (CIRS). As of December 31 st 2023 the total amount of CIRS by geography and currency are as following: in USD/EUR, with EDP for a total amount of USD 3,142,365,770 in CAD/EUR, with EDP for a total amount of CAD 80,698,472 in BRL/EUR, with EDP for a total amount of BRL 1,222,500,000 in GBP/EUR, with EDP for a total amount of GBP 35,100,000 in PLN/EUR, with EDP for a total amount of PLN 526,338,966 Hedge agreements – exchange rate EDPR Group companies entered into several hedge agreements with EDP, with the purpose of managing the transactional exposure related to the short term or transitory positions, in Brazil, Colombian, Canada, Hungary, Chile, APAC, Polish, United Kingdom and other subsidiaries, with USD exposure, fixing the exchange rate mainly for USD and EUR, in accordance to the prices in the forward market in each contract date. As of December 31 st 2023, the total amount of Forwards (“FWDs”) and Non Delivery Forwards (“NDFs”) by geography and currency are as following:
075 Part I Individual Annual Report 2023 Individual Management Report | Annex I APAC operations, for EUR/JPY, a total amount of EUR 22,876,840.50 (FWDs), for EUR/KRW a total amount of EUR 4.108.622.95 (NDF), for EUR/SGD a total amount of EUR 54,478,473.65 (FWDs plus NDFs), and for EUR/TWD a total amount of EUR 22,179,858 (FWDs plus NDFs) for SGD/CNY a total amount of SGD 52,641,438.74 and for SGD/TWD a total amount of SGD 33,264,242.55. Brazilian operations, for EUR/BRL, a total amount of EUR 47,187,618 (NDFs) and, for USD/BRL, a total amount of USD 103,406,841.03 (NDF) Colombian operations, for EUR/COP, a total amount of EUR 224,233,467.35 (NDFs) and USD/COP a total amount of USD 137,165,369.08 (FWDs and NDFs) and EUR/USD a total amount of EUR 71.402.210,90 Canada operations, for USD/CAD, a total amount of USD 114.096.000 (FWDs) and EUR/CAD, a total amount of EUR 173,033,602 (FWDs) Hungary operations, for EUR/HUF, a total amount of EUR 16.121.795,42 (FWDs) Polish operations, for EUR/PLN, a total amount of EUR 238,287,567 (FWDs plus NDFs) and for USD/PLN, a total amount of USD 21,081,727(FWDs) United Kingdom operations, for GBP/EUR a total amount of EUR 182,281,511.31(FWDs) Chile operations, for EUR/USD, a total amount of EUR 8.257.444,07 (FWDs) Other Subsidiaries operations in Europe (Spain, Portugal, Italy and Netherlands), for EUR/USD, a total amount of EUR 99,708,256 (FWDs) Hedge agreements – commodities EDP and EDPR SA (and its affiliates) entered into hedge agreements (settled) in 2023 for a total volume of 2,605,438.41 MWh (sell position) and 42,794.00 MWh (buy position) at the forward market price at the time of execution related with the expected sales of energy in the Spanish market. Consultancy service agreement On June 4 th 2008, EDP and EDPR signed a consultancy service agreement. Through this agreement, and upon request by EDPR, EDP (or through EDP Sucursal) shall provide consultancy services in the areas of legal services, internal control systems, financial reporting, taxation, sustainability, regulation and competition, risk management, human resources, information technology, brand and communication, energy planning, accounting and consolidation, corporate marketing, and organizational development. The price of the agreement is calculated as the cost incurred by EDP plus a margin. For the first year, it was fixed at 8% based on an independent expert on the basis of market research. For 2023 the estimated cost of these services is EUR 14,687,322. This was the total cost of services provided for EDPR, EDPR EU, and EDPR NA. The duration of the agreement is one (1) year tacitly renewable for equal periods. Research and development agreement On May 13 th , 2008, EDP Inovação S.A. (hereinafter EDP Inovação), an EDP Group Company, and EDPR signed an agreement regulating relations between the two companies regarding projects in the field of renewable energies (hereinafter the R&D Agreement). The object of the R&D Agreement is to prevent conflicts of interest and foster the exchange of knowledge between companies and the establishment of legal and business relationships. The agreement forbids EDP Group companies other than EDP Inovação to undertake or invest in companies that undertake the renewable energy projects described in the agreement. The R&D Agreement establishes an exclusive right on the part of EDP Inovação to project and develop new renewable energy technologies that are already in the pilot or economic and/or commercial feasibility study phase, whenever EDPR exercises its option to undertake them. The fee corresponding to this agreement in 2023 is EUR 0. The agreement shall remain in effect for as long as EDP directly or indirectly maintains control of more than 50% of both companies or appoint the majority of the members of the Board and Executive Committee of the parties to the agreement. Management support services agreement between EDP Renováveis Portugal S.A., and EDP GLOBAL SOLUTIONS - GESTÃO INTEGRADA de Serviços S.A. On January 1 st , 2003, EDPR – Promoção e Operação S.A., and EDP Global Solutions - Gestão Integrada De Serviços S.A. (hereinafter EDP Global Solutions), an EDP Group Company, signed a management support service agreement. The object of the agreement is the provision to EDPR – Promoção e Operação S.A. by EDP Global Solutions of services in the areas of procurement, economic and financial management, fleet management, property management and maintenance, insurance, occupational health and safety, and human resource management and training.
076 Part I Individual Annual Report 2023 Individual Management Report | Annex I The remuneration accrued by EDP Global Solutions by EDPR Promoção e Operação S.A. and its subsidiaries for the services provided in 2023 totaled EUR 2,029,343. The initial duration of the agreement was five (5) years from date of signing on January 1 st 2008, and tacitly renewable for equal periods of one (1) year. Either party may renounce the contract with one (1) year’s notice. Information techonology management services agreement between EDP Renováveis S.A. and EDP Energias de Portugal S.A. There exists an IT management services agreement effective since January 1 st , 2020, which supersedes the existing IT management services agreement from that date. The object of the agreement is to provide to EDPR the information technology services described on the contract and its attachments by EDP. The amount incurred for the services provided in 2023 totaled EUR 6,514,952. The initial duration of the agreement is one (1) year from date of signing and it is tacitly renewed for a new period of one (1) year. Either party may renounce the contract with one (1) month notice. Consultancy agreement between EDP Renováveis Brasil S.A., and EDP Energias do Brasil S.A. The object of the agreement is to provide to EDP Renováveis Brasil S.A. (hereinafter EDPR Brasil) the consultancy services described on the contract and its attachments by EDP – Energias do Brasil S.A. (hereinafter EDP Brasil). Through this agreement, and upon request by EDPR Brasil, EDP Brasil shall provide consultancy services in the areas of legal services, internal control systems, financial reporting, taxation, sustainability, regulation and competition, risk management, human resources, information technology, brand and communication, energy planning, accounting and consolidation, corporate marketing, and organizational development. The amount incurred by EDP Brasil for the services provided in 2023 totalled BRL 293,524. The initial duration of the agreement is one (1) year from the date of signing and it is tacitly renewed for a new period of one (1) year. General Services Agreement between EDPR Renováveis S.A. and EDP Energias de Portugal, S.A. Sucursal en España On October 1 st , 2023, EDPR and EDP Energias de Portugal Sucursal en España signed a General Services Agreement. The object of the agreement is the provision by EDPR of preventive and corrective maintenance of the offices leased by EDP in Edificio Adequa, Avenida de Burgos, 89 (Madrid), as well as the management of accuses to the facilities, the supply of food and the use of canteen. The remuneration accrued by EDPR Group by EDP Sucursal for the services provided in 2023 under this agreement totaled EUR 67,400. The duration of the agreement is unlimited from date of signing. Sub-lease Agreement between EDPR Renováveis S.A. and EDP Energias de Portugal, S.A. Sucursal en España Since 2023EDPR Group and EDP Energias de Portugal Sucursal en España entered in a Sub-lease Agreement on the offices leased by EDP in Edificio Adequa, Avenida de Burgos, 89 (Madrid). The remuneration accrued by EDPR by EDP Sucursal for the sub-lease provided in 2023 under this agreement totaled EUR 1,670,124.10. The duration of the ends on December 31 st , 2028. Additional Transactions analysed in 2023 Likewise, in the development of the delegation made by the Board of Directors to the Audit, Control and Related Party Transactions Committee regarding the supervision of Related Party Transactions, during 2023, the following were analyzed and approved by this body, and further reported to the Board of Directors: PPA between EDP Renováveis though EDP Renovables España S.L.U (Seller) and EDP- Energias de Portugal S.A. (Buyer) for Lomillas solar hybrid project, located in Spain with a total capacity of 32MWac. PPA between EDP Renováveis though EDP Renovables España S.L.U (Seller) and EDP- Energias de Portugal S.A. (Buyer) for 4 solar projects, Palma, Pedregal, La Herrera, Señora de la Paz, located in Spain with a total capacity of 79.43MWac.
077 Part I Individual Annual Report 2023 Individual Management Report | Annex I PPA between EDP Renováveis though EDP Renováveis Portugal (Seller) and EDP- Energias de Portugal S.A. (Buyer) for Monte de Vez solar hybrid project, located in Portugal with a total capacity of 18.8MWac. Termination of the agreement with GEM for solar hybrid projects (Cesaredas, Charneca das Lebres and Serra da Carva), located in Portugal. Amendment to the current account agreement signed between EDP Servicios Financieros España S.A. (Lender) and EDP Renováveis Servicios Financieros S.A. (Borrower) to update the interest in accordance with the currents markets rates. Framework agreement for financial transactions between EDP Renováveis, S.A. and EDP Energias de Portugal, S.A. Contract between EDP Renovavéis, S.A. and EDP Energias de Portugal, S.A. Sucursal en España for the provision of services in Madrid offices. Shared use contract between EDP Renovables España, S.L.U. and Viesgo Distribución Eléctrica, S.L. for the use of a part of the Sierra del Acebo wind farm substation for the instalation of a communications cabinet. PPA between EDP Renováveis though EDP Renewables Italia Holding S r l (Seller) and EDPGEM PORTUGAL, S.A. (Buyer) for Monte di Eboli (10.65MWdc) and Boccadoro (9.77MWdc) solar PV project, located in Italy. Market representation agreement for Coentral-Safra Sobreequipamento (EDP Renováveis Portugal, S.A) as generator with GEM (EDP GEM Portugal, S.A.) as Market Agent. Amendment to the current account agreement signed between EDP Servicios Financieros España S.A. (Lender) and EDP Renováveis Servicios Financieros S.A. (Borrower) to update the interest in accordance with the currents markets rates. New Long-Term Loans with EDP Group with a maximum amount of SGD 1.000M. Rollover Pre-Hedge of EUR 212M derivatives for 6 Months. EDP Group spreads update to new long-term intercompany loans (EDP to EDPR). Brazil: Contract between EDP Renováveis (through EDP Renováveis Brasil S.A.) and EDP - Energias do Brasil S.A. (through EDP Trading Comercialização e Serviços de Energia S.A. (EDPT)) for the sale of energy from Monte Verde wind cluster in 2023. Brazil: Termination of the PPA between EDP Renováveis (through EDP Renováveis Brasil S.A.) and EDP - Energias do Brasil S.A. (through EDP Trading Comercialização e Serviços de Energia S.A. (EDPT)) for the sale of energy from Monte Verde wind cluster in 2023. Portugal: Market representation agreement for Alto da Coutada Sobreequipamento (Eólica da Coutada II, S.A.) as generator with GEM (EDP GEM Portugal, S.A.) as Market Agent. Five PPAs between EDP Renováveis (Seller), through EDPR Renovables España S.L. U. and EDP – GEM PORTUGAL, S.A (Buyer) for Oliva, Viñas, Tudela I, Tudela II and Isar Yudego projects and, one PPA beteween EDPR Europe. S.L.U and EDP EDP – GEM PORTUGAL, S.A. for Las Sardas project. Sale of Guarantees of Origin (GOs) between EDPR Europe S.L.U. and EDPR PT - Promoção e Operação, S.A.as selling parties (EDPR) and EDP Energia Italia s.r.l. as buying party (EDPC Italy). Long term hedge in Spain for Operational assets from 2024 between EDPR Servicios Financieros SL and EDP SA. Environmental Attributes Transfer Agreement between EDP Renewables S.A. and its subsidiaries and EDP GEM PORTUGAL S.A. Market Access Services Agreement between EDP Renewables S.A. and its subsidiaries, and EDP GEM PORTUGAL S.A. Energy Transfer Master Agreement between EDP Renewables S.A. and its subsidiaries and EDP GEM PORTUGAL S.A. Short term hedge in Spain for Operational assets for 2024 between EDP Renewables S.A. and its subsidiaries and EDP GEM PORTUGAL S.A. Market representation agreement for Cerca SF (Fotovoltaica Lote A, S.A.) as generator with GEM (EDP GEM Portugal, S.A.) as Market Agent. Amendment to the current account agreement signed between EDP Servicios Financieros España S.A. (Lender) and EDP Renováveis Servicios Financieros S.A. (Borrower) to update the interest in accordance with the currents markets rates. New Long-Term (LT) Shareholder Loan (SHL) of EUR 500M (5Y Tenor). Alto da Coutada short-term hedge in 2H2023. EDPR/OW: UK Moray East - Partial Hedging. MOU between EDPR, EDP and the Generation Business Units for hydrogen projects in thermal generation transition sites- Early Repayment of 3 Shareholder Loans, in a total amount of USD 280m, between EDP Finance BV, S.A. and EDP Renováveis Servicios Financieros S.A. New PPA contractual conditions to be applied on PPAs between EDPR and GEM. PPA between EDP Renováveis through Farma Fotowoltaiczna Budzyn sp z o. o. and EDPGEM PORTUGAL, S.A. (Buyer) for for Budzyn PV project, located in Poland.
078 Part I Individual Annual Report 2023 Individual Management Report | Annex I 1-year Market representation contract between EDP Renováveis, through EDPR Spain and its SPVs (Seller) and (ii) EDP Spain (Buyer), for the Spanish portfolio. Portugal: Market representation agreement for Monte de Vez (Malhadizes Energia Eólica, S.A.) as generator with GEM (EDP GEM Portugal, S.A.) as Market Agent. PPA between EDP Renováveis (Seller), through Ekoenergia Solar 3 sp z o. o. and EDPGEM PORTUGAL, S.A. (Buyer) for Recz project (composed by Recz North and Recz South PV projects), located in Poland. Extension of up to 800 MUSD of EURUSD XCCY Swaps. Amendment to the current account agreement signed between EDP Servicios Financieros España S.A. (Lender) and EDP Renováveis Servicios Financieros S.A. (Borrower) to update the interest in accordance with the currents markets rates. Auto PV pilot project between EDP Inovação SA, EDP Renováveis SA, EDP Renovables España SLU. 91. Description of the procedures applicable to the supervisory body for the assessment of the business deals. Non applicable. II. Data on business deals 92. Details of the place where the financial statements including information on business dealings with related parties are available, in accordance with IAS 24, or alternatively a copy of said data. The information on business dealings with related parties is available on Note 39 of the Financial Statements.
079 Part I Individual Annual Report 2023 Individual Management Report | Annex I PART II – Corporate Governance Assessment I. Details of the Corporate Governance code implemented Following the protocol signed between the CMVM and the Portuguese Institute of Corporate Governance (IPCG) on October 13 th , 2017, the CMVM revoked its Corporate Governance Code (2013), which was replaced by a single applicable code, the new Corporate Governance Code of the IPCG, which entered into force on January 1 st , 2018, and that was reviewed in 2020 and recently in 2023. For the purposes of the proper preparation of corporate governance reports for the year beginning in 2023, and to be reported in 2024, they should continue to be prepared in accordance with the structure of contents referred the annex to CMVM Regulation No. 4/2013 available at the CMVM website (www.cmvm.pt). The report template is divided into two parts: Part I - mandatory information on shareholder structure, organisation and governance of the company. This information shall be referred within points 1 to 92 of this Corporate Governance Report in accordance with the structure included in that Annex. Part II - Corporate governance assessment: should include a declaration in which they must: (i) identify the applicable code, (ii) state whether or not they adhere to each of the recommendations of this code and, (iii) with respect to recommendations that do not follow, explain reasonably why. The agreement between CMVM and IPCG on the new Corporate Governance Code may be found on the Protocol signed on October 13 th , 2017, which is available at the website of CMVM (http://www.cmvm.pt/). Likewise, the reviewed version Corporate Governance Code of the IPCG is published on the website of IPCG and of the Monitoring Committees (https://cam.cgov.pt/) II. Analysis of Compliance with the Corporate Governance code implemented The following table shows the recommendations set forth in the Corporate Governance Code of the IPCG and indicates EDPR’s compliance with it and the place in this report in which they are described in more detail. Also in order to comply with the best Corporate Governance recommendations, and according to the results of the reflection made by the Appointments and Remunerations Committee, the governance model that was adopted has been ensuring an effective performance and articulation of EDPR Governing Bodies and proved to be adequate to the Company’s governance structure without any constraints to the performance of its checks and balances system adopted to justify the changes made in the governance practices of EDPR. The explanation of the Corporate Governance Code of the IPCG recommendations that EDPR does not adopt or that the Company deems not applicable, reasoning and other relevant comments as well as reference to the part of the report where the description may be found, are in the table below.
080 Part I Individual Annual Report 2023 Individual Management Report | Annex I In this context, EDPR states that it has adopted the Corporate Governance recommendations on the governance of listed companies provided in the Corporate Governance Code of the IPCG, with the exceptions indicated in the following table. CORPORATE GOVERNANCE RECOMMENDATIONS - STATEMENT OF COMPLIANCE CHAPTER I · COMPANY’S RELATIONSHIP WITH SHAREHOLDERS, INTERESTED PARTIES AND THE COMMUNITY AT LARGE I.1. The company specifies in what terms its strategy seeks to ensure the fulfilment of its long-term objectives and what are the main contributions resulting herefrom for the community at large. Adopted Chapter 2.2. of the Management Report I.2. The company identifies the main policies and measures adopted with regard to the fulfilment of its environmental and social objectives. Adopted Section B- II, c) Topic 29 CHAPTER I I · COMPOSITION AND FUNCTIONING OF THE CORPORATE BODIES II.1. Information II.1.1. The company establishes mechanisms to adequately and rigorously ensure the timely circulation or disclosure of the information required to its bodies, the company secretary, shareholders, investors, financial analysts, other stakeholders and the market at large. Adopted Section B - II, a) Topic 15 Section C) -III, Topic 55 Section C-IV, Topic 56 Section C-V, Topics 59 – 65 II.2. Diversity in the Composition and Functioning of the Corporate Bodies II.2.1. Companies establish, previously and abstractly, criteria and requirements regarding the profile of the members of the corporate bodies that are adequate to the function to be performed, considering, notably, individual attributes (such as competence, independence, integrity, availability and experience), and diversity requirements (with particular attention to equality between men and women), that may contribute to the improvement of the performance of the body and of the balance in its composition. Adopted Section B-II, a) Topics 16 and 29 II.2.2. The management and supervisory bodies and their internal committees are governed by regulations – notably regarding the exercise of their powers, chairmanship, the frequency of meetings, operation and the duties framework of their members – fully disclosed on the website of the company, whereby minutes of the respective meetings shall be drawn up. Adopted Section B-II, a) Topic 15 II.2.3.
081 Part I Individual Annual Report 2023 Individual Management Report | Annex I CORPORATE GOVERNANCE RECOMMENDATIONS - STATEMENT OF COMPLIANCE The composition and number of meetings for each year of the management and supervisory bodies and of their internal committees are disclosed on the website of the company. Adopted Section B-II, a) Topic 15 Section B-II b), Topic 23 Section B-II, c) Topic 29 Section B – III, b) Topic 35 Section C-V, Topics 59 – 65 II.2.4. The companies adopt a whistle-blowing policy that specifies the main rules and procedures to be followed for each communication and an internal reporting channel that also includes access for nonemployees, as set forth in the applicable law. Adopted Section C-II, Topic 49 II.2.5. The companies have specialised committees for matters of corporate governance, remuneration, appointments of members of the corporate bodies and performance assessment, separately or cumulatively. If the Remuneration Committee provided for in Article 399 of the Portuguese Commercial Companies Code has been set up, the present Recommendation can be complied with by assigning to said committee, if not prohibited by law, powers in the above matters. Adopted Section B - II, a) Topic 15 Section B-II, c), Topics 27 and 29 II.3. Relations between Corporate Bodies II.3.1. The Articles of Association or equivalent means adopted by the company set out the mechanisms to ensure that, within the limits of the applicable laws, the members of the management and supervisory bodies have permanent access to all necessary information to assess the performance, situation and development prospects of the company, including, specifically, the minutes of the meetings, the documentation supporting the decisions taken, the convening notices and the archive of the meetings of the executive management body, without prejudice to access to any other documents or persons who may be requested to provide clarification. Adopted Section B-II, a) Topic 15 II.3.2. Each body and committee of the company ensures, in a timely and adequate manner, the interorganic flow of information required for the exercise of the legal and statutory powers of each of the other bodies and committees. Adopted Section B-II, a) Topic 15 Section B-II, c) Topic 29 II.4 Conflicts of Interest II.4.1. By internal regulation or an equivalent hereof, the members of the management and supervisory bodies and of the internal committees shall be obliged to inform the respective body or committee whenever there are any facts that may constitute or give rise to a conflict between their interests and the interest of the company. Adopted Section B-II, a) Topic 18
082 Part I Individual Annual Report 2023 Individual Management Report | Annex I CORPORATE GOVERNANCE RECOMMENDATIONS - STATEMENT OF COMPLIANCE II.4.2. The company adopts procedures to ensure that the conflicted member does not interfere in the decision-making process, without prejudice to the duty to provide information and clarification requested by the body, committee or respective members. Adopted Section B-II, a) Topic 18 II.5. Transactions with Related Parties II.5.1. The management body discloses, in the corporate governance report or by other publicly available means, the internal procedure for verification of transactions with related parties. Adopted Section E-I, Topic 89 CHAPTER I I I · SHAREHOLDERS AND GENERAL MEETING III.1. The company does not set an excessively large number of shares to be entitled to one vote and informs in the corporate governance report of its choice whenever each share does not carry one vote. Adopted Section B-I, b) Topics 12 and 13 III.2. The company that has issued special plural voting rights shares identifies, in its corporate governance report, the matters that, pursuant to the company’s Articles of Association, are excluded from the scope of plural voting. Not applicable Section B-I, b) Topic 12 III.3. The company does not adopt mechanisms that hinder the passing of resolutions by its shareholders, specifically fixing a quorum for resolutions greater than that foreseen by law. Adopted Section B-I, b) Topic 14 III.4. The company implements adequate means for shareholders to participate in the general meeting without being present in person, in proportion to its size. Adopted Section B-I, b) Topic 13 III.5. The company also implements adequate means for the exercise of voting rights without being present in person, including by correspondence and electronically. Adopted Section B-I, b) Topic 13 III.6. The Articles of Association of the company that provide for the restriction of the number of votes that may be held or exercised by one single shareholder, either individually or jointly with other shareholders, shall also foresee that, at least every five years, the general meeting shall resolve on the amendment or maintenance of such statutory provision – without quorum requirements greater than that provided for by law – and that in said resolution, all votes issued are to be counted, without applying said restriction. Not applicable Section A-I, Topic 5 Section B-I, b) Topic 12
083 Part I Individual Annual Report 2023 Individual Management Report | Annex I CORPORATE GOVERNANCE RECOMMENDATIONS - STATEMENT OF COMPLIANCE III.7. The company does not adopt any measures that require payments or the assumption of costs by the company in the event of change of control or change in the composition of the management body and which are likely to damage the economic interest in the transfer of shares and the free assessment by shareholders of the performance of the Directors. Adopted Section A-I, Topic 4 Section D - IV, Topic 80 Section D - V, Topics 83- 84 CHAPTER IV · MANAGEMENT IV.1. Management Body and Executive Directors IV.1.1. The management body ensures that the company acts in accordance with its object and does not delegate powers, notably with regard to: i) definition of the corporate strategy and main policies of the company; ii) organisation and coordination of the corporate structure; iii) matters that shall be considered strategic due to the amounts, risk and particular characteristics involved. Adopted Section A -II, Topic 9 IV.1.2. The management body approves, by means of regulations or through an equivalent mechanism, the performance regime for executive directors applicable to the exercise of executive functions by them in entities outside the group. Adopted Section B-II, b) Topic 26 IV.2. Management Body and Non-Executive Directors IV.2.1. Notwithstanding the legal duties of the chairman of the board of directors, if the latter is not independent, the independent directors – or, if there are not enough independent directors, the non- executive directors – shall appoint a coordinator among themselves to, in particular (i) act, whenever necessary, as interlocutor with the chairman of the board of directors and with the other directors, (ii) ensure that they have all the conditions and means required to carry out their duties, and (iii) coordinate their performance assessment by the administration body as provided for in Recommendation VI.1.1.; alternatively, the company may establish another equivalent mechanism to ensure such coordination. Not applicable Section B-II, a) Topic 18 IV.2.2. The number of non-executive members of the management body shall be adequate to the size of the company and the complexity of the risks inherent to its activity, but sufficient to ensure the efficient performance of the tasks entrusted to them, whereby the formulation of this adequacy judgement shall be included in the corporate governance report. Adopted Section B-II, a) Topic 18 IV.2.3. The number of non-executive directors is greater than the number of executive directors. Adopted Section B-II, a) Topic 18
084 Part I Individual Annual Report 2023 Individual Management Report | Annex I CORPORATE GOVERNANCE RECOMMENDATIONS - STATEMENT OF COMPLIANCE IV.2.4. The number of non-executive directors that meet the independence requirements is plural and is not less than one third of the total number of non-executive directors. For the purposes of the present Recommendation, a person is deemed independent when not associated to any specific interest group in the company, nor in any circumstances liable to affect his/her impartiality of analysis or decision, in particular in virtue of: i. Having carried out, continuously or intermittently, functions in any corporate body of the company for more than twelve years, with this period being counted regardless of whether or not it coincides with the end of the mandate. ii. Having been an employee of the company or of a company that is controlled by or in a group relationship with the company in the last three years. iii. Having, in the last three years, provided services or established a significant business relationship with the company or with a company that is controlled by or in a group relationship with the company, either directly or as a partner, director, manager or officer of a legal person. iv. Being the beneficiary of remuneration paid by the company or by a company that is controlled by or in a group relationship with the company, in addition to remuneration stemming from the performance of the functions of director. v. Living in a non-marital partnership or being a spouse, relative or kin in a direct line and up to and including the 3rd degree, in a collateral line, of directors of the company, of directors of a legal person owning a qualifying stake in the company or of natural persons owning, directly or indirectly, a qualifying stake. vi. Being a holder of a qualifying stake or representative of a shareholder that is holder of a qualifying stake. Explain Section B-II, a) Topic 18 IV.2.5. The provisions of paragraph (i) of the previous Recommendation do not prevent the qualification of a new Director as independent if, between the end of his/her functions in any corporate body and his/her new appointment, at least three years have elapsed (cooling-off period). Adopted Section B-II, a) Topic 18 CHAPTER V · SUPERVISION V.1. With due regard for the competences conferred to it by law, the supervisory body takes cognisance of the strategic guidelines and evaluates and renders an opinion on the risk policy, prior to its final approval by the administration body. Adopted Section A -II, Topic 9 and 29 Section C -III, Topic 54 V.2.
085 Part I Individual Annual Report 2023 Individual Management Report | Annex I CORPORATE GOVERNANCE RECOMMENDATIONS - STATEMENT OF COMPLIANCE The number of members of the supervisory body and of the financial matters committee should be adequate in relation to the size of the company and the complexity of the risks inherent to its activity, but sufficient to ensure the efficiency of the tasks entrusted to them, and this adequacy judgement should be included in the corporate governance report. Adopted Section B-II, a) Topic 18 Section C -III, Topic 54 CHAPTER VI · PERFORMANCE ASSESSMENT, REMUNERATION AND APPOINTMENTS VI.1. Annual Performance Assessment VI.1.1. The management body – or committee with relevant powers, composed of a majority of non- executive members – evaluates its performance on an annual basis, as well as the performance of the executive committee, of the executive directors and of the company committees, taking into account the compliance with the strategic plan of the company and of the budget, the risk management, its internal functioning and the contribution of each member to that end, and the relationship between the bodies and committees of the company. Adopted Section A -II, Topic 9 Section B-II b), Topic 24 Section D – I Topic 66 Section D – III, Topic 71 VI.2 Remunerations VI.2.1. The company constitutes a remuneration committee, whose composition shall ensure its independence from the board of directors, whereby it may be the remuneration committee appointed pursuant to Article 399 of the Portuguese Commercial Companies Code. Adopted Section B - II, c) Topic 27 Section B- II, c) Topic 29 Section D - I, Topic 66 VI.2.2. The remuneration of the members of the management and supervisory bodies and of the company committees is established by the remuneration committee or by the general meeting, upon proposal of such committee. Adopted Section D – I, Topic 66 Section D – III, Topic 69 VI.2.3. The company discloses in the corporate governance report, or in the remuneration report, the termination of office of any member of a body or committee of the company, indicating the amounts of all costs related to the termination of office borne by the company, for any reason, during the financial year in question. Adopted Section D -I, Topic 75 VI.2.4. In order to provide information or clarification to shareholders, the president or another member of the remuneration committee shall be present at the annual general meeting and at any other general meeting at which the agenda includes a matter related to the remuneration of the members of bodies and committees of the company, or if such presence has been requested by shareholders. Adopted Section B-I, a) Topic 11 Section B-II, a) Topic 29 VI.2.5.
086 Part I Individual Annual Report 2023 Individual Management Report | Annex I CORPORATE GOVERNANCE RECOMMENDATIONS - STATEMENT OF COMPLIANCE Within the budget constraints of the company, the remuneration committee may freely decide to hire, on behalf of the company, consultancy services that are necessary or convenient for the performance of its duties. Adopted Section D – II Topic 67 VI.2.6. The remuneration committee ensures that such services are provided independently. Adopted Section D – II Topic 67 VI.2.7. The providers of said services are not hired by the company itself or by any company controlled by or in group relationship with the company, for the provision of any other services related to the competencies of the remuneration committee, without the express authorisation of the committee. Adopted Section D – II Topic 67 VI.2.8. In view of the alignment of interests between the company and the executive directors, a part of their remuneration has a variable nature that reflects the sustained performance of the company and does not encourage excessive risk-taking. Adopted Section D – III, Topics 70 -72 VI.2.9. A significant part of the variable component is partially deferred over time, for a period of no less than three years, and is linked to the confirmation of the sustainability of performance, in terms defined in the remuneration policy of the company. Adopted Section D – III, Topic 72 VI.2.10. When the variable remuneration includes options or other instruments directly or indirectly subject to share value, the start of the exercise period is deferred for a period of no less than three years. Not applicable Section D – III, Topics 73 and 74 VI.2.11. The remuneration of non-executive directors does not include any component whose value depends on the performance of the company or of its value. Adopted Section D – III, Topic 69 Section D – IV, Topic 77 VI.3. Appointments VI.3.1. The company promotes, in the terms it deems adequate, but in a manner susceptible of demonstration, that the proposals for the appointment of members of the corporate bodies are accompanied by grounds regarding the suitability of each of the candidates for the function to be performed. Adopted Section B-II, a) Topics 16, 17 VI.3.2. The committee for the appointment of members of corporate bodies includes a majority of independent directors. Adopted Section B- II, c) Topic 29
087 Part I Individual Annual Report 2023 Individual Management Report | Annex I CORPORATE GOVERNANCE RECOMMENDATIONS - STATEMENT OF COMPLIANCE VI.3.3. Unless it is not justified by the size of the company, the task of monitoring and supporting the appointments of senior managers shall be assigned to an appointment committee. Adopted Section B- II, c) Topic 29 VI.3.4. The committee for the appointment of senior management provides its terms of reference and promotes, to the extent of its powers, the adoption of transparent selection processes that include effective mechanisms for identifying potential candidates, and that for selection those are proposed who present the greatest merit, are best suited for the requirements of the position and promote, within the organisation, an adequate diversity including regarding gender equality. Adopted Section B-II, a) Topics 16, 17 CHAPTER VI I · INTERNAL CONTROL VII.1. The management body discusses and approves the strategic plan and risk policy of the company, which includes setting limits in matters of risk-taking. Adopted Section A -II, Topic 9 Section C) - III, Topic 52 VII.2. The company has a specialised committee, or a committee composed of specialists in risk matters, which reports regularly to the management body. Adopted Section C) –III, Topic 54 VII.3. The supervisory body is organised internally, implementing periodic control mechanisms and procedures, in order to ensure that the risks effectively incurred by the company are consistent with the objectives set by the administration body. Section B -III,b), Topic 35 Section C– III, Topic 52 VII.4. The internal control system, comprising the risk management, compliance, and internal audit functions, is structured in terms that are adequate to the size of the company and the complexity of the risks inherent to its activity, whereby the supervisory body shall assess it and, within the ambit of its duty to monitor the effectiveness of this system, propose any adjustments that may be deemed necessary. Adopted Section B- II, c) Topic 29 Section B- III, Topic 30 Section B -III, b), Topic 35 Section C– III, Topics 50-55 VII.5. The company establishes procedures of supervision, periodic assessment and adjustment of the internal control system, including an annual assessment of the degree of internal compliance and performance of such system, as well as the prospects for changing the previously defined risk framework. Adopted Section C) -III, Topics 52, 54, 55 VII.6.
088 Part I Individual Annual Report 2023 Individual Management Report | Annex I CORPORATE GOVERNANCE RECOMMENDATIONS - STATEMENT OF COMPLIANCE Based on its risk policy, the company sets up a risk management function, identifying (i) the main risks to which it is subject in the operation of its business, (ii) the probability of their occurrence and respective impact, (iii) the instruments and measures to be adopted in order to mitigate such risks, and (iv) the monitoring procedures, aimed at following them up. Adopted Section C) – III, Topics 52 – 55 Chapter 2 of this Annual Report VII.7. The company establishes processes to collect and process data related to the environmental and social sustainability in order to alert the management body to risks that the company may be incurring and propose strategies for their mitigation. Adopted Section B- II, c) Topic 29 VII.8. The company reports on how climate change is considered within the organisation and how it takes into account the analysis of climate risk in the decision-making processes. Adopted Section B- II, c) Topic 29 VII.9. The company informs in the corporate governance report on the manner in which artificial intelligence mechanisms have been used as a decision-making tool by the corporate bodies. Adopted Section B- II, Topic 23 VII.10. The supervisory body pronounces on the work plans and resources allocated to the services of the internal control system, including the risk management, compliance, and internal audit functions, and may propose adjustments as deemed necessary. Adopted Section B- II, Topic 29 Section B – III, b) Topic 35 VII.11. The supervisory body is the addressee of reports made by the internal control services, including the risk management, compliance, and internal audit functions, at least when matters related to accountability, identification or resolution of conflicts of interest and detection of potential irregularities are concerned. Adopted Section B- II, Topic 29 Section B – III, b) Topic 35 CHAPTER VIII · INFORMATION AND STATUTORY AUDIT OF ACCOUNTS VIII.1. Information VIII.1.1. The regulations of the supervisory body requires that the supervisory body monitors the suitability of the process of preparation and disclosure of information by the management body, including the appropriateness of accounting policies, estimates, judgements, relevant disclosures and their consistent application from financial year to financial year, in a duly documented and reported manner. Adopted Section B- II, Topic 29 Section B – III, b) Topic 35 VIII.2. Statutory Audit and Supervision
089 Part I Individual Annual Report 2023 Individual Management Report | Annex I CORPORATE GOVERNANCE RECOMMENDATIONS - STATEMENT OF COMPLIANCE VIII.2.1. By means of regulation, the supervisory body defines, in accordance with the applicable legal regime, the supervisory procedures to ensure the independence of the statutory auditor. Adopted Section B- II, c) Topic 29 Section B – III, c) Topics 37 and 38 Section B – IV-V, Topics 45, 46 and 47 VIII.2.2. The supervisory body is the main interlocutor of the statutory auditor within the company and the first addressee of the respective reports, and is competent, namely, for proposing the respective remuneration and ensuring that adequate conditions for the provision of the services are in place within the company. Adopted Sections B – II, c) Topic 29 Section B – V, Topics 45, 46 VIII.2.3. The supervisory body annually evaluates the work carried out by the statutory auditor, its independence and suitability for the exercise of its functions and shall propose to the competent body its dismissal or termination of the contract for the provision of its services whenever there is just cause to do so. Adopted Section B – II, c) Topic 29 Section B – III a), Topic 30 Section B – III, c) Topics 37 and 38 Section B- IV- V, Topic 45
090 Part I Individual Annual Report 2023 Individual Management Report | Annex I Curriculum vitae of the Board of Directors EDP Renováveis, S.A. Full Name ANTÓNIO GOMES MOTA Position Independent Board Member and Chairman of the Board of Directors – EDP Renováveis, S.A. Chairman of the Appointments, Remunerations and Corporate Governance Committee – EDP Renováveis, S.A. Academic Qualifications PhD in management – ISCTE, University Institute of Lisbon MBA – Nova School of Business and Economics Bachelor’s degree in management – ISCTE, University Institute of Lisbon Skills and Experience Non-executive director and Chair of Nominations and Remuneration Committee – CIMPOR Non-executive director as member of the Supervisory Board and Chair of the Audit Committee – EDP Non-executive director as Chair of the Audit Committee and then as Chairman of the Board – CTT Dean – ISCTE Business School He has been a consultant for large corporations in the areas of corporate restructuring and valuation, regulation, corporate governance and remuneration policies President – Portuguese Institute of Corporate Governance He is the author of several books in the areas of corporate finance, investments and risk management and a regular invited speaker at professional and industry conferences Current External Appointments Full Professor of finance – ISCTE Business School Chair of the Audit Committee – MYSTICINVEST HOLDING Chair of the Remuneration Committee – PHAROL, SGPS
091 Part I Individual Annual Report 2023 Individual Management Report | Annex I Full Name MIGUEL STILWELL D’ANDRADE Position CEO – EDP – Energias de Portugal, S.A. CEO – EDP Renováveis, S.A. Academic Qualifications MBA – MIT Sloan (2003) MEng with Distinction – University of Strathclyde (1998) Skills and Experience President of the Board of Directors of EDP Energias do Brasil, S.A (current) Vice-Chairman of Board of Directors – EDP Renováveis, S.A. (current) CFO – EDP – Energias de Portugal S.A. (2018-2021) Member of Executive Board of Directors – EDP – Energias de Portugal S.A. (since 2012) Member of Board of Directors – EDP – Energias do Brasil (2018-2020) CEO – EDP Comercial and EDP Soluções Comerciais, S.A. (2012-2018) CEO – Hidroeléctrica del Cantábrico (Spain) (2012-2018) CEO – Naturgás Energia Grupo (2012-2015) Member of Board of Directors – EDP Distribuição (2009-2012) Member of Board of Directors – EDP Inovação, EDP Ventures (2007-2012) Strategy, M&A and Corporate Development – EDP – Energias de Portugal S.A. (2000-2001 and 2003-2009) UBS Investment Bank (1998-2000) Current External Appointments Member of the Executive Committee of WBCSD (since 2023) and Vice-Chair (since 2024) Member of the Alliance of CEO Climate Leaders Co-Chair of the European Clean Hydrogen Alliance Member of the Business Roundtable Portugal Member of General Council of FAE – Forum de Administradores e Gestores de Empresas Member of the Board of Governors – St. Julian’s School
092 Part I Individual Annual Report 2023 Individual Management Report | Annex I Full Name RUI MANUEL RODRIGUES LOPES TEIXEIRA Position CFO – EDP - Energias de Portugal, S.A. CFO – EDP Renováveis, S.A. Academic Qualifications Advanced Management Programme – Harvard Business School (2013) MBA – Nova University, Lisbon (2001) Naval Architecture and Marine Engineering Graduate – Instituto Superior Técnico, Lisbon (1995) Skills and Experience Member of Board of Directors – EDP Renováveis, S.A. (current) Vice Chairman of Executive Board of Directors – Ocean Winds (current) Member of Board of Directors – EDP - Energias do Brasil, S.A (current) Member of Board of Directors – EDP España (current) Member of Executive Board of Directors – EDP (since 2015) CEO – EDP España S.A.U. (2018-2021) CEO – EDP - Gestão da Produção de Energia, S.A. (2015-2020) Member of Board of Directors – EDP Renováveis, S.A. (2008-2015) Head of Corporate Planning and Control – EDP (2004-2007) Consultant – McKinsey & Company (2001-2004) Ship Surveyor – Det Norske Veritas (1997-2001) Commercial – Gellweiler – Sociedade de Equipamentos Marítimos e Industriais, Lda. (1996-1997) Current External Appointments Strategic Board Member – ISEG MB Vice-Chairman of the Board – BCSD Portugal
093 Part I Individual Annual Report 2023 Individual Management Report | Annex I Full Name VERA DE MORAIS PINTO PEREIRA CARNEIRO Position Member of Executive Board of Directors – EDP - Energias de Portugal S.A. Non-executive Member of Board of Directors - EDP Renováveis, S.A. Academic Qualifications Executive Education Program – Harvard Business School (2021) MBA – INSEAD Fontainebleau (2000) Economics Degree and Post-Graduate Degree – Nova University, Lisbon (1996 and 1998) Skills and Experience CEO – EDP Comercial – Comercialização de Energia, S.A. (current) Chairman of the Board of Directors– Fundação EDP (current) Member of Board of Directors – EDP Energias do Brasil, S.A. (current) Member of Board of Directors – EDP España S.A.U. (current) Executive Vice-President and General Director Portugal & Spain and Member of Executive Leadership Team Europe & Africa – Fox Networks Group (2014-2018) Member of Board of Directors – Pulsa Media (2014-2018) Head of TV Business Unit – MEO (2007-2014) Head of TV Business Unit – TV Cabo – PT Multimédia (2003-2007) Founder – Innovagency Consulting (2001-2003) Mercer Management Consulting (today Oliver Wyman) (1996-1999) Current External Appointments Board Member – Charge Up Europe Board Member – Fundação Alfredo de Sousa Board Member – Confederação Empresarial de Portugal
094 Part I Individual Annual Report 2023 Individual Management Report | Annex I Full Name ANA PAULA GARRIDO DE PINA MARQUES Position Member of Executive Board of Directors – EDP - Energias de Portugal S.A Non-executive Member of Board of Directors – EDP Renováveis S.A. Academic Qualifications Executive Education Program – IMD in Lausanne and Harvard Business School (2009, 2008, 2005) MBA – INSEAD (2002) Degree in Economics – Faculdade de Economia do Porto (1991-1996) Skills and Experience CEO – EDP - Gestão da Produção de Energia, S.A. (current) CEO – EDP España, S.A.U. (current) CEO – EDP Labelec - Estudos, Desenvolvimento e Actividades Laboratoriais, S.A. (current) Member of Board of Directors – EDP - Energias do Brasil, S.A. (current) Executive Vice-President – NOS (2019-2021) Executive Board Member – NOS (2013-2019) Non-Executive Board Member – Sport TV (2016-2020) President – APRITEL (Associação Portuguesa de Operadores de Telecomunicações) (2011-2014) Executive Board Member – Optimus (2010-2013) Marketing and Sales Director (Mobile Residential Business Unit) and Brand Director – Optimus (2002-2008) SMEs Business Unit Director – Optimus (1998-2001) Marketing – Procter & Gamble (1996-1998) Current External Appointments Board Member – Eurelectric President of the Board – Elecpor Board Member – AELEC Board Member – Enerclub (Club Español de la Energía) Member of the General and Supervisory Board – Porto Business School Member of the General Board – COTEC Portugal Member of the General Board – Instituto Português de Corporate Governance Non-Executive Board Member – SOGRAPE
095 Part I Individual Annual Report 2023 Individual Management Report | Annex I Full Name MANUEL MENÉNDEZ MENÉNDEZ Position External Member of the Board of Directors – EDP Renováveis, S.A. Academic Qualifications PhD in Economic Sciences - University of Oviedo Degree in Economics and Business Administration -University of Oviedo Skills and Experience CEO – Unicaja Banco, S.A. CEO – Liberbank, S.A. Chairman – Cajastur Chairman – EDP España, S.A.U. Chairman – Naturgás Energía Grupo, S.A. Member of the Board – Confederación Española de Cajas de Ahorro (CECA) Member of the Board – AELÉC Member of the Board of Directors - EDP Renewables Europe, S.L.U. University Professor in the Department of Business Administration and Accounting - University of Oviedo Current External Appointments -
096 Part I Individual Annual Report 2023 Individual Management Report | Annex I Full Name ACÁCIO PILOTO Position Independent Member of the Board of Directors EDP Renováveis, S.A. Chairman of the Audit, Control and Related-Party Transactions Committee – EDP Renováveis, S.A. Academic Qualifications Degree in Law – Lisbon University Post- Graduation in Economic Law – Ludwig Maximilian University (scholarship Hanns Seidel Foundation, Munich) Post - Graduate in European Community Competition Law – Max Planck Institute (scholarship Hanns Seidel Foundation, Munich) INSEAD Executive Program Nova SBE Executive Program on Corporate Governance and Leadership of Boards Several professional education courses in banking, finance, and asset management, namely the International Banking School, Dublin and the Asset and Liability Senior Management Program, Merrill Lynch International, London Skills and Experience International Division – Banco Pinto e Sotto Mayor International and Treasury Division – Banco Comercial Português Head – BCP International Corporate Banking Member of the Executive Committee - AF Investimentos SGPS Chairman & CEO - AF Investimentos SGPS group companies: AF Investimentos, Fundos Mobiliários; AF Investimentos, Fundos Imobiliários; BPA Gestão de Patrimónios; BCP Investimentos International; AF Investimentos Internacional and Prime International Member – BCP Group Investment Committee Executive Board Member – BCP - Banco de Investimento, in charge of Investment Banking Treasurer and Head of Capital Markets - Millennium BCP Group Millennium BCP Chair – Group ALCO CEO – Millennium Gestão de Ativos SGFIM Chairman & CEO – Millennium SICAV, Luxembourg Chairman & CEO – BII International, Luxembourg Member of the Board of Directors and Member of the Audit Committee – INAPA IPG, S.A. Member of the Supervisory Board and Chairman of the Risk Committee – Caixa Económica Montepio Geral. Member of the Nominations and Remunerations Committee – EDP Renováveis, S.A. Member of the Related-Party Transactions Committee – EDP Renováveis, S.A. Current External Appointments Member of the General Board – Instituto Português de Corporate Governance (representing EDP Renováveis, S.A.)
097 Part I Individual Annual Report 2023 Individual Management Report | Annex I Full Name ALLAN KATZ Position Independent Member of the Board of Directors– EDP Renováveis, S.A. Academic Qualifications JD – Washington College of Law at American University in Washington DC (1974) Degree – UMKC (1969) Skills and Experience National Director of the Public Policy practice group – firm of Akerman Senterfitt Assistant Insurance Commissioner and Assistant State Treasurer – State of Florida Legislative Counsel – Congressman Bill Gunter and David Obey General Counsel – Commission on Administrative Review of the US House of Representatives Member of the Board – Florida Municipal Energy Association President - Brogan Museum of Art & Science in Tallahassee, Florida Board member – Junior Museum of Natural History in Tallahassee, Florida City of Tallahassee Commissioner First Chair – State Neurological Injury Compensation Association Member – State Taxation and Budget Commission City of Tallahassee Commissioner Ambassador of the United States of America to the Republic of Portugal Distinguished Professor – University of Missouri Kansas City Board Member – International Relation Council of Kansas City Current External Appointments Founder – the American Public Square Executive Committee Chair of the Academic and Corporate Board – ISCTE Business School in Lisbon Portugal Board Member – WW1 Commission Diplomatic Advisory Board Creator – Katz, Jacobs and Associates LLC (KJA) Frequent speaker and moderator on developments in Europe and on American Politics
098 Part I Individual Annual Report 2023 Individual Management Report | Annex I Full Name ROSA MARÍA GARCÍA GARCÍA Position Independent Member of the Board of Directors – EDP Renováveis, S.A. Member of the Audit, Control, and Related Party Transactions Committee – EDP Renováveis, S.A. Member of the Appointments, Remunerations and Corporate Governance Committee – EDP Renováveis, S.A. Member of the Environmental, Social and Governance Committee – EDP Renováveis, S.A. Academic Qualifications Bachelor’s degree in Mathematics – Universidad Autónoma de Madrid Skills and Experience She has more than thirty years of international experience in the fields of Information Technology, Energy, Infrastructure, and Manufacturing. The majority of her career was spent at Microsoft and at Siemens Director of Corporate Strategy – Microsoft working at the company's headquarters in Redmond United States (1996-1999) General Manager – Microsoft Worldwide Partner Group. She directed Microsoft's worldwide strategy for more than 640,000 independently owned-and-operated partner companies (1999-2002) Executive Chair - Microsoft in Spain (2002-2008) Consumer & Online Vice-President – Microsoft Western Europe (2008- 2011) Executive Chair – Siemens in Spain (2011-2018) Non-Executive Chair - Siemens Gamesa immediately after the merger of Siemens Wind Power and Gamesa (2017-2018) She has more than ten years of experience as a Non-Executive Director of the Board for several IBEX companies including Banesto, Bolsas y Mercados Españoles, Acerinox and Bankinter. In every company, she has been either a member of the audit and control committee or of the nominations and remuneration committee Non-Profit work: Member of the Board at the Asociación para el Progreso de la Dirección (2002-2019). President of the German Chamber of Commerce in Spain (2016-2018). Member of the Advisory Board for the Universidad Europea de Madrid and Vice- president of Consejo Social de la Universidad Carlos III de Madrid (2008-2018) Awarded by AED (the most prestigious Spanish CEO association) as “Spanish CEO of the Year” Awarded by the President of Germany the Cross of Merit, one of the highest civilian honor that can be granted in the country Current External Appointments Member of the Board – Mapfre and Sener Non-Executive Chair – Exolum
099 Part I Individual Annual Report 2023 Individual Management Report | Annex I Full Name JOSÉ MANUEL FÉLIX MORGADO Position Independent Member of the Board of Directors –EDP Renováveis S.A. Member of the Audit, Control, and Related Party Transactions Committee – EDP Renováveis S.A. Member of the Appointments and Remunerations Committee – EDP Renováveis, S.A. Member of the ESG Committee – EDP Renováveis, S.A. Academic Qualifications ESG IMD Programme Postgraduate degree in Corporate Governance – Universidade de Lisboa – Law Department International Directors Programme – IDP Certification Corporate Governance at INSEAD in Fontainebleau Degree in Business and Management – Universidade Católica Skills and Experience Employed in the investment banking arm of Midland Bank and HSBC (1984) Joined BCP Investimento in Lisbon as an investment banker and within Banco Comercial Português (1997-1999) Member of the Board and Chief Financial Officer – Seguros e Pensões SGPS, and member of the board of the insurance companies of the group in Portugal and Mozambique as well as Chairman of the Board of Império Vida y Diversos, S.A. (2000- 2005) Vice President and Chief Financial Officer – ONI SGPS (2005-2007) CEO – INAPA IPG SGPS (2007-2015) Chairman – EUGROPA, European Paper Merchant Association in Brussels (2012-2015) Board Member – REN – Redes Energéticas Nacionais SGPS (2011 - 2012) Chairman of the Board – OZ Energia, S.A. (2011 -2015) CEO - Banco Montepio (2015 - 2018) Member of the Board – Associação Portuguesa de Bancos (2015 - 2018) Current External Appointments Chairman of the Board – VERLINGUE – Corretores de Seguros Member of the Board – NORFIN – SGOIC Corporate Governance adviser of family-owned groups
100 Part I Individual Annual Report 2023 Individual Management Report | Annex I Full Name CYNTHIA KAY McCALL Position Independent Member of the Board of Directors –EDP Renováveis, S. A. Academic Qualifications Juris Doctor and Bachelor of Arts degrees – University of Houston Certificates in Sustainable Energy Development (2020), ESG for Energy Companies (2021) and the Hydrogen Economy (2021) -University of Houston Skills and Experience Senior energy industry executive – with broad expertise, including strategy, operational optimization, acquisitions, and governance; with more than a decade of experience in the renewable energy industry working in the conventional power, engineering and construction, and capital equipment manufacturing industries President, CEO and Board Member - Noble Environmental Power, LLC (2010-2018), a wind energy company backed by private equity Senior Vice President, General Counsel and Chief Compliance Officer – Noble Environmental Power, LLC (2008-2010) Member of the leadership team entrusted with addressing global governance and compliance issues – General Electric Company Current External Appointments Chairperson Board of Directors – Flexitallic Group Chairperson Board of Directors – Renewable Energy Alliance Houston Member of the Board of Advisors – University of Houston Bauer College of Business – Gutierrez Energy Management Institute Guest lecturer – on topics of leadership in energy at Texas A&M University, Rice University, and the University of Houston
101 Part I Individual Annual Report 2023 Individual Management Report | Annex I Full Name MARÍA GONZÁLEZ RODRÍGUEZ Position Secretary non-Member of the Board of Directors– EDP Renováveis, S.A. Executive Director – EDP Renováveis, S.A. Legal Department Academic Qualifications Bachelor of Laws (LL.B.) and Bachelor Degree in Economics - Universidad Pontificia de Comillas (ICADE) Executive Program – IE Business School International Directors Program – INSEAD Skills and Experi- ence Between 1997 and 2000 she worked as Corporate Lawyer at the Madrid office of Squire, Sanders & Dempsey LLP (American law firm) Between 2000 and 2008 she worked as Senior Lawyer at Duro Felguera, S.A. (Spanish EPC contractor, listed at the Spanish Stock Exchange) being responsible for its international legal area Joined EDPR Legal Department in 2008 Has served from 2019 as Vice-Secretary and from 2021 as Secretary of the Board of Directors and Board Committees Current External Appointments -
ANNEX II
102 Part I Individual Annual Report 2023
Part I Individual Annual Report 2023 Part I – Remuneration report | Index 103 Annex II - Remunerations Report Remunerations Report 104
104 Individual Annual Report 2023 Individual Management Report | Annex II Remuneration Report In compliance with both the Portuguese Securities Code, and the Spanish Companies Act, EDP Renováveis S.A. ("EDPR" or "Company") issues this Remuneration Report with the aim to provide a comprehensive view of the remuneration received by the members of its Governing Bodies, including all benefits, regardless of their form, attributed or due during the 2023 financial year. The Remuneration Policy of EDPR for 2023 was defined by its Appointments and Remunerations Committee and presented to its Board of Director for its final approval at the Shareholders’ Meeting level. Approval procedure of the Remunerations Policy of the Board of Directors The definition of the proposal of the Remuneration Policy for the members of the Board of Directors of EDPR is incumbent on the Appointments and Remunerations Committee which is a delegated body of the Board of Directors, that in order to avoid any conflict of interest, is entirely composed by non- executive and independent members. Under such competences this Committee takes the responsibility for proposing to the Board of Directors the determination of the remuneration of the Executive Directors of the Company; the Remuneration Policy, the evaluation and compliance of the KPI’s (Key Performance Indicators); the annual and multi annual variable remuneration, and also proposes the remuneration of the Non-Executive Directors and members of the Board Committees. As such, this Committee prepares a proposal that defines the remuneration to be attributed to Directors, with the purpose that it reflects the performance of each of them, establishing for the Executive Directors a variable component which is consistent with the maximization of the Company's long term performance (variable annual and multi-annual remuneration for a three-year period), for the achievement of the most challenging objectives of the business plan, thereby guaranteeing the alignment of the performance of the governing bodies with the interests of the shareholders. The Board of Directors is responsible for the approval of the above-mentioned proposals except to the extent it concerns the Remuneration Policy which is approved by the General Shareholders’ Meeting as an independent item of the agenda. As a Company integrated in a multinational business group, EDPR aims to maintain a solid culture that ensures the management, monitoring, control and supervision of the risks that the Group, its shareholders, employees, customers and, in general, all its stakeholders face, including those arising from the remuneration systems it adopts. EDPR adopts the transversal remuneration practices applied in EDP group, consistent and based on common principles that comply with the regulations applicable in the jurisdictions where it operates. As such, the remuneration systems applied, including those applicable to the Executive Directors, are defined to promote a culture of merit and high performance that ensures that people and teams are recognized, encouraged and awarded on the basis of responsibility, availability, loyalty and competence placed at Group’s service, ensuring actions aligned with the long-term interests of shareholders and promoting sustainable initiatives. The proposal for remuneration policy of the Executive Directors also aimed at simplifying, and provide transparency and clarity, favouring a complete understanding of the framework of principles and rules that constitute it, and which will be applied and evaluated by the Appointments and Remunerations Committee. Definition, revision and renewal of the Policy The definition of the Remuneration Policy of EDPR is submitted for approval by the General Meeting, on a proposal from the Board of Directors, based on the proposal presented by the Appointments and Remunerations Committee. Likewise, and in line with EDP Group corporate governance practices, EDPR has signed a Management Services Agreement with EDP under which the Company bears the cost for such services to some of the members of the Board of Directors (Executive and Non-Executive) to the extent their services are devoted to EDPR; and the Audit, Control and Related Party Transactions Committee (which is also entirely composed by non-executive and independent members) is involved in any revision and/or amendment of this agreement. The definition and possible proposals for revision of the Remuneration Policy by the Appointments and Remunerations Committee are based on the articulation of EDPR long- term objectives, measured according to its strategic plan at all times, in the conclusions of comparative remuneration studies with national listed companies and with foreign sectoral
105 Individual Annual Report 2023 Individual Management Report | Annex II peers and on an articulation of principles with the remuneration plan of other employees of the Group. The Appointments and Remunerations Committee may hire the external consultants and support necessary for the performance of comparative remuneration studies within the framework of directors' remuneration policies, assessing their conditions of independence for the provision of the services that may be requested. Regulatory Framework and principles of the Remuneration Policy applied in 2023 EDPR is a Spanish Company listed in a regulated stock exchange in Portugal. The corporate organization of EDPR is subject to its personal law and to the extent possible, to the recommendations contained in the Corporate Governance Code of the Instituto Português de Corporate Governance (“IPCG”). As such, the Company intends to comply with both legal systems but always taking into account that its personal law is the Spanish one, and that in case of discrepancy, the aim is to adopt the law that entails more protectionism for its shareholders. The Remuneration Policy applied in 2023 (duly approved by its Shareholders’ Meeting) complies comply with Article 26 – C of the Securities Code (as amended by Law No. 99 A/2021 of 31 st December), with article 529 novodecies of the Spanish Companies Act, with the IPCG Corporate Governance Code adopted by EDPR and with the international good practices, being aligned and consistent with the remuneration policy and remuneration practices applied to all employees of the Group. Total remuneration, and the remuneration model in general, should be competitive, aligned with the practices of the international electricity sector and the renewables market, facilitating the attraction and retention of talent, and the commitment to the challenges and ambitions of the company. A. Remuneration structure and disclosure Pursuant to Article 26 of the Company’s Articles of Association the Directors shall be entitled to a remuneration which consists of a fixed amount to be determined annually by the General Shareholders’ Meeting for the whole Board of Directors. This article also establishes the possibility of the Directors of receiving attendance fees or being remunerated with Company shares, share options, or other securities granting the right to obtain shares or by means of share-indexed remuneration systems. In any case, the system chosen must be approved by the General Shareholders’ Meeting and comply with current legal provisions. The remuneration policy applicable for 2023 defines a structure with a fixed remuneration for all members of the Board of Directors, whereas for the Executive Directors defines a fixed and a variable remuneration, with an annual component, and a multi-annual component. The Non-Executive Directors only receive a fixed remuneration, which is calculated on the basis of their work exclusively as Directors or, if such is the case, considering their membership/chairmanship of the Appointments and Remunerations Committee, the Audit, Control and Related Party Transactions Committee and the Environmental, Social and Corporate Governance Committee. Except in the case of the Chairperson of the Board of Directors, the directors that are also members/chairperson of the Delegated Committees receive for these functions a complement to their fixed remuneration as members of the Board. As already indicated, EDPR has signed a Management Services Agreement with EDP, under which the Company bears the cost for such services to some of the members of the Board of Directors to the extent their services are devoted to EDPR. In 2023 these Directors were Miguel Stilwell d’Andrade and Rui Teixeira (Executive Directors), and Vera Pinto, Ana Paula Marques and Miguel Setas (non-Executive Directors). The latter served until April 12 th , 2023, the date of his resignation. The total amount of the remunerations that the Company will pay to its Directors shall not exceed the amount determined by the General Shareholders’ Meeting. For these purposes, the General Shareholders' Meeting held on May 13 th , 2008, set a maximum annual amount for the Board of Directors for fixed remuneration of EUR 2,500,000; and at its meeting held on April 8 th , 2014, also resolved to establish a maximum annual amount for variable remuneration of EUR 1,000,000 for executive directors. For 2023 onwards, the maximum annual amount for fix and variable remuneration for the Board of Directors has been set in EUR 3,500,000 by the approval of the General Shareholders’ Meeting held on March 31 st, 2022. This amount results of the merge of the former EUR 2,500,000that was stablished for fix renumeration and the EUR 1,000,000 that was established for variable annual remuneration.
106 Individual Annual Report 2023 Individual Management Report | Annex II I) Remuneration of EDPR Directors for their functions as Members of the Board This section includes the information regarding the remuneration received by EDPR Board members in 2023 for their functions at the Board of Directors. Fixed component – base remuneration Conditions The fixed remuneration of the members of the Board of Directors is aligned with the base salary strategy practiced by a number of companies comparable to EDPR, the national market and the international electricity sector; in terms of size, market capitalization, risk profile, relevance and geographical implementation, while also considering, at all times, the complexity of the functions performed, the remuneration conditions of its employees and the non-increase of the average market pay gap between workers and administrators. The Non-Executive Directors only receive a fixed remuneration, which is calculated on the basis of their work as Directors and if such is the case, a complement as Member or Chairperson of the Appointments and Remunerations Committee, the Audit, Control and Related Party Transactions Committee and/or the Environmental, Social and Corporate Governance Committee. Such amounts are cumulative, except for the Chairman of the Board of Directors who does not receive any complement derived from his role at any Committee. Figures 2023 Hereunder it is detailed the list of EDPR Directors that composed the Board during 2023, and the amounts paid by EDPR either (i) as remuneration to them or (ii) as fee to EDP under the Management Services Agreement for their services (not remuneration), for their functions performed at the Board of Directors level: FIXED COMPONENT DIRECTOR REMUNERATION FEES MANAGEMENT SERVICES AGREEMENT EDP-EDPR EXECUTIVE DIRECTORS Miguel Stilwell d’ Andrade 0€- 550,000€* Rui Teixeira 0€- 360,000€* NON-EXECUTIVE DIRECTORS António Mota 230,000€ Vera Pinto 0€- 65,000€* Ana Paula Marques 0€- 65,000€* Manuel Menéndez 65,000€ - Acácio Piloto (**) 65,000€ - Allan J.Katz (**) 65,000€ - Rosa García (**) 65,000€ - José Morgado (**) 65,000€ - Kay Mc Call (**) 65,000€ - Miguel Setas (***) 21,667€* Sub- Total 620,000€ 1,061,667€ Total 1,681,667€ *These amounts correspond to the service fee paid by EDPR to EDP under the Management Services Agreement for the services rendered in 2023 by such director. In addition, EDPR pays to EDP a 5% of such service fee which is applied to the retirement savings plan for Executive Directors described in topic 76 of this Chapter 5 of the Annual Report. **These Directors also received remuneration for their participation in the Delegated Committees that is detailed at section A) II) of this Chapter 6 of the Annual Report. *** Miguel Setas presented the resignation to his positions as Board Member with effects April 12 th , 2023, and therefore the amounts indicated in the table above reflect the remuneration accrued in 2023 until her resignation.
107 Individual Annual Report 2023 Individual Management Report | Annex II Variable component Conditions The annual variable remuneration has the nature of incentive/performance premium linked to financial and non-financial objectives (linked to the Business Plan and budget) of short- term, evaluated annually, reflecting in the year under analysis and possible repercussion in the following years, being paid in cash. The amount of the annual performance premium shall be determined within three months of the approval of EDPR's accounts at the ordinary General Meeting in each year, by reference to the previous year/annual performance period. Variable annual and multi-annual remuneration will be a percentage of fixed annual component, with a superior weight for multiannual vs. annual component (120% vs. 80%). Thus, the value of the variable remuneration may range between 0% and 85% of the 80% in the case of the annual variable, and between 0% and 85% of the 120% in the case of the multi-annual variable. Such percentages are applied over the gross annual fixed remuneration. According to the Remuneration Policy approved by the General Shareholders’ Meeting, the maximum variable remuneration (annual and multi-annual) is applicable if all the KPI’s were achieved, and the performance evaluation is equal or above 110%. In line with corporate governance practices, the Remuneration Policy incorporates the deferral for a period of three years of the multi-annual variable remuneration, being the relevant payment conditioned to the lack of any wilful illicit action, known after the appraisal and which endangers the sustainable performance of the company. The key performance indicators (KPIs) used to determine the amounts of the annual and multi – annual variable remuneration for each year of the term are proposed by the Appointments, and Remunerations Committee with the aim of aligning them with the strategic pillars of the Company: growth, risk control and efficiency. The remuneration policy establishes that the indicators shall be set in accordance with 6 clusters: (i) Shareholders, (ii) People, (iii) Environment & Communities, (iv) Assets and Operations, (v) Innovation & Partners, and (vi) Clients; each of such clusters shall have at least one indicator. The KPIs considered for the variable remuneration paid in 2022 (as a result of the The policy has considered the labour conditions and the remuneration of the Company employees in order to define its terms, and in particular, has established this KPI, that includes the results of the Climate Survey launched to the employees in which the satisfaction level with the performance and applicable conditions is reflected. performance developed in 2021), as well as those to be considered in 2023 for the appraisal of the performance of year 2022, were the following: CLUSTER KEY PERFORMANCE INDICATOR CEO / CFO WEIGHT WEIGHT EDPR RESULTS Total Shareholder return 15% 100% TSR vs. Wind peers & PSI 20 100% 96% Shareholders 80% 60% Operating Cash Flow (€ million) 10% 76% AR/Sell-down + Tax Equity (€ million) 10% 98% EBITDA+ sell down gains (€ million) 10% 120% Net Profit (€ million) 10% 120% Core Opex Adjusted (€ thousand/MW) 10% 93% Projects with FID (% of total ’19-’22 additions in BP) 10% 111% Clients 10% Renewable Capacity Built (in MW) 10% 0% Assets & Operations 10% Technical Energy Availability (%) 5% 98% Capex per MW (€ thousand) 5% 97% Environment & Communities 5% Certified MW (%) 5% 100% Innovation & partners 5% H&S frequency rate (employees + contractors) 5% 84% People1 Management 10% People Management 10% 108% Remuneration Committee 5% 100% Appreciation remuneration committee 100% 100%
108 Individual Annual Report 2023 Individual Management Report | Annex II Figures 2023 The variable remuneration only applies to Executive Directors, and the evaluation of compliance with the indicators and related level of performance is appraised by the Appointments and Remunerations Committee, which in turn submits it to the Board of Directors for approval. Variable Annual As of December 31 st 2023, the Executive Directors of EDPR were Miguel Stilwell d’Andrade and Rui Teixeira. As a result of the analysis of their performance, the following amounts were paid in 2023 by EDPR to EDP as management fee, for the variable annual component amounts accrued for their services provided in 2022: VARIABLE COMPONENT REMUNERATION DIRECTOR FEES MANAGEMENT SERVICES AGREEMENT EDP-EDPR EXECUTIVE DIRECTORS Miguel Stilwell d’ Andrade 0€ 455,835€ Rui Teixeira 0€ 344,250€ Total 800,085€ Variable multiannual The multiannual variable component (three years) applies to Executive Directors. As the current Executive Directors of EDPR (Miguel Stilwell d’ Andrade and Rui Teixeira) were appointed in 2021, no multiannual variable component was still paid to them for their functions performed at EDPR. Non-Monetary Benefits No non-monetary benefits are paid by EDPR to its Board Members, except for a company car for the Chairman of the Board of Directors, (whose total related cost for four years was borne and reported in 2021) and the retirement savings plan for Executive Directors referred in the following section. No non-monetary benefits have been paid to members of the Board of Directors who have resigned from their positions in the current year. Retirement Savings Plan The retirement savings plan applicable to 2023, which is included within the Remuneration Policy applicable for 2022 onwards, was defined and proposed by the Appointments and Remunerations Committee to the Board of Directors for its submission to the General Shareholder’s Meeting. For the Executive Directors of EDPR (Miguel Stilwell d’ Andrade and Rui Teixeira) it was stablished in a 5% of the fixed fee under the Management Services Agreement. For the year 2023, EDPR paid a fee to EDP under the Management Services agreement of 27,500€ corresponding to the retirement saving plan of Miguel Stilwell d’ Andrade, and of 18,000€ corresponding to the retirement saving plan Rui Teixeira. II) Remuneration of EDPR Directors for their functions as Members of the Delegated Committees Conditions In line with Spanish Law and as specifically foreseen in Article 10 of the Company’s Articles of Association, the Board of Directors of EDPR is entitled to create delegated bodies. The Board of Directors of EDPR has set up three committees that are composed exclusively by non-executive and independent members: Audit, Control and Related-Party Transactions Committee Appointments and Remunerations Committee Environmental, Social and Corporate Governance Committee Except in the case of the Chairperson of the Board of Directors, the directors that are also members/chairperson of the Delegated Committees receive for these functions a complement to their fixed remuneration as members of the Board.
109 Individual Annual Report 2023 Individual Management Report | Annex II Figures 2023 – Audit, Control and Related Party Transactions Committee Below the list of members of the Audit, Control and Related Party Transactions Committee as of December 31 st 2023, and the amounts paid by EDPR as remuneration to them for the functions performed at this body in 2023: COMMITEE MEMBER POSITION REMUNERATION Acácio Piloto Chairperson 55,000€ Rosa García García Vocal 25,000€ José Félix Morgado Vocal 25,000€ Figures 2023 – Appointments and Remunerations Committee Below the list of members of the Appointments and Remunerations Committee as of December 31 st 2023, and the amounts paid by EDPR as remuneration to them for the functions performed at this body in 2023. As indicated at the beginning of this section, the Chairman of this Committee, António Gomes Mota, does not receive a complement to its remuneration as Chairperson of the Board for the functions performed at this Committee: COMMITEE MEMBER POSITION REMUNERATION António Gomes Mota Chairperson 0 Rosa García García Vocal 10,000€ José Félix Morgado Vocal 10,000€ Figures 2023 – Environmental, Social and Corporate Governance Committee Below the list of members of the Environmental, Social and Corporate Governance Committee as of December 31 st 2023, and the amounts paid by EDPR as remuneration to them for the functions performed at this body in 2023. Likewise, as indicated at the beginning of this section, the Chairman of this Committee, António Gomes Mota, does not receive a complement to its remuneration as Chairperson of the Board for the functions performed at this Committee: COMMITEE MEMBER POSITION REMUNERATION António Gomes Mota Chairperson 0 Rosa García García Vocal 10,000 € José Félix Morgado Vocal 10,000 € Allan J. Katz Vocal 10,000 € Kay Mc Call Vocal 10,000 € B. Alignment of the application of the remuneration with the Remuneration Policy adopted. Contribution of the Remuneration Policy to the long-term performance of the Company and criteria taken into account. In 2023, the Board of Directors Remuneration Policy in place for this term was duly applied.
110 Individual Annual Report 2023 Individual Management Report | Annex II As a summary of all the above breakdowns detailed, it is hereby provided a summary table including the total amounts paid by EDPR in 2023 either (i) as remuneration to them for Director functions at the Board level and Delegated Committees or (ii) as fee to EDP under the Management Services Agreement for their services (not remuneration): DIRECTOR (I) REMUNERATION (II) FEES MANAGEMENT SERVICES AGREEMENT EDP-EDPR EXECUTIVE DIRECTORS FIXED COMPONENT ANNUAL VARIABLE COMPONENT RETIREMENT SAVINGS PLAN Miguel Stilwell d’Andrade - 550,000€* 455,835€ 27,500€ Rui Teixeira - 360,000€* 344.250€ 18,000€ NON-EXECUTIVE DIRECTORS António Mota 230,000€ Vera Pinto - 65.000€ Ana Paula Marques - 65,000€ Manuel Menéndez 65,000€ Acácio Piloto 120,000€ Allan J.Katz 75,000€ Rosa García 110,000€ José Morgado 110,000€ Kay Mc Call 75,000€ Miguel Setas 21,667€ Sub- Total 1 785,000€ 1,061,667€ 800,085€ 45,500€ Sub- Total 2 785,000€ 1,907,252€ Total 2,692,252€ The total amount paid by EDPR in 2023 either (i) as remuneration and (ii) as fee to EDP under the Management Services Agreement, for the services performed by its Directors as members of its Board (including the retirement savings plan) was of 1,907,252€, which is below the maximum amount agreed by the Shareholders’ Meeting for 2022 and subsequent years (2,500,000€). Likewise, the total amounts that were paid as fee to EDP under the Management Services Agreement for the variable remuneration paid to the Executive Directors in 2023 was of 800,085€ which is also aligned with the maximum amount agreed by the General Shareholders’ Meeting for these purposes (1,000,000€). The remuneration policy adopted by EDPR in 2022 also effective for 2023, included key elements to enhance a Company’s management performance not only focused on short- term objectives, but also incorporate as part of its results the interests of the Company and
111 Individual Annual Report 2023 Individual Management Report | Annex II of shareholders in the medium and long term. These elements are: (i) the definition of the indicators in accordance with the 6 clusters, (ii) the relative weight assigned to each KPIs to calculate annual and multiannual variable remuneration (iii) the relevance associated with the achievement of such KPIs (iv) the three-year term considered for determining the value of variable multi-annual component of the remuneration (v) the deferral in three years for the payment of the variable multi-annual as recommended by CMVM as a good corporate governance practices, as well as conditioning its payment to the fact of there has not been unlawful actions known after the performance evaluated that may jeopardize the sustainability of the company’s performance, (vi) the use of the qualitative criteria focused on a strategic and medium term perspective of the development of the Company, and (vii) the existence of a maximum limit for the variable remuneration. C. Performance of the company and remuneration average of the employees Average employees’ remuneration (€) Note: Exchange rate at constant values (average from 2015 to 2017) 3.72 EUR/BRL, applied to the period 2019 to 2023. D. Remuneration from other Group Companies The members of the Board of Directors as of end of December 2023 do not receive any payment from any company under EDPR control or subject to EDPR common control. E. Share-allocation and/or Stock Option Plans EDPR does not have any Share-Allocation and/or Stock Option Plans. F. Refund of a variable remuneration In line with corporate governance practices, the Remuneration Policy of EDPR incorporates the deferral for a period of three years of the multi-annual variable remuneration, being the relevant payment conditioned to the lack of any willful illicit action, known after the appraisal and which endangers the sustainable performance of the company. 5,388 5,315 5,384 5,651 5,843 2019 2020 2021 2022 2023 12% 36% 120% -3% -6% -9% 2018 2019 2020 2021 2022 2023 Total shareholder return
112 Individual Annual Report 2023 Individual Management Report | Annex II G. Compliance with the applicable Policy during 2023 The remuneration policy for 2023 was applied without exceptions since its approval in 2022. Other remunerations i) Remuneration of the Chairman of the General Shareholders’ Meeting Since 2021, EDPR decided to adopt the general practice followed under the personal law of the Company (Spanish one) that allows the Shareholders Meeting to be chaired by the Board of Directors Chairman. Therefore, there are no additional remunerations applies for the chairmanship of the General Shareholders’ Meeting, as it is performed by the Chairperson of the Board of Directors (António Gomes Mota). ii) External Auditor remuneration in 2023 for EDP Renováveis S.A. and subsidiaries According to the Spanish law, the External Auditor (“Auditor de Cuentas”) is appointed by the General Shareholders’ Meeting and corresponds to the statutory auditor body (“Revisor Oficial de Contas”) described on the Portuguese Law. As a result of a competitive process launched in 2017, and following the proposal of the Audit, Control and Related Party Transactions Committee to the Board of Directors, PricewaterhouseCoopers Auditores, S.L. was appointed as EDPR SA External Auditor by the Shareholder’s Meeting held on April 3rd, 2018. PricewaterhouseCoopers Auditores, S.L., is a Spanish Company registered at the Spanish Official Register of Auditors under number S0242 with Tax Identification Number B-79031290. The renewal of PricewaterhouseCoopers Auditores, S.L. as External Auditor of EDPR SA for years 2021, 2022 and 2023 was approved by EDPR’s Shareholders Meeting on April 12th, 2021, and the current audit partner in charge of EDPR is Antonio Velasco Dañobeitia. On July 2022, EDPR approved an internal regulation to rule the provision of services and relationship with the External Auditor, with regards to both audit and non-audit services to be hired, and the reporting and approval procedure to be applied. These regulations also establish the independence criteria to be considered. Figures 2023 SERVICE EUROPE NORTH AMERICA LATAM APAC TOTAL % Audit and statutory audit of accounts 1,809610€ 2,194,907€ 387,963€ 1,008,660€ 5,401,140€ 94,68% Other non-audit services 283,049€ 12,609€ 8,075€ - 303,733€ 5.032% Total 2,092,659€ 2,207,516€ 396,038€ 1,008,660€ 5,704,873€ 100% The amount of other non-audit services in Europe includes among others, services that refer to the entire Group such as the review of the internal control system on financial reporting and review of the non-financial information related to sustainability included in EDPR Annual Report, which are invoiced to a European company. This amount also includes the limited review as of June 30th, 2023 of the EDPR Consolidated Financial Statements and other reviews for Group consolidation purposes which are considered non-audit services according to the respective local regulation. Total amount for Europe includes 969,245 Euros of services provided by PricewaterhouseCoopers Auditores S.L. in Spain from which 693,197Euros refer to audit services and 276,048 Euros refer to non-audit services.
Part II Part II Part II Part II Financial Statements 113 Annual Report 2023 Financial Statements and Notes Solar Panels Installed on the Roof of Singapore's Public Housings Part II
Part II Individual Annual Report 2023 Part II – Financial Statements | Index 114 Part II Financial Statements Index 01 Individual Annual Accounts 115 Balance sheet 115 Income sheet 116 Statement changes in equity 117 Cashflow statement 118 Notes to the individual annual accounts 119
115 Annual Report 2023 Individual Annual Accounts Balance Sheet at 31 December 2023 THOUSAND EUROS NOTE 2023 2022 ASSETS Intangible assets 5 14,677 18,401 Property, plant and equipment 6 9,591 2,062 Non-current investments in Group companies and associates: 12,669,600 11,090,651 Equity instruments 8 12,669,307 11,078,231 Derivatives 11 69 8,996 Other financial assets 9 224 3,424 Non-current investments: 273 36,294 Equity instruments 9 - 5,940 Other financial assets 9 273 30,354 Deferred tax assets 18 31,190 37,782 Total non-current assets 12,725,331 11,185,190 Trade and other receivables: 9 186,364 137,577 Customers, Group companies and associates - current 67,845 41,567 Receivables from Group companies and associates 117,861 92,156 Other receivables 657 3,853 Other tax receivables 1 1 Current investments in Group companies and associates: 10.a 16,438 25,048 Derivatives 11 12,511 24,958 Other financial assets 9 3,927 90 Current investments 9 12 16 Prepayments for current assets 84 238 Cash and cash equivalents 12 861,230 750,110 Cash 861,230 750,110 Total current assets 1,064,128 912,989 Total assets 13,789,459 12,098,179 EQUITY AND LIABILITIES Capital and reserves: Share capital 13.a 5,119,891 4,802,791 Share premium 2,949,771 2,287,451 Reserves 1,556,569 1,563,347 Prior years' losses -324,923 -104,260 Profit/(loss) for the year -247,716 -220,663 Total capital 9,053,592 8,328,666 Fair Value Adjustments - 5,023 Total equity 9,053,592 8,333,689 LIABILITIES Non-current provisions: 731 2,366 Long-term employee benefits 14 731 2,366 Non-current debt: 120,829 238,123 Derivatives arranged with Group companies 11 34,502 148,321 Other financial liabilities 8 86,327 89,802 Non-current debt with Group companies and associates 16.a 3,908,382 2,868,334 Deferred tax liabilities 18 87,590 81,973 Total non-current liabilities 4,117,532 3,190,796 Current debt: 48,717 147,130 Derivatives arranged with Group companies 11 21,531 92,861 Other financial liabilities 27,186 54,269 Current debt with Group companies and associates 16.a 538,824 398,617 Trade and other payables: 30,794 27,947 Payables, Group companies and associates - current 16.c 13,021 9,461 Other payables 16.c 8,936 9,244 Personnel (salaries payable) 16.c 7,580 8,019 Other tax payables 18 1,257 1,223 Total current liabilities 618,335 573,694 Total equity and liabilities 13,789,459 12,098,179
116 Annual Report 2023 Individual Annual Accounts Income Statement for the year ended 31 December 2023 THOUSAND EUROS NOTE 2023 2022 CONTINUING OPERATIONS Revenues 21 232,130 127,780 Other operating income: 4,405 1,318 Non-trading and other operating income 4,405 1,318 Personnel costs: -42,034 -41,000 Salaries, wages and similar compensation -33,070 -33,476 Employee benefits expense 21.c -8,964 -7,524 Other operating expenses: -57,794 -48,221 External services 21.d -57,095 -46,625 Tax -101 -1,257 Other general expenses -598 -339 Amortisation and depreciation 5 and 6 -8,351 -6,457 Impairment and gains/(losses) on disposal: -157,582 -63,507 Investments 8 and 10 -157,582 -63,507 Net operating income -29,226 -30,087 Finance income: 9 380 1 From marketable securities and other financial instruments: 380 1 Other 380 1 Finance cost: 15 -251,114 -175,857 Group companies and associates -250,542 -172,310 Other -572 -3,547 Exchange gains and losses 10.d and 16.e -19,561 -73,316 Change in fair value of financial instruments 11 -952 -5,903 Impairment and gains/(losses) on disposal of financial instruments 11 24,070 17,560 Net finance cost/income -247,177 -237,515 Profit/(loss) before tax -276,403 -267,602 Income tax 18 28,687 46,939 Profit/(loss) for the year from continuing operations -247,716 -220,663 Profit/(loss) for the year -247,716 -220,663
117 Annual Report 2023 Individual Annual Accounts Statement of Changes in Equity for the year ended 31 December 2023 a. Statement of Recognised Income and Expense for the year ended 31 December 2023 THOUSAND EUROS NOTE 2023 2022 Net profit/(loss) for the year -247,716 -220,663 Total income and expense recognised directly in equity -18,444 5,023 Cash flow hedges 11 -24,592 6,697 Tax effect 6,148 -1,674 Total amounts transferred to the income statement 13,421 - Cash flow hedges 17,895 - Tax effect -4,474 - Total recognised income and expense -252,739 -215,640 b. Statement of Total Changes in Equity for the year ended 31 December 2023 THOUSAND EUROS 2023 ENTITY SHARE CAPITAL SHARE PREMIUM RESERVES PROFIT/(LOS S) IN PRIOR YEARS PROFIT/ (LOSS) FOR THE YEAR FAIR VALUE ADJUSTME NTS TOTAL Balance at 31 December 2022 4,802,791 2,287,451 1,563,347 -104,260 -220,663 5,023 8,333,689 Recognised income and expense - - - - -247,716 -5,023 -252,739 Capital contribution 317,100 682,900 -6,778 - - - 993,222 Allocation of income (Note 3) Reserves - - - -220,663 220,663 - - Dividends - -20,580 - - - - -20,580 Balance at 31 December 2023 5,119,891 2,949,771 1,556,569 -324,923 -247,716 - 9,053,592 THOUSAND EUROS 2022 ENTITY SHARE CAPITAL SHARE PREMIUM RESERVES PROFIT/(LOSS ) IN PRIOR YEARS PROFIT/ (LOSS) FOR THE YEAR FAIR VALUE ADJUSTME NTS TOTAL Balance at 31 December 2021 4,802,791 2,287,451 1,649,797 -8,789 -95,471 - 8,635,779 Recognised income and expense - - - - -220,663 5,023 -215,640 Capital contribution - - - - - - - Allocation of income (Note 3) Reserves - - - -95,471 95,471 - - Dividends - - -86,450 - - - -86,450 Balance at 31 December 2022 4,802,791 2,287,451 1,563,347 -104,260 -220,663 5,023 8,333,689
118 Annual Report 2023 Individual Annual Accounts Cash Flow Statement for the year ended 31 December 2023 THOUSAND EUROS NOTE 2023 2022 CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: Profit/(loss) for the year before tax -276,403 -267,602 Adjusted profit/(loss): 341,280 287,502 Amortisation and depreciation (+) 5 and 6 8,351 6,457 Gains/(losses) from disposals of investments 8 and 10 157,582 63,507 Finance income (-) -72,210 -19,978 Finance cost (+) 251,114 175,857 Exchange gains and losses (+/-) 10.d and 16.f 19,561 73,316 Change in fair value of financial instruments 11 952 5,903 Impairment and gains/(losses) on disposal of financial instruments (+/-) 11 -24,070 -17,560 Changes in operating assets and liabilities: -55,400 -26,977 Trade and other receivables (+/-) -58,211 -5,298 Other current assets 154 27 Trade and other payables (+/-) 2,657 -21,706 Other cash flows from (used in) operating activities: -167,374 -271,790 Interest paid (-) -236,162 -155,775 Interest received (+) 59,942 19,888 Derivative financial instruments received (paid) (+/-) -51,197 -156,948 Income tax received (paid) (+/-) 18 60,043 21,045 Cash flows from (used in) operating activities -157,897 -278,867 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: Payments for investments: (-) -2,207,695 -2,775,183 Group companies and associates -2,194,795 -2,742,876 Intangible assets -3,615 -1,729 Property, plant and equipment -9,285 -354 Other financial assets - -30,224 Proceeds from sale of investments: (+) 280,355 976,052 Group companies and associates 250,355 973,488 Other financial assets 30,000 2,564 Cash flows from (used in) financing activities -1,927,340 -1,799,131 CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: Proceeds from and payments for equity instruments 993,222 - Issue of equity instruments (+) 993,222 - Payments made and received for financial liability instruments: 1,225,821 457,937 Debt issues, Group companies (+) 3,060,885 1,365,076 Repayment and amortisation of debts with Group companies (-) -1,810,973 -906,418 Other financial liabilities (-) -24,091 -721 Dividends and interest on other equity instruments paid: -20,580 -86,450 Dividends (-) -20,580 -86,450 Cash flows from (used in) financing activities 2,198,463 371,487 Effect of exchange rate fluctuations -2,106 21,012 Net increase/decrease in cash and cash equivalents 111,120 -1,685,499 Cash and cash equivalents at beginning of year 12 750,110 2,435,609 Cash and cash equivalents at year end 12 861,230 750,110
119 Integrated Annual Report 2023 Individual Annual Accounts Contents 01. Nature and activities of the Company 120 02. Basis of presentation 121 03. Allocation of profit/(loss) 122 04. Significant accounting policies 123 05. Intangible assets 132 06. Property, plant and equipment 133 07. Risk management policy 133 08. Investments in equity instruments of Group companies and associates 134 09. Financial assets by category 141 10. Investments and trade receivables 143 11. Derivative financial instruments 144 12. Cash and cash equivalents 146 13. Capital and reserves 147 14. Provisions 148 15. Financial liabilities by category 148 16. Financial debts and trade payables 149 17. Late payments to suppliers 153 18. Taxation 154 19. Environmental information 157 20. Related party balances and transactions 157 21. Income and expense 160 22. Employee information 161 23. Audit fees 162 24. Commitments 162 25. Fair value of financial assets and liabilities 162 26. Events after the reporting period 163
Annual Report 2023 Individual Annual Accounts 120 01. Nature and activities of the Company EDP Renováveis, S.A. ("the Company") was incorporated by public deed under Spanish law on 4 December 2007 for an indefinite period of time and commenced operations on the same date. Its registered office is located in Oviedo at Plaza del Fresno 2. On 18 March 2008 EDP Renováveis was converted into a public limited company (sociedad anónima). According to the Company's articles of association, the statutory activities of EDP Renováveis, S.A. consists of activities related to the electricity sector, specifically the planning, construction, maintenance and management of electricity production facilities, in particular those qualifying for the special regime for electricity generation. The Company promotes and develops projects relating to energy resources and electricity production activities as well as managing and administering other companies' equity securities. The Company can engage in its statutory activities directly or indirectly through ownership of shares or investments in companies or entities with identical or similar statutory activities. As explained in Note 8, the Company holds investments in subsidiaries. Consequently, under the applicable legislation, the Company is the parent of a corporate group. In accordance with generally accepted accounting principles in Spain, consolidated annual accounts must be prepared to give a true and fair view of the financial position of the Group, the results of its operations and changes in its equity and cash flows. Details of investments in Group companies are provided in Annex I. The Company belongs to the EDP Group, in which the ultimate parent company is EDP Energias de Portugal, S.A., with registered offices at Avenida 24 de Julho, 12, Lisbon. At 31 December 2023, EDP Energias de Portugal, S.A., through its Spanish branch EDP S.A. Sucursal en España ("EDP Branch") held a qualified shareholding of 71.27% (74.98% at 31 December 2022) of the share capital and voting rights of EDPR and 28.73% (25.02% at 31 December 2022) of the share capital was traded on the Euronext Lisbon exchange (see Note 13). At 31 December 2023, EDP Renováveis S.A. held a 100% stake in the share capital of the following companies: EDP Renewables Europe, S.L. (EDPR EU), EDP Renewables North America, LLC (EDPR NA), EDP Renewables Canada, Ltd. (EDPR Canada), EDP Renováveis Brasil, S.A. (EDPR BR), Colombian companies Eolos Energía S.A.S. E.S.P., Vientos del Norte S.A.S. E.S.P., Solar Power Solutions S.A.S. E.S.P., Parque Solar Fotovoltáico El Copey, S.A.S. E.S.P., Vietnamese company EDP Renewables Vietnam Ltd., Singaporean companies Trung Song SG Pte. Ltd., Sunseap Group Pte. Ltd., Chilean company EDP Renewables Chile SpA. and the Mexican company Parque Solar Los Cuervos, S. de R.L. de C.V. During 2022, following the acquisition of Sunseap by EDP Renováveis S.A. and consequent entry into the Asian Market, EDP and CTG updated their Strategic Partnership Agreement concluded in December 2011. This update aims to make the growth strategies of both companies more flexible, ensuring the application of the most demanding corporate governance standards in their future relationships. The Group basically operates in the Europe (Spain, Portugal, Poland, Romania, France, Italy, Greece, UK and Belgium), the Americas (U.S., Brazil, Canada and Mexico) and Asia (Vietnam, Singapore, Taiwan, China, Thailand, Japan and Cambodia). The EDPR Group is currently executing onshore wind and solar energy projects in other countries such as Germany, Netherlands, Chile, Colombia, Hungary, South Korea, Indonesia, Philippines and Australia. Further, EDPR Group signed an agreement with ENGIE on January 2020 to establish a 50/50 joint venture, OW Offshore S.L. (Ocean Winds), in fixed and floating offshore wind business. This entity will be the exclusive investment vehicle of EDPR and ENGIE for offshore wind opportunities worldwide. EDP Renováveis Group, through its subsidiaries has the following installed capacity:
Annual Report 2023 Individual Annual Accounts 121 INSTALLED CAPACITY MW 31 DEC 2023 31 DEC 2022 United States of America 6,891 6,025 Spain 2,042 2,166 Portugal 1,413 1,168 Brazil 1,165 1,114 Poland 798 733 Romania 521 521 Mexico 496 496 Canada 427 130 Italy 412 295 Vietnam 402 405 Singapore 315 230 France 244 214 China 123 44 Chile 83 - Greece 80 45 Taiwan 43 32 Belgium 11 11 Netherlands 9 - Thailand 7 1 United Kingdom 5 5 15,487 13,635 Additionally, the EDP Renováveis Group, through its equity-consolidated companies has the following installed capacity, attributed to EDPR: INSTALLED CAPACITY MW 31 DEC 2023 31 DEC 2022 United States of America 592 592 Spain 120 156 Portugal 20 31 APAC 16 15 Offshore 322 311 1,070 1,105 02. Basis of presentation A) Fair presentation The annual accounts for 2023 have been prepared on the basis of the accounting records of EDP Renováveis, S.A. in accordance with prevailing legislation and the Spanish General Chart of Accounts to give a true and fair view of the equity and financial position at 31 December 2023 and results of its operations, changes in equity and cash flows for the year then ended. The directors consider that the accompanying individual annual accounts for 2023, authorised for issue on 27 February 2024, will be approved with no changes by the shareholders at their annual general meeting. B) Comparative information The balance sheet, income statement, statement of changes in equity, cash flow statement and the notes thereto for 2023 include comparative figures for 2022, which formed part of the 2022 annual accounts approved by shareholders at the annual general meeting held on 4 April 2023. C) Functional and presentation currency The figures disclosed in the annual accounts are expressed in thousands of euros, the Company's functional and presentation currency.
Annual Report 2023 Individual Annual Accounts 122 D) Critical issues regarding valuation and estimation of material uncertainties and judgements used when applying accounting principles Material accounting estimates and judgements and other estimates and assumptions have to be made when applying the Company's accounting principles to prepare the annual accounts. The items requiring a greater degree of judgement or which are more complex, or where the assumptions and estimates made are material to the preparation of the annual accounts, are summarised below: Material accounting estimates and assumptions The Company tests investments in Group companies for impairment on an annual basis. Impairment is calculated by comparing the carrying amount of the investment with its recoverable amount. The recoverable amount is the higher of value in use and fair value less costs to sell. The Company generally uses cash flow discounting methods to calculate these values. Cash flow discounting calculations are based on projections in the budgets approved by management. The cash flows take into consideration past experience and represent management's best estimate of future market performance. The key assumptions employed when determining fair value less costs to sell and value in use include growth rates in accordance with best estimates of rises in electricity prices in each country, the weighted average cost of capital and tax rates. These estimates, including the methodology used, could have a significant impact on values and impairment losses. In certain cases, when estimating impairment of investments, the investee's equity is taken into consideration, corrected for any net unrealised gains existing at the measurement date. The fair value of derivative financial instruments is their market value, if available, or quotes given by external entities through the use of valuation techniques, which are compared on each reporting date to fair values available in the usual financial information platforms. Recognition and recovery of deferred tax assets The recognition and recoverability of deferred tax assets is assessed when they are generated and subsequently at each balance sheet reporting date in accordance with expected taxable income/tax loss. The Company also takes into account future tax obligations supporting the recovery of those assets. Changes in accounting estimates Although estimates have been made by the Company's directors based on the best information available at 31 December 2023, future events may require changes to those estimates in subsequent years. Any effect on the annual accounts of adjustments to be made in subsequent years would be recognised prospectively. 03. Allocation of profit/(loss) The proposed allocation of 2023 profit to be submitted to the shareholders for approval at their annual general meeting is as follows: EUROS BASIS OF ALLOCATION: Loss for the year -247,715,982 Prior years' losses 247,715,982 The Board of Directors of EDP Renováveis, S.A. has agreed to propose to the Ordinary General Shareholders' Meeting to remunerate its shareholders through a flexible dividend (scrip dividend) for a maximum gross amount of 210,000 thousand Euros , so that they may elect to receive new issued shares of the Company or all or part of the remuneration in cash. The scrip dividend will be paid through the issue of free allotment rights for new shares and the subsequent execution of a capital increase, which the Board of Directors will propose to the Ordi- nary General Meeting of Shareholders, so that shareholders wishing to receive their remuneration in cash will do so by selling their free-of-charge allocation rights to the Company, which will un- dertake to purchase them at a guaranteed fixed price, the approval of which will also be proposed to the Annual General Meeting of Shareholders, or on the regulated market of Euronext Lisbon. Both the acquisition of the free of charge allocation rights by the Company and the capital increase will be charged against share premium at the date on which the Board of Directors, if any, resolves to execute them. Thus, the final aggregate gross amount of the scrip dividend will be equal to the sum of the amounts indicated below: (i) the result of multiplying the nominal value of the Company's shares (€5) by the number of shares issued in the capital increase, resulting from the conversion of the free-of-charge
Annual Report 2023 Individual Annual Accounts 123 allocation rights outstanding after the end of the period for requesting the Company to exercise the purchase commitment or their sale on the market; plus (ii) the result of multiplying the guaranteed fixed price by the number of free-of-charge allocation rights acquired by the Company under the purchase commitment. At the date of preparation of these Consolidated Financial Statements, it is not possible to specify the amount of the scrip dividend or, consequently, the amount of the dividend to be charged to the results of the financial year 2023. Once the scrip dividend process has been completed, the final nominal amounts of the capital in- crease and of the cash remuneration to be applied to the share premium will be communicated as soon as the Board of Directors, or the person to whom it delegates the corresponding powers, de- termines them in accordance with the terms of the resolution to distribute the dividend corresponding to financial year 2023 and to increase the share capital, which the Board of Direc- tors will propose to the Ordinary General Shareholders' Meeting in relation to the scrip dividend. The distribution of results and reserves of the Company for the year ended 31 December 2022, approved by the shareholders at their annual general meeting held on 4 April 2023, was as follows: EUROS BASIS OF ALLOCATION: Loss for the year -220,662,410 Voluntary reserves 240,139,541 DISTRIBUTION: Prior years' losses -220,662,410 Dividends 240,139,541 Total At 31 December, non-distributable reserves are as follows: THOUSAND EUROS 2023 2022 NON-DISTRIBUTABLE RESERVES: Legal reserve 214,828 214,828 214,828 214,828 Profit recognised directly in equity cannot be distributed, either directly or indirectly. 04. Significant accounting policies A) Transactions, balances and cash flows in foreign currency Foreign currency transactions have been translated into euros using the exchange rate at the transaction date. Monetary assets and liabilities denominated in foreign currencies have been translated into euros at the year-end rate, while non-monetary assets and liabilities measured at historical cost have been translated at the exchange rate prevailing on the transaction date. In the cash flow statement, cash flows from foreign currency transactions have been translated into euros at the exchange rates at the dates the cash flows occur. The effect of exchange rate fluctuations on cash and cash equivalents denominated in foreign currencies is recognised separately in the cash flows statement as “Effect of exchange rate fluctuations”. Exchange gains and losses arising on the settlement of foreign currency transactions and the translation into euros of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. B) Intangible assets Computer software is measured at purchase price and carried at cost, less any accumulated amortisation and impairment. Computer software is amortised by writing off the depreciable amount on a straight-line basis over its useful life, which has been estimated at five years from the time the asset enters into normal use. Capitalised personnel expenses of employees who install computer software are recognised as “Own work capitalised” in the income statement. Computer software acquired and produced by the Company, including website costs, is recognised when it meets the following conditions:
Annual Report 2023 Individual Annual Accounts 124 Payments attributable to the performance of the project can be measured reliably. The allocation, assignment and timing of costs for each project are clearly defined. There is evidence of the project's technical success, in terms of direct operation or sale to a third party of the results once completed and if a market exists. The economic and commercial feasibility of the project is reasonably assured. Funding to develop the project, the availability of adequate technical and other resources to complete the development and to use or sell the resulting intangible asset are reasonably assured. There is an intention to complete the intangible asset for its use or sale. Computer software maintenance costs are expensed when incurred. C) Property, plant and equipment Property, plant and equipment are measured at cost of acquisition. Property, plant and equipment are carried at cost less any accumulated depreciation and impairment. Property, plant and equipment are depreciated on a straight-line basis over the useful life of the asset. The depreciable amount is the cost of an asset, less its residual value. The Company determines the depreciation charge separately for each component of an item of property, plant and equipment with a cost that is significant in relation to the total cost of the asset and with a useful life that differs from the remainder of the asset. Property, plant and equipment are depreciated as follows DEPRECIATION METHOD ESTIMATED YEARS OF USEFUL LIFE Other fixtures Straight-line 10 Furniture Straight-line 10 Information technology equipment Straight-line 4 D) Financial instruments Financial Assets Financial assets at fair value through changes in profit or loss This category includes equity instruments not held for trading that cannot be measured at cost and where, at initial recognition, the entity has made an irrevocable decision to present subsequent changes in fair value directly in profit or loss. It also includes financial assets irrevocably designated, at initial recognition, as at fair value through profit or loss and that, on the contrary would have been included in another category to eliminate or significantly reduce a measurement inconsistency or accounting imbalance that would otherwise occur when measuring assets and liabilities using different bases. Initial measurement The financial assets in this category are initially measured at fair value which, unless proven otherwise, is the transaction price (equivalent to the fair value of the consideration paid). Directly attributable transaction costs are taken to profit or loss for the reporting period. Subsequent measurement After initial recognition, the entity measures the financial assets in this category at fair value through profit or loss. Financial assets at amortised cost This category includes those financial assets, including those admitted to trading on an organised market, that the Company holds in order to collect contractual cash flows, where the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding. Contractual cash flows that are solely payments of principal and interest on the principal outstanding are inherent in an agreement that is classified as a standard or regular loan, irrespective of whether the loan is interest free or at a below-market rate. This category includes trade and non-trade receivables. a. Trade receivables: financial assets deriving from the sale of goods and rendering of services in the normal course of business that are collected as deferred payments; and
Annual Report 2023 Individual Annual Accounts 125 b. Non-trade receivables: financial assets not arising from normal business activities that are not equity instruments or derivatives, have fixed or determinable repayments, and derive from loans or credits granted by the entity. Initial measurement The financial assets in this category are initially recognised at fair value which, unless evidence is available to the contrary, is the transaction price, which is equivalent to fair value of the consideration paid. plus directly attributable transaction costs. However, trade receivables which have no explicit contractual interest rate and mature within one year, as well as personal loans, dividends receivable and called up capital expected to be received in the short term, are measured at their nominal value when the effect of not discounting cash flows is considered immaterial. Subsequent measurement The financial assets in this category are measured at amortised cost. Interest accrued is taken to profit and loss using the effective interest method. However, receivables which mature in less than a year and, as described in the preceding section, are initially measured at their nominal value continue to be measured at that amount, except impaired receivables. When the contractual cash flows deriving from a financial asset change due to the issuer encountering financial difficulties, the entity analyses if it is appropriate to recognise an impairment loss. Impairment At least at the end of each reporting period, valuation adjustments are made if there is objective evidence that a financial asset or group of financial assets with similar risk characteristics that are measured collectively is impaired as a result of one or more events after initial recognition that lead to a reduction or delay in estimated future cash flows, which may be the result of the insolvency of a debtor. Impairment losses on financial assets are measured as the difference between the carrying amount and the present value of future cash flows – including, where applicable, any deriving from the enforcement of security interests and personal guarantees – to which they will give rise, discounted at the effective interest rate calculated on initial recognition. In the case of financial assets with floating interest rates, the effective interest rate at the reporting date according to the contractual terms is used. Impairment allowances, and the reversal thereof when the value of said impairment decreases due to a subsequent event, are charged or credited, respectively, to profit or loss. Any reversal of impairment is limited to the carrying amount of the asset that would have been recognised at the reversal date had no impairment allowance been recognised. Financial assets at fair value through equity This category includes financial assets whose contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding and are not held for trading and cannot be classified as “Financial assets at amortised cost”. This category also includes equity instruments that have been irrevocably designated as “Financial assets at fair value through equity”. Initial measurement The financial assets included in this category are initially measured at fair value, which, as a general rule, is the transaction price, i.e. the fair value of the consideration given plus any directly attributable transaction costs, including the amount of any preferential subscription rights acquired. Subsequent measurement The financial assets include in this category are measured at their fair value without deducting such costs to sell as might be incurred. Changes in fair value are recognised directly in equity until the financial asset is derecognised or impaired, at which time the amount recognised is reclassified to profit or loss. That said, impairment allowances and exchange gains and losses on monetary financial assets in a foreign currency are taken to profit or loss. Interest calculated using the effective interest rate method and accrued dividends are also taken to profit or loss. When a value needs to be assigned to these assets due to write-off or other reasons, the weighted average value for each homogeneous group is applied.
Annual Report 2023 Individual Annual Accounts 126 In the exceptional circumstances that an equity instrument’s fair value is no longer reliable, previous adjustments recognised in equity are treated the same as impairment of financial assets at cost. When preferential subscription and similar rights are sold or split to be exercised, the amount of the rights in question reduces the carrying amount of the respective assets. This amount is the fair value or cost of the rights, measured in the same way as the associated financial assets. Impairment The necessary valuation adjustments are recognised at least at the end of each reporting period whenever there is objective evidence that a financial asset or group of financial assets included in this category with similar risk characteristics that are measured collectively is impaired, as a result of one or more events after initial recognition that lead to: a. In the case of debt instruments acquired, a reduction or delay in estimated future cash flows, possibly due to debtor insolvency; or b. In the case of investments in equity instruments, the asset’s carrying amount not being recoverable, evidenced by a prolonged or significant decline in its fair value. As a general rule, an instrument is considered to be impaired when there has been a prolonged decrease in its value over a 12-month period or a decline of 40% ore more in its trading price, without its value recovering, notwithstanding that impairment loss may need to be recognised before the end of that period or before its trading price has fallen by said percentage. The impairment allowance recognised on these financial assets is the difference between their cost, less any impairment allowance previously recognised in profit or loss, and their fair value on the measurement date. Any cumulative fair value losses recognised in equity are recognised in profit or loss whenever there is objective evidence of impairment of the financial asset. Any increases in fair value in subsequent reporting periods are credited to profit or loss for the year to reverse the valuation adjustment recognised in previous reporting periods. This does not apply to increases in the fair value of equity instruments recognised directly in equity. Financial assets at cost The following are included in this category for measurement purposes: a. Equity investments in group companies, jointly controlled entities and associates; b. Other investments in equity instruments whose fair value cannot be determined using a price quoted on an active market for an identical instrument or cannot be reliably estimated, along with the derivatives whose underlying consists of these investments; c. Hybrid financial assets whose fair value cannot be reliably estimated, except where the requirements for them to be recognised at amortised cost have been met; d. Contributions made under joint venture or similar arrangements; e. Participating loans whose interest is contingent, either because a fixed interest rate or a floating rate tied to the borrower reaching a specific milestone (e.g. posting a profit) has been agreed or because the interest is calculated solely by referring to the borrower’s business performance; and f. Any other financial asset that should initially be recognised at fair value through profit or loss but whose fair value cannot be reliably estimated. Initial measurement Investments included in this category are initially measured at cost, which is the fair value of the consideration paid plus any directly attributable transaction costs. The latter are not included in the cost of investments in group companies. Nonetheless, if an investment in a company existed before it was classified as an investment in a group company, jointly controlled entity or associate, the cost of the investment is taken as its carrying amount immediately before the investee was classified as such. The value of any preferential subscription and similar rights acquired is also included in the initial measurement. Subsequent measurement The equity instruments included in this category are measured at cost less any accumulated impairment allowances. When a value needs to be assigned to these assets due to write-off or for another reason, the weighted average cost of a homogeneous group of assets (that is, securities conferring the same rights) is applied.
Annual Report 2023 Individual Annual Accounts 127 When preferential subscription and similar rights are sold or split to be exercised, the cost of the rights in question reduces the carrying amount of the respective assets. Contributions made under a joint venture or similar arrangement are measured at cost, plus or minus, respectively, the profit or loss attributable to the entity as a non-managing investor, and minus the cumulative amount of any impairment allowances. The same criteria are followed for participating loans whose interest is contingent, either because a fixed interest rate or a floating rate tied to the borrower reaching a specific milestone (e.g. posting a profit) has been agreed or because the interest is calculated solely by referring to the borrower’s business performance. If an irrevocable fixed interest rate is agreed as well as contingent interest, the contingent interest is booked as finance income on an accruals basis. Transaction costs are taken to profit or loss on a straight-line basis over the term of the participating loan. Impairment At least at the end of each reporting period, the necessary impairment allowances are recognised whenever there is objective evidence that the carrying amount of an investment will not be recoverable. The valuation adjustment is measured as the difference between the asset’s carrying amount and the amount that is expected to be recovered, the latter being the greater of fair value less costs to sell or the present value of the future cash flows derived from the investment. In the case of equity instruments, these cash flows are calculated as those expected to be received in the form of dividends paid out by the investee and from the disposal or derecognition of the equity stake in the investee, by estimating the entity’s share in future expected cash flows from the investee, whether in the ordinary course of business or through its disposal or derecognition. Unless there is better evidence of the recoverable value of investments in equity instruments, impairment losses on this type of asset are calculated based on the investee’s equity and any unrealised capital gains at the measurement date, net of the tax effect. Where the investee has also invested in another entity, the recoverable value is calculated based on the equity included in the consolidated annual accounts prepared in accordance with the Code of Commerce and its implementing regulations. Impairment allowances and any reversals thereof are recognised as an expense or income, respectively, in profit or loss. Reversals are limited to the carrying amount of the investment that would have been recognised at the reversal date had no impairment been recognised. That said, if an investment had been made in an entity before it was classified as a group company, jointly controlled entity or associate, and before that classification valuation adjustments had been recognised directly in the equity deriving from that investment, the adjustments are retained after said classification until the investment is disposed of or derecognised. The valuation adjustments are taken to profit or loss at this point or once the following circumstances apply: a. In the case of previous valuation adjustments due to increases in value, the impairment allowances are taken to equity, which includes the previously recognised valuation adjustments up to the value of the allowances, while any excess is taken to profit or loss. Impairment allowances taken directly to equity are not reversed. b. In the case of previous valuation adjustments due to decreases in value, when the recoverable value is subsequently higher than the carrying amount of the investments, the latter is increased up to the level of the aforementioned reduction in value, against the line item which included the previous valuation adjustments and, from that point on, the new amount is taken as the cost of the investment. However, when there is objective evidence that the investment is impaired, the losses accumulated directly in equity are taken to profit or loss. Financial Liabilities For measurement purposes, financial liabilities are classified into one of the following categories: Financial liabilities at amortised cost This category generally includes trade and non-trade payables: Trade payables: financial liabilities deriving from the purchase of goods and services in the normal course of business that are settled as deferred payments; and Non-trade payables: financial liabilities that are not derivative instruments, and do not arise from normal business activities rather from loans or credit facilities received by the entity. Participating loans that are standard or regular loans are also included in this category, irrespective of the agreed interest rate (zero or below the market rate). Initial measurement The financial liabilities in this category are initially recognised at fair value, which is the transaction price, that is, the fair value of the consideration received adjusted for any directly attributable transaction costs.
Annual Report 2023 Individual Annual Accounts 128 However, trade payables which mature within one year and have no contractual interest rate, as well as capital calls by third parties that are expected to be paid in the short term, are measured at their nominal value when the effect of not discounting cash flows is immaterial. Subsequent measurement The financial liabilities in this category are measured at amortised cost. Accrued interest is taken to profit or loss using the effective interest rate method. However, payables which mature in less than a year and are initially measured at their nominal value continue to be measured at that amount. Financial liabilities at fair value through profit or loss This category includes financial liabilities that meet any of the following conditions: Liabilities held for trading. Liabilities irrevocably designated, at initial recognition, as measured at fair value through profit or loss because of: An inconsistency or accounting imbalance is significantly reduced or eliminated with other instruments at fair value through profit or loss; or A group of financial liabilities or of financial assets and liabilities is managed and its performance is evaluated on a fair-value basis, in accordance with a documented risk management or investment strategy, and information regarding that group is also provided to key management personnel on a fair-value basis. Hybrid financial liabilities that cannot be separated, included optionally and irrevocably. Initial and subsequent measurement The financial liabilities in this category are initially measured at fair value, which is the transaction price, that is, the fair value of the consideration received. Directly attributable transaction costs are recognised directly in profit or loss for the year. After initial recognition, the financial liabilities in this category are recognised at fair value through profit or loss. In the case of convertible bonds, the fair value of the liability component is calculated using the interest rate for similar non-convertible bonds. This amount is recognised as a liability at amortised cost until it is settled on conversion or expiration. The other income obtained is allocated to the conversion option which is recognised in equity. If existing debt is renegotiated, no substantial changes to the financial liability are deemed to exist when the lender of the new loan is the same as the lender of the initial loan, and the present value of the cash flows, including net commissions, does not differ by more than 10% from the present value of the outstanding cash flows of the original liability calculated using the same method. E) Cash and cash equivalents Cash and cash equivalents include cash on hand and demand deposits in financial institutions. They also include other short-term, highly liquid investments that are readily convertible into known amounts of cash and for which the risk of changes in value is insignificant. An investment normally qualifies as a cash equivalent when it has a maturity of less than three months from the date of acquisition. The Company classifies current accounts with Group companies under this heading if they are cash-pooling accounts with there is a sum receivable. Otherwise, they are recorded under current payables with Group companies and associates. The Company recognises cash payments and receipts for financial assets and financial liabilities with a quick turnover on a net basis in the statement of cash flows. Turnover is considered to be quick when the period between the date of acquisition and maturity does not exceed six months. F) Provisions Provisions are recognised when the Company has a present obligation (legal, contractual, constructive or tacit) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period, taking into account all risks and uncertainties surrounding the amount to be recognised as a provision and, where the time value of money is material, the financial effect of discounting provided that the expenditure to be made in each period can be reliably estimated. The discount rate is determined before taxes, taking into consideration the time value of money, as well as the specific risks that have not been included in future cash flows relating to the provision at each closing date.
Annual Report 2023 Individual Annual Accounts 129 The financial effect of the provisions is recognised as a financial expense in the income statement. When an outflow of funds is not likely to be needed to settle an obligation, the provision is reversed. G) Revenue from sales and services provided Revenue from the sale of goods and the rendering of services is measured at the fair value of the consideration received or receivable. Discounts, as well as the interest added to the nominal amount of the consideration, are recognised as a reduction in the consideration. Revenues associated with the rendering of services are recognised in the income statement by reference to the stage of completion at the reporting date when the amount of the revenue, the stage of completion, the costs incurred and the costs to complete the transaction can be estimated reliably and it is probable that the economic benefits derived from the transaction will flow to the Company. Interest and dividends Interest is recognised using the effective interest method. Dividends from investments in equity instruments are recognised when the Company is entitled to receive them. If the dividends are clearly derived from profits generated prior to the acquisition date because amounts higher than the profits generated by the investment since acquisition have been distributed, the carrying amount of the investment is reduced. Pursuant to requested ruling number 2 issued by the Spanish Accounting and Auditing Institute, published in its Official Gazette number 78, for entities whose ordinary activity is the holding of shares in group companies and the financing of investees, the dividends and other income– coupons, interest–earned on financing extended to investees, as well as gains obtained from the disposal of investments, except those deriving from the disposal of subsidiaries, jointly controlled entities and associates, constitute revenue in the income statement. H) Income tax The income tax expense or tax income for the year comprises both the current tax and the deferred tax. Current tax assets or liabilities are measured at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted at the reporting date. Current and deferred tax are recognised in the income statement unless the tax arises from a transaction or economic event that has been recognised in the same or in a different period directly in equity or from a business combination. The Company files consolidated tax returns as part of the 385/08 group headed by EDP Energías de Portugal, S.A. Sucursal en España. In addition to the factors to be considered for individual taxation, set out previously, the following factors are taken into account when determining the accrued income tax expense for the companies forming the consolidated tax group: Temporary and permanent differences arising from the elimination of gains and losses on transactions between Group companies arising from the process of determining the consolidated taxable income. Deductions and credits corresponding to each company forming the consolidated tax group. For these purposes, deductions and credits are allocated to the company that carried out the activity or obtained the profit needed to obtain the right to the deduction or tax credit. Temporary differences arising from the elimination of gains and losses on transactions between tax group companies are allocated to the company which recognised the gain/loss and are valued using the tax rate of that company. A reciprocal credit and debit arise between the companies that contribute tax losses to the consolidated Group and the rest of the companies that offset those losses. Where a tax loss cannot be offset by the other consolidated Group companies, these tax credits for loss carryforwards are recognised as deferred tax assets using the applicable recognition criteria, considering the tax group as a taxable entity. The Parent of the Group records the total consolidated income tax payable (recoverable) with a debit (credit) to receivables (payables) from/to Group companies and associates. The amount of the debt (credit) relating to the subsidiaries is recognised with a credit (debit) to payables (receivables) to/from Group companies and associates (see Note 18).
Annual Report 2023 Individual Annual Accounts 130 Taxable temporary differences Taxable temporary differences are recognised in all cases except where they arise from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable income. Deductible temporary differences Deductible temporary differences are recognised provided that it is probable that sufficient taxable income in the consolidated tax group will be available against which the deductible temporary difference can be applied, or where tax legislation envisages the possibility of converting deferred tax assets into a tax receivable in the future. The Company recognises the conversion of a deferred tax asset into a tax receivable when it becomes enforceable under the applicable tax legislation. For these purposes, the deferred tax asset is derecognised with a charge to the deferred tax expense and the receivable is recognised with a credit to current tax. The Company recognises the payment obligation deriving from financial contributions as an operating expense with a credit to tax payables when it is accrued in accordance with the Spanish Corporate Income Tax Law. Nonetheless, assets arising from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable income, are not recognised. In the absence of evidence to the contrary, it is not considered probable that the Company will have future taxable profit when the deferred tax assets are expected to be recovered in a period of more than ten years from the end of the reporting period, irrespective of the nature of the deferred tax asset; or, in the case of tax credits for deductions and other tax relief that are unused due to an insufficient amount of total tax, when there is reasonable doubt —after the activity or the income giving rise to entitlement to the deduction or tax credit has been rendered or received, respectively — as to whether the requirements for their setoff will be met. The Company only recognises deferred tax assets arising from tax loss carryforwards when it is probable that future taxable profit in the consolidated tax group will be generated against which they may be set off within the period stipulated in applicable tax legislation, up to a maximum period of ten years, unless there is evidence that their recovery in a longer period of time is probable and tax legislation provides for their application in a longer period or stipulates no time limit for their application. Conversely, it is considered probable that the Company will generate sufficient taxable profit to recover deferred tax assets when there are sufficient taxable temporary differences relating to the same tax and the same taxable entity, which are expected to reverse in the same tax period as the expected reversal of the deductible temporary differences or in periods into which a tax loss arising from a deductible temporary difference can be carried back or forward. The Company recognises deferred tax assets not previously recognised because they were not expected to be applied within the ten-year recovery period, inasmuch as the future reversal period does not exceed ten years from the end of the reporting period or when there are sufficient taxable temporary differences. Tax planning opportunities are only considered when assessing the recoverability of deferred tax assets and if the Company intends to use these opportunities or it is probable that they will be used. Measurement Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the years when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted. The tax consequences that would ensue from the manner in which the Company expects to recover or settle the carrying amount of its assets or liabilities are also reflected in the measurement of deferred tax assets and liabilities. For these purposes, the Company has considered the deduction for reversal of the temporary measures provided in transitional provision thirty-seven of Corporate Income Tax Law 27/2014 of 27 November 2014 as an adjustment to the tax rate applicable to the deductible temporary difference associated with the non-deductibility of amortisation and depreciation charges in 2013 and 2014. Classification Deferred tax assets and liabilities are recognised in the balance sheet under non-current assets or liabilities, irrespective of the expected date of recovery or settlement.
Annual Report 2023 Individual Annual Accounts 131 I) Classification of assets and liabilities as current and non-current The Company classifies assets and liabilities in the balance sheet as current or non-current. Current assets and liabilities are determined as follows: Assets are classified as current when they are expected to be realised or are intended for sale or consumption in the Company's normal operating cycle, they are held primarily for the purpose of trading, they are expected to be realised within 12 months after the reporting date or are cash or a cash equivalent, unless the assets may not be exchanged or used to settle a liability for at least 12 months after the reporting date. Liabilities are classified as current when they are expected to be settled in the Company's normal operating cycle, they are held primarily for the purpose of trading, they are due to be settled within 12 months after the reporting date or the Company does not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. Financial liabilities are classified as current when they are due to be settled within 12 months after the reporting date, even if the original term was for a period longer than 12 months, and an agreement to refinance or to reschedule payments on a long-term basis is completed after the reporting date and before the annual accounts are authorised for issue. J) Environmental issues Environmental assets Non-current assets acquired by the Company to minimise the environmental impact of its activity and to protect and improve the environment, including the reduction and elimination of future pollution from the Company's activities, are recognised under property, plant and equipment in the balance sheet at purchase price or cost of production and depreciated over their estimated useful lives. Environmental expenses Environmental expenses are the costs arising from managing the environmental impact of the Company's operations and existing environmental commitments. These include expenses relating to the prevention of pollution caused by ordinary activities, waste treatment and disposal, decontamination, restoration, environmental management or environmental audit. Expenses arising from environmental activities are recognised as operating expenses in the period in which they are incurred. Environmental provisions The Company makes an environmental provision when expenses are likely or certain to arise but the amount or timing is unknown. Where necessary, a provision is also made for environmental actions arising from any legal or contractual commitments and for those commitments acquired for the prevention and repair of environmental damage. K) Related party transactions Transactions between Group companies are recognised at the fair value of the consideration paid or received. The difference between this value and the amount agreed is recognised according to the underlying economic substance of the transaction. All transactions with related parties are carried out on an arm’s length basis. L) Hedge accounting The Company uses financial instruments to hedge net investments in foreign operations and interest rate risk. Derivatives not qualifying for hedge accounting are accounted for as trading instruments. Hedging derivatives are recorded at fair value, recognising the gains and losses in accordance with the hedge accounting model applied by the Company. A hedging relationship exists when: The hedging relationship consists only of hedging instruments and hedged items that are eligible as per determined in accounting policies. At the inception of the hedge there is formal documentation of the hedging relationship and the Group's risk management objective and strategy for the hedge; There is an economic relationship between the hedged item and the hedging instrument; The effect of credit risk does not dominate the value changes that result from that economic relationship; The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item.
Annual Report 2023 Individual Annual Accounts 132 Hedges of a net investment in a foreign operation The Company hedges net investments in foreign operations in relation to its holdings in the Group companies EDP Renewables North America, LLC., EDP Renováveis Brasil S.A., EDP Renewables Canada, Ltd., Sunseap Group Pte. Ltd., Parque Solar Los Cuervos, S. de R.L. de C.V. and the Colombian subsidiaries. Changes in the fair value of derivatives that are designated and qualify as hedges of net investments in foreign operations are recorded in the income statement, together with any changes in the fair value of the hedged investments that are attributable to the hedged risk Cash flow hedges Changes in the fair value of derivatives qualifying as cash flow hedges are recognised in reserves. The cumulative gains or losses recognised in reserves are reclassified to the income statement where the hedged item affects the income statement. When a hedging relationship in a future transaction is discontinued, the changes in the fair value of derivative recognised in equity continue to be recognised until the future hedged transaction occurs. When the future transaction is no longer expected to occur, the cumulative gains or losses recognised in equity are recorded immediately in the income statement. M)Hedges of a net investment in a foreign operation The Company hedges the foreign currency risk arising from investments in Group companies denominated in foreign currency. The changes in the value of the hedging instrument or the exchange differences relating to a monetary item used as a hedging instrument are recognised as exchange gains or losses in the income statement. Changes in the value of investments related to the underlying foreign currency amount in the annual accounts are recognised as exchange gains or losses in profit and loss. N) Grants, donations and bequests Grants, donations and bequests are recorded in recognised income and expense when, as applicable, they have been officially awarded, the conditions attached to them have been met or there is reasonable assurance that they will be received. Monetary grants, donations and bequests are measured at the fair value of the sum received, whilst non-monetary grants, donations and bequests received are accounted for at fair value. In subsequent years, grants, donations and bequests are taken to income according to their purpose. O) Long and short-term employee benefits The Company recognises the expected cost of profit-sharing and bonus plans when it has a present legal or constructive obligation to make such payments as a result of past events and a reliable estimate of the obligation can be made. 05. Intangible assets Details of intangible assets and movement are as follows: THOUSAND EUROS BALANCE AT 31/12/21 ADDITIO NS TRANSFER BALANCE AT 31/12/22 ADDITIO NS TRANSFER BALANCE AT 31/12/23 COST: Computer software 34,406 - 1,743 36,149 - 3,047 39,196 Computer software under development 4,666 2,882 -1,743 5,805 2,871 -3,047 5,629 39,072 2,882 - 41,954 2,871 - 44,825 AMORTISATION: Computer software -17,388 -6,165 - -23,553 -6,595 - -30,148 -17,388 -6,165 - -23,553 -6,595 - -30,148 Carrying amount 21,684 -3,283 - 18,401 14,677 Additions in 2023 and 2022 reflect information management applications purchased or developed during the year.
Annual Report 2023 Individual Annual Accounts 133 At the 2023 reporting date, the Company had fully amortised intangible assets in use of EUR 7,164 thousand (EUR 5,894 thousand in 2022), During 2023 and 2022 no personnel costs were capitalised as intangible assets. At 31 December 2023 and 2022, the Company had no commitments to purchase intangible assets. 06. Property, plant and equipment The composition of property, plant and equipment and related movements are as follows: THOUSAND EUROS BALANCE AT 31/12/21 ADDITIONS BALANCE AT 31/12/22 ADDITIONS TRANSFER BALANCE AT 31/12/232 COST: Other fixtures 3,455 - 3,455 2,793 3,457 9,705 Information technology equipment and furniture 1,629 - 1,629 3,142 - 4,471 Other fixtures under development 5 354 359 3,350 -3,457 252 5,089 354 5,443 9,285 - 14,728 DEPRECIATION: Other fixtures -2,098 -182 -2,280 -1,482 - -3,762 Information technology equipment and furniture -991 -110 -1,101 -274 - -1,375 -3,089 -292 -3,381 -1,756 - -5,137 Carrying amount 2,000 62 2,062 7,529 - 9,591 Additions in 2023 mainly reflected the works executed on the Company's new headquarters during the year. The Company takes out insurance policies to cover the risk of damage to its property, plant and equipment. The coverage of these policies is considered sufficient. Fully depreciated property, plant and equipment amounted to EUR 4,307 thousand at year-end 2023 (Euro 2,389 thousand in 2022), of which EUR 3,557 thousand were other fixtures, EUR 60 thousand furniture and EUR 690 thousand data processing equipment. At 31 December 2023 and 2022, the Company had no commitments to purchase property, plant and equipment. 07. Risk management policy Financial risk factors The Company's activities are exposed to various financial risks: market risk (including currency risk and interest rate risk in fair value measurements), credit risk, liquidity risk and cash flow interest rate risk. The Company's global risk management programme focuses on uncertainty in the financial markets and aims to minimise potential adverse effects on the Company's profits. The Company uses derivatives to mitigate certain risks. The directors of the Company are responsible for defining general risk management principles and establishing exposure limits and it is carried out by the Finance Department of the Company in accordance with the policies approved by the Board of Directors. The main functions, among other, includes the identification and evaluation of hedging instruments. All operations involving derivative financial instruments are subject to prior approval from the Board of Directors, which sets the parameters for each transaction and approves the formal documents describing the objectives of the transaction. Currency risk The Company operates internationally and is therefore exposed to currency risk in transactions with foreign currencies, especially with regard to the US Dollar (USD), the Brazilian Real (BRR), the Canadian Dollar (CAD), the Singapore Dollar (SGD)and the Colombian Peso (COP). Currency risk is associated with recognised assets and liabilities and net investments in foreign operations.
Annual Report 2023 Individual Annual Accounts 134 The Company holds investments in Group companies that are denominated in foreign currency and therefore exposed to exchange-rate risk at year-end when translating those amounts into the Company’s functional currency (euro). Currency risk affecting these investments is mitigated primarily through derivative financial instruments and borrowings in the corresponding foreign currencies. Details of hedged financial assets and the derivative financial instruments obtained to mitigate the currency risk are provided in Notes 8 and 11. Details of financial assets and liabilities in foreign currencies and transactions in foreign currencies are provided in Notes 8, 10, 16 and 21. Credit Risk The Company does not have significant exposure to credit risk as the majority of its balances and transactions are with Group companies. As the counterparties of derivative financial instruments are Group companies, and the counterparties of their derivative financial instruments are highly solvent banks, the Company is not subject to significant counterparty default risk. Guarantees or other derivatives are therefore not requested in those transactions. The Company has documented its financial transactions in accordance with accounting policies. The majority of its transactions with derivative financial instruments are therefore arranged under ISDA Master Agreements, which facilitates the transfer of instruments in the market. The total amount of financial assets subject to credit risk is shown in Note 10. Liquidity Risk Liquidity risk is the risk that the Company will be unable to meet its financial obligations when they fall due. The Company's approach in managing liquidity risk is to guarantee as far as possible that liquidity will always be available to pay its debts before they mature, in normal conditions and during financial difficulties, without incurring unacceptable losses or compromising the Company's reputation. The directors have estimated cash flows that show that the Company will meet existing commitments at 2023 yearend and those expected for 2024. Compliance with the liquidity policy guarantees payment of its contracted commitments, with sufficient credit facilities maintained. The EDP Renováveis Group manages liquidity risk by arranging and maintaining credit facilities with its majority shareholder, or directly with domestic and international entities in the market, under optimal conditions, to ensure access to the funding required to continue its activities. Details of financial assets and financial liabilities by contractual maturity date are provided in Notes 10 and 16. Cash flow and fair value interest rate risks In 2023 and 2022, the Company did not have significant interest-earning assets. As a result, income and cash flows from operating activities are not significantly affected by fluctuations in market interest rates. Interest rate risk arises from non-current borrowings from Group companies. The loans have fixed interest rates, mitigating the risk of interest rate volatility. Details of hedged financial assets and the derivative financial instruments arranged to hedge them are provided in Notes 8 and 11. 08. Investments in equity instruments of Group companies and associates Direct investments in equity instruments of Group companies and associates are itemised below:
Annual Report 2023 Individual Annual Accounts 135 THOUSAND EUROS 2023 2022 GROUP COMPANIES EDP Renováveis Brasil S.A. 736,120 587,228 EDP Renewables Europe, S.L.U. 3,079,340 3,079,340 EDP Renewables North America, LLC 6,728,114 5,464,273 EDP Renewables Canada, Ltd. 198,916 142,739 EDP Renováveis Servicios Financieros S.A. 274,892 274,892 EDPR România, S.R.L 25 25 Eolos Energias S.A.S. E.S.P. 43,053 52,059 Vientos del Norte S.A.S. E.S.P. - 14,130 Parque Solar Fotovoltaico El Copey, S.A.S. E.S.P. 7,920 7,920 Solar Power Solutions, S.A.S. E.S.P. 62,209 57,121 Parque Solar Los Cuervos, S. de R.L. de C.V. 179,197 185,637 EDPR Vietnam 254 254 OMA Haedori Co., Ltd. 1,859 1,874 Vientos de Coahuila, S.A. de C.V. 1,295 1,342 EDP Renewables Chile, SpA 11,183 6,898 Trung Son SG PTE, LTD. 13,502 13,988 Sunseap Group Pte. Ltd. 907,584 838,095 Aioliki Oitis Energiaki 246 246 Other (See Annex I) 10 10 Total 12,245719 10,728,071 ASSOCIATES OW Offshore S.L. 423,586 350,158 Other (See Annex I) 2 2 Total 423,588 350,160 Total 12,669,307 11,078,231 (Note 10a) The movements in Group and associate equity instruments during 2023 and 2022 were as follows: 2023 THOUSAND EUROS 31/12/2022 ADDITIONS DISPOSALS IMPAIRMENT CHANGES IN EXCHANGE RATES 31/12/2023 GROUP COMPANIES EDP Renováveis Brasil S.A. 587,228 138,514 - - 10,378 736,120 EDP Renewables Europe, S.L. 3,079,340 - - - - 3,079,340 EDP Renewables North America, LLC 5,464,273 1,458,472 - - -194,631 6,728,114 EDP Renewables Canada, Ltd 142,739 57,876 -23 - -1,676 198,916 EDP Renováveis Servicios Financieros S.A. 274,892 - - - - 274,892 EDPR România, S.R.L 25 - - - - 25 Eolos Energía, S.A.S. E.S.P. 52,059 80,143 - -90,106 957 43,053 Vientos del Norte S.A.S. E.S.P. 14,130 54,967 - -69,591 494 - Parque Solar Fotovoltaico El Copey, S.A.S. E.S.P. 7,920 - - - - 7,920 Solar Power Solutions, S.A.S. E.S.P. 57,121 3,200 - - 1,888 62,209 Parque Solar Los Cuervos, S. de R.L. de C.V. 185,637 - - - -6,440 179,197 EDPR Vietnam 254 - - - - 254 OMA Haedori Co., Ltd. 1,874 - - - -15 1,859
Annual Report 2023 Individual Annual Accounts 136 Vientos de Coahuila, S.A. de C.V. 1,342 - - - -47 1,295 EDP Renewables Chile, SpA 6,898 4,566 - - -281 11,183 Trung Son SG PTE, LTD. 13,988 - - - -486 13,502 Sunseap Group Pte. Ltd. 838,095 87,647 -285 - -17,873 907,584 Aioliki Oitis Energiaki 246 - - - - 246 Other (See Annex I) 10 - - - - 10 Total 10,728,071 1,885,384 -308 -159,697 -207,732 12,245,719 ASSOCIATES OW Offshore S.L. 350,158 73,428 - - - 423,586 Other (See Annex I) 2 - - - - 2 Total 350,160 73,428 - - - 423,588 Total 11,078,231 1,958,812 -308 -159,697 -207,732 12,669,307 2022 THOUSAND EUROS 31/12/2021 ADDITIONS DISPOSALS IMPAIRMENT CHANGES IN EXCHANGE RATES 31/12/2022 Group companies EDP Renováveis Brasil S.A. 424,471 185,728 - - -22,971 587,228 EDP Renewables Europe, S.L. 3,079,340 - - - - 3,079,340 EDP Renewables North America, LLC 4,555,090 595,976 - - 313,207 5,464,273 EDP Renewables Canada, Ltd 100,672 45,615 - - -3,548 142,739 EDP Renováveis Servicios Financieros S.A. 274,892 - - - - 274,892 EDPR România, S.R.L. 25 - - - - 25 Eolos Energía, S.A.S. E.S.P. 63,284 13,527 - -23,411 -1,341 52,059 Vientos del Norte S.A.S. E.S.P. 39,537 12,516 - -37,231 -692 14,130 Parque Solar Fotovoltaico El Copey, S.A.S. E.S.P. - 7,920 - - - 7,920 Solar Power Solutions, S.A.S. E.S.P. 59,768 - - - -2,647 57,121 Parque Solar Los Cuervos, S. de R.L. de C.V. 21,852 168,630 - -4,845 185,637 EDPR Vietnam 254 - - - - 254 OMA Haedori Co., Ltd. 2,970 790 -1,897 - 11 1,874 Vientos de Coahuila, S.A. de C.V. - 1,451 - - -109 1,342 EDP Renewables Chile, SpA 3,783 2,822 - - 293 6,898 Trung Son SG PTE, LTD. 13,867 - -754 - 875 13,988 Sunseap Group Pte. Ltd. - 796,831 - - 41,264 838,095 Aioliki Oitis Energiaki 246 - - - - 246 Other (See Annex I) 10 - - - - 10 Total 8,640,061 1,831,806 -2,651 -60,642 319,497 10,728,071 Associates Solar Works BV 2,227 - -2,227 - - - OW Offshore S.L. 350,158 - - - - 350,158 Other (See Annex I) - 2 - - - 2 Total 352,385 2 -2,227 - - 350,160 Total 8,992,446 1,831,808 -4,878 -60,642 319,497 11,078,231 A) Investments in Group companies and associates Details of direct and indirect investments in Group companies are provided in Annex I.
Annual Report 2023 Individual Annual Accounts 137 In 2023 and 2022, the Company financed its subsidiary EDP Renewables North America, LLC (EDPR NA) by subscribing successive capital increases/reductions for a net amount of EUR 1,458,472 thousand and 595,976 thousand (USD 1,570,382 thousand and 267,959 thousand), generating an increase in 2023 and 2022, respectively. In 2023 and 2022, the Company subscribed capital increases in EDP Renováveis Brasil S.A. for EUR 138,514 thousand and 185,728 thousand (BRR 769,791 thousand and 1,020,000 thousand), respectively. In 2023 and 2022, the Company subscribed capital increases in EDP Renewables Canada Ltd, for EUR 57,876 thousand and 45,615 thousand (Canadian Dollars 85,038 and 61,200 thousand), respectively. In 2023 and 2022, the Company carried out capital increases in Eolos Energía, S.A.S. E.S.P. for EUR 80,143 thousand and EUR 13,527 thousand (COP 408,240 and 59,771 million), respectively. This investment entails a success fee of EUR 1,4,778 thousand (USD 16,330 thousand), which the Company has recorded under Other current financial liabilities (see Note 16a). During 2023 the Company recognised impairment of EUR 90,106 thousand as a result of the impairment testing carried out (EUR 23,411 thousand in 2022). In 2023 and 2022, the Company carried out capital increases in Vientos de Norte, S.A.S. E.S.P. for EUR 54,967 thousand and 12,516 thousand, respectively (COP 270,774 million and 55,225 million, respectively). This investment entails a success fee of EUR 5,042 thousand (USD 5,571 thousand), which the Company has recorded under Other current financial liabilities (see Note 16a). During 2023 the Company recognised impairment of EUR 69,591 thousand as a result of the impairment testing performed on the investment in (EUR 37,231 thousand in 2022). During 2023 and 2022, the Company carried out capital increases in EDP Renewables Chile, SpA of Euro 4,566 thousand and 2,822 thousand, respectively (USD 5,000 thousand and 3,259 thousand, respectively). During 2023, the Company subscribed a capital increase in the Colombian company Solar Power Solutions., S.A.S. E.S.P. of EUR 3,200 thousand (COP 16,223 million). This investment entails a success fee of EUR 46,882 thousand (USD 51,804 thousand), which the Company has recorded under Other non-current financial (EUR 41,022 thousand) and under Other current financial liabilities (EUR 5,860 thousand) (See Note 16a). During 2022 the Company purchased the Singapore company Sunseap Group PTE. Ltd. for EUR 706,246 thousand (SGD 1,071,470 thousand), mainly accounted for by the initial consideration of EUR 659,658 thousand determined in the framework of that business acquisition. This acquisition entailed a call option to acquire the remaining shares held by the minority shareholders for EUR 57,440 thousand (SGD 82,139 thousand), which the Company has recognised in other non- current financial liabilities (EUR 40,174 thousand) and in Other current financial liabilities (EUR 91 thousand) (see Note 16a). Furthermore, during 2023 and 2022, the Company subscribed capital increases of EUR 87,647 and 90,585 thousand (SGD 127,000 thousand and 125,000 thousand). During 2023, the Company subscribed a capital increase in its jointly controlled associate Ocean Wind Offshore, S.L. for EUR 73,428 thousand. During 2022, the Company purchased the Colombian company Parque Solar Fotovoltaico El Copey, S.A.S. E.S.P. for EUR 7,920 thousand (COP 34,988 million). This acquisition entailed a success fee of EUR 5,072 thousand (USD 5,605 thousand), which the Company has recognised in Other non-current financial liabilities (see Note 16a). During 2022, the Company subscribed a capital increase in the Mexican company Parque Solar Los Cuervos, S. de R.L. de C.V. for EUR 168,630 thousand (USD 173,250 thousand). During 2022, the Company subscribed a capital increase in the Mexican company Vientos de Coahuila, S. de R.L. de C.V. for EUR 1,451 thousand (USD 1,431 thousand). During 2022 the Company incorporated the South Korean company EDPR Korea, Ltd for EUR 75 thousand (South Korean Won 100 million). At the end of the year the Company sold this holding, generating a loss on the income statement of EUR 75 thousand. Impairment testing of investments in equity instruments Investments in equity instruments are tested for impairment annually. The recoverable amount is determined using the value in use. Shareholder cash flows are discounted to carry out this analysis. This method is based on the principle that the estimated value of an entity or business is defined by its capacity to generate future financial resources, assuming that these resources can be withdrawn from the business and distributed among the Company's shareholders, without compromising the continuation of the activity. The amount was therefore based on free cash flows generated by each company's business, discounted at appropriate discount rates and deducting the net debt.
Annual Report 2023 Individual Annual Accounts 138 The projection period for future cash flows is the useful life of the assets (30 years for wind and 35 years for solar), which is in line with the current amortisation method. Cash flows also include long- term operating contracts and long-term estimates of energy prices, provided that the asset carries market prices risk. The following main assumptions are used for testing impairment: Energy produced: The wind studies carried out are used to determine the net capacity factors used for each wind/solar farm, which take into account the long-term predictability of wind/ solar energy production and that wind/solar energy production is supported in almost all countries by regulations that allow priority production and supply whenever weather conditions allow. Electricity remuneration: Approved or contracted remuneration has been applied when available with respect to the companies that benefit from regulated remuneration or that have signed agreements to sell their predetermined output over the entire useful life of the asset or a part of it; when this option was not available, prices were calculated using price curves projected by the company using its experience, internal models and external information sources. New capacity: Tests were based on the best information available about the wind/solar farms expected to be built in the coming years, adjusted by the likelihood that the planned projects will be successfully completed and by the company's growth prospects based on the objectives in the business plan, historical growth and projections of market size. Tests took into account the contracted and expected prices for acquiring turbines from several suppliers. Operating costs: Contracts entered into for land leases and maintenance agreements were used; other operating costs were projected in a manner consistent with the company's internal models and experience. Residual value: The residual value is taken as 15% of the initial investment in each wind/solar farm, taking inflation into consideration. Discount rate: The following discount rates used are after taxes and they reflect the EDPR Group's best estimate of the specific risks: 2023 2022 Europe 4.4%-9.0% 3.7%-8.6% North America 6.5%-7.5% 6.1% LATAM 6.7%-11.3% 5.9%-9.6% APAC 2.8%-11.0% 6.9%-10.8% EDPR has performed the following sensitivity analyses on the results of the affected impairment tests: 10% reduction in the market prices used in the reference scenario. This sensitivity analysis performed independently for that assumption would not involve any additional impairment. Increase in the discount rate used in the reference scenario of 100 base points. This sensitivity analysis performed independently for that assumption would not involve any additional impairment. In 2023, the Company recognised impairment of EUR 159,697 thousand (EUR 60,642 thousand in 2022) as a result of the impairment test performed on its holding in Eolos Energía, S.A.S. E.S.P., with impairment of EUR 90,106 thousand (EUR 23,411 thousand in 2022) and in Vientos de Norte, S.A.S. E.S.P., with impairment of EUR 69,591 thousand (EUR 37,231 thousand in 2022). No impairment has been recognised as a result of the tests performed on the remaining investments during 2023 and 2022. Foreign currency The functional currencies of foreign operations are the currencies of the countries in which they are located. These are primarily the US Dollar, the Canadian Dollar, the Brazilian Real, Singapore Dollar and the Colombian Peso.
Annual Report 2023 Individual Annual Accounts 139 Hedged investments The details of investments whose fair value is hedged against currency risk at 31 December 2023 and 2022 are as follows: THOUSAND EUROS INTEREST COVERED INTEREST NOT COVERED TOTAL 202 EDP Renováveis Brasil S.A. 274,628 461,492 736,120 EDP Renewables North America, LLC. (EDPR NA) 4,639,277 2,088,837 6,728,114 EDP Renewables Canada, Ltd 80,327 118,589 198,916 Parque Solar Los Cuervos. S. de R.L. de C.V. 179,197 - 179,197 Vientos de Coahuila. S.A. de C.V. 1,295 - 1,295 EDP Renewables Chile, SpA 11,183 - 11,183 Trung Son SG PTE, LTD. 13,502 - 13,502 Sunseap Group Pte. Ltd. 729,116 178,468 907,584 Total 5,928,525 2,847,386 8,775,911 THOUSAND EUROS INTEREST COVERED INTEREST NOT COVERED TOTAL 2022 EDP Renováveis Brasil S.A. 266,688 320,540 587,228 EDP Renewables North America, LLC. (EDPR NA) 5,464,273 - 5,464,273 EDP Renewables Canada, Ltd 142,739 - 142,739 Eolos Energía. S.A.S. E.S.P. 8,026 44,033 52,059 Vientos del Norte S.A.S. E.S.P. 4,144 9,986 14,130 Solar Power Solutions, S.A.S. E.S.P. 15,836 41,285 57,121 Parque Solar Los Cuervos, S. de R.L. de C.V. 185,637 - 185,637 OMA Haedori Co., Ltd. 725 1,149 1,874 Vientos de Coahuila, S.A. de C.V. 1,342 - 1,342 EDP Renewables Chile, SpA 6,898 - 6,898 Trung Son SG PTE, LTD. 13,988 - 13,988 Sunseap Group Pte. Ltd. 838,095 - 838,095 Total 6,948,391 416,993 7,365,384 The changes in value due to exchange rate fluctuations of equity instruments and the changes in fair value of hedging instruments are recognised in exchange gains/losses in the income statement. Details for 2023 and 2022 are as follows: THOUSAND EUROS GAINS/(LOSSES) 2023 EDPR NA EDPR BRASIL SUNSEAP OTHER TOTAL Investments in Group companies (Note 11) -194,631 10,378 -17,873 -5,606 -207,732 Hedging instruments Foreign currency derivatives (Note 11) 102,874 -20,997 17,829 -4,008 95,698 Current account in foreign currency (Note 11) -9,498 - - 7,253 -2,245 Fixed-rate debt in foreign currency (Note 11) 93,138 - -3,574 - 89,564 Other financial liabilities (Note 16a) - - 1,094 93 1,187 -8,117 -10,619 -2,524 -2,268 -23,528
Annual Report 2023 Individual Annual Accounts 140 THOUSAND EUROS GAINS/(LOSSES) 2022 EDPR NA EDPR BRASIL SUNSEAP OTHER TOTAL Investments in Group companies (Note 11) 313,207 -22,971 41,264 -12,003 319,497 Hedging instruments Foreign currency derivatives (Note 11) -236,290 11,467 -58,558 4,976 -278,405 Current account in foreign currency (Note 11) 15,159 - - 3,786 18,945 Fixed-rate debt in foreign currency (Note 11) -132,238 - - - -132,238 Other financial liabilities (Note 16a) - - 422 11 433 -40,162 -11,504 -16,872 -3,230 -71,768 The hedging instruments designated by the Company to hedge foreign currency risk arising from the investments in EDP Renewables North America, LLC. comprise: A hedge consisting of EUR/USD swaps, specifically a cross interest rate swap, arranged with EDP Energías de Portugal, S.A. with a notional amount of USD 1,778,816 thousand (USD 2,778,816 thousand at 31 December 2022). The fair value of this hedging instrument at 31 December 2023 was EUR -30,145 thousand (EUR -82,128 thousand at 31 December 2022) and it has been recognised under non-current payables (EUR 11,506 thousand) and current payables (EUR 18,639 thousand) (see Note 11). During 2023, an agreement of this nature was settled generating losses of EUR 95,916 thousand, recorded in the exchange differences account. These hedging instrument incurred a net finance cost of EUR 26,864 thousand (net cost of EUR 26,612 thousand in 2022), which has been recognised under finance costs on debt with Group companies (EUR 35,165 thousand) and revenue as financial income (EUR 8,301 thousand) in the accompanying income statement. A hedge consisting of EUR/USD swaps, specifically a cross interest rate swap, arranged with EDPR Servicios Financieros, S.A. with a notional amount of USD 870,000 thousand (USD 960.711 thousand in 2022). The fair value of this hedging instrument at 31 December 2023 was EUR -22,981 thousand (EUR -69,947 thousand at 31 December 2022) and it has been recognised under non-current payables (Note 11). During 2023 an agreement of this nature was settled generating losses of EUR 2,409 thousand, recorded in the exchange differences account. These hedging instruments incurred a net finance cost of EUR 14,866 thousand (net cost of EUR 14,235 thousand in 2022), which has been recognised under finance costs on debt with Group companies (EUR 32,112 thousand) and revenue as financial income (EUR 17,246 thousand) in the accompanying income statement. During 2023 a hedge consisting of EUR/USD forward contracts arranged with EDP Finance, B.V. and EDP Energías de Portugal, S.A., with a notional amount of USD 978,200 thousand was settled, generating a gain of EUR 6,334 thousand that has been recorded in the exchange differences account. This hedging instrument has a fair value of EUR -24,700 thousand at 31 December 2022 and is recorded under Non-current investments in Group companies and associates (EUR 206 thousand) and in Current payables under current liabilities (Euro 24,906 thousand) (Note 11). Current account with EDPR Servicios Financieros, S.A. for USD 529,664 thousand at 31 December 2023 (USD 58,378 thousand at 31 December 2022). At 31 December 2023, the fair value of that current account amounted to EUR 479,334 thousand (EUR 54,733 thousand at 31 December 2022) and is recorded under Cash and cash equivalents on the accompanying balance sheet (see Note 12). The current account generated exchange losses in 2023 of EUR 9,498 thousand (losses of EUR 15,159 thousand in 2022). Loans received from EDP Finance BV in USD with a notional amount of USD 221,184 thousand (USD 260,676 thousand in 2022). These loans generated exchange gains in 2023 of EUR 8,962 thousand (losses of EUR 14,076 thousand in 2022). Loans received from EDP Renováveis Servicios Financieros, S.A. in USD with a notional amount of USD 3,006,333 thousand (USD 2,162,783 thousand in 2022). These loans generated exchange gains in 2023 of EUR 84,176 thousand (losses of EUR 84,162 thousand in 2022). To hedge the currency risk arising from the exposure of the investment in EDP Renováveis Brasil S.A., denominated in Brazilian Reals, the Company has arranged a hedging instrument comprising four swaps and one forward for a total notional amount of BRR 1,472,500 thousand (one swap and four forwards for a notional amount of BRR 1,502,500 thousand). The net fair value of the hedging instrument at 31 December 2023 was EUR 8,021 thousand (EUR 18,757 thousand at 31 December 2022) and has been recognised under Investments in Group companies and associates in current assets (see 11). During 2023 an agreement of this nature was settled generating losses of EUR 10,262 thousand, recorded in the exchange differences account (exchange gains of EUR 3,603 thousand in 2022). This hedging instrument generated a net finance cost of EUR 4,378 thousand (cost of EUR 1,671 thousand in 2022), which has been recognised under finance costs on debt with Group companies (EUR 4,587 thousand) and Revenue as financial income (EUR 209 thousand) in the accompanying income statement. The hedging instruments designated by the Company to hedge foreign currency risk arising from the investments in Sunseap Group Pte, Ltd comprise:
Annual Report 2023 Individual Annual Accounts 141 During 2023 a hedge consisting of several forward contracts with a notional value of SGD 1,113,867 thousand was settled, generating gains of EUR 17,829 thousand. At 31 December 2022 the fair value of that hedging instrument was EUR 59,157 thousand, recorded under current and non-current payables (EUR 58,058 thousand and 1,099 thousand respectively) (see Note 11).During 2022, an agreement of this nature was settled generating losses of EUR 827 thousand, which are recorded in the exchange differences account. SGD-denominated loans received from EDP Renováveis Financial Services, S.A. during 2023 SGD for a notional SGD 1,000 thousand. These loans generated exchange losses of EUR 3,574 thousand in 2023. Liabilities associated with the acquisition of the SGD-denominated investment for SGD 58,750 thousand that are recorded under other non-current and current liabilities (SGD 58,617 thousand and 133 thousand, respectively). The measurement of these liabilities has generated gains of EUR 1,094 thousand (losses of EUR 422 thousand in 2022). To hedge the currency risk arising from the exposure of the investment in EDP Renewables Canada, Ltd, denominated in Canadian Dollars, the Company has arranged a hedging instrument comprising several swaps and forward contracts with a notional value of Canadian Dollars 115,648 thousand (swaps and forwards with a notional Canadian Dollars 422 thousand in 2022). At 31 December 2023 the fair value of this hedging instrument amounted to EUR -7973 thousand (EUR 2,237 thousand at 31 December 2022), which is recognised under Investments in Group companies and associates in current and non-current assets (EUR 489 thousand), and under current and non-current liabilities (EUR 1,270 thousand and 16 thousand, respectively) (see Note 11). Durante 2023 several contracts of this nature were settled, generating gains of 936 thousand (losses of EUR 4,125 thousand in 2022) that have been recorded in the exchange differences account. These hedging instruments generated a net finance cost of EUR 1,554 thousand (cost of EUR 2,210 thousand in 2022), which has been recognised under finance costs on debt with Group companies (EUR 3,967 thousand) and revenue as financial income (EUR 2,413 thousand) in the accompanying income statement. During 2023, instruments consisting of swaps and forwards used to hedge the exposure to currency risk of the investments in the Colombian companies Eolos Energía, S.A.S. E.S.P., Vientos de Norte, S.A.S. E.S.P. and Solar Power Solution, S.A.S. E.S.P., which are denominated in Colombian Pesos (COP) and have a notional value of COP 132,042 million, were settled, generating losses of EUR 4,683 thousand that have been recorded in the exchange differences account. The fair value of this hedge at 31 December 2022 was Euros 3,401 thousand, which was recorded under Current investments in Group companies and associates (see Note 11). During 2022 several agreements of this nature were settled generating costs of Euro 856 thousand, which were recorded in the exchange differences account. This hedging instrument incurred a net finance cost of EUR 494 thousand (EUR 614 thousand in 2022), which has been recognised under finance costs on debt with Group companies (EUR 656 thousand) and revenue as financial income (EUR 162 thousand) in the accompanying income statement. The Company financed the US dollar 195,923 thousand investment in the Mexican company Parque Solar Los Cuervos, S. de R.L. de C.V. using a US dollar denominated current account to avoid exposure to currency risk. At 31 December 2023, the fair value of the current account amounted to EUR 177,306 thousand (EUR 183,689 thousand at 31 December 2022), which is recorded under Cash and cash equivalents on the accompanying balance sheet (see Note 12). The current account has generated exchange gains of EUR 6,439 thousand (losses of EUR 4,845 thousand in 2022). The Company financed the USD 13,956 thousand investment in the Singapore company Trung Son SG PTE. LTD, via a USD current account (USD 11,230 thousand at 31 December 2022) to avoid exposure to currency risk. At 31 December 2023, the fair value of the current account was EUR 12,630 (EUR 10,529 thousand in 2022), which is recorded under Cash and cash equivalents on the accompanying balance sheet (see Note 12). The current account has generated exchange losses of EUR 486 thousand (losses of EUR 876 thousand in 2022). The Company financed the US dollar 12,357 thousand investment in the Chilean company EDP Renewables Chile, SpA (USD 7,357 thousand at 31 December 2022), using a USD-denominated current account to avoid exposure to currency risk. At 31 December 2023, the fair value of the current account was EUR 11,183 thousand (EUR 6,898 thousand at 31 December 2022), which is recorded under Cash and cash equivalents on the accompanying balance sheet (see Note 12). The current account has generated exchange gains of EUR 281 thousand (losses of EUR 293 thousand in 2022). The Company financed the USD 1,431 thousand investment in the Mexican company Vientos de Coahuila, S.A. de C.V. S.A. de C.V. using a USD-denominated current account to avoid exposure to currency risk. At 31 December 2023, the fair value of the current account was EUR 1,295 thousand (EUR 1,342 thousand at 31 December 2022), which is recorded under Cash and cash equivalents on the accompanying balance sheet (see Note 12). The current account has generated exchange gains of EUR 47 thousand (gains of EUR 110 thousand in 2022). 09. Financial assets by category The classification of financial assets by category and class, as well as a comparison of the fair value and the carrying amount is as follows:
Annual Report 2023 Individual Annual Accounts 142 2023 THOUSAND EUROS NON-CURRENT CURRENT CARRYING AMOUNT FAIR VALUE AT FAIR VALUE TOTAL CARRYING AMOUNT FAIR VALUE AT FAIR VALUE TOTAL Financial assets at amortised cost: Other financial assets 497 497 - 497 3,939 3,939 - 3,939 Trade and other receivables - - - - 186,363 186,363 - 186,363 Total 497 497 - 497 190,302 190,302 - 190,302 Financial assets at cost: Equity instrument in Group companies 12,669,307 12,669,307 - 12,669,307 - - - - Total 12,669,307 12,669,307 - 12,669,307 - - - - Financial assets at fair value through profit or loss: Hedging derivatives traded on OTC markets - - 69 69 - - 12,511 12,511 Total - - 69 69 - - 12,511 12,511 Total financial assets 12,669,804 12,669,804 69 12,669,873 190,302 190,302 12,511 202,813 2022 THOUSAND EUROS NON-CURRENT CURRENT CARRYING AMOUNT FAIR VALUE AT FAIR VALUE TOTAL CARRYING AMOUNT FAIR VALUE AT FAIR VALUE TOTAL Financial assets at amortised cost: Loans - - - - 15 15 - 15 Other financial assets 33,778 33,778 - 33,778 91 91 - 91 Trade and other receivables - - - - 137,576 137,576 - 137,576 Total 33,778 33,778 - 33,778 137,682 137,682 - 137,682 Financial assets at cost: Equity instrument in Group companies 11,078,231 11,078,231 - 11,078,231 - - - - Total 11,078,231 11,078,231 - 11,078,231 - - - - Financial assets at fair value through equity: Other equity instruments 5,940 5,940 - 5,940 - - - - Total 5,940 5,940 - 5,940 - - - - Financial assets at fair value through profit or loss: Hedging derivatives traded on OTC markets - - 8,996 8,996 - - 24,958 24,958 Total - - 8,996 8,996 24,958 24,958 Total financial assets 11,117,949 11,117,949 8,996 11,187,587 137,682 137,682 24,958 162,640 Net gains and losses by category of financial assets, except for derivative instruments used to hedge foreign-currency denominated shareholdings, are as follows: THOUSAND EUROS 2023 FINANCIAL ASSETS AT AMORTISED COST, GROUP COMPANIES FINANCIAL ASSETS AT AMORTISED COST OTHER ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS TOTAL Finance income 71,830 380 - 72,210 Dividends (Note 20b) 72,278 - - 72,278 Change in fair value of financial instruments - - 1,112 1,112 Impairment and gains/(losses) on disposal of financial instruments - - 27,800 27,800 Total 144,108 380 28,912 173,400
Annual Report 2023 Individual Annual Accounts 143 THOUSAND EUROS 2022 FINANCIAL ASSETS AT AMORTISED COST, GROUP COMPANIES FINANCIAL ASSETS AT AMORTISED COST OTHER ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS TOTAL Finance income 19,976 1 - 19,977 Dividends (Note 20b) 36,180 - - 36,180 Change in fair value of financial instruments - - 5,608 5,608 Impairment and gains/(losses) on disposal of financial instruments - - 19,844 19,844 Total 56,156 1 25,452 81,609 10. Investments and trade receivables A) Investments in Group companies and Unrelated parties Details of investments in Group companies and Unrelated parties are as follows: THOUSAND EUROS 2023 2022 NON- CURRENT CURRENT NON- CURRENT CURRENT GROUP Equity instruments (Note 8) 12,669,307 - 11,078,231 - Derivative financial instruments (Note 11) 69 12,511 8,996 24,958 Loans to Group companies and associates - 3,927 - 90 Other financial assets 224 - 3,424 - Trade and other receivables - 185,706 - 133,723 Total 12,669,600 202,144 11,090,651 158,771 UNRELATED PARTIES Equity instruments - - 5,940 - Other financial assets 273 12 30,354 16 Trade and other receivables - 657 - 3,853 Total 273 669 36,294 3,870 Total 12,669,873 202,813 11,126,945 162,657 In 2023, the Company sold the US company Principle Power Inc for EUR 8,008 thousand (USD 8,632 thousand). The investment was classified under financial assets at fair value through equity and the transaction generated profits in the income statement of EUR 2,115 thousand. During 2022 the Company sold the US company Rensource Holding, Inc for EUR 150 thousand (USD 156 thousand). The investment was classified under financial assets at fair value through equity and the transaction generated losses in the income statement of EUR 2,790 thousand. Other financial assets with unrelated parties at 31 December 2022 mainly included an advance payment for the acquisition of future investments (EUR 30,000 thousand), which were recovered during 2023 once the investments were not made. B) Classification by maturity The classification of financial assets by maturity is as follows: 2023 THOUSAND EUROS 2024 2025 2026 2027 SUBSEQUE NT YEARS LESS CURRENT PORTION TOTAL NON- CURRENT Derivative financial instruments 12,511 69 - - - -12,511 69 Other financial assets 3,939 - - - 497 -3,939 497 Trade and other receivables 186,363 - - - - -186,363 - Total 202,813 69 - - 497 -202,813 566
Annual Report 2023 Individual Annual Accounts 144 2022 THOUSAND EUROS 2023 2024 2025 2026 SUBSEQUENT YEARS LESS CURRENT PORTION TOTAL NON- CURRENT Loans to companies 15 - - - - -15 - Derivative financial instruments 24,958 2,299 - - 6,697 -24,958 8,996 Other financial assets 91 - - - 33,778 -91 33,778 Trade and other receivables 137,576 - - - - -137,576 - Total 162,640 2,299 - - 40,475 -162,640 42,774 C) Trade and other receivables Details of trade and other receivables are as follows: CURRENT THOUSAND EUROS 2023 2022 GROUP: Customers 67,845 41,567 Other receivables 117,861 92,156 Total 185,706 133,723 UNRELATED PARTIES: Other receivables 657 3,853 Other tax receivables (Note 18) 1 1 Total 658 3,854 Total 186,364 137,577 The carrying value of these assets does not differ significantly from their fair value. Trade receivables from Group companies in 2023 and 2022 essentially includes the balance receivable under management support service contracts entered into with EDP Renewables Europe S.L.U. and EDP Renewables North America, LLC in 2013 (see Note 20b). Other Group receivables are mainly in respect of income tax of EUR 51,978 thousand (EUR 61,402 thousand in 2022) (see Note 18) and the dividend receivable from EDP Renováveis Brasil, S.A. of EUR 65,879 (EUR 30,751 thousand). D) Exchange differences recognised in profit or loss in relation to financial assets Details of exchange differences recognised in profit or loss in relation to financial instruments, distinguishing between settled and outstanding transactions, are as follows: 2023 2022 THOUSAND EUROS SETTLED OUTSTANDING SETTLED OUTSTANDING Hedged investments in Group companies (Note 8) - -207,732 - 319,497 Hedging derivatives of net investments in foreign operations 10,158 204,570 3,603 17,820 Other financial assets 275 1,062 317 557 Trade and other receivables - - - - Cash and cash equivalents - -2,465 - 21,383 Total financial assets 10,433 -4,565 3,920 359,257 11. Derivative financial instruments Details of derivative financial instruments are as follows:
Annual Report 2023 Individual Annual Accounts 145 2023 ASSETS LIABILITIES THOUSAND EUROS NON- CURRENT CURRENT NON- CURRENT CURRENT HEDGING DERIVATIVES a) Fair value hedges Net investment hedging swaps (Note 8) - 7,888 34,486 19,757 Net investment hedging forwards (see Note 8) - 622 16 153 Total - 8,510 34,502 19,910 DERIVATIVES AT FAIR VALUE THROUGH CHANGES IN PROFIT OR LOSS c) Foreign currency derivatives FX forward 69 4,001 - 1,621 Total derivatives 69 12,511 34,502 21,531 2022 ASSETS LIABILITIES THOUSAND EUROS NON- CURRENT CURRENT NON- CURRENT CURRENT HEDGING DERIVATIVES a) Fair value hedges Net investment hedging swaps (Note 8) 128 5,321 147,223 7,506 Net investment hedging forwards (see Note 8) 2,171 19,636 1,098 82,965 b) Cash flow hedge Interest rate swap 6,697 - - - Total 8,996 24,957 148,321 90,471 DERIVATIVES AT FAIR VALUE THROUGH CHANGES IN PROFIT OR LOSS c) Foreign currency derivatives FX forward - 1 - 2,390 Total derivatives 8,996 24,958 148,321 92,861 Fair value of derivative financial instruments is based on quotes provided by external entities, which are compared on each reporting date to fair values available in common financial information platforms. These entities use the commonly accepted discounted cash flows techniques and data on public markets. The only exceptions are the CIRS in USD/EUR with EDP SA and EDP Renováveis Servicios Financieros SA, whose fair values are determined by the Financial Departments of EDP and EDPR respectively, using the same aforesaid discounted cash flows techniques and data. As such, as required by accounting policies, the fair value of derivative financial instruments is classified in level 2 (see Note 25) and no changes of level occurred during this period. A) Fair value hedges The total amount of gains and losses on hedging instruments and on items hedged under fair value hedges of net investments in Group companies is as follows: GAINS/(LOSSES) THOUSAND EUROS 2023 2022 FORWARD EXCHANGE CONTRACTS: Investments in Group companies (Note 8) -207,732 319,497 Foreign currency derivatives (Note 8) 95,698 -278,405 Current account in foreign currency (Note 8) -2,245 18,945 Fixed rate debt (Note 8) 89,564 -132,238 Other financial liabilities (Note 8) 1,187 433 Total -23,528 -71,768 B) Cash flow hedges To lock in future interest rate levels in the current scenario of high volatility and uncertainty, in 2022 the Company contracted interest rate pre-hedges for its future intercompany loan refinancing needs with EDP in USD.
Annual Report 2023 Individual Annual Accounts 146 At 31 December 2022, the Company had contracted a hedge consisting of four interest rate swaps with EDP Financial Services, S.A. with a notional value of USD 221,000 thousand. These instruments are scheduled to mature in 2029. At 31 December 2022, the fair value of this hedging instrument was EUR 6,697 thousand, which was recorded under Non-current investments in Group companies and associates. These instruments were settled early in 2023, generating a gain of EUR 17,895 thousand that was recorded in the income statement under impairment and proceeds on disposals of equity instruments. The total amount of cash flow hedges that has been recognised in equity for 2023 was a debit balance of EUR 18,444 thousand (credit balance of EUR 5,023 thousand in 2022). The total amount taken to the income statement during 2023 was a credit balance of EUR 13,421 thousand. There were no instances of ineffectiveness of the cash flow hedges during 2023 and 2022. C) Foreign currency derivatives To eliminate the exchange rate risk on the success fee recognised as a result of the acquisition of the Colombian companies (see Note 8), in 2023 and 2022, the Company arranged several futures contracts on the US Dollar exchange rate for a notional amount of EUR 59,706 thousand, with an equivalent value of USD 65,100 thousand (EUR 76,028 thousand, equivalent to USD 79,401 thousand in 2022). The fair value of these hedges is recognised under current investments in Group companies and associates for EUR 243 thousand and under current payables for EUR 1,075 thousand (EUR 2,365 thousand in current payables in 2022). During 2023 contracts of this nature were settled, generating a net gain of EUR 2,668 thousand, which was recognised in the income statement under impairment and proceeds on disposals of equity instruments net gain of (EUR 10,403 thousand in 2022). During 2023 and 2022, the Company has implemented a strategy to hedge its transactional foreign exchange exposure arising from the project to acquire EaSup in Vietnam. This involved arranging several futures contracts on the USD Dollar exchange rate for a notional value of EUR 3,998 thousand, equivalent to USD 4,418 (EUR 2,770 thousand, equivalent to USD 2,955 IN 2022). The fair value of these hedges amounted to EUR 81 thousand at 31 December 2023, which is recorded under current payables (EUR 1 thousand under current investments in Group companies and associates and EUR 24 thousand under current payables at 31 December 2022). During 2023 contracts of this nature were settled, generating a net gain that was recorded in the income statement under impairment and proceeds on disposals of equity instruments of EUR 33 thousand (net loss of EUR 56 thousand in 2022). During 2023, the Company arranged several futures contracts on the USD exchange rate that offset several existing contracts, in order to reduce the hedge accounting impact. The original contract thus ceased to serve as a hedge for the USD holding. The fair value of these instruments at 31 December 2023 was EUR 345 thousand, which is recorded under current investments in Group companies and associates. During 2023 contracts of this nature were settled, generating a net gain of EUR 7,816 thousand that was recorded in the income statement under impairment and proceeds on disposals of equity instruments. During 2023, the Company arranged several futures contracts on the Canadian Dollar (CAD) exchange rate that offset several existing contracts, in order to reduce the hedge accounting impact. The original contract thus ceased to serve as a hedge for the CAD holding. The fair value of these instruments at 31 December 2023 was EUR 1,984 thousand, which is recorded under current investments in Group companies and associates (EUR 2,138 thousand) and current payables (EUR 154 thousand). During 2023 contracts of this nature were settled, generating a net gain of EUR 994 thousand that was recorded in the income statement under impairment and proceeds on disposals of equity instruments . During 2023, the Company arranged several futures contracts on the Singapore Dollars (SGD) exchange rate that offset several existing contracts, in order to reduce the hedge accounting impact. The original contract thus ceased to serve as a hedge for the SGD holding. The fair value of these instruments at 31 December 2023 was EUR 1,033 thousand, which is recorded under current investments in Group companies and associates (EUR 1,344 thousand) and current payables (EUR 311 thousand). 12. Cash and cash equivalents Details of cash and cash equivalents are as follows: THOUSAND EUROS 2023 2022 Cash in hand and at banks 879 105 Other cash equivalents 860,351 750,005 Total 861,230 750,110
Annual Report 2023 Individual Annual Accounts 147 At 31 December 2023, the line item cash and cash equivalents includes the balances of Euro and Dollar current accounts with EDPR Servicios Financieros S.A. for EUR 381,017 thousand and 479,334 thousand, respectively (EUR 695,272 thousand and 54,733 thousand in 2022), in accordance with the terms of the contract signed by the parties on 1 June 2015. 13. Capital and reserves The composition of and movements in equity during 2023 and 2022 are shown in the statement of changes in equity. A) Subscribed capital On 3 March 2023, EDPR carried out a capital increase by issuing 50,968,400 ordinary shares, each with a par value of EUR 50 and a subscription price of EUR 14.62 per share, with the exclusion of the pre-emptive subscription rights of the Company's shareholders. The new shares are equivalent to EDPR’s other shares and confer on their holders, as from the date of their respective issue, the same rights as the other shares existing prior to the capital increase. On 4 April 2023, at their Annual General Meeting the shareholders approved the distribution of 2022 profits in the form of a scrip dividend that was executed as an increase in the share capital, with the issue of new ordinary shares with a par value of EUR 5 each, with no share premium. The scrip dividend was executed by 92.32% of the shareholders. This meant the Company has increased its share capital with the issue of 12,451,539 new shares, each with a par value of EUR 5 and no share premium. The new shares are equivalent to EDPR’s other shares and confer on their holders, as from the date of their respective issue, the same rights as the other shares existing prior to the capital increase. The capital increase was completed on 25 May 2023. The shareholders who did not execute the scrip dividend have sold their subscription rights to the Company for a total of EUR 20,580 thousand and received that amount as a dividend against the share premium. As a result, the share capital of EDPR at 31 December 2023 amounted to EUR 5,119,891 euros, represented by 1,023,978,101 shares, each with a par value of EUR 5, all of a single class and series. The shares are bearer shares represented by book entries. The company is entitled to request to have its shares listed for trading and all the shareholders are registered in the relevant book-entry records. These shares have the same voting and profit-sharing rights and are freely transferable. EDP Renováveis, S.A. shareholder's structure as at 31 December 2023 is shown below: COMPANY NUMBER OF SHARES PERCENTAGE OF OWNERSHIP EDP – Energías de Portugal. S.A. Sucursal en España 729,793,922 71.27% Others (shares quoted on the Lisbon stock exchange) 294,184,179 28.73% 1,023.978.101 100.00% EDP Renováveis, S.A. shareholder's structure as at 31 December 2022 is shown below: COMPANY NUMBER OF SHARES PERCENTAGE OF OWNERSHIP EDP – Energías de Portugal. S.A. Sucursal en España 720,191,372 74.98% Others (shares quoted on the Lisbon stock exchange) 240,366,790 25.02% 960,558,162 100.00% B) Share premium This reserve is freely distributable C) Reserves Details of reserves and movement during the year reflect the proposed distribution of profit approved by the shareholders at their annual general meeting (see Note 3). At 31 December, reserves are as follows: THOUSAND EUROS 2023 2022 RESERVES: Legal reserve 214,828 214,828 Voluntary reserves 1,395,111 1,395,111 Negative reserve for costs of the public share offering -53,370 -46,592 1,556,569 1,563,347
Annual Report 2023 Individual Annual Accounts 148 Legal reserve Pursuant to the recast text of the Spanish Companies Act (Ley de Sociedades de Capital), in force since 1 September 2010, companies are required to transfer 10% of profits for the year to a legal reserve until this reserve reaches 20% of share capital. The legal reserve may be used to increase capital. Except for this purpose, until the reserve exceeds 20% of share capital it may only be used to offset losses if no other reserves are available. At 31 December 2023 and 2022 the amount of this reserve was EUR 214,828 thousand. This reserve has not yet been appropriated the minimum amount required by the Spanish Companies Act. Voluntary reserves These reserves are freely distributable. Negative reserve for costs of the public share offering In the public share offering the Company incurred a number of expenses associated with the capital increase, which have been recognised in this line item net of the tax effect. 14. Provisions The movement in provisions during 2023 and 2022 was as follows: THOUSAND EUROS BALANCE AT 31/12/21 ADDITIONS APPLICATIONS BALANCE AT 31/12/22 ADDITIONS APPLICATIONS BALANCE AT 31/12/23 Personnel expense 600 2,066 -300 2,366 300 -1,935 731 Total 600 2,066 -300 2,366 300 -1,935 731 Additions are recorded under the personnel expense as multi-year remuneration obligations. Provisions applied mainly reflect the reclassification of salaries payable to current liabilities. In 2023 and 2022, the amount recognised as a provision is the directors' best estimate at the reporting date of the expenditure required to settle the present obligation. 15. Financial liabilities by category The classification of financial liabilities by category and class and a comparison of the fair value with the carrying amount are as follows: 2023 NON-CURRENT CURRENT THOUSAND EUROS CARRYING AMOUNT FAIR VALUE AT FAIR VALUE TOTAL CARRYING AMOUNT FAIR VALUE AT FAIR VALUE TOTAL Financial liabilities at amortised cost: Group companies: Fixed rate 3,908,382 3,171,013 - 3,908,382 471,660 471,660 - 471,960 Other financial liabilities 86,327 86,327 - 86,327 94,350 94,350 - 94,350 Trade and other payables - - - - 29,537 29,537 - 29,537 Total 3,994,709 3,257,340 - 3,994,709 595,547 595,547 - 595,547 Financial liabilities at fair value through profit or loss: Hedging derivatives traded on OTC markets - - 34,502 34,502 - - 21,531 21,531 Total - - 34,502 34,502 - - 21,531 21,531 Total financial liabilities 3,994,709 3,257,340 34,502 4,029,211 595,547 595,547 21,531 617,078
Annual Report 2023 Individual Annual Accounts 149 2022 NON-CURRENT CURRENT THOUSAND EUROS CARRYING AMOUNT FAIR VALUE AT FAIR VALUE TOTAL CARRYING AMOUNT FAIR VALUE AT FAIR VALUE TOTAL Financial liabilities at amortised cost: Group companies: Fixed rate 2,868,334 2,533,609 - 2,868,334 347,525 347,525 - 347,525 Other financial liabilities 89,802 89,802 - 89,802 105,361 105,361 - 105,361 Trade and other payables - - - - 26,724 26,724 - 26,724 Total 2,958,136 2,623,511 - 2,958,136 479,610 479,610 - 479,610 Financial liabilities at fair value through profit or loss: Hedging derivatives traded on OTC markets - - 148,321 148,321 - - 92,861 92,861 Total - - 148,321 148,321 - - 92,861 92,861 Total financial liabilities 2,958,136 2,623,511 148,321 3,106,457 479,610 479,610 92,861 572,471 Net losses and gains by financial liability category are as follows: 2023 THOUSAND EUROS LIABILITIES AT AMORTISED COST, GROUP COMPANIES LIABILITIES AT AMORTISED COST THIRD PARTIES LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS TOTAL Finance cost 250,542 572 - 251,114 Change in fair value of financial instruments - - 2,064 2,064 Impairment and gains/(losses) on disposal of financial instruments - - 3,730 3,730 Total 250,542 572 5,794 256,908 2022 THOUSAND EUROS LIABILITIES AT AMORTISED COST, GROUP COMPANIES LIABILITIES AT AMORTISED COST THIRD PARTIES LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS TOTAL Finance cost 172,310 3,547 - 251,114 Change in fair value of financial instruments - - 11,511 11,511 Impairment and gains/(losses) on disposal of financial instruments - - 2,284 2,284 Total 172,310 3,547 13,795 189,652 16. Financial debts and trade payables A) Debts with Group companies and unrelated parties Details of debt with Group companies and Unrelated parties are as follows: 2023 2022 THOUSAND EUROS NON- CURRENT CURRENT NON- CURRENT CURRENT GROUP Debt with Group Companies (Note 18b) 3,908,382 471,660 2,868,334 347,525 Interest - 67,125 - 50,495 Derivative financial instruments (Note 11) 34,502 21,531 148,321 92,861
Annual Report 2023 Individual Annual Accounts 150 2023 2022 THOUSAND EUROS NON- CURRENT CURRENT NON- CURRENT CURRENT Suppliers of fixed assets - 39 - 597 Total 3,942,884 560,355 3,016,655 491,478 UNRELATED PARTIES Suppliers of fixed assets - 370 - 556 Other financial liabilities 86,327 26,816 89,802 53,713 Total 86,327 27,186 89,802 54,269 Total 4,029,211 587,541 3,106,457 545,747 Other non-current and current financial liabilities at 31 December 2023 and 2022 mainly relate to the success fees and the pending liabilities arising from the acquisitions of the companies mentioned in Note 8, as follows: 2023 NON-CURRENT THOUSAND EUROS EUROS US DOLLARS SINGAPORE DOLLARS Solar Power Solutions, S.A.S. E.S.P. 41,022 45,329 - Sunseap Group Pte. Ltd 40,174 - 58,617 Parque Solar Fotovoltaico El Copey, S.A.S. E.S.P. 5,072 5,605 - Other financial liabilities* 59 - - Total 86,327 50,934 58,617 2023 CURRENT THOUSAND EUROS EUROS US DOLLARS SINGAPORE DOLLARS Eolos Energía, S.A.S. E.S.P. 14,778 16,330 - Vientos del Norte S.A.S. E.S.P. 5,042 5,571 - Solar Power Solutions, S.A.S. E.S.P. 5,860 6,475 - Sunseap Group Pte. Ltd 91 - 133 Trung Son SG PTE, LTD. 872 964 - Other financial liabilities* 173 - - Total 26,816 39,844 133 2022 NON-CURRENT THOUSAND EUROS EUROS US DOLLARS SINGAPORE DOLLARS OTHER Solar Power Solutions, S.A.S. E.S.P. 42,499 45,329 - - Sunseap Group Pte. Ltd 41,989 - 60,044 - Parque Solar Fotovoltaico El Copey, S.A.S. E.S.P. 5,255 5,605 - - Other financial liabilities* 59 - - - Total 89,802 50,934 60,044 -
Annual Report 2023 Individual Annual Accounts 151 2022 CURRENT THOUSAND EUROS EUROS US DOLLARS SINGAPORE DOLLARS SOUTH KOREAN WON Eolos Energía, S.A.S. E.S.P. 19,319 20,605 - - Vientos del Norte S.A.S. E.S.P. 6,559 6,996 - - Solar Power Solutions, S.A.S. E.S.P. 6,071 6,475 - - Sunseap Group Pte. Ltd 15,451 - 22,096 - Parque Solar Los Cuervos, S. de R.L. de C.V. 1,948 2,078 - - Trung Son SG PTE, LTD. 3,459 3,690 - - OMA Haedori Co., Ltd. 725 - - 975,000 Other financial liabilities* 181 - - - Total 53,713 39,844 22,096 975,000 *Includes Aioliki Oitis Energiaki E.P.E. success fee of EUR 226 thousand (see Note 8), among other items. B) Main characteristics of debt The terms and conditions of loans and other debts are summarised below: 2023 THOUSAND EUROS CARRYING AMOUNT TYPE CURRENCY EFFECTIVE RATE NOMINAL RATE MATURITY NOMINAL AMOUNT CURRENT NON- CURRENT EDP Finance USD 4.75% 4.75% 2024 200,167 200,167 - EDPR Servicios Financieros USD 4.51% 4.51% 2024 271,493 271,493 - EDPR Servicios Financieros USD 3.12% 3.12% 2025 136,848 - 136,848 EDPR Servicios Financieros USD 3.12% 3.12% 2025 88,393 - 88,393 EDPR Servicios Financieros USD 3.75% 3.75% 2030 225,241 - 225,241 EDPR Servicios Financieros USD 2.22% 2.22% 2026 190,045 - 190,045 EDPR Servicios Financieros USD 3.02% 3.02% 2030 190,045 - 190,045 EDPR Servicios Financieros USD 3.25% 3.25% 2031 467,647 - 467,647 EDPR Servicios Financieros USD 2.31% 2.31% 2026 251,810 - 251,810 EDPR Servicios Financieros EUR 1.91% 1.91% 2032 325,428 - 325,428 EDPR Servicios Financieros EUR 2.15% 2.15% 2029 448,431 - 448,431 EDPR Servicios Financieros SGD 5.62% 5.62% 2028 685,354 - 685,354 EDPR Servicios Financieros USD 5.88% 5.88% 2027 452,489 - 452,489 EDPR Servicios Financieros USD 5.83% 5.83% 2031 220,407 - 220,407 EDPR Servicios Financieros USD 5.81% 5.81% 2030 226,244 - 226,244 Total 4,380,042 471,660 3,908,382
Annual Report 2023 Individual Annual Accounts 152 2022 THOUSAND EUROS CARRYING AMOUNT TYPE CURRENCY EFFECTIVE RATE NOMINAL RATE MATURITY NOMINAL AMOUNT CURRENT NON- CURRENT EDP Finance USD 4.99% 4.42% 2023 36,891 36,891 - EDP Finance USD 4.75% 4.75% 2024 207,373 - 207,373 EDPR Servicios Financieros USD 3.13% 3.13% 2025 141,775 - 141,775 EDPR Servicios Financieros USD 3.13% 3.13% 2025 91,576 - 91,576 EDPR Servicios Financieros USD 3.75% 3.75% 2030 233,350 - 233,350 EDPR Servicios Financieros USD 2.22% 2.22% 2026 196,887 - 196,887 EDPR Servicios Financieros USD 3.02% 3.02% 2030 196,887 - 196,887 EDPR Servicios Financieros USD 3.25% 3.25% 2031 484,483 - 484,483 EDPR Servicios Financieros USD 2.31% 2.31% 2026 260,876 - 260,876 EDPR Servicios Financieros USD 5.18% 5.18% 2023 140,634 140,634 - EDPR Servicios Financieros USD 4.41% 4.41% 2024 281,268 - 281,268 EDPR Servicios Financieros EUR 2.02% 2.02% 2023 170,000 170,000 - EDPR Servicios Financieros EUR 1.91% 1.91% 2032 325,428 - 325,428 EDPR Servicios Financieros EUR 2.15% 2.15% 2029 448,430 - 448,431 Total 3,215,859 347,525 2,868,334 During 2023, the Company contracted new fixed-rate loans in USD and SGD with EDPR Renováveis Financial Services, S.A. of USD 993,550 thousand and SGD 1,000,000 thousand (loans of EUR 773,858 thousand in 2022). C) Trade and other payables Details of trade and other payables are as follows: THOUSAND EUROS CURRENT 2023 2022 GROUP Payables 13,021 9,461 Total 13,021 9,461 UNRELATED PARTIES Payables 8,936 9,244 Salaries payable 7,580 8,019 Other tax payables (Note 18) 1,257 1,223 Total 17,773 18,486 Total 30,794 27,947 The book value of these liabilities does not differ significantly from their fair value. The balance of payables to Group companies in 2023 2022 mainly comprises expenses invoiced by EDP – Energías de Portugal, S.A. and EDP – Energías de Portugal, S.A. (Sucursal en España) for management services. It also includes value added tax payable of EUR 4,112 thousand (EUR 653 thousand in 2022) arising as a result of the Company being part of the tax consolidation group headed by EDP – Energías de Portugal, S.A. Sucursal en España (see Note 18). The balance of payables to unrelated parties for 2023 and 2022 mainly comprises the grant received from the European Climate, Infrastructure and Environment Executive Agency (CINEA) for the development and operation of a 100 MW electrolyser, a project coordinated by the Company. The funds pending disbursement to the beneficiaries in respect of the grant totalled EUR 5,992 thousand (EUR 6,176 thousand inn 2022). D) Classification by maturity The classification of financial liabilities by maturity is as follows:
Annual Report 2023 Individual Annual Accounts 153 2023 THOUSAND EUROS 2024 2025 2026 2027 SUBSEQUENT YEARS LESS CURRENT PORTION TOTAL NON- CURRENT Derivative financial instruments 21,531 16 - 3,956 30,530 -21,531 34,502 Debt with Group Companies and associates 539,084 225,241 441,855 452,489 2,788,797 -539,084 3,908,382 Suppliers of fixed assets 408 - - - - -408 - Other financial liabilities 26,816 86,327 - - - -26,816 86,327 Trade and other payables 29,537 - - - - -29,537 - Total financial liabilities 617,376 311,584 441,855 456,445 2,819,327 -617,376 4,029,211 2022 THOUSAND EUROS 2023 2024 2025 2026 SUBSEQUENT YEARS LESS CURRENT PORTION TOTAL NON- CURRENT Derivative financial instruments 92,861 37,900 - 23,411 87,010 -92,861 148,321 Debt with Group Companies and associates 398,020 488,641 233,350 457,763 1,688,580 -398,020 2,868,334 Suppliers of fixed assets 1,153 - - - - -1,153 - Other financial liabilities 53,713 89,802 - - - -53,713 89,802 Trade and other payables 26,724 - - - - -26,724 - Total financial liabilities 572,471 616,343 233,350 481,174 1,775,590 -572,471 3,106,457 E) Exchange differences recognised in profit or loss in relation to financial liabilities Details of exchange differences recognised in profit or loss in relation to financial instruments, distinguishing between settled and outstanding transactions, are as follows: THOUSAND EUROS 2023 2022 SETTLED OUTSTANDING SETTLED OUTSTANDING Non-current debt with Group companies and associates 4,977 84,588 166 -132,404 Hedging derivatives of net investments in foreign operations -85,885 -33,144 -170,615 -129,213 Other financial liabilities 12 4,033 111 -4,148 Trade and other payables -20 10 -390 - Total financial liabilities -80,916 55,487 -170,728 -265,765 17. Late payments to suppliers Final provision two of Law 31/2014 of 3 December 2014, amending the Spanish Companies Act to introduce improvements to corporate governance, amends additional provision three of Law 15/2010 of 5 July 2010, which amended Law 3/2004 of 29 December 2004 establishing measures to combat late payment in business, to require that all commercial companies expressly disclose average supplier payment periods in the notes to the annual accounts. The following table shows the average supplier payment period, transactions paid ratio, transactions payable ratio, total payments made and total payments outstanding at the reporting date: 2023 2022 DAYS DAYS Average supplier payment period 27 28 Transactions paid ratio 27 31 Transactions payable ratio 18 6 Total payments made 85,597 62,402 Total payments outstanding 4,891 9,566 The total number of invoices paid within the statutory time limit was 9,797 (10,212 in 2022), or 97% of the total invoices paid (97% in 2022). The aggregate value of those invoices was EUR 80,264 thousand (EUR 54,931 thousand in 2022), or 94% of the total payments (88% in 2022).
Annual Report 2023 Individual Annual Accounts 154 18. Taxation Tax payables and receivables are shown below: 2023 2022 THOUSAND EUROS NON- CURRENT CURRENT NON-CURRENT CURRENT ASSETS Deferred tax assets 31,190 - 37,782 - Other tax payables - 1 - 1 Total 31,190 1 37,782 1 LIABILITIES Deferred tax liabilities 87,590 81,973 Social Security - 717 - 673 Withholdings - 540 - 550 Total 87,590 1,257 81,973 1,223 The Company files consolidated income tax and value added tax returns. The parent of this consolidated tax group is EDP-Energías de Portugal, S.A. Sucursal en España. At 31 December 2023, the Company recorded income tax receivable of EUR 48,079 thousand (EUR 61,402 thousand in 2022) and VAT payable of EUR 4,112 thousand (EUR 646 thousand in 2022). These balances have been included under Receivables from Group companies and associates and Payables to Group companies and associates in the balance sheet, respectively (see Notes 10c and 16c). On the date on which these annual accounts were prepared, corporate tax for the 2017 to 2019 period relating to this consolidated tax group is being inspected by the tax authorities. The Company also has open to inspection returns for the period from March 2018 to December 2019 relating to VAT and from March 2018 to December 2020 in respect of the non-resident income tax. Based on the information available, the Company's directors do not believe that there are any tax contingencies that could have a significant impact on these annual accounts from the periods open to inspection. In accordance with the applicable legislation, taxes cannot be considered definitive until they have been inspected by the tax authorities or the limitation period has elapsed. Taking into account the aforementioned inspection period, at 31 December 2023 the Company had the following main applicable taxes open to inspection: TAX YEARS OPEN TO INSPECTION Corporate income tax 2020-2022 Value added tax 2020-2023 Personal income tax 2018-2023 Capital gains tax 2018-2023 Tax on economic activities 2018-2023 Social Security 2018-2023 Non-residents 2021-2023 Given the different possible interpretations of tax legislation, additional tax liabilities could arise in the event of an inspection. In any event, the Company's directors do not consider that any such liabilities that could arise would have a material effect on the annual accounts. A) Income tax The Company files consolidated tax returns as part of the Group headed by EDP Energías de Portugal, S.A. Sucursal en España.
Annual Report 2023 Individual Annual Accounts 155 The reconciliation of net income and expenses for the year with taxable income is shown below: 2023 INCOME STATEMENT INCOME AND EXPENSE RECOGNISED IN EQUITY THOUSAND EUROS INCREASES DECREASES NET INCREASES DECREASES NET TOTAL Profit/(loss) for the year -247,716 -247,716 Corporate income tax 28,687 28,687 Profit before income tax -276,403 -276,403 PERMANENT DIFFERENCES Individual company 159,870 -23,457 136,413 - - - 136,413 Consolidation adjustments - - - - - - - TEMPORARY DIFFERENCES: Originating in current year 9,651 - 9,651 - - - 9,651 Originating in prior years - -38,630 -38,630 - - - -38,630 Taxable income -168,969 -168,969 2022 INCOME STATEMENT INCOME AND EXPENSE RECOGNISED IN EQUITY THOUSAND EUROS INCREASES DECREASES NET INCREASES DECREASES NET TOTAL Profit/(loss) for the year -220,663 -220,663 Corporate income tax 46,939 46,939 Profit before income tax -267,602 -267,602 PERMANENT DIFFERENCES Individual company 63,598 -5,429 58,169 - - - 58,169 Consolidation adjustments - - - - - - - TEMPORARY DIFFERENCES: Originating in current year 8,967 - 8,967 - - - 8,967 Originating in prior years - -45,142 -45,142 - - - -45,142 Taxable income -245,608 -245,208 Increases in permanent differences in 2023 and 2022 mainly reflect costs relating to impairment of investments in Group companies (EUR 159,697 thousand and EUR 60,642 thousand, respectively) (see Note 8). Increases in temporary differences in 2023 and 2022 reflect costs relating to the recognition of the accrual of expenses (invoices to be received and employee accruals), which are considered to be non-deductible expenses. Decreases in temporary differences in 2023 and 2022 mainly reflect the tax amortisation of the financial goodwill of EDPR NA (EUR 29,163 thousand) and the reversal of the amortisation limit (EUR 69 thousand). They also reflect the reversal of non-deductible expenses from previous years of EUR 9,397 thousand (EUR 16,030 thousand in 2022).
Annual Report 2023 Individual Annual Accounts 156 The relationship between tax income and accounting income for the year is as follows: 2023 THOUSAND EUROS GAINS AND LOSSES EQUITY TOTAL Profit/(loss) for the year before tax -276,403 - -276,403 Tax at 25% -69,101 - -69,101 Non-deductible expenses Provisions 39,465 - 39,465 Dividends -5,362 -5,362 Prior years’ adjustments 1,359 - 1,359 Withholdings at source 8,049 - 8,049 Double taxation deductions applied -3,097 - -3,097 Income tax expense/(income) -28,687 - -28,687 2022 THOUSAND EUROS GAINS AND LOSSES EQUITY TOTAL Profit/(loss) for the year before tax -267,602 - -267,602 Tax at 25% -66,900 - -66,900 Non-deductible expenses Provisions 15,899 - 15,899 Dividends -1 - -1 Prior years’ adjustments -7 -7 Withholdings at source (dividends in Brazil) 4,070 - 4,070 Income tax expense/(income) -46,939 - -46,939 Further details of income tax are as follows: THOUSAND EUROS 2023 2022 CURRENT TAX Present year -42,242 -61,402 Withholdings at source 8,049 5,426 Prior years’ adjustments 1,359 891 Tax loss carryforwards applied -6,639 - Double taxation deductions applied -3,097 - Total -42,570 -55,085 DEFERRED TAX Non-deductible expenses -64 - Expense for reduction in deferred tax assets 6,639 1,736 Tax amortisation of EDPR NA goodwill 7,291 7,291 Non-deductible amortisation 17 17 Prior years’ adjustments - -898 Total 13,883 8,146 Total -28,687 -46,939 Expense for reduction in deferred tax assets in 2023 and 2022 records the tax credit adjustment relating to non-deductible financial costs originating in prior years. Details of deferred tax assets and liabilities by type of asset and liability are as follows: ASSETS LIABILITIES NET THOUSAND EUROS 2023 2022 2023 2022 2023 2022 Tax loss carryforwards 28,496 35,135 - - 28,496 35,135 Tax amortisation of EDPR NA goodwill - - -87,590 -80,299 -87,590 -80,299 Non-deductible expenses 2,653 2,589 - - 2,653 2,589 Non-deductible amortisation 41 58 - - 41 58 Cash flow hedges - - - -1,674 - -1,674 Total assets/liabilities 31,190 37,782 -87,590 -81,973 -56,400 -44,191
Annual Report 2023 Individual Annual Accounts 157 The movement in deferred tax assets and liabilities in 2023 and 2022 is as follows: THOUSAND EUROS BALANCE AT 31/12/21 ADDITIONS DISPOSALS BALANCE AT 31/12/22 ADDITIONS DISPOSALS BALANCE AT 31/12/23 ASSETS Tax loss carryforwards 36,037 - -902 35,135 - -6,639 28,496 Non-deductible expenses 2,525 2,316 -2,252 2,589 2,413 -2,349 2,653 Non-deductible amortisation 75 - -17 58 - -17 41 Total 38,637 2,316 3,171 37,782 2,413 -9,005 31,190 LIABILITIES Tax amortisation of EDPR NA goodwill -73,008 -7,291 - -80,299 -7,291 - -87,590 Cash flow hedges - -1,674 - -1,674 - 1,674 - Total -73,008 -8,965 - -81,973 -7,291 1,674 -87,590 Details of deferred tax assets and liabilities that are expected to be realised or reversed in periods of more than 12 months are as follows: THOUSAND EUROS 2023 2022 Tax loss carryforwards 28,496 35,135 Non-deductible amortisation 41 58 Tax amortisation of EDPR NA goodwill -87,590 -80,299 Cash flow hedges - -1,674 Net -59,053 -46,780 19. Environmental information Given that the Company's activities to develop, construct and operate energy production facilities are carried out through Group companies rather than directly, the Company does not consider it necessary to make investments to prevent or correct any impact on the environment or make any environmental provisions. These annual accounts do not include any environmental costs. The directors consider that no significant environmental contingencies exist. 20. Related party balances and transactions A) Related party balances Balances receivable from and payable to Group companies and related parties, including key management personnel and directors, and the main details of these balances, are disclosed in Notes 10 and 16a. Details of those balances by category are as follows: 2023 THOUSAND EUROS PARENT GROUP COMPANIES/ ASSOCIATES TOTAL ASSETS Non-current investments in Group companies - 12,669,307 12,669,307 Other financial assets - 224 224 Derivatives 69 - 69 Total non-current assets 69 12,669,531 12,669,600 Trade and other receivables 4,760 180,946 185,706 Derivatives 12,511 - 12,511 Other financial assets - 3,927 3,927 Cash - 860,351 860,351 Total current assets 17,271 1,045,224 1,062,495 Total 17,340 13,714,755 13,732,095
Annual Report 2023 Individual Annual Accounts 158 2023 THOUSAND EUROS PARENT GROUP COMPANIES/ ASSOCIATES TOTAL LIABILITIES Non-current debt (derivatives) 11,521 22,981 34,502 Non-current debt with Group companies - 3,908,382 3,908,382 Total non-current liabilities 11,521 3,931,363 3,942,884 Current debt (derivatives) 21,531 - 21,531 Current debt with Group companies 7,937 530,887 538,824 Trade and other payables 10,566 2,455 13,021 Total current liabilities 40,034 533,342 573,376 Total 51,555 4,464,705 4,516,260 2022 THOUSAND EUROS PARENT GROUP COMPANIES/ASSOCIATES TOTAL ASSETS Non-current investments in Group companies - 11,078,231 11,078,231 Other financial assets - 3,424 3,424 Derivatives 2,298 6,698 8,996 Total non-current assets 2,298 11,088,353 11,090,651 Trade and other receivables 627 133,096 133,723 Derivatives 24,958 - 24,958 Other financial assets - 90 90 Cash - 750,110 750,110 Total current assets 25,585 883,296 908,881 Total 27,883 11,971,649 11,999,532 LIABILITIES Non-current debt (derivatives) 84,339 63,982 148,321 Non-current debt with Group companies - 2,868,334 2,868,334 Total non-current liabilities 84,339 2,932,316 3,016,655 Current debt (derivatives) 84,994 7,867 92,861 Current debt with Group companies 5,778 392,839 398,617 Trade and other payables 8,620 841 9,461 Total current liabilities 99,392 401,547 500,939 Total 183,731 3,333,863 3,517,594 At 31 December 2023 and 2022, all derivative financial instruments held by the Company had been arranged with Group companies.
Annual Report 2023 Individual Annual Accounts 159 B) Related party transactions The Company's transactions with related parties, at market value, are as follows: 2023 THOUSAND EUROS PARENT GROUP COMPANIES/ASSOCIATES DIRECTORS TOTAL INCOME Other services provided - 87,971 - 87,971 Other income 1,547 2,858 - 4,405 Dividends (Notes 9 and 21a) - 72,278 - 72,278 Finance income (Note 9) 11,085 60,745 - 71,830 Impairment and gains/(losses) on disposal of financial instruments (Notes 9 and 15) 6,175 17,895 - 24,070 Total 18,807 241,747 - 260,554 EXPENSES External services -33,115 -2,831 - -35,946 Salaries - - -785 -785 Finance cost (Note 15) -45,673 -204,869 - - 250,542 Change in fair value of financial instruments (Notes 9 and 15) -952 - - -952 Total -79,740 -207,700 -785 - 288,225 2022 THOUSAND EUROS PARENT GROUP COMPANIES/ASSOCIATES DIRECTORS TOTAL INCOME Other services rendered (Note 21a) 6,621 71,624 - 78,245 Other income 16 360 - 376 Dividends (Notes 9 and 21a) - 36,180 - 36,180 Finance income (Note 9) 6,621 13,355 - 19,976 Impairment and gains/(losses) on disposal of financial instruments (Notes 9 and 15) 17,568 - - 17,568 Total 30,826 121,519 - 152,346 EXPENSE Operating lease expenses and royalties -1,713 -292 - -2,005 Other services received -24,838 -651 - -25,489 Salaries - - -727 -727 Finance cost (Note 15) -38,861 -136,567 - -175,428 Change in fair value of financial instruments (Notes 9 and 15) -5,903 - - -5,903 Total -71,315 -137,510 -727 - 209,552 Other services rendered basically arise from two management support service contracts arranged with EDP Renewables Europe S.L.U. and EDP Renewables North America, LLC in 2013. Dividends in 2023 and 2022 mainly include dividends received from EDP Renováveis Brasil S.A. Operating lease expenses and royalties essentially reflect the lease payments for the Company's offices. Other services received comprise various management services, specifically for the loan of personnel and other items. All transactions with related parties take place on an arm’s length basis. C) Information on the company's directors and executive committee At 31 December 2023 and 2022, the members of the Board of Directors of the Company and of Board Committees did not own any shares in EDPR, either directly or indirectly.
Annual Report 2023 Individual Annual Accounts 160 In 2023 the directors of the Company received remuneration of EUR 785 thousand (EUR 727 thousand in 2022) for their directorships. The above amount refers to salaries, allowances and other items. Furthermore, EDPR signed an Executive Management Services Agreement with EDP, under which EDP bears the cost of the services performed by its executive and non-executive directors, who are Miguel Stilwell d’Andrade, Rui Teixeira, Miguel Setas (until April 2023), Vera de Morais Pinto Pereira Carneiro and Ana Paula Marques. This corporate governance remuneration practice is in line with the model adopted by the EDP Group, in which executive directors of EDP receive no remuneration directly from the Group companies on whose governing bodies they serve, but rather through EDP. Under this contract, EDPR must pay EDP for the services performed by the executive directors and non-executive directors. The amount owed under the contract for management services provided by EDP in 2023 is EUR 1,862 thousand (EUR 1,208 thousand in 2022), of which EUR 1,710 thousand is for management services provided by the executive members (EUR 979 thousand in 2022) and EUR 152 thousand for management services provided by the non-executive members (EUR 195 thousand in 2022). There is an additional amount of 46 thousand Euros related to retirement saving plans (34 thousand Euros as at 31 December 2022). The retirement savings plan for the members of the management team who also hold directorships operates as a retirement supplement of between 3% to 6% of the annual salaries. The percentage is defined according to the retirement savings plan applicable in their home countries. Shown below is the remuneration for the COOs/CTOs who are members of the management team (Duarte Bello, COO EU&LatAm, Bautista Rodríguez, CTO& Business Offshore, Sandhya Ganapathy, COO NA, and Pedro Vasconcelos, COO APAC until April 2023): THOUSAND EUROS 2023 2022 Salaries and other allowances 2,967 2,808 Retirement saving plans 75 44 Life insurance premiums 7 16 Total 3,049 2,868 Additionally they received the following non-monetary benefits: EUR 116 thousand in respect of the retirement savings plan (as described above), company car and health insurance in 2023 (EUR 363 thousand in 2022). The directors and executive committee have not received any loans or advances nor has the Company extended any guarantees on their behalf. The Company has a civil liability insurance policy that covers its directors. The Company recorded an expense of EUR 88 thousand in respect of that policy in 2023 (EUR 113 thousand in 2022). D) Transactions outside the ordinary course of business or under terms differing from market conditions carried out by the directors of the Company. In 2023 and 2022, the directors of the Company carried out no transactions with the Company outside the ordinary course of business or on other than market conditions. E) Investments and positions held by directors The directors of the Company and their related parties have had no conflicts of interest requiring disclosure under article 229 of the recast text of the Spanish Companies Act. 21. Income and expense A) Revenues Details of revenues by category of activity and geographical market are as follows: DOMESTIC REST OF EUROPE NORTH AMERICA SOUTH AMERICA ASIA TOTAL THOUSAN D EUROS 2023 2022 202 3 202 2 202 3 202 2 202 3 202 2 202 3 202 2 2023 2022 Other services 62,232 53,68 0 163 2,483 13,273 6,337 5,495 5,219 6,859 3,905 88,022 71,624 Dividends - - 6 3 - - 72,272 36,177 - - 72,278 36,180 Finance income 60,745 13,104 11,085 6,872 - - - - - - 71,830 19,976 Total 122,97 7 66,784 11,254 9,358 13,273 6,337 77,767 41,396 6,859 3,905 232,13 0 127,78 0
Annual Report 2023 Individual Annual Accounts 161 B) Foreign currency transactions Details of income and expenses denominated in foreign currencies are as follows: THOUSAND EUROS 2023 2022 INCOME Revenues 72,581 248 EXPENSES Finance cost -168,366 -82,222 Total -95,785 -81,974 The Company's main foreign currency transactions are carried out in US Dollars. C) Employee benefits expense Details of the employee benefits expense are as follows: THOUSAND EUROS 2023 2022 EMPLOYEE BENEFITS EXPENSE Social Security payable by the company 7,238 6,189 Other employee benefits expense 1,726 1,335 Total 8,964 7,524 D) External services Details of external services are as follows: THOUSAND EUROS 2023 2022 Leases 3,968 2,271 Independent professional services 9,850 10,188 Advertising and publicity 2,919 971 Other services 40,358 33,195 Total 57,095 46,625 The leases are mainly for the Company's offices. There were no non-cancellable payments at 31 December 2023 and 2022. Other services primarily comprise management support, communications and maintenance expenses, as well as travel costs. At 31 December 2023, the Company's commitments to purchase external services within one year amounted to EUR 30,844 thousand (EUR 21,298 thousand in 2022). Furthermore, in 2023 the Company's commitments to purchase external services within from one to five years amounted to EUR 6,850 thousand (EUR 2,279 thousand in 2022). 22. Employee information The average headcount of the Company in 2023 and 2022, distributed by category, is as follows: NUMBER 2023 2022 Senior managers 32 81 Managers 73 42 Specialists 339 289 Technicians 3 4 Total 447 416
Annual Report 2023 Individual Annual Accounts 162 During 2023, the Company adjusted its system for defining cross-enterprise categories in all segments to make it uniform throughout the Group. Shown below is the gender distribution of permanent employees at 31 December 2023 and 2022 under the new system: 2023 2022 NUMBER MALE FEMALE MALE FEMALE Senior managers 22 10 23 9 Managers 34 30 47 35 Specialists 196 159 174 150 Technicians 1 2 1 2 Total 253 201 245 196 Shown below is the gender distribution of permanent employees at 31 December 2023 and 2022 under the old system: 2023 2022 NUMBER MALE FEMALE MALE FEMALE Senior managers 22 10 53 30 Managers 34 30 25 16 Specialists 196 159 166 148 Technicians 1 2 1 2 Total 253 201 245 196 In addition, at 31 December 2023 and 2022, the Board of Directors was composed of 12 directors: eight men and four women. In 2023 and 2022, the Company did not have employees with disabilities of 33% or more. However, the Company outsources certain services to companies that hold exemption certificates. 23. Audit fees Pursuant to the proposal of the Audit, Control and Related Party Transactions Committee presented to the Board of Directors (for submission to the General Meeting) at the Board meeting of 3 April 2018, PricewaterhouseCoopers Auditores, S.L. was appointed as EDPR’s statutory auditor for the years 2018, 2019 and 2020. The renewal of PricewaterhouseCoopers Auditores, S.L. as statutory auditor for EDPR SA for 2021, 2022 and 2023 was approved by EDPR’s shareholders at their General Meeting of 12 April 2021. Shown below is a breakdown of the fees for professional services provided by this company in the years ended 31 December 2023 and 2022: THOUSAND EUROS 2023 2022 Audit services, individual and consolidated annual accounts 335 283 Other services 1 264 181 Total services invoiced by PricewaterhouseCoopers Auditores, S.L. 599 464 Total 599 464 1 Other services include for 2021 and 2020 the six-month limited review, the review of the internal control system on financial reporting, the non- financial reporting assurance report for EDP Renováveis Group, and the financial information quarterly review reports for the Company’s main shareholder and directors, and for 2021 also includes access to the international regulation platform. 24. Commitments At 31 December 2023, the Company had deposited guarantees on behalf of Group companies amounting to EUR 3,677 million (EUR 2,871 million in 2022), including guarantees of USD 1,841 million (USD 1,060 million in 2022) and GB pounds 74 million (GBP 267 million in 2022). The Company's directors do not expect any significant liabilities to arise from these guarantees. 25. Fair value of financial assets and liabilities Fair value of financial instruments is based, whenever available, on quoted market prices. Otherwise, fair value is determined through internal models, which are based on generally accepted cash flow discounting techniques and option valuation models or through quotations supplied by third parties.
Annual Report 2023 Individual Annual Accounts 163 Non-standard instruments may require alternative techniques, which consider their characteristics and the generally accepted market practices applicable to such instruments. These models are developed considering the market variables that affect the underlying instrument, namely yield curves, exchange rates and volatility factors. Market data is obtained from generally accepted suppliers of financial data (Bloomberg and Reuters). Non-listed equity instruments, for which a reliable and consistent fair value estimate is not available either from internal models or external suppliers, are recognised at their historical cost. Cash and cash equivalents, trade receivables and suppliers These financial instruments include mainly current financial assets and liabilities. Given their short-term nature at the reporting date, their book values are not significantly different from their fair values. Financial debt The fair value of the financial debt is estimated through internal models, which are based on generally accepted cash flow discounting techniques. At the reporting date, the carrying amount of floating rate loans is approximately their fair value. In the case of fixed rate loans, mainly the intercompany loans granted by the EDP Group, their fair value is obtained through internal models based on generally accepted discounting techniques. Derivative financial instruments All derivatives are recorded at their fair value. For those which are quoted in organised markets, the respective market price is used. For over-the-counter derivatives, fair value is estimated through the use of internal models based on cash flow discounting techniques and option valuation models generally accepted by the market, or by price quotations from intermediaries. The fair values of assets and liabilities as at 31 December 2023 and 2023 are analysed as follows: 31 DECEMBER 2023 31 DECEMBER 2022 THOUSAND EUROS CARRYING AMOUNT FAIR VALUE DIFFERENCE CARRYING AMOUNT FAIR VALUE DIFFERENCE FINANCIAL ASSETS Trade and other receivables 184,771 184,771 - 137,576 137,576 - Other financial assets 4,424 4,424 - 33,868 33,868 Derivative financial instruments 12,580 12,580 - 33,954 33,954 - Cash and cash equivalents 861,230 861,230 - 750,110 750,110 Total 1,063,005 1,063,005 955,508 955,508 FINANCIAL LIABILITIES Financial debt 4,380,042 3,642,373 737,669 3,215,859 2,881,124 334,735 Trade and other payables 29,537 29,537 - 26,724 26,724 - Other financial liabilities 113,513 113,513 - 144,071 144,071 - Derivative financial instruments 56,033 56,033 - 241,182 241,182 - Total 4,579,125 3,841,456 737,669 3,627,836 3,293,101 334,735 The fair value levels used to valuate financial assets and liabilities are defined as follows: Level 1: Quoted prices (unadjusted) in active market for identical assets and liabilities Level 2: Inputs other than quoted prices included within Level 1 that are observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e., derived from prices). Level 3: Inputs for assets or liabilities that are not based on observable market data (unobservable inputs). 26. Events after the reporting period EDPR secures its first PPA in Germany EDPR is pleased to announce that, through Kronos Solar EDPR (“Kronos”), has secured a 15-year Power Purchase Agreement (“PPA”) Lhyfe, with whom EDPR has a partnership agreement to pro- vide renewable power for the future green hydrogen production sites in the region, that will be used for mobility and industrial processes, thus consolidating its sustained growth.
Annual Report 2023 Individual Annual Accounts 164 The PPA entitles the sale of the renewable energy generated by a 55 MW solar project in Germany with start of operations expected during 2025. EDPR entered the German market in 2022 through the acquisition of Kronos Solar EDPR and cur- rently has a capacity of 8.5 GW in different stages of development in solar utility scale, including agri-PV projects. Although EDPR’s business in Germany is focused on solar technology, the company has the ambi- tion of developing wind projects in the country by the end of the decade. Germany announced in 2022 ambitious renewables capacity targets of 360 GW of renewable capacity to be installed until 2030. To reach that target, The Country has committed to install 155 GW of solar capacity, representing close to 40% of the expected EU solar additions and making it one of the largest and fastest growing solar markets in the world. EDPR's success in securing new PPAs reinforces its low-risk profile and growth strategy based on the development of competitive projects with long-term visibility, fostering the acceleration of the energy transition and the decarbonization of the economy. EDPR secures a PPA for a 250 MW portfolio in Spain EDPR has secured a 15-year Power Purchase Agreement (“PPA”) with a global corporate client to sell the green energy produced by a 250 MW portfolio in Spain. The portfolio consists of 4 solar projects amounting to 205 MW and 1 wind project with 45 MW of capacity, all of them expected to enter in operation in 2025. This pay-as-produced PPA supports EDPR’s value creation thresholds, and with it EDPR has now more than 55% of the capacity secured out of the ~17 GW target additions for 2023-2026 anounced in EDPR Capital Markets Day in March 2023. EDPR awarded with 20-year CfD for 100 MW in Italy EDPR has been awarded with 20- year contracts for difference (“CfD”) for 100 MW of wind renew- able capacity, at the latest renewable auction in Italy promoted by the Gestore Servizi Energetici ("GSE"). These CfDs were attributed to 3 onshore wind projects located in the south of Italy, which are expected to enter in operation by 2026. The auction, that has delivered 1 GW of new clean energy, achieved a clearing price of €77.6/MWh, a significant increase from last year's €66.5/MWh in the twelfth auction. CfD auc- tions play a pivotal role in supporting the green transition and ensuring competitive projects. With these new contracts, EDPR has now 57% of the capacity secured out of the ~17 GW targeted additions announced in EDPR Capital Markets Day in March 2023. EDPR signs Asset Rotation deal for a 297 MW wind project in Canada EDPR has signed a Sale and Purchase Agreement with Connor, Clark & Lunn Infrastructure (“CC&L Infrastructure”) to sell an 80% equity stake in a 297 MW operating wind project located in Alberta, Canada for an estimated Enterprise Value of C$0.6 billion (for the 80% stake). This is EDPR’s second transaction with CC&L Infrastructure, having previously sold a 560 MW portfolio of wind and solar assets in the United States. EDPR will retain a minority equity interest in the project and continue to operate and manage the asset. The transaction is subject to conditions precedent, regulatory and other usual conditions for a transaction of this nature. This transaction comes in the context of the €7 billion Asset rotation program for 2023-26 an- nounced in EDPR’s Capital Markets Day in March 2023, allowing EDPR to accelerate value creation while recycling capital to reinvest in accretive growth.
Annual Report 2023 Individual Annual Accounts 165 Annex I EDP Renovaveis S.A. Details of investments in Group companies at 31 December 2023 *Companies included in the Company’s tax group (Note 18) THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL EDP Renewables Europe, S.L.U. Spain 100% 100% PwC Holding 249,499 1,212,667 0 915,612 915,612 2,377,778 EDP Renovables España, S.L.U. Spain 100% 100% PwC Holding, construction and wind energy production 46,128 983,409 18,048 241,061 241,061 1,288,646 EDP Renováveis Servicios Financieros, S.A. Spain 100% 100% PwC Other economic activities 84,691 542,734 14,073 20,442 20,442 661,941 EDPR Terral S.L.U. Spain 100% 100% n.a. Wind energy production 3 -4 0 0 0 -2 Parque Eólico de Abrazadilla, S.L.U. Spain 100% 100% n.a. Wind energy production 7 -3 0 -1 -1 3 Canerde, S.L. Spain 80% 80% n.a. Wind energy production 4 -4 0 0 0 0 Desarrollos Renovables de la Frontera, S.L.U. Spain 100% 100% n.a. 6 -1 0 -1 -1 3 EDPR Yield, S.A.U. Spain 100% 100% PwC Wind energy production 99,405 143,217 0 26,300 26,300 268,922 Parque Eólico Santa Quiteria, S.L. Spain 100% 84% PwC Wind energy production 63 9,869 0 2,015 2,015 11,946 Eólica Fontesilva, S.L.U. Spain 100% 100% PwC Wind energy production 6,860 21,523 0 2,154 2,154 30,537 Desarrollos Eólicos de Teruel, S.L. Spain 51% 51% n.a. Wind energy production 18,890 3,319 0 4,689 4,689 26,898 Parque Eólico Altos del Voltoya, S.A. Spain 93% 93% PwC Wind energy production 6,434 26,949 -2,972 1,666 1,666 32,078 Eólica La Brújula, S.A.U. Spain 100% 100% PwC Wind energy production 3,294 35,384 0 2,768 2,768 41,445 Eólica Arlanzón, S.A. Spain 85% 85% PwC Wind energy production 4,509 4,586 0 1,818 1,818 10,914 Eólica Campollano, S.A. Spain 75% 75% PwC Wind energy production 6,560 31,030 0 4,764 4,764 42,354 Tébar Eólica, S.A.U. Spain 100% 100% PwC Wind energy production 4,720 20,414 0 2,612 2,612 27,747 Renovables Castilla La Mancha, S.A. Spain 90% 90% PwC Wind energy production 60 8,623 0 1,613 1,613 10,296 Parque Eólico La Sotonera, S.L. Spain 70% 70% PwC Wind energy production 2,000 6,379 0 1,853 1,853 10,233 Compañía Eólica Aragonesa, S.A.U. Spain 100% 100% PwC Wind energy production 6,701 76,758 0 3,708 3,708 87,167 Parque Eólico Los Cantales, S.L.U. Spain 100% 100% PwC Wind energy production 1,963 10,257 0 1,262 1,262 13,482 Iberia Aprovechamie ntos Eólicos, S.A. Spain 94% 94% PwC Wind energy production 1,919 9,685 0 2,234 2,234 13,838 Acampo Arias, S.L. Spain 95% 95% PwC Wind energy production 3,314 6,266 0 5,355 5,355 14,936 Aplicaciones Industriales de Energías Limpias, S.L. Spain 61% 61% n.a. Wind energy production 131 35 0 1,851 1,851 2,018 San Juan de Bargas Eólica, S.L. Spain 100% 100% PwC 2,000 3,850 0 510 510 6,360 Global Pracima, S.L. Spain 100% 100% 4 5,281 0 -24 -24 5,261 EDPR México, S.L.U. Spain 100% 100% Holding 7 -3 0 0 0 4 Desarrollos Renovables de Allande, S.L.U. Spain 100% 100% n.a. 6 -2 0 0 0 3 IAM Caecius, S.L. Spain 100% 100% n.a. Wind energy production 6 -2 0 0 0 4 Site Sunwind Energy, S.L. Spain 100% 100% n.a. Wind energy production 6 -2 0 0 0 4
Annual Report 2023 Individual Annual Accounts 166 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Desarrollos Renovables de Teruel, S.L. Spain 51% 51% n.a. Wind energy production 3 -1 0 -2 -2 0 Rocio Hive, S.L. Spain 100% 100% n.a. 3 435 0 -125 -125 313 Palma Hive, S.L. Spain 100% 100% n.a. 3 384 0 0 0 387 Pedregal Hive, S.L. Spain 100% 100% n.a. 3 415 0 0 0 418 Desarrollos Renovables de Alfajarin, S.L.U. Spain 100% 100% 6 -2 0 0 0 3 Jul Solar, S.L. Spain 100% 100% 3 576 0 0 0 579 Agos Fotovoltaicas, S.L. Spain 100% 100% 3 559 0 0 0 562 Corona Fotovoltaicas, S.L. Spain 100% 100% 3 981 0 0 0 984 Saussignac Solaire, S.A.S. France 100% 100% 5 -8 0 0 0 -3 Vanosc Energie, S.A.S. France 100% 100% na Wind energy production 1 -15 0 -4 -4 -18 Transition Euroise Roman II, S.A.S. France 85% 85% na Wind energy production 603 356 0 146 146 1,105 EDPR Energies France, S.A.S. France 100% 100% PwC Wind energy production 215 -728 0 394 394 -119 Parc Éolien d’Entrains- sur-Nohain, S.A.S. France 90% 90% PwC Wind energy production 266 -83 0 -3 -3 179 EDPR France Holding, S.A.S. France 100% 100% PwC Holding 79,900 25,210 0 -151 -151 104,958 Parc Eolien de Dionay, S.A.S. France 100% 100% PwC Wind energy production 215 -132 0 -9 -9 74 Monts de la Madeleine Energie, S.A.S. France 100% 100% PwC Wind energy production 88 -63 0 -4 -4 21 Monts du Forez Energie, S.A.S. France 100% 100% PwC Wind energy production 200 -105 0 -6 -6 89 EDP Renewables Belgium, S.A. Belgium 100% 100% PwC Holding and wind energy production 287 1,990 0 995 995 3,272 EDP Renewables Italia, S.r.l. Italy 51% 51% PwC Holding and wind energy production 34,439 20,198 0 19,478 19,478 74,116 EDP Renewables Italia Holding, S.r.l. Italy 100% 100% PwC Holding 347 280,634 -317 14,603 14,603 295,267 Re Plus, S.r.l. Italy 100% 100% n.a. Wind energy production 100 14 0 -9 -9 106 EDPR Villa Galla, S.r.l. Italy 100% 51% PwC Wind energy production 9,000 52,933 0 10,059 10,059 71,992 Tivano, S.r.l. Italy 75% 75% PwC Wind energy production 100 154 0 1,653 1,653 1,907 AW 2, S.r.l. Italy 75% 75% PwC Wind energy production 100 -28 0 2,428 2,428 2,500 Sarve, S.r.l. Italy 100% 100% PwC Wind energy production 10 963 0 2,419 2,419 3,392 T Power, S.p.A. Italy 100% 100% Baker Tilly Revisa Wind energy production 1,000 351 0 -29 -29 1,322 Custolito, S.r.l. Italy 100% 100% n.a. Wind energy production 10 12 0 -6 -6 16 C & C Tre Energy S.r.l. Italy 100% 100% PwC Wind energy production 100 744 0 1,520 1,520 2,365 EDPR Sicilia PV, S.r.l. Italy 100% 100% n.a. Photovoltaic energy production 10 208 0 -37 -37 181 Energia Emissioni Zero 4, S.r.l. Italy 60% 60% PwC Wind energy production 10 2,940 0 4,754 4,754 7,704 EDPR Sicilia Wind, S.r.l. Italy 100% 100% n.a. Wind energy production 10 252 0 -1,058 -1,058 -795 VRG Wind 153, S.r.l. Italy 80% 80% PwC Wind energy production 10 2,975 0 2,297 2,297 5,282 Wind Energy San Giorgio, S.r.l. Italy 60% 60% PwC Wind energy production 20 1,995 0 1,256 1,256 3,271 Giglio, S.r.l. Italy 60% 60% PwC Wind energy production 20 2,144 0 1,084 1,084 3,248 Winderg Valleverde, S.r.l. Italy 60% 60% 180 126 0 -3 -3 303 EDPR Centro Italia PV, S.r.l. Italy 100% 100% n.a. Photovoltaic energy production 10 275 0 -10 -10 274 EDPR Sicilia Uno, S.r.l. Italy 100% 100% n.a. 10 83 0 -8 -8 86 EDPR Sicilia Due, S.r.l. Italy 100% 100% n.a. 10 94 0 -9 -9 94
Annual Report 2023 Individual Annual Accounts 167 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL EDPR Sardegna, S.r.l. Italy 100% 100% n.a. 10 -3 0 -11 -11 -4 EDPR Sud Italia, S.r.l. Italy 100% 100% n.a. 10 52 0 -17 -17 45 EDPR Sicilia Tre, S.r.l. Italy 100% 100% n.a. 10 0 0 -15 -15 -6 EDPR Puglia Due, S.r.l. Italy 100% 100% n.a. 10 0 0 -71 -71 -61 EDPR Basilicata, S.r.l. Italy 100% 100% n.a. 10 87 0 -23 -23 74 SPEE - Sociedade Produção de Energia Eólica, S.A. Portugal 100% 100% 350 0 0 62 62 412 Eólica da Coutada II, S.A. Portugal 100% 100% PwC 50 2,966 0 675 675 3,691 Fotovoltaica Flutuante do Grande Lago, S.A. Portugal 100% 100% PwC 50 -93 -1,406 -481 -481 -1,930 EDP Renováveis Portugal, S.A. Portugal 51% 51% PwC Holding and wind energy production 7,500 144,987 -750 50,413 50,413 202,150 Eólica da Serra das Alturas, S.A. Portugal 50% 26% PwC Wind energy production 50 7,889 0 1,920 1,920 9,858 Eólica de Montenegrelo, S.A. Portugal 50% 26% PwC Wind energy production 50 11,743 0 2,851 2,851 14,643 Eólica de Alagoa, S.A. Portugal 60% 31% PwC Wind energy production 50 3,589 0 1,590 1,590 5,229 Malhadizes - Energia Eólica, S.A. Portugal 100% 51% PwC Wind energy production 50 10,766 1,521 1,680 1,680 14,017 EDPR PT - Promoção e Operação, S.A. Portugal 100% 100% PwC Wind energy production 58 354,166 0 1,797 1,797 356,020 Fotovoltaica Lote A, S.A. Portugal 100% 100% PwC Photovoltaic energy production 50 8 14,413 5,659 5,659 20,131 Eólica dos Altos de Salgueiros- Guilhado, S.A. Portugal 100% 51% PwC Wind energy production 50 4,965 0 1,088 1,088 6,103 Eólica da Coutada, S.A. Portugal 100% 51% PwC Wind energy production 50 66,372 -24 11,631 11,631 78,029 Eólica do Espigão, S.A. Portugal 100% 51% PwC Wind energy production 50 15,103 0 2,946 2,946 18,099 Eólica da Terra do Mato, S.A. Portugal 100% 51% PwC Wind energy production 50 13,977 2 2,689 2,689 16,719 Eólica do Alto da Lagoa, S.A. Portugal 100% 51% PwC Wind energy production 50 12,067 1 2,647 2,647 14,765 Eólica do Alto da Teixosa, S.A. Portugal 100% 51% PwC Wind energy production 50 12,405 0 2,422 2,422 14,877 Eólica do Alto do Mourisco, S.A. Portugal 100% 51% PwC Wind energy production 50 10,395 1 2,485 2,485 12,930 Eólica das Serras das Beiras, S.A. Portugal 100% 51% PwC Wind energy production 50 48,912 -8 7,263 7,263 56,217 EDPR PT - Parques Eólicos, S.A. Portugal 51% 51% PwC Wind energy production 50 37,603 0 12,729 12,729 50,382 S.E.E. - Sul Energía Eólica, S.A. Portugal 100% 100% PwC Wind energy production 150 6,707 0 1,251 1,251 8,108 Parque Eólico do Barlavento, S.A. Portugal 90% 90% PwC Wind energy production 60 31,999 0 8,893 8,893 40,952 EDPR Cross Solutions, S.A. Portugal 100% 100% PwC 50 -39 0 125 125 136 R.Wind, Sp. z o.o. Poland 100% 100% n.a. Wind energy production 1 -157 0 -26 -26 -182 EDP Renewables Polska, Sp. z o.o. Poland 100% 100% PwC Holding and wind energy production 100,056 158,947 0 280,353 280,353 539,356 Relax Wind Park III, Sp. z o.o. Poland 100% 51% PwC Wind energy production 13,708 27,220 0 3,823 3,823 44,751 Relax Wind Park I, Sp. z o.o. Poland 100% 51% PwC Wind energy production 10,704 47,298 0 12,703 12,703 70,705 Elektrownia Wiatrowa Kresy I, Sp. z o.o. Poland 100% 51% PwC Wind energy production 16 100,392 0 12,709 12,709 113,117 Masovia Wind Farm I, Sp. z o.o. Poland 100% 100% PwC Wind energy production 289 -368 0 -26 -26 -105 Farma Wiatrowa Starozreby, Sp. z o.o. Poland 100% 100% n.a. Wind energy production 107 177 0 -19 -19 265
Annual Report 2023 Individual Annual Accounts 168 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Karpacka Mala Energetyka, Sp. z o.o. Poland 85% 85% n.a. Wind energy production -245 -243 0 -63 -63 -552 Farma Fotowoltaiczn a Iłża, Sp. z o.o. Poland 100% 100% 1 0 0 -1 -1 1 Molen Wind II, Sp. z o.o. Poland 100% 51% PwC Wind energy production 3 29,157 301 6,128 6,128 35,590 Korsze Wind Farm, Sp. z o.o. Poland 100% 51% PwC Wind energy production 8,223 29,472 0 11,612 11,612 49,308 Radziejów Wind Farm, Sp. z o.o. Poland 100% 51% PwC Wind energy production 6,349 256 0 256 256 6,860 Miramit Investments, Sp. z o.o. Poland 100% 100% n.a. Wind energy production 13 128 0 -41 -41 100 EDP Renewables Polska HoldCo, S.A. Poland 51% 51% PwC Holding 23 236,836 0 -45 -45 236,814 Rampton, Sp. z o.o. Poland 100% 100% n.a. Wind energy production 2,531 -103 0 -72 -72 2,356 EDP Renewables Polska Solar, Sp. z o.o. Poland 100% 100% n.a. Photovoltaic energy production 1 -1,678 -30 -489 -489 -2,196 Gudziki Wind Farm, sp. z o.o. Poland 100% 51% n.a. Wind energy production 8,214 4,248 3,296 1,495 1,495 17,254 Energiaki Arvanikou E.P.E. Greece 100% 100% PwC Wind energy production 1,312 15,027 0 -1,097 -1,097 15,242 Wind Park Aerorrachi M.A.E. Greece 100% 100% PwC Wind energy production 496 -3,112 0 -172 -172 -2,788 EDPR Hellas 1 M.A.E. Greece 100% 100% PwC Wind energy production 2,855 -855 0 -926 -926 1,074 EDPR Hellas 2 M.A.E. Greece 100% 100% PwC Wind energy production 670 786 0 -897 -897 559 Aioliko Parko Fthiotidas Erimia A.E. Greece 100% 100% PwC Wind energy production 880 584 0 -1,655 -1,655 -191 Wind Shape A.E. Greece 100% 100% n.a. Wind energy production 550 230 0 -359 -359 420 Aioliki Oitis Energiaki A.E. Greece 100% 100% n.a. Wind energy production 1,993 222 0 -238 -238 1,977 Kadmeios Anemos Energiaki A.E. Greece 100% 100% n.a. Wind energy production 2,825 -1,386 0 -405 -405 1,034 Voiotikos Anemos Energiaki A.E. Greece 100% 100% n.a. Wind energy production 1,225 -570 0 -481 -481 174 Aeolos Evias Energiaki, M.A.E. Greece 100% 100% n.a. 4,125 -684 0 -387 -387 3,054 EDPR România, S.R.L. Romania 100% 100% PwC Wind energy production 299,775 123,945 0 61,376 61,376 485,095 International Solar Energy, S.R.L. Romania 100% 100% n/a Photovoltaic energy production 0 -246 0 -1,141 -1,141 -1,387 Solar Phoenix, S.R.L. Romania 100% 100% n/a Photovoltaic energy production 16 -285 0 -141 -141 -410 Energopark, S.R.L. Romania 100% 100% n/a Wind energy production 27 -134 0 -219 -219 -326 Beta Wind, S.R.L. Romania 100% 100% n/a Wind energy production 42 4,859 0 -205 -205 4,696 Fravezac, S.R.L. Romania 100% 100% n/a 1,169 -630 0 -126 -126 413 Szabadsolar, Kft. Hungary 100% 100% PwC 8 -403 0 -977 -977 -1,371 Sunglare Capture, Kft. Hungary 100% 100% PwC 8 -328 0 -365 -365 -685 Sunglare Expert, Kft. Hungary 100% 100% PwC 8 -322 0 -359 -359 -672 EDPR Terra, Kft. Hungary 100% 100% 8 0 0 -2 -2 6 EDPR Silvanus, Kft. Hungary 100% 100% 8 0 0 -2 -2 6 EDP Renewables Hungary Hungary 100% 100% PwC Holding 79 803 0 -776 -776 106 Sunlight Solar, Kft. Hungary 85% 85% PwC Photovoltaic energy production 13 -1,710 0 477 477 -1,220 Napenergia, Kft. Hungary 100% 100% PwC 8 -657 0 -1,466 -1,466 -2,115 Nyírség Watt, Kft. Hungary 100% 100% PwC Wind energy production 818 32 0 -478 -478 372 Altnabreac Wind Farm Limited UK 100% 100% PwC Wind energy production 0 -1,933 0 -1,023 -1,023 -2,956
Annual Report 2023 Individual Annual Accounts 169 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Ben Sca Wind Farm Limited UK 100% 100% PwC Wind energy production 0 -882 0 -695 -695 -1,577 Moorshield Wind Farm Limited UK 100% 100% PwC Wind energy production 0 -654 0 -613 -613 -1,266 Drummarnock Wind Farm Limited UK 100% 100% PwC Wind energy production 0 -680 0 -666 -666 -1,346 Balmeanach Wind Farm Limited UK 100% 100% PwC Wind energy production 0 -654 0 -690 -690 -1,344 EDP Renewables Vietnam Co., Ltd. Vietnam 100% 100% PwC Holding 269 -2,610 0 -274 -274 -2,615 Trung Son Energy Development LLC Vietnam 100% 100% PwC Photovoltaic energy production 7,349 288 0 325 325 7,962 WF Energy III, Sp. z o.o. Poland 100% 100% n.a. Wind energy production 1 -8 0 -7 -7 -14 Farma Fotowoltaiczn a Koden, Sp. z o.o. Poland 100% 100% n.a. Photovoltaic energy production 1 -26 0 -61 -61 -86 Neo Solar Chotków, Sp. z o.o. Poland 100% 100% n.a. Photovoltaic energy production 1 -260 19 -576 -576 -816 Farma Fotowoltaiczn a Pakosław, Sp. z o.o. Poland 100% 100% 1 0 0 -5 -5 -4 Neo Solar Przykona II, Sp. z o.o. Poland 100% 100% n.a. Photovoltaic energy production 1 -61 0 -36 -36 -96 Elektrownia Kamienica, Sp. z o.o. Poland 100% 100% n.a. Wind energy production 1 -36 0 -21 -21 -56 FW Warta, Sp. z o.o. Poland 100% 100% PwC Wind energy production 2 1,637 -8 -1,070 -1,070 561 Neo Solar Farm, Sp. z o.o. Poland 100% 100% PwC Photovoltaic energy production 1 -1,299 -39 3,836 3,836 2,500 Budzyn, Sp. z o.o. Poland 100% 51% PwC Wind energy production 1 -41 0 -21 -21 -61 EDPR International Investments, B.V. NL 100% 100% PwC Holding 20 15,325 0 -5,015 -5,015 10,330 Eolos Energía, S.A.S. E.S.P. Colombia 100% 100% PwC Wind energy production 14,931 82,834 -3,387 -84,732 -84,732 9,647 Vientos del Norte, S.A.S. E.S.P. Colombia 100% 100% PwC Wind energy production 10,944 54,105 -3,232 -122,758 -122,758 -60,941 Solar Power Solutions, S.A.S. E.S.P. Colombia 100% 100% PwC Photovoltaic energy production 639 4,222 0 -424 -424 4,437 Elipse Energía, S.A.S. E.S.P. Colombia 100% 100% n.a. Photovoltaic energy production 168 -76 0 -567 -567 -475 Omega Energía, S.A.S. E.S.P. Colombia 100% 100% n.a. Photovoltaic energy production 168 -42 0 -347 -347 -221 Kappa Energía, S.A.S. E.S.P. Colombia 100% 100% n.a. Photovoltaic energy production 168 -55 0 -378 -378 -266 Parque Solar Fotovoltaico El Copey, S.A.S. E.S.P. Colombia 100% 100% n.a. 301 -557 0 -886 -886 -1,142 Renewables Energy Colombia, S.A.S. Colombia 100% 100% 0 0 0 -826 -826 -826 Gumisan Wind Power Co., Ltd. South Korea 100% 100% 995 -4 0 -35 -35 956 Angang Wind Power Corporation South Korea 100% 100% 796 -4 0 -634 -634 159 OMA Haedori Co., Ltd. South Korea 75% 75% n.a. Wind energy production 347 -1,201 0 -454 -454 -1,308 EDPR Korea, Ltd. South Korea 100% 100% n.a. 1,604 -825 0 -1,254 -1,254 -475 Timber Road Solar Park II LLC USA 100% 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Timber Road Solar Park III LLC USA 100% 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 EDPR Scarlet II BESS LLC USA 100% 100% 27 0 0 -11,784 -11,784 -11,757 Ragsdale Solar II LLC USA 100% 100% 1 0 0 -1 -1 0 Sweet Acres Solar Park LLC USA 100% 100% 0 0 0 0 0 0
Annual Report 2023 Individual Annual Accounts 170 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL New Road Power LLC USA 100% 100% 0 0 0 -56 -56 -56 Iron Valley Solar Park LLC USA 100% 100% 0 0 0 0 0 0 Edwardsport Solar Park LLC USA 100% 100% n.a. 0 0 0 -18 -18 -18 Timber Road II Storage LLC USA 100% 100% n.a. 0 0 0 0 0 0 Timber Road III Storage LLC USA 100% 100% n.a. 0 0 0 0 0 0 Top Crop I Storage LLC USA 100% 100% n.a. 0 0 0 0 0 0 Top Crop II Storage LLC USA 100% 100% n.a. 0 0 0 0 0 0 Twin Groves I Storage LLC USA 100% 100% n.a. 0 0 0 0 0 0 Twin Groves II Storage LLC USA 100% 100% n.a. 0 0 0 0 0 0 Misenheimer Solar LLC USA 100% 100% n.a. 39,968 0 0 -7 -7 39,962 Sandrini LandCo LLC USA 100% 100% 0 0 0 0 0 0 EDPR Northeast Allen Solar Park III LLC USA 100% 100% 0 0 0 0 0 0 Trolley Barn Storage LLC USA 100% 100% 0 0 0 0 0 0 Azalea Springs Solar Park LLC USA 100% 100% n.a. 20,199 -6 -1,320 -5 -5 18,868 Cattlemen Solar Park LLC USA 100% 100% n.a. 141,050 -1,120 -604 -3,662 -3,662 135,664 Duff Solar Park II LLC USA 100% 100% n.a. 0 0 0 -2 -2 -2 EDPR Northeast Allen Solar Park LLC USA 100% 100% n.a. 1,394 0 0 -1 -1 1,393 Indiana Crossroads Solar Park II LLC USA 100% 100% n.a. 0 0 0 -5 -5 -5 RTSW Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 RTSW Solar Park II LLC USA 100% 100% n.a. 0 0 0 0 0 0 RTSW Solar Park III LLC USA 100% 100% n.a. 0 0 0 0 0 0 RTSW Solar Park IV LLC USA 100% 100% n.a. 0 0 0 0 0 0 RTSW Solar Park V LLC USA 100% 100% n.a. 0 0 0 0 0 0 RTSW Solar Park VI LLC USA 100% 100% n.a. 0 0 0 0 0 0 EDPR Solar Ventures V LLC USA 100% 100% n.a. 36,215 14,210 0 1,544 1,544 51,969 Goldfinger Ventures III LLC USA 100% 100% n.a. 0 0 0 0 0 0 Alabama Solar Park LLC USA 100% 100% n.a. 3,617 0 0 -6 -6 3,611 Blackford County Solar Park LLC USA 100% 100% n.a. 1 0 0 -3 -3 -1 Solar Ventures Purchasing LLC USA 100% 100% n.a. -22,685 21,920 0 -1 -1 -767 Esker Solar Park LLC USA 100% 100% n.a. 161 0 0 0 0 161 EDPR Solar Ventures III LLC USA 100% 100% n.a. 64,046 13,932 0 4,724 4,724 82,703 Greenbow Solar Park LLC USA 100% 100% n.a. 1 0 0 -90 -90 -89 Holly Hill Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 Pleasantville Solar Park LLC USA 100% 100% n.a. 2,307 -2 0 0 0 2,305 Mineral Springs Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 EDPR Solar Ventures IV LLC USA 100% 100% n.a. 75,052 25,061 0 8,722 8,722 108,835 Black Prairie Solar Park LLC USA 100% 100% n.a. 1,514 0 0 0 0 1,514 Duff Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 Eastmill Solar Park LLC USA 100% 100% n.a. 1 0 0 -1 -1 0 Lowland Solar Park LLC USA 100% 100% n.a. 15 -10 0 -9 -9 -4
Annual Report 2023 Individual Annual Accounts 171 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Moonshine Solar Park LLC USA 100% 100% n.a. 1,627 -1 0 0 0 1,626 Sedge Meadow Solar Park LLC USA 100% 100% n.a. 0 0 0 -26 -26 -26 Helena Harbor Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 Headwaters Wind Farm III LLC USA 100% 100% n.a. 4,990 0 21,625 -3 -3 26,613 Loki Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 Leprechaun Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 Little Brook Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 EDPR Wind Ventures XX LLC USA 100% 100% n.a. -84,216 129,466 -17,238 732 732 28,743 EDPR Wind Ventures XXI LLC USA 100% 100% n.a. 120,969 12,637 0 8,760 8,760 142,365 2019 Vento XXI LLC USA 100% 100% PwC 241,610 -238 0 -436 -436 240,936 Bright Stalk Solar Park LLC USA 100% 100% n.a. 1 0 0 -3 -3 -2 Crossing Trails Wind Power Project II LLC USA 100% 100% n.a. 44 -4 0 -88 -88 -47 Headwaters Wind Farm IV LLC USA 100% 100% n.a. 0 0 0 0 0 0 Tillman Solar Park II LLC USA 100% 100% n.a. 0 0 0 0 0 0 Indiana Crossroads Wind Ventures LLC USA 100% 100% n.a. 0 0 0 -12 -12 -12 Riverstart Solar Park VI LLC USA 100% 100% n.a. 0 0 0 0 0 0 EDPR NA Shelby Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 EDPR Northeast Allen Solar Park II LLC USA 100% 100% n.a. 1 0 0 -2 -2 -2 Blackford County Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 EDPR Wind Ventures XXII LLC USA 100% 100% n.a. 332,825 26,086 0 21,553 21,553 380,464 2020 Vento XXII LLC USA 100% 100% PwC 901,896 -4,659 0 -2,710 -2,710 894,527 Rosewater Ventures LLC USA 100% 100% n.a. 0 0 0 0 0 0 Crescent Bar Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 Esker Solar Park II LLC USA 100% 100% n.a. 0 0 0 0 0 0 Bluebird Prairie Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 Tillman Solar Park LLC USA 100% 100% n.a. 0 0 0 -2 -2 -2 RE Scarlet LLC USA 100% 100% n.a. 106,564 -14,118 0 -17,825 -17,825 74,621 Eólica de Coahuila, S.A. de C.V. Mexico 51% 51% PwC 7,052 33,121 2,605 2,281 2,281 45,058 Vientos de Coahuila, S.A. de C.V. Mexico 100% 100% n.a. 131,760 -6,395 0 -6,059 -6,059 119,306 EDPR Servicios de México, S. de R.L. de C.V. Mexico 100% 100% n.a. 8,940 -2,540 0 267 267 6,667 Parque Solar Los Cuervos, S. de R.L. de C.V. Mexico 100% 100% n.a. 163,117 5,881 0 8,199 8,199 177,198 Lumberjack Storage LLC USA 100% 100% 0 0 0 0 0 0 Buffalo Lick Solar Park LLC USA 100% 100% 0 0 0 0 0 0 Winding Canyon Wind LLC USA 100% 100% 0 0 0 0 0 0 Prospector Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 Rye Patch Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 Loblolly Hill Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0
Annual Report 2023 Individual Annual Accounts 172 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Meadow Lake Wind Farm VIII LLC USA 100% 100% n.a. 0 0 0 -29 -29 -29 Loyal Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 Marathon Wind Farm LLC USA 100% 100% n.a. 3,522 -24 0 0 0 3,498 EDPR Wind Ventures XIX LLC USA 100% 100% n.a. -84,200 103,561 -4,091 3,578 3,578 18,849 Cielo Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 Quilt Block Wind Farm II LLC USA 100% 100% n.a. 1 0 0 -1 -1 0 Shullsburg Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 Loma de la Gloria Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 Wrangler Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 San Clemente Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 Wildcat Creek Wind Farm LLC USA 100% 100% n.a. 238,837 -2,040 0 -2,194 -2,194 234,603 Indiana Crossroads Wind Farm II LLC USA 100% 100% n.a. 77,618 -40 0 649 649 78,227 Bayou Bend Solar Park LLC USA 100% 100% n.a. 897 0 0 0 0 897 Poplar Camp Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 Avondale Solar Park LLC USA 100% 100% n.a. 2,141 -3 0 3 3 2,141 EDPR Wind Ventures XVIII LLC USA 100% 100% n.a. 135,043 40,894 0 15,101 15,101 191,039 2018 Vento XVIII LLC USA 100% 100% PwC 368,105 -533 0 -158 -158 367,414 Coldwater Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 Sweet Stream Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 Blue Harvest Solar Park LLC USA 100% 100% n.a. 42,176 -201 3,634 167 167 45,775 EDPR Solar Ventures II LLC USA 100% 100% n.a. 46,474 31,507 0 113 113 78,094 2017 Sol II LLC USA 100% 100% PwC 92,908 -175 0 -53 -53 92,680 Cameron Solar LLC USA 100% 100% PwC 30,054 341 0 -85 -85 30,310 Estill Solar I LLC USA 100% 100% PwC 33,071 -108 0 -406 -406 32,557 Hampton Solar II LLC USA 100% 100% PwC 29,931 1,473 0 -161 -161 31,242 EDPR Wind Ventures XVII LLC USA 100% 100% n.a. -155,993 189,657 0 5,927 5,927 39,591 Franklin Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 Paulding Wind Farm IV LLC USA 100% 100% n.a. 186,396 -12,019 -44,246 -272 -272 129,858 Rush County Wind Farm LLC USA 100% 100% n.a. 2,643 0 0 0 0 2,643 EDPR South Table LLC USA 100% 100% n.a. 0 0 0 0 0 0 Casa Grande Carmel Solar LLC USA 100% 100% n.a. 0 0 0 0 0 0 Paulding Wind Farm V LLC USA 100% 100% n.a. 0 0 0 0 0 0 Headwaters Wind Farm II LLC USA 100% 100% n.a. 233,624 -6,221 -63,392 5,053 5,053 169,064 Waverly Wind Farm II LLC USA 100% 100% n.a. 0 0 0 0 0 0 Spruce Ridge Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 Reloj del Sol Wind Farm LLC USA 100% 100% n.a. 282,855 -28,545 0 -2,242 -2,242 252,067 2016 Vento XV LLC USA 100% 100% PwC 400,364 -708 0 -307 -307 399,349 2016 Vento XVI LLC USA 100% 100% PwC 119,901 -674 0 -158 -158 119,070
Annual Report 2023 Individual Annual Accounts 173 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL EDPR Wind Ventures XV LLC USA 100% 100% n.a. 100,799 73,342 0 18,221 18,221 192,362 EDPR Wind Ventures XVI LLC USA 100% 100% n.a. 42,489 12,779 0 4,792 4,792 60,060 Blue Marmot I LLC USA 100% 100% n.a. 0 0 0 0 0 0 Blue Marmot II LLC USA 100% 100% n.a. 0 0 0 0 0 0 Drake Peak Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 Blue Marmot IV LLC USA 100% 100% n.a. 0 0 0 0 0 0 Blue Marmot V LLC USA 100% 100% n.a. 0 0 0 0 0 0 Blue Marmot VI LLC USA 100% 100% n.a. 0 0 0 0 0 0 Blue Marmot VII LLC USA 100% 100% n.a. 0 0 0 0 0 0 Blue Marmot VIII LLC USA 100% 100% n.a. 0 0 0 0 0 0 Blue Marmot IX LLC USA 100% 100% n.a. 3,706 -4 0 0 0 3,702 Blue Marmot Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 Blue Marmot XI LLC USA 100% 100% n.a. 0 0 0 0 0 0 Horse Mountain Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 Riverstart Solar Park II LLC USA 100% 100% n.a. 0 0 0 -2 -2 -2 Hidalgo Wind Farm II LLC USA 100% 100% n.a. 61,901 4,500 -20,817 -6,167 -6,167 39,417 Long Hollow Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 Castle Valley Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 White Stone Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 Riverstart Solar Park III LLC USA 100% 100% n.a. 51,371 -535 2,463 -3,107 -3,107 50,192 Dry Creek Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 Riverstart Solar Park IV LLC USA 100% 100% n.a. 6,761 -686 3,410 976 976 10,461 Riverstart Solar Park V LLC USA 100% 100% n.a. 1 0 0 -30 -30 -29 Timber Road Solar Park LLC USA 100% 100% n.a. 43,025 -167 3,531 151 151 46,539 Paulding Wind Farm VI LLC USA 100% 100% n.a. 0 0 0 0 0 0 Renville County Wind Farm LLC USA 100% 100% n.a. 1,778 0 0 -1 -1 1,777 EDPR CA Solar Park LLC USA 100% 100% n.a. 193,485 -683 0 -330 -330 192,472 EDPR CA Solar Park II LLC USA 100% 100% n.a. 101,640 -713 0 -5,434 -5,434 95,493 EDPR CA Solar Park III LLC USA 100% 100% n.a. 10,783 -39 0 -1 -1 10,743 EDPR CA Solar Park IV LLC USA 100% 100% n.a. 0 0 0 0 0 0 EDPR CA Solar Park V LLC USA 100% 100% n.a. 1 0 0 -10 -10 -9 EDPR CA Solar Park VI LLC USA 100% 100% n.a. 12,551 -285 0 -4 -4 12,262 EDP Renewables North America LLC USA 100% 100% PwC 6,718,929 -757,251 34,503 -32,998 -32,998 5,963,182 Wind Turbine Prometheus LP USA 100% 100% n.a. 5 -5 0 0 0 0 Lost Lakes Wind Farm LLC USA 100% 100% n.a. 101,432 -8,454 0 -1,498 -1,498 91,479 Whitestone Wind Purchasing LLC USA 100% 100% n.a. 124,645 29,618 0 -4,687 -4,687 149,577 Blue Canyon Windpower V LLC USA 100% 51% PwC -11,694 98,368 0 4,935 4,935 91,609 Sagebrush Power Partners LLC USA 100% 100% PwC 122,117 -4,998 0 -37 -37 117,083 Marble River LLC USA 100% 100% n.a. 165,370 40,025 0 -4,677 -4,677 200,717
Annual Report 2023 Individual Annual Accounts 174 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Blackstone Wind Farm LLC USA 100% 100% n.a. 64,001 8,589 0 822 822 73,412 Aroostook Wind Energy LLC USA 100% 100% n.a. 43,531 -4,930 0 -43 -43 38,559 Jericho Rise Wind Farm LLC USA 100% 100% PwC 99,944 13,296 0 1,981 1,981 115,220 Martinsdale Wind Farm LLC USA 100% 100% n.a. 4,772 -468 0 -1 -1 4,302 Signal Hill Wind Power Project LLC USA 100% 100% n.a. 4 -4 0 0 0 0 Tumbleweed Wind Power Project LLC USA 100% 100% n.a. 4 -4 0 0 0 0 Stinson Mills Wind Farm LLC USA 100% 100% n.a. 4,257 -90 0 0 0 4,167 OPQ Property LLC USA 100% 100% n.a. -184 184 0 0 0 0 Meadow Lake Wind Farm LLC USA 100% 100% n.a. 155,424 -16,580 0 -2,299 -2,299 136,546 Wheat Field Wind Power Project LLC USA 100% 51% PwC -38,303 86,283 0 5,228 5,228 53,208 High Trail Wind Farm LLC USA 100% 100% PwC 99,761 80,297 0 -3,816 -3,816 176,242 Madison Windpower LLC USA 100% 100% PwC 18,014 -14,769 0 -851 -851 2,394 Mesquite Wind LLC USA 100% 100% PwC 85,364 65,572 0 -10,793 -10,793 140,143 BC2 Maple Ridge Wind LLC USA 100% 100% PwC 243,268 -140,469 0 -9,186 -9,186 93,613 Blue Canyon Windpower II LLC USA 100% 100% PwC 252,513 -54,323 0 -7,370 -7,370 190,820 Telocaset Wind Power Partners LLC USA 100% 51% PwC -29,012 97,326 202 8,032 8,032 76,548 Post Oak Wind LLC USA 100% 51% PwC 91,872 75,868 0 -13,344 -13,344 154,396 High Prairie Wind Farm II LLC USA 100% 51% PwC 32,736 34,977 244 1,841 1,841 69,799 Old Trail Wind Farm LLC USA 100% 51% PwC 57,079 113,855 1,592 10,222 10,222 182,748 Cloud County Wind Farm LLC USA 100% 51% PwC 93,909 52,427 0 3,878 3,878 150,213 Pioneer Prairie Wind Farm I LLC USA 100% 51% PwC 114,104 137,232 5,062 11,774 11,774 268,173 Arlington Wind Power Project LLC USA 100% 51% PwC 37,320 40,652 0 3,691 3,691 81,664 Rail Splitter Wind Farm LLC USA 100% 100% PwC 168,895 -57,370 0 -4,668 -4,668 106,858 Meadow Lake Wind Farm II LLC USA 100% 100% PwC 123,928 -21,008 0 -3,959 -3,959 98,961 Black Prairie Wind Farm LLC USA 100% 100% n.a. 1,071 -2 0 0 0 1,069 Meadow Lake Wind Farm IV LLC USA 100% 100% n.a. 73,923 -6,718 0 -273 -273 66,932 Blackstone Wind Farm II LLC USA 100% 100% n.a. 145,630 19,238 0 146 146 165,014 Saddleback Wind Power Project LLC USA 100% 100% n.a. 1,226 -1,222 0 0 0 4 Meadow Lake Wind Farm III LLC USA 100% 100% n.a. 71,202 9,981 0 1,521 1,521 82,704 2007 Vento I LLC USA 100% 100% PwC 431,306 53,527 0 627 627 485,461 2007 Vento II LLC USA 100% 51% PwC 157,794 -5,258 0 -191 -191 152,344 2008 Vento III LLC USA 100% 51% PwC 251,220 -6,297 0 -82 -82 244,841 2009 Vento V LLC USA 100% 51% PwC -10,492 -1,207 0 -26 -26 -11,725 Horizon Wind Ventures I LLC USA 100% 100% n.a. -21,556 430,285 0 179 179 408,908 Horizon Wind Ventures III LLC USA 51% 51% n.a. -59,918 46,117 0 444 444 -13,357
Annual Report 2023 Individual Annual Accounts 175 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Clinton County Wind Farm LLC USA 100% 100% n.a. 165,377 -7 0 0 0 165,370 Antelope Ridge Wind Power Project LLC USA 100% 100% n.a. 11,610 -11,610 0 0 0 0 Lexington Chenoa Wind Farm II LLC USA 100% 100% n.a. 2,332 -544 0 0 0 1,787 Blackstone Wind Farm III LLC USA 100% 100% n.a. 5,679 -5,679 0 0 0 0 Paulding Wind Farm LLC USA 100% 100% n.a. 33 -32 0 -3 -3 -2 Paulding Wind Farm II LLC USA 100% 51% PwC 27,406 68,140 0 7,549 7,549 103,095 Waverly Wind Farm LLC USA 100% 51% PwC 182,489 33,247 0 3,681 3,681 219,416 Blue Canyon Windpower VI LLC USA 100% 100% PwC 81,130 12,198 0 -9,702 -9,702 83,626 Paulding Wind Farm III LLC USA 100% 100% PwC 118,906 22,342 0 3,563 3,563 144,811 2011 Vento IX LLC USA 100% 51% PwC 28,716 -1,294 0 -130 -130 27,292 Horizon Wind Ventures IX LLC USA 51% 51% n.a. -5,927 114 0 1,692 1,692 -4,121 EDPR Vento IV Holding LLC USA 100% 100% PwC 112,850 17,117 0 0 0 129,967 Headwaters Wind Farm LLC USA 100% 51% PwC 155,507 80,970 0 9,166 9,166 245,642 Lone Valley Solar Park I LLC USA 100% 50% PwC 18,354 2,120 0 490 490 20,963 Lone Valley Solar Park II LLC USA 100% 50% PwC 29,074 8,276 0 1,609 1,609 38,960 Rising Tree Wind Farm LLC USA 100% 51% PwC 55,301 52,299 0 7,732 7,732 115,333 Arbuckle Mountain Wind Farm LLC USA 100% 51% PwC 123,971 -9,789 0 2,509 2,509 116,691 Hidalgo Wind Farm LLC USA 100% 100% PwC 313,186 -1,155 8,878 -28,951 -28,951 291,958 Rising Tree Wind Farm III LLC USA 100% 51% PwC 87,613 51,366 0 6,155 6,155 145,134 Rising Tree Wind Farm II LLC USA 100% 51% PwC 17,437 6,940 0 520 520 24,897 Wheat Field Holding LLC USA 51% 51% PwC -38,167 -124 0 -37 -37 -38,329 EDPR WF LLC USA 100% 100% n.a. 41,310 0 0 0 0 41,310 Sustaining Power Solutions LLC USA 100% 100% n.a. 167,199 -138,447 -923 -5,302 -5,302 22,527 Green Power Offsets LLC USA 100% 100% n.a. 10 -10 0 0 0 0 Arkwright Summit Wind Farm LLC USA 100% 100% PwC 149,636 10,205 -1,245 -274 -274 158,321 Randolph Solar Park LLC USA 100% 100% 66,454 -131 0 -82 -82 66,241 EDPR Vento I Holding LLC USA 100% 100% n.a. 211,925 0 0 0 0 211,925 Turtle Creek Wind Farm LLC USA 100% 100% PwC 218,002 20,251 0 3,757 3,757 242,010 Rio Blanco Wind Farm LLC USA 100% 100% n.a. 2,813 -1 0 0 0 2,813 BC2 Maple Ridge Holdings LLC USA 100% 100% n.a. 0 0 0 0 0 0 Plum Nellie Wind Farm LLC USA 100% 100% n.a. 4,099 -57 0 4 4 4,046 Five-Spot LLC USA 100% 100% n.a. 0 0 0 0 0 0 Horizon Wind Chocolate Bayou I LLC USA 100% 100% n.a. 0 0 0 0 0 0 Alabama Ledge Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 Ashford Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 Athena- Weston Wind Power Project LLC USA 100% 100% n.a. 0 0 0 0 0 0
Annual Report 2023 Individual Annual Accounts 176 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Lexington Chenoa Wind Farm III LLC USA 100% 100% n.a. 0 0 0 0 0 0 Blackstone Wind Farm IV LLC USA 100% 100% n.a. 0 0 0 0 0 0 WTP Management Company LLC USA 100% 100% n.a. 0 0 0 0 0 0 Blackstone Wind Farm V LLC USA 100% 100% n.a. 0 0 0 0 0 0 Blue Canyon Windpower III LLC USA 100% 100% n.a. 0 0 0 0 0 0 Blue Canyon Windpower IV LLC USA 100% 100% n.a. 0 0 0 0 0 0 Broadlands Wind Farm II LLC USA 100% 100% n.a. 0 0 0 0 0 0 Broadlands Wind Farm III LLC USA 100% 100% n.a. 0 0 0 0 0 0 Chateaugay River Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 Cropsey Ridge Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 EDPR Wind Ventures XI LLC USA 51% 51% n.a. 6,191 65,741 0 13,253 13,253 85,185 EDPR Wind Ventures XII LLC USA 51% 51% n.a. 19,842 11,903 0 4,946 4,946 36,691 EDPR Wind Ventures XIII LLC USA 51% 51% n.a. 59,064 45,882 0 11,435 11,435 116,382 EDPR Wind Ventures XIV LLC USA 51% 51% n.a. 21,762 48,616 0 13,896 13,896 84,274 Crossing Trails Wind Power Project LLC USA 100% 100% n.a. 137,971 -3,605 0 -4,950 -4,950 129,416 Dairy Hills Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 Diamond Power Partners LLC USA 100% 100% n.a. 0 0 0 0 0 0 East Klickitat Wind Power Project LLC USA 100% 100% n.a. 0 0 0 0 0 0 Ford Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 Gulf Coast Windpower Management Company LLC USA 75% 75% n.a. 0 0 0 0 0 0 Horizon Wind Energy Northwest IV LLC USA 100% 100% n.a. 0 0 0 0 0 0 Horizon Wind Energy Northwest VII LLC USA 100% 100% n.a. 229 -135 0 -241 -241 -146 Horizon Wind Energy Northwest X LLC USA 100% 100% n.a. 0 0 0 0 0 0 Horizon Wind Energy Northwest XI LLC USA 100% 100% n.a. 0 0 0 0 0 0 Horizon Wind Energy Panhandle I LLC USA 100% 100% n.a. 0 0 0 0 0 0 Horizon Wind Energy Southwest I LLC USA 100% 100% n.a. 0 0 0 0 0 0 Horizon Wind Energy Southwest II LLC USA 100% 100% n.a. 0 0 0 0 0 0 Horizon Wind Energy Southwest III LLC USA 100% 100% n.a. 0 0 0 0 0 0 Horizon Wind Energy Southwest IV LLC USA 100% 100% n.a. 0 0 0 0 0 0
Annual Report 2023 Individual Annual Accounts 177 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Horizon Wind Energy Valley I LLC USA 100% 100% n.a. 0 0 0 0 0 0 Horizon Wind MREC Iowa Partners LLC USA 75% 75% n.a. 0 0 0 0 0 0 Horizon Wind Freeport Windpower I LLC USA 100% 100% n.a. 0 0 0 0 0 0 Juniper Wind Power Partners LLC USA 100% 100% n.a. 0 0 0 0 0 0 Machias Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 Blue Canyon Windpower VII LLC USA 100% 100% n.a. 0 0 0 0 0 0 New Trail Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 North Slope Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 Number Nine Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 Pacific Southwest Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 Horizon Wyoming Transmission LLC USA 100% 100% n.a. 0 0 0 0 0 0 Buffalo Bluff Wind Farm LLC USA 100% 100% n.a. 4,794 -1 0 0 0 4,793 Sardinia Windpower LLC USA 100% 100% n.a. 0 0 0 0 0 0 Rail Splitter Wind Farm II LLC USA 100% 100% n.a. 1,909 0 0 0 0 1,909 Western Trail Wind Project I LLC USA 100% 100% n.a. 4,140 0 0 -4,145 -4,145 -5 Whistling Wind WI Energy Center LLC USA 100% 100% n.a. 0 0 0 0 0 0 Simpson Ridge Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 Coos Curry Wind Power Project LLC USA 100% 100% n.a. 0 0 0 0 0 0 Horizon Wind Energy Midwest IX LLC USA 100% 100% n.a. 0 0 0 0 0 0 Horizon Wind Energy Northwest I LLC USA 100% 100% n.a. 0 0 0 0 0 0 AZ Solar LLC USA 100% 100% n.a. 0 0 0 0 0 0 Peterson Power Partners LLC USA 100% 100% n.a. 0 0 0 0 0 0 Big River Wind Power Project LLC USA 100% 100% n.a. 1 0 0 -1 -1 0 Tug Hill Windpower LLC USA 100% 100% n.a. 0 0 0 0 0 0 Whiskey Ridge Power Partners LLC USA 100% 100% n.a. 0 0 0 0 0 0 Wilson Creek Power Project LLC USA 100% 100% n.a. 0 0 0 0 0 0 Black Prairie Wind Farm II LLC USA 100% 100% n.a. 0 0 0 0 0 0 Black Prairie Wind Farm III LLC USA 100% 100% n.a. 0 0 0 0 0 0 2015 Vento XIV LLC USA 100% 51% PwC 183,330 -755 0 -138 -138 182,438 Simpson Ridge Wind Farm II LLC USA 100% 100% n.a. 0 0 0 0 0 0 Simpson Ridge Wind Farm III LLC USA 100% 100% n.a. 0 0 0 0 0 0 Simpson Ridge Wind Farm IV LLC USA 100% 100% n.a. 0 0 0 0 0 0
Annual Report 2023 Individual Annual Accounts 178 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Simpson Ridge Wind Farm V LLC USA 100% 100% n.a. 0 0 0 0 0 0 Athena- Weston Wind Power Project II LLC USA 100% 100% n.a. 0 0 0 0 0 0 17th Star Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 Green Country Wind Farm LLC USA 100% 100% n.a. 0 0 0 0 0 0 2014 Vento XI LLC USA 100% 51% PwC 154,155 -102 0 -61 -61 153,992 EDPR Solar Ventures I LLC USA 50% 50% n.a. 23,546 20,789 0 133 133 44,468 2014 Sol I LLC USA 100% 50% PwC 48,150 -660 0 -106 -106 47,384 2014 Vento XII LLC USA 100% 51% PwC 72,863 -120 0 -46 -46 72,697 Rolling Upland Wind Farm LLC USA 100% 100% n.a. 1 0 0 -1 -1 0 2015 Vento XIII LLC USA 100% 51% PwC 211,939 -986 0 -180 -180 210,774 EDP Renewables SH Project Limited Partnership Canada 100% 100% n.a. 105,824 -2,432 -2,807 -465 -465 100,120 EDP Renewables Canada Ltd. Canada 100% 100% n.a. 198,301 -5,623 -112 -3,475 -3,475 189,092 SBWF GP Inc. Canada 51% 51% n.a. 0 1 0 0 0 0 South Dundas Windfarm Limited Partnership Canada 51% 51% PwC -6,455 27,904 828 2,657 2,657 24,934 Nation Rise Wind Farm GP Inc. Canada 100% 100% PwC 1 -24 0 -6 -6 -29 Nation Rise Wind Farm Limited Partnership Canada 50% 50% n.a. 50,980 3,031 4,010 -1,018 -1,018 57,003 South Branch Wind Farm II GP Inc. Canada 100% 100% n.a. 0 0 0 0 0 0 South Branch Wind Farm II Limited Partnership Canada 100% 100% n.a. 835 -499 0 -7 -7 330 EDP Renewables SH Project GP Ltd. Canada 100% 100% n.a. 11 -2 0 -8 -8 1 EDP Renováveis Brasil, S.A. Brazil 100% 100% PwC 722,941 47,197 -2,975 58,160 58,160 825,323 Central Nacional de Energia Eólica, S.A. Brazil 51% 51% PwC 2,312 257 0 942 942 3,511 Elebrás Projetos, S.A. Brazil 51% 51% PwC 19,355 -1,597 0 13,002 13,002 30,760 Central Eólica Baixa do Feijão I, S.A. Brazil 51% 51% PwC 7,314 2,327 0 120 120 9,761 Central Eólica Baixa do Feijão II, S.A. Brazil 51% 51% PwC 7,563 2,733 0 -138 -138 10,158 Central Eólica Baixa do Feijão III, S.A. Brazil 51% 51% PwC 12,574 -203 0 -756 -756 11,615 Central Eólica Baixa do Feijão IV, S.A. Brazil 51% 51% PwC 8,287 1,230 0 -408 -408 9,108 Central Eólica JAU, S.A. Brazil 51% 51% PwC 32,461 10,476 0 346 346 43,283 Central Eólica Aventura I, S.A. Brazil 51% 51% PwC 15,233 838 0 -369 -369 15,703 Central Eólica Asas de Zabelê I, S.A. Brazil 100% 100% n.a. 0 0 0 0 0 0 Central Eólica Asas de Zabelê II, S.A. Brazil 100% 100% n.a. 0 0 0 0 0 0 Monte Verde Holding, S.A. Brazil 100% 100% PwC 70,476 -4,635 0 3,318 3,318 69,159 Central Eólica Monte Verde I, S.A. Brazil 100% 100% PwC 14,949 -1,858 0 4,713 4,713 17,805 Central Eólica Monte Verde II, S.A. Brazil 100% 100% PwC 14,949 -967 0 -1,398 -1,398 12,584
Annual Report 2023 Individual Annual Accounts 179 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Central Eólica Monte Verde III, S.A. Brazil 100% 100% PwC 13,081 -861 0 -448 -448 11,772 Central Eólica Monte Verde IV, S.A. Brazil 100% 100% PwC 10,278 -705 0 580 580 10,152 Central Eólica Monte Verde V, S.A. Brazil 100% 100% PwC 7,475 -495 0 -223 -223 6,757 Central Eólica Monte Verde VI, S.A. Brazil 100% 100% PwC 9,755 -588 0 104 104 9,271 Central Geradora Fotovoltaica Monte Verde Solar II, S.A. Brazil 100% 100% PwC 8,528 -8 -81 -66 -66 8,374 Central Geradora Fotovoltaica Monte Verde Solar III, S.A. Brazil 100% 100% PwC 8,528 -7 -81 -101 -101 8,340 Central Geradora Fotovoltaica Monte Verde Solar IV, S.A. Brazil 100% 100% PwC 8,528 -8 -81 -17 -17 8,423 Central Eólica Asas de Zabelê III, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Solar Pereira Barreto I, S.A. Brazil 100% 100% PwC 21,300 1,155 0 1,455 1,455 23,910 Central Solar Pereira Barreto II, S.A. Brazil 100% 100% PwC 19,981 1,294 0 1,437 1,437 22,712 Central Solar Pereira Barreto III, S.A. Brazil 100% 100% PwC 31,816 847 0 1,057 1,057 33,721 Central Solar Pereira Barreto IV, S.A. Brazil 100% 100% PwC 21,671 472 0 1,336 1,336 23,480 Central Solar Pereira Barreto V, S.A. Brazil 100% 100% PwC 21,992 -539 0 1,125 1,125 22,577 Central Solar Lagoa I, S.A. Brazil 100% 100% PwC 446 -30 0 -28 -28 388 Central Solar Lagoa II, S.A. Brazil 100% 100% PwC 412 -30 0 -27 -27 355 Central Geradora Fotovoltaica Monte Verde Solar V, S.A. Brazil 100% 100% PwC 8,528 -8 -81 -111 -111 8,329 Central Geradora Fotovoltaica Monte Verde Solar VII, S.A. Brazil 100% 100% PwC 11,134 -6 -81 -321 -321 10,726 Central Eólica Amanhecer I, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Eólica Amanhecer II, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Eólica Amanhecer III, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 EDP Renewables Canada Management Services Ltd. Canada 100% 100% n.a. -2,599 0 0 0 0 -2,599 Bromhead Solar Park GP Ltd. Canada 100% 100% n.a. 0 0 0 0 0 0 Bromhead Solar Park Limited Partnership Canada 100% 100% n.a. 0 -253 0 -1 -1 -254 Halbrite Solar Park GP Ltd. Canada 100% 100% n.a. 0 0 0 0 0 0 Halbrite Solar Park Limited Partnership Canada 100% 100% n.a. 0 -253 0 -1 -1 -254 Blue Bridge Solar Park GP Ltd. Canada 100% 100% n.a. 0 0 0 0 0 0 Blue Bridge Solar Park Limited Partnership Canada 100% 100% n.a. 0 -253 0 -21 -21 -274 EDP Renewables SH II Project GP Ltd. Canada 100% 100% n.a. 0 0 0 0 0 0 EDP Renewables Canada 100% 100% n.a. 0 0 0 0 0 0
Annual Report 2023 Individual Annual Accounts 180 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL SH II Project Limited Partnership Sounding Creek Solar Park GP Ltd. Canada 100% 100% n.a. 0 0 0 0 0 0 Sounding Creek Solar Park Limited Partnership Canada 100% 100% n.a. 0 0 0 0 0 0 Edgeware BESS Project GP Ltd. Canada 100% 100% n.a. 0 0 0 0 0 0 Edgeware BESS Project Limited Partnership Canada 50% 50% n.a. 0 0 0 0 0 0 South Branch BESS Project GP Ltd. Canada 100% 100% 0 0 0 0 0 0 South Branch BESS Project Limited Partnership Canada 100% 100% 0 0 0 0 0 0 Central Eólica Asas de Zabelê IV, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Solar Zebu I, S.A. Brazil 100% 100% n.a. 671 -90 0 -1 -1 580 Central Solar Zebu II, S.A. Brazil 100% 100% n.a. 0 0 0 0 0 0 Central Solar Zebu III, S.A. Brazil 100% 100% n.a. 0 0 0 0 0 0 Central Solar Zebu IV, S.A. Brazil 100% 100% n.a. 0 0 0 0 0 0 Central Solar Zebu V, S.A. Brazil 100% 100% n.a. 0 0 0 0 0 0 Central Solar Zebu VI, S.A. Brazil 100% 100% n.a. 0 0 0 0 0 0 Central Eólica Amanhecer IV, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Eólica Amanhecer V, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Eólica Amanhecer VI, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Eólica Amanhecer VII, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Eólica Catanduba I, S.A. Brazil 100% 100% PwC 8,756 -322 0 22 22 8,456 Central Eólica Catanduba II, S.A. Brazil 100% 100% PwC 8,756 -43 0 -84 -84 8,629 Central Solar Novo Oriente I, S.A. Brazil 100% 100% PwC 10,995 -9 -1,965 -19 -19 9,001 Central Solar Novo Oriente II, S.A. Brazil 100% 100% PwC 10,010 -9 -2,191 -17 -17 7,793 Central Solar Novo Oriente III, S.A. Brazil 100% 100% PwC 10,789 -9 0 -37 -37 10,743 Central Solar Novo Oriente IV, S.A. Brazil 100% 100% PwC 8,102 -5 0 -73 -73 8,024 Central Solar Novo Oriente V, S.A. Brazil 100% 100% PwC 14,575 -5 0 -131 -131 14,440 Central Solar Novo Oriente VI, S.A. Brazil 100% 100% PwC 4,252 -5 -345 -96 -96 3,807 EDP Renewables UK Limited UK 100% 100% PwC 9 -3,465 0 -3,224 -3,224 -6,680 Muirake Wind Farm Ltd UK 79% 79% PwC 0 1,586 0 1,502 1,502 3,088 Lurg Hill Wind Farm Ltd UK 100% 100% n.a. 0 -756 0 -314 -314 -1,070 Harrington Franklin Limited UK 100% 100% 611 -611 0 0 0 0 Balnacraig Battery Storage Limited UK 100% 100% 0 0 0 0 0 0 Solar Italy I, S.r.l. Italy 100% 100% n.a. 10 889 2,766 -495 -495 3,169 Solar Italy II, S.r.l. Italy 100% 100% n.a. 10 859 -83 -174 -174 612 Solar Italy IV, S.r.l. Italy 100% 100% n.a. 10 917 2,266 -370 -370 2,822
Annual Report 2023 Individual Annual Accounts 181 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Solar Italy XXIII, S.r.l. Italy 100% 100% 10 588 -167 -138 -138 293 EDPR Sicilia Quattro, S.r.l. Italy 100% 100% 10 0 0 -9 -9 1 Serracapriola, S.r.l. Italy 100% 100% 10 272 0 232 232 513 Wind Energy Castelluccio, S.r.l. Italy 60% 60% 10 270 0 -99 -99 182 Wind Energy Monte Cavallo, S.r.l. Italy 51% 51% 10 -5 0 0 0 5 Oxavi 1, S.A.S. Italy 100% 100% 3 -2 0 0 0 1 Oxavi 2, S.A.S. Italy 100% 100% 3 -2 0 0 0 1 EDP Renewables Chile, SpA Chile 100% 100% PwC 10,825 -1,654 0 -2,557 -2,557 6,613 Los Llanos Solar, SpA Chile 100% 100% n.a. 1 -982 0 -576 -576 -1,557 Parque Eólico Punta de Talca, SpA Chile 100% 100% PwC 324 -2,322 0 -2,306 -2,306 -4,304 Parque Eólico San Andrés, SpA Chile 100% 100% n.a. 397 -1,104 0 -4,563 -4,563 -5,270 Parque Eólico Victoria, SpA Chile 100% 100% n.a. 1,187 -1,778 0 -510 -510 -1,101 Vientos de Taltal, SpA Chile 100% 100% 1 0 0 0 0 1 Central Eólica Asas de Zabelê V, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Eólica Asas de Zabelê VI, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Eólica Asas de Zabelê VII, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Solar Zebu VII, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Solar Fênix V, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Solar Fênix VI, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Solar Presidente JK I, S.A. Brazil 100% 100% n.a. 594 -592 0 -2 -2 0 Central Solar Minas do Sol II, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Solar Minas do Sol III, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Solar Minas do Sol IV, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Solar Minas do Sol V, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Solar Minas do Sol VI, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Solar Presidente JK VII, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Solar Minas do Sol VIII, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Solar Fênix I, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Solar Fênix II, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Solar Presidente JK XI, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Solar Fênix IV, S.A. Brazil 100% 100% n.a. 0 0 0 -1 -1 -1 Central Geradora Fotovoltaica Monte Verde Solar I, S.A. Brazil 100% 100% n.a. 0 0 0 -4 -4 -4 Central Geradora Fotovoltaica Monte Verde Solar VI, S.A. Brazil 100% 100% n.a. 0 0 0 -4 -4 -4 Wind Farm Debrzno, Sp. z o.o. Poland 100% 100% 1 0 0 0 0 1 Wind Farm Gniewkowo, Sp. z o.o. Poland 100% 100% 1 0 0 0 0 1
Annual Report 2023 Individual Annual Accounts 182 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL EDPR Polska Wind, Sp. z o.o. Poland 100% 100% 1 0 0 0 0 1 EDPR Polska Solar 2, Sp. z o.o. Poland 100% 100% 1 0 0 0 0 1 EDPR Polska Storage, Sp. z o.o. Poland 100% 100% 1 0 0 0 0 1 Ekoenergia Solar 3, Sp. z o.o. Poland 100% 100% 1 -11 0 -9 -9 -19 CSH Renewables III, Sp. z o.o. Poland 100% 100% 1 0 0 -48 -48 -47 Farma Fotowoltaiczn a Poturzyn, Sp. z o.o. Poland 100% 100% 1 0 0 -8 -8 -7 Farma Fotowoltaiczn a Warta, Sp. z o.o. Poland 100% 100% n.a. 1 -7 0 -49 -49 -55 Farma Fotowoltaiczn a Wielkopolska, Sp. z o.o. Poland 100% 100% n.a. 1 -2 0 18 18 16 Farma Fotowoltaiczn a Radziejów, Sp. z o.o. Poland 100% 100% n.a. 1 -8 0 -16 -16 -23 Farma Fotowoltaiczn a Ujazd, Sp. z o.o. Poland 100% 100% n.a. 1 -3 0 -14 -14 -16 Farma Fotowoltaiczn a Budzyn, Sp. z o.o. Poland 100% 100% n.a. 1 -2 -26 -12 -12 -39 Farma Fotowoltaiczn a Dobrzyca, Sp. z o.o. Poland 100% 100% n.a. 1 -2 0 -14 -14 -15 Farma Fotowoltaiczn a Tomaszów, Sp. z o.o. Poland 100% 100% n.a. 1 -5 0 -18 -18 -22 EDPR Bora, Kft. Hungary 100% 100% 8 0 0 -2 -2 6 EDPR Mistral, Kft. Hungary 100% 100% 8 0 0 -2 -2 6 EDPR Sirocco, Kft. Hungary 100% 100% 8 0 0 -2 -2 6 EDPR Siesta, Kft. Hungary 100% 100% 8 0 0 -2 -2 6 EDPR Pampero, Kft. Hungary 100% 100% 8 0 0 -2 -2 6 EDPR Zephyr, Kft. Hungary 100% 100% 8 0 0 -2 -2 6 EDP Renewables Germany GmbH Germany 100% 100% 25 -26 0 -3,807 -3,807 -3,808 Energia Geoide VIII, S.L. Spain 100% 100% 3 -1 0 0 0 2 ICE Tudela S.L. Spain 100% 100% 3 0 0 0 0 3 Trung Son SG Pte. Ltd. Singapore 100% 100% PwC 9,660 -637 0 -168 -168 8,855 LYS Energy Investment Pte. Ltd. Singapore 100% 100% PwC 9,660 -2,039 0 -254 -254 7,367 Sunseap Group Pte. Ltd. Singapore 95% 95% 469,795 -37,753 0 1,517 1,517 433,560 Sunseap International Pte. Ltd. Singapore 100% 100% PwC 37,972 -17,523 0 317 317 20,766 Sunseap Engineering Pte. Ltd. Singapore 100% 100% PwC 1,439 -4,427 -18 -3,578 -3,578 -6,583 Sunseap Leasing Pte. Ltd. Singapore 100% 100% PwC 76,660 380 -593 -1,222 -1,222 75,224 SolarNova Phase 1 Pte. Ltd. Singapore 100% 100% PwC 0 10,195 0 2,438 2,438 12,633 Sunseap Commercial Assets Pte. Ltd. Singapore 100% 100% PwC 2,609 7,898 222 1,067 1,067 11,796 Sunseap Energy Pte. Ltd. Singapore 100% 100% PwC 47,258 -42,862 -404 -428 -428 3,563 Sunseap Energy Ventures Pte. Ltd. Singapore 100% 100% PwC 0 2,430 0 117 117 2,547 Sunseap CMX RE Solar Singapore 100% 100% PwC 0 13,489 0 1,524 1,524 15,013
Annual Report 2023 Individual Annual Accounts 183 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Holdings Pte. Ltd. Sunseap Links Pte. Ltd. Singapore 80% 80% PwC 0 -5,355 0 -51 -51 -5,406 Sunseap Links Daklong Pte. Ltd. Singapore 95% 95% PwC 0 -6,335 0 -32 -32 -6,366 Sunseap China Pte. Ltd. Singapore 100% 100% PwC 26,931 -171 0 -94 -94 26,666 Sunseap Japan Pte. Ltd. Singapore 100% 100% PwC 0 -373 0 -29 -29 -401 Sunseap Taiwan Pte. Ltd. Singapore 100% 100% PwC 0 -250 0 129 129 -121 Sunseap Australia Holdings Pte. Ltd. Singapore 100% 100% PwC 0 -3,403 0 -141 -141 -3,544 Sunseap Delta Holdings Pte. Ltd. Singapore 100% 100% PwC 0 -202 0 -33 -33 -235 EDPR Sunseap Korea Holdings Pte. Ltd. Singapore 100% 100% PwC 3,361 -19 0 -251 -251 3,091 Sunseap Gamma Holdings Pte. Ltd. Singapore 100% 100% PwC 0 -18 0 -36 -36 -55 Sunseap Gamma Assets Pte. Ltd. Singapore 100% 100% PwC 0 -68 0 68 68 0 SolarNova 4 Beta Assets Pte. Ltd. Singapore 100% 100% PwC 39,541 -768 -6,648 -1,254 -1,254 30,872 Solarland Alpha Assets Pte. Ltd. Singapore 100% 100% PwC 0 -1,578 -12,600 -294 -294 -14,472 Data4Eco Holdings Pte. Ltd. Singapore 60% 60% PwC 34 -78 0 -24 -24 -68 Sunseap Indonesia Pte. Ltd. Singapore 100% 100% PwC 0 -123 0 54 54 -69 Sunseap Batam Pte. Ltd. Singapore 100% 100% PwC 0 -188 0 32 32 -156 Energy Democracy Management Pty. Ltd. Australia 100% 100% 0 0 0 0 0 0 Yoogali Solar Farm Pty. Ltd. Australia 100% 100% 0 0 0 0 0 0 Merino Solar Farm Trust Australia 100% 100% 0 0 0 0 0 0 Orange Community Renewable Energy Park Pty. Ltd. Australia 100% 100% 0 14 0 0 0 14 Orange Community Renewable Energy Park Trust Australia 100% 100% 0 0 0 0 0 0 Sunseap (Australia) Investments Pty. Ltd. Australia 100% 100% n.a. 1,845 -3,179 0 -1,998 -1,998 -3,333 Sunseap (Australia) Pty. Ltd. Australia 100% 100% n.a. 0 -694 0 -12 -12 -707 Sunseap Assets (Australia) Pty. Ltd. Australia 100% 100% n.a. 12 -12 0 -1 -1 0 ITP Development Pty. Ltd. Australia 100% 100% 1 -1,119 0 -157 -157 -1,274 ITP-NHT Devco Pty. Ltd. Australia 100% 100% 1 599 0 -4 -4 595 Merino Solar Farm Pty. Ltd. Australia 100% 100% 0 -8 0 0 0 -8 Sunseap Solar Cambodia Co., Ltd. Cambodia 100% 100% n.a. 1 -22 0 22 22 1 Dongying Daoli New Energy Co., Ltd. China 100% 100% n.a. 483 -4 0 14 14 493 Shanghai Jingwen Equity Investment Center LP China 90% 90% PwC 9,196 -264 0 156 156 9,089 Suzhou Xingdao New Energy Technology Co., Ltd. China 100% 100% n.a. 277 -6 0 13 13 284
Annual Report 2023 Individual Annual Accounts 184 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL State Cloud Sunseap Equity Investment Partnership LP China 80% 80% PwC 513 -2 0 -5 -5 506 Yancheng Qingneng Power Technology Co., Ltd. China 100% 100% n.a. 890 -30 0 45 45 905 Qinghe County Xinou Funeng New Energy Technology Co., Ltd. China 100% 100% n.a. 426 -2 0 56 56 480 Rongcheng Xingyi New Energy Technology Co., Ltd. China 100% 100% PwC 2,520 -23 0 -34 -34 2,463 Wuhan Panshuo Energy Technology Co., Ltd. China 100% 100% n.a. 1,019 -1 0 44 44 1,061 Qingdao Xingqi Energy Co., Ltd. China 100% 100% n.a. 151 -2 0 19 19 169 Heze Dechen New Energy Co., Ltd. China 100% 100% n.a. 392 -2 0 -2 -2 389 Weihai Deao New Energy Technology Co., Ltd. China 100% 100% n.a. 470 -1 0 33 33 503 Hubei Jianghui New Energy Co., Ltd. China 100% 100% n.a. 1,732 -3 0 -100 -100 1,629 Sunseap China Energy (Qingdao) Co., Ltd. China 100% 100% n.a. 5 -1 0 -3 -3 1 Sunseap Energy (Malaysia) Sdn. Bhd. Malaysia 100% 100% NHT 1,493 -942 0 -598 -598 -47 Sunseap Taiwan Solar Holdings Ltd. Taiwan 100% 100% PwC 13,458 -870 0 -620 -620 11,969 Pacific Sunseap Energy Ltd. Taiwan 65% 65% PwC 10,235 -37 0 -9 -9 10,189 Top Green Energy Ltd. Taiwan 100% 65% PwC 10,058 501 0 5 5 10,564 Sunseap Advance Green Technology Ltd. Taiwan 100% 100% PwC 2,950 64 0 -133 -133 2,881 Sunseap Advance International Ltd. Taiwan 100% 100% PwC 147 -16 0 -4 -4 127 Shuangjian Photoelectric Ltd. Taiwan 70% 70% PwC 1,534 -48 0 -44 -44 1,442 Hoya Energy Ltd. Taiwan 100% 100% PwC 5,870 69 -72 157 157 6,024 Sunseap Energy (Thailand) Co., Ltd. Thailand 96% 96% Thai Info Ltd 1,185 -842 0 -36 -36 306 Thai-Sunseap Co., Ltd. Thailand 67% 67% Pechrungr oj Office Co., Ltd 5,947 -674 0 539 539 5,811 CMX RE Sunseap Vietnam Solar Power Co., Ltd. Vietnam 55% 55% PwC 39,749 7,670 48 4,365 4,365 51,832 Sunseap Commercial & Industrial Assets (Vietnam) Co., Ltd. Vietnam 100% 100% PwC 4,608 -6,180 0 -7,863 -7,863 -9,435 Sunseap Sun Times Solar Investment Co., Ltd. Vietnam 90% 90% PwC 3,839 -21 0 0 0 3,818 Sunseap KTG Energy Investment Co., Ltd. Vietnam 59% 59% PwC 205 -11 0 14 14 208 Sun Times 1 Energy Co., Ltd. Vietnam 100% 90% PwC 181 10 0 -12 -12 180 Sun Times 3 Energy Co., Ltd. Vietnam 100% 90% PwC 535 84 0 -29 -29 591
Annual Report 2023 Individual Annual Accounts 185 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Sun Times 4 Energy Co., Ltd. Vietnam 100% 90% PwC 181 3 0 -15 -15 169 Sun Times 5 Energy Co., Ltd. Vietnam 100% 90% PwC 523 64 0 -40 -40 546 Sun Times 6 Energy Co., Ltd. Vietnam 100% 90% PwC 527 54 0 -48 -48 534 Sun Times 7 Energy Co., Ltd. Vietnam 100% 90% PwC 344 35 0 -39 -39 340 STP5 Energy Production Trading Co., Ltd. Vietnam 100% 90% PwC 486 86 0 -18 -18 554 STP6 Energy Trading Technical Co., Ltd. Vietnam 100% 90% PwC 545 78 0 -44 -44 579 STP7 Energy Development Co., Ltd. Vietnam 100% 90% PwC 168 6 0 -14 -14 161 STP8 Energy Investment Co., Ltd. Vietnam 100% 90% PwC 345 41 0 -21 -21 364 SSKT Beta Energy Co., Ltd. Vietnam 100% 59% PwC 205 71 0 12 12 288 DKT Energy Investment Co., Ltd. Vietnam 100% 100% PwC 3,876 -25 0 -9 -9 3,842 H2A Co., Ltd. Vietnam 100% 100% PwC 336 -24 0 -39 -39 273 H2HA Co., Ltd. Vietnam 100% 100% PwC 336 -48 0 -58 -58 230 H2HD Co., Ltd. Vietnam 100% 100% PwC 336 -59 0 -60 -60 216 H2HO Co., Ltd. Vietnam 100% 100% PwC 336 -39 0 -50 -50 246 H2HU Co., Ltd. Vietnam 100% 100% PwC 336 -12 0 -39 -39 285 H2K Co., Ltd. Vietnam 100% 100% PwC 336 -43 0 -37 -37 255 H2ML Co., Ltd. Vietnam 100% 100% PwC 336 -21 0 -23 -23 292 H2O Ben Luc Investment Co., Ltd. Vietnam 100% 100% PwC 254 -1 0 -38 -38 214 H2S Co., Ltd. Vietnam 100% 100% PwC 336 -28 0 -45 -45 262 H2T Co., Ltd. Vietnam 100% 100% PwC 336 -54 0 -55 -55 227 H2TR Solar Co., Ltd. Vietnam 100% 100% PwC 336 -11 0 -39 -39 286 H2VP Co., Ltd. Vietnam 100% 100% PwC 336 -39 0 -41 -41 256 Uper Renewable Energy Vietnam Co., Ltd. Vietnam 100% 100% PwC 86 29 0 40 40 155 Xuan Thien Ninh Thuan Co., Ltd. Vietnam 100% 100% PwC 33,200 5,438 0 3,582 3,582 42,220 Xuan Thien Thuan Bac Co., Ltd. Vietnam 100% 100% PwC 20,517 1,782 0 1,646 1,646 23,945 Long Dai Phat Investment Co., Ltd. Vietnam 100% 100% PwC 2,669 -8 0 -2 -2 2,658 Bien Dong Energy Investment Co., Ltd. Vietnam 100% 100% PwC 336 -98 0 -14 -14 224 Kim Cuong Energy Investment Co., Ltd. Vietnam 100% 100% PwC 336 -96 0 -26 -26 214 Phu An Energy Investment Co., Ltd. Vietnam 100% 100% PwC 336 -101 0 -29 -29 206 Hao Thanh Dat Investment Co., Ltd. Vietnam 100% 100% PwC 336 -100 0 -16 -16 220 Thiet Thanh Cong Investment Co., Ltd. Vietnam 100% 100% PwC 336 -98 0 -35 -35 203 Incom International Investment and Development Co., Ltd. Vietnam 100% 100% PwC 526 1 0 -49 -49 478 Quang Lam Printing Import Export Co., Ltd. Vietnam 100% 100% PwC 461 44 0 -38 -38 467 Millennium Energy Investment Co., Ltd. Vietnam 100% 100% PwC 2,611 0 0 24 24 2,635 RE Capital Co., Ltd. Japan 100% 100% n.a. 1,311 -1,687 0 -726 -726 -1,102
Annual Report 2023 Individual Annual Accounts 186 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Godo Kaisha NW-3 Japan 100% 100% 1 -4 -208 -1 -1 -213 Miyagi Motoyoshi Solar GK Japan 100% 100% 1 0 0 -4 -4 -3 PT Sunseap Commercial Industrial Indonesia Asset Indonesia 99% 99% n.a. 585 -51 0 -122 -122 413 PT Green Corridor Indonesia Indonesia 99% 99% n.a. 585 -355 0 -407 -407 -177 PT Right People Renewable Energy Indonesia 100% 100% KAP Agus Ubaidillah & Rekan 591 -599 0 -24 -24 -33 Sunseap China Energy (Shanghai) Ltd. China 100% 100% PwC 25,587 827 0 -2,864 -2,864 23,550 Ningbo Jiangbei Baoyi Enterprise Management Consulting Partnership LP China 100% 100% PwC 140 197 0 -166 -166 171 Putian Xingsheng New Energy Co., Ltd. China 100% 100% 7 0 0 -1 -1 6 Jingmen Xingsheng New Energy Co., Ltd. China 100% 100% 38 0 0 -3 -3 35 Jiaxing Luken Energy Technology Co., Ltd. China 100% 100% 251 0 0 -2 -2 250 Harbin Panshuo Energy Technology Co., Ltd. China 100% 100% 13 0 0 -3 -3 9 Jingmen Zhongbei New Energy Co., Ltd. China 100% 100% 2,516 0 0 49 49 2,564 Tianjin Pengling Funeng New Energy Technology Co., Ltd. China 100% 100% 387 0 0 0 0 386 Anhui Jinyang New Energy Co., Ltd. China 100% 100% 547 0 0 -6 -6 541 Tianjin Xingsheng Energy Development Co., Ltd. China 100% 100% n.a. 1,079 -2 0 -11 -11 1,067 Zhenjiang Ruichengda New Energy Co., Ltd. China 100% 100% n.a. 100 0 0 2 2 102 Dongguan Jiehuang New Energy Technology Co., Ltd. China 100% 100% n.a. 1,907 -2 0 254 254 2,159 Tianjin Xingrun Energy Development Co., Ltd. China 100% 100% n.a. 0 0 0 0 0 0 Wuxi Lingzhong New Energy Technology Co., Ltd. China 100% 100% n.a. 1,274 0 0 87 87 1,360 Suzhou Xingyi Energy Engineering Co., Ltd. China 100% 100% n.a. 295 -2 0 16 16 309 Suzhou Liansong New Energy Technology Co., Ltd. China 100% 100% n.a. 748 0 0 3 3 751 Chongqing Xingzhi New Energy Technology Co., Ltd. China 100% 100% n.a. 1,856 0 0 77 77 1,933 Chuzhou Huitai Photovoltaic Power Generation Co., Ltd. China 100% 100% 2,489 0 0 676 676 3,165
Annual Report 2023 Individual Annual Accounts 187 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Fengcheng Xingtai New Energy Technology Co., Ltd. China 100% 100% 6 0 0 -3 -3 3 Fangxian Tianhang New Energy Co., Ltd. China 100% 100% 1,899 0 0 -810 -810 1,089 Siping Lvsheng Energy Technology Co., Ltd. China 100% 100% 382 0 0 -5 -5 377 Jiangsu Xingsheng New Energy Technology Co., Ltd. China 100% 100% 167 0 0 -3 -3 164 Changchun Xingsheng Jinhu Photovoltaic New Energy Co., Ltd. China 100% 100% 0 0 0 0 0 0 Wuhu Xingsheng New Energy Co., Ltd. China 100% 100% 298 0 0 -3 -3 295 Lam Gia Luat Co., Ltd. Vietnam 100% 100% 541 -27 0 -50 -50 464 Dai Linh Phat Co., Ltd. Vietnam 100% 100% 541 39 0 -33 -33 547 HTD Vietnam Investment Development Co., Ltd. Vietnam 100% 100% 336 54 0 -33 -33 356 HTT Binh Duong Investment Development Co., Ltd. Vietnam 100% 100% 1,119 67 0 -31 -31 1,155 Central Solar Barra I, S.A. Brazil 100% 100% n.a. 2 0 0 -1 -1 1 Central Solar Barra II, S.A. Brazil 100% 100% n.a. 2 0 0 -1 -1 1 Central Solar Barra III, S.A. Brazil 100% 100% n.a. 2 0 0 -1 -1 1 Central Solar Barra IV, S.A. Brazil 100% 100% n.a. 2 0 0 -1 -1 1 Central Eólica Itaúna III, S.A. Brazil 100% 100% 0 0 0 -28 -28 -28 Central Eólica São Domingos IV, S.A. Brazil 100% 100% 0 0 0 -16 -16 -16 Central Eólica São Domingos V, S.A. Brazil 100% 100% 0 0 0 -8 -8 -8 Central Eólica Borborema I, S.A. Brazil 100% 100% PwC 923 -2 -1,686 -22 -22 -788 Central Eólica Borborema II, S.A. Brazil 100% 100% PwC 902 -2 -2,220 -12 -12 -1,333 Central Eólica Borborema III, S.A. Brazil 100% 100% PwC 94 -2 -822 -24 -24 -755 Central Eólica Borborema IV, S.A. Brazil 100% 100% PwC 94 -2 -1,110 -15 -15 -1,034 Central Eólica Itaúna I, S.A. Brazil 100% 100% n.a. 0 0 0 -21 -21 -21 Central Eólica Itaúna II, S.A. Brazil 100% 100% n.a. 0 0 0 -20 -20 -20 Central Eólica São Domingos I, S.A. Brazil 100% 100% n.a. 0 0 0 -24 -24 -24 Central Eólica São Domingos II, S.A. Brazil 100% 100% n.a. 0 0 0 -29 -29 -29 Central Eólica São Domingos III, S.A. Brazil 100% 100% n.a. 0 0 0 -17 -17 -17 Central Eólica Barra I, S.A. Brazil 100% 100% n.a. 2 0 0 -1 -1 1 Central Eólica Barra II, S.A. Brazil 100% 100% n.a. 2 0 0 -1 -1 1 Central Eólica Barra III, S.A. Brazil 100% 100% n.a. 2 0 0 -1 -1 1 Central Eólica Barra IV, S.A. Brazil 100% 100% n.a. 2 0 0 -1 -1 1 Central Eólica Barra V, S.A. Brazil 100% 100% n.a. 2 0 0 -1 -1 1 Central Eólica Barra VI, S.A. Brazil 100% 100% n.a. 2 0 0 -1 -1 1 Central Eólica Barra VII, S.A. Brazil 100% 100% n.a. 2 0 0 -1 -1 1
Annual Report 2023 Individual Annual Accounts 188 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Central Eólica Barra VIII, S.A. Brazil 100% 100% n.a. 2 0 0 -1 -1 1 Central Eólica Barra IX, S.A. Brazil 100% 100% n.a. 2 0 0 -1 -1 1 Central Eólica Barra X, S.A. Brazil 100% 100% n.a. 2 0 0 -1 -1 1 Central Eólica Barra XI, S.A. Brazil 100% 100% n.a. 2 0 0 -1 -1 1 EDPRNA DG Illinois Development LLC USA 100% 85% 248 -109 0 -183 -183 -44 EDPRNA DG Wisconsin Development LLC USA 100% 85% 94 -62 0 -32 -32 0 EDPRNA DG New York Development LLC USA 100% 85% 280 -144 0 -91 -91 46 EDPRNA DG Mississippi Development LLC USA 100% 85% 138 -75 0 -64 -64 -1 EDPRNA DG Missouri Development LLC USA 100% 85% 24 -17 0 -7 -7 0 EDPRNA DG Ohio Development LLC USA 100% 85% 2,806 -303 0 -651 -651 1,851 EDPRNA DG Texas Development LLC USA 100% 85% 117 -49 0 -69 -69 -1 EDPRNA DG Georgia Development LLC USA 100% 85% 263 -14 0 -182 -182 67 EDPRNA DG California Development LLC USA 100% 85% 140 0 0 -153 -153 -13 EDPRNA DG Indiana Development LLC USA 100% 85% 39 0 0 -39 -39 0 EDPRNA DG Pennsylvania Development LLC USA 100% 85% 90 -3 0 -105 -105 -18 EDPRNA DG Michigan Development LLC USA 100% 85% 28 0 0 -28 -28 -1 EDPRNA DG Maryland Development LLC USA 100% 85% 4 0 0 -4 -4 0 EDPRNA DG Virginia Development LLC USA 100% 85% 52 0 0 -52 -52 0 Generate USF Livermore LLC USA 100% 85% 2,904 0 0 -14 -14 2,891 Generate USF McClellan LLC USA 100% 85% 3,164 0 0 -14 -14 3,150 EDPRNA DG Manassas LLC USA 100% 85% 4,953 0 0 -1 -1 4,953 Generate USF Las Vegas LLC USA 100% 85% 57 0 0 -1 -1 56 Generate USF N Las Vegas LLC USA 100% 85% 376 0 0 -1 -1 375 EDPR NA DG Holding LLC USA 100% 100% 205,346 -52 0 -16 -16 205,278 Soteria Solar Services LLC USA 100% 85% 5,161 -420 0 -166 -166 4,575 EDPRNA DG O&M Services LLC USA 100% 85% -5 -7 0 24 24 13 C2 Alpha Holdings LLC USA 100% 85% 70 -69 0 -1 -1 0 EDPRNA DG MA Managing Member LLC USA 100% 85% 18,844 -1 0 -1 -1 18,842 Smart Sunscribe LLC USA 100% 85% 2 -1 0 -1 -1 0 2021 DG CA Agora Ventures I LLC USA 100% 85% 41 -7 0 -1 -1 33 C2 WM Phase 3 Sponsor LLC USA 100% 85% 4 -1 0 -1 -1 2 C2 WM Phase 3 Holdings LLC USA 100% 85% 2 -1 0 -1 -1 0
Annual Report 2023 Individual Annual Accounts 189 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL EDPRNA DG Lessee Holdings LLC USA 100% 85% 2 -1 0 -1 -1 0 C2 NY Brookhaven LLC USA 100% 85% 7,909 -577 0 -71 -71 7,261 EDPRNA DG CI Sponsor 2 LLC USA 100% 85% 4 -1 0 -1 -1 2 C2 CI Holdings 2 LLC USA 100% 85% 2 -1 0 -1 -1 0 EDPRNA DG WM 2020 Parent LLC USA 100% 85% 4 0 0 -1 -1 2 C2 WM 2020 Holdings LLC USA 100% 85% 2 -1 0 -1 -1 0 NY CSG 2 Sponsor LLC USA 100% 85% PwC 24,578 -7 0 -1 -1 24,571 NY CSG 2 Holdings LLC USA 100% 85% 24,571 5,227 0 -216 -216 29,581 East River Solar LLC USA 100% 85% 5,215 -128 0 -43 -43 5,045 Cortland-Virgil Road Solar LLC USA 100% 85% 6,059 -610 0 -82 -82 5,366 Lime Hollow Solar LLC USA 100% 85% 6,142 -595 0 -118 -118 5,429 McLean Solar 2 LLC USA 100% 85% 5,594 -432 0 -40 -40 5,121 Route 13 Solar LLC USA 100% 85% 6,354 -696 0 -135 -135 5,524 EDPRNA DG CT Fund 1 MM LLC USA 100% 85% PwC 17,395 -1,226 2,901 -425 -425 18,644 C2 CT Fund 1 Holding LLC USA 100% 85% PwC 30,207 12,957 0 275 275 43,439 C2 WM Arizona 1 LLC USA 100% 85% 885 -11 0 -12 -12 862 C2 WM Arizona 2 LLC USA 100% 85% 1,436 -37 0 -14 -14 1,384 C2 WM Arizona 3 LLC USA 100% 85% 2,101 -59 0 -33 -33 2,009 C2 WM Arizona 4 LLC USA 100% 85% 1,695 -42 0 -49 -49 1,604 C2 WM Arizona 5 LLC USA 100% 85% 1,416 -48 0 -21 -21 1,346 C2 WM Arizona 6 LLC USA 100% 85% 1,796 -50 0 -41 -41 1,705 C2 WM Arizona 7 LLC USA 100% 85% 2,504 -504 0 -18 -18 1,981 C2 WM Arizona 8 LLC USA 100% 85% 1,967 -59 0 -23 -23 1,885 C2 WM Arizona 9 LLC USA 100% 85% 1,856 -46 0 -29 -29 1,781 C2 WM Arizona 10 LLC USA 100% 85% 684 -11 0 -14 -14 659 C2 WM Laurens Leasing LLC USA 100% 85% 2,142 -119 0 -20 -20 2,003 C2 WM New Jersey 1 LLC USA 100% 85% 4,502 353 0 18 18 4,873 C2 RI Hopkinton LLC USA 100% 85% 2,734 -55 0 -72 -72 2,607 Blissville Road LLC USA 100% 85% 1,942 -28 0 -18 -18 1,896 Route 149 LLC USA 100% 85% 2,236 -51 0 -28 -28 2,158 Shields Drive LLC USA 100% 85% 2,173 -52 0 -37 -37 2,084 Upper Road LLC USA 100% 85% 2,050 27 0 -23 -23 2,055 C2 Woodbury Solar LLC USA 100% 85% 8,934 -15 0 -6 -6 8,912 MN CSG 2 LLC USA 100% 85% 8,912 -305 0 -191 -191 8,416 EDPRNA DG WM DSA Sponsor LLC USA 100% 85% PwC -2,888 -551 1,208 -371 -371 -2,602 C2 Centrica MT LLC USA 100% 85% PwC 3,073 11,552 0 -83 -83 14,541 C2 WM DSA Holdings LLC USA 100% 85% -405 134 0 -113 -113 -383 C2 WM Arizona 1549 LLC USA 100% 85% 983 99 0 54 54 1,136 C2 WM Arizona 2112 LLC USA 100% 85% 712 57 0 27 27 795 C2 WM Arizona 3360 LLC USA 100% 85% 743 48 0 22 22 814 C2 WM Arizona 3465 LLC USA 100% 85% 689 112 0 48 48 849
Annual Report 2023 Individual Annual Accounts 190 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL C2 WM Arizona 3799 LLC USA 100% 85% 1,091 74 0 34 34 1,199 C2 WM Arizona 3833 LLC USA 100% 85% 1,094 67 0 39 39 1,200 C2 WM Arizona 3861 LLC USA 100% 85% 1,083 60 0 35 35 1,178 C2 WM Arizona 4451 LLC USA 100% 85% 868 73 0 46 46 987 C2 WM California 1789 LLC USA 100% 85% 554 70 0 34 34 658 C2 WM California 1988 LLC USA 100% 85% 391 42 0 17 17 449 C2 WM California 4202 LLC USA 100% 85% 292 8 0 -2 -2 298 C2 WM California 4317 LLC USA 100% 85% 1,019 -3 0 -9 -9 1,007 C2 WM California 5890 LLC USA 100% 85% 580 15 0 -4 -4 591 C2 WM Illinois 253 LLC USA 100% 85% 693 262 0 133 133 1,088 C2 WM Illinois 612 LLC USA 100% 85% 482 66 0 81 81 629 C2 WM Illinois 891 LLC USA 100% 85% 522 269 0 134 134 925 C2 WM Illinois 1404 LLC USA 100% 85% 616 224 0 110 110 951 C2 WM Illinois 1489 LLC USA 100% 85% 510 148 0 64 64 722 C2 WM Illinois 1548 LLC USA 100% 85% 498 12 0 55 55 566 C2 WM Illinois 1553 LLC USA 100% 85% 455 190 0 92 92 737 C2 WM Illinois 1761 LLC USA 100% 85% 583 115 0 68 68 766 C2 WM Illinois 1848 LLC USA 100% 85% 363 230 0 112 112 705 C2 WM Illinois 1933 LLC USA 100% 85% 450 207 0 100 100 758 C2 WM Illinois 2215 LLC USA 100% 85% 498 218 0 115 115 831 C2 WM Illinois 2491 LLC USA 100% 85% 674 276 0 148 148 1,098 C2 WM Illinois 5442 LLC USA 100% 85% 416 131 0 61 61 608 C2 WM Louisiana 87 LLC USA 100% 85% 466 14 0 13 13 492 C2 WM Louisiana 309 LLC USA 100% 85% 0 0 0 0 0 0 C2 WM Louisiana 539 LLC USA 100% 85% 663 -4 0 -5 -5 655 EDPRNA DG Energy Holdings Inc. USA 100% 85% 65 -44 0 -21 -21 0 C2 Energy Development LLC USA 100% 85% 173,282 -1,627 0 -509 -509 171,146 C2 MN Hopkins LLC USA 100% 85% 2,788 -113 0 -56 -56 2,619 C2 NC Kitty Hawk LLC USA 100% 85% 0 0 0 0 0 0 C2 NJ Andover I LLC USA 100% 85% -215 1,259 0 -126 -126 917 C2 NY Sentinel Heights Solar LLC USA 100% 85% 8,574 -20 0 -98 -98 8,456 C2 OH New Lebanon LLC USA 100% 85% 0 0 0 0 0 0 C2 OH Otsego II LLC USA 100% 85% -49 1,326 0 -138 -138 1,139 C2 SH 2019 LLC USA 100% 85% 2,169 -1 0 -1 -1 2,167 EDPR NA DG MN YMCA LLC USA 100% 85% 1,672 -12 0 -21 -21 1,639 CA Marinwood Solar LLC USA 100% 85% 629 -5 0 -3 -3 622 CA Olde Thompson Solar LLC USA 100% 85% -326 -27 0 9 9 -343 MidCoast C2 Solar LLC USA 100% 85% 0 0 0 0 0 0
Annual Report 2023 Individual Annual Accounts 191 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL NY Hemlock Hills Solar LLC USA 100% 85% 2,892 -1 0 -78 -78 2,812 NY Mines Press Solar LLC USA 100% 85% 3,205 -98 0 -103 -103 3,005 NY Morgan Solar LLC USA 100% 85% 15,057 16 0 -1 -1 15,072 NY OG 1 Solar LLC USA 100% 85% 2 -1 0 -1 -1 0 Omega CSG 1 LLC USA 100% 85% -1,964 1,822 0 153 153 11 Penn Yan Solar I LLC USA 100% 85% 7,041 -61 0 213 213 7,193 RI Abrava Solar LLC USA 100% 85% 6,865 -175 0 83 83 6,773 Strawberry Solar Farm LLC USA 100% 85% 3,299 -45 0 90 90 3,344 VT Stone Valley LLC USA 100% 85% 2 -1 0 -1 -1 0 C2 WM Holdings LLC USA 100% 85% 69 -1 0 -3 -3 65 C2 WM Arizona Holdings LLC USA 100% 85% 3 -2 0 -1 -1 0 C2 WM California Holdings LLC USA 100% 85% 6 -1 0 -5 -5 0 C2 WM Illinois Holdings LLC USA 100% 85% 36 -34 0 -1 -1 0 C2 WM Louisiana Holdings LLC USA 100% 85% 0 0 0 0 0 0 C2 WM Maryland Holdings LLC USA 100% 85% 3 -1 0 -1 -1 0 C2 WM New Jersey Holdings LLC USA 100% 85% 18 -1 0 -17 -17 0 C2 WM Regent Dev Holdings 2020 LLC USA 100% 85% 2 -1 0 -1 -1 0 C2 WM Arizona 1512 LLC USA 100% 85% 1,044 -2 0 -3 -3 1,039 C2 WM Arizona 5768 LLC USA 100% 85% 0 0 0 0 0 0 C2 WM Maryland 1715 LLC USA 100% 85% 766 -42 0 49 49 772 C2 WM Maryland 2436 LLC USA 100% 85% 1,018 -39 0 45 45 1,025 C2 WM New Jersey 1807 LLC USA 100% 85% 766 -1 0 -3 -3 762 C2 WM New Jersey 1844 LLC USA 100% 85% 159 -1 0 -159 -159 -1 C2 WM New Jersey 1869 LLC USA 100% 85% 155 -1 0 -155 -155 -1 C2 WM New Jersey 1977 LLC USA 100% 85% 0 0 0 0 0 0 C2 WM New Jersey 2195 LLC USA 100% 85% 781 -10 0 182 182 953 C2 WM New Jersey 3795 LLC USA 100% 85% 1,064 25 0 96 96 1,184 EDPRNA DG Rho LLC USA 100% 85% PwC 35,085 5,704 0 4,108 4,108 44,897 EDPRNA DG- REA Solar LLC USA 100% 85% 8,946 -5 0 -1 -1 8,940 EDPRNA DG CA 2016 Holdings LLC USA 100% 85% 1,424 -4 0 -27 -27 1,393 REA-EDPRNA DG 2016 Lessee LLC USA 100% 85% 7,350 -456 0 -579 -579 6,315 Camden PV Solar LLC USA 100% 85% 6,331 -429 0 -57 -57 5,845 C2 MA Managing Member II LLC USA 100% 85% 2,676 0 0 -1 -1 2,675 C2 MA FKW Holdings LLC USA 100% 85% 2,675 -317 0 -100 -100 2,258 RevEnergy C2 Franklin LLC USA 100% 85% 1,508 140 0 -31 -31 1,618 C2 MA Kelly Way Solar LLC USA 100% 85% 1,046 94 0 -101 -101 1,039
Annual Report 2023 Individual Annual Accounts 192 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL EDPRNA DG MA Lakeville Sponsor LLC USA 100% 85% 7,618 -5 0 -1 -1 7,613 C2 MA Lakeville Holdings LLC USA 100% 85% 7,613 149 0 -100 -100 7,661 C2 MA Lakeville LLC USA 100% 85% 7,438 467 0 -562 -562 7,342 EDPRNA DG MA Depcom Sponsor LLC USA 100% 85% 3,333 -1 0 -1 -1 3,331 C2 MA DEPCOM 2017 LLC USA 100% 85% PwC 3,331 487 0 134 134 3,951 C2 MA Adams II LLC USA 100% 85% 1,199 321 0 -216 -216 1,304 C2 MA New Salem LLC USA 100% 85% 1,006 237 0 -68 -68 1,174 C2 MA Dudley II LLC USA 100% 85% 1,070 -152 0 -1 -1 917 Norton Solar I LLC USA 100% 85% 1,238 394 0 19 19 1,651 Norton Solar II LLC USA 100% 85% 1,334 279 0 14 14 1,628 EDPRNA DG Starratt Sponsor LLC USA 100% 85% 17,878 -1 0 -1 -1 17,876 C2 CB 2017 Holdings LLC USA 100% 85% 17,876 -9 0 -250 -250 17,618 EDPRNA DG Scripps 1 LLC USA 100% 85% 1,404 -199 0 -80 -80 1,125 C2 Scripps 3 LLC USA 100% 85% 909 -95 0 -62 -62 752 C2 Scripps 4 LLC USA 100% 85% 1,303 -98 0 -57 -57 1,149 C2 Starratt Solar LLC USA 100% 85% 12,390 -588 0 -257 -257 11,545 C2 WM Greenwood Leasing LLC USA 100% 85% 489 -28 0 40 40 501 C2 WM Powdersville Leasing LLC USA 100% 85% 661 -70 0 16 16 607 C2 WM Simpsonville Leasing LLC USA 100% 85% 846 -78 0 65 65 834 EDPRNA DG MA Owner LLC USA 100% 85% 18,842 -2 0 -1 -1 18,839 EDPRNA DG MA Adams I Holdings LLC USA 100% 85% 10,551 -746 0 -819 -819 8,986 EDPRNA DG MA Adams I LLC USA 100% 85% 8,925 -33 0 -13 -13 8,880 EDPRNA DG MA Swansea Holdings LLC USA 100% 85% 6,081 -842 0 -714 -714 4,525 EDPRNA DG MA Swansea LLC USA 100% 85% 5,115 877 0 212 212 6,204 EDPRNA DG MA 2016 Holdings LLC USA 100% 85% 1,790 -156 0 -39 -39 1,595 RS Holyoke 3 LLC USA 100% 85% 1,599 19 0 -99 -99 1,519 EDPRNA DG Franklin LLC USA 100% 85% 3,200 -6 0 -1 -1 3,193 EDPRNA DG Gamma Holdings LLC USA 100% 85% 3,193 -130 0 -6 -6 3,056 EDPRNA DG Morin LLC USA 100% 85% 1,648 -146 0 -159 -159 1,344 SLX Project 1080 LLC USA 100% 85% 1,408 129 0 -73 -73 1,464 EDPRNA DG WM Leasing LLC USA 100% 85% 2,267 -2 0 -1 -1 2,264 EDPRNA DG WM Phase 1 Holdings LLC USA 100% 85% 2,215 -64 0 -104 -104 2,047 EDPRNA DG WM Chester Leasing LLC USA 100% 85% 350 -45 0 10 10 315 EDPRNA DG WM Indian Land Leasing LLC USA 100% 85% 690 -84 0 26 26 632 EDPRNA DG WM Lake Wylie Leasing LLC USA 100% 85% 699 -85 0 26 26 640 EDPRNA DG WM Pickens Leasing LLC USA 100% 85% 297 -19 0 16 16 294
Annual Report 2023 Individual Annual Accounts 193 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL C2 Bristol I LLC USA 100% 85% 7,442 -20 0 -83 -83 7,339 2021 DG Apollo Sol II LLC USA 100% 85% 7 0 0 -1 -1 6 2021 DG Apollo Ventures II LLC USA 100% 85% 1 0 0 -1 -1 0 RI Sposato Solar LLC USA 100% 85% 255 -11 0 44 44 288 C2 Bristol II LLC USA 100% 85% 1,666 -22 0 -29 -29 1,614 C2 Omega Holding Company LLC USA 100% 85% 18 -15 0 -3 -3 0 Camden PV PSEG Solar LLC USA 100% 85% 106 -62 0 -45 -45 0 EDPR NA DG MN SLP LLC USA 100% 85% 2 -1 0 -1 -1 0 ME Dover Foxcroft Solar LLC USA 100% 85% 1,258 -2 0 -19 -19 1,237 ME Ellsworth Solar LLC USA 100% 85% 846 -2 0 -1 -1 843 ME Rocky Hill Solar LLC USA 100% 85% 474 -1 0 -1 -1 471 ME Sandy Hill Solar LLC USA 100% 85% 221 -1 0 -2 -2 218 NH Hinsdale Solar LLC USA 100% 85% 0 0 0 0 0 0 CA Gettysburg Solar Farm LLC USA 100% 85% 8,834 -21 0 -39 -39 8,774 CA Syracuse Solar LLC USA 100% 85% 0 0 0 0 0 0 CA Tours Solar LLC USA 100% 85% 0 0 0 0 0 0 2021 DG CA Apollo Sol II LLC USA 100% 85% 1 0 0 -1 -1 0 2021 DG CA Apollo Ventures II LLC USA 100% 85% 1 0 0 -1 -1 0 NC Loy Farm Solar LLC USA 100% 85% 0 0 0 0 0 0 NV Solar Sparks LLC USA 100% 85% 0 0 0 0 0 0 RSBF Jeffco II LLC USA 100% 85% 1,927 -13 0 -55 -55 1,860 2021 DG Agora Ventures I LLC USA 100% 85% 14,786 262 0 1,332 1,332 16,380 2021 DG Agora Holdings LLC USA 100% 85% 14,791 0 0 -4 -4 14,786 DC Michigan Solar LLC USA 100% 85% 0 0 0 0 0 0 EDPR NA Distributed Generation LLC USA 85% 85% PwC 195,026 34,360 0 -15,581 -15,581 213,805 ME New Vineyard Solar LLC USA 100% 85% 260 -6 0 -265 -265 -10 Creed Road Solar 1 LLC USA 100% 85% 0 0 0 0 0 0 German Community Solar LLC USA 100% 85% 9,080 -50 0 -24 -24 9,006 Gilpatrick Solar LLC USA 100% 85% 843 0 0 -1 -1 842 North Coast Highway Solar 1 LLC USA 100% 85% 347 0 0 -35 -35 312 North Coast Highway Solar 2 LLC USA 100% 85% 274 0 0 -34 -34 240 Piscataquis Valley Solar LLC USA 100% 85% 1,240 0 0 -9 -9 1,230 Potsdam Community Solar LLC USA 100% 85% 6,070 -1 0 184 184 6,253 Mastamho Holdings LLC USA 100% 85% 44 -2 0 -1 -1 41 RI- Moo Cow USA 100% 85% 4,094 1 0 -2 -2 4,093 EDPRNA DG WM Illinois 1998 LLC USA 100% 85% 0 0 0 0 0 0 SC Southern Wesleyan Solar LLC USA 100% 85% 0 0 0 0 0 0 SC Beaufort Jasper Solar LLC USA 100% 85% 178 -11 0 -163 -163 4
Annual Report 2023 Individual Annual Accounts 194 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL EDPRNA DG WM Illinois 3459 LLC USA 100% 85% 0 0 0 0 0 0 MT Plentywood Solar I LLC USA 100% 85% 0 0 0 0 0 0 MT Plentywood Solar II LLC USA 100% 85% 0 0 0 0 0 0 ND Crystal Solar I LLC USA 100% 85% 0 0 0 0 0 0 Morgan Road Solar West LLC USA 100% 85% 6,655 -7 0 -1 -1 6,646 Morgan Road Solar East LLC USA 100% 85% 8,417 -7 0 -1 -1 8,409 Mohave Power LLC USA 100% 85% 14,567 -484 0 -1,749 -1,749 12,335 RI Quarry Solar LLC USA 100% 85% 296 -2 0 -1 -1 293 EDPRNA Bar Harbor Holdings LLC USA 100% 85% 7,166 0 0 -5 -5 7,161 Bar Harbor Community Solar LLC USA 100% 85% 7,165 -4 0 -3 -3 7,157 Mohave Power Holdings LLC USA 100% 85% 14,568 0 0 -1 -1 14,567 EDPRNA DG PR Radar LLC USA 100% 85% 224 0 0 -123 -123 101 EDPRNA DG Distributed Sun Holding LLC USA 100% 85% 11,187 0 0 -26 -26 11,161 EDPRNA DG York County Sun LLC USA 100% 85% 0 0 0 0 0 0 Generate USF Loveland LLC USA 100% 85% 36 -36 0 35 35 35 Generate USF Fairburn LLC USA 100% 85% 36 0 0 -1 -1 36 Generate USF Phoenix LLC USA 100% 85% 63 0 0 -1 -1 62 Citizens Dickenson Solar LLC USA 100% 85% 2,775 0 0 -2 -2 2,773 Citizens Westmoreland Solar LLC USA 100% 85% 9,195 0 0 -5 -5 9,190 NDIW California RE LLC USA 100% 100% 0 0 0 0 0 0 Tillman Storage LLC USA 100% 100% 0 0 0 0 0 0 Black Prairie Storage LLC USA 100% 100% 0 0 0 0 0 0 Black Prairie Storage II LLC USA 100% 100% 0 0 0 0 0 0 Pueblo Norte Solar Park LLC USA 100% 100% 0 0 0 0 0 0 EDPR Solar Ventures VI LLC USA 100% 100% 236 0 0 15 15 251 2022 SOL VI LLC USA 100% 100% 233,353 -1 0 1 1 233,353 EDPR Solar Ventures VII LLC USA 100% 100% 28,364 -9 0 1,176 1,176 29,531 2022 SOL VII LLC USA 100% 100% 85,165 -2 0 16 16 85,179 EDPR RS LLC USA 100% 100% 0 0 0 0 0 0 Pearl River Solar Park LLC USA 100% 100% 68,563 -913 9,323 1,447 1,447 78,422 Sugar Plum Solar Park LLC USA 100% 100% 0 0 0 0 0 0 EDPR NA Greenfield Solar Park LLC USA 100% 100% n.a. 0 0 0 0 0 0 Sailor Springs Solar Park LLC USA 100% 100% n.a. 0 0 0 -394 -394 -394 10 Point Solar Park LLC USA 100% 100% 1 0 0 -1 -1 0 Black Prairie Solar Park II LLC USA 100% 100% 0 0 0 0 0 0 Rock Dane Solar Park LLC USA 100% 100% 0 0 0 0 0 0 Sawmill Junction Solar Park LLC USA 100% 100% 3,244 0 0 0 0 3,244 Cattlemen Solar Park II LLC USA 100% 100% 37,741 0 -2,275 -11 -11 35,455
Annual Report 2023 Individual Annual Accounts 195 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Crooked Lake Solar LLC USA 100% 100% 214,112 -941 8,544 1,480 1,480 223,194 Clover Creek Solar Project LLC USA 100% 100% 30,075 -24 0 -20 -20 30,032 Wolf Run Solar LLC USA 100% 100% 88 0 27,161 -1,064 -1,064 26,185 EDPR Scarlet II LLC USA 100% 100% 52,250 -3,203 -83,996 -12,611 -12,611 -47,561 Clover Creek Solar Project II LLC USA 100% 100% 0 0 0 0 0 0 Hickory Solar LLC USA 100% 100% 22,749 -2 14,501 -739 -739 36,509 EDPR Scarlet I LLC USA 100% 100% 1 0 0 -50 -50 -49 EDPR Scarlet III LLC USA 100% 100% 0 0 0 0 0 0 Crooked Lake Solar II LLC USA 100% 100% 0 0 0 0 0 0 Cypress Knee Solar Park LLC USA 100% 100% 1 0 0 -4 -4 -3 Eagle Creek Solar Park LLC USA 100% 100% 3,050 0 0 -1 -1 3,048 Rose Run Solar Park LLC USA 100% 100% 0 0 0 0 0 0 Salt Lick Solar Park LLC USA 100% 100% 1 0 0 -1 -1 0 Lotus Blocker LLC USA 100% 100% 0 0 0 0 0 0 EDPR Aurora Holdings LLC USA 100% 100% 2 -2 0 0 0 0 Lotus DevCo II LLC USA 100% 100% 3 -2 0 0 0 0 Big River Solar Park LLC USA 100% 100% 0 0 0 0 0 0 Shy Place Solar Park LLC USA 100% 100% 0 0 0 0 0 0 Ragsdale Solar LLC USA 100% 100% 28,346 -490 3,722 880 880 32,458 EDPR Wind Ventures XXIII LLC USA 100% 100% 112,989 6,854 0 10,480 10,480 130,323 2021 Vento XXIII LLC USA 100% 100% 242,624 -106 0 -39 -39 242,479 EDPR Vento II Holding LLC USA 100% 100% 0 0 0 0 0 0 EDPR Vento III Holding LLC USA 100% 100% 0 0 0 0 0 0 Carpenter Wind Farm LLC USA 100% 100% 0 0 0 0 0 0 Eighty South Solar Park LLC USA 100% 100% 0 0 0 0 0 0 Hobolochitto Solar Park LLC USA 100% 100% 0 0 0 0 0 0 Poplarville Solar Park LLC USA 100% 100% 0 0 0 0 0 0 Stone North Solar Park LLC USA 100% 100% 0 0 0 0 0 0 Twenty North Solar Park LLC USA 100% 100% 0 0 0 0 0 0 EDPR Wind Ventures XXIV LLC USA 100% 100% 77,618 0 0 0 0 77,618 2023 Vento XXIV LLC USA 100% 100% 80,811 0 0 0 0 80,811 Duff Storage LLC USA 100% 100% 0 0 0 0 0 0 Cheboygan Solar Farm LLC USA 100% 100% 0 0 0 0 0 0 Three Lakes Solar LLC USA 100% 100% 0 0 0 0 0 0 Longroad DG Portfolio I LLC USA 100% 85% 682 0 0 36 36 718 MMA Renewable Ventures Solar Fund III LLC USA 100% 85% 5,885 2 0 -18 -18 5,870 Renewable Ventures Solar Fund V GP LLC USA 100% 85% 16,493 0 0 -1 -1 16,493 Longroad Fund III Holdings LLC USA 100% 85% 17,816 0 0 20 20 17,836 EDPRNA DG XII Holdings LLC USA 100% 85% 24,381 0 0 -1 -1 24,381 EDPRNA DG Solar WF Portfolio LLC USA 100% 85% -9,869 0 0 -1 -1 -9,869
Annual Report 2023 Individual Annual Accounts 196 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL EDPRNA DG Solar Portfolio IV LLC USA 100% 85% -915 0 0 -18 -18 -933 SunE Solar VI LLC USA 100% 85% 1,840 0 0 -11 -11 1,829 SunE Solar V LLC USA 100% 85% 3,006 0 0 -398 -398 2,609 Renewable Ventures Solar Fund V LLC USA 100% 85% 16,305 0 0 -12 -12 16,293 SunE Solar XIV LLC USA 100% 85% 2,416 0 0 -23 -23 2,392 MMA Solar Fund III GP Sub USA 100% 85% 0 0 0 0 0 0 Renewable Ventures V Equity Holdings LLC USA 100% 85% 16,245 -29 0 -102 -102 16,114 Renewable Ventures V GP Holdings LLC USA 100% 85% 0 0 0 0 0 0 Longroad Solar Fund III LLC USA 100% 85% 17,529 0 0 46 46 17,575 SunE Solar XII LLC USA 100% 85% 24,081 0 0 -16 -16 24,065 SunE Solar III LLC USA 100% 85% -10,132 -2 0 -17 -17 -10,151 SunE Solar IV LLC USA 100% 85% -955 -3 0 31 31 -927 Longroad SD LLC USA 100% 85% 296 0 0 173 173 469 Longroad ASD1 LLC USA 100% 85% 60 0 0 6 6 65 Longroad CPA CDC1 LLC USA 100% 85% 911 0 0 145 145 1,057 Longroad CPA CSU3 LLC USA 100% 85% 92 0 0 42 42 135 Longroad CPA CSU4 LLC USA 100% 85% 506 0 0 26 26 532 Longroad SIT1 Hoboken LLC USA 100% 85% 89 0 0 16 16 106 Longroad ST6 Stockton LLC USA 100% 85% 491 0 0 -12 -12 479 Longroad WF7 Cheshire LLC USA 100% 85% 116 0 0 -2 -2 114 Longroad WGNJ1 LLC USA 100% 85% 186 0 0 18 18 204 Longroad WGNJ2 LLC USA 100% 85% 39 0 0 6 6 45 MMA Rita Power LLC USA 100% 85% -26 20 0 226 226 219 MMA DAS Power LP USA 100% 85% 540 18 0 495 495 1,054 MMA LHIW Power LP USA 100% 85% 156 7 0 -15 -15 148 MMA CCC Power LP USA 100% 85% 89 4 0 19 19 112 MMA Belmar Power LP USA 100% 85% 199 23 0 297 297 519 MMA WBF Power LP USA 100% 85% 1,088 25 0 -102 -102 1,010 MMA SROSA Power LP USA 100% 85% -105 10 0 362 362 268 MMA Mission Bay Power LP USA 100% 85% 44 16 0 46 46 107 MMA MDS Power I LP USA 100% 85% 470 5 0 -81 -81 394 MMA MDS Power II LP USA 100% 85% 1,539 14 0 -316 -316 1,237 MMA MDS Power IV LP USA 100% 85% 259 26 0 22 22 307 MMA GDC Power LP USA 100% 85% 408 31 0 184 184 623 MMA BWS Power LP USA 100% 85% 80 24 0 121 121 225 MMA Happy Valley Power LP USA 100% 85% 47 17 0 73 73 138 MMA RMS Power LP USA 100% 85% 485 23 0 -259 -259 248 MMA Fresno Power LP USA 100% 85% 361 33 0 38 38 432 RV CSU Power LLC USA 100% 85% 3,805 361 0 372 372 4,539 FRV CSU Power II LLC USA 100% 85% 8,030 266 0 172 172 8,468 FRV SI Transport Solar LP USA 100% 85% 4,279 -3 0 88 88 4,364
Annual Report 2023 Individual Annual Accounts 197 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL SunE WF3- WG Holdings LLC USA 100% 85% 2,604 0 0 473 473 3,077 SunE WF3 KHL A Holdings LLC USA 100% 85% 3,701 0 0 609 609 4,309 SunE WF3 KHL B Holdings LLC USA 100% 85% 2,893 0 0 899 899 3,792 SunE WF3-ST Holdings LLC USA 100% 85% 2,743 0 0 584 584 3,327 SunE WF3- Broomfield Holdings LLC USA 100% 85% 101 0 0 55 55 156 SunE WF3- BART Holdings LLC USA 100% 85% 175 0 0 40 40 214 SunE Bristow MS LLC USA 100% 85% 53 0 0 8 8 61 SunE CPA CDC2 LLC USA 100% 85% 724 0 0 122 122 846 SunE SR1 NREL LLC USA 100% 85% 352 0 0 189 189 541 SunE SR1 Arvada5 LLC USA 100% 85% 423 0 0 50 50 473 SunE Lakeland Center LLC USA 100% 85% 158 0 0 30 30 188 SunE NC Progress1 LLC USA 100% 85% 665 0 0 236 236 901 SunE Fairfield SSD LLC USA 100% 85% 755 0 0 91 91 846 SunE PD Sycamore LLC USA 100% 85% 133 0 0 21 21 154 SunE PD Willow LLC USA 100% 85% 66 0 0 26 26 92 SunE PD Oak LLC USA 100% 85% 214 0 0 75 75 289 SunE Multnomah JBY LLC USA 100% 85% 154 0 0 8 8 162 SunE Multnomah JJC LLC USA 100% 85% 181 0 0 9 9 190 SunE MCPS Clarksburg LLC USA 100% 85% 164 0 0 33 33 197 SunE MCPS Gardens LLC USA 100% 85% 49 0 0 5 5 55 SunE MCPS Montgomery LLC USA 100% 85% 65 0 0 15 15 80 SunE MCPS Lakelands LLC USA 100% 85% 64 0 0 13 13 78 SunE MCPS Parkland LLC USA 100% 85% 86 0 0 22 22 108 SunE MCPS Quince Orchard LLC USA 100% 85% 137 0 0 38 38 175 SunE MCPS FSK LLC USA 100% 85% 54 0 0 13 13 67 SunE MCPS Shriver LLC USA 100% 85% 57 0 0 10 10 67 SunE NLB-2 LLC USA 100% 85% 613 0 0 115 115 729 SunE PNMC Roof LLC USA 100% 85% -5 0 0 6 6 0 SunE W12DG- A LLC USA 100% 85% 7,607 104 0 -76 -76 7,636 SunE W12DG- B LLC USA 100% 85% 5,287 79 0 403 403 5,769 SunE W12DG- C LLC USA 100% 85% 8,102 235 0 488 488 8,825 SunE WMT PR2 LLC USA 100% 85% 1,333 -4 0 -2 -2 1,328 SunE H3 Holdings LLC USA 100% 85% 1,121 431 0 1,419 1,419 2,971 SunE CPA CSU5 LLC USA 100% 85% 15 18 0 46 46 79 SunE CPA CTS1 LLC USA 100% 85% 123 0 0 64 64 186 SunE SR1 Rifle PS LLC USA 100% 85% -37 99 0 220 220 282 SunE H4 Holdings LLC USA 100% 85% 1,965 -123 0 -26 -26 1,816 SunE U6 Holdings LLC USA 100% 85% 1,702 -17 0 173 173 1,857 SunE M5 Holdings LLC USA 100% 85% -3,384 0 0 -184 -184 -3,568 SunE M5B Holdings LLC USA 100% 85% 3,519 0 0 -6 -6 3,513 SunE M5C Holdings LLC USA 100% 85% -847 0 0 15 15 -832
Annual Report 2023 Individual Annual Accounts 198 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL SunE D14 ATC-A Holdings LLC USA 100% 85% 1,058 0 0 172 172 1,230 SunE D14 DGS-A Holdings LLC USA 100% 85% 5,274 0 0 389 389 5,664 SunE D14 KHL- A Holdings LLC USA 100% 85% 2,094 0 0 232 232 2,326 SunE D14 MISC-A Holdings LLC USA 100% 85% 8,432 0 0 27 27 8,459 SunE D14 MISC-B Holdings LLC USA 100% 85% 2,259 0 0 66 66 2,325 SunE D14 SPLS-A Holdings LLC USA 100% 85% 2,159 0 0 221 221 2,381 SunE D14 WMT-A Holdings LLC USA 100% 85% 571 0 0 124 124 694 SunE W12DG- D LLC USA 100% 85% 2,015 83 0 187 187 2,286 Bear Peak Beccaria LLC USA 100% 85% 142 0 0 -148 -148 -5 Bear Peak Brady LLC USA 100% 85% 0 0 0 -5 -5 -5 Bear Peak East Carroll LLC USA 100% 85% 196 0 0 -1 -1 195 Bear Peak Glen Hope LLC USA 100% 85% 212 0 0 -3 -3 208 Bear Peak Jennerstown LLC USA 100% 85% 132 0 0 -1 -1 131 Bear Peak Juniata LLC USA 100% 85% 0 0 0 0 0 0 Bear Peak Paint II LLC USA 100% 85% 130 0 0 -1 -1 129 Bear Peak Richmond LLC USA 100% 85% 147 0 0 -1 -1 146 HB Steel Community Solar LLC USA 100% 85% 2,699 0 0 -11 -11 2,688 EDPRNA DG Ridgefield BOE LLC USA 100% 85% 138 36 0 -47 -47 128 EDPRNA DG PR Aguadilla LLC USA 100% 85% 57 0 0 -3 -3 54 Longroad Solar Portfolio III LLC USA 100% 85% 2,430 0 0 0 0 2,430 EDPRNA DG Kentucky Development LLC USA 100% 85% 141 0 0 -146 -146 -5 EDPRNA DG Bristol Solar LLC USA 100% 85% 115 0 0 0 0 115 EDPRNA DG Livermore Solar LLC USA 100% 85% 425 0 0 0 0 425 CF OH Solar St RT 118, Ansonia LLC USA 100% 85% 104 0 0 0 0 104 CF OH Solar St RT 118, Rossburg LLC USA 100% 85% 233 0 0 0 0 233 CF OH Solar SR 309, Kenton LLC USA 100% 85% 162 0 0 0 0 162 CF OH Solar County Hwy 58, Upper Sandusky LLC USA 100% 85% 514 0 0 0 0 514 CF OH Solar Lincoln Hwy, Bucyrus1 LLC USA 100% 85% 298 0 0 0 0 298 CF OH Solar Rd N, Pandora LLC USA 100% 85% 244 0 0 0 0 244 EDPRNA DG LS Rancho Cucamonga LLC USA 100% 85% 0 0 0 0 0 0 EDPRNA DG RT Addison LLC USA 100% 85% 0 0 0 0 0 0 EDPRNA DG RT Bedford Park LLC USA 100% 85% 0 0 0 0 0 0 EDPRNA DG RT Chicago LLC USA 100% 85% 0 0 0 0 0 0 OH FP Commerce Center LLC USA 100% 85% 0 0 0 0 0 0
Annual Report 2023 Individual Annual Accounts 199 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL CF OH Solar SR 81 Ada LLC USA 100% 85% 515 0 0 0 0 515 EDPRNA DG CA Mbusa LLC USA 100% 85% 0 0 0 0 0 0 EDPRNA DG CA CLNS Fairfield LLC USA 100% 85% 23 0 0 -23 -23 0 EDPRNA DG Manning Solar LLC USA 100% 85% 298 0 0 0 0 298 EDPRNA DG Eaton Solar LLC USA 100% 85% 232 0 0 0 0 232 EDPRNA DG Washington Solar LLC USA 100% 85% 42 0 0 -28 -28 13 EDPRNA DG Morton Solar LLC USA 100% 85% 79 0 0 -44 -44 34 EDPRNA DG OH Massie Solar LLC USA 100% 85% 168 0 0 -46 -46 123 EDPRNA DG OH Continental Solar LLC USA 100% 85% 138 0 0 -62 -62 76 CF OH Solar N Dixie Hwy Lima LLC USA 100% 85% 271 0 0 0 0 271 2023 Sol VIII LLC USA 100% 100% 254,081 0 0 0 0 254,081 EDPR Solar Ventures VIII LLC USA 100% 100% 203,517 0 0 0 0 203,517 EDPR Magnolia DevCo LLC USA 100% 100% 0 0 0 0 0 0 EDPR Magnolia Holdings LLC USA 100% 100% 0 0 0 0 0 0 2023 SOL IX LLC USA 100% 100% 141,039 0 0 9 9 141,048 EDPR Solar Ventures IX LLC USA 100% 100% -6,810 0 0 0 0 -6,810 EDPR Dahlia DevCo LLC USA 100% 100% 0 0 0 0 0 0 EDPR Dahlia Holdings LLC USA 100% 100% 0 0 0 0 0 0 Jericho Solar Park LLC USA 100% 100% 0 0 0 0 0 0 Black River Solar Park LLC USA 100% 100% 0 0 0 0 0 0 Crooked Lake Solar III LLC USA 100% 100% 0 0 0 0 0 0 Trailing Springs Storage LLC USA 100% 100% 0 0 0 0 0 0 Daffodil Grove Storage LLC USA 100% 100% 0 0 0 0 0 0 Longleaf Storage LLC USA 100% 100% 0 0 0 0 0 0 Flatland Storage LLC USA 100% 100% 0 0 0 0 0 0 Sandrini BESS Storage LLC USA 100% 100% 0 0 0 0 0 0 Kronos Projektgesellsc haft mbH Germany 70% 70% 25 -6 0 -1,287 -1,287 -1,268 Kronos Solar Projects GmbH Germany 70% 70% 28 63,529 0 6,271 6,271 69,827 Kronos Solar Projects France UG Germany 85% 85% 1 -4,369 0 6,385 6,385 2,017 KSD 11 UG Germany 100% 100% 1 -24 0 -27 -27 -50 KSD 12 UG Germany 100% 100% 1 -13 0 -40 -40 -52 KSD 13 UG Germany 100% 100% 1 -14 0 -28 -28 -41 KSD 14 UG Germany 100% 100% 1 -13 0 -87 -87 -100 KSD 15 UG Germany 100% 100% 1 -9 0 -89 -89 -97 KSD 16 UG Germany 100% 100% 1 -7 0 -162 -162 -168 KSD 17 GmbH Germany 100% 100% 25 -9 0 -64 -64 -48 KSD 18 UG Germany 100% 100% 1 -7 0 -24 -24 -29 KSD 19 UG Germany 100% 100% 1 -7 0 -25 -25 -31 KSD 21 UG Germany 100% 100% 1 -7 0 -125 -125 -131 KSD 22 UG Germany 100% 100% 1 -7 0 -100 -100 -106 KSD 23 UG Germany 100% 100% 1 -9 0 -24 -24 -33 KSD 24 UG Germany 100% 100% 1 -7 0 -121 -121 -127 KSD 25 UG Germany 100% 100% 1 -8 0 -24 -24 -31 KSD 26 UG Germany 100% 100% 1 -4 0 -186 -186 -189 KSD 27 UG Germany 100% 100% 1 -4 0 -256 -256 -259
Annual Report 2023 Individual Annual Accounts 200 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL KSD 28 UG Germany 100% 100% 1 -4 0 -103 -103 -107 KSD 29 UG Germany 100% 100% 1 -4 0 -109 -109 -112 KSD 30 UG Germany 100% 100% 1 -4 0 -124 -124 -127 KSD 31 UG Germany 100% 100% 1 -4 0 -165 -165 -168 KSD 32 UG Germany 100% 100% 1 -4 0 -30 -30 -33 KSD 33 UG Germany 100% 100% 1 -4 0 -62 -62 -65 KSD 34 UG Germany 100% 100% 1 -4 0 -104 -104 -107 KSD 35 UG Germany 100% 100% 1 -4 0 -88 -88 -91 KSD 36 UG Germany 100% 100% 1 -4 0 -93 -93 -96 KSD 37 UG Germany 100% 100% 1 -4 0 -145 -145 -148 KSD 38 UG Germany 100% 100% 1 -4 0 -162 -162 -165 KSD 39 UG Germany 100% 100% 1 -4 0 -94 -94 -97 KSD 40 UG Germany 100% 100% 1 -4 0 -139 -139 -142 KSD 41 UG Germany 100% 100% 1 0 0 -5 -5 -4 KSD 42 UG Germany 100% 100% 1 0 0 -5 -5 -4 KSD 43 UG Germany 100% 100% 1 0 0 -5 -5 -4 KSD 44 UG Germany 100% 100% 1 0 0 -7 -7 -6 KSD 45 UG Germany 100% 100% 1 0 0 -5 -5 -4 KSD 46 UG Germany 100% 100% 1 0 0 -5 -5 -4 KSD 47 UG Germany 100% 100% 1 0 0 -5 -5 -4 KSD 48 UG Germany 100% 100% 1 0 0 -5 -5 -4 KSD 49 UG Germany 100% 100% 1 0 0 -5 -5 -4 KSD 50 UG Germany 100% 100% 1 0 0 -5 -5 -4 KSD 51 UG Germany 100% 100% 1 0 0 -5 -5 -4 KSD 52 UG Germany 100% 100% 1 0 0 -5 -5 -4 KSD 53 UG Germany 100% 100% 1 0 0 -5 -5 -4 KSD 54 UG Germany 100% 100% 1 0 0 -5 -5 -4 KSD 55 UG Germany 100% 100% 1 0 0 -5 -5 -4 KSD 56 UG Germany 100% 100% 1 0 0 -5 -5 -4 KSD 57 UG Germany 100% 100% 1 0 0 -5 -5 -4 KSD 58 UG Germany 100% 100% 1 0 0 -5 -5 -4 KSD 59 UG Germany 100% 100% 1 0 0 -5 -5 -4 KSD 60 UG Germany 100% 100% 1 0 0 -5 -5 -4 Kronos Solar Projects NL, B.V. NL 100% 100% 5 36 0 87 87 129 KS NL3, B.V. NL 100% 100% 0 -43 0 -55 -55 -98 KS NL6, B.V. NL 100% 100% 0 -15 0 -27 -27 -42 KS NL8, B.V. NL 100% 100% 0 -29 0 -258 -258 -287 KS NL10, B.V. NL 100% 100% 0 -8 0 -18 -18 -26 KS NL12, B.V. NL 100% 100% 0 -8 0 -35 -35 -42 KS NL13, B.V. NL 100% 100% 0 -37 0 -64 -64 -101 KS NL14, B.V. NL 100% 100% 0 -47 0 -147 -147 -195 KS NL16, B.V. NL 100% 100% 0 -4 0 -37 -37 -42 KS NL17, B.V. NL 100% 100% 0 -41 0 -24 -24 -65 KS NL20, B.V. NL 100% 100% 0 -8 0 -42 -42 -50 KS NL23, B.V. NL 100% 100% 0 -38 0 -96 -96 -133 KS NL24, B.V. NL 100% 100% 0 -4 0 -33 -33 -37 KS NL25, B.V. NL 100% 100% 0 -7 0 -17 -17 -24 KS NL27, B.V. NL 100% 100% 0 -57 0 -31 -31 -88 KS NL28, B.V. NL 100% 100% 0 -36 0 -200 -200 -237 KS NL29, B.V. NL 100% 100% 0 -13 0 -16 -16 -29 KS NL30, B.V. NL 100% 100% 0 -10 0 -12 -12 -22 KS NL31, B.V. NL 100% 100% 0 -13 0 -32 -32 -45 KS NL32, B.V. NL 100% 100% 0 -65 0 -116 -116 -181 KS NL33, B.V. NL 100% 100% 0 -27 0 -13 -13 -40 KS NL34, B.V. NL 100% 100% 0 -65 0 -76 -76 -141 KS NL35, B.V. NL 100% 100% 0 -15 0 -14 -14 -29 KS NL36, B.V. NL 100% 100% 0 -10 0 -27 -27 -38 KS NL37, B.V. NL 100% 100% 0 -17 0 -33 -33 -50 KS NL38, B.V. NL 100% 100% 0 -7 0 -15 -15 -22 KS NL39, B.V. NL 100% 100% 0 -8 0 -20 -20 -29 KS NL40, B.V. NL 100% 100% 0 -6 0 -13 -13 -19 KS NL41, B.V. NL 100% 100% 0 -10 0 -40 -40 -50 KS NL42, B.V. NL 100% 100% 0 -5 0 -16 -16 -20 KS NL43, B.V. NL 100% 100% 0 -13 0 -57 -57 -69 KS NL44, B.V. NL 100% 100% 0 -8 0 -29 -29 -37 KS NL45, B.V. NL 100% 100% 0 -16 0 -24 -24 -40 KS NL46, B.V. NL 100% 100% 0 -8 0 -12 -12 -20 KS NL47, B.V. NL 100% 100% 0 -6 0 -21 -21 -27 KS NL48, B.V. NL 100% 100% 0 -6 0 -34 -34 -40 KS NL49, B.V. NL 100% 100% 0 -5 0 -20 -20 -25 KS NL50, B.V. NL 100% 100% 0 -16 0 -14 -14 -29 Kronos Solar Projects Limited UK 100% 100% Ensors 0 22 0 709 709 731
Annual Report 2023 Individual Annual Accounts 201 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL KS SPV 46 Limited UK 100% 100% Ensors 0 -28 0 -408 -408 -436 KS SPV 65 Limited UK 100% 100% Ensors 0 -24 0 -107 -107 -131 KS SPV 69 Limited UK 100% 100% Ensors 0 -8 0 -140 -140 -149 KS SPV 70 Limited UK 100% 100% Ensors 0 -27 0 -50 -50 -76 KS SPV 71 Limited UK 100% 100% Ensors 0 -16 0 -42 -42 -58 KS SPV 72 Limited UK 100% 100% Ensors 0 -10 0 -81 -81 -90 KS SPV 73 Limited UK 100% 100% Ensors 0 -7 0 -97 -97 -105 KS SPV 74 Limited UK 100% 100% Ensors 0 -7 0 -162 -162 -169 KS SPV 75 Limited UK 100% 100% Ensors 0 -10 0 -411 -411 -422 KS SPV 76 Limited UK 100% 100% Ensors 0 -6 0 -81 -81 -88 KS SPV 77 Limited UK 100% 100% Ensors 0 -6 0 -137 -137 -143 KS SPV 78 Limited UK 100% 100% Ensors 0 -6 0 -47 -47 -53 KS SPV 79 Limited UK 100% 100% Ensors 0 -6 0 -84 -84 -91 KS SPV 80 Limited UK 100% 100% Ensors 0 -7 0 -122 -122 -129 KS SPV 62 Limited UK 100% 100% 0 -279 0 -36 -36 -315 KS SPV 64 Limited UK 100% 100% 0 -11 0 -44 -44 -55 KS SPV 67 Limited UK 100% 100% 0 -10 0 -97 -97 -107 KS SPV 68 Limited UK 100% 100% 0 -10 0 -59 -59 -69 KS SPV 81 Limited UK 100% 100% 0 0 0 -54 -54 -54 KS SPV 82 Limited UK 100% 100% 0 0 0 -149 -149 -149 KS SPV 83 Limited UK 100% 100% 0 0 0 -110 -110 -110 KS SPV 84 Limited UK 100% 100% 0 0 0 -77 -77 -77 KS SPV 85 Limited UK 100% 100% 0 0 0 -52 -52 -52 KS SPV 00 Limited UK 100% 100% 0 0 0 -188 -188 -188 Kronos Solar France, S.A.S. France 100% 100% 20 72 0 901 901 993 Fransol 11, S.A.S. France 100% 85% 0 -11 0 -18 -18 -30 Fransol 12, S.A.S. France 100% 85% 0 -30 0 -86 -86 -116 Fransol 13, S.A.S. France 100% 85% 0 -20 0 -19 -19 -39 Fransol 14, S.A.S. France 100% 100% 1,014 -6 0 -5 -5 1,003 Fransol 15, S.A.S. France 100% 85% 0 -35 0 -77 -77 -112 Fransol 16, S.A.S. France 100% 85% 0 -52 0 -20 -20 -72 Fransol 17, S.A.S. France 100% 85% 0 -15 0 -73 -73 -89 Fransol 18, S.A.S. France 100% 85% 0 -24 0 -23 -23 -47 Fransol 19, S.A.S. France 100% 85% 0 -13 0 -73 -73 -87 Fransol 20, S.A.S. France 100% 85% 0 -59 0 -106 -106 -165 Fransol 21, S.A.S. France 100% 100% 12 64 0 -20 -20 56 Fransol 22, S.A.S. France 100% 85% 0 -4 0 -72 -72 -76 Fransol 23, S.A.S. France 100% 85% 0 -11 0 -69 -69 -80 Fransol 24, S.A.S. France 100% 85% 0 -33 0 -24 -24 -57 Fransol 25, S.A.S. France 100% 85% 0 -21 0 -108 -108 -128 Fransol 26, S.A.S. France 100% 85% 0 -13 0 -74 -74 -87 Fransol 27, S.A.S. France 100% 100% 14 51 0 -21 -21 44 Fransol 28, S.A.S. France 100% 85% 0 -47 0 -31 -31 -78 Fransol 29, S.A.S. France 100% 85% 0 -13 0 -72 -72 -85 Fransol 30, S.A.S. France 100% 85% 0 -23 0 -20 -20 -43
Annual Report 2023 Individual Annual Accounts 202 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Fransol 31, S.A.S. France 100% 85% 0 -16 0 -88 -88 -105 Fransol 32, S.A.S. France 100% 85% 0 -18 0 -21 -21 -39 Fransol 33, S.A.S. France 100% 85% 0 -10 0 -40 -40 -50 Fransol 34, S.A.S. France 100% 85% 0 -23 0 -53 -53 -76 Fransol 35, S.A.S. France 100% 85% 0 -10 0 -20 -20 -29 Fransol 36, S.A.S. France 100% 85% 0 -12 0 -25 -25 -37 Fransol 37, S.A.S. France 100% 85% 0 -25 0 -26 -26 -52 Fransol 38, S.A.S. France 100% 85% 0 -7 0 -50 -50 -57 Fransol 39, S.A.S. France 100% 85% 0 -13 0 -49 -49 -62 Fransol 40, S.A.S. France 100% 85% 0 -10 0 -46 -46 -56 Fransol 41, S.A.S. France 100% 85% 0 0 0 -73 -73 -73 Fransol 42, S.A.S. France 100% 85% 0 0 0 -47 -47 -47 Fransol 43, S.A.S. France 100% 85% 0 0 0 -49 -49 -49 Fransol 44, S.A.S. France 100% 85% 0 0 0 -91 -91 -91 Fransol 45, S.A.S. France 100% 85% 0 0 0 -56 -56 -56 Fransol 46, S.A.S. France 100% 85% 0 0 0 -436 -436 -436 Fransol 47, S.A.S. France 100% 85% 0 0 0 -144 -144 -144 Fransol 48, S.A.S. France 100% 85% 0 0 0 -48 -48 -48 Fransol 49, S.A.S. France 100% 85% 0 0 0 -49 -49 -49 Fransol 50, S.A.S. France 100% 85% 0 0 0 -43 -43 -43 Kronos IB Vogt 15, S.A.S. France 100% 85% 0 -9 0 -24 -24 -32 Kronos IB Vogt 16, S.A.S. France 100% 85% 0 -8 0 -20 -20 -28 Kronos 18 Fain, S.A.S. France 100% 100% 160 -14 0 -4 -4 142 Kronos IB Vogt 19, S.A.S. France 100% 85% 0 -7 0 -57 -57 -65 Kronos IB Vogt 20, S.A.S. France 100% 85% 0 -9 0 -78 -78 -87 Kronos IB Vogt 22, S.A.S. France 100% 85% 0 -8 0 -25 -25 -33 Kronos IB Vogt 25, S.A.S. France 100% 85% 0 -8 0 -23 -23 -31 Kronosol 11, S.A.R.L. France 100% 85% 0 -59 0 -1 -1 -60 Kronosol 12, S.A.R.L. France 100% 100% 60 -5 0 -10 -10 45 Kronosol 13, S.A.R.L. France 100% 100% 189 -10 0 -42 -42 137 Kronosol 14, S.A.R.L. France 100% 100% 898 -21 0 -16 -16 862 Kronosol 15, S.A.R.L. France 100% 100% 237 -25 0 -9 -9 203 Fransol 51, S.A.S. France 100% 85% 0 0 0 -51 -51 -51 Fransol 52, S.A.S. France 100% 85% 0 0 0 -30 -30 -30 Fransol 53, S.A.S. France 100% 85% 0 0 0 -52 -52 -52 Fransol 54, S.A.S. France 100% 85% 0 0 0 -65 -65 -65 Fransol 55, S.A.S. France 100% 85% 0 0 0 -34 -34 -34 Fransol 56, S.A.S. France 100% 85% 0 0 0 -26 -26 -26 Fransol 57, S.A.S. France 100% 85% 0 0 0 -52 -52 -52 Fransol 58, S.A.S. France 100% 85% 0 0 0 -34 -34 -34 Fransol 59, S.A.S. France 100% 85% 0 0 0 -34 -34 -34 Fransol 60, S.A.S. France 100% 85% 0 0 0 -47 -47 -47 Fransol 61, S.A.S. France 100% 85% 0 0 0 -28 -28 -28 Fransol 62, S.A.S. France 100% 85% 0 0 0 -32 -32 -32 Fransol 63, S.A.S. France 100% 85% 0 0 0 -52 -52 -52
Annual Report 2023 Individual Annual Accounts 203 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Fransol 64, S.A.S. France 100% 85% 0 0 0 -58 -58 -58 Fransol 65, S.A.S. France 100% 85% 0 0 0 -45 -45 -45 Fransol 66, S.A.S. France 100% 85% 0 0 0 -58 -58 -58 Fransol 67, S.A.S. France 100% 85% 0 0 0 -62 -62 -62 Fransol 68, S.A.S. France 100% 85% 0 0 0 -53 -53 -53 Fransol 69, S.A.S. France 100% 85% 0 0 0 -57 -57 -57 Fransol 70, S.A.S. France 100% 85% 0 0 0 -25 -25 -25 THOUSAND EUROS JOINTLY CONTROLLED ENTITIES AND ASSOCIATES REGISTERED OFFICE % DIRECT % INDIRECT AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Biomasas del Pirineo, S.A. Spain 30% 30% n.a. Biomass 136 101 0 0 0 238 Solar Siglo XXI, S.A. Spain 25% 25% n.a. Photovoltaic energy production 20 42 0 0 0 62 Sistemas Eólicos Tres Cruces, S.L. Spain 25% 25% n.a. Wind energy production 13 18 0 0 0 31 Desarrollos Energéticos del Val, S.L. Spain 25% 25% n.a. Wind energy production 34 256 0 0 0 290 Desarrollos Eólicos de Canarias, S.A. Spain 45% 45% PwC Wind energy production 813 1,365 0 841 841 3,019 Parque Eólico Sierra del Madero, S.A. Spain 42% 42% KPMG Wind energy production 7,194 43,917 0 3,257 3,257 54,369 Desarrollos Energéticos Canarios, S.A. Spain 50% 50% n.a. Wind energy production 7 -17 0 0 0 -10 Parque Eólico Belmonte, S.A. Spain 30% 30% KPMG Wind energy production 120 15,004 0 890 890 16,015 Evolución 2000, S.L. Spain 49% 49% PwC Wind energy production 118 23,507 0 3,570 3,570 27,195 Eos Pax IIa, S.L. Spain 49% 49% Deloitte Wind energy production 6 2,641 0 -98 -98 2,548 Unión de Generadores de Energía, S.L. Spain 50% 50% PwC Wind energy production 23 1,298 0 1,568 1,568 2,889 Promotores Villarrubia Elevación, S.L. Spain 33% 33% 3 0 0 0 0 3 Promotores Villarrubia Morata 200KV, S.L. Spain 44% 44% 3 0 0 0 0 3 Centrale Eolienne D'Occey, S.A.S. France 51% 51% 485 -1 0 -3 -3 481 Hytlantic, S.A. Portugal 29% 29% 50 1,156 0 -522 -522 684 Eólica de São Julião, Lda. Portugal 45% 45% na Wind energy production 500 12,057 -3,151 5,522 5,522 14,928 Evoikos Voreas A.E. Greece 51% 51% n.a. Wind energy production 196 2,187 0 -416 -416 1,967 Sofrano A.E. Greece 51% 51% n.a. Wind energy production 900 1,525 0 -308 -308 2,117 OW Offshore, S.L. Spain 50% 50% PwC Holding 72,205 780,350 -72,568 -15,613 -15,613 764,375 Goldfinger Ventures LLC USA 50% 50% PwC Photovoltaic energy production 115,559 33,326 0 9,638 11,281 160,167 Goldfinger Ventures II LLC USA 50% 50% PwC Photovoltaic energy production 151,780 46,590 0 17,659 16,790 215,159 Solar Ventures Acquisition LLC USA 50% 50% n.a. Photovoltaic energy production -41,600 44,809 0 3 3 3,212 2019 Vento XX LLC USA 20% 20% PwC Wind energy production 516,800 26,836 -27,055 26,204 45 516,627 Riverstart Ventures LLC USA 20% 20% PwC Photovoltaic energy production 162,129 14,338 0 29,226 15,382 191,849 2018 Vento XIX LLC USA 20% 20% PwC Wind energy production 405,809 -432 0 23,304 -173 405,205
Annual Report 2023 Individual Annual Accounts 204 THOUSAND EUROS JOINTLY CONTROLLED ENTITIES AND ASSOCIATES REGISTERED OFFICE % DIRECT % INDIRECT AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL 2017 Vento XVII LLC USA 20% 20% PwC Wind energy production 422,602 -749 0 36,748 -223 421,631 Flat Rock Windpower II LLC USA 50% 50% KPMG Wind energy production 199,605 -117,913 0 -7,248 -7,408 74,284 Flat Rock Windpower LLC USA 50% 50% KPMG Wind energy production 507,126 -306,498 0 -18,372 -18,775 181,853 Blue Canyon Windpower LLC USA 25% 25% PWC Wind energy production 57,784 -50,935 0 0 796 7,645 Riverstart Development LLC USA 20% 20% n.a. Photovoltaic energy production 0 0 0 0 0 0 Lomartico Investments, Sp. z o.o. Poland 50% 50% n.a. 1 -1 0 1 1 0 Medsteville Investments, Sp. z o.o. Poland 50% 50% n.a. 1 0 0 0 0 0 Ondentille Investments, Sp. z o.o. Poland 50% 50% n.a. 1 -1 0 1 1 0 Sunseap Energy (Cambodia) Co., Ltd. Cambodia 49% 49% 162 -115 0 1 1 48 Sunseap Asset (Cambodia) Co., Ltd. Cambodia 51% 51% 1,274 -740 0 29 29 563 Sunseap LCS Energy Sdn. Bhd. Malaysia 49% 49% 10 1,582 0 269 269 1,861 Cenergi Sunseap Energy Solutions Sdn. Bhd. Malaysia 40% 40% 788 3,052 0 319 319 4,158 RL Sunseap Energy Sdn. Bhd. Malaysia 49% 49% Crowe Malaysia PLT Photovoltaic energy production 241 260 0 -43 -43 458 Powersource Sunseap Corp. Philippines 40% 40% n.a. Photovoltaic energy production 0 0 0 0 0 0 Powersource Sunseap Solar Solution Corp. Philippines 40% 40% n.a. Photovoltaic energy production 0 0 0 0 0 0 Kronos IBV UK GmbH Germany 50% 50% n.a. Photovoltaic energy production 25 -1,455 -142 -70 -70 -1,642 KSD 20 UG Germany 50% 50% n.a. Photovoltaic energy production 1 -7 0 -26 -26 -33
Annual Report 2023 Individual Annual Accounts 205 Annex II EDP Renovaveis, S.A. Details of investments in Group companies at 31 December 2022 * Companies included in the Company’s tax group (Note 18) THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL EDP Renewables Europe, S.L.U. Spain 100% 100% PwC Holding 249,499 1,446,653 0 -238,749 -238,749 1,457,403 EDP Renovables España, S.L.U. Spain 100% PwC Holding, construction and wind energy production 46,128 683,649 2,306 302,809 302,809 1,034,892 EDP Renováveis Servicios Financieros, S.A. Spain 70.01% 29.99% PwC Other economic activities 84,691 369,640 38,100 173,095 173,095 665,526 EDPR Terral S.L.U. Spain 100% n.a. Wind energy production 3 -2 0 -2 -2 -1 Parque Eólico de Abrazadilla, S.L.U. Spain 100% n.a. Wind energy production 3 -2 0 0 0 0 Canerde, S.L.U. Spain 80% n.a. Wind energy production 4 -1 0 -3 -3 0 Desarrollos Renovables de la Frontera, S.L. Spain 100% n.a. Wind energy production 3 -1 0 0 0 2 EDPR Yield, S.A.U. Spain 100% PwC Wind energy production 99,405 115,716 0 27,501 27,501 242,622 Viesgo Europa, S.L.U. Spain 100% PwC Wind energy production 1,000 7,336 0 9,430 9,430 17,766 Viesgo Renovables, S.L.U. Spain 100% PwC Wind energy production 12,770 205,533 0 53,884 53,884 272,187 Viesgo Mantenimiento , S.L.U. Spain 100% PwC Wind energy production 3 1,451 0 -249 -249 1,205 Parque Eólico Santa Quiteria, S.L. Spain 84% PwC Wind energy production 63 8,185 0 6,184 6,184 14,432 Eólica Fontesilva, S.L.U. Spain 100% PwC Wind energy production 6,860 14,050 0 7,625 7,625 28,535 Desarrollos Eólicos de Teruel, S.L. Spain 51% n.a. Wind energy production 18,890 0 0 6,319 6,319 25,209 Parque Eólico Altos del Voltoya, S.A. Spain 93% PwC Wind energy production 6,434 9,802 -9,731 12,301 12,301 18,806 Eólica La Brújula, S.A.U. Spain 100% PwC Wind energy production 3,294 19,452 0 15,932 15,932 38,678 Eólica Arlanzón, S.A. Spain 85% PwC Wind energy production 4,509 4,229 0 6,357 6,357 15,095 Eólica Campollano, S.A. Spain 75% PwC Wind energy production 6,560 17,966 0 23,065 23,065 47,590 Tébar Eólica, S.A.U. Spain 100% PwC Wind energy production 4,720 11,516 -621 8,898 8,898 24,514 Renovables Castilla La Mancha, S.A. Spain 90% PwC Wind energy production 60 118 0 9,205 9,205 9,383 Parque Eólico La Sotonera, S.L. Spain 70% PwC Wind energy production 2,000 2,024 0 4,355 4,355 8,379 Compañía Eólica Aragonesa, S.A. Spain 100% PwC Wind energy production 6,701 49,122 0 27,636 27,636 83,459 Parque Eólico Los Cantales, S.L.U. Spain 100% PwC Wind energy production 1,963 4,572 0 5,686 5,686 12,221 Iberia Aprovechamie ntos Eólicos, S.A. Spain 94% PwC Wind energy production 1,919 3,939 0 6,947 6,947 12,804 Acampo Arias, S.L. Spain 95% PwC Wind energy production 3,314 663 0 11,688 11,688 15,665 Aplicaciones Industriales de Energías Limpias, S.L. Spain 61% n.a. Wind energy production 131 -1,472 0 2,881 2,881 1,540 EDPR México, S.L.U. Spain 100% n.a. Holding 3 -2 0 -1 -1 1 Desarrollos Renovables de Allande, S.L.U. Spain 100% n.a. Wind energy production 3 -2 0 0 0 1 IAM Caecius, S.L. Spain 100% n.a. Wind energy production 3 -2 0 0 0 1
Annual Report 2023 Individual Annual Accounts 206 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Site Sunwind Energy, S.L. Spain 100% n.a. Wind energy production 3 -2 0 0 0 1 Desarrollos Renovables de Teruel, S.L. Spain 51% n.a. Wind energy production 3 0 0 -1 -1 2 Rocio Hive, S.L. Spain 100% n.a. Photovoltaic energy production 3 435 -266 0 0 172 Palma Hive, S.L. Spain 100% n.a. Photovoltaic energy production 3 384 0 0 0 387 Pedregal Hive, S.L. Spain 100% n.a. Photovoltaic energy production 3 415 0 0 0 418 Vanosc Energie, S.A.S. France 100% n.a. Wind energy production 1 -3 0 -11 -11 -14 Transition Euroise Roman II, S.A.S. France 85% n.a. Wind energy production 603 -14 0 370 370 959 Le Chemin de la Corvée, S.A.S. France 100% PwC Wind energy production 215 -465 0 -263 -263 -513 Parc Éolien d’Entrains- sur-Nohain, S.A.S. France 90% PwC Wind energy production 266 374 0 -457 -457 183 EDPR France Holding, S.A.S. France 100% PwC Holding 79,900 35,411 0 -10,201 -10,201 105,110 Parc Eolien de Dionay, S.A.S. France 100% PwC Wind energy production 215 -103 0 -28 -28 83 Monts de la Madeleine Energie, S.A.S. France 100% PwC Wind energy production 88 -45 0 -18 -18 25 Monts du Forez Energie, S.A.S. France 100% PwC Wind energy production 200 -89 0 -16 -16 95 EDP Renewables Belgium, S.A. Belgium 100% PwC Holding and wind energy production 287 946 0 1,044 1,044 2,277 EDP Renewables Italia, S.r.l. Italy 51% PwC Holding and wind energy production 34,439 17,440 0 23,634 23,634 75,513 EDP Renewables Italia Holding, S.r.l. Italy 100% PwC Holding 347 55,223 0 225,411 225,411 280,981 Re Plus, S.r.l. Italy 100% n.a. Wind energy production 100 -14 0 28 28 114 EDPR Villa Galla, S.r.l. Italy 51% PwC Wind energy production 9,000 51,813 0 12,645 12,645 73,458 Tivano, S.r.l. Italy 75% PwC Wind energy production 100 110 0 3,146 3,146 3,356 AW 2, S.r.l. Italy 75% PwC Wind energy production 100 -135 0 5,120 5,120 5,085 Sarve, S.r.l. Italy 100% PwC Wind energy production 10 -132 0 1,096 1,096 973 T Power, S.p.A. Italy 100% Baker Tilly Revisa Wind energy production 1,000 338 0 13 13 1,351 Custolito, S.r.l. Italy 100% n.a. Wind energy production 10 14 0 -2 -2 22 C & C Tre Energy S.r.l. Italy 100% PwC Wind energy production 100 888 0 -144 -144 844 EDPR Sicilia PV, S.r.l. Italy 100% n.a. Photovoltaic energy production 10 12 0 -103 -103 -82 Energia Emissioni Zero 4, S.r.l. Italy 60% PwC Wind energy production 10 246 0 9,694 9,694 9,950 EDPR Sicilia Wind, S.r.l. Italy 100% n.a. Wind energy production 10 4 0 -52 -52 -38 VRG Wind 153, S.r.l. Italy 80% PwC Wind energy production 10 353 0 1,108 1,108 1,470 Wind Energy San Giorgio, S.r.l. Italy 60% PwC Wind energy production 20 623 0 -49 -49 595 Giglio, S.r.l. Italy 60% PwC Wind energy production 20 1,129 0 -24 -24 1,125 EDPR Centro Italia PV, S.r.l. Italy 100% n.a. Photovoltaic energy production 10 0 0 -25 -25 -15 EDPR Sicilia Uno, S.r.l. Italy 100% 10 0 0 -17 -17 -7 EDPR Sicilia Due, S.r.l. Italy 100% 10 0 0 -6 -6 4 EDPR Sardegna, S.r.l. Italy 100% 10 0 0 -3 -3 7 EDPR Sud Italia, S.r.l. Italy 100% 10 0 0 -48 -48 -38 EDPR Puglia Uno, S.r.l. Italy 100% 10 0 0 0 0 10 EDPR Puglia Due, S.r.l. Italy 100% 10 0 0 0 0 10
Annual Report 2023 Individual Annual Accounts 207 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL EDPR Basilicata, S.r.l. Italy 100% 10 0 0 -13 -13 -3 Eólica da Coutada II, S.A. Portugal 100% 50 0 0 -34 -34 16 Fotovoltaica Flutuante do Grande Lago, S.A. Portugal 100% 50 0 845 -93 -93 802 EDP Renováveis Portugal, S.A. Portugal 51% PwC Holding and wind energy production 7,500 121,971 -3,547 54,664 54,664 180,588 Eólica da Serra das Alturas, S.A. Portugal 26% PwC Wind energy production 50 7,356 0 1,733 1,733 9,139 Eólica de Montenegrelo, S.A. Portugal 26% PwC Wind energy production 50 11,470 0 2,973 2,973 14,493 Eólica de Alagoa, S.A. Portugal 31% PwC Wind energy production 50 3,589 0 1,531 1,531 5,170 Malhadizes - Energia Eólica, S.A. Portugal 51% PwC Wind energy production 50 8,843 0 1,923 1,923 10,816 EDPR PT - Promoção e Operação, S.A. Portugal 100% PwC Wind energy production 58 11,927 0 -4,768 -4,768 7,217 Fotovoltaica Lote A, S.A. Portugal 100% PwC Photovoltaic energy production 50 -99 74 108 108 132 Eólica dos Altos de Salgueiros- Guilhado, S.A. Portugal 51% PwC Wind energy production 50 4,450 -2 872 872 5,370 Eólica da Coutada, S.A. Portugal 51% PwC Wind energy production 50 58,420 -85 10,622 10,622 69,008 Eólica do Espigão, S.A. Portugal 51% PwC Wind energy production 50 13,714 0 3,468 3,468 17,232 Eólica da Terra do Mato, S.A. Portugal 51% PwC Wind energy production 50 12,622 -14 2,548 2,548 15,205 Eólica do Alto da Lagoa, S.A. Portugal 51% PwC Wind energy production 50 11,605 -7 2,083 2,083 13,731 Eólica do Alto da Teixosa, S.A. Portugal 51% PwC Wind energy production 50 10,806 -14 2,646 2,646 13,488 Eólica do Alto do Mourisco, S.A. Portugal 51% PwC Wind energy production 50 9,466 -5 2,225 2,225 11,736 Eólica das Serras das Beiras, S.A. Portugal 51% PwC Wind energy production 50 42,197 -73 8,659 8,659 50,834 EDP Renewables SGPS, S.A. Portugal 100% PwC Holding 50 344,525 0 2,326 2,326 346,902 EDPR PT - Parques Eólicos, S.A. Portugal 51% PwC Wind energy production 50 36,924 0 11,280 11,280 48,253 S.E.E. - Sul Energía Eólica, S.A. Portugal 100% PwC Wind energy production 150 6,707 0 1,997 1,997 8,854 Parque Eólico do Barlavento, S.A. Portugal 90% PwC Wind energy production 60 31,999 0 7,713 7,713 39,772 IE2 Portugal, SGPS, S.A. Portugal 100% PwC Wind energy production 50 17 0 -19 -19 47 EDPR Cross Solutions, S.A. Portugal 100% 50 0 0 -37 -37 13 R.Wind, Sp. z o.o. Poland 100% n.a. Wind energy production 1 -29 0 -117 -117 -145 EDP Renewables Polska, Sp. z o.o. Poland 100% PwC Holding and wind energy production 92,762 84,538 164 62,822 62,822 240,286 Relax Wind Park III, Sp. z o.o. Poland 51% PwC Wind energy production 12,709 8,775 -64 16,461 16,461 37,881 Relax Wind Park I, Sp. z o.o. Poland 51% PwC Wind energy production 9,923 22,229 0 21,621 21,621 53,773 Elektrownia Wiatrowa Kresy I, Sp. z o.o. Poland 51% PwC Wind energy production 15 72,205 0 20,868 20,868 93,088 Masovia Wind Farm I, Sp. z o.o. Poland 100% PwC Wind energy production 268 -292 0 -49 -49 -73 Farma Wiatrowa Starozreby, Sp. z o.o. Poland 100% n.a. Wind energy production 99 180 0 -16 -16 263 Karpacka Mala Energetyka, Sp. z o.o. Poland 85% n.a. Wind energy production 11 -452 0 -34 -34 -475 Molen Wind II, Sp. z o.o. Poland 51% PwC Wind energy production 3 17,090 -773 9,942 9,942 26,262 Korsze Wind Farm, Sp. z o.o. Poland 51% PwC Wind energy production 7,624 6,300 0 21,024 21,024 34,947
Annual Report 2023 Individual Annual Accounts 208 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Radziejów Wind Farm, Sp. z o.o. Poland 51% PwC Wind energy production 5,886 -2,199 0 2,489 2,489 6,176 Miramit Investments, Sp. z o.o. Poland 100% n.a. Wind energy production 12 142 0 -22 -22 131 EDP Renewables Polska HoldCo, S.A. Poland 51% PwC Holding 21 194,696 0 24,874 24,874 219,591 Rampton, Sp. z o.o. Poland 100% n.a. Wind energy production 2,347 -61 0 -35 -35 2,251 EDP Renewables Polska Solar, Sp. z o.o. Poland 100% n.a. Photovoltaic energy production 1 -361 -29 -1,194 -1,194 -1,584 Gudziki Wind Farm, sp. z o.o. Poland 51% n.a. Wind energy production 7,615 -975 -4,797 4,913 4,913 6,757 EW Dobrzyca, sp. z o.o. Poland 100% PwC Wind energy production 144 6,602 -28,529 13,338 13,338 -8,445 Ujazd, Sp. z o.o. Poland 100% PwC Wind energy production 799 -1,041 -3,919 3,952 3,952 -209 Energiaki Arvanikou E.P.E. Greece 0,01% 99.99% PwC Wind energy production 1,312 14,320 0 645 645 16,278 Wind Park Aerorrachi M.A.E. Greece 100% PwC Wind energy production 496 -2,098 0 -1,013 -1,013 -2,616 EDPR Hellas 1 M.A.E. Greece 100% PwC Wind energy production 1,255 195 0 -1,040 -1,040 410 EDPR Hellas 2 M.A.E. Greece 100% PwC Wind energy production 470 1,439 0 -651 -651 1,257 Aioliko Parko Fthiotidos Erimia E.P.E. Greece 0.67% 99.33% PwC Wind energy production 155 558 0 -542 -542 170 Wind Shape E.P.E. Greece 0,01% 99.99% n.a. Wind energy production 18 -179 0 -453 -453 -614 Aioliki Oitis Energiaki E.P.E. Greece 5% 95% n.a. Wind energy production 5 -1,064 0 -408 -408 -1,467 Kadmeios Anemos Energiaki A.E. Greece 100% n.a. Wind energy production 25 -959 0 -410 -410 -1,344 Voiotikos Anemos Energiaki A.E. Greece 100% n.a. Wind energy production 25 -160 0 -403 -403 -538 Aeolos Evias Energiaki, M.A.E. Greece 100% n.a. 25 0 0 -660 -660 -635 EDPR România, S.R.L. Romania 1% 99% PwC Wind energy production 301,423 153,631 0 57,563 57,563 512,617 International Solar Energy, S.R.L. Romania 100% PwC Photovoltaic energy production 0 -1 0 -246 -246 -247 Solar Phoenix, S.R.L. Romania 100% PwC Photovoltaic energy production 16 -21 0 -265 -265 -270 Energopark, S.R.L. Romania 100% PwC Wind energy production 27 156 0 -291 -291 -108 Beta Wind, S.R.L. Romania 100% PwC Wind energy production 42 5,191 0 -305 -305 4,928 Fravezac, S.R.L. Romania 100% 1,176 -603 0 -30 -30 542 Szabadsolar, Kft. Hungary 100% 7 0 0 -411 -411 -403 Sunglare Capture, Kft. Hungary 100% 7 0 0 -347 -347 -339 Sunglare Expert, Kft. Hungary 100% 7 0 0 -343 -343 -336 EDPR Investment Hungary, Kft. Hungary 100% n.a. Holding 21 -20 0 -32 -32 -32 EDP Renewables Hungary Hungary 100% PwC Holding 75 -1,260 0 -799 -799 -1,984 Sunlight Solar, Kft. Hungary 85% PwC Photovoltaic energy production 13 -373 1,692 -1,260 -1,260 72 Napenergia, Kft. Hungary 100% 7 -11 0 -617 -617 -620 Nyírség Watt, Kft. Hungary 100% PwC Wind energy production 781 276 694 35 35 1,785 Altnabreac Wind Farm Limited United Kingdom 100% PwC Wind energy production 0 -285 0 -1,609 -1,609 -1,894 Ben Sca Wind Farm Limited United Kingdom 100% PwC Wind energy production 0 -299 0 -565 -565 -864 Moorshield Wind Farm Limited United Kingdom 100% PwC Wind energy production 0 -286 0 -354 -354 -640 Drummarnock Wind Farm Limited United Kingdom 100% PwC Wind energy production 0 -281 0 -385 -385 -666
Annual Report 2023 Individual Annual Accounts 209 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Wind 2 Project 1 Limited United Kingdom 100% PwC Wind energy production 0 -281 0 -360 -360 -641 EDP Renewables Vietnam Company Limited Vietnam 100% PwC Holding 286 -1,020 0 -1,758 -1,758 -2,492 Trung Son Energy Development LLC Vietnam 100% PwC Photovoltaic energy production 7,823 814 0 -507 -507 8,130 WF Energy III, Sp. z o.o. Poland 100% n.a. Wind energy production 1 5 0 -13 -13 -7 Farma Fotowoltaiczn a Koden, Sp. z o.o. Poland 100% n.a. Photovoltaic energy production 1 -7 0 -18 -18 -23 Neo Solar Chotków, Sp. z o.o. Poland 100% n.a. Photovoltaic energy production 1 -21 -8 -220 -220 -248 Neo Solar Przykona II, Sp. z o.o. Poland 100% n.a. Photovoltaic energy production 1 -43 0 -14 -14 -56 Elektrownia Kamienica, Sp. z o.o. Poland 100% n.a. Wind energy production 1 -17 0 -17 -17 -33 FW Warta, Sp. z o.o. Poland 100% PwC Wind energy production 2 -286 -90 1,803 1,803 1,429 Wind Field Wielkopolska, Sp. z o.o. Poland 100% PwC Wind energy production 108 -290 -51,873 13,273 13,273 -38,781 Neo Solar Farm, Sp. z o.o. Poland 100% PwC Photovoltaic energy production 1 -666 -581 -538 -538 -1,784 Budzyn, Sp. z o.o. Poland 51% PwC Wind energy production 1 -20 0 -18 -18 -37 EDPR International Investments, B.V. NL 100% PwC Holding 20 10,597 0 4,728 4,728 15,345 Eolos Energía, S.A.S. E.S.P. Colombia 100% PwC Wind energy production 4,327 37,363 -13 -19,600 -19,600 22,077 Vientos del Norte, S.A.S. E.S.P. Colombia 100% PwC Wind energy production 3,726 32,106 253 -17,880 -17,880 18,205 Solar Power Solutions, S.A.S. E.S.P. Colombia 100% PwC Photovoltaic energy production 201 1,075 0 -438 -438 838 Elipse Energía, S.A.S. E.S.P. Colombia 100% n.a. Photovoltaic energy production 49 -307 0 -459 -459 -717 Omega Energía, S.A.S. E.S.P. Colombia 100% n.a. Photovoltaic energy production 49 -305 0 -433 -433 -689 Kappa Energía, S.A.S. E.S.P. Colombia 100% n.a. Photovoltaic energy production 49 -305 0 -444 -444 -700 Parque Solar Fotovoltaico El Copey, S.A.S. E.S.P. Colombia 100% 247 -4 0 -454 -454 -211 OMA Haedori Co., Ltd. Korea 75% n.a. Wind energy production 370 -443 0 -838 -838 -911 EDPR Korea, Ltd. Korea 100% 74 0 0 -880 -880 -805 Timber Road Solar Park II LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Timber Road Solar Park III LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 EDPR Scarlet II BESS LLC USA 100% 0 0 0 0 0 0 Ragsdale Solar II LLC USA 100% 0 0 0 0 0 0 Sweet Acres Solar Park LLC USA 100% 0 0 0 0 0 0 New Road Power LLC USA 100% 0 0 0 0 0 0 Iron Valley Solar Park LLC USA 100% 0 0 0 0 0 0 Edwardsport Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Timber Road II Storage LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Timber Road III Storage LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Top Crop I Storage LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Top Crop II Storage LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Twin Groves I Storage LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0
Annual Report 2023 Individual Annual Accounts 210 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Twin Groves II Storage LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Misenheimer Solar LLC USA 100% n.a. Photovoltaic energy production 24,924 0 0 0 0 24,924 Sandrini LandCo LLC USA 100% 0 0 0 0 0 0 EDPR Northeast Solar Park LLC USA 100% 0 0 0 0 0 0 Trolley Barn Storage LLC USA 100% 0 0 0 0 0 0 Azalea Springs Solar Park LLC USA 100% n.a. Photovoltaic energy production 2,684 0 0 -7 -7 2,677 Cattlemen Solar Park LLC USA 100% n.a. Photovoltaic energy production 8,704 0 0 -1,160 -1,160 7,544 Duff Solar Park II LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 EDPR Northeast Allen Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Indiana Crossroads Solar Park II LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 RTSW Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 RTSW Solar Park II LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 RTSW Solar Park III LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 RTSW Solar Park IV LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 RTSW Solar Park V LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 RTSW Solar Park VI LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 EDPR Solar Ventures V LLC USA 100% n.a. Photovoltaic energy production 35,220 89,121 0 -74,400 -74,400 49,942 Goldfinger Ventures III LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Alabama Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Blackford County Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Solar Ventures Purchasing LLC USA 100% n.a. Photovoltaic energy production 0 -796 0 0 0 -796 Esker Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 EDPR Solar Ventures III LLC USA 100% n.a. Photovoltaic energy production 69,530 9,077 0 5,357 5,357 83,964 Greenbow Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Holly Hill Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Pleasantville Solar Park LLC USA 100% n.a. Photovoltaic energy production 2 0 0 -2 -2 0 Mineral Springs Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 EDPR Solar Ventures IV LLC USA 100% n.a. Photovoltaic energy production 80,118 16,274 0 9,690 9,690 106,081 Black Prairie Solar Park LLC USA 100% n.a. Photovoltaic energy production 1,205 0 0 0 0 1,205 Duff Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Eastmill Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Lowland Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 -10 -10 -10
Annual Report 2023 Individual Annual Accounts 211 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Moonshine Solar Park LLC USA 100% n.a. Photovoltaic energy production 3 0 0 -2 -2 2 Sedge Meadow Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Helena Harbor Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Headwaters Wind Farm III LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Loki Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Leprechaun Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Little Brook Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 EDPR Wind Ventures XX LLC USA 100% n.a. Wind energy production 0 16,871 -7,956 7,480 7,480 16,394 EDPR Wind Ventures XXI LLC USA 100% n.a. Wind energy production 125,122 6,444 0 6,647 6,647 138,214 2019 Vento XXI LLC USA 100% PwC Wind energy production 250,309 -137 0 -110 -110 250,062 Bright Stalk Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Crossing Trails Wind Power Project II LLC USA 100% n.a. Wind energy production 4 0 0 -4 -4 0 Headwaters Wind Farm IV LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Tillman Solar Park II LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Indiana Crossroads Wind Ventures LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Riverstart Solar Park VI LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 EDPR NA Shelby Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 EDPR Northeast Allen Solar Park II LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Blackford County Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 EDPR Wind Ventures XXII LLC USA 100% n.a. Wind energy production 337,349 8,120 0 18,905 18,905 364,374 2020 Vento XXII LLC USA 100% PwC Wind energy production 946,620 58 0 -4,884 -4,884 941,793 Rosewater Ventures LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Crescent Bar Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Esker Solar Park II LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Bluebird Prairie Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Tillman Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 RE Scarlet LLC USA 100% n.a. Wind energy production 36,293 0 0 -14,626 -14,626 21,667 Eólica de Coahuila, S.A. de C.V. Mexico 51% PwC Wind energy production 7,305 29,436 3,464 5,265 5,265 45,471 Vientos de Coahuila, S.A. de C.V. Mexico 0,01% 99,99% n.a. Wind energy production 136,503 -2,040 0 -4,592 -4,592 129,871 EDPR Servicios de México, S. de R.L. de C.V. Mexico 100% n.a. Other economic activities 7,725 -2,220 0 -65 -65 5,440 Parque Solar Los Cuervos, S. de R.L. de C.V. Mexico 99.99% 0,01% n.a. Photovoltaic energy production 168,990 -211 0 4,950 4,950 173,728 Prospector Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0
Annual Report 2023 Individual Annual Accounts 212 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Rye Patch Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Loblolly Hill Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Meadow Lake Wind Farm VIII LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Loyal Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Marathon Wind Farm LLC USA 100% n.a. Wind energy production 3,276 -3 0 -22 -22 3,251 EDPR Wind Ventures XIX LLC USA 100% n.a. Wind energy production 0 24,271 0 417 417 24,688 Cielo Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Quilt Block Wind Farm II LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Shullsburg Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Loma de la Gloria Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Wrangler Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 San Clemente Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Wildcat Creek Wind Farm LLC USA 100% n.a. Wind energy production 243,883 57 0 -2,170 -2,170 241,770 Indiana Crossroads Wind Farm II LLC USA 100% n.a. Wind energy production 14,472 -37 0 -5 -5 14,430 Bayou Bend Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Poplar Camp Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Avondale Solar Park LLC USA 100% n.a. Photovoltaic energy production 1,815 0 0 -3 -3 1,812 EDPR Wind Ventures XVIII LLC USA 100% n.a. Wind energy production 155,499 27,517 0 14,850 14,850 197,866 2018 Vento XVIII LLC USA 100% PwC Wind energy production 398,474 -450 0 -103 -103 397,922 Coldwater Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Nine Kings Transco LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Sweet Stream Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Blue Harvest Solar Park LLC USA 100% n.a. Photovoltaic energy production 11,743 -21 0 -45 -45 11,678 EDPR Solar Ventures II LLC USA 100% n.a. Photovoltaic energy production 48,565 25,903 0 6,738 6,738 81,206 2017 Sol II LLC USA 100% PwC Photovoltaic energy production 99,135 -162 0 -19 -19 98,954 Cameron Solar LLC USA 100% PwC Photovoltaic energy production 32,154 315 0 39 39 32,508 Estill Solar I LLC USA 100% PwC Photovoltaic energy production 35,279 17 0 -129 -129 35,167 Hampton Solar II LLC USA 100% PwC Photovoltaic energy production 31,980 1,503 0 23 23 33,506 EDPR Wind Ventures XVII LLC USA 100% n.a. Wind energy production 0 32,388 0 5,229 5,229 37,617 Franklin Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Paulding Wind Farm IV LLC USA 100% n.a. Wind energy production 193,569 -4,756 0 -3,185 -3,185 185,628 Rush County Wind Farm LLC USA 100% n.a. Wind energy production 2,698 0 0 0 0 2,698 EDPR South Table LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0
Annual Report 2023 Individual Annual Accounts 213 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Casa Grande Carmel Solar LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Paulding Wind Farm V LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Headwaters Wind Farm II LLC USA 100% n.a. Wind energy production 244,217 -1,885 0 2,607 2,607 244,939 Waverly Wind Farm II LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Spruce Ridge Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Reloj del Sol Wind Farm LLC USA 100% n.a. Wind energy production 303,836 -25,159 0 -4,414 -4,414 274,263 2016 Vento XV LLC USA 100% PwC Wind energy production 416,477 -628 0 -106 -106 415,743 2016 Vento XVI LLC USA 100% PwC Wind energy production 134,786 -589 0 -109 -109 134,088 EDPR Wind Ventures XV LLC USA 100% n.a. Wind energy production 101,936 63,519 0 12,463 12,463 177,918 EDPR Wind Ventures XVI LLC USA 100% n.a. Wind energy production 43,391 9,458 0 3,781 3,781 56,630 Blue Marmot I LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Blue Marmot II LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Drake Peak Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Blue Marmot IV LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Blue Marmot V LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Blue Marmot VI LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Blue Marmot VII LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Blue Marmot VIII LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Blue Marmot IX LLC USA 100% n.a. Wind energy production 1 0 0 -4 -4 -3 Blue Marmot Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Blue Marmot XI LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Horse Mountain Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Riverstart Solar Park II LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Hidalgo Wind Farm II LLC USA 100% n.a. Wind energy production 59,624 9,143 0 -3,522 -3,522 65,245 Long Hollow Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Castle Valley Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 White Stone Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Riverstart Solar Park III LLC USA 100% n.a. Photovoltaic energy production 7,325 -40 0 0 0 7,285 Dry Creek Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Riverstart Solar Park IV LLC USA 100% n.a. Photovoltaic energy production 4,208 0 0 -2 -2 4,207 Riverstart Solar Park V LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Timber Road Solar Park LLC USA 100% n.a. Photovoltaic energy production 9,868 -25 0 -3 -3 9,840 Paulding Wind Farm VI LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Renville County Wind Farm LLC USA 100% n.a. Wind energy production 1,808 0 0 0 0 1,808 EDPR CA Solar Park LLC USA 100% n.a. Photovoltaic energy production 34,868 -20 0 -688 -688 34,161 EDPR CA Solar Park II LLC USA 100% n.a. Photovoltaic energy production 3,269 -65 0 -674 -674 2,531
Annual Report 2023 Individual Annual Accounts 214 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL EDPR CA Solar Park III LLC USA 100% n.a. Photovoltaic energy production 3,744 -8 0 -32 -32 3,703 EDPR CA Solar Park IV LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 EDPR CA Solar Park V LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 EDPR CA Solar Park VI LLC USA 100% n.a. Photovoltaic energy production 514 -228 0 -67 -67 219 EDP Renewables North America LLC USA 100% PwC Holding and wind energy production 5,488,49 7 -616,392 -14,588 -244,371 -244,371 4,613,145 Wind Turbine Prometheus LP USA 100% n.a. Wind energy production 6 -6 0 0 0 0 Lost Lakes Wind Farm LLC USA 100% n.a. Wind energy production 108,894 -1,878 0 -6,881 -6,881 100,135 Whitestone Wind Purchasing LLC USA 100% n.a. Wind energy production 0 3,392 0 -2,176 -2,176 1,216 Blue Canyon Windpower V LLC USA 51% PwC Wind energy production 0 92,363 0 8,515 8,515 100,878 Sagebrush Power Partners LLC USA 100% PwC Wind energy production 124,747 -8,122 0 2,945 2,945 119,569 Marble River LLC USA 100% n.a. Wind energy production 169,853 33,729 0 7,736 7,736 211,318 Blackstone Wind Farm LLC USA 100% n.a. Wind energy production 72,161 1,680 0 7,219 7,219 81,059 Aroostook Wind Energy LLC USA 100% n.a. Wind energy production 44,870 -5,103 0 -5 -5 39,762 Jericho Rise Wind Farm LLC USA 100% PwC Wind energy production 110,482 10,112 0 3,663 3,663 124,256 Martinsdale Wind Farm LLC USA 100% n.a. Wind energy production 4,842 -132 0 -353 -353 4,357 Signal Hill Wind Power Project LLC USA 100% n.a. Wind energy production 4 -4 0 0 0 0 Tumbleweed Wind Power Project LLC USA 100% n.a. Wind energy production 4 -4 0 0 0 0 Stinson Mills Wind Farm LLC USA 100% n.a. Wind energy production 4,380 -93 0 0 0 4,287 OPQ Property LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Meadow Lake Wind Farm LLC USA 100% n.a. Wind energy production 167,800 -18,746 0 1,570 1,570 150,624 Wheat Field Wind Power Project LLC USA 51% PwC Wind energy production 0 50,881 0 5,874 5,874 56,755 High Trail Wind Farm LLC USA 100% PwC Wind energy production 108,302 69,241 0 13,946 13,946 191,489 Madison Windpower LLC USA 100% PwC Wind energy production 18,295 -14,295 0 -1,006 -1,006 2,994 Mesquite Wind LLC USA 100% PwC Wind energy production 84,528 69,183 0 -1,251 -1,251 152,461 BC2 Maple Ridge Wind LLC USA 100% PwC Wind energy production 252,026 -142,241 0 -3,285 -3,285 106,500 Blue Canyon Windpower II LLC USA 100% PwC Wind energy production 247,436 -39,054 0 -17,225 -17,225 191,157 Telocaset Wind Power Partners LLC USA 51% PwC Wind energy production 0 74,889 224 8,253 8,253 83,366 Post Oak Wind LLC USA 51% PwC Wind energy production 90,667 80,107 0 -1,507 -1,507 169,267 High Prairie Wind Farm II LLC USA 51% PwC Wind energy production 39,808 30,996 271 5,240 5,240 76,316 Old Trail Wind Farm LLC USA 51% PwC Wind energy production 77,908 103,475 1,767 14,479 14,479 197,629 Cloud County Wind Farm LLC USA 51% PwC Wind energy production 111,110 46,251 0 8,063 8,063 165,424 Pioneer Prairie Wind Farm I LLC USA 51% PwC Wind energy production 146,817 126,976 5,596 15,197 15,197 294,586 Arlington Wind Power Project LLC USA 51% PwC Wind energy production 45,039 37,646 0 4,470 4,470 87,155
Annual Report 2023 Individual Annual Accounts 215 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Rail Splitter Wind Farm LLC USA 100% PwC Wind energy production 175,946 -61,161 0 1,726 1,726 116,511 Meadow Lake Wind Farm II LLC USA 100% PwC Wind energy production 131,137 -20,207 0 -1,557 -1,557 109,372 Black Prairie Wind Farm LLC USA 100% n.a. Wind energy production 1,110 -3 0 0 0 1,107 Meadow Lake Wind Farm IV LLC USA 100% n.a. Wind energy production 77,085 -8,844 0 1,884 1,884 70,126 Blackstone Wind Farm II LLC USA 100% n.a. Wind energy production 160,923 4,509 0 15,423 15,423 180,854 Saddleback Wind Power Project LLC USA 100% n.a. Wind energy production 1,270 -1,266 0 0 0 4 Meadow Lake Wind Farm III LLC USA 100% n.a. Wind energy production 78,274 5,501 0 4,839 4,839 88,614 2007 Vento I LLC USA 100% PwC Wind energy production 461,790 51,916 0 3,538 3,538 517,244 2007 Vento II LLC USA 51% PwC Wind energy production 195,827 -5,312 0 -136 -136 190,379 2008 Vento III LLC USA 51% PwC Wind energy production 309,315 -6,517 0 -6 -6 302,792 2009 Vento V LLC USA 51% PwC Wind energy production 994 -1,247 0 -3 -3 -256 Horizon Wind Ventures I LLC USA 100% n.a. Wind energy production 12,266 446,532 0 -756 -756 458,042 Horizon Wind Ventures III LLC USA 51% n.a. Wind energy production 0 -2,892 0 459 459 -2,433 Clinton County Wind Farm LLC USA 100% n.a. Wind energy production 169,860 -7 0 0 0 169,853 Antelope Ridge Wind Power Project LLC USA 100% n.a. Wind energy production 12,028 -12,028 0 0 0 0 Lexington Chenoa Wind Farm II LLC USA 100% n.a. Wind energy production 2,217 -564 0 0 0 1,653 Blackstone Wind Farm III LLC USA 100% n.a. Wind energy production 5,884 -5,884 0 0 0 0 Paulding Wind Farm LLC USA 100% n.a. Wind energy production 33 -33 0 0 0 0 Paulding Wind Farm II LLC USA 51% PwC Wind energy production 45,501 59,304 0 11,289 11,289 116,095 Waverly Wind Farm LLC USA 51% PwC Wind energy production 203,625 30,143 0 4,300 4,300 238,069 Blue Canyon Windpower VI LLC USA 100% PwC Wind energy production 78,806 17,841 0 -5,204 -5,204 91,443 Paulding Wind Farm III LLC USA 100% PwC Wind energy production 136,228 15,651 0 7,495 7,495 159,374 2011 Vento IX LLC USA 51% PwC Wind energy production 45,556 -1,223 0 -118 -118 44,215 Horizon Wind Ventures IX LLC USA 51% n.a. Wind energy production 9,472 -1,560 0 1,678 1,678 9,590 EDPR Vento IV Holding LLC USA 100% PwC Wind energy production 117,883 17,733 0 0 0 135,616 Headwaters Wind Farm LLC USA 51% PwC Wind energy production 179,243 69,168 0 14,717 14,717 263,128 Lone Valley Solar Park I LLC USA 50% PwC Photovoltaic energy production 20,308 1,775 0 421 421 22,504 Lone Valley Solar Park II LLC USA 50% PwC Photovoltaic energy production 33,335 6,927 0 1,648 1,648 41,909 Rising Tree Wind Farm LLC USA 51% PwC Wind energy production 70,136 45,727 0 8,455 8,455 124,318 Arbuckle Mountain Wind Farm LLC USA 51% PwC Wind energy production 131,589 -8,774 0 -1,368 -1,368 121,447 Hidalgo Wind Farm LLC USA 100% PwC Wind energy production 305,957 22,877 0 -25,303 -25,303 303,531 Rising Tree Wind Farm III LLC USA 51% PwC Wind energy production 102,970 45,094 0 8,121 8,121 156,185 Rising Tree Wind Farm II LLC USA 51% PwC Wind energy production 19,818 6,467 0 723 723 27,008 Wheat Field Holding LLC USA 51% PwC Holding 0 -32,647 0 -2 -2 -32,649 EDPR WF LLC USA 100% n.a. Wind energy production 46,238 0 0 0 0 46,238
Annual Report 2023 Individual Annual Accounts 216 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Sustaining Power Solutions LLC USA 100% n.a. Wind energy production 167,881 -111,831 0 -31,601 -31,601 24,450 Green Power Offsets LLC USA 100% n.a. Wind energy production 10 -10 0 0 0 0 Arkwright Summit Wind Farm LLC USA 100% PwC Wind energy production 161,224 5,220 0 5,352 5,352 171,796 Randolph Solar Park LLC USA 100% n.a. Photovoltaic energy production 29,866 -34 0 -102 -102 29,729 EDPR Vento I Holding LLC USA 100% n.a. Wind energy production 227,032 0 0 0 0 227,032 Turtle Creek Wind Farm LLC USA 100% PwC Wind energy production 237,272 14,537 0 6,443 6,443 258,252 Rio Blanco Wind Farm LLC USA 100% n.a. Wind energy production 2,899 -1 0 0 0 2,899 BC2 Maple Ridge Holdings LLC USA 100% n.a. Holding 0 0 0 0 0 0 Plum Nellie Wind Farm LLC USA 100% n.a. Wind energy production 3,745 -6 0 -52 -52 3,686 Five-Spot LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Horizon Wind Chocolate Bayou I LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Alabama Ledge Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Ashford Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Athena- Weston Wind Power Project LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Lexington Chenoa Wind Farm III LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Blackstone Wind Farm IV LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 WTP Management Company LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Blackstone Wind Farm V LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Blue Canyon Windpower III LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Blue Canyon Windpower IV LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Broadlands Wind Farm II LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Broadlands Wind Farm III LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Chateaugay River Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Cropsey Ridge Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 EDPR Wind Ventures X LLC USA 100% n.a. Wind energy production 0 66,223 0 514 514 66,737 EDPR Wind Ventures XI LLC USA 51% n.a. Wind energy production 6,023 56,433 0 11,676 11,676 74,132 EDPR Wind Ventures XII LLC USA 51% n.a. Wind energy production 20,280 8,845 0 3,487 3,487 32,611 EDPR Wind Ventures XIII LLC USA 51% n.a. Wind energy production 62,023 37,327 0 10,208 10,208 109,557 EDPR Wind Ventures XIV LLC USA 51% n.a. Wind energy production 23,428 38,707 0 11,659 11,659 73,794 Crossing Trails Wind Power Project LLC USA 100% n.a. Wind energy production 143,858 -1,482 0 -2,252 -2,252 140,124 Dairy Hills Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Diamond Power Partners LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 East Klickitat Wind Power Project LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0
Annual Report 2023 Individual Annual Accounts 217 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Ford Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Gulf Coast Windpower Management Company LLC USA 75% n.a. Wind energy production 0 0 0 0 0 0 Horizon Wind Energy Northwest IV LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Horizon Wind Energy Northwest VII LLC USA 100% n.a. Wind energy production 0 0 0 -140 -140 -140 Horizon Wind Energy Northwest X LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Horizon Wind Energy Northwest XI LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Horizon Wind Energy Panhandle I LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Horizon Wind Energy Southwest I LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Horizon Wind Energy Southwest II LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Horizon Wind Energy Southwest III LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Horizon Wind Energy Southwest IV LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Horizon Wind Energy Valley I LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Horizon Wind MREC Iowa Partners LLC USA 75% n.a. Wind energy production 0 0 0 0 0 0 Horizon Wind Freeport Windpower I LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Juniper Wind Power Partners LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Machias Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Blue Canyon Windpower VII LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 New Trail Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 North Slope Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Number Nine Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Pacific Southwest Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Horizon Wyoming Transmission LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Buffalo Bluff Wind Farm LLC USA 100% n.a. Wind energy production 4,620 0 0 -1 -1 4,619 Sardinia Windpower LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Rail Splitter Wind Farm II LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Western Trail Wind Project I LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Whistling Wind WI Energy Center LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Simpson Ridge Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Coos Curry Wind Power Project LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0
Annual Report 2023 Individual Annual Accounts 218 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Horizon Wind Energy Midwest IX LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Horizon Wind Energy Northwest I LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 AZ Solar LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Peterson Power Partners LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Big River Wind Power Project LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Tug Hill Windpower LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Whiskey Ridge Power Partners LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Wilson Creek Power Project LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Black Prairie Wind Farm II LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Black Prairie Wind Farm III LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 2015 Vento XIV LLC USA 51% PwC Wind energy production 204,363 -673 0 -109 -109 203,581 2011 Vento X LLC USA 100% PwC Wind energy production 77,780 -1,165 0 -180 -180 76,435 Simpson Ridge Wind Farm II LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Simpson Ridge Wind Farm III LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Simpson Ridge Wind Farm IV LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Simpson Ridge Wind Farm V LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Athena- Weston Wind Power Project II LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 17th Star Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Green Country Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 2014 Vento XI LLC USA 51% PwC Wind energy production 178,014 -103 0 -3 -3 177,908 EDPR Solar Ventures I LLC USA 50% n.a. Photovoltaic energy production 28,535 21,400 0 137 137 50,073 2014 Sol I LLC USA 50% PwC Photovoltaic energy production 54,026 -608 0 -75 -75 53,342 2014 Vento XII LLC USA 51% PwC Wind energy production 89,882 -119 0 -5 -5 89,758 Rolling Upland Wind Farm LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 2015 Vento XIII LLC USA 51% PwC Wind energy production 232,433 -910 0 -111 -111 231,412 EDP Renewables SH Project Limited Partnership Canada 100% n.a. Wind energy production 33,907 -1,595 7,511 -877 -877 38,946 EDP Renewables Canada Ltd. Canada 100% n.a. Holding 142,184 -2,789 -163 -1,694 -1,694 137,538 SBWF GP Inc. Canada 51% n.a. Wind energy production 0 1 0 0 0 1 South Dundas Windfarm Limited Partnership Canada 51% PwC Wind energy production 0 22,552 1,208 3,975 3,975 27,735 Nation Rise Wind Farm GP Inc. Canada 100% PwC Wind energy production 1 -18 0 -6 -6 -23 Nation Rise Wind Farm Limited Partnership Canada 50% n.a. Wind energy production 51,693 213 6,579 2,860 2,860 61,346 South Branch Wind Farm II GP Inc. Canada 100% n.a. Wind energy production 0 0 0 0 0 0
Annual Report 2023 Individual Annual Accounts 219 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL South Branch Wind Farm II Limited Partnership Canada 100% n.a. Wind energy production 417 -437 0 -69 -69 -88 EDP Renewables SH Project GP Ltd. Canada 100% n.a. Wind energy production 3 0 0 -2 -2 2 EDP Renováveis Brazil, S.A. Brazil 100% PwC Holding 558,556 28,504 -2,172 86,578 86,578 671,465 Central Nacional de Energia Eólica, S.A. Brazil 51% PwC Wind energy production 2,198 144 0 1,296 1,296 3,639 Elebrás Projetos, S.A. Brazil 51% PwC Wind energy production 18,405 -725 0 12,569 12,569 30,250 Central Eólica Boqueirão I, S.A. Brazil 100% PwC Wind energy production 17,773 -20 0 -451 -451 17,303 Central Eólica Baixa do Feijão I, S.A. Brazil 51% PwC Wind energy production 6,955 2,371 0 -131 -131 9,195 Central Eólica Baixa do Feijão II, S.A. Brazil 51% PwC Wind energy production 7,192 2,577 0 22 22 9,791 Central Eólica Baixa do Feijão III, S.A. Brazil 51% PwC Wind energy production 11,956 320 0 -512 -512 11,764 Central Eólica Baixa do Feijão IV, S.A. Brazil 51% PwC Wind energy production 7,880 1,487 0 -317 -317 9,050 Central Eólica JAU, S.A. Brazil 51% PwC Wind energy production 30,868 10,282 0 -242 -242 40,908 Central Eólica Aventura I, S.A. Brazil 51% PwC Wind energy production 14,486 1,522 0 -725 -725 15,283 Central Eólica Asas de Zabelê I, S.A. Brazil 100% 0 0 0 0 0 0 Central Eólica Asas de Zabelê II, S.A. Brazil 100% 0 0 0 0 0 0 Central Eólica Boqueirão II, S.A. Brazil 100% PwC Wind energy production 12,458 -14 0 -395 -395 12,048 Monte Verde Holding, S.A. Brazil 100% PwC Holding 49,282 -214 0 -4,193 -4,193 44,874 Central Eólica Monte Verde I, S.A. Brazil 100% PwC Wind energy production 10,454 -35 0 -886 -886 9,534 Central Eólica Monte Verde II, S.A. Brazil 100% PwC Wind energy production 10,454 -29 0 -891 -891 9,535 Central Eólica Monte Verde III, S.A. Brazil 100% PwC Wind energy production 9,147 -32 0 -787 -787 8,328 Central Eólica Monte Verde IV, S.A. Brazil 100% PwC Wind energy production 7,187 -28 0 -643 -643 6,517 Central Eólica Monte Verde V, S.A. Brazil 100% PwC Wind energy production 5,227 -19 0 -452 -452 4,756 Central Eólica Monte Verde VI, S.A. Brazil 100% PwC Wind energy production 6,822 -33 0 -527 -527 6,262 Central Geradora Fotovoltaica Monte Verde Solar II, S.A. Brazil 100% n.a. Photovoltaic energy production 1,011 0 -1,713 -7 -7 -710 Central Geradora Fotovoltaica Monte Verde Solar III, S.A. Brazil 100% n.a. Photovoltaic energy production 1,011 0 -1,713 -6 -6 -709 Central Geradora Fotovoltaica Monte Verde Solar IV, S.A. Brazil 100% n.a. Photovoltaic energy production 1,011 0 -1,713 -7 -7 -709 Central Eólica Asas de Zabelê III, S.A. Brazil 100% 0 0 0 0 0 0 Central Solar Pereira Barreto I, S.A. Brazil 100% PwC Photovoltaic energy production 6,973 1,410 0 17 17 8,400 Central Solar Pereira Barreto II, S.A. Brazil 100% PwC Photovoltaic energy production 18,195 1,210 0 345 345 19,750 Central Solar Pereira Barreto III, S.A. Brazil 100% PwC Photovoltaic energy production 6,162 1,046 0 -1 -1 7,207 Central Solar Pereira Barreto IV, S.A. Brazil 100% PwC Photovoltaic energy production 9,709 682 0 68 68 10,460
Annual Report 2023 Individual Annual Accounts 220 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Central Solar Pereira Barreto V, S.A. Brazil 100% PwC Photovoltaic energy production 2,489 -118 0 -221 -221 2,150 Central Solar Lagoa I, S.A. Brazil 100% n.a. Photovoltaic energy production 179 -1 0 -27 -27 151 Central Solar Lagoa II, S.A. Brazil 100% n.a. Photovoltaic energy production 179 -1 0 -27 -27 151 Central Geradora Fotovoltaica Monte Verde Solar V, S.A. Brazil 100% n.a. Photovoltaic energy production 1,011 0 -1,713 -7 -7 -709 Central Geradora Fotovoltaica Monte Verde Solar VII, S.A. Brazil 100% n.a. Photovoltaic energy production 1,011 0 -1,713 -6 -6 -708 Jerusalém Holding, S.A. Brazil 100% PwC Holding 36,319 -194 0 -2,385 -2,385 33,739 Central Eólica Jerusalém I, S.A. Brazil 100% PwC Wind energy production 5,912 -33 0 -385 -385 5,494 Central Eólica Jerusalém II, S.A. Brazil 100% PwC Wind energy production 5,912 -26 0 -384 -384 5,503 Central Eólica Jerusalém III, S.A. Brazil 100% PwC Wind energy production 5,912 -30 0 -412 -412 5,471 Central Eólica Jerusalém IV, S.A. Brazil 100% PwC Wind energy production 5,912 -26 0 -382 -382 5,504 Central Eólica Jerusalém V, S.A. Brazil 100% PwC Wind energy production 5,912 -26 0 -382 -382 5,505 Central Eólica Jerusalém VI, S.A. Brazil 100% PwC Wind energy production 6,793 -27 0 -432 -432 6,334 Central Eólica Amanhecer I, S.A. Brazil 100% n.a. Wind energy production 0 0 0 0 0 0 Central Eólica Amanhecer II, S.A. Brazil 100% n.a. Wind energy production 0 0 0 0 0 0 Central Eólica Amanhecer III, S.A. Brazil 100% n.a. Wind energy production 0 0 0 0 0 0 EDP Renewables Canada Management Services Ltd Canada 100% n.a. Holding 0 -2,636 0 0 0 -2,636 EDP Renewables Sask SE GP Ltd Canada 100% n.a. Wind energy production 0 0 0 0 0 0 EDP Renewables Sask SE Limited Partnership Canada 100% n.a. Wind energy production 0 -713 0 -248 -248 -962 Kennedy Wind Farm GP Ltd Canada 100% n.a. Wind energy production 0 0 0 0 0 0 Kennedy Wind Farm Limited Partnership Canada 100% n.a. Wind energy production 0 -214 0 -43 -43 -257 Bromhead Solar Park GP Ltd Canada 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Bromhead Solar Park Limited Partnership Canada 100% n.a. Photovoltaic energy production 0 -214 0 -43 -43 -257 Halbrite Solar Park GP Ltd Canada 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Halbrite Solar Park Limited Partnership Canada 100% n.a. Photovoltaic energy production 0 -214 0 -43 -43 -257 Blue Bridge Solar Park GP Ltd Canada 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Blue Bridge Solar Park Limited Partnership Canada 100% n.a. Photovoltaic energy production 0 -214 0 -43 -43 -257 EDP Renewables SH II Project GP Ltd Canada 100% n.a. Wind energy production 0 0 0 0 0 0 EDP Renewables SH II Project Limited Partnership Canada 100% n.a. Wind energy production 0 0 0 0 0 0 Sounding Creek Solar Park GP Ltd. Canada 100% 0 0 0 0 0 0
Annual Report 2023 Individual Annual Accounts 221 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Sounding Creek Solar Park LP Canada 100% 0 0 0 0 0 0 Edgeware BESS Project GP Ltd. Canada 100% 0 0 0 0 0 0 Edgeware BESS Project LP Canada 100% 0 0 0 0 0 0 Central Eólica Asas de Zabelê IV, S.A. Brazil 100% 0 0 0 0 0 0 Central Solar Zebu I, S.A. Brazil 100% 638 -85 0 0 0 553 Central Solar Zebu II, S.A. Brazil 100% 0 0 0 0 0 0 Central Solar Zebu III, S.A. Brazil 100% 0 0 0 0 0 0 Central Solar Zebu IV, S.A. Brazil 100% 0 0 0 0 0 0 Central Solar Zebu V, S.A. Brazil 100% 0 0 0 0 0 0 Central Solar Zebu VI, S.A. Brazil 100% 0 0 0 0 0 0 Central Eólica Amanhecer IV, S.A. Brazil 100% n.a. Wind energy production 0 0 0 0 0 0 Central Eólica Amanhecer V, S.A. Brazil 100% n.a. Wind energy production 0 0 0 0 0 0 Central Eólica Amanhecer VI, S.A. Brazil 100% n.a. Wind energy production 0 0 0 0 0 0 Central Eólica Amanhecer VII, S.A. Brazil 100% n.a. Wind energy production 0 0 0 0 0 0 Central Eólica Catanduba I, S.A. Brazil 100% PwC Wind energy production 0 -204 204 -102 -102 -102 Central Eólica Catanduba II, S.A. Brazil 100% PwC Wind energy production 0 -13 204 -28 -28 163 Central Solar Novo Oriente I, S.A. Brazil 100% n.a. Photovoltaic energy production 177 0 -253 -9 -9 -84 Central Solar Novo Oriente II, S.A. Brazil 100% n.a. Photovoltaic energy production 177 0 -253 -9 -9 -84 Central Solar Novo Oriente III, S.A. Brazil 100% n.a. Photovoltaic energy production 177 0 -253 -9 -9 -84 Central Solar Novo Oriente IV, S.A. Brazil 100% n.a. Photovoltaic energy production 177 0 -253 -4 -4 -80 Central Solar Novo Oriente V, S.A. Brazil 100% n.a. Photovoltaic energy production 177 0 -285 -4 -4 -112 Central Solar Novo Oriente VI, S.A. Brazil 100% n.a. Photovoltaic energy production 177 0 -285 -4 -4 -112 Vento Ludens Ltd United Kingdom 100% PwC Wind energy production 9 853 0 -4,248 -4,248 -3,386 Muirake Wind Farm Ltd United Kingdom 79% PwC Wind energy production 0 -156 0 1,710 1,710 1,554 Lurg Hill Wind Farm Ltd United Kingdom 100% n.a. Wind energy production 0 -391 0 -350 -350 -741 Solar Italy I, S.r.l. Italy 100% 10 961 0 -73 -73 899 Solar Italy II, S.r.l. Italy 100% 10 979 -693 -119 -119 176 Solar Italy IV, S.r.l. Italy 100% 10 978 0 -61 -61 927 Eoles Montjean, S.A.S. France 100% 849 0 0 -1 -1 849 EDP Renewables Chile, SpA Chile 100% n.a. Holding 6,526 -334 0 -1,380 -1,380 4,813 Los Llanos Solar, SpA Chile 100% n.a. Photovoltaic energy production 1 -478 0 -540 -540 -1,017 Parque Eólico Punta de Talca, SpA Chile 100% n.a. Wind energy production 336 -1,036 -413 -1,370 -1,370 -2,483 Parque Eólico San Andrés, SpA Chile 100% n.a. Wind energy production 411 -760 0 -384 -384 -732 Parque Eólico Victoria, SpA Chile 100% n.a. Wind energy production 1,229 -1,493 0 -349 -349 -612 Central Eólica Asas de Zabelê V, S.A. Brazil 100% 0 0 0 0 0 0
Annual Report 2023 Individual Annual Accounts 222 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Central Eólica Asas de Zabelê VI, S.A. Brazil 100% 0 0 0 0 0 0 Central Eólica Asas de Zabelê VII, S.A. Brazil 100% 0 0 0 0 0 0 Central Solar Zebu VII, S.A. Brazil 100% 0 0 0 0 0 0 Central Solar Zebu VIII, S.A. Brazil 100% 0 0 0 0 0 0 Central Solar Zebu IX, S.A. Brazil 100% 0 0 0 0 0 0 Central Solar Presidente JK I, S.A. Brazil 100% 565 -563 0 0 0 2 Central Solar Presidente JK II, S.A. Brazil 100% 0 0 0 0 0 0 Central Solar Presidente JK III, S.A. Brazil 100% 0 0 0 0 0 0 Central Solar Presidente JK IV, S.A. Brazil 100% 0 0 0 0 0 0 Central Solar Presidente JK V, S.A. Brazil 100% 0 0 0 0 0 0 Central Solar Presidente JK VI, S.A. Brazil 100% 0 0 0 0 0 0 Central Solar Presidente JK VII, S.A. Brazil 100% 0 0 0 0 0 0 Central Solar Presidente JK VIII, S.A. Brazil 100% 0 0 0 0 0 0 Central Solar Presidente JK IX, S.A. Brazil 100% 0 0 0 0 0 0 Central Solar Presidente JK X, S.A. Brazil 100% 0 0 0 0 0 0 Central Solar Presidente JK XI, S.A. Brazil 100% 0 0 0 0 0 0 Central Solar Presidente JK XII, S.A. Brazil 100% 0 0 0 0 0 0 Central Geradora Fotovoltaica Monte Verde Solar I, S.A. Brazil 100% 0 0 0 0 0 0 Central Geradora Fotovoltaica Monte Verde Solar VI, S.A. Brazil 100% 0 0 0 0 0 0 Farma Fotowoltaiczn a Warta, Sp. z o.o. Poland 100% 1 0 0 -7 -7 -6 Farma Fotowoltaiczn a Wielkopolska, Sp. z o.o. Poland 100% 1 0 0 -2 -2 -1 Farma Fotowoltaiczn a Radziejów, Sp. z o.o. Poland 100% 1 0 0 -7 -7 -6 Farma Fotowoltaiczn a Ujazd, Sp. z o.o. Poland 100% 1 0 0 -3 -3 -2 Farma Fotowoltaiczn a Budzyn, Sp. z o.o. Poland 100% 1 0 0 -2 -2 -1 Farma Fotowoltaiczn a Dobrzyca, Sp. z o.o. Poland 100% 1 0 0 -2 -2 -1 Farma Fotowoltaiczn a Tomaszów, Sp. z o.o. Poland 100% 1 0 0 -5 -5 -4 EDP Renewables Germany GmbH Alemania 100% 25 0 0 -26 -26 -1 Trung Song SG Pte. Ltd. Singapore 100% PwC Photovoltaic energy production 10,008 -226 0 -434 -434 9,348 LYS Energy Investment Pte. Ltd. Singapore 100% PwC Photovoltaic energy production 10,008 -1,697 0 -416 -416 7,895
Annual Report 2023 Individual Annual Accounts 223 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Sunseap Group Pte. Ltd. Singapore 92% 390,544 -28,533 0 -9,348 -9,348 352,663 Sunseap International Pte. Ltd. Singapore 100% 19,713 -11,190 0 -3,540 -3,540 4,984 Sunseap Engineering Pte. Ltd. Singapore 100% 1,469 2,261 0 -5,463 -5,463 -1,733 Sunseap Leasing Pte. Ltd. Singapore 100% 80,318 1,079 -3,374 -251 -251 77,771 Sunseap Leasing Beta Pte. Ltd. Singapore 100% 2,797 -238 180 697 697 3,437 SolarNova Phase 1 Pte. Ltd. Singapore 100% 699 6,744 0 4,013 4,013 11,456 Sunseap Commercial Assets Pte. Ltd. Singapore 100% 97 -6 0 191 191 283 Sunseap Energy Pte. Ltd. Singapore 100% 3,497 -51,756 -2,630 7,984 7,984 -42,905 Sunseap Solutions Pte. Ltd. Singapore 100% 629 -2,649 0 -974 -974 -2,994 Sunseap Vpower Pte. Ltd. Singapore 100% 0 -791 0 242 242 -550 Uper Renewable Energy (Singapore) Pte. Ltd. Singapore 100% 97 -502 0 -324 -324 -730 Sunseap SolarNova Pte. Ltd. Singapore 100% 0 -662 0 -58 -58 -720 Sunseap Commercial Holdings Pte. Ltd. Singapore 100% 0 -118 0 -8 -8 -126 Sunseap Energy Ventures Pte. Ltd. Singapore 100% 0 -367 0 -903 -903 -1,270 Sunseap Leasing Alpha Pte. Ltd. Singapore 100% 0 -40 0 -8 -8 -49 Sunseap Vietnam Pte. Ltd. Singapore 100% 36,793 -1,196 0 -20 -20 35,577 Sunseap CMX RE Solar Holdings Pte. Ltd. Singapore 100% 0 10,410 0 3,353 3,353 13,764 Sunseap Commercial & Industrial Assets (S.E.A.) Holdings Pte. Ltd. Singapore 100% 70 -307 0 76 76 -161 Sunseap Vietnam Beta Pte. Ltd. Singapore 100% 0 -192 0 -36 -36 -227 Sunseap Links Pte. Ltd. Singapore 80% 0 -5,481 0 17 17 -5,464 Sunseap Vietnam Gamma Pte. Ltd. Singapore 100% 0 -79 0 -37 -37 -116 Sunseap Links Daklong Pte. Ltd. Singapore 95% 0 -6,457 0 -7 -7 -6,464 Sunseap China Pte. Ltd. Singapore 100% 8,378 -126 0 -49 -49 8,203 Sunseap Japan Pte. Ltd. Singapore 100% 0 -362 0 -18 -18 -380 Sunseap Taiwan Pte. Ltd. Singapore 100% 0 -194 0 -61 -61 -255 Sunseap Australia Holdings Pte. Ltd. Singapore 100% 0 -2,152 0 -1,321 -1,321 -3,473 Sunseap Philippines Solar Holdings Pte. Ltd. Singapore 100% 3,295 279 0 -8 -8 3,566 Sunseap Delta Holdings Pte. Ltd. Singapore 100% 0 -13 0 -15 -15 -28 EDPR Sunseap Korea Holdings Pte. Ltd. Singapore 100% 0 -12 0 -8 -8 -20 Sunseap Gamma Singapore 100% 0 -11 0 -7 -7 -19
Annual Report 2023 Individual Annual Accounts 224 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Holdings Pte. Ltd. Sunseap Gamma Assets Pte. Ltd. Singapore 100% 0 -29 0 -40 -40 -69 SolarNova 4 Beta Holdings Pte. Ltd. Singapore 100% 0 -11 0 -6 -6 -17 SolarNova 4 Beta Assets Pte. Ltd. Singapore 100% 0 -2,213 -53,023 -48 -48 -55,284 Solarland Alpha Holdings Pte. Ltd. Singapore 100% 0 -20 0 -7 -7 -27 Solarland Alpha Assets Pte. Ltd. Singapore 100% 0 -1,531 -23,933 -439 -439 -25,903 Data4Eco Holdings Pte. Ltd. Singapore 60% 35 -47 0 -32 -32 -44 Sunseap Indonesia Pte. Ltd. Singapore 100% 0 -85 0 -40 -40 -125 Sunseap Batam Pte. Ltd. Singapore 100% 0 -183 0 -9 -9 -192 Solar PV Exchange Pte. Ltd. Singapore 100% 860 -782 0 6 6 84 Sunseap Australia Investments Pty. Ltd. Australia 100% 1,900 -3,211 0 -63 -63 -1,374 Sunseap Australia Pty. Ltd. Australia 100% 0 -670 0 -45 -45 -715 Sunseap Assets (Australia) Pty. Ltd. Australia 100% 13 -9 0 -3 -3 1 Sunseap Solar Camboya Co., Ltd. Cambodia 100% 1 -18 0 -5 -5 -22 Dongying Daoli New Energy Co., Ltd. China 100% 395 -3 0 -1 -1 390 Jinan Xingsheng Energy Co., Ltd. China 100% 1,732 -13 0 174 174 1,893 Shanghai Jingwen Equity Investment Center LP China 90% 8,766 -769 0 555 555 8,552 Suzhou Xingdao New Energy Technology Co., Ltd. China 100% 218 0 0 -2 -2 215 Yuzhou Yixing Energy Technology Co., Ltd. China 100% 4 0 0 -1 -1 3 State Cloud Sunseap Equity Investment Partnership LP China 80% 547 0 0 1 1 548 Yancheng Qingneng Power Technology Co., Ltd. China 100% 186 0 0 -1 -1 185 Qinghe County Xinou Funeng New Energy Technology Co., Ltd. China 100% 411 0 0 -2 -2 409 Rongcheng Xingyi New Energy Technology Co., Ltd. China 100% 1,020 0 0 -24 -24 996 Wuhan Panshuo Energy Technology Co., Ltd. China 100% 663 0 0 -1 -1 662 Qingdao Xingqi Energy Co., Ltd. China 100% 142 0 0 -2 -2 140 Heze Dechen New Energy Co., Ltd. China 100% 320 0 0 -2 -2 318 Weihai Deao New Energy Technology Co., Ltd. China 100% 3 0 0 -1 -1 2
Annual Report 2023 Individual Annual Accounts 225 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Hubei Jianghui New Energy Co., Ltd. China 100% 684 0 0 -3 -3 681 Sunseap China Energy (Qingdao) Co., Ltd. China 100% 5 0 0 -1 -1 4 Sunseap Energy (Malaysia) Sdn. Bhd. Malaysia 100% 583 -443 0 -573 -573 -433 Sunseap Taiwan Solar Holdings Ltd. Taiwan 100% 14,056 -816 0 -92 -92 13,147 Pacific Sunseap Energy Ltd. Taiwan 65% 10,689 -20 0 -19 -19 10,650 Top Green Energy Ltd. Taiwan 65% 10,504 401 0 122 122 11,027 Sunseap Advance Green Technology Ltd. Taiwan 100% 3,080 25 0 42 42 3,147 Sunseap Advance International Ltd. Taiwan 100% 154 -16 0 -1 -1 137 Shuangjian Photoelectric Ltd. Taiwan 70% 1,602 -96 0 46 46 1,552 Hoya Energy Ltd. Taiwan 100% 6,130 -62 0 134 134 6,202 Sunseap Energy (Thailand) Co., Ltd. Thailand 96% 1,228 -794 0 -79 -79 355 Thai-Sunseap Co., Ltd. Thailand 67% 6,162 -683 0 -14 -14 5,465 CMX RE Sunseap Vietnam Solar Power Co., Ltd. Vietnam 55% 42,314 5,671 -293 5,374 5,374 53,066 Sunseap Commercial & Industrial Assets (Vietnam) Co., Ltd. Vietnam 100% 4,905 410 0 -6,642 -6,642 -1,327 Uper Renewable Energy Vietnam Co., Ltd. Vietnam 100% 92 4 0 27 27 123 Powersource Sunseap Corp. Philippines 40% 0 0 0 0 0 0 Powersource Sunseap Solar Solution Corp. Philippines 40% 0 0 0 0 0 0 RE Capital Co., Ltd. Japón 100% 1,457 263 0 -2,140 -2,140 -420 PT Sunseap Commercial Industrial Indonesia Asset Indonesia 99% 607 -7 0 -26 -26 573 PT Sunseap Batam Energy Indonesia 99% 607 -3 0 -354 -354 250 PT Right People Renewable Energy Indonesia 100% 613 -500 0 -114 -114 -1 Sunseap China Energy (Shanghai) Ltd. China 100% 9,111 2,503 0 -1,538 -1,538 10,076 Ningbo Jiangbei Baoyi LP China 60% 149 154 0 77 77 381 Tianjin Xingsheng Energy Development Co., Ltd. China 100% 0 0 0 -2 -2 -2 Zhenjiang Ruichengda New Energy Co., Ltd. China 100% 93 0 0 0 0 93 Dongguan Jiehuang New Energy Technology Co., Ltd. China 100% 612 0 0 -1 -1 610 Tianjin Xingrun Energy Development Co., Ltd. China 100% 0 0 0 0 0 0 Wuxi Lingzhong China 100% 1,023 0 0 0 0 1,023
Annual Report 2023 Individual Annual Accounts 226 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL New Energy Technology Co., Ltd. Suzhou Xingyi Energy Engineering Co., Ltd. China 100% 193 0 0 -2 -2 191 Suzhou Liansong New Energy Technology Co., Ltd. China 100% 0 0 0 0 0 0 Chongqing Xingzhi New Energy Technology Co., Ltd. China 100% 0 0 0 0 0 0 Solar Barra I, S.A. Brazil 100% 0 0 0 0 0 0 Solar Barra II, S.A. Brazil 100% 0 0 0 0 0 0 Solar Barra III, S.A. Brazil 100% 0 0 0 0 0 0 Solar Barra IV, S.A. Brazil 100% 0 0 0 0 0 0 Central Eólica Borborema I, S.A. Brazil 100% 0 0 0 -2 -2 -2 Central Eólica Borborema II, S.A. Brazil 100% 0 0 0 -2 -2 -2 Central Eólica Borborema III, S.A. Brazil 100% 0 0 0 -2 -2 -2 Central Eólica Borborema IV, S.A. Brazil 100% 0 0 0 -2 -2 -2 Central Eólica Itaúna I, S.A. Brazil 100% 0 0 0 0 0 0 Central Eólica Itaúna II, S.A. Brazil 100% 0 0 0 0 0 0 Central Eólica São Domingos I, S.A. Brazil 100% 0 0 0 0 0 0 Central Eólica São Domingos II, S.A. Brazil 100% 0 0 0 0 0 0 Central Eólica São Domingos III, S.A. Brazil 100% 0 0 0 0 0 0 Eólica Barra I, S.A. Brazil 100% 0 0 0 0 0 0 Eólica Barra II, S.A. Brazil 100% 0 0 0 0 0 0 Eólica Barra III, S.A. Brazil 100% 0 0 0 0 0 0 Eólica Barra IV, S.A. Brazil 100% 0 0 0 0 0 0 Eólica Barra V, S.A. Brazil 100% 0 0 0 0 0 0 Eólica Barra VI, S.A. Brazil 100% 0 0 0 0 0 0 Eólica Barra VII, S.A. Brazil 100% 0 0 0 0 0 0 Eólica Barra VIII, S.A. Brazil 100% 0 0 0 0 0 0 Eólica Barra IX, S.A. Brazil 100% 0 0 0 0 0 0 Eólica Barra X, S.A. Brazil 100% 0 0 0 0 0 0 Eólica Barra XI, S.A. Brazil 100% 0 0 0 0 0 0 EDPRNA DG Illinois Development LLC USA 85% 45 0 0 -113 -113 -68 EDPRNA DG Wisconsin Development LLC USA 85% 56 0 0 -64 -64 -8 EDPRNA DG New York Development LLC USA 85% 17 0 0 -149 -149 -131 EDPRNA DG Mississippi Development LLC USA 85% 42 0 0 -77 -77 -35 EDPR NA DG Missouri Development LLC USA 85% 13 0 0 -17 -17 -5 EDPRNA DG Ohio USA 85% 176 0 0 -314 -314 -138
Annual Report 2023 Individual Annual Accounts 227 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Development LLC EDPRNA DG Texas Development LLC USA 85% 32 0 0 -51 -51 -19 EDPRNA DG Georgia Development LLC USA 85% 9 0 0 -15 -15 -5 EDPRNA DG California Development LLC USA 85% 0 0 0 0 0 0 EDPRNA DG Indiana Development LLC USA 85% 0 0 0 0 0 0 EDPRNA DG Pennsylvania Development LLC USA 85% 0 0 0 -3 -3 -3 EDPRNA DG Michigan Development LLC USA 85% 0 0 0 0 0 0 EDPRNA DG Maryland Development LLC USA 85% 0 0 0 0 0 0 EDPR NA DG Virginia Development LLC USA 85% 0 0 0 0 0 0 Generate USF McClellan LLC USA 85% 0 0 0 0 0 0 Generate USF Manassas LLC USA 85% 0 0 0 0 0 0 Generate USF Las Vegas LLC USA 85% 0 0 0 0 0 0 Generate USF N Las Vegas LLC USA 85% 0 0 0 0 0 0 EDPR NA DG Holding LLC USA 100% n.a. Photovoltaic energy production 72,302 -1 0 -53 -53 72,248 Soteria Solar Services LLC USA 85% n.a. Photovoltaic energy production 4,039 -248 0 -188 -188 3,604 EDPRNA DG O&M Services LLC USA 85% n.a. Photovoltaic energy production 6 0 0 -7 -7 -1 C2 Alpha Holdings LLC USA 85% n.a. Photovoltaic energy production 72 0 0 -72 -72 0 EDPRNA DG MA Managing Member LLC USA 85% n.a. Photovoltaic energy production 19,411 0 0 -1 -1 19,410 Smart Sunscribe LLC USA 85% n.a. Photovoltaic energy production 1 0 0 -1 -1 0 2021 DG CA Agora Ventures I LLC USA 85% n.a. Photovoltaic energy production 727 0 0 -7 -7 719 C2 WM Phase 3 Sponsor LLC USA 85% n.a. Photovoltaic energy production 2 0 0 -1 -1 1 C2 WM Phase 3 Holdings LLC USA 85% n.a. Photovoltaic energy production 1 0 0 -1 -1 0 EDPRNA DG Lessee Holdings LLC USA 85% n.a. Photovoltaic energy production 1 0 0 -1 -1 0 C2 NY Brookhaven LLC USA 85% n.a. Photovoltaic energy production 7,426 -35 0 -563 -563 6,828 EDPRNA DG CI Sponsor 2 LLC USA 85% n.a. Photovoltaic energy production 2 0 0 -1 -1 1 C2 CI Holdings 2 LLC USA 85% n.a. Photovoltaic energy production 1 0 0 -1 -1 0 EDPRNA DG WM 2020 Parent LLC USA 85% n.a. Photovoltaic energy production 2 0 0 0 0 1 C2 WM 2020 Holdings LLC USA 85% n.a. Photovoltaic energy production 1 0 0 -1 -1 0 NY CSG 2 Sponsor LLC USA 85% DHG Photovoltaic energy production 6,472 -6 0 -1 -1 6,465 NY CSG 2 Holdings LLC USA 85% n.a. Photovoltaic energy production 6,465 5,528 0 -113 -113 11,880 East River Solar LLC USA 85% n.a. Photovoltaic energy production 5,647 -69 0 -63 -63 5,515
Annual Report 2023 Individual Annual Accounts 228 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Cortland-Virgil Road Solar LLC USA 85% n.a. Photovoltaic energy production 6,448 -446 0 -186 -186 5,816 Lime Hollow Solar LLC USA 85% n.a. Photovoltaic energy production 6,535 -528 0 -88 -88 5,918 McLean Solar 1 LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 McLean Solar 2 LLC USA 85% n.a. Photovoltaic energy production 6,143 -431 0 -17 -17 5,695 Route 13 Solar LLC USA 85% n.a. Photovoltaic energy production 6,751 -439 0 -281 -281 6,030 EDPRNA DG CT Fund 1 MM LLC USA 85% DHG Photovoltaic energy production 17,926 -678 3,292 -593 -593 19,947 C2 CT Fund 1 Holding LLC USA 85% DHG Photovoltaic energy production 32,686 13,475 0 -51 -51 46,109 C2 WM Arizona 1 LLC USA 85% n.a. Photovoltaic energy production 958 -13 0 1 1 947 C2 WM Arizona 2 LLC USA 85% n.a. Photovoltaic energy production 1,553 -17 0 -22 -22 1,514 C2 WM Arizona 3 LLC USA 85% n.a. Photovoltaic energy production 2,268 -24 0 -38 -38 2,206 C2 WM Arizona 4 LLC USA 85% n.a. Photovoltaic energy production 1,793 -26 0 -17 -17 1,749 C2 WM Arizona 5 LLC USA 85% n.a. Photovoltaic energy production 1,526 -22 0 -28 -28 1,476 C2 WM Arizona 6 LLC USA 85% n.a. Photovoltaic energy production 1,928 -22 0 -30 -30 1,875 C2 WM Arizona 7 LLC USA 85% n.a. Photovoltaic energy production 2,686 -25 0 -497 -497 2,164 C2 WM Arizona 8 LLC USA 85% n.a. Photovoltaic energy production 2,126 -23 0 -38 -38 2,065 C2 WM Arizona 9 LLC USA 85% n.a. Photovoltaic energy production 2,007 -27 0 -21 -21 1,959 C2 WM Arizona 10 LLC USA 85% n.a. Photovoltaic energy production 730 -8 0 -4 -4 719 C2 WM Laurens Leasing LLC USA 85% n.a. Photovoltaic energy production 2,159 -64 0 -59 -59 2,036 C2 WM New Jersey 1 LLC USA 85% n.a. Photovoltaic energy production 5,066 78 0 288 288 5,432 C2 RI Hopkinton LLC USA 85% n.a. Photovoltaic energy production 2,947 -3 0 -54 -54 2,890 Blissville Road LLC USA 85% n.a. Photovoltaic energy production 2,138 0 0 -29 -29 2,109 Route 149 LLC USA 85% n.a. Photovoltaic energy production 2,435 -25 0 -28 -28 2,382 Shields Drive LLC USA 85% n.a. Photovoltaic energy production 2,346 -39 0 -14 -14 2,293 Upper Road LLC USA 85% n.a. Photovoltaic energy production 2,224 -12 0 40 40 2,252 C2 Woodbury Solar LLC USA 85% n.a. Photovoltaic energy production 9,541 -20 0 5 5 9,525 MN CSG 2 LLC USA 85% n.a. Photovoltaic energy production 9,543 -121 0 -195 -195 9,227 EDPRNA DG WM DSA Sponsor LLC USA 85% DHG Photovoltaic energy production 0 -3,329 1,594 -518 -518 -2,253 C2 Centrica MT LLC USA 85% DHG Photovoltaic energy production 3,069 12,369 0 -401 -401 15,037 C2 WM DSA Holdings LLC USA 85% n.a. Photovoltaic energy production 1,475 386 0 -247 -247 1,614 C2 WM Arizona 1549 LLC USA 85% n.a. Photovoltaic energy production 1,143 52 0 51 51 1,245 C2 WM Arizona 2112 LLC USA 85% n.a. Photovoltaic energy production 813 30 0 28 28 871 C2 WM Arizona 3360 LLC USA 85% n.a. Photovoltaic energy production 841 26 0 24 24 891
Annual Report 2023 Individual Annual Accounts 229 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL C2 WM Arizona 3465 LLC USA 85% n.a. Photovoltaic energy production 771 54 0 61 61 887 C2 WM Arizona 3799 LLC USA 85% n.a. Photovoltaic energy production 912 46 0 30 30 989 C2 WM Arizona 3833 LLC USA 85% n.a. Photovoltaic energy production 921 41 0 28 28 990 C2 WM Arizona 3861 LLC USA 85% n.a. Photovoltaic energy production 1,232 44 0 18 18 1,293 C2 WM Arizona 4451 LLC USA 85% n.a. Photovoltaic energy production 959 28 0 48 48 1,035 C2 WM California 1789 LLC USA 85% n.a. Photovoltaic energy production 644 41 0 31 31 717 C2 WM California 1988 LLC USA 85% n.a. Photovoltaic energy production 449 23 0 20 20 492 C2 WM California 4202 LLC USA 85% n.a. Photovoltaic energy production 318 2 0 6 6 327 C2 WM California 4317 LLC USA 85% n.a. Photovoltaic energy production 693 0 0 -3 -3 689 C2 WM California 5890 LLC USA 85% n.a. Photovoltaic energy production 632 10 0 5 5 647 C2 WM Illinois 253 LLC USA 85% n.a. Photovoltaic energy production 907 173 0 98 98 1,178 C2 WM Illinois 612 LLC USA 85% n.a. Photovoltaic energy production 612 -1 0 69 69 681 C2 WM Illinois 891 LLC USA 85% n.a. Photovoltaic energy production 761 163 0 115 115 1,039 C2 WM Illinois 1404 LLC USA 85% n.a. Photovoltaic energy production 799 138 0 94 94 1,031 C2 WM Illinois 1489 LLC USA 85% n.a. Photovoltaic energy production 657 92 0 61 61 810 C2 WM Illinois 1548 LLC USA 85% n.a. Photovoltaic energy production 599 -24 0 36 36 612 C2 WM Illinois 1553 LLC USA 85% n.a. Photovoltaic energy production 633 118 0 79 79 830 C2 WM Illinois 1761 LLC USA 85% n.a. Photovoltaic energy production 735 85 0 35 35 854 C2 WM Illinois 1848 LLC USA 85% n.a. Photovoltaic energy production 557 140 0 99 99 795 C2 WM Illinois 1933 LLC USA 85% n.a. Photovoltaic energy production 635 126 0 89 89 850 C2 WM Illinois 2215 LLC USA 85% n.a. Photovoltaic energy production 703 126 0 100 100 930 C2 WM Illinois 2491 LLC USA 85% n.a. Photovoltaic energy production 805 184 0 102 102 1,091 C2 WM Illinois 5442 LLC USA 85% n.a. Photovoltaic energy production 543 81 0 54 54 679 C2 WM Louisiana 87 LLC USA 85% n.a. Photovoltaic energy production 523 8 0 7 7 537 C2 WM Louisiana 309 LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 C2 WM Louisiana 539 LLC USA 85% n.a. Photovoltaic energy production 240 -1 0 -3 -3 237 EDPRNA DG Energy Holdings Inc. USA 85% n.a. Photovoltaic energy production 46 -22 0 -24 -24 0 C2 Energy Development LLC USA 85% n.a. Photovoltaic energy production 90,540 -401 0 -1,285 -1,285 88,854 Amsterdam 3 Solar LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 C2 MN Hopkins LLC USA 85% n.a. Photovoltaic energy production 2,797 -3 0 -113 -113 2,680 C2 NC Kitty Hawk LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 C2 NJ Andover I LLC USA 85% n.a. Photovoltaic energy production 0 994 0 101 101 1,095
Annual Report 2023 Individual Annual Accounts 230 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL C2 NY Sentinel Heights Solar LLC USA 85% n.a. Photovoltaic energy production 5,259 -17 0 -4 -4 5,238 C2 OH New Lebanon LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 C2 OH Otsego I LLC USA 85% n.a. Photovoltaic energy production 3 0 0 -3 -3 0 C2 OH Otsego II LLC USA 85% n.a. Photovoltaic energy production -8 1,428 0 -55 -55 1,366 C2 SH 2019 LLC USA 85% n.a. Photovoltaic energy production 2,247 0 0 -1 -1 2,245 EDPR NA DG MN YMCA LLC USA 85% n.a. Photovoltaic energy production 1,310 0 0 -13 -13 1,297 CA Marinwood Solar LLC USA 85% n.a. Photovoltaic energy production 364 0 0 -5 -5 359 CA Olde Thompson Solar LLC USA 85% n.a. Photovoltaic energy production 0 -376 0 13 13 -363 MidCoast C2 Solar LLC USA 85% n.a. Photovoltaic energy production 1 0 0 -1 -1 0 NY Hemlock Hills Solar LLC USA 85% n.a. Photovoltaic energy production 531 -7 0 5 5 530 NY Mines Press Solar LLC USA 85% n.a. Photovoltaic energy production 3,527 0 0 -101 -101 3,426 NY Morgan Solar LLC USA 85% n.a. Photovoltaic energy production 5,616 1 0 15 15 5,633 NY OG 1 Solar LLC USA 85% n.a. Photovoltaic energy production 1 0 0 -1 -1 0 Omega CSG 1 LLC USA 85% n.a. Photovoltaic energy production 17,089 2,080 160 -192 -192 19,137 Penn Yan Solar I LLC USA 85% n.a. Photovoltaic energy production 7,964 -285 0 222 222 7,901 RI Abrava Solar LLC USA 85% n.a. Photovoltaic energy production 5,186 -81 0 -100 -100 5,005 RI Stainless LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 Strawberry Solar Farm LLC USA 85% n.a. Photovoltaic energy production 3,254 -62 0 15 15 3,207 VT Stone Valley LLC USA 85% n.a. Photovoltaic energy production 1 0 0 -1 -1 0 C2 WM Holdings LLC USA 85% n.a. Photovoltaic energy production 43 0 0 -1 -1 42 C2 WM Arizona Holdings LLC USA 85% n.a. Photovoltaic energy production 2 0 0 -2 -2 0 C2 WM California Holdings LLC USA 85% n.a. Photovoltaic energy production 1 0 0 -1 -1 0 C2 WM Illinois Holdings LLC USA 85% n.a. Photovoltaic energy production 36 3 0 -39 -39 0 C2 WM Louisiana Holdings LLC USA 85% n.a. Photovoltaic energy production 1 2 0 -2 -2 0 C2 WM Maryland Holdings LLC USA 85% n.a. Photovoltaic energy production 1 0 0 -1 -1 0 C2 WM New Jersey Holdings LLC USA 85% n.a. Photovoltaic energy production 1 0 0 -1 -1 0 C2 WM Regent Dev Holdings 2020 LLC USA 85% n.a. Photovoltaic energy production 1 0 0 -1 -1 0 C2 WM Arizona 1512 LLC USA 85% n.a. Photovoltaic energy production 765 0 0 -2 -2 763 C2 WM Arizona 5768 LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 C2 WM Maryland 1715 LLC USA 85% n.a. Photovoltaic energy production 861 4 0 -48 -48 817 C2 WM Maryland 2436 LLC USA 85% n.a. Photovoltaic energy production 1,104 8 0 -49 -49 1,063
Annual Report 2023 Individual Annual Accounts 231 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL C2 WM New Jersey 1807 LLC USA 85% n.a. Photovoltaic energy production 730 0 0 -1 -1 729 C2 WM New Jersey 1844 LLC USA 85% n.a. Photovoltaic energy production 728 0 0 -1 -1 727 C2 WM New Jersey 1869 LLC USA 85% n.a. Photovoltaic energy production 729 0 0 -1 -1 728 C2 WM New Jersey 1977 LLC USA 85% n.a. Photovoltaic energy production 723 0 0 -1 -1 721 C2 WM New Jersey 2195 LLC USA 85% n.a. Photovoltaic energy production 990 4 0 -15 -15 980 C2 WM New Jersey 3795 LLC USA 85% n.a. Photovoltaic energy production 1,205 0 0 26 26 1,231 EDPRNA DG Rho LLC USA 85% DHG Photovoltaic energy production 37,825 2,290 0 3,620 3,620 43,734 C2-REA Solar LLC USA 85% n.a. Photovoltaic energy production 9,169 -3 0 -1 -1 9,165 C2 CA 2016 Holdings LLC USA 85% n.a. Photovoltaic energy production 1,431 150 0 -155 -155 1,427 REA-C2 2016 Lessee LLC USA 85% n.a. Photovoltaic energy production 7,561 253 0 -725 -725 7,089 Camden PV Solar LLC USA 85% n.a. Photovoltaic energy production 7,104 -845 0 400 400 6,659 C2 MA Managing Member II LLC USA 85% n.a. Photovoltaic energy production 2,750 1 0 -1 -1 2,749 C2 MA FKW Holdings LLC USA 85% n.a. Photovoltaic energy production 2,749 -103 0 -225 -225 2,421 RevEnergy C2 Franklin LLC USA 85% n.a. Photovoltaic energy production 1,647 -35 0 180 180 1,792 C2 MA Kelly Way Solar LLC USA 85% n.a. Photovoltaic energy production 1,103 -38 0 135 135 1,200 C2 MA Lakeville Sponsor LLC USA 85% n.a. Photovoltaic energy production 7,587 0 0 -5 -5 7,582 C2 MA Lakeville Holdings LLC USA 85% n.a. Photovoltaic energy production 7,582 558 0 -404 -404 7,736 C2 MA Lakeville LLC USA 85% n.a. Photovoltaic energy production 7,776 -183 0 667 667 8,260 C2 MA DEPCOM Sponsor LLC USA 85% n.a. Photovoltaic energy production 3,910 0 0 -1 -1 3,909 C2 MA DEPCOM 2017 LLC USA 85% DHG Photovoltaic energy production 3,909 1,407 0 -902 -902 4,413 C2 MA Adams II LLC USA 85% n.a. Photovoltaic energy production 1,503 -22 0 354 354 1,835 C2 MA New Salem LLC USA 85% n.a. Photovoltaic energy production 1,172 32 0 213 213 1,417 C2 MA Dudley II LLC USA 85% n.a. Photovoltaic energy production 1,354 -171 0 14 14 1,197 Norton Solar I LLC USA 85% n.a. Photovoltaic energy production 1,428 225 0 183 183 1,836 Norton Solar II LLC USA 85% n.a. Photovoltaic energy production 1,535 55 0 234 234 1,824 C2 Starratt Sponsor LLC USA 85% n.a. Photovoltaic energy production 18,144 0 0 -1 -1 18,142 C2 CB 2017 Holdings LLC USA 85% n.a. Photovoltaic energy production 18,142 419 0 -428 -428 18,133 C2 Scripps 1 LLC USA 85% n.a. Photovoltaic energy production 1,442 -96 0 -110 -110 1,236 C2 Scripps 3 LLC USA 85% n.a. Photovoltaic energy production 956 -50 0 -49 -49 858 C2 Scripps 4 LLC USA 85% n.a. Photovoltaic energy production 1,412 -51 0 -50 -50 1,311 C2 Starratt Solar LLC USA 85% n.a. Photovoltaic energy production 13,385 -327 0 -282 -282 12,776 C2 WM Greenwood Leasing LLC USA 85% n.a. Photovoltaic energy production 369 5 0 -34 -34 341
Annual Report 2023 Individual Annual Accounts 232 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL C2 WM Powdersville Leasing LLC USA 85% n.a. Photovoltaic energy production 624 -17 0 -56 -56 552 C2 WM Simpsonville Leasing LLC USA 85% n.a. Photovoltaic energy production 748 -2 0 -78 -78 668 C2 MA Owner LLC USA 85% n.a. Photovoltaic energy production 19,410 519 0 -521 -521 19,407 C2 MA Adams I Holdings LLC USA 85% n.a. Photovoltaic energy production 10,840 201 0 -974 -974 10,066 C2 MA Adams I LLC USA 85% n.a. Photovoltaic energy production 10,055 -662 0 628 628 10,021 C2 MA Swansea Holdings LLC USA 85% n.a. Photovoltaic energy production 6,308 107 0 -980 -980 5,436 C2 MA Swansea LLC USA 85% n.a. Photovoltaic energy production 6,047 -21 0 929 929 6,955 C2 MA 2016 Holdings LLC USA 85% n.a. Photovoltaic energy production 1,828 17 0 -178 -178 1,667 RS Holyoke 3 LLC USA 85% n.a. Photovoltaic energy production 1,666 -101 0 120 120 1,686 C2 Franklin LLC USA 85% n.a. Photovoltaic energy production 3,238 -5 0 -1 -1 3,231 C2 Gamma Holdings LLC USA 85% n.a. Photovoltaic energy production 3,236 -76 0 -59 -59 3,101 C2 Morin LLC USA 85% n.a. Photovoltaic energy production 1,676 -106 0 -45 -45 1,525 SLX Project 1080 LLC USA 85% n.a. Photovoltaic energy production 1,425 77 0 57 57 1,558 C2 WM Leasing LLC USA 85% n.a. Photovoltaic energy production 1,732 0 0 -2 -2 1,730 C2 WM Phase I Holdings LLC USA 85% n.a. Photovoltaic energy production 1,668 32 0 -98 -98 1,603 C2 WM Chester Leasing LLC USA 85% n.a. Photovoltaic energy production 275 -19 0 -28 -28 229 C2 WM Indian Land Leasing LLC USA 85% n.a. Photovoltaic energy production 550 -37 0 -50 -50 463 C2 WM Lake Wylie Leasing LLC USA 85% n.a. Photovoltaic energy production 564 -35 0 -54 -54 476 C2 WM Pickens Leasing LLC USA 85% n.a. Photovoltaic energy production 219 13 0 -33 -33 199 C2 Bristol I LLC USA 85% n.a. Photovoltaic energy production 5,663 -10 0 -11 -11 5,642 C2 CA WMS Redlands #1693 LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 C2 IL WMS Bloomington #3459 LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 C2 IL WMS Skokie #1998 LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 2021 DG Apollo Sol II LLC USA 85% n.a. Photovoltaic energy production 7 0 0 0 0 7 2021 DG Apollo Ventures II LLC USA 85% n.a. Photovoltaic energy production -9 0 0 0 0 -10 RI Sposato Solar LLC USA 85% n.a. Photovoltaic energy production 134 0 0 -11 -11 123 C2 Bristol II LLC USA 85% n.a. Photovoltaic energy production 1,262 0 0 -23 -23 1,239 C2 Omega Holding Company LLC USA 85% n.a. Photovoltaic energy production 12 -8 0 -8 -8 -3 C2 WM California 2039 LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 C2 WM California 5884 LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 Camden PV PSEG Solar LLC USA 85% n.a. Photovoltaic energy production 109 -63 0 -1 -1 45 EDPR NA DG MN SLP LLC USA 85% n.a. Photovoltaic energy production 1 0 0 -1 -1 0
Annual Report 2023 Individual Annual Accounts 233 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL ME Dover Foxcroft Solar LLC USA 85% n.a. Photovoltaic energy production 566 -1 0 -1 -1 564 ME Ellsworth Solar LLC USA 85% n.a. Photovoltaic energy production 822 -1 0 -1 -1 819 ME Rocky Hill Solar LLC USA 85% n.a. Photovoltaic energy production 142 0 0 -1 -1 140 ME Sandy Hill Solar LLC USA 85% n.a. Photovoltaic energy production 173 0 0 -1 -1 171 NH Hinsdale Solar LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 New Scotland 5 Solar LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 CA Gettysburg Solar Farm LLC USA 85% n.a. Photovoltaic energy production 6,573 0 0 -22 -22 6,551 CA Syracuse Solar LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 CA Tours Solar LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 2021 DG CA Apollo Sol II LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 2021 DG CA Apollo Ventures II LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 2021 DG Agora Sol I LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 NC Loy Farm Solar LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 NV Solar Sparks LLC USA 85% n.a. Photovoltaic energy production 139 0 0 -36 -36 104 RSBF Jeffco II LLC USA 85% n.a. Photovoltaic energy production 2,196 -3 0 -10 -10 2,183 2021 DG Agora Ventures I LLC USA 85% n.a. Photovoltaic energy production 17,456 -40 0 311 311 17,727 2021 DG CA Agora Sol I LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 2021 DG Agora Holdings LLC USA 85% n.a. Photovoltaic energy production 17,456 0 0 0 0 17,456 DC- JD Portfolio - 818 Michigan USA 85% n.a. Photovoltaic energy production 4 -3 0 -1 -1 -1 DC- JD Portfolio - Barrel Roof USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 EDPR NA Distributed Generation LLC USA 85% DHG Photovoltaic energy production 38,340 51,357 0 -16,919 -16,919 72,778 DC- JD Portfolio - Flat Roof USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 ME New Vineyard Solar LLC USA 85% n.a. Photovoltaic energy production 240 0 0 -6 -6 234 DC- JD Portfolio - Green Roof USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 DC- JD Portfolio - Parking Deck USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 Creed Road Solar 1 LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 German Community Solar LLC USA 85% n.a. Photovoltaic energy production 9,642 -87 0 36 36 9,590 Gilpatrick Solar LLC USA 85% n.a. Photovoltaic energy production 838 0 0 0 0 837 North Coast Highway Solar 1 LLC USA 85% n.a. Photovoltaic energy production 175 0 0 0 0 175 North Coast Highway Solar 2 LLC USA 85% n.a. Photovoltaic energy production 185 0 0 0 0 185 Piscataquis Valley Solar LLC USA 85% n.a. Photovoltaic energy production 587 0 0 0 0 586
Annual Report 2023 Individual Annual Accounts 234 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Potsdam Community Solar LLC USA 85% n.a. Photovoltaic energy production 7,279 -20 0 19 19 7,278 2021 DG CA Agora Holdings LLC USA 85% n.a. Photovoltaic energy production 739 0 0 -2 -2 738 RI- Moo Cow USA 85% n.a. Photovoltaic energy production 3,839 4 0 -3 -3 3,840 EDPRNA DG WM Illinois 1998 LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 SC Heathwood Hall Solar LLC USA 85% n.a. Photovoltaic energy production 10 0 0 -10 -10 0 SC Southern Wesleyan Solar LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 VA- Green Acres USA 85% n.a. Photovoltaic energy production 9 0 0 -9 -9 0 SC Beaufort Jasper Solar LLC USA 85% n.a. Photovoltaic energy production 10 -2 0 -9 -9 -1 EDPRNA DG WM Illinois 3459 LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 MT Plentywood Solar I LLC USA 85% n.a. Photovoltaic energy production 6 0 0 -6 -6 0 MT Plentywood Solar II LLC USA 85% n.a. Photovoltaic energy production 4 0 0 -4 -4 0 ND Crystal Solar I LLC USA 85% n.a. Photovoltaic energy production 1 0 0 -1 -1 0 DC Green Solar LLC USA 85% n.a. Photovoltaic energy production 3 0 0 -3 -3 0 DC PD Solar LLC USA 85% n.a. Photovoltaic energy production 5 0 0 -5 -5 0 Morgan Road Solar West LLC USA 85% n.a. Photovoltaic energy production 2,704 -24 0 17 17 2,697 Morgan Road Solar East LLC USA 85% n.a. Photovoltaic energy production 2,932 -24 0 17 17 2,925 NY Gomer SAS LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 NY Broadway SAS LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 NY Highland SAS LLC USA 85% n.a. Photovoltaic energy production 0 0 0 0 0 0 Mohave Power LLC USA 85% n.a. Photovoltaic energy production 28,380 0 0 -501 -501 27,879 RI Quarry Solar LLC USA 85% n.a. Photovoltaic energy production 265 0 0 -2 -2 263 EDPRNA Bar Harbor Holdings LLC USA 85% n.a. Photovoltaic energy production 1,412 0 0 0 0 1,412 Bar Harbor Community Solar LLC USA 85% 1,418 0 0 -4 -4 1,413 Mohave Power Holdings LLC USA 85% 27,907 0 0 0 0 27,907 EDPRNA DG PR Radar LLC USA 85% 0 0 0 0 0 0 EDPRNA DG Distributed Sun Holding LLC USA 85% 7,279 0 0 0 0 7,279 EDPRNA DG York County Sun LLC USA 85% 0 0 0 0 0 0 Generate USF Loveland LLC USA 85% 0 0 0 -38 -38 -38 Generate USF Fairburn LLC USA 85% 0 0 0 0 0 0 Generate USF Phoenix LLC USA 85% 0 0 0 0 0 0 Citizens Dickenson Solar LLC USA 85% 5 0 0 0 0 5 Citizens Westmoreland Solar LLC USA 85% 5 0 0 0 0 5 Tillman Storage LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Black Prairie Storage LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0
Annual Report 2023 Individual Annual Accounts 235 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Black Prairie Storage II LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 EDPR Solar Ventures VI LLC USA 100% 0 0 0 0 0 0 2022 SOL VI LLC USA 100% 0 0 0 -1 -1 -1 EDPR Solar Ventures VII LLC USA 100% 0 0 0 -10 -10 -10 2022 SOL VII LLC USA 100% 1 0 0 -2 -2 -1 EDPR RS LLC USA 100% n.a. Wind energy production 0 0 0 0 0 0 Pearl River Solar Park LLC USA 100% n.a. Photovoltaic energy production 36,252 -1 0 0 0 36,251 Sugar Plum Solar Park LLC USA 100% 0 0 0 0 0 0 EDPR NA Greenfield Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Sailor Springs Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 10 Point Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Black Prairie Solar Park II LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Rock Dane Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Sawmill Junction Solar Park LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Cattlemen Solar Park II LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 Crooked Lake Solar LLC USA 100% n.a. Photovoltaic energy production 26,728 0 0 -186 -186 26,542 Clover Creek Solar Project LLC USA 100% n.a. Photovoltaic energy production 2 0 0 -25 -25 -23 Wolf Run Solar LLC USA 100% n.a. Photovoltaic energy production 0 0 0 0 0 0 EDPR Scarlet II LLC USA 100% 19,796 0 0 -44 -44 19,752 Clover Creek Solar Project II LLC USA 100% 0 0 0 0 0 0 Hickory Solar LLC USA 100% 195 0 0 -2 -2 193 EDPR Scarlet I LLC USA 100% 0 0 0 0 0 0 EDPR Scarlet III LLC USA 100% 0 0 0 0 0 0 Crooked Lake Solar II LLC USA 100% 0 0 0 0 0 0 Cypress Knee Solar Park LLC USA 100% 0 0 0 0 0 0 Eagle Creek Solar Park LLC USA 100% 0 0 0 0 0 0 Rose Run Solar Park LLC USA 100% 0 0 0 0 0 0 Salt Lick Solar Park LLC USA 100% 0 0 0 0 0 0 Lotus Blocker LLC USA 100% 0 0 0 0 0 0 Lotus DevCo I LLC USA 100% 2 0 0 -2 -2 0 Lotus DevCo II LLC USA 100% 3 0 0 -3 -3 0 Big River Solar Park LLC USA 100% 0 0 0 0 0 0 Shy Place Solar Park LLC USA 100% 0 0 0 0 0 0 Ragsdale Solar LLC USA 100% 0 0 0 -3 -3 -2 EDPR Wind Ventures XXIII LLC USA 100% n.a. Wind energy production 110,383 0 0 7,101 7,101 117,485 2021 Vento XXIII LLC USA 100% PwC Wind energy production 242,932 0 0 -110 -110 242,822 EDPR Vento II Holding LLC USA 100% 0 0 0 0 0 0 EDPR Vento III Holding LLC USA 100% 0 0 0 0 0 0 Longroad DG Portfolio I LLC USA 85% -5 0 0 0 0 -5
Annual Report 2023 Individual Annual Accounts 236 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL MMA Renewable Ventures Solar Fund III LLC USA 85% 8,605 0 0 2 2 8,607 Renewable Ventures Solar Fund V GP LLC USA 85% 18,262 0 0 0 0 18,262 Longroad Fund III Holdings LLC USA 85% -1,460 0 0 0 0 -1,460 EDPRNA DG XII Holdings LLC USA 85% 28,798 0 0 0 0 28,798 EDPRNA DG Solar WF Portfolio LLC USA 85% -10,008 0 0 0 0 -10,008 EDPRNA DG Solar Portfolio IV LLC USA 85% -1,026 0 0 0 0 -1,026 SunE Solar VI LLC USA 85% 1,746 0 0 0 0 1,746 Renewable Ventures Solar Fund V LLC USA 85% 18,262 0 0 0 0 18,262 MMA Solar Fund III GP Sub USA 85% 0 0 0 0 0 0 Renewable Ventures V Equity Holdings LLC USA 85% 18,292 0 0 -30 -30 18,262 Renewable Ventures V GP Holdings LLC USA 85% 0 0 0 0 0 0 Longroad Solar Fund III LLC USA 85% -1,460 0 0 0 0 -1,460 SunE Solar XII LLC USA 85% 28,798 0 0 0 0 28,798 SunE Solar III LLC USA 85% -10,006 0 0 -2 -2 -10,009 SunE Solar IV LLC USA 85% -1,026 0 0 -3 -3 -1,030 Longroad SD LLC USA 85% 0 0 0 0 0 0 Longroad ASD1 LLC USA 85% 0 0 0 0 0 0 Longroad CPA CDC1 LLC USA 85% 0 0 0 0 0 0 Longroad CPA CSU3 LLC USA 85% 0 0 0 0 0 0 Longroad CPA CSU4 LLC USA 85% 0 0 0 0 0 0 Longroad SIT1 Hoboken LLC USA 85% 0 0 0 0 0 0 Longroad ST6 Stockton LLC USA 85% 0 0 0 0 0 0 Longroad WF7 Cheshire LLC USA 85% 0 0 0 0 0 0 Longroad WGNJ1 LLC USA 85% 0 0 0 0 0 0 Longroad WGNJ2 LLC USA 85% 0 0 0 0 0 0 MMA Rita Power LLC USA 85% 402 0 0 21 21 422 MMA DAS Power LP USA 85% 891 0 0 19 19 910 MMA LHIW Power LP USA 85% 216 0 0 7 7 222 MMA CCC Power LP USA 85% 143 0 0 4 4 147 MMA Belmar Power LP USA 85% 630 0 0 24 24 654 MMA WBF Power LP USA 85% 1,098 0 0 26 26 1,124 MMA SROSA Power LP USA 85% 470 0 0 11 11 481 MMA Mission Bay Power LP USA 85% 147 0 0 17 17 164 MMA MDS Power I LP USA 85% 527 0 0 5 5 533 MMA MDS Power II LP USA 85% 1,601 0 0 14 14 1,615 MMA MDS Power IV LP USA 85% 406 0 0 27 27 433 MMA GDC Power LP USA 85% 682 0 0 32 32 714 MMA BWS Power LP USA 85% 294 0 0 25 25 319 MMA Happy Valley Power LP USA 85% 153 0 0 18 18 171 MMA RMS Power LP USA 85% 483 0 0 24 24 507
Annual Report 2023 Individual Annual Accounts 237 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL MMA Fresno Power LP USA 85% 539 0 0 34 34 573 RV CSU Power LLC USA 85% 4,630 0 0 374 374 5,004 FRV CSU Power II LLC USA 85% 8,928 0 0 275 275 9,204 FRV SI Transport Solar LP USA 85% 4,704 0 0 -3 -3 4,701 SunE WF3- WG Holdings LLC USA 85% 0 0 0 0 0 0 SunE WF3 KHL A Holdings LLC USA 85% 0 0 0 0 0 0 SunE WF3 KHL B Holdings LLC USA 85% 0 0 0 0 0 0 SunE WF3-ST Holdings LLC USA 85% 0 0 0 0 0 0 SunE WF3- Broomfield Holdings LLC USA 85% 0 0 0 0 0 0 SunE WF3- BART Holdings LLC USA 85% 0 0 0 0 0 0 SunE Bristow MS LLC USA 85% 0 0 0 0 0 0 SunE CPA CDC2 LLC USA 85% 0 0 0 0 0 0 SunE SR1 NREL LLC USA 85% 0 0 0 0 0 0 SunE SR1 Arvada5 LLC USA 85% 0 0 0 0 0 0 SunE Lakeland Center LLC USA 85% 0 0 0 0 0 0 SunE NC Progress1 LLC USA 85% 0 0 0 0 0 0 SunE Fairfield SSD LLC USA 85% 0 0 0 0 0 0 SunE PD Sycamore LLC USA 85% 0 0 0 0 0 0 SunE PD Willow LLC USA 85% 0 0 0 0 0 0 SunE PD Oak LLC USA 85% 0 0 0 0 0 0 SunE Multnomah JBY LLC USA 85% 0 0 0 0 0 0 SunE Multnomah JJC LLC USA 85% 0 0 0 0 0 0 SunE MCPS Clarksburg LLC USA 85% 0 0 0 0 0 0 SunE MCPS Gardens LLC USA 85% 0 0 0 0 0 0 SunE MCPS Montgomery LLC USA 85% 0 0 0 0 0 0 SunE MCPS Lakelands LLC USA 85% 0 0 0 0 0 0 SunE MCPS Parkland LLC USA 85% 0 0 0 0 0 0 SunE MCPS Quince Orchard LLC USA 85% 0 0 0 0 0 0 SunE MCPS FSK LLC USA 85% 0 0 0 0 0 0 SunE MCPS Shriver LLC USA 85% 0 0 0 0 0 0 SunE NLB-2 LLC USA 85% 0 0 0 0 0 0 SunE PNMC Roof LLC USA 85% 0 0 0 0 0 0 SunE W12DG- A LLC USA 85% 8,838 0 0 108 108 8,946 SunE W12DG- B LLC USA 85% 6,159 0 0 82 82 6,241 SunE W12DG- C LLC USA 85% 9,906 0 0 243 243 10,149 SunE WMT PR2 LLC USA 85% 1,370 0 0 -4 -4 1,367 SunE H3 Holdings LLC USA 85% 2,739 0 0 447 447 3,186 SunE CPA CSU5 LLC USA 85% 90 0 0 18 18 108 SunE CPA CTS1 LLC USA 85% 202 0 0 0 0 203 SunE SR1 Rifle PS LLC USA 85% 195 0 0 103 103 298 SunE H4 Holdings LLC USA 85% 1,810 0 0 -128 -128 1,682
Annual Report 2023 Individual Annual Accounts 238 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL SunE U6 Holdings LLC USA 85% 1,759 0 0 -18 -18 1,741 SunE W12DG- D LLC USA 85% 2,563 0 0 86 86 2,649 Bear Peak Beccaria LLC USA 85% 0 0 0 0 0 0 Bear Peak Brady LLC USA 85% 0 0 0 0 0 0 Bear Peak East Carroll LLC USA 85% 0 0 0 0 0 0 Bear Peak Glen Hope LLC USA 85% 0 0 0 0 0 0 Bear Peak Jennerstown LLC USA 85% 0 0 0 0 0 0 Bear Peak Juniata LLC USA 85% 0 0 0 0 0 0 Bear Peak Paint II LLC USA 85% 0 0 0 0 0 0 Bear Peak Richmond LLC USA 85% 0 0 0 0 0 0 HB Steel Community Solar LLC USA 85% 421 0 0 0 0 421 Kronos Projektgesellsc haft mbH Alemania 70% 25 0 0 -6 -6 19 Kronos Solar Projects GmbH Alemania 70% 28 63,967 0 -438 -438 63,556 Kronos Solar Projects France UG Alemania 85% 1 1,761 0 -22 -22 1,740 KSD 11 UG Alemania 100% 1 -21 0 -3 -3 -23 KSD 12 UG Alemania 100% 1 -9 0 -4 -4 -12 KSD 13 UG Alemania 100% 1 -11 0 -3 -3 -13 KSD 14 UG Alemania 100% 1 -8 0 -5 -5 -12 KSD 15 UG Alemania 100% 1 -7 0 -3 -3 -8 KSD 16 UG Alemania 100% 1 -5 0 -2 -2 -6 KSD 17 UG Alemania 100% 1 -5 0 -4 -4 -8 KSD 18 UG Alemania 100% 1 -4 0 -2 -2 -6 KSD 19 UG Alemania 100% 1 -5 0 -2 -2 -6 KSD 21 UG Alemania 100% 1 -5 0 -2 -2 -6 KSD 22 UG Alemania 100% 1 -4 0 -2 -2 -6 KSD 23 UG Alemania 100% 1 -4 0 -5 -5 -8 KSD 24 UG Alemania 100% 1 -4 0 -2 -2 -6 KSD 25 UG Alemania 100% 1 -5 0 -2 -2 -7 KSD 26 UG Alemania 100% 1 -2 0 -2 -2 -3 KSD 27 UG Alemania 100% 1 -2 0 -2 -2 -3 KSD 28 UG Alemania 100% 1 -2 0 -2 -2 -3 KSD 29 UG Alemania 100% 1 -2 0 -2 -2 -3 KSD 30 UG Alemania 100% 1 -2 0 -2 -2 -3 KSD 31 UG Alemania 100% 1 -2 0 -2 -2 -3 KSD 32 UG Alemania 100% 1 -2 0 -2 -2 -3 KSD 33 UG Alemania 100% 1 -2 0 -2 -2 -3 KSD 34 UG Alemania 100% 1 -2 0 -2 -2 -3 KSD 35 UG Alemania 100% 1 -2 0 -2 -2 -3 KSD 36 UG Alemania 100% 1 -2 0 -2 -2 -3 KSD 37 UG Alemania 100% 1 -2 0 -2 -2 -3 KSD 38 UG Alemania 100% 1 -2 0 -2 -2 -3 KSD 39 UG Alemania 100% 1 -2 0 -2 -2 -3 KSD 40 UG Alemania 100% 1 -2 0 -2 -2 -3 Kronos Solar Projects NL. B.V. NL 100% 5 30 0 6 6 41 KS NL3. B.V. NL 100% 0 -15 0 -29 -29 -43 KS NL6. B.V. NL 100% 0 -13 0 -2 -2 -15 KS NL8. B.V. NL 100% 0 -23 0 -6 -6 -29 KS NL10. B.V. NL 100% 0 -7 0 -2 -2 -8 KS NL12. B.V. NL 100% 0 -6 0 -1 -1 -8 KS NL13. B.V. NL 100% 0 -34 0 -3 -3 -37 KS NL14. B.V. NL 100% 0 -42 0 -6 -6 -47 KS NL16. B.V. NL 100% 0 -3 0 -1 -1 -4 KS NL17. B.V. NL 100% 0 -26 0 -11 -11 -37 KS NL20. B.V. NL 100% 0 -6 0 -2 -2 -8 KS NL23. B.V. NL 100% 0 -35 0 -3 -3 -38 KS NL24. B.V. NL 100% 0 -3 0 -2 -2 -4 KS NL25. B.V. NL 100% 0 -4 0 -3 -3 -7 KS NL27. B.V. NL 100% 0 -43 0 -14 -14 -57 KS NL28. B.V. NL 100% 0 -31 0 -5 -5 -36 KS NL29. B.V. NL 100% 0 -9 0 -4 -4 -13 KS NL30. B.V. NL 100% 0 -8 0 -2 -2 -10 KS NL31. B.V. NL 100% 0 -10 0 -2 -2 -11
Annual Report 2023 Individual Annual Accounts 239 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL KS NL32. B.V. NL 100% 0 -53 0 -12 -12 -65 KS NL33. B.V. NL 100% 0 -25 0 -2 -2 -27 KS NL34. B.V. NL 100% 0 -54 0 -11 -11 -65 KS NL35. B.V. NL 100% 0 -13 0 -2 -2 -15 KS NL36. B.V. NL 100% 0 -9 0 -1 -1 -10 KS NL37. B.V. NL 100% 0 -15 0 -1 -1 -17 KS NL38. B.V. NL 100% 0 -5 0 -2 -2 -7 KS NL39. B.V. NL 100% 0 -7 0 -1 -1 -8 KS NL40. B.V. NL 100% 0 -4 0 -2 -2 -6 KS NL41. B.V. NL 100% 0 -6 0 -4 -4 -10 KS NL42. B.V. NL 100% 0 -3 0 -2 -2 -5 KS NL43. B.V. NL 100% 0 -11 0 -2 -2 -13 KS NL44. B.V. NL 100% 0 -6 0 -2 -2 -8 KS NL45. B.V. NL 100% 0 -15 0 -2 -2 -16 KS NL46. B.V. NL 100% 0 -6 0 -2 -2 -8 KS NL47. B.V. NL 100% 0 -4 0 -2 -2 -6 KS NL48. B.V. NL 100% 0 -2 0 -3 -3 -6 KS NL49. B.V. NL 100% 0 -3 0 -2 -2 -5 KS NL50. B.V. NL 100% 0 -14 0 -1 -1 -16 KS SPV 36 Limited United Kingdom 100% 0 16 0 4 4 20 KS SPV 46 Limited United Kingdom 100% 0 -20 0 -6 -6 -26 KS SPV 65 Limited United Kingdom 100% 0 -8 0 -14 -14 -22 KS SPV 69 Limited United Kingdom 100% 0 -1 0 -6 -6 -7 KS SPV 70 Limited United Kingdom 100% 0 -2 0 -20 -20 -22 KS SPV 71 Limited United Kingdom 100% 0 -1 0 -15 -15 -16 KS SPV 72 Limited United Kingdom 100% 0 0 0 -10 -10 -10 KS SPV 73 Limited United Kingdom 100% 0 0 0 -6 -6 -6 KS SPV 74 Limited United Kingdom 100% 0 0 0 -6 -6 -6 KS SPV 75 Limited United Kingdom 100% 0 0 0 -9 -9 -9 KS SPV 76 Limited United Kingdom 100% 0 0 0 -5 -5 -5 KS SPV 77 Limited United Kingdom 100% 0 0 0 -5 -5 -5 KS SPV 78 Limited United Kingdom 100% 0 0 0 -5 -5 -5 KS SPV 79 Limited United Kingdom 100% 0 0 0 -5 -5 -5 KS SPV 80 Limited United Kingdom 100% 0 0 0 -5 -5 -5 Kronos Solar France. S.A.S. France 100% 20 97 0 -31 -31 86 Fransol 11. S.A.S. France 85% 0 -10 0 -1 -1 -11 Fransol 12. S.A.S. France 85% 0 -15 0 -9 -9 -24 Fransol 13. S.A.S. France 85% 0 -19 0 0 0 -20 Fransol 14. S.A.S. France 85% 0 -34 0 28 28 -6 Fransol 15. S.A.S. France 85% 0 -34 0 -1 -1 -35 Fransol 16. S.A.S. France 85% 0 -33 0 -14 -14 -47 Fransol 17. S.A.S. France 85% 0 -11 0 -5 -5 -15 Fransol 18. S.A.S. France 85% 0 -23 0 -2 -2 -24 Fransol 19. S.A.S. France 85% 0 -13 0 0 0 -13 Fransol 20. S.A.S. France 85% 0 -50 0 -9 -9 -59 Fransol 21. S.A.S. France 85% 0 -43 0 1 1 -42 Fransol 22. S.A.S. France 85% 0 -4 0 0 0 -4 Fransol 23. S.A.S. France 85% 0 -11 0 0 0 -11 Fransol 24. S.A.S. France 85% 0 -13 0 -20 -20 -33 Fransol 25. S.A.S. France 85% 0 -14 0 -7 -7 -21 Fransol 26. S.A.S. France 85% 0 -13 0 0 0 -13 Fransol 27. S.A.S. France 85% 0 -65 0 -9 -9 -74
Annual Report 2023 Individual Annual Accounts 240 THOUSAND EUROS GROUP COMPANIES REGISTERED OFFICE DIRECT % INDIRECT % AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Fransol 28. S.A.S. France 85% 0 -19 0 -29 -29 -47 Fransol 29. S.A.S. France 85% 0 -13 0 0 0 -13 Fransol 30. S.A.S. France 85% 0 -18 0 -5 -5 -23 Fransol 31. S.A.S. France 85% 0 -11 0 -5 -5 -16 Fransol 32. S.A.S. France 85% 0 -6 0 -13 -13 -18 Fransol 33. S.A.S. France 85% 0 -3 0 -7 -7 -10 Fransol 34. S.A.S. France 85% 0 -7 0 -16 -16 -23 Fransol 35. S.A.S. France 85% 0 -6 0 -3 -3 -10 Fransol 36. S.A.S. France 85% 0 -5 0 -7 -7 -12 Fransol 37. S.A.S. France 85% 0 -13 0 -12 -12 -25 Fransol 38. S.A.S. France 85% 0 -6 0 0 0 -7 Fransol 39. S.A.S. France 85% 0 -13 0 0 0 -13 Fransol 40. S.A.S. France 85% 0 -9 0 0 0 -10 Fransol 41. S.A.S. France 85% 0 -1 0 0 0 -1 Fransol 42. S.A.S. France 85% 0 -1 0 -3 -3 -4 Fransol 43. S.A.S. France 85% 0 -1 0 0 0 -1 Fransol 44. S.A.S. France 85% 0 -1 0 0 0 -1 Fransol 45. S.A.S. France 85% 0 -9 0 0 0 -9 Fransol 46. S.A.S. France 85% 0 -1 0 0 0 -1 Fransol 47. S.A.S. France 85% 0 -1 0 0 0 -1 Fransol 48. S.A.S. France 85% 0 -1 0 0 0 -1 Fransol 49. S.A.S. France 85% 0 -1 0 0 0 -1 Fransol 50. S.A.S. France 85% 0 -1 0 0 0 -1 Kronos IB Vogt 15. S.A.S. France 85% 0 -7 0 -2 -2 -9 Kronos IB Vogt 16. S.A.S. France 85% 0 -6 0 -2 -2 -8 Kronos IB Vogt 18. S.A.S. France 85% 0 -9 0 -5 -5 -14 Kronos IB Vogt 19. S.A.S. France 85% 0 -6 0 -2 -2 -7 Kronos IB Vogt 20. S.A.S. France 85% 0 -7 0 -2 -2 -9 Kronos IB Vogt 22. S.A.S. France 85% 0 -6 0 -2 -2 -8 Kronos IB Vogt 25. S.A.S. France 85% 0 -6 0 -2 -2 -8 Kronosol 11. S.A.R.L. France 85% 0 -50 0 -8 -8 -59 Kronosol 12. S.A.R.L. France 85% 0 -33 0 28 28 -5 Kronosol 13. S.A.R.L. France 85% 0 -7 0 -2 -2 -10 Kronosol 14. S.A.R.L. France 85% 0 -15 0 -6 -6 -21 Kronosol 15. S.A.R.L. France 85% 0 -55 0 30 30 -25 THOUSAND EUROS JOINTLY CONTROLLED ENTITIES AND ASSOCIATES REGISTERED OFFICE % DIRECT % INDIRECT AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Biomasas del Pirineo. S.A. Spain 30% n.a. Biomass 136 101 0 0 0 238 Solar Siglo XXI. S.A. Spain 25% n.a. Photovoltaic energy production 20 42 0 0 0 62 Sistemas Eólicos Tres Cruces. S.L. Spain 25% n.a. Wind energy production 13 18 0 0 0 31 Desarrollos Energéticos del Val. S.L. Spain 25% n.a. Wind energy production 34 256 0 0 0 290
Annual Report 2023 Individual Annual Accounts 241 THOUSAND EUROS JOINTLY CONTROLLED ENTITIES AND ASSOCIATES REGISTERED OFFICE % DIRECT % INDIRECT AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Desarrollos Eólicos de Canarias. S.A. Spain 45% PwC Wind energy production 813 4,141 0 2,249 2,249 7,202 Parque Eólico Sierra del Madero. S.A. Spain 42% KPMG Wind energy production 3,021 40,859 0 7,581 7,581 51,461 Desarrollos Energéticos Canarios. S.A. Spain 50% n.a. Wind energy production 7 -17 0 0 0 -10 Parque Eólico Belmonte. S.A. Spain 30% KPMG Wind energy production 36 13,053 0 2,052 2,052 15,141 Evolución 2000. S.L. Spain 49% PwC Wind energy production 58 14,152 0 4,985 4,985 19,194 Eos Pax IIa. S.L. Spain 49% Deloitte Wind energy production 3 56 0 2,587 2,587 2,647 Geólica Magallón. S.L. Spain 36% PwC Wind energy production 739 516 0 2,988 2,988 4,243 San Juan de Bargas Eólica. S.L. Spain 47% PwC Wind energy production 940 2,091 0 1,779 1,779 4,811 Unión de Generadores de Energía. S.L. Spain 50% PwC Wind energy production 12 2,355 0 804 804 3,171 Centrale Eolienne D'Occey. S.A.S. France 51% 145 139 0 0 0 284 Hytlantic. S.A. Portugal 29% 14 1,542 0 0 0 1,556 Eólica de São Julião. Lda. Portugal 45% na Wind energy production 225 -868 -6,199 5,623 5,623 -1,219 Evoikos Voreas A.E. Greece 51% n.a. Wind energy production 64 1,736 0 -78 -78 1,723 Sofrano A.E. Greece 51% n.a. Wind energy production 423 1,397 0 -76 -76 1,745 OW Offshore. S.L. Spain 50% 50% PwC Holding 28,760 914,368 0 126,554 126,554 1,069,682 Goldfinger Ventures LLC USA 50% PwC Photovoltaic energy production 61,864 86,101 0 5,525 5,525 153,491 Goldfinger Ventures II LLC USA 50% PwC Photovoltaic energy production 81,583 120,442 0 9,892 9,892 211,917 Solar Ventures Acquisition LLC USA 50% n.a. Photovoltaic energy production 0 3,254 0 -1 -1 3,253 2019 Vento XX LLC USA 20% PwC Wind energy production 39,751 153,112 -7,956 6,556 6,556 191,463 Riverstart Ventures LLC USA 20% PwC Photovoltaic energy production 45,915 144,681 0 4,026 4,026 194,623 2018 Vento XIX LLC USA 20% PwC Wind energy production 13,809 131,187 0 3,631 3,631 148,626 Nine Kings Wind Farm LLC USA 50% n.a. Wind energy production 0 0 0 0 0 0 2017 Vento XVII LLC USA 20% PwC Wind energy production 29,434 166,414 0 6,713 6,713 202,561 Flat Rock Windpower II LLC USA 50% KPMG Wind energy production 101,175 -16,902 0 -1,458 -1,458 82,815 Flat Rock Windpower LLC USA 50% KPMG Wind energy production 257,050 -50,379 0 -3,284 -3,284 203,387 Blue Canyon Windpower LLC USA 25% PWC Wind energy production 0 0 0 0 0 0 Riverstart Development LLC USA 20% n.a. Photovoltaic energy production 0 0 0 0 0 0 Lomartico Investments. Sp. z o.o. Poland 50% n.a. 1 0 0 -1 -1 -1 Medsteville Investments. Sp. z o.o. Poland 50% n.a. 1 0 0 0 0 0 Ondentille Investments. Sp. z o.o. Poland 50% n.a. 1 0 0 -1 -1 -1 Charge+ Pte. Ltd. Singapore 26% 958 1,881 0 -37 -37 2,802 Todae Solar Pty. Ltd. Australia 49% 0 0 0 0 0 0 Sunseap Energy (Camboya) Co.. Ltd. Cambodia 49% 168 168 0 2 2 338 Sunseap Asset (Camboya) Co.. Ltd. Cambodia 51% 1,320 2,393 0 94 94 3,807 Sunseap LCS Energy Sdn. Bhd. Malaysia 49% 10 1,552 0 106 106 1,669 Cenergi Sunseap Energy Solutions Sdn. Bhd. Malaysia 40% 852 3,075 0 100 100 4,027 RL Sunseap Energy Sdn. Bhd. Malaysia 49% 261 269 0 -3 -3 527
Annual Report 2023 Individual Annual Accounts 242 THOUSAND EUROS JOINTLY CONTROLLED ENTITIES AND ASSOCIATES REGISTERED OFFICE % DIRECT % INDIRECT AUDITOR ACTIVITY CAPITAL RESERVES OTHER EQUITY ITEMS NET PROFIT TOTAL EQUITY CONTINUING OPERATIONS TOTAL Sunseap Solutions Taiwan Ltd. Taiwan 49% 453 163 0 -123 -123 492 Kronos IBV UK GmbH Germany 50% 13 -1,339 0 -398 -398 -1,724 KSD 20 UG Germany 50% 1 -6 0 -1 -1 -6
The Members of the Board of Directors of the Company EDP Renováveis, S.A. DECLARE To the extent of our knowledge, the information referred to in paragraph 1 of Article 29-G of Decree-Law no. 486/99 of November 13, in sub-paragraph a) of paragraph 1 of Article 8 of the Royal Decree 1362/2007 of October 19 th , and other documents relating to the submission of annual accounts required by current regulations (including, among others, article 253 of the Spanish Companies’ Act and article 34 of the Spanish Commercial Code), have been prepared in accordance with applicable accounting standards and principles, reflecting a true, faithful and appropriate view of the equity, assets, liabilities, financial position and results of EDP Renováveis, S.A. and the management report fairly presents the business evolution, the performance, the business results and the position of EDP Renováveis, S.A., containing a description of the principal risks and uncertainties that it faces. That the Individual Annual Financial Statements and the Individual Management Report submitted were drawn up by the Board of Directors following the single electronic reporting format requirements set under the Commission Delegated Regulation (EU) 2019/815 of December 17 th , 2018, at itsmeeting held on February 27 th , 2024. Madrid, February 27 th , 2024. Antonio Sarmento Gomes Mota Chairman Miguel Stilwell de Andrade Vice Chairman Rui Manuel Rodrigues Lopes Teixeira Director Vera de Morais Pinto Pereira Carneiro Director Ana Paula Garrido de Pina Marques Director Manuel Menéndez Menéndez Director Acácio Jaime Liberado Mota Piloto Director Rosa María García García Director José Manuel Félix Morgado Director Allan J. Katz Director Cynthia Kay Mc Call Director