PricewaterhouseCoopers Auditores, S.L., Torre PwC, Pº de la Castellana 259 B, 28046 Madrid, España

Tel.: +34 915 684 400 / +34 902 021 111, Fax: +34 915 685 400

R. M. Madrid, hoja 87.250-1, folio 75, tomo 9.267, libro 8.054, sección 3ª

Inscrita en el R.O.A.C. con el número S0242 - CIF: B-79 031290

Independent auditor´s report on the annual accounts

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

Report on the annual accounts

Opinion

We have audited the annual accounts of EDP Renováveis, S.A. (the Company), which comprise the

balance sheet as at December 31, 2020, and the income statement, statement of changes in equity,

statement of cash flows and related notes for the year then ended.

In our opinion, the accompanying annual accounts present fairly, in all material respects, the equity

and financial position of the Company as at December 31, 2020, as well as its financial performance

and cash flows for the year then ended, in accordance with

the

applicable financial reporting

framework (as identified in note 2.A of the notes to the annual accounts), and, in particular, with the

accounting principles and criteria included therein.

Basis for opinion

We conducted our audit in accordance with legislation governing the audit practice in Spain. Our

responsibilities under those standards are further described in the

Auditor's responsibilities for the

audit of the annual accounts

section of our report.

We are independent of the Company in accordance with the ethical requirements, including those

relating to independence, that are relevant to our audit of the annual accounts in Spain, in accordance

with legislation governing the audit practice. In this regard, we have not rendered services other than

those relating to the audit of the accounts, and situations or circumstances have not arisen that, in

accordance with the provisions of the aforementioned legislation, have affected our necessary

independence such that it has been compromised.

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

for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in

our audit of the annual accounts of the current period. These matters were addressed in the context of

our audit of the annual accounts as a whole, and in forming our opinion thereon, and we do not

provide a separate opinion on these matters.

EDP Renováveis, S.A.

Key audit matter

How our audit addressed the key audit matter

Assessment of the recovery of the carrying

amount of long-term investments in equity

instruments in group companies and associates

The accompanying annual accounts present

long-term investments in equity instruments in

group companies and associates, as detailed in

note 8, amounting to €8,315,368 thousand as at

December 31, 2020.

The Company analyses these assets annually

for impairment in accordance with the criteria

described in note 8, and determines their

recoverable amount based on the present value

of future cash flows, considering the business

plans approved by management. The key

assumptions considered are detailed in note 8

to the accompanying annual accounts.

Furthermore, management carried out a

sensitivity analysis on the most significant

assumptions which, based on earlier

experience, may reasonably show variations, as

detailed in note 8.

As a result of the previous analyses, Company’s

management has concluded that there is no

need to recognise or reverse impairment in

2020.

This area is key due to its significance over the

total assets of the Company

and because it

entails the application of critical judgements and

significant estimates by management (note 2.D)

concerning the key assumptions used in the

calculations performed, which are subject to

uncertainty, and the fact that significant future

changes in them could have a significant impact

on the Company’s annual accounts.

We started our analysis by gaining an

understanding of the process and relevant controls

that the Company has in place to analyse the

recovery of long-term investments in equity

instruments group companies and associates.

In addition, we assessed the adequacy of the

measurement models employed, the assumptions

and estimates used in the calculations, including,

among others, estimated performance of electricity

prices, consistency with the applicable regulatory

framework and the evolution of discount rates.

We also verified whether the electricity prices

included in the cash flow projections prepared by

the Company in the past were consistently in

keeping with real data.

Respect to discount rates, in collaboration with our

valuation experts, we verified the methodology

used in their estimation and that their value is

within a reasonable range.

Also, we checked the mathematical accuracy of the

calculations and models prepared by management

and assessed the sensitivity calculations carried

and we have compared the recoverable value

calculated by the Company with long-term

investments in equity instruments in group

companies and associates carrying amount.

Finally, we also assessed the sufficiency of the

information disclosed in the annual accounts with

respect to the assessment of the recoverable

amount of these assets.

Based on the procedures carried out, we consider

that management’s approach and conclusions and

the information disclosed in the accompanying

annual accounts are reasonable and consistent

with the evidence obtained.

EDP Renováveis, S.A.

Key audit matter

How our audit addressed the key audit matter

Recognition and measurement of derivative

financial instruments

As indicated in note 7 to the accompanying

annual accounts, the Company is exposed to

certain financial risks, namely, exchange rate

risk and interest rate risk due to the activities

performed and the countries where it operates.

In order to manage these risks, management

has contracted several derivatives financial

instruments amounting to €99,793 thousand

and €14,409 thousand, in assets and liabilities,

respectively (note 11) at December 31, 2020.

The fair value of the derivatives is estimated

through complex valuation techniques that

require the application of judgement and the use

of significant assumptions by management note

2.D).

The derivatives designated as accounting

hedges have to meet some criteria in relation to

the documentation of the hedge as it’s indicated

in note 4.L.

Due to the uncertainty associated with the

estimation of the fair value of these instruments

and the complexity of complying with accounting

legislation on the application of hedge

accounting, we consider this a key audit matter.

We started our analysis by understanding the

procedure established by management to identify

and measure the derivatives and the relevant

controls on this area.

For a sample of derivatives financial instruments

selected, we checked their main characteristics

with their respective contracts.

Similarly, and with the involvement of our experts in

the valuation of derivatives financial instruments,

we assessed the valuation methodology used and

for a sample of instruments, we performed a

contrast assessment over the management’s

valuation.

Moreover, for a sample of the instruments

designated as accounting hedges, we assessed

the documentation is according to requirements

established in prevailing accounting regulations.

Finally, we analysed the sufficiency of the

disclosures included in the accompanying annual

accounts regarding financial derivatives.

As a result of our tests, we consider that the

measurement of financial derivatives and the

information disclosed in the accompanying annual

accounts are reasonable and consistent with the

information available.

Other information: Management report

Other information comprises only the management report for the 2020 financial year, the formulation

of which is the responsibility of the Company´s directors and does not form an integral part of the

annual accounts

Our audit opinion on the

annual accounts

does not cover the management report. Our responsibility

regarding the management report,

in accordance with legislation governing the audit practice,

is to:

Verify only that the statement of non-financial information and certain information included in the

Annual Corporate Governance Report, as referred to in the Auditing Act, has been provided in

the manner required by applicable Portuguese legislation and, if not, we are obliged to disclose

that fact.

Evaluate and report on the consistency between the rest of the information included in the

management report and the annual accounts as a result of our knowledge of the Company

obtained during the audit of the aforementioned financial statements, as well as to evaluate and

report on whether the content and presentation of this part of the management report is in

accordance with applicable regulations. If, based on the work we have performed, we conclude

that material misstatements exist, we are required to report that fact.

EDP Renováveis, S.A.

On the basis of the work performed, as described above, we have verified that the information

mentioned in section a) above has been provided in the consolidated management report of the EDP

Renováveis Group of which the Company is the Parent company and in the manner required by

applicable legislation and that the rest of the information contained in the management report is

consistent with that contained in the annual accounts for the 2020 financial year, and its content and

presentation are in accordance with applicable regulations.

Responsibility of the directors and the audit, control and related party transactions committee

for the annual accounts

The Company´s directors are responsible for the preparation of the accompanying annual accounts,

such that they fairly present the equity, financial position and financial performance of EDR

Renováveis, S.A., in accordance with the financial reporting framework applicable to the entity in

Spain, and for such internal control as the directors determine is necessary to enable the preparation

of annual accounts that are free from material misstatement, whether due to fraud or error.

In preparing the annual accounts, the Company´s directors are responsible for assessing the

Company´s ability to continue as a going concern, disclosing, as applicable, matters related to going

concern and using the going concern basis of accounting unless the directors either intend to liquidate

the Company or to cease operations, or have no realistic alternative but to do so.

The audit, control and related party transactions committee is responsible for overseeing the process

of preparation and presentation of the annual accounts.

Auditor's responsibilities for the audit of the annual accounts

Our objectives are to obtain reasonable assurance about whether the annual accounts as a whole are

free from material misstatement, whether due to fraud or error, and to issue an auditor´s report that

includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in

accordance with legislation governing the audit practice in Spain will always detect a material

misstatement when it exists. Misstatements can arise from fraud or error and are considered material

if, individually or in the aggregate, they could reasonably be expected to influence the economic

decisions of users taken on the basis of these annual accounts.

As part of an audit in accordance with legislation governing the audit practice in Spain, we exercise

professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the annual accounts, whether due to

fraud or error, design and perform audit procedures responsive to those risks, and obtain audit

evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not

detecting a material misstatement resulting from fraud is higher than for one resulting from error,

as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the

override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit

procedures that are appropriate in the circumstances, but not for the purpose of expressing an

opinion on the effectiveness of the Company´s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made by the Company´s directors.

EDP Renováveis, S.A.

Conclude on the appropriateness of the directors´ use of the going concern basis of accounting

and, based on the audit evidence obtained, whether a material uncertainty exists related to

events or conditions that may cast significant doubt on the Company´s ability to continue as a

going concern. If we conclude that a material uncertainty exists, we are required to draw

attention in our auditor´s report to the related disclosures in the annual accounts or, if such

disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit

evidence obtained up to the date of our auditor´s report. However, future events or conditions

may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the annual accounts, including the

disclosures, and whether the annual accounts represent the underlying transactions and events

in a manner that achieves fair presentation.

We communicate with the Company´s audit, control and related party transactions committee

regarding, among other matters, the planned scope and timing of the audit and significant audit

findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Company´s audit, control and related party transactions committee with a

statement that we have complied with relevant ethical requirements, including those relating to

independence, and we communicate with the audit, control and related party transactions committee

those matters that may reasonably be thought to bear on our independence, and where applicable,

related safeguards.

From the matters communicated with the Company´s audit, control and related party transactions

committee, we determine those matters that were of most significance in the audit of the annual

accounts of the current period and are therefore the key audit matters.

We describe these matters in our auditor´s report unless law or regulation precludes public disclosure

about the matter.

Report on other legal and regulatory requirements

European single electronic format

We have examined the digital file of the European single electronic format (ESEF) of

EDP Renováveis, S.A. for the 2020 financial year that comprises an XHTML file of the annual

accounts for the financial year, which will form part of the annual financial report.

The directors of EDP Renováveis, S.A. are responsible for presenting the annual report for the 2020

financial year in accordance with the formatting requirements established in the EU Delegated

Regulation 2019/815 of the European Commission (hereinafter the ESEF Regulation).

Our responsibility is to examine the digital file prepared by the directors of the Company, in

accordance with legislation governing the audit practice in Spain. This legislation requires that we plan

and execute our audit procedures in order to verify whether the content of the annual accounts

included in the aforementioned file completely agrees with that of the annual accounts that we have

audited, and whether the format of these accounts has been effected, in all material respects, in

accordance with the requirements established in the ESEF Regulation.

In our opinion, the digital file examined completely agrees with the audited annual accounts, and these

are presented, in all material respects, in accordance with the requirements established in the ESEF

Regulation.

EDP Renováveis, S.A.

Report to the audit, control and related party transactions committee

The opinion expressed in this report is consistent with the content of our additional report to the

Company's audit, control and related party transactions committee dated 24 February 2021.

Appointment period

The General Ordinary Shareholders' Meeting held on 3 April 2018 appointed PricewaterhouseCoopers

Auditores, S.L. as auditors for a period of 3 years, as from the year ended 31 December 2018.

Services provided

Services provided to the Company for services other than the audit of the accounts, and additional to

those indicated in the note 24 of the accompanying annual accounts.

For the non-audit services, provided to the Company´s subsidiaries, please see the audit report of 24

February 2021 on the consolidated annual accounts of EDP Renováveis, S.A. and subsidiaries in

which they are included.

PricewaterhouseCoopers Auditores, S.L. (S0242)

Iñaki Goiriena Basualdu (16198)

24 February 2021

22725304Q IÑAKI GOIRIENA

2021-02-24 16:53

Signer:

CN=22725304Q IÑAKI GOIRIENA

C=ES

2.5.4.42=IÑAKI

2.5.4.4=GOIRIENA BASUALDU

Public key:

RSA/2048 bits

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

Balance sheet at 31 December 2020

THOUSAND EUROS

NOTE

2020

2019

ASSETS

Intangible assets

24,779

7,257

Property, plant and equipment

1,779

2,125

Non-current investments in Group companies and associates:

8,370,758

7,561,609

Equity instruments

8,315,368

7,548,533

Derivatives

55,327

3,352

Other financial assets

9,724

Non-current investments:

8,318

8,157

Equity instruments

7,628

Other financial assets

690

529

Deferred tax assets

23,700

33,317

Total non-current assets

8,429,334

7,612,465

Non-current assets held for sale

18,185

Trade and other receivables:

115,700

74,690

Customers, Group companies and associates - current

59,662

21,325

Receivables from Group companies and associates

55,496

53,351

Other receivables

541

Public entities, other

Current investments in Group companies and associates:

10.a

45,355

Derivatives

44,466

Other financial assets

889

Current investments

491

Prepayments for current assets

309

421

Cash and cash equivalents

1,508,882

175,852

Cash

1,508,882

175,852

Total current assets

1,670,262

269,639

Total assets

10,099,596

7,882,104

EQUITY AND LIABILITIES

Capital and reserves:

Share capital

14.a

4,361,541

Share premium

1,228,451

Reserves

350,091

419,875

Prior years' losses

-8,789

Profit/(loss) for the year

1,388,573

- 8,789

Total equity

7,319,867

6,001,078

LIABILITIES

Non-current provisions:

797

836

Long-term employee benefits

797

836

Non-current debt:

73,678

145,496

Derivatives arranged with Group companies

12,014

120,920

Other financial liabilities

61,664

24,576

Non-current debt with Group companies and associates

17.a

2,447,620

1,241,257

Deferred tax liabilities

65,717

58,426

Total non-current liabilities

2,587,812

1,446,015

Current debt:

7,709

31,228

Derivatives arranged with Group companies

2,395

30,996

Other financial liabilities

5,314

232

Current debt with Group companies and associates

17.a

162,115

390,439

Trade and other payables:

22,093

13,344

Payables, Group companies and associates - current

17.c

11,716

5,849

Other payables

17.c

4,158

2,041

Personnel (salaries payable)

17.c

5,401

4,775

Public entities, other

818

679

Total current liabilities

191,917

435,011

Total equity and liabilities

10,099,596

7,882,104

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

EDPR 2020 ANNUAL REPORT

Income Statement for the year ended 31 December 2020

THOUSAND EUROS

NOTE

2020

2019

CONTINUING OPERATIONS

Revenues

1,524,964

161,347

Self-constructed assets

Other operating income:

2,068

1,644

Non-trading and other operating income

2,068

1,644

Personnel costs:

-26,390

- 22,972

Salaries, wages and similar compensation

-21,384

-18,082

Employee benefits expense

22.c

-5,006

- 4,890

Other operating expenses

-26,959

-21,102

External services

22.d

-26,476

- 20,741

Tax

-41

- 8

Other general expenses

-442

- 353

Amortisation and depreciation

5 & 6

-6,009

- 860

Impairment and gains/(losses) on disposal

1,685

Property, plant and equipment

- 2

Investments

8 & 12

1,685

Operating results

1,469,359

118,064

Finance income:

From marketable securities and other financial instruments:

Other

Finance cost:

-113,050

- 156,847

Group companies and associates

-112,914

-156,809

Other

-136

- 38

Exchange gains and losses

10.d & 17.e

7,519

- 4,499

Change in fair value of financial instruments

-2,756

904

Impairment and gains/(losses) on disposal of financial instruments

171

Net finance cost/income

-108,286

- 160,270

Profit/(loss) before tax

1,361,073

- 42,206

Income tax

27,500

33,417

Profit/(loss) for the year from continuing operations

1,388,573

- 8,789

Profit/(loss) for the year

1,388,573

- 8,789

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

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

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

THOUSAND EUROS

NOTE

2020

2019

Net profit/(loss) for the year

1,388,573

- 8,789

Total income and expense recognised directly in equity

Grants, donations and bequests

Tax effect

Total amounts transferred to the income statement

Grants, donations and bequests

Tax effect

Total recognised income and expense

1,388,573

- 8,789

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

THOUSAND EUROS

2020

ENTITY

CAPITAL

PREMIUM

RESERVES

PROFIT/(LOSS)

IN PRIOR

YEARS

PROFIT/

(LOSS) FOR

THE YEAR

TOTAL

Balance at

31 December 2019

4,361,541

1,228,451

419,875

- 8,789

6,001,078

Recognised income

and expense

1,388,573

Allocation of profit or loss (note 3):

Reserves

-8,789

8,789

Dividends

-69,784

Balance at

31 December 2020

4,361,541

1,228,451

350,091

-8,789

1,388,573

7,319,867

THOUSAND EUROS

2019

ENTITY

CAPITAL

PREMIUM

RESERVES

PROFIT/(LOSS)

FOR THE YEAR

TOTAL

Balance at 31 December 2018

4,361,541

1,228,451

451,678

29,258

6,070,928

Recognised income and expense

-8,789

Allocation of profit or loss (note 3):

Reserves

2,926

- 2,926

Dividends

-34,729

- 26,332

-61,061

Balance at 31 December 2019

4,361,541

1,228,451

419,875

- 8,789

6,001,078

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

EDPR 2020 ANNUAL REPORT

Cash flow statement for the year ended 31 December 2020

THOUSAND EUROS

NOTE

2020

2019

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:

Profit/(loss) for the year before tax

1,361,073

-42,206

Adjusted profit/(loss):

112,571

161,359

Amortisation and depreciation (+)

5 & 6

6,009

860

Change in provisions (+/-)

-39

230

Gains/(losses) from disposals of fixed assets

-1

Grains/(losses) from disposals of investments

-1,685

Finance income (-)

-1

Finance cost (+)

113,050

156,847

Exchange gains and losses (+/-)

10.d & 17.f

-7,519

4,499

Change in fair value of financial instruments

2,756

-904

Impairment and gains/(losses) on disposal of financial instruments (+/-)

-171

Changes in operating assets and liabilities:

-43,213

-4,141

Trade and other receivables (+/-)

-52,074

-3,375

Other current assets

112

-188

Trade and other payables (+/-)

8,749

-578

Other cash flows from (used in) operating activities:

-62,520

-107,821

Interest paid (-)

-112,592

-145,807

Interest received (+)

Derivative financial instruments received (paid) (+/-)

-2,680

3,504

Income tax received (paid) (+/-)

52,751

34,481

Cash flows from (used in) operating activities

1,367,911

7,191

CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:

Payments for investments: (-)

-1,749,610

-1,067,018

Group companies and associates

-1,746,050

-1,045,016

Intangible assets

-2,625

-4,473

Property, plant and equipment

-339

Other financial assets

-935

-17,190

Proceeds from sale of investments: (+)

688,496

731,834

Group companies and associates

675,147

722,254

Other financial assets

13,349

9,580

Cash flows from (used in) investing activities

-1,061,114

-335,184

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:

Payments made and received for financial liability instruments:

1,093,431

381,431

Debt issues, Group companies (+)

1,822,226

915,374

Redemption and repayment of debts with Group companies (-)

-728,795

-533,943

Dividends and interest on other equity instruments paid:

-69,784

-61,061

Dividends (-)

-69,784

-61,061

Cash flows from (used in) financing activities

1,023,647

320,370

Effect of exchange rate fluctuations

2,586

-53

Net increase/decrease in cash and cash equivalents

1,333,030

-7,676

Cash and cash equivalents at beginning of year

175,852

183,528

Cash and cash equivalents at

year end

1,508,882

175,852

EDPR 2020 ANNUAL REPORT

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

affecting stakeholders

SARS-COV-2, a virus that can cause a serious pneumonia-like respiratory infection in humans was identified for the first

time in the Chinese city of Wuhan at the end of 2019. The disease caused by the virus COVID-19 was classified as a

pandemic by the World Health Organization (WHO) in 2020. COVID-19 forced the entire world to change its habits and it is

having several social, economic, regulatory, operating, accounting and public health impacts.

Macroeconomic impact

The current global Covid-19 pandemic crisis brings significant risks to the economy and society, and the duration of the

epidemic and its long-term economic impacts continue to be uncertain.

COVID-19 ha

s impacted the EDPR Group’s business in its various geographic locations and areas of its value chain from

an overall macroeconomic standpoint. However, a prudent strategy to hedge energy and financial market risks, maintaining

solid levels of liquidity and the active management of critical suppliers and supplies resulted in a significant mitigation of the

impacts of this crisis.

EDPR Group’s energy business has been affected by a decline in demand as a result of the lockdown, as well as a sharp

decline in the prices obtained by the groupings in the various geographic locations that were partially seen a few months

before the Covid-19 crisis in Europe but somewhat recovered at the end of the year. The high level of fixed price hedges

within the price risk hedging strategy has allowed the EDPR Group to contain the impact of falling prices at its groupings in

various geographic locations.

There was a very significant increase in the volatility of exchange and interest rates in financial markets that gradually

declined after the low point seen in March.

While there has not been a significant increase in bad debts, there has been an increase in the credit risk exposure affecting

electricity and GC hedges and a general deterioration of counterparty financial situations worldwide. Nevertheless, since the

Group’s primary customers and counterparties are public utilities, regulated entities and regional market agents with a solid

credit profile, this credit risk exposure has been minimal.

As the main shareholder of EDPR, EDP has strengthened its financial situation and is applying adequate mitigation

measures at the first signs of distress and is better prepared to absorb the potential impacts that may be caused by this

pandemic.

Regulatory impact

A series of extraordinary urgent measures were approved and applied to respond to the epidemiological situation caused

by the new Covid-19 virus in the various geographic locations in which EDPR is present.

Operating impact

EDPR operates a solid business model that puts its daily operations at reduced risk of retail prices, as can be seen in the

94% of revenue already contracted for 2021 in December 2020. The Company has suffered some interruptions in

construction and the supply chain due to Covid-19, which led to a total of c.0.5 delays that did not have any impact on

project fundamentals. These delays have been offset by the acquisition of +0.5 GW of the Viesgo renewable energy

business and some projects in Brazil were brought forward.

Accounting impact

The EDPR Group reassessed the estimates that it considered pertinent and which could have been affected by this event in

order to determine any possible accounting impact deriving from Covid-19. The EDPR Group analysed these pertinent

estimates at 31 December 2020 and reached the conclusion that there were no significant accounting impacts resulting from

the Covid-19 pandemic.

Stakeholders

EDPR implemented a Response Plan after the Covid-19 pandemic that focused on protecting employees and assisting local

communities while minimising the impact on business continuity and the business plan. The Company therefore

implemented protection measures focusing on anticipation and prevention and working to ensure the re-establishment of

operations under safe conditions for everyone:

•

Employees

As a responsible company, EDPR quickly adopted measures to minimise the conditions under which the virus propagates

by focusing on personal health and maintaining essential operating services. EDPR implemented travel restrictions in

February, took measures involving those that had recently been in affected areas and distributed hand sanitiser at its

facilities. EDPR activated its Contingency Plan at the beginning of March supported by the two recently launched pilot

projects to work from home one day per week, and visits to its facilities were restricted while employees were continually

informed of any updates to the situation and of instructions to follow in the event of a positive or possible infection.

Employees continued to have the option of working from home or gradually returning to facilities at the end of the year, in

accordance with a Reopening Plan based on geographic locations in order to guarantee the highest health and safety

standards for everyone, while complying with legal limitations and social distancing.

EDPR was even able to continue contracting and maintaining promotions, actions and training sessions during the global

crisis by adapting processes to the current situation. All recruiting and onboarding processes were adapted to take place via

interactive meetings and EDPR increased its payroll by 20% in 2020 compared to the previous year. EDPR implemented

several initiatives to promote work-life balance that focused mainly on family, time and health while sharing multiple tips on

health, well-being and working from home on its intranet throughout the year. The challenges imposed by the Covid-19

pandemic on training and development programmes were successfully overcome by redesigning and adapting training

content and sessions to virtual formats and on-line learning. Finally, despite the global pandemic, there was a slight

increase in the number of secondment processes in 2020 compared to the preceding year.

•

Communities

Covid-

19 has altered everyone’s life and

daily routines. In this unprecedented situation, EDPR launched a solidarity

campaign that distributed more than €1 million in assistance and establishes initiatives in all of its markets to help local

communities combat the pandemic and to recover from the socio-economic crisis. EDPR assisted vulnerable populations by

making donations to food banks, acquiring medical equipment, devices and quick testing kits while facilitating on-line

learning and digital education materials. The Company provided assistance in the 15 countries in which it maintains a

presence: Spain, Portugal, France, Belgium, Italy, Poland, Romania, Greece, Brazil, Colombia, United States, Canada and

Mexico, as well as in Mozambique and Nigeria through the A2E - Energy Access programme. EDP

R’s response to the

global crisis is in line with its commitment to maintaining a close relationship with local communities, seeking to understand,

respect and support their needs while helping improve society’s living conditions.

EDPR 2020 ANNUAL REPORT

01. Nature and activities of the company

EDP Renováveis, S.A. (hereinafter, "the Company") was incorporated by public deed under Spanish law on 4 December

2007 for an indefinite period of time and commenced operations on the same date. Its registered office is in Oviedo at Plaza

del Fresno 2.

According to the Company's articles of association, the statutory activity of EDP Renováveis, S.A. comprises activities

related to the electricity sector, specifically the planning, construction, maintenance and management of electricity

production facilities, in particular those eligible for the special regime for electricity generation. The Company promotes

and develops projects relating to energy resources and electricity production activities as well as managing and

administering other companies' equity securities.

The Company can engage in its statutory activities directly or indirectly through ownership of shares or investments in

companies or entities with identical or similar statutory activities.

On 28 January 2008, EDP-Energías de Portugal, S.A. informed the market and the general public that its directors had

decided to launch a public share offering in EDP Renováveis, S.L. The Company completed its initial flotation in June 2008,

with 22.5% of its shares quoted on the Lisbon stock exchange .

During 2017, EDP - Energías de Portugal, S.A. carried out a buyback process to buy back quoted shares. After this process

was completed, only 17.44% of the Company's shares remain quoted on the Lisbon Stock Exchange.

As explained in note 8, the Company holds investments in subsidiaries. Consequently, in accordance with prevailing

legislation, the Company is the parent of a group of companies. In accordance with generally accepted accounting principles

in Spain, consolidated annual accounts must be prepared to give a true and fair view of the financial position of the Group,

the results of operations and changes in its equity and cash flows. Details of investments in Group companies are provided

in Appendix I.

On 23 February 2021 the Directors authorised for issue the consolidated annual accounts of EDP Renováveis, S.A.

and subsidiaries for 2020 under International Financial Reporting Standards adopted by the European Union (IFRS-EU),

which show consolidated profit of Euros 680,577 thousand and consolidated equity of Euros 8,623,831 thousand

(Euros 622,667 thousand and Euros 8,334,700 thousand in 2019). The consolidated annual accounts will be filed at the

Asturias Mercantile Registry.

The Company belongs to the EDP Group, of which the parent is EDP - Energías de Portugal, S.A., with registered office

at Avenida 24 de Julho, n.º 12 in Lisbon. Through its Spanish branch office, EDP SA - Sucursal en España ("EDP

Sucursal"), EDP Energias de Portugal, SA owns a qualified 82.6% interest in EDPR’s share capital and 17.44% of its voting

rights.

In December 2011, China Three Gorges Corporation (CTG) signed an agreement to acquire 780,633,782 ordinary shares

in EDP from Parpública - Participações Públicas SGPS, S.A., representing 21.35% of the share capital and voting rights

of EDP Energias de Portugal S.A.,

the majority shareholder of the Company. This transaction took place in May 2012.

The terms of the agreements under which CTG became a shareholder of the EDP Group stipulate minority investments by

CTG totalling Euros 2,000 million in renewable energy products underway and ready for construction (including co-funding

capex (capital expenditure)).

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

•

In June 2013, EDPR sold its 49% interest in the equity of EDPR Portugal to CTG through CITIC CWEI Renewables

S.C.A.

•

In May 2015, EDPR

closed the sale of its 49% interest in the following EDPR Brazil subsidiaries to CTG through CWEI

Brasil participaçoes LTDA: Elebrás Projetos S.A, Central Nacional de Energia Eólica S.A, Central Eólica Baixa do

Feijão I S.A, Central Eólica Baixa do Feijão II S.A, Central Eólica Baixa do Feijão III S.A, Central Eólica Baixa do Feijão

IV S.A, Central Eólica Jau S.A. and Central Eólica Aventura S.A.

•

In October 2016, EDPR sold its 49% interest in the capital of EDP Renewables Polska SP.Zo.o. to CTG through ACE

Poland S.Á.R.L. and sold its 49% interest in the capital of EDP Renewables Italia S.R.L. to CTG through ACE Italy

S.Á.R.L.

•

In June 2017, the EDPR Group closed the sale of its 49% interest in the capital of EDPR PT

–

Parques Eólicos, S.A.

to CTG through ACE Portugal S.Á.R.L.

•

In December 2018, EDPR closed the sale of 10% of the share capital of the associate Moray East Holdings Limited to

CTG through China Three Gorges (UK) Limited.

The operating activity of the Group headed by the Company is essentially carried out in Europe, the USA and Brazil through

three subgroups headed by EDP Renewables Europe, S.L.U. (EDPR EU) in Europe, EDP Renewables North America, LLC

(EDPR NA) in the USA and EDP Renováveis Brasil (EDPR Brasil) in Brazil. The Company also incorporated a subsidiary in

Canada in 2010, called EDP Renewables Canada, Ltd. In 2019 and 2020 the Company acquired the Colombian companies,

Eolos Energía S.A.S. E.S.P., Vientos del Norte S.A.S. E.S.P. and

Solar Power Solutions S.A.S.E.S.P. and in 2020 it

incorporated EDPR Vietnam to develop its projects in those countries.

02. Basis of presentation

A) True and fair view

The annual accounts for 2020 have been prepared on the basis of the accounting records of EDP Renováveis, S.A., in

accordance with prevailing legislation and the Spanish General Chart of Accounts to give a true and fair view of the equity

and financial position at 31 December 2020 and results of operations, changes in equity, and cash flows for the year then

ended.

The directors consider that the accompanying individual annual accounts for 2020, authorised for issue on 23 February

2021, will be approved with no changes by the shareholders at their annual general meeting.

B) Comparative information

The balance sheet, income statement, statement of changes in equity, cash flow statement and the notes thereto for 2020

include comparative figures for 2019, which formed part of the 2019 annual accounts approved by shareholders at the

annual general meeting held on 26 March 2020.

C) Functional and presentation currency

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

presentation currency.

D) Critical issues regarding the valuation and estimation of relevant uncertainties

and judgements used when applying accounting principles

Relevant accounting estimates and judgements and other estimates and assumptions have to be made when applying the

Company's accounting principles to prepare the annual accounts. A summary of the items requiring a greater degree of

judgement or which are more complex, or where the assumptions and estimates made are significant to the preparation of

the annual accounts, is as follows:

EDPR 2020 ANNUAL REPORT

Relevant accounting estimates and assumptions

The Company tests investments in Group companies for impairment on an annual basis. Impairment is calculated by

comparing the carrying amount of the investment with its recoverable amount. The recoverable amount is the higher of

value in use and fair value less costs to sell. The Company generally uses cash flow discounting methods to calculate these

values. Cash flow discounting calculations are based on projections in the budgets approved by management. The cash

flows take into consideration past experience and represent management's best estimate of future market performance.

The key assumptions employed when determining fair value less costs to sell and value in use include growth rates

in accordance with best estimates of rises in electricity prices in each country, the weighted average cost of capital and

tax rates. The estimates, including the methodology used, could have a significant impact on values and impairment loss.

In certain cases, when estimating impairment of such investments, the investee's equity is taken into consideration,

corrected for any net unrealised gains existing at the measurement date.

The fair value of financial instruments is based on market quotations when available. Otherwise, fair value is based on

prices applied in recent, similar transactions in market conditions or on evaluation methodologies using discounted future

cash flow techniques, considering market conditions, time value, the profitability curve and volatility factors. These methods

may require assumptions or judgements in estimating fair value.

Recording and recovery of deferred tax assets.

The recording and recoverability of deferred tax assets is assessed when they are generated and subsequently at each

statement of financial position reporting date in accordance with expected taxable income/tax loss. The Company also takes

into account future tax obligations constituting the recovery of such assets.

Changes in accounting estimates

Although estimates are calculated by the Company's directors based on the best information available at 31 December

2020, future events may require changes to these estimates in subsequent years. Any effect on the annual accounts

of adjustments to be made in subsequent years would be recognised prospectively.

03. Allocation of profit/(loss)

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

is as follows:

EUROS

BASIS OF ALLOCATION:

Profit for the year

1,388,573,084.60

Voluntary reserve

DISTRIBUTION:

Legal reserve

138,857,308.46

Dividends

69,784,652.96

Voluntary reserve

1,179,931,123.18

Total

1,388,573,084.60

The distribution of profit and reserves of the Company for the year ended 31 December 2019, approved by the shareholders

at their annual general meeting held on 26 March 2020, was as follows:

EUROS

BASIS OF ALLOCATION:

Losses for the year

-8,788,570.89

Voluntary reserve

69,784,652.96

DISTRIBUTION:

Prior years' losses

-8,788,570.89

Dividends

69,784,652.96

Total

60,996,082.07

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

THOUSAND EUROS

2020

2019

NON-DISTRIBUTABLE RESERVES:

Legal reserve

75,971

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

04. Significant accounting policies

A) Foreign currency transactions, balances and cash flows

Foreign currency transactions have been translated into Euros using the exchange rate prevailing at the transaction date.

Monetary assets and liabilities denominated in foreign currencies have been translated into Euros at the closing rate, while

non-monetary assets and liabilities measured at historical cost have been translated at the exchange rate prevailing at the

transaction date.

In the cash flow statement, cash flows from foreign currency transactions have been translated into Euros at the exchange

rates at the dates the cash flows occur.

The effect of exchange rate fluctuations on cash and cash equivalents denominated in foreign currencies is recognised

separately in the cash flows statement as Effect of exchange rate fluctuations.

Exchange gains and losses arising on the settlement of foreign currency transactions and the translation into Euros of

monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

B) Intangible assets

Computer software is measured at purchase price and carried at cost, less any accumulated amortisation and impairment.

Computer software is amortised by allocating the depreciable amount on a systematic basis over its useful life, which has

been estimated at five years from the asset entering normal use.

Capitalised personnel expenses of employees who install computer software are recognised as Self-constructed assets

in the income statement.

EDPR 2020 ANNUAL REPORT

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

following conditions:

•

Payments attributable to the performance of the project can be measured reliably.

•

The allocation, assignment and timing of costs for each project are clearly defined.

•

There is evidence of the project's technical success, in terms of direct operation or sale to a third party of the results

thereof once completed and if a market exists.

•

The economic and commercial feasibility of the project is reasonably assured.

•

Financing to develop the project, the availability of adequate technical and other resources to complete

the development and to use or sell the resulting intangible asset are reasonably assured.

•

There is an intention to complete the intangible asset for its use or sale.

Computer software maintenance costs are charged as expenses when incurred.

C) Property, plant and equipment

Property, plant and equipment are measured at cost of acquisition. Property, plant and equipment are carried at cost less

any accumulated depreciation and impairment.

Property, plant and equipment are depreciated by allocating the depreciable amount of an asset on a systematic basis

over its useful life. The depreciable amount is the cost of an asset, less its residual value. The Company determines the

depreciation charge separately for each component of an item of property, plant and equipment with a cost that is significant

in relation to the total cost of the asset and with a useful life that differs from the remainder of the asset.

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

DEPRECIATION METHOD

ESTIMATED YEARS OF

USEFUL LIFE

Other installations

Straight-line

Furniture

Straight-line

Information technology equipment

Straight-line

D) Financial instruments

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

This category includes the derivative financial instruments described in note 11, which are initially recognised at fair value.

Transaction costs directly attributable to the acquisition or issue are recognised as an expense when incurred.

After initial recognition, they are recognised at fair value through profit or loss. Fair value is reduced by transaction costs

incurred on sale or disposal. Accrual interest and dividends are recognised separately.

Loans and receivables

Loans and receivables comprise trade and non-trade receivables with fixed or determinable payments that are not quoted

in an active market other than those classified in other financial asset categories. These assets are initially recognised

at fair value, including transaction costs, and are subsequently measured at amortised cost using the effective interest

method.

Investments in Group companies

Investments in Group companies are initially recognised at cost, which is equivalent to the fair value of the consideration

given, excluding transaction costs, and are subsequently measured at cost net of any accumulated impairment. The cost

of investments in Group companies acquired before 1 January 2010 includes any transaction costs incurred.

Investments in Group companies denominated in foreign currencies covered by hedges of net investments in foreign

operations are updated to reflect exchange rate fluctuations (see note 4 L).

Investments in Group companies acquired through a non-monetary contribution from another Group company are measured

at the pre-transaction value in the consolidated accounts.

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

In non-monetary contributions of businesses (including investments

in Group companies) to other Group companies, equity

investments received are measured on the transaction date at the carrying amount of the company in the consolidated

accounts. Gains or losses deferred in recognised income and expense associated with the assets and liabilities conveyed

continue to be recognised in equity but are linked to the investment received.

Interest and dividends

Interest is recognised using the effective interest method.

Dividends from investments in equity instruments are recognised when the Company is entitled to receive them. If the

distributed dividends unequivocally originate from the profits generated prior to the acquisition date, they reduce the carrying

amount of the investment.

Pursuant to request ruling number 2 issued by the Spanish Accounting and Auditing Institute, published in its Official

Gazette number 78, for entities whose ordinary activity is the holding of shares in group companies and the financing of

investees, the dividends and other income - coupons, interest - earned on financing extended to investees, as well as gains

obtained from the disposal of investments, except those deriving from the disposal of subsidiaries, jointly controlled entities

and associates, constitute revenue in the income statement.

Derecognition of financial assets

Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or have been

transferred and the Company has transferred substantially all the risks and rewards of ownership.

Impairment of financial assets

•

Impairment of financial assets carried at amortised cost

The amount of the impairment loss of financial assets carried at amortised cost is measured as the difference between

the asset's carrying amount and the present value of estimated future cash flows (excluding future credit losses that have

not been incurred) discounted at the financial asset's original effective interest rate.

The impairment loss is recognised in profit and loss and may be reversed in subsequent periods if the decrease can be

objectively related to an event occurring after the impairment has been recognised. The loss can only be reversed to the

limit of the amortised cost of the assets had the impairment loss not been recognised.

•

Investments in Group companies

Impairment is calculated by comparing the carrying amount of the investment with its recoverable amount. The recoverable

amount is the higher of value in use and fair value less costs to sell.

Value in use is calculated based on the Company's share of the present value of future cash flows expected to be derived

from ordinary activities and from the final disposal of the asset.

EDPR 2020 ANNUAL REPORT

The carrying amount of the investment includes any monetary item that is receivable or payable for which settlement

is neither planned nor likely to occur in the foreseeable future, excluding trade receivables or trade payables.

In subsequent years, reversals of impairment losses in the form of increases in the recoverable amount are recognised,

up to the limit of the carrying amount that would have been determined for the investment if no impairment loss had been

recognised.

The recognition or reversal of an impairment loss is recorded in the income statement.

Impairment of an investment is limited to the amount of the investment, except when contractual, legal or constructive

obligations have been assumed by the Company or payments have been made on behalf of the companies.

Financial liabilities

Financial liabilities, including trade and other payables, that are not classified as held for trading or as financial liabilities at

fair value through profit or loss are initially recognised at fair value less any transaction costs directly attributable to the issue

of the financial liability. After initial recognition, liabilities classified under this category are measured at amortised cost using

the effective interest method.

Derecognition of financial liabilities

The Company derecognises all or part of a financial liability when it either discharges the liability by paying the creditor,

or is legally released from primary responsibility for the liability either by process of law or by the creditor.

Fair value

The fair value is the amount for which an asset can be exchanged, or a liability settled, between knowledgeable, willing

parties in an arm's length transaction. If available, quoted prices in an active market are used to determine fair value.

Otherwise, the Company calculates fair value using recent transaction prices or, if insufficient information is available,

generally accepted valuation techniques such as discounting expected cash flows.

E) Cash and cash equivalents

Cash and cash equivalents include cash on hand and demand deposits in financial institutions. They also include other

short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an

insignificant risk of changes in value. An investment normally qualifies as a cash equivalent when it has a maturity of less

than three months from the date of acquisition.

The Company classifies current accounts with Group companies under this heading if they are considered to be cash-

pooling accounts when there is a debit balance. If not, they are recorded under current payables with Group companies and

associates.

The Company recognises cash payments and receipts for financial assets and financial liabilities in which turnover is quick

on a net basis in the statement of cash flows. Turnover is considered to be quick when the period between the date of

acquisition and maturity does not exceed six months.

F) Provisions

Provisions are recognised when the Company has a present obligation (legal, contractual, constructive or tacit) as a result

of a past event; it is probable that an outflow of resources embodying economic benefits will be required to settle the

obligation; and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the expenditure required to settle the present obligation

at the end of the reporting period, taking into account all risks and uncertainties surrounding the amount to be recognised as

a provision and, where the time value of money is material, the financial effect of discounting provided that the expenditure

to be made each period can be reliably estimated. The discount rate is determined before taxes, taking into consideration

the time value of money, as well as the specific risks that have not been included in the future cash flows relating to the

provision at each closing date.

The financial effect of the provisions is recognised as a financial expense in the income statement.

If it is not probable that an outflow of resources will be required to settle an obligation, the provision is reversed.

G) Revenue from sales and services rendered

Revenue from the sale of goods and the rendering of services is measured at the fair value of the consideration received

or receivable. Discounts, as well as the interest added to the nominal amount of the consideration, are recognised as a

reduction in the consideration.

Revenues associated with the rendering of services are recognised in the income statement by reference to the stage of

completion at the reporting date when revenues, the stage of completion, the costs incurred and the costs to complete the

transaction can be estimated reliably and it is probable that the economic benefits derived from the transaction will flow to

the Company.

H) Income tax

The income tax expense or tax income for the year comprises current tax and deferred tax.

Current tax assets or liabilities are measured at the amount expected to be paid to or recovered from the taxation

authorities, using the tax rates and tax laws that have been enacted or substantially enacted at the reporting date.

Current and deferred tax are recognised as income or an expense and included in profit or loss for the year, except to the

extent that the tax arises from a transaction or event which is recognised, in the same or a different year, directly in equity,

or from a business combination.

The Company files consolidated tax returns as part of the 385/08 group headed by EDP Energías de Portugal, S.A.

Sucursal en España.

In addition to the factors to be considered for individual taxation, set out previously, the following factors are taken into

account when determining the accrued income tax expense for the companies forming the consolidated tax group:

•

temporary and permanent differences arising from the elimination of profits and losses on transactions between

Group companies, derived from the process of determining consolidated taxable income.

•

deductions and credits corresponding to each company forming the consolidated tax group. For these purposes,

deductions and credits are allocated to the company that carried out the activity or obtained the profit necessary

to obtain the right to the deduction or tax credit.

Temporary differences arising from the elimination of profits and losses on transactions between tax group companies are

allocated to the company which recognised the profit/loss and are valued using the tax rate of that company.

A reciprocal credit and debit arises between the companies that contribute tax losses to the consolidated Group and the rest

of the companies that offset those losses. Where a tax loss cannot be offset by the other consolidated Group companies,

these tax credits for loss carryforwards are recognised as deferred tax assets using the applicable recognition criteria,

considering the tax group as a taxable entity.

EDPR 2020 ANNUAL REPORT

The Parent of the Group records the total consolidated income tax payable (recoverable) with a debit (credit) to receivables

(payables) from/to Group companies and associates.

The amount of the debt (credit) relating to the subsidiaries is recognised with a credit (debit) to payables (receivables)

to/from Group companies and associates (see note 19).

Taxable temporary differences

Taxable temporary differences are recognised in all cases except where they arise from the initial recognition of goodwill

or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither

accounting profit nor taxable income.

Deductible temporary differences

Deductible temporary differences are recognised provided that it is probable that sufficient taxable income will be available

against which the deductible temporary difference can be utilised, or when tax legislation envisages the possibility of

converting deferred tax assets into a receivable from public entities in the future.

The Company recognises the conversion of a deferred tax asset into a receivable from public entities when it becomes

enforceable in accordance with prevailing tax legislation. For this purpose, the deferred tax asset is derecognised with a

charge to the deferred tax expense and the receivable is recognised with a credit to current tax.

The Company recognises the payment obligation deriving from financial contributions as an operating expense with a credit

to payables to public entities when it is accrued in accordance with the Spanish Income Tax Law.

Nonetheless, assets arising from the initial recognition of an asset or liability in a transaction that is not a business

combination and, at the time of the transaction, affects neither accounting profit nor taxable income, are not recognised.

In the absence of evidence to the contrary, it is not considered probable that the Company will have future taxable profit

when the deferred tax assets are expected to be recovered in a period of more than ten years from the end of the reporting

period, irrespective of the nature of the deferred tax asset; or, in the case of tax credits for deductions and other tax relief

that are unused due to an insufficient amount of total tax, when there is reasonable doubt - after the activity or the income

giving rise to entitlement to the deduction or tax credit has been rendered or received, respectively - as to whether the

requirements for their offset will be met.

The Company only recognises deferred tax assets arising from tax loss carryforwards when it is probable that future taxable

profit will be generated against which they may be offset within the period stipulated in applicable tax legislation, up to a

maximum period of ten years, unless there is evidence that their recovery in a longer period of time is probable and tax

legislation provides for their utilisation in a longer period or stipulates no time limit for their utilisation.

Conversely, it is considered probable that the Company will generate sufficient taxable profit to recover deferred tax assets

when there are sufficient taxable temporary differences relating to the same taxation authority and the same taxable entity,

which are expected to reverse in the same tax period as the expected reversal of the deductible temporary differences or in

periods into which a tax loss arising from a deductible temporary difference can be carried back or forward.

The Company recognises deferred tax assets not previously recognised because they were not expected to be utilised

within the ten-year recovery period, inasmuch as the future reversal period does not exceed ten years from the end of the

reporting period or when there are sufficient taxable temporary differences.

Tax planning opportunities are only considered when assessing the recoverability of deferred tax assets and if the Company

intends to use these opportunities or it is probable that they will be utilised.

Measurement

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the years when the asset is

realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantially enacted. The tax

consequences that would follow from the manner in which the Company expects to recover or settle the carrying amount of

its assets or liabilities are also reflected in the measurement of deferred tax assets and liabilities. For these purposes, the

Company has considered the deduction for reversal of the temporary measures provided in transitional provision thirty-

seven of Income Tax Law 27/2014 of 27 November 2014 as an adjustment to the tax rate applicable to the deductible

temporary difference associated with the non-deductibility of amortisation and depreciation charges in 2013 and 2014.

Classification

Deferred tax assets and liabilities are recognised in the statement of financial position under non-current assets or liabilities,

irrespective of the expected date of recovery or settlement.

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

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

assets and liabilities are determined as follows:

•

assets are classified as current when they are expected to be realised or are intended for sale or consumption in the

Company's normal operating cycle, they are held primarily for the purpose of trading, they are expected to be realised

within 12 months after the reporting date or are cash or a cash equivalent, unless the assets may not be exchanged or

used to settle a liability for at least 12 months after the reporting date.

•

liabilities are classified as current when they are expected to be settled in the Company's normal operating cycle, they

are held primarily for the purpose of trading, they are due to be settled within 12 months after the reporting date or the

Company does not have an unconditional right to defer settlement of the liability for at least 12 months after the

reporting date.

•

financial liabilities are classified as current when they are due to be settled within 12 months after the reporting date,

even if the original term was for a period longer than 12 months, and an agreement to refinance or to reschedule

payments on a long-term basis is completed after the reporting date and before the annual accounts are authorised

for issue.

J) Environmental issues

Environmental assets

Non-current assets acquired by the Company to minimise the environmental impact of its activity and to protect and improve

the environment, including the reduction and elimination of future pollution from the Company's activities, are recognised as

property, plant and equipment in the balance sheet at purchase price or cost of production and depreciated over their

estimated useful lives.

Environmental expenses

Environmental expenses are the costs derived from managing the environmental effects of the Company's operations and

existing environmental commitments. These include expenses relating to the prevention of pollution caused by ordinary

activities, waste treatment and disposal, decontamination, restoration, environmental management or environmental audit.

Expenses derived from environmental activities are recognised as operating expenses in the period in which they are

incurred.

EDPR 2020 ANNUAL REPORT

Environmental provisions

The Company makes an environmental provision when expenses are probable or certain to arise but the amount or timing

is unknown. Where necessary, provision is also made for environmental actions arising from any legal or contractual

commitments and for those commitments acquired for the prevention and repair of environmental damage.

K) Related party transactions

Transactions between Group companies are recognised at the fair value of the consideration given or received. The

difference between this value and the amount agreed is recognised in line with the underlying economic substance of the

transaction.

All transactions with related parties take place on an arm’s length basis.

L) Hedge accounting

Derivative financial instruments which qualify for hedge accounting are initially measured at fair value, plus any transaction

costs that are directly attributable to the acquisition, or less any transaction costs directly attributable to the issue of the

financial instruments.

The Company undertakes fair value hedges and hedges of net investments in foreign operations.

At the inception of the hedge the Company formally designates and documents the hedging relationships and the objective

and strategy for undertaking the hedges. Hedge accounting is only applicable when the hedge is expected to be highly

effective at the inception of the hedge and in subsequent years in achieving offsetting changes in fair value or cash flows

attributable to the hedged risk, throughout the period for which the hedge was designated (prospective analysis), and the

actual effectiveness is within a range of 80%-125% (retrospective analysis) and can be reliably measured.

The Company hedges net investments in foreign operations in relation to its investment in the Group companies EDP

Renewables North America, LLC., EDP Renováveis Brasil S.A. and EDP Renewables Canada, Ltd.

M) Hedges of a net investment in a foreign operation

The Company hedges the foreign currency risk arising from investments in Group companies denominated in foreign

currency. The portion of gains or losses on the hedging instrument or on the exchange rate of the monetary item used as

the hedging instrument is recognised as exchange gains or losses in the income statement. Gains or losses on investments

related to the underlying foreign currency amount in the annual accounts are recognised as exchange gains or losses in

profit and loss.

N) Grants, donations and bequests

Grants, donations and bequests are recorded in recognised income and expense when, where applicable, they have been

officially awarded, the conditions attached to them have been met or there is reasonable assurance that they will be

received.

Monetary grants, donations and bequests are measured at the fair value of the sum received, whilst non-monetary grants,

donations and bequests received are accounted for at fair value.

In subsequent years, grants, donations and bequests are recognised as income as they are applied.

O) Long- and short-term employee benefits

The Company recognises the expected cost of profit-sharing and bonus plans when it has a present legal or constructive

obligation to make such payments as a result of past events and a reliable estimate of the obligation can be made.

P) Non-current assets held for sale

Non-current assets or disposal groups whose carrying amount will be largely recovered through a sale transaction instead of

recognised at the value in use are recognised under this heading. In order for non-current assets or disposal groups to

be classified as held for sale, they must be available for disposal in their current condition, exclusively subject to the usual

terms and conditions of sale transactions, and the disposal must also be deemed to be highly probable.

Non-current assets and disposal groups classified as held for sale are not amortised or depreciated, and are recorded at

their carrying amount or fair value, whichever is lower, less costs to sell.

The Company recognises initial and subsequent impairment losses on assets classified in this category in the income

statement under results of continuing operations.

05. Intangible assets

Details of intangible assets and movement are as follows:

THOUSAND

EUROS

BALANCE

AT 31.12.18

ADDITIONS

TRANSFER

BALANCE

AT 31.12.19

ADDITIONS

TRANSFER

BALANCE

AT 31.12.20

COST:

Computer

software

6,728

4,320

11,048

22,327

267

33,642

Computer

software under

development

1,363

5,078

-4,320

2,121

858

-267

2,712

8,091

5,078

13,169

23,185

36,354

AMORTISATION:

Computer

software

-5,438

-474

-5,912

-5,663

-11,575

-5,438

-474

-5,912

-5,663

-11,575

Carrying amount

2,653

4,604

7,257

17,522

24,779

Additions in 2020 and 2019 reflect information management applications purchased or developed during the year.

At the 2020 reporting date, the Company had fully amortised intangible assets in use amounting to Euros 5,197 thousand

(Euros 5,197 thousand in 2019).

At 31 December 2020 and 2019 the Company has no commitments to purchase intangible assets.

EDPR 2020 ANNUAL REPORT

06. Property, plant and equipment

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

THOUSAND EUROS

BALANCE

AT 31.12.18

ADDITIONS

DISPOSALS

BALANCE

AT 31.12.19

ADDITIONS

BALANCE

AT 31.12.20

COST:

Other fixtures

2,869

180

3.0+49

3,049

Information technology

equipment and furniture

1,385

159

1,544

Vehicles

-21

4,275

339

-21

4,593

DEPRECIATION:

Other fixtures

-1,421

-280

-1,701

-236

-1,937

Information technology

equipment and furniture

-662

-105

-767

-110

-877

Vehicles

-6

-1

-2,089

-386

-2,468

-346

-2,814

Carrying amount

2,186

-47

-14

2,125

-346

1,779

Additions in 2019 mainly reflect the work to improve and modernise the Company's headquarters carried out during

the year.

The Company has taken out insurance policies to cover the risk of damage to its property, plant and equipment.

The coverage of these policies is considered sufficient.

Fully depreciated property, plant and equipment amount to Euros 1,953 thousand at the 2020 reporting date (Euros 852

thousand in 2019) and comprise information technology equipment and furniture.

At 31 December 2020 and 2019 the Company has no commitments to purchase property, plant and equipment.

07. Risk management policy

A) Financial risk factors

The Company's activities are exposed to various financial risks: market risk (including currency risk and fair value interest

rate risk), credit risk, liquidity risk, and cash flow interest rate risk. The Company's global risk management programme

focuses on uncertainty in the financial markets and aims to minimise potential adverse effects on the Company's profits. The

Company uses derivatives to mitigate certain risks.

The directors of the Company are responsible for defining general risk management principles and establishing exposure

limits. The Company's financial risk management is subcontracted to the Finance Department of EDP - Energías de

Portugal, S.A. in accordance with the policies approved by the Board of Directors. The subcontracted service includes the

identification and evaluation of hedging instruments.

All operations involving derivative financial instruments are subject to prior approval from the board of directors, which

sets the parameters of each operation and approves the formal documents describing the objectives of the operation.

Currency risk

The Company operates internationally and is therefore exposed to currency risk when operating with foreign currencies,

especially with regard to the US Dollar, the Brazilian Real, the Canadian Dollar and the Polish Zloty. Currency risk is

associated with recognised assets and liabilities, and net investments in foreign operations.

The Company holds investments in group companies that are denominated in foreign currency, which are therefore

exposed to exchange-rate risk at year-

and when translating those amounts into the Company’s functional

currency (euro).

Currency risk affecting these investments is mitigated primarily through derivative financial instruments and borrowings in

the corresponding foreign currencies.

Details of hedged financial assets and the derivative financial instruments obtained to hedge them are provided in

notes 8 and 11.

Details of financial assets and liabilities in foreign currencies and transactions in foreign currencies are provided in

notes 8, 10.11, 17 and 22.

Credit Risk

The Company is not significantly exposed to credit risk as the majority of its balances and transactions are with Group

companies. As the counterparties of derivative financial instruments are Group companies, and the counterparties of their

derivative financial instruments are highly solvent banks, the Company is not subject to significant counterparty default risk.

Guarantees or other derivatives are therefore not requested in this type of operation.

The Company has documented its financial operations in accordance with international standards. The majority of its

operations with derivative financial instruments are therefore contracted under "ISDA Master Agreements", which facilitate

the transfer of instruments in the market.

The total amount of financial assets subject to credit risk is shown in note 10.

Liquidity Risk

Liquidity risk is the risk that the Company will be unable to comply with its financial commitments on maturity. The

Company's approach in managing liquidity risk is to guarantee as far as possible that liquidity will always be available to pay

its debts before they mature, in normal conditions and during financial difficulties, without incurring unacceptable losses or

compromising the Company's reputation.

The directors have estimated cash flows which show that the Company will meet existing commitments at 2020 year end

and those expected for 2021.

Compliance with the liquidity policy ensures that contracted commitments are paid, maintaining sufficient credit facilities.

The EDP Renováveis Group manages liquidity risk by arranging and maintaining credit facilities with its majority

shareholder, or directly with domestic and international entities in the market, under optimal conditions, to ensure access to

the financing required to continue its activities.

Details of financial assets and financial liabilities by contractual maturity date are provided in notes 10 and 17.

Cash flow and fair value interest rate risks

In 2020 and 2019 the Company does not have a considerable amount of interest-bearing assets and as a result, income

and cash flows from operating activities are not significantly affected by fluctuations in market interest rates.

Interest rate risk arises from non-current borrowings, which are extended by Group companies. The loans have fixed

interest rates, mitigating the risk of interest rate volatility. Details of hedged financial assets and the derivative financial

instruments obtained to hedge them are provided in notes 8 and 11.

EDPR 2020 ANNUAL REPORT

08. Investments in equity instruments of Group companies and associates

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

THOUSAND EUROS

2020

2019

GROUP COMPANIES

EDP Renováveis Brasil S.A.

254,576

233,113

EDP Renewables Europe, S.L.U.

3,079,340

EDP Renewables North America, LLC

4,462,403

3,875,792

EDP Renewables Canada, Ltd.

96,247

46,597

EDP Renováveis Servicios Financieros S.A.

274,892

EDPR România, S.R.L

Eolos Energias S.A.S

E.S.P

32,668

27,256

Vientos del Norte S.A.S

E.S.P

16,014

9,281

Solar Power Solutions, S.A.S. E.S.P.

57,915

Parque Solar Los Cuervos, S. de R.L. de C.V.

20,169

EDPR Vietnam

254

Other (See Appendix I)

Total

8,294,513

7,546,306

ASSOCIATES

Solar Works BV

2,227

OW Offshore S.L.

18,628

Total

20,855

2,227

Total

8,315,368

7,548,533

(Note 10A)

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

2020

THOUSAND EUROS

31.12.2019

ADDITIONS

DISPOSALS

CHANGES IN

EXCHANGE

RATES

31.12.2020

GROUP COMPANIES

EDP Renováveis Brasil S.A.

233,113

29,451

-7,988

254,576

EDP Renewables Europe, S.L

3,079,340

EDP Renewables North America, LLC

3,875,792

944,749

-358,138

4,462,403

EDP Renewables Canada, Ltd

46,597

53,209

-3,559

96,247

EDP Renováveis Servicios Financieros S.A

274,892

EDPR România, S.R.L (previously EDPR RO

PV S.L.R)

Eolos Energía, S,A,S E.S.P

27,256

5,290

122

32,668

Vientos del Norte S.A.S E.S.P

9,281

6,670

16,014

Solar Power Solutions, S.A.S. E.S.P.

57,676

239

57,915

Parque Solar Los Cuervos, S. de R.L. de

C.V.

22,600

-134

-2,297

20,169

EDPR Vietnam

254

Other (See Appendix I)

Total

7,546,306

1,119,899

-134

-371,558

8,294,513

ASSOCIATES

Solar Works BV

2,227

OW Offshore S.L.

18,628

Total

2,227

18,628

20,855

Total

7,548,533

1,138,527

-134

-371,558

8,315,368

2019

THOUSAND EUROS

31.12.2018

ADDITIONS

DISPOSALS

CHANGES IN

EXCHANGE

RATES

31.12.2019

GROUP COMPANIES

EDP Renováveis Brasil S.A.

218,553

15,002

-442

233,113

EDP Renewables Europe, S.L

3,079,340

EDP Renewables North America, LLC

3,538,271

969,212

-701,917

70,226

3,875,792

EDP Renewables Canada, Ltd

33,476

31,529

-20,327

1,919

46,597

EDP Renowables Offshore France S.A.S

500

2,160

-2,660

EDP Renováveis Servicios Financieros

S.A

274,892

EDPR RO PV S.L.R

EDPR Offshore España S.L

725

14,800

-15,525

Eolos Energía, S,A,S E.S.P

27,256

Vientos del Norte S.A.S E.S.P

9,281

Other (See Appendix I)

-7

Total

7,145,789

1,069,250

-740,436

71,703

7,546,306

ASSOCIATES

Solar Works BV

2,227

Total

2,227

Total

7,148,016

1,069,250

-740,436

71,703

7,548,533

A) Investments in Group companies and associates

Details of direct and indirect investments in Group companies are provided in Appendix I.

In 2020 and 2019 the Company financed its subsidiary EDP Renewables North America, LLC (EDPR NA) by subscribing

successive capital increases/reductions for a net amount of Euros 944,749 thousand and Euros 267,295 thousand

(US Dollars 1,118,538 thousand and US Dollars 303,895 thousand) representing increases in both years.

In 2020 and 2019, the Company has signed capital increases in EDP Renováveis Brasil S.A. for Euros 29,450 and Euros

15,002 thousand (Brazilian Reals 180,000 and Brazilian Reals 65,036 thousand), respectively.

In 2020 and 2019, the Company signed capital increases in EDP Renewables Canada for Euros 53,209 and Euros

31,529 thousand (Canadian Dollars 82,400 and 46,797 thousand), respectively. In addition, a capital reduction

was signed in January 2019 for Euros 20,327 thousand (Canadian Dollars 30.950).

During 2019 the Company entered into the purchase of the Colombian companies Eolos Energía, S.A.S E.S.P. and Vientos

de Norte, S.A.S E.S.P. for Euros 27,256 thousand and Euros 9,281 thousand (Colombian Pesos 97,412 and 33,166 million).

This acquisition entailed a success fee of Euros 16,792 thousand and Euros 5,701 thousand, respectively (Euros 18,342

and Euros 6,227 thousand in 2019), which the Company recognises in other non-current financial liabilities (see note 17a).

In 2020, the Company signed capital increases in these companies for Euros 5,290 and Euros 6,670 thousand (Colombian

Pesos 23,000 and 29,000 million), respectively.

During 2020 the Company entered into the purchase of the Colombian company Solar Power Solution, S.A.S E.S.P.

for Euros 57,653 thousand (Colombian Pesos 237,589 million). This acquisition entails a success fee of Euros

42,754 thousand, which the Company has recognised in other non-current financial liabilities (Euros 39,164 thousand)

and in other current financial liabilities (Euros 3,590 thousand) (see note 17a). Furthermore, the Company subscribed

a capital increase of Euros 23 thousand (Colombian Pesos 98,293 thousand).

EDPR 2020 ANNUAL REPORT

During 2020 the Company entered into the purchase of the Mexican company Parque Solar Los Cuervos, S. de R.L. de

C.V. for Euros 22,600 thousand (US Dollars 24,750 thousand). This acquisition entails a success fee of Euros 1,693

thousand, which the Company has recognised in other current financial liabilities (see note 17a).

In 2020, the Company incorporated the Vietnamese company EDPR Vietnam for Euros 254 thousand (Vietnamese

Dong 7,207 million).

In 2019, the Company entered into the purchase of 0.1% of the Greek company Aeoliko Parko Fthiotidos Erimia, E.P.E.

for Euros 9 thousand. This acquisition entails a success fee of Euros 7 thousand, which the Company has recognised in

other non-current financial liabilities (see note 17a).

During 2020 the Company recorded the 50% interest held in the company Ocean Winds Offshore, S.L. (formerly called

EDPR Offshore España, S.L.) in the amount of Euros 18,628 thousand. At 31 December 2019, the Company recognised

this investment in non-current assets held for sale (see note 12).

Testing for impairment in investments in equity instruments

Testing for impairment in investments in equity instruments is carried out annually. For operational wind farms,

the recoverable amount is determined using the value in use.

Shareholder discounted cash flows were used to carry out this analysis. This method is based on the principle that the

estimated value of an entity or business is defined by its capacity to generate future financial resources, assuming that

these resources can be withdrawn from the business and distributed among the Company's shareholders, without

compromising the continuation of the activity. The amount was therefore based on free cash flows generated by each

company's business, less appropriate discount rates and net debt.

The projection period for future cash flows is the useful life of the assets (30 years), which is in line with the current

amortisation method. Cash flows also include long-term operating contracts and long-term estimates of energy prices,

provided that the asset carries market prices risk.

The following main assumptions are used for testing impairment:

•

Energy produced:

the wind studies carried out are used to determine the net capacity factors used for each farm,

which take into account the long-term predictability of wind production and that wind energy production is supported

in almost all countries by regulations that allow priority production and supply whenever weather conditions allow.

•

Electricity remuneration:

approved or contracted remuneration has been applied when available with regards the

companies that benefit from regulated remuneration or that have signed agreements to sell their predetermined

production over the entire useful life of the asset or a part of it; when this option was not available, prices were

calculated using price curves projected by the company using its experience, internal models and external information

sources.

•

New capacity:

tests were based on the best information available about the wind farms expected to be built in the

coming years, adjusted by the likelihood that the planned projects will be completed successfully and by the company's

growth prospects based on the objectives in the business plan, historical growth and projections of market size. Tests

took into account the contracted and expected prices for acquiring turbines from several suppliers.

•

Operating costs:

contracts entered into for land leases and maintenance agreements were used; other operating costs

were projected in a manner consistent with the company's internal models and experience.

•

Residual value:

residual value is taken as 15% of the initial investment in each wind farm, taking inflation into

consideration.

•

Discount rate:

the following discount rates used are after taxes and they reflect the EDPR Group's best estimate of the

specific risks:

2020

2019

Europe (EUR)

3.5%-6.0%

3.1%-5.8%

North America (USD)

4.9%-7.1%

4.9%-6.3%

Brazil (USD)

8.5%-10.2%

8.8%-10.4%

Colombia (USD)

8.2%

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

•

10% reduction in the market prices used in the reference scenario. This sensitivity analysis performed independently for

such an assumption does not assume any impairment.

•

Increase in the discount rate used in the reference scenario of 100 base points. This sensitivity analysis performed

independently for such an assumption does not assume any impairment.

During 2020 the company reversed the measurement adjustment that it had recorded with respect to its interest in Ocean

Winds Offshore, S.L. totalling Euros 3,103 thousand and recorded income under the impairment and profit/(loss) on the

disposal of shareholdings heading in the income statement. Furthermore, no impairment has been recognised as a result

of the tests performed during 2020 and 2019.

Foreign currency

The functional currencies of foreign operations are the currencies of the countries in which they are domiciled.

These are primarily the US Dollar, the Canadian Dollar and the Brazilian Real.

Hedged investments

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

follows:

THOUSAND EUROS

INTEREST

COVERED

INTEREST NOT

COVERED

TOTAL 2020

EDP Renováveis Brasil S.A.

19,220

235,356

254,576

EDP Renewables North America, LLC. (EDPR NA)

4,444,951

17,452

4,462,403

EDP Renewables Canada, Ltd

96,247

Eolos Energía, S,A,S E.S.P

1,750

30,918

32,668

Vientos del Norte S.A.S E.S.P

904

15,110

16,014

Solar Power Solutions, S.A.S. E.S.P.

3,454

54,461

57,915

Parque Solar Los Cuervos, S. de R.L. de C.V.

20,169

4,586,695

353,297

4,9239,992

THOUSAND EUROS

INTEREST

COVERED

INTEREST NOT

COVERED

TOTAL 2019

EDP Renováveis Brasil S.A.

26,468

206,645

233,113

EDP Renewables North America, LLC. (EDPR NA)

3,822,555

53,237

3,875,792

EDP Renewables Canada, Ltd

46,597

3,895,620

259,882

4,155,502

EDPR 2020 ANNUAL REPORT

Management hedges foreign currency risk arising from the Company's investments in EDP Renewables North America,

LLC., denominated in foreign currency.

The changes in value due to exchange rate fluctuations of equity instruments and the changes in fair value of hedging

instruments are recognised in exchange gains/losses in the income statement. Details for 2020 and 2019 are as follows:

THOUSAND EUROS

GAINS/(LOSSES)

2020

EDPR NA

EDPR BR

EDPR CA

OTHER

TOTAL

Investments in Group companies (note 11)

-358,138

-7,988

-3,559

-1,873

371,558

Hedging instruments

Foreign currency derivatives (note 11)

223,172

7,717

3,568

-433

234,024

Current account in foreign currency (note 11)

179

2,266

2,445

Fixed rate debt in foreign currency (note 11)

138,342

3,555

-271

-40

3,253

THOUSAND EUROS

GAINS/(LOSSES)

2019

EDPR NA

EDPR BR

EDPR CA

TOTAL

Investments in Group companies (note 11)

70,226

-442

1,919

71,703

Hedging instruments

Foreign currency derivatives (note 11)

-60,874

474

-2,563

-62,963

Current account in foreign currency (note 11)

-53

Fixed rate debt in foreign currency (note 11)

-13,365

-4,066

-644

-4,678

The hedging instruments used by the Company to hedge foreign currency risk arising from the investments in EDP

Renewables North America, LLC. comprise:

•

hedging instrument consisting of three EUR/USD swaps taken out with EDP Energias de Portugal, S.A. with a notional

amount of USD 1,778,816 thousand (three EUR/USD swaps with EDP Finance, B.V. with a notional amount of USD

2,398 thousand in 2019). The fair value of the hedging instrument amounts to Euros 31,970 thousand at 31 December

2020 (Euros 129,001 thousand payable at 31 December 2019) and has been recognised under investments in Group

companies and associates in current assets (Euros 43,974 thousand) and under non-current debt in non-current

liabilities (Euros 12,004 thousand) (see note 11). During 2020 agreements of this kind have been settled generating

revenue of Euros 14,076 thousand, which is recognised in the exchange differences account. At 31 December 2020 the

net finance cost incurred on hedging instruments on net investments totalled Euros 45,561 thousand (net cost of Euros

67,003 thousand in 2019) and has been recognised in finance costs on debts with Group companies in the

accompanying income statement;

•

a hedging instrument comprising a EUR/USD cross interest rate swap arranged with EDPR Servicios Financieros, S.A.

for a notional amount of US Dollars 678,814 thousand (US Dollars 1,025,380 thousand in 2019). The fair value of the

hedging instrument amounts to Euros 44,208 thousand at 31 December 2020 (Euros 20,604 thousand payable at 31

December 2019) and has been recognised under investments under Group companies and associates in non-current

assets (see note 11). During 2020 this agreement has been settled in part, generating costs of Euros 16,687 thousand,

which is recognised in the exchange differences account. At 31 December 2020 the net finance cost incurred on

hedging instruments on net investments totalled Euros 9,580 thousand (net cost of Euros 26,996 thousand in 2019)

and has been recognised under finance costs on debt with Group companies in the accompanying income statement;

•

current account with EDPR Servicios Financieros, S.A. for an amount of US dollars 192,195 thousand at 31 December

2020 (USD 197,450 thousand at 31 December 2019). On 31 December 2020, the fair value of the current account

amounts to Euros 156,625 thousand (Euros 175,761 thousand at 31 December 2019) and is recorded in the caption

cash and cash equivalents of the attached balance sheet (see note 13). The current account has generated revenues

on exchange differences in 2020 for Euros 179 thousand (losses of Euros 53 thousand in 2019);

•

loans received from EDP Finance BV in US Dollars with a notional amount of US Dollars 668,588 thousand.

These loans have generated net income from exchange differences in 2020 of Euros 33,962 thousand

(losses of Euros 11,227 thousand in 2019);

•

loans received from EDP Renovaveis Servicios Financieros, S.A. in US Dollars with a notional amount of US Dollars

1,367,783 thousand (US Dollars 450,000 in 2019).

These loans have generated income from exchange differences

in 2020 of Euros 104,380 thousand (losses of Euros 2,138 thousand in 2019).

To hedge the currency risk arising from the exposure of the investment in EDP Renováveis Brasil S.A., denominated

in Brazilian Reals, the Company has arranged a hedging instrument comprising two swaps for a total notional amount

of Brazilian Reals 120,500 thousand in 2020 and 2019. The net fair value of the hedging instrument amounts to

Euros 9,908 thousand at 31 December 2020 (Euros 2,191 thousand at 31 December 2019) and has been recognised under

Investments in Group companies and associates in non-current assets (see note 11). This hedging instrument incurred a

net finance cost of Euros 1,047 thousand (cost of Euros 1,660 thousand in 2019), which has been recognised under finance

costs on debt with Group companies in the accompanying income statement.

To hedge the currency risk arising from the exposure of the investment in EDP Renewables Canada, Ltd, denominated in

Canadian Dollars, the Company has arranged a hedging instrument comprising ten swaps for a total notional amount of

Canadian Dollars 149,650 thousand (six swaps for a total notional amount of Canadian Dollars 67,247 thousand in 2019).

At 31 December 2020 the fair value of the hedging instrument amounts to Euros 1,583 thousand (Euros 2,054 thousand

payable at 31 December 2019) and has been recognised under Investments in Group companies and associates in current

and non-current assets (Euros 420 thousand and Euros 1,211 thousand respectively) and under non-current debt in

non-current liabilities (Euros 10 thousand) and under current debt in current liabilities (Euros 38 thousand) (see note 11).

During 2020 an agreement of this kind has been settled generating costs of Euros 69 thousand, which is recognised

in the exchange differences account. These hedging instruments incurred a net finance cost of Euros 935 thousand

(cost of Euros 1,001 thousand in 2019), which has been recognised under finance costs on debt with Group companies

in the accompanying income statement.

In order to avoid the exposure to exchange rate risk of the investment in the Colombian companies Eolos Energía, S.A.S

E.S.P., Vientos de Norte, S.A.S E.S.P. and Solar Power Solution, S.A.S E.S.P., which are denominated in COP, the

Company maintains a hedge instrument consisting of a swap with a total notional value of Colombian Pesos 25,598 million

in 2020. The fair value of the hedging instrument at 31 December 2020 totalled Euros 433 thousand, and is recognised

under current debt in current liabilities (see note 11). This hedging instrument incurred a net finance cost of Euros 30

thousand, which has been recognised under finance costs on debt with Group companies in the accompanying income

statement.

The Company financed the US dollar 22,672 thousand investment in the Mexican company Parque Solar Los Cuervos, S.

de R.L. de C.V. using its US dollar denominated current account to avoid exposure to exchange-rate risk. On 31 December

2020, the fair value of the current account amounts to Euros 18,476 thousand and is recorded in the caption Cash and cash

equivalents on the attached balance sheet (see note 13). The current account has generated income on exchange

differences of Euros 2,266 thousand.

EDPR 2020 ANNUAL REPORT

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:

2020

NON-CURRENT

CURRENT

THOUSAND EUROS

AT AMORTISED COST OR COST

CARRYING

AMOUNT

FAIR

VALUE

AT FAIR

VALUE

TOTAL

CARRYING

AMOUNT

FAIR

VALUE

AT FAIR

VALUE

TOTAL

Loans and

receivables

Loans

904

Other financial assets

753

Trade and other

receivables

115,699

Total

753

116,604

Available for sale

assets

Equity instruments

7,628

Total

7,628

Hedging derivatives

Traded on OTC

markets

55,327

44,466

Total

55,327

44,466

Total financial

assets

8,381

55,327

63,708

116,604

44,466

161,070

2019

NON-CURRENT

CURRENT

THOUSAND EUROS

AT AMORTISED COST OR COST

CARRYING

AMOUNT

FAIR

VALUE

AT FAIR

VALUE

TOTAL

CARRYING

AMOUNT

FAIR

VALUE

AT FAIR

VALUE

TOTAL

Loans and

receivables

Loans

486

Other financial assets

10,253

Trade and other

receivables

74,690

Total

10,253

75,181

Available for sale

assets

Equity instruments

7,628

Total

7,628

Hedging derivatives

Traded on OTC

markets

3,352

Total

3,352

Total financial

assets

17,881

3,352

21,233

75,181

During 2019 the Company purchased 10.69% and 7.47% of the share capital of the US companies Principal Power, Inc.

and

Rensource Holding, Inc for US Dollars 5,619 and US Dollars 2,950 thousand, respectively (equal to Euros 5,008

thousand and Euros 2,654 thousand), which it recognised as available for sale assets in non-current investments.

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

2020

LOANS

AND

RECEIVABLES,

GROUP

COMPANIES

LOANS AND

RECEIVABLES,

OTHER

ASSETS HELD

FOR TRADING

TOTAL

Finance income

Dividends (note 21b)

1,472,089

Change in fair value of financial

instruments

Net gains/(losses) in profit and loss

1,472,089

1,472,162

THOUSAND EUROS

2019

LOANS AND

RECEIVABLES,

GROUP

COMPANIES

LOANS AND

RECEIVABLES,

OTHER

ASSETS HELD

FOR TRADING

TOTAL

Finance income

Dividends (note 21b)

111,736

Change in fair value of financial

instruments

904

Impairment and gains/(losses) on

disposal of financial instruments

171

Net gains/(losses) in profit and loss

111,736

1,075

112,812

10. Investments and trade receivables

A) Investments in Group companies

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

THOUSAND EUROS

2020

2019

NON-CURRENT

CURRENT

NON-CURRENT

CURRENT

GROUP

Equity instruments (note 8)

8,315,368

7,548,533

Derivative financial instruments (note 11)

55,327

44,466

3,352

Loans to Group companies and associates

889

Other financial assets

9,724

Trade and other receivables

115,158

74,676

8,370,758

160,513

7,561,609

74,676

EDPR 2020 ANNUAL REPORT

The non-current financial assets balance at 31 December 2019 includes the Company's collection right over the associate

Ocean Winds UK (EDPR, UK), which, together with non-controlling interests, is undertaking an offshore project through its

subsidiary Moray West Holding Limited. This amount relates to the difference in return received by the offshore project

partners who chose to finance the project via loans (5.5% return) and those, such as the EDPR Group, who chose a bridge

loan (EBL) through banks, where the return is 1%. That contract was transferred to the Group company EDP Renovaveis

Servicios Financieros, S.A. on 1 July 2020.

Current loans to Group companies and associates at 31 December 2020 mainly consist of the US dollar 1 million

(Euros 889 thousand) granted to the associate Solar Works. This loan has generated costs on exchange differences

in 2020 for Euros 105 thousand.

B) Classification by maturity

The classification of financial assets by maturity is as follows:

2020

THOUSAND EUROS

2021

2022

2023

2024

SUBSEQUENT

YEARS

LESS

CURRENT

PORTION

TOTAL NON-

CURRENT

Loans to companies

904

-904

Derivative financial

instruments

44,466

5,772

48,846

709

-44,466

55,327

Other financial assets

690

-1

753

Trade and other

receivables

115,699

-115,699

Total

161,070

5,835

48,846

709

690

-161,070

56,080

2019

THOUSAND EUROS

2020

2021

2022

2023

SUBSEQUENT

YEARS

LESS

CURRENT

PORTION

TOTAL NON-

CURRENT

Loans to companies

486

-486

Derivative financial

instruments

967

2,385

3,352

Other financial assets

9,724

529

-5

10,253

Trade and other

receivables

74,689

-74,689

Total

75,180

967

12,109

529

-75,180

13,605

C) Trade and other receivables

Details of trade and other receivables are as follows:

CURRENT

THOUSAND EUROS

2020

2019

Group (See note 21):

115,158

74,676

Customers

59,662

21,325

Other receivables

55,496

53,351

Unrelated parties:

542

Other receivables

541

Public entities, other

Total

115,700

74,690

Trade receivables from Group companies in 2020 and 2019 essentially reflect the balance receivable under management

support service contracts arranged with EDP Renewables Europe S.L.U and EDP Renewables North America, LLC in 2013

(See note 21 b.).

Other Group receivables mainly include corporate income tax totalling Euros 35,465 thousand (Euros 42,619 thousand

in 2019) (see note 19) and in 2020 the dividend receivable from EDP Renovaveis Brasil, S.A. amounted to

Euros 20,031 thousand (Euros 10,732 thousand in 2019).

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

Details of exchange differences recognised in profit or loss in relation to financial instruments, distinguishing between settled

and outstanding transactions, are as follows:

2020

2019

THOUSAND EUROS

SETTLED

OUTSTANDING

SETTLED

OUTSTANDING

Hedged investments in Group companies (note 8)

-371,558

71,703

Hedging derivatives of net investments in foreign

operations

14,076

119,309

3,331

-2,904

Other financial assets

2,135

-762

564

237

Trade and other receivables

154

-3,240

Cash and cash equivalents

2,586

-53

Total financial assets

16,365

-253,665

3,930

68,983

11. Derivative financial instruments

Details of derivative financial instruments are as follows:

2020

ASSETS

LIABILITIES

THOUSAND EUROS

NON-CURRENT

CURRENT

NON-CURRENT

CURRENT

HEDGING DERIVATIVES

a) Fair value hedges

Net investment hedging swaps (note 8)

55,327

44,394

12,014

471

Total

55,327

44,394

12,014

471

DERIVATIVES HELD FOR TRADING AND AT FAIR VALUE

THROUGH CHANGES IN PROFIT OR LOSS

b) Foreign currency derivatives

FX forward

1,924

Total derivatives

55,327

44,466

12,014

2,395

2019

ASSETS

LIABILITIES

THOUSAND EUROS

NON-CURRENT

CURRENT

NON-CURRENT

CURRENT

HEDGING DERIVATIVES

a) Fair value hedges

Net investment hedging swaps (note 9)

2,448

120,920

30,996

Total

2,448

120,920

30,996

DERIVATIVES HELD FOR TRADING AND AT FAIR VALUE

THROUGH CHANGES IN PROFIT OR LOSS

b) Foreign currency derivatives

FX forward

904

Total derivatives

3,352

120,920

30,996

EDPR 2020 ANNUAL REPORT

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

2020

2019

FORWARD EXCHANGE CONTRACTS:

Net investment hedging swaps (note 8)

-371,558

-62,963

Fixed rate debt (note 8)

234,024

-13,365

Investments in Group companies (note 8)

2,445

71,703

Current account in foreign currency (note 8)

138,342

-53

3,253

-4,678

B) Foreign currency derivatives

In order to eliminate the exchange rate risk on the success fee recognised as a result of the acquisition of the Colombian

companies (see note 8), in 2020 and 2019 the Company has arranged several futures contracts on the US Dollar exchange

rate for a notional amount of Euros 70,847 thousand (US Dollars 22,887 thousand). The fair value of those instruments

totalling Euros 72 thousand and Euros 1,924 thousand is recognised under the heading Current investments in Group

companies and associates and current loans, respectively (Euros 904 thousand under investments in Group companies

and associates in 2019). During 2019 contracts of this type were settled and a profit generated, which was recognised in

the income statement under impairment and proceeds on disposals of equity instruments for Euros 171 thousand.

12. Non-current assets held for sale

At 31 December 2019, the Company had recognised its investments in Ocean Winds Offshore, S.L.(previously

EDPR

Offshore España, S.L.) and EDP Renewables Offshore France, S.A.S in non-current assets held for sale for an amount

of Euros 15,525 thousand and Euros 2,660 thousand, respectively, as a result of the agreement reached in May 2019

between the EDPR Group and Engie to create a fixed and floating marine energy joint venture.

The transaction described in the preceding paragraph was closed in March 2020 and the interest totalling

Euros 18,628 thousand in the company Ocean Winds Offshore, S.L.was reclassified to Associates (see Note 8).

Furthermore, the impairment provision associated with that interest was also reversed, which gave rise to income totalling

Euros 3,103 thousand in the heading Impairment and profit/(loss) on disposals of shareholdings in the income statement

(see Note 8).

In March 2020 the Company sold its interest in EDP Renewables France, S.A. S to the company Ocean Winds Offshore,

S.L. for Euros 1,242 thousand. This transaction gave rise to a loss totalling Euros 1,418 thousand, which was recognised in

the heading profit/(loss) on disposals of shareholdings in the income statement.

13. Cash and cash equivalents

Details of cash and cash equivalents are as follows:

THOUSAND EUROS

2020

2019

Cash in hand and at banks

Other cash equivalents

1,508,824

175,761

1,508,882

175,852

In accordance with the terms of the contract signed by the parties on 1 June 2015, cash and cash equivalents at

31 December 2020 and 2019 include the balance of the US Dollar current account with EDPR Servicios Financieros S.A.

of Euros 183,498 thousand and Euros 175,761 thousand, respectively. This item also records the euro-denominated current

account balance of Euros 1,325,326 at 31 December 2020 with EDPR Servicios Financieros, S.A.

14. Capital and reserves

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

A) Subscribed capital

At 31 December 2020 and 2019, the share capital of the Company is represented by 872,308,162 ordinary bearer shares

of Euros 5 par value each, all fully paid. These shares have the same voting and profit-sharing rights. These shares are

freely transferable.

Companies that hold a direct or indirect interest of at least 10% in the share capital of the Company at 31 December 2020

and 2019 are as follows:

2020

COMPANY

NUMBER OF SHARES

PERCENTAGE OF OWNERSHIP

EDP - Energías de Portugal, S.A. Sucursal en España

720,177,619

82.56%

Others (shares quoted on the Lisbon stock exchange)

152,130,543

17.44%

872,308,162

100.00%

2019

COMPANY

NUMBER OF SHARES

PERCENTAGE OF OWNERSHIP

EDP - Energías de Portugal, S.A. Sucursal en España

720,177,619

82.56%

Others (shares quoted on the Lisbon stock exchange)

152,130,543

17.44%

872,308,162

100.00%

In 2015 Hidroeléctrica del Cantábrico S.A. sold its shares in the Company (135,256,700 ordinary shares amounting to

15.51% of total shares), to EDP - Energías de Portugal S.A., Sucursal en España.

During 2017, EDP - Energías de Portugal, S.A. carried out a buyback process to buy back quoted shares. After this process

was completed, only 17.44% of the Company's shares remain quoted on the Lisbon Stock Exchange.

B) Share premium

This reserve is freely distributable

EDPR 2020 ANNUAL REPORT

C) Reserves

Details of reserves and movement during the year reflect the proposed distribution of profit approved by the shareholders

at their annual general meeting (see note 3).

Legal reserve

Pursuant to the Revised Spanish Companies Act, in force since 1 September 2010, companies are required to transfer

10% of profits for the year to a legal reserve until this reserve reaches an amount equal to 20% of share capital.

The legal reserve may be used to increase capital. Except for this purpose, until the reserve exceeds 20% of share capital

it may only be used to offset losses if no other reserves are available. At 31 December 2020 the amount of this reserve is

Euros 75,971 thousand (Euros 75,971 thousand in 2019). This reserve has still not been appropriated with the minimum

amount required by the Spanish Companies Act.

Voluntary reserve

These reserves are freely distributable.

Negative reserve for costs of the public share offering

As a result of the public share offering, the Company incurred a number of expenses associated with the capital increase,

which have been recognised in this item net of the tax effect.

15. Provisions

Movement in provisions during 2020 and 2019 is as follows:

THOUSAND

EUROS

BALANCE

AT 31.12.18

ADDITIONS

APPLICATIONS

BALANCE

AT 31.12.19

ADDITIONS

APPLICATIONS

BALANCE

AT 31.12.20

Personnel

expense

606

536

-306

836

300

-339

797

Total

606

536

-306

836

300

-339

797

Additions are recorded under the personnel expense as multi-year remuneration obligations. Provisions applied mainly

reflect the reclassification of salaries payable to current liabilities.

In 2020 and 2019, the amount recognised as a provision is the directors' best estimate at the reporting date of the

expenditure required to settle the present obligation.

16. Financial liabilities by category

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

are as follows:

2020

NON-CURRENT

CURRENT

AT AMORTISED COST OR COST

THOUSAND EUROS

CARRYING

AMOUNT

FAIR VALUE

AT FAIR

VALUE

TOTAL

CARRYING

AMOUNT

FAIR

VALUE

AT FAIR

VALUE

TOTAL

Debts and payables:

Group companies:

Fixed rate

2,447,620

2,553,175

2,447,620

116,664

Variable rate

Other financial

liabilities (note 8)

61,664

50,765

Trade and other

payables

21,275

Total

2,509,284

2,614,839

2,509,284

188,704

Hedging derivatives:

Traded on OTC

markets

12,014

2,395

Total

12,014

2,395

Total financial

liabilities

2,509,284

2,614,839

12,014

2,521,298

188,704

2,395

191,099

2019

NON-CURRENT

CURRENT

AT AMORTISED COST OR COST

THOUSAND EUROS

CARRYING

AMOUNT

FAIR VALUE

AT FAIR

VALUE

TOTAL

CARRYING

AMOUNT

FAIR VALUE

AT FAIR

VALUE

TOTAL

Debts and payables:

Group companies:

Fixed rate

1,241,257

1,293,989

1,241,257

132,877

Variable rate

233,331

Other financial

liabilities (note 8)

24,576

24,231

Trade and other

payables

12,665

Total

1,265,833

1,318,565

1,265,833

403,104

Hedging derivatives:

Traded on OTC

markets

120,920

30,996

Total

120,920

30,996

Total financial

liabilities

1,265,833

1,318,565

120,920

1,386,753

403,104

30,996

434,100

EDPR 2020 ANNUAL REPORT

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

2020

THOUSAND EUROS

DEBTS

AND PAYABLES,

GROUP COMPANIES

DEBTS

AND PAYABLES,

THIRD PARTIES

LIABILITIES

HELD FOR

TRADING

TOTAL

Finance cost

112,914

136

113,050

Change in fair value of

financial instruments

2,828

Total

112,914

136

2,828

115,878

2019

THOUSAND EUROS

DEBTS

AND PAYABLES,

GROUP COMPANIES

DEBTS

AND PAYABLES,

THIRD PARTIES

LIABILITIES

HELD FOR

TRADING

TOTAL

Finance cost

156,809

156,847

Total

156,809

156,847

17. Debt and trade payables

A) Debt with Group companies

Details of debt with Group companies are as follows:

2020

2019

THOUSAND EUROS

NON-CURRENT

CURRENT

NON-CURRENT

CURRENT

Group (note 20)

Debt with Group Companies (note 17b)

2,447,620

116,664

1,241,257

252,205

Interest

22,850

22,253

Derivative financial instruments (note 11)

12,014

2,395

120,920

30,996

Suppliers of fixed assets

22,601

1,978

Other financial liabilities

114,003

Unrelated parties

Other financial liabilities

61,664

5,283

24,576

Total

2,521,298

169,793

1,386,753

421,435

Other current financial liabilities with Group companies at 31 December 2019 comprise current account with EDPR

Servicios Financieros, S.A., which accrues daily interest that is settled on a monthly basis. The rate applicable to interest

receivable is one-month Euribor plus a spread of between 0% and 0.1%, whilst the rate applicable to interest payable is

one-month Euribor, plus a spread of between 0.9% and 1%. The current account balance reflects a receivable at 31

December 2020, which is recorded under the Cash heading (Note 13).

EDPR 2020 ANNUAL REPORT

B) Main characteristics of debt

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

2020

THOUSAND EUROS

CARRYING AMOUNT

TYPE

CURRENCY

EFFECTIVE

RATE

NOMINAL

RATE

MATURITY

NOMINAL

AMOUNT

CURRENT

NON-

CURRENT

EDP Finance

USD

4.99%

4.42%

2023

240,019

116,664

123,355

EDP Finance

USD

4.75%

2024

180,250

EDPR Servicios

Financieros

USD

3.13%

2025

123,231

EDPR Sercicios

Financieros

USD

3.13%

2025

79,598

EDPR Servicios

Financieros

USD

3.75%

2030

202,829

EDPR Servicios

Financieros

USD

2.22%

2026

171,135

EDPR Servicios

Financieros

USD

3.02%

2030

171,135

EDPR Servicios

Financieros

USD

3.25%

2031

421,115

EDPR Servicios

Financieros

USD

2.31%

2026

226,754

EDPR Servicios

Financieros

USD

5.18%

2023

122,239

EDPR Servicios

Financieros

USD

4.41%

2024

244,479

EDPR Servicios

Financieros

EUR

2.02%

2023

170,000

EDPR Servicios

Financieros

EUR

1.74%

2022

115,000

EDPR Servicios

Financieros

EUR

1.74%

2022

96,500

Total

2,564,284

116,664

2,447,620

2019

THOUSAND EUROS

CARRYING AMOUNT

TYPE

CURRENCY

EFFECTIVE

RATE

NOMINAL

RATE

MATURITY

NOMINAL

AMOUNT

CURRENT

NON-

CURRENT

EDP Finance

USD

4.99%

4.42%

2023

395,176

132,877

262,299

EDP Finance

USD

4.75%

2024

196,888

EDPR Servicios

Financieros

USD

5.18%

2023

133,523

EDPR Servicios

Financieros

USD

4.41%

2024

267,047

EDPR Servicios

Financieros

EUR

2.02%

2023

170,000

EDPR Servicios

Financieros

EUR

1.74%

2022

115,000

EDPR Servicios

Financieros

EUR

1.74%

2022

96,500

EDPR Servicios

Financieros

EUR

0.46%

2020

119,328

Total

1,493,462

252,205

1,241,257

During 2017, the Company and EDP Finance BV agreed to modify certain clauses of the debt contract they had arranged

for US Dollars 447,403 thousand. From an accounting perspective, these modifications did not give rise to significant

changes in the existing terms and conditions. At 31 December 2020 an amount of Euros 1,353 thousand (Euros 3,083

thousand

at 31 December 2019) is recognised in debt with Group companies and associates on account of commissions for the

aforementioned modification, of which Euros 927 thousand is recorded as current and will be taken to the income statement

in 2021.

During 2019, a fixed rate loan in US Dollars was arranged with EDPR Renovaveis Servicios Financieros, S.A. for US Dollars

300,000 thosuand (Euros 267,047 thousand at 31 December 2019).

During 2020, new fixed rate loans in US Dollars have been arranged with EDPR Renovaveis Servicios Financieros, S.A.

for US Dollars 1,712,783 thosuand (Euros 1,395,797 thousand at 31 December 2020).

C) Trade and other payables

Details of trade and other payables are as follows:

THOUSAND EUROS

CURRENT

2020

2019

GROUP

Payables

11,716

5,849

Total

11,716

5,849

UNRELATED PARTIES

Payables

4,158

2,041

Salaries payable

5,401

4,775

Public entities, other (note 18)

818

679

Total

10,377

7,495

Total

22,093

13,344

The payables, Group companies balance in 2020 and 2019 mainly comprises expenses invoiced by EDP - Energías de

Portugal, S.A. and EDP - Energías de Portugal, S.A. (Sucursal en España) for management services. It also records the

value added tax payable totalling Euros 5,643 thousand (Euros 2,221 thousand in 2019) resulting from the Company

pertaining

to the tax consolidation group led by EDP- Energias de Portugal, S.A. Sucursal en España (see Note 19).

D) Classification by maturity

The classification of financial liabilities by maturity is as follows:

2020

THOUSAND EUROS

2021

2022

2023

2024

SUBSEQUENT

YEARS

LESS

CURRENT

PORTION

TOTAL NON-

CURRENT

Derivative financial

instruments

2,395

12,004

-2,395

12,014

Debt with Group

Companies and

associates

162,115

211,500

415,594

424,728

1,395,798

-162,115

2,447,620

Other financial liabilities

5,314

61,664

-5,314

61,664

Trade and other payables

21,275

-21,275

Total financial liabilities

191,099

285,168

415,604

424,728

1,395,798

-191,099

2,521,298

EDPR 2020 ANNUAL REPORT

2019

THOUSAND EUROS

2020

2021

2022

2023

SUBSEQUENT

YEARS

LESS

CURRENT

PORTION

TOTAL NON-

CURRENT

Derivative financial

instruments

30,996

14,805

84,723

21,043

349

-30,996

120,920

Debt with Group

Companies and

associates

390,439

127,518

311,261

338,543

463,935

-390,439

1,241,257

Other financial liabilities

232

24,576

-232

24,576

Trade and other payables

12,665

-12,665

Total financial liabilities

434,332

166,899

395,984

359,586

464,284

-434,332

1,386,753

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

liabilities

Details of exchange differences recognised in profit or loss in relation to financial instruments, distinguishing between settled

and outstanding transactions, are as follows:

THOUSAND EUROS

2020

2019

SETTLED

OUTSTANDING

SETTLED

OUTSTANDING

Non-current debt with Group companies

and associates

-4,957

143,299

-13,365

Hedging derivatives of net investments

in foreign operations

-16,756

117,395

-63,390

Other financial liabilities

5,741

-162

-508

Trade and other payables

Total financial liabilities

-21,616

266,435

-149

-77,263

18. Late payments to suppliers

Final provision two of Law 31/2014 of 3 December 2014, amending the Spanish Companies Act to introduce improvements

to corporate governance, amends additional provision three of Law 15/2010 of 5 July 2010, amending Law 3/2004 of

29 December 2004 establishing measures to combat late payment, to require that all commercial companies expressly

disclose average supplier payment periods in the notes to the annual accounts. The following table shows the average

supplier payment period, transactions paid ratio, transactions payable ratio, total payments made and total payments

outstanding at the reporting date:

2020

2019

DAYS

Average supplier payment period

Transactions paid ratio

Transactions payable ratio

Total payments made

26,588

34,639

Total payments outstanding

29,312

4,331

19. Taxation

Details of balances with public entities are as follows:

2020

2019

THOUSAND EUROS

NON-CURRENT

CURRENT

NON-CURRENT

CURRENT

ASSETS

Deferred tax assets

23,700

33,317

Public entities, other

Total

23,700

33,317

LIABILITIES

Deferred tax liabilities

65,717

58,426

Social Security

473

412

Withholdings

345

267

Total

65,717

818

58,426

679

The Company files consolidated income tax and value added tax returns.

The parent of this consolidated tax group is EDP-Energías de Portugal, S.A. Sucursal en España. At 31 December 2020

the Company has recognised income tax receivable of Euros 35,465 thousand (Euros 42,619 thousand in 2019) and VAT

payable of Euros 5,643 thousand (Euros 2,221 thousand in 2019). These balances have been included in receivables,

Group companies and associates and payables, Group companies and associates in the balance sheet (see notes 10c and

17c).

In 2020, the taxation authorities concluded the inspection of the consolidated tax group's income taxes for 2013 to 2016,

without it having had a significant impact on 2020.

In accordance with prevailing legislation, taxes cannot be considered definitive until they have been inspected by the

taxation authorities or the inspection period has elapsed. Taking into account the aforementioned inspection period,

at 31 December 2020 the Company has the following main applicable taxes open to inspection:

TAX

YEARS OPEN TO INSPECTION

Corporate income tax

2017-2019

Value added tax

2016-2020

Personal income tax

2016-2020

Capital gains tax

2016-2020

Tax on economic activities

2016-2020

Social Security

2016-2020

Non-residents

2016-2020

Due to the treatment permitted by fiscal legislation of certain transactions, additional tax liabilities could arise in the event of

an inspection. In any case, the Company's Directors do not consider that any such liabilities that could arise would have a

significant effect on the annual accounts.

EDPR 2020 ANNUAL REPORT

A) Income tax

The Company files consolidated tax returns as part of the Group headed by EDP Energías de Portugal, S.A. Sucursal

en España.

A reconciliation of net income and expenses for the year with taxable income is as follows:

2020

INCOME STATEMENT

INCOME AND EXPENSE

RECOGNISED IN EQUITY

THOUSAND EUROS

INCREASES

DECREASES

NET

INCREASES

DECREASES

NET

TOTAL

Profit/(loss)

for the year

1,388,573

Corporate income tax

-27,500

Profit before income

tax

1,361,073

PERMANENT DIFFERENCES

Individual company

1,492

-3,103

-1,611

Consolidation

adjustments

-1,472,089

1,472,089

TEMPORARY DIFFERENCES:

originating in current

year

originating in prior

years

-29,232

Taxable income

-141,859

2019

INCOME STATEMENT

INCOME AND EXPENSE

RECOGNISED IN EQUITY

THOUSAND EUROS

INCREASES

DECREASES

NET

INCREASES

DECREASES

NET

TOTAL

Profit/(loss)

for the year

-8,789

Corporate income tax

-33,417

Profit before

income tax

-42,206

PERMANENT DIFFERENCES

Individual company

Consolidation

adjustments

-99,111

TEMPORARY DIFFERENCES:

originating in current

year

originating in prior

years

-29,232

Taxable income

-170,476

Decreases in permanent differences in 2020 mainly reflect dividends of Euros 836,704 thousand (Euros 94,154 thousand

in 2019) received from EDP Renewables Europe S.L.U., Euros 10,470 thousand from EDP Renováveis Servicios

Financieros S.A. (Euros 4,957 thousand in 2019), Euros 612,445 thousand from EDP Renewables North America, LLC and

Euros 12,470 thousand from EDP Renovaveis Brasil, S.A.

Decreases in temporary differences in 2020 and 2019 mainly reflect the tax amortisation of the financial goodwill of EDPR

NA (Euros 29,163 thousand) and the reversal of the amortisation limit (Euros 69 thousand).

The relationship between tax income and accounting profit for the year is as follows:

2020

THOUSAND EUROS

GAINS AND LOSSES

EQUITY

TOTAL

Profit/(loss) for the year before tax

1,361,073

Tax at 25%

340,268

Non-deductible expenses

Provisions

-403

Non-taxable income

Dividends

-368,022

Prior years' adjustments

657

Income tax expense/(income)

-27,500

2019

THOUSAND EUROS

GAINS AND LOSSES

EQUITY

TOTAL

Profit/(loss) for the year before tax

-42,206

Tax at 25%

-10,551

Non-deductible expenses

Provisions

Non-taxable income

Dividends

-24,778

Withholdings at source (dividends in Brazil)

1,894

Income tax expense/(income)

-33,417

Details of income tax income are as follows:

THOUSAND EUROS

2020

2019

CURRENT TAX

Present year

-35,465

-42,619

Withholdings at source (dividends in Brazil)

1,892

Prior years' adjustments

-8,943

Total

-44,408

-40,727

DEFERRED TAX

Unrecognised tax credits carried forward

352

Expense for reduction in deferred tax assets

9,239

Tax amortisation of EDPR NA goodwill

7,291

Non-deductible amortisation

Total

16,908

7,310

Total

-27,500

-33,417

EDPR 2020 ANNUAL REPORT

Expense for reduction in deferred tax assets in 2020 comprises the tax credit adjustment relating to non-deductible finance

costs originating in prior years.

In 2020 ,the Company has adjusted capitalised tax credits amounting to Euros 1,408 thousand (Euros 352 thousand tax

paid) reflecting the best estimate of the Company's tax losses generated in prior years.

In 2019 the Company contributed tax credits to the tax group amounting to Euros 28,412 thousand (Euros 7,103 thousand

tax paid) during the 2018 tax settlement.

Details of deferred tax assets and liabilities by type of asset and liability are as follows:

ASSETS

LIABILITIES

NET

THOUSAND EUROS

2020

2019

2020

2019

2020

2019

Tax loss carryforwards

21,413

21,765

21,413

21,765

Tax amortisation of EDPR NA goodwill

-65,717

-58,426

-65,717

-58,426

Non-deductible amortisation

118

Limited deductibility of finance costs under RD 12/2012

2,195

11,434

2,195

11,434

Total assets/liabilities

23,700

33,317

-65,717

-58,426

-42,017

-25,109

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

THOUSAND

EUROS

BALANCE

AT 31.12.18

ADDITIONS

DISPOSALS

BALANCE

AT 31.12.19

ADDITIONS

DISPOSALS

BALANCE

AT 31.12.20

ASSETS

Tax loss

carryforwards

28,868

-7,103

21,765

-352

21,413

Limited

deductibility

of finance costs

under RD

12/2012

11,434

-9,239

2,195

Non-deductible

amortisation

137

-19

118

-26

Total

40,439

-7,122

33,317

-9,617

23,700

LIABILITIES

Tax amortisation

of goodwill

-51,135

-7,291

-58,426

-7,291

-65,717

Total

-51,135

-7,291

-58,426

-7,291

-65,717

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

are as follows:

THOUSAND EUROS

2020

2019

Tax loss carryforwards

21,413

21,765

Non-deductible amortisation

118

Tax amortisation of EDPR NA goodwill

-65,717

-58,426

Limited deductibility of finance costs under RD 12/2012

2,195

11,434

Net

-42,017

-25,109

20. Environmental information

Given that the Company's activities to develop, construct and operate energy production facilities are carried out through

Group companies rather than directly, the Company does not consider it necessary to make investments to prevent or

correct any impact on the environment or make any environmental provisions.

These annual accounts do not include any environmental costs.

The directors consider that no significant environmental contingencies exist.

21. Related party balances and transactions

A) Related party balances

Balances receivable from and payable to Group companies and related parties, including key management personnel and

directors, and the main details of these balances, are disclosed in notes 10 and 17 (a).

Details of balances by category are as follows:

2020

THOUSAND EUROS

PARENT

GROUP COMPANIES/

ASSOCIATES

TOTAL

Non-current investments in Group companies

8,315,368

Other financial assets

Derivatives

11,119

44,208

55,327

Total non-current assets

11,119

8,359,639

8,370,758

Trade and other receivables

470

114,688

115,158

Derivatives

44,466

Other financial assets

889

Cash

1,508,824

Total current assets

44,936

1,624,401

1,669,337

Total assets

56,055

9,984,040

10,040,095

Non-current debt (derivatives)

12,014

Non-current debt with Group companies

2,447,620

Total non-current liabilities

12,014

2,447,620

2,459,634

Current debt (derivatives)

2,395

Current debt with Group companies

353

161,762

162,115

Trade and other payables

10,134

1,582

11,716

Total current liabilities

12,882

163,344

176,226

Total liabilities

24,896

2,610,964

2,635,860

EDPR 2020 ANNUAL REPORT

2019

THOUSAND EUROS

PARENT

GROUP COMPANIES

TOTAL

Non-current investments in Group companies

7,548,533

Other financial assets

9,724

Derivatives

3,352

Total non-current assets

3,352

7,558,257

7,561,609

Trade and other receivables

43,478

31,198

74,676

Cash

175,761

Total current assets

43,478

206,959

250,437

Total assets

46,830

7,765,216

7,812,046

Non-current debt (derivatives)

1,676

119,244

120,920

Non-current debt with Group companies

1,241,257

Total non-current liabilities

1,676

1,360,501

1,362,177

Current debt with Group companies

390,439

Trade and other payables

4,718

1,131

5,849

Total current liabilities

4,768

391,570

396,338

Total liabilities

6,444

1,752,071

1,758,515

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

companies.

B) Related party transactions

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

2020

THOUSAND EUROS

PARENT

GROUP COMPANIES/

ASSOCIATES

DIRECTORS

TOTAL

INCOME

Other services rendered (note 22a)

52,020

Other income

600

Dividends (notes 9 and 22a)

1,472,089

Finance income (note 9)

855

Total

1,525,564

EXPENSES

Operating lease expenses

and royalties

-875

Other services received

-11,685

-1,624

-13,309

Salaries

-569

Finance cost (note 15)

-12,835

-100,079

-112,914

Change in fair value of financial

instruments (note 10)

-2,756

Total

-28,151

-101,703

-569

-130,423

2019

THOUSAND EUROS

PARENT

GROUP

COMPANIES/

DIRECTORS

TOTAL

INCOME

Other services rendered (note 22a)

49,298

Other income

470

490

960

Dividends (notes 9 and 22a)

111,736

Finance income (note 9)

241

Change in fair value of financial instruments

(note 11)

904

Impairment and proceeds on disposal of

financial instruments (note 11)

171

Total

1,545

161,765

163,310

EXPENSES

Operating lease expenses

and royalties

-716

Other services received

-9,202

-1,739

-10,941

Salaries

-606

Finance cost (note 15)

-4,325

-152,484

-156,809

Total

-14,243

-154,223

-606

-169,072

Other services rendered basically derive from two management support service contracts arranged with EDP Renewables

Europe S.L.U and EDP Renewables North America, LLC in 2013.

Dividends reflect dividends received from EDP Renewables Europe S.L.U., EDP Renováveis Servicios Financieros, S.A.,

EDP Renováveis Brasil S.A. And EDP Renewables North America LLC.

Operating lease expenses and royalties essentially reflect the lease payments for the Company's offices.

Other services received comprise various management services, specifically for the loan of personnel and other items.

All transactions with related parties take place on an arm’s length basis.

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

In 2020 the Directors of the Company have accrued remuneration of Euros 569 thousand (Euros 606 thousand in 2019) in

respect of their position as Directors.

On 4 May 2011 an executive management services contract was entered into between EDP Energías de Portugal, S.A.

and the Company, effective from 18 March 2011. This contract stipulates the conditions under which EDP Energías de

Portugal, S.A. renders executive management services to the Company, including matters relating to its day-to-day

administration. By virtue of this contract, EDP Energías de Portugal, S.A. appoints three members of the Company's

executive committee, for which the Company pays an amount determined by the remuneration committee.

Pursuant to this contract, the Company has recognised payments for management services provided totalling

Euros 1,095 thousand in 2020 and Euros 854 thousand in 2019 (fixed and variable remuneration) as other services,

under external services in the accompanying income statement.

The retirement savings plan for the members of the Executive Committee not including the Chief Executive Officer range

between 3% to 6% of their annual salary.

EDPR 2020 ANNUAL REPORT

In the case of Executive Committee members who are also Directors (Duarte Melo de Castro Bello, Head of Operations in

Europe and Brazil, Miguel Ángel Prado Balboa, Head of Operations in North America, João Paulo Costeira, Head of

Offshore Operations and Head of Digital Strategy up until February 2019 and Spyridon Martinis, Head of Offshore and

Development since March 2019), some employment contracts were signed with EDP Renewables North America, LLC

(Miguel Ángel Prado Balboa) and with EDP Energías de Portugal SA Sucursal en España (Duarte Melo de Castro Bello,

João Paulo Costeira, up until February 2019 and Spyridon Martinis since March 2019), with the former receiving monetary

remuneration of Dollars 913 thousand (Dollars 581 thousand in 2019) and the latter receiving monetary remuneration of

Euros 784 thousand in 2020 (Euros 534 thousand in 2019), which has been invoiced to the Company by EDP Energías de

Portugal, S.A. Sucursal en España for the executive functions they perform in the Company. No significant non-monetary

remuneration was paid in 2020 or 2019. Pension plan contributions made on behalf of members of the executive committee

(except

for the managing director) range from 3% to 6% of their annual salary.

Additionally, the above members received the following non-monetary benefits: retirement savings plan (as described

above), company car and Health Insurance. In 2020, the non-monetary benefits amounted to 268 thousand Euros.

Further, in application of a deferral policy, in 2020 an amount of 84 thousand Euros was paid to Miguel Amaro (former

Executive CFO of the Group), for the services rendered in 2016-2017.

The directors and executive committee have not received any loans or advances nor has the Company extended any

guarantees on their behalf.

The Company has a civil liability insurance policy that covers its directors. In 2020, an expense of Euros 55 thousand

(Euros 27 thousand in 2019) has been recorded.

The Company reported the changes approved by the Board of Directors relating to its composition on 19 January 2021

(see Note 26).

D) Transactions other than ordinary business or under terms differing from market

conditions carried out by the directors of the Company.

In 2020 and 2019 the directors of the Company have not carried out any transactions other than ordinary business with the

Company or applied terms that differ from market conditions.

E) Investments and positions held by directors

The directors of the Company and their related parties have had no conflicts of interest requiring disclosure in accordance

with article 229 of the Revised Spanish Companies Act.

22. Income and expense

A) Revenues

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

DOMESTIC

REST OF

EUROPE

NORTH

AMERICA

SOUTH

AMERICA

TOTAL

THOUSAND

EUROS

2020

2019

2020

2019

2020

2019

2020

2019

2020

2019

Other services

36,256

28,808

6,462

12,384

6,975

7,722

2,327

697

52,020

49,611

Dividends

847,174

99,111

612,445

12,470

12,625

1,472,089

111,736

Finance income

479

376

855

Total

883,909

127,919

6,838

12,384

619,420

7,722

14,797

13,322

1,524,964

161,347

B) Foreign currency transactions

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

THOUSAND EUROS

2020

2019

INCOME

Revenues

EXPENSES

Finance cost

-21,405

-45,397

Total

-21,346

-45,397

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

C) Employee benefits expense

Details of the employee benefits expense are as follows:

THOUSAND EUROS

2020

2019

EMPLOYEE BENEFITS EXPENSE

Social Security payable by the company

4,125

3,316

Other employee benefits expense

881

1,574

Total

5,006

4,890

D) External services

Details of external services are as follows:

THOUSAND EUROS

2020

2019

Leases

1,305

891

Independent professional services

7,606

3,369

Advertising and publicity

730

805

Other services

16,835

15,676

Total

26,476

20,741

Leases mainly reflect the rental of the Company's offices. There are no non-cancellable payments at 31 December 2020

and 2019.

Other services primarily comprise management support, communications and maintenance expenses, as well as travel

costs.

At 31 December 2020 the Company has commitments to purchase external services amounting to Euros 6,802 thousand

within one year (Euros 5,091 thousand in 2019). Furthermore, in 2020 the Company has no commitments to purchase

external services from one to five years (Euros 589 thousand in 2019).

EDPR 2020 ANNUAL REPORT

23. Employee information

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

NUMBER

2020

2019

Executives

Managers

Specialists

198

152

Technicians

Total

288

229

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

2020

2019

NUMBER

MALE

FEMALE

MALE

FEMALE

Executives

Managers

Specialists

122

Technicians

Total

184

125

140

118

Moreover, regarding to Board of Directors, as of December 31, 2020, it is composed of twelve men, two women and there

is a vacancy (twelve men and three women in 2019).

The Company does not have employees with disabilities equal to or greater than 33% during 2020 and 2019.

However, the Company outsources certain services to companies that hold exemption certificates.

24. Audit fees

PricewaterhouseCoopers Auditores, S.L. (PwC) was appointed as external auditor of the EDPR Group for 2018, 2019 and

2020 by shareholders at the annual general meeting held on 3 April 2018. Details of the fees for professional services

accrued by this company for the year ended 31 December 2020 and 2019 are as follows:

THOUSAND EUROS

2020

2019

Audit services, individual and consolidated annual accounts

309

194

Audit-related services (1)

Review services for internal control over financial reporting

Other services (2)

Total services invoiced by PricewaterhouseCoopers Auditores, S.L.

458

293

Total

458

293

(1) Audit-related services include six-monthly limited reviews.

(2) Other services includes the non-financial information assurance report for EDP Renovavéis Group, and the financial information review reports for the

Company’s main shareholder.

25. Commitments

At 31 December 2020 the Company has deposited guarantees on behalf of Group companies amounting to Euros 2,535

million (Euros 1,982 million in 2019), including guarantees of US Dollars 1,534 million (US Dollars 1,473 million in 2019).

The Company's directors do not expect any significant liabilities to arise from these guarantees.

26. Events after the reporting period

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

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

Madrid, January 4

2021: EDP Renováveis, SA (“EDPR”), through its fully owned subsidiary EDP

Renewables North

America LLC, has closed two 15-

year Power Purchase Agreement (“PPA”) to sell the energy produced by two solar PV

plants totalling 275 MW. In detail, the projects located in the US states of Mississippi and Indiana are expected to

commence operations in 2023.

With this new agreement, EDPR reached globally 2.0 GW of total solar PV capacity secured for the 2020-2023 period.

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

Madrid, January 18

2021: EDP Reno

váveis, SA (“EDPR”), through its fully owned subsidiary EDP Renewables North

America, LLC ("EDPR NA"), has entered into an agreement to acquire a majority interest in C2 Omega LLC ("C2 Omega"),

the distributed solar platform of C2 Energy Capital LLC (“C2”)

In detail, EDPR will acquire an 85% equity stake in a solar generation portfolio that includes 89 MW of operating and

imminent completion capacity and a near-term pipeline of around 120 MW, across nearly 200 sites in 16 states.

EDPR’s

investment in C2’s

distributed solar platform business corresponds to an enterprise value of approximately $119m for the

acquisition of the operating capacity (89 MW). The transaction will also include certain earn-out payments based on the

growth in future operational capacity. C2's management team will continue to be engaged in the day-to-day operations of

the business.

The transaction will establish EDPR’s presence in the fast

-growing distributed generation segments as an owner-operator of

one of the largest commercial and industrial distributed generation portfolios in the US, and will enable EDPR to serve a

rapidly growing market and offer to its customers a range of new services and solutions to meet their renewable energy

needs. The completion of this transaction is subject to customary conditions precedent, and closing is expected to occur in

the first quarter of 2021.

EDP Renováveis informs about changes in Corporate Bodies

Madrid, January 19

2021: EDP Renováveis, S.A. ("EDPR") informs about a resolution approved by EDPR´s Board of

Directors: After the public communication of António Mexia and João Manso Neto about their no availability to be re-elected

for their positions in EDP and following the appointment by E

DP’s shareholders of a new Executive Board of Directors team

at EDP, and taking in consideration that both informed that they will put their positions at the disposal of the Board, the

Board of EDPR has agreed to cease António Mexia as Chairman of EDPR´s Board, and João Manso as Vice-Chairman of

EDPR´s Board and CEO of EDPR. EDPR would like to thank António Mexia and João Manso Neto for their enormous

dedication and contribution to the company, for the definition and implementation of a sustainable growth strategy, that

brought EDPR to be a leader in the renewables’ sector, clearly and greatly valued by the company’s stakeholders.

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

Oliveira, with effect from December 30

2020 (was also member of EDPR’s Audit, Control and Related Party Transactions

Committee); Duarte Bello, with effect from January 19

2021 (was also member of the Executive Committee); Spyridon

Martinis, with effect from January 19

2021 (was also member of the Executive Committee); Miguel Ángel Prado, with effect

from the next General Shareholders Meeting (was also member of the Executive Committee).

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

-opted: Miguel Stilwell de Andrade, as Executive Director; Ana Paula

Marques, as Non-executive Director; Joan Avalin Dempsey, as Non-executive and Independent Director.

Furthermore, EDPR’s Board has appointed Miguel Stilwell de Andrade as Chairman of EDPR´s Board and CEO of ED

and Rui Teixeira, currently EDPR’s Executive Director and

Consejero Delegado

, as CFO of the Company.

EDPR 2020 ANNUAL REPORT

To better maximize EDPR’s Board participation in the management of the Company, the Board has decided to eliminate the

Executive Committee body, which included up to now Executive Board members of the company, whose executive staff will

now be integrated in a Management Team composed by: Miguel Stilwell de Andrade, CEO; Rui Teixeira, CFO; Duarte

Bello, COO Europe and Brazil; Miguel Ángel Prado, COO North America; Spyridon Martinis, CDO & COO Offshore.

To cover the vacant position in the EDPR’s Audit, Control and Related

-Party Transactions Committee, following the

resignation from Francisca Oliveira, EDPR´s Board of Directors has agreed to name Francisco Seixas da Costa as member

of such Committee. Following this appointment, EDPR’s Audit, Control and Related

-Party Transactions Committee is

composed by: Acácio Jaime Liberado Mota Piloto (Chairman); António do Pranto Nogueira Leite; Francisco Seixas da

Costa. With this resolution, EDPR’s Audit, Control and Related

-Party Transactions Committee continues to be composed

only by independent members.

Lastly, the Board of Directors has agreed that a General Shareholders’ Meeting will be summoned fo

r the February 22

with the following agenda: Ratification of co-opted Directors; Deliberate on the termination of members of the Board of

Directors; Establishment of the number of Board Members in 12; Amendment to the By-Laws to eliminate the role of the

Chairman of the Shareholders’ Meeting, and allow the Shareholders Meeting to be chaired by the Board of Directors

Chairman; Delegation of powers.

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

Madrid, January 27

2021: EDP Renováveis, S.A. (“EDPR”) was awarded long

-term Contract-for-

Differences (“CfDs”) at the

Spanish & Italian renewable energy auctions to sell electricity. In detail, at the Spanish auction, a portfolio of 6 projects of

wind and solar, including hybrid projects, with a total capacity of 143 MW have been awarded. The projects are expected to

become operational in 2022 and 2023. These new long-

term contracts reinforce EDPR’s footprint in Spain with 2.3 GW in

operation and close to 0.4 GW already secured in the country for the following years. At the Italian auction, a wind project of

44 MW and expected to become operational in 2022 has also been awarded. In Italy, EDPR has 271 MW already

operational and more than 0.2 GW secured for the coming years.

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

EDPR enters Hungarian market with a 50 MW solar PV project

Madrid, February 12

2021: EDP Renováveis, SA (“EDPR”) secured a 15

-year Contract-for-Difference ("CfD") to sell energy

produced by a solar PV project in Hungary totalling 50 MW and with expected commercial operation in 2022. With this

project, EDPR increases its worldwide footprint by entering in a new market with a sustainable development of its

Renewable Energy Source.

Hungary expects to increase its solar PV capacity to 6.5 GW by 2030, mostly through an auction-based regulatory

framework.

As part of its growth strategy, EDPR continues to study worldwide opportunities while developing profitable projects focused

in countries with low risk profile and regulatory stability. EDPR's success in securing new long-term contracts reinforces its

low-risk profile and growth strategy based on the development of competitive projects with long-term visibility.

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

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

follows: Growth: accelerated and selective growth with +20 GW of additions for 2021-2025; Value: on going asset rotation

with €8bn of proceeds for the period

; Excellence: high quality teams and efficient operations targeting a Core Opex/MW

CARG 2021-2025 of -2%. The strategy is set to deliver superior growth through 2025 promoting clean energy while

operating in a sustainable way across the three ESG dimensions.

By 2025, EDPR targets to have 25 GW of installed capacity, €2.3bn of EBITDA and €0.8bn of net income

EDPR Extraordinary General Shareholders' Meeting

Madrid, February 22

2021: EDP Renováveis, S.A. (“EDPR”) informs that at the

Extraordinary General Shareholders'

Meeting held today, Shareholders have adopted the following resolutions:

•

Board of Directors: ratification of appointments of Directors by co-optation.

•

Ratification of the appointment by co-option as Executive Director of Mr. Miguel Stilwell de Andrade.

•

Ratification of the appointment by co-option as Dominical Director Mrs. Ana Paula Garrido de Pina Marques.

•

Ratification of the appointment by co-option as Independent Director of Mrs. Joan Avalyn Dempsey.

•

Board of Directors: dismissal (

separación

) of Directors.

•

Dismiss (

separar

) Mr. António Luis Guerra Nunes Mexia of his position as Dominical Director.

•

Dismiss (

separar

) Mr. João Manuel Manso Neto of his position as Executive Director.

•

Adjustment of the number of Members of the Board in twelve (12).

•

Amendment of articles 12 (“Notice of General Meetings”) and 16 (“Chairman of the General Meetings”) of Articles of

Association.

•

Delegation of powers to the formalisation and implementation of all resolutions adopted at the Extraordinary General

Shareholders’ Meeting, for the execution of any relevant public deed and for its interpretation, correction, addition or

development in order to obtain the appropriate registrations.

All information and documentation of the Extraordinary General Shareholders’ Meeting

is also available in the Company´s

website.

EDPR 2020 ANNUAL REPORT

Annex I

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

EDP Renovaveis, S.A.

Details of investments in Group companies as at 31 December 2020

THOUSAND EUROS

GROUP COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

EDP Renewables

EUROPE, S.L.U.*

Spain

100%

PWC

Holding

249,499

1,613,267

639,587

2,502,353

EDP Renovables

España, S.L.U.*

Spain

100%

PWC

Holding,

construction

and wind

energy

production

46,128

382,565

313

255,819

684,825

EDPR Polska,

Sp.z.o.o.

Poland

100%

PWC

Holding and

wind energy

production

94,272

83,358

107

2,604

180,341

EDPR International

Investmets, B.V.

Netherlands

100%

PWC

Holding

-27,259

30,531

3,293

EDPR France

Holding SAS

France

100%

PWC

Holding

19,900

37,926

-6,764

51,063

EDP Renewables

SGPS,SA

Portugal

100%

PWC

Holding

116,930

9,848

126,828

EDP Renewables

Belgium,S.A

Belgium

0.17%

99.83%

PWC

Holding

287

403

-99

590

EDPR

Portugal , S.A.

Portugal

51%

PWC

Holding and

wind energy

production

7,500

97,075

4,074

46,341

46341

154,990

EDPR PT-Promocao

e Operacao,S.A

Portugal

100%

PWC

Wind: Wind

farm

development

6,903

788

-1,390

5,571

Cernavoda

Power,S.A

Romania

0.01%

99.99%

PWC

Wind energy

production

68,939

-14,683

3,566

57,822

Wind Farm S.A.

Romania

0.01%

99.99%

PWC

Wind energy

production

44,394

2,238

2,761

49,392

Pestera Wind Farm,

S.A.

Romania

0.01%

99.99%

PWC

Wind energy

production

55,439

-15,698

2,451

42,192

EDPR Romania,

S.R.L.

Romania

0.01%

99.99%

PWC

Wind energy

production

222,119

54,448

11,182

287,749x

Sibioara Wind

Farm,S.r.L

Romania

0.01%

99.99%

PWC

Wind energy

production

16,819

-10,407

-25

6,388

EDP Renowables

Italia,S.r.l

Italy

51%

PWC

Holding and

wind energy

production

34,439

15,812

11,225

61,477

EDP Renovaveis

Servicios

Financieros.

S.A*

Spain

70.01%

29.99%

PWC

Other

economic

activities

84,691

321,750

10,687

417,128

Parque Eólico Santa

Quiteria, S.L.

Spain

84%

PWC

Wind energy

production

14,019

620

14,702

Eólica La Janda,

S.l.U*

Spain

100%

PWC

Wind energy

production

4,525

10,802

10,506

25,833

Eólica Fontesilva,

S.L.U*

Spain

100%

PWC

Wind energy

production

6,860

8,664

1,055

16,579

EDPR Yield S.A.U*

Spain

100%

PWC

Wind energy

production

99,405

59,272

29,740

188,418

Parque Eólico Altos

del Voltoya S.A.*

Spain

93%

PWC

Wind energy

production

6,434

12,207

195

18,836

Eólica La Brújula,

S.A.U

Spain

100%

PWC

Wind energy

production

3,294

16,095

2,852

22,241

Eólica

Arlanzón S.A.

Spain

85%

PWC

Wind energy

production

4,509

8,365

414

13,289

Eolica Campollano

S.A.

Spain

75%

PWC

Wind energy

production

6,560

20,959

2,512

30.031

Parque

Eólico La Sotonera

S.L.

Spain

70%

PWC

Wind energy

production

2,000

5,958

427

8,385

Viesgo Europa,S.L.U

Spain

100%

PWC

Wind energy

production

1,000

2,453

3,453

THOUSAND EUROS

GROUP COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Viesgo

Renovables,S.L.U

Spain

100%

PWC

Wind energy

production

12,770

179,357

192,126

Viesgo

Mantenimiento,S.L.U

Spain

100%

PWC

Wind energy

production

923

926

Northeolic Monte

Buño, S.L

Spain

75%

PWC

Wind energy

production

-155

-151

Compañia Eolica

Aragonesa S.A

Spain

100%

PWC

Wind energy

production

6,701

34,564

41,265

Parque Eólico de

Abrazadilla, S.L.U

Spain

100%

Unaudited

Wind energy

production

-1

-2

Korsze Wind

Farm,SP.z.o.o

Poland

51%

PWC

Wind energy

production

8,420

14,829

6,283

29,532

Radzeijów wind farm

SP.z.o.o

Poland

51%

PWC

Wind energy

production

5,982

-3,738

-144

2,100

Energiaki Arvanikou

E.P.E

Greece

0.01%

99.99%

Unaudited

Wind energy

production

13,222

860

-825

13,258

Wind Park

Aerorrachi M.A.E

Greece

100%

Unaudited

Wind energy

production

310

735

-1,061

-16

Edpr Hellas 1 M.A.E

Greece

100%

Unaudited

Wind energy

production

1,205

388

-155

1,438

Edpr Hellas 2 M.A.E

Greece

100%

Unaudited

Wind energy

production

410

1,428

-173

1,665

Wind Shape,Ltd

Greece

100%

Unaudited

Wind energy

production

-52

-34

Aioliko Parko

Fthiotidos Erimia

E.P.E

Greece

0.67

99.33%

Unaudited

Wind energy

production

261

-158

138

Wincap S.R.L

Italy

100%

PWC

Wind energy

production

2,550

4,990

870

8,411

Renovables Castilla

La Mancha, S.A.

Spain

90%

PWC

Wind energy

production

4,662

1,609

6,332

Monts de la

Madeleine

Energie,SA.S

France

100%

PWC

Wind energy

production

-22

-10

Monts du Forez

Energie,SAS

France

100%

PWC

Wind energy

production

-69

-8

-40

Sarve,S.R.L

Italy

51%

Unaudited

Wind energy

production

-243

149

Bourbriac II SAS

France

100%

PWC

Wind energy

production

-29

-6

-34

Molen Wind II

sp.Z.o.o

Poland

51%

PWC

Wind energy

production

10,367

210

2,093

12,672

Breva Wind S.R.L

Italy

100%

PWC

Wind energy

production

7,100

-824

-330

5,946

Acampo

Arias, SL*

Spain

95%

PWC

Wind energy

production

3,314

3,200

609

7,123

Relax Wind Park III,

Sp.z.o.o.

Poland

51%

PWC

Wind energy

production

12,916

1,648

1,207

15,830

Relax Wind Park I,

Sp.z.o.o.

Poland

51%

PWC

Wind energy

production

10,085

7,308

3,125

5,811

26,330

Parque Eólico Los

Cantales, S.L.U.*

Spain

100%

PWC

Wind energy

production

1,963

1,363

1,061

4,387

Gudziki Wind

Farm,sp.z.o.o

Poland

51%

Unaudited

Wind energy

production

-3

-20

-22

EW Dobrzyca, sp

z.o.o

Poland

100%

Unaudited

Wind energy

production

146

6,833

-489

6,541

Ujazd, So.z.o.o

Poland

100%

Unaudited

Wind energy

production

1,007

-825

-234

-44

Winfan,Sp.z.o.o

Poland

100%

Unaudited

Wind energy

production

162

-81

Kowalewo Wind.Sp

z.o.o

Poland

100%

Unaudited

Wind energy

production

485

-179

329

EWP European

Wind Power

Krasin,Sp.z.o.o

Poland

100%

Unaudited

Wind energy

production

1,558

-104

-287

1,198

Nowa Energia 1

Sp,z.o.o

Poland

100%

Unaudited

Wind energy

production

333

-629

-268

Farma Wiatrowa

Bogoria,Sp z.o.o

Poland

100%

Unaudited

Wind energy

production

519

1,894

-292

2,135

Lichnowy

Windfarm,Sp z.o.o

Poland

100%

Unaudited

Wind energy

production

188

983

-8

1,181

Edpr Polska

Solar,Sp.z.o.o.

Poland

100%

Unaudited

Wind energy

production

-87

-113

-2

EDPR 2020 ANNUAL REPORT

THOUSAND EUROS

GROUP COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

La Plaine De

Nouaille,S.A.S

France

100%

PWC

Wind energy

production

-24

-6

-23

Le Chemin

de Saint

Druon,S.A.S

France

100%

PWC

Wind energy

production

-14

-4

Parc Eolien des

Longs Champs,

S.A.R.L

France

100%

PWC

Wind energy

production

1,201

486

1,773

Parc Eolien

de Mancheville,

S.A.R.L

France

100%

PWC

Wind energy

production

145

189

336

Parc Eolien

de La Hetroye, SAS

France

100%

PWC

Wind energy

production

-56

-4

-23

Parc Eolien

Louvieres,S.A.R.L

France

100%

Unaudited

Wind energy

production

-68

185

119

Parc Eolien de

Dionay,S.A.A

France

100%

PWC

Wind energy

production

-78

-5

-46

Parc Éolien

d´Entrains-sur-

Nohain,S.A.S

France

90%

PWC

Wind energy

production

451

-17

-5

429

Parc Éolien de

Marchéville,S.A.S

France

100%

PWC

Wind energy

production

-126

497

372

Le Chemin deLa

Corvée,S.A.S

France

100%

PWC

Wind energy

production

123

-61

-2

Eólica de Serra das

Alturas,S.A

Portugal

25.55%

PWC

Wind energy

production

6,309

1,395

7,754

Malhadizes- Energia

Eólica, SA

Portugal

51%

PWC

Wind energy

production

7,657

2,255

9,962

Eólica de

Montenegrelo, LDA

Portugal

25.55%

PWC

Wind energy

production

9,760

2,388

12,198

Eólica

da Alagoa,SA

Portugal

30.60%

PWC

Wind energy

production

3,297

564

1,542

5,454

Fotovoltaica Lott

A,S.A

Portugal

100%

PWC

Wind energy

production

-22

-24

Aplica.Indust

de Energias limpias

S.L

Spain

62%

Unaudited

Wind energy

production

131

855

393

1,379

Aprofitament

D´Energies

Renovables

de la Tierra

Alta S.A

Spain

28.35%

Unaudited

Wind energy

production

1,994

-1,966

-2

Parc Eólic Serra

Voltorera S.l.U

Spain

100%

PWC

Wind energy

production

3,458

6,806

846

11,110

Elektrownia

Wiatrowa Kresy I sp

zoo

Poland

51%

PWC

Wind energy

production

68,709

665

6,259

75,648

Edpr Villla

Galla,S.R.L

Italy

51%

PWC

Wind energy

production

9,000

51,208

7,515

67,723

Desarrollos Eólicos

de Teruel SL

Spain

51%

Unaudited

Wind energy

production

Custolito,S.r.l

Italy

100%

Unaudited

Wind energy

production

-10

Edpr Sicilia PV,S.r.l

Italy

100%

Unaudited

Wind energy

production

-3

-9

-2

Edpr Sicilia

Wind,S.r.l

Italy

100%

Unaudited

Wind energy

production

-3

-28

-20

Tebar

Eólica, S.A.U.*

Spain

100%

PWC

Wind energy

production

4,720

2,561

2,515

9,796

Edpr

Terral S.L.U

Spain

100%

Unaudited

Wind energy

production

-1

Edpr

Suvan, S.L.U

Spain

100%

Unaudited

Wind energy

production

-1

Masovia Wind Farm

I s.p. zo.o.

Poland

100%

PWC

Wind energy

production

273

-222

-43

Farma

wiaStarozbery

Sp.z.o.o

Poland

100%

Unaudited

Wind energy

production

101

212

-14

300

Karpacka Mala

Energetyka,Sp.z.o.o

Poland

85%

Unaudited

Wind energy

production

-392

-33

-413

Edpr Italia

holding,S.r.l

Italy

100%

PWC

Wind energy

production

347

53,221

-3,936

-3,396

49,632

Re plus

–

Societa ´a

Responsabilita

´limitada

Italy

100%

Unaudited

Wind energy

production

100

-30

100

THOUSAND EUROS

GROUP COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Iberia Aprove-

chamientos Eólicos,

S.A.U.*

Spain

94%

PWC

Wind energy

production

1,919

3,228

268

5,415

Parc Éolien de

boqueho-Pouagat

SAS

France

100%

PWC

Wind energy

production

1,100

598

1,699

Parc éolien

des 7 Domaines,

S.A.S

France

100%

PWC

Photovoltaic

energy

production

-15

-25

EDPR PT - Parques

Eólicos, S.A.

Portugal

51%

PWC

Wind energy

production

43,925

1,141

45,116

Eólica do Alto da

Lagoa, S.A.

Portugal

51%

PWC

Wind energy

production

11,136

-298

1,275

12,163

Eólica das Serras

das Beiras, S.A.

Portugal

51%

PWC

Wind energy

production

33,248

-1,899

5,248

36,647

Eólica da Coutada,

S.A.

Portugal

51%

PWC

Wind energy

production

45,812

-2,021

8,085

51,926

Eólica do Espigão,

S.A.

Portugal

51%

PWC

Wind energy

production

13,141

-206

1,799

14,784

Eólica do Sincelo,

S.A.

Portugal

100%

PWC

Wind energy

production

150

3,634

886

4,671

Eólica da Linha, S.A.

Portugal

100%

PWC

Wind energy

production

100

643

-673

5,129

5,199

Eólica do Alto do

Mourisco, S.A.

Portugal

51%

PWC

Wind energy

production

7,718

-251

1,661

9,178

Eólica dos Altos dos

Salgueiros-Guilhado,

S.A.

Portugal

51%

PWC

Wind energy

production

3,328

-95

712

3,995

Eólica do Alto da

Teixosa, S.A.

Portugal

51%

PWC

Wind energy

production

8,953

-446

1,620

10,178

Eólica da Terra do

Mato, S.A.

Portugal

51%

PWC

Wind energy

production

10,234

-570

1,682

11,396

5 Parque Eólico do

Planato,S.A

Portugal

90%

PWC

Wind energy

production

30,533

30,593

IE2 Portugal,

SGPS, S.A

Portugal

100%

PWC

Wind energy

production

331

1,243

1,574

S.E.E,Sul Energia

Eólica,S.A

Portugal

100%

PWC

Wind energy

production

150

5,767

5,917

Eoliser-Servicos de

Gestao para

Parques Eólicos,Lda

Portugal

100%

PWC

Wind energy

production

264

529

793

TACA Wind, S.r.l.

Italy

100%

PWC

Wind energy

production

1,160

5,639

392

7,191

Vientos de Coahuila,

S.A. de C.V.

Mexico

0.01%

99.99%

Unaudited

Wind energy

production

2,039

-189

-9

-241

1,493

Eólica de Coahuila,

S.A. de C.V.

Mexico

51%

PWC

Wind energy

production

5,859

15,752

-2,372

20,362

39,601

Parque Solar Los

Cuervos,S de R.L

de C.V

Mexico

99%

Unaudited

Wind energy

production

4,274

-602

3,689

Parc Éolien de

Flavin,S.A.S

France

100%

PWC

Wind energy

production

2,501

1,013

277

3,791

Parc Éolien de

Prouville,

S.A.S

France

100%

PWC

Wind energy

production

-21

-10

-30

Vaudrimesnil

Energie, S.A.R.L

France

100%

Unaudited

Wind energy

production

-10

Vanosc

Energie,S.A.S

France

100%

Unaudited

Wind energy

production

-1

Transition Euroise

Roman II, S.A.S

France

85%

Unaudited

Wind energy

production

603

-5

598

Parc Éolien de la

Champagne

Berrichonne,

S.A.R.L

France

100%

PWC

Wind energy

production

1,734

502

2,240

Parc Éolien de

Paudy, S.A.S.

France

100%

PWC

Wind energy

production

3,537

697

1,087

5,321

Parc Éolien

de la Cote du

Cerisat,S.A.S

France

100%

Ernest&Yo

ung

Wind energy

production

-109

910

829

Tivano,S.R.L

Italy

75%

PWC

Wind energy

production

100

1,942

604

2,646

EDPR 2020 ANNUAL REPORT

THOUSAND EUROS

GROUP COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

San Mauro, S.R.L

Italy

75%

PWC

Wind energy

production

2,972

-51

2,991

Conza Energia,S.R.L

Italy

100%

PWC

Wind energy

production

456

3,592

940

4,988

Energia Emissioni

Zero 4,S.r.l

Italy

60%

PWC

Wind energy

production

-41

Aliseo,S.r.l

Italy

65%

PWC

Wind energy

production

500

-30

-11

459

VRG Wind 153,S.r.l

Italy

80%

Unaudited

Wind energy

production

448

-3

455

Wind Energy San

Giorgio, S.r.l

Italy

60%

Unaudited

Wind energy

production

715

-2

733

Giglio,S.r.l

Italy

60%

Unaudited

Wind energy

production

1,206

-2

1,224

AW 2,S.r.l

Italy

75%

PWC

Wind energy

production

100

3,699

613

4,411

Lucus Power,S.r.l

Italy

100%

PWC

Wind energy

production

4,457

666

5,133

T Power,

S.p.A

Italy

100%

Baker.

T.R

Wind energy

production

1,000

1,865

-648

2,217

Miramit Investments,

Sp.z.o.o.

Poland

100%

Unaudited

Wind energy

production

167

-12

168

Budzyn,Sp.z.o.o

Poland

51%

Unaudited

Wind energy

production

-3

-2

FW Warta,Sp.z.o.o

Poland

100%

PWC

Wind energy

production

-129

-172

-230

Wind Field

Wielkopolska,Sp

z.o.o

Poland

100%

PWC

Wind energy

production

109

-176

-508

-572

Neo Solar Farm, Sp

z.o.o

Poland

100%

Unaudited

Wind energy

production

-1,080

-1

-1,080

R.Wind,Sp z.o.o

Poland

100%

Unaudited

Wind energy

production

-16

-15

Edp Renewables

Polska

HOLDCO,S.A

Poland

51%

PWC

Holding

155,562

7,362

163,037

Rampton,Sp z.o.o

Poland

100%

Unaudited

Wind energy

production

218

-38

180

Altnabreac Wind

Farm Limited

100%

Unaudited

Wind energy

production

Edp Renewables

Hungary

100%

PWC

Wind energy

production

-250

-209

Sunligt Solar Kft

Hungary

85%

PWC

Wind energy

production

-238

-224

Esc Eromu,KFT

Hungary

85%

PWC

Wind energy

production

-235

-227

Ben Sca Wind Farm

Limited

100%

Unaudited

Wind energy

production

-5

Moorshield Wind

Farm limited

100%

Unaudited

Wind energy

production

-1

Drummarnock Wind

Farm limited

100%

Unaudited

Wind energy

production

Wind 2 Project 1

Limited

100%

Unaudited

Wind energy

production

EDP Renewables

North America, LLC

USA

100%

PWC

Photovoltaic

energy

production

4,443,709

-697,529

5,255

90,963

3,842,397

EDPR Servicios

de México, S. de

R.L.

de C.V.

Mexico

100%

Unaudited

Wind energy

production

4,821

-1,943

-241

2,717

Paulding Wind

Farm IV LLC

USA

100%

Unaudited

Wind energy

production

160,750

299

-798

160,250

EDPR Solar

Ventures II LLC

USA

100%

Unaudited

Photovoltaic

energy

production

43,740

1,225

853

45,818

EDPR Solar

Ventures IV LLC

USA

100%

Unaudited

Photovoltaic

energy

production

79,962

-38

1,797

81,720

Rush County Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

2,293

North Slope Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

THOUSAND EUROS

GROUP COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Number Nine Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

Pacific Southwest

Wind Farm LLC

USA

100%

Unaudited

Wind energy

production

Horizon Wyoming

Transmissin LLC

USA

100%

Unaudited

Wind energy

production

Buffalo Bluff Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

Sardinia Wind

power LLC

USA

100%

Unaudited

Wind energy

production

Cameron

Solar LLC

USA

100%

PWC

Photovoltaic

energy

production

29,965

219

30,217

2017 Sol II LLC

USA

100%

PWC

Photovoltaic

energy

production

92,116

-78

-46

91,992

2017 Vento XVII LLC

USA

100%

Unaudited

Wind energy

production

EDPR Wind

Ventures XVII, L.L.C.

USA

100%

Unaudited

Wind energy

production

-93,651

125,813

32,163

Estill Solar I LLC

USA

100%

PWC

Photovoltaic

energy

production

32,463

30,955

Horizaon Wind

energy Southwest III

LLC

USA

100%

Unaudited

Wind energy

production

Peterson Power

Partners LLC

USA

100%

Unaudited

Wind energy

production

Duff Solar Park II

LLC

USA

100%

Unaudited

Photovoltaic

energy

production

EDPR Northeast

Allen Solar Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Indiana Crossroads

Solar Park II LLC

USA

100%

Unaudited

Photovoltaic

energy

production

RTSW Solar Park

LLC

USA

100%

Unaudited

Photovoltaic

energy

production

RTSW Solar Park

LLC

USA

100%

Unaudited

Photovoltaic

energy

production

RTSW Solar Park II

LLC

USA

100%

Unaudited

Photovoltaic

energy

production

RTSW Solar Park III

LLC

USA

100%

Unaudited

Photovoltaic

energy

production

RTSW Solar Park IV

LLC

USA

100%

Unaudited

Photovoltaic

energy

production

RTSW Solar Park V

LLC

USA

100%

Unaudited

Photovoltaic

energy

production

RTSW Solar Park VI

LLC

USA

100%

Unaudited

Photovoltaic

energy

production

2019 Sol V LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Goldfinger Ventures

III LLC

USA

100%

Unaudited

Wind energy

production

Timber Road Solar

Park II LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Horizon Wind

Energy Northwest XI

LLC

USA

100%

Unaudited

Wind energy

production

Cattlemen Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Rail Splitter Wind

Farm II LLC

USA

100%

Unaudited

Wind energy

production

Timber Road II

Storage LLC

USA

100%

Unaudited

Wind energy

production

EDPR 2020 ANNUAL REPORT

THOUSAND EUROS

GROUP COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Timber Road III

Storage LLC

USA

100%

Unaudited

Wind energy

production

Top Crop I Storage

LLC

USA

100%

Unaudited

Wind energy

production

Top Crop II Storage

LLC

USA

100%

Unaudited

Wind energy

production

Twin Groves I

Storage LLC

USA

100%

Unaudited

Wind energy

production

Twin Groves II

Storage LLC

USA

100%

Unaudited

Wind energy

production

Edwardsport Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Azalea Springs Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Crescent Bar Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Esker Solar Park II

LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Bluebird Prairie

Solar Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Timber Road Solar

Park III LLC

USA

100%

Unaudited

Photovoltaic

energy

production

EDPR Wind

Ventures XXII LLC

USA

100%

Unaudited

Wind energy

production

TEI Vento XVII

USA

100%

Unaudited

Wind energy

production

Riverstart Ventures

LLC

USA

20%

Unaudited

Wind energy

production

Riverstart

Development LLC

USA

20%

Unaudited

Wind energy

production

2020 Vento XXII LLC

USA

100%

Unaudited

Wind energy

production

Rosewater

Ventures LLC

USA

100%

Unaudited

Wind energy

production

Misenheimer

Solar LLC

USA

100%

Unaudited

Photovoltaic

energy

production

RE Scarlet LLC

USA

100%

Unaudited

Wind energy

production

Big River Wind

Power Project LLC

USA

100%

Unaudited

Wind energy

production

Tug Hill Windpower

LLC

USA

100%

Unaudited

Wind energy

production

Whiskey Ridge

Power Partners LLC

USA

100%

Unaudited

Wind energy

production

Wilson Creek Power

Project LLC

USA

100%

Unaudited

Wind energy

production

Black Prairie

Wind Farm II LLC

USA

100%

Unaudited

Wind energy

production

Black Prairie

Wind Farm III LLC

USA

100%

Unaudited

Wind energy

production

Simpson Ridge

Wind Farm II LLC

USA

100%

Unaudited

Wind energy

production

Simpson Ridge

Wind Farm III LLC

USA

100%

Unaudited

Wind energy

production

Simpson Ridge

Wind Farm IV LLC

USA

100%

Unaudited

Wind energy

production

Simpson Ridge

Wind Farm V LLC

USA

100%

Unaudited

Wind energy

production

Athena-Weston

Wind Power Project

II LLC

USA

100%

Unaudited

Wind energy

production

17th Star Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

Green Country

Wind Farm LLC

USA

100%

Unaudited

Wind energy

production

Rolling Upland

Wind Farm LLC

USA

100%

Unaudited

Wind energy

production

THOUSAND EUROS

GROUP COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Horizaon Wind

energy Southwest

IV LLC

USA

100%

Unaudited

Wind energy

production

Horizon Wind energy

Valley I LLC

USA

100%

Unaudited

Wind energy

production

Headwaters Wind

Farm II LLC

USA

100%

Unaudited

Wind energy

production

61,665

-780

60,885

Horizon Wind MREC

Iowa Partners LLC

USA

75%

Unaudited

Wind energy

production

Horizon

Wind Freeport

Windpower I LLC

USA

100%

Unaudited

Wind energy

production

2019 Sol V LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Edpr Solar Ventures

V LLC

USA

100%

Unaudited

Photovoltaic

energy

production

2,239

Goldfinger Ventures

III LLC

USA

100%

Unaudited

Wind energy

production

Juniper Wind Power

Partners LLC

USA

100%

Unaudited

Wind energy

production

Wildcat Creek Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

-75,568

-50

75,518

Machias Wind Farm

LLC

USA

100%

Unaudited

Wind energy

production

Blue Canyon

Windpower VII LLC

USA

100%

Unaudited

Wind energy

production

New Trail Wind Farm

LLC

USA

100%

Unaudited

Wind energy

production

Western Trail Wind

Project I LLC

USA

100%

Unaudited

Wind energy

production

Whistling Wind WI

Energy Center LLC

USA

100%

Unaudited

Wind energy

production

Simpson Ridge Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

Reloj del Sol Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

79,337

-10

-40

79,327

Coos Curry Wind

Power Project LLCC

USA

100%

Unaudited

Wind energy

production

Renville County

Wind Farm LLC

USA

100%

Unaudited

Wind energy

production

Ford Wind Farm LLC

USA

100%

Unaudited

Wind energy

production

Gulf Coast

Windpower

Management

Company LLC

USA

75%

Unaudited

Wind energy

production

Horizaon

Wind energy

Northwest IV LLC

USA

100%

Unaudited

Wind energy

production

Horizaon

Wind energy

Northwest VII LLC

USA

100%

Unaudited

Wind energy

production

Horizaon

Wind energy

Northwest X LLC

USA

100%

Unaudited

Wind energy

production

Horizaon

Wind energy

Panhandle I LLC

USA

100%

Unaudited

Wind energy

production

Horizaon

Wind energy

Southwest I LLC

USA

100%

Unaudited

Wind energy

production

Horizaon

Wind energy

Southwest II LLC

USA

100%

Unaudited

Wind energy

production

Horizon Wind

Energy Midwest IX

LLC

USA

100%

Unaudited

Wind energy

production

Horizon

Wind energy

Northwest I LLC

USA

100%

Unaudited

Wind energy

production

Az Solar LLC

USA

100%

Unaudited

Photovoltaic

energy

production

EDPR 2020 ANNUAL REPORT

THOUSAND EUROS

GROUP COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

2016 Vento XV LLC

USA

100%

PWC

Wind energy

production

386,496

-324

-126

386,046

Solar Ventures

Purchasing LLC

USA

100%

Unaudited

Photovoltaic

energy

production

624

-1,617

-993

2016 Vento XVI LLC

USA

100%

PWC

Wind energy

production

142,601

-299

-120

142,182

EDPR Wind

Ventures XV LLC

USA

100%

Unaudited

Wind energy

production

109,299

36,909

9,254

155,461

EDPR Wind

Ventures XVI LLC

USA

100%

Unaudited

Wind energy

production

51,776

4,659

1,532

57,967

Riverstart Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

2,239

-272

1,967

Edpr Wind

Ventures XIX LLC

USA

100%

Unaudited

Wind energy

production

50,693

-27,080

23,613

Edpr Wind

Ventures XX LLC

USA

100%

Unaudited

Wind energy

production

170,863

117

10,481

181,461

Edpr Wind

Ventures XXI LLC

USA

100%

Unaudited

Wind energy

production

103,879

2,169

106,048

Edpr Solar

Ventures III LLC

USA

100%

Unaudited

Photovoltaic

energy

production

65,385

-57

-467

64,862

Athena-Weston

Wind Power Project

LLC

USA

100%

Unaudited

Wind energy

production

Lexington Chenoa

Wind Farm III LLC

USA

100%

Unaudited

Wind energy

production

Blackstone Wind

farm IV LLC

USA

100%

Unaudited

Wind energy

production

WTP Management

comapny LLC

USA

100%

Unaudited

Wind energy

production

Blackstone Wind

Farm V LLC

USA

100%

Unaudited

Wind energy

production

Blue Canyon

Windpower III LLC

USA

100%

Unaudited

Wind energy

production

Blue Canyon

Windpower IV LLC

USA

100%

Unaudited

Wind energy

production

Broadlands Wind

Farm II LLC

USA

100%

Unaudited

Wind energy

production

Broadlands Wind

Farm III LLC

USA

100%

Unaudited

Wind energy

production

Chateaugay River

Wind Farm LLC

USA

100%

Unaudited

Wind energy

production

Cropsey Ridge Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

Dairy Hills Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

Diamond Power

Partners LLC

USA

100%

Unaudited

Wind energy

production

East Klickitat Wind

Power Project LLC

USA

100%

Unaudited

Wind energy

production

Hidalgo Wind Farm II

LLC

USA

100%

Unaudited

Wind energy

production

37,741

-3

839

38,578

Wind Turbine

Prometheus LP

USA

99la%

Unaudited

Wind energy

production

-5

Whitestone Wind

Purchasing LLC

USA

100%

Unaudited

Wind energy

production

6,812

-1,208

-960

4,643

Blue Canyon

Windpower

V LLC

USA

51%

PWC

Wind energy

production

22,046

66,700

7,226

95,972

Sagebrush Power

Partners LLC

USA

100%

PWC

Wind energy

production

106,765

-16,314

276

4,837

95,564

Marble

River LLC

USA

100%

Unaudited

Wind energy

production

172,710

29,116

69,477

-3,239

268,064

Blackstone Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

75.562

784

26,243

-1,310

101,280

Aroostook Wind

Energy LLC

USA

100%

Unaudited

Wind energy

production

37,545

-4,431

33,114

Jericho Rise Wind

Farm LLC

USA

100%

PWC

Wind energy

production

108,817

8,883

-325

117,375

Martinsdale Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

4,447

-23

-30

4,394

THOUSAND EUROS

GROUP COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Signal Hill

Wind Power Project

LLC

USA

100%

Unaudited

Wind energy

production

-4

Tumbleweed Wind

Power Project LLC

USA

100%

Unaudited

Wind energy

production

-3

Stinson Mills Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

3,750

-81

3,669

OPQ

Property LLC

USA

100%

Unaudited

Wind energy

production

142

Meadow Lake Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

154,884

-15,462

53,379

-2,094

190,716

Wheat Field Wind

Power Project LLC

USA

51%

PWC

Wind energy

production

46,081

-6,324

184,789

High Trail Wind

Farm LLC

USA

100%

PWC

Wind energy

production

123,950

67,163

-6,324

184,789

Madison Windpower

LLC

USA

100%

PWC

Wind energy

production

14,337

-10,017

-1,119

3,200

Mesquite

Wind LLC

USA

100%

PWC

Wind energy

production

91,892

57,077

2,638

151,607

BC2 Maple Ridge

Wind LLC

USA

100%

PWC

Wind energy

production

219,062

-33,748

-82,821

102,494

Blue Canyon

Windpower II LLC

USA

100%

PWC

Wind energy

production

93,407

4,620

-32,485

65,542

Telocaset

Wind Power

Partners LLC

USA

51%

PWC

Wind energy

production

11,021

63,244

3,216

7,653

85,133

Post Oak

Wind LLC

USA

51%

PWC

Wind energy

production

107,831

64,733

2,744

175,307

High Prairie Wind

Farm II LLC

USA

51%

PWC

Wind energy

production

48,708

21,771

267

3,523

74,269

Old Trail Wind Farm

LLC

USA

51%

PWC

Wind energy

production

112,691

69,924

1,740

10,730

195,085

Cloud County Wind

Farm LLC

USA

51%

PWC

Wind energy

production

126,076

29,785

5,946

161,808

Pioneer Prairie Wind

Farm I LLC

USA

51%

PWC

Wind energy

production

174,819

93,717

5,475

11,879

285,890

Arlington

Wind Power Project

LLC

USA

51%

PWC

Wind energy

production

57,956

20,844

3,422

6,860

89,083

Rail Splitter Wind

Farm LLC

USA

100%

PWC

Wind energy

production

163,385

-46,838

505

-4,390

112,662

Hampton

Solar II LLC

USA

100%

PWC

Photovoltaic

energy

production

29,725

1,131

30,955

Meadow

Lake Wind Farm II

LLC

USA

100%

PWC

Wind energy

production

117,097

-12,409

279

-1,656

103,311

Black Prairie Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

961

-2

959

Meadow Lake Wind

Farm IV LLC

USA

100%

Unaudited

Wind energy

production

71,699

-4,502

24,784

-1,424

90,558

Blackstone Wind

Farm II LLC

USA

100%

Unaudited

Wind energy

production

165,753

855

59,285

134

226,028

Saddleback Wind

Power Project LLC

USA

100%

Unaudited

Wind energy

production

1,101

-1,100

Meadow

Lake Wind Farm III

LLC

USA

100%

Unaudited

Wind energy

production

77,614

5,513

30,148

-495

112,779

2007

Vento I LLC

USA

100%

PWC

Wind energy

production

449,800

41,716

2,716

494,231

2007

Vento II LLC

USA

51%

PWC

Wind energy

production

284,547

-4,342

-155

280,050

2008

Vento III LLC

USA

51%

PWC

Wind energy

production

363,811

-5,610

-46

358,156

2009

Vento IV LLC

USA

100%

PWC

Wind energy

production

164,509

-1,163

-117

163,229

2009

Vento V LLC

USA

51%

PWC

Wind energy

production

22,691

-1,055

-24

21,612

2019 V

ento XX LLC

USA

100%

Unaudited

Wind energy

production

507,531

-37

507,494

2019 Vento XXI LLC

USA

100%

Unaudited

Wind energy

production

222,418

-46

222,372

EDPR 2020 ANNUAL REPORT

THOUSAND EUROS

GROUP COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Horizon Wind

Ventures I LLC

USA

100%

Unaudited

Wind energy

production

80,741

390,718

-106

471,354

Horizon Wind

Ventures II LLC

USA

100%

Unaudited

Wind energy

production

112,863

14,499

1,889

129,251

Horizon Wind

Ventures III LLC

USA

51%

Unaudited

Wind energy

production

13,483

-184

13,299

Clinton County Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

172,716

-6

172,709

Antelope Ridge Wind

Power Project LLC

USA

100%

Unaudited

Wind energy

production

-10

Lexington Chenoa

Wind Farm II LLC

USA

100%

Unaudited

Wind energy

production

1,635

-490

1,145

Blackstone Wind

Farm III LLC

USA

100%

Unaudited

Wind energy

production

5,114

-5,114

Lexington Chenoa

Wind Farm LLC

USA

100%

Unaudited

Wind energy

production

254,269

267

-1,829

252,708

Paulding Wind Farm

LLC

USA

100%

Unaudited

Wind energy

production

-24

-5

Paulding Wind Farm

II LLC

USA

51%

PWC

Wind energy

production

62,580

41,510

300

5,262

109,651

Waverly Wind Farm

LLC

USA

51%

PWC

Wind energy

production

207,060

18,339

2,176

227,576

Blue Canyon

Windpower VI LLC

USA

100%

PWC

Wind energy

production

73,207

14,971

2,216

90,393

Paulding Wind Farm

III LLC

USA

100%

PWC

Wind energy

production

143,224

8,216

2,039

153,479

2011 Vento IX LLC

USA

51%

PWC

Wind energy

production

63,372

-845

-117

62,410

Horizon Wind

Ventures IX LLC

USA

51%

Unaudited

Wind energy

production

31,719

-4,317

1,509

28,911

EDPR Vento IV

Holding LLC

USA

100%

PWC

Wind energy

production

56,226

Headwaters Wind

Farm LLC

USA

51%

Unaudited

Wind energy

production

197,176

38,766

7,695

243,636

Lone Valley Solar

Park I LLC

USA

51%

Unaudited

Photovoltaic

energy

production

19,679

1,071

211

20,961

Lone Valley Solar

Park II LLC

USA

51%

Unaudited

Photovoltaic

energy

production

33,823

4,292

629

38,745

Rising Tree Wind

Farm LLC

USA

51%

PWC

Wind energy

production

85,832

23,875

6,647

116,354

Arbuckle Mountain

Wind Farm LLC

USA

51%

PWC

Wind energy

production

122,450

-4,104

-2,023

116,323

Hidalgo Wind Farm

LLC

USA

100%

PWC

Wind energy

production

283,178

8,044

-8,341

282,791

Rising

Tree Wind Farm III

LLC

USA

51%

PWC

Wind energy

production

114,396

22,484

5,086

141,967

Rising Tree Wind

Farm II LLC

USA

51%

PWC

Wind energy

production

20,989

3,942

682

25,612

Wheat Field

Holding LLC

USA

51%

PWC

Wind energy

production

-10,090

-19

-10,108

EDPR WF LLC

USA

100%

Unaudited

Wind energy

production

40,190

Sustaining Power

Solutions LLC

USA

100%

Unaudited

Wind energy

production

71,929

-64,675

-5,184

1,439

Green Power Offsets

LLC

USA

100%

Unaudited

Wind energy

production

-9

Arkwright Summit

Wind Farm LLC

USA

100%

PWC

Wind energy

production

159,854

3,495

-315

163,034

EDPR Vento I

Holding LLC

USA

100%

Unaudited

Wind energy

production

226,127

Turtle Creek

Wind Farm LLC

USA

100%

PWC

Wind energy

production

232,066

4,487

6,030

242,583

Rio Blanco

Wind Farm LLC

USA

100%

Unaudited

Wind energy

production

2,490

-1

2,489

Plum Nellie

Wind Farm LLC

USA

100%

Unaudited

Wind energy

production

Five-Spot LLC

USA

100%

Unaudited

Wind energy

production

THOUSAND EUROS

GROUP COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Horizon Wind

Chocolate Bayou I

LLC

USA

100%

Unaudited

Wind energy

production

Alabama Ledge

Wind Farm LLC

USA

100%

Unaudited

Wind energy

production

Ashford Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

Alabama Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Blackford Country

Solar Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Esker Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Greenbow Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Holly Hill Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Pleasantville

Solar Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Mineral Springs

Solar Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Black Prairie

Solar Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Duff Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Broadlands

Wind Farm LLC

USA

100%

Unaudited

Wind energy

production

243,288

-16

-5,942

-1,208

236,123

Eastmill Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Lowloand Solar Park

LLC

USA

100%

Unaudited

Photovoltaic

energy

production

EDPR Wind

Ventures X LLC

USA

100%

Unaudited

Wind energy

production

8,829

48,172

7,688

64,690

EDPR Wind

Ventures XI LLC

USA

51%

Unaudited

Wind energy

production

41,608

33,689

8,542

83,838

EDPR Wind

Ventures XII LLC

USA

51%

Unaudited

Wind energy

production

18,766

4,195

1,309

24,270

EDPR Wind

Ventures XIII LLC

USA

51%

Unaudited

Wind energy

production

59,191

19,920

5,878

84,989

EDPR Wind

Ventures XIV LLC

USA

51%

Unaudited

Wind energy

production

22,429

20,336

5,775

48,539

Crossing Trails Wind

Power Project LLC

USA

100%

Unaudited

Wind energy

production

7,421

-16

7,405

Moonshine Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Sedge Meadow

Solar Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Helena Harbor Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Headwaters Wind

Farm III LLC

USA

100%

Unaudited

Wind energy

production

Loki Solar Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Leprechaun solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Little brook Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Bright Stalk Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

EDPR 2020 ANNUAL REPORT

THOUSAND EUROS

GROUP COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Crossing trails Wind

Power Project II LLC

USA

100%

Unaudited

Wind energy

production

Headwaters Wind

Farm IV LLC

USA

100%

Unaudited

Wind energy

production

Blackford country

Wind farm LLC

USA

100%

Unaudited

Wind energy

production

Prospector Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Rye Patch Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Loblolly Hill solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Meadow lake

Wind farm VIII LLC

USA

100%

Unaudited

Wind energy

production

Loyal Wind

Farm LLC

USA

10%

Unaudited

Wind energy

production

Marathon wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

Cielo Solar Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Quilt block Wind

Farm II LLC

USA

100%

Unaudited

Wind energy

production

Shullsburg Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

Loma de la Gloria

Solar Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Wrangler Solar Park

LLC

USA

100%

Unaudited

Photovoltaic

energy

production

San clemente Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Indiana Crossroads

Wind Farm LLC

USA

100%

Unaudited

Wind energy

production

-148

Indiana Crossroads

Wind Farm II LLC

USA

100%

Unaudited

Wind energy

production

Bayou bend Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Poplar Camp Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

Avondale

Solar Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Crittenden Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

Coldwater Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Meadow Lake Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Nine kings Transco

LLC

USA

100%

Unaudited

Wind energy

production

Sweet Stream Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

Blue Harvest Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Franklin Wind Farm

LLC

USA

100%

Unaudited

Wind energy

production

Edpr South Table

LLC

USA

100%

Unaudited

Wind energy

production

Casa Grande

Carmel

Solar LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Paulding Wind Farm

V LLC

USA

100%

Unaudited

Wind energy

production

Waverly wind Farm II

LLC

USA

100%

Unaudited

Wind energy

production

THOUSAND EUROS

GROUP COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Spruce Ridge Wind

farm LLC

USA

100%

Unaudited

Wind energy

production

2015

Vento XIV LLC

USA

51%

PWC

Wind energy

production

207,497

-384

-107

207,006

2011

Vento X LLC

USA

100%

PWC

Wind energy

production

73,554

-802

-112

72,640

Blue Marmot I LLC

USA

100%

Unaudited

Wind energy

production

Blue Marmot II LLC

USA

100%

Unaudited

Wind energy

production

Drake Peak Solar

ParK LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Blue Marmot IV LLC

USA

100%

Unaudited

Wind energy

production

Blue Marmot V LLC

USA

100%

Unaudited

Wind energy

production

Blue Marmot VI LLC

USA

100%

Unaudited

Wind energy

production

Blue Marmot VII LLc

USA

100%

Unaudited

Wind energy

production

2014 Vento XI LLC

USA

51%

PWC

Wind energy

production

197,197

-62

-23

197,112

EDPR Solar

Ventures I LLC

USA

100%

Unaudited

Photovoltaic

energy

production

31,668

3,034

-900

33,801

2014 Sol I LLC

USA

51%

PWC

Photovoltaic

energy

production

53,826

-373

-91

53,362

2014

Vento XII LLC

USA

51%

PWC

Wind energy

production

106,863

-70

-27

106,766

Blue Marmot VIIII

LLC

USA

100%

Unaudited

Wind energy

production

2015

Vento XIII LLC

USA

51%

PWC

Wind energy

production

237,037

-586

-110

236,341

2018 Vento XVIII

LLC

USA

100%

PWC

Wind energy

production

391,152

-196

-110

390,846

Blue Marmot IX LLC

USA

100%

Unaudited

Wind energy

production

Blue Marmot Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Blue

Marmot XI LLC

USA

100%

Unaudited

Wind energy

production

Horse Mountain

Wind Farm LLC

USA

100%

Unaudited

Wind energy

production

EDPR Wind

Ventures XVIII LLC

USA

100%

Unaudited

Wind energy

production

137,068

7,974

7,821

188,863

Riverstart Solar Park

II LLC

USA

100%

Unaudited

Wind energy

production

Long Hollow Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

Horizon

Wind Ventures IB

LLC

USA

51%

Unaudited

Wind energy

production

74,881

2,014

76,894

Horizon

Wind Ventures IC

LLC

USA

51%

Unaudited

Wind energy

production

168,752

151,814

2,276

322,842

Castle Valley Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

White Stone Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Riverstart Solar Park

III LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Dry Creek Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Lost Lakes Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

92,857

810

272

2,192

96,131

Riverstart Solar Park

IV LLC

USA

100%

Unaudited

Photovoltaic

energy

production

EDPR 2020 ANNUAL REPORT

THOUSAND EUROS

GROUP COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Riverstart Solar

Park V LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Timber Road

Solar Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Paulding Wind

Farm VI LLC

USA

100%

Unaudited

Wind energy

production

Edpr Ca Solar

Park LLC

USA

100%

Unaudited

Photovoltaic

energy

production

-6

Edpr CA Solar

Park II LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Edpr CA Solar

Park III LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Edpr CA Solar

Park IV LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Edpr CA Solar

Park V LLC

USA

100%

Unaudited

Photovoltaic

energy

production

Edpr CA Solar

Park VI LLC

USA

100%

Unaudited

Photovoltaic

energy

production

-67

BC2

Maple Ridge

Holdings LLC

USA

100%

Unaudited

Photovoltaic

energy

production

North river Wind LLC

USA

100%

Unaudited

Wind energy

production

EDP Renewables

Canada LTD.

Canada

100%

Unaudited

Holding

95,725

25,873

279

-31,240

90,638

EDP Renewables

Sharp Hills

Project LP

Canada

100%

Unaudited

Wind energy

production

533

-442

-238

-148

SBWF GP Inc.

Canada

51%

Unaudited

Wind energy

production

South Dundas

Wind Farm LP

Canada

51%

PWC

Wind energy

production

9,026

15,547

2,172

3,602

30,347

Nation Rise Wind

Farm LP

Canada

100%

PWC

Wind energy

production

60,780

-544

-6,266

-263

53,707

Nation

Rise Wind Farm GP

Inc.

Canada

100%

Unaudited

Wind energy

production

-2

South Branch Wind

Farm II GP Inc.

Canada

100%

Unaudited

Wind energy

production

South

Branch Wind Farm II

Canada

100%

Unaudited

Wind energy

production

265

-374

-36

-145

EDP Renewables

Sharp Hills Project

GP Ltd.

Canada

100%

Unaudited

Wind energy

production

Edp Renewables

Canada

Management

Services LTD

Canada

100%

Unaudited

Wind energy

production

-2,435

Edp Renewables

Sask Se GP Ltd

Canada

100%

Unaudited

Wind energy

production

Edp Renewables

Sask SE Limited

Partnership

Canada

100%

Unaudited

Wind energy

production

-347

-170

-517

Kennedy Wind farm

GP Ltd

Canada

100%

Unaudited

Wind energy

production

Keneedy Wind farm

Limited Partnership

Canada

100%

Unaudited

Wind energy

production

-186

-13

-199

Bromhead Solar

Park

Gp Ltd

Canada

100%

Unaudited

Photovoltaic

energy

production

Bromhead Solar

Park Limited

Partnership

Canada

100%

Unaudited

Photovoltaic

energy

production

-186

-13

-199

Halbrite Solar Park

Gp Ltd

Canada

100%

Unaudited

Photovoltaic

energy

production

THOUSAND EUROS

GROUP COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Halbrite Solar Park

Limited Partnership

Canada

100%

Unaudited

Photovoltaic

energy

production

-186

-13

-199

Blue Bridge Solar

Park Gp Ltd

Canada

100%

Unaudited

Photovoltaic

energy

production

Blue bridge Solar

Park Limited

Partnership

Canada

100%

Unaudited

Photovoltaic

energy

production

-186

-13

-199

Edp Renewables

Sh II Project GP Ltd

Canada

100%

Unaudited

Wind energy

production

Edp Renewables Sh

II Project GP Ltd

Canada

100%

Unaudited

Wind energy

production

Nation Rise Wind

farm GP II inc

Canada

100%

Unaudited

Wind energy

production

Quatro Limited

Partnership

Canada

100%

Unaudited

Wind energy

production

34,987

-21,609

26,853

40,230

Eolos Energia,S.A.S

Colombia

100%

Unaudited

Photovoltaic

energy

production

557

4,840

5,402

Vientos del

Norte,S.A.S, E.S.P

Colombia

100%

Unaudited

Wind energy

production

703

6,114

283

7,100

Solar Power

Solutions,S.A.S

E.S.P

Colombia

100%

Unaudited

Photovoltaic

energy

production

-6

-415

-421

Elipse Energia

,S.A.S E.S.P

Colombia

100%

Unaudited

Photovoltaic

energy

production

-6

-419

-416

Omega Energia

S.A.S E.S.P

Colombia

100%

Unaudited

Photovoltaic

energy

production

-3

-419

-416

Kappa

Energia,S.A.S.E.S.P

Colombia

100%

Unaudited

Photovoltaic

energy

production

-3

-419

-416

Edpr Vietnam

Viestman

100%

Unaudited

Holding

254

EDP Renováveis

Brasil, S.A.

Brazil

100%

PWC

Holding

163,459

43,274

-1,603

2,903

208,023

Central Nacional

de Energia

Eólica, S.A.

Brazil

51%

PWC

Wind energy

production

1,945

933

2,961

Elebrás Projetos,

S.A.

Brazil

51%

PWC

Wind energy

production

16,283

516

6,768

23,567

Central

Eólica Baixa do

Feijão I, S.A.

Brazil

51%

PWC

Wind energy

production

6,153

1,729

169

8,051

Central

Eólica Baixa do

Feijão II, S.A.

Brazil

51%

PWC

Wind energy

production

6,362

1,857

110

8,330

Central

Eólica Baixa do

Feijão III, S.A.

Brazil

51%

PWC

Wind energy

production

10,578

577

-222

10,933

Central

Eólica Baixa do

Feijão IV, S.A.

Brazil

51%

PWC

Wind energy

production

6,972

1,274

-68

8,178

Central Eólica JAU,

S.A.

Brazil

51%

PWC

Wind energy

production

27,309

7,175

468

34,952

Central Eólica

Aventura I, S.A.

Brazil

50.99%

PWC

Wind energy

production

12,815

674

13,554

Central

Eólica Aventura II,

S.A.

Brazil

100%

PWC

Wind energy

production

5,595

-33

5,529

Central Eólica

Boqueirao I,S.A.

Brazil

100%

PWC

Wind energy

production

-6

Central Eólica

Boqueirao II, S.A.

Brazil

100%

PWC

Wind energy

production

-4

Central Eólica

Catanduba I, S.A.

Brazil

100%

PWC

Wind energy

production

-5

Central Eólica

Catadunba II, S.A.

Brazil

100%

PWC

Wind energy

production

-5

Jerusalém

Holding,S.A

Brazil

100%

PWC

Holding

8,977

-8

-67

8,902

Central Eólica Monte

Verde VI,S.A

Brazil

100%

PWC

Wind energy

production

1,916

-2

-9

1,906

Monte Verde

holding,S.A

Brazil

100%

PWC

Holding

15,190

-8

-55

15,127

EDPR 2020 ANNUAL REPORT

THOUSAND EUROS

GROUP COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Central Eóílica

Aventura III,S.A

Brazil

100%

PWC

Wind energy

production

12,355

-12

-27

12,317

Central Eólica

Aventura IV,S.A

Brazil

100%

PWC

Wind energy

production

7,724

-13

-37

7,675

Central Eólica

Aventura V,S.A

Brazil

100%

PWC

Wind energy

production

7,777

-13

-27

7,737

Srmn

Holding S,A

Brazil

100%

PWC

Holding

45,329

-74

-93

45,161

Central Eólica Srmn

I,S.A

Brazil

100%

PWC

Wind energy

production

8,491

-19

8,453

Central Eólica Srmn

II,S.A

Brazil

100%

PWC

Wind energy

production

13,084

-13

-17

13,054

Central Eólica Srmn

III,S.A

Brazil

100%

PWC

Wind energy

production

8,506

-14

-17

8,475

Central Eólica Srmn

IV,S.A

Brazil

100%

PWC

Wind energy

production

8,730

-14

-16

8,700

Central Eólica Srmn

V,S.A

Brazil

100%

PWC

Wind energy

production

6,487

-12

-15

6,460

Central Solar Lagoa

I, S.A

Brazil

100%

Unaudited

Photovoltaic

energy

production

Central Solar Lagoa

II, S.A

Brazil

100%

Unaudited

Photovoltaic

energy

production

Aventura

Holding,S.A

Brazil

100%

PWC

Holding

33,424

-69

-134

33,220

Central Eólica Monte

Verde I,S.A

Brazil

100%

PWC

Wind energy

production

3,231

-1

1,840

-9

5,060

Central Eólica Monte

Verde II,S.A

Brazil

100%

PWC

Wind energy

production

3,186

-1

1,840

-5

5,019

Central Eólica Monte

Verde III,S.A

Brazil

100%

PWC

Wind energy

production

2,898

-1

1,610

-8

4,499

Central Eólica Monte

Verde IV,S.A

Brazil

100%

PWC

Wind energy

production

2,279

-1

1,265

-8

3,536

Central Eólica Monte

Verde V,S.A

Brazil

100%

PWC

Wind energy

production

1,650

-1

920

-2

2,568

Central Solar Pereira

Barreto I,LTDA.

Brazil

100%

PWC

Photovoltaic

energy

production

6,169

-7

169

-97

6,234

Central Solar Pereira

Barreto II,LTDA.

Brazil

100%

PWC

Photovoltaic

energy

production

16,097

-7

169

-210

16,049

Central Solar Pereira

Barreto III,LTDA.

Brazil

100%

PWC

Photovoltaic

energy

production

5,452

-8

169

-67

5,546

Central Solar Pereira

Barreto IV,LTDA.

Brazil

100%

PWC

Photovoltaic

energy

production

8,590

-7

169

-237

8,514

Central Solar Pereira

Barreto V,LTDA.

Brazil

100%

PWC

Photovoltaic

energy

production

2,202

-6

145

-79

2,262

Central Eólica

Jerusalém I,S.A

Brazil

100%

PWC

Wind energy

production

1,552

-1

805

-12

2,344

Central Eólica

Jerusalém II,S.A

Brazil

100%

PWC

Wind energy

production

1,414

-1

805

-9

2,209

Central Eólica

Jerusalém III,S.A

Brazil

100%

PWC

Wind energy

production

1,523

-1

805

-9

2,318

Central Eólica

Jerusalém IV,S.A

Brazil

100%

PWC

Wind energy

production

1,406

-1

805

-9

2,200

Central Eólica

Jerusalém V,S.A

Brazil

100%

PWC

Wind energy

production

1,408

-1

805

-9

2,202

Central Eólica

Jerusalém VI,S.A

Brazil

100%

PWC

Wind energy

production

1,650

-1

920

-9

2,559

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

THOUSAND EUROS

JOINTLY

CONTROLLED

ENTITIES AND

ASSOCIATES

REGISTERED

OFFICE

% DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Biomasas

del Pirineo, S.A.

Huesca,

Spain

30%

Unaudited

Biomass

electricity

production

136

-65

Sistemas Eólicos

tres Cruces,S.L

Soria, Spain

25%

Unaudited

Wind energy

production

-5

Desarrollos

Energéticos

del Val,S.l

Soria, Spain

25%

Unaudited

Wind energy

production

Parque Eólico

Sierra del

Madero, S.A.

Soria, Spain

42%

Kpmg

Wind energy

production

3,021

9,941

1,070

14,033

Desarrollos

Eólicos de

Canarios, S.A.

Las Palmas

de Gran

Canaria,

Spain

45%

PWC

Wind: Wind

farm

development

813

284

1,167

Solar Siglo

XXI, S.A.

Ciudad Real,

Spain

25%

Unaudited

Wind energy

production

-4

Parque Eólico

Belmonte, S.A.

Madrid,

Spain

30%

Kpmg

Wind energy

production

2,071

355

2,462

OW Offshore,S.L

Spain

50%

PWC

Wind energy

production

3,731

24,665

-16,813

11,583

OW FS

Offshore,S.A

Spain

50%

PWC

Holding

3,500

289

3,792

MFW

Neptun,Sp.Z.o.o

Poland

50%

PWC

Wind energy

production

-49

-29

-30

Relax Wind Park

IV,Sp.z.o.o

Poland

50%

PWC

Wind energy

production

973

-888

-35

B-Wind

Polska,SP z.o.o

Poland

50%

PWC

Wind energy

production

-98

-102

-187

C-Wind

Polska,Sp z.o.o

Poland

50%

PWC

Wind energy

production

401

-527

-175

-301

Ow Japan Godo

Kaisha

Japan

50%

Unaudited

Wind energy

production

193

-112

-336

-255

Ow South Korea

Co,Ltd

Korea

50%

Unaudited

Wind energy

production

-238

-190

Korean Floating

Wind Power Co

Korea

30.6%

Unaudited

Wind energy

production

-811

-3,527

-4,331

East Blue Power

Co,Ltd

Korea

28%

Unaudited

Wind energy

production

Ventos do

Atlantico-Projetos

de Energia Eólica

Ltda

Brazil

50%

Unaudited

Wind energy

production

Ancoris Beheer

Nederland B.V

Netherlands

50%

Unaudited

Wind energy

production

-2

4THEWIND

VIII,b.v

Netherlands

50%

Unaudited

Wind energy

production

-2

Ventum Ventures

III Holding,B.V

Netherlands

50%

Unaudited

Wind energy

production

-3

4THEWIND I,b.v

Netherlands

50%

Unaudited

Wind energy

production

-3

4THEWIND II,b.v

Netherlands

50%

Unaudited

Wind energy

production

-3

4THEWIND III,b.v

Netherlands

50%

Unaudited

Wind energy

production

-3

4THEWIND IV,b.v

Netherlands

50%

Unaudited

Wind energy

production

-3

4THEWIND V,b.v

Netherlands

50%

Unaudited

Wind energy

production

-3

4THEWIND VI,b.v

Netherlands

50%

Unaudited

Wind energy

production

-3

4THEWIND

VII,b.v

Netherlands

50%

Unaudited

Wind energy

production

-3

Electrabel

Offshore Energy

Belgium

50%

Unaudited

Wind energy

production

13,606

-45

13,562

Delphis Holdings

Limited

50,20%

PWC

Wind energy

production

17,860

2,157

20,018

Ocean Winds UK

Limited

50%

PWC

Wind energy

production

10,654

-9,098

-3,298

-1,743

Moray Offshore

Renewable

Power Limited

50%

PWC

Wind energy

production

25,614

25,237

1,816

52,666

EDPR 2020 ANNUAL REPORT

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

Mordel Limited

50%

PWC

Wind energy

production

Moray East

Holdings Limited

28,30%

PWC

Wind energy

production

11,123

-5

-143

10,976

Moray Offshore

Windfarm (west)

Limited

64,20%

PWC

Wind energy

production

Moray Offshore

Windfarm

(East)Limited

28,30%

PWC

Wind energy

production

Windplus,S.A

Portugal

42.63%

PWC

Wind energy

production

1,515

-1,956

3,583

3,142

OW North

America LLC

USA

50%

Unaudited

Wind energy

production

186,366

-343

-4,066

181,957

North River Wind

LLC

USA

50%

Unaudited

Wind energy

production

Redwood Coast

Offshore Wind

LLC

USA

25%

Unaudited

Wind energy

production

-251

Mayflower Wind

Energy LLC

25%

Unaudited

Wind energy

production

190,816

799

-929

190,686

OW France,S.A.S

France

50%

PWC

Wind energy

production

1,308

-149

-807

352

Les Eoliennes

Flottantes du

Golfe du

Lion,S.A.S

France

40%

Ernest&Youn

Wind energy

production

-3,019

-2,691

-5,678

Les Eoliennes en

Mer

Services,S.A.S

France

30%

Ernest&Youn

Wind energy

production

894

197

1,116

Éoliennes en Mer

Dieppe-le

Treport,S.A.S

France

30.25%

Ernest&Youn

Wind energy

production

19,019

-2,391

-497

16,131

Éoliennes en Mer

Iles d´Yeu et de

Noirmoutier,S.A.S

France

30.25%

Ernest&Youn

Wind energy

production

22,007

-2,437

-511

19,060

Dunkerque

Éoliennes

en Mer, S.A.S

France

32%

Unaudited

Wind energy

production

Ceprastur, A.I.E.

Spain

57%

Unaudited

Mini-

hydroelectric:

electricity

production

205

-2

207

Evolución

2000,S.L

Spain

49,%

PWC

Wind energy

production

8,776

978

9,812

Desarrollos

energéticos

Canarias, S.A

Spain

50%

Unaudited

Wind: Wind

farm

development

-12

-5

Elecdey

Carcelen,S.A

Spain

23%

PWC

Wind energy

production

1,603

-272

1,331

Eox Pax lla,S.L

Spain

49%

PWC

Wind energy

production

1,665

1,668

Geólica

Magallón,S.L

Spain

36%

PWC

Wind energy

production

1,232

565

1,798

San Juan de

Bargas Eólica,

S.L

Spain

47%

PWC

Wind energy

production

2,351

1,398

3,748

Unión

Generadores de

Energia,S.l

Spain

50%

PWC

Wind energy

production

3,155

3,166

Eólica das Serras

das Beiras, S.A

Portugal

45%

PWC

Wind energy

production

225

1,028

1,253

Solar Works! B.V

Netherlands

20%

RSM Global

Wind energy

production

1,113

-474

-409

231

Goldfinger

Ventures LLC

USA

50%

Unaudited

Wind energy

production

146,474

-52

1,026

147,447

Goldfinger

Ventures II LLC

USA

50%

Unaudited

Wind energy

production

317,354

-27

4,669

321,996

Nine Kings

Wind Farm LLC

USA

50%

Unaudited

Wind energy

production

Hog Creek Wind

Project LLC

USA

20%

PWC

Wind energy

production

Redbed Plains

Wind Farm LLC

USA

20%

PWC

Wind energy

production

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

Quilt Block Wind

Farm LLC

USA

20%

PWC

Wind energy

production

Meadow Lake

Wind Farm V LLC

USA

20%

PWC

Wind energy

production

2017 Vento XVII

LLC

USA

20%

PWC

Wind energy

production

2018 Vento XIX

LLC

USA

20%

PWC

Wind energy

production

Meadow Lake

Wind Farm VI

LLC

USA

20%

PWC

Wind energy

production

Prairie Queen

Wind Farm LLC

USA

20%

PWC

Wind energy

production

Solar Ventures

Acquisition LLC

USA

50%

Unaudited

Wind energy

production

2,727

-1,614

1,114

Windhub Solar A

LLC

USA

50%

PWC

Wind energy

production

Shunshine Valley

Solar LLC

USA

50%

PWC

Photovoltaic

energy

production

2019 SOL III LLC

USA

50%

PWC

Photovoltaic

energy

production

2019 SOL IV LLC

USA

50%

PWC

Photovoltaic

energy

production

Sun Streams LLC

USA

50%

PWC

Photovoltaic

energy

production

Blue Canyon

Windpower LLC

USA

25%

PWC

Wind energy

production

Flat Rock

Windpower II LLC

USA

50%

PWC

Wind energy

production

87,619

-43,945

-3,721

39,952

Flat Rock

Windpower LLC

USA

50%

PWC

Wind energy

production

221,497

-115,778

-9,270

96,450

Moray West

Holdings limited

United

Kingdom

33.4%

PWC

Wind energy

production

-398

-122

-519

EDPR 2020 ANNUAL REPORT

Annex II

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

EDP Renovaveis, S.A.

Details of investments in Group companies as at 31 December 2019

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%

PWC

Holding

249,499

2,113,263

336,704

2,699,466

EDP Renovables

España, S.L.U.*

Spain

100%

PWC

Holding,

construction

and wind

energy

production

46,128

613,366

256

67,033

726,783

EDPR Polska,

Sp.z.o.o.

Poland

100%

PWC

Holding and

wind energy

production

121,284

104,139

-278

225,146

EDPR International

Investmets, B.V.

Netherlands

100%

PWC

Holding

9,332

2,995

12,346

EDPR France

Holding SAS

France

100%

PWC

Holding

19,900

45,624

-7,698

57,826

EDP Renewables

SGPS,SA

Portugal

100%

PWC

Holding

120,916

9,849

130,815

EDP Renewables

Belgium,S.A

Belgium

0.17%

99.83%

PWC

Holding

287

699

-297

689

EDPR

Portugal , S.A.

Portugal

51%

PWC

Holding and

wind energy

production

50,875

2,800

53,725

EDPR PT-

Promocao e

Operacao,S.A

Portugal

100%

PWC

Wind: Wind

farm

development

7,403

-501

6,960

EDPR Ro Pv,S.r.l

Romania

0.05%

99.95%

Unaudited

Wind energy

production

55,935

-2,922

-242

52,771

Cernavoda

Power,S.A

Romania

0.01%

99.99%

PWC

Wind energy

production

83,454

-29,509

1,291

55,236

Wind Farm S.A.

Romania

0.01%

99.99%

PWC

Wind energy

production

53,740

-8,048

1,782

47,474

Pestera Wind Farm,

S.A.

Romania

0.01%

99.99%

PWC

Wind energy

production

67,111

-29,288

2,636

40,459

EDPR Romania,

S.R.L.

Romania

0.01%

99.99%

PWC

Wind energy

production

208,827

-14,069

9,392

204,150

Sibioara Wind

Farm,S.r.L

Romania

0.01%

99.99%

PWC

Wind energy

production

20,361

-13,838

6,530

Vanju Mare

Solar,S.A

Romania

0.05%

99.95%

PWC

Photovoltaic

energy

production

9,611

3,266

1,551

14,428

Studina Solar,S.A

Romania

0.05%

99.95%

PWC

Photovoltaic

energy

production

7,988

5,023

1,791

14,802

Cujmir Solar, S.A

Romania

0.05%

99.95%

PWC

Photovoltaic

energy

production

10,393

6,013

2,188

18,594

Potelu Solar,S.A

Romania

0.05%

99.95%

PWC

Photovoltaic

energy

production

7,574

3,882

1,269

12,725

Foton Delta,S.A

Romania

0.05%

99.95%

PWC

Photovoltaic

energy

production

3,556

1,951

316

5,823

Foton Epsilon,S.A

Romania

0.05%

99.95%

PWC

Photovoltaic

energy

production

4,302

4,838

1,169

10,309

EDP Renowables

Italia,S.r.l

Italy

51%

PWC

Holding and

wind energy

production

34,439

14,546

11,203

60,188

EDPR Uk Limited

United

Kingdom

100%

PWC

Holding

10,785

-7,376

-2,902

507

EDP Renovaveis

Servicios

Financieros.

S.A*

Spain

70.01%

29.99%

PWC

Other

economic

activities

84,691

320,088

16,617

421,396

Parque Eólico

Santa Quiteria, S.L.

Spain

84%

PWC

Wind energy

production

14,019

944

15,026

THOUSAND EUROS

GROUP

COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Eólica La Janda,

S.l.U*

Spain

100%

PWC

Wind energy

production

4,525

10,802

9,880

25,207

Eólica Fontesilva,

S.L.U*

Spain

100%

PWC

Wind energy

production

6,860

7,080

1,584

15,524

EDPR Yield S.A.U*

Spain

100%

PWC

Wind energy

production

99,405

53,362

116,752

269,519

Parque Eólico Altos

del Voltoya S.A.*

Spain

93%

PWC

Wind energy

production

6,434

11,041

1,166

18,641

Eólica La Brújula,

S.A.U

Spain

100%

PWC

Wind energy

production

3,294

16,095

2,306

21,695

Eólica

Arlanzón S.A.

Spain

85%

PWC

Wind energy

production

4,509

8,365

354

13,228

Eolica

Campollano S.A.

Spain

75%

PWC

Wind energy

production

6,560

18,131

-35

2,829

27,485

Parque Eólico

La Sotonera S.L.

Spain

70%

PWC

Wind energy

production

2,000

4,897

1,061

7,958

Korsze Wind

Farm,SP.z.o.o

Poland

51%

PWC

Wind energy

production

10,832

12,369

6,300

29,501

Eólica Sierra

de Avila, S.L.U.

Spain

100%

PWC

Wind energy

production

12,977

25,462

-1,077

3,407

40,769

Radzeijów wind

farm SP.z.o.o

Poland

51%

PWC

Wind energy

production

7,696

-5,344

2,433

Energiaki Arvanikou

E.P.E

Greece

0.01%

99.99%

Unaudited

Wind energy

production

772

-275

-213

284

Wind Park

Aerorrachi M.A.E

Greece

100%

Unaudited

Wind energy

production

210

-45

-119

MFW Neptun

Sp.zo.o

Poland

100%

Unaudited

Wind energy

production

-52

-11

-2

Edpr Hellas 1 M.A.E

Greece

100%

Unaudited

Wind energy

production

1,150

-107

1,043

Edpr Hellas 2 M.A.E

Greece

100%

Unaudited

Wind energy

production

240

-101

139

Aioliko Parko

Fthiotidos Erimia

E.P.E

Greece

0.67

99.33%

Unaudited

Wind energy

production

-9

-4

Wincap S.R.L

Italy

100%

PWC

Wind energy

production

2,550

4,837

154

7,541

Renovables Castilla

La Mancha, S.A.

Spain

90%

PWC

Wind energy

production

2,842

1,820

4,722

Monts de la

Madeleine

Energie,SA.S

France

100%

PWC

Wind energy

production

-10

-12

Monts du Forez

Energie,SAS

France

100%

PWC

Wind energy

production

-36

-33

-32

Sarve,S.R.L

Italy

51%

Unaudited

Wind energy

production

-2

-14

-6

Bourbriac II SAS

France

100%

PWC

Wind energy

production

-18

-11

-28

Molen Wind II

sp.Z.o.o

Poland

51%

PWC

Wind energy

production

8,825

799

2,513

12,141

Breva Wind S.R.L

Italy

100%

PWC

Wind energy

production

7,100

-796

-28

6,276

Acampo

Arias, SL*

Spain

95%

PWC

Wind energy

production

3,314

550

2,650

6,514

Relax Wind Park III,

Sp.z.o.o.

Poland

51%

PWC

Wind energy

production

16,616

-78

-750

15,788

Relax Wind Park I,

Sp.z.o.o.

Poland

51%

PWC

Wind energy

production

12,975

-825

3,564

6,706

22,420

Relax Wind Park IV,

Sp.z.o.o.

Poland

100%

PWC

Wind energy

production

1,252

-1,147

-12

Parque Eólico Los

Cantales, S.L.U.*

Spain

100%

PWC

Wind energy

production

1,963

1,363

1,703

5,029

Gudziki Wind

Farm,sp.z.o.o

Poland

51%

Unaudited

Wind energy

production

-3

-2

EW Dobrzyca, sp

z.o.o

Poland

100%

Unaudited

Wind energy

production

158

7,415

-7

7,566

Ujazd, So.z.o.o

Poland

100%

Unaudited

Wind energy

production

1,092

-895

197

Winfan,Sp.z.o.o

Poland

100%

Unaudited

Wind energy

production

176

181

Kowalewo Wind.Sp

z.o.o

Poland

100%

Unaudited

Wind energy

production

526

547

EDPR 2020 ANNUAL REPORT

THOUSAND EUROS

GROUP

COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

EWP European

Wind Power

Krasin,Sp.z.o.o

Poland

100%

Unaudited

Wind energy

production

1,689

-113

1576

Nowa Energia 1

Sp,z.o.o

Poland

100%

Unaudited

Wind energy

production

362

382

Farma Wiatrowa

Bogoria,Sp z.o.o

Poland

100%

Unaudited

Wind energy

production

563

2,053

2,616

Lichnowy

Windfarm,Sp z.o.o

Poland

100%

Unaudited

Wind energy

production

241

1,231

-516

956

Edpr Polska

Solar,Sp.z.o.o.

Poland

100%

Unaudited

Wind energy

production

-1

-94

La Plaine De

Nouaille,S.A.S

France

100%

PWC

Wind energy

production

-21

-4

-17

Le Chemin

de Saint

Druon,S.A.S

France

100%

PWC

Wind energy

production

-12

-3

Parc Eolien des

Longs Champs,

S.A.R.L

France

100%

PWC

Wind energy

production

1,201

149

-2

1,348

Parc Eolien

de Mancheville,

S.A.R.L

France

100%

PWC

Wind energy

production

313

-94

220

Parc Eolien

de La Hetroye, SAS

France

100%

PWC

Wind energy

production

-52

-4

-19

Parc Eolien

Louvieres,S.A.R.L

France

100%

Unaudited

Wind energy

production

-62

-5

-66

Parc Eolien de

Dionay,S.A.A

France

100%

PWC

Wind energy

production

-50

-28

-41

Parc Éolien

d´Entrains-sur-

Nohain,S.A.S

France

100%

PWC

Wind energy

production

451

-8

-9

434

Parc Éolien de

Marchéville,S.A.S

France

100%

PWC

Wind energy

production

-7

-119

-125

Le Chemin deLa

Corvée,S.A.S

France

100%

PWC

Wind energy

production

123

-59

-2

Eólica de Serra das

Alturas,S.A

Portugal

25.55%

PWC

Wind energy

production

5,881

1,428

7,359

Malhadizes-

Energia

Eólica, SA

Portugal

51%

PWC

Wind energy

production

7,031

2,376

9,457

Eólica de

Montenegrelo, LDA

Portugal

25.55%

PWC

Wind energy

production

8,754

2,756

11,560

Eólica

Alagoa,SA

Portugal

30.60%

PWC

Wind energy

production

3,586

605

1,911

6,152

Fotovoltaica

Lott A,S.A

Portugal

100%

PWC

Wind energy

production

-22

Aplica.Indust

de Energias

limpias S.L

Spain

62%

Unaudited

Wind energy

production

131

435

847

1,413

Aprofitament

D´Energies

Renovables

de la Tierra

Alta S.A

Spain

28.35%

Unaudited

Wind energy

production

1,994

-1,981

Parc Eólic Serra

Voltorera S.l.U

Spain

100%

PWC

Wind energy

production

3,458

6,716

899

11,073

Elektrownia

Wiatrowa Kresy I sp

zoo

Poland

51%

PWC

Wind energy

production

73,695

750

5,840

80,305

Edpr Villla

Galla,S.R.L

Italy

51%

PWC

Wind energy

production

9,000

50,702

8,364

68,066

Desarrollos Eólicos

de Teruel SL

Spain

51%

Unaudited

Wind energy

production

Custolito,S.r.l

Italy

100%

Unaudited

Wind energy

production

-15

-5

Edpr Sicilia PV,S.r.l

Italy

100%

Unaudited

Wind energy

production

-3

Edpr Sicilia

Wind,S.r.l

Italy

100%

Unaudited

Wind energy

production

-3

Tebar

Eólica, S.A.U.*

Spain

100%

PWC

Wind energy

production

4,720

2,561

2,339

9,620

Edpr

Terral S.L.U

Spain

100%

Unaudited

Wind energy

production

-1

Edpr

Amaris S.L.U

Spain

100%

Unaudited

Wind energy

production

-1

THOUSAND EUROS

GROUP

COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Edpr

Suvan, S.L.U

Spain

100%

Unaudited

Wind energy

production

-1

Par Eólic de Coll

de Moro S.L.U.*

Spain

100%

PWC

Wind energy

production

7,809

3,838

-3,063

2,570

11,154

Par Eólic de Torre

Madrina S.L.U.*

Spain

100%

PWC

Wind energy

production

7,755

7,576

-2,888

3,736

16,179

Parc Eolic de

Vilalba dels Arcs

S.L.U*

Spain

100%

PWC

Wind energy

production

3,066

5,351

-1,367

2,264

9,314

Bon Vent de

Corbera, S.L.U.*

Spain

100%

PWC

Wind energy

production

7,255

12,905

3,568

23,728

Masovia Wind Farm

I s.p. zo.o.

Poland

100%

PWC

Wind energy

production

351

10,435

-9,917

869

Farma

wiaStarozbery

Sp.z.o.o

Poland

100%

Unaudited

Wind energy

production

130

231

-21

340

Karpacka Mala

Energetyka,Sp.z.o.o

Poland

85%

Unaudited

Wind energy

production

-367

-33

-388

Edpr Italia

holding,S.r.l

Italy

100%

PWC

Wind energy

production

347

56,551

-3,330

53,568

Re plus

–

Societa ´a

Responsabilita

´limitada

Italy

100%

Unaudited

Wind energy

production

100

-45

Iberia Aprove-

chamientos Eólicos,

S.A.U.*

Spain

94%

PWC

Wind energy

production

1,919

2,037

1,191

5,147

Parc Éolien de

boqueho-Pouagat

SAS

France

100%

PWC

Wind energy

production

1,105

299

1,405

Parc éolien

des 7 Domaines,

S.A.S

France

100%

PWC

Photovoltaic

energy

production

-10

-5

-10

EDPR PT - Parques

Eólicos, S.A.

Portugal

51%

PWC

Wind energy

production

7,500

76,407

4,365

60,673

148,945

Eólica do Alto da

Lagoa, S.A.

Portugal

51%

PWC

Wind energy

production

9,250

-447

2,189

11,042

Eólica das Serras

das Beiras, S.A.

Portugal

51%

PWC

Wind energy

production

26,537

-2,858

6,710

30,440

Eólica da

Coutada, S.A.

Portugal

51%

PWC

Wind energy

production

35,033

-2,967

10,779

42,895

Eólica do

Espigão, S.A.

Portugal

51%

PWC

Wind energy

production

10,717

-455

2,705

13,016

Eólica do

Sincelo, S.A.

Portugal

100%

PWC

Wind energy

production

150

3,805

-171

3,784

Eólica da

Linha, S.A.

Portugal

100%

PWC

Wind energy

production

100

-2,293

5,937

3,743

Eólica do Alto do

Mourisco, S.A.

Portugal

51%

PWC

Wind energy

production

5,758

-398

1,960

7,370

Eólica dos Altos dos

Salgueiros-

Guilhado, S.A.

Portugal

51%

PWC

Wind energy

production

2,379

-156

949

3,222

Eólica do Alto da

Teixosa, S.A.

Portugal

51%

PWC

Wind energy

production

6,963

-681

1,990

8,322

Eólica da Terra do

Mato, S.A.

Portugal

51%

PWC

Wind energy

production

7,595

-882

2,639

9,403

TACA Wind, S.r.l.

Italy

100%

PWC

Wind energy

production

1,160

5,203

435

6,799

Vientos de

Coahuila,

S.A. de C.V.

Mexico

0.01%

99.99%

Unaudited

Wind energy

production

-101

-105

-204

Eólica de Coahuila,

S.A. de C.V.

Mexico

51%

PWC

Wind energy

production

5,191

16,531

-122

4,190

25,791

Parc Éolien de

Flavin,S.A.S

France

100%

PWC

Wind energy

production

2,501

507

759

3,767

Parc Éolien de

Prouville, S.A.S

France

100%

PWC

Wind energy

production

-7

-14

-20

Parc Éolien de la

Champagne

Berrichonne,

S.A.R.L

France

100%

PWC

Wind energy

production

2,026

255

2,285

Parc Éolien de

Paudy, S.A.S.

France

100%

PWC

Wind energy

production

3,537

532

368

4,437

Parc Éolien

de la Cote du

Cerisat,S.A.S

France

100%

Ernest&Young

Wind energy

production

-14

-94

-81

EDPR 2020 ANNUAL REPORT

THOUSAND EUROS

GROUP

COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Tivano,S.R.L

Italy

75%

PWC

Wind energy

production

100

1,043

899

2,042

San Mauro, S.R.L

Italy

75%

PWC

Wind energy

production

3,188

102

3,360

Conza

Energia,S.R.L

Italy

100%

PWC

Wind energy

production

456

3,151

441

4,048

AW 2,S.r.l

Italy

75%

PWC

Wind energy

production

100

3,797

-98

3,799

Lucus Power,S.r.l

Italy

100%

PWC

Wind energy

production

3,961

496

4,467

T Power, S.p.A

Italy

100%

Baker.

T.R

Wind energy

production

1,000

1,885

-20

2,865

Miramit

Investments,

Sp.z.o.o.

Poland

100%

Unaudited

Wind energy

production

180

-1

194

Edp Renewables

Polska

HOLDCO,S.A

Poland

51%

PWC

Holding

230,326

-16,318

214,036

Rampton,Sp z.o.o

Poland

100%

Not audited

Wind energy

production

280

-46

-40

195

Moray Offshore

Renewable Power

limited

100%

PWC

Photovoltaic

energy

production

25,929

26,795

611

53,335

EDP Renewables

North America, LLC

USA

100%

PWC

Photovoltaic

energy

production

3,859,595

-78,490

-42,641

3,738,464

EDPR Servicios de

México, S. de R.L.

de C.V.

Mexico

100%

Unaudited

Wind energy

production

3,826

-1,977

-154

1,695

Paulding Wind

Farm IV LLC

USA

100%

Unaudited

Wind energy

production

23,125

-15

342

23,452

EDPR Solar

Ventures II LLC

USA

100%

Unaudited

39,293

382

956

40,631

EDPR Solar

Ventures IV LLC

USA

100%

Unaudited

94,189

-42

94,147

Rush County Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

2,413

North Slope Wind

Farm LLC

USA

100%

Unaudited

Number Nine Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

Pacific Southwest

Wind Farm LLC

USA

100%

Unaudited

Horizon Wyoming

Transmissin LLC

USA

100%

Unaudited

Buffalo Bluff Wind

Farm LLC

USA

100%

Unaudited

Sardinia Wind

power LLC

USA

100%

Unaudited

Cameron

Solar LLC

USA

100%

PWC

Wind energy

production

30,305

-779

1,018

30,544

2017 Sol II LLC

USA

100%

PWC

Wind energy

production

94,654

-16

-69

94,569

2017 Vento XVII

LLC

USA

100%

PWC

Wind energy

production

505,344

-125

-123

505,096

EDPR Wind

Ventures XVII,

L.L.C.

USA

100%

Unaudited

116,976

25,005

18,823

160,804

Estill Solar I LLC

USA

100%

PWC

Wind energy

production

33,165

-964

1,033

33,234

Horizaon Wind

energy Southwest

III LLC

USA

100%

Unaudited

Peterson Power

Partners LLC

USA

100%

Unaudited

Big River Wind

Power Project LLC

USA

100%

Unaudited

Tug Hill Windpower

LLC

USA

100%

Unaudited

Whiskey Ridge

Power Partners LLC

USA

100%

Unaudited

Wilson Creek

Power Project LLC

USA

100%

Unaudited

THOUSAND EUROS

GROUP

COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Black Prairie Wind

Farm II LLC

USA

100%

Unaudited

Black Prairie Wind

Farm III LLC

USA

100%

Unaudited

Simpson Ridge

Wind Farm II LLC

USA

100%

Unaudited

Simpson Ridge

Wind Farm III LLC

USA

100%

Unaudited

Simpson Ridge

Wind Farm IV LLC

USA

100%

Unaudited

Simpson Ridge

Wind Farm V LLC

USA

100%

Unaudited

Athena-Weston

Wind Power Project

II LLC

USA

100%

Unaudited

17th Star Wind

Farm LLC

USA

100%

Unaudited

Green Country

Wind Farm LLC

USA

100%

Unaudited

Rolling Upland

Wind Farm LLC

USA

100%

Unaudited

Horizaon Wind

energy Southwest

IV LLC

USA

100%

Unaudited

Horizon Wind

energy Valley I LLC

USA

100%

Unaudited

Headwaters Wind

Farm II LLC

USA

100%

Unaudited

Horizon Wind

MREC Iowa

Partners LLC

USA

75%

Unaudited

Horizon

Wind Freeport

Windpower I LLC

USA

100%

Unaudited

2019 Sol V LLC

USA

100%

Unaudited

Edpr Solar Ventures

V LLC

USA

100%

Unaudited

Goldfinger Ventures

III LLC

USA

100%

Unaudited

Juniper Wind Power

Partners LLC

USA

100%

Unaudited

Wildcat Creek Wind

Farm LLC

USA

100%

Unaudited

223

-55

168

Machias Wind Farm

LLC

USA

100%

Unaudited

Blue Canyon

Windpower VII LLC

USA

100%

Unaudited

New Trail Wind

Farm LLC

USA

100%

Unaudited

Western Trail Wind

Project I LLC

USA

100%

Unaudited

Whistling Wind WI

Energy Center LLC

USA

100%

Unaudited

Simpson Ridge

Wind Farm LLC

USA

100%

Unaudited

Reloj del Sol Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

5,326

-11

5,315

Coos Curry Wind

Power Project

LLCC

USA

100%

Unaudited

Renville County

Wind Farm LLC

USA

100%

Unaudited

Ford Wind Farm

LLC

USA

100%

Unaudited

Gulf Coast

Windpower

Management

Company LLC

USA

75%

Unaudited

Horizaon

Wind energy

Northwest IV LLC

USA

100%

Unaudited

Horizaon

Wind energy

Northwest VII LLC

USA

100%

Unaudited

EDPR 2020 ANNUAL REPORT

THOUSAND EUROS

GROUP

COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Horizaon

Wind energy

Northwest X LLC

USA

100%

Unaudited

Horizaon

Wind energy

Panhandle I LLC

USA

100%

Unaudited

Horizaon

Wind energy

Southwest I LLC

USA

100%

Unaudited

Horizaon

Wind energy

Southwest II LLC

USA

100%

Unaudited

Hog Creek Wind

Project LLC

USA

100%

Unaudited

Wind energy

production

89,618

2,330

2,001

93,949

Horizon Wind

Energy Midwest IX

LLC

USA

100%

Unaudited

Horizon

Wind energy

Northwest I LLC

USA

100%

Unaudited

Redbed Plains

Wind Farm LLC

USA

100%

PWC

Wind energy

production

140,878

175

-1,660

139,393

Az Solar LLC

USA

100%

Unaudited

Windhub

Solar A LLC

USA

50%

Unaudited

Wind energy

production

33,739

-3

33,735

Sunshine Valley

Solar LLC

USA

50%

Unaudited

Wind energy

production

185,615

-47

185,542

Sun Strems LLC

USA

50%

Unaudited

Wind energy

production

296,965

-24

296,941

2016 Vento XV LLC

USA

100%

PWC

436,265

-216

-137

435,912

Solar Ventures

Purchasing LLC

USA

50%

Unaudited

Wind energy

production

-62,943

23,329

-39,614

2016 Vento XVI

LLC

USA

100%

PWC

Wind energy

production

163,946

-203

-124

163,619

EDPR Wind

Ventures XV LLC

USA

100%

Unaudited

Wind energy

production

133,480

25,954

14,361

173,795

EDPR Wind

Ventures XVI LLC

USA

100%

Unaudited

Wind energy

production

63,793

2,702

2,386

68,881

2019 Sol III LLC

USA

50%

Unaudited

Wind energy

production

219,355

-1

219,354

2019 Sol IV LLC

USA

50%

Unaudited

Wind energy

production

296,965

Riverstart Solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Edpr Offshore North

America LLC

USA

100%

Unaudited

Wind energy

production

65,182

-374

64,808

Edpr Wind Ventures

XIX LLC

USA

100%

Unaudited

Wind energy

production

98,365

-78,310

20,055

Edpr Wind Ventures

XX LLC

USA

100%

Unaudited

Wind energy

production

-154,273

128

-154,145

Edpr Wind Ventures

XXI LLC

USA

100%

Unaudited

Wind energy

production

Edpr Solar Ventures

III LLC

USA

100%

Unaudited

Wind energy

production

73,242

-62

73,180

Athena-Weston

Wind Power Project

LLC

USA

100%

Unaudited

Lexington Chenoa

Wind Farm III LLC

USA

100%

Unaudited

Blackstone Wind

farm IV LLC

USA

100%

Unaudited

WTP Management

comapny LLC

USA

100%

Unaudited

Blackstone Wind

Farm V LLC

USA

100%

Unaudited

Wind energy

production

Blue Canyon

Windpower III LLC

USA

100%

Unaudited

Wind energy

production

Blue Canyon

Windpower IV LLC

USA

100%

Unaudited

Wind energy

production

Broadlands Wind

Farm II LLC

USA

100%

Unaudited

Wind energy

production

Broadlands Wind

Farm III LLC

USA

100%

Unaudited

Wind energy

production

THOUSAND EUROS

GROUP

COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Chateaugay River

Wind Farm LLC

USA

100%

Unaudited

Wind energy

production

Cropsey Ridge

Wind Farm LLC

USA

100%

Unaudited

Wind energy

production

Dairy Hills Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

Diamond Power

Partners LLC

USA

100%

Unaudited

Wind energy

production

East Klickitat Wind

Power Project LLC

USA

100%

Unaudited

Wind energy

production

Hidalgo Wind

Farm II LLC

USA

100%

Unaudited

Wind energy

production

-3

Wind Turbine

Prometheus LP

USA

99la%

Unaudited

Wind energy

production

-5

Quilt Block Wind

Farm LLC

USA

100%

PWC

Wind energy

production

131,741

6,611

4,414

142,766

Whitestone Wind

Purchasing LLC

USA

100%

Unaudited

Wind energy

production

3,544

-1,057

-263

2,224

Blue Canyon

Windpower

V LLC

USA

51%

PWC

Wind energy

production

37,293

63,571

9,286

110,150

Sagebrush Power

Partners LLC

USA

100%

PWC

Wind energy

production

129,524

-18,977

1,157

111,704

Marble

River LLC

USA

100%

Unaudited

Wind energy

production

197,882

28,450

3,354

229,686

Blackstone Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

860455

-52

908

87,311

Aroostook Wind

Energy LLC

USA

100%

Unaudited

Wind energy

production

40,699

-4,809

-31

35,859

Jericho Rise Wind

Farm LLC

USA

100%

PWC

Wind energy

production

123,459

10,805

-1,102

133,162

Martinsdale Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

4,203

-25

4,178

Signal Hill

Wind Power Project

LLC

USA

100%

Unaudited

Wind energy

production

-4

Tumbleweed Wind

Power Project LLC

USA

100%

Unaudited

Wind energy

production

-4

Stinson Mills Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

3,971

-88

3,883

OPQ

Property LLC

USA

100%

Unaudited

Wind energy

production

-26

181

155

Meadow Lake Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

176,946

-17,277

387

160,056

Wheat Field Wind

Power Project LLC

USA

51%

PWC

Wind energy

production

2,582

55,846

5,513

63,941

High Trail Wind

Farm LLC

USA

100%

PWC

Wind energy

production

141,695

76,532

-3,170

215,057

Madison

Windpower LLC

USA

100%

PWC

Wind energy

production

14,906

-10,169

-773

3,964

Mesquite

Wind LLC

USA

100%

PWC

Wind energy

production

111,911

59,883

2,463

174,257

BC2 Maple Ridge

Wind LLC

USA

100%

PWC

Wind energy

production

250,859

-27,510

-9,353

213,996

Blue Canyon

Windpower II LLC

USA

100%

PWC

Wind energy

production

101,335

7,311

-2,265

106,381

Telocaset

Wind Power

Partners LLC

USA

51%

PWC

Wind energy

production

25,714

61,633

7,704

95,051

Post Oak

Wind LLC

USA

51%

PWC

Wind energy

production

128,573

68,865

1,843

199,281

High Prairie Wind

Farm II LLC

USA

51%

PWC

Wind energy

production

62,086

19,794

4,296

86,176

Old Trail Wind Farm

LLC

USA

51%

PWC

Wind energy

production

147,990

64,713

13,679

226,382

Cloud County Wind

Farm LLC

USA

51%

PWC

Wind energy

production

154,071

27,029

5,505

186,605

Pioneer Prairie

Wind Farm I LLC

USA

51%

PWC

Wind energy

production

221,504

94,560

14,122

330,186

Arlington Wind

Power Project LLC

USA

51%

PWC

Wind energy

production

77,316

19,923

2,845

100,084

Rail Splitter Wind

Farm LLC

USA

100%

PWC

Wind energy

production

180,454

-46,959

-4,203

129,292

EDPR 2020 ANNUAL REPORT

THOUSAND EUROS

GROUP

COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Hampton

Solar II LLC

USA

100%

PWC

Wind energy

production

31,636

-534

1,769

32,871

Meadow

Lake Wind Farm II

LLC

USA

100%

PWC

Wind energy

production

132,398

-12,388

-1,167

118,843

Black Prairie Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

1,048

-2

1,046

Meadow Lake Wind

Farm IV LLC

USA

100%

Unaudited

Wind energy

production

80,069

-5,046

129

75,152

Blackstone Wind

Farm II LLC

USA

100%

Unaudited

Wind energy

production

188,968

-199

1,133

189,902

Saddleback Wind

Power Project LLC

USA

100%

Unaudited

Wind energy

production

1,202

-1,202

Meadow

Lake Wind Farm III

LLC

USA

100%

Unaudited

Wind energy

production

87,232

4,604

1,417

93,253

2007

Vento I LLC

USA

100%

PWC

Wind energy

production

527,924

41,993

3,574

573,491

2007

Vento II LLC

USA

51%

PWC

Wind energy

production

370,429

-4,588

-155

365,686

2008

Vento III LLC

USA

51%

PWC

Wind energy

production

458,829

-5,590

-537

452,702

2009

Vento IV LLC

USA

100%

PWC

Wind energy

production

181,568

-1,145

-125

180,298

2009

Vento V LLC

USA

51%

PWC

Wind energy

production

38,420

-1,121

-31

37,268

2009

Vento VI LLC

USA

100%

N/A

Wind energy

production

112,549

-958

-117

111,474

2019 V

ento XX LLC

USA

100%

N/A

Wind energy

production

33,268

2019 Vento XXI

LLC

USA

100%

N/A

Wind energy

production

Horizon Wind

Ventures I LLC

USA

100%

Unaudited

Wind energy

production

153,769

430,129

-3,344

580,554

Horizon Wind

Ventures II LLC

USA

100%

Unaudited

Wind energy

production

125,154

13,391

2,447

140,992

Horizon Wind

Ventures III LLC

USA

51%

Unaudited

Wind energy

production

23,652

4,376

28,028

Horizon Wind

Ventures VI LLC

USA

100%

Unaudited

Wind energy

production

63,658

9,992

1,864

75,514

Clinton County

Wind Farm LLC

USA

100%

Unaudited

Wind energy

production

197,889

-7

197,882

Antelope Ridge

Wind Power Project

LLC

USA

100%

Unaudited

Wind energy

production

11,420

-11,420

Lexington Chenoa

Wind Farm II LLC

USA

100%

Unaudited

Wind energy

production

711

-535

176

Blackstone Wind

Farm III LLC

USA

100%

Unaudited

Wind energy

production

5,586

-5,586

Lexington Chenoa

Wind Farm LLC

USA

100%

Unaudited

Wind energy

production

140,872

-73

365

141,164

Paulding Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

-26

Paulding Wind

Farm II LLC

USA

51%

PWC

Wind energy

production

80,729

39,403

5,939

126,071

Meadow Lake Wind

Farm V LLC

USA

100%

PWC

Wind energy

production

141,165

3,049

3,215

147,429

Waverly Wind Farm

LLC

USA

51%

Unaudited

Wind energy

production

239,024

16,017

4,016

259,057

Blue Canyon

Windpower VI LLC

USA

100%

PWC

Wind energy

production

85,327

14,409

1,944

101,680

Paulding Wind

Farm III LLC

USA

100%

PWC

Wind energy

production

163,076

7,440

1,534

172,050

2010 Vento VII LLC

USA

100%

PWC

Wind energy

production

133,385

-890

-124

132,371

2010 Vento VIII LLC

USA

100%

PWC

Wind energy

production

130,633

-1,033

-123

129,477

2011 Vento IX LLC

USA

51%

PWC

Wind energy

production

81,527

-801

-122

80,604

Horizon Wind

Ventures VII LLC

USA

100%

Unaudited

Wind energy

production

82,368

10,523

1,848

94,739

Horizon Wind

Ventures VIII LLC

USA

100%

Unaudited

Wind energy

production

87,242

5,689

1,723

94,654

THOUSAND EUROS

GROUP

COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Horizon Wind

Ventures IX LLC

USA

51%

Unaudited

Wind energy

production

44,742

-4,225

1,591

42,108

EDPR Vento IV

Holding LLC

USA

100%

PWC

Wind energy

production

61,416

Headwaters Wind

Farm LLC

USA

51%

Unaudited

Wind energy

production

234,620

34,930

7,414

276,964

Lone Valley Solar

Park I LLC

USA

51%

Unaudited

Wind energy

production

22,551

922

248

23,721

Lone Valley Solar

Park II LLC

USA

51%

Unaudited

Wind energy

production

39,260

3,869

820

43,949

Rising Tree Wind

Farm LLC

USA

51%

PWC

Wind energy

production

105,860

18,438

7,641

131,989

Arbuckle Mountain

Wind Farm LLC

USA

51%

PWC

Wind energy

production

135,698

-2,726

-1,757

131,215

Hidalgo Wind Farm

LLC

USA

100%

PWC

Wind energy

production

312,233

10,817

-2,031

321,019

Rising

Tree Wind Farm III

LLC

USA

51%

PWC

Wind energy

production

137,761

19,138

5,422

162,321

Rising Tree Wind

Farm II LLC

USA

51%

PWC

Wind energy

production

24,869

3,442

863

29,174

Wheat Field Holding

LLC

USA

51%

PWC

Wind energy

production

2,664

-70

-26

2,568

EDPR WF LLC

USA

100%

Unaudited

Wind energy

production

43,900

Sustaining Power

Solutions LLC

USA

100%

Unaudited

Wind energy

production

74,883

-59,847

-10,797

4,239

Green Power

Offsets LLC

USA

100%

Unaudited

Wind energy

production

-9

Arkwright Summit

Wind Farm LLC

USA

100%

Unaudited

Wind energy

production

170,942

-2,148

5,965

174,759

EDPR Vento I

Holding LLC

USA

100%

Unaudited

Wind energy

production

265,302

Turtle Creek Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

256,181

272

4,629

261,082

Rio Blanco Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

2,704

-1

2,703

Plum Nellie Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

Five-Spot LLC

USA

100%

Unaudited

Wind energy

production

Horizon Wind

Chocolate Bayou I

LLC

USA

100%

Unaudited

Wind energy

production

Alabama Ledge

Wind Farm LLC

USA

100%

Unaudited

Wind energy

production

Ashford Wind Farm

LLC

USA

100%

Unaudited

Wind energy

production

Alabama Solar Park

LLC

USA

100%

Unaudited

Wind energy

production

Blackford Country

Solar Park LLC

USA

100%

Unaudited

Wind energy

production

Esker Solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Greenbow Solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Holly Hill Solar Park

LLC

USA

100%

Unaudited

Wind energy

production

Pleasantville

Solar Park LLC

USA

100%

Unaudited

Wind energy

production

Mineral Springs

Solar Park LLC

USA

100%

Unaudited

Wind energy

production

Black Prairie Solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Duff Solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Broadlands Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

38,275

-17

38,258

Eastmill Solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Lowloand Solar

Park LLC

USA

100%

Unaudited

Wind energy

production

EDPR 2020 ANNUAL REPORT

THOUSAND EUROS

GROUP

COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

EDPR Wind

Ventures X LLC

USA

100%

Unaudited

Wind energy

production

24,820

43,639

8,980

77,439

EDPR Wind

Ventures XI LLC

USA

51%

Unaudited

Wind energy

production

64,547

26,562

10,237

101,346

EDPR Wind

Ventures XII LLC

USA

51%

Unaudited

Wind energy

production

34,997

2,473

2,108

39,578

EDPR Wind

Ventures XIII LLC

USA

51%

Unaudited

Wind energy

production

70,574

14,901

6,858

92,333

EDPR Wind

Ventures XIV LLC

USA

51%

Unaudited

Wind energy

production

30,091

14.3911

7,302

52,304

Crossing Trails

Wind Power Project

LLC

USA

100%

Unaudited

Wind energy

production

Moonshine Solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Sedge Meadow

Solar Park LLC

USA

100%

Unaudited

Wind energy

production

Helena Harbor

Solar Park LLC

USA

100%

Unaudited

Wind energy

production

Headwaters Wind

Farm III LLC

USA

100%

Unaudited

Wind energy

production

Loki Solar Park LLC

USA

100%

Unaudited

Wind energy

production

Leprechaun solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Little brook Solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Bright Stalk Solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Crossing trails Wind

Power Project II

LLC

USA

100%

Unaudited

Wind energy

production

Headwaters Wind

Farm IV LLC

USA

100%

Unaudited

Wind energy

production

Blackford country

Wind farm LLC

USA

100%

Unaudited

Wind energy

production

Prospector Solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Rye Patch Solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Loblolly Hill solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Meadow lake Wind

farm VIII LLC

USA

100%

Unaudited

Wind energy

production

Loyal Wind Farm

LLC

USA

10%

Unaudited

Wind energy

production

Marathon wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

Cielo Solar Park

LLC

USA

100%

Unaudited

Wind energy

production

Quilt

block Wind Farm II

LLC

USA

100%

Unaudited

Wind energy

production

Shullsburg Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

Loma de la Gloria

Solar Park LLC

USA

100%

Unaudited

Wind energy

production

Wrangler Solar Park

LLC

USA

100%

Unaudited

Wind energy

production

San clemente Solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Indiana Crossroads

Wind Farm LLC

USA

100%

Unaudited

Wind energy

production

Indiana Crossroads

Wind Farm II LLC

USA

100%

Unaudited

Wind energy

production

Bayou bend Solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Poplar Camp Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

Avondale

Solar Park LLC

USA

100%

Unaudited

Wind energy

production

Crittenden Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

THOUSAND EUROS

GROUP

COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Coldwater Solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Meadow Lake Solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Nine Kings Wind

Farm LLC

USA

50%

Unaudited

Wind energy

production

Nine kings Transco

LLC

USA

100%

Unaudited

Wind energy

production

Sweet Stream Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

Blue Harvest Solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Franklin Wind Farm

LLC

USA

100%

Unaudited

Wind energy

production

Edpr South Table

LLC

USA

100%

Unaudited

Wind energy

production

Casa Grande

Carmel

Solar LLC

USA

100%

Unaudited

Wind energy

production

Paulding Wind

Farm V LLC

USA

100%

Unaudited

Wind energy

production

Waverly wind Farm

II LLC

USA

100%

Unaudited

Wind energy

production

Spruce Ridge Wind

farm LLC

USA

100%

Unaudited

Wind energy

production

2015

Vento XIV LLC

USA

51%

PWC

Wind energy

production

238,896

-301

-119

238,476

2011

Vento X LLC

USA

100%

PWC

Wind energy

production

87,658

-755

-121

86,782

Blue Marmot I LLC

USA

100%

Unaudited

Wind energy

production

Blue Marmot II LLC

USA

100%

Unaudited

Wind energy

production

Drake Peak Solar

ParK LLC

USA

100%

Unaudited

Wind energy

production

Blue Marmot IV LLC

USA

100%

Unaudited

Wind energy

production

Blue Marmot V LLC

USA

100%

Unaudited

Wind energy

production

Blue Marmot VI LLC

USA

100%

Unaudited

Wind energy

production

Blue Marmot VII

LLc

USA

100%

Unaudited

Wind energy

production

2014 Vento XI LLC

USA

51%

PWC

Wind energy

production

234,499

-43

-25

234,431

EDPR Solar

Ventures I LLC

USA

100%

Unaudited

Wind energy

production

37,285

3,301

903

41,489

2014 Sol I LLC

USA

51%

PWC

Wind energy

production

62,379

-324

-83

61,972

2014

Vento XII LLC

USA

51%

PWC

Wind energy

production

131,226

-63

-13

131,150

Blue Marmot VIIII

LLC

USA

100%

Unaudited

Wind energy

production

2015

Vento XIII LLC

USA

51%

PWC

Wind energy

production

274,270

-535

-106

273,629

2018 Vento XVIII

LLC

USA

100%

Unaudited

Wind energy

production

450,429

-26

-188

450,215

Blue Marmot IX LLC

USA

100%

Unaudited

Wind energy

production

Blue Marmot Solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Blue

Marmot XI

LLC

USA

100%

Unaudited

Wind energy

production

Horse Mountain

Wind Farm LLC

USA

100%

Unaudited

Wind energy

production

EDPR Wind

Ventures XVIII LLC

USA

100%

Unaudited

Wind energy

production

212,214

1,653

7,057

220,924

Riverstart Solar

Park II LLC

USA

100%

Unaudited

Wind energy

production

Long Hollow Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

EDPR 2020 ANNUAL REPORT

THOUSAND EUROS

GROUP

COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Horizon

Wind Ventures IB

LLC

USA

51%

Unaudited

Wind energy

production

166,108

-24,700

141,408

Horizon

Wind Ventures IC

LLC

USA

51%

Unaudited

Wind energy

production

245,764

163,616

2,212

411,592

Castle Valley Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

White Stone Solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Riverstart Solar

Park III LLC

USA

100%

Unaudited

Wind energy

production

Dry Creek Solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Lost Lakes Wind

Farm LLC

USA

100%

Unaudited

Wind energy

production

111,524

-1,642

2,527

112,409

Riverstart Solar

Park IV LLC

USA

100%

Unaudited

Wind energy

production

Riverstart Solar

Park V LLC

USA

100%

Unaudited

Wind energy

production

Timber Road Solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Paulding Wind

Farm VI LLC

USA

100%

Unaudited

Wind energy

production

Edpr Ca Solar

Park LLC

USA

100%

Unaudited

Wind energy

production

Edpr CA Solar

Park II LLC

USA

100%

Unaudited

Wind energy

production

Edpr CA Solar

Park III LLC

USA

100%

Unaudited

Wind energy

production

Edpr CA Solar

Park IV LLC

USA

100%

Unaudited

Wind energy

production

Edpr CA Solar

Park V LLC

USA

100%

Unaudited

Wind energy

production

Edpr CA Solar

Park VI LLC

USA

100%

Unaudited

Wind energy

production

BC2

Maple Ridge

Holdings LLC

USA

100%

Unaudited

Wind energy

production

North river Wind

LLC

USA

100%

Unaudited

Wind energy

production

EDP Renewables

Canada LTD.

Canada

100%

Unaudited

Holding

46,066

23,310

4,411

73,787

EDP Renewables

Sharp Hills

Project LP

Canada

100%

Unaudited

Wind energy

production

-183

-191

-339

SBWF GP Inc.

Canada

51%

Unaudited

Wind energy

production

South Dundas Wind

Farm LP

Canada

51%

PWC

Wind energy

production

14,669

13,116

3,437

31,222

Nation Rise Wind

Farm GP Inc.

Canada

25%

Unaudited

Wind energy

production

South Branch Wind

Farm II GP Inc.

Canada

100%

Unaudited

Wind energy

production

South

Branch Wind Farm

II LP

Canada

100%

Unaudited

Wind energy

production

187

-211

-189

-213

EDP Renewables

Sharp Hills Project

GP Ltd.

Canada

100%

Unaudited

Wind energy

production

Edp Renewables

Canada

Management

Services LTD

Canada

100%

Unaudited

Wind energy

production

-2,607

Edp Renewables

Sask Se GP Ltd

Canada

100%

Unaudited

Wind energy

production

Edp Renewables

Sask SE Limited

Partnership

Canada

100%

Unaudited

Wind energy

production

-135

-236

-371

Kennedy Wind

farm GP Ltd

Canada

100%

Unaudited

Wind energy

production

Keneedy Wind farm

Limited Partnership

Canada

100%

Unaudited

Wind energy

production

-135

-64

-199

THOUSAND EUROS

GROUP

COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Bromhead Solar

Park Gp Ltd

Canada

100%

Unaudited

Wind energy

production

Bromhead Solar

Park Limited

Partnership

Canada

100%

Unaudited

Wind energy

production

-135

-64

-199

Halbrite Solar Park

Gp Ltd

Canada

100%

Unaudited

Wind energy

production

Halbrite Solar Park

Limited Partnership

Canada

100%

Unaudited

Wind energy

production

-135

-64

-199

Blue Bridge Solar

Park Gp Ltd

Canada

100%

Unaudited

Wind energy

production

Blue bridge Solar

Park Limited

Partnership

Canada

100%

Unaudited

Wind energy

production

-135

-64

-199

Edp Renewables

Sh II Project GP Ltd

Canada

100%

Unaudited

Wind energy

production

Edp Renewables

Sh II Project GP Ltd

Canada

100%

Unaudited

Wind energy

production

Nation Rise Wind

farm GP II inc

Canada

100%

Unaudited

Wind energy

production

-1

-2

Quatro Limited

Partnership

Canada

100%

Unaudited

Wind energy

production

33,633

-10,492

-23,141

EDP Renováveis

Brasil, S.A.

Brazil

100%

PWC

Holding

190,846

4,916

72,781

268,543

Central Nacional

de Energia Eólica,

S.A.

Brazil

51%

PWC

Wind energy

production

2,745

368

1,234

4,347

Elebrás Projetos,

S.A.

Brazil

51%

PWC

Wind energy

production

22,982

2,001

7,191

32,174

Central

Eólica Baixa do

Feijão I, S.A.

Brazil

51%

PWC

Wind energy

production

8,685

2,683

-187

11,181

Central

Eólica Baixa do

Feijão II, S.A.

Brazil

51%

PWC

Wind energy

production

8,980

2,899

-240

11,639

Central

Eólica Baixa do

Feijão III, S.A.

Brazil

51%

PWC

Wind energy

production

14,929

1,720

-905

15,744

Central

Eólica Baixa do

Feijão IV, S.A.

Brazil

51%

PWC

Wind energy

production

9,840

2,324

-527

11,637

Central Eólica JAU,

S.A.

Brazil

51%

PWC

Wind energy

production

38,544

9,903

500

48,947

Central Eólica

Aventura I, S.A.

Brazil

50.99%

PWC

Wind energy

production

18,088

493

-176

18,405

Central Eólica

Aventura II, S.A.

Brazil

100%

Unaudited

Wind energy

production

-104

-24

-46

Central Eólica

Boqueirao I,S.A.

Brazil

100%

Unaudited

Wind energy

production

Central Eólica

Boqueirao II, S.A.

Brazil

100%

Unaudited

Wind energy

production

Central Eólica

Catanduba I, S.A.

Brazil

100%

Unaudited

Wind energy

production

Central Eólica

Catadunba II, S.A.

Brazil

100%

Unaudited

Wind energy

production

Jerusalém

Holding,S.A

Brazil

100%

Unaudited

Wind energy

production

-11

Central Eólica

Monte Verde VI,S.A

Brazil

100%

Unaudited

Wind energy

production

-2

Monte Verde

holding,S.A

Brazil

100%

Unaudited

Wind energy

production

-11

Central Eóílica

Aventura III,S.A

Brazil

100%

Unaudited

Wind energy

production

-98

-16

-114

Central Eólica

Aventura IV,S.A

Brazil

100%

Unaudited

Wind energy

production

-114

-18

-130

Central Eólica

Aventura V,S.A

Brazil

100%

Unaudited

Wind energy

production

--14

-18

-130

Srmn Holding S,A

Brazil

100%

Unaudited

Wind energy

production

-104

Central Eólica Srmn

I,S.A

Brazil

100%

Unaudited

Wind energy

production

-130

-27

-157

Central Eólica Srmn

II,S.A

Brazil

100%

Unaudited

Wind energy

production

-114

-18

-132

Central Eólica Srmn

III,S.A

Brazil

100%

Unaudited

Wind energy

production

-130

-19

-149

EDPR 2020 ANNUAL REPORT

THOUSAND EUROS

GROUP

COMPANIES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY

ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Central Eólica Srmn

IV,S.A

Brazil

100%

Unaudited

Wind energy

production

-131

-19

-150

Central Eólica Srmn

V,S.A

Brazil

100%

Unaudited

Wind energy

production

-98

-17

-115

Aventura

Holding,S.A

Brazil

100%

Unaudited

Wind energy

production

-19

-79

-98

Central Eólica

Monte Verde I,S.A

Brazil

100%

Unaudited

Wind energy

production

-547

-2

-547

Central Eólica

Monte Verde II,S.A

Brazil

100%

Unaudited

Wind energy

production

-547

-2

-547

Central Eólica

Monte Verde III,S.A

Brazil

100%

Unaudited

Wind energy

production

-479

-2

-479

Central Eólica

Monte Verde IV,S.A

Brazil

100%

Unaudited

Wind energy

production

-377

-1

-376

Central Eólica

Monte Verde V,S.A

Brazil

100%

Unaudited

Wind energy

production

-274

-1

-376

Central Solar

Pereira Barreto

I,LTDA.

Brazil

100%

Unaudited

Wind energy

production

221

-10

211

Central Solar

Pereira Barreto

II,LTDA.

Brazil

100%

Unaudited

Wind energy

production

224

-1

-10

213

Central Solar

Pereira Barreto

III,LTDA.

Brazil

100%

Unaudited

Wind energy

production

224

-11

213

Central Solar

Pereira Barreto

IV,LTDA.

Brazil

100%

Unaudited

Wind energy

production

224

-1

-10

213

Central Solar

Pereira Barreto

V,LTDA.

Brazil

100%

Unaudited

Wind energy

production

224

-9

215

Central Eólica

Jerusalém I,S.A

Brazil

100%

Unaudited

Wind energy

production

-239

-2

-241

Central Eólica

Jerusalém II,S.A

Brazil

100%

Unaudited

Wind energy

production

-239

-2

-241

Central Eólica

Jerusalém III,S.A

Brazil

100%

Unaudited

Wind energy

production

-239

-2

-241

Central Eólica

Jerusalém IV,S.A

Brazil

100%

Unaudited

Wind energy

production

-239

-2

-241

Central Eólica

Jerusalém V,S.A

Brazil

100%

Unaudited

Wind energy

production

-239

-2

-241

Central Eólica

Jerusalém VI,S.A

Brazil

100%

Unaudited

Wind energy

production

-274

-2

-276

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

THOUSAND EUROS

JOINTLY

CONTROLLED

ENTITIES AND

ASSOCIATES

REGISTERED

OFFICE

DIRECT

INDIRECT

AUDITOR

ACTIVITY

CAPITAL

RESERVES

OTHER

EQUITY ITEMS

NET PROFIT

TOTAL

EQUITY

CONTINUING

OPERATIONS

TOTAL

Aprofitament

D´Energies

Renovables

de l´Ebre S.l

Spain

13,%

J..G.

Valls

Infrastructure

management

14,933

-7,100

-85

7,748

Biomasas

del Pirineo, S.A.

Huesca,

Spain

30%

Unaudited

Biomass

electricity

production

455

-217

238

Sistemas Eólicos

tres Cruces,S.L

Soria, Spain

25%

Unaudited

Wind energy

production

-19

Desarrollos

Energéticos

del Val,S.l

Soria, Spain

25%

Unaudited

Wind energy

production

137

153

290

Parque Eólico

Sierra del

Madero, S.A.

Soria, Spain

42%

Kpmg

Wind energy

production

7,194

23,563

3,662

34,419

Desarrollos

Eólicos de

Canarios, S.A.

Las Palmas

de Gran

Canaria,

Spain

45%

PWC

Wind: Wind

farm

development

1,817

638

1,610

4,065

Solar Siglo

XXI, S.A.

Ciudad Real,

Spain

25%

Unaudited

Wind energy

production

-18

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

Parque Eólico

Belmonte, S.A.

Madrid,

Spain

30%

Kpmg

Wind energy

production

120

5,542

1,384

7,047

Eoliennes

en Mer Dieppe -

Le Tréport,

S.A.S.

France

29.5%

Ernst

& Young

Wind energy

production

31,436

-3,258

-694

27,484

Eoliennes en

Mer iles d´Yeu et

de Noirmoutier,

S.A.S

France

29.5%

Ernst

& Young

Wind energy

production

36,376

-3,316

-712

32,348

Les Eoliennes

Flottantes du

Golfe du Lion,

S.A.S

France

35%

Ernst

& Young

Wind energy

production

-5,144

1,371

-3,733

Les Eoliennes

en Mer Services,

S.A.S.

France

29.5%

Ernst

& Young

Wind energy

production

1,144

360

1,544

Dunkerque

Éoliennes

en Mer, S.A.S

France

32%

Unaudited

Wind energy

production

Ceprastur, A.I.E.

Spain

57%

Unaudited

Mini-

hydroelectric:

electricity

production

361

-5

369

Windplus,S.A

Portugal

54.4%

PWC

Wind energy

production

1,250

1,312

-3,609

-1,047

Evolución

2000,S.L

Spain

49,%

PWC

Wind energy

production

118

19,566

2,521

22,205

Desarrollos

energéticos

Canarias, S.A

Spain

50%

Unaudited

Wind: Wind

farm

development

-25

Compañía Eólica

Aragonesa, S.A

Spain

50%

PWC

Wind energy

production

6,701

83,941

1,018

91,660

Frontier Beheer

nederland,B.V

Netherlands

30%

Unaudited

Wind energy

production

Frontier,C.V

Netherlands

30%

Unaudited

Wind energy

production

Solar Works! B.V

Netherlands

20%

RSM

Global

Wind energy

production

3,161

-345

2,816

Goldfinger

Ventures LLC

USA

50%

Unaudited

Wind energy

production

137,955

-47

137,908

Goldfinger

Ventures II LLC

USA

50%

Unaudited

Wind energy

production

208,332

-67

208,265

Nine Kings

Wind Farm LLC

USA

50%

Unaudited

Wind energy

production

Solar Ventiures

Acquisition LLC

USA

50%

Unaudited

Wind energy

production

-49,626

52,356

2,730

Nation Rise

Wind Farm GP

inc

Canada

25%

Unaudited

Wind energy

production

Flat Rock

Windpower II

LLC

USA

50%

PWC

Wind energy

production

210,934

-98,991

-8,425

103,518

Flat Rock

Windpower LLC

USA

50%

PWC

Wind energy

production

535,824

-261,989

-20,992

252,844

Blue Canyon

Windpower LLC

USA

25%

PWC

Wind energy

production

56,837

-41,401

1,653

17,089

Mayflower Wind

Energy LLC

USA

50%

Unaudited

Wind energy

production

158,822

1,958

160,780

2018 Vento XIX

LLC

USA

20%

Unaudited

Wind energy

production

482,580

-126

482,454

Korean Floating

Wind Power

Co,Ltd

KOREA

61%

Unaudited

Wind energy

production

-17

-819

-828

Moray West

Holdings limited

United

Kingdom

67%

Unaudited

Wind energy

production

-14

-20

-33

Moray East

Holdings Limited

United

Kingdom

33.3%

PWC

Wind energy

production

11,754

-14

11,749

ANNUAL REPORT EDPR 2020

Individual

Management Report

EDP RENOVÁVEIS, S.A.

Management Report of December 2020

The Annual Corporate Governance Report for the year 2020 is included as an Annex to this Management Report, forming

an integral part thereof.

The non-financial information required by the regulations has been included in the Consolidated Management Report of the

EDP Renováveis Group.

1. The Company

EDP Renováveis, S.A. (hereinafter referred to as “EDP Renováveis”, “EDPR” or “Company”) was incorporated on

4 December 2007. Its main corporate objective is to engage in activities related to the electricity sector, namely the

planning, construction, operation and maintenance of electricity generating power stations, using renewable energy

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

Registered at:

Plaza del Fresno, Nº 2, Oviedo, Spain

Headquarters:

Serrano Galvache 56, Centro Empresarial Parque Norte, Edificio Olmo, 7

Floor. 28033 Madrid, Spain

C.I.F.:

Nº A-74219304

EDPR total share capital is, since its initial public offering (IPO) in June 2008, EUR 4,361,540,810 consisting of issued and

fully paid 872,308,162 shares with nominal value of EUR 5.00 each. All the shares are part of a single class and series and

are admitted to trading on the Euronext Lisbon regulated market.

•

ISIN: ES0127797019

•

LEI: 529900MUFAH07Q1renfeTAX06

EDP Group

–

Major Shareholder

EDPR main shareholder is EDP

–

Energias de Portugal, S.A., through EDP

–

Energias de Portugal, S.A. Sucursal en

España (hereinafter referred as “EDP”), with 82.6% of share capital and voting rights.

For more information on EDPR's capital structure, see chapter 1.3. Organization of the Consolidated Management Report.

2. Company Business

Business environment

Green recovery

COVID-19 is not only a global pandemic and public health crisis; it has also severely damaged the global economy and

financial markets. However, it has also boosted the climate movement and the sense of urgency in climate action, leading to

bolder commitments from countries all around the world.

We are now at a pivotal moment, as national governments are designing stimulus packages to revive their economies.

The recovery from COVID-19 is showing a new will to set ambitious mitigation targets, which can strengthen the case for

accelerating the transition to a climate-neutral society. Low carbon policies can not only mitigate climate and health risks,

but also reactivate the world economy. In this context, renewables must be at the heart of rebuilding policies as they are the

cheapest generating alternative in most countries, while they can also stimulate

the economy by creating “green” jobs,

ensuring energy security and saving money from fossil fuel imports.

Demand for “Green recovery” is materializing in different ways, including more ambitious emission and renewable targets.

In December 2020, the world celebrated the 5th anniversary of the Paris Agreement and the United Nations hosted an

important summit in which 75 countries announced new commitments, with 24 pledging to reach carbon neutrality.

In Europe, the Green Deal announced in December 2019 is at

the heart of the EU’s strategy to drive the economic recovery

from the COVID-19 pandemic, in particular through the so-

called “Next Generation EU”, a €750 billion recovery instrument

announced in May 2020. Around 30% of the €750 billion fund will be used

to support decarbonization, in addition to the

€1 trillion previously announced by the Green Deal. Additionally, several EU Member countries are announcing national

recovery plans, some of which have substantial green components. In parallel, EU leaders agreed in December 2020 to cut

the bloc’s net emissions by at least 55% by 2030, compared to 1990 levels, increasing considerably from its previous level

of 40%. To achieve this, the European Commission (EC) is preparing its “Fit for 55 Package” of proposal

s, an umbrella term

for all the revisions and initiatives linked to the 55% emission reduction target. The Renewable Energy Directive will need

to be reviewed, to align the current “at least 32% renewable target by 2030” with the new 55% emission reductio

n target.

In the US, president Joe Biden signed on its first day of mandate an executive order to reinstate the US to the Paris Climate

agreement, which highlights the urgency of tackling climate change.

In 2020, many countries have also adopted net zero emission targets by 2050. As of today, at least 8 countries have

already put the commitment into law (Norway, Denmark, New Zealand, the UK, Hungary, Germany, Sweden and France),

while others, like the EU have proposed the legislation (under the EU Green Deal) and are awaiting ratification. Together,

net zero commitments so far represent nearly 50% of global CO2 emissions and 50% of global GDP, which could increase

importantly if the US were to join as well, in line with current President Biden recent announcement. Other large economies

are also considering to becoming carbon neutral, like Japan and South Africa (in 2050) or China (in 2060).

Companies have also shown a growing environmental awareness in 2020, despite the severe turmoil caused by the global

pandemic. According to the analysis by the non-profit global Climate-Disclosure Project platform (CDP), the number of

major companies who’ve disclosed their environmental impact and committed to reducing it increased 14% in 2020.

ANNUAL REPORT EDPR 2020

The evolution of renewables around the world in 2020

Wind

Global wind additions are likely to witness considerable growth in 2020

, with analysts

forecasting around 60-72 GW of new

capacity, vs 60.4 GW in 2019. For example, according to the latest market outlook published by the Global Wind Energy

Council (GWEC), wind could increase as much as 71.3 GW in 2020, despite the impact of the COVID-19 pandemic.

However, as China announced in January 2020 the staggering figure of nearly 72 GW of wind additions in 2020 (nearly

tripling the amount of capacity in 2019), worldwide wind additions are now expected to be much higher, probably around

100-112 GW

. All forecasts highlight wind industry resilience during the pandemic crisis. Despite that national lockdowns led

to a slowdown of construction activity (essentially caused by supply chain disruptions and logistical challenges) in the first

half of the year, deployment accelerated in the second half. The offshore wind sector has also proved to be resilient.

According to preliminary data, around 6.9 GW could have been connected, around 4 GW in China, and 2.9 GW in Europe.

In Europe, the wind industry experienced disruptions in the first semester but total additions were nevertheless comparable

to previous years. According to Wind Europe, 3.9 GW of onshore wind facilities were connected in the first six months of the

year, slightly over the average of the previous three years (3.7 GW) while offshore installations were slightly below the

three-year average (1.2 GW in 2020 vs 1.5 GW in 2017-2019). Overall, preliminary results are particularly encouraging

considering that wind installations are typically higher in the second half of the year, mainly due to the strongest activity in

summer months, suggesting that total 2020 additions could easily surpass the 10 GW threshold (Wind Europe expects

around

14 GW). In 2020, wind power contributed to 15% of Europe’s total electricity generation, its highest

-ever share, according

to a report released by Enappsys Ltd.

In the US, developers commissioned 16.9 GW of new onshore wind capacity, far more than the previous record of 13.2 GW

in 2012, according to the American Clean Power Association. This is partly explained by the rush of wind developers to

connect their projects before the phase-out of the full value of the US production tax credit (PTC) at the end of 2020.

China remained the undisputed world’s wind power leader, adding 71.6 GW of wind energy, more than

double the previous

record (29.4 GW in 2025) according to the National Energy Administration (NEA). Despite challenges posed by COVID-19

pandemic, developers in China were rushing to complete projects before the phase-out of the current remuneration scheme.

It has been a particularly good year for offshore wind installations as it is estimated that around 3.5-4 GW of offshore wind

facilities have been added. However, given astonishing total figure of 71.6 GW (that includes both onshore and offshore

facilities), offshore additions could be much higher. After this surge of new installations, China may become the largest

offshore wind operator worldwide in 2020 or 2021 the latest.

Solar PV

Solar PV grew robustly around the world in 2020 despite the turmoil caused by the COVID-19 crisis. Although final data

are still being collected, experts points out that around 106-132 GW of new facilities could have been connected in 2020

Therefore, 2020 final figure is expected to be in line with 2019 data (108 GW) or, more likely, above.

In Europe, 18.2 GW of solar PV capacity was added, up 11% from the 16.2 GW installed in 2019, according to Solar Power

Europe. With this surge in new installations, the European solar PV industry proved its resilience during the coronavirus

pandemic as 2020 was the second-best year for installations, only behind 2011 when 21.4 GW were installed. Over the past

12 months, Germany led the way with 4.8 GW of new installations, followed by 2.8 GW in the Netherlands and 2.6 GW in

Spain. Poland more than doubled its additions to 2.2 GW, and France installed 0.9 GW.

At the time of preparation of this report, data from the Global Wind Wnergy Council (GWEC), the American Wind Energy Association (AWEA) or Wind

Europe, have not been released.

Experts consulted include: GWEC, IHS markit, bloomberg new energy finance, international energy agency, wood mackenzie, IEA, wind europe and

US energy information administration, among others.

Most of the experts consulted had forecast that China would install around 30 GW of wind in 2020, therefore, 40 GW below the final figure.

Experts consulted included: BNEF, IHS, Wood Mackenzie, IEA, The Solar Energy Industries associations (SEIA) among others.

In the US, utility-scale solar additions more than doubled from 2019 levels, as 11,158 MW were connected in 2020,

according to the Energy Information Administration (EIA). With those additions, there are now more than 47 GW of solar

PV operating in the US, enough to power 11 million American homes.

China remains the largest market. According to the National Energy Administration, the country added 48 GW of solar PV

additions, exceeding all expectations. This figure largely surpasses the 30.1 GW added in 2019, although it remains below

the 2017 record of 52.8 GW.

Strategy

Since its inception, EDPR has been performing a strategy focused on selective growth, by investing in quality projects

with predictable future cash-flows and seamless execution, supported by core competences that yield superior profitability,

all embedded within a distinctive and self-funding model designed to accelerate value creation. As a result of undertaking

such strategy, at the same time flexible enough to accommodate changing business and economic environments, EDPR

remains today a leading company in the renewable energy industry.

EDPR’s strategy is supported by its three main pillars:

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

ANNUAL REPORT EDPR 2020

Operational performance

Through its subsidiaries, as of December 2020, EDPR managed a global portfolio of 12.2 GW, of which Europe accounted

for 40%, including 2.3 GW in Spain, 1.2 GW in Portugal and 1.4 GW in RoE, North America for 56%, including 6.3 GW in

the US, 0.4 GW in Mexico and 68 MW in Canada and the remaining 0.4 GW in Brazil representing 4% of the portfolio.

Since Dec

‐

19, EDPR added a total of 1,580 MW, including the 486 MW from the acquisition of the renewables business

of Viesgo. In 2020, EDPR added 1,157 MW of wind onshore, corresponding to 640 MW in Europe, namely 436 MW in Spain

(15 MW from equity stake), 84 MW in Portugal (20 MW from equity stake), 73 MW in France, 58 MW in Poland and 10 MW

in Belgium, while in North America 517 MW of wind were built, more precisely 587 MW in United States and 38 MW in

Canada. In terms of solar PV, 200 MW were installed in Mexico, whilst 10 MW of wind offshore, corresponding to Windplus

floating

in Portugal (equity stake), were built.

Pursuing its Sell-down strategy, EDPR successfully concluded the Sell-down of its entire ownership in the 137 MW

Babilonia wind farms in Brazil, 237 MW in a Spanish portfolio, 80% sell-down of a 563 MW portfolio in the US (of which 200

MW will become operational in 2021) and a 102 MW Build and Transfer wind farm in US. All in all, in 2020, EDPR YTD

consolidated portfolio net variation was positive by 806 MW.

As of December 2020, EDPR installed capacity was:

INSTALLED CAPACITY (MW)

VS.

2019

Dec-20

Built

Sold

Decom.

Var. YoY

Spain

2,137

401

-237

163

Portugal

1,228

Rest of Europe

1,403

140

France

126

Belgium

Italy

271

Poland

476

Romania

521

Europe

4,769

605

-237

367

5,828

587

-465

-8

114

Canada

Mexico

400

200

North America

6,296

825

-465

-8

352

Brazil

436

105

-137

-32

Total

11,500

1,535

-839

-8

688

Equity Consolidated

668

118

Wind Onshore (SP + PT)

187

Wind/ Solar Onshore (US)

471

Wind Offshore

EBITDA MW + EQUITY

CONSOL.

12,168

1,580

-766

-8

806

EDPR produced 28.5 TWh of clean energy in 2020, -5% YoY. The YoY evolution comes in line with a lower average

installed capacity YoY following the execution of EDPR’s Sell

-down strategy (3Q19: 997MW of European Assets (-1.2 TWh

YoY); 1Q20: 137 MW in Brazil (-671 GWh YoY) and 4Q20: 237 MW in Spain (-64 GWh YoY)).

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

4Q20, EDPR reached a 34% load factor (vs 35% in 4Q19), with QoQ comparison being affected by lower wind resource,

mainly in Brazil.

NCF

Dec-20

Dec-19

Var. YoY

Dec-20

Dec-19

Var. YoY

Spain

25%

28%

-3.1pp

4,346

5,298

-18%

Portugal

26%

29%

-3.4pp

2,624

3,160

-17%

Rest of Europe

27%

26%

+0.6pp

3,054

3,333

-8%

France

31%

22%

+9.2pp

212

465

-44%

Belgium

22%

-47%

Italy

25%

27%

-1.9pp

595

551

43%

Poland

29%

30%

-1.3pp

1,059

1,098

19%

Romania

26%

25%

+0.9pp

1,186

1,151

Europe

26%

28%

-2.1pp

10,024

11,791

-15%

33%

34%

-0.8pp

16,633

15,696

Canada

30%

27%

+3.0pp

12%

Mexico

41%

42%

-1.1pp

710

726

-2%

North America

33%

34%

-0.8pp

17,421

16,492

Brazil

38%

43%

-4.9pp

1,093

1,757

-38%

Total

30%

32%

-1.4pp

28,537

30,041

-5%

Financial performance

EDP Renováveis S.A. net profit in 2020 was € 1,388,573, thousand, which has

increased

compared to €

-8,789 thousand

in 2019. The revenues for the 2020 fiscal year totalled € 1,524,964 thousand, which represents a 9x increase with respect

to 2019, mainly due to the increase in dividends received from subsidiaries in Europe and North America. The negative

financial result during the financial year 2020 was € 108,286 thousand, which represents a decrease of 32% with respect

to 2019, mainly due to the lower financial interests from Debt with Group companies.

Non-financial information

The non-financial information required by the Spanish regulation has been included in the Consolidated Management report

of the EDP Renováveis group.

On average, during 2020, there were 288 employees at EDP Renováveis on average, S.A., +26% versus the 229

employees

on average in December 2019.

For information on EDPR Human Capital approach, please see chapter 3.2. Human Capital of the Consolidated

Management Report.

Information on average payment terms to suppliers

In 2020,

total payments made to suppliers amounted to €

26,588 thousand with an average payment period of 26 days,

below the payment period stipulated by law of 60 days.

101

5. Relevant & subsequent events

Relevant events of the period

EDPR’S MAIN EVENTS I

N 2020

13-Jan

EDPR secures a PPA for a new 66 MW solar project in Brazil

21-Jan

EDPR releases FY 2019 Operating Data

23-Jan

EDPR finalises the agreement with ENGIE to create a 50:50 JV for offshore wind

29-Jan

EDPR is awarded a 20-year CfD for 109 MW of wind at Italian auction

12-Feb

EDPR concludes €0.3 billion asset rotation deal for 103 MW Babilonia wind farm in Brazil

20-Feb

EDPR releases FY 2019 results

02-Mar

Spanish government published the regulatory revision for wind energy assets

26-Mar

EDPR Annual Shareholders Meeting

30-Mar

EDPR announces payment of a gross dividend of €0.08 per share

15-Apr

EDPR releases 1Q20 Operating Data

16-Apr

EDPR secures a long-term 200 MW solar PPA in Mexico

21-Apr

EDPR secures a PPA for 59 MW in Spain

24-Apr

EDPR starts the payment of dividends

06-May

EDPR secures a 15-year PPA for 100 MW in the state of California, USA

07-May

EDPR releases 1Q20 Results

28-May

EDPR is awarded a 20-year CfD for 2 projects in Italy for a total capacity of 54 MW

07-Jul

EDPR releases Clarification on Public Prosecutor measures regarding EDPR Board members

09-Jul

EDPR releases 1H20 Operating Data

15-Jul

EDPR informs about agreement to acquire 100% of the renewables business of Viesgo

10-Aug

EDPR informs about a sale agreement for 242 MW in Spain

02-Sep

EDPR announces sale agreement of an 80% stake in North America

03-Sep

EDPR releases 1H20 Results

09-Oct

EDPR releases 9M20 Operating Data

13-Oct

EDPR secures PPA for 100 MW in the US

29-Oct

EDPR releases 9M20 Results

19-Nov

EDPR informs about a PPA secured for 63 MW in Spain

24-Nov

EDPR announces PPA contract for a 74 MW solar project in the US

14-Dec

EDPR is awarded in CfD for 5 project of wind and solar in Poland with 220 MW

15-Dec

EDPR announces conclusion of 242 MW sale agreement in Spain

16-Dec

EDPR concludes the 100% acquisition of the renewables business of Viesgo

28-Dec

EDPR informs about the conclusion of an 80% equity stake sale agreement in North America

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ANNUAL REPORT EDPR 2020

Subsequent events

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

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

Madrid, January 4

2021: EDP Renováveis, SA (“EDPR”), through its fully owned subsidiary EDP Renewables North

America LLC, has closed two 15-

year Power Purchase Agreement (“PPA”) to sell the energy produced by two solar PV

plants totalling 275 MW. In detail, the projects located in the US states of Mississippi and Indiana are expected to

commence operations in 2023.

With this new agreement, EDPR reached globally 2.0 GW of total solar PV capacity secured for the 2020-2023 period.

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

Madrid, January 18

2021: EDP Renováveis, SA (“EDPR”), through its fully owned subsidiary EDP Renewables North

America, LLC ("EDPR NA"), has entered into an agreement to acquire a majority interest in C2 Omega LLC ("C2 Omega"),

the distributed solar platform of C2 Energy Capital LLC (“C2”).

In detail, EDPR will acquire an 85% equity stake in a solar generation portfolio that includes 89 MW of operating and

imminent completion capacity and a near-term pipeline of around 120 MW, across nearly 200 sites in 16 states.

EDPR’s

investment in C2’s distributed solar platform business corresponds to an enterprise value of approximately $119m for the

acquisition of the operating capacity (89 MW). The transaction will also include certain earn-out payments based on the

growth in future operational capacity. C2's management team will continue to be engaged in the day-to-day operations of

the business.

The transaction will establish EDPR’s presence in the fast

-growing distributed generation segments as an owner-operator of

one of the largest commercial and industrial distributed generation portfolios in the US, and will enable EDPR to serve a

rapidly growing market and offer to its customers a range of new services and solutions to meet their renewable energy

needs. The completion of this transaction is subject to customary conditions precedent, and closing is expected to occur in

the first quarter of 2021.

EDP Renováveis informs about changes in Corporate Bodies

Madrid, January 19

2021: EDP Renováveis, S.A. ("EDPR") informs about a resolution approved by EDPR´s Board of

Directors: After the public communication of António Mexia and João Manso Neto about their no availability to be re-elected

for their positions

in EDP and following the appointment by EDP’s shareholders of a new Executive Board of Directors team

at EDP, and taking in consideration that both informed that they will put their positions at the disposal of the Board, the

Board of EDPR has agreed to cease António Mexia as Chairman of EDPR´s Board, and João Manso as Vice-Chairman of

EDPR´s Board and CEO of EDPR. EDPR would like to thank António Mexia and João Manso Neto for their enormous

dedication and contribution to the company, for the definition and implementation of a sustainable growth strategy, that

brought EDPR to be a leader in the renewables’ sector, clearly and greatly valued by the company’s stakeholders.

In addition, EDPR informs that has received the following resignations as members of ED

PR’s Board of Directors: Francisca

Oliveira, with effect from December 30

2020 (was also member of EDPR’s Audit, Control and Related Party Transactions

Committee); Duarte Bello, with effect from January 19

2021 (was also member of the Executive Committee); Spyridon

Martinis, with effect from January 19

2021 (was also member of the Executive Committee); Miguel Ángel Prado, with effect

from the next General Shareholders Meeting (was also member of the Executive Committee).

To fulfil the vacant positions

, EDPR’s Board has co

-opted: Miguel Stilwell de Andrade, as Executive Director; Ana Paula

Marques, as Non-executive Director; Joan Avalin Dempsey, as Non-executive and Independent Director.

Furthermore, EDPR’s Board has appointed Miguel Stilwell de Andrade

as Chairman of EDPR´s Board and CEO of EDPR

and Rui Teixeira, currently EDPR’s Executive Director and

Consejero Delegado

, as CFO of the Company.

103

To better maximize EDPR’s Board participation in the management of the Company, the Board has decided to elimi

nate the

Executive Committee body, which included up to now Executive Board members of the company, whose executive staff will

now be integrated in a Management Team composed by: Miguel Stilwell de Andrade, CEO; Rui Teixeira, CFO; Duarte

Bello, COO Europe and Brazil; Miguel Ángel Prado, COO North America; Spyridon Martinis, CDO & COO Offshore.

To cover the vacant position in the EDPR’s Audit, Control and Related

-Party Transactions Committee, following the

resignation from Francisca Oliveira, EDPR´s Board of Directors has agreed to name Francisco Seixas da Costa as member

of such Committee. Following this appointment, EDPR’s Audit, Control and Related

-Party Transactions Committee is

composed by: Acácio Jaime Liberado Mota Piloto (Chairman); António do Pranto Nogueira Leite; Francisco Seixas da

Costa. With this resolution, EDPR’s Audit, Control and Related

-Party Transactions Committee continues to be composed

only by independent members.

Lastly, the Board of Directors has agreed that a General Shareholders’ Mee

ting will be summoned for the February 22

with the following agenda: Ratification of co-opted Directors; Deliberate on the termination of members of the Board of

Directors; Establishment of the number of Board Members in 12; Amendment to the By-Laws to eliminate the role of the

Chairman of the Shareholders’ Meeting, and allow the Shareholders Meeting to be chaired by the Board of Directors

Chairman; Delegation of powers.

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

Madrid, January 27

2021: EDP Renováveis, S.A. (“EDPR”) was awarded long

-term Contract-for-

Differences (“CfDs”) at the

Spanish & Italian renewable energy auctions to sell electricity. In detail, at the Spanish auction, a portfolio of 6 projects of

wind and solar, including hybrid projects, with a total capacity of 143 MW have been awarded. The projects are expected to

become operational in 2022 and 2023. These new long-

term contracts reinforce EDPR’s footprint in Spain with 2.3 GW in

operation and close to 0.4 GW already secured in the country for the following years. At the Italian auction, a wind project of

44 MW and expected to become operational in 2022 has also been awarded. In Italy, EDPR has 271 MW already

operational and more than 0.2 GW secured for the coming years.

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

EDPR enters Hungarian market with a 50 MW solar PV project

Madrid, February 12

2021: EDP Renováveis, SA (“EDPR”) secur

ed a 15-year Contract-for-Difference ("CfD") to sell energy

produced by a solar PV project in Hungary totalling 50 MW and with expected commercial operation in 2022. With this

project, EDPR increases its worldwide footprint by entering in a new market with a sustainable development of its

Renewable Energy Source.

Hungary expects to increase its solar PV capacity to 6.5 GW by 2030, mostly through an auction-based regulatory

framework.

As part of its growth strategy, EDPR continues to study worldwide opportunities while developing profitable projects focused

in countries with low risk profile and regulatory stability. EDPR's success in securing new long-term contracts reinforces its

low-risk profile and growth strategy based on the development of competitive projects with long-term visibility.

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

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

follows: Growth: accelerated and selective growth with +20 GW of additions for 2021-2025; Value: on going asset rotation

with €8bn of proceeds for the period

; Excellence: high quality teams and efficient operations targeting a Core Opex/MW

CARG 2021-2025 of -2%. The strategy is set to deliver superior growth through 2025 promoting clean energy while

operating in a sustainable way across the three ESG dimensions.

By 2025, EDPR targets to have 25 GW of installed capacity, €2.3bn of EBITDA and €0.8bn of net income

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ANNUAL REPORT EDPR 2020

EDPR Extraordinary General Shareholders' Meeting

Madrid, February 22

2021: EDP Renováveis, S.A. (“EDPR”) informs that at the

Extraordinary General Shareholders'

Meeting held today, Shareholders have adopted the following resolutions:

•

Board of Directors: ratification of appointments of Directors by co-optation.

•

Ratification of the appointment by co-option as Executive Director of Mr. Miguel Stilwell de Andrade.

•

Ratification of the appointment by co-option as Dominical Director Mrs. Ana Paula Garrido de Pina Marques.

•

Ratification of the appointment by co-option as Independent Director of Mrs. Joan Avalyn Dempsey.

•

Board of Directors: dismissal (

separación

) of Directors.

•

Dismiss (

separar

) Mr. António Luis Guerra Nunes Mexia of his position as Dominical Director.

•

Dismiss (

separar

) Mr. João Manuel Manso Neto of his position as Executive Director.

•

Adjustment of the number of Members of the Board in twelve (12).

•

Amendment of articles 12 (“Notice of General Meetings”) and 16 (“Chairman of the General Meetings”) of Articles of

Association.

•

Delegation of powers to the formalisation and implementation of all resolutions adopted at the Extraordinary General

Shareholders’ Meeting, for the execution of any relevant public deed and for its interpretation, correction, addition or

development in order to obtain the appropriate registrations.

All information and documentation of the Extraordinary General Shareholders’ Meeting

is also available in the Company´s

website.

6. Own Shares

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

7. Risk Management

The Company's activities are exposed to various financial risks: market risk (including currency risk and fair value interest

rate risk), credit risk, liquidity risk, and cash flow interest rate risk. The Company's global risk management programme

focuses on uncertainty in the financial markets and aims to minimise potential adverse effects on the Company's profits. The

Company uses derivatives to mitigate certain risks.

The Directors of the Company are responsible for defining general risk management principles and establishing exposure

limits. The Company's financial risk management is subcontracted to the Finance Department of EDP - Energias de

Portugal, S.A. in accordance with the policies approved by the Board of Directors. The subcontracted service includes

the identification and evaluation of hedging instruments.

All operations involving derivative financial instruments are subject to prior approval from the Board of Directors, which

sets the parameters of each operation and approves the formal documents describing the objectives of the operation.

105

Currency risk

The Company operates internationally and is therefore exposed to currency risk when operating with foreign currencies,

especially regarding the US Dollar, the Brazilian Real, the Canadian Dollar and the Polish Zloty. Currency risk is associated

with recognised assets and liabilities, and net investments in foreign operations. The Company holds investments in Group

companies denominated in a foreign currency, which are exposed to exchange rate risk at closing translate such amounts

into the company´s functional currency (euro). The exchange rate risk on these investments is managed mainly through

derivative financial instruments and through borrowings denominated in the related foreign currencies.

Credit risk

The Company is not significantly exposed to credit risk as the majority of its balances and transactions are with Group

companies. As the counterparties of derivative financial instruments are Group companies, and the counterparties of their

derivative financial instruments are highly solvent banks, the Company is not subject to significant counterparty default risk.

Guarantees or other derivatives are therefore not requested in this type of operation.

The Company has documented its financial operations in accordance with international standards. Most of its operations

with derivative financial instruments are therefore contracted under "ISDA Master Agreements", which facilitate the transfer

of instruments in the market.

Liquidity risk

Liquidity risk is the risk of EDPR not meeting its financial obligations as they fall due. The Company's approach to liquidity

management is to ensure, to the extent possible, that it will always have the liquidity to pay its debts as they fall due, both

under normal conditions and in a difficult financial environment, without incurring unacceptable losses or jeopardizing the

Company's reputation.

The Directors have estimated cash flows that show that the Group will meet the commitments existing at the close of the

2020 financial year and those foreseen for 2021.

Compliance with the liquidity policy guarantees the payment of the obligations contracted, maintaining sufficient credit lines.

The EDP Renováveis Group manages liquidity risk by contracting and maintaining credit lines with its majority shareholder,

as well as directly in the market with national and international entities, under the best conditions, ensuring access to the

financial funds necessary for the continuation of its activities.

Cash flow and fair value interest rate risk

In 2020 and 2019 the Company does not have a considerable amount of interest-bearing assets and as a result, income

and cash flows from operating activities are not significantly affected by fluctuations in market interest rates.

Interest rate risk arises from non-current borrowings, which are extended by Group companies. The loans have fixed

interest rates, exposing the Company to fair value risks.

EDPR Sustainability Risks

EDPR’s commitment with its stakeholders means that the Company cares about a responsible and sustainable

development, assuring the best practices in this area. In this context, EDPR has identified five risk factors key to the

sustainability of the Company. The highest standards have been put in place to mitigate these risks:

•

Corruption and Fraud Risk:

EDPR has implemented a Code of Ethics and an Anti-Corruption Policy. The Code of

Ethics has its own regulation that defines a process and channel, open to all stakeholders, to report any potential claim

or doubt on the application of the code. The Ethics Ombudsperson is behind this communication channel and is

responsible for analysing and presenting to the Ethics Committee any potential ethical problem. The Compliance

Channel is also available to report any questionable practice and wrongdoing. The 1.3.4 Integrity and Ethics section of

the Consolidated Management Report includes further information on how EDPR addresses and mitigates this risk.

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ANNUAL REPORT EDPR 2020

•

Environmental Risk:

EDPR has implemented an Environmental Management System, certified with the ISO

14001:2015, in order to follow best practices in the sector. More information regarding how EDPR addresses and

mitigates this risk is available at the 3.5 Natural Capital section of the Consolidated Management Report.

•

Human Resource Risk:

EDPR forbids any kind of discrimination, violence or behaviour against human dignity, as

stated in its Code of Ethics. Strict compliance is enforced, not only making the Ethics Channel available to all

stakeholders but also through constant awareness for all employees of the Company. The 3.2 Human Capital section

and the 3.4.2 Human Rights & Labour Practices section of the Consolidated Management Report include further

information on how EDPR addresses and mitigates this risk.

•

Health and Safety Risk:

EDPR has deployed a H&S management system, complying with the new ISO 45001:2018

standard, pursuing the “zero accidents” target. This year, the

COVID-19 pandemic had impact on the H&S risk.

The 3.4.1 Health & Safety section of the Consolidated Management Report addresses how EDPR has mitigated this

risk.

•

Human Rights Risk:

EDPR has committed, through its Code of Ethics, to respect international human rights treaties

and best work practices. All suppliers which sign a contract with EDPR are committed to be aligned with EDPR’s Code

of Ethics principles. The 3.4.2 Human Rights & Labour Practices section of the Consolidated Management Report

includes further information on how EDPR addresses and mitigates this risk.

In addition, quantification of the financial impact on the Company’s performance of these five sustainability risk factors is

included within the Operational Risk analysis. EDPR frequently evaluates the economic impact of its Operational Risk,

following the guidelines of Basel III. The analysis includes the identification, estimation and mitigation of individual

operational risks belonging to the short, medium and long term in all its geographies. For this purpose, EDPR considers

present and future relevance of these risks, as well as historical data of their impact, with the help of department heads.

The results of the Operational Risk analysis are then communicated to the Executive Committee and shared with every

department involved.

In spite of the impact of the COVID-19 pandemic in Health & Safety, none of the five sustainability risk factors mentioned

above had a material financial impact on the Company’s performance.

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ANNUAL REPORT EDPR 2020

EDPR main shareholder is EDP

–

Energias de Portugal, S.A., through EDP

–

Energias de Portugal, S.A. Sucursal en España

(hereinafter referred as “EDP”), with 82.6% of share capital and voting rights. Excluding ED

P, EDPR shareholders comprise

more than 30,000 institutional and private investors spread across 30 countries with main focus in the United States and United

Kingdom.

Institutional Investors represent about 94% of Company shareholders (ex-EDP Group), mainly investment funds and socially

responsible investors (“SRI”), while Private

Investors, mostly Portuguese, stand for the remaining.

For further information about EDPR shareholder structure please see chapter 1.3 of the Annual Report (“Organisation”).

2. Restrictions to the transferability of shares

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

of shares.

3. Own shares

EDPR does not hold own shares.

4. Change of control

EDPR has not adopted any measures designed to prevent successful takeover bids, nor defensive measures for cases of a

change in control in its shareholder structure or agreements subject to the condition of a change in control of the Company,

other than in accordance with normal practice, and therefore, has not adopted any mechanisms that imply payments or

assumption of fees in the case of the transfer of control or the change in the composition of the managing body, or that could be

likely to harm the free transferability of shares or shareholder assessment of the performance of the members of the managing

body.

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

•

In the case of financing of certain wind farm projects, lenders have the right to approve change in control at the borro

wer if the later ceased to be controlled, directly or indirectly by EDPR.

•

In the case of guarantees provided by EDP Group companies, if EDP directly or indirectly ceases to have the majority

of EDPR then EDP is no longer obliged to provide such services or guarantees. The relevant subsidiaries will be

obliged to provide for the cancellation or replacement of all outstanding guarantees within approximately sixty (60)

days of the change of control event.

•

In the cases of intra-group services agreements and according to the Framework Agreement signed between EDP

Renováveis S.A.and EDP Energias de Portugal S.A., the contracts will maintain their full force as long as (i) EDP

maintains its share capital above 50% or the right to exercise directly or indirectly more than 50% of voting rights on

EDPR’s share capital, or (ii) even if the share capital of EDP or its voting rights are below 50%, but more than half of

the Members of the Board or of EDPR’s Executive Committee are ele

cted 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 voti

rights.

109

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

, 2020:

SHAREHOLDER

%CAPITAL

%VOTING

RIGHTS

EDP

–

ENERGIAS DE PORTUGAL, S.A.

–

SUCURSAL EN

ESPAÑA

EDP

–

ENERGIAS DE PORTUGAL, S.A.

–

SUCURSAL EN

ESPAÑA

720,191,372

82.6%

Total qualified holdings

720,191,372

82.6%

EDP detains 82.6% of EDPR capital and voting rights, through EDP

–

Energias de Portugal, S.A.

–

Sucursal en España.

As of December 31

, 2020

, EDPR’s shareholder structure consisted in a total qualified sha

reholding of 82.6%, corresponding to

EDP Group.

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

The table below reflects the Members of the Board of Directors/Delegated Committees of the Company that, as of December

2020, directly or indirectly own EDPR shares:

BOARD MEMBER

DIRECT SHARES

INDIRECT SHARES

Spyridon Martinis

10,413*

(*)

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

9. Powers of the Board of Directors

The Board of Directors is vested with the broad-ranging powers of administration, management, and governance of the

Company, with no other limitations besides the powers which are expressly assigned to the

General Shareholders’ Meetings

the

Company’s

Articles of Association (specifically in article 13) or in the applicable law. In this regard, the powers of the Board

include, without limitation

to:

•

Acquire on lucrative or onerous title basis personal and real property, rights, shares and interests that may suit the

Company;

•

Sell and mortgage or charge personal and real property, rights, shares and interests of the Company and cancel mortgages

and other rights

in rem

;

•

Negotiate and conclude as many loans and credit operations that it may deem appropriate;

•

Enter and formalize all sort of acts and contracts with public entities or private persons;

•

Exercise any civil and criminal actions and all further actions to be undertaken by the Company, representing it before

governmental officers, authorities, corporations, governing, administrative, administrative-economic, administrative-litigation

and judicial courts, labor courts and the labor sections of the Supreme Courts and of the High Courts of the Autonomous

Communities, with no limitations whatsoever, including before the European Court of Justice, and in general, before the

Government, in all its levels and hierarchies, to intervene or promote, follow or terminate through all procedures and

instances, the processes, court sections or proceedings; to accept decisions, to file any kind of appeal, including the

cassation one and other extraordinary appeals, to discontinue or confess, to agree an early termination of a proceeding, to

submit litigious questions to arbitration judges, and to carry out all sort of notices and requirements and to grant power of

This list has a merely indicative nature, as the Board of Directors may perform all further powers expressly granted to the Board in the Articles or in the applicable law.

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ANNUAL REPORT EDPR 2020

attorney to Court Representatives and other representatives, with case-related powers and the powers which are usually

granted to litigation cases and all the special powers applicable, and to revoke such powers;

•

Agree the allotment of interim dividends;

•

Call and convene the General Meetings and submit to them the proposals that it deem appropriate;

•

Direct the Company and the organize its operations and exploitations by acknowledging the course of the Company

businesses and operations, managing the investment of funds, making extraordinary depreciations of bonds in circulation

and realizing anything that it is considered appropriate to obtain maximum gains towards the object of the Company;

•

Freely appoint and dismiss Directors and all the Company’s technical and administrative personnel, defining their office and

retribution;

•

Agree any changes of the registered office’s address within the same

borough;

•

Incorporate under the law all sorts of legal persons; contribute and assign all sorts of assets and rights, as well as entering

merger and cooperation agreements, association, grouping and temporary union agreements between companies or

business and joint property agreements, and agreeing their alteration, transformation and termination;

Likewise, the

General Shareholders’ Meeting

held in March 26

, 2020, approved the delegation to the Board of Directors of the

power to issue in one or more occasions both:

•

Fixed income securities or other debt instruments of analogous nature;

•

Fixed income securities or other type of securities (warrants included) convertible or exchangeable into EDP

Renováveis, S.A. shares, or that recognize at the Board of

Directors’ discretion the right of subscription or acquisition

of shares of EDP Renováveis, S.A. or of other companies, up to a maximum amount of three hundred million Euros

(EUR 300,000,000) or its equivalent in other currency.

As part of such delegation, the

General Shareholder’s Meeting delegated

into the Board of Directors the power to increase the

share capital up to the necessary amount to execute the related tasks above. Additionally, it was also approved to authorize the

Board of Directors for the acquisition of own shares by the Company and/or the affiliate companies up to the maximum limit of

10% of the subscribed share capital. These delegations may be exercised by the Board of Directors within a period of five (5)

years since the proposal was approved, and within the limits provided under the law and the By-Laws.

The

General Shareholders’ Meeting may

also delegate to the Board of Directors the power to implement an adopted decision to

increase the share capital, indicating the date or dates of its implementation and establishing any other conditions that were not

specified by the

General Shareholders’ Meeting.

The Board of Directors may use this delegation wholly or partially, and may

also decide not to perform it in accordance with the situation and conditions of the Company, the market, or any particularly

relevant events or circumstances that justify such decision - of which the

General Shareholders’ Meeting must

be informed at

the end of the time limit or limits for adopting and performing the decision.

Additionally, in compliance with its personal law and

Company’s internal regulations

, some functions of the Board of Directors

are non- delegable and, as such, have to be performed at this level, which are the following:

•

Election of the Chairperson of the Board of Directors;

•

Appointment of Directors by co-option;

•

Request to convene or convening of General

Shareholders’

Meetings and the preparation of the agenda and

proposals of resolutions;

•

Preparation of the Annual Reports and Management Reports and their presentation to the General

Shareholders’

Meeting;

•

Change of Headquarters;

111

•

Preparation and approval of mergers, spin-off, or transformation projects of the Company;

•

Monitoring the effective functioning of the Board of Directors committees and the performance of delegated bodies

and appointed directors;

•

Definition of the Company’s general policies and strategies. In any case, the following transactions individually

considered, shall be subject to the prior approval of the Board of Directors, or its ratification in cases of justified

urgency:

Acquisition or sale of assets, rights or participations with an economic value higher than seventy-five million

Euros (EUR 75,000,000) and not included in the budget approved by the Board of Directors;

Opening or closing of establishments/branches or relevant parts of establishments /branches, as well as the

extension or reduction of its activity;

Other business activity or transactions, including expansion investments, with a significant strategic relevance or

with an economic value higher than seventy-five million Euros (EUR 75,000,000) and not included in the budget

approved by the Board of Directors; or

Creation or termination of strategic alliances or partnerships or other forms of long-term cooperation;

•

Authorization or waiver of the obligations arising from duty of loyalty;

•

Its own organisation and functioning;

•

Preparation of any report required by the law to the management body, provided that the operation referred in the

report cannot be delegated;

•

Appointment and dismissal of Chief Executive Officer, top management directly depending from the Board of

Directors or any of its members, and their general contractual conditions including remuneration;

•

Decisions concerning

director’s

remuneration within the Articles of

Association’s

frame and, if any, the remuneration

policy approved by the General Meeting;

•

Policy concerning own shares;

•

The faculties that the General Meeting may have delegated on the Board of Directors, except for the cases expressly

authorized by the first to sub delegate them

Should be noted that as exposed in topic 15 of this Chapter 5 of the Annual Report, as of 31

December 2020, EDPR does not

have a Supervisory Board, but its Board of Directors has set up three Delegated Committees entirely composed by Members of

the Board of Directors, and all these directors are necessarily involved in the definition of the strategy and policies of the

Company as per the non - delegable basis of these functions under its personal law. Therefore, in compliance with its personal

law, all the members of the delegated committees will assess and give its opinion on the strategic lines and the risk policy of the

Company at the Board level prior to its final approval. Likewise, should be noted that the corresponding monitorization of the

accomplishment of these actions, as detailed in topic 29 this Chapter 5 of the Annual Report, is performed by the Audit, Control

and Related Party Transactions Committee and the Nominations and Remunerations Committee, both of which are integrally

formed by non-executive and independent directors.

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

Information on any significant business relationships between the holders of qualifying holdings and the Company is described

on topic 90 of this Chapter 5 of the Annual Report.

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ANNUAL REPORT EDPR 2020

B. Corporate Boards and Committees

I. General

Shareholders’ Meeting

A) Composition of the Board of the General Meeting

11.

Board of the General Shareholders’ Meeting

The Members of the Board of the General Shareholders’ Meeting are its Chairman, the Chairman of the Board of Directors (or

his substitute), the other Directors and the Secretary of the Board of Directors. In accordance with article 180 of the Spanish

Compa

nies’ Law, all the Board Members are obliged to attend the General Meetings.

The Chairman of the

General Shareholders’ Meeting

is José António de Melo Pinto Ribeiro, who was elected on the General

Meeting of April 8

, 2014, for a three-year (3) term; and re-elected on the

General Shareholders’ Meeting

held on April

,2017 for a last mandate of three-year (3) term. Mr. Pinto Ribeiro office was extended until the first General Shareholders

’

Meeting following of the end of this office term.

The Chairman of the Board of Directors is António Mexia, who was re-elected as member of the Board for a three-year (3) term

by the

General Shareholders’ Meeting

held in June 27

, 2018, and for the position of Chairman of the Board of Directors on its

meeting subsequently held on the same date.

The Secretary of the Board of Directors is Emilio García-Conde Noriega who is also the Secretary of the

General Shareholders’

Meeting, and was appointed as Secretary of the Board of Directors on December 4

, 2007. The Secretary of the Board of

Directors’ mandate

does not have an end of term date according to the Spanish Companies Law since is not a Board Director.

The Chairman of the General Shareholders’ Meeting of EDPR has at his disposal, the necessary human and logistical

resources required for the performance of his duties.

Therefore, in addition to the resources provided by the Company’s General

Secretary, in 2020 the Company hired a specialized entity to give support to the meeting and to collect, process and count the

votes submitted by the shareholders on the

General Shareholders’ Meeting

held on March 26

B) Exercising the right to vote

12. Voting rights restrictions

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

13. Voting rights

EDPR’s

Articles of Association have no reference to a maximum percentage of voting rights that may be exercised by a single

shareholder or by shareholders that are in any relationship. All shareholders, regardless the number of shares owned, may

attend to the

General Shareholders’ Meeting

and request the information or explanations that they consider relevant regarding

the matters included in the Agenda of the convened meeting, and are entitled as shareholders of the Company, to take part in

its deliberations and to participate in its voting process.

The Board of Directors approves a Sharehold

er’s Guide

for each

General Shareholders’ Meeting,

detailing among other

matters, the procedure and requirements for the submission through mail and electronic communication of voting forms. This

Guide is available at the

Company’s website.

As informed in the related Notice and in the

corresponding Shareholders’ Guide,

order to exercise their right to attend, the shareholders must have the ownership of their shares duly registered in the Book

Entry Account at least five (5) days prior to the date of the General

Shareholders’

Meeting.

Any shareholder may be represented at the General Shareholders’ Meeting by a third party by means of a revocable Power of

Attorney (even if such representative is not a shareholder). The Board of Directors may require shareh

olders’ 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.

113

According to the applicable law and the

Company’s

Articles of Association, the notice of

EDPR’s General Shareholders’

Meetings is published in the Official Gazette of the Commercial Registry and on the

Company’s

website at least thirty (30) days

prior to the meeting date. Likewise, the Notice of the

General Shareholder’s Meeting

is published at the website of

Sociedade

Gestora de Sistemas de Liquidação e de Sistemas Centralizados de Valores Mobiliários, S.A

(“Interbolsa”)

and on the website

of the

Comissão do Mercado de Valores Mobiliários

(“CMVM”)

- and of the Comisión Nacional del Mercado de Valores

(“CNMV”)

- as the case may be. Simultaneously with the publication of the meeting Notice, the supporting documentation in

relation to the General

Shareholders’

Meeting is published on the CMVM website. Likewise, as soon as the notice of the

meeting is formally published, the following information and documentation related to the General

Shareholders’

Meeting is

made available at the

Company’s

website:

•

the notice of the General Shareholders’

Meeting;

•

the total number of shares and voting rights at the date of the Meeting notice;

•

the template letter expressing the intention to attend the Meeting, the template of the letter of representation and the

template of the ballot to be sent by mail, and also, the links to the electronic platforms that the Company provides for

the telematic submission of the intention to attend and the voting on the topics included in the Agenda;

•

the full texts of the proposed resolutions (included when received if such were the case, those proposed by

shareholders) and

related supporting documentation, that will be submitted to the General Shareholders’

Meeting for

approval;

•

The Shareholders’

Guide;

•

The consolidated texts in force (Articles of Association and the other applicable regulations).

In 2020, the Company included the English and Portuguese versions of the information and documents related to the General

Shareholders´ Meeting on its website with the notice of the meeting, being the Spanish version of the documents the one that

prevailed.

Shareholders may vote on the topics included on the

Shareholders’ Meeting Agenda,

in person (including by means of the

corresponding representative) at the meeting, by ordinary mail, or by electronic communication (in this latest case, through a

telematic vote platform made available at the

Company’s website

or sending the related filled and signed templates by email),

and in any case providing the documentation indicated in the

Shareholder’s Guide. Pursuant

to the terms of article 15 of the

Articles of Association, both electronic and mail-in votes must be received by the Company before midnight (24.00 hours) of the

day before the scheduled meeting date of first call. Remote votes can be revoked subsequently by the same means used to

cast them, always within the deadlines established for that purpose, or by personal attendance to the

General Shareholders’

Meeting of the shareholder who casted the vote to his/her representative.

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

According to

EDPR’s

Articles of Association and as established in the law, both ordinary and extraordinary General

Shareholders’ Meetings

are validly constituted when first called if the shareholders, either present or represented, jointly reach

at least twenty-five percent (25%) of the subscribed voting capital. On second call, the

General Shareholders’ Meeting

will be

validly constituted regardless of the amount of the capital present or represented.

Notwithstanding the above percentages, to validly approve the issuance of bonds, the increase or reduction of capital, the

transformation, global assignment of assets and liabilities, merger or spin-off of the Company, the transfer of the Registered

Office abroad, the elimination or limitation of pre-emptive rights of new shares and in general, any necessary amendment to the

Articles of Association, in the Ordinary or E

xtraordinary Shareholders’ Meeting,

it is required that on first call, the Shareholders,

either present or represented, reach at least fifty percent (50%) of the subscribed voting capital and, on second call, at least

twenty-five percent (25%) of the subscribed voting capital.

In relation to the quorum required to validly approve these matters, in accordance with the Law and the Articles of Association,

when the shareholders attending represent more than fifty percent (50%) of the subscribed voting capital, the above mentioned

resolutions will be validly adopted by absolute majority, and in the case the shareholders attending represent between the

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ANNUAL REPORT EDPR 2020

twenty-five percent (25%) and the fifty percent (50%)

–

but without reaching it - the favorable vote of the two-thirds (2/3) of the

present or represented capital in the General

Shareholders’

Meeting will be required to approve these resolutions.

EDPR has not established any mechanism that may intend to cause mismatching between the rights to receive dividends or the

subscription of new securities and the voting right of each common share, and has not adopted mechanisms that hinder the

passing of resolutions by shareholders, including fixing a quorum for resolutions greater than that provided by the law.

II. Management and supervision

A) Composition

15. Corporate Governance model

EDPR is a Spanish Company listed in a regulated stock exchange in Portugal. The corporate organisation of EDPR is subject to

its personal law and to the extent possible, to the recommendations contained in the Corporate Governance Code of the

Instituto Português de

Corporate Governance (“IPCG”),

resulted as of the Protocol signed on October 13

, 2017 between the

Comissão do Mercado de Valores Mobiliários

(“CMVM”

–

Portuguese Securities Market Commission) and the IPCG, which was

last reviewed in July 2020. This governance code is available at the IPCG website

As such, the Company

intends to comply with both legal systems but always taking into account that its personal law is the Spanish one, and that in

case of discrepancy, the aim is to adopt the law that entails more protectionism for its shareholders.

The governance structure of EDPR is the one applicable under its personal law, that comprises a

General Shareholders’

Meeting and a Board of Directors that represents and manages the Company. Additionally, with the purpose of adapting this

structure to the extent possible to the Portuguese legislation, parallelly seeks to correspond it to the so-called

“Anglo

Saxon”

model set forth in the Portuguese Commercial Companies Code, in which the management body is a Board of Directors, and

the supervision and control duties are of the responsibility of an Audit and Control Committee.

The organisation and functioning of EDPR corporate governance model aims to achieve the highest standards of corporate

governance, business conduct and ethics referenced on the best national and international practices.

In line with its governance model above referred, and as detailed along topics 15 - 29 of this Chapter 5 of the Annual Report and

contemplated in the law and Articles of Association of the Company, as of December 31

, 2020, EDPR does not have a

Supervisory Board, but its Board of Directors has set up three Delegated Committees entirely composed by Members of the

Board of Directors: the Executive Committee, the Audit, Control and Related-Party Transactions Committee and the

Nominations and Remunerations Committee. This structure and its functioning, enables a fluent workflow between all levels of

the governance model, as: i) each of the Delegated Committees shall report the decisions taken to the Board of Directors

(drafting the minutes of each of the meetings and also providing whatever further clarification is required by the Board), and ii)

as the committees Members are also members of the Board, all of them will also receive the complete information at Board of

Directors level (as convening of the meetings, supporting documents and related minutes) in order to take the corresponding

decisions; and all in all, thus ensuring in time and manner the access to all the information to the whole Board of Directors in

order to appraise the performance, current situation and perspectives for the further development of the Company.

The General Secretary constitutes the focal point in charge of the centralization of the reception and management of all the

information and documents to be provided to the different Governing Bodies. This information is prepared by the different

departments of EDPR, with the support when necessary of external experts, and always managed in a strictly confidential basis.

Additionally, the corresponding duties and functioning procedures for the Governing Bodies (including but without limitation, the

performance of their functions, their Chairmanship, periodicity of meetings, their functioning and the duties of their members)

have been defined at the Articles of Association and Board of Directors and Delegated Committees Regulations (which are

published at the website of the Company), with the aim of ensuring the adequacy in terms of time and manner of the

elaboration, management and access to the information in order to procced at each level with the corresponding

acknowledgements and decisions. In line with the above, the General Secretary sends the notices and supporting documents of

the topics to be discussed in each meeting of the Board and of each of its committees to their proper discussion during the

meeting. Additionally, the minutes of all meetings are drawn and also circulated.

115

The governance model of EDPR was designed to ensure the transparent and meticulous separation of duties, management and

the specialization of supervision, through the following governing bodies:

•

General Shareholders’

Meeting

•

Board of Directors

•

Executive Committee

•

Audit, Control and Related Party Transactions Committee

The experience gained operating the Company through this structure indicates that the governance model approved by EDPR

shareholders, and adopted in EDPR, is the most appropriate in line with the corporate organisation of its activity, especially

because it affords transparency and a healthy balance between the management and the supervisory functions.

The links of the Company Website that refers to the information of the Governing Bodies and its regulations are indicated in

topics 59-65 of this Chapter 5 of the Annual Report.

16. Rules for the nomination and replacement of directors

According to Article 29.5 of the

Company’s

Articles of Association, the Nominations and Remunerations Committee is

empowered by the Board of Directors to propose, advise and inform the Board regarding the appointments (including by co-

option), re-elections, removals and remuneration of the Board Members, as well as the composition of the committees of the

Board. This committee also advises on the appointment, remuneration and dismissal of top management officers.

As also referred in the Company Articles of Association (Article 21) the term of office of the Board Members shall be of three (3)

years, and may be re-elected once or more times for equal periods.

Following the best Corporate Governance practices, EDPR has analyzed and discussed about the possible criteria applicable in

the selection of the new members of its Governing Bodies. As a conclusion, the Nominations and Remunerations Committee

and the Board of Directors resolved at their meetings held on November 2

, 2016, and December 14

, 2016 respectively, to

take into account among others the following: the education, experience in the energy sector, integrity and independence,

having a proven expertise, and the diversity that such candidate may provide to the related body. Likewise, on the

Shareholder’s Meeting held on March 2

, 2020, the Board of Directors’s made public its particular interest in supporting the

gender diversity in accordance with the

Lei n

62/2017 of August 1

, and specifically committed at the seveth resolution of the

agenda,

to promote that at the first Elective Shareholders’ Meeting to be held after termination of the current term of office of the

Board Members, the percentage of Board Members corresponding to the less represented gender is increased to a 33.3%.

Based on the above criteria, after the previous advice of the Nominations and Remunerations Committee, the Board of Directors

would submit a proposal to the

General Shareholders’ Meeting

(including for sake of clarity, the curriculum vitae of the

candidates, which will be publicly disclosed with the other supporting documents of the meeting in the terms referred in topic 13

above). The appointment proposals should be approved by majority. For more information about the composition of the Board

of Directors please check the Sustainability Chapter of the Annual Report at its topic GRI 405-1,and the Annex I of this Chapter

5 of the Annual Report, which includes the curricular details of its Members.

Additionally, in case of a vacancy, pursuant to the Articles of Association and the Spanish Companies Law, the Board of

Directors may co-

opt a new Board Member, who will occupy the position until the next General Shareholders’ Meeting, to which

a proposal will be submitted for the ratification of such appointment by co-option. Pursuant to the Spanish Companies Law, the

co-option of Directors must be approved by absolute majority of the Directors at the Board meeting.

Finally, pursuant to Article 23 of the Articles of Association and 243 of the Spanish Companies Law, shareholders may group

their shares until constituting an amount of capital equal or higher than the result of dividing the

company’s

capital by the

number of Members of the Board, to be entitled to appoint a number of Directors equal to the result of the fraction using only

whole amounts. Those shareholders making use of this power, cannot intervene in the nomination of the other members of the

Board of Directors.

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ANNUAL REPORT EDPR 2020

17. Composition of the Board of Directors

Pursuant to Article 20 of the

Company’s

Articles of Association, the Board of Directors shall consist of no less than five (5) and

no more than seventeen (17) Directors. Considering the size of EDPR and the complexity of the risks intrinsic to its activity, a

Board with a total of fifteen (15) members has been considered as adequate, being ten (10) of them non-executive.

The Secretary of the Board of Directors is Emilio García-Conde Noriega. Likewise, according to the proposal submitted by the

Nominations and Remunerations Committee, the Board of Directors approved on its meeting held on May 7

, 2019 the

appointment of María Gonzalez Rodríguez as Vice-Secretary of the Board of Directors of EDPR.

By the end of 2019, Gilles August presented his resignation to the position as Board Member, and in order to fill the vacancy

left, and in accordance with the proposal submitted by the Nominations and Remunerations Committee, the Board of Directors

approved on its meeting held on October 29

, 2019 the appointment by cooption of Rui Teixeira based on his extensive

professional career as executive member of the managing bodies of EDP and EDPR, and the material know-how about

renewable energy acquired during his nearly seven (7) years as executive director of EDPR few years ago. This appointment

was duly ratified

by the Shareholders’ Meeting held on

March 26

, 2020.

Few months later, in the context of a judicial procedure undergoing related to the activity of EDP

–

Energias de Portugal,

António Mexia and João Manso Neto, were suspended from their executive functions in all EDP Group companies - the process

continues in the inquiry phase and they have not been formally accused - and following this, the Board of Directors of EDPR met

on July 6

, 2020 and identified Rui Teixera as the best candidate to reinforce the executive line of the Company, mainly

considering his deep knowledge of the business (in particular with regards of renewables), and he had been CFO of EDP

Renováveis during several years, and therefore, his involment woud imply a continuity and support in the completion of the

Bussiness Plan in these special circumstances. Based on that, the Board resolved to appoint him

as a new member of EDPR’s

Executive Committee and Joint CEO, designated as the responsible person to coordinate the Executive Committee activities

and to liaise with EDP

–

EDPR’s principal shareholder

At the en of 2020, with effects 30

December, Francisca Guedes de Oliveira resigned to her position as Member of the Board.

As of December 31

, 2020, the Board of Directors is composed by the following fourteen (14) Directors:

BOARD MEMBER

POSITION

DATE OF FIRST

APPOINTMENT

DATE OF RE-

ELECTION

END OF TERM

António Mexia

Chairman

18/03/2008

27/06/2018

27/06/2021

João Manso Neto

Vice-Chairman CEO

4/12/2007

27/06/2018

27/06/2021

Rui Teixeira

Joint CEO and Executive

Committee Coordinator

29/10/2019

27/06/2021

Duarte Bello

Director

26/09/2017

27/06/2018

27/06/2021

Miguel Ángel Prado

Director

26/09/2017

27/06/2018

27/06/2021

Spyridon Martinis

Director

26/02/2019

27/06/2021

Vera Pinto

Director

26/02/2019

27/06/2021

Manuel Menéndez

Director

04/06/2008

27/06/2018

27/06/2021

António Nogueira Leite

Director

26/02/2013

27/06/2018

27/06/2021

Acácio Piloto

Director

26/02/2013

27/06/2018

27/06/2021

Allan J. Katz

Director

09/04/2015

27/06/2018

27/06/2021

Francisca Guedes De

Oliveira*

Director

09/04/2015

27/06/2018

N/A

Francisco Seixas da Costa

Director

14/04/2016

27/06/2018

27/06/2021

Conceição Lucas

Director

27/06/2018

27/06/2021

Alejandro Fernandez de

Araoz

Director

27/06/2018

27/06/2021

*Francisca Guedes de Oliveira presented her resignationto her position as Member of the Board with effects 30

December 2020.

117

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

The independence of the Directors is evaluated according to the Company’s personal law, and annually confirmed by each of

the corresponding Directors through the signature of an independence declaration. Likewise, EDPR Board of Directors

Regulations, and Article 20.2 its Articles of Association, defines independent Directors as those who are able to perform their

duties without being limited by relations with the Company, its significant Shareholders, or its management officers and comply

with the other legal requirements.

Corporate Governance recommendations of the IPCG Code state that the number of non-executive directors should be higher

than the number of executive directors, and that at least one third over the total members shall be non-executive members that

also comply with the independence criteria. To this extent, and provided that the independence criteria applicable to EDPR

Directors are the ones established under its personal law, from a total of fifteen (15) positions that composed of

EDPR’s

Board

of Directors as of December 31

, 2020, there was one (1) vacant and fourteen (14) Directors out of which nine (9) were non-

executive, being five (5) of them also independent. In accordance with the law and pursuant the last amendment of Articles of

Association, it has been established that Non- Executive Directors can only be represented in the Board meetings by other Non-

Executive Director.

As such, it has been concluded that the composition of the Board and its Delegated Committees is suitable for the size of the

company and the complexity of the risks intrinsic to its activity mainly considering that enables a separation of duties,

management and specialization of supervision at the same time that the non-executive and independent directors take part in all

the decisions also at the Board of Directors level. Should be noted to this extend that the Board of Directors is composed by a

majority of non-executive members, and being balanced the number of executive and independent; and that the Audit, Control

and Related Party Transactions Committee and the Nominations and Remunerations Committee, are entirely composed by non-

executive and independent members.

Spanish law, Regulations of the Board of Directors and Company Articles of Association regulate the criteria for the

incompatibilities with the position of Director. Specifically, Article 23 of the Articles of Association, establish that the following can

not be Directors:

•

Those who are directors of or are associated with any competitor of EDPR, or have family relations with them. In this

respect a Company shall be considered as a competitor of EDPR, whenever it is engaged, if it is directly or indirectly

involved in the production, storage, transport, distribution, marketing or supply of electricity or fuel gas; or also if has

interests opposed to those of EDPR, or to the ones of any competitor or any of the companies in its group, and the

Board members, employees, lawyers, consultants, or representatives of any of them. Under no circumstances shall

companies belonging to the same group as EDPR, including abroad, be considered competitors;

•

Those who are in any other situation of incompatibility or prohibition under the law or

EDPR’s

Articles of Association.

Under Spanish law, among others, are not allowed to be Directors those who are underage

–

under eighteen (18)

years - and were not emancipated, disqualified, competitors, convicted of certain offences, or that hold certain

management positions.

The prevention and avoidance of the conflict of interest in the performance of the duties of the Directors of EDPR is regulated in

line with the terms contained in article 229 of the Spanish Companies Law and implemented in article 28.3 of the Board of

Directors Regulations, which is also applicable to the committees under article 12 of their respective regulations. This article

states that in case any direct or indirect conflict of interest arose, it shall be communicated to the Board of Directors, being

the Director involved obliged to abstain from intervening in the corresponding operation. Additionally, all the Board Members

(and hence those of its Delegated Committees, as they are entirely composed by Members of the Board) shall annually sign

an statement declaring their compliance with the terms of the requirements stated under article 229 of the Spanish Companies

Law, and their commitment to notify any variation in the information declared under the statement as soon as it may occur,

in order to fully comply with the loyalty duty and avoid any interference or irregularity in any decision-making process.

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ANNUAL REPORT EDPR 2020

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

, 2020:

BOARD MEMBER

POSITION

António Mexia

Chairman and Non-Executive Director

João Manso Neto

Vice-Chairman and Executive Director

Rui Teixeira

Joint CEO and Executive Director

Duarte Bello

Executive Director

Miguel Ángel Prado

Executive Director

Spyridon Martinis

Executive Director

Vera Pinto

Non-Executive Director

Manuel Menéndez

Non-Executive Director

António Nogueira Leite *

Non-Executive Director and independent Director

Acácio Piloto

Non-Executive Director and independent Director

Allan J. Katz

Non-Executive Director and independent Director

Francisca Guedes De Oliveira**

Non-Executive Director and independent Director

Francisco Seixas da Costa

Non-Executive Director and independent Director

Conceição Lucas

Non-Executive Director and independent Director

Alejandro Fernandez de Araoz

Non-Executive Director

* Having been appointed as first time in 2008, the present term of office is the last one in which he can be considered as Independent Director.

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

December 2020.

Following the best corporate governance recommendations, considering that the Chairperson of the Board of Directors of

EDPR, Antonio Mexia, is a non-independent Director, the Nominations and Remunerations Committee approved on its meeting

held on February 18

, 2019 to propose to the independent Members of Board the appointment Antonio Nogueira Leite as Lead

Independent Director whose functions would namely be: i) act, when necessary, as an interlocutor between the Chairperson of

the Board of Directors and the other Directors, (ii) ensure the necessary conditions and means so the Directors may carry out

their functions; and (iii) coordinate the independent Directors in the assessment of the performance of the managing body. This

proposal was unanimously approved by all the independent Directors (with the abstention of the candidate proposed) on the

Board meeting held February 26

, 2019.

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

The main positions held by the members of the Board of Directors in the last five (5) years, those that they currently hold in

Group and non-Group companies and other relevant curricular information details are available in the Annex I of this Chapter 5

of the Annual Report.

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

qualifying shareholders

Qualifying Shareholders in EDPR are subject to the Spanish Law, which regulates the criteria and thresholds of the

shareholders’ holdings.

As of December 31

, 2020, and as far as the Company was informed, there are no family or business

relationships of Members of the Board of Directors with qualifying shareholders but only professional relationships due to the

fact that some of the Members of

EDPR’s

Board of Directors are currently Members of the Board of Directors in other

companies belonging to the same group as EDP Energias de Portugal S.A., which are the following:

•

António Mexia;

•

João Manso Neto;

119

•

Manuel Menéndez Menéndez;

•

Vera Pinto;

•

Rui Teixeira.

Or employees in other companies belonging to EDP’s Group, which are the following:

•

Duarte Bello;

•

Miguel Ángel Prado;

•

Spyridon Martinis.

21. Management structure

As exposed in topic 15 above, the governance model of EDPR was designed to ensure the transparent and meticulous

separation of duties and the specialization of supervision through the following structure of its governing bodies:

General Shareholders’ Meeting: which is the body in which the shareholders participate. Represents the Company with the full

authority corresponding to its legal personality and has the power to deliberate, vote and adopt decisions, particularly on matters

that the law and Articles of Association reserve for its decision and that must be submitted for its approval.

Board of Directors: that represents and administrates the Company under the broadest powers of management, supervision and

governance with no limitations other than the responsibilities expressly and exclusively granted to the jurisdiction of the General

Shareholders Meeting in the Company’s Articles of Association or in the applicable

law.

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ANNUAL REPORT EDPR 2020

Executive Committee: which is the delegated body of the Board of Directors entrusted to perform the daily management of the

business. As of 31

December 2020,

EDPR’s Executive Committee

was composed by the following members that were also

Joint Directors:

João Manso Neto (CEO and Chairman of the Executive Committee)

Rui Teixeira (Joint CEO and Executive Committee Coordinator)

Duarte Bello (COO Europe & Brazil and member of the Executive Committee)

Miguel Ángel Prado (COO North America and member of the Executive Committee)

Spyridon Martinis (COO Offshore and New Markets, CDO and member of the Executive Committee)

Other Delegated Committees: as regulated by the applicable Law and pursuant to the best corporate governance

recommendations, EDPR has set up two additional specialized internal committees:

The Audit, Control and Related Party Transactions Committee, whose main duties are the appointment of the company’s

auditors, the monitorization of internal risk management and control systems, the supervision of internal audits and compliance,

and also the ratification of transactions between EDPR and EDP and between its related parties, qualified shareholders,

directors, key employees or their relatives.

The Nominations and Remunerations Committee, whose main duties are the assistance and report to the Board of Directors in

the appointments, re-elections, dismissals, evaluation and remunerations of the members of the Board of Directors.

B) Functioning

22. Board of Directors regulations

EDPR’s

Board of Directors Regulations are available at

Company’s website

, and at

Company’s headquarters

at Plaza del

Fresno, 2, Oviedo, Spain.

23. Number of meetings held by the Board of Directors

According to the Law and its Articles of Association, EDPR’s Board of Direc

tors meetings take place at least once every quarter.

During the year ended on December 31

, 2020, the Board of Directors held eight (8) meetings. The notices and supporting

documents of the topics to be discussed in each meeting are sent to the Board members in advance to their proper discussion

during the meeting. Additionally the minutes of all meetings are drawn and also circulated.

121

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

BOARD MEMBER

POSITION

ATTENDANCE*

António Mexia

Chairman and Non-Executive Director

33.3%*

João Manso Neto

Vice-Chairman and Executive Director

100%*

Rui Teixeira

Joint CEO and Executive Director

100%

Duarte Bello

Executive Director

100%

Miguel Ángel Prado

Executive Director

100%

Spyridon Martinis

Executive Director

100%

Vera Pinto

Non-Executive Director

100%

Manuel Menéndez

Non-Executive Director

87.5%

António Nogueira Leite

Non-Executive Director

75%

Acácio Piloto

Non-Executive Director

100%

Allan J. Katz

Non-Executive Director

87.5%

Francisca Guedes De Oliveira

Non-Executive Director

100%

Francisco Seixas da Costa

Non-Executive Director

87.5%

Conceição Lucas

Non-Executive Director

100%

Alejandro Fernandez de Araoz

Non-Executive Director

87.5%

(*)

The percentage reflects the meetings attended by the Members of the Board, provided that, on July 6

, 2020 António Mexia and João

Manso Neto were suspended from their executive functions in all EDP Group companies and thus the percentage shown in the table

reflects the attendance calculated over the meetings celebrated until such date.

24. Competent body for the performance appraisal of Executive Directors

The key performance indicators for the appraisal of the Executive Directors are set in advance and approved by the General

Shareholder’s Meeting.

Once the corresponding fiscal year is completed, the Nominations and Remunerations Committee performs the first assessment

about the compliance with such key performance indicators, and submits its recommendation to the Board of Directors,

which evaluates the proposal of this committee and makes the final decision. Should be noted that according to the personal

law of EDPR, the definitive assessment of this performance is a non-delegable competence of the Board of Directors.

25. Performance evaluation criteria

The criteria for assessing the Executive Directors’ performance are described on topics 70, 71 and 72 of

this Chapter 5 of the

Annual Report.

26. Availability of the Members of the Board of Directors

The members of Board of Directors of EDPR are fully available for the performance of their duties having no constraints for the

execution of this function simultaneously with other positions. Additionally, Executive Directors of EDPR, do not perform any

other executive duties outside the Group. The positions held at the same time in other companies within and outside the Group,

and other relevant activities undertaken by members of the Board of Directors throughout the financial year are listed in the

Annex I of this Chapter 5 of the Annual Report.

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ANNUAL REPORT EDPR 2020

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

27. Board of

Directors’ Committees

As previously exposed, in line with Spanish Law

and as specifically foreseen in Article 10 of the Company’s Articles of

Association, the Board of Directors is entitled to create delegated bodies. The Board of Directors of EDPR has set up three

committees:

•

Executive Committee

•

Audit, Control and Related-Party Transactions Committee

•

Nominations and Remunerations Committee

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

28. Executive Committee composition

Pursuant to Article 27 of the

Company’s

Articles of Association, the Executive Committee shall consist of no less than four (4)

and no more than seven (7) Directors.

Its constitution, the nomination of its members and the extension of the powers delegated must be approved by two- thirds (2/3)

of the members of the Board of Directors.

As of December 31

, 2020, EDPR Executive Committee was composed by the following members, who were also Joint

Directors:

•

João Manso Neto, Chairman and CEO

•

Rui Teixeira, who since July 6

is the Executive Committee Coordinator

•

Duarte Bello (COO Europe& Brazil)

•

Miguel Ángel Prado (COO North America)

•

Spyridon Martinis (COO Offshore & New Markets, and CDO)

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

29. Committees competencies

Executive Committee

Composition

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

Competences

The Executive Committee is a permanent body in charge of the daily management of the Company, to which all the

competences of the Board of Directors that are delegable under the law and the Articles of Association can be assigned.

123

Functioning

In addition to the Articles of Association, this committee is also governed by its regulations approved on June 4

2008 and last

amended on November 2

, 2016. The committee regulations are available at the

Company’s

website.

The Executive Committee shall meet at least once a month and whenever is deemed appropriate by its Chairperson, who may

also suspend or postpone meetings when he sees fit. The Executive Committee shall also meet when requested by at least two

(2) of its members.

The notices and supporting documents of the topics to be discussed in each meeting of this committee are sent to its members

in advance to their proper discussion during the meeting, being the minutes of all meetings drawn and also circulated.

Additionally, this committee informs about of its decisions at the first Board held after each committee meeting.

Meetings of the Executive Committee are valid if half of its members plus one are present or represented. Decisions shall be

adopted by majority. In the event of a tie, the Chairman shall have the casting vote.

Executive Directors shall provide any clarifications needed by the other Directors or corporate bodies whenever requested to do

so.

2020 Activity

The

Executive Committee’s

main activity is the daily management of the Company, and in the execution of such duties,

during 2020 held a total of fifty-one (51) meetings.

Audit, Control and Related Party Transactions Committee

Composition

Pursuant to Article 28 of the

Company’s

Articles of Association and Article 9 of its Regulations, the Audit, Control and Related

Party Transactions Committee consists of no less than three (3) and no more than five (5) members.

According to Article 28.5 of the Articles of Association the term of office of the Chairman of the Audit, Control and Related Party

Transactions Committee is a maximum of six (6) years. Following the proposal submitted by the Nominations and Remuneration

Committee, its Chairman, Acacio Piloto, was first elected for this position on June 27

, 2018.

The Audit, Control and Related Party Transactions Committee consists of three (3) non-executive and independent members,

plus the Secretary who until December 30

2020

, were the following:

•

Acacio Piloto, who is the Chairman

•

Antonio Nogueira Leite

•

Francisca Guedes de Oliveira

Additionally, Mr. Emilio García-Conde Noriega is the Secretary of the Audit, Control and Related Party Transactions

Committee.

The committee members shall maintain their positions for as long as they are Company Directors. Nevertheless, the Board may

decide to discharge members of the committee at any time, and also the members may resign of these positions but still

maintaining their seat as Members of the Board of Directors.

Francisca Guedes de Oliveira presented her resignation as Member of the Board with effects 30

December 2020, and therefore also as member of the Audit, Control, and Related Party Transactions

Committee. In order to fill this vacancy at the committee level, the Board of Directors resolved at its meeting held on January 19

, 2021 to appoint Francisco Seixas as new member of the Audit, Control

nd Related Party Transactions Committee.

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ANNUAL REPORT EDPR 2020

Competences

Notwithstanding the other duties that the Board may assign to this committee, it shall perform supervisory functions of Audit and

Control independently from the Board of Directors, as well as, supervisory functions of the transactions between Related

Parties, as follows:

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

Gen

eral Shareholders’ Meeting, as well as the contractual conditions, scope of the work –

specially concerning audit

services, “audit related” and “non

audit” –

annual activity evaluation and revocation or renovation of the

auditor appointments;

•

Supervising the finance reporting and the functioning of the internal risk management and control systems, as well as

evaluating those systems and proposing the adequate adjustments according to the Company necessities (including

without limitation, the monitorization of the development of the strategic lines and risk policies defined);

•

Supervising internal audits and compliance;

•

Establishing a permanent contact with the external auditors to assure the conditions, including independence, that

may be adequate for provision of services performed by them acting as the Company speaker for the subjects related

to the auditing process, and receiving and maintaining information on any other questions regarding

accounting subjects;

•

Preparing an annual report on its activities, including eventual constraints, and expressing an opinion on the

Management Report, the accounts and the proposals presented by the Board of Directors;

•

Receiving notices of financial and accounting irregularities presented by the

Company’s

employees, shareholders, or

entities that

have a direct interest and judicially protected, related with the Company’s social

activity;

•

Engaging the services of experts to collaborate with committee members in the performance of their functions (when

engaging the services of such experts and determining their remuneration, it must be taken into account the

importance of the matters entrusted to them and the economic situation of the Company);

•

Drafting reports at the request of the Board and its committees;

Related Party Transactions functions:

•

Periodically reporting to the Board of Directors on the commercial and legal relations between EDP or related entities

and EDP Renováveis or related entities;

•

In connection with the approval of the Company's annual results, reporting on the commercial and legal relations

between the EDP Group and the EDP Renováveis Group, and the transactions between related entities during the

fiscal year in question;

•

Ratifying transactions between EDP and/or related entities with EDP Renováveis and/or related entities by the

stipulated deadline in each case, provided that the value of the transaction exceeds €5.000,000 or represents 0.3% of

the consolidated annual income of the EDP Renováveis Group for the fiscal year before;

•

Ratifying any modification of the Framework Agreement signed by EDP and EDP Renováveis on May 7

, 2008;

•

Making recommendations to the Board of Directors of the Company or its Executive Committee regarding the

transactions between EDP Renováveis and related entities with EDP and related entities;

•

Asking EDP for access to the information needed to perform its duties;

125

•

Ratifying, in the correspondent term according to the necessities of each specific case, the transactions between

Qualifying Holdings other than EDP with entities from the EDP Renováveis Group whose annual value is superior to

1.000.000€;

•

Ratifying, in the correspondent terms according to the necessities of each specific case, the transactions between

Boa

rd Members, “Key

Employess”

and/or Family Members with entities from EDP Renováveis Group whose annual

value is superior to

75.000€.

Functioning

In addition to the Articles of Association and the law, this committee is governed by its regulations approved on June 27

2018,

which are available at the

Company’s website

The committee shall meet at least once a quarter and additionally whenever its Chairperson sees fit. The notices and supporting

documents of the topics to be discussed in each meeting of this committee are sent to its members in advance to their proper

discussion during the meeting. Additionally, this committee shall draft minutes of every meeting held and inform the Board of

Directors of its decisions at the first Board held after each committee meeting.

Decisions shall be adopted by majority and the Chairperson shall have the casting vote in the event of a tie.

2020 Activity

In 2020 the Audit, Control and Related Party Transactions c

ommittee’s activities included the

following:

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

2020 and the

distribution of dividends;

•

Information about the independence of the External Auditor;

•

Assessment of the external

auditor’s

work, especially concerning the scope of work in 2020, approval of all

“audit

related”

and

“non

audit” services and analysis of external auditor’s

remuneration;

•

Analysis the service proposal presented by the external Auditors for 2021-2023;

•

Supervision of the quality and integrity in the preparation and disclosure of the financial information in accordance with

the applicable accounting policies, estimates and judgments;

•

Drafting of an opinion about the individual and consolidated reports (including the Corporate Governance report) and

accounts, in a quarterly, half year and yearly basis;

•

Monitorization of the 2020 Internal Audit Action Plan and pre-approval of the draft prepared for the 2020 Internal Audit

Action Plan;

•

Monitorization of the recommendations issued by Internal Audit and reviewing the Internal Audit Standard;

•

Follow-up and supervision of the quality, integrity and efficiency of the treasury management (finance and debt), the

internal control system, risk management and internal auditing;

•

Evaluation of the strategies and risk policies adopted, and elaborating a report including its assessment about the risk

management during 2020;

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ANNUAL REPORT EDPR 2020

•

Information about Whistle-Blowing;

•

Information about the contingencies affecting to the Group;

•

Issuance of the report of its activities performed during 2019 and self-assessment about its performance, as well as

an specific anual report regarding the appraisal of the Internal Audit functions and Internal control activities.

•

Analysis of the decision of incorporating a new department

(“CIC”)

in the Company centralizing the Compliance and

Internal Control functions (including SCIRF), as well of the proposal issued by the Nominations and Remunerations

Committee regarding the candidate to perform its direction;

•

Analysis of the new candidate proposed for the Internal Audit direction.

Related Party Transactions Activities:

In 2020, the Audit, Control and Related Party Transactions Committee revised, approved and proposed to the Board of

Directors the approval of agreements and contracts between related parties submitted to its consideration.

Section E

–

I, topic 90 of Chapter 5 this Annual Report includes a description of the fundamental aspects of the agreements and

contracts between related parties.

The Audit, Control and Related Party Transactions Committee found no constraints during its control and supervision activities.

The information regarding the meetings celebrated by this committee and the attendance of its related members during the year

2020 is described at topic 35.

Nominations and Remunerations Committee

Composition

Pursuant to Article 29 of the

Company’s

Articles of Association and Article 9 the Nominations and Remunerations Committee

Regulations, this committee shall consist of no less than three (3) and no more than six (6) members. At least one of its

members must be independent and shall be its Chairman.

In accordance with its personal law (Spanish law), with recommendation V.3.3. of the Corporate Governance Code of IPCG,and

to the extent possible with recommendation V.2.1. of the Corporate Governance Code of IPCG (as considering that in Spain this

committee shall be created by the Board and being entirely comprised by members of its Board of Directors), the Nominations

and Remunerations Committee of EDPR is entirely constituted by Non-Executive Directors and being the majority of them

independent.

As of December 31

, 2020, the Nominations and Remunerations Committee consists of three (3) independent members, who

are the following:

•

Antonio Nogueira Leite, who is the Chairman

•

Francisco Seixas da Costa

•

Conceição Lucas

Additionally, Emilio García-Conde Noriega is the Secretary of the Nominations and Remunerations Committee.

None of the committee members are spouses or up to third degree relatives in direct line of the other members of the Board of

Directors.

The committee members shall maintain their positions for as long as they are Company Directors. Nonetheless, the Board may

decide to discharge members of the committee at any time and the members may resign said positions while remaining

Company Directors.

127

Competences

The Nominations and Remunerations committee is a permanent body belonging to the Board of Directors with an informative

and consultative nature and its recommendations and reports are not binding.

The Nominations and Remunerations committee has no executive functions. The main functions of the Nominations and

Remunerations committee are to assist and report to the Board of Directors about appointments (including by co-option), re-

elections, removals and remuneration of the Board Members and its Officers, the composition of the Board delegated

committees; as well as the appointment, remuneration, and removal of executive staff.

The Nominations and Remunerations Committee shall also inform the Board of Directors on general remuneration and incentive

policy and incentives for Board members and executive staff. These functions include the following:

•

Defining the standards and principles governing the composition of the Board of Directors and the selection and

appointment of its members;

•

Proposing the appointment and re-election of Directors in cases of appointment (including nominations by co-option)

for the submission to the General Shareholders’ Meeting by the Board of

Directors;

•

Proposing to the Board of Directors the candidates for the different committees;

•

Proposing to the Board, within the limits established in the Articles of Association, the remuneration system,

distribution method, and amounts payable to the Directors;

•

Making proposals to the Board of Directors on the conditions of the contracts signed with Directors;

•

Informing

and making proposals to the Board of Directors regarding the appointment and/or removal of executives and the

conditions of their contracts and generally defining the hiring and remuneration policies of executive staff;

•

Reviewing and reporting on incentive plans, pension plans, and compensation packages;

•

Any other functions assigned in the Articles of Association or by the Board of Directors.

On its meeting held on December 14th, 2016, the Board of Directors approved to delegate the functions related to the reflection

on the Corporate Governance structure and on its efficiency in the Nominations and Remunerations Committee. In the

performance of these functions, this committee annually issues a report where the Corporate Governance system adopted by

the Company is analyzed.

In accordance with the personal law of EDPR, all the Board Members shall attend to the

General Shareholder’s

Meeting, and as

exposed in topic 15 of this Chapter 5 of the Annual Report, all the Delegated Committees are composed Directors. As such, the

Chairperson of the Nominations and Remunerations Committee shall attend the

Shareholder’s Meetings,

and in case its agenda

includes any topic related to remuneration of the

company’s governing bodies,

this Director will be most adequate to answer.

During 2020 one

Shareholders’

Meeting was held on March 26

, and the Chairperson of the Remuneration Committee, Antonio

Nogueira Leite, attended.

Functioning

In addition to the Articles of Association, the Nominations and Remunerations Committee is governed by its Regulations

approved on June 4

2008.

The notices and supporting documents of the topics to be discussed in each meeting of this committee are sent to

its members in advance to their proper discussion during the meeting. Additionally, this committee shall draft minutes of

every meeting held and inform the Board of Directors of its decisions at the first Board held after each committee meeting.

Decisions shall be adopted by majority and the Chairperson shall have the deciding vote in the event of a tie.

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ANNUAL REPORT EDPR 2020

2020 Activity

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

•

Performance evaluation of the Board of Directors and Delegated Committees;

•

Analysis of the main principles of the new Remunerations Policy proposed for 2020-2022;

•

Drafting of the Declaration of the Board of Directors Remuneration Policy for 2020 to be proposed to the Board

of Directors for its submission to the General Shareholders Meeting;

•

Analysis of the decision of incorporating a new department

(“CIC”)

in the Company centralizing the Compliance and

Internal Control functions (including SCIRF), as well as the proposal regarding the candidate to perform its direction

and the objtectives, functions and reporting lines to be applied;

•

Development of an analysis regarding the gender diversity criteria regulation and recommendations applicable to

EDPR in 2020;

•

Drafting the report of its activities performed during the year 2019;

•

Analysis and issuance of a reflection on the Corporate Governance system adopted by EDPR;

•

Analisis and ackwoledgement of the mesures applied to António Mexia and João Manso Neto in the context of the

judicial procedure undergoing related to the activity of EDP

–

Energias de Portugal, concluding to this extent that the

reinforcement of the executive line with an additional member would be advisible to ensure the agility of its response,

and therefore proposed to the Board of Directors to establish the number of members of the Executive Committee in

five (5) in accordance with Article 27.3 of the Bylaws, and to appoint Rui Teixeira as new member of the Executive

Committee and as Joint CEO, designated as the responsible person to coordinate the Executive Committee activities

and to liaise with EDP

–

EDPR’s principal shareholder

III.Supervision

A) Supervision

30. Supervisory Board model adopted

EDPR’s governance model,

as long as it is compatible with its personal law (Spanish law), corresponds to the so -called

“Anglo

Saxon” model

set forth in the Portuguese Commercial Companies Code, in which the management body is a Board of Directors,

and the supervision and control duties are of the responsibility of an Audit, Control and Related Party Transactions Committee.

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

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

as follows:

MEMBER

DATE

FIRST

APPOINTMENT

Acacio Piloto

Chairman

27/06/2018

Antonio Nogueira Leite

Vocal

6/11/2018

Francisca Guedes de Oliveira*

Vocal

27/06/2018

*Francisca Guedes de Oliveira presented her resignation as Member of the Board with effects 30

December 2020, and therfore also as member of the Audit, Control, and

Related Party Transactions Committee. In order to fill this vacancy at the committee level, the Board of Directors resolved at its meeting held on January 19

, 2021 to

appoint Francisco Seixas as new member of the Audit, Control and Related Party Transactions Committee.

129

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 c

ommittees is evaluated according to the Company’s personal law, the

Spanish law.

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

Party Transactions Committee

Professional qualifications of each member of the Audit, Control and Related Party Transactions Committee and other important

curricular information, are available in the Annex I of this Chapter 5 of the Annual Report.

B) Functioning

34. Audit, Control and Related Party Transactions Committee Regulations

The Audit, Control and Related Party Transactions Committee regulations are available at the

Company’s website and at the

Company’s Headquarters

at Plaza del Fresno, 2, Oviedo, Spain.

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

The Audit, Control and Related Party Transactions Committee regularly meets representatives of the internal specialized

departments involved in the areas under c

ommittee’s competences

in order to discuss the information periodically reported

about, among others, work plans and resources of the internal auditing service (including Compliance), Company accounts,

detection of potential irregularities (whistleblowing), global risk management and audit and non-audit services provided by

the External Auditor (including the appraisal about its independence). This relationship provides a wider information to the

committee that would be taken into account for the development of its functions and in particular, for the assessments issued

under the elaboration of the Internal Control Report, the SCIRF Report and the Risk Management Report, that this committee

issues for every fiscal year.

During 2020, the Audit, Control and Related Party transactions Committee held a total of nine (9) meetings, and as referred in

paragraph above, in order to better perfom its supervisory functions over the activities reported by the areas within its

competentences, the committee invited the responsible teams of the related areas to several of these meetings as follows:

Internal Audit participated in eight (8), CIC (Compliance and Intercal Control) in four (4), Global Risk in four (4), Planing and

Control in four (4); Finance in five (5) and Administration, Consolidation and Tax in nine (9). Likewise, the committee invited the

External Auditors to four (4) of these meetings.

The following tables reflect the attendance of the members of the Audit, Control and Related Party Transactions Committee to

its meetings held during 2020:

MEMBER

POSITION

ATTENDANCE

Acacio Piloto

Chairman

100%

Antonio Nogueira Leite

Vocal

89%

Francisca Guedes de Oliveira

Vocal

100%

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

The members of the Audit, Control and Related Party Transactions Committee are fully available for the performance of their

duties having no constraints for the execution of this function simultaneously with positions in other companies. The positions

held simultaneously in other companies inside and outside the Group and other relevant activities undertaken by members of

this committee throughout the financial year are listed in Annex I of this Chapter 5 of the Annual Report.

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ANNUAL REPORT EDPR 2020

C) Powers and duties

37. Procedures for hiring additional services to the External Auditor

In accordance to the Recommendation VII.2.1. of the IPCG Corporate Governance Code, in EDPR there is a policy of pre-

approval by the Audit, Control and Related Party Transactions Committee of the the provision of non-audit services to be

provided by the External Auditor and any related entity. This policy was strictly followed during 2020.

The non

–

audit services provided by the External Auditor and entities in a holding relationship with or incorporated in the same

network as the External Auditor were previously approved by the Audit, Control and Related Party Transactions Committee

according to Article 8.A), b) of its Regulations, considering the following aspects: (i) such services having no effect on the

independence of the External Auditor and any safeguards used; and (ii) the position of the External Auditor in the provision of

such services - notably the External Auditor

’

s experience and knowledge of the Company.

Furthermore, although hiring services other than auditing services to the External Auditor is admissible, it is envisaged as an

exception. In 2020 such services reached only around 6.5% of the total amount of services provided to the Company.

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

Apart from the competences expressly delegated on the Audit, Control and Related Party Transactions Committee according to

Article 8 of its Regulations, and in order to safeguard the independence of the External Auditor, the following additional

competences of this committee were exercised during the 2020 financial year and should be highlighted:

•

Pre-approval of any services to be hired from the External Auditor and perform its direct and exclusive supervision;

•

Assessment of the qualifications, independence, and performance of the External Auditors, and obtaining, yearly and

directly from the External Auditors, written information on all relations existing between the Company and the Auditors

or associated persons, including all services rendered and all services in progress. In order to evaluate independence,

the Audit

Committee, obtained the information regarding External Auditors’ independence in light of the Spanish Law

no. 22/2015 of July 20th, 2015 (

“

Ley de Auditoría de Cuentas

”

);

•

Review of the transparency report, signed by the Auditor and disclosed at its website. This report covers the matters

provided for under Law no. 22/2015 of July 20th, 2015 (

“

Ley de Auditoría de Cuentas

”

); including those regarding

the quality control internal system of the audit firm and the quality control procedures carried out by the competent

authorities;

•

Review with the External Auditors their scope, planning, and resources to be used in their provision of services;

IV-V. STATUTORY AND EXTERAL AUDITORS

39-41.

According to the Spanish law, the External Auditor (

“

Auditor de Cuentas

”

) is appointed by the General Shareholders

’

Meeting and corresponds to the statutory auditor body (

“

Revisor Oficial de Contas

”

) described on the Portuguese Law.

The information about the External Auditor is available in topics 42 to 47 of Section V of this Chapter 5 of the Annual Report.

42. External Auditor identification

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

the following:

•

Recognized technical and professional track record as External Auditor;

•

Consolidated

Know-How

about the business developed by the whole Group;

131

•

Tailored and highly prepared working team;

•

Competitive contractual conditions and working methodology (including but without limitation, the total estimation of

hours required for the development of the services- both as a total for the complete provision of services, and per

each professional category of the proposed team);

•

Competitive fee proposal, including the final cap and a breakdown referring the price average per hour, and the

remuneration per hour for each professional category of the proposed team.

As a result of a competitive process launched in 2017, during which the above criteria were exhaustively analyzed,

PricewaterhouseCoopers

Auditores, S.L. was appointed as EDPR SA External Auditor by the Shareholder’s Meeting held on

April 3

, 2018. PricewaterhouseCoopers Auditores, S.L., is a Spanish Company registered at the Spanish Official Register of

Auditors under number S0242 with Tax Identification Number B-79031290 and whose audit partner in charge of EDPR is Iñaki

Goiriena.

43. Number of years of the External Auditor

PricewaterhouseCoopers Auditores, S.L. is in charge of the audit of EDPR SA accounts for the years 2018, 2019 and 2020,

being 2018 the first year performing these duties.

44. Rotation Policy

According to the personal Law of EDPR - the Spanish Law- the maximum term for an audit firm as the External Auditor of a

company is established in a 10-year term.

Following the proposal of the Audit, Control and Related Party Transactions Committee presented to the Board of Directors to

its submi

ssion to the General Shareholders’ Meeting, on its meeting held on

April 3

2018, it was approved to appoint

PricewaterhouseCoopers

Auditores, S.L as EDPR’s External Auditor for the years 2018, 2019 and 2020.

45. External Auditor evaluation

The Audit, Control and Related Party Transactions Committee is responsible for the monitorization and annual evaluation of the

services provided by the External Auditor according to the competences granted by its Regulations. In order to perform this

assessment, this committee periodically includes in the agenda of its meetings a topic regarding the review of the services

provided by the External Auditor (both audit an

non-audit

) and the fees already incurred and those estimated until year

end. Likewise, and as exposed in topic 35 of this Chapter 5 of the Annual Report, the External Auditor attends and participates

in some of the meetings held by this committee, mainly in order to analyze the results of their audit reports. As such, the Audit,

Control and related Party Transactions Committee acts as the company speaker with the External Auditor, with whom

establishes a permanent contact throughout the year to assure the proper conditions for the provision of both the statutory audit

services and non-audit services, and being also the body in charge of monitoring its independence along the year. Likewise, the

External Auditor shall sign an annual statement declaring its independence.

During 2020, according to the Audit, Control and Related Party Transactions Commit

tee’s competences and in line with

Recommendation VII.2.2, this committee was the first and direct recipient and the corporate body in charge of the permanent

contact with the External Auditor on matters that may pose a risk to their independence as well as any other matters related to

the auditing of accounts.

Additionally, in compliance with the auditing standards in effect, it also receives and maintains the record of information about

other matters as provided in the applicable auditing and accounting legislation. The External Auditor, within the scope of

its duties, verified the implementation of the remuneration policies and systems of the corporate bodies as well as the efficiency

and effectiveness of the internal control mechanisms and report any shortcomings to the Audit, Control and Related

Party Transactions Committee of the Company.

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ANNUAL REPORT EDPR 2020

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

On March 3

, 2016, it was approved the regulation on the provision of services by the Statutory Auditor or Statutory Audit Firm,

which defines and promotes criteria and methodologies to safeguard the independence of the audit and non-audit services

(SDA).

In accordance with such regulation, the Audit, Control and Related Party Transactions Committee closely follows the

requests of non- audit services, each of which necessarily require the preapproval of this committee before its provision as

per exposed in topic 29 of this Chapter 5 of the Annual Report and Article 8.A),b) of its Regulations.

The identification of such non- audit services that will eventually be provided by the External Auditors is performed under the

rules issued by the European Union on this matter, in particular under Regulation 537/2014 and the Spanish Auditing Law nº

22/2015, of 20

July, as well as when applicable, in line with the particularities of the local regulations where the service is to be

provided.

During 2020 the non-audit services provided by the External Auditor of EDP Renováveis S.A

(PricewaterhouseCoopers Auditores, S.L) consisted mostly on i) limited review as of June 30

, 2020 of the EDPR Consolidated

Financial Statements; ii) review of the internal control system on financial reporting for the EDPR Group; and iii) review of the

non-financial information related to sustainability included in the

EDPR Group’s annual report. Other non

-audit services provided

by the External Auditor or its network to

EDPR’s

subsidiaries mainly refer to i) quarterly reviews as of March 31

,2020 and

September 30

, 2020 for

EDP Group’s consolidation purposes;

and ii) agreed-upon procedures, mainly related to the review

of covenants in the context of bank financing agreements, external

auditor’s certifications for share capital transactions

as required by local Laws and IFRS conversion/adoption for some EDPR subsidiaries.

PricewaterhouseCoopers Auditores, was engaged to provide the above-mentioned services due to its in-depth knowledge of the

Group’s

activities and processes. These engagements did not risk their independence as External Auditors and were pre -

approved by the Audit, Control and Related Party Transactions Committee prior to rendering the services.

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

TYPE OF SERVICE

PORTUGAL

SPAIN

BRAZIL

OTHER

TOTAL

Audit and statutory audit

of accounts

161,802

583,370

166,671

1,066,435

684,006

2,662,284

93.5%

Total audit related

services

161,802

583,370

166,671

1,066,435

684,006

2,662,284

93.5%

Other non-audit services

151,382

4,000

29,007

184,389

6.5%

Total non-audit related

services

151,382

4,000

29,007

184,389

6.5%

Total

161,802

734,752

170,671

1,066,435

713,013

2,846,673

100,00%

The amount of Other non-audit services in Spain includes, among others, services that refer to the entire Group such as the

review of the internal control system on financial reporting and review of the non-financial information related to sustainability

included in the EDPR Group

’

s annual report, which are invoiced to a Spanish companies. This amount also includes the

limited review as of June 30, 2020 of the EDPR Consolidated Financial Statements and other reviews for Group consolidation

purposes which are considered non-audit services according to the respective local regulation.

Total amount for Spain refers to services provided by PricewaterhouseCoopers Auditores S.L.

The above fees exclude the fees for full consolidated Viesgo companies which are also audited by PricewaterhouseCoopers

Auditores S.L in the amount of 90,471 Euros and the fees for the companies that were sold during 2020 (see note 6 of the

consolidated annual accounts).

133

C. Internal organisation

I. Articles of Association

48. Amendmets to the articles of association

The amendments of the Articles of Association of the Company are of the responsibility of the

General Shareholders’ Meeting.

According to Article 17 of the

Company’s

Articles of Association

(“

Constitution of the

General Shareholders’ Meeting,

Adoption of resolutions

”),

to validly approve any amendment to the Articles of Association, the Ordinary or Extraordinary

Shareholders’ Meeting

will need:

•

On first call, that the Shareholders either present or represented by proxy, represent at least fifty percent (50%) of the

subscribed voting capital.

•

On second call, that the Shareholders either present or represented by proxy, represent at least twenty-five percent

(25%) of the subscribed voting capital.

In the event that the shareholders attending represent more than fifty percent (50%) of the subscribed voting capital, the

resolutions referred to in the present paragraph will be validly adopted when reached absolute majority. If the shareholders

attending represent between twenty-five percent (25%) and fifty percent (50%)

–

but without reaching it

–

the favorable vote of

two-

thirds (2/3) of the present or represented capital in the General Shareholders’ Meeting will be required in order to validly

approve these resolutions.

II. Reporting of irregularities

49. Irregularities communication channels

WHISTLEBLOWING

EDPR has always carried out its activity by consistently implementing measures to ensure the good governance of its

companies, including the prevention of incorrect practices, particularly in the areas of accounting and finance.

On this basis, and in compliance with the provisions of IPCG Corporate Governance Code, EDPR provides the Group workers

with a channel enabling them to report directly and confidentially to the Audit, Control and Related Party transactions Committee

any practice presumed illicit or any alleged accounting and/or financial irregularity in their Company.

With this channel for reporting irregular accounting and financial practices, EDPR aims to:

•

Guarantee conditions that allow workers to freely report any concerns they may have in these areas to the Audit, Control,

and Related Party Transactions Committee;

•

Facilitate the early detection of irregular situations, which, if practiced, might cause serious damage to the EDPR Group, its

workers, customers and shareholders.

Contact with the Company’s Audit, Control and Related Party Transactions Committee to this extent is only possible by email

and post, and access to information received is restricted.

Any complaint addressed to the Audit, Control and Related Party Transactions Committee will be kept strictly confidential and

the whistle-blower will remain anonymous, provided that this does not prevent the investigation of the complaint. He/she will be

assured that the Company will not take any retaliatory or disciplinary action as a result of exercising his/her right to blow the

whistle on irregularities, provide information, or assist in an investigation. The process and functioning rules of this channel are

explained in the Welcome Presentation organized every year for the new hires of EDPR and also published on the intranet and

website of the Company. The bylaws of this channel are available at the intranet of the Company, which includes, among other

issues, the regulation of the suitable means and procedure of communication and treatment of irregularities, and the terms of

safeguarding the confidentiality of the information transmitted and the identity of its provider.

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ANNUAL REPORT EDPR 2020

The Secretary of the Audit, Control and Related Party Transactions Committee receives all the communications and presents a

quarterly report to the members of the Committee. In 2020 there were no communications through this channel regarding any

irregularity at EDPR.

CODE OF ETHICS AND ETHICS CHANNEL

EDPR has astrong commitment in relation to the dissemination and promotion of compliance with ethic guidelines and principles

like transparency, honesty, integrity, non-discrimination, equal opportunity, and sustainability, which is encouraged to all

employees. With this goal, a new Code of Ethics was approved in December 2020 which replaces the Code of Ethics of

February, 2014 as well as the regulation to the Code of Ethics. The commitments of this new Code are equally applicable to

EDPR business partners, representatives and suppliers who are, in any way, entitled to act on behalf of EDPR.

Other suppliers are explicitly required to respect this Code, in accordance with the obligations arising from qualification

procedures or established contracts.

The Code of Ethics is

an “action guide” reflecting the way EDPR believes one should work, therefore its enforcement is

inevitably mandatory; and thefore, employees who do not comply with this Code shold be subject to disciplinaty actions under

the terms of the applicable regulations. Suppliers to whom the Code is applicable will also be subject, in the event of non-

compliance, to the measures or sanctions contractually established or arising from the assessment and qualification procedures

in force at EDPR.

The Code is a privileged tool that frames the reflection on Ethics, but it is essentially a means of supporting the resolution of

ethical issues, since it presents standards and norms of behaviour that help sustain our decisions

Both the Code and its regulations are published on its intranet and website and attached to the labour agreements of the new

hires to their written acknowledgement when they join the Company. Likewise, this Code has been widely circulated to the

employees of the Group through internal communications and additionally, with the objective that every employee of

the Company receive an specific training on Ethics at least once, the Company periodically, provides an online

course

(“Ética

EDP”)

to all the employees. In this sense, during 2020 the following Ethic courses were launched: (i)

Ethics is

Value: in me, in society, in EDP

; and (ii)

Ética é valor:15 anos de edifício ético EDP

In order to support and achieve its Ethics Code and Ethics commitments and initiatives, and with the aim of minimizing the risk

of unethical practices, generating transparency and trust in relationships, EDPR has also approved and implemented the

following:

•

Ethics Committee:

is a committee enterely composed by independent members , whose objective is to ensure the

Code of Ethics compliance within the Company, processing all information received to this extent and establishing, if

appropriate, corrective actions.

The main functions of the Ethics Committee are the receipt, registration, processing and reporting to the Board of

Directors of information and reports received by the employees regarding infractions of the Code in matters of

legislation and ethics, conduct in the work environment, human rights and equal opportunities, integrity, relations

with customers and suppliers, the environment and sustainability. These functions include the following:

Proposing corporate ethics instruments, policies, goals and targets;

Monitoring application of the Code of Ethics, laying down guidelines for its regulation and overseeing its

proper application by the Company and its subsidiaries;

Analysing reported infractions of the Code of Ethics, deciding on their relevance and admissibility;

Deciding if there is any need for a more in-depth investigation to ascertain the implications and persons

involved. The Ethics Committee may, for this purpose, use internal auditors or hire external auditors

or other resources to assist in the investigation;

Appointing the Ethics Ombudsperson;

Any other functions assigned to it in the Articles of Association or by the Board of Directors.

135

The Ethics Committee shall be composed by three members: the Chairman of the Audit, Control and Related Party

Transactions Committee, the Chairman of the Appointments and Remuneration Committee, and the Compliance Officer.

As of December 31

, 2020, the members of the Ethics Committee are as follows:

Acacio Piloto, Chairman of the Ethics Committee as Chairman of the Audit, Control and Related Party

Transactions Committee;

Antonio Nogueira Leite, vocal of the Ethics Committee as Chairman of the Nominations and Remunerations

Committee;

Joao Paulo Cruz Bastia Mateus, vocal of the Ethics Committee as Compliance Officer of EDPR;

The Ethics Committee shall meet at least once a year and whenever the Chairman deems it is necessary, and its

meetings shall be validly convened when one-half plus one of its members are present or represented at the meeting.

The resolutions of the Ethics Committee shall be approved by majority vote with the Chairman casting deciding vote in the

event of a tie. This Committee shall also inform the Board of Directors of the resolutions it approves at the first meeting of

the Board following the Committee meeting in which the resolution was agreed.

•

Ethics Ombudsperson:

is an external person from the Company that receives complaints and doubts submitted through

the Ethics Channel and investigates and documents the procedure for each of them, with guaranteed confidentiality in

relation to the identity of the claimant. The appointment for this position is made by the Ethics Committee. Its

main functions are therefore as follows:

Receiving the doubts and claims submitted through the Ethics channel and preparing and documenting the cases;

Submitting the related reports of the claims received to the Ethics Committee;

Monitoring each case analyzed until its conclusion, liaising with the complainant whenever necessary.

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

•

Ethics Channel:

is an internal and external channel made available for the submission of claims and doubts about the

infringements of the Ethics Code in matters of legislation and ethics, conduct in the work environment, human rights and

equal opportunities, integrity, relations with customers and suppliers, environment and sustainability. This channel is

available on the intranet and Website of the Company and its existence and functioning is also introduced in Welcome

Presentation organized every year for the new hires of EDPR. The procedure and workflow of the claims and queries

submitted through this channel is regulated under the Regulations of the Code of Ethics and the regulations of the Ethics

Committee, and is as follows:

The claimant (internal or external) submits its communication through the Ethics Channel (by email or letter

through the template available at the Website an intranet), which is received by the Ethics Ombudsperson.

The Ethics Ombudsperson starts the investigation and drafts the related report.

The Ethics Ombudsperson submits the summary of the investigation to the Ethics Committee (omitting the

identity of the complainant) for its deliberation about the effective infringement of the Ethics Code or not and,

to analyse if additional information is needed. If the latest were the case, an investigation will be carried out with

the support of internal or external means as appropriate.

The final decision about the query or claim is communicated to the claimant. The Ethics Ombudsperson will

make further contact with the complainant to report the opinion of the Ethics Committee.

In 2020, there were three (3) claims submitted through the Ethics Channel. Two of them were considered unfounded, and the

other one as inconclusive. Thus, the Ethics Committee declared the closing

of the processes and filed the claims.

One of the claims was concluded in early 2021.

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ANNUAL REPORT EDPR 2020

ANTI-CORRUPTION POLICY

In order to ensure compliance with the standards of Anti-Corruption Regulation in every geography where EDPR operates, the

Company developed in 2014 an Anti-Bribery Policy of application to all EDPR Group, which was approved by its Board of

Directors on December 19

2014, and last updated in 2017. A new revision of the Anti-Corruption Policy was performed in July

2019 and approved by the Executive Committee; and communicated to all EDPR Employees.

This Anti-Corruption Policy implies a series of procedures regarding the relationships of EDPR employees with external parties,

namely the approval of certain actions regarding hospitality to and from external parties, donations, and sponsorships. This

Policy was implemented in the Group in 2015, through the introduction of several approval systems in the corporate’s employee

channels in order to ensure transparency and prevent any corrupt business practice, and since then, has been periodically

communicated EDPR employees. Once this implementation was finished, the corresponding training sessions were organized

for part of our employees, and made available the Policy in the intranet and Website, in order to ensure appropriate knowledge

and understanding of the Policy. It is also attached to the labor agreements of the new hires to their written acknowledgement

when they join the Company, and besides that, in the Welcome Presentation organized every year for the new hires of EDPR,

they are also explained the main contents of this documents and its functioning.

III. Internal Control and Risk Management

50. Internal Audit

EDPR’s

Internal Audit Department is composed by eight (8) members. The function of

EDPR’s

Internal Audit is to carry out an

objective and independent assessment of the

Group’s

activities and of its internal control situation, in order to make

recommendations to improve the internal control mechanisms over systems and management processes in accordance with

the

Group’s

objectives.

The functions of the Internal Audit Department of EDPR were evaluated

by the “

Instituto de Auditores Internos

”

for the first time

in 2020, (as until the date, that was analized jointly with EDP), obtaining the highest calification.

EDPR has a Responsibilities Model and a SCIRF Manual (Internal Control System over Financial Reporting), in which

individuals, governing bodies and committees responsible for implementing and managing the internal control system are

indicated.

The Responsibilities Model includes the functions and main activities in the management and maintenance of the system at all

levels of the organization including monitoring activities related to the annual cycle, the implementation of controls and

documentation of evidence and supervision activities.

The SCIRF Manual incorporates the general principles of the Internal Control System over Financial Reporting as well as

the methodology used, the procedures for ensuring the effectiveness of internal control and design of models,

documentation, evaluation and reporting.

In line with the general principles of the model adopted by EDPR for the management of the SCIRF, the COSO Internal Control

integrated Framework 2013 (Committee of Sponsoring Organisations of the Treadway Commission), the responsibility for

supervising the Internal Control System lies in the Board of Directors and the Audit, Control and Related Party Transactions

Committee. The CEO is accountable before the Board and must ensure the proper functioning and effectiveness the SCIRF,

promoting its design, implementation and maintenance. The Executive Committee must support the CEO in this task, guiding

the development of the Entity Level Controls of the company and the controls in their areas of responsibility, relying when

necessary on other levels of the organisation. Also, the Senior Managers are responsible for evaluating any deficiencies

and implementing appropriate improvement opportunities.

To ful

fil these responsibilities, EDPR’s Internal Control offers support and advice for the management and development of the

SCIRF.

137

51. Organisational structure of Internal Audit

The Internal Audit function in EDPR Group is a corporate function carried out by the Internal Audit Department, which reports

both to the Chairman of

EDPR’s

Executive Committee and to

EDPR’s

Audit, Control and Related Party Transactions

Committee.

52. Risk Management

EDPR’s Enterprise

Risk Management Process is an integrated and transversal management model that ensures the

minimization of the effects of risk on EDPR's capital and earnings, as well as the implementation of best practices of Corporate

Governance and transparency. The process aligns

EDPR’s

risk exposure with the

company’s

desired risk profile.

The Enterprise Risk Management Framework was approved in 2016, in accordance with the guidelines agreed at its Board of

Directors level. Based on this risk framework, the Company develops a Risk Management System through individual risk

policies and procedures for most relevant risks, where it is defined the methodology to calculate probability of occurrence

and impacts, as well as mitigation measures and thresholds. In addition, these risk policies and procedures establish the

process for control, periodic evaluation and eventual adjustments. The approvals necessary to proceed with this system are

submitted to the Executive Committee, which will inform the Board of Directors of these progresses. Likewise, the Risk

Management System is closely followed and supervised by the Audit, Control and Related Party Transactions Committee, an

independent supervisory body composed of non executive members that reports to the Board of Directors, in charge, among

others, of the monitorization of the compliance and progresses of the Risk Management Plan and possible improvements to the

measures and controls for mitigating potential risks identified within EDPR.

Market, counterparty, operational, business and strategic risks are identified and assessed and, following the result of

the assessment, Risk Policies are defined and implemented across the company. These policies are aimed to mitigate

risks without compromising potential opportunities, thus, optimizing return versus risk exposure.

In 2020, EDPR updated the Enterprise Risk Management Framework following Risk Committees discussions in order to update

of risk limits for the NI@Risk metric, following the recent growth of the company.

During 2020, EDPR updated its view on the sustainability of RES policies in the geographies where the Company is present and

in new potential geographies. This deep-dive analysis was performed within the scope of the Country Risk Policy.

EDPR carried out a review of historical capex deviations for projects in both Europe & Brazil and North American platforms, with

the aim of improving the accuracy of Capex contingencies to be included in the modelling of future projects.

Finally, an updated methodology for EBITDA@Risk and NI@Risk was approved, through a bottom-up calculation allowing for a

closer and more intuitive monitoring of the different risks.

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ANNUAL REPORT EDPR 2020

53. Risk Map

Risk Management at EDPR is focused on covering all risks of the company. In order to have a holistic view of risks, they

are grouped in Risk Categories, which are Market, Counterparty, Operational, Business and Strategic. The definition of Risk

Categories at EDPR is as follows:

•

Market Risk

–

It refers to the risk to EDPR resulting from movements in market prices. Due to the relationship

between wind production and energy price, production risk is considered within market risk. In particular, market risk

are changes in energy prices, production, interest rates, foreign exchange rates, inflation and commodity prices (other

than energy);

•

Counterparty Risk (credit and operational)

–

Risk that counterparty to a transaction could default before final

settlement of the

transaction’s

cash flows. A direct economic loss would occur if transactions with the counterparty

had positive economic value at the time of default. Even in the case of not defaulting, it may not comply with its

contract obligations (timing, quality, etc.), implying additional higher costs due to its replacement or to delays in

fulfilling the contract;

•

Operational Risk (other than counterparty)

–

Defined as the risk of loss resulting from inadequate or failed internal

processes, people and systems or from external events (such as an increase in equipment default rates, increasing

O&M, or natural disasters), including the effect of a loss created by not being able to ensure business continuity;

•

Business Risk

–

Potential loss in the company’s earnings due to adverse changes in business

margins. Such losses

can result above all from a serious increase in equipment prices or changes in the regulatory environment. Changes

in electricity prices and production are considered market risks;

•

Strategic Risk

–

It refers to risks coming from macroeconomic, political, social or environmental situation in countries

where EDPR is present, as well as those

coming from a change in competitive landscape, from technology disruptions, from changes in energy markets or from

governance decisions (investment decisions criteria, Corporate Governance and Reputational issues).

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

1. Market Risk

1. i) Energy price risk

EDPR faces limited electricity price risk as it pursues a strategy of being present in countries or regions with long -term visibility

on revenues. In most countries where EDPR is present, prices are determined through regulated framework mechanisms. In

those countries with no regulated tariffs, power purchase agreements are negotiated with different off- takers to eliminate

electricity and Green Certificate or Renewable Energy Credit (REC) price risks.

Despite EDPR’s strategy of eliminating market price risk, EDPR still has some plants with merchant exposure.

In Europe, EDPR operates in countries where the selling price is defined by a feed-in-tariff (Portugal, France and Italy) or in

markets where, on top of the electricity price, EDPR receives either a pre-defined regulated premium or a green certificate,

whose price is achieved on a regulated market (Spain, Belgium, Poland and Romania). EDPR is also developing projects in the

UK and in Greece, under contract for differences remuneration schemes.

In countries with a predefined regulated premium or a green certificate scheme, EDPR is exposed to electricity price

fluctuations.

Considering current Power Purchase Agreements (PPAs) in place, EDPR is exposed to electricity price risk in Romania, in

Poland, in Belgium and partially in Spain. Additionally, in European countries with a green certificate scheme

(Romania, Belgium and Poland), EDPR is exposed to fluctuation on the price of green certificates.

The US market does not provide a regulated framework system for the electricity price. Nevertheless, renewable generation is

incentivized through PTCs (Production Tax Credits) and regional Renewable Portfolio Standard (RPS) programs that allow

139

receiving RECs for each MWh of renewable generation. REC prices are very volatile and depend on the regional

supply/demand equilibrium in the relevant market.

Most of

EDPR’s

capacity in the US has predefined prices determined by bundled (electricity + REC) long-term contracts with

local utilities in line with the

Company’s

policy of avoiding electricity price risk. Despite existing long term contracts, some

EDPR’s

plants in the US do not have PPA and are selling merchant with exposure to electricity and REC prices. Additionally,

some plants with existing PPAs do not sell their energy where it is produced and are therefore exposed to basis risk (difference

in price between the location where energy is produced and that where energy is sold).

In Ontario (Canada), the selling price is defined by a long-term feed-in-tariff, thus, there is no electricity price exposure.

In Brazilian and Colombian operations, the selling price is defined through a public auction which is later translated into a long -

term contract. Electricity price exposure is almost null, with little exposure for the production above or below the contracted

production.

Under EDPR’s

global approach to minimize the exposure to market electricity prices, the Company evaluates on a permanent

basis, if there are any deviations to the pre-defined limits (measured through EBITDA at risk, Net Income at risk and total

merchant exposure).

EDPR intends to eliminate Green Certificates and REC price risk with the signing of bundled PPAs with private off-takers, which

include the sale of the electricity and the Green Certificate or REC. In some cases, the off-taker may be interested in contracting

only the Green Certificate or the REC, thus a GCPA (Green Certificate Purchase Agreement) or a RECPA (REC Purchase

Agreement) is signed.

In those geographies with remaining merchant exposure, EDPR uses various commodity-hedging instruments in order to

minimize the exposure to fluctuating market prices. In some cases, due to the lack of liquidity of financial derivatives, it may not

be possible to successfully hedge all existing merchant exposure, after considering PPAs in place.

In 2020 EDPR had financially hedged most of its remaining merchant exposure in Poland, Romania, Spain, Brazil and the US,

mitigating any potential impact from COVID-19 pandemic.

As aforementioned, some US plants have exposure to REC price risk and/or basis risk (difference in electricity price between

locations). EDPR hedges REC prices through forward sales and basis exposures through financial swaps or FTR (Financial

Transmission Rights).

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, when energy prices are lower and the opposite for solar. Generation profile will affect the

discount or add-on in price of a plant versus a baseload generation.

Finally, curtailment of a plant will also affect its production. Curtailment occurs when the production of a plant is stopped by the

TSO (Transmission System Operators) for external reasons to the Company. Examples of cases of curtailment are upgrades in

transmission lines or exceptional congestion (high level of electricity generation for available transmission capacity).

EDPR mitigates wind and solar resource volatility and seasonality through geographical diversification of its asset base in

different countries and regions.

EDPR acknowledges the correlation between different plants in its portfolio that allows for this geographical diversification,

which enables EDPR to partially offset production variations in each region and to keep the total energy generation relatively

steady. Currently, EDPR is present in 14 countries: Spain, Portugal, France, Belgium, Poland, Romania, Italy, UK (no

generation), Greece (no generation), Colombia (no generation), US, Canada, Brazil and Mexico.

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ANNUAL REPORT EDPR 2020

Nevertheless, 2020 was a year with generation slightly below the one initially forecasted.

EDPR continues to analyze the potential use of financial products to hedge wind risk and might use this product to mitigate risk

in specific cases.

Profile risk and curtailment risk are managed ex-ante. For every new investment, EDPR factors the effect that expected

generation profile and curtailment will have on the output of the plant. Generation profile and curtailment of

EDPR’s

plants are

constantly monitored by

EPDR’s

Risk department to detect potential future changes.

1. iii) Risks related to financial markets

EDPR finances its plants through project finance or corporate debt. In both cases, a variable interest rate might imply significant

fluctuations in interest payments.

On the other hand, due to EDPR’s presence in several countries, revenues are denominated in different currencies.

Consequently, exchange rate fluctuations may have a material adverse effect on financial results or on the value of the foreign

investment.

1. iii) a) Interest rate risk

Given the policies adopted by EDPR Group, current exposure to variable interest rate is not significant and financial cash flows

are substantially independent from the fluctuation of interest rates.

The purpose of interest rate risk management policies is to reduce the exposure of long-term debt cash flows to market

fluctuations, mainly by contracting long term debt with a fixed rate.

When long-term debt is issued with floating rates, EDPR settles derivative financial instruments to swap from floating to fixed

rate.

EDPR has a portfolio of interest-rate derivatives with maturities of up to 14 years. Sensitivity analyses of the fair value of

financial instruments to interest-rate fluctuations are periodically performed.

With most of interest rate being fixed, main exposure to interest rates arises at refinancing. To protect against this risk, EDPR

intends to maintain a balanced maturity profile for its corporate fixed debt, thus, diversifying the risk of bad

timing when refinancing occurs.

Repricing calendar of debt is continuously monitored together with interest rates in order to detect good timing for restructuring

debt.

Taking into account risk management policy and approved exposure limits, Global Risk

Area supports the Finance team in

interest rate hedging decisions and the Finance team submits the financial strategy appropriate to each project/location for

Executive

Committee’s

approval.

1. iii) b) Exchange rate risk

EDPR has international operations and is exposed to the exchange-rate risk resulting from investments in foreign subsidiaries.

Currency exposure in operating plants is to U.S. dollar, Romanian leu, Polish zloty, Brazilian real, British pound, Canadian dollar

and Colombian pesos. In addition, EDPR has a marginal fiscal exposure to MXN due to Mexican assets.

EDPR hedges risk against currency fluctuations by financing in the same currency as the revenues of the project. When local

financing is not available, EDPR hedges debt cash flows though cross currency interest rate swaps.

EDPR also hedges net investment (investment after deducting local debt) in foreign currency through cross currency interest

rate swaps.

Finally, EDPR contracts foreign exchange forwards to hedge the risk in specific transactions, mainly in payments to suppliers

which may be denominated in different currencies.

141

EDPR’s hedging

efforts minimize exchange rate volatility, but do not eliminate completely this risk due to high costs associated

to hedging FX in certain situations.

1. iii) c) Inflation risk

In specific projects, regulated remuneration is linked to inflation. Additionally, O&M costs are considered to be linked to

inflation in most cases.

Exposure to inflation in revenues may be naturally hedged with exposure to interest rates and EDPR regularly analyses inflation

exposure and its relationship with interest rates to adjust level of interest rate coverage in project finance structures.

Exposure to inflation in O&M costs is managed at the moment of the investment decisions, by executing sensitivity analyses.

iii) d) Liquidity risk

Liquidity risk is the risk of EDPR not meeting its financial obligations. Liquidity risk is mainly related to extreme market

movements in electricity prices, interest rates,exchange rates or credit markets,which may change the expected cash flow from

revenues, opex, margin calls or funding (due to credit downgrades).

EDPR tracks liquidity risk in the short term (margin calls, etc.) and in the long term (financing sources) in order to meet

strategic targets previously set (EBITDA, debt ratio and others).

EDPR’s

strategy to manage liquidity risk is to ensure that its liquidity is sufficient to meet financial liabilities when due, under

both normal and stressed conditions, and without incurring unacceptable losses or risking damage to

EDPR’s

reputation.

Different funding sources are used such as Tax Equity investors, commercial banks, multilateral organisations, corporate debt

and asset rotation in order to ensure long-term liquidity to finance planned projects and working capital.

The Directors have estimated cash flows that show that the Group will meet the commitments existing at the close of

the 2020 financial year and those foreseen for 2021.

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

In projects in which there is a significant number of years between investment decision and start of construction, EDPR

may be exposed to the price of the materials used in turbine manufacturing, foundations and interconnection through

escalation formulae included in the contracts with suppliers.

In order to manage this risk, EDPR may hedge the market exposure in OTC/future commodity markets, considering the risks

(potential losses) and the cost of the hedge.

2. Counterparty Risk

Counterparty credit risk is the risk that the counterparty to a transaction could default before the final settlement of the

transaction’s cash flows. An

economic loss could occur, either a direct economic loss if the transaction has a positive value at

the moment of default (counterparty credit risk) or a replacement cost due to change of the counterparty (counterparty

operational risk).

2. i) Counterparty Credit Risk

If the transactions or portfolio of transactions with the counterparty has a positive economic value at the time of default, an

economic loss would occur.

To control credit risk at EDPR, thresholds of Expected Loss and Unexpected Loss are established at company level as defined

under Basel Standards and re-evaluated monthly. If the threshold is surpassed by the company as a whole, mitigation measures

are implemented in order to remain within the pre-established limit.

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ANNUAL REPORT EDPR 2020

Additionally, Expected Loss limits are established for each individual counterparty or Group of counterparties (parent and

subsidiaries).

2.ii) Counterparty Operational Risk

If the transactions or portfolio of transactions with the counterparty do not have a positive economic value at the time of default,

it will impact operations. Despite no direct loss at the time of default, the replacement of the counterparty could imply a cost

to EDPR due to potential delays, higher contract value with a new counterparty (replacement costs), etc.

Construction and O&M subcontractors are counterparties to which EDPR is exposed from an operational point of view.

To minimize the probability of incurring in potential replacement costs with counterparties, EDPR´s policy concerning

counterparty operational risk is managed by an analysis of the technical capacity, competitiveness, credit quality and

replacement cost of the counterparty.

3. Operational Risk

Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems or from external

events (such as an increase in equipment default rates, increasing O&M, or natural disasters). Moreover, it includes the risk of

the business being disrupted due to internal or external causes (such as a pandemic, cyberattack or IT systems malfunctioning),

affecting business continuity.

3. i) Development Risk

Renewable plants are subject to strict regulations at different authority levels (international, national, state, regional and local)

relating to the development, construction, grid interconnection and operation of power plants. Among other things, these laws

regulate landscape and environmental aspects, building licenses, land use and land securing and access to the grid issues.

While level of exigency 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 countries 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 our projects more resilient to permitting risks.

Additionally, EDPR mitigates development risk by generating optionality, with development activities in 14 different countries

(Spain, Portugal, France, Belgium, Poland, Romania, UK, Italy, Greece, US, Canada, Colombia, Brazil and Mexico) and a

portfolio of projects in several stages of maturity. EDPR has a large pipeline of proje

cts 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.

3. ii) Execution Risk

During the construction of the foundations, interconnection and substation of a plant, and the installation of the equipment,

different events (bad weather, accidents, etc.) might occur that could imply an over cost or a delay in the commercial operation

date of the plant:

•

The delay implies a postponement of cash flows, affecting profitability of the investment.

•

When a plant has a PPA, a delay of the commercial operation date might imply the payment of LDs, with the

consequent loss of revenues and the impact on annual financial results.

During the design phase, EDPR engineering teams supervise the engineering and the installation method. Construction is

subcontracted to technically capable construction companies.

143

In both cases, a critical path analysis is performed to assess the reliability of construction and installation plan. Also, collaterals

may be required to the counterparty following EDPR’s Counterparty Risk Policy.

3.iii) Operation Risk

Damage to Physical Assets Risk

Renewable plants in construction and in operation are exposed to weather hazards, natural disasters, etc. These risks depend

on the location.

All plants are insured the physical damage during construction and operation. During operation, any natural disaster, weather

hazard or accident will be partially insured to revenue losses due to the event.

Equipment Performance Risk (O&M costs)

Output from renewable plants depends upon the operating availability of the equipment.

EDPR mitigates this risk by using a mix of suppliers which minimizes technological risk, avoiding exposure to a unique

manufacturer.

EDPR also engages suppliers through medium-term full-scope maintenance agreements during the first years of operation to

ensure alignment with supplier in minimizing technology risk.

Finally, for older plants, EDPR has created an Operation and Maintenance (O&M) program with an adequate preventive and

scheduled maintenance program. EDPR externalizes non-core technical O&M activities of its renewable plants, while primary

and value added activities continue to be controlled by EDPR.

3. iv) Information Technology Risk

IT (Information Technologies) risk may occur in the technical network (information network for plants operation) or in the office

network (information network of corporate services: ERP, accounting…)

EDPR mitigates this risk creating redundancy of servers and control centers of renewable plants. Redundancy is created in a

different location to anticipate potential natural disasters, etc.

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

EDPR faces potential claims of third parties, corruption and fraud of its employees.

EDPR has implemented an internal “Code of Ethics” and an Anticorruption Policy where the company commits to comply with

legal obligations in every community where EDPR is established.

Additionally, the company Ombudsperson receives all the complaints sent through the “Code of Ethics” channel and decides the

appropriate procedure for each one of them. An anticorruption mailbox is also available to report any questionable practice.

1.3. 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 20120, 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” targe

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•

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

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.

3. 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 emergengy plans at activity or asset level.

4. Business Risk

4. i) Regulatory Risk (renewables)

The development and profitability of renewable energy projects are subject to policies and regulatory frameworks. The

jurisdictions in which EDPR operates provide different types of incentives supporting energy generated from renewable

sources.

Remuneration schemes have become less competitive in some countries due to the financial crisis and it cannot be guaranteed

that current support will be maintained in all EDPR’s geographies or that future

renewable energy projects will benefit from

current support measures. Regulation promoting green energy has been revised or is under revision in some of the countries

where EDPR is present.

In the US, renewable generation from wind will be incentivized through Production Tax Credits (PTC) at a Federal level for all

projects beginning of construction up to

2021. Level of incentives will be progressively fading out. Additionally, wind and solar

production is also incentivized through State RPS Programs that allow receiving RECs (Renewable Energy Credit) for each

MWh of renewable generation.

EDPR is managing its exposure to regulatory risks through diversification, by being present in several countries and through

participation as an active member in several wind and solar associations.

Regulatory Risk in each of

EDPR’s countries

is monitored continuously, considering current regulation, potential drafts of new

laws, feedback from associations, evolution of installed renewable generation capacity and other inputs. EDPR has developed

an internal quantitative assessment of Regulatory Risk that serves as an indicator for changes in supporting schemes. This

measure is updated annually in all EDPR´s geographies.

Regulatory Risk is also considered ex-ante, at the moment of the investment, through sensitivity analyses

that are performed

to evaluate its impact in project profitability under different scenarios.

4.ii) Equipment Market Risk Equipment Price Risk

Price of equipment is affected, not only by market fluctuations of the materials used, but also by the demand of this equipment

or a possible increase in trade tariffs and levies

For every new project, EDPR secures the demand risk by engaging in advance with manufacturers, elected through a

competitive process.

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Equipment Supply Risk

The demand for new plants may offset the offer of equipment. Currently, the local component requirement in some geographies

(Ex: Brazil) may create this shortfall situation. In the event of a trade war, supply chain of equipment suppliers may be affected,

creating further imbalances in local component requirements.

EDPR currently faces limited risk to the availability and price increase of equipment due to existing framework agreements with

major global suppliers. The Company uses a large mix of suppliers in order to diversify equipment supply risk. For geographies

with specific requirements of local component, EDPR does not engage in a project before securing the supply of the equipment.

This risk is further explained on EDPR’

s annual report due to its current relevance in the business.

5.Strategic Risk

5. i) Country Risk

Country Risk is defined as the probability of occurrence of a financial loss in a given country due to

macroeconomics, political

or natural disasters. EDPR has defined a Country Risk Policy that assesses country risk through an internal scoring based on

publicly available data. This internal scoring is compared with external assessments from renowned organisations. Each risk

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

•

Macroeconomic Risk: risks from the country’s economic evolution, affecting revenue or cost time of the investments

•

Political Risk: all possible damaging actions or factors for the business of foreign companies that emanate from any

political authority, governmental body or social group in the host country

•

Natural disaster risk: natural phenomena (seismicity, weather) that may impact negatively in the business conditions

Before approving a project in a new geography, EDPR analyses the risk of the new country and compares it to our existing

portfolio. Mitigation measures may be decided when this risk is above a certain threshold.

In addition, EDPR uses a Security risk index to rank countries from a security and safety standpoint, establishing mitigation

measures for employees when above a pre-defined threshold.

5. ii) Competitive landscape

In the renewable business, size can be an advantage or disadvantage in specific situations. For example, in development of

renewable plants, small and dynamic companies are usually more competitive than larger companies.

On the other hand, when participating in tender processes for offshore wind farms, the size of the investment benefits larger

companies.

Additionally, the consequences of a change in the competitive landscape due to mergers and acquisitions may also be a risk.

To mitigate the risks, EDPR has a clear knowledge of its competitive advantages and tries to leverage on them. When EDPR

has no advantage versus its competitors, alternatives are considered in order to become competitive. For example, for

offshore wind farms, EDPR has partnered with large companies with previous experience in large electricity generation

projects, in

order to

become a

more competitive consortium.

5. iii) Technology disruptions

Most renewables are relatively recent technologies, which are continuously evolving and improving efficiency. As such, some

initially expensive technologies can become competitive in a relatively short time.

EDPR growth focuses in the most competitive renewable technologies at the moment, which are onshore wind, offshore wind

and PV solar, but also participates in other innovative projects such as floating offshore wind.

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5. iv) Meteorological changes

Future estimations of wind and solar production are based on analysis of historical measurements for more than 20 years, and

they are considered to be representative of the future. Relevant unexpected meteorological changes could lead to a lower

production than the one expected from historical data.

When evaluating a new investment, EDPR considers potential changes in the production forecasted, however, the size of the

potential deviation in the case of relevant meteorological changes is uncertain.

5. v) Investment decisions criteria

Not all projects have the same risk profile. This will depend on merchant exposure of remuneration, construction risk, etc.

In order to take proper business decisions, EDPR uses Risk Adjusted Metrics for investment decisions, which take into

consideration the different risks inherent of each project.

5. vi) Energy Planning

Assumptions in future evolution of energy markets affect the profitability of the investments for the period after the fixed

remuneration (regulated tariff or PPAs). Structure of electricity markets in most of EDPR geographies (marginal setting price)

were not designed to consider a great share of generation from renewable sources with zero marginal price. Thus, the increase

in renewable generation could lead to lower pool prices in medium term if reforms of electricity markets are not properly

undertaken.

When investing, EDPR performs sensitivity analyses to stress pool price scenarios for the period without fixed remuneration to

understand the robustness of the profitability of the investment.

5. vii) Corporate Organisation and Governance

Corporate governance systems should ensure that a company is managed in the interests of its shareholders and other relevant

stakeholders.

In particular, EDPR has an organisation in place with a special focus on transparency, where the management body (Board of

Directors)

is separated from the supervision and control duties (Audit and Control Committee). Members of the Audit

Committee are invited to the General Risk Committee of EDPR.

5. viii) Reputational risk

Companies are exposed to public opinion and today’s social networks are a rapid mean to express particular opinions. A bad

reputation could eventually harm financial results of a company in the short and in the long term.

Sustainability makes part of the essence of EDPR. EDPR is not only committed in building a better future, but also in doing it

well, in an ethical and sustainable manner, consequently limiting reputational risk.

Impact of COVID-19

The year 2020 was marked by the outburst of COVID-19 pandemic. Already in March, EDPR carried out a comprehensive

assessment of the potential impacts on the company’s operations, followed by recommendations of actions to be put in place

and a process for continuous monitoring of the situation.

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The impact of COVID-19 has been transversal across all areas and geographies of the company, but those impacts can be

grouped under several risk categories:

Market Risk:

•

Energy price risk: Energy price significantly dropped during 2020 in most of EDPR geographies due to the reduction in

demand following the lockdown and a lower economic activity. However, impact of low energy prices on EDPR results

was minimal, as EDPR’s marginal merchant exposure was mostly hedged for 2020.

•

FX risk: Emerging economies suffered a strong depreciation of their currencies. Net Investment hedges at EDPR

mitigated most of the FX fluctuations. On the other hand, a specific plan for hedging FX transactional exposures in

Capex was set out, in order to avoid hedging at particularly unfavorable rates due to the pandemic.

Monitoring of market risk was performed on a monthly basis in the Restricted Risk Committee, adjusting the position when

necessary.

Counterparty Risk:

Despite the increase in exposure from counterparties in financial hedges and the temporary deterioration of

the financial situation of some of EDPR’s PPA off

-takers, impact for EDPR was negligible. The existing collateral in electricity

hedges and a diversified portfolio of creditworthy PPA off-takers, some of which improved their credit metrics during the year (ie:

Pacific Gas and Electric Company), made EDPR resilient to increase in counterparty risk.

Monitoring of counterparty risk was also performed monthly in the Restricted Risk Committee.

Operational Risk and Business Continuity

•

Execution Risk: The impact of the pandemic on the construction and execution of projects lead to some COD delays,

due to construction stoppages and/or supply chain disruptions. To mitigate this risk, EDPR implemented a strategy of

prioritization of projects and set out a review of contractual clauses to prevent or minimize changes in tariff regimes,

PPA penalties or Capex increases. By the end of 2020, incentivized regime contracts or PPAs were all maintained

despite some COD delays.

•

Monitoring of the evolution of the execution risk at EDPR was performed on a weekly basis, together with the

Engineering & Construction Department.

•

Operation Risk: No significant impact, as the potential reduction in plant availability due to delayed maintenance or

repairs was residual.

•

Personnel Risk: EDPR initially implemented travel restrictions and other measures designed to stop the spread of the

coronavirus and guarantee the safety of its personnel. In March, EDPR activated its Contingency Plan for pandemics,

introducing home office in all geographies and restricting access to its facilities, while minimizing disruptions in its

operations, thus ensuring business continuity.

•

EDPR employees have a Reopening Plan for gradually returning to the facilities according to the development of the

pandemic, with geographical specifications, guaranteeing the highest health & safety standards.

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54. Risk functions and framework

A corporation can manage risks in two different ways, one risk at a time on a largely and compartmentalized basis, or all risks

together within a coordinated and strategic framework. The latter approach is called “Enterprise Risk Management” and is the

approach used at EDPR. Risk Management at EDPR is supported by three distinct organisational functions, each on a different

role: Strategy (Risk Profiler), Management (Risk Manager) and Controlling (Risk Controller).

RISK FUNCTIONS

DESCRIPTION

Strategy

–

General risk

strategy & policy

Global Risk Department provides analytically supported proposals to general strategic

issues.

Responsible for proposing guidelines and policies for risk management within the company

Management

–

Risk

management & risk

business decisions

Implement defined policies by Global Risk

Responsible for day-to-day operational decisions and for related risk taking and risk

Controlling

–

Risk

monitoring

Responsible for follow-up of the results of risk taking decisions and for contrasting

alignment of operations with general risk policy approved by the board

The Risk Committee is the forum where the different Risk Functions discuss the policies to be implemented and control the risk

exposure of the

company. EDPR’s

Risk Committee integrates and coordinates all Risk Functions and assures the link

between corporate’s

risk appetite and defined strategy and the operations of the company.

EDPR created three distinct meetings of the Risk Committee in order to separate

discussions on

execution of mitigation

strategies from those on the definition of new policies:

•

Restricted Risk Committee:

Held every month, it is mainly focused on development risk and market risk from energy

price (market, basis, profile, GCs and RECs). It is the forum to discuss the evolution of projects under development

and construction and the execution of mitigation strategies to reduce merchant exposure. It also monitors the limits of

defined risk policies, with regards to counterparty risk, operational risk and country risk.

•

Financial Risk Committee:

Held every quarter, its objective is the review of the main financial risks and to discuss

the execution of mitigation strategies. Exchange rate risk, interest rate risk and credit risk from financial counterparties

are most relevant risks reviewed by this committee.

•

Risk Committee:

Held every quarter, it is the forum where new strategic analyses are discussed and new policies are

proposed for approval to the Executive Committee. Additionally, EDPR

’

s overall risk position is reviewed, together

with EBITDA@Risk and Net Income@Risk.

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

Executive Committee.

EDPR’s Enterprise

Risk Management Process is inspired on Basel Committee on Banking

Supervision’s p

rinciples, 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

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INTERNAL CONTROL SYSTEM OVER FINANCIAL REPORTING

EDPR has an Internal Control System over Financial Reporting (SCIRF) updated and monitored in line with international

standards of Internal Control.

This system covers the main aspects of the COSO framework: maintaining a control environment for the preparation of

qualified

financial information, assessment of the risks of financial reporting, existence of control activities to mitigate risks of

error, information and communication and evaluation mechanisms.

SCOPE REVISION AND UPDATE

The SCIRF Manual includes the annual update of the scope that aims to identify companies, areas and processes that must

be included in the scope of SCIRF, according to criteria of materiality and risk, including the risk of error or fraud.

The risk analysis included in the scoping process for SCIRF, includes both the different types of risk (operational, economic,

financial, technological or legal) and the control objectives of financial reporting (existence and occurrence, completeness,

measurement, presentation, disclosure and comparability, and rights and obligations in terms of their potential impact on the

financial statements).

The results of the updated scope with the methodology outlined are communicated at all levels of the organisation involved

the SCIRF and supervised by the Audit, Control and Related Party Transactions Committee.

CONTROL ACTIVITIES

In documented SCIRF processes and controls, information capture mechanisms are established (including identification of the

scope of consolidation) and are specified the steps and checks that are carried out for the preparation of the financial

information that will be part of consolidated financial statements.

The procedures for the review and approval of financial information are provided by the areas of Planning and Control, and

Administration, Consolidation and Tax. Financial information is supervised in the scope of its competences by the Audit, Control

and Related Party Transactions Committee, prior to the formulation of the accounts by the Board of Directors.

The SCIRF includes control activities related to these processes, embodied in Entity Level Controls, Process Controls and

General Computer Controls. These processes include review and approval activities of the financial information which are

described in the processes of elaboration of individual accounts, preparation of consolidated accounts and processing of

consolidated financial statements.

EDPR has descriptions of Competency Profiles for the Positions to be carried out in the exercise of the main features of each

position that includes a description of the main responsibilities. These include the descriptions of the key positions of those

involved in the preparation of financial information. These descriptions include responsibilities in the preparation of financial

information and compliance with internal control procedures.

The documentation of processes and associated controls designed include among others, the completion of closure activities

by completing monthly closing checklists by entity, setting time limits for the closures, the identification of the relevance of the

operations in order to be reviewed at the appropriate level, conducting analytical reviews of financial information, the

existence of limitations in systems to prevent erroneous records or access by unauthorized persons, analysis of deviations

from the budget, the analysis in Executive Committees of relevant and significant facts that could cause a significant impact on

the accounts, or the allocation of responsibilities for calculating amounts to be provisioned for them to be carried out by

authorized personnel with the right skills.

In addition to the mentioned processes, major transactional processes resulting from the scope are documented. The

description of the activities and controls are designed with the aim of ensuring the

registration, evaluation, appropriate

presentation and

disclosure of transactions in financial reporting.

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ANNUAL REPORT EDPR 2020

Control activities of

EDPR’s

SCIRF also include those relating to systems and information technology (Computer General

Controls) following an international reference, the COBIT framework (Control Objectives for Information and related

Technologies). The importance of this area is that information systems are the tools with which financial information is

prepared, and is therefore relevant

for transactions conducted with them.

These control activities include those related to access control to applications and systems, segregation of duties,

management of corrective and preventive maintenance, new projects implementation, administration and management of the

systems, facilities and operations (back-ups, security incidents) and their proper monitoring and planning. These activities are

developed taking into account

the requirements of control and supervision.

Among the activities of SCIRF’s scope update, there is a periodic

analysis of the existence of service suppliers that perform

relevant activities in relation to the processes of preparing financial information.

SCIRF SUPERVISION

The Audit, Control and Related Party Transactions Committee supervises the SCIRF in the scope of the exercise of their

activities through the monitoring and supervision of the developed mechanisms

for SCIRF’s

implementation, evolution and

evaluation, and the results of the scope analysis and the extent of the situation in terms of coverage. To this extent, the Internal

Control Area assists the Audit, Control and Related Party Transactions Committee.

EDPR has an Internal Control area, integrated in the Compliance and Internal Control Department, which report to the Chairman

of the Executive Committee. The Audit, Control and Related Party Transactions Committee supervises the Internal Control area

activities.

The main functions of the Internal Control area are set out in the SCIRF Manual, which includes, among others, the evaluation

of the activities of internal control systems, including the internal control system over financial reporting.

Internal Control supports the Audit, Control and Related Party Transactions Committee in supervising the implementation and

maintenance of SCIRF and reports the results of the evaluation, improvement actions identified and their evolution.

The entity has action plans for improvement

actions identified in SCIRF’s

assessment processes, which are accompanied and

supervised

by the Internal Control area, considering their impact on the financial information.

Also in the year 2020, as in previous years, a process of self-certification was made by the heads of the various process and

Entity Level Control owners regarding proper documentation update on SCIRF controls and processes in their area of

responsibility and the implementation of controls with corresponding evidence.

SCIRF EVALUATION

Besides the monitoring and evaluation activities described in the preceding paragraph, in case the auditors identified internal

control weaknesses in the scope of their financial audit work, they are expected to

communicate these circumstances to

the

Audit, Control and Related Party Transactions Committee, which regularly monitors the results of the audit work.

Additionally, in 2020 the EDPR Group decided to have its SCIRF audited by the external auditor. As a result of its evaluation,

the external auditor issued a report with a favorable opinion on the SCIRF of the EDPR Group, according to ISAE 3000

(International Standard on Assurance Engagements 3000), included in Annex II of this Chapter 5 of the Annual Report.

CORPORATE COMPLIANCE

The implementation of a solid corporate culture of integrity and transparency has always been a priority for EDPR, structuring

its supervision and monitoring, through a regulatory compliance conduct basis and through the adoption of ethical values and

principles;

both consolidated as central elements of its business model.In order to lead and manage the necessary measures

and initiatives required to this implementation and its functioning, the Compliance Officer figure was created in 2016 in EDPR .

Since then, EDPR has been working with the support of specialized advisors in the evaluation of the potential corporate

151

criminal

liability risks of the Company in all its geographies and in the assessment of the compliance structure to be adopted

in order to comply with the requirements of the applicable criminal regulations.

In this context, the Board of Directors of EDPR approved the Criminal and Legal Risk Prevention Model (Compliance Model)

on December 2017 with the goal of promoting, establishing, developing and maintaining an adequate ethical business culture.

The Compliance Model is constantly updated according to the most demanding national and international standards.

During 2018, the Company completed the first update of the Compliance Model and started working on the definition of a

criminal risk matrix at an international level including an inventory of the potential risks and its controls in each of the

geographies where EDPR operates.

In June 2019, the Compliance Area was created to support and provide assistance to the Compliance Officer. The Compliance

Area

main responsibilities are promoting a culture of prevention

based on the principle of “absolute rejection”

towards the

commission of illegal acts and fraud situations, guaranteeing the dissemination of the principles of the Compliance Model and

managing the cases of complaints from employees or collaborators.

In February 2020, with the commitment of stregnght the Compliance culuture and comply with the international standars in

Corporate Governance, the Departmant of Compliance and Internal Control was created. A new department which reports,

directly, to the CEO. Among the activities performed during 2020, main were:

The review and update of the International Compliance Model. For this review, a third-party consultant was engaged to

identify and evaluate the criminal risks in all geographies of EDPR and review the associated controls in order to ensure

the International Compliance Model was reflecting the most current legal and organisational changes. Additionally, EDPR

has updated the identification and evaluation of the risks in the following geographies: Brazil, Poland, Romania, French

and Belgium.

A new procedure regarding Third Party Integrity Due Diligence has been approval with the aim to deepen the general

principles performance and the duties of the EDPR Group companies and their employees in relation to third parties,

aligning their business operations with the best market practices and with strict compliance with the applicable legislation

and regulations, reinforcing the mechanisms for preventing and combating practice of illegal acts, in particular conduct

associated with the practice of acts of corruption, bribery, money laundering and terrorist financing.

Additionally, concerning the risk of interactions with public officials or politicaly exposed persons, EDPR developed a

procedure to guide employees and representatives when leading with such entities and to monitor this relationships. The

main aims of this procedure are: (i) Reinforce and implement compliance with the principles set out in EDPR's Anti-

Corruption Policy, (ii) establish the rules for guiding the relationship and maintenance of interactions between EDPR

employees and their subsidiaries or third party representatives acting on behalf of EDPR or its subsidiaries, with Public

Officials and PEPs and (iii)

establish the guidelines for the hiring of PEPs and the respective monitoring and risk

management mechanisms.

Training and communication are fundamental tools to strengthen and disseminate the ethic and integrity culture. In that

sense, the following activities have been developed: (i) Training in Brazil

for the head of the different departments and (ii)

online training for the new hires with the main goal to explain the fundamentals of Compliance and the essential aspects

of our Model.

Regarding Personal Data Protection, EDPR has been strengthing its management system. A new governance model was

created, with a multidisciplinary team supporting the Data Protection Officer in the implementation and monitoring of the GDPR

obligations.Adittionally, a global Personal Data protection Policy was approved to support the management of personal data

across all EDPR Group and we have updated our privacy notice for employees. Both documents are published in our intranter

and in our web. Last but not least, a privacy policy for candidates was also approved in order to inform them about the process

of their personal data in the hiring process.

Additionally, the Compliance Channel allows any employee, supplier, contractor, client or any person or entity outside the

Company, who has indications or doubts of behavior contrary to the law and / or that may imply the materialization of a criminal

risk, must immediately inform it, through complianceofficer@edpr.com. The bylaws of this Channel are available at the intranet

and website of the Company and only have access to it the Compliance Officer and the Compliance Area. In 2020, no claims

were submitted through the Compliance Channel.

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ANNUAL REPORT EDPR 2020

IV. Investor Assistance

56. Investor Relations department

EDPR seeks to provide to shareholders, investors, financial analysts and other stakeholders and the market in general, all the

relevant information about the Company and its business environment, on a regular basis and whenever a relevant fact takes

place. The promotion of transparent, consistent, rigorous, easily accessible, and high-quality information is essential to an

accurate perception of the Company’s strategy, financial situation, accounts, assets, prospects, ris

ks, and significant events.

EDPR, therefore, looks to provide the market with accurate information that can support them in making informed, clear and

concrete investment decisions.

The Investor Relations Department was created to ensure a direct and permanent contact with all market related agents and

stakeholders, to guarantee effective communication, equality between shareholders and to prevent imbalances in the

information access.

The EDPR Investor Relations Department (IR) is the intermediary between EDPR and its actual and potential shareholders, the

financial analysts that follow Company’s activity, all investors and other members of the financial community. The main purpo

of the department is to guarantee the principle of equality among shareholders, by preventing asymmetries in the access of the

information and reducing the gap between market perception and Company’s strategy and intrinsic value. The Investor

Relations department centralizes all relevant and material information that could impact EDPR share price. This information is

prepared by the different departments of EDPR, with the support when necessary of external experts, and always managed in a

strictly confidential basis. The department responsibility also comprises developing and implem

enting EDPR’s communication

strategy and preserving an appropriate institutional and informative relationship with the financial market, the stock exchange at

which EDPR shares trade and the regulatory and supervisory entities (CMVM

–

Comissão de Mercado de Valores Mobiliários

–

in Portugal and CNMV

–

Comisión Nacional del Mercado de Valores

–

in Spain.

EDPR is clearly aware of the importance of detailed and transparent information, delivered on-time to the market. Consequently,

EDPR publishes Company’s

price sensitive information before the opening or following the closing of the Euronext Lisbon stock

exchange through CMVM’s information system and, simultaneously, make that same information available on the website

investors’ section and through the IR department’s mailing list. In 20

20, EDPR made 26 market notifications, in addition to

quarterly, semi-annual and annual results presentations, handouts and operating data statement elaborated by the IR

Department. In addition, the IR Department also elaborates key data files and interim presentations which are available on the

website investors’ section.

On each earnings announcement, EDPR promotes a conference call and webcast, opened to the market in general, at which

the Company’s management updates the market on EDPR’s activities. On each of these events, shareholders,

investors and

analysts had the opportunity to directly submit their questions and to discuss EDPR’s results as well as the Company’s outloo

and strategy.

EDPR IR Department is coordinated by Rui Antunes and is located at the Company’s head offices in Madrid, Spain. The

department structure and contacts are as follows:

IR Contacts:

•

Rui Antunes, Head of Planning & Control, Investor Relations and Sustainability

•

Calle Serrano Galvache, 56; Centro Empresarial Parque Norte; Edificio Olmo

–

7th floor; 28033

–

Madrid

–

España

•

E-Mail: ir@edpr.com

•

Phone: +34 902 830 700 / +34 914 238 429

153

EDPR IR Department was in continuous contact with capital markets agents, namely shareholder and investors, along with

financial analysts who evaluate the Company. In 2020, as far as the Company is aware, sell

side analysts issued more than 75

reports evaluating EDPR’s business

and performance.

At the end of the 2020, as far as the Company is aware of, there were 19 institutions elaborating research reports and following

actively EDPR activity. As of December 31

2020, the average price target of those analysts was of Euro 16.18 per share with

“Neutral”

, 11

“Buy”

and 1 “Sell”

recommendations.

COMPANY

ANALYST

PRICE TARGET

DATE

RECOMMENDATION

Bank of

America Merrill

Lynch

Mikel Zabala

€

20.60

02-Dec-20

Buy

Barclays

Jose Ruiz

€ 1

7.80

07-Dec-20

Equalweight

BBVA

Daniel Ortea

€ 1

4.00

08-Jul-20

Outperform

Berenberg

Lawson Steele

€ 1

4.50

06-Jul-20

Buy

Bernstein

Meike Becker

€

22.00

07-Dec-20

Outperform

CaixaBank BPI

Gonzalo Sanchez

€ 1

3.15

06-Jul-20

Neutral

Caixa BI

Helena Barbosa

€ 9.95

06-Jan-20

Neutral

Commerzbank

Tanja Markloff

€ 1

9.00

30-Oct-20

Buy

Exane BNP

Manuel Palomo

€ 16

.20

05-Oct-20

Outperform

Goldman Sachs

Alberto Gandolfi

€ 1

8.00

29-Oct-20

Buy

JB Capital

Jorge Guimarães

€ 1

4.70

07-Sep-20

Neutral

JP Morgan

Javier Garrido

€ 1

4.50

28-Aug-20

Overweight

Kepler

Cheuvreux

Jose Porta

€

22.00

15-Dec-20

Buy

Morgan Stanley

Arthur Sitbon

€ 12.80

25-May-20

Overweight

MedioBanca

Sara Piccinini

€

18.70

14-Oct-20

Outperform

ODDO BHF

Philippe Ourpatian

€

11.00

04-Sep-20

Sell

RBC

Fernando Garcia

€ 1

7.50

23-Nov-20

Equalweight

Santander

Bosco Muguiro

€

14.00

30-Jul-20

Hold

Société

Générale

Jorge Alonso

€ 1

7.00

02-Nov-20

Hold

57. Market Relations Representative

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

Sustainability Department.

58. Information Requests

During the year, IR Department received more than 150 information requests and interacted more than 80 times with

institutional investors. On average, information requests were replied in less than 24 hours, with complex requests being replied

within one-week time. As of December 31

2020 there was no pending information request.

155

D. Remuneration

I. Power to establish

66. Competences to determine the Remuneration of the Corporate Bodies

The Nominations and Remunerations Committee is a permanent body belonging to the Board of Directors with an informative

and advisory nature. Its recommendations and reports are non-binding.

The Nominations and Remunerations Committee has no executive functions. The main functions of the Nominations and

Remunerations Committee are to assist and inform the Board of Directors regarding the nominations (including by co-option),

re- elections, dismissals, and the remuneration of the Board Members and its position about the composition of the Board of

Directors, as well as the nominations, remuneration, and removal of senior management personnel.

The Nominations and Remunerations Committee is the body responsible for proposing to the Board of Directors the

determination of the remuneration of the Executive Directors of the Company; the Declaration on Remuneration Policy; the

evaluation and compliance

of the KPI’s

(Key Performance Indicators); the annual and multi annual variable remuneration, if

applicable, and also proposes the remuneration of the Non-Executive Directors and members of the Board Committees.

The Board of Directors is responsible for the approval of the above-mentioned proposals except to the extent it concerns the

Declaration on the Remuneration Policy which is approved by the

General Shareholders’ Meeting.

The Board of Directors also

evaluates with an annual periodicity its own performance and the performance of its delegated Committees. The evaluation of

the performance of the Board of Directors and its Executive Committee, is then additionally submitted for the approval of the

General Shareholder Meeting.

The Declaration on the Remuneration Policy is submitted by the Board of Directors to the approval of the General

Shareholders’ Meeting

as an independent proposal. According to the

Company’s

Articles of Association the Board of Directors

remuneration is

subject to a maximum value that can only be modified by a Shareholders agreement.

II. Nominations and Remunerations Committee

67. Nominations and Remunerations Committee

The Composition of the Nominations and Remunerations Committee is reflected on topic 29 of the report.

The Company has not stablished any restrictions within its Articles of Association, Regulations or internal policies limiting the

competence of the Nominations and Remunerations Committee of hiring any consulting services that may find necessary to

carry out its duties; additionally in case such services would be hired, it should be noted that they should be rendered

independently, ensuring that the service provider do not provide any other services to EDPR or to any company in

controlling or group relationship.

68. Knowledge and experience regarding Remuneration Policy

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

Policy.

III. Remuneration structure

69. Remuneration Policy

Pursuant to Article 26.1 of the Company’s Articles of Association the Directors shall be entitled to a remuneration which con

sists

of a fixed amount to be determined

annually by the General Shareholders’ Meeting for the whole Board of Directors and of (ii)

attendance fees regarding the Board Meetings.

The above-mentioned article also establishes the possibility of the Directors being remunerated with Company shares, share

options, or other securities granting the right to obtain shares or by means of share-indexed remuneration systems. In any case,

the system chosen must be approved by the General Shareholders’ Meeting and comply with current legal provisions.

156

ANNUAL REPORT EDPR 2020

The total amount of the remunerations that the Company will pay to its Directors under the terms provided in the previous

paragraphs shall not exceed the amount determined by the General Shareholders’ Meeting. The maximum remuneration

approved by the General Shareh

olders’ Meeting for all the members of the Board of Directors was EUR 2,500,000 per year.

Pursuant to Article 26.4 of the Company’s Articles of Association, the rights and duties of any kind derived from the conditi

on of

Board Member shall be compatible with any other rights and obligations either fixed or variable that could correspond to the

Board Members as a consequence of other employment or professional engagements, if any, carried out in the Company.

Variable remuneration resulting from said contracts or from any other relationship, including being a Board Member, will be

limited

to a maximum annual amount to be established by the General Shareholders’ Meeting.

The maximum annual amount approved by the General Shareholders’ Meeting for the variable r

emuneration for all the

executive members of the Board of Directors was EUR 1,000,000 per year

EDPR, in line with EDP Group corporate governance practices, has signed an Executive Management Services Agreement

with EDP, under which the Company bears the cost for such services to some of the members of the Board of Directors to the

extent their services are devoted to EDPR.

The Non-Executive Directors only receive a fixed remuneration, which is calculated on the basis of their work exclusively as

Directors or with their membership on the Nominations and Remunerations Committee and to the Audit, Control and Related

Party Transactions Committee. Those members who are seated in two different Committees do not accumulate two

remunerations. In these cases, the remuneration to be received is the one that corresponds to the highest value.

EDPR has not incorporated any share remuneration or share purchase options plans as components of the remuneration of

its Directors.

No Director has entered into any contract with the Company or third parties that have the effect of mitigating the risk inherent in

the variability of the remuneration established by the Company.

In EDPR there are not any payments for the dismissal or termination of Director's duties.

The remuneration policy for the Directors of the Company is submitted each year to the General Shareholders’ Meeting for

approval.

70. Remuneration Structure

The remuneration policy applicable for 2020-2022 was proposed by the Nominations and Remuneration Committee and

approved by the General Shareholders’ Meeting held on

March 26

, 2020

(the “Remuneration Policy”)

. It defines a structure

with a fixed remuneration for all members of the Board of Directors, whereas for the members of the Executive Committee

defines a fixed and a variable remuneration, with an annual component and a multi-annual component.

Additionally, on its meeting dated October 16

, 2019 the Appointments and Remunerations Committee agreed to propose to the

Board of Directors a Complementary Long Term Program homogeneous for the three COOs and for the 2019-2022 term. Such

Complementary Long Term Program was approved at the Board of D

irectors’ meeting dated October 29, 2019. Such plan

substituted the Complementary Long Term Program approved on 2017.

On the topic below can be found the KPIs (“Key Performance Indicators”) stated in the Remuneration Policy for variable annual

and multi-annual variable components.

157

71. Variable Remuneration

Variable annual and multi-annual remuneration applies to the members of the Executive Committee.

The variable annual remuneration may range from 0 to 68% over the annual fixed remuneration and the multi-annual

remuneration from 0 to 102% over the annual fixed remuneration for the CEO, and over

250.000€

for other members of the

Executive Committee.

The key performance indicators (KPIs) used to determine the amounts of the annual and multi -annual variable remuneration

regarding to each year of the term are proposed by the Nominations and Remunerations Committee with the aim of align them

with the strategic grounds of the

Company: growth, risk control and efficiency. These are

the same for all members of the

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

KEY

PERFORMANCE

INDICATOR

CEO

COO’

S NA AND EU

COO

WEIGHT

EDPR

RESULTS

WEIGHT

EDPR

RESULTS

PLATFORM

RESULTS

WEIGHT

EDPR

RESULTS

PLATFORM

RESULTS

Total

Shareholder

return

15%

100

TSR vs. Wind peers

& Psi 20

100%

Shareholders

80%

60%

Operatin Cash Flow

(€ million)

10%

100%

10%

50%

10%

100%

AR/Sell-down + Tax

Equity

(€ million)

10%

100%

10%

100%

10%

100%

EBITDA+ sell down

gains

(€ million)

10%

100%

10%

50%

10%

100%

Net Profit

(€ million)

10%

100%

10%

100%

10%

100%

Core Opex Adjusted

(€ thousand/MW)

10%

100%

10%

50%

10%

100%

Projects with FID

(% of total ’19

’22

additions in BP)

10%

100%

10%

50%

10%

50%

Clients

10%

Renewable Capacity

Built

(in MW)

10%

100%

10%

50%

10%

50%

Assets &

Operations

10%

Technical Energy

Availability

(%)

100%

50%

100%

Capex per MW

(€ thousand)

100%

50%

Environment

Commnunitie

Certified MW

100%

50%

100%

Innovation &

partners

H&S frequency rate

(employees +

contractors)

100%

50%

100%

People

Management

10%

People Management

10%

100%

10%

50%

10%

50%

Remuneration

Committee

100

Appreciation

remuneration

committee

100%

158

ANNUAL REPORT EDPR 2020

There is also a qualitative evaluation of the CEO about the annual performance of the members of the Executive Committee.

This evaluation will have a weight of 20% for the final calculation in the annual variable remuneration and of 32% in the multi-

annual variable remuneration. The other 80% will be calculated based on the weights indicated in the next paragraph for the

annual variable remuneration and 68% for the multi-annual variable.

According to the Remuneration Policy approved by the General Shareholders’ Meeting, the maximum variable remuneration

(annual and multi-annual) is applicable if all the above mentioned

KPI’s

were achieved and the performance evaluation is

equal or above 110%.

As mentioned above a Complementary Long Term Program homogeneous for the three COOs (COO NA, COO EU & BR and

COO Offshore) and for the 2019-2022 term was approved in 2019.

The conditions of such Complementary Long Term Program are: (i) four year period (2019-2022); (ii) Target Award will be 4 x

50% of base annual remuneration of each COO; (iii) KPIs are consistent through the whole term and specific for each COO;

and (iv) payments will be done in accordance with the percentage of the achieved fulfilment with a limit of 120% of the Target

Award.

72. Multi-Annual Remuneration

In line with corporate governance practices, the Remuneration Policy incorporates the deferral for a period of three years of the

multi-annual variable remuneration, being the relevant payment conditioned to the lack of any willful illicit action, known after

the appraisal and which endangers the sustainable performance of the company.

The amounts paid in application of such deferral policy during 2020 for the multinual accrued in 2017 are reflected in topic

78 of this Chapter 5 of the Annual Report.

73. Variable Remuneration Based On Shares

EDPR has not allocated variable remuneration on shares and does not maintain Company shares that the Executive Directors

have had access to.

74. Variable Remuneration Based On Options

EDPR has not allocated variable remuneration on options.

75. Annual Bonus And Non-Monetary Benefits

The key factors and grounds for any annual bonus scheme are described on topics 71 and 72. Additionally, the Officers, with

the exception of the CEO, received the following non-monetary benefits: retirement savings plan (as described in the following

topic), company car and Health Insurance. In 2020, the non-monetary benefits amounted to 267.733 EUR.

The Non-Executive Directors do not receive any relevant non-monetary benefits as remuneration

76. Retirement Savings Plan

The retirement savings plan for the members of the Executive Committee that are also Officers, acts as an effective retirement

supplement with a range between 3% to 6% of their annual salary. The percentage is defined

according with the retirement

savings

plan applicable in their home country. The retirement savings plan applicable to 2020, which is included within the

Remuneration Policy applicable for the term office 2020-2022, was defined and proposed by the Nominations and

Remunerations Committee to the Board of Directors for its submission to the General

Shareholder’s

Meeting, which

approved it on its meeting held on March 26

, 2020.

159

IV. Remuneration disclosure

77. Board of Directors remuneration

The remuneration paid by EDPR to the members of its Board of Directors for the year ended on December 31

2020 was as

follows:

REMUNERATION

TOTAL

FIXED

(€)

EXECUTIVE DIRECTORS

João Manso Neto*

Rui Teixeira*

Duarte Bello**

61,804

Miguel Ángel Prado**

Spyridon Martinis**

61,804

NON-EXECUTIVE DIRECTORS

Antonio Mexia*

Vera Pinto*

Manuel Menéndez Menéndez

45,000

António Nogueira Leite

60,000

Acácio Jaime Liberado Mota Piloto

80,000

Allan J.Katz

45,000

Francisca Guedes de Oliveira

60,000

Francisco Seixas da Costa

55,000

Conceiçao Lucas

55,000

Alejandro Fernández de Araoz Gómez-Acebo

45,000

TOTAL

568,608

*António Mexia, João Manso Neto, Vera Pinto and Rui Teixeira do not receive any remuneration from EDPR. EDPR and EDP signed an Executive

Management Services Agreement according to which

EDPR pays to EDP a fee for the services rendered by these Board Members.

**Duarte Bello, Miguel Ángel Prado and Spyridon Martinis ,as Officers and members of the Executive Committee, and for the relevant period of 2020

corresponding to each of them, received their remuneration as Directors as described on the table above and as other Group co

mpanies’ employees, as

described on the table below.

According to the Executive Management Services Agreement signed with EDP, EDPR is due to pay an amount to EDP, for the

services rendered by the Executive Managers and the Non-Executive Managers. The amount due under said Agreement for the

management services rendered by in 2020 is EUR 1,094,560, of which EUR 959,560 refers to the management services

rendered by the Executive Members and EUR 135,000 to the management services rendered by the Non-Executive Members.

The retirement savings plan for the members of the Executive Committee, excluding the Officers, acts as an effective retirement

supplement and corresponds to 5% of their annual salary.

The Non-Executive Directors may opt between a fixed remuneration or attendance fees per meeting, in a value equivalent to the

fixed remuneration proposed for a Director, taking into consideration the duties carried out.

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ANNUAL REPORT EDPR 2020

78. Remuneration from other Group Companies

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

following:

OFFICER

PAYER

FIXED

VARIABLE

ANNUAL

VARIABLE

MULTI-

ANNUAL

VARIABLE

PLURI-

ANNUAL

TOTAL

Duarte Bello

EDP Energías

de Portugal,

S.A. Sucursal

en España

228.196

€

145,000

€

37.500

€

410.696

€

Miguel Ángel Prado

EDPR North

America LLC

466,897$

162.328$

237.908$

45.725$

912.858$

Spyridon Martinis

EDP Energías

de Portugal

S.A. Sucursal

en España

228.196

€

145,000

€

373.196

€

*All the amounts are in EUR, except Miguel Ángel Prado ones, which are in USD.

Likewise, in application of the deferral policy, in 2020 an amount of 84.443€ was paid

to Miguel Amaro (former Executive CFO

of the company), for the services rendered in 2016-2017.

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

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

bonuses or profit sharing being awarded.

80. Compensation For Resigned Board Members

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

financial year.

81. Audit, Control And Related Part Transactions Committee Remuneration

POSITION

COMMITEE MEMBER

REMUNERATION

Chairman

Acacio Piloto

80,000

€

Vocal

Antonio Nogueira Leite

60,000

€

Vocal

Francisca Guedes de Oliveira

60,000

€

*The Non-Executive Directors receive only a fixed remuneration, which is calculated based on their work exclusively as Directors or with their membership on

the Nominations and Remunerations Committee, or the Audit, Control and Related Party Transactions Control Committee.

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

In 2020, the remuneration of the Chairman of the General Shareholders’ Meeting of

EDPR was EUR 15,000.

V. Agreements with remuneration implication

83-84.

EDPR has no agreements with remuneration implication.

For avoidance of doubt, the Company has not adopted any mechanism that imply payments or assumption of fees in the case of

change in the composition of the managing body (Board of Directors), and which could be likely to harm

the free transferability

of shares and a shareholder assessment of the performance of the members of this managing body.

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ANNUAL REPORT EDPR 2020

E. Related-Party transactions

I. Control Mechanisms and Procedures

89. Related-Party Transactions Controlling Mechanisms

A Framework Agreement was signed in 2008 in order to regulate the Related Party Transactions (understanding as such those

relationships performed between companies of EDP Group and those of EDPR Group), stating that in compliance with the

transparency purp

oses for future investors, such shall continue to be developed in line with the market prices, in an arm’s length

basis, and following certain predefined principles and rules (considering criteria as parties involved, scope and amount). In order

to supervise the transactions between the Group Companies and its qualified shareholders, the Board of Directors has created

the Audit, Control and Related Party Transactions Committee, a permanent body with delegated functions. Without prejudice to

other duties that the Board may assign to this committee, it shall perform supervisory functions of Audit and Control

independently from the Board of Directors, as well as, supervisory functions of the transactions between Related Parties

including their compliance with the principles of the Framework Agreement. The detail of the duties of this committee is included

in topic 29 of this Chapter 5 of the Annual Report. Under its Audit and Control competences, it also supervises the transactions

with qualified shareholders when requested by the Board of Directors according to Article 8.A), i) of its Regulations. This

information is included on the annual report of the Audit, Control and Related Party Transactions Committee.

In light of all the above, and in accordance to the Governance Model detailed in topic 15 of this Chapter 5 of the Annual Report,

EDPR has implemented an structure for the evaluation of Related Party Transactions, that involves its Executive Committee

(which as the body in charge of the daily activity of Company, will first discuss the commercial and legal viability of the

operations) and the Audit Control and Related Party Transactions Committee which, as referred above, analyzes the

compliance of each Related Part Transaction with the Framework Agreement and reports them to the Board of Directors,

which finally approves the Related Party Transactions.

It should be noted that in accordance with article 13.3 of the Regulations of the Audit, Control and Related Party Transactions

Committee, the resolutions adopted by this committee are reported to the Board of Directors at the first Board meeting held

following the meeting of the committee in which such proposals were discussed. That means that in case there are Related

Party Transactions, they are reported to the Board of Directors at least every quarter (maximum period elapsed between Board

of Directors Meeting in accordance with Article 22 of its Regulations).

90. Transactions subject to control during 2020

During 2020, EDPR has not signed any contracts with the members of its corporate bodies or with holders of qualifying

holdings, excluding EDP, as mentioned below.

The contracts signed between EDPR and its related parties have been analyzed by the Related Party Transactions Committee

according to its competences, as mentioned on the previous topic, and have been concluded according to the market

conditions.

The total amount of supplies and services in 2020 incurred with or charged by the EDP Group was EUR 30.379.196

corresponding to 9.98% of the total value of Supplies & Services for the year (EUR 304,436,934).

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

FRAMEWORK AGREEMENT

The framework agreement was signed by EDP and EDPR on May 7

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,

163

and other renewable energy generation technologies that may be developed in the future. Nonetheless, the agreement excludes

technologies being developed in hydroelectric power, biomass, cogeneration, and waste in Portugal and Spain.

It lays down the obligation to provide EDP with any information that it may request from EDPR to fulfil its legal obligations and

prepare the EDP Group’s conso

lidated accounts. The framework agreement shall remain in effect for as long as EDP directly or

indirectly owns more than 50% of the share capital of EDPR or appoints more than 50% of its Directors.

MANAGEMENT SERVICES AGREEMENT

On November 4

, 2008 EDP and EDPR signed a Management Services Agreement that has been amended during the last

years in accordance of the variations in the services rendered by EDP to the Company.

Through this contract, EDP provides management services to

EDP Renováveis, including matters related to the day-to- day

running of the Company. As of 31 December 2020, under this agreement EDP renders management services corresponding to

four people from EDP which are

part of EDPR’s Management: (i)

two Executive Managers which are members of the EDPR

Executive Committee and CEO, and (ii) two Non-Executive Managers, for which EDP Renováveis pays EDP an amount defined

by the Related Party Committee, and approved by the Board of Directors and the Shareholders Meeting. Under this contract,

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

FINANCE AGREEMENTS AND GUARANTEES

The most significant finance agreements between EDP Group companies and EDPR Group companies were established under

the above-described Framework Agreement and currently include the following:

LOAN AGREEMENTS

EDPR and EDPR Servicios Financieros SA (as the borrower) have loan agreements with EDP Finance BV and EDP Servicios

Financieros España (as the lender), companies 100% owned by EDP Energias de Portugal S.A. Such loan agreements can be

established both in EUR and USD, up to 10-

year tenor and are remunerated at rates set at an arm’s length basis. As of

December 31

2020, such

loan

agreements totalled USD 3,438,967,282.26 and EUR 444,587,000.

CURRENT ACCOUNT AGREEMENT

EDPR Servicios Financieros (EDPR SF) and EDP Servicios Financieros España (EDP SFE) signed an agreement through

which EDP SFE manages EDPR SF’s cash accounts. The agreement also regulates the current account (cc) scheme on arm’s

length basis. As of December 31

2020, there are two different current accounts with the following balance and counterparties:

•

in USD, for a total amount of USD 191,094,741.78 in favour of EDPR SF;

•

in EUR, for a total amount of 58,273,603.27 in favour of EDPR SF.

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

COUNTER-GUARANTEE AGREEMENT

A counter-guarantee agreement was signed, under which EDP or EDP Energias de Portugal S.A., Sucursal en España

(hereinafter guarantor or EDP Sucursal) undertakes on behalf of EDPR, EDP Renewables Europe SLU (hereinafter EDPR EU),

and EDP Renewables North America LLC (hereinafter EDPR NA) to provide corporate guarantees or request the issue of any

guarantees, on the terms and conditions requested by the subsidiaries, which have been approved on a case by case basis by

the EDP’s Executive Board.

EDPR will be jointly liable for compliance by EDPR EU and EDPR NA. The subsidiaries of EDPR undertake to indemnify the

guarantor for any losses or liabilities resulting from

the guarantees provided under the agreement and to pay a fee established

in arm’s length basis.

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ANNUAL REPORT EDPR 2020

Nonetheless, certain guarantees issued prior to the date of approval of these agreements may have different conditions. As of

December 31

2020, such counter-guarantee agreements totalled EUR 269.368.743,30 and USD 356.075.000.

A counter-guarantee agreement was signed between EDPR Group and EDP España, under which, EDPR group can request

the issue of any guarantee, on the terms and conditions requested by the subsidiaries of EDPR. EDPR group undertake to

indemnify the guarantor for any losses or liabilities resulting from the guarantees provided under this agreement and to pay a

fee establ

ished in arm’s length basis. As of December 31

2020, the amount of guarantees issued under this agreement totalled

EUR 66.013.905,70 .

CROSS CURRENCY INTEREST RATE SWAPS

Due to the net investments in EDPR NA, EDPR Canada, EDPR Brazil, , in United Kingdom, in Poland, and in Colombian

companies, EDPR’s accounts were exposed to the foreign exchange risk. With the purpose of hedging this foreign exchange

risk, EDPR Group companies settled the following Cross Currency Interest Rate Swap (CIRS). As of December 31

2020 the

total amount of CIRS by geography and currency are as following

•

in USD/EUR, with EDP Energias de Portugal SA for a total amount of USD 1,778,815,770.00

•

in CAD/EUR, with EDP Energias de Portugal SA for a total amount of CAD 149,650,000

•

in BRL/EUR, with EDP Energias de Portugal SA for a total amount of BRL 122,500,000

•

in GBP/EUR, with EDP Energias de Portugal SA for a total amount of GBP 43,400,000

•

in PLN/EUR, with EDP Energias de Portugal SA for a total amount of PLN 986,113,009.10

•

in COP/EUR with EDP Energias de Portugal SA for a total amount of COP 37,326,000,000.00

HEDGE AGREEMENTS

–

EXCHANGE RATE

EDPR Group companies entered into several hedge agreements with EDP Energias de Portugal S.A., with the purpose of

managing the transactional exposure related to the short term or transitory positions, in Colombian, Polish and United

Kingdom subsidiaries, fixing

the exchange rate for USD/EUR, EUR/PLN and GBP/EUR in accordance to the prices in the

forward market in each contract date. As of December 31

2020, the total amount of Forwards and Non Delivery Forwards

by geography and currency are as following:

•

Colombian operations, for USD/EUR a total amount of EUR 66,808,023.14 (FWDs)

•

Polish operations, for EUR/PLN, a total amount of PLN 1,624,881,824.00(FWDs+NDFs)

•

United Kingdom operations, for GBP/EUR a total amount of EUR 2,537,972.64.00 (FWDs)

HEDGE AGREEMENTS

–

COMMODITIES

EDP and EDPR EU entered into hedge agreements for 2020 for a total volume of of 2.310.192 MWh (sell position) and 566.005

MW (buy position) at the forward market price at the time of execution related with the expected sales of energy in the Spanish

market.

165

CONSULTANCY SERVICE AGREEMENT

On June 4

2008, EDP and EDPR signed a consultancy service agreement. Through this agreement, and upon request by

EDPR, EDP (or through EDP Sucursal) shall provide consultancy services in the areas of legal services, internal control

systems, financial reporting, taxation, sustainability, regulation and competition, risk management, human resources,

information technology, brand and communication, energy planning, accounting and consolidation, corporate marketing, and

organisational development.

The price of the agreement is calculated as the cost incurred by EDP plus a margin. For the first year, it was fixed at 8% based

on an independent expert on the basis of market research. For 2020 the estimated cost of these services is EUR 6,545,289.

This was the total cost of services provided for EDPR, EDPR EU, and EDPR NA.

The duration of the agreement is one (1) year tacitly renewable for equal periods.

RESEARCH AND DEVELOPMENT AGREEMENT

On May 13

, 2008, EDP Inovação S.A. (hereinafter EDP Inovação), an EDP Group Company, and EDPR signed an agreement

regulating relations between the two companies regarding projects in the field of renewable energies (hereinafter the R&D

Agreement).

The object of the R&D Agreement is to prevent conflicts of interest and foster the exchange of knowledge between companies

and the establishment of legal and business relationships. The agreement forbids EDP Group companies other than EDP

Inovação to undertake or invest in companies that undertake the renewable energy projects described in the agreement.

The R&D Agreement establishes an exclusive right on the part of EDP Inovação to project and develop new renewable energy

technologies that are already in the pilot or economic and/or commercial feasibility study phase, whenever EDPR exercises its

option to undertake them.

The fee corresponding to this agreement in 2020 is EUR 260,567.

The agreement shall remain in effect for as long as EDP directly or indirectly maintains control of more than 50% of both

companies or appoint the majority of the members of the Board and Executive Committee of the parties to the agreement.

MANAGEMENT SUPPORT SERVICES AGREEMENT BETWEEN EDP RENOVÁVEIS PORTUGAL S.A., AND EDP GLOBAL

SOLUTIONS - GESTÃO INTEGRADA DE SERVIÇOS S.A .

On January 1

, 2003, EDPR

–

Promoção e Operação S.A., and EDP Global Solutions - Gestão Integrada De Serviços S.A.

(hereinafter EDP Global Solutions), an EDP Group Company, signed a management support service agreement.

The object of the agreement is the provision to EDPR

–

Promoção e Operação S.A. by EDP Global Solutions of services in the

areas of procurement, economic and financial management, fleet management, property management and maintenance,

insurance, occupational health and safety, and human resource management and training.

The remuneration accrued by EDP Global Solutions by EDPR Promoção e Operação S.A. and its subsidiaries for the services

provided in 2020 totalled EUR 1,707,898. The initial duration of the agreement was five (5) years from date of signing on

January 1

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.

On January 1

, 2010 EDPR and EDP signed an IT management services agreement.

The object of the agreement is to provide to EDPR the information technology services described on the contract and its

attachments by EDP.

The amount incurred for the services provided in 2020 totalled EUR 3,723,820

166

ANNUAL REPORT EDPR 2020

The initial duration of the agreement is one (1) year from date of signing and it is tacitly renewed for a new period of one (1)

year. Either party may renounce the contract with one (1) month notice.

CONSULTANCY AGREEMENT BETWEEN

EDP RENOVÁVEIS BRASIL S.A., AND

EDP ENERGIAS DO

BRASIL S.A.

The object of the agreement is to provide to EDP Renováveis Brasil S.A. (hereinafter EDPR Brasil) the consultancy services

described on the contract and its attachments by EDP

–

Energias do Brasil S.A. (hereinafter EDP Brasil).

Through this agreement, and upon request by EDPR Brasil, EDP Brasil shall provide consultancy services in the areas of legal

services, internal control systems, financial reporting, taxation, sustainability, regulation and competition, risk management,

human resources, information technology, brand and communication, energy planning, accounting and consolidation,

corporate marketing, and organisational development.

The amount incurred by EDP Brasil for the services provided in 2020 totalled BRL 219,237.

The initial duration of the agreement is one (1) year from the date of signing and it is tacitly renewed for a new period of one (1)

year.

91. Description of the procedures applicable to the supervisory body for the assessment of the business

deals

The most significant contracts signed between EDPR and its Qualified Shareholders are analyzed by the Audit, Control and

Related- Party Transactions Committee according to its competences, as mentioned on topic 89 of the Chapter 5 of this

Annual Report.

II. Data on business deals

92. Details of the place where the financial statements including information on business dealings with

related parties are available, in accordance with IAS 24, or alternatively a copy of said data.

The information on business dealings with related parties is available on Note 39 of the Financial Statements.

167

PART II

–

CORPORATE GOVERNANCE ASSESSMENT

I. Details of the Corporate Governance code implemented

Following the protocol signed between the CMVM and the Portuguese Institute of Corporate Governance (IPCG) on October

, 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

, 2018, and that was reviewed in 2020.

For the purposes of the proper preparation of corporate governance reports for the year beginning in 2020, and to be reported in

2021, they should continue to be prepared in accordance with the structure of contents referred the annex to CMVM Regulation

No. 4/2013 available at the CMVM website. The report template is divided into two parts:

•

Part I - mandatory information on shareholder structure, organisation and governance of the company. This

information shall be referred within points 1 to 92 of this Corporate Governance Report in accordance with the

structure included in that Annex.

•

Part II - Corporate governance assessment: should include a declaration in which they must: (i) identify the applicable

code, (ii) state whether or not they adhere to each of the recommendations of this code and, (iii) with respect to

recommendations that do not follow, explain reasonably why.

The agreement between CMVM and IPCG on the new Corporate Governance Code may be found on the Protocol signed on

October 13

, 2017, which is available at the website of CMVM. Likewise, the reviewed version Corporate Governance Code of

the IPCG is published on the website of IPCG and of the Monitoring Committees.

II. Analysis of Compliance with the Corporate Governance code implemented

The following table shows the recommendations set forth in the Corporate Governance Code of the IPCG and indicates EDPR’s

compliance with it and the place in this report in which they are described in more detail.

Also in order to comply with the best Corporate Governance recommendations, and according to the results of the reflection

made by the Nominations and Remunerations Committee, the governance model that was adopted has been ensuring an

effective performance and articulation of EDPR Governing Bodies and proved to be adequate to the

Company’s governance

structure without any constraints to the performance of its checks and balances system

adopted to justify the changes made

in the governance practices of EDPR.

The explanation of the Corporate Governance Code of the IPCG recommendations that EDPR does not adopt or that the

Company deems not applicable, reasoning and other relevant comments as well as reference to the part of the report where

the description may be found, are in the table below.

In this context, EDPR states that it has adopted the Corporate Governance recommendations on the governance of listed

companies provided in the Corporate Governance Code of the IPCG, with the exceptions indicated in the following table.

168

ANNUAL REPORT EDPR 2020

CORPORATE GOVERNANCE RECOMMENDATIONS - STATEMENT OF COMPLIANCE

CHAPTER I - GENERAL PROVISIONS

1.1. COMPANY’S RELAT

IONSHIP WITH INVESTORS AND DISCLOSURE

I.1.1

The Company should

establish mechanisms to

ensure the timely disclosure

of information to its

governing bodies,

shareholders, investors and

other stakeholders,

financial analysts, and to

the markets in general.

ADOPTED

Section B - II, a)

Topic 15 (Page

161); Section C-IV

Topic 56, Section

C-V, 59

–

(Pages 200 - 202)

1.2.

DIVERSITY IN THE COMPOSITION AND FUNCTIONING OF THE COMPANY’S GOVERNING

BODIES

I.2.1

Companies should

establish standards and

requirements regarding the

profile of new members of

their governing bodies,

which are suitable

according to the roles to be

carried out. Besides

individual attributes (such

as competence,

independence, integrity,

availability, and

experience), these profiles

should take into

consideration general

diversity requirements, with

particular attention to

gender diversity, which may

contribute to a better

performance of the

governing body and to the

balance of its composition.

ADOPTED

Section B-II, a)

Topics 16 and 17

(Pages 162, 163)

I.2.2

The company’s managing

and supervisory boards, as

well as their committees,

should have internal

regulations

—

namely

regulating the performance

of their duties, their

Chairmanship, periodicity of

meetings, their functioning

and the duties of their

members

—

, disclosed in

full on the company’s

website. Minutes of the

meetings of each of these

bodies should be drawn

out.

ADOPTED

Section B-II, a)

Topic 15 (Page

161);

169

I.2.3

The composition and the

number of annual meetings

of the managing and

supervisory bodies, as well

as of their committees,

should be disclosed on the

company’s website

ADOPTED

Section B-II, a)

Topic 15 (Page

161, 162); Section

C-V, Topics 59

–

65 (Page 201)

I.2.4

A policy for the

communication of

irregularities

(whistleblowing) should be

adopted that guarantees

the suitable means of

communication and

treatment of those

irregularities, with the

safeguarding of the

confidentiality of the

information transmitted and

the identity of its provider,

whenever such

confidentiality is requested.

ADOPTED

Section C-II, Topic

49 (Page 180)

1.3. RELATIONSHIPS BETWEEN THE COMPANY BODIES

I.3.1

The bylaws, or other

equivalent means adopted

by the company, should

establish mechanisms that,

within the limits of

applicable laws,

permanently ensure the

members of the managing

and supervisory boards are

provided with access to all

the information and

company’s collaborators, in

order to appraise the

performance, current

situation and perspectives

for further developments of

the company, namely

including minutes,

documents supporting

decisions that have been

taken, calls for meetings,

and the archive of the

meetings of the managing

board, without impairing the

access to any other

documents or people that

may be requested for

information.

ADOPTED

Section B-II, a)

Topic 15 (Page

161)

I.3.2

Each of the company’s

boards and committees

should ensure the timely

and suitable flow of

information, especially

regarding the respective

calls for meetings and

minutes, necessary for the

exercise of the

competences, determined

by law and the bylaws, of

each of the remaining

boards and committees.

ADOPTED

Section B-II, a)

Topic 15 (Page

161); Section B-II,

c) Topic 29

(Pages 170, 172

and 174)

170

ANNUAL REPORT EDPR 2020

1.4 CONFLICTS OF INTEREST

I.4.1

The members of the

managing and supervisory

boards and the internal

committees are bounded,

by internal regulation or

equivalent, to inform the

respective board or

committee whenever there

are facts that may

constitute or give rise to a

conflict between their

interests and the

company’s interest.

ADOPTED

Section B-II, a)

Topic 18 (Page

164)

I.4.2

Procedures should be

adopted to guarantee that

the member in conflict does

not interfere in the decision-

making process, without

prejudice to the duty to

provide information and

other clarifications that the

board, the committee or

their respective members

may request.

ADOPTED

Section B-II, a)

Topic 18 (Page

164)

1.5. RELATED PARTY TRANSACTIONS

I.5.1

The managing body should

disclose in the corporate

governance report or by

other means publicly

available the internal

procedure for verifying

transactions with related

parties.

ADOPTED

Section E-I, Topic

89 (Page 209)

I.5.2

The managing body should

report to the supervisory

body the results of the

internal procedure for

verifying transactions with

related parties, including

the transactions under

analysis, at least every six

months.

ADOPTED

Section E-I, Topic

89 (Page 209)

171

CHAPTER II

–

SHAREHOLDERS AND GENERAL MEETINGS

II.1

The company should not

set an excessively high

number of shares to confer

voting rights, and it should

make its choice clear in the

corporate governance

report every time its choice

entails a diversion from the

general rule: that each

share has a corresponding

vote.

NOT

APPLICABLE

Section B-I, b)

Topics 12 and 13

(Page 159)

II.2

The company should not

adopt mechanisms that

make decision making by

its shareholders

(resolutions) more difficult,

specifically, by setting a

quorum higher than that

established by law.

ADOPTED

Please note EDPR’s personal law is the Spanish one,

and as such, the majorities and quorums applicable for

the Shareholders’ Meeting resolutions are not the ones

set under Portuguese Law, but those established under

the Spanish one, with which is completely aligned.

Section B-I, b)

Topic 14 (Pages

160, 161)

II.3.

The company should

implement adequate

means for the remote

participation by

shareholders in the general

meeting, which should be

proportionate to its size.

NOT ADOPTED

EDPR has deeply analyzed the needs and priorities of its

shareholders worldwide, and therefore, since 2009, it is

provided the possibility of fulfilling all the requirements

necessary to validly exercise their right to vote by

distance means (registry of intention to attend,

submission of the certificate of titularity of shares,

granting of representation proxies, and properly voting).

The efficiency and interest of our shareholders in these

initiatives has been clearly proved, as nearly almost all of

the participation is exercised by these means.

In the same way, EDPR has also reviewed the track

record of participation in the Sh

areholders’ Meeting the

day of its celebration (when generally all the votes are

submitted beforehand by distance voting), the

shareholding structure of the Company, and its

shareholders’ profiles; concluding that the implementation

of a streaming system to digitally participate will imply a

material cost where the demonstrated preferences of

almost all EDPR shareholders is to submit their votes by

distance means. Hence, EDPR considers for the time

being not so recommendable to follow his initiative.

Section B-I, b)

Topic 13 (Pages

159, 160)

II.4.

The company should also

implement adequate

means for the exercise of

remote voting, including by

correspondence and

electronic means.

ADOPTED

Section B-I, b)

Topic 13 (Pages

159, 160)

172

ANNUAL REPORT EDPR 2020

II.5.

The bylaws, which specify

the limitation of the number

of votes that can be held or

exercised by a sole

shareholder, individually or

in coordination with other

shareholders, should

equally provide that, at

least every 5 years, the

amendment or

maintenance of this rule

will be subject to a

shareholder resolution

—

without increased quorum

in comparison to the legally

established

—

and in that

resolution, all votes cast

will be counted without

observation of the imposed

limits.

NOT

APPLICABLE

Section A-I, Topic

5 (Page 155);

Section B-I, b)

Topic 12 (Page

159)

II.6.

The company should not

adopt mechanisms that

imply payments or

assumption of fees in the

case of the transfer of

control or the change in the

composition of the

managing body, and which

are likely to harm the free

transferability of shares

and a shareholder

assessment of the

performance of the

members of the managing

body.

ADOPTED

Section A-I, Topic

4 (Page 155);

Section D - IV,

Topic 80 (Page

207); and Section

D - V, Topics 83-

84 (Page 207)

CHAPTER III

–

NON-EXECUTIVE MANAGEMENT, MONITORING AND SUPERVISION

III.I

Without prejudice to the

legal powers of the chair of

the managing body, if he or

she is not independent, the

independent directors

should appoint a

coordinator from amongst

them, namely, to: (i) act,

when necessary, as an

interlocutor near the chair

of the board of directors

and other directors, (ii)

make sure there are the

necessary conditions and

means to carry out their

functions; and (iii)

coordinate the independent

directors in the assessment

of the performance of the

managing body, as

established in

recommendation V.1.1.

ADOPTED

Section B-II, a)

Topic 18 (Page

165).

173

III.2

The number of non-

executive members in the

managing body, as well as

the number of members of

the supervisory body and

the number of the

members of the committee

for financial matters should

be suitable for the size of

the company and the

complexity of the risks

intrinsic to its activity, but

sufficient to ensure, with

efficiency, the duties which

they have been attributed.

The formation of such

suitability judgment should

be included in the

corporate governance

report.

ADOPTED

Section B-II, a)

Topic 18 (Pages

164 and 165)

III.3

In any case, the number of

non-executive directors

should be higher than the

number of executive

directors.

ADOPTED

Section B-II, a)

Topic 18 (Page

164 and 165)

III.4

Each company should

include a number of non-

executive directors that

corresponds to no less

than one third, but always

plural, who satisfy the legal

requirements of

independence. For the

purposes of this

recommendation, an

independent person is one

who is not associated with

any specific group of

interest of the company,

nor under any

circumstance likely to

affect his/her impartiality of

analysis or decision,

namely due to:

i. having carried out

functions in any of the

company’s bodies for more

than twelve years, either

on a consecutive or

nonconsecutive basis;

ii. having been a prior staff

member of the company or

of a company which is

considered to be in a

controlling or group

relationship with the

company in the last three

years;

iii. having, in the last three

years, provided services or

established a significant

business relationship with

the company or a company

which is considered to be

in a controlling or group

relationship, either directly

ADOPTED

The independence criteria applicable to EDPR are

those stablished under its personal law (Spanish

law).

Section B-II, a)

Topic 18 (Pages

164 and 165)

174

ANNUAL REPORT EDPR 2020

or as a shareholder,

director, manager or officer

of the legal person;

iv. having been a

beneficiary of remuneration

paid by the company or by

a company which is

considered to be in a

controlling or group

relationship other than the

remuneration resulting

from the exercise of a

director’s duties;

v. having

lived in a non-marital

partnership or having been

the spouse, relative or any

first degree next of kin up

to and including the third

degree of collateral affinity

of company directors or of

natural persons who are

direct or indirect holders of

qualifying holdings, or vi.

having been a qualified

holder or representative of

a shareholder of qualifying

holding.

III.5

The provisions of

paragraph (i) of

recommendation III.4 does

not inhibit the qualification

of a new director as

independent if, between

the termination of his/her

functions in any of the

company’s bodies and the

new appointment, a period

of 3 years has elapsed

(cooling-off period).

NOT

APPLICABLE

Section B-II, a)

Topic 18 (Page

164 )

III.6

The supervisory body, in

observance of the powers

conferred to it by law,

should assess and give its

opinion on the strategic

lines and the risk policy

prior to its final approval by

the management body.

ADOPTED

Section A -II,

Topic 9 (Page

158)

175

III.7

Companies should have

specialised committees,

separately or cumulatively,

on matters related to

corporate governance,

appointments, and

performance assessment.

In the event that the

remuneration committee

provided for in article 399

of the Commercial

Companies Code has been

created and should this not

be prohibited by law, this

recommendation may be

fulfilled by conferring

competence on such

committee in the

aforementioned matters.

ADOPTED

Section B - II, a)

Topic 15 (Page

161) Section B-II,

c), Topics 27, 28

and 29 (Pages

169 - 175)

CHAPTER IV

–

EXECUTIVE MANAGEMENT

IV.I

The managing body should

approve, by internal

regulation or equivalent,

the rules regarding the

action of the executive

directors applicable to their

performance of executive

functions in entities outside

of the group.

ADOPTED

Section B-II, b)

Topic 26 (Page

168)

IV.2

The managing body should

ensure that the company

acts consistently with its

objects and does not

delegate powers, namely,

in what regards:

i. the definition of the

strategy and main policies

of the company;

ii. the organisation and

coordination of the

business structure;

iii. matters that should be

considered strategic in

virtue of the amounts

involved, the risk, or

special characteristics.

ADOPTED

Section A -II,

Topic 9 (Page

158)

IV.3

In the annual report, the

managing body explains in

what terms the strategy

and the main policies

defined seek to ensure the

long-term success of the

company and which are

the main contributions

resulting therein for the

community at large.

ADOPTED

Chapter 1.1.6

Sustainability

Roadmap of the

Management

Report

–

Pages

18 and 19

176

ANNUAL REPORT EDPR 2020

CHAPTER V

–

EVALUATION OF PERFORMANCE, REMUNERATION AND APPOINTMENT

V.1 EVALUATION OF PERFORMANCE

V.I.I

The managing body should

annually evaluate its

performance as well as the

performance of its

committees and executive

directors, taking into

account the

accomplishment of the

company’s strategic plans

and budget plans, the risk

management, the internal

functioning and the

contribution of each

member of the body to

these objectives, as well as

the relationship with the

company’s other bodies

and committees.

ADOPTED

Section A -II,

Topic 9 (Page

158); Section B-II

b), Topic 24

(Page 168);

Section D

–

Topic 66 (Page

202); Section D

–

III, Topic 71 (Page

204)

V.2 Remuneration

V.2.I

The company should

create a remuneration

committee, the composition

of which should ensure its

independence from the

management, which may

be the remuneration

committee appointed under

the terms of article 399 of

the Commercial

Companies Code.

ADOPTED

Section B - II, c)

Topic 27 (Page

169); Section B-

II, Topic 29 (Page

173); Section D -

I, Topic 66 (Page

202)

V.2.2

The remuneration should

be set by the remuneration

committee or the general

meeting, on a proposal

from that committee.

ADOPTED

Section D

–

Topic 66 (Page

202); Section D

–

III, Topic 69

(Pages 202, 203)

V.2.3

For each term of office, the

remuneration committee or

the general meeting, on a

proposal from that

committee, should also

approve the maximum

amount of all

compensations payable to

any member of a board or

committee of the company

due to the respective

termination of office. The

said situation as well as the

amounts should be

disclosed in the corporate

governance report or in the

remuneration report.

ADOPTED

Section D

–

IV,

Topic 80 (Page

207)

177

V.2.4

In order to provide

information or clarifications

to shareholders, the chair

or, in case of his/her

impediment, another

member of the

remuneration committee

should be present at the

annual general meeting, as

well as at any other,

whenever the respective

agenda includes a matter

linked with the

remuneration of the

members of the company’s

boards and committees or,

if such presence has been

requested by the

shareholders.

ADOPTED

Section B-I, a)

Topic 11 (Page

159); Section B-II,

a) Topic 29 (Page

174)

V.2.5

Within the company’s

budgetary limitations, the

remuneration committee

should be able to decide,

freely, on the hiring, by the

company, of necessary or

convenient consulting

services to carry out the

committee’s duties.

ADOPTED

Section D

–

Topics 67 (Page

202)

V.2.6

The remuneration

committee should ensure

that those services are

provided independently

and that the respective

providers do not provide

other services to the

company, or to others in

controlling or group

relationship, without the

express authorization of

the committee.

ADOPTED

Section D

–

Topics 67 (Page

202)

V.2.7

Taking into account the

alignment of interests

between the company and

the executive directors, a

part of their remuneration

should be of a variable

nature, reflecting the

sustained performance of

the company, and not

stimulating the assumption

of excessive risks.

ADOPTED

Section D

–

III,

Topics 70 -72

(Pages 203 - 205)

178

ANNUAL REPORT EDPR 2020

V.2.8

A significant part of the

variable component should

be partially deferred in

time, for a period of no less

than three years, being

necessarily connected to

the confirmation of the

sustainability of the

performance, in the terms

defined by a company’s

internal regulation.

ADOPTED

Section D

–

III,

Topic 72 (Page

205)

V.2.9

When variable

remuneration includes the

allocation of options or

other instruments directly

or indirectly dependent on

the value of shares, the

start of the exercise period

should be deferred in time

for a period of no less than

three years.

NOT

APPLICABLE

Section D

–

III,

Topics 73 and 74

(Page 205)

V.2.10

The remuneration of non-

executive directors should

not include components

dependent on the

performance of the

company or on its value.

ADOPTED

Section D

–

III,

Topic 69 (Page

203); Section D

–

IV, 77 (Page 206)

V.3 Appointments

V.3.I

The company should, in

terms that it considers

suitable, but in a

demonstrable form,

promote that proposals for

the appointment of the

members of the company’s

governing bodies are

accompanied by a

justification in regard to the

suitability of the profile, the

skills and the curriculum

vitae to the duties to be

carried out.

ADOPTED

Section B-II, a)

Topics 16, 17

(Pages 162, 163)

V.3.2

The overview and support

to the appointment of

members of senior

management should be

attributed to a nomination

committee unless this is

not justified by the

company’s size.

ADOPTED

Section B- II,c)

Topic 29 (Page

174)

V.3.3

This nomination committee

includes a majority of non-

executive, independent

members.

ADOPTED

Section B- II, c)

Topic 29 (Page

173)

179

V.3.4

The nomination committee

should make its terms of

reference available, and

should foster, to the extent

of its powers, transparent

selection processes that

include effective

mechanisms of

identification of potential

candidates, and that those

chosen for proposal are

those who present a higher

degree of merit, who are

best suited to the demands

of the functions to be

carried out, and who will

best promote, within the

organisation, a suitable

diversity, including gender

diversity.

ADOPTED

Section B-II, a)

Topics 16, 17

(Pages 162, 163);

CHAPTER VI

–

INTERNAL CONTROL

VI.I

The managing body should

debate and approve the

Company’s strategic plan

and risk policy, which

should include the

establishment of limits on

risk-taking.

ADOPTED

Section A -II,

Topic 9 (Pages

157); Section C) -

III, Topic 52 (Page

184)

VI.2

The supervisory board

should be internally

organised, implementing

mechanisms and

procedures of periodic

control that seek to

guarantee that risks which

are effectively incurred by

the company are

consistent with the

company’s objectives, as

set by the managing body.

ADOPTED

Topic 35 (Page

176); Section C

–

II, Topic 52

(Pages 184)

VI.3

The internal control

systems, comprising the

functions of risk

management, compliance,

and internal audit should

be structured in terms

adequate to the size of the

company and the

complexity of the inherent

risks of the company’s

activity. The supervisory

body should evaluate them

and, within its competence

to supervise the

effectiveness of this

system, propose

adjustments where they

are deemed to be

necessary.

ADOPTED

Section B- II, c)

Topic 29 (Page

171); Section B-

III, Topic 30 (Page

175); Section C

–

III, Topics 50-55

(Pages 183-198)

180

ANNUAL REPORT EDPR 2020

VI.4

The supervisory body

should provide its view on

the work plans and

resources allocated to the

services of the internal

control system, including

the risk management,

compliance and internal

audit functions, and may

propose the adjustments

deemed to be necessary.

ADOPTED

Section B- II, c)

Topic 29 (Pages

171 - 173);

Section B

–

III, b)

Topic 35 (Page

176)

VI.5

The supervisory body

should be the recipient of

the reports prepared by the

internal control services,

including the risk

management functions,

compliance and internal

audit, at least regarding

matters related to the

approval of accounts, the

identification and resolution

of conflicts of interest, and

the detection of potential

irregularities.

ADOPTED

Section B- II, c)

Topic 29 (Pages

171 - 173) Section

–

III, b) Topic 35

(Page 176);

VI.6

Based on its risk policy, the

company should establish

a risk management

function, identifying (i) the

main risks it is subject to in

carrying out its activity; (ii)

the probability of

occurrence of those risks

and their respective

impact; (iii) the devices and

measures to adopt towards

their mitigation; and (iv) the

monitoring procedures,

aiming at their

accompaniment.

ADOPTED

Section C)

–

III,

Topics 52 - 55

(1854 - 198);

Chapter 2 of this

Annual Report

(Pages 48-53)

VI.7

The company should

establish procedures for

the supervision, periodic

evaluation, and adjustment

of the internal control

system, including an

annual evaluation of the

level of internal compliance

and the performance of

that system, as well as the

perspectives for

amendments of the risk

structure previously

defined.

ADOPTED

Section C) -III,

Topics 52, 54, 55

(Pages 184, 195 -

199)

181

CHAPTER VII

–

FINANCIAL INFORMATION

VII.1 Finantial information

VII.1.1

The supervisory body’s

internal regulation should

impose the obligation to

supervise the suitability of

the preparation process

and the disclosure of

financial information by the

managing body, including

suitable accounting

policies, estimates,

judgments, relevant

disclosure and its

consistent application

between financial years, in

a duly documented and

communicated form.

ADOPTED

Section B- II,

Topic 29 (Pages

171, 172 and

173); Section B

–

III, b) Topic 35

(Page 176);

Section C

–

III,

Topic 55 (Pages

195 - 198)

VII.2 Statutory Auditor, Accounts and Supervision

VII.2.1

By internal regulations, the

supervisory body should

define, according to the

applicable legal regime, the

monitoring procedures

aimed at ensuring the

independence of the

statutory audit.

ADOPTED

Section B- II, c)

Topic 29 (Page

171), Section B

–

III, c) Topics 37

and 38 (Page

177); Section B

–

IV-V, Topics 45,

46 and 47 (Pages

178 and 179)

VII.2.2

The supervisory body

should be the main

interlocutor of the statutory

auditor in the company and

the first recipient of the

respective reports, having

the powers, namely, to

propose the respective

remuneration and to

ensure that adequate

conditions for the provision

of services are ensured

within the company.

ADOPTED

Sections B

–

II, c)

Topic 29 (Page

171); Section B

–

V, Topics 45, 46

(Pages 178 and

179)

VII.2.3

The supervisory body

should annually assess the

services provided by the

statutory auditor, their

independence and their

suitability in carrying out

their functions, and

propose their dismissal or

the termination of their

service contract by the

competent body when this

is justified for due cause.

ADOPTED

Section B

–

II, c)

Topic 29 (Pages

171 - 173);

Section B

–

III a),

Topic 30 (Page

175), Section B

–

III, c) Topics 37

and 38 (Page

177); Section B-

IV- V, Topic 45

(Page 178)

182

ANNUAL REPORT EDPR 2020

Board of Directors EDP Renováveis 2020 - CVs

António Mexia

Born: 1957

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES

•

Chairman of the Board of Directors of EDP Renováveis, S.A.

•

Chairman and CEO of the Executive Board of Directors of EDP

–

Energias

de Portugal, S.A.

•

Permanent Representative of EDP

–

Energias de Portugal, Sociedade

Anónima, Sucursal en España, and Representative of EDP Finance BV

•

Chairman of the Board of Directors of EDP

–

Energias do Brasil, S.A.

•

Chairman of the Board of Directors of Fundação EDP

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP

GROUP OF COMPANIES

•

Sustainable Energy for All-Chairman

OTHER PREVIOUS POSITIONS

•

Minister of Publi

c Works, Transport and Communication for Portugal’s 16th

Constitutional Government

•

Chairman of the Portuguese Energy Association (APE)

•

Executive Chairman of Galp Energia

•

Chairman of the Board of Directors of Petrogal, Gás de Portugal, Transgás

and Transgás-Atlântico

•

Vice-Chairman of the Board of Directors of Galp Energia

•

Director of Banco Espírito Santo de Investimentos

•

Vice-Chairman of the Board of Directors of ICEP (Portuguese Institute for

Foreign Trade)

•

Assistant to the Secretary of State for Foreign Trade

•

Assistant Lecturer in the Department of Economics at Université de Genève

(Switzerland)

EDUCATION:

•

BSc in Economics from Université de Genève (Switzerland)

•

Postgraduate lecturer in European Studies at Universidade Católica

183

João Manso Neto

Born: 1958

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES

•

Executive Vice-Chairman of the Board of Directors and Chairman of the

Executive Committee (CEO) of EDP Renováveis, S.A.

•

Chairman of the Board of Directors of EDP Renewables Europe, S.L.U.,

EDP Renováveis Brasil S.A., EDP Renováveis Servicios Financieros, S.A.

and EDPR FS Offshore, S.A.

•

Executive Director of EDP Energias de Portugal, S.A.

•

Member of the Board of Directors of EDP España, S.A.U.

•

Permanent Representative of EDP Energias de Portugal, S.A. Sucursal en

España, and Representative of EDP Finance BV

•

Chairman of the Board of Directors of EDP Gás.com Comércio de Gás

Natural, S.A.

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP

GROUP OF COMPANIES

•

Member of the Board of the Operador del Mercado Ibérico de Energía, Polo

Español (OMEL)

•

Member of the Board of OMIP

–

Operador do Mercado Ibérico (Portugal),

SGPS, S.A.

•

Member of the Board of MIBGAS

MAIN POSITIONS IN THE LAST FIVE YEARS

•

Member of the Executive Board of Directors of EDP Energias de Portugal,

S.A.

•

Chairman of EDP Gestão da Produção de Energia, S.A.

•

CEO and Vice-Chairman of EDP España, S.A.U.

•

Vice-Chairman of Naturgás Energia Grupo, S.A.

•

Member of the Board of the Operador del Mercado Ibérico de Energía, Polo

Español (OMEL)

•

Member of the Board of OMIP

–

Operador do Mercado Ibérico (Portugal)

SGPS, S.A.

OTHER PREVIOUS POSITIONS

•

Head of the International Credit Division, and General Manager responsible

for Financial and South Retail areas at Banco Português do Atlântico

•

General Manager of Financial Management, General Manager of Large

Corporate and Institutional Businesses, General Manager of the Treasury,

Member of the Board of Directors of BCP Banco de Investimento and Vice-

Chairman of BIG Bank Gdansk in Poland at Banco Comercial Português

•

Member of the Board of Banco Português de Negócios

•

General Manager and Member of the Board of EDP Produção

EDUCATION

•

Degree in Economics from Instituto Superior de Economia

•

Post-graduate degree in European Economics from Universidade Católica

Portuguesa

•

Program in Economics at the Faculty of Economics, Universidade Nova de

Lisboa

•

Advanced Management Program for Overseas Bankers at the Wharton

School in Philadelphia

184

ANNUAL REPORT EDPR 2020

Rui Manuel

Rodrigues Lopes

Teixeira

Born: 1972

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES

•

Member of the Board of Directors of EDP Renováveis, S.A.

•

Member of the Executive Committee of EDP Renováveis, S.A.

•

Member of the Board of Directors of EDP Energias de Portugal, S.A.

•

CEO of EDP España, S.L.U.

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP

GROUP OF COMPANIES

•

(none)

MAIN POSITIONS IN THE LAST FIVE YEARS

•

Member of the Board of Directors of EDP Renováveis, S.A.

•

Member of the Executive Committee of EDP Renováveis, S.A.

•

Member of the Board of Directors of EDP Energias de Portugal, S.A.

•

CEO of EDP España, S.L.U.

•

President of EDP Gestão de Produção de Energia, S.A.

OTHER PREVIOUS POSITIONS

•

Consultant at McKinsey & Company, focusing on energy, shipping, and

retail banking

•

Project manager and ship surveyor for Det Norske Veritas

•

Assistant director of the commercial naval department of Gellweiler

–

Sociedade Equipamentos Maritimos e Industriais, Lda

EDUCATION

•

Graduate of Harvard Business School’s

Advanced Management Program,

AMP184

•

Master in Business and Administration from the Universidade Nova de

Lisboa

•

Master degree in Naval Architecture and Marine Engineering from the

Instituto Superior Técnico de Lisboa

186

ANNUAL REPORT EDPR 2020

Miguel Ángel Prado

Born: 1975

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES

•

Chief Operating Officer of EDP Renováveis, S.A. for North America and

CEO EDP Renewables North America LLC

•

Member of the Board of Directors of EDP Renováveis, S.A.

•

Member of the Executive Committee of EDP Renováveis, S.A.

•

Responsible for Corporate Procurement at EDP Renováveis, S.A.

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP

GROUP OF COMPANIES

•

(none)

MAIN POSITIONS IN THE LAST FIVE YEARS

•

Head of Investments, Mergers and Acquisitions at EDP Renováveis, S.A.

•

Leadership of the asset rotation strategy of EDP Renováveis, S.A.

•

Member of EDPR Group Investment Committee

OTHER PREVIOUS POSITIONS

•

He has worked in EDP and EDPR for nearly 17 years, investing more than

18 Billion by executing a significant number of relevant acquisitions in 12

different countries

•

Manager at Arthur Andersen/Deloitte Corporate Finance department

EDUCATION

•

PhD in Business and Management by the University of Oviedo and Bradford

(UK)

•

Executive MBA by the IE (Instituto de Empresa, Madrid)

187

Spryridon Martinis

Spettel

Born: 1979

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES

•

Chief Executive Officer of Ocean Winds

•

Chief Operating Officer of EDP Renováveis, S.A. for Offshore and New

Markets

•

Chief Development Officer of EDP Renováveis, S.A.

•

Member of the Board of Directors of EDP Renováveis, S.A.

•

Member of the Executive Committee of EDP Renováveis, S.A.

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP

GROUP OF COMPANIES

•

(none)

MAIN POSITIONS IN THE LAST FIVE YEARS:

•

Executive Business Initiatives Director, EDP Renováveis,S.A.

•

Executive Operating Director

–

Europe, EDP Renováveis,S.A.

•

Asset Management & Business Development Director

–

Europe, EDP

Renováveis,S.A.

•

Director of EDPR Polska, France and Belgium

•

Business Development Director & Coordinator

–

Europe, EDP

Renováveis,S.A.

OTHER PREVIOUS POSITIONS

•

Head of Business Development, Eastern & Northern Europe, EDPR

•

Project Finance specialist, Corporate Finance, Energy Division, BANKIA

•

Business Development Coordinator, Gamesa

EDUCATION

•

Executive Global Leadership Vanguard Program, Xynteo

•

International Executive MBA, IE Business School

•

Full time MBA, IEDE-Laureate University

•

Postgraduate degree in Finance, CESMA

•

University Degree in Economic & Business Sciences,Aristotle University

188

ANNUAL REPORT EDPR 2020

Vera Pinto Pereira

Born: 1974

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES

•

Executive Board Member at EDP Energias de Portugal SA

•

President of the Board at EDP Comercial

•

President of the Board at EDP Soluções Comerciais

•

Board Member at EDP España, S.A.U.

•

Board Member at EDP Renováveis, S.A.

•

Board Member at Fundação EDP

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP

GROUP OF COMPANIES

•

(none)

MAIN POSITIONS IN THE LAST FIVE YEARS

•

Executive Vice President

–

Managing Director for Spain and Portugal at Fox

Network Group

•

Non-executive Board Member at Pulsa Media

OTHER PREVIOUS POSITIONS

•

MEO TV Business Director

–

at Portugal Telecom (Altice)

•

TV Service Director

–

at TV Cabo Portugal

–

PT Multimedia (NOS)

•

Founding Partner of Innovagency Consulting

•

Associate in Mercer Management Consulting

EDUCATION

•

Master in Business Administration (M.B.A.), Fontainebleau

–

INSEAD

•

Graduate & Post-Graduate Degrees in Economics

–

Universidade NOVA de

Lisboa

–

NOVA School of Business and Economics

190

ANNUAL REPORT EDPR 2020

António Nogueira

Leite

Born: 1962

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES

•

Member of the Board of Directors of EDP Renováveis, S.A.

•

Chairman of the Nominations and Remunerations Committee of EDP

Renováveis, S.A.

•

Member of the Audit, Control and Related Party transactions Committee of

EDP Renováveis, S.A.

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP

GROUP OF COMPANIES

•

Senior Board Advisor at Hipoges Iberia,S.A.

•

Chairman of the Board, Embopar, SGPS, S.A.

•

Chairman of the Board, Sociedade Ponto Verde, S.A.

•

Vice-

Chairman of “Fórum para a Competitividade”

•

Chairman of the Board at Forum Oceano

MAIN POSITIONS IN THE LAST FIVE YEARS

•

Director of Sagasta, STC,S.A.

•

Member of the Advisory Committee at Incus Capital Advisors

OTHER PREVIOUS POSITIONS

•

Vice-Chairman of the Executive Committee of Caixa Geral de Depósitos,

S.A.

•

Chairman of the Board at Caixa Banco de Investimento, S.A., Caixa Capital

SCR SGPS, S.A., Caixa Leasing e Factoring, S.A. Partang, SGPS, S.A.

•

Director, Group José de Mello (one of Portugal’s leading private groups)

•

Director of Soporcel, S.A. (1997-1999)

•

Director of Papercel SGPS, S.A. (1998-1999)

•

Director of MC Corretagem, S.A. (1998-1999)

•

Chairman of the Board, Lisbon Stock Exchange (1998-1999)

•

Secretary of State for Treasury and Finance and Alternate Governor (IMF,

EBRD, EIB, WB)

•

Member of the Economic and Financial Committee of the European Union

•

Advisor GE Capital (2001-2002)

•

Director of Brisal, S.A.(2002-2011)

•

Director of CUF, SGPS, S.A. (2002-2011)

•

Director of CUF Quimicos, S.A.(2005-2011)

•

Director of Efacec Capital, S.A.(2005-2011)

•

Director of Jose de Mello Saúde, SGPS, S.A. (2005-2011)

•

Director of Jose de Mello Investimentos, SGPS, S.A. (2010-2011)

•

Chairman of the Board of Directors, OPEX, S.A. (2002-2011)

EDUCATION

•

Degree, Universidade Católica Portuguesa, 1983

•

Master of Science in Economics, University of Illinois at Urbana-Champaign

•

PhD in Economics, University of Illinois at Urbana-Champaign

191

Acácio Piloto

Born: 1957

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES

•

Member of the Board of Directors of EDP Renováveis, S.A.

•

Chairman of the Audit, Control and Related-Party Transactions Committee

of EDP Renováveis, S.A.

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP

GROUP OF COMPANIES

•

(none)

MAIN POSITIONS IN THE LAST FIVE YEARS

•

Member of the Supervisory Board and Chairman of the Risk Committee of Caixa

Económica Montepio Geral

•

Member of the Nominations and Remunerations Committee of EDP Renováveis,

S.A.

•

Member of the Related-Party Transactions Committee of EDP Renováveis, S.A.

OTHER PREVIOUS POSITIONS

•

International Division of Banco Pinto e Sotto Mayor

•

International and Treasury Division of Banco Comercial Português

•

Head of BCP International Corporate Banking

•

Member of the Executive Committee of AF Investimentos SGPS and

Chairman of the following group companies: AF Investimentos, Fundos

Mobiliários; AF Investimentos, Fundos Imobiliários; BPA Gestão de

Patrimónios; BCP Investimentos International; AF Investimentos

International and Prime International

•

Member of BCP Investment Committee

•

Executive Board Member of BCP

–

Banco de Investimento, in charge of

Investment Banking

•

Millennium BCP Group Treasurer and Head of Capital Markets

•

Millennium BCP Chair of Group ALCO

•

CEO of Millennium Gestão de Ativos SGFIM

•

Chairman of Millennium SICAV

•

Chairman of BII International

•

Member of the Board of Directors and Member of the Audit Committee of

INAPA IPG, S.A.

EDUCATION

•

Law degree by the Law Faculty of Lisbon University

•

During 1984 and 1985 he was a scholar from the Hanns Seidel Foundation,

Munich where he obtained a Post-Graduation in Economic Law by Ludwig

Maximilian University

•

Post- Graduation in European Community Competition Law by Max Planck

Institut

•

Trainee at the International Division of Bayerische Hypoteken und Wechsel

Bank

•

Professional education courses, mostly in banking, financial and asset

management, namely the International Banking School (Dublin, 1989), the

Asset and Liability Management Seminar (Merrill Lynch International) and

the INSEAD Executive Program (Fontainebleau)

•

Nova SBE Executive Program on Corporate Governance and Leadership of

Boards

192

ANNUAL REPORT EDPR 2020

Francisca Guedes de

Oliveira

Born: 1973

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES

•

Member of the Board of EDP Renováveis, S.A.

•

Member of the Audit, Control and Related-Party Transactions Committee of

EDP Renováveis, S.A.

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP

GROUP OF COMPANIES

•

Associate Dean at Católica Porto Business School (responsibility of Faculty

Management) (until june 2020)

•

Associate Dean for the Master Programmes at Católica Porto Business

School (until June 2020)

•

Assistant Professor at Católica Porto Business School

•

Member of the Social and Economic Council

•

President of the Tax Comitee of Unilabs Portugal

MAIN POSITIONS IN THE LAST FIVE YEARS

•

Coordinator of the MSc programme in Business Economics at Católica Porto

Business School

•

Coordinator of the seminars in economics at the Master of Public

Administration at Católica Porto Business School

•

Coordinator of the PhD in Economics at the Universidade Católica de

Moçambique

•

Coordinator of the work group appointed by the Finance Minister dedicated

to evaluate Tax Expenditures

OTHER PREVIOUS POSITIONS

•

Assistant Professor at Católica Porto Business School

•

Researcher at the National Statistics Institute

EDUCATION

•

Executive programme at London School of Economics

•

PhD in Economics at Nova School of Business and Economics

•

Master in Economics at Faculdade de Economia da Universidade do Porto

•

Undergraduate degree in Economics at Faculdade de Economia da

Universidade do Porto

•

PhD scholarship from Fundação para a Ciência e Tecnologia

193

Allan J.Katz

Born: 1947

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES

•

Member of the Board of EDP Renováveis, S.A

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP

GROUP OF COMPANIES

•

Founder of the American Public Square

•

Executive Committee Chair of the Academic and Corporate Board to ISCTE

Business School in Lisbon Portugal

•

Board Member of the International Relation Council of Kansas City

•

Board Member of the WW1 Commission Diplomatic Advisory Board

•

Creator of Katz, Jacobs and Associates LLC (KJA)

•

Frequent speaker and moderator on developments in Europe and on

American Politics

MAIN POSITIONS IN THE LAST FIVE YEARS

•

Ambassador of the United States of America to the Republic of Portugal

•

Distinguished Professor at University of Missouri Kansas City

OTHER PREVIOUS POSITIONS

•

National Director of the Public Policy practice group at the firm of Akerman

Senterfitt

•

Assistant Insurance Commissioner and Assistant StateTreasurer for the

State of Florida

•

Legislative Counsel to Congressman Bill Gunter and David Obey

•

General Counsel to the Commission on Administrative Review of the US

House of Representatives

•

Member of the Board of the Florida Municipal Energy Association

•

President of the Brogan Museum of Art & Science in Tallahassee, Florida

•

Board member of the Junior Museum of Natural History in Tallahassee,

Florida

•

First Chair of the State Neurological Injury Compensation Association

•

Member of the State Taxation and Budget Commission

•

City of Tallahassee Commissioner

EDUCATION

•

BA from UMKC in 1969

•

JD from Washington College of Law at American University in Washington

DC in 1974

194

ANNUAL REPORT EDPR 2020

Francisco Seixas Da

Costa

Born: 1948

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES

•

Member of the Board of Directors of EDP Renováveis, S.A.

•

Member of the Nominations and Remunerations Committee of EDP

Renováveis, S.A.

•

Member of the Audit, Control and Related Party Transactions Committee of

EDP Renováveis, S.A.

(appointed in January 19

, 2021)

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP

GROUP OF COMPANIES

•

Member of the Board of Directors of Jeronimo Martins SGPS, S.A.

•

Member of the Board of Directors of Mota Engil SGPS, S.A.

•

Member of the Board of Directors of Mota Engil Africa, S.A.

•

Member of the Audit Committee of Mota Engil Africa, S.A.

•

Chairman of the Fiscal Council of Tabaqueira II, S.A.

•

Chairman of the Advisory Council of A.T. Kearney Portugal

MAIN POSITIONS IN THE LAST FIVE YEARS

•

Member of the Consultative Council of Calouste Gulbenkian Foundation

•

Member of the Independent General Council, RTP - Radio e Televisão de

Portugal, S.A.

•

Invited Researcher, Universidade Autónoma, Lisbon, Portugal

OTHER PREVIOUS POSITIONS

•

Portuguese ambassador to the United Nations, OSCE, UNESCO, Brazil and

France

•

Secretary of State for European Affairs (1995/2001), Portuguese

government, Lisbon

EDUCATION

•

Degree in Political and Social Sciences, Lisbon University

195

Conceição Lucas

Born: 1956

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES

•

Member of the Board of EDP Renováveis, S.A.

•

Member of the Nominations and Remunerations Committee of EDP

Renováveis, S.A.

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP

GROUP OF COMPANIES

•

Chairwoman of Banco Atlantico Europa, S.A.

•

Member of the Nominations and Remunerations Committee of Banco

Atlantico Europa,S.A.

•

Chairwoman of Atlantico Europa, SGPS, S.A

MAIN POSITIONS IN THE LAST FIVE YEARS

•

Executive Board Member of Millennium BCP, for Corporate and Investment

Banking

•

Member of the Board of BCP Capital

•

Manager of BCP Africa SGPS

•

Vice-Chairman of the Board of Directors and Chairman of the Audit Board of

Medis

•

Vice-Chairman of the Board of Directors and Chairman of the Audit Board of

Ocidental

•

Vice-Chairman of the Board of Directors and Chairman of the Audit Board of

Millennium BCP Ageas insurance group

•

Vice-Chairman of the Board of Directors and Chairman of the Audit Board of

Ocidental Vida

•

Member of the Supervisory Board of Bank Millennium S.A. (Poland) (2012-2015)

•

Member of the Board of Banco Millennium Angola (BMA), in Angola

•

Member of the Board and Member of the Remunerations Commission of BIM

–

Banco Internacional de Moçambique

•

Member of the Remuneration Commission of SIM

–

Seguradora Internacional de

Moçambique

•

Board member and Vice-Chairman of Banque Privée, Geneve, Switzerland

OTHER PREVIOUS POSITIONS

•

Chairman of the Board of Directors of Millennium BCP Gestão de Ativos

(MGA)

•

Member of the Board of Fundação Millennium BCP

•

Executive Board Member of Banco Privado Atlantico

–

Europa

•

Co-head of Société Générale, Rep. Office, in Portugal

•

Senior Manager, Banco Espirito Santo,Portugal

•

Manager of Petrogal, S.A.

•

Générale Bank, branch in Portugal

EDUCATION

•

Degree in Management and Business Administration, Portuguese Catholic

University (UCP), Lisbon

•

Post-graduate degree in Hautes Etudes Européennes, major in Economics,

College of Europe, Bruges

•

MSc, London School of Economics,London University

196

ANNUAL REPORT EDPR 2020

Alejandro Fernández

De Araoz Gómez-

Acebo

Born: 1962

CURRENT POSITIONS IN EDPR OR EDP GROUP OF COMPANIES

•

Member of the Board of EDP Renováveis, S.A.

CURRENT POSITIONS IN COMPANIES OUTSIDE EDPR AND EDP

GROUP OF COMPANIES

•

Partner of Araoz & Rueda, Abogados

•

Member of the Board and Vice-Secretary of Inversiones Doalca Socimi, S.A.

•

Member of the Board of Bodegas Benjamin de Rothschild & Vega-Sicilia,

S.A

•

Vocal-International Advisory Board of Scope Ratings AG.

•

“Patrono” and Secretary of Fundación Ar

iane de Rothschild

•

Representative in Spain of Fundación Daniel y Nina Carasso

MAIN POSITIONS IN THE LAST FIVE YEARS

•

(none)

OTHER PREVIOUS POSITIONS

•

Lawyer at Estudio Legal, Abogados, Madrid

•

Secretary and legal advisor of Fundación José Ortega y Gasset-Gregorio

Marañón

•

Associate Professor of Commercial Law in Instituto de Estudios Bursátiles

•

Associate-Professor of Commercial Law in Facultad de Derecho

Universidad Complutense de Madrid

•

Associate-Professor at Program of Instruction for Lawyers (PIL), a joint

program between Harvard Law School and Instituto de Empresa

•

Professor in Instituto de Empresa

EDUCATION

•

Law Degree from the Complutense University, Madrid

•

Researcher, Ludwig-Maximilian Universitat, Munich

•

Researcher, Cambridge MA, Harvard Law School

•

Master in Law, New York University School of Law

•

Master in Law, London School of Economics and Political Science,

University of London

•

PhD in Law, Complutense University,Madrid

•

Business Tax Consultancy Course, ICADE

•

Advance Course of Maritime Busisness, Instituto Marítimo Español

•

European Business Law, City of London Polytechnic

PricewaterhouseCoopers Auditores, S.L., Torre PwC, Pº de la Castellana 259 B, 28046 Madrid, España

Tel.: +34 915 684 400 / +34 902 021 111, Fax: +34 915 685 400

R. M. Madrid, hoja 87.250-1, folio 75, tomo 9.267, libro 8.054, sección 3ª

Inscrita en el R.O.A.C. con el número S0242 - CIF: B-79 031290

Independent reasonable assurance report on the design and effectiveness of the

Internal Control System over Financial Reporting (ICSFR)

To the Board of Directors of EDP Renováveis, S.A.:

We have carried out a reasonable assurance engagement of the design and effectiveness of the Internal

Control System over Financial Reporting (hereinafter, ICSFR) and the description of it that is included in the

attached Report that forms part of the corresponding section of the Annual Corporate Governance Report of

the Directors Report, prepared according to the applicable portuguese regulation, accompanying the

consolidated annual accounts of EDP Renováveis, S.A., and its subsidiaries (hereinafter, the EDPR Group)

as at December 31, 2020. This system is based on the criteria and policies defined by the EDPR Group in

accordance with the guidelines established by the Committee of Sponsoring Organizations of the Treadway

Commission (COSO) in its "Internal Control-Integrated Framework" report.

An Internal Control System over Financial Reporting is a process designed to provide reasonable

assurance over the reliability of financial information in accordance with the applicable financial reporting

framework and includes those policies and procedures that: (i) enable the records reflecting the

transactions performed to be kept accurately and with a reasonable level of detail; (ii) provide reasonable

assurance as to the proper recognition of transactions to make it possible to prepare the financial

information in accordance with the accounting principles and standards applicable to it and that they are

made only in accordance with established authorizations; and (iii) provide reasonable assurance in relation

to the prevention or timely detection of unauthorised acquisitions, use or sales of the Group’s assets that

could have material effect on the financial information.

Inherent Limitations

In this regard, it should be borne in mind that, given the inherent limitations of any Internal Control System

over Financial Reporting, regardless of the quality of the design and operation of the system, it can only

allow reasonable, but not absolute security, in relation to the objectives it pursues, which may lead to errors,

irregularities or fraud that may not be detected. On the other hand, the projection to future periods of the

evaluation of internal control is subject to risks such that said internal control being inadequate as a result of

future changes in the applicable conditions, or that in the future the level of compliance of the established

policies or procedures may be reduced.

Director's responsibility

The Directors of EDP Renováveis, S.A., are responsible for taking the necessary measures to reasonably

ensure the implementation, maintenance and supervision of an appropriate Internal Control System over

Financial Reporting, as well as the evaluation of its effectiveness, the development of improvements to that

system and the preparation and establishment of the content of the information relating to the ICSFR

attached.

Our Responsability

Our responsibility is to issue a reasonable assurance report on the design and effectiveness of the EDPR

Group Internal Control System over Financial Reporting, based on the work we have performed and on the

evidence we have obtained. We have performed our reasonable assurance engagement in accordance with

International Standard on Assurance Engagements 3000 (ISAE 3000) (Revised), "Assurance Engagements

other than Auditing or Reviews of Historical Financial Information", issued by the International Auditing and

Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC).

A reasonable assurance engagement includes the understanding of the Internal Control System over

Financial Reporting, assessing the risk of material weaknesses in the internal control, that the controls are

not properly designed or they do not operate effectively, the execution of tests and evaluations on the

design and effective implementation of this ICSFR, based on our professional judgment, and the

performance of such other procedures as may be deemed necessary.

We believe that the evidence we have obtained provides a sufficient and adequate basis for our opinion.

Our Independence and Quality Control

We have complied with the independence requirements and other ethical requirements of the Accounting

Professionals Code of Ethics issued by the International Ethics Standards Board for Accountants (IESBA),

which is based on the fundamental principles of integrity, objectivity, professional competence and

diligence, confidentiality and professional behavior.

Our firm applies the “International Standard on Quality Control 1 (ISQC 1)” and maintains an exhaustive

qualitative control system that includes documented policies and procedures regarding compliance with

ethical requirements, professional standards, and applicable legal and regulatory provisions.

Opinion

In our opinion, the EDPR Group maintained, as at December 31, 2020, in all material respects, an effective

Internal Control System over Financial Reporting for the period ended at December 31, 2020, which is

based on the criteria and the policies defined by the EDP Renováveis Group’s management in accordance

with the guidelines established by the Committee of Sponsoring Organizations of the Treadway

Commission (COSO) in its "Internal Control-Integrated Framework" report.

In addition, the attached description of the ICSFR Report as at December 31, 2020 has been prepared, in

all material respects, in accordance with the requirements established by the Code of Recommendations of

the IPCG and the Appendix I to CMVM Regulation nº 4/2013 for the purposes of the description of the

ICSFR in the Annual Reports of Corporate Governance.

This work does not constitute an audit nor is it subject to the regulations governing the audit activity in force

in Spain, so we do not express any audit opinion in the terms provided in the aforementioned regulations.

PricewaterhouseCoopers Auditores, S.L.

Iñaki Goiriena Basualdu

24 February 2021

22725304Q IÑAKI GOIRIENA

2021-02-24 16:5

Signer:

CN=22725304Q IÑAKI GOIRIENA

C=ES

2.5.4.42=IÑAKI

2.5.4.4=GOIRIENA BASUALDU

Public key:

RSA/2048 bits

198

ANNUAL REPORT EDPR 2020

Annex II

Remuneration Report

EDPR has rooted in its organizational culture the challenge and ambition to implement and achieve, at all times, the best corporate

governance practices, and seeks, with transparency and rigor, to go beyond the legal and regulatory requirements applicable in

this area. Despite the understanding of the Portuguese Securities Commission (CMVM) that the remuneration report only needs

to be released and submitted to

shareholders, for the first time, at the annual general shareholders’ meeting subsequent to the

year in which the new remuneration policy is approved after the enter into force of Law nº 50/2020 of 25 August, (this is as of

2022), EDPR sought, under the terms of Article 245.º - C of the Portuguese Securities Code, to anticipate, already in 2021, to

provide a version aiming to the effective compliance of such legal requirement. This commitment seeks to materialize our culture

towards our Shareholders and the market in general.

Pursuant to the terms of Article 245-C of the Portuguese Securities Code, as amended by Law no. 50/2020, of 25 August, this

Remuneration Report envisages to provide a wide-ranging view of the remuneration attributed to the members of the corporate

bodies of EDP Renováveis S.A., including all benefits, regardless of their form, due or attributed during the financial year of 2020.

199

Definition and adoption of the Remuneration Policy of EDP Renováveis

The definition of the proposal of the remuneration policy for the members of the Board of Directors of EDPR is incumbent on

Nominations and Remunerations Committee which is a elegated body of the Board of Directors enterely composed by non-

executive and independent members. Under such competences this Committee takes the responsibility for proposing to the

Board of Directors the determination of the remuneration of the Executive Directors of the Company; the Declaration on

Remuneration Policy; the evaluation and compliance of the KPI’s (Ke

y Performance Indicators); the annual and multi annual

variable remuneration, and also proposes the remuneration of the Non-Executive Directors and members of the Board

Committees. As such, this Committee prepares a proposal that defines the remuneration to be attributed to Directors and to the

members of the Executive Committee, with the purpose that it reflects the performance of each of the members in each year of

their term of office establishing for the Executive Committee Members

a variable component which is consistent with the

maximisation of the Company's long term performance (variable annual and multi-annual remuneration for a three-year period),

and long term incentive plans for the achievement of the most challenging objectives of the business plan, thereby guaranteeing

the alignment of the performance of the governing bodies with the interests of the shareholders.

The Board of Directors is responsible for the approval of the above-mentioned proposals except to the extent it concerns the

Declara

tion on the Remuneration Policy which is annualy approved by the General Shareholders’ Meeting. The Board of

Directors also evaluates with an annual periodicity its own performance and the performance of its delegated Committees. The

evaluation of the performance of the Board of Directors and its Executive Committee, is then additionally submitted for the

approval of the General Shareholder Meeting.

The Declaration on the Remuneration Policy is submitted by the Board of Directors to the approval of the Gene

ral Shareholders’

Meeting as an independent proposal. According to the Company’s Articles of Association the Board of Directors remuneration is

subject to a maximum value that can only be modified by a Shareholders agreement.

The remuneration policy applicable for 2020-2022 was proposed by the Nominations and Remuneration Committee and

approved by the General Shareholders’ Meeting held on March 26

, 2020. It defined a structure with a fixed remuneration for all

members of the Board of Directors, whereas for the members of the Executive Committee defines a fixed and a variable

remuneration, with an annual component and a multi-annual component. Additionally, on its meeting dated October 16

, 2019

the Appointments and Remunerations Committee agreed to propose to the Board of Directors a Complementary Long Term

Program homogeneous for the three COOs and for the 2019-2022 term. Such Complementary Long Term Program was

approved at the Board of Directors’ meeting dated October 29, 2019.

200

ANNUAL REPORT EDPR 2020

A. Remuneration structure and disclousure

The remuneration policy applicable for 2020-2022 defines a structure with a fixed remuneration for all members of the

Board of Directors, whereas for the members of the Executive Committee defines a fixed and a variable remuneration,

with an annual component, a multi-annual component and a Complementary Long Term Program homogeneous for

the three COOs for the 2019-2022 term.

The Non-Executive Directors only receive a fixed remuneration, which is calculated on the basis of their work

exclusively as Directors or with their membership on the Nominations and Remunerations Committee and to the

Audit, Control and Related

Party Transactions Committee. Those members who are seated in two different

Committees do not accumulate two remunerations. In these cases, the remuneration to be received is the one that

corresponds to the highest value.

EDPR, in line with EDP Group corporate governance practices, has signed an Executive Management Services

Agreement with EDP, under which the Company bears the cost for such services to some of the members of the

Board of Directors to the extent their services are devoted to EDPR.

Remuneration paid by EDPR to its Directors for their functions as Members of the Board and Members of the

Audit, Control and Related Party Transactions Committee and Nominations and Remunerations

Committee

for the year ended on December 31

2020:

Executive Directors

DIRECTOR

TOTAL

FIXED

(€)

João Manso Neto*

Rui Teixeira*

Duarte Bello**

61,804

Miguel Ángel Prado**

Spyridon Martinis**

61,804

** João Manso Neto and Rui Teixeira do not receive any remuneration from EDPR. EDPR and EDP signed an Executive Management Services

Agreement according to which

EDPR pays to EDP a fee for the services rendered by these Board Members

*Duarte Bello, Miguel Ángel Prado and Spyridon Martinis ,as Officers and members of the Executive Committee, and for the relevant period of

2020 corresponding to each of them, received their remuneration as Directors as desc

ribed on the table above and as other Group companies’

employees, as described at the end of this section.

Non Executive Directors that are not members of any delegated commitee

DIRECTOR

TOTAL

FIXED

(€)

Antonio Mexia*

Vera Pinto*

Manuel Menéndez Menéndez

45,000

Allan J.Katz

45,000

Alejandro Fernández de Araoz Gómez-Acebo

45,000

*António Mexia and Vera Pinto do not receive any remuneration from EDPR. EDPR and EDP signed an Executive Management Services

Agreement according to which

EDPR pays to EDP a fee for the services rendered by these Board Members.

201

Non Executive Directors that are members of the Audit, Control and Related party Transactions Committee

and/or the Nominations and Remunerations Committee

AUDIT, CONTROL AND RELATED PARTY TRANSACTIONS COMMITEE

DIRECTOR

TOTAL

FIXED

(€)

Acácio Jaime Liberado Mota Piloto (Chairman)

80,000

Francisca Guedes de Oliveira

60,000

António Nogueira Leite*

60,000

NOMINATIONS AND REMUNERATIONS COMMITTEE

DIRECTOR

TOTAL

FIXED

(€)

António Nogueira Leite (Chairman)*

60,000

Francisco Seixas da Costa

55,000

Conceiçao Lucas

55,000

*Those members who are seated in two different Committees do not accumulate two remunerations. In these cases, the remuneration to be

received is the one that corresponds to the highest value (as the case of Antonio Nogueira Leite)

ii.

Remuneration paid to EDPR Executive Directors (ex CEO) for the functions performed as Officers for the

year ended on December 31

2020

OFFICER

PAYER

FIXED

VARIABLE

ANNUAL

VARIABLE

MULTI-

ANNUAL

VARIABLE

PLURI-

ANNUAL

TOTAL

Duarte Bello

EDP Energías

de Portugal,

S.A. Sucursal

en España

228.196€

145,000€

37.500€

410.696€

Miguel Ángel Prado

EDPR North

America LLC

466,897$

162.328$

237.908$

45.725$

912.858$

Spyridon Martinis

EDP Energías

de Portugal

S.A. Sucursal

en España

228.196€

145,000€

373.196€

*All the amounts are in EUR, except Miguel Ángel Prado ones, which are in USD.

Likewise, in application of the deferral policy, in 2020 an amount of 84.443€ was paid

to Miguel Amaro (former

Executive CFO of the company), for the services rendered in 2016-2017.

202

ANNUAL REPORT EDPR 2020

iii.

Non-Monetary Benefits

The Officers, with the exception of the CEO, received the following non-monetary benefits: retirement savings plan (as

described in the following topic), company car and Health Insurance. In 2020, the non-monetary benefits amounted to

267.733 EUR. The Non-Executive Directors do not receive any relevant non-monetary benefits as remuneration.

iv.

Retirement Savings Plan

The retirement savings plan for the members of the Executive Committee that are also Officers, acts as an effective

retirement supplement with a range between 3% to 6% of their annual salary. The percentage is defined

according

with the retirement savings

plan applicable in their home country. The retirement savings plan applicable to 2020,

which is included within the Remuneration Policy applicable for the term office 2020-2022, was defined and proposed

by the Nominations and Remunerations Committee to the Board of Directors for its submission to the General

Shareholder’s Meeting, which approved it on its meeting held on March 26

, 2020.

The total amount of the remunerations that the Company paid to its Directors under the terms provided in the previous

paragraphs have not ex

ceeded the amount determined by the General Shareholders’ Meeting, which for year 2020 was set in

EUR 2,500,000 for the Board of Directors and in EUR 1,000,000 for the Executive Committee.

B. Allingment of the application of the remuneration with the Remuneration

Policy adopted. Contribution of the Remuneration Policy to the long term

performance of the Company and criteria taken into account.

The remuneration policy adopted by EDPR for 2020 included key elements to enhance a Company’s management performance

not only focused on short-term objectives, but also incorporate as part of its results the interests of the Company and of

shareholders in the medium and long term. These elements are: (i) the definition of the indicators in accordance with the 6

clusters, (ii) the relative weight assigned to each KPIs to calculate annual, multiannual variable remuneration, and if such is the

case, of the LTICPs, (iii) the relevance associated with the achievement of such KPIs on the platform in the case of COOs, (iv)

the three-year term considered for determining the value of variable multi-annual component of the remuneration, as well as the

four-year term considered for determining the value of the LTICP, (v) the deferral in three years for the payment of the variable

multi-annual as recommended by CMVM as a good corporate governance practices, as well as conditioning its payment to the

fact of there has not been unlawful actions known after the performance evaluated that may jeopardize the sustainability of the

company’s performance, (vi) the use of the qualitative criteria focused on a strategic and medium term perspective of

thedevelopment of the Company, and (vii) the existence of a maximum limit for the variable remuneration.

As previously exposed, the remuneration policy applicable for 2020-2022 defines a structure with a fixed remuneration for all

members of the Board of Directors (which is detailed in the previous section) and a fixed and a variable remuneration, with an

annual component and a multi-annual component.for members of the Executive Committee. The variable annual remuneration

may range from 0 to 68% over the annual fixed remuneration and the multi-annual remuneration from 0 to 102% over the annual

fixed remuneration for the CEO, and over 250.000€ for other members of the Executive Committee.

The key performance indicators (KPIs) used to determine the amounts of the annual and multi -annual variable remuneration

regarding to each year of the term are proposed by the Nominations and Remunerations Committee with the aim of align them

with the strategic grounds of the

Company: growth, risk control and efficiency. These are

the same for all members of the

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

203

KEY

PERFORMANCE

INDICATOR

CEO

COO’

S NA AND EU

COO

WEIGHT

EDPR

RESULTS

WEIGHT

EDPR

RESULTS

PLATFORM

RESULTS

WEIGHT

EDPR

RESULTS

PLATFORM

RESULTS

Total

Shareholder

return

15%

100

TSR vs. Wind peers

& Psi 20

100%

Shareholders

80%

60%

Operatin Cash Flow

(€ million)

10%

100%

10%

50%

10%

100%

AR/Sell-down + Tax

Equity

(€ million)

10%

100%

10%

100%

10%

100%

EBITDA+ sell down

gains

(€ million)

10%

100%

10%

50%

10%

100%

Net Profit

(€ million)

10%

100%

10%

100%

10%

100%

Core Opex Adjusted

(€ thousand/MW)

10%

100%

10%

50%

10%

100%

Projects with FID

(% of total ’19

’22

additions in BP)

10%

100%

10%

50%

10%

50%

Clients

10%

Renewable Capacity

Built

(in MW)

10%

100%

10%

50%

10%

50%

Assets &

Operations

10%

Technical Energy

Availability

(%)

100%

50%

100%

Capex per MW

(€ thousand)

100%

50%

Environment

Commnunitie

Certified MW

100%

50%

100%

Innovation &

partners

H&S frequency rate

(employees +

contractors)

100%

50%

100%

People

Management

10%

People Management

10%

100%

10%

50%

10%

50%

Remuneration

Committee

100

Appreciation

remuneration

committee

100%

There is also a qualitative evaluation of the CEO about the annual performance of the members of the Executive Committee.

This evaluation will have a weight of 20% for the final calculation in the annual variable remuneration and of 32% in the multi-

annual variable remuneration. The other 80% will be calculated based on the weights indicated in the next paragraph for the

annual variable remuneration and 68% for the multi-annual variable.

According to the Remuneration Policy approved by the General Shareholders’ Meeting, the maximum variable remuneration

(annual and multi-

annual) is applicable if all the above mentioned KPI’s

were achieved and the performance evaluation is equal

or above 110%.

205

D. Remuneration from other Group Companies

As exposed in section B of this chapter 6 of the Annual Report, the remuneration of the Executive Directors related to the

functions permormed as Officers were paid by EDP Energías de Portugal S.A. Sucursal en España and EDPR North America

LLC as follows:

OFFICER

PAYER

FIXED

VARIABLE

ANNUAL

VARIABLE

MULTI-

ANNUAL

VARIABLE

PLURI-

ANNUAL

TOTAL

Duarte Bello

EDP Energías

de Portugal,

S.A. Sucursal

en España

228.196€

145,000€

37.500€

410.696€

Miguel Ángel Prado

EDPR North

America LLC

466,897$

162.328$

237.908$

45.725$

912.858$

Spyridon Martinis

EDP Energías

de Portugal

S.A. Sucursal

en España

228.196€

145,000€

373.196€

*All the amounts are in EUR, except Miguel Ángel Prado ones, which are in USD.

In 2020, in application of the deferral policy adopted by EDPR, an amount of 84.443€ was paid by EDP Energías de Portugal,

S.A. Sucursal en España to Miguel Amaro (former Executive CFO of the company), for the services rendered in 2016-2017.

Likewise, according to the Executive Management Services Agreement signed with EDP, EDPR is due to pay an amount to

EDP, for the services rendered by the Executive Managers and the Non-Executive Managers. The amount due under said

Agreement for the management services rendered by in 2020 is EUR 1,094,560, of which EUR 959,560 refers to the

management services rendered by the Executive Members and EUR 135,000 to the management services rendered by the

Non-Executive Members.

E. Share-allocation and/or Stock Option Plans

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

Should be noted that at 31

December 2020, Spyridon Martinis had 10,413 shares of EDP Renováveis, but all of them were

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

F. Refund of a variable remuneration

EDPR has not regulated the option of refunding the variable remuneration of the Directors but in line with corporate governance

practices, the Remuneration Policy incorporates the deferral for a period of three years of the multi-annual variable

remuneration, being the relevant payment conditioned to the lack of any willful illicit action, known after the appraisal and which

endangers the sustainable performance of the company.

206

ANNUAL REPORT EDPR 2020

G. Information on any withdrawal of the procedure for applying the

remuneration policy and the derogations applied, including an

explanation of the nature of the exceptional circumstances and an

indication of the specific elements subject to the derogation

The remuneration policy applicable for 2020-

2022 was approved by the General Shareholders’ Meeting held on March 26

2020 and has been applied withouth exceptions since then. Should be noted to this extent that the Complementary Long Term

Program approved for the three COOs for the 2019-

2022 term that was approved at the Board of Directors’ meeting dated

October 29

, 2019 substituted the Complementary Long Term Program approved on 2017.

Other remunerations

•

Remuneration of the Chairman of

the General Shareholders’ Meeting

In 2020, the remuneration of the Chairman of the General Shareholders’ Meeting of EDPR, José António de Melo Pinto Ribeiro,

was EUR 15,000.

•

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

TYPE OF SERVICE

PORTUGAL

SPAIN

BRAZIL

OTHER

TOTAL

Audit and statutory audit

of accounts

161,802

583,370

166,671

1,066,435

684,006

2,662,284

93.5%

Total audit related

services

161,802

583,370

166,671

1,066,435

684,006

2,662,284

93.5%

Other non-audit services

151,382

4,000

29,007

184,389

6.5%

Total non-audit related

services

151,382

4,000

29,007

184,389

6.5%

Total

161,802

734,752

170,671

1,066,435

713,013

2,846,673

100,00%

The amount of Other non-audit services in Spain includes, among others, services that refer to the entire Group such as the

review of the internal control system on financial reporting and review of the non-financial information related to sustainability

included in the EDPR Group’s annual report, which are invoi

ced to a Spanish companies. This amount also includes the limited

review as of June 30, 2020 of the EDPR Consolidated Financial Statements and other reviews for Group consolidation purposes

which are considered non-audit services according to the respective local regulation.

Total amount for Spain refers to services provided by PricewaterhouseCoopers Auditores S.L.

The above fees exclude the fees for full consolidated Viesgo companies which are also audited by PricewaterhouseCoopers

Auditores S.L in the amount of 90,471 Euros and the fees for the companies that were sold during 2020 (see note 6 of the

consolidated annual accounts).