FY21 Annual
Report
ALL YOU
NEED IS
ENERG
FY21 ANNUAL REPORT
APRIL 2022
Wind turbine in Alto da Croa I Wind Farm (7.3MW)
FY21 Annual
Report
Greenalia's Headquarters | CONTENTS | |||||||||||||||
01 | 02 | 03 | 04 | 05 | 06 | 07 | 08 | 09 | ||||||||
ABOUT THIS | PRESIDENT | ABOUT | OUR | GOVERNANCE ENVIRONMENTAL SOCIAL | APPENDICES | ANNUAL ACCOUNTS | ||||||||||
REPORT | & CEO LETTERS GREENALIA | SUSTAINABILITY | FY21 | |||||||||||||
MODEL | ||||||||||||||||
03 | 04 | 09 | 29 | 36 | 57 | 81 | 110 | 130 |
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01 | FY21 Annual | ||||||||
Report | |||||||||
In Greenalia, SA (hereinafter, "Greenalia"), we present | exclusive responsibility of the company and its | ||||||||
information regarding our performance during | administrators, and presents the annual accounts | ||||||||
financial year 2021 (from January 1 to December | and the audit report on the consolidated financial | ||||||||
31, 2021) integrated into one document, this Annual | statement of December 31, 2021. | ||||||||
ABOUT | Report 2021. Via this report, we want to inform all | also follow the indications of the main initiatives and | |||||||
both financial and non-financial aspects. We have | |||||||||
of our stakeholders how Greenalia generates value | The scope of the information reported includes all of | ||||||||
in the short, medium and long terms, and to provide | Greenalia's companies included in our Consolidated | ||||||||
true, relevant and exact information on our financial | Annual | Accounts | corresponding | to | financial year | ||||
accounts for 2021. | 2021, since the reporting cycle is annual. | ||||||||
The information | included in this report covers | In | line | with the | importance that | we give | to | ||
transparency and dialogue with our stakeholders, we | |||||||||
consolidated our Financial and Non-Financial (NFR) | bodies as regards reports: | ||||||||
Reports for FY21 | |||||||||
• | GRI | Sustainability Reporting | Standards. | An | |||||
Our NFR includes information related to our activities | |||||||||
REPORT | Essential Option. | ||||||||
requisites of Law 11/2018 regarding non-financial | |||||||||
verified by E&Y and TÜV SÜD. The scope and results | |||||||||
THIS | regarding sustainability, covering our performance | • The Ten Principles of the United Nations World | |||||||
during 2021 in | the | Environmental, | Social and | ||||||
Governance areas (ESG sustainability) | in response | Compact | |||||||
• The Sustainable Development Goals approved by | |||||||||
to the expectations of our stakeholders with respect | |||||||||
the UN General Assembly. | |||||||||
to relevant information as identified in the materiality | |||||||||
analysis, in addition to complying with the legal | The information included has been independently | ||||||||
information and diversity. | of the independent verification are described in the | ||||||||
This information | has | been prepared | by virtue of | corresponding Verification Reports included in this | |||||
report. | |||||||||
the provisions of article 17 of Regulation (EU) | |||||||||
596/2014 on market abuse, and article 228 of the | For further information regarding the report or its | ||||||||
reformed text of the Stock Market Law approved by | contents, please address your request via email to | ||||||||
Royal Legislative Decree 4/2015 of October 23 and | sostenibilidad@greenalia.es. | ||||||||
concordant dispositions, and in Circular 03/2020 |
Greenalia's Headquarters | from the BME MTF Equity stock market, under the |
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02 | FY21 Annual |
Report | |
LETTER FROM | |
OUR | |
PRESIDENT |
This is my first chance to speak to you as the President of Greenalia. During my professional career, I have been able to participate in some of the most challenging business projects and to work with groups of highly-qualified people. Participating in the transformation of sectors such as retail, communications or banking has, undoubtedly, involved challenges of enormous magnitude. However, the present situation is no less challenging. I am participating in the energy transition and the decarbonization of the economy, which may well be the main challenges currently faced by society and the business world.
2021 has been a convulsive year, marked by the consequences of the pandemic and new global conflicts. Nevertheless, in the middle of this convulsive and uncertain context, we have been able to maintain our course and reinforce our operations. Now it is time to look toward the future, aiming at recuperation. And along this course, energy transition and digitalization will be the levers that will move this process, greener and more sustainable. And I am doing this as the President of a company like Greenalia, a company closely involved
with the communities where we undertake our projects, supporting and collaborating with different organizations and administrations and participating in strategies to promote inclusion, diversity and equality for vulnerable groups.
I must not forget to mention Greenalia's commitment to Galician industry, especially at this time of price tensions in the electricity market. In Greenalia, we believe that this resource, wind power, is an opportunity to ensure, in the medium term, the competitiveness of Galician industry via long-term agreements on energy sales like those we have already formed with several large-scale consumers of electrical power.
As you will see in this document, from a financial and sustainability perspective, the company has maintained its route map despite the impact of the successive waves. In a year marked by the corresponding restrictions and closures of activities, the resilience of our business model, based on the green economy, vertical integration and recurring income has been reflected in the continuity of all of our planned projects.
Jose María Castellano
We brought forward our plans to operate in the USA, incorporating a new technology -storage- into our pipeline, and we started 4 new wind farms in Spain. With this first step towards internationalization, we diversified our risk by being on two continents and at the same time, we have acquired greater stability and security in the achievement of the objectives of our strategic plans.
Our strategy for contributing to the development of a more egalitarian society maintains the company's unwavering commitment to the 17 Sustainable Development Goals (SDG) established in the United Nation's Agenda 2030, helping to resolve the great challenges facing humanity. Therefore, our adhesion to the global compact is a pillar on which to seat our management of sustainable and harmonious growth from the triple ESG perspective (Environmental, Social and Governance), creating an organization that exists within a complex ecosystem and at the same time contributes to its regeneration.
This is the path we believe in, reaffirming our alliance with the
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President & CEO Letters
environment and our respect for the planet. For this reason, we promote initiatives to reduce impacts on ecosystems, applying a circular bio-economy, reducing emissions and using clean energy in both our activities and in the projects we develop. We also have the satisfaction of having ratified our global objectives via the SBTi (Science-Based Target initiative), to reduce our direct emissions by 25% by 2030.
Convinced that the future depends on talent and people, we design and promote a diverse and inclusive work environment, guaranteeing that equality and equal opportunity are a reality of which we can be proud, avoiding any discrimination in our day to day life. Everyone in Greenalia contributes to its growth, and this is important to us, since it is the essence of the company's progress.
The challenges before us also require the strengthening of our organizational structure. In this regard, the renovation of the Board of Directors, with my arrival as the President, and the incorporation into the board of our Director of Corporate Development and Sustainability has led to the integration of sustainability into the highest management levels in the company.
In addition, during this year, we have also advanced in the consolidation of our Compliance Program, thanks to the approval by our Board of Directors and the Shareholders Meeting of the Green Book -the book of company policies-. The ratification of the Code of Conduct and Corporate Good Practice and the launch of the Responsibility Channel have allowed us to advance in the consolidation of our program of
Greenalia's Headquarters
regulatory compliance, another step forward in the implementation of the code of ethics that governs our business project.
With the full packet of measures and objectives established in these two documents, which are intrinsically linked, Greenalia has moved forward in our policies for good governance, just as we have moved forward in our pipeline.
As a company, we have managed to maintain the competitiveness of our lines of business by using synergies, seeking the growth of our model while attending to risk reduction. We have made a significant contribution with the process of energy transition, with an investment of 1,000M€ between 2019 and 2023 in projects for the generation of electricity from renewable sources. At the end of 2021, 27% of the investment planned up to 2023 has been implemented.
As a company closely involved with the communities where we undertake our projects, we support and collaborate with different organizations in projects of interest, participating together in effective strategies to promote inclusion, diversity and equality for vulnerable groups and their access to sports activities.
As I said earlier, 2021 has been a year marked by the pandemic. Now it is time to look toward the future, aiming at recuperation.
And on this path, energy transition and digitalization are concepts that will shape this process, concepts that we in Greenalia have internalized in our vision
because we believe that renewable energies and digital technologies must be the driving forces of a new economic model, greener and more sustainable. Our technological alliances with companies such as Microsoft have taught us this. We have been able to optimize processes, reduce our carbon footprint and become much more efficient in time management.
The bases are in place. We have many challenges in front of us. Europe wants to contribute to the containment of climate change by reducing its greenhouse gas emissions by 55% between now and 2030, to limit the temperature increase to less than 2ºC. In Greenalia, we are firmly committed to this objective, and we are sure that our participation and active role in this change towards a climatically- neutral economy makes us a point of reference in the change of the energy model.
With green, positive energy, we are confident that in 2022, we will enjoy a year in which we shall continue to grow, to generate wealth and to contribute to a more sustainable planet.
José María Castellano Ríos
GREENALIA'S PRESIDENT
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Greenalia SA published this content on 22 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 July 2022 11:23:01 UTC.