As a world leader in the production of renewable energy, our most important mission is to protect the future of the planet

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2 As a world leader in the production of renewable energy, our most important mission is to protect the future of the planet 1

3 Countries 32(1) Continents 4 Total net installed capacity 98,916 MW Renewable total net installed capacity 36,869 MW Total production 286.1(2) TWh/year Power line extension 1,863,524 KM energy distribution to end customers 404 TWh/year Customers 60.8 Million investments 25.7(3) billion euros Human resources 71,394 People Shareholders 1.2 Million ebitda 17(4) billion euros 2 Figures as of data source: enel Please refer to Notes on inside back cover

4 Enel, where energy is born enel is the largest power company in italy and second in europe in terms of installed capacity. it is one of the leading integrated operators in the electricity and gas sectors in europe and Latin america. The Group is present in 32 countries on 4 continents around the world, working in the field of power generation with a net installed capacity of over 98 GW and distributing electricity and gas to roughly 61 million customers through a network of approximately 1.9 million kilometres. 3

5 Enel Green Power, leading the green change Founded in december 2008, enel Green Power is the company of the enel Group dedicated to the development and management of power generation from renewable resources found in europe, the americas and South africa. it is a world leader in the development of renewable energy with annual production of 29.5 TWh, able to meet the needs of approximately 10 million households and reduce carbon dioxide emissions by 16 million tons each year. The installed generation capacity of enel Green Power is about 8,900 MW. The plants in operation or under construction in 20 countries* total more than 750 units, and the generation mix includes the main renewable energy sources: wind, solar, hydroelectric, geothermal and biomass. in 2013, the Company pursued a strategy of consolidation in the european markets along with the launch of further geographical diversification into markets characterised by an ideal combination of available natural resources and strong need for development of renewable electricity production. 4

6 On 16 January 2013, enel Green Power s daily net production broke the 100 GWh mark for the first time with a peak of 103 GWh, a result that has a strong symbolic and representative value of the dimensions that the Group has been able to achieve in recent years thanks to the contribution of all its components. in the coming years, enel Green Power intends to further develop its multi-technology presence in emerging countries, with particular attention to South america, the Middle east and africa, thanks to the presence of a strong pipeline of selected projects that spans different technologies. The continuous search for technical and operational excellence around the world, starting from the consolidated basis of experience and know-how acquired from plants located in italy and europe, attention to issues of technological innovation, the creation of shared value and the commitment of the over 3,500 employees present in 20 countries*, offer a view of the future with full awareness of the great potential for further growth, both in size and in operating performance of the Company. *Of which 15 fully consolidated at

7 Future is a common asset enel Green Power promotes a strategy that integrates sustainability into both business processes and value chain: to this end, the company has defined its model of "shared value creation", establishing a short, middle and long term plan of action to ensure seamless integration into daily work mode. The same corporate governance system is divided into principles, rules and procedures to achieve the maximum fairness and transparency in terms of business management and generation of value for shareholders. The company bases its work on fundamental ethical principles which are at the heart of corporate culture and the standard of conduct required of all employees, whether internal and external. These principles are enshrined in documents defined at Group level and that enel Green Power transposes: n Code of ethics; n Plan of Zero Tolerance for Corruption; n Organisational Model - ex italian law 231/2001; n Zero accidents Target Plan; n Human Rights Policy. The supporting elements that enel Green Power employs in its approach to sustainability are transparent dialogue with local communities and collaboration with stakeholders at all levels. through listening and analysis of the needs of the territorial areas in which it operates, enel Green Power aims to maximize the shared value by intervening proactively in response to local needs, anticipating future needs and preventing any conflicts. 6

8 its unbending commitment is to offer a solid contribution to social-economic development through initiatives modelled on the needs and potential of the country in which it operates. This approach is embodied in the implementation of projects on cross-sector projects related to the core business - such as access to energy - and aimed at the empowerment and skill development of the communities at issue. in this context, the partnership with the indian NGO barefoot College is an example of creating a concrete and measurable development: from 2012 the program has allowed 33 women from rural villages not connected to the electricity grid from 8 Countries in Central and South america to participate in a training course in the North of india (at the barefoot College) on the installation and maintenance of small photovoltaic systems. The project has transformed the participants into "solar technicians" who brought light and development to their communities thanks to the installation of photovoltaic kits provided by enel Green Power: from its inception, the program has involved 36 communities, enabling energy access to over 1,000 families. an additional element of attention to the local context is related to the protection of biodiversity in the early stages of project evaluation, engaging in the development and conservation through specific initiatives. enel Green Power pursues a holistic approach to the management of environmental issues: The Group has an integrated Management System for Health, Safety and environment, 100% certified and implements measures for the prevention, mitigation and management of environmental impacts at all stages of the value chain. a fundamental element to this commitment is also supply chain management: the company applies mechanisms of qualification and selection of suppliers in line with the criteria laid down by the enel Group, whilst a specific Green Procurement Plan to raise standards in the segments of the supply involving greater environmental and social impact. 7

9 Innovation, the main resource enel Green Power focuses on innovation, one of the key elements to achieve sustainable growth of the Group. The company now focuses on three main areas: n n n performance improvement; integration of renewable energy into urban contexts; use of new renewable resources. Performance improvement aims to optimise the performance of enel Green Power's network of plants by acting on several fronts that range from the integration of multiple technologies to the study of electrochemical storage systems. The integration of renewable energy in urban environments proposes the use of renewable resources in highly humanized contexts; the company has focused on several projects, with particular attention to the mini-wind and small solar installation projects. The use of new renewable resources with the aim of using natural resources untapped to date, with particular focus on marine energy. 8

10 Collaborations within the enel Group also continue, by the corporate venturing enel Lab - initiative aimed toward young entrepreneurs that seeks to foster and invest in excellence by selecting and supporting the best italian startups - in activities of strategic research together with the engineering and Research division for the management of middle and long term projects; which directly impact the activities of enel Green Power, as well as research on new photovoltaic technologies and the search for innovative solutions in terms of the safety and computer security. enel Green Power considers innovation as being a constant portal to breakthroughs, exchange and experimentation. Strong of this open innovation logic, the company directs its attention to the academic world, consolidated industrial realities and startups that can help overcome the technological challenges that the company faces through the sharing of ideas and its technologies through forms of co-investment, always integrating the contribution and experience of other enel Group companies along the journey. in coherency with this approach, the company remains open-minded to all sorts of contributions, which is why it seeks to increase its abilities in listening to any party that desires to build a sustainable future: this is the scenario that, for instance, led to the first crowdsourcing platform of the sector in 2013, which can be accessed by the enel Green Power website to allow anyone to share innovative ideas and proposals. 9

11 The renewable energy challenge The current energy scenario is characterized by a strong growth in the consumption of energy along with a great deal of attention to climate change. according to the latest estimates by the international energy agency (iea), by 2035 the global demand for electricity is expected to increase by about 70% and CO 2 emissions approximately 20% *. against this background needs and challenges have emerged in the energy field that must be addressed: sustaining an adequate level of energy supply security and ensuring environmental and economic sustainability given the necessary increase of the world s electricity generation capacity. Renewable energy is a concrete and sustainable response to such a complex scenario, marked by heavy dependence on fossil fuels. The exponential growth of renewable resources during recent years has laid the foundation for their continuous expansion and consolidation: by 2030 roughly 30% of the word's energy demand will be covered by green energy*. The role that these sources are able to play in a sustainable and competitive future has been understood, shared and supported by more and more institutions in europe and around the world, with investment programmes and incentives for development. The world market will be characterised by significant rates of growth, which mainly concern wind, solar and photovoltaic energy. in more general terms, the entire renewable energy sector is expected to grow at a rapid pace, which will lead to an increase in the installed capacity of renewable energy from 1,474 GW in 2011 to about 3,950 GW in 2035*. Therefore, the global installed capacity of renewable energies will increase exponentially over the next 20 years through the development of several technologies and on all continents. enel Green Power is the sector leader and intends to develop its current and already technologically and geographically diversified portfolio of plant even further. by 2030 roughly 30% of the word s energy demand will becovered by green energy 10

12 The global installed capacity of renewable energies will increase exponentially over the next 20 years *Source: World energy Outlook 2013, New Policy Scenario, base year

13 12 Enel Green Power's technologies

14 Installed capacity per source (MW) Geothermal 795 Cogeneration 51 Solar 268 Hydroelectric 2,264 8,883 MW from wind, sun, water and underground heat Wind 5,122 biomass 23 13

15 Energy from the wind enel Green Power plays a substantial role in the expansion of wind power on an international scale. italy has a total installed capacity of about 720 MW, while there is also a significant presence that is in strong development around the world with: 2,704 MW wind power in Spain, Portugal, Greece, France, bulgaria and Romania; 1,266 MW in USa and Canada; 432 MW in Latin america. Wind energy has undergone outstanding development in recent times and has an expected average yearly rate of growth up to 2035 of about 7%* *Source: World energy Outlook 2013, New Policy Scenario 14

16 Significant attention is reserved for technology innovation, by the improvement of forecast of production to testing of innovative solutions such as the double-blade aerogenerator developed with the participation of the architect Renzo Piano, offering reduced visual impact and able to allow startup even with low wind speeds. 15

17 The energy of water The average annual growth rate of hydropower capacity between 2010 and 2035 will be approximately 2% annually*: a number of particular relevance when considering that the installed base in the world is rather large, equal to roughly 1,361 GW in 2011*. The hydroelectric sector constitutes a significant share of the world production of electricity: over 16% with peaks that exceed 90% for a vast range of geographical areas *Source: World energy Outlook 2013, New Policy Scenario 16

18 building on italy s long tradition that began at the end of the 19 th century, enel Green Power operates 398 hydropower stations with a total installed capacity of 2,624 MW and an average annual production amounting to 11 TWh, about 40% of its total electricity production. enel Green Power aims to increase its presence in countries rich in this resource, by selecting innovative projects, and consolidating power stations already in operation by restructuring and renewing of several components: the business plan of enel Green Power expects investments of around 940 million euros in the hydroelectric sector. 17

19 The energy of the earth Not yet fully utilized, geothermal has ample room for growth. at the end of 2011, the installed capacity in the world was approximately 11 GW, and is expected to reach 43 GW in 2035, with an average annual growth rate of approximately 6%*. enel Green Power, with installed capacity of 795 MW, is among the world leaders in this area and is putting decades of expertise to the service of a major international development plan. in particular, enel Green Power is currently the only company in the world able to cover the entire cycle, starting from exploration Geothermal technology is a response to the needs of environmental protection and sustainable development: indeed, it is a source that works in a constant and foreseeable manner and does not generate carbon dioxide emissions The first geothermal plant was inaugurated in 1913 in Lardarello *Source: World energy Outlook 2013, New Policy Scenario 18

20 and ending at construction and, lastly, plant exploitation. italy is the first country where the heat of the earth was used on an industrial scale - the firstgeothermal plant in the world was installed in 1913 in Larderello, Tuscany - and still is one of the leading producers of geothermal energy with a production of more than 5 TWh per year. in addition to the direct steam or flash technologies, enel Green Power also operates in the field of medium-enthalpy geothermal energy, much more widespread globally than the traditional high-enthalpy geothermal energy. The technique for exploiting this resource is made up of binary cycles, thanks to which heat can be converted into electricity at low temperature ( C), typical in many water-dominated hydrothermal sources. enel Green Power operates three plants of this type in the USa: Stillwater and Salt Wells in Nevada and Cove Fort in Utah. 19

21 Energy from the sun enel Green Power s total installed capacity of solar power is equal to 268 MW and is distributed among italy, North america, the iberian Peninsula and Greece. Currently solar plants in Chile with a capacity of 90 MW are being developed. enel Green Power also operates in the production of last-generation photovoltaic panels at its factory 3Sun in Sicily. Solar energy is the most widespread source, available everywhere and in quantities that far exceed energy requirements. Solar photovoltaic, according to WeO estimates, will grow strongly in the near future from 69 GW in 2011 to roughly 700 GW in 2035* *Fonte: World energy Outlook 2013, New Policy Scenario 20

22 The plant employs approximately 300 skilled resources and has a production capacity of innovative photovoltaic panels of about 220 MW per year. This is the largest photovoltaic panel production complex in italy and one of the largest in europe. it produces thin-film photovoltaic panels to meet the demand for solar energy markets in europe, the Middle east and africa (emea). To this end, enel Green Power has formed a second joint venture with Sharp: enel Green Power & Sharp Solar energy (esse), whose mission is to develop solar power plants mainly in europe and Mea. Following the participation and awarding of the March 2012 tender, esse has initiated the construction of four PV solar plants and two wind plants in South africa. These six projects will be operational in 2016, generating 1,300 GWh yearly and will increase the number of esse plants already under construction in Upington. 21

23 The energy of biomass enel Green Power is committed to the development and generation of energy from biomass The total installed capacity in 2013 of biomass was 23 MW. it is expected to grow, mainly in italy, to over 120 MW in in particular, the business plan includes four lines of development with different characteristics: n n Mini biomass plants: creation of a network of small and medium plants of 200 to 500 kwe in italy, mainly fed using by-products (woody biomass, agricultural and agro-industrial residues) and established directly or through joint ventures with agricultural partners; Hybrid plants: integration of geothermal power plants in Tuscany, italy with biomass plants, where technical conditions make it feasible. This type of plant is the first and only one of its kind in the world and could pave the way for a new way of producing energy, via the integration of a number of renewable energy sources, designed to maximise energy production, reducing waste and using local woody waste for generation. *Source: World energy Outlook 2013, New Policy Scenario 22

24 n n Conversion of former sugar mills: development of biomass plants conversion of former sugar mills and of their sugar-beet supply chain through the development of large-scale biomass plants ranging from 15 MWe to 50 MWe) using dedicated crops, waste from pruning, herbaceous biomass and byproducts in short supply chain (within a radius of 70 km from the plant) in italy. Internationalisation: the development prospects of biomass at the international level are ample thanks to broadened horizons that span into new countries, such as Russia, North africa and Latin america, with the full intention and awareness of the importance to comply with the environmental and social conditions in the host countries. all of the plants are highly efficient, designed according to the bat (best available Technology) and with a high level of flexibility in terms of the biomass used. The biomass required to power the plants is procured through long-term contracts of short chain (within 70 km from the plant) and is composed of wood and herbaceous dedicated crops, agricultural and agro-forestry residues and agro-industrial by-products. This approach allows for the realisation of low-environmental impact plants and the creation of local chains of biomass supply with strong integration in the local area, both for the virtuous use of local natural resources and for the direct and indirect employment at local levels. 23

25 Enel Green Power in the world Canada* Wind 103 MW Guatemala* Hydroelectric 163 MW USA* Wind MW Hydroelectric 317 MW Geothermal 72 MW Solar 28 MW TOTAL 1,580 MW Mexico* Wind 144 MW Hydroelectric 53 MW TOTAL 197 MW Colombia Costa Rica* Wind 24 MW Hydroelectric 31 MW TOTAL 55 MW El Salvador Panama* Hydroelectric 300 MW Peru Chile* Wind 180 MW Hydroelectric 92 MW TOTAL 272 MW Brazil* Wind 84 MW Hydroelectric 93 MW TOTAL 177 MW Uruguay 24

26 France* Wind 186 MW Spain* Wind MW Hydroelectric 43 MW Solar 13 MW Biomass/Cogeneration 37 MW TOTAL 1,745 MW Italy* Wind 720 MW Hydroelectric 1,512 MW Geothermal 723 MW Solar 112 MW** TOTAL 3,067 MW Bulgaria* Wind 42 MW Romania* Wind498 MW Solar 36 MW TOTAL 534 MW South Africa Portugal* Wind 126 MW Biomass/Cogeneration 37 MW TOTAL 163 MW Greece* Wind 200 MW Hydroelectric 20 MW Solar 79 MW** TOTAL 299 MW * Fully consolidated at ** In terms of solar power, in 2012 Enel Green Power installed plants for additional 10 MW in Italy and 2 MW in Greece in a joint venture with Sharp Solar Energy (ESSE) 25

27 Europe in 2011, in line with the year before, europe was the most important region in the world for production from wind and solar sources and second only to asia for overall production of clean energy. Renewable energy provided about one quarter of total electricity generation in europe in 2011*. in this context enel Green Power operates in italy, Spain, Portugal, Greece, France, Romania and bulgaria, with 6,036 MW installed as well as projects under development. installed capacity 6,036 MW *Source: enerdata april

28 Italy With an installed capacity of 3,067 MW in italy, enel Green Power is a leader in three of the five technologies geothermal, hydro and solar and aims to boost total installed capacity over the coming years, consolidating its leadership position and developing its presence. enel Green Power has a strong tradition in hydroelectric power technology throughout italy, with a total of 1,512 MW of installed capacity; given the minimum impact on the territory, this type of plant allows for numerous applications in accordance to hydrological resource availability. enel Green Power also has 33 geothermal plants, located in Tuscany, with a capacity of 722 MW, capable of providing an annual production of more than 5 TWh. With focus in the Larderello area of Tuscany - which in 2013 celebrated the centenary of its first power plant - geothermal technology made in italy by enel Green Power is applied all over the world. enel Green Power also intends to give great impetus to the development of the solar sector by increasing its installed base and strengthening strategic partnerships with global technological leaders in the industry, such as Sharp and STMicroelectronics. 27

29 France in France enel Green Power, based in Lyon, Rennes and Troyes, has wind plants with a total installed capacity of 186 MW. 28

30 Greece and Bulgaria enel Green Power is present in Greece, based in athens, with an installed capacity of 299 MW of wind farms, mini-hydroand solar plants distributed throughout the country, in addition to wind power plants in bulgaria 42 MW. Romania enel Green Power has been present in Romania since 2007 with headquarters in bucharest. The total capacity amounts to 534 MW, of which 498 MW is wind and 36 MW is solar. 29

31 Spain and Portugal enel Green Power operates on the iberian Peninsula with total installed capacity of 1,908 MW. This is the outcome of integration of the operations of enel and endesa in the renewable sector. enel Green Power boasts significant involvement in the wind power sector and manages 97 plants for a total installed capacity of 1,778 MW. The company operates in the hydroelectric sector with 43 MW, divided among 9 plants and in cogeneration with 51 MW and 17 plants, 3 biomass plants that produce 23 MW and 6 photovoltaic plants with a total output of 13 MW complete the balanced mix of generation on the iberian Peninsula. 30

32 North America enel Green Power operates in the United States and Canada through enel Green Power North america, based in andover, Massachusetts. The Company develops and operates wind, geothermal, hydroelectric and photovoltaic systems. enel entered into North america in 2000, with its first international acquisition. in 2013, enel Green Power North america produced more than 5 TWh of electricity. With more than 90 plants with an installed capacity of over 1,600 MW, it is present in 21 U.S. states and 2 Canadian provinces and is one of the few companies with a diversified portfolio of plants on four renewable technologies. enel Green Power has already more than doubled its installed capacity in North america during the last 3 years alone. installed capacity 1,683 MW 31

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34 The company's goal is to continue its growth in North america, in countries that have high power consumption and a large pool of available resources, selecting the most significant projects in technological and financial terms. also focused on technology innovation, in 2012 enel Green Power completed the only hybrid system in the world able to combine the continuous generation capacity of geothermal medium-enthalpy binary-cycle with the peak capacity of solar photovoltaics, at the geothermal plant of Stillwater, Nevada. in addition, during 2013, the company carried out the detailed design of the first solartherodynamic power plant (CSP) supplemented with the same binary geothermal power plant as in Stillwater: here the heat concentrated by linear parabolic mirrors will be used to further heat the geothermal fluid before its entry into the primary heat exchangers, giving the thermal cycle an additional 2 MW. The solar thermodynamic plant will be completed during Smoky Hills, in Kansas, is home to enel Green Power s largest wind farm in the world, with output of 250 MW, capable of producing enough energy to meet the energy needs of 85,000 U.S. households and avoid the emission of approximately 750,000 tons of CO 2. 33

35 Latin America enel Green Power has a presence in Central and South america and operates 42 plants in Mexico, Costa Rica, Guatemala, Panama, Chile and brazil. With its diverse technologies, the Company has reached an important role in the region with 1,164 MW of renewable capacity and minority shareholdings in an additional 204 MW. Hydropower is currently the leading technology, in which enel Green Power focuses its investments in terms of installed capacity, with 33 plants in 6 countries for a total of 732 MW. installed capacity 1,164 MW *Source: enerdata april

36 in particular, enel Green Power has a presence in Panama with a hydroelectric plant having an output of 300 MW - the second largest civil plant after the Canal - which generates 25% of the country s power. in Guatemala, construction of the hydropower plant on the Palo Viejo river has been completed, with a capacity of 87 MW, which went into operation in enel Green Power also has wind plant for a total of 432 MW of installed capacity in brazil, Chile, Mexico and Costa Rica. With a century of experience in the italian geothermal energy industry, enel Green Power is exploring and developing new opportunities in this area. in particular, in Chile, the company was granted permits to undertake geothermal surveys, which will confirm it as the national leader in the development of the geothermal market. in addition, brazil is centre of important wind (198 MW), Chile (Taltal 99 MW) and hydroelectric projects in Costa Rica (Chucas 50 MW) and brazil (apiacas 102 MW). New markets enel Green Power s business plan for includes development activities in all areas of renewable energy technology, with particular attention to Turkey, Morocco, South africa, egypt, Kenya, Russia and Saudi arabia. South africa is certainly one of the leading markets for enel Green Power after the company was awarded in august 2013 the right to enter into contracts for the supply of energy to the local utility eskom, for a total of 513 MW, 314 MW of which are photovoltaic and 200 MW wind, and is making preparations to take part in other national tenders. 35

37 Notes from page 2 1) it includes all countries in which employees are present and generation, distribution, trading, sales of energy and upstream gas activities are performed. data includes el Salvador where enel has a non-consolidated partnership with LaGeo. 2) it does not include TWh following the closing transaction with Scottish and Southern energy plc for the sale of endesa ireland stake. 3) investments accumulated during the business Plan of which 9.1 billion euros in development. Total capex does not include connection fees. 4) Consolidated ebitda at by enel Group. includes extraordinary items for 0.9 billion euros. Concept design Inarea Design and layout Korus Photos Enel Archive Alessandro Cosmelli Fabio Sartori Cover Photo Dean Uhlinger/Corbis Printing Primaprint 2,000 copies printed Printed in September 2014 Publication not for sale Edited by Enel SpA Rome Italy, Viale Regina Margherita,137 36

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