...Between 2025 and 2027, EDF plans to increase net investments to about 26 billion annually, with at least 95% dedicated to decarbonized activities. Over the three years, it aims to invest 77 billion, distributed as follows: 56% in the nuclear sector (including 33% for new nuclear projects), 24% on network infrastructure, and 13% on renewable energies (solar, wind, and hydropower). We understand that, geographically, the majority will be spent on projects in France (about 65%) and Europe (30%), with the remaining 5% on global projects. EDF has not disclosed the expected share of financing versus refinancing. However, instead of a single, aggregate percentage share, it provides details regarding the allocation of proceeds for specific green bond issuances in its annual green bond allocation reporting. For instance, in November 2023, EDF issued Green Bond no. 9 (1 billion) explicitly for refinancing investments in the existing French nuclear fleet. Based on the project categories Shades of...
