President´s letter

We aim through our activities to contribute to the socio-economic development of the areas where we operate.

Dear reader,

It is once again our pleasure to welcome you to the Gestamp Wind Sustainability Report, setting out in full the most significant and noteworthy information for the year 2015.

In order to present our economic, social and environmental performance, we have taken into account the guidelines established in the Global Reporting Initiative, for the first time in version G4, while the information was subjected to an external review by an independent body. This year we likewise renewed our support for and adhesion to the United Nations Global Compact.

The focus of this new reporting framework, and hence the report itself, essentially addresses the demands of stakeholders and those aspects that are for Gestamp Wind, allowing us to develop and integrate our vision and management as regards material aspects.

Over the course of last year we continued to develop our activity in accordance with a responsible business model, based on a sector in which we truly believe: renewable energy as an inexhaustible and clean source of power.

We achieved a level of 686.5 MW of wind energy in operation thanks to the commissioning of new wind farms in Belgium, Poland, Turkey and Brazil. We likewise contributed to fighting climate change through the generation of more than 1 million MWh of renewable energy, avoiding the emission of 504,923 tonnes of CO2 into the atmosphere.

Our corporate culture is vital to the development of our activities. It provides the basis for our values, our principles and our Ethics and Conduct Code, guiding us in the decisions we take every day, and helping us to act responsibly.

2015 likewise saw the conclusion of the 2013-2015 Sustainability Master Plan, while guidelines were established for the new Plan covering the period 2016-2018. In generating this we take into consideration all our obligations and commitments as regards sustainability, in addition to an analysis of the demands of our stakeholders, opportunities for improvement that have been detected, and our Business Plan.

It should be emphasised that the human team at Gestamp Wind is our most important asset. Which is why, we work to attract and retain talent, rewarding a job well done through the performance evaluation system. Besides, we provide secure working environments in which prevention is the key to avoiding accidents. More than 600 hours of training were delivered in this regard in health and safety over the course of the year.

We similarly aim through our activities to contribute to the socio-economic development of the areas where we operate, generating shared value with local communities through dialogue, the promotion of training, support for local culture, and by contributing to the creation of a sustainable business framework.

Over the coming years we aim to continue growing in a sustainable manner in countries that offer opportunities for profitability and regulatory stability, driving forward the development of competitive renewable energy projects. And I am convinced that in this field Gestamp Wind can help make the difference.

I hope you enjoy reading this report.

-Jon Riberas

President

CEO's letter

Gestamp Wind wants to contribute to change the current polluting and unsustainable energy model through the development of renewable energy as inexhaustible and clean energy source.

We want to welcome you to Gestamp Wind’s third Sustainability Report.

Global warming, climate change and the unquestionable impact of human action on the biosphere are a global concern, involving both developed countries and those on the path to development. This growing concern as to the world we will leave to future generations is exacerbated by the irreversible nature of the effects we are already causing.

Within this cycle, towards the end of 2015 practically every country in the world signed up to the Paris Agreement, setting out the need for a global and urgent commitment to address climate change. This will cause, or is already causing, regulatory changes and increasingly ambitious strategies to progress towards the shift from carbon-based energy to renewable sources.

We expect a substantial increase in markets and opportunities for growth both within our traditional wind sector and other sources of clean energy. Gestamp Wind is committed to wind power, as the driving force behind its operations, but likewise has a more extensive goal addressing hydraulic and photovoltaic solar energy.

From the perspective of our wind operations, we aim to maintain constant and sustainable growth in our installed capacity, and hence in our energy output.

In order to fulfil this goal we operate always in markets of a sufficient size to be significant actors with a portfolio of projects allowing us to maintain an efficient structure.

Meanwhile, we only invest in projects with good wind quality and that are highly competitive. We likewise work with leading manufacturers and technologies within the global marketplace not only for wind turbines, but also electrical equipment, maintenance of installations and all the services associated with the development and operation of wind farms.

It is also vital that the countries where we are present or expect to have a presence have in place a stable regulatory framework, and that the local authorities are firmly committed to the development of wind energy as a significant source within the energy mix. Only under these conditions can we guarantee the sale of renewable energy on favourable and reasonable conditions from an economic perspective, allowing us to achieve our target profitability levels, funding projects by means of long-term Project Finance.

Another key and indispensable factor is the support of local authorities and bodies and acceptance by the communities where we will be operating. Hence the fact that our projects take into account care for the environment and respect for local communities, with whom we maintain a fluid dialogue, reporting on both the impacts and the benefits and opportunities for development provided by our operations.

2015 was a particularly important year in the growth of Gestamp Wind, achieving a level of 686.5 MW of wind energy in operation by 31 December. This landmark was made possible by the commissioning of the Feluy project in Belgium,

Szerzawy in Poland, Adares in Turkey, and the five wind farms of the Sierra de Santana complex in Brazil, adding a further 168 MW to our wind portfolio in operation.

Meanwhile, construction began on another 9 projects: Yahali in Turkey (82.5 MW), Beaumont in Belgium (12 MW), the five wind farms of the Macambiras Complex (106 MW) and two mini-hydraulic plants: Tacotán and Trigomil in Mexico (15 MW). All these projects will be commissioned by September 2016, allowing us to surpass a figure of 900 MW in operation by that date.

There are likewise plans to begin construction on new projects in Spain, Poland and South Africa, which will represent a particularly significant milestone, as Gestamp Wind will, before even having reached its 10th anniversary, have surpassed a figure of 1 GW of installed power.

It should be emphasised that the two mini-hydraulic plants in Mexico represent our first venture into technological diversification, at all times within the renewable sector.

On the other hand, the year was characterised by the current economic cycle of extremely low, we would almost venture to say minimal, prices of natural gas and oil. This circumstance mainly affects our strategy for growth in the US market, as we cannot arrange contracts for the sale of energy at our developments in Oklahoma on reasonable terms, leading to a certain delay in the increase of our presence in one of the markets that we consider to be the most significant.

We nonetheless have in place an outstanding professional team and a sound and sustainable management model, allowing us to face up to new challenges as they arise. We would lastly like to thank everyone for the effort and trust placed in our company

-Dionisio Fernández Auray

CEO

-Javier Mateache Sacristán

CEO USA

Download this Chapter here:

Download this Report's Chapter

Part I:General Standard disclosures

  • Strategy and Analysis
  • Organizational profile
  • Identified material aspects and boundaries
  • Stakeholders engagement
  • Report profile
  • Governance
  • Ethics and integrity

Download this Chapter here:

Download this Report's Chapter

Part II: Specific Standard Disclosures

  • Economic Dimension
  • Social Dimension
  • Environmental Dimension

Download this Chapter here:

Download this Report's Chapter

Part III: Annex

  • Independent Review Report
  • GRI G4 Content Index
  • Content related to the Principles of the UN Global Compact
  • Scope considered for the elaboration of the Sustainability Report