EDITORIAL

Staying the course,
deepening our roots

A tree does not grow only towards the sky. As it rises, its roots also spread and deepen, invisibly. Its strength and stability come from this dual growth: one visible, turned towards the light; the other silent, anchored in depth. And the more uncertain its environment becomes, the more essential this underground work is.

Organizations are no different. In a rapidly changing world, our ability to grow sustainably depends as much on what we build as on the foundations we strengthen.

In recent years, a paradox has become increasingly clear. Never have we had so much knowledge, technology and so many solutions to address climate and environmental challenges. And yet, perhaps never has the path seemed so uncertain. Economic, social and geopolitical balances are being reshaped, while some collective ambitions are losing momentum.

Recent European regulatory developments have led to a reduction in certain non-financial reporting obligations. Amarenco, a company concerned by the second wave of the CSRD, is among the organizations for which these requirements have been postponed.

We could have been content with that. We could have considered that producing decarbonized energy is already a major contribution to the energy transition. And it is.

Yet we have chosen another path.

We are staying the course.

Not because of regulatory constraints, but because these commitments are deeply connected to the meaning of our mission. More than ever, we are convinced that Europe’s energy transition will not be achieved solely through the deployment of new renewable capacity, but through our collective ability to build an energy system that is more resilient, more flexible and more sovereign.

Publishing this report even though we are under no obligation to do so, conducting in 2025 double materiality assessment aligned with CSRD principles, submitting our climate targets to the SBTi in order to benchmark them against an internationally recognized framework: these steps are not compliance exercises. They are decision-making tools, compasses for the long term that we refuse to sacrifice to the uncertainties of the moment.

Because we are entering a new phase in our development.

For several years, we have consolidated our foundations: operational discipline, controlled growth, strengthened governance and sustainable investments. Today, these roots are deep and strong. They enable us to broaden our ambition: no longer merely to produce renewable electricity, but to actively contribute to the energy system that Europe will need to successfully achieve its transition in the decades ahead.

Storage is an essential component of this ambition. By deploying one of the most ambitious storage portfolios on the continent, we are not merely building energy infrastructure. We are helping address one of the major challenges of Europe’s energy transition: integrating renewable energy on a massive scale while ensuring grid stability and security of supply.
This represents a shift in perspective: moving from a production-based logic to one focused on the service provided to local regions, their resilience and their energy sovereignty.

This maturity is not an end point. It opens a new and even more demanding stage: that of systemic impact.

Through our ECHO Program, we continue to regenerate ecosystems where our power plants take root. Living soils, restored biodiversity, dialogue with local communities, value sharing: we seek to demonstrate that the same plot of land can host both high-performing energy production and a more resilient local region. Our ambition of 10 GW of regenerative capacity by 2030 is not merely an installed capacity target. It is a commitment that every project should contribute positively to the local regions that host it.

This is the full meaning we give to regeneration.

Not a state to be reached, but a permanent dynamic. A movement of learning, adaptation and transformation that concerns natural ecosystems, local regions and the company itself.
Like a forest, our growth only has value if it enriches the soil that makes it possible.

This report is therefore not a document to be closed once read. It is an invitation to dialogue, transparency and collective construction. It is addressed to all those who contribute to this trajectory: our employees, our partners, the local regions that host us and the generations that will follow us.

The course is clear. The roots are strong. Let us keep moving.
Let us continue to learn, build and regenerate together.