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Second Party Opinion: Ecoener (Methodology of Shades of Green, formerly part of CICERO)

This report was produced by Shades of Green. On December 1, 2022, S&P Global acquired Shades of Green from CICERO.

Ecoener, S.A. (“Ecoener”) is a renewable energy company with solar, wind and hydropower assets. A Dark Green shading has been awarded to 100% of Ecoener’s revenues, CAPEX and OPEX.