SPECIAL REPORT EUROPEAN POWER LIST 2021

THE PEOPLE AND TRENDS AT THE LEADING EDGE OF EUROPEAN WIND

/ TOP 100 PEOPLE IN EUROPEAN WIND / 5 TRENDS THAT SHAPED THE TOP 100 / JOIN US AT FINANCING WIND EUROPE 2021 Contents

Welcome 3 How we did it 4 Our criteria 5 Our judges 6 What does the European Power List tell us about the market? 8 Our top 100 profiles 18 Q&A Interview: Nigel Slater 20 The European Power List 2021 in full 26

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Welcome

It is ten years since we started ranking the top These leaders now face a major challenge. They people in European wind. will all play crucial roles in making sure that wind is key to the ‘green recovery’ from Covid-19. Since then, we have published seven top 100 lists This will not be easy. We see major obstacles to with a European focus. First, we did this in our the rollout of wind across Europe. annual Top 100 Power People. Now we do this regularly in the European Power List. Over the For example, last month WindEurope warned years we have featured a total of 337 of wind’s wind installations of 14.7GW in Europe in 2020 most influential people in these reports, and ten are not enough to meet long-term carbon from that first list still feature today. reduction targets. It said investors were being held back by slow permitting processes. Wind in Our top 100 has changed a lot. Sometimes this is Europe has come a long way in the last decade, due to changing market dynamics. Key individuals but there is a long way to go – and strong from oil giants did not feature as strongly in leadership is vital. a wind list ten years ago as, back then, many wouldn’t give wind a second look. The fact they We hope you enjoy this report, and would like now do is testament to the work that wind’s to thank our readers, our judges and everyone leading people have done over the last decade. who shared their nominations.

And frankly, sometimes those changes are driven by changes in our criteria, as we seek to respond to new market dynamics. One thing that hasn’t changed, though, is our commitment to celebrating the most influential people in European wind.

You can find out who they are and how we do this in the coming pages.

3 EUROPEAN POWER LIST 2021

How we did it

The editorial and content team of A Word About Wind and Energy Storage Report began the process to develop this year’s European Power List in December 2020.

The process To maintain the European Power List’s credibility, we followed the below research process.

■ 4th December 2020 ■ 15th February Following the completion of the Green Fund Received feedback from judges Power list, desk-based research for the European Power List began. This involved examining the ■ 22nd February market and highlighting individuals. Decided on the final 100

■ 5th January 2021 ■ 25th February Opened the floor for nominations on our various Completed the rankings and commenced report digital platforms. production. The positions and views in this report are those of our editorial staff, and our ■ 5th February decisions are final. Closed nominations and restarted research on each individual on the ensuing list to compile a ■ 10th March 2021 longlist. Over 300 individuals were considered. European Power List 2021 published

■ 8th February Shared the longlist with our judges

We have made every effort to be comprehensive, and to ensure that profiles are accurate at the time of publication. If there are important factual inaccuracies you feel need correction, please contact us at [email protected].

4 EUROPEAN POWER LIST 2021

Our criteria

Our European Power List includes the 100 However, those three criteria are not exclusive. business leaders in Europe that exert the most We have also considered each entrant based on influence on the wind industry through their their individual merits and visible activity in the deals, innovations and strategic thinking. sector since the start of 2020. Our aim is to ensure that our top 100 represents the range Our interest is the leaders and deal-makers who of businesses, individuals and technologies that shape the financial side of the wind industry contribute to the success of the wind sector globally and are based in Europe. The top 100 now and in future. includes key people at the industry’s leading developers, investors, lenders, manufacturers Our decisions are final. and utilities, as well as their financial advisors, and those working for corporate energy buyers. Our main exception is law firms, which we cover in our dedicated Legal Power List reports.

This means that our top 100 focuses on chief executives, divisional heads and other members of senior management teams. They are the ones who tend to contribute to the broader success of the wind industry in one of the three following ways.

■ By shaping the strategies of the sector’s leading companies, which play an integral role to the financial performance of the industry as a whole. ■ By working on the largest and most complicated deals and projects, which help unlock major investment in the sector while generating interest. ■ By working on deals and developments that help to unlock new investment opportunities for wind, both in terms of geography and/or technology.

5 EUROPEAN POWER LIST 2021

Our judges

Our editorial and content team worked with the following expert judges to gain an independent view on who we should include in our final top 100.

Natasha Luther-Jones

Natasha Luther-Jones is a partner, Global Co-Chair of Energy and Natural Resources sector and International Co-Head of Sustainability and ESG at DLA Piper. She has over 20 years’ experience working on energy projects, primarily in the wind sector, advising on developments, investments, acquisitions, disposals, financings and re-financings, as well as all types of PPAs. Natasha is also one of the authors of DLA Piper reports including: the future of European Offshore Wind, Europe’s Subsidy-free Transition and the Digital Transformation in Energy and Natural Resources. The independent legal sector rankings from Legal 500 refer to her as “exceptional”, “a go-to name in the renewable energy space”, “fantastic”, “forward-thinking” and a “no-nonsense deal maker”, and she is also ranked as a ‘Leading Individual’ for renewable energy. Natasha and her team were awarded ‘Projects, Energy & Natural Resources, Firm of the Year’ from Legal 500 UK Awards 2020 and Tier 1 legal advisor ranking for two consecutive years by Legal 500 UK 2020-21.

Per Hornung Pedersen

Per spent 20 years in various managerial positions at companies in a range of sectors before entering wind in 2000, as CFO at NEG Micon/ . He moved to Indian manufacturer in 2004, where he was responsible for all international operations. He then took over at REpower (now ) in 2007 and, in his role as CEO, doubled turnover to €1.3bn. Per left REpower in 2011 and, since then, has been active on a number of supervisory boards as well as acting as industry adviser to a number of private equity funds and other companies. Per is chairman of the board of German listed developer PNE Wind, non-executive director of Swire Energy Systems, non-executive director of Suzlon in India and SeaTower AS in Norway. He is also senior adviser to McKinsey and holds a number of additional advisory positions.

6 EUROPEAN POWER LIST 2021

Richard Heap

Richard has worked in financial journalism since 2005, specialising in commercial real estate, renewable energy and technology. He joined Tamarindo Group in 2014 and became the company’s editorial and content lead in January 2020. This role includes being editor-in-chief of A Word About Wind and Energy Storage Report; setting the editorial direction of the Financing Wind conferences and other virtual events; leading the company’s report programme, including the European Power List; and partnering on written and multimedia content with experts from all over the global renewable energy industry. This gives him a wealth of knowledge about the key players in renewable energy and finance. Before Tamarindo, he led Profit Track 100 and Tech Track 100 for Sunday Times Fast Track; and spent five years at multi-award-winning magazine Property Week.

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TAMARINDOGROUP.COM What does the European Power List tell us about the market?

Ten years of ranking the most influential people in European wind has given us a front row seat for some of the biggest changes facing the sector. In this article, we look at five of the biggest trends that have shaped this list. KEY TRENDS

Changes at the top of some of wind’s leading players

Every top 100 list sees some change at the top of However, the challenge for the wind industry is wind’s most influential firms, but the period since making sure that the next generation of leaders is our last European Power List in 2019 has seen able to learn from these experienced players. more change than most. It also means we should celebrate those who In that time, we have seen the CEOs of four of have featured in our European top 100 lists since wind’s largest manufacturers leave their positions: 2012. In total, ten of the people who feature in Anders Runevad (Vestas), Hans-Dieter Kettwig this year’s list also featured in 2012 – including (), Philippe Kavafyan (MHI Vestas), and our number one, Iberdrola’s Ignacio Galan – and Markus Tacke (). Duncan Berry five have been on every year. They are: has also left as CEO of GE Renewable Energy’s specialist blade arm LM . ■ BlackRock’s Rory O’Connor ■ GCube’s Fraser McLachlan We have seen influential figures from the utility world moving on too, including Henrik Poulsen ■ Green Giraffe’s Jerome Guillet (Ørsted), Isabelle Kocher (Engie), Joao Manso ■ Greencoat’s Richard Nourse Neto (EDP Renovaveis) and Mark Gainsborough (Shell), with Vattenfall’s Gunnar Groebler leaving ■ Mainstream’s Eddie O’Connor in May 2021. These individuals may operate in different parts It is impossible to give simple reasons why so of the sector, from development and investment many top people have moved on since our last to insurance, but it is no small feat to stay at the European Power List – each case is unique – but leading edge of their part of the sector year in, we see two trends here. year out. With so much change at the top of European wind, their leadership and steadying In some cases, they moved on because they had presence will continue to be vital in the 2020s. held the role for a long time and it felt they had achieved what they wanted, and could leave their company in a strong financial position. In other cases, their company came under increased pressure due to trends such as increased cost- cutting and consolidation in the industry. These are both trends that can be related to the global success and maturation of renewables.

9 KEY TRENDS

Offshore wind and finance keep the UK on top

European capitals may be looking to draw play an important role in the industry despite a financial services firms away from the UK and domestic downturn in the onshore and offshore London after Brexit, but the UK has retained its wind markets - although a new offshore wind strong presence in the European Power List due tender gives hope. its offshore wind and finance centres. In addition, Spain rose to fourth place with Thirty-four of the top 100 are based in the UK ten entrants because of the resurgence in the (see graph 1) – and with good reason. Spanish onshore wind market; and France slipped as a result of slow progress on its large offshore In 2020, it was the location of the world’s largest projects. Poland will also emerge as a hotspot in ever offshore wind project finance deal, when future years. Equinor and SSE Renewables took their 2.4GW Dogger Bank A and B to its £5.5bn financial UK 34 close in November after securing funds from 29 Germany 14 banks and three export credit agencies. They 11 followed this in December by selling a 20% stake Spain 10 in the project to Italian oil giant Eni for £405m, which enabled Eni to enter offshore wind. It is France 9 a strategically important development for the Ireland 5 offshore wind sector as a whole. Norway 4 Netherlands 3 In addition, the UK government’s commitment to 40GW offshore wind by 2030 and The Crown Sweden 3 Estate’s latest seabed leasing round shows the Italy 2 attraction will continue. Poland 2 Switzerland 2 However, the European Power List is about far more than just the UK. Germany held its Portugal 1 position as the second biggest-hitting market on the European Power List with 14 entrants, which Graph 1 shows that German companies continue to Countries represented in the top 100

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Oil companies drive into top 20

One of the most important trends we are seeing Utility 25 in Europe is the fight from oil and gas giants to Investor / investment 24 get into offshore wind. BP, Eni, Shell and Total all manager revealed energy transition strategies last year as Developer 19 they follow counterparts such as Equinor. Manufacturer 10 Bank 9 But their inclusion in this table is about deals Advisor 7 more than strategies. Digital 3 Eni entered offshore wind by buying into the Corporate 2 Dogger Bank A and B projects in 2020, while Energy trader 1 Total bought a 51% stake in Seagreen 1 and became a 20% shareholder in the Eolmed floating Graph 2 development; Shell won the 759MW Hollandse Company type Kust Noord subsidy-free tender with Eneco; and BP is expanding in offshore wind in the UK and the US. This has secured all of these firms a placing in the top 30 as their influence grows. Infrastructure Partners and the Green Investment Group; and then developers (19), which is down Overall, utilities remain the best-represented from 21 in the 2019 report and reflects the group in the European Power List with 25 people difficulty of developing projects in key markets. (see graph 2), which shows their continued importance in development. While oil giants are looking to use their financial clout to enter offshore wind, we still see that The next largest group is investors and other investors and smaller developers remain investment managers (24), which is up from 19 in key movers in the market. If oil giants make good the 2019 report and reflects the growing global on their plans, we may see more from them in influence of fund managers such as Copenhagen the European Power List in future years.

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Onshore-only players slip back

One notable change from the last European There are also 18 people who work solely in Power List in 2019 and this year’s table is the offshore wind – both fixed-foundation and the decline in experts who are solely active in floating sector – which is up from 14 in 2019. onshore wind. This is another great show of strength for offshore wind. Only one-quarter (26) of the top 100 focus on onshore wind (see graph 3), which is a steep However, this comes with a warning. If Europe is drop from the 36 who did so in 2019. We put to hit its long-term carbon reduction goals, then this down to difficulties in winning permits for offshore wind can’t do it alone. The continent new onshore wind farms in countries including needs a solid onshore wind sector too, and is Germany and France; and growing resistance an area where more could be done to remove facing wind in Nordic countries Norway and policy roadblocks. Sweden, which have been the location for many of Europe’s largest onshore wind developments.

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Gender balance in top 100 matches industry

In the European Power List, we look to celebrate But it is in line with research from the the men and women who make the biggest International Renewable Energy Agency in January contributions to onshore and offshore wind. 2020 showing that women represent 21% of the global wind workforce. This is compared to As the sector exits the Covid-19 crisis, strong 32% female representation across the renewable leadership is more important than ever and we energy sector as a whole. believe this is best done with diverse management teams. Therefore, we look to ensure our top 100 We hope that these figures challenge companies is as diverse as it can be while accurately reflecting in the wind sector to think whether there is more who has the most influence in the sector. they could do to support entry into the wind industry from the broadest range of individuals Twenty-two of our top 100 are women, of which possible. Wind has gone global and so companies seven are new to the top 100 this year. We need to bring in the best people irrespective of have also seen some of European wind’s most background. This figure should also prompt firms high-profile women leave the sector or move to ask if there is more they could do to support to less wind-focused jobs since 2019, including talented women to move into top roles. MUFG’s Carol Gould, Engie’s Isabelle Kocher and BlackRock’s Teresa O’Flynn. We will return to this issue in a dedicated report later in 2021. That is below the 30% target of female representation on boards and management teams that is cited by organisations such as the 30% Club as the minimum to ensure a broad range of opinions are used to shape company strategies.

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BOB PSARADELLIS EMMA TINKER Chief Investment Officer, 100 CEO, Renewable Power Capital 90 Asper Investment Management Psaradellis was named CEO of RPC, which is a NEW Co-founded HgCapital spin-off Asper in 2016 new European offshoot of CPPIB, in late 2020. 58 ENTRY and is instrumental to its investment strategy.

MICHAEL WALDNER JONAS CORNE 99 CEO, Pexapark 89 CEO, Greenbyte NEW Founded Pexapark and led the firm as it has NEW Playing a key role in helping owners to optimise ENTRY built a strong record in green off-take deals. ENTRY assets and break down wind's data barriers.

KATY HOGG RAPHAEL LANCE Head of Energy Transition Funds, Mirova Asset Global Director of Wind Projects, BayWa r.e. 88 98 Management Heads the global wind arm of Germany's BayWa r.e. NEW Joined Mirova in 2009 and leads funds including 50 which plans to expand into floating wind. ENTRY a €857m vehicle closed in late 2019.

BRUCE HALL ROLAND DORIG Founding Managing Partner, CEO, Onyx InSight 87 97 Energy Infrastructure Partners Hall is CEO at Onyx InSight, which acts on NEW Has been at EIP, which recently spun out of Credit 99 wind O&M and is a leading voice in digitalisation. ENTRY Suisse, since 2014. Leading investor in Nordic wind.

CHRISTOS KOLLIATSAS MIRUNA ONOFREI 96 Global Director of Offshore Wind, UL 86 Director, BNP Paribas Joined UL from Mott MacDonald in early 2020 Played a key role in taking the 3.6GW Dogger 82 bringing significant offshore wind expertise. 94 Bank complex to its £5.5bn financial close.

FRASER MCLACHLAN GEORG HOEFLER Head of Renewables Transactions, CEO, GCube Insurance Services 85 95 Allianz Capital Partners Founded renewables insurer GCube in 2007, NEW Leading the renewable energy team at Allianz 93 and led its sale to Tokio Marine HCC last year. ENTRY Capital Partners.

LUIS ADAO DA FONSECA BRUCE RILEY Co founder / Partner, 94 84 MD, Infrastructure & Project Finance, Natwest Exus Management Partners Leads clean energy project finance, which was NEW Founded Exus in 2014 and the company now NEW key to the close of the 3.6GW Dogger Bank. ENTRY manages 5.5GW of assets for its investors. ENTRY

OMID ASHRAFI MARKUS LESSER 93 Managing Partner, Newsec Infra 83 CEO, PNE AG (Pure New Energy) NEW Set up Newsec Infra in 2007 and has since Started building 461MW of wind in 2020 and ENTRY concluded deals of €4bn in the Nordics. 66 is looking to expand in solar and storage too.

FERNANDO SAMPER JONAS PERSSON MD & Global Head of Energy & Utilities, 92 Chairman, Forestalia 82 Lloyds Teamed up with CIP in 2020 to develop up to NEW NEW Heads utilities for UK bank Lloyds, which was 1GW of onshore wind farms in Spain. ENTRY ENTRY central in financing the 3.6GW Dogger Bank.

LOUISE RASMUSSEN JENNY BLACKFORD Head of Project Finance, EMEA, Energy Sector, 91 Partner, FIH Partners 81 Siemens Financial Services Joined Copenhagen-based FIH Partners in 2006 NEW NEW Leads an experienced team focused on and leads on its activities in the wind sector. ENTRY ENTRY originating and structuring deals in offshore wind.

18 THE LIST

DOMINIK THUMFART IAN MCFEELY MD & Head of Infrastructure & 75 President, Maple Power 80 Energy Origination, Deutsche Bank Leads this Enbridge-CPPIB joint venture on a Led Deutsche Bank in major deals, including NEW 68 host of European offshore wind developments. funding at the 605MW Changhua 1 in Taiwan. ENTRY

JOAR VIKEN TONI VOLPE 79 CEO, NBT 74 CEO, Falck Renewables Key to the growth of wind in Ukraine, where NEW Teamed up with Italian oil giant Eni in 2020 to 91 is is now building the 800MW Zophia project. ENTRY develop 1GW in the US by the end of 2023.

ALEJANDRO CIRUELOS PAUL DE LA GUERIVIERE MD, Renewable Energy, 78 CEO, Ideol Sustainable Development Capital 73 Floating pioneer that has agreed to sell a 50% NEW Ex-Santander man who led the £2.5bn debt 76 stake to BW Offshore for €60m to boost growth. ENTRY refinancing of the Moray East offshore project.

DANIEL VON PREYSS ALLAN BAKER Head of Private Equity/Infrastructure, Impax 77 MD & Global Head of Power, Societe Generale Daniel joined Impax in 2009 and heads the 72 A 30-year veteran of the power sector who NEW Impax private equity and infrastructure RE-ENTRY heads an influential offshore wind finance team. ENTRY business.

LUCY HEINTZ MARIKA FREDRIKSSON 76 Partner & Head of Renewables, Actis 71 EVP of Finance & CFO, Vestas Heintz leads Actis energy fund 5, and is chair Plays a vital role in steering global turbines 62 of its portfolio firms Lekela and Aela Energy. 86 giant Vestas through a fast-changing market.

Wind: Operational Corporate Offices

Wind: Development Development Offices Q&A Interview: Nigel Slater

Nigel Slater, Managing Director, Development - Europe at Toronto-headquartered Northland Power says the acquisition of the company’s first land-based renewables project in Europe, as well as the upcoming German power auctions, are among the main priorities this year.

Northland Power recently acquired a stake in the Baltic Power offshore wind project in Poland, what was the thinking behind that? Poland is a new, emerging market and this The market is increasingly competitive. What attracted us. It has good macroeconomic has typically happened in Poland is that domestic fundamentals – increasing demand for power and developers have started projects and then look the rate of economic growth. There is also cross- for a foreign investor with the experience to help party support for offshore wind – Polish energy deliver them. That is what we are doing with policy has pivoted quite substantially towards PKN Orlen. renewable generation.

Why does Northland want to expand in Europe? Europe, along with Asia, is one of the two We’ve got assets in Germany and we’ll look biggest focusses for offshore wind, though we there again. The German auction starts again also have an investment in an offshore wind in September. We have step-in rights and we project in Canada. While there is more growth expect to use those. We look at other markets, potential in Asia than other continents, Europe but we’re selective about which we develop in is well poised for additional growth. You’re and which auctions we participate in. We like seeing pronouncements from governments, and auction designs where you can develop your own from Brussels, about decarbonization and green projects and the classic model for that is the UK- recovery. These are spurring existing markets in style CFD structure. Europe, and new emerging markets, to increase offshore wind goals and targets.

The company has a major focus on offshore wind - it plans to invest $15-20 billion in new renewable projects, anchored by offshore wind, over the next five years – why? If you get a gigawatt of offshore wind, that’s We want deals that make sense – sometimes it’s earnings you can create in the future - it would take solar, sometimes onshore. We hope to acquire more human resources and more time to generate the first set of land-based development projects in that volume of opportunity from the land base. We Europe later this year. But offshore is a priority. remain committed to other renewable energies - we have solar sites in Canada and we’re wrapping We’ll also look at energy storage – possibly as a up construction of a solar project in Mexico. hybrid combination with some form of generation – and hydrogen.

20 THE LIST

MICHAL MICHALSKI JAMES KNIGHT 70 CEO, Polenergia 60 Partner, Augusta & Co NEW Playing a vital role in driving Polenergia into NEW Leads on complex deals, including the sale of ENTRY wind, including offshore wind with Equinor. ENTRY 80% of Fortum's 500MW Nordic wind arm.

NATHALIE OOSTERLINCK RUTH KENT 69 Head of Special Projects, DEME Group 59 Managing Partner, Brookfield Joined DEME Group in 2020 after overseeing COO of Brookfield's renewables arm and led 38 the 487MW SeaMade project in Belgian waters. 37 the integration of TerraForm Global.

JOHAN NORDANG HENRIK STIESDAL 68 Investment Director, AIP 58 CEO, Stiesdal Offshore Technologies NEW Experienced Investor in offshore wind for AIP, Pioneering turbine inventor who continues to ENTRY which is part of Danish pensions giant PKA. 67 innovate in floating foundation technology.

NIGEL SLATER DANIELLE LANE 67 MD, Development Europe, Northland Power Head of Offshore Market Development & Heads up all development for Northland across 57 UK Country Manager, Vattenfall NEW Europe, including the Baltic Power 1.2GW JV in 89 Plays a key role in developing offshore wind ENTRY Poland with PKN Orlen. markets, both within Vattenfall and at OWIC.

GUY MADGWICK JEAN PHILIPPE ADAM Senior Country Manager, Spain & Portugal, CEO, Red Rock Power 56 66 Natixis Active in onshore and offshore wind, including NEW Acted on the £380m green bond financing of 35 the 1GW Inch Cape project alongside ESB. ENTRY the 50MW Kincardine floating wind project.

MARK JONES STEPHEN RILEY CEO, Ventient Energy 55 CEO, Cubico Sustainable Investments 65 Concluded the acquisition of 726MW Riley leads renewables investor Cubico, which Portuguese wind operator Iberwind in mid- NEW 80 invests for PSP and Ontario Teachers. 2020. ENTRY

AINHOA ANDA MONIKA MORAWIECKA 64 Senior Lead, Energy Strategy, Google 54 President, PGE Baltica NEW Paris-based Anda is playing a central role Google's Instrumental as PGE has joined forces with PKN ENTRY 100% renewable energy efforts in Europe. 53 Orlen for 3.7GW of Polish offshore projects.

DAVID TILSTONE KENNETH MATTHEWS Managing Director, 63 Head of Energy, EMEA, Amazon 53 Macquarie Infrastructure & Real Assets NEW Plays a key role at Amazon, which is the world's NEW Renewables Sector Head for MIRA’s EMEA ENTRY largest corporate off-taker of green power. ENTRY business and responsible for their recently raised €1.6billion global renewables fund.

VINCENT FROMONT LARS BONDO KROGSGAARD CEO, Eolfi CEO Onshore Wind, Siemens Gamesa 62 Became President of floating wind developer 52 Former CEO who took over as head of Eolfi in 2019, led its sale to Shell and 78 RE-ENTRY onshore wind at Siemens Gamesa in late 2020. integration in 2020.

GERNOT BLANKE WOLFGANG KROPP 61 CEO, Wpd 51 CEO, Svevind Has been leading Wpd in a range of onshore Orchestrating the 4GW Markbygden cluster in 45 and offshore projects, from Finland to Taiwan. 25 Sweden, which is made of 1,101 turbines.

21 THE LIST

DIRK GUSEWELL XAVIER BARBARO Head of Generation Portfolio Development, CEO, Neoen 50 EnBW 40 French developer that has established itself as Gusewell led his team to build 'Germany's 59 55 a leader in pairing wind with battery storage. largest independently-funded solar park'

MOMME JANSSEN LINDSAY MCQUADE 49 CEO, Enercon 39 CEO, Scottish Power Renewables NEW Named CEO at manufacturer Enercon In In charge of UK wind farms totalling 2.5GW, ENTRY November as Hans-Dieter Kettwig retired. 32 and working on the 3.1GW East Anglia Hub.

MARY QUANEY CHRISTINA SORENSEN Senior Partner, 48 CEO, Mainstream Renewable Power 38 Copenhagen Infrastructure Partners Took over as CEO in 2020 to lead on the 1.9GW NEW Highly regarded for her work at CIP, in which it has in construction and its 10GW pipeline. 3 ENTRY Vestas bought a 25% stake in December 2020.

IVOR CATTO GRZEGORZ GORSKI 47 CEO, RES 37 COO, OW Ocean Winds RES finished 2.2GW of renewable projects NEW Engie executive representing the firm in its 42 globally in 2020, and sold its Björnberget project. ENTRY offshore wind joint venture with EDP Renewables.

RICHARD NOURSE SPYRIDON MARTINIS SPETTEL 46 Managing Partner, Greencoat Capital 36 CEO, OW Ocean Winds Set up Greencoat, which now has £5.5bn NEW EDP Renewables executive representing the firm 84 assets under management. ENTRY in its offshore wind joint venture with Engie.

SUSANNE WERMTER ED NORTHAM Group Head, Energy & Infrastructure EMEA, Senior MD & Head of Europe, 45 Aquila Capital 35 Green Investment Group 27 Since joining in 2013, Susanne has amassed a 31 Well-known figure in Macquaire’s GIG, which transaction value in excess of EUR 4.5bn. last year completed the 714MW East Anglia 1.

HEIKO LUDWIG MIGUEL STILWELL DE ANDRADE 44 Global Head, Nord LB 34 CEO, EDP Renovaveis Global head of the bank's structured finance NEW Appointed chairman of the EDP Renewables 87 arm and an important mover in onshore wind. ENTRY board and the company's CEO in January 2021.

OLIVIER FONTAN STEPHEN JENNINGS Head of Energy & Natural Resources EMEA, 43 President & CEO, LM Wind Power 33 MUFG Took over as CEO of blade specialist LM Wind NEW NEW Heads energy and natural resources in EMEA Power, which is part of GE, in February 2020. ENTRY ENTRY for key onshore and offshore lender MUFG.

PAUL STORMOEN CHRISTIAN RYNNING-TØNNESEN 42 CEO, OX2 Wind 32 CEO, Statkraft Nordic developer that has led Europe by installing Europe's largest renewables generator and 61 1.6GW of new onshore wind since 2015. RE-ENTRY recently teamed up with Aker on offshore wind.

MICHAEL VAN DER HEIJDEN JOOST BERGSMA Managing Director, Managing Partner & CEO, Glennmont Partners 41 Amsterdam Capital Partners 31 Founding partner of Glennmont, which is set Acted on deals including CDPQ's acquisition of 39 RE-ENTRY to close a sale to investor Nuveen in Q1 2021. a stake Taiwan's 605MW Changhua 1 project.

22 THE LIST

HELLE ØSTERGAARD KRISTIANSEN ALEXANDRA VON BERNSTORFF CEO, Danske Commodities 30 Senior Managing Partner, Luxcara Has been CEO at Danske Commodities since 20 Co-founded Luxcara in 2009 and has grown it NEW 2019 and led its move into offshore wind 18 to a 2GW portfolio valued at €3bn. ENTRY PPAs.

JOSE LUIS BLANCO DIEGUEZ EDDIE O'CONNOR Founder & Chairman, CEO, Nordex 29 19 Mainstream Renewable Power Helping Nordex navigate difficulties in German Founder of Mainstream, who recently oversaw 46 wind by securing 6GW of orders in 2020. 49 the sale of a 75% stake to Aker Horizons.

CLAUDIO DESCALZI JEROME GUILLET 28 CEO, Eni 18 Managing Director, Green Giraffe NEW Led Italian oil giant Eni into offshore wind by Long track record of bringing complex wind ENTRY buying 20% of the 3.6GW Dogger Bank project. 17 transactions to financial close across Europe.

JOHN LAVELLE ANYA HOFF 27 CEO, Offshore Wind, GE Renewable Energy 17 VP of Offshore Wind Growth, BP NEW Heads offshore wind at GE, which is deploying NEW Responsible for leading UK-headquartered oil ENTRY the Haliade-X at the 3.6GW Dogger Bank. ENTRY giant BP into offshore wind worldwide.

SVEN UTERMOHLEN JONATHAN COLE 26 COO Offshore Wind, RWE Renewables 16 Managing Director, Iberdrola Renewables NEW Heads offshore wind for RWE Renewables, One of the biggest names in offshore wind, with ENTRY including the Triton Knoll and Kaskasi schemes. 16 projects such as the £3.1bn East Anglia Hub.

RAFAEL MATEO MARK DOOLEY 25 CEO, Acciona Energy 15 Global Head, Green Investment Group Longstanding head of Spain's Acciona Energy, Led GIG as it invested more than £2.9bn in its 54 which owns 10GW of wind and solar assets. 12 global portfolio of projects throughout 2020.

MARTIN NEUBERT STEPHEN BULL Deputy CEO & Chief Commercial Officer, 24 SVP, Equinor 14 Ørsted Bull is set to leave Equinor in summer to Recently named deputy CEO and head of 20 become EVP of renewables at Aker Solutions. 7 a restructured arm for offshore wind and hydrogen.

JIM SMITH RORY O'CONNOR Managing Director, SSE Renewables Global CIO of Renewables, BlackRock 23 Building UK's largest offshore and onshore 13 Leads investment and portfolio management wind projects: 3.6GW Dogger Bank and 79 11 for BlackRock's renewables arm in Europe. 443MW Viking.

KIRSTINE DAMKJAER JAKOB BARUEL POULSEN Managing Partner, CEO, EKF 22 12 Copenhagen Infrastructure Partners Re-joined Danish export credit agency EKF, Poulsen topped our 2020 Green Fund Power 13 which is a key investor in offshore wind, in 2019. RE-ENTRY List, and led the sale of a 25% stake to Vestas..

MATHIAS BIMBERG ANDREAS NAUEN 21 Head of Infrastructure, Prime Capital 11 CEO, Siemens Gamesa NEW Heads infrastructure at Prime, which invests in Stepped up as CEO of turbines giant Siemens ENTRY projects using Siemens Gamesa turbines. 41 Gamesa in June 2020 after Markus Tacke's exit.

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THE LIST

PHILIPPE SAUQUET Head of Gas, Renewables and Power, Total 10 Sauquet has made it into our top ten after French oil giant Total stepped up its plans in offshore wind and green NEW ENTRY hydrogen. Its main moves have included entering floating wind with deals off the UK coast, and triumphing in the UK’s 2021 seabed tender.

ELISABETH BRINTON EVP of New Energies, Shell 9 Brinton became head of Shell’s new energies team in 2020 to lead growth in sectors including wind. In offshore NEW ENTRY wind, it won the 759MW Hollandse Kust Noord tender in The Netherlands with Eneco in 2020, and is eyeing floating wind after buying Eolfi.

KEITH ANDERSON CEO, Scottish Power 8 Anderson is a vocal advocate for UK wind in the year of COP26 talks in Scotland, as well as chairing CBI Scotland. 1 Last year, the company completed the £2.5bn 714MW East Anglia 1 off the UK’s east coast with the Green Investment Group.

ANJA-ISABEL DOTZENRATH CEO, RWE Renewables 7 Dotzenrath became CEO of E.On Climate & Renewables in 2017 and became CEO of RWE Renewables in 5 October 2019 following its merger with fellow German utility giant RWE, which completed in 2020. A key player in wind in Europe and beyond.

HENRIK ANDERSEN CEO, Vestas 6 Andersen took over as Vestas CEO from Anders Runevad in August 2019, and was steering the company through NEW ENTRY Covid-19 just seven months later. During his time, he has led deals including the purchase of 25% of Copenhagen Infrastructure Partners.

ALISTAIR PHILLIPS-DAVIES CEO, SSE 5 Phillips-Davies has returned to our European top 100 following the stunning financial close of its £5.5bn Dogger RE-ENTRY Bank A and B with Equinor, and its planned €6bn offshore wind drive in Ireland. He has also emerged as a key player lobbying for UK wind.

MADS NIPPER CEO, Ørsted 4 Nipper has been looking to fill some big shoes as he took over from Henrik Poulsen as Ørsted’s CEO in NEW ENTRY September 2020. However, he deserves his position as he looks to steer Ørsted in a growing offshore market under tough pressure from oil giants.

JEROME PECRESSE President & CEO, GE Renewable Energy 3 Pecresse has led GE Renewable Energy as it has pinned its offshore hopes on the giant 14MW Haliade-X platform, 8 which last year won the order to supply the 2.4GW Dogger Bank A and B. GE is supplying Europe’s largest onshore wind project too.

PAL EITRHEIM EVP of New Energy Solutions, Equinor 2 Eitrheim has headed new energy solutions at oil giant Equinor since 2018, and he entered the limelight in 2020 as NEW ENTRY it reached the £5.5bn close of the 2.4GW Dogger Bank A and B with SSE. This is part of the mammoth 3.6GW Dogger Bank complex. It is also growing in offshore wind in the US and Poland.

25 THE LIST

1 Ignacio Galan Chairman & CEO Iberdrola

Ignacio Galan topped our first ranking of the 100 portfolio in Sweden; 50% of the developer Sea most influential people in European wind in 2012. Wind, which has a 7.3GW project portfolio and It is testament to his leadership and longevity that enabled Iberdrola to enter the nascent Polish he is back at the top of the European Power List offshore wind market; a major stake in Australia’s ten years on. Infigen; and US utility PNM Resources, via Iberdrola’s US subsidiary Avangrid. This is partly due to his long-term vision. Ten years ago, wind was still regarded as a costly In total, Iberdrola is looking to invest €150bn over oddity by many utilities, including giants in the the 2020s to triple its renewables capacity and oil and gas industry. Now those same giants double its network assets. It currently has 17GW have been committing to ‘green recovery’ plans in construction from its 74.4GW project pipeline, following the Covid-19 pandemic, and growing of which it added 25GW in 2020. demand for action on the climate crisis from politicians and the public. This has vindicated his Meanwhile, in offshore wind, it has 1.3GW in early moves into the sector in stunning fashion. operation, including the 714MW East Anglia 1 and 350MW Wikinger. It now has a further 2.6GW Yet looking back is not the main reason that we under construction with an additional 9GW ready have included Galan at the pinnacle of this year’s for construction, and an offshore wind pipeline of European Power List. He is our number one 20GW. This includes its stake in the high-profile because he has led a host of major acquisition US project Vineyard Wind 1 (800MW), as well deals over the last year as he has driven Iberdrola as the 804MW Kitty Hawk and 1.3GW Liberty to increase its global reach, and invest its way out Wind. It’s an impressive roster. of the world’s Covid-inspired economic slump. And it is seeking to expand in emerging sectors The company’s 2020 results, announced in including energy storage, green hydrogen, and February, give us a sense of this growth trajectory. electric vehicles too. It has joined forces with The company reported record investments of Porsche in Spain. more than €9.2bn in its 2020 financial year, and posted a net profit of €3.6bn. Finally, the company concluded its largest green bond issue, of €3bn, in October. In short, Its acquisitions in the last year have included Iberdrola has cemented its status as a ‘green a majority stake in Swedish developer Svea supermajor’, and this is in large part due to the Vind Offshore, which has a 9GW development energy and vision of Galan.

26 THE EUROPEAN POWER LIST 2021 IN FULL

RANK NAME POSITION COMPANY

1 Ignacio Galan Chairman & CEO Iberdrola 2 Pal Eitrheim EVP of New Energy Solutions Equinor 3 Jerome Pecresse President & CEO GE Renewable Energy 4 Mads Nipper CEO Ørsted 5 Alistair Phillips-Davies CEO SSE 6 Henrik Andersen CEO Vestas 7 Anja-Isabel Dotzenrath CEO RWE Renewables 8 Keith Anderson CEO Scottish Power 9 Elisabeth Brinton EVP of New Energies Shell 10 Philippe Sauquet Head of Gas, Renewables and Power To t a l 11 Andreas Nauen CEO Siemens Gamesa 12 Jakob Baruel Poulsen Managing Partner Copenhagen Infrastructure Partners 13 Rory O'Connor Global CIO of Renewables BlackRock 14 Martin Neubert Deputy CEO & Chief Commercial Officer Ørsted 15 Mark Dooley Global Head Green Investment Group 16 Jonathan Cole Managing Director Iberdrola Renewables 17 Anya Hoff VP of Offshore Wind Growth BP 18 Jerome Guillet Managing Director Green Giraffe 19 Eddie O'Connor Founder & Chairman Mainstream Renewable Power 20 Alexandra Von Bernstorff Senior Managing Partner Luxcara 21 Mathias Bimberg Head of Infrastructure Prime Capital 22 Kirstine Damkjaer CEO EKF 23 Jim Smith Managing Director SSE Renewables 24 Stephen Bull SVP Equinor 25 Rafael Mateo CEO Acciona Energy 26 Sven Utermohlen COO Offshore Wind RWE Renewables 27 John Lavelle CEO, Offshore Wind GE Renewable Energy 28 Claudio Descalzi CEO Eni 29 Jose Luis Blanco Dieguez CEO Nordex 30 Helle Østergaard Kristiansen CEO Danske Commodities 31 Joost Bergsma Managing Partner & CEO Glennmont Partners 32 Christian Rynning-Tønnesen CEO Statkraft 33 Stephen Jennings Head of Energy & Natural Resources EMEA MUFG 34 Miguel Stilwell de Andrade CEO EDP Renovaveis 35 Ed Northam Senior MD & Head of Europe Green Investment Group 36 Spyridon Martinis Spettel CEO OW Ocean Winds 37 Grzegorz Gorski COO OW Ocean Winds 38 Christina Sorensen Senior Partner Copenhagen Infrastructure Partners 39 Lindsay McQuade CEO Scottish Power Renewables 40 Xavier Barbaro CEO Neoen 41 Michael Van Der Heijden Managing Director Amsterdam Capital Partners 42 Paul Stormoen CEO OX2 Wind 43 Olivier Fontan President & CEO LM Wind Power 44 Heiko Ludwig Global Head Nord LB 45 Susanne Wermter Group Head, Energy & Infrastructure EMEA Aquila Capital 46 Richard Nourse Managing Partner Greencoat Capital 47 Ivor Catto CEO RES 48 Mary Quaney CEO Mainstream Renewable Power

27 EUROPEAN POWER LIST 2021 THE FULL LIST

49 Momme Janssen CEO Enercon 50 Dirk Gusewell Head of Generation Portfolio Development EnBW 51 Wolfgang Kropp CEO Svevind 52 Lars Bondo Krogsgaard CEO Onshore Wind Siemens Gamesa 53 David Tilstone Managing Director Macquarie Infrastructure & Real Assets 54 Monika Morawiecka President PGE Baltica 55 Stephen Riley CEO Cubico Sustainable Investments 56 Jean Philippe Adam Senior Country Manager, Spain & Portugal Natixis

Danielle Lane Head of Offshore Market Development & UK 57 Country Manager Vattenfall 58 Henrik Stiesdal CEO Stiesdal Offshore Technologies 59 Ruth Kent Managing Partner Brookfield 60 James Knight Partner Augusta & Co 61 Gernot Blanke CEO Wpd 62 Vincent Fromont CEO Eolfi 63 Kenneth Matthews Head of Energy, EMEA Amazon 64 Ainhoa Anda Senior Lead, Energy Strategy Google 65 Mark Jones CEO Ventient Energy 66 Guy Madgwick CEO Red Rock Power 67 Nigel Slater MD, Development Europe Northland Power 68 Johan Nordang Investment Director AIP 69 Nathalie Oosterlinck Head of Special Projects DEME Group 70 Michal Michalski CEO Polenergia 71 Marika Fredriksson EVP of Finance & CFO Vestas 72 Allan Baker MD & Global Head of Power Societe Generale 73 Paul De la Gueriviere CEO Ideol 74 Toni Volpe CEO Falck Renewables 75 Ian McFeely President Maple Power 76 Lucy Heintz Partner & Head of Renewables Actis 77 Daniel Von Preyss Head of Private Equity/Infrastructure Impax 78 Alejandro Ciruelos MD, Renewable Energy Sustainable Development Capital 79 Joar Viken CEO NBT 80 Dominik Thumfart MD & Head of Infrastructure & Energy Origination Deutsche Bank 81 Jenny Blackford Head of Project Finance, EMEA, Energy Sector Siemens Financial Services 82 Jonas Persson MD & Global Head of Energy & Utilities Lloyds 83 Markus Lesser CEO PNE AG (Pure New Energy) 84 Bruce Riley MD, Infrastructure & Project Finance Natwest 85 Georg Hoefler Head of Renewables Transactions Allianz Capital Partners 86 Miruna Onofrei Director BNP Paribas 87 Roland Dorig Founding Managing Partner Energy Infrastructure Partners 88 Raphael Lance Head of Energy Transition Funds Mirova Asset Management 89 Jonas Corne CEO Greenbyte 90 Emma Tinker Chief Investment Officer Asper Investment Management 91 Louise Rasmussen Partner FIH Partners 92 Fernando Samper Chairman Forestalia 93 Omid Ashrafi Managing Partner Newsec Infra 94 Luis Adao da Fonseca Co founder / Partner Exus Management Partners 95 Fraser McLachlan CEO GCube Insurance Services 96 Christos Kolliatsas Global Director of Offshore Wind UL 97 Bruce Hall CEO Onyx InSight 98 Katy Hogg Global Director of Wind Projects BayWa r.e. 99 Michael Waldner CEO Pexapark 100 Bob Psaradellis CEO Renewable Power Capital

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