Invested through	Triodos Impact Mixed Fund - Defensive Triodos Impact Mixed Fund - Neutral Triodos Impact Mixed Fund - Offensive Triodos Euro Bond Impact Fund Triodos Impact Strategy Fund - Defensive Triodos Impact Strategy Fund - Balanced Triodos Impact Strategy Fund - Offensive
Asset Classes	Impact bonds
Impact strategy	Impact Equities and Bonds
ISIN code	XS2332186001
Industry group	Utilities
Aligned with SDGs

Redes Energeticas Nacionais (REN) transmits electricity for EDP-Energias de Portugal and also operates gas pipelines. The company electricity network is located in Portugal.

Investment rationale

Over 60% of Portugal's electricity currently derives from renewable sources. As Portugal will shut down two more coal plants, the percentage of renewable energy will further increase. REN's strategy is based on ambitious EU and domestic targets to increase renewable capacity and decarbonization. The proceeds of this bond will be used to refinance lines and substations that connect renewable power producers to end users.

In total, 100% of revenues is aligned with the Energy Transition. The contribution to the Energy Transition comes from 100% of proceeds allocated to the impact objective Renewable Energy.

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The purpose of this tool is to inform investors about the type of investments and their potential sustainability impact. The information in the tool is of a general nature and does not constitute an opinion of Triodos Investment Management of the financial instrument. Therefore, the tool is not intended and should not be construed as an offer, invitation or general solicitation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or investment recommendation.

Impact Equities and Bonds

All investments of the Triodos Impact Equities and Bond funds contribute to one or more of the five Triodos transitions and to the UN SDGs. Refer to the Sustainability Annex in the prospectus for more information.

All investments carry risk and all investment decisions of an individual remain the responsibility of the individual. Past or estimated results are no guarantee or indication of future results. Triodos Investment Management does not accept any liability for any losses.

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