1、ANNUAL REPORT31 December 2020Consisting of:New Energy Solar Limited ACN 609 396 983New Energy Solar Fund ARSN 609 154 298Renewable energy.Sustainable investments.CONTENTSChairs Letter.iBusiness Highlights.viInvestment Managers Report.xCorporate Governance Statement.1Directors Report.12Auditors Indep
2、endence Declaration.28Financial Statements.30Statement of Profit or Loss and Other Comprehensive Income.31Statement of Financial Position.32Statement of Changes in Equity.33Statement of Cash Flows.36Notes to the Financial Statements.38Directors Declaration.83Independent Auditors Report.84Stock Excha
3、nge Information.88Additional Disclosures.91Directory.93Annual ReportNEW ENERGY SOLARNC-47 aerial view June 2017NC-31 south side aerial view March 2017 Chairs LetteriDear Securityholders,On behalf of New Energy Solar Limited and E&P Investments Limited(formerly Walsh&Company Investments Limited)as Re
4、sponsible Entity for New Energy Solar Fund,we present the full year report for the 12 months ended 31 December 2020.While 2020 was characterised by considerable disruption,renewable energys progress during the year was significant.Globally,as demand for electricity fell,renewable generation increase
5、d its share of generation output,being the only form of generation to experience growth in 2020 according to the International Energy Agency.Also important for the progress of the energy transition was the increase in government commitments globally to achieve net-zero emissions and reduce reliance
6、on fossil fuels.Governments that have made these pledges include the UK,Europe,China,Japan,South Korea and the new US administration,countries that together represent 69%of global GDP according to 2019 World Bank GDP data.NEW has made a contribution to the energy transition in 2020,generating 1.4 te