☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class | Trading Symbol | Name of each exchange on which registered | |
Ordinary Shares, nominal value $0.10 per share | AY | The NASDAQ Global Select Market |
Large accelerated filer ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ |
Emerging growth company ☐ |
U.S. GAAP ☐ | International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ | Other ☐ |
Page | ||
7 | ||
ITEM 1. | ||
ITEM 2. | ||
ITEM 3. | ||
A | 13 | |
B. | ||
C. | ||
D. | ||
ITEM 4. | 48 | |
A. | 48 | |
B. | 48 | |
C. | ||
D. | ||
ITEM 4A. | ||
ITEM 5. | ||
A. | ||
B. | ||
C. | ||
D. | ||
E. | ||
ITEM 6. | ||
A. | ||
B. | ||
C. | ||
D. | ||
E. | ||
F. | 157 | |
ITEM 7. | ||
A. | ||
B. | ||
C. | ||
ITEM 8. | ||
A. | ||
B. | ||
ITEM 9. | ||
A. | ||
B. | ||
C. | ||
D. | ||
E. | ||
F. | ||
ITEM 10. | ||
A. | ||
B. | ||
C. | ||
D. | ||
E. |
F. | 172 | |
G. | ||
H. | ||
I. | ||
J. | 172 |
ITEM 11. |
ITEM 12. | ||
A. | ||
B. | ||
C. | ||
D. | ||
ITEM 13. | ||
ITEM 14. | ||
ITEM 15. | ||
ITEM 16. | ||
ITEM 16A. | ||
ITEM 16B. | ||
ITEM 16C. | ||
ITEM 16D. | ||
ITEM 16E. | ||
ITEM 16F. | ||
ITEM 16G. | ||
ITEM 16H. | ||
ITEM 16I. | ||
ITEM 16J. | 182 | |
ITEM 16K. | 182 | |
ITEM 17. | ||
ITEM 18. | ||
ITEM 19. |
ITEM 1. | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |
ITEM 2. | OFFER STATISTICS AND EXPECTED TIMETABLE |
ITEM 3. | KEY INFORMATION |
A. | [RESERVED] |
B. | Capitalization and Indebtedness |
I. | Risks Related to Our Business and Our Assets |
• | Acute physical. Severe and extreme weather events include severe winds and rains, hail, hurricanes, cyclones, droughts, as well as the risk of fire and flooding, among others and are becoming more frequent as a result of climate change. Any of these extreme weather events could cause damage to our assets and/or business interruption. |
- | Severe floods could damage |
- |
If our transmission assets caused a fire, we could be found liable if the fire damaged third parties. |
- | Severe winter weather, like the storm in February 2021 in Texas, could cause supply from wind farms to decline due to wind turbine equipment freezing. In 2023, a winter storm affected a transmission line in our geothermal asset Coso in California and affected production for several days. Also, natural gas assets and battery systems could |
- | Rising temperatures and droughts could cause wildfires like the ones that have affected California 2019. |
- | Severe winds could cause damage to the solar fields at our solar assets. |
• | Chronic physical. |
o | An increase in temperatures can reduce efficiency and increase operating costs at our plants. The main impacts of rising temperatures include: |
- | Lower turbine efficiency in our efficient natural gas asset. |
- | Reduced efficiency at our solar photovoltaic generation assets. |
- | Lower air density at our wind facilities. |
- |
o | A reduction of mean precipitations may result in a reduction of availability of water from aquifers and could also modify the main water properties at our generation facilities. Droughts could result in water restrictions that may affect our operations, and which may force us to stop generation at some of our facilities. For example, some regions in Spain are currently experiencing a severe drought, which may affect our facilities. A deterioration of the quality of the water would also have a negative impact on chemical costs in our water treatment plants at our generating facilities. |
• | Current Regulation. Atlantica is directly affected by environmental regulation at all our assets. This includes climate-related risks driven by laws, regulation, taxation, disclosure of emissions and other practices. As an example, we are subject to the requirements of the U.K. Climate Change Act 2008 on greenhouse gas (“GHG”) emissions reporting, and the Commission Regulation (EU) No 601/2012. Two U.S. solar plants are also subject to the permits under the Clean Air Act. |
• | Emerging Regulation. Changes in regulation could have a negative impact on |
• | Reputation. Decreased access to capital. |
• | Downstream. Some of our clients are large utilities or industrial corporations. These are also exposed to significant climate change related risks, including current and emerging regulation, acute and chronic physical risks. |
II. |
Risks Related to Our Relationship with Algonquin and Abengoa |
Risks Related to Our Indebtedness |
Risks Related to Our Growth Strategy |
VI. | Risks Related to the Markets in Which We Operate |
Risks Related to Regulation |
• | laws or regulations will not change or be interpreted in a manner that increases our costs of compliance or require new investments and may have a material adverse effect on our business, financial condition, results of operations and cash flows, including preventing us from operating an asset if we are not in compliance; or |
• | governmental authorities will approve our environmental impact studies where required to implement proposed changes to operational projects. |
Risks Related to Ownership of Our Shares |
Risks Related to Taxation |
Other Risks |
ITEM 4. | INFORMATION |
A. | History and Development of the Company |
B. | Business Overview |
Assets | Type | Ownership | Location | Currency(9) | Capacity (Gross) | Counterparty Credit Ratings(10) | COD* | Contract Years Remaining(16) |
Solana | Renewable (Solar) | 100% | Arizona (USA) | USD | 280 MW | BBB+/A3/BBB+ | 2013 | 22 |
Mojave | Renewable (Solar) | 100% | California (USA) | USD | 280 MW | BB-/--/BB | 2014 | 18 |
Coso | Renewable (Geothermal) | 100% | California (USA) | USD | 135 MW | Investment grade (14) | 1987/ 1989 | 17 |
Elkhorn Valley | Renewable (Wind) | 49% | Oregon (USA) | USD | 101 MW | BBB/A3/-- | 2007 | 6 |
Prairie Star | Renewable (Wind) | 49% | Minnesota (USA) | USD | 101 MW | --/A3/A- | 2007 | 6 |
Twin Groves II | Renewable (Wind) | 49% | Illinois (USA) | USD | 198 MW | BBB-/Baa2/-- | 2008 | 4 |
Lone Star II | Renewable (Wind) | 49% | Texas (USA) | USD | 196 MW | Not rated | 2008 | 1 |
Chile PV 1 | Renewable (Solar) | 35%(8) | Chile | USD | 55 MW | N/A | 2016 | N/A |
Chile PV 2 | Renewable (Solar) | 35%(8) | Chile | USD | 40 MW | Not rated | 2017 | 9 |
La Sierpe | Renewable (Solar) | 100% | Colombia | COP | 20 MW | Not rated | 2021 | 14 |
Palmatir | Renewable (Wind) | 100% | Uruguay | USD | 50 MW | BBB/Baa2/BBB-(12) | 2014 | 12 |
Cadonal | Renewable (Wind) | 100% | Uruguay | USD | 50 MW | BBB/Baa2/BBB-(12) | 2014 | 13 |
Melowind | Renewable (Wind) | 100% | Uruguay | USD | 50 MW | BBB/Baa2/BBB-(12) | 2015 | 14 |
Mini-Hydro | Renewable (Hydraulic) | 100% | Peru | USD | 4 MW | BBB+/Baa1/BBB | 2012 | 11 |
Solaben 2 & 3 | Renewable (Solar) | 70%(1) | Spain | Euro | 2x50 MW | A/Baa1/A- | 2012 | 16/16 |
Solacor 1 & 2 | Renewable (Solar) | 87%(2) | Spain | Euro | 2x50 MW | A/Baa1/A- | 2012 | 15/15 |
PS10 & PS20 | Renewable (Solar) | 100% | Spain | Euro | 31 MW | A/Baa1/A- | 2007& 2009 | 10/12 |
Helioenergy 1 & 2 | Renewable (Solar) | 100% | Spain | Euro | 2x50 MW | A/Baa1/A- | 2011 | 15/15 |
Helios 1 & 2 | Renewable (Solar) | 100% | Spain | Euro | 2x50 MW | A/Baa1/A- | 2012 | 15/16 |
Solnova 1, 3 & 4 | Renewable (Solar) | 100% | Spain | Euro | 3x50 MW | A/Baa1/A- | 2010 | 13/13/14 |
Solaben 1 & 6 | Renewable (Solar) | 100% | Spain | Euro | 2x50 MW | A/Baa1/A- | 2013 | 17/17 |
Seville PV | Renewable (Solar) | 80%(6) | Spain | Euro | 1 MW | A/Baa1/A- | 2006 | 14 |
Italy PV 1 | Renewable (Solar) | 100% | Italy | Euro | 1.6 MW | BBB/Baa3/BBB | 2010 | 9 |
Italy PV 2 | Renewable (Solar) | 100% | Italy | Euro | 2.1 MW | BBB/Baa3/BBB | 2011 | 9 |
Assets | Type | Ownership | Location | Currency(9) | Capacity (Gross) | Counterparty Credit Ratings(10) | COD* | Contract Years Remaining(17) |
Solana | Renewable (Solar) | 100% | Arizona (USA) | USD | 280 MW | BBB+/A3/BBB+ | 2013 | 20 |
Mojave | Renewable (Solar) | 100% | California (USA) | USD | 280 MW | BB/Ba1/BB+ | 2014 | 16 |
Coso | Renewable (Geothermal) | 100% | California (USA) | USD | 135 MW | Investment grade(11) | 1987/ 1989 | 18 |
Elkhorn Valley(16) | Renewable (Wind) | 49% | Oregon (USA) | USD | 101 MW | BBB/Baa1/-- | 2007 | 4 |
Prairie Star(16) | Renewable (Wind) | 49% | Minnesota (USA) | USD | 101 MW | --/A3/A- | 2007 | 4 |
Twin Groves II(16) | Renewable (Wind) | 49% | Illinois (USA) | USD | 198 MW | BBB+/Baa2/-- | 2008 | 2 |
Lone Star II(16) | Renewable (Wind) | 49% | Texas (USA) | USD | 196 MW | N/A | 2008 | N/A |
Chile PV 1 | Renewable (Solar) | 35%(1) | Chile | USD | 55 MW | N/A | 2016 | N/A |
Chile PV 2 | Renewable (Solar) | 35%(1) | Chile | USD | 40 MW | Not rated | 2017 | 7 |
Chile PV 3 | Renewable (Solar) | 35%(1) | Chile | USD | 73 MW | N/A | 2014 | N/A |
La Sierpe | Renewable (Solar) | 100% | Colombia | COP | 20 MW | Not rated | 2021 | 12 |
La Tolua | Renewable (Solar) | 100% | Colombia | COP | 20 MW | Not rated | 2023 | 9 |
Tierra Linda | Renewable (Solar) | 100% | Colombia | COP | 10 MW | Not rated | 2023 | 9 |
Italy PV3 | Renewable (Solar) | 100% | Italy | Euro | 2.5 MW | BBB/Baa3/BBB | 2012 | 10 |
Kaxu | Renewable (Solar) | 51%(3) | South Africa | Rand | 100 MW | BB-/Ba2/BB-(11) | 2015 | 13 |
Calgary | Efficient natural gas & Heat | 100% | Canada | CAD | 55 MWt | ~41% A+ or higher(15) | 2010 | 19 |
ACT | Efficient natural gas & Heat | 100% | Mexico | USD | 300 MW | BBB/ Ba3/BB- | 2013 | 11 |
Monterrey | Efficient natural gas & Heat | 30% | Mexico | USD | 142 MW | Not rated | 2018 | 17 |
ATN (13) | Transmission line | 100% | Peru | USD | 379 miles | BBB+/Baa1/BBB | 2011 | 19 |
ATS | Transmission line | 100% | Peru | USD | 569 miles | BBB+/Baa1/BBB | 2014 | 22 |
ATN 2 | Transmission line | 100% | Peru | USD | 81 miles | Not rated | 2015 | 11 |
Quadra 1 & 2 | Transmission line | 100% | Chile | USD | 49 miles/ 32 miles | Not rated | 2014 | 13/13 |
Palmucho | Transmission line | 100% | Chile | USD | 6 miles | BBB/-/A- | 2007 | 16 |
Chile TL3 | Transmission line | 100% | Chile | USD | 50 miles | A/A1/A- | 1993 | Regulated |
Chile TL4 | Transmission line | 100% | Chile | USD | 63 miles | Not rated | 2016 | 50 |
Skikda | Water | 34.2%(4) | Algeria | USD | 3.5 M ft3/day | Not rated | 2009 | 12 |
Honaine | Water | 25.5%(5) | Algeria | USD | 7 M ft3/day | Not rated | 2012 | 16 |
Tenes | Water | 51%(7) | Algeria | USD | 7 M ft3/day | Not rated | 2015 | 18 |
Honda 1 | Renewable (Solar) | 50% | Colombia | COP | 10 MW | BBB-/--/BBB | 2023 | 7 |
Albisu | Renewable (Solar) | 100% | Uruguay | UYU | 10 MW | Not rated | 2023 | 15 |
Palmatir | Renewable (Wind) | 100% | Uruguay | USD | 50 MW | BBB+/Baa2/BBB(12) | 2014 | 10 |
Cadonal | Renewable (Wind) | 100% | Uruguay | USD | 50 MW | BBB+/Baa2/BBB(12) | 2014 | 11 |
Melowind | Renewable (Wind) | 100% | Uruguay | USD | 50 MW | BBB+/Baa2/BBB(12) | 2015 | 12 |
Mini-Hydro | Renewable (Hydraulic) | 100% | Peru | USD | 4 MW | BBB/Baa1/BBB | 2012 | 9 |
Solaben 2 & 3 | Renewable (Solar) | 70%(2) | Spain | Euro | 2x50 MW | A/Baa1/A- | 2012 | 14/14 |
Solacor 1 & 2 | Renewable (Solar) | 87%(3) | Spain | Euro | 2x50 MW | A/Baa1/A- | 2012 | 13/13 |
PS 10 & PS 20 | Renewable (Solar) | 100% | Spain | Euro | 31 MW | A/Baa1/A- | 2007/ 2009 | 8/10 |
Helioenergy 1 & 2 | Renewable (Solar) | 100% | Spain | Euro | 2x50 MW | A/Baa1/A- | 2011 | 13/13 |
Helios 1 & 2 | Renewable (Solar) | 100% | Spain | Euro | 2x50 MW | A/Baa1/A- | 2012 | 13/14 |
Solnova 1, 3 & 4 | Renewable (Solar) | 100% | Spain | Euro | 3x50 MW | A/Baa1/A- | 2010 | 11/11/12 |
Solaben 1 & 6 | Renewable (Solar) | 100% | Spain | Euro | 2x50 MW | A/Baa1/A- | 2013 | 15/15 |
Seville PV | Renewable (Solar) | 80%(4) | Spain | Euro | 1 MW | A/Baa1/A- | 2006 | 12 |
Italy PV 1 | Renewable (Solar) | 100% | Italy | Euro | 1.6 MW | BBB/Baa3/BBB | 2010 | 8 |
Italy PV 2 | Renewable (Solar) | 100% | Italy | Euro | 2.1 MW | BBB/Baa3/BBB | 2011 | 8 |
Italy PV 3 | Renewable (Solar) | 100% | Italy | Euro | 2.5 MW | BBB/Baa3/BBB | 2012 | 8 |
Italy PV 4 | Renewable (Solar) | 100% | Italy | Euro | 3.6 MW | BBB/Baa3/BBB | 2011 | 8 |
Kaxu | Renewable (Solar) | 51%(5) | South Africa | Rand | 100 MW | BB-/Ba2/BB-(13) | 2015 | 11 |
Calgary | Efficient natural gas & Heat | 100% | Canada | CAD | 55 MWt | ~60% AA- or higher (14) | 2010 | 12 |
ACT | Efficient natural gas & Heat | 100% | Mexico | USD | 300 MW | BBB/ B3/B+ | 2013 | 9 |
Monterrey(18) | Efficient natural gas & Heat | 30% | Mexico | USD | 142 MW | Not rated | 2018 | 22 |
ATN (15) | Transmission line | 100% | Peru | USD | 379 miles | BBB/Baa1/BBB | 2011 | 17 |
ATS | Transmission line | 100% | Peru | USD | 569 miles | BBB/Baa1/BBB | 2014 | 20 |
ATN 2 | Transmission line | 100% | Peru | USD | 81 miles | Not rated | 2015 | 9 |
Quadra 1 & 2 | Transmission line | 100% | Chile | USD | 49 miles/ 32 miles | Not rated | 2013/2014 | 11/11 |
Palmucho | Transmission line | 100% | Chile | USD | 6 miles | BBB/-/BBB+ | 2007 | 14 |
Chile TL 3 | Transmission line | 100% | Chile | USD | 50 miles | A/A2/A- | 1993 | N/A |
Chile TL 4 | Transmission line | 100% | Chile | USD | 63 miles | Not rated | 2016 | 48 |
Skikda | Water | 34.2%(6) | Algeria | USD | 3.5 M ft3/day | Not rated | 2009 | 10 |
Honaine | Water | 25.5%(7) | Algeria | USD | 7 M ft3/day | Not rated | 2012 | 14 |
Tenes | Water | 51%(8) | Algeria | USD | 7 M ft3/day | Not rated | 2015 | 16 |
(1) | 65% of the shares in Chile PV 1, Chile PV 2 and Chile PV 3 are indirectly held by financial partners through the renewable energy platform of the Company in Chile. Atlantica has control over these entities under IFRS 10, Consolidated Financial Statements. |
(2) | Itochu Corporation holds 30% of the shares in |
JGC holds 13% of the shares in each of Solacor 1 and Solacor 2. |
Instituto para la Diversificación y Ahorro de la Energía (“Idae”) holds 20% of the shares in Seville PV. |
(5) | Kaxu is owned by the Company (51%), Industrial Development Corporation of South Africa |
Algerian Energy Company, SPA owns 49% of Skikda and Sacyr Agua, S.L. Atlantica has control over it under IFRS 10, Consolidated Financial Statements. |
Algerian Energy Company, SPA owns 49% of Honaine and Sacyr Agua, S.L. owns the remaining 25.5%. |
Algerian Energy Company, SPA owns 49% of Tenes. |
(9) | Certain contracts denominated in U.S. dollars are payable in local currency. |
(10) | Reflects the counterparty’s credit ratings issued by Not applicable (“N/A”) when the asset has no PPA. |
(11) |
Refers to the credit rating of two Community Choice Aggregators: Silicon Valley Clean Energy and Monterrey Bar Community Power, both with A Rating from S |
(12) | Refers to the credit rating of Uruguay, as UTE (Administración Nacional de Usinas y Transmisoras Eléctricas) is unrated. |
(13) | Refers to the credit rating of the Republic of South Africa. The |
Refers to the credit rating of a diversified mix of 22 high credit quality clients (~ |
(15) | Including ATN Expansion 1 & 2. |
(16) | Part of Vento II portfolio. |
(17) | As of December 31, |
(18) | Accounted for as held for sale as of December 31, 2023. |
(*) | Commercial Operation Date. |
Two PPAs representing approximately 85% of the revenues until 2026 and 60% from 2027 until 2036 with two Community Choice Aggregators (“CCAs”), Silicon Valley Clean Energy and Central Coast Community Energy (formerly Monterrey Bay Community Power), both with an “A” credit rating from S&P. A PPA for approximately 15% of the revenues until 2026, 40% from 2027 until 2036 and 50% from 2037 until 2041 with Southern California Public Power Authority (“SCPPA”), which is not rated. |
− | Tranche |
− | Tranche |
− |
− |
− | a pre-existing cap with a 0% strike with notional of €115.9 million starting by June 2023 and decreasing over time until December 2025. |
− | a cap with a 3.5% strike with initial notional of €2.5 million starting in June 2023. The notional increases progressively until June 2025 up to €110.9 million and decreases progressively thereafter until maturity to ensure that the principal hedged stays at 100% over the life of the loan. |
− |
− |
− | a 15-year loan agreement of €218.5 million with a syndicate of banks. The interest rate for the loans is a floating rate based on six-month EURIBOR plus a margin of 2.25% until December 2025 and 2.50% until maturity. The banking tranche is 95.5% hedged through a swap set at approximately 3.8% strike and 3% hedged through a cap with a 1% strike. |
− | a 17-year, fully amortizing loan agreement with an institutional investor for a €45 million with a fixed interest rate of 4.37%. In July 2020, we added a new $43 million notional amount long dated tranche of debt from the same institutional investor with 15-year maturity and with a fixed interest rate of 3.00%. |
− |
− |
− |
− | In June 2011, Italy PV 1 entered into a 15-year loan agreement for €6.0 million with maturity in 2026. The interest rate for the loan is a floating rate based on six-month EURIBOR plus a margin of 1.30%. As of December 31, 2023, the outstanding balance of this loan was $1.1 million. |
− | In July 2016, Italy PV 3 entered into a 10-year loan agreement for €1.2 million with maturity in 2026. The interest rate for the loan is a fixed rate of 3.80%. As of December 31, 2023, the outstanding balance of this loan was $0.4 million. |
− | In March 2022, Italy PV 4 entered into a 10-year loan agreement for €1.3 million with maturity also in 2031. The interest rate for the loan is a fixed rate of 1.00%. As of December 31, 2023, the outstanding balance of this loan was $1.2 million. |
Asset | Type | Location | Capacity (gross)(1) | Expected COD | Expected Investment(3) ($ million) | Off-taker |
Coso Batteries 1 | Battery Storage | California, US | 100 MWh | 2025 | 40-50 | Investment grade utility |
Coso Batteries 2 | Battery Storage | California, US | 80 MWh | 2025 | 35-45 | Investment grade utility |
Chile PMGD(2) | Solar PV | Chile | 80 MW | 2024-2025 | 30 | Regulated |
ATN Expansion 3 | Transmission Line | Peru | 2.4 miles 220kV | 2024 | 12 | Conelsur |
ATS Expansion 1 | Transmission Line | Peru | n.a. (substation) | 2025 | 30 | Republic of Peru |
Honda 2(4) | Solar PV | Colombia | 10 MW | 2024 | 5.5 | Enel Colombia |
Apulo 1(4) | Solar PV | Colombia | 10 MW | 2024 | 5.5 | - |
(1) | Includes nominal capacity on a 100% basis, not considering Atlantica’s ownership. |
(2) | Atlantica owns 49% of the shares, with joint control, in Chile PMGD. Atlantica’s economic rights are expected to be approximately 70%. |
(3) | Corresponds to the expected investment by Atlantica. |
(4) | Atlantica owns 50% of the shares in Honda 2 and Apulo 1. |
Renewable Energy (GW)8 | Storage (GWh)8 | |
North America | 1.2 | 4.3 |
Europe | 0.4 | 1.6 |
South America | 0.6 | 0.1 |
Total | 2.2 | 6.0 |
Our Total Recordable Incident Rate (TRIR) has been calculated following Sustainable Accounting Standards IF-EU-320a.1. It represents the total number of recordable accidents with and without leave (lost time injury) recorded in the last 12 months on 200 thousand hours worked. We ended 2022. |
Our Lost Time Injury Rate (LTIR) represents the total number of recordable accidents with leave (lost time injury) recorded in the last 12 months on 200 thousand of hours worked. We ended 2022. |
• | Cogeneration. The electricity produced is used to supply power to the establishments associated with the cogeneration process and/or the shareholders of the cogeneration company; |
• | Self-Supply Generation. The electricity produced is used for the self-supply purposes of the holder of the relevant self-supply power generation permit and/or its shareholders; |
• | Independent Power Production. All the electricity produced is delivered to CFE; |
• | Small-Scale Production. The electricity produced does not exceed 30 MW and is used for export purposes or the supply of all power output is sold to CFE; |
• | Exports. The electricity produced is exported in its |
• | Imports for Independent Consumption. The import of power is used for self-supply purposes. |
• | Resolution by means of which the Energy Regulatory Commission issues the general administrative provisions that establish the general conditions for the provision of the energy supply (Resolución por la que la Comisión Reguladora de Energía expide las Disposiciones administrativas de carácter general que establecen las condiciones generales para la prestación del suministro eléctrico). |
• | Mechanism to request the modification of the permits granted under the Electricity Public Service Law for generation permits, as well as the criteria under which the permit holders of such regime may execute an interconnection contract while the Wholesale Electricity Market becomes effective (Mecanismo para solicitar la modificación de los permisos otorgados bajo la Ley del Servicio Público de Energía Eléctrica por permisos con carácter único de generación, así como los criterios bajo los cuales los permisionarios de dicho régimen podrán celebrar un contrato de interconexión en tanto entra en operación el mercado eléctrico mayorista). |
• | General administrative provisions for the operation of the certificate procurement system and the compliance with the clean energy obligations (Disposiciones administrativas de carácter general para el funcionamiento del sistema de gestión de certificados y cumplimiento de obligaciones de energías limpias). |
• | General administrative provisions that establish the minimum requirement to be met by suppliers and qualified users participating in the Electricity Market to acquire energy demand in terms of article 12, section XXI, of the Electric Industry Law (Disposiciones administrativas de carácter general que establecen el Requisito mínimo que deberán cumplir los suministradores y los usuarios calificados participantes del mercado para adquirir potencia en términos del artículo 12, fracción XXI, de la Ley de la Industria Eléctrica). |
• | General administrative provisions regarding open access and provision of services in the National Transmission Network and the General Distribution Networks (Disposiciones administrativas de carácter general en materia de acceso abierto y prestación de los servicios en la Red Nacional de Transmisión y las Redes Generales de Distribución de Energía Eléctrica). |
• | General administrative provisions that establish the requirements and minimum amounts of electricity coverage contracts that suppliers must hold regarding electric power, energy demand and clean energy certificates that they will supply to the represented load centers and their verification (Disposiciones administrativas de carácter general que establecen los requisitos y montos mínimos de contratos de cobertura eléctrica que los suministradores deberán celebrar relativos a la energía eléctrica, potencia y certificados de energía limpia que suministrarán a los centros de carga que representen y su verificación). |
• | Policy on Reliability, Safety, Continuity and Quality on the National Electric System (Política de Confiabilidad, Seguridad, Continuidad y Calidad en el Sistema Eléctrico Nacional). |
• | Resolution by means of which CFE announced the new wheeling tariffs to owners of Legacy Interconnection Agreements with renewable energy sources (Resolución por medio de la cual CFE dio a conocer las nuevas tarifas de transmisión a los titulares de Contratos de Interconexión Legados con fuentes de energía renovable). |
a) | A remuneration per unit of installed power, which shall be called Remuneration on Investment (Rinv) and shall be expressed in €/MW. To determine this parameter, the standard value of the initial investment resulting from the competitive tendering procedure established to grant the specific remuneration system to each installation will be considered. For the calculation of the annual income from the remuneration for the investment of an installation, the Remuneration on Investment (Rinv) of the associated typical installation shall be multiplied by the power entitled to the specific remuneration system, without prejudice to the correction according to the number of equivalent hours of operation. |
b) | A Remuneration on Operation (Ro), which shall be calculated in accordance with the provisions of Article 17 of the Royal Decree 413/2014, expressed in €/MWh. In order to calculate the income from the Remuneration on Operation (Ro) of an installation, the Remuneration on Operation (Ro) of the associated typical installation shall be multiplied, for each settlement period, by the energy sold on the production market in any of its forms of contracting in said period, attributable to the fraction of power entitled to a specific remuneration system, without prejudice to the correction based on the number of equivalent hours of operation. |
− | The statutory half-period of three years from 2020 to 2022 has been split into two statutory half-periods (1) from January 1, 2020 until December 31 2021 and (2) calendar year 2022. As a result, the fixed monthly payment based on installed capacity (Remuneration on Investment or Rinv) for calendar year 2022 was revised in the new Order TED/1232/2022. |
− | Subsequently, following the mandate contained in Royal Decree Law 6/2022, Royal Decree Law 10/2022 and Royal Decree Law 5/2023, whose main measures have been exposed above, the remuneration parameters were updated for the years 2023-2025 by Order TED/741/2023, of June 30, 2023, that was published in final form on July 8, 2023. The proposed Rinv for 2023-2025 is detailed in the table below. |
− | The electricity market price assumed by the regulation included in Royal Decree Law 5/2023 for calendar year 2023 is 109,31 €/MWh, the estimation of the market price for the year 2024 is 108,86 €/MWh and for the year 2025 is 89,37 €/MWh. For the years 2026 and beyond, the value for the year 2025 has been used. As a result, the variable payment based on net electricity produced (Remuneration on Operation or Ro), was also adjusted. The proposed Ro for the year 2024 is zero €/MWh for most of our assets reflecting the fact that market prices for the power sold in the market are significantly higher. |
Useful Life | Return on Investment 2020-2022(euros/MW) | Operating Remuneration 2022 (euros/GWh) | Maximum Hours | Minimum Hours | Operating Threshold | Useful Life | Remuneration on Investment 2023 - 2025 (euros/MW) | Remuneration on Operation 2024 (euros/GWh) | Adjustment Rate | Maximum Hours | Minimum Hours 2024-2025 | Operating Threshold 2024-2025 | |||||||||||
Solaben 2 | 25 years | 398,174 | 45,85 | 2,008 | 1,210 | 706 | 25 years | 378,506 | 0 | 0.9854 | 2,004 | 1,202 | 701 | ||||||||||
Solaben 3 | 25 years | 398,174 | 45,85 | 2,008 | 1,210 | 706 | 25 years | 378,506 | 0 | 0.9854 | 2,004 | 1,202 | 701 | ||||||||||
Solacor 1 | 25 years | 398,174 | 45,85 | 2,008 | 1,210 | 706 | 25 years | 378,506 | 0 | 0.9854 | 2,004 | 1,202 | 701 | ||||||||||
Solacor 2 | 25 years | 398,174 | 45,85 | 2,008 | 1,210 | 706 | 25 years | 378,506 | 0 | 0.9854 | 2,004 | 1,202 | 701 | ||||||||||
PS 10 | 25 years | 550,263 | 68,32 | 1,840 | 1,109 | 647 | 25 years | 533,115 | 19.798 | 0.9948 | 1,837 | 1,102 | 643 | ||||||||||
PS 20 | 25 years | 407,269 | 62,46 | 1,840 | 1,109 | 647 | 25 years | 393,001 | 14.044 | 0.9942 | 1,837 | 1,102 | 643 | ||||||||||
Helioenergy 1 | 25 years | 393,071 | 45,66 | 2,008 | 1,210 | 706 | 25 years | 372,549 | 0 | 0.9845 | 2,004 | 1,202 | 701 | ||||||||||
Helioenergy 2 | 25 years | 393,071 | 45,66 | 2,008 | 1,210 | 706 | 25 years | 372,549 | 0 | 0.9845 | 2,004 | 1,202 | 701 | ||||||||||
Helios 1 | 25 years | 407,037 | 46,19 | 2,008 | 1,210 | 706 | 25 years | 387,136 | 0 | 0.9857 | 2,004 | 1,202 | 701 | ||||||||||
Helios 2 | 25 years | 407,037 | 46,19 | 2,008 | 1,210 | 706 | 25 years | 387,136 | 0 | 0.9857 | 2,004 | 1,202 | 701 | ||||||||||
Solnova 1 | 25 years | 413,423 | 46,55 | 2,008 | 1,210 | 706 | 25 years | 392,031 | 0 | 0.9849 | 2,004 | 1,202 | 701 | ||||||||||
Solnova 3 | 25 years | 413,423 | 46,55 | 2,008 | 1,210 | 706 | 25 years | 392,031 | 0 | 0.9849 | 2,004 | 1,202 | 701 | ||||||||||
Solnova 4 | 25 years | 413,423 | 46,55 | 2,008 | 1,210 | 706 | 25 years | 392,031 | 0 | 0.9849 | 2,004 | 1,202 | 701 | ||||||||||
Solaben 1 | 25 years | 403,599 | 46,06 | 2,008 | 1,210 | 706 | 25 years | 384,318 | 0 | 0.9860 | 2,004 | 1,202 | 701 | ||||||||||
Solaben 6 | 25 years | 403,599 | 46,06 | 2,008 | 1,210 | 706 | 25 years | 384,318 | 0 | 0.9860 | 2,004 | 1,202 | 701 | ||||||||||
Seville PV | 30 years | 709,200 | 33,23 | 2,041 | 1,237 | 721 | 30 years | 677,855 | 0 | 0.9809 | 2,030 | 1,218 | 711 |
C. | Organizational Structure |
(1) | Atlantica Sustainable Infrastructure plc directly holds one share in Palmucho and 10 shares in each of Quadra 1 and Quadra 2 |
(2) | ATIS directly holds one share in each of Atlantica Peru S.A. (AP), ATN S.A. and ATS S.A. |
(3) | 30% owned by Itochu, a Japanese company |
(4) | 13% owned by JGC, a Japanese company |
(5) | AEC holds 49% of Honaine and Skikda. |
(6) | 20% of Seville PV owned by IDEA, a Spanish state-owned company |
(7) | ATN holds a 75% stake in ATS |
(8) | ATN holds a 25% stake in ATN 2 |
(9) | 87.5% owned by Lotus Infrastructure |
(10) | 49% owned by Industrial Development Corporation, a South African Government company |
(11) | 70% owned by Arroyo Energy |
(12) | 100% indirectly owned by Arroyo Energy Netherlands II |
(13) | 70% held by Algonquin |
(14) | Solar and wind projects under development in Uruguay |
(15) | 65% held by financial partners |
Solar projects 100% owned by Chile Platform |
Simplified structure |
(18) | 51% held by |
(19) | Simplified structure |
(20) | Solar and battery project under development in the US |
(21) | Solar projects under development in Colombia (Honda 1, Honda 2 and Apulo 1) |
(22) | Coso Batteries 1, the standalone battery storage project of 100 MWh (4 hours) capacity |
(23) | Solar and battery project under development in Arizona |
(24) | 49% in solar projects in Chile. Simplified structure. 51% held by Akuo Energy Chile |
(25) | ATN also owns a transmission line and substation under development in Peru |
(26) | Battery projects in Mexico. 60% of voting rights through preferred equity shares that provide almost all economic rights to Atlantica |
D. | Property, Plant and Equipment |
ITEM 4A. | UNRESOLVED STAFF COMMENTS |
ITEM 5. | OPERATING AND FINANCIAL REVIEW AND PROSPECTS |
A. | Operating Results |
Asset | Type | Location | Capacity (gross)1 | Expected COD | Expected Investment3 ($ million) | Off-taker |
Coso Batteries 1 | Battery Storage | California, US | 100 MWh | 2025 | 40-50 | Investment grade utility |
Coso Batteries 2 | Battery Storage | California, US | 80 MWh | 2025 | 35-45 | Investment grade utility |
Chile PMGD(2) | Solar PV | Chile | 80 MW | 2024- 2025 | 30 | Regulated |
ATN Expansion 3 | Transmission Line | Peru | 2.4 miles 220kV | 2024 | 12 | Conelsur |
ATS Expansion 1 | Transmission Line | Peru | n.a. (substation) | 2025 | 30 | Republic of Peru |
Honda 2(4) | Solar PV | Colombia | 10 MW | 2024 | 5.5 | Enel Colombia |
Apulo 1(4) | Solar PV | Colombia | 10 MW | 2024 | 5.5 | - |
(1) | Includes nominal capacity on a 100% basis, not considering Atlantica’s ownership |
(2) | Atlantica owns 49% of the shares, with joint control, in Chile PMGD. Atlantica’s economic rights are expected to be approximately 70% |
(3) | Corresponds to the expected investment by Atlantica |
(4) | Atlantica owns 50% of the shares in Honda 2 and Apulo 1 |
Year ended December 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||
$ in millions | % of revenue | $ in millions | % of revenue | $ in millions | % of revenue | |||||||||||||||||||
North America | $ | 395.8 | 32.7 | % | $ | 330.9 | 32.6 | % | $ | 333.0 | 32.9 | % | ||||||||||||
South America | 155.0 | 12.8 | % | 151.5 | 15.0 | % | 142.2 | 14.1 | % | |||||||||||||||
EMEA | 660.9 | 54.5 | % | 530.9 | 52.4 | % | 536.3 | 53.0 | % | |||||||||||||||
Total revenue | $ | 1,211.7 | 100.0 | % | $ | 1,013.3 | 100.0 | % | $ | 1,011.5 | 100.0 | % |
Year ended December 31, | ||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||
$ in millions | % of revenue | $ in millions | % of revenue | $ in millions | % of revenue | |||||||||||||||||||
North America | $ | 424.9 | 38.6 | % | $ | 405.1 | 36.8 | % | $ | 395.8 | 32.7 | % | ||||||||||||
South America | 188.1 | 17.1 | % | 166.4 | 15.1 | % | 155.0 | 12.8 | % | |||||||||||||||
EMEA | 486.9 | 44.3 | % | 530.5 | 48.1 | % | 660.9 | 54.5 | % | |||||||||||||||
Total revenue | $ | 1,099.9 | 100.0 | % | $ | 1,102.0 | 100.0 | % | $ | 1,211.7 | 100.0 | % |
Year ended December 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||
$ in millions | % of revenue | $ in millions | % of revenue | $ in millions | % of revenue | |||||||||||||||||||
Renewable Energy | $ | 928.5 | 76.6 | % | $ | 753.1 | 74.3 | % | $ | 761.1 | 75.2 | % | ||||||||||||
Efficient natural gas & Heat | 123.7 | 10.2 | % | 111.0 | 11.0 | % | 122.3 | 12.1 | % | |||||||||||||||
Transmission Lines | 105.6 | 8.7 | % | 106.1 | 10.5 | % | 103.5 | 10.2 | % | |||||||||||||||
Water | 53.9 | 4.5 | % | 43.1 | 4.2 | % | 24.6 | 2.4 | % | |||||||||||||||
Total revenue | $ | 1,211.7 | 100.0 | % | $ | 1,013.3 | 100.0 | % | $ | 1,011.5 | 100.0 | % |
Year ended December 31, | ||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||
$ in millions | % of revenue | $ in millions | % of revenue | $ in millions | % of revenue | |||||||||||||||||||
Renewable energy | $ | 802.8 | 73.0 | % | $ | 821.4 | 74.5 | % | $ | 928.5 | 76.6 | % | ||||||||||||
Efficient natural gas & heat | 118.4 | 10.8 | % | 113.6 | 10.3 | % | 123.7 | 10.2 | % | |||||||||||||||
Transmission lines | 123.5 | 11.2 | % | 113.2 | 10.3 | % | 105.6 | 8.7 | % | |||||||||||||||
Water | 55.2 | 5.0 | % | 53.8 | 4.9 | % | 53.9 | 4.5 | % | |||||||||||||||
Total revenue | $ | 1,099.9 | 100.0 | % | $ | 1,102.0 | 100.0 | % | $ | 1,211.7 | 100.0 | % |
Year ended December 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||
$ in millions | % of revenue | $ in millions | % of revenue | $ in millions | % of revenue | |||||||||||||||||||
North America | $ | 311.8 | 78.8 | % | $ | 279.4 | 84.4 | % | $ | 307.2 | 92.3 | % | ||||||||||||
South America | 119.6 | 77.2 | % | 120.0 | 79.2 | % | 115.4 | 81.2 | % | |||||||||||||||
EMEA | 393.0 | 59.5 | % | 396.7 | 74.7 | % | 399.0 | 74.4 | % | |||||||||||||||
Adjusted EBITDA(1) | $ | 824.4 | 68.0 | % | $ | 796.1 | 78.6 | % | $ | 821.6 | 81.2 | % |
Year ended December 31, | ||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||
$ in Millions | % of Adjusted EBITDA | $ in millions | % of Adjusted EBITDA | $ in millions | % of Adjusted EBITDA | |||||||||||||||||||
North America | $ | 319.3 | 40.1 | % | $ | 310.0 | 38.9 | % | $ | 311.8 | 37.8 | % | ||||||||||||
South America | 146.7 | 18.5 | % | 126.5 | 15.9 | % | 119.6 | 14.5 | % | |||||||||||||||
EMEA | 328.9 | 41.4 | % | 360.6 | 45.2 | % | 393.0 | 47.7 | % | |||||||||||||||
Total Adjusted EBITDA | $ | 794.9 | 100.0 | % | $ | 797.1 | 100.0 | % | $ | 824.4 | 100.0 | % |
Year ended December 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||
$ in millions | % of revenue | $ in millions | % of revenue | $ in millions | % of revenue | |||||||||||||||||||
Renewable Energy | $ | 602.6 | 64.9 | % | $ | 576.3 | 76.5 | % | $ | 604.1 | 79.4 | % | ||||||||||||
Efficient natural gas & Heat | 100.0 | 80.8 | % | 101.0 | 91.0 | % | 109.2 | 89.3 | % | |||||||||||||||
Transmission Lines | 83.6 | 79.2 | % | 87.3 | 82.3 | % | 85.7 | 82.8 | % | |||||||||||||||
Water | 38.2 | 70.9 | % | 31.5 | 73.1 | % | 22.6 | 91.9 | % | |||||||||||||||
Adjusted EBITDA(1) | $ | 824.4 | 68.0 | % | $ | 796.1 | 78.6 | % | $ | 821.6 | 81.2 | % |
Year ended December 31, | ||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||
$ in millions | % of Adjusted EBITDA | $ in millions | % of Adjusted EBITDA | $ in millions | % of Adjusted EBITDA | |||||||||||||||||||
Renewable energy | $ | 575.7 | 72.4 | % | $ | 588.0 | 73.8 | % | $ | 602.6 | 73.1 | % | ||||||||||||
Efficient natural gas & heat | 87.4 | 11.0 | % | 84.6 | 10.6 | % | 100.0 | 12.1 | % | |||||||||||||||
Transmission lines | 96.0 | 12.1 | % | 88.0 | 11.0 | % | 83.6 | 10.2 | % | |||||||||||||||
Water | 35.8 | 4.5 | % | 36.5 | 4.6 | % | 38.2 | 4.6 | % | |||||||||||||||
Total Adjusted EBITDA | $ | 794.9 | 100.0 | % | $ | 797.1 | 100.0 | % | $ | 824.4 | 100.0 | % |
Year ended December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
($ in millions) | ||||||||||||
Profit/(Loss) for the year attributable to the Company | $ | 43.4 | $ | (5.4 | ) | $ | (30.1 | ) | ||||
Profit/(Loss) attributable to non-controlling interest | (6.9 | ) | 3.3 | 19.2 | ||||||||
Income tax expense/(benefit) | 0.8 | (9.7 | ) | 36.2 | ||||||||
Financial expense, net | 318.0 | 310.9 | 340.9 | |||||||||
Depreciation, amortization and impairment charges | 418.3 | 473.6 | 439.4 | |||||||||
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro-rata of our equity ownership) | 21.3 | 24.4 | 18.7 | |||||||||
Adjusted EBITDA | $ | 794.9 | $ | 797.1 | $ | 824.4 |
Year ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
($ in millions) | ||||||||||||
Profit/(loss) for the year attributable to the parent company | $ | (30.1 | ) | $ | 11.9 | $ | 62.1 | |||||
Profit/(loss) attributable to non-controlling interest from continued operations | 19.2 | 4.9 | 12.5 | |||||||||
Income tax expense | 36.2 | 24.9 | 30.9 | |||||||||
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of our equity ownership) | 18.7 | 13.9 | 3.0 | |||||||||
Financial expense, net | 340.9 | 331.8 | 402.3 | |||||||||
Depreciation, amortization and impairment charges | 439.4 | 408.6 | 310.8 | |||||||||
Adjusted EBITDA | $ | 824.4 | $ | 796.1 | $ | 821.6 |
Year ended December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
($ in millions) | ||||||||||||
Net cash flow provided by operating activities | $ | 388.1 | $ | 586.3 | $ | 505.6 | ||||||
Net interest /taxes paid | 272.7 | 277.3 | 342.3 | |||||||||
Variations in working capital | 95.8 | (78.8 | ) | 3.1 | ||||||||
Non-monetary items and other | 3.7 | (33.5 | ) | (57.7 | ) | |||||||
Share of profit/(loss) of entities carried under the equity method, depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro-rata of our equity ownership) | 34.6 | 45.8 | 31.1 | |||||||||
Adjusted EBITDA | $ | 794.9 | $ | 797.1 | $ | 824.4 |
Year ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
($ in millions) | ||||||||||||
Net cash flow provided by operating activities | $ | 505.6 | $ | 438.2 | $ | 363.5 | ||||||
Net interest /taxes paid | 342.3 | 287.2 | 299.5 | |||||||||
Variations in working capital | 3.1 | 10.9 | 125.0 | |||||||||
Other non-monetary items | (55.8 | ) | 43.9 | 25.8 | ||||||||
Share of profit/(loss) of associates carried under the equity method, depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro-rata of our equity ownership) and other | 29.2 | 15.9 | 7.8 | |||||||||
Adjusted EBITDA | $ | 824.4 | $ | 796.1 | $ | 821.6 |
MW in operation in the case of Renewable energy and Efficient natural gas and heat assets, miles in operation in the case of Transmission lines and Mft3 per day in operation in the case of Water assets, are indicators which provide information about the installed capacity or size of our portfolio of assets. |
As of and for the year ended December 31, | As of and for the year ended December 31, | |||||||||||||||||||||||
2021 | 2020 | 2019 | 2023 | 2022 | 2021 | |||||||||||||||||||
Renewable Energy | ||||||||||||||||||||||||
MW in operation(1) | 2,044 | 1,551 | 1,496 | 2,171 | 2,121 | 2,044 | ||||||||||||||||||
GWh produced(2) | 4,655 | 3,244 | 3,236 | 5,458 | 5,319 | 4,655 | ||||||||||||||||||
Efficient natural gas & Heat | ||||||||||||||||||||||||
Efficient natural gas & heat | ||||||||||||||||||||||||
MW in operation(3) | 398 | 343 | 343 | 398 | 398 | 398 | ||||||||||||||||||
GWh produced(4) | 2,292 | 2,574 | 2,090 | 2,549 | 2,501 | 2,292 | ||||||||||||||||||
Availability (%) | 100.6 | % | 102.1 | % | 95.0 | % | 99.6 | % | 98.9 | % | 100.6 | % | ||||||||||||
Transmission lines | ||||||||||||||||||||||||
Miles in operation | 1,166 | 1,166 | 1,166 | 1,229 | 1,229 | 1,166 | ||||||||||||||||||
Availability (%) | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100 | % | 100.0 | % | ||||||||||||
Water | ||||||||||||||||||||||||
Mft3 in operation(1) | 17.5 | 17.5 | 10.5 | 17.5 | 17.5 | 17.5 | ||||||||||||||||||
Availability (%) | 97.9 | % | 100.1 | % | 101.2 | % | 99.7 | % | 102.3 | % | 97.9 | % |
(1) | Represents total installed capacity in assets owned or consolidated at the end of the year, regardless of our percentage of ownership in each of the assets except for Vento II for which we have included our 49% interest. |
(2) | Includes 49% of Vento II wind portfolio production since its acquisition. Includes curtailment in wind assets for which we receive |
(3) | Includes 43 MW corresponding to our 30% share in Monterrey and 55MWt corresponding to Calgary District Heating. |
(4) | GWh produced includes 30% of the production from Monterrey. |
• | In Chile, production at our Chile PV 1 and Chile PV 2 assets decreased by 11.5% in 2023 compared to 2022 mainly because of higher curtailments.At our wind assets in South America, production increased by 6.6% due to better wind resource. |
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||
2021 | 2020 | 2019 | 2023 | 2022 | 2021 | |||||||||||||||||||
$ in millions | ($ in millions) | |||||||||||||||||||||||
Revenue | $ | 1,211.7 | $ | 1,013.3 | $ | 1,011.5 | $ | 1,099.9 | $ | 1,102.0 | $ | 1,211.7 | ||||||||||||
Other operating income | 74.6 | 99.5 | 93.8 | 101.1 | 80.8 | 74.6 | ||||||||||||||||||
Employee benefit expenses | (78.7 | ) | (54.4 | ) | (32.2 | ) | (104.1 | ) | (80.2 | ) | (78.7 | ) | ||||||||||||
Depreciation, amortization and impairment charges | (439.4 | ) | (408.6 | ) | (310.8 | ) | ||||||||||||||||||
Depreciation, amortization, and impairment charges | (418.3 | ) | (473.6 | ) | (439.4 | ) | ||||||||||||||||||
Other operating expenses | (414.3 | ) | (276.7 | ) | (261.8 | ) | (336.6 | ) | (351.3 | ) | (414.3 | ) | ||||||||||||
Operating profit/(loss) | $ | 353.9 | $ | 373.1 | $ | 500.4 | ||||||||||||||||||
Operating profit | $ | 342.0 | $ | 277.7 | $ | 353.9 | ||||||||||||||||||
Financial income | 2.7 | 7.1 | 4.1 | 25.0 | 10.1 | 6.0 | ||||||||||||||||||
Financial expense | (361.2 | ) | (378.4 | ) | (408.0 | ) | (323.7 | ) | (330.4 | ) | (360.9 | ) | ||||||||||||
Net exchange differences | 1.9 | (1.4 | ) | 2.7 | (2.5 | ) | 10.3 | 1.9 | ||||||||||||||||
Other financial income/(expense), net | 15.7 | 40.9 | (1.1 | ) | (16.6 | ) | (0.9 | ) | 12.1 | |||||||||||||||
Financial expense, net | $ | (340.9 | ) | $ | (331.8 | ) | $ | (402.3 | ) | $ | (318.0 | ) | $ | (310.9 | ) | $ | (340.9 | ) | ||||||
Share of profit/(loss) of associates carried under the equity method | 12.3 | 0.5 | 7.4 | |||||||||||||||||||||
Share of profit of entities carried under the equity method | 13.2 | 21.4 | 12.3 | |||||||||||||||||||||
Profit/(loss) before income tax | $ | 25.3 | $ | 41.8 | $ | 105.6 | $ | 37.2 | $ | (11.8 | ) | $ | 25.3 | |||||||||||
Income tax expense | (36.2 | ) | (24.9 | ) | (30.9 | ) | ||||||||||||||||||
Income tax (expense)/income | (0.8 | ) | 9.7 | (36.2 | ) | |||||||||||||||||||
Profit/(loss) for the year | $ | (10.9 | ) | $ | 16.9 | $ | 74.6 | $ | 36.5 | $ | (2.1 | ) | $ | (10.9 | ) | |||||||||
Profit/(loss) attributable to non-controlling interests | (19.2 | ) | (4.9 | ) | (12.5 | ) | 6.9 | (3.3 | ) | (19.2 | ) | |||||||||||||
Profit / (loss) for the year attributable to the parent company | $ | (30.1 | ) | $ | 12.0 | $ | 62.1 | $ | 43.4 | $ | (5.4 | ) | $ | (30.1 | ) | |||||||||
Weighted average number of ordinary shares outstanding (thousands) - basic | 111,008 | 101,879 | 101,063 | |||||||||||||||||||||
Weighted average number of ordinary shares outstanding (thousands) - diluted | 114,523 | 103,392 | 101,063 | |||||||||||||||||||||
Weighted average number of ordinary shares outstanding (thousands) – basic | 116,152 | 114,695 | 111,008 | |||||||||||||||||||||
Weighted average number of ordinary shares outstanding (thousands) – diluted | 119,720 | 118,865 | 115,408 | |||||||||||||||||||||
Basic earnings per share attributable to the parent company (U.S. dollar per share) | (0.27 | ) | 0.12 | 0.61 | 0.37 | (0.05 | ) | (0.27 | ) | |||||||||||||||
Diluted earnings per share attributable to the parent company (U.S. dollar per share) | (0.26 | ) | 0.12 | 0.61 | 0.37 | (0.09 | ) | (0.27 | ) | |||||||||||||||
Dividend paid per share | 1.72 | 1.66 | 1.57 | 1.78 | 1.77 | 1.72 |
(1) | Classification within “Financial income” and “Financial expense” has been revised to show a more meaningful classification of financial income and expense following the increase in interest rates. Prior period classification has been revised accordingly. |
(2) | On February |
Year ended December 31, | Year ended December 31, | |||||||||||||||
2021 | 2020 | 2023 | 2022 | |||||||||||||
Other operating income | $ in millions | ($ in millions) | ||||||||||||||
Grants | $ | 60.7 | $ | 59.0 | $ | 58.7 | $ | 59.1 | ||||||||
Insurance proceeds and other | 13.9 | 40.5 | 35.8 | 21.7 | ||||||||||||
Income from construction services for our assets and concessions | 6.6 | - | ||||||||||||||
Total | $ | 74.6 | $ | 99.5 | $ | 101.1 | $ | 80.8 |
Year ended December 31, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Other operating expenses | $ in millions | % of revenue | $ in millions | % of revenue | |||||||||||||
Raw Materials | $ | 35.4 | 3.2 | % | $ | 19.7 | 1.8 | % | |||||||||
Leases and fees | 14.4 | 1.3 | % | 11.5 | 1.0 | % | |||||||||||
Operation and maintenance | 130.4 | 11.9 | % | 140.4 | 12.7 | % | |||||||||||
Independent professional services | 30.7 | 2.8 | % | 38.9 | 3.6 | % | |||||||||||
Supplies | 37.8 | 3.4 | % | 59.3 | 5.4 | % | |||||||||||
Insurance | 41.1 | 3.7 | % | 45.8 | 4.2 | % | |||||||||||
Levies and duties | 15.0 | 1.4 | % | 19.8 | 1.8 | % | |||||||||||
Other expenses | 25.2 | 2.3 | % | 16.0 | 1.3 | % | |||||||||||
Construction costs | 6.6 | 0.6 | % | - | - | ||||||||||||
Total | $ | 336.6 | 30.6 | % | $ | 351.3 | 31.8 | % |
Year ended December 31, | ||||||||
Financial income and financial expense | 2023 | 2022 | ||||||
($ in millions) | ||||||||
Financial income | $ | 25.0 | $ | 10.1 | ||||
Financial expense | (323.8 | ) | (330.4 | ) | ||||
Net exchange differences | (2.5 | ) | 10.3 | |||||
Other financial income/(loss), net | (16.7 | ) | (0.9 | ) | ||||
Financial expense, net | $ | (318.0 | ) | $ | (310.9 | ) |
Year ended December 31, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
Other operating expenses | $ in millions | % of revenue | $ in millions | % of revenue | ||||||||||||
Raw Materials | $ | 70.7 | 5.8 | % | $ | 7.8 | 0.8 | % | ||||||||
Leases and fees | 9.3 | 0.8 | % | 2.6 | 0.3 | % | ||||||||||
Operation and maintenance | 154.0 | 12.7 | % | 110.9 | 10.9 | % | ||||||||||
Independent professional services | 39.2 | 3.2 | % | 40.2 | 4.0 | % | ||||||||||
Supplies | 40.8 | 3.4 | % | 27.9 | 2.8 | % | ||||||||||
Insurance | 45.4 | 3.8 | % | 37.6 | 3.7 | % | ||||||||||
Levies and duties | 29.9 | 2.5 | % | 39.8 | 3.9 | % | ||||||||||
Other expenses | 25.0 | 2.1 | % | 9.9 | 1.0 | % | ||||||||||
Total | $ | 414.3 | 34.2 | % | $ | 276.7 | 27.3 | % |
Year ended December 31, | ||||||||
Financial income and financial expense | 2021 | 2020 | ||||||
$ in millions | ||||||||
Financial income | $ | 2.7 | $ | 7.1 | ||||
Financial expense | (361.2 | ) | (378.4 | ) | ||||
Net exchange differences | 1.9 | (1.4 | ) | |||||
Other financial income/(expense), net | 15.7 | 40.9 | ||||||
Financial expense, net | $ | (340.9 | ) | $ | (331.8 | ) |
Year ended December 31 | ||||||||
Financial income | 2023 | 2022 | ||||||
($ in thousands) | ||||||||
Interest income on deposits and current accounts | $ | 21.7 | 7.7 | |||||
Interest income from loans and credits | 2.9 | 1.3 | ||||||
Interest rate gains on derivatives: cash flow hedges | 0.4 | 1.1 | ||||||
Total | $ | 25.0 | 10.1 |
Year ended December 31, | Year ended December 31, | |||||||||||||||
Financial expense | 2021 | 2020 | 2023 | 2022 | ||||||||||||
$ in millions | ($ in millions) | |||||||||||||||
Interest on loans and notes | $ | (302.5 | ) | $ | (316.2 | ) | $ | (350.4 | ) | $ | (292.0 | ) | ||||
Interest rates losses derivatives: cash flow hedges | (58.7 | ) | (62.2 | ) | ||||||||||||
Interest rates gains / losses derivatives: cash flow hedges | 26.6 | (38.4 | ) | |||||||||||||
Total | $ | (361.3 | ) | $ | (378.4 | ) | $ | (323.8 | ) | $ | (330.4 | ) |
Year ended December 31, | ||||||||
Other financial income/(expense), net | 2021 | 2020 | ||||||
$ in millions | ||||||||
Other financial income | $ | 32.3 | $ | 162.3 | ||||
Other financial expense | (16.6 | ) | (121.4 | ) | ||||
Total | $ | 15.7 | $ | 40.9 |
Year ended December 31, | ||||||||
Other financial income/(expense), net | 2023 | 2022 | ||||||
($ in millions) | ||||||||
Other financial income | $ | 8.8 | $ | 20.5 | ||||
Other financial expense | (25.5 | ) | (21.4 | ) | ||||
Total | $ | (16.7 | ) | $ | (0.9 | ) |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||
2021 | 2020 | 2023 | 2022 | |||||||||||||
$ in millions | ($ in millions) | |||||||||||||||
Consolidated income before taxes | 25.3 | 41.8 | ||||||||||||||
Consolidated profit / (loss) before taxes | 37.2 | (11.8 | ) | |||||||||||||
Average statutory tax rate | 25 | % | 25 | % | 25 | % | 25 | % | ||||||||
Corporate income tax at average statutory tax rate | (6.3 | ) | (10.4 | ) | (9.3 | ) | 2.9 | |||||||||
Income tax of associates, net | 3.1 | 0.1 | 3.3 | 5.4 | ||||||||||||
Differences in statutory tax rates | (3.4 | ) | (0.1 | ) | (4.3 | ) | (4.3 | ) | ||||||||
Unrecognized NOLs and deferred tax assets | (11.2 | ) | (37.1 | ) | (11.1 | ) | (10.9 | ) | ||||||||
Purchase of Liberty Interactive´s equity interest in Solana | - | 36.4 | ||||||||||||||
Other Permanent Differences | (4.1 | ) | (8.9 | ) | 17.5 | 4.0 | ||||||||||
Other non-taxable income/(expense) | (14.3 | ) | (4.7 | ) | 3.1 | 12.7 | ||||||||||
Corporate income tax | (36.2 | ) | (24.9 | ) | (0.8 | ) | 9.7 |
(1) | The average statutory tax rate was calculated as an average of the statutory tax rates applicable to each of our subsidiaries weighted by the income before tax. |
Year ended December 31, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
Revenue by geography | $ in millions | % of revenue | $ in millions | % of revenue | ||||||||||||
North America | $ | 395.8 | 32.7 | % | $ | 330.9 | 32.6 | % | ||||||||
South America | 155.0 | 12.8 | % | 151.5 | 15.0 | % | ||||||||||
EMEA | 660.9 | 54.5 | % | 530.9 | 52.4 | % | ||||||||||
Total revenue | $ | 1,211.7 | 100.0 | % | $ | 1,013.3 | 100.0 | % |
Year ended December 31, | ||||||||||||||||
2023 | 2022 | |||||||||||||||
Revenue by geography | $ in millions | % of revenue | $ in millions | % of revenue | ||||||||||||
North America | $ | 424.9 | 38.6 | % | $ | 405.1 | 36.8 | % | ||||||||
South America | 188.1 | 17.1 | % | 166.4 | 15.1 | % | ||||||||||
EMEA | 486.9 | 44.3 | % | 530.5 | 48.1 | % | ||||||||||
Total revenue | $ | 1,099.9 | 100.0 | % | $ | 1,102.0 | 100 | % |
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||||||||||
2021 | 2020 | 2023 | 2022 | |||||||||||||||||||||||||||||
Adjusted EBITDA by geography | $ in millions | % of revenue | $ in millions | % of revenue | $ in millions | % of Adjusted EBITDA | $ in millions | % of Adjusted EBITDA | ||||||||||||||||||||||||
North America | $ | 311.8 | 78.8 | % | $ | 279.4 | 84.4 | % | $ | 319.3 | 40.1 | % | $ | 310.0 | 38.9 | % | ||||||||||||||||
South America | 119.6 | 77.2 | % | 120.0 | 79.2 | % | 146.7 | 18.5 | % | 126.5 | 15.9 | % | ||||||||||||||||||||
EMEA | 393.0 | 59.5 | % | 396.7 | 74.7 | % | 328.9 | 41.4 | % | 360.6 | 45.2 | % | ||||||||||||||||||||
Adjusted EBITDA(1) | $ | 824.4 | 68.0 | % | $ | 796.1 | 78.6 | % | $ | 794.9 | 100.0 | % | $ | 797.1 | 100.0 | % |
(1) | Adjusted EBITDA is calculated as profit/(loss) for the year attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interest, income tax expense, financial expense (net), depreciation, amortization and impairment charges of entities included in the Annual Consolidated Financial Statements and depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro-rata of our equity ownership). Adjusted EBITDA is not a measure of performance under IFRS as issued by the IASB and you should not consider Adjusted EBITDA as an alternative to operating income or profits or as a measure of our operating performance, cash flows from operating, investing and financing activities or as a measure of our ability to meet our cash needs or any other measures of performance under generally accepted accounting principles. We believe that Adjusted EBITDA is a useful indicator of our ability to incur and service our indebtedness and can assist securities analysts, investors and other parties to evaluate us. Adjusted EBITDA and similar measures are used by different companies for different purposes and are often calculated in ways that reflect the circumstances of those companies. Adjusted EBITDA may not be indicative of our historical operating results, nor is it meant to be predictive of potential future results. See “Presentation of Financial Information—Non-GAAP Financial Measures.” |
Volume produced/availability | ||||||||
Year ended December 31, | ||||||||
Volume by geography | 2021 | 2020 | ||||||
North America (GWh) (1) | 4,818 | 3,908 | ||||||
North America availability(1) | 100.6 | % | 102.1 | % | ||||
South America (GWh) (2) | 722 | 667 | ||||||
South America availability | 100.0 | % | 100.0 | % | ||||
EMEA (GWh) | 1,407 | 1,243 | ||||||
EMEA availability | 97.9 | % | 100.1 | % |
Volume produced/availability | ||||||||
Year ended December 31, | ||||||||
Volume / availability by geography | 2023 | 2022 | ||||||
North America (GWh)(1) | 5,749 | 5,743 | ||||||
North America availability(2) | 99.6 | % | 98.9 | % | ||||
South America (GWh)(3) | 957 | 799 | ||||||
South America availability(2) | 99.9 | % | 99.9 | % | ||||
EMEA (GWh) | 1,301 | 1,278 | ||||||
EMEA availability | 99.7 | % | 102.3 | % |
(1) | GWh produced includes 30% of the production from Monterreyand our 49% of Vento II wind portfolio production since its acquisition. |
(2) | Availability includes only those assets that have revenue based on availability. |
(3) | Includes curtailment production in wind assets for which we receive compensation. |
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||||||||||
2021 | 2020 | 2023 | 2022 | |||||||||||||||||||||||||||||
Revenue by business sector | $ in millions | % of revenue | $ in millions | % of revenue | $ in millions | % of revenue | $ in millions | % of revenue | ||||||||||||||||||||||||
Renewable energy | $ | 928.5 | 76.6 | % | $ | 753.1 | 74.3 | % | $ | 802.8 | 73.0 | % | $ | 821.4 | 74.5 | % | ||||||||||||||||
Efficient natural gas & Heat | 123.7 | 10.2 | % | 111.0 | 11.0 | % | ||||||||||||||||||||||||||
Efficient natural gas & heat | 118.4 | 10.8 | % | 113.6 | 10.3 | % | ||||||||||||||||||||||||||
Transmission lines | 105.6 | 8.7 | % | 106.1 | 10.5 | % | 123.5 | 11.2 | % | 113.2 | 10.3 | % | ||||||||||||||||||||
Water | 53.9 | 4.5 | % | 43.1 | 4.2 | % | 55.2 | 5.0 | % | 53.8 | 4.9 | % | ||||||||||||||||||||
Total revenue | $ | 1,211.7 | 100.0 | % | $ | 1,013.3 | 100.0 | % | ||||||||||||||||||||||||
Revenue | $ | 1,099.9 | 100.0 | % | $ | 1,102.0 | 100 | % |
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||||||||||
2021 | 2020 | 2023 | 2022 | |||||||||||||||||||||||||||||
Adjusted EBITDA by business sector | $ in millions | % of revenue | $ in millions | % of revenue | $ in millions | % of Adjusted EBITDA | $ in millions | % of Adjusted EBITDA | ||||||||||||||||||||||||
Renewable energy | $ | 602.6 | 64.9 | % | $ | 576.3 | 76.5 | % | $ | 575.7 | 72.4 | % | $ | 588.0 | 73.8 | % | ||||||||||||||||
Efficient natural gas & Heat | 100.0 | 80.8 | % | 101.0 | 91.0 | % | ||||||||||||||||||||||||||
Efficient natural gas & heat | 87.4 | 11.0 | % | 84.6 | 10.6 | % | ||||||||||||||||||||||||||
Transmission lines | 83.6 | 79.2 | % | 87.3 | 82.3 | % | 96.0 | 12.1 | % | 88.0 | 11.0 | % | ||||||||||||||||||||
Water | 38.2 | 70.9 | % | 31.5 | 73.1 | % | 35.8 | 4.5 | % | 36.5 | 4.6 | % | ||||||||||||||||||||
Adjusted EBITDA(1) | $ | 824.4 | 68.0 | % | $ | 796.1 | 78.6 | % | $ | 794.9 | 100.0 | % | $ | 797.1 | 100 | % |
(1) | Adjusted EBITDA is calculated as profit/(loss) for the year attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interest, income tax expense, financial expense (net), depreciation, amortization and impairment charges of entities included in the Annual Consolidated Financial Statements and depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro-rata of our equity ownership). Adjusted EBITDA is not a measure of performance under IFRS as issued by the IASB and you should not consider Adjusted EBITDA as an alternative to operating income or profits or as a measure of our operating performance, cash flows from operating, investing and financing activities or as a measure of our ability to meet our cash needs or any other measures of performance under generally accepted accounting principles. We believe that Adjusted EBITDA is a useful indicator of our ability to incur and service our indebtedness and can assist securities analysts, investors and other parties to evaluate us. Adjusted EBITDA and similar measures are used by different companies for different purposes and are often calculated in ways that reflect the circumstances of those companies. Adjusted EBITDA may not be indicative of our historical operating results, nor is it meant to be predictive of potential future results. See “Presentation of Financial Information—Non-GAAP Financial Measures.” |
Volume produced/availability | ||||||||
Year ended December 31, | ||||||||
Volume by business sector | 2021 | 2020 | ||||||
Renewable energy (GWh) (1) | 4,655 | 3,244 | ||||||
Efficient natural gas & Heat (GWh) (2) | 2,292 | 2,574 | ||||||
Efficient natural gas & Heat availability | 100.6 | % | 102.1 | % | ||||
Transmission availability | 100.0 | % | 100.0 | % | ||||
Water availability | 97.9 | % | 100.1 | % |
Volume produced/availability | ||||||||
Year ended December 31, | ||||||||
Volume / availability by business sector | 2023 | 2022 | ||||||
Renewable energy (GWh) (1) | 5,458 | 5,319 | ||||||
Efficient natural gas & Heat (GWh) (2) | 2,549 | 2,501 | ||||||
Efficient natural gas & Heat availability | 99.6 | % | 98.9 | % | ||||
Transmission availability | 100.0 | % | 100.0 | % | ||||
Water availability | 99.7 | % | 102.3 | % |
(1) | Includes curtailment production in wind assets for which we receive compensation. Includes our 49% of Vento II wind portfolio production since its acquisition. |
(2) | GWh produced includes 30% of the production from Monterrey. |
Year ended December 31, | Year ended December 31, | |||||||||||||||
2021 | 2020 | 2023 | 2022 | |||||||||||||
$ in millions | ($ in millions) | |||||||||||||||
Corporate Liquidity | ||||||||||||||||
Cash and cash equivalents at Atlantica Sustainable Infrastructure, plc, excluding subsidiaries | $ | 88.3 | $ | 335.2 | $ | 33.0 | $ | 60.8 | ||||||||
Revolving Credit Facility availability | 440.0 | 415.0 | 378.1 | 385.1 | ||||||||||||
Total Corporate Liquidity | $ | 528.3 | $ | 750.2 | $ | 411.1 | $ | 445.9 | ||||||||
Liquidity at project companies | ||||||||||||||||
Restricted Cash | 254.3 | 279.8 | 177.0 | 207.6 | ||||||||||||
Non-restricted cash | 280.1 | 253.5 | 238.3 | 332.6 | ||||||||||||
Total cash at project companies | $ | 534.4 | $ | 533.3 | $ | 415.3 | $ | 540.2 |
(1) | Corporate Liquidity means cash and cash equivalents held at Atlantica Sustainable Infrastructure plc as of December 31, 2023, and available revolver capacity as of December 31, 2023. |
S&P | Fitch | |
Atlantica Sustainable Infrastructure Corporate Rating | BB+ | BB+ |
Senior Secured Debt | BBB- | BBB- |
Senior Unsecured Debt | BB+ |
As of December 31, 2021 | As of December 31, 2020 | |||||||||||
Maturity | ($ in millions) | |||||||||||
Revolving Credit Facility | 2023 | - | - | |||||||||
Other Facilities(1) | 2021-2025 | 41.7 | 29.7 | |||||||||
Note Issuance Facility 2019(2) | - | - | 344.0 | |||||||||
Green Exchangeable Notes | 2025 | 104.3 | 102.1 | |||||||||
2020 Green Private Placement | 2026 | 327.1 | 351.0 | |||||||||
Note Issuance Facility 2020 | 2027 | 155.8 | 166.9 | |||||||||
Green Senior Notes | 2028 | 394.2 | - | |||||||||
Total Corporate Debt | $ | 1,023.1 | $ | 993.7 | ||||||||
Total Project Debt | $ | 5,036.2 | $ | 5,237.6 |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||
Maturity | ($ in millions) | ||||||||||
Revolving Credit Facility | 2025 | $ | 54.4 | 29.4 | |||||||
Other Facilities(1) | 2024-2028 | 53.3 | 30.1 | ||||||||
Green Exchangeable Notes | 2025 | 110.0 | 107.0 | ||||||||
2020 Green Private Placement | 2026 | 318.7 | 308.4 | ||||||||
Note Issuance Facility 2020 | 2027 | 152.4 | 147.2 | ||||||||
Green Senior Notes | 2028 | 396.0 | 395.1 | ||||||||
Total Corporate Debt(2) | $ | 1,084.8 | 1,017.2 | ||||||||
Total Project Debt | $ | 4,319.3 | 4,553.1 |
(1) | Other facilities include the commercial paper program, |
(2) |
Total | 2022 | 2023 | 2024 | 2025 | 2026 | Subsequent years | Total | 2024 | 2025 | 2026 | 2027 | 2028 | Subsequent years | |||||||||||||||||||||||||||||||||||||||||||
$ in millions | $ in millions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Solana | 585.0 | 20.7 | 21.8 | 24.2 | 26.8 | 29.5 | 461.8 | 568.1 | 25.4 | 26.8 | 29.5 | 32.4 | 35.4 | 418.6 | ||||||||||||||||||||||||||||||||||||||||||
Mojave | 514.7 | 35.3 | 35.7 | 36.9 | 38.1 | 39.4 | 329.4 | 471.2 | 37.6 | 38.1 | 39.4 | 40.7 | 36.2 | 279.2 | ||||||||||||||||||||||||||||||||||||||||||
Coso | 214.4 | 15.4 | 14.1 | 14.6 | 14.2 | 14.7 | 141.3 | 188.6 | 14.6 | 14.2 | 14.7 | 145.1 | - | - | ||||||||||||||||||||||||||||||||||||||||||
ACT | 478.7 | 38.3 | 40.0 | 37.6 | 42.3 | 54.6 | 266.1 | 401.5 | 39.2 | 42.3 | 54.6 | 59.0 | 68.0 | 138.4 | ||||||||||||||||||||||||||||||||||||||||||
North America | 1,792.7 | 109.7 | 111.6 | 113.3 | 121.4 | 138.2 | 1,198.6 | 1,629.4 | 116.8 | 121.4 | 138.2 | 277.2 | 139.6 | 836.2 | ||||||||||||||||||||||||||||||||||||||||||
Chile PV 1 | 51.0 | 1.6 | 0.9 | 1.1 | 1.1 | 1.2 | 45.1 | 50.2 | 2.6 | 1.0 | 1.1 | 1.6 | 2.2 | 41.7 | ||||||||||||||||||||||||||||||||||||||||||
Chile PV 2 | 25.6 | 0.8 | 0.9 | 1.0 | 1.7 | 2.9 | 18.5 | 20.8 | 1.3 | 1.4 | 2.4 | 2.0 | 2.2 | 11.5 | ||||||||||||||||||||||||||||||||||||||||||
Palmatir | 77.3 | 6.5 | 6.1 | 6.2 | 6.6 | 7.0 | 44.9 | 66.3 | 7.0 | 6.6 | 7.0 | 7.5 | 8.0 | 30.2 | ||||||||||||||||||||||||||||||||||||||||||
Cadonal | 60.4 | 3.8 | 3.5 | 3.7 | 3.9 | 4.3 | 41.2 | 44.3 | 3.5 | 3.1 | 3.4 | 3.6 | 3.9 | 26.8 | ||||||||||||||||||||||||||||||||||||||||||
Melowind | 70.9 | 2.5 | 2.8 | 4.8 | 5.0 | 5.1 | 50.7 | 66.2 | 4.8 | 5.0 | 5.1 | 4.8 | 5.7 | 40.8 | ||||||||||||||||||||||||||||||||||||||||||
ATN | 92.4 | 5.4 | 5.7 | 6.0 | 6.4 | 6.8 | 62.0 | 81.6 | 6.1 | 6.4 | 6.9 | 7.3 | 6.7 | 48.2 | ||||||||||||||||||||||||||||||||||||||||||
ATS | 397.2 | 11.4 | 7.9 | 7.4 | 8.3 | 9.5 | 352.8 | 384.6 | 12.0 | 8.3 | 9.5 | 10.7 | 12.1 | 332.0 | ||||||||||||||||||||||||||||||||||||||||||
ATN 2 | 49.8 | 4.7 | 4.8 | 5.0 | 5.1 | 5.3 | 24.9 | 40.7 | 5.0 | 5.1 | 5.4 | 5.4 | 5.6 | 14.2 | ||||||||||||||||||||||||||||||||||||||||||
Quadra 1&2 and Palmucho | 62.8 | 4.5 | 4.9 | 5.4 | 5.9 | 6.5 | 35.5 | 54.2 | 5.5 | 6.1 | 6.6 | 7.3 | 8.0 | 20.7 | ||||||||||||||||||||||||||||||||||||||||||
South America | 887.5 | 41.3 | 37.4 | 40.6 | 44.0 | 48.6 | 675.6 | 808.9 | 47.8 | 43.0 | 47.4 | 50.2 | 54.4 | 566.1 | ||||||||||||||||||||||||||||||||||||||||||
Solaben 2&3 | 382.8 | 33.5 | 32.8 | 34.4 | 146.1 | 30.4 | 105.5 | 321.2 | 13.2 | 19.4 | 21.5 | 23.1 | 115.9 | 128.1 | ||||||||||||||||||||||||||||||||||||||||||
Solacor 1&2 | 233.9 | 23.9 | 24.4 | 27.3 | 29.3 | 31.0 | 98.0 | 209.6 | 14.7 | 15.1 | 15.5 | 15.9 | 16.1 | 132.3 | ||||||||||||||||||||||||||||||||||||||||||
PS 20 | 56.1 | 5.8 | 6.0 | 6.3 | 6.7 | 7.1 | 24.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Helios 1&2 | 327.3 | 19.7 | 21.7 | 22.6 | 23.0 | 22.5 | 217.9 | 279.7 | 22.2 | 22.4 | 21,8 | 22.2 | 22.5 | 168.6 | ||||||||||||||||||||||||||||||||||||||||||
Helioenergy 1&2 | 272.9 | 17.4 | 18.5 | 19.9 | 21.1 | 20.0 | 176.1 | 235.2 | 19.3 | 20.5 | 19.4 | 20.7 | 23.0 | 132.3 | ||||||||||||||||||||||||||||||||||||||||||
Solnova 1,3&4 | 435.2 | 45.6 | 45.1 | 48.0 | 50.7 | 53.6 | 192.2 | 338.1 | 31.5 | 31.5 | 33.1 | 32.9 | 31.7 | 177.4 | ||||||||||||||||||||||||||||||||||||||||||
Solaben 1&6 | 213.7 | 14.3 | 14.8 | 14.8 | 15.7 | 16.3 | 137.8 | 179.7 | 14.3 | 15.2 | 15.9 | 16.3 | 17.0 | 101.0 | ||||||||||||||||||||||||||||||||||||||||||
Rioglass | 19.0 | 9.9 | 3.6 | 1.9 | 2.0 | 1.2 | 0.3 | 5.6 | 2.4 | 1.6 | 1.2 | 0.3 | 0.1 | - | ||||||||||||||||||||||||||||||||||||||||||
Italy PV 1&3 | 2.8 | 0.5 | 0.6 | 0.6 | 0.6 | 0.3 | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Italy PV 1,3&4 | 1.5 | 0.6 | 0.6 | 0.3 | 0.0 | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Kaxu | 314.5 | 1.4 | 27.0 | 29.4 | 29.9 | 33.7 | 193.1 | 234.0 | 26.3 | 26.0 | 29.3 | 31.9 | 34.7 | 85.8 | ||||||||||||||||||||||||||||||||||||||||||
Skikda | 12.0 | 4.7 | 4.8 | 2.5 | 0.0 | 0.0 | 0.0 | 2.6 | 2.6 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Tenes | 85.9 | 7.7 | 7.7 | 8.0 | 8.3 | 8.6 | 45.6 | 73.7 | 8.6 | 8.6 | 8.9 | 9.3 | 9.6 | 28.7 | ||||||||||||||||||||||||||||||||||||||||||
EMEA | 2,356.0 | 184.4 | 207.0 | 215.6 | 333.3 | 224.8 | 1,190.9 | 1,880.9 | 155.7 | 160.9 | 166.9 | 172.6 | 270.6 | 954.2 | ||||||||||||||||||||||||||||||||||||||||||
Total project debt | $ | 5,036.2 | 335.4 | 356.0 | 369.5 | 498.7 | 411.5 | 3,065.1 | $ | 4,319.3 | 320.3 | 325.3 | 352.5 | 500.0 | 464.6 | 2,356.5 | ||||||||||||||||||||||||||||||||||||||||
Corporate debt | $ | 1,023.1 | 27.9 | 10.1 | 1.9 | 106.2 | 327.1 | 550.0 | $ | 1,084.8 | 34.0 | 179.1 | 321.0 | 154.0 | 396.8 | - | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,059.3 | 363.3 | 366.1 | 371.4 | 604.9 | 738.6 | 3,615.1 | $ | 5,404.0 | 354.3 | 504.4 | 673.5 | 654.0 | 861.4 | 2,356.5 |
(1) | Includes the outstanding amount of the Project Finance from Coso. Of which, on July 15, 2021 the notional amount was $233 million. From that amount, $93 million is progressively repaid until 2027. The remaining $140 million are expected to be refinanced on or before 2027. |
(2) | Includes the outstanding amount of the Green Project Finance from the sub-holding company of Solaben 1 & 6 and Solaben 2 & 3. This facility is 25% progressively amortized over its 5-year term and the remaining 75% is expected to be refinanced before maturity. The project debt maturities will be repaid with cash flows generated from the projects in respect of which that financing was incurred. |
Total | Up to one year | Between one and three years | Between three and five years | Subsequent years | ||||||||||||||||
$ in millions | ||||||||||||||||||||
Purchase commitments | 1,570.8 | 79.2 | 191.2 | 159.3 | 1,141.1 | |||||||||||||||
Accrued interest estimate during the useful life of loans | 2,029.4 | 267.6 | 497.6 | 427.2 | 837.0 |
Total | Up to one year | Between one and three years | Between three and five years | Subsequent years | ||||||||||||||||
$ in millions | ||||||||||||||||||||
Purchase commitments | 713.5 | 81.9 | 100.0 | 97.0 | 434.6 | |||||||||||||||
Accrued interest estimate during the useful life of loans | 1,717.8 | 264.2 | 481.4 | 359.4 | 612.8 |
Cash dividends to investors |
D) | Investments and Acquisitions |
E) | Capital Expenditures |
Year ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
$ in millions | ||||||||||||
Gross cash flows from operating activities | ||||||||||||
Profit/(loss) for the year | $ | (10.9 | ) | $ | 16.9 | $ | 74.6 | |||||
Adjustments to reconcile after-tax profit to net cash generated by operating activities | 861.9 | 719.5 | 713.5 | |||||||||
Profit for the year adjusted by non-monetary items | $ | 851.0 | $ | 736.4 | $ | 788.1 | ||||||
Net interest/taxes paid | (342.3 | ) | (287.3 | ) | (299.5 | ) | ||||||
Variations in working capital | (3.1 | ) | (10.9 | ) | (125.0 | ) | ||||||
Total net cash flow provided by/ (used in) operating activities | $ | 505.6 | $ | 438.2 | $ | 363.6 | ||||||
Net cash flows from investing activities | ||||||||||||
Acquisitions of subsidiaries and entities under equity method | (362.4 | ) | 2.5 | (173.4 | ) | |||||||
Investments in contracted concessional assets(1) | (24.7 | ) | (1.4 | ) | 22.0 | |||||||
Distributions from entities under the equity method | 34.8 | 22.2 | 30.5 | |||||||||
Other non-current assets/liabilities | 1.1 | (29.2 | ) | 2.7 | ||||||||
Total net cash flows (used in)/ provided by investing activities | $ | (351.2 | ) | $ | (5.9 | ) | $ | (118.2 | ) | |||
Net cash flows used in financing activities | $ | (380.1 | ) | $ | (137.3 | ) | $ | (310.2 | ) | |||
Net increase / (decrease) in cash and cash equivalents | (225.7 | ) | 295.0 | (64.8 | ) | |||||||
Cash, cash equivalents and bank overdraft at beginning of the year | 868.5 | 562.8 | 631.5 | |||||||||
Translation differences cash or cash equivalents | (20.1 | ) | 10.7 | (3.9 | ) | |||||||
Cash and cash equivalents at the end of the period | $ | 622.7 | $ | 868.5 | $ | 562.8 |
Year ended December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
($ in millions) | ||||||||||||
Gross cash flows from operating activities | ||||||||||||
Profit/(loss) for the year | $ | 36.4 | $ | (2.1 | ) | $ | (10.9 | ) | ||||
Adjustments to reconcile after-tax profit to net cash generated by operating activities | 720.2 | 786.9 | 861.9 | |||||||||
Profit/(loss) for the year adjusted by non-monetary items | $ | 756.6 | $ | 784.8 | $ | 851.0 | ||||||
Net interest/taxes paid | (272.7 | ) | (277.3 | ) | (342.3 | ) | ||||||
Changes in working capital | (95.8 | ) | 78.8 | (3.1 | ) | |||||||
Net cash provided by operating activities | $ | 388.1 | $ | 586.3 | $ | 505.6 | ||||||
Net cash used in investing activities | ||||||||||||
Business Combinations and investments in entities under equity method | (29.2 | ) | (50.5 | ) | (362.4 | ) | ||||||
Investments in operating concessional assets(1) | (27.9 | ) | (39.1 | ) | (19.2 | ) | ||||||
Investments in assets under development or construction | (56.3 | ) | (36.8 | ) | (7.0 | ) | ||||||
Distributions from entities under the equity method | 34.3 | 67.7 | 34.8 | |||||||||
Net divestment in other non-current financial assets | 27.5 | 1.3 | 2.7 | |||||||||
Net cash used in investing activities | $ | (51.6 | ) | $ | (57.4 | ) | $ | (351.2 | ) | |||
Net cash used in financing activities | $ | (491.4 | ) | $ | (535.0 | ) | $ | (380.1 | ) | |||
Net (decrease) in cash and cash equivalents | (154.9 | ) | (6.1 | ) | (225.7 | ) | ||||||
Cash and cash equivalents at beginning of the year | 601.0 | 622.7 | 868.5 | |||||||||
Translation differences cash and cash equivalents | 2.2 | (15.6 | ) | (20.1 | ) | |||||||
Cash and cash equivalents at the end of the year | $ | 448.3 | $ | 601.0 | $ | 622.7 |
- | During the year 2022, in our assets in Spain we collected cash in line with the old parameters corresponding to the regulation in place at the beginning of the year 2022 and we were booking revenue in accordance with the new parameters published in draft form, which were lower. This caused a positive change in working capital of approximately $68.7 million in the twelve-month period ended December 31, 2022. In the first quarter of 2023, collections at these assets in Spain were regularized, following the approval on December 14, 2022 of the new parameters for 2022, causing a negative change in working capital of approximately $57.8 million for the twelve-month period ended December 31, 2023. |
- | Additionally, working capital in the twelve-month period ended December 31, 2023, also includes a negative change due to lower collections in ACT of approximately $56.4 million compared to a positive change in working capital of approximately $40.4 million of the same period from 2022 |
- | In 2022, we had a positive variation in working capital of $78.8 million mostly due to better collections from Pemex in ACT and better collections in Spain. In Spain, in 2022 we collected revenue in line with the parameters corresponding to the regulation in place at the beginning of the year 2022, as the new parameters became final on December 14, 2022, while revenue for the year ended December 31, 2022 was recorded in accordance with the new parameters. |
C. | Research and Development |
E. | Critical Accounting Estimates |
- | Impairment of contracted concessional, Property, Plant and Equipment (PP&E) and other intangible assets |
- | Recoverability of deferred tax assets |
- | Fair value of derivative financial instruments |
- | Fair value of identifiable assets and liabilities arising from a business combination |
- | Assessment of |
- | Assessment of |
a) | Contracted concessional assets under IFRIC 12 |
- | Operating and maintenance costs and general overheads and administrative costs are recorded in accordance with the nature of the cost incurred (amount due) in each period. |
- | the Probability of Default (“PD”) is an estimate of the likelihood of default over a given time horizon. We calculate PD based on Credit Default Swaps |
- | the Exposure at Default (“EAD”) is an estimate of the exposure at a future default date; and |
- | the Loss Given Default (“LGD”) is an estimate of the loss arising in the case where a default occurs at a given time. It is based on the difference between the contractual cash flows due and those that |
Property, plant and equipment (PP&E) under IAS 16 |
c) | Right of uses under IFRS 16 |
- | the technical feasibility of completing the intangible asset so that the asset will be available for use or sale |
- | its intention to complete and its ability and intention to use or sell the asset |
- | how the asset will generate future economic benefits |
- | the availability of resources to complete the asset |
- | the ability to measure reliably the expenditure during development |
- | there is an economic relationship between the hedged item and the hedging instrument; |
- | the effect of credit risk does not dominate the value changes that result from that economic relationship; and |
- | the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that we actually hedge and the quantity of the hedging instrument that we use to hedge that quantity of hedged item. |
- | There are sufficient taxable temporary differences relating to the same tax authority, and the same taxable entity is expected to reverse either in the same period as the expected reversal of the deductible temporary difference or in periods into which a tax loss arising from the deferred tax asset can be carried back or forward. |
- | It is probable that the taxable entity will have sufficient taxable profit, relating to the same tax authority and the same taxable entity, in the same period as the reversal of the deductible temporary difference (or in the periods into which a tax loss arising from the deferred tax asset can be carried back or forward). |
- | Tax planning opportunities are available to the entity that will create taxable profit in appropriate periods. |
ITEM 6. | DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES |
Name | Position | Year of birth | ||
William Aziz | Director, Independent | 1956 | ||
Arun Banskota | Director | 1961 | ||
Debora Del Favero | Director, Independent | 1964 | ||
Brenda Eprile | Director, Independent | 1954 | ||
Ryan Farquhar | Director | 1971 | ||
Michael Forsayeth | Director, Independent | 1954 | ||
Edward C. Hall | Director, Independent | 1959 | ||
Santiago Seage | Chief Executive Officer and Director | 1969 | ||
Michael Woollcombe | Director and Chair of the Board, Independent | 1968 |
Board Diversity Matrix as of December 31, 2021 | ||||||||
Total Number of Directors | 8 | |||||||
Female | Male | Non-Binary | Did Not Disclose Gender | |||||
Part I: Gender Identity | ||||||||
Directors | 2 | 6 | - | - | ||||
Part II: Demographic Background | ||||||||
African American or Black | - | - | - | - | ||||
Alaskan Native or Native American | - | - | - | - | ||||
Asian1 | - | 1 | - | - | ||||
Hispanic or Latinx2 | - | 1 | - | - | ||||
Native Hawaiian or Pacific Islander | - | - | - | - | ||||
White3 | 2 | 4 | - | - | ||||
Two or More Races or Ethnicities | - | - | - | - | ||||
LGBTQ+ | - | |||||||
Did Not Disclose Demographic Background | - |
2023 | 2022 | |
Total Number of Directors | 9 | 9 |
Female | Male | Non-Binary | Did not disclose Gender | ||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||
Part I: Gender Identity | |||||||||||
Directors | 2 | 2 | 7 | 7 | - | - | - | - | |||
Part II: Demographic Background | |||||||||||
African American or Black | - | - | - | - | - | - | - | - | |||
Alaskan native or Native American | - | - | - | - | - | - | - | - | |||
Asian(1) | - | - | 1 | 1 | - | - | - | - | |||
Hispanic or Latinx(2) | - | - | 1 | 1 | - | - | - | - | |||
Native Hawaiian or Pacific Islander | - | - | - | - | - | - | - | - | |||
White(3) | 2 | 2 | 5 | 5 | - | - | - | - | |||
Two or More Races or Ethnicities | - | - | - | - | - | - | - | - | |||
LGBTQ+ | - | - | - | - | - | - | - | - | |||
Did Not Disclose Demographic Background | - | - | - | - | - | - | - | - |
(1) | Asian – A person having origins in any of the original peoples of the Far East, Southeast Asia, or the Indian subcontinent, including, for example, Cambodia, China, India, Japan, Korea, Malaysia, Pakistan, the Philippine Islands, Thailand, and Vietnam. |
(2) | Hispanic or Latinx – A person of Cuban, Mexican, Puerto Rican, South or Central American, or other Spanish culture or origin, regardless of race. The term Latinx applies broadly to all gendered and gender-neutral forms that may be used by individuals of Latin American heritage, including individuals who self-identify as Latino/a/e. |
(3) | White (not of Hispanic or Latinx origin) – A person having origins in any of the original peoples of Europe, the Middle East,or North Africa. |
Name | Position | Year of birth | ||
Javier Albarracin | Head of Development and Investment and CIO | 1971 | ||
David Esteban | Vice President EMEA | 1979 | ||
Emiliano Garcia | Vice President North America | 1968 | ||
Irene M. Hernandez | General Counsel and Chief of Compliance | 1980 | ||
Francisco Martinez-Davis | Chief Financial Officer | 1963 | ||
Antonio Merino | Vice President South America | 1967 | ||
Santiago Seage | Chief Executive Officer and Director | 1969 |
Compensation |
In thousands of U.S. Dollars | 2021 | 2020 | 2023 | 2022 | ||||||||||||
Annual Director Retainer | ||||||||||||||||
Non-Executive Director | 150.0 | 150.0 | 150.0 | 150.0 | ||||||||||||
Annual Committee Chair Retainer | ||||||||||||||||
Chair of the Board | 75.0 | 75.0 | 75.0 | 75.0 | ||||||||||||
Chair of the Audit Committee | 15.0 | 15.0 | 15.0 | 15.0 | ||||||||||||
Chair of the Nominating and Corporate Governance Committee | 10.0 | 10.0 | 10.0 | 10.0 | ||||||||||||
Chair of the Compensation Committee | 10.0 | 10.0 | 10.0 | 10.0 |
Salary and Fees | Annual Bonuses | LTIP2 | Total Fixed Remuneration | Total Variable remuneration | Total | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Name1 | (in thousands of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
William Aziz 3 | 160.0 | 106.7 | - | - | - | - | 160.0 | 106.7 | - | - | 160.0 | 106.7 | ||||||||||||||||||||||||||||||||||||
Debora Del Favero3 | 160.0 | 106.7 | - | - | - | - | 160.0 | 106.7 | - | - | 160.0 | 106.7 | ||||||||||||||||||||||||||||||||||||
Brenda Eprile3 | 165.0 | 110.0 | - | - | - | - | 165.0 | 110.0 | - | - | 165.0 | 110.0 | ||||||||||||||||||||||||||||||||||||
Michael Forsayeth3 | 150.0 | 100.0 | - | - | - | - | 150.0 | 100.0 | - | - | 150.0 | 100.0 | ||||||||||||||||||||||||||||||||||||
Santiago Seage 4 | 816.6 | 756.8 | 1,056.3 | 996.4 | 1,879.8 | 770.9 | 816.6 | 756.8 | 2,936.1 | 1,767.3 | 3,752.7 | 2,524.1 | ||||||||||||||||||||||||||||||||||||
Michael Woollcombe3 | 225.0 | 150.0 | - | - | - | - | 225.0 | 150.0 | - | - | 225.0 | 150.0 | ||||||||||||||||||||||||||||||||||||
Andrea Brentan5 | - | 56.3 | - | - | - | - | - | 56.3 | - | - | - | 56.3 | ||||||||||||||||||||||||||||||||||||
Robert Dove5 | - | 60.0 | - | - | - | - | - | 60.0 | - | - | - | 60.0 | ||||||||||||||||||||||||||||||||||||
Francisco J. Martinez5 | - | 61.9 | - | - | 61.9 | 61.9 | ||||||||||||||||||||||||||||||||||||||||||
Jackson Robinson5 | - | 60.0 | - | - | 60.0 | 60.0 | ||||||||||||||||||||||||||||||||||||||||||
Daniel Villalba5 | - | 84.4. | - | - | 84.4 | 84.4 | ||||||||||||||||||||||||||||||||||||||||||
Total | 1,676.6 | 1,652.8 | 1,056.3 | 996.4 | 1,879.8 | 770.9 | 1,676.6 | 1,652.8 | 2,936.1 | 1,767.3 | 4,612.7 | 3,420.1 |
In thousands of U.S. Dollars | Salary and Fees in Cash | Salary and Fees in DRSUs(2) | Annual Bonuses | Long-Term Incentive Awards(3) (Vested) | Deferred Restricted Share Units Dividend Equivalents(4) | Total Fixed Remuneration | Total Variable Remuneration | Total | ||||||||
Name(1) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
William Aziz | 160.0 | 160.0 | - | - | - | - | - | - | - | - | 160.0 | 160.0 | - | 160.0 | 160.0 | |
Arun Banskota(8) | 58.8 | - | - | - | - | - | - | - | - | - | 58.8 | - | - | - | 58.8 | - |
Debora Del Favero | 112.0 | 112.0 | 48.0 | 48.0 | - | - | - | - | 5.7 | 2.5 | 165.7 | 162.5 | - | 165.7 | 162.5 | |
Brenda Eprile | 165.0 | 165.0 | - | - | - | - | - | - | - | - | 165.0 | 165.0 | - | 165.0 | 165.0 | |
Michael Forsayeth | 75.0 | 75.0 | 75.0 | 75.0 | - | - | - | - | 9.0 | 4.0 | 159.0 | 154.0 | - | 159.0 | 154.0 | |
Edward C Hall(5) | 150.0 | 62.5 | - | - | - | - | - | - | - | - | 150.0 | 62.5 | - | 150.0 | 62.5 | |
Santiago Seage(6) | 798.6 | 727.2 | - | - | 975.6 | 931.3 | 1,023.2 | 2,992.4 | - | - | 798.6 | 727.2 | 1,998.8 | 3,923.7 | 2,797.4 | 4,651.0 |
George Trisic(7) | - | - | 100.0 | 110.0 | - | - | - | - | 10.6 | 1.6 | 110.6 | 111.6 | - | - | 110.6 | 111.6 |
Michael Woollcombe | - | - | 225.0 | 225.0 | - | - | - | - | 26.9 | 11.9 | 251.9 | 236.9 | - | - | 251.9 | 236.9 |
Total | 1,519.4 | 1,301.7 | 448.0 | 458.0 | 975.6 | 931.3 | 1,023.2 | 2,992.4 | 52.2 | 20.0 | 2,019.5 | 1,779.7 | 1,998.8 | 3,923.7 | 4,018.3 | 5,703.5 |
(1) |
(2) | Non-executive directors receive salary and fees via a mix of cash and Deferred Restricted Share Units (DRSUs). Following the Annual General Meeting held in May 2021, the Company determined, and Ms. Del Favero, Mr. Forsayeth, and Mr. Woollcombe agreed that 30%, 50% and 100% respectively of the annual fees payable to them by the Company from May 31, 2021 would be irrevocably substituted for the grant of DRSUs. The Company also determined and Mr. Trisic agreed that 100% of the annual fees payable to him by the Company would be irrevocably substituted for the grant of DRSUs for the period when he received remuneration. |
(3) | In 2022 Long-term Incentive Awards |
(4) | Dividend equivalent rights accumulated on the DRSUs corresponding to the dividends paid for one share in the period between the DRSU grant date and December 31, 2023 and 2022, respectively, multiplied by the number of DRSUs held on that date. Such rights were payable on vesting of the DRSUs. |
(5) | Mr. Hall was appointed to the Board on August 2, 2022 as an independent non-executive Director. Mr. Hall’s 2022 fee was prorated for the year based on the annual directors’ retainer. |
(6) | The |
- | In 2023, the CEO’s total pay amounted to €2,594.4 thousand ($2,797.4 thousand). Fixed salary amounted to €738.3 thousand ($798.6 thousand), annual bonus to €883.8 thousand ($975.6 thousand) and long-term incentive awards to €972.3 thousand ($1,023.2 thousand). |
- | In 2022, the CEO’s total pay amounted to €4,401.7 thousand ($4,651.0 thousand). Fixed salary amounted to €690.0 thousand ($727.2 thousand), annual bonus to €870.0 thousand ($931.3 thousand) and long-term incentive awards to €2,841.7 thousand ($2,992.4 thousand). |
(7) | Mr. |
(8) | Mr. Banskota, non-independent, non-executive director, has received compensation since August 2023, when he resigned as CEO of Algonquin. |
1) | Restricted Stock Units vested under the LTIP |
One-Off Plan | One-Off Plan Vesting | One-Third of Restricted Stock Units (RSUs) | Price on Vesting Date (US$) | Remuneration in Cash ($ thousand)* | RSUs Value at Vesting Date ($ thousand)* | ||||||||||||
2019 | June 2021 | 14,535 | 36.50 | - | 578.8 | ||||||||||||
June 2020 | 14,535 | 27.97 | 430.3 | - |
RSU Grant Date | RSU Vesting Date | Number of Restricted Stock Units Vesting | Share Price on Vesting Date (USD) | RSUs Value at Vesting Date (000’s USD)(1, 2) |
2020 | 2023 | 33,641 | 25.27 | 1,023.2 |
2019 | 2022 | 46,987 | 31.10 | 1,708.7 |
(1) | 33,641 RSUs (granted in under the 2020 LTIP) vested in 2023 plus dividend equivalent rights corresponding to the dividends paid on one share between the 2020 LTIP grant date and the date on which the RSU vested ($5.15 per share). 46,987 RSUs (granted under the 2019 LTIP) vested in 2022 plus dividend equivalent rights corresponding to dividends paid on one share between the 2019 LTIP grant date and the date on which the RSU vested ($5.07 per share). |
(2) | The RSUs that vested in 2023 were subject to (i) the CEO remaining employed with the Group and (ii) a minimum average 5% average annual TSR (both of which were achieved). |
2) | Options vested under the LTIP |
LTIP Share Option Grant Date(1) | Share Option Vesting Date | Number of Share Options Vesting(3) | Share Price on Vesting Date (USD) | Exercise Price per Share Option (USD) | Share Options Value at Vesting Date (000’s USD)(2) |
2021 | 2023 | 24,948 | 28.17 | 37.98 | - |
2022 | 24,948 | 32.53 | 37.98 | - | |
2020 | 2023 | 34,494 | 25.27 | 26.39 | - |
2022 | 34,494 | 34.48 | 26.39 | 279.1 | |
2019 | 2022 | 40,693 | 31.30 | 19.60 | 476.1 |
(1) | Additional information on the LTIP is disclosed in the Remuneration Policy section. |
(2) | The value of the share options on the vesting date is calculated using the number of share options multiplied by (the share price on the vesting date minus the exercise price per share option). |
(3) | There were no performance measures related to these options. |
3) | One-off plan |
LTIP | LTIP Vesting | One-Third of Share Options | Share Price on Vesting Date (US$) | LTIP Vesting Price per Option (US$) | Share Options Value at Vesting Date (thousand US$)* | ||||||||||||
2020 | 2021 | 34,494 | 44.17 | 26.39 | 613.3 | ||||||||||||
2019 | 2021 | 40,693 | 36.50 | 19.60 | 687.7 | ||||||||||||
2020 | 40,693 | 27.97 | 19.60 | 340.6 |
One-Off Plan | One-Off Plan Vesting | Number of Restricted Stock Units | Share Price on Vesting Date (USD) | RSUs Value at Vesting Date (000’s USD)(1) |
2019 | June 2023 | - | - | - |
June 2022(2) | 14,535 | 31.30 | 528.6 |
(1) | On each vesting date, one third of the RSUs vested (14,535 RSUs) plus dividend equivalent rights corresponding to the dividends paid on one share in the period between the One-off plan grant date and the date on which the RSU vest ($5.07 per share for 2022), multiplied by the number of RSUs vesting on that date. |
(2) | In June 2022, the final tranche of RSUs vested. As a result, since then there have been no other awards outstanding under this plan. |
Percentage weight | Achievement | |
CAFD (cash available for distribution) – Equal or higher than the CAFD budgeted in the 2021 budget | 40% | 99% |
EBITDA– Equal or Higher than the EBITDA budgeted in the 2021 budget | 15% | 99% |
Close accretive acquisitions for the Company | 20% | 120% |
Achieve health and safety targets – (Frequency with Leave / Lost Time Index below 3.5 and General frequency index below 11.0) based on reliable targets and consistent measure metrics | 10% | 116% |
Implement the succession plan | 15% | 100% |
Percentage Weight | Achievement | |
CAFD(1) – Equal or higher than the CAFD budgeted in the 2023 budget | 35% | 97.5% |
Adjusted EBITDA – Equal or higher than the Adjusted EBITDA budgeted in the 2023 budget | 15% | 99% |
Capital allocation management on a value accretive basis | 20% | 110% |
Achievement of ESG metrics including health and safety targets – (Frequency with Leave / Lost Time Index below 3.7 and General Frequency Index below 9.5) | 10% | 120% |
Management of relationships with key shareholders and partners | 10% | 120% |
Continued executive talent development | 10% | 90% |
(1) | Cash Available for Distribution (CAFD) refers to the cash distributions received by the Company from its subsidiaries, minus cash expenses of the Company, including debt service and general and administrative expenses. |
Name | Total Remuneration (000’s USD) | Total Remuneration in Cash and/or Deferred Restricted Stock Units (DRSU) | ||||||||||||||||||||||||||||||||||||||||||||||
Remuneration in Cash (000’s USD) | Remuneration in DRSUs | |||||||||||||||||||||||||||||||||||||||||||||||
DRSUs (000’s USD) | Number of DRSUs(4) | |||||||||||||||||||||||||||||||||||||||||||||||
Total Remuneration in Cash and/or Deferred Restricted Stock Units (DRSU) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
Name | Total Remuneration ($ thousand) | Remuneration in cash ($ thousand) | DRSUs ($ thousand) | Number of DRSUs (#)2 | ||||||||||||||||||||||||||||||||||||||||||||
William Aziz | 160.0 | 160.0 | - | - | 160.0 | 160.0 | 160.0 | 160.0 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Debora Del Favero1 | 160.0 | 128.5 | 31.5 | 878 | ||||||||||||||||||||||||||||||||||||||||||||
Arun Banskota(5) | 58.8 | - | 58.8 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||
Debora Del Favero(1) | 160.0 | 160.0 | 112.0 | 112.0 | 48.0 | 48.0 | 2,102 | 1,619 | ||||||||||||||||||||||||||||||||||||||||
Brenda Eprile | 165.0 | 165.0 | - | - | 165.0 | 165.0 | 165.0 | 165.0 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Michael Forsayeth1 | 150.0 | 100.8 | 49.2 | 1,372 | ||||||||||||||||||||||||||||||||||||||||||||
Michael Woollcombe1 | 225.0 | 77.5 | 147.5 | 4,117 | ||||||||||||||||||||||||||||||||||||||||||||
Michael Forsayeth(1) | 150.0 | 150.0 | 75.0 | 75.0 | 75.0 | 75.0 | 3,284 | 2,530 | ||||||||||||||||||||||||||||||||||||||||
Edward C. Hall(2) | 150.0 | 62.5 | 150.0 | 62.5 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||
George Trisic(3) | 100.0 | 110.0 | - | - | 100.0 | 110.0 | 4,003 | 3,901 | ||||||||||||||||||||||||||||||||||||||||
Michael Woollcombe(1) | 225.0 | 225.0 | - | - | 225.0 | 225.0 | 9,852 | 7,589 | ||||||||||||||||||||||||||||||||||||||||
Total | 860.0 | 631.9 | 228.1 | 6,367 | 1,168.8 | 1,032.5 | 720.8 | 574.5 | 448.0 | 458.0 | 19,240 | 15,638 |
(1) | Following the Annual General Meeting held in May 2021, the Company determined, and Ms. Del Favero, Mr. Forsayeth, and Mr. Woollcombe agreed that 30%, 50% and 100% respectively of |
(2) | Mr. Hall was appointed to the Board on August 2, 2022 as an independent non-executive Director. Mr. Hall’s 2022 fee was prorated based on the annual director’s retainer. |
(3) | Mr. Trisic, non-independent non-executive director, received compensation from April 6, 2022 until August 30, 2023. Mr. Trisic’s 2022 and 2023 fees were prorated based on the annual directors’ retainer. The Company determined and Mr. Trisic agreed that 100% of his fee would be irrevocably substituted for the grant of DRSUs. |
(4) | The number of DRSUs granted is determined by dividing the amount of the annual compensation to be |
(5) | Mr. Banskota resigned as Chief Executive Officer of Algonquin on August 11, 2023. Since then, he has received compensation from the Company. His fees for 2023 were prorated. |
LTIP | Number of Restricted Stock Units | Number of Share Options | FaceValue ($ thousand) | Performance Criteria | |||||||||
2021 | 25,716 | 74,843 | $ | 1,302 | RSU: 5% minimum Total Shareholder Return Performance Stock Unit Share Options: Time-Based Vesting |
LTIP | Number of Restricted Stock Units | Price per RSU at the grant date (USD) | Restricted Stock Units Face Value1 (000’s USD) | Performance Criteria |
2023 | 44,9502 | 25.77 | 1,158.5 | - Continuing employment (or other service relationship) for 33% of the award and - Continuing employment and achievement of a minimum 5% average annual TSR for 67% of the award. |
(1) | Face Value means the maximum number of shares that would vest if performance measures are met using the share price at the grant date (January 6th, 2023). The face value for the restricted stock units (RSUs) is calculated using the share price at the grant date. |
(2) | RSUs will vest on the third anniversary of the grant date, subject to the satisfaction of the performance criteria. |
Bonus | Long-Term Incentive Awards(3) | |||||||||||||||||||
Year | Total Pay(1) (000’s USD) | Percentage of Target | Amount of Bonus(2) (000’s USD) | Percentage of Maximum | Value (000’s USD) | |||||||||||||||
2023 | 2,797.4 | 104.0 | % | 975.6 | 100.0 | % | 1,023.2 | |||||||||||||
2022 | 4,651.0 | 102.4 | % | 931.3 | 100.0 | % | 2,992.4 | |||||||||||||
2021 | 3,752.7 | 105.0 | % | 1,056.3 | 100.0 | % | 1,879.8 | |||||||||||||
2020 | 2,524.1 | 102.7 | % | 996.4 | 100.0 | % | 770.9 | |||||||||||||
2019 | 1,685.4 | 100.7 | % | 957.7 | - | - | ||||||||||||||
2018 | 2,511.1 | 101.8 | % | 992.2 | 22.0 | % | 751.1 | |||||||||||||
2017 | 1,602.0 | 96.3 | % | 924.2 | - | - | ||||||||||||||
2016 | 1,499.4 | 100.0 | % | 940.5 | - | - | ||||||||||||||
2015 | 1,597.6 | (4) | - | - | - | - | ||||||||||||||
2014 | 174.1 | - | - | - | - |
Year | Bonus | LTIP awards(3) | ||||||||||||||||||
(In thousands of U.S. Dollars) | ||||||||||||||||||||
Total Pay(1) | Percentage of target | Amount of Bonus(2) | Percentage of maximum | Value | ||||||||||||||||
2021 | 3,752.7 | 105.0 | % | 1,056.3 | 100 | % | 1,879.8 | |||||||||||||
2020 | 2,524.1 | 102.7 | % | 996.4 | 100 | % | 770.9 | |||||||||||||
2019 | 1,685.4 | 100.7 | % | 957.7 | - | - | ||||||||||||||
2018 | 2,511.1 | 101.8 | % | 992.2 | 21.95 | % | 751.1 | |||||||||||||
2017 | 1,602.0 | 96.25 | % | 924.2 | - | - | ||||||||||||||
2016 | 1,499.4 | 100 | % | 940.5 | - | - | ||||||||||||||
2015 | 1,597.6 | (4) | - | - | - | - | ||||||||||||||
2014 | 174.1 | - | - | - | - |
(1) | The CEO’s compensation is approved in |
(2) | Amount of bonus |
(3) | Long-Term Incentive Awards includes awards granted under both the LTIP and One-Off Plan which vested in the |
(4) | Includes a €1,189.5 thousand (approximately $1,319.6 thousand) termination payment received by Mr. Garoz after his leaving the Company on November 25, 2015. |
2021 (% Change from 2020 to 2021) | 2020 (% Change from 2019 to 2020) | |||||||||||||||||||||||
Name | Salary | Bonus | Long-Term Incentive Awards(1) | Salary | Bonus | Long-Term Incentive Awards(1) | ||||||||||||||||||
Independent, non-executive directors | ||||||||||||||||||||||||
William Aziz(2) | n/a | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||
Debora Del Favero(2) | n/a | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||
Brenda Eprile(2) | n/a | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||
Michael Forsayeth(2) | n/a | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||
Michael Woollcombe(2) | n/a | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||
Andrea Brentan(3) | n/a | n/a | n/a | 3 | % | n/a | n/a | |||||||||||||||||
Robert Dove(3) | n/a | n/a | n/a | 3 | % | n/a | n/a | |||||||||||||||||
Francisco J. Martinez(3) | n/a | n/a | n/a | 3 | % | n/a | n/a | |||||||||||||||||
Jackson Robinson(3) | n/a | n/a | n/a | 3 | % | n/a | n/a | |||||||||||||||||
Daniel Villalba(3) | n/a | n/a | n/a | 3 | % | n/a | n/a | |||||||||||||||||
Executive director | ||||||||||||||||||||||||
Santiago Seage (CEO) | 4 | %5 | 2 | % | 144 | %7 | 2 | %(5) | 2 | % | n/a | (6) | ||||||||||||
Employees (excluding CEO) (4) | 4 | % | 8 | % | 163 | %7 | 5 | % | 8 | % | n/a | (6) |
2023 (% Change from 2022 to 2023) | 2022 (% Change from 2021 to 2022) | 2021 (% Change from 2020 to 2021) | ||||||||||||||||||||||
Salary and Fees (Cash and DRSU) | Bonus | Salary and Fees (Cash and DRSU)(1) | Bonus | Salary and Fees (Cash and DRSU) | Bonus | |||||||||||||||||||
Non-executive directors | ||||||||||||||||||||||||
William Aziz | - | - | - | - | - | - | ||||||||||||||||||
Arun Banskota(4) | - | - | - | - | - | - | ||||||||||||||||||
Debora Del Favero | - | - | - | - | - | - | ||||||||||||||||||
Brenda Eprile | - | - | - | - | - | - | ||||||||||||||||||
Michael Forsayeth | - | - | - | - | - | - | ||||||||||||||||||
Edward C. Hall(2) | - | - | - | - | - | - | ||||||||||||||||||
George Trisic3 | - | - | - | - | - | - | ||||||||||||||||||
Michael Woollcombe | - | - | - | - | - | - | ||||||||||||||||||
Executive director | ||||||||||||||||||||||||
Santiago Seage (CEO) | 7 | %(6) | 2 | %(6) | 0 | %(6) | -3 | %(6) | 4 | %(6) | 2 | %(6) | ||||||||||||
Employees (excluding CEO)(5) | 6 | % | 6 | % | 4 | % | 9 | % | 4 | % | 8 | % |
(1) |
(2) | Mr. Hall was appointed to the Board |
(3) | Mr. |
(4) | Mr. Banskota, non-independent non-executive director, has received compensation since August 12, 2023, when he resigned as CEO of Algonquin. |
(5) | The salary and bonus percentage change for employees (excluding the CEO) has been calculated considering the same average number of employees and the same average exchange rate in |
(7) | For 2022, the Compensation Committee approved (i) fixed remuneration of €690 thousand |
$ in million | Amount in 2021 | Amount in 2020 | Difference | ||||||
Spend on pay for all employees(*) | 78.8 | 54.5 | 24.3 | ||||||
Total remuneration of directors | 4.6 | 3.4 | 1.2 | ||||||
Total Remuneration of employees and directors | 83.4 | 57.9 | 25.5 | ||||||
Dividends paid | 190.4 | 168.8 | 21.6 |
$ in Millions | 2023 | 2022 | Difference | |||||||||
Spend on Pay for All Employees | 104.1 | 80.2 | 23.9 | |||||||||
Total Remuneration of Directors | 4.0 | 5.6 | -1.6 | |||||||||
Total Remuneration of employees and directors | 108.1 | 85.9 | 22.3 | |||||||||
Dividends Paid | 206.8 | 203.1 | 3.7 |
Main terms of the LTIP for awards granted to all Executives as – Restricted Stock Units | |
Value at grant date | The value of the RSUs granted to the CEO is up to 105% of the previous year target annual remuneration (fixed + target annual bonus) at the grant date. The value of the RSUs granted to an executive other than the CEO is equal to between 50% and 70% (with the exact percentage to be determined by the Compensation Committee at grant) of the previous year target annual remuneration (fixed + target annual bonus) at the grant date. |
Exercisability and Vesting Period | 33% of the RSUs will vest on the third anniversary of the grant date (provided the participant remains employed with the Group) and 67% of the RSUs will vest on the third anniversary of the grant date only if the conditions described below are met over such 3-year period. Each of the below conditions must be considered individually and each of the conditions weigh individually in considering the two thirds of the RSU. It is not necessary that all of them together are met for the vesting of the two-thirds of the total number of RSUs. The Company will decide at vesting if vested RSUs will be settled in cash or shares. |
Ownership and Dividends | The participant will be entitled to receive, for each RSU held, a payment equivalent in value to any dividend or distribution paid on each share between the grant date and the date on which the RSU vests. |
(1) | Includes storage. |
(2) | Includes floors and caps when measuring compliance (i.e. floor of 70% and cap of 130% when measuring performance versus financial objectives) |
(3) | Percentage weights are calculated as a fraction of the percentage weight assigned to each section or subsection, based on a 100% basis. The values are rounded to the nearest tenth. |
Percentage | |
CAFD | 35% |
15% | |
10% | |
Continued executive talent development | 10% |
Name of component | Description of | How | What is the may be paid in | Framework | ||||
Salary/fees | Fixed remuneration payable monthly. | Helps to recruit and retain executive directors and forms the basis of a competitive remuneration package. | Maximum amount €800 thousand (approximately Salary levels for peers are considered. | Not applicable. No retention or clawback. | ||||
Benefits | Opportunity to join existing plans for employees but without any increase in remuneration. | |||||||
Annual Bonus | Annual bonus is paid following the end of the financial year for performance over the year. There are no retention or forfeiture provisions. | Helps to offer a competitive remuneration package and align it with the | 200% of base salary. | 40%-50% of other operational or qualitative objectives. No retention. Clawback policy. |
Name of component | Description of component | How does this component support the company’s (or Group’s) short and long-term objectives? | What is the maximum that may be paid in respect of the component? | Framework used to assess performance | ||||
Strategic Review Bonus | One-time bonus related to the strategic review process and payable upon closing of a potential strategic transaction. | Helps retain executive directors who are relevant for the success of the strategic review process. | 110% of 2023 target annual remuneration (including fixed salary + target annual bonus). | Closing of a strategic transaction as such term is defined by the Board of Directors. | ||||
Long Term Incentive Awards | RSUs subject to certain vesting periods and | Align executive directors and shareholders interests. | - Continuing employment for 33% of the award and - Continuing employment and achievement of three year objectives for 67% of the award. Out of this 67%, the objectives consist of: - One third based on the Company reaching a minimum 5% average annual - One third based on the | |||||
Granted in the form of | Subject to the Company’s Clawback policy. |
- | Continuing employment for 33% of the award and |
- | Continuing employment and achievement of a minimum 5% average annual TSR for 67% of the award. |
1. | In the event that the Company is required to prepare a restatement (as defined in Nasdaq Rule 5608(b)(1)), executives covered by the policy shall be required to repay to the Company the amount of any covered compensation (as defined below) granted, vested or paid to such executive during the lookback period that exceeds the amount of the covered compensation that otherwise would have been granted, vested or paid to such executive had such amount been determined based on the restatement, computed on a pre-tax basis. |
2. | If the Company is required to prepare a material restatement as a result of misconduct and the Compensation Committee determines that the executive knowingly engaged in the misconduct or acted knowingly or with gross negligence in failing to prevent the misconduct, or if the Compensation Committee concludes that the participant engaged in fraud, embezzlement or other similar activity (including acts of omission) that the Compensation Committee concludes was materially detrimental to the Company, then, in addition to any remedies set forth in subsection 1 above, the Company may require the executive (or the executive’s beneficiary) to reimburse the Company for, or forfeit, all or any portion of any short or long term variable compensation awards. |
Main terms of the LTIP for awards granted to all Executives – Restricted Stock Units | |||||
Nature | -Continuing employment -Continuing employment and achievement of | •One third based on •One third based on the Company meeting appropriate financial targets (for example Adjusted EBITDA and CAFD) •One third based on strategic objectives: for example ESG, including growth in renewables and storage and other strategic objectives in line with the Company’s long term strategy Appropriate targets for each measure will be considered and set by the Compensation Committee at the start of each financial year and disclosed in the annual report of the relevant financial year accordingly, in accordance with the Regulations. | |||
Exercisability and Vesting Period | 33% of the shares will vest on the third anniversary of the grant date (subject to continued employment) and 67% of the shares will vest on the third anniversary of the grant date two-thirds of the total number of RSUs. The Company will decide at vesting if vested RSUs will be settled in cash or | ||||
Ownership and Dividends | The participant will be entitled to receive, for each Restricted Stock Unit held, a payment equivalent in value to |
Minimum: | Fixed remuneration only, assuming performance targets are not met for the annual bonus nor for the RSU and assuming no value for the options vesting in the year. |
Target: | Fixed remuneration, plus half of target annual bonus and the LTIP |
Maximum: | Fixed remuneration, plus maximum annual bonus and LTIP |
Name of component | How does the | Operation | Maximum | ||||||||
Fees and/or Deferred Restricted Share Units (DRSU) | Attract and retain Align interests of non-executive | Reviewed annually by the Compensation Committee and Board. The chair of the Board and the chair of each committee receive additional fees. DRSUs: the Company and the Directors shall agree the percentage of their fees that shall be paid in DRSUs. The number of DRSUs credited is determined using the market value of an ordinary share at the time of the grant. Upon a participant ceasing to be a member of the Board the DRSUs will vest. The Company shall transfer to the director a number of shares equal to the number of vested DRSUs and a number of shares equal in value to any dividends which would have been paid or payable, or such number of ordinary shares equal to the vested DRSUs, from the grant date until the vesting date. Minimum share ownership: within a period of five years, directors receiving remuneration from the Company should have a minimum share ownership in the Company of 3 times their annual compensation. | Annual total compensation for | ||||||||
Benefits | Reasonable travel expenses to the Company’s registered office or venues for meetings. | Customary control procedures. | Real costs of travel with a maximum of one million dollars for all directors. |
$ thousand | 2023 | 20222 | ||||||
Short-term employee benefits | 5,454.4 | 4,949.7 | ||||||
LTIP awards | 1,868.3 | 4,639.8 | ||||||
One-off awards | - | 1,212.3 | ||||||
Post-employment benefits | - | - | ||||||
Other long-term benefits | - | - | ||||||
Termination benefits1 | - | - | ||||||
Share-based payment | - | - | ||||||
Total | 7,322.7 | 10,801.8 |
(1) | Mr. Trisic resigned from his position as non-independent non-executive Director of Atlantica on August 30, 2023. DRSUs granted to Mr. Trisic, (in lieu of fees), together with the dividend equivalents accumulated with respect to these DRSUs from April 6, 2022 until vesting were fully settled on August 30, 2023. The settlement of the dividend equivalents was made on at the basis of a price per share of $22.87 corresponding to the average price of the 5 days prior to August 30, 2023, the date of resignment. In total (for his DRSUs and dividend equivalent rights) Mr. Trisic received 8,435 shares ($193 thousand). |
(2) | 2022 short-term employee benefits have been revised to include the Directors benefits. |
$ thousand | 2021 | 2020 | ||||||
Short-term employee benefits | 5,098.4 | 4,792.5 | ||||||
LTIP Awards | 2,140.2 | 496.5 | ||||||
One-off Awards | 1,231.5 | 852.6 | ||||||
Post-employment benefits | - | - | ||||||
Other long-term benefits | - | - | ||||||
Termination benefits | - | - | ||||||
Share-based payment | - | - | ||||||
Total | 8,470.1 | 6,141.6 |
Name(1) | Shares | Deferred Restricted Share Units | Share Units(2) | Investment Value $ in thousands(3) | Minimum Share Ownership Requirements | Compliance with Policy(4) | ||||||||||||||
William Aziz | 2,500 | - | - | 89 | 3 times annual compensation | On track | ||||||||||||||
Debora Del Favero | - | 878 | - | 31 | 3 times annual compensation | On track | ||||||||||||||
Brenda Eprile | 5,500 | - | - | 197 | 3 times annual compensation | On track | ||||||||||||||
Michael Forsayeth | 2,500 | 1,372 | - | 138 | 3 times annual compensation | On track | ||||||||||||||
Santiago Seage | 55,666 | - | 120,880 | 6,313 | 6 times fixed compensation | ✓ | ||||||||||||||
George Trisic | 1,000 | - | - | - | Non-applicable | Non-applicable | ||||||||||||||
Michael Woollcombe | 5,000 | 4,117 | - | 326 | 3 times annual compensation | On track |
Name(1) | Number of Shares | Number of Deferred Restricted Share Units(2) | Number of Share Units(3) subject to performance measures | Investment Value ($000’s)(4) | Minimum Share Ownership Requirement | Compliance With Policy(5) | Number of Share Options Vested Unexercised(6) | Share Options Not Vested(7) | ||||||||
William Aziz | 2,500 | - | - | 54 | 3 times annual compensation | On track | - | - | ||||||||
Arun Banskota | - | - | - | - | 3 times annual compensation | On track | - | - | ||||||||
Debora Del Favero | - | 4,973 | - | 107 | 3 times annual compensation | On track | - | - | ||||||||
Brenda Eprile | 13,000 | - | - | 280 | 3 times annual compensation | On track | - | - | ||||||||
Michael Forsayeth | 2,500 | 7,770 | - | 221 | 3 times annual compensation | On track | - | - | ||||||||
Edward C. Hall | 1,500 | - | - | 32 | 3 times annual compensation | On track | - | - | ||||||||
Santiago Seage | 117,491 | - | 105,868 | 4,802 | 6 times fixed compensation | ✔ | 84,389 | 24,948 | ||||||||
Michael Woollcombe | 5,000 | 23,311 | - | 609 | 3 times annual compensation | ✔ | - | - |
(1) | Mr. |
(2) |
(3) | Unvested share units as of December 31, 2023. LTIP share units subject to 5% minimum Total Shareholder |
Assuming a share price of |
Mr. Aziz, Ms. Del Favero, Ms. Eprile, Mr. Forsayeth, Mr. Seage and Mr. Woollcombe have a 5-year window |
(6) | Share options granted in 2021 (49,895) and share options granted in 2020 (34,494) were underwater as of December 31, 2023 were underwater as of December 31, 2022. |
(7) | Share options awarded in 2020 and 2021 under the LTIP (84,389). These share options have not vested as of December 31, 2023. |
C. | Board Practices |
Name | Position | |
William Aziz | Member | |
Brenda Eprile | Chair | |
Michael Forsayeth | Member |
Name | Position | |
Debora Del Favero | Chair | |
Michael Forsayeth | Member |
Name | Position | |
William Aziz | Chair | |
Debora Del Favero | Member | |
Edward C. Hall | Member |
Name | Position | |
William Aziz | Member | |
Brenda Eprile | Member | |
Michael Forsayeth | Chair |
D. | Employees |
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||
Geography | 2021 | 2020 | 2019 | 2023 | 2022 | 2021 | ||||||||||||||||||
North America | 308 | 243 | 229 | 331 | 312 | 308 | ||||||||||||||||||
South America | 68 | 51 | 43 | 97 | 93 | 68 | ||||||||||||||||||
EMEA | 166 | 55 | 50 | 796 | 443 | 166 | ||||||||||||||||||
Corporate | 115 | 107 | 103 | 142 | 130 | 115 | ||||||||||||||||||
Total | 658 | 456 | 425 | 1,366 | 978 | 658 |
- | Non-executive directors receiving remuneration from the Company: 3 times their annual compensation; |
- |
- |
- | Other executives: 2 times their fixed compensation. |
ITEM 7. | MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS |
Name | Ordinary Shares Beneficially Owned | Deferred Restricted Share Units | Shares Units | Percentage | Ordinary Shares Beneficially Owned | Deferred Restricted Share Units (2) | Share Units (3) | Percentage | ||||||||||||||||||||||||
Directors and Officers | ||||||||||||||||||||||||||||||||
Santiago Seage | 55,666 | 120,880 | - | |||||||||||||||||||||||||||||
William Aziz | 2,500 | - | 2,500 | - | - | - | ||||||||||||||||||||||||||
Arun Banskota | - | - | - | - | ||||||||||||||||||||||||||||
Debora Del Favero | - | 4,973 | - | - | ||||||||||||||||||||||||||||
Brenda Eprile | 5,500 | - | 13,000 | - | - | - | ||||||||||||||||||||||||||
Michael Forsayeth | 2,500 | 1,372 | - | 2,500 | 7,770 | - | - | |||||||||||||||||||||||||
Edward C. Hall | 1,500 | - | - | - | ||||||||||||||||||||||||||||
Santiago Seage | 117,491 | - | 105,868 | - | ||||||||||||||||||||||||||||
Michael Woollcombe | 5,000 | 4,117 | - | 5,000 | 23,310 | - | - | |||||||||||||||||||||||||
Debora Del Favero | - | 878 | - | |||||||||||||||||||||||||||||
5% Beneficial Owners | ||||||||||||||||||||||||||||||||
5% Beneficial Owner | ||||||||||||||||||||||||||||||||
Algonquin (AY Holdco) B.V. (1) | 48,962,925 | 43.5 | % | 48,962,925 | - | - | 42.2 | % | ||||||||||||||||||||||||
Morgan Stanley (2) | 5,677,200 | 5.1 | % |
(1) | This information is based |
(2) |
(3) | Non-vested Share Units as of December 31, 2023. LTIP share units subject to 5% minimum Total Shareholder Return. |
B. | Related Party Transactions |
C. | Interests of Experts and Counsel |
ITEM 8. | FINANCIAL INFORMATION |
A. | Consolidated Statements and Other Financial |
Declared | Record | Payable | Amount ($) per share |
March 12, 2024 | March 22, 2024 | 0.445 | |
November 7, 2023 | November 30, 2023 | December 15, 2023 | 0.445 |
July 31, 2023 | August 31, 2023 | September 15, 2023 | 0.445 |
May 4, 2023 | May 31, 2023 | June 15, 2023 | 0.445 |
February 28, 2023 | March 14, 2023 | March 25, 2023 | 0.445 |
November 8, 2022 | November 30, 2022 | December 15, 2022 | 0.445 |
August 2, 2022 | August 31, 2022 | September 15, 2022 | 0.445 |
May 5, 2022 | May 31, 2022 | June 15, 2022 | 0.44 |
February 25, 2022 | March 14, 2022 | March 25, 2022 | 0.44 |
November 9, 2021 | November 30, 2021 | December 15, 2021 | 0.435 |
July 30, 2021 | August 31, 2021 | September 15, 2021 | 0.43 |
May 4, 2021 | May 31, 2021 | June 15, 2021 | 0.43 |
February 26, 2021 | March 12, 2021 | March 22, 2021 | 0.42 |
B. | Significant Changes |
ITEM 9. | THE OFFER AND LISTING |
A. | Offering and Listing Details |
B. | Plan of Distribution |
C. | Markets |
D. | Selling Shareholders |
E. | Dilution |
F. | Expenses of the Issue |
ITEM 10. | ADDITIONAL INFORMATION |
A. | Share Capital |
B. | Memorandum and Articles of Association |
E. | Taxation |
F. | Dividends and Paying Agent |
I. | Subsidiaries Information |
J. | Annual Report to Security Holders |
Market Risk | Description of Risk | Management of Risk | |
Foreign exchange risk | We are exposed to foreign currency risk – including euro, Canadian dollar, South African rand, Colombian peso and Uruguayan peso – related to operations and certain foreign currency debt. Our presentation currency and the functional currency of most of our subsidiaries is the U.S. dollar, as most of our revenue and expenses are denominated or linked to U.S. dollars. All our companies located in North America, with the exception of Calgary, whose revenue is in Canadian dollars, and most of our companies in South America have their revenue and financing contracts signed in or indexed totally or partially to U.S. dollars. Our solar power plants in Europe have their revenue and expenses denominated in euros; Kaxu, our solar plant in South Africa, has its revenue and expenses denominated in South African rand, our solar plants in Colombia, have their revenue and expenses denominated in Colombian pesos and Albisu, our solar plant in Uruguay, has its revenue denominated in Uruguayan pesos, with a maximum and a minimum price in US dollars. | The main cash flows in our subsidiaries are cash collections arising from long-term contracts with clients and debt payments arising from project finance repayment. Project financing is typically denominated in the same currency as that of the contracted revenue agreement, which limits our exposure to foreign exchange risk. In addition, we maintain part of our corporate general and administrative expenses and part of our corporate debt in euros which creates a natural hedge for the distributions we receive from our assets in Europe. To further mitigate this exposure, our strategy is to hedge cash distributions from our assets in Europe. We hedge the exchange rate for the net distributions in euros (after deducting interest payments and general and administrative expenses in euros). Through currency options, we have hedged 100% of our euro-denominated net exposure for the next 12 months and 75% of our euro-denominated net exposure for the following 12 months. We expect to continue with this hedging strategy on a rolling basis. If the difference between the euro/U.S. dollar hedged rate for the year 2024 and the current rate was reduced by 5%, it would create a negative impact on cash available for distribution of approximately $4 million. This amount has been calculated as the average net euro exposure expected for the years 2024 to 2027 multiplied by the difference between the average hedged euro /U.S. dollar rate for 2024 and the euro/U.S. dollar rate as of the date of this annual report reduced by 5%. Although we hedge cash-flows in euros, fluctuations in the value of the euro in relation to the U.S. dollar may affect our operating results. For example, revenue in euro-denominated companies could decrease when translated to U.S. dollars at the average foreign exchange rate solely due to a decrease in the average foreign exchange rate, in spite of revenue in the original currency being stable. Fluctuations in the value of the South African rand, the Colombian peso and the Uruguayan peso with respect to the U.S. dollar may also affect our operating results. Apart from the impact of these translation differences, the exposure of our income statement to fluctuations of foreign currencies is limited, as the financing of projects is typically denominated in the same currency as that of the contracted revenue agreement. |
Interest rate risk | We are exposed to interest rate risk on our variable-rate debt. Interest rate risk arises mainly from our financial liabilities at variable interest rates (less than 10% of our consolidated debt currently). Interest rate risk may also arise in the future when we refinance our corporate debt, since interest rates at the moment of refinancing may be higher than current interest rates in our existing facilities. The most significant impact on our Annual Consolidated Condensed Interim Financial Statements related to interest rates corresponding to the potential impact of changes in EURIBOR or SOFR on the debt with interest rates based on these reference rates and on derivative positions. In relation to our interest rate swaps positions, an increase in EURIBOR or SOFR above the contracted fixed interest rate would create an increase in our financial expense which would be positively mitigated by our hedges, reducing our financial expense to our contracted fixed interest rate. However, an increase in EURIBOR or SOFR that does not exceed the contracted fixed interest rate would not be offset by our derivative position and would result in a stable net expense recognized in our consolidated income statement. In relation to our interest rate options positions, an increase in EURIBOR, or SOFR above the strike price would result in higher interest expenses, which would be positively mitigated by our hedges, reducing our financial expense to our capped interest rate. However, an increase in these rates of reference below the strike price would result in higher interest expenses. | Our assets largely consist of long duration physical assets, and financial liabilities consist primarily of long-term fixed-rate debt or floating-rate debt that has been swapped to fixed rates with interest rate financial instruments to minimize the exposure to interest rate fluctuations. We use interest rate swaps and interest rate options (caps) to mitigate interest rate risk. As of December 31, 2023, approximately 93% of our consolidated debt has fixed rates or is hedged. As of that same date, 92% of our project debt and approximately 94% of our corporate debt either has fixed interest rates or has been hedged with swaps or caps. Our revolving credit facility has variable interest rates and is not hedged as further described in “Item 5.B— Operating and Financial Review and Prospects—Liquidity and Capital Resources— Corporate debt agreements—Revolving Credit Facility”; In the event that EURIBOR or SOFR had risen by 25 basis points as of December 31, 2023, with the rest of the variables remaining constant, the effect in the consolidated income statement would have been a loss of $0.7 million (a loss of $1.3 million in 2022) and a gain in hedging reserves of $17.6 million ($18.4 million in 2022). The increase in hedging reserves would be mainly due to an increase in the fair value of interest rate swaps designated as hedges. |
Credit risk | We are exposed to credit risk mainly from operating activities, the maximum exposure of which is represented by the carrying amounts reported in the statements of financial position. We are exposed to credit risk if counterparties to our contracts, trade receivables, interest rate swaps, or foreign exchange hedge contracts are unable to meet their obligations. The credit rating of Eskom is currently B from S&P, B2 from Moody’s and B from Fitch. Eskom is the off-taker of our Kaxu solar plant, a state-owned, limited liability company, wholly owned by the Republic of South Africa. In addition, Pemex’s credit rating is currently BBB from S&P, B3 from Moody’s and B+ from Fitch. We have experienced delays in collections from Pemex, especially since the second half of 2019, which have been significant in certain quarters, including in the fourth quarter of 2023. | The diversification by geography and business sector helps to diversify credit risk exposure by diluting our exposure to a single client. In the case of Kaxu, Eskom’s payment guarantees to our Kaxu solar plant are underwritten by the South African Department of Mineral Resources and Energy, under the terms of an implementation agreement. The credit ratings of the Republic of South Africa as of the date of this annual report are BB-/Ba2/BB- by S&P, Moody’s and Fitch, respectively. In the case of Pemex, we continue to maintain a proactive approach including fluent dialogue with our client. | |
Liquidity risk | We are exposed to liquidity risk for financial liabilities. Our liquidity at the corporate level depends on distribution from the project level entities, most of which have project debt in place. Distributions are generally subject to the compliance with covenants and other conditions under our project finance agreements. | The objective of our financing and liquidity policy is to ensure that we maintain sufficient funds to meet our financial obligations as they fall due. Project finance borrowing permits us to finance projects through project debt and thereby insulate the rest of our assets from such credit exposure. We incur project finance debt on a project-by-project basis or by groups of projects. The repayment profile of each project is established based on the projected cash flow generation of the business. This ensures that sufficient financing is available to meet deadlines and maturities, which mitigates the liquidity risk. In addition, we maintain a periodic communication with our lenders and regular monitoring of debt covenants and minimum ratios. As of December 31, 2023, we had $411.1 million liquidity at the corporate level, comprised of $33.0 million of cash on hand at the corporate level and $378.1 million available under our Revolving Credit Facility. We believe that the Company’s liquidity position, cash flows from operations and availability under our revolving credit facility will be adequate to meet the Company’s financial commitments and debt obligations; growth, operating and maintenance capital expenditures; and dividend distributions to shareholders. Management continues to regularly monitor the Company’s ability to finance the needs of its operating, financing and investing activities within the guidelines of prudent balance sheet management. |
Electricity price risk | We currently have three assets with merchant revenues (Chile PV 1 and Chile PV 3, where we have a 35% ownership, and Lone Star II, where we have a 49% ownership) and one asset with partially contracted revenues (Chile PV 2, where we have a 35% ownership). Due to low electricity prices in Chile, the project debts of Chile PV 1 and 2 are under an event of default as of December 31, 2023 and as of the date of this annual report. Chile PV 1 was not able to maintain the minimum required cash in its debt service reserve account as of December 31, 2023 and did not make its debt service payment in January. In addition, in October 2023, Chile PV 2 did not make its debt service payment. This asset obtained additional financing from the banks and made the debt service payment in December, although it was not able to fund its debt service reserve account subsequently. As a result, although we do not expect an acceleration of the debt to be declared by the credit entities, as of December 31, 2023 Chile PV 1 and 2 did not have an unconditional right to defer the settlement of the debt for at least twelve months and the project debt was classified as current in our Annual Consolidated Financial Statements. We are in conversations with the banks, together with our partner, regarding a potential waiver. The value of the net assets contributed by Chile PV 1&2 to the Annual Consolidated Financial Statements, excluding non-controlling interest, was close to zero as of December 31, 2023 (see “Item 4—Information on the Company—Our Operations”). In addition, in several of the jurisdictions in which we operate including Spain, Chile and Italy we are exposed to remuneration schemes which contain both regulated incentives and market price components. In such jurisdictions, the regulated incentive or the contracted component may not fully compensate for fluctuations in the market price component, and, consequently, total remuneration may be volatile. | We manage our exposure to electricity price risk by ensuring that most of our revenues are not exposed to fluctuations in electricity prices. As of December 31, 2023, assets with merchant exposure represent less than a 2% of our portfolio in terms of Adjusted EBITDA. Regarding regulated assets with exposure to electricity market prices, these assets have the right to receive a “reasonable rate of return” (see “Item 4—Information on the Company— Regulation”). As a result, fluctuations in market prices may cause volatility in results of operations and cash flows, but it should not affect the net value of these assets. |
In addition, operating costs in certain of our existing or future projects depend to some extent on market prices of electricity used for self-consumption. | |||
Country risk | We consider that Algeria and South Africa, which represent a small portion of the portfolio in terms of cash available for distribution, are the geographies with a higher political risk profile. | Most of the countries in which we have operations are OECD countries. In 2019, we entered into a political risk insurance policy with the Multinational Investment Guarantee Agency for Kaxu. The insurance provides protection for breach of contract up to $47.0 million in the event that the South African Department of Mineral Resources and Energy does not comply with its obligations as guarantor. We also have a political risk insurance policy in place for two of our assets in Algeria for up to $35.8 million, including two years of dividend coverage. These insurance policies do not cover credit |
ITEM 12. | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES |
A. | Debt Securities |
ITEM 13. | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES |
(a) | Evaluation of Disclosure Controls and Procedures |
(b) | Management’s Report on Internal Control over Financial Reporting |
(c) | Attestation Report of the Independent Registered Public Accounting Firm |
(d) | Changes in Internal Controls over Financial Reporting |
(e) | Inherent Limitations of Disclosure Controls and Procedures in Internal Control over Financial Reporting |
ITEM 16. | RESERVED |
ITEM 16A. | AUDIT COMMITTEE FINANCIAL EXPERT |
ITEM 16B. | CODE OF ETHICS |
ITEM 16C. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
EY | Other Auditors | Total | ||||||||||
($ in thousands) | ||||||||||||
Audit Fees | 1,571 | 289 | 1,860 | |||||||||
Audit-Related Fees | 651 | - | 651 | |||||||||
Tax Fees | 633 | - | 633 | |||||||||
All Other Fees | - | - | - | |||||||||
Total | 2,855 | 289 | 3,144 |
EY | Other Auditors | Total | ||||||||||
($ in thousands) | ||||||||||||
Audit Fees | 1,954 | 105 | 2,059 | |||||||||
Audit-Related Fees | 70 | - | 70 | |||||||||
Tax Fees | 344 | - | 344 | |||||||||
Total | 2,368 | 105 | 2,473 |
EY | Other Auditors | Total | EY | Other Auditors | Total | |||||||||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||||||||||
Audit Fees | 1,391 | 54 | 1,445 | 1,643 | 295 | 1,938 | ||||||||||||||||||
Audit-Related Fees | 516 | - | 516 | 422 | - | 422 | ||||||||||||||||||
Tax Fees | 502 | - | 502 | 502 | - | 502 | ||||||||||||||||||
All Other Fees | 15 | - | 15 | |||||||||||||||||||||
Total | 2,424 | 54 | 2,478 | 2,567 | 295 | 2,862 |
o | Audit services, including audit of financial statements, limited reviews, comfort letters, other verification works requested by regulator or supervisors; |
o | Audit-related services, including due diligence services, verification of corporate social responsibility report, accounting or internal control advisory and preparation courses on these topics; |
o | Tax services; |
o | Other specific services, such as evaluation of the design, implementation and operation of a financial information system or control over financial reporting; |
ITEM 16D. | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES |
ITEM 16G. | CORPORATE GOVERNANCE |
ITEM 16H. | MINE SAFETY DISCLOSURE |
ITEM 16J. | INSIDER TRADING POLICIES |
1. | Risk Management Strategy |
2. | Cybersecurity Governance |
ITEM 17. | FINANCIAL STATEMENTS |
ITEM 18. | FINANCIAL STATEMENTS |
ITEM 19. | EXHIBITS |
Exhibit No. | Description |
Amended and restated Articles of Association of Atlantica | |
Description of Securities Registered under Section 12 of the Exchange |
Credit and Guaranty Agreement dated May 10, 2018 (incorporated by reference from Exhibit 99.1 from Atlantica | |
First Amendment and Joinder to Credit and Guaranty Agreement, dated January 24, 2019 (incorporated by reference from Exhibit 4.14 from Atlantica | |
Second Amendment to Credit and Guaranty Agreement, dated August 2, 2019 (incorporated by reference from Exhibit 4.18 from Atlantica | |
Third Amendment to Credit and Guaranty Agreement, dated December 17, 2019 (incorporated by reference from Exhibit 4.19 from Atlantica | |
Fourth Amendment to Credit and Guaranty Agreement, dated August 28, 2020 (incorporated by reference from Exhibit 4.25 from Atlantica Sustainable Infrastructure plc’s Form 6-K filed with the SEC on November 6, 2020 – SEC File No. 001-36487). | |
Fifth Amendment to Credit and Guaranty Agreement, dated December 3, 2020 (incorporated by reference from Exhibit 4.20 from Atlantica Sustainable Infrastructure plc’s Form 20-F, as amended, filed with the SEC on February 28, 2022 – SEC File No. 001-36487). | |
Sixth Amendment to Credit and Guaranty Agreement, dated March 1, 2021 (incorporated by reference from Exhibit 99.1 from Atlantica Sustainable Infrastructure plc’s Form 6-K filed with the SEC on March 30, 2021 – SEC File No. 001-36487). | |
Seventh Amendment to Credit and Guaranty Agreement, dated May 5, 2022 (incorporated by reference from Exhibit 4.26 from Atlantica Sustainable Infrastructure plc’s Form 6-K filed with the SEC on May 9, 2022 – SEC File No. 001-36487). | |
Eighth Amendment to Credit and Guaranty Agreement, dated May 30, 2023 (incorporated by reference from Exhibit 4.24 from Atlantica Sustainable Infrastructure plc’s Form 6-K filed with the SEC on May 31, 2023 – SEC File No. 001-36487). | |
Shareholder’s Agreement dated March 5, 2018 among Atlantica Sustainable Infrastructure plc (formerly known as Atlantica Yield plc), Liberty GES and Algonquin Power & Utilities Corp. (incorporated by reference from Exhibit 4.13 from Atlantica Sustainable Infrastructure plc’s Form 6-K filed with the SEC on March 12, 2018– SEC File No. 001-36487). | |
Right of First Offering Agreement dated March 5, 2018 between Atlantica Sustainable Infrastructure plc (formerly known as Atlantica Yield plc) and Algonquin Power and Utilities Corp. (incorporated by reference from Exhibit 4.15 from Atlantica Sustainable Infrastructure plc’s Form 6-K filed with the SEC on March 12, 2018– SEC File No. 001-36487). | |
Enhanced Cooperation Agreement, dated May 9, 2019, by and among Algonquin Power & Utilities, Corp., Atlantica Sustainable Infrastructure plc (formerly known as Atlantica Yield plc) and Abengoa-Algonquin Global Energy Solutions B.V. (incorporated by reference from Exhibit 99.1 from Atlantica Sustainable Infrastructure plc’s Form 6-K filed with the SEC on August 7, 2019 – SEC File No. 001-36487). |
Subscription Agreement, dated May 9, 2019, by and between Algonquin Power & Utilities, Corp. and Atlantica Sustainable Infrastructure plc (formerly known as Atlantica Yield plc) (incorporated by reference from Exhibit 99.2 from Atlantica Sustainable Infrastructure plc’s Form 6-K filed with the SEC on August 7, 2019 – SEC File No. 001-36487). | |
AYES Shareholder Agreement, dated May 24, 2019, by and among Algonquin Power & Utilities, Corp., Atlantica Sustainable Infrastructure plc (formerly known as Atlantica Yield plc) and Atlantica Yield Energy Solutions Canada Inc. (incorporated by reference from Exhibit 99.3 from Atlantica Sustainable Infrastructure plc’s Form 6-K filed with the SEC on August 7, 2019 – SEC File No. 001-36487). | |
Note Purchase Agreement, dated March 20, 2020, between Atlantica Sustainable Infrastructure plc (formerly known as Atlantica Yield | |
Memorandum and Articles of Association of Atlantica Sustainable Infrastructure Jersey Limited (incorporated by reference from Exhibit 4.21 from Atlantica Sustainable Infrastructure plc’s Form 6-K filed with the SEC on August 3, 2020 – SEC File No. 001-36487). | |
Indenture (including Form of Global Note) relating to Atlantica Sustainable Infrastructure Jersey Limited’s 4.00% Green Exchangeable Senior Notes due 2025, dated July 17, 2020, by and among Atlantica Sustainable Infrastructure Jersey Limited, as Issuer, Atlantica Sustainable Infrastructure plc, as Guarantor, BNY Mellon Corporate Trustee Services Limited, as Trustee, The Bank of New York Mellon, London Branch, as Paying and Exchange Agent, and The Bank of New York Mellon SA/NV, Luxembourg Branch, as Note Registrar and Transfer Agent (incorporated by reference from Exhibit 4.22 from Atlantica Sustainable Infrastructure plc’s Form 6-K filed with the SEC on August 3, 2020 – SEC File No. 001-36487). | |
Deed Poll granted by Atlantica Sustainable Infrastructure plc, as Guarantor, in favor of Atlantica Sustainable Infrastructure Jersey Limited, as Issuer, dated July 17, 2020, in connection with the 4.00% Green Exchangeable Senior Notes due 2025 (incorporated by reference from Exhibit 4.23 from Atlantica Sustainable Infrastructure plc’s Form 6-K filed with the SEC on August 3, 2020 – SEC File No. 001-36487). | |
The Note Issuance Facility for an amount of €140 million, dated July 8, 2020, among Atlantica Sustainable Infrastructure plc, the guarantors named therein, Lucid Agency Services Limited, as facility agent, and a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder (incorporated by reference from Exhibit 4.24 from Atlantica Sustainable Infrastructure plc’s Form 6-K filed with the SEC on August 3, 2020 – SEC File No. 001-36487). | |
Amendment No. 1 to Note Issuance Facility Agreement, dated March 30, 2021. (incorporated by reference from Exhibit 4.22 from Atlantica Sustainable Infrastructure plc’s Form 20-F, as amended, filed with the SEC on February 28, 2022 – SEC File No. 001-36487). |
Indenture (including Form of Global Notes) relating to Atlantica Sustainable Infrastructure | |
Distribution Agreement, dated | |
Amendment Agreement to the Distribution Agreement, dated May 9, 2022 (incorporated by reference from Exhibit 1.1 from Atlantica Sustainable Infrastructure plc’s Form 6-K filed with the SEC on May 9, 2022 – SEC File No. 001-36487). | |
ATM Plan Letter Agreement, dated August 3, 2021, between Atlantica Sustainable Infrastructure plc and Algonquin Power & Utilities Corp (incorporated by reference from Exhibit 4.29 from Atlantica Sustainable Infrastructure plc’s Form 6-K filed with the SEC on August 3, 2021 – SEC File No. 001-36487). | |
Subsidiaries of Atlantica Sustainable Infrastructure plc. | |
Certification of Santiago Seage, Chief Executive Officer of Atlantica Sustainable Infrastructure plc, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
Certification of Francisco Martinez-Davis, Chief Financial Officer of Atlantica Sustainable Infrastructure plc, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
Consent of | |
ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC | |||
By: | /s/ Santiago Seage | ||
Name: | Santiago Seage | ||
Title: | Chief Executive Officer |
ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC | |||
By: | /s/ Francisco Martinez-Davis | ||
Name: | Francisco Martinez-Davis | ||
Title: | Chief Financial Officer |
Report of Ernst and Young, S.L. (PCAOB ID 1461) | F-1 |
Consolidated statements of financial position as of December 31, | |
Consolidated income statements for the years ended December 31, | |
Consolidated financial statements of comprehensive income for the years ended December 31, | |
Consolidated statements of changes in equity for the years ended December 31, | |
Consolidated cash flow statements for the years ended December 31, | |
Notes to the annual consolidated financial statements | |
Appendix I: Entities included in the Group as subsidiaries as of December 31, | |
Appendix II: Investments recorded under the equity method as of December 31, | |
Appendix III-1 and Appendix III-2: Assets subject to the application of IFRIC 12 interpretation based on the concession of services as of December 31, | |
Appendix IV: Additional Information of Subsidiaries including material Non-controlling interest as of December 31, |
Description of the Matter | As described in Note 6 to the consolidated financial statements, the Company includes “contracted concessional, PP&E and other intangible assets” amounting to $7,204 million at December 31, 2023. Revenue derived from the Company’s contracted concessional, PP&E and other intangible assets are primarily governed by power purchase agreements (“PPAs”) with the Company’s customers or by the applicable energy market regulations of each country, mainly in Spain and Chile. As described in Note 2 to the consolidated financial statements, the Company reviews its contracted concessional assets, PP&E and other intangible assets for impairment indicators whenever events or changes in circumstances indicate that the carrying amounts of the assets or group of assets may not be recoverable, or previous impairment losses are no longer adequate. As discussed in Note 6, management identified triggering events at two Chilean assets (Chile PV1 and Chile PV2) and as a result, a $16 million impairment charge was recorded in 2023 for Chile PV1 and no impairment for Chile PV2. Auditing the Company’s recoverability assessment of contracted concessional, PP&E and other intangible assets involves significant judgment in determining whether impairment indicators existed and, if an indicator exists, in the assumptions used by management in the determination of whether an impairment should be recorded or reversed. The main inputs considered when evaluating for impairment indicators include the performance of the assets versus budget, changes in applicable regulations and estimates of future electricity prices. The significant assumptions which required substantial judgement or estimation used in management’s impairment calculation are discount rates and projections considering real data based on contract terms and projected changes in both selling prices and costs. |
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s contracted concessional, PP&E and other intangible assets recoverability assessment process. Among others, we tested controls over management’s identification of potential impairment indicators, as well as controls over the determination of significant assumptions used in the impairment calculation, including, the discount rates and underlying projections used in the Company’s impairment assessment. To test the Company’s impairment indicators assessment for contracted concessional, PP&E and other intangible assets, our audit procedures included, among others, comparing actual energy production versus budget for each asset, assessing the estimated future electricity prices versus prior year future estimates and determining whether identified changes in applicable regulation would negatively impact the Company’s assets’ future cash flows. As part of our impairment test audit procedures, we assessed the appropriateness of the main inputs used in the cash flow projections, by, for example, comparing future price estimates versus prior year future estimates. For the discount rate, we involved our valuation specialists to assist us in developing independent estimates for a range of discount rates, which we compared to those used by the Company. We assessed the adequacy of the related disclosures in the Company’s consolidated financial statements, including the sensitivity analysis on electricity prices and discount rate assumptions. |
/s/ ERNST & YOUNG, S.L. |
We have served as the Company’s auditor since 2019 |
Madrid, Spain |
February 29, 2024 |
As of December 31, | As of December 31, | |||||||||||||||||||||||
Note (1) | 2021 | 2020 | Note (1) | 2023 | 2022 | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Non-current assets | ||||||||||||||||||||||||
Contracted concessional assets | 6 | 8,021,568 | 8,155,418 | |||||||||||||||||||||
Contracted concessional, PP&E and other intangible assets | 6 | 7,204,267 | 7,483,259 | |||||||||||||||||||||
Investments carried under the equity method | 7 | 294,581 | 116,614 | 7 | 230,307 | 260,031 | ||||||||||||||||||
Other accounts receivable | 8 | 85,801 | 88,655 | 9 | 79,875 | 86,431 | ||||||||||||||||||
Derivative assets | 9 | 10,807 | 1,099 | 10 | 56,707 | 89,806 | ||||||||||||||||||
Financial investments | 8 | 96,608 | 89,754 | |||||||||||||||||||||
Other financial assets | 9 | 136,582 | 176,237 | |||||||||||||||||||||
Deferred tax assets | 18 | 172,268 | 152,290 | 19 | 160,995 | 149,656 | ||||||||||||||||||
Total non-current assets | 8,585,025 | 8,514,076 | 7,732,151 | 8,069,183 | ||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Inventories | 29,694 | 23,958 | 29,870 | 34,511 | ||||||||||||||||||||
Trade receivables | 11 | 227,343 | 258,087 | 12 | 213,345 | 125,437 | ||||||||||||||||||
Credits and other receivables | 11 | 79,800 | 73,648 | 12 | 73,138 | 74,897 | ||||||||||||||||||
Trade and other receivables | 11 | 307,143 | 331,735 | 12 | 286,483 | 200,334 | ||||||||||||||||||
Financial investments | 8 | 207,379 | 200,084 | |||||||||||||||||||||
Other financial assets | 9 | 188,886 | 195,893 | |||||||||||||||||||||
Cash and cash equivalents | 12 | 622,689 | 868,501 | 13 | 448,301 | 600,990 | ||||||||||||||||||
953,540 | 1,031,728 | |||||||||||||||||||||||
Assets held for sale | 8 | 28,642 | - | |||||||||||||||||||||
Total current assets | 1,166,905 | 1,424,278 | 982,182 | 1,031,728 | ||||||||||||||||||||
Total assets | 9,751,930 | 9,938,354 | 8,714,333 | 9,100,911 |
(1) | Notes 1 to |
As of December 31, | As of December 31, | |||||||||||||||||||||||
Note (1) | 2021 | 2020 | Note (1) | 2023 | 2022 | |||||||||||||||||||
Equity and liabilities | ||||||||||||||||||||||||
Equity attributable to the Company | ||||||||||||||||||||||||
Share capital | 13 | 11,240 | 10,667 | 14 | 11,616 | 11,606 | ||||||||||||||||||
Share premium | 13 | 872,011 | 1,011,743 | 14 | 736,594 | 986,594 | ||||||||||||||||||
Capital reserves | 13 | 1,020,027 | 881,745 | 14 | 858,220 | 814,951 | ||||||||||||||||||
Other reserves | 9 | 171,272 | 96,641 | 10 | 308,002 | 345,567 | ||||||||||||||||||
Accumulated currency translation differences | 13 | (133,450 | ) | (99,925 | ) | 14 | (139,434 | ) | (161,307 | ) | ||||||||||||||
Accumulated deficit | 13 | (398,701 | ) | (373,489 | ) | 14 | (351,521 | ) | (397,540 | ) | ||||||||||||||
Non-controlling interest | 13 | 206,206 | 213,499 | 14 | 165,332 | 189,176 | ||||||||||||||||||
Total equity | 1,748,605 | 1,740,881 | 1,588,809 | 1,789,047 | ||||||||||||||||||||
Non-current liabilities | ||||||||||||||||||||||||
Long-term corporate debt | 14 | 995,190 | 970,077 | 15 | 1,050,816 | 1,000,503 | ||||||||||||||||||
Borrowings | 3,407,956 | 3,862,068 | 3,061,033 | 3,322,115 | ||||||||||||||||||||
Notes and bonds | 979,718 | 1,063,200 | 870,840 | 904,403 | ||||||||||||||||||||
Long-term project debt | 15 | 4,387,674 | 4,925,268 | 16 | 3,931,873 | 4,226,518 | ||||||||||||||||||
Grants and other liabilities | 16 | 1,263,744 | 1,229,767 | 17 | 1,233,808 | 1,252,513 | ||||||||||||||||||
Derivative liabilities | 9 | 223,453 | 328,184 | 10 | 29,957 | 16,847 | ||||||||||||||||||
Deferred tax liabilities | 18 | 308,859 | 260,923 | 19 | 271,288 | 296,481 | ||||||||||||||||||
Total non-current liabilities | 7,178,920 | 7,714,219 | 6,517,742 | 6,792,862 | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Short-term corporate debt | 14 | 27,881 | 23,648 | 15 | 34,022 | 16,697 | ||||||||||||||||||
Borrowings | 597,680 | 261,788 | 332,734 | 273,556 | ||||||||||||||||||||
Notes and bonds | 50,839 | 50,558 | 54,653 | 52,978 | ||||||||||||||||||||
Short-term project debt | 15 | 648,519 | 312,346 | 16 | 387,387 | 326,534 | ||||||||||||||||||
Trade payables and other current liabilities | 17 | 113,907 | 92,557 | 18 | 141,713 | 140,230 | ||||||||||||||||||
Income and other tax payables | 34,098 | 54,703 | 44,660 | 35,541 | ||||||||||||||||||||
Total current liabilities | 824,405 | 483,254 | 607,782 | 519,002 | ||||||||||||||||||||
Total equity and liabilities | 9,751,930 | 9,938,354 | 8,714,333 | 9,100,911 |
(1) | Notes 1 to |
Note (1) | For the year ended December 31, | Note (1) | For the year ended December 31, | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2023 | 2022 | 2021 | |||||||||||||||||||||||||||
Revenue | 4 | 1,211,749 | 1,013,260 | 1,011,452 | 4 | 1,099,894 | 1,102,029 | 1,211,749 | ||||||||||||||||||||||||
Other operating income | 20 | 74,670 | 99,525 | 93,774 | 22 | 101,087 | 80,782 | 74,670 | ||||||||||||||||||||||||
Employee benefit expenses | 20 | (78,758 | ) | (54,464 | ) | (32,246 | ) | 21 | (104,083 | ) | (80,232 | ) | (78,758 | ) | ||||||||||||||||||
Depreciation, amortization, and impairment charges | 6 | (439,441 | ) | (408,604 | ) | (310,755 | ) | 6 | (418,271 | ) | (473,638 | ) | (439,441 | ) | ||||||||||||||||||
Other operating expenses | 20 | (414,330 | ) | (276,666 | ) | (261,776 | ) | 22 | (336,622 | ) | (351,248 | ) | (414,330 | ) | ||||||||||||||||||
Operating profit | 353,890 | 373,051 | 500,449 | 342,005 | 277,693 | 353,890 | ||||||||||||||||||||||||||
Financial income | 21 | 2,755 | 7,052 | 4,121 | 23 | 25,007 | 10,149 | 5,962 | ||||||||||||||||||||||||
Financial expense | 21 | (361,270 | ) | (378,386 | ) | (407,990 | ) | 23 | (323,749 | ) | (330,445 | ) | (360,898 | ) | ||||||||||||||||||
Net exchange differences | 21 | 1,873 | (1,351 | ) | 2,674 | 23 | (2,549 | ) | 10,257 | 1,873 | ||||||||||||||||||||||
Other financial income/(expense), net | 21 | 15,750 | 40,875 | (1,153 | ) | |||||||||||||||||||||||||||
Other financial income/(loss), net | 23 | (16,683 | ) | (895 | ) | 12,171 | ||||||||||||||||||||||||||
Financial expense, net | (340,892 | ) | (331,810 | ) | (402,348 | ) | (317,974 | ) | (310,934 | ) | (340,892 | ) | ||||||||||||||||||||
Share of profit of associates carried under the equity method | 7 | 12,304 | 510 | 7,457 | ||||||||||||||||||||||||||||
Share of profit of entities carried under the equity method | 7 | 13,207 | 21,465 | 12,304 | ||||||||||||||||||||||||||||
Profit before income tax | 25,302 | 41,751 | 105,558 | |||||||||||||||||||||||||||||
Profit /(loss) before income tax | 37,238 | (11,776 | ) | 25,302 | ||||||||||||||||||||||||||||
Income tax expense | 18 | (36,220 | ) | (24,877 | ) | (30,950 | ) | |||||||||||||||||||||||||
Income tax (expense)/income | 19 | (790 | ) | 9,689 | (36,220 | ) | ||||||||||||||||||||||||||
Profit/(loss) for the year | (10,918 | ) | 16,874 | 74,608 | 36,448 | (2,087 | ) | (10,918 | ) | |||||||||||||||||||||||
Profit attributable to non-controlling interests | (19,162 | ) | (4,906 | ) | (12,473 | ) | ||||||||||||||||||||||||||
Profit/(loss) attributable to non-controlling interest | 6,932 | (3,356 | ) | (19,162 | ) | |||||||||||||||||||||||||||
Profit/(loss) for the year attributable to the Company | (30,080 | ) | 11,968 | 62,135 | 43,380 | (5,443 | ) | (30,080 | ) | |||||||||||||||||||||||
Weighted average number of ordinary shares outstanding (thousands) - basic | 22 | 111,008 | 101,879 | 101,063 | ||||||||||||||||||||||||||||
Weighted average number of ordinary shares outstanding (thousands) – basic | 24 | 116,152 | 114,695 | 111,008 | ||||||||||||||||||||||||||||
Weighted average number of ordinary shares outstanding (thousands) - diluted | 22 | 114,523 | 103,392 | 101,063 | ||||||||||||||||||||||||||||
Weighted average number of ordinary shares outstanding (thousands) – diluted | 24 | 119,720 | 118,865 | 115,408 | ||||||||||||||||||||||||||||
Basic earnings per share (U.S. dollar per share) | 22 | (0.27 | ) | 0.12 | 0.61 | 24 | 0.37 | (0.05 | ) | (0.27 | ) | |||||||||||||||||||||
Diluted earnings per share (U.S. dollar per share) | 22 | (0.26 | ) | 0.12 | 0.61 | |||||||||||||||||||||||||||
Diluted earnings per share (U.S. dollar per share) (*) | 24 | 0.37 | (0.09 | ) | (0.28 | ) |
(*) | Antidilutive effect applied, where applicable (see Note 24) |
(1) | Notes 1 to 25 are an integral part of the Consolidated Financial Statements |
For the year ended December 31, | ||||||||||||||||
Note (1) | 2023 | 2022 | 2021 | |||||||||||||
Profit/(loss) for the year | 36,448 | (2,087 | ) | (10,918 | ) | |||||||||||
Items that may be subject to transfer to profit and loss statement | ||||||||||||||||
Change in fair value of cash flow hedges | (22,437 | ) | 218,737 | 33,846 | ||||||||||||
Currency translation differences | 24,584 | (33,704 | ) | (41,956 | ) | |||||||||||
Tax effect | 1,258 | (54,405 | ) | (9,139 | ) | |||||||||||
Net income/(expense) recognized directly in equity | 3,405 | 130,628 | (17,249 | ) | ||||||||||||
Cash flow hedges | 10 | (27,115 | ) | 38,187 | 58,292 | |||||||||||
Tax effect | 6,779 | (9,547 | ) | (14,573 | ) | |||||||||||
Transfers to profit and loss statement | (20,336 | ) | 28,640 | 43,719 | ||||||||||||
Other comprehensive income/(loss) | (16,931 | ) | 159,268 | 26,470 | ||||||||||||
Total comprehensive income for the year | 19,517 | 157,181 | 15,552 | |||||||||||||
Total comprehensive (income)/loss attributable to non-controlling interest | 8,171 | (14,613 | ) | (14,586 | ) | |||||||||||
Total comprehensive income attributable to the Company | 27,688 | 142,568 | 966 |
(1) | Notes 1 to |
For the year ended December 31, | ||||||||||||||||
Note (1) | 2021 | 2020 | 2019 | |||||||||||||
Profit/(loss) for the year | (10,918 | ) | 16,874 | 74,608 | ||||||||||||
Items that may be subject to transfer to income statement | ||||||||||||||||
Change in fair value of cash flow hedges | 33,846 | (26,272 | ) | (81,713 | ) | |||||||||||
Currency translation differences | (41,956 | ) | (9,947 | ) | (22,284 | ) | ||||||||||
Tax effect | (9,139 | ) | 5,897 | 20,088 | ||||||||||||
Net expenses recognized directly in equity | (17,249 | ) | (30,322 | ) | (83,909 | ) | ||||||||||
Cash flow hedges | 9 | 58,292 | 58,381 | 55,765 | ||||||||||||
Tax effect | (14,573 | ) | (14,595 | ) | (13,941 | ) | ||||||||||
Transfers to income statement | 43,719 | 43,786 | 41,824 | |||||||||||||
Other comprehensive income/(loss) | 26,470 | 13,464 | (42,085 | ) | ||||||||||||
Total comprehensive income for the year | 15,552 | 30,338 | 32,523 | |||||||||||||
Total comprehensive income attributable to non-controlling interest | (14,586 | ) | (4,627 | ) | (12,429 | ) | ||||||||||
Total comprehensive income attributable to the Company | 966 | 25,711 | 20,094 |
Share capital | Share premium | Capital reserves | Other reserves | Accumulated currency translation differences | Accumulated deficit | Total equity attributable to the Company | Non- controlling interest | Total equity | ||||||||||||||||||||||||||||
Balance as of January 1, 2019 | 10,022 | 1,981,881 | 48,059 | 95,011 | (68,315 | ) | (449,274 | ) | 1,617,384 | 138,728 | 1,756,112 | |||||||||||||||||||||||||
Profit for the year after taxes | 0 | 0 | 0 | 0 | 0 | 62,135 | 62,135 | 12,473 | 74,608 | |||||||||||||||||||||||||||
Change in fair value of cash flow hedges | 0 | 0 | 0 | (27,947 | ) | 0 | 1,682 | (26,265 | ) | 317 | (25,948 | ) | ||||||||||||||||||||||||
Currency translation differences | 0 | 0 | 0 | 0 | (22,509 | ) | 0 | (22,509 | ) | 225 | (22,284 | ) | ||||||||||||||||||||||||
Tax effect | 0 | 0 | 0 | 6,733 | 0 | 0 | 6,733 | (586 | ) | 6,147 | ||||||||||||||||||||||||||
Other comprehensive income | 0 | 0 | 0 | (21,214 | ) | (22,509 | ) | 1,682 | (42,041 | ) | (44 | ) | (42,085 | ) | ||||||||||||||||||||||
Total comprehensive income | 0 | 0 | 0 | (21,214 | ) | (22,509 | ) | 63,817 | 20,094 | 12,429 | 32,523 | |||||||||||||||||||||||||
Capital increase (Note 13) | 138 | 29,862 | 0 | 0 | 0 | 0 | 30,000 | 0 | 30,000 | |||||||||||||||||||||||||||
Amherst Island (Note 7) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 92,303 | 92,303 | |||||||||||||||||||||||||||
Reduction of Share Premium (Note 13) | 0 | (1,000,000 | ) | 1,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
Distributions (Note 13) | 0 | 0 | (159,002 | ) | 0 | 0 | 0 | (159,002 | ) | (37,080 | ) | (196,082 | ) | |||||||||||||||||||||||
Balance as of December 31, 2019 | 10,160 | 1,011,743 | 889,057 | 73,797 | (90,824 | ) | (385,457 | ) | 1,508,476 | 206,380 | 1,714,856 |
Share capital | Share premium | Capital reserves | Other reserves | Accumulated currency translation differences | Accumulated deficit | Total equity attributable to the Company | Non- controlling interest | Total equity | ||||||||||||||||||||||||||||
Balance as of January 1, 2021 | 10,667 | 1,011,743 | 881,745 | 96,641 | (99,925 | ) | (373,489 | ) | 1,527,382 | 213,499 | 1,740,881 | |||||||||||||||||||||||||
Profit/(loss) for the year after taxes | - | - | - | - | - | (30,080 | ) | (30,080 | ) | 19,162 | (10,918 | ) | ||||||||||||||||||||||||
Change in fair value of cash flow hedges net of transfer to profit and loss statement | - | - | - | 97,421 | - | (10,060 | ) | 87,361 | 4,777 | 92,138 | ||||||||||||||||||||||||||
Currency translation differences | - | - | - | - | (33,525 | ) | - | (33,525 | ) | (8,431 | ) | (41,956 | ) | |||||||||||||||||||||||
Tax effect | - | - | - | (22,790 | ) | - | - | (22,790 | ) | (922 | ) | (23,712 | ) | |||||||||||||||||||||||
Other comprehensive income | - | - | - | 74,631 | (33,525 | ) | (10,060 | ) | 31,046 | (4,576 | ) | 26,470 | ||||||||||||||||||||||||
Total comprehensive income | - | - | - | 74,631 | (33,525 | ) | (40,140 | ) | 966 | 14,586 | 15,552 | |||||||||||||||||||||||||
Capital contribution | 573 | 60,268 | 128,920 | - | - | - | 189,761 | - | 189,761 | |||||||||||||||||||||||||||
Reduction of Share Premium | - | (200,000 | ) | 200,000 | - | - | - | - | - | - | ||||||||||||||||||||||||||
Business combinations | - | - | - | - | - | - | - | 8,287 | 8,287 | |||||||||||||||||||||||||||
Share-based compensation | - | - | - | - | - | 14,928 | 14,928 | - | 14,928 | |||||||||||||||||||||||||||
Distributions | - | - | (190,638 | ) | - | - | - | (190,638 | ) | (30,166 | ) | (220,804 | ) | |||||||||||||||||||||||
Balance as of December 31, 2021 | 11,240 | 872,011 | 1,020,027 | 171,272 | (133,450 | ) | (398,701 | ) | 1,542,399 | 206,206 | 1,748,605 |
Share capital | Share premium | Capital reserves | Other reserves | Accumulated currency translation differences | Accumulated deficit | Total equity attributable to the Company | Non- controlling interest | Total equity | ||||||||||||||||||||||||||||
Balance as of January 1, 2020 | 10,160 | 1,011,743 | 889,057 | 73,797 | (90,824 | ) | (385,457 | ) | 1,508,476 | 206,380 | 1,714,856 | |||||||||||||||||||||||||
Profit for the year after taxes | 0 | 0 | 0 | 0 | 0 | 11,968 | 11,968 | 4,906 | 16,874 | |||||||||||||||||||||||||||
Change in fair value of cash flow hedges | 0 | 0 | 0 | 31,353 | 0 | 0 | 31,353 | 756 | 32,109 | |||||||||||||||||||||||||||
Currency translation differences | 0 | 0 | 0 | 0 | (9,101 | ) | 0 | (9,101 | ) | (846 | ) | (9,947 | ) | |||||||||||||||||||||||
Tax effect | 0 | 0 | 0 | (8,509 | ) | 0 | 0 | (8,509 | ) | (189 | ) | (8,698 | ) | |||||||||||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 22,844 | (9,101 | ) | 0 | 13,743 | (279 | ) | 13,464 | |||||||||||||||||||||||||
Total comprehensive income | 0 | 0 | 0 | 22,844 | (9,101 | ) | 11,968 | 25,711 | 4,627 | 30,338 | ||||||||||||||||||||||||||
Capital increase (Note 13) | 507 | 0 | 161,347 | 0 | 0 | 0 | 161,854 | 0 | 161,854 | |||||||||||||||||||||||||||
Business combinations (Note 5) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25,308 | 25,308 | |||||||||||||||||||||||||||
Distributions (Note 13) | 0 | 0 | (168,659 | ) | 0 | 0 | 0 | (168,659 | ) | (22,816 | ) | (191,475 | ) | |||||||||||||||||||||||
Balance as of December 31, 2020 | 10,667 | 1,011,743 | 881,745 | 96,641 | (99,925 | ) | (373,489 | ) | 1,527,382 | 213,499 | 1,740,881 |
Share capital | Share premium | Capital reserves | Other reserves | Accumulated currency translation differences | Accumulated deficit | Total equity attributable to the Company | Non- controlling interest | Total equity | ||||||||||||||||||||||||||||
Balance as of January 1, 2022 | 11,240 | 872,011 | 1,020,027 | 171,272 | (133,450 | ) | (398,701 | ) | 1,542,399 | 206,206 | 1,748,605 | |||||||||||||||||||||||||
Profit/(Loss) for the year after taxes | - | - | - | - | - | (5,443 | ) | (5,443 | ) | 3,356 | (2,087 | ) | ||||||||||||||||||||||||
Change in fair value of cash flow hedges net of transfer to profit and loss statement | - | - | - | 235,732 | - | 1,573 | 237,305 | 19,619 | 256,924 | |||||||||||||||||||||||||||
Currency translation differences | - | - | - | - | (27,857 | ) | - | (27,857 | ) | (5,847 | ) | (33,704 | ) | |||||||||||||||||||||||
Tax effect | - | - | - | (61,437 | ) | - | - | (61,437 | ) | (2,515 | ) | (63,952 | ) | |||||||||||||||||||||||
Other comprehensive income | - | - | - | 174,295 | (27,857 | ) | 1,573 | 148,011 | 11,257 | 159,268 | ||||||||||||||||||||||||||
Total comprehensive income | - | - | - | 174,295 | (27,857 | ) | (3,870 | ) | 142,568 | 14,613 | 157,181 | |||||||||||||||||||||||||
Capital contribution (Note 14) | 366 | 114,583 | (1,970 | ) | - | - | - | 112,979 | - | 112,979 | ||||||||||||||||||||||||||
Business combinations (Note 5) | - | - | - | - | - | - | - | 14,300 | 14,300 | |||||||||||||||||||||||||||
Share-based compensation (Note 14) | - | - | - | - | - | 5,031 | 5,031 | - | 5,031 | |||||||||||||||||||||||||||
Distributions (Note 14) | - | - | (203,106 | ) | - | - | - | (203,106 | ) | (45,943 | ) | (249,049 | ) | |||||||||||||||||||||||
Balance as of December 31, 2022 | 11,606 | 986,594 | 814,951 | 345,567 | (161,307 | ) | (397,540 | ) | 1,599,871 | 189,176 | 1,789,047 |
Share capital | Share premium | Capital reserves | Other reserves | Accumulated currency translation differences | Accumulated deficit | Total equity attributable to the Company | Non- controlling interest | Total equity | ||||||||||||||||||||||||||||
Balance as of January 1, 2021 | 10,667 | 1,011,743 | 881,745 | 96,641 | (99,925 | ) | (373,489 | ) | 1,527,382 | 213,499 | 1,740,881 | |||||||||||||||||||||||||
Profit/(Loss) for the year after taxes | 0 | 0 | 0 | 0 | 0 | (30,080 | ) | (30,080 | ) | 19,162 | (10,918 | ) | ||||||||||||||||||||||||
Change in fair value of cash flow hedges | 0 | 0 | 0 | 97,421 | 0 | (10,060 | ) | 87,361 | 4,777 | 92,138 | ||||||||||||||||||||||||||
Currency translation differences | 0 | 0 | 0 | 0 | (33,525 | ) | 0 | (33,525 | ) | (8,431 | ) | (41,956 | ) | |||||||||||||||||||||||
Tax effect | 0 | 0 | 0 | (22,790 | ) | 0 | 0 | (22,790 | ) | (922 | ) | (23,712 | ) | |||||||||||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 74,631 | (33,525 | ) | (10,060 | ) | 31,046 | (4,576 | ) | 26,470 | ||||||||||||||||||||||||
Total comprehensive income | 0 | 0 | 0 | 74,631 | (33,525 | ) | (40,140 | ) | 966 | 14,586 | 15,552 | |||||||||||||||||||||||||
Capital increase (Note 13) | 573 | 60,268 | 128,920 | 0 | 0 | 0 | 189,761 | 0 | 189,761 | |||||||||||||||||||||||||||
Reduction of Share Premium (Note 13) | 0 | (200,000 | ) | 200,000 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
Business combinations (Note 5) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8,287 | 8,287 | |||||||||||||||||||||||||||
Share-based compensation (Note 13) | 0 | 0 | 0 | 0 | 0 | 14,928 | 14,928 | 0 | 14,928 | |||||||||||||||||||||||||||
Distributions (Note 13) | 0 | 0 | (190,638 | ) | 0 | 0 | 0 | (190,638 | ) | (30,166 | ) | (220,804 | ) | |||||||||||||||||||||||
Balance as of December 31, 2021 | 11,240 | 872,011 | 1,020,027 | 171,272 | (133,450 | ) | (398,701 | ) | 1,542,399 | 206,206 | 1,748,605 |
Share capital | Share premium | Capital reserves | Other reserves | Accumulated currency translation differences | Accumulated deficit | Total equity attributable to the Company | Non- controlling interest | Total equity | ||||||||||||||||||||||||||||
Balance as of January 1, 2023 | 11,606 | 986,594 | 814,951 | 345,567 | (161,307 | ) | (397,540 | ) | 1,599,871 | 189,176 | 1,789,047 | |||||||||||||||||||||||||
Profit/(Loss) for the year after taxes | - | - | - | - | - | 43,380 | 43,380 | (6,932 | ) | 36,448 | ||||||||||||||||||||||||||
Change in fair value of cash flow hedges net of transfer to profit and loss statement | - | - | - | (44,335 | ) | - | - | (44,335 | ) | (5,217 | ) | (49,552 | ) | |||||||||||||||||||||||
Currency translation differences | - | - | - | - | 21,873 | - | 21,873 | 2,711 | 24,584 | |||||||||||||||||||||||||||
Tax effect | 6,770 | - | - | 6,770 | 1,267 | 8,037 | ||||||||||||||||||||||||||||||
Other comprehensive income | - | - | - | (37,565 | ) | 21,873 | - | (15,692 | ) | (1,239 | ) | (16,931 | ) | |||||||||||||||||||||||
Total comprehensive income | - | - | - | (37,565 | ) | 21,873 | 43,380 | 27,688 | (8,171 | ) | 19,517 | |||||||||||||||||||||||||
Divestments (Note 7) | - | - | - | - | - | - | (2,817 | ) | (2,817 | ) | ||||||||||||||||||||||||||
Reduction of share premium (Note 14) | - | (250,000 | ) | 250,000 | - | - | - | - | - | - | ||||||||||||||||||||||||||
Share-based compensation (Note 14) | - | - | - | - | 2,639 | 2,639 | - | 2,639 | ||||||||||||||||||||||||||||
Capital contribution (Note 14) | 10 | - | 25 | - | - | - | 35 | 19,467 | 19,502 | |||||||||||||||||||||||||||
Distributions (Note 14) | - | - | (206,756 | ) | - | - | - | (206,756 | ) | (32,323 | ) | (239,079 | ) | |||||||||||||||||||||||
Balance as of December 31, 2023 | 11,616 | 736,594 | 858,220 | 308,002 | (139,434 | ) | (351,521 | ) | 1,423,477 | 165,332 | 1,588,809 |
For the year ended | For the year | |||||||||||||||||||||||||||||||
Note (1) | 2021 | 2020 | 2019 | Note (1) | 2023 | 2022 | 2021 | |||||||||||||||||||||||||
I. Profit/(loss) for the year | (10,918 | ) | 16,874 | 74,608 | 36,448 | (2,087 | ) | (10,918 | ) | |||||||||||||||||||||||
Non-monetary adjustments | ||||||||||||||||||||||||||||||||
Depreciation, amortization and impairment charges | 6 | 439,441 | 408,604 | 310,755 | 6 | 418,271 | 473,638 | 439,441 | ||||||||||||||||||||||||
Financial (income)/expenses | 21 | 359,550 | 315,151 | 405,634 | ||||||||||||||||||||||||||||
Fair value (gains)/losses on derivative financial instruments | 21 | (16,785 | ) | 15,308 | (613 | ) | ||||||||||||||||||||||||||
Shares of (profits)/losses from associates | 7 | (12,304 | ) | (510 | ) | (7,457 | ) | |||||||||||||||||||||||||
Financial expense | 23 | 319,286 | 335,546 | 359,550 | ||||||||||||||||||||||||||||
Fair value gains on derivative financial instruments | 23 | (1,869 | ) | (19,138 | ) | (16,785 | ) | |||||||||||||||||||||||||
Shares of profits from entities carried under the equity method | 7 | (13,207 | ) | (21,465 | ) | (12,304 | ) | |||||||||||||||||||||||||
Income tax | 18 | 36,220 | 24,877 | 30,950 | 19 | 790 | (9,689 | ) | 36,220 | |||||||||||||||||||||||
Other non-monetary items | 55,809 | (43,943 | ) | (25,800 | ) | (3,119 | ) | 27,996 | 55,809 | |||||||||||||||||||||||
II. Profit/(loss) for the year adjusted by non-monetary items | 851,013 | 736,361 | 788,077 | 756,600 | 784,801 | 851,013 | ||||||||||||||||||||||||||
Changes in working capital | ||||||||||||||||||||||||||||||||
Inventories | 5,215 | (4,590 | ) | (1,343 | ) | (6,285 | ) | (6,955 | ) | 5,215 | ||||||||||||||||||||||
Trade and other receivables | 11 | 48,521 | (790 | ) | (71,505 | ) | 12 | (107,201 | ) | 99,249 | 48,521 | |||||||||||||||||||||
Trade payables and other current liabilities | 17 | (25,782 | ) | (9,771 | ) | (36,533 | ) | 18 | (415 | ) | (6,158 | ) | (25,782 | ) | ||||||||||||||||||
Financial investments and other current assets/liabilities | (31,081 | ) | 4,249 | (15,602 | ) | |||||||||||||||||||||||||||
Other current assets/liabilities | 18,057 | (7,331 | ) | (31,081 | ) | |||||||||||||||||||||||||||
III. Changes in working capital | (3,127 | ) | (10,902 | ) | (124,983 | ) | (95,844 | ) | 78,805 | (3,127 | ) | |||||||||||||||||||||
Income tax received/(paid) | (51,684 | ) | (16,425 | ) | (23 | ) | ||||||||||||||||||||||||||
Income tax paid | (26,020 | ) | (14,730 | ) | (51,684 | ) | ||||||||||||||||||||||||||
Interest received | 2,519 | 5,148 | 10,135 | 21,668 | 9,178 | 2,519 | ||||||||||||||||||||||||||
Interest paid | (293,098 | ) | (275,961 | ) | (309,625 | ) | (268,356 | ) | (271,732 | ) | (293,098 | ) | ||||||||||||||||||||
A. Net cash provided by operating activities | 505,623 | 438,221 | 363,581 | 388,048 | 586,322 | 505,623 | ||||||||||||||||||||||||||
Acquisitions of subsidiaries and entities under the equity method | 5&7 | (362,449 | ) | 2,453 | (173,366 | ) | ||||||||||||||||||||||||||
Investments in contracted concessional assets* | 6 | (24,682 | ) | (1,361 | ) | 22,009 | ||||||||||||||||||||||||||
Business combinations and investments in entities under the equity method | 5&7 | (29,259 | ) | (50,507 | ) | (362,449 | ) | |||||||||||||||||||||||||
Investments in operating concessional assets | 6 | (27,929 | ) | (39,107 | ) | (19,216 | ) | |||||||||||||||||||||||||
Investments in assets under development or construction | 6 | (56,280 | ) | (36,784 | ) | (7,028 | ) | |||||||||||||||||||||||||
Distributions from entities under the equity method | 7 | 34,883 | 22,246 | 30,443 | 7 | 34,329 | 67,695 | 34,883 | ||||||||||||||||||||||||
Other non-current assets/liabilities | 1,093 | (29,198 | ) | 2,703 | ||||||||||||||||||||||||||||
Net divestment in other non-current financial assets | 27,505 | 1,265 | 2,655 | |||||||||||||||||||||||||||||
B. Net cash used in investing activities | (351,155 | ) | (5,860 | ) | (118,211 | ) | (51,634 | ) | (57,438 | ) | (351,155 | ) | ||||||||||||||||||||
Proceeds from project debt | 15 | 14,560 | 603,949 | 5,860 | 16 | 213,232 | - | 14,560 | ||||||||||||||||||||||||
Proceeds from corporate debt | 14 | 429,014 | 678,651 | �� | 352,966 | 15 | 161,498 | 101,140 | 429,014 | |||||||||||||||||||||||
Repayment of project debt | 15 | (418,265 | ) | (621,691 | ) | (282,255 | ) | 16 | (531,837 | ) | (426,396 | ) | (418,265 | ) | ||||||||||||||||||
Repayment of corporate debt | 14 | (376,154 | ) | (502,042 | ) | (320,815 | ) | 15 | (115,891 | ) | (80,519 | ) | (376,154 | ) | ||||||||||||||||||
Dividends paid to Company´s shareholders | 13 | (190,638 | ) | (168,659 | ) | (159,002 | ) | 14 | (206,755 | ) | (203,106 | ) | (190,638 | ) | ||||||||||||||||||
Dividends paid to non-controlling interest | 13 | (28,134 | ) | (22,944 | ) | (29,239 | ) | 14 | (31,433 | ) | (39,209 | ) | (28,134 | ) | ||||||||||||||||||
Purchase of Liberty´s Interactive's equity interests in Solana | 1 | 0 | (266,850 | ) | 0 | |||||||||||||||||||||||||||
Non-controlling interest capital contribution | 0 | 0 | 92,303 | 14 | 19,823 | - | - | |||||||||||||||||||||||||
Capital increase | 13 | 189,454 | 162,246 | 30,000 | ||||||||||||||||||||||||||||
Capital contribution | 14 | - | 113,072 | 189,454 | ||||||||||||||||||||||||||||
C. Net cash used in financing activities | (380,163 | ) | (137,340 | ) | (310,182 | ) | (491,363 | ) | (535,018 | ) | (380,163 | ) | ||||||||||||||||||||
Net increase/(decrease) in cash and cash equivalents | (225,695 | ) | 295,021 | (64,812 | ) | |||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | (154,949 | ) | (6,134 | ) | (225,695 | ) | ||||||||||||||||||||||||||
Cash and cash equivalents at beginning of the year | 12 | 868,501 | 562,795 | 631,542 | 13 | 600,990 | 622,689 | 868,501 | ||||||||||||||||||||||||
Translation differences in cash and cash equivalents | (20,117 | ) | 10,685 | (3,935 | ) | 2,260 | (15,565 | ) | (20,117 | ) | ||||||||||||||||||||||
Cash and cash equivalents at the end of the year | 12 | 622,689 | 868,501 | 562,795 | 13 | 448,301 | 600,990 | 622,689 |
Notes 1 to |
Note 1.- Nature of the business | |
Note 2.- Significant accounting policies | F-16 |
Note 3.- Financial risk management | |
Note 4.- Financial information by segment | |
Note 5.- Business combinations | |
Note 6.- Contracted concessional, PP&E and other intangible assets | |
Note 7.- Investments carried under the equity method | |
Note 8.- Assets held for sale | F-38 |
Note 9.- Financial instruments by category | F-38 |
Note 10.- Derivative financial instruments | F-39 |
Note 11.- Related parties | F-41 |
Note 12.- Trade and other receivables | F-42 |
Note | F-42 |
Note 14.- Equity | F-43 |
Note | |
Note | F-46 |
Note | |
Note | |
F-50 | |
Note | F-50 |
Note 20.- Commitments, third-party guarantees, contingent assets and | F-53 |
Note | F-54 |
Note | F-54 |
Note | |
Note | |
Note | |
Appendices(1) |
- |
- |
- | Honda 1, a 10 MW solar PV asset in Colombia where the Company has a 50% ownership, and which reached COD in December 2023. The asset has a 7-year PPA with Enel Colombia, a major electricity company in the country. The PPA is denominated in local currency, with fixed base price, indexed to the local CPI. |
- | On |
- | On April 4, 2022, the Company closed the acquisition of Italy PV 4, a 3.6 MW solar portfolio in Italy for a total equity investment of $3.7 million (Note 5). The asset has regulated revenues under a feed in tariff until 2031. |
- | On September 2, 2022, the Company completed its third investment through its Chilean renewable energy platform in a 73 MW solar PV plant, Chile PV 3, located in Chile, for $7.7 million corresponding to a 35% of equity interest (Note 5). The Company expects to install batteries with a capacity of approximately 100 MWh in |
- | On November 16, 2022, the Company closed the acquisition of a 49% interest, with joint control, in an 80 MW portfolio of solar PV projects in Chile, Chile PMGD, which is currently under construction. Atlantica´s economic rights are expected to be approximately 70%. Total investment in equity and preferred equity is expected to be approximately $30 million and COD is expected to be progressive in 2024. Revenue for these assets is regulated under the Small Distributed Generation Means Regulation Regime (“PMGD”) for projects with a capacity equal or lower than 9MW, which allows to sell electricity through a stabilized price. |
Assets | Type | Ownership | Location | Currency(9) | Capacity (Gross) | Counterparty Credit Ratings(10) | COD* | Contract Years Remaining(16) | Type | Ownership | Location | Currency(9) | Capacity (Gross) | Counterparty Credit Ratings(10) | COD* | Contract Years Remaining(17) |
Solana | Renewable (Solar) | 100% | Arizona (USA) | USD | 280 MW | BBB+/A3/BBB+ | 2013 | 22 | Renewable (Solar) | 100% | Arizona (USA) | USD | 280 MW | BBB+/A3/BBB+ | 2013 | 20 |
Mojave | Renewable (Solar) | 100% | California (USA) | USD | 280 MW | BB-/ -- /BB | 2014 | 18 | Renewable (Solar) | 100% | California (USA) | USD | 280 MW | BB/ Ba1/BB+ | 2014 | 16 |
Coso | Renewable (Geothermal) | 100% | California (USA) | USD | 135 MW | Investment Grade(11) | 1987-1989 | 17 | Renewable (Geothermal) | 100% | California (USA) | USD | 135 MW | Investment Grade(11) | 1987-1989 | 18 |
Elkhorn Valley | Renewable (Wind) | 49% | Oregon (USA) | USD | 101 MW | BBB/A3/-- | 2007 | 6 | ||||||||
Prairie Star | Renewable (Wind) | 49% | Minnesota (USA) | USD | 101 MW | --/A3/A- | 2007 | 6 | ||||||||
Twin Groves II | Renewable (Wind) | 49% | Illinois (USA) | USD | 198 MW | BBB-/Baa2/-- | 2008 | 4 | ||||||||
Lone Star II | Renewable (Wind) | 49% | Texas (USA) | USD | 196 MW | Not rated | 2008 | 1 | ||||||||
Elkhorn Valley(16) | Renewable (Wind) | 49% | Oregon (USA) | USD | 101 MW | BBB/Baa1/-- | 2007 | 4 | ||||||||
Prairie Star(16) | Renewable (Wind) | 49% | Minnesota (USA) | USD | 101 MW | --/A3/A- | 2007 | 4 | ||||||||
Twin Groves II(16) | Renewable (Wind) | 49% | Illinois (USA) | USD | 198 MW | BB+/Baa2/-- | 2008 | 2 | ||||||||
Lone Star II(16) | Renewable (Wind) | 49% | Texas (USA) | USD | 196 MW | N/A | 2008 | N/A | ||||||||
Chile PV 1 | Renewable (Solar) | 35%(1) | Chile | USD | 55 MW | N/A | 2016 | N/A | Renewable (Solar) | 35%(1) | Chile | USD | 55 MW | N/A | 2016 | N/A |
Chile PV 2 | Renewable (Solar) | 35%(1) | Chile | USD | 40 MW | Not rated | 2017 | 9 | Renewable (Solar) | 35%(1) | Chile | USD | 40 MW | Not rated | 2017 | 7 |
Chile PV 3 | Renewable (Solar) | 35%(1) | Chile | USD | 73 MW | N/A | 2014 | N/A | ||||||||
La Sierpe | Renewable (Solar) | 100% | Colombia | COP | 20 MW | Not rated | 2021 | 14 | Renewable (Solar) | 100% | Colombia | COP | 20 MW | Not rated | 2021 | 12 |
La Tolua | Renewable (Solar) | 100% | Colombia | COP | 20 MW | Not rated | 2023 | 9 | ||||||||
Tierra Linda | Renewable (Solar) | 100% | Colombia | COP | 10 MW | Not rated | 2023 | 9 | ||||||||
Honda 1 | Renewable (Solar) | 50% | Colombia | COP | 10 MW | BBB-/-/BBB | 2023 | 7 | ||||||||
Albisu | Renewable (Solar) | 100% | Uruguay | UYU | 10 MW | Not rated | 2023 | 15 | ||||||||
Palmatir | Renewable (Wind) | 100% | Uruguay | USD | 50 MW | BBB/Baa2/BBB-(12) | 2014 | 12 | Renewable (Wind) | 100% | Uruguay | USD | 50 MW | BBB+/Baa2/BBB(12) | 2014 | 10 |
Cadonal | Renewable (Wind) | 100% | Uruguay | USD | 50 MW | BBB/Baa2/BBB-(12) | 2014 | 13 | Renewable (Wind) | 100% | Uruguay | USD | 50 MW | BBB+/Baa2/BBB(12) | 2014 | 11 |
Melowind | Renewable (Wind) | 100% | Uruguay | USD | 50 MW | BBB/Baa2/BBB- | 2015 | 14 | Renewable (Wind) | 100% | Uruguay | USD | 50 MW | BBB+/Baa2/BBB(12) | 2015 | 12 |
Mini-Hydro | Renewable (Hydraulic) | 100% | Peru | USD | 4 MW | BBB+/Baa1/BBB | 2012 | 11 | Renewable (Hydraulic) | 100% | Peru | USD | 4 MW | BBB/Baa1/BBB | 2012 | 9 |
Solaben 2 & 3 | Renewable (Solar) | 70%(2) | Spain | Euro | 2x50 MW | A/Baa1/A- | 2012 | 16/16 | Renewable (Solar) | 70%(2) | Spain | Euro | 2x50 MW | A/Baa1/A- | 2012 | 14/14 |
Solacor 1 & 2 | Renewable (Solar) | 87%(3) | Spain | Euro | 2x50 MW | A/Baa1/A- | 2012 | 15/15 | Renewable (Solar) | 87%(3) | Spain | Euro | 2x50 MW | A/Baa1/A- | 2012 | 13/13 |
PS10 & PS20 | Renewable (Solar) | 100% | Spain | Euro | 31 MW | A/Baa1/A- | 2007&2009 | 10/12 | Renewable (Solar) | 100% | Spain | Euro | 31 MW | A/Baa1/A- | 2007&2009 | 8/10 |
Helioenergy 1 & 2 | Renewable (Solar) | 100% | Spain | Euro | 2x50 MW | A/Baa1/A- | 2011 | 13/13 | ||||||||
Helios 1 & 2 | Renewable (Solar) | 100% | Spain | Euro | 2x50 MW | A/Baa1/A- | 2012 | 13/14 | ||||||||
Solnova 1, 3 & 4 | Renewable (Solar) | 100% | Spain | Euro | 3x50 MW | A/Baa1/A- | 2010 | 11/11/12 | ||||||||
Solaben 1 & 6 | Renewable (Solar) | 100% | Spain | Euro | 2x50 MW | A/Baa1/A- | 2013 | 15/15 | ||||||||
Seville PV | Renewable (Solar) | 80%(4) | Spain | Euro | 1 MW | A/Baa1/A- | 2006 | 12 | ||||||||
Italy PV 1 | Renewable (Solar) | 100% | Italy | Euro | 1.6 MW | BBB/Baa3/BBB | 2010 | 8 | ||||||||
Italy PV 2 | Renewable (Solar) | 100% | Italy | Euro | 2.1 MW | BBB/Baa3/BBB | 2011 | 8 | ||||||||
Italy PV 3 | Renewable (Solar) | 100% | Italy | Euro | 2.5 MW | BBB/Baa3/BBB | 2012 | 8 | ||||||||
Italy PV 4 | Renewable (Solar) | 100% | Italy | Euro | 3.6 MW | BBB/Baa3/BBB | 2011 | 8 | ||||||||
Kaxu | Renewable (Solar) | 51%(5) | South Africa | Rand | 100 MW | BB-/Ba2/BB-(13) | 2015 | 11 | ||||||||
Calgary | Efficient natural gas &heat | 100% | Canada | CAD | 55 MWt | ~60% AA- or higher(14) | 2010 | 12 | ||||||||
ACT | Efficient natural gas & heat | 100% | Mexico | USD | 300 MW | BBB/B3/B+ | 2013 | 9 | ||||||||
Monterrey (18) | Efficient natural gas &heat | 30% | Mexico | USD | 142 MW | Not rated | 2018 | 22 | ||||||||
ATN (15) | Transmission line | 100% | Peru | USD | 379 miles | BBB/Baa1/BBB | 2011 | 17 | ||||||||
ATS | Transmission line | 100% | Peru | USD | 569 miles | BBB/Baa1/BBB | 2014 | 20 | ||||||||
ATN 2 | Transmission line | 100% | Peru | USD | 81 miles | Not rated | 2015 | 9 | ||||||||
Quadra 1 & 2 | Transmission line | 100% | Chile | USD | 49 miles/32 miles | Not rated | 2014 | 11/11 | ||||||||
Palmucho | Transmission line | 100% | Chile | USD | 6 miles | BBB/ -- /BBB+ | 2007 | 14 | ||||||||
Chile TL3 | Transmission line | 100% | Chile | USD | 50 miles | A/A2/A- | 1993 | N/A | ||||||||
Chile TL4 | Transmission line | 100% | Chile | USD | 63 miles | Not rated | 2016 | 48 | ||||||||
Skikda | Water | 34.20%(6) | Algeria | USD | 3.5 M ft3/day | Not rated | 2009 | 10 | ||||||||
Honaine | Water | 25.50%(7) | Algeria | USD | 7 M ft3/day | Not rated | 2012 | 14 | ||||||||
Tenes | Water | 51%(8) | Algeria | USD | 7 M ft3/day | Not rated | 2015 | 16 |
Helioenergy 1 & 2 | Renewable (Solar) | 100% | Spain | Euro | 2x50 MW | A/Baa1/A- | 2011 | 15/15 |
Helios 1 & 2 | Renewable (Solar) | 100% | Spain | Euro | 2x50 MW | A/Baa1/A- | 2012 | 15/16 |
Solnova 1, 3 & 4 | Renewable (Solar) | 100% | Spain | Euro | 3x50 MW | A/Baa1/A- | 2010 | 13/13/14 |
Solaben 1 & 6 | Renewable (Solar) | 100% | Spain | Euro | 2x50 MW | A/Baa1/A- | 2013 | 17/17 |
Seville PV | Renewable (Solar) | 80%(4) | Spain | Euro | 1 MW | A/Baa1/A- | 2006 | 14 |
Italy PV 1 | Renewable (Solar) | 100% | Italy | Euro | 1.6 MW | BBB/Baa3/BBB | 2010 | 9 |
Italy PV 2 | Renewable (Solar) | 100% | Italy | Euro | 2.1 MW | BBB/Baa3/BBB | 2011 | 9 |
Italy PV 3 | Renewable (Solar) | 100% | Italy | Euro | 2.5 MW | BBB/Baa3/BBB | 2012 | 10 |
Kaxu | Renewable (Solar) | 51%(5) | South Africa | Rand | 100 MW | BB-/Ba2/BB-(13) | 2015 | 13 |
Calgary | Efficient natural gas &heat | 100% | Canada | CAD | 55 MWt | ~41% A+ or higher(14) | 2010 | 19 |
ACT | Efficient natural gas & heat | 100% | Mexico | USD | 300 MW | BBB/ Ba3/BB- | 2013 | 11 |
Monterrey | Efficient natural gas &heat | 30% | Mexico | USD | 142 MW | Not rated | 2018 | 17 |
ATN (15) | Transmission line | 100% | Peru | USD | 379 miles | BBB+/Baa1/BBB | 2011 | 19 |
ATS | Transmission line | 100% | Peru | USD | 569 miles | BBB+/Baa1/BBB | 2014 | 22 |
ATN 2 | Transmission line | 100% | Peru | USD | 81 miles | Not rated | 2015 | 11 |
Quadra 1 & 2 | Transmission line | 100% | Chile | USD | 49 miles/32 miles | Not rated | 2014 | 13/13 |
Palmucho | Transmission line | 100% | Chile | USD | 6 miles | BBB/ -- /A- | 2007 | 16 |
Chile TL3 | Transmission line | 100% | Chile | USD | 50 miles | A/A1/A- | 1993 | Regulated |
Skikda | Water | 34.2%(6) | Algeria | USD | 3.5 M ft3/day | Not rated | 2009 | 12 |
Honaine | Water | 25.5%(7) | Algeria | USD | 7 M ft3/day | Not rated | 2012 | 16 |
Tenes | Water | 51%(8) | Algeria | USD | 7 M ft3/day | Not rated | 2015 | 18 |
(1) | 65% of the shares in Chile PV 1, Chile PV 2 and Chile PV |
(2) | Itochu Corporation holds 30% of the shares in each of Solaben 2 and Solaben 3. |
(3) | JGC holds 13% of the shares in each of Solacor 1 and Solacor 2. |
(4) | Instituto para la Diversificación y Ahorro de la Energía (“Idae”) holds 20% of the shares in Seville PV. |
(5) | Kaxu is owned by the Company (51%), Industrial Development Corporation of South Africa |
(6) | Algerian Energy Company, SPA owns 49% of Skikda and Sacyr Agua, S.L. owns the remaining 16.8%. |
(7) | Algerian Energy Company, SPA owns 49% of Honaine and Sacyr Agua, S.L. owns the remaining 25.5%. |
(8) | Algerian Energy Company, SPA owns 49% of Tenes. The Company has an investment in Tenes through a secured loan to Befesa Agua Tenes (the holding company of Tenes) and the right to appoint a majority at the board of directors of the project company. Therefore, the Company controls Tenes since May 31, 2020, and fully consolidates the asset from that date. |
(9) | Certain contracts denominated in U.S. dollars are payable in local currency. |
(10) | Reflects the counterparty’s credit ratings issued by Standard & Poor’s Ratings Services, or S&P, Moody’s Investors Service Inc., or Moody’s, and Fitch Ratings Ltd, or Fitch. Not applicable (“N/A”) when the asset has no PPA. |
(11) | Refers to the credit rating of two Community Choice Aggregators: Silicon Valley Clean Energy and Monterrey Bar Community Power, both with A Rating from S&P and Southern California Public Power Authority. The third off-taker is not rated. |
(12) | Refers to the credit rating of Uruguay, as UTE (Administración Nacional de Usinas y Transmisoras Eléctricas) is unrated. |
(13) | Refers to the credit rating of the Republic of South Africa. The off-taker is Eskom, which is a state-owned utility company in South Africa. |
(14) | Refers to the credit rating of a diversified mix of 22 high credit quality clients (~ |
(15) | Including ATN Expansion 1 & 2. |
(16) | Part of Vento II Portfolio. |
(17) | As of December 31, |
(18) | Accounted for as held for sale as of December 31, 2023. |
(*) | Commercial Operation Date. |
Asset | Type | Location | Capacity (gross)1 | Expected COD | Expected Investment2 ($ million) | Off-taker |
Coso Batteries 1 | Battery Storage | California, US | 100 MWh | 2025 | 40-50 | Investment grade utility |
Coso Batteries 2 | Battery Storage | California, US | 80 MWh | 2025 | 35-45 | Investment grade utility |
Chile PMGD | Solar PV | Chile | 80 MW | 2024-2025 | 30 | Regulated |
ATN Expansion 3 | Transmission Line | Peru | 2.4miles 220kV | 2024 | 12 | Conelsur |
ATS Expansion 1 | Transmission Line | Peru | n.a. (substation) | 2025 | 30 | Republic of Peru |
Honda 2(3) | Solar PV | Colombia | 10 MW | 2024 | 5.5 | Enel Colombia |
Apulo 1(3) | Solar PV | Colombia | 10 MW | 2024 | 5.5 | - |
(1) | Includes nominal capacity on a 100% basis, not considering Atlantica’s ownership |
(2) | Corresponds to the expected investment by Atlantica |
(3) | Atlantica owns 50% of the shares in Honda 2 and Apulo 1. |
a) | Standards, interpretations and amendments effective from January 1, |
- | a temporary exception to the accounting for deferred taxes in connection with the implementation of Pillar Two. |
- | qualitative and quantitative disclosures to enable users to understand the entities’ exposure to taxes that may arise from the Pillar Two model rules and/or the entity’s progress in its implementation. |
b) | Standards, interpretations and amendments published by the IASB that will be effective for periods beginning on or after January 1, |
Carrying amount as of December 31, 2021 | ||||||||
Assets | Liabilities | |||||||
Non-derivative assets and liabilities referenced to LIBOR | ||||||||
Measured at amortized cost | ||||||||
Project debt | - | 1,068,501 | ||||||
Total non-derivatives items | 0 | 1,068,501 | ||||||
Derivatives | 0 | 62,571 | ||||||
Total assets and liabilities referenced to LIBOR | 0 | 1,131,072 |
Carrying amount as of December 31, 2021 | |||||||||||||||||
Notional | Assets | Liabilities | Balance sheet line item(s) | 2021 changes in fair value used for calculating hedge ineffectiveness | |||||||||||||
Cash flow hedge | |||||||||||||||||
Interest rate swaps | 939,670 | 0 | 62,571 | Derivative liabilities | 30,013 | ||||||||||||
Total cash flow hedges | 939,670 | 0 | 62,571 | 30,013 |
a) | Controlled entities |
● | Has power over the investee; |
● | Is exposed, or has rights, to variable returns from its involvement with the investee; and |
● | Has the ability to use its power to affect its returns. |
b) | Investments accounted for under the equity method |
a) | Contracted concessional assets under IFRIC 12 |
- | Revenues from the updated annual revenue for the contracted concession, as well as revenues from operations and maintenance services are recognized in each period according to IFRS 15 “Revenue from contracts with Customers”. |
- | Operating and maintenance costs and general overheads and administrative costs are recorded in accordance with the nature of the cost incurred (amount due) in each period. |
- | the Probability of Default (“PD”) is an estimate of the likelihood of default over a given time horizon. Atlantica calculates PD based on Credit Default Swaps spreads (“CDS”); |
- | the Exposure at Default (“EAD”) is an estimate of the exposure at a future default date; |
- | the Loss Given Default (“LGD”) is an estimate of the loss arising in the case where a default occurs at a given time. It is based on the difference between the contractual cash flows due and those that the Company would expect to receive. It is expressed as a percentage of the EAD. |
b) | Property, plant and equipment under IAS 16 |
Rights of use under IFRS 16 |
Other intangible assets |
- | the technical feasibility of completing the intangible asset so that the asset will be available for use or sale |
- | its intention to complete and its ability and intention to use or sell the asset |
- | how the asset will generate future economic benefits |
- | the availability of resources to complete the asset |
- | the ability to measure reliably the expenditure during development. |
e) | Asset impairment |
- | there is an economic relationship between the hedged item and the hedging instrument; |
- | the effect of credit risk does not dominate the value changes that result from that economic relationship; and |
- | the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Company actually hedges and the quantity of the hedging instrument that the Company uses to hedge that quantity of hedged item. |
- | Level 1: Inputs are quoted prices in active markets for identical assets or liabilities. |
- | Level 2: Fair value is measured based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). |
- | Level 3: Fair value is measured based on unobservable inputs for the asset or liability. |
- | there is a present obligation, either legal or constructive, as a result of past events; |
- | it is more likely than not that there will be a future outflow of resources to settle the obligation; and the amount has been reliably estimated. |
- | Impairment of contracted concessional, PP&E and other intangible assets. |
- | Recoverability of deferred tax assets. |
- | Fair value of derivative financial instruments |
- | Fair value of identifiable assets and liabilities arising from a business combination |
- | Assessment of |
- | Assessment of control. |
a) | Market risk |
- | Interest rate risk |
- | Currency risk |
b) | Credit risk |
c) | Liquidity risk |
a) | The following tables show Revenues and Adjusted EBITDA by operating segments and business sectors for the years |
Revenue | Adjusted EBITDA | Revenue | Adjusted EBITDA | |||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, | For the year ended December 31, | For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
Geography | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
North America | 395,775 | 330,921 | 332,965 | 311,803 | 279,365 | 307,242 | 424,888 | 405,047 | 395,775 | 319,264 | 309,988 | 311,803 | ||||||||||||||||||||||||||||||||||||
South America | 154,985 | 151,460 | 142,207 | 119,547 | 120,023 | 115,346 | 188,127 | 166,441 | 154,985 | 146,722 | 126,551 | 119,547 | ||||||||||||||||||||||||||||||||||||
EMEA | 660,989 | 530,879 | 536,280 | 393,038 | 396,735 | 398,967 | 486,879 | 530,541 | 660,989 | 328,936 | 360,561 | 393,038 | ||||||||||||||||||||||||||||||||||||
Total | 1,211,749 | 1,013,260 | 1,011,452 | 824,388 | 796,123 | 821,555 | 1,099,894 | 1,102,029 | 1,211,749 | 794,922 | 797,100 | 824,388 |
Revenue | Adjusted EBITDA | Revenue | Adjusted EBITDA | |||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, | For the year ended December 31, | For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
Business sectors | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Renewable energy | 928,525 | 753,089 | 761,090 | 602,583 | 576,285 | 604,080 | 802,756 | 821,377 | 928,525 | 575,704 | 588,016 | 602,583 | ||||||||||||||||||||||||||||||||||||
Efficient natural gas & Heat | 123,692 | 111,030 | 122,281 | 99,935 | 101,006 | 109,200 | ||||||||||||||||||||||||||||||||||||||||||
Efficient natural gas & heat | 118,417 | 113,591 | 123,692 | 87,393 | 84,560 | 99,935 | ||||||||||||||||||||||||||||||||||||||||||
Transmission lines | 105,680 | 106,042 | 103,453 | 83,635 | 87,272 | 85,657 | 123,476 | 113,273 | 105,680 | 96,043 | 88,010 | 83,635 | ||||||||||||||||||||||||||||||||||||
Water | 53,852 | 43,099 | 24,629 | 38,235 | 31,560 | 22,618 | 55,245 | 53,788 | 53,852 | 35,782 | 36,514 | 38,235 | ||||||||||||||||||||||||||||||||||||
Total | 1,211,749 | 1,013,260 | 1,011,452 | 824,388 | 796,123 | 821,555 | 1,099,894 | 1,102,029 | 1,211,749 | 794,922 | 797,100 | 824,388 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||
2021 | 2020 | 2019 | 2023 | 2022 | 2021 | |||||||||||||||||||
Profit/(loss) attributable to the Company | (30,080 | ) | 11,968 | 62,135 | 43,380 | (5,443 | ) | (30,080 | ) | |||||||||||||||
Profit attributable to non-controlling interests | 19,162 | 4,906 | 12,473 | |||||||||||||||||||||
Income tax expense | 36,220 | 24,877 | 30,950 | |||||||||||||||||||||
Profit/(loss) attributable to non-controlling interest | (6,932 | ) | 3,356 | 19,162 | ||||||||||||||||||||
Income tax expense/(income) | 790 | (9,689 | ) | 36,220 | ||||||||||||||||||||
Financial expense, net | 340,892 | 331,810 | 402,348 | 317,974 | 310,934 | 340,892 | ||||||||||||||||||
Depreciation, amortization, and impairment charges | 439,441 | 408,604 | 310,755 | 418,271 | 473,638 | 439,441 | ||||||||||||||||||
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of Atlantica's equity ownership) | 18,753 | 13,958 | 2,894 | |||||||||||||||||||||
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of Atlantica’s equity ownership) | 21,439 | 24,304 | 18,753 | |||||||||||||||||||||
Total segment Adjusted EBITDA | 824,388 | 796,123 | 821,555 | 794,922 | 797,100 | 824,388 |
b) | The assets and liabilities by geography and business sector at the end of |
North America | South America | EMEA | Balance as of December 31, 2021 | North America | South America | EMEA | Balance as of December 31, 2023 | |||||||||||||||||||||||||
Assets allocated | ||||||||||||||||||||||||||||||||
Contracted concessional assets | 3,355,669 | 1,231,276 | 3,434,623 | 8,021,568 | ||||||||||||||||||||||||||||
Contracted concessional, PP&E and other intangible assets | 3,063,019 | 1,184,599 | 2,956,649 | 7,204,267 | ||||||||||||||||||||||||||||
Investments carried under the equity method | 253,221 | 0 | 41,360 | 294,581 | 177,260 | 9,178 | 43,869 | 230,307 | ||||||||||||||||||||||||
Current financial investments | 135,224 | 28,155 | 44,000 | 207,379 | ||||||||||||||||||||||||||||
Other current financial assets | 110,016 | 30,803 | 48,067 | 188,886 | ||||||||||||||||||||||||||||
Cash and cash equivalents (project companies) | 171,744 | 74,149 | 287,655 | 533,548 | 137,480 | 121,945 | 155,551 | 414,976 | ||||||||||||||||||||||||
Assets held for sale | 28,642 | - | - | 28,642 | ||||||||||||||||||||||||||||
Subtotal allocated | 3,915,858 | 1,333,580 | 3,807,638 | 9,057,076 | 3,516,417 | 1,346,525 | 3,204,136 | 8,067,078 | ||||||||||||||||||||||||
Unallocated assets | ||||||||||||||||||||||||||||||||
Other non-current assets | 268,876 | 297,577 | ||||||||||||||||||||||||||||||
Other current assets (including cash and cash equivalents at holding company level) | 425,978 | 349,678 | ||||||||||||||||||||||||||||||
Subtotal unallocated | 694,854 | 647,255 | ||||||||||||||||||||||||||||||
Total assets | 9,751,930 | 8,714,333 |
North America | South America | EMEA | Balance as of December 31, 2021 | |||||||||||||
Liabilities allocated | ||||||||||||||||
Long-term and short-term project debt | 1,792,739 | 887,497 | 2,355,957 | 5,036,193 | ||||||||||||
Grants and other liabilities | 1,051,679 | 14,445 | 197,620 | 1,263,744 | ||||||||||||
Subtotal allocated | 2,844,418 | 901,942 | 2,553,577 | 6,299,937 | ||||||||||||
Unallocated liabilities | ||||||||||||||||
Long-term and short-term corporate debt | 1,023,071 | |||||||||||||||
Other non-current liabilities | 532,312 | |||||||||||||||
Other current liabilities | 148,005 | |||||||||||||||
Subtotal unallocated | 1,703,388 | |||||||||||||||
Total liabilities | 8,003,325 | |||||||||||||||
Equity unallocated | 1,748,605 | |||||||||||||||
Total liabilities and equity unallocated | 3,451,993 | |||||||||||||||
Total liabilities and equity | 9,751,930 |
North America | South America | EMEA | Balance as of December 31, 2023 | |||||||||||||
Liabilities allocated | ||||||||||||||||
Long-term and short-term project debt | 1,629,278 | 808,481 | 1,881,501 | 4,319,260 | ||||||||||||
Grants and other liabilities | 945,888 | 36,307 | 251,613 | 1,233,808 | ||||||||||||
Subtotal allocated | 2,575,166 | 844,788 | 2,133,114 | 5,553,068 | ||||||||||||
Unallocated liabilities | ||||||||||||||||
Long-term and short-term corporate debt | 1,084,838 | |||||||||||||||
Other non-current liabilities | 301,245 | |||||||||||||||
Other current liabilities | 186,373 | |||||||||||||||
Subtotal unallocated | 1,572,456 | |||||||||||||||
Total liabilities | 7,125,524 | |||||||||||||||
Equity unallocated | 1,588,809 | |||||||||||||||
Total liabilities and equity unallocated | 3,161,265 | |||||||||||||||
Total liabilities and equity | 8,714,333 |
North America | South America | EMEA | Balance as of December 31, 2020 | North America | South America | EMEA | Balance as of December 31, 2022 | |||||||||||||||||||||||||
Assets allocated | ||||||||||||||||||||||||||||||||
Contracted concessional assets | 3,073,785 | 1,211,952 | 3,869,681 | 8,155,418 | ||||||||||||||||||||||||||||
Contracted concessional, PP&E and other intangible assets | 3,167,490 | 1,241,879 | 3,073,889 | 7,483,259 | ||||||||||||||||||||||||||||
Investments carried under the equity method | 74,660 | 0 | 41,954 | 116,614 | 210,704 | 4,450 | 44,878 | 260,031 | ||||||||||||||||||||||||
Current financial investments | 129,264 | 27,836 | 42,984 | 200,084 | ||||||||||||||||||||||||||||
Other current financial assets | 118,385 | 31,136 | 46,373 | 195,893 | ||||||||||||||||||||||||||||
Cash and cash equivalents (project companies) | 206,344 | 70,861 | 255,530 | 532,735 | 187,568 | 85,697 | 266,557 | 539,822 | ||||||||||||||||||||||||
Subtotal allocated | 3,484,053 | 1,310,649 | 4,210,149 | 9,004,851 | 3,684,147 | 1,363,162 | 3,431,697 | 8,479,005 | ||||||||||||||||||||||||
Unallocated assets | ||||||||||||||||||||||||||||||||
Other non-current assets | 242,044 | 325,893 | ||||||||||||||||||||||||||||||
Other current assets (including cash and cash equivalents at holding company level) | 691,459 | 296,013 | ||||||||||||||||||||||||||||||
Subtotal unallocated | 933,503 | 621,906 | ||||||||||||||||||||||||||||||
Total assets | 9,938,354 | 9,100,911 |
North America | South America | EMEA | Balance as of December 31, 2020 | |||||||||||||
Liabilities allocated | ||||||||||||||||
Long-term and short-term project debt | 1,623,284 | 902,500 | 2,711,830 | 5,237,614 | ||||||||||||
Grants and other liabilities | 1,078,974 | 11,355 | 139,438 | 1,229,767 | ||||||||||||
Subtotal allocated | 2,702,258 | 913,855 | 2,851,268 | 6,467,381 | ||||||||||||
Unallocated liabilities | ||||||||||||||||
Long-term and short-term corporate debt | 993,725 | |||||||||||||||
Other non-current liabilities | 589,107 | |||||||||||||||
Other current liabilities | 147,260 | |||||||||||||||
Subtotal unallocated | 1,730,092 | |||||||||||||||
Total liabilities | 8,197,473 | |||||||||||||||
Equity unallocated | 1,740,881 | |||||||||||||||
Total liabilities and equity unallocated | 3,470,973 | |||||||||||||||
Total liabilities and equity | 9,938,354 |
North America | South America | EMEA | Balance as of December 31, 2022 | |||||||||||||
Liabilities allocated | ||||||||||||||||
Long-term and short-term project debt | 1,713,125 | 841,906 | 1,998,021 | 4,553,052 | ||||||||||||
Grants and other liabilities | 994,874 | 25,031 | 232,608 | 1,252,513 | ||||||||||||
Subtotal allocated | 2,707,999 | 866,937 | 2,230,629 | 5,805,565 | ||||||||||||
Unallocated liabilities | ||||||||||||||||
Long-term and short-term corporate debt | 1,017,200 | |||||||||||||||
Other non-current liabilities | 313,328 | |||||||||||||||
Other current liabilities | 175,771 | |||||||||||||||
Subtotal unallocated | 1,506,299 | |||||||||||||||
Total liabilities | 7,311,864 | |||||||||||||||
Equity unallocated | 1,789,047 | |||||||||||||||
Total liabilities and equity unallocated | 3,295,346 | |||||||||||||||
Total liabilities and equity | 9,100,911 |
Renewable energy | Efficient natural gas & Heat | Transmission lines | Water | Balance as of December 31, 2021 | Renewable energy | Efficient natural gas & heat | Transmission lines | Water | Balance as of December 31, 2023 | |||||||||||||||||||||||||||||||
Assets allocated | ||||||||||||||||||||||||||||||||||||||||
Contracted concessional assets | 6,533,408 | 517,247 | 805,987 | 164,926 | 8,021,568 | |||||||||||||||||||||||||||||||||||
Contracted concessional, PP&E and other intangible assets | 5,798,818 | 460,766 | 777,360 | 167,323 | 7,204,267 | |||||||||||||||||||||||||||||||||||
Investments carried under the equity method | 240,302 | 15,358 | 0 | 38,921 | 294,581 | 189,672 | - | - | 40,635 | 230,307 | ||||||||||||||||||||||||||||||
Current financial investments | 10,761 | 128,461 | 27,813 | 40,344 | 207,379 | |||||||||||||||||||||||||||||||||||
Other current financial assets | 10,866 | 103,907 | 30,746 | 43,367 | 188,886 | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents (project companies) | 442,213 | 25,392 | 44,574 | 21,369 | 533,548 | 299,987 | 35,098 | 58,004 | 21,887 | 414,976 | ||||||||||||||||||||||||||||||
Assets held for sale | - | 28,642 | - | - | 28,642 | |||||||||||||||||||||||||||||||||||
Subtotal allocated | 7,226,684 | 686,458 | 878,374 | 265,560 | 9,057,076 | 6,299,343 | 628,413 | 866,110 | 273,212 | 8,067,078 | ||||||||||||||||||||||||||||||
Unallocated assets | ||||||||||||||||||||||||||||||||||||||||
Other non-current assets | 268,876 | 297,577 | ||||||||||||||||||||||||||||||||||||||
Other current assets (including cash and cash equivalents at holding company level) | 425,978 | 349,678 | ||||||||||||||||||||||||||||||||||||||
Subtotal unallocated | 694,854 | 647,255 | ||||||||||||||||||||||||||||||||||||||
Total assets | 9,751,930 | 8,714,333 |
Renewable energy | Efficient natural gas & Heat | Transmission lines | Water | Balance as of December 31, 2021 | Renewable energy | Efficient natural gas & heat | Transmission lines | Water | Balance as of December 31, 2023 | |||||||||||||||||||||||||||||||
Liabilities allocated | ||||||||||||||||||||||||||||||||||||||||
Long-term and short-term project debt | 3,857,313 | 478,724 | 602,278 | 97,878 | 5,036,193 | 3,280,618 | 401,460 | 560,906 | 76,276 | 4,319,260 | ||||||||||||||||||||||||||||||
Grants and other liabilities | 1,244,346 | 11,212 | 5,795 | 2,391 | 1,263,744 | 1,185,487 | 32,916 | 12,884 | 2,521 | 1,233,808 | ||||||||||||||||||||||||||||||
Subtotal allocated | 5,101,659 | 489,936 | 608,073 | 100,269 | 6,299,937 | 4,466,105 | 434,376 | 573,790 | 78,797 | 5,553,068 | ||||||||||||||||||||||||||||||
Unallocated liabilities | ||||||||||||||||||||||||||||||||||||||||
Long-term and short-term corporate debt | 1,023,071 | 1,084,838 | ||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | 532,312 | 301,245 | ||||||||||||||||||||||||||||||||||||||
Other current liabilities | 148,005 | 186,373 | ||||||||||||||||||||||||||||||||||||||
Subtotal unallocated | 1,703,388 | 1,572,456 | ||||||||||||||||||||||||||||||||||||||
Total liabilities | 8,003,325 | 7,125,524 | ||||||||||||||||||||||||||||||||||||||
Equity unallocated | 1,748,605 | 1,588,809 | ||||||||||||||||||||||||||||||||||||||
Total liabilities and equity unallocated | 3,451,993 | 3,161,265 | ||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | 9,751,930 | 8,714,333 |
Renewable energy | Efficient natural gas & Heat | Transmission lines | Water | Balance as of December 31, 2020 | Renewable energy | Efficient natural gas & heat | Transmission lines | Water | Balance as of December 31, 2022 | |||||||||||||||||||||||||||||||
Assets allocated | ||||||||||||||||||||||||||||||||||||||||
Contracted concessional assets | 6,632,611 | 502,285 | 842,595 | 177,927 | 8,155,418 | |||||||||||||||||||||||||||||||||||
Contracted concessional, PP&E and other intangible assets | 6,035,091 | 485,431 | 800,067 | 162,670 | 7,483,259 | |||||||||||||||||||||||||||||||||||
Investments carried under the equity method | 61,866 | 15,514 | 30 | 39,204 | 116,614 | 207,870 | 10,034 | - | 42,128 | 260,031 | ||||||||||||||||||||||||||||||
Current financial investments | 6,530 | 124,872 | 27,796 | 40,886 | 200,084 | |||||||||||||||||||||||||||||||||||
Other current financial assets | 6,706 | 116,366 | 30,582 | 42,240 | 195,893 | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents (project companies) | 397,465 | 67,955 | 46,045 | 21,270 | 532,735 | 392,577 | 73,673 | 48,073 | 25,498 | 539,822 | ||||||||||||||||||||||||||||||
Subtotal allocated | 7,098,472 | 710,626 | 916,466 | 279,287 | 9,004,851 | 6,642,244 | 685,504 | 878,722 | 272,536 | 8,479,005 | ||||||||||||||||||||||||||||||
Unallocated assets | ||||||||||||||||||||||||||||||||||||||||
Other non-current assets | 242,044 | 325,893 | ||||||||||||||||||||||||||||||||||||||
Other current assets (including cash and cash equivalents at holding company level) | 691,459 | 296,013 | ||||||||||||||||||||||||||||||||||||||
Subtotal unallocated | 933,503 | 621,906 | ||||||||||||||||||||||||||||||||||||||
Total assets | 9,938,354 | 9,100,911 |
Renewable energy | Efficient natural gas & Heat | Transmission lines | Water | Balance as of December 31, 2020 | Renewable energy | Efficient natural gas & heat | Transmission lines | Water | Balance as of December 31, 2022 | |||||||||||||||||||||||||||||||
Liabilities allocated | ||||||||||||||||||||||||||||||||||||||||
Long-term and short-term project debt | 3,992,512 | 504,293 | 625,203 | 115,606 | 5,237,614 | 3,442,625 | 440,999 | 582,689 | 86,739 | 4,553,052 | ||||||||||||||||||||||||||||||
Grants and other liabilities | 1,221,176 | 108 | 6,040 | 2,443 | 1,229,767 | 1,211,878 | 32,138 | 6,040 | 2,457 | 1,252,513 | ||||||||||||||||||||||||||||||
Subtotal allocated | 5,213,688 | 504,401 | 631,243 | 118,049 | 6,467,381 | 4,654,503 | 473,137 | 588,729 | 89,196 | 5,805,565 | ||||||||||||||||||||||||||||||
Unallocated liabilities | ||||||||||||||||||||||||||||||||||||||||
Long-term and short-term corporate debt | 993,725 | 1,017,200 | ||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | 589,107 | 313,328 | ||||||||||||||||||||||||||||||||||||||
Other current liabilities | 147,260 | 175,771 | ||||||||||||||||||||||||||||||||||||||
Subtotal unallocated | 1,730,092 | 1,506,299 | ||||||||||||||||||||||||||||||||||||||
Total liabilities | 8,197,473 | 7,311,864 | ||||||||||||||||||||||||||||||||||||||
Equity unallocated | 1,740,881 | 1,789,047 | ||||||||||||||||||||||||||||||||||||||
Total liabilities and equity unallocated | 3,470,973 | 3,295,346 | ||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | 9,938,354 | 9,100,911 |
c) | The amount of depreciation, amortization and impairment charges recognized for the years ended December 31, |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||
Depreciation, amortization and impairment by geography | 2021 | 2020 | 2019 | 2023 | 2022 | 2021 | ||||||||||||||||||
North America | (152,946 | ) | (197,643 | ) | (116,232 | ) | (125,725 | ) | (182,159 | ) | (152,946 | ) | ||||||||||||
South America | (57,214 | ) | (39,191 | ) | (47,844 | ) | (77,855 | ) | (80,039 | ) | (57,214 | ) | ||||||||||||
EMEA | (229,281 | ) | (171,770 | ) | (146,679 | ) | (214,691 | ) | (211,440 | ) | (229,281 | ) | ||||||||||||
Total | (439,441 | ) | (408,604 | ) | (310,755 | ) | (418,271 | ) | (473,638 | ) | (439,441 | ) |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||
Depreciation, amortization and impairment by business sectors | 2021 | 2020 | 2019 | 2023 | 2022 | 2021 | ||||||||||||||||||
Renewable energy | (432,138 | ) | (350,785 | ) | (286,907 | ) | (398,394 | ) | (434,042 | ) | (432,138 | ) | ||||||||||||
Efficient natural gas & Heat | 23,910 | (26,563 | ) | 3,102 | ||||||||||||||||||||
Efficient natural gas & heat | 9,365 | (5,430 | ) | 23,910 | ||||||||||||||||||||
Transmission lines | (31,286 | ) | (30,889 | ) | (27,490 | ) | (29,331 | ) | (32,466 | ) | (31,286 | ) | ||||||||||||
Water | 73 | (367 | ) | 541 | 89 | (1,700 | ) | 73 | ||||||||||||||||
Total | (439,441 | ) | (408,604 | ) | (310,755 | ) | (418,271 | ) | (473,638 | ) | (439,441 | ) |
Business combinations for the year ended December 31, 2021 | ||||||||||||
Coso | Other | Total | ||||||||||
Contracted concessional assets (Note 6) | 383,153 | 158,927 | 542,080 | |||||||||
Deferred tax asset (Note 18) | 0 | 4,410 | 4,410 | |||||||||
Other non-current assets | 11,024 | 1,943 | 12,967 | |||||||||
Cash & cash equivalents | 6,363 | 14,649 | 21,012 | |||||||||
Other current assets | 14,378 | 46,679 | 61,057 | |||||||||
Non-current Project debt (Note 15) | (248,544 | ) | (39,808 | ) | (288,352 | ) | ||||||
Current Project debt (Note 15) | (13,415 | ) | (25,366 | ) | (38,781 | ) | ||||||
Deferred tax liabilities (Note 18) | 0 | (4,910 | ) | (4,910 | ) | |||||||
Other current and non-current liabilities | (22,959 | ) | (64,825 | ) | (87,784 | ) | ||||||
Non-controlling interests | 0 | (8,287 | ) | (8,287 | ) | |||||||
Total net assets acquired at fair value | 130,000 | 83,412 | 213,412 | |||||||||
Asset acquisition – purchase price paid | (130,000 | ) | (80,364 | ) | (210,364 | ) | ||||||
Fair value of previously held 15% stake in Rioglass | 0 | (3,048 | ) | (3,048 | ) | |||||||
Net result of business combinations | 0 | 0 | 0 |
Business combinations for the year ended December 31, 2023 | ||||
Property, plant and equipment under IAS 16 (Note 6) | 1,565 | |||
Intangible assets under IAS 38 (Note 6) | 4,486 | |||
Inventories | 1,646 | |||
Other current and non-current liabilities | (5,494 | ) | ||
Total net assets acquired at fair value | 2,203 | |||
Asset acquisition – purchase price | (2,203 | ) | ||
Net result of business combinations | - |
Business combinations for the year ended December 31, | ||||
Property, plant and equipment under IAS 16 (Note 6) | ||||
Cash & cash equivalents | ||||
Other current assets | ||||
Non-current Project debt (Note | ( | ) | ||
Current Project debt (Note | ( | ) | ||
Other current and non-current liabilities | ( | ) | ||
Non-controlling | ( | ) | ||
Total net assets acquired at fair value | ||||
Asset acquisition | ( | ) | ||
Net result of business combinations |
Financial assets under IFRIC 12 | Financial assets under IFRS 16 (Lessor) | Intangible assets under IFRIC 12 | Right of use assets under IFRS 16 (Lessee) and intangible assets under IAS 38 | Property, plant and equipment under IAS 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Financial assets under IFRIC 12 | Financial assets under IFRS 16 (Lessor) | Intangible assets under IFRIC 12 | Intangible assets under IFRS 16 (Lessee) | Property, plant and equipment under IAS 16 and other intangible assets under IAS 38 | Total assets | Land | Technical installations | Total assets | |||||||||||||||||||||||||||||||||||||||||||||
Total as of January 1, 2021 | 936,837 | 2,941 | 9,467,309 | 66,230 | 350,720 | 10,824,037 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total as of January 1, 2023 | 818,170 | 2,787 | 8,845,151 | 120,308 | 137,767 | 938,799 | 10,862,982 | |||||||||||||||||||||||||||||||||||||||||||||||
Additions | 922 | 442 | 40,383 | 2,459 | 14,204 | 58,410 | - | - | 27,531 | 4,409 | 62 | 50,805 | 82,807 | |||||||||||||||||||||||||||||||||||||||||
Subtractions | 0 | 0 | (348 | ) | 0 | (21,282 | ) | (21,630 | ) | - | - | - | (644 | ) | - | (5,487 | ) | (6,131 | ) | |||||||||||||||||||||||||||||||||||
Business combinations (Note 5) | 0 | 0 | 0 | 19,148 | 522,932 | 542,080 | - | - | - | 4,486 | - | 1,565 | 6,051 | |||||||||||||||||||||||||||||||||||||||||
Currency translation differences | (9,519 | ) | (540 | ) | (334,497 | ) | (5,019 | ) | (20,703 | ) | (370,278 | ) | 5,025 | (132 | ) | 84,060 | 4,756 | 1,515 | 19,847 | 115,071 | ||||||||||||||||||||||||||||||||||
Reclassification and other movements | (53,715 | ) | 0 | 29,692 | 0 | 10,539 | (13,484 | ) | (38,016 | ) | - | 348 | 17,632 | - | (11,537 | ) | (31,573 | ) | ||||||||||||||||||||||||||||||||||||
Total cost | 874,525 | 2,843 | 9,202,539 | 82,818 | 856,410 | 11,019,135 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total cost, as of December 31, 2023 | 785,179 | 2,655 | 8,957,090 | 150,947 | 139,344 | 993,992 | 11,029,207 |
Depreciation, amortization and impairment | Financial assets under IFRIC 12 | Financial assets under IFRS 16 (Lessor) | Intangible assets under IFRIC 12 | Right of use assets under IFRS 16 (Lessee) and intangible assets under IAS 38 | Property, plant and equipment under IAS 16 | |||||||||||||||||||||||
Land | Technical installations | Total assets | ||||||||||||||||||||||||||
Total as of January 1, 2023 | (69,557 | ) | - | (3,088,778 | ) | (26,783 | ) | - | (194,605 | ) | (3,379,723 | ) | ||||||||||||||||
Additions | - | - | (358,602 | ) | (11,869 | ) | - | (41,924 | ) | (412,395 | ) | |||||||||||||||||
Impairment charges | - | - | - | - | - | (16,079 | ) | (16,079 | ) | |||||||||||||||||||
Reversal of impairment | 13,378 | - | - | - | - | - | 13,378 | |||||||||||||||||||||
Currency translation differences | (199 | ) | - | (32,084 | ) | (533 | ) | - | (4,511 | ) | (37,327 | ) | ||||||||||||||||
Reclassification and other movements | - | - | - | 372 | - | 6,834 | 7,206 | |||||||||||||||||||||
Total depreciation, amortization and impairment, as of December 31, 2023 | (56,378 | ) | - | (3,479,464 | ) | (38,813 | ) | - | (250,285 | ) | (3,824,940 | ) | ||||||||||||||||
Total net book value, as of December 31, 2023 | 728,801 | 2,655 | 5,477,626 | 112,134 | 139,344 | 743,707 | 7,204,267 |
Depreciation, amortization and impairment | Financial assets under IFRIC 12 | Financial assets under IFRS 16 (Lessor) | Intangible assets under IFRIC 12 | Intangible assets under IFRS 16 (Lessee) | Property, plant and equipment under IAS 16 and other intangible assets under IAS 38 | Total assets | ||||||||||||||||||
Total as of January 1, 2021 | (87,689 | ) | 0 | (2,442,520 | ) | (10,060 | ) | (128,350 | ) | (2,668,619 | ) | |||||||||||||
Additions | (418 | ) | 0 | (424,181 | ) | (4,759 | ) | (31,003 | ) | (460,361 | ) | |||||||||||||
Reversal of impairment | 24,929 | 0 | 0 | 0 | 0 | 24,929 | ||||||||||||||||||
Currency translation differences | 289 | 0 | 97,356 | 714 | 8,125 | 106,484 | ||||||||||||||||||
Total depreciation, amortization and impairment | (62,889 | ) | 0 | (2,769,345 | ) | (14,105 | ) | (151,228 | ) | (2,997,567 | ) |
Financial assets under IFRIC 12 | Financial assets under IFRS 16 (Lessor) | Intangible assets under IFRIC 12 | Right of use assets under IFRS 16 (Lessee) and intangible assets under IAS 38 | Property, plant and equipment under IAS 16 | ||||||||||||||||||||||||
Cost | Land | Technical installations | Total assets | |||||||||||||||||||||||||
Total as of January 1, 2022 | 874,525 | 2,843 | 9,068,646 | 100,109 | 137,037 | 835,975 | 11,019,135 | |||||||||||||||||||||
Additions | - | - | 32,941 | 5,637 | 3,532 | 75,182 | 117,292 | |||||||||||||||||||||
Subtractions | - | (57 | ) | (499 | ) | (1,510 | ) | - | (8,495 | ) | (10,561 | ) | ||||||||||||||||
Business combinations (Note 5) | - | - | - | 16,993 | - | 58,002 | 74,995 | |||||||||||||||||||||
Currency translation differences | 1,760 | 1 | (258,735 | ) | (4,446 | ) | (2,802 | ) | (21,090 | ) | (285,312 | ) | ||||||||||||||||
Reclassification and other movements | (58,115 | ) | - | 2,798 | 3,525 | - | (775 | ) | (52,567 | ) | ||||||||||||||||||
Total cost, as of December 31, 2022 | 818,170 | 2,787 | 8,845,151 | 120,308 | 137,767 | 938,799 | 10,862,982 |
Financial assets under IFRIC 12 | Financial assets under IFRS 16 (Lessor) | Intangible assets under IFRIC 12 | Right of use assets under IFRS 16 (Lessee) and intangible assets under IAS 38 | Property, plant and equipment under IAS 16 | ||||||||||||||||||||||||
Depreciation, amortization and impairment | Land | Technical installations | Total assets | |||||||||||||||||||||||||
Total as of January 1, 2022 | (62,889 | ) | - | (2,769,345 | ) | (21,578 | ) | - | (143,755 | ) | (2,997,567 | ) | ||||||||||||||||
Additions | (6,560 | ) | - | (357,401 | ) | (6,865 | ) | - | (43,414 | ) | (414,240 | ) | ||||||||||||||||
Impairment charges | (41,238 | ) | - | - | (20,446 | ) | (61,684 | ) | ||||||||||||||||||||
Reversal of impairment | - | - | - | 859 | - | 7,643 | 8,502 | |||||||||||||||||||||
Currency translation differences | (108 | ) | - | 79,206 | 801 | - | 5,367 | 85,266 | ||||||||||||||||||||
Total depreciation, amortization and impairment, as of December 31, 2022 | (69,557 | ) | - | (3,088,778 | ) | (26,783 | ) | - | (194,605 | ) | (3,379,723 | ) | ||||||||||||||||
Total net book value, as of December 31, 2022 | 748,613 | 2,787 | 5,756,373 | 93,525 | 137,767 | 744,194 | 7,483,259 |
Cost | Financial assets under IFRIC 12 | Financial assets under IFRS 16 (Lessor) | Intangible assets under IFRIC 12 | Intangible assets under IFRS 16 (Lessee) | Property, plant and equipment under IAS 16 and other intangible assets under IAS 38 | Total assets | ||||||||||||||||||
Total as of January 1, 2020 | 872,945 | 3,459 | 9,183,011 | 60,618 | 264,564 | 10,384,597 | ||||||||||||||||||
Additions | 0 | 0 | 29,213 | 1,832 | 4,310 | 35,355 | ||||||||||||||||||
Subtractions | 0 | 0 | (71,706 | ) | (954 | ) | (223 | ) | (72,883 | ) | ||||||||||||||
Business combinations (Note 5) | 102,560 | 0 | 0 | 385 | 63,916 | 166,861 | ||||||||||||||||||
Currency translation differences | (8,166 | ) | (163 | ) | 326,791 | 4,349 | 18,153 | 340,964 | ||||||||||||||||
Reclassification and other movements | (30,502 | ) | (355 | ) | 0 | 0 | 0 | (30,857 | ) | |||||||||||||||
Total cost | 936,837 | 2,941 | 9,467,309 | 66,230 | 350,720 | 10,824,037 |
Depreciation, amortization and impairment | Financial assets under IFRIC 12 | Financial assets under IFRS 16 (Lessor) | Intangible assets under IFRIC 12 | Intangible assets under IFRS 16 (Lessee) | Property, plant and equipment under IAS 16 and other intangible assets under IAS 38 | Total assets | ||||||||||||||||||
Total as of January 1, 2020 | (57,258 | ) | 0 | (2,055,946 | ) | (6,585 | ) | (103,679 | ) | (2,223,468 | ) | |||||||||||||
Additions | (27,111 | ) | 0 | (338,393 | ) | (3,527 | ) | (15,958 | ) | (384,989 | ) | |||||||||||||
Subtractions | 0 | 0 | 17,571 | 634 | 49 | 18,253 | ||||||||||||||||||
Reversal of impairment | 0 | 0 | 18,787 | 0 | 0 | 18,787 | ||||||||||||||||||
Business combinations (Note 5) | (3,797 | ) | 0 | 0 | 0 | 0 | (3,797 | ) | ||||||||||||||||
Currency translation differences | 476 | 0 | (84,538 | ) | (581 | ) | (8,762 | ) | (93,405 | ) | ||||||||||||||
Total depreciation, amortization and impairment | (87,689 | ) | 0 | (2,442,520 | ) | (10,060 | ) | (128,350 | ) | (2,668,619 | ) |
Investments in associates | 2021 | 2020 | ||||||||||||||
Investments in associates and joint ventures | 2023 | 2022 | ||||||||||||||
Initial balance | 116,614 | 139,925 | 260,031 | 294,581 | ||||||||||||
Share of profit | 12,304 | 510 | 13,207 | 21,465 | ||||||||||||
Distributions | (36,877 | ) | (23,703 | ) | (38,780 | ) | (57,537 | ) | ||||||||
Acquisitions | 202,345 | 0 | ||||||||||||||
New entities carried under the equity method | 4,439 | 4,901 | ||||||||||||||
Investment in associates classified as held for sale during the year (Note 8) | (10,194 | ) | - | |||||||||||||
Others (incl. currency translation differences) | 195 | (118 | ) | 1,604 | (3,379 | ) | ||||||||||
Final balance | 294,581 | 116,614 | 230,307 | 260,031 |
- | Distributions: |
- | New entities carried under the equity method |
- | Share of profit |
Company | % Shares | Non- current assets | Current assets | Project debt | Other non- current liabilities | Other current liabilities | Revenue | Operating profit/ (loss) | Net profit/ (loss) | Investment under the equity method | ||||||||||||||||||||||||||||||
2007 Vento II, LLC (*) | 49.00 | 459,037 | 13,511 | 0 | 62,387 | 10,259 | 104,461 | 34,216 | 32,806 | 195,952 | ||||||||||||||||||||||||||||||
Windlectric Inc (**) | 30.00 | 310,751 | 11,036 | 0 | 207,404 | 38,126 | 24,008 | 10,442 | 152 | 41,911 | ||||||||||||||||||||||||||||||
Myah Bahr Honaine, S.P.A.(***) | 25.50 | 151,830 | 59,020 | 51,721 | 18,142 | 3,293 | 53,450 | 33,935 | 24,899 | 38,922 | ||||||||||||||||||||||||||||||
Pemcorp SAPI de CV (****) | 30.00 | 127,892 | 117,083 | 146,931 | 101,439 | 2,925 | 40,166 | 6,561 | (6,522 | ) | 15,358 | |||||||||||||||||||||||||||||
Pectonex, R.F. Proprietary Limited | 50.00 | 2,356 | 0 | 0 | 0 | 1 | 0 | (186 | ) | (186 | ) | 1,495 | ||||||||||||||||||||||||||||
Evacuación Valdecaballeros, S.L. | 57.16 | 17,185 | 976 | 0 | 15,022 | 156 | 938 | (63 | ) | (93 | ) | 923 | ||||||||||||||||||||||||||||
Evacuación Villanueva del Rey, S.L | 40.02 | 2,637 | 63 | 0 | 1,601 | 172 | 0 | 59 | 0 | 0 | ||||||||||||||||||||||||||||||
ABY Infraestructuras S.L.U. | 20.00 | 238 | 46 | 0 | 0 | 5 | 0 | (54 | ) | (54 | ) | 21 | ||||||||||||||||||||||||||||
As of December 31, 2021 | 294,581 |
Company | % Shares of the Company | Non- current assets | Current assets | Project debt | Other non- current liabilities | Other current liabilities | Revenue | Operating profit/ (loss) | Net profit/ (loss) | Investment under the equity method | ||||||||||||||||||||||||||||||
2007 Vento II, LLC (1) | 49.00 | 411,099 | 25,777 | - | 56,508 | 11,285 | 82,849 | 21,024 | 19,752 | 175,351 | ||||||||||||||||||||||||||||||
Windlectric Inc (2) | 30.00 | 284,618 | 30,884 | - | 159,406 | 77,389 | 21,514 | 8,515 | (2,157 | ) | 1,910 | |||||||||||||||||||||||||||||
Myah Bahr Honaine, S.P.A.(3) | 25.50 | 155,338 | 63,451 | 35,569 | 20,240 | 4,653 | 56,172 | 34,576 | 27,084 | 40,635 | ||||||||||||||||||||||||||||||
Akuo Atlantica PMGD Holding S.P.A. (4) | 49.00 | 56,214 | 7,210 | 24,214 | 18,090 | 13,739 | 192 | (75 | ) | (83 | ) | 4,409 | ||||||||||||||||||||||||||||
Colombian portfolio of renewable energy entities | 50.00 | 9,092 | 4,970 | - | 9,872 | 956 | - | (587 | ) | 1,920 | 4,754 | |||||||||||||||||||||||||||||
Pectonex, R.F. Proprietary Limited | 50.00 | 1,749 | - | - | 1 | - | - | (149 | ) | (149 | ) | 1,337 | ||||||||||||||||||||||||||||
Evacuación Valdecaballeros, S.L. | 57.16 | 15,839 | 1,005 | - | 13,538 | 159 | 878 | (59 | ) | (91 | ) | 807 | ||||||||||||||||||||||||||||
Atlantica SailH2, S.L. | 50.00 | 499 | 333 | - | - | 165 | - | - | - | 653 | ||||||||||||||||||||||||||||||
Evacuación Villanueva del Rey, S.L. | 40.02 | 2,218 | 83 | - | 1,308 | 181 | - | 63 | - | - | ||||||||||||||||||||||||||||||
Liberty Infraestructuras S.L. | 20.00 | 81 | 357 | - | - | - | 4 | (46 | ) | (68 | ) | - | ||||||||||||||||||||||||||||
Fontanil Solar, S.L.U. | 25.00 | 328 | 13 | - | 354 | 7 | - | (1 | ) | (18 | ) | 229 | ||||||||||||||||||||||||||||
Murum Solar, S.L.U. | 25.00 | 266 | 35 | - | 314 | - | - | (1 | ) | (15 | ) | 222 | ||||||||||||||||||||||||||||
As of December 31, 2023 | 230,307 |
Company | % Shares | Non- current assets | Current assets | Project Debt | Other non- current liabilities | Other current liabilities | Revenue | Operating profit/loss | Net profit/ (loss) | Investment under the equity method | ||||||||||||||||||||||||||||||
Windlectric Inc (**) | 30.00 | 316,251 | 7,299 | 0 | 216,765 | 31,403 | 23,663 | 10,451 | (493 | ) | 59,116 | |||||||||||||||||||||||||||||
Myah Bahr Honaine, S.P.A.(***) | 25.50 | 165,688 | 57,808 | 63,356 | 17,617 | 3,636 | 50,739 | 30,519 | 12,402 | 39,204 | ||||||||||||||||||||||||||||||
Pemcorp SAPI de CV (****) | 30.00 | 127,429 | 121,468 | 154,937 | 104,893 | 3,190 | 28,832 | 3,068 | (6,237 | ) | 15,514 | |||||||||||||||||||||||||||||
Pectonex, R.F. Proprietary Limited | 50.00 | 2,743 | 0 | 0 | 0 | 1 | 0 | (168 | ) | (168 | ) | 1,587 | ||||||||||||||||||||||||||||
Evacuación Valdecaballeros, S.L. | 57.16 | 19,531 | 1,130 | 0 | 16,721 | 646 | 853 | (167 | ) | (194 | ) | 976 | ||||||||||||||||||||||||||||
Evacuación Villanueva del Rey, S.L | 40.02 | 3,201 | 134 | 0 | 1,861 | 257 | 0 | 52 | 0 | 0 | ||||||||||||||||||||||||||||||
Ca Ku A1, S.A.P.I de CV (PTS) | 5.00 | 468,131 | 156,528 | 0 | 604,986 | 25,773 | 80,240 | 17,415 | 1,615 | 30 | ||||||||||||||||||||||||||||||
ABY Infraestructuras S.L.U. | 20.00 | 135 | 84 | 0 | 0 | 63 | 0 | (53 | ) | (53 | ) | 17 | ||||||||||||||||||||||||||||
Other renewable energy joint ventures (*****) | 50.00 | 323 | 210 | 0 | 0 | 19 | (66 | ) | (66 | ) | 169 | |||||||||||||||||||||||||||||
As of December 31, 2020 | 116,614 |
Company | % Shares of the Company | Non- current assets | Current assets | Project debt | Other non- current liabilities | Other current liabilities | Revenue | Operating profit/ (loss) | Net profit/ (loss) | Investment under the equity method | ||||||||||||||||||||||||||||||
2007 Vento II, LLC (1) | 49.00 | 435,029 | 14,198 | - | 57,596 | 11,515 | 103,362 | 42,662 | 40,992 | 181,735 | ||||||||||||||||||||||||||||||
Windlectric Inc (2) | 30.00 | 278,504 | 3,338 | - | 167,519 | 43,227 | 24,996 | 10,560 | (15 | ) | 18,935 | |||||||||||||||||||||||||||||
Myah Bahr Honaine, S.P.A.(3) | 25.50 | 150,623 | 66,246 | 43,579 | 18,902 | 4,257 | 55,267 | 33,374 | 26,768 | 42,128 | ||||||||||||||||||||||||||||||
Akuo Atlantica PMGD Holding S.P.A. (4) | 49.00 | 14,814 | 2,828 | - | 8,755 | 326 | - | - | (348 | ) | 4,450 | |||||||||||||||||||||||||||||
Pemcorp SAPI de CV (5) | 30.00 | 138,931 | 112,352 | 159,382 | 90,474 | 4,328 | 45,625 | 1,680 | (17,747 | ) | 10,034 | |||||||||||||||||||||||||||||
Pectonex, R.F. Proprietary Limited | 50.00 | 2,045 | - | - | - | 1 | - | (168 | ) | (168 | ) | 1,411 | ||||||||||||||||||||||||||||
Evacuación Valdecaballeros, S.L. | 57.16 | 15,551 | 1,020 | - | 13,635 | 232 | 860 | (60 | ) | (89 | ) | 858 | ||||||||||||||||||||||||||||
Evacuación Villanueva del Rey, S.L. | 40.02 | 2,317 | 12 | - | 1,386 | 111 | - | 57 | - | - | ||||||||||||||||||||||||||||||
Liberty Infraestructuras S.L. | 20.00 | 93 | 283 | - | - | 37 | - | - | (22 | ) | 29 | |||||||||||||||||||||||||||||
Fontanil Solar, S.L.U. | 25.00 | 117 | 7 | - | 99 | 24 | - | (1 | ) | (2 | ) | 229 | ||||||||||||||||||||||||||||
Murum Solar, S.L.U. | 25.00 | 228 | 8 | - | 180 | 59 | - | (1 | ) | (5 | ) | 222 | ||||||||||||||||||||||||||||
As of December 31, 2022 | 260,031 |
Notes | Amortized cost | Fair value through other comprehensive income | Fair value through profit or loss | Balance as of December 31, 2021 | Notes | Amortized cost | Fair value through other comprehensive income | Fair value through profit or loss | Balance as of December 31, 2023 | |||||||||||||||||||||||||||||||
Derivative assets | 9 | 0 | 0 | 12,960 | 12,960 | 10 | - | - | 61,697 | 61,697 | ||||||||||||||||||||||||||||||
Investment in Ten West Link | 0 | 14,459 | 0 | 14,459 | - | 11,719 | - | 11,719 | ||||||||||||||||||||||||||||||||
Financial assets under IFRIC 12 (short-term portion) | 188,912 | 0 | 0 | 188,912 | ||||||||||||||||||||||||||||||||||||
Financial assets under IFRIC 12 (short-term portion) (*) | 177,407 | - | - | 177,407 | ||||||||||||||||||||||||||||||||||||
Trade and other receivables | 11 | 307,143 | 0 | 0 | 307,143 | 12 | 286,483 | - | - | 286,483 | ||||||||||||||||||||||||||||||
Cash and cash equivalents | 12 | 622,689 | 0 | 0 | 622,689 | 13 | 448,301 | - | - | 448,301 | ||||||||||||||||||||||||||||||
Other financial investments | 87,657 | 0 | 0 | 87,657 | ||||||||||||||||||||||||||||||||||||
Other financial assets | 74,645 | - | - | 74,645 | ||||||||||||||||||||||||||||||||||||
Total financial assets | 1,206,401 | 14,459 | 12,960 | 1,233,820 | 986,836 | 11,719 | 61,697 | 1,060,252 | ||||||||||||||||||||||||||||||||
Corporate debt (**) | 15 | 1,084,838 | - | - | 1,084,838 | |||||||||||||||||||||||||||||||||||
Project debt (**) | 16 | 4,319,260 | - | - | 4,319,260 | |||||||||||||||||||||||||||||||||||
Lease liabilities (non-current portion) | 17 | 82,366 | - | - | 82,366 | |||||||||||||||||||||||||||||||||||
Trade and other current liabilities | 18 | 141,713 | - | - | 141,713 | |||||||||||||||||||||||||||||||||||
Derivative liabilities | 10 | - | - | 29,957 | 29,957 | |||||||||||||||||||||||||||||||||||
Total financial liabilities | 5,628,177 | - | 29,957 | 5,658,134 |
Corporate debt | 14 | 1,023,071 | - | 0 | 1,023,071 | |||||||||||||||||||||||||||||||||||
Project debt | 15 | 5,036,193 | - | 0 | 5,036,193 | |||||||||||||||||||||||||||||||||||
Notes | Amortized cost | Fair value through other comprehensive income | Fair value through profit or loss | Balance as of December 31, 2022 | ||||||||||||||||||||||||||||||||||||
Derivative assets | 10 | - | - | 97,381 | 97,381 | |||||||||||||||||||||||||||||||||||
Investment in Ten West Link | - | 15,959 | - | 15,959 | ||||||||||||||||||||||||||||||||||||
Financial assets under IFRIC 12 (short-term portion) (*) | 186,841 | - | - | 186,841 | ||||||||||||||||||||||||||||||||||||
Trade and other receivables | 12 | 200,334 | - | - | 200,334 | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 13 | 600,990 | - | - | 600,990 | |||||||||||||||||||||||||||||||||||
Other financial assets | 71,949 | - | - | 71,949 | ||||||||||||||||||||||||||||||||||||
Total financial assets | 1,060,114 | 15,959 | 97,381 | 1,173,454 | ||||||||||||||||||||||||||||||||||||
Corporate debt (**) | 15 | 1,017,200 | - | - | 1,017,200 | |||||||||||||||||||||||||||||||||||
Project debt (**) | 16 | 4,553,052 | - | - | 4,553,052 | |||||||||||||||||||||||||||||||||||
Lease liabilities (non-current portion) | 17 | 63,076 | - | - | 63,076 | |||||||||||||||||||||||||||||||||||
Trade and other current liabilities | 17 | 113,907 | - | 0 | 113,907 | 18 | 140,230 | - | - | 140,230 | ||||||||||||||||||||||||||||||
Derivative liabilities | 9 | 0 | - | 223,453 | 223,453 | 10 | - | - | 16,847 | 16,847 | ||||||||||||||||||||||||||||||
Total financial liabilities | 6,173,171 | - | 223,453 | 6,396,624 | 5,773,558 | - | 16,847 | 5,790,405 |
Notes | Amortized cost | Fair value through other comprehensive income | Fair value through profit or loss | Balance as of December 31, 2020 | ||||||||||||||||
Derivative assets | 9 | 0 | 0 | 1,559 | 1,559 | |||||||||||||||
Investment in Ten West Link | 0 | 12,896 | 0 | 12,896 | ||||||||||||||||
Investment in Rioglass | 0 | 0 | 2,687 | 2,687 | ||||||||||||||||
Financial assets under IFRIC 12 (short-term portion) | 178,198 | 0 | 0 | 178,198 | ||||||||||||||||
Trade and other receivables | 11 | 331,735 | 0 | 0 | 331,735 | |||||||||||||||
Cash and cash equivalents | 12 | 868,501 | 0 | 0 | 868,501 | |||||||||||||||
Other financial investments | 94,497 | 0 | 0 | 94,497 | ||||||||||||||||
Total financial assets | 1,472,931 | 12,896 | 4,246 | 1,490,073 |
Corporate debt | 14 | 993,725 | - | 0 | 993,725 | |||||||||||||||
Project debt | 15 | 5,237,614 | - | 0 | 5,237,614 | |||||||||||||||
Related parties – non-current | 10 | 6,810 | - | 0 | 6,810 | |||||||||||||||
Trade and other current liabilities | 17 | 92,557 | - | 0 | 92,557 | |||||||||||||||
Derivative liabilities | 9 | 0 | - | 328,184 | 328,184 | |||||||||||||||
Total financial liabilities | 6,330,707 | - | 328,184 | 6,658,891 |
Balance as of December 31, 2021 | Balance as of December 31, 2020 | Balance as of December 31, 2023 | Balance as of December 31, 2022 | |||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||
Interest rate cash flow hedge | 9,550 | 206,763 | 898 | 302,302 | 60,102 | 29,163 | 94,192 | 12,159 | ||||||||||||||||||||||||
Foreign exchange derivatives instruments | 3,410 | 0 | 661 | 0 | 1,595 | - | 3,189 | - | ||||||||||||||||||||||||
Notes conversion option (Note 14) | 0 | 16,690 | 0 | 25,882 | ||||||||||||||||||||||||||||
Notes conversion option (Note 15) | - | 794 | - | 4,688 | ||||||||||||||||||||||||||||
Total | 12,960 | 223,453 | 1,559 | 328,184 | 61,697 | 29,957 | 97,381 | 16,847 |
- | Interest rate swaps under which the Company receives the floating leg and pays the fixed leg; and |
- | Purchased call options (cap), in exchange of a premium to fix the maximum interest rate cost. |
Notionals | Balance as of December 31, 2021 | Balance as of December 31, 2020 | Balance as of December 31, 2023 | Balance as of December 31, 2022 | ||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||
Up to 1 year | 71,386 | 106,191 | 61,364 | 120,874 | 248,898 | 43,013 | 245,147 | 47,029 | ||||||||||||||||||||||||
Between 1 and 2 years | 304,930 | 240,197 | 296,828 | 249,785 | 279,215 | 95,701 | 310,393 | 102,476 | ||||||||||||||||||||||||
Between 2 and 3 years | 262,973 | 271,350 | 257,548 | 276,111 | 314,644 | 104,848 | 217,498 | 112,855 | ||||||||||||||||||||||||
Subsequent years | 217,989 | 860,777 | 292,011 | 852,696 | 523,564 | 264,563 | 659,186 | 280,016 | ||||||||||||||||||||||||
Total | 857,278 | 1,478,515 | 907,752 | 1,499,466 | 1,366,321 | 508,125 | 1,432,224 | 542,376 |
Fair value | Balance as of December 31, 2021 | Balance as of December 31, 2020 | Balance as of December 31, 2023 | Balance as of December 31, 2022 | ||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||
Up to 1 year | 678 | (15,039 | ) | 59 | (21,042 | ) | 3,957 | (1,740 | ) | 10,868 | (991 | ) | ||||||||||||||||||||
Between 1 and 2 years | 1,810 | (33,670 | ) | 255 | (48,276 | ) | 10,124 | (5,347 | ) | 17,860 | (2,189 | ) | ||||||||||||||||||||
Between 2 and 3 years | 2,268 | (39,834 | ) | 305 | (55,220 | ) | 12,070 | (5,848 | ) | 12,257 | (2,851 | ) | ||||||||||||||||||||
Subsequent years | 4,794 | (118,220 | ) | 280 | (177,764 | ) | 33,951 | (16,228 | ) | 53,207 | (6,128 | ) | ||||||||||||||||||||
Total | 9,550 | (206,763 | ) | 898 | (302,302 | ) | 60,102 | (29,163 | ) | 94,192 | (12,159 | ) |
Balance as of December 31, | ||||||||
2021 | 2020 | |||||||
Credit receivables (current) | 19,387 | 23,067 | ||||||
Credit receivables (non-current) | 15,768 | 10,082 | ||||||
Total receivables from related parties | 35,155 | 33,149 | ||||||
Credit payables (current) | 9,494 | 18,477 | ||||||
Credit payables (non-current) | 5 | 6,810 | ||||||
Total payables to related parties | 9,499 | 25,287 |
As of December 31, | Receivables (current) | Receivables (non- current) | Payables (current) | Payables (non- current) | |||||||||||||
Entities accounted for under the equity method: | |||||||||||||||||
Arroyo Netherland II B.V (Note 8) | 2023 | 18,448 | - | - | - | ||||||||||||
2022 | 1,097 | 17,006 | - | - | |||||||||||||
Amherst Island Partnership | 2023 | 5,817 | - | - | - | ||||||||||||
2022 | - | - | - | - | |||||||||||||
Akuo Atlantica PMGD Holding | 2023 | - | 16,677 | - | - | ||||||||||||
2022 | - | 504 | - | - | |||||||||||||
Colombian assets portfolio | 2023 | - | 13,578 | 34 | - | ||||||||||||
2022 | - | - | - | - | |||||||||||||
Other | 2023 | 21 | 148 | - | - | ||||||||||||
2022 | 127 | - | - | - | |||||||||||||
Non controlling interest: | |||||||||||||||||
Algonquin | 2023 | - | - | 5,683 | - | ||||||||||||
2022 | - | - | 4,762 | - | |||||||||||||
JGC Corporation | 2023 | - | - | - | 4,612 | ||||||||||||
2022 | - | - | - | 6,088 | |||||||||||||
Other | 2023 | - | - | 2,314 | 27 | ||||||||||||
2022 | - | - | 1,311 | - | |||||||||||||
Other related parties: | |||||||||||||||||
Atlantica´s partner in Colombia (Note 7) | 2023 | 918 | - | - | - | ||||||||||||
2022 | - | - | - | - | |||||||||||||
Total | 2023 | 25,204 | 30,403 | 8,031 | 4,639 | ||||||||||||
2022 | 1,224 | 17,510 | 6,073 | 6,088 |
For the year ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Financial income | 2,069 | 2,017 | 978 | |||||||||
Financial expense | (97 | ) | (155 | ) | (195 | ) |
Financial income | Financial expense | Operating income | |||||||||||
Entities accounted for under the equity method: | |||||||||||||
Arroyo Netherland II B.V | 2023 | 1,845 | - | - | |||||||||
2022 | 1,275 | - | - | ||||||||||
2021 | 2,061 | - | - | ||||||||||
Akuo Atlantica PMGD Holding | 2023 | 607 | - | 316 | |||||||||
2022 | - | - | - | ||||||||||
2021 | - | - | - | ||||||||||
Colombian assets portfolio | 2023 | 588 | - | - | |||||||||
2022 | - | - | - | ||||||||||
2021 | - | - | - | ||||||||||
Other | 2023 | - | - | 9 | |||||||||
2022 | - | - | - | ||||||||||
2021 | - | - | - | ||||||||||
Non controlling interest: | |||||||||||||
Other | 2023 | - | (471 | ) | - | ||||||||
2022 | 23 | (153 | ) | - | |||||||||
2021 | 8 | (97 | ) | - | |||||||||
Total | 2023 | 3,040 | (471 | ) | 325 | ||||||||
| 2022 | 1,298 | (153 | ) | - | ||||||||
| 2021 | 2,069 | (97 | ) | - |
Balance as of December 31, | Balance as of December 31, | |||||||||||||||
2021 | 2020 | 2023 | 2022 | |||||||||||||
Trade receivables | 227,343 | 258,087 | 213,345 | 125,437 | ||||||||||||
Tax receivables | 59,350 | 50,663 | 37,134 | 45,680 | ||||||||||||
Prepayments | 9,342 | 12,074 | 12,717 | 11,827 | ||||||||||||
Other accounts receivable | 11,108 | 10,911 | 23,287 | 17,390 | ||||||||||||
Total | 307,143 | 331,735 | 286,483 | 200,334 |
Balance as of December 31, | ||||||||
2021 | 2020 | |||||||
Euro | 65,854 | 105,826 | ||||||
South African Rand | 24,513 | 24,121 | ||||||
Other | 13,330 | 6,929 | ||||||
Total | 103,697 | 136,876 |
Balance as of December 31, | ||||||||
2023 | 2022 | |||||||
Euro | 53,012 | 4,088 | ||||||
South African Rand | - | 23,416 | ||||||
Chilean peso | 4,431 | 5,037 | ||||||
Mexican peso | 4,557 | 1,298 | ||||||
Other | 4,376 | 2,676 | ||||||
Total | 66,376 | 36,515 |
Balance as of December 31, | Balance as of December 31, | |||||||||||||||
2021 | 2020 | 2023 | 2022 | |||||||||||||
Cash at bank and on hand - non restricted | 368,381 | 588,690 | 271,329 | 393,430 | ||||||||||||
Cash at bank and on hand - restricted | 254,308 | 279,811 | 176,972 | 207,560 | ||||||||||||
Total | 622,689 | 868,501 | 448,301 | 600,990 |
Balance as of December 31, | Balance as of December 31, | |||||||||||||||
Currency | 2021 | 2020 | 2023 | 2022 | ||||||||||||
U.S. dollar | 318,071 | 575,567 | 266,200 | 309,756 | ||||||||||||
Euro | 230,136 | 196,431 | 102,820 | 217,675 | ||||||||||||
South African Rand | 38,268 | 40,561 | 30,908 | 36,137 | ||||||||||||
Mexican Peso | 4,926 | 23,570 | 13,455 | 4,010 | ||||||||||||
Algerian Dinar | 21,156 | 21,114 | 21,168 | 24,727 | ||||||||||||
Others | 10,132 | 11,258 | ||||||||||||||
Other | 13,750 | 8,685 | ||||||||||||||
Total | 622,689 | 868,501 | 448,301 | 600,990 |
Amount ($) per share | |||||
February 29, 2024 | March 22, | 0.445 | | ||
November 7, 2023 | December 15, 2023 | 0.445 | |||
July 31, 2023 | September 15, 2023 | 0.445 | |||
May 4, 2023 | June 15, 2023 | 0.445 | |||
February 28, 2023 | March 25, 2023 | 0.445 |
Dividends declared during the year 2022 by the Board of Directors of the Company were as follows: |
Amount ($) per share | |||||
November 8, 2022 | December 15, 2022 | 0.445 | |||
August 2, 2022 | September 15, | 0.445 | |||
May 5, 2022 | June 15, 2022 | 0.44 | |||
February 25, 2022 | March 25, 2022 | 0.44 |
Balance as of December 31, | ||||||||
2021 | 2020 | |||||||
Non-current | 995,190 | 970,077 | ||||||
Current | 27,881 | 23,648 | ||||||
Total Corporate debt | 1,023,071 | 993,725 |
Balance as of December 31, | ||||||||
2023 | 2022 | |||||||
Non-current | 1,050,816 | 1,000,503 | ||||||
Current | 34,022 | 16,697 | ||||||
Total Corporate debt | 1,084,838 | 1,017,200 |
- | a €5 million ($5.5 million) loan on December 4, 2020, which accrues interest at a rate per year equal to 2.50%. The maturity date is December 4, 2025. |
- | a €5 million ($5.5 million) loan on January 31, 2022, which accrues interest at a rate per year equal to 1.90%. The maturity date is January 31, 2026. |
- | a €7 million ($7.7 million) loan on February 24, 2023, which accrues interest at a rate per year equal to 4.21%. The maturity date is February 24, 2028. |
2022 | 2023 | 2024 | 2025 | 2026 | Subsequent years | Total | 2024 | 2025 | 2026 | 2027 | 2028 | Total | ||||||||||||||||||||||||||||||||||||||||
2017 Credit Facility | 5 | 8,199 | 0 | 0 | 0 | 0 | 8,204 | 13 | 9,876 | - | - | - | 9,889 | |||||||||||||||||||||||||||||||||||||||
Revolving Credit Facility | 261 | 54,427 | - | - | - | 54,688 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial Paper | 24,422 | 0 | 0 | 0 | 0 | 0 | 24,422 | 25,691 | - | - | - | - | 25,691 | |||||||||||||||||||||||||||||||||||||||
2020 Green Private Placement | 359 | 0 | 0 | 0 | 327,081 | 0 | 327,440 | 174 | - | 318,668 | - | - | 318,842 | |||||||||||||||||||||||||||||||||||||||
Note Issuance Facility 2020 | 0 | 0 | 0 | 0 | 0 | 155,814 | 155,814 | |||||||||||||||||||||||||||||||||||||||||||||
2020 Note Issuance Facility | - | - | - | 152,356 | - | 152,356 | ||||||||||||||||||||||||||||||||||||||||||||||
Green Exchangeable Notes | 2,121 | 0 | 0 | 104,289 | 0 | 0 | 106,410 | 2,108 | 110,020 | - | - | - | 112,128 | |||||||||||||||||||||||||||||||||||||||
Bank Loan | 11 | 1,895 | 1,895 | 1,862 | 0 | 0 | 5,663 | |||||||||||||||||||||||||||||||||||||||||||||
Green Senior Note | 963 | 0 | 0 | 0 | 0 | 394,155 | 395,118 | 963 | - | - | - | 395,964 | 396,927 | |||||||||||||||||||||||||||||||||||||||
Other bank Loans | 4,812 | 4,736 | 2,288 | 1,642 | 839 | 14,317 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | 27,881 | 10,094 | 1,895 | 106,151 | 327,081 | 549,969 | 1,023,071 | 34,022 | 179,059 | 320,956 | 153,998 | 396,803 | 1,084,838 |
2021 | 2022 | 2023 | 2024 | 2025 | Subsequent years | Total | 2023 | 2024 | 2025 | 2026 | 2027 | Subsequent years | Total | |||||||||||||||||||||||||||||||||||||||||||
2017 Credit Facility | 41 | 0 | 0 | 0 | 0 | 0 | 41 | 8 | 6,423 | - | - | - | - | 6,431 | ||||||||||||||||||||||||||||||||||||||||||
Notes Issuance Facility 2019 | 0 | 0 | 0 | 0 | 343,999 | 0 | 343,999 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revolving Credit Facility | 112 | 29,387 | - | - | - | - | 29,499 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Paper | 21,224 | 0 | 0 | 0 | 0 | 0 | 21,224 | 9,937 | - | - | - | - | - | 9,937 | ||||||||||||||||||||||||||||||||||||||||||
2020 Green Private Placement | 289 | 0 | 0 | 0 | 0 | 351,026 | 351,315 | 423 | - | - | 308,389 | - | - | 308,812 | ||||||||||||||||||||||||||||||||||||||||||
Note Issuance Facility 2020 | 0 | 0 | 0 | 0 | 0 | 166,846 | 166,846 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020 Note Issuance Facility | - | - | - | - | 147,257 | - | 147,257 | |||||||||||||||||||||||||||||||||||||||||||||||||
Green Exchangeable Notes | 2,083 | 0 | 0 | 0 | 102,144 | 0 | 104,227 | 2,107 | - | 107,055 | - | - | - | 109,162 | ||||||||||||||||||||||||||||||||||||||||||
Bank Loan | 11 | 0 | 2,036 | 2,036 | 1,990 | 0 | 6,073 | |||||||||||||||||||||||||||||||||||||||||||||||||
Green Senior Note | 964 | - | - | - | - | 395,060 | 396,024 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other bank Loans | 3,146 | 3,122 | 3,124 | 686 | - | - | 10,078 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | 23,648 | 0 | 2,036 | 2,036 | 448,133 | 517,872 | 993,725 | 16,697 | 38,932 | 110,179 | 309,075 | 147,257 | 395,060 | 1,017,200 |
Corporate debt - long term | Corporate debt - short term | Total | ||||||||||
Balance as of December 31, 2022 | 1,000,503 | 16,697 | 1,017,200 | |||||||||
Nominal increase | 35,648 | 126,537 | 162,185 | |||||||||
Nominal repayment | - | (115,891 | ) | (115,891 | ) | |||||||
Interest payment | - | (40,573 | ) | (40,573 | ) | |||||||
Total cash changes | 35,648 | (29,927 | ) | 5,721 | ||||||||
Interest accrued | - | 40,570 | 40,570 | |||||||||
Currency translation differences | 15,037 | 1,255 | 16,292 | |||||||||
Other non-cash changes | 5,055 | - | 5,055 | |||||||||
Reclassifications | (5,427 | ) | 5,427 | - | ||||||||
Total non-cash changes | 14,665 | 47,252 | 61,917 | |||||||||
Balance as of December 31, 2023 | 1,050,816 | 34,022 | 1,084,838 |
Corporate Debt | 2021 | 2020 | ||||||
Initial balance | 993,725 | 723,791 | ||||||
Cash changes | 14,754 | 171,182 | ||||||
Non-cash changes | 14,592 | 98,752 | ||||||
Final balance | 1,023,071 | 993,725 |
Corporate debt - long term | Corporate debt - short term | Total | ||||||||||
Balance as of December 31, 2021 | 995,190 | 27,881 | 1,023,071 | |||||||||
Nominal increase | 35,574 | 65,566 | 101,140 | |||||||||
Nominal repayment | (1,323 | ) | (79,196 | ) | (80,519 | ) | ||||||
Interest payment | - | (38,117 | ) | (38,117 | ) | |||||||
Total cash changes | 34,251 | (51,747 | ) | (17,496 | ) | |||||||
Interest accrued | - | 38,321 | 38,321 | |||||||||
Currency translation differences | (29,419 | ) | (1,423 | ) | (30,842 | ) | ||||||
Other non-cash changes | 4,146 | - | 4,146 | |||||||||
Reclassifications | (3,665 | ) | 3,665 | - | ||||||||
Total non-cash changes | (28,938 | ) | 40,563 | 11,625 | ||||||||
Balance as of December 31, 2022 | 1,000,503 | 16,697 | 1,017,200 |
Project debt - long term | Project debt - short term | Total | ||||||||||
Balance as of December 31, 2020 | 4,925,268 | 312,346 | 5,237,614 | |||||||||
Increases | 54,908 | 256,581 | 311,489 | |||||||||
Decreases | (85,259 | ) | (564,603 | ) | (649,862 | ) | ||||||
Business combinations (Note 5) | 288,352 | 38,781 | 327,133 | |||||||||
Currency translation differences | (140,502 | ) | (49,679 | ) | (190,181 | ) | ||||||
Reclassifications | (655,093 | ) | 655,093 | 0 | ||||||||
Balance as of December 31, 2021 | 4,387,674 | 648,519 | 5,036,193 |
Project debt - long term | Project debt - short term | Total | ||||||||||
Balance as of December 31, 2022 | 4,226,518 | 326,534 | 4,553,052 | |||||||||
Nominal increase | 213,232 | - | 213,232 | |||||||||
Nominal repayment | (4,768 | ) | (513,576 | ) | (518,344 | ) | ||||||
Interest payment | - | (227,145 | ) | (227,145 | ) | |||||||
Total cash changes | 208,464 | (740,721 | ) | (532,257 | ) | |||||||
Interest accrued | - | 227,418 | 227,418 | |||||||||
Currency translation differences | 28,808 | 7,150 | 35,958 | |||||||||
Other non-cash changes | 35,024 | 65 | 35,089 | |||||||||
Reclassifications | (566,941 | ) | 566,941 | - | ||||||||
Total non-cash changes | (503,109 | ) | 801,574 | 298,465 | ||||||||
Balance as of December 31, 2023 | 3,931,873 | 387,387 | 4,319,260 |
Project debt - long term | Project debt - short term | Total | ||||||||||
Balance as of December 31, 2021 | 4,387,674 | 648,519 | 5,036,193 | |||||||||
Nominal repayment | (73,478 | ) | (310,629 | ) | (384,107 | ) | ||||||
Interest payment | - | (232,855 | ) | (232,855 | ) | |||||||
Total cash changes | (73,478 | ) | (543,484 | ) | (616,962 | ) | ||||||
Interest accrued | - | 230,237 | 230,237 | |||||||||
Business combination (Note 5) | 1,301 | 148 | 1,449 | |||||||||
Currency translation differences | (119,068 | ) | (18,040 | ) | (137,108 | ) | ||||||
Other non-cash changes | 39,161 | 82 | 39,243 | |||||||||
Reclassifications | (9,072 | ) | 9,072 | - | ||||||||
Total non-cash changes | (87,678 | ) | 221,499 | 133,821 | ||||||||
Balance as of December 31, 2022 | 4,226,518 | 326,534 | 4,553,052 |
- | the repayment of project debt for the period in accordance with the financing arrangements; and |
- | the lower value of debt denominated in Euros given the depreciation of the Euro against the U.S. dollar since December 31, |
Project debt - long term | Project debt - short term | Total | ||||||||||
Balance as of December 31, 2019 | 4,069,909 | 782,439 | 4,852,348 | |||||||||
Increases | 613,604 | 268,339 | 881,943 | |||||||||
Decreases | (272,548 | ) | (552,770 | ) | (825,318 | ) | ||||||
Business combinations (Note 5) | 149,585 | 8,680 | 158,265 | |||||||||
Currency translation differences | 150,506 | 19,869 | 170,375 | |||||||||
Reclassifications | 214,211 | (214,211 | ) | 0 | ||||||||
Balance as of December 31, 2020 | 4,925,268 | 312,346 | 5,237,614 |
2022 | 2023 | 2024 | 2025 | 2026 | Subsequent years | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2024 | 2025 | 2026 | 2027 | 2028 | Subsequent years | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest payment | Interest payment | Nominal repayment | Interest payment | Nominal repayment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
18,017 | 317,388 | 355,956 | 369,528 | 498,712 | 411,514 | 3,065,078 | 5,036,193 | 15,215 | 305,087 | 325,303 | 352,495 | 499,968 | 464,648 | 2,356,544 | 4,319,260 |
2021 | 2022 | 2023 | 2024 | 2025 | Subsequent years | Total | ||||||||||||||||||||||||
Interest payment | Nominal repayment | |||||||||||||||||||||||||||||
19,287 | 293,059 | 328,364 | 355,806 | 371,548 | 508,843 | 3,360,707 | 5,237,614 |
2023 | 2024 | 2025 | 2026 | 2027 | Subsequent years | Total | ||||||||||||||||||||||||
Interest payment | Nominal repayment | |||||||||||||||||||||||||||||
15,053 | 311,481 | 323,731 | 442,920 | 358,444 | 504,954 | 2,596,469 | 4,553,052 |
Project Debt | 2021 | 2020 | ||||||
Initial balance | 5,237,614 | 4,852,348 | ||||||
Cash changes | (636,831 | ) | (254,495 | ) | ||||
Non-cash changes | 435,410 | 639,761 | ||||||
Final balance | 5,036,193 | 5,237,614 |
Balance as of December 31, | Balance as of December 31, | |||||||||||||||
Currency | 2021 | 2020 | 2023 | 2022 | ||||||||||||
Euro | 1,942,903 | 2,240,811 | 1,571,369 | 1,633,790 | ||||||||||||
South African Rand | 314,471 | 355,414 | 233,854 | 277,492 | ||||||||||||
Algerian Dinar | 97,877 | 115,606 | 76,277 | 86,739 | ||||||||||||
Total | 2,355,251 | 2,711,830 | 1,881,500 | 1,998,021 |
Balance as of December 31, | Balance as of December 31, | |||||||||||||||
2021 | 2020 | 2023 | 2022 | |||||||||||||
Grants | 970,557 | 1,028,765 | 852,854 | 911,593 | ||||||||||||
Other liabilities | 293,187 | 201,002 | ||||||||||||||
Other liabilities and provisions | 380,954 | 340,920 | ||||||||||||||
Dismantling provision | 155,279 | 140,595 | ||||||||||||||
Lease liabilities | 82,366 | 63,076 | ||||||||||||||
Accruals on Spanish market prices differences | 98,820 | 91,884 | ||||||||||||||
Other | 44,489 | 45,365 | ||||||||||||||
Grant and other non-current liabilities | 1,263,744 | 1,229,767 | 1,233,808 | 1,252,513 |
As of December 31, 2023 | Total | 2024 | 2025 | 2026 | 2027 | 2028 | Subsequent | |||||||||||||||||||||
Other liabilities and provisions | 380,954 | - | 26,503 | 21,714 | 22,975 | 22,367 | 287,395 | |||||||||||||||||||||
Total | 380,954 | - | 26,503 | 21,714 | 22,975 | 22,367 | 287,395 |
As of December 31, 2022 | Total | 2023 | 2024 | 2025 | 2026 | 2027 | Subsequent | |||||||||||||||||||||
Other liabilities and provisions | 340,920 | - | 26,393 | 20,096 | 20,561 | 20,867 | 253,003 | |||||||||||||||||||||
Total | 340,920 | - | 26,393 | 20,096 | 20,561 | 20,867 | 253,003 |
Balance as of December 31, | Balance as of December 31, | |||||||||||||||
Item | 2021 | 2020 | 2023 | 2022 | ||||||||||||
Trade accounts payables | 79,052 | 51,421 | 77,266 | 84,465 | ||||||||||||
Down payments from clients | 542 | 416 | ||||||||||||||
Accruals on Spanish market prices differences (Note 17) | 12,475 | 11,936 | ||||||||||||||
Down payments from clients and other deferred income | 16,905 | 11,169 | ||||||||||||||
Other accounts payables | 34,313 | 40,720 | 35,067 | 32,660 | ||||||||||||
Total | 113,907 | 92,557 | 141,713 | 140,230 |
Deferred tax assets | Balance as of December 31, | Balance as of December 31, | ||||||||||||||
from | 2021 | 2020 | ||||||||||||||
From | 2023 | 2022 | ||||||||||||||
Net operating loss carryforwards (“NOL´s”) | 323,115 | 497,184 | 478,179 | 442,415 | ||||||||||||
Temporary tax non-deductible expenses | 128,186 | 115,063 | 158,201 | 134,328 | ||||||||||||
Derivatives financial instruments | 55,217 | 83,847 | 6,855 | 3,461 | ||||||||||||
Other | 4,225 | 3,021 | 20,800 | 5,895 | ||||||||||||
Total deferred tax assets | 510,743 | 699,115 | 664,035 | 586,099 |
Deferred tax liabilities | Balance as of December 31, | Balance as of December 31, | ||||||||||||||
from | 2021 | 2020 | ||||||||||||||
From | 2023 | 2022 | ||||||||||||||
Accelerated tax amortization | 465,219 | 652,600 | 589,111 | 524,363 | ||||||||||||
Other difference between tax and book value of assets | 180,218 | 154,969 | 154,875 | 186,536 | ||||||||||||
Derivatives financial instruments | 12,989 | 19,034 | ||||||||||||||
Other | 1,897 | 179 | 17,353 | 2,991 | ||||||||||||
Total deferred tax liabilities | 647,334 | 807,748 | 774,328 | 732,924 |
Consolidated balance sheets classifications | Balance as of December 31, | Balance as of December 31, | ||||||||||||||
2021 | 2020 | 2023 | 2022 | |||||||||||||
Deferred tax assets | 172,268 | 152,290 | 160,995 | 149,656 | ||||||||||||
Deferred tax liabilities | 308,859 | 260,923 | 271,288 | 296,481 | ||||||||||||
Net deferred tax liabilities | 136,591 | 108,633 | 110,293 | 146,825 |
Deferred tax assets | Amount | |||
As of December 31, | ||||
Increase/(decrease) through the consolidated | ||||
Increase/(decrease) through other consolidated comprehensive income (equity) | ( | ) | ||
Currency translation differences and other | ) | |||
As of December 31, | ||||
Increase/(decrease) through the consolidated profit and loss statement | 7,327 | |||
Increase/(decrease) through other consolidated comprehensive income (equity) | 2,207 | |||
Currency translation differences and other | 1,805 | |||
As of December 31, 2023 | 160,995 |
Deferred tax liabilities | Amount | |||
As of December 31, | ||||
Increase/(decrease) through the consolidated | ) | |||
Increase/(decrease) through other consolidated comprehensive income (equity) | 17,608 | |||
Currency translation differences and other | ) | |||
As of December 31, | ||||
296,481 | ||||
Increase/(decrease) through the consolidated | ) | |||
Increase/(decrease) through other consolidated comprehensive income (equity) | ) | |||
Currency translation differences and other | ||||
As of December 31, |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||
2021 | 2020 | 2019 | 2023 | 2022 | 2021 | |||||||||||||||||||
Current tax | (51,016 | ) | (21,205 | ) | (5,081 | ) | (35,172 | ) | (39,372 | ) | (51,016 | ) | ||||||||||||
Deferred tax | 14,796 | (3,672 | ) | (25,869 | ) | 34,382 | 49,061 | 14,796 | ||||||||||||||||
- relating to the origination and reversal of temporary differences | 14,796 | (3,672 | ) | (25,869 | ) | 34,382 | 49,061 | 14,796 | ||||||||||||||||
Total income tax expense | (36,220 | ) | (24,877 | ) | (30,950 | ) | ||||||||||||||||||
Total income tax (expense)/income | (790 | ) | 9,689 | (36,220 | ) |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||
2021 | 2020 | 2019 | 2023 | 2022 | 2021 | |||||||||||||||||||
Consolidated income before taxes | 25,302 | 41,751 | 105,558 | |||||||||||||||||||||
Consolidated profit/(loss) before taxes | 37,238 | (11,776 | ) | 25,302 | ||||||||||||||||||||
Average statutory tax rate | 25 | % | 25 | % | 25 | % | 25 | % | 25 | % | 25 | % | ||||||||||||
Corporate income tax at average statutory tax rate | (6,326 | ) | (10,438 | ) | (26,390 | ) | (9,310 | ) | 2,944 | (6,326 | ) | |||||||||||||
Income tax of associates, net | 3,076 | 128 | 1,808 | 3,302 | 5,366 | 3,076 | ||||||||||||||||||
Differences in statutory tax rates | (3,359 | ) | (94 | ) | (7,076 | ) | (4,270 | ) | (4,296 | ) | (3,359 | ) | ||||||||||||
Unrecognized NOLs and deferred tax assets | (11,232 | ) | (37,183 | ) | (14,161 | ) | (11,070 | ) | (10,944 | ) | (11,232 | ) | ||||||||||||
Purchase of Liberty Interactive’s equity interest in Solana | 0 | 36,352 | 0 | |||||||||||||||||||||
Other permanent differences | (4,052 | ) | (8,895 | ) | 11,220 | |||||||||||||||||||
Other non-taxable income/(expense) | (14,327 | ) | (4,747 | ) | 3,649 | |||||||||||||||||||
Permanent differences | 17,493 | 3,957 | (4,052 | ) | ||||||||||||||||||||
Other adjustments to taxable income and expense | 3,065 | 12,662 | (14,327 | ) | ||||||||||||||||||||
Corporate income tax | (36,220 | ) | (24,877 | ) | (30,950 | ) | (790 | ) | 9,689 | (36,220 | ) |
2021 | Total | 2022 | 2023 and 2024 | 2025 and 2026 | Subsequent | |||||||||||||||
Corporate debt (Note 14) | 1,023,071 | 27,881 | 11,989 | 433,232 | 549,969 | |||||||||||||||
Loans with credit institutions (project debt) (Note 15) | 4,010,825 | 289,755 | 624,633 | 801,713 | 2,294,724 | |||||||||||||||
Notes and bonds (project debt) (Note 15) | 1,025,368 | 45,650 | 100,850 | 108,512 | 770,355 | |||||||||||||||
Purchase commitments* | 1,570,831 | 79,261 | 191,171 | 159,297 | 1,141,102 | |||||||||||||||
Accrued interest estimate during the useful life of loans | 2,029,376 | 267,645 | 497,587 | 427,159 | 836,985 |
2023 | Total | 2024 | 2025 | 2026 | 2027 | 2028 | Subsequent | |||||||||||||||||||||
Corporate debt (Note 15) | 1,084,838 | 34,022 | 179,059 | 320,956 | 153,998 | 396,803 | - | |||||||||||||||||||||
Loans with credit institutions (Project debt) (Note 16) | 3,393,767 | 265,649 | 273,015 | 298,527 | 443,503 | 406,282 | 1,706,791 | |||||||||||||||||||||
Notes and bonds (Project debt) (Note 16) | 925,493 | 54,653 | 52,288 | 53,968 | 56,465 | 58,366 | 649,753 | |||||||||||||||||||||
Purchase commitments* | 713,509 | 81,868 | 52,814 | 47,164 | 51,768 | 45,243 | 434,652 | |||||||||||||||||||||
Accrued interest estimate during the useful life of loans | 1,717,831 | 264,223 | 257,379 | 224,032 | 198,073 | 161,346 | 612,778 |
2020 | Total | 2021 | 2022 and 2023 | 2024 and 2025 | Subsequent | |||||||||||||||
Corporate debt (Note 14) | 993,725 | 23,648 | 2,036 | 450,169 | 517,872 | |||||||||||||||
Loans with credit institutions (project debt) (Note 15) | 4,123,856 | 261,800 | 583,259 | 770,507 | 2,508,290 | |||||||||||||||
Notes and bonds (project debt) (Note 15) | 1,113,758 | 50,558 | 100,911 | 109,884 | 852,405 | |||||||||||||||
Purchase commitments* | 1,709,660 | 93,791 | 160,211 | 172,776 | 1,282,881 | |||||||||||||||
Accrued interest estimate during the useful life of loans | 2,309,597 | 286,724 | 541,652 | 468,060 | 1,013,161 |
2022 | Total | 2023 | 2024 | 2025 | 2026 | 2027 | Subsequent | |||||||||||||||||||||
Corporate debt (Note 15) | 1,017,200 | 16,697 | 38,932 | 110,179 | 309,075 | 147,257 | 395,060 | |||||||||||||||||||||
Loans with credit institutions (Project debt) (Note 16) | 3,595,671 | 273,556 | 275,105 | 391,770 | 305,616 | 449,653 | 1,899,971 | |||||||||||||||||||||
Notes and bonds (Project debt) (Note 16) | 957,381 | 52,978 | 48,626 | 51,150 | 52,828 | 55,301 | 696,498 | |||||||||||||||||||||
Purchase commitments* | 823,856 | 96,847 | 99,597 | 54,747 | 51,058 | 56,852 | 464,755 | |||||||||||||||||||||
Accrued interest estimate during the useful life of loans | 1,821,915 | 264,626 | 248,794 | 229,142 | 203,961 | 179,386 | 696,006 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||
2021 | 2020 | 2019 | 2023 | 2022 | 2021 | |||||||||||||||||||
Employee benefit expenses | 78,758 | 54,464 | 32,246 | 104,083 | 80,232 | 78,758 | ||||||||||||||||||
Average monthly number of employees | 655 | 441 | 306 | |||||||||||||||||||||
Average number of employees | 1,304 | 874 | 655 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||
Other operating income | 2021 | 2020 | 2019 | 2023 | 2022 | 2021 | ||||||||||||||||||
Grants | 60,746 | 59,010 | 59,142 | 58,742 | 59,056 | 60,746 | ||||||||||||||||||
Insurance proceeds and other | 13,925 | 40,515 | 34,632 | 35,731 | 21,726 | 13,925 | ||||||||||||||||||
Income from construction services for contracted concessional assets of the Company accounted for under IFRIC 12 | 6,614 | - | - | |||||||||||||||||||||
Total | 74,670 | 99,525 | 93,774 | 101,087 | 80,782 | 74,670 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||
Other operating expenses | 2021 | 2020 | 2019 | 2023 | 2022 | 2021 | ||||||||||||||||||
Raw materials and consumables used | (70,690 | ) | (7,792 | ) | (9,719 | ) | (35,380 | ) | (19,639 | ) | (70,690 | ) | ||||||||||||
Leases and fees | (9,332 | ) | (2,531 | ) | (1,850 | ) | (14,403 | ) | (11,512 | ) | (9,332 | ) | ||||||||||||
Operation and maintenance | (154,007 | ) | (110,873 | ) | (116,018 | ) | (130,442 | ) | (140,382 | ) | (154,007 | ) | ||||||||||||
Independent professional services | (39,177 | ) | (40,193 | ) | (41,579 | ) | (30,656 | ) | (38,894 | ) | (39,177 | ) | ||||||||||||
Supplies | (40,790 | ) | (27,926 | ) | (25,823 | ) | (37,822 | ) | (59,336 | ) | (40,790 | ) | ||||||||||||
Insurance | (45,429 | ) | (37,638 | ) | (23,971 | ) | (41,087 | ) | (45,756 | ) | (45,429 | ) | ||||||||||||
Levies and duties | (29,949 | ) | (39,820 | ) | (34,844 | ) | (15,031 | ) | (19,764 | ) | (29,949 | ) | ||||||||||||
Other expenses | (24,957 | ) | (9,891 | ) | (7,971 | ) | (25,187 | ) | (15,965 | ) | (24,957 | ) | ||||||||||||
Construction costs from construction services for contracted concessional assets of the Company accounted for under IFRIC 12 | (6,614 | ) | - | - | ||||||||||||||||||||
Total | (414,330 | ) | (276,666 | ) | (261,776 | ) | (336,622 | ) | (351,248 | ) | (414,330 | ) |
- | the internalization of the O&M services in the solar assets in Spain during 2022 and 2023. These services are now provided by employees of Atlantica, whose cost is classified within the line “Employee benefit expenses” of the profit and loss statement; and |
- | the lower cost of supplies due to lower prices of electricity in the solar assets in Spain in 2023. |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||
Financial income | 2021 | 2020 | 2019 | 2023 | 2022 | 2021 | ||||||||||||||||||
Interest income on deposits and current accounts | 21,715 | 7,740 | 3,580 | |||||||||||||||||||||
Interest income from loans and credits | 2,066 | 6,651 | 3,665 | 2,942 | 1,299 | 2,066 | ||||||||||||||||||
Interest rates benefits derivatives: cash flow hedges | 689 | 401 | 456 | |||||||||||||||||||||
Interest rates gains on derivatives: cash flow hedges | 350 | 1,110 | 316 | |||||||||||||||||||||
Total | 2,755 | 7,052 | 4,121 | 25,007 | 10,149 | 5,962 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||
Financial expenses | 2021 | 2020 | 2019 | |||||||||||||||||||||
Financial expense | 2023 | 2022 | 2021 | |||||||||||||||||||||
Interest on loans and notes | (302,558 | ) | (316,237 | ) | (348,672 | ) | (350,347 | ) | (292,043 | ) | (302,558 | ) | ||||||||||||
Interest rates losses derivatives: cash flow hedges | (58,712 | ) | (62,149 | ) | (59,318 | ) | ||||||||||||||||||
Interest rates gains/(losses) on derivatives: cash flow hedges | 26,598 | (38,402 | ) | (58,340 | ) | |||||||||||||||||||
Total | (361,270 | ) | (378,386 | ) | (407,990 | ) | (323,749 | ) | (330,445 | ) | (360,898 | ) |
For the year ended December 31, | ||||||||||||
Other financial income/(expense), net | 2021 | 2020 | 2019 | |||||||||
Other financial income | 32,321 | 162,290 | 14,152 | |||||||||
Other financial losses | (16,571 | ) | (121,415 | ) | (15,305 | ) | ||||||
Total | 15,750 | 40,875 | (1,153 | ) |
For the year ended December 31, | ||||||||||||
Other financial income/(expense), net | 2023 | 2022 | 2021 | |||||||||
Other financial income | 8,863 | 20,539 | 28,742 | |||||||||
Other financial losses | (25,546 | ) | (21,434 | ) | (16,571 | ) | ||||||
Total | (16,683 | ) | (895 | ) | 12,171 |
For the year ended December 31, | ||||||||||||
Item | 2023 | 2022 | 2021 | |||||||||
Profit/(loss) attributable to Atlantica | 43,380 | (5,443 | ) | (30,080 | ) | |||||||
Average number of ordinary shares outstanding (thousands) - basic | 116,152 | 114,695 | 111,008 | |||||||||
Average number of ordinary shares outstanding (thousands) - diluted | 119,720 | 118,865 | 115,408 | |||||||||
Earnings per share for the year (US dollar per share) - basic | 0.37 | (0.05 | ) | (0.27 | ) | |||||||
Earnings per share for the year (US dollar per share) - diluted (*) | 0.37 | (0.09 | ) | (0.28 | ) |
For the year ended December 31, | ||||||||||||
Item | 2021 | 2020 | 2019 | |||||||||
Profit/(loss) from continuing operations attributable to Atlantica | (30,080 | ) | 11,968 | 62,135 | ||||||||
Average number of ordinary shares outstanding (thousands) - basic | 111,008 | 101,879 | 101,063 | |||||||||
Average number of ordinary shares outstanding (thousands) - diluted | 114,523 | 103,392 | 101,063 | |||||||||
Earnings per share for the year (US dollar per share) - basic | (0.27 | ) | 0.12 | 0.61 | ||||||||
Earnings per share for the year (US dollar per share) - diluted | (0.26 | ) | 0.12 | 0.61 |
Appendices | Appendix I |
Company name | Project name | Registered address | % of nominal share | Business | Project name | Registered address | % of interest | Business | ||||
ACT Energy México, S. de R.L. de C.V. | ACT | Santa Barbara (Mexico) | 100.00 | (2) | ACT | Santa Barbara (Mexico) | 100.00 | (2) | ||||
AC Renovables Sol 1 S.A.S. E.S | Bogota D.C. (Colombia) | 70.00 | (3) | |||||||||
Agrisun, Srl. | Italy PV 1 | Rome (Italy) | 100.00 | (3) | Italy PV 1 | Rome (Italy) | 100.00 | (3) | ||||
Atlantica Corporate Resources, S.L | Seville (Spain) | 100.00 | (5) | |||||||||
Alcala Sviluppo Solare S.r.l | Rovereto (Italy) | 100.00 | (3) | |||||||||
Atlantica Canada Inc. | Calgary (Canada) | 100.00 | (5) | |||||||||
Atlantica North America, LLC | Delaware (United States) | 100.00 | (5) | Delaware (United States) | 100.00 | (5) | ||||||
Atlantica Hystone S.L.U. | Seville (Spain) | 100.00 | (3) | |||||||||
Atlantica Infraestructura Sostenible, S.L.U | Seville (Spain) | 100.00 | (5) | Seville (Spain) | 100.00 | (5) | ||||||
Atlantica Perú, S.A. | Lima (Peru) | 100.00 | (5) | Lima (Peru) | 100.00 | (5) | ||||||
Atlantica Renewable Power Mexico de R.L. de C.V | Mexico D.F. (Mexico) | 100.00 | (5) | |||||||||
Atlantica Sustainable Infrastructure Jersey, Ltd | Jersey (United Kingdom) | 100.00 | (5) | Jersey (United Kingdom) | 100.00 | (5) | ||||||
Atlantica Newco Limited | Brentford (United Kingdom) | 100.00 | (5) | Brentford (United Kingdom) | 100.00 | (5) | ||||||
Atlantica DCR, LLC | Delaware (United States) | 100.00 | (5) | Delaware (United States) | 100.00 | (5) | ||||||
ASHUSA Inc. | Delaware (United States) | 100.00 | (5) | Delaware (United States) | 100.00 | (5) | ||||||
Atlantica South Africa (Pty) Ltd | Pretoria (South Africa) | 100.00 | (5) | Pretoria (South Africa) | 100.00 | (5) | ||||||
Atlantica South Africa Operations Proprietary Limited Ltd | Upington (South Africa) | 92.00 | (3) | |||||||||
ASUSHI, Inc. | Delaware (United States) | 100.00 | (5) | Delaware (United States) | 100.00 | (5) | ||||||
Atlantica Chile SpA | Santiago de Chile (Chile) | 100.00 | (5) | |||||||||
Atlantica Holdings USA LLC | Tempe (United States) | 100.00 | (5) | Tempe (United States) | 100.00 | (5) | ||||||
Atlantica Energia Sostenibile Italia, Srl. | Rome (Italy) | 100.00 | (5) | Rome (Italy) | 100.00 | (5) | ||||||
Atlantica Colombia S.A.S. E.S.P. | Bogota D.C. (Colombia) | 100.00 | (5) | |||||||||
Atlantica Colombia S.A.S. | La Sierpe | Bogota D.C. (Colombia) | 100.00 | (3) | ||||||||
Atlantica Chile SpA | Santiago de Chile (Chile) | 100.00 | (5) | |||||||||
Atlantica y Quartux Almacenamiento de Energía S.A.P.I. de C.V. | Mexico D.F. (Mexico) | 88.00 | (3) | |||||||||
Atlantica Solutions LLC | Tempe (United States) | 100.00 | (3) | |||||||||
ATN, S.A. | ATN | Lima (Peru) | 100.00 | (1) | ATN | Lima (Peru) | 100.00 | (1) | ||||
ATN 4, S.A | Lima (Peru) | 100.00 | (1) | Lima (Peru) | 100.00 | (1) | ||||||
Atlantica Transmisión Sur, S.A. | ATS | Lima (Peru) | 100.00 | (1) | ATS | Lima (Peru) | 100.00 | (1) | ||||
ACT Holdings, S.A. de C.V. | Mexico D.F. (Mexico) | 100.00 | (5) | Mexico D.F. (Mexico) | 100.00 | (5) | ||||||
Aguas de Skikda S.P.A. | Skikda | Dely Ibrahim (Algeria) | 51.00 | (4) | Skikda | Dely Ibrahim (Algeria) | 51.00 | (4) | ||||
Arizona Solar One, LLC. | Solana | Delaware (United States) | 100.00 | (3) | Solana | Delaware (United States) | 100.00 | (3) | ||||
ASI Operations LLC | Delaware (United States) | 100.00 | (3) | Delaware (United States) | 100.00 | (3) | ||||||
ASO Holdings Company, LLC. | Delaware (United States) | 100.00 | (5) | Delaware (United States) | 100.00 | (5) | ||||||
Atlantica Investment Ltd. | Brentford (United Kingdom) | 100.00 | (5) | Brentford (United Kingdom) | 100.00 | (5) | ||||||
AYES International UK Ltd | Brentford (United Kingdom) | 100.00 | (5) | Brentford (United Kingdom) | 100.00 | (5) | ||||||
Atlantica España O&M, S.L. | Seville (Spain) | 100.00 | (5) | |||||||||
Atlantica Energia Sostenible España, S.L. | Seville (Spain) | 100.00 | (5) | |||||||||
ATN 2, S.A. | ATN 2 | Lima (Peru) | 100.00 | (1) | ATN 2 | Lima (Peru) | 100.00 | (1) | ||||
AY Holding Uruguay, S.A. | Montevideo (Uruguay) | 100.00 | (5) | Montevideo (Uruguay) | 100.00 | (5) | ||||||
Atlantica Yield Energy Solutions Canada Inc. | Vancouver (Canada) | 10.00* | (5) | Vancouver (Canada) | 10.00* | (5) | ||||||
A&F PV Solar SAPI de C.V. | Mexico D.F. (Mexico) | 70.00 | (3) | |||||||||
Banitod, S.A. | Montevideo (Uruguay) | 100.00 | (5) | Montevideo (Uruguay) | 100.00 | (5) | ||||||
Befesa Agua Tenes | Seville (Spain) | 100.00 | (5) | |||||||||
Befesa Agua Tenes, S.P.A. | Seville (Spain) | 100.00 | (5) | |||||||||
BPC US Wind Corporation, Inc. | Tempe (United States) | 100.00 | (5) | Tempe (United States) | 100.00 | (5) | ||||||
Cadonal, S.A. | Cadonal | Montevideo (Uruguay) | 100.00 | (3) | Cadonal | Montevideo (Uruguay) | 100.00 | (3) | ||||
Calgary District Heating, Inc | Calgary | Vancouver (Canada) | 100.00 | (2) | Calgary | Vancouver (Canada) | 100.00 | (2) | ||||
Carpio Solar Inversiones, S.A. | Seville (Spain) | 100.00 | (5) | Seville (Spain) | 100.00 | (5) | ||||||
Chile PV 1 | Chile PV 1 | Santiago de Chile (Chile) | 35.00 | (3) | ||||||||
CGP Holding Finance, LLC | Coso | Delaware (United States) | 100.00 | (3) | Coso | Delaware (United States) | 100.00 | (3) | ||||
Coropuna Transmisión, S.A | Lima (Peru) | 100.00 | (1) | |||||||||
Chile PV I | Chile PV I | Santiago de Chile (Chile) | 35.00* | (3) | ||||||||
Chile PV II | Chile PV II | Santiago de Chile (Chile) | 35.00* | (3) | ||||||||
Chile PV III | Chile PV III | Santiago de Chile (Chile) | 35.00* | (3) | ||||||||
Coropuna Transmisión, S.A. | Lima (Peru) | 100.00 | (1) | |||||||||
Day Ahead Solar LLC | Tempe (United States) | 100.00 | (3) | |||||||||
Diamond FV S.R.L. | Rome (Italy) | 100.00 | (3) | |||||||||
Ecija Solar Inversiones, S.A. | Seville (Spain) | 100.00 | (5) | Seville (Spain) | 100.00 | (5) | ||||||
Energía Renovable Dalia 1 SA de CV | San Luis Potosi (Mexico) | 51.00 | (3) | |||||||||
Energía Renovable Dalia 2 SA de CV | San Luis Potosi (Mexico) | 55.00 | (3) | |||||||||
Energía Renovable Dalia 3 SA de CV | San Luis Potosi (Mexico) | 53.50 | (3) | |||||||||
Estrellada, S.A. | Melowind | Montevideo (Uruguay) | 100.00 | (3) | Melowind | Montevideo (Uruguay) | 100.00 | (3) | ||||
Extremadura Equity Investments Sárl. | Luxembourg (Luxembourg) | 100.00 | (5) | Luxembourg (Luxembourg) | 100.00 | (5) | ||||||
Fabroen Seconda S.r.l. | Rome (Italy) | 85.00 | (3) | |||||||||
Fotovoltaica Solar Sevilla, S.A. | Seville PV | Seville (Spain) | 80.00 | (3) | Seville PV | Seville (Spain) | 80.00 | (3) | ||||
Geida Skikda, S.L. | Madrid (Spain) | 67.00 | (5) | Madrid (Spain) | 67.00 | (5) | ||||||
Global Solar Participations Sarl | Luxembourg (Luxembourg) | 100.00 | (5) | |||||||||
Gold FV S.R.L. | Rome (Italy) | 100.00 | (3) | |||||||||
Helioenergy Electricidad Uno, S.A. | Helioenergy 1 | Seville (Spain) | 100.00 | (3) | Helioenergy 1 | Seville (Spain) | 100.00 | (3) | ||||
Helioenergy Electricidad Dos, S.A. | Helioenergy 2 | Seville (Spain) | 100.00 | (3) | Helioenergy 2 | Seville (Spain) | 100.00 | (3) | ||||
Helios I Hyperion Energy Investments, S.A. | Helios 1 | Seville (Spain) | 100.00 | (3) | ||||||||
Helios II Hyperion Energy Investments, S.A. | Helios 2 | Seville (Spain) | 100.00 | (3) | ||||||||
Helios 2, S.R.L | Italy PV 4 | Rome (Italy) | 100.00 | (3) | ||||||||
Hidrocañete S.A. | Mini-Hydro | Lima (Peru) | 100.00 | (3) | ||||||||
Hornero ST, S.L.U. | Seville (Spain) | 100.00 | (3) | |||||||||
Hornero ST Dos, S.L.U | Seville (Spain) | 100.00 | (3) | |||||||||
Hypesol Energy Holding, S.L. | Seville (Spain) | 100.00 | (5) | |||||||||
Hypesol Solar Inversiones, S.A | Seville (Spain) | 100.00 | (5) | |||||||||
Kaxu Solar One (Pty) Ltd. | Kaxu | Gauteng (South Africa) | 51.00 | (3) | ||||||||
Logrosán Equity Investments Sárl. | Luxembourg (Luxembourg) | 100.00 | (5) | |||||||||
Logrosán Solar Inversiones, S.A. | Seville (Spain) | 100.00 | (5) | |||||||||
Logrosán Solar Inversiones Dos, S.L. | Seville (Spain) | 100.00 | (5) | |||||||||
Menhir Solar S.L.U. | Seville (Spain) | 100.00 | (3) | |||||||||
Mojave Solar Holdings, LLC. | Delaware (United States) | 100.00 | (5) | |||||||||
Mojave Solar LLC. | Mojave | Delaware (United States) | 100.00 | (3) | ||||||||
Montesejo Carda, S.R.L. | Italy PV 3 | Rome (Italy) | 100.00 | (3) | ||||||||
Montesejo Pianno, S.R.L. | Italy PV 3 | Rome (Italy) | 100.00 | (3) | ||||||||
Montesejo Poggio, S.R.L. | Italy PV 3 | Rome (Italy) | 100.00 | (3) | ||||||||
Mordor ES1 LLC | Coso Batteries 1 | Tempe (United States) | 100.00 | (3) | ||||||||
Mordor ES2 LLC | Coso Batteries 2 | Tempe (United States) | 100.00 | (3) | ||||||||
Nesyla, S.A | Albisu | Montevideo (Uruguay) | 100.00 | (3) | ||||||||
Overnight Solar LLC | Arizona (United States) | 100.00 | (3) | |||||||||
Palmatir S.A. | Palmatir | Montevideo (Uruguay) | 100.00 | (3) | ||||||||
Palmucho, S.A. | Palmucho | Santiago de Chile (Chile) | 100.00 | (1) | ||||||||
Parque Fotovoltaico La Tolua S.A.S | La Tolua | Bogota D.C. (Colombia) | 100.00 | (3) | ||||||||
Parque Solar Tierra Linda, S.A.S | Tierra Linda | Bogota D.C. (Colombia) | 100.00 | (3) | ||||||||
Raitan ST1, S.L.U | Seville (Spain) | 100.00 | (3) | |||||||||
Re Sole, Srl. | Italy PV 2 | Rome (Italy) | 100.00 | (3) | ||||||||
Rilados S.A | Montevideo (Uruguay) | 100.00 | (3) | |||||||||
Rio-Huan (Inner Mongolia) Solar Co., Ltd | Inner Mongolia (China) | 55.00 | (3) | |||||||||
Rioglass Services North America LLC | Delaware (Unites States) | 100.00 | (3) | |||||||||
Rioglass Servicios S.L.U. | Seville (Spain) | 100.00 | (3) | |||||||||
Rioglass Solar Holding, S.A. | Asturias (Spain) | 100.00 | (5) | |||||||||
Rioglass Solar SAU | Asturias (Spain) | 100.00 | (3) | |||||||||
Rioglass Solar Chile SpA | Antofagasta (Chile) | 100.00 | (3) | |||||||||
Rioglass Solar Internacional, S.A. | Brussels (Belgium) | 100.00 | (3) | |||||||||
Rioglass Solar Systems | Tel Aviv (Israel) | 100.00 | (3) | |||||||||
Rioglass Solar SCH, S.L | Seville (Spain) | 100.00 | (3) | |||||||||
Rioglass South Africa Pty Ltd | Upington (South Africa) | 100.00 | (3) | |||||||||
Rising Sun Inc. | Calgary (Canada) | 100.00 | (3) | |||||||||
RRHH Servicios Corporativos, S. de R.L. de C.V. | Santa Barbara (Mexico) | 100.00 | (5) | |||||||||
Sanlucar Solar, S.A. | PS-10 | Seville (Spain) | 100.00 | (3) | ||||||||
Solaben Electricidad Uno S.A. | Solaben 1 | Caceres (Spain) | 100.00 | (3) | ||||||||
Solaben Electricidad Dos S.A. | Solaben 2 | Caceres (Spain) | 70.00 | (3) | ||||||||
Solaben Electricidad Tres S.A. | Solaben 3 | Caceres (Spain) | 70.00 | (3) | ||||||||
Solaben Electricidad Seis S.A. | Solaben 6 | Caceres (Spain) | 100.00 | (3) | ||||||||
Solaben Luxembourg S.A. | Luxembourg (Luxembourg) | 100.00 | (5) | |||||||||
Solacor Electricidad Uno, S.A. | Solacor 1 | Seville (Spain) | 87.00 | (3) | ||||||||
Solacor Electricidad Dos, S.A. | Solacor 2 | Seville (Spain) | 87.00 | (3) | ||||||||
Atlantica Corporate Resources, S.L | Seville (Spain) | 100.00 | (5) | |||||||||
Solar Processes, S.A. | PS-20 | Seville (Spain) | 100.00 | (3) | ||||||||
Solnova Solar Inversiones, S.A. | Seville (Spain) | 100.00 | (5) | |||||||||
Solnova Electricidad, S.A. | Solnova 1 | Seville (Spain) | 100.00 | (3) | ||||||||
Solnova Electricidad Tres, S.A. | Solnova 3 | Seville (Spain) | 100.00 | (3) | ||||||||
Solnova Electricidad Cuatro, S.A. | Solnova 4 | Seville (Spain) | 100.00 | (3) | ||||||||
Tenes Lilmiyah, S.P.A | Tenes | Dely Ibrahim (Algeria) | 51.00 | (4) | ||||||||
Transmisora Mejillones, S.A. | Quadra 1 | Santiago de Chile (Chile) | 100.00 | (1) | ||||||||
Transmisora Melipeuco S.A. | Melipeuco | Santiago de Chile (Chile) | 100.00 | (1) | ||||||||
Transmisora Baquedano, S.A. | Quadra 2 | Santiago de Chile (Chile) | 100.00 | (1) | ||||||||
Vernay S.A. | Montevideo (Uruguay) | 70.00 | (3) | |||||||||
White Rock Insurance (Europe) PCC Limited | Birkirkara (Malta) | 100.00 | (5) |
Helios I Hyperion Energy Investments, S.A. | Helios 1 | Seville (Spain) | 100.00 | (3) | ||||
Helios II Hyperion Energy Investments, S.A. | Helios 2 | Seville (Spain) | 100.00 | (3) | ||||
Hidrocañete S.A. | Mini-Hydro | Lima (Peru) | 100.00 | (3) | ||||
Hypesol Energy Holding, S.L. | Seville (Spain) | 100.00 | (5) | |||||
Hypesol Solar Inversiones, S.A | Seville (Spain) | 100.00 | (5) | |||||
Kaxu Solar One (Pty) Ltd. | Kaxu | Gauteng (South Africa) | 51.00 | (3) | ||||
Logrosán Equity Investments Sárl. | Luxembourg (Luxembourg) | 100.00 | (5) | |||||
Logrosán Solar Inversiones, S.A. | Seville (Spain) | 100.00 | (5) | |||||
Logrosán Solar Inversiones Dos, S.L. | Seville (Spain) | 100.00 | (5) | |||||
Mojave Solar Holdings, LLC. | Delaware (United States) | 100.00 | (5) | |||||
Mojave Solar LLC. | Mojave | Delaware (United States) | 100.00 | (3) | ||||
Montesejo Piano, Srl. | Italy PV 3 | Rome (Italy) | 100.00 | (3) | ||||
Nesyla, S.A | Montevideo (Uruguay) | 100.00 | (3) | |||||
Overnight Solar LLC | Arizona (United States) | 100.00 | (3) | |||||
Palmatir S.A. | Palmatir | Montevideo (Uruguay) | 100.00 | (3) | ||||
Palmucho, S.A. | Palmucho | Santiago de Chile (Chile) | 100.00 | (1) | ||||
PA Renovables Sol 1 S.A.S. E.S | Bogota D.C. (Colombia) | 70.00 | (3) | |||||
Parque Fotovoltaico La Tolua S.A.S | Bogota D.C. (Colombia) | 100.00 | (3) | |||||
Parque Solar Tierra Linda, S.A.S | Bogota D.C. (Colombia) | 100.00 | (3) | |||||
Parque Fotovoltaico La Sierpe S.A.S | La Sierpe | Bogota D.C. (Colombia) | 100.00 | (3) | ||||
Re Sole, Srl. | Italy PV 2 | Rome (Italy) | 100.00 | (3) | ||||
Rioglass Solar Holding, S.A. | Rioglass | Asturias (Spain) | 100.00 | (3) | ||||
RRHH Servicios Corporativos, S. de R.L. de C.V. | Santa Barbara. (Mexico) | 100.00 | (5) | |||||
Sanlucar Solar, S.A. | PS-10 | Seville (Spain) | 100.00 | (3) | ||||
SJ Renovables Sun 1 S.A.S. E.S | Bogota D.C. (Colombia) | 70.00 | (3) | |||||
SJ Renovables Wind 1 S.A.S. E. | Bogota D.C. (Colombia) | 70.00 | (3) | |||||
Solaben Electricidad Uno S.A. | Solaben 1 | Caceres (Spain) | 100.00 | (3) | ||||
Solaben Electricidad Dos S.A. | Solaben 2 | Caceres (Spain) | 70.00 | (3) | ||||
Solaben Electricidad Tres S.A. | Solaben 3 | Caceres (Spain) | 70.00 | (3) | ||||
Solaben Electricidad Seis S.A. | Solaben 6 | Caceres (Spain) | 100.00 | (3) | ||||
Solaben Luxembourg S.A. | Luxembourg (Luxembourg) | 100.00 | (5) | |||||
Solacor Electricidad Uno, S.A. | Solacor 1 | Seville (Spain) | 87.00 | (3) | ||||
Solacor Electricidad Dos, S.A. | Solacor 2 | Seville (Spain) | 87.00 | (3) | ||||
Solar Processes, S.A. | PS-20 | Seville (Spain) | 100.00 | (3) | ||||
Solnova Solar Inversiones, S.A. | Seville (Spain) | 100.00 | (5) | |||||
Solnova Electricidad, S.A. | Solnova 1 | Seville (Spain) | 100.00 | (3) | ||||
Solnova Electricidad Tres, S.A. | Solnova 3 | Seville (Spain) | 100.00 | (3) | ||||
Solnova Electricidad Cuatro, S.A. | Solnova 4 | Seville (Spain) | 100.00 | (3) | ||||
Tenes Lilmiyah, S.P.A | Tenes | Dely Ibrahim (Algeria) | 51.00 | (4) | ||||
Transmisora Mejillones, S.A. | Quadra 1 | Santiago de Chile (Chile) | 100.00 | (1) | ||||
Transmisora Baquedano, S.A. | Quadra 2 | Santiago de Chile (Chile) | 100.00 | (1) | ||||
VO Renovables SOL 1 S.A.S. E.S.P. | Bogota D.C. (Colombia) | 70.00 | (3) | |||||
White Rock Insurance (Europe) PCC Limited | Birkirkara (Malta) | 100.00 | (3) |
(1) | Business sector: Transmission lines |
(2) | Business sector: Efficient natural gas and |
(3) | Business sector: Renewable energy |
(4) | Business sector: Water |
(5) | Holding Company |
* | Atlantica has control over |
Company name | Project name | Registered address | % of nominal share | Business | Project name | Registered address | % of interest | Business | ||||
ACT Energy México, S. de R.L. de C.V. | ACT | Santa Barbara (Mexico) | 100.00 | (2) | ACT | Santa Barbara (Mexico) | 100.00 | (2) | ||||
Atlantica Corporate Resources, S.L | Seville (Spain) | 100.00 | (5) | |||||||||
AC Renovables Sol 1 S.A.S. | Bogota D.C. (Colombia) | 70.00 | (3) | |||||||||
Agrisun, Srl. | Italy PV 1 | Rome (Italy) | 100.00 | (3) | ||||||||
Alcala Sviluppo Solare S.r.l | Rovereto (Italy) | 99.00 | (3) | |||||||||
Atlantica North America, LLC | Delaware (United States) | 100.00 | (5) | Delaware (United States) | 100.00 | (5) | ||||||
Atlantica Infraestructura Sostenible, S.L.U | Seville (Spain) | 100.00 | (5) | Seville (Spain) | 100.00 | (5) | ||||||
Atlantica Perú, S.A. | Lima (Peru) | 100.00 | (5) | Lima (Peru) | 100.00 | (5) | ||||||
Atlantica Renewable Power Mexico de R.L. de C.V | Mexico D.F. (Mexico) | 100.00 | (5) | |||||||||
Atlantica Sustainable Infrastructure Jersey, Ltd | Jersey (United Kingdom) | 100.00 | (5) | Jersey (United Kingdom) | 100.00 | (5) | ||||||
Atlantica Newco Limited | Brentford (United Kingdom) | 100.00 | (5) | Brentford (United Kingdom) | 100.00 | (5) | ||||||
Atlantica DCR, LLC | Delaware (United States) | 100.00 | (5) | Delaware (United States) | 100.00 | (5) | ||||||
Atlantica-HIC Renovables S.A.S. | Bogota D.C. (Colombia) | 70.00 | (3) | |||||||||
ASHUSA Inc. | Delaware (United States) | 100.00 | (5) | Delaware (United States) | 100.00 | (5) | ||||||
Atlantica South Africa (Pty) Ltd | Pretoria (South Africa) | 100.00 | (5) | Pretoria (South Africa) | 100.00 | (5) | ||||||
Atlantica South Africa Operations Proprietary Limited Ltd | Upington (South Africa) | 92.00 | (3) | |||||||||
ASUSHI, Inc. | Delaware (United States) | 100.00 | (5) | Delaware (United States) | 100.00 | (5) | ||||||
Atlantica Hidro Colombia SPA | Bogota D.C. (Colombia) | 15.00* | (3) | |||||||||
Atlantica Holdings USA LLC | Tempe (United States) | 100.00 | (5) | |||||||||
Atlantica Energia Sostenibile Italia, Srl. | Rome (Italy) | 100.00 | (5) | |||||||||
Atlantica Colombia S.A.S. | Bogota D.C. (Colombia) | 100.00 | (5) | |||||||||
Atlantica Chile SpA | Santiago de Chile (Chile) | 100.00 | (5) | Santiago de Chile (Chile) | 100.00 | (5) | ||||||
Atlantica y Quartux Almacenamiento de Energía S.A.P.I. de C.V. | Mexico D.F. (Mexico) | 60.00 | (3) | |||||||||
Atlantica Solutions LLC | Tempe (United States) | 100.00 | (3) | |||||||||
ATN, S.A. | ATN | Lima (Peru) | 100.00 | (1) | ATN | Lima (Peru) | 100.00 | (1) | ||||
ATN 4, S.A | Lima (Peru) | 100.00 | (1) | Lima (Peru) | 100.00 | (1) | ||||||
Atlantica Transmisión Sur, S.A. | ATS | Lima (Peru) | 100.00 | (1) | ATS | Lima (Peru) | 100.00 | (1) | ||||
ACT Holdings, S.A. de C.V. | Mexico D.F. (Mexico) | 100.00 | (5) | Mexico D.F. (Mexico) | 100.00 | (5) | ||||||
Aguas de Skikda S.P.A. | Skikda | Dely Ibrahim (Algeria) | 51.00 | (4) | Skikda | Dely Ibrahim (Algeria) | 51.00 | (4) | ||||
Arizona Solar One, LLC. | Solana | Delaware (United States) | 100.00 | (3) | Solana | Delaware (United States) | 100.00 | (3) | ||||
ASI Operations LLC | Delaware (United States) | 100.00 | (3) | Delaware (United States) | 100.00 | (3) | ||||||
ASI Vento LLC | Tempe (United States) | 100.00 | (5) | |||||||||
ASO Holdings Company, LLC. | Delaware (United States) | 100.00 | (5) | Delaware (United States) | 100.00 | (5) | ||||||
Atlantica Investment Ltd. | Brentford (United Kingdom) | 100.00 | (5) | Brentford (United Kingdom) | 100.00 | (5) | ||||||
AYES International UK Ltd | Brentford (United Kingdom) | 100.00 | (5) | Brentford (United Kingdom) | 100.00 | (5) | ||||||
Atlantica España O&M, S.L. | Seville (Spain) | 100.00 | (5) | |||||||||
Atlantica Energia Sostenible España, S.L. | Seville (Spain) | 100.00 | (5) | |||||||||
ATN 2, S.A. | ATN 2 | Lima (Peru) | 100.00 | (1) | ATN 2 | Lima (Peru) | 100.00 | (1) | ||||
AY Holding Uruguay, S.A. | Montevideo (Uruguay) | 100.00 | (5) | Montevideo (Uruguay) | 100.00 | (5) | ||||||
Atlantica Yield Energy Solutions Canada Inc. | Vancouver (Canada) | 10.00* | (5) | Vancouver (Canada) | 10.00* | (5) | ||||||
A&F PV Solar SAPI de C.V. | Mexico D.F. (Mexico) | 100.00 | (3) | |||||||||
Banitod, S.A. | Montevideo (Uruguay) | 100.00 | (5) | Montevideo (Uruguay) | 100.00 | (5) | ||||||
Befesa Agua Tenes | Seville (Spain) | 100.00 | (5) | Seville (Spain) | 100.00 | (5) | ||||||
BPC US Wind Corporation, Inc. | Tempe (United States) | 100.00 | (5) | |||||||||
Cadonal, S.A. | Cadonal | Montevideo (Uruguay) | 100.00 | (3) | Cadonal | Montevideo (Uruguay) | 100.00 | (3) | ||||
Calgary District Heating, Inc | Calgary | Vancouver (Canada) | 100.00 | (2) | Calgary | Vancouver (Canada) | 100.00 | (2) | ||||
Carpio Solar Inversiones, S.A. | Seville (Spain) | 100.00 | (5) | Seville (Spain) | 100.00 | (5) | ||||||
Chile PV 1 | Chile PV 1 | Santiago de Chile (Chile) | 35.00 | (3) | ||||||||
Coropuna Transmisión, S.A | Lima (Peru) | 100.00 | (1) | |||||||||
CGP Holding Finance, LLC | Coso | Delaware (United States) | 100.00 | (3) | ||||||||
Chile PV I | Chile PV I | Santiago de Chile (Chile) | 35.00* | (3) | ||||||||
Chile PV II | Chile PV II | Santiago de Chile (Chile) | 35.00* | (3) | ||||||||
Chile PV III | Chile PV III | Santiago de Chile (Chile) | 35.00* | (3) | ||||||||
Coropuna Transmisión, S.A. | Lima (Peru) | 100.00 | (1) | |||||||||
Day Ahead Solar LLC | Tempe (United States) | 100.00 | (3) | |||||||||
Ecija Solar Inversiones, S.A. | Seville (Spain) | 100.00 | (5) | Seville (Spain) | 100.00 | (5) | ||||||
CKA1 Holding S. de R.L. de C.V. | Mexico D.F. (Mexico) | 100.00 | (5) | |||||||||
Energía Renovable Dalia 1 SA de CV | San Luis Potosi (Mexico) | 51.00 | (3) | |||||||||
Energía Renovable Dalia 2 SA de CV | San Luis Potosi (Mexico) | 51.00 | (3) | |||||||||
Energía Renovable Dalia 3 SA de CV | San Luis Potosi (Mexico) | 51.00 | (3) | |||||||||
Estrellada, S.A. | Melowind | Montevideo (Uruguay) | 100.00 | (3) | Melowind | Montevideo (Uruguay) | 100.00 | (3) | ||||
Extremadura Equity Investments Sárl. | Luxembourg (Luxembourg) | 100.00 | (5) | Luxembourg (Luxembourg) | 100.00 | (5) | ||||||
Fotovoltaica Solar Sevilla, S.A. | Seville PV | Seville (Spain) | 80.00 | (3) | Seville PV | Seville (Spain) | 80.00 | (3) | ||||
Geida Skikda, S.L. | Madrid (Spain) | 67.00 | (5) | Madrid (Spain) | 67.00 | (5) | ||||||
Global Solar Participations Sarl | Luxembourg (Luxembourg) | 100.00 | (5) | |||||||||
Helioenergy Electricidad Uno, S.A. | Helioenergy 1 | Seville (Spain) | 100.00 | (3) | Helioenergy 1 | Seville (Spain) | 100.00 | (3) | ||||
Helioenergy Electricidad Dos, S.A. | Helioenergy 2 | Seville (Spain) | 100.00 | (3) | Helioenergy 2 | Seville (Spain) | 100.00 | (3) | ||||
Helios I Hyperion Energy Investments, S.A. | Helios 1 | Seville (Spain) | 100.00 | (3) | ||||||||
Helios II Hyperion Energy Investments, S.A. | Helios 2 | Seville (Spain) | 100.00 | (3) | ||||||||
Helios 2, S.R.L | Italy PV 4 | Rome (Italy) | 100.00 | (3) | ||||||||
Hidrocañete S.A. | Mini-Hydro | Lima (Peru) | 100.00 | (3) | ||||||||
Hypesol Energy Holding, S.L. | Seville (Spain) | 100.00 | (5) | |||||||||
Hypesol Solar Inversiones, S.A | Seville (Spain) | 100.00 | (5) | |||||||||
Kaxu Solar One (Pty) Ltd. | Kaxu | Gauteng (South Africa) | 51.00 | (3) | ||||||||
Logrosán Equity Investments Sárl. | Luxembourg (Luxembourg) | 100.00 | (5) | |||||||||
Logrosán Solar Inversiones, S.A. | Seville (Spain) | 100.00 | (5) | |||||||||
Logrosán Solar Inversiones Dos, S.L. | Seville (Spain) | 100.00 | (5) | |||||||||
Mojave Solar Holdings, LLC. | Delaware (United States) | 100.00 | (5) | |||||||||
Mojave Solar LLC. | Mojave | Delaware (United States) | 100.00 | (3) | ||||||||
Montesejo Pianno, S.R.L. | Italy PV 3 | Rome (Italy) | 100.00 | (3) | ||||||||
Mordor ES1 LLC | Tempe (United States) | 100.00 | (3) | |||||||||
Mordor ES2 LLC | Tempe (United States) | 100.00 | (3) | |||||||||
Nesyla, S.A | Albisu | Montevideo (Uruguay) | 100.00 | (3) | ||||||||
Overnight Solar LLC | Arizona (United States) | 100.00 | (3) | |||||||||
Palmatir S.A. | Palmatir | Montevideo (Uruguay) | 100.00 | (3) | ||||||||
Palmucho, S.A. | Palmucho | Santiago de Chile (Chile) | 100.00 | (1) | ||||||||
PA Renovables Sol 1 S.A.S. | Bogota D.C. (Colombia) | 70.00 | (3) | |||||||||
Parque Fotovoltaico La Tolua S.A.S | La Tolua | Bogota D.C. (Colombia) | 100.00 | (3) | ||||||||
Parque Solar Tierra Linda, S.A.S | Tierra Linda | Bogota D.C. (Colombia) | 100.00 | (3) | ||||||||
Parque Fotovoltaico La Sierpe S.A.S | La Sierpe | Bogota D.C. (Colombia) | 100.00 | (3) | ||||||||
Re Sole, Srl. | Italy PV 2 | Rome (Italy) | 100.00 | (3) | ||||||||
Rilados S.A | Montevideo (Uruguay) | 100.00 | (3) | |||||||||
Rioglass Solar Holding, S.A. | Asturias (Spain) | 100.00 | (3) | |||||||||
RRHH Servicios Corporativos, S. de R.L. de C.V. | Santa Barbara (Mexico) | 100.00 | (5) | |||||||||
Sanlucar Solar, S.A. | PS-10 | Seville (Spain) | 100.00 | (3) | ||||||||
SJ Renovables Sun 1 S.A.S. | Bogota D.C. (Colombia) | 70.00 | (3) | |||||||||
SJ Renovables Wind 1 S.A.S. | Bogota D.C. (Colombia) | 70.00 | (3) | |||||||||
Solaben Electricidad Uno S.A. | Solaben 1 | Caceres (Spain) | 100.00 | (3) | ||||||||
Solaben Electricidad Dos S.A. | Solaben 2 | Caceres (Spain) | 70.00 | (3) | ||||||||
Solaben Electricidad Tres S.A. | Solaben 3 | Caceres (Spain) | 70.00 | (3) | ||||||||
Solaben Electricidad Seis S.A. | Solaben 6 | Caceres (Spain) | 100.00 | (3) | ||||||||
Solaben Luxembourg S.A. | Luxembourg (Luxembourg) | 100.00 | (5) | |||||||||
Solacor Electricidad Uno, S.A. | Solacor 1 | Seville (Spain) | 87.00 | (3) | ||||||||
Solacor Electricidad Dos, S.A. | Solacor 2 | Seville (Spain) | 87.00 | (3) | ||||||||
Atlantica Corporate Resources, S.L | Seville (Spain) | 100.00 | (5) | |||||||||
Solar Processes, S.A. | PS-20 | Seville (Spain) | 100.00 | (3) | ||||||||
Solnova Solar Inversiones, S.A. | Seville (Spain) | 100.00 | (5) | |||||||||
Solnova Electricidad, S.A. | Solnova 1 | Seville (Spain) | 100.00 | (3) | ||||||||
Solnova Electricidad Tres, S.A. | Solnova 3 | Seville (Spain) | 100.00 | (3) | ||||||||
Solnova Electricidad Cuatro, S.A. | Solnova 4 | Seville (Spain) | 100.00 | (3) | ||||||||
Tenes Lilmiyah, S.P.A | Tenes | Dely Ibrahim (Algeria) | 51.00 | (4) | ||||||||
Transmisora Mejillones, S.A. | Quadra 1 | Santiago de Chile (Chile) | 100.00 | (1) | ||||||||
Transmisora Melipeuco S.A. | Melipeuco | Santiago de Chile (Chile) | 100.00 | (1) | ||||||||
Transmisora Baquedano, S.A. | Quadra 2 | Santiago de Chile (Chile) | 100.00 | (1) | ||||||||
White Rock Insurance (Europe) PCC Limited | Birkirkara (Malta) | 100.00 | (5) |
Helios I Hyperion Energy Investments, S.A. | Helios 1 | Seville (Spain) | 100.00 | (3) | ||||
Helios II Hyperion Energy Investments, S.A. | Helios 2 | Seville (Spain) | 100.00 | (3) | ||||
Hidrocañete S.A. | Mini-Hydro | Lima (Peru) | 100.00 | (3) | ||||
Hypesol Energy Holding, S.L. | Seville (Spain) | 100.00 | (5) | |||||
Hypesol Solar Inversiones, S.A | Seville (Spain) | 100.00 | (5) | |||||
Kaxu Solar One (Pty) Ltd. | Kaxu | Gauteng (South Africa) | 51.00 | (3) | ||||
Logrosán Equity Investments Sárl. | Luxembourg (Luxembourg) | 100.00 | (5) | |||||
Logrosán Solar Inversiones, S.A. | Seville (Spain) | 100.00 | (5) | |||||
Logrosán Solar Inversiones Dos, S.L. | Seville (Spain) | 100.00 | (5) | |||||
Mojave Solar Holdings, LLC. | Delaware (United States) | 100.00 | (5) | |||||
Mojave Solar LLC. | Mojave | Delaware (United States) | 100.00 | (3) | ||||
Nesyla, S.A | Montevideo (Uruguay) | 100.00 | (3) | |||||
Overnight Solar LLC | Arizona (United States) | 100.00 | (3) | |||||
Palmatir S.A. | Palmatir | Montevideo (Uruguay) | 100.00 | (3) | ||||
Palmucho, S.A. | Palmucho | Santiago de Chile (Chile) | 100.00 | (1) | ||||
RRHH Servicios Corporativos, S. de R.L. de C.V. | Santa Barbara. (Mexico) | 100.00 | (5) | |||||
Sanlucar Solar, S.A. | PS-10 | Seville (Spain) | 100.00 | (3) | ||||
Solaben Electricidad Uno S.A. | Solaben 1 | Caceres (Spain) | 100.00 | (3) | ||||
Solaben Electricidad Dos S.A. | Solaben 2 | Caceres (Spain) | 70.00 | (3) | ||||
Solaben Electricidad Tres S.A. | Solaben 3 | Caceres (Spain) | 70.00 | (3) | ||||
Solaben Electricidad Seis S.A. | Solaben 6 | Caceres (Spain) | 100.00 | (3) | ||||
Solaben Luxembourg S.A. | Luxembourg (Luxembourg) | 100.00 | (5) | |||||
Solacor Electricidad Uno, S.A. | Solacor 1 | Seville (Spain) | 87.00 | (3) | ||||
Solacor Electricidad Dos, S.A. | Solacor 2 | Seville (Spain) | 87.00 | (3) | ||||
Solar Processes, S.A. | PS-20 | Seville (Spain) | 100.00 | (3) | ||||
Solnova Solar Inversiones, S.A. | Seville (Spain) | 100.00 | (5) | |||||
Solnova Electricidad, S.A. | Solnova 1 | Seville (Spain) | 100.00 | (3) | ||||
Solnova Electricidad Tres, S.A. | Solnova 3 | Seville (Spain) | 100.00 | (3) | ||||
Solnova Electricidad Cuatro, S.A. | Solnova 4 | Seville (Spain) | 100.00 | (3) | ||||
Tenes Lilmiyah, S.P.A | Tenes | Dely Ibrahim (Algeria) | 51.00 | (4) | ||||
Sunshine Finance Jersey, Ltd | Jersey (United Kigdom) | 100.00 | (5) | |||||
Transmisora Mejillones, S.A. | Quadra 1 | Santiago de Chile (Chile) | 100.00 | (1) | ||||
Transmisora Baquedano, S.A. | Quadra 2 | Santiago de Chile (Chile) | 100.00 | (1) |
(1) | Business sector: Transmission lines |
(2) | Business sector: Efficient natural gas and |
(3) | Business sector: Renewable energy |
(4) | Business sector: Water |
(5) | Holding Company |
* | Atlantica has control over |
Appendices | Appendix II |
Company name | Project name | Registered address | % of nominal share | Business | Project name | Registered address | % of interest | Business | ||||||||||||||
ABY Infraestructuras, S.L. | Seville (Spain) | 20.0 | (3 | ) | ||||||||||||||||||
AC Renovables Sol 1 S.A.S | Bogota D.C. (Colombia) | 50.0 | (3 | ) | ||||||||||||||||||
Akuo Atlantica PMGD Holding | Chile PMGD | Santiago de Chile (Chile) | 49.0 | (3 | ) | |||||||||||||||||
Amherst Island Partnership | Windlectric | Ontario (Canada) | 30.0 | (3 | ) | Windlectric | Ontario (Canada) | 30.0 | (3 | ) | ||||||||||||
Arroyo Energy Netherlands II B.V. | Monterrey | Amsterdam (Netherlands) | 30.0 | (2 | ) | |||||||||||||||||
Atlantica - HIC Renovables S.A.S. | Bogota D.C. (Colombia) | 50.0 | (3 | ) | ||||||||||||||||||
Atlantica Hidro Colombia, S.A.S. | Bogota D.C. (Colombia) | 50.0 | (3 | ) | ||||||||||||||||||
Atlantica SailH2, S.L. | Seville (Spain) | 50.0 | (3 | ) | ||||||||||||||||||
Ecorer S.A.C. | Lima (Peru) | 50.0 | (3 | ) | ||||||||||||||||||
Evacuacion Valdecaballeros, S.L. | Caceres (Spain) | 57.2 | (3 | ) | Caceres (Spain) | 57.2 | (3 | ) | ||||||||||||||
Evacuación Villanueva del Rey, S.L. | Seville (Spain) | 40.0 | (3 | ) | Seville (Spain) | 40.0 | (3 | ) | ||||||||||||||
Fontanil Solar S.L. | Albacete (Spain) | 25.0 | (3 | ) | ||||||||||||||||||
Geida Tlemcen S.L. | Honaine | Madrid (Spain) | 50.0 | (4 | ) | Honaine | Madrid (Spain) | 50.0 | (4 | ) | ||||||||||||
Liberty Infraestructuras, S.L. | Seville (Spain) | 20.0 | (3 | ) | ||||||||||||||||||
Murum Solar, S.L. | Murcia (Spain) | 25.0 | (3 | ) | ||||||||||||||||||
PA Renovables Sol 1 S.A.S. | Bogota D.C. (Colombia) | 50.0 | (3 | ) | ||||||||||||||||||
Pectonex R.F. | Pretoria (South Africa) | 50.0 | (3 | ) | Pretoria (South Africa) | 50.0 | (3 | ) | ||||||||||||||
SJ Renovables Sun 1 S.A.S. | Bogota D.C. (Colombia) | 50.0 | (3 | ) | ||||||||||||||||||
SJ Renovables Wind 1 S.A.S. | Bogota D.C. (Colombia) | 50.0 | (3 | ) | ||||||||||||||||||
2007 Vento II, LLC. | Vento II | Delaware (United States) | 49.0 | (3 | ) | Vento II | Delaware (United States) | 49.0 | (3 | ) |
(1) | Business sector: Transmission lines |
(2) | Business sector: Efficient natural gas and |
(3) | Business sector: Renewable energy |
(4) | Business sector: Water |
(5) | Holding Company |
Company name | Project name | Registered address | % of nominal share | Business | Project name | Registered address | % of interest | Business | ||||||||||||||
ABY Infraestructuras, S.L. | Seville (Spain) | 20.0 | (3 | ) | ||||||||||||||||||
AC Renovables Sol 1 S.A.S. E.S.P. | Bogota D.C. (Colombia) | 50.0 | (3 | ) | ||||||||||||||||||
Akuo Atlantica PMGD Holding | Chile PMGD | Santiago de Chile (Chile) | 49.0 | (3 | ) | |||||||||||||||||
Amherst Island Partnership | Windlectric | Ontario (Canada) | 30.0 | (3 | ) | Windlectric | Ontario (Canada) | 30.0 | (3 | ) | ||||||||||||
Arroyo Energy Netherlands II B.V. | Monterrey | Amsterdam (Netherlands) | 30.0 | (2 | ) | Monterrey | Amsterdam (Netherlands) | 30.0 | (2 | ) | ||||||||||||
Ca Ku A1, S.A.P.I de CV | Mexico D.F. (Mexico) | 5.0 | (2 | ) | ||||||||||||||||||
Evacuacion Valdecaballeros, S.L. | Caceres (Spain) | 57.2 | (3 | ) | Caceres (Spain) | 57.2 | (3 | ) | ||||||||||||||
Evacuación Villanueva del Rey, S.L. | Seville (Spain) | 40.0 | (3 | ) | Seville (Spain) | 40.0 | (3 | ) | ||||||||||||||
Fontanil Solar S.L. | Albacete (Spain) | 25.0 | (3 | ) | ||||||||||||||||||
Geida Tlemcen S.L. | Honaine | Madrid (Spain) | 50.0 | (4 | ) | Honaine | Madrid (Spain) | 50.0 | (4 | ) | ||||||||||||
PA Renovables Sol 1 S.A.S. E.S.P. | Bogota D.C. (Colombia) | 50.0 | (3 | ) | ||||||||||||||||||
Liberty Infraestructuras, S.L. | Seville (Spain) | 20.0 | (3 | ) | ||||||||||||||||||
Murum Solar, S.L. | Murcia (Spain) | 25.0 | (3 | ) | ||||||||||||||||||
Pectonex R.F. | Pretoria (South Africa) | 50.0 | (3 | ) | Pretoria (South Africa) | 50.0 | (3 | ) | ||||||||||||||
SJ Renovables Sun 1 S.A.S. E.S.P. | Bogota D.C. (Colombia) | 50.0 | (3 | ) | ||||||||||||||||||
SJ Renovables Wind 1 S.A.S. E.S.P. | Bogota D.C. (Colombia) | 50.0 | (3 | ) | ||||||||||||||||||
2007 Vento II, LLC. | Vento II | Delaware (United States) | 49.0 | (3 | ) |
(1) | Business sector: Transmission lines |
(2) | Business sector: Efficient natural gas and |
(3) | Business sector: Renewable energy |
(4) | Business sector: Water |
(5) | Holding Company |
Appendices | Appendix III-1 |
Appendices | Appendix III-2 |
Project name | Country | Status(1) | % of Nominal Share(2) | Period of Concession (4)(5) | off-taker(7) | Financial/ Intangible(3) | Assets/ Investment | Accumulated Amortization | Operating Profit/ (Loss)(8) | Arrangement Terms (price) | Description of the Arrangement | ||||||||||||
Renewable energy: | |||||||||||||||||||||||
Solana | USA | (O) | 100.0 | 30 Years | APS | (I) | 1,904,464 | (718,410 | ) | 32,723 | Fixed price per MWh with annual increases of 1.84% per year | 30-year PPA with APS regulated by ACC | |||||||||||
Mojave | USA | (O) | 100.0 | 25 Years | PG&E | (I) | 1,581,518 | (559,300 | ) | 50,164 | Fixed price per MWh without any indexation mechanism | 25-year PPA with PG&E regulated by CPUC and CAEC | |||||||||||
Palmatir | Uruguay | (O) | 100.0 | 20 Years | UTE, Uruguay Administration | (I) | 147,934 | (71,074 | ) | 5,454 | Fixed price per MWh in USD with annual increases based on inflation | 20-year PPA with UTE, Uruguay state-owned utility | |||||||||||
Cadonal | Uruguay | (O) | 100.0 | 20 Years | UTE, Uruguay Administration | (I) | 122,013 | (55,724 | ) | 3,272 | Fixed price per MWh in USD with annual increases based on inflation | 20-year PPA with UTE, Uruguay state-owned utility | |||||||||||
Melowind | Uruguay | (O) | 100.0 | 20 Years | UTE, Uruguay Administration | (I) | 136,089 | (51,197 | ) | 5,141 | Fixed price per MWh in USD with annual increases based on inflation | 20-year PPA with UTE, Uruguay state-owned utility | |||||||||||
Solaben 2 | Spain | (O) | 70.0 | 25 Years | Kingdom of Spain | (I) | 307,766 | (114,598 | ) | 5,534 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||
Solaben 3 | Spain | (O) | 70.0 | 25 Years | Kingdom of Spain | (I) | 306,228 | (115,252 | ) | 5,555 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||
Solacor 1 | Spain | (O) | 87.0 | 25 Years | Kingdom of Spain | (I) | 310,841 | (122,549 | ) | 3,970 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||
Solacor 2 | Spain | (O) | 87.0 | 25 Years | Kingdom of Spain | (I) | 324,096 | (126,518 | ) | 3,028 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||
Solnova 1 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 310,660 | (142,585 | ) | 6,267 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||
Solnova 3 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 290,380 | (129,102 | ) | 7,914 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||
Solnova 4 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 271,494 | (120,218 | ) | 8,141 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||
Helios 1 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 315,215 | (118,604 | ) | 3,645 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||
Helios 2 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 307,195 | (113,976 | ) | 3,417 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||
Helioenergy 1 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 300,569 | (117,465 | ) | 7,826 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||
Helioenergy 2 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 301,317 | (115,295 | ) | 7,556 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||
Solaben 1 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 305,396 | (104,265 | ) | 6,581 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||
Solaben 6 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 302,681 | (103,057 | ) | 6,984 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||
Kaxu | South Africa | (O) | 51.0 | 20 Years | Eskom | (I) | 464,692 | (188,089 | ) | 23,414 | Take or pay contract for the purchase of electricity up to the contracted capacity from the facility. | 20-year PPA with Eskom SOC Ltd. With a fixed price formula in local currency subject to indexation to local inflation | |||||||||||
Efficient natural gas &heat: | |||||||||||||||||||||||
ACT | Mexico | (O) | 100.0 | 20 Years | Pemex | (F) | 477,650 | - | 98,468 | Fixed price to compensate both investment and O&M costs, established in USD and adjusted annually partially according to inflation and partially according to a mechanism agreed in contract | 20-year Services Agreement with Pemex, Mexican oil & gas state-owned company | ||||||||||||
Transmission lines: | |||||||||||||||||||||||
ATS | Peru | (O) | 100.0 | 30 Years | Republic of Peru | (I) | 534,332 | (175,380 | ) | 34,602 | Tariff fixed by contract and adjusted annually in accordance with the US Finished Goods Less Food and Energy inflation index | 30-year Concession Agreement with the Peruvian Government | |||||||||||
ATN | Peru | (O) | 100.0 | 30 Years | Republic of Peru | (I) | 366,654 | (142,906 | ) | 13,186 | Tariff fixed by contract and adjusted annually in accordance with the US Finished Goods Less Food and Energy inflation index | 30-year Concession Agreement with the Peruvian Government | |||||||||||
ATN 2 | Peru | (O) | 100.0 | 18 Years | Las Bambas Mining | (F) | 74,423 | - | 11,957 | Fixed-price tariff base denominated in U.S. dollars with Las Bambas | 18 years purchase agreement | ||||||||||||
Quadra I | Chile | (O) | 100.0 | 21 Years | Sierra Gorda | (F) | 35,852 | - | 7,255 | Fixed price in USD with annual adjustments indexed mainly to US CPI | 21-year Concession Contract with Sierra Gorda regulated by CDEC and the Superintendencia de Electricidad, among others | ||||||||||||
Quadra II | Chile | (O) | 100.0 | 21 Years | Sierra Gorda | (F) | 49,483 | - | 6,258 | Fixed price in USD with annual adjustments indexed mainly to US CPI | 21-year Concession Contract with Sierra Gorda regulated by CDEC and the Superintendencia de Electricidad, among others | ||||||||||||
Water: | |||||||||||||||||||||||
Skikda | Algeria | (O) | 34.2 | 25 Years | Sonatrach & ADE | (F) | 73,581 | - | 11,533 | U.S. dollar indexed take-or-pay contract with Sonatrach / ADE | 25 years purchase agreement | ||||||||||||
Honaine | Algeria | (O) | 25.5 | 25 Years | Sonatrach & ADE | (F) | N/A | (9) | N/A | (9) | N/A | (9) | U.S. dollar indexed take- or-pay contract with Sonatrach / ADE | 25 years purchase agreement | |||||||||
Tenes | Algeria | (O) | 51.0 | 25 Years | Sonatrach & ADE | (F) | 101,144 | - | 17,462 | U.S. dollar indexed take-or-pay contract with Sonatrach / ADE | 25 years purchase agreement |
Project name | Country | Status(1) | % of Nominal Share(2) | Period of Concession (4)(5) | off-taker(7) | Financial/ Intangible(3) | Assets/ Investment | Accumulated Amortization | Operating Profit/ (Loss)(8) | Arrangement Terms (price) | Description of the Arrangement | |||||||||||||||
Renewable energy: | ||||||||||||||||||||||||||
Solana | USA | (O) | 100.0 | 30 Years | APS | (I) | 1,865,770 | (568,911 | ) | (11,377 | ) | Fixed price per MWh with annual increases of 1.84% per year | 30-year PPA with APS regulated by ACC | |||||||||||||
Mojave | USA | (O) | 100.0 | 25 Years | PG&E | (I) | 1,578,530 | (435,937 | ) | 49,086 | Fixed price per MWh without any indexation mechanism | 25-year PPA with PG&E regulated by CPUC and CAEC | ||||||||||||||
Palmatir | Uruguay | (O) | 100.0 | 20 Years | UTE, Uruguay Administration | (I) | 147,925 | (56,267 | ) | 4,278 | Fixed price per MWh in USD with annual increases based on inflation | 20-year PPA with UTE, Uruguay state-owned utility | ||||||||||||||
Cadonal | Uruguay | (O) | 100.0 | 20 Years | UTE, Uruguay Administration | (I) | 122,002 | (43,465 | ) | 1,220 | Fixed price per MWh in USD with annual increases based on inflation | 20-year PPA with UTE, Uruguay state-owned utility | ||||||||||||||
Melowind | Uruguay | (O) | 100.0 | 20 Years | UTE, Uruguay Administration | (I) | 135,988 | (36,794 | ) | 3,476 | Fixed price per MWh in USD with annual increases based on inflation | 20-year PPA with UTE, Uruguay state-owned utility |
Solaben 2 | Spain | (O) | 70.0 | 25 Years | Kingdom of Spain | (I) | 315,137 | (89,176 | ) | 7,111 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||
Solaben 3 | Spain | (O) | 70.0 | 25 Years | Kingdom of Spain | (I) | 314,084 | (90,477 | ) | 6,704 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||
Solacor 1 | Spain | (O) | 87.0 | 25 Years | Kingdom of Spain | (I) | 318,557 | (96,911 | ) | 5,593 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||
Solacor 2 | Spain | (O) | 87.0 | 25 Years | Kingdom of Spain | (I) | 331,588 | (99,801 | ) | 4,689 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||
Solnova 1 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 317,624 | (116,464 | ) | 7,112 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||
Solnova 3 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 297,046 | (105,517 | ) | 8,749 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||
Solnova 4 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 277,953 | (97,828 | ) | 8,720 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain |
Helios 1 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 321,479 | (92,943 | ) | 5,917 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | ||||||||||
Helios 2 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 313,182 | (89,008 | ) | 5,930 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | ||||||||||
Helioenergy 1 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 307,727 | (94,563 | ) | 8,510 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | ||||||||||
Helioenergy 2 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 308,472 | (91,879 | ) | 8,472 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | ||||||||||
Solaben 1 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 310,257 | (79,468 | ) | 7,342 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | ||||||||||
Solaben 6 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 307,047 | (78,529 | ) | 6,884 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | ||||||||||
Kaxu | South Africa | (O) | 51.0 | 20 Years | Eskom | (I) | 481,776 | (167,171 | ) | 45,779 | Take or pay contract for the purchase of electricity up to the contracted capacity from the facility. | 20-year PPA with Eskom SOC Ltd. With a fixed price formula in local currency subject to indexation to local inflation |
Efficient natural gas &Heat: | |||||||||||||||||||||||
ACT | Mexico | (O) | 100.0 | 20 Years | Pemex | (F) | 537,579 | - | 124,799 | Fixed price to compensate both investment and O&M costs, established in USD and adjusted annually partially according to inflation and partially according to a mechanism agreed in contract | 20-year Services Agreement with Pemex, Mexican oil & gas state-owned company | ||||||||||||
Transmission lines: | |||||||||||||||||||||||
ATS | Peru | (O) | 100.0 | 30 Years | Republic of Peru | (I) | 532,675 | (139,789 | ) | 28,451 | Tariff fixed by contract and adjusted annually in accordancewith the US Finished Goods Less Food and Energy inflation index | 30-year Concession Agreement with the Peruvian Government | |||||||||||
ATN | Peru | (O) | 100.0 | 30 Years | Republic of Peru | (I) | 360,271 | (118,116 | ) | 7,413 | Tariff fixed by contract and adjusted annually in accordance with the US Finished Goods Less Food and Energy inflation index | 30-year Concession Agreement with the Peruvian Government | |||||||||||
ATN 2 | Peru | (O) | 100.0 | 18 Years | Las Bambas Mining | (F) | 76,210 | - | 11,428 | Fixed-price tariff base denominated in U.S. dollars with Las Bambas | 18 years purchase agreement | ||||||||||||
Quadra I | Chile | (O) | 100.0 | 21 Years | Sierra Gorda | (F) | 38,993 | - | 5,358 | Fixed price in USD with annual adjustments indexed mainly to US CPI | 21-year Concession Contract with Sierra Gorda regulated by CDEC and the Superentendencia de Electricidad, among others |
Quadra II | Chile | (O) | 100.0 | 21 Years | Sierra Gorda | (F) | 55,561 | - | 4,711 | Fixed price in USD with annual adjustments indexed mainly to US CPI | 21-year Concession Contract with Sierra Gorda regulated by CDEC and the Superentendencia de Electricidad, among others | |||||||||||
Water: | ||||||||||||||||||||||
Skikda | Argelia | (O) | 34.2 | 25 Years | Sonatrach & ADE | (F) | 70,969 | - | 14,654 | U.S. dollar indexed take-or-pay contract with Sonatrach / ADE | 25 years purchase agreement | |||||||||||
Honaine | Argelia | (O) | 25.5 | 25 Years | Sonatrach & ADE | (F) | N/A | (9) | N/A | (9) | N/A | (9) | U.S. dollar indexed take- or-pay contract with Sonatrach / ADE | 25 years purchase agreement | ||||||||
Tenes | Algeria | (O) | 51.0 | 25 Years | Sonatrach & ADE | (F) | 99,438 | - | 16,671 | U.S. dollar indexed take-or-pay contract with Sonatrach / ADE | 25 years purchase agreement |
(1) | In operation (O), Construction (C) as of December 31, |
(2) | Itochu Corporation holds 30% of the economic rights to each of Solaben 2 and Solaben 3. JGC Corporation holds 13% of the economic rights to each Solacor 1 and Solacor 2. Algerian Energy Company, SPA, or AEC, owns 49% and Sacyr Agua, S.L., a subsidiary of Sacyr, S.A., owns the remaining 25.5% of the Honaine project. AEC owns 49% and Sacyr Agua S.L. owns the remaining 16.83% of the Skikda project. Industrial Development Corporation of South Africa (29%) & Kaxu Community Trust (20%) for the Kaxu Project. AEC owns 49% of the Tenes project. |
(3) | Classified as concessional financial asset (F) or as intangible assets (I). |
(4) | The infrastructure is used for its entire useful life. There are no obligations to deliver assets at the end of the concession periods, except for ATN and ATS. |
(5) | Generally, there are no termination provisions other than customary clauses for situations such as bankruptcy or fraud from the operator, for example. |
(6) | Sales to wholesale markets and additional fixed payments established by the Spanish government. |
(7) | In each case the off-taker is the grantor. |
(8) | Figures reflect the contribution to the Consolidated Financial Statements of Atlantica Sustainable Infrastructure plc. as of December 31, |
(9) | Recorded under the equity method. |
Project name | Country | Status(1) | % of Nominal Share(2) | Period of Concession (4)(5) | off-taker(7) | Financial/ Intangible(3) | Assets/ Investment | Accumulated Amortization | Operating Profit/ (Loss)(8) | Arrangem ent Terms (price) | Description of the Arrangement | Country | Status(1) | % of Nominal Share(2) | Period of Concession (4)(5) | off-taker(7) | Financial/ Intangible(3) | Assets/ Investment | Accumulated Amortization | Operating Profit/ (Loss)(8) | Arrangement Terms (price) | Description of the Arrangement | |||||||||||||||||||||||||||
Renewable energy: | Renewable energy: | �� | Renewable energy: | ||||||||||||||||||||||||||||||||||||||||||||||
Solana | USA | (O) | 100.0 | 30 Years | APS | (I) | 1,830,148 | (468,323 | ) | (5,722 | ) | Fixed price per MWh with annual increases of 1.84% per year | 30-year PPA with APS regulated by ACC | USA | (O) | 100.0 | 30 Years | APS | (I) | 1,887,669 | (664,681 | ) | (25,082 | ) | Fixed price per MWh with annual increases of 1.84% per year | 30-year PPA with APS regulated by ACC | |||||||||||||||||||||||
Mojave | USA | (O) | 100.0 | 25 Years | PG&E | (I) | 1,557,559 | (374,193 | ) | 48,436 | Fixed price per MWh without any indexation mechanism | 25-year PPA with PG&E regulated by CPUC and CAEC | USA | (O) | 100.0 | 25 Years | PG&E | (I) | 1,573,621 | (497,072 | ) | 45,193 | Fixed price per MWh without any indexation mechanism | 25-year PPA with PG&E regulated by CPUC and CAEC | |||||||||||||||||||||||||
Palmatir | Uruguay | (O) | 100.0 | 20 Years | UTE, Uruguay Administration | (I) | 147,911 | (48,843 | ) | 7,971 | Fixed price per MWh in USD with annual increases based on inflation | 20-year PPA with UTE, Uruguay state-owned utility | Uruguay | (O) | 100.0 | 20 Years | UTE, Uruguay Administration | (I) | 147,937 | (63,692 | ) | 4,021 | Fixed price per MWh in USD with annual increases based on inflation | 20-year PPA with UTE, Uruguay state-owned utility | |||||||||||||||||||||||||
Cadonal | Uruguay | (O) | 100.0 | 20 Years | UTE, Uruguay Administration | (I) | 121,986 | (37,315 | ) | 15,293 | Fixed price per MWh in USD with annual increases based on inflation | 20-year PPA with UTE, Uruguay state-owned utility | Uruguay | (O) | 100.0 | 20 Years | UTE, Uruguay Administration | (I) | 122,012 | (49,616 | ) | 3,680 | Fixed price per MWh in USD with annual increases based on inflation | 20-year PPA with UTE, Uruguay state-owned utility | |||||||||||||||||||||||||
Melowind | Uruguay | (O) | 100.0 | 20 Years | UTE, Uruguay Administration | (I) | 135,977 | (29,598 | ) | 4,673 | Fixed price per MWh in USD with annual increases based on inflation | 20-year PPA with UTE, Uruguay state-owned utility | Uruguay | (O) | 100.0 | 20 Years | UTE, Uruguay Administration | (I) | 136,053 | (43,988 | ) | 3,567 | Fixed price per MWh in USD with annual increases based on inflation | 20-year PPA with UTE, Uruguay state-owned utility | |||||||||||||||||||||||||
Solaben 2 | Spain | (O) | 70.0 | 25 Years | Kingdom of Spain | (I) | 298,791 | (97,618 | ) | 6,163 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||||||||||||||||||||||||||||
Solaben 3 | Spain | (O) | 70.0 | 25 Years | Kingdom of Spain | (I) | 297,865 | (98,526 | ) | 6,319 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||||||||||||||||||||||||||||
Solacor 1 | Spain | (O) | 87.0 | 25 Years | Kingdom of Spain | (I) | 299,306 | (105,031 | ) | 5,275 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||||||||||||||||||||||||||||
Solacor 2 | Spain | (O) | 87.0 | 25 Years | Kingdom of Spain | (I) | 311,671 | (108,306 | ) | 5,698 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||||||||||||||||||||||||||||
Solnova 1 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 301,041 | (123,894 | ) | 7,509 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||||||||||||||||||||||||||||
Solnova 3 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 281,557 | (112,213 | ) | 7,027 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||||||||||||||||||||||||||||
Solnova 4 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 263,079 | (104,282 | ) | 7,694 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||||||||||||||||||||||||||||
Helios 1 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 304,015 | (101,255 | ) | 5,201 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||||||||||||||||||||||||||||
Helios 2 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 296,267 | (97,167 | ) | 4,508 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||||||||||||||||||||||||||||
Helioenergy 1 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 291,454 | (101,428 | ) | 8,032 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||||||||||||||||||||||||||||
Helioenergy 2 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 292,225 | (99,126 | ) | 8,149 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||||||||||||||||||||||||||||
Solaben 1 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 293,721 | (99,126 | ) | 6,453 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||||||||||||||||||||||||||||
Solaben 6 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 290,745 | (86,822 | ) | 7,110 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | |||||||||||||||||||||||||||||||||||||
Kaxu | South Africa | (O) | 51.0 | 20 Years | Eskom | (I) | 455,517 | (179,417 | ) | 44,487 | Take or pay contract for the purchase of electricity up to the contracted capacity from the facility. | 20-year PPA with Eskom SOC Ltd. With a fixed price formula in local currency subject to indexation to local inflation |
Solaben 2 | Spain | (O) | 70.0 | 25 Years | Kingdom of Spain | (I) | 337,506 | (80,255 | ) | 10,222 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | ||||||||||||
Solaben 3 | Spain | (O) | 70.0 | 25 Years | Kingdom of Spain | (I) | 336,556 | (81,998 | ) | 10,802 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | ||||||||||||
Solacor 1 | Spain | (O) | 87.0 | 25 Years | Kingdom of Spain | (I) | 341,674 | (88,382 | ) | 9,359 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | ||||||||||||
Solacor 2 | Spain | (O) | 87.0 | 25 Years | Kingdom of Spain | (I) | 355,614 | (90,861 | ) | 9,248 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | ||||||||||||
Solnova 1 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 340,713 | (108,908 | ) | 14,090 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | ||||||||||||
Solnova 3 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 318,415 | (98,755 | ) | 14,331 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | ||||||||||||
Solnova 4 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 297,118 | (91,251 | ) | 13,865 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain |
Efficient natural gas &heat: | |||||||||||||||||||||||
ACT | Mexico | (O) | 100.0 | 20 Years | Pemex | (F) | 512,796 | - | 80,731 | Fixed price to compensate both investment and O&M costs, established in USD and adjusted annually partially according to inflation and partially according to a mechanism agreed in contract | 20-year Services Agreement with Pemex, Mexican oil & gas state-owned company | ||||||||||||
Transmission lines: | |||||||||||||||||||||||
ATS | Peru | (O) | 100.0 | 30 Years | Republic of Peru | (I) | 532,859 | (157,573 | ) | 31,351 | Tariff fixed by contract and adjusted annually in accordance with the US Finished Goods Less Food and Energy inflation index | 30-year Concession Agreement with the Peruvian Government | |||||||||||
ATN | Peru | (O) | 100.0 | 30 Years | Republic of Peru | (I) | 360,412 | (130,364 | ) | 10,988 | Tariff fixed by contract and adjusted annually in accordance with the US Finished Goods Less Food and Energy inflation index | 30-year Concession Agreement with the Peruvian Government | |||||||||||
ATN 2 | Peru | (O) | 100.0 | 18 Years | Las Bambas Mining | (F) | 71,966 | - | 10,673 | Fixed-price tariff base denominated in U.S. dollars with Las Bambas | 18 years purchase agreement | ||||||||||||
Quadra I | Chile | (O) | 100.0 | 21 Years | Sierra Gorda | (F) | 37,423 | - | 5,847 | Fixed price in USD with annual adjustments indexed mainly to US CPI | 21-year Concession Contract with Sierra Gorda regulated by CDEC and the Superintendencia de Electricidad, among others | ||||||||||||
Quadra II | Chile | (O) | 100.0 | 21 Years | Sierra Gorda | (F) | 51,552 | - | 4,845 | Fixed price in USD with annual adjustments indexed mainly to US CPI | 21-year Concession Contract with Sierra Gorda regulated by CDEC and the Superintendencia de Electricidad, among others |
Helios 1 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 344,533 | (84,144 | ) | 11,285 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | ||||||||||||
Helios 2 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 335,550 | (80,361 | ) | 11,677 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | ||||||||||||
Helioenergy 1 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 330,497 | (87,496 | ) | 11,149 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | ||||||||||||
Helioenergy 2 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 331,206 | (84,360 | ) | 11,560 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | ||||||||||||
Solaben 1 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 332,537 | (70,486 | ) | 11,542 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | ||||||||||||
Solaben 6 | Spain | (O) | 100.0 | 25 Years | Kingdom of Spain | (I) | 329,203 | (69,659 | ) | 12,161 | Regulated revenue base(6) | Regulated revenue established by different laws and rulings in Spain | ||||||||||||
Kaxu | South Africa | (O) | 51.0 | 20 Years | Eskom | (I) | 521,523 | (154,962 | ) | 41,483 | Take or pay contract for the purchase of electricity up to the contracted capacity from the facility. | 20-year PPA with Eskom SOC Ltd. With a fixed price formula in local currency subject to indexation to local inflation |
Water: | |||||||||||||||||||||||
Skikda | Algeria | (O) | 34.2 | 25 Years | Sonatrach & ADE | (F) | 71,007 | - | 13,121 | U.S. dollar indexed take-or-pay contract with Sonatrach / ADE | 25 years purchase agreement | ||||||||||||
Honaine | Algeria | (O) | 25.5 | 25 Years | Sonatrach & ADE | (F) | N/A | (9) | N/A | (9) | N/A | (9) | U.S. dollar indexed take- or-pay contract with Sonatrach / ADE | 25 years purchase agreement | |||||||||
Tenes | Algeria | (O) | 51.0 | 25 Years | Sonatrach & ADE | (F) | 98,962 | - | 14,637 | U.S. dollar indexed take-or-pay contract with Sonatrach / ADE | 25 years purchase agreement |
Efficient natural gas & Heat: | ||||||||||||||||||||||||
ACT | Mexico | (O) | 100.0 | 20 Years | Pemex | (F) | 580,141 | - | 75,349 | Fixed price to compensate both investment and O&M costs, established in USD and adjusted annually partially according to inflation and partially according to a mechanism agreed in contract | 20-year Services Agreement with Pemex, Mexican oil & gas state-owned company | |||||||||||||
Transmission lines: | ||||||||||||||||||||||||
ATS | Peru | (O) | 100.0 | 30 Years | Republic of Peru | (I) | 531,887 | (122,005 | ) | 29,339 | Tariff fixed by contract and adjusted annually in accordance with the US Finished Goods Less Food and Energy inflation index | 30-year Concession Agreement with the Peruvian Government | ||||||||||||
ATN | Peru | (O) | 100.0 | 30 Years | Republic of Peru | (I) | 359,912 | (105,618 | ) | 6,474 | Tariff fixed by contract and adjusted annually in accordance with the US Finished Goods Less Food and Energy inflation index | 30-year Concession Agreement with the Peruvian Government | ||||||||||||
ATN 2 | Peru | (O) | 100.0 | 18 Years | Las Bambas Mining | (F) | 78,743 | - | 12,332 | Fixed-price tariff base denominated in U.S. dollars with Las Bambas | 18 years purchase agreement | |||||||||||||
Quadra I | Chile | (O) | 100.0 | 21 Years | Sierra Gorda | (F) | 40,381 | - | 5,362 | Fixed price in USD with annual adjustments indexed mainly to US CPI | 21-year Concession Contract with Sierra Gorda regulated by CDEC and the Superentendencia de Electricidad, among others |
Quadra II | Chile | (O) | 100.0 | 21 Years | Sierra Gorda | (F) | 55,417 | - | 4,922 | Fixed price in USD with annual adjustments indexed mainly to US CPI | 21-year Concession Contract with Sierra Gorda regulated by CDEC and the Superentendencia de Electricidad, among others | |||||||||||||
Water: | ||||||||||||||||||||||||
Skikda | Argelia | (O) | 34.2 | 25 Years | Sonatrach & ADE | (F) | 77,702 | - | 13,909 | U.S. dollar indexed take-or-pay contract with Sonatrach / ADE | 25 years purchase agreement | |||||||||||||
Honaine | Argelia | (O) | 25.5 | 25 Years | Sonatrach & ADE | (F) | N/A | (9) | N/A | (9) | N/A | (9) | U.S. dollar indexed take- or-pay contract with Sonatrach / ADE | 25 years purchase agreement | ||||||||||
Tenes | Algeria | (O) | 51.0 | 25 Years | Sonatrach & ADE | (F) | 106,071 | - | 10,610 | U.S. dollar indexed take-or-pay contract with Sonatrach / ADE | 25 years purchase agreement |
(1) | In operation (O), Construction (C) as of December 31, |
(2) | Itochu Corporation holds 30% of the economic rights to each of Solaben 2 and Solaben 3. JGC Corporation holds 13% of the economic rights to each Solacor 1 and Solacor 2. Algerian Energy Company, SPA, or AEC, owns 49% and Sacyr Agua, S.L., a subsidiary of Sacyr, S.A., owns the remaining 25.5% of the Honaine project. AEC owns 49% and Sacyr Agua S.L. owns the remaining 16.83% of the Skikda project. Industrial Development Corporation of South Africa (29%) & Kaxu Community Trust (20%) for the Kaxu Project. AEC owns 49% of the Tenes project. |
(3) | Classified as concessional financial asset (F) or as intangible assets (I). |
(4) | The infrastructure is used for its entire useful life. There are no obligations to deliver assets at the end of the concession periods, except for ATN and ATS. |
(5) | Generally, there are no termination provisions other than customary clauses for situations such as bankruptcy or fraud from the operator, for example. |
(6) | Sales to wholesale markets and additional fixed payments established by the Spanish government. |
(7) | In each case the off-taker is the grantor. |
(8) | Figures reflect the contribution to the Consolidated Financial Statements of Atlantica Sustainable Infrastructure plc. as of December 31, |
(9) | Recorded under the equity method. |
Appendices | Appendix IV |
Subsidiary name | Non- controlling interest name | % of non- controlling interest held | Dividends paid to non- controlling interest | Profit/(Loss) of non- controlling interest in Atlantica consolidated net result 2021 | Non- controlling interest in Atlantica consolidated equity as of December 31, 2021 | Non- current assets* | Current Assets* | Non- current liabilities* | Current liabilities* | Net Profit /(Loss)* | Total Comprehensive income* | Non- controlling interest name | % of non- controlling interest held | Distributions paid to non- controlling interest | Profit/(Loss) of non- controlling interest in Atlantica consolidated net result 2023 | Non- controlling interest in Atlantica consolidated equity as of December 31, 2023 | Non- current assets* | Current Assets* | Non- current liabilities* | Current liabilities* | Net Profit /(Loss)* | Total Comprehensive income* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aguas de Skikda S.P.A. | Algerian Energy Company S.P.A. | 49%** | 3,753 | 7,166 | 43,985 | 69,057 | 27,863 | 17,030 | 6,552 | 10,886 | - | Algerian Energy Company S.P.A. | 49 | %** | 3,072 | 6,164 | 51,145 | 71,400 | 27,290 | 10,151 | 4,325 | 9,363 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlantica Yield Energy Solutions Canada Inc. | Algonquin Power Co. | 90% | 17,282 | (8 | ) | 38,200 | 38,507 | 6,291 | - | 6,279 | (8 | ) | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chile PV 3 | Financial partners | 65 | % | - | (2,189 | ) | 30,526 | 31,371 | 30,374 | 11,791 | 1,273 | (3,368 | ) | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Solaben Electricidad Dos S.A. | Itochu Europe Plc | 30 | % | 3,684 | (202 | ) | 20,580 | 192,089 | 9,989 | 125,455 | 8,957 | (992 | ) | (6,412 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Solaben Electricidad Tres S.A. | Itochu Europe Plc | 30 | % | 3,259 | (245 | ) | 20,261 | 191,585 | 10,059 | 125,165 | 9,679 | (1,133 | ) | (6,378 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ténès Lilmiyah SPA | Algerian Energy Company S.P.A. | 49 | % | 3,581 | 7,123 | 29,963 | 97,105 | 41,208 | 66,175 | 10,989 | 14,701 | - |
Appendices | Appendix IV |
Subsidiary name | Non- controlling interest name | % of non- controlling interest held | Dividends paid to non- controlling interest | Profit/(Loss) of non- controlling interest in Atlantica consolidated net result 2020 | Non- controlling interest in Atlantica consolidated equity as of December 31, 2020 | Non- current assets* | Current Assets* | Non- current liabilities* | Current liabilities* | Net Profit /(Loss)* | Total Comprehensive income* | Non- controlling interest name | % of non- controlling interest held | Distributions paid to non- controlling interest | Profit/(Loss) of non- controlling interest in Atlantica consolidated net result 2022 | Non- controlling interest in Atlantica consolidated equity as of December 31, 2022 | Non- current assets* | Current Assets* | Non- current liabilities* | Current liabilities* | Net Profit /(Loss)* | Total Comprehensive income* | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aguas de Skikda S.P.A. | Algerian Energy Company S.P.A. | 49 | %** | 3,584 | 1,563 | 44,486 | 75,893 | 28,343 | 22,336 | 7,801 | 2,374 | - | Algerian Energy Company S.P.A. | 49 | %** | 2,849 | 7,060 | 47,509 | 68,655 | 29,293 | 12,470 | 6,788 | 10,725 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlantica Yield Energy Solutions Canada Inc. | Algonquin Power Co. | 90 | % | 15,709 | (6) | 54,924 | 56,308 | 4,312 | - | 4,292 | (6) | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Solaben Electricidad Dos S.A. | Itochu Europe Plc | 30 | % | 1,913 | 402 | 25,271 | 201,060 | 12,730 | 115,109 | 14,857 | 1,158 | (1,428 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Solaben Electricidad Tres S.A. | Itochu Europe Plc | 30 | % | 1,397 | 370 | 24,522 | 201,088 | 13,814 | 117,948 | 15,495 | 1,051 | (1,642 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ténès Lilmiyah SPA | Algerian Energy Company S.P.A. | 49 | % | 2,260 | 5,675 | 25,592 | 94,989 | 40,884 | 72,279 | 11,365 | 11,581 | - |