☐ | 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 ☐ |
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references to “M ft3” refer to million standard cubic feet; |
ITEM 1. | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |
ITEM 2. | OFFER STATISTICS AND EXPECTED TIMETABLE |
ITEM | KEY INFORMATION |
A. | [RESERVED] |
B. | Capitalization and Indebtedness |
C. | Reasons for the Offer and Use of Proceeds |
D. | Risk Factors |
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 our solar generation assets or our water facilities. Floods can also cause landslides which may affect our transmission lines. |
- | 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 |
- | 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. |
- | Lower efficiency in battery systems. |
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 Atlantica’s growth or cause an increase in costs. Currently, renewable energy projects benefit from various U.S. federal, state and local governmental incentives. These policies have had a significant impact on the development of renewable energy and they could change. These incentives make the development of renewable energy projects more competitive by providing tax credits, accelerated depreciation and expensing for a portion of the development costs. The U.S. Inflation Reduction Act (IRA) signed into law on August 16, 2022 increased and / or extended some of these incentives and established new ones. For example, the IRA includes, among other incentives, a 30% solar |
• | 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. If our clients are affected by climate related risks, this could impact their credit quality and affect their ability to comply with the existing contract. |
II. | Risks Related to Our Relationship with Algonquin and Abengoa |
III. | Risks Related to Our Indebtedness |
IV. | Risks Related to Our Growth Strategy |
VI. | Risks Related to the Markets in Which We Operate |
VI. | 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. |
VII. | Risks Related to Ownership of Our Shares |
VII. | Risks Related to Taxation |
IX. | Other Risks |
ITEM 4. | INFORMATION ON THE COMPANY |
A. | History and Development of the Company |
Assets | Type | Ownership | Location | Currency(9) | Capacity (Gross) | Counterparty Credit Ratings(10) | COD* | Contract Years Remaining(17) | 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 | 21 | 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 | 17 | 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 | 16 | 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 | 5 | 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 | 5 | 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 | 3 | 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 | 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 | 8 | 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 | 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 | 13 | Renewable (Solar) | 100% | Colombia | COP | 20 MW | Not rated | 2021 | 12 |
La Tolua | Renewable (Solar) | 100% | Colombia | COP | 20 MW | Not rated | 2023 | 10 | Renewable (Solar) | 100% | Colombia | COP | 20 MW | Not rated | 2023 | 9 |
Tierra Linda | Renewable (Solar) | 100% | Colombia | COP | 10 MW | Not rated | 2023 | 10 | Renewable (Solar) | 100% | Colombia | COP | 10 MW | Not rated | 2023 | 9 |
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 | 11 | ||||||||
Cadonal | Renewable (Wind) | 100% | Uruguay | USD | 50 MW | BBB/Baa2/BBB-(12) | 2014 | 12 | ||||||||
Melowind | Renewable (Wind) | 100% | Uruguay | USD | 50 MW | BBB/Baa2/BBB-(12) | 2015 | 13 | ||||||||
Mini-Hydro | Renewable (Hydraulic) | 100% | Peru | USD | 4 MW | BBB/Baa1/BBB | 2012 | 10 | ||||||||
Solaben 2 & 3 | Renewable (Solar) | 70%(2) | Spain | Euro | 2x50 MW | A/Baa1/A- | 2012 | 15/15 | ||||||||
Solacor 1 & 2 | Renewable (Solar) | 87%(3) | Spain | Euro | 2x50 MW | A/Baa1/A- | 2012 | 14/14 |
PS 10 & PS 20 | Renewable (Solar) | 100% | Spain | Euro | 31 MW | A/Baa1/A- | 2007& 2009 | 9/11 |
Helioenergy 1 & 2 | Renewable (Solar) | 100% | Spain | Euro | 2x50 MW | A/Baa1/A- | 2011 | 14/14 |
Helios 1 & 2 | Renewable (Solar) | 100% | Spain | Euro | 2x50 MW | A/Baa1/A- | 2012 | 14/15 |
Solnova 1, 3 & 4 | Renewable (Solar) | 100% | Spain | Euro | 3x50 MW | A/Baa1/A- | 2010 | 12/12/13 |
Solaben 1 & 6 | Renewable (Solar) | 100% | Spain | Euro | 2x50 MW | A/Baa1/A- | 2013 | 16/16 |
Seville PV | Renewable (Solar) | 80%(4) | Spain | Euro | 1 MW | A/Baa1/A- | 2006 | 13 |
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 | 9 |
Italy PV 4 | Renewable (Solar) | 100% | Italy | Euro | 3.6 MW | BBB/Baa3/BBB | 2011 | 9 |
Kaxu | Renewable (Solar) | 51%(5) | South Africa | Rand | 100 MW | BB-/Ba2/BB-(13) | 2015 | 12 |
Calgary | Efficient natural gas & Heat | 100% | Canada | CAD | 55 MWt | ~41% A+ or higher(14) | 2010 | 18 |
ACT | Efficient natural gas & Heat | 100% | Mexico | USD | 300 MW | BBB/ B1/BB- | 2013 | 10 |
Monterrey | Efficient natural gas & Heat | 30% | Mexico | USD | 142 MW | Not rated | 2018 | 23 |
ATN (13) | Transmission line | 100% | Peru | USD | 379 miles | BBB/Baa1/BBB | 2011 | 18 |
ATS | Transmission line | 100% | Peru | USD | 569 miles | BBB/Baa1/BBB | 2014 | 21 |
ATN 2 | Transmission line | 100% | Peru | USD | 81 miles | Not rated | 2015 | 10 |
Quadra 1 & 2 | Transmission line | 100% | Chile | USD | 49 miles/ 32 miles | Not rated | 2013-2014 | 12/12 |
Palmucho | Transmission line | 100% | Chile | USD | 6 miles | BBB/-/BBB+ | 2007 | 15 |
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 | 49 |
Skikda | Water | 34.2%(6) | Algeria | USD | 3.5 M ft3/day | Not rated | 2009 | 11 |
Honaine | Water | 25.5%(7) | Algeria | USD | 7 M ft3/day | Not rated | 2012 | 15 |
Tenes | Water | 51%(8) | Algeria | USD | 7 M ft3/day | Not rated | 2015 | 17 |
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 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 (“IDC”, 29%) and Kaxu Community Trust (20%). |
(6) | Algerian Energy Company, SPA owns 49% of Skikda and Sacyr Agua, S.L. owns the remaining 16.8%. Atlantica has control over it under IFRS 10, Consolidated Financial Statements. |
(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 |
(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 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, 2023. |
(18) | Accounted for as held for sale as of December 31, 2023. |
(*) | Commercial Operation Date. |
− | Tranche A: $29.7 million loan with maturity in 2034 and a floating interest rate of six-month |
− | Tranche B: $21.1 million loan with maturity in 2032 and a floating interest rate of six-month |
− |
− | a swap |
− | 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. |
− | 71% through a swap set at 2.36% for the life of the financing. |
− | 19% by maintaining the existing 1% strike caps with maturity in 2025. |
− | 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%. |
− | a swap with a 3.23% strike with initial notional of €170.3 million starting in December 2022 and decreasing over time until maturity. |
− | a cap with a 1.0% strike with initial notional of €134.2 million starting in December 2022 and decreasing over time until December 2025. |
− | a cap with a 2.0% strike with initial notional of €64.9 million starting June 2026 and decreasing over time until December 2030. |
− | 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, |
− | 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, |
− | 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, |
− | 1st tranche had a principal amount of $50 million with a 15-year term with quarterly amortization and bears interest at a rate of 6.15% per year. |
− | 2nd tranche had a principal amount of $45 million with a 26-year term and bears interest at a rate of 7.53% per year. The second tranche has a 15-year grace period for principal repayments. |
− | 3rd tranche had a principal amount of $10 million with a 15-year term and bears interest at a rate of 6.88% per year. |
Asset | Type | Location | Capacity (gross)1 | Expected COD | Expected Investment ($ million) | Off-taker |
Coso Batteries 1 | Battery Storage | California, US | 100 MWh | 2024 | 40-50 | N.A. |
Chile PMGD2 | Solar PV | Chile | 80 MW | 2023 – 2024 | 303 | Regulated |
Honda 14 | Solar PV | Colombia | 10 MW | 2023 | 11 | Enel Colombia |
Honda 24 | Solar PV | Colombia | 10 MW | 2023 | 11 | Enel Colombia |
Apulo 14 | Solar PV | Colombia | 10 MW | 2023 | 11 | Enel Colombia |
Solana C&I PV | Solar PV (behind the meter) | Arizona, US | 2.5 MW | 2023 | 3 | Solana |
Raurapata | Transmission Line | Peru | 3.9KM 220Kv | 2024 | 12 | Conelsur4 |
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 |
In October 2023, we entered into two 15-year tolling agreements (PPAs) with an investment grade utility for Coso Batteries 1 and Coso Batteries 2. Under each of the tolling agreements, Coso Batteries 1 and 2 will receive fixed monthly payments adjusted by the financial settlement of CAISO’s Day-Ahead market. In addition, we expect to obtain revenue from ancillary services in each of the asset. Coso Batteries 1 is a standalone battery storage project of 100 MWh (4 hours) capacity located inside Coso, our geothermal asset in California. Additionally, Coso Batteries 2 is a standalone battery storage project with 80 MWh (4 hours) capacity also located inside Coso. Our investment is expected to be in the range of $40 million to $50 million for Coso Batteries 1, and in the range of $35 to $45 million for Coso Batteries 2. Both projects were fully developed in-house and are now under construction. We have closed a contract with Tesla for the procurement of the batteries. COD is expected in 2025 for both projects. In November 2022, we closed the acquisition of a 49% interest, with joint control, in an 80 MW portfolio of solar PV projects in Chile which is currently under construction (Chile PMGD). Our 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 and 2025. Revenue for these assets is regulated under the Small Distributed Generation Means Regulation Regime (“PMGD”) for projects with a capacity equal or lower than 9 MW which allows to sell electricity at a stabilized price. In July 2022 we closed a 17-year transmission service agreement denominated in U.S. dollars that will allow us to build a substation and a 2.4-mile transmission line connected to our ATN transmission line serving a new mine in Peru (ATN Expansion 3). The substation is expected to enter in operation in 2024 and the investment is expected to be approximately $12 million. In July 2023, as part of the New Transmission Plan Update in Peru, the Ministry of Energy and Mines published the Ministerial Resolution that enables to start construction of our ATS Expansion 1 project, consisting in the reinforcement of two existing substation with new equipment. The expansion will be part of our existing concession contract, a 30-year contract with a fixed-price tariff base denominated in U.S. dollars adjusted annually in accordance with the U.S. Finished Goods Less Foods and Energy Index as published by the U.S. Department of Labor. Given that the concession ends in 2044, we will be compensated with a one-time payment for the remaining 9 years of concession. The expansion is expected to enter in operation in 2025 and the investment is expected to be approximately $30 million. In May 2022, we agreed to develop and construct Honda 1 and 2, two PV assets in Colombia with a combined capacity of 20 MW where we have a 50% ownership. Each plant has a 7-year PPA with Enel Colombia. Our investment is expected to be $5.5 million for each plant. Honda 1 entered in operation in December 2023 and Honda 2 is expected to enter into operation in the second quarter of 2024. |
Renewable Energy (GW)7 | Storage (GWh)7 | Renewable Energy (GW)8 | Storage (GWh)8 | |
North America | 1.0 | 4.1 | 1.2 | 4.3 |
Europe | 0.4 | 1.3 | 0.4 | 1.6 |
South America | 0.6 | 0.2 | 0.6 | 0.1 |
Total | 2.0 | 5.6 | 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 |
− | 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 |
• | 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 entirety; and |
• | 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 |
Useful Life | Remuneration on Investment 2022 (euros/MW) | Remuneration on Operation 2022 (euros/GWh) | Maximum Hours | Minimum Hours | Operating Threshold | ||||||||||||||||
Solaben 2 | 25 years | 390,453 | 0 | 2,008 | 1,205 | 703 | |||||||||||||||
Solaben 3 | 25 years | 390,453 | 0 | 2,008 | 1,205 | 703 | |||||||||||||||
Solacor 1 | 25 years | 390,453 | 0 | 2,008 | 1,205 | 703 | |||||||||||||||
Solacor 2 | 25 years | 390,453 | 0 | 2,008 | 1,205 | 703 | |||||||||||||||
PS 10 | 25 years | 543,185 | 7,580 | 1,840 | 1,104 | 644 | |||||||||||||||
PS 20 | 25 years | 401,296 | 1,777 | 1,840 | 1,104 | 644 | |||||||||||||||
Helioenergy 1 | 25 years | 385,014 | 0 | 2,008 | 1,205 | 703 | |||||||||||||||
Helioenergy 2 | 25 years | 385,014 | 0 | 2,008 | 1,205 | 703 | |||||||||||||||
Helios 1 | 25 years | 398,498 | 0 | 2,008 | 1,205 | 703 | |||||||||||||||
Helios 2 | 25 years | 398,498 | 0 | 2,008 | 1,205 | 703 | |||||||||||||||
Solnova 1 | 25 years | 404,292 | 0 | 2,008 | 1,205 | 703 | |||||||||||||||
Solnova 3 | 25 years | 404,292 | 0 | 2,008 | 1,205 | 703 | |||||||||||||||
Solnova 4 | 25 years | 404,292 | 0 | 2,008 | 1,205 | 703 | |||||||||||||||
Solaben 1 | 25 years | 395,304 | 0 | 2,008 | 1,205 | 703 | |||||||||||||||
Solaben 6 | 25 years | 395,304 | 0 | 2,008 | 1,205 | 703 | |||||||||||||||
Seville PV | 30 years | 696,418 | 0 | 2,041 | 1,225 | 714 |
Useful Life | Remuneration on Investment 2023(euros/MW) | Remuneration On Operation 2023 (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 | 358,562 | 0 | 2,004 | 1,202 | 701 | 25 years | 378,506 | 0 | 0.9854 | 2,004 | 1,202 | 701 | |||||||||||||||
Solaben 3 | 25 years | 358,562 | 0 | 2,004 | 1,202 | 701 | 25 years | 378,506 | 0 | 0.9854 | 2,004 | 1,202 | 701 | |||||||||||||||
Solacor 1 | 25 years | 358,562 | 0 | 2,004 | 1,202 | 701 | 25 years | 378,506 | 0 | 0.9854 | 2,004 | 1,202 | 701 | |||||||||||||||
Solacor 2 | 25 years | 358,562 | 0 | 2,004 | 1,202 | 701 | 25 years | 378,506 | 0 | 0.9854 | 2,004 | 1,202 | 701 | |||||||||||||||
PS 10 | 25 years | 509,713 | 0 | 1,837 | 1,102 | 643 | 25 years | 533,115 | 19.798 | 0.9948 | 1,837 | 1,102 | 643 | |||||||||||||||
PS 20 | 25 years | 373,114 | 0 | 1,837 | 1,102 | 643 | 25 years | 393,001 | 14.044 | 0.9942 | 1,837 | 1,102 | 643 | |||||||||||||||
Helioenergy 1 | 25 years | 351,751 | 0 | 2,004 | 1,202 | 701 | 25 years | 372,549 | 0 | 0.9845 | 2,004 | 1,202 | 701 | |||||||||||||||
Helioenergy 2 | 25 years | 351,751 | 0 | 2,004 | 1,202 | 701 | 25 years | 372,549 | 0 | 0.9845 | 2,004 | 1,202 | 701 | |||||||||||||||
Helios 1 | 25 years | 365,595 | 0 | 2,004 | 1,202 | 701 | 25 years | 387,136 | 0 | 0.9857 | 2,004 | 1,202 | 701 | |||||||||||||||
Helios 2 | 25 years | 365,595 | 0 | 2,004 | 1,202 | 701 | 25 years | 387,136 | 0 | 0.9857 | 2,004 | 1,202 | 701 | |||||||||||||||
Solnova 1 | 25 years | 368,603 | 0 | 2,004 | 1,202 | 701 | 25 years | 392,031 | 0 | 0.9849 | 2,004 | 1,202 | 701 | |||||||||||||||
Solnova 3 | 25 years | 368,603 | 0 | 2,004 | 1,202 | 701 | 25 years | 392,031 | 0 | 0.9849 | 2,004 | 1,202 | 701 | |||||||||||||||
Solnova 4 | 25 years | 368,603 | 0 | 2,004 | 1,202 | 701 | 25 years | 392,031 | 0 | 0.9849 | 2,004 | 1,202 | 701 | |||||||||||||||
Solaben 1 | 25 years | 363,530 | 0 | 2,004 | 1,202 | 701 | 25 years | 384,318 | 0 | 0.9860 | 2,004 | 1,202 | 701 | |||||||||||||||
Solaben 6 | 25 years | 363,530 | 0 | 2,004 | 1,202 | 701 | 25 years | 384,318 | 0 | 0.9860 | 2,004 | 1,202 | 701 | |||||||||||||||
Seville PV | 30 years | 654,194 | 0 | 2,030 | 1,218 | 711 | 30 years | 677,855 | 0 | 0.9809 | 2,030 | 1,218 | 711 |
(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. Sacyr holds 25.5% of Honaine and 16.8% of 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 |
(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 |
(16) | Solar projects 100% owned by Chile Platform |
(17) | Simplified structure |
(18) | 51% held by EDPR Renewables |
(19) | Simplified structure |
(20) | Solar and battery project under development in the US |
(21) | Solar projects under development in Colombia |
(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, | Year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2023 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
$ in millions | % of revenue | $ in millions | % of revenue | $ in millions | % of revenue | $ in millions | % of revenue | $ in millions | % of revenue | $ in millions | % of revenue | |||||||||||||||||||||||||||||||||||||
North America | $ | 405.1 | 36.8 | % | $ | 395.8 | 32.7 | % | $ | 330.9 | 32.6 | % | $ | 424.9 | 38.6 | % | $ | 405.1 | 36.8 | % | $ | 395.8 | 32.7 | % | ||||||||||||||||||||||||
South America | 166.4 | 15.1 | % | 155.0 | 12.8 | % | 151.5 | 15.0 | % | 188.1 | 17.1 | % | 166.4 | 15.1 | % | 155.0 | 12.8 | % | ||||||||||||||||||||||||||||||
EMEA | 530.5 | 48.1 | % | 660.9 | 54.5 | % | 530.9 | 52.4 | % | 486.9 | 44.3 | % | 530.5 | 48.1 | % | 660.9 | 54.5 | % | ||||||||||||||||||||||||||||||
Total revenue | $ | 1,102.0 | 100.0 | % | $ | 1,211.7 | 100.0 | % | $ | 1,013.3 | 100.0 | % | $ | 1,099.9 | 100.0 | % | $ | 1,102.0 | 100.0 | % | $ | 1,211.7 | 100.0 | % |
Year ended December 31, | ||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||
$ in millions | % of revenue | $ in millions | % of revenue | $ in millions | % of revenue | |||||||||||||||||||
Renewable Energy | $ | 821.4 | 74.5 | % | $ | 928.5 | 76.6 | % | $ | 753.1 | 74.3 | % | ||||||||||||
Efficient natural gas & Heat | 113.6 | 10.3 | % | 123.7 | 10.2 | % | 111.0 | 11.0 | % | |||||||||||||||
Transmission Lines | 113.2 | 10.3 | % | 105.6 | 8.7 | % | 106.1 | 10.5 | % | |||||||||||||||
Water | 53.8 | 4.9 | % | 53.9 | 4.5 | % | 43.1 | 4.2 | % | |||||||||||||||
Total revenue | $ | 1,102.0 | 100.0 | % | $ | 1,211.7 | 100.0 | % | $ | 1,013.3 | 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, | ||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||
$ in millions | % of Adjusted EBITDA | $ in millions | % of Adjusted EBITDA | $ in millions | % of Adjusted EBITDA | |||||||||||||||||||
North America | $ | 310.0 | 38.9 | % | $ | 311.8 | 37.8 | % | $ | 279.4 | 35.1 | % | ||||||||||||
South America | 126.5 | 15.9 | % | 119.6 | 14.5 | % | 120.0 | 15.1 | % | |||||||||||||||
EMEA | 360.6 | 45.2 | % | 393.0 | 47.7 | % | 396.7 | 49.8 | % | |||||||||||||||
Total Adjusted EBITDA | $ | 797.1 | 100.0 | % | $ | 824.4 | 100.0 | % | $ | 796.1 | 100.0 | % |
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, | ||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||
$ in millions | % of Adjusted EBITDA | $ in millions | % of Adjusted EBITDA | $ in millions | % of Adjusted EBITDA | |||||||||||||||||||
Renewable Energy | $ | 588.0 | 73.8 | % | $ | 602.6 | 73.1 | % | $ | 576.3 | 72.4 | % | ||||||||||||
Efficient natural gas & Heat | 84.6 | 10.6 | % | 100.0 | 12.1 | % | 101.0 | 12.7 | % | |||||||||||||||
Transmission Lines | 88.0 | 11.0 | % | 83.6 | 10.2 | % | 87.3 | 11.0 | % | |||||||||||||||
Water | 36.5 | 4.6 | % | 38.2 | 4.6 | % | 31.5 | 3.9 | % | |||||||||||||||
Total Adjusted EBITDA | $ | 797.1 | 100.0 | % | $ | 824.4 | 100.0 | % | $ | 796.1 | 100.0 | % |
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, | ||||||||||||
2022 | 2021 | 2020 | ||||||||||
($ in millions) | ||||||||||||
Profit/(loss) for the year attributable to the parent company | $ | (5.4 | ) | $ | (30.1 | ) | $ | 11.9 | ||||
Profit/(loss) attributable to non-controlling interest | 3.3 | 19.2 | 4.9 | |||||||||
Income tax expense | (9.7 | ) | 36.2 | 24.9 | ||||||||
Financial expense, net | 310.9 | 340.9 | 331.8 | |||||||||
Depreciation, amortization and impairment charges | 473.6 | 439.4 | 408.6 | |||||||||
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro-rata of our equity ownership) | 24.4 | 18.7 | 13.9 | |||||||||
Adjusted EBITDA | $ | 797.1 | $ | 824.4 | $ | 796.1 |
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, | ||||||||||||
2022 | 2021 | 2020 | ||||||||||
($ in millions) | ||||||||||||
Net cash flow provided by operating activities | $ | 586.3 | $ | 505.6 | $ | 438.2 | ||||||
Net interest /taxes paid | 277.3 | 342.3 | 287.2 | |||||||||
Variations in working capital | (78.8 | ) | 3.1 | 10.9 | ||||||||
Non-monetary items and other | (33.5 | ) | (57.7 | ) | 45.3 | |||||||
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) | 45.8 | 31.1 | 14.5 | |||||||||
Adjusted EBITDA | $ | 797.1 | $ | 824.4 | $ | 796.1 |
As of and for the year ended December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Renewable Energy | ||||||||||||
MW in operation(1) | 2,171 | 2,121 | 2,044 | |||||||||
GWh produced(2) | 5,458 | 5,319 | 4,655 | |||||||||
Efficient natural gas & heat | ||||||||||||
MW in operation(3) | 398 | 398 | 398 | |||||||||
GWh produced(4) | 2,549 | 2,501 | 2,292 | |||||||||
Availability (%) | 99.6 | % | 98.9 | % | 100.6 | % | ||||||
Transmission lines | ||||||||||||
Miles in operation | 1,229 | 1,229 | 1,166 | |||||||||
Availability (%) | 100.0 | % | 100 | % | 100.0 | % | ||||||
Water | ||||||||||||
Mft3 in operation(1) | 17.5 | 17.5 | 17.5 | |||||||||
Availability (%) | 99.7 | % | 102.3 | % | 97.9 | % |
As of and for the year ended December 31, | ||||||||||||
2022 | 2021 | 2020 | ||||||||||
Renewable Energy | ||||||||||||
MW in operation(1) | 2,121 | 2,044 | 1,551 | |||||||||
GWh produced(2) | 5,319 | 4,655 | 3,244 | |||||||||
Efficient natural gas & Heat | ||||||||||||
MW in operation(3) | 398 | 398 | 343 | |||||||||
GWh produced(4) | 2,501 | 2,292 | 2,574 | |||||||||
Availability (%) | 98.9 | % | 100.6 | % | 102.1 | % | ||||||
Transmission lines | ||||||||||||
Miles in operation | 1,229 | 1,166 | 1,166 | |||||||||
Availability (%) | 100 | % | 100.0 | % | 100.0 | % | ||||||
Water | ||||||||||||
Mft3 in operation(1) | 17.5 | 17.5 | 17.5 | |||||||||
Availability (%) | 102.3 | % | 97.9 | % | 100.1 | % |
(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, | |||||||||||||||||||||||
2022 | 2021 | 2020 | 2023 | 2022 | 2021 | |||||||||||||||||||
($ in millions) | ($ in millions) | |||||||||||||||||||||||
Revenue | $ | 1,102.0 | $ | 1,211.7 | $ | 1,013.3 | $ | 1,099.9 | $ | 1,102.0 | $ | 1,211.7 | ||||||||||||
Other operating income | 80.8 | 74.6 | 99.5 | 101.1 | 80.8 | 74.6 | ||||||||||||||||||
Employee benefit expenses | (80.2 | ) | (78.7 | ) | (54.4 | ) | (104.1 | ) | (80.2 | ) | (78.7 | ) | ||||||||||||
Depreciation, amortization and impairment charges | (473.6 | ) | (439.4 | ) | (408.6 | ) | ||||||||||||||||||
Depreciation, amortization, and impairment charges | (418.3 | ) | (473.6 | ) | (439.4 | ) | ||||||||||||||||||
Other operating expenses | (351.3 | ) | (414.3 | ) | (276.7 | ) | (336.6 | ) | (351.3 | ) | (414.3 | ) | ||||||||||||
Operating profit/(loss) | $ | 277.7 | $ | 353.9 | $ | 373.1 | ||||||||||||||||||
Operating profit | $ | 342.0 | $ | 277.7 | $ | 353.9 | ||||||||||||||||||
Financial income | 5.6 | 2.7 | 7.1 | 25.0 | 10.1 | 6.0 | ||||||||||||||||||
Financial expense | (333.3 | ) | (361.2 | ) | (378.4 | ) | (323.7 | ) | (330.4 | ) | (360.9 | ) | ||||||||||||
Net exchange differences | 10.3 | 1.9 | (1.4 | ) | (2.5 | ) | 10.3 | 1.9 | ||||||||||||||||
Other financial income/(expense), net | 6.5 | 15.7 | 40.9 | (16.6 | ) | (0.9 | ) | 12.1 | ||||||||||||||||
Financial expense, net | $ | (310.9 | ) | $ | (340.9 | ) | $ | (331.8 | ) | $ | (318.0 | ) | $ | (310.9 | ) | $ | (340.9 | ) | ||||||
Share of profit/(loss) of entities carried under the equity method | 21.4 | 12.3 | 0.5 | |||||||||||||||||||||
Share of profit of entities carried under the equity method | 13.2 | 21.4 | 12.3 | |||||||||||||||||||||
Profit/(loss) before income tax | $ | (11.8 | ) | $ | 25.3 | $ | 41.8 | $ | 37.2 | $ | (11.8 | ) | $ | 25.3 | ||||||||||
Income tax expense | 9.7 | (36.2 | ) | (24.9 | ) | |||||||||||||||||||
Income tax (expense)/income | (0.8 | ) | 9.7 | (36.2 | ) | |||||||||||||||||||
Profit/(loss) for the year | $ | (2.1 | ) | $ | (10.9 | ) | $ | 16.9 | $ | 36.5 | $ | (2.1 | ) | $ | (10.9 | ) | ||||||||
Profit attributable to non-controlling interests | (3.3 | ) | (19.2 | ) | (4.9 | ) | ||||||||||||||||||
Profit/(loss) attributable to non-controlling interests | 6.9 | (3.3 | ) | (19.2 | ) | |||||||||||||||||||
Profit / (loss) for the year attributable to the parent company | $ | (5.4 | ) | $ | (30.1 | ) | $ | 12.0 | $ | 43.4 | $ | (5.4 | ) | $ | (30.1 | ) | ||||||||
Weighted average number of ordinary shares outstanding (thousands) – basic | 114,695 | 111,008 | 101,879 | 116,152 | 114,695 | 111,008 | ||||||||||||||||||
Weighted average number of ordinary shares outstanding (thousands) – diluted | 118,501 | 114,523 | 103,392 | 119,720 | 118,865 | 115,408 | ||||||||||||||||||
Basic earnings per share attributable to the parent company (U.S. dollar per share) | (0.05 | ) | (0.27 | ) | 0.12 | 0.37 | (0.05 | ) | (0.27 | ) | ||||||||||||||
Diluted earnings per share attributable to the parent company (U.S. dollar per share) | (0.05 | ) | (0.27 | ) | 0.12 | 0.37 | (0.09 | ) | (0.27 | ) | ||||||||||||||
Dividend paid per share | 1.77 | 1.72 | 1.66 | 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 28, 2023, May 4, 2023, July 31, 2023 and November 7, 2023 our board of directors approved a dividend of $0.445per share each quarter, corresponding to the fourth quarter of 2022, the first quarter of 2023, the second quarter of 2023 and the third quarter of 2023 which were paid on March 25, 2023, June 15, 2023, September 15, 2023, and December 15, 2023 respectively. On February 25, 2022, May 5, 2022, August 2, 2022 and November 8, 2022 our board of directors approved a dividend of $0.44, $0.44, $0.445 and $0.445 per share, respectively, corresponding to the fourth quarter of 2021, the first quarter of 2022, the second quarter of 2022 and the third quarter of 2022 which were paid on March 25, 2022, June 15, 2022, September 15, 2022, and December 15, 2022 respectively. |
Year ended December 31, | ||||||||
2022 | 2021 | |||||||
Other operating income | ($ in millions) | |||||||
Grants | $ | 59.1 | $ | 60.7 | ||||
Insurance proceeds and other | 21.7 | 13.9 | ||||||
Total | $ | 80.8 | $ | 74.6 |
Year ended December 31, | ||||||||
2023 | 2022 | |||||||
Other operating income | ($ in millions) | |||||||
Grants | $ | 58.7 | $ | 59.1 | ||||
Insurance proceeds and other | 35.8 | 21.7 | ||||||
Income from construction services for our assets and concessions | 6.6 | - | ||||||
Total | $ | 101.1 | $ | 80.8 |
Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | ||||||||||||||||||||||||||||||
Other operating expenses | $ in millions | % of revenue | $ in millions | % of revenue | $ in millions | % of revenue | $ in millions | % of revenue | |||||||||||||||||||||||||
Raw Materials | $ | 19.7 | 1.8 | % | $ | 70.7 | 5.8 | % | $ | 35.4 | 3.2 | % | $ | 19.7 | 1.8 | % | |||||||||||||||||
Leases and fees | 11.5 | 1.0 | % | 9.3 | 0.8 | % | 14.4 | 1.3 | % | 11.5 | 1.0 | % | |||||||||||||||||||||
Operation and maintenance | 140.4 | 12.7 | % | 154.0 | 12.7 | % | 130.4 | 11.9 | % | 140.4 | 12.7 | % | |||||||||||||||||||||
Independent professional services | 38.9 | 3.6 | % | 39.2 | 3.2 | % | 30.7 | 2.8 | % | 38.9 | 3.6 | % | |||||||||||||||||||||
Supplies | 59.3 | 5.4 | % | 40.8 | 3.4 | % | 37.8 | 3.4 | % | 59.3 | 5.4 | % | |||||||||||||||||||||
Insurance | 45.8 | 4.2 | % | 45.4 | 3.8 | % | 41.1 | 3.7 | % | 45.8 | 4.2 | % | |||||||||||||||||||||
Levies and duties | 19.8 | 1.8 | % | 29.9 | 2.5 | % | 15.0 | 1.4 | % | 19.8 | 1.8 | % | |||||||||||||||||||||
Other expenses | 16.0 | 1.3 | % | 25.0 | 2.1 | % | 25.2 | 2.3 | % | 16.0 | 1.3 | % | |||||||||||||||||||||
Construction costs | 6.6 | 0.6 | % | - | - | ||||||||||||||||||||||||||||
Total | $ | 351.3 | 31.8 | % | $ | 414.3 | 34.2 | % | $ | 336.6 | 30.6 | % | $ | 351.3 | 31.8 | % |
Year ended December 31, | Year ended December 31, | |||||||||||||||
Financial income and financial expense | 2022 | 2021 | 2023 | 2022 | ||||||||||||
($ in millions) | ($ in millions) | |||||||||||||||
Financial income | $ | 5.6 | $ | 2.7 | $ | 25.0 | $ | 10.1 | ||||||||
Financial expense | (333.3 | ) | (361.2 | ) | (323.8 | ) | (330.4 | ) | ||||||||
Net exchange differences | 10.3 | 1.9 | (2.5 | ) | 10.3 | |||||||||||
Other financial income/(expense), net | 6.5 | 15.7 | ||||||||||||||
Other financial income/(loss), net | (16.7 | ) | (0.9 | ) | ||||||||||||
Financial expense, net | $ | (310.9 | ) | $ | (340.9 | ) | $ | (318.0 | ) | $ | (310.9 | ) |
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 | 2022 | 2021 | 2023 | 2022 | ||||||||||||
($ in millions) | ($ in millions) | |||||||||||||||
Interest on loans and notes | $ | (292.1 | ) | $ | (302.6 | ) | $ | (350.4 | ) | $ | (292.0 | ) | ||||
Interest rates losses derivatives: cash flow hedges | (41.2 | ) | (58.7 | ) | ||||||||||||
Interest rates gains / losses derivatives: cash flow hedges | 26.6 | (38.4 | ) | |||||||||||||
Total | $ | (333.3 | ) | $ | (361.3 | ) | $ | (323.8 | ) | $ | (330.4 | ) |
Year ended December 31, | ||||||||
Other financial income/(expense), net | 2022 | 2021 | ||||||
($ in millions) | ||||||||
Other financial income | $ | 27.9 | $ | 32.3 | ||||
Other financial expense | (21.4 | ) | (16.6 | ) | ||||
Total | $ | 6.5 | $ | 15.7 |
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, | |||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||
($ in millions) | ($ in millions) | |||||||||||||||
Consolidated profit / (loss) before taxes | (11.8 | ) | 25.3 | 37.2 | (11.8 | ) | ||||||||||
Average statutory tax rate1 | 25 | % | 25 | % | ||||||||||||
Average statutory tax rate(1) | 25 | % | 25 | % | ||||||||||||
Corporate income tax at average statutory tax rate | 2.9 | (6.3 | ) | (9.3 | ) | 2.9 | ||||||||||
Income tax of associates, net | 5.4 | 3.1 | 3.3 | 5.4 | ||||||||||||
Differences in statutory tax rates | (4.3 | ) | (3.4 | ) | (4.3 | ) | (4.3 | ) | ||||||||
Unrecognized NOLs and deferred tax assets | (10.9 | ) | (11.2 | ) | (11.1 | ) | (10.9 | ) | ||||||||
Other Permanent Differences | 4.0 | (4.1 | ) | 17.5 | 4.0 | |||||||||||
Other non-taxable income/(expense) | 12.7 | (14.3 | ) | 3.1 | 12.7 | |||||||||||
Corporate income tax | 9.7 | (36.2 | ) | (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, | Year ended December 31, | |||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||
Revenue by geography | $ in millions | % of revenue | $ in millions | % of revenue | $ in millions | % of revenue | $ in millions | % of revenue | ||||||||||||||||||||||||
North America | $ | 405.1 | 36.8 | % | $ | 395.8 | 32.7 | % | $ | 424.9 | 38.6 | % | $ | 405.1 | 36.8 | % | ||||||||||||||||
South America | 166.4 | 15.1 | % | 155.0 | 12.8 | % | 188.1 | 17.1 | % | 166.4 | 15.1 | % | ||||||||||||||||||||
EMEA | 530.5 | 48.1 | % | 660.9 | 54.5 | % | 486.9 | 44.3 | % | 530.5 | 48.1 | % | ||||||||||||||||||||
Total revenue | $ | 1,102.0 | 100 | % | $ | 1,211.7 | 100.0 | % | $ | 1,099.9 | 100.0 | % | $ | 1,102.0 | 100 | % |
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||
Adjusted EBITDA by geography | $ in millions | % of Adjusted EBITDA | $ in millions | % of Adjusted EBITDA | $ in millions | % of Adjusted EBITDA | $ in millions | % of Adjusted EBITDA | ||||||||||||||||||||||||
North America | $ | 310.0 | 38.9 | % | $ | 311.8 | 37.8 | % | $ | 319.3 | 40.1 | % | $ | 310.0 | 38.9 | % | ||||||||||||||||
South America | 126.5 | 15.9 | % | 119.6 | 14.5 | % | 146.7 | 18.5 | % | 126.5 | 15.9 | % | ||||||||||||||||||||
EMEA | 360.6 | 45.2 | % | 393.0 | 47.7 | % | 328.9 | 41.4 | % | 360.6 | 45.2 | % | ||||||||||||||||||||
Adjusted EBITDA(1) | $ | 797.1 | 100 | % | $ | 824.4 | 100 | % | $ | 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 | Volume produced/availability | |||||||||||||||
Year ended December 31, | Year ended December 31, | |||||||||||||||
Volume / availability by geography | 2022 | 2021 | 2023 | 2022 | ||||||||||||
North America (GWh)(1) | 5,743 | 4,818 | 5,749 | 5,743 | ||||||||||||
North America availability | 98.9 | % | 100.6 | % | 99.6 | % | 98.9 | % | ||||||||
South America (GWh) | 799 | 722 | 957 | 799 | ||||||||||||
South America availability | 99.9 | % | 100.0 | % | 99.9 | % | 99.9 | % | ||||||||
EMEA (GWh) | 1,278 | 1,407 | 1,301 | 1,278 | ||||||||||||
EMEA availability | 102.3 | % | 97.9 | % | 99.7 | % | 102.3 | % |
(1) | GWh produced includes 30% of the production from Monterrey and 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, | |||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||
Revenue by business sector | $ in millions | % of revenue | $ in millions | % of revenue | $ in millions | % of revenue | $ in millions | % of revenue | ||||||||||||||||||||||||
Renewable energy | $ | 821.4 | 74.5 | % | $ | 928.5 | 76.6 | % | $ | 802.8 | 73.0 | % | $ | 821.4 | 74.5 | % | ||||||||||||||||
Efficient natural gas & Heat | 113.6 | 10.3 | % | 123.7 | 10.2 | % | ||||||||||||||||||||||||||
Efficient natural gas & heat | 118.4 | 10.8 | % | 113.6 | 10.3 | % | ||||||||||||||||||||||||||
Transmission lines | 113.2 | 10.3 | % | 105.6 | 8.7 | % | 123.5 | 11.2 | % | 113.2 | 10.3 | % | ||||||||||||||||||||
Water | 53.8 | 4.9 | % | 53.9 | 4.5 | % | 55.2 | 5.0 | % | 53.8 | 4.9 | % | ||||||||||||||||||||
Revenue | $ | 1,102.0 | 100 | % | $ | 1,211.7 | 100.0 | % | $ | 1,099.9 | 100.0 | % | $ | 1,102.0 | 100 | % |
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||
Adjusted EBITDA by business sector | $ in millions | % of Adjusted EBITDA | $ in millions | % of Adjusted EBITDA | $ in millions | % of Adjusted EBITDA | $ in millions | % of Adjusted EBITDA | ||||||||||||||||||||||||
Renewable energy | $ | 588.0 | 73.8 | % | $ | 602.6 | 73.1 | % | $ | 575.7 | 72.4 | % | $ | 588.0 | 73.8 | % | ||||||||||||||||
Efficient natural gas & Heat | 84.6 | 10.6 | % | 100.0 | 12.1 | % | ||||||||||||||||||||||||||
Efficient natural gas & heat | 87.4 | 11.0 | % | 84.6 | 10.6 | % | ||||||||||||||||||||||||||
Transmission lines | 88.0 | 11.0 | % | 83.6 | 10.2 | % | 96.0 | 12.1 | % | 88.0 | 11.0 | % | ||||||||||||||||||||
Water | 36.5 | 4.6 | % | 38.2 | 4.6 | % | 35.8 | 4.5 | % | 36.5 | 4.6 | % | ||||||||||||||||||||
Adjusted EBITDA(1) | $ | 797.1 | 100 | % | $ | 824.4 | 100.0 | % | $ | 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 | Volume produced/availability | |||||||||||||||
Year ended December 31, | Year ended December 31, | |||||||||||||||
Volume / availability by business sector | 2022 | 2021 | 2023 | 2022 | ||||||||||||
Renewable energy (GWh) (1) | 5,319 | 4,655 | 5,458 | 5,319 | ||||||||||||
Efficient natural gas & Heat (GWh) (2) | 2,501 | 2,292 | 2,549 | 2,501 | ||||||||||||
Efficient natural gas & Heat availability | 98.9 | % | 100.6 | % | 99.6 | % | 98.9 | % | ||||||||
Transmission availability | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Water availability | 102.3 | % | 97.9 | % | 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, | |||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||
($ in millions) | ($ in millions) | |||||||||||||||
Corporate Liquidity | ||||||||||||||||
Cash and cash equivalents at Atlantica Sustainable Infrastructure, plc, excluding subsidiaries | $ | 60.8 | $ | 88.3 | $ | 33.0 | $ | 60.8 | ||||||||
Revolving Credit Facility availability | 385.1 | 440.0 | 378.1 | 385.1 | ||||||||||||
Total Corporate Liquidity(1) | $ | 445.9 | $ | 528.3 | ||||||||||||
Total Corporate Liquidity(1) | $ | 411.1 | $ | 445.9 | ||||||||||||
Liquidity at project companies | ||||||||||||||||
Restricted Cash | 207.6 | 254.3 | 177.0 | 207.6 | ||||||||||||
Non-restricted cash | 332.6 | 280.1 | 238.3 | 332.6 | ||||||||||||
Total cash at project companies | $ | 540.2 | $ | 534.4 | $ | 415.3 | $ | 540.2 |
(1) | Corporate Liquidity means cash and cash equivalents held at Atlantica Sustainable Infrastructure plc 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, 2022 | As of December 31, 2021 | |||||||||||
Maturity | ($ in millions) | |||||||||||
Revolving Credit Facility | 2024 | 29.4 | - | |||||||||
Other Facilities(1) | 2023-2026 | 30.1 | 41.7 | |||||||||
Green Exchangeable Notes | 2025 | 107.0 | 104.3 | |||||||||
2020 Green Private Placement | 2026 | 308.4 | 327.1 | |||||||||
Note Issuance Facility 2020 | 2027 | 147.2 | 155.8 | |||||||||
Green Senior Notes | 2028 | 395.1 | 394.2 | |||||||||
Total Corporate Debt | $ | 1,017.2 | $ | 1,023.1 | ||||||||
Total Project Debt | $ | 4,553.1 | $ | 5,036.2 |
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, |
Accounting amounts may differ from notional amounts. |
Total | 2023 | 2024 | 2025 | 2026 | 2027 | Subsequent years | Total | 2024 | 2025 | 2026 | 2027 | 2028 | Subsequent years | |||||||||||||||||||||||||||||||||||||||||||
$ in millions | $ in millions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Solana | 577.4 | 23.0 | 24.2 | 26.8 | 29.5 | 32.4 | 441.5 | 568.1 | 25.4 | 26.8 | 29.5 | 32.4 | 35.4 | 418.6 | ||||||||||||||||||||||||||||||||||||||||||
Mojave | 493.8 | 36.4 | 36.9 | 38.1 | 39.4 | 40.7 | 302.3 | 471.2 | 37.6 | 38.1 | 39.4 | 40.7 | 36.2 | 279.2 | ||||||||||||||||||||||||||||||||||||||||||
Coso | 200.8 | 14.1 | 14.6 | 14.2 | 14.7 | 143.2 | - | 188.6 | 14.6 | 14.2 | 14.7 | 145.1 | - | - | ||||||||||||||||||||||||||||||||||||||||||
ACT | 441.1 | 41.5 | 37.6 | 42.3 | 54.6 | 59.0 | 206.1 | 401.5 | 39.2 | 42.3 | 54.6 | 59.0 | 68.0 | 138.4 | ||||||||||||||||||||||||||||||||||||||||||
North America | 1,713.1 | 115.0 | 113.3 | 121.4 | 138.2 | 275.3 | 949.9 | 1,629.4 | 116.8 | 121.4 | 138.2 | 277.2 | 139.6 | 836.2 | ||||||||||||||||||||||||||||||||||||||||||
Chile PV 1 | 50.5 | 2.0 | 1.1 | 1.0 | 1.1 | 1.5 | 43.8 | 50.2 | 2.6 | 1.0 | 1.1 | 1.6 | 2.2 | 41.7 | ||||||||||||||||||||||||||||||||||||||||||
Chile PV 2 | 21.4 | 1.2 | 0.8 | 1.4 | 2.4 | 2.1 | 13.5 | 20.8 | 1.3 | 1.4 | 2.4 | 2.0 | 2.2 | 11.5 | ||||||||||||||||||||||||||||||||||||||||||
Palmatir | 72.0 | 6.9 | 6.2 | 6.6 | 7.0 | 7.5 | 37.8 | 66.3 | 7.0 | 6.6 | 7.0 | 7.5 | 8.0 | 30.2 | ||||||||||||||||||||||||||||||||||||||||||
Cadonal | 46.6 | 3.3 | 3.0 | 3.1 | 3.4 | 3.6 | 30.2 | 44.3 | 3.5 | 3.1 | 3.4 | 3.6 | 3.9 | 26.8 | ||||||||||||||||||||||||||||||||||||||||||
Melowind | 68.6 | 2.8 | 4.8 | 5.0 | 5.1 | 4.8 | 46.1 | 66.2 | 4.8 | 5.0 | 5.1 | 4.8 | 5.7 | 40.8 | ||||||||||||||||||||||||||||||||||||||||||
ATN | 87.0 | 5.7 | 6.0 | 6.4 | 6.8 | 7.3 | 54.8 | 81.6 | 6.1 | 6.4 | 6.9 | 7.3 | 6.7 | 48.2 | ||||||||||||||||||||||||||||||||||||||||||
ATS | 391.5 | 12.6 | 7.4 | 8.3 | 9.5 | 10.7 | 343.0 | 384.6 | 12.0 | 8.3 | 9.5 | 10.7 | 12.1 | 332.0 | ||||||||||||||||||||||||||||||||||||||||||
ATN 2 | 45.3 | 4.8 | 5.0 | 5.1 | 5.3 | 5.4 | 19.7 | 40.7 | 5.0 | 5.1 | 5.4 | 5.4 | 5.6 | 14.2 | ||||||||||||||||||||||||||||||||||||||||||
Quadra 1&2 and Palmucho | 58.7 | 5.0 | 5.3 | 5.9 | 6.5 | 7.2 | 28.8 | 54.2 | 5.5 | 6.1 | 6.6 | 7.3 | 8.0 | 20.7 | ||||||||||||||||||||||||||||||||||||||||||
South America | 841.6 | 44.3 | 39.6 | 42.8 | 47.1 | 50.1 | 617.7 | 808.9 | 47.8 | 43.0 | 47.4 | 50.2 | 54.4 | 566.1 | ||||||||||||||||||||||||||||||||||||||||||
Solaben 2&3 | 330.4 | 31.4 | 32.4 | 138.1 | 28.7 | 31.2 | 68.6 | 321.2 | 13.2 | 19.4 | 21.5 | 23.1 | 115.9 | 128.1 | ||||||||||||||||||||||||||||||||||||||||||
Solacor 1&2 | 212.8 | 10.3 | 14.0 | 14.6 | 15.0 | 15.4 | 143.5 | 209.6 | 14.7 | 15.1 | 15.5 | 15.9 | 16.1 | 132.3 | ||||||||||||||||||||||||||||||||||||||||||
Helios 1&2 | 290.8 | 20.7 | 21.3 | 21.7 | 21.1 | 21.5 | 184.5 | 279.7 | 22.2 | 22.4 | 21,8 | 22.2 | 22.5 | 168.6 | ||||||||||||||||||||||||||||||||||||||||||
Helioenergy 1&2 | 243.5 | 17.4 | 18.7 | 19.9 | 18.8 | 20.1 | 148.6 | 235.2 | 19.3 | 20.5 | 19.4 | 20.7 | 23.0 | 132.3 | ||||||||||||||||||||||||||||||||||||||||||
Solnova 1,3&4 | 354.9 | 28.1 | 30.0 | 30.6 | 32.1 | 31.9 | 202.2 | 338.1 | 31.5 | 31.5 | 33.1 | 32.9 | 31.7 | 177.4 | ||||||||||||||||||||||||||||||||||||||||||
Solaben 1&6 | 188.0 | 13.9 | 13.9 | 14.8 | 15.4 | 15.8 | 114.2 | 179.7 | 14.3 | 15.2 | 15.9 | 16.3 | 17.0 | 101.0 | ||||||||||||||||||||||||||||||||||||||||||
Rioglass | 10.3 | 5.2 | 1.7 | 1.9 | 1.3 | 0.1 | 0.1 | 5.6 | 2.4 | 1.6 | 1.2 | 0.3 | 0.1 | - | ||||||||||||||||||||||||||||||||||||||||||
Italy PV 1&3 | 3.4 | 0.7 | 0.7 | 0.7 | 0.5 | 0.2 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Italy PV 1,3&4 | 1.5 | 0.6 | 0.6 | 0.3 | 0.0 | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Kaxu | 277.6 | 26.7 | 27.5 | 28.0 | 31.6 | 34.4 | 129.4 | 234.0 | 26.3 | 26.0 | 29.3 | 31.9 | 34.7 | 85.8 | ||||||||||||||||||||||||||||||||||||||||||
Skikda | 7.4 | 4.9 | 2.5 | - | - | - | - | 2.6 | 2.6 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Tenes | 79.3 | 8.0 | 8.1 | 8.4 | 8.7 | 9.0 | 37.1 | 73.7 | 8.6 | 8.6 | 8.9 | 9.3 | 9.6 | 28.7 | ||||||||||||||||||||||||||||||||||||||||||
EMEA | 1,998.4 | 167.3 | 170.8 | 278.7 | 173.2 | 179.6 | 1,028.8 | 1,880.9 | 155.7 | 160.9 | 166.9 | 172.6 | 270.6 | 954.2 | ||||||||||||||||||||||||||||||||||||||||||
Total project debt | $ | 4,553.1 | 326.6 | 323.7 | 442.9 | 358.5 | 505.0 | 2,596.4 | $ | 4,319.3 | 320.3 | 325.3 | 352.5 | 500.0 | 464.6 | 2,356.5 | ||||||||||||||||||||||||||||||||||||||||
Corporate debt | $ | 1,017.2 | 16.7 | 38.9 | 110.2 | 309.1 | 147.3 | 395.0 | $ | 1,084.8 | 34.0 | 179.1 | 321.0 | 154.0 | 396.8 | - | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 5,570.3 | 345.3 | 362.6 | 553.1 | 667.6 | 652.3 | 2,989.4 | $ | 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 | 823.9 | 96.8 | 154.3 | 107.9 | 464.8 | |||||||||||||||
Accrued interest estimate during the useful life of loans | 1,821.9 | 264.6 | 477.9 | 383.3 | 696.0 |
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 |
C) | Cash dividends to investors |
D) | Investments and Acquisitions |
E) | Capital Expenditures |
Year ended December 31, | ||||||||||||
2022 | 2021 | 2020 | ||||||||||
($ in millions) | ||||||||||||
Gross cash flows from operating activities | ||||||||||||
Profit/(loss) for the year | $ | (2.1 | ) | $ | (10.9 | ) | $ | 16.9 | ||||
Adjustments to reconcile after-tax profit to net cash generated by operating activities | 786.9 | 861.9 | 719.5 | |||||||||
Profit for the year adjusted by non-monetary items | $ | 784.8 | $ | 851.0 | $ | 736.4 | ||||||
Net interest/taxes paid | (277.3 | ) | (342.3 | ) | (287.3 | ) | ||||||
Variations in working capital | 78.8 | (3.1 | ) | (10.9 | ) | |||||||
Total net cash flow provided by/ (used in) operating activities | $ | 586.3 | $ | 505.6 | $ | 438.2 | ||||||
Net cash flows from investing activities | ||||||||||||
Acquisitions of subsidiaries and entities under equity method | (50.5 | ) | (362.4 | ) | 2.5 | |||||||
Investments in operating concessional assets(1) | (39.1 | ) | (19.2 | ) | (1.4 | ) | ||||||
Investments in assets under development or construction | (36.8 | ) | (7.0 | ) | - | |||||||
Distributions from entities under the equity method | 67.7 | 34.8 | 22.2 | |||||||||
Other non-current assets/liabilities | 1.3 | 2.7 | (29.2 | ) | ||||||||
Total net cash flows (used in)/ provided by investing activities | $ | (57.4 | ) | $ | (351.2 | ) | $ | (5.9 | ) | |||
Net cash flows used in financing activities | $ | (535.0 | ) | $ | (380.1 | ) | $ | (137.3 | ) | |||
Net increase / (decrease) in cash and cash equivalents | (6.1 | ) | (225.7 | ) | 295.0 | ) | ||||||
Cash, cash equivalents and bank overdraft at beginning of the year | 622.7 | 868.5 | 562.8 | |||||||||
Translation differences cash or cash equivalents | (15.6 | ) | (20.1 | ) | 10.7 | ) | ||||||
Cash and cash equivalents at the end of the period | $ | 601.0 | $ | 622.7 | $ | 868.5 |
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 |
- | 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 contracted concessional |
- | Assessment of |
a) | Contracted concessional assets under IFRIC 12 |
- | Revenues from the updated annual revenue for the contracted concession, as well as operations and maintenance services are recognized in each period according to IFRS 15. |
- | 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 spreads (“CDS”); |
- | 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 we would expect to receive. It is expressed as a percentage of the EAD. |
b) | Property, plant and equipment (PP&E) under IAS 16 |
c) | Right of uses under IFRS 16 |
d) | 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 |
- | 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. |
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 |
2022 | 2021 | |
Total Number of Directors | 9 | 8 |
2023 | 2022 | |
Total Number of Directors | 9 | 9 |
Female | Male | Non-Binary | Did not disclosed Gender | Female | Male | Non-Binary | Did not disclose Gender | ||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||
Part I: Gender Identity | |||||||||||||||||||||||||||||||||||||||||||
Directors | 2 | 2 | 7 | 6 | - | - | - | - | 2 | 7 | 7 | - | - | - | - | ||||||||||||||||||||||||||||
Part II: Demographic Background | |||||||||||||||||||||||||||||||||||||||||||
African American or Black | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Alaskan Native or Native American | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Asian1 | - | - | 1 | 1 | - | - | - | - | |||||||||||||||||||||||||||||||||||
Hispanic or Latinx2 | - | - | 1 | 1 | - | - | - | - | |||||||||||||||||||||||||||||||||||
Alaskan native or Native American | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Asian(1) | - | 1 | 1 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Hispanic or Latinx(2) | - | 1 | 1 | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Native Hawaiian or Pacific Islander | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
White3 | 2 | 2 | 5 | 4 | - | - | - | - | |||||||||||||||||||||||||||||||||||
White(3) | 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 |
In thousands of U.S. Dollars | 2022 | 2021 | 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 |
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) | None of the Directors received any pension entitlement and/or taxable benefits in 2023 or 2022. |
(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 vested under both the (LTIP) and the One-Off Plan calculating amounts using the share price at vesting date. In 2022, from the $2,992.4 thousand worth of awards that vested, $1,490.1 corresponded to share price appreciation. In 2023 Long-term Incentive Awards vested under the LTIP calculating amounts using the share price at vesting date. There was no share price appreciation between the grant date and the vesting date for the LTIP awards that vested in 2023. |
(4) | Dividend equivalent rights accumulated on the DRSUs corresponding to the dividends paid for one share in the period between the DRSU grant date and December 31, 2023 and 2022, respectively, multiplied by the number of DRSUs held on that date. Such rights were payable on vesting of the DRSUs. |
(5) | Mr. Hall was appointed to the Board on August 2, 2022 as an independent non-executive Director. Mr. Hall’s 2022 fee was prorated for the year based on the annual directors’ retainer. |
(6) | The CEO’s compensation is approved in Euros. Salary and Fees have been converted to U.S. dollars for reporting purposes, at the average exchange rate of each year, which was 1.08€/$ in 2023 and 1.05 €/$ in 2022. Annual bonus amounts have been converted to U.S. dollars for reporting purposes, at the exchange rate of December 31, 2023, which was 1.10 €/$ and at the exchange rate of December 31, 2022 which was 1.07 €/$ in 2022. |
- | 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). |
In thousands of U.S. Dollars | Salary and Fees in Cash | Salary and Fees in DRSUs2 | Annual Bonuses | Long-Term Incentive Awards3 (Vested) | Deferred Restricted Share Units Dividend Equivalents 3 | Total Fixed Remuneration | Total Variable Remuneration | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name1 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
William Aziz | 160.0 | 160.0 | - | - | - | - | - | - | - | - | 160.0 | 160.0 | - | - | 160.0 | 160.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Debora Del Favero | 112.0 | 128.5 | 48.0 | 31.5 | - | - | - | - | 2.5 | 0.3 | 162.5 | 160.3 | - | - | 162.5 | 160.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Brenda Eprile | 165.0 | 165.0 | - | - | - | - | - | - | - | - | 165.0 | 165.0 | - | - | 165.0 | 165.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Michael Forsayeth | 75.0 | 100.8 | 75.0 | 49.2 | - | - | - | - | 4.0 | 0.5 | 154.0 | 150.5 | - | - | 154.0 | 150.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Edward C Hall5 | 62.5 | - | - | - | - | - | - | - | - | - | 62.5 | - | - | - | 62.5 | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Santiago Seage6 | 727.2 | 816.6 | - | - | 931.3 | 1,056.3 | 2,992.4 | 1,879.8 | - | - | 727.2 | 816.6 | 3,923.7 | 2,936.1 | 4,651.0 | 3,752.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
George Trisic7 | - | - | 110.0 | - | - | - | - | - | 1.6 | - | 111.6 | - | - | - | 111.6 | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Michael Woollcombe | - | 77.5 | 225.0 | 147.5 | - | - | - | - | 11.9 | 1.5 | 236.9 | 226.5 | - | - | 236.9 | 226.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | 1,301.7 | 1,448.5 | 458.0 | 228.1 | 931.3 | 1,056.3 | 2,992.4 | 1,879.8 | 20.0 | 2.3 | 1,779.7 | 1,679.0 | 3,923.7 | 2,936.1 | 5,703.5 | 4,615.1 |
(7) | Mr. Trisic, non-independent non-executive director, has received compensation since April 6, 2022 until August 30, 2023 when he resigned from his position of Director of the Company. Mr. Trisic’s 2022 and 2023 fees were prorated for each year based on the annual directors’ retainer. The Company determined and Mr. Trisic agreed that 100% of his fees were irrevocably substituted for the grant of DRSUs. |
(8) | Mr. Banskota, non-independent, non-executive director, has received compensation since August 2023, when he resigned as CEO of Algonquin. |
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 ($5.07 per share). |
(2) | The RSUs that vested in 2023 were subject to (i) the CEO remaining employed with the Group and (ii) a minimum average 5% average annual TSR (both of which were achieved). |
2) | Options vested under the LTIP |
LTIP Share Option Grant Date(1) | Share Option Vesting Date | Number of Share Options Vesting(3) | Share Price on Vesting Date (USD) | Exercise Price per Share Option (USD) | Share Options Value at Vesting Date (000’s USD)(2) |
2021 | 2023 | 24,948 | 28.17 | 37.98 | - |
2022 | 24,948 | 32.53 | 37.98 | - | |
2020 | 2023 | 34,494 | 25.27 | 26.39 | - |
2022 | 34,494 | 34.48 | 26.39 | 279.1 | |
2019 | 2022 | 40,693 | 31.30 | 19.60 | 476.1 |
(1) | Additional information on the LTIP is disclosed in the Remuneration Policy section. |
(2) | The value of the share options on the vesting date is calculated using the number of share options multiplied by (the share price on the vesting date minus the exercise price per share option). |
(3) | There were no performance measures related to these options. |
3) | One-off plan |
One-Off Plan1 | One-Off Plan Vesting | Number of Restricted Stock Units (RSUs) | Share Price on Vesting Date (US$) | RSUs Value at Vesting Date ($ thousand)2 | |||||||||
2019 | June 20223 | 14,535 | 31.30 | 528.6 | |||||||||
June 2021 | 14,535 | 36.50 | 578.8 |
LTIP Share Option Grant Date1 | Share Option Vesting Date | Number of Share Options Vesting (#) | Share Price on Vesting Date (USD) | Exercise Price per Share Option (USD) | Share Options Value at Vesting Date (000’s USD)2 | ||||||||||||
2021 | 2022 | 24,948 | 32.53 | 37.98 | - | ||||||||||||
2020 | 2022 | 34,494 | 34.48 | 26.39 | 279.1 | ||||||||||||
2021 | 34,494 | 44.17 | 26.39 | 613.3 | |||||||||||||
2019 | 2022 | 40,693 | 31.30 | 19.60 | 476.1 | ||||||||||||
2021 | 40,693 | 36.50 | 19.60 | 687.7 |
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. |
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 | |||||||||
2019 | 2022 | 46,987 | 31.10 | 1,708.7 |
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% |
Percentage weight | Achievement | ||||
CAFD (cash available for distribution) – Equal or higher than the CAFD budgeted in the 2022 budget | 35 | % | 99% | ||
Adjusted EBITDA– Equal or Higher than the Adjusted EBITDA budgeted in the 2022 budget | 15 | % | 98% | ||
Close sustainable value accretive investments | 15 | % | 85% | ||
Achieve health and safety targets – (Frequency with Leave / Lost Time Index below 3.9 and General frequency index below 10.1) based on reliable targets and consistent measure metrics | 10 | % | 120% | ||
Management of relationships with key shareholders and partners | 10 | % | 120% | ||
Continued executive talent development | 10 | % | 120% | ||
Disclosure best standards | 5 | % | 85% |
(1) |
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 | |||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
William Aziz | 160.0 | 160.0 | 160.0 | 160.0 | - | - | - | - | ||||||||||||||||||||||||
Debora Del Favero1 | 160.0 | 160.0 | 112.0 | 128.5 | 48.0 | 31.5 | 1,619 | 878 | ||||||||||||||||||||||||
Brenda Eprile | 165.0 | 165.0 | 165.0 | 165.0 | - | - | - | - | ||||||||||||||||||||||||
Michael Forsayeth1 | 150.0 | 150.0 | 75.0 | 100.8 | 75.0 | 49.2 | 2,530 | 1,372 | ||||||||||||||||||||||||
Edward C. Hall2 | 62.5 | - | 62.5 | - | - | - | - | - | ||||||||||||||||||||||||
George Trisic3 | 110.0 | - | - | - | 110.0 | - | 3,901 | - | ||||||||||||||||||||||||
Michael Woollcombe1 | 225.0 | 225.0 | - | 77.5 | 225.0 | 147.5 | 7,589 | 4,117 | ||||||||||||||||||||||||
Total | 1,032.5 | 860.0 | 574.5 | 631.9 | 458.0 | 228.1 | 15,638 | 6,367 |
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) | |||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
William Aziz | 160.0 | 160.0 | 160.0 | 160.0 | - | - | - | - | ||||||||||||||||||||||||
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 | - | - | - | - | ||||||||||||||||||||||||
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 | 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 the annual fees payable to them by the Company from May 31, 2021 would be irrevocably substituted for the grant of DRSUs. |
(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 substituted for DRSUs by the market value of an ordinary share at the time of grant. |
(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 | Restricted Stock Units Face Value1 (000’s USD) | Performance Criteria | Number of Restricted Stock Units | Price per RSU at the grant date (USD) | Restricted Stock Units Face Value1 (000’s USD) | Performance Criteria | |||
2022 | 35,2022 | 1,197.2 | RSU: 5% minimum Total Shareholder Return performance stock unit over a three year period | |||||||
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 | LTIP awards(3) | ||||||||||||||||||||||||||||||||||||||||
(In thousands of U.S. Dollars) | Bonus | Long-Term Incentive Awards(3) | |||||||||||||||||||||||||||||||||||||||
Year | Total Pay(1) | Percentage of target | Amount of Bonus(2) | Percentage of maximum | Value | 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 | % | 2,992.4 | 4,651.0 | 102.4 | % | 931.3 | 100.0 | % | 2,992.4 | |||||||||||||||||||||||||||
2021 | 3,752.7 | 105.0 | % | 1,056.3 | 100 | % | 1,879.8 | 3,752.7 | 105.0 | % | 1,056.3 | 100.0 | % | 1,879.8 | |||||||||||||||||||||||||||
2020 | 2,524.1 | 102.7 | % | 996.4 | 100 | % | 770.9 | 2,524.1 | 102.7 | % | 996.4 | 100.0 | % | 770.9 | |||||||||||||||||||||||||||
2019 | 1,685.4 | 100.7 | % | 957.7 | - | - | 1,685.4 | 100.7 | % | 957.7 | - | - | |||||||||||||||||||||||||||||
2018 | 2,511.1 | 101.8 | % | 992.2 | 22.0 | % | 751.1 | 2,511.1 | 101.8 | % | 992.2 | 22.0 | % | 751.1 | |||||||||||||||||||||||||||
2017 | 1,602.0 | 96.3 | % | 924.2 | - | - | 1,602.0 | 96.3 | % | 924.2 | - | - | |||||||||||||||||||||||||||||
2016 | 1,499.4 | 100 | % | 940.5 | - | - | 1,499.4 | 100.0 | % | 940.5 | - | - | |||||||||||||||||||||||||||||
2015 | 1,597.6 | (4) | - | - | - | - | 1,597.6 | (4) | - | - | - | - | |||||||||||||||||||||||||||||
2014 | 174.1 | - | - | - | - | 174.1 | - | - | - | - |
(1) | The CEO’s compensation is approved in Euros. It has been converted to U.S. dollars for reporting purposes at the average exchange rate each year. The total pay received by the CEO in thousands of Euros was €2,594.4 in 2023, €4,401.7 in 2022, €3,148.6 in 2021, €2,222.2 in 2020, €1,505.5 in 2019, €2,170.3 in 2018, €1,418.1 in 2017, €1,329.1 in 2016, €1,440.9 in 2015, and €130.9 in 2014. |
(2) | Amount of bonus earned by the CEO at year-end and paid the next year. For example: In 2021, the CEO earned a bonus of $1,056.3 thousand, which was paid to the Chief Executive Officer in 2022. |
(3) | Long-Term Incentive Awards includes awards granted under both the LTIP and One-Off Plan which vested in the year. |
(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. |
2022 (% Change from 2021 to 2022) | 2021 (% Change from 2020 to 2021) | 2020 (% Change from 2019 to 2020) | ||||||||||||||||||||||
Name | Salary and fees (Cash and DRSU) | Bonus | Salary and fees (Cash and DRSU)(1) | Bonus | Salary | Bonus | ||||||||||||||||||
Non-executive directors | ||||||||||||||||||||||||
William Aziz2 | - | - | - | - | - | - | ||||||||||||||||||
Debora Del Favero2 | - | - | - | - | - | - | ||||||||||||||||||
Brenda Eprile2 | - | - | - | - | - | - | ||||||||||||||||||
Michael Forsayeth2 | - | - | - | - | - | - | ||||||||||||||||||
Edward C. Hall3 | - | - | - | - | - | - | ||||||||||||||||||
George Trisic4 | - | - | - | - | - | - | ||||||||||||||||||
Michael Woollcombe2 | - | - | - | - | - | - | ||||||||||||||||||
Andrea Brentan5 | - | - | - | - | 3 | % | - | |||||||||||||||||
Robert Dove5 | - | - | - | - | 3 | % | - | |||||||||||||||||
Francisco J. Martinez5 | - | - | - | - | 3 | % | - | |||||||||||||||||
Jackson Robinson5 | - | - | - | - | 3 | % | - | |||||||||||||||||
Daniel Villalba5 | - | - | - | - | 3 | % | - | |||||||||||||||||
Executive director | ||||||||||||||||||||||||
Santiago Seage (CEO) | 0 | %7 | -3 | %7 | 4 | %7 | 2 | %7 | 2 | % | 2 | % | ||||||||||||
Employees (excluding CEO)6 | 4 | % | 9 | % | 4 | % | 8 | % | 5 | % | 8 | % |
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) | 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. |
(2) | Mr. Hall was appointed to the Board on August 2, 2022 as an independent non-executive Director. |
(3) | Mr. Trisic, non-independent non-executive director, has received compensation from April 6, 2022 until August 30, 2023, when he resigned from his position as Director of the Company. The Company determined and Mr. Trisic agreed that 100% of his fee would be irrevocably substituted for the grant of DRSUs. |
(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 2023, 2022 and 2021. This is the most appropriate methodology to reflect how much the salary and potential bonus changed on a year-to-year basis as it excludes the effect of employee hires and turnover. |
(6) | For 2023, the Compensation Committee approved (i) fixed remuneration of €738.3 thousand for the Chief Executive Officer (in 2022, the CEO’s fixed remuneration was €690 thousand), and (ii) variable remuneration of €883.8 thousand compared to €870.0 thousand for 2022, representing a 2% increase in Euros on a year-to-year basis. |
(7) | For 2022, the Compensation Committee approved (i) fixed remuneration of €690 thousand for the Chief Executive Officer (in 2021, the CEO’s fixed remuneration was also €690 thousand), and (ii) variable remuneration of €870.0 thousand compared to €893 thousand for 2021, representing a 3% decrease in Euros on a year-to-year basis. |
$ in Millions | 2022 | 2021 | Difference | |||||||||
Spend on Pay for All Employees | 80.2 | 78.8 | 1.4 | |||||||||
Total Remuneration of Directors | 5.6 | 4.6 | 1.0 | |||||||||
Total Remuneration of employees and directors | 85.9 | 83.4 | 2.5 | |||||||||
Dividends Paid | 203.1 | 190.4 | 12.7 |
$ 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% |
Adjusted | 15% |
Capital allocation management | |
Achievement of ESG metrics including health and safety targets – (Frequency with | |
10% | |
Continued executive talent development | 10% |
Name of component | Description of component | How does this component support the company’s (or Group’s) short and | What is the maximum that may be paid in respect of the | Framework used to assess performance | ||||
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 $850 thousand), may be increased by 5% per year. 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 Company’s objectives. | 200% of base salary. | 25%-50% of CAFD. 10-15% of Adjusted EBITDA. 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 | 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. | Up to 105% of target annual remuneration of the previous year (including fixed salary + target annual bonus). | -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 TSR target. - One third based on the Company reaching appropriate financial targets (for example Adjusted EBITDA and CAFD) - One third based on strategic objectives: for example ESG targets, (for example growth in renewables and storage). and other strategic objectives in line with the Company’s long term strategy. Granted in the form of RSUs. 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) | 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(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) | |||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
William Aziz | 160.0 | 160.0 | 160.0 | 160.0 | - | - | - | - | ||||||||||||||||||||||||
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 | - | - | - | - | ||||||||||||||||||||||||
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 | 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 the annual fees payable to them by the Company from May 31, 2021 would be irrevocably substituted for the grant of DRSUs. |
(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 substituted for DRSUs by the market value of an ordinary share at the time of grant. |
(5) | Mr. Banskota resigned as Chief Executive Officer of Algonquin on August 11, 2023. Since then, he has |
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 |
(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 | - | - | - | - |
(1) | The CEO’s compensation is approved in Euros. It has been converted to U.S. dollars for reporting purposes at the average exchange rate each year. The total pay received by the CEO in thousands of Euros was €2,594.4 in 2023, €4,401.7 in 2022, €3,148.6 in 2021, €2,222.2 in 2020, €1,505.5 in 2019, €2,170.3 in 2018, €1,418.1 in 2017, €1,329.1 in 2016, €1,440.9 in 2015, and €130.9 in 2014. |
(2) | Amount of bonus earned by the CEO at year-end and paid the next year. For example: In 2021, the CEO earned a bonus of $1,056.3 thousand, which was paid to the Chief Executive Officer in 2022. |
(3) | Long-Term Incentive Awards includes awards granted under both the LTIP and One-Off Plan which vested in the year. |
(4) | Includes a €1,189.5 thousand (approximately $1,319.6 thousand) termination payment received by Mr. Garoz after his leaving the Company |
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) | Following the Annual General Meeting held in |
(2) | Mr. Hall was appointed to the Board on August 2, 2022 as an independent non-executive Director. |
(3) | Mr. Trisic, non-independent non-executive director, has received compensation from April 6, 2022 until August 30, 2023, when he resigned from his position as Director of |
(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 2023, 2022 and 2021. This is the most appropriate methodology to reflect how much the salary and potential bonus changed on a year-to-year basis as it excludes the effect of employee hires and turnover. |
(6) | For 2023, the Compensation Committee |
(7) | For 2022, the Compensation Committee approved (i) fixed remuneration of €690 thousand for the Chief Executive Officer (in 2021, the CEO’s fixed remuneration was also €690 thousand), and (ii) variable remuneration of €870.0 thousand compared to €893 thousand for 2021, representing a 3% decrease in Euros on a year-to-year basis. |
$ 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 Stock Units | |
Value at grant date | The |
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 |
Ownership and Dividends | The participant will be entitled to |
(1) | Includes storage. |
(2) | Includes floors and caps when measuring compliance (i.e. floor of |
(3) | Percentage weights are calculated as a |
Percentage Weight | |
CAFD – Equal or higher than the CAFD budgeted in the | 35% |
Adjusted EBITDA – Equal or | 15% |
Capital allocation management | 30% |
Achievement of ESG metrics including health and safety targets – (Frequency with Leave / Lost Time Index below 3.0 and General Frequency Index below 6.8) | 10% |
Continued executive talent development | 10% |
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 | ||||
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 $850 thousand), may be increased by 5% per year. 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 | 200% of base salary. | 25%-50% of CAFD. 10-15% of Adjusted EBITDA. 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 performance | |||||||||||||||||||||||||||||||||||||
Strategic Review Bonus | One-time bonus related to the | Helps retain executive directors who are relevant for | 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 conditions. | Align executive directors and shareholders interests. | Up to 105% of target annual remuneration of the previous year (including fixed salary + target annual bonus). | RSUs will be subject to - Continuing employment for 33% of the - Continuing employment and achievement of - One third based on strategic objectives: for example ESG targets, (for example growth in renewables and storage). and other strategic objectives in line with the Company’s long term strategy. Granted in the form of Subject to the |
- | Continuing employment for |
- | Continuing employment and achievement of a minimum 5% average annual TSR for |
(1) | On each vesting date, one third of the |
(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(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) | |||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
William Aziz | 160.0 | 160.0 | 160.0 | 160.0 | - | - | - | - | ||||||||||||||||||||||||
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 | - | - | - | - | ||||||||||||||||||||||||
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 | 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%, |
(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 substituted for DRSUs by the market value of an ordinary share at the time of grant. |
(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 | 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 | - | - | - | - |
(1) | The CEO’s compensation is approved in Euros. It has been converted to U.S. dollars for reporting purposes at the average exchange rate each year. The total pay received by the CEO in thousands of Euros was €2,594.4 in 2023, €4,401.7 in 2022, €3,148.6 in 2021, €2,222.2 in 2020, €1,505.5 in 2019, €2,170.3 in 2018, €1,418.1 in 2017, €1,329.1 in 2016, €1,440.9 in 2015, and €130.9 in 2014. |
(2) | Amount of bonus earned by the CEO at year-end and paid the next year. For example: In 2021, the CEO earned a bonus of $1,056.3 thousand, which was paid to the Chief Executive |
(3) | Long-Term Incentive Awards includes awards granted under both the LTIP and One-Off Plan which vested in the year. |
(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. |
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) | 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. |
(2) | Mr. Hall was appointed to the Board on August 2, 2022 as an independent non-executive Director. |
(3) | Mr. Trisic, non-independent non-executive director, has received compensation from April 6, 2022 until August 30, 2023, when he resigned from his position as Director of the Company. The Company determined and Mr. Trisic agreed that 100% of his fee would be irrevocably substituted for the grant of DRSUs. |
(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 2023, 2022 and 2021. This is the most appropriate methodology to reflect how much the salary and potential bonus changed on a year-to-year basis as it excludes the effect of employee hires and turnover. |
(6) | For 2023, the Compensation Committee approved (i) fixed remuneration of €738.3 thousand for the Chief Executive Officer (in 2022, the CEO’s fixed remuneration was €690 thousand), and (ii) variable remuneration of €883.8 thousand compared to €870.0 thousand for 2022, representing a 2% increase in Euros on a year-to-year basis. |
(7) | For 2022, the Compensation Committee approved (i) fixed remuneration of €690 thousand for the Chief Executive Officer (in 2021, the CEO’s fixed remuneration was also €690 thousand), and (ii) variable remuneration of €870.0 thousand compared to €893 thousand for 2021, representing a 3% decrease in Euros on a year-to-year basis. |
$ 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 The value of the |
Exercisability and Vesting Period | 33% of the RSUs will vest on the third anniversary of 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 |
(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 Weight | |
CAFD – Equal or higher than the CAFD budgeted in the 2024 budget | 35% |
Adjusted EBITDA – Equal or higher than the Adjusted EBITDA budgeted in the 2024 budget | 15% |
Capital allocation management | 30% |
Achievement of ESG metrics including health and safety targets – (Frequency with Leave / Lost Time Index below 3.0 and General Frequency Index below 6.8) | 10% |
Continued executive talent development | 10% |
Name of component | Description of component | 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 | ||||
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 $850 thousand), may be increased by 5% per year. 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 | Helps to offer a | 200% of base salary. | 25%-50% of CAFD. 10-15% of Adjusted EBITDA. 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 respect of the component? | Framework used to performance | ||||
Strategic Review Bonus | One-time bonus related to | Helps retain | 110% of | Closing of | ||||
Long Term Incentive Awards | RSUs subject to | RSUs will be subject to - 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 - One third based on the Company reaching appropriate financial targets (for example Adjusted EBITDA and - One third based on strategic objectives: for example ESG targets, (for example growth in Granted in the |
- | 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 | Restricted Stock Units will be subject to: -Continuing employment for 33% of the award) and •One third based on the Company meeting a minimum 5% average annual TSR. •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 |
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 only if the conditions described above are |
Ownership and Dividends | The participant will be entitled to receive, for each Restricted Stock Unit 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 Restricted Stock Unit vests. |
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 |
Name of component | How does the component support the company’s objective? | Operation | Maximum |
Fees and/or Deferred Restricted Share Units (DRSU) | Attract and retain high-performing non-executive directors. Align interests of non-executive directors with interests of shareholders. | Reviewed annually by the Compensation Committee and Board. The chair of the Board and the chair of each committee 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 non-executive directors, in any case, the fees or DRSUs will not exceed two million dollars. |
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 | 2022 | 2021 | ||||||
Short-term employee benefits | 3,917.2 | 5,098.4 | ||||||
LTIP Awards | 4,639.8 | 2,140.2 | ||||||
One-off Awards | 1,212.3 | 1,231.5 | ||||||
Post-employment benefits | - | - | ||||||
Other long-term benefits | - | - | ||||||
Termination benefits | - | - | ||||||
Share-based payment | - | - | ||||||
Total | 9,769.3 | 8,470.1 |
Name1 | Number of Shares | Number of Deferred Restricted Share Units2 | Number of Share Units3 subject to performance measures | Investment Value ($000’s)4 | Minimum Share Ownership Requirement | Compliance With Policy5 | Number of Share Options Vested Unexercised6 | Share Options Not Vested7 | ||||||||||||||||||
William Aziz | 2,500 | - | - | 65 | 3 times annual compensation | On track | - | - | ||||||||||||||||||
Debora Del Favero | - | 2,608 | - | 68 | 3 times annual compensation | On track | - | - | ||||||||||||||||||
Brenda Eprile | 13,000 | - | - | 337 | 3 times annual compensation | On track | - | - | ||||||||||||||||||
Michael Forsayeth | 2,500 | 4,075 | - | 170 | 3 times annual compensation | On track | - | - | ||||||||||||||||||
Edward Hall | 1,500 | - | - | 39 | 3 times annual compensation | On track | - | - | ||||||||||||||||||
Santiago Seage | 117,491 | - | 105,868 | 5,785 | 6 times fixed compensation | ✔ | 24,948 | 84,389 | ||||||||||||||||||
George Trisic | 1,000 | 3,962 | - | 129 | 3 times annual compensation | On track | - | - | ||||||||||||||||||
Michael Woollcombe | 5,000 | 12,225 | - | 446 | 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 | ✔ | - | - |
Mr. |
The number of DRSUs includes accumulated cash dividend equivalent rights, corresponding to the |
Assuming a share price of |
Mr. Aziz, Ms. Del Favero, Ms. Eprile, Mr. Forsayeth, Mr. Seage and Mr. Woollcombe have a 5-year window starting in May 2021 to comply with this policy. Mr. Hall |
Share options granted in 2021 (49,895) and share options |
Share options awarded in 2020 and 2021 under the LTIP (84,389). These share options have not vested as of December 31, |
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 |
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||
Geography | 2022 | 2021 | 2020 | 2023 | 2022 | 2021 | ||||||||||||||||||
North America | 312 | 308 | 243 | 331 | 312 | 308 | ||||||||||||||||||
South America | 93 | 68 | 51 | 97 | 93 | 68 | ||||||||||||||||||
EMEA | 443 | 166 | 55 | 796 | 443 | 166 | ||||||||||||||||||
Corporate | 130 | 115 | 107 | 142 | 130 | 115 | ||||||||||||||||||
Total | 978 | 658 | 456 | 1,366 | 978 | 658 |
- | Non-executive directors receiving remuneration from the Company: 3 times their annual compensation; |
- | Chief Executive Officer: 6 times his fixed compensation; |
- | Chief Financial Officer: 3 times his fixed compensation; and |
- | Other executives: 2 times their fixed compensation. |
ITEM 7. | MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS |
Name | Ordinary Shares Beneficially Owned | Deferred Restricted Share Units (2) | Shares Units (3) | Percentage | Ordinary Shares Beneficially Owned | Deferred Restricted Share Units (2) | Share Units (3) | Percentage | ||||||||||||||||||||||||
Directors and Officers | ||||||||||||||||||||||||||||||||
William Aziz | 2,500 | - | - | - | 2,500 | - | - | - | ||||||||||||||||||||||||
Arun Banskota | - | - | - | - | ||||||||||||||||||||||||||||
Debora Del Favero | - | 2,608 | - | - | - | 4,973 | - | - | ||||||||||||||||||||||||
Brenda Eprile | 13,000 | - | - | - | 13,000 | - | - | - | ||||||||||||||||||||||||
Michael Forsayeth | 2,500 | 4,075 | - | - | 2,500 | 7,770 | - | - | ||||||||||||||||||||||||
Edward C. Hall | 1,500 | - | - | - | 1,500 | - | - | - | ||||||||||||||||||||||||
Santiago Seage | 117,491 | - | 105,868 | - | 117,491 | - | 105,868 | - | ||||||||||||||||||||||||
George Trisic | 1,000 | 3,962 | - | - | ||||||||||||||||||||||||||||
Michael Woollcombe | 5,000 | 12,225 | - | - | 5,000 | 23,310 | - | - | ||||||||||||||||||||||||
5% Beneficial Owner | ||||||||||||||||||||||||||||||||
Algonquin (AY Holdco) B.V. (1) | 48,962,925 | - | - | 42.2 | % | 48,962,925 | - | - | 42.2 | % |
(1) | This information is based on the Schedule 13D filed on May 10, 2022 by Algonquin Power & Utilities Corp., a corporation incorporated under the laws of Canada, Algonquin (AY Holdco) B.V., a corporation incorporated under the laws of the Netherlands, and Liberty (AY Holdings) B.V., a corporation incorporated under the laws of the Netherlands and our outstanding shares as of December 31, |
(2) | The number of DRSUs includes accumulated cash dividend equivalent rights, corresponding to the |
(3) | Non-vested Share Units as of December 31, |
B. | Related Party Transactions |
ITEM 8. | FINANCIAL INFORMATION |
Declared | Record | Payable | Amount ($) per share |
February 29, 2024 | 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 |
ITEM 9. | THE OFFER AND LISTING |
ITEM 10. | ADDITIONAL 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 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, | 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 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 |
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 The most significant impact on our Annual Consolidated Condensed Interim Financial Statements related to interest rates In relation to our interest rate swaps positions, an increase in EURIBOR In relation to our interest rate options positions, an increase in EURIBOR, | 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, In the event that EURIBOR or SOFR |
Credit | 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 In addition, Pemex’s credit rating is currently BBB from S&P, | 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, |
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, 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, |
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 |
ITEM 12. | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES |
ITEM 13. | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES |
ITEM 15. | CONTROLS AND PROCEDURES. |
(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 | 1,954 | 105 | 2,059 | |||||||||
Audit-Related Fees | 70 | - | 70 | |||||||||
Tax Fees | 344 | - | 344 | |||||||||
Total | 2,368 | 105 | 2,473 |
EY | Other Auditors | Total | ||||||||||
($ in thousands) | ||||||||||||
Audit Fees | 1,643 | 295 | 1,938 | |||||||||
Audit-Related Fees | 422 | - | 422 | |||||||||
Tax Fees | 502 | - | 502 | |||||||||
Total | 2,567 | 295 | 2,862 |
EY | Other Auditors | Total | EY | Other Auditors | Total | |||||||||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||||||||||
Audit Fees | 1,571 | 289 | 1,860 | 1,643 | 295 | 1,938 | ||||||||||||||||||
Audit-Related Fees | 651 | - | 651 | 422 | - | 422 | ||||||||||||||||||
Tax Fees | 633 | - | 633 | 502 | - | 502 | ||||||||||||||||||
Total | 2,855 | 289 | 3,144 | 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 16E. | PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS |
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 Sustainable Infrastructure plc (incorporated by reference from Exhibit 3.1 to Atlantica Sustainable Infrastructure plc’s (formerly known as Atlantica Yield plc) Form 6-K, as amended, filed with the SEC on May 21, 2018 – SEC File No. 001-36487). | |
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 Sustainable Infrastructure plc’s Form 6-K filed with the SEC on September 5, 2018– SEC File No. 001-36487). | |
First Amendment and Joinder to Credit and Guaranty Agreement, dated January 24, 2019 (incorporated by reference from Exhibit 4.14 from Atlantica Sustainable Infrastructure plc’s Form 20-F filed with the SEC on February 28, 2019 – SEC File No. 001-36487). | |
Second Amendment to Credit and Guaranty Agreement, dated August 2, 2019 (incorporated by reference from Exhibit 4.18 from Atlantica Sustainable Infrastructure plc’s Form 6-K filed with the SEC on November 7, 2019 – SEC File No. 001-36487). | |
Third Amendment to Credit and Guaranty Agreement, dated December 17, 2019 (incorporated by reference from Exhibit 4.19 from Atlantica Sustainable Infrastructure plc’s Form 20-F filed with the SEC on February 28, 2020 – SEC File No. 001-36487). | |
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, | |
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 asAtlantica 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 asAtlantica 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 asAtlantica 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 asAtlantica 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 asAtlantica 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 asAtlantica Yield plc) and a group of institutional investors as purchasers of the notes issued thereunder (incorporated by reference from Exhibit 4.20 from Atlantica Sustainable Infrastructure plc’s Form 6-K filed with the SEC on May 7, 2020 – SEC File No. 001-36487). | |
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 plc’s 4.125% Green Senior Notes due 2028 dated May 18, 2021, by and among Atlantica Sustainable Infrastructure plc, as Issuer, Atlantica Peru S.A., ACT Holding, S.A. de C.V., Atlantica Infraestructura Sostenible, S.L.U., Atlantica Investments Limited, Atlantica Newco Limited, Atlantica North America LLC, as Guarantors, BNY Mellon Corporate Trustee Services Limited, as Trustee, The Bank of New York Mellon, London Branch, as paying agent, and The Bank of New York Mellon SA/NV, Dublin Branch, as registrar and transfer agent (incorporated by reference from Exhibit 4.28 from Atlantica Sustainable Infrastructure plc’s Form 6-K filed with the SEC on May 24, 2021 – SEC File No. 001-36487). | |
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, | F-4 |
Consolidated income statements for the years ended December 31, 2023, 2022 | |
Consolidated financial statements of comprehensive income for the years ended December 31, 2023, 2022 | |
Consolidated statements of changes in equity for the years ended December 31, 2023, 2022 | |
Consolidated cash flow statements for the years ended December 31, 2023, 2022 | F-11 |
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) | 2022 | 2021 | Note (1) | 2023 | 2022 | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Non-current assets | ||||||||||||||||||||||||
Contracted concessional, PP&E and other intangible assets | 6 | 7,483,259 | �� | 8,021,568 | 6 | 7,204,267 | 7,483,259 | |||||||||||||||||
Investments carried under the equity method | 7 | 260,031 | 294,581 | 7 | 230,307 | 260,031 | ||||||||||||||||||
Other accounts receivable | 8 | 86,431 | 85,801 | 9 | 79,875 | 86,431 | ||||||||||||||||||
Derivative assets | 9 | 89,806 | 10,807 | 10 | 56,707 | 89,806 | ||||||||||||||||||
Other financial assets | 8 | 176,237 | 96,608 | 9 | 136,582 | 176,237 | ||||||||||||||||||
Deferred tax assets | 18 | 149,656 | 172,268 | 19 | 160,995 | 149,656 | ||||||||||||||||||
Total non-current assets | 8,069,183 | 8,585,025 | 7,732,151 | 8,069,183 | ||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Inventories | 34,511 | 29,694 | 29,870 | 34,511 | ||||||||||||||||||||
Trade receivables | 11 | 125,437 | 227,343 | 12 | 213,345 | 125,437 | ||||||||||||||||||
Credits and other receivables | 11 | 74,897 | 79,800 | 12 | 73,138 | 74,897 | ||||||||||||||||||
Trade and other receivables | 11 | 200,334 | 307,143 | 12 | 286,483 | 200,334 | ||||||||||||||||||
Other financial assets | 8 | 195,893 | 207,379 | 9 | 188,886 | 195,893 | ||||||||||||||||||
Cash and cash equivalents | 12 | 600,990 | 622,689 | 13 | 448,301 | 600,990 | ||||||||||||||||||
953,540 | 1,031,728 | |||||||||||||||||||||||
Assets held for sale | 8 | 28,642 | - | |||||||||||||||||||||
Total current assets | 1,031,728 | 1,166,905 | 982,182 | 1,031,728 | ||||||||||||||||||||
Total assets | 9,100,911 | 9,751,930 | 8,714,333 | 9,100,911 |
(1) | Notes 1 to |
As of December 31, | ||||||||||||
Note (1) | 2023 | 2022 | ||||||||||
Equity and liabilities | ||||||||||||
Equity attributable to the Company | ||||||||||||
Share capital | 14 | 11,616 | 11,606 | |||||||||
Share premium | 14 | 736,594 | 986,594 | |||||||||
Capital reserves | 14 | 858,220 | 814,951 | |||||||||
Other reserves | 10 | 308,002 | 345,567 | |||||||||
Accumulated currency translation differences | 14 | (139,434 | ) | (161,307 | ) | |||||||
Accumulated deficit | 14 | (351,521 | ) | (397,540 | ) | |||||||
Non-controlling interest | 14 | 165,332 | 189,176 | |||||||||
Total equity | 1,588,809 | 1,789,047 | ||||||||||
Non-current liabilities | ||||||||||||
Long-term corporate debt | 15 | 1,050,816 | 1,000,503 | |||||||||
Borrowings | 3,061,033 | 3,322,115 | ||||||||||
Notes and bonds | 870,840 | 904,403 | ||||||||||
Long-term project debt | 16 | 3,931,873 | 4,226,518 | |||||||||
Grants and other liabilities | 17 | 1,233,808 | 1,252,513 | |||||||||
Derivative liabilities | 10 | 29,957 | 16,847 | |||||||||
Deferred tax liabilities | 19 | 271,288 | 296,481 | |||||||||
Total non-current liabilities | 6,517,742 | 6,792,862 | ||||||||||
Current liabilities | ||||||||||||
Short-term corporate debt | 15 | 34,022 | 16,697 | |||||||||
Borrowings | 332,734 | 273,556 | ||||||||||
Notes and bonds | 54,653 | 52,978 | ||||||||||
Short-term project debt | 16 | 387,387 | 326,534 | |||||||||
Trade payables and other current liabilities | 18 | 141,713 | 140,230 | |||||||||
Income and other tax payables | 44,660 | 35,541 | ||||||||||
Total current liabilities | 607,782 | 519,002 | ||||||||||
Total equity and liabilities | 8,714,333 | 9,100,911 |
(1) | Notes 1 to 25 are an integral part of the Consolidated Financial Statements |
As of December 31, | ||||||||||||
Note (1) | 2022 | 2021 | ||||||||||
Equity and liabilities | ||||||||||||
Equity attributable to the Company | ||||||||||||
Share capital | 13 | 11,606 | 11,240 | |||||||||
Share premium | 13 | 986,594 | 872,011 | |||||||||
Capital reserves | 13 | 814,951 | 1,020,027 | |||||||||
Other reserves | 9 | 345,567 | 171,272 | |||||||||
Accumulated currency translation differences | 13 | (161,307 | ) | (133,450 | ) | |||||||
Accumulated deficit | 13 | (397,540 | ) | (398,701 | ) | |||||||
Non-controlling interest | 13 | 189,176 | 206,206 | |||||||||
Total equity | 1,789,047 | 1,748,605 | ||||||||||
Non-current liabilities | ||||||||||||
Long-term corporate debt | 14 | 1,000,503 | 995,190 | |||||||||
Borrowings | 3,322,115 | 3,407,956 | ||||||||||
Notes and bonds | 904,403 | 979,718 | ||||||||||
Long-term project debt | 15 | 4,226,518 | 4,387,674 | |||||||||
Grants and other liabilities | 16 | 1,252,513 | 1,263,744 | |||||||||
Derivative liabilities | 9 | 16,847 | 223,453 | |||||||||
Deferred tax liabilities | 18 | 296,481 | 308,859 | |||||||||
Total non-current liabilities | 6,792,862 | 7,178,920 | ||||||||||
Current liabilities | ||||||||||||
Short-term corporate debt | 14 | 16,697 | 27,881 | |||||||||
Borrowings | 273,556 | 597,680 | ||||||||||
Notes and bonds | 52,978 | 50,839 | ||||||||||
Short-term project debt | 15 | 326,534 | 648,519 | |||||||||
Trade payables and other current liabilities | 17 | 140,230 | 113,907 | |||||||||
Income and other tax payables | 35,541 | 34,098 | ||||||||||
Total current liabilities | 519,002 | 824,405 | ||||||||||
Total equity and liabilities | 9,100,911 | 9,751,930 |
Note (1) | For the year ended December 31, | |||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||
Revenue | 4 | 1,099,894 | 1,102,029 | 1,211,749 | ||||||||||||
Other operating income | 22 | 101,087 | 80,782 | 74,670 | ||||||||||||
Employee benefit expenses | 21 | (104,083 | ) | (80,232 | ) | (78,758 | ) | |||||||||
Depreciation, amortization, and impairment charges | 6 | (418,271 | ) | (473,638 | ) | (439,441 | ) | |||||||||
Other operating expenses | 22 | (336,622 | ) | (351,248 | ) | (414,330 | ) | |||||||||
Operating profit | 342,005 | 277,693 | 353,890 | |||||||||||||
Financial income | 23 | 25,007 | 10,149 | 5,962 | ||||||||||||
Financial expense | 23 | (323,749 | ) | (330,445 | ) | (360,898 | ) | |||||||||
Net exchange differences | 23 | (2,549 | ) | 10,257 | 1,873 | |||||||||||
Other financial income/(loss), net | 23 | (16,683 | ) | (895 | ) | 12,171 | ||||||||||
Financial expense, net | (317,974 | ) | (310,934 | ) | (340,892 | ) | ||||||||||
Share of profit of entities carried under the equity method | 7 | 13,207 | 21,465 | 12,304 | ||||||||||||
Profit /(loss) before income tax | 37,238 | (11,776 | ) | 25,302 | ||||||||||||
Income tax (expense)/income | 19 | (790 | ) | 9,689 | (36,220 | ) | ||||||||||
Profit/(loss) for the year | 36,448 | (2,087 | ) | (10,918 | ) | |||||||||||
Profit/(loss) attributable to non-controlling interest | 6,932 | (3,356 | ) | (19,162 | ) | |||||||||||
Profit/(loss) for the year attributable to the Company | 43,380 | (5,443 | ) | (30,080 | ) | |||||||||||
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 | 24 | 119,720 | 118,865 | 115,408 | ||||||||||||
Basic earnings per share (U.S. dollar per share) | 24 | 0.37 | (0.05 | ) | (0.27 | ) | ||||||||||
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 |
Note (1) | For the year ended December 31, | |||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||
Revenue | 4 | 1,102,029 | 1,211,749 | 1,013,260 | ||||||||||||
Other operating income | 20 | 80,782 | 74,670 | 99,525 | ||||||||||||
Employee benefit expenses | 20 | (80,232 | ) | (78,758 | ) | (54,464 | ) | |||||||||
Depreciation, amortization, and impairment charges | 6 | (473,638 | ) | (439,441 | ) | (408,604 | ) | |||||||||
Other operating expenses | 20 | (351,248 | ) | (414,330 | ) | (276,666 | ) | |||||||||
Operating profit | 277,693 | 353,890 | 373,051 | |||||||||||||
Financial income | 21 | 5,569 | 2,755 | 7,052 | ||||||||||||
Financial expense | 21 | (333,263 | ) | (361,270 | ) | (378,386 | ) | |||||||||
Net exchange differences | 21 | 10,257 | 1,873 | (1,351 | ) | |||||||||||
Other financial income, net | 21 | 6,503 | 15,750 | 40,875 | ||||||||||||
Financial expense, net | (310,934 | ) | (340,892 | ) | (331,810 | ) | ||||||||||
Share of profit of entities carried under the equity method | 7 | 21,465 | 12,304 | 510 | ||||||||||||
Profit /(loss) before income tax | (11,776 | ) | 25,302 | 41,751 | ||||||||||||
Income tax (expense)/income | 18 | 9,689 | (36,220 | ) | (24,877 | ) | ||||||||||
Profit/(loss) for the year | (2,087 | ) | (10,918 | ) | 16,874 | |||||||||||
Profit attributable to non-controlling interests | (3,356 | ) | (19,162 | ) | (4,906 | ) | ||||||||||
Profit/(loss) for the year attributable to the Company | (5,443 | ) | (30,080 | ) | 11,968 | |||||||||||
Weighted average number of ordinary shares outstanding (thousands) – basic | 22 | 114,695 | 111,008 | 101,879 | ||||||||||||
Weighted average number of ordinary shares outstanding (thousands) – diluted | 22 | 118,501 | 114,523 | 103,392 | ||||||||||||
Basic earnings per share (U.S. dollar per share) | 22 | (0.05 | ) | (0.27 | ) | 0.12 | ||||||||||
Diluted earnings per share (U.S. dollar per share) | 22 | (0.05 | ) | (0.27 | ) | 0.12 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||||||||||
Note (1) | 2022 | 2021 | 2020 | Note (1) | 2023 | 2022 | 2021 | |||||||||||||||||||||||||
Profit/(loss) for the year | (2,087 | ) | (10,918 | ) | 16,874 | 36,448 | (2,087 | ) | (10,918 | ) | ||||||||||||||||||||||
Items that may be subject to transfer to income statement | ||||||||||||||||||||||||||||||||
Items that may be subject to transfer to profit and loss statement | ||||||||||||||||||||||||||||||||
Change in fair value of cash flow hedges | 218,737 | 33,846 | (26,272 | ) | (22,437 | ) | 218,737 | 33,846 | ||||||||||||||||||||||||
Currency translation differences | (33,704 | ) | (41,956 | ) | (9,947 | ) | 24,584 | (33,704 | ) | (41,956 | ) | |||||||||||||||||||||
Tax effect | (54,405 | ) | (9,139 | ) | 5,897 | 1,258 | (54,405 | ) | (9,139 | ) | ||||||||||||||||||||||
Net income/(expense) recognized directly in equity | 130,628 | (17,249 | ) | (30,322 | ) | 3,405 | 130,628 | (17,249 | ) | |||||||||||||||||||||||
Cash flow hedges | 9 | 38,187 | 58,292 | 58,381 | 10 | (27,115 | ) | 38,187 | 58,292 | |||||||||||||||||||||||
Tax effect | (9,547 | ) | (14,573 | ) | (14,595 | ) | 6,779 | (9,547 | ) | (14,573 | ) | |||||||||||||||||||||
Transfers to income statement | 28,640 | 43,719 | 43,786 | |||||||||||||||||||||||||||||
Transfers to profit and loss statement | (20,336 | ) | 28,640 | 43,719 | ||||||||||||||||||||||||||||
Other comprehensive income/(loss) | 159,268 | 26,470 | 13,464 | (16,931 | ) | 159,268 | 26,470 | |||||||||||||||||||||||||
Total comprehensive income for the year | 157,181 | 15,552 | 30,338 | 19,517 | 157,181 | 15,552 | ||||||||||||||||||||||||||
Total comprehensive income attributable to non-controlling interest | (14,613 | ) | (14,586 | ) | (4,627 | ) | ||||||||||||||||||||||||||
Total comprehensive (income)/loss attributable to non-controlling interest | 8,171 | (14,613 | ) | (14,586 | ) | |||||||||||||||||||||||||||
Total comprehensive income attributable to the Company | 142,568 | 966 | 25,711 | 27,688 | 142,568 | 966 |
(1) | Notes 1 to |
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 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 for the year after taxes | - | - | - | - | - | 11,968 | 11,968 | 4,906 | 16,874 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of cash flow hedges net of transfer to income statement | - | - | - | 31,353 | - | - | 31,353 | 756 | 32,109 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | - | - | - | - | (9,101 | ) | - | (9,101 | ) | (846 | ) | (9,947 | ) | - | - | - | - | (33,525 | ) | - | (33,525 | ) | (8,431 | ) | (41,956 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Tax effect | - | - | - | (8,509 | ) | - | - | (8,509 | ) | (189 | ) | (8,698 | ) | - | - | - | (22,790 | ) | - | - | (22,790 | ) | (922 | ) | (23,712 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | - | - | - | 22,844 | (9,101 | ) | - | 13,743 | (279 | ) | 13,464 | - | - | - | 74,631 | (33,525 | ) | (10,060 | ) | 31,046 | (4,576 | ) | 26,470 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | - | - | - | 22,844 | (9,101 | ) | 11,968 | 25,711 | 4,627 | 30,338 | - | - | - | 74,631 | (33,525 | ) | (40,140 | ) | 966 | 14,586 | 15,552 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Capital increase | 507 | - | 161,347 | - | - | - | 161,854 | - | 161,854 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital contribution | 573 | 60,268 | 128,920 | - | - | - | 189,761 | - | 189,761 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reduction of Share Premium | - | (200,000 | ) | 200,000 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business combinations | - | - | - | - | - | - | - | 25,308 | 25,308 | - | - | - | - | - | - | - | 8,287 | 8,287 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | - | - | - | - | - | 14,928 | 14,928 | - | 14,928 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | - | - | (168,659 | ) | - | - | - | (168,659 | ) | (22,816 | ) | (191,475 | ) | - | - | (190,638 | ) | - | - | - | (190,638 | ) | (30,166 | ) | (220,804 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 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 income 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 increase (Note 13) | 573 | 60,268 | 128,920 | - | - | - | 189,761 | - | 189,761 | |||||||||||||||||||||||||||
Reduction of Share Premium (Note 13) | - | (200,000 | ) | 200,000 | - | - | - | - | - | - | ||||||||||||||||||||||||||
Business combinations (Note 5) | - | - | - | - | - | - | - | 8,287 | 8,287 | |||||||||||||||||||||||||||
Share-based compensation (Note 13) | - | - | - | - | - | 14,928 | 14,928 | - | 14,928 | |||||||||||||||||||||||||||
Distributions (Note 13) | - | - | (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, 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, 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 income 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 increase (Note 13) | 366 | 114,583 | (1,970 | ) | - | - | - | 112,979 | - | 112,979 | ||||||||||||||||||||||||||
Business combinations (Note 5) | - | - | - | - | - | - | - | 14,300 | 14,300 | |||||||||||||||||||||||||||
Share-based compensation (Note 13) | - | - | - | - | - | 5,031 | 5,031 | - | 5,031 | |||||||||||||||||||||||||||
Distributions (Note 13) | - | - | (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, 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 | For the year | |||||||||||||||||||||||||||||||
Note (1) | 2022 | 2021 | 2020 | Note (1) | 2023 | 2022 | 2021 | |||||||||||||||||||||||||
I. Profit/(loss) for the year | (2,087 | ) | (10,918 | ) | 16,874 | 36,448 | (2,087 | ) | (10,918 | ) | ||||||||||||||||||||||
Non-monetary adjustments | ||||||||||||||||||||||||||||||||
Depreciation, amortization and impairment charges | 6 | 473,638 | 439,441 | 408,604 | 6 | 418,271 | 473,638 | 439,441 | ||||||||||||||||||||||||
Financial expense | 21 | 335,546 | 359,550 | 315,151 | 23 | 319,286 | 335,546 | 359,550 | ||||||||||||||||||||||||
Fair value (gains)/losses on derivative financial instruments | 21 | (19,138 | ) | (16,785 | ) | 15,308 | ||||||||||||||||||||||||||
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 | (21,465 | ) | (12,304 | ) | (510 | ) | 7 | (13,207 | ) | (21,465 | ) | (12,304 | ) | ||||||||||||||||||
Income tax | 18 | (9,689 | ) | 36,220 | 24,877 | 19 | 790 | (9,689 | ) | 36,220 | ||||||||||||||||||||||
Other non-monetary items | 27,996 | 55,809 | (43,943 | ) | (3,119 | ) | 27,996 | 55,809 | ||||||||||||||||||||||||
II. Profit/(loss) for the year adjusted by non-monetary items | 784,801 | 851,013 | 736,361 | 756,600 | 784,801 | 851,013 | ||||||||||||||||||||||||||
Changes in working capital | ||||||||||||||||||||||||||||||||
Inventories | (6,955 | ) | 5,215 | (4,590 | ) | (6,285 | ) | (6,955 | ) | 5,215 | ||||||||||||||||||||||
Trade and other receivables | 11 | 99,249 | 48,521 | (790 | ) | 12 | (107,201 | ) | 99,249 | 48,521 | ||||||||||||||||||||||
Trade payables and other current liabilities | 17 | (6,158 | ) | (25,782 | ) | (9,771 | ) | 18 | (415 | ) | (6,158 | ) | (25,782 | ) | ||||||||||||||||||
Other current assets/liabilities | (7,331 | ) | (31,081 | ) | 4,249 | 18,057 | (7,331 | ) | (31,081 | ) | ||||||||||||||||||||||
III. Changes in working capital | 78,805 | (3,127 | ) | (10,902 | ) | (95,844 | ) | 78,805 | (3,127 | ) | ||||||||||||||||||||||
Income tax paid | (14,730 | ) | (51,684 | ) | (16,425 | ) | (26,020 | ) | (14,730 | ) | (51,684 | ) | ||||||||||||||||||||
Interest received | 9,178 | 2,519 | 5,148 | 21,668 | 9,178 | 2,519 | ||||||||||||||||||||||||||
Interest paid | (271,732 | ) | (293,098 | ) | (275,961 | ) | (268,356 | ) | (271,732 | ) | (293,098 | ) | ||||||||||||||||||||
A. Net cash provided by operating activities | 586,322 | 505,623 | 438,221 | 388,048 | 586,322 | 505,623 | ||||||||||||||||||||||||||
Acquisitions of subsidiaries and entities under the equity method | 5&7 | (50,507 | ) | (362,449 | ) | 2,453 | ||||||||||||||||||||||||||
Business combinations and investments in entities under the equity method | 5&7 | (29,259 | ) | (50,507 | ) | (362,449 | ) | |||||||||||||||||||||||||
Investments in operating concessional assets | 6 | (39,107 | ) | (19,216 | ) | (1,361 | ) | 6 | (27,929 | ) | (39,107 | ) | (19,216 | ) | ||||||||||||||||||
Investments in assets under development or construction | 6 | (36,784 | ) | (7,028 | ) | (3,023 | ) | 6 | (56,280 | ) | (36,784 | ) | (7,028 | ) | ||||||||||||||||||
Distributions from entities under the equity method | 7 | 67,695 | 34,883 | 22,246 | 7 | 34,329 | 67,695 | 34,883 | ||||||||||||||||||||||||
Other non-current assets | 1,265 | 2,655 | (26,175 | ) | ||||||||||||||||||||||||||||
Net divestment in other non-current financial assets | 27,505 | 1,265 | 2,655 | |||||||||||||||||||||||||||||
B. Net cash used in investing activities | (57,438 | ) | (351,155 | ) | (5,860 | ) | (51,634 | ) | (57,438 | ) | (351,155 | ) | ||||||||||||||||||||
Proceeds from project debt | 15 | - | 14,560 | 603,949 | 16 | 213,232 | - | 14,560 | ||||||||||||||||||||||||
Proceeds from corporate debt | 14 | 101,140 | 429,014 | 678,651 | 15 | 161,498 | 101,140 | 429,014 | ||||||||||||||||||||||||
Repayment of project debt | 15 | (426,396 | ) | (418,265 | ) | (621,691 | ) | 16 | (531,837 | ) | (426,396 | ) | (418,265 | ) | ||||||||||||||||||
Repayment of corporate debt | 14 | (80,519 | ) | (376,154 | ) | (502,042 | ) | 15 | (115,891 | ) | (80,519 | ) | (376,154 | ) | ||||||||||||||||||
Dividends paid to Company´s shareholders | 13 | (203,106 | ) | (190,638 | ) | (168,659 | ) | 14 | (206,755 | ) | (203,106 | ) | (190,638 | ) | ||||||||||||||||||
Dividends paid to non-controlling interest | 13 | (39,209 | ) | (28,134 | ) | (22,944 | ) | 14 | (31,433 | ) | (39,209 | ) | (28,134 | ) | ||||||||||||||||||
Purchase of Liberty´s Interactive’s equity interests in Solana | 21 | - | - | (266,850 | ) | |||||||||||||||||||||||||||
Capital increase | 13 | 113,072 | 189,454 | 162,246 | ||||||||||||||||||||||||||||
Non-controlling interest capital contribution | 14 | 19,823 | - | - | ||||||||||||||||||||||||||||
Capital contribution | 14 | - | 113,072 | 189,454 | ||||||||||||||||||||||||||||
C. Net cash used in financing activities | (535,018 | ) | (380,163 | ) | (137,340 | ) | (491,363 | ) | (535,018 | ) | (380,163 | ) | ||||||||||||||||||||
Net increase/(decrease) in cash and cash equivalents | (6,134 | ) | (225,695 | ) | 295,021 | |||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | (154,949 | ) | (6,134 | ) | (225,695 | ) | ||||||||||||||||||||||||||
Cash and cash equivalents at beginning of the year | 12 | 622,689 | 868,501 | 562,795 | 13 | 600,990 | 622,689 | 868,501 | ||||||||||||||||||||||||
Translation differences in cash and cash equivalents | (15,565 | ) | (20,117 | ) | 10,685 | 2,260 | (15,565 | ) | (20,117 | ) | ||||||||||||||||||||||
Cash and cash equivalents at the end of the year | 12 | 600,990 | 622,689 | 868,501 | 13 | 448,301 | 600,990 | 622,689 |
(1) | Notes 1 to |
Note 1.- Nature of the business | F-13 |
Note 2.- Significant accounting policies | F-16 |
Note 3.- Financial risk management | F-27 |
Note 4.- Financial information by segment | F-28 |
Note 5.- Business combinations | F-33 |
Note 6.- Contracted concessional, PP&E and other intangible assets | |
Note 7.- Investments carried under the equity method | |
Note 8.- | |
Note 9.- Financial instruments by category | F-38 |
Note 10.- Derivative financial instruments | F-39 |
Note 11.- Related parties | F-41 |
Note | F-42 |
Note 13.- Cash and cash equivalents | F-42 |
Note 14.- Equity | F-43 |
Note | F-44 |
Note | |
F-46 | |
Note | |
Note | |
Note 19.- Income tax | F-50 |
Note 20.- Commitments, third-party guarantees, contingent assets and liabilities | F-53 |
Note 21.- Employee benefit expenses | F-54 |
Note 22.- Other operating income and expenses | F-54 |
Note 23.- Financial expense, net | F-54 |
Note 24.- Earnings per share | F-55 |
Note | |
Appendices(1) |
- | Albisu, a 10 MW solar PV asset wholly owned by the |
- | La Tolua and Tierra Linda, two wholly owned solar PV assets in Colombia with a combined capacity of 30 |
- | Honda 1, a 10 MW solar PV asset in Colombia where the Company has |
- | On January 17, 2022, the Company closed the acquisition of $38.4 million (Note 5). The Company expects to expand the transmission line in 2024, which would represent an additional investment of approximately $8 million. The asset has fully contracted revenues in U.S dollars, with inflation escalation and a 50-year remaining contract life. The off-takers are several mini-hydro plants that receive contracted or regulated payments. |
- | 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 2024. Total investment including batteries is expected to be in the range of $15 million to $25 million depending on the capital structure. Part of the asset’s revenue is currently based on capacity payments. Adding storage would increase the portion of capacity payments. |
- | 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(17) | 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 | 21 | 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 | 17 | 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 | 16 | 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 | 5 | 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 | 5 | 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 | 3 | 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 | 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 | 8 | 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 | 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 | 13 | 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 | 11 | 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 | 12 | 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 | 13 | 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 | 10 | 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 | 15/15 | 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 | 14/14 | 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 | 9/11 | 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 | 14/14 | 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 | 14/15 | 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 | 12/12/13 | 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 | 16/16 | 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 | 13 | 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 | 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 | 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 | 9 | 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 | 9 | 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 | 12 | 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 | ~41% A+ or higher(14) | 2010 | 18 | 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/B1/BB- | 2013 | 10 | Efficient natural gas & heat | 100% | Mexico | USD | 300 MW | BBB/B3/B+ | 2013 | 9 |
Monterrey | Efficient natural gas &heat | 30% | Mexico | USD | 142 MW | Not rated | 2018 | 23 | ||||||||
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 | 18 | Transmission line | 100% | Peru | USD | 379 miles | BBB/Baa1/BBB | 2011 | 17 |
ATS | Transmission line | 100% | Peru | USD | 569 miles | BBB/Baa1/BBB | 2014 | 21 | Transmission line | 100% | Peru | USD | 569 miles | BBB/Baa1/BBB | 2014 | 20 |
ATN 2 | Transmission line | 100% | Peru | USD | 81 miles | Not rated | 2015 | 10 | 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 | 12/12 | 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 | 15 | 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 | 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 | 49 | 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 | 11 | 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 | 15 | 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 | 17 | 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. |
(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 (“IDC”, 29%) and Kaxu Community Trust (20%). |
(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, |
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 |
c) | Rights of use under IFRS 16 |
d) | 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 assets agreements. |
- | 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 2023, 2022 |
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 | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
North America | 405,047 | 395,775 | 330,921 | 309,988 | 311,803 | 279,365 | 424,888 | 405,047 | 395,775 | 319,264 | 309,988 | 311,803 | ||||||||||||||||||||||||||||||||||||
South America | 166,441 | 154,985 | 151,460 | 126,551 | 119,547 | 120,023 | 188,127 | 166,441 | 154,985 | 146,722 | 126,551 | 119,547 | ||||||||||||||||||||||||||||||||||||
EMEA | 530,541 | 660,989 | 530,879 | 360,561 | 393,038 | 396,735 | 486,879 | 530,541 | 660,989 | 328,936 | 360,561 | 393,038 | ||||||||||||||||||||||||||||||||||||
Total | 1,102,029 | 1,211,749 | 1,013,260 | 797,100 | 824,388 | 796,123 | 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 | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Renewable energy | 821,377 | 928,525 | 753,089 | 588,016 | 602,583 | 576,285 | 802,756 | 821,377 | 928,525 | 575,704 | 588,016 | 602,583 | ||||||||||||||||||||||||||||||||||||
Efficient natural gas & Heat | 113,591 | 123,692 | 111,030 | 84,560 | 99,935 | 101,006 | ||||||||||||||||||||||||||||||||||||||||||
Efficient natural gas & heat | 118,417 | 113,591 | 123,692 | 87,393 | 84,560 | 99,935 | ||||||||||||||||||||||||||||||||||||||||||
Transmission lines | 113,273 | 105,680 | 106,042 | 88,010 | 83,635 | 87,272 | 123,476 | 113,273 | 105,680 | 96,043 | 88,010 | 83,635 | ||||||||||||||||||||||||||||||||||||
Water | 53,788 | 53,852 | 43,099 | 36,514 | 38,235 | 31,560 | 55,245 | 53,788 | 53,852 | 35,782 | 36,514 | 38,235 | ||||||||||||||||||||||||||||||||||||
Total | 1,102,029 | 1,211,749 | 1,013,260 | 797,100 | 824,388 | 796,123 | 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, | |||||||||||||||||||||||
2022 | 2021 | 2020 | 2023 | 2022 | 2021 | |||||||||||||||||||
Profit/(loss) attributable to the Company | (5,443 | ) | (30,080 | ) | 11,968 | 43,380 | (5,443 | ) | (30,080 | ) | ||||||||||||||
Profit attributable to non-controlling interests | 3,356 | 19,162 | 4,906 | |||||||||||||||||||||
Profit/(loss) attributable to non-controlling interest | (6,932 | ) | 3,356 | 19,162 | ||||||||||||||||||||
Income tax expense/(income) | (9,689 | ) | 36,220 | 24,877 | 790 | (9,689 | ) | 36,220 | ||||||||||||||||
Financial expense, net | 310,934 | 340,892 | 331,810 | 317,974 | 310,934 | 340,892 | ||||||||||||||||||
Depreciation, amortization, and impairment charges | 473,638 | 439,441 | 408,604 | 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) | 24,304 | 18,753 | 13,958 | 21,439 | 24,304 | 18,753 | ||||||||||||||||||
Total segment Adjusted EBITDA | 797,100 | 824,388 | 796,123 | 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, 2023 | |||||||||||||
Assets allocated | ||||||||||||||||
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 | 177,260 | 9,178 | 43,869 | 230,307 | ||||||||||||
Other current financial assets | 110,016 | 30,803 | 48,067 | 188,886 | ||||||||||||
Cash and cash equivalents (project companies) | 137,480 | 121,945 | 155,551 | 414,976 | ||||||||||||
Assets held for sale | 28,642 | - | - | 28,642 | ||||||||||||
Subtotal allocated | 3,516,417 | 1,346,525 | 3,204,136 | 8,067,078 | ||||||||||||
Unallocated assets | ||||||||||||||||
Other non-current assets | 297,577 | |||||||||||||||
Other current assets (including cash and cash equivalents at holding company level) | 349,678 | |||||||||||||||
Subtotal unallocated | 647,255 | |||||||||||||||
Total assets | 8,714,333 |
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, 2022 | |||||||||||||
Assets allocated | ||||||||||||||||
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 | 210,704 | 4,450 | 44,878 | 260,031 | ||||||||||||
Other current financial assets | 118,385 | 31,136 | 46,373 | 195,893 | ||||||||||||
Cash and cash equivalents (project companies) | 187,568 | 85,697 | 266,557 | 539,822 | ||||||||||||
Subtotal allocated | 3,684,147 | 1,363,162 | 3,431,697 | 8,479,005 | ||||||||||||
Unallocated assets | ||||||||||||||||
Other non-current assets | 325,893 | |||||||||||||||
Other current assets (including cash and cash equivalents at holding company level) | 296,013 | |||||||||||||||
Subtotal unallocated | 621,906 | |||||||||||||||
Total assets | 9,100,911 |
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 |
North America | South America | EMEA | 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, PP&E and other intangible assets | 3,355,669 | 1,231,276 | 3,434,623 | 8,021,568 | 5,798,818 | 460,766 | 777,360 | 167,323 | 7,204,267 | |||||||||||||||||||||||||||
Investments carried under the equity method | 253,221 | - | 41,360 | 294,581 | 189,672 | - | - | 40,635 | 230,307 | |||||||||||||||||||||||||||
Other current financial assets | 135,224 | 28,155 | 44,000 | 207,379 | 10,866 | 103,907 | 30,746 | 43,367 | 188,886 | |||||||||||||||||||||||||||
Cash and cash equivalents (project companies) | 171,744 | 74,149 | 287,655 | 533,548 | 299,987 | 35,098 | 58,004 | 21,887 | 414,976 | |||||||||||||||||||||||||||
Assets held for sale | - | 28,642 | - | - | 28,642 | |||||||||||||||||||||||||||||||
Subtotal allocated | 3,915,858 | 1,333,580 | 3,807,638 | 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, 2023 | ||||||||||||||||
Liabilities allocated | ||||||||||||||||||||
Long-term and short-term project debt | 3,280,618 | 401,460 | 560,906 | 76,276 | 4,319,260 | |||||||||||||||
Grants and other liabilities | 1,185,487 | 32,916 | 12,884 | 2,521 | 1,233,808 | |||||||||||||||
Subtotal allocated | 4,466,105 | 434,376 | 573,790 | 78,797 | 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, 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 |
Renewable energy | Efficient natural gas & Heat | Transmission lines | Water | Balance as of December 31, 2022 | Renewable energy | Efficient natural gas & heat | Transmission lines | Water | Balance as of December 31, 2022 | |||||||||||||||||||||||||||||||
Assets allocated | ||||||||||||||||||||||||||||||||||||||||
Contracted concessional, PP&E and other intangible assets | 6,035,091 | 485,431 | 800,067 | 162,670 | 7,483,259 | 6,035,091 | 485,431 | 800,067 | 162,670 | 7,483,259 | ||||||||||||||||||||||||||||||
Investments carried under the equity method | 203,420 | 10,034 | 4,450 | 42,128 | 260,031 | 207,870 | 10,034 | - | 42,128 | 260,031 | ||||||||||||||||||||||||||||||
Other current financial assets | 6,706 | 116,366 | 30,582 | 42,240 | 195,893 | 6,706 | 116,366 | 30,582 | 42,240 | 195,893 | ||||||||||||||||||||||||||||||
Cash and cash equivalents (project companies) | 392,577 | 73,673 | 48,073 | 25,498 | 539,822 | 392,577 | 73,673 | 48,073 | 25,498 | 539,822 | ||||||||||||||||||||||||||||||
Subtotal allocated | 6,637,794 | 685,504 | 883,172 | 272,536 | 8,479,005 | 6,642,244 | 685,504 | 878,722 | 272,536 | 8,479,005 | ||||||||||||||||||||||||||||||
Unallocated assets | ||||||||||||||||||||||||||||||||||||||||
Other non-current assets | 325,893 | 325,893 | ||||||||||||||||||||||||||||||||||||||
Other current assets (including cash and cash equivalents at holding company level) | 296,013 | 296,013 | ||||||||||||||||||||||||||||||||||||||
Subtotal unallocated | 621,906 | 621,906 | ||||||||||||||||||||||||||||||||||||||
Total assets | 9,100,911 | 9,100,911 |
Renewable energy | Efficient natural gas & Heat | Transmission lines | Water | Balance as of December 31, 2022 | ||||||||||||||||
Liabilities allocated | ||||||||||||||||||||
Long-term and short-term project debt | 3,442,625 | 440,999 | 582,689 | 86,739 | 4,553,052 | |||||||||||||||
Grants and other liabilities | 1,211,878 | 32,138 | 6,040 | 2,457 | 1,252,513 | |||||||||||||||
Subtotal allocated | 4,654,503 | 473,137 | 588,729 | 89,196 | 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 | ||||||||||||||||
Assets allocated | ||||||||||||||||||||
Contracted concessional, PP&E and other intangible assets | 6,533,408 | 517,247 | 805,987 | 164,926 | 8,021,568 | |||||||||||||||
Investments carried under the equity method | 240,302 | 15,358 | - | 38,921 | 294,581 | |||||||||||||||
Other current financial assets | 10,761 | 128,461 | 27,813 | 40,344 | 207,379 | |||||||||||||||
Cash and cash equivalents (project companies) | 442,213 | 25,392 | 44,574 | 21,369 | 533,548 | |||||||||||||||
Subtotal allocated | 7,226,684 | 686,458 | 878,374 | 265,560 | 9,057,076 | |||||||||||||||
Unallocated assets | ||||||||||||||||||||
Other non-current assets | 268,876 | |||||||||||||||||||
Other current assets (including cash and cash equivalents at holding company level) | 425,978 | |||||||||||||||||||
Subtotal unallocated | 694,854 | |||||||||||||||||||
Total assets | 9,751,930 |
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, 2022 | |||||||||||||||||||||||||||||||
Liabilities allocated | ||||||||||||||||||||||||||||||||||||||||
Long-term and short-term project debt | 3,857,313 | 478,724 | 602,278 | 97,878 | 5,036,193 | 3,442,625 | 440,999 | 582,689 | 86,739 | 4,553,052 | ||||||||||||||||||||||||||||||
Grants and other liabilities | 1,244,346 | 11,212 | 5,795 | 2,391 | 1,263,744 | 1,211,878 | 32,138 | 6,040 | 2,457 | 1,252,513 | ||||||||||||||||||||||||||||||
Subtotal allocated | 5,101,659 | 489,936 | 608,073 | 100,269 | 6,299,937 | 4,654,503 | 473,137 | 588,729 | 89,196 | 5,805,565 | ||||||||||||||||||||||||||||||
Unallocated liabilities | ||||||||||||||||||||||||||||||||||||||||
Long-term and short-term corporate debt | 1,023,071 | 1,017,200 | ||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | 532,312 | 313,328 | ||||||||||||||||||||||||||||||||||||||
Other current liabilities | 148,005 | 175,771 | ||||||||||||||||||||||||||||||||||||||
Subtotal unallocated | 1,703,388 | 1,506,299 | ||||||||||||||||||||||||||||||||||||||
Total liabilities | 8,003,325 | 7,311,864 | ||||||||||||||||||||||||||||||||||||||
Equity unallocated | 1,748,605 | 1,789,047 | ||||||||||||||||||||||||||||||||||||||
Total liabilities and equity unallocated | 3,451,993 | 3,295,346 | ||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | 9,751,930 | 9,100,911 |
c) | The amount of depreciation, amortization and impairment charges recognized for the years ended December 31, 2023, 2022 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||
Depreciation, amortization and impairment by geography | 2022 | 2021 | 2020 | 2023 | 2022 | 2021 | ||||||||||||||||||
North America | (182,159 | ) | (152,946 | ) | (197,643 | ) | (125,725 | ) | (182,159 | ) | (152,946 | ) | ||||||||||||
South America | (80,039 | ) | (57,214 | ) | (39,191 | ) | (77,855 | ) | (80,039 | ) | (57,214 | ) | ||||||||||||
EMEA | (211,440 | ) | (229,281 | ) | (171,770 | ) | (214,691 | ) | (211,440 | ) | (229,281 | ) | ||||||||||||
Total | (473,638 | ) | (439,441 | ) | (408,604 | ) | (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 | 2022 | 2021 | 2020 | 2023 | 2022 | 2021 | ||||||||||||||||||
Renewable energy | (434,042 | ) | (432,138 | ) | (350,785 | ) | (398,394 | ) | (434,042 | ) | (432,138 | ) | ||||||||||||
Efficient natural gas & Heat | (5,430 | ) | 23,910 | (26,563 | ) | |||||||||||||||||||
Efficient natural gas & heat | 9,365 | (5,430 | ) | 23,910 | ||||||||||||||||||||
Transmission lines | (32,466 | ) | (31,286 | ) | (30,889 | ) | (29,331 | ) | (32,466 | ) | (31,286 | ) | ||||||||||||
Water | (1,700 | ) | 73 | (367 | ) | 89 | (1,700 | ) | 73 | |||||||||||||||
Total | (473,638 | ) | (439,441 | ) | (408,604 | ) | (418,271 | ) | (473,638 | ) | (439,441 | ) |
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, 2022 | ||||
Property, plant and equipment under IAS 16 (Note 6) | 58,002 | |||
Rights of use under IFRS 16 (Lessee) or intangible assets under IAS 38 (Note 6) | 16,993 | |||
Cash & cash equivalents | 1,057 | |||
Other current assets | 8,283 | |||
Non-current Project debt (Note | (1,301 | ) | ||
Current Project debt (Note | (148 | ) | ||
Other current and non-current liabilities | (18,919 | ) | ||
Non-controlling | (14,300 | ) | ||
Total net assets acquired at fair value | 49,667 | |||
Asset acquisition – purchase price paid | (49,667 | ) | ||
Net result of business combinations | - |
Business combinations for the year ended December 31, 2021 | ||||||||||||
Coso | Other | Total | ||||||||||
Property, plant and equipment under IAS 16 (Note 6) | 383,153 | 137,426 | 520,579 | |||||||||
Rights of use under IFRS 16 (Lessee) or intangible assets under IAS 38 (Note 6) | - | 22,149 | 22,149 | |||||||||
Deferred tax asset (Note 18) | - | 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 | 46,632 | 61,010 | |||||||||
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) | - | (4,910 | ) | (4,910 | ) | |||||||
Other current and non-current liabilities | (22,959 | ) | (64,922 | ) | (87,881 | ) | ||||||
Non-controlling interests | - | (8,287 | ) | (8,287 | ) | |||||||
Total net assets acquired at fair value | 130,000 | 83,916 | 213,916 | |||||||||
Asset acquisition – purchase price paid | (130,000 | ) | (80,868 | ) | (210,868 | ) | ||||||
Fair value of previously held 15% stake in Rioglass | - | (3,048 | ) | (3,048 | ) | |||||||
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 | Land | Technical installations | Total assets | |||||||||||||||||||||||||
Total as of January 1, 2023 | 818,170 | 2,787 | 8,845,151 | 120,308 | 137,767 | 938,799 | 10,862,982 | |||||||||||||||||||||
Additions | - | - | 27,531 | 4,409 | 62 | 50,805 | 82,807 | |||||||||||||||||||||
Subtractions | - | - | - | (644 | ) | - | (5,487 | ) | (6,131 | ) | ||||||||||||||||||
Business combinations (Note 5) | - | - | - | 4,486 | - | 1,565 | 6,051 | |||||||||||||||||||||
Currency translation differences | 5,025 | (132 | ) | 84,060 | 4,756 | 1,515 | 19,847 | 115,071 | ||||||||||||||||||||
Reclassification and other movements | (38,016 | ) | - | 348 | 17,632 | - | (11,537 | ) | (31,573 | ) | ||||||||||||||||||
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 |
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 | Right of use assets under IFRS 16 (Lessee) and intangible assets under IAS 38 | Property, plant and equipment under IAS 16 | Total assets | Land | Technical installations | Total assets | |||||||||||||||||||||||||||||||||||||||||||||
Total as of January 1, 2022 | 874,525 | 2,843 | 9,202,539 | 100,109 | 839,119 | 11,019,135 | 874,525 | 2,843 | 9,068,646 | 100,109 | 137,037 | 835,975 | 11,019,135 | |||||||||||||||||||||||||||||||||||||||||
Additions | - | - | 32,941 | 4,155 | 80,196 | 117,292 | - | - | 32,941 | 5,637 | 3,532 | 75,182 | 117,292 | |||||||||||||||||||||||||||||||||||||||||
Subtractions | - | (57 | ) | (499 | ) | (1,350 | ) | (8,655 | ) | (10,561 | ) | - | (57 | ) | (499 | ) | (1,510 | ) | - | (8,495 | ) | (10,561 | ) | |||||||||||||||||||||||||||||||
Business combinations (Note 5) | - | - | - | 16,993 | 58,002 | 74,995 | - | - | - | 16,993 | - | 58,002 | 74,995 | |||||||||||||||||||||||||||||||||||||||||
Currency translation differences | 1,760 | 1 | (261,536 | ) | (4,531 | ) | (21,006 | ) | (285,312 | ) | 1,760 | 1 | (258,735 | ) | (4,446 | ) | (2,802 | ) | (21,090 | ) | (285,312 | ) | ||||||||||||||||||||||||||||||||
Reclassification and other movements | (58,115 | ) | - | 2,798 | (6,200 | ) | 8,950 | (52,567 | ) | (58,115 | ) | - | 2,798 | 3,525 | - | (775 | ) | (52,567 | ) | |||||||||||||||||||||||||||||||||||
Total cost, as of December 31, 2022 | 818,170 | 2,787 | 8,976,243 | 109,176 | 956,606 | 10,862,982 | 818,170 | 2,787 | 8,845,151 | 120,308 | 137,767 | 938,799 | 10,862,982 |
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 | Total assets | ||||||||||||||||||
Total as of January 1, 2022 | (62,889 | ) | - | (2,769,345 | ) | (21,578 | ) | (143,755 | ) | (2,997,567 | ) | |||||||||||||
Additions | (6,560 | ) | - | (398,639 | ) | (6,419 | ) | (64,306 | ) | (475,924 | ) | |||||||||||||
Subtractions | - | - | - | 859 | 7,643 | 8,502 | ||||||||||||||||||
Currency translation differences | (108 | ) | - | 79,206 | 822 | 5,346 | 85,266 | |||||||||||||||||
Total depreciation, amortization and impairment, as of December 31, 2022 | (69,557 | ) | - | (3,088,778 | ) | (26,316 | ) | (195,072 | ) | (3,379,723 | ) | |||||||||||||
Total net book value, as of December 31, 2022 | 748,613 | 2,787 | 5,887,465 | 82,860 | 761,534 | 7,483,259 |
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 | Right of use assets under IFRS 16 (Lessee) and intangible assets under IAS 38 | Property, plant and equipment under IAS 16 | Total assets | ||||||||||||||||||
Total as of January 1, 2021 | 936,837 | 2,941 | 9,467,309 | 80,030 | 336,920 | 10,824,037 | ||||||||||||||||||
Additions | 922 | 442 | 40,383 | 3,639 | 13,024 | 58,410 | ||||||||||||||||||
Subtractions | - | - | (348 | ) | (16 | ) | (21,266 | ) | (21,630 | ) | ||||||||||||||
Business combinations (Note 5) | - | - | - | 22,149 | 519,931 | 542,080 | ||||||||||||||||||
Currency translation differences | (9,519 | ) | (540 | ) | (334,497 | ) | (5,693 | ) | (20,029 | ) | (370,278 | ) | ||||||||||||
Reclassification and other movements | (53,715 | ) | - | 29,692 | - | 10,539 | (13,484 | ) | ||||||||||||||||
Total cost, as of December 31, 2021 | 874,525 | 2,843 | 9,202,539 | 100,109 | 839,119 | 11,019,135 |
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 | Total assets | ||||||||||||||||||
Total as of January 1, 2021 | (87,689 | ) | - | (2,442,520 | ) | (16,171 | ) | (122,239 | ) | (2,668,619 | ) | |||||||||||||
Additions | (418 | ) | - | (424,181 | ) | (6,370 | ) | (29,392 | ) | (460,361 | ) | |||||||||||||
Reversal of impairment | 24,929 | - | - | - | - | 24,929 | ||||||||||||||||||
Currency translation differences | 289 | - | 97,356 | 963 | 7,876 | 106,484 | ||||||||||||||||||
Total depreciation, amortization and impairment, as of December 31, 2021 | (62,889 | ) | - | (2,769,345 | ) | (21,578 | ) | (143,755 | ) | (2,997,567 | ) | |||||||||||||
Total net book value, as of December 31, 2021 | 811,636 | 2,843 | 6,433,194 | 78,531 | 695,364 | 8,021,568 |
Investments in associates and joint ventures | 2022 | 2021 | 2023 | 2022 | ||||||||||||
Initial balance | 294,581 | 116,614 | 260,031 | 294,581 | ||||||||||||
Share of profit | 21,465 | 12,304 | 13,207 | 21,465 | ||||||||||||
Distributions | (57,537 | ) | (36,877 | ) | (38,780 | ) | (57,537 | ) | ||||||||
Acquisitions | 4,901 | 202,345 | ||||||||||||||
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) | (3,379 | ) | 195 | 1,604 | (3,379 | ) | ||||||||||
Final balance | 260,031 | 294,581 | 230,307 | 260,031 |
- | Distributions: |
- | New entities carried under the equity method |
- | Share of profit |
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 | % 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 | 49.00 | 411,099 | 25,777 | - | 56,508 | 11,285 | 82,849 | 21,024 | 19,752 | 175,351 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Windlectric Inc (2) | 30.00 | 278,504 | 3,338 | - | 167,519 | 43,227 | 24,996 | 10,560 | (15 | ) | 18,935 | 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 | 150,623 | 66,246 | 43,579 | 18,902 | 4,257 | 55,267 | 33,374 | 26,768 | 42,128 | 25.50 | 155,338 | 63,451 | 35,569 | 20,240 | 4,653 | 56,172 | 34,576 | 27,084 | 40,635 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pemcorp SAPI de CV (4) | 30.00 | 138,931 | 112,352 | 159,382 | 90,474 | 4,328 | 45,625 | 1,680 | (17,747 | ) | 10,034 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 2,045 | - | - | - | 1 | - | (168 | ) | (168 | ) | 1,411 | 50.00 | 1,749 | - | - | 1 | - | - | (149 | ) | (149 | ) | 1,337 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Evacuación Valdecaballeros, S.L. | 57.16 | 15,551 | 1,020 | - | 13,635 | 232 | 860 | (60 | ) | (89 | ) | 858 | 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 | 2,317 | 12 | - | 1,386 | 111 | - | 57 | - | - | 40.02 | 2,218 | 83 | - | 1,308 | 181 | - | 63 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liberty Infraestructuras S.L. | 20.00 | 93 | 283 | - | - | 37 | - | - | (22 | ) | 29 | 20.00 | 81 | 357 | - | - | - | 4 | (46 | ) | (68 | ) | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Akuo Atlantica PMGD Holding S.P.A. (5) | 49.00 | 14,814 | 2,828 | - | 8,755 | 326 | - | - | (348 | ) | 4,450 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fontanil Solar, S.L.U. | 25.00 | 117 | 7 | - | 99 | 24 | - | (1 | ) | (2 | ) | 229 | 25.00 | 328 | 13 | - | 354 | 7 | - | (1 | ) | (18 | ) | 229 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Murum Solar, S.L.U. | 25.00 | 228 | 8 | - | 180 | 59 | - | (1 | ) | (5 | ) | 222 | 25.00 | 266 | 35 | - | 314 | - | - | (1 | ) | (15 | ) | 222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2022 | 260,031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2023 | 230,307 |
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 | % 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 | 459,037 | 13,511 | - | 62,387 | 10,259 | 104,461 | 34,216 | 32,806 | 195,952 | 49.00 | 435,029 | 14,198 | - | 57,596 | 11,515 | 103,362 | 42,662 | 40,992 | 181,735 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Windlectric Inc (2) | 30.00 | 310,751 | 11,036 | - | 207,404 | 38,126 | 24,008 | 10,442 | 152 | 41,911 | 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 | 151,830 | 59,020 | 51,721 | 18,142 | 3,293 | 53,450 | 33,935 | 24,899 | 38,922 | 25.50 | 150,623 | 66,246 | 43,579 | 18,902 | 4,257 | 55,267 | 33,374 | 26,768 | 42,128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pemcorp SAPI de CV (4) | 30.00 | 127,892 | 117,083 | 146,931 | 101,439 | 2,925 | 40,166 | 6,561 | (6,522 | ) | 15,358 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 2,356 | - | - | - | 1 | - | (186 | ) | (186 | ) | 1,495 | 50.00 | 2,045 | - | - | - | 1 | - | (168 | ) | (168 | ) | 1,411 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Evacuación Valdecaballeros, S.L. | 57.16 | 17,185 | 976 | - | 15,022 | 156 | 938 | (63 | ) | (93 | ) | 923 | 57.16 | 15,551 | 1,020 | - | 13,635 | 232 | 860 | (60 | ) | (89 | ) | 858 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Evacuación Villanueva del Rey, S.L. | 40.02 | 2,637 | 63 | - | 1,601 | 172 | - | 59 | - | - | 40.02 | 2,317 | 12 | - | 1,386 | 111 | - | 57 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liberty Infraestructuras S.L. | 20.00 | 238 | 46 | - | - | 5 | - | (54 | ) | (54 | ) | 21 | 20.00 | 93 | 283 | - | - | 37 | - | - | (22 | ) | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2021 | 294,581 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2022 | Notes | Amortized cost | Fair value through other comprehensive income | Fair value through profit or loss | Balance as of December 31, 2023 | |||||||||||||||||||||||||||||||
Derivative assets | 9 | - | - | 97,381 | 97,381 | 10 | - | - | 61,697 | 61,697 | ||||||||||||||||||||||||||||||
Investment in Ten West Link | - | 15,959 | - | 15,959 | - | 11,719 | - | 11,719 | ||||||||||||||||||||||||||||||||
Financial assets under IFRIC 12 (short-term portion) (*) | 186,841 | - | - | 186,841 | 177,407 | - | - | 177,407 | ||||||||||||||||||||||||||||||||
Trade and other receivables | 11 | 200,334 | - | - | 200,334 | 12 | 286,483 | - | - | 286,483 | ||||||||||||||||||||||||||||||
Cash and cash equivalents | 12 | 600,990 | - | - | 600,990 | 13 | 448,301 | - | - | 448,301 | ||||||||||||||||||||||||||||||
Other financial assets | 71,949 | - | - | 71,949 | 74,645 | - | - | 74,645 | ||||||||||||||||||||||||||||||||
Total financial assets | 1,060,114 | 15,959 | 97,381 | 1,173,454 | 986,836 | 11,719 | 61,697 | 1,060,252 | ||||||||||||||||||||||||||||||||
Corporate debt (**) | 14 | 1,017,200 | - | - | 1,017,200 | 15 | 1,084,838 | - | - | 1,084,838 | ||||||||||||||||||||||||||||||
Project debt (**) | 15 | 4,553,052 | - | - | 4,553,052 | 16 | 4,319,260 | - | - | 4,319,260 | ||||||||||||||||||||||||||||||
Lease liabilities (non-current portion) | 17 | 82,366 | - | - | 82,366 | |||||||||||||||||||||||||||||||||||
Trade and other current liabilities | 17 | 140,230 | - | - | 140,230 | 18 | 141,713 | - | - | 141,713 | ||||||||||||||||||||||||||||||
Derivative liabilities | 9 | - | - | 16,847 | 16,847 | 10 | - | - | 29,957 | 29,957 | ||||||||||||||||||||||||||||||
Total financial liabilities | 5,710,482 | - | 16,847 | 5,727,329 | 5,628,177 | - | 29,957 | 5,658,134 |
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, 2022 | |||||||||||||||||||||||||||||||
Derivative assets | 9 | - | - | 12,960 | 12,960 | 10 | - | - | 97,381 | 97,381 | ||||||||||||||||||||||||||||||
Investment in Ten West Link | - | 14,459 | - | 14,459 | - | 15,959 | - | 15,959 | ||||||||||||||||||||||||||||||||
Financial assets under IFRIC 12 (short-term portion) (*) | 188,912 | - | - | 188,912 | 186,841 | - | - | 186,841 | ||||||||||||||||||||||||||||||||
Trade and other receivables | 11 | 307,143 | - | - | 307,143 | 12 | 200,334 | - | - | 200,334 | ||||||||||||||||||||||||||||||
Cash and cash equivalents | 12 | 622,689 | - | - | 622,689 | 13 | 600,990 | - | - | 600,990 | ||||||||||||||||||||||||||||||
Other financial assets | 87,657 | - | - | 87,657 | 71,949 | - | - | 71,949 | ||||||||||||||||||||||||||||||||
Total financial assets | 1,206,401 | 14,459 | 12,960 | 1,233,820 | 1,060,114 | 15,959 | 97,381 | 1,173,454 | ||||||||||||||||||||||||||||||||
Corporate debt (**) | 14 | 1,023,071 | - | - | 1,023,071 | 15 | 1,017,200 | - | - | 1,017,200 | ||||||||||||||||||||||||||||||
Project debt (**) | 15 | 5,036,193 | - | - | 5,036,193 | 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 | - | - | 113,907 | 18 | 140,230 | - | - | 140,230 | ||||||||||||||||||||||||||||||
Derivative liabilities | 9 | - | - | 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 |
Balance as of December 31, 2022 | Balance as of December 31, 2021 | 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 | 94,192 | 12,159 | 9,550 | 206,763 | 60,102 | 29,163 | 94,192 | 12,159 | ||||||||||||||||||||||||
Foreign exchange derivatives instruments | 3,189 | - | 3,410 | - | 1,595 | - | 3,189 | - | ||||||||||||||||||||||||
Notes conversion option (Note 14) | - | 4,688 | - | 16,690 | ||||||||||||||||||||||||||||
Notes conversion option (Note 15) | - | 794 | - | 4,688 | ||||||||||||||||||||||||||||
Total | 97,381 | 16,847 | 12,960 | 223,453 | 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, 2022 | Balance as of December 31, 2021 | Balance as of December 31, 2023 | Balance as of December 31, 2022 | ||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||
Up to 1 year | 245,147 | 47,029 | 71,386 | 106,191 | 248,898 | 43,013 | 245,147 | 47,029 | ||||||||||||||||||||||||
Between 1 and 2 years | 310,393 | 102,476 | 304,930 | 240,197 | 279,215 | 95,701 | 310,393 | 102,476 | ||||||||||||||||||||||||
Between 2 and 3 years | 217,498 | 112,855 | 262,973 | 271,350 | 314,644 | 104,848 | 217,498 | 112,855 | ||||||||||||||||||||||||
Subsequent years | 659,186 | 280,016 | 217,989 | 860,777 | 523,564 | 264,563 | 659,186 | 280,016 | ||||||||||||||||||||||||
Total | 1,432,224 | 542,376 | 857,278 | 1,478,515 | 1,366,321 | 508,125 | 1,432,224 | 542,376 |
Fair value | Balance as of December 31, 2022 | Balance as of December 31, 2021 | Balance as of December 31, 2023 | Balance as of December 31, 2022 | ||||||||||||||||||||||||||||
Assets | Liabilities | Assets | �� | Liabilities | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||
Up to 1 year | 10,868 | (991 | ) | 678 | (15,039 | ) | 3,957 | (1,740 | ) | 10,868 | (991 | ) | ||||||||||||||||||||
Between 1 and 2 years | 17,860 | (2,189 | ) | 1,810 | (33,670 | ) | 10,124 | (5,347 | ) | 17,860 | (2,189 | ) | ||||||||||||||||||||
Between 2 and 3 years | 12,257 | (2,851 | ) | 2,268 | (39,834 | ) | 12,070 | (5,848 | ) | 12,257 | (2,851 | ) | ||||||||||||||||||||
Subsequent years | 53,208 | (6,128 | ) | 4,794 | (118,220 | ) | 33,951 | (16,228 | ) | 53,207 | (6,128 | ) | ||||||||||||||||||||
Total | 94,192 | (12,159 | ) | 9,550 | (206,763 | ) | 60,102 | (29,163 | ) | 94,192 | (12,159 | ) |
As of December 31, | Receivables (current) | Receivables (non- current) | Payables (current) | Payables (non- current) | |||||||||||||
Entities accounted for under the equity method: | $000 | $000 | $000 | $000 | |||||||||||||
Arroyo Netherland II B.V | 2022 | 1,097 | 17,006 | - | - | ||||||||||||
2021 | 10,000 | 15,768 | - | - | |||||||||||||
Amherst Island Partnership | 2022 | - | - | - | - | ||||||||||||
2021 | 6,279 | - | - | - | |||||||||||||
Other | 2022 | 127 | - | - | - | ||||||||||||
2021 | - | - | - | - | |||||||||||||
Non controlling interest: | |||||||||||||||||
Algonquin | 2022 | - | - | 4,762 | - | ||||||||||||
2021 | 198 | - | 6,144 | - | |||||||||||||
JGC Corporation | 2022 | - | - | - | 6,088 | ||||||||||||
2021 | 2,910 | - | - | - | |||||||||||||
Industrial Development Corporation of South Africa and Community Trust | 2022 | - | - | - | - | ||||||||||||
2021 | - | - | 3,309 | - | |||||||||||||
Other | 2022 | - | - | 21 | - | ||||||||||||
2021 | - | - | 41 | 5 | |||||||||||||
Total | 2022 | 1,224 | 17,006 | 4,783 | 6,088 | ||||||||||||
2021 | 19,387 | 15,768 | 9,494 | 5 |
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 |
Financial income | Financial expense | |||||||||||
Entities accounted for under the equity method: | $000 | $000 | ||||||||||
Arroyo Netherland II B.V | 2022 | 1,275 | - | |||||||||
2021 | 2,061 | - | ||||||||||
2020 | 2,001 | - | ||||||||||
Non controlling interest: | ||||||||||||
Other | 2022 | 23 | (65 | ) | ||||||||
2021 | 8 | (97 | ) | |||||||||
2020 | 16 | (155 | ) | |||||||||
Total | 2022 | 1,298 | (65 | ) | ||||||||
| 2021 | 2,069 | (97 | ) | ||||||||
| 2020 | 2,017 | (155 | ) |
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, | |||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||
Trade receivables | 125,437 | 227,343 | 213,345 | 125,437 | ||||||||||||
Tax receivables | 45,680 | 59,350 | 37,134 | 45,680 | ||||||||||||
Prepayments | 11,827 | 9,342 | 12,717 | 11,827 | ||||||||||||
Other accounts receivable | 17,390 | 11,108 | 23,287 | 17,390 | ||||||||||||
Total | 200,334 | 307,143 | 286,483 | 200,334 |
Balance as of December 31, | Balance as of December 31, | |||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||
Euro | 4,088 | 65,854 | 53,012 | 4,088 | ||||||||||||
South African Rand | 23,416 | 24,513 | - | 23,416 | ||||||||||||
Chilean peso | 5,037 | 3,386 | 4,431 | 5,037 | ||||||||||||
Mexican peso | 4,557 | 1,298 | ||||||||||||||
Other | 3,974 | 9,944 | 4,376 | 2,676 | ||||||||||||
Total | 36,515 | 103,697 | 66,376 | 36,515 |
Balance as of December 31, | Balance as of December 31, | |||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||
Cash at bank and on hand - non restricted | 393,430 | 368,381 | 271,329 | 393,430 | ||||||||||||
Cash at bank and on hand - restricted | 207,560 | 254,308 | 176,972 | 207,560 | ||||||||||||
Total | 600,990 | 622,689 | 448,301 | 600,990 |
Balance as of December 31, | Balance as of December 31, | |||||||||||||||
Currency | 2022 | 2021 | 2023 | 2022 | ||||||||||||
U.S. dollar | 309,756 | 318,071 | 266,200 | 309,756 | ||||||||||||
Euro | 217,675 | 230,136 | 102,820 | 217,675 | ||||||||||||
South African Rand | 36,137 | 38,268 | 30,908 | 36,137 | ||||||||||||
Mexican Peso | 4,010 | 4,926 | 13,455 | 4,010 | ||||||||||||
Algerian Dinar | 24,727 | 21,156 | 21,168 | 24,727 | ||||||||||||
Others | 8,685 | 10,132 | ||||||||||||||
Other | 13,750 | 8,685 | ||||||||||||||
Total | 600,990 | 622,689 | 448,301 | 600,990 |
Declared | Payable | Amount ($) per share | |||
February 29, 2024 | March 22, 2024 | 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 |
Declared | Payable | Amount ($) per share | |||
November 8, 2022 | December 15, 2022 | 0.445 | |||
August 2, 2022 | September 15, 2022 | 0.445 | |||
May 5, 2022 | June 15, 2022 | 0.44 | |||
February 25, 2022 | March 25, 2022 | 0.44 |
Balance as of December 31, | Balance as of December 31, | |||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||
Non-current | 1,000,503 | 995,190 | 1,050,816 | 1,000,503 | ||||||||||||
Current | 16,697 | 27,881 | 34,022 | 16,697 | ||||||||||||
Total Corporate debt | 1,017,200 | 1,023,071 | 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. |
2023 | 2024 | 2025 | 2026 | 2027 | Subsequent years | Total | 2024 | 2025 | 2026 | 2027 | 2028 | Total | ||||||||||||||||||||||||||||||||||||||||
2017 Credit Facility | 8 | 6,423 | - | - | - | - | 6,431 | 13 | 9,876 | - | - | - | 9,889 | |||||||||||||||||||||||||||||||||||||||
Revolving Credit Facility | 112 | 29,387 | 29,499 | 261 | 54,427 | - | - | - | 54,688 | |||||||||||||||||||||||||||||||||||||||||||
Commercial Paper | 9,937 | - | - | - | - | - | 9,937 | 25,691 | - | - | - | - | 25,691 | |||||||||||||||||||||||||||||||||||||||
2020 Green Private Placement | 423 | - | - | 308,389 | - | - | 308,812 | 174 | - | 318,668 | - | - | 318,842 | |||||||||||||||||||||||||||||||||||||||
2020 Note Issuance Facility | - | - | - | - | 147,257 | - | 147,257 | - | - | - | 152,356 | - | 152,356 | |||||||||||||||||||||||||||||||||||||||
Green Exchangeable Notes | 2,107 | - | 107,055 | - | - | - | 109,162 | 2,108 | 110,020 | - | - | - | 112,128 | |||||||||||||||||||||||||||||||||||||||
Green Senior Note | 964 | - | - | - | - | 395,060 | 396,024 | 963 | - | - | - | 395,964 | 396,927 | |||||||||||||||||||||||||||||||||||||||
Other bank Loans | 3,146 | 3,122 | 3,124 | 686 | - | - | 10,078 | 4,812 | 4,736 | 2,288 | 1,642 | 839 | 14,317 | |||||||||||||||||||||||||||||||||||||||
Total | 16,697 | 38,932 | 110,179 | 309,075 | 147,257 | 395,060 | 1,017,200 | 34,022 | 179,059 | 320,956 | 153,998 | 396,803 | 1,084,838 |
2022 | 2023 | 2024 | 2025 | 2026 | Subsequent years | Total | 2023 | 2024 | 2025 | 2026 | 2027 | Subsequent years | Total | |||||||||||||||||||||||||||||||||||||||||||
2017 Credit Facility | 5 | 8,199 | - | - | - | - | 8,204 | 8 | 6,423 | - | - | - | - | 6,431 | ||||||||||||||||||||||||||||||||||||||||||
Revolving Credit Facility | 112 | 29,387 | - | - | - | - | 29,499 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Paper | 24,422 | - | - | - | - | - | 24,422 | 9,937 | - | - | - | - | - | 9,937 | ||||||||||||||||||||||||||||||||||||||||||
2020 Green Private Placement | 359 | - | - | - | 327,081 | - | 327,440 | 423 | - | - | 308,389 | - | - | 308,812 | ||||||||||||||||||||||||||||||||||||||||||
2020 Note Issuance Facility | - | - | - | - | - | 155,814 | 155,814 | - | - | - | - | 147,257 | - | 147,257 | ||||||||||||||||||||||||||||||||||||||||||
Green Exchangeable Notes | 2,121 | - | - | 104,289 | - | - | 106,410 | 2,107 | - | 107,055 | - | - | - | 109,162 | ||||||||||||||||||||||||||||||||||||||||||
Green Senior Note | 963 | - | - | - | - | 394,155 | 395,118 | 964 | - | - | - | - | 395,060 | 396,024 | ||||||||||||||||||||||||||||||||||||||||||
Bank Loan | 11 | 1,895 | 1,895 | 1,862 | - | - | 5,663 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other bank Loans | 3,146 | 3,122 | 3,124 | 686 | - | - | 10,078 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | 27,881 | 10,094 | 1,895 | 106,151 | 327,081 | 549,969 | 1,023,071 | 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 | 2022 | 2021 | ||||||
Initial balance | 1,023,071 | 993,725 | ||||||
Cash changes | (17,945) | 14,754 | ||||||
Non-cash changes | 12,074 | 14,592 | ||||||
Final balance | 1,017,200 | 1,023,071 |
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, 2021 | 4,387,674 | 648,519 | 5,036,193 | |||||||||
Increases | 39,161 | 230,320 | 269,481 | |||||||||
Payments | (73,478 | ) | (543,484 | ) | (616,962 | ) | ||||||
Business combinations (Note 5) | 1,301 | 148 | 1,449 | |||||||||
Currency translation differences | (119,068 | ) | (18,041 | ) | (137,109 | ) | ||||||
Reclassifications | (9,072 | ) | 9,072 | - | ||||||||
Balance as of December 31, 2022 | 4,226,518 | 326,534 | 4,553,052 |
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, 2021. |
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 | |||||||||
Payments | (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 | - | ||||||||
Balance as of December 31, 2021 | 4,387,674 | 648,519 | 5,036,193 |
2023 | 2024 | 2025 | 2026 | 2027 | Subsequent years | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2024 | 2025 | 2026 | 2027 | 2028 | Subsequent years | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest payment | Interest payment | Nominal repayment | Interest payment | Nominal repayment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
15,053 | 311,481 | 323,731 | 442,920 | 358,444 | 504,954 | 2,596,469 | 4,553,052 | 15,215 | 305,087 | 325,303 | 352,495 | 499,968 | 464,648 | 2,356,544 | 4,319,260 |
2022 | 2023 | 2024 | 2025 | 2026 | Subsequent years | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 2024 | 2025 | 2026 | 2027 | 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 | 15,053 | 311,481 | 323,731 | 442,920 | 358,444 | 504,954 | 2,596,469 | 4,553,052 |
Project Debt | 2022 | 2021 | ||||||
Initial balance | 5,036,193 | 5,237,614 | ||||||
Cash changes | (636,343 | ) | (636,831 | ) | ||||
Non-cash changes | 153,202 | 435,410 | ||||||
Final balance | 4,553,052 | 5,036,193 |
Balance as of December 31, | Balance as of December 31, | |||||||||||||||
Currency | 2022 | 2021 | 2023 | 2022 | ||||||||||||
Euro | 1,633,790 | 1,942,903 | 1,571,369 | 1,633,790 | ||||||||||||
South African Rand | 277,492 | 314,471 | 233,854 | 277,492 | ||||||||||||
Algerian Dinar | 86,739 | 97,877 | 76,277 | 86,739 | ||||||||||||
Total | 1,998,021 | 2,355,251 | 1,881,500 | 1,998,021 |
Balance as of December 31, | Balance as of December 31, | |||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||
Grants | 911,593 | 970,557 | 852,854 | 911,593 | ||||||||||||
Other liabilities and provisions | 340,920 | 293,187 | 380,954 | 340,920 | ||||||||||||
Dismantling provision | 140,595 | 124,593 | 155,279 | 140,595 | ||||||||||||
Lease liabilities | 63,076 | 59,219 | 82,366 | 63,076 | ||||||||||||
Accruals on Spanish market prices differences | 91,884 | 74,795 | 98,820 | 91,884 | ||||||||||||
Other | 45,365 | 34,580 | 44,489 | 45,365 | ||||||||||||
Grant and other non-current liabilities | 1,252,513 | 1,263,744 | 1,233,808 | 1,252,513 |
As of December 31, 2022 | Total | 2023 | 2024 and 2025 | 2026 and 2027 | Subsequent years | |||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2023 | Total | 2024 | 2025 | 2026 | 2027 | 2028 | Subsequent | |||||||||||||||||||||||||||||||||||||||||
Other liabilities and provisions | 340,920 | - | 46,489 | 41,428 | 253,003 | 380,954 | - | 26,503 | 21,714 | 22,975 | 22,367 | 287,395 | ||||||||||||||||||||||||||||||||||||
Total | 340,920 | - | 46,489 | 41,428 | 253,003 | 380,954 | - | 26,503 | 21,714 | 22,975 | 22,367 | 287,395 |
As of December 31, 2021 | Total | 2022 | 2023 and 2024 | 2025 and 2026 | Subsequent years | |||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2022 | Total | 2023 | 2024 | 2025 | 2026 | 2027 | Subsequent | |||||||||||||||||||||||||||||||||||||||||
Other liabilities and provisions | 293,187 | - | 51,490 | 33,656 | 208,041 | 340,920 | - | 26,393 | 20,096 | 20,561 | 20,867 | 253,003 | ||||||||||||||||||||||||||||||||||||
Total | 293,187 | - | 51,490 | 33,656 | 208,041 | 340,920 | - | 26,393 | 20,096 | 20,561 | 20,867 | 253,003 |
Balance as of December 31, | Balance as of December 31, | |||||||||||||||
Item | 2022 | 2021 | 2023 | 2022 | ||||||||||||
Trade accounts payables | 84,465 | 79,052 | 77,266 | 84,465 | ||||||||||||
Down payments from clients | 11,169 | 542 | ||||||||||||||
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 | 44,596 | 34,313 | 35,067 | 32,660 | ||||||||||||
Total | 140,230 | 113,907 | 141,713 | 140,230 |
Deferred tax assets | Balance as of December 31, | Balance as of December 31, | ||||||||||||||
From | 2022 | 2021 | 2023 | 2022 | ||||||||||||
Net operating loss carryforwards (“NOL´s”) | 442,415 | 323,115 | 478,179 | 442,415 | ||||||||||||
Temporary tax non-deductible expenses | 134,328 | 128,186 | 158,201 | 134,328 | ||||||||||||
Derivatives financial instruments | 3,461 | 55,217 | 6,855 | 3,461 | ||||||||||||
Other | 5,895 | 4,225 | 20,800 | 5,895 | ||||||||||||
Total deferred tax assets | 586,099 | 510,743 | 664,035 | 586,099 |
Deferred tax liabilities | Balance as of December 31, | Balance as of December 31, | ||||||||||||||
From | 2022 | 2021 | 2023 | 2022 | ||||||||||||
Accelerated tax amortization | 524,363 | 465,219 | 589,111 | 524,363 | ||||||||||||
Other difference between tax and book value of assets | 186,536 | 180,218 | 154,875 | 186,536 | ||||||||||||
Derivatives financial instruments | 19,034 | - | 12,989 | 19,034 | ||||||||||||
Other | 2,991 | 1,897 | 17,353 | 2,991 | ||||||||||||
Total deferred tax liabilities | 732,924 | 647,334 | 774,328 | 732,924 |
Consolidated balance sheets classifications | Balance as of December 31, | Balance as of December 31, | ||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||
Deferred tax assets | 149,656 | 172,268 | 160,995 | 149,656 | ||||||||||||
Deferred tax liabilities | 296,481 | 308,859 | 271,288 | 296,481 | ||||||||||||
Net deferred tax liabilities | 146,825 | 136,591 | 110,293 | 146,825 |
Deferred tax assets | Amount | |||
As of December 31, | ||||
Increase/(decrease) through the consolidated | ||||
29,197 | ||||
Increase/(decrease) through other consolidated comprehensive income (equity) | (46,344 | ) | ||
Currency translation differences and other | (5,465 | ) | ||
As of December 31, 2022 | 149,656 | |||
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, | ||||
308,859 | ||||
Increase/(decrease) through the consolidated | (19,864 | ) | ||
Increase/(decrease) through other consolidated comprehensive income (equity) | 17,608 | |||
Currency translation differences and other | (10,122 | ) | ||
As of December 31, 2022 | 296,481 | |||
Increase/(decrease) through the consolidated profit and loss statement | (27,055 | ) | ||
Increase/(decrease) through other consolidated comprehensive income (equity) | (5,830 | ) | ||
Currency translation differences and other | 7,692 | |||
As of December 31, 2023 | 271,288 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||
2022 | 2021 | 2020 | 2023 | 2022 | 2021 | |||||||||||||||||||
Current tax | (39,372 | ) | (51,016 | ) | (21,205 | ) | (35,172 | ) | (39,372 | ) | (51,016 | ) | ||||||||||||
Deferred tax | 49,061 | 14,796 | (3,672 | ) | 34,382 | 49,061 | 14,796 | |||||||||||||||||
- relating to the origination and reversal of temporary differences | 49,061 | 14,796 | (3,672 | ) | 34,382 | 49,061 | 14,796 | |||||||||||||||||
Total income tax (expense)/income | 9,689 | (36,220 | ) | (24,877 | ) | (790 | ) | 9,689 | (36,220 | ) |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||
2022 | 2021 | 2020 | 2023 | 2022 | 2021 | |||||||||||||||||||
Consolidated profit/(loss) before taxes | (11,776 | ) | 25,302 | 41,751 | 37,238 | (11,776 | ) | 25,302 | ||||||||||||||||
Average statutory tax rate | 25 | % | 25 | % | 25 | % | 25 | % | 25 | % | 25 | % | ||||||||||||
Corporate income tax at average statutory tax rate | 2,944 | (6,326 | ) | (10,438 | ) | (9,310 | ) | 2,944 | (6,326 | ) | ||||||||||||||
Income tax of associates, net | 5,366 | 3,076 | 128 | 3,302 | 5,366 | 3,076 | ||||||||||||||||||
Differences in statutory tax rates | (4,296 | ) | (3,359 | ) | (94 | ) | (4,270 | ) | (4,296 | ) | (3,359 | ) | ||||||||||||
Unrecognized NOLs and deferred tax assets | (10,944 | ) | (11,232 | ) | (37,183 | ) | (11,070 | ) | (10,944 | ) | (11,232 | ) | ||||||||||||
Purchase of Liberty Interactive’s equity interest in Solana | - | - | 36,352 | |||||||||||||||||||||
Other permanent differences | 3,957 | (4,052 | ) | (8,895 | ) | |||||||||||||||||||
Other non-taxable income/(expense) | 12,662 | (14,327 | ) | (4,747 | ) | |||||||||||||||||||
Permanent differences | 17,493 | 3,957 | (4,052 | ) | ||||||||||||||||||||
Other adjustments to taxable income and expense | 3,065 | 12,662 | (14,327 | ) | ||||||||||||||||||||
Corporate income tax | 9,689 | (36,220 | ) | (24,877 | ) | (790 | ) | 9,689 | (36,220 | ) |
2022 | Total | 2023 | 2024 and 2025 | 2026 and 2027 | Subsequent | |||||||||||||||
Corporate debt (Note 14) | 1,017,200 | 16,697 | 149,111 | 456,332 | 395,060 | |||||||||||||||
Loans with credit institutions (project debt) (Note 15) | 3,595,671 | 273,556 | 666,875 | 755,269 | 1,899,972 | |||||||||||||||
Notes and bonds (project debt) (Note 15) | 957,381 | 52,978 | 99,776 | 108,129 | 696,497 | |||||||||||||||
Purchase commitments* | 823,856 | 96,847 | 154,344 | 107,909 | 464,755 | |||||||||||||||
Accrued interest estimate during the useful life of loans | 1,821,915 | 264,626 | 477,936 | 383,347 | 696,006 |
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 |
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 |
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, | |||||||||||||||||||||||
2022 | 2021 | 2020 | 2023 | 2022 | 2021 | |||||||||||||||||||
Employee benefit expenses | 80,232 | 78,758 | 54,464 | 104,083 | 80,232 | 78,758 | ||||||||||||||||||
Average monthly number of employees | 874 | 655 | 441 | |||||||||||||||||||||
Average number of employees | 1,304 | 874 | 655 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||
Other operating income | 2022 | 2021 | 2020 | 2023 | 2022 | 2021 | ||||||||||||||||||
Grants | 59,056 | 60,746 | 59,010 | 58,742 | 59,056 | 60,746 | ||||||||||||||||||
Insurance proceeds and other | 21,726 | 13,925 | 40,515 | 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 | 80,782 | 74,670 | 99,525 | 101,087 | 80,782 | 74,670 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||
Other operating expenses | 2022 | 2021 | 2020 | 2023 | 2022 | 2021 | ||||||||||||||||||
Raw materials and consumables used | (19,639 | ) | (70,690 | ) | (7,792 | ) | (35,380 | ) | (19,639 | ) | (70,690 | ) | ||||||||||||
Leases and fees | (11,512 | ) | (9,332 | ) | (2,531 | ) | (14,403 | ) | (11,512 | ) | (9,332 | ) | ||||||||||||
Operation and maintenance | (140,382 | ) | (154,007 | ) | (110,873 | ) | (130,442 | ) | (140,382 | ) | (154,007 | ) | ||||||||||||
Independent professional services | (38,894 | ) | (39,177 | ) | (40,193 | ) | (30,656 | ) | (38,894 | ) | (39,177 | ) | ||||||||||||
Supplies | (59,336 | ) | (40,790 | ) | (27,926 | ) | (37,822 | ) | (59,336 | ) | (40,790 | ) | ||||||||||||
Insurance | (45,756 | ) | (45,429 | ) | (37,638 | ) | (41,087 | ) | (45,756 | ) | (45,429 | ) | ||||||||||||
Levies and duties | (19,764 | ) | (29,949 | ) | (39,820 | ) | (15,031 | ) | (19,764 | ) | (29,949 | ) | ||||||||||||
Other expenses | (15,965 | ) | (24,957 | ) | (9,891 | ) | (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 | (351,248 | ) | (414,330 | ) | (276,666 | ) | (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 | 2022 | 2021 | 2020 | 2023 | 2022 | 2021 | ||||||||||||||||||
Interest income on deposits and current accounts | 21,715 | 7,740 | 3,580 | |||||||||||||||||||||
Interest income from loans and credits | 1,641 | 2,066 | 6,651 | 2,942 | 1,299 | 2,066 | ||||||||||||||||||
Interest rates benefits derivatives: cash flow hedges | 3,928 | 689 | 401 | |||||||||||||||||||||
Interest rates gains on derivatives: cash flow hedges | 350 | 1,110 | 316 | |||||||||||||||||||||
Total | 5,569 | 2,755 | 7,052 | 25,007 | 10,149 | 5,962 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||
Financial expenses | 2022 | 2021 | 2020 | |||||||||||||||||||||
Financial expense | 2023 | 2022 | 2021 | |||||||||||||||||||||
Interest on loans and notes | (292,043 | ) | (302,558 | ) | (316,237 | ) | (350,347 | ) | (292,043 | ) | (302,558 | ) | ||||||||||||
Interest rates losses derivatives: cash flow hedges | (41,220 | ) | (58,712 | ) | (62,149 | ) | ||||||||||||||||||
Interest rates gains/(losses) on derivatives: cash flow hedges | 26,598 | (38,402 | ) | (58,340 | ) | |||||||||||||||||||
Total | (333,263 | ) | (361,270 | ) | (378,386 | ) | (323,749 | ) | (330,445 | ) | (360,898 | ) |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||
Other financial income/(expense), net | 2022 | 2021 | 2020 | 2023 | 2022 | 2021 | ||||||||||||||||||
Other financial income | 27,938 | 32,321 | 162,290 | 8,863 | 20,539 | 28,742 | ||||||||||||||||||
Other financial losses | (21,435 | ) | (16,571 | ) | (121,415 | ) | (25,546 | ) | (21,434 | ) | (16,571 | ) | ||||||||||||
Total | 6,503 | 15,750 | 40,875 | (16,683 | ) | (895 | ) | 12,171 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||
Item | 2022 | 2021 | 2020 | 2023 | 2022 | 2021 | ||||||||||||||||||
Profit/(loss) attributable to Atlantica | (5,443 | ) | (30,080 | ) | 11,968 | 43,380 | (5,443 | ) | (30,080 | ) | ||||||||||||||
Average number of ordinary shares outstanding (thousands) - basic | 114,695 | 111,008 | 101,879 | 116,152 | 114,695 | 111,008 | ||||||||||||||||||
Average number of ordinary shares outstanding (thousands) - diluted | 118,501 | 114,523 | 103,392 | 119,720 | 118,865 | 115,408 | ||||||||||||||||||
Earnings per share for the year (US dollar per share) - basic | (0.05 | ) | (0.27 | ) | 0.12 | 0.37 | (0.05 | ) | (0.27 | ) | ||||||||||||||
Earnings per share for the year (US dollar per share) - diluted (*) | (0.05 | ) | (0.27 | ) | 0.12 | 0.37 | (0.09 | ) | (0.28 | ) |
Appendices | Appendix I |
Company name | Project name | Registered address | % of interest | Business |
ACT Energy México, S. de R.L. de C.V. | ACT | Santa Barbara (Mexico) | 100.00 | (2) |
Agrisun, Srl. | Italy PV 1 | Rome (Italy) | 100.00 | (3) |
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) | |
Atlantica Hystone S.L.U. | Seville (Spain) | 100.00 | (3) | |
Atlantica Infraestructura Sostenible, S.L.U | Seville (Spain) | 100.00 | (5) | |
Atlantica Perú, S.A. | 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) | |
Atlantica Newco Limited | Brentford (United Kingdom) | 100.00 | (5) | |
Atlantica DCR, LLC | Delaware (United States) | 100.00 | (5) | |
ASHUSA Inc. | Delaware (United States) | 100.00 | (5) | |
Atlantica South Africa (Pty) Ltd | 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) | |
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. | 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 4, S.A | Lima (Peru) | 100.00 | (1) | |
Atlantica Transmisión Sur, S.A. | ATS | Lima (Peru) | 100.00 | (1) |
ACT Holdings, S.A. de C.V. | Mexico D.F. (Mexico) | 100.00 | (5) | |
Aguas de Skikda S.P.A. | Skikda | Dely Ibrahim (Algeria) | 51.00 | (4) |
Arizona Solar One, LLC. | Solana | Delaware (United States) | 100.00 | (3) |
ASI Operations LLC | Delaware (United States) | 100.00 | (3) | |
ASO Holdings Company, LLC. | Delaware (United States) | 100.00 | (5) | |
Atlantica Investment Ltd. | Brentford (United Kingdom) | 100.00 | (5) | |
AYES International UK Ltd | Brentford (United Kingdom) | 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) |
AY Holding Uruguay, S.A. | Montevideo (Uruguay) | 100.00 | (5) | |
Atlantica Yield Energy Solutions Canada Inc. | 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) | |
Befesa Agua Tenes, S.P.A. | 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) |
Calgary District Heating, Inc | Calgary | Vancouver (Canada) | 100.00 | (2) |
Carpio Solar Inversiones, S.A. | Seville (Spain) | 100.00 | (5) | |
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) | |
Diamond FV S.R.L. | Rome (Italy) | 100.00 | (3) | |
Ecija Solar Inversiones, S.A. | 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) |
Extremadura Equity Investments Sárl. | 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) |
Geida Skikda, S.L. | 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 Electricidad Dos, S.A. | 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) |
Company name | Project name | Registered address | % of | Business |
ACT Energy México, S. de R.L. de C.V. | ACT | Santa Barbara (Mexico) | 100.00 | (2) |
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) | |
Atlantica Infraestructura Sostenible, S.L.U | Seville (Spain) | 100.00 | (5) | |
Atlantica Perú, S.A. | 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) | |
Atlantica Newco Limited | Brentford (United Kingdom) | 100.00 | (5) | |
Atlantica DCR, LLC | Delaware (United States) | 100.00 | (5) | |
ASHUSA Inc. | Delaware (United States) | 100.00 | (5) | |
Atlantica South Africa (Pty) Ltd | 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) | |
Atlantica Hidro Colombia SPA | Bogota D.C. (Colombia) | 15.00* | (4) | |
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) | |
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 4, S.A | Lima (Peru) | 100.00 | (1) | |
Atlantica Transmisión Sur, S.A. | ATS | Lima (Peru) | 100.00 | (1) |
ACT Holdings, S.A. de C.V. | Mexico D.F. (Mexico) | 100.00 | (5) | |
Aguas de Skikda S.P.A. | Skikda | Dely Ibrahim (Algeria) | 51.00 | (4) |
Arizona Solar One, LLC. | Solana | Delaware (United States) | 100.00 | (3) |
ASI Operations LLC | 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) | |
Atlantica Investment Ltd. | Brentford (United Kingdom) | 100.00 | (5) | |
AYES International UK Ltd | Brentford (United Kingdom) | 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) |
AY Holding Uruguay, S.A. | Montevideo (Uruguay) | 100.00 | (5) | |
Atlantica Yield Energy Solutions Canada Inc. | Vancouver (Canada) | 10.00* | (5) | |
Banitod, S.A. | Montevideo (Uruguay) | 100.00 | (5) | |
Befesa Agua Tenes | 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) |
Calgary District Heating, Inc | Calgary | Vancouver (Canada) | 100.00 | (2) |
Carpio Solar Inversiones, S.A. | Seville (Spain) | 100.00 | (5) | |
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) | |
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) |
Extremadura Equity Investments Sárl. | Luxembourg (Luxembourg) | 100.00 | (5) | |
Fotovoltaica Solar Sevilla, S.A. | Seville PV | Seville (Spain) | 80.00 | (3) |
Geida Skikda, S.L. | 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 Electricidad Dos, S.A. | 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) |
Hunucma Wind Power S.A. de C.V | Mexico D.F. (Mexico) | 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) |
VO Renovables SOL 1 S.A.S. | Bogota D.C. (Colombia) | 70.00 | (3) | |
White Rock Insurance (Europe) PCC Limited | Birkirkara (Malta) | 100.00 | (5) |
(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 these entities under IFRS 10, Consolidated Financial Statements. |
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. | Bogota D.C. (Colombia) | 70.00 | (3) | 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) | 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 Chile SpA | Santiago de Chile (Chile) | 100.00 | (5) | |||||||||
Atlantica Hidro Colombia SPA | Bogota D.C. (Colombia) | 15.00* | (3) | |||||||||
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. | Bogota D.C. (Colombia) | 100.00 | (5) | Bogota D.C. (Colombia) | 100.00 | (5) | ||||||
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) | 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) | 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) | ||||||||
Chile PV 2 | Chile PV 2 | 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) | ||||
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) | 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) | ||||||
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 1 | Seville (Spain) | 100.00 | (3) | ||||
Helios II Hyperion Energy Investments, S.A. | Helios 2 | Seville (Spain) | 100.00 | (3) | 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) |
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. | 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. | 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) | ||||
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. | 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 |
Appendices | Appendix II |
Company name | Project name | Registered address | % of interest | Business | |||||
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 | ) | ||||
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 | ) | |||||
Evacuación Villanueva del Rey, S.L. | Seville (Spain) | 40.0 | (3 | ) | |||||
Fontanil Solar S.L. | Albacete (Spain) | 25.0 | (3 | ) | |||||
Geida Tlemcen S.L. | 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 | ) | |||||
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 | ) |
(1) | Business sector: Transmission lines |
(2) | Business sector: Efficient natural gas and heat |
(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 | ||||||||||
Akuo Atlantica PMGD Holding | Chile PMGD | Santiago de Chile (Chile) | 49.0 | (3 | ) | 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 | ) | ||||||||
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 | ) | 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 | ) | Seville (Spain) | 20.0 | (3 | ) | ||||||||||
Murum Solar, S.L. | Murcia (Spain) | 25,0 | (3 | ) | Murcia (Spain) | 25.0 | (3 | ) | ||||||||||
Pectonex R.F. | Pretoria (South Africa) | 50.0 | (3 | ) | Pretoria (South Africa) | 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 | |||||
Amherst Island Partnership | Windlectric | Ontario (Canada) | 30.0 | (3 | ) | ||||
Arroyo Energy Netherlands II B.V. | Monterrey | Amsterdam (Netherlands) | 30.0 | (2 | ) | ||||
Evacuacion Valdecaballeros, S.L. | Caceres (Spain) | 57.2 | (3 | ) | |||||
Evacuación Villanueva del Rey, S.L. | Seville (Spain) | 40.0 | (3 | ) | |||||
Geida Tlemcen S.L. | Honaine | Madrid (Spain) | 50.0 | (4 | ) | ||||
Liberty Infraestructuras, S.L. | Seville (Spain) | 20.0 | (3 | ) | |||||
Pectonex R.F. | Pretoria (South Africa) | 50.0 | (3 | ) | |||||
2007 Vento II, LLC. | Vento II | Delaware (United States) | 49.0 | (3 | ) |
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 | 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) | 1,887,669 | (664,681 | ) | (25,082 | ) | Fixed price per MWh with annual increases of 1.84% per year | 30-year PPA with APS regulated by ACC | 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) | 1,573,621 | (497,072 | ) | 45,193 | Fixed price per MWh without any indexation mechanism | 25-year PPA with PG&E regulated by CPUC and CAEC | 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) | 147,937 | (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 | 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) | 122,012 | (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 | 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) | 136,053 | (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 | 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: | 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: | 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 |
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 | (87,873 | ) | 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 |
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 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) | 360,412 | (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 Superentendencia 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 Superentendencia de Electricidad, among others |
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 |
(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) | Arrangement 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) | 1,865,770 | (568,911 | ) | (26,886 | ) | 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) | 1,578,530 | (435,937 | ) | 38,239 | 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) | 147,925 | (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 | 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) | 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 | 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) | 135,988 | (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 | 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) | 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 |
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) | 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 |
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) | 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 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) | 360,271 | (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 | Algeria | (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 | 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) | 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. |
Appendices | Appendix IV |
Subsidiary name | 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* | 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 | %** | 2,849 | 7,060 | 47,509 | 68,655 | 29,293 | 12,470 | 6,788 | 10,725 | - | 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 | % | 21,333 | (5 | ) | 15,996 | 18,657 | 4,910 | - | 4,904 | (6 | ) | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | % | 1,913 | 402 | 25,271 | 201,060 | 12,730 | 115,109 | 14,857 | 1,158 | (1,428 | ) | 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 | % | 1,397 | 370 | 24,522 | 201,088 | 13,814 | 117,948 | 15,495 | 1,051 | (1,642 | ) | 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 | % | 2,260 | 5,675 | 25,592 | 94,989 | 40,884 | 72,279 | 11,365 | 11,581 | - | 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 | Distributions 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 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 | %** | 3,753 | 7,166 | 43,985 | 69,057 | 27,863 | 17,030 | 6,552 | 10,886 | - | 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 | % | 17,282 | (8 | ) | 38,200 | 38,507 | 6,291 | - | 6,279 | (8 | ) | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Solaben Electricidad Dos S.A. | Itochu Europe Plc | 30 | % | 2,375 | 406 | 25,864 | 224,412 | 12,798 | 138,026 | 13,910 | 1,354 | (9,726 | ) | 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 | % | 2,382 | 246 | 24,605 | 223,976 | 12,201 | 141,077 | 13,825 | 820 | (9,713 | ) | 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 | % | 2,813 | 6,409 | 21,795 | 96,444 | 36,283 | 79,129 | 9,120 | 12,950 | - | Algerian Energy Company S.P.A. | 49 | % | 2,260 | 5,675 | 25,592 | 94,989 | 40,884 | 72,279 | 11,365 | 11,581 | - |