UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2023
Commission File Number 001-36487
Atlantica Sustainable Infrastructure plc
(Exact name of Registrant as specified in its charter)
Not Applicable
(Translation of Registrant’s name into English)
Great West House, GW1, 17th floor
Great West Road
Brentford, TW8 9DF
United Kingdom
Tel: +44 203 499 0465
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
☒ Form 20-F | ☐ Form 40-F |
November 8, 2023 Q3 2023 Earnings Presentation
DISCLAIMER Forward Looking Statements This presentation contains forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this presentation, including, without limitation, those regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, future developments in the markets in which we operate or are seeking to operate. In some cases, you can identify forward-looking statements by terminology such as “anticipate”, “believe”, “could”, “estimate”, “expect“, “may”, “plan“, “should” or “will” or the negative of such terms or other similar expressions or terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements speak only as of the date of this presentation and are not guarantees of future performance and are based on numerous assumptions. Our actual results of operations, financial condition and the development of events may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements. Except as required by law, we do not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof or to reflect anticipated or unanticipated events or circumstances. Investors should read the section entitled “Item 3.D.—Risk Factors” and the description of our segments and business sectors in the section entitled “Item 4.B. Information on the Company—Business Overview”, each in our Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”), for a more complete discussion of the risks and factors that could affect us. Forward-looking statements include, but are not limited to, statements relating to: our financing strategy; our investment plan, including our committed or earmarked investments for 2023 and 2024; growth update and projects pipeline, including certain of our projects under construction; our plans to sell certain assets; CAFD estimates, including per currency, geography and sector; net corporate debt / CAFD before corporate debt service based on CAFD estimates; debt refinancing or reduction; our expectations about the demand of renewable energy and our ability to capture growth opportunities; self-amortizing project debt structure; our balance sheet and state of our liquidity; the use of non-GAAP measures as a useful tool for investors; the possibility to extend asset life; and various other factors, including those factors discussed under “Item 3.D.—Risk Factors” and “Item 5.A.—Operating Results” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2022 filed with the SEC. Non-GAAP Financial Measures This presentation also includes certain non-GAAP financial measures, including Adjusted EBITDA, CAFD and CAFD per share. Non-GAAP financial measures are not measurements of our performance or liquidity under IFRS as issued by IASB and should not be considered alternatives to operating profit or profit for the period or net cash provided by operating activities or any other performance measures derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. Please refer to the appendix of this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with IFRS as well as the reasons why management believes the use of non-GAAP financial measures (including CAFD, CAFD per share and Adjusted EBITDA) in this presentation provides useful information to investors. In our discussion of operating results, we have included foreign exchange impacts in our revenue and Adjusted EBITDA growth. The constant currency presentation is not a measure recognized under IFRS and excludes the impact of fluctuations in foreign currency exchange rates. We believe that constant currency information provides valuable supplemental information regarding our results of operations. We calculate constant currency amounts by converting our current period local currency revenue and Adjusted EBITDA using the prior period foreign currency average exchange rates and comparing these adjusted amounts to our prior period reported results. This calculation may differ from similarly titled measures used by others and, accordingly, the constant currency presentation is not meant to be a substitute for recorded amounts presented in conformity with IFRS as issued by the IASB nor should such amounts be considered in isolation.
Highlights Prudent and Simple Financing Model No complex financings. No partners with preferred distribution rights Non-recourse self-amortizing project debt is a key principle BB+ Rating Limited interest rate risk1 Constructive PPA Environment Solid prospects for renewable energy demand PPA prices incorporating current capital markets conditions Well positioned to take advantage of the current market As an example, Coso Batteries 1 and 2, two storage projects under construction in California just signed two tolling agreements/PPAs with an investment grade utility Visible Growth Plan Pipeline: 2.1 GW of Renewable Energy and 6.0 GWh of Storage Multiple growth levers, including expansions, repowering and optimization of existing assets Well Contracted and Diversified Portfolio 100% contracted or regulated assets2 13 years weighted average PPA life remaining 50% of revenue non-dependent on natural resource3 See further detail in slide 10 and 18. 100% contracted or regulated. Regulated revenue in Spain, Chile TL3 and Italy and non-contracted nor regulated in the case of Chile PV1 and Chile PV3. Calculated as a % of Revenue from FY 2022. Revenues non-dependent on natural resources includes transmission lines, efficient natural gas and heat, water assets and approximately 76% revenues received by our Spanish assets.
US$ in million (except CAFD per share) 2023 2022 ∆ Reported ∆ Excluding FX impact Revenue 858.6 858.4 - -2 Adjusted EBITDA 627.3 630.6 (0.5)% (0.5)%2 CAFD 184.2 179.0 2.9% 0.6%3 CAFD per share1 1.59 1.57 1.2% (1.1)%3 HIGHLIGHTS Operating Results CAFD per share is calculated by dividing CAFD for the period by the weighted average number of shares for the period (see reconciliation on page 28). Compared to first nine months 2022, on a constant currency basis. Compared to first nine months 2022, excluding $4.1 million from the sale of part of our equity interest in our development company in Colombia to a partner in Q1 2023. First 9 Months
HIGHLIGHTS Performance by Region and Sector North America South America EMEA Renewables Efficient Nat. Gas & Heat Transmission Lines Water Revenue Adjusted EBITDA US$ in million Revenue Adjusted EBITDA By Region By Sector 9m 2023 9m 2022 ∆ 338.7 323.7 4.6% 260.7 258.1 1.0% 9m 2023 9m 2022 ∆ 140.3 122.5 14.5% 112.1 95.1 17.9% 9m 2023 9m 2022 ∆ 379.6 412.2 (7.9)% 254.5 277.4 (8.3)% 9m 2023 9m 2022 ∆ 640.1 652.8 (1.9)% 460.4 469.8 (2.0)% 9m 2023 9m 2022 ∆ 85.0 81.9 3.8% 66.5 66.8 (0.4)% 9m 2023 9m 2022 ∆ 91.8 83.3 10.2% 73.3 66.2 10.6% 9m 2023 9m 2022 ∆ 41.7 40.4 3.1% 27.1 27.8 (2.5)%
Includes 49% of Vento II production since its acquisition. Includes curtailment in wind assets for which we receive compensation. Represents total installed capacity in assets owned or consolidated at the end of the period, regardless of our percentage of ownership in each of the assets, except for Vento II, for which we have included our 49% interest. GWh produced includes 30% share of the production from Monterrey. Availability refers to the time during which the asset was available to our client totally or partially divided by contracted or budgeted availability, as applicable. Includes 43 MW corresponding to our 30% share in Monterrey and 55 MWt corresponding to thermal capacity from Calgary District Heating. Decrease in availability in ACT due to scheduled maintenance stops during the period, which do not affect revenue. KEY OPERATIONAL METRICS Operational Performance Renewables 9m 2023 9m 2022 GWh produced1 4,383 4,155 MW in operation2 2,161 2,121 Transmission Lines 9m 2023 9m 2022 Availability4 99.9% 99.9% Miles in operation 1,229 1,229 Efficient Natural Gas & Heat Water 9m 2023 9m 2022 Availability4 101.2% 102.6% Mft3 in operation2 17.5 17.5 9m 2023 9m 2022 GWh produced3 1,892 1,898 Availability4,6 98.8% 100.4% MW in operation5 398 398
INVESTMENT PLAN Proactively Managing Investments in 2023 and 2024 2023 2024 Committed or earmarked for the full year Coso Batteries 1 & 2 Batteries US PV Expansion of our existing lines Transmission Storage & others Others North America, South America & Europe $100-120M $150-180M $46-53M1 (1) Our partner in Monterrey initiated a process to sell its 70% stake in the asset. Such process is well advanced and, as part of it, we intend to sell our interest as well under the same terms. The net proceeds to Atlantica are expected to be in the range of $46 to $53 million, after tax. The transaction is subject to certain conditions precedent and final transaction closing. Sale of our 30% equity stake in Monterrey
GROWTH UPDATE 2 PPAs Signed with an Investment Grade Utility Coso Batteries Projects PPAs Signed for Coso Batteries 1&2 Two 15-year tolling agreements signed for Coso Batteries 1 and Coso Batteries 2 Coso Batteries 2 is an 80 MWh (4 hours) storage project located inside our Coso geothermal plant in California Investment grade offtaker Fixed monthly payments Additional revenue from ancillary services Second life beyond PPA with possibility to sign resource adequacy Coso Batteries 1 and Coso Batteries 2 with combined storage capacity of 180 MWh Synergies with Coso geothermal plant Economies of scale Coso Batteries 1 Coso Batteries 2
GROWTH UPDATE Pipeline of ~2.1 GW of Renewable Energy + ~6.0 GWh of storage Project Type (GW)1 Focus on North America supported by the Inflation Reduction Act Only includes projects estimated to be ready to build before or in 2030 of approximately 3.6 GW, 2.1 GW of renewable energy and 1.5 GW of storage (equivalent to 6.0 GWh). Capacity measured by multiplying the size of each project by Atlantica’s ownership. Potential expansions of transmission lines not included. Renewable Energy(GW) Storage (GWh) 2.1 6.0 1.1 4.0 0.4 1.8 0.6 0.2 North America Europe South America Source (GW)1 Project Stage (GW)1 Development Pipeline
PRUDENT FINANCING Prudent and Simple Financing Model Project Debt Interest Rate Risk Key Principle: majority of non-recourse self amortizing project debt in ring-fenced subsidiaries Project debt is fully repaid progressively before the end of PPA/regulation3 No complex financings. No partnerships where the partner has preferred distribution rights $338 million average annual project debt repayment between 2023 and 2028 Corporate Debt BB+ Rating by S&P and Fitch Net corporate debt represents ~20% of net consolidated debt2 Net corporate debt / CAFD before corporate interest ratio at 3.4x 2 ($M) 2022 2021 CAFD before Debt Service 858 838 Interest paid (272) (293) Debt repayment (348) (319) CAFD 238 226 93% of Consolidated Debt has fixed rates or is hedged5 First sizeable corporate maturity in 2025 for $113 million4 Project debt hedged for the life of the finance agreements All amounts and ratios are as of September 30, 2023 unless otherwise indicated. Net corporate debt / CAFD before corporate debt service is calculated as net corporate debt divided by midpoint 2023 CAFD guidance before corporate debt service. If the ratio was calculated using last twelve months CAFD before corporate debt service instead of midpoint 2023 CAFD guidance before corporate debt service, the ratio would be 3.5x Project debt repayment schedule as of September 30, 2023, adjusted by two tranches of debt with mini-perm structures: $140 million in Coso to be refinanced in 2027 and $87 million in Logrosan (holding of Solaben assets) to be refinanced in 2028. Excluding $40 million corresponding to the Revolving Credit Facility. 96% of corporate debt and 92% of project debt is either fixed or hedged. (Refer to page 18 for detail). ~$1.9B3 scheduled debt reduction in the next 5 years
Appendix
Geography1 Interest rates Currency Highly Sector1 SIZEABLE AND DIVERSIFIED ASSET PORTFOLIO Portfolio Breakdown Based on Estimated CAFD 70% Renewable 15% Eff. Natural Gas & Heat 12% Transmission Lines 3% Water of interest rates in project debt are fixed or hedged3 ~92 % 90 Denominated in USD or hedged1,2 % > Contracted 13 years Weighted Average PPA Life Remaining4 50 of Revenue non dependent on natural resource5 % (~100%)6 Stable Cashflows Based on CAFD estimates for the 2023-2026 period as of March 1, 2023, for the assets as of December 31, 2022, including assets that have reached COD before March 1, 2023. See “Disclaimer – Forward Looking Statements”. Euro denominated cash flows from assets in Europe, net of euro-denominated corporate interest payments and general and administrative expenses, are hedged through currency options on a rolling basis 100% for the next 12 months and 75% for the following 12 months. Based on weighted outstanding debt as of September 30, 2023. Calculated as weighted average years remaining as of September 30, 2023 based on CAFD estimates for the 2023-2026 period, including assets that have reached COD before March 1, 2023. See “Disclaimer – Forward Looking Statements”. Calculated as a % of Revenue from FY 2022. Revenues non-dependent on natural resources includes transmission lines, efficient natural gas and heat, water assets and approximately 76% revenues received by our Spanish assets. 100% contracted or regulated. Regulated revenue in Spain, Chile TL3 and Italy and non-contracted nor regulated in the case of Chile PV1 and Chile PV3. > 40% North America 34% Europe 18% South America 8% RoW
CASH FLOW Operating Cash Flow US$ in million 2023 2022 Adjusted EBITDA 627.3 XX 630.6 Share in Adjusted EBITDA of unconsolidated affiliates (25.3) (37.6) Net interest and income tax paid (159.9) (162.1) Variations in working capital (116.1) 47.8 Non-monetary adjustments and other 7.9 37.0 OPERATING CASH FLOW 333.9 515.7 Acquisitions of subsidiaries and entities under the equity method and investments in assets under development and construction (51.3) (76.0) Investments in operating concessional assets (24.7) (27.9) Distributions from entities under the equity method & other 51.4 55.8 INVESTING CASH FLOW (24.6) (48.1) FINANCING CASH FLOW (310.0) (263.1) Net change in consolidated cash1 (0.7) 204.5 First 9 Months Consolidated cash as of September 30, 2023, decreased by $6.4 million vs December 31, 2022, including FX translation differences of $(5.7) million.
Net corporate debt is calculated as long-term corporate debt plus short-term corporate debt minus cash and cash equivalents at Atlantica’s corporate level. Net corporate debt / CAFD before corporate debt service is calculated as net corporate debt divided by midpoint 2023 CAFD guidance before corporate debt service. CAFD before corporate debt service is calculated as CAFD plus corporate debt interest paid by Atlantica. If the ratio was calculated using last twelve months CAFD before corporate debt service instead of midpoint 2023 CAFD guidance before corporate debt service, the ratio would be 3.5x. Net project debt is calculated as long-term project debt plus short-term project debt minus cash and cash equivalents at the consolidated project level. NET DEBT Net Corporate Debt to CAFD pre corporate interest at 3.4x Corporate Sept. 30, 2023 Dec. 31, 2022 998.6 956.4 3,865.5 4,012.9 Project Net Project Debt3 3.4x 3.4x Net Corporate Debt1 Net Corporate Debt/ CAFD pre corporate debt service2 US$ in million
Exchange rates as of September 30, 2023 (EUR/USD = 1.0573) and December 31, 2022 (EUR/USD = 1.0705). Restricted cash is cash which is restricted generally due to requirements of certain project finance agreements. US $ in million1 As of Sept. 30 2023 As of Dec. 31 2022 Corporate cash at Atlantica 48.0 60.8 Existing available revolver capacity 393.1 385.1 Total Corporate Liquidity 441.1 445.9 Cash at project companies 546.6 540.2 - Restricted2 209.1 207.6 - Other 337.5 332.6 LIQUIDITY Liquidity Position
Strong Liquidity and No Significant Corporate Debt Maturities in the Short-term ~$441.1 million @ 30/09/23 Corporate Liquidity ~3.4 years average maturity2 of current corporate debt Revolving Credit Facility’s total limit is $450.0 million, of which $393.1 million was available as of September 30, 2023 $441.1 million available liquidity, out of which $48.0 million was corporate cash as of September 30, 2023 Corporate Debt Maturities1,2 Corporate Debt is the indebtedness where Atlantica Sustainable Infrastructure plc. is the primary obligor. Corporate Debt Maturities as of September 30 2023, except for the Revolving Credit Facility for which we are considering the new maturity of December 2025, extended on May 30, 2023. Corporate Liquidity means cash and cash equivalents held at Atlantica Sustainable Infrastructure plc. level as of Sept 30, 2023 plus available capacity under the Revolving Credit Facility as of Sept 30, 2023. Corporate Cash corresponds to cash and cash equivalents held at Atlantica Sustainable Infrastructure plc. 153 3 4 LIQUIDITY AND DEBT MATURITIES Healthy Balance Sheet and Strong Liquidity
CORPORATE DEBT DETAILS Corporate Debt as of September 30, 2023 No significant maturities in the short term Exchange rates as of September 30, 2023 (EUR/USD = 1.0573). Amounts include principal amounts outstanding, unless stated otherwise. As of September 30, 2023, letters of credit with face value in an amount equal to $16.9 million were outstanding and $393.1 million was available under the Revolving Credit Facility. The latter has a total limit of $450 million. US $ in million1 Maturity Amounts2 Credit Facilities (Revolving Credit Facility)3 2025 39.3 (Other facilities)4 2023 – 2028 51.5 Green Exchangeable Notes5 2025 109.2 2020 Green Private Placement6 (€ denominated) 2026 305.0 Note Issuance Facility 20207 (€ denominated) 2027 145.9 Green Senior Notes8 2028 395.7 Total 1,046.6 Other facilities include the Commercial Paper Program, accrued interest payable and other debt. Senior unsecured notes dated July 17, 2020, exchangeable into ordinary shares of Atlantica, cash, or a combination of both, at Atlantica’s election. Senior secured notes dated April 1, 2020, of €290 million. Senior unsecured note facility dated July 8, 2020, of €140 million. Green Senior Unsecured Notes dated May 18, 2021, of $400 million.
Project Debt Calculated as the weighted average of the percentage of fixed or hedged corporate debt and the % of fixed or hedged project debt based on outstanding balance as of September 30, 2023. (2) See our Annual Report on Form 20-F for the fiscal year ended December 31, 2022 for additional information on the specific interest rates and hedges. INTEREST RATE RISK COVERAGE 93%1 of Debt Fixed or Hedged2 ASSET INTEREST TYPE FIXED1,3 Solana fixed 100% Mojave fixed 100% Coso hedged 100% Solaben 2 hedged 90% Solaben 3 hedged 90% Logrosan hedged 100% Solacor 1 hedged 90% Solacor 2 hedged 90% Helioenergy 1 hedged 99% Helioenergy 2 hedged 99% Solnova 1 hedged 90% Solnova 3 hedged 90% Solnova 4 hedged 90% Helios 1/2 fixed 100% Solaben 1/6 fixed 100% Palmatir fixed 94% Cadonal hedged 88% Melowind hedged 75% ACT hedged 75% ATN fixed 100% ATN 2 fixed 100% ATS fixed 100% Quadra 1 hedged 75% Quadra 2 hedged 75% Palmucho hedged 75% Skikda fixed 100% Tenes fixed 100% Kaxu hedged 58% Chile PV 1&2 hedged 80% Rioglass hedged 78% Montesejo fixed 100% Hedged4 42.2% Fixed4 50.0% Total Fixed or Hedged 92.2% (3) Percentage fixed or hedged. (4) Weighted average based on outstanding balance as of September 30, 2023. (5) Other facilities include the Commercial Paper Program, accrued interest payable and other debt. INSTRUMENT INTEREST TYPE Sept. 30, 2023 Revolving Credit Facility (RCF) Variable 39.3 Green Exchangeable Notes Fixed 109.2 2020 Green Private Placement Fixed 305.0 Note Issuance Facility 2020 Hedged (100%) 145.9 Green Senior Notes Fixed 395.7 Other facilities5 Fixed 51.5 Total Outstanding Debt 1,046.6 Hedged4 13.9% Fixed4 82.3% Total Fixed or Hedged 96.6% Corporate Debt fixed or hedged1 of Corporate Debt ~96% of Project Debt ~92% Project Debt fixed or hedged for the life of the project finance
Project Debt Amortization Schedule Asset ($ Millions) Oct. 1 to Dec.31 2023 Full Year Forescasted ammortization Schedule on non-recourse Project debt as of September 30, 2023 ($ millions) 2023 (October to December) 2024 2025 2026 2027 2028 Thereafter Total Solana 22.8 24.2 26.8 29.5 32.4 35.4 415.4 586.6 Mojave 29.7 36.9 38.1 39.4 40.7 36.2 275.9 496.9 Kaxu 20.6 24.8 25.2 28.4 31.0 33.5 83.2 246.7 Helios 1/2 12.8 21.0 21.4 20.9 21.2 21.6 161.3 280.2 Solaben 1/6 8.6 13.7 14.6 15.2 15.6 16.3 96.7 180.7 Solaben 2/3 11.2 12.1 18.6 20.6 22.1 110.84 122.6 318.0 Solnova 1/3/4 18.5 29.7 30.2 31.7 31.5 30.4 169.8 341.7 Helioenergy 1/2 11.9 18.5 19.6 18.6 19.8 21.9 126.3 236.6 Solacor 1/2 7.9 13.8 14.4 14.8 15.2 15.4 126.6 208.1 Chile PV 1 0.6 1.1 1.0 1.1 1.5 2.2 41.5 49.2 Chile PV 2 1.4 0.8 1.4 2.4 2.0 2.1 11.4 21.5 Italy PV 1 0.2 0.4 0.4 0.2 0.0 0.0 0.0 1.3 Italy PV 4 0.0 0.1 0.1 0.1 0.1 0.2 0.4 1.2 Total Solar 146.3 197.1 211.9 223.0 233.2 326.1 1,631.1 2,968.7 Palmatir 0.4 5.8 6.6 7.0 7.5 8.0 30.1 65.4 Cadonal 0.2 2.5 3.1 3.4 3.6 3.9 26.7 43.4 Melowind 3.0 4.6 5.0 5.1 4.8 5.7 40.6 68.7 Total Wind 3.6 12.9 14.7 15.5 16.0 17.5 97.4 177.6 ATN 1.5 6.0 6.4 6.8 7.3 6.7 48.1 83.0 ATS 15.7 7.4 8.3 9.5 10.7 12.1 331.8 395.4 ATN 2 1.2 5.0 5.1 5.3 5.4 5.6 14.2 41.9 Quadra 1/2 3.4 5.3 5.8 6.4 7.0 7.6 20.7 56.2 Palmucho 0.1 0.1 0.1 0.1 0.2 0.2 0.4 1.3 Total Transmission 22.0 23.9 25.8 28.1 30.6 32.3 415.2 577.8 Skikda 1.3 2.5 0.0 0.0 0.0 0.0 0.0 3.8 Tenes 2.2 8.1 8.4 8.7 9.0 9.4 27.9 73.6 Total Water 3.5 10.6 8.4 8.7 9.0 9.4 27.9 77.4 Coso 3.6 14.6 14.2 14.7 144.65 0.0 0.0 191.7 ACT 11.8 37.6 42.3 54.6 59.0 68.0 138.6 411.8 Rioglass CSP 2.2 1.4 1.5 1.2 0.3 0.1 0.0 6.7 Total Other 17.5 53.6 58.0 70.4 203.9 68.2 138.6 610.2 Total Non-Recourse Project Debt 192.8 298.1 318.8 345.7 492.6 453.4 2,310.2 4,411.6 No refinancing risk at the project level3 Includes $87.2 million tranche mini-perm structure to be refinanced in 2028 Includes $140 million tranche mini-perm structure to be refinanced in 2027. Project debt amortization schedule as of September 30, 2023 Not including unconsolidated affiliates Only 5% of our project debt needs to be refinanced by 2027/2028, which corresponds to the two tranches in (4) and (5)
Weighted Average Life Project debt term PPAs with predefined prices for ~13 years on average2 Refinancing opportunities could increase CAFD in earlier years Possibility to extend life in many assets (excluding ATN and ATS) Tails in most assets after debt amortization Contract term3 Does not include assets without PPAs or partially contracted. Calculated as weighted average years remaining as of September 30, 2023 based on CAFD estimates for the 2023-2026 period, including assets that have reached COD before September 30, 2023. See “Disclaimer – Forward Looking Statements”. (3) Regulation term in the case of Spain and Chile TL3. (4) From the total amount of $211 million project debt, $74 million are progressively repaid following a theoretical 2036 maturity, with a legal maturity in 2027. The remaining $137 million are expected to be refinanced in or before 2027. LONG-TERM STABLE CASH FLOW Portfolio of Contracted Assets1 4
HISTORICAL FINANCIAL REVIEW Key Financials by Quarter (1/2) “Deposits into/withdrawals from restricted accounts” and “Change in non-restricted cash at project level” are calculated on a constant currency basis to reflect actual cash movements isolated from the impact of variations generated by foreign exchange changes during the period. Prior periods have been recalculated to conform to this presentation. Dividends are paid to shareholders in the quarter after they are declared. (3) Number of shares outstanding on the record date corresponding to each dividend, except the shares issued under the ATM program between the dividend declaration date and the dividend record date, as applicable. 1Q21 2Q21 3Q21 4Q21 2021 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 Revenue 268,178 342,997 329,244 271,331 1,211,749 247,452 307,832 303,121 243,624 1,102,029 242,509 312,110 303,964 Adjusted EBITDA 171,249 232,985 229,846 190,307 824,388 173,626 228,678 228,336 166,459 797,100 174,204 229,624 223,454 Atlantica’s pro-rata share of Adjusted EBITDA from unconsolidated affiliates (3,298) (4,295) (8,451) (15,013) (31,057) (14,202) (15,988) (7,387) (8,192) (45,769) (11,796) (7,755) (5,726) Non-monetary items (6,834) 8,625 33,675 20,346 55,809 10,413 10,940 10,839 (4,196) 27,996 649 (2,384) 9,973 Accounting provision for electricity market prices in Spain (659) 11,643 41,582 24,489 77,055 7,141 10,585 10,507 (2,980) 25,253 (1,153) (4,460) 9,503 Difference between billings and revenue in assets accounted for as concessional financial assets 8,501 11,659 6,771 11,959 38,890 18,169 15,050 14,978 13,434 61,630 16,441 16,695 15,099 Income from cash grants in the US (14,678) (14,678) (14,678) (14,678) (58,711) (14,897) (14,695) (14,645) (14,650) (58,888) (14,639) (14,619) (14,629) Other non-monetary items - - - (1,424) (1,424) - - - - - - - - Maintenance Capex (3,278) (1,098) (246) (13,100) (17,722) (2,844) (3,614) (7,283) (4,847) (18,588) (7,630) (12,041) (5,067) Dividends from unconsolidated affiliates 8,799 4,431 11,385 10,268 34,883 31,870 11,921 12,411 11,493 67,695 12,401 3,063 13,416 Net interest and income tax paid (30,872) (132,857) (45,301) (133,234) (342,263) (16,546) (112,705) (32,885) (115,148) (277,284) (30,179) (108,666) (21,059) Changes in other assets and liabilities 35,459 (1,699) (11,873) 21,806 43,696 (5,588) 6,415 52,186 49,885 102,896 (92,980) (8,295) (11,516) Deposits into/withdrawals from debt service accounts1 (29,639) 17,229 (8,456) 23,595 2,729 11,805 8,020 (20,503) 33,696 33,018 9,820 11,418 (8,813) Change in non-restricted cash at project companies1 (71,162) 47,730 (89,947) 115,588 2,209 (103,116) 51,501 (135,718) 125,662 (61,672) 43,114 73,659 (98,297) Dividends paid to non-controlling interests (4,215) (7,395) (11,717) (4,807) (28,134) (6,221) (9,800) (10,421) (12,767) (39,209) (6,011) (11,180) (8,568) Principal amortization of indebtedness net of new indebtedness at projects (14,972) (104,999) (40,336) (158,684) (318,991) (24,789) (112,427) (27,912) (183,183) (348,311) (30,543) (103,918) (28,208) Cash Available For Distribution (CAFD) 51,237 58,657 58,580 57,073 225,547 54,407 62,941 61,662 58,862 237,872 61,049 63,525 59,589 Dividends declared2 47,643 47,807 48,493 49,479 193,422 50,202 51,332 51,645 51,645 204,824 51,688 51,688 51,691 # of shares3 110,797,738 111,178,846 111,477,263 112,451,438 114,095,845 115,352,085 116,055,126 116,055,126 116,153,273 116,153,273 116,159,054 DPS (in $ per share) 0.43 0.43 0.435 0.44 1.735 0.44 0.445 0.445 0.445 1.775 0.445 0.445 0.445 Key Financials US$ in thousands
Debt Details 1Q21 2Q21 3Q21 4Q21 2021 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 Project Debt 5,200.2 5,374.2 5,278.9 5,036.2 5,036.2 5,037.0 4,735.5 4,621.9 4,553.1 4,553.1 4,596.6 4,438.2 4,412.1 Project Cash (624.6) (603.1) (685.0) (534.4) (534.4) (625.9) (545.1) (675.8) (540.2) (540.2) (493.5) (414.0) (546.6) Net Project Debt 4,575.6 4,771.1 4,593,9 4,501.8 4,501.8 4,411.1 4,190.4 3,946.1 4,012.9 4,012.9 4,103.1 4,024.2 3,865.5 Corporate Debt 965.3 1,025.1 1,030.1 1,023.1 1,023.1 1,056.1 1,000.1 955.5 1,017.2 1,017.2 1,077.4 1,051.2 1,046.6 Corporate Cash (434.2) (83.2) (78.6) (88.3) (88.3) (113.1) (123.1) (105.8) (60.8) (60.8) (109.4) (72.8) (48.0) Net Corporate Debt 531.1 941.8 951.5 934.8 934.8 943.0 877.0 849.7 956.4 956.4 968.0 978.4 998.6 Total Net Debt 5,106.7 5,713.0�� 5,545.1 5,436.6 5,436.6 5,354.1 5,067.4 4,795.8 4,969.3 4,969.3 5,071.1 5,002.6 4,864.1 Net Corporate Debt / CAFD pre corporate interests1 2.6x2 3.4x 3.5x 3.5x 3.5x 3.3x 3.1x 3.0x 3.4x 3.4x 3.3x 3.4x 3.4x HISTORICAL FINANCIAL REVIEW Key Financials by Quarter (2/2) US$ in million (1) Ratios presented are the ratios shown on each earnings presentation relating to such period. (2) Net corporate debt as of March 31, 2021, was calculated pro-forma including the payment of $170 million for the Coso investment ($130 million equity investment paid in April 2021 and additional $40 million paid in July 2021 to reduce debt).
HISTORICAL FINANCIAL REVIEW Segment Financials by Quarter 1Q21 2Q21 3Q21 4Q21 2021 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 by Geography NORTH AMERICA 60,585 118,216 129,860 87,114 395,775 74,304 124,968 124,423 81,352 405,047 72,840 129,331 136,574 SOUTH AMERICA 38,308 40,043 38,778 37,856 154,985 38,528 39,804 44,217 43,892 166,441 43,720 47,793 48,756 EMEA 169,285 217,726 160,606 146,361 660,989 134,620 143,060 134,481 118,380 530,541 125,949 134,986 118,634 by Business Sector RENEWABLES 199,679 271,945 254,132 202,768 928,525 182,101 238,234 232,423 168,619 821,377 172,600 238,610 228,907 EFFICIENT NAT. GAS & HEAT 28,408 30,097 35,019 30,168 123,692 25,327 28,091 28,526 31,647 113,591 27,403 27,407 30,164 TRANSMISSION LINES 26,614 26,975 26,840 25,251 105,680 26,620 28,234 28,425 29,994 113,273 28,831 32,167 30,827 WATER 13,477 13,979 13,253 13,143 53,852 13,404 13,273 13,747 13,364 53,788 13,674 13,927 14,066 Total Revenue 268,178 342,996 329,244 271,331 1,211,749 247,452 307,832 303,121 243,624 1,102,029 242,509 312,110 303,964 1Q21 2Q21 3Q21 4Q21 2021 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 by Geography NORTH AMERICA 40,287 94,574 108,500 68,442 311,803 58,266 102,913 96,981 51,828 309,988 51,969 102,069 106,646 SOUTH AMERICA 29,943 30,279 30,404 28,921 119,547 29,129 29,715 36,236 31,471 126,551 33,788 40,640 37,621 EMEA 101,019 108,133 90,942 92,944 393,038 86,231 96,051 95,118 83,161 360,561 88,447 86,915 79,186 by Business Sector RENEWABLES 117,036 177,995 169,830 137,722 602,583 122,223 174,606 173,022 118,165 588,016 119,122 173,448 167,872 EFFICIENT NAT. GAS & HEAT 23,182 24,039 29,166 23,548 99,935 21,699 22,315 22,794 17,752 84,560 22,610 21,396 22,520 TRANSMISSION LINES 21,203 21,319 21,721 19,392 83,635 20,523 22,656 23,047 21,784 88,010 23,470 25,780 24,006 WATER 9,828 9,633 9,129 9,645 38,235 9,181 9,102 9,473 8,758 36,514 9,002 9,000 9,055 Total Adjusted EBITDA 171,249 232,985 229,846 190,307 824,388 173,626 228,678 228,336 166,459 797,100 174,204 229,624 223,453 Adjusted EBITDA Revenue US $ in thousands
1Q21 2Q21 3Q21 4Q21 2021 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 RENEWABLES3 (GWh) 606 1,377 1,477 1,195 4,655 1,094 1,554 1,507 1,164 5,319 1,192 1,611 1,580 (GWh)4 542 501 622 627 2,292 625 626 647 603 2,501 600 630 662 (availability %)5 98.3% 100.1% 101.1% 103.0% 100.6% 100.3% 99.9% 101.1% 95.1% 98.9% 94.9% 99.2% 102.3% TRANSMISSION LINES (availability %)5 100.0% 99.9% 100.0% 100.0% 100.0% 99.9% 99.9% 100.0% 100.0% 100.0% 100.0% 100.0% 99.9% WATER (availability %)5 97.5% 101.9% 99.8% 91.9% 97.9% 104.5% 99.9% 103.3% 101.4% 102.3% 100.8% 100.1% 102.5% 1Q21 2Q21 3Q21 4Q21 2021 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 RENEWABLES1 (MW) 1,591 2,018 2,022 2,044 2,044 2,044 2,048 2,121 2,121 2,121 2,161 2,161 2,161 EFFICIENT NAT. GAS & HEAT2 (MW) 343 398 398 398 398 398 398 398 398 398 398 398 398 TRANSMISSION LINES (Miles) 1,166 1,166 1,166 1,166 1,166 1,229 1,229 1,229 1,229 1,229 1,229 1,229 1,229 WATER1 (Mft3/day) 17.5 17.5 17.5 17.5 17.5 17.5 17.5 17.5 17.5 17.5 17.5 17.5 17.5 Capacity in operation (at the end of the period) Production / Availability Represents total installed capacity in assets owned or consolidated at the end of the period, regardless of our percentage of ownership in each of the assets, except for Vento II, for which we have included our 49% interest. Includes 43 MW corresponding to our 30% share in Monterrey and 55 MWt corresponding to thermal capacity from Calgary District Heating since May 14, 2021. Includes 49% of Vento II production since its acquisition. Includes curtailment in wind assets for which we receive compensation. GWh produced includes 30% share of the production from Monterrey. Availability refers to the time during which the asset was available to our client totally or partially divided by contracted or budgeted availability, as applicable. EFFICIENT NAT. GAS & HEAT HISTORICAL FINANCIAL REVIEW Key Performance Indicators
Historical Capacity Factors1 1Q21 2Q21 3Q21 4Q21 2021 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 SOLAR US 18.0% 38.6% 31.0% 17.0% 26.1% 17.2% 39.1% 32.4% 16.6% 26.3% 15.2% 42.4% 36.9% Chile2 28.4% 20.9% 20.6% 25.8% 23.9% 25.3% 20.4% 24.6% 28.8% 24.8% 27.6% 21.4% 19.0%5 Spain 9.1% 24.8% 29.6% 10.7% 18.6% 7.3% 23.6% 27.9% 5.8% 16.2% 11.7% 26.9% 30.1% Italy - - 18.6% 8.3% 16.5% 12.7% 19.7% 20.0% 9.2% 15.4% 11.8% 16.9% 18.3% Kaxu 38.9% 26.9% 20.2% 48.4% 33.6% 36.9% 27.2% 28.8% 44.6% 34.4% 45.2% 21.2% 4.9%4 Colombia - - - - - 27.1% 24.0% 24.7% 23.4% 24.8% 20.6% 22.8% 27.3% US - - 21.6% 35.4% 28.3% 38.1% 35.6% 20.3% 34.8% 32.2% 37.7% 26.4% 20.2% Uruguay3 32.6% 38.3% 38.2% 38.3% 36.9% 34.5% 27.7% 38.2% 41.8% 35.6% 33.6% 29.4% 42.3% Capacity factor ratio represents actual electrical energy output over a given period of time divided by the maximum possible electrical energy output assuming continuous operation at full nameplate capacity over that period. Historical Capacity Factors are calculated from the date of entry into operation or the acquisition of each asset. Some capacity factors are not indicative of a full period of operations. Includes Chile PV 2 since Q1 2021 and Chile PV 3 since Q3 2022. Includes curtailment production in wind assets for which we receive compensation. Scheduled major overhaul carried out by Siemens, the original equipment manufacturer, which lasted 28 days longer than expected and a subsequent unscheduled outage. Reduction in net capacity factor in Chile Solar due to curtailments. WIND HISTORICAL FINANCIAL REVIEW Capacity Factors
Our management believes Adjusted EBITDA, CAFD and CAFD per share are useful to investors and other users of our financial statements in evaluating our operating performance because such measures provide investors with additional tools to compare business performance across companies and across periods. Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired. Our management believes CAFD and CAFD per share are relevant supplemental measure of the Company’s ability to earn and distribute cash returns to investors and is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of our ability to make quarterly distributions. In addition, CAFD and CAFD per share are used by our management team for determining future acquisitions and managing our growth. Our management uses Adjusted EBITDA, CAFD and CAFD per share as measures of operating performance to assist in comparing performance from period to period and aims to use them on a consistent basis moving forward. They also readily view operating trends as a measure for planning and forecasting overall expectations, for evaluating actual results against such expectations, and for communicating with our board of directors, shareholders, creditors, analysts and investors concerning our financial performance. Adjusted EBITDA, CAFD and CAFD per share are widely used by other companies in the same industry. We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The non-GAAP financial measures may not be comparable to other similarly titled measures employed by other companies and they may have limitations as analytical tools. These measures may not be fit for isolated consideration or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB. Non-GAAP financial measures and ratios are not measurements of our performance or liquidity under IFRS as issued by the IASB. Thus, they should not be considered as alternatives to operating profit, profit for the period, any other performance measures derived in accordance with IFRS as issued by the IASB, any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. Some of the limitations of these non-GAAP measures are: they do not reflect our cash expenditures, future requirements for capital expenditures or contractual commitments; they do not reflect changes in, or cash requirements for, our working capital needs; they may not reflect the significant interest expense, or the cash requirements necessary, to service interest or principal payments, on our debts; although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often need to be replaced in the future and Adjusted EBITDA, CAFD and CAFD per share do not reflect any cash requirements that would be required for such replacements; some of the exceptional items that we eliminate in calculating Adjusted EBITDA reflect cash payments that were made, or will be made in the future; and the fact that other companies in our industry may calculate Adjusted EBITDA, CAFD and CAFD per share differently than we do, which limits their usefulness as comparative measures. We define Adjusted EBITDA as profit/(loss) for the period attributable to the parent company, after previously adding back loss/(profit) attributable to non-controlling interest, income tax expense, financial expense (net), depreciation, amortization and impairment charges of entities included in our consolidated financial statements and depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro-rata of our equity ownership). CAFD is calculated as cash distributions received by the Company from its subsidiaries minus cash expenses of the Company, including debt service and general and administrative expenses. CAFD per share is calculated by dividing CAFD for the period by weighted average number of shares for the period. NON-GAAP FINANCIAL INFORMATION Reconciliation of Non-GAAP Measures
Information presented as the pro-rata share of our unconsolidated affiliates reflects our proportionate ownership of each asset in our property portfolio that we do not consolidate and has been calculated by multiplying our unconsolidated affiliates’ financial statement line items by our percentage ownership thereto. Note 7 to our consolidated financial statements as of and for the period ended September 30, 2023 includes a description of our unconsolidated affiliates and our pro rata share thereof. We do not control the unconsolidated affiliates. Multiplying our unconsolidated affiliates’ financial statement line items by our percentage ownership may not accurately represent the legal and economic implications of holding a noncontrolling interest in an unconsolidated affiliate. We include pro-rata share of depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates because we believe it assists investors in estimating the effect of such items in the profit/(loss) of entities carried under the equity method (which is included in the calculation of our Adjusted EBITDA) based on our economic interest in such unconsolidated affiliates. Each unconsolidated affiliate may report a specific line item in its financial statements in a different manner. In addition, other companies in our industry may calculate their proportionate interest in unconsolidated affiliates differently than we do, limiting the usefulness of such information as a comparative measure. Because of these limitations, the information presented as the pro-rata share of our unconsolidated affiliates should not be considered in isolation or as a substitute for our or such unconsolidated affiliates’ financial statements as reported under applicable accounting principles. NON-GAAP FINANCIAL INFORMATION Reconciliation of Non-GAAP Measures
“Deposits into/ withdrawals from restricted accounts” and “Change in non-restricted cash at project level” are calculated on a constant currency basis to reflect actual cash movements isolated from the impact of variations generated by foreign exchange changes during the period. (in thousands of U.S. dollars) For the three-month period ended Sept 30 For the nine-month period ended Sept 30 2023 2022 2023 2022 Profit for the period attributable to the Company 21,389 (13,543) 46,050 (9,473) Profit/(loss) attributable to non-controlling interest (3,284) 4,550 2,846 11,278 Income tax 13,755 6,925 11,587 12,975 Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of our equity ownership) 9,673 5,040 18,372 16,909 Financial expense, net 78,537 69,114 237,924 224,893 Depreciation, amortization, and impairment charges 103,384 156,250 310,502 374,059 Adjusted EBITDA 223,454 228,336 627,281 630,641 Atlantica’s pro-rata share of Adjusted EBITDA from unconsolidated affiliates (5,726) (7,387) (25,277) (37,577) Non-monetary items 9,973 10,839 8,238 32,192 Accounting provision for electricity market prices in Spain 9,503 10,507 3,890 28,233 Difference between billings and revenue in assets accounted for as concessional financial assets 15,099 14,978 48,235 48,197 Income from cash grants in the US (14,629) (14,645) (43,887) (44,238) Maintenance Capex (5,067) (7,283) (24,738) (13,742) Dividends from equity method investments 13,416 12,411 28,880 56,202 Net interest and income tax paid (21,059) (32,885) (159,904) (162,136) Changes in other assets and liabilities (11,516) 52,186 (112,791) 53,012 Deposits into/ withdrawals from restricted accounts1 (8,813) (20,503) 12,425 (679) Change in non-restricted cash at project level1 (98,297) (135,718) 18,477 (187,334) Dividends paid to non-controlling interests (8,568) (10,421) (25,759) (26,442) Debt principal repayments (28,208) (27,912) (162,669) (165,128) Cash Available For Distribution 59,589 61,662 184,163 179,010 RECONCILIATION Reconciliation of CAFD and Adjusted EBITDA to Profit for the period attributable to the Company
RECONCILIATION Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities (in thousands of U.S. dollars) For the three-month period ended September 30 For the three-month period ended June 30 For the nine-month period ended September 30 2023 2022 2023 2022 Net cash provided by operating activities 195,152 251,590 333,822 515,726 Net interest and income tax paid 21,059 32,885 159,904 162,136 Changes in working capital 9,812 (50,094) 116,146 (47,778) Non-monetary items and other (8,295) (13,432) (7,868) (37,020) Atlantica’s pro-rata share of Adjusted EBITDA from unconsolidated affiliates 5,726 7,387 25,277 37,577 Adjusted EBITDA 223,454 228,336 627,281 630,641 Reconciliation of CAFD to CAFD per share For the three-month period ended September 30 For the nine-month period ended September 30 2023 2022 2023 2022 CAFD (in thousands of U.S. dollars) 59,589 61,662 184,163 179,010 Weighted average number of shares (basic) for the period (in thousands) 116,154 115,604 116,149 114,236 CAFD per share (in U.S. dollars) 0.5130 0.5334 1.5856 1.5670
As of October 30 2023 ASSET TYPE STAKE LOCATION GROSSCAPACITY OFFTAKER RATING1 YEARS INCONTRACT LEFT6 CURRENCY RENEWABLE ENERGY Solana 100% USA (Arizona) 280 MW APS BBB+/A3/BBB+ 20 USD Mojave 100% USA (California) 280 MW PG&E BB-/Ba2/BB+ 16 USD Coso 100% USA (California) 135 MW SCPPA & two CCAs4 Investment grade4 18 USD Elkhorn Valley7 49% USA (Oregon) 101 MW Idaho Power Company BBB/Baa1/-- 4 USD Prairie Star7 49% USA (Minnesota) 101 MW Great River Energy --/A3/A- 4 USD Twin Groves II7 49% USA (Illinois) 198 MW Exelon Generation Co. BBB/Baa2/-- 2 USD Lone Star II7 49% USA (Texas) 196 MW n/a n/a n/a USD Chile PV 1 35% Chile 55 MW n/a n/a n/a USD3 Chile PV 2 35% Chile 40 MW n/a Not rated 7 USD3 Chile PV 3 35% Chile 73 MW n/a n/a n/a USD3 La Sierpe 100% Colombia 20 MW Coenersa5 Not rated 12 COP La Tolua 100% Colombia 20 MW Coenersa5 Not rated 10 COP Tierra Linda 100% Colombia 10 MW Coenersa5 Not rated 10 COP Albisu 100% Uruguay 10 MW Montevideo Refrescos Not rated 15 UYU Palmatir 100% Uruguay 50 MW UTE BBB+/Baa2/BBB2 11 USD Cadonal 100% Uruguay 50 MW UTE BBB+/Baa2/BBB2 11 USD Melowind 100% Uruguay 50 MW UTE BBB+/Baa2/BBB2 12 USD Mini-Hydro 100% Peru 4 MW Peru BBB/Baa1/BBB 9 USD3 Reflects the counterparties’ issuer credit ratings issued by S&P, Moody’s and Fitch, respectively, as of October 30, 2023. It refers to the credit rating of Uruguay, as UTE is unrated. USD denominated but payable in local currency. Refers to the credit rating of two Community Choice Aggregators: Silicon Valley Clean Energy and Monterrey Bay Community Power, both with A rating from S&P; Southern California Public Power Authority, the third off-taker, is not rated. AT A GLANCE Sizeable and Diversified Asset Portfolio (5) Largest electricity wholesaler in Colombia. (6) As of September 30, 2023. (7) Part of Vento II portfolio.
As of October 30, 2023 ASSET TYPE STAKE LOCATION GROSSCAPACITY OFFTAKER RATING1 YEARS INCONTRACT LEFT6 CURRENCY RENEWABLE ENERGY Solaben 2/3 70% Spain 2x50 MW Kingdom of Spain A/Baa1/A- 14/14 EUR4 Solacor 1/2 87% Spain 2x50 MW Kingdom of Spain A/Baa1/A- 13/14 EUR4 PS 10/20 100% Spain 31 MW Kingdom of Spain A/Baa1/A- 9/11 EUR4 Helioenergy 1/2 100% Spain 2x50 MW Kingdom of Spain A/Baa1/A- 13/13 EUR4 Helios 1/2 100% Spain 2x50 MW Kingdom of Spain A/Baa1/A- 14/14 EUR4 Solnova 1/3/4 100% Spain 3x50 MW Kingdom of Spain A/Baa1/A- 12/12/12 EUR4 Solaben 1/6 100% Spain 2x50 MW Kingdom of Spain A/Baa1/A- 15/15 EUR4 Seville PV 80% Spain 1 MW Kingdom of Spain A/Baa1/A- 12 EUR4 Italy PV 1 100% Italy 1.6 MW Italy BBB/Baa3/BBB 8 EUR4 Italy PV 2 100% Italy 2.1 MW Italy BBB/Baa3/BBB 8 EUR4 Italy PV 3 100% Italy 2.5 MW Italy BBB/Baa3/BBB 8 EUR4 Italy PV 4 100% Italy 3.6 MW Italy BBB/Baa3/BBB 8 EUR4 Kaxu 51% South Africa 100 MW Eskom BB-/Ba2/BB-2 11 ZAR EFFICIENT NAT. GAS & HEAT Calgary 100% Canada 55 MWt 22 High quality clients3 ~41% A+ or higher3 17 CAD ACT 100% Mexico 300 MW Pemex BBB/B1/B+ 10 USD5 Monterrey 30% Mexico 142 MW Industrial Customers Not rated 23 USD TRANSMISSION LINES ATN 100% Peru 379 miles Peru BBB/Baa1/BBB 17 USD5 ATS 100% Peru 569 miles Peru BBB/Baa1/BBB 20 USD5 ATN 2 100% Peru 81 miles Minera Las Bambas Not rated 10 USD Quadra 1/2 100% Chile 49 miles / 32 miles Sierra Gorda Not rated 11/11 USD5 Palmucho 100% Chile 6 miles Enel Generacion Chile BBB/-/BBB+ 14 USD5 Chile TL 3 100% Chile 50 miles CNE A/A2/A- N/A USD5 Chile TL 4 100% Chile 63 miles Several Mini-hydro plants Not rated 48 USD WATER Skikda 34% Algeria 3.5 Mft3/day Sonatrach & ADE Not rated 10 USD5 Honaine 26% Algeria 7 Mft3/day Sonatrach & ADE Not rated 14 USD5 Tenes 51% Algeria 7 Mft3/day Sonatrach & ADE Not rated 17 USD5 Reflects the counterparties’ issuer credit ratings issued by S&P, Moody’s and Fitch, respectively, as of October 30, 2023. It refers to the credit rating of the Republic of South Africa. Diversified mix of 22 high credit quality clients (~41% A+ rating or higher, the rest unrated). AT A GLANCE Sizeable and Diversified Asset Portfolio (4) Gross cash in euros dollarized through currency hedges. (5) USD denominated but payable in local currency. (6) As of September 30, 2023.
Great West House, GW1, 17th floor, Great West Road Brentford TW8 9DF London (United Kingdom)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Atlantica Sustainable Infrastructure plc | |||
Date: November 8, 2023 | By: | /s/ Santiago Seage | |
Name: | Santiago Seage | ||
Title: | Chief Executive Officer |