Exhibit 99.1
First Quarter 2016 Earnings PresentationMay 13, 2016
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 or anticipated regulatory changes in the markets in which we operate or intend to operate. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “is likely to,” “may,” “plan,” “potential,” “predict,” “projected,” “should” or “will” or the negative of such terms or other similar expressions or terminology. Such statements reflect the current views of the Company with respect to future events and are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures. In light of these risks, uncertainties and assumptions, the events or circumstances referred to in the forward-looking statements may not occur. None of the future projections, expectations, estimates or prospects in this presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the presentation. Abengoa Yield plc undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or developments or otherwise.Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others: changes in general economic, political, governmental and business conditions globally and in the countries in which the Company does business; decreases in government expenditure budgets, reductions in government subsidies or adverse changes in laws affecting the Company’s businesses and growth plan; challenges in achieving growth and making acquisitions; inability to identify and/or consummate future acquisitions; legal challenges to regulations, subsidies and incentives that support renewable energy sources; extensive governmental regulation in a number of different jurisdictions; changes in prices, including increases in the cost of energy, natural gas, oil and other operating costs; counterparty credit risk and failure of counterparties to the Company’s offtake agreements to fulfill their obligations; inability to replace expiring or terminated offtake agreements with similar agreements; new technology or changes in industry standards; inability to manage exposure to credit, interest rate, exchange rate, supply and commodity price risks; reliance on third-party contractors and suppliers; failure to maintain safe work environments; insufficient insurance coverage and increases in insurance cost; litigation and other legal proceedings; reputational risk; revocation or termination of the Company’s concession agreements; variations in market electricity prices; unexpected loss of senior management and key personnel; changes to our relationship with Abengoa, S.A.; developments at Abengoa S.A.; weather conditions; failure of newly constructed assets to perform as expected; failure to receive dividends from assets; changes in our tax position; unanticipated outages at our generation facilities; the condition of capital markets generally and our ability to access capital markets; adverse results in current and future litigation and our ability to maintain and grow our quarterly dividends. Furthermore, any dividends are subject to available capital, market conditions, and compliance with associated laws and regulations. These factors should be considered in conjunction with information regarding risks and uncertainties that may affect the Company’s results included in the Company’s filings with the U.S. Securities and Exchange Commission at www.sec.govShould one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted.This presentation includes certain non-GAAP (Generally Accepted Accounting Principles) financial measures which have not been subject to a financial audit for any period. 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 of other companies and have limitations as analytical tools and should not be considered in isolation 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 and should not be considered as alternatives to operating profit or profit for the year 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.The CAFD and other guidance included in this presentation are estimates as of May 13, 2016. These estimates are based on assumptions believed to be reasonable as of that date. Abengoa Yield plc. disclaims any current intention to update such guidance, except as required by law. References in this presentation to Atlantica Yield refer to Abengoa Yield plc. Atlantica Yield is the new brand for Abengoa Yield plc, and the change in name was approved at the Shareholders’ General Meeting on May 11, 2016.The change to Atlantica Yield plc will become effective after the necessary filings have been made with the Register of the Company in the United Kingdom. DISCLAIMER
Key messages Excellent operating results in terms of Revenue (+74%), Further Adjusted EBITDA (over $150M$, +47%) and Cash Generation at the project companies (over $80M) CAFD in line with expectations taking into account seasonality in distributions Continuous progress in gaining autonomy and managing sponsor related risks Intrinsic value of the portfolio not fully reflected in current share price On track to meet 2016 guidance Comparisons made between Q1 2016 and Q1 2015 results
1. Financial results 2. Strategic update and value proposition review 3. Q&A AGENDA Appendix
1. Financial results
∆ YoY % +74% +47% HIGHLIGHTSGood financial results for the first quarter considering seasonality Revenue Further Adjusted EBITDA incl. unconsolidated affiliates(1) Margin Q12016 206.4 154.9 75% Q12015 118.3 105.2 89% (51%) CAFD(2) 18.7 38.5 (1) Further Adjusted EBITDA including unconsolidated affiliates includes the dividend from our preferred equity investment in Brazil ($0M for the three-month period ended March 31, 2016 and $4.6M for the three-month period ended March 31, 2015) and our share in EBITDA of unconsolidated affiliates ($2.3M related to Honaine for the three-month period ended March 31, 2016 and $2.4M related to Honaine and $3.1M related to Helioenergy for the three-month period ended March 31, 2015).(2) Includes the impact of a one-time partial refinancing of ATN2 amounting to $14.9M for the three-month period ended March 31, 2016. Additional $18 million CAFD generated in April 2016 US $ in millions
HIGHLIGHTSGood results across all segments US $ in millions Revenue Further Adjusted EBITDA incl. unconsolidated affiliates(1) Q1 2016 65.2 Q1 2015 ∆ 55.9 17% 51.2 50.9 1% 141.2 102.2 Revenue Q1 2016 29.0 Q1 2015 ∆ 24.4 19% SOUTH AMERICA 24.1 25.0 -4% Q1 2016 112.1 Q1 2015 ∆ 38.0 195% 79.6 29.3 171% Q1 2016 63.7 52.8 Q1 2015 122% 93% ∆ 35.2 27.1 Q1 2016 31.3 27.0 Q1 2015 13% 1% ∆ 23.5 19.4 Q1 2016 19.2 20.5 Q1 2015 22% -5% ∆ 6.5 6.2 Q1 2016 4.1 4.9 Q1 2015 59% 27% ∆ EMEA NORTH AMERICA RENEWABLES CONVENTIONAL TRANSMISSION WATER (1) Further Adjusted EBITDA including unconsolidated affiliates includes the dividend from our preferred equity investment in Brazil ($0M for the three-month period ended March 31, 2016 and $4.6M for the three-month period ended March 31, 2015) and our share in EBITDA of unconsolidated affiliates ($2.3M related to Honaine for the three-month period ended March 31, 2016 and $2.4M related to Honaine and $3.1M related to Helioenergy for the three-month period ended March 31, 2015). Further Adjusted EBITDA incl. unconsolidated affiliates(1) Margin Margin 79% 91% 83% 103% 71% 77% 72% 83% 77% 86% 83% 107% 95% 120% US $ in millions
KEY OPERATIONAL METRICSOperating performance in line with expectations GWh produced Q1 2016 514 Q1 2015 319 GWh produced Electric availability Q1 2016 529 Q1 2015 628 87.5%(2) 101.7% Availability Q1 2016 Q1 2015 99.9% 99.9% Availability Q1 2016 101.5% Q1 2015 96.8% RENEWABLES TRANSMISSION WATER CONVENTIONAL MW in operation 300 300 Mft3 in operation 10.5 10.5 Miles in operation 1,099 1,018 MW in operation 1,441 991 Availability refers to actual availability divided by contracted levels.Conventional availability was impacted by a scheduled production stop in February 2016 which occurs periodically. (1) (1) (1)
CASH FLOWSeasonality in EBITDA and CAFD affects first quarter results ESTIMATED CAFD SEASONALITY (1) Q1 Q2 Q3 Q4 5-15% 15-25% 30-45% 25-35% Some seasonality in operating results in solar and wind assetsAvailability based contracts provide stability to our EBITDA ESTIMATED EBITDA SEASONALITY (1) Q1 Q2 Q3 Q4 18-22% 27-31% 29-33% 18-22% Seasonality in EBITDA and CAFD is estimated based on internal future projections. CAFD defined as cash distributed from project companies to Atlantica Yield holding company, less holding company expenses, including interest.CAFD seasonality driven mainly by specific timing of distributions according to project financing agreementsIn quarters with lower distributions, cash generated is accumulated at the project companies
CASH FLOWSolid operating cash-flow in the quarter Net change in cash OPERATING CASH FLOW US $ in millions Q1 2016 Q1 2015 Further Adjusted EBITDA incl. unconsolidated affiliates (5.5) (2.3) Share in EBITDA of unconsolidated affiliates Interest paid Variations in working capital Non monetary adjustments and other ACQUISITIONS AND OTHER FINANCING CASH FLOW 105.2 154.9 (18.1) (27.4) (20.7) (19.5) (23.5) (21.2) 37.4 84.5 (91.2) (24.1) (18.6) 0.6 (72.4) 45.4 FINANCIAL INVESTMENTS (15.6) -
LIQUIDITYHigher liquidity US $ in millions Corporate cash at Atlantica Yield 45.4 Cash at project companies - Restricted - Unrestricted STFI(1) at project companies 529.4 210.4319.0 As of March 31,2016 92.5 667.3 STFI stands for Short Term Financial Investments (restricted). CASH POSITION TOTAL LIQUIDITY 45.5 469.2 191.3277.9 As of December 31,2015 77.1 591.8
LIQUIDITYCorporate cash remains constant after paying for a pending acquisition Cash generated at project companies 87.5 45.5 US $ in millions 45.4 G&A and corporate interest 41.1 Closing of the acquisition of 13% stake in Solacor 1/2 (2) ATN2 Refinancing (1) 19.1 MAR 16 DEC 15 Cash position as at December 31, 2015 Cash position as at March 31, 2016 A subordinated tranche of ATN2 has been successfully refinanced with a project bond in Peru Previously announced in Q3 2015 earnings presentation Net CAFD including ATN2 refinancing Available cash variations at project companies 14.9 8.1 34.2 8.1 Restricted cash variations at project companies
FINANCINGConservative leverage at holding company level US $ in millions Net corporate debt (1) 624.5 Net project debt (1) Net corporate debt / CAFD pre corporate debt service(2) 5,137.4 As of March 31,2016 2.9x DEBT POSITION 619.0 5,001.4 As of December 31,2015 2.9x Increase in net project debt is mainly related to translation differences in our euro-denominated project debt resulting from the appreciation of € vs $. Net debt corresponds to gross debt including accrued interest less cash and cash equivalents.Based on mid-point of guidance for CAFD pre corporate debt service for the year 2016.
2. Strategic update and value proposition review
2016 STRATEGIC OBJECTIVESContinued progress on Key Initiatives FOCUS REMAINS ON EXECUTION Progress on waiversPreferred equity investment in BrazilOther Achieve complete autonomy from AbengoaSeparation of back-office in advanced stageIT split expected to be completed by year endChange of legal name to Atlantica Yield plc approved by our shareholders Mitigate risks from current sponsor 1 Achieve full autonomy 2 Last part of the year Grow 3
DIVIDENDQ1 2016 dividend decision postponed Considering the ongoing uncertainties caused by our sponsor situation, the Board of Directors has decided: To postpone the decision on Q1 2016 dividend until we have obtained greater clarity on cross default and change of control issues.Not to declare a dividend in respect to Q4 2015.Our dividend guidance for 2016 includes the declaration of 4 quarterly dividends corresponding to the respective quarters of 2016.
Operating performanceAutonomy from Abengoa In US $ VALUATIONCurrent stock price does not fully reflect intrinsic value of our portfolio CURRENT PRICE (1) INTRINSIC VALUE INCLUDING GROWTH INTRINSIC VALUE OF THE EXISTING PORTFOLIO 16.1 Growth 1 2 (1) Share price as of May 12, 2016
VALUATIONCurrent Share Price below Equity Book Value Current Market Capitalization is 60% of Equity Book Value(2) of the existing portfolio As of March 31, 2016US $ in millions (except per share values) Total Equity Book Value (1) 1,987 Non-controlling interest(1) ITC cash grants already collected(1) (130) 827 EQUITY BOOK VALUE Equity Book Value including cash grants 2,684 Number of shares 100,217,260 Equity Book Value(2) per share 26.8 Market Cap as of 05/12/2016 1,613 Share Price 16.1 (1) Amounts obtained from consolidated financial statements as of March 31, 2016. (2) Equity book value including cash grants.
VALUATIONRun-rate CAFD(1) estimated as $205-215M resulting in a 12.7-13.4% CAFD yield without growth INTRINSIC VALUE OF THE EXISTING PORTFOLIO TOTAL FAIR VALUE ACCRETIVE GROWTH + ROFO/s+ Acquisitions+ Other RUN-RATE CAFD Additional disclosure in Appendix to facilitate analysisDiscount rates to be used in valuation CAFD sensitivitiesOther breakdowns $205-215M 13% CAFD yield without growth (1) Run rate CAFD represents our expected CAFD when all the existing assets in the portfolio have reached their expected production level. Run rate CAFD is not expected to be reached in the year 2016.
3. Q&A
Appendix
RECONCILIATIONEBITDA to CAFD reconciliation ATN2 refinancing CASH GENERATED AT PROJECT COMPANIES US $ in millions Q1 2016 Q1 2015 (5.5) (2.3) Share in EBITDA of unconsolidated affiliates Interest and income tax paid Change in other assets and liabilities Principal amortization of indebtedness Further Adjusted EBITDA incl. unconsolidated affiliates 105.2 154.9 (19.3) (27.6) (28.0) (13.2) (8.8) (14.3) 22.2 44.9 - 14.9 Deposits in/withdrawals from restricted accounts (0.2) (34.2) (21.2) (18.4) Non-monetary adjustments Change in non-restricted cash at project companies 16.3 (41.1) CAFD (1) 38.5 18.7 (1) Includes the impact of a one-time partial refinancing of ATN2 amounting to $14.9 M for the three-month period ended March 31, 2016.
3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 FY 2015 99,505 93,380 118,304 190,265 267,345 214,967 206,376 Revenues 790,881 F.A. EBITDA margin (%) 89.7% 87.4% 88.9% 83.9% 81.8% 71.2% 75.0% 80.5% Further Adj. EBITDA incl. unconsolidated affiliates 89,253 81,598 105,186 159,600 218,650 153,074 154,879 636,510 ABY pro-rata share of EBITDA from unconsolidated affiliates - - (5,477) (1,622) (2,121) (3,071) (2,332) (12,291) Further Adjusted EBITDA 89,253 81,598 99,709 157,978 216,529 150,003 152,547 624,219 Dividends from unconsolidated affiliates - - - - 4,163 254 - 4,417 Non-monetary items (8,631) (9,748) (21,229) (23,741) (21,447) (24,993) (18,356) (91,410) Interest and income tax paid (15,078) (67,886) (19,291) (113,023) (46,161) (131,759) (27,613) (310,234) Principal amortization of indebtedness net of new indebtedness at project level (10,058) (11,556) (8,790) (41,873) (38,573) (86,153) (14,254) (175,389) Deposits into/withdrawals from debt service accounts (10,572) (884) (211) (6,352) (10,090) (183) (43,155) (16,837) Change in available cash at project companies (16,748) 29,139 16,255 47,092 (62,285) 71,155 (17,196) 72,217 Dividends paid to non-controlling interests - - - - (4,665) (3,642) - (8,307) Changes in other assets and liabilities (38) 7,738 (27,944) 24,516 21,105 62,143 (13,237) 79,821 Asset refinancing - - - - - - 14,893 - Cash Available For Distribution (CAFD) 28,127 28,401 38,500 44,595 58,576 36,825 18,736(3) 178,496 Dividends declared (1) 23,696 20,736 34,074 40,087 43,093 - - 117,254 # of shares at the end of the period 80,000,000 80,000,000 80,000,000 100,217,260 100,217,260 100,217,260 100,217,260 100,217,260 DPS (in $ per share) 0.2962 0.2592 0.3400 0.4000 0.4300 - - 1.1700 Project debt 2,487.1 3,823.1 3,796.7 5,241.2 6,042.6 5,470.7 5,666.8 5,470.7 Project cash (178.9) (198.8) (182.5) (373.3) (618.9) (469.2) (529.4) (469.2) Net project debt 2,308.2 3,624.3 3,614.1 4,867.9 5,423.7 5,001.5 5,137.4 5,001.5 Corporate debt - 378.5 376.1 377.1 668.7 664.5 669.9 664.5 Corporate cash (86.2) (155.4) (84.9) (154.8) (43.6) (45.5) (45.4) (45.5) Net corporate debt (86.2) 223.1 291.2 222.3 625.1 619.0 624.5 619.0 Total net debt 2,222.0 3,847.4 3,905.3 3,090.2 6,048.8 5,620.5 5,761.9 5,620.5 Net Corporate Debt/CAFD pre corporate interests(2) na 2.2x 1.8x 1.3x 2.2x 2.9x 2.9x 2.9x Dividends are paid to shareholders in the quarter after they are declared; (2) Ratios presented are the ratios shown on each quarter’s earnings presentations; (3) Includes the impact of a one-time partial refinancing of ATN2. Debt details Key Financials US $ in thousands HISTORICAL FINANCIAL REVIEWKey financials by quarter US $ in millions
3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 FY 2015 by Geography NORTH AMERICA 50,040 48,646 55,943 94,214 109,654 68,328 65,232 328,139 SOUTH AMERICA 24,322 23,014 24,405 26,227 29,617 32,231 29,008 112,480 EMEA 25,143 21,720 37,956 69,824 128,074 114,408 112,135 350,262 by Business Sector RENEWABLES 51,599 40,791 63,680 129,747 204,412 145,173 141,166 543,012 CONVENTIONAL 28,073 33,556 31,330 34,009 34,676 38,702 35,179 138,717 TRANSMISSION 19,833 19,033 19,159 20,079 22,046 25,109 23,530 86,393 WATER - - 4,136 6,429 6,211 5,983 6,501 22,759 Total Revenue 99,505 93,380 118,304 190,265 267,345 214,967 206,376 790,881 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 FY 2015 by Geography NORTH AMERICA 49,014 42,697 50,941 86,356 94,739 47,523 51,212 279,559 97.9% 87.8% 91.1% 91.7% 86.4% 69.6% 78.5% 85.2% SOUTH AMERICA 24,323 23,399 24,998 26,625 29,171 30,111 24,062 110,905 100.0% 101.7% 102.4% 101.5% 98.5% 93.4% 82.9% 98.6% EMEA 15,916 15,502 29,247 46,619 94,739 75,441 79,605 246,046 63.3% 71.4% 77.1% 66.8% 74.0% 65.9% 71.0% 70.2% by Business Sector RENEWABLES 44,114 33,131 52,760 106,404 162,971 95,022 102,170 417,157 85.5% 81.2% 82.9% 82.0% 79.7% 65.5% 72.4% 76.8% CONVENTIONAL 24,834 28,511 26,961 26,358 26,937 27,415 27,079 107,671 88.5% 85.0% 86.1% 77.5% 77.7% 70.8% 77.0% 77.6% TRANSMISSION 20,305 19,956 20,529 21,326 22,885 24,307 19,410 89,047 102.4% 104.8% 107.2% 106.2% 103.8% 96.8% 82.5% 103.1% WATER - - 4,936 5,512 5,856 6,331 6,220 22,635 119.4% 85.7% 94.3% 105.8% 95.7% 99.5% Total Further Adj. EBITDA incl. unconsolidated affiliates 89,253 81,598 105,186 159,600 218,649 153,075 154,879 636,510 89.7% 87.4% 88.9% 83.9% 81.8% 71.2% 75.0% 80.5% US $ in thousands Revenue Further Adj. EBITDA incl. unconsolidated affiliates HISTORICAL FINANCIAL REVIEWSegment financials by quarter
3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 FY 2015 RENEWABLES (MW) 430 891 991 1,241 1,441 1,441 1,441 1,441 CONVENTIONAL (electric MW) 300 300 300 300 300 300 300 300 TRANSMISSION (Miles) 1,018 1,018 1,018 1,099 1,099 1,099 1,099 1,099 WATER (Mft3/day) - - 10.5 10.5 10.5 10.5 10.5 10.5 RENEWABLES (GWh) 300 184 319 764 958 495 514 2,536 (GWh) 640 629 628 616 601 620 529 2,465 (availability %) 104.6% 101.0% 101.7% 101.9% 101.7% 101.5% 87.5% 101.7% TRANSMISSION2 (availability %) 100.0% 100.0% 99.9% 99.8% 99.3% 100.0% 99.9% 99.9% WATER2 (availability %) - - 96.8% 103.2% 101.6% 102.5% 101.5% 101.5% CONVENTIONAL1 Capacity in operation(at the end of the period) Production / Availability Conventional availability refers to operational MW over contracted MW with Pemex.Availability for transmission lines is calculated over contracted levels and availability for water refers to availability over target levels. HISTORICAL FINANCIAL REVIEWKey performance indicators
3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 FY 2015 US 28.1% 14.4% 14.3% 33.7% 34.5% 17.1% 17.3% 24.9% Spain 34.3% 8.1% 15.1% 30.6% 31.3% 8.6% 14.2% 21.0% Kaxu 26.0% 31.1% 42.2% 29.3%(2) WIND (Uruguay) 42.8% 38.0% 27.3% 34.4% 41.9% 39.3% 31.6% 35.8% SOLAR Historical Capacity Factors (1) HISTORICAL FINANCIAL REVIEWCapacity factors Historical Capacity Factors calculated since the entry into operation or the acquisition of each asset. Some capacity factors are not indicative of a full period of operations.Average capacity factor in Kaxu for 2015 calculated since August 1, 2015.
STABLE CASH FLOWSLong-dated contracts with creditworthy counterparties LONG-TERM CONTRACTS HIGH QUALITY OFFTAKERS 21 Weighted average years remaining (2) +95 Investment grade offtakers (1) LOW DEPENDENCE ON NATURAL RESOURCES PRODUCTION-BASED 36% AVAILABILITY-BASED 64% % Note: All amounts based on run-rate CAFD excluding Brazil (ACBH) and no acquisitions.Based on Moody’s rating. Offtakers for Quadra 1&2, Honaine, Skikda and ATN2 are unrated. Offtaker for ATN and ATS is the Ministry of Energy of the Government of Peru, for Spanish assets is the Government of Spain and for Kaxu is the Republic of South Africa.Represents weighted average years remaining as of March 31, 2016.
SIZEABLE AND DIVERSIFIED ASSET PORTFOLIOPortfolio breakdown CURRENCY(1) SECTOR GEOGRAPHY Note: All amounts based on run-rate CAFD excluding Brazil (ACBH) and no acquisitions. Including the effect of the currency swap agreement signed with Abengoa. of long term interest rate in projects is fixed or hedged ~ 90% 93 Denominatedin USD % 44% North America37% Europe10% South America9% RoW 73% Renewable18% Conventional 6% Transmission 3% Water
TAIL PERIODSRemaining project life after debt amortization PPAs with predefined prices for 21 years on average Additionally, “second life” (merchant or additional PPA) after existing PPA in all assets excluding ATN and ATS PPA expiration year Contract term(1) Project debt term Year (1) Regulation in the case of Spain.
- 5%MWh - $20M +5%MWh +$20M - 10% ZAR/USD - $2M +10% ZAR/USD +$2M - 10%MWh - $3M +10%MWh +$3M $0M VALUATIONCAFD sensitivity PRODUCTION SENSITIVITY WIND PRODUCTION SENSITIVITY SOLAR CURRENCY SENSITIVITY SOUTH AFRICA GAS PRICE & EUR/USD SENSITIVITY €/$
AVERAGE 50MW SPANISH PLANT $M % Total Revenues Regulated Revenues (Investment) 22.8 72% Regulated Revenues (Operation) 3.9 12% Pool Revenues 5.2 16% Total Revenues 31.9 100% SOLAR SPAIN Numbers reflect the breakdown of a 50 MW solar parabolic trough type facility VALUATIONSpanish solar revenue breakdown Fx EUR/USD: 1.1
2016 2017 2018 2019 2020 Thereafter Total(1) NORTH AMERICA 52.6 54.3 60.3 70.0 80.2 1,569.8 1,887.2 SOUTH AMERICA 15.5 19.7 21.3 23.8 26.6 771.4 878.3 EMEA 106.9 117.0 128.0 136.1 141.1 2,055.4 2,684.5 Total 175.0 191.0 209.6 229.9 247.9 4,396.6 5,450.0 US $ in millions PROJECT DEBT Repayment schedule as of December 31, 2015 2016 2017 2018 2019 2020 Thereafter Total(1) RENEWABLES 131.7 146.3 172.4 184.0 192.7 3,268.9 4,096.0 CONVENTIONAL 26.5 26.1 16.8 23.2 30.1 492.4 615.1 TRANSMISSION 12.0 13.6 15.2 17.3 19.5 613.9 691.5 WATER 4.8 5.0 5.2 5.4 5.6 21.4 47.4 Total 175.0 191.0 209.6 229.9 247.9 4,396.6 5,450.0 Does not include $20.7M of accrued interest. Exchange rates as of December 31, 2015: (EUR/USD = 1.0862)
CORPORATE DEBT DETAILS US $ in millions 2019 Notes Credit Facility Tranche A Tranche B Maturity November 2019 Amount 258.9 Total 669.9 December 2018 123.5 December 2017 287.5
Offtaker Risk + Operating Risk Premium = Ke Solana 3.07% Mojave 2.40% ACT 5.22% ATN 3.19% ATS 3.19% ATN2 8.61% Quadra 1&2 7.99% Palmatir 3.41% Cadonal 3.41% Solar Spain 1.42% Kaxu 9.12% Honaine 9.15% Skikda 9.15% Offtaker Risk estimated as the yield of listed bonds issued by our offtakers with a maturity similar to approximately half of the remaining life of our PPA.ATN 2 and Quadra 1&2 offtaker risk estimated as the yield of bonds issued by similar companies, as they do not have listed bonds. Skikda and Honaine offtaker risk estimated as the yield of listed bonds issued by countries with a rating similar to Algeria. (Source: Political Risk Service). VALUATIONDiscount rates NORTH AMERICA SOUTH AMERICA EMEA
SIZEABLE AND DIVERSIFIED ASSET PORTFOLIO ASSET TYPE STAKE LOCATION GROSSCAPACITY OFFTAKER RATING (2) YEARSCONTRACT LLEFT CCV RENEWABLE ENERGY Solana 100% (1) USA (Arizona) 280 MW APS A-/A2/A 28 USD Mojave 100% USA (California) 280 MW PG&E BBB/Baa1/BBB+ 24 USD Solaben 2/3 70% Spain 2x50 MW Kingdom of Spain BBB+/Baa2/BBB+ 22/21 USD (6) Solacor 1/2 87% Spain 2x50 MW Kingdom of Spain BBB+/Baa2/BBB+ 21 USD (6) PS 10/20 100% Spain 31 MW Kingdom of Spain BBB+/Baa2/BBB+ 16/18 USD (6) Helioenergy 1/2 100% Spain 2x50 MW Kingdom of Spain BBB+/Baa2/BBB+ 22 USD (6) Helios 1/2 100% Spain 2x50 MW Kingdom of Spain BBB+/Baa2/BBB+ 21/22 USD (6) Solnova 1/3/4 100% Spain 3x50 MW Kingdom of Spain BBB+/Baa2/BBB+ 19/19/20 USD (6) Solaben 1/6 100% Spain 2x50 MW Kingdom of Spain BBB+/Baa2/BBB+ 23 USD (6) Kaxu 51% South Africa 100 MW Eskom BBB-/Baa2/BBB- (4) 19 ZAR Palmatir 100% Uruguay 50 MW UTE BBB/Baa2/BBB- (4) 18 USD Cadonal 100% Uruguay 50 MW UTE BBB/Baa2/BBB- (4) 19 USD Liberty Interactive Corporation holds $300M in Class A membership interests in exchange for a share of the dividends and the taxable loss generated by Solana.Reflects the counterparty’s issuer 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, respectively.USD denominated but payable in local currency. Kaxu refers to the credit rating of the Republic of South Africa, and for Palmatir and Cadonal it refers to the credit rating of Uruguay, as UTE is unrated. During the initial 5-year period, we have the right to receive, in four quarterly installments, a preferred dividend of $18.4 million per year.Gross cash received in Euros are dollarized through a currency swap contract with Abengoa S.A.
SIZEABLE AND DIVERSIFIED ASSET PORTFOLIO ASSET TYPE STAKE LOCATION GROSSCAPACITY OFFTAKER RATING (2) YEARSCONTRACT LLEFT CCY CONVENTIONALPOWER ACT 100% Mexico 300 MW Pemex BBB+/Baa3/BBB+ 17 USD (3) ELECTRICAL TRANSMISSION ATN 100% Peru 362 miles Peru BBB+/A3/BBB+ 25 USD (3) ATS 100% Peru 569 miles Peru BBB+/A3/BBB+ 28 USD (3) ATN 2 100% Peru 81 miles Las Bambas Not rated 17 USD (3) Quadra 1&2 100% Chile 81 miles Sierra Gorda Not rated 19 USD (3) Palmucho 100% Chile 6 miles Endesa Chile BBB+/Baa2/BBB+ 22 USD (3) WATER Skikda 34% Algeria 3.5 Mft3/day Sonatrach & ADE Not rated 18 USD (3) Honaine 26% Algeria 7 Mft3/day Sonatrach & ADE Not rated 22 USD (3) PREFERRED INSTRUMENT Exchangeable Preferred Equity in ACBH - Brazil $18.4 M p.a. (5) - N/A; dividend subordination - USD Liberty Interactive Corporation holds $300M in Class A membership interests in exchange for a share of the dividends and the taxable loss generated by Solana.Reflects the counterparty’s issuer 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, respectively.USD denominated but payable in local currency. For Kaxu is the credit rating of the Republic of South Africa, and for Palmatir and Cadonal it refers to the credit rating of Uruguay, as UTE is unrated. During the initial 5-year period, we have the right to receive, in four quarterly installments, a preferred dividend of $18.4 million per year.Gross cash in Euros dollarized through a currency swap contract with Abengoa
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