☒ Form 20-F
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☐ Form 40-F
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Page
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PART I – FINANCIAL INFORMATION
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Item 1
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9
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Item 2
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44
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Item 3
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73
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Item 4
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75 | |
PART II – OTHER INFORMATION
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Item 1
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75
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Item 1A
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76
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Item 2
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76
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Item 3
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76
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Item 4
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76
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Item 5
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76
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Item 6
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76
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77
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• |
references to “2020 Green Private Placement” refer to the €290 million ($303 million) senior secured notes maturing on June 20, 2026 which were issued under a senior secured note purchase agreement entered
with a group of institutional investors as purchasers of the notes issued thereunder as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital
Resources—Sources of Liquidity—2020 Green Private Placement”;
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• |
references to “Abengoa” refer to Abengoa, S.A., together with its subsidiaries, unless the context otherwise requires;
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• |
references to “ACT” refer to the gas-fired cogeneration facility located inside the Nuevo Pemex Gas Processing Facility near the city of Villahermosa in the State of Tabasco, Mexico;
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• |
references to “Adjusted EBITDA” have the meaning set forth in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Financial Measures”;
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• |
references to “Algonquin” refer to, as the context requires, either Algonquin Power & Utilities Corp., a North American diversified generation, transmission and distribution utility, or Algonquin Power
& Utilities Corp. together with its subsidiaries;
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• |
references to “Amherst Island Partnership” refer to the holding company of Windlectric Inc.;
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• |
references to “Annual Consolidated Financial Statements” refer to the audited annual consolidated financial statements as of December 31, 2021 and 2020 and for the years ended December 31, 2021, 2020 and
2019, including the related notes thereto, prepared in accordance with IFRS as issued by the IASB (as such terms are defined herein), included in our Annual Report;
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• |
references to “Annual Report” refer to our Annual Report on Form 20-F for the year ended December 31, 2021, filed with the SEC on February 28, 2022, as amended by Amendment No. 1 on Form 20-F/A, filed with
the SEC on March 24, 2022;
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• |
references to “Atlantica Jersey” refer to Atlantica Sustainable Infrastructure Jersey Limited, a wholly-owned subsidiary of Atlantica;
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• |
references to “ATN” refer to ATN S.A., the operational electronic transmission asset in Peru, which is part of the Guaranteed Transmission System;
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• |
references to “AYES Canada” refer to Atlantica Sustainable Infrastructure Energy Solutions Canada Inc., a vehicle formed by Atlantica and Algonquin to channel co-investment opportunities;
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• |
references to “Befesa Agua Tenes” refer to Befesa Agua Tenes, S.L.U.;
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• |
references to “cash available for distribution” or “CAFD” refer to the cash distributions received by the Company from its subsidiaries minus cash expenses of the Company, including third-party debt service
and general and administrative expenses;
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• |
references to “Calgary District Heating” or “Calgary” refer to the 55 MWt thermal capacity district heating asset in the city of Calgary which we acquired in May 2021;
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• |
references to “Chile PV 1” refer to the solar PV plant of 55 MW located in Chile;
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• |
references to “Chile PV 2” refer to the solar PV plant of 40 MW located in Chile;
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• |
references to “Chile TL3” refer to the 50-mile transmission line located in Chile;
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• |
references to “Chile TL4” refer to the 63-mile transmission line located in Chile;
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• |
references to “Consolidated Condensed Interim Financial Statements” refer to the consolidated condensed unaudited interim financial statements as of June 30, 2022 and for the six-month periods ended June 30,
2022 and 2021, including the related notes thereto prepared in accordance with IFRS as issued by the IASB, which form a part of this quarterly report;
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• |
references to “COD” refer to the commercial operation date of the applicable facility;
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• |
references to “Coso” refer to the 135 MW geothermal plant located in California;
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• |
references to the “Distribution Agreement” refer to the agreement entered into with BofA Securities, Inc., MUFG Securities Americas Inc. and RBC Capital Markets LLC, as sales agents, dated February 28, 2022
as amended on May 9, 2022, under which we may offer and sell from time to time up to $150 million of our ordinary shares and pursuant to which such sales agents may sell our ordinary shares by any method permitted by law deemed to be an “at
the market offering” as defined by Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended;
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• |
references to “EMEA” refer to Europe, Middle East and Africa;
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• |
references to “Eskom” refer to Eskom Holdings SOC Limited, together with its subsidiaries, unless the context otherwise requires;
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• |
references to “EURIBOR” refer to Euro Interbank Offered Rate, a daily reference rate published by the European Money Markets Institute, based on the average interest rates at which Eurozone banks offer to
lend unsecured funds to other banks in the euro wholesale money market;
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• |
references to “EU” refer to the European Union;
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• |
references to “Exchange Act” refer to the U.S. Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated by the SEC thereunder;
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• |
references to “Federal Financing Bank” refer to a U.S. government corporation by that name;
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• |
references to “Fitch” refer to Fitch Ratings Inc.;
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• |
references to “Green Exchangeable Notes” refer to the $115 million green exchangeable senior notes due in 2025 issued by Atlantica Jersey on July 17, 2020, and fully and unconditionally guaranteed on a
senior, unsecured basis, by Atlantica, as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Green Exchangeable Notes”;
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• |
references to “Green Senior Notes” refer to the $400 million green senior notes due in 2028, as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of
Operations—Liquidity and Capital Resources—Sources of Liquidity—-Green Senior Notes”;
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• |
references to “gross capacity” refer to the maximum, or rated, power generation capacity, in MW, of a facility or group of facilities, without adjusting for the facility’s power parasitics’ consumption, or by
our percentage of ownership interest in such facility as of the date of this quarterly report;
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• |
references to “GWh” refer to gigawatt hour;
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• |
references to “IAS” refer to International Accounting Standards issued by the IASB;
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• |
references to “IASB” refer to the International Accounting Standards Board;
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• |
references to “IFRIC 12” refer to International Financial Reporting Interpretations Committee’s Interpretation 12—Service Concessions Arrangements;
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• |
references to “IFRS as issued by the IASB” refer to International Financial Reporting Standards as issued by the IASB;
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• |
references to “Italy PV” refer to the solar PV plants located in Italy with combined capacity of 9.8 MW;
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• |
references to “ITC” refer to investment tax credits;
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• |
references to “Kaxu” refer to the 100 MW solar plant located in South Africa;
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• |
references to “La Sierpe” refer to the 20 MW solar PV plant located in Colombia;
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• |
references to “Liberty GES” refer to Liberty Global Energy Solutions B.V., a subsidiary of Algonquin (formerly known as Abengoa-Algonquin Global Energy Solutions B.V. (AAGES)) which invests in the development
and construction of contracted clean energy and water infrastructure assets;
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• |
references to “Liberty GES ROFO Agreement” refer to the agreement we entered into with Liberty GES on March 5, 2018, that provides us a right of first offer to purchase any of the assets offered for sale
thereunder, as amended and restated from time to time;
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• |
references to “LIBOR” refer to London Interbank Offered Rate;
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• |
references to “M ft3” refer to million standard cubic feet;
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• |
references to “Monterrey” refer to the 142 MW gas-fired engine facility including 130 MW installed capacity and 12 MW battery capacity, located in Monterrey, Mexico;
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• |
references to “Multinational Investment Guarantee Agency” refer to the Multinational Investment Guarantee Agency, a financial institution member of the World Bank Group which provides political insurance and
credit enhancement guarantees;
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• |
references to “MW” refer to megawatts;
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• |
references to “MWh” refer to megawatt hour;
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• |
references to “MWt” refer to thermal megawatts;
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• |
references to “Moody’s” refer to Moody’s Investor Service Inc.;
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• |
references to “Note Issuance Facility 2020” refer to the senior unsecured note facility dated July 8, 2020, as amended on March 30, 2021 of €140 million ($146 million), with Lucid Agency Services Limited, as
facility agent and a group of funds managed by Westbourne Capital, as purchasers of the notes issued thereunder as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity
and Capital Resources—Sources of Liquidity—Note Issuance Facility 2020”;
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• |
references to “O&M” refer to operation and maintenance services provided at our various facilities;
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• |
references to “operation” refer to the status of projects that have reached COD (as defined above);
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• |
references to “Pemex” refer to Petróleos Mexicanos;
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• |
references to “PPA” refer to the power purchase agreements through which our power generating assets have contracted to sell energy to various off-takers;
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• |
references to “PV” refer to photovoltaic power;
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• |
references to “Revolving Credit Facility” refer to the credit and guaranty agreement with a syndicate of banks entered into on May 10, 2018 as amended on January 24, 2019, August 2, 2019, December 17, 2019,
August 28, 2020, March 1, 2021 and May 5, 2022 providing for a senior secured revolving credit facility in an aggregate principal amount of $450 million as further described in “Item 2—Management’s Discussion and Analysis of Financial
Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Revolving Credit Facility”;
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• |
references to “Rioglass” refer to Rioglass Solar Holding, S.A.;
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• |
references to “ROFO” refer to a right of first offer;
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• |
references to “Skikda” refer to the seawater desalination plant in Algeria, which is 34% owned by Atlantica;
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• |
references to “Solaben Luxembourg” refer to Solaben Luxembourg S.A.;
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• |
references to “S&P” refer to S&P Global Rating;
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• |
references to “Tenes” refer to Ténès Lilmiyah SpA, a water desalination plant in Algeria, which is 51% owned by Befesa Agua Tenes;
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• |
references to “U.K.” refer to the United Kingdom;
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• |
references to “U.S.” or “United States” refer to the United States of America;
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• |
references to “Vento II” refer to the wind portfolio in the U.S. in which we acquired a 49% interest in June 2021; and
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• |
references to “we,” “us,” “our,” “Atlantica” and the “Company” refer to Atlantica Sustainable Infrastructure plc and its consolidated subsidiaries, unless the context otherwise requires.
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• |
the condition of and changes in the debt and equity capital markets and other traditional liquidity sources and our ability to borrow additional funds, refinance existing debt and access capital markets, as
well as our substantial indebtedness and the possibility that we may incur additional indebtedness going forward;
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• |
the ability of our counterparties, including Pemex, to satisfy their financial commitments or business obligations and our ability to seek new counterparties in a competitive market;
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• |
government regulation, including compliance with regulatory and permit requirements and changes in tax laws, market rules, rates, tariffs, environmental laws and policies affecting renewable energy, including
changes in regulation defining the remuneration of our solar assets in Spain;
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• |
potential changes in relation to the Royal Decree Law 6/2022 published in Spain on March 30, 2022, to the Royal Decree Law 10/2022 and to the proposed detailed components of electricity pricing which have
been published in draft form and are subject to comments and final publication;
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• |
changes in tax laws and regulations, including new taxes recently announced in Italy and Spain;
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• |
risks relating to our activities in areas subject to economic, social and political uncertainties;
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• |
recession risks, a persistent inflationary environment and supply chain issues, and the related increases in prices of materials, labor, services and other costs and expenses required to operate our business;
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• |
our ability to finance and make new investments and acquisitions on favorable terms, our ability to complete the construction of assets in time and budget and our ability to identify and execute development
opportunities;
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• |
risks relating to new assets and businesses which have a higher risk profile and our ability to transition these successfully;
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• |
risks related to our reliance on third-party contractors or suppliers;
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• |
risks related to our ability to maintain appropriate insurance over our assets;
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• |
risks related to our facilities not performing as expected, unplanned outages, higher than expected operating costs and/ or capital expenditures, including as a result of interruptions or disruptions caused
by supply chain issues and trade restrictions;
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• |
potential issues arising with our O&M suppliers’ including disagreement with subcontractors;
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• |
the effects of litigation and other legal proceedings (including bankruptcy) against us our subsidiaries, our assets and our employees;
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• |
price fluctuations, revocation and termination provisions in our off-take agreements and PPAs;
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• |
our electricity generation, our projections thereof and factors affecting production;
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• |
our guidance targets or expectations with respect to Adjusted EBITDA derived from low-carbon footprint assets;
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• |
our ability to grow organically and investments in new assets;
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• |
risks related to our ability to develop renewable and transmission projects, including construction risks and risks associated with the arrangements with our joint venture partners;
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• |
risks related to our current or previous relationship with Abengoa, our former largest shareholder and currently one of our operation and maintenance suppliers, including bankruptcy, reputational risk and
particularly the potential impact of Abengoa’s insolvency filing and liquidation process and Abenewco1, S.A.’s and certain of its subsidiaries’ pre-insolvency filings, as well as litigation risk;
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• |
the termination of certain O&M agreements with Abengoa and performing the O&M services directly and the successful integration of the O&M employees where the services thereunder have been recently
replaced and internalized;
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• |
our plans relating to our financings, including refinancing plans;
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• |
our plans relating to our “at-the-market program” and the use of proceeds from the offering thereunder;
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• |
risks related to the Russian military actions across Ukraine; and
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• |
other factors discussed in “Part I, Item 3.D.—Risk Factors” in our Annual Report.
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As of
June 30,
|
As of
December 31,
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|||||||||||
Note (1)
|
2022
|
2021
|
||||||||||
Assets
|
||||||||||||
Non-current assets
|
||||||||||||
Contracted concessional assets
|
6
|
|
|
|||||||||
Investments carried under the equity method
|
7
|
|
|
|||||||||
Financial investments
|
8
|
|
|
|||||||||
Deferred tax assets
|
|
|
||||||||||
Total non-current assets
|
|
|
||||||||||
Current assets
|
||||||||||||
Inventories
|
|
|
||||||||||
Trade and other receivables
|
12
|
|
|
|||||||||
Financial investments
|
8
|
|
|
|||||||||
Cash and cash equivalents
|
|
|
|
|||||||||
Total current assets
|
|
|
||||||||||
Total assets
|
|
|
(1) |
Notes 1 to 22 form an integral part of the Consolidated Condensed Interim Financial Statements.
|
As of
June 30,
|
As of
December 31,
|
|||||||||||
Note (1)
|
2022
|
2021
|
||||||||||
Equity and liabilities
|
||||||||||||
Equity attributable to the Company
|
||||||||||||
Share capital
|
13
|
|
|
|||||||||
Share premium
|
13
|
|
|
|||||||||
Capital reserves
|
13
|
|
|
|||||||||
Other reserves
|
9
|
|
|
|||||||||
Accumulated currency translation differences
|
13
|
(
|
)
|
(
|
)
|
|||||||
Accumulated deficit
|
13
|
(
|
)
|
(
|
)
|
|||||||
Non-controlling interests
|
13
|
|
|
|||||||||
Total equity
|
|
|
||||||||||
Non-current liabilities
|
||||||||||||
Long-term corporate debt
|
14
|
|
|
|||||||||
Long-term project debt
|
15
|
|
|
|||||||||
Grants and other liabilities
|
16
|
|
|
|||||||||
Derivative liabilities
|
9
|
|
|
|||||||||
Deferred tax liabilities
|
|
|
||||||||||
Total non-current liabilities
|
|
|
||||||||||
Current liabilities
|
||||||||||||
Short-term corporate debt
|
14
|
|
|
|||||||||
Short-term project debt
|
15
|
|
|
|||||||||
Trade payables and other current liabilities
|
17
|
|
|
|||||||||
Income and other tax payables
|
|
|
||||||||||
Total current liabilities
|
|
|
||||||||||
Total equity and liabilities
|
|
|
(1) |
Notes 1 to 22 form an integral part of the Consolidated Condensed Interim Financial Statements.
|
Note (1)
|
For the six-month period ended June 30,
|
|||||||||||
2022
|
2021 | |||||||||||
Revenue
|
4
|
|
|
|||||||||
Other operating income
|
20
|
|
|
|||||||||
Employee benefit expenses
|
(
|
)
|
(
|
)
|
||||||||
Depreciation, amortization, and impairment charges
|
4
|
(
|
)
|
(
|
)
|
|||||||
Other operating expenses
|
20
|
(
|
)
|
(
|
)
|
|||||||
Operating profit
|
|
|
||||||||||
Financial income
|
19
|
|
|
|||||||||
Financial expense
|
19
|
(
|
)
|
(
|
)
|
|||||||
Net exchange differences
|
19
|
|
|
|||||||||
Other financial income, net
|
19
|
(
|
)
|
|
||||||||
Financial expense, net
|
(
|
)
|
(
|
)
|
||||||||
Share of profit of associates carried under the equity method
|
|
|
||||||||||
Profit before income tax
|
|
|
||||||||||
Income tax
|
18
|
(
|
)
|
(
|
)
|
|||||||
Profit for the period
|
|
|
||||||||||
Profit attributable to non-controlling interests
|
(
|
)
|
(
|
)
|
||||||||
Profit/(loss) for the period attributable to the Company
|
|
(
|
)
|
|||||||||
Weighted average number of ordinary shares outstanding (thousands) - basic
|
21
|
|
|
|||||||||
Weighted average number of ordinary shares outstanding (thousands) - diluted
|
21
|
|
|
|||||||||
Basic earnings per share (U.S. dollar per share)
|
21
|
|
(
|
)
|
||||||||
Diluted earnings per share (U.S. dollar per share)
|
21
|
|
(
|
)
|
(1) |
Notes 1 to 22 form an integral part of the Consolidated Condensed Interim Financial Statements.
|
For the six-month period ended June 30,
|
||||||||||||
Note (1)
|
2022
|
2021
|
||||||||||
Profit for the period
|
|
|
||||||||||
Items that may be subject to transfer to income statement
|
||||||||||||
Change in fair value of cash flow hedges
|
|
|
||||||||||
Currency translation differences
|
(
|
)
|
(
|
)
|
||||||||
Tax effect
|
(
|
)
|
(
|
)
|
||||||||
Net income/(expense) recognized directly in equity
|
|
(
|
)
|
|||||||||
Cash flow hedges
|
9
|
|
|
|||||||||
Tax effect
|
(
|
)
|
(
|
)
|
||||||||
Transfers to income statement
|
|
|
||||||||||
Other comprehensive income
|
|
|
||||||||||
Total comprehensive income for the period
|
|
|
||||||||||
Total comprehensive income attributable to non-controlling interests
|
(
|
)
|
(
|
)
|
||||||||
Total comprehensive income attributable to the Company
|
|
|
(1) |
Notes 1 to 22 form an integral part of the Consolidated Condensed Interim Financial Statements.
|
Share
capital
|
Share
premium
|
Capital
reserves
|
Other
reserves
|
Accumulated
currency
translation
differences
|
Accumulated
Deficit
|
Total
equity
attributable
to the
Company
|
Non-
controlling
interests
|
Total
equity
|
||||||||||||||||||||||||||||
Balance as of January 1, 2021
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
|
|||||||||||||||||||||||||
Profit/(loss) for the six -month period after taxes
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
|||||||||||||||||||||||||
Change in fair value of cash flow hedges
|
|
|
|
|
|
(
|
)
|
|
|
|
||||||||||||||||||||||||||
Currency translation differences
|
|
|
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||
Tax effect
|
|
|
|
(
|
)
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||
Other comprehensive income
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
|
|||||||||||||||||||||||||
Total comprehensive income
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
|
|||||||||||||||||||||||||
Capital increase (Note 13)
|
||||||||||||||||||||||||||||||||||||
Business combinations (Note 5) | ||||||||||||||||||||||||||||||||||||
Share-based compensation (Note 13)
|
||||||||||||||||||||||||||||||||||||
Distributions (Note 13)
|
|
|
(
|
)
|
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||
Balance as of June 30, 2021
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
|
Share
capital
|
Share
premium
|
Capital
reserves
|
Other
reserves
|
Accumulated
currency
translation
differences
|
Accumulated
Deficit
|
Total
equity
attributable
to the
Company
|
Non-
controlling
interests
|
Total
equity
|
||||||||||||||||||||||||||||
Balance as of January 1, 2022
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
|
|||||||||||||||||||||||||
Profit/(loss) for the six -month period after taxes
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Change in fair value of cash flow hedges
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Currency translation differences
|
|
|
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||
Tax effect
|
|
|
|
(
|
)
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||
Other comprehensive income
|
|
|
|
|
(
|
)
|
|
|
|
|
||||||||||||||||||||||||||
Total comprehensive income
|
|
|
|
|
(
|
)
|
|
|
|
|
||||||||||||||||||||||||||
Capital increase (Note 13)
|
|
|
(
|
)
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Share-based compensation (Note 13)
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Distributions (Note 13)
|
|
|
(
|
)
|
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||
Balance as of June 30, 2022
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
|
Note (1)
|
For the six-month periods ended
June 30,
|
|||||||||||
2022
|
2021
|
|||||||||||
I. Profit for the period
|
|
|
||||||||||
Financial expense and non-monetary adjustments
|
|
|
||||||||||
II. Profit for the period adjusted by non-monetary items
|
|
|
||||||||||
III. Changes in working capital
|
(
|
)
|
|
|||||||||
Net interest and income tax paid
|
(
|
)
|
(
|
)
|
||||||||
A. Net cash provided by operating activities
|
|
|
||||||||||
Acquisitions of subsidiaries and entities under the equity method
|
5&7
|
(
|
)
|
(
|
)
|
|||||||
Investments in operating concessional assets
|
6
|
(
|
)
|
(
|
)
|
|||||||
Investments in assets under development or construction
|
6 |
( |
) | ( |
) | |||||||
Distributions from entities under the equity method
|
7
|
|
|
|||||||||
Other non-current assets/liabilities
|
(
|
)
|
|
|||||||||
B. Net cash used in investing activities
|
(
|
)
|
(
|
)
|
||||||||
Proceeds from Project debt
|
15
|
|
|
|||||||||
Proceeds from Corporate debt
|
14
|
|
|
|||||||||
Repayment of Project debt
|
15
|
(
|
)
|
(
|
)
|
|||||||
Repayment of Corporate debt | 14 |
( |
) | ( |
) | |||||||
Dividends paid to Company´s shareholders
|
13
|
(
|
)
|
(
|
)
|
|||||||
Dividends paid to non-controlling interests
|
13
|
(
|
)
|
(
|
)
|
|||||||
Capital increase
|
13
|
|
|
|||||||||
C. Net cash used in financing activities
|
(
|
)
|
(
|
)
|
||||||||
Net increase/(decrease) in cash and cash equivalents
|
|
(
|
)
|
|||||||||
Cash and cash equivalents at beginning of the period
|
|
|
||||||||||
Translation differences in cash or cash equivalent
|
(
|
)
|
(
|
)
|
||||||||
Cash and cash equivalents at end of the period
|
|
|
(1) |
Notes 1 to 22 form an integral part of the Consolidated Condensed Interim Financial Statements.
|
Note 1.- Nature of the business
|
17
|
|
|
Note 2.- Basis of preparation
|
20 |
|
|
Note 3.- Financial risk management
|
23
|
|
|
Note 4.- Financial information by segment
|
23
|
|
|
Note 5.- Business combinations
|
30
|
|
|
Note 6.- Contracted concessional assets
|
31
|
|
|
Note 7.- Investments carried under the equity method
|
31
|
|
|
Note 8.- Financial investments
|
32
|
|
|
Note 9.- Derivative financial instruments
|
32
|
|
|
Note 10.- Fair value of financial instruments
|
33
|
|
|
Note 11.- Related parties
|
33
|
|
|
Note 12.- Trade and other receivables
|
34
|
|
|
Note 13.- Equity
|
35
|
|
|
Note 14.- Corporate debt
|
36
|
|
|
Note 15.- Project debt
|
38
|
|
|
Note 16.- Grants and other liabilities
|
40
|
|
|
Note 17.-Trade payables and other current liabilities
|
40
|
|
|
Note 18.- Income tax
|
41
|
|
|
Note 19.- Financial expense, net
|
41
|
|
|
Note 20.- Other operating income and expenses
|
42
|
|
|
Note 21.- Earnings per share
|
43
|
|
|
Note 22.- Subsequent events
|
43
|
|
-
|
In 2021, the Company closed the acquisition in two stages of the
|
|
-
|
On April 7, 2021, the Company closed the acquisition of Coso, a
|
|
-
|
On May 14, 2021, the Company closed the acquisition of Calgary
District Heating, a district heating asset in Canada for a total equity investment of $
|
|
-
|
On June 16, 2021, the Company acquired a
|
|
-
|
On August 6, 2021, the Company closed the acquisition of
Italy PV 1 and Italy PV 2,
|
|
-
|
On November 25, 2021, the Company closed the acquisition of La
Sierpe, a
|
|
-
|
Albisu, a
|
|
-
|
La Tolua and Tierra Linda,
|
Assets
|
Type
|
Ownership
|
Location
|
Currency(9)
|
Capacity
(Gross)
|
Counterparty
Credit Ratings(10)
|
COD*
|
Contract
Years
Remaining(16)
|
Solana
|
|
|
|
|
|
|
|
|
Mojave
|
|
|
|
|
|
|
|
|
Coso |
||||||||
Elkhorn Valley |
||||||||
Prairie Star |
||||||||
Twin Groves II |
||||||||
Lone Star II |
||||||||
Chile PV 1
|
|
|
|
|
|
|
|
N/A
|
Chile PV 2
|
|
|
|
|
|
|
|
|
La Sierpe |
||||||||
Palmatir |
||||||||
Cadonal |
||||||||
Melowind |
||||||||
Mini-Hydro |
||||||||
Solaben 2 & 3
|
|
|
|
|
|
|
|
|
Solacor 1 & 2
|
|
|
|
|
|
|
|
|
PS10 & PS20
|
|
|
|
|
|
|
|
|
Helioenergy 1 & 2
|
|
|
|
|
|
|
|
|
Helios 1 & 2
|
|
|
|
|
|
|
|
|
Solnova 1, 3 & 4
|
|
|
|
|
|
|
|
|
Solaben 1 & 6
|
|
|
|
|
|
|
|
|
Seville PV
|
|
|
|
|
|
|
|
|
Italy PV 1 |
||||||||
Italy PV 2 |
||||||||
Italy PV 3 |
||||||||
Italy PV 4 |
||||||||
Kaxu
|
|
|
|
|
|
|
|
|
Calgary
|
|
|
|
|
|
|
|
|
ACT
|
|
|
|
|
|
|
|
|
Monterrey | ||||||||
ATN (15)
|
|
|
|
|
|
|
|
|
ATS
|
|
|
|
|
|
|
|
|
ATN 2
|
|
|
|
|
|
|
|
|
Quadra 1 & 2
|
|
|
|
|
|
|
|
|
Palmucho
|
|
|
|
|
|
|
|
|
Chile TL3
|
|
|
|
|
|
|
|
Regulated
|
Chile TL4 | |
|
|
|
|
|
|
|
Skikda
|
|
|
|
|
|
|
|
|
Honaine
|
|
|
|
|
|
|
|
|
Tenes
|
|
|
|
|
|
|
|
|
(1) |
|
(2) |
|
(3) |
|
(4) |
|
(5) |
|
(6) |
|
(7) |
|
(8) |
|
(9) |
|
(10) |
|
(11) |
|
(12) |
|
(13) |
|
(14) |
|
(15) |
|
(16) |
|
(*) |
|
|
-
|
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 is being revised.
|
|
-
|
The market price assumed by the regulation for calendar year 2022 was changed from €
|
|
-
|
For the three-year half period starting on January 1, 2023, and ending on December 31, 2025, the adjustment for
electricity price deviations in the preceding statutory half period will be progressively modified to take into account a mix of actual market prices and future market prices.
|
a) |
Standards, interpretations and amendments effective from January 1, 2022 under IFRS-IASB,
applied by the Company in the preparation of these Consolidated Condensed Interim Financial Statements:
|
b)
|
Standards,
interpretations and amendments published by the IASB that will be effective for periods beginning on or after January 1, 2023:
|
● |
Assessment of contracted concessional agreements.
|
● |
Impairment of contracted concessional assets.
|
● |
Assessment of control.
|
● |
Derivative financial instruments and fair value estimates.
|
● |
Income taxes and recoverable amount of deferred tax assets.
|
a)
|
The following tables show Revenue and Adjusted EBITDA by
operating segments and business sectors for the six-month periods ended June 30, 2022 and 2021:
|
Revenue
|
Adjusted EBITDA
|
|||||||||||||||
For the six-month period ended
June 30,
|
For the six-month period ended
June 30,
|
|||||||||||||||
($ in thousands)
|
||||||||||||||||
Geography
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
North America
|
|
|
|
|
||||||||||||
South America
|
|
|
|
|
||||||||||||
EMEA
|
|
|
|
|
||||||||||||
Total
|
|
|
|
|
Revenue
|
Adjusted EBITDA
|
|||||||||||||||
For the six-month period ended
June 30,
|
For the six-month period ended
June 30,
|
|||||||||||||||
($ in thousands)
|
||||||||||||||||
Business sector
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
Renewable energy
|
|
|
|
|
||||||||||||
Efficient natural gas & heat
|
|
|
|
|
||||||||||||
Transmission lines
|
|
|
|
|
||||||||||||
Water
|
|
|
|
|
||||||||||||
Total
|
|
|
|
|
For the six-month period ended
June 30,
($ in thousands)
|
||||||||
2022
|
2021
|
|||||||
Profit/(loss) attributable to the Company
|
|
(
|
)
|
|||||
Profit attributable to non-controlling interests
|
|
|
||||||
Income tax
|
|
|
||||||
Financial expense, net
|
|
|
||||||
Depreciation, amortization, and impairment charges
|
|
|
||||||
Depreciation and amortization, financial expense and income tax expense of unconsolidated
affiliates (pro rata of Atlantica’s equity ownership)
|
||||||||
Total segment Adjusted EBITDA
|
|
|
b)
|
The assets and liabilities by operating segments (and business sector) as of June 30, 2022 and December 31, 2021 are as follows:
|
North
America
|
South
America
|
EMEA
|
Balance as of
June 30,
2022
|
|||||||||||||
($ in thousands)
|
||||||||||||||||
Assets allocated
|
||||||||||||||||
Contracted concessional assets
|
|
|
|
|
||||||||||||
Investments carried under the equity method
|
|
|
|
|
||||||||||||
Current financial investments
|
|
|
|
|
||||||||||||
Cash and cash equivalents (project companies)
|
|
|
|
|
||||||||||||
Subtotal allocated
|
|
|
|
|
||||||||||||
Unallocated assets
|
||||||||||||||||
Other non-current assets
|
|
|||||||||||||||
Other current assets (including cash and cash equivalents at holding company level)
|
|
|||||||||||||||
Subtotal unallocated
|
|
|||||||||||||||
Total assets
|
|
North
America
|
South
America
|
EMEA
|
Balance as of
June 30,
2022
|
|||||||||||||
($ in thousands)
|
||||||||||||||||
Liabilities allocated
|
||||||||||||||||
Long-term and short-term project debt
|
|
|
|
|
||||||||||||
Grants and other liabilities
|
|
|
|
|
||||||||||||
Subtotal allocated
|
|
|
|
|
||||||||||||
Unallocated liabilities
|
||||||||||||||||
Long-term and short-term corporate debt
|
|
|||||||||||||||
Other non-current liabilities
|
|
|||||||||||||||
Other current liabilities
|
|
|||||||||||||||
Subtotal unallocated
|
|
|||||||||||||||
Total liabilities
|
|
|||||||||||||||
Equity unallocated
|
|
|||||||||||||||
Total liabilities and equity unallocated
|
|
|||||||||||||||
Total liabilities and equity
|
|
North
America
|
South
America
|
EMEA
|
Balance as of
December 31,
2021
|
|||||||||||||
($ in thousands)
|
||||||||||||||||
Assets allocated
|
||||||||||||||||
Contracted concessional assets
|
|
|
|
|
||||||||||||
Investments carried under the equity method
|
|
|
|
|
||||||||||||
Current financial investments
|
|
|
|
|
||||||||||||
Cash and cash equivalents (project companies)
|
|
|
|
|
||||||||||||
Subtotal allocated
|
|
|
|
|
||||||||||||
Unallocated assets
|
||||||||||||||||
Other non-current assets
|
|
|||||||||||||||
Other current assets (including cash and cash equivalents at holding company level)
|
|
|||||||||||||||
Subtotal unallocated
|
|
|||||||||||||||
Total assets
|
|
North
America
|
South
America
|
EMEA
|
Balance as of
December 31,
2021
|
|||||||||||||
($ in thousands)
|
||||||||||||||||
Liabilities allocated
|
||||||||||||||||
Long-term and short-term project debt
|
|
|
|
|
||||||||||||
Grants and other liabilities
|
|
|
|
|
||||||||||||
Subtotal allocated
|
|
|
|
|
||||||||||||
Unallocated liabilities
|
||||||||||||||||
Long-term and short-term corporate debt
|
|
|||||||||||||||
Other non-current liabilities
|
|
|||||||||||||||
Other current liabilities
|
|
|||||||||||||||
Subtotal unallocated
|
|
|||||||||||||||
Total liabilities
|
|
|||||||||||||||
Equity unallocated
|
|
|||||||||||||||
Total liabilities and equity unallocated
|
|
|||||||||||||||
Total liabilities and equity
|
|
Renewable
energy
|
Efficient
natural
gas & heat
|
Transmission
lines
|
Water
|
Balance as of
June 30,
2022
|
||||||||||||||||
($ in thousands)
|
||||||||||||||||||||
Assets allocated
|
||||||||||||||||||||
Contracted concessional assets
|
|
|
|
|
|
|||||||||||||||
Investments carried under the equity method
|
|
|
|
|
|
|||||||||||||||
Current financial investments
|
|
|
|
|
|
|||||||||||||||
Cash and cash equivalents (project companies)
|
|
|
|
|
|
|||||||||||||||
Subtotal allocated
|
|
|
|
|
|
|||||||||||||||
Unallocated assets
|
||||||||||||||||||||
Other non-current assets
|
|
|||||||||||||||||||
Other current assets (including cash and cash equivalents at holding company level)
|
|
|||||||||||||||||||
Subtotal unallocated
|
|
|||||||||||||||||||
Total assets
|
|
Renewable
energy
|
Efficient
natural gas
& heat
|
Transmission
lines
|
Water
|
Balance as of
June 30,
2022
|
||||||||||||||||
($ in thousands)
|
||||||||||||||||||||
Liabilities allocated
|
||||||||||||||||||||
Long-term and short-term project debt
|
|
|
|
|
|
|||||||||||||||
Grants and other liabilities
|
|
|
|
|
|
|||||||||||||||
Subtotal allocated
|
|
|
|
|
|
|||||||||||||||
Unallocated liabilities
|
||||||||||||||||||||
Long-term and short-term corporate debt
|
|
|||||||||||||||||||
Other non-current liabilities
|
|
|||||||||||||||||||
Other current liabilities
|
|
|||||||||||||||||||
Subtotal unallocated
|
|
|||||||||||||||||||
Total liabilities
|
|
|||||||||||||||||||
Equity unallocated
|
|
|||||||||||||||||||
Total liabilities and equity unallocated
|
|
|||||||||||||||||||
Total liabilities and equity
|
|
Renewable
energy
|
Efficient
natural gas
& heat
|
Transmission
lines
|
Water
|
Balance as of
December 31,
2021
|
||||||||||||||||
($ in thousands)
|
||||||||||||||||||||
Assets allocated
|
||||||||||||||||||||
Contracted concessional assets
|
|
|
|
|
|
|||||||||||||||
Investments carried under the equity method
|
|
|
|
|
|
|||||||||||||||
Current financial investments
|
|
|
|
|
|
|||||||||||||||
Cash and cash equivalents (project companies)
|
|
|
|
|
|
|||||||||||||||
Subtotal allocated
|
|
|
|
|
|
|||||||||||||||
Unallocated assets
|
||||||||||||||||||||
Other non-current assets
|
|
|||||||||||||||||||
Other current assets (including cash and cash equivalents at holding company level)
|
|
|||||||||||||||||||
Subtotal unallocated
|
|
|||||||||||||||||||
Total assets
|
|
Renewable
energy
|
Efficient
natural gas
& heat
|
Transmission
lines
|
Water
|
Balance as of
December 31,
2021
|
||||||||||||||||
($ in thousands)
|
||||||||||||||||||||
Liabilities allocated
|
||||||||||||||||||||
Long-term and short-term project debt
|
|
|
|
|
|
|||||||||||||||
Grants and other liabilities
|
|
|
|
|
|
|||||||||||||||
Subtotal allocated
|
|
|
|
|
|
|||||||||||||||
Unallocated liabilities
|
||||||||||||||||||||
Long-term and short-term corporate debt
|
|
|||||||||||||||||||
Other non-current liabilities
|
|
|||||||||||||||||||
Other current liabilities
|
|
|||||||||||||||||||
Subtotal unallocated
|
|
|||||||||||||||||||
Total liabilities
|
|
|||||||||||||||||||
Equity unallocated
|
|
|||||||||||||||||||
Total liabilities and equity unallocated
|
|
|||||||||||||||||||
Total liabilities and equity
|
|
c)
|
The amount of depreciation, amortization and impairment charges
recognized for the six-month periods ended June 30, 2022 and 2021 are as follows:
|
For the six-month period ended
June 30,
|
||||||||
Depreciation, amortization and impairment by geography
|
2022
|
2021 |
||||||
($ in thousands) | ||||||||
North America
|
(
|
)
|
(
|
)
|
||||
South America
|
(
|
)
|
(
|
)
|
||||
EMEA
|
(
|
)
|
(
|
)
|
||||
Total
|
(
|
)
|
(
|
)
|
For the six-month period ended
June 30,
|
||||||||
Depreciation, amortization and impairment by business sectors
|
2022
|
2021
|
||||||
($ in thousands)
|
||||||||
Renewable energy
|
(
|
)
|
(
|
)
|
||||
Efficient natural gas & heat
|
(
|
)
|
|
|||||
Transmission lines
|
(
|
)
|
(
|
)
|
||||
Water
|
(
|
)
|
|
|||||
Total
|
(
|
)
|
(
|
)
|
Business
combinations
for the six-month
period ended
June 30, 2022
|
||||
Contracted concessional assets
|
|
|
||
Cash&cash
and equivalents |
||||
Other current assets
|
|
|||
Non-current
Project debt |
( |
) | ||
Other current and non-current liabilities |
( |
) | ||
Total net assets acquired at fair value
|
|
|||
Asset acquisition – purchase price paid
|
(
|
)
|
||
Net result of business combinations
|
|
Business combinations
for the year ended December 31, 2021
|
||||||||||||
Coso | Other |
Total |
||||||||||
Contracted concessional assets
|
||||||||||||
Deferred tax asset
|
||||||||||||
Other non-current assets | ||||||||||||
Cash & cash equivalents
|
||||||||||||
Other current assets
|
||||||||||||
Non-current Project debt
|
( |
) |
( |
) |
( |
) |
||||||
Current Project debt
|
( |
) |
( |
) |
( |
) |
||||||
Deferred tax liabilities |
( |
) |
( |
) |
||||||||
Other current and non-current liabilities
|
( |
) |
( |
) |
( |
) |
||||||
Non-controlling interests
|
( |
) |
( |
) |
||||||||
Total net assets acquired at fair value
|
||||||||||||
Asset acquisition – purchase price paid
|
( |
) |
( |
) |
( |
) |
||||||
Fair value of previously held
|
( |
) |
( |
) |
||||||||
Net result of business combinations
|
Financial
assets under
IFRIC 12
|
Financial
assets under
IFRS 16
|
Intangible
assets under
IFRIC 12
|
Intangible
assets under
IFRS 16
(Lessee)
|
Property,
plant and equipment under
IAS 16 and
other
intangible
assets under
IAS 38
|
Balance as of
June 30,
2022
|
|||||||||||||||||||
($ in thousands)
|
||||||||||||||||||||||||
Contracted concessional assets cost
|
|
|
|
|
|
|
||||||||||||||||||
Amortization and impairment
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||
Total
|
|
|
|
|
|
|
Financial
assets under
IFRIC 12
|
Financial
assets under
IFRS 16
|
Intangible
assets under
IFRIC 12
|
Intangible
assets under
IFRS 16
(Lessee)
|
Property,
plant and equipment under
IAS 16 and
other
intangible
assets under
IAS 38
|
Balance as of December
31, 2021
|
|||||||||||||||||||
($ in thousands)
|
||||||||||||||||||||||||
Contracted concessional assets cost
|
|
|
|
|
|
|
||||||||||||||||||
Amortization and impairment
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||
Total
|
|
|
|
|
|
|
Balance as of
June 30,
2022
|
Balance as of
December 31,
2021
|
|||||||
($ in thousands)
|
||||||||
2007 Vento II, LLC | ||||||||
Windlectric Inc
|
|
|
||||||
Myah Bahr Honaine, S.P.A.
|
|
|
||||||
Pemcorp SAPI de CV
|
|
|
||||||
Pectonex, R.F. Proprietary Limited
|
|
|
||||||
Evacuación Valdecaballeros, S.L.
|
|
|
||||||
ABY Infraestructuras S.L.U.
|
|
|
||||||
Total
|
|
|
Balance as of
June 30,
2022
|
Balance as of
December 31,
2021
|
|||||||
($ in thousands)
|
||||||||
Fair Value through OCI (Investment in Ten West link)
|
|
|
||||||
Derivative assets (Note 9)
|
|
|
||||||
Other receivable accounts at amortized cost
|
|
|
||||||
Total non-current financial investments
|
|
|
||||||
Contracted concessional financial assets
|
|
|
||||||
Derivative assets (Note 9)
|
|
|
||||||
Other receivable accounts at amortized cost
|
|
|
||||||
Total current financial investments
|
|
|
Balance as of June 30, 2022
|
Balance as of December 31, 2021
|
|||||||||||||||
($ in thousands)
|
||||||||||||||||
Assets
|
Liabilities
|
Assets
|
Liabilities
|
|||||||||||||
Interest rate cash flow hedge
|
|
|
|
|
||||||||||||
Foreign exchange derivatives instruments
|
|
|
|
|
||||||||||||
Notes conversion option (Note 14)
|
|
|
|
|
||||||||||||
Total
|
|
|
|
|
●
|
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.
|
Balance as of
June 30,
|
Balance as of
December 31,
|
|||||||
($ in thousands)
|
||||||||
2022
|
2021
|
|||||||
Credit receivables (current)
|
|
|
||||||
Credit receivables (non-current)
|
|
|
||||||
Total receivables from related parties
|
|
|
||||||
Credit payables (current)
|
|
|
||||||
Credit payables (non-current)
|
|
|
||||||
Total payables to related parties
|
|
|
For the six-month period ended
June 30,
|
||||||||
2022
|
2021
|
|||||||
($ in thousands)
|
||||||||
Financial income
|
|
|
||||||
Financial expenses
|
(
|
)
|
(
|
)
|
Balance as of
June 30,
|
Balance as of
December 31,
|
|||||||
2022
|
2021
|
|||||||
($ in thousands)
|
||||||||
Trade receivables
|
|
|
||||||
Tax receivables
|
|
|
||||||
Prepayments
|
|
|
||||||
Other accounts receivable
|
|
|
||||||
Total
|
|
|
Balance as of
June 30,
|
Balance as of
December 31,
|
|||||||
2022
|
2021
|
|||||||
($ in thousands)
|
||||||||
Non-current
|
|
|
||||||
Current
|
|
|
||||||
Total Corporate Debt
|
|
|
Remainder
of 2022
|
Between
January
and
June
2023
|
Between
July
and
December
2023
|
2024
|
2025
|
2026
|
Subsequent
years
|
Total
|
|||||||||||||||||||||||||
($ in thousands)
|
||||||||||||||||||||||||||||||||
2017 Credit Facility
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Revolving Credit Facility |
||||||||||||||||||||||||||||||||
Commercial Paper
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
2020 Green Private Placement |
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Note Issuance Facility 2020
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Green Exchangeable Notes
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Green Senior Notes
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Other bank loans |
||||||||||||||||||||||||||||||||
Total
|
|
|
|
|
|
|
|
|
2022
|
2023
|
2024
|
2025
|
2026
|
Subsequent
years
|
Total
|
||||||||||||||||||||||
2017 Credit Facility
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial Paper
|
|
|
|
|
|
|
|
|||||||||||||||||||||
2020 Green Private Placement
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Note Issuance Facility 2020
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Green Exchangeable Notes
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Green Senior Note
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Other bank loans
|
||||||||||||||||||||||||||||
Total
|
|
|
|
|
|
|
|
Balance as of
June 30,
|
Balance as of
December 31,
|
|||||||
2022
|
2021
|
|||||||
($ in thousands)
|
||||||||
Non-current
|
|
|
||||||
Current
|
|
|
||||||
Total Project debt
|
|
|
-
|
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.
|
Remainder of 2022
|
||||||||||||||||||||||||||||||||||
Interest
payment
|
Nominal
repayment
|
Between
January
and
June 2023
|
Between
July
and December 2023
|
2024
|
2025
|
2026
|
Subsequent years
|
Total
|
||||||||||||||||||||||||||
($ in thousands)
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
2022
|
2023
|
2024
|
2025
|
2026
|
Subsequent years
|
Total
|
||||||||||||||||||||||||
Interest
payment
|
Nominal
repayment
|
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Balance as of
June 30,
|
Balance as of
December 31,
|
|||||||
2022 |
2021 | |||||||
($ in thousands)
|
||||||||
Grants
|
|
|
||||||
Other Liabilities
|
|
|
||||||
Grants and other non-current liabilities
|
|
|
-
|
$
|
-
|
$
|
-
|
$
|
Balance as of
June 30,
|
Balance as of
December 31,
|
|||||||
2022
|
2021 | |||||||
($ in thousands)
|
||||||||
Trade accounts payable
|
|
|
||||||
Down payments from clients
|
|
|
||||||
Other accounts payable
|
|
|
||||||
Total
|
|
|
For the six-month period ended June 30,
|
||||||||
|
2022
|
2021
|
||||||
Financial income
|
($ in thousands)
|
|||||||
Interest income from loans and credits
|
|
|
||||||
Interest rate gains on derivatives: cash flow hedges
|
|
|
||||||
Total
|
|
|
For the six-month period ended June 30,
|
||||||||
2022
|
2021
|
|||||||
Financial expense
|
($ in thousands)
|
|||||||
Interest on loans and notes | ( |
) | ( |
) | ||||
Interest rates losses derivatives: cash flow hedges
|
( |
) | ( |
) | ||||
Total
|
(
|
)
|
(
|
)
|
For the six-month
period ended June 30,
|
||||||||
Other financial income / (expenses)
|
2022
|
2021
|
||||||
($ in thousands)
|
||||||||
Other financial income
|
|
|
||||||
Other financial losses
|
(
|
)
|
(
|
)
|
||||
Total
|
(
|
)
|
|
Other operating income
|
For the six-month period ended June 30,
|
|||||||
2022
|
2021
|
|||||||
($ in thousands)
|
||||||||
Grants (Note 16)
|
|
|
||||||
Insurance proceeds and other
|
|
|
||||||
Total
|
|
|
Other operating expenses
|
For the six-month
period ended June 30,
|
|||||||
2022
|
2021
|
|||||||
($ in thousands)
|
||||||||
Raw materials and consumables used
|
(
|
)
|
(
|
)
|
||||
Leases and fees
|
(
|
)
|
(
|
)
|
||||
Operation and maintenance
|
(
|
)
|
(
|
)
|
||||
Independent professional services
|
(
|
)
|
(
|
)
|
||||
Supplies
|
(
|
)
|
(
|
)
|
||||
Insurance
|
(
|
)
|
(
|
)
|
||||
Levies and duties
|
(
|
)
|
(
|
)
|
||||
Other expenses
|
(
|
)
|
(
|
)
|
||||
Total
|
(
|
)
|
(
|
)
|
Item |
For the six-month period ended June 30,
|
|||||||
2022
|
2021
|
|||||||
($ in thousands)
|
||||||||
Profit/(loss) attributable to Atlantica
|
|
(
|
)
|
|||||
Average number of ordinary shares outstanding (thousands) - basic
|
|
|
||||||
Average number of ordinary shares outstanding (thousands) - diluted
|
|
|
||||||
Earnings per share for the period (U.S. dollar per share) - basic
|
|
(
|
)
|
|||||
Earnings per share for the period (U.S. dollar per share) - diluted
|
|
(
|
)
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
• |
In April 2021, we closed the acquisition of Coso, a 135 MW geothermal plant in the United States, with 18-year average contract life PPAs in place. The equity investment was $130 million, which was paid in
April 2021. In addition, on July 15, 2021, we repaid $40 million of project debt.
|
• |
In May 2021, we closed the acquisition of Calgary District Heating, a district heating asset in Canada, for a total equity investment of $22.9 million. The asset has availability-based revenue with inflation
indexation and 20 years of weighted average contract life at the time of the acquisition.
|
• |
In June 2021, we closed the acquisition of a 49% interest in Vento II, a 596 MW wind portfolio in the United States for a total equity investment of $198.3 million. EDP Renewables owns the remaining 51%.
|
• |
In August 2021, we closed the acquisition of Italy PV 1 and Italy PV 2, two solar PV plants in Italy with a combined capacity of 3.7 MW for a total equity investment of $9 million. In December 2021, we closed
the acquisition of Italy PV 3, a 2.5 MW solar portfolio in Italy for a total equity investment of $4 million. These assets have regulated revenues under a feed in tariff until 2030, 2031 and 2032, respectively.
|
• |
In November 2021, we closed the acquisition of La Sierpe, a 20 MW solar PV plant in Colombia for a total equity investment of $23.5 million. The asset was acquired under our Liberty GES ROFO Agreement.
|
• |
In 2021, we acquired in two stages the 85% equity interest in Rioglass that we did not previously own for a total investment of $17.1 million, resulting in a 100% ownership. Rioglass is a supplier of spare
parts and services in the solar industry and we gained control over the asset in January 2021.
|
• |
In January 2022, we closed the acquisition of Chile TL4, a 63-mile transmission line and 2 substations in Chile for a total equity investment of $39 million. We expect to make an expansion of the line no
later than in 2023, 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 contract life. The off-takers are several
mini-hydro plants that receive contracted or regulated payments.
|
• |
In April 2022, we closed the acquisition of Italy PV 4, a 3.6 MW solar portfolio in Italy for a total equity investment of $3.7 million. The asset has regulated revenues under a feed in tariff until 2031.
|
• |
In May 2022, together with our partner, we closed a 7.5-year PPA extension for Monterrey with our current off-takers. The extension will involve an investment that is expected to be financed with cash
available at the asset level. The main objective of the investment is to achieve improvements in the asset to provide, among other things, additional battery capacity and improve the electric power redundancy. The PPA, which is denominated
in U.S. dollars, has now 24 years remaining.
|
• |
In July 2022 we closed a 12-year transmission service agreement denominated in U.S. that will allow us to build a substation and a 2.4 mile transmission line connected to our ATN transmission line and serving
a new mine in Peru. The substation is expected to enter in operation in 2024 and the investment is expected to be approximately $12 million.
|
• |
In addition, we currently have three assets under construction:
|
- |
Albisu is a 10 MW PV asset wholly owned by us, currently under construction near the city of Salto (Uruguay). The asset has a 15-year PPA with Montevideo Refrescos, S.R.L, a subsidiary of Coca-Cola Femsa.,
S.A.B. de C.V. The PPA is denominated in local currency with a maximum and minimum price in U.S. dollars and is adjusted monthly based on a formula referring to U.S. Consumer Price Index (CPI), Uruguay’s CPI and the applicable UYU/U.S.
dollar exchange rate.
|
- |
La Tolua and Tierra Linda are two solar PV assets in Colombia with a combined capacity of 30 MW. Each plant has a 15-year PPA in local currency indexed to local inflation with Synermin, the largest
independent electricity wholesaler in Colombia.
|
• |
Regulation in Spain. As expected, the Administration in Spain has recently approved measures to adjust the regulated revenue component for renewable energy plants, following the increase since mid-2021 in the
billings of these plants for the sale of electricity in the market. On March 30, 2022, the Royal Decree Law 6/2022 was published, adopting urgent measures in response to the economic and social consequences of the war in Ukraine. This Royal
Decree Law contains a bundle of measures in diverse fields, including those targeted at containing the sharp rise in the prices of gas and electricity. It includes temporary changes to the detailed regulated components of revenue received
by our solar assets in Spain, which are applicable from January 1, 2022.
|
|
The proposed remuneration parameters for the year 2022 were published on May 12, 2022, and, although they are still subject to comments and final publication, we do not expect
significant changes. As a result, we have recorded our revenue for the first half of 2022 following these new parameters. In addition, on May 14, 2022, the Royal Decree Law 10/2022 was published, including additional details on the
changes to the regulated components of revenue. The main changes are:
|
− |
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 is being revised. The proposed Rinv is detailed in the table below.
|
− |
The electricity market price assumed by the regulation for calendar year 2022 was changed from €48.82 per MWh to an expected price of €121.9 per MWh. As a result, the variable payment based on net electricity
produced (Remuneration on operation or Ro), is also being adjusted. The proposed Ro for the year 2022 is zero €/MWh reflecting the fact that market prices for the power sold in the market are significantly higher.
|
Useful Life
|
Return on
Investment
2022 (euros/MW)
|
Remuneration
on Operation
2022 (euros/GWh)
|
Maximum
Hours
|
Minimum
Hours
|
Operating
Threshold
|
|
Solaben 2
|
25 years
|
390,452
|
0
|
2,008
|
1,205
|
703
|
Solaben 3
|
25 years
|
390,452
|
0
|
2,008
|
1,205
|
703
|
Solacor 1
|
25 years
|
390,452
|
0
|
2,008
|
1,205
|
703
|
Solacor 2
|
25 years
|
390,452
|
0
|
2,008
|
1,205
|
703
|
PS 10
|
25 years
|
543,185
|
0
|
1,840
|
1,104
|
644
|
PS 20
|
25 years
|
401,296
|
0
|
1,840
|
1,104
|
644
|
Helioenergy 1
|
25 years
|
385,012
|
0
|
2,008
|
1,205
|
703
|
Helioenergy 2
|
25 years
|
385,012
|
0
|
2,008
|
1,205
|
703
|
Helios 1
|
25 years
|
398,496
|
0
|
2,008
|
1,205
|
703
|
Helios 2
|
25 years
|
398,496
|
0
|
2,008
|
1,205
|
703
|
Solnova 1
|
25 years
|
404,290
|
0
|
2,008
|
1,205
|
703
|
Solnova 3
|
25 years
|
404,290
|
0
|
2,008
|
1,205
|
703
|
Solnova 4
|
25 years
|
404,290
|
0
|
2,008
|
1,205
|
703
|
Solaben 1
|
25 years
|
395,303
|
0
|
2,008
|
1,205
|
703
|
Solaben 6
|
25 years
|
395,303
|
0
|
2,008
|
1,205
|
703
|
Seville PV
|
30 years
|
696,405
|
0
|
2,041
|
1,225
|
714
|
− |
For the three-year half period starting on January 1, 2023 and ending on December 31, 2025, the adjustment for electricity price deviations in the preceding statutory half period will be progressively
modified to take into account a mix of actual market prices and future market prices.
|
• |
Potential electric reform in Mexico. On April 17, 2022, the House of Representatives in Mexico rejected a constitutional amendment proposal submitted by the Mexican President aimed at approving a reform to
the Electricity Industry Law and granting the state-owned Federal Electricity Commission priority over private sector companies. Although the Mexican President has stated that he does not intend to re-submit a modified amendment proposal
for approval again, at this point we cannot guarantee that he will not pursue other relevant changes to the electricity sector in Mexico, since this has been an important component of his political agenda.
|
•
|
Changes in tax regulations. Italy has recently enacted an extraordinary and temporary tax on extraordinary profits obtained by companies
operating in the energy sector (including electricity and oil and gas) due to current high prices and calculated by comparing certain 2022 metrics versus 2021. The tax would only be paid if those extraordinary profits are higher than
a certain threshold. We do not expect this tax to affect our assets and profits due to this threshold. In addition, the government of Spain has recently announced a new temporary levy which is expected to be in force during the fiscal
years 2023 and 2024, and to be applicable to revenues obtained in fiscal years 2022 and 2023 by large operators of the electric and oil and gas sectors with revenue in Spain exceeding €1,000 million. The levy is not expected to be
applicable to our assets in Spain since we are out of the proposed scope.
|
• |
Arizona Corporation Commission. In August 2021, the Arizona Corporation Commission (“ACC”) held a hearing related to different aspects of Arizona Public Service’s electricity supply during which the ACC
Chairwoman raised the possibility to retroactively examine Solana’s PPA prudency. This proceeding was ultimately resolved at a July 13, 2022, hearing of the ACC in which the ACC formally approved a resolution to take no action in respect of
the Solana PPA.
|
• |
New director. On August 2, 2022, our board of directors appointed Mr. Edward C. Hall as independent director. Mr. Hall is an active independent director and advisor with 35 years of experience in all
facets of the electricity industry. Mr. Hall brings a deep understanding of electricity markets, power generation technologies, utility operations and commercial structuring. Mr. Hall serves as Chairman of Cypress Creek Renewables, Vice
Chairman of Japan Wind Development Company and as a Director of Wellesley Municipal Light. Mr. Hall spent 25 years of his career with AES Corporation, where he was a member of the AES Executive Leadership Team and served as Chief
Operating Officer of global generation. Mr. Hall has previously served on the boards of General Cable, Globeleq, TerraForm Power and Green Conversion Systems. Mr. Hall earned a B.S. in
Mechanical Engineering from Tufts University and M.S. in Finance and Technology Innovation from the MIT Sloan School of Management
|
• |
Dividend. On August 2, 2022, our board of directors approved a dividend of $0.445 per share. The dividend is expected to be paid on September 15, 2022, to shareholders of record as of August 31, 2022.
|
Six-month period ended June 30,
|
||||||||||||||||
Revenue by geography
|
2022
|
2021
|
||||||||||||||
$ in
millions
|
% of
revenue
|
$ in
millions
|
% of
revenue
|
|||||||||||||
North America
|
$
|
199.3
|
35.9
|
%
|
$
|
178.8
|
29.3
|
%
|
||||||||
South America
|
78.3
|
14.1
|
%
|
78.4
|
12.8
|
%
|
||||||||||
EMEA
|
277.7
|
50.0
|
%
|
354.0
|
57.9
|
%
|
||||||||||
Total revenue
|
$
|
555.3
|
100
|
%
|
$
|
611.2
|
100
|
%
|
Six-month period ended June 30,
|
||||||||||||||||
Revenue by business sector
|
2022
|
2021
|
||||||||||||||
$ in
millions
|
% of
revenue
|
$ in
millions
|
% of
revenue
|
|||||||||||||
Renewable energy
|
$
|
420.3
|
75.7
|
%
|
$
|
471.6
|
77.1
|
%
|
||||||||
Efficient natural gas & heat
|
53.4
|
9.6
|
%
|
58.5
|
9.6
|
%
|
||||||||||
Transmission lines
|
54.9
|
9.9
|
%
|
53.6
|
8.8
|
%
|
||||||||||
Water
|
26.7
|
4.8
|
%
|
27.5
|
4.5
|
%
|
||||||||||
Total revenue
|
$
|
555.3
|
100
|
%
|
$
|
611.2
|
100
|
%
|
Six-month period ended June 30,
|
||||||||||||||||
Adjusted EBITDA by geography
|
2022
|
2021
|
||||||||||||||
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
|||||||||||||
North America
|
$
|
161.2
|
80.8
|
%
|
$
|
134.9
|
75.4
|
%
|
||||||||
South America
|
58.8
|
75.1
|
%
|
60.2
|
76.8
|
%
|
||||||||||
EMEA
|
182.3
|
65.6
|
%
|
209.1
|
59.0
|
%
|
||||||||||
Total Adjusted EBITDA(1)
|
$
|
402.3
|
72.4
|
%
|
$
|
404.2
|
66.1
|
%
|
Six-month period ended June 30,
|
||||||||||||||||
Adjusted EBITDA by business sector
|
2022
|
2021
|
||||||||||||||
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
|||||||||||||
Renewable energy
|
$
|
296.8
|
70.6
|
%
|
$
|
295.0
|
62.6
|
%
|
||||||||
Efficient natural gas & heat
|
44.0
|
82.4
|
%
|
47.2
|
80.7
|
%
|
||||||||||
Transmission lines
|
43.2
|
78.7
|
%
|
42.5
|
79.3
|
%
|
||||||||||
Water
|
18.3
|
68.5
|
%
|
19.5
|
70.9
|
%
|
||||||||||
Total Adjusted EBITDA(1)
|
$
|
402.3
|
72.4
|
%
|
$
|
404.2
|
66.1
|
%
|
(1) |
Adjusted EBITDA is calculated as profit/(loss) for the period 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 Consolidated Condensed Interim 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 “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Financial Measures”.
|
(2) |
Adjusted EBITDA Margin is calculated as Adjusted EBITDA for each segment based on geography and business sector divided by revenue for each segment based on geography and business sector.
|
For the six-month
period ended June 30,
|
||||||||
2022
|
2021
|
|||||||
($ in millions)
|
||||||||
Profit /(Loss) attributable to the company
|
$
|
4.1
|
$
|
(6.8
|
)
|
|||
Profit attributable to non-controlling interests
|
6.7
|
11.3
|
||||||
Income tax
|
6.1
|
33.1
|
||||||
Financial expense, net
|
155.8
|
172.8
|
||||||
Depreciation, amortization and impairment charges
|
217.8
|
188.9
|
||||||
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of our equity ownership)
|
11.9
|
4.9
|
||||||
Adjusted EBITDA
|
$
|
402.3
|
$
|
404.2
|
For the six-month
period ended June
30,
|
||||||||
2022
|
2021
|
|||||||
($ in millions)
|
||||||||
Net cash flow provided by operating activities
|
$
|
264.1
|
$
|
246.3
|
||||
Net interest /taxes paid
|
129.3
|
163.7
|
||||||
Variations in working capital
|
2.3
|
(9.4
|
)
|
|||||
Non-monetary items
|
(21.4
|
)
|
(1.8
|
)
|
||||
Share of profit/(loss) of associates carried under the equity method, depreciation and amortization, financial expense and income tax expense of unconsolidated
affiliates (pro-rata of our equity ownership) and other
|
28.0
|
5.4
|
||||||
Adjusted EBITDA
|
$
|
402.3
|
$
|
404.2
|
• |
MW in operation in the case of Renewable energy and Efficient natural gas and heat assets, miles in operation in the case of Transmission lines and Mft3 per day in operation in the case of Water assets, are indicators which provide information about the installed capacity or size of our portfolio of assets.
|
• |
Production measured in GWh in our Renewable energy and Efficient natural gas and heat assets provides information about the performance of these assets.
|
• |
Availability in the case of our Efficient natural gas and heat assets, Transmission lines and Water assets also provides information on the performance of the assets. In these business segments revenues are
based on availability, which is the time during which the asset was available to our client totally or partially divided by contracted availability or budgeted availability, as applicable.
|
Volume sold and availability levels
As of and for the six-month period ended June 30,
|
||||||||
Key performance indicator
|
2022
|
2021
|
||||||
Renewable energy
|
||||||||
MW in operation(1)
|
2,048
|
2,018
|
||||||
GWh produced(2)
|
2,647
|
1,984
|
||||||
Efficient natural gas & heat
|
||||||||
MW in operation(3)
|
398
|
398
|
||||||
GWh produced(4)
|
1,251
|
1,043
|
||||||
Availability (%)
|
100.1
|
%
|
99.4
|
%
|
||||
Transmission lines
|
||||||||
Miles in operation
|
1,229
|
1,166
|
||||||
Availability (%)
|
99.9
|
%
|
99.9
|
%
|
||||
Water
|
||||||||
Mft3 in operation(1)
|
17.5
|
17.5
|
||||||
Availability (%)
|
102.2
|
%
|
99.7
|
%
|
(1) |
Represents total installed capacity in assets owned or consolidated for the six-month period ended June 30, 2022 and 2021, respectively, 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 compensation
|
(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.
|
Six -month period ended June 30,
|
|||||||||||||
2022
|
2021
|
% Changes
|
|||||||||||
($ in millions)
|
|||||||||||||
Revenue
|
$
|
555.3
|
611.2
|
(9.1
|
)
|
%
|
|||||||
Other operating income
|
36.0
|
40.3
|
(10.7
|
)
|
%
|
||||||||
Employee benefit expenses
|
(40.1
|
)
|
(39.0
|
)
|
2.8
|
%
|
|||||||
Depreciation, amortization, and impairment charges
|
(217.8
|
)
|
(188.9
|
)
|
15.3
|
%
|
|||||||
Other operating expenses
|
(179.1
|
)
|
(215.8
|
)
|
(17.0
|
)
|
%
|
||||||
Operating profit
|
$
|
154.3
|
207.8
|
(25.7
|
)
|
%
|
|||||||
|
|||||||||||||
Financial income
|
1.6
|
1.2
|
33.3
|
%
|
|||||||||
Financial expense
|
(164.4
|
)
|
(189.5
|
)
|
(13.2
|
)
|
%
|
||||||
Net exchange differences
|
7.3
|
2.2
|
231.8
|
%
|
|||||||||
Other financial income/(expense), net
|
(0.4
|
)
|
13.3
|
(103.0
|
)
|
%
|
|||||||
Financial expense, net
|
$
|
(155.8
|
)
|
(172.8
|
)
|
(9.8
|
)
|
%
|
|||||
|
|||||||||||||
Share of profit of associates carried under the equity method
|
18.3
|
2.6
|
603.8
|
%
|
|||||||||
Profit/ (loss) before income tax
|
$
|
16.8
|
37.6
|
(55.3
|
)
|
%
|
|||||||
Income tax
|
(6.1
|
)
|
(33.1
|
)
|
(81.6
|
)
|
%
|
||||||
Profit for the period
|
$
|
10.8
|
4.5
|
140.0
|
%
|
||||||||
Profit attributable to non-controlling interests
|
(6.7
|
)
|
(11.3
|
)
|
(40.7
|
)
|
%
|
||||||
Profit/(loss) for the period attributable to the company
|
$
|
4.1
|
(6.8
|
)
|
160.3
|
%
|
|||||||
Weighted average number of ordinary shares outstanding - basic
|
113.5
|
110.6
|
|||||||||||
Weighted average number of ordinary shares outstanding - diluted
|
117.7
|
113.9
|
|||||||||||
Basic earnings per share (U.S. dollar per share)
|
0.04
|
(0.06
|
)
|
||||||||||
Diluted earnings per share (U.S. dollar per share)
|
0.03
|
(0.06
|
)
|
||||||||||
Dividend paid per share(1)
|
0.88
|
0.85
|
(1) |
On February 25, 2022 and May 5, 2022, our board of directors approved a dividend of $0.44 per share for each of the fourth quarter of 2021 and the first quarter of 2022, which were paid on March 25, 2022 and
June 15, 2022, respectively. On February 26, 2021, and May 4, 2021, our board of directors approved a dividend of $0.42 and $0.43 per share corresponding to the fourth quarter of 2020 and to the first quarter of 2021, which were paid on
March 22, 2021, and June 15, 2021, respectively.
|
Six-month period ended June 30,
|
||||||||
Other operating income
|
2022
|
2021
|
||||||
($ in millions)
|
||||||||
Grants
|
$
|
29.7
|
$
|
29.6
|
||||
Insurance proceeds and other
|
6.4
|
10.7
|
||||||
Total
|
$
|
36.0
|
$
|
40.3
|
Six-month period ended June 30,
|
||||||||||||||||
Other operating expenses
|
2022
|
2021
|
||||||||||||||
$ in
millions
|
% of
revenue
|
$ in
millions
|
% of
revenue
|
|||||||||||||
Leases and fees
|
$
|
5.6
|
1.0
|
%
|
$
|
3.8
|
0.6
|
%
|
||||||||
Operation and maintenance
|
76.9
|
13.8
|
%
|
77.7
|
12.7
|
%
|
||||||||||
Independent professional services
|
19.7
|
3.5
|
%
|
18.2
|
3.0
|
%
|
||||||||||
Supplies
|
27.6
|
5.0
|
%
|
14.4
|
2.4
|
%
|
||||||||||
Insurance
|
23.7
|
4.3
|
%
|
21.9
|
3.6
|
%
|
||||||||||
Levies and duties
|
8.7
|
1.6
|
%
|
22.3
|
3.6
|
%
|
||||||||||
Other expenses
|
7.6
|
1.4
|
%
|
12.7
|
2.1
|
%
|
||||||||||
Raw materials
|
9.3
|
1.7
|
%
|
44.8
|
7.3
|
%
|
||||||||||
Total
|
$
|
179.1
|
32.3
|
%
|
$
|
215.8
|
35.3
|
%
|
Six-month period ended June 30,
|
||||||||
Financial income and financial expense
|
2022
|
2021
|
||||||
($ in millions)
|
||||||||
Financial income
|
$
|
1.6
|
$
|
1.2
|
||||
Financial expense
|
(164.4
|
)
|
(189.5
|
)
|
||||
Net exchange differences
|
7.3
|
2.2
|
||||||
Other financial income/(expense), net
|
(0.4
|
)
|
13.3
|
|||||
Financial expense, net
|
$
|
(155.8
|
)
|
$
|
(172.8
|
)
|
For the six-month period ended June 30,
|
||||||||
Financial expense
|
2022
|
2021
|
||||||
($ in millions)
|
||||||||
Interest on loans and notes
|
$
|
(140.6
|
)
|
$
|
(158.9
|
)
|
||
Interest rates losses derivatives: cash flow hedges
|
(23.8
|
)
|
(30.6
|
)
|
||||
Total
|
$
|
(164.4
|
)
|
$
|
(189.5
|
)
|
Six-month period ended June 30,
|
||||||||
Other financial income /(expense), net
|
2022
|
2021
|
||||||
($ in millions)
|
||||||||
Other financial income
|
$
|
11.2
|
$
|
21.4
|
||||
Other financial expense
|
(11.6
|
)
|
(8.1
|
)
|
||||
Total
|
$
|
(0.4
|
)
|
$
|
13.3
|
Six-month period ended June 30,
|
||||||||||||||||
Revenue by geography
|
2022
|
2021
|
||||||||||||||
$ in
millions
|
%
of revenue
|
$ in
millions
|
%
of revenue
|
|||||||||||||
North America
|
$
|
199.3
|
35.9
|
%
|
$
|
178.8
|
29.3
|
%
|
||||||||
South America
|
78.3
|
14.1
|
%
|
78.4
|
12.8
|
%
|
||||||||||
EMEA
|
277.7
|
50.0
|
%
|
354.0
|
57.9
|
%
|
||||||||||
Total revenue
|
$
|
555.3
|
100
|
%
|
$
|
611.2
|
100
|
%
|
Six-month period ended June 30,
|
||||||||||||||||
Adjusted EBITDA by geography
|
2022
|
2021
|
||||||||||||||
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
|||||||||||||
North America
|
$
|
161.2
|
80.8
|
%
|
$
|
134.9
|
75.4
|
%
|
||||||||
South America
|
58.8
|
75.1
|
%
|
60.2
|
76.8
|
%
|
||||||||||
EMEA
|
182.3
|
65.6
|
%
|
209.1
|
59.0
|
%
|
||||||||||
Total Adjusted EBITDA(1)
|
$
|
402.3
|
72.4
|
%
|
$
|
404.2
|
66.1
|
%
|
(1)
|
Adjusted EBITDA is calculated as profit/(loss) for the period 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 Consolidated Condensed Interim 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 “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Financial Measures”.
|
Volume produced/availability
|
||||||||
Six- Month period ended June 30,
|
||||||||
Volume by geography
|
2022
|
2021
|
||||||
North America (GWh) (1)
|
2,961
|
2,034
|
||||||
North America availability(2)
|
100.1
|
%
|
99.4
|
%
|
||||
South America (GWh) (3)
|
333
|
346
|
||||||
South America availability(2)
|
99.9
|
%
|
99.9
|
%
|
||||
EMEA (GWh)
|
604
|
646
|
||||||
EMEA availability
|
102.2
|
%
|
99.7
|
%
|
(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.
|
Six-month period ended June 30,
|
||||||||||||||||
Revenue by business sector
|
2022
|
2021
|
||||||||||||||
$ in
millions
|
% of
revenue
|
$ in
millions
|
% of
revenue
|
|||||||||||||
Renewable energy
|
$
|
420.3
|
75.7
|
%
|
$
|
471.6
|
77.2
|
%
|
||||||||
Efficient natural gas & heat
|
53.4
|
9.6
|
%
|
58.5
|
9.6
|
%
|
||||||||||
Transmission lines
|
54.9
|
9.9
|
%
|
53.6
|
8.8
|
%
|
||||||||||
Water
|
26.7
|
4.8
|
%
|
27.5
|
4.5
|
%
|
||||||||||
Total revenue
|
$
|
555.3
|
100
|
%
|
$
|
611.2
|
100
|
%
|
Six-month period ended June 30,
|
||||||||||||||||
2022
|
2021
|
|||||||||||||||
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
|||||||||||||
Renewable energy
|
$
|
296.8
|
70.6
|
%
|
$
|
295.0
|
62.6
|
%
|
||||||||
Efficient natural gas & heat
|
44.0
|
82.4
|
%
|
47.2
|
80.7
|
%
|
||||||||||
Transmission lines
|
43.2
|
78.7
|
%
|
42.5
|
79.3
|
%
|
||||||||||
Water
|
18.3
|
68.5
|
%
|
19.5
|
70.9
|
%
|
||||||||||
Total Adjusted EBITDA(1)
|
$
|
402.3
|
72.4
|
%
|
$
|
404.2
|
66.1
|
%
|
(1) |
Adjusted EBITDA is calculated as profit/(loss) for the period 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 Consolidated Condensed Interim 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 “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Financial Measures”.
|
Volume produced/availability
|
||||||||
six-month period ended June 30,
|
||||||||
Volume by business sector
|
2022
|
2021
|
||||||
Renewable energy (GWh) (1)
|
2,648
|
1,984
|
||||||
Efficient natural gas & heat (GWh) (2)
|
1,251
|
1,043
|
||||||
Efficient natural gas & heat availability
|
100.1
|
%
|
99.4
|
%
|
||||
Transmission availability
|
99.9
|
%
|
99.9
|
%
|
||||
Water availability
|
102.2
|
%
|
99.7
|
%
|
(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.
|
•
|
debt service requirements on our existing and future debt;
|
•
|
cash dividends to investors; and
|
• |
investments in new assets and companies and operations (See “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Recent Investments and Acquisitions”).
|
As of
June 30,
2022
|
As of
December 31,
2021
|
|||||||
($ in millions)
|
||||||||
Corporate Liquidity
|
||||||||
Cash and cash equivalents at Atlantica Sustainable Infrastructure, plc, excluding subsidiaries
|
$
|
123.1
|
$
|
88.3
|
||||
Revolving Credit Facility availability
|
418.5
|
440.0
|
||||||
Total Corporate Liquidity(1)
|
$
|
541.6
|
$
|
528.3
|
||||
Liquidity at project companies
|
||||||||
Restricted Cash
|
227.0
|
254.3
|
||||||
Non-restricted cash
|
318.1
|
280.1
|
||||||
Total cash at project companies
|
$
|
545.1
|
$
|
534.4
|
(1) |
Corporate Liquidity means cash and cash equivalents held at Atlantica Sustainable Infrastructure plc as of June 30, 2022, and available revolver capacity as of June 30, 2022.
|
S&P
|
Fitch
|
|
Atlantica Sustainable Infrastructure Corporate Rating
|
BB+
|
BB+
|
Senior Secured Debt
|
BBB-
|
BBB-
|
Senior Unsecured Debt
|
BB
|
BB+
|
As of
June 30,
2022
|
As of
December 31,
2021
|
||||||||||
Maturity
|
($ in millions)
|
||||||||||
Revolving Credit Facility
|
2024
|
$
|
8.9
|
-
|
|||||||
Other Facilities(1)
|
2022-2026
|
47.0
|
41.7
|
||||||||
Green Exchangeable Notes
|
2025
|
105.6
|
104.3
|
||||||||
2020 Green Private Placement
|
2026
|
300.5
|
327.1
|
||||||||
Note Issuance Facility 2020
|
2027
|
143.4
|
155.8
|
||||||||
Green Senior Notes
|
2028
|
394.6
|
394.2
|
||||||||
Total Corporate Debt(2)
|
$
|
1,000.1
|
$
|
1,023.1
|
|||||||
Total Project Debt
|
$
|
4,735.5
|
$
|
5,036.2
|
(1) |
Other facilities include the commercial paper program issued in October 2020, accrued interest payable and other debts.
|
(2) |
Accounting amounts may differ from notional amounts.
|
Declared
|
Record Date
|
Payment Date
|
$ per share
|
|||||
May 4, 2021
|
May 31, 2021
|
June 15, 2021
|
0.43
|
|||||
July 30, 2021
|
August 31, 2021
|
September 15, 2021
|
0.43
|
|||||
November 9, 2021
|
November 30, 2021
|
December 15, 2021
|
0.435
|
|||||
February 25, 2022
|
March 14, 2022
|
March 25, 2022
|
0.44
|
|||||
May 5, 2022
|
May 31, 2022
|
June 15, 2022
|
0.44
|
|||||
August 3, 2022
|
August 31, 2022
|
September 15, 2022
|
0.445
|
Six-month period ended June 30,
|
||||||||
2022
|
2021
|
|||||||
($ in millions)
|
||||||||
Gross cash flows from operating activities
|
||||||||
Profit for the period
|
$
|
10.8
|
$
|
4.5
|
||||
Financial expense and non-monetary adjustments
|
384.9
|
396.1
|
||||||
Profit for the period adjusted by non-monetary items
|
$
|
395.7
|
$
|
400.6
|
||||
Changes in working capital
|
$
|
(2.3
|
)
|
$
|
9.4
|
|||
Net interest and income tax paid
|
(129.3
|
)
|
(163.7
|
)
|
||||
Net cash provided by operating activities
|
$
|
264.1
|
$
|
246.3
|
||||
Net cash used in investing activities
|
$
|
(30.7
|
)
|
$
|
(327.0
|
)
|
||
Net cash provided by / used in financing activities
|
$
|
(167.4
|
)
|
$
|
(96.7
|
)
|
||
Net increase in cash and cash equivalents
|
66.0
|
(177.4
|
)
|
|||||
Cash and cash equivalents at beginning of the period
|
622.7
|
868.5
|
||||||
Translation differences in cash or cash equivalents
|
(20.5
|
)
|
(4.8
|
)
|
||||
Cash and cash equivalents at the end of the period
|
$
|
668.2
|
$
|
686.3
|
Item 3. |
Quantitative and Qualitative Disclosure about Market Risk
|
• |
Project debt in euro: between 75% and 100% of the notional amount, with hedged maturing until 2038 at an average guaranteed strike interest rates of between 0.00% and 4.87%.
|
• |
Project debt in U.S. dollars: between 75% and 100% of the notional amount, with hedges maturing until 2038 and average strike interest rates of between 0.86% and 5.89%.
|
Item 4. |
CONTROLS AND PROCEDURES
|
Item 1. |
Legal Proceedings
|
Item 1A. |
Risk Factors
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 3. |
Defaults Upon Senior Securities
|
Item 4. |
Mine Safety Disclosures
|
Item 5. |
Other Information
|
Item 6 |
Exhibits
|
Date: August 3, 2022
|
||||
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
|
Document and Entity Information |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2022 |
Current Fiscal Year End Date | --12-31 |
Entity Registrant Name | Atlantica Sustainable Infrastructure plc |
Entity File Number | 001-36487 |
Entity Address, Address Line One | GREAT WEST HOUSE, GW1, 17TH FLOOR |
Entity Address, Address Line Two | GREAT WEST ROAD |
Entity Address, City or Town | BRENTFORD |
Entity Address, Country | GB |
Entity Address, Postal Zip Code | TW8 9DF |
Entity Central Index Key | 0001601072 |
Consolidated condensed statements of comprehensive income - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Consolidated condensed statements of comprehensive income [Abstract] | ||
Profit for the period | $ 10,798 | $ 4,486 |
Items that may be subject to transfer to income statement | ||
Change in fair value of cash flow hedges | 132,433 | 20,043 |
Currency translation differences | (46,507) | (14,739) |
Tax effect | (34,055) | (5,967) |
Net income/(expense) recognized directly in equity | 51,871 | (663) |
Cash flow hedges | 23,395 | 30,443 |
Tax effect | (5,849) | (7,611) |
Transfers to income statement | 17,546 | 22,832 |
Other comprehensive income | 69,417 | 22,169 |
Total comprehensive income for the period | 80,215 | 26,655 |
Total comprehensive income attributable to non-controlling interests | (7,213) | (11,796) |
Total comprehensive income attributable to the Company | $ 73,002 | $ 14,859 |
Consolidated condensed statements of changes in equity - USD ($) $ in Thousands |
Total |
Total Equity Attributable to Company [Member] |
Share Capital [Member] |
Share Premium [Member] |
Capital Reserves [Member] |
Other Reserves [Member] |
Accumulated Currency Translation Differences [Member] |
Accumulated Deficit [Member] |
Non-controlling Interests [Member] |
---|---|---|---|---|---|---|---|---|---|
Balance, beginning of period at Dec. 31, 2020 | $ 1,740,881 | $ 1,527,382 | $ 10,667 | $ 1,011,743 | $ 881,745 | $ 96,641 | $ (99,925) | $ (373,489) | $ 213,499 |
Profit/(loss) for the six -month period after taxes | 4,486 | (6,829) | 0 | 0 | 0 | 0 | 0 | (6,829) | 11,315 |
Change in fair value of cash flow hedges | 50,486 | 46,795 | 0 | 0 | 0 | 56,855 | 0 | (10,060) | 3,691 |
Currency translation differences | (14,739) | (12,014) | 0 | 0 | 0 | 0 | (12,014) | 0 | (2,725) |
Tax effect | (13,578) | (13,093) | 0 | 0 | 0 | (13,093) | 0 | 0 | (485) |
Other comprehensive income | 22,169 | 21,688 | 0 | 0 | 0 | 43,762 | (12,014) | (10,060) | 481 |
Total comprehensive income for the period | 26,655 | 14,859 | 0 | 0 | 0 | 43,762 | (12,014) | (16,889) | 11,796 |
Capital increase (Note 13) | 130,804 | 130,804 | 416 | 0 | 130,388 | 0 | 0 | 0 | 0 |
Business combinations (Note 5) | 8,287 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8,287 |
Share-based compensation (Note 13) | 10,992 | 10,992 | 0 | 0 | 0 | 0 | 0 | 10,992 | 0 |
Distributions (Note 13) | (110,410) | (94,161) | 0 | 0 | (94,161) | 0 | 0 | 0 | (16,249) |
Balance, end of period at Jun. 30, 2021 | 1,807,209 | 1,589,876 | 11,083 | 1,011,743 | 917,972 | 140,403 | (111,939) | (379,386) | 217,333 |
Balance, beginning of period at Dec. 31, 2021 | 1,748,605 | 1,542,399 | 11,240 | 872,011 | 1,020,027 | 171,272 | (133,450) | (398,701) | 206,206 |
Profit/(loss) for the six -month period after taxes | 10,798 | 4,070 | 0 | 0 | 0 | 0 | 0 | 4,070 | 6,728 |
Change in fair value of cash flow hedges | 155,828 | 143,597 | 0 | 0 | 0 | 142,024 | 0 | 1,573 | 12,231 |
Currency translation differences | (46,507) | (36,012) | 0 | 0 | 0 | 0 | (36,012) | 0 | (10,495) |
Tax effect | (39,904) | (38,653) | 0 | 0 | 0 | (38,653) | 0 | 0 | (1,251) |
Other comprehensive income | 69,417 | 68,932 | 0 | 0 | 0 | 103,371 | (36,012) | 1,573 | 485 |
Total comprehensive income for the period | 80,215 | 73,002 | 0 | 0 | 0 | 103,371 | (36,012) | 5,643 | 7,213 |
Capital increase (Note 13) | 86,178 | 86,178 | 284 | 87,241 | (1,347) | 0 | 0 | 0 | 0 |
Share-based compensation (Note 13) | 2,741 | 2,741 | 0 | 0 | 0 | 0 | 0 | 2,741 | 0 |
Distributions (Note 13) | (120,908) | (99,944) | 0 | 0 | (99,944) | 0 | 0 | 0 | (20,964) |
Balance, end of period at Jun. 30, 2022 | $ 1,796,831 | $ 1,604,376 | $ 11,524 | $ 959,252 | $ 918,736 | $ 274,643 | $ (169,462) | $ (390,317) | $ 192,455 |
Nature of the business |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature of the business |
Note 1. - Nature of the business
Atlantica
Sustainable Infrastructure plc (“Atlantica” or the “Company”) is a sustainable infrastructure company with a majority of its business in renewable energy assets. Atlantica currently owns, manages and invests in renewable energy, storage,
efficient natural gas and heat, electric transmission lines and water assets focused on North America (the United States, Canada and Mexico), South America (Peru, Chile, Colombia and Uruguay) and EMEA (Spain, Italy, Algeria and South Africa).
Atlantica’s shares
trade on the NASDAQ Global Select Market under the symbol “AY”.
On January 17, 2022, the Company closed the acquisition of Chile TL4, a 63-mile transmission line and 2 substations in Chile for a total equity investment of $39 million (Note 5). The Company expects to make an expansion of the line no later than in 2023, which would represent an additional investment
of approximately $8 million. The asset has fully contracted revenues in US dollars, with inflation escalation and 50-year 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. The asset has regulated revenues under a feed in tariff until 2031.
During the year 2021, the Company completed the following acquisitions:
In addition, the Company has currently three assets under construction:
The following table provides an overview of the main contracted concessional
assets the Company owned or had an interest in as of June 30, 2022:
The project financing arrangement for Kaxu contained a
cross-default provision related to Abengoa S.A.’s insolvency filing. In September 2021, the Company obtained a waiver for such cross-default which became effective on March 31, 2022, following the transfer of the employees performing the
O&M in Kaxu from an Abengoa subsidiary to an Atlantica subsidiary and other conditions. As a result, as of March 31, 2022, the Company had again an unconditional right to defer the settlement of the debt for at least twelve months, and
therefore the debt previously presented as current (as of December 31, 2021) had been reclassified as non-current at that date in accordance with the financing agreements in these Consolidated Condensed Interim Financial Statements (Note 15).
As expected, the Administration in Spain has recently approved measures to adjust the regulated revenue component for renewable
energy plants, following the increase since mid-2021 in the billings of these plants for the sale of electricity in the market. On March 30, 2022, the Royal Decree Law 6/2022 was published, adopting urgent measures in response to the
economic and social consequences of the war in Ukraine. This Royal Decree Law contains a bundle of measures in diverse fields, including those targeted at containing the sharp rise in the prices of gas and electricity. It includes temporary
changes to the detailed regulated components of revenue received by the solar assets of the Company in Spain, which are applicable from January 1, 2022.
The proposed parameters for the year 2022 were published on May 12, 2022, and, although they are still subject to comments, the
Company does not expect any significant changes. As a result, the Company has recorded its revenue for the first half of 2022 following these new parameters. In addition, on May 14, 2022, the Royal Decree Law 10/2022 was published,
including additional details on the changes to the regulated components of revenue.
The changes to the detailed regulated components of revenue received by the solar assets of the Company in Spain are as
follows:
|
Basis of preparation |
6 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | ||||||||||||||||||||
Basis of preparation [Abstract] | ||||||||||||||||||||
Basis of preparation |
Note 2. - Basis of preparation
The accompanying Consolidated Condensed Interim Financial Statements represent
the consolidated results of the Company and its subsidiaries.
The Company’s annual consolidated financial statements as of December 31,
2021, were approved by the Board of Directors on February 25, 2022.
These Consolidated Condensed Interim Financial Statements are presented in accordance with International Accounting Standards (“IAS”) 34, “Interim Financial
Reporting”. In accordance with IAS 34, interim financial information is prepared solely in order to update the most recent annual consolidated financial statements prepared by the Company, placing emphasis on new activities, occurrences and
circumstances that have taken place during the six-month period ended June 30, 2022, and not duplicating the information previously published in the annual consolidated financial statements for the year ended December 31, 2021. Therefore, the
Consolidated Condensed Interim Financial Statements do not include all the information that would be required in a complete set of consolidated financial statements prepared in accordance with the IFRS-IASB (“International Financial Reporting
Standards-International Accounting Standards Board”). In view of the above, for an adequate understanding of the information, these Consolidated Condensed Interim Financial Statements must be read together with Atlantica’s consolidated
financial statements for the year ended December 31, 2021 included in the 2021 20-F.
In determining the information to be disclosed in the notes to the Consolidated Condensed Interim Financial Statements, Atlantica, in accordance with IAS 34, has
taken into account its materiality in relation to the Consolidated Condensed Interim Financial Statements.
The Consolidated Condensed Interim Financial Statements are presented in U.S. dollars, which is the parent company’s functional and presentation currency. Amounts
included in these Consolidated Condensed Interim Financial Statements are all expressed in thousands of U.S. dollars, unless otherwise indicated.
These Consolidated Condensed Interim Financial Statements were approved by the Board of Directors of the Company on August 2, 2022.
Application of new accounting standards
The applications of these amendments have not had any impact on these
Consolidated Condensed Interim Financial Statements.
The Company does not anticipate any significant impact on the Consolidated Condensed Interim Financial Statements derived from the application of the new
standards and amendments that will be effective for annual periods beginning on or after January 1, 2023, although it is currently still in the process of evaluating such application.
The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
Use of estimates
Some of the accounting policies applied require the application of significant
judgment by management to select the appropriate assumptions to determine these estimates. These assumptions and estimates are based on the Company´s historical experience, advice from experienced consultants, forecasts and other circumstances and
expectations as of the close of the financial period. The assessment is considered in relation to the global economic situation of the industries and regions where the Company operates, taking into account future development of its businesses. By
their nature, these judgments are subject to an inherent degree of uncertainty; therefore, actual results could materially differ from the estimates and assumptions used. In such cases, the carrying values of assets and liabilities are adjusted.
The most critical accounting policies, which require significant management
estimates and judgment are as follows:
As of the date of preparation of these Consolidated Condensed Interim Financial
Statements, no relevant changes in estimates made are anticipated and, therefore, no significant changes in the value of assets and liabilities recognized at June 30, 2022, are expected.
Although these estimates and assumptions are being made using all available facts
and circumstances, it is possible that future events may require management to amend such estimates and assumptions in future periods. Changes in accounting estimates are recognized prospectively, in accordance with IAS 8, in the consolidated
income statement of the period in which the change occurs.
|
Financial risk management |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Financial risk management [Abstract] | |
Financial risk management |
Note 3. - Financial risk management
Atlantica’s activities are exposed to various financial risks: market risk
(including currency risk and interest rate risk), credit risk and liquidity risk. Risk is managed by the Company’s Risk, Finance and Compliance Departments, which are responsible for identifying and evaluating financial risks, quantifying them by
project, region and company, in accordance with mandatory internal management rules. Written internal policies exist for global risk management, as well as for specific areas of risk. In addition, there are official written management regulations
regarding key controls and control procedures for each company and the implementation of these controls is monitored through internal audit procedures.
These Consolidated Condensed Interim Financial Statements do not include all
financial risk management information and disclosures required for annual financial statements and should be read together with the information included in Note 3 to Atlantica’s annual consolidated financial statements as of December 31, 2021
included in the 2021 20-F.
|
Financial information by segment |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial information by segment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial information by segment |
Note 4. - Financial information by segment
Atlantica’s segment structure reflects how management currently makes financial
decisions and allocates resources. Its operating and reportable segments are based on the following geographies where the contracted concessional assets are located: North America, South America and EMEA. In addition, based on the type of business,
as of June 30, 2022, the Company had the following business sectors: Renewable energy, Efficient natural gas and heat, Transmission lines and Water.
Atlantica’s Chief
Operating Decision Maker (CODM), which is the CEO, assesses the performance and assignment of resources according to the identified operating segments. The CODM considers the revenue as a measure of the business activity and the Adjusted EBITDA
as a measure of the performance of each segment. Adjusted EBITDA is calculated as profit/(loss) for the period attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interests, income tax expense,
financial expense (net), depreciation, amortization and impairment charges of entities included in the these Consolidated Condensed Interim Financial Statements and depreciation and amortization, financial expense and income tax expense of
unconsolidated affiliates (pro rata of Atlantica’s equity ownership). Until September 30, 2021, adjusted EBITDA excluded share of profit/(loss) of associates carried under the equity method and did not include depreciation and amortization,
financial expense and income tax expense of unconsolidated affiliates (pro-rata of Atlantica’s equity ownership). Prior periods have been presented accordingly.
In order to assess performance of the business, the CODM receives reports of each
reportable segment using revenue and Adjusted EBITDA. Net interest expense evolution is assessed on a consolidated basis. Financial expense and amortization are not taken into consideration by the CODM for the allocation of resources.
In the six-month periods ended June 30, 2022 and 2021, Atlantica had two customers with revenues representing more than 10% of total revenue, both in the renewable energy business sector.
The reconciliation of segment Adjusted EBITDA with the
profit/(loss) attributable to the Company is as follows:
Assets and liabilities by geography as of June 30, 2022:
Assets and liabilities by geography as of December 31, 2021:
Assets and liabilities by business sector as of June 30, 2022:
Assets and liabilities by business sector as of December 31, 2021:
|
Business combinations |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business combinations |
Note 5. – Business combinations
For the six-month period ended June 30, 2022
On January 17, 2022, the Company closed the acquisition of Chile TL4, a 63-mile transmission line and 2
substations in Chile for a total equity investment of $39 million. Atlantica has control over Chile TL4 under IFRS 10, Consolidated
Financial Statements. The acquisition of Chile TL4 has been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations. Chile TL4 is included within the Transmission Lines sector and
the South America geography.
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. Atlantica has control over Italy PV 4 under IFRS 10, Consolidated Financial Statements. The acquisition of Italy PV 4 has been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business
Combinations. Italy PV4 is included within the Renewable energy sector and the EMEA geography.
The fair value of assets and liabilities consolidated at the effective acquisition date is shown in the following
table:
The purchase price equals the fair value of the net assets acquired.
The allocation of the purchase price is provisional as of June 30, 2022 and amounts indicated above may be adjusted during
the measurement period to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized as of June 30, 2022. The measurement period will not exceed one
year from the acquisition date.
The amount of revenue contributed by the acquisitions performed during the six-month period ended June 30, 2022 to the
Consolidated Condensed Interim Financial Statements of the Company as of June 30, 2022 is $2.1 million, and the amount of loss after tax
is $0.2 million. Had the acquisitions been consolidated from January 1, 2022, the consolidated statement of comprehensive income would
have included additional revenue of $0.7 million and profit after tax of $0.2 million.
For the year ended December 31, 2021
On January 6, 2021, the Company completed its second investment through its
Chilean renewable energy platform in a 40 MW solar PV plant, Chile PV 2, located in Chile, for approximately $5 million. Atlantica has control over Chile PV 2 under IFRS 10, Consolidated Financial Statements. The acquisition of Chile PV 2 had been accounted for
in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations, showing 65% of
non-controlling interests. Chile PV 2 is included within the Renewable energy sector and the South America geography.
On January 8, 2021, the Company completed the purchase of an additional 42.5% stake in Rioglass, a supplier of spare parts and services to the solar industry, increasing its stake from 15% to 57.5% and gaining control over
the business under IFRS 10, Consolidated Financial Statements. The purchase price paid was $8.6 million, and the Company paid an
additional $3.7 million (deductible from the final payment) for an option to acquire the remaining 42.5% under the same conditions until September 2021. On July 22, 2021, the Company exercised the option paying an additional $4.8 million, becoming the sole shareholder of the entity. Rioglass is included within the Renewable energy sector and the EMEA geography. The
acquisition of Rioglass has been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations.
On April 7, 2021, the Company closed the acquisition of Coso, a 135
MW renewable asset in California. The purchase price paid was $130 million. Atlantica has control over Coso under IFRS 10, Consolidated
Financial Statements and its acquisition had been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations. Coso is included within the Renewable energy sector and the North
America geography.
On May 14, 2021, the Company closed the acquisition of Calgary District Heating, a district heating asset of approximately 55 MWt in Canada. The purchase price paid was approximately $22.9 million. The acquisition had been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations. Calgary District Heating is included within the
Efficient natural gas and heat sector and the North America geography.
On August 6, 2021, the Company closed the acquisition of Italy PV 1 and Italy PV 2, two solar PV plants in Italy with a combined capacity of 3.7 MW for a total
equity investment of $9 million. The acquisition had been accounted for in these Consolidated Condensed Interim Financial Statements in
accordance with IFRS 3, Business Combinations. These assets are included within the Renewable energy sector and the EMEA geography.
On November 25, 2021, the Company closed the acquisition of La Sierpe, a 20 MW solar PV plant in Colombia for a total equity investment of approximately $23.5
million. The acquisition had been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations. La Sierpe is included within the Renewable energy sector and the South America
geography.
On December 14,
2021, the Company closed the acquisition of Italy PV 3, a 2.5 MW solar asset in Italy for a total equity investment of approximately
$4 million. The acquisition had been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with
IFRS 3, Business Combinations. Italy PV 3 is included within the Renewable Energy sector and the EMEA geography.
The fair value of assets and liabilities consolidated at the effective acquisition date is shown in the
following table:
The purchase price equaled the fair value of the net assets acquired. The amount of revenue contributed by the acquisitions performed during 2021 to the Consolidated Financial Statements of
the Company for the year 2021 was $163.5 million, and the amount of profit after tax was $0.8
million. Had the acquisitions been consolidated from January 1, 2021, the consolidated statement of comprehensive income would have included additional revenue of $17.7
million and additional profit after tax of $3.3 million.
The provisional period for the purchase price
allocation of Coso, Calgary, Chile PV 2 and Rioglass closed during the six-month period ended June 30, 2022 and did not result in significant adjustments to the initial amounts recognized.
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Contracted concessional assets |
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contracted concessional assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contracted concessional assets |
Note 6. - Contracted concessional assets
Contracted concessional assets correspond to
the assets of the Company recorded as intangible or financial assets in accordance with IFRIC 12, property plant and equipment in accordance with IAS 16, intangible assets in accordance with IAS 38 and financial asset in accordance with IFRS 16.
The detail of contracted concessional assets included in the
heading ‘Contracted concessional assets’ as of June 30, 2022 and December 31, 2021 is as follows:
The decrease in the contracted concessional assets cost is primarily due to the lower value of the Euro denominated assets since
the exchange rate of the Euro decreased against the U.S. dollar since December 31, 2021.
No losses from impairment of contracted concessional assets, excluding the change in the provision for expected credit losses under IFRS 9, Financial instruments, were recorded
during the six-month periods ended June 30, 2022 and 2021. The impairment provision based on the expected credit losses on contracted concessional financial assets increased by $13 million in the six-month period ended June 30, 2022 (decrease of $20 million
in the six-month period ended June 30, 2021), primarily in ACT.
|
Investments carried under the equity method |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments carried under the equity method [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments carried under the equity method |
Note 7. - Investments carried under the equity method
The table below shows the breakdown of the investments held in associates as of
June 30, 2022 and December 31, 2021:
2007 Vento II, LLC, is the holding company of a 596 MW portfolio of wind assets (“Vento II”) in the U.S., 49% owned by Atlantica since June 16, 2021, and accounted for under the equity method in these Consolidated Condensed Interim Financial Statements (Note 1).
Windlectric Inc., the project entity, is 100% owned by Amherst Island Partnership, itself 30% owned by Atlantica Yield Energy Solutions Canada Inc. (“AYES Canada”) and therefore accounted for under the equity method in these
Consolidated Condensed Interim Financial Statements.
Myah Bahr Honaine, S.P.A., the project entity, is 51% owned by Geida Tlemcen, S.L., which is accounted for using the equity method in these Consolidated Condensed Interim Financial Statements.
Geida Tlemcen, S.L. is 50% owned by Atlantica.
Pemcorp SAPI de CV, Monterrey´s project entity, is 100% owned by Arroyo Netherlands II B.V., which is accounted for under the equity method in these Consolidated Condensed Interim Financial Statements.
Arroyo Netherlands II B.V. is 30% owned by Atlantica.
The decrease in
investments carried under the equity method as of June 30, 2022, is primarily due to the distributions received by AYES Canada from Amherst Island
Partnership for $12.8 million. A significant portion of the distributions received from Amherst are distributed by the Company to its
partner in this project (Note 13). The decrease in the investment in Vento II is due to the distributions received from this asset by the Company for $21.7 million, partially offset by the share of profit in Vento II for the six-month period ended June 30, 2022 for $16.5 million.
|
Financial investments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial investments |
Note 8. - Financial investments
The detail of Non-current and Current
financial investments as of June 30, 2022 and December 31, 2021 is as follows:
Investment in Ten West Link is a 12.5% interest in a 114-mile
transmission line in the U.S., currently under development.
|
Derivative financial instruments |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments |
Note 9. - Derivative financial instruments
The breakdowns of the fair value amount of the derivative financial instruments as
of June 30, 2022 and December 31, 2021 are as follows:
The
derivatives are primarily interest rate cash flow hedges. All are classified as non-current assets or non-current liabilities, as they hedge long-term financing agreements.
The net amount of the fair value of interest rate derivatives
designated as cash flow hedges transferred to the consolidated condensed income statement is a loss of $23.4 million for the six-month period ended June 30, 2022 (loss of $30.4 million for the six-month period ended June 30, 2021).
The after-tax results accumulated in equity in connection
with derivatives designated as cash flow hedges as of June 30, 2022 and December 31, 2021 amount to a profit of $274,643 thousand and $171,272 thousand, respectively.
Additionally,
the Company has currency options with leading international financial institutions, which guarantee minimum Euro-U.S. dollar exchange rates. The strategy of the Company is to hedge the exchange rate for the net distributions from its European
assets after deducting euro-denominated interest payments and euro-denominated general and administrative expenses. Through currency options, the strategy of the Company is to hedge 100% of its euro-denominated net exposure for the next 12 months and 75% of
its euro denominated net exposure for the following 12 months, on a rolling basis. Change in fair value of these foreign exchange derivatives instruments are directly recorded in the consolidated income statement.
Finally,
the conversion option of the Green Exchangeable Notes issued in July 2020 (Note 14) is recorded as a derivative with a negative fair value (liability) of $13
million as of June 30, 2022 ($17 million as of December 31, 2021).
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Fair value of financial instruments |
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Jun. 30, 2022 | |||||||
Fair value of financial instruments [Abstract] | |||||||
Fair value of financial instruments |
Note 10. - Fair value of financial instruments
Financial instruments measured at fair value are classified based on the nature of
the inputs used for the calculation of fair value:
As of June 30, 2022, all the financial instruments measured at fair value
correspond to derivatives and have been classified as Level 2, except for the investments held in Ten West Link, which has been classified as Level 3.
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Related parties |
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Related parties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related parties |
Note 11. - Related parties
The related parties of the Company are
primarily Algonquin Power & Utilities Corp. (“Algonquin”) and its subsidiaries, non-controlling interests (Note 13), entities accounted for under the equity method (Note 7), as well as the Directors and the Senior Management of the Company.
Details of balances
with related parties as of June 30, 2022 and December 31, 2021 are as follows:
Current credit receivables as of June
30, 2022 primarily include a dividend to be collected from Amherst Island Partnership for $5.5 million ($6.3 million as of December 31, 2021). Current credit receivables as of December 31, 2021 included the short-term portion of the loan to Arroyo Netherland II B.V., the holding company of Pemcorp SAPI de CV., Monterrey´s project entity (Note 7), of which $8.2 million was collected in the first quarter of 2022.
Non-current credit receivables as of June 30, 2022 and
December 31, 2021 correspond to the long-term portion of the loan to Arroyo Netherland II B.V.
Current credit payables primarily include the dividend to be
paid by AYES Canada to Algonquin for $5.4 million as of June 30, 2022 ($6.1 million as of December 31, 2021).
The transactions carried out by entities included in these
Consolidated Condensed Interim Financial Statements with related parties, for the six-month periods ended June 30, 2022 and 2021 have been as follows:
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Trade and other receivables |
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Trade and other receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other receivables |
Note 12. - Trade and other receivables
Trade and other receivables as of June 30, 2022 and December 31, 2021, consist of
the following:
The increase in prepayments is primarily due to the timing of
insurance payments.
As of June 30, 2022, and December 31, 2021, the fair value of
trade and other receivables accounts does not differ significantly from its carrying value.
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Equity |
6 Months Ended |
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Jun. 30, 2022 | |
Equity [Abstract] | |
Equity |
Note 13. - Equity
As of June 30, 2022, the share capital of the Company amounts to $11,524,167 represented by 115,241,671
ordinary shares fully subscribed and disbursed with a nominal value of $0.10 each, all in the same class and series. Each share grants one voting right.
Algonquin owns 42.5% of the shares of the Company and is its largest shareholder as of June 30, 2022. Algonquin’s voting rights and rights to appoint directors are limited to 41.5% and the difference between Algonquin´s ownership and 41.5%
will vote replicating non-Algonquin’s shareholders’ vote.
On December 11, 2020 the Company closed an underwritten public offering of 5,069,200 ordinary shares, including 661,200
ordinary shares sold pursuant to the full exercise of the underwriters’ over-allotment option, at a price of $33 per new share. Gross
proceeds were approximately $167 million. Given that the offering was issued through a subsidiary in Jersey, which became wholly owned by
the Company at closing, and subsequently liquidated, the premium on issuance was credited to a merger reserve account (Capital reserves), net of issuance costs, for $161 million. Additionally, Algonquin committed to purchase 4,020,860 ordinary
shares in a private placement in order to maintain its previous equity ownership of 44.2% in the Company. The private placement closed
on January 7, 2021. Gross proceeds were approximately $133 million ($131 million net of issuance costs).
During the first quarter of 2021, the Company changed the accounting treatment
applied to its existing long-term incentive plans granted to employees from cash-settled to equity-settled in accordance with IFRS 2, Share-based Payment, as a result of incentives being settled in shares. The liability recognized for the rights
vested by the employees under such plans at the date of this change, was reclassified to equity within the line “Accumulated deficit” for approximately $9
million. The settlement in shares was approved by the Board of Directors on February 26, 2021, and the Company issued 141,482 new shares
to its employees up to December 31, 2021, to settle a portion of these plans. In the six-month period ended June 30, 2022, the Company issued 222,803 new shares under such
incentive plans.
On August 3, 2021, the Company established an “at-the-market program” and entered into a distribution agreement with J.P. Morgan Securities LLC, as sales agent, under which the Company may offer and sell from time to time
up to $150 million of its ordinary shares. The Company also entered into an agreement with Algonquin pursuant to which the Company has
offered Algonquin the right but not the obligation, on a quarterly basis, to purchase a number of ordinary shares to maintain its percentage interest in Atlantica at the average price of the shares sold under the distribution agreement in the
previous quarter (the “ATM Plan Letter Agreement”). On February 28, 2022, the Company established a new “at-the-market program” and entered into a distribution agreement with BofA Securities, MUFG and RBC Capital Markets, as its sales agents, under which the Company may offer and sell from time to time up to $150 million of its ordinary shares. Upon entry into the distribution agreement, the Company terminated its prior “at-the-market
program” established on August 3, 2021 and the related distribution agreement dated such date, entered into with J.P. Morgan Securities LLC. During the first semester of 2022 the Company sold 2,615,895 shares (1,613,079 shares during the year 2021) at an
average market price of $33.45 ($38.43
in 2021) pursuant to its distribution agreement, representing net proceeds of $86 million ($61 million in 2021). Pursuant to the ATM Plan Letter Agreement, the Company delivers a notice to Algonquin quarterly in order for them to exercise their rights thereunder.
Atlantica´s reserves as of June 30,
2022 are made up of share premium account and capital reserves.
Other reserves primarily include the change in fair value of cash flow hedges and
its tax effect.
Accumulated currency translation
differences primarily include the result of translating the financial statements of subsidiaries prepared in a foreign currency into the presentation currency of the Company, the U.S. dollar.
Accumulated deficit primarily includes results attributable to Atlantica.
Non-controlling interests fully relate to interests held by JGC in Solacor 1 and
Solacor 2, by Idae in Seville PV, by Itochu Corporation in Solaben 2 and Solaben 3, by Algerian Energy Company, SPA and Sacyr Agua S.L. in Skikda, by Algerian Energy Company, SPA in Tenes, by Industrial Development Corporation of South Africa (IDC)
and Kaxu Community Trust in Kaxu, by Algonquin Power Co. in AYES Canada, and by partners of the Company in the Chilean renewable energy platform in Chile PV 1 and Chile PV 2.
On February 25, 2022, the Board of Directors declared a dividend of $0.44 per share corresponding to the fourth quarter of 2021. The dividend was paid on March 25, 2022 for a total amount of $49.7 million.
On May 5, 2022, the Board of Directors declared a dividend of $0.44 per share corresponding to the first quarter of 2022. The dividend was paid on June 15, 2022 for a total amount of $50.3
million.
In addition, the Company declared dividends to non-controlling interests,
primarily to Algonquin (interests in Amherst through AYES Canada, see Note 7) for $12.5 million in the six-month period ended June 30,
2022 ($8.7 million in the six-month period ended June 30, 2021)
As of June 30, 2022, there was no treasury stock and there have been no transactions with
treasury stock during the period then ended.
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Corporate debt |
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Corporate debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt |
Note 14. - Corporate
debt
The breakdown of corporate debt as of June 30, 2022 and December 31, 2021 is as
follows:
On July 20, 2017, the Company signed a credit facility (the “2017 Credit Facility”) for up to €10 million ($10.4 million), which is available in euros or U.S. dollars. Amounts drawn down accrue interest at a rate per year equal to EURIBOR plus 2% or LIBOR plus 2%, depending on the
currency, with a floor of 0% on the LIBOR and EURIBOR. As of June 30, 2022, $9.4 million has been drawn down ($8.2
million as of December 31, 2021). As of December 31, 2021, the credit facility maturity was July 1, 2023. On July 1, 2022, the maturity has been extended to July 1, 2024.
On May 10, 2018, the Company entered into the Revolving
Credit Facility for $215 million with a syndicate of banks. Amounts drawn down accrue interest at a rate per year equal to (A) for
Eurodollar rate loans, Term SOFR, plus a Term SOFR Adjustment equal to 0.10% per annum, plus a percentage determined by reference to the
leverage ratio of the Company, ranging between 1.60% and 2.25% and (B) for base rate loans, the highest of (i) the rate per annum equal to the weighted average of the rates on overnight U.S. Federal funds transactions with members of the U.S. Federal Reserve System
arranged by U.S. Federal funds brokers on such day plus of 1.00%, (ii) the U.S. prime rate and (iii) Term SOFR plus 1.00%,
in any case, plus a percentage determined by reference to the leverage ratio of the Company, ranging between 0.60% and 1.00%. Letters of credit may be issued using up to $100
million of the Revolving Credit Facility. During 2019, the amount of the Revolving Credit Facility increased from $215 million to $425 million. In the first quarter of 2021, the Company increased the amount of the Revolving Credit Facility from $425 million to $450 million. On May 5,
2022, the maturity was extended to December 31, 2024. During the first semester of 2022, $10 million were drawn down. On June 30, 2022, the Company issued letters of credit for $21.5 million ($10 million as of December 31, 2021). As of June 30, 2022, therefore, $418.5 million of the Revolving Credit Facility were available ($440 million as of December 31, 2021).
On April 30, 2019, the Company entered into the Note
Issuance Facility 2019, a senior unsecured note facility with a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder for a total amount of €268 million ($280 million), with maturity date on April 30, 2025. Interest accrued at a rate per annum equaled to the sum of 3-month EURIBOR plus 4.50%. The interest rate on the Note
Issuance Facility 2019 was fully hedged by an interest rate swap resulting in the Company paying a net fixed interest rate of 4.24%. The
Note Issuance Facility 2019 was fully repaid on June 4, 2021, and subsequently delisted from the Official List of The International Stock Exchange.
On October 8, 2019, the Company filed a euro
commercial paper program (the “Commercial Paper”) with the Alternative Fixed Income Market (MARF) in Spain. The program had an original maturity of twelve months and has been extended twice, for annual periods. The program allows Atlantica to
issue short term notes over the next twelve months for up to €50 million ($52 million), with such notes having a tenor of up
to two years. As of June 30, 2022, the Company had €22.8 million ($23.8 million) issued and outstanding under the program at an average cost of 0.39% (€21.5 million, or $22.4 million, as of December 31, 2021).
On April 1, 2020, the Company closed the secured 2020 Green
Private Placement for €290 million ($303
million). The private placement accrues interest at an annual 1.96% interest rate, payable quarterly and has a June 2026 maturity.
On July 8, 2020, the Company entered into the Note Issuance
Facility 2020, a senior unsecured financing with a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder for a total amount of $146 million which is denominated in euros (€140 million). The Note Issuance Facility 2020 was issued on
August 12, 2020, accrues annual interest of 5.25%, payable quarterly and has a maturity of seven years from the closing date.
On
July 17, 2020, the Company issued the Green Exchangeable Notes for $100 million in aggregate principal amount of 4.00% convertible bonds due in 2025. On July 29, 2020, the Company closed an additional $15 million aggregate principal amount of the Green Exchangeable Notes. The notes mature on July 15, 2025 and bear interest at a rate of 4.00% per annum. The initial exchange rate of the notes
is 29.1070 ordinary shares per $1,000
principal amount of notes, which is equivalent to an initial exchange price of $34.36 per ordinary share. Noteholders may exchange their
notes at their option at any time prior to the close of business on the scheduled trading day immediately preceding April 15, 2025, only during certain periods and upon satisfaction of certain conditions. On or after April 15, 2025, noteholders may
exchange their notes at any time. Upon exchange, the notes may be settled, at the election of the Company, into Atlantica ordinary shares, cash or a combination thereof. The exchange rate is subject to adjustment upon the occurrence of certain
events.
As per IAS 32, “Financial Instruments: Presentation”, the
conversion option of the Green Exchangeable Notes is an embedded derivative classified within the line “Derivative liabilities” of these Consolidated Condensed Interim Financial Statements (Note 9). It was initially valued at the transaction date
for $10 million, and prospective changes to its fair value are accounted for directly through the profit and loss statement. The
principal element of the Green Exchangeable Notes, classified within the line “Corporate debt” of these Consolidated Condensed Interim Financial Statements, is initially valued as the difference between the consideration received from the holders
of the instrument and the value of the embedded derivative, and thereafter, at amortized cost using the effective interest method as per IFRS 9, Financial Instruments.
On December 4, 2020, the Company entered into a loan with a bank for €5 million ($5.2 million). This loan accrues interest at a rate per year equal
to 2.50%. The maturity date is December 4, 2025.
On May 18, 2021, the Company issued the Green Senior Notes due in 2028 in an aggregate principal amount of $400 million. The notes mature on May 15, 2028
and bear interest at a rate of 4.125% per annum payable on June 15 and December 15 of each year, commencing December 15, 2021.
On January 31, 2022, the Company entered into a loan with a bank for €5 million ($5.2 million). This loan
accrues interest at a rate per year equal to 1.90%. The maturity date is January 31, 2026.
The repayment schedule for the corporate debt as of June 30,
2022 is as follows:
The repayment schedule for
the corporate debt as of December 31, 2021 was as follows:
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Project debt |
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Project debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Project debt |
Note 15. - Project debt
This note shows the project debt linked
to the contracted concessional assets included in Note 6 of these Consolidated Condensed Interim Financial Statements.
Project debt is
generally used to finance contracted assets, exclusively using as guarantee the assets and cash flows of the company or group of companies carrying out the activities financed. In addition, the cash of the Company´s projects include funds held to
satisfy the customary requirements of certain non-recourse debt agreements and other restricted cash for an amount of $227 million as of
June 30, 2022 ($254 million as of December 31, 2021).
The breakdown of project debt for both non-current and current liabilities as of
June 30, 2022 and December 31, 2021 is as follows:
The decrease in total project debt is primarily due to:
As of December 31, 2021, Kaxu total debt was presented as
current in the Consolidated Condensed Interim Financial Statements of the Company, for an amount of $314 million, in accordance with
International Accounting Standards 1 (“IAS 1”), “Presentation of Financial Statements”, as a result of the existence of a theoretical event of default under the Kaxu project finance agreement. As of June 30, 2022, the Company has again an unconditional right to defer the settlement of the debt for at least twelve months, and therefore the
debt previously presented as current in these Consolidated Condensed Interim Financial Statements has been reclassified as non-current in accordance with the financing agreements (Note 1).
The repayment schedule for project debt in accordance with
the financing arrangements as of June 30, 2022, is as follows and is consistent with the projected cash flows of the related projects:
The repayment schedule for project debt in accordance with
the financing arrangements and assuming there would be no acceleration of the Kaxu debt repayment as of December 31, 2021, was as follows and was consistent with the projected cash flows of the related projects:
|
Grants and other liabilities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grants and other liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grants and other liabilities |
Note 16. - Grants and other liabilities
As of June 30, 2022, the amount recorded in Grants primarily
corresponds to the ITC Grant awarded by the U.S. Department of the Treasury to Solana and Mojave for a total amount of $626 million ($642 million as of December 31, 2021). The amount recorded in Grants as a liability is progressively recorded as other income over the useful life of the
asset.
The remaining balance of the “Grants” account corresponds to
loans with interest rates below market rates for Solana and Mojave for a total amount of $313 million as of June 30, 2022 ($326 million as of December 31, 2021). Loans with the Federal Financing Bank guaranteed by the Department of Energy for these projects bear interest at a
rate below market rates for these types of projects and terms. The difference between proceeds received from these loans and its fair value, is initially recorded as “Grants” in the consolidated statement of financial position, and subsequently
recorded progressively in “Other operating income”.
Total amount of income for these two types of grants for Solana and Mojave is $29.3 million and $29.4 million for the six-month periods ended
June 30, 2022 and 2021, respectively (Note 20).
Other liabilities mainly include:
|
Trade payables and other current liabilities |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade payables and other current liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade payables and other current liabilities |
Note 17. - Trade payables and other current liabilities
Trade payables and other current liabilities as of June 30, 2022 and December 31,
2021 are as follows:
Trade accounts payable mainly relate to the operation and
maintenance of the plants.
Nominal values of trade payables and other current
liabilities are considered to be approximately equal to fair values and the effect of discounting them is not significant.
|
Income Tax |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Income Tax [Abstract] | |
Income Tax |
Note 18. - Income Tax
The effective tax rate for the periods presented has been established based on
management’s best estimates, taking into account the tax treatment of permanent differences and tax credits.
For the six-month period ended June 30, 2022, income tax amounted to a $6,050 thousand expense with respect to a profit before income tax of $16,848 thousand. In the six-month period ended June 30, 2021, income tax amounted to a $33,128 thousand
expense with respect to a profit before income tax of $37,614 thousand. The effective tax rate differs from the nominal tax rate mainly
due to unrecognized tax loss carryforwards and permanent tax differences in some jurisdictions.
|
Financial expense, net |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial expense, net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial expense, net |
Note 19. - Financial expense, net
Financial income and expense
The following table sets forth financial income and expenses for the six-month
periods ended June 30, 2022 and 2021:
Interest on loans and notes primarily include
interest on corporate and project debt.
Losses from interest rate derivatives
designated as cash flow hedges primarily correspond to transfers from equity to financial expense when the hedged item impacts the consolidated income statement.
Net exchange differences
Net exchange differences primarily correspond to realized and
unrealized exchange gains and losses on transactions in foreign currencies as part of the normal course of business of the Company.
Other financial income and expenses
The following table sets out Other financial income and
expenses for the six-month periods ended June 30, 2022, and 2021:
Other financial income in the six-month period ended June 30, 2022, include $5.6 million of income for non-monetary change to the fair value of derivatives of
Kaxu for which hedge accounting is not applied ($5.7 million for the six-month period ended June 30, 2021), and $3.4
million income ($8.0 million income for the six-month period ended June 30, 2021) further to the change in the fair value of the
conversion option of the Green Exchangeable Notes since December 2021 (Note 14). Residual items primarily relate to interest on deposits and loans, including non-monetary changes to the amortized cost of such loans.
Other financial losses primarily include guarantees and
letters of credit, other bank fees and other minor financial expenses.
|
Other operating income and expenses |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating income and expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating income and expenses |
Note 20.- Other operating income and expenses
The table below shows the detail of Other operating income and expenses for the
six-month periods ended June 30, 2022, and 2021:
The decrease in Other operating expenses in 2022 is primarily due to a specific non-recurrent solar project of Rioglass which ended in October 2021, which mainly
explains the decrease in Raw materials and consumables used in 2022.
|
Earnings per share |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share |
Note 21. - Earnings per share
Basic earnings per share have been calculated by dividing the profit/(loss)
attributable to equity holders of the Company by the average number of outstanding shares.
Diluted earnings per share for the six-month period ended June 30, 2022 have been calculated considering the potential issuance of 3,347,305
shares on the settlement of the Green Exchangeable Notes (Note 14) and the potential issuance of 879,197 shares to Algonquin under the
agreement signed on August 3, 2021, according to which Algonquin has the option, on a quarterly basis, to subscribe such number of shares to maintain its percentage in Atlantica in relation to the use of the ATM program (Note 13). Diluted
earnings per share for the six-month period ended June 30, 2021 was calculated considering the potential issuance of 3,347,305 shares
on the settlement of the Green Exchangeable Notes.
|
Subsequent events |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Subsequent events [Abstract] | |
Subsequent events |
Note 22. - Subsequent events
On August 2, 2022, the Board of Directors of the Company approved a dividend of $0.445 per share, which is expected to be paid on September 15, 2022.
|
Basis of preparation (Policies) |
6 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | ||||||||||||||||
Basis of preparation [Abstract] | ||||||||||||||||
Basis of preparation |
The accompanying Consolidated Condensed Interim Financial Statements represent
the consolidated results of the Company and its subsidiaries.
The Company’s annual consolidated financial statements as of December 31,
2021, were approved by the Board of Directors on February 25, 2022.
These Consolidated Condensed Interim Financial Statements are presented in accordance with International Accounting Standards (“IAS”) 34, “Interim Financial
Reporting”. In accordance with IAS 34, interim financial information is prepared solely in order to update the most recent annual consolidated financial statements prepared by the Company, placing emphasis on new activities, occurrences and
circumstances that have taken place during the six-month period ended June 30, 2022, and not duplicating the information previously published in the annual consolidated financial statements for the year ended December 31, 2021. Therefore, the
Consolidated Condensed Interim Financial Statements do not include all the information that would be required in a complete set of consolidated financial statements prepared in accordance with the IFRS-IASB (“International Financial Reporting
Standards-International Accounting Standards Board”). In view of the above, for an adequate understanding of the information, these Consolidated Condensed Interim Financial Statements must be read together with Atlantica’s consolidated
financial statements for the year ended December 31, 2021 included in the 2021 20-F.
In determining the information to be disclosed in the notes to the Consolidated Condensed Interim Financial Statements, Atlantica, in accordance with IAS 34, has
taken into account its materiality in relation to the Consolidated Condensed Interim Financial Statements.
The Consolidated Condensed Interim Financial Statements are presented in U.S. dollars, which is the parent company’s functional and presentation currency. Amounts
included in these Consolidated Condensed Interim Financial Statements are all expressed in thousands of U.S. dollars, unless otherwise indicated.
These Consolidated Condensed Interim Financial Statements were approved by the Board of Directors of the Company on August 2, 2022.
|
|||||||||||||||
Application of new accounting standards |
Application of new accounting standards
The applications of these amendments have not had any impact on these
Consolidated Condensed Interim Financial Statements.
The Company does not anticipate any significant impact on the Consolidated Condensed Interim Financial Statements derived from the application of the new
standards and amendments that will be effective for annual periods beginning on or after January 1, 2023, although it is currently still in the process of evaluating such application.
The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
|
|||||||||||||||
Use of estimates |
Use of estimates
Some of the accounting policies applied require the application of significant
judgment by management to select the appropriate assumptions to determine these estimates. These assumptions and estimates are based on the Company´s historical experience, advice from experienced consultants, forecasts and other circumstances and
expectations as of the close of the financial period. The assessment is considered in relation to the global economic situation of the industries and regions where the Company operates, taking into account future development of its businesses. By
their nature, these judgments are subject to an inherent degree of uncertainty; therefore, actual results could materially differ from the estimates and assumptions used. In such cases, the carrying values of assets and liabilities are adjusted.
The most critical accounting policies, which require significant management
estimates and judgment are as follows:
As of the date of preparation of these Consolidated Condensed Interim Financial
Statements, no relevant changes in estimates made are anticipated and, therefore, no significant changes in the value of assets and liabilities recognized at June 30, 2022, are expected.
Although these estimates and assumptions are being made using all available facts
and circumstances, it is possible that future events may require management to amend such estimates and assumptions in future periods. Changes in accounting estimates are recognized prospectively, in accordance with IAS 8, in the consolidated
income statement of the period in which the change occurs.
|
Fair value of financial instruments (Policies) |
6 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||
Fair value of financial instruments [Abstract] | |||||||
Fair value of financial instruments |
Financial instruments measured at fair value are classified based on the nature of
the inputs used for the calculation of fair value:
As of June 30, 2022, all the financial instruments measured at fair value
correspond to derivatives and have been classified as Level 2, except for the investments held in Ten West Link, which has been classified as Level 3.
|
Nature of the business (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Overview of main assets |
The following table provides an overview of the main contracted concessional
assets the Company owned or had an interest in as of June 30, 2022:
|
Financial information by segment (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial information by segment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues and Adjusted EBITDA, assets and liabilities by operating segments and business sectors |
The reconciliation of segment Adjusted EBITDA with the
profit/(loss) attributable to the Company is as follows:
|
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Assets and liabilities by geography |
Assets and liabilities by geography as of June 30, 2022:
Assets and liabilities by geography as of December 31, 2021:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities by business sector |
Assets and liabilities by business sector as of June 30, 2022:
Assets and liabilities by business sector as of December 31, 2021:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and impairment charges recognized |
|
Business combinations (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of assets and liabilities consolidated at the effective acquisition date |
The fair value of assets and liabilities consolidated at the effective acquisition date is shown in the following
table:
The fair value of assets and liabilities consolidated at the effective acquisition date is shown in the
following table:
|
Contracted concessional assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contracted concessional assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Movements of contracted concessional assets |
The detail of contracted concessional assets included in the
heading ‘Contracted concessional assets’ as of June 30, 2022 and December 31, 2021 is as follows:
|
Investments carried under the equity method (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments carried under the equity method [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Breakdown of investments held in associates |
The table below shows the breakdown of the investments held in associates as of
June 30, 2022 and December 31, 2021:
|
Financial investments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-current and Current financial investments |
The detail of Non-current and Current
financial investments as of June 30, 2022 and December 31, 2021 is as follows:
|
Derivative financial instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value amount of derivative financial instruments |
The breakdowns of the fair value amount of the derivative financial instruments as
of June 30, 2022 and December 31, 2021 are as follows:
|
Related parties (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related parties [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related party receivables and payables |
Details of balances
with related parties as of June 30, 2022 and December 31, 2021 are as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related party transactions |
The transactions carried out by entities included in these
Consolidated Condensed Interim Financial Statements with related parties, for the six-month periods ended June 30, 2022 and 2021 have been as follows:
|
Trade and other receivables (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other receivables |
Trade and other receivables as of June 30, 2022 and December 31, 2021, consist of
the following:
|
Corporate debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt |
The breakdown of corporate debt as of June 30, 2022 and December 31, 2021 is as
follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayment schedule for corporate debt |
The repayment schedule for the corporate debt as of June 30,
2022 is as follows:
The repayment schedule for
the corporate debt as of December 31, 2021 was as follows:
|
Project debt (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Project debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Project debt |
The breakdown of project debt for both non-current and current liabilities as of
June 30, 2022 and December 31, 2021 is as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayment schedule for project debt |
The repayment schedule for project debt in accordance with
the financing arrangements as of June 30, 2022, is as follows and is consistent with the projected cash flows of the related projects:
The repayment schedule for project debt in accordance with
the financing arrangements and assuming there would be no acceleration of the Kaxu debt repayment as of December 31, 2021, was as follows and was consistent with the projected cash flows of the related projects:
|
Grants and other liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grants and other liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grants and other non-current liabilities |
|
Trade payables and other current liabilities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade payables and other current liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade payables and other current liabilities |
Trade payables and other current liabilities as of June 30, 2022 and December 31,
2021 are as follows:
|
Financial expense, net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial expense, net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial income |
The following table sets forth financial income and expenses for the six-month
periods ended June 30, 2022 and 2021:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial expense |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other financial income and expenses |
The following table sets out Other financial income and
expenses for the six-month periods ended June 30, 2022, and 2021:
|
Other operating income and expenses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating income and expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating income |
The table below shows the detail of Other operating income and expenses for the
six-month periods ended June 30, 2022, and 2021:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses |
|
Earnings per share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share |
Diluted earnings per share for the six-month period ended June 30, 2022 have been calculated considering the potential issuance of 3,347,305
shares on the settlement of the Green Exchangeable Notes (Note 14) and the potential issuance of 879,197 shares to Algonquin under the
agreement signed on August 3, 2021, according to which Algonquin has the option, on a quarterly basis, to subscribe such number of shares to maintain its percentage in Atlantica in relation to the use of the ATM program (Note 13). Diluted
earnings per share for the six-month period ended June 30, 2021 was calculated considering the potential issuance of 3,347,305 shares
on the settlement of the Green Exchangeable Notes.
|
Nature of the business, Description (Details) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Apr. 04, 2022
USD ($)
MW
|
Jan. 17, 2022
USD ($)
Substation
MW
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Nature of the business [Abstract] | ||||
Investments accounted for using equity method | $ 275,572 | $ 294,581 | ||
Chile TL4 [Member] | ||||
Nature of the business [Abstract] | ||||
Installed capacity | MW | 63 | |||
Number of substations | Substation | 2 | |||
Investments accounted for using equity method | $ 39,000 | $ 8,000 | ||
Contract life | 50 years | |||
Italy PV 4 [Member] | ||||
Nature of the business [Abstract] | ||||
Installed capacity | MW | 3.6 | |||
Investments accounted for using equity method | $ 3,700 |
Financial information by segment, Revenues and Adjusted EBITDA (Details) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2022
USD ($)
Customer
|
Jun. 30, 2021
USD ($)
Customer
|
|
Financial information by segment [Abstract] | ||
Number of customers representing more than 10% of total revenues | Customer | 2 | 2 |
Revenue | $ 555,284 | $ 611,175 |
Adjusted EBITDA | 402,305 | 404,234 |
Renewable Energy [Member] | ||
Financial information by segment [Abstract] | ||
Revenue | 420,335 | 471,624 |
Adjusted EBITDA | 296,830 | 295,030 |
Efficient Natural Gas & Heat [Member] | ||
Financial information by segment [Abstract] | ||
Revenue | 53,419 | 58,505 |
Adjusted EBITDA | 44,014 | 47,221 |
Transmission Lines [Member] | ||
Financial information by segment [Abstract] | ||
Revenue | 54,853 | 53,589 |
Adjusted EBITDA | 43,178 | 42,521 |
Water [Member] | ||
Financial information by segment [Abstract] | ||
Revenue | 26,677 | 27,457 |
Adjusted EBITDA | 18,283 | 19,462 |
North America [Member] | ||
Financial information by segment [Abstract] | ||
Revenue | 199,271 | 178,801 |
Adjusted EBITDA | 161,180 | 134,861 |
South America [Member] | ||
Financial information by segment [Abstract] | ||
Revenue | 78,331 | 78,351 |
Adjusted EBITDA | 58,843 | 60,222 |
EMEA [Member] | ||
Financial information by segment [Abstract] | ||
Revenue | 277,682 | 354,023 |
Adjusted EBITDA | $ 182,282 | $ 209,151 |
Financial information by segment, Reconciliation of segment Adjusted EBITDA (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Financial information by segment [Abstract] | ||
Profit/(loss) attributable to the Company | $ (4,070) | $ 6,829 |
Profit attributable to non-controlling interests | (6,728) | (11,315) |
Income tax | 6,050 | 33,128 |
Financial expense, net | 155,779 | 172,807 |
Depreciation, amortization, and impairment charges | 217,809 | 188,876 |
Total segment Adjusted EBITDA | (402,305) | (404,234) |
Reconciling Item [Member] | ||
Financial information by segment [Abstract] | ||
Profit/(loss) attributable to the Company | 4,070 | (6,829) |
Profit attributable to non-controlling interests | 6,728 | 11,315 |
Income tax | 6,050 | 33,128 |
Financial expense, net | 155,779 | 172,807 |
Depreciation, amortization, and impairment charges | 217,809 | 188,876 |
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of Atlantica's equity ownership) | 11,869 | 4,937 |
Total segment Adjusted EBITDA | $ 402,305 | $ 404,234 |
Financial information by segment, Assets and liabilities by geography (Details) $ in Thousands, € in Millions |
Jun. 30, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Jun. 30, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 04, 2020
USD ($)
|
Dec. 04, 2020
EUR (€)
|
---|---|---|---|---|---|---|
Assets allocated [Abstract] | ||||||
Contracted concessional assets | $ 7,644,952 | $ 8,021,568 | ||||
Investments carried under the equity method | 275,572 | 294,581 | ||||
Current financial investments | 188,804 | 207,379 | ||||
Cash and cash equivalents (project companies) | 668,247 | 622,689 | $ 686,289 | $ 868,501 | ||
Total assets | 9,371,064 | 9,751,930 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term project debt | 4,735,500 | 5,036,193 | ||||
Grants and other liabilities | 1,252,349 | 1,263,744 | ||||
Long-term and short-term corporate debt | 1,000,091 | 1,023,071 | $ 5,200 | € 5 | ||
Total liabilities | 7,574,233 | 8,003,325 | ||||
Equity | 1,796,831 | 1,748,605 | $ 1,807,209 | $ 1,740,881 | ||
Total liabilities and equity | 9,371,064 | 9,751,930 | ||||
North America [Member] | ||||||
Assets allocated [Abstract] | ||||||
Contracted concessional assets | 3,287,156 | 3,355,669 | ||||
Investments carried under the equity method | 233,452 | 253,221 | ||||
Current financial investments | 119,396 | 135,224 | ||||
Cash and cash equivalents (project companies) | 182,998 | 171,744 | ||||
Total assets | 3,823,002 | 3,915,858 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term project debt | 1,767,480 | 1,792,739 | ||||
Grants and other liabilities | 1,032,994 | 1,051,679 | ||||
Total liabilities | 2,800,474 | 2,844,418 | ||||
South America [Member] | ||||||
Assets allocated [Abstract] | ||||||
Contracted concessional assets | 1,258,308 | 1,231,276 | ||||
Investments carried under the equity method | 0 | 0 | ||||
Current financial investments | 28,682 | 28,155 | ||||
Cash and cash equivalents (project companies) | 86,282 | 74,149 | ||||
Total assets | 1,373,272 | 1,333,580 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term project debt | 856,228 | 887,497 | ||||
Grants and other liabilities | 16,077 | 14,445 | ||||
Total liabilities | 872,305 | 901,942 | ||||
EMEA [Member] | ||||||
Assets allocated [Abstract] | ||||||
Contracted concessional assets | 3,099,488 | 3,434,623 | ||||
Investments carried under the equity method | 42,120 | 41,360 | ||||
Current financial investments | 40,726 | 44,000 | ||||
Cash and cash equivalents (project companies) | 274,169 | 287,655 | ||||
Total assets | 3,456,503 | 3,807,638 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term project debt | 2,111,792 | 2,355,957 | ||||
Grants and other liabilities | 203,278 | 197,620 | ||||
Total liabilities | 2,315,070 | 2,553,577 | ||||
Allocated [Member] | ||||||
Assets allocated [Abstract] | ||||||
Contracted concessional assets | 7,644,952 | 8,021,568 | ||||
Investments carried under the equity method | 275,572 | 294,581 | ||||
Current financial investments | 188,804 | 207,379 | ||||
Cash and cash equivalents (project companies) | 543,449 | 533,548 | ||||
Total assets | 8,652,777 | 9,057,076 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term project debt | 4,735,500 | 5,036,193 | ||||
Grants and other liabilities | 1,252,349 | 1,263,744 | ||||
Total liabilities | 5,987,849 | 6,299,937 | ||||
Unallocated [Member] | ||||||
Assets allocated [Abstract] | ||||||
Other non-current assets | 271,634 | 268,876 | ||||
Other current assets (including cash and cash equivalents at holding company level) | 446,653 | 425,978 | ||||
Total assets | 718,287 | 694,854 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term corporate debt | 1,000,091 | 1,023,071 | ||||
Other non-current liabilities | 390,143 | 532,312 | ||||
Other current liabilities | 196,150 | 148,005 | ||||
Total liabilities | 1,586,384 | 1,703,388 | ||||
Equity | 1,796,831 | 1,748,605 | ||||
Total liabilities and equity | $ 3,383,215 | $ 3,451,993 |
Financial information by segment, Assets and liabilities by business sector (Details) $ in Thousands, € in Millions |
Jun. 30, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Jun. 30, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 04, 2020
USD ($)
|
Dec. 04, 2020
EUR (€)
|
---|---|---|---|---|---|---|
Assets allocated [Abstract] | ||||||
Contracted concessional assets | $ 7,644,952 | $ 8,021,568 | ||||
Investments carried under the equity method | 275,572 | 294,581 | ||||
Current financial investments | 188,804 | 207,379 | ||||
Cash and cash equivalents (project companies) | 668,247 | 622,689 | $ 686,289 | $ 868,501 | ||
Total assets | 9,371,064 | 9,751,930 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term project debt | 4,735,500 | 5,036,193 | ||||
Grants and other liabilities | 1,252,349 | 1,263,744 | ||||
Long-term and short-term corporate debt | 1,000,091 | 1,023,071 | $ 5,200 | € 5 | ||
Total liabilities | 7,574,233 | 8,003,325 | ||||
Equity | 1,796,831 | 1,748,605 | $ 1,807,209 | $ 1,740,881 | ||
Total liabilities and equity | 9,371,064 | 9,751,930 | ||||
Renewable Energy [Member] | ||||||
Assets allocated [Abstract] | ||||||
Contracted concessional assets | 6,163,513 | 6,533,408 | ||||
Investments carried under the equity method | 221,332 | 240,302 | ||||
Current financial investments | 8,622 | 10,761 | ||||
Cash and cash equivalents (project companies) | 416,482 | 442,213 | ||||
Total assets | 6,809,949 | 7,226,684 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term project debt | 3,593,887 | 3,857,313 | ||||
Grants and other liabilities | 1,211,134 | 1,244,346 | ||||
Total liabilities | 4,805,021 | 5,101,659 | ||||
Efficient Natural Gas & Heat [Member] | ||||||
Assets allocated [Abstract] | ||||||
Contracted concessional assets | 507,776 | 517,247 | ||||
Investments carried under the equity method | 14,395 | 15,358 | ||||
Current financial investments | 112,886 | 128,461 | ||||
Cash and cash equivalents (project companies) | 47,858 | 25,392 | ||||
Total assets | 682,915 | 686,458 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term project debt | 462,228 | 478,724 | ||||
Grants and other liabilities | 32,762 | 11,212 | ||||
Total liabilities | 494,990 | 489,936 | ||||
Transmission Lines [Member] | ||||||
Assets allocated [Abstract] | ||||||
Contracted concessional assets | 818,768 | 805,987 | ||||
Investments carried under the equity method | 0 | 0 | ||||
Current financial investments | 28,506 | 27,813 | ||||
Cash and cash equivalents (project companies) | 54,249 | 44,574 | ||||
Total assets | 901,523 | 878,374 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term project debt | 592,657 | 602,278 | ||||
Grants and other liabilities | 6,200 | 5,795 | ||||
Total liabilities | 598,857 | 608,073 | ||||
Water [Member] | ||||||
Assets allocated [Abstract] | ||||||
Contracted concessional assets | 154,895 | 164,926 | ||||
Investments carried under the equity method | 39,845 | 38,921 | ||||
Current financial investments | 38,790 | 40,344 | ||||
Cash and cash equivalents (project companies) | 24,860 | 21,369 | ||||
Total assets | 258,390 | 265,560 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term project debt | 86,728 | 97,878 | ||||
Grants and other liabilities | 2,253 | 2,391 | ||||
Total liabilities | 88,981 | 100,269 | ||||
Allocated [Member] | ||||||
Assets allocated [Abstract] | ||||||
Contracted concessional assets | 7,644,952 | 8,021,568 | ||||
Investments carried under the equity method | 275,572 | 294,581 | ||||
Current financial investments | 188,804 | 207,379 | ||||
Cash and cash equivalents (project companies) | 543,449 | 533,548 | ||||
Total assets | 8,652,777 | 9,057,076 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term project debt | 4,735,500 | 5,036,193 | ||||
Grants and other liabilities | 1,252,349 | 1,263,744 | ||||
Total liabilities | 5,987,849 | 6,299,937 | ||||
Unallocated [Member] | ||||||
Assets allocated [Abstract] | ||||||
Other non-current assets | 271,634 | 268,876 | ||||
Other current assets (including cash and cash equivalents at holding company level) | 446,653 | 425,978 | ||||
Total assets | 718,287 | 694,854 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term corporate debt | 1,000,091 | 1,023,071 | ||||
Other non-current liabilities | 390,143 | 532,312 | ||||
Other current liabilities | 196,150 | 148,005 | ||||
Total liabilities | 1,586,384 | 1,703,388 | ||||
Equity | 1,796,831 | 1,748,605 | ||||
Total liabilities and equity | $ 3,383,215 | $ 3,451,993 |
Financial information by segment, Depreciation, amortization and impairment charges recognized (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | $ (217,809) | $ (188,876) |
North America [Member] | ||
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | (79,207) | (45,285) |
South America [Member] | ||
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | (30,150) | (28,190) |
EMEA [Member] | ||
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | (108,452) | (115,401) |
Renewable Energy [Member] | ||
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | (188,524) | (193,407) |
Efficient Natural Gas & Heat [Member] | ||
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | (11,257) | 19,113 |
Transmission Lines [Member] | ||
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | (16,794) | (15,565) |
Water [Member] | ||
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | $ (1,234) | $ 983 |
Business combinations, 2022 (Details) $ in Thousands |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Apr. 04, 2022
USD ($)
MW
|
Jan. 17, 2022
USD ($)
Substation
MW
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Business combinations [Abstract] | ||||
Investments accounted for using equity method | $ 275,572 | $ 294,581 | ||
Fair Value, Assets and Liabilities Acquisition [Abstract] | ||||
Contracted concessional assets | 542,728 | |||
Cash&cash and equivalents | 21,012 | |||
Other current assets | 61,010 | |||
Non-current Project debt | (288,352) | |||
Other current and non-current liabilities | (87,881) | |||
Total net assets acquired at fair value | 213,916 | |||
Asset acquisition - purchase price paid | (210,868) | |||
Net result of business combinations | 0 | |||
Revenue contributed by the acquisitions | 163,500 | |||
Amount of loss after tax | 800 | |||
Additional revenue amount | 17,700 | |||
Additional amount of profit after tax | $ 3,300 | |||
Asset Acquisition [Member] | ||||
Fair Value, Assets and Liabilities Acquisition [Abstract] | ||||
Contracted concessional assets | 46,343 | |||
Cash&cash and equivalents | 1,057 | |||
Other current assets | 6,789 | |||
Non-current Project debt | (1,629) | |||
Other current and non-current liabilities | (10,593) | |||
Total net assets acquired at fair value | 41,967 | |||
Asset acquisition - purchase price paid | (41,967) | |||
Net result of business combinations | 0 | |||
Revenue contributed by the acquisitions | 2,100 | |||
Amount of loss after tax | (200) | |||
Additional revenue amount | 700 | |||
Additional amount of profit after tax | 200 | |||
Chile TL4 [Member] | ||||
Business combinations [Abstract] | ||||
Installed capacity | MW | 63 | |||
Number of substations | Substation | 2 | |||
Investments accounted for using equity method | $ 39,000 | $ 8,000 | ||
Italy PV 4 [Member] | ||||
Business combinations [Abstract] | ||||
Installed capacity | MW | 3.6 | |||
Investments accounted for using equity method | $ 3,700 |
Business combinations, 2021 (Details) $ in Thousands |
6 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 14, 2021
USD ($)
MW
|
Nov. 25, 2021
USD ($)
MW
|
Aug. 06, 2021
USD ($)
Plant
MW
|
Jul. 22, 2021
USD ($)
|
May 14, 2021
USD ($)
MW
|
Apr. 07, 2021
USD ($)
MW
|
Jan. 08, 2021
USD ($)
|
Jan. 07, 2021 |
Jan. 06, 2021
USD ($)
MW
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Sep. 30, 2021 |
|
Fair Value, Assets and Liabilities Acquisition [Abstract] | ||||||||||||
Contracted concessional assets | $ 542,728 | |||||||||||
Deferred tax asset | 4,410 | |||||||||||
Other non-current assets | 12,967 | |||||||||||
Cash & cash equivalents | 21,012 | |||||||||||
Other current assets | 61,010 | |||||||||||
Non-current project debt | (288,352) | |||||||||||
Current project debt | (38,781) | |||||||||||
Deferred tax liabilities | (4,910) | |||||||||||
Other current and non-current liabilities | (87,881) | |||||||||||
Non-controlling interests | (8,287) | |||||||||||
Total net assets acquired at fair value | 213,916 | |||||||||||
Asset acquisition - purchase price paid | (210,868) | |||||||||||
Fair value of previously held 15% stake in Rioglass | (3,048) | |||||||||||
Net result of business combinations | 0 | |||||||||||
Revenue contributed by the acquisitions | 163,500 | |||||||||||
Amount of profit after tax | 800 | |||||||||||
Additional revenue amount | 17,700 | |||||||||||
Additional amount of profit after tax | $ 3,300 | |||||||||||
Chile PV2 [Member] | Renewable Energy [Member] | ||||||||||||
Business combinations [Abstract] | ||||||||||||
Gross capacity | MW | 40 | |||||||||||
Payment to acquire equity investment | $ 5,000 | |||||||||||
Percentage of non-controlling interests | 65.00% | |||||||||||
Asset Acquisition [Member] | ||||||||||||
Fair Value, Assets and Liabilities Acquisition [Abstract] | ||||||||||||
Contracted concessional assets | $ 46,343 | |||||||||||
Cash & cash equivalents | 1,057 | |||||||||||
Other current assets | 6,789 | |||||||||||
Non-current project debt | (1,629) | |||||||||||
Other current and non-current liabilities | (10,593) | |||||||||||
Total net assets acquired at fair value | 41,967 | |||||||||||
Asset acquisition - purchase price paid | (41,967) | |||||||||||
Net result of business combinations | 0 | |||||||||||
Revenue contributed by the acquisitions | 2,100 | |||||||||||
Amount of profit after tax | (200) | |||||||||||
Additional revenue amount | 700 | |||||||||||
Additional amount of profit after tax | $ 200 | |||||||||||
Rioglass [Member] | ||||||||||||
Business combinations [Abstract] | ||||||||||||
Percentage of interest acquired | 42.50% | 85.00% | 42.50% | |||||||||
Ownership interest | 57.50% | 15.00% | ||||||||||
Acquisition, purchase price paid | $ 4,800 | $ 8,600 | ||||||||||
Additional consideration paid | $ 3,700 | |||||||||||
Coso [Member] | ||||||||||||
Business combinations [Abstract] | ||||||||||||
Gross capacity | MW | 135 | |||||||||||
Payment to acquire equity investment | $ 130,000 | |||||||||||
Fair Value, Assets and Liabilities Acquisition [Abstract] | ||||||||||||
Contracted concessional assets | $ 383,153 | |||||||||||
Deferred tax asset | 0 | |||||||||||
Other non-current assets | 11,024 | |||||||||||
Cash & cash equivalents | 6,363 | |||||||||||
Other current assets | 14,378 | |||||||||||
Non-current project debt | (248,544) | |||||||||||
Current project debt | (13,415) | |||||||||||
Deferred tax liabilities | 0 | |||||||||||
Other current and non-current liabilities | (22,959) | |||||||||||
Non-controlling interests | 0 | |||||||||||
Total net assets acquired at fair value | 130,000 | |||||||||||
Asset acquisition - purchase price paid | (130,000) | |||||||||||
Fair value of previously held 15% stake in Rioglass | 0 | |||||||||||
Net result of business combinations | 0 | |||||||||||
Calgary District Heating Center [Member] | ||||||||||||
Business combinations [Abstract] | ||||||||||||
Gross capacity | MW | 55 | |||||||||||
Payment to acquire equity investment | $ 22,900 | |||||||||||
Italy PV 1 and 2 [Member] | ||||||||||||
Business combinations [Abstract] | ||||||||||||
Number of solar plants acquired | Plant | 2 | |||||||||||
Gross capacity | MW | 3.7 | |||||||||||
Payment to acquire equity investment | $ 9,000 | |||||||||||
La Sierpe [Member] | ||||||||||||
Business combinations [Abstract] | ||||||||||||
Gross capacity | MW | 20 | |||||||||||
Payment to acquire equity investment | $ 23,500 | |||||||||||
Italy PV 3 [Member] | ||||||||||||
Business combinations [Abstract] | ||||||||||||
Gross capacity | MW | 2.5 | |||||||||||
Payment to acquire equity investment | $ 4,000 | |||||||||||
Other [Member] | ||||||||||||
Fair Value, Assets and Liabilities Acquisition [Abstract] | ||||||||||||
Contracted concessional assets | 159,575 | |||||||||||
Deferred tax asset | 4,410 | |||||||||||
Other non-current assets | 1,943 | |||||||||||
Cash & cash equivalents | 14,649 | |||||||||||
Other current assets | 46,632 | |||||||||||
Non-current project debt | (39,808) | |||||||||||
Current project debt | (25,366) | |||||||||||
Deferred tax liabilities | (4,910) | |||||||||||
Other current and non-current liabilities | (64,922) | |||||||||||
Non-controlling interests | (8,287) | |||||||||||
Total net assets acquired at fair value | 83,916 | |||||||||||
Asset acquisition - purchase price paid | (80,868) | |||||||||||
Fair value of previously held 15% stake in Rioglass | (3,048) | |||||||||||
Net result of business combinations | $ 0 |
Contracted concessional assets (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | $ 7,644,952 | $ 8,021,568 | |
Impairment loss on contracted concessional financial assets | 0 | $ 0 | |
Impairment provision based on expected credit losses on contracted concessional financial assets | 13,000 | $ (20,000) | |
Financial assets under IFRIC 12 [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 766,350 | 811,636 | |
Financial assets under IFRS 16 lessor [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 3,023 | 2,843 | |
Intangible assets under IFRIC 12 [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 6,035,519 | 6,433,194 | |
Intangible assets under IFRS 16 lessee [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 73,745 | 68,713 | |
Property, plant and equipment under IAS 16 and other intangible assets under IAS 38 [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 766,315 | 705,182 | |
Cost [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 10,746,609 | 11,019,135 | |
Cost [Member] | Financial assets under IFRIC 12 [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 841,790 | 874,525 | |
Cost [Member] | Financial assets under IFRS 16 lessor [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 3,023 | 2,843 | |
Cost [Member] | Intangible assets under IFRIC 12 [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 8,881,929 | 9,202,539 | |
Cost [Member] | Intangible assets under IFRS 16 lessee [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 89,067 | 82,818 | |
Cost [Member] | Property, plant and equipment under IAS 16 and other intangible assets under IAS 38 [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 930,800 | 856,410 | |
Amortization and Impairment [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | (3,101,657) | (2,997,567) | |
Amortization and Impairment [Member] | Financial assets under IFRIC 12 [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | (75,440) | (62,889) | |
Amortization and Impairment [Member] | Financial assets under IFRS 16 lessor [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 0 | 0 | |
Amortization and Impairment [Member] | Intangible assets under IFRIC 12 [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | (2,846,410) | (2,769,345) | |
Amortization and Impairment [Member] | Intangible assets under IFRS 16 lessee [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | (15,322) | (14,105) | |
Amortization and Impairment [Member] | Property, plant and equipment under IAS 16 and other intangible assets under IAS 38 [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | $ (164,485) | $ (151,228) |
Investments carried under the equity method (Details) $ in Thousands |
1 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021
MW
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2021
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Investments in associates [Abstract] | ||||
Investment under the equity method | $ 275,572 | $ 294,581 | ||
Share of profit of associates carried under the equity method | $ 18,323 | $ 2,656 | ||
Geida Tlemcen, S.L. [Member] | ||||
Investments in associates [Abstract] | ||||
Ownership interest | 50.00% | |||
Windlectric Inc. [Member] | ||||
Investments in associates [Abstract] | ||||
Ownership interest | 100.00% | |||
Arroyo Netherlands II B.V [Member] | ||||
Investments in associates [Abstract] | ||||
Ownership interest | 30.00% | |||
Ownership interest | 100.00% | |||
AYES Canada [Member] | ||||
Investments in associates [Abstract] | ||||
Ownership interest | 30.00% | |||
AYES Canada [Member] | Amherst Island [Member] | ||||
Investments in associates [Abstract] | ||||
Dividend distribution | $ 12,800 | |||
2007 Vento II, LLC [Member] | ||||
Investments in associates [Abstract] | ||||
Investment under the equity method | 190,753 | 195,952 | ||
Ownership interest | 49.00% | |||
Gross capacity | MW | 596 | |||
2007 Vento II, LLC [Member] | Amherst Island [Member] | ||||
Investments in associates [Abstract] | ||||
Dividend distribution | 21,700 | |||
Share of profit of associates carried under the equity method | 16,500 | |||
Windlectric Inc. [Member] | ||||
Investments in associates [Abstract] | ||||
Investment under the equity method | 28,304 | 41,911 | ||
Myah Bahr Honaine, S.P.A. [Member] | ||||
Investments in associates [Abstract] | ||||
Investment under the equity method | $ 39,845 | 38,922 | ||
Myah Bahr Honaine, S.P.A. [Member] | Geida Tlemcen, S.L. [Member] | ||||
Investments in associates [Abstract] | ||||
Ownership interest | 51.00% | |||
Pemcorp SAPI de CV [Member] | ||||
Investments in associates [Abstract] | ||||
Investment under the equity method | $ 14,395 | 15,358 | ||
Pectonex, R.F. Proprietary Limited [Member] | ||||
Investments in associates [Abstract] | ||||
Investment under the equity method | 1,450 | 1,495 | ||
Evacuacion Valdecaballeros, S.L. [Member] | ||||
Investments in associates [Abstract] | ||||
Investment under the equity method | 792 | 923 | ||
ABY Infraestructuras, S.L. [Member] | ||||
Investments in associates [Abstract] | ||||
Investment under the equity method | $ 32 | $ 21 |
Financial investments, Non-current and current financial investments (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Financial investments [Abstract] | ||
Fair Value through OCI (Investment in Ten West link) | $ 15,959 | $ 14,459 |
Derivative assets (Note 9) | 48,374 | 10,807 |
Other receivable accounts at amortized cost | 71,380 | 71,342 |
Total non-current financial investments | 135,713 | 96,608 |
Contracted concessional financial assets | 178,801 | 188,912 |
Derivative assets (Note 9) | 3,928 | 2,153 |
Other receivable accounts at amortized cost | 6,075 | 16,314 |
Total current financial investments | $ 188,804 | $ 207,379 |
Financial investments, Restructuring agreement of Abengoa (Details) - Ten West Link [Member] |
6 Months Ended |
---|---|
Jun. 30, 2022
mi
| |
Restructuring Agreement [Abstract] | |
Percentage of interest acquired | 12.50% |
Length of transmission lines | 114 |
Derivative financial instruments (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Breakdown of fair value amount of derivative financial instruments [Abstract] | |||
Loss on cash flow hedges | $ 23,395 | $ 30,443 | |
Cash Flow Hedge [Member] | |||
Breakdown of fair value amount of derivative financial instruments [Abstract] | |||
Assets | 52,302 | $ 12,960 | |
Liabilities | $ 93,506 | 223,453 | |
Interest Rate Derivatives [Member] | Euros [Member] | |||
Breakdown of fair value amount of derivative financial instruments [Abstract] | |||
Percent of notional amount of debt hedged in next 12 months | 100.00% | ||
Percentage of notional amount of debt hedged in year two | 75.00% | ||
Interest Rate Derivatives [Member] | Cash Flow Hedge [Member] | |||
Breakdown of fair value amount of derivative financial instruments [Abstract] | |||
Assets | $ 47,006 | 9,550 | |
Liabilities | 80,260 | 206,763 | |
Loss on cash flow hedges | (23,400) | $ (30,400) | |
After-tax result accumulated in equity | 274,643 | 171,272 | |
Foreign Exchange Derivative Instruments [Member] | Cash Flow Hedge [Member] | |||
Breakdown of fair value amount of derivative financial instruments [Abstract] | |||
Assets | 5,296 | 3,410 | |
Liabilities | 0 | 0 | |
Notes Conversion Option [Member] | Cash Flow Hedge [Member] | |||
Breakdown of fair value amount of derivative financial instruments [Abstract] | |||
Assets | 0 | 0 | |
Liabilities | $ 13,246 | $ 16,690 |
Related parties (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2022 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Details of Balances [Abstract] | ||||
Credit receivables (current) | $ 9,065 | $ 19,387 | ||
Credit receivables (non-current) | 17,006 | 15,768 | ||
Total receivables from related parties | 26,071 | 35,155 | ||
Credit payables (current) | 11,406 | 9,494 | ||
Credit payables (non-current) | 0 | 5 | ||
Total payables to related parties | 11,406 | 9,499 | ||
Transactions with Related Party [Abstract] | ||||
Financial income | 1,620 | $ 1,232 | ||
Financial expenses | (164,353) | (189,524) | ||
Arroyo Netherlands II B.V [Member] | ||||
Details of Balances [Abstract] | ||||
Proceeds from related party related to current credit receivables | $ 8,200 | |||
Amherst Island Partnership [Member] | ||||
Details of Balances [Abstract] | ||||
Dividend receivable | 5,500 | 6,300 | ||
Algonquin [Member] | ||||
Details of Balances [Abstract] | ||||
Credit payables (current) | 5,400 | $ 6,100 | ||
Subsidiaries [Member] | ||||
Transactions with Related Party [Abstract] | ||||
Financial income | 682 | 1,029 | ||
Financial expenses | $ (126) | $ (62) |
Trade and other receivables (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Trade and other receivables [Abstract] | ||
Trade receivables | $ 209,402 | $ 227,343 |
Tax receivables | 50,092 | 59,350 |
Prepayments | 22,932 | 9,342 |
Other accounts receivable | 6,418 | 11,108 |
Trade and other receivables | $ 288,844 | $ 307,143 |
Equity (Details) $ / shares in Units, $ in Thousands |
6 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
May 05, 2022
USD ($)
$ / shares
|
Mar. 25, 2022
USD ($)
$ / shares
|
Jan. 07, 2021
USD ($)
shares
|
Dec. 11, 2020
USD ($)
$ / shares
shares
|
Jun. 30, 2022
USD ($)
Vote
$ / shares
shares
|
Jun. 30, 2021
USD ($)
|
Dec. 31, 2021
USD ($)
$ / shares
shares
|
Feb. 28, 2022
USD ($)
|
|
Equity [Abstract] | ||||||||
Share capital | $ 11,524 | $ 11,240 | ||||||
Ordinary shares subscribed and disbursed (in shares) | shares | 115,241,671 | |||||||
Nominal value per share (in dollars per share) | $ / shares | $ 0.10 | |||||||
Voting right per share | Vote | 1 | |||||||
Liability reclassified to equity | $ 9,000 | |||||||
Treasury shares held (in shares) | shares | 0 | |||||||
Number of treasury share transactions in the period (in shares) | shares | 0 | |||||||
Fourth Quarter [Member] | ||||||||
Equity [Abstract] | ||||||||
Dividend declaration date | Feb. 25, 2022 | |||||||
Dividend paid date | Mar. 25, 2022 | |||||||
Dividends paid (in dollars per share) | $ / shares | $ 0.44 | |||||||
Dividends paid | $ 49,700 | |||||||
First Quarter [Member] | ||||||||
Equity [Abstract] | ||||||||
Dividend declaration date | May 05, 2022 | |||||||
Dividend paid date | Jun. 15, 2022 | |||||||
Dividends paid (in dollars per share) | $ / shares | $ 0.44 | |||||||
Dividends paid | $ 50,300 | |||||||
Long-term Incentive Plans [Member] | ||||||||
Equity [Abstract] | ||||||||
Shares issued (in shares) | shares | 222,803 | 141,482 | ||||||
Algonquin [Member] | ||||||||
Equity [Abstract] | ||||||||
Ownership interest | 42.50% | |||||||
Proportion of voting rights held by non-controlling interests | 41.50% | |||||||
Net proceeds | $ 131,000 | |||||||
Dividends paid to non-controlling interests | $ 12,500 | $ 8,700 | ||||||
Public Offering [Member] | ||||||||
Equity [Abstract] | ||||||||
Nominal value per share (in dollars per share) | $ / shares | $ 33 | |||||||
Shares issued (in shares) | shares | 5,069,200 | |||||||
Gross proceeds | $ 167,000 | |||||||
Net proceeds | $ 161,000 | |||||||
Over-Allotment Option [Member] | ||||||||
Equity [Abstract] | ||||||||
Shares issued (in shares) | shares | 661,200 | |||||||
Private Placement [Member] | Algonquin [Member] | ||||||||
Equity [Abstract] | ||||||||
Ownership interest | 44.20% | |||||||
Shares issued (in shares) | shares | 4,020,860 | |||||||
Gross proceeds | $ 133,000 | |||||||
At the Market Program [Member] | ||||||||
Equity [Abstract] | ||||||||
Nominal value per share (in dollars per share) | $ / shares | $ 33.45 | $ 38.43 | ||||||
Shares issued (in shares) | shares | 2,615,895 | 1,613,079 | ||||||
Net proceeds | $ 86,000 | $ 61,000 | ||||||
At the Market Program [Member] | Top of range [member] | ||||||||
Equity [Abstract] | ||||||||
Amount of offering | $ 150,000 | $ 150,000 |
Corporate debt, Breakdown of corporate debt (Details) $ in Thousands, € in Millions |
Jun. 30, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 04, 2020
USD ($)
|
Dec. 04, 2020
EUR (€)
|
---|---|---|---|---|
Corporate debt [Abstract] | ||||
Non-current | $ 971,586 | $ 995,190 | ||
Current | 28,505 | 27,881 | ||
Total Corporate Debt | $ 1,000,091 | $ 1,023,071 | $ 5,200 | € 5 |
Corporate debt, Details of corporate debt (Details) $ / shares in Units, $ in Thousands, € in Millions |
1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2022
USD ($)
|
Apr. 30, 2019
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2021
USD ($)
|
Dec. 31, 2021
USD ($)
|
Jun. 30, 2022
EUR (€)
|
Jan. 31, 2022
EUR (€)
|
Dec. 31, 2021
EUR (€)
|
May 18, 2021
USD ($)
|
Dec. 04, 2020
USD ($)
|
Dec. 04, 2020
EUR (€)
|
Jul. 29, 2020
USD ($)
|
Jul. 17, 2020
USD ($)
$ / shares
shares
|
Jul. 08, 2020
USD ($)
|
Jul. 08, 2020
EUR (€)
|
Mar. 31, 2020
USD ($)
|
Mar. 31, 2020
EUR (€)
|
Dec. 31, 2019
USD ($)
|
Oct. 08, 2019
USD ($)
|
Oct. 08, 2019
EUR (€)
|
Apr. 30, 2019
EUR (€)
|
May 10, 2018
USD ($)
|
Jul. 20, 2017
USD ($)
|
Jul. 20, 2017
EUR (€)
|
|
Corporate debt [Abstract] | ||||||||||||||||||||||||
Fixed interest rate | 2.50% | 2.50% | ||||||||||||||||||||||
Corporate debt | $ 1,000,091 | $ 1,023,071 | $ 5,200 | € 5.0 | ||||||||||||||||||||
Amount drawn | $ 57,503 | $ 394,023 | ||||||||||||||||||||||
Maturity date | December 4, 2025 | |||||||||||||||||||||||
2017 Credit Facility [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Corporate debt | $ 9,400 | 8,204 | ||||||||||||||||||||||
Amount drawn | $ 9,400 | $ 8,200 | ||||||||||||||||||||||
Maturity date | July 1, 2024 | July 1, 2023 | ||||||||||||||||||||||
2017 Credit Facility [Member] | Top of Range [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Credit facility amount | $ 10,400 | € 10.0 | ||||||||||||||||||||||
2017 Credit Facility [Member] | EURIBOR [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Adjustment to interest rate | 2.00% | 2.00% | ||||||||||||||||||||||
2017 Credit Facility [Member] | EURIBOR [Member] | Bottom of Range [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Adjustment to interest rate | 0.00% | 0.00% | ||||||||||||||||||||||
2017 Credit Facility [Member] | LIBOR [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Adjustment to interest rate | 2.00% | 2.00% | ||||||||||||||||||||||
2017 Credit Facility [Member] | LIBOR [Member] | Bottom of Range [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Adjustment to interest rate | 0.00% | 0.00% | ||||||||||||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Credit facility amount | $ 450,000 | $ 425,000 | $ 215,000 | |||||||||||||||||||||
Corporate debt | 8,947 | |||||||||||||||||||||||
Amount drawn | 10,000 | |||||||||||||||||||||||
Credit facility amount available | $ 418,500 | $ 440,000 | ||||||||||||||||||||||
Revolving Credit Facility [Member] | Maturity December 31, 2024 [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Maturity date | December 31, 2024 | |||||||||||||||||||||||
Eurodollar Rate Loans [Member] | Bottom of Range [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Adjustment to interest rate | 1.60% | |||||||||||||||||||||||
Eurodollar Rate Loans [Member] | Top of Range [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Adjustment to interest rate | 2.25% | |||||||||||||||||||||||
Eurodollar Rate Loans [Member] | SOFR [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Adjustment to interest rate | 0.10% | |||||||||||||||||||||||
Base Rate Loans [Member] | Bottom of Range [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Adjustment to interest rate | 0.60% | |||||||||||||||||||||||
Base Rate Loans [Member] | Top of Range [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Adjustment to interest rate | 1.00% | |||||||||||||||||||||||
Base Rate Loans [Member] | Federal Funds Rate [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Adjustment to interest rate | 0.50% | |||||||||||||||||||||||
Base Rate Loans [Member] | SOFR [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Adjustment to interest rate | 1.00% | |||||||||||||||||||||||
Letters of Credit [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Credit facility amount | $ 100,000 | |||||||||||||||||||||||
Amount drawn | $ 21,500 | 10,000 | ||||||||||||||||||||||
Note Issuance Facility 2019 [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Fixed interest rate | 4.24% | 4.24% | ||||||||||||||||||||||
Credit facility amount | $ 280,000 | € 268.0 | ||||||||||||||||||||||
Maturity date | April 30, 2025 | |||||||||||||||||||||||
Note Issuance Facility 2019 [Member] | EURIBOR [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Variable interest period | 3 months | |||||||||||||||||||||||
Adjustment to interest rate | 4.50% | 4.50% | ||||||||||||||||||||||
Commercial Paper [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Corporate debt | $ 23,791 | 24,422 | ||||||||||||||||||||||
Short term notes issued amount | $ 23,800 | 22,400 | € 22.8 | € 21.5 | $ 52,000 | € 50.0 | ||||||||||||||||||
Term of short term notes | 2 years | |||||||||||||||||||||||
Percentage average cost of issued short term notes | 0.39% | |||||||||||||||||||||||
2020 Green Private Placement [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Principal amount | $ 303,000 | € 290.0 | ||||||||||||||||||||||
Corporate debt | $ 300,809 | 327,440 | ||||||||||||||||||||||
Adjustment to interest rate | 1.96% | 1.96% | ||||||||||||||||||||||
Maturity date | June 2026 | |||||||||||||||||||||||
Note Issuance Facility 2020 [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Fixed interest rate | 5.25% | 5.25% | ||||||||||||||||||||||
Credit facility amount | $ 146,000 | € 140.0 | ||||||||||||||||||||||
Corporate debt | $ 143,394 | 155,814 | ||||||||||||||||||||||
Maturity period | 7 years | |||||||||||||||||||||||
Green Exchangeable Notes Due 2025 [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Fixed interest rate | 4.00% | |||||||||||||||||||||||
Corporate debt | $ 107,718 | 106,410 | ||||||||||||||||||||||
Maturity date | July 15, 2025 | |||||||||||||||||||||||
Principal amount of notes issued | $ 15,000 | $ 100,000 | ||||||||||||||||||||||
Exchange rate of notes (in shares) | shares | 29.1070 | |||||||||||||||||||||||
Principal amount of notes for exchange rate | $ 1,000 | |||||||||||||||||||||||
Initial exchange price of notes (in dollars per share) | $ / shares | $ 34.36 | |||||||||||||||||||||||
Amount of transaction date of fair value fair value are accounted for through the profit and loss statement | $ 10,000 | |||||||||||||||||||||||
BBVA Loan [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Fixed interest rate | 1.90% | 1.90% | ||||||||||||||||||||||
Corporate debt | $ 5,200 | € 5.0 | ||||||||||||||||||||||
Maturity date | January 31, 2026 | |||||||||||||||||||||||
Green Senior Notes Due 2028 [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Principal amount | $ 400,000 | |||||||||||||||||||||||
Fixed interest rate | 4.125% | |||||||||||||||||||||||
Corporate debt | $ 395,571 | $ 395,118 | ||||||||||||||||||||||
Maturity date | May 15, 2028 |
Corporate debt, Repayment schedule (Details) $ in Thousands, € in Millions |
Jun. 30, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 04, 2020
USD ($)
|
Dec. 04, 2020
EUR (€)
|
---|---|---|---|---|
Repayment schedule [Abstract] | ||||
Corporate debt | $ 1,000,091 | $ 1,023,071 | $ 5,200 | € 5 |
Remainder of 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 27,868 | |||
Between January and June 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 637 | |||
Between July and December 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 11,781 | |||
2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 27,881 | |||
2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 10,094 | |||
2024 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 11,992 | 1,895 | ||
2025 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 108,680 | 106,151 | ||
2026 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 301,132 | 327,081 | ||
Subsequent Years [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 538,002 | 549,969 | ||
2017 Credit Facility [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 9,400 | 8,204 | ||
2017 Credit Facility [Member] | Remainder of 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 2 | |||
2017 Credit Facility [Member] | Between January and June 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
2017 Credit Facility [Member] | Between July and December 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 9,398 | |||
2017 Credit Facility [Member] | 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 5 | |||
2017 Credit Facility [Member] | 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 8,199 | |||
2017 Credit Facility [Member] | 2024 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
2017 Credit Facility [Member] | 2025 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
2017 Credit Facility [Member] | 2026 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
2017 Credit Facility [Member] | Subsequent Years [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Revolving Credit Facility [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 8,947 | |||
Revolving Credit Facility [Member] | Remainder of 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Revolving Credit Facility [Member] | Between January and June 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Revolving Credit Facility [Member] | Between July and December 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Revolving Credit Facility [Member] | 2024 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 8,947 | |||
Revolving Credit Facility [Member] | 2025 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Revolving Credit Facility [Member] | 2026 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Revolving Credit Facility [Member] | Subsequent Years [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Commercial Paper [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 23,791 | 24,422 | ||
Commercial Paper [Member] | Remainder of 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 23,791 | |||
Commercial Paper [Member] | Between January and June 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Commercial Paper [Member] | Between July and December 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Commercial Paper [Member] | 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 24,422 | |||
Commercial Paper [Member] | 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Commercial Paper [Member] | 2024 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Commercial Paper [Member] | 2025 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Commercial Paper [Member] | 2026 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Commercial Paper [Member] | Subsequent Years [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
2020 Green Private Placement [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 300,809 | 327,440 | ||
2020 Green Private Placement [Member] | Remainder of 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 346 | |||
2020 Green Private Placement [Member] | Between January and June 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
2020 Green Private Placement [Member] | Between July and December 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
2020 Green Private Placement [Member] | 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 359 | |||
2020 Green Private Placement [Member] | 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
2020 Green Private Placement [Member] | 2024 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
2020 Green Private Placement [Member] | 2025 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
2020 Green Private Placement [Member] | 2026 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 300,463 | 327,081 | ||
2020 Green Private Placement [Member] | Subsequent Years [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Note Issuance Facility 2020 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 143,394 | 155,814 | ||
Note Issuance Facility 2020 [Member] | Remainder of 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Note Issuance Facility 2020 [Member] | Between January and June 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Note Issuance Facility 2020 [Member] | Between July and December 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Note Issuance Facility 2020 [Member] | 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Note Issuance Facility 2020 [Member] | 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Note Issuance Facility 2020 [Member] | 2024 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Note Issuance Facility 2020 [Member] | 2025 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Note Issuance Facility 2020 [Member] | 2026 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Note Issuance Facility 2020 [Member] | Subsequent Years [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 143,394 | 155,814 | ||
Green Exchangeable Notes [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 107,718 | 106,410 | ||
Green Exchangeable Notes [Member] | Remainder of 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 2,082 | |||
Green Exchangeable Notes [Member] | Between January and June 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Green Exchangeable Notes [Member] | Between July and December 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Green Exchangeable Notes [Member] | 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 2,121 | |||
Green Exchangeable Notes [Member] | 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Green Exchangeable Notes [Member] | 2024 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Green Exchangeable Notes [Member] | 2025 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 105,636 | 104,289 | ||
Green Exchangeable Notes [Member] | 2026 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Green Exchangeable Notes [Member] | Subsequent Years [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Green Senior Notes [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 395,571 | 395,118 | ||
Green Senior Notes [Member] | Remainder of 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 963 | |||
Green Senior Notes [Member] | Between January and June 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Green Senior Notes [Member] | Between July and December 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Green Senior Notes [Member] | 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 963 | |||
Green Senior Notes [Member] | 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Green Senior Notes [Member] | 2024 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Green Senior Notes [Member] | 2025 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Green Senior Notes [Member] | 2026 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Green Senior Notes [Member] | Subsequent Years [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 394,608 | 394,155 | ||
Other Bank Loans [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 10,461 | 5,663 | ||
Other Bank Loans [Member] | Remainder of 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 683 | |||
Other Bank Loans [Member] | Between January and June 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 637 | |||
Other Bank Loans [Member] | Between July and December 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 2,383 | |||
Other Bank Loans [Member] | 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 11 | |||
Other Bank Loans [Member] | 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 1,895 | |||
Other Bank Loans [Member] | 2024 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 3,045 | 1,895 | ||
Other Bank Loans [Member] | 2025 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 3,044 | 1,862 | ||
Other Bank Loans [Member] | 2026 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 669 | 0 | ||
Other Bank Loans [Member] | Subsequent Years [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | $ 0 | $ 0 |
Project debt, Details of project debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Project debt [Abstract] | ||
Cash held to satisfy non-recourse debt agreements | $ 227,000 | $ 254,000 |
Non-current | 4,390,459 | 4,387,674 |
Current | 345,041 | 648,519 |
Total Project debt | $ 4,735,500 | 5,036,193 |
Kaxu [Member] | ||
Project debt [Abstract] | ||
Current | $ 314,000 |
Project debt, Repayment schedule (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Repayment schedule [Abstract] | ||
Project debt | $ 4,735,500 | $ 5,036,193 |
Remainder of 2022 [Member] | ||
Repayment schedule [Abstract] | ||
Interest payment | 16,688 | |
Nominal repayment | 200,718 | |
Between January and March 2023 [Member] | ||
Repayment schedule [Abstract] | ||
Project debt | 127,635 | |
Between April and December 2023 [Member] | ||
Repayment schedule [Abstract] | ||
Project debt | 209,351 | |
2022 [Member] | ||
Repayment schedule [Abstract] | ||
Interest payment | 18,017 | |
Nominal repayment | 317,388 | |
2023 [Member] | ||
Repayment schedule [Abstract] | ||
Project debt | 355,956 | |
2024 [Member] | ||
Repayment schedule [Abstract] | ||
Project debt | 353,583 | 369,528 |
2025 [Member] | ||
Repayment schedule [Abstract] | ||
Project debt | 473,217 | 498,712 |
2026 [Member] | ||
Repayment schedule [Abstract] | ||
Project debt | 394,734 | 411,514 |
Subsequent Years [Member] | ||
Repayment schedule [Abstract] | ||
Project debt | $ 2,959,574 | $ 3,065,078 |
Grants and other liabilities (Details) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2022
USD ($)
Type
|
Jun. 30, 2021
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Grants and other liabilities [Abstract] | |||
Grants | $ 940,975 | $ 970,557 | |
Other Liabilities | 311,374 | 293,187 | |
Grants and other non-current liabilities | $ 1,252,349 | 1,263,744 | |
Number of grant types | Type | 2 | ||
Income from grants | $ 29,661 | $ 29,625 | |
Solana and Mojave [Member] | |||
Grants and other liabilities [Abstract] | |||
Income from grants | 29,300 | $ 29,400 | |
Solar Plants in Spain [Member] | |||
Grants and other liabilities [Abstract] | |||
Provisions for high risk market prices | 80,000 | 75,000 | |
U.S. Department of Treasury [Member] | |||
Grants and other liabilities [Abstract] | |||
Grants | 626,000 | 642,000 | |
Federal Financing Bank [Member] | |||
Grants and other liabilities [Abstract] | |||
Grants | 313,000 | 326,000 | |
Liberty Interactive Corporation [Member] | |||
Grants and other liabilities [Abstract] | |||
Finance lease liabilities | 61,000 | 59,000 | |
Dismantling provisions | $ 123,000 | $ 125,000 |
Trade payables and other current liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Trade payables and other current liabilities [Abstract] | ||
Trade accounts payable | $ 106,309 | $ 79,052 |
Down payments from clients | 641 | 542 |
Other accounts payable | 47,721 | 34,313 |
Total | $ 154,671 | $ 113,907 |
Income Tax (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Income Tax [Abstract] | ||
Income tax expense | $ 6,050 | $ 33,128 |
Profit before income tax | $ 16,848 | $ 37,614 |
Financial expense, net (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Financial income [Abstract] | ||
Interest income from loans and credits | $ 699 | $ 1,027 |
Interest rate gains on derivatives: cash flow hedges | 921 | 205 |
Total | 1,620 | 1,232 |
Financial expense [Abstract] | ||
Interest on loans and notes | (140,616) | (158,882) |
Interest rates losses derivatives: cash flow hedges | (23,737) | (30,642) |
Total | (164,353) | (189,524) |
Other financial income / (expenses) [Abstract] | ||
Other financial income | 11,241 | 21,434 |
Other financial losses | (11,624) | (8,133) |
Total | (383) | 13,301 |
Kaxu [Member] | ||
Other financial income / (expenses) [Abstract] | ||
Income for non-monetary change to fair value of derivatives | 5,600 | 5,700 |
Kaxu [Member] | Notes Conversion Option [Member] | ||
Other financial income / (expenses) [Abstract] | ||
Income for non-monetary change to fair value of derivatives | $ 3,400 | $ 8,000 |
Other operating income and expenses (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Other operating income [Abstract] | ||
Grants (Note 16) | $ 29,661 | $ 29,625 |
Insurance proceeds and other | 6,375 | 10,645 |
Total | 36,036 | 40,270 |
Other operating expenses [Abstract] | ||
Raw materials and consumables used | (9,315) | (44,785) |
Leases and fees | (5,646) | (3,808) |
Operation and maintenance | (76,853) | (77,672) |
Independent professional services | (19,676) | (18,222) |
Supplies | (27,573) | (14,385) |
Insurance | (23,683) | (21,932) |
Levies and duties | (8,700) | (22,299) |
Other expenses | (7,650) | (12,689) |
Total | $ (179,096) | $ (215,792) |
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Earnings per share [Abstract] | ||
Potential issuance of shares on settlement of Green Exchangeable Notes (in shares) | 3,347,305 | 3,347,305 |
Potential issuance of subsribed shares (in shares) | 879,197 | |
Profit /(loss) attributable to Atlantica | $ 4,070 | $ (6,829) |
Average number of ordinary shares outstanding - basic (in shares) | 113,541,000 | 110,594,000 |
Average number of ordinary shares outstanding - diluted (in shares) | 117,665,000 | 113,941,000 |
Earnings per share for the period - basic (in dollars per share) | $ 0.04 | $ (0.06) |
Earnings per share for the period - diluted (in dollars per share) | $ 0.03 | $ (0.06) |
Subsequent events (Details) - Subsequent Events [Member] |
Aug. 02, 2022
$ / shares
|
---|---|
Dividends Approved [Abstract] | |
Dividend declaration date | Aug. 02, 2022 |
Dividend approved (in dollars per share) | $ 0.445 |
Dividend approved expected date to be paid | Sep. 15, 2022 |
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