v3.20.4

Investments carried under the equity method | 12 Months Ended
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Dec. 31, 2020
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 and the movement of the investments held in associates for 2020 and 2019:
Investments in associates |  | 2020 |  |  | 2019 |
Initial balance |  |  | 139,925 |  |  |  | 53,419 |
Share of (loss)/profit |  |  | 510 |  |  |  | 7,457 |
Distributions |  |  | (23,703 | ) |  |  | (36,780 | )
Acquisitions |  |  | - |  |  |  | 113,897 |
Others (incl. currency translation differences) |  |  | (118 | ) |  |  | 1,932 |
Final balance |  |  | 116,614 |  |  |  | 139,925 |
Decrease in investments carried under the equity method in 2020 is primarily due to distributions received from the projects Honaine for $4.5 million ($4.6 million in 2019) and Amherst for $16.1 million ($25.9 million in 2019). A significant portion of the distributions received from Amherst are distributed by the Company to Algonquin Power Co. (Note 13). On May 24, 2019, Atlantica and Algonquin formed AYES Canada, a vehicle to channel co-investment opportunities in which Atlantica holds the majority of voting rights. The first investment was in Amherst Island, a 75 MW wind plant in Canada owned by the project company Windlectric. Atlantica invested $4.9 million and Algonquin invested $92.3 million, both through AYES Canada, which in turn invested those funds in AIP, the holding company of Windlectric. Atlantica accounts for the investment in AIP and ultimately Windlectric under the equity method as per IAS 28, Investments in Associates and Joint Ventures. Since Atlantica has control over AYES Canada under IFRS 10 Consolidated Financial Statements, its consolidated financial statements initially showed a total investment in the Amherst Island project of $97.2 million, accounted for as “Investments carried under the equity method” and Algonquin’s portion of that investment of $92.3 million as “Non-controlling interest”. On August 2, 2019, the Company closed the acquisition of a 30% stake in Monterrey, a 142 MW gas-fired engine facility with batteries. The total investment amounted to $42.0 million, out of which $16.7 million is an equity investment, and the rest is a shareholder loan classified as financial investments in these consolidated financial statements. The acquisition has been accounted for in the consolidated accounts of Atlantica, in accordance with IAS 28, Investments in Associates. The tables below show a breakdown of stand-alone amounts of assets, revenues and profit and loss as well as other information of interest for the years 2020 and 2019 for the associated companies:
Company |  | % Shares |  |  | Non- current assets |  |  | Current assets |  |  | Non- current liabilities |  |  | Current liabilities |  |  | Revenue |  |  | Operating profit/ (loss) |  |  | Net profit/ (loss) |  |  | Investment under the equity method |
Evacuación Valdecaballeros, S.L. |  |  | 57.16 |  |  |  | 19,531 |  |  |  | 1,130 |  |  |  | 16,721 |  |  |  | 646 |  |  |  | 853 |  |  |  | (167 | ) |  |  | (194 | ) |  |  | 976 |
Myah Bahr Honaine, S.P.A.(*) |  |  | 25.50 |  |  |  | 165,688 |  |  |  | 57,808 |  |  |  | 71,867 |  |  |  | 12,742 |  |  |  | 50,739 |  |  |  | 30,519 |  |  |  | 12,402 |  |  |  | 39,204 |
Pectonex, R.F. Proprietary Limited |  |  | 50.00 |  |  |  | 2,743 |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | (168 | ) |  |  | (168 | ) |  |  | 1,587 |
Evacuación Villanueva del Rey, S.L |  |  | 40.02 |  |  |  | 3,201 |  |  |  | 134 |  |  |  | 1,861 |  |  |  | 257 |  |  |  | - |  |  |  | 52 |  |  |  | - |  |  |  | - |
Ca Ku A1, S.A.P.I de CV (PTS) |  |  | 5.00 |  |  |  | 468,131 |  |  |  | 156,528 |  |  |  | 604,986 |  |  |  | 25,773 |  |  |  | 80,240 |  |  |  | 17,415 |  |  |  | 1,615 |  |  |  | 30 |
Pemcorp SAPI de CV (**) |  |  | 30.00 |  |  |  | 127,429 |  |  |  | 121,468 |  |  |  | 258,295 |  |  |  | 4,725 |  |  |  | 28,832 |  |  |  | 3,068 |  |  |  | (6,237 | ) |  |  | 15,514 |
ABY Infraestructuras S.L.U. |  |  | 20.00 |  |  |  | 135 |  |  |  | 84 |  |  |  | - |  |  |  | 63 |  |  |  | - |  |  |  | (53 | ) |  |  | (53 | ) |  |  | 17 |
Windlectric Inc (***) |  |  | 30.00 |  |  |  | 316,251 |  |  |  | 7,229 |  |  |  | 216,765 |  |  |  | 31,403 |  |  |  | 23,663 |  |  |  | 10,451 |  |  |  | (493 | ) |  |  | 59,116 |
Other renewable energy joint ventures (****) |  |  | 50.00 |  |  |  | 323 |  |  |  | 210 |  |  |  | - |  |  |  | 19 |  |  |  | - |  |  |  | (66 | ) |  |  | (66 | ) |  |  | 169 |
As of December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 116,614 |
Company |  | % Shares |  |  | Non- current assets |  |  | Current assets |  |  | Non- current liabilities |  |  | Current liabilities |  |  | Revenue |  |  | Operating profit/ (loss) |  |  | Net profit/ (loss) |  |  | Investment under the equity method |
Evacuación Valdecaballeros, S.L. |  |  | 57.16 |  |  |  | 18,584 |  |  |  | 1,268 |  |  |  | 13,145 |  |  |  | 783 |  |  |  | 694 |  |  |  | (277 | ) |  |  | (303 | ) |  |  | 2,348 |
Myah Bahr Honaine, S.P.A.(*) |  |  | 25.50 |  |  |  | 184,332 |  |  |  | 63,148 |  |  |  | 71,614 |  |  |  | 13,562 |  |  |  | 51,504 |  |  |  | 33,372 |  |  |  | 30,186 |  |  |  | 45,222 |
Pectonex, R.F. Proprietary Limited |  |  | 50.00 |  |  |  | 3,074 |  |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | (190 | ) |  |  | (190 | ) |  |  | 1,391 |
Evacuación Villanueva del Rey, S.L |  |  | 40.02 |  |  |  | 2,946 |  |  |  | 107 |  |  |  | 1,841 |  |  |  | 225 |  |  |  | - |  |  |  | 47 |  |  |  | - |  |  |  | - |
Ca Ku A1, S.A.P.I de CV (PTS) |  |  | 5.00 |  |  |  | 486,179 |  |  |  | 55,423 |  |  |  | - |  |  |  | 543,077 |  |  |  | - |  |  |  | (39 | ) |  |  | (495 | ) |  |  | - |
Pemcorp SAPI de CV (**) |  |  | 30.00 |  |  |  | 125,301 |  |  |  | 72,669 |  |  |  | 197,324 |  |  |  | 5,090 |  |  |  | 32,302 |  |  |  | 5,737 |  |  |  | (10,073 | ) |  |  | 17,179 |
ABY Infraestructuras S.L.U. |  |  | 20.00 |  |  |  | - |  |  |  | 59 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (104 | ) |  |  | (101 | ) |  |  | 11 |
Windlectric Inc (***) |  |  | 30.00 |  |  |  | 319,041 |  |  |  | 10,655 |  |  |  | 232,938 |  |  |  | 22,424 |  |  |  | 24,867 |  |  |  | 11,125 |  |  |  | (6,537 | ) |  |  | 73,693 |
Other renewable energy joint ventures (****) |  |  | 50.00 |  |  |  | 47 |  |  |  | 146 |  |  |  | 6 |  |  |  | 70 |  |  |  | - |  |  |  | (46 | ) |  |  | (46 | ) |  |  | 81 |
As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 139,925 |
The Company has no control over Evacuación Valdecaballeros, S.L. as all relevant decisions of this company require the approval of a minimum of shareholders accounting for more than 75% of the shares. None of the associated companies referred to above are a listed company. (*) 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 financial statements. Share of profit of Myah Bahr Honaine S.P.A. included in these consolidated financial statements amounts to $3.1 million in 2020 and $7.7 million in 2019. (**) 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 financial statements. Arroyo Netherlands II B.V. is 30% owned by Atlantica. Share of profit of Pemcorp SAPI de CV included in these consolidated financial statements amounts to a loss of $1.9 million in 2020 and a profit of $0.5 million in 2019. (***) Windlectric Inc., the project entity, is 100% owned by Amherst Island Partnership which is accounted for under the equity method. (****) Other renewable energy joint ventures correspond to investments made in the following entities: AC Renovables Sol 1 SAS Esp, PA Renovables Sol 1 SAS Esp, SJ Renovables Sun 1 SAS Esp and SJ Renovables Wind 1 SAS Esp.

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