Investments carried under the equity method

12 Months Ended

Dec. 31, 2021

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 2021 and 2020:

Investments in associates	2021			2020
Initial balance		116,614			139,925
Share of profit		12,304			510
Distributions		(36,877	)		(23,703	)
Acquisitions		202,345			-
Others (incl. currency translation differences)		195			(118	)
Final balance		294,581			116,614

The increase in investments carried under the equity method in 2021, is primarily due to the investment made in Vento II in June 2021, partially offset by the distributions received from this portfolio since then for $14.8 million, from Honaine for $4.4 million ($4.5 million in 2020) and from Amherst for $17.7 million ($16.1 million in 2020). A significant portion of the distributions received from Amherst are distributed by the Company to Algonquin Power Co. (Note 13).

The tables below shows a breakdown of stand-alone amounts of assets, revenues and profit and loss as well as other information of interest for the years 2021 and 2020 for the associated companies:

Company	% Shares		Non- current assets		Current assets		Project debt		Other non- current liabilities		Other current liabilities		Revenue		Operating profit/ (loss)			Net profit/ (loss)			Investment under the equity method
2007 Vento II, LLC (*)		49.00		459,037		13,511		-		62,387		10,259		104,461		34,216			32,806			195,952
Windlectric Inc (**)		30.00		310,751		11,036		-		207,404		38,126		24,008		10,442			152			41,911
Myah Bahr Honaine, S.P.A.(***)		25.50		151,830		59,020		51,721		18,142		3,293		53,450		33,935			24,899			38,922
Pemcorp SAPI de CV (****)		30.00		127,892		117,083		146,931		101,439		2,925		40,166		6,561			(6,522	)		15,358
Pectonex, R.F. Proprietary Limited		50.00		2,356		-		-		-		1		-		(186	)		(186	)		1,495
Evacuación Valdecaballeros, S.L.		57.16		17,185		976		-		15,022		156		938		(63	)		(93	)		923
Evacuación Villanueva del Rey, S.L		40.02		2,637		63		-		1,601		172		-		59			-			-
ABY Infraestructuras S.L.U.		20.00		238		46		-		-		5		-		(54	)		(54	)		21
As of December 31, 2021																						294,581

Company	% Shares		Non- current assets		Current assets		Project Debt		Other non- current liabilities		Other current liabilities		Revenue		Operating profit/loss			Net profit/ (loss)			Investment under the equity method
Windlectric Inc (**)		30.00		316,251		7,299		-		216,765		31,403		23,663		10,451			(493	)		59,116
Myah Bahr Honaine, S.P.A.(***)		25.50		165,688		57,808		63,356		17,617		3,636		50,739		30,519			12,402			39,204
Pemcorp SAPI de CV (****)		30.00		127,429		121,468		154,937		104,893		3,190		28,832		3,068			(6,237	)		15,514
Pectonex, R.F. Proprietary Limited		50.00		2,743		-		-		-		1		-		(168	)		(168	)		1,587
Evacuación Valdecaballeros, S.L.		57.16		19,531		1,130		-		16,721		646		853		(167	)		(194	)		976
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
ABY Infraestructuras S.L.U.		20.00		135		84		-		-		63		-		(53	)		(53	)		17
Other renewable energy joint ventures (*****)		50.00		323		210		-		-		19				(66	)		(66	)		169
As of December 31, 2020																						116,614

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 is a listed company.

(*) 2007 Vento II, LLC, is the holding company of a 596 MW portfolio of wind assets in the U.S., 0.49% owned by Atlantica since June 16, 2021, and accounted for under the equity method in these Consolidated Financial Statements (Note 1). Share of profit of 2007 Vento II, LLC. included in these Consolidated Financial Statements amounts to $8.4 million in 2021.

(**) Windlectric Inc., the project entity, is 100% owned by Amherst Island Partnership which is accounted for under the equity method in these Consolidated 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 Financial Statements. Geida Tlemcen, S.L. is 50% owned by Atlantica. Share of profit of Myah Bahr Honaine S.P.A. included in these Consolidated Financial Statements amounts to $6.4 million in 2021 and $3.1 million in 2020.

(****) 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 $2.0 million in 2021 and a loss of $1.9 million in 2020.

(*****) Other renewable energy joint ventures in 2020 corresponded 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. As of December 31, 2021, these entities have been fully consolidated as the Company has gained control over these entities under IFRS 10, Consolidated Financial Statements.