v3.22.4

Investments carried under the equity method | 12 Months Ended
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Dec. 31, 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 and the movement of the investments held in associates and joint ventures for 2022 and 2021:
Investments in associates and joint ventures |  | 2022 |  |  | 2021 |
Initial balance |  |  | 294,581 |  |  |  | 116,614 |
Share of profit |  |  | 21,465 |  |  |  | 12,304 |
Distributions |  |  | (57,537 | ) |  |  | (36,877 | )
Acquisitions |  |  | 4,901 |  |  |  | 202,345 |
Others (incl. currency translation differences) |  |  | (3,379 | ) |  |  | 195 |
Final balance |  |  | 260,031 |  |  |  | 294,581 |
In November 2022, Atlantica closed the acquisition of a 49% interest, with joint control, in Chile PMGD, an 80 MW portfolio of solar PV assets in Chile, which is currently starting construction (Note 1). Chile PMGD is accounted for in these Consolidated Financial Statements using the equity method as per IAS 28 – Investments in Associates. The decrease in investments carried under the equity method in 2022, is primarily due to the distributions received by AYES Canada from Amherst Island Partnership for $20.9 million ($17.7 million in 2021), distributions from Vento II for $32.6 million ($14.8 million in 2021) and from Honaine for $4.0 million ($4.4 million in 2021), partially offset by the share of profit of associates for $21.5 million ($12.3 million in 2021) and the investment made in Chile PMGD in November, 2022 for $4.5 million. A significant portion of the distributions received from Amherst Island Partnership are distributed by the Company to Algonquin Power Co. (Note 13). 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 2022 and 2021 for the entities carried under the equity method:
Company |  | % Shares of the Company |  |  | 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 (1) |  |  | 49.00 |  |  |  | 435,029 |  |  |  | 14,198 |  |  |  | - |  |  |  | 57,596 |  |  |  | 11,515 |  |  |  | 103,362 |  |  |  | 42,662 |  |  |  | 40,992 |  |  |  | 181,735 |
Windlectric Inc (2) |  |  | 30.00 |  |  |  | 278,504 |  |  |  | 3,338 |  |  |  | - |  |  |  | 167,519 |  |  |  | 43,227 |  |  |  | 24,996 |  |  |  | 10,560 |  |  |  | (15 | ) |  |  | 18,935 |
Myah Bahr Honaine, S.P.A.(3) |  |  | 25.50 |  |  |  | 150,623 |  |  |  | 66,246 |  |  |  | 43,579 |  |  |  | 18,902 |  |  |  | 4,257 |  |  |  | 55,267 |  |  |  | 33,374 |  |  |  | 26,768 |  |  |  | 42,128 |
Pemcorp SAPI de CV (4) |  |  | 30.00 |  |  |  | 138,931 |  |  |  | 112,352 |  |  |  | 159,382 |  |  |  | 90,474 |  |  |  | 4,328 |  |  |  | 45,625 |  |  |  | 1,680 |  |  |  | (17,747 | ) |  |  | 10,034 |
Pectonex, R.F. Proprietary Limited |  |  | 50.00 |  |  |  | 2,045 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | (168 | ) |  |  | (168 | ) |  |  | 1,411 |
Evacuación Valdecaballeros, S.L. |  |  | 57.16 |  |  |  | 15,551 |  |  |  | 1,020 |  |  |  | - |  |  |  | 13,635 |  |  |  | 232 |  |  |  | 860 |  |  |  | (60 | ) |  |  | (89 | ) |  |  | 858 |
Evacuación Villanueva del Rey, S.L. |  |  | 40.02 |  |  |  | 2,317 |  |  |  | 12 |  |  |  | - |  |  |  | 1,386 |  |  |  | 111 |  |  |  | - |  |  |  | 57 |  |  |  | - |  |  |  | - |
Liberty Infraestructuras S.L. |  |  | 20.00 |  |  |  | 93 |  |  |  | 283 |  |  |  | - |  |  |  | - |  |  |  | 37 |  |  |  | - |  |  |  | - |  |  |  | (22 | ) |  |  | 29 |
Akuo Atlantica PMGD Holding S.P.A. (5) |  |  | 49.00 |  |  |  | 14,814 |  |  |  | 2,828 |  |  |  | - |  |  |  | 8,755 |  |  |  | 326 |  |  |  | - |  |  |  | - |  |  |  | (348 | ) |  |  | 4,450 |
Fontanil Solar, S.L.U. |  |  | 25.00 |  |  |  | 117 |  |  |  | 7 |  |  |  | - |  |  |  | 99 |  |  |  | 24 |  |  |  | - |  |  |  | (1 | ) |  |  | (2 | ) |  |  | 229 |
Murum Solar, S.L.U. |  |  | 25.00 |  |  |  | 228 |  |  |  | 8 |  |  |  | - |  |  |  | 180 |  |  |  | 59 |  |  |  | - |  |  |  | (1 | ) |  |  | (5 | ) |  |  | 222 |
As of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 260,031 |
Company |  | % Shares of the Company |  |  | 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 (1) |  |  | 49.00 |  |  |  | 459,037 |  |  |  | 13,511 |  |  |  | - |  |  |  | 62,387 |  |  |  | 10,259 |  |  |  | 104,461 |  |  |  | 34,216 |  |  |  | 32,806 |  |  |  | 195,952 |
Windlectric Inc (2) |  |  | 30.00 |  |  |  | 310,751 |  |  |  | 11,036 |  |  |  | - |  |  |  | 207,404 |  |  |  | 38,126 |  |  |  | 24,008 |  |  |  | 10,442 |  |  |  | 152 |  |  |  | 41,911 |
Myah Bahr Honaine, S.P.A.(3) |  |  | 25.50 |  |  |  | 151,830 |  |  |  | 59,020 |  |  |  | 51,721 |  |  |  | 18,142 |  |  |  | 3,293 |  |  |  | 53,450 |  |  |  | 33,935 |  |  |  | 24,899 |  |  |  | 38,922 |
Pemcorp SAPI de CV (4) |  |  | 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 |  |  |  | - |  |  |  | - |
Liberty Infraestructuras S.L. |  |  | 20.00 |  |  |  | 238 |  |  |  | 46 |  |  |  | - |  |  |  | - |  |  |  | 5 |  |  |  | - |  |  |  | (54 | ) |  |  | (54 | ) |  |  | 21 |
As of December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 294,581 |
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. (1) 2007 Vento II, LLC, is the holding company of a 596 MW portfolio of wind assets in the U.S., 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 $20.1 million in 2022 and $8.4 million in 2021. (2) 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. (3) 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 $6.8 million in 2022 and $6.4 million in 2021. (4) 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 $5.3 million in 2022 and a loss of $2.0 million in 2021. (5) Akuo Atlantica PMGD Holding S.P.A. is the holding company of a 80 MW portfolio of solar PV assets in Chile, which is currently starting construction, 49% owned by Atlantica, with joint control since November 2022 and accounted for under the equity method in these Consolidated Financial Statements.

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