Investments carried under the equity method

12 Months Ended

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.