v3.24.0.1

Investments carried under the equity method | 12 Months Ended
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Dec. 31, 2023
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 2023 and 2022:
Investments in associates and joint ventures |  | 2023 |  |  | 2022 |
Initial balance |  |  | 260,031 |  |  |  | 294,581 |
Share of profit |  |  | 13,207 |  |  |  | 21,465 |
Distributions |  |  | (38,780 | ) |  |  | (57,537 | )
New entities carried under the equity method |  |  | 4,439 |  |  |  | 4,901 |
Investment in associates classified as held for sale during the year (Note 8) |  |  | (10,194 | ) |  |  | - |
Others (incl. currency translation differences) |  |  | 1,604 |  |  |  | (3,379 | )
Final balance |  |  | 230,307 |  |  |  | 260,031 |
On October 30, 2023, the conditions to classify the investment in Pemcorp as held for sale were met. As a consequence, the book value of the equity investment held by Atlantica in Pemcorp of US$ 10.2 million is classified as held for sale in these Consolidated Financial Statements from that date (Note 8). Other variations in investments carried under the equity method in 2023 are primarily due to:
| - | Distributions:
In 2023, the Company received distributions from Amherst Island Partnership for $17.3 million ($20.9 million in 2022), distributions from Vento II for $16.1 million ($32.6 million in 2022) and distributions from Honaine for $5.4 million ($4.0 million in 2022). A significant portion of the distributions received from Amherst Island Partnership are distributed by the Company to Algonquin Power Co. (Note 14).
| - | New entities carried under the equity method
On March 1, 2023, Atlantica sold part of its equity interest in the Colombian portfolio of renewable energy entities to a partner, which now holds a 50% equity interest. The Colombian portfolio of renewable energy entities includes the following entities: Atlantica – HIC Renovables S.A.S., SJ Renovables Sun 1 S.A.S., AC Renovables Sol 1 S.A.S., SJ Renovables Wind 1 S.A.S., PA Renovables Sol 1 S.A.S. and Atlantica Hidro Colombia S.A.S. Atlantica and the partner hold 50% of the shares each and have joint control over these entities in accordance with IFRS 11, Joint arrangements. As a result, the subsidiaries, which were previously fully consolidated showing 30% of non-controlling interest, are now recorded as an investment in joint ventures under the equity method in these Consolidated Financial Statements in accordance with IAS 28, Investments in Associates and Joint Ventures. The carrying amount of the non-controlling interests in these entities was derecognized at the date control was lost by Atlantica. Further to the sale of part of its equity interest, Atlantica recorded a gain of $4.6 million as Other operating income in the year 2023 (Note 22).
| - | Share of profit
The profit decreases in 2023 compared to 2022 primarily due to a lower profit at Vento II resulting from lower production and a lower price at Lone Star II after its PPA expired in January 2023. 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 under construction (Note 1). Chile PMGD is accounted for in these Consolidated Financial Statements using the equity method as per IAS 28 – Investments in Associates and Joint ventures. 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 2023 and 2022 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 |  |  |  | 411,099 |  |  |  | 25,777 |  |  |  | - |  |  |  | 56,508 |  |  |  | 11,285 |  |  |  | 82,849 |  |  |  | 21,024 |  |  |  | 19,752 |  |  |  | 175,351 |
Windlectric Inc (2) |  |  | 30.00 |  |  |  | 284,618 |  |  |  | 30,884 |  |  |  | - |  |  |  | 159,406 |  |  |  | 77,389 |  |  |  | 21,514 |  |  |  | 8,515 |  |  |  | (2,157 | ) |  |  | 1,910 |
Myah Bahr Honaine, S.P.A.(3) |  |  | 25.50 |  |  |  | 155,338 |  |  |  | 63,451 |  |  |  | 35,569 |  |  |  | 20,240 |  |  |  | 4,653 |  |  |  | 56,172 |  |  |  | 34,576 |  |  |  | 27,084 |  |  |  | 40,635 |
Akuo Atlantica PMGD Holding S.P.A. (4) |  |  | 49.00 |  |  |  | 56,214 |  |  |  | 7,210 |  |  |  | 24,214 |  |  |  | 18,090 |  |  |  | 13,739 |  |  |  | 192 |  |  |  | (75 | ) |  |  | (83 | ) |  |  | 4,409 |
Colombian portfolio of renewable energy entities |  |  | 50.00 |  |  |  | 9,092 |  |  |  | 4,970 |  |  |  | - |  |  |  | 9,872 |  |  |  | 956 |  |  |  | - |  |  |  | (587 | ) |  |  | 1,920 |  |  |  | 4,754 |
Pectonex, R.F. Proprietary Limited |  |  | 50.00 |  |  |  | 1,749 |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | (149 | ) |  |  | (149 | ) |  |  | 1,337 |
Evacuación Valdecaballeros, S.L. |  |  | 57.16 |  |  |  | 15,839 |  |  |  | 1,005 |  |  |  | - |  |  |  | 13,538 |  |  |  | 159 |  |  |  | 878 |  |  |  | (59 | ) |  |  | (91 | ) |  |  | 807 |
Atlantica SailH2, S.L. |  |  | 50.00 |  |  |  | 499 |  |  |  | 333 |  |  |  | - |  |  |  | - |  |  |  | 165 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 653 |
Evacuación Villanueva del Rey, S.L. |  |  | 40.02 |  |  |  | 2,218 |  |  |  | 83 |  |  |  | - |  |  |  | 1,308 |  |  |  | 181 |  |  |  | - |  |  |  | 63 |  |  |  | - |  |  |  | - |
Liberty Infraestructuras S.L. |  |  | 20.00 |  |  |  | 81 |  |  |  | 357 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | (46 | ) |  |  | (68 | ) |  |  | - |
Fontanil Solar, S.L.U. |  |  | 25.00 |  |  |  | 328 |  |  |  | 13 |  |  |  | - |  |  |  | 354 |  |  |  | 7 |  |  |  | - |  |  |  | (1 | ) |  |  | (18 | ) |  |  | 229 |
Murum Solar, S.L.U. |  |  | 25.00 |  |  |  | 266 |  |  |  | 35 |  |  |  | - |  |  |  | 314 |  |  |  | - |  |  |  | - |  |  |  | (1 | ) |  |  | (15 | ) |  |  | 222 |
As of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 230,307 |
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 |
Akuo Atlantica PMGD Holding S.P.A. (4) |  |  | 49.00 |  |  |  | 14,814 |  |  |  | 2,828 |  |  |  | - |  |  |  | 8,755 |  |  |  | 326 |  |  |  | - |  |  |  | - |  |  |  | (348 | ) |  |  | 4,450 |
Pemcorp SAPI de CV (5) |  |  | 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 |
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 |
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. Share of profit of 2007 Vento II, LLC. included in these Consolidated Financial Statements amounts to $9.7 million in 2023 and $20.1 million in 2022. (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 $6.9 million in 2023 and $6.8 million in 2022. (4) 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 under construction, 49% owned by Atlantica, with joint control since November 2022 and accounted for under the equity method in these Consolidated Financial Statement s. (5) Pemcorp SAPI de CV, Monterrey´s project entity, is 100% owned by Arroyo Netherlands II B.V., which was accounted for under the equity method in the Consolidated Financial Statements as of December 31, 2022. Arroyo Netherlands II B.V. is 30% owned by Atlantica. The investment held by Atlantica in Pemcorp has been classified as held for sale in these Consolidated Financial (Note 8). Share of profit of Pemcorp SAPI de CV included in these Consolidated Financial Statements amounts to a $0.2 million profit in 2023 and a $5.3 million loss in 2022.

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