6-K false 2024-06-30 12-31 Atlantica Sustainable Infrastructure plc 0001601072 0 0 0.0050 0001601072 2024-01-01 2024-06-30 0001601072 2023-12-31 0001601072 2024-06-30 0001601072 2023-01-01 2023-06-30 0001601072 ifrs-full:NoncontrollingInterestsMember 2023-12-31 0001601072 ifrs-full:EquityAttributableToOwnersOfParentMember 2023-12-31 0001601072 2022-12-31 0001601072 ifrs-full:EquityAttributableToOwnersOfParentMember 2022-12-31 0001601072 ifrs-full:ReserveOfCashFlowHedgesMember 2023-12-31 0001601072 ifrs-full:NoncontrollingInterestsMember 2022-12-31 0001601072 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2022-12-31 0001601072 ifrs-full:SharePremiumMember 2023-12-31 0001601072 ifrs-full:RetainedEarningsMember 2022-12-31 0001601072 ifrs-full:CapitalReserveMember 2023-12-31 0001601072 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2023-12-31 0001601072 ifrs-full:IssuedCapitalMember 2023-12-31 0001601072 ifrs-full:RetainedEarningsMember 2023-12-31 0001601072 ifrs-full:IssuedCapitalMember 2022-12-31 0001601072 ifrs-full:SharePremiumMember 2022-12-31 0001601072 ifrs-full:CapitalReserveMember 2022-12-31 0001601072 ifrs-full:ReserveOfCashFlowHedgesMember 2022-12-31 0001601072 ifrs-full:RetainedEarningsMember 2023-01-01 2023-06-30 0001601072 ifrs-full:RetainedEarningsMember 2024-01-01 2024-06-30 0001601072 ifrs-full:SharePremiumMember 2023-01-01 2023-06-30 0001601072 ifrs-full:EquityAttributableToOwnersOfParentMember 2024-01-01 2024-06-30 0001601072 ifrs-full:SharePremiumMember 2024-01-01 2024-06-30 0001601072 ifrs-full:IssuedCapitalMember 2023-01-01 2023-06-30 0001601072 ifrs-full:NoncontrollingInterestsMember 2023-01-01 2023-06-30 0001601072 ifrs-full:ReserveOfCashFlowHedgesMember 2024-01-01 2024-06-30 0001601072 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2024-01-01 2024-06-30 0001601072 ifrs-full:CapitalReserveMember 2023-01-01 2023-06-30 0001601072 ifrs-full:EquityAttributableToOwnersOfParentMember 2023-01-01 2023-06-30 0001601072 ifrs-full:CapitalReserveMember 2024-01-01 2024-06-30 0001601072 ifrs-full:ReserveOfCashFlowHedgesMember 2023-01-01 2023-06-30 0001601072 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2023-01-01 2023-06-30 0001601072 ifrs-full:NoncontrollingInterestsMember 2024-01-01 2024-06-30 0001601072 ifrs-full:IssuedCapitalMember 2024-01-01 2024-06-30 0001601072 ifrs-full:EquityAttributableToOwnersOfParentMember 2024-06-30 0001601072 ifrs-full:EquityAttributableToOwnersOfParentMember 2023-06-30 0001601072 ifrs-full:ReserveOfCashFlowHedgesMember 2023-06-30 0001601072 ifrs-full:NoncontrollingInterestsMember 2024-06-30 0001601072 ifrs-full:CapitalReserveMember 2024-06-30 0001601072 ifrs-full:IssuedCapitalMember 2023-06-30 0001601072 ifrs-full:IssuedCapitalMember 2024-06-30 0001601072 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2024-06-30 0001601072 ifrs-full:SharePremiumMember 2024-06-30 0001601072 ifrs-full:NoncontrollingInterestsMember 2023-06-30 0001601072 ifrs-full:RetainedEarningsMember 2024-06-30 0001601072 2023-06-30 0001601072 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 2023-06-30 0001601072 ifrs-full:ReserveOfCashFlowHedgesMember 2024-06-30 0001601072 ifrs-full:CapitalReserveMember 2023-06-30 0001601072 ifrs-full:SharePremiumMember 2023-06-30 0001601072 ifrs-full:RetainedEarningsMember 2023-06-30 0001601072 aby:BidcoMember 2024-05-27 0001601072 aby:AlgonquinMember 2024-05-27 2024-05-27 0001601072 aby:Honda1And2Member 2022-05-31 0001601072 aby:UnitedKingdomWind1AndUnitedKingdomWind2AssetsMember 2024-03-22 0001601072 aby:UnitedKingdomWind1AndUnitedKingdomWind2AssetsMember 2024-03-22 2024-03-22 0001601072 aby:Honda1And2Member 2022-05-01 2022-05-31 0001601072 aby:AlgonquinMember 2024-04-01 2024-04-30 0001601072 ifrs-full:BottomOfRangeMember aby:AlgonquinMember 2024-06-30 0001601072 aby:AlgonquinMember ifrs-full:TopOfRangeMember 2024-06-30 0001601072 aby:Honda1And2Member 2024-01-01 2024-06-30 0001601072 aby:AlgonquinMember 2024-01-01 2024-06-30 0001601072 aby:Solaben1And6Member 2024-01-01 2024-06-30 0001601072 aby:TenesMember 2024-01-01 2024-06-30 0001601072 aby:UnitedKingdomWind1Member 2024-01-01 2024-06-30 0001601072 aby:Quadra1AndQuadra2Member 2024-01-01 2024-06-30 0001601072 aby:SolanaMember 2024-01-01 2024-06-30 0001601072 aby:AlbisuMember 2024-01-01 2024-06-30 0001601072 aby:ATN2ConcessionalAssetMember 2024-01-01 2024-06-30 0001601072 aby:SkikdaMember 2024-01-01 2024-06-30 0001601072 aby:Honda1Member 2024-01-01 2024-06-30 0001601072 aby:PalmatirMember 2024-01-01 2024-06-30 0001601072 aby:PS10AndPS20Member 2024-01-01 2024-06-30 0001601072 aby:CosoMember 2024-01-01 2024-06-30 0001601072 aby:KaxuMember 2024-01-01 2024-06-30 0001601072 aby:Solaben2AndSolaben3Member 2024-01-01 2024-06-30 0001601072 aby:Solacor1AndSolacor2Member 2024-01-01 2024-06-30 0001601072 aby:Helioenergy1And2Member 2024-01-01 2024-06-30 0001601072 aby:ChileTL3Member 2024-01-01 2024-06-30 0001601072 aby:HonaineMember 2024-01-01 2024-06-30 0001601072 aby:ACTMember 2024-01-01 2024-06-30 0001601072 aby:CadonalMember 2024-01-01 2024-06-30 0001601072 aby:ElkhornValleyMember 2024-01-01 2024-06-30 0001601072 aby:PalmuchoMember 2024-01-01 2024-06-30 0001601072 aby:ItalySolarPV2Member 2024-01-01 2024-06-30 0001601072 aby:SevillePVMember 2024-01-01 2024-06-30 0001601072 aby:LoneStarIIMember 2024-01-01 2024-06-30 0001601072 aby:ItalySolarPV4Member 2024-01-01 2024-06-30 0001601072 aby:PrairieStarMember 2024-01-01 2024-06-30 0001601072 aby:CalgaryDistrictHeatingMember 2024-01-01 2024-06-30 0001601072 aby:ChilePV2Member 2024-01-01 2024-06-30 0001601072 aby:ATSMember 2024-01-01 2024-06-30 0001601072 aby:Helios1And2Member 2024-01-01 2024-06-30 0001601072 aby:TierraLindaMember 2024-01-01 2024-06-30 0001601072 aby:UnitedKingdomWind2Member 2024-01-01 2024-06-30 0001601072 aby:ChileTL4Member 2024-01-01 2024-06-30 0001601072 aby:TwinGrovesIIMember 2024-01-01 2024-06-30 0001601072 aby:MelowindMember 2024-01-01 2024-06-30 0001601072 aby:LaSierpeMember 2024-01-01 2024-06-30 0001601072 aby:ATNMember 2024-01-01 2024-06-30 0001601072 aby:ItalySolarPV1Member 2024-01-01 2024-06-30 0001601072 aby:LaToluaMember 2024-01-01 2024-06-30 0001601072 aby:Mini-HydroMember 2024-01-01 2024-06-30 0001601072 aby:ChilePV1Member 2024-01-01 2024-06-30 0001601072 aby:ItalySolarPV3Member 2024-01-01 2024-06-30 0001601072 aby:Solnova13And4Member 2024-01-01 2024-06-30 0001601072 aby:MojaveMember 2024-01-01 2024-06-30 0001601072 aby:ChilePV3Member 2024-01-01 2024-06-30 0001601072 aby:Helioenergy1Member 2024-01-01 2024-06-30 0001601072 aby:Quadra1Member 2024-01-01 2024-06-30 0001601072 aby:Solaben1Member 2024-01-01 2024-06-30 0001601072 aby:Solaben2Member 2024-01-01 2024-06-30 0001601072 aby:Solnova3Member 2024-01-01 2024-06-30 0001601072 aby:Solnova1Member 2024-01-01 2024-06-30 0001601072 aby:Solnova4Member 2024-01-01 2024-06-30 0001601072 aby:Solaben3Member 2024-01-01 2024-06-30 0001601072 aby:Solacor2Member 2024-01-01 2024-06-30 0001601072 aby:Solacor1Member 2024-01-01 2024-06-30 0001601072 aby:Solaben6Member 2024-01-01 2024-06-30 0001601072 aby:Quadra2Member 2024-01-01 2024-06-30 0001601072 aby:Helioenergy2Member 2024-01-01 2024-06-30 0001601072 aby:PS10Member 2024-01-01 2024-06-30 0001601072 aby:Helios2Member 2024-01-01 2024-06-30 0001601072 aby:Helios1Member 2024-01-01 2024-06-30 0001601072 aby:PS20Member 2024-01-01 2024-06-30 0001601072 aby:HonaineMember aby:SacyrAguaSLMember 2024-01-01 2024-06-30 0001601072 aby:TenesMember aby:AlgerianEnergyCompanySPAMember 2024-01-01 2024-06-30 0001601072 aby:AlgerianEnergyCompanySPAMember aby:HonaineMember 2024-01-01 2024-06-30 0001601072 aby:IndustrialDevelopmentCorporationOfSouthAfricaMember aby:KaxuMember 2024-01-01 2024-06-30 0001601072 aby:ItochuCorporationMember aby:Solaben2AndSolaben3Member 2024-01-01 2024-06-30 0001601072 aby:KaxuMember aby:KaxuCommunityTrustMember 2024-01-01 2024-06-30 0001601072 aby:SevillePVMember aby:InstitutoParaLaDiversificacionYAhorroDeLaEnergiaMember 2024-01-01 2024-06-30 0001601072 aby:SacyrAguaSLMember aby:SkikdaMember 2024-01-01 2024-06-30 0001601072 aby:AlgerianEnergyCompanySPAMember aby:SkikdaMember 2024-01-01 2024-06-30 0001601072 aby:Solacor1AndSolacor2Member aby:JGCCorporationMember 2024-01-01 2024-06-30 0001601072 aby:CosoBatteries2Member 2024-01-01 2024-06-30 0001601072 aby:ChilePMGDMember 2024-01-01 2024-06-30 0001601072 aby:ChilePV3ExpansionMember 2024-01-01 2024-06-30 0001601072 aby:CosoBatteries1Member 2024-01-01 2024-06-30 0001601072 aby:ATNExpansion1Member 2024-01-01 2024-06-30 0001601072 aby:ATNExpansion3Member 2024-01-01 2024-06-30 0001601072 aby:Apulo1Member 2024-01-01 2024-06-30 0001601072 aby:ChilePMGDMember ifrs-full:TopOfRangeMember 2024-01-01 2024-06-30 0001601072 aby:ATNExpansion3Member 2022-11-01 2022-11-30 0001601072 ifrs-full:BottomOfRangeMember aby:ChilePMGDMember 2024-01-01 2024-06-30 0001601072 aby:ChilePMGDMember 2024-06-30 0001601072 aby:ATNExpansion3Member 2024-06-30 0001601072 aby:CosoBatteries1Member ifrs-full:BottomOfRangeMember 2024-06-30 0001601072 ifrs-full:TopOfRangeMember aby:ChilePV3ExpansionMember 2024-06-30 0001601072 ifrs-full:BottomOfRangeMember aby:CosoBatteries2Member 2024-06-30 0001601072 aby:Apulo1Member 2024-06-30 0001601072 aby:ChilePV3ExpansionMember ifrs-full:BottomOfRangeMember 2024-06-30 0001601072 aby:ChilePMGDMember 2022-11-30 0001601072 ifrs-full:TopOfRangeMember aby:CosoBatteries1Member 2024-06-30 0001601072 aby:ATNExpansion1Member 2024-06-30 0001601072 ifrs-full:TopOfRangeMember aby:CosoBatteries2Member 2024-06-30 0001601072 aby:ChilePV1AndPV2Member 2024-06-30 0001601072 aby:CosoBatteries1AndCosoBatteries2Member 2023-10-01 2023-10-31 0001601072 aby:CosoBatteries1AndCosoBatteries2Member 2024-01-01 2024-06-30 0001601072 aby:CosoBatteries2Member 2023-10-01 2023-10-31 0001601072 aby:CosoBatteries1Member 2023-10-01 2023-10-31 0001601072 aby:ATNExpansion3Member 2022-07-01 2022-07-31 0001601072 aby:ATNExpansion1Member 2023-07-01 2023-07-31 0001601072 aby:EfficientNaturalGasMember 2024-01-01 2024-06-30 0001601072 aby:RenewableEnergyMember 2023-01-01 2023-06-30 0001601072 aby:RenewableEnergyMember 2024-01-01 2024-06-30 0001601072 aby:ElectricTransmissionLinesMember 2024-01-01 2024-06-30 0001601072 aby:WaterMember 2024-01-01 2024-06-30 0001601072 aby:WaterMember 2023-01-01 2023-06-30 0001601072 srt:NorthAmericaMember 2024-01-01 2024-06-30 0001601072 srt:SouthAmericaMember 2024-01-01 2024-06-30 0001601072 aby:RegionsOfEuropeMiddleEastAndAfricaMember 2024-01-01 2024-06-30 0001601072 aby:ElectricTransmissionLinesMember 2023-01-01 2023-06-30 0001601072 aby:EfficientNaturalGasMember 2023-01-01 2023-06-30 0001601072 srt:SouthAmericaMember 2023-01-01 2023-06-30 0001601072 srt:NorthAmericaMember 2023-01-01 2023-06-30 0001601072 aby:RegionsOfEuropeMiddleEastAndAfricaMember 2023-01-01 2023-06-30 0001601072 ifrs-full:MaterialReconcilingItemsMember 2024-01-01 2024-06-30 0001601072 ifrs-full:MaterialReconcilingItemsMember 2023-01-01 2023-06-30 0001601072 ifrs-full:OperatingSegmentsMember 2024-06-30 0001601072 aby:RegionsOfEuropeMiddleEastAndAfricaMember 2024-06-30 0001601072 aby:RegionsOfEuropeMiddleEastAndAfricaMember 2023-12-31 0001601072 srt:NorthAmericaMember 2023-12-31 0001601072 srt:SouthAmericaMember 2024-06-30 0001601072 ifrs-full:OperatingSegmentsMember 2023-12-31 0001601072 srt:NorthAmericaMember 2024-06-30 0001601072 srt:SouthAmericaMember 2023-12-31 0001601072 ifrs-full:UnallocatedAmountsMember 2024-06-30 0001601072 ifrs-full:UnallocatedAmountsMember 2023-12-31 0001601072 aby:ElectricTransmissionLinesMember 2023-12-31 0001601072 aby:WaterMember 2024-06-30 0001601072 aby:ElectricTransmissionLinesMember 2024-06-30 0001601072 aby:WaterMember 2023-12-31 0001601072 aby:EfficientNaturalGasMember 2023-12-31 0001601072 aby:RenewableEnergyMember 2024-06-30 0001601072 aby:EfficientNaturalGasMember 2024-06-30 0001601072 aby:RenewableEnergyMember 2023-12-31 0001601072 aby:AssetAcquisition2024Member 2024-06-30 0001601072 aby:AssetAcquisition2024Member 2024-03-01 2024-03-31 0001601072 aby:AssetAcquisition2024Member 2024-01-01 2024-06-30 0001601072 aby:AssetAcquisition2023Member 2023-12-31 0001601072 aby:AssetAcquisition2023Member 2023-01-01 2023-12-31 0001601072 2023-01-01 2023-12-31 0001601072 aby:FinancialAssetsUnderIFRS16LessorMember ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember 2024-06-30 0001601072 aby:IntangibleAssetsUnderIFRIC12Member ifrs-full:GrossCarryingAmountMember 2023-12-31 0001601072 aby:FinancialAssetsUnderIFRIC12Member ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember 2024-06-30 0001601072 aby:TechnicalInstallationsMember aby:PropertyPlantAndEquipmentUnderIAS16Member 2024-06-30 0001601072 ifrs-full:GrossCarryingAmountMember aby:FinancialAssetsUnderIFRS16LessorMember 2024-06-30 0001601072 aby:PropertyPlantAndEquipmentUnderIAS16Member ifrs-full:LandMember 2024-06-30 0001601072 aby:RightOfUseAssetsUnderIFRS16LesseeAndIntangibleAssetsUnderIIAS38Member 2024-06-30 0001601072 ifrs-full:GrossCarryingAmountMember aby:IntangibleAssetsUnderIFRIC12Member 2024-06-30 0001601072 ifrs-full:GrossCarryingAmountMember 2023-12-31 0001601072 aby:PropertyPlantAndEquipmentUnderIAS16Member ifrs-full:LandMember ifrs-full:GrossCarryingAmountMember 2023-12-31 0001601072 ifrs-full:GrossCarryingAmountMember aby:RightOfUseAssetsUnderIFRS16LesseeAndIntangibleAssetsUnderIIAS38Member 2024-06-30 0001601072 aby:RightOfUseAssetsUnderIFRS16LesseeAndIntangibleAssetsUnderIIAS38Member ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember 2024-06-30 0001601072 aby:RightOfUseAssetsUnderIFRS16LesseeAndIntangibleAssetsUnderIIAS38Member ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember 2023-12-31 0001601072 ifrs-full:GrossCarryingAmountMember aby:RightOfUseAssetsUnderIFRS16LesseeAndIntangibleAssetsUnderIIAS38Member 2023-12-31 0001601072 aby:IntangibleAssetsUnderIFRIC12Member 2023-12-31 0001601072 aby:FinancialAssetsUnderIFRIC12Member 2024-06-30 0001601072 aby:IntangibleAssetsUnderIFRIC12Member ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember 2024-06-30 0001601072 ifrs-full:GrossCarryingAmountMember aby:FinancialAssetsUnderIFRIC12Member 2024-06-30 0001601072 ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember 2023-12-31 0001601072 aby:TechnicalInstallationsMember ifrs-full:GrossCarryingAmountMember aby:PropertyPlantAndEquipmentUnderIAS16Member 2024-06-30 0001601072 ifrs-full:GrossCarryingAmountMember aby:PropertyPlantAndEquipmentUnderIAS16Member ifrs-full:LandMember 2024-06-30 0001601072 ifrs-full:GrossCarryingAmountMember aby:FinancialAssetsUnderIFRIC12Member 2023-12-31 0001601072 aby:RightOfUseAssetsUnderIFRS16LesseeAndIntangibleAssetsUnderIIAS38Member 2023-12-31 0001601072 aby:PropertyPlantAndEquipmentUnderIAS16Member aby:TechnicalInstallationsMember 2023-12-31 0001601072 ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember aby:PropertyPlantAndEquipmentUnderIAS16Member aby:TechnicalInstallationsMember 2023-12-31 0001601072 ifrs-full:GrossCarryingAmountMember 2024-06-30 0001601072 aby:PropertyPlantAndEquipmentUnderIAS16Member ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember ifrs-full:LandMember 2024-06-30 0001601072 aby:IntangibleAssetsUnderIFRIC12Member 2024-06-30 0001601072 aby:FinancialAssetsUnderIFRIC12Member 2023-12-31 0001601072 ifrs-full:LandMember aby:PropertyPlantAndEquipmentUnderIAS16Member 2023-12-31 0001601072 ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember 2024-06-30 0001601072 ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember ifrs-full:LandMember aby:PropertyPlantAndEquipmentUnderIAS16Member 2023-12-31 0001601072 aby:TechnicalInstallationsMember aby:PropertyPlantAndEquipmentUnderIAS16Member ifrs-full:GrossCarryingAmountMember 2023-12-31 0001601072 aby:FinancialAssetsUnderIFRS16LessorMember ifrs-full:GrossCarryingAmountMember 2023-12-31 0001601072 ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember aby:IntangibleAssetsUnderIFRIC12Member 2023-12-31 0001601072 aby:FinancialAssetsUnderIFRS16LessorMember ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember 2023-12-31 0001601072 aby:FinancialAssetsUnderIFRS16LessorMember 2023-12-31 0001601072 aby:TechnicalInstallationsMember ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember aby:PropertyPlantAndEquipmentUnderIAS16Member 2024-06-30 0001601072 aby:FinancialAssetsUnderIFRIC12Member ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember 2023-12-31 0001601072 aby:FinancialAssetsUnderIFRS16LessorMember 2024-06-30 0001601072 aby:SailH2IngenieriaSLMember 2024-06-30 0001601072 aby:AssociatesTwoMember 2024-06-30 0001601072 aby:Two007VentoIILLCMember 2023-12-31 0001601072 aby:SailH2IngenieriaSLMember 2023-12-31 0001601072 aby:AssociatesThreeMember 2024-06-30 0001601072 aby:AssociatesTwoMember 2023-12-31 0001601072 aby:Two007VentoIILLCMember 2024-06-30 0001601072 aby:ColombianPortfolioOfRenewableEnergyEntitiesMember 2023-12-31 0001601072 aby:MurumSolarSLUMember 2024-06-30 0001601072 aby:AssociatesThreeMember 2023-12-31 0001601072 aby:AkuoAtlanticaPMGDHoldingSPAMember 2023-12-31 0001601072 aby:MurumSolarSLUMember 2023-12-31 0001601072 aby:AkuoAtlanticaPMGDHoldingSPAMember 2024-06-30 0001601072 aby:FontanilSolarSLUMember 2023-12-31 0001601072 aby:AssociatesOneMember 2023-12-31 0001601072 aby:AssociatesTenMember 2023-12-31 0001601072 aby:FontanilSolarSLUMember 2024-06-30 0001601072 aby:ColombianPortfolioOfRenewableEnergyEntitiesMember 2024-06-30 0001601072 aby:AssociatesOneMember 2024-06-30 0001601072 aby:AssociatesTenMember 2024-06-30 0001601072 aby:GeidaTlemcenSLMember 2024-01-01 2024-06-30 0001601072 aby:Two007VentoIILLCMember 2021-06-16 2021-06-16 0001601072 aby:AtlanticaYieldEnergySolutionsCanadaIncMember 2024-01-01 2024-06-30 0001601072 aby:AkuoAtlanticaPMGDHoldingSPAMember 2022-11-30 2022-11-30 0001601072 aby:AssociatesTwoMember aby:GeidaTlemcenSLMember 2024-01-01 2024-06-30 0001601072 aby:WindlectricIncMember 2024-01-01 2024-06-30 0001601072 aby:ColombianPortfolioOfRenewableEnergyEntitiesMember 2024-01-01 2024-06-30 0001601072 aby:Two007VentoIILLCMember 2024-01-01 2024-06-30 0001601072 aby:MonterreyMember 2023-01-01 2023-12-31 0001601072 ifrs-full:NoncurrentAssetsHeldForSaleMember 2023-12-31 0001601072 aby:MonterreyMember 2024-01-01 2024-06-30 0001601072 aby:MonterreyMember 2024-06-30 0001601072 aby:MonterreyMember ifrs-full:TopOfRangeMember 2024-04-30 0001601072 aby:TenWestLinkMember 2024-06-30 0001601072 aby:TenWestLinkMember 2024-01-01 2024-06-30 0001601072 ifrs-full:CashFlowHedgesMember ifrs-full:InterestRateRiskMember 2024-06-30 0001601072 ifrs-full:CurrencyRiskMember ifrs-full:CashFlowHedgesMember 2023-12-31 0001601072 ifrs-full:CashFlowHedgesMember 2023-12-31 0001601072 ifrs-full:CashFlowHedgesMember ifrs-full:InterestRateRiskMember 2023-12-31 0001601072 ifrs-full:CashFlowHedgesMember 2024-06-30 0001601072 ifrs-full:CashFlowHedgesMember ifrs-full:CurrencyRiskMember 2024-06-30 0001601072 ifrs-full:EquityPriceRiskMember ifrs-full:CashFlowHedgesMember 2024-06-30 0001601072 ifrs-full:CashFlowHedgesMember ifrs-full:EquityPriceRiskMember 2023-12-31 0001601072 ifrs-full:InterestRateRiskMember ifrs-full:CashFlowHedgesMember 2023-01-01 2023-06-30 0001601072 ifrs-full:InterestRateRiskMember ifrs-full:CashFlowHedgesMember 2024-01-01 2024-06-30 0001601072 currency:EUR ifrs-full:InterestRateRiskMember 2024-01-01 2024-06-30 0001601072 ifrs-full:RelatedPartiesMember 2024-06-30 0001601072 ifrs-full:NoncontrollingInterestsMember ifrs-full:RelatedPartiesMember aby:AlgerianEnergyCompanySPAMember 2024-06-30 0001601072 aby:AtlanticasPartnerInColombiaMember ifrs-full:OtherRelatedPartiesMember 2024-06-30 0001601072 aby:AkuoAtlanticaPMGDHoldingSPAMember ifrs-full:InvestmentsAccountedForUsingEquityMethodMember ifrs-full:RelatedPartiesMember 2024-06-30 0001601072 ifrs-full:RelatedPartiesMember aby:ArroyoNetherlandsIIBVMember ifrs-full:InvestmentsAccountedForUsingEquityMethodMember 2023-12-31 0001601072 ifrs-full:RelatedPartiesMember aby:JGCCorporationMember ifrs-full:NoncontrollingInterestsMember 2023-12-31 0001601072 aby:EquityMethodInvestmentsOtherMember ifrs-full:RelatedPartiesMember ifrs-full:InvestmentsAccountedForUsingEquityMethodMember 2024-06-30 0001601072 ifrs-full:RelatedPartiesMember aby:AmherstIslandPartnershipMember ifrs-full:InvestmentsAccountedForUsingEquityMethodMember 2023-12-31 0001601072 aby:NonControllingInterestOtherMember ifrs-full:NoncontrollingInterestsMember ifrs-full:RelatedPartiesMember 2023-12-31 0001601072 aby:AlgonquinPowerCoMember ifrs-full:NoncontrollingInterestsMember ifrs-full:RelatedPartiesMember 2024-06-30 0001601072 ifrs-full:RelatedPartiesMember ifrs-full:InvestmentsAccountedForUsingEquityMethodMember aby:EquityMethodInvestmentsOtherMember 2023-12-31 0001601072 ifrs-full:RelatedPartiesMember aby:JGCCorporationMember ifrs-full:NoncontrollingInterestsMember 2024-06-30 0001601072 ifrs-full:RelatedPartiesMember 2023-12-31 0001601072 ifrs-full:NoncontrollingInterestsMember aby:AlgerianEnergyCompanySPAMember ifrs-full:RelatedPartiesMember 2023-12-31 0001601072 ifrs-full:RelatedPartiesMember ifrs-full:NoncontrollingInterestsMember aby:NonControllingInterestOtherMember 2024-06-30 0001601072 ifrs-full:RelatedPartiesMember ifrs-full:InvestmentsAccountedForUsingEquityMethodMember aby:ColombianAssetsPortfolioMember 2023-12-31 0001601072 ifrs-full:InvestmentsAccountedForUsingEquityMethodMember ifrs-full:RelatedPartiesMember aby:ColombianAssetsPortfolioMember 2024-06-30 0001601072 aby:AtlanticasPartnerInColombiaMember ifrs-full:OtherRelatedPartiesMember 2023-12-31 0001601072 aby:ArroyoNetherlandsIIBVMember ifrs-full:InvestmentsAccountedForUsingEquityMethodMember ifrs-full:RelatedPartiesMember 2024-06-30 0001601072 ifrs-full:RelatedPartiesMember ifrs-full:NoncontrollingInterestsMember aby:AlgonquinPowerCoMember 2023-12-31 0001601072 aby:AmherstIslandPartnershipMember ifrs-full:InvestmentsAccountedForUsingEquityMethodMember ifrs-full:RelatedPartiesMember 2024-06-30 0001601072 ifrs-full:InvestmentsAccountedForUsingEquityMethodMember ifrs-full:RelatedPartiesMember aby:AkuoAtlanticaPMGDHoldingSPAMember 2023-12-31 0001601072 ifrs-full:NoncontrollingInterestsMember aby:NonControllingInterestOtherMember ifrs-full:SubsidiariesMember 2023-01-01 2023-06-30 0001601072 aby:AkuoAtlanticaPMGDHoldingSPAMember ifrs-full:SubsidiariesMember ifrs-full:InvestmentsAccountedForUsingEquityMethodMember 2024-01-01 2024-06-30 0001601072 ifrs-full:SubsidiariesMember aby:NonControllingInterestOtherMember ifrs-full:NoncontrollingInterestsMember 2024-01-01 2024-06-30 0001601072 aby:EquityMethodInvestmentsOtherMember ifrs-full:SubsidiariesMember ifrs-full:InvestmentsAccountedForUsingEquityMethodMember 2023-01-01 2023-06-30 0001601072 aby:ColombianAssetsPortfolioMember ifrs-full:InvestmentsAccountedForUsingEquityMethodMember ifrs-full:SubsidiariesMember 2024-01-01 2024-06-30 0001601072 ifrs-full:InvestmentsAccountedForUsingEquityMethodMember ifrs-full:SubsidiariesMember aby:ArroyoNetherlandsIIBVMember 2023-01-01 2023-06-30 0001601072 aby:AkuoAtlanticaPMGDHoldingSPAMember ifrs-full:SubsidiariesMember ifrs-full:InvestmentsAccountedForUsingEquityMethodMember 2023-01-01 2023-06-30 0001601072 aby:EquityMethodInvestmentsOtherMember ifrs-full:InvestmentsAccountedForUsingEquityMethodMember ifrs-full:SubsidiariesMember 2024-01-01 2024-06-30 0001601072 ifrs-full:SubsidiariesMember 2024-01-01 2024-06-30 0001601072 ifrs-full:SubsidiariesMember ifrs-full:InvestmentsAccountedForUsingEquityMethodMember aby:ArroyoNetherlandsIIBVMember 2024-01-01 2024-06-30 0001601072 ifrs-full:SubsidiariesMember aby:ColombianAssetsPortfolioMember ifrs-full:InvestmentsAccountedForUsingEquityMethodMember 2023-01-01 2023-06-30 0001601072 ifrs-full:SubsidiariesMember 2023-01-01 2023-06-30 0001601072 aby:AtlanticaYieldEnergySolutionsCanadaIncMember 2023-12-31 0001601072 aby:AtlanticaYieldEnergySolutionsCanadaIncMember 2024-06-30 0001601072 aby:JGCCorporationMember aby:EuroInterbankOfferedRateMember 2024-06-30 0001601072 aby:ArroyoNetherlandsIIBVMember aby:SecuredOvernightFinancingRateMember 2024-06-30 0001601072 ifrs-full:FixedInterestRateMember aby:AkuoAtlanticaPMGDHoldingSPAMember 2024-06-30 0001601072 aby:ColombianAssetsPortfolioMember ifrs-full:FixedInterestRateMember 2024-06-30 0001601072 aby:ColombianAssetsPortfolioMember 2024-01-01 2024-06-30 0001601072 aby:LongTermIncentivePlansMember 2024-06-30 0001601072 aby:LongTermIncentivePlansMember 2023-06-30 0001601072 aby:LaterThanNineMonthsAndNotLaterThanTwelveMonthsMember 2024-02-29 2024-02-29 0001601072 ifrs-full:NotLaterThanThreeMonthsMember 2024-05-07 2024-05-07 0001601072 aby:AlgerianEnergyCompanySPAMember 2024-01-01 2024-06-30 0001601072 aby:AlgerianEnergyCompanySPAMember 2023-01-01 2023-06-30 0001601072 aby:ItochuCorporationMember 2023-01-01 2023-06-30 0001601072 aby:AlgonquinMember 2023-01-01 2023-06-30 0001601072 aby:ItochuCorporationMember 2024-01-01 2024-06-30 0001601072 aby:ChilePV3Member 2023-01-01 2023-06-30 0001601072 aby:GreenPrivatePlacementMember 2020-03-31 0001601072 aby:GreenSeniorNotesMember 2021-05-18 0001601072 aby:BankLoanMember 2020-12-04 0001601072 2023-02-24 0001601072 aby:SeniorNoteIssuanceFacilityOneMember 2020-07-08 0001601072 aby:BancoBilbaoVizcayaArgentariaLoanMember 2022-01-31 0001601072 aby:GreenExchangeableNotesDue2025Member 2020-07-17 0001601072 aby:NewRevolvingCreditFacilityMember 2018-05-10 0001601072 ifrs-full:TopOfRangeMember aby:CreditFacility2017Member 2017-07-20 0001601072 aby:CreditFacility2017Member 2023-08-07 0001601072 aby:NewRevolvingCreditFacilityMember 2024-06-30 0001601072 aby:LettersOfCreditMember 2024-06-30 0001601072 aby:LettersOfCreditMember 2023-01-01 2023-12-31 0001601072 aby:NewRevolvingCreditFacilityMember 2024-01-01 2024-06-30 0001601072 aby:CreditFacility2017Member 2024-01-01 2024-06-30 0001601072 aby:NewRevolvingCreditFacilityMember 2023-01-01 2023-12-31 0001601072 aby:LettersOfCreditMember 2024-01-01 2024-06-30 0001601072 aby:CreditFacility2017Member 2023-01-01 2023-12-31 0001601072 aby:NewRevolvingCreditFacilityMember 2023-12-31 0001601072 aby:SeniorNoteIssuanceFacilityOneMember aby:EuroInterbankOfferedRateMember 2020-07-08 2020-07-08 0001601072 aby:EurodollarRateLoansMember aby:SecuredOvernightFinancingRateMember 2018-05-10 0001601072 ifrs-full:TopOfRangeMember aby:BaseRateLoansMember 2018-05-10 0001601072 aby:CreditFacility2017Member aby:SecuredOvernightFinancingRateMember 2017-07-20 0001601072 aby:CreditFacility2017Member aby:EuroInterbankOfferedRateMember 2017-07-20 0001601072 aby:SeniorNoteIssuanceFacilityOneMember 2023-12-31 0001601072 aby:EuroInterbankOfferedRateMember aby:CreditFacility2017Member ifrs-full:BottomOfRangeMember 2017-07-20 0001601072 ifrs-full:TopOfRangeMember aby:EurodollarRateLoansMember 2018-05-10 0001601072 aby:FederalFundsRateMember aby:BaseRateLoansMember 2018-05-10 0001601072 ifrs-full:BottomOfRangeMember aby:BaseRateLoansMember 2018-05-10 0001601072 aby:SecuredOvernightFinancingRateMember ifrs-full:BottomOfRangeMember aby:CreditFacility2017Member 2017-07-20 0001601072 aby:BaseRateLoansMember aby:SecuredOvernightFinancingRateMember 2018-05-10 0001601072 aby:SeniorNoteIssuanceFacilityOneMember aby:EuroInterbankOfferedRateMember 2020-07-08 0001601072 aby:EurodollarRateLoansMember ifrs-full:BottomOfRangeMember 2018-05-10 0001601072 aby:SeniorNoteIssuanceFacilityOneMember 2024-01-01 2024-06-30 0001601072 aby:BancoBilbaoVizcayaArgentariaLoanMember 2024-01-01 2024-06-30 0001601072 aby:GreenExchangeableNotesDue2025Member 2024-01-01 2024-06-30 0001601072 2023-02-24 2023-02-24 0001601072 aby:GreenPrivatePlacementMember 2024-01-01 2024-06-30 0001601072 aby:BankLoanMember 2024-01-01 2024-06-30 0001601072 aby:GreenSeniorNotesMember 2024-01-01 2024-06-30 0001601072 aby:BorrowingsCommercialPaperMember 2023-11-21 0001601072 aby:BorrowingsCommercialPaperMember 2019-10-08 0001601072 aby:BorrowingsCommercialPaperMember 2024-06-30 0001601072 aby:BorrowingsCommercialPaperMember 2023-12-31 0001601072 aby:BorrowingsCommercialPaperMember 2024-01-01 2024-06-30 0001601072 aby:GreenExchangeableNotesDue2025Member 2020-07-29 0001601072 ifrs-full:LaterThanOneMonthAndNotLaterThanSixMonthsMember aby:BorrowingsCommercialPaperMember 2024-06-30 0001601072 ifrs-full:LaterThanSixMonthsAndNotLaterThanOneYearMember aby:BorrowingsCommercialPaperMember 2024-06-30 0001601072 ifrs-full:LaterThanOneMonthAndNotLaterThanSixMonthsMember aby:CreditFacility2017Member 2024-06-30 0001601072 ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember aby:BankLoanOtherMember 2023-12-31 0001601072 ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember aby:BankLoanOtherMember 2024-06-30 0001601072 ifrs-full:LaterThanSixMonthsAndNotLaterThanOneYearMember 2024-06-30 0001601072 aby:BankLoanOtherMember ifrs-full:LaterThanOneMonthAndNotLaterThanSixMonthsMember 2024-06-30 0001601072 aby:CreditFacility2017Member ifrs-full:LaterThanFourYearsAndNotLaterThanFiveYearsMember 2023-12-31 0001601072 aby:CreditFacility2017Member 2024-06-30 0001601072 aby:CreditFacility2017Member ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember 2024-06-30 0001601072 aby:GreenPrivatePlacementMember ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember 2023-12-31 0001601072 ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember aby:CreditFacility2017Member 2024-06-30 0001601072 ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember 2024-06-30 0001601072 aby:BorrowingsCommercialPaperMember ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember 2024-06-30 0001601072 ifrs-full:NotLaterThanOneYearMember aby:GreenExchangeableNotesDue2025Member 2023-12-31 0001601072 ifrs-full:LaterThanFourYearsAndNotLaterThanFiveYearsMember 2023-12-31 0001601072 ifrs-full:LaterThanFourYearsAndNotLaterThanFiveYearsMember aby:BorrowingsCommercialPaperMember 2023-12-31 0001601072 aby:GreenExchangeableNotesDue2025Member ifrs-full:LaterThanOneMonthAndNotLaterThanSixMonthsMember 2024-06-30 0001601072 aby:SeniorNoteIssuanceFacilityOneMember ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember 2024-06-30 0001601072 aby:GreenExchangeableNotesDue2025Member ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember 2023-12-31 0001601072 ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember 2024-06-30 0001601072 aby:CreditFacility2017Member ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember 2023-12-31 0001601072 aby:LaterThanNineMonthsAndNotLaterThanOneYearOfCurrentYearMember aby:CreditFacility2017Member 2024-06-30 0001601072 aby:GreenSeniorNotesMember 2024-06-30 0001601072 aby:SeniorNoteIssuanceFacilityOneMember ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember 2023-12-31 0001601072 ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember aby:NewRevolvingCreditFacilityMember 2024-06-30 0001601072 ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember 2023-12-31 0001601072 ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember aby:GreenPrivatePlacementMember 2023-12-31 0001601072 ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember aby:BankLoanOtherMember 2024-06-30 0001601072 aby:GreenSeniorNotesMember aby:LaterThanNineMonthsAndNotLaterThanOneYearOfCurrentYearMember 2024-06-30 0001601072 aby:NewRevolvingCreditFacilityMember ifrs-full:LaterThanSixMonthsAndNotLaterThanOneYearMember 2024-06-30 0001601072 aby:LaterThanNineMonthsAndNotLaterThanOneYearOfCurrentYearMember aby:GreenPrivatePlacementMember 2024-06-30 0001601072 ifrs-full:LaterThanSixMonthsAndNotLaterThanOneYearMember aby:CreditFacility2017Member 2024-06-30 0001601072 aby:BankLoanOtherMember 2023-12-31 0001601072 aby:BorrowingsCommercialPaperMember ifrs-full:NotLaterThanOneYearMember 2023-12-31 0001601072 aby:SeniorNoteIssuanceFacilityOneMember ifrs-full:NotLaterThanOneYearMember 2023-12-31 0001601072 ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember 2023-12-31 0001601072 aby:BorrowingsCommercialPaperMember ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember 2024-06-30 0001601072 ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember 2024-06-30 0001601072 ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember aby:GreenPrivatePlacementMember 2024-06-30 0001601072 ifrs-full:LaterThanFourYearsAndNotLaterThanFiveYearsMember aby:GreenExchangeableNotesDue2025Member 2023-12-31 0001601072 aby:SeniorNoteIssuanceFacilityOneMember ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember 2023-12-31 0001601072 aby:GreenSeniorNotesMember ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember 2024-06-30 0001601072 ifrs-full:LaterThanOneMonthAndNotLaterThanSixMonthsMember aby:NewRevolvingCreditFacilityMember 2024-06-30 0001601072 aby:GreenPrivatePlacementMember ifrs-full:LaterThanOneMonthAndNotLaterThanSixMonthsMember 2024-06-30 0001601072 aby:BankLoanOtherMember ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember 2024-06-30 0001601072 aby:BankLoanOtherMember ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember 2023-12-31 0001601072 aby:GreenPrivatePlacementMember 2024-06-30 0001601072 ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember aby:GreenExchangeableNotesDue2025Member 2024-06-30 0001601072 ifrs-full:LaterThanFourYearsAndNotLaterThanFiveYearsMember aby:NewRevolvingCreditFacilityMember 2023-12-31 0001601072 aby:GreenPrivatePlacementMember ifrs-full:LaterThanSixMonthsAndNotLaterThanOneYearMember 2024-06-30 0001601072 aby:GreenExchangeableNotesDue2025Member ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember 2024-06-30 0001601072 aby:GreenSeniorNotesMember ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember 2023-12-31 0001601072 ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember aby:CreditFacility2017Member 2023-12-31 0001601072 ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember aby:NewRevolvingCreditFacilityMember 2024-06-30 0001601072 aby:SeniorNoteIssuanceFacilityOneMember 2024-06-30 0001601072 aby:GreenExchangeableNotesDue2025Member ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember 2023-12-31 0001601072 aby:BankLoanOtherMember 2024-06-30 0001601072 aby:BankLoanOtherMember ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember 2023-12-31 0001601072 aby:GreenSeniorNotesMember 2023-12-31 0001601072 aby:LaterThanNineMonthsAndNotLaterThanOneYearOfCurrentYearMember aby:BankLoanOtherMember 2024-06-30 0001601072 aby:SeniorNoteIssuanceFacilityOneMember ifrs-full:LaterThanOneMonthAndNotLaterThanSixMonthsMember 2024-06-30 0001601072 aby:LaterThanNineMonthsAndNotLaterThanOneYearOfCurrentYearMember 2024-06-30 0001601072 aby:GreenExchangeableNotesDue2025Member 2023-12-31 0001601072 aby:GreenSeniorNotesMember ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember 2023-12-31 0001601072 ifrs-full:LaterThanSixMonthsAndNotLaterThanOneYearMember aby:GreenSeniorNotesMember 2024-06-30 0001601072 aby:NewRevolvingCreditFacilityMember ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember 2023-12-31 0001601072 aby:SeniorNoteIssuanceFacilityOneMember ifrs-full:LaterThanFourYearsAndNotLaterThanFiveYearsMember 2023-12-31 0001601072 aby:CreditFacility2017Member ifrs-full:NotLaterThanOneYearMember 2023-12-31 0001601072 ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember aby:GreenPrivatePlacementMember 2024-06-30 0001601072 aby:BorrowingsCommercialPaperMember ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember 2023-12-31 0001601072 ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember aby:BorrowingsCommercialPaperMember 2023-12-31 0001601072 aby:GreenPrivatePlacementMember ifrs-full:LaterThanFourYearsAndNotLaterThanFiveYearsMember 2023-12-31 0001601072 ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember aby:SeniorNoteIssuanceFacilityOneMember 2024-06-30 0001601072 aby:LaterThanNineMonthsAndNotLaterThanOneYearOfCurrentYearMember aby:NewRevolvingCreditFacilityMember 2024-06-30 0001601072 aby:CreditFacility2017Member 2023-12-31 0001601072 aby:GreenSeniorNotesMember ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember 2023-12-31 0001601072 aby:GreenPrivatePlacementMember 2023-12-31 0001601072 ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember aby:BorrowingsCommercialPaperMember 2024-06-30 0001601072 ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember aby:CreditFacility2017Member 2024-06-30 0001601072 ifrs-full:NotLaterThanOneYearMember aby:GreenSeniorNotesMember 2023-12-31 0001601072 ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember aby:BorrowingsCommercialPaperMember 2023-12-31 0001601072 aby:GreenSeniorNotesMember ifrs-full:LaterThanOneMonthAndNotLaterThanSixMonthsMember 2024-06-30 0001601072 aby:NewRevolvingCreditFacilityMember ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember 2024-06-30 0001601072 aby:BankLoanOtherMember ifrs-full:LaterThanFourYearsAndNotLaterThanFiveYearsMember 2023-12-31 0001601072 aby:SeniorNoteIssuanceFacilityOneMember ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember 2023-12-31 0001601072 ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember aby:GreenSeniorNotesMember 2024-06-30 0001601072 aby:NewRevolvingCreditFacilityMember ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember 2023-12-31 0001601072 aby:SeniorNoteIssuanceFacilityOneMember ifrs-full:LaterThanSixMonthsAndNotLaterThanOneYearMember 2024-06-30 0001601072 aby:LaterThanNineMonthsAndNotLaterThanOneYearOfCurrentYearMember aby:GreenExchangeableNotesDue2025Member 2024-06-30 0001601072 ifrs-full:LaterThanSixMonthsAndNotLaterThanOneYearMember aby:GreenExchangeableNotesDue2025Member 2024-06-30 0001601072 aby:GreenSeniorNotesMember ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember 2024-06-30 0001601072 ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember aby:CreditFacility2017Member 2023-12-31 0001601072 aby:GreenPrivatePlacementMember ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember 2023-12-31 0001601072 ifrs-full:LaterThanOneMonthAndNotLaterThanSixMonthsMember 2024-06-30 0001601072 aby:GreenExchangeableNotesDue2025Member 2024-06-30 0001601072 ifrs-full:NotLaterThanOneYearMember 2023-12-31 0001601072 aby:LaterThanNineMonthsAndNotLaterThanOneYearOfCurrentYearMember aby:SeniorNoteIssuanceFacilityOneMember 2024-06-30 0001601072 aby:BankLoanOtherMember ifrs-full:NotLaterThanOneYearMember 2023-12-31 0001601072 ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember 2023-12-31 0001601072 ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember aby:NewRevolvingCreditFacilityMember 2023-12-31 0001601072 aby:GreenPrivatePlacementMember ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember 2024-06-30 0001601072 aby:GreenExchangeableNotesDue2025Member ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember 2023-12-31 0001601072 ifrs-full:LaterThanFourYearsAndNotLaterThanFiveYearsMember aby:GreenSeniorNotesMember 2023-12-31 0001601072 ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember aby:GreenExchangeableNotesDue2025Member 2024-06-30 0001601072 aby:SeniorNoteIssuanceFacilityOneMember ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember 2024-06-30 0001601072 aby:BorrowingsCommercialPaperMember aby:LaterThanNineMonthsAndNotLaterThanOneYearOfCurrentYearMember 2024-06-30 0001601072 ifrs-full:NotLaterThanOneYearMember aby:NewRevolvingCreditFacilityMember 2023-12-31 0001601072 aby:BankLoanOtherMember ifrs-full:LaterThanSixMonthsAndNotLaterThanOneYearMember 2024-06-30 0001601072 ifrs-full:NotLaterThanOneYearMember aby:GreenPrivatePlacementMember 2023-12-31 0001601072 aby:GreenSeniorNotesTwoMember 2024-01-01 2024-06-30 0001601072 aby:GreenSeniorNotesTwoMember 2023-03-31 0001601072 ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember 2024-06-30 0001601072 ifrs-full:LaterThanFiveYearsMember 2024-06-30 0001601072 ifrs-full:LaterThanFiveYearsMember 2023-12-31 0001601072 aby:LaterThanOneYearAndNotLaterThanEighteenMonthsMember 2024-06-30 0001601072 aby:ChilePV1AndPV2Member 2024-01-01 2024-06-30 0001601072 aby:ChilePV1AndPV2Member 2023-12-31 0001601072 aby:UnitedStatesDepartmentOfTheTreasuryMember 2024-06-30 0001601072 aby:FederalFinancingBankMember 2024-06-30 0001601072 aby:UnitedStatesDepartmentOfTheTreasuryMember 2023-12-31 0001601072 aby:FederalFinancingBankMember 2023-12-31 0001601072 aby:SolanaAndMojaveMember 2023-01-01 2023-06-30 0001601072 aby:SolanaAndMojaveMember 2024-01-01 2024-06-30 0001601072 aby:MonterreyMember 2023-01-01 2023-06-30 0001601072 aby:ColombianPortfolioOfRenewableEnergyEntitiesMember 2023-01-01 2023-06-30 0001601072 ifrs-full:EquityPriceRiskMember aby:KaxuMember 2024-01-01 2024-06-30 0001601072 ifrs-full:EquityPriceRiskMember aby:KaxuMember 2023-01-01 2023-06-30 0001601072 aby:KaxuMember 2023-01-01 2023-06-30 0001601072 ifrs-full:UnusedTaxLossesMember aby:UnitedKingdomWind1AndUnitedKingdomWind2AssetsMember 2024-01-01 2024-06-30 0001601072 aby:SubsequentEventsMember 2024-07-31 2024-07-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure aby:Asset utr:MW utr:H aby:Agreement utr:mi aby:Substation aby:Customer aby:WindFarm aby:Vote iso4217:EUR aby:Type

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2024
Commission File Number 001-36487

Atlantica Sustainable Infrastructure plc
(Exact name of Registrant as Specified in its Charter)

Not Applicable
(Translation of Registrant’s name into English)

Great West House, GW1, 17th floor
Great West Road
Brentford, TW8 9DF
United Kingdom
Tel.: +44 203 499 0465

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

| ☒ Form 20-F |

| ☐ Form 40-F |

ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC
TABLE OF CONTENTS

|  | Page
PART I – FINANCIAL INFORMATION
Item 1 | Financial Statements | 10
Item 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 43
Item 3 | Quantitative and Qualitative Disclosures about Market Risk | 69
Item 4 | Controls and Procedures | 74
PART II – OTHER INFORMATION
Item 1 | Legal Proceedings | 74
Item 1A | Risk Factors | 74
Item 2 | Unregistered Sales of Equity Securities and Use of Proceeds | 74
Item 3 | Defaults upon Senior Securities | 75
Item 4 | Mine Safety Disclosures | 75
Item 5 | Other Information | 75
Item 6 | Exhibits | 75
Signature | 75

2

Table of Contents
Definitions
Unless otherwise specified or the context requires otherwise in this quarterly report:

| • | references to “2020 Green Private Placement” refer to the €290 million ($313 million) senior secured notes maturing on June 20, 2026, which were issued under a senior secured note purchase agreement entered with a group of institutional investors as purchasers of the notes issued thereunder as further described in “Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—2020 Green Private Placement”;

| • | references to “Abengoa” refer to Abengoa, S.A. together with its subsidiaries unless the context otherwise requires;

| • | references to “ACT” refer to the gas-fired cogeneration facility located inside the Nuevo Pemex Gas Processing Facility near the city of Villahermosa in the State of Tabasco, Mexico;

| • | references to “Adjusted EBITDA” have the meaning set forth in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Financial Measures”;

| • | references to “Albisu” refer to the 10 MW solar PV plant located in Uruguay;

| • | references to “Algonquin” refer to, as the context requires, either Algonquin Power & Utilities Corp., a North American diversified generation, transmission and distribution utility, or Algonquin Power & Utilities Corp. together with its subsidiaries;

| • | references to “Amherst” refer to the holding company of Windlectric Inc;

| • | references to “Annual Consolidated Financial Statements” refer to the audited annual consolidated financial statements as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021, including the related notes thereto, prepared in accordance with IFRS as issued by the IASB (as such terms are defined herein), included in our Annual Report;

| • | references to “Annual Report” refer to our Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 1, 2024;

| • | references to “Atlantica Jersey” refer to Atlantica Sustainable Infrastructure Jersey Limited, a wholly-owned subsidiary of Atlantica;

| • | references to “ATN” refer to ATN S.A., the operational electric transmission asset in Peru, which is part of the Guaranteed Transmission System;

| • | references to “ATS” refer to Atlantica Transmision Sur S.A.;

| • | references to “AYES Canada” refer to Atlantica Sustainable Infrastructure Energy Solutions Canada Inc., a vehicle formed by Atlantica and Algonquin to channel co-investment opportunities;

| • | references to “Befesa Agua Tenes” refer to Befesa Agua Tenes, S.L.U.;

| • | references to “Bidco” refer to California Buyer Limited, a private limited company incorporated in England

and Wales, controlled by Energy Capital Partners;

| • | references to “cash available for distribution” or “CAFD” refer to the cash distributions received by the Company from its subsidiaries minus cash expenses of the Company (including third-party debt service and general and administrative expenses), including proceeds from the sale of assets;

3

Table of Contents

| • | references to “Calgary District Heating” or “Calgary” refer to the 55 MWt thermal capacity district heating asset in the city of Calgary which we acquired in May 2021;

| • | references to “Chile PV 1” refer to the solar PV plant of 55 MW located in Chile;

| • | references to “Chile PV 2” refer to the solar PV plant of 40 MW located in Chile;

| • | references to “Chile PV 3” refer to the solar PV plant of 73 MW located in Chile;

| • | references to “Consolidated Condensed Interim Financial Statements” refer to the consolidated condensed unaudited interim financial statements as of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023, including the related notes thereto prepared in accordance with IFRS as issued by the IASB, which form a part of this quarterly report;

| • | references to “COD” refer to the commercial operation date of the applicable facility;

| • | references to “Coso” refer to the 135 MW geothermal plant located in California;

| • | references to “Distribution Agreement” refer to the agreement entered into with BofA Securities, Inc., MUFG Securities Americas Inc. and RBC Capital Markets LLC, as sales agents, dated February 28, 2022, as amended on May 9, 2022, under which we may offer and sell from time to time up to $150 million of our ordinary shares and pursuant to which such sales agents may sell our ordinary shares by any method permitted by law deemed to be an “at the market offering” as defined by Rule 415(a)(4) promulgated under the U.S. Securities Act of 1933;

| • | references to “EMEA” refer to Europe, Middle East and Africa;

| • | references to “Eskom” refer to Eskom Holdings SOC Limited, together with its subsidiaries, unless the context otherwise requires;

| • | references to “EURIBOR” refer to Euro Interbank Offered Rate, a daily reference rate published by the European Money Markets Institute, based on the average interest rates at which Eurozone banks offer to lend unsecured funds to other banks in the euro wholesale money market;

| • | references to “Federal Financing Bank” refer to a U.S. government corporation by that name;

| • | references to “Fitch” refer to Fitch Ratings Inc.;

| • | references to “GAAP” refer to generally accepted accounting standards;

| • | references to “Green Exchangeable Notes” refer to the $115 million green exchangeable senior notes due in 2025 issued by Atlantica Jersey on July 17, 2020, and fully and unconditionally guaranteed on a senior, unsecured basis, by Atlantica, as further described in “Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Green Exchangeable Notes”;

| • | references to “Green Project Finance” refer to the green project financing agreement entered into between Logrosan, the sub-holding company of Solaben 1 & 6 and Solaben 2 & 3, as borrower, and ING Bank, B.V. and Banco Santander S.A., as lenders, as amended in June 2023;

| • | references to “Green Senior Notes” refer to the $400 million green senior notes due in 2028, as further described in “Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Green Senior Notes”;

4

Table of Contents

| • | references to “gross capacity” refer to the maximum, or rated, power generation capacity, in MW, of a facility or group of facilities, without adjusting for the facility’s power parasitics’ consumption, or by our percentage of ownership interest in such facility as of the date of this quarterly report;

| • | references to “GW” refer to gigawatts;

| • | references to “GWh” refer to gigawatt hour;

| • | references to “Honda 1” refer to the 10 MW solar PV plant located in Colombia;

| • | references to “IASB” refer to the International Accounting Standards Board;

| • | references to “IFRIC 12” refer to International Financial Reporting Interpretations Committee’s Interpretation 12—Service Concessions Arrangements;

| • | references to “IFRS as issued by the IASB” or “IFRS” refer to International Financial Reporting Standards as issued by the IASB;

| • | references to “IRA” refer to the U.S. Inflation Reduction Act;

| • | references to “ITC” refer to investment tax credits;

| • | references to “Kaxu” refer to the 100 MW solar plant located in South Africa;

| • | references to “La Sierpe” refer to the 20 MW solar PV plant located in Colombia;

| • | references to “La Tolua” refer to the 20 MW solar PV plant located in Colombia;

| • | references to “Lone Star II” refer to one of the assets included in our wind portfolio Vento II;

| • | references to “Mft3” refer to million standard cubic feet;

| • | references to “Monterrey” refer to the 142 MW gas-fired engine facility including 130 MW installed capacity and 12 MW battery capacity, located in Monterrey, Mexico, that was sold in April 2024;

| • | references to “Multinational Investment Guarantee Agency” refer to the Multinational Investment Guarantee Agency, a financial institution member of the World Bank Group which provides political insurance and credit enhancement guarantees;

| • | references to “MW” refer to megawatts;

| • | references to “MWh” refer to megawatt hour;

| • | references to “MWt” refer to thermal megawatts;

| • | references to “Moody’s” refer to Moody’s Investor Service Inc.;

| • | references to “Note Issuance Facility 2020” refer to the senior unsecured note facility dated July 8, 2020, as amended on March 30, 2021, of €140 million ($151 million), with Lucid Agency Services Limited, as facility agent and a group of funds managed by Westbourne Capital, as purchasers of the notes issued thereunder as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Note Issuance Facility 2020”;

| • | references to “O&M” refer to operation and maintenance services provided at our various facilities;

| • | references to “operation” refer to the status of projects that have reached COD (as defined above);

5

Table of Contents

| • | references to “Pemex” refer to Petróleos Mexicanos;

| • | references to “PG&E” refer to PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company, collectively;

| • | references to “PPA” refer to the power purchase agreements through which our power generating assets have contracted to sell energy to various off-takers;

| • | references to “Proposed Acquisition” refer to the proposed acquisition of the Company by Bidco, pursuant to the Transaction Agreement;

| • | references to “PV” refer to photovoltaic power;

| • | references to “Revolving Credit Facility” refer to the credit and guaranty agreement with a syndicate of banks entered into on May 10, 2018, as amended on January 24, 2019, August 2, 2019, December 17, 2019, August 28, 2020, March 1, 2021 and May 5, 2022 providing for a senior secured revolving credit facility in an aggregate principal amount of $450 million as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Revolving Credit Facility”;

| • | references to “SEC” refer to the U.S. Securities and Exchange Commission;

| • | references to “Skikda” refer to the seawater desalination plant in Algeria, which is 34% owned by Atlantica;

| • | references to “SOFR” refer to Secured Overnight Financing Rate;

| • | references to “S&P” refer to S&P Global Rating;

| • | references to “Tenes” refer to Ténès Lilmiyah SpA, a water desalination plant in Algeria, which is 51% owned by Befesa Agua Tenes;

| • | references to “Tierra Linda” refer to the 10 MW solar PV plant located in Colombia;

| • | references to “Transaction Agreement” refer to the transaction agreement dated May 27, 2024, entered into, among others, the Company and Bidco providing for, subject to the terms and conditions of such transaction agreement, the acquisition of the Company by Bidco;

| • | references to “UK” refer to the United Kingdom;

| • | references to “UK Wind 1” refer to the 24.75 MW wind facility located in the United Kingdom which we acquired in March 2024;

| • | references to “UK Wind 2” refer to the 7.5 MW wind facility located in the United Kingdom which we acquired in March 2024;

| • | references to “U.S.” or “United States” refer to the United States of America;

| • | references to “Vento II” refer to the wind portfolio in the U.S. in which we acquired a 49% interest in June 2021; and

| • | references to “we,” “us,” “our,” “Atlantica” and the “Company” refer to Atlantica Sustainable Infrastructure plc and its consolidated subsidiaries, and where the context otherwise requires to Atlantica Sustainable Infrastructure plc.

6

Table of Contents
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
This quarterly report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, strategies, future events or performance (often, but not always, through the use of words or phrases such as may result, are expected to, will continue, is anticipated, likely to be, believe, will, could, should, would, estimated, may, plan, potential, future, projection, goals, target, outlook, predict, aim and intend or words of similar meaning) are not statements of historical facts and may be forward looking. Such statements occur throughout this quarterly report and include statements with respect to our expected trends and outlook, potential market and currency fluctuations, occurrence and effects of certain trigger and conversion events, our capital requirements, changes in market price of our shares, future regulatory requirements, the ability to identify and/or make future investments and acquisitions on favorable terms, ability to capture growth opportunities, reputational risks, divergence of interests between our company and that of our largest shareholder, tax and insurance implications, our Company’s and Bidco’s ability to complete the Proposed Acquisition on the proposed terms or on anticipated timeline and more. Forward-looking statements involve estimates, assumptions and uncertainties. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, important factors included in “Part I—Item 3.D.—Risk Factors” in our Annual Report (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements) and the forward looking statements sections under the Reports of Foreign Private Issuer on Form 6-K dated May 28, 2024, and July 16, 2024, that could have a significant impact on our operations and financial results, and could cause our actual results, performance or achievements, to differ materially from the future results, performance or achievements expressed or implied in forward-looking statements made by us or on our behalf in this quarterly report, in our Annual Report, in presentations, on our website, in response to questions or otherwise. These forward-looking statements include, but are not limited to, statements relating to:

| • | the failure to realize the expected benefits of the Proposed Acquisition;

| • | uncertainties related to securing the necessary regulatory approvals, our Company’s shareholders’ approval, the sanction of the High Court of Justice of England and Wales and satisfaction of other closing conditions to consummate the Proposed Acquisition or the occurrence of any event, change or other circumstance that could give rise to the termination of the Transaction Agreement;

| • | risks related to diverting the attention of our management from ongoing business operations;

| • | significant transaction costs and/or unknown or inestimable liabilities, including the risk of shareholder litigation related to the Proposed Acquisition;

| • | Bidco’s ability to fund the Proposed Acquisition;

| • | disruption from the Proposed Acquisition, making it more difficult to conduct business as usual or maintain relationships with customers, employees or suppliers;

| • | effects relating to the announcement of the Proposed Acquisition or any further announcements or the consummation of the Proposed Acquisition on the market price of our Company’s shares;

| • | the condition of and changes in the debt and equity capital markets and other traditional liquidity sources and our ability to borrow additional funds, refinance existing debt and access capital markets, as well as our substantial indebtedness and the possibility that we may incur additional indebtedness going forward;

| • | our plans relating to our financings, including refinancing plans or plans to cancel any credit line;

| • | the ability of our assets to serve our project debt and comply with financial or other covenants on their terms, including but not limited to our projects’ debts in Chile, and our ability to serve our corporate debt;

| • | the ability of our counterparties, including Pemex, to satisfy their financial commitments or business obligations and our ability to seek new counterparties in a competitive market;

7

Table of Contents

| • | government regulation, including compliance with regulatory and permit requirements and changes in, market rules, rates, tariffs, environmental laws and policies affecting renewable energy, including the IRA and recent changes in regulation defining the remuneration of our solar assets in Spain;

| • | changes in tax laws and regulations, including new legislation on restrictions to tax deductibility in Spain;

| • | risks relating to our activities in areas subject to economic, social and political uncertainties;

| • | global recession risks, volatility in the financial markets, a persistent inflationary environment, increases in interest rates and supply chain issues, and the related increases in prices of materials, labor, services and other costs and expenses required to operate our business;

| • | risks related to our ability to capture growth opportunities, develop, build and complete projects in time and within budget, including construction risks and risks associated with the arrangements with our joint venture partners;

| • | our ability to grow organically and inorganically, which depends on our ability to identify attractive development opportunities, attractive potential acquisitions, finance such opportunities and make new investments and acquisitions on favorable terms;

| • | our ability to distribute a significant percentage of our cash for distribution as cash dividends;

| • | risks relating to new assets and businesses which have a higher risk profile and our ability to transition these successfully;

| • | potential environmental liabilities and the cost and conditions of compliance with applicable environmental laws and regulations;

| • | risks related to our reliance on suppliers, including financial or technical uncertainties of original equipment manufacturer (OEM) suppliers, among others;

| • | risks related to disagreements and disputes with our employees, a union and employees represented by a union;

| • | risks related to our ability to maintain appropriate insurance over our assets;

| • | risks related to our facilities not performing as expected, unplanned outages, higher than expected operating costs and/ or capital expenditures, including as a result of interruptions or disruptions caused by supply chain issues and trade restrictions;

| • | risks related to curtailments in the assets where we do not get compensation for such curtailments;

| • | risks related to our exposure to electricity market prices, including regulated assets which have certain exposure to electricity market prices;

| • | risks related to our exposure in the labor market;

| • | risks related to extreme and chronic weather events related to climate change could damage our assets or result in significant liabilities and cause an increase in our operation and maintenance costs;

| • | the effects of litigation, arbitration and other legal proceedings (including bankruptcy) against us, our subsidiaries, our assets and our employees;

| • | price fluctuations, revocation and termination provisions in our off-take agreements and PPAs;

8

Table of Contents

| • | risks related to information technology systems and cyber-attacks could significantly impact our operations and business;

| • | our electricity generation, our projections thereof and factors affecting production;

| • | risks related to our current or previous relationship with Abengoa, our former largest shareholder, including litigation risk;

| • | performing the O&M services directly and the successful integration of the O&M employees where the services thereunder have been recently replaced and internalized;

| • | our guidance targets or expectations with respect to Adjusted EBITDA derived from low-carbon footprint assets;

| • | risks related to our relationship with our shareholders, including Algonquin, our major shareholder;

| • | impact of potential pandemics on our business and our off-takers’ financial condition, results of operations and cash flows;

| • | reputational and financial damage caused by our off-takers PG&E, Pemex and Eskom;

| • | the final proceeds expected from the sale of our equity interest in Monterrey, for which we have already received $38.1 million and for which we expect to receive an additional $3.1 million in the third quarter of 2024 and potential additional proceeds from earn-out mechanism;

| • | risks related to Russian military actions in Ukraine, military actions in the Middle East, or to the potential escalation of any of the foregoing global geopolitical tensions; and

| • | other factors discussed in “Part I—Item 3.D.—Risk Factors” in our Annual Report.

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law. New factors emerge from time to time, and it is not possible for management to predict all of these factors, nor can it assess the impact of each of these factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement.
9

Table of Contents
Consolidated condensed statements of financial position as of June 30, 2024 and December 31, 2023
Amounts in thousands of U.S. dollars

|  |  |  |  | As of June 30, |  |  | As of December 31, |
|  | Note (1) |  |  | 2024 |  |  | 2023 |
Assets |  |  |  |  |  |  |  |  |
Non-current assets |  |  |  |  |  |  |  |  |
Contracted concessional, PP&E and other intangible assets |  |  | 6 |  |  |  | 7,065,132 |  |  |  | 7,204,267 |
Investments carried under the equity method |  |  | 7 |  |  |  | 221,558 |  |  |  | 230,307 |
Derivative asstes |  |  | 10 |  |  |  | 68,896 |  |  |  | 56,708 |
Other financial assets |  |  | 9 |  |  |  | 82,676 |  |  |  | 79,874 |
Deferred tax assets |  |  |  |  |  |  | 177,911 |  |  |  | 160,995 |
Total non-current assets |  |  |  |  |  |  | 7,616,173 |  |  |  | 7,732,151 |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Inventories |  |  |  |  |  |  | 35,036 |  |  |  | 29,870 |
Trade and other receivables |  |  | 13 |  |  |  | 335,290 |  |  |  | 286,483 |
Derivative assets |  |  | 10 |  |  |  | 3,684 |  |  |  | 4,989 |
Other financial assets |  |  | 9 |  |  |  | 190,543 |  |  |  | 183,897 |
Cash and cash equivalents |  |  |  |  |  |  | 355,529 |  |  |  | 448,301 |
|  |  |  |  |  |  | 920,082 |  |  |  | 953,540 |
Assets held for sale |  |  | 8 |  |  |  | - |  |  |  | 28,642 |
Total current assets |  |  |  |  |  |  | 920,082 |  |  |  | 982,182 |
Total assets |  |  |  |  |  |  | 8,536,255 |  |  |  | 8,714,333 |

(1) | Notes 1 to 23 form an integral part of the Consolidated Condensed Interim Financial Statements.

10

Table of Contents
Consolidated condensed statements of financial position as of June 30, 2024 and December 31, 2023
Amounts in thousands of U.S. dollars

|  |  |  |  | As of June 30, |  |  | As of December 31, |
|  | Note (1) |  |  | 2024 |  |  | 2023 |
Equity and liabilities |  |  |  |  |  |  |  |  |
Equity attributable to the Company |  |  |  |  |  |  |  |  |
Share capital |  |  | 14 |  |  |  | 11,616 |  |  |  | 11,616 |
Share premium |  |  | 14 |  |  |  | 536,594 |  |  |  | 736,594 |
Capital reserves |  |  | 14 |  |  |  | 954,838 |  |  |  | 858,220 |
Other reserves |  |  | 10 |  |  |  | 327,598 |  |  |  | 308,002 |
Accumulated currency translation differences |  |  | 14 |  |  |  | (151,391 | ) |  |  | (139,434 | )
Accumulated deficit |  |  | 14 |  |  |  | (333,575 | ) |  |  | (351,521 | )
Non-controlling interest |  |  | 14 |  |  |  | 151,892 |  |  |  | 165,332 |
Total equity |  |  |  |  |  |  | 1,497,572 |  |  |  | 1,588,809 |
Non-current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Long-term corporate debt |  |  | 15 |  |  |  | 1,125,496 |  |  |  | 1,050,816 |
Long-term project debt |  |  | 16 |  |  |  | 3,763,395 |  |  |  | 3,931,873 |
Grants and other liabilities |  |  | 17 |  |  |  | 1,161,840 |  |  |  | 1,233,808 |
Derivative liabilities |  |  | 10 |  |  |  | 16,351 |  |  |  | 29,957 |
Deferred tax liabilities |  |  |  |  |  |  | 288,371 |  |  |  | 271,288 |
Total non-current liabilities |  |  |  |  |  |  | 6,355,453 |  |  |  | 6,517,742 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Short-term corporate debt |  |  | 15 |  |  |  | 66,611 |  |  |  | 34,022 |
Short-term project debt |  |  | 16 |  |  |  | 400,529 |  |  |  | 387,387 |
Trade payables and other current liabilities |  |  | 18 |  |  |  | 169,231 |  |  |  | 141,713 |
Income and other tax payables |  |  |  |  |  |  | 46,859 |  |  |  | 44,660 |
Total current liabilities |  |  |  |  |  |  | 683,230 |  |  |  | 607,782 |
Total equity and liabilities |  |  |  |  |  |  | 8,536,255 |  |  |  | 8,714,333 |

(1) | Notes 1 to 23 form an integral part of the Consolidated Condensed Interim Financial Statements.

11

Table of Contents
Consolidated condensed statements of profit or loss for the six-month periods ended June 30, 2024 and 2023
Amounts in thousands of U.S. dollars

|  |  |  |  | For the six-month period ended June 30, |
|  | Note (1) |  |  | 2024 |  |  | 2023 |
Revenue |  |  | 4 |  |  |  | 571,195 |  |  |  | 554,619 |
Other operating income |  |  | 19 |  |  |  | 56,830 |  |  |  | 40,479 |
Employee benefit expenses |  |  |  |  |  |  | (56,720 | ) |  |  | (49,535 | )
Depreciation, amortization, and impairment charges |  |  | 6 |  |  |  | (210,217 | ) |  |  | (207,118 | )
Other operating expenses |  |  | 19 |  |  |  | (183,403 | ) |  |  | (161,287 | )
Operating profit |  |  |  |  |  |  | 177,685 |  |  |  | 177,158 |
Financial income |  |  | 20 |  |  |  | 11,316 |  |  |  | 10,590 |
Financial expense |  |  | 20 |  |  |  | (163,634 | ) |  |  | (162,945 | )
Net exchange differences |  |  | 20 |  |  |  | (2,992 | ) |  |  | (89 | )
Other financial expense, net |  |  | 20 |  |  |  | (11,020 | ) |  |  | (6,943 | )
Financial expense, net |  |  |  |  |  |  | (166,330 | ) |  |  | (159,387 | )
Share of profit of entities carried under the equity method |  |  | 7 |  |  |  | 14,860 |  |  |  | 10,852 |
Profit before income tax |  |  |  |  |  |  | 26,215 |  |  |  | 28,623 |
Income tax |  |  | 21 |  |  |  | (3,942 | ) |  |  | 2,168 |
Profit for the period |  |  |  |  |  |  | 22,273 |  |  |  | 30,791 |
Profit attributable to non-controlling interest |  |  |  |  |  |  | (6,240 | ) |  |  | (6,130 | )
Profit for the period attributable to the Company |  |  |  |  |  |  | 16,033 |  |  |  | 24,661 |
Weighted average number of ordinary shares outstanding (thousands) - basic |  |  | 22 |  |  |  | 116,159 |  |  |  | 116,147 |
Weighted average number of ordinary shares outstanding (thousands) - diluted |  |  | 22 |  |  |  | 119,920 |  |  |  | 119,717 |
Basic earnings per share (U.S. dollar per share) |  |  | 22 |  |  |  | 0.14 |  |  |  | 0.21 |
Diluted earnings per share (U.S. dollar per share) (*) |  |  | 22 |  |  |  | 0.14 |  |  |  | 0.21 |

(*) | Antidilutive effect applied, where applicable (see Note 22)

(1) | Notes 1 to 23 form an integral part of the Consolidated Condensed Interim Financial Statements.

12

Table of Contents
Consolidated condensed statements of comprehensive income for the six-month periods ended June 30, 2024 and 2023
Amounts in thousands of U.S. dollars

|  |  |  |  | For the six-month period ended June 30, |
|  | Note (1) |  |  | 2024 |  |  | 2023 |
Profit for the period |  |  |  |  |  | 22,273 |  |  |  | 30,791 |
Items that may be subject to transfer to profit or loss statement in subsequent periods |  |  |  |  |  |  |  |  |  |  |
Change in fair value of cash flow hedges |  |  |  |  |  | 40,755 |  |  |  | 5,369 |
Currency translation differences |  |  |  |  |  | (14,435 | ) |  |  | 12,888 |
Tax effect |  |  |  |  |  | (9,766 | ) |  |  | (4,533 | )
Net income recognized directly in equity |  |  |  |  |  | 16,554 |  |  |  | 13,724 |
Cash flow hedges |  |  | 10 |  |  |  | (12,264 | ) |  |  | (10,134 | )
Tax effect |  |  |  |  |  |  | 3,066 |  |  |  | 2,534 |
Transfers to profit or loss statement |  |  |  |  |  |  | (9,198 | ) |  |  | (7,600 | )
Other comprehensive income |  |  |  |  |  |  | 7,356 |  |  |  | 6,124 |
Total comprehensive income for the period |  |  |  |  |  |  | 29,629 |  |  |  | 36,915 |
Total comprehensive income attributable to non-controlling interest |  |  |  |  |  |  | (5,957 | ) |  |  | (5,357 | )
Total comprehensive income attributable to the Company |  |  |  |  |  |  | 23,672 |  |  |  | 31,558 |

(1) | Notes 1 to 23 form an integral part of the Consolidated Condensed Interim Financial Statements.

13

Table of Contents
Consolidated condensed statements of changes in equity for the six-month periods ended June 30, 2024 and 2023
Amounts in thousands of U.S. dollars

|  | Share capital |  |  | Share premium |  |  | Capital reserves |  |  | Other reserves |  |  | Accumulated currency translation differences |  |  | Accumulated deficit |  |  | Total equity attributable to the Company |  |  | Non- controlling interest |  |  | Total equity |
Balance as of January 1, 2023 |  |  | 11,606 |  |  |  | 986,594 |  |  |  | 814,951 |  |  |  | 345,567 |  |  |  | (161,307 | ) |  |  | (397,540 | ) |  |  | 1,599,871 |  |  |  | 189,176 |  |  |  | 1,789,047 |
Profit for the six -month period after taxes |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 24,661 |  |  |  | 24,661 |  |  |  | 6,130 |  |  |  | 30,791 |
Change in fair value of cash flow hedges net of transfer to the income statement |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3,148 | ) |  |  | - |  |  |  | - |  |  |  | (3,148 | ) |  |  | (1,617 | ) |  |  | (4,765 | )
Currency translation differences |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12,580 |  |  |  | - |  |  |  | 12,580 |  |  |  | 308 |  |  |  | 12,888 |
Tax effect |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,535 | ) |  |  | - |  |  |  | - |  |  |  | (2,535 | ) |  |  | 536 |  |  |  | (1,999 | )
Other comprehensive income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (5,683 | ) |  |  | 12,580 |  |  |  | - |  |  |  | 6,897 |  |  |  | (773 | ) |  |  | 6,124 |
Total comprehensive income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (5,683 | ) |  |  | 12,580 |  |  |  | 24,661 |  |  |  | 31,558 |  |  |  | 5,357 |  |  |  | 36,915 |
Changes in the scope |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,817 | ) |  |  | (2,817 | )
Reduction of share premium (Note 14) |  |  | - |  |  |  | (250,000 | ) |  |  | 250,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Share-based compensation (Note 14) |  |  | 9 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,214 |  |  |  | 1,223 |  |  |  | - |  |  |  | 1,223 |
Capital contribution (Note 14) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10,476 |  |  |  | 10,476 |
Distributions (Note 14) |  |  | - |  |  |  | - |  |  |  | (103,376 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (103,376 | ) |  |  | (23,707 | ) |  |  | (127,083 | )
Balance as of June 30, 2023 |  |  | 11,615 |  |  |  | 736,594 |  |  |  | 961,575 |  |  |  | 339,884 |  |  |  | (148,727 | ) |  |  | (371,665 | ) |  |  | 1,529,276 |  |  |  | 178,485 |  |  |  | 1,707,761 |

Notes 1 to 23 form an integral part of the Consolidated Condensed Interim Financial Statements.
14

Table of Contents

|  | Share capital |  |  | Share premium |  |  | Capital reserves |  |  | Other reserves |  |  | Accumulated currency translation differences |  |  | Accumulated deficit |  |  | Total equity attributable to the Company |  |  | Non- controlling interest |  |  | Total equity |
Balance as of January 1, 2024 |  |  | 11,616 |  |  |  | 736,594 |  |  |  | 858,220 |  |  |  | 308,002 |  |  |  | (139,434 | ) |  |  | (351,521 | ) |  |  | 1,423,477 |  |  |  | 165,332 |  |  |  | 1,588,809 |
Profit for the six -month period after taxes |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 16,033 |  |  |  | 16,033 |  |  |  | 6,240 |  |  |  | 22,273 |
Change in fair value of cash flow hedges net of transfer to profit or loss statement |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 25,852 |  |  |  | - |  |  |  | - |  |  |  | 25,852 |  |  |  | 2,639 |  |  |  | 28,491 |
Currency translation differences |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (11,957 | ) |  |  | - |  |  |  | (11,957 | ) |  |  | (2,478 | ) |  |  | (14,435 | )
Tax effect |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (6,256 | ) |  |  | - |  |  |  | - |  |  |  | (6,256 | ) |  |  | (444 | ) |  |  | (6,700 | )
Other comprehensive income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 19,596 |  |  |  | (11,957 | ) |  |  | - |  |  |  | 7,639 |  |  |  | (283 | ) |  |  | 7,356 |
Total comprehensive income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 19,596 |  |  |  | (11,957 | ) |  |  | 16,033 |  |  |  | 23,672 |  |  |  | 5,957 |  |  |  | 29,629 |
Reduction of share premium (Note 14) |  |  | - |  |  |  | (200,000 | ) |  |  | 200,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Share-based compensation (Note 14) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,913 |  |  |  | 1,913 |  |  |  | - |  |  |  | 1,913 |
Capital contribution (Note 14) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,200 |  |  |  | 1,200 |
Distributions (Note 14) |  |  | - |  |  |  | - |  |  |  | (103,382 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (103,382 | ) |  |  | (20,597 | ) |  |  | (123,979 | )
Balance as of June 30, 2024 |  |  | 11,616 |  |  |  | 536,594 |  |  |  | 954,838 |  |  |  | 327,598 |  |  |  | (151,391 | ) |  |  | (333,575 | ) |  |  | 1,345,680 |  |  |  | 151,892 |  |  |  | 1,497,572 |

15

Table of Contents
Consolidated condensed cash flows statements for the six-month periods ended June 30, 2024 and 2023
Amounts in thousands of U.S. dollars

|  |  |  |  | For the six-month periods ended June 30, |
|  | Note (1) |  |  | 2024 |  |  | 2023 |
I. Profit for the period |  |  |  |  |  | 22,273 |  |  |  | 30,791 |
Financial expense and non-monetary adjustments |  |  |  |  |  | 291,730 |  |  |  | 353,058 |
II. Profit for the period adjusted by non-monetary items |  |  |  |  |  | 314,003 |  |  |  | 383,849 |
III. Changes in working capital |  |  |  |  |  | (28,003 | ) |  |  | (106,334 | )
Net interest and income tax paid |  |  |  |  |  | (144,138 | ) |  |  | (138,845 | )
A. Net cash provided by operating activities |  |  |  |  |  | 141,862 |  |  |  | 138,670 |
Business combinations and investments in entities under the equity method |  |  | 5, 7&12 |  |  |  | (65,900 | ) |  |  | (15,194 | )
Investments in operating concessional assets |  |  | 6 |  |  |  | (5,670 | ) |  |  | (19,671 | )
Investments in assets under development or construction |  |  | 6 |  |  |  | (94,024 | ) |  |  | (13,761 | )
Distributions from entities under the equity method |  |  | 7 |  |  |  | 25,061 |  |  |  | 15,464 |
Net divestment in other non-current financial assets |  |  |  |  |  |  | 39,826 |  |  |  | 16,835 |
B. Net cash used in investing activities |  |  |  |  |  |  | (100,707 | ) |  |  | (16,327 | )
Proceeds from project debt |  |  | 16 |  |  |  | 7,753 |  |  |  | 214,343 |
Proceeds from corporate debt |  |  | 15 |  |  |  | 161,505 |  |  |  | 73,135 |
Repayment of project debt |  |  | 16 |  |  |  | (142,349 | ) |  |  | (362,530 | )
Repayment of corporate debt |  |  | 15 |  |  |  | (43,066 | ) |  |  | (50,345 | )
Dividends paid to Company´s shareholders |  |  | 14 |  |  |  | (103,382 | ) |  |  | (103,376 | )
Dividends paid to non-controlling interest |  |  | 14 |  |  |  | (12,849 | ) |  |  | (17,191 | )
Non-controlling interest capital contribution |  |  | 14 |  |  |  | 1,200 |  |  |  | 10,476 |
C. Net cash used in financing activities |  |  |  |  |  |  | (131,188 | ) |  |  | (235,488 | )
Net decrease in cash and cash equivalents |  |  |  |  |  |  | (90,033 | ) |  |  | (113,145 | )
Cash and cash equivalents at the beginning of the period |  |  |  |  |  |  | 448,301 |  |  |  | 600,990 |
Translation differences in cash and cash equivalents |  |  |  |  |  |  | (2,739 | ) |  |  | (1,001 | )
Cash and cash equivalents at the end of the period |  |  |  |  |  |  | 355,529 |  |  |  | 486,844 |

(1) Notes 1 to 23 form an integral part of the Consolidated Condensed Interim Financial Statements.
16

Table of Contents
Notes to the consolidated condensed interim financial statements

Note 1.- Nature of the business | 18
Note 2.- Basis of preparation | 22
Note 3.- Financial risk management | 23
Note 4.- Financial information by segment | 23
Note 5.- Business combinations | 28
Note 6.- Contracted concessional, PP&E and other intangible assets | 29
Note 7.- Investments carried under the equity method | 30
Note 8.- Assets held for sale | 31
Note 9.- Financial assets | 31
Note 10.- Derivative financial instruments | 32
Note 11.- Fair value of financial instruments | 32
Note 12.- Related parties | 33
Note 13.- Trade and other receivables | 34
Note 14.- Equity | 34
Note 15.- Corporate debt | 36
Note 16.- Project debt | 38
Note 17.- Grants and other liabilities | 39
Note 18.-Trade payables and other current liabilities | 39
Note 19.- Other operating income and expenses | 40
Note 20.- Financial expense, net | 41
Note 21.- Income tax | 41
Note 22.- Earnings per share | 42
Note 23.- Subsequent events | 42

17

Table of Contents
Note 1. - Nature of the business
Atlantica Sustainable Infrastructure plc (“Atlantica” or the “Company”) is a sustainable infrastructure company with a majority of its business in renewable energy assets. Atlantica currently owns, manages and invests in renewable energy, storage, efficient natural gas and heat, electric transmission lines and water assets focused on North America (the United States, Canada and Mexico), South America (Peru, Chile, Colombia and Uruguay) and EMEA (United Kingdom, Spain, Italy, Algeria and South Africa). Its registered address is Great West House, GW1 Great West Road Brentford TW8 9DF, London (United Kingdom).
Atlantica’s shares trade on the NASDAQ Global Select Market under the symbol “AY”.
On May 27, 2024, Atlantica entered into a definitive agreement (the "Transaction Agreement") pursuant to which a private limited company, Bidco, incorporated in England and Wales agreed, subject to the terms of the Transaction Agreement, to acquire 100% of the shares of Atlantica for $22 per share in cash. Bidco is controlled by Energy Capital Partners and includes a large group of institutional co-investors. The transaction is to be completed pursuant to a scheme of arrangement under the U.K. Companies Act 2006. Algonquin Power & Utilities Corp. and Liberty (AY Holdings), B.V., which hold approximately 42.2% of Atlantica’s shares, have entered into a support agreement with Bidco pursuant to which they have agreed, subject to the terms of that agreement, to vote their shares in favor of the proposed acquisition of the Company by Bidco, pursuant to the Transaction Agreement and the scheme of arrangement.
The proposed acquisition by Bidco is subject to, among other conditions, approval by Atlantica’s shareholders of the scheme of arrangement, sanction of the transaction by the High Court of Justice of England and Wales, and regulatory approvals in different jurisdictions, including but not limited to clearance under the Hart-Scott-Rodino Act, by the Committee on Foreign Investment in the United States and by the Federal Energy Regulatory Commission in the United States. The transaction is expected to close in the fourth quarter of 2024 or early first quarter of 2025. Upon the completion of the proposed acquisition by Bidco, Atlantica will become a privately held company and its shares will no longer be listed on any public market. Some transaction costs, including financial advisors, transaction-related bonuses and long-term incentive plans are subject to the occurrence of closing. As such, these are contingent liabilities, which have therefore not been accrued for in these Consolidated Condensed Interim Financial Statements as of June 30, 2024 in accordance with IAS 37, Provisions, Contingent Liabilities and Contingent Assets.
On March 22, 2024, the Company closed the acquisition of a 100% equity interest stake in two wind assets, UK Wind 1 and UK Wind 2, with a combined installed capacity of 32 MW in Scotland, United Kingdom. The assets are regulated under the UK green attribute regulation and are granted renewables obligation certificates until 2031 on average. The investment amounted to approximately $66 million and the assets currently do not have any project debt. These are Atlantica’s first operating assets in the UK, and the Company expects that the return from these assets will be enhanced by the use of the existing net operating loss carryforwards of the Company in the UK, in the upcoming years.
In April 2024, the Company acquired the Imperial project from Algonquin, a 100 MW PV + storage (4 hours) project in Southern California. On May 6, 2024, the project entered into a 15-year PPA with an investment grade Community Choice Aggregator as off-taker. Total investment is expected to be within the range of $320 million to $340 million, mostly in 2025 and 2026.
In May 2022, the Company agreed to develop and construct Honda 1 and 2, two PV assets in Colombia with a combined capacity of 20 MW, where it has a 50% ownership. Each plant has a 7-year PPA with Enel Colombia. Honda 1 entered in operation in December 2023 and Honda 2 entered into operation in July 2024.
18

Table of Contents
The following table provides an overview of the main operating assets the Company owned or had an interest in as of June 30, 2024:

Assets | Type | Ownership | Location | Currency(9) | Capacity (Gross) | Counterparty Credit Ratings(10) | COD* | Contract Years Remaining(17)

Solana | Renewable (Solar) | 100% | Arizona (USA) | USD | 280 MW | BBB+/Baa1/BBB+ | 2013 | 19
Mojave | Renewable (Solar) | 100% | California (USA) | USD | 280 MW | BB/ Ba1/BB+ | 2014 | 15
Coso | Renewable (Geothermal) | 100% | California (USA) | USD | 135 MW | Investment Grade(11) | 1987-1989 | 18
Elkhorn Valley(16) | Renewable (Wind) | 49% | Oregon (USA) | USD | 101 MW | BBB/Baa1/-- | 2007 | 4
Prairie Star(16) | Renewable (Wind) | 49% | Minnesota (USA) | USD | 101 MW | --/A3/A- | 2007 | 4
Twin Groves II(16) | Renewable (Wind) | 49% | Illinois (USA) | USD | 198 MW | BBB+/Baa1/-- | 2008 | 2
Lone Star II(16) | Renewable (Wind) | 49% | Texas (USA) | USD | 196 MW | N/A | 2008 | N/A
Chile PV 1 | Renewable (Solar) | 35%(1) | Chile | USD | 55 MW | N/A | 2016 | N/A
Chile PV 2 | Renewable (Solar) | 35%(1) | Chile | USD | 40 MW | Not rated | 2017 | 7
Chile PV 3 | Renewable (Solar) | 35%(1) | Chile | USD | 73 MW | Not rated | 2014 | 10
La Sierpe | Renewable (Solar) | 100% | Colombia | COP | 20 MW | Not rated | 2021 | 12
La Tolua | Renewable (Solar) | 100% | Colombia | COP | 20 MW | Not rated | 2023 | 9
Tierra Linda | Renewable (Solar) | 100% | Colombia | COP | 10 MW | Not rated | 2023 | 9
Honda 1 | Renewable (Solar) | 50% | Colombia | COP | 10 MW | BBB-/-/BBB | 2023 | 7
Albisu | Renewable (Solar) | 100% | Uruguay | UYU | 10 MW | Not rated | 2023 | 14
Palmatir | Renewable (Wind) | 100% | Uruguay | USD | 50 MW | BBB+/Baa1/BBB(12) | 2014 | 10
Cadonal | Renewable (Wind) | 100% | Uruguay | USD | 50 MW | BBB+/Baa1/BBB(12) | 2014 | 10
Melowind | Renewable (Wind) | 100% | Uruguay | USD | 50 MW | BBB+/Baa1/BBB(12) | 2015 | 12
Mini-Hydro | Renewable (Hydraulic) | 100% | Peru | USD | 4 MW | BBB-/Baa1/BBB | 2012 | 9
Solaben 2 & 3 | Renewable (Solar) | 70%(2) | Spain | Euro | 2x50 MW | A/Baa1/A- | 2012 | 13/13
Solacor 1 & 2 | Renewable (Solar) | 87%(3) | Spain | Euro | 2x50 MW | A/Baa1/A- | 2012 | 13/13
PS10 & PS20 | Renewable (Solar) | 100% | Spain | Euro | 31 MW | A/Baa1/A- | 2007&2009 | 8/10
Helioenergy 1 & 2 | Renewable (Solar) | 100% | Spain | Euro | 2x50 MW | A/Baa1/A- | 2011 | 12/12
Helios 1 & 2 | Renewable (Solar) | 100% | Spain | Euro | 2x50 MW | A/Baa1/A- | 2012 | 13/13
Solnova 1, 3 & 4 | Renewable (Solar) | 100% | Spain | Euro | 3x50 MW | A/Baa1/A- | 2010 | 11/11/11
Solaben 1 & 6 | Renewable (Solar) | 100% | Spain | Euro | 2x50 MW | A/Baa1/A- | 2013 | 14/14
Seville PV | Renewable (Solar) | 80%(4) | Spain | Euro | 1 MW | A/Baa1/A- | 2006 | 12
Italy PV 1 | Renewable (Solar) | 100% | Italy | Euro | 1.6 MW | BBB/Baa3/BBB | 2010 | 7
Italy PV 2 | Renewable (Solar) | 100% | Italy | Euro | 2.1 MW | BBB/Baa3/BBB | 2011 | 7
Italy PV 3 | Renewable (Solar) | 100% | Italy | Euro | 2.5 MW | BBB/Baa3/BBB | 2012 | 7
Italy PV 4 | Renewable (Solar) | 100% | Italy | Euro | 3.6 MW | BBB/Baa3/BBB | 2011 | 7

UK Wind 1 | Renewable (Wind) | 100% | United Kingdom | GBP | 25 MW | AA/Aa3/AA- | 2012 | 9
UK Wind 2 | Renewable (Wind) | 100% | United Kingdom | GBP | 8 MW | AA/Aa3/AA- | 2003 | 4
Kaxu | Renewable (Solar) | 51%(5) | South Africa | Rand | 100 MW | BB-/Ba2/BB-(13) | 2015 | 11
Calgary | Efficient natural gas &heat | 100% | Canada | CAD | 55 MWt | ~60% AA- or higher(14) | 2010 | 12
ACT | Efficient natural gas & heat | 100% | Mexico | USD | 300 MW | BBB/B3/B+ | 2013 | 9

19

Table of Contents

ATN (15) | Transmission line | 100% | Peru | USD | 379 miles | BBB-/Baa1/BBB | 2011 | 17
ATS | Transmission line | 100% | Peru | USD | 569 miles | BBB-/Baa1/BBB | 2014 | 20
ATN 2 | Transmission line | 100% | Peru | USD | 81 miles | Not rated | 2015 | 9
Quadra 1 & 2 | Transmission line | 100% | Chile | USD | 49 miles/32 miles | Not rated | 2014 | 10/11
Palmucho | Transmission line | 100% | Chile | USD | 6 miles | BBB/ -- /BBB+ | 2007 | 13
Chile TL3 | Transmission line | 100% | Chile | USD | 50 miles | A/A2/A- | 1993 | N/A
Chile TL4 | Transmission line | 100% | Chile | USD | 63 miles | Not rated | 2016 | 48
Skikda | Water | 34.20%(6) | Algeria | USD | 3.5 M ft3/day | Not rated | 2009 | 10
Honaine | Water | 25.50%(7) | Algeria | USD | 7 M ft3/day | Not rated | 2012 | 13
Tenes | Water | 51%(8) | Algeria | USD | 7 M ft3/day | Not rated | 2015 | 16

(1) | 65% of the shares in Chile PV 1, Chile PV 2 and Chile PV 3 are indirectly held by financial partners through the renewable energy platform of the Company in Chile.

(2) | Itochu Corporation holds 30% of the shares in each of Solaben 2 and Solaben 3.

(3) | JGC holds 13% of the shares in each of Solacor 1 and Solacor 2.

(4) | Instituto para la Diversificación y Ahorro de la Energía (“Idae”) holds 20% of the shares in Seville PV.

(5) | Kaxu is owned by the Company (51%), Industrial Development Corporation of South Africa (“IDC”, 29%) and Kaxu Community Trust (20%).

(6) | Algerian Energy Company, SPA owns 49% of Skikda and Sacyr Agua, S.L. owns the remaining 16.8%.

(7) | Algerian Energy Company, SPA owns 49% of Honaine and Sacyr Agua, S.L. owns the remaining 25.5%.

(8) | Algerian Energy Company, SPA owns 49% of Tenes. The Company has an investment in Tenes through a secured loan to Befesa Agua Tenes (the holding company of Tenes) and the right to appoint a majority at the board of directors of the project company. Therefore, the Company controls Tenes since May 31, 2020, and fully consolidates the asset from that date.

(9) | Certain contracts denominated in U.S. dollars are payable in local currency.

(10) | Reflects the counterparty’s credit ratings issued by Standard & Poor’s Ratings Services, or S&P, Moody’s Investors Service Inc., or Moody’s, and Fitch Ratings Ltd, or Fitch. Not applicable (“N/A”) when the asset has no PPA.

(11) | Refers to the credit rating of two Community Choice Aggregators: Silicon Valley Clean Energy and Monterrey Bar Community Power, both with A Rating from S&P and Southern California Public Power Authority. The third off-taker is not rated.

(12) | Refers to the credit rating of Uruguay, as UTE (Administraci ó n Nacional de Usinas y Transmisoras El é ctricas) is unrated.

(13) | Refers to the credit rating of the Republic of South Africa. The off-taker is Eskom, which is a state-owned utility company in South Africa.

(14) | Refers to the credit rating of a diversified mix of 22 high credit quality clients (~60% AA- rating or higher, the rest is unrated).

(15) | Including ATN Expansion 1 & 2.

(16) | Part of Vento II Portfolio.

(17) | As of June 30, 2024.

(*) | Commercial Operation Date.

Additionally, Atlantica currently has the following assets under construction or ready to start construction in the short term:

Asset | Type | Location | Capacity (gross)(1) | Expected COD | Expected Investment(2) ($ million) | Off-taker
Coso Batteries 1 | Battery Storage | California, US | 100 MWh | 2025 | 40-50 | Investment grade utility
Coso Batteries 2 | Battery Storage | California, US | 80 MWh | 2025 | 35-45 | Investment grade utility
Chile PMGD | Solar PV | Chile | 80 MW | 2024-2025 | 33 | Regulated
ATN Expansion 3 | Transmission Line | Peru | 2.4miles 220kV | 2024 | 12 | Conelsur
ATS Expansion 1 | Transmission Line | Peru | n.a. (substation) | 2025 | 31 | Republic of Peru
Apulo 1(3) | Solar PV | Colombia | 10 MW | 2024 | 5.5 | -
Chile PV 3 expansion | Battery storage | Chile | 142 MWh | 2024 | 14-15 | Emoac

(1) | Includes nominal capacity on a 100% basis, not considering Atlantica’s ownership.

(2) | Corresponds to the expected investment by Atlantica.

(3) | Atlantica owns 50% of the shares in Apulo 1.

20

Table of Contents
In October 2023, the Company entered into two 15-year tolling agreements (PPAs) with an investment grade utility for Coso Batteries 1 and Coso Batteries 2. Under each of the tolling agreements, Coso Batteries 1 and 2 will receive fixed monthly payments adjusted by the financial settlement of CAISO’s (California Independent System Operator) Day-Ahead market. In addition, the Company expects to obtain revenue from ancillary services in each of the assets.
Coso Batteries 1 is a standalone battery storage project of 100 MWh (4 hours) capacity, located inside Coso, its geothermal asset in California. Additionally, Coso Batteries 2 is a standalone battery storage project with 80 MWh (4 hours) capacity also located inside Coso. The investment is expected to be in the range of $40 million to $50 million for Coso Batteries 1, and in the range of $35 to $45 million for Coso Batteries 2. Both projects were fully developed in-house and are now under construction. Atlantica has closed a contract with Tesla for the procurement of the batteries. COD is expected in 2025 for both projects.
In November 2022, the Company closed the acquisition of a 49% interest, with joint control, in an 80 MW portfolio of solar PV projects in Chile, Chile PMGD, which is currently under construction. Atlantica´s economic rights are expected to be approximately 70%. Total investment in equity and preferred equity is expected to be approximately $33 million and COD is expected to be progressive in 2024 and 2025. Revenue for these assets is regulated under the Small Distributed Generation Means Regulation Regime (“PMGD”) for projects with a capacity equal or lower than 9MW, which allows to sell electricity through a stabilized price.
In July 2022 the Company closed a 17-year transmission service agreement denominated in U.S. dollars that allows to build a substation and a 2.4-miles transmission line connected to ATN transmission line serving a new mine in Peru (ATN Expansion 3). The substation is expected to enter in operation in 2024 and the investment is expected to be approximately $12 million.
In July 2023, as part of the New Transmission Plan Update in Peru, the Ministry of Energy and Mines published the Ministerial Resolution that enables to start construction of ATS Expansion 1 project, consisting in the reinforcement of two existing substations with new equipment. The expansion will be part of the existing concession contract, a 30-year contract with a fixed-price tariff base denominated in U.S. dollars adjusted annually in accordance with the U.S. Finished Goods Less Foods and Energy Index as published by the U.S. Department of Labor. Given that the concession ends in 2044, Atlantica will be compensated with a one-time payment for the remaining 9 years of concession. The expansion is expected to enter in operation in 2025 and the investment is expected to be approximately $31 million.
In April 2024, Chile PV 3 signed a 10-year PPA covering part of the production of the PV plant in operation and the 142 MWh battery storage expansion under construction.
Chile PV 1 and PV 2 events of default
Due to low electricity prices in Chile, the project debts of Chile PV 1 and PV 2, where the Company owns a 35% equity interest, are under an event of default as of June 30, 2024. As a result, although Atlantica does not expect an acceleration of the debts to be declared by the credit entities, Chile PV 1 and Chile PV 2, did not have a right to defer the settlement of the debts for at least twelve months as of December 31, 2023 and June 30, 2024, and therefore the project debts, which amount to $73 million as of June 30, 2024, were classified as current in these Consolidated Condensed Interim Financial Statements in accordance with International Accounting Standards 1 (“IAS 1”), “Presentation of Financial Statements”. The Company is, together with the partner, in conversations with the banks, regarding a potential plan for the plants.
21

Table of Contents
Note 2. - Basis of preparation
The accompanying Consolidated Condensed Interim Financial Statements represent the consolidated results of the Company and its subsidiaries.
The Company’s annual consolidated financial statements as of December 31, 2023, were approved by the Board of Directors on February 29, 2024.
These Consolidated Condensed Interim Financial Statements are presented in accordance with International Accounting Standards (“IAS”) 34, “Interim Financial Reporting”. In accordance with IAS 34, interim financial information is prepared solely in order to update the most recent annual consolidated financial statements prepared by the Company, placing emphasis on new activities, occurrences and circumstances that have taken place during the six-month period ended June 30, 2024, and not duplicating the information previously published in the annual consolidated financial statements for the year ended December 31, 2023. Therefore, the Consolidated Condensed Interim Financial Statements do not include all the information that would be required in a complete set of consolidated financial statements prepared in accordance with the IFRS-IASB (“International Financial Reporting Standards-International Accounting Standards Board”). In view of the above, for an adequate understanding of the information, these Consolidated Condensed Interim Financial Statements must be read together with Atlantica’s consolidated financial statements for the year ended December 31, 2023 included in the 2023 20-F.
In determining the information to be disclosed in the notes to the Consolidated Condensed Interim Financial Statements, Atlantica, in accordance with IAS 34, has taken into account its materiality in relation to the Consolidated Condensed Interim Financial Statements.
The Consolidated Condensed Interim Financial Statements are presented in U.S. dollars, which is the parent company’s functional and presentation currency. Amounts included in these Consolidated Condensed Interim Financial Statements are all expressed in thousands of U.S. dollars, unless otherwise indicated.
These Consolidated Condensed Interim Financial Statements were approved by the Board of Directors of the Company on July 31, 2024.
Application of new accounting standards

a) | Standards, interpretations and amendments effective from January 1, 2024, under IFRS-IASB, applied by the Company in the preparation of these Consolidated Condensed Interim Financial Statements:

The applications of these amendments have not had any impact on these Consolidated Condensed Interim Financial Statements.

b) | Standards, interpretations and amendments published by the IASB that will be effective for periods beginning on or after January 1, 2025:

The Company does not anticipate any significant impact on the Consolidated Condensed Interim Financial Statements derived from the application of the new standards and amendments that will be effective for annual periods beginning on or after January 1, 2025, although it is currently still in the process of evaluating such application.
The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
Use of estimates
Some of the accounting policies applied require the application of significant judgment by management to select the appropriate assumptions to determine these estimates. These assumptions and estimates are based on the Company´s historical experience, advice from experienced consultants, forecasts and other circumstances and expectations as of the close of the financial period. The assessment is considered in relation to the global economic situation of the industries and regions where the Company operates, taking into account future development of its businesses. By their nature, these judgments are subject to an inherent degree of uncertainty; therefore, actual results could materially differ from the estimates and assumptions used. In such cases, the carrying values of assets and liabilities are adjusted.
22

Table of Contents
The most critical accounting policies, which require significant management estimates and judgment are as follows:
Estimates:

| - | Impairment of contracted concessional, PP&E and other intangible assets.

| - | Recoverability of deferred tax assets.

| - | Fair value of derivative financial instruments.

| - | Fair value of identifiable assets and liabilities arising from a business combination.

Judgement:

| - | Assessment of assets agreements.

| - | Assessment of control.

As of the date of preparation of these Consolidated Condensed Interim Financial Statements, no relevant changes in estimates made are anticipated and, therefore, no significant changes in the value of assets and liabilities recognized at June 30, 2024, are expected.
Although these estimates and assumptions are being made using all available facts and circumstances, it is possible that future events may require management to amend such estimates and assumptions in future periods. Changes in accounting estimates are recognized prospectively, in accordance with IAS 8, in the consolidated profit or loss statement of the period in which the change occurs.
Note 3. - Financial risk management
Atlantica’s activities are exposed to various financial risks: market risk (including currency risk and interest rate risk), credit risk and liquidity risk. Risk is managed by the Company’s Risk Management and Finance Departments, which are responsible for identifying and evaluating financial risks, quantifying them by project, region and company, in accordance with mandatory internal management rules. The internal management rules provide written policies for the management of overall risk, as well as for specific areas. The internal management policies of the Company also define the use of hedging instruments and derivatives and the investment of excess cash.
These Consolidated Condensed Interim Financial Statements do not include all financial risk management information and disclosures required for annual financial statements and should be read together with the information included in Note 3 to Atlantica’s annual consolidated financial statements as of December 31, 2023 included in the 2023 20-F.
Note 4. - Financial information by segment
Atlantica’s segment structure reflects how management currently makes financial decisions and allocates resources. Its operating and reportable segments are based on the following geographies where the contracted concessional assets are located: North America, South America and EMEA. In addition, based on the type of business, as of June 30, 2024, the Company had the following business sectors: Renewable energy, Efficient natural gas and heat, Transmission lines and Water.
Atlantica’s Chief Operating Decision Maker (CODM), which is the CEO, assesses the performance and assignment of resources according to the identified operating segments. The CODM considers the revenue as a measure of the business activity and the Adjusted EBITDA as a measure of the performance of each segment. Adjusted EBITDA is calculated as profit/(loss) for the period attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interest, income tax expense, financial expense (net), depreciation, amortization and impairment charges of entities included in these Consolidated Condensed Interim Financial Statements and depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of Atlantica’s equity ownership).
In order to assess performance of the business, the CODM receives reports of each reportable segment using revenue and Adjusted EBITDA. Net interest expense evolution is assessed on a consolidated basis. Financial expense and amortization are not taken into consideration by the CODM for the allocation of resources.
23

Table of Contents
In the six-month period ended June 30, 2024, Atlantica had three customers with revenues representing more than 10% of total revenue, two in the renewable energy and one in the efficient natural gas and heat business sector. In the six-month period ended June 30, 2023, Atlantica had two customers with revenues representing more than 10% of total revenue, both in the renewable energy business sector.

a) | The following tables show Revenue and Adjusted EBITDA by operating segment and business sector for the six-month periods ended June 30, 2024 and 2023:

|  | Revenue |  |  | Adjusted EBITDA |
|  | For the six-month period ended June 30, |  |  | For the six-month period ended June 30, |
|  | ($ in thousands) |
Geography |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
North America |  |  | 223,027 |  |  |  | 202,171 |  |  |  | 164,079 |  |  |  | 154,038 |
South America |  |  | 92,936 |  |  |  | 91,513 |  |  |  | 71,325 |  |  |  | 74,428 |
EMEA |  |  | 255,232 |  |  |  | 260,935 |  |  |  | 171,930 |  |  |  | 175,362 |
Total |  |  | 571,195 |  |  |  | 554,619 |  |  |  | 407,334 |  |  |  | 403,828 |

|  | Revenue |  |  | Adjusted EBITDA |
|  | For the six-month period ended June 30, |  |  | For the six-month period ended June 30, |
|  | ($ in thousands) |
Business sectors |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Renewable energy |  |  | 409,682 |  |  |  | 411,210 |  |  |  | 286,492 |  |  |  | 292,570 |
Efficient natural gas & heat |  |  | 71,580 |  |  |  | 54,810 |  |  |  | 53,767 |  |  |  | 44,006 |
Transmission lines |  |  | 61,544 |  |  |  | 60,998 |  |  |  | 49,533 |  |  |  | 49,250 |
Water |  |  | 28,389 |  |  |  | 27,601 |  |  |  | 17,542 |  |  |  | 18,002 |
Total |  |  | 571,195 |  |  |  | 554,619 |  |  |  | 407,334 |  |  |  | 403,828 |

The reconciliation of segment Adjusted EBITDA with the profit attributable to the Company is as follows:

|  | For the six-month period ended June 30, ($ in thousands) |
|  | 2024 |  |  | 2023 |
Profit attributable to the Company |  |  | 16,033 |  |  |  | 24,661 |
Profit attributable to non-controlling interest |  |  | 6,240 |  |  |  | 6,130 |
Income tax |  |  | 3,942 |  |  |  | (2,168 | )
Financial expense, net |  |  | 166,330 |  |  |  | 159,387 |
Depreciation, amortization, and impairment charges |  |  | 210,217 |  |  |  | 207,118 |
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of Atlantica’s equity ownership) |  |  | 4,572 |  |  |  | 8,700 |
Total segment Adjusted EBITDA |  |  | 407,334 |  |  |  | 403,828 |

b) | The assets and liabilities by operating segment and business sector as of June 30, 2024, and December 31, 2023 are as follows:

24

Table of Contents
Assets and liabilities by geography as of June 30, 2024:

|  | North America |  |  | South America |  |  | EMEA |  |  | Balance as of June 30, 2024 |
|  | ($ in thousands) |
Assets allocated |  |  |  |  |  |  |  |  |  |  |  |
Contracted concessional, PP&E and other intangible assets |  |  | 3,047,576 |  |  |  | 1,162,965 |  |  |  | 2,854,591 |  |  |  | 7,065,132 |
Investments carried under the equity method |  |  | 165,479 |  |  |  | 9,134 |  |  |  | 46,945 |  |  |  | 221,558 |
Other current financial assets |  |  | 117,646 |  |  |  | 31,168 |  |  |  | 45,413 |  |  |  | 194,227 |
Cash and cash equivalents (project companies) |  |  | 122,934 |  |  |  | 101,022 |  |  |  | 111,045 |  |  |  | 335,001 |
Subtotal allocated |  |  | 3,453,635 |  |  |  | 1,304,289 |  |  |  | 3,057,994 |  |  |  | 7,815,918 |
Unallocated assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 329,483 |
Other current assets (including cash and cash equivalents at holding company level) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 390,854 |
Subtotal unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 720,337 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,536,255 |

|  | North America |  |  | South America |  |  | EMEA |  |  | Balance as of June 30, 2024 |
|  | ($ in thousands) |
Liabilities allocated |  |  |  |  |  |  |  |  |  |  |  |
Long-term and short-term project debt |  |  | 1,599,378 |  |  |  | 792,420 |  |  |  | 1,772,126 |  |  |  | 4,163,924 |
Grants and other liabilities |  |  | 919,387 |  |  |  | 35,515 |  |  |  | 206,938 |  |  |  | 1,161,840 |
Subtotal allocated |  |  | 2,518,765 |  |  |  | 827,935 |  |  |  | 1,979,064 |  |  |  | 5,325,764 |
Unallocated liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term and short-term corporate debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,192,107 |
Other non-current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 304,722 |
Other current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 216,090 |
Subtotal unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,712,919 |
Total liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,038,683 |
Equity unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,497,572 |
Total liabilities and equity unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,210,491 |
Total liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,536,255 |

Assets and liabilities by geography as of December 31, 2023:

|  | North America |  |  | South America |  |  | EMEA |  |  | Balance as of December 31, 2023 |
Assets allocated |  |  |  |  |  |  |  |  |  |  |  |
Contracted concessional, PP&E and other intangible assets |  |  | 3,063,019 |  |  |  | 1,184,599 |  |  |  | 2,956,649 |  |  |  | 7,204,267 |
Investments carried under the equity method |  |  | 177,260 |  |  |  | 9,178 |  |  |  | 43,869 |  |  |  | 230,307 |
Other current financial assets |  |  | 110,016 |  |  |  | 30,803 |  |  |  | 48,067 |  |  |  | 188,886 |
Cash and cash equivalents (project companies) |  |  | 137,480 |  |  |  | 121,945 |  |  |  | 155,551 |  |  |  | 414,976 |
Assets held for sale |  |  | 28,642 |  |  |  | - |  |  |  | - |  |  |  | 28,642 |
Subtotal allocated |  |  | 3,516,417 |  |  |  | 1,346,525 |  |  |  | 3,204,136 |  |  |  | 8,067,078 |
Unallocated assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 297,577 |
Other current assets (including cash and cash equivalents at holding company level) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 349,678 |
Subtotal unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 647,255 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,714,333 |

25

Table of Contents

|  | North America |  |  | South America |  |  | EMEA |  |  | Balance as of December 31, 2023 |
Liabilities allocated |  |  |  |  |  |  |  |  |  |  |  |
Long-term and short-term project debt |  |  | 1,629,278 |  |  |  | 808,481 |  |  |  | 1,881,501 |  |  |  | 4,319,260 |
Grants and other liabilities |  |  | 945,888 |  |  |  | 36,307 |  |  |  | 251,613 |  |  |  | 1,233,808 |
Subtotal allocated |  |  | 2,575,166 |  |  |  | 844,788 |  |  |  | 2,133,114 |  |  |  | 5,553,068 |
Unallocated liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term and short-term corporate debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,084,838 |
Other non-current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 301,245 |
Other current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 186,373 |
Subtotal unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,572,456 |
Total liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,125,524 |
Equity unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,588,809 |
Total liabilities and equity unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,161,265 |
Total liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,714,333 |

Assets and liabilities by business sector as of June 30, 2024:

|  | Renewable energy |  |  | Efficient natural gas & heat |  |  | Transmission lines |  |  | Water |  |  | Balance as of June 30, 2024 |
|  | ($ in thousands) |
Assets allocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contracted concessional assets, PP&E and other intangible assets |  |  | 5,693,192 |  |  |  | 441,891 |  |  |  | 764,213 |  |  |  | 165,836 |  |  |  | 7,065,132 |
Investments carried under the equity method |  |  | 178,367 |  |  |  | - |  |  |  | - |  |  |  | 43,191 |  |  |  | 221,558 |
Other current financial assets |  |  | 8,582 |  |  |  | 112,074 |  |  |  | 31,082 |  |  |  | 42,489 |  |  |  | 194,227 |
Cash and cash equivalents (project companies) |  |  | 235,837 |  |  |  | 19,553 |  |  |  | 51,856 |  |  |  | 27,755 |  |  |  | 335,001 |
Subtotal allocated |  |  | 6,115,978 |  |  |  | 573,518 |  |  |  | 847,151 |  |  |  | 279,271 |  |  |  | 7,815,918 |
Unallocated assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 329,483 |
Other current assets (including cash and cash equivalents at holding company level) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 390,854 |
Subtotal unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 720,337 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,536,255 |

|  | Renewable energy |  |  | Efficient natural gas & Heat |  |  | Transmission lines |  |  | Water |  |  | Balance as of June 30, 2024 |
Liabilities allocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term and short-term project debt |  |  | 3,162,041 |  |  |  | 383,424 |  |  |  | 549,889 |  |  |  | 68,570 |  |  |  | 4,163,924 |
Grants and other liabilities |  |  | 1,113,131 |  |  |  | 33,329 |  |  |  | 12,884 |  |  |  | 2,496 |  |  |  | 1,161,840 |
Subtotal allocated |  |  | 4,275,172 |  |  |  | 416,753 |  |  |  | 562,773 |  |  |  | 71,066 |  |  |  | 5,325,764 |
Unallocated liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term and short-term corporate debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,192,107 |
Other non-current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 304,722 |
Other current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 216,090 |
Subtotal unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,712,919 |
Total liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,038,683 |
Equity unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,497,572 |
Total liabilities and equity unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,210,491 |
Total liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,536,255 |

26

Table of Contents
Assets and liabilities by business sector as of December 31, 2023:

|  | Renewable energy |  |  | Efficient natural gas & heat |  |  | Transmission lines |  |  | Water |  |  | Balance as of December 31, 2023 |
Assets allocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contracted concessional, PP&E and other intangible assets |  |  | 5,798,818 |  |  |  | 460,766 |  |  |  | 777,360 |  |  |  | 167,323 |  |  |  | 7,204,267 |
Investments carried under the equity method |  |  | 189,672 |  |  |  | - |  |  |  | - |  |  |  | 40,635 |  |  |  | 230,307 |
Other current financial assets |  |  | 10,866 |  |  |  | 103,907 |  |  |  | 30,746 |  |  |  | 43,367 |  |  |  | 188,886 |
Cash and cash equivalents (project companies) |  |  | 299,987 |  |  |  | 35,098 |  |  |  | 58,004 |  |  |  | 21,887 |  |  |  | 414,976 |
Assets held for sale |  |  | - |  |  |  | 28,642 |  |  |  | - |  |  |  | - |  |  |  | 28,642 |
Subtotal allocated |  |  | 6,299,343 |  |  |  | 628,413 |  |  |  | 866,110 |  |  |  | 273,212 |  |  |  | 8,067,078 |
Unallocated assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 297,577 |
Other current assets (including cash and cash equivalents at holding company level) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 349,678 |
Subtotal unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 647,255 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,714,333 |

|  | Renewable energy |  |  | Efficient natural gas & heat |  |  | Transmission lines |  |  | Water |  |  | Balance as of December 31, 2023 |
Liabilities allocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term and short-term project debt |  |  | 3,280,618 |  |  |  | 401,460 |  |  |  | 560,906 |  |  |  | 76,276 |  |  |  | 4,319,260 |
Grants and other liabilities |  |  | 1,185,487 |  |  |  | 32,916 |  |  |  | 12,884 |  |  |  | 2,521 |  |  |  | 1,233,808 |
Subtotal allocated |  |  | 4,466,105 |  |  |  | 434,376 |  |  |  | 573,790 |  |  |  | 78,797 |  |  |  | 5,553,068 |
Unallocated liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term and short-term corporate debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,084,838 |
Other non-current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 301,245 |
Other current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 186,373 |
Subtotal unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,572,456 |
Total liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,125,524 |
Equity unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,588,809 |
Total liabilities and equity unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,161,265 |
Total liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,714,333 |

c) | The amount of depreciation, amortization and impairment charges recognized for the six-month periods ended June 30, 2024 and 2023 are as follows:

|  | For the six-month period ended June 30, |
Depreciation, amortization and impairment by geography |  | 2024 |  |  | 2023 |
|  | ($ in thousands) |
North America |  |  | (68,899 | ) |  |  | (70,634 | )
South America |  |  | (32,731 | ) |  |  | (30,014 | )
EMEA |  |  | (108,587 | ) |  |  | (106,470 | )
Total |  |  | (210,217 | ) |  |  | (207,118 | )

27

Table of Contents

|  | For the six-month period ended June 30, |
Depreciation, amortization and impairment by business sectors |  | 2024 |  |  | 2023 |
|  | ($ in thousands) |
Renewable energy |  |  | (195,581 | ) |  |  | (189,792 | )
Efficient natural gas & heat |  |  | 57 |  |  |  | (3,770 | )
Transmission lines |  |  | (15,370 | ) |  |  | (14,079 | )
Water |  |  | 677 |  |  |  | 523 |
Total |  |  | (210,217 | ) |  |  | (207,118 | )

Note 5. – Business combinations
For the six-month period ended June 30, 2024
In March 2024, the Company completed the acquisition of a 100% equity interest stake in two wind assets, UK Wind 1 and UK Wind 2, with a combined installed capacity of 32 MW in Scotland, United Kingdom. This acquisition has been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations and is included within the Renewable energy sector and the EMEA geography.
The fair value of assets and liabilities consolidated at the effective acquisition date is shown in the following table:

|  | Business combinations for the six-month period ended June 30, 2024 |
Property, plant and equipment under IAS 16 |  |  | 19,724 |
Intangible assets under IAS 38 |  |  | 45,678 |
Intangible assets under IFRS 16 |  |  | 6,525 |
Cash & cash equivalents |  |  | 4,199 |
Other current assets |  |  | 4,829 |
Deferred tax liabilities |  |  | (3,969 | )
Lease liabilities |  |  | (6,525 | )
Other current and non-current liabilities |  |  | (4,781 | )
Total net assets acquired at fair value |  |  | 65,680 |
Asset acquisition – purchase price |  |  | (65,680 | )
Net result of business combinations |  |  | - |

The purchase price equals the fair value of the net assets acquired.
The allocation of the purchase price is provisional as of June 30, 2024, and amounts indicated above may be adjusted during the measurement period to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized as of June 30, 2024. The measurement period will not exceed one year from the acquisition date.
The amount of revenue contributed by the acquisitions during the six-month period ended June 30, 2024 to the Consolidated Condensed Interim Financial Statements of the Company is $2.5 million, and the amount of profit after tax is $0.2 million. Had the acquisitions been consolidated from January 1, 2024, the consolidated statement of comprehensive income would have included additional revenue of $2.8 million and additional profit after tax of $1.0 million.
28

Table of Contents
For the year ended December 31, 2023
On March 1, 2023, the Company completed the process of transitioning the O&M services for the assets in Spain where Abengoa was still the supplier to an Atlantica’ subsidiary. This acquisition had been accounted for in these Consolidated Financial Statements in accordance with IFRS 3, Business Combinations. The O&M services are included within the Renewable energy sector and the EMEA geography.
The fair value of assets and liabilities consolidated at the effective acquisition date is shown in the following table:

|  | Business combinations for the year ended December 31, 2023 |
Property, plant and equipment under IAS 16 |  |  | 1,565 |
Intangible assets under IAS 38 |  |  | 4,487 |
Inventories |  |  | 1,646 |
Other current and non-current liabilities |  |  | (5,917 | )
Total net assets acquired at fair value |  |  | 1,781 |
Asset acquisition – purchase price |  |  | (1,781 | )
Net result of business combinations |  |  | - |

The purchase price equals the fair value of the net assets acquired.
The amount of revenue contributed by the acquisitions performed during 2023 to the Consolidated Financial Statements of the Company was nil, and the amount of loss after tax was $0.8 million. Had the acquisitions been consolidated from January 1, 2023, the consolidated statement of comprehensive income would not have included any additional revenue and additional loss after tax of $0.2 million.
In March 2024, the provisional period for the purchase price allocation closed, and did not result in significant adjustments to the initial amounts recognized.
Note 6. - Contracted concessional, PP&E and other intangible assets
The Company has assets recorded as contracted concessional assets in accordance with IFRIC 12, property plant and equipment in accordance with IAS 16 and right of use assets under IFRS 16 or intangible assets under IAS 38.
The detail of assets included in the heading ‘Contracted concessional, PP&E and other intangible assets’ as of June 30, 2024, and December 31, 2023, is as follows:

|  | Financial assets under IFRIC 12 |  |  | Financial assets under IFRS 16 (Lessor) |  |  | Intangible assets under IFRIC 12 |  |  | Right of use assets under IFRS 16 (Lessee) and intangible assets under IAS 38 |  |  | Property, plant and equipment under IAS 16 |  |  |  |
|  |  |  | Land |  |  | Technical installations |  |  | Total assets |
Cost |  |  | 758,424 |  |  |  | 2,623 |  |  |  | 8,860,086 |  |  |  | 213,619 |  |  |  | 142,009 |  |  |  | 1,071,077 |  |  |  | 11,047,838 |
Amortization and impairment |  |  | (54,267 | ) |  |  | - |  |  |  | (3,616,607 | ) |  |  | (44,801 | ) |  |  | - |  |  |  | (267,031 | ) |  |  | (3,982,706 | )
Total as of June 30, 2024 |  |  | 704,157 |  |  |  | 2,623 |  |  |  | 5,243,479 |  |  |  | 168,818 |  |  |  | 142,009 |  |  |  | 804,046 |  |  |  | 7,065,132 |

29

Table of Contents

|  | Financial assets under IFRIC 12 |  |  | Financial assets under IFRS 16 (Lessor) |  |  | Intangible assets under IFRIC 12 |  |  | Right of use assets under IFRS 16 (Lessee) and intangible assets under IAS 38 |  |  | Property, plant and equipment under IAS 16 |  |  |  |
|  |  |  | Land |  |  | Technical installations |  |  | Total assets |
Cost |  |  | 785,179 |  |  |  | 2,655 |  |  |  | 8,957,090 |  |  |  | 150,947 |  |  |  | 139,344 |  |  |  | 993,992 |  |  |  | 11,029,207 |
Amortization and impairment |  |  | (56,378 | ) |  |  | - |  |  |  | (3,479,464 | ) |  |  | (38,813 | ) |  |  | - |  |  |  | (250,285 | ) |  |  | (3,824,940 | )
Total as of December 31, 2023 |  |  | 728,801 |  |  |  | 2,655 |  |  |  | 5,477,626 |  |  |  | 112,134 |  |  |  | 139,344 |  |  |  | 743,707 |  |  |  | 7,204,267 |

No losses from impairment of contracted concessional, PP&E and other intangible assets, excluding the change in the provision for expected credit losses under IFRS 9, Financial instruments, were recorded during the six-month period ended June 30, 2024 and 2023. The impairment provision based on the expected credit losses on contracted concessional financial assets decreased by $2 million in the six-month period ended June 30, 2024 (increase of $1 million in the six-month period ended June 30, 2023), primarily in ACT.
Note 7. - Investments carried under the equity method
The table below shows the breakdown of the investments held in associates and joint ventures as of June 30, 2024, and December 31, 2023:

|  | Balance as of June 30, 2024 |  |  | Balance as of December 31, 2023 |
|  | ($ in thousands) |
2007 Vento II, LLC |  |  | 165,479 |  |  |  | 175,351 |
Myah Bahr Honaine, S.P.A. |  |  | 43,191 |  |  |  | 40,635 |
Akuo Atlantica PMGD Holding S.P.A. |  |  | 5,380 |  |  |  | 4,409 |
Colombian portfolio of renewable energy entities |  |  | 3,755 |  |  |  | 4,754 |
Windlectric Inc |  |  | - |  |  |  | 1,910 |
Pectonex, R.F. Proprietary Limited |  |  | 1,300 |  |  |  | 1,337 |
SailH2 Ingeniería, S.L. |  |  | 1,202 |  |  |  | 653 |
Evacuación Valdecaballeros, S.L. |  |  | 800 |  |  |  | 807 |
Fontanil Solar, S.L.U. |  |  | 229 |  |  |  | 229 |
Murum Solar, S.L.U. |  |  | 222 |  |  |  | 222 |
Total |  |  | 221,558 |  |  |  | 230,307 |

None of the entities referred to above is a listed company.
2007 Vento II, LLC, is the holding company of a 596 MW portfolio of wind assets (“Vento II”) in the U.S., 49% owned by Atlantica since June 16, 2021, and accounted for under the equity method in these Consolidated Condensed Interim 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 Condensed Interim Financial Statements. Geida Tlemcen, S.L. is 50% owned by Atlantica.
30

Table of Contents
Akuo Atlantica PMGD Holding S.P.A.(“Akuo”) is the holding company of an 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 Condensed Interim Financial Statements.
The Colombian portfolio of renewable energy entities includes the following entities: Atlantica – HIC Renovables S.A.S., SJ Renovables Sun 1 S.A.S. E.S, AC Renovables Sol 1 S.A.S. E.S, SJ Renovables Wind 1 S.A.S. E., PA Renovables Sol 1 S.A.S. E.S and Atlantica Hidro Colombia S.A.S. Atlantica holds 50% of the shares and has joint control over these entities in accordance with IFRS 11, Joint arrangements.
Windlectric Inc., the project entity, is 100% owned by Amherst Island Partnership, itself 30% owned by Atlantica Yield Energy Solutions Canada Inc. (“AYES Canada”) and therefore accounted for under the equity method in these Consolidated Condensed Interim Financial Statements.
The decrease in investments carried under the equity method as of June 30, 2024 is primarily due to the decrease in the investment in Vento II as a result of the distributions received from this asset by the Company for $15.4 million, partially offset by the share of profit in Vento II for the six-month period ended June 30, 2024 for $5.5 million.
Note 8. - Assets held for sale
In 2023, Atlantica´s partner in Monterrey initiated a process to sell its 70% stake in the asset and, as part of it, Atlantica intended to sell its interest as well under the same terms.
In October 30, 2023, the conditions to classify the loan granted by Atlantica to Arroyo II and the investment in Pemcorp as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations were met. As a consequence, the book value of the equity investment held by Atlantica in Pemcorp and the loan granted by Atlantica to Arroyo II, were classified as held for sale since that date for an amount of US$ 28.7 million as of December 31, 2023.
The transaction was subject to certain conditions precedent and final transaction closing occurred in April 2024. The difference between the book value of the asset held for sale at closing date, and the fair value of the consideration received, which amounts to $8.9 million, has been registered as an operating income in these Consolidated Condensed Interim Financial Statements.
Atlantica received $38.1 million of proceeds net of transaction costs and taxes and expects to receive an additional amount of $3.1 million in the third quarter of 2024. In addition, there is an earn-out mechanism that could result in additional proceeds for Atlantica of up to approximately $7 million between 2026 and 2028.
Note 9. - Financial assets
The detail of non-current and current financial assets as of June 30, 2024, and December 31, 2023, is as follows:

|  | Balance as of June 30, 2024 |  |  | Balance as of December 31, 2023 |
|  | ($ in thousands) |
Fair Value through OCI (Investment in Ten West link) |  |  | 11,719 |  |  |  | 11,719 |
Derivative assets (Note 10) |  |  | 68,896 |  |  |  | 56,708 |
Other receivable accounts at amortized cost |  |  | 70,957 |  |  |  | 68,155 |
Total non-current financial assets |  |  | 151,572 |  |  |  | 136,582 |
Contracted concessional financial assets |  |  | 184,812 |  |  |  | 177,407 |
Derivative assets (Note 10) |  |  | 3,684 |  |  |  | 4,989 |
Other receivable accounts at amortized cost |  |  | 5,731 |  |  |  | 6,490 |
Total current financial assets |  |  | 194,227 |  |  |  | 188,886 |

Investment in Ten West Link is a 12.5% interest in a 114-mile transmission line in the U.S., which reached COD in June 2024.
31

Table of Contents
Note 10. - Derivative financial instruments
The breakdowns of the fair value amount of the derivative financial instruments as of June 30, 2024, and December 31, 2023, are as follows:

|  | Balance as of June 30, 2024 |  |  | Balance as of December 31, 2023 |
|  | ($ in thousands) |
|  | Assets |  |  | Liabilities |  |  | Assets |  |  | Liabilities |
Interest rate cash flow hedge |  |  | 70,202 |  |  |  | 16,351 |  |  |  | 60,102 |  |  |  | 29,163 |
Foreign exchange derivatives instruments |  |  | 2,378 |  |  |  | - |  |  |  | 1,595 |  |  |  | - |
Notes conversion option (Note 15) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 794 |
Total |  |  | 72,580 |  |  |  | 16,351 |  |  |  | 61,697 |  |  |  | 29,957 |

The derivatives are primarily interest rate cash flow hedges, which are classified as non-current assets or non-current liabilities, as they hedge long-term financing agreements.
The net amount of the fair value of interest rate derivatives designated as cash flow hedges transferred to the consolidated condensed profit or loss statement is a profit of $12.3 million for the six-month period ended June 30, 2024 (profit of $10.1 million for the six-month period ended June 30, 2023).
The after-tax results accumulated in equity in connection with derivatives designated as cash flow hedges as of June 30, 2024, and December 31, 2023, amount to a profit of $327.6 million and $308.0 million, respectively.
Additionally, the Company has currency options with leading international financial institutions, which guarantee minimum Euro-U.S. dollar and British pounds-U.S. dollar exchange rates. The strategy of the Company is to hedge the exchange rate for the net distributions from its European assets after deducting euro-denominated interest payments and euro and British pounds-denominated general and administrative expenses. Through currency options, the strategy of the Company is to hedge 100% of its euro and British pounds-denominated net exposure for the next 12 months and 75% of its euro and British pounds-denominated net exposure for the following 12 months, on a rolling basis. Change in fair value of these foreign exchange derivatives instruments are directly recorded in the consolidated profit or loss statement.
Finally, the conversion option of the Green Exchangeable Notes issued in July 2020 (Note 15) is recorded as a derivative with a fair value (liability) of $ nil as of June 30, 2024 ($0.8 million as of December 31, 2023).
Note 11. - Fair value of financial instruments
Financial instruments measured at fair value are classified based on the nature of the inputs used for the calculation of fair value:

| - | Level 1: Inputs are quoted prices in active markets for identical assets or liabilities.

| - | Level 2: Fair value is measured based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

| - | Level 3: Fair value is measured based on unobservable inputs for the asset or liability.

As of June 30, 2024, all the financial instruments measured at fair value correspond to derivatives and have been classified as Level 2, except for the investments held in Ten West Link, which has been classified as Level 3.
32

Table of Contents
Note 12. - Related parties
The related parties of the Company are primarily Algonquin Power & Utilities Corp. (“Algonquin”) and its subsidiaries, non-controlling interest (Note 14), entities accounted for under the equity method (Note 7), as well as the Directors and the Senior Management of the Company.
Details of balances with related parties as of June 30, 2024, and December 31, 2023, are as follows:

|  |  | Receivables (current) |  |  | Receivables (non-current) |  |  | Payables (current) |  |  | Payables (non-current) |
Entities accounted for under the equity method: |  |  | ($ in thousands) |
Amherst Island Partnership | 2024 |  |  | 5,106 |  |  |  | - |  |  |  | - |  |  |  | - |
2023 |  |  | 5,817 |  |  |  | - |  |  |  | - |  |  |  | - |
Arroyo Netherland II B.V (Note 8) | 2024 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
2023 |  |  | 18,448 |  |  |  | - |  |  |  | - |  |  |  | - |
Akuo Atlantica PMGD Holding S.P.A | 2024 |  |  | 89 |  |  |  | 18,717 |  |  |  | - |  |  |  | - |
2023 |  |  | - |  |  |  | 16,677 |  |  |  | - |  |  |  | - |
Colombian assets portfolio | 2024 |  |  | 548 |  |  |  | 15,714 |  |  |  | 279 |  |  |  | - |
2023 |  |  | - |  |  |  | 13,578 |  |  |  | 34 |  |  |  | - |
Other | 2024 |  |  | 138 |  |  |  | 171 |  |  |  | - |  |  |  | - |
2023 |  |  | 21 |  |  |  | 148 |  |  |  | - |  |  |  | - |
Non controlling interest: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Algonquin Power Co. | 2024 |  |  | - |  |  |  | - |  |  |  | 4,994 |  |  |  | - |
2023 |  |  | - |  |  |  | - |  |  |  | 5,683 |  |  |  | - |
JGC Corporation | 2024 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,749 |
2023 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,612 |
Algerian Energy Company, SPA | 2024 |  |  | - |  |  |  | - |  |  |  | 7,763 |  |  |  | - |
2023 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other | 2024 |  |  | - |  |  |  | - |  |  |  | 1,596 |  |  |  | 25 |
2023 |  |  | - |  |  |  | - |  |  |  | 2,314 |  |  |  | 27 |
Other related parties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlantica´s partner in Colombia | 2024 |  |  | 918 |  |  |  | - |  |  |  | - |  |  |  | - |
2023 |  |  | 918 |  |  |  | - |  |  |  | - |  |  |  | - |
Total | 2024 |  |  | 6,799 |  |  |  | 34,602 |  |  |  | 14,632 |  |  |  | 3,774 |
2023 |  |  | 25,204 |  |  |  | 30,403 |  |  |  | 8,031 |  |  |  | 4,639 |

Current receivables with Amherst Island Partnership as of June 30, 2024 include a dividend to be collected by AYES Canada for $5.1 million ($5.8 million as of December 31, 2023). A significant portion of the distributions received from Amherst Island Partnership are distributed by the Company to Algonquin Power Co. (Note 14).
Receivables with Arroyo Netherland II B.V, the holding company of Pemcorp SAPI de CV, Monterrey´s project entity, corresponded as of December 31, 2023 to the loan that was granted at acquisition date of the project that accrued an interest of SOFR plus 6.31% with maturity date on November 25, 2027. In April 2024, Atlantica sold its interests in Monterrey and the loan was repaid in full. (Note 8)
Non-current receivables include a loan that accrues a fixed interest of 8.75% with Akuo Atlantica PMGD Holding S.P.A and a loan with the Colombian portfolio of renewable energy entities in which the Company has a 50% equity interest, which accrues a fixed interest of 8%.
33

Table of Contents
Current payables as of June 30, 2024, and as of December 31, 2023 primarily include the dividend to be paid by AYES Canada to Algonquin Power Co. and by Skikda and Tenes to Algerian Energy Company, SPA.
Non-current payables with JGC Corporation include a subordinated debt with Solacor 1 and Solacor 2 that accrues an interest of Euribor plus 2.5% and with maturity date in 2037.
Current receivables with the partner of the Company in Colombia include Atlantica´s pending purchase price payment to be received for the partial sale of its investment in the Colombian portfolio of renewable energy entities.
The profit and loss impact of transactions carried out by entities included in these Consolidated Condensed Interim Financial Statements with related parties, for the six-month periods ended June 30, 2024 and 2023 has been as follows:

|  |  | Financial income |  |  | Financial expense |  | Operating income |
Entities accounted for under the equity method: |  |  | ($ in thousands) |
Arroyo Netherland II B.V | 2024 |  |  | 606 |  |  |  | - |  | - |
2023 |  |  | 1,106 |  |  |  | - |  | - |
Akuo Atlantica PMGD Holding | 2024 |  |  | 712 |  |  |  | - |  | 160 |
2023 |  |  | 205 |  |  |  | - |  | 116 |
Colombian assets portfolio | 2024 |  |  | 202 |  |  |  | - |  | - |
2023 |  |  | - |  |  |  | - |  | - |
Other | 2024 |  |  | - |  |  |  | - |  | 5 |
2023 |  |  | - |  |  |  | - |  | 4 |
Non controlling interest: |  |  |  |  |  |  |  |  |  |  |
Other | 2024 |  |  | - |  |  |  | (274 | ) | - |
2023 |  |  | 7 |  |  |  | (296 | ) | - |
| 2024 |  |  | 1,520 |  |  |  | (274 | ) | 165 |
Total | 2023 |  |  | 1,318 |  |  |  | (296 | ) | 120 |

Note 13. - Trade and other receivables
Trade and other receivables as of June 30, 2024, and December 31, 2023, consist of the following:

|  | Balance as of June 30, |  |  | Balance as of December 31, |
|  | 2024 |  |  | 2023 |
|  | ($ in thousands) |
Trade receivables |  |  | 268,547 |  |  |  | 213,345 |
Tax receivables |  |  | 41,055 |  |  |  | 37,134 |
Prepayments |  |  | 20,768 |  |  |  | 12,717 |
Other accounts receivable |  |  | 4,920 |  |  |  | 23,287 |
Total |  |  | 335,290 |  |  |  | 286,483 |

As of June 30, 2024, and December 31, 2023, the fair value of trade and other receivables accounts does not differ significantly from its carrying amount.
Note 14. - Equity
As of June 30, 2024, the share capital of the Company amounts to $11,615,905 ($11,615,905 as of December 31, 2023) represented by 116,159,054 ordinary shares (116,159,054 ordinary shares as of December 31,2023) fully subscribed and disbursed with a nominal value of $0.10 each, all in the same class and series. Each share grants one voting right.
34

Table of Contents
Algonquin owns 42.2% of the shares of the Company and is its largest shareholder as of June 30, 2024. Algonquin’s voting rights and rights to appoint directors are limited to 41.5% and the difference between Algonquin´s ownership and 41.5% will vote replicating non-Algonquin’s shareholders’ vote. In connection with the Transaction Agreement (Note 1), Algonquin entered into a Voting and Transaction Support Agreement with Bidco and the Company under which Algonquin agreed, among other things, to vote their Company shares in favor of the approval and authorization of the Transaction Agreement and the scheme of arrangement at the Company shareholder meetings. In addition, the Company agreed to waive the voting restrictions such that Algonquin will be able to vote all of the Company shares they hold in connection with the transaction and the scheme of arrangement.
The Company accounts for its existing long-term incentive plans granted to employees as equity-settled in accordance with IFRS 2, Share-based Payment when incentives are being settled in shares. In the six-month period ended June 30, 2024, the Company has not issued any new shares (98,147 new shares in the six-month period ended June 30, 2023) to its employees to settle a portion of these plans.
Atlantica´s reserves as of June 30, 2024 are made up of share premium account and capital reserves. The share premium account reduction by $200 million during the year 2024, increasing capital reserves by the same amount, was made effective upon the confirmation received on June 25, 2024 from the High Court in the UK, pursuant to the Companies Act 2006.
Other reserves primarily include the change in fair value of cash flow hedges and its tax effect.
Accumulated currency translation differences primarily include the result of translating the financial statements of subsidiaries prepared in a foreign currency into the presentation currency of the Company, the U.S. dollar.
Accumulated deficit primarily includes results attributable to Atlantica.
Non-controlling interest fully relate to interest held by JGC in Solacor 1 and Solacor 2, by Idae in Seville PV, by Itochu Corporation in Solaben 2 and Solaben 3, by Algerian Energy Company, SPA and Sacyr Agua S.L. in Skikda, by Algerian Energy Company, SPA in Tenes, by Industrial Development Corporation of South Africa (IDC) and Kaxu Community Trust in Kaxu, by Algonquin Power Co. in AYES Canada, and by partners of the Company in the Chilean renewable energy platform in Chile PV 1, Chile PV 2 and Chile PV 3.
On February 29, 2024, the Board of Directors declared a dividend of $0.445 per share corresponding to the fourth quarter of 2023. The dividend was paid on March 22, 2024, for a total amount of $51.7 million.
On May 7, 2024, the Board of Directors declared a dividend of $0.445 per share corresponding to the first quarter of 2024. The dividend was paid on June 14, 2024, for a total amount of $51.7 million.
In addition, the Company declared dividends to non-controlling interests in the six-month period ended June 30, 2024, primarily to Algonquin (interests in Amherst through AYES Canada, see Note 7) for $8.9 million ($10.7 million in the six-month period ended June 30, 2023). Itochu Corporation for $3.4 million ($5.1 million in the six-month period ended June 30, 2023) and Algerian Energy Company for $8.2 million ($6.7 million in the six-month period ended June 30, 2023).
In 2024, Chile PV 3 received an additional capital contribution of $1.2 million ($10.5 million in in the six-month period ended June 30, 2023) from the financial partners (Non-controlling interest) through the renewable energy platform of the Company in Chile to install batteries in the asset (Note 1).
As of June 30, 2024, and December 31, 2023, there was no treasury stock and there have been no transactions with treasury stock during the period then ended.
35

Table of Contents
Note 15. - Corporate debt
The breakdown of corporate debt as of June 30, 2024, and December 31, 2023, is as follows:

|  | Balance as of June 30, |  |  | Balance as of December 31, |
|  | 2024 |  |  | 2023 |
|  | ($ in thousands) |
Non-current |  |  | 1,125,496 |  |  |  | 1,050,816 |
Current |  |  | 66,611 |  |  |  | 34,022 |
Total Corporate Debt |  |  | 1,192,107 |  |  |  | 1,084,838 |

On July 20, 2017, the Company signed a credit facility (the “2017 Credit Facility”) for up to €10.0 million ($10.7 million), which is available in euros or U.S. dollars. Amounts drawn down accrue interest at a rate per year equal to EURIBOR plus 2% or SOFR plus 2%, depending on the currency, with a floor of 0% on the EURIBOR and SOFR. On August 7, 2023, the available amount under the 2017 Credit Facility was increased to €15.0 million ($16.1 million) and the maturity extended to July 1, 2025. As of June 30, 2024, $1.4 million has been drawn down ($9.9 million were drawn down as of December 31, 2023).
On May 10, 2018, the Company entered into the Revolving Credit Facility for $215 million with a syndicate of banks. Amounts drawn down accrue interest at a rate per year equal to (A) for Eurodollar rate loans, Term SOFR, plus a Term SOFR Adjustment equal to 0.10% per annum, plus a percentage determined by reference to the leverage ratio of the Company, ranging between 1.60% and 2.25% and (B) for base rate loans, the highest of (i) the rate per annum equal to the weighted average of the rates on overnight U.S. Federal funds transactions with members of the U.S. Federal Reserve System arranged by U.S. Federal funds brokers on such day plus ½ of 1.00%, (ii) the U.S. prime rate and (iii) Term SOFR plus 1.00%, in any case, plus a percentage determined by reference to the leverage ratio of the Company, ranging between 0.60% and 1.00%. Letters of credit may be issued using up to $100 million of the Revolving Credit Facility. Since then, the amount of the Revolving Credit Facility increased to $450 million. On May 30, 2023, the maturity was extended to December 31, 2025. On June 30, 2024, $150 million were drawn down ($55 million as of December 31, 2023). On June 30, 2024, the Company issued letters of credit for $34 million ($17 million were issued as of December 31, 2023) and therefore, $266 million of the Revolving Credit Facility were available ($378 million as of December 31, 2023).
On October 8, 2019, the Company filed a euro commercial paper program (the “Commercial Paper”) with the Alternative Fixed Income Market (MARF) in Spain. The program had an original maturity of twelve months and was extended for annual periods until October 2023. The program allowed Atlantica to issue notes over the next twelve months for up to €50 million ($54 million), with such notes having a tenor of up to two years. On November 21, 2023, the Company filed a new program that allows Atlantica to issue notes for up to €100 million, with such notes having a tenor of up to two years and the program maturity has been extended twelve months. As of June 30, 2024, the Company had €54.8 million ($58.8 million) issued and outstanding under the program at an average cost of 5.10% (€24.0 million, or $25.7 million, as of December 31, 2023).
On April 1, 2020, the Company closed the secured 2020 Green Private Placement for €290 million ($311 million). The private placement accrues interest at an annual 1.96% interest rate, payable quarterly and has a June 2026 maturity.
On July 8, 2020, the Company entered into the Note Issuance Facility 2020, a senior unsecured financing with a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder for a total amount of $150 million which is denominated in euros (€140 million). The Note Issuance Facility 2020 was issued on August 12, 2020, interest accrues at a rate per annum equal to the sum of the 3-month EURIBOR plus a margin of 5.25% with a floor of 0% for the EURIBOR, payable quarterly and has a maturity of seven years from the closing date. The Company initially entered into a cap at 0% for the EURIBOR with 3.5 years maturity and in December 2023, into a cap at 4% to hedge the variable interest rate risk with maturity on December 31, 2024.
On July 17, 2020, ASI Jersey Ltd, a subsidiary of the Company issued the Green Exchangeable Notes for $100 million in aggregate principal amount of 4.00% convertible bonds due in 2025. On July 29, 2020, the Company closed an additional $15 million aggregate principal amount of the Green Exchangeable Notes. The notes mature on July 15, 2025, and bear interest at a rate of 4.00% per annum. The initial exchange rate of the notes is 29.1070 ordinary shares per $1,000 principal amount of notes, which is equivalent to an initial exchange price of $34.36 per ordinary share. Noteholders may exchange their notes at their option at any time prior to the close of business on the scheduled trading day immediately preceding April 15, 2025, only during certain periods and upon satisfaction of certain conditions. On or after April 15, 2025, noteholders may exchange their notes at any time. Upon exchange, the notes may be settled, at the election of the Company, into Atlantica ordinary shares, cash or a combination thereof. The exchange rate is subject to adjustment upon the occurrence of certain events.
36

Table of Contents
As per IAS 32, “Financial Instruments: Presentation”, the conversion option of the Green Exchangeable Notes is an embedded derivative classified within the line “Derivative liabilities” of these Consolidated Condensed Interim Financial Statements (Note 10). It was initially valued at the transaction date for $10 million, and prospective changes to its fair value are accounted for directly through the profit and loss statement. The principal element of the Green Exchangeable Notes, classified within the line “Corporate debt” of these Consolidated Condensed Interim Financial Statements, is initially valued as the difference between the consideration received from the holders of the instrument and the value of the embedded derivative, and thereafter, at amortized cost using the effective interest method as per IFRS 9, Financial Instruments.
On May 18, 2021, the Company issued the Green Senior Notes due in 2028 in an aggregate principal amount of $400 million. The notes mature on May 15, 2028, and bear interest at a rate of 4.125% per annum payable on June 15 and December 15 of each year, commencing December 15, 2021.
Since 2020, the Company entered into loans with different banks as follows:

| - | a €5 million ($5.4 million) loan on December 4, 2020, which accrues interest at a rate per year equal to 2.50%. The maturity date is December 4, 2025.

| - | a €5 million ($5.4 million) loan on January 31, 2022, which accrues interest at a rate per year equal to 1.90%. The maturity date is January 31, 2026.

| - | a €7 million ($7.5 million) loan on February 24, 2023, which accrues interest at a rate per year equal to 4.21%. The maturity date is February 24, 2028.

The repayment schedule for the corporate debt as of June 30, 2024, is as follows:

|  | Remainder of 2024 |  |  | Between January and June 2025 |  |  | Between July and December 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | Total |
|  | ($ in thousands) |
2017 Credit Facility |  |  | - |  |  |  | - |  |  |  | 1,381 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,381 |
Revolving Credit Facility |  |  | - |  |  |  | - |  |  |  | 149,620 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 149,620 |
Commercial Paper |  |  | 51,611 |  |  |  | 6,136 |  |  |  | 1,007 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 58,754 |
2020 Green Private Placement |  |  | 2,059 |  |  |  | - |  |  |  | - |  |  |  | 309,509 |  |  |  | - |  |  |  | - |  |  |  | 311,568 |
2020 Note Issuance Facility |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 148,165 |  |  |  | - |  |  |  | 148,165 |
Green Exchangeable Notes |  |  | 2,108 |  |  |  | - |  |  |  | 111,572 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 113,680 |
Green Senior Notes |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 396,417 |  |  |  | 396,417 |
Other bank loans |  |  | 3,292 |  |  |  | 1,405 |  |  |  | 3,188 |  |  |  | 2,221 |  |  |  | 1,594 |  |  |  | 822 |  |  |  | 12,522 |
Total |  |  | 59,070 |  |  |  | 7,541 |  |  |  | 266,768 |  |  |  | 311,730 |  |  |  | 149,759 |  |  |  | 397,239 |  |  |  | 1,192,107 |

The repayment schedule for the corporate debt as of December 31, 2023, was as follows:

|  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | Total |
|  | ($ in thousands) |
2017 Credit Facility |  |  | 13 |  |  |  | 9,876 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9,889 |
Revolving Credit Facility |  |  | 261 |  |  |  | 54,427 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 54,688 |
Commercial Paper |  |  | 25,691 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 25,691 |
2020 Green Private Placement |  |  | 174 |  |  |  | - |  |  |  | 318,668 |  |  |  | - |  |  |  | - |  |  |  | 318,842 |
2020 Note Issuance Facility |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 152,356 |  |  |  | - |  |  |  | 152,356 |
Green Exchangeable Notes |  |  | 2,108 |  |  |  | 110,020 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 112,128 |
Green Senior Note |  |  | 963 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 395,964 |  |  |  | 396,927 |
Other bank Loans |  |  | 4,812 |  |  |  | 4,736 |  |  |  | 2,288 |  |  |  | 1,642 |  |  |  | 839 |  |  |  | 14,317 |
Total |  |  | 34,022 |  |  |  | 179,059 |  |  |  | 320,956 |  |  |  | 153,998 |  |  |  | 396,803 |  |  |  | 1,084,838 |

37

Table of Contents
Note 16. - Project debt
This note shows the project debt linked to the assets included in Note 6 of these Consolidated Condensed Interim Financial Statements.
Project debt is generally used to finance contracted assets, exclusively using as guarantee the assets and cash flows of the company or group of companies carrying out the activities financed. In addition, the cash of the Company´s projects include funds held to satisfy the customary requirements of certain non-recourse debt agreements and other restricted cash for an amount of $170 million as of June 30, 2024 ($177 million as of December 31, 2023).
The breakdown of project debt for both non-current and current liabilities as of June 30, 2024, and December 31, 2023, is as follows:

|  | Balance as of June 30, |  |  | Balance as of December 31, |
|  | 2024 |  |  | 2023 |
|  | ($ in thousands) |
Non-current |  |  | 3,763,395 |  |  |  | 3,931,873 |
Current |  |  | 400,529 |  |  |  | 387,387 |
Total Project debt |  |  | 4,163,924 |  |  |  | 4,319,260 |

The Company refinanced the Solaben 2&3 assets in March 2023, entering into two green senior euro-denominated loan agreements for the two assets with a syndicate of banks for a total amount of €198.0 million. The new project debt replaced the previous project loans for a similar amount and maturity was extended from December 2030 to June 2037.
Due to low electricity prices in Chile, the project debts of Chile PV 1 and PV 2, where the Company owns a 35% equity interest, are under an event of default as of June 30, 2024. As a result, although the Companies do not expect an acceleration of the debts to be declared by the credit entities, Chile PV 1 and Chile PV 2 did not have a right to defer the settlement of the debt for at least twelve months and the project debts, which amount to $71 million as of December 31, 2023 and $73 million as of June 30, 2024, were classified as current in these Consolidated Condensed Interim Financial Statements in accordance with International Accounting Standards 1 (“IAS 1”), “Presentation of Financial Statements”.
The repayment schedule for project debt in accordance with the financing arrangements as of June 30, 2024, is as follows and is consistent with the projected cash flows of the related projects:

Remainder of 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest payment |  |  | Nominal repayment |  |  | Between January and June 2025 |  |  | Between June and December 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | Subsequent years |  |  | Total |
($ in thousands) |
| 14,917 |  |  |  | 174,882 |  |  |  | 145,236 |  |  |  | 174,701 |  |  |  | 347,059 |  |  |  | 495,255 |  |  |  | 456,749 |  |  |  | 2,355,125 |  |  |  | 4,163,924 |

The repayment schedule for project debt in accordance with the financing arrangements as of December 31, 2023, was as follows and was consistent with the projected cash flows of the related projects:

2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | Subsequent years |  |  | Total |
Interest payment |  |  | Nominal repayment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 15,215 |  |  |  | 305,087 |  |  |  | 325,303 |  |  |  | 352,495 |  |  |  | 499,968 |  |  |  | 464,648 |  |  |  | 2,356,544 |  |  |  | 4,319,260 |

38

Table of Contents
Note 17. - Grants and other liabilities
Grants and other liabilities as of June 30, 2024 and December 31, 2023 are as follows:

|  | Balance as of June 30, |  |  | Balance as of December 31, |
|  | 2024 |  |  | 2023 |
|  | ($ in thousands) |
Grants |  |  | 823,604 |  |  |  | 852,854 |
Other liabilities and provisions |  |  | 338,236 |  |  |  | 380,954 |
Dismantling provision |  |  | 158,966 |  |  |  | 155,279 |
Lease liabilities |  |  | 84,181 |  |  |  | 82,366 |
Accruals on Spanish market prices differences |  |  | 50,326 |  |  |  | 98,820 |
Others |  |  | 44,763 |  |  |  | 44,489 |
Grants and other non-current liabilities |  |  | 1,161,840 |  |  |  | 1,233,808 |

As of June 30, 2024, the amount recorded in Grants primarily corresponds to the ITC Grant awarded by the U.S. Department of the Treasury to Solana and Mojave for a total amount of $562 million ($578 million as of December 31, 2023). The amount recorded in Grants as a liability is progressively recorded as other income over the useful life of the asset.
The remaining balance of the “Grants” account corresponds to loans with interest rates below market rates for Solana and Mojave for a total amount of $260 million as of June 30, 2024 ($273 million as of December 31, 2023). Loans with the Federal Financing Bank guaranteed by the Department of Energy for these projects bear interest at a rate below market rates for these types of projects and terms. The difference between proceeds received from these loans and its fair value, is initially recorded as “Grants” in the consolidated statement of financial position, and subsequently recorded progressively in “Other operating income”.
Total amount of income for these two types of grants for Solana and Mojave is $29.1 million and $29.3 million for the six-month periods ended June 30, 2024 and 2023, respectively (Note 19).
The “Accruals on Spanish market prices differences” corresponds to the differences that occur in each financial year between revenue from the sale of energy at the estimated price determined by the Administration in Spain in accordance with the reasonable profitability scheme determined by law, and the revenue from the sale of energy at the actual average market price in the year. These market price differences are regularized through the compensation and adjustment of the parameters which serve as a basis for calculating the regulated revenue compensation to be received from the Administration in Spain over the remaining regulatory life of the solar assets of the Company to obtain the guaranteed profitability for each solar asset. Current portion amounts to $12.1 million as of June 30, 2024 and $12.5 million as of December 31, 2023 (Note 18).
Note 18. - Trade payables and other current liabilities
Trade payables and other current liabilities as of June 30, 2024, and December 31, 2023, are as follows:

|  | Balance as of June 30, |  |  | Balance as of December 31, |
|  | 2024 |  |  | 2023 |
|  | ($ in thousands) |
Trade accounts payable |  |  | 97,804 |  |  |  | 77,266 |
Accruals on Spanish market prices differences (Note 17) |  |  | 12,107 |  |  |  | 12,475 |
Down payments from clients and other deferred income |  |  | 15,715 |  |  |  | 16,905 |
Other accounts payable |  |  | 43,605 |  |  |  | 35,067 |
Total |  |  | 169,231 |  |  |  | 141,713 |

39

Table of Contents
Trade accounts payable mainly relate to the operation and maintenance of the plants owned by the Company.
Nominal values of trade payables and other current liabilities are considered to be approximately equal to fair values and the effect of discounting them is not significant.
Note 19. - Other operating income and expenses
The table below shows the detail of Other operating income and expenses for the six-month periods ended June 30, 2024, and 2023:

Other operating income |  | For the six-month period ended June 30, |
|  | 2024 |  |  | 2023 |
|  | ($ in thousands) |
Grants (Note 17) |  |  | 29,181 |  |  |  | 29,349 |
Gain on the sale of Atlantica´s equity interest in Monterrey (Note 8) |  |  | 8,854 |  |  |  | - |
Gain on the sale of part of Atlantica´s interest in the Colombian portfolio |  |  | - |  |  |  | 4,550 |
Insurance proceeds and other |  |  | 12,092 |  |  |  | 6,580 |
Income from construction services for contracted concessional assets of the Company accounted for under IFRIC 12 |  |  | 6,703 |  |  |  | - |
Total |  |  | 56,830 |  |  |  | 40,479 |

Other operating expenses |  | For the six-month period ended June 30, |
|  | 2024 |  |  | 2023 |
|  | ($ in thousands) |
Raw materials and consumables used |  |  | (18,311 | ) |  |  | (18,041 | )
Leases and fees |  |  | (7,460 | ) |  |  | (6,603 | )
Operation and maintenance |  |  | (73,813 | ) |  |  | (60,382 | )
Independent professional services |  |  | (18,844 | ) |  |  | (20,496 | )
Supplies |  |  | (15,079 | ) |  |  | (18,590 | )
Insurance |  |  | (20,980 | ) |  |  | (21,000 | )
Levies and duties |  |  | (13,629 | ) |  |  | (7,851 | )
Construction costs from construction services for contracted concessional assets of the Company accounted for under IFRIC 12 |  |  | (6,703 | ) |  |  | - |
Other expenses |  |  | (8,584 | ) |  |  | (8,324 | )
Total |  |  | (183,403 | ) |  |  | (161,287 | )

Insurance proceeds and other includes $8.5 million of insurance income in the six-month period ended June 30, 2024 related to an unscheduled outage in Kaxu further to a problem found in the turbine in 2023.
Income and costs from construction services correspond to the projects ATN Expansion 3 and ATS Expansion 1, which are currently under construction. Given that these projects are included within the scope of IFRIC 12 (intangible assets), the Company has recorded the income and the cost of construction in the consolidated statement of profit or loss.
40

Table of Contents
Note 20. - Financial expense, net
The following table sets forth financial income and expenses for the six-month periods ended June 30, 2024 and 2023:

|  | For the six-month period ended June 30, |
|  | 2024 |  |  | 2023 |
Financial income |  | ($ in thousands) |
Interest income on deposits and current accounts |  |  | 9,672 |  |  |  | 9,025 |
Interest income from loans and credits |  |  | 1,526 |  |  |  | 1,321 |
Interest rates gains on derivatives: cash flow hedges |  |  | 118 |  |  |  | 244 |
Total |  |  | 11,316 |  |  |  | 10,590 |

|  | For the six-month period ended June 30, |
|  | 2024 |  |  | 2023 |
Financial expense |  | ($ in thousands) |
Interest on loans and notes |  |  | (175,857 | ) |  |  | (172,876 | )
Interest rates gains on derivatives: cash flow hedges |  |  | 12,223 |  |  |  | 9,931 |
Total |  |  | (163,634 | ) |  |  | (162,945 | )

Interest expense on loans and notes primarily include interest on corporate and project debt.
Gains from interest rate derivatives designated as cash flow hedges primarily correspond to transfers from equity to financial income when the hedged item impacts the consolidated profit or loss statement.
Net exchange differences
Net exchange differences primarily correspond to realized and unrealized exchange gains and losses on transactions in foreign currencies as part of the normal course of business of the Company.
Other financial expense, net
The following table sets out Other financial income and expenses for the six-month periods ended June 30, 2024, and 2023:

|  | For the six-month period ended June 30, |
|  | 2024 |  |  | 2023 |
|  | ($ in thousands) |
Other financial income |  |  | 1,637 |  |  |  | 6,244 |
Other financial losses |  |  | (12,657 | ) |  |  | (13,187 | )
Total |  |  | (11,020 | ) |  |  | (6,943 | )

Other financial income in the six-month period ended June 30, 2024 include an income for non-monetary change to the fair value of derivatives of Kaxu for which hedge accounting is not applied for $0.1 million and $0.8 million of income further to the change in the fair value of the conversion option of the Green Exchangeable Notes (Note 15) in the period ($1.0 million and $2.4 million of income respectively in the six-month period ended June 30, 2023).
Other financial losses primarily include non-monetary interest expenses for updating the present value of provisions and other long-term liabilities reflecting passage of time, guarantees and letters of credit and other bank fees.
Note 21. - Income Tax
The effective tax rate for the periods presented has been established based on management’s best estimates, taking into account the tax treatment of permanent differences and tax credits.
For the six-month period ended June 30, 2024, income tax amounted to a $3,942 thousand loss with respect to a profit before income tax of $26,215 thousand. In the six-month period ended June 30, 2023, income tax amounted to a $2,168 thousand income with respect to a profit before income tax of $28,623 thousand.
The effective tax rate differs from the nominal tax rate mainly due to:

| - | permanent tax differences and unrecognized net operating loss carryforwards (“NOLs”) in some jurisdictions.

| - | the recognition of existing NOLs in the UK, which accounts for a $14.0 million deferred tax income in the six-month period ended June 30, 2024 further to the acquisition of UK Wind 1 and UK Wind 2 (Note 1), as the Company considers probable to utilize these NOLs against future taxable profits to be generated by these assets in the upcoming years.

41

Table of Contents
Note 22. - Earnings per share
Basic earnings per share have been calculated by dividing the profit attributable to equity holders of the Company by the average number of outstanding shares.
Average number of outstanding diluted shares for the six-month period ended June 30, 2024 have been calculated considering the potential issuance of 3,347,305 shares (3,347,305 shares for the six-month period ended June 30, 2023) on the settlement of the Green Exchangeable Notes (Note 15) and the potential issuance of 568,582 shares (220,925 shares for the six-month period ended June 30, 2023) under the long-term incentive plans granted to employees.

Item |  | For the six-month period ended June 30, |
|  | 2024 |  |  | 2023 |
|  | ($ in thousands) |
Profit attributable to Atlantica |  |  | 16,033 |  |  |  | 24,661 |
Average number of ordinary shares outstanding (thousands) - basic |  |  | 116,159 |  |  |  | 116,147 |
Average number of ordinary shares outstanding (thousands) - diluted |  |  | 119,920 |  |  |  | 119,717 |
Earnings per share for the period (U.S. dollar per share) - basic |  |  | 0.14 |  |  |  | 0.21 |
Earnings per share for the period (U.S. dollar per share) - diluted (*) |  |  | 0.14 |  |  |  | 0.21 |

(*) The potential ordinary shares related to the Green Exchangeable Notes and the long-term incentive plans granted to employees have not been considered in the calculation of diluted earnings per share for the six-month periods ended June 30, 2024, and 2023, as they have an antidilutive effect.
Note 23. - Subsequent events
On July 31, 2024, the Board of Directors of the Company approved a dividend of 0.445 per share, which is expected to be paid on September 16, 2024.
42

Table of Contents

Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read together with, and is qualified in its entirety by reference to, our Consolidated Condensed Interim Financial Statements and our Annual Consolidated Financial Statements prepared in accordance with IFRS as issued by the IASB and other disclosures including the disclosures under “Part II— Item 1.A.—Risk Factors” of this quarterly report and “Part I—Item 3.D.—Risk Factors” in our Annual Report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs, which are based on assumptions we believe to be reasonable. Our actual results could differ materially from those discussed in such forward-looking statements. The results shown here are not necessarily indicative of the results expected in any future period. Please see our Annual Report for additional discussion of various factors affecting our results of operations.
Overview
We are a sustainable infrastructure company with a majority of our business in renewable energy assets. Our purpose is to support the transition towards a more sustainable world by developing, building, investing in and managing sustainable infrastructure assets, while creating long-term value for our investors and the rest of our stakeholders. In 2023, renewables represented 73% of our revenue, with solar energy representing 63%. We complement our portfolio of renewable assets with storage, efficient natural gas and transmission infrastructure assets, as enablers of the transition towards a clean energy mix. We also hold water assets, a relevant sector for sustainable development.
As of the date of this quarterly report, we own or have an interest in a portfolio of assets in operation and new projects under development diversified both in terms of business sector and geographic footprint. Our portfolio of assets in operation consists of 47 assets with 2,213 MW of aggregate renewable energy installed generation capacity (of which approximately 72% is solar), 300 MW of efficient natural gas-fired power generation capacity, 55 MWt of district heating capacity, 1,229 miles of electric transmission lines and 17.5 Mft3 per day of water desalination.
We currently own and manage operating facilities and projects under development in North America (United States, Canada and Mexico), South America (Peru, Chile, Colombia and Uruguay) and EMEA (Spain, Italy, United Kingdom, Algeria and South Africa). Our assets generally have contracted or regulated revenue. As of June 30, 2024, our assets had a weighted average remaining contract life of approximately 12 years1.
We intend to grow our business through the development and construction of projects including expansion and repowering opportunities, as well as greenfield development, third-party acquisitions, and the optimization of our existing portfolio. We currently have a pipeline of assets under development of approximately 2.2 GW of renewable energy and 6.3 GWh2 of storage. Approximately 45% of the projects are PV, 44% storage, 10% wind and 1% others, while 22% of the projects are expected to reach ready to build (“Rtb”) in 2024 or 2025, 24% are in an advanced development stage and 54% are in early stage.
Recent Developments
Transaction Agreement
On May 27, 2024, Atlantica entered into a definitive agreement pursuant to which Bidco agreed to acquire 100% of the shares of Atlantica for $22 per share in cash, subject to the terms of the Transaction Agreement. Bidco is controlled by Energy Capital Partners and includes a large group of institutional co-investors. The Proposed Acquisition is to be completed pursuant to a scheme of arrangement under the U.K. Companies Act 2006. Algonquin and Liberty (AY Holdings), B.V., which hold approximately 42.2% of Atlantica’s shares, have entered into a support agreement with Bidco pursuant to which they have agreed, subject to the terms of that agreement, to vote their shares in favor of the Proposed Acquisition and the scheme of arrangement.

1 | Calculated as weighted average years remaining as of June 30, 2024 based on CAFD estimates for the 2024-2027 period.

2 | Only includes projects estimated to be ready to build before or in 2030 of approximately 3.9 GW, 2.2 GW of renewable energy and 1.7 GW of storage (equivalent to 6.3 GWh). Capacity measured by multiplying the size of each project by Atlantica’s ownership. Potential expansions of transmission lines not included.

43

Table of Contents
The Proposed Acquisition is subject to, among other conditions, approval by Atlantica’s shareholders of the scheme of arrangement, sanction of the transaction by the High Court of Justice of England and Wales, and regulatory approvals in different jurisdictions, including but not limited to clearance under the Hart-Scott-Rodino Act, by the Committee on Foreign Investment in the United States and by the Federal Energy Regulatory Commission in the United States. The transaction is expected to close in the fourth quarter of 2024 or early first quarter of 2025. Upon the completion of the Proposed Acquisition, Atlantica will become a privately held company and its shares will no longer be listed on any public market.
Publication of Scheme Circular
On July 16, 2024, Atlantica published a scheme circular (the “Scheme Circular”) regarding the shareholder meetings to be held to consider and vote on the Proposed Acquisition. As set forth in the Scheme Circular, the Atlantica shareholder meetings for the Proposed Acquisition will be held in London, on August 8, 2024. The Atlantica board of directors unanimously recommends that Atlantica shareholders vote “FOR” each of the proposals related to the Proposed Acquisition at the shareholder meetings. Holders of record of Atlantica ordinary shares as of 6:30 p.m. (London time) on August 6, 2024 will be entitled to vote at the shareholder meetings.
Asset Sale
In April 2024, an entity where we hold 30% equity interest closed the sale of Monterrey as planned. We have received $38.1 million for this sale and we expect to receive an additional amount of $3.1 million in the third quarter of 2024. In addition, there is an earn-out mechanism that could result in additional proceeds for Atlantica of up to approximately $7 million between 2026 and 2028.
Assets that Entered Operation
In May 2022, we agreed to develop and construct Honda 1 and Honda 2, two PV assets in Colombia with a combined capacity of 20 MW where we have a 50% ownership. Each plant has a 7-year PPA with Enel Colombia. Honda 1 entered in operation in December 2023 and Honda 2 entered operation in July 2024.
Dividend
On July 31, 2024, our board of directors approved a dividend of $0.445 per share. The dividend is expected to be paid on September 16, 2024, to shareholders of record as of August 30, 2024.
Recent Investments

| • | In April 2024, we acquired the Imperial project from Algonquin, a 100 MW PV + storage (4 hours) project in Southern California. On May 6, 2024, the project entered into a 15-year PPA with an investment grade Community Choice Aggregator as off-taker. Total investment is expected to be within the range of $320 million to $340 million, mostly in 2025 and 2026. Imperial is a well contracted project that we expect will benefit from synergies with our existing assets in California.

| • | On March 22, 2024, we closed the acquisition of a 100% equity interest stake in two wind assets with a combined installed capacity of 32 MW in Scotland, UK. The assets are regulated under the UK green attribute regulation and are granted renewables obligation certificates until 2031 on average3. Our investment was approximately $66 million and the assets currently do not have any project debt. These are Atlantica’s first operating assets in the UK, and we expect that our return from these assets will be enhanced by the use of our existing net operating loss carryforwards (“NOLs”) in the UK in the upcoming years. In the first half of 2024, we recorded a $14.0 million deferred tax income in connection with this acquisition, as we consider probable to utilize the existing NOLs in the UK against future taxable profits to be generated by these assets in the upcoming years (see Note 21 to our Consolidated Condensed Interim Financial Statements).

3 | Calculated as the weighted average regulated years remaining as of June 30, 2024 based on CAFD estimates for both assets for the 2024-2027 period.

44

Table of Contents
UK Wind 1 and 2
Overview. UK Wind 1 and 2 are two onshore wind farms with a combined capacity of 32 MW wholly owned by us, located in the UK. The assets reached COD in November 2012 and between May 2003 and June 2007, respectively.
Regulated revenue. Revenue is regulated under the UK green attribute regulation, being granted Renewables Obligation Certificates (“ROCs”) until 2033 and 2027, respectively, and Renewable Energy Guarantees of Origin (“REGOs”) until the end of the useful life of the assets, in addition to selling its production to the UK power market. ROCs and REGOs are issued for each MWh of electricity generated.
O&M. The O&M services are performed by a third party for both assets.
Assets Under Construction
We currently have the following assets under construction.

Asset | Type | Location | Capacity (gross)(1) | Expected COD | Expected Investment(2) ($ million) | Off-taker
Coso Batteries 1 | Battery Storage | California, US | 100 MWh | 2025 | 40-50 | Investment grade utility
Coso Batteries 2 | Battery Storage | California, US | 80 MWh | 2025 | 35-45 | Investment grade utility
Chile PMGD(3) | Solar PV | Chile | 80 MW | 2024- 2025 | 33 | Regulated
ATN Expansion 3 | Transmission Line | Peru | 2.4 miles 220kV | 2024 | 12 | Conelsur
ATS Expansion 1 | Transmission Line | Peru | n.a. (substation) | 2025 | 31 | Republic of Peru
Apulo 1(4) | Solar PV | Colombia | 10 MW | 2024 | 5.5 | -
Chile PV 3 expansion(5) | Battery Storage | Chile | 142 MWh | 2024 | 14-15 | Emoac

Notes:

(1) | Includes nominal capacity on a 100% basis, not considering Atlantica’s ownership.

(2) | Corresponds to the expected investment by Atlantica.

(3) | Atlantica owns 49% of the shares, with joint control, in Chile PMGD. Atlantica’s economic rights are expected to be approximately 70%.

(4) | Atlantica owns 50% of the shares in Apulo 1.

(5) | Atlantica owns 35% of Chile PV 3 through the renewable energy platform of the Company in Chile.

• | Coso Batteries 1 is a standalone battery storage project of 100 MWh (4 hours) capacity located inside Coso, our geothermal asset in California. Additionally, Coso Batteries 2 is a standalone battery storage project with 80 MWh (4 hours) capacity also located inside Coso. Our investment is expected to be in the range of $40 million to $50 million for Coso Batteries 1, and in the range of $35 million to $45 million for Coso Batteries 2. Both projects were fully developed in-house and are now under construction. We have closed a contract with Tesla for the procurement of the batteries. COD is expected in 2025 for both projects.

In October 2023, we entered into two 15-year tolling agreements (PPAs) with an investment grade utility for Coso Batteries 1 and Coso Batteries 2. Under each of the tolling agreements, Coso Batteries 1 and 2 will receive fixed monthly payments adjusted by the financial settlement of CAISO’s Day-Ahead market. In addition, we expect to obtain revenue from ancillary services in each of the asset.

• | In November 2022, we closed the acquisition of a 49% interest, with joint control, in an 80 MW portfolio of solar PV projects in Chile which is currently under construction (Chile PMGD). Our economic rights are expected to be approximately 70%. Total investment in equity and preferred equity is expected to be approximately $33 million and COD is expected to be progressive in 2024 and 2025. Revenue for these assets is regulated under the Small Distributed Generation Means Regulation Regime (“PMGD”) for projects with a capacity equal or lower than 9 MW which allows to sell electricity at a stabilized price.

45

Table of Contents

• | In July 2022 we closed a 17-year transmission service agreement denominated in U.S. dollars that will allow us to build a substation and a 2.4-mile transmission line connected to our ATN transmission line serving a new mine in Peru (ATN Expansion 3). The substation is expected to enter in operation in 2024 and the investment is expected to be approximately $12 million.

• | In July 2023, as part of the New Transmission Plan Update in Peru, the Ministry of Energy and Mines published the Ministerial Resolution that enables to start construction of our ATS Expansion 1 project, consisting of the reinforcement of two existing substations with new equipment. The expansion will be part of our existing concession contract, a 30-year contract with a fixed-price tariff base denominated in U.S. dollars adjusted annually in accordance with the U.S. Finished Goods Less Foods and Energy Index as published by the U.S. Department of Labor. Given that the concession ends in 2044, we will be compensated with a one-time payment for the remaining 9 years of concession. The expansion is expected to enter in operation in 2025 and the investment is expected to be approximately $31 million.

• | In April 2024, Chile PV 3 signed a 10-year PPA covering part of the production of the PV plant in operation and the 142 MWh battery storage expansion under construction. Under the PPA, the asset is expected to sell the electricity at a fixed price per MWh denominated in U.S. dollars and indexed to the US CPI. The PPA benefits from a higher price, given that the electricity is delivered during the night. Our investment is expected to be between $14 million and $15 million and COD is expected in 2024. Atlantica owns 35% of Chile PV 3 through the renewable energy platform of the Company in Chile.

Late Stage Contracted Projects

• | In February 2024, we entered into a 15-year PPA with an investment grade utility for Overnight. Overnight is a 150 MW PV project located in California. Under the PPA, Overnight is set to receive a fixed price per MWh, with no basis risk. The project is currently in an advanced development stage. Total investment is anticipated to be within the range of $165 million to $185 million mostly in 2025 and 2026. We are developing a second phase of the project that includes 600 MWh of storage (4 hours).

• | In April 2024, we acquired the Imperial project from Algonquin, a 100 MW PV + storage (4 hours) project in Southern California. On May 6, 2024, the project entered into a 15-year PPA with an investment grade Community Choice Aggregator as off-taker. Total investment is expected to be within the range of $320 million to $340 million, mostly in 2025 and 2026. Imperial is a well contracted project that we expect will benefit from synergies with our existing assets in California.

• | In May 2024, we entered into a 10-year PPA for Caparacena, which is a 27.5 MWDC/22 MWAC project in Spain. Total investment is expected to be between $16 million and $18 million, with COD expected in early 2026.

Factors Affecting the Comparability of Our Results of Operations
Investments
The results of operations of UK Wind 1 and UK Wind 2 have been fully consolidated since we acquired these assets in March 2024. The results of operations of Tierra Linda and La Tolua have been fully consolidated since these assets entered into operation in March 2023 and Honda 1 has been contributing to Adjusted EBITDA as an unconsolidated affiliate since reaching COD in December 2023. For the first six months of 2024, these assets represented $3.2 million increase in revenue and $3.8 million in Adjusted EBITDA compared to the same period in 2023.
Impairment
IFRS 9 requires impairment provisions to be based on expected credit losses on financial assets rather than on actual credit losses. For the six-month period ended June 30, 2024 we recorded a $2.1 million decrease in the expected credit loss impairment provision and for the six-month period ended June 30, 2023 we recorded a $1.0 million increase in the expected credit loss impairment provision, each of which is reflected in the line item “Depreciation, amortization, and impairment charges” and were primarily related to ACT.
46

Table of Contents
Electricity market prices
Total revenue in our solar assets in Spain increased by $6.8 million in the six-month period ended June 30, 2024, compared to the same period of the previous year. In addition to regulated revenue, our solar assets in Spain receive revenue from the sale of electricity at market prices. The average electricity market price captured by our assets was approximately €18 per MWh in the first six months of 2024 compared to approximately €64 per MWh in the first six months of 2023. Revenue from the sale of electricity at current market prices represented $8.1 million in the first six months of 2024, compared to $36.4 million in the first six months of 2023. Regulated revenues are revised periodically to reflect, among other things, the difference between expected and actual market prices if the difference is higher than a pre-defined threshold and as a result, we record a provision. We decreased our provision by $50.0 million in the six-month period ended June 30, 2024, with no cash impact on the current period, compared to a $5.6 million decrease in the same period of the previous year. Revenue from the sale of electricity at market prices net of the incremental market price provision was $58.0 million for the six-month period ended June 30, 2024, compared to $42.0 million for the six-month period ended June 30, 2023.
In 2023 and 2024, we have calculated the provision assuming that the average market price must be corrected using the solar time of day adjustment factor (“coeficiente de apuntamiento”), as it was stated in the regulations published since 2020. This factor, which is 90% for 2024 and 2023, aims to capture the difference between the daily (24 hours) average market price and the price captured by solar assets. Although the factor is not explicitly mentioned in the regulation for 2023, we believe the last order includes a clerical error that we expect is going to be corrected.
Exchange rates
We refer to “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Significant Trends Affecting Results of Operations—Exchange Rates” below.
Significant Trends Affecting Results of Operations
Investments and acquisitions
If the recently built assets and the recently closed acquisitions perform as anticipated, we expect these assets to positively impact our results of operations in 2024 and upcoming years.
S olar, wind and geothermal resources
The availability of solar, wind and geothermal resources affects the financial performance of our renewable assets, which may impact our overall financial performance. Due to the variable nature of solar, wind and geothermal resources, we cannot predict future availabilities or potential variances from expected performance levels from quarter to quarter. Based on the extent to which the solar, wind and geothermal resources are not available at expected levels, this could have a negative impact on our results of operations.
Capital markets conditions
The capital markets in general are subject to volatility that is unrelated to the operating performance of companies. Our growth strategy depends on our ability to finance investments and acquisitions, which often requires access to debt and equity financing to complete these investments and acquisitions. Fluctuations in capital markets may affect our ability to access this capital through debt or equity financings.
Exchange rates
Our presentation currency and the functional currency of most of our subsidiaries is the U.S. dollar, as most of their revenue and expenses are denominated or linked to U.S. dollars. All our companies located in North America, with the exception of Calgary, with revenue in Canadian dollars, and most of our companies in South America have their revenue and financing contracts signed in or indexed totally or partially to U.S. dollars. Our solar power plants in Europe have their revenue and expenses denominated in euros, our two wind farms in the UK are denominated in British pounds, Kaxu, our solar plant in South Africa, has its revenue and expenses denominated in South African rand, La Sierpe, La Tolua and Tierra Linda, Honda 1 and Honda 2, our solar plants in Colombia have their revenue and expenses denominated in Colombian pesos and Albisu, our solar plant in Uruguay, has its revenue denominated in Uruguayan pesos, with a maximum and a minimum price in U.S. dollars.
47

Table of Contents
Project financing is typically denominated in the same currency as that of the contracted revenue agreement, which limits our exposure to foreign exchange risk. In addition, we maintain part of our corporate general and administrative expenses and part of our corporate debt in euros which creates a natural hedge for the distributions we receive from our assets in Europe. To further mitigate this exposure, our strategy is to hedge cash distributions from our assets in Europe and in the UK. We hedge the exchange rate for the net distributions in euros and British pounds (after deducting interest payments and general and administrative expenses in euros and British pounds, respectively). Through currency options, we have hedged 100% of our euro and British pound-denominated net exposure for the next 12 months and 75% of our euro and pound-denominated net exposure for the following 12 months. We expect to continue with this hedging strategy on a rolling basis.
Although we hedge cash-flows in euros and British pounds, fluctuations in the value of the euro or British pounds in relation to the U.S. dollar may affect our operating results. For example, revenue in euro or British pounds-denominated companies could decrease when translated to U.S. dollars at the average foreign exchange rate solely due to a decrease in the average foreign exchange rate, in spite of revenue in the original currency being stable. Fluctuations in the value of the South African rand and Colombian peso with respect to the U.S. dollar may also affect our operating results.
Impacts associated with fluctuations in foreign currency are discussed in more detail under “Item 3 — Quantitative and Qualitative Disclosure about Market Risk—Foreign exchange risk”.
Interest rates
We incur significant indebtedness at the corporate and asset level. The interest rate risk arises mainly from indebtedness at variable interest rates. To mitigate interest rate risk, we primarily use long-term interest rate swaps and interest rate options which, in exchange for a fee, offer protection against a rise in interest rates. As of June 30, 2024, approximately 92% of our project debt and close to 87% of our corporate debt either has fixed interest rates or has been hedged with swaps or caps. Nevertheless, our results of operations can be affected by changes in interest rates with respect to the unhedged portion of our indebtedness that bears interest at floating rates, which typically bear a spread over EURIBOR or SOFR.
Trends on electricity market prices
As previously discussed, our solar assets in Spain receive revenue from the sale of electricity at market prices in addition to regulated revenue. Regulated revenues are revised periodically to reflect the difference between expected and actual market prices if the difference is higher than a pre-defined threshold. Additionally, our assets in Italy have contracted revenues through a regulated feed-in premium in addition to merchant revenues for the energy sold to the wholesale market and our assets in the UK have a remuneration scheme which includes a regulated incentive and a market price component.
Furthermore, we currently have three assets with merchant revenues (Chile PV 1 and Chile PV 3, where we have a 35% ownership, and Lone Star II, where we have a 49% ownership) and one asset with partially contracted revenues (Chile PV 2, where we have a 35% ownership). Our exposure to merchant electricity prices represents less than 2% of our portfolio4 in terms of Adjusted EBITDA. At Lone Star II we are analyzing, together with our partner, the option to repower or recontract the asset in the context of the IRA, at a point in time to be determined.

4 | Calculated as a percentage of our Adjusted EBITDA in 2023. If we included in the calculation the EBITDA of the assets recently acquired in the UK, our exposure to merchant electricity prices would also be less than 2%. This calculation does not include our assets in Spain, which are regulated and have the right to receive a “reasonable rate of return” (we refer to our Annual Report).

48

Table of Contents
Due to low electricity prices in Chile, the project debts of Chile PV 1 and 2 are under an event of default as of June 30, 2024. As a result, although we do not expect an acceleration of the debts to be declared by the credit entities, Chile PV 1 and Chile PV 2, did not have a right to defer the settlement of the debts for at least twelve months as of December 31, 2023 and June 30, 2024, and therefore the project debts were classified as current in our Consolidated Condensed Interim Financial Statements as of June 30, 2024. We are in conversations with the banks, together with our partner, regarding a potential plan for the plants. The value of the net assets contributed by Chile PV 1 and 2 to the Consolidated Condensed Interim Financial Statements, excluding non-controlling interest, was close to zero as of June 30, 2024.
Key Financial Measures
We regularly review a number of financial measurements and operating metrics to evaluate our performance, measure our growth and make strategic decisions. In addition to traditional IFRS performance measures, such as total revenue, we also consider Adjusted EBITDA.
Adjusted EBITDA is calculated as profit/(loss) for the period attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interest, income tax expense, financial expense (net), depreciation, amortization and impairment charges of entities included in the Consolidated Condensed Interim Financial Statements and depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro-rata of our equity ownership).
Our management believes Adjusted EBITDA is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods. EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired. Adjusted EBITDA is widely used by other companies in our industry.
The non-GAAP financial measures including Adjusted EBITDA may not be comparable to other similarly titled measures of other companies and has limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB. Non-GAAP financial measures and ratios are not measurements of our performance or liquidity under IFRS as issued by the IASB and should not be considered as alternatives to operating profit or profit for the period or any other performance measures derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. Adjusted EBITDA excludes the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS GAAP.
Our revenue and Adjusted EBITDA by geography and business sector for the six-month period ended June 30, 2024 and 2023 are set forth in the following tables:
Revenue by geography

|  | Six-month period ended June 30, |
Revenue by geography |  | 2024 |  |  | 2023 |
|  | $ in millions |  |  | % of revenue |  |  | $ in millions |  |  | % of revenue |
North America |  | $ | 223.0 |  |  |  | 39.0 | % |  | $ | 202.2 |  |  |  | 36.5 | %
South America |  |  | 93.0 |  |  |  | 16.3 | % |  |  | 91.5 |  |  |  | 16.5 | %
EMEA |  |  | 255.2 |  |  |  | 44.7 | % |  |  | 260.9 |  |  |  | 47.0 | %
Total revenue |  | $ | 571.2 |  |  |  | 100.0 | % |  | $ | 554.6 |  |  |  | 100.0 | %

49

Table of Contents
Revenue by business sector

|  | Six-month period ended June 30, |
Revenue by business sector |  | 2024 |  |  | 2023 |
|  | $ in millions |  |  | % of revenue |  |  | $ in millions |  |  | % of revenue |
Renewable energy |  | $ | 409.7 |  |  |  | 71.7 | % |  | $ | 411.2 |  |  |  | 74.1 | %
Efficient natural gas & heat |  |  | 71.6 |  |  |  | 12.5 | % |  |  | 54.8 |  |  |  | 9.9 | %
Transmission lines |  |  | 61.5 |  |  |  | 10.8 | % |  |  | 61.0 |  |  |  | 11.0 | %
Water |  |  | 28.4 |  |  |  | 5.0 | % |  |  | 27.6 |  |  |  | 5.0 | %
Total revenue |  | $ | 571.2 |  |  |  | 100.0 | % |  | $ | 554.6 |  |  |  | 100.0 | %

Adjusted EBITDA by geography

|  | Six-month period ended June 30, |
Adjusted EBITDA by geography |  | 2024 |  |  | 2023 |
|  | $ in millions |  |  | % of Adjusted EBITDA |  |  | $ in millions |  |  | % of Adjusted EBITDA |
North America |  | $ | 164.1 |  |  |  | 40.3 | % |  | $ | 154.0 |  |  |  | 38.1 | %
South America |  |  | 71.3 |  |  |  | 17.5 | % |  |  | 74.4 |  |  |  | 18.5 | %
EMEA |  |  | 171.9 |  |  |  | 42.2 | % |  |  | 175.4 |  |  |  | 43.4 | %
Total Adjusted EBITDA(1) |  | $ | 407.3 |  |  |  | 100.0 | % |  | $ | 403.8 |  |  |  | 100.0 | %

Adjusted EBITDA by business sector

|  | Six-month period ended June 30, |
Adjusted EBITDA by business sector |  | 2024 |  |  | 2023 |
|  | $ in millions |  |  | % of Adjusted EBITDA |  |  | $ in millions |  |  | % of Adjusted EBITDA |
Renewable energy |  | $ | 286.5 |  |  |  | 70.3 | % |  | $ | 292.6 |  |  |  | 72.5 | %
Efficient natural gas & heat |  |  | 53.8 |  |  |  | 13.2 | % |  |  | 44.0 |  |  |  | 10.9 | %
Transmission lines |  |  | 49.5 |  |  |  | 12.2 | % |  |  | 49.2 |  |  |  | 12.2 | %
Water |  |  | 17.5 |  |  |  | 4.3 | % |  |  | 18.0 |  |  |  | 4.4 | %
Total Adjusted EBITDA(1) |  | $ | 407.3 |  |  |  | 100.0 | % |  | $ | 403.8 |  |  |  | 100.0 | %

Note:

| (1) | Adjusted EBITDA is not a measure of performance under IFRS as issued by the IASB and you should not consider Adjusted EBITDA as an alternative to operating income or profits or as a measure of our operating performance, cash flows from operating, investing and financing activities or as a measure of our ability to meet our cash needs or any other measures of performance under generally accepted accounting principles. We believe that Adjusted EBITDA is a useful indicator of our ability to incur and service our indebtedness and can assist securities analysts, investors and other parties to evaluate us. Adjusted EBITDA and similar measures are used by different companies for different purposes and are often calculated in ways that reflect the circumstances of those companies. Adjusted EBITDA may not be indicative of our historical operating results, nor is it meant to be predictive of potential future results. See “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Financial Measures”.

50

Table of Contents
Reconciliation of loss for the period to Adjusted EBITDA
The following table sets forth a reconciliation of Adjusted EBITDA to our loss for the period attributable to the Company:

|  | Six-month period ended June 30, |
|  | 2024 |  |  | 2023 |
|  | ($ in millions) |
Profit for the period attributable to the Company |  | $ | 16.0 |  |  |  | 24.7 |
Profit attributable to non-controlling interests |  |  | 6.2 |  |  |  | 6.1 |
Income tax |  |  | 3.9 |  |  |  | (2.2 | )
Financial expense, net |  |  | 166.3 |  |  |  | 159.4 |
Depreciation, amortization and impairment charges |  |  | 210.2 |  |  |  | 207.1 |
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of our equity ownership) |  |  | 4.7 |  |  |  | 8.7 |
Adjusted EBITDA |  | $ | 407.3 |  |  |  | 403.8 |

Reconciliation of net cash provided by operating activities to Adjusted EBITDA
The following table sets forth a reconciliation of Adjusted EBITDA to our net cash flow provided by operating activities:

|  | Six-month period ended June 30, |
|  | 2024 |  |  | 2023 |
|  | ($ in millions) |
Net cash flow provided by operating activities |  | $ | 141.9 |  |  |  | 138.7 |
Net interest/taxes paid |  |  | 144.1 |  |  |  | 138.8 |
Variations in working capital |  |  | 28.0 |  |  |  | 106.3 |
Non-monetary items and other |  |  | 73.8 |  |  |  | 0.4 |
Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates |  |  | 19.4 |  |  |  | 19.6 |
Adjusted EBITDA |  | $ | 407.3 |  |  |  | 403.8 |

Operational Metrics
In addition to the factors described above, we closely monitor the following key drivers of our business sectors’ performance to plan for our needs, and to adjust our expectations, financial budgets and forecasts appropriately.

• | MW in operation in the case of Renewable energy and Efficient natural gas and heat assets, miles in operation in the case of Transmission lines and Mft3 per day in operation in the case of Water assets, are indicators which provide information about the installed capacity or size of our portfolio of assets.

• | Production measured in GWh in our Renewable energy and Efficient natural gas and heat assets provides information about the performance of these assets.

• | Availability in the case of our Efficient natural gas and heat assets, Transmission lines and Water assets also provides information on the performance of the assets. In these business segments revenues are based on availability, which is the time during which the asset was available to our client totally or partially divided by contracted availability or budgeted availability, as applicable.

51

Table of Contents
Key Performance Indicators

|  | Volume sold and availability levels As of and for the six-month period ended June 30, |
Key performance indicator |  | 2024 |  |  | 2023 |
Renewable energy |  |  |  |  |  |
MW in operation(1) |  | 2,203 |  |  | 2,161 |
GWh produced(2) |  | 2,674 |  |  | 2,803 |
Efficient natural gas & heat |  |  |  |  |  |
MW in operation(3) |  | 355 |  |  | 398 |
GWh produced(4) |  | 1,217 |  |  | 1,230 |
Availability (%) |  | 100.6 | % |  | 97.0 | %
Transmission lines |  |  |  |  |  |
Miles in operation |  | 1,229 |  |  | 1,229 |
Availability (%) |  | 100.0 | % |  | 100.0 | %
Water |  |  |  |  |  |
Mft3 in operation(1) |  | 17.5 |  |  | 17.5 |
Availability (%) |  | 101.1 | % |  | 100.5 | %

Notes:

(1) | Represents total installed capacity in assets owned or consolidated for the six-month period ended June 30, 2024, and 2023, respectively, regardless of our percentage of ownership in each of the assets except for Vento II for which we have included our 49% interest.

(2) | Includes 49% of Vento II wind portfolio production. Includes curtailment in wind assets for which we receive compensation.

(3) | 55 MWt corresponding to thermal capacity from Calgary District Heating. Capacity as of the six-month period ended June 2023 included 43 MW corresponding to our 30% share in Monterrey, sold in April 2024.

(4) | GWh produced includes 30% of the production from Monterrey until its sale in April 2024.

Production in the renewable business sector decreased by 4.6% in the six-month period ended June 30, 2024, compared to the same period of the previous year, largely due to a decrease in production in our solar assets in Spain and in Kaxu.
In our solar assets in the U.S. production increased by 2.9% in the six-month period ended June 30, 2024, compared to the same period of the previous year mainly due to greater availability of the storage system in Solana. On the other hand, production decreased by 11.9% at Coso during the period, mostly due to maintenance activities and curtailments due to upgrades to the grid. In our wind assets in the U.S., production increased by 4.8% mainly due to higher wind resource in the first six months of 2024 compared to the same period of 2023.
In South America, production in our wind assets increased by 25.1% mostly due to better wind resource. Production also increased in South America due to the contribution of solar assets that have recently entered into operation. These effects were partially offset by lower production in our PV assets in Chile in the first six months of 2024 compared to the same period of the previous year mainly due to higher curtailments and lower solar resource.
In Spain, production at our solar assets decreased by 15.0% in the six-month period ended June 30, 2024, as a result of significantly lower solar radiation and higher curtailments compared to the same period of the previous year.
At Kaxu, production decreased by 51.2% in the six-month period ended June 30, 2024 compared to 2023 mostly due to the unscheduled outage that started at the end of September 2023, as further detailed in our Annual Report. The plant, where we have a 51% equity interest, restarted operations in mid-February 2024. Part of the damage and the business interruption has been covered by our insurance policy, after a 60-day deductible.
Our efficient natural gas and heat assets, our water assets and our transmission lines, for which revenue is based on availability, continued at very high levels during the first six months of 2024.
52

Table of Contents
Results of Operations
The table below illustrates our results of operations for the six-month period ended June 30, 2024, and 2023.

|  | Six-month period ended June 30 |
|  | 2024 |  |  | 2023 |  |  | % Changes |
|  | ($ in millions) |  |  |  |
Revenue |  | $ | 571.2 |  |  |  | 554.6 |  |  |  | 3.0 | %
Other operating income |  |  | 56.8 |  |  |  | 40.5 |  |  |  | 40.2 | %
Employee benefit expenses |  |  | (56.7 | ) |  |  | (49.5 | ) |  |  | 14.5 | %
Depreciation, amortization, and impairment charges |  |  | (210.2 | ) |  |  | (207.1 | ) |  |  | 1.5 | %
Other operating expenses |  |  | (183.4 | ) |  |  | (161.3 | ) |  |  | 13.7 | %
Operating profit |  | $ | 177.7 |  |  |  | 177.2 |  |  |  | 0.3 | %
Financial income |  |  | 11.3 |  |  |  | 10.6 |  |  |  | 6.6 | %
Financial expense |  |  | (163.6 | ) |  |  | (163.0 | ) |  |  | 0.4 | %
Net exchange differences |  |  | (3.0 | ) |  |  | (0.1 | ) |  |  | 2,900.0 | %
Other financial expense, net |  |  | (11.0 | ) |  |  | (6.9 | ) |  |  | 59.4 | %
Financial expense, net |  | $ | (166.3 | ) |  |  | (159.4 | ) |  |  | 4.3 | %
Share of profit of associates carried under the equity method |  |  | 14.9 |  |  |  | 10.8 |  |  |  | 38.0 | %
Profit before income tax |  | $ | 26.2 |  |  |  | 28.6 |  |  |  | (8.4 | )%
Income tax |  |  | (3.9 | ) |  |  | 2.2 |  |  |  | (304.5 | )%
Profit for the period |  | $ | 22.3 |  |  |  | 30.8 |  |  |  | (29.5 | )%
Profit attributable to non-controlling interests |  |  | (6.3 | ) |  |  | (6.1 | ) |  |  | 1.6 | %
Profit for the period attributable to the company |  | $ | 16.0 |  |  |  | 24.7 |  |  |  | (37.2 | )%
Weighted average number of ordinary shares outstanding-basic |  |  | 116.2 |  |  |  | 116.1 |  |  |  |  |
Weighted average number of ordinary shares outstanding-diluted |  |  | 119.9 |  |  |  | 119.7 |  |  |  |  |
Basic earnings per share (U.S. dollar per share) |  |  | 0.14 |  |  |  | 0.21 |  |  |  |  |
Diluted earnings per share (U.S. dollar per share) |  |  | 0.14 |  |  |  | 0.21 |  |  |  |  |
Dividend paid per share(1) |  |  | 0.89 |  |  |  | 0.89 |  |  |  |  |

Note:

(1) | On February 29, 2024 and May 7, 2024, our board of directors approved a dividend of $0.445 per share corresponding to the fourth quarter of 2024 and first quarter of 2024 which were paid on March 22, 2024 and June 14, 2024, respectively. On February 28, 2023 and May 4, 2023, our board of directors approved a dividend of $0.445 per share for each of the fourth quarter of 2022 and the first quarter of 2023, which were paid on March 25, 2023 and June 15, 2023, respectively.

Comparison of the Six-Month Period Ended June 30, 2024 and 2023.
The significant variances or variances of the significant components of the results of operations are discussed in the following section.
Revenue
Revenue increased by 3.0% to $571.2 million for the six-month period ended June 30, 2024, compared to $554.6 million for the six-month period ended June 30, 2023.
Revenue increased at ACT in the first six months of 2024 compared to the same period of 2023 mostly due to higher O&M costs (see “Efficient natural gas & heat” below). In addition, revenue increased at our solar assets in the U.S. in six-month period ended June 30, 2024, compared to the same period from the previous year due to higher electricity production as previously explained. In Spain, revenue increased mostly due to higher reversal of the accounting provision related to the electricity price adjustment, since these assets have regulated returns (See “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations— Factors Affecting the Comparability of Our Results of Operations”). Revenue also increased at our wind assets in South America in the first half of 2024 mostly due to higher wind resource. These effects were largely offset by the decrease in revenue at Kaxu due to lower production as a consequence of the unscheduled outage previously mentioned.
53

Table of Contents
Other operating income
The following table sets forth our Other operating income for the six-month period ended June 30, 2024, and 2023:

|  | Six-month period ended June 30, |
Other operating income |  | 2024 |  |  | 2023 |
|  | ($ in millions) |
Grants |  | $ | 29.2 |  |  | $ | 29.3 |
Gain on the sale of Atlantica´s equity interest in Monterrey |  |  | 8.9 |  |  |  | - |
Gain on the sale of part of Atlantica´s interest in the Colombian portfolio |  |  | - |  |  |  | 4.6 |
Insurance proceeds and other |  |  | 12.0 |  |  |  | 6.6 |
Income from construction services for our assets and concessions |  |  | 6.7 |  |  |  | - |
Total |  | $ | 56.8 |  |  | $ | 40.5 |

“Grants” represent the financial support provided by the U.S. Department of the Treasury to Solana and Mojave and consist of an ITC cash grant and an implicit grant related to the below market interest rates of the project loans with the Federal Financing Bank. Grants were stable for the six-month period ended June 30, 2024, compared to same period of the previous year.
For the six-month period ended June 30, 2024, “Insurance proceeds and other” included $8.5 million of insurance proceeds related to the Kaxu unscheduled outage.
“Income from construction services for our assets and concessions” is related to the construction of ATS Expansion 1 and ATN Expansion 3. Since these assets are accounted for under IFRIC 12, we are required to account for income from construction services as “Other operating income”, with the corresponding construction cost recorded within “Other operating expenses, Construction costs”.
Employee benefit expenses
Employee benefit expenses increased by 14.5% to $56.7 million for the six-month period ended June 30, 2024, compared to $49.5 million for the six-month period ended June 30, 2023. The increase was mainly due to the internalization of the operation and maintenance services in our solar assets in Spain at the end of March 2023.
Depreciation, amortization and impairment charges
Depreciation, amortization and impairment charges increased by 1.5% to $210.2 million for the six-month period ended June 30, 2024, compared to $207.1 million for the six-month period ended June 30, 2023. The increase was mainly due to the consolidation of assets recently acquired or which entered in operation recently.
54

Table of Contents
Other operating expenses
The following table sets forth our Other operating expenses for the six-month periods ended June 30, 2024, and 2023:

|  | Six-month period ended June 30, |
Other operating expenses |  | 2024 |  |  | 2023 |
|  | $ in millions |  |  | % of revenue |  |  | $ in millions |  |  | % of revenue |
Raw materials and consumables used |  | $ | 18.3 |  |  |  | 3.2 | % |  | $ | 18.0 |  |  |  | 3.2 | %
Leases and fees |  |  | 7.5 |  |  |  | 1.3 | % |  |  | 6.6 |  |  |  | 1.2 | %
Operation and maintenance |  |  | 73.8 |  |  |  | 12.9 | % |  |  | 60.4 |  |  |  | 10.9 | %
Independent professional services |  |  | 18.8 |  |  |  | 3.3 | % |  |  | 20.5 |  |  |  | 3.7 | %
Supplies |  |  | 15.1 |  |  |  | 2.6 | % |  |  | 18.6 |  |  |  | 3.4 | %
Insurance |  |  | 21.0 |  |  |  | 3.7 | % |  |  | 21.0 |  |  |  | 3.8 | %
Levies and duties |  |  | 13.6 |  |  |  | 2.4 | % |  |  | 7.9 |  |  |  | 1.4 | %
Construction costs |  |  | 6.7 |  |  |  | 1.2 | % |  |  | - |  |  |  | - | %
Other expenses |  |  | 8.6 |  |  |  | 1.5 | % |  |  | 8.3 |  |  |  | 1.5 | %
Total |  | $ | 183.4 |  |  |  | 32.1 | % |  | $ | 161.3 |  |  |  | 29.1 | %

Other operating expenses increased by 13.7% to $183.4 million for the six-month period ended June 30, 2024, compared to $161.3 million for the six-month period ended June 30, 2023, mainly due to higher “Operation and maintenance” expenses, “Construction costs” and “Levies and duties” costs, as shown above.
Our operation and maintenance costs increased during the six-month period ended June 30, 2024, compared to the same period of the previous year mainly due to higher costs at ACT. The price charged by the turbine O&M supplier for ACT is typically higher in certain quarters in anticipation of a future major overhaul. Operation and maintenance costs were also higher at Kaxu due to higher cost of repairs as a consequence of the unscheduled outage previously explained and at Coso mostly due to maintenance activities in several geothermal wells. In addition, levies and duties cost increased due to the progressive reinstatement of the electricity sales tax in Spain, which was 3.50% for the first quarter of 2024 and 5.25% for the second quarter of 2024. On the other hand, the cost of supplies decreased mostly due to lower electricity prices in our assets in Spain. Independent professional services includes $4.8 million related to the Transaction Agreement.
“Construction costs” refers to the cost of construction of ATS Expansion 1 and ATN Expansion 3.
Operating profit
As a result of the above-mentioned factors, operating profit increased by 0.3% to $177.7 million for the six-month period ended June 30, 2024, from $177.2 million for the six-month period ended June 30, 2023.
Financial income and financial expense

|  | Six-month period ended June 30, |
Financial income and financial expense |  | 2024 |  |  | 2023 |
|  | ($ in millions) |
Financial income |  | $ | 11.3 |  |  | $ | 10.6 |
Financial expense |  |  | (163.6 | ) |  |  | (163.0 | )
Net exchange differences |  |  | (3.0 | ) |  |  | (0.1 | )
Other financial expense, net |  |  | (11.0 | ) |  |  | (6.9 | )
Financial expense, net |  | $ | (166.3 | ) |  | $ | (159.4 | )

55

Table of Contents
Financial income
The following table sets forth our Financial income for the six-month periods ended June 30, 2024, and 2023:

|  | For the six-month period ended June 31, |
|  | 2024 |  |  | 2023 |
Financial income |  | ($ in millions) |
Interest income on deposits and current accounts |  |  | 9.7 |  |  |  | 9.0 |
Interest income from loans and credits |  |  | 1.5 |  |  |  | 1.3 |
Interest rate gains on derivatives: cash flow hedges |  |  | 0.1 |  |  |  | 0.3 |
Total |  |  | 11.3 |  |  |  | 10.6 |

Financial income increased from $10.6 million for the six-month period ended June 30, 2023, to $11.3 million for the six-month period ended June 30, 2024, mostly due to higher remuneration of cash balances resulting from higher interest rates.
Financial expense
The following table sets forth our Financial expense for the six-month period ended June 30, 2024, and 2023:

|  | For the six-month period ended June 30, |
Financial expense |  | 2024 |  |  | 2023 |
|  | ($ in millions) |
Interest on loans and notes |  | $ | (175.9 | ) |  | $ | (172.9 | )
Interest rates gains derivatives: cash flow hedges |  |  | 12.3 |  |  |  | 9.9 |
Total |  | $ | (163.6 | ) |  | $ | (163.0 | )

Financial expense increased by 0.4% to $163.6 million for the six-month period ended June 30, 2024, compared to $163.0 million for the six-month period ended June 30, 2023.
“Interest on loans and notes” expense increased in the six-month period ended June 30, 2024, when compared to the six-month period ended June 30, 2023, mainly due to a higher balance drawn from our Revolving Credit Facility and higher amount outstanding under our commercial paper program, as well higher interest rates.
“Interest rate gains on derivatives: cash flow hedges”, where we record transfers from equity to the income statement when the hedged item impacts profit and loss, increased in the first six months of 2024 compared to the same period of 2023 mainly due to an increase in gains resulting from higher interest rates, largely offsetting the increase in interest expense.
Net exchange differences
Net exchange differences decreased to a $3.0 million expense in the six-month period ended June 30, 2024, compared to $0.1 million income in the same period of the previous year. The decrease was mainly due to negative exchange differences in ACT in the first six months of 2024 compared to positive exchange differences in the first six months of 2023, since this asset has part of its costs denominated in Mexican pesos.
Other financial expense, net
The following table sets forth our Other financial expense, net for the six-month periods ended June 30, 2024, and 2023:
56

Table of Contents

|  | Six-month period ended June 31, |
Other financial expense, net |  | 2024 |  |  | 2023 |
|  | ($ in millions) |
Other financial income |  | $ | 1.6 |  |  | $ | 6.3 |
Other financial losses |  |  | (12.6 | ) |  |  | (13.2 | )
Total |  | $ | (11.0 | ) |  | $ | (6.9 | )

Other financial expense, net decreased to a net expense of $11.0 million for the six-month period ended June 30, 2024, compared to a net expense of $6.9 million for the six-month period ended June 30, 2023.
Other financial income in the six-month period ended June 30, 2024, primarily included $0.8 million of income corresponding to the change in the fair value of the conversion option of the Green Exchangeable Notes in the period ($2.4 million of income in the six-month period ended June 30, 2024) and an income corresponding to the non-monetary change in the fair value of derivatives at Kaxu, for which hedge accounting is not applied, for $0.1 million ($1.0 million in the six-month period ended June 30, 2023). Other financial income in the six-month period ended June 30, 2023, also included a $2.1 million one-time income related to the extension in the maturity of the Green Project Finance.
Other financial losses also includes expenses for guarantees and letters of credit, wire transfers, other bank fees and other minor financial expenses.
Share of profit of associates carried under the equity method
Share of profit of associates carried under the equity method increased to $14.9 million for the six-month period ended June 30, 2024, compared to $10.8 million for the six-month period ended June 30, 2023. In the six-month period ended June 30, 2024, share of profit of associates carried under the equity method included $7.3 million corresponding to Amherst, most of which corresponds to our partner in the project and is recorded in “Profit attributable to non-controlling interest” for $7.1 million. As a result, the net profit attributable to the parent company from Amherst was limited to $0.2 million. These amounts were nil in the six-month period ended June 30, 2023. Excluding Amherst, Share of profit of associates carried under the equity method decreased mostly due to the sale of Monterrey.
Profit before income tax
As a result of the previously mentioned factors, we reported a profit before income tax of $26.2 million for the six-month period ended June 30, 2024, compared to a profit before income tax of $28.6 million for the six-month period ended June 30, 2023.
Income tax
The effective tax rate for the periods presented has been established based on management’s best estimates. For the six-month period ended June 30, 2024, income tax amounted to an expense of $3.9 million, with a profit before income tax of $26.2 million. For the six-month period ended June 30, 2023, income tax amounted to an income of $2.2 million, with a profit before income tax of $28.6 million. The effective tax rate differs from the nominal tax rate mainly due to the recognition of NOLs in UK, which accounts for a $14 million deferred tax impact in the six-month period ended June 30, 2024. After the acquisition of UK Wind 1 and 2, we consider probable using these NOLs to offset future taxable profits to be generated by these assets in the upcoming years. The effective tax rate also differs from the nominal tax rate due to permanent tax differences and unrecognized NOLs in some jurisdictions.
Profit attributable to non-controlling interests
Profit attributable to non-controlling interests increased to $6.3 million for the six-month period ended June 30, 2024, compared to $6.1 million for the six-month period ended June 30, 2023. Profit attributable to non-controlling interests corresponds to the portion attributable to our partners in the assets that we consolidate (Kaxu, Skikda, Solaben 2 & 3, Solacor 1 & 2, Seville PV, Chile PV 1, Chile PV 2, Chile PV 3, Tenes and Amherst). In the six-month period ended June 30, 2024, Profit attributable to non-controlling interest included $7.1 million corresponding to our partner in the project’s share in Amherst profit, as previously discussed in the section “Share of profit of associates carried under the equity method”. This amount was nil in the six-month period ended June 30, 2023. Absent Amherst, the decrease in profit attributable to non-controlling interest was mainly due to higher loss at Kaxu.
57

Table of Contents
Profit attributable to the parent company
As a result of the previously mentioned factors, profit attributable to the parent company was $16.0 million for the six-month period ended June 30, 2024, compared to a profit of $24.7 million for the six-month period ended June 30, 2023.
Segment Reporting
We organize our business into the following three geographies where the contracted assets and concessions are located: North America, South America and EMEA. In addition, we have identified four business sectors based on the type of activity: Renewable energy, Efficient natural gas and heat, Transmission lines and Water. We report our results in accordance with both criteria.
Comparison of the Six-Month Periods Ended June 30, 2024 and 2023
Revenue and Adjusted EBITDA by geography
The following table sets forth our revenue, Adjusted EBITDA and volumes for the six-month periods ended June 30, 2024, and 2023, by geographic region:
Revenue by geography

|  | Six-month period ended June 30, |
Revenue by geography |  | 2024 |  |  | 2023 |
|  | $ in millions |  |  | % of revenue |  |  | $ in millions |  |  | % of revenue |
North America |  | $ | 223.0 |  |  |  | 39.0 | % |  | $ | 202.2 |  |  |  | 36.5 | %
South America |  |  | 93.0 |  |  |  | 16.3 | % |  |  | 91.5 |  |  |  | 16.5 | %
EMEA |  |  | 255.2 |  |  |  | 44.7 | % |  |  | 260.9 |  |  |  | 47.0 | %
Total revenue |  | $ | 571.2 |  |  |  | 100.0 | % |  | $ | 554.6 |  |  |  | 100.0 | %

|  | Six-month period ended June 30, |
Adjusted EBITDA by geography |  | 2024 |  |  | 2023 |
|  | $ in millions |  |  | % of Adjusted EBITDA |  |  | $ in millions |  |  | % of Adjusted EBITDA |
North America |  | $ | 164.1 |  |  |  | 40.3 | % |  | $ | 154.0 |  |  |  | 38.1 | %
South America |  |  | 71.3 |  |  |  | 17.5 | % |  |  | 74.4 |  |  |  | 18.4 | %
EMEA |  |  | 171.9 |  |  |  | 42.2 | % |  |  | 175.4 |  |  |  | 43.4 | %
Total Adjusted EBITDA(1) |  | $ | 407.3 |  |  |  | 100.0 | % |  | $ | 403.8 |  |  |  | 100.0 | %

Note:

(1) | Adjusted EBITDA is not a measure of performance under IFRS as issued by the IASB and you should not consider Adjusted EBITDA as an alternative to operating income or profits or as a measure of our operating performance, cash flows from operating, investing and financing activities or as a measure of our ability to meet our cash needs or any other measures of performance under generally accepted accounting principles. We believe that Adjusted EBITDA is a useful indicator of our ability to incur and service our indebtedness and can assist securities analysts, investors and other parties to evaluate us. Adjusted EBITDA and similar measures are used by different companies for different purposes and are often calculated in ways that reflect the circumstances of those companies. Adjusted EBITDA may not be indicative of our historical operating results, nor is it meant to be predictive of potential future results. See “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Financial Measures”.

58

Table of Contents

|  | Volume produced/availability |
|  | Six-month period ended June 30, |
Volume /availability by geography |  | 2024 |  |  | 2023 |
North America (GWh) (1) |  |  | 2,831 |  |  |  | 2,867 |
North America availability(2) |  |  | 100.6 | % |  |  | 97.0 | %
South America (GWh) (3) |  |  | 482 |  |  |  | 444 |
South America availability(2) |  |  | 99.8 | % |  |  | 100.0 | %
EMEA (GWh) |  |  | 578 |  |  |  | 722 |
EMEA availability |  |  | 101.1 | % |  |  | 100.5 | %

Note:

(1) | GWh produced includes 30% of the production from Monterrey until its sale in April 2024, and our 49% of Vento II wind portfolio production since its acquisition.

(2) | Availability includes only those assets that have revenue based on availability.

(3) | Includes curtailment production in wind assets for which we receive compensation.

North America
Revenue increased by 10.3% to $223.0 million for the six-month period ended June 30, 2024, compared to $202.2 million for the six-month period ended June 30, 2023, while Adjusted EBITDA increased by 6.5% to $164.1 million for the six-month period ended June 30, 2024, compared to $154.0 million for the six-month period ended June 30, 2023. The increase in revenue was mainly due to higher revenue at ACT (see “Efficient natural gas & heat” below) and to higher production in our solar assets in the U.S., as previously discussed. The increase in Adjusted EBITDA was lower than the increase in revenue mostly due to higher O&M costs at ACT (see “Efficient natural gas & heat” below) and higher operation and maintenance costs at Coso, caused by the ongoing repairs in several wells. These effects were partially offset by the $8.9 million gain from the sale of our 30% stake in Monterrey.
South America
Revenue increased by 1.6% to $93.0 million for the six-month period ended June 30, 2024, compared to $91.5 million for the six-month period ended June 30, 2023. The increase was mainly due to higher revenue in our wind assets in South America, as previously mentioned, and indexation to inflation mechanisms in most of our assets. Revenue also increased due to a higher contribution from assets that started operations during the year 2023. This increase was partially offset by lower revenue in our PV assets in Chile due to lower prices and lower generation as previously mentioned. Adjusted EBITDA decreased by 4.2% to $71.3 million for the six-month period ended June 30, 2024, compared to $74.4 million for the six-month period ended June 30, 2023, mostly due to a $4.6 million gain in the six-month period ended June 30, 2023, related to the sale of part of Atlantica’s equity interest in our development company in Colombia.
EMEA
Revenue decreased by 2.2% to $255.2 million for the six-month period ended June 30, 2024, compared to $260.9 million for the six-month period ended June 30, 2023 mainly due to lower revenue in Kaxu due to the unscheduled outage previously mentioned. This effect was partially offset by higher revenues in Spain, as previously mentioned, and the contribution of the wind assets recently acquired in UK.
Adjusted EBITDA decreased by 2.0% to $171.9 million for the six-month period ended June 30, 2024, compared to $175.4 million for the six-month period ended June 30, 2023. The decrease in Adjusted EBITDA was mainly due to the decrease in revenue and was partially offset by insurance proceeds of $8.5 million for Kaxu for the six-month period ended June 30, 2024 and lower cost of supplies in our solar assets in Spain, as a result of lower electricity prices.
59

Table of Contents
Revenue and Adjusted EBITDA by business sector
The following table sets forth our revenue, Adjusted EBITDA and volumes for the six-month period ended June 30, 2024, and 2023, by business sector:

|  | Six-month period ended June 30, |
Revenue by business sector |  | 2024 |  |  | 2023 |
|  | $ in millions |  |  | % of revenue |  |  | $ in millions |  |  | % of revenue |
Renewable energy |  | $ | 409.7 |  |  |  | 71.7 | % |  | $ | 411.2 |  |  |  | 74.1 | %
Efficient natural gas & heat |  |  | 71.6 |  |  |  | 12.5 | % |  |  | 54.8 |  |  |  | 9.9 | %
Transmission lines |  |  | 61.5 |  |  |  | 10.8 | % |  |  | 61.0 |  |  |  | 11.0 | %
Water |  |  | 28.4 |  |  |  | 5.0 | % |  |  | 27.6 |  |  |  | 5.0 | %
Total revenue |  | $ | 571.2 |  |  |  | 100.0 | % |  | $ | 554.6 |  |  |  | 100.0 | %

|  | Six-month period ended June 30, |
Adjusted EBITDA by business sector |  | 2024 |  |  | 2023 |
|  | $ in millions |  |  | % of Adjusted EBITDA |  |  | $ in millions |  |  | % of Adjusted EBITDA |
Renewable energy |  | $ | 286.5 |  |  |  | 70.3 | % |  | $ | 292.6 |  |  |  | 72.5 | %
Efficient natural gas & heat |  |  | 53.8 |  |  |  | 13.2 | % |  |  | 44.0 |  |  |  | 10.9 | %
Transmission lines |  |  | 49.5 |  |  |  | 12.2 | % |  |  | 49.2 |  |  |  | 12.2 | %
Water |  |  | 17.5 |  |  |  | 4.3 | % |  |  | 18.0 |  |  |  | 4.4 | %
Total Adjusted EBITDA(1) |  | $ | 407.3 |  |  |  | 100.0 | % |  | $ | 403.8 |  |  |  | 100.0 | %

Note:

(1) | Adjusted EBITDA is not a measure of performance under IFRS as issued by the IASB and you should not consider Adjusted EBITDA as an alternative to operating income or profits or as a measure of our operating performance, cash flows from operating, investing and financing activities or as a measure of our ability to meet our cash needs or any other measures of performance under generally accepted accounting principles. We believe that Adjusted EBITDA is a useful indicator of our ability to incur and service our indebtedness and can assist securities analysts, investors and other parties to evaluate us. Adjusted EBITDA and similar measures are used by different companies for different purposes and are often calculated in ways that reflect the circumstances of those companies. Adjusted EBITDA may not be indicative of our historical operating results, nor is it meant to be predictive of potential future results. See “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Financial Measures”.

Volume by business sector

|  | Volume produced/availability |
|  | Six-month period ended June 30, |
Volume /availability by business sector |  | 2024 |  |  | 2023 |
Renewable energy (GWh) (1) |  |  | 2,674 |  |  |  | 2,803 |
Efficient natural gas & heat (GWh) (2) |  |  | 1,217 |  |  |  | 1,230 |
Efficient natural gas & heat availability |  |  | 100.6 | % |  |  | 97.0 | %
Transmission availability |  |  | 99.8 | % |  |  | 100.0 | %
Water availability |  |  | 101.1 | % |  |  | 100.5 | %

Note:

(1) | Includes curtailment production in wind assets for which we receive compensation. Includes our 49% of Vento II wind portfolio production since its acquisition.

(2) | GWh produced includes 30% of the production from Monterrey until its sale in April 2024.

Renewable energy
Revenue remained stable at $409.7 million for the six-month period ended June 30, 2024 compared to $411.2 million for the same period of the previous year. Revenue decreased at Kaxu due to the unscheduled outage previously discussed, as well as in Chile and Coso, as previously explained. However, this was offset by higher revenues in our solar assets in the US, in our solar assets in Spain, and in our wind assets in South America, as previously explained, as well as due to the contribution of assets that have recently entered in operation.
60

Table of Contents
Adjusted EBITDA decreased to $286.5 million for the six-month period ended June 30, 2024, which represents a 2.1% decrease compared to $292.6 million for the six-month period ended June 30, 2023. The decrease in Adjusted EBITDA was mainly due to the decrease in revenue, to lower EBITDA at Coso and to the $4.6 million gain recorded in the six-month period ended June 30, 2023 as a result of the sale of part of our equity interest in our development company in Colombia, as previously mentioned.
Efficient natural gas & heat
Revenue increased by 30.6% to $71.6 million for the six-month period ended June 30, 2024, compared to $54.8 million for six-month period ended June 30, 2023, mainly due to higher revenue in the portion of the tariff related to operation and maintenance services, driven by higher operation and maintenance costs. In ACT, the price charged by the turbine O&M supplier is typically higher in certain quarters in anticipation of a future major overhaul, as was the case in the first half of 2024. As a result, the increase in Adjusted EBITDA in ACT was modest. The increase in Adjusted EBITDA in the Efficient natural gas & heat segment was mostly due to the $8.9 million gain from the sale of our 30% stake in Monterrey, as previously mentioned.
Transmission lines
Both revenue and Adjusted EBITDA increased by 1% during the first half of 2024 compared to the same period of the previous year mostly due to inflation indexation mechanisms.
Water
Revenue and Adjusted EBITDA remained stable for the first half of 2024 compared to the same period of the previous year.
Liquidity and Capital Resources
Our principal liquidity and capital requirements consist of the following:

| • | debt service requirements on our existing and future debt;

| • | cash dividends to investors; and

| • | investments in the development and construction of new assets and operations and acquisitions of assets (See “Recent Investments” and “Assets under Construction”).

As part of our business, depending on market conditions, we will from time to time consider opportunities to repay, redeem, repurchase or refinance our indebtedness. Changes in our operating plans, lower than anticipated sales, increased expenses, acquisitions or other events may cause us to seek additional debt or equity financing in future periods. There can be no guarantee that financing will be available on acceptable terms or at all. Debt financing, if available, could impose additional cash payment obligations and additional covenants and operating restrictions. In addition, any of the items discussed in detail under “Part I—Item 3.D.—Risk Factors” in our Annual Report and other factors may also significantly impact our liquidity.
Liquidity position

|  | As of June 30, 2024 |  |  | As of December 31, 2023 |
|  | ($ in millions) |
Corporate Liquidity |  |  |  |  |  |
Cash and cash equivalents at Atlantica Sustainable Infrastructure, plc, excluding subsidiaries |  | $ | 20.0 |  |  | $ | 33.0 |
Revolving Credit Facility availability |  |  | 266.3 |  |  |  | 378.1 |
Total Corporate Liquidity(1) |  | $ | 286.3 |  |  | $ | 411.1 |
Liquidity at project companies |  |  |  |  |  |  |  |
Restricted Cash |  |  | 170.2 |  |  |  | 177.0 |
Non-restricted cash |  |  | 165.3 |  |  |  | 238.3 |
Total cash at project companies |  | $ | 335.5 |  |  | $ | 415.3 |

Note:

(1) | Corporate Liquidity means cash and cash equivalents held at Atlantica Sustainable Infrastructure plc as of June 30, 2024, and available revolver capacity as of June 30, 2024.

61

Table of Contents
Cash at the project level includes $170.2 million and $177.0 million restricted cash balances as of June 30, 2024 and December 31, 2023, respectively. Restricted cash consists primarily of funds required to meet the requirements of certain project debt arrangements.
As of June 30, 2024, we had $150.0 million of borrowings under the Revolving Credit Facility and $33.7 million of letters of credit outstanding, therefore $266.3 million was available. As of December 31, 2023, we had $55 million of borrowings and $16.9 million of letters of credit outstanding and $378.1 million was available under our Revolving Credit Facility.
Non-restricted cash at project companies includes among others, the cash that is required for day-to-day management of the companies, as well as amounts that are earmarked to be used for debt service in the future.
Management believes that the Company’s liquidity position, cash flows from operations and availability under its Revolving Credit Facility will be adequate to meet the Company’s working capital requirements, financial commitments and debt obligations; growth, operating and maintenance capital expenditures; and dividend distributions to shareholders. Management continues to regularly monitor the Company’s ability to finance the needs of its operating, financing and investing activities within the guidelines of prudent balance sheet management.
Credit ratings
Credit rating agencies rate us and part of our debt securities. These ratings are used by the debt markets to evaluate our credit risk. Ratings influence the price paid to issue new debt securities as they indicate to the market our ability to pay principal, interest and dividends.
The following table summarizes our credit ratings as of June 30, 2024. In May 2024, S&P and Fitch placed Atlantica under credit watch with negative implications following the announcement of the potential acquisition of 100% of the Company shares by Bidco, a company controlled by Energy Capital Partners and which includes a large group of institutional co-investors.

| S&P | Fitch
Atlantica Sustainable Infrastructure Corporate Rating | BB+ | BB+
Senior Secured Debt | BBB- | BBB-
Senior Unsecured Debt | BB+ | BB+

Sources of liquidity
We expect our ongoing sources of liquidity to include cash on hand, cash generated from our operations, project debt arrangements, corporate debt and the issuance of additional equity securities, as appropriate, and given market conditions. Our financing agreements consist mainly of the project-level financing for our various assets and our corporate debt financings, including our Green Exchangeable Notes, the Note Issuance Facility 2020, the 2020 Green Private Placement, the Green Senior Notes, the Revolving Credit Facility, the “at-the-market program”, other credit lines and our commercial paper program.

|  |  |  |  | As of June 30, 2024 |  |  | As of December 31, 2023 |
|  | Maturity |  |  | ($ in millions) |
Revolving Credit Facility |  | 2025 |  |  | $ | 149.6 |  |  |  | 54.4 |
Other Facilities(1) |  |  | 2024-2028 |  |  |  | 76.8 |  |  |  | 53.3 |
Green Exchangeable Notes |  |  | 2025 |  |  |  | 111.6 |  |  |  | 110.0 |
2020 Green Private Placement |  |  | 2026 |  |  |  | 309.5 |  |  |  | 318.7 |
Note Issuance Facility 2020 |  |  | 2027 |  |  |  | 148.2 |  |  |  | 152.4 |
Green Senior Notes |  |  | 2028 |  |  |  | 396.4 |  |  |  | 396.0 |
Total Corporate Debt(2) |  |  |  |  |  | $ | 1,192.1 |  |  |  | 1,084.8 |
Total Project Debt |  |  |  |  |  | $ | 4,163.9 |  |  |  | 4,319.3 |

Note:

(1) | Other facilities include the commercial paper program, accrued interest payable and other debts.

(2) | Accounting amounts may differ from notional amounts.

62

Table of Contents
In the six-month period ended June 30, 2024, project debt decreased by $155.4 million mainly due to scheduled repayments of our project debt for $136.1 million and to foreign exchange translation differences for $45.9 million, mostly caused by the depreciation of the Euro against the U.S. dollar. These effects were partially offset by interest accrued and not paid during the first half of 2024 for $19.0 million.

A) | Corporate debt agreements

Green Senior Notes
On May 18, 2021, we issued the Green Senior Notes with an aggregate principal amount of $400 million due in 2028. The Green Senior Notes bear interest at a rate of 4.125% per year, payable on June 15 and December 15 of each year, and will mature on June 15, 2028.
The Green Senior Notes were issued pursuant to an Indenture, dated May 18, 2021, by and among Atlantica as issuer, Atlantica Peru S.A., ACT Holding, S.A. de C.V., Atlantica Infraestructura Sostenible, S.L.U., Atlantica Investments Limited, Atlantica Newco Limited, Atlantica North America LLC, as guarantors, BNY Mellon Corporate Trustee Services Limited, as trustee, The Bank of New York Mellon, London Branch, as paying agent, and The Bank of New York Mellon SA/NV, Dublin Branch, as registrar and transfer agent.
Our obligations under the Green Senior Notes rank equal in right of payment with our outstanding obligations under the Revolving Credit Facility, the 2020 Green Private Placement, the Note Issuance Facility 2020 and the Green Exchangeable Notes.
Green Exchangeable Notes
On July 17, 2020, we issued 4.00% Green Exchangeable Notes amounting to an aggregate principal amount of $100 million due in 2025. On July 29, 2020, we issued an additional $15 million aggregate principal amount in Green Exchangeable Notes. The Green Exchangeable Notes are the senior unsecured obligations of Atlantica Jersey, a wholly owned subsidiary of Atlantica, and fully and unconditionally guaranteed by Atlantica on a senior, unsecured basis. The notes mature on July 15, 2025, unless they are repurchased or redeemed earlier by Atlantica or exchanged, and bear interest at a rate of 4.00% per annum.
Noteholders may exchange all or any portion of their notes at their option at any time prior to the close of business on the scheduled trading day immediately preceding April 15, 2025, only during certain periods and upon satisfaction of certain conditions. Noteholders may exchange all or any portion of their notes during any calendar quarter if the last reported sale price of Atlantica’s ordinary shares for at least 20 trading days during a period of 30 consecutive trading days, ending on the last trading day of the immediately preceding calendar quarter is greater than 120% of the exchange price on each applicable trading day. On or after April 15, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date thereof, noteholders may exchange any of their notes at any time, at the option of the noteholder. Upon exchange, the notes may be settled, at our election, into Atlantica ordinary shares, cash or a combination of both. The initial exchange rate of the notes is 29.1070 ordinary shares per $1,000 of the principal amount of notes (which is equivalent to an initial exchange price of $34.36 per ordinary share). The exchange rate is subject to adjustment upon the occurrence of certain events.
Our obligations under the Green Exchangeable Notes rank equal in right of payment with our outstanding obligations under the Revolving Credit Facility, the 2020 Green Private Placement, the Note Issuance Facility 2020 and the Green Senior Notes.
Note Issuance Facility 2020
On July 8, 2020, we entered into the Note Issuance Facility 2020, a senior unsecured euro-denominated financing with a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder for a total amount of €140 million ($150 million). The notes under the Note Issuance Facility 2020 were issued on August 12, 2020, and are due on August 12, 2027. Interest accrues at a rate per annum equal to the sum of the three-month EURIBOR plus a margin of 5.25% with a floor of 0% for the EURIBOR. We had a cap at 0% for the EURIBOR with 3.5 years maturity and in December 2023, we entered into a cap at 4% to hedge the variable interest rate risk with maturity on December 31, 2024.
63

Table of Contents
Our obligations under the Note Issuance Facility 2020 rank equal in right of payment with our outstanding obligations under the Revolving Credit Facility, the 2020 Green Private Placement, the Green Exchangeable Notes and the Green Senior Notes. The notes issued under the Note Issuance Facility 2020 are guaranteed on a senior unsecured basis by our subsidiaries Atlantica Infraestructura Sostenible, S.L.U., Atlantica Peru, S.A., ACT Holding, S.A. de C.V., Atlantica Investments Limited, Atlantica Newco Limited and Atlantica North America LLC.
2020 Green Private Placement
On March 20, 2020, we entered into a senior secured note purchase agreement with a group of institutional investors as purchasers providing for the 2020 Green Private Placement. The transaction closed on April 1, 2020, and we issued notes for a total principal amount of €290 million ($311 million), maturing on June 20, 2026. Interest accrues at a rate per annum equal to 1.96%. If at any time the rating of these senior secured notes is below investment grade, the interest rate thereon would increase by 100 basis points until such notes are again rated investment grade.
Our obligations under the 2020 Green Private Placement rank equal in right of payment with our outstanding obligations under the Revolving Credit Facility, the Note Issuance Facility 2020 and the Green Senior Notes. Our payment obligations under the 2020 Green Private Placement are guaranteed on a senior secured basis by our subsidiaries Atlantica Infraestructura Sostenible, S.L.U., Atlantica Peru, S.A., ACT Holding, S.A. de C.V., Atlantica Investments Limited, Atlantica Newco Limited and Atlantica North America LLC. The 2020 Green Private Placement is also secured with a pledge over the shares of the subsidiary guarantors, the collateral of which is shared with the lenders under the Revolving Credit Facility.
Revolving Credit Facility
On May 10, 2018, we entered into a $215 million Revolving Credit Facility with a syndicate of banks. The Revolving Credit Facility was increased by $85 million to $300 million on January 25, 2019, and was further increased by $125 million (to a total limit of $425 million) on August 2, 2019. On March 1, 2021, this facility was further increased by $25 million (to a total limit of $450 million). On May 30, 2023, the maturity of the Revolving Credit Facility was extended to December 31, 2025. Under the Revolving Credit Facility, we are also able to request the issuance of letters of credit, which are subject to a sublimit of $100 million that are included in the aggregate commitments available under the Revolving Credit Facility.
Loans under the Revolving Credit Facility accrue interest at a rate per annum equal to: (A) for Eurodollar rate loans, Term SOFR, plus a Term SOFR Adjustment equal to 0.10% per annum, plus a percentage determined by reference to our leverage ratio, ranging between 1.60% and 2.25% and (B) for base rate loans, the highest of (i) the rate per annum equal to the weighted average of the rates on overnight U.S. Federal funds transactions with members of the U.S. Federal Reserve System arranged by U.S. federal funds brokers on such day plus ½ of 1.00%, (ii) the prime rate of the administrative agent under the Revolving Credit Facility and (iii) Term SOFR plus 1.00%, in any case, plus a percentage determined by reference to our leverage ratio, ranging between 0.60% and 1.00%.
Our obligations under the Revolving Credit Facility rank equal in right of payment with our outstanding obligations under the 2020 Green Private Placement, the Note Issuance Facility 2020, the Green Exchangeable Notes and the Green Senior Notes. Our payment obligations under the Revolving Credit Facility are guaranteed on a senior secured basis by Atlantica Infraestructura Sostenible, S.L.U., Atlantica Peru, S.A., ACT Holding, S.A. de C.V., Atlantica Investments Limited, Atlantica Newco Limited and Atlantica North America LLC. The Revolving Credit Facility is also secured with a pledge over the shares of the subsidiary guarantors, the collateral of which is shared with the holders of the notes issued under the 2020 Green Private Placement.
Credit Line with Export Development Canada
In June 2023, we entered into a senior unsecured $50 million line of credit with Export Development Canada with a 3-year maturity. The purpose of the credit line was to finance the construction of sustainable projects. This credit line was canceled on July 22, 2024.
64

Table of Contents
Other Credit Lines
In July 2017, we signed a line of credit with a bank for up to €10.0 million ($10.7 million) which was available in euros or U.S. dollars. Amounts drawn accrue interest at a rate per annum equal to the sum of the three-month EURIBOR or SOFR, plus a margin of 2%, with a floor of 0% for the EURIBOR or SOFR. On August 7, 2023, the limit was increased to €15 million ($16.1 million) and the maturity was extended until July 2025. As of June 30, 2024, we had $1.4 million of borrowings under this line of credit.
In December 2020 and January 2022, we also entered into two different loans with banks for €5 million ($5.4 million) each. The maturity dates are December 4, 2025 and January 31, 2026, respectively, and such loans accrue interest at a rate per annum equal to 2.50% and 1.90%, respectively. Furthermore, in February 2023, we entered into a loan with a bank for €7 million ($7.5 million) with maturity in February 2028 accrues interest at a rate per annum equal to 4.2%.
Commercial Paper Program
On November 21, 2023, we filed a euro commercial paper program with the Alternative Fixed Income Market (MARF) in Spain. The program has a maturity of twelve months. The program allows Atlantica to issue short term notes for up to €100 million, with such notes having a tenor of up to two years. As of June 30, 2024, we had €54.8 million ($58.8 million) issued and outstanding under the Commercial Paper Program at an average cost of 5.10% maturing on or before December 2024 (€24.0 million, or $25.7 million, outstanding as of December 31, 2023).
Covenants, restrictions and events of default
The Note Issuance Facility 2020, the 2020 Green Private Placement, the Green Senior Notes and the Revolving Credit Facility contain covenants that limit certain of our and the guarantors’ activities. The Note Issuance Facility 2020, the 2020 Green Private Placement and the Green Exchangeable Notes also contain customary events of default, including a cross-default with respect to our indebtedness, indebtedness of the guarantors thereunder and indebtedness of our material non-recourse subsidiaries (project-subsidiaries) representing more than 25% of our cash available for distribution distributed in the previous four fiscal quarters, which in excess of certain thresholds could trigger a default. Additionally, under the 2020 Green Private Placement, the Revolving Credit Facility and the Note Issuance Facility 2020 we are required to comply with a leverage ratio of our corporate indebtedness excluding non-recourse project debt to our cash available for distribution of 5.00:1.00 (which may be increased under certain conditions to 5.50:1.00 for a limited period in the event we consummate certain acquisitions).
Furthermore, our corporate debt agreements contain customary change of control provisions (as such term is defined in each of those agreements) or similar provisions, which may be triggered by the consummation of the Proposed Acquisition. Under the Revolving Credit Facility, a change of control, including the consummation of the Proposed Acquisition, without required lenders’ consent would trigger an event of default. In the other corporate debt agreements or securities, a change of control, including the consummation of the Proposed Acquisition, without the consent of the relevant required holders would trigger the obligation to make an offer to purchase the respective notes at (i) 100% of the principal amount in the case of the 2020 Green Private Placement and Green Exchangeable Notes and at (ii) 101% of the principal amount in the case of the Note Issuance Facility 2020 and the Green Senior Notes. In the case of the Green Senior Notes, such prepayment obligation would be triggered only if there is a credit rating downgrade by any of the agencies then rating the relevant notes.
Subject to the conditions set forth therein, under the Transaction Agreement, Atlantica has agreed to use commercially reasonable efforts in obtaining customary payoff letters, lien terminations and instruments of discharge necessary, or provide redemption notices, as the case may be, to be delivered at the closing of the Proposed Acquisition to allow for the payoff, discharge or termination in full as of the closing of the Proposed Acquisition of certain payoff indebtedness, including the Revolving Credit Facility, the 2020 Green Private Placement, the Note Issuance Facility 2020 and the Green Senior Notes.
See “Item 5.B–Liquidity and Capital Resources—Financing Arrangements” in our Annual Report for further detail on the rest of our financing arrangements.
65

Table of Contents

B) | At-The-Market Program

On February 28, 2022, we established an “at-the-market program” and entered into the Distribution Agreement with BofA Securities, Inc., MUFG Securities Americas Inc. and RBC Capital Markets LLC, as our sales agents, under which we may offer and sell from time to time up to $150 million of our ordinary shares, including in “at-the-market” offerings under our shelf registration statement on Form F-3 filed with the SEC on August 3, 2021, and a prospectus supplement that we filed on February 28, 2022. During the six-month period ended June 30, 2024, we did not issue and sell any ordinary shares under the program.

C) | Asset Sale

In April 2024, an entity where we hold 30% equity interest closed the sale of Monterrey as planned. We have received $38.1 million for this sale and we expect to receive an additional amount of $3.1 million in the third quarter of 2024. There is an earn-out mechanism that could result in additional proceeds for Atlantica of up to approximately $7 million between 2026 and 2028.
Uses of liquidity and capital requirements

A) | Debt Service

The principal payments of debt as of June 30, 2024, are detailed in Notes 15 and 16 to our Consolidated Condensed Interim Financial Statements.

B) | Contractual obligations

In addition to the principal repayment debt obligations detailed above, we have other contractual obligations to make future payments. The material obligations consist of interest related to our project debt and corporate debt and agreements in which we enter in the normal course of business. We refer to our Annual Report for further detail.

C) | Cash dividends to investors

We intend to distribute a significant portion of our cash available for distribution to shareholders on an annual basis less all cash expenses including corporate debt service and corporate general and administrative expenses and less reserves for the prudent conduct of our business (including, among other things, dividend shortfall as a result of fluctuations in our cash flows), on an annual basis. We intend to distribute a quarterly dividend to shareholders. The determination of the amount of the cash dividends to be paid to shareholders will be made by our board of directors and will depend upon our financial condition, results of operations, cash flow, long-term prospects and any other matters that our board of directors deem relevant. Our board of directors may, by resolution, amend the cash dividend policy at any time.
Our cash available for distribution is likely to fluctuate from quarter to quarter and, in some cases, significantly as a result of the seasonality of our assets, the terms of our financing arrangements, maintenance and outage schedules, among other factors. Accordingly, during quarters in which our projects generate cash available for distribution in excess of the amount necessary for us to pay our stated quarterly dividend, we may reserve a portion of the excess to fund cash distributions in future quarters. During quarters in which we do not generate sufficient cash available for distribution to fund our stated quarterly cash dividend, if our board of directors so determines, we may use retained cash flow from other quarters, and other sources of cash to pay dividends to our shareholders.
66

Table of Contents
The latest dividends paid and declared are presented below:

Declared |  | Record Date |  | Payment Date |  | $ per share |
February 28, 2023 |  | March 14, 2023 |  | March 25, 2023 |  |  | 0.445 |
May 4, 2023 |  | May 31, 2023 |  | June 15, 2023 |  |  | 0.445 |
July 31, 2023 |  | August 31, 2023 |  | September 15, 2023 |  |  | 0.445 |
November 7, 2023 |  | November 30, 2023 |  | December 15, 2023 |  |  | 0.445 |
February 29, 2024 |  | March 12, 2024 |  | March 22, 2024 |  |  | 0.445 |
May 7, 2024 |  | May 31, 2024 |  | June 14, 2024 |  |  | 0.445 |
July 31, 2024 |  | August 30, 2024 |  | September 16, 2024 |  |  | 0.445 |

D) | Investments and Acquisitions

The acquisitions and investments detailed in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Recent Investments” have been part of the use of our liquidity in the six-month period ended on June 30, 2024 and are expected to be part of the use of our liquidity in the upcoming months. In addition, we have made investments in assets which are currently under development or construction. We expect to continue making investments in assets in operation or under construction or development to grow our portfolio.

E) | Capital Expenditures

In the six-month period ended June 30, 2024 we invested $5.7 million in maintenance capital expenditures in our assets. In the six-month period ended June 30, 2023 we invested $19.7 million in maintenance capital expenditures in our assets.
Cash flow
The following table sets forth cash flow data for the six-month periods ended June 30, 2024, and 2023:

|  | Six-month period ended June 30, |
|  | 2024 |  |  | 2023 |
|  | ($ in millions) |
Gross cash flows from operating activities |  |  |  |  |  |
Profit for the period |  | $ | 22.3 |  |  | $ | 30.8 |
Financial expense and non-monetary adjustments |  |  | 291.7 |  |  |  | 353.1 |
Profit for the period adjusted by non-monetary items |  | $ | 314.0 |  |  | $ | 383.9 |
Changes in working capital |  | $ | (28.0 | ) |  | $ | (106.3 | )
Net interest and income tax paid |  |  | (144.1 | ) |  |  | (138.9 | )
Net cash provided by operating activities |  | $ | 141.9 |  |  | $ | 138.7 |
Net cash used in investing activities |  | $ | (100.7 | ) |  | $ | (16.3 | )
Net cash used in financing activities |  | $ | (131.2 | ) |  | $ | (235.5 | )
Net increase in cash and cash equivalents |  |  | (90.0 | ) |  |  | (113.1 | )
Cash and cash equivalents at beginning of the period |  |  | 448.3 |  |  |  | 601.0 |
Translation differences in cash or cash equivalents |  |  | (2.8 | ) |  |  | (1.0 | )
Cash and cash equivalents at the end of the period |  | $ | 355.5 |  |  | $ | 486.9 |

Net cash provided by operating activities
For the six-month period ended June 30, 2024, net cash provided by operating activities was $141.9 million, a 2.3% increase compared to $138.7 million in the six-month period ended June 30, 2023.
67

Table of Contents
The increase was mainly due to a lower negative change in working capital for $28.0 million in the first half of 2024 compared to a negative change in working capital for $106.3 million in the same period of the previous year:

| - | In the first half of 2024, change in working capital included a decrease in accounts receivable in Spain of approximately $7 million compared to a $67 million decrease in the same period of the previous year. During the year 2022, in our assets in Spain we collected revenue in line with the parameters corresponding to the regulation in place at the beginning of the year 2022, as the new parameters, reflecting lower revenue, became final on December 14, 2022. This resulted in a positive change in working capital in 2022. In the first half of 2023, collections at these assets in Spain were regularized, which caused a negative change in working capital of approximately $55 million.

| - | Collections from Pemex in ACT were also lower during the first half of 2023 compared to the first half of 2024.

These effects were largely offset by a lower “Profit for the period adjusted by non-monetary items” for approximately $69.9 million. For the six-month period ended June 30, 2024, net profit includes a $50.0 million non-monetary positive adjustment compared to a $5.6 million non-monetary positive adjustment in the same period of the previous year corresponding to the reversal of the accounting provision for electricity market prices in Spain. In addition, the non-monetary positive adjustment corresponding to IFRIC 12 is lower in the first six months of 2024 by approximately $15.2 million compared to the same period of 2023.
Net cash used in investing activities
For the six-month period ended June 30, 2024, net cash used in investing activities amounted to $100.7 million and corresponded mainly to $65.9 million acquisitions of subsidiaries and investments in entities under the equity method, mostly related to the acquisition of the two wind assets in the United Kingdom, and $94.0 million investments in assets under development and construction which include $50.2 million related to the construction of Coso Batteries 1&2. These cash outflows were partially offset by $38.1 million proceeds from the sale of Monterrey and $25.1 million of distributions received from associates under the equity method, of which $15.4 million corresponded to Vento II and $9.7 million corresponded to Amherst by AYES Canada, most of which were paid to our partner in this project.
For the six-month period ended June 30, 2023, net cash used in investing activities amounted to $16.3 million and corresponded mainly to $48.6 million investments in new assets as well as the development and construction and investments in existing assets, including investments and replacements in Solana. These cash outflows were partially offset by $15.5 million of dividends received from associates under the equity method, of which $6.1 million corresponded to Amherst by AYES Canada, most of which were paid to our partner in this project, and $9.4 million corresponded to Vento II.
Net cash used in financing activities
For the six-month period ended June 30, 2024, net cash used in financing activities amounted to $131.2 million and includes the scheduled principal repayment of our project financing for $136.1 million and dividends paid to shareholders for $103.4 million and non-controlling interests for $12.8 million. These cash outflows were partially offset by the proceeds of corporate debt mainly related to the Revolving Credit Facility, which was drawn for $95 million in the first half of 2024 and the issuance of commercial paper for a net amount of $34.2 million.
For the six-month period ended June 30, 2023, net cash used in financing activities amounted to $235.5 million and includes the scheduled repayment of principal of our project financing for $128.9 million and dividends paid to shareholders for $103.4 million and non-controlling interests for $17.2 million. These cash outflows were partially offset by the proceeds of corporate debt mainly related to the issuance of commercial paper for a net amount of $13.2 million and the Revolving Credit Facility, which was drawn for an additional $10 million in the first half of 2023.
68

Table of Contents

Item 3. | Quantitative and Qualitative Disclosure about Market Risk

Our activities are undertaken through our segments and are exposed to market risks that include foreign exchange risk, interest rate risk, credit risk, liquidity risk, electricity price risk and country risk. Our objective is to protect Atlantica against material economic exposures and variability of results from those risks. Risk is managed by our Risk Management and Finance Departments in accordance with mandatory internal management rules. The internal management rules provide written policies for the management of overall risk, as well as for specific areas, such as foreign exchange rate risk, interest rate risk, credit risk and liquidity risk, among others. Our internal management policies also define the use of hedging instruments and derivatives and the investment of excess cash. We use swaps and options on interest rates and foreign exchange rates to manage certain of our risks. None of the derivative contracts signed has an unlimited loss exposure.
The following table outlines Atlantica´s market risks and how they are managed:

Market Risk | Description of Risk |  | Management of Risk
Foreign exchange risk | We are exposed to foreign currency risk – including euro, British pound, Canadian dollar, South African rand, Colombian peso and Uruguayan peso – related to operations and certain foreign currency debt. Our presentation currency and the functional currency of most of our subsidiaries is the U.S. dollar, as most of our revenue and expenses are denominated or linked to U.S. dollars. All our companies located in North America, with the exception of Calgary, whose revenue is in Canadian dollars, and most of our companies in South America have their revenue and financing contracts signed in or indexed totally or partially to U.S. dollars. Our solar power plants in Europe have their revenue and expenses denominated in euros; Kaxu, our solar plant in South Africa, has its revenue and expenses denominated in South African rand, our solar plants in Colombia, have their revenue and expenses denominated in Colombian pesos; Albisu, our solar plant in Uruguay, has its revenue denominated in Uruguayan pesos, with a maximum and a minimum price in US dollars; and our wind farms in the UK have their revenue and expenses denominated in British pounds. |  | The main cash flows in our subsidiaries are cash collections arising from long-term contracts with clients and debt payments arising from project finance repayment. Project financing is typically denominated in the same currency as that of the contracted revenue agreement, which limits our exposure to foreign exchange risk. In addition, we maintain part of our corporate general and administrative expenses and part of our corporate debt in euros which creates a natural hedge for the distributions we receive from our assets in Europe. To further mitigate this exposure, our strategy is to hedge cash distributions from our assets in Europe. We hedge the exchange rate for the net distributions in euros and British pounds (after deducting interest payments and general and administrative expenses in euros and British pounds, respectively). Through currency options, we have hedged 100% of our euro and pound-denominated net exposure for the next 12 months and 75% of our euro-denominated net exposure for the following 12 months. We expect to continue with this hedging strategy on a rolling basis. If the difference between the euro/U.S. dollar hedged rate for the year 2024 and the current rate was reduced by 5%, it would create a negative impact on cash available for distribution of approximately $4 million. This amount has been calculated as the average net euro exposure expected for the years 2024 to 2027 multiplied by the difference between the average hedged euro /U.S. dollar rate for 2024 and the euro/U.S. dollar rate as of the date of this annual report reduced by 5%.

69

Table of Contents

|  |  | Although we hedge cash-flows in euros and British pounds, fluctuations in the value of the euro or British pound against the U.S. dollar may affect our operating results. For example, revenue in euro or British pound-denominated companies could decrease when translated to U.S. dollars at the average foreign exchange rate solely due to a decrease in the average foreign exchange rate, in spite of revenue in the original currency being stable. Fluctuations in the value of the South African rand, the Colombian peso and the Uruguayan peso against the U.S. dollar may also affect our operating results. Apart from the impact of these translation differences, the exposure of our income statement to fluctuations of foreign currencies is limited, as the financing of projects is typically denominated in the same currency as that of the contracted revenue agreement.
Interest rate risk | We are exposed to interest rate risk on our variable-rate debt. Interest rate risk arises mainly from our financial liabilities at variable interest rates (less than 10% of our consolidated debt currently). Interest rate risk may also arise in the future when we refinance our corporate debt, since interest rates at the moment of refinancing may be higher than current interest rates in our existing facilities. The most significant impact on our Annual Consolidated Interim Financial Statements related to interest rates corresponding to the potential impact of changes in EURIBOR or SOFR on the debt with interest rates based on these reference rates and on derivative positions. In relation to our interest rate swaps positions, an increase in EURIBOR or SOFR above the contracted fixed interest rate would create an increase in our financial expense which would be positively mitigated by our hedges, reducing our financial expense to our contracted fixed interest rate. However, an increase in EURIBOR or SOFR that does not exceed the contracted fixed interest rate would not be offset by our derivative position and would result in a stable net expense recognized in our consolidated income statement. In relation to our interest rate options positions, an increase in EURIBOR, or SOFR above the strike price would result in higher interest expenses, which would be positively mitigated by our hedges, reducing our financial expense to our capped interest rate. However, an increase in these rates of reference below the strike price would result in higher interest expenses. |  | Our assets largely consist of long duration physical assets, and financial liabilities consist primarily of long-term fixed-rate debt or floating-rate debt that has been swapped to fixed rates with interest rate financial instruments to minimize the exposure to interest rate fluctuations. We use interest rate swaps and interest rate options (caps) to mitigate interest rate risk. As of June 30, 2024, approximately 91% of our consolidated debt has fixed rates or is hedged. As of that same date, 92% of our project debt and approximately 87% of our corporate debt either has fixed interest rates or has been hedged with swaps or caps. Our revolving credit facility has variable interest rates and is not hedged as further described in “Item 5.B— Operating and Financial Review and Prospects—Liquidity and Capital Resources— Corporate debt agreements—Revolving Credit Facility” in our Annual Report; In the event that EURIBOR and SOFR had risen by 25 basis points as of June 30, 2024, with the rest of the variables remaining constant, the effect in the consolidated income statement would have been a loss of $1.0 million (a loss of $0.7 -million as of June 30, 2023) and an increase in hedging reserves of $15.3 million ($18.6 million as of June 30, 2023). The increase in hedging reserves would be mainly due to an increase in the fair value of interest rate swaps designated as hedges.

70

Table of Contents

Credit risk | We are exposed to credit risk mainly from operating activities, the maximum exposure of which is represented by the carrying amounts reported in the statements of financial position. We are exposed to credit risk if counterparties to our contracts, trade receivables, interest rate swaps, or foreign exchange hedge contracts are unable to meet their obligations. The credit rating of Eskom is currently B from S&P, B2 from Moody’s and B from Fitch. Eskom is the off-taker of our Kaxu solar plant, a state-owned, limited liability company, wholly owned by the Republic of South Africa. In addition, Pemex’s credit rating is currently BBB from S&P, B3 from Moody’s and B+ from Fitch. We have experienced delays in collections from Pemex, especially since the second half of 2019, which have been significant in certain quarters, including in the first half of 2024. |  | The diversification by geography and business sector helps to diversify credit risk exposure by diluting our exposure to a single client. In the case of Kaxu, Eskom’s payment guarantees to our Kaxu solar plant are underwritten by the South African Department of Mineral Resources and Energy, under the terms of an implementation agreement. The credit ratings of the Republic of South Africa as of the date of this quarterly report are BB-/Ba2/BB- by S&P, Moody’s and Fitch, respectively. In the case of Pemex, we continue to maintain a proactive approach including fluent dialogue with our client.
Liquidity risk | We are exposed to liquidity risk for financial liabilities. Our liquidity at the corporate level depends on distribution from the project level entities, most of which have project debt in place. Distributions are generally subject to the compliance with covenants and other conditions under our project finance agreements. |  | The objective of our financing and liquidity policy is to ensure that we maintain sufficient funds to meet our financial obligations as they fall due. Project finance borrowing permits us to finance projects through project debt and thereby insulate the rest of our assets from such credit exposure. We incur project finance debt on a project-by-project basis or by groups of projects. The repayment profile of each project is established based on the projected cash flow generation of the business. This ensures that sufficient financing is available to meet deadlines and maturities, which mitigates the liquidity risk. In addition, we maintain a periodic communication with our lenders and regular monitoring of debt covenants and minimum ratios. As of June 30, 2024, we had $286.3 million liquidity at the corporate level, comprised of $20.0 million of cash on hand at the corporate level and $266.3 million available under our Revolving Credit Facility.

71

Table of Contents

|  |  | We believe that the Company’s liquidity position, cash flows from operations and availability under our revolving credit facility will be adequate to meet the Company’s financial commitments and debt obligations; growth, operating and maintenance capital expenditures; and dividend distributions to shareholders. Management continues to regularly monitor the Company’s ability to finance the needs of its operating, financing and investing activities within the guidelines of prudent balance sheet management.
Electricity price risk | We currently have three assets with merchant revenues (Chile PV 1 and Chile PV 3, where we have a 35% ownership, and Lone Star II, where we have a 49% ownership) and one asset with partially contracted revenues (Chile PV 2, where we have a 35% ownership). Due to low electricity prices in Chile, the project debts of Chile PV 1 and 2 are under an event of default as of June 30, 2024, and as of the date of this quarterly report since these assets were not able to maintain the minimum required cash in their debt service reserve account. Although we do not expect an acceleration of the debts to be declared by the credit entities, Chile PV 1 and Chile PV 2, did not have a right to defer the settlement of the debts for at least twelve months as of December 31, 2023, and June 30, 2024, and therefore the project debts were classified as current in our Consolidated Interim Financial Statements as of June 30, 2024. We are in conversations with the banks, together with our partner, regarding a potential plan for the plants.] The value of the net assets contributed by Chile PV 1 and 2 to the Consolidated Interim Financial Statements, excluding non-controlling interest, was close to zero as of June 30, 2024 (see “Item 4—Information on the Company—Our Operations” in our Annual Report). |  | We manage our exposure to electricity price risk by ensuring that most of our revenues are not exposed to fluctuations in electricity prices. Assets with merchant exposure represent less than 2% of our portfolio in terms of Adjusted EBITDA5. Regarding regulated assets with exposure to electricity market prices, these assets have the right to receive a “reasonable rate of return” (see “Item 4—Information on the Company— Regulation” in our Annual Report). As a result, fluctuations in market prices may cause volatility in results of operations and cash flows, but it should not affect the net value of these assets.

5 Calculated as a percentage of our Adjusted EBITDA in 2023. If we included in the calculation the EBITDA of the assets recently acquired in the UK, our exposure to merchant electricity prices would also be less than 2%. This calculation does not include our assets in Spain, which are regulated and have the right to receive a “reasonable rate of return” (we refer to our Annual Report).
72

Table of Contents

| In addition, in several of the jurisdictions in which we operate including Spain, Chile, Italy and the United Kingdom we are exposed to remuneration schemes which contain both regulated incentives and market price components. In such jurisdictions, the regulated incentive or the contracted component may not fully compensate for fluctuations in the market price component, and, consequently, total remuneration may be volatile. In Spain, market prices have been significantly below the price assumed by the regulation during the six-month period ended on June 30, 2024. If market prices continue to be lower than the prices assumed by the regulation and the regulated parameters are not revised until 2026, we may have an adverse effect on revenues, results of operations and cash flows in 2024 and 2025, which we expect will be compensated starting in 2026 in accordance with the regulation in place. In addition, operating costs in certain of our existing or future projects depend to some extent on market prices of electricity used for self-consumption. |  |
Country risk | We consider that Algeria and South Africa, which represent a small portion of the portfolio in terms of cash available for distribution, are the geographies with a higher political risk profile. |  | Most of the countries in which we have operations are OECD countries. In 2019, we entered into a political risk insurance policy with the Multinational Investment Guarantee Agency for Kaxu. The insurance provides protection for breach of contract up to $47.0 million in the event that the South African Department of Mineral Resources and Energy does not comply with its obligations as guarantor. We also have a political risk insurance policy in place for two of our assets in Algeria for up to $35.8 million, including one year of dividend coverage. These insurance policies do not cover credit risk.

73

Table of Contents

Item 4. | CONTROLS AND PROCEDURES

Not Applicable
PART II. OTHER INFORMATION

Item 1. | Legal Proceedings

In 2018, an insurance company covering certain Abengoa obligations in Mexico claimed certain amounts related to a potential loss. Atlantica reached an agreement under which Atlantica’s maximum theoretical exposure would in any case be limited to approximately $35 million, including $2.5 million to be held in an escrow account. In January 2019, the insurance company called on this $2.5 million from the escrow account and Abengoa reimbursed us for this amount. The insurance company could claim additional amounts if they faced new losses after following a process agreed between the parties and, in any case, Atlantica would only make payments if and when the actual loss has been confirmed and after arbitration if the Company initiates it. In the past we had indemnities from Abengoa for certain potential losses, but such indemnities are no longer valid following the insolvency filing by Abengoa S.A. in February 2021.
In addition, during 2021 and 2022, several lawsuits were filed related to the February 2021 winter storm in Texas against among others Electric Reliability Council of Texas, (“ERCOT”), two utilities in Texas and more than 230 individual power generators, including Post Oak Wind, LLC, the project company owner of Lone Star II, one of the wind assets in Vento II where we currently have a 49% equity interest. The basis for the lawsuit is that the defendants failed to properly prepare for cold weather, including failure to implement measures and equipment to protect against cold weather, and failed to properly conduct their operations before and during the storm.
Except as described above, Atlantica is not a party to any other significant legal proceedings other than legal proceedings (including administrative and regulatory proceedings) arising in the ordinary course of its business. Atlantica is party to various administrative and regulatory proceedings that have arisen in the ordinary course of business.
While Atlantica does not expect the above noted proceedings, either individually or in combination, to have a material adverse effect on its financial position or results of operations, because of the nature of these proceedings Atlantica is not able to predict their ultimate outcomes, some of which may be unfavorable to Atlantica.

Item 1A. | Risk Factors

None.

Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds

Recent sales of unregistered securities
None.
Use of proceeds from the sale of registered securities
None.
Purchases of equity securities by the issuer and affiliated purchasers
None.
74

Table of Contents

Item 3. | Defaults Upon Senior Securities

None.

Item 4. | Mine Safety Disclosures

Not applicable.

Item 5. | Other Information

Not Applicable.

Item 6. | Exhibits

Not Applicable.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 1, 2024 |  |
| ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC
|  | By: | /s/ Santiago Seage
|  | Name: Santiago Seage
|  | Title: Chief Executive Officer
| ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC
|  | By: | /s/ Francisco Martinez-Davis
|  | Name: Francisco Martinez-Davis
|  | Title: Chief Financial Officer

75