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Nature of the business | 6 Months Ended
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Jun. 30, 2024
Nature of the business [Abstract] |
Nature of the business | 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. 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
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 (Administración Nacional de Usinas y Transmisoras Eléctricas) 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.
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.

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