• Atlantica Reports Second Quarter 2021 Financial Results

    Source: Nasdaq GlobeNewswire / 03 Aug 2021 07:41:21   America/New_York


    • Revenue for the first half of 2021 increased by 31.2% year-over-year up to $611.2 million, and an increase of 13.5% year-over-year on a comparable basis1.
    • Adjusted EBITDA including unconsolidated affiliates was $404.2 million in the first half of 2021, a 6.3% year-over-year increase.
    • Net loss for the first half of 2021 attributable to the Company was $6.8 million, compared with a net loss of $28.2 million in the first half of 2020.
    • Cash available for distribution (“CAFD”) increased by 12.9% year-over-year up to $109.9 million in the first half of 2021.
    • $400 million in Green Senior Notes successfully closed in May, extending part of our corporate debt maturity from 2025 to 2028.
    • Closed the previously announced investments in Coso, a 135 MW contracted renewable energy plant in California, and a 49% interest in a 596 MW portfolio of wind assets in the US.
    • Quarterly dividend of $0.43 per share approved by the Board of Directors.

    August 3, 2021 – Atlantica Sustainable Infrastructure plc (NASDAQ: AY) (“Atlantica” or the “Company”) today reported its financial results for the first half of 2021. Revenue for the first half of 2021 was $611.2 million, a 31.2% increase compared with the first half of 2020. On a comparable basis1, the increase in revenue was 13.5%. Adjusted EBITDA including unconsolidated affiliates increased by 6.3% up to $404.2 million. Growth in revenue and Adjusted EBITDA resulted mainly from the recent investments in new assets, higher production in our renewable energy business and foreign exchange differences. Cash Available for Distribution was $109.9 million, a 12.9% increase compared with $97.3 million in the first half of 2020.

    Highlights



    (in thousands of U.S. dollars)



    		Three-month period ended June 30,

    		 Six-month period
    ended June 30,    		 
     2021 2020 2021 2020
    Revenue$    375,985     $ 255,344 $    611,175      $ 465,747
    Profit for the period attributable to the Company12,343 12,340 (6,829) (28,171)
    Adjusted EBITDA incl. unconsolidated affiliates234,165 214,107 404,234 380,069
    Net cash provided by operating activities99,609 62,722 246,317 148,407
    CAFD58,657 49,717 109,894 97,275

    Key Performance Indicators

     Six-month period
    ended June 30,
     2021 2020 
    Renewable energy    
    MW in operation22,018 1,551 
    GWh produced31,984 1,482 
    Efficient natural gas & heat    
    MW in operation4398 343 
    GWh produced51,043 1,268 
    Availability (%)699.4% 101.7% 
    Transmission lines    
    Miles in operation1,166 1,166 
    Availability (%)599.9% 99.9% 
    Water    
    Mft3 in operation217.5 17.5 
    Availability (%)599.7% 102.0% 

    Segment Results



    (in thousands of U.S. dollars)    		Six-month period ended June 30, 
     2021 2020
    Revenue by geography   
    North America$              178,801     $ 157,932
    South America78,351 75,029
    EMEA354,023 232,786
    Total Revenue$              611,175                                   $ 465,747
      

    		  

    		 


    Adjusted EBITDA incl. unconsolidated                       affiliates by geography   
    North America$               134,861   $ 142,615 
    South America60,222 59,802 
    EMEA209,151 177,652 
    Total Adjusted EBITDA incl. unconsolidated affiliates$              404,234              $ 380,069  






    (in thousands of U.S. dollars)    		Six-month period ended June 30,
     2021 2020
    Revenue by business sector    
    Renewable energy$               471,624  $             344,674           
    Efficient natural gas & heat58,506 52,032
    Transmission lines53,589 53,395
    Water27,456 15,646
    Total Revenue$              611,175                                   $            465,747        
         
         
         
    Adjusted EBITDA incl. unconsolidated affiliates by business sector    
    Renewable energy$                295,030                                  $             275,085 
    Efficient natural gas & heat47,221 47,765
    Transmission lines42,522 44,345
    Water19,461 12,874
    Total Adjusted EBITDA incl. unconsolidated affiliates$              404,234                                                $           380,069          

    Production in the renewable energy portfolio increased by 33.7% for the first half of 2021 compared with the first half of 2020 mainly thanks to the contribution of recent investments, as well as better solar radiation in North America and in Spain.

    In our efficient natural gas and heat and transmission lines segments, where revenue is based on availability, we maintained very high availability levels. In water, the decrease in availability was largely due to the installation of some new safety-related equipment at one of our plants during the first quarter of 2021.

    Liquidity and Debt

    As of June 30, 2021, cash at Atlantica’s corporate level was $83.2 million, compared with $335.2 million as of December 31, 2020. Additionally, as of June 30, 2021, the Company had $440.0 million available under its Revolving Credit Facility and therefore total corporate liquidity of $523.2 million, compared with $750.2 million as of December 31, 2020.

    As of June 30, 2021, net project debt7 was $4.77 billion, compared with $4.70 billion as of December 31, 2020, while net corporate debt8 was $941.8 million, compared with $658.5 million as of December 31, 2020. The net corporate debt / CAFD pre-corporate debt service ratio9 was 3.4x as of June 30, 2021. As of June 30, 2021, our average corporate debt maturity stands at approximately 6 years.

    Green Senior Notes

    On May 18, 2021, Atlantica successfully issued $400 million in Green Senior Notes with a 4.125% annual interest rate and 2028 maturity. Proceeds were used to fully prepay the NIFA 2019 due in 2025, extending part of Atlantica’s corporate debt maturities and to finance accretive growth opportunities. The Green Senior Notes were issued in compliance with the Green Bond Principles 2018, making it the fourth green financing issued by Atlantica to date.

    Dividend

    On July 30, 2021, the Board of Directors of Atlantica approved a dividend of $0.43 per share. This dividend is expected to be paid on September 15, 2021 to shareholders of record as of August 31, 2021.

    Growth

    During the second quarter, Atlantica continued executing on its accretive growth strategy and closed several previously announced investments:

    • Wind Portfolio: On June 16, 2021, Atlantica closed the acquisition of a 49% interest in a 596 MW portfolio of four wind assets in the US for a total equity investment of $198.3 million. The assets have PPAs with investment grade off-takers.
    • Calgary District Heating: On May 14, 2021, Atlantica closed the acquisition of Calgary District Heating for a total equity investment of $22.5 million. The asset has availability-based revenue with inflation indexation and a 20-year weighted average remaining contract life.
    • Coso: On April 7, 2021, Atlantica closed the acquisition of a 135 MW renewable asset in California. Coso has PPAs signed with three investment grade off-takers with a 19-year average remaining contract life. The total investment was $170 million, including $130 million in equity value and $40 million paid on July 15, 2021 to reduce project debt.

    Details of the Results Presentation Conference

    Atlantica’s CEO, Santiago Seage, and CFO, Francisco Martinez-Davis, will hold a conference call and a webcast on Tuesday, August 3, 2021, at 8:30 am (New York time).

    In order to access the conference call participants should dial: + 1-631-510-7495 (US), +44 (0) 844-571-8892 (UK) or +1-866-992-6802 (Canada), followed by the confirmation code 4128854. Atlantica advises participants to access the conference call at least 20 minutes in advance.

    The senior management team will also hold virtual meetings with investors during the month of August at the Goldman Sachs Power, Utilities, MLPs and Pipelines Conference, the Seaport 10th Annual Summer Investor Conference and the Wolfe Research Inaugural ESG Conference.
    Forward-Looking Statements

    This press release contains forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including, without limitation, those regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, future developments in the markets in which we operate or are seeking to operate or anticipated regulatory changes in the markets in which we operate or intend to operate. In some cases, you can identify forward-looking statements by terminology such as "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "guidance," "intend," "is likely to," "may," "plan," "potential," "predict," "projected," "should" or "will" or the negative of such terms or other similar expressions or terminology.

    By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements speak only as of the date of this press release and are not guarantees of future performance and are based on numerous assumptions. Our actual results of operations, financial condition and the development of events may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements. Except as required by law, we do not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events or circumstances.

    Investors should read the section entitled "Item 3D. Key Information—Risk Factors" and the description of our segments and business sectors in the section entitled "Item 4B. Information on the Company—Business Overview", each in our Annual Report for the fiscal year ended December 31, 2020, filed on Form 20-F, for a more complete discussion of the risks and factors that could affect us.

    Forward-looking statements include, but are not limited to, statements relating to: expected value; equity investment and project growth strategy; accretive investment opportunities; accretive growth opportunities; accretive growth strategies; strategic business alternatives to ensure optimal company value; estimated returns and cash available for distribution (“CAFD”) estimates, including CAFD per share growth strategy and targets, CAFD estimates per currency, geography and sector; net corporate leverage based on CAFD estimates; debt refinancing; the quality of our long-term contracts; project debt; the use of non-GAAP measures as a useful predicting tool for investors; dividends; and various other factors, including those factors discussed under “Item 3.D—Risk Factors” and “Item 5.A—Operating Results” in our Annual Report for the fiscal year ended December 31, 2020 filed on Form 20-F.

    The CAFD and other guidance incorporated into this press release are estimates as of March 1, 2021. These estimates are based on assumptions believed to be reasonable as of the date Atlantica published its 2020 Financial Results. Atlantica disclaims any current intention to update such guidance, except as required by law.  

    Non-GAAP Financial Measures

    This press release also includes certain non-GAAP financial measures, including Adjusted EBITDA including unconsolidated affiliates, Adjusted EBITDA including unconsolidated affiliates as a percentage of revenues (margin) and CAFD. Non-GAAP financial measures are not measurements of our performance or liquidity under IFRS as issued by IASB and should not be considered 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. Please refer to the appendix of this press release for a reconciliation of the non-GAAP financial measures included in this press release to the most directly comparable financial measures prepared in accordance with IFRS. Also, please refer to the following paragraphs in this section for an explanation of the reasons why management believes the use of non-GAAP financial measures (including CAFD and Adjusted EBITDA including unconsolidated affiliates) in this press release provides useful information to investors.

    We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The non-GAAP financial measures may not be comparable to other similarly titled measures employed by other companies and may have limitations as analytical tools. These measures may not be fit for isolated consideration 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. Thus, they should not be considered as alternatives to operating profit, profit for the period, any other performance measures derived in accordance with IFRS as issued by the IASB, any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. Some of the limitations of these non-GAAP measures are:

    • they do not reflect our cash expenditures, future requirements for capital expenditures or contractual commitments;
    • they do not reflect changes in, or cash requirements for, our working capital needs;
    • they may not reflect the significant interest expense, or the cash requirements necessary, to service interest or principal payments, on our debts;
    • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often need to be replaced in the future and Adjusted EBITDA and CAFD do not reflect any cash requirements that would be required for such replacements;
    • some of the exceptional items that we eliminate in calculating Adjusted EBITDA reflect cash payments that were made, or will be made in the future; and
    • the fact that other companies in our industry may calculate Adjusted EBITDA and CAFD differently than we do, which limits their usefulness as comparative measures.

    We define Adjusted EBITDA including unconsolidated affiliates as profit/(loss) for the period attributable to the Company, after adding back loss/(profit) attributable to non-controlling interest, profit/(loss) from discontinued operations, income tax, share of profit/(loss) of associates carried under the equity method, finance expense net, depreciation, amortization and impairment charges. CAFD is calculated as 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.

    Our management believes Adjusted EBITDA including unconsolidated affiliates and CAFD are 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. Adjusted 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.

    Our management believes CAFD is a relevant supplemental measure of the Company’s ability to earn and distribute cash returns to investors and is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of our ability to make quarterly distributions. In addition, CAFD is used by our management team for determining future acquisitions and managing our growth. Adjusted EBITDA and CAFD are widely used by other companies in the same industry.

    Our management uses Adjusted EBITDA and CAFD as measures of operating performance to assist in comparing performance from period to period on a consistent basis. They also readily view operating trends as a measure for planning and forecasting overall expectations, for evaluating actual results against such expectations, and for communicating with our board of directors, shareholders, creditors, analysts and investors concerning our financial performance.

    In our discussion of operating results, we have included foreign exchange impacts in our revenue and Adjusted EBITDA including unconsolidated affiliates by providing constant currency growth. The constant currency presentation is not a measure recognized under IFRS and excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations. We calculate constant currency amounts by converting our current period local currency revenue and Adjusted EBITDA using the prior period foreign currency average exchange rates and comparing these adjusted amounts to our prior period reported results. This calculation may differ from similarly titled measures used by others and, accordingly, the constant currency presentation is not meant to substitute for recorded amounts presented in conformity with IFRS as issued by the IASB nor should such amounts be considered in isolation.

    Consolidated Statements of Operations
    (Amounts in thousands of U.S. dollars)

     For the three-month period ended June 30, For the six-month period ended June 30,
     2021 2020 2021 2020 
    Revenue$      375,985  $ 255,344  $ 611,175  $ 465,747 
    Other operating income19,037 27,698 40,270 57,236 
    Employee benefit expenses(24,630) (12,616) (39,012) (24,333) 
    Depreciation, amortization, and impairment charges(105,335) (84,454) (188,876) (194,073) 
    Other operating expenses(140,522) (60,277) (215,792) (126,092) 
    Operating profit$      124,535             $ 125,695      $ 207,765        $ 178,485              
    Financial income120 4,466 1,232 5,673 
    Financial expense(104,378) (114,105) (189,524) (210,113) 
    Net exchange differences2,372 445 2,184 (1,176) 
    Other financial income/(expense), net10,326 6,931 13,301 2,819 
    Financial expense, net$    (91,560)  $ (102,263)  $ (172,807)      $ (202,797)  
    Share of profit/(loss) of associates carried under the equity method1,696 2,259 2,656 1,591 
    Profit/(loss) before income tax$        34,671         $ 25,691 $ 37,614 $ (22,721) 
    Income tax(18,641) (13,618) (33,128) (3,471) 
    Profit/(loss) for the period (continued operations)$ 16,030                   $ 12,073  $           4,486 $ (26,192)  
    Profit/(loss) for the period (discontinued operations)(480) - - -
    Loss/(profit) attributable to non-controlling interests(3,207) 267 (11,315) (1,979) 
    Profit/(loss) for the period attributable to the Company$        12,343 $ 12,340  $ (6,829) $ (28,171) 
    Weighted average number of ordinary shares outstanding (thousands)110,800  101,602   110,594 101,602   
    Weighted average number of ordinary shares diluted (thousands)114,147 101,602   113,941 101,602 
    Basic earnings per share (U.S. dollar per share)$  0.11 $ 0.12 $ (0.06)  $ (0.28)  
    Diluted earnings per share (U.S. dollar per share)$ 0.11  $ 0.12   $ (0.06) $ (0.28) 

    Consolidated Statement of Financial Position
    (Amounts in thousands of U.S. dollars)

    AssetsAs of June 30,
    2021    		 As of December 31, 2020
    Non-current assets   
     Contracted concessional assets$  8,374,213  $ 8,155,418
     Investments carried under the equity method288,701 116,614
     Financial investments88,404 89,754
     Deferred tax assets159,231 152,290
    Total non-current assets$ 8,910,549  $ 8,514,076 
    Current assets   
     Inventories$ 54,826                                                                      $ 23,958
     Trade and other receivables312,194 331,735
     Financial investments197,548 200,084
     Cash and cash equivalents686,289 868,501
    Total current assets$ 1,250,857   $ 1,424,278
    Total assets $ 10,161,406    $ 9,938,354
    Equity and liabilities   
     Share capital$ 11,083                                                                       $ 10,667
     Share premium1,011,743 1,011,743
     Capital reserves917,972 881,745
     Other reserves140,403 96,641
     Accumulated currency translation differences(111,939) (99,925)
     Accumulated deficit(379,386) (373,489)
     Non-controlling interest217,333 213,499
    Total equity$ 1,807,209 $ 1,740,881
    Non-current liabilities   
     Long-term corporate debt$ 1,006,421  $ 970,077
     Long-term project debt4,678,849 4,925,268
     Grants and other liabilities1,221,702 1,229,767
     Derivative liabilities266,459 328,184
     Deferred tax liabilities279,639 260,923
    Total non-current liabilities$                   7,453,070  $ 7,714,219
    Current liabilities   
     Short-term corporate debt$                         18,640 $                     23,648
     Short-term project debt695,341 312,346
     Trade payables and other current liabilities133,455 92,557
     Income and other tax payables53,691 54,703
    Total current liabilities $ 901,127   $ 483,254
    Total equity and liabilities$ 10,161,406    $ 9,938,354

    Consolidated Cash Flow Statements
    (Amounts in thousands of U.S. dollars)

     For the three-month period ended June 30, For the six-month period ended June 30,
     2021 2020 2021 2020
    Profit/(loss) for the period$       15,550 $        12,073 $          4,486 $    (26,192)
    Financial expense and non-monetary adjustments213,674 194,838 385,146 389,557
    Profit for the period adjusted by financial expense and non-monetary adjustments$    229,224 $ 206,911 $     389,632 $      363,365
    Variations in working capital3,451 (24,672) 20,414 (84,005)
    Net interest and income tax paid(133,066) (119,517) (163,729) (130,953)
    Net cash provided by operating activities$      99,609 $        62,722 $      246,317 $      148,407
    Investment in contracted concessional assets(10,252) 5,675 (16,593) 5,675
    Other non-current assets/liabilities(2,476) (2,311) (555) (8,249)
    Acquisitions of subsidiaries and entities under the equity method(312,359) 8,943 (323,103) 8,943
    Dividends received from entities under the equity method4,431 5,262 13,230 10,382
    Net cash provided by/(used in) investing activities$ (320,656) $        17,569 $ (327,021)    $       16,751
            
    Net cash provided by/(used in) financing activities$ (155,847) $        12,106 

    $     (96,703)

    		  $       71,937
            
    Net increase/(decrease) in cash and cash equivalents$ (376,894) $       92,397 $   (177,407) $      237,095
    Cash and cash equivalents at beginning of the period1,058,843 690,172 868,501 562,795
    Translation differences in cash or cash equivalent4,340 6,200 (4,805) (11,121)
    Cash and cash equivalents at end of the period$     686,289 $     788,769 $      686,289 $      788,769

    Reconciliation of Adjusted EBITDA including unconsolidated affiliates   to Profit for the period attributable to the company

    (in thousands of U.S. dollars)For the three-month period ended June 30, For the six-month period ended June 30,
     2021 2020 2021 2020
    Profit/(loss) for the period attributable to the Company$        12,343 $       12,340 $         (6,829) $     (28,171)
    Profit/(loss) attributable to non-controlling interest3,207 (267) 11,315 1,979
    Loss/(profit) from discontinued operations480 - - -
    Income tax18,641 13,618 33,128 3,471
    Share of loss/(profit) of associates carried under the equity method(1,696) (2,259) (2,656) (1,591)
    Financial expense, net91,560 102,263 172,807 202,797
    Operating profit $     124,535 $     125,695 $        207,765 $      178,485
    Depreciation, amortization, and impairment charges105,335 84,454 188,876 194,073
    Adjusted EBITDA$      229,870 $    210,148 $       396,642 $      372,557
    Atlantica’s pro-rata share of EBITDA from Unconsolidated Affiliates4,295 3,959 7,592 7,512
    Adjusted EBITDA including unconsolidated affiliates$      234,165 $    214,107 $        404,234 $      380,069

    Reconciliation of Adjusted EBITDA including unconsolidated affiliates to net cash provided by operating activities

    (in thousands of U.S. dollars)For the three-month period ended June 30, For the six-month period ended June 30,
     2021 2020 2021 2020 
    Net cash provided by operating activities$        99,609 $      62,722 $        246,317 $        148,407 
    Net interest and income tax paid133,066 119,517 163,729 130,953 
    Variations in working capital(3,451) 24,672 (20,414) 84,005 
    Other non-cash adjustments and other646 3,237 7,010 9,192 
    Adjusted EBITDA$    229,870 $    210,148 $       396,642 $        372,557 
    Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates4,295 3,959 7,592 7,512 
    Adjusted EBITDA including unconsolidated affiliates$     234,165 $ 214,107  $       404,234  $     380,069 

    Reconciliation of Cash Available For Distribution to Profit for                      the period attributable to the Company

    (in thousands of U.S. dollars)For the three-month period ended June 30, For the six-month period ended June 30,
     2021 2020 2021 2020
    Profit/(loss) for the period attributable to the Company$     12,343 $       12,340 $       (6,829) $    (28,171)
    Profit/(loss) attributable to non-controlling interest3,207 (267) 11,315 1,979
    Loss/(profit) from discontinued operations480 - - -
    Income tax18,641 13,618 33,128 3,471
    Share of loss/(profit) of associates carried under the equity method(1,696) (2,259) (2,656) (1,591)
    Financial expense, net91,560 102,263 172,807 202,797
    Operating profit$     124,535 $ 125,695 $ 207,765 $ 178,485
    Depreciation, amortization, and impairment charges105,335 84,454 188,876 194,073
    Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates4,295 3,959 7,592 7,512
    Adjusted EBITDA including unconsolidated affiliates$     234,165 $     214,107 $     404,234 $     380,069
    Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates(4,295) (3,959) (7,592) (7,512)
    Dividends from equity method investments4,431 5,262 13,230 10,382
    Non-monetary items(3,018) (3,683) (9,195) (8,017)
    Interest and income tax paid(133,066) (119,517) (163,729) (130,953)
    Principal amortization of indebtedness(97,278) (75,301) (119,971) (90,199)
    Deposits into/ withdrawals from restricted accounts26,383 17,605 (194) 50,526
    Change in non-restricted cash at project level39,833 31,257 (23,432) (19,210)
    Dividends paid to non-controlling interests(7,395) (9,246) (11,610) (14,161)
    Changes in other assets and liabilities(1,103) (6,808) 28,153 (73,650)
    Cash Available For Distribution$       58,657 $       49,717 $     109,894 $       97,275

    About Atlantica

    Atlantica Sustainable Infrastructure plc is a sustainable infrastructure company that owns a diversified portfolio of contracted renewable energy, storage, efficient natural gas, transmission lines and water assets in North & South America, and certain markets in EMEA (www.atlantica.com).

    Chief Financial Officer

    Francisco Martinez-Davis

    E ir@atlantica.com

               		Investor Relations & Communication

    Leire Perez

    E ir@atlantica.com

    T +44 20 3499 0465

                    

    1 Revenue for the first half of 2021 on a constant currency basis and adjusted for the consolidation of a non-recurrent Rioglass solar project was $528.5 million, a 13.5% increase compared to the first half of 2020.

    2 Represents total installed capacity in assets owned or consolidated at the end of the period, regardless of our percentage of ownership in each of the assets, except for the US Wind Portfolio for which we have included our 49% interest.

    3 Includes 49% of the US Wind Portfolio production since its acquisition. Includes curtailment in wind assets for which we receive compensation.
    4 Includes 43 MW corresponding to our 30% share in Monterrey and 55 MWt corresponding to thermal capacity from Calgary District Heating.

    5 GWh produced includes 30% share of the production from Monterrey.
    6 Availability refers to the time during which the asset was available to our client totally or partially divided by contracted or budgeted availability, as applicable.

    7 Net project debt is calculated as long-term project debt plus short-term project debt minus cash and cash equivalents at the consolidated project level.
    8 Net corporate debt is calculated as long-term corporate debt plus short-term corporate debt minus cash and cash equivalents at Atlantica’s corporate level.

    9 Net corporate leverage is calculated as corporate net debt divided by midpoint 2021 CAFD guidance before corporate debt service. CAFD pre-corporate debt service is calculated as CAFD plus corporate debt interest paid by Atlantica.


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