☒ Form 20-F
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☐ Form 40-F
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Page
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PART I – FINANCIAL INFORMATION
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Item 1
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8
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Item 2
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45 | |
Item 3
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73 | |
Item 4
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76 | |
PART II – OTHER INFORMATION
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Item 1
|
76 | |
Item 1A
|
77 | |
Item 2
|
78 | |
Item 3
|
78 | |
Item 4
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78 | |
Item 5
|
78 | |
Item 6
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78 | |
80 |
• |
references to “2019 Notes” refer to the 7.000% Senior Notes due 2019 in an aggregate principal amount of $255 million issued on November 17, 2014, as further described in “Item
5.B—Operating and Financial Review and Prospects—Liquidity and Capital Resources—Sources of Liquidity—2019 Notes” in our Annual Report;
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• |
references to “2020 Green Private Placement” refer to the €290 million (approximately $340 million) senior secured notes maturing in 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”;
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• |
references to “AAGES” refer to the joint venture between Algonquin and Abengoa to invest in the development and construction of clean energy and water infrastructure contracted assets;
|
• |
references to “Abengoa” refer to Abengoa, S.A., together with its subsidiaries, unless the context otherwise requires;
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• |
references to “Abengoa ROFO Agreement” refer to the agreement we entered into with Abengoa on June 13, 2014, as amended and restated on December 9, 2014, that provides us a right of first offer to purchase any of
the present or future contracted assets in renewable energy, efficient natural gas, electric transmission and water of Abengoa that are in operation, and any other renewable energy, efficient natural gas, electric transmission and water asset
that is expected to generate contracted revenue and that Abengoa has transferred to an investment vehicle that are located in the United States, Canada, Mexico, Chile, Peru, Uruguay, Brazil, Colombia and the European Union, and four
additional assets in other selected regions, including a pipeline of specified assets that we expect to evaluate for future acquisition, for which Abengoa will provide us a right of first offer to purchase if offered for sale by Abengoa or an
investment vehicle to which Abengoa has transferred them;
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• |
references to “ACBH” refer to Abengoa Concessões Brasil Holding, a subsidiary holding company of Abengoa that was engaged in the development, construction, investment and management of concessions in Brazil,
comprised mostly of transmission lines and which is currently undergoing a restructuring process in Brazil;
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• |
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;
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• |
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;
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• |
references to “Annual Consolidated Financial Statements” refer to the audited annual consolidated financial statements as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017,
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;
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• |
references to “Annual Report” refer to our Annual Report on Form 20-F for the year ended December 31, 2019, filed with the SEC on February 28, 2020;
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• |
references to “ASI Operations” refer to ASI Operations LLC;
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• |
references to “Atlantica Jersey” refer to Atlantica Sustainable Infrastructure Jersey Limited, a wholly owned subsidiary of Atlantica;
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• |
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 ABY 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;
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• |
references to “Befesa Agua Tenes” refer to Befesa Agua Tenes, S.L.U;
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• |
references to “cash available for distribution” refer to the cash distributions received by the Company from its subsidiaries minus cash expenses of the Company, including debt service and general and administrative
expenses;
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• |
references to “CESCE” refer to Compañia Española de Seguros de Credito a la Exportacion, S.A. the Spanish Company of Export Credit Insurance;
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• |
references to “Chile PV I” refer to the solar PV plant of 55 MW located in Chile, which represents the first investment closed through the Chilean renewable energy platform in the second quarter of 2020 together
with local financial partners;
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• |
references to “COD” refer to the commercial operation date of the applicable facility;
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• |
references to “Consolidated Condensed Interim Financial Statements” refer to the consolidated condensed unaudited interim financial statements as of September 30, 2020 and 2019 and for the nine-month period ended
September 30, 2020 and 2019, including the related notes thereto prepared in accordance with IFRS as issued by the IASB, which form a part of this quarterly report;
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• |
references to “EMEA” refer to Europe, Middle East and Africa;
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• |
references to “EPC” refer to engineering, procurement and construction;
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• |
references to “ESG-linked Financial Guarantee Line” refer to the financial guarantee line with ING Bank N.V. of up to approximately $39 million signed in June 2019 as further described in “Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources — Liquidity and Capital Resources —Sources of Liquidity—ESG-linked Financial Guarantee Line”;
|
• |
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;
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• |
references to “EU” refer to the European Union;
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• |
references to “Exchange Act” refer to the U.S. Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated by the SEC thereunder;
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• |
references to “Federal Financing Bank” refer to a U.S. government corporation by that name;
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• |
references to “Further Adjusted EBITDA” have the meaning set forth in “Key Metrics” in the section below;
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• |
references to “Green Exchangeable Notes” refer to the $115 million green exchangeable senior notes due on 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”;
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• |
references to “Green Project Finance” refer to 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 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
Project Finance”;
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• |
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;
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• |
references to “GWh” refer to gigawatt hour;
|
• |
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” refer to International Financial Reporting Standards as issued by the International Accounting Standards Board;
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• |
references to “ITC” refer to investment tax credits;
|
• |
references to “JIBAR” refer to Johannesburg Interbank Average Rate;
|
• |
references to “Liberty” refer to Liberty Interactive Corporation;
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• |
references to “Liberty Ownership Interest in Solana” refer to Class A membership interests of ASO Holdings Company LLC (the holding company of Arizona Solar One LLC, owner of the 250 MW net (280 MW gross) solar
electric generation facility located in Maricopa County, Arizona, identified as Solana plant), owned by Liberty and sold to us on August 17, 2020;
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• |
references to “LIBOR” refer to London Interbank Offered Rate;
|
• |
references to “Logrosan” refer to Logrosan Solar Inversiones, S.A.;
|
• |
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;
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• |
references to “Multinational Investment Guarantee Agency” refer to Multinational Investment Guarantee Agency, a financial institution member of the World Bank Group which offers 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;
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• |
references to “Note Issuance Facility 2017” refer to the senior secured note facility dated February 10, 2017, and amended on March 28, 2017, of €275 million (approximately $322 million), with Elavon Financial
Services DAC, UK Branch, 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 2017”;
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• |
references to “Note Issuance Facility 2019” refer to the senior unsecured note facility dated April 30, 2019, and amended on May 14, 2019 and October 23, 2020, of $300 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 2019”;
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• |
references to “Note Issuance Facility 2020” refer to the senior unsecured note facility dated July 8, 2020, of €140 million(approximately $164 million), with Lucid Agency Services Limited, as facility agent and a
group of funds managed by Westbourne Capital as purchasers of the notes to be 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”;
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• |
references to “operation” refer to the status of projects that have reached COD (as defined above);
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• |
references to “Pemex” refer to Petróleos Mexicanos;
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• |
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;
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• |
references to “PTS” refer to Pemex Transportation System;
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• |
references to “Revolving Credit Facility” refers to the credit and guaranty agreement with a syndicate of banks entered into on May 10, 2018 and amended on January 24, 2019, August 2, 2019, December 17, 2019 and
August 28, 2020, providing for a senior secured revolving credit facility in an aggregate principal amount of $425 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”;
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• |
references to “Rioglass” refer to Rioglass Solar Holding, S.A.;
|
• |
references to “ROFO” refer to a right of first offer;
|
• |
references to “Solaben Luxembourg” refer to Solaben Luxembourg S.A;
|
• |
references to “Tenes” refer to the water desalination plant in Algeria, which is 51% owned by Befesa Agua Tenes;
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• |
references to “U.K.” refer to the United Kingdom;
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• |
references to “U.S.” or “United States” refer to the United States of America; and
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• |
references to “we,” “us,” “our,” “Atlantica” and the “Company” refer to Atlantica Sustainable Infrastructure plc or Atlantica Sustainable Infrastructure plc and its consolidated subsidiaries, unless the context
otherwise requires.
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• |
the condition of the debt and equity capital markets and our ability to borrow additional funds and access capital markets, as well as our substantial indebtedness and the possibility that we may incur additional
indebtedness going forward;
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• |
the ability of our counterparties, including Pemex and PG&E, to satisfy their financial commitments or business obligations and our ability to seek new counterparties in a competitive market;
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• |
government regulation, including compliance with regulatory and permit requirements and changes in tax laws, market rules, rates, tariffs, environmental laws and policies affecting renewable energy;
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• |
changes in tax laws and regulations;
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• |
risks relating to our activities in areas subject to economic, social and political uncertainties;
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• |
our ability to finance and consummate new acquisitions on favorable terms or to close outstanding acquisitions, including PTS;
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• |
risks relating to new assets and businesses which have a higher risk profile and our ability to transition these successfully;
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• |
potential environmental liabilities and the cost and conditions of compliance with applicable environmental laws and regulations;
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• |
risks related to our reliance on third-party contractors or suppliers;
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• |
risks related to our ability to maintain appropriate insurance over our assets;
|
• |
risks related to our exposure in the labor market;
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• |
potential issues arising with our operators’ employees including disagreement with employees’ unions and subcontractors;
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• |
risks related to extreme 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;
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• |
the effects of litigation and other legal proceedings (including bankruptcy) against us and our subsidiaries;
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• |
price fluctuations, revocation and termination provisions in our off-take agreements and power purchase agreements;
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• |
our electricity generation, our projections thereof and factors affecting production, including those related to the COVID-19 outbreak;
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• |
risks related to our relationship with Abengoa, our former largest shareholder and currently one of our operation and maintenance suppliers, including bankruptcy;
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• |
risks related to our relationship with our shareholders;
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• |
potential impact of the COVID-19 outbreak on our business, financial condition, results of operations and cash flows;
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• |
reputational and financial damage caused by our off-taker PG&E and Pemex; and
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• |
other factors discussed in our Annual Report under “Item 3.D—Key Information—Risk Factors”.
|
As of
September 30,
|
As of
December 31,
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|||||||||||
Note (1)
|
2020
|
2019
|
||||||||||
Assets
|
||||||||||||
Non-current assets
|
||||||||||||
Contracted concessional assets
|
6
|
8,080,645
|
8,161,129
|
|||||||||
Investments carried under the equity method
|
7
|
116,746
|
139,925
|
|||||||||
Financial investments
|
8
|
66,875
|
91,587
|
|||||||||
Deferred tax assets
|
147,968
|
147,966
|
||||||||||
Total non-current assets
|
8,412,234
|
8,540,607
|
||||||||||
Current assets
|
||||||||||||
Inventories
|
23,170
|
20,268
|
||||||||||
Trade and other receivables
|
12
|
411,265
|
317,568
|
|||||||||
Financial investments
|
8
|
195,549
|
218,577
|
|||||||||
Cash and cash equivalents
|
15
|
788,895
|
562,795
|
|||||||||
Total current assets
|
1,418,879
|
1,119,208
|
||||||||||
Total assets
|
9,831,113
|
9,659,815
|
(1) |
Notes 1 to 22 are an integral part of the consolidated condensed interim financial statements.
|
As of
September 30,
|
As of
December 31,
|
|||||||||||
Note (1)
|
2020
|
2019
|
||||||||||
Equity and liabilities
|
||||||||||||
Equity attributable to the Company
|
||||||||||||
Share capital
|
13
|
10,160
|
10,160
|
|||||||||
Parent company reserves
|
13
|
1,774,813
|
1,900,800
|
|||||||||
Other reserves
|
9
|
81,503
|
73,797
|
|||||||||
Accumulated currency translation differences
|
(103,590
|
)
|
(90,824
|
)
|
||||||||
Accumulated deficit
|
13
|
(324,248
|
)
|
(385,457
|
)
|
|||||||
Non-controlling interest
|
13
|
203,409
|
206,380
|
|||||||||
Total equity
|
1,642,047
|
1,714,856
|
||||||||||
Non-current liabilities
|
||||||||||||
Long-term corporate debt
|
14
|
935,665
|
695,085
|
|||||||||
Long-term project debt
|
15
|
4,638,584
|
4,069,909
|
|||||||||
Grants and other liabilities
|
16
|
1,229,230
|
1,641,752
|
|||||||||
Related parties
|
11
|
6,499
|
17,115
|
|||||||||
Derivative liabilities
|
9
|
322,130
|
298,744
|
|||||||||
Deferred tax liabilities
|
272,484
|
248,996
|
||||||||||
Total non-current liabilities
|
7,404,592
|
6,971,601
|
||||||||||
Current liabilities
|
||||||||||||
Short-term corporate debt
|
14
|
24,016
|
28,706
|
|||||||||
Short-term project debt
|
15
|
642,590
|
782,439
|
|||||||||
Trade payables and other current liabilities
|
17
|
76,107
|
128,062
|
|||||||||
Income and other tax payables
|
41,761
|
34,151
|
||||||||||
Total current liabilities
|
784,474
|
973,358
|
||||||||||
Total equity and liabilities
|
9,831,113
|
9,659,815
|
(1) |
Notes 1 to 22 are an integral part of the consolidated condensed interim financial statements.
|
Note (1)
|
For the nine-month period ended September 30,
|
|||||||||||
2020
|
2019
|
|||||||||||
Revenue
|
4
|
768,734
|
798,163
|
|||||||||
Other operating income
|
20
|
75,902
|
73,700
|
|||||||||
Employee benefit expenses
|
(37,430
|
)
|
(20,277
|
)
|
||||||||
Depreciation, amortization, and impairment charges
|
4
|
(302,166
|
)
|
(234,889
|
)
|
|||||||
Other operating expenses
|
20
|
(197,635
|
)
|
(200,582
|
)
|
|||||||
Operating profit
|
307,405
|
416,115
|
||||||||||
Financial income
|
19
|
6,413
|
2,853
|
|||||||||
Financial expense
|
19
|
(289,439
|
)
|
(310,233
|
)
|
|||||||
Net exchange differences
|
(1,482
|
)
|
2,801
|
|||||||||
Other financial income/(expense), net
|
19
|
62,597
|
(58
|
)
|
||||||||
Financial expense, net
|
(221,911
|
)
|
(304,637
|
)
|
||||||||
Share of profit/(loss) of associates carried under the equity method
|
(2,248
|
)
|
3,881
|
|||||||||
Profit before income tax
|
83,246
|
115,359
|
||||||||||
Income tax
|
18
|
(25,079
|
)
|
(46,979
|
)
|
|||||||
Profit for the period
|
58,167
|
68,380
|
||||||||||
Loss/(profit) attributable to non-controlling interests
|
3,042
|
(7,548
|
)
|
|||||||||
Profit for the period attributable to the Company
|
61,209
|
60,832
|
||||||||||
Weighted average number of ordinary shares outstanding (thousands) - basic
|
21
|
101,602
|
100,882
|
|||||||||
Weighted average number of ordinary shares outstanding (thousands) - diluted
|
21
|
102,499
|
100,882
|
|||||||||
Basic and diluted earnings per share (U.S. dollar per share)
|
21
|
0.60
|
0.60
|
(1) |
Notes 1 to 22 are an integral part of the consolidated condensed interim financial statements.
|
For the nine-month period ended September 30,
|
||||||||
2020
|
2019
|
|||||||
Profit for the period
|
58,167
|
68,380
|
||||||
Items that may be subject to transfer to income statement
|
||||||||
Change in fair value of cash flow hedges
|
(33,159
|
)
|
(119,338
|
)
|
||||
Currency translation differences
|
(18,884
|
)
|
(43,613
|
)
|
||||
Tax effect
|
7,858
|
29,060
|
||||||
Net income/(expenses) recognized directly in equity
|
(44,185
|
)
|
(133,891
|
)
|
||||
Cash flow hedges
|
43,792
|
41,062
|
||||||
Tax effect
|
(10,948
|
)
|
(10,266
|
)
|
||||
Transfers to income statement
|
32,844
|
30,796
|
||||||
Other comprehensive income/(loss)
|
(11,341
|
)
|
(103,095
|
)
|
||||
Total comprehensive income/(loss) for the period
|
46,826
|
(34,715
|
)
|
|||||
Total comprehensive (income)/loss attributable to non-controlling interest
|
9,323
|
(1,683
|
)
|
|||||
Total comprehensive income/(loss) attributable to the Company
|
56,149
|
(36,398
|
)
|
Share
Capital
|
Parent
company
reserves
|
Other
reserves
|
Accumulated
deficit
|
Accumulated
currency
translation
differences
|
Total
equity
attributable
to the
Company
|
Non-
controlling
interest
|
Total
equity
|
|||||||||||||||||||||||||
Balance as of December 31, 2018
|
10,022
|
2,029,940
|
95,011
|
(449,274
|
)
|
(68,315
|
)
|
1,617,384
|
138,728
|
1,756,112
|
||||||||||||||||||||||
Profit for the nine -month period after taxes
|
—
|
—
|
—
|
60,832
|
—
|
60,832
|
7,548
|
68,380
|
||||||||||||||||||||||||
Change in fair value of cash flow hedges
|
—
|
—
|
(77,972
|
)
|
1,682
|
—
|
(76,290
|
)
|
(1,986
|
)
|
(78,276
|
)
|
||||||||||||||||||||
Currency translation differences
|
—
|
—
|
—
|
—
|
(39,738
|
)
|
(39,738
|
)
|
(3,875
|
)
|
(43,613
|
)
|
||||||||||||||||||||
Tax effect
|
—
|
—
|
18,798
|
—
|
—
|
18,798
|
(4
|
)
|
18,794
|
|||||||||||||||||||||||
Other comprehensive income
|
—
|
—
|
(59,174
|
)
|
1,682
|
(39,738
|
)
|
(97,230
|
)
|
(5,865
|
)
|
(103,095
|
)
|
|||||||||||||||||||
Total comprehensive income
|
—
|
—
|
(59,174
|
)
|
62,514
|
(39,738
|
)
|
(36,398
|
)
|
1,683
|
(34,715
|
)
|
||||||||||||||||||||
Capital reduction
|
—
|
—
|
—
|
—
|
—
|
—
|
(2,688
|
)
|
(2,688
|
)
|
||||||||||||||||||||||
Capital increase (Note 13)
|
138
|
29,862
|
—
|
—
|
—
|
30,000
|
—
|
30,000
|
||||||||||||||||||||||||
Changes in the scope (Note 7)
|
—
|
—
|
—
|
—
|
—
|
—
|
92,303
|
92,303
|
||||||||||||||||||||||||
Dividend distribution (declared)
|
—
|
(117,345
|
)
|
—
|
—
|
—
|
(117,345
|
)
|
(26,622
|
)
|
(143,967
|
)
|
||||||||||||||||||||
Balance as of September 30, 2019
|
10,160
|
1,942,457
|
35,837
|
(386,760
|
)
|
(108,053
|
)
|
1,493,641
|
203,404
|
1,697,045
|
Share
Capital
|
Parent
company
reserves
|
Other
reserves
|
Accumulated
deficit
|
Accumulated
currency
translation
differences
|
Total
equity
attributable
to the
Company
|
Non-
controlling
interest
|
Total
equity
|
|||||||||||||||||||||||||
Balance as of December 31, 2019
|
10,160
|
1,900,800
|
73,797
|
(385,457
|
)
|
(90,824
|
)
|
1,508,476
|
206,380
|
1,714,856
|
||||||||||||||||||||||
Profit for the nine -month period after taxes
|
-
|
-
|
-
|
61,209
|
-
|
61,209
|
(3,042
|
)
|
58,167
|
|||||||||||||||||||||||
Change in fair value of cash flow hedges
|
-
|
-
|
10,850
|
-
|
-
|
10,850
|
(217
|
)
|
10,633
|
|||||||||||||||||||||||
Currency translation differences
|
-
|
-
|
-
|
-
|
(12,766
|
)
|
(12,766
|
)
|
(6,118
|
)
|
(18,884
|
)
|
||||||||||||||||||||
Tax effect
|
-
|
-
|
(3,144
|
)
|
-
|
-
|
(3,144
|
)
|
54
|
(3,090
|
)
|
|||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
7,706
|
-
|
(12,766
|
)
|
(5,060
|
)
|
(6,281
|
)
|
(11,341
|
)
|
||||||||||||||||||||
Total comprehensive income
|
-
|
-
|
7,706
|
61,209
|
(12,766
|
)
|
56,149
|
(9,323
|
)
|
46,826
|
||||||||||||||||||||||
Change in the scope (Note 5)
|
-
|
-
|
-
|
-
|
-
|
-
|
25,079
|
25,079
|
||||||||||||||||||||||||
Dividend distribution (declared)
|
-
|
(125,987
|
)
|
-
|
-
|
-
|
(125,987
|
)
|
(18,727
|
)
|
(144,714
|
)
|
||||||||||||||||||||
Balance as of September 30, 2020
|
10,160
|
1,774,813
|
81,503
|
(324,248
|
)
|
(103,590
|
)
|
1,438,638
|
203,409
|
1,642,047
|
Note (1)
|
For the nine-month period ended
September 30,
|
|||||||||||
2020 |
2019
|
|||||||||||
I. Profit for the period
|
58,167
|
68,380
|
||||||||||
Financial expense and non-monetary adjustments
|
536,579
|
552,775
|
||||||||||
II. Profit for the period adjusted by financial expense and non-monetary adjustments
|
594,746
|
621,155
|
||||||||||
III. Variations in working capital
|
(128,926
|
)
|
(132,051
|
)
|
||||||||
Net interest and income tax paid
|
(162,578
|
)
|
(167,668
|
)
|
||||||||
A. Net cash provided by operating activities
|
303,242
|
321,436
|
||||||||||
Investment in contracted concessional assets*
|
3,819
|
14,704
|
||||||||||
Other non-current assets/liabilities
|
(14,387
|
)
|
(35,974
|
)
|
||||||||
Acquisitions and other financial instruments
|
7
|
8,943
|
(153,176
|
)
|
||||||||
Dividends received from entities under the equity method
|
7
|
20,140
|
26,945
|
|||||||||
B. Net cash provided by/(used in) investing activities
|
18,515
|
(147,501
|
)
|
|||||||||
Proceeds from Project & Corporate debt
|
14&15
|
1,277,596
|
326,591
|
|||||||||
Repayment of Project & Corporate debt
|
14&15
|
(959,566
|
)
|
(456,020
|
)
|
|||||||
Dividends paid to Company´s shareholders
|
13
|
(125,986
|
)
|
(117,346
|
)
|
|||||||
Dividends paid to non-controlling interest
|
(20,994
|
)
|
(24,082
|
)
|
||||||||
Purchase of Liberty´s equity interests in Solana (Note 16)
|
16
|
(266,849
|
)
|
-
|
||||||||
Proceeds for capital increase
|
13
|
-
|
30,000
|
|||||||||
Proceeds from non-controlling interest
|
7
|
-
|
92,303
|
|||||||||
C. Net cash provided by/(used in) financing activities
|
(95,799
|
)
|
(148,554
|
)
|
||||||||
Net increase/(decrease) in cash and cash equivalents
|
225,958
|
25,381
|
||||||||||
Cash and cash equivalents at beginning of the period
|
562,795
|
631,542
|
||||||||||
Translation differences in cash or cash equivalent
|
142
|
(15,195
|
)
|
|||||||||
Cash and cash equivalents at end of the period
|
788,895
|
641,728
|
(1) |
Notes 1 to 22 are an integral part of the consolidated condensed interim financial statements.
|
Note 1.- Nature of the business
|
16 |
Note 2.- Basis of preparation
|
20 |
Note 3.- Financial risk management
|
22 |
Note 4.- Financial information by segment
|
23 |
Note 5.- Business combinations
|
29 |
Note 6.- Contracted concessional assets
|
30 |
Note 7.- Investments carried under the equity method
|
32 |
Note 8.- Financial Investments
|
33 |
Note 9.- Derivative financial instruments
|
34 |
Note 10.- Fair Value of financial instruments
|
34 |
Note 11.- Related parties
|
35 |
Note 12.- Trade and other receivables
|
36 |
Note 13.- Equity
|
36 |
Note 14.- Corporate debt
|
37 |
Note 15.- Project debt
|
39 |
Note 16.- Grants and other liabilities
|
41 |
Note 17.-Trade payables and other current liabilities
|
42 |
Note 18.- Income tax
|
42 |
Note 19.- Financial income and expenses
|
43 |
Note 20.- Other operating income and expenses
|
44 |
Note 21.- Earnings per share
|
44 |
Note 22.- Subsequent events
|
44 |
- |
On May 24, 2019, Atlantica and Algonquin formed Atlantica Yield Solutions Canada Inc. (“AYES Canada”), a vehicle to channel co-investment opportunities in which Atlantica holds the majority of voting rights. AYES
Canada’s first investment was in Amherst Island, a 75 MW wind plant in Canada owned by the project company Windlectric, Inc. (“Windlectric”). Atlantica invested $4.9 million and Algonquin invested $92.3 million, both through AYES Canada,
which in turn invested those funds in Amherst Island Partnership (“AIP), the holding company of Windlectric.
|
- |
On August 2, 2019, the Company closed the acquisition of ASI Operations LLC (“ASI Ops”), the company that performs the operation and maintenance services to Solana and Mojave plants. The consideration paid was $6
million.
|
- |
On August 2, 2019, the Company closed the acquisition of a 30% stake in Monterrey, a 142 MW gas-fired engine facility (“Monterrey”) and paid $42 million for the total investment.
|
- |
On October 22, 2019, the Company closed the acquisition of ATN Expansion 2 from Enel Green Power Perú, for a total equity investment of approximately $20 million, controlling the asset from this date. Transfer of
the concession agreement is pending authorization from the Ministry of Energy in Peru. If this authorization were not to be obtained before December 2020, the transaction would be reversed with no penalties to Atlantica. Enel Green Power Perú
issued a bank guarantee to face this potential repayment obligation to Atlantica.
|
- |
On April 3, 2020, the Company made an initial investment in the creation of a renewable energy platform in Chile, together with financial partners, where it owns approximately a 35% stake and has a strategic
investor role. The first investment was the acquisition of a 55 MW solar PV plant in an area with excellent solar resource (“Chile PV I”). This asset has been in operation since 2016 demonstrating a good operating track record while selling
its production in the Chilean power market. The platform intends to make further investments in renewable energy in Chile and to sign PPAs with credit worthy off-takers. The Company’s initial contribution was approximately $4 million.
|
- |
In January 2019, the Company entered into an agreement with Abengoa S.A. (“Abengoa”) under the Abengoa ROFO Agreement for the acquisition of Befesa Agua Tenes, a holding company which owns a 51% stake in Ténès
Lilmiyah SpA (“Tenes”), a water desalination plant in Algeria. The Company paid in January 2019 an advance payment of $19.9 million. Closing of the acquisition was subject to conditions precedent which were not fulfilled. In accordance with
the terms of the share purchase agreement, the advance payment was converted into a secured loan to be reimbursed by Befesa Agua Tenes, together with 12% per annum interest, through a full cash-sweep of all the dividends to be received from
the asset. In October 2019, the Company received a first payment of $7.8 million through the cash sweep mechanism. On May 31, 2020, the Company entered into a new $4.5 million secured loan agreement with Befesa Agua Tenes, in addition to the
initial one granted in 2019. The aggregate amount owed at that date, including interest accrued, was $14.0 million. This new loan agreement is expected to be reimbursed by Befesa Agua Tenes, together with 12% per annum interest, through a
full cash-sweep of all the dividends to be received from the Tenes asset. The new agreement signed with Abengoa provides Atlantica with a majority at the board of directors of Befesa Agua Tenes together with a series of decision rights at the
Tenes level, and a call option over the shares of Befesa Agua Tenes at a call price of $1, among others.
|
Assets
|
Type
|
Ownership
|
Location
|
Currency(9)
|
Capacity
(Gross)
|
Counterparty
Credit Ratings(10)
|
COD*
|
Contract
Years
Left(14)
|
Solana
|
Renewable
(Solar)
|
100%
|
Arizona
(USA)
|
USD
|
280 MW
|
A-/A2/A-
|
2013
|
24
|
Mojave
|
Renewable
(Solar)
|
100%
|
California
(USA)
|
USD
|
280 MW
|
BB-/WR/BB
|
2014
|
20
|
Chile PV I
|
Renewable
(Solar)
|
35%(8)
|
Chile
|
USD
|
55 MW
|
N/A
|
2016
|
N/A
|
Solaben 2 & 3
|
Renewable
(Solar)
|
70%(1)
|
Spain
|
Euro
|
2x50 MW
|
A/Baa1/A-
|
2012
|
18/17
|
Solacor 1 & 2
|
Renewable
(Solar)
|
87%(2)
|
Spain
|
Euro
|
2x50 MW
|
A/Baa1/A-
|
2012
|
17/17
|
PS10/PS20
|
Renewable
(Solar)
|
100%
|
Spain
|
Euro
|
31 MW
|
A/Baa1/A-
|
2007&
2009
|
12/14
|
Helioenergy 1 & 2
|
Renewable
(Solar)
|
100%
|
Spain
|
Euro
|
2x50 MW
|
A/Baa1/A-
|
2011
|
17/17
|
Helios 1 & 2
|
Renewable
(Solar)
|
100%
|
Spain
|
Euro
|
2x50 MW
|
A/Baa1/A-
|
2012
|
18/18
|
Solnova 1, 3 & 4
|
Renewable
(Solar)
|
100%
|
Spain
|
Euro
|
3x50 MW
|
A/Baa1/A-
|
2010
|
15/15/16
|
Solaben 1 & 6
|
Renewable
(Solar)
|
100%
|
Spain
|
Euro
|
2x50 MW
|
A/Baa1/A-
|
2013
|
19/19
|
Seville PV
|
Renewable
(Solar)
|
80%(6)
|
Spain
|
Euro
|
1 MW
|
A/Baa1/A-
|
2006
|
16
|
Kaxu
|
Renewable
(Solar)
|
51%(3)
|
South
Africa
|
Rand
|
100 MW
|
BB-/Ba1/
BB(11)
|
2015
|
15
|
Palmatir
|
Renewable
(Wind)
|
100%
|
Uruguay
|
USD
|
50 MW
|
BBB/Baa2/BBB-(12)
|
2014
|
14
|
Cadonal
|
Renewable
(Wind)
|
100%
|
Uruguay
|
USD
|
50 MW
|
BBB/Baa2/BBB-(12)
|
2014
|
15
|
Melowind
|
Renewable
(Wind)
|
100%
|
Uruguay
|
USD
|
50 MW
|
BBB/Baa2/BBB-
|
2015
|
16
|
Mini-Hydro
|
Renewable
(Hydraulic)
|
100%
|
Peru
|
USD
|
4 MW
|
BBB+/A3/BBB+
|
2012
|
13
|
ACT
|
Efficient
natural gas
|
100%
|
Mexico
|
USD
|
300 MW
|
BBB/ Ba2/
BB-
|
2013
|
13
|
Monterrey
|
Efficient
natural gas
|
30%
|
Mexico
|
USD
|
142 MW
|
Not rated
|
2018
|
19
|
ATN (13)
|
Transmission
line
|
100%
|
Peru
|
USD
|
379 miles
|
BBB+/A3/BBB+
|
2011
|
21
|
ATS
|
Transmission
line
|
100%
|
Peru
|
USD
|
569 miles
|
BBB+/A3/BBB+
|
2014
|
24
|
ATN 2
|
Transmission
line
|
100%
|
Peru
|
USD
|
81 miles
|
Not rated
|
2015
|
13
|
Quadra 1/2
|
Transmission
line
|
100%
|
Chile
|
USD
|
49 miles/
32 miles
|
Not rated
|
2014
|
15/15
|
Palmucho
|
Transmission
line
|
100%
|
Chile
|
USD
|
6 miles
|
BBB+/Baa1/
A-
|
2007
|
18
|
Chile TL3
|
Transmission
line
|
100%
|
Chile
|
USD
|
50 miles
|
A+/A1/A
|
1993
|
Regulated
|
Skikda
|
Water
|
34.2%(4)
|
Algeria
|
USD
|
3.5 M
ft3/day
|
Not rated
|
2009
|
14
|
Honaine
|
Water
|
25.5%(5)
|
Algeria
|
USD
|
7 M ft3/
day
|
Not rated
|
2012
|
18
|
Tenes
|
Water
|
51%(7)
|
Algeria
|
USD
|
7 M ft3/
day
|
Not rated
|
2015
|
20
|
- |
COVID-19 may affect the operation and maintenance employees of the Company as well as suppliers of operation and maintenance. Furthermore, COVID-19 has caused travel restrictions and significant disruptions to
global supply chains. A prolonged disruption could limit the availability of certain parts required to operate the facilities of the Company and adversely impact the ability of its operation and maintenance suppliers. If the Company were to
experience a shortage of or inability to acquire critical spare parts, it could incur significant delays in returning facilities to full operation.
|
- |
Slowdown of broad sectors of the economy, a general reduction in demand, including demand for commodities and a negative impact on prices of commodities, including electricity, oil and gas. The global outbreak also
caused significant disruption and volatility in the global financial markets, especially from the end of February until the end on May 2020, including the market price of the shares of the Company. Debt and equity markets have also been
affected and there have been weeks with a very low number of new debt and equity issuance transactions. Interest rates for new issuances and spreads with respect to treasury yields increased significantly. Although the revenue of the Company
are generally contracted or regulated, clients may be affected by a reduced demand, lower commodity prices and the turmoil in the credit markets. A reduced demand and low prices persisting over time could cause delays in collections, a
deterioration in the financial situation of the clients of the Company or their bankruptcy.
|
- |
IFRS 3 (Amendment). Definition of Business. This amendment is mandatory for annual periods beginning on or after January 1, 2020 under IFRS-IASB, earlier application is permitted.
|
- |
IAS 1 and IAS 8 (Amendment). Definition of Material. This amendment is mandatory for annual periods beginning on or after January 1, 2020 under IFRS-IASB, earlier application is permitted.
|
- |
IFRS 7 and IFRS 9. Amendments regarding pre-replacement issues in the context of the IBOR reform. These amendments are mandatory for annual periods beginning on or after January 1, 2020 under IFRS-IASB.
|
- |
IFRS 16. Amendment to provide lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. This amendment is mandatory for annual periods beginning on or after June 1,
2020 under IFRS-IASB.
|
- |
IAS 41. Amendments resulting from Annual Improvements to IFRS Standards 2018–2020 (taxation in fair value measurements) These amendments are mandatory for annual periods beginning on or after January 1, 2020 under
IFRS-IASB.
|
- |
Amendments to References to the Conceptual Frameworks in IFRS Standards. This Standard is applicable for annual periods beginning on or after January 1, 2020 under IFRS-IASB.
|
- |
IAS 1 (Amendment). Classification of liabilities. This amendment is mandatory for annual periods beginning on or after January 1, 2023 under IFRS-IASB.
|
- |
IAS 37. Amendments regarding the costs to include when assessing whether a contract is onerous. This amendment is mandatory for annual periods beginning on or after January 1, 2022 under IFRS-IASB.
|
- |
IFRS 1. Amendments resulting from Annual Improvements to IFRS Standards 2018–2020 (subsidiary as a first-time adopter). This amendment is mandatory for annual periods beginning on or after January 1, 2022 under
IFRS-IASB.
|
- |
IFRS 3. Amendments updating a reference to the Conceptual Framework. This amendment is mandatory for annual periods beginning on or after January 1, 2022 under IFRS-IASB.
|
- |
IFRS 4. Amendments regarding the expiry date of the deferral approach. The fixed expiry date for the temporary exemption in IFRS 4 from applying IFRS 9 is now 1 January 2023.
|
- |
IFRS 4, IFRS 7, IFRS 16, IFRS 9 and IAS 39. Amendments regarding replacement issues in the context of the IBOR reform. This amendment is mandatory for annual periods
beginning on or after January 1, 2021 under IFRS-IASB.
|
- |
IFRS 9. Amendments resulting from Annual Improvements to IFRS Standards 2018–2020. This amendment is mandatory for annual periods beginning on or after January 1, 2022 under IFRS-IASB.
|
- |
IFRS 17. Amendments to address concerns and implementation challenges that were identified after IFRS 17 was published. This amendment is mandatory for annual periods beginning on or after January 1, 2023 under
IFRS-IASB.
|
- |
IAS 16. Amendments prohibiting a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. This
amendment is mandatory for annual periods beginning on or after January 1, 2022 under IFRS-IASB.
|
• |
Contracted concessional agreements.
|
• |
Impairment of contracted concessional assets.
|
• |
Assessment of control.
|
• |
Derivative financial instruments and fair value estimates.
|
• |
Income taxes and recoverable amount of deferred tax assets.
|
• |
North America
|
• |
South America
|
• |
EMEA
|
• |
Renewable energy
|
• |
Efficient natural gas
|
• |
Electric transmission lines
|
• |
Water
|
Revenue
|
Adjusted EBITDA
|
|||||||||||||||
For the nine-month period ended
September 30,
|
For the nine-month period ended
September 30,
|
|||||||||||||||
($ in thousands)
|
||||||||||||||||
Geography
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
North America
|
267,688
|
273,913
|
233,201
|
254,492
|
||||||||||||
South America
|
112,019
|
105,760
|
89,749
|
87,757
|
||||||||||||
EMEA
|
389,027
|
418,490
|
286,622
|
308,755
|
||||||||||||
Total
|
768,734
|
798,163
|
609,572
|
651,004
|
Revenue
|
Adjusted EBITDA
|
|||||||||||||||
For the nine-month period ended
September 30,
|
For the nine-month period ended
September 30,
|
|||||||||||||||
($ in thousands)
|
||||||||||||||||
Business sector
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
Renewable energy
|
579,230
|
609,828
|
456,420
|
493,311
|
||||||||||||
Efficient natural gas
|
80,118
|
92,891
|
72,412
|
81,668
|
||||||||||||
Electric transmission lines
|
79,229
|
77,024
|
64,039
|
65,133
|
||||||||||||
Water
|
30,157
|
18,420
|
16,701
|
10,892
|
||||||||||||
Total
|
768,734
|
798,163
|
609,572
|
651,004
|
For the nine-month period ended
September 30,
($ in thousands)
|
||||||||
2020
|
2019
|
|||||||
Profit/(Loss) attributable to the Company
|
$
|
61,209
|
60,832
|
|||||
(Loss)/Profit attributable to non-controlling interests
|
(3,042
|
)
|
7,548
|
|||||
Income tax
|
25,079
|
46,979
|
||||||
Share of (profits)/losses of associates
|
2,248
|
(3,881
|
)
|
|||||
Financial expense, net
|
221,911
|
304,637
|
||||||
Depreciation, amortization, and impairment charges
|
302,166
|
234,889
|
||||||
Total segment Adjusted EBITDA
|
$
|
609,572
|
651,004
|
North
America
|
South America
|
EMEA
|
Balance as of
September 30,
2020
|
|||||||||||||
($ in thousands)
|
||||||||||||||||
Assets allocated
|
||||||||||||||||
Contracted concessional assets
|
3,112,095
|
1,223,888
|
3,744,662
|
8,080,645
|
||||||||||||
Investments carried under the equity method
|
79,959
|
-
|
39,787
|
116,746
|
||||||||||||
Current financial investments
|
125,821
|
27,637
|
41,202
|
194,660
|
||||||||||||
Cash and cash equivalents (project companies)
|
230,616
|
85,003
|
286,362
|
601,980
|
||||||||||||
Subtotal allocated
|
3,545,491
|
1,336,528
|
4,112,013
|
8,994,031
|
||||||||||||
Unallocated assets
|
||||||||||||||||
Other non-current assets
|
214,843
|
|||||||||||||||
Other current assets (including cash and cash equivalents at holding company level)
|
622,239
|
|||||||||||||||
Subtotal unallocated
|
837,082
|
|||||||||||||||
Total assets
|
9,831,113
|
North
America
|
South America
|
EMEA
|
Balance as of
September 30,
2020
|
|||||||||||||
($ in thousands)
|
||||||||||||||||
Liabilities allocated
|
||||||||||||||||
Long-term and short-term project debt
|
1,669,969
|
919,248
|
2,691,957
|
5,281,174
|
||||||||||||
Grants and other liabilities
|
1,088,322
|
11,404
|
129,504
|
1,229,230
|
||||||||||||
Subtotal allocated
|
2,758,291
|
930,652
|
2,821,461
|
6,510,404
|
||||||||||||
Unallocated liabilities
|
||||||||||||||||
Long-term and short-term corporate debt
|
959,681
|
|||||||||||||||
Other non-current liabilities
|
601,113
|
|||||||||||||||
Other current liabilities
|
117,868
|
|||||||||||||||
Subtotal unallocated
|
1,678,662
|
|||||||||||||||
Total liabilities
|
8,189,066
|
|||||||||||||||
Equity unallocated
|
1,642,047
|
|||||||||||||||
Total liabilities and equity unallocated
|
3,320,709
|
|||||||||||||||
Total liabilities and equity
|
9,831,113
|
North
America
|
South America
|
EMEA
|
Balance as of
December 31,
2019
|
|||||||||||||
($ in thousands)
|
||||||||||||||||
Assets allocated
|
||||||||||||||||
Contracted concessional assets
|
3,299,198
|
1,186,552
|
3,675,379
|
8,161,129
|
||||||||||||
Investments carried under the equity method
|
90,847
|
-
|
49,078
|
139,925
|
||||||||||||
Current financial investments
|
159,267
|
29,190
|
20,673
|
209,131
|
||||||||||||
Cash and cash equivalents (project companies)
|
181,458
|
80,909
|
234,097
|
496,464
|
||||||||||||
Subtotal allocated
|
3,730,771
|
1,296,652
|
3,979,227
|
9,006,649
|
||||||||||||
Unallocated assets
|
||||||||||||||||
Other non-current assets
|
239,553
|
|||||||||||||||
Other current assets (including cash and cash equivalents at holding company level)
|
413,613
|
|||||||||||||||
Subtotal unallocated
|
653,166
|
|||||||||||||||
Total assets
|
9,659,815
|
North
America
|
South America
|
EMEA
|
Balance as of
December 31,
2019
|
|||||||||||||
($ in thousands)
|
||||||||||||||||
Liabilities allocated
|
||||||||||||||||
Long-term and short-term project debt
|
1,676,251
|
884,835
|
2,291,262
|
4,852,348
|
||||||||||||
Grants and other liabilities
|
1,490,679
|
12,864
|
138,209
|
1,641,752
|
||||||||||||
Subtotal allocated
|
3,166,930
|
897,699
|
2,429,471
|
6,494,100
|
||||||||||||
Unallocated liabilities
|
||||||||||||||||
Long-term and short-term corporate debt
|
723,791
|
|||||||||||||||
Other non-current liabilities
|
564,855
|
|||||||||||||||
Other current liabilities
|
162,213
|
|||||||||||||||
Subtotal unallocated
|
1,450,859
|
|||||||||||||||
Total liabilities
|
7,944,959
|
|||||||||||||||
Equity unallocated
|
1,714,856
|
|||||||||||||||
Total liabilities and equity unallocated
|
3,165,715
|
|||||||||||||||
Total liabilities and equity
|
9,659,815
|
Renewable
energy
|
Efficient
natural
gas
|
Electric
transmission
lines
|
Water
|
Balance as of
September 30,
2020
|
||||||||||||||||
($ in thousands)
|
||||||||||||||||||||
Assets allocated
|
||||||||||||||||||||
Contracted concessional assets
|
6,538,840
|
514,998
|
848,749
|
178,058
|
8,080,645
|
|||||||||||||||
Investments carried under the equity method
|
63,302
|
16,379
|
-
|
37,065
|
116,746
|
|||||||||||||||
Current financial investments
|
2,068
|
123,836
|
27,619
|
41,138
|
194,660
|
|||||||||||||||
Cash and cash equivalents (project companies)
|
489,896
|
30,072
|
63,241
|
18,771
|
601,980
|
|||||||||||||||
Subtotal allocated
|
7,094,106
|
685,285
|
939,609
|
275,032
|
8,994,031
|
|||||||||||||||
Unallocated assets
|
||||||||||||||||||||
Other non-current assets
|
214,843
|
|||||||||||||||||||
Other current assets (including cash and cash equivalents at holding company level)
|
622,239
|
|||||||||||||||||||
Subtotal unallocated
|
837,082
|
|||||||||||||||||||
Total assets
|
9,831,113
|
Renewable
energy
|
Efficient
natural
gas
|
Electric
transmission
lines
|
Water
|
Balance as of
September 30,
2020
|
||||||||||||||||
($ in thousands)
|
||||||||||||||||||||
Liabilities allocated
|
||||||||||||||||||||
Long-term and short-term project debt
|
4,007,975
|
510,587
|
642,519
|
120,093
|
5,281,174
|
|||||||||||||||
Grants and other liabilities
|
1,221,684
|
82
|
6,108
|
1,356
|
1,229,230
|
|||||||||||||||
Subtotal allocated
|
5,229,659
|
510,669
|
648,627
|
121,449
|
6,510,404
|
|||||||||||||||
Unallocated liabilities
|
||||||||||||||||||||
Long-term and short-term corporate debt
|
959,681
|
|||||||||||||||||||
Other non-current liabilities
|
601,113
|
|||||||||||||||||||
Other current liabilities
|
117,868
|
|||||||||||||||||||
Subtotal unallocated
|
1,678,662
|
|||||||||||||||||||
Total liabilities
|
8,189,066
|
|||||||||||||||||||
Equity unallocated
|
1,642,047
|
|||||||||||||||||||
Total liabilities and equity unallocated
|
3,320,709
|
|||||||||||||||||||
Total liabilities and equity
|
9,831,113
|
Renewable
energy
|
Efficient
natural
gas
|
Electric
transmission
lines
|
Water
|
Balance as of
December 31,
2019
|
||||||||||||||||
($ in thousands)
|
||||||||||||||||||||
Assets allocated
|
||||||||||||||||||||
Contracted concessional assets
|
6,644,024
|
559,069
|
872,757
|
85,280
|
8,161,129
|
|||||||||||||||
Investments carried under the equity method
|
77,549
|
17,154
|
-
|
45,222
|
139,925
|
|||||||||||||||
Current financial investments
|
13,798
|
148,723
|
28,237
|
18,373
|
209,131
|
|||||||||||||||
Cash and cash equivalents (project companies)
|
421,198
|
11,850
|
53,868
|
9,548
|
496,464
|
|||||||||||||||
Subtotal allocated
|
7,156,568
|
736,796
|
954,862
|
158,423
|
9,006,649
|
|||||||||||||||
Unallocated assets
|
||||||||||||||||||||
Other non-current assets
|
239,553
|
|||||||||||||||||||
Other current assets (including cash and cash equivalents at holding company level)
|
413,613
|
|||||||||||||||||||
Subtotal unallocated
|
653,166
|
|||||||||||||||||||
Total assets
|
9,659,815
|
Renewable
energy
|
Efficient
natural gas
|
Electric
transmission
lines
|
Water
|
Balance as of
December 31,
2019
|
||||||||||||||||
($ in thousands)
|
||||||||||||||||||||
Liabilities allocated
|
||||||||||||||||||||
Long-term and short-term project debt
|
3,658,507
|
529,350
|
640,160
|
24,331
|
4,852,348
|
|||||||||||||||
Grants and other liabilities
|
1,634,361
|
146
|
6,517
|
728
|
1,641,752
|
|||||||||||||||
Subtotal allocated
|
5,292,868
|
529,495
|
646,677
|
25,059
|
6,494,100
|
|||||||||||||||
Unallocated liabilities
|
||||||||||||||||||||
Long-term and short-term corporate debt
|
723,791
|
|||||||||||||||||||
Other non-current liabilities
|
564,855
|
|||||||||||||||||||
Other current liabilities
|
162,213
|
|||||||||||||||||||
Subtotal unallocated
|
1,450,859
|
|||||||||||||||||||
Total liabilities
|
7,944,959
|
|||||||||||||||||||
Equity unallocated
|
1,714,856
|
|||||||||||||||||||
Total liabilities and equity unallocated
|
3,165,715
|
|||||||||||||||||||
Total liabilities and equity
|
9,659,815
|
For the nine-month period ended
September 30,
|
||||||||
Depreciation, amortization and impairment by geography
|
2020
|
2019
|
||||||
($ in thousands)
|
||||||||
North America
|
(162,803
|
)
|
(88,647
|
)
|
||||
South America
|
(26,624
|
)
|
(35,553
|
)
|
||||
EMEA
|
(112,739
|
)
|
(110,689
|
)
|
||||
Total
|
(302,166
|
)
|
(234,889
|
)
|
For the nine-month period ended
September 30,
|
||||||||
Depreciation, amortization and impairment by business sectors
|
2020
|
2019
|
||||||
($ in thousands)
|
||||||||
Renewable energy
|
(253,617
|
)
|
(215,941
|
)
|
||||
Efficient natural gas
|
(23,616
|
)
|
784
|
|||||
Electric transmission lines
|
(24,236
|
)
|
(20,093
|
)
|
||||
Water
|
(697
|
)
|
361
|
|||||
Total
|
(302,166
|
)
|
(234,889
|
)
|
Asset Acquisition
for the nine-month period ended September 30, 2020
|
||||
Concessional assets
|
162,489
|
|||
Other non-current assets
|
931
|
|||
Cash & cash equivalents
|
17,646
|
|||
Other current assets
|
29,445
|
|||
Non-current Project debt
|
(150,087
|
)
|
||
Current Project debt
|
(8,357
|
)
|
||
Other current and non-current liabilities
|
(4,378
|
)
|
||
Non-controlling interests
|
(25,079
|
)
|
||
Asset acquisition - purchase price
|
(22,610
|
)
|
||
Net result of the asset acquisition
|
-
|
Asset Acquisition
for the year ended December 31, 2019
|
||||
Concessional assets
|
28,738
|
|||
Current assets
|
1,503
|
|||
Deferred tax liabilities
|
(2,539
|
)
|
||
Other current and non-current liabilities
|
(1,512
|
)
|
||
Asset acquisition - purchase price
|
(26,190
|
)
|
||
Net result of the asset acquisition
|
-
|
Balance as of
September 30,
2020
|
Balance as of
December 31,
2019
|
|||||||
($ in thousands)
|
||||||||
Contracted concessional assets cost
|
10,576,508
|
10,384,597
|
||||||
Amortization and impairment
|
(2,495,863
|
)
|
(2,223,468
|
)
|
||||
Total
|
8,080,645
|
8,161,129
|
- |
an increased amortization charge from September 1st, 2020, considering the reduction in the residual useful life of the plants. The impact is approximately $5 million as of September 30, 2020, recorded
within the line “Depreciation, amortization and impairment charges” in the profit and loss statement.
|
- |
an increase in the discounted value of the dismantling provision, as the dismantling of the plants would occur earlier. The provision increased by approximately $12 million as of September 30, 2020 (Note 16).
|
Balance as of
September 30,
2020
|
Balance as of
December 31,
2019
|
|||||||
($ in thousands)
|
||||||||
Evacuación Valdecaballeros, S.L.
|
947
|
2,348
|
||||||
Myah Bahr Honaine, S.P.A.(*)
|
37,064
|
45,222
|
||||||
Pectonex, R.F. Proprietary Limited
|
1,547
|
1,391
|
||||||
ABY Infraestructuras, S.L.
|
21
|
11
|
||||||
Ca Ku A1, S.A.P.I. de CV (PTS)
|
-
|
-
|
||||||
Evacuación Villanueva del Rey, S.L
|
-
|
-
|
||||||
Windlectric Inc (**)
|
60,614
|
73,693
|
||||||
Pemcorp SAPI de CV (***)
|
16,379
|
17,179
|
||||||
Other renewable energy joint ventures (****)
|
174
|
81
|
||||||
Total
|
116,746
|
139,925
|
Balance as of
September 30,
2020
|
Balance as of
December 31,
2019
|
|||||||
($ in thousands)
|
||||||||
Fair Value through OCI (Investment in Ten West link)
|
12,896
|
9,874
|
||||||
Fair Value through Profit and Loss (Investment in Rioglass)
|
2,617
|
7,000
|
||||||
Derivative assets (Note 9)
|
1,493
|
3,182
|
||||||
Other receivable accounts at amortized cost
|
49,869
|
71,531
|
||||||
Total non-current financial investments
|
66,875
|
91,587
|
||||||
Contracted concessional financial assets
|
175,042
|
160,624
|
||||||
Derivative assets (Note 9)
|
888
|
2,048
|
||||||
Other receivable accounts at amortized cost
|
19,619
|
55,905
|
||||||
Total current financial investments
|
195,549
|
218,577
|
Balance as of September 30, 2020
|
Balance as of December 31, 2019
|
|||||||||||||||
($ in thousands)
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
||||||||||||
Interest rate cash flow hedges
|
1,270
|
313,416
|
1,619
|
298,744
|
||||||||||||
Foreign exchange derivative instruments
|
1,111
|
-
|
3,610
|
-
|
||||||||||||
Notes conversion option (Note 14)
|
-
|
8,714
|
-
|
-
|
||||||||||||
Total
|
2,381
|
322,130
|
5,230
|
298,744
|
- |
currency options with leading international financial institutions, which guarantee minimum Euro-U.S. dollar exchange rates. The strategy of the Company is to hedge the exchange rate for the distributions from its
Spanish assets after deducting euro-denominated interest payments and euro-denominated general and administrative expenses. Through currency options, the strategy of the Company is to hedge 100% of its euro-denominated net exposure for the
next 12 months and 75% of its euro denominated net exposure for the following 12 months, on a rolling basis. Hedge accounting is not applied to these options;
|
- |
the conversion option of notes issued in July 2020 (Note 14), which fair value is liability of $9 million as of September 30, 2020.
|
Balance as of
September 30,
|
Balance as of
December 31,
|
|||||||
2020
|
2019
|
|||||||
($ in thousands)
|
||||||||
Credit receivables (current)
|
22,942
|
13,350
|
||||||
Total current receivables with related parties
|
22,942
|
13,350
|
||||||
Credit receivables (non-current)
|
6,264
|
21,355
|
||||||
Total non-current receivables with related parties
|
6,264
|
21,355
|
||||||
Credit payables (current)
|
14,238
|
23,979
|
||||||
Total current payables with related parties
|
14,238
|
23,979
|
||||||
Credit payables (non-current)
|
6,499
|
17,115
|
||||||
Total non-current payables with related parties
|
6,499
|
17,115
|
For the nine-month period ended
September,
|
||||||||
2020
|
2019
|
|||||||
($ in thousands)
|
||||||||
Financial income
|
1,493
|
391
|
||||||
Financial expenses
|
(119
|
)
|
(150
|
)
|
Balance as of
September 30,
|
Balance as of
December 31,
|
|||||||
2020
|
2019
|
|||||||
($ in thousands)
|
||||||||
Trade receivables
|
322,231
|
242,008
|
||||||
Tax receivables
|
50,190
|
50,901
|
||||||
Prepayments
|
25,977
|
5,150
|
||||||
Other accounts receivable
|
12,867
|
19,508
|
||||||
Total
|
411,265
|
317,568
|
Balance as of
September 30,
|
Balance as of
December 31,
|
|||||||
2020
|
2019
|
|||||||
($ in thousands)
|
||||||||
Non-current
|
935,665
|
695,085
|
||||||
Current
|
24,016
|
28,706
|
||||||
Total Corporate Debt
|
959,681
|
723,791
|
Remainder
of 2020
|
Between
January
and
September
2021
|
Between
October and
December
2021
|
2022
|
2023
|
2024
|
Subsequent
years
|
Total
|
|||||||||||||||||||||||||
($ in thousands)
|
||||||||||||||||||||||||||||||||
2017 Credit Facility
|
5
|
-
|
10,705
|
-
|
-
|
-
|
-
|
10,710
|
||||||||||||||||||||||||
Note Issuance Facility 2019
|
-
|
-
|
-
|
-
|
-
|
-
|
326,384
|
326,384
|
||||||||||||||||||||||||
Commercial Paper
|
18,745
|
4,080
|
-
|
-
|
-
|
-
|
-
|
22,825
|
||||||||||||||||||||||||
2020 Green Private Placement
|
241
|
-
|
-
|
-
|
-
|
-
|
336,521
|
336,762
|
||||||||||||||||||||||||
Note Issuance Facility 2020
|
-
|
-
|
-
|
-
|
-
|
-
|
159,933
|
159,933
|
||||||||||||||||||||||||
Green Exchangeable Notes
|
945
|
-
|
-
|
-
|
-
|
-
|
102,122
|
103,067
|
||||||||||||||||||||||||
Total
|
19,936
|
4,080
|
10,705
|
-
|
-
|
-
|
924,960
|
959,681
|
2020
|
2021
|
2022
|
2023
|
2024
|
Subsequent
years
|
Total
|
||||||||||||||||||||||
New Revolving Credit Facility
|
701
|
-
|
81,164
|
-
|
-
|
-
|
81,865
|
|||||||||||||||||||||
Note Issuance Facility 2017
|
84
|
-
|
101,317
|
100,513
|
100,413
|
-
|
302,327
|
|||||||||||||||||||||
2017 Credit Facility
|
4
|
10,085
|
-
|
-
|
-
|
-
|
10,089
|
|||||||||||||||||||||
Notes Issuance Facility 2019
|
-
|
7,938
|
-
|
-
|
-
|
293,655
|
301,593
|
|||||||||||||||||||||
Commercial Paper
|
27,917
|
-
|
-
|
-
|
-
|
-
|
27,917
|
|||||||||||||||||||||
Total
|
28,706
|
18,023
|
182,481
|
100,513
|
100,413
|
293,655
|
723,791
|
Balance as of
September 30,
|
Balance as of
December 31,
|
|||||||
2020
|
2019
|
|||||||
($ in thousands)
|
||||||||
Non-current
|
4,638,584
|
4,069,909
|
||||||
Current
|
642,590
|
782,439
|
||||||
Total Project debt
|
5,281,174
|
4,852,348
|
- |
business combinations, being the acquisition of Chile PV I and Tenes for a total amount of $158 million (Note 5).
|
- |
a green project financing agreement entered into by Logrosán Solar Inversiones, S.A.U., the holding company of Spanish assets Solaben 1, 2, 3 and 6, closed on April 8, 2020 for a €140 million nominal amount.
|
- |
a non-recourse project debt refinancing of Helioenergy assets by adding a new long dated tranche of debt from an institutional investor closed on July 10, 2020, providing with a net refinancing proceeds (net
“recap”) of approximately $43 million.
|
- |
a non-recourse, project debt financing closed on July 14, 2020 for approximately €326 million in relation to Helios, with institutional investors, which has refinanced the previous bank project debt with
approximately €250 million outstanding and has canceled legacy interest rate swaps. After transaction costs and cancelation of legacy swaps, net refinancing proceeds (net “recap”) were approximately $30 million. The accumulated impact of the
change in fair value of the interest rate swaps recorded in Other reserves and any difference between the nominal amount of the debt repaid and the amortized cost of the debt have been transferred to the profit and loss in line “Other
financial income/(expense), net” on transaction date for a total amount of $72 million (Note 19).
|
- |
the higher value of debt denominated in Euro given the increase in the exchange rate of the Euro against the U.S. dollar since December 31, 2019.
|
Remainder of 2020
|
||||||||||||||||||||||||||||||||||
Payment of
interests
accrued as of
September 30, 2020
|
Nominal
repayment
|
Between
January and
September 2021
|
Between
October and
December 2021
|
2022
|
2023
|
2024
|
Subsequent
Years
|
Total
|
||||||||||||||||||||||||||
($ in thousands)
|
||||||||||||||||||||||||||||||||||
60,216
|
153,392
|
124,337
|
153,001
|
320,011
|
345,565
|
360,277
|
3,764,374
|
5,281,174
|
2020
|
2021
|
2022
|
2023
|
2024
|
Subsequent years
|
Total
|
|||||||||||||||||||||||
Interest
Repayment
|
Nominal
repayment
|
||||||||||||||||||||||||||||
12,799
|
256,620
|
262,787
|
293,642
|
319,962
|
335,067
|
3,371,724
|
4,852,348
|
Balance as of
September 30,
|
Balance as of
December 31,
|
|||||||
2020
|
2019
|
|||||||
($ in thousands)
|
||||||||
Grants
|
1,043,410
|
1,087,553
|
||||||
Other Liabilities
|
185,820
|
554,199
|
||||||
Grant and other non-current liabilities
|
1,229,230
|
1,641,752
|
Balance as of
September 30,
|
Balance as of
December 31,
|
|||||||
2020
|
2019
|
|||||||
($ in thousands)
|
||||||||
Trade accounts payable
|
45,804
|
52,062
|
||||||
Down payments from clients
|
473
|
565
|
||||||
Liberty (Note 16)
|
-
|
41,032
|
||||||
Other accounts payable
|
29,830
|
34,403
|
||||||
Total
|
76,107
|
128,062
|
For the nine-month period ended September 30,
|
||||||||
Financial income
|
2020
|
2019
|
||||||
($ in thousands)
|
||||||||
Interest income from loans and credits
|
6,125
|
2,522
|
||||||
Interest rates benefits derivatives: cash flow hedges
|
288
|
331
|
||||||
Total
|
6,413
|
2,853
|
For the nine-month period ended September 30,
|
||||||||
Financial expenses
|
2020
|
2019
|
||||||
Expenses due to interest:
|
($ in thousands)
|
|||||||
- Loans from credit entities
|
(186,769
|
)
|
(196,350
|
)
|
||||
- Other debts
|
(56,578
|
)
|
(69,744
|
)
|
||||
Interest rates losses derivatives: cash flow hedges
|
(46,092
|
)
|
(44,139
|
)
|
||||
Total
|
(289,439
|
)
|
(310,233
|
)
|
For the nine-month period ended September 30,
|
||||||||
Other financial income / (expenses)
|
2020
|
2019
|
||||||
($ in thousands)
|
||||||||
Other financial income
|
162,984
|
11,412
|
||||||
Other financial losses
|
(100,387
|
)
|
(11,470
|
)
|
||||
Total
|
62,597
|
(58
|
)
|
Other Operating income
|
For the nine-month period ended September 30,
|
|||||||
2020
|
2019
|
|||||||
($ in thousands)
|
||||||||
Grants (Note 16)
|
44,256
|
44,366
|
||||||
Income from various services and insurance proceeds
|
31,646
|
29,334
|
||||||
Total
|
75,902
|
73,700
|
Other Operating expenses
|
For the nine-month period ended September 30,
|
|||||||
2020
|
2019
|
|||||||
($ in thousands)
|
||||||||
Raw materials and consumables used
|
(4,919
|
)
|
(7,893
|
)
|
||||
Leases and fees
|
(2,388
|
)
|
(1,501
|
)
|
||||
Operation and maintenance
|
(77,133
|
)
|
(94,573
|
)
|
||||
Independent professional services
|
(28,509
|
)
|
(28,934
|
)
|
||||
Supplies
|
(20,433
|
)
|
(18,929
|
)
|
||||
Insurance
|
(27,990
|
)
|
(18,192
|
)
|
||||
Levies and duties
|
(30,523
|
)
|
(25,830
|
)
|
||||
Other expenses
|
(5,740
|
)
|
(4,730
|
)
|
||||
Total
|
(197,635
|
)
|
(200,582
|
)
|
Item
|
For the nine-month period ended September 30,
|
|||||||
2020
|
2019
|
|||||||
($ in thousands)
|
||||||||
Profit/ (loss) from continuing operations attributable to Atlantica.
|
61,209
|
60,832
|
||||||
Average number of ordinary shares outstanding (thousands) - basic
|
101,602
|
100,882
|
||||||
Average number of ordinary shares outstanding (thousands) - diluted
|
102,499
|
100,882
|
||||||
Earnings per share from continuing operations (U.S. dollar per share) - basic and diluted
|
0.60
|
0.60
|
||||||
Earnings per share from profit/(loss) for the period (U.S. dollar per share) - basic and diluted
|
0.60
|
0.60
|
Item 2. |
Nine-month period ended September 30,
|
||||||||||||||||
Revenue by geography
|
2020
|
2019
|
||||||||||||||
$ in
millions
|
% of
revenue
|
$ in
millions
|
% of
revenue
|
|||||||||||||
North America
|
$
|
267.7
|
34.8
|
%
|
$
|
273.9
|
34.3
|
%
|
||||||||
South America
|
112.0
|
14.6
|
%
|
105.8
|
13.3
|
%
|
||||||||||
EMEA
|
389.0
|
50.6
|
%
|
418.5
|
52.4
|
%
|
||||||||||
Total revenue
|
$
|
768.7
|
100
|
%
|
$
|
798.2
|
100.0
|
%
|
Nine-month period ended September 30,
|
||||||||||||||||
Revenue by business sector
|
2020
|
2019
|
||||||||||||||
$ in
millions
|
% of
revenue
|
$ in
millions
|
% of
revenue
|
|||||||||||||
Renewable energy
|
$
|
579.2
|
75.4
|
%
|
$
|
609.8
|
76.4
|
%
|
||||||||
Efficient natural gas power
|
80.1
|
10.4
|
%
|
92.9
|
11.6
|
%
|
||||||||||
Electric transmission lines
|
79.2
|
10.3
|
%
|
77.0
|
9.7
|
%
|
||||||||||
Water
|
30.2
|
3.9
|
%
|
18.5
|
2.3
|
%
|
||||||||||
Total revenue
|
$
|
768.7
|
100
|
%
|
$
|
798.2
|
100
|
%
|
Nine-month period ended September 30,
|
||||||||||||||||
Adjusted EBITDA by geography
|
2020
|
2019
|
||||||||||||||
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
|||||||||||||
North America
|
$
|
233.2
|
87.1
|
%
|
$
|
254.5
|
92.9
|
%
|
||||||||
South America
|
89.8
|
80.2
|
%
|
87.8
|
83.0
|
%
|
||||||||||
EMEA
|
286.6
|
73.7
|
%
|
308.7
|
73.8
|
%
|
||||||||||
Total Adjusted EBITDA(1)
|
$
|
609.6
|
79.3
|
%
|
$
|
651.0
|
81.6
|
%
|
Nine-month period ended September 30,
|
||||||||||||||||
Adjusted EBITDA by business sector
|
2020
|
2019
|
||||||||||||||
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
|||||||||||||
Renewable energy
|
$
|
456.4
|
78.8
|
%
|
$
|
493.3
|
80.9
|
%
|
||||||||
Efficient natural gas power
|
72.4
|
90.4
|
%
|
81.7
|
87.9
|
%
|
||||||||||
Electric transmission lines
|
64.1
|
80.9
|
%
|
65.1
|
84.5
|
%
|
||||||||||
Water
|
16.7
|
55.3
|
%
|
10.9
|
58.9
|
%
|
||||||||||
Total Adjusted EBITDA(1)
|
$
|
609.6
|
79.3
|
%
|
$
|
651.0
|
81.6
|
%
|
(1) |
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 from continued operations, income tax, share
of profit/(loss) of associates carried under the equity method, finance expense net, depreciation, amortization and impairment charges of entities included in financial statements. 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.
|
(2) |
Adjusted EBITDA Margin is calculated as Adjusted EBITDA for each geography and business sector divided by revenue for each geography and business sector.
|
Volume sold and availability levels
Nine-month period ended September 30,
|
||||||||
Key performance indicator
|
2020
|
2019
|
||||||
Renewable energy
|
||||||||
MW in operation(1)
|
1,551
|
1,496
|
||||||
GWh produced(2)
|
2,608
|
2,700
|
||||||
Efficient natural gas power
|
||||||||
MW in operation(3)
|
343
|
343
|
||||||
GWh produced(4)
|
1,932
|
1,481
|
||||||
Availability (%)(4)(5)
|
102.4
|
%
|
92.8
|
%
|
||||
Electric transmission lines
|
||||||||
Miles in operation
|
1,166
|
1,152
|
||||||
Availability (%)(6)
|
99.9
|
%
|
100.0
|
%
|
||||
Water
|
||||||||
Mft3 in operation(1)
|
17.5
|
10.5
|
||||||
Availability (%)(6)
|
101.6
|
%
|
101.6
|
%
|
(1) |
Represents total installed capacity in assets owned at the end of the period, regardless of our percentage of ownership in each of the assets.
|
(2) |
Includes curtailment in wind assets for which we receive compensation.
|
(3) |
Includes 43MW corresponding to our 30% share of Monterrey since August 2, 2019.
|
(4) |
GWh produced includes 30% production from Monterrey since August 2019. Major maintenance overhaul held in ACT in Q1 and Q2 2019, as scheduled, which reduced production and electric availability as per the contract.
|
(5) |
Electric availability refers to operational MW over contracted MW.
|
(6) |
Availability refers to actual availability divided by contracted availability.
|
Nine-month period ended September 30,
|
|||||||||||||
2020
|
2019
|
% Variation
|
|||||||||||
($ in millions)
|
|||||||||||||
Revenue
|
$
|
768.7
|
$
|
798.2
|
(3.7
|
)
|
%
|
||||||
Other operating income
|
75.9
|
73.7
|
3.0
|
%
|
|||||||||
Employee benefit expenses
|
(37.4
|
)
|
(20.3
|
)
|
84.2
|
%
|
|||||||
Depreciation, amortization, and impairment charges
|
(302.2
|
)
|
(234.8
|
)
|
28.7
|
%
|
|||||||
Other operating expenses
|
(197.6
|
)
|
(200.6
|
)
|
(1.5
|
)
|
%
|
||||||
Operating profit
|
$
|
307.4
|
$
|
416.2
|
(26.1
|
)
|
%
|
||||||
Financial income
|
6.4
|
2.8
|
128.6
|
%
|
|||||||||
Financial expense
|
(289.4
|
)
|
(310.2
|
)
|
(6.7
|
)
|
%
|
||||||
Net exchange differences
|
(1.5
|
)
|
2.8
|
(153.6
|
)
|
%
|
|||||||
Other financial income/(expense), net
|
62.6
|
(0.1
|
)
|
627.0
|
%
|
||||||||
Financial expense, net
|
$
|
(221.9
|
)
|
$
|
(304.7
|
)
|
(27.2
|
)
|
%
|
||||
Share of profit/(loss) of associates carried under the equity method
|
(2.2
|
)
|
3.9
|
(156.4
|
)
|
%
|
|||||||
Profit before income tax
|
$
|
83.3
|
$
|
115.4
|
(27.8
|
)
|
%
|
||||||
Income tax
|
(25.1
|
)
|
(47.0
|
)
|
(46.6
|
)
|
%
|
||||||
Profit for the period
|
$
|
58.2
|
$
|
68.4
|
(14.9
|
)
|
%
|
||||||
(Profit)/loss attributable to non-controlling interest
|
3.0
|
(7.6
|
)
|
139.5
|
%
|
||||||||
Profit for the period attributable to the parent company
|
$
|
61.2
|
$
|
60.8
|
0.7
|
%
|
|||||||
Weighted average number of ordinary shares outstanding (thousands) - basic
|
101,602
|
100,882
|
|||||||||||
Weighted average number of ordinary shares outstanding (thousands) - diluted
|
102,499
|
100,882
|
|||||||||||
Basic and diluted earnings per share attributable to the parent company (U.S. dollar per share)
|
0.60
|
0.60
|
|||||||||||
Dividend paid per share(1)
|
1.24
|
1.16
|
(1) |
On February 26, 2020, May 6, 2020 and July 31, 2020, our board of directors approved a dividend of $0.41, $0.41 and $0.42 per share corresponding to the fourth quarter of 2019, the first quarter of 2020 and the
second quarter of 2020, respectively, which were paid on March 23, 2020, June 15, 2020, and September 15, 2020 respectively. On February 26, 2019, May 7, 2019 and August 2, 2019, our board of directors approved dividends of $0.37, $0.39 and
$0.40 per share, corresponding to the fourth quarter of 2018, the first quarter of 2019 and the second quarter of 2019, respectively, which were paid on March 22, 2019, June 14, 2019 and September 13, 2019, respectively.
|
Nine-month period ended September 30,
|
||||||||
Other operating income
|
2020
|
2019
|
||||||
($ in millions)
|
||||||||
Grants
|
$
|
44.2
|
$
|
44.4
|
||||
Income from various services
|
31.7
|
29.3
|
||||||
Total
|
$
|
75.9
|
$
|
73.7
|
Nine-month period ended September 30,
|
||||||||||||||||
Other operating expenses
|
2020
|
2019
|
||||||||||||||
$ in
millions
|
% of
revenue
|
$ in
millions
|
% of
revenue
|
|||||||||||||
Leases and fees
|
$
|
(2.4
|
)
|
3.1
|
%
|
$
|
(1.5
|
)
|
0.2
|
%
|
||||||
Operation and maintenance
|
(77.1
|
)
|
10.0
|
%
|
(94.6
|
)
|
11.9
|
%
|
||||||||
Independent professional services
|
(28.5
|
)
|
3.7
|
%
|
(28.9
|
)
|
3.6
|
%
|
||||||||
Supplies
|
(20.4
|
)
|
2.7
|
%
|
(19.0
|
)
|
2.4
|
%
|
||||||||
Insurance
|
(28.0
|
)
|
3.6
|
%
|
(18.2
|
)
|
2.3
|
%
|
||||||||
Levies and duties
|
(30.5
|
)
|
4.0
|
%
|
(25.8
|
)
|
3.2
|
%
|
||||||||
Other expenses
|
(5.7
|
)
|
0.7
|
%
|
(4.7
|
)
|
0.6
|
%
|
||||||||
Raw Materials
|
(5.0
|
)
|
0.7
|
%
|
(7.9
|
)
|
1.0
|
%
|
||||||||
Total
|
$
|
(197.6
|
)
|
25.7
|
%
|
$
|
(200.6
|
)
|
25.1
|
%
|
Nine-month period ended September 30,
|
||||||||
Financial income and financial expense
|
2020
|
2019
|
||||||
$ in millions
|
||||||||
Financial income
|
6.4
|
2.8
|
||||||
Financial expense
|
(289.4
|
)
|
(310.2
|
)
|
||||
Net exchange differences
|
(1.5
|
)
|
2.8
|
|||||
Other financial income/(expense), net
|
62.6
|
(0.1
|
)
|
|||||
Financial expense, net
|
(221.9
|
)
|
(304.7
|
)
|
Nine-month period ended September 30,
|
||||||||
Financial expense
|
2020
|
2019
|
||||||
($ in millions)
|
||||||||
Interest expense:
|
||||||||
—Loans from credit entities
|
$
|
(186.8
|
)
|
$
|
(196.4
|
)
|
||
—Other debts
|
(56.6
|
)
|
(69.7
|
)
|
||||
Interest rates losses derivatives: cash flow hedges
|
(46.0
|
)
|
(44.1
|
)
|
||||
Total
|
$
|
(289.4
|
)
|
$
|
(310.2
|
)
|
Nine-month period ended September 30,
|
||||||||
Other financial income /(expense), net
|
2020
|
2019
|
||||||
($ in millions)
|
||||||||
Other financial income
|
$
|
163.0
|
$
|
11.4
|
||||
Other financial expense
|
(100.4
|
)
|
(11.5
|
)
|
||||
Total
|
$
|
62.6
|
$
|
(0.1
|
)
|
• |
North America;
|
• |
South America; and
|
• |
EMEA.
|
• |
Renewable energy, which includes our activities related to the production of electricity from concentrating solar power and wind plants;
|
• |
Efficient natural gas, which includes our activities related to the production of electricity and steam from natural gas;
|
• |
Electric transmission, which includes our activities related to the operation of electric transmission lines and gas compression and transportation; and
|
• |
Water, which includes our activities related to desalination plants.
|
Nine-month period ended September 30,
|
||||||||||||||||
Revenue by geography
|
2020
|
2019
|
||||||||||||||
$ in
millions
|
%
of revenue
|
$ in
millions
|
%
of revenue
|
|||||||||||||
North America
|
$
|
267.7
|
34.8
|
%
|
$
|
273.9
|
34.3
|
%
|
||||||||
South America
|
112.0
|
14.6
|
%
|
105.8
|
13.3
|
%
|
||||||||||
EMEA
|
389.0
|
50.6
|
%
|
418.5
|
52.4
|
%
|
||||||||||
Total revenue
|
$
|
768.7
|
100
|
%
|
$
|
798.2
|
100
|
%
|
Nine-month period ended September 30,
|
||||||||||||||||
Adjusted EBITDA by geography
|
2020
|
2019
|
||||||||||||||
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
|||||||||||||
North America
|
$
|
233.2
|
87.1
|
%
|
$
|
254.5
|
92.9
|
%
|
||||||||
South America
|
89.8
|
80.2
|
%
|
87.8
|
83.0
|
%
|
||||||||||
EMEA
|
286.6
|
73.7
|
%
|
308.7
|
73.8
|
%
|
||||||||||
Total Adjusted EBITDA(1)
|
$
|
609.6
|
79.3
|
%
|
$
|
651.0
|
81.6
|
%
|
(1) |
Adjusted EBITDA is calculated as profit/(loss) for the year attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interest from continued operations, income tax, share
of profit/(loss) of associates carried under the equity method, finance expense net, depreciation, amortization and impairment charges of entities included in our financial statements. 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 Metrics.”
|
(2) |
Adjusted EBITDA Margin is calculated as Adjusted EBITDA for each geography and business sector divided by revenue for each geography and business sector.
|
Volume produced/availability
|
||||||||
Nine- Month period ended September 30,
|
||||||||
Volume by geography
|
2020
|
2019
|
||||||
North America (GWh) (1)
|
3,048
|
2,586
|
||||||
North America availability(1)(2)
|
102.4
|
%
|
92.8
|
%
|
||||
South America (GWh) (3)
|
472
|
383
|
||||||
South America availability(4)
|
99.9
|
%
|
100.0
|
%
|
||||
EMEA (GWh)
|
1,019
|
1,212
|
||||||
EMEA availability(4)
|
101.6
|
%
|
101.6
|
%
|
(1) |
GWh produced includes 30% production from Monterrey since August 2019. Major maintenance overhaul in ACT held in Q1 and Q2 2019, as scheduled, which reduced electric production as per the contract.
|
(2) |
Electric availability refers to operational MW over contracted MW with Pemex. Major maintenance overhaul held in ACT in Q1 and Q2 2019, as scheduled, which reduced electric availability as per the contract.
|
(3) |
Includes curtailment in wind assets for which we receive compensation.
|
(4) |
Availability refers to actual availability divided by contracted availability.
|
Nine-month period ended September 30,
|
||||||||||||||||
Revenue by business sector
|
2020
|
2019
|
||||||||||||||
$ in
millions
|
%
of revenue
|
$ in
millions
|
%
of revenue
|
|||||||||||||
Renewable energy
|
$
|
579.2
|
75.4
|
%
|
$
|
609.8
|
76.4
|
%
|
||||||||
Efficient natural gas power
|
80.1
|
10.4
|
%
|
92.9
|
11.6
|
%
|
||||||||||
Electric transmission lines
|
79.2
|
10.3
|
%
|
77.0
|
9.7
|
%
|
||||||||||
Water
|
30.2
|
3.9
|
%
|
18.5
|
2.3
|
%
|
||||||||||
Total revenue
|
$
|
768.7
|
100
|
%
|
$
|
798.2
|
100.0
|
%
|
Nine-month period ended September 30,
|
||||||||||||||||
Adjusted EBITDA by business sector
|
2020
|
2019
|
||||||||||||||
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
|||||||||||||
Renewable energy
|
$
|
456.4
|
78.8
|
%
|
$
|
493.3
|
80.9
|
%
|
||||||||
Efficient natural gas power
|
72.4
|
90.4
|
%
|
81.7
|
87.9
|
%
|
||||||||||
Electric transmission lines
|
64.1
|
80.9
|
%
|
65.1
|
84.5
|
%
|
||||||||||
Water
|
16.7
|
55.3
|
%
|
10.9
|
58.9
|
%
|
||||||||||
Total Adjusted EBITDA(1)
|
$
|
609.6
|
79.3
|
%
|
$
|
651.0
|
81.6
|
%
|
(1) |
Adjusted EBITDA is calculated as profit/(loss) for the year attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interest from continued operations, income tax, share
of profit/(loss) of associates carried under the equity method, finance expense net, depreciation, amortization and impairment charges of entities included in our financial statements. 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 Metrics.”
|
(2) |
Adjusted EBITDA Margin is calculated as Adjusted EBITDA for each geography and business sector divided by revenue for each geography and business sector.
|
Volume produced/availability
|
|||||||||
Year ended September 30,
|
|||||||||
Volume by business sector
|
2020
|
2019
|
|||||||
Renewable energy (GWh) (1)
|
2,608
|
2,700
|
|||||||
Efficient natural gas Power (GWh) (2)
|
1,932
|
1,481
|
|||||||
Efficient natural gas Power availability(3)
|
102.4
|
%
|
92.8
|
%
|
|||||
Electric transmission availability(4)
|
99.9
|
%
|
100
|
%
|
|||||
Water availability(4)
|
101.6
|
%
|
101.6
|
%
|
(1) |
Includes curtailment in wind assets for which we receive compensation.
|
(2) |
GWh produced includes 30% production from Monterrey since August 2019. Major maintenance overhaul held in Q1 and Q2 2019 in ACT, as scheduled, which reduced electric production, as per the contract.
|
(3) |
Electric availability refers to operational MW over contracted MW with Pemex. Major overhaul held in Q1 and Q2 2019, as scheduled, which reduced the electric availability as per the contract with Pemex.
|
(4) |
Availability refers to actual availability divided by contracted availability.
|
• |
debt service requirements on our existing and future debt;
|
• |
cash dividends to investors; and
|
• |
investments and acquisitions of new assets, companies and operations (see “Item 4.B—Business Overview—Our Business Strategy” in our Annual Report).
|
• |
On February 26, 2019, our board of directors approved a dividend of $0.37 per share. The dividend was paid on March 22, 2019, to shareholders of record as of March 12, 2019.
|
• |
On May 7, 2019, our board of directors approved a dividend of $0.39 per share. The dividend was paid on June 14, 2019, to shareholders of record as of June 3, 2019.
|
• |
On August 2, 2019 our board of directors approved a dividend of $0.40 per share. The dividend was paid on September 13, 2019 to shareholders of record as of August 30, 2019.
|
• |
On November 5, 2019 our board of directors approved a dividend of $0.41 per share. The dividend was paid on December 13, 2019 to shareholders of record as of November 29, 2019.
|
• |
On February 26, 2020, our board of directors approved a dividend of $0.41 per share. The dividend was paid on March 23, 2020, to shareholders of record as of March 12, 2020.
|
• |
On May 6, 2020, our board of directors approved a dividend of $0.41 per share. The dividend was paid on June 15, 2020, to shareholders of record as of June 1, 2020.
|
• |
On July 31, 2020, our board of directors approved a dividend of $0.42 per share. The dividend was paid on September 15, 2020, to shareholders of record as of August 31, 2020.
|
• |
On November 4, 2020, our board of directors approved a dividend of $0.42 per share. The dividend is expected to be paid on December 15, 2020, to shareholders of record as of November 30, 2020.
|
Nine-month period ended September 30,
|
||||||||
2020
|
2019
|
|||||||
($ in millions)
|
||||||||
Gross cash flows from operating activities
|
||||||||
Profit for the period
|
$
|
58.2
|
$
|
68.4
|
||||
Financial expense and non-monetary adjustments
|
536.5
|
552.8
|
||||||
Profit for the period adjusted by financial expense and non-monetary adjustments
|
$
|
594.7
|
$
|
621.2
|
||||
Variations in working capital
|
(128.9
|
)
|
(132.1
|
)
|
||||
Net interest and income tax paid
|
(162.6
|
)
|
$
|
(167.7
|
)
|
|||
Total net cash provided by operating activities
|
$
|
303.2
|
$
|
321.4
|
||||
Net cash provided by/(used in) investing activities(1)
|
$
|
18.6
|
$
|
(147.5
|
)
|
|||
Net cash provided by/(used in) financing activities
|
$
|
(95.8
|
)
|
$
|
(148.5
|
)
|
||
Net increase/(decrease) in cash and cash equivalents
|
226.0
|
25.4
|
||||||
Cash and cash equivalents at the beginning of the period
|
562.8
|
631.5
|
||||||
Translation differences in cash or cash equivalents
|
0.1
|
(15.2
|
)
|
|||||
Cash and cash equivalents at the end of the period
|
$
|
788.9
|
$
|
641.7
|
(1) |
Includes proceeds for $7.4 million and $14.8 million for the nine-month period ended September 30, 2020 and September 30, 2019 respectively, related to the amounts received from Abengoa by Solana further to
Abengoa’s obligation as EPC Contractor.
|
• |
Project debt in euro: between 81% and 100% of the notional amount, maturities until 2030 and average guaranteed strike interest rates of between 0.00% and 4.87% and
|
• |
Project debt in U.S. dollars: between 70% and 100% of the notional amount, maturities until 2034 and average guaranteed strike interest rates of between 1.98% and 5.27%.
|
Item 1A. |
Item 2. |
Item 3 |
Item 4. |
Item 5. |
Exhibit
No.
|
Description
|
|
Fourth Amendment to Credit and Guaranty Agreement, dated August 28, 2020
|
||
Amendment No. 2 to Note Issuance Facility Agreement, dated October 23, 2020
|
ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC
|
||
Date: November 6, 2020
|
By:
|
/s/ Santiago Seage
|
Name: Santiago Seage
|
||
Title: Chief Executive Officer
|
|
Yours truly,
|
|
ATLANTICA SUSTAINABLE
INFRASTRUCTURE PLC (F/K/A
ATLANTICA YIELD PLC),
|
|
as the Borrower
|
|
|
By:
|
/s/ Santiago Seage | |
Name: Santiago Seage
|
|||
Title: CEO
|
|
By:
|
/s/ Francisco Martinez Davis | |
Name: Francisco Martinez Davis
|
|||
Title: CFO
|
|
ATLANTICA INFRASTRUCTURES, S.L.U.
(F/K/A ABY CONCESSIONS
INFRASTRUCTURES S.L.U.),
|
|
as a Guarantor
|
|
|
By:
|
/s/ David Esteban Guitard
|
|
Name: David Esteban Guitard
|
|||
Title: Authorized representative
|
|
By:
|
/s/ Carlos Colón Lasso de la Vega
|
|
Name: Carlos Colón Lasso de la Vega
|
|||
Title: Authorized representative
|
|
ABY CONCESSIONS PERU S.A.,
|
|
as a Guarantor
|
|
|
By:
|
/s/ Antonio Merino Ciudad
|
|
Name: Antonio Merino Ciudad
|
|||
Title: Authorized representative
|
|
By:
|
/s/ Gracia Candau Sanchez de Ybargüen
|
|
Name: Gracia Candau Sanchez de Ybargüen
|
|||
Title: Authorized representative
|
|
ACT HOLDING, S.A, DE C.V.,
|
|
as a Guarantor
|
|
|
By:
|
/s/ Carlos Colón Lasso de la Vega
|
|
Name: Carlos Colón Lasso de la Vega
|
|||
Title: Authorized representative
|
|
By:
|
/s/ Irene Hernandez Martín de Arriva
|
|
Name: Irene Hernandez Martín de Arriva
|
|||
Title: Authorized representative
|
|
ASHUSA INC.,
|
|
as a Guarantor
|
|
|
By:
|
/s/ Emiliano García Sanz
|
|
Name: Emiliano García Sanz
|
|||
Title: Authorized representative
|
|
By:
|
/s/ Enrique Guillen
|
|
Name: Enrique Guillen
|
|||
Title: Authorized representative
|
|
ASHUSA INC.,
|
|
as a Guarantor
|
|
|
By:
|
/s/ Emiliano García Sanz
|
|
Name: Emiliano García Sanz
|
|||
Title: Authorized representative
|
|
By:
|
/s/ Enrique Guillen
|
|
Name: Enrique Guillen
|
|||
Title: Authorized representative
|
|
ATLANTICA INVESTMENTS LIMITED
(F/K/A ATLANTICA YIELD SOUTH
AFRICA LIMITED),
|
|
as a Guarantor
|
|
|
By:
|
/s/ David Esteban Guitard
|
|
Name: David Esteban Guitard
|
|||
Title: Authorized representative
|
|
By:
|
/s/ Carlos Colón Lasso de la Vega
|
|
Name: Carlos Colón Lasso de la Vega
|
|||
Title: Authorized representative
|
|
ROYAL BANK OF CANADA,
|
|
as Administrative Agent
|
|
|
By:
|
/s/ Susan Khokher
|
|
Name: Susan Khokher
|
|||
Title: Manager, Agency
|
|
ROYAL BANK OF CANADA,
|
|
as Lender and L/C Issuer
|
|
|
By:
|
/s/ Justin Painter
|
|
Name: Justin Painter
|
|||
Title: Authorized Signatory
|
|
CANADIAN IMPERIAL BANK OF COMMERCE,
LONDON BRANCH,
|
|
as Lender and L/C Issuer
|
|
|
By:
|
/s/ Farhad Merali
|
|
Name: Farhad Merali
|
|||
Title: Executive Director
|
|
By:
|
/s/ Lavinia Macovschi
|
|
Name: Lavinia Macovschi
|
|||
Title: Executive Director
|
|
BANCO SANTANDER, S.A., NEW YORK
BRANCH
|
|
as Lender
|
|
|
By:
|
/s/ Pablo Urgoiti
|
|
Name: Pablo Urgoiti
|
|||
Title: Managing Director
|
|
By:
|
/s/ Rita Walz-Cuccioli
|
|
Name: Rita Walz-Cuccioli
|
|||
Title: Executive Director
|
|
NATIONAL BANK OF CANADA,
|
|
as Lender
|
|
|
By:
|
/s/ Manny Deol
|
|
Name: Manny Deol
|
|||
Title: Managing Director
|
|
JPMORGAN CHASE BANK, N.A.,
|
|
as Lender
|
|
|
By:
|
/s/ Jeffrey Miller
|
|
Name: Jeffrey Miller
|
|||
Title: Executive Director
|
|
MUFG BANK, LTD.,
|
|
as Lender
|
|
|
By:
|
/s/ Nietzsche Rodricks
|
Name:
|
Nietzsche Rodricks | ||
Title:
|
Managing Director
US Wholesale Banking - Power & Utilities
|
|
BANK OF AMERICA, N.A.,
|
|
as Lender
|
|
|
By:
|
/s/ Jennifer Cochrane
|
|
Name: Jennifer Cochrane
|
|||
Title: Vice President
|
|
BANK OF MONTREAL, LONDON BRANCH,
|
|
as Lender
|
|
|
By:
|
/s/ William Smith
|
/s/ Simon Watkins
|
|
Name: William Smith
|
Simon Watkins
|
|||
Title: MD
|
MD |
Very truly yours,
|
||||
EXECUTED by ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC
|
||||
by: | ||||
By:
|
/s/ Santiago Seage
|
|||
Name:
|
Santiago Seage
|
|||
Title:
|
Chief Executive Officer
|
|||
By:
|
/s/ Francisco Martinez-Davis
|
|||
Name:
|
Francisco Martinez-Davis
|
|||
Title:
|
Chief Financial Officer
|
EXECUTED by LUCID AGENCY SERVICES LIMITED as Agent and on behalf of each of the Purchasers referred to below:
AWARE SUPER PTY LTD (ABN 11 118 202 672) (FORMERLY KNOWN AS FSS TRUSTEE CORPORATION)
WESTBOURNE INFRASTRUCTURE DEBT OPPORTUNITIES FUND II, L.P. ACTING THROUGH ITS GENERAL PARTNER, RIMOR FUND II GP LIMITED
WESTBOURNE INFRASTRUCTURE DEBT 4 LP ACTING THROUGH ITS GENERAL PARTNER, WESTBOURNE INFRASTRUCTURE DEBT GP LIMITED
WESTBOURNE INFRASTRUCTURE DEBT 5 LP ACTING THROUGH ITS GENERAL PARTNER, WESTBOURNE INFRASTRUCTURE DEBT GP LIMITED
WESTBOURNE INFRASTRUCTURE DEBT 6 LP ACTING THROUGH ITS GENERAL PARTNER, WESTBOURNE INFRASTRUCTURE DEBT GP 2 LIMITED
|
|
/s/ Kate Russell
|
|
Authorised Signatory: Kate Russell
|
|
Name:
|
Document and Entity Information |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Cover [Abstract] | |
Entity Registrant Name | Atlantica Sustainable Infrastructure plc |
Entity Central Index Key | 0001601072 |
Current Fiscal Year End Date | --12-31 |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2020 |
Consolidated condensed statements of comprehensive income - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Consolidated statements of comprehensive income [Abstract] | ||
Profit for the period | $ 58,167 | $ 68,380 |
Items that may be subject to transfer to income statement | ||
Change in fair value of cash flow hedges | (33,159) | (119,338) |
Currency translation differences | (18,884) | (43,613) |
Tax effect | 7,858 | 29,060 |
Net income/(expenses) recognized directly in equity | (44,185) | (133,891) |
Cash flow hedges | 43,792 | 41,062 |
Tax effect | (10,948) | (10,266) |
Transfers to income statement | 32,844 | 30,796 |
Other comprehensive income/(loss) | (11,341) | (103,095) |
Total comprehensive income/(loss) for the period | 46,826 | (34,715) |
Total comprehensive (income)/loss attributable to non-controlling interest | 9,323 | (1,683) |
Total comprehensive income/(loss) attributable to the Company | $ 56,149 | $ (36,398) |
Consolidated condensed statements of changes in equity - USD ($) $ in Thousands |
Total |
Total Equity Attributable to Company [Member] |
Share Capital [Member] |
Parent Company Reserves [Member] |
Other Reserves [Member] |
Accumulated Deficit [Member] |
Accumulated Currency Translation Differences [Member] |
Non-controlling Interest [Member] |
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Balance, beginning of period at Dec. 31, 2018 | $ 1,756,112 | $ 1,617,384 | $ 10,022 | $ 2,029,940 | $ 95,011 | $ (449,274) | $ (68,315) | $ 138,728 |
Profit for the nine -month period after taxes | 68,380 | 60,832 | 0 | 0 | 0 | 60,832 | 0 | 7,548 |
Change in fair value of cash flow hedges | (78,276) | (76,290) | 0 | 0 | (77,972) | 1,682 | 0 | (1,986) |
Currency translation differences | (43,613) | (39,738) | 0 | 0 | 0 | 0 | (39,738) | (3,875) |
Tax effect | 18,794 | 18,798 | 0 | 0 | 18,798 | 0 | 0 | (4) |
Other comprehensive income/(loss) | (103,095) | (97,230) | 0 | 0 | (59,174) | 1,682 | (39,738) | (5,865) |
Total comprehensive income/(loss) for the period | (34,715) | (36,398) | 0 | 0 | (59,174) | 62,514 | (39,738) | 1,683 |
Capital reduction | (2,688) | 0 | 0 | 0 | 0 | 0 | 0 | (2,688) |
Capital increase (Note 13) | 30,000 | 30,000 | 138 | 29,862 | 0 | 0 | 0 | 0 |
Changes in the scope (Note 7) | 92,303 | 0 | 0 | 0 | 0 | 0 | 0 | 92,303 |
Dividend distribution (declared) | (143,967) | (117,345) | 0 | (117,345) | 0 | 0 | 0 | (26,622) |
Balance, end of period at Sep. 30, 2019 | 1,697,045 | 1,493,641 | 10,160 | 1,942,457 | 35,837 | (386,760) | (108,053) | 203,404 |
Balance, beginning of period at Dec. 31, 2019 | 1,714,856 | 1,508,476 | 10,160 | 1,900,800 | 73,797 | (385,457) | (90,824) | 206,380 |
Profit for the nine -month period after taxes | 58,167 | 61,209 | 0 | 0 | 0 | 61,209 | 0 | (3,042) |
Change in fair value of cash flow hedges | 10,633 | 10,850 | 0 | 0 | 10,850 | 0 | 0 | (217) |
Currency translation differences | (18,884) | (12,766) | 0 | 0 | 0 | 0 | (12,766) | (6,118) |
Tax effect | (3,090) | (3,144) | 0 | 0 | (3,144) | 0 | 0 | 54 |
Other comprehensive income/(loss) | (11,341) | (5,060) | 0 | 0 | 7,706 | 0 | (12,766) | (6,281) |
Total comprehensive income/(loss) for the period | 46,826 | 56,149 | 0 | 0 | 7,706 | 61,209 | (12,766) | (9,323) |
Changes in the scope (Note 7) | 25,079 | 0 | 0 | 0 | 0 | 0 | 0 | 25,079 |
Dividend distribution (declared) | (144,714) | (125,987) | 0 | (125,987) | 0 | 0 | 0 | (18,727) |
Balance, end of period at Sep. 30, 2020 | $ 1,642,047 | $ 1,438,638 | $ 10,160 | $ 1,774,813 | $ 81,503 | $ (324,248) | $ (103,590) | $ 203,409 |
Consolidated condensed cash flows statements (Parenthetical) - USD ($) $ in Millions |
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Sep. 30, 2019 |
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Consolidated cash flows statements [Abstract] | ||
Proceeds from investments in contracted concessional assets | $ 7.4 | $ 14.8 |
Nature of the business |
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Nature of the business | Note 1. - Nature of the business Atlantica Sustainable Infrastructure plc (“Atlantica” or the “Company”) is a sustainable total return infrastructure company that owns, manages and acquires renewable energy, efficient natural gas, electric transmission lines and water assets focused on North America (the United States, Mexico and Canada), South America (Peru, Chile and Uruguay) and EMEA (Spain, Algeria and South Africa). Atlantica’s shares began trading on the NASDAQ Global Select Market under the symbol “ABY” on June 13, 2014. The symbol changed to “AY” on November 11, 2017. Algonquin Power & Utilities (“Algonquin”) is the largest shareholder of the Company and currently owns a 44.2% stake in Atlantica. Algonquin’s shareholding in Atlantica may be increased up to a 48.5% without any change in corporate governance. 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. Algonquin does not consolidate the Company in its consolidated financial statements. During the year 2019, the Company completed the following acquisitions:
During the nine-month period ended September 30, 2020, the Company completed the following acquisitions:
The following table provides an overview of the main assets the Company owned or had an interest in as of September 30, 2020:
(1) Itochu Corporation, a Japanese trading company, holds 30% of the shares in each of Solaben 2 and Solaben 3. (2) JGC, a Japanese engineering company, holds 13% of the shares in each of Solacor 1 and Solacor 2. (3) Kaxu is owned by the Company (51%), Industrial Development Corporation of South Africa (29%) and Kaxu Community Trust (20%). (4) Algerian Energy Company, SPA owns 49% of Skikda and Sacyr Agua, S.L. owns the remaining 16.83%. (5) Algerian Energy Company, SPA owns 49% of Honaine and Sacyr Agua, S.L. owns the remaining 25.5%. (6) Instituto para la Diversificación y Ahorro de la Energía (“Idae”), a Spanish state owned company, holds 20% of the shares in Seville PV. (7) Algerian Energy Company, SPA owns 49% of Tenes. (8) 65% of the shares in Chile PV I is held by a renewable energy platform in Chile. (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. (11) Refers to the credit rating of the Republic of South Africa. The offtaker is Eskom, which is a state-owned utility company in South Africa. (12) Refers to the credit rating of Uruguay, as UTE (Administración Nacional de Usinas y Transmisoras Eléctricas) is unrated. (13) Including the acquisition of ATN Expansion 1 & 2. (14) As of December 31, 2019. (*) Commercial Operation Date. The project financing arrangement of Kaxu contains cross-default provisions related to Abengoa such that debt defaults by Abengoa, subject to certain threshold amounts and/or a restructuring process, could trigger a default under the Kaxu project financing arrangement. In March 2017, Atlantica obtained a waiver with respect to its Kaxu project financing arrangement which waived any potential cross-defaults with Abengoa up to that date, but the waiver did not cover potential future cross-default events. The restructuring process and the pre-insolvency filing by the individual company Abengoa S.A. in August 2020 represent a theoretical event of default under the Kaxu project finance agreement. Although the Company does not expect the acceleration of debt to be declared by the credit entities, Kaxu did not have contractually as of September 30, 2020 what International Accounting Standards define as an unconditional right to defer the settlement of the debt for at least twelve months after that date, as the cross-default provisions make that right not unconditional. Thus, the total debt of Kaxu, which amounts to $324 million as of September 30, 2020, has been presented as current in these consolidated financial statements in accordance with International Accounting Standards 1 (“IAS 1”), “Presentation of Financial Statements”. The Company is currently negotiating with the creditors a waiver and/or contract modifications in this regard. Outbreak of COVID-19 The outbreak of the COVID-19 coronavirus disease (“COVID-19”) was declared a pandemic by the World Health Organization in March 2020 and continues to spread in key markets of the Company. The COVID-19 virus continues to evolve rapidly, and its ultimate impact is uncertain and subject to change. Governmental authorities have imposed or recommended measures or responsive actions, including quarantines of certain geographic areas and travel restrictions. Main risks and uncertainties identified by the Company, which may result in a material adverse effect on its business, financial condition, results of operations and cash flows, are:
Measures taken by the Company so far have focused on reinforcing safety measures in all its assets while it continues to provide a reliable service to its clients. For example, the Company has implemented the use of additional protection equipment, reinforced access control to its plants, reduced contact between employees, changed shifts, tested employees, identified and isolated potential cases together with their close contacts and taken additional measures to increase safety measures for its employees and operation and maintenance suppliers’ employees working at its assets. Furthermore, the Company has adopted additional precautionary measures intended to mitigate potential risks to its employees, including temporarily requiring all employees to work remotely when their work can be done from home, and suspending all non-essential travel. The Company has also reinforced its physical and cyber-security measures. In May 2020, the Company started to re-open certain offices at partial capacity and under strict safety measures and since then has decided to close certain offices again, based on health indicators in each region. In addition, the Company has increased the purchase of spare parts and equipment required for operations, to manage potential disruptions in the supply chain. The Company continues to monitor the situation closely in all assets and offices to take additional action if required. COVID-19 did not have any material impact on these condensed interim financial statements. |
Basis of preparation |
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Basis of preparation | 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, 2019, were approved by the Board of Directors on February 26, 2020. 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 nine-month period ended September 30, 2020, and not duplicating the information previously published in the annual consolidated financial statements for the year ended December 31, 2019. 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, 2019 included in the 2019 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 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 November 4, 2020. Application of new accounting standards a) Standards, interpretations and amendments effective from January 1, 2020 under IFRS-IASB, applied by the Company in the preparation of these condensed interim financial statements:
The applications of these amendments have not had any material impact on these 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, 2021:
The Company does not anticipate any significant impact on the consolidated condensed 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, 2021, although it is currently still in the process of evaluating such application. 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 our 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. The most critical accounting policies, which reflect significant management estimates and judgment to determine amounts in these consolidated condensed interim financial statements, are as follows:
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 income statement of the period in which the change occurs. The Company decided to reduce the useful life of the CSP plants in Spain from 35 years to 25 years after COD with effective date September 1st, 2020 (Note 6). |
Financial risk management |
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Sep. 30, 2020 | |
Financial risk management [Abstract] | |
Financial risk management | 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, Finance and Compliance Departments, which are responsible for identifying and evaluating financial risks, quantifying them by project, region and company, in accordance with mandatory internal management rules. Written internal policies exist for global risk management, as well as for specific areas of risk. In addition, there are official written management regulations regarding key controls and control procedures for each company and the implementation of these controls is monitored through internal audit procedures. 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, 2019 included in the 2019 20-F. |
Financial information by segment |
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Financial information by segment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial information by segment | Note 4. - Financial information by segment Atlantica’s segment structure reflects how management currently makes financial decisions and allocates resources. Its operating segments are based on the following geographies where the contracted concessional assets are located:
Based on the type of business, as of September 30, 2020, the Company had the following business sectors:
Atlantica’s Chief Operating Decision Maker (CODM) 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 interests from continued operations, income tax, share of profit/(loss) of associates carried under the equity method, finance expense net, depreciation, amortization and impairment charges of entities included in these consolidated condensed interim financial statements. 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. In the nine-month periods ended September 30, 2020 and September 30, 2019, Atlantica had four customers with revenue representing more than 10% of the total revenue, three in the renewable energy and one in the efficient natural gas business sectors. a) The following tables show Revenue and Adjusted EBITDA by operating segments and business sectors for the nine-month periods ended September 30, 2020 and 2019:
The reconciliation of segment Adjusted EBITDA with the profit/(loss) attributable to the Company is as follows:
b) The assets and liabilities by operating segments (and business sector) as of September 30, 2020 and December 31, 2019 are as follows: Assets and liabilities by geography as of September 30, 2020:
Assets and liabilities by geography as of December 31, 2019:
Assets and liabilities by business sector as of September 30, 2020:
Assets and liabilities by business sector as of December 31, 2019:
c) The amount of depreciation, amortization and impairment charges recognized for the nine-month periods ended September 30, 2020 and 2019 are as follows:
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Business combinations |
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Business combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business combinations | Note 5. – Business combinations For the nine-month period ended September 30, 2020 On April 3, 2020, the Company completed the investment in a 35% stake in a renewable energy platform in Chile for approximately $4 million. The first investment made by the platform has been in a 55 MW solar PV plant, Chile PV I, located in Chile. Atlantica has control over Chile PV I under IFRS 10, Consolidated Financial Statements. The acquisition of Chile PV I has been accounted for in these consolidated condensed interim financial statements in accordance with IFRS 3, Business Combinations, showing 65% of Non-Controlling interest. On May 31, 2020, the Company obtained control over the Board of Directors of Befesa Agua Tenes which owns a 51% stake in Tenes, a water desalination plant in Algeria. On May 31, 2020, the Company also acquired a series of decision rights at the Tenes level. The total investment, in the form of a secured loan agreement to be reimbursed through a full cash-sweep of all the dividends to be received from the asset, amounted to approximately $19 million as of May 31, 2020. The acquisition has been accounted for in the consolidated financial statements of Atlantica, in accordance with IFRS 3, Business Combinations. Impact of business combinations in the consolidated financial statements The amount of assets and liabilities consolidated at the effective acquisition date is shown in the following table:
The purchase price equals the fair value of the net assets acquired. The 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 September 30, 2020. The measurement period will not exceed one year from the acquisition dates. The amount of revenue contributed by the acquisitions performed during the nine-month period ended September 30, 2020 to the consolidated financial statements of the Company as of September 30, 2020 is $13.3 million, and the amount of profit after tax is $1.7 million. Had the acquisitions been consolidated from January 1, 2020, the consolidated statement of comprehensive income would have included additional revenue of $16.3 million and additional profit after tax of $2.3 million. For the year ended December 31, 2019 On August 2, 2019, the Company closed the acquisition of a 100% stake in ASI Operations LLC (“ASI Ops”), the company that performs the operation and maintenance services for the Solana and Mojave plants. The total equity investment amounted to $6 million. The acquisition has been accounted for in the consolidated financial statements of Atlantica, in accordance with IFRS 3, Business Combinations. On October 22, 2019, the Company closed the acquisition of ATN Expansion 2 from Enel Green Power Perú, for a total equity investment of $20 million, controlling the asset from this date. Transfer of the concession agreement is pending authorization from the Ministry of Energy in Peru. If this authorization were not to be obtained before December 2020, the transaction would be reversed with no penalties to Atlantica. Enel Green Power Perú issued a bank guarantee to address this potential repayment obligation to Atlantica. The purchase has been accounted for in the consolidated accounts of Atlantica, in accordance with IFRS 3, Business Combinations. Impact of business combinations in the consolidated financial statements The amount of assets and liabilities consolidated at the effective acquisition date is shown in the following table:
The purchase price equals the fair value of the net assets acquired. |
Contracted concessional assets |
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Contracted concessional assets | Note 6. - Contracted concessional assets The detail of contracted concessional assets included in the heading ‘Contracted concessional assets’ as of September 30, 2020 and December 31, 2019 is as follows:
Contracted concessional assets include fixed assets related to service concession arrangements recorded in accordance with IFRIC 12, except for Palmucho, which is recorded in accordance with IFRS 16, and PS10, PS20, Seville PV, Mini-Hydro, Chile TL3 and Chile PV I, which are recorded as property plant and equipment in accordance with IAS 16. Concessional assets recorded in accordance with IFRIC 12 are either intangible or financial assets. As of September 30, 2020, contracted concessional financial assets amount to $863.8 million ($819.1 million as of December 31, 2019). The increase in the contracted concessional assets cost is due to business combination of Tenes and Chile PV I for a total amount of $162 million (Note 5) and to the higher value of the Euro denominated assets since the exchange rate of the Euro significantly increased against the U.S. dollar since December 31, 2019, partially offset by a lower value of Kaxu asset since the exchange rate of the South African rand significantly decreased against the U.S. dollar since December 31, 2019. Solana storage system partial write-off The availability in the storage system of Solana has been lower than expected during the nine-month period ended September 30, 2020 due to certain leaks identified in the storage system in the first quarter. The Company has a preliminary plan to replace some elements of the storage system, which have been written off in these consolidated condensed interim financial statements through profit and loss in the line “Depreciation, amortization, and impairment charges” for an estimated net book value of approximately $48 million. The exact scope and timing of the improvements and repairs are currently under review and still need to be finalized. Solana triggering event of impairment The Company identified during the third quarter of 2020 a triggering event of impairment for Solana as a result of the underperformance of the plant in terms of production. The Company therefore performed an impairment test as of September 30, 2020, which resulted in the recoverable amount (value in use) exceeding the carrying amount of the asset by 10%. To determine the value in use of the asset, a specific discount rate has been used in each year considering changes in the debt/equity leverage ratio over the useful life of this project, resulting in the use of a range of discount rates between 3.8% and 4.3%. An adverse change in the key assumptions which are individually used for the valuation would not lead to future impairment recognition; neither in case of a 5% decrease in generation over the entire remaining useful life (PPA) of the project nor in case of an increase of 50 basis points in the discount rate. Change in the useful life of the solar plants in Spain Further to the recent developments in the Energy and Climate Policy Framework adopted by Spain in 2020, the Company concluded that the expected deep transformation of the electricity sector in Spain would probably significantly reduce the market price at which the electricity is sold in the mid- to long-term. In particular, the Company believes this may impact the price captured by the Company’s solar plants in Spain after the end of the regulation in place (2035 to 2038 onwards). As a result, the price captured by the plants after 2035 to 2038 (the end of the 25 years regulatory period) would likely not be sufficient to cover operating costs. In this case, the plants would stop operating and be dismantled at that point in time. The Company believes that it is possible that long-term price evolution and technology changes could result in scenarios where the plants may continue to operate after the end of the regulatory period. Nevertheless, given the information currently available, the Company decided to reduce the useful life of the CSP plants in Spain from 35 years to 25 years after COD. This change of estimate of the useful life, effective September 1st, 2020, is accounted for as a change in accounting estimate in accordance with IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors. The main impacts recorded in these consolidated condensed interim financial statements are:
In addition, reducing the useful life of the solar plants in Spain is a triggering event of impairment, given that the recoverable amount of the asset is negatively impacted if the plants stop operating in year 25 after COD. The Company therefore performed an impairment test as of September 30, 2020, which resulted in the recoverable amount (value in use) exceeding the carrying amount of the assets by 6%. To determine the value in use of the assets, a specific discount rate has been used in each year considering changes in the debt/equity leverage ratio over the useful life of these projects, resulting in the use of a range of discount rates between 3.3% and 3.8%. An adverse change in the key assumptions which are individually used for the valuation would not lead to future impairment recognition; neither in case of a 5% decrease in generation over the entire remaining useful life of the projects nor in case of an increase of 50 basis points in the discount rate. Palmatir and Cadonal impairment reversals As part of the triggering event analysis performed for Palmatir and Cadonal assets during the third quarter of 2020, the Company identified factors, such as a reduced discount rate, increasing their recoverable amount (value in use). The Company therefore performed an impairment test as of September 30, 2020, which resulted in the reversal of impairments previously recorded during the year 2016 for an amount of $15.6 million and $3.1 million in Cadonal and Palmatir, respectively, recorded within the line “Depreciation, amortization and impairment charges” of the profit and loss statement. Other matters Abengoa maintains a number of obligations under O&M and other contracts, as well as indemnities covering certain potential risks. Additionally, Abengoa represented in the past that Atlantica would not be a guarantor of any obligation of Abengoa with respect to third parties and agreed to indemnify the Company for any penalty claimed by third parties resulting from any breach in such representations. The Company has contingent assets, which have not been recognized as of September 30, 2020, related to the obligations of Abengoa referred above, which results and amounts will depend on the occurrence of uncertain future events. No losses from impairment of contracted concessional assets, excluding any change in the provision for expected credit losses under IFRS 9, Financial instruments, were recorded during the nine-month periods ended September 30, 2020 and 2019. The impairment provision based on the expected credit losses on contracted concessional financial assets increased by $29 million in the nine-month period ended September 30, 2020 (reversal of $3 million in the nine-month period ended September 30, 2019), primarily in ACT. |
Investments carried under the equity method |
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Investments carried under the equity method [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments carried under the equity method | Note 7. - Investments carried under the equity method The table below shows the breakdown of the investments held in associates as of September 30, 2020 and December 31, 2019:
(*) 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. (**) Windlectric Inc., the project entity, is owned 100% by Amherst Island Partnership which is accounted for under the equity method. (***) Pemcorp SAPI de CV, Monterrey´s project entity, is 100% owned by Arroyo Netherlands II B.V. - which is accounted for under the equity method in these consolidated condensed interim financial statements. Arroyo Netherlands II B.V. is 30% owned by Atlantica. (****) Other renewable energy joint ventures correspond to investments made in the following entities located in Colombia: AC Renovables Sol 1 SAS Esp, PA Renovables Sol 1 SAS Esp, SJ Renovables Sun 1 SAS Esp and SJ Renovables Wind 1 SAS Esp. Decrease in investments carried under the equity method as of September 30, 2020, is primarily due to distributions received from Honaine and Windlectric and to a decrease in the exchange rate of the Algerian dinar and Canadian dollar against the U.S. dollar since December 31, 2019. On May 24, 2019, Atlantica and Algonquin formed AYES Canada, a vehicle to channel co-investment opportunities in which Atlantica holds the majority of voting rights. The first investment was in Amherst Island, a 75 MW wind plant in Canada owned by the project company Windlectric. Atlantica invested $4.9 million and Algonquin invested $92.3 million, both through AYES Canada, which in turn invested those funds in AIP, the holding company of Windlectric. Atlantica accounts for the investment in AIP and ultimately Windlectric under the equity method as per IAS 28, Investments in Associates and Joint Ventures. Since Atlantica has control over AYES Canada under IFRS 10 Consolidated Financial Statements, its consolidated financial statements initially showed a total investment in the Amherst Island project of $97.2 million, accounted for as “Investments carried under the equity method” and Algonquin’s portion of that investment of $92.3 million as “Non-controlling interest”. On August 2, 2019, the Company closed the acquisition of a 30% stake in Monterrey, a 142 MW gas-fired engine facility with batteries. The total investment amounted to $42 million, out of which $17 million is an equity investment, and the rest is a shareholder loan classified as financial investments in these consolidated condensed interim financial statements. The acquisition has been accounted for in the consolidated accounts of Atlantica, in accordance with IAS 28, Investments in Associates. |
Financial investments |
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Financial investments | Note 8. - Financial investments The detail of Non-current and Current financial investments as of September 30, 2020 and December 31, 2019 is as follows:
Investment in Ten West Link is a 12.5% interest in a 114-mile transmission line in the U.S. Investment in Rioglass corresponds to a 15.12% equity interest in Rioglass, a multinational solar power and renewable energy technology manufacturer. |
Derivative financial instruments |
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Derivative financial instruments | Note 9. - Derivative financial instruments The breakdowns of the fair value amount of the derivative financial instruments as of September 30, 2020 and December 31, 2019 are as follows:
The derivatives are primarily interest rate cash flow hedges. All are classified as non-current assets or non-current liabilities, as they hedge long-term financing agreements. Additionally, the Company owns the following derivatives instruments:
The net amount of the fair value of interest rate derivatives designated as cash flow hedges transferred to the consolidated condensed income statement is a loss of $43.8 million for the nine-month period ended September 30, 2020 (loss of $41.1 million for the nine-month period ended September 30, 2019). The after-tax results accumulated in equity in connection with derivatives designated as cash flow hedges as of September 30, 2020 and December 31, 2019 amount to a profit of $81.5 million and $73.8 million, respectively (included under the caption “Other reserves”). |
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Fair value of financial instruments [Abstract] | |
Fair value of financial instruments | Note 10. - Fair value of financial instruments Financial instruments measured at fair value are presented in accordance with the following level classification 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 September 30, 2020, and December 31, 2019, 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 and Rioglass, which have been classified as Level 3. |
Related parties |
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Related parties | Note 11. - Related parties Details of balances with related parties as of September 30, 2020 and December 31, 2019 are as follows:
Current credit receivables as of September 30, 2020 mainly correspond to the short-term portion of the loan to Arroyo Netherland II B.V., the holding company of Pemcorp SAPI de CV., Monterrey´s project entity (Note 7) for $17.9 million ($4.0 million as of December 31, 2019) and to a dividend to be collected from AIP for $2.0 million as of September 30, 2020 ($5.5 million as of December 31, 2019). Non-current credit receivables as of September 30, 2020 and December 31, 2019 correspond to the long-term portion of the loan to Arroyo Netherland II B.V. Credit payables relate to debts with non-controlling interests partners in Kaxu, Solaben 2&3 and Solacor 1&2 for an amount of $18.7 million as of September 30, 2020 ($35.6 million as of December 31, 2019). Current credit payables also include the dividend to be paid from AYES Canada to Algonquin for $1.9 million as of September 30, 2020 ($5.4 million as of December 31, 2019). The transactions carried out by entities included in these consolidated condensed interim financial statements with related parties not included in the consolidation perimeter of Atlantica, for the nine-month periods ended September 30, 2020 and 2019 have been as follows:
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Trade and other receivables | Note 12. - Trade and other receivables Trade and other receivables as of September 30, 2020 and December 31, 2019, consist of the following:
Increase in trade receivables primarily relates to seasonality of sales in some of the assets. Increase in prepayments is primarily due to the timing of payment of insurances. As of September 30, 2020, and December 31, 2019, the fair value of trade and other receivables accounts does not differ significantly from its carrying value. |
Equity |
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Equity [Abstract] | |
Equity | Note 13. - Equity As of September 30, 2020, the share capital of the Company amounts to $10,160,166 represented by 101,601,662 ordinary shares completely subscribed and disbursed with a nominal value of $0.10 each, all in the same class and series. Each share grants one voting right. Algonquin completed in 2018 the acquisition from Abengoa of its entire stake in Atlantica, 41.47% of the total shares of the Company, becoming the largest shareholder of the Company. On May 22, 2019, the Company issued an additional 1,384,402 ordinary shares, which were fully subscribed by Algonquin for a total amount of $30,000,000, increasing the stake of Algonquin to 42.27%. Additionally, Algonquin purchased 2,000,000 ordinary shares on May 31, 2019, increasing its stake in Atlantica to 44.2%. Atlantica´s reserves as of September 30, 2020 are made up of share premium account and distributable reserves. Accumulated deficit primarily include results attributable to Atlantica. Non-controlling interests fully relate to interests 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 Industrial Development Corporation of South Africa (IDC) and Kaxu Community Trust in Kaxu, by Algonquin Power Co. in AYES Canada, by Algerian Energy Company, SPA in Tenes and by our partners in the Chilean renewable energy platform in Chile PV I. On February 26, 2020, the Board of Directors declared a dividend of $0.41 per share corresponding to the fourth quarter of 2019. The dividend was paid on March 23, 2020 for a total amount of $41.7 million. On May 6, 2020, the Board of Directors declared a dividend of $0.41 per share corresponding to the first quarter of 2020. The dividend was paid on June 15, 2020 for a total amount of $41.7 million. On July 31, 2020, the Board of Directors declared a dividend of $0.42 per share corresponding to the second quarter of 2020. The dividend was paid on September 15, 2020 for a total amount of $42.7 million. As of September 30, 2020, there was no treasury stock and there have been no transactions with treasury stock during the nine-month period then ended. |
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Corporate debt | Note 14. - Corporate debt The breakdown of the corporate debt as of September 30, 2020 and December 31, 2019 is as follows:
On February 10, 2017, the Company issued Senior Notes due 2022, 2023, 2024 (the “Note Issuance Facility 2017”), in an aggregate principal amount of €275,000 thousand. The Note Issuance Facility 2017 were fully repaid on April 2, 2020. On July 20, 2017, the Company signed a credit facility (the “2017 Credit Facility”) for up to €10 million, approximately $11.7 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 LIBOR plus 2%, depending on the currency. As of September 30, 2020, the Company had drawn down an amount of €9 million (€9 million as of December 31, 2019). The credit facility maturity is December 13, 2021. On May 10, 2018, the Company entered into a $215 million revolving credit facility (the “New Revolving Credit Facility”) with Royal Bank of Canada, as administrative agent and Royal Bank of Canada and Canadian Imperial Bank of Commerce, as issuers of letters of credit. Amounts drawn down accrue interest at a rate per year equal to (A) for Eurodollar rate loans, LIBOR 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) LIBOR 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 $70 million of the Revolving Credit Facility. During the year 2019, the amount of the Revolving Credit Facility increased from $215 million to $425 million and the maturity was extended to December 31, 2022. On September 30, 2020, the total amount of the Revolving Credit Facility is available. On December 31, 2019 the Company had drawn down $84 million which were repaid in the third quarter of 2020. On April 30, 2019, the Company entered into a senior unsecured note facility with a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder for a total amount of €268 million (the “Note Issuance Facility 2019”). The principal amount was issued on May 24, 2019. The Note Issuance Facility 2019 includes an upfront fee of 2% paid on drawdown and its maturity date is April 30, 2025. Interest accrue at a rate per annum equal to the sum of 3-month EURIBOR plus 4.50%. The interest rate on the Note Issuance Facility 2019 is fully hedged by an interest rate swap with effective date June 28, 2019 and maturity date June 30, 2022, resulting in the Company paying a net fixed interest rate of 4.24%. The Note Issuance Facility 2019 provides that the Company may capitalize interest on the notes issued thereunder for a period of up to two years from closing at the Company´s discretion, subject to certain conditions. 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 another twelve-month period on October 8, 2020. The program allows Atlantica to issue short term notes over the next twelve months for up to €50 million, with such notes having a tenor of up to two years. As of September 30, 2020, the Company had €19.5 million issued and outstanding under the program at an average cost of 0.83% (€25 million as of December 31, 2019). On April 1, 2020, the Company closed the secured 2020 Green Private Placement for €290 million (approximately $340 million). The private placement accrues interest at an annual 1.96% interest, payable quarterly and has a June 2026 maturity. Net proceeds were primarily used to fully repay the Note Issuance Facility 2017. On July 8, 2020, the Company entered into a senior unsecured financing (the “Note Issuance Facility 2020”) with Lucid Agency Services Limited, as agent, and a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder for a total amount of approximately $164 million which is denominated in euros (€140 million). The Note Issuance Facility 2020 was issued on August 12, 2020, accrues interest at an annual 5.25% interest, payable quarterly and has a maturity of seven years from the closing date. On July 17, 2020, the Company issued $100 million aggregate principal amount of 4.00% convertible bonds (the “Green Exchangeable Notes”) due 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 ordinary shares of Atlantica, cash or a combination thereof. The exchange rate is subject to adjustment upon the occurrence of certain events. 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 9). It was initially valued at transaction date for $10 million, and prospective changes to its fair value are accounted for 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”. The repayment schedule for the corporate debt as of September 30, 2020 is as follows:
The repayment schedule for the corporate debt as of December 31, 2019 was as follows:
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Project debt |
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Project debt | Note 15. - Project debt The main purpose of the Company is the long-term ownership and management of contracted concessional assets. 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 most of the cases, the assets and/or contracts are set up as guarantee to ensure the repayment of the related financing. Compared with corporate debt, project debt has certain key advantages, including a greater leverage and a clearly defined risk profile. This note shows the project debt linked to the contracted concessional assets included in Note 6 of these consolidated condensed interim financial statements. The cash of the Company´s projects includes funds held to satisfy the customary requirements of certain non-recourse debt agreements and other restricted cash for an amount of $319 million as of September 30, 2020 ($339 million as of December 31, 2019). The breakdown of project debt for both non-current and current liabilities as of September 30, 2020 and December 31, 2019 is as follows:
The increase in total project debt as of September 30, 2020 is primarily due to:
Additionally, on June 12, 2020 the Company refinanced the debt of Cadonal (Uruguay). The terms of the new debts are not substantially different from the original debts refinanced and therefore the exchange of debts instruments does not qualify for an extinguishment of the original debts under IFRS 9, ´Financial instruments´. When there is a refinancing with a non-substantial modification of the original debt, there is a gain or loss recorded in the income statement. This gain or loss is equal to the difference between the present value of the cash flows under the original terms of the former financing and the present value of the cash flows under the new financing, discounted both at the original effective interest rate. In this respect, the Company recorded a $3.8 million financial income in the profit and loss statement of the consolidated condensed financial statements (see Note 19). Due to the PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company (“PG&E”), Chapter 11 filings in January 2019, a default of the PPA agreement with PG&E occurred. Since PG&E failed to assume the PPA within 180 days from the commencement of the PG&E’s Chapter 11 proceedings, a technical event of default was triggered under the Mojave project finance agreement in July 2019. On July 1, 2020, PG&E emerged from Chapter 11. In addition, PG&E paid to Mojave the portion of the invoice corresponding to the electricity delivered for the period between January 1 and January 28, 2019. This invoice was overdue because the services relate to the pre-petition period and any payment therefore required the approval by the Bankruptcy Court. The technical event of default under the Mojave project finance agreement, which was preventing cash distributions from Mojave to Atlantica, has been cured and the Company can make distributions from Mojave. As result, as of September 30, 2020, the Company has again an unconditional right to defer the settlement of the debt for at least twelve months, and therefore the debt previously presented as current has been reclassified as non-current in accordance with the financing agreements in these condensed interim financial statements. The project financing arrangement of Kaxu contains cross-default provisions related to Abengoa such that debt defaults by Abengoa, subject to certain threshold amounts and/or a restructuring process, could trigger a default under the Kaxu project financing arrangement. In March 2017, Atlantica obtained a waiver with respect to its Kaxu project financing arrangement which waived any potential cross-defaults with Abengoa up to that date, but the waiver did not cover potential future cross-default events. The restructuring process and the pre-insolvency filing by the individual company Abengoa S.A. in August 2020 represent a theoretical event of default under the Kaxu project finance agreement. Although the Company does not expect the acceleration of debt to be declared by the credit entities, Kaxu did not have contractually as of September 30, 2020 what International Accounting Standards define as an unconditional right to defer the settlement of the debt for at least twelve months after that date, as the cross-default provisions make that right not unconditional. Thus, the total debt of Kaxu, which amounts to $324 million as of September 30, 2020, has been presented as current in these consolidated financial statements in accordance with International Accounting Standards 1 (“IAS 1”), “Presentation of Financial Statements”. The Company is currently negotiating with the creditors a waiver and/or contract modifications in this regard. The repayment schedule for project debt in accordance with the financing arrangements and assuming there will be no acceleration of the Kaxu debt, as of September 30, 2020, is as follows and is consistent with the projected cash flows of the related projects:
The repayment schedule for project debt in accordance with the financing arrangements and assuming there would be no acceleration of the Mojave debt, as of December 31, 2019, was as follows and was consistent with the projected cash flows of the related projects:
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Grants and other liabilities |
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Grants and other liabilities | Note 16. - Grants and other liabilities
As of September 30, 2020, the amount recorded in Grants corresponds primarily to the ITC Grant awarded by the U.S. Department of the Treasury to Solana and Mojave for a total amount of $682 million ($707 million as of December 31, 2019), which was primarily used to fully repay the Solana and Mojave short-term tranche of the loan with the Federal Financing Bank. 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 $359 million ($379 million as of December 31, 2019). 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 in “Other operating income” starting at the entry into operation of the plants. Total amount of income for these two types of grants for Solana and Mojave is $44.2 million and $44.3 million for the nine-month periods ended September 30, 2020 and 2019, respectively (Note 20). Other liabilities included as of December 31, 2019, the investment from Liberty Interactive Corporation (”Liberty”) made on October 2, 2013 for an original amount of $300 million. The liability was recorded in Grants and other liabilities for a total amount of $380 million as of December 31, 2019 and its current portion was recorded in other current liabilities for $41 million (Note 17). The investment was made in the parent company of the project entity, in exchange for the right to receive a large part of taxable losses and distributions until such time when Liberty reaches a certain rate of return, or the Flip Date. According to the stipulations of IAS 32 and in spite of the fact that the investment of Liberty was in shares, it did not qualify as equity and had been classified as a liability as of December 31, 2019. This liability had been initially valued at fair value, calculated as the present value of expected cash-flows during the useful life of the concession, and was then measured at amortized cost in accordance with the effective interest method, considering the most updated expected future cash-flows. The Company acquired on August 17, 2020 Liberty´s equity interest in Solana for a total estimated purchase price of approximately $290 million, of which $272 million have already been paid. Total price includes a deferred payment and a performance earn-out based on the average annual net production of the asset in the four calendar years with the highest annual net production during the five calendar years of 2020 through 2024. The difference between the purchase price and the carrying amount of the liability previously recorded resulted in a $145 million gain recorded within the line “Other financial income/(expense), net” in the profit and loss statement (Note 19). Additionally, other liabilities include $50.4 million of non-current finance lease liabilities and $75.6 million of dismantling provision as of September 30, 2020 ($53.8 million and $59.7 million as of December 2019, respectively). The increase in the dismantling provision since December 31, 2019 is primarily due to the reduction of the useful life of the CSP plants in Spain, effective September 1st, 2020 (Note 6). |
Trade payables and other current liabilities |
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Trade payables and other current liabilities | Note 17. - Trade payables and other current liabilities Trade payable and other current liabilities as of September 30, 2020 and December 31, 2019 are as follows:
Trade accounts payables mainly relate to the operation and maintenance of the plants. Nominal values of Trade payables and other current liabilities are considered to approximately equal to fair values and the effect of discounting them is not significant. |
Income Tax |
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Income Tax [Abstract] | |
Income Tax | Note 18. - 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 nine-month period ended September 30, 2020, income tax amounted to a $25,079 thousand expense with respect to a profit before income tax of $83,246 thousand. In the nine-month period ended September 30, 2019, income tax amounted to a $46,979 thousand expense with respect to a profit before income tax of $115,359 thousand. The effective tax rate differs from the nominal tax rate mainly due to permanent differences and treatment of tax credits in some jurisdictions. |
Financial income and expenses |
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Financial income and expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial income and expenses | Note 19. - Financial income and expenses Financial income and expenses The following table sets forth financial income and expenses for the nine-month periods ended September 30, 2020 and 2019:
Financial income from loans and credits primarily includes a non-monetary financial income of $3.8 million resulting from the refinancing of the debt of Cadonal in the second quarter of 2020 (see Note 15). Interests from other debts are primarily interests on the notes issued by ATS, ATN, Solaben Luxembourg, Hypesol Solar Inversiones and Atlantica Sustainable Infrastructure Jersey, and interests related to the investment from Liberty (Note 16). Losses from interest rate derivatives designated as cash flow hedges correspond primarily to transfers from equity to financial expense when the hedged item is impacting the consolidated condensed income statement. Other net financial income and expenses The following table sets out Other net financial income and expenses for the nine-month periods ended September 30, 2020, and 2019:
Other financial income includes a gain of $145 million further to the purchase of Liberty´s equity interest in Solana (Note 16). Residual items are primarily interests on deposits and loans, including non-monetary changes to the amortized cost of such loans. Other financial losses include $72 million of financial expenses further to the refinancing of the Helios 1&2 debts (Note 15). Residual items are primarily guarantees and letters of credit, other bank fees, non-monetary changes to the fair value of derivatives for which hedge accounting is not applied and of financial instruments recorded at fair value through profit and loss, and other minor financial expenses. |
Other operating income and expenses |
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Other operating income and expenses | Note 20. - Other operating income and expenses The table below shows the detail of Other operating income and expenses for the nine-month periods ended September 30, 2020, and 2019:
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Earnings per share |
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Earnings per share | Note 21. - Earnings per share Basic earnings per share have been calculated by dividing the profit attributable to equity holders by the average number of shares outstanding. Diluted earnings per share for the nine-month period ended September 30, 2020 have been calculated considering the potential issuance of 3,347,305 shares on settlement of the Green Exchangeable Notes (Note 14). Diluted earnings per share equals basic earnings per share for the nine-month period ended September 30, 2019.
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Subsequent events |
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Subsequent events [Abstract] | |
Subsequent events | Note 22. - Subsequent events On November 4, 2020, the Board of Directors of the Company approved a dividend of $0.42 per share, which is expected to be paid on December 15, 2020. |
Basis of preparation (Policies) |
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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, 2019, were approved by the Board of Directors on February 26, 2020. 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 nine-month period ended September 30, 2020, and not duplicating the information previously published in the annual consolidated financial statements for the year ended December 31, 2019. 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, 2019 included in the 2019 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 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 November 4, 2020. |
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Application of new accounting standards | Application of new accounting standards a) Standards, interpretations and amendments effective from January 1, 2020 under IFRS-IASB, applied by the Company in the preparation of these condensed interim financial statements:
The applications of these amendments have not had any material impact on these 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, 2021:
The Company does not anticipate any significant impact on the consolidated condensed 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, 2021, although it is currently still in the process of evaluating such application. |
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Use of estimates | 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 our 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. The most critical accounting policies, which reflect significant management estimates and judgment to determine amounts in these consolidated condensed interim financial statements, are as follows:
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 income statement of the period in which the change occurs. The Company decided to reduce the useful life of the CSP plants in Spain from 35 years to 25 years after COD with effective date September 1st, 2020 (Note 6). |
Fair value of financial instruments (Policies) |
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Fair value of financial instruments [Abstract] | |
Fair value of financial instruments | Financial instruments measured at fair value are presented in accordance with the following level classification 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 September 30, 2020, and December 31, 2019, 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 and Rioglass, which have been classified as Level 3. |
Nature of the business (Tables) |
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Nature of the business [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Overview of main assets | The following table provides an overview of the main assets the Company owned or had an interest in as of September 30, 2020:
(1) Itochu Corporation, a Japanese trading company, holds 30% of the shares in each of Solaben 2 and Solaben 3. (2) JGC, a Japanese engineering company, holds 13% of the shares in each of Solacor 1 and Solacor 2. (3) Kaxu is owned by the Company (51%), Industrial Development Corporation of South Africa (29%) and Kaxu Community Trust (20%). (4) Algerian Energy Company, SPA owns 49% of Skikda and Sacyr Agua, S.L. owns the remaining 16.83%. (5) Algerian Energy Company, SPA owns 49% of Honaine and Sacyr Agua, S.L. owns the remaining 25.5%. (6) Instituto para la Diversificación y Ahorro de la Energía (“Idae”), a Spanish state owned company, holds 20% of the shares in Seville PV. (7) Algerian Energy Company, SPA owns 49% of Tenes. (8) 65% of the shares in Chile PV I is held by a renewable energy platform in Chile. (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. (11) Refers to the credit rating of the Republic of South Africa. The offtaker is Eskom, which is a state-owned utility company in South Africa. (12) Refers to the credit rating of Uruguay, as UTE (Administración Nacional de Usinas y Transmisoras Eléctricas) is unrated. (13) Including the acquisition of ATN Expansion 1 & 2. (14) As of December 31, 2019. (*) Commercial Operation Date. |
Financial information by segment (Tables) |
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Financial information by segment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues and Adjusted EBITDA, assets and liabilities by operating segments and business sectors | a) The following tables show Revenue and Adjusted EBITDA by operating segments and business sectors for the nine-month periods ended September 30, 2020 and 2019:
The reconciliation of segment Adjusted EBITDA with the profit/(loss) attributable to the Company is as follows:
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Assets and liabilities by geography | b) The assets and liabilities by operating segments (and business sector) as of September 30, 2020 and December 31, 2019 are as follows: Assets and liabilities by geography as of September 30, 2020:
Assets and liabilities by geography as of December 31, 2019:
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Assets and liabilities by business sector | Assets and liabilities by business sector as of September 30, 2020:
Assets and liabilities by business sector as of December 31, 2019:
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Depreciation, amortization and impairment charges recognized | c) The amount of depreciation, amortization and impairment charges recognized for the nine-month periods ended September 30, 2020 and 2019 are as follows:
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Business combinations (Tables) |
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Business combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of assets and liabilities consolidated at the effective acquisition date | The amount of assets and liabilities consolidated at the effective acquisition date is shown in the following table:
The amount of assets and liabilities consolidated at the effective acquisition date is shown in the following table:
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Contracted concessional assets (Tables) |
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Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Contracted concessional assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Movements of contracted concessional assets | The detail of contracted concessional assets included in the heading ‘Contracted concessional assets’ as of September 30, 2020 and December 31, 2019 is as follows:
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Investments carried under the equity method (Tables) |
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Investments carried under the equity method [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Breakdown of investments held in associates | The table below shows the breakdown of the investments held in associates as of September 30, 2020 and December 31, 2019:
(*) 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. (**) Windlectric Inc., the project entity, is owned 100% by Amherst Island Partnership which is accounted for under the equity method. (***) Pemcorp SAPI de CV, Monterrey´s project entity, is 100% owned by Arroyo Netherlands II B.V. - which is accounted for under the equity method in these consolidated condensed interim financial statements. Arroyo Netherlands II B.V. is 30% owned by Atlantica. (****) Other renewable energy joint ventures correspond to investments made in the following entities located in Colombia: AC Renovables Sol 1 SAS Esp, PA Renovables Sol 1 SAS Esp, SJ Renovables Sun 1 SAS Esp and SJ Renovables Wind 1 SAS Esp. |
Financial investments (Tables) |
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Financial investments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-current and Current financial investments | The detail of Non-current and Current financial investments as of September 30, 2020 and December 31, 2019 is as follows:
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Derivative financial instruments (Tables) |
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Derivative financial instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value amount of derivative financial instruments | The breakdowns of the fair value amount of the derivative financial instruments as of September 30, 2020 and December 31, 2019 are as follows:
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Related parties (Tables) |
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Related parties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related party receivables and payables | Details of balances with related parties as of September 30, 2020 and December 31, 2019 are as follows:
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related party transactions | The transactions carried out by entities included in these consolidated condensed interim financial statements with related parties not included in the consolidation perimeter of Atlantica, for the nine-month periods ended September 30, 2020 and 2019 have been as follows:
|
Trade and other receivables (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other receivables | Trade and other receivables as of September 30, 2020 and December 31, 2019, consist of the following:
|
Corporate debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt | The breakdown of the corporate debt as of September 30, 2020 and December 31, 2019 is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayment schedule for corporate debt | The repayment schedule for the corporate debt as of September 30, 2020 is as follows:
The repayment schedule for the corporate debt as of December 31, 2019 was as follows:
|
Project debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Project debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Project debt | The breakdown of project debt for both non-current and current liabilities as of September 30, 2020 and December 31, 2019 is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayment schedule for project debt | The repayment schedule for project debt in accordance with the financing arrangements and assuming there will be no acceleration of the Kaxu debt, as of September 30, 2020, is as follows and is consistent with the projected cash flows of the related projects:
The repayment schedule for project debt in accordance with the financing arrangements and assuming there would be no acceleration of the Mojave debt, as of December 31, 2019, was as follows and was consistent with the projected cash flows of the related projects:
|
Grants and other liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grants and other liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grants and other non-current liabilities |
|
Trade payables and other current liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade payables and other current liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade payable and other current liabilities | Trade payable and other current liabilities as of September 30, 2020 and December 31, 2019 are as follows:
|
Financial income and expenses (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial income and expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial income | The following table sets forth financial income and expenses for the nine-month periods ended September 30, 2020 and 2019:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial expenses |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other net financial income and expenses | The following table sets out Other net financial income and expenses for the nine-month periods ended September 30, 2020, and 2019:
|
Other operating income and expenses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating income and expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating income | The table below shows the detail of Other operating income and expenses for the nine-month periods ended September 30, 2020, and 2019:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses |
|
Earnings per share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share | Diluted earnings per share equals basic earnings per share for the nine-month period ended September 30, 2019.
|
Nature of the business, Description (Details) - Algonquin [Member] |
9 Months Ended | ||
---|---|---|---|
May 31, 2019 |
May 22, 2019 |
Sep. 30, 2020 |
|
Nature of the business [Abstract] | |||
Ownership interest | 44.20% | 42.27% | 44.20% |
Proportion of voting rights held by non-controlling interests | 41.50% | ||
Top of Range [Member] | |||
Nature of the business [Abstract] | |||
Ownership interest | 48.50% |
Nature of the business, Assets acquired (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 17, 2020
USD ($)
|
Apr. 03, 2020
USD ($)
MW
|
Aug. 02, 2019
USD ($)
MW
|
May 24, 2019
USD ($)
MW
|
Jan. 29, 2019
USD ($)
|
Oct. 31, 2019
USD ($)
|
Sep. 30, 2020
USD ($)
|
Aug. 16, 2020
USD ($)
|
May 31, 2020
USD ($)
$ / shares
|
Dec. 31, 2019
USD ($)
|
Oct. 22, 2019
USD ($)
|
|
Nature of the business [Abstract] | |||||||||||
Investments carried under the equity method | $ 116,746 | $ 139,925 | |||||||||
Solana [Member] | |||||||||||
Nature of the business [Abstract] | |||||||||||
Ownership interest | 100.00% | ||||||||||
Befesa Agua Tenes, S.L.U. [Member] | |||||||||||
Nature of the business [Abstract] | |||||||||||
Percentage interest acquired | 51.00% | ||||||||||
Ownership interest | 51.00% | ||||||||||
Consideration payment advanced | $ 19,900 | ||||||||||
Interest rate | 12.00% | ||||||||||
Payment received through cash sweep mechanism | $ 7,800 | ||||||||||
Secured loan amount | $ 4,500 | ||||||||||
Borrowings outstanding | $ 14,000 | ||||||||||
Call price (in dollars per share) | $ / shares | $ 1.00 | ||||||||||
Monterrey [Member] | |||||||||||
Nature of the business [Abstract] | |||||||||||
Gross capacity | MW | 142 | ||||||||||
Investments carried under the equity method | $ 17,000 | ||||||||||
Acquisition purchase price | $ 42,000 | ||||||||||
Percentage interest acquired | 30.00% | ||||||||||
Amherst Island [Member] | |||||||||||
Nature of the business [Abstract] | |||||||||||
Gross capacity | MW | 75 | ||||||||||
Investments carried under the equity method | $ 4,900 | ||||||||||
ASI Operations LLC [Member] | |||||||||||
Nature of the business [Abstract] | |||||||||||
Investments carried under the equity method | $ 6,000 | ||||||||||
Acquisition purchase price | $ 6,000 | ||||||||||
Percentage interest acquired | 100.00% | ||||||||||
ATN2 [Member] | |||||||||||
Nature of the business [Abstract] | |||||||||||
Acquisition purchase price | $ 20,000 | ||||||||||
Atacama Desert [Member] | |||||||||||
Nature of the business [Abstract] | |||||||||||
Investments carried under the equity method | $ 4,000 | ||||||||||
Ownership percentage acquired | 35.00% | ||||||||||
Installed capacity | MW | 55 | ||||||||||
Liberty Interactive Corporation [Member] | Solana [Member] | |||||||||||
Nature of the business [Abstract] | |||||||||||
Investments carried under the equity method | $ 290,000 | ||||||||||
Acquisition purchase price | $ 272,000 | ||||||||||
Period of annual net production of asset | 4 years | ||||||||||
Performance earn-out, period of highest annual net production of asset | 5 years | ||||||||||
Algonquin [Member] | Amherst Island [Member] | |||||||||||
Nature of the business [Abstract] | |||||||||||
Investments carried under the equity method | $ 92,300 |
Nature of the business, Main assets owned (Details) - USD ($) $ in Thousands |
9 Months Ended | |||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Short-term project debt | $ 642,590 | $ 782,439 | ||||||||||||||||||||||||||||||
ACT [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Efficient natural gas | |||||||||||||||||||||||||||||||
Ownership | 100.00% | |||||||||||||||||||||||||||||||
Location | Mexico | |||||||||||||||||||||||||||||||
Currency | [1] | USD | ||||||||||||||||||||||||||||||
Capacity (gross) | 300 MW | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | BBB/ Ba2/BB- | ||||||||||||||||||||||||||||||
COD | [3] | 2013 | ||||||||||||||||||||||||||||||
Contract years left | [4] | 13 years | ||||||||||||||||||||||||||||||
Monterrey [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Efficient natural gas | |||||||||||||||||||||||||||||||
Ownership | 30.00% | |||||||||||||||||||||||||||||||
Location | Mexico | |||||||||||||||||||||||||||||||
Currency | [1] | USD | ||||||||||||||||||||||||||||||
Capacity (gross) | 142 MW | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | Not rated | ||||||||||||||||||||||||||||||
COD | [3] | 2018 | ||||||||||||||||||||||||||||||
Contract years left | [4] | 19 years | ||||||||||||||||||||||||||||||
ATN [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | [5] | Transmission line | ||||||||||||||||||||||||||||||
Ownership | [5] | 100.00% | ||||||||||||||||||||||||||||||
Location | [5] | Peru | ||||||||||||||||||||||||||||||
Currency | [1],[5] | USD | ||||||||||||||||||||||||||||||
Capacity (gross) | [5] | 379 miles | ||||||||||||||||||||||||||||||
Counterparty credit ratings | [2],[5] | BBB+/A3/BBB+ | ||||||||||||||||||||||||||||||
COD | [3],[5] | 2011 | ||||||||||||||||||||||||||||||
Contract years left | [4],[5] | 21 years | ||||||||||||||||||||||||||||||
ATS [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Transmission line | |||||||||||||||||||||||||||||||
Ownership | 100.00% | |||||||||||||||||||||||||||||||
Location | Peru | |||||||||||||||||||||||||||||||
Currency | [1] | USD | ||||||||||||||||||||||||||||||
Capacity (gross) | 569 miles | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | BBB+/A3/BBB+ | ||||||||||||||||||||||||||||||
COD | [3] | 2014 | ||||||||||||||||||||||||||||||
Contract years left | [4] | 24 years | ||||||||||||||||||||||||||||||
ATN2 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Transmission line | |||||||||||||||||||||||||||||||
Ownership | 100.00% | |||||||||||||||||||||||||||||||
Location | Peru | |||||||||||||||||||||||||||||||
Currency | [1] | USD | ||||||||||||||||||||||||||||||
Capacity (gross) | 81 miles | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | Not rated | ||||||||||||||||||||||||||||||
COD | [3] | 2015 | ||||||||||||||||||||||||||||||
Contract years left | [4] | 13 years | ||||||||||||||||||||||||||||||
Quadra 1/2 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Transmission line | |||||||||||||||||||||||||||||||
Ownership | 100.00% | |||||||||||||||||||||||||||||||
Location | Chile | |||||||||||||||||||||||||||||||
Currency | [1] | USD | ||||||||||||||||||||||||||||||
Capacity (gross) | 49 miles/ 32 miles | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | Not rated | ||||||||||||||||||||||||||||||
COD | [3] | 2014 | ||||||||||||||||||||||||||||||
Quadra 1 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Contract years left | [4] | 15 years | ||||||||||||||||||||||||||||||
Quadra 2 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Contract years left | [4] | 15 years | ||||||||||||||||||||||||||||||
Palmucho [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Transmission line | |||||||||||||||||||||||||||||||
Ownership | 100.00% | |||||||||||||||||||||||||||||||
Location | Chile | |||||||||||||||||||||||||||||||
Currency | [1] | USD | ||||||||||||||||||||||||||||||
Capacity (gross) | 6 miles | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | BBB+/Baa1/A- | ||||||||||||||||||||||||||||||
COD | [3] | 2007 | ||||||||||||||||||||||||||||||
Contract years left | [4] | 18 years | ||||||||||||||||||||||||||||||
Chile TL3 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Transmission line | |||||||||||||||||||||||||||||||
Ownership | 100.00% | |||||||||||||||||||||||||||||||
Location | Chile | |||||||||||||||||||||||||||||||
Currency | [1] | USD | ||||||||||||||||||||||||||||||
Capacity (gross) | 50 miles | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | A+/A1/A | ||||||||||||||||||||||||||||||
COD | [3] | 1993 | ||||||||||||||||||||||||||||||
Skikda [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Water | |||||||||||||||||||||||||||||||
Ownership | [6] | 34.20% | ||||||||||||||||||||||||||||||
Location | Algeria | |||||||||||||||||||||||||||||||
Currency | [1] | USD | ||||||||||||||||||||||||||||||
Capacity (gross) | 3.5 M ft3/day | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | Not rated | ||||||||||||||||||||||||||||||
COD | [3] | 2009 | ||||||||||||||||||||||||||||||
Contract years left | [4] | 14 years | ||||||||||||||||||||||||||||||
Skikda [Member] | Algerian Energy Company, SPA [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Percentage of non-controlling interests | 49.00% | |||||||||||||||||||||||||||||||
Skikda [Member] | Sadyt [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Percentage of non-controlling interests | 16.83% | |||||||||||||||||||||||||||||||
Honaine [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Water | |||||||||||||||||||||||||||||||
Ownership | [7] | 25.50% | ||||||||||||||||||||||||||||||
Location | Algeria | |||||||||||||||||||||||||||||||
Currency | [1] | USD | ||||||||||||||||||||||||||||||
Capacity (gross) | 7 M ft3/day | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | Not rated | ||||||||||||||||||||||||||||||
COD | [3] | 2012 | ||||||||||||||||||||||||||||||
Contract years left | [4] | 18 years | ||||||||||||||||||||||||||||||
Honaine [Member] | Algerian Energy Company, SPA [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Percentage of non-controlling interests | 49.00% | |||||||||||||||||||||||||||||||
Honaine [Member] | Sadyt [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Percentage of non-controlling interests | 25.50% | |||||||||||||||||||||||||||||||
Tenes [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Water | |||||||||||||||||||||||||||||||
Ownership | [8] | 51.00% | ||||||||||||||||||||||||||||||
Location | Algeria | |||||||||||||||||||||||||||||||
Currency | [1] | USD | ||||||||||||||||||||||||||||||
Capacity (gross) | 7 M ft3/day | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | Not rated | ||||||||||||||||||||||||||||||
COD | [3] | 2015 | ||||||||||||||||||||||||||||||
Contract years left | [4] | 20 years | ||||||||||||||||||||||||||||||
Tenes [Member] | Algerian Energy Company, SPA [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Percentage of non-controlling interests | 49.00% | |||||||||||||||||||||||||||||||
PS10/PS20 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Renewable (Solar) | |||||||||||||||||||||||||||||||
Ownership | 100.00% | |||||||||||||||||||||||||||||||
Location | Spain | |||||||||||||||||||||||||||||||
Currency | [1] | Euro | ||||||||||||||||||||||||||||||
Capacity (gross) | 31 MW | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | A/Baa1/A- | ||||||||||||||||||||||||||||||
COD | [3] | 2007& 2009 | ||||||||||||||||||||||||||||||
PS10 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Contract years left | [4] | 12 years | ||||||||||||||||||||||||||||||
PS20 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Contract years left | [4] | 14 years | ||||||||||||||||||||||||||||||
Solana [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Renewable (Solar) | |||||||||||||||||||||||||||||||
Ownership | 100.00% | |||||||||||||||||||||||||||||||
Location | Arizona (USA) | |||||||||||||||||||||||||||||||
Currency | [1] | USD | ||||||||||||||||||||||||||||||
Capacity (gross) | 280 MW | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | A-/A2/A- | ||||||||||||||||||||||||||||||
COD | [3] | 2013 | ||||||||||||||||||||||||||||||
Contract years left | [4] | 24 years | ||||||||||||||||||||||||||||||
Mojave [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Renewable (Solar) | |||||||||||||||||||||||||||||||
Ownership | 100.00% | |||||||||||||||||||||||||||||||
Location | California (USA) | |||||||||||||||||||||||||||||||
Currency | [1] | USD | ||||||||||||||||||||||||||||||
Capacity (gross) | 280 MW | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | BB-/WR/BB | ||||||||||||||||||||||||||||||
COD | [3] | 2014 | ||||||||||||||||||||||||||||||
Contract years left | [4] | 20 years | ||||||||||||||||||||||||||||||
Solaben 2 & 3 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Renewable (Solar) | |||||||||||||||||||||||||||||||
Ownership | [9] | 70.00% | ||||||||||||||||||||||||||||||
Location | Spain | |||||||||||||||||||||||||||||||
Currency | [1] | Euro | ||||||||||||||||||||||||||||||
Capacity (gross) | 2x50 MW | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | A/Baa1/A- | ||||||||||||||||||||||||||||||
COD | [3] | 2012 | ||||||||||||||||||||||||||||||
Solaben 2 & 3 [Member] | Itochu Corporation [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Percentage of non-controlling interests | 30.00% | |||||||||||||||||||||||||||||||
Solaben 2 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Contract years left | [4] | 18 years | ||||||||||||||||||||||||||||||
Solaben 3 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Contract years left | [4] | 17 years | ||||||||||||||||||||||||||||||
Solacor 1 & 2 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Renewable (Solar) | |||||||||||||||||||||||||||||||
Ownership | [10] | 87.00% | ||||||||||||||||||||||||||||||
Location | Spain | |||||||||||||||||||||||||||||||
Currency | [1] | Euro | ||||||||||||||||||||||||||||||
Capacity (gross) | 2x50 MW | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | A/Baa1/A- | ||||||||||||||||||||||||||||||
COD | [3] | 2012 | ||||||||||||||||||||||||||||||
Solacor 1 & 2 [Member] | JGC [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Percentage of non-controlling interests | 13.00% | |||||||||||||||||||||||||||||||
Solacor 1 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Contract years left | [4] | 17 years | ||||||||||||||||||||||||||||||
Solacor 2 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Contract years left | [4] | 17 years | ||||||||||||||||||||||||||||||
Helioenergy 1 & 2 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Renewable (Solar) | |||||||||||||||||||||||||||||||
Ownership | 100.00% | |||||||||||||||||||||||||||||||
Location | Spain | |||||||||||||||||||||||||||||||
Currency | [1] | Euro | ||||||||||||||||||||||||||||||
Capacity (gross) | 2x50 MW | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | A/Baa1/A- | ||||||||||||||||||||||||||||||
COD | [3] | 2011 | ||||||||||||||||||||||||||||||
Helioenergy 1 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Contract years left | [4] | 17 years | ||||||||||||||||||||||||||||||
Helioenergy 2 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Contract years left | [4] | 17 years | ||||||||||||||||||||||||||||||
Helios 1 & 2 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Renewable (Solar) | |||||||||||||||||||||||||||||||
Ownership | 100.00% | |||||||||||||||||||||||||||||||
Location | Spain | |||||||||||||||||||||||||||||||
Currency | [1] | Euro | ||||||||||||||||||||||||||||||
Capacity (gross) | 2x50 MW | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | A/Baa1/A- | ||||||||||||||||||||||||||||||
COD | [3] | 2012 | ||||||||||||||||||||||||||||||
Helios 1 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Contract years left | [4] | 18 years | ||||||||||||||||||||||||||||||
Helios 2 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Contract years left | [4] | 18 years | ||||||||||||||||||||||||||||||
Solnova 1, 3 & 4 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Renewable (Solar) | |||||||||||||||||||||||||||||||
Ownership | 100.00% | |||||||||||||||||||||||||||||||
Location | Spain | |||||||||||||||||||||||||||||||
Currency | [1] | Euro | ||||||||||||||||||||||||||||||
Capacity (gross) | 3x50 MW | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | A/Baa1/A- | ||||||||||||||||||||||||||||||
COD | [3] | 2010 | ||||||||||||||||||||||||||||||
Solnova 1 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Contract years left | [4] | 15 years | ||||||||||||||||||||||||||||||
Solnova 3 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Contract years left | [4] | 15 years | ||||||||||||||||||||||||||||||
Solnova 4 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Contract years left | [4] | 16 years | ||||||||||||||||||||||||||||||
Solaben 1 & 6 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Renewable (Solar) | |||||||||||||||||||||||||||||||
Ownership | 100.00% | |||||||||||||||||||||||||||||||
Location | Spain | |||||||||||||||||||||||||||||||
Currency | [1] | Euro | ||||||||||||||||||||||||||||||
Capacity (gross) | 2x50 MW | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | A/Baa1/A- | ||||||||||||||||||||||||||||||
COD | [3] | 2013 | ||||||||||||||||||||||||||||||
Solaben 1 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Contract years left | [4] | 19 years | ||||||||||||||||||||||||||||||
Solaben 6 [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Contract years left | [4] | 19 years | ||||||||||||||||||||||||||||||
Seville PV [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Renewable (Solar) | |||||||||||||||||||||||||||||||
Ownership | [11] | 80.00% | ||||||||||||||||||||||||||||||
Location | Spain | |||||||||||||||||||||||||||||||
Currency | [1] | Euro | ||||||||||||||||||||||||||||||
Capacity (gross) | 1 MW | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | A/Baa1/A- | ||||||||||||||||||||||||||||||
COD | [3] | 2006 | ||||||||||||||||||||||||||||||
Contract years left | [4] | 16 years | ||||||||||||||||||||||||||||||
Seville PV [Member] | Idae [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Percentage of non-controlling interests | 20.00% | |||||||||||||||||||||||||||||||
Kaxu [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Renewable (Solar) | |||||||||||||||||||||||||||||||
Ownership | [12] | 51.00% | ||||||||||||||||||||||||||||||
Location | South Africa | |||||||||||||||||||||||||||||||
Currency | [1] | Rand | ||||||||||||||||||||||||||||||
Capacity (gross) | 100 MW | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2],[13] | BB-/Ba1/BB | ||||||||||||||||||||||||||||||
COD | [3] | 2015 | ||||||||||||||||||||||||||||||
Contract years left | [4] | 15 years | ||||||||||||||||||||||||||||||
Short-term project debt | $ 324,000 | |||||||||||||||||||||||||||||||
Kaxu [Member] | IDC [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Percentage of non-controlling interests | 29.00% | |||||||||||||||||||||||||||||||
Kaxu [Member] | Kaxu Community Trust [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Percentage of non-controlling interests | 20.00% | |||||||||||||||||||||||||||||||
Palmatir [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Renewable (Wind) | |||||||||||||||||||||||||||||||
Ownership | 100.00% | |||||||||||||||||||||||||||||||
Location | Uruguay | |||||||||||||||||||||||||||||||
Currency | [1] | USD | ||||||||||||||||||||||||||||||
Capacity (gross) | 50 MW | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2],[14] | BBB/Baa2/BBB- | ||||||||||||||||||||||||||||||
COD | [3] | 2014 | ||||||||||||||||||||||||||||||
Contract years left | [4] | 14 years | ||||||||||||||||||||||||||||||
Cadonal [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Renewable (Wind) | |||||||||||||||||||||||||||||||
Ownership | 100.00% | |||||||||||||||||||||||||||||||
Location | Uruguay | |||||||||||||||||||||||||||||||
Currency | [1] | USD | ||||||||||||||||||||||||||||||
Capacity (gross) | 50 MW | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2],[14] | BBB/Baa2/BBB- | ||||||||||||||||||||||||||||||
COD | [3] | 2014 | ||||||||||||||||||||||||||||||
Contract years left | [4] | 15 years | ||||||||||||||||||||||||||||||
Melowind [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Renewable (Wind) | |||||||||||||||||||||||||||||||
Ownership | 100.00% | |||||||||||||||||||||||||||||||
Location | Uruguay | |||||||||||||||||||||||||||||||
Currency | [1] | USD | ||||||||||||||||||||||||||||||
Capacity (gross) | 50 MW | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | BBB/Baa2/BBB- | ||||||||||||||||||||||||||||||
COD | [3] | 2015 | ||||||||||||||||||||||||||||||
Contract years left | [4] | 16 years | ||||||||||||||||||||||||||||||
Mini-Hydro [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Renewable (Hydraulic) | |||||||||||||||||||||||||||||||
Ownership | 100.00% | |||||||||||||||||||||||||||||||
Location | Peru | |||||||||||||||||||||||||||||||
Currency | [1] | USD | ||||||||||||||||||||||||||||||
Capacity (gross) | 4 MW | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | BBB+/A3/BBB+ | ||||||||||||||||||||||||||||||
COD | [3] | 2012 | ||||||||||||||||||||||||||||||
Contract years left | [4] | 13 years | ||||||||||||||||||||||||||||||
Chile PV I [Member] | ||||||||||||||||||||||||||||||||
Nature of the business [Abstract] | ||||||||||||||||||||||||||||||||
Type | Renewable (Solar) | |||||||||||||||||||||||||||||||
Ownership | [15] | 35.00% | ||||||||||||||||||||||||||||||
Location | Chile | |||||||||||||||||||||||||||||||
Currency | [1] | USD | ||||||||||||||||||||||||||||||
Capacity (gross) | 55 MW | |||||||||||||||||||||||||||||||
Counterparty credit ratings | [2] | N/A | ||||||||||||||||||||||||||||||
COD | [3] | 2016 | ||||||||||||||||||||||||||||||
Percentage of non-controlling interests | 65.00% | |||||||||||||||||||||||||||||||
|
Basis of preparation (Details) |
1 Months Ended | |
---|---|---|
Aug. 31, 2020 |
Sep. 30, 2020 |
|
Solar Plants in Spain [Member] | ||
Contracted Concessional Assets [Abstract] | ||
Useful life of plant | 35 years | 25 years |
Financial information by segment, Revenues and Adjusted EBITDA (Details) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020
USD ($)
Customer
|
Sep. 30, 2019
USD ($)
Customer
|
|
Financial information by segment [Abstract] | ||
Number of customers representing more than 10% of total revenues | Customer | 4 | 4 |
Revenue | $ 768,734 | $ 798,163 |
Adjusted EBITDA | $ 609,572 | $ 651,004 |
Renewable Energy [Member] | ||
Financial information by segment [Abstract] | ||
Number of customers representing more than 10% of total revenues | Customer | 3 | 3 |
Revenue | $ 579,230 | $ 609,828 |
Adjusted EBITDA | $ 456,420 | $ 493,311 |
Efficient Natural Gas [Member] | ||
Financial information by segment [Abstract] | ||
Number of customers representing more than 10% of total revenues | Customer | 1 | 1 |
Revenue | $ 80,118 | $ 92,891 |
Adjusted EBITDA | 72,412 | 81,668 |
Electric Transmission Lines [Member] | ||
Financial information by segment [Abstract] | ||
Revenue | 79,229 | 77,024 |
Adjusted EBITDA | 64,039 | 65,133 |
Water [Member] | ||
Financial information by segment [Abstract] | ||
Revenue | 30,157 | 18,420 |
Adjusted EBITDA | 16,701 | 10,892 |
North America [Member] | ||
Financial information by segment [Abstract] | ||
Revenue | 267,688 | 273,913 |
Adjusted EBITDA | 233,201 | 254,492 |
South America [Member] | ||
Financial information by segment [Abstract] | ||
Revenue | 112,019 | 105,760 |
Adjusted EBITDA | 89,749 | 87,757 |
EMEA [Member] | ||
Financial information by segment [Abstract] | ||
Revenue | 389,027 | 418,490 |
Adjusted EBITDA | $ 286,622 | $ 308,755 |
Financial information by segment, Reconciliation of segment Adjusted EBITDA (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Financial information by segment [Abstract] | ||
Profit/(Loss) attributable to the Company | $ (61,209) | $ (60,832) |
(Loss)/Profit attributable to non-controlling interests | (3,042) | 7,548 |
Income tax | 25,079 | 46,979 |
Share of (profits)/losses of associates | 2,248 | (3,881) |
Financial expense, net | 221,911 | 304,637 |
Depreciation, amortization, and impairment charges | 302,166 | 234,889 |
Total segment Adjusted EBITDA | (609,572) | (651,004) |
Reconciling Item [Member] | ||
Financial information by segment [Abstract] | ||
Profit/(Loss) attributable to the Company | 61,209 | 60,832 |
(Loss)/Profit attributable to non-controlling interests | (3,042) | 7,548 |
Income tax | 25,079 | 46,979 |
Share of (profits)/losses of associates | 2,248 | (3,881) |
Financial expense, net | 221,911 | 304,637 |
Depreciation, amortization, and impairment charges | 302,166 | 234,889 |
Total segment Adjusted EBITDA | $ 609,572 | $ 651,004 |
Financial information by segment, Assets and liabilities by geography (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Dec. 31, 2018 |
---|---|---|---|---|
Assets allocated [Abstract] | ||||
Contracted concessional assets | $ 8,080,645 | $ 8,161,129 | ||
Investments carried under the equity method | 116,746 | 139,925 | ||
Current financial investments | 195,549 | 218,577 | ||
Cash and cash equivalents (project companies) | 788,895 | 562,795 | $ 641,728 | $ 631,542 |
Total assets | 9,831,113 | 9,659,815 | ||
Liabilities allocated [Abstract] | ||||
Long-term and short-term project debt | 5,281,174 | 4,852,348 | ||
Grants and other liabilities | 1,229,230 | 1,641,752 | ||
Long-term and short-term corporate debt | 959,681 | 723,791 | ||
Total liabilities | 8,189,066 | 7,944,959 | ||
Equity | 1,642,047 | 1,714,856 | $ 1,697,045 | $ 1,756,112 |
Total liabilities and equity | 9,831,113 | 9,659,815 | ||
North America [Member] | ||||
Assets allocated [Abstract] | ||||
Contracted concessional assets | 3,112,095 | 3,299,198 | ||
Investments carried under the equity method | 79,959 | 90,847 | ||
Current financial investments | 125,821 | 159,267 | ||
Cash and cash equivalents (project companies) | 230,616 | 181,458 | ||
Total assets | 3,545,491 | 3,730,771 | ||
Liabilities allocated [Abstract] | ||||
Long-term and short-term project debt | 1,669,969 | 1,676,251 | ||
Grants and other liabilities | 1,088,322 | 1,490,679 | ||
Total liabilities | 2,758,291 | 3,166,930 | ||
South America [Member] | ||||
Assets allocated [Abstract] | ||||
Contracted concessional assets | 1,223,888 | 1,186,552 | ||
Investments carried under the equity method | 0 | 0 | ||
Current financial investments | 27,637 | 29,190 | ||
Cash and cash equivalents (project companies) | 85,003 | 80,909 | ||
Total assets | 1,336,528 | 1,296,652 | ||
Liabilities allocated [Abstract] | ||||
Long-term and short-term project debt | 919,248 | 884,835 | ||
Grants and other liabilities | 11,404 | 12,864 | ||
Total liabilities | 930,652 | 897,699 | ||
EMEA [Member] | ||||
Assets allocated [Abstract] | ||||
Contracted concessional assets | 3,744,662 | 3,675,379 | ||
Investments carried under the equity method | 39,787 | 49,078 | ||
Current financial investments | 41,202 | 20,673 | ||
Cash and cash equivalents (project companies) | 286,362 | 234,097 | ||
Total assets | 4,112,013 | 3,979,227 | ||
Liabilities allocated [Abstract] | ||||
Long-term and short-term project debt | 2,691,957 | 2,291,262 | ||
Grants and other liabilities | 129,504 | 138,209 | ||
Total liabilities | 2,821,461 | 2,429,471 | ||
Allocated [Member] | ||||
Assets allocated [Abstract] | ||||
Contracted concessional assets | 8,080,645 | 8,161,129 | ||
Investments carried under the equity method | 116,746 | 139,925 | ||
Current financial investments | 194,660 | 209,131 | ||
Cash and cash equivalents (project companies) | 601,980 | 496,464 | ||
Total assets | 8,994,031 | 9,006,649 | ||
Liabilities allocated [Abstract] | ||||
Long-term and short-term project debt | 5,281,174 | 4,852,348 | ||
Grants and other liabilities | 1,229,230 | 1,641,752 | ||
Total liabilities | 6,510,404 | 6,494,100 | ||
Unallocated [Member] | ||||
Assets allocated [Abstract] | ||||
Other non-current assets | 214,843 | 239,553 | ||
Other current assets (including cash and cash equivalents at holding company level) | 622,239 | 413,613 | ||
Total assets | 837,082 | 653,166 | ||
Liabilities allocated [Abstract] | ||||
Long-term and short-term corporate debt | 959,681 | 723,791 | ||
Other non-current liabilities | 601,113 | 564,855 | ||
Other current liabilities | 117,868 | 162,213 | ||
Total liabilities | 1,678,662 | 1,450,859 | ||
Equity | 1,642,047 | 1,714,856 | ||
Total liabilities and equity | $ 3,320,709 | $ 3,165,715 |
Financial information by segment, Assets and liabilities by business sector (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Dec. 31, 2018 |
---|---|---|---|---|
Assets allocated [Abstract] | ||||
Contracted concessional assets | $ 8,080,645 | $ 8,161,129 | ||
Investments carried under the equity method | 116,746 | 139,925 | ||
Current financial investments | 195,549 | 218,577 | ||
Cash and cash equivalents (project companies) | 788,895 | 562,795 | $ 641,728 | $ 631,542 |
Total assets | 9,831,113 | 9,659,815 | ||
Liabilities allocated [Abstract] | ||||
Long-term and short-term project debt | 5,281,174 | 4,852,348 | ||
Grants and other liabilities | 1,229,230 | 1,641,752 | ||
Long-term and short-term corporate debt | 959,681 | 723,791 | ||
Total liabilities | 8,189,066 | 7,944,959 | ||
Equity | 1,642,047 | 1,714,856 | $ 1,697,045 | $ 1,756,112 |
Total liabilities and equity | 9,831,113 | 9,659,815 | ||
Renewable Energy [Member] | ||||
Assets allocated [Abstract] | ||||
Contracted concessional assets | 6,538,840 | 6,644,024 | ||
Investments carried under the equity method | 63,302 | 77,549 | ||
Current financial investments | 2,068 | 13,798 | ||
Cash and cash equivalents (project companies) | 489,896 | 421,198 | ||
Total assets | 7,094,106 | 7,156,568 | ||
Liabilities allocated [Abstract] | ||||
Long-term and short-term project debt | 4,007,975 | 3,658,507 | ||
Grants and other liabilities | 1,221,684 | 1,634,361 | ||
Total liabilities | 5,229,659 | 5,292,868 | ||
Efficient Natural Gas [Member] | ||||
Assets allocated [Abstract] | ||||
Contracted concessional assets | 514,998 | 559,069 | ||
Investments carried under the equity method | 16,379 | 17,154 | ||
Current financial investments | 123,836 | 148,723 | ||
Cash and cash equivalents (project companies) | 30,072 | 11,850 | ||
Total assets | 685,285 | 736,796 | ||
Liabilities allocated [Abstract] | ||||
Long-term and short-term project debt | 510,587 | 529,350 | ||
Grants and other liabilities | 82 | 146 | ||
Total liabilities | 510,669 | 529,495 | ||
Electric Transmission Lines [Member] | ||||
Assets allocated [Abstract] | ||||
Contracted concessional assets | 848,749 | 872,757 | ||
Investments carried under the equity method | 0 | 0 | ||
Current financial investments | 27,619 | 28,237 | ||
Cash and cash equivalents (project companies) | 63,241 | 53,868 | ||
Total assets | 939,609 | 954,862 | ||
Liabilities allocated [Abstract] | ||||
Long-term and short-term project debt | 642,519 | 640,160 | ||
Grants and other liabilities | 6,108 | 6,517 | ||
Total liabilities | 648,627 | 646,677 | ||
Water [Member] | ||||
Assets allocated [Abstract] | ||||
Contracted concessional assets | 178,058 | 85,280 | ||
Investments carried under the equity method | 37,065 | 45,222 | ||
Current financial investments | 41,138 | 18,373 | ||
Cash and cash equivalents (project companies) | 18,771 | 9,548 | ||
Total assets | 275,032 | 158,423 | ||
Liabilities allocated [Abstract] | ||||
Long-term and short-term project debt | 120,093 | 24,331 | ||
Grants and other liabilities | 1,356 | 728 | ||
Total liabilities | 121,449 | 25,059 | ||
Allocated [Member] | ||||
Assets allocated [Abstract] | ||||
Contracted concessional assets | 8,080,645 | 8,161,129 | ||
Investments carried under the equity method | 116,746 | 139,925 | ||
Current financial investments | 194,660 | 209,131 | ||
Cash and cash equivalents (project companies) | 601,980 | 496,464 | ||
Total assets | 8,994,031 | 9,006,649 | ||
Liabilities allocated [Abstract] | ||||
Long-term and short-term project debt | 5,281,174 | 4,852,348 | ||
Grants and other liabilities | 1,229,230 | 1,641,752 | ||
Total liabilities | 6,510,404 | 6,494,100 | ||
Unallocated [Member] | ||||
Assets allocated [Abstract] | ||||
Other non-current assets | 214,843 | 239,553 | ||
Other current assets (including cash and cash equivalents at holding company level) | 622,239 | 413,613 | ||
Total assets | 837,082 | 653,166 | ||
Liabilities allocated [Abstract] | ||||
Long-term and short-term corporate debt | 959,681 | 723,791 | ||
Other non-current liabilities | 601,113 | 564,855 | ||
Other current liabilities | 117,868 | 162,213 | ||
Total liabilities | 1,678,662 | 1,450,859 | ||
Equity | 1,642,047 | 1,714,856 | ||
Total liabilities and equity | $ 3,320,709 | $ 3,165,715 |
Financial information by segment, Depreciation, amortization and impairment charges recognized (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | $ (302,166) | $ (234,889) |
North America [Member] | ||
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | (162,803) | (88,647) |
South America [Member] | ||
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | (26,624) | (35,553) |
EMEA [Member] | ||
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | (112,739) | (110,689) |
Renewable Energy [Member] | ||
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | (253,617) | (215,941) |
Efficient Natural Gas [Member] | ||
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | (23,616) | 784 |
Electric Transmission Lines [Member] | ||
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | (24,236) | (20,093) |
Water [Member] | ||
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | $ (697) | $ 361 |
Business combinations, 2020 (Details) $ in Thousands |
9 Months Ended | ||||
---|---|---|---|---|---|
Apr. 03, 2020
USD ($)
MW
|
Sep. 30, 2020
USD ($)
|
May 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Jan. 29, 2019
USD ($)
|
|
Asset Acquisition [Abstract] | |||||
Non-current project debt | $ (4,638,584) | $ (4,069,909) | |||
Current project debt | (642,590) | (782,439) | |||
Chile PV I [Member] | Renewable Energy [Member] | |||||
Business combinations [Abstract] | |||||
Percentage interest acquired | 35.00% | ||||
Total investment | $ 4,000 | ||||
Gross capacity | MW | 55 | ||||
Percentage of non-controlling interests | 65.00% | ||||
Asset Acquisition [Member] | |||||
Asset Acquisition [Abstract] | |||||
Concessional assets | 162,489 | 28,738 | |||
Other non-current assets | 931 | ||||
Cash & cash equivalents | 17,646 | ||||
Other current assets | 29,445 | 1,503 | |||
Non-current project debt | (150,087) | ||||
Current project debt | (8,357) | ||||
Other current and non-current liabilities | (4,378) | (1,512) | |||
Non-controlling interests | (25,079) | ||||
Asset acquisition - purchase price | (22,610) | (26,190) | |||
Net result of the asset acquisition | 0 | $ 0 | |||
Revenue contributed by acquisitions | 13,300 | ||||
Amount of profit (loss) after tax | 1,700 | ||||
Additional revenue amount | 16,300 | ||||
Additional amount of loss after tax | $ 2,300 | ||||
Befesa Agua Tenes, S.L.U. [Member] | |||||
Business combinations [Abstract] | |||||
Percentage interest acquired | 51.00% | ||||
Total investment | $ 19,000 | ||||
Asset Acquisition [Abstract] | |||||
Asset acquisition - purchase price | $ (19,900) |
Business combinations, 2019 (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
Oct. 22, 2019 |
Aug. 02, 2019 |
May 24, 2019 |
---|---|---|---|---|---|
Business combinations [Abstract] | |||||
Investments carried under the equity method | $ 116,746 | $ 139,925 | |||
Asset Acquisition [Member] | |||||
Asset Acquisition [Abstract] | |||||
Concessional assets | 162,489 | 28,738 | |||
Current assets | 29,445 | 1,503 | |||
Deferred tax liabilities | (2,539) | ||||
Other current and non-current liabilities | (4,378) | (1,512) | |||
Asset acquisition - purchase price | (22,610) | (26,190) | |||
Net result of the asset acquisition | $ 0 | $ 0 | |||
Amherst Island [Member] | |||||
Business combinations [Abstract] | |||||
Investments carried under the equity method | $ 4,900 | ||||
Amherst Island [Member] | Algonquin [Member] | |||||
Business combinations [Abstract] | |||||
Investments carried under the equity method | $ 92,300 | ||||
Monterrey [Member] | |||||
Business combinations [Abstract] | |||||
Investments carried under the equity method | $ 17,000 | ||||
Percentage interest acquired | 30.00% | ||||
ASI Ops [Member] | |||||
Business combinations [Abstract] | |||||
Investments carried under the equity method | $ 6,000 | ||||
Percentage interest acquired | 100.00% | ||||
ATN2 [Member] | |||||
Business combinations [Abstract] | |||||
Investments carried under the equity method | $ 20,000 |
Contracted concessional assets (Details) - USD ($) $ in Thousands |
1 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Aug. 31, 2020 |
Sep. 30, 2020 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Contracted Concessional Assets [Abstract] | |||||
Contracted concessional assets | $ 8,080,645 | $ 8,080,645 | $ 8,161,129 | ||
Depreciation, amortization, and impairment charges | 302,166 | $ 234,889 | |||
Impairment provision based on expected credit losses on contracted concessional financial assets | 29,000 | ||||
Impairment loss on contracted concessional financial assets | 0 | 0 | |||
Reversal of impairment losses | $ 3,000 | ||||
Chile PV 1 and Tenes [Member] | |||||
Contracted Concessional Assets [Abstract] | |||||
Amount of increase in the contracted concessional assets cost | 162,000 | 162,000 | |||
Contracted Concessional Assets [Member] | |||||
Contracted Concessional Assets [Abstract] | |||||
Contracted concessional financial assets | $ 863,800 | 863,800 | 819,100 | ||
Solana [Member] | |||||
Contracted Concessional Assets [Abstract] | |||||
Depreciation, amortization, and impairment charges | $ 48,000 | ||||
Percentage recoverable amount exceeds carrying amount | 10.00% | ||||
Assumed percentage decrease in generation | 5.00% | ||||
Assumed percentage increase in discount rate | 0.50% | ||||
Solana [Member] | Bottom of Range [Member] | |||||
Contracted Concessional Assets [Abstract] | |||||
Discount rate | 3.80% | 3.80% | |||
Solana [Member] | Top of Range [Member] | |||||
Contracted Concessional Assets [Abstract] | |||||
Discount rate | 4.30% | 4.30% | |||
Solar Plants in Spain [Member] | |||||
Contracted Concessional Assets [Abstract] | |||||
Depreciation, amortization, and impairment charges | $ 5,000 | ||||
Percentage recoverable amount exceeds carrying amount | 6.00% | ||||
Assumed percentage decrease in generation | 5.00% | ||||
Assumed percentage increase in discount rate | 0.50% | ||||
Regulatory period of plant | 25 years | ||||
Useful life of plant | 35 years | 25 years | |||
Impairment provision based on expected credit losses on contracted concessional financial assets | $ 12,000 | ||||
Solar Plants in Spain [Member] | Bottom of Range [Member] | |||||
Contracted Concessional Assets [Abstract] | |||||
Discount rate | 3.30% | 3.30% | |||
Solar Plants in Spain [Member] | Top of Range [Member] | |||||
Contracted Concessional Assets [Abstract] | |||||
Discount rate | 3.80% | 3.80% | |||
Cadonal [Member] | |||||
Contracted Concessional Assets [Abstract] | |||||
Reversal of impairment losses | $ 15,600 | ||||
Palmatir [Member] | |||||
Contracted Concessional Assets [Abstract] | |||||
Reversal of impairment losses | 3,100 | ||||
Cost [Member] | |||||
Contracted Concessional Assets [Abstract] | |||||
Contracted concessional assets | $ 10,576,508 | 10,576,508 | 10,384,597 | ||
Amortization and Impairment [Member] | |||||
Contracted Concessional Assets [Abstract] | |||||
Contracted concessional assets | $ (2,495,863) | $ (2,495,863) | $ (2,223,468) |
Investments carried under the equity method (Details) $ in Thousands |
9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 02, 2019
USD ($)
MW
|
May 24, 2019
USD ($)
MW
|
Sep. 30, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|||||||||
Investments in associates [Abstract] | ||||||||||||
Investment under the equity method | $ 116,746 | $ 139,925 | ||||||||||
Amherst Island [Member] | ||||||||||||
Investments in associates [Abstract] | ||||||||||||
Investment under the equity method | $ 4,900 | |||||||||||
Gross capacity | MW | 75 | |||||||||||
Monterrey [Member] | ||||||||||||
Investments in associates [Abstract] | ||||||||||||
Investment under the equity method | $ 17,000 | |||||||||||
Gross capacity | MW | 142 | |||||||||||
Total investment | $ 42,000 | |||||||||||
Percentage interest acquired | 30.00% | |||||||||||
Geida Tlemcen, S.L. [Member] | ||||||||||||
Investments in associates [Abstract] | ||||||||||||
Ownership interest | 50.00% | |||||||||||
Windlectric Inc. [Member] | ||||||||||||
Investments in associates [Abstract] | ||||||||||||
Ownership interest | 100.00% | |||||||||||
Arroyo Netherlands II B.V [Member] | ||||||||||||
Investments in associates [Abstract] | ||||||||||||
Ownership interest | 30.00% | |||||||||||
Ownership interest | 100.00% | |||||||||||
Algonquin [Member] | Amherst Island [Member] | ||||||||||||
Investments in associates [Abstract] | ||||||||||||
Investment under the equity method | $ 92,300 | |||||||||||
Non-controlling interests | 92,300 | |||||||||||
AYES Canada [Member] | Amherst Island [Member] | ||||||||||||
Investments in associates [Abstract] | ||||||||||||
Investment under the equity method | $ 97,200 | |||||||||||
Evacuacion Valdecaballeros, S.L. [Member] | ||||||||||||
Investments in associates [Abstract] | ||||||||||||
Investment under the equity method | $ 947 | 2,348 | ||||||||||
Myah Bahr Honaine, S.P.A. [Member] | ||||||||||||
Investments in associates [Abstract] | ||||||||||||
Investment under the equity method | [1] | 37,064 | 45,222 | |||||||||
Pectonex, R.F. Proprietary Limited [Member] | ||||||||||||
Investments in associates [Abstract] | ||||||||||||
Investment under the equity method | 1,547 | 1,391 | ||||||||||
ABY Infraestructuras, S.L. [Member] | ||||||||||||
Investments in associates [Abstract] | ||||||||||||
Investment under the equity method | 21 | 11 | ||||||||||
Ca Ku A1, S.A.P.I de CV (PTS) [Member] | ||||||||||||
Investments in associates [Abstract] | ||||||||||||
Investment under the equity method | 0 | 0 | ||||||||||
Evacuacion Villanueva del Rey, S.L [Member] | ||||||||||||
Investments in associates [Abstract] | ||||||||||||
Investment under the equity method | 0 | 0 | ||||||||||
Windlectric Inc. [Member] | ||||||||||||
Investments in associates [Abstract] | ||||||||||||
Investment under the equity method | [2] | 60,614 | 73,693 | |||||||||
Pemcorp SAPI de CV [Member] | ||||||||||||
Investments in associates [Abstract] | ||||||||||||
Investment under the equity method | [3] | 16,379 | 17,179 | |||||||||
Other Renewable Energy Joint Ventures [Member] | ||||||||||||
Investments in associates [Abstract] | ||||||||||||
Investment under the equity method | [4] | $ 174 | $ 81 | |||||||||
|
Financial investments (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Financial investments [Abstract] | ||
Fair Value through OCI (Investment in Ten West link) | $ 12,896 | $ 9,874 |
Fair Value through Profit and Loss (Investment in Rioglass) | 2,617 | 7,000 |
Derivative assets (Note 9) | 1,493 | 3,182 |
Other receivable accounts at amortized cost | 49,869 | 71,531 |
Total non-current financial investments | 66,875 | 91,587 |
Contracted concessional financial assets | 175,042 | 160,624 |
Derivative assets (Note 9) | 888 | 2,048 |
Other receivable accounts at amortized cost | 19,619 | 55,905 |
Total current financial investments | $ 195,549 | $ 218,577 |
Financial investments, Restructuring agreement of Abengoa (Details) |
9 Months Ended |
---|---|
Sep. 30, 2020
mi
| |
Ten West Link [Member] | |
Restructuring Agreement [Abstract] | |
Percentage interest acquired | 12.50% |
Length of transmission lines | 114 |
Rioglass [Member] | |
Restructuring Agreement [Abstract] | |
Percentage interest acquired | 15.12% |
Derivative financial instruments (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Breakdown of fair value amount of derivative financial instruments [Abstract] | |||
Loss on cash flow hedges | $ 43,792 | $ 41,062 | |
Cash Flow Hedge [Member] | |||
Breakdown of fair value amount of derivative financial instruments [Abstract] | |||
Assets | 2,381 | $ 5,230 | |
Liabilities | $ 322,130 | 298,744 | |
Interest Rate Derivatives [Member] | Euros [Member] | |||
Breakdown of fair value amount of derivative financial instruments [Abstract] | |||
Percent of notional amount of debt hedged in next 12 months | 100.00% | ||
Percentage of notional amount of debt hedged in year two | 75.00% | ||
Interest Rate Derivatives [Member] | Cash Flow Hedge [Member] | |||
Breakdown of fair value amount of derivative financial instruments [Abstract] | |||
Assets | $ 1,270 | 1,619 | |
Liabilities | 313,416 | 298,744 | |
Loss on cash flow hedges | (43,800) | $ (41,100) | |
After-tax result accumulated in equity | 81,500 | 73,800 | |
Foreign Exchange Derivative Instruments [Member] | Cash Flow Hedge [Member] | |||
Breakdown of fair value amount of derivative financial instruments [Abstract] | |||
Assets | 1,111 | 3,610 | |
Liabilities | 0 | 0 | |
Notes Conversion Option [Member] | Cash Flow Hedge [Member] | |||
Breakdown of fair value amount of derivative financial instruments [Abstract] | |||
Assets | 0 | 0 | |
Liabilities | $ 8,714 | $ 0 |
Related parties (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Details of Balances [Abstract] | |||
Total non-current payables with related parties | $ 6,499 | $ 17,115 | |
Transactions With Related Party [Abstract] | |||
Financial income | 6,413 | $ 2,853 | |
Financial expenses | (289,439) | (310,233) | |
Kaxu, Solaben 2&3 and Solacor 1&2 [Member] | |||
Details of Balances [Abstract] | |||
Total current payables with related parties | 18,700 | 35,600 | |
Algonquin [Member] | |||
Details of Balances [Abstract] | |||
Total current payables with related parties | 1,900 | 5,400 | |
Amherst Island Partnership [Member] | |||
Details of Balances [Abstract] | |||
Compensation received in lieu of dividends | 2,000 | 5,500 | |
Arroyo Netherlands II B.V [Member] | |||
Details of Balances [Abstract] | |||
Total current receivables with related parties | 17,900 | 4,000 | |
Related Parties [Member] | |||
Details of Balances [Abstract] | |||
Total current receivables with related parties | 22,942 | 13,350 | |
Total non-current receivables with related parties | 6,264 | 21,355 | |
Total current payables with related parties | 14,238 | 23,979 | |
Total non-current payables with related parties | 6,499 | 17,115 | |
Related Parties [Member] | Credit Payables [Member] | |||
Details of Balances [Abstract] | |||
Total current payables with related parties | 14,238 | 23,979 | |
Total non-current payables with related parties | 6,499 | 17,115 | |
Related Parties [Member] | Credit Receivables [Member] | |||
Details of Balances [Abstract] | |||
Total current receivables with related parties | 22,942 | 13,350 | |
Total non-current receivables with related parties | 6,264 | $ 21,355 | |
Subsidiaries [Member] | |||
Transactions With Related Party [Abstract] | |||
Financial income | 1,493 | 391 | |
Financial expenses | $ (119) | $ (150) |
Trade and other receivables (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Trade and other receivables [Abstract] | ||
Trade receivables | $ 322,231 | $ 242,008 |
Tax receivables | 50,190 | 50,901 |
Prepayments | 25,977 | 5,150 |
Other accounts receivable | 12,867 | 19,508 |
Trade and other receivables | $ 411,265 | $ 317,568 |
Equity (Details) |
9 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jul. 31, 2020
USD ($)
$ / shares
|
May 06, 2020
USD ($)
$ / shares
|
Feb. 26, 2020
USD ($)
$ / shares
|
May 31, 2019
shares
|
May 22, 2019
USD ($)
shares
|
Sep. 30, 2020
USD ($)
Vote
$ / shares
shares
|
Dec. 31, 2018 |
Dec. 31, 2019
USD ($)
|
|
Equity [Abstract] | ||||||||
Share capital | $ 10,160,000 | $ 10,160,000 | ||||||
Shares outstanding (in shares) | shares | 101,601,662 | |||||||
Nominal value per share (in dollars per share) | $ / shares | $ 0.10 | |||||||
Voting right per share | Vote | 1 | |||||||
Treasury shares held (in shares) | shares | 0 | |||||||
Increase (decrease) in treasury shares (in shares) | shares | 0 | |||||||
Fourth Quarter [Member] | ||||||||
Equity [Abstract] | ||||||||
Dividend declaration date | Feb. 26, 2020 | |||||||
Dividend paid date | Mar. 23, 2020 | |||||||
Dividend declared and paid (in dollars per share) | $ / shares | $ 0.41 | |||||||
Dividends paid | $ 41,700,000 | |||||||
First Quarter [Member] | ||||||||
Equity [Abstract] | ||||||||
Dividend declaration date | May 06, 2020 | |||||||
Dividend paid date | Jun. 15, 2020 | |||||||
Dividend declared and paid (in dollars per share) | $ / shares | $ 0.41 | |||||||
Dividends paid | $ 41,700,000 | |||||||
Second Quarter [Member] | ||||||||
Equity [Abstract] | ||||||||
Dividend declaration date | Jul. 31, 2020 | |||||||
Dividend paid date | Sep. 15, 2020 | |||||||
Dividend declared and paid (in dollars per share) | $ / shares | $ 0.42 | |||||||
Dividends paid | $ 42,700,000 | |||||||
Algonquin [Member] | ||||||||
Equity [Abstract] | ||||||||
Share capital | $ 30,000,000 | |||||||
Shares outstanding (in shares) | shares | 2,000,000 | 1,384,402 | ||||||
Ownership interest | 44.20% | 42.27% | 44.20% | |||||
Abengoa [Member] | ||||||||
Equity [Abstract] | ||||||||
Ownership interest | 41.47% |
Corporate debt, Breakdown of corporate debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Corporate debt [Abstract] | ||
Non-current | $ 935,665 | $ 695,085 |
Current | 24,016 | 28,706 |
Total Corporate Debt | $ 959,681 | $ 723,791 |
Corporate debt, Details of corporate debt (Details) $ / shares in Units, $ in Thousands, € in Millions |
1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2019
EUR (€)
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2020
EUR (€)
|
Sep. 30, 2019
USD ($)
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2019
EUR (€)
|
Sep. 30, 2020
EUR (€)
|
Jul. 29, 2020
USD ($)
|
Jul. 17, 2020
USD ($)
$ / shares
shares
|
Jul. 08, 2020
USD ($)
|
Jul. 08, 2020
EUR (€)
|
Mar. 31, 2020
USD ($)
|
Mar. 31, 2020
EUR (€)
|
Oct. 08, 2019
EUR (€)
|
May 10, 2018
USD ($)
|
Jul. 20, 2017
USD ($)
|
Jul. 20, 2017
EUR (€)
|
Feb. 10, 2017
EUR (€)
|
|
Corporate debt [Abstract] | ||||||||||||||||||
Amount drawn | $ 1,277,596 | $ 326,591 | ||||||||||||||||
Note Issuance Facility 2017 [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Principal amount | € | € 275.0 | |||||||||||||||||
Series 1 Notes [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Maturity date | 2022 | 2022 | ||||||||||||||||
Series 2 Notes [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Maturity date | 2023 | 2023 | ||||||||||||||||
Series 3 Notes [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Maturity date | 2024 | 2024 | ||||||||||||||||
2017 Credit Facility [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Maturity date | December 13, 2021 | December 13, 2021 | ||||||||||||||||
Amount drawn | € | € 9.0 | € 9.0 | ||||||||||||||||
2017 Credit Facility [Member] | Top of Range [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Credit facility amount | $ 11,700 | € 10.0 | ||||||||||||||||
2017 Credit Facility [Member] | EURIBOR [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Adjustment to interest rate | 2.00% | 2.00% | ||||||||||||||||
2017 Credit Facility [Member] | LIBOR [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Adjustment to interest rate | 2.00% | 2.00% | ||||||||||||||||
Note Issuance Facility 2020 [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Fixed interest rate | 5.25% | 5.25% | ||||||||||||||||
Credit facility amount | $ 164,000 | € 140.0 | ||||||||||||||||
Maturity period | 7 years | 7 years | ||||||||||||||||
New Revolving Credit Facility [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Credit facility amount | $ 425,000 | $ 215,000 | ||||||||||||||||
Amount drawn | $ 84,000 | |||||||||||||||||
New Revolving Credit Facility [Member] | Maturity December 31, 2022 [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Maturity date | December 31, 2022 | December 31, 2022 | ||||||||||||||||
Eurodollar Rate Loans [Member] | Bottom of Range [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Adjustment to interest rate | 1.60% | |||||||||||||||||
Eurodollar Rate Loans [Member] | Top of Range [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Adjustment to interest rate | 2.25% | |||||||||||||||||
Base Rate Loans [Member] | Bottom of Range [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Adjustment to interest rate | 0.60% | |||||||||||||||||
Base Rate Loans [Member] | Top of Range [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Adjustment to interest rate | 1.00% | |||||||||||||||||
Base Rate Loans [Member] | Federal Funds Rate [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Adjustment to interest rate | 0.50% | |||||||||||||||||
Base Rate Loans [Member] | LIBOR [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Adjustment to interest rate | 1.00% | |||||||||||||||||
Letters of Credit [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Credit facility amount | $ 70,000 | |||||||||||||||||
Note Issuance Facility 2019 [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Fixed interest rate | 4.24% | |||||||||||||||||
Maturity date | April 30, 2025 | April 30, 2025 | ||||||||||||||||
Credit facility amount | € | € 268.0 | |||||||||||||||||
Upfront fee percentage | 2.00% | |||||||||||||||||
Interest capitalization period | 2 years | |||||||||||||||||
Note Issuance Facility 2019 [Member] | Interest Rate Swap [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Maturity date | June 30, 2022 | June 30, 2022 | ||||||||||||||||
Note Issuance Facility 2019 [Member] | EURIBOR [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Variable interest period | 3 months | |||||||||||||||||
Adjustment to interest rate | 4.50% | |||||||||||||||||
Commercial Paper [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Short term notes authorized amount | € | € 50.0 | |||||||||||||||||
Term of short term notes | 2 years | 2 years | ||||||||||||||||
Short term notes issued amount | € | € 25.0 | € 19.5 | ||||||||||||||||
Percentage average cost of issued short term notes | 0.83% | 0.83% | ||||||||||||||||
2020 Green Private Placement [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Principal amount | $ 340,000 | € 290.0 | ||||||||||||||||
Maturity date | June 30, 2026 | June 30, 2026 | ||||||||||||||||
Adjustment to interest rate | 1.96% | 1.96% | ||||||||||||||||
Green Exchangeable Notes Due 2025 [Member] | ||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||
Fixed interest rate | 4.00% | |||||||||||||||||
Maturity date | July 15, 2025 | July 15, 2025 | ||||||||||||||||
Principal amount of notes issued | $ 15,000 | $ 100,000 | ||||||||||||||||
Exchange rate of notes (in shares) | shares | 29.1070 | |||||||||||||||||
Principal amount of notes for exchange rate | $ 1,000 | |||||||||||||||||
Initial exchange price of notes (in dollars per share) | $ / shares | $ 34.36 | |||||||||||||||||
Amount of transaction date of fair value fair value are accounted for through the profit and loss statement | $ 10,000 |
Corporate debt, Repayment schedule (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Repayment schedule [Abstract] | ||
Corporate debt | $ 959,681 | $ 723,791 |
Remainder of 2020 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 19,936 | |
Between January and September 2021 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 4,080 | |
Between October and December 2021 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 10,705 | |
2020 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 28,706 | |
2021 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 18,023 | |
2022 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | 182,481 |
2023 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | 100,513 |
2024 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | 100,413 |
Subsequent Years [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 924,960 | 293,655 |
2017 Credit Facility [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 10,710 | 10,089 |
2017 Credit Facility [Member] | Remainder of 2020 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 5 | |
2017 Credit Facility [Member] | Between January and September 2021 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
2017 Credit Facility [Member] | Between October and December 2021 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 10,705 | |
2017 Credit Facility [Member] | 2020 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 4 | |
2017 Credit Facility [Member] | 2021 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 10,085 | |
2017 Credit Facility [Member] | 2022 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | 0 |
2017 Credit Facility [Member] | 2023 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | 0 |
2017 Credit Facility [Member] | 2024 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | 0 |
2017 Credit Facility [Member] | Subsequent Years [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | 0 |
New Revolving Credit Facility [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 81,865 | |
New Revolving Credit Facility [Member] | 2020 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 701 | |
New Revolving Credit Facility [Member] | 2021 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
New Revolving Credit Facility [Member] | 2022 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 81,164 | |
New Revolving Credit Facility [Member] | 2023 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
New Revolving Credit Facility [Member] | 2024 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
New Revolving Credit Facility [Member] | Subsequent Years [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
Note Issuance Facility 2017 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 302,327 | |
Note Issuance Facility 2017 [Member] | 2020 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 84 | |
Note Issuance Facility 2017 [Member] | 2021 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
Note Issuance Facility 2017 [Member] | 2022 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 101,317 | |
Note Issuance Facility 2017 [Member] | 2023 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 100,513 | |
Note Issuance Facility 2017 [Member] | 2024 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 100,413 | |
Note Issuance Facility 2017 [Member] | Subsequent Years [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
Note Issuance Facility 2019 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 326,384 | 301,593 |
Note Issuance Facility 2019 [Member] | Remainder of 2020 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
Note Issuance Facility 2019 [Member] | Between January and September 2021 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
Note Issuance Facility 2019 [Member] | Between October and December 2021 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
Note Issuance Facility 2019 [Member] | 2020 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
Note Issuance Facility 2019 [Member] | 2021 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 7,938 | |
Note Issuance Facility 2019 [Member] | 2022 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | 0 |
Note Issuance Facility 2019 [Member] | 2023 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | 0 |
Note Issuance Facility 2019 [Member] | 2024 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | 0 |
Note Issuance Facility 2019 [Member] | Subsequent Years [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 326,384 | 293,655 |
Note Issuance Facility 2020 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 159,933 | |
Note Issuance Facility 2020 [Member] | Remainder of 2020 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
Note Issuance Facility 2020 [Member] | Between January and September 2021 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
Note Issuance Facility 2020 [Member] | Between October and December 2021 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
Note Issuance Facility 2020 [Member] | 2022 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
Note Issuance Facility 2020 [Member] | 2023 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
Note Issuance Facility 2020 [Member] | 2024 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
Note Issuance Facility 2020 [Member] | Subsequent Years [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 159,933 | |
Commercial Paper [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 22,825 | 27,917 |
Commercial Paper [Member] | Remainder of 2020 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 18,745 | |
Commercial Paper [Member] | Between January and September 2021 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 4,080 | |
Commercial Paper [Member] | Between October and December 2021 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
Commercial Paper [Member] | 2020 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 27,917 | |
Commercial Paper [Member] | 2021 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
Commercial Paper [Member] | 2022 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | 0 |
Commercial Paper [Member] | 2023 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | 0 |
Commercial Paper [Member] | 2024 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | 0 |
Commercial Paper [Member] | Subsequent Years [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | $ 0 |
2020 Green Private Placement [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 336,762 | |
2020 Green Private Placement [Member] | Remainder of 2020 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 241 | |
2020 Green Private Placement [Member] | Between January and September 2021 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
2020 Green Private Placement [Member] | Between October and December 2021 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
2020 Green Private Placement [Member] | 2022 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
2020 Green Private Placement [Member] | 2023 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
2020 Green Private Placement [Member] | 2024 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
2020 Green Private Placement [Member] | Subsequent Years [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 336,521 | |
Green Exchangeable Notes [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 103,067 | |
Green Exchangeable Notes [Member] | Remainder of 2020 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 945 | |
Green Exchangeable Notes [Member] | Between January and September 2021 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
Green Exchangeable Notes [Member] | Between October and December 2021 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
Green Exchangeable Notes [Member] | 2022 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
Green Exchangeable Notes [Member] | 2023 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
Green Exchangeable Notes [Member] | 2024 [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | 0 | |
Green Exchangeable Notes [Member] | Subsequent Years [Member] | ||
Repayment schedule [Abstract] | ||
Corporate debt | $ 102,122 |
Project debt, Details of project debt (Details) $ in Thousands, € in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jul. 14, 2020
USD ($)
|
Jul. 10, 2020
USD ($)
|
Jun. 30, 2020
USD ($)
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2019
USD ($)
|
Jul. 14, 2020
EUR (€)
|
Apr. 08, 2020
EUR (€)
|
Dec. 31, 2019
USD ($)
|
|
Project debt [Abstract] | ||||||||
Cash held to satisfy non-recourse debt agreements | $ 319,000 | $ 339,000 | ||||||
Non-current | 4,638,584 | 4,069,909 | ||||||
Current | 642,590 | 782,439 | ||||||
Total Project debt | 5,281,174 | 4,852,348 | ||||||
Investment under the equity method | 116,746 | $ 139,925 | ||||||
Proceeds from borrowings | 1,277,596 | $ 326,591 | ||||||
Other financial losses | (100,387) | $ (11,470) | ||||||
Non-monetary finance income | $ 3,800 | $ 3,800 | ||||||
Default period of PPA | 180 days | |||||||
Green Project Finance [Member] | ||||||||
Project debt [Abstract] | ||||||||
Investment under the equity method | € | € 140 | |||||||
Helioenergy 1 & 2 [Member] | ||||||||
Project debt [Abstract] | ||||||||
Proceeds from borrowings | $ 43,000 | |||||||
Helios 1 & 2 [Member] | ||||||||
Project debt [Abstract] | ||||||||
Total Project debt | € | € 326 | |||||||
Proceeds from borrowings | $ 30,000 | |||||||
Outstanding project debt refinanced | € | € 250 | |||||||
Other financial losses | $ (72,000) | $ (72,000) | ||||||
Kaxu [Member] | ||||||||
Project debt [Abstract] | ||||||||
Current | 324,000 | |||||||
Chile PV 1 and Tenes [Member] | ||||||||
Project debt [Abstract] | ||||||||
Acquisition purchase price | $ 158,000 |
Project debt, Repayment schedule (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Repayment schedule [Abstract] | ||
Project debt | $ 5,281,174 | $ 4,852,348 |
Remainder of 2020 [Member] | ||
Repayment schedule [Abstract] | ||
Payment of interests accrued | 60,216 | |
Nominal repayment | 153,392 | |
Between January and September 2021 [Member] | ||
Repayment schedule [Abstract] | ||
Project debt | 124,337 | |
Between October and December 2021 [Member] | ||
Repayment schedule [Abstract] | ||
Project debt | 153,001 | |
2020 [Member] | ||
Repayment schedule [Abstract] | ||
Payment of interests accrued | 12,799 | |
Nominal repayment | 256,620 | |
2021 [Member] | ||
Repayment schedule [Abstract] | ||
Project debt | 262,787 | |
2022 [Member] | ||
Repayment schedule [Abstract] | ||
Project debt | 320,011 | 293,642 |
2023 [Member] | ||
Repayment schedule [Abstract] | ||
Project debt | 345,565 | 319,962 |
2024 [Member] | ||
Repayment schedule [Abstract] | ||
Project debt | 360,277 | 335,067 |
Subsequent Years [Member] | ||
Repayment schedule [Abstract] | ||
Project debt | $ 3,764,374 | $ 3,371,724 |
Grants and other liabilities (Details) $ in Thousands |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Aug. 17, 2020
USD ($)
|
Sep. 30, 2020
USD ($)
Type
|
Sep. 30, 2019
USD ($)
|
Aug. 16, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Oct. 02, 2013
USD ($)
|
|
Grants and other liabilities [Abstract] | ||||||
Grants | $ 1,043,410 | $ 1,087,553 | ||||
Other Liabilities | 185,820 | 554,199 | ||||
Grant and other non-current liabilities | $ 1,229,230 | 1,641,752 | ||||
Number of grant types | Type | 2 | |||||
Income from grants | $ 44,256 | $ 44,366 | ||||
Other current liabilities | 29,830 | 34,403 | ||||
Investment under the equity method | 116,746 | 139,925 | ||||
Other financial income | 162,984 | 11,412 | ||||
Solana and Mojave [Member] | ||||||
Grants and other liabilities [Abstract] | ||||||
Income from grants | 44,200 | $ 44,300 | ||||
Solana [Member] | ||||||
Grants and other liabilities [Abstract] | ||||||
Other financial income | 145,000 | |||||
Liberty Interactive Corporation [Member] | Solana [Member] | ||||||
Grants and other liabilities [Abstract] | ||||||
Investment under the equity method | $ 290,000 | |||||
Acquisition purchase price | $ 272,000 | |||||
Period of annual net production of asset | 4 years | |||||
Performance earn-out, period of highest annual net production | 5 years | |||||
Other financial income | $ 145,000 | |||||
U.S. Department of Treasury [Member] | ||||||
Grants and other liabilities [Abstract] | ||||||
Grants | 682,000 | 707,000 | ||||
Federal Financing Bank [Member] | ||||||
Grants and other liabilities [Abstract] | ||||||
Grants | 359,000 | 379,000 | ||||
Liberty Interactive Corporation [Member] | ||||||
Grants and other liabilities [Abstract] | ||||||
Grant and other non-current liabilities | 380,000 | |||||
Other current liabilities | 41,000 | |||||
Class A membership investment | $ 300,000 | |||||
Finance lease liabilities | 50,400 | 53,800 | ||||
Dismantling provision | $ 75,600 | $ 59,700 |
Trade payables and other current liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Trade payables and other current liabilities [Abstract] | ||
Trade accounts payable | $ 45,804 | $ 52,062 |
Down payments from clients | 473 | 565 |
Liberty (Note 16) | 0 | 41,032 |
Other accounts payable | 29,830 | 34,403 |
Total | $ 76,107 | $ 128,062 |
Income Tax (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Income Tax [Abstract] | ||
Income tax | $ 25,079 | $ 46,979 |
Profit (loss) before income tax | $ 83,246 | $ 115,359 |
Financial income and expenses (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 14, 2020 |
Jun. 30, 2020 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Financial income [Abstract] | ||||
Interest income from loans and credits | $ 6,125 | $ 2,522 | ||
Interest rates benefits derivatives: cash flow hedges | 288 | 331 | ||
Total | 6,413 | 2,853 | ||
Financial expenses [Abstract] | ||||
Expenses due to interest - Loans from credit entities | (186,769) | (196,350) | ||
Expenses due to interest - Other debts | (56,578) | (69,744) | ||
Interest rates losses derivatives: cash flow hedges | (46,092) | (44,139) | ||
Total | (289,439) | (310,233) | ||
Non-monetary financial income | $ 3,800 | 3,800 | ||
Other financial income / (expenses) [Abstract] | ||||
Other financial income | 162,984 | 11,412 | ||
Other financial losses | (100,387) | (11,470) | ||
Total | 62,597 | $ (58) | ||
Solana [Member] | ||||
Other financial income / (expenses) [Abstract] | ||||
Other financial income | 145,000 | |||
Helios 1 & 2 [Member] | ||||
Other financial income / (expenses) [Abstract] | ||||
Other financial losses | $ (72,000) | $ (72,000) |
Other operating income and expenses (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Other operating income [Abstract] | ||
Grants (Note 16) | $ 44,256 | $ 44,366 |
Income from various services and insurance proceeds | 31,646 | 29,334 |
Total | 75,902 | 73,700 |
Other operating expenses [Abstract] | ||
Raw materials and consumables used | (4,919) | (7,893) |
Leases and fees | (2,388) | (1,501) |
Operation and maintenance | (77,133) | (94,573) |
Independent professional services | (28,509) | (28,934) |
Supplies | (20,433) | (18,929) |
Insurance | (27,990) | (18,192) |
Levies and duties | (30,523) | (25,830) |
Other expenses | (5,740) | (4,730) |
Total | $ (197,635) | $ (200,582) |
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Earnings per share [Abstract] | ||
Potential issuance of shares on settlement of Green Exchangeable Notes (in shares) | 3,347,305 | |
Profit/ (loss) from continuing operations attributable to Atlantica. | $ 61,209 | $ 60,832 |
Average number of ordinary shares outstanding - basic (in shares) | 101,602,000 | 100,882,000 |
Average number of ordinary shares outstanding - diluted (in shares) | 102,499,000 | 100,882,000 |
Earnings per share from continuing operations - basic and diluted (in dollars per share) | $ 0.60 | $ 0.60 |
Earnings per share from profit/ (loss) for the period - basic and diluted (in dollars per share) | $ 0.60 | $ 0.60 |
Subsequent events (Details) - Subsequent Events [Member] |
Nov. 04, 2020
$ / shares
|
---|---|
Dividends Approved [Abstract] | |
Dividend declaration date | Nov. 04, 2020 |
Dividend approved (in dollars per share) | $ 0.42 |
Dividend approved expected date to be paid | Dec. 15, 2020 |
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