Investments carried under the equity method

9 Months Ended

Sep. 30, 2022

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, 2022 and December 31, 2021:

	Balance as of September 30, 2022		Balance as of December 31, 2021
	($ in thousands)
2007 Vento II, LLC		185,418		195,952
Windlectric Inc		23,365		41,911
Myah Bahr Honaine, S.P.A.		43,154		38,922
Pemcorp SAPI de CV		13,841		15,358
Pectonex, R.F. Proprietary Limited		1,430		1,495
Evacuación Valdecaballeros, S.L.		918		923
Liberty Infraestructuras S.L.		25		20
Total		268,151		294,581

2007 Vento II, LLC, is the holding company of a 596 MW portfolio of wind assets (“Vento II”) in the U.S., 49% owned by Atlantica since June 16, 2021, and accounted for under the equity method in these Consolidated Condensed Interim Financial Statements (Note 1).

Windlectric Inc., the project entity, is 100% owned by Amherst Island Partnership, itself 30% owned by Atlantica Yield Energy Solutions Canada Inc. (“AYES Canada”) and therefore accounted for under the equity method in these Consolidated Condensed Interim Financial Statements.

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.

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.

The decrease in investments carried under the equity method as of September 30, 2022, is primarily due to the distributions received by AYES Canada from Amherst Island Partnership for $14.9 million. A significant portion of the distributions received from Amherst are distributed by the Company to its partner in this project (Note 13). The decrease in the investment in Vento II is primarily due to the distributions received from this asset by the Company for $26.0 million, partially offset by the share of profit in Vento II for the nine-month period ended September 30, 2022 for $17.2 million.