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Investments carried under the equity method
 12 Months Ended
Dec. 31, 2023
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 and the movement of the investments held in associates and joint ventures for 2023 and 2022:

Investments in associates and joint ventures
  
2023
    
2022
  
Initial balance
    
260,031
      
294,581
  
Share of profit
    
13,207
      
21,465
  
Distributions
    
(38,780
)
    
(57,537
)
New entities carried under the equity method
    4,439       4,901  
Investment in associates classified as held for sale during the year (Note 8)
    (10,194 )     -  
Others (incl. currency translation differences)
    
1,604
      
(3,379
)
Final balance
    
230,307
      
260,031
  

On October 30, 2023, the conditions to classify the investment in Pemcorp as held for sale were met. As a consequence, the book value of the equity investment held by Atlantica in Pemcorp of US$ 10.2 million is classified as held for sale in these Consolidated Financial Statements from that date (Note 8).

Other variations in investments carried under the equity method in 2023 are primarily due to:

 
-
Distributions:

In 2023, the Company received distributions from Amherst Island Partnership for $17.3 million ($20.9 million in 2022), distributions from Vento II for $16.1 million ($32.6 million in 2022) and distributions from Honaine for $5.4 million ($4.0 million in 2022). A significant portion of the distributions received from Amherst Island Partnership are distributed by the Company to Algonquin Power Co. (Note 14).

 
-
New entities carried under the equity method

On March 1, 2023, Atlantica sold part of its equity interest in the Colombian portfolio of renewable energy entities to a partner, which now holds a 50% equity interest. The Colombian portfolio of renewable energy entities includes the following entities: Atlantica – HIC Renovables S.A.S., SJ Renovables Sun 1 S.A.S., AC Renovables Sol 1 S.A.S., SJ Renovables Wind 1 S.A.S., PA Renovables Sol 1 S.A.S. and Atlantica Hidro Colombia S.A.S. Atlantica and the partner hold 50% of the shares each and have joint control over these entities in accordance with IFRS 11, Joint arrangements. As a result, the subsidiaries, which were previously fully consolidated showing 30% of non-controlling interest, are now recorded as an investment in joint ventures under the equity method in these Consolidated Financial Statements in accordance with IAS 28, Investments in Associates and Joint Ventures. The carrying amount of the non-controlling interests in these entities was derecognized at the date control was lost by Atlantica. Further to the sale of part of its equity interest, Atlantica recorded a gain of $4.6 million as Other operating income in the year 2023 (Note 22).

 
-
Share of profit

The profit decreases in 2023 compared to 2022 primarily due to a lower profit at Vento II resulting from lower production and a lower price at Lone Star II after its PPA expired in January 2023.

In November 2022, Atlantica closed the acquisition of a 49% interest, with joint control, in Chile PMGD, an 80 MW portfolio of solar PV assets in Chile, which is currently under construction (Note 1). Chile PMGD is accounted for in these Consolidated Financial Statements using the equity method as per IAS 28 – Investments in Associates and Joint ventures.

The tables below show a breakdown of stand-alone amounts of assets, revenues and profit and loss as well as other information of interest for the years 2023 and 2022 for the entities carried under the equity method:

 
Company
  
%
Shares of the Company
    
Non-
current
assets
    
Current
assets
     Project
debt
   
Other
non-
current
liabilities
    
Other current
liabilities
    
Revenue
    
Operating
profit/
(loss)
    
Net
profit/
(loss)
    
Investment
under the
equity
method
  
2007 Vento II, LLC (1)
    
49.00
      
411,099
      
25,777
       -      
56,508
      
11,285
      
82,849
      
21,024
      
19,752
      
175,351
  
Windlectric Inc (2)
    
30.00
      
284,618
      
30,884
       -      
159,406
      
77,389
      
21,514
      
8,515
      
(2,157
)
    
1,910
  
Myah Bahr Honaine, S.P.A.(3)
    
25.50
      
155,338
      
63,451
       35,569      
20,240
      
4,653
      
56,172
      
34,576
      
27,084
      
40,635
  
Akuo Atlantica PMGD Holding S.P.A. (4)
    49.00       56,214       7,210       24,214       18,090       13,739       192       (75 )     (83 )     4,409  
Colombian portfolio of renewable energy entities
    50.00       9,092       4,970       -       9,872       956       -       (587 )     1,920       4,754  
Pectonex, R.F. Proprietary Limited
    
50.00
      
1,749
      
-
       -      
1
      
-
      
-
      
(149
)
    
(149
)
    
1,337
  
Evacuación Valdecaballeros, S.L.
    
57.16
      
15,839
      
1,005
       -      
13,538
      
159
      
878
      
(59
)
    
(91
)
    
807
  
Atlantica SailH2, S.L.
    50.00       499       333       -       -       165       -       -       -       653  
Evacuación Villanueva del Rey, S.L.
    
40.02
      
2,218
      
83
       -      
1,308
      
181
      
-
      
63
      
-
      
-
  
Liberty Infraestructuras S.L.
     20.00       81       357       -       -       -     4       (46 )     (68 )     -  
Fontanil Solar, S.L.U.
     25.00       328       13       -       354       7       -       (1 )     (18 )     229  
Murum Solar, S.L.U.
     25.00       266       35       -       314       -       -       (1 )     (15 )     222  
As of December 31, 2023
                                                                            
230,307
  

Company
  
%
Shares of the Company
    
Non-
current
assets
    
Current
assets
    
Project
debt
    
Other
non-
current
liabilities
    
Other current
liabilities
    
Revenue
    
Operating
profit/
(loss)
    
Net
profit/
(loss)
    
Investment
under the
equity
method
  
2007 Vento II, LLC (1)
     49.00       435,029       14,198       -       57,596       11,515       103,362       42,662       40,992       181,735  
Windlectric Inc (2)
    
30.00
      
278,504
      
3,338
       -      
167,519
      
43,227
      
24,996
      
10,560
      
(15
)
    
18,935
  
Myah Bahr Honaine, S.P.A.(3)
    
25.50
      
150,623
      
66,246
       43,579      
18,902
      
4,257
      
55,267
      
33,374
      
26,768
      
42,128
  
Akuo Atlantica PMGD Holding S.P.A. (4)
    49.00     14,814       2,828       -       8,755       326       -       -       (348 )     4,450  
Pemcorp SAPI de CV (5)
    
30.00
      
138,931
      
112,352
       159,382      
90,474
      
4,328
      
45,625
      
1,680
      
(17,747
)
    
10,034
  
Pectonex, R.F. Proprietary Limited
    
50.00
      
2,045
      
-
       -      
-
      
1
      
-
      
(168
)
    
(168
)
    
1,411
  
Evacuación Valdecaballeros, S.L.
    
57.16
      
15,551
      
1,020
       -      
13,635
      
232
      
860
      
(60
)
    
(89
)
    
858
  
Evacuación Villanueva del Rey, S.L.
    
40.02
      
2,317
      
12
       -      
1,386
      
111
      
-
      
57
      
-
      
-
  
Liberty Infraestructuras S.L.
     20.00       93       283       -       -       37       -       -     (22 )     29  
Fontanil Solar, S.L.U.
     25.00     117       7       -       99       24       -       (1 )     (2 )     229  
Murum Solar, S.L.U.
     25.00     228       8       -       180       59       -       (1 )     (5 )     222  
As of December 31, 2022
                                                                            
260,031
  

The Company has no control over Evacuación Valdecaballeros, S.L. as all relevant decisions of this company require the approval of a minimum of shareholders accounting for more than 75% of the shares.
None of the associated companies referred to above is a listed company. 
(1) 2007 Vento II, LLC, is the holding company of a 596 MW portfolio of wind assets in the U.S., 49% owned by Atlantica since June 16, 2021, and accounted for under the equity method in these Consolidated Financial Statements. Share of profit of 2007 Vento II, LLC. included in these Consolidated Financial Statements amounts to $9.7 million in 2023 and $20.1 million in 2022.
(2) Windlectric Inc., the project entity, is 100% owned by Amherst Island Partnership which is accounted for under the equity method in these Consolidated Financial Statements.
(3) 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 Financial Statements. Geida Tlemcen, S.L. is 50% owned by Atlantica. Share of profit of Myah Bahr Honaine S.P.A. included in these Consolidated Financial Statements amounts to $6.9 million in 2023 and $6.8 million in 2022.

(4) Akuo Atlantica PMGD Holding S.P.A. is the holding company of a 80 MW portfolio of solar PV assets in Chile, which is currently under construction, 49% owned by Atlantica, with joint control since November 2022 and accounted for under the equity method in these Consolidated Financial Statements.
(5) Pemcorp SAPI de CV, Monterrey´s project entity, is 100% owned by Arroyo Netherlands II B.V., which was accounted for under the equity method in the Consolidated Financial Statements as of December 31, 2022. Arroyo Netherlands II B.V. is 30% owned by Atlantica. The investment held by Atlantica in Pemcorp has been classified as held for sale in these Consolidated Financial (Note 8). Share of profit of Pemcorp SAPI de CV included in these Consolidated Financial Statements amounts to a $0.2 million profit in 2023 and a $5.3 million loss in 2022.