Related parties

3 Months Ended

Mar. 31, 2024

Related parties [Abstract]

Related parties

Note 12. - Related parties

The related parties of the Company are primarily Algonquin Power & Utilities Corp. (“Algonquin”) and its subsidiaries, non-controlling interests (Note 14), entities accounted for under the equity method (Note 7), as well as the Directors and the Senior Management of the Company.

Details of balances with related parties as of March 31, 2024, and December 31, 2023, are as follows:

		Receivables (current)		Receivables (non-current)		Payables (current)		Payables (non-current)
Entities accounted for under the equity method:		($ in thousands)
Amherst Island Partnership	2024		4,004		-		-		-
	2023		5,817		-		-		-
Arroyo Netherland II B.V (Note 8)	2024		18,942		-		-		-
	2023		18,448		-		-		-
Akuo Atlantica PMGD  Holding S.P.A	2024		-		17,127		-		-
	2023		-		16,677		-		-
Colombian assets portfolio	2024		64		14,459		42		-
	2023		-		13,578		34		-
Other	2024		80		171		-		-
	2023		21		148		-		-
Non controlling interest:
Algonquin	2024		-		-		3,891		-
	2023		-		-		5,683		-
JGC Corporation	2024		-		-		-		3,720
	2023		-		-		-		4,612
Other	2024		-		-		1,556		28
	2023		-		-		2,314		27
Other related parties:
Atlantica´s partner in Colombia	2024		918		-		-		-
	2023		918		-		-		-
Total	2024		24,008		31,757		5,489		3,748
	2023		25,204		30,403		8,031		4,639

Current receivables with Amherst Island Partnership as of March 31, 2024 include a dividend to be collected by AYES Canada for $4.0 million ($5.8 million as of December 31, 2023). A significant portion of the distributions received from Amherst Island Partnership are distributed by the Company to Algonquin Power Co. (Note 14).

Receivables with Arroyo Netherland II B.V, the holding company of Pemcorp SAPI de CV, Monterrey´s project entity, correspond to the loan that was granted at acquisition date of the project and accrues an interest of SOFR plus 6.31% with maturity date on November 25, 2027. As of March 31, 2024, the loan is classified as current receivable as it is accounted for as assets held for sale in these Consolidated Condensed Interim Financial Statements (Note 8).

Non-current receivables include a loan that accrues a fixed interest of 8.75% with Akuo Atlantica PMGD Holding S.P.A and a loan with the Colombian portfolio of renewable energy entities in which the Company has a 50% equity interest, which accrues a fixed interest of 8%.

Current payables as of March 31, 2024, and as of December 31, 2023 primarily include the dividend to be paid by AYES Canada to Algonquin.

Non-current payables with JGC Corporation include a subordinated debt with Solacor 1 and Solacor 2 that accrues an interest of Euribor plus 2.5% and with maturity date in 2037.

Current receivables with the partner of the Company in Colombia include Atlantica´s pending purchase price payment to be received for the partial sale of its investment in the Colombian portfolio of renewable energy entities.

The profit and loss impact of transactions carried out by entities included in these Consolidated Condensed Interim Financial Statements with related parties, for the three-month periods ended March 31, 2024 and 2023 have been as follows:

		Financial income		Financial expense			Operating income
Entities accounted for under the equity method:		($ in thousands)
Arroyo Netherland II B.V	2024		494		-		-
	2023		347		-		-
Akuo Atlantica PMGD Holding	2024		365		-		62
	2023		45		-		53
Colombian assets portfolio	2024		105		-		-
	2023		-		-		-
Other	2024		-		-		2
	2023		-		-		2
Non controlling interest:
Other	2024		-		(140	)	-
	2023		-		(97	)	-
Total	2024		964		(140	)	64
	2023		392		(97	)	55