Atlantica through the years

Atlantica acquired a geothermal asset in California. Coso is the third-largest geothermal plant in the United States and provides base-load renewable energy to the California ISO.

The acquisition of Coso increased Atlantica’s presence in renewables in the United States while creating synergies with other existing assets in the Southwest. With the growing demand of baseload capacity, geothermal energy has become an increasingly attractive sector.

Atlantica acquired a 49% interest in a 596 MW portfolio comprising four wind assets located in Illinois, Texas, Oregon and Minnesota, U.S. This investment increased and diversified our presence in North America, one of our core geographies.

We issued 3 green financings in 2020 including one of the few green convertibles issued in the United States by leveraging our ESG strengths. Previously, Atlantica had issued its first-ever Green Finance Framework, which received a second-party opinion from Sustainalytics.

The framework led to numerous green project financing agreements in the subsequent years. Following enhanced and updated procedures, this framework was updated some years later, in 2024, receiving a second-party opinion from Sustainalytics as well. In November 2024, in connection with the acquisition, two green senior notes were issued by Atlantica under the recently published Green Finance Framework.

Atlantica started to accelerate its project development activities in several markets, combining in-house development with partnership with junior developers.

2021 marked Atlantica’s first investment in the Italian market. Today, Atlantica has 4 PV assets in this region and more than 400MW of renewable energy and battery energy storage capacity under development.

Atlantica ranked #12 in the Global 100 index and #2 in Power Generation. Since then, Atlantica has been recognized as one of the 100 most sustainable companies in the world four more times and has achieved the highest score in several prestigious ESG ratings such as CDP for its commitment with Climate Change and CSA S&P, accessing the S&P Yearbook for four consecutive years.

In addition, in 2021, Atlantica received the Terra Carta Seal from His Royal Highness the Prince of Wales. The inaugural 2021 Terra Carta Seal, recognized global leaders in sustainability whose objectives were aligned with those of Terra Carta – an Environmental and Social recovery plan launched in January 2021 which was centered on Nature, People and Planet.

We completed the process of transitioning in-house the O&M services for our assets in Spain and our transmission line ATN. Previously, in 2019, we had internalized the operation and maintenance activities of our solar assets in the United States, Solana and Mojave.

Meaning that by the end of 2023 we performed O&M services with our own personnel for assets representing approximately 74% of our consolidated revenue.

Atlantica signed PPAs for its first stand-alone BESS projects fully developed in-house. Coso Batteries 1 and 2 are two standalone battery storage projects with a combined capacity of 180 MWh (4 hours). Both are located next to Coso, our geothermal asset in California. They reached COD in early 2025. California is one of the markets we operate in, with a clear need for storage projects.

These two projects were to be the first of many to come.

Since then, we have expanded our portfolio with the development of additional renewable energy and battery energy storage projects that showcase our commitment to sustainability. One of our projects is Overnight, a 150 MW plant that combines PV with storage (4 hours). Located on Atlantica-owned land near our Mojave asset, Overnight is secured by two 15-year PPAs with an investment-grade utility—one for each phase of the project.

Another key project is Imperial, a 100 MW solar-plus-storage plant located in Southern California. Like Overnight, Imperial features four hours of battery storage and is underpinned by a 15-year PPA with an investment-grade Community Choice Aggregator.

Additionally a Uruguayan Atlantica’s asset signed the first private PPA in the country with a Coca-Cola bottler and built a PV plant to secure that contract.

Atlantica acquired 2 wind assets in the U.K. Combined, the two assets generate sufficient electricity to meet the annual average needs of approximately 25,000 U.K. homes. This marks Atlantica’s first investment in the United Kingdom, paving the way for many more to come.

By year end, Atlantica acquired a development platform in the United States. The platform includes approximately 1.1 GW of solar and wind projects under development located in the MISO and SPP regions, including projects in Illinois, Colorado, Mississippi and Texas. The new platform complements Atlantica’s own development portfolio which prior to this acquisition included projects located mostly in the CAISO and MISO regions.

Atlantica continued to expand its development pipeline, which by the end of the year 2024 reached 3.0 GW of renewable energy and 12.0 GWh of storage capacity. North America and Europe represent 90% of this pipeline.

A significant milestone in Atlantica’s journey. On December 12, 2024, Atlantica was acquired by ECP and a group of co-investors. We are confident that this will act as a catalyst for our value creation and growth plans. The increase in demand for clean electricity and storage capacity represents a tremendous opportunity for Atlantica, and we wanted to be in the best position possible to take advantage. With the support of ECP, we expect to accelerate the development and construction of new renewable energy and storage assets as we remain committed to supporting the transition towards a more sustainable world.

As we move forward, we will continue working with the same values, energy, and passion that have driven our progress over the past decade.

By forging strategic partnerships and pursuing key acquisitions, Atlantica has continued growing its development portfolio in the U.S.

Atlantica formed two joint ventures (Verdant Shores and Elmantic) in the United States to develop PV, battery storage and wind projects in the U.S. regions of MISO South, SPP, ERCOT and WECC. Additionally, Atlantica completed the acquisition of a 1 GW portfolio of PV solar assets currently under development in the MISO region.

Atlantica built a portfolio of C&I projects contracted with industrial and commercial clients while growing its portfolio of utility scale projects under development.

In Spain, Atlantica has continued growing its pipeline of projects under development focusing mostly on storage through in-house development and an agreement with Renewco Power to develop up to 2.2GW of greenfield standalone Battery Energy Storage System (BESS). Additionally, Atlantica signed a PPA and started the construction of a 27 MW plant.

In Italy, Atlantica continued adding new projects to the pipeline, focusing on PV and storage, and is getting ready to start construction of its first projects in 2026.

In the U.K., Atlantica closed its first agreement to co-develop wind projects with a local partner.

Atlantica has continued growing in the region through a combination of in-house development, where it has built or is building PV plants in Colombia, Uruguay, and Chile, a storage plant in Chile, and transmission line expansions in Peru.