Atlantica reports 2020 financial results

March 03, 2021

• Net profit attributable to the Company for the full year 2020 was $12.0 million, compared with $62.1 million in the previous year.
• Adjusted EBITDA including unconsolidated affiliates¹ was $796.1 million in 2020, representing a 3.1% decrease compared with the previous year.
• Net cash provided by operating activities increased by 20.5% to $438.2 million compared to $363.6 million in 2019.
• Cash available for distribution (“CAFD”) was $200.7 million in 2020, 5.5% up on the previous year.
• 2021 CAFD target guidance established in the range of $220 million to $240 million.
• Over $300 million in equity investments closed in 2020 and approximately $280 million new equity investments already agreed for 2021.
• Mid-term CAFD per share growth target set in the range of 5% to 8%².
• Continued focused on ESG priorities, with strong ratings.

Atlantica Sustainable Infrastructure plc (NASDAQ: AY) (“Atlantica” or the “Company”), the sustainable infrastructure company that owns a diversified portfolio of contracted assets in the energy and environment sectors, reported today its financial results for the full year ended December 31, 2020.

Revenue for 2020 was $1,013.3 million, stable compared with $1,011.5 million in 2019. Adjusted EBITDA including unconsolidated affiliates was $796.1 million, a 3.1% decrease compared with $821.6 million in 2019, mostly due to higher operating expenses in our solar assets in North America and lower production at Kaxu as a result of an unscheduled outage in the first quarter of 2020, partially offset by the contribution from our recent acquisitions.

Net cash provided by operating activities increased by 20.5% to $438.2 million compared to $363.6 million in 2019.

CAFD for 2020 was $200.7 million, representing a 5.5% increase compared with $190.3 million in the previous year.

Additionally, in 2020 the Company generated approximately $216 million in one-off cash, net of transaction costs, reserves, and cancelation of interest rate swaps through three nonrecourse project debt refinancings, continuing to unlock value in the existing portfolio.

¹ Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates (see reconciliation on page 17).
² The Company has targeted a CAFD per share Compound Annual Growth Rate in the range of 5% to 8% in the upcoming 4 years, from the fourth quarter of 2020 until the year 2024.

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About Atlantica

Atlantica Sustainable Infrastructure Ltd. is a sustainable infrastructure company that owns a diversified portfolio of contracted renewable energy, storage, efficient natural gas, electric transmission, and water assets in North America, Europe, and South America (atlantica.com).

Chief Financial Officer
Francisco Martinez-Davis
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Investor Relations & Communication
Leire Perez
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