Atlantica reports third quarter 2020 financial results

November 06, 2020

• Net profit attributable to the Company for the nine-month period of 2020 was $61.2 million, compared with $60.8 million in the same period of 2019.
• Adjusted EBITDA including unconsolidated affiliates1 was $621.0 million for the ninemonth period of 2020, representing a 5.6% decrease compared with the same period in 2019.
• Cash available for distribution (“CAFD”) increased by 13.6% to $52.0 million in the third quarter of 2020 compared with the third quarter of 2019 and by 6.4% to $149.2 million in the first nine months of 2020 compared with the first nine months of 2019.
• Additionally, the Company generated approximately $216 million in one-off cash through non-recourse refinancings in the first 9 months of 2020, which is being used to finance growth.
• Quarterly dividend of $0.42 per share declared by the Board of Directors.
• Closing of the previously announced Solana tax equity investor buy-out.
• Continued delivery on accretive growth strategy with a new asset acquisition2, a district heating asset in Calgary, Canada.

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 nine-month period ended September 30, 2020.

Revenue for the first nine months of 2020 reached $768.7 million, compared with $798.2 million during the same period of 2019. Adjusted EBITDA including unconsolidated affiliates was $621.0 million for the nine-month period of 2020, compared with $658.1 million during the same period of 2019. The decrease in revenue and Adjusted EBITDA including unconsolidated affiliates was mostly due to lower solar resource in Spain and lower production in Kaxu as a result of an unscheduled outage in the first quarter of 2020. Revenue increased in solar assets in North America due to better performance of the Mojave asset, partly offsetting lower solar radiation in the third quarter of 2020 caused by smoke from the California wildfires.

CAFD in the third quarter of 2020 increased by 13.6% compared with the same period in 2019, driving CAFD generation in the first nine months of 2020 to $149.2 million. This represents a 6.4% increase compared with $140.2 million in the same period of 2019.

Additionally, in the first nine months of 2020 the Company generated approximately $216 million in one-off cash, net of transaction costs, reserves and cancelation of interest rate swaps through three non-recourse project debt refinancings, proving its ability to continue unlocking value in the existing portfolio. These funds are being used by Atlantica to finance its growth plan.

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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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