Full Year 2016 Earnings PresentationFebruary 27, 2017 

 This presentation contains forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this presentation, including, without limitation, those regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, future developments in the markets in which we operate or are seeking to operate or anticipated regulatory changes in the markets in which we operate or intend to operate. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “is likely to,” “may,” “plan,” “potential,” “predict,” “projected,” “should” or “will” or the negative of such terms or other similar expressions or terminology. Such statements reflect the current views of the Company with respect to future events and are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures. In light of these risks, uncertainties and assumptions, the events or circumstances referred to in the forward-looking statements may not occur. None of the future projections, expectations, estimates or prospects in this presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the presentation. Atlantica Yield plc undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or developments or otherwise.Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others: Difficult conditions in the global economy and in the global market and uncertainties in emerging markets where we have international operations; Changes in government regulations providing incentives and subsidies for renewable energy; Political, social and macroeconomic risks relating to the United Kingdom’s potential exit from the European Union; Changes in general economic, political, governmental and business conditions globally and in the countries in which we do business; Decreases in government expenditure budgets, reductions in government subsidies or adverse changes in laws and regulations affecting our businesses and growth plan; Challenges in achieving growth and making acquisitions due to our dividend policy; Inability to identify and/or consummate future acquisitions, whether the Abengoa ROFO Assets or otherwise, on favorable terms or at all; Our ability to identify and reach an agreement with new sponsors or partners similar to the ROFO Agreement with Abengoa; Legal challenges to regulations, subsidies and incentives that support renewable energy sources; extensive governmental regulation in a number of different jurisdictions, including stringent environmental regulation; Increases in the cost of energy and gas, which could increase our operating costs; Counterparty credit risk and failure of counterparties to our offtake agreements to fulfill their obligations; Inability to replace expiring or terminated offtake agreements with similar agreements; New technology or changes in industry standards; Inability to manage exposure to credit, interest rates, foreign currency exchange rates, supply and commodity price risks; Reliance on third-party contractors and suppliers; Risks associated with acquisitions and investments; Deviations from our investment criteria for future acquisitions and investments; Failure to maintain safe work environments; Effects of catastrophes, natural disasters, adverse weather conditions, climate change, unexpected geological or other physical conditions, criminal or terrorist acts or cyber-attacks at one or more of our plants; Insufficient insurance coverage and increases in insurance cost; Litigation and other legal proceedings including claims due to Abengoa’s restructuring process; Reputational risk, including damage to the reputation of Abengoa; The loss of one or more of our executive officers; Failure of information technology on which we rely to run our business; Revocation or termination of our concession agreements or power purchase agreements; Lowering of revenues in Spain that are mainly defined by regulation; Inability to adjust regulated tariffs or fixed-rate arrangements as a result of fluctuations in prices of raw materials, exchange rates, labor and subcontractor costs; Changes to national and international law and policies that support renewable energy resources; Our receipt of dividends from our exchangeable preferred equity investment in ACBH in the context of the ongoing proceedings in ACBH in Brazil; Lack of electric transmission capacity and potential upgrade costs to the electric transmission grid; Disruptions in our operations as a result of our not owning the land on which our assets are located; Risks associated with maintenance, expansion and refurbishment of electric generation facilities; Failure of our assets to perform as expected; Failure to receive dividends from all project and investments; Variations in meteorological conditions; Disruption of the fuel supplies necessary to generate power at our conventional generation facilities; Deterioration in Abengoa’s financial condition and the outcome of Abengoa’s ongoing proceedings under the ongoing restructuring process and the outcome of the ongoing proceedings in ACBH in Brazil; Abengoa’s ability to meet its obligations under our agreements with Abengoa, to comply with past representations, commitments and potential liabilities linked to the time when Abengoa owned the assets, potential clawback of transactions with Abengoa, and other risks related to Abengoa; Failure to meet certain covenants under our financing arrangements; Failure to obtain pending waivers in relation to the minimum ownership by Abengoa and the cross-default provisions contained in some of our project financing agreements; Failure of Abengoa to maintain existing guarantees and letters of credit under the Financial Support Agreement; Failure of Abengoa to complete the restructuring process and comply with its obligations under the agreement reached between Abengoa and us in relation to our preferred equity investment in ACBH; Uncertainty regarding the fair value of the non-contingent credit recognized by Abengoa in the agreement reached between Abengoa and us in relation to our preferred equity investment in ACBH and uncertainty regarding the ability to recover this amount at maturity; Our ability to consummate future acquisitions from Abengoa; Changes in our tax position and greater than expected tax liability; Impact on the stock price of the Company of the sale by Abengoa of its stake in the Company; and Technical failure, design errors or faulty operation of our assets not covered by guarantees or insurance. Furthermore, any dividends are subject to available capital, market conditions, and compliance with associated laws and regulations. These factors should be considered in connection with information regarding risks and uncertainties that may affect Atlantica Yield’s future results included in Atlantica Yield’s filings with the U.S. Securities and Exchange Commission at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted.This presentation includes certain non-GAAP (Generally Accepted Accounting Principles) financial measures which have not been subject to a financial audit for any period. We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The non-GAAP financial measures may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB. Non-GAAP financial measures and ratios are not measurements of our performance or liquidity under IFRS as issued by the IASB and should not be considered as alternatives to operating profit or profit for the year or any other performance measures derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities.The CAFD and other guidance included in this presentation are estimates as of February 27, 2017. These estimates are based on assumptions believed to be reasonable as of that date. Atlantica Yield plc. disclaims any current intention to update such guidance, except as required by law.  DISCLAIMER 

  Key Messages                      Strong Full Year 2016 Financials, Meeting Guidance$971.8 M (+23%) of Revenues$772.1 M (+21%) of Further Adj. EBITDA Incl. Unconsolidated Affiliates1$171.2 M (-4%) of CAFD2  Capital Structure Reinforced: Lower Net Debt and Successful Refinancing  Key 2016 Strategic Priorities Achieved: A Much Stronger Atlantica Yield  Dividend of $0.25 per Share Declared, a 53% Increase Versus Last Quarter  2017 Strategic Priorities  (1) Further Adjusted EBITDA including unconsolidated affiliates includes the dividend from our preferred equity investment in Brazil or its compensation ($27.9M for the year 2016) and our share in EBITDA of unconsolidated affiliates ($8.8M related to Honaine for the year 2016).(2) CAFD includes $27.9M compensation of preferred equity investment in Brazil and the impact of a one-time partial refinancing of ATN2 amounting to $14.9M for the year 2016.(3) Based on CAFD pre corporate debt service for the year 2016 

 1. Financial Results  2. Strategic Update  3. Q&A  AGENDA   Appendix 

 1. Financial Results 

     12 monthsDec 15  790.9  636.5  80%  178.5      ∆  +23%  +21%      HIGHLIGHTSStrong Full Year 2016 Key Financials, with an Excellent Q4 CAFD  Revenue  Further Adjusted EBITDA incl. unconsolidated affiliates1  Margin  12 monthsDec 16  971.8  772.1  79%  (4%)  CAFD  171.22  US $ in millions   (1) Further Adjusted EBITDA including unconsolidated affiliates includes the dividend from our preferred equity investment in Brazil or its compensation ($27.9M for the year 2016 and $18.4M for the year 2015) and our share in EBITDA of unconsolidated affiliates ($8.8M related to Honaine for the year 2016 and $12.3M related to Honaine and Helioenergy for the year 2015).(2) CAFD includes $6.8M and $28.0M compensation of preferred equity investment in Brazil in the three-month and twelve-month periods ended December 31, 2016 respectively, and the impact of a one-time partial refinancing of ATN2 amounting to $14.9M for the year 2016.  $59.1 million of CAFD2 generated in Q4 2016        Guidance for the year achieved 

                  HIGHLIGHTSAll Segments Have Delivered Solid Numbers During 2016  US $ in millions  Revenue  Further Adjusted EBITDA incl. unconsolidated affiliates1  12 months Dec 16  337.0  12 months Dec 15   ∆  328.1  3%  284.7  279.6  2%  724.4  538.4  Revenue              12 months Dec 16  118.8  12 months Dec 15   ∆  112.5  6%  SOUTH AMERICA  124.6  110.9  12%              12 months Dec 16  516.0  12 months Dec 15   ∆  350.3  47%  362.8  246.0  47%  12 months Dec 16       543.0  417.2  12 months Dec 15       33%  29%   ∆       128.0  106.5  12 months Dec 16       138.7  107.7  12 months Dec 15       (8%)  (1%)   ∆       95.1  104.8  12 months Dec 16       86.4  89.0  12 months Dec 15       10%  18%   ∆       24.3  22.4  12 months Dec 16       22.8  22.6  12 months Dec 15       7%  (1%)   ∆    EMEA    NORTH AMERICA    RENEWABLES    CONVENTIONAL    TRANSMISSION    WATER    (1) Further Adjusted EBITDA including unconsolidated affiliates includes the dividend from our preferred equity investment in Brazil or its compensation ($28.0M for the year 2016 and $18.4M for the year 2015) and our share in EBITDA of unconsolidated affiliates ($8.8M related to Honaine for the year 2016 and $9.1M related to Honaine + $3.2M related to Helioenergy for the year 2015).  Further Adjusted EBITDA incl. unconsolidated affiliates1  Margin  Margin  84%  85%  105%  99%  70%  70%  74%  77%  83%  78%  110%  103%  92%  99%  US $ in millions 

     KEY OPERATIONAL METRICSGood Overall Operating Performance      GWh produced  12 months Dec 16  3,087  12 months Dec 15  2,536          GWh produced  Electric availability  12 months Dec 16  2,416  12 months Dec 15  2,465  99.1%  101.7%          Availability  12 months Dec 16  12 months Dec 15  100.0%  99.9%          Availability  12 months Dec 16  101.8%  12 months Dec 15  101.5%  RENEWABLES    TRANSMISSION    WATER    CONVENTIONAL    MW in operation  300  300  Mft3 in operation  10.5  10.5  Miles in operation  1,099  1,099  MW in operation  1,442  1,441  Represents total installed capacity in assets owned at the end of the period, regardless of our percentage of ownership in each of the assets.Conventional production and availability were impacted by a scheduled major maintenance in February 2016, which occurs periodically.Electric availability refers to operational MWh over contracted MWh with Pemex. Availability refers to actual availability divided by contracted availability.  1  4  2  4  3  1 

 CASH FLOWSolid Operating Cash Flow           Net change in cash  OPERATING CASH FLOW  US $ in millions   12 monthsDec 16  12 monthsDec 15  Further Adjusted EBITDA incl. unconsolidated affiliates  (12.3)  (8.8)  Share in EBITDA of unconsolidated affiliates  Interest and income tax paid  Variations in working capital     Non-monetary adjustments and other  INVESTING CASH FLOW  FINANCING CASH FLOW   636.5  772.1  (310.2)  (334.1)  73.1  (87.6)  (96.8)  299.5  (929.8)  (26.3)  810.9  (226.1)  180.6  82.0  2.0  334.4 

     LIQUIDITYStrong Liquidity      US $ in millions  Corporate cash at Atlantica Yield  122.2  Cash at project companies   - Restricted - Unrestricted  STFI1 at project companies  472.6  236.1236.5  As of Dec. 31,2016  79.3    (1) STFI stands for Short Term Financial Investments (restricted).  CASH POSITION   TOTAL LIQUIDITY    45.5  469.2  191.3277.9  As of Dec. 31,2015  77.1    674.1  591.8 

   FINANCINGConservative Leverage at Holding Company Level        US $ in millions  Net corporate debt1  546.0  Net project debt1  Net corporate debt / CAFD pre corporate debt service2  4,857.9  As of Dec. 31,2016  2.7x  DEBT POSITION    619.0  5,001.4  As of Dec. 31,2015  Net debt corresponds to gross debt including accrued interest less cash and cash equivalents.Based on CAFD pre corporate debt service for the year 2016. 

     FINANCINGNet Debt Bridge  Operating cash flow before interest paid  5,404  5,620  668  41  334  Other(Accrued interest, translation differences, etc)  Interest paid  Operations1  41  Dividends    In $ millions  DEC 16  DEC 15    36  Acquisitions    +$180  of Principal Project Debt Amortized in 2016 

 2. Strategic Update 

   STRATEGIC OBJECTIVESA Much Stronger Company  Execution  Waivers  Full Autonomy    Stronger Financial Structure  EBITDA  Assets performance  CAFD                                    2016        Strategic Priorities Accomplished 

   FINANCINGHolding Company Debt Successfully Refinanced  Private placement with a leading infrastructure fund. Contract signed, funding in processThree notes with bullet maturities:€ 92.0M maturity 2022€ 91.5M maturity 2023€ 91.5M maturity 2024  € 275 million of New Long-Term Corporate Financing  Interest rate to be hedged, expected at a 5.60-5.70% average cost  $290 million of our RCF Tranche B maturing in December 2017 will be fully prepaid and cancelled immediately  Natural hedge for our € exposure 

 DIVIDENDQuarterly Dividend Increase of 53%    Quarterly dividend of $0.25 per share approved, +53% versus last quarter, reflecting key waivers and forbearances secured in the last monthsSame reasoning as last quarter (percentage of assets not requiring waivers) but percentage used increased from 45% to 70%Upcoming quarterly dividends expected to continue increasing as last waivers and forbearances are secured 

 STRATEGIC OBJECTIVESReaffirm the Strength of Existing Portfolio  LONG-TERM HIGH QUALITY CONTRACTS  21years  Weighted average contracted life remaining 1  Represents weighted average years remaining as of December 31, 2016. Regulated in the case of the Spanish assets. Offtakers for Quadra 1&2, Honaine, Skikda and ATN2 are unrated.  DIVERSIFIED PORTFOLIO  Risks balanced across geographies and technologies  STRONG CORPORATE STRUCTURE  Access to more opportunities+90% of run-rate CAFD dollarized68% CAFD from Availability-based contracts  100% contracted revenues 2Investment grade offtakers 3Minimal commodity risk   Majority of independent directorsNo IDRsTax efficient structure   

 FINANCINGSustainable Project Debt Profile  SELF AMORTIZING DEBT STRUCTURE  ASSETS  Project debt self-amortizing progressively before the end of the contracted life  100%  +90% of interest rates fixed or hedgedSignificant “Tail periods” in a large majority of the projects  $5,330  $4,173    +$1.1B reduction in the next 5 years 

 Deliver EBITDA and CAFD targets while positioning the Company to achieve run-rate    STRATEGIC OBJECTIVESPriorities for 2017  Restart Accretive Growth through partnerships and acquisitions  Use Extra Cash to create shareholders value  1    2    3 

           STRATEGIC OBJECTIVES2017 Guidance Without Considering Acquisitions      2017  760  Range in $ Millions  CAFD Net  170    810  190  Further Adjusted EBITDA incl. unconsolidated affiliates  Dividend distributions: 80% pay-out ratio1  -  -  Subject to waivers and forbearances and Board of Directors’ approval  ESTIMATED CAFD OF EXISTING PORTFOLIO      200  215  -    Total cash available including potential proceeds from Abengoa’s debt and equity    RUN-RATE  >200 

 STRATEGIC OBJECTIVESPartnership with Starwood: Ten West Link Project  PROJECT DESCRIPTION  TRANSACTION  12.5% interest to be acquired from Abengoa at costJoint development with Starwood Energy Group, a private investment firm specialized in energy infrastructure assetsInvestment commitment for up to $10M in the upcoming 3 years 114 mile Transmission LineLocated in California and ArizonaOfftaker: CAISO, A+/A+ rating1~50 years of project life-timeExpected to reach COD in 2020Geographical synergies with existing assets in U.S.  Reflects the credit ratings issued by S&P and Fitch, respectively 

 3. Q&A 

 Appendix 

 HISTORICAL FINANCIAL REVIEWKey Financials by Quarter        3Q14  4Q14    1Q15  2Q15  3Q15  4Q15  FY 2015    1Q16  2Q16  3Q16  4Q16  FY 2016  Revenues  99,505   93,380     118,304   190,265   267,345   214,967    790,881     206,376  261,302  295,272  208,847    971,797   F.A. EBITDA margin (%)  89.7%  87.4%    88.9%  83.9%  81.8%  71.2%  80.5%    75.0%  79.5%  89.5%  69.6%  79.5%  Further Adj. EBITDA incl. unconsolidated affiliates  89,253   81,598     105,186   159,600   218,650   153,074   636,510     154,879  207,645  264,262  145,326   772,112   ABY pro-rata share of EBITDA from unconsolidated affiliates   -   -    (5,477)  (1,622)  (2,121)  (3,071)  (12,291)    (2,332)  (2,193)  (2,157)  (2,120)  (8,802)  Further Adjusted EBITDA  89,253   81,598     99,709   157,978   216,529   150,003   624,219     152,547  205,452  262,105  143,206   763,310   Dividends from unconsolidated affiliates   -   -     -   -  4,163   254   4,417     -  4,984  -  -   4,984   Non-monetary items  (8,631)  (9,748)    (21,229)  (23,741)  (21,447)  (24,993)  (91,410)    (18,356)  (12,563)  (11,508)  (16,948)  (59,375)  Interest and income tax paid  (15,078)  (67,886)    (19,291)  (113,023)  (46,161)  (131,759)  (310,234)    (27,613)  (137,371)  (27,183)  (141,890)  (334,057)  Principal amortization of indebtedness net of new indebtedness at project level  (10,058)  (11,556)    (8,790)  (41,873)  (38,573)  (86,153)  (175,389)    (14,254)  (53,851)  (18,792)  (95,739)  (182,636)  Deposits into/withdrawals from debt service accounts  (10,572)  (884)    (211)  (6,352)  (10,090)  (183)  (16,837)    (34,155)  12,291  (43,027)  18,186  (46,705)  Change in non-restricted cash at project companies  (16,748)  29,139     16,255   47,092   (62,285)  71,155   72,217     (41,089)  59,969  (90,385)  112,918   41,413   Dividends paid to non-controlling interests   -   -     -   -  (4,665)  (3,642)  (8,307)    -  (5,479)  (3,473)  -  (8,952)  Changes in other assets and liabilities  (38)  7,738     (27,944)  24,516   21,105   62,143   79,821     (13,237)  (33,824)  (13,957)  39,325   (21,694)  Asset refinancing  -  -    -  -  -  -  -    14,893  -  -  -  14,893  Cash Available For Distribution (CAFD)  28,127   28,401     38,500   44,595   58,576   36,825   178,496      18,736..   39,607  53,780 .    59,058   171,181                                   Dividends declared1  23,696   20,736     34,074  40,087  43,093    -  117,254    -  29,063  16,335  25,054   70,452  # of shares at the end of the period  80,000,000   80,000,000     80,000,000   100,217,260   100,217,260   100,217,260   100,217,260     100,217,260   100,217,260   100,217,260   100,217,260   100,217,260   DPS (in $ per share)  0.2962   0.2592     0.3400   0.4000   0.4300    -  1.1700    -   0.2900..  0.1630   0.2500  0.7030  Project debt  2,487.1   3,823.1     3,796.7   5,241.2   6,042.6   5,470.7   5,470.7     5,666.8  5,512.1  5,612.9  5,330.5   5,330.5   Project cash  (178.9)   (198.8)     (182.5)  (373.3)   (618.9)  (469.2)   (469.2)     (529.4)  (469.7)  (587.6)  (472.6)   (472.6)   Net project debt  2,308.2   3,624.3     3,614.1   4,867.9   5,423.7   5,001.5   5,001.5     5,137.4  5,042.4  5,025.3  4,857.9   4,857.9   Corporate debt   -  378.5     376.1   377.1   668.7   664.5   664.5     669.9  666.3  671.6  668.2   668.2   Corporate cash  (86.2)   (155.4)     (84.9)   (154.8)   (43.6)   (45.5)   (45.5)     (45.4)  (84.9)  (85.8)  (122.2)   (122.2)   Net corporate debt  (86.2)  223.1     291.2   222.3   625.1   619.0   619.0     624.5  581.4  585.8  546.0   546.0                                 Total net debt  2,222.0   3,847.4     3,905.3   3,090.2   6,048.8   5,620.5   5,620.5     5,761.9  5,623.8  5,611.2  5,403.8   5,403.8   Net Corporate Debt/CAFD pre corporate interests2  na  2.2x    1.8x  1.3x  2.2x  2.9x  2.9x    2.9x  2.7x  2.7x  2.7x  2.7x  Dividends are paid to shareholders in the quarter after they are declared;Ratios presented are the ratios shown on each quarter’s earnings presentations;Includes the impact of a one-time partial refinancing of ATN2;  Debt details  Key Financials  US $ in thousands  US $ in millions  (3)  Dividend declared on August 3 2016 is the sum of $0.145 per share corresponding to the first quarter of 2016 and $0.145 per share corresponding to the second quarter of 2016.Includes compensation on ACBH ($21.2M in the third quarter and $6.8M in the fourth quarter of 2016).   (4)  (5)  (5) 

 HISTORICAL FINANCIAL REVIEWSegment Financials by Quarter        3Q14  4Q14    1Q15  2Q15  3Q15  4Q15  FY 2015    1Q16  2Q16  3Q16  4Q16  FY 2016  by Geography                                            NORTH AMERICA     50,040   48,646     55,943   94,214   109,654   68,328   328,139     65,232  100,617  109,491  61,722   337,061    SOUTH AMERICA     24,322   23,014     24,405   26,227   29,617   32,231   112,480     29,008  28,973  30,183  30,599   118,763   EMEA     25,143   21,720     37,956   69,824   128,074   114,408   350,262     112,135  131,712  155,598  116,527   515,973   by Business Sector                                           RENEWABLES     51,599   40,791     63,680   129,747   204,412   145,173   543,012     141,166  201,246  235,844  146,070   724,326   CONVENTIONAL     28,073   33,556     31,330   34,009   34,676   38,702   138,717     35,179  30,289  29,452  33,127   128,046   TRANSMISSION     19,833   19,033     19,159   20,079   22,046   25,109   86,393     23,530  23,383  23,822  24,402   95,137   WATER      -   -    4,136   6,429   6,211   5,983   22,759     6,501  6,384  6,154  5,249   24,288   Total Revenue     99,505   93,380     118,304   190,265   267,345   214,967   790,881     206,376  261,302  295,272  208,848   971,797                                       3Q14  4Q14    1Q15  2Q15  3Q15  4Q15  FY 2015    1Q16  2Q16  3Q16  4Q16  FY 2016  by Geography                                          NORTH AMERICA     49,014   42,697     50,941   86,356   94,739   47,523   279,559     51,212  89,959  103,049  40,470   284,690       97.9%  87.8%    91.1%  91.7%  86.4%  69.6%  85.2%    78.5%  89.4%  94.1%  65.6%  84.5%   SOUTH AMERICA1     24,323   23,399     24,998   26,625   29,171   30,111   110,905     24,062  23,996  45,496  31,046   124,599       100.0%  101.7%    102.4%  101.5%  98.5%  93.4%  98.6%    82.9%  82.8%  150.7%  101.5%  104.9%  EMEA     15,916   15,502     29,247   46,619   94,739   75,441   246,046     79,605  93,690  115,718  73,810   362,823       63.3%  71.4%    77.1%  66.8%  74.0%  65.9%  70.2%    71.0%  71.1%  74.4%  63.3%  70.3%  by Business Sector                                           RENEWABLES     44,114   33,131     52,760   106,404   162,971   95,022   417,157     102,170  155,253  191,570  89,435   538,427       85.5%  81.2%    82.9%  82.0%  79.7%  65.5%  76.8%    72.4%  77.1%  81.2%  61.2%  74.3%  CONVENTIONAL     24,834   28,511     26,961   26,358   26,937   27,415   107,671     27,079  26,655  26,390  26,367   106,492       88.5%  85.0%    86.1%  77.5%  77.7%  70.8%  77.6%    77.0%  88.0%  89.6%  79.6%  83.2%  TRANSMISSION1     20,305   19,956     20,529   21,326   22,885   24,307   89,047     19,410  19,948  40,551  24,886   104,795       102.4%  104.8%    107.2%  106.2%  103.8%  96.8%  103.1%    82.5%  85.3%  170.2%  102.0%  110.2%  WATER      -   -    4,936   5,512   5,856   6,331   22,635     6,220  5,789  5,751  4,638   22,398             119.4%  85.7%  94.3%  105.8%  99.5%    95.7%  90.7%  93.5%  88.3%  92.2%  Total Further Adj. EBITDA incl. unconsolidated affiliates1    89,253   81,598     105,186   159,600   218,649   153,075   636,510     154,879  207,645  264,262  145,325   772,112       89.7%  87.4%    88.9%  83.9%  81.8%  71.2%  80.5%    75.0%  79.5%  89.5%  69.6%  79.5%                US $ in thousands  Revenue  Further Adj. EBITDA incl. unconsolidated affiliates                (1) Includes $21.2M in the third quarter and $6.8M in the fourth quarter of 2016 corresponding to the compensation on ACBH. 

 EBITDA-CAFD RECONCILIATIONReconciliation of EBITDA to CAFD          ATN2 refinancing  CASH GENERATED  US $ in millions   12m 2016  12m 2015  (12.3)  (8.8)  Share in EBITDA of unconsolidated affiliates  Interest and income tax paid  Change in other assets and liabilities  Principal amortization of indebtedness  Further Adjusted EBITDA incl. unconsolidated affiliates1  636.5  772.1  (310.2)  (334.1)  79.8  (21.7)  (175.4)  (182.6)  106.3  114.9  -  14.9  Deposits in/withdrawals from restricted accounts  (16.8)  (46.7)  (91.4)  (59.4)  Non-monetary adjustments  Change in non-restricted cash at project companies  72.2  41.4  CAFD  178.5  171.2  4.4  5.0  Dividends from unconsolidated affiliates  Dividends paid to non-controlling interest  (8.3)  (8.9)  Includes dividend from our preferred equity investment in Brazil or its compensation ($28.0 M for the year, 2016 and $18.4 M for the year 2015)  (2) CAFD includes $28.0M compensation of preferred equity investment in Brazil and the impact of a one-time partial refinancing of ATN2 amounting to $14.9M for the year 2016  (2) 

       3Q14  4Q14  1Q15  2Q15  3Q15  4Q15  FY 2015    1Q16  2Q16  3Q16  4Q16  FY 2016                                       RENEWABLES (MW)     430   891  991   1,241   1,441   1,441   1,441     1,441  1,441  1,442  1,442   1,442   CONVENTIONAL (electric MW)     300   300   300   300   300   300   300     300  300  300  300   300   TRANSMISSION (Miles)     1,018   1,018   1,018   1,099   1,099   1,099   1,099     1,099  1,099  1,099  1,099   1,099   WATER (Mft3/day)      -   -  10.5   10.5   10.5   10.5   10.5     10.5  10.5  10.5  10.5   10.5                                         RENEWABLES (GWh)     300  184  319   764  958  495  2,536     514  974  1,098  501   3,087    (GWh)     640  629  628   616  601  620  2,465     529  621  649  617   2,416    (electric availability %)     104.6%  101.0%  101.7%  101.9%  101.7%  101.5%  101.7%    87.5%  102.5%  103.5%  103.3%  99.1%  TRANSMISSION (availability %)     100.0%  100.0%  99.9%  99.8%  99.3%  100.0%  99.9%    99.9%  99.9%  99.9%  100.0%  100.0%  WATER (availability %)      -   -  96.8%  103.2%  101.6%  102.5%  101.5%    101.5%  102.7%  102.9%  100.2%  101.8%                  CONVENTIONAL2  Capacity in operation1(at the end of the period)  Production / Availability  HISTORICAL FINANCIAL REVIEWKey Performance Indicators  Represents total installed capacity in assets owned at the end of the period, regardless of our percentage of ownership in each of the assets.Conventional production and availability were impacted by a periodic scheduled major maintenance in February 2016.Electric availability refers to operational MWh over contracted MWh with Pemex.Availability refers to actual availability divided by contracted availability.  3  4  4 

       3Q14  4Q14  1Q15  2Q15  3Q15  4Q15  FY 2015    1Q16  2Q16  3Q16  4Q16  FY 2016                                         US     28.1%  14.4%  14.3%  33.7%  34.5%  17.1%  24.9%    17.3%  36.4%  33.5%  16.0%  25.8%   Spain     34.3%  8.1%  15.1%  30.6%  31.3%  8.6%  21.0%    14.2%  27.0%  35.4%  9.9%  20.4%   Kaxu            26.0%  31.1%  29.3%(2)    42.2%  25.8%  33.2%  34.3%  33.9%                                WIND (Uruguay)     42.8%  38.0%  27.3%  34.4%  41.9%  39.3%  35.8%    31.6%  32.2%  35.9%  34.9%  33.7%  SOLAR                                                                                                                      Historical Capacity Factors1  HISTORICAL FINANCIAL REVIEWCapacity Factors  Historical Capacity Factors calculated from the date of entry into operation or the acquisition of each asset. Some capacity factors are not indicative of a full period of operations.Average capacity factor in Kaxu for 2015 calculated from August 1, 2015. 

 STABLE PORTFOLIOLong-Dated Contracts with CreditWorthy Counterparties  LONG-TERM CONTRACTS  HIGH QUALITY OFFTAKERS  21  Weighted average years remaining 2  +95  Investment grade offtakers1  LOW DEPENDENCE ON NATURAL RESOURCES3    PRODUCTION-BASED  32%    AVAILABILITY-BASED  68%  %  Based on Moody’s rating. Offtakers for Quadra 1&2, Honaine, Skikda and ATN2 are unrated. Offtaker for ATN and ATS is the Ministry of Energy of the Government of Peru, for Spanish assets is the Government of Spain and for Kaxu is the Republic of South Africa.Represents weighted average years remaining as of December 31, 2016.Based on run-rate CAFD estimations. 

 TAIL PERIODSRemaining Project Life after Debt Amortization    PPAs with predefined prices for 21 years on average Additionally, “second life” (merchant or additional PPA) after existing PPA in all assets excluding ATN and ATS     PPA expiration year      Contract term1  Project debt term  Year  (1) Regulation term in the case of Spain. 

 SIZEABLE AND DIVERSIFIED ASSET PORTFOLIOPortfolio Breakdown1  CURRENCY2  SECTOR  GEOGRAPHY  All amounts based on run-rate CAFD estimations and assumes no acquisitions. Including the effect of currency swap agreements     of long term interest rate in projects is fixed or hedged  ~ 90%  90  Denominatedin USD  %  41% North America40% Europe12% South America7% RoW          73% Renewable17% Conventional 7% Transmission 3% Water          + 

   2017  2018  2019  2020  2021  Thereafter  Total  NORTH AMERICA  58.3  60.3  70.1  80.2  79.0  1,523.0  1,870.9  SOUTH AMERICA  31.7  23.1  25.4  28.3  31.4  755.3  895.3  EMEA  121.2  125.6  133.6  138.6  150.6  1,894.8  2,564.3  Total  211.2  209.0  229.1  247.1  261.0  4,173.1  5,330.5  US $ in millions        PROJECT DEBT Repayment Schedule as of December 31, 2016     2017  2018  2019  2020  2021  Thereafter  Total  RENEWABLES  157.0  170.7  182.2  190.9  200.9  3,077.4  3,979.1  CONVENTIONAL  27.7  16.8  23.2  30.1  31.4  469.0  598.3  TRANSMISSION  21.5  16.4  18.5  20.6  23.0  611.6  711.5  WATER  5.0  5.1  5.2  5.5  5.7  15.1  41.6  Total  211.2  209.0  229.1  247.1  261.0  4,173.1  5,330.5          Exchange rates as of December 31, 2016: (EUR/USD = 1.0517) 

         3 monthsDec 16  3 monthsDec 15  1.7  (0.6)    (234.2)  (14.5)  1.4  (44.3)  (3.2)  302.4  98.9  237.3  77.3  98.5  4.6  6.8  3.1  2.1  (1.5)  323.4  Q4 2016 RECONCILIATIONReconciliation of Further Adjusted EBITDA including unconsolidated affiliates to Profit/(loss) for the period            US $ in millions   12 monthsDec 16  12 monthsDec 15  Profit/(loss) for the period attributable to the Company  10.8  6.5  Profit attributable to non-controlling interest  Income tax  Share of loss/(profit) of associates carried under the equity method    Financial expense, net  (209.0)  (4.9)  23.8  1.7  (7.9)  526.8  405.7  636.5  261.3  332.9  18.4  27.9  12.3  8.8  (6.6)  772.1  145.3  153.1  Further Adjusted EBITDAincl. unconsolidated affiliates  68.1  37.9  Operating Profit  344.5  402.4  Depreciation, amortization, and impairment charges  Dividend from exchangeable preferred equity investment in ACBH  ABY’s pro-rata share of EBITDA from unconsolidated affiliates  Further Adjusted EBITDA  150.0  143.2  624.2  763.3 

 SIZEABLE AND DIVERSIFIED ASSET PORTFOLIO     ASSET  TYPE  STAKE  LOCATION  GROSSCAPACITY  OFFTAKER  RATING 1  YEARSCONTRACT LEFT  CCV  RENEWABLE ENERGY  Solana    100% (2)  USA (Arizona)  280 MW  APS  A-/A3/BBB+  27  USD    Mojave    100%  USA (California)  280 MW  PG&E  BBB+/Baa1/A-  23  USD    Solaben 2/3    70%  Spain  2x50 MW  Kingdom of Spain  BBB+/Baa2/BBB+  21/20  USD (4)    Solacor 1/2    87%  Spain  2x50 MW  Kingdom of Spain  BBB+/Baa2/BBB+  20  USD (4)    PS 10/20    100%  Spain  31 MW  Kingdom of Spain  BBB+/Baa2/BBB+  15/17  USD (4)    Helioenergy 1/2    100%  Spain  2x50 MW  Kingdom of Spain  BBB+/Baa2/BBB+  20  USD (4)    Helios 1/2    100%  Spain  2x50 MW  Kingdom of Spain  BBB+/Baa2/BBB+  21  USD (4)    Solnova 1/3/4    100%  Spain  3x50 MW  Kingdom of Spain  BBB+/Baa2/BBB+  18/18/19  USD (4)    Solaben 1/6    100%  Spain  2x50 MW  Kingdom of Spain  BBB+/Baa2/BBB+  22  USD (4)    Seville PV    80%  Spain  1 MW  Kingdom of Spain  BBB+/Baa2/BBB+  19  EUR    Kaxu    51%  South Africa  100 MW  Eskom  BBB-/Baa2/BBB- (3)  18  ZAR    Palmatir    100%  Uruguay  50 MW  UTE  BBB/Baa2/BBB- (3)  17  USD    Cadonal    100%  Uruguay  50 MW  UTE  BBB/Baa2/BBB- (3)  18  USD  Reflects the counterparty’s issuer credit ratings issued by S&P, Moody’s and Fitch, respectively. Liberty Interactive Corporation holds $300M in Class A membership interests in exchange for a share of the dividends and the taxable loss generated by Solana.For Kaxu is the credit rating of the Republic of South Africa, and for Palmatir and Cadonal it refers to the credit rating of Uruguay, as UTE is unrated. Gross cash in Euros dollarized through a currency swap contract with Abengoa   

 SIZEABLE AND DIVERSIFIED ASSET PORTFOLIO (Cont’d)    ASSET  TYPE  STAKE  LOCATION  GROSSCAPACITY  OFFTAKER  RATING 1  YEARSCONTRACT LEFT  CCY  CONVENTIONALPOWER  ACT    100%  Mexico  300 MW  Pemex  BBB+/Baa3/BBB+  16  USD (2)  ELECTRICAL TRANSMISSION  ATN    100%  Peru  362 miles  Peru  BBB+/A3/BBB+  24  USD (2)    ATS    100%  Peru  569 miles  Peru  BBB+/A3/BBB+  27  USD (2)    ATN 2    100%  Peru  81 miles  Minera Las Bambas  Not rated  16  USD (2)    Quadra 1&2    100%  Chile  81 miles  Sierra Gorda  Not rated  18  USD (2)    Palmucho    100%  Chile  6 miles  Enel Generacion Chile  BBB+/Baa2/BBB+  21  USD (2)  WATER  Skikda    34%  Algeria  3.5 Mft3/day  Sonatrach & ADE  Not rated  17  USD (2)    Honaine    26%  Algeria  7 Mft3/day  Sonatrach & ADE  Not rated  21  USD (2)        Reflects the counterparty’s issuer credit ratings issued by S&P, Moody’s and Fitch, respectively.USD denominated but payable in local currency.  

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