Significant accounting policies [Abstract]

Nature of the business

Note 1.- Nature of the business

Atlantica Yield plc (“Atlantica” or the “Company”) was incorporated in England and Wales as a private limited company on December 17, 2013 under the name Abengoa Yield Limited. On March 19, 2014, the Company was re-registered as a public limited company, under the name Abengoa Yield plc. On May 13, 2016, the change of the Company´s registered name to Atlantica Yield plc was filed with the Registrar of Companies in the United Kingdom.

Atlantica is a total return company that owns, manages and acquires renewable energy, efficient natural gas, electric transmission lines and water assets focused on North America (the United States and Mexico), South America (Peru, Chile and Uruguay) and EMEA (Spain, Algeria and South Africa).

Atlantica’s shares began trading on the NASDAQ Global Select Market under the symbol “ABY” on June 13, 2014. The symbol changed to “AY” on November 11, 2017.

On March 9, 2018 and on November 27, 2018, Algonquin Power & Utilities (“Algonquin”) announced that it completed the acquisition from Abengoa S.A, (“Abengoa”) of a 25% and 16.47% equity interest in Atlantica, respectively. Algonquin is the largest shareholder of the Company which currently owns a 41.47% stake in Atlantica Yield. Algonquin does not consolidate the Company in its consolidated financial statements.

During 2016, the Company closed the acquisition of a 13% stake in Solacor 1/2 from the JGC Corporation (“JGC”), which reduced the JGC´s ownership in Solacor 1/2 to 13%, and of an 80% stake in Fotovoltaica Solar Sevilla, S.A. (“Seville PV”) from Abengoa, a 1 MW solar photovoltaic plant in Spain.

On February 28, 2017, the Company closed the acquisition of a 12.5% interest in a 114-mile transmission line in the U.S. from Abengoa. The asset will receive a Federal Energy Regulatory Commission (“FERC”) regulated rate of return, and is currently under development, with Commercial Operation Date (“COD”) expected in 2020.

During the year 2018, the Company completed the following acquisitions:

On February 28, 2018, the Company closed the acquisition of a 100% stake in a 4 MW hydroelectric power plant in Perú (“Mini-Hydro”) for approximately $9 million;

On December 11, 2018, the Company closed the acquisition of a 66kV transmission line in operation in Chile (“Chile TL3”) for approximately $6 million;

On October 10, 2018, the Company completed the acquisition of a 5% stake in a natural gas transportation in Mexico (Pemex Transportation System or “PTS”). Consideration for this 5% stake, which amounts to approximately $7 million, will be disbursed progressively as construction progresses;

On December 14, 2018, the Company closed the acquisition of a 100% stake in a 50 MW on-shore wind plant in Uruguay (“Melowind”) for approximately $45 million;

On December 28, 2018, the Company completed the acquisition of a transmission line, which is an extension of ATN (“ATN expansion 1”) for approximately $16 million.

The following table provides an overview of the concessional assets the Company owned as of December 31, 2018:

Assets	Type	Ownership	Location	Currency⁽⁸⁾	Capacity (Gross)	Counterparty Credit Ratings⁽⁹⁾	COD	Contract Years Left ⁽¹³⁾

Solana	Renewable (Solar)	100% Class B⁽¹⁾	Arizona (USA)	USD	280 MW	A-/A2/A-	2013	25

Mojave	Renewable (Solar)	100%	California (USA)	USD	280 MW	D/WR/D	2014	21

Solaben 2 & 3	Renewable (Solar)	70%⁽²⁾	Spain	Euro	2x50 MW	A-/Baa1/A-	2012	19/18

Solacor 1 & 2	Renewable (Solar)	87%⁽³⁾	Spain	Euro	2x50 MW	A-/Baa1/A-	2012	18/18

PS10/PS20	Renewable (Solar)	100%	Spain	Euro	31 MW	A-/Baa1/A-	2007& 2009	13/15

Helioenergy 1 & 2	Renewable (Solar)	100%	Spain	Euro	2x50 MW	A-/Baa1/A-	2011	18/18

Helios 1 & 2	Renewable (Solar)	100%	Spain	Euro	2x50 MW	A-/Baa1/A-	2012	19/19

Solnova 1, 3 & 4	Renewable (Solar)	100%	Spain	Euro	3x50 MW	A-/Baa1/A-	2010	16/16/17

Solaben 1 & 6	Renewable (Solar)	100%	Spain	Euro	2x50 MW	A-/Baa1/A-	2013	20/20

Kaxu	Renewable (Solar)	51%⁽⁴⁾	South Africa	Rand	100 MW	BB/Baa3/BB+⁽¹⁰⁾	2015	16

Palmatir	Renewable (Wind)	100%	Uruguay	USD	50 MW	BBB/Baa2/BBB-⁽¹¹⁾	2014	15

Cadonal	Renewable (Wind)	100%	Uruguay	USD	50 MW	BBB/Baa2/BBB-⁽¹¹⁾	2014	16

ACT	Efficient natural gas	100%	Mexico	USD	300 MW	BBB+/ Baa3/BBB+	2013	14

ATN ⁽¹²⁾	Transmission line	100%	Peru	USD	365 miles	BBB+/A3/BBB+	2011	22

ATS	Transmission line	100%	Peru	USD	569 miles	BBB+/A3/BBB+	2014	25

ATN 2	Transmission line	100%	Peru	USD	81 miles	Not rated	2015	14

Quadra 1	Transmission line	100%	Chile	USD	49 miles	Not rated	2014	16


Quadra 2	Transmission line	100%	Chile	USD	32 miles	Not rated	2014	16

Palmucho	Transmission line	100%	Chile	USD	6 miles	BBB+/Baa1/BBB+	2007	19

Chile TL3	Transmission line	100%	Chile	USD	50 miles	A+/A1/A	1993	Regulated

Skikda	Water	34.2%⁽⁵⁾	Algeria	USD	3.5 M ft3/day	Not rated	2009	15

Honaine	Water	25.5%⁽⁶⁾	Algeria	USD	7 M ft3/ day	Not rated	2012	19

Seville PV	Renewable (Solar)	80%⁽⁷⁾	Spain	Euro	1 MW	A-/Baa1/A-	2006	17

Melowind	Renewable (Wind)	100%	Uruguay	USD	50MW	BBB/Baa2/BBB-	2015	17

Mini-Hydro	Renewable (Hydraulic)	100%	Peru	USD	4 MW	BBB+/A3/ BBB+-	2012	14

(1)	On September 30, 2013, Liberty Interactive Corporation agreed to invest $300 million in Class A shares of ASO Holdings Company LLC, the holding company of Solana, in exchange for a share of the dividends and the taxable losses generated by Solana.

(2)	Itochu Corporation, a Japanese trading company, holds 30% of the shares in each of Solaben 2 and Solaben 3.

(3)	JGC, a Japanese engineering company, holds 13% of the shares in each of Solacor 1 and Solacor 2.

(4)	Kaxu is owned by the Company (51%), Industrial Development Corporation of South Africa (29%) and Kaxu Community Trust (20%).

(5)	Algerian Energy Company, SPA owns 49% of Skikda and Sacyr Agua, S.L. owns the remaining 16.83%.

(6)	Algerian Energy Company, SPA owns 49% of Honaine and Sacyr Agua, S.L. owns the remaining 25.5%.

(7)	Instituto para la Diversificación y Ahorro de la Energía (“Idae”), a Spanish state owned company, holds 20% of the shares in Seville PV.

(8)	Certain contracts denominated in U.S. dollars are payable in local currency.

(9)	Reflects the counterparty’s credit ratings issued by Standard & Poor’s Ratings Services, or S&P, Moody’s Investors Service Inc., or Moody’s, and Fitch Ratings Ltd, or Fitch.

(10)	Refers to the credit rating of the Republic of South Africa. The offtaker is Eskom, which is a state-owned utility company in South Africa.

(11)	Refers to the credit rating of Uruguay, as UTE (Administración Nacional de Usinas y Transmisoras Eléctricas) is unrated.

(12)	Including the acquisition of ATN expansion 1.

(13)	As of December 31, 2018.

On November 27, 2015, Abengoa, reported that, it filed a communication pursuant to article 5 bis of the Spanish Insolvency Law 22/2003 with the Mercantile Court of Seville nº 2. On November 8, 2016, the Judge of the Mercantile Court of Seville declared judicial approval of Abengoa´s restructuring agreement. On March 31, 2017 Abengoa announced the completion of the restructuring. As a result, Atlantica Yield received Abengoa debt and equity instruments in exchange of the guarantee previously provided by Abengoa regarding the preferred equity investment in Abengoa Concessoes Brasil Holding (“ACBH”).

The project financing arrangement of Kaxu contains cross-default provisions related to Abengoa such that debt defaults by Abengoa, subject to certain threshold amounts and/or a restructuring process, could trigger a default under the Kaxu project financing arrangement. In March 2017, Atlantica obtained a waiver in its Kaxu project financing arrangement which waives any potential cross-defaults with Abengoa up to that date, but it does not cover potential future cross-default events.

In addition, in Solana and Mojave, in November 2017, in the context of the agreement reached between Abengoa and Algonquin for the acquisition by Algonquin of 25% of the shares of the Company and based on the obligations of Abengoa under the EPC contract, the Company signed a consent with the DOE which reduced this minimum ownership required by Abengoa in Atlantica Yield to 16%, which became effective upon closing of the transaction on March 9, 2018, when Abengoa announced it made effective the sale of a 25% stake in Atlantica Yield to Algonquin. In addition, the DOE approved on November 27, 2018 the sale to Algonquin of the residual stake of 16.47% in the Company held by Abengoa, canceling any residual change of ownership clause of previous agreements.

These consolidated financial statements were approved by the Board of Directors of the Company on February 26, 2019.

Significant accounting policies

12 Months Ended

Dec. 31, 2018

Significant accounting policies

Note 2.- Significant accounting policies

2.1 Basis of preparation

These consolidated financial statements are presented in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

The consolidated financial statements are presented in U.S. dollars, which is the Company’s functional and presentation currency. Amounts included in these consolidated financial statements are all expressed in thousands of U.S. dollars, unless otherwise indicated.

Application of new accounting standards

Standards, interpretations and amendments effective from January 1, 2018 under IFRS-IASB, applied by the Company in the preparation of these consolidated financial statements:

IFRS 9 ‘Financial Instruments’

IFRS 15 ‘Revenues from contracts with Customers’

IFRS 15 (Clarifications) ‘Revenues from contracts with Customers’

IFRS 16 ‘Leases’. This Standard is applicable for annual periods beginning on or after January 1, 2019 under IFRS-IASB, earlier application is permitted, but conditioned to the application of IFRS 15.

IFRS 2 (Amendment) ‘Classification and Measurement of Share-based Payment Transactions’.

IFRS 4 (Amendment). Applying IFRS 9 ‘Financial Instruments’ with IFRS 4 ‘Insurance Contracts’.

Annual Improvements to IFRSs 2015-2017 cycles.

IFRIC 22 Foreign Currency Transactions and Advance Consideration.

IAS 40 (Amendment). Transfers of Investment Property.

IAS 28 (Amendment). Long-term Interests in Associates and Joint Ventures.

The applications of these amendments have not had any material impact on these consolidated financial statements.

In relation to IFRS 15, IFRS 9 and IFRS 16, the Company performed the following analysis:

IFRS 15 ‘Revenues from contracts with Customers’

In May 2014, the IASB (International Accounting Standards Board) published IFRS 15 “Recognition of Revenue from Contracts with Customers”. This Standard brings together all the applicable requirements and replaces the current standards for recognizing revenue: IAS 11 Construction Contracts, IAS 18 Revenue, IFRIC 13 Customer Loyalty Program, IFRIC 15 Agreements for the Construction of Real Estate, IFRIC 18 Transfers of Assets from Customers and SIC-31 Revenue—Barter Transactions Involving Advertising Services.

The new requirements may lead to changes in the current revenue profile, since the Standard’s main principle is that the Company must recognize its revenue in accordance with the transfer of goods or services to the customers in an amount which reflects the consideration that the Company expects to receive in exchange for these goods or services. The model laid out by the Standard is structured in five steps:

Step 1: Identifying the contract with the customer.

Step 2: Identifying the performance obligations.

Step 3: Determining the transaction price.

Step 4: Assigning the transaction price in the performance obligations identified in the contract.

Step 5: Recognition of revenue when (or as) the Company performs the performance obligations.

Contracted concessional assets and price purchase agreements (PPAs) include fixed assets financed through project debt, related to service concession arrangements recorded in accordance with International Financial Reporting Interpretations Committee 12 (“IFRIC 12”), except for Palmucho, which is recorded in accordance with IAS 17 and PS10, PS20, Seville PV, Mini-hydro and Chile TL3, which are recorded as tangible assets in accordance with IAS 16. The infrastructures accounted for by the Company as concessions are related to the activities concerning electric transmission lines, solar electricity generation plants, efficient natural gas plants, wind farms and water plants.

Currently, assets recorded in accordance with IFRIC 12 are classified as intangible assets or as financial assets, depending on the nature of the payment entitlements established in the contracts.

According to IFRS 15, the Company should assess the goods and services promised in the contracts with the customers and shall identify as a performance obligation each promise to transfer to the customer a good or service (or a bundle of goods or services).

In the case of contracts related to financial assets, the Company has identified two performance obligations (construction and operation of the asset). The contracts state that each service (construction and operation) has its own transaction price. For this reason, both performance obligations are separately identifiable in the context of the contract. The Company must allocate the total consideration to be received by the contract to each performance obligation. As mentioned above, the different services performed have been identified as two different performance obligations (construction and operation). Each performance obligation has its own transaction price stated in the contract. Such transaction prices are agreed in the contract by the parties in an orderly transaction, with no interrelation between both transaction prices and therefore correspond to the fair value of the goods and services provided in each case. As a result, for IFRS 15 purposes, the total transaction price will be allocated to each performance obligation in accordance with the two transaction prices stated within the contract, as they represent the respective fair values of the identified performance obligations.

For the assets classified as intangible assets, the Company has identified the same performance obligations, (construction and operation), but in this case the consideration received by the Company for the construction services is a license. The grantor makes a non-cash payment for the construction services by giving the operator an intangible asset. When allocating fair value for IFRS 15 purposes, the Company will recognize as revenue for the first performance obligation the fair value of the construction services, and the amount corresponding to the sales of energy as the fair value of second performance obligation (operation).

Additionally, in both cases, the services are satisfied over time. All the concessional assets of the Company are in operation and the Company satisfies the performance obligations and recognizes revenue over time. The same conclusion applies to concessional assets that are classified as tangible assets or leases.

IFRS 15 also incorporates specific criteria to determine which costs relating to a contract should be capitalized by distinguishing between incremental costs of obtaining a contract and costs associated with fulfilling a contract. No significant costs of obtaining a contract or compliance (other than those that are already capitalized) have been identified.

As the practice for revenue recognition applied until December 31, 2017, is consistent with the analysis above under IFRS 15, the Company considers that the adoption of this standard has no impact in the consolidated financial statements of the Company.

Also, the Company adopted IFRS 15 applying the full retrospective method to each prior reporting period presented, but without changes in the comparative reporting periods as the adoption of the standard has no effect in the consolidated financial statements.

IFRS 9 ‘Financial Instruments’

IFRS 9 Financial Instruments issued on 24 July 2014 is the IASB’s replacement of IAS 39 Financial Instruments: Recognition and Measurement. The standard addresses the classification, measurement and derecognition of financial assets and financial liabilities, introduces new rules for hedge accounting and a new impairment model for financial assets. The Company adopted the standard as of January 1, 2018, including the new requirements for hedge accounting. The Company adopted retrospectively without re-expressing comparative periods. The analysis performed by the Company is as follows:

-	Classification and measurement of financial instruments:

a) Financial assets: IFRS 9 classifies all financial assets that are currently in the scope of IAS 39 into two categories: amortized cost and fair value. Where assets are measured at fair value, gains and losses are either recognized entirely in profit or loss (fair value through profit or loss, “FVTPL”), or recognized in other comprehensive income (fair value through other comprehensive income, “FVTOCI”). The new guidance has no significant impact on the classification and measurement of the financial assets of the Company as the vast majority of financial assets (except for derivatives) are currently measured at amortized cost, and meet the conditions for classification at amortized cost under IFRS 9. As a result, the Company maintained this classification.

b) Financial liabilities: IFRS 9 does not change the basic accounting model for financial liabilities under IAS 39. Two measurement categories continue to exist: FVTPL and amortized cost. Financial liabilities held for trading are measured at FVTPL, and all other financial liabilities are measured at amortized cost unless the fair value option is applied. As a result, the Company concluded that there is no significant impact on the consolidated financial statements.

The new impairment model requires the recognition of impairment provisions based on expected credit losses (“ECL”) rather than only incurred credit losses as is the case under IAS 39. The Company reviewed its portfolio of financial assets subject to the new model of impairment under the new methodology (using credit default swaps, rating from credit agencies and other external inputs in order to estimate the probability of default), and recorded an adjustment to the opening balance sheet of these consolidated financial statements as detailed below in the table showing the adjustments arising from the application of IFRS 9.

The accounting for certain modifications and exchanges of financial liabilities measured at amortized cost (e.g. bank loans and issued bonds) changes on the transition from IAS 39 to IFRS 9. This change arises from a clarification by the IASB in the Basis for Conclusions of IFRS 9. Under IFRS 9 it is now clear that there can be an effect in the income statement for modification and exchanges of financial liabilities that are considered “non-substantial” (when the net present value of the cash flows, including any fees paid net of any fees received, is lower than 10% different from the net present value of the remaining cash flows of the liability prior to the modification, both discounted at the original effective interest rate). The Company reviewed retrospectively these transactions and recorded an adjustment to the opening balance sheet of these consolidated financial statements as detailed below in the table showing the adjustments arising from the application of IFRS 9.

IFRS 9 also introduces changes in hedge accounting. The hedge accounting requirements in IFRS 9 are optional and tend to facilitate the use of hedge accounting by preparers of financial statements. As a result, the Company reviewed its portfolio of derivatives and recorded an adjustment to the opening balance sheet of these consolidated financial statements as detailed below in the table showing the adjustments arising from the application of IFRS 9.

The impact of applying IFRS 9 to the consolidated financial statements for the year ended December 31, 2018 is not significant.

IFRS 16 ‘Leases’

The IASB issued a new lease accounting standard, IFRS 16, in January 2016, which requires the recognition of lease contracts on the consolidated statement of financial position.

IFRS 16 eliminates the classification of leases as either operating leases or finance leases for a lessee. Instead all leases are treated in a similar way to finance leases applying IAS 17. Leases are ‘capitalized’ by recognizing the present value of the lease payments and showing them either as lease assets (right-of-use of assets) or together with contracted concessional assets. If lease payments are made over time, a company also recognizes a financial liability representing its obligation to make future lease payments.

In the income statement, IFRS 16 replaces the straight-line operating lease expense for those leases applying IAS 17, with a depreciation charge for the lease asset (included within operating expenses) and an interest expense on the lease liability (included within finance expenses). IFRS 16 also impacts the presentation of cash flows related to former off-balance sheet leases.

The Company performed its assessment of the impact on its consolidated financial statements. The most significant impact identified is that the Company recognizes new assets and liabilities for its existing operating leases of land rights, buildings, offices and equipment.

The standard is effective for annual periods beginning on or after January 1, 2019, with earlier application permitted for entities that apply IFRS 15 at or before the date of initial application of IFRS 16. The Company decided to early adopt the standard as of January 1, 2018.

An entity shall apply this standard using one of the following two methods: full retrospectively approach or a modified retrospective approach. The Company has chosen the latter and accounted for assets as an amount equal to liability at the date of initial application. The impact on the opening balance sheet of these consolidated financial statements is shown in the table below.

The impact of applying IFRS 16 to the consolidated financial statements for the year ended December 31, 2018 is not significant.

Summary of adjustments arising from application of IFRS 9 and IFRS 16 as of December 31, 2017

				IFRS 9 Adjustments
($ in thousands)	As reported			Expected credit losses (*)			Modification of financial liabilities			Hedge accounting			IFRS 16 Adjustments		Restated at January 1, 2018
Contracted concessional assets		9,084,270			(53,048	)		-			-			62,982		9,094,204
Deferred tax assets		165,136			14,866			(3,055	)		-			-		176,947

Long- term project debt		5,228,917			-			(39,599	)		-			-		5,189,318
Grants and other liabilities		1,636,060			-			-			-			62,982		1,699,042
Deferred tax liabilities		186,583			-			8,849			-			-		195,432

Other Reserves		80,968			-			-			1,326			-		82,294
Retained Earnings		(477,214	)		(38,182	)		27,695			(1,326	)		-		(489,027	)

(*) The expected credit losses provision only applies to the contracted concessional assets recorded as financial assets for an amount before provision of $936,004 thousand as of December 31, 2017 (see Note 6).

b)	Standards, interpretations and amendments published by the IASB that will be effective for periods beginning on or after January 1, 2019:

IFRS 9 (Amendments to IFRS 9): Prepayment Features with Negative Compensation. This Standard is applicable for annual periods beginning on or after January 1, 2019 under IFRS-IASB, earlier application is permitted.

IFRS 17 ‘Insurance Contracts’. This Standard is applicable for annual periods beginning on or after January 1, 2021 under IFRS-IASB, earlier application is permitted.

IAS 19 (Amendment). Amendments to IAS 19: Plan Amendment, Curtailment or Settlement. This amendment is mandatory for annual periods beginning on or after January 1, 2019 under IFRS-IASB, earlier application is permitted.

IFRIC 23: Uncertainty over Income Tax Treatments. This Standard is applicable for annual periods beginning on or after January 1, 2019 under IFRS-IASB.

IAS 28 (Amendment). Long-term Interests in Associates and Joint Ventures. This amendment is mandatory for annual periods beginning on or after January 1, 2019 under IFRS-IASB, earlier application is permitted.

IFRS 3 (Amendment). Definition of Business. This amendment is mandatory for annual periods beginning on or after January 1, 2020 under IFRS-IASB, earlier application is permitted.

IAS 1 and IAS 8 (Amendment). Definition of Material. This amendment is mandatory for annual periods beginning on or after January 1, 2020 under IFRS-IASB, earlier application is permitted.

Amendments to References to the Conceptual Frameworks in IFRS Standards. This Standard is applicable for annual periods beginning on or after January 1, 2020 under IFRS-IASB.

The Company does not anticipate any significant impact on the consolidated financial statements derived from the application of the new standards and amendments that will be effective for annual periods beginning on or after January 1, 2019, although it is currently still in the process of evaluating such application.

2.2. Principles to include and record companies in the consolidated financial statements

Companies included in these consolidated financial statements are accounted for as subsidiaries as long as Atlantica Yield has had control over them and are accounted for as investments under the equity method as long as Atlantica Yield has had significant influence over them, in the periods presented.

Controlled entities

Control is achieved when the Company:

Has power over the investee;

Is exposed, or has rights, to variable returns from its involvement with the investee; and

Has the ability to use its power to affect its returns.

The Company reassesses whether or not it controls an investee when facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

The Company uses the acquisition method to account for business combinations of companies controlled by a third party. According to this method, identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any contingent consideration is recognized at fair value at the acquisition date and subsequent changes in its fair value are recognized in accordance with IFRS 9 either in profit or loss or as a change to other comprehensive income. Acquisition related costs are expensed as incurred. The Company recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquirer’s net assets on an acquisition by acquisition basis.

All assets and liabilities between entities of the group, equity, income, expenses, and cash flows relating to transactions between entities of the group are eliminated in full.

Investments accounted for under the equity method

An associate is an entity over which the Company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.

The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting. Under the equity method, an investment in an associate is initially recognized in the statement of financial position at cost and adjusted thereafter to recognize the Company share of the profit or loss and other comprehensive income of the associate.

Controlled entities and associates included in these financial statements as of December 31, 2018 and 2017 are set out in appendices.

2.3. Contracted concessional assets and price purchase agreements

Contracted concessional assets and price purchase agreements (PPAs) include fixed assets financed through project debt, related to service concession arrangements recorded in accordance with IFRIC 12, except for Palmucho, which is recorded in accordance with IAS 17 and PS10, PS20, Mini-Hydro, Chile TL 3 and Seville PV, which are recorded as tangible assets in accordance with IAS 16. The infrastructures accounted for by the Company as concessions are related to the activities concerning electric transmission lines, solar electricity generation plants, cogeneration plants, wind farms and water plants. The useful life of these assets is approximately the same as the length of the concession arrangement. The infrastructure used in a concession can be classified as an intangible asset or a financial asset, depending on the nature of the payment entitlements established in the agreement.

The application of IFRIC 12 requires extensive judgment in relation with, among other factors, (i) the identification of certain infrastructures and contractual agreements in the scope of IFRIC 12, (ii) the understanding of the nature of the payments in order to determine the classification of the infrastructure as a financial asset or as an intangible asset and (iii) the timing and recognition of the revenue from construction and concessionary activity.

Under the terms of contractual arrangements within the scope of this interpretation, the operator shall recognize and measure revenue in accordance with IFRS 15 for the services it performs. If the operator performs more than one service (i.e. construction or upgrade services and operation services) under a single contract or arrangement, consideration received or receivable shall be allocated by reference to the relative fair values of the services delivered, when the amounts are separately identifiable.

Intangible asset

The Company recognizes an intangible asset to the extent that it receives a right to charge final customers for the use of the infrastructure. This intangible asset is subject to the provisions of IAS 38 and is amortized linearly, taking into account the estimated period of commercial operation of the infrastructure which coincides with the concession period.

Once the infrastructure is in operation, the treatment of income and expenses is as follows:

Revenues from the updated annual revenue for the contracted concession, as well as operations and maintenance services are recognized in each period according to IFRS 15 “Revenue from contracts with Customers”.

Operating and maintenance costs and general overheads and administrative costs are recorded in accordance with the nature of the cost incurred (amount due) in each period.

Financing costs are expensed as incurred.

Financial asset

The Company recognizes a financial asset when demand risk is assumed by the grantor, to the extent that the concession holder has an unconditional right to receive payments for the asset. This asset is recognized at the fair value of the construction services provided, considering upgrade services in accordance with IFRS 15, if any.

The financial asset is subsequently recorded at amortized cost calculated according to the effective interest method. Revenue from operations and maintenance services is recognized in each period according to IFRS 15 “Revenue from contracts with Customers”. The remuneration of managing and operating the asset resulting from the valuation at amortized cost is also recorded in revenue.

Financing costs are expensed as incurred.

According to IFRS 9, Atlantica recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive.

There are two main approaches to applying the ECL model according to IFRS 9: the general approach which involves a three stage approach, and the simplified approach, which can be applied to trade receivables, contract assets and lease receivables. Atlantica has elected to apply the simplified approach. Under this approach, there is no need to monitor for significant increases in credit risk and entities will be required to measure lifetime expected credit losses at each end of reporting period.

The key elements of the ECL calculations are the following:

the Probability of Default (“PD”) is an estimate of the likelihood of default over a given time horizon. Atlantica calculates PD based on Credit Default Swaps spreads (“CDS”);

the Exposure at Default (“EAD”) is an estimate of the exposure at a future default date;

the Loss Given Default (“LGD”) is an estimate of the loss arising in the case where a default occurs at a given time. It is based on the difference between the contractual cash flows due and those that the Company would expect to receive. It is expressed as a percentage of the EAD.

Property, plant and equipment

Property, plant and equipment includes property, plant and equipment of companies or project companies. Property, plant and equipment is measured at historical cost, including all expenses directly attributable to the acquisition, less depreciation and impairment losses, with the exception of land, which is presented net of any impairment losses.

Once the infrastructure is in operation, the treatment of income and expenses is the same as the one described above for intangible asset.

2.4. Borrowing costs

Interest costs incurred in the construction of any qualifying asset are capitalized over the period required to complete and prepare the asset for its intended use. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its internal use or sale, which is considered to be more than one year. Remaining borrowing costs are expensed in the period in which they are incurred.

2.5 Asset impairment

Atlantica Yield reviews its contracted concessional assets to identify any indicators of impairment at least annually.

The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use, defined as the present value of the estimated future cash flows to be generated by the asset. In the event that the asset does not generate cash flows independently of other assets, the Company calculates the recoverable amount of the Cash Generating Unit (‘CGU’) to which the asset belongs.

When the carrying amount of the CGU to which these assets belong is higher than its recoverable amount, the assets are impaired.

Assumptions used to calculate value in use include a discount rate, growth rate and projections considering real data based in the contracts terms and projected changes in both selling prices and costs. The discount rate is estimated by Management, to reflect both changes in the value of money over time and the risks associated with the specific CGU.

For contracted concessional assets, with a defined useful life and with a specific financial structure, cash flow projections until the end of the project are considered and no terminal value is assumed.

Contracted concessional assets have a contractual structure that permits the Company to estimate quite accurately the costs of the project (both in the construction and in the operations periods) and revenue during the life of the project.

Projections take into account real data based on the contract terms and fundamental assumptions based on specific reports prepared internally and supported by specialists, assumptions on demand and assumptions on production. Additionally, assumptions on macro-economic conditions are taken into account, such as inflation rates, future interest rates, etc. and sensitivity analyses are performed over all major assumptions which can have a significant impact in the value of the asset.

Cash flow projections of CGUs are calculated in the functional currency of those CGUs and are discounted using rates that take into consideration the risk corresponding to each specific country and currency.

Taking into account that in most CGUs the specific financial structure is linked to the financial structure of the projects that are part of those CGUs, the discount rate used to calculate the present value of cash-flow projections is based on the weighted average cost of capital (WACC) for the type of asset, adjusted, if necessary, in accordance with the business of the specific activity and with the risk associated with the country where the project is performed.

In any case, sensitivity analyses are performed, especially in relation with the discount rate used and fair value changes in the main business variables, in order to ensure that possible changes in the estimates of these items do not impact the possible recovery of recognized assets.

Accordingly, the following table provides a summary of the discount rates used (WACC) and growth rates to calculate the recoverable amount for CGUs with the operating segment to which it pertains:

Operating segment	Discount rate			Growth rate
EMEA		4% - 6	%		0	%
North America		5% - 6	%		0	%
South America		5% - 7	%		0	%

In the event that the recoverable amount of an asset is lower than its carrying amount, an impairment charge for the difference would be recorded in the income statement under the item “Depreciation, amortization and impairment charges”.

Pursuant to IAS 36, an impairment loss is recognized if the carrying amount of these assets exceeds the present value of future cash flows discounted at the initial effective interest rate.

2.6 Loans and accounts receivable

Loans and accounts receivable are non-derivative financial assets with fixed or determinable payments, not listed on an active market.

In accordance with IFRIC 12, certain assets under concessions qualify as financial assets and are recorded as is described in Note 2.3.

Pursuant to IAS 36, an impairment loss is recognized if the carrying amount of these assets exceeds the present value of future cash flows discounted at the initial effective interest rate.

Loans and accounts receivable are initially recognized at fair value plus transaction costs and are subsequently measured at amortized cost in accordance with the effective interest rate method. Interest calculated using the effective interest rate method is recognized under other financial income within financial income.

2.7. Derivative financial instruments and hedging activities

Derivatives are recorded at fair value. The Company applies hedge accounting to all hedging derivatives that qualify to be accounted for as hedges under IFRS-IASB.

When hedge accounting is applied, hedging strategy and risk management objectives are documented at inception, as well as the relationship between hedging instruments and hedged items. Effectiveness of the hedging relationship needs to be assessed on an ongoing basis. Effectiveness tests are performed prospectively at inception and at each reporting date, following the dollar offset method.

Atlantica Yield applies cash flow hedging. Under this method, the effective portion of changes in fair value of derivatives designated as cash flow hedges are recorded temporarily in equity and are subsequently reclassified from equity to profit or loss in the same period or periods during which the hedged item affects profit or loss. Any ineffective portion of the hedged transaction is recorded in the consolidated income statement as it occurs.

When interest rate options are designated as hedging instruments, the intrinsic value and time value of the financial hedge instrument are separated. Changes in intrinsic and time value which are highly effective are recorded in equity and subsequently reclassified from equity to profit or loss in the same period or periods during which the hedged item affects profit or loss. Any ineffectiveness is recorded as financial income or expense as it occurs.

When the hedging instrument matures or is sold, or when it no longer meets the requirements to apply hedge accounting, accumulated gains and losses recorded in equity remain as such until the forecast transaction is ultimately recognized in the income statement. However, if it becomes unlikely that the forecast transaction will actually take place, the accumulated gains and losses in equity are recognized immediately in the income statement.

2.8. Fair value estimates

Financial instruments measured at fair value are presented in accordance with the following level classification based on the nature of the inputs used for the calculation of fair value:

Level 1: Inputs are quoted prices in active markets for identical assets or liabilities.

Level 2: Fair value is measured based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3: Fair value is measured based on unobservable inputs for the asset or liability.

In the event that prices cannot be observed, the management shall make its best estimate of the price that the market would otherwise establish based on proprietary internal models which, in the majority of cases, use data based on observable market parameters as significant inputs (Level 2) but occasionally use market data that is not observed as significant inputs (Level 3). Different techniques can be used to make this estimate, including extrapolation of observable market data. The best indication of the initial fair value of a financial instrument is the price of the transaction, except when the value of the instrument can be obtained from other transactions carried out in the market with the same or similar instruments, or valued using a valuation technique in which the variables used only include observable market data, mainly interest rates. Differences between the transaction price and the fair value based on valuation techniques that use data that is not observed in the market, are not initially recognized in the income statement.

Atlantica Yield derivatives correspond primarily to the interest rate swaps designated as cash flow hedges, which are classified as Level 2.

Description of the valuation method

Interest rate swap valuations are made by valuing the swap part of the contract and valuing the credit risk. The methodology used by the market and applied by Atlantica Yield to value interest rate swaps is to discount the expected future cash flows according to the parameters of the contract. Variable interest rates, which are needed to estimate future cash flows, are calculated using the curve for the corresponding currency and extracting the implicit rates for each of the reference dates in the contract. These estimated flows are discounted with the swap zero curve for the reference period of the contract.

The effect of the credit risk on the valuation of the interest rate swaps depends on the future settlement. If the settlement is favorable for the Company, the counterparty credit spread will be incorporated to quantify the probability of default at maturity. If the expected settlement is negative for the Company, its own credit risk will be applied to the final settlement.

Classic models for valuing interest rate swaps use deterministic valuation of the future of variable rates, based on future outlooks. When quantifying credit risk, this model is limited by considering only the risk for the current paying party, ignoring the fact that the derivative could change sign at maturity. A payer and receiver swaption model is proposed for these cases. This enables the associated risk in each swap position to be reflected. Thus, the model shows each agent’s exposure, on each payment date, as the value of entering into the ‘tail’ of the swap, i.e. the live part of the swap.

Variables (Inputs)

Interest rate derivative valuation models use the corresponding interest rate curves for the relevant currency and underlying reference in order to estimate the future cash flows and to discount them. Market prices for deposits, futures contracts and interest rate swaps are used to construct these curves. Interest rate options (caps and floors) also use the volatility of the reference interest rate curve.

To estimate the credit risk of the counterparty, the credit default swap (CDS) spreads curve is obtained in the market for important individual issuers. For less liquid issuers, the spreads curve is estimated using comparable CDSs or based on the country curve. To estimate proprietary credit risk, prices of debt issues in the market and CDSs for the sector and geographic location are used.

The fair value of the financial instruments that results from the aforementioned internal models takes into account, among other factors, the terms and conditions of the contracts and observable market data, such as interest rates, credit risk and volatility. The valuation models do not include significant levels of subjectivity, since these methodologies can be adjusted and calibrated, as appropriate, using the internal calculation of fair value and subsequently compared to the corresponding actively traded price. However, valuation adjustments may be necessary when the listed market prices are not available for comparison purposes.

2.9. Clients and other receivables

Clients and other receivables are amounts due from customers for sales in the normal course of business. They are recognized initially at fair value and subsequently measured at amortized cost using the effective interest rate method, less allowance for doubtful accounts. Trade receivables due in less than one year are carried at their face value at both initial recognition and subsequent measurement, provided that the effect of not discounting flows is not significant.

An allowance for doubtful accounts is recorded when there is objective evidence that the Company will not be able to recover all amounts due as per the original terms of the receivables.

2.10. Cash and cash equivalents

Cash and cash equivalents include cash in hand, cash in bank and other highly-liquid current investments with an original maturity of three months or less which are held for the purpose of meeting short-term cash commitments.

2.11. Grants

Grants are recognized at fair value when it is considered that there is a reasonable assurance that the grant will be received and that the necessary qualifying conditions, as agreed with the entity assigning the grant, will be adequately complied with.

Grants are recorded as liabilities in the consolidated statement of financial position and are recognized in “Other operating income” in the consolidated income statement based on the period necessary to match them with the costs they intend to compensate.

In addition, as described in Note 2.12 below, grants correspond also to loans with interest rates below market rates, for the initial difference between the fair value of the loan and the proceeds received.

2.12. Loans and borrowings

Loans and borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost and any difference between the proceeds initially received (net of transaction costs incurred in obtaining such proceeds) and the repayment value is recognized in the consolidated income statement over the duration of the borrowing using the effective interest rate method.

Loans with interest rates below market rates are initially recognized at fair value in liabilities and the difference between proceeds received from the loan and its fair value is initially recorded within “Grants and Other liabilities” in the consolidated statement of financial position, and subsequently recorded in “Other operating income” in the consolidated income statement when the costs financed with the loan are expensed.

2.13. Bonds and notes

The Company initially recognizes ordinary notes at fair value, net of issuance costs incurred. Subsequently, notes are measured at amortized cost until settlement upon maturity. Any other difference between the proceeds obtained (net of transaction costs) and the redemption value is recognized in the consolidated income statement over the term of the debt using the effective interest rate method.

2.14. Income taxes

Current income tax expense is calculated on the basis of the tax laws in force as of the date of the consolidated statement of financial position in the countries in which the subsidiaries and associates operate and generate taxable income.

Deferred income tax is calculated in accordance with the liability method, based upon the temporary differences arising between the carrying amount of assets and liabilities and their tax base. Deferred income tax is determined using tax rates and regulations which are expected to apply at the time when the deferred tax is realized.

Deferred tax assets are recognized only when it is probable that sufficient future taxable profit will be available to use deferred tax assets.

2.15. Trade payables and other liabilities

Trade payables are obligations arising from purchases of goods and services in the ordinary course of business and are recognized initially at fair value and are subsequently measured at their amortized cost using the effective interest method. Other liabilities are obligations not arising in the normal course of business and which are not treated as financing transactions. Advances received from customers are recognized as “Trade payables and other current liabilities”.

2.16. Foreign currency transactions

The consolidated financial statements are presented in U.S. dollars, which is Atlantica Yield functional and reporting currency. Financial statements of each subsidiary within the Company are measured in the currency of the principal economic environment in which the subsidiary operates, which is the subsidiary’s functional currency.

Transactions denominated in a currency different from the subsidiary’s functional currency are translated into the subsidiary’s functional currency applying the exchange rates in force at the time of the transactions. Foreign currency gains and losses that result from the settlement of these transactions and the translation of monetary assets and liabilities denominated in foreign currency at the year-end rates are recognized in the consolidated income statement, unless they are deferred in equity, as occurs with cash flow hedges and net investment in foreign operations hedges.

Assets and liabilities of subsidiaries with a functional currency different from the Company’s reporting currency are translated to U.S. dollars at the exchange rate in force at the closing date of the financial statements. Income and expenses are translated into U.S. dollars using the average annual exchange rate, which does not differ significantly from using the exchange rates of the dates of each transaction. The difference between equity translated at the historical exchange rate and the net financial position that results from translating the assets and liabilities at the closing rate is recorded in equity under the heading “Accumulated currency translation differences”.

Results of companies carried under the equity method are translated at the average annual exchange rate.

2.17. Equity

The Company has recyclable balances in its equity, corresponding mainly to hedge reserves and translation differences arising from currency conversion in the preparation of these consolidated financial statements. These balances have been presented separately in Equity.

Non-controlling interest represents interest from other partners in entities included in these consolidated financial statements which are not fully owned by Atlantica Yield as of the dates presented.

Parent company reserves together with the Share capital represent the Parent’s net investment in the entities included in these consolidated financial statements.

2.18. Provisions and contingencies

Provisions are recognized when:

there is a present obligation, either legal or constructive, as a result of past events;

it is more likely than not that there will be a future outflow of resources to settle the obligation; and

the amount has been reliably estimated.

Provisions are initially measured at the present value of the expected outflows required to settle the obligation and subsequently valued at amortized cost following the effective interest method. The balance of Provisions disclosed in the Notes reflects management’s best estimate of the potential exposure as of the date of preparation of the consolidated financial statements.

Contingent liabilities are possible obligations, existing obligations with low probability of a future outflow of economic resources and existing obligations where the future outflow cannot be reliably estimated. Contingences are not recognized in the consolidated statements of financial position unless they have been acquired in a business combination.

Some companies included in the group have dismantling provisions, which are intended to cover future expenditures related to the dismantlement of the plants and it will be likely to be settled with an outflow of resources in the long term (over 5 years).

Such provisions are accrued when the obligation for dismantling, removing and restoring the site on which the plant is located, is incurred, which is usually during the construction period. The provision is measured in accordance with IAS 37, “Provisions, Contingent Liabilities and Contingent Assets” and is recorded as a liability under the heading “Grants and other liabilities” of the Financial Statements, and as part of the cost of the plant under the heading “Contracted concessional assets.”

2.19. Use of estimates

Some of the accounting policies applied require the application of significant judgment by management to select the appropriate assumptions to determine these estimates. These assumptions and estimates are based on the historical experience, advice from experienced consultants, forecasts and other circumstances and expectations as of the close of the financial period. The assessment is considered in relation to the global economic situation of the industries and regions where the Company operates, taking into account future development of the businesses of the Company. By their nature, these judgments are subject to an inherent degree of uncertainty; therefore, actual results could materially differ from the estimates and assumptions used. In such cases, the carrying values of assets and liabilities are adjusted.

The most critical accounting policies, which reflect significant management estimates and judgment to determine amounts in these consolidated financial statements, are as follows:

Contracted concessional agreements and PPAs.

Impairment of intangible assets and property, plant and equipment.

Assessment of control.

Derivative financial instruments and fair value estimates.

Income taxes and recoverable amount of deferred tax assets.

As of the date of preparation of these consolidated financial statements, no relevant changes in the estimates made are anticipated and, therefore, no significant changes in the value of the assets and liabilities recognized at December 31, 2018, are expected.

Although these estimates and assumptions are being made using all available facts and circumstances, it is possible that future events may require management to amend such estimates and assumptions in future periods. Changes in accounting estimates are recognized prospectively, in accordance with IAS 8, in the consolidated income statement of the year in which the change occurs.

Financial risk management

12 Months Ended

Dec. 31, 2018

Financial risk management [Abstract]

Financial risk management

Note 3.- Financial risk management

Atlantica Yield’s activities are exposed to various financial risks: market risk (including currency risk and interest rate risk), credit risk and liquidity risk. Risk is managed by the Company’s Risk Finance and Compliance Departments, which are responsible for identifying and evaluating financial risks quantifying them by project, region and company, in accordance with mandatory internal management rules. Written internal policies exist for global risk management, as well as for specific areas of risk. In addition, there are official written management regulations regarding key controls and control procedures for each company and the implementation of these controls is monitored through internal audit procedures.

Market risk

The Company is exposed to market risk, such as movement in foreign exchange rates and interest rates. All of these market risks arise in the normal course of business and the Company does not carry out speculative operations. For the purpose of managing these risks, the Company uses a series of interest rate swaps and options, and currency options. None of the derivative contracts signed has an unlimited loss exposure.

Interest rate risk

Interest rate risk arises when the Company’s activities are exposed to changes in interest rates, which arises from financial liabilities at variable interest rates. The main interest rate exposure for the Company relates to the variable interest rate with reference to the Libor and Euribor. To minimize the interest rate risk, the Company primarily uses interest rate swaps and interest rate options (caps), which, in exchange for a fee, offer protection against an increase in interest rates. The Company does not use derivatives for speculative purposes.

As a result, the notional amounts hedged, strikes contracted and maturities, depending on the characteristics of the debt on which the interest rate risk is being hedged, are very diverse, including the following:

Project debt in Euros: the Company hedges between 81% and 100% of the notional amount, maturities until 2030 and average guaranteed interest rates of between 0.60% and 4.87%.

Project debt in U.S. dollars: the Company hedges between 70% and 100% of the notional amount, including maturities until 2034 and average guaranteed interest rates of between 2.32% and 5.27%.

In connection with the interest rate derivative positions of the Company, the most significant impacts on these consolidated financial statements are derived from the changes in EURIBOR or LIBOR, which represent the reference interest rate for the majority of the debt of the Company. In the event that Euribor and Libor had risen by 25 basis points as of December 31, 2018, with the rest of the variables remaining constant, the effect in the consolidated income statement would have been a loss of $2,731 thousand (a loss of $1,066 thousand in 2017 and a loss of $2,563 thousand in 2016) and an increase in hedging reserves of $32,928 thousand ($39,142 thousand in 2017 and $37,290 thousand in 2016). The increase in hedging reserves would be mainly due to an increase in the fair value of interest rate swaps designated as hedges.

A breakdown of the interest rates derivatives as of December 31, 2018 and 2017, is provided in Note 9.

Currency risk

The main cash flows in the entities included in these consolidated financial statements are cash collections arising from long-term contracts with clients and debt payments arising from project finance repayment. Given that financing of the projects is always closed in the same currency in which the contract with client is signed, a natural hedge exists for the main operations of the Company.

In addition, the Company policy is to contract currency options with leading financial institutions, which guarantee a minimum Euro-U.S. dollar exchange rate on the net distributions expected from Spanish solar assets. The net Euro exposure is 100% covered for the coming 12 months and 75% for the following 12 months on a rolling basis.

Credit risk

The Company considers that it has a limited credit risk with clients as revenues derive from power purchase agreements with electric utilities and state-owned entities. The Company has investment grade offtakers in all the assets except for Quadra 1&2, ATN2, Skikda and Honaine, which represent a low percentage of the cash available for distribution on a run-rate basis. In the case of Kaxu, the offtaker has a counter-guarantee from the Republic of South Africa.

Liquidity risk

Atlantica Yield’s liquidity and financing policy is intended to ensure that the Company maintains sufficient funds to meet our financial obligations as they fall due.

Project finance borrowing permits the Company to finance the project through project debt and thereby insulate the rest of its assets from such credit exposure. The Company incurs in project-finance debt on a project-by-project basis.

The repayment profile of each project is established on the basis of the projected cash flow generation of the business. This ensures that sufficient financing is available to meet deadlines and maturities, which mitigates the liquidity risk significantly.

Financial information by segment

12 Months Ended

Dec. 31, 2018

Financial information by segment [Abstract]

Financial information by segment

Note 4.- Financial information by segment

Atlantica Yield’s segment structure reflects how management currently makes financial decisions and allocates resources. Its operating and reportable segments are based on the following geographies where the contracted concessional assets are located:

North America

South America

EMEA

Based on the type of business, as of December 31, 2018 the Company had the following business sectors:

Renewable energy: Renewable energy assets include two solar plants in the United States, Solana and Mojave, each with a gross capacity of 280 MW and located in Arizona and California, respectively. The Company owns eight solar platforms in Spain: Solacor 1 and 2 with a gross capacity of 100 MW, PS10 and PS20 with a gross capacity of 31 MW, Solaben 2 and 3 with a gross capacity of 100 MW, Helioenergy 1 and 2 with a gross capacity of 100 MW, Helios 1 and 2 with a gross capacity of 100 MW, Solnova 1, 3 and 4 with a gross capacity of 150 MW, Solaben 1 and 6 with a gross capacity of 100 MW and Seville PV with a gross capacity of 1 MW. The Company also owns a solar plant in South Africa, Kaxu with a gross capacity of 100 MW. Additionally, the Company owns three wind farms in Uruguay, Palmatir, Cadonal and Melowind, with a gross capacity of 50 MW each, and a hydroelectric power plant in Peru with a gross capacity of 4MW.

Efficient natural gas: The Company´s sole efficient natural gas asset is ACT, a 300 MW cogeneration plant in Mexico, which is party to a 20-year take-or-pay contract with Pemex for the sale of electric power and steam.

Electric transmission lines: Electric transmission assets include (i) three lines in Peru, ATN, ATS and ATN2, spanning a total of 1,015 miles; and (ii) four lines in Chile, Quadra 1, Quadra 2, Palmucho and Chile TL3, spanning a total of 137 miles.

Water: Water assets include a minority interest in two desalination plants in Algeria, Honaine and Skikda with an aggregate capacity of 10.5 M ft³ per day.

Atlantica Yield’s Chief Operating Decision Maker (CODM) assesses the performance and assignment of resources according to the identified operating segments. The CODM considers the revenues as a measure of the business activity and the Further Adjusted EBITDA as a measure of the performance of each segment. Further Adjusted EBITDA is calculated as profit/(loss) for the period attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interests from continued operations, income tax, share of profit/(loss) of associates carried under the equity method, finance expense net, depreciation, amortization and impairment charges of entities included in these consolidated financial statements, and compensations received from Abengoa in lieu of ACBH dividends (for the years 2017 and 2016 only).

In order to assess performance of the business, the CODM receives reports of each reportable segment using revenues and Further Adjusted EBITDA. Net interest expense evolution is assessed on a consolidated basis. Financial expense and amortization are not taken into consideration by the CODM for the allocation of resources.

In the year ended December 31, 2018 Atlantica Yield had four customers with revenues representing more than 10% of the total revenues, i.e., three in the renewable energy and one in the efficient natural gas business sectors, and in the year ended December 31, 2017, had three customers with revenues representing more than 10% of the total revenues, i.e., two in the renewable energy and one in the efficient natural gas business sectors.

The following tables show Revenues and Further Adjusted EBITDA by operating segments and business sectors for the years 2018, 2017 and 2016:

	Revenue						Further Adjusted EBITDA
	For the year ended December 31,						For the year ended December 31,
Geography	2018		2017		2016		2018		2017		2016
North America	$	357,177	$	332,705	$	337,061	$	308,748	$	282,328	$	284,691
South America		123,214		120,797		118,764		100,234		108,766		124,599
EMEA		563,431		554,879		515,972		441,625		388,216		354,020
Total	$	1,043,822	$	1,008,381	$	971,797	$	850,607	$	779,310	$	763,310

	Revenue						Further Adjusted EBITDA
	For the year ended December 31,						For the year ended December 31,
Business sectors	2018		2017		2016		2018		2017		2016
Renewable energy	$	793,557	$	767,226	$	724,325	$	664,428	$	569,193	$	538,427
Efficient natural gas		130,799		119,784		128,046		93,858		106,140		106,492
Electric transmission lines		95,998		95,096		95,137		78,461		87,695		104,795
Water		23,468		26,275		24,288		13,860		16,282		13,596
Total	$	1,043,822	$	1,008,381	$	971,797	$	850,607	$	779,310	$	763,310

The reconciliation of segment Further Adjusted EBITDA with the profit/(loss) attributable to the parent company is as follows:

	For the year ended December 31,
	2018			2017			2016
Profit/(Loss) attributable to the Company	$	41,596		$	(111,804	)	$	(4,855	)
Profit attributable to non-controlling interests		13,673			6,917			6,522
Income tax		42,659			119,837			1,666
Share of profits/(losses) of associates		(5,231	)		(5,351	)		(6,646	)
Dividend from exchangeable preferred equity investment in ACBH (Note 21)		-			10,383			27,948
Financial expense, net		395,213			448,368			405,750
Depreciation, amortization, and impairment charges		362,697			310,960			332,925
Total segment Further Adjusted EBITDA	$	850,607		$	779,310		$	763,310

The assets and liabilities by operating segments (and business sector) at the end of 2018 and 2017 are as follows:

Assets and liabilities by geography as of December 31, 2018:

	North America		South America		EMEA		Balance as of December 31, 2018
Assets allocated
Contracted concessional assets		3,453,652		1,210,624		3,884,905		8,549,181
Investments carried under the equity method		-		-		53,419		53,419
Current financial investments		147,213		61,959		30,080		239,252
Cash and cash equivalents (project companies)		195,678		41,316		287,456		524,450
Subtotal allocated		3,796,543		1,313,899		4,255,860		9,366,302
Unallocated assets
Other non-current assets								188,736
Other current assets (including cash and cash equivalents at holding company level)								363,993
Subtotal unallocated								552,729
Total assets								9,919,031

	North America		South America		EMEA		Balance as of December 31, 2018
Liabilities allocated
Long-term and short-term project debt		1,725,961		900,801		2,464,352		5,091,114
Grants and other liabilities		1,527,724		7,550		122,852		1,658,126
Subtotal allocated		3,253,685		908,351		2,587,204		6,749,240
Unallocated liabilities
Long-term and short-term corporate debt								684,073
Other non-current liabilities								523,827
Other current liabilities								205,779
Subtotal unallocated								1,413,679
Total liabilities								8,162,919
Equity unallocated								1,756,112
Total liabilities and equity unallocated								3,169,791
Total liabilities and equity								9,919,031

Assets and liabilities by geography as of December 31, 2017:

	North America		South America		EMEA		Balance as of December 31, 2017
Assets allocated
Contracted concessional assets		3,770,169		1,100,778		4,213,323		9,084,270
Investments carried under the equity method		-		-		55,784		55,784
Current financial investments		116,451		59,831		31,263		207,545
Cash and cash equivalents (project companies)		149,236		42,548		329,078		520,862
Subtotal allocated		4,035,856		1,203,157		4,629,448		9,868,461
Unallocated assets
Other non-current assets								210,378
Other current assets (including cash and cash equivalents at holding company level)								413,500
Subtotal unallocated								623,878
Total assets								10,492,339

	North America		South America		EMEA		Balance as of December 31, 2017
Liabilities allocated
Long-term and short-term project debt		1,821,102		876,063		2,778,043		5,475,208
Grants and other liabilities		1,593,048		810		42,202		1,636,060
Subtotal allocated		3,414,150		876,873		2,820,245		7,111,268
Unallocated liabilities
Long-term and short-term corporate debt								643,083
Other non-current liabilities								657,345
Other current liabilities								185,190
Subtotal unallocated								1,485,618
Total liabilities								8,596,886
Equity unallocated								1,895,453
Total liabilities and equity unallocated								3,381,071
Total liabilities and equity								10,492,339

Assets and liabilities by business sectors as of December 31, 2018:

	Renewable energy		Efficient natural gas		Electric transmission lines		Water		Balance as of December 31, 2018
Assets allocated
Contracted concessional assets		6,998,020		580,997		882,980		87,184		8,549,181
Investments carried under the equity method		10,257		-		-		43,162		53,419
Current financial investments		15,396		147,192		61,102		15,562		239,252
Cash and cash equivalents (project companies)		453,096		45,625		14,043		11,686		524,450
Subtotal allocated		7,476,769		773,814		958,125		157,594		9,366,302
Unallocated assets
Other non-current assets										188,736
Other current assets (including cash and cash equivalents at holding company level)										363,993
Subtotal unallocated										552,729
Total assets										9,919,031

Liabilities allocated	Renewable energy		Efficient natural gas		Electric transmission lines		Water		Balance as of December 31, 2018
Long-term and short-term project debt		3,868,626		545,123		647,820		29,545		5,091,114
Grants and other liabilities		1,656,146		161		1,025		794		1,658,126
Subtotal allocated		5,524,772		545,284		648,845		30,339		6,749,240
Unallocated liabilities
Long-term and short-term corporate debt										684,073
Other non-current liabilities										523,827
Other current liabilities										205,779
Subtotal unallocated										1,413,679
Total liabilities										8,162,919
Equity unallocated										1,756,112
Total liabilities and equity unallocated										3,169,791
Total liabilities and equity										9,919,031

Assets and liabilities by business sectors as of December 31, 2017:

	Renewable energy		Efficient natural gas		Electric transmission lines		Water		Balance as of December 31, 2017
Assets allocated
Contracted concessional assets		7,436,362		660,387		897,269		90,252		9,084,270
Investments carried under the equity method		12,419		-		-		43,365		55,784
Current financial investments		17,249		116,430		59,289		14,577		207,545
Cash and cash equivalents (project companies)		452,792		39,064		15,325		13,681		520,862
Subtotal allocated		7,918,822		815,881		971,883		161,875		9,868,461
Unallocated assets
Other non-current assets										210,378
Other current assets (including cash and cash equivalents at holding company level)										413,500
Subtotal unallocated										623,878
Total assets										10,492,339

	Renewable energy		Efficient natural gas		Electric transmission lines		Water		Balance as of December 31, 2017
Liabilities allocated
Long-term and short-term project debt		4,162,596		579,173		698,346		35,093		5,475,208
Grants and other liabilities		1,635,508		552		-		-		1,636,060
Subtotal allocated		5,798,104		579,725		698,346		35,093		7,111,268
Unallocated liabilities
Long-term and short-term corporate debt										643,083
Other non-current liabilities										657,345
Other current liabilities										185,190
Subtotal unallocated										1,485,618
Total liabilities										8,596,886
Equity unallocated										1,895,453
Total liabilities and equity unallocated										3,381,071
Total liabilities and equity										10,492,339

c)	The amount of depreciation, amortization and impairment charges recognized for the years ended December 31, 2018, 2017 and 2016 are as follows:

	For the year ended December 31,
Depreciation, amortization and impairment by geography	2018			2017			2016
North America		(166,046	)		(123,726	)		(129,478	)
South America		(42,368	)		(40,880	)		(62,387	)
EMEA		(154,283	)		(146,354	)		(141,060	)
Total		(362,697	)		(310,960	)		(332,925	)

	For the year ended December 31,
Depreciation, amortization and impairment by business sectors	2018			2017			2016
Renewable energy		(323,438	)		(282,376	)		(304,235	)
Electric transmission lines		(28,925	)		(28,584	)		(28,690	)
Efficient natural gas		(10,334	)		-			-
Total		(362,697	)		(310,960	)		(332,925	)

Changes in the scope of the consolidated financial statements

12 Months Ended

Dec. 31, 2018

Changes in the scope of the consolidated financial statements [Abstract]

Changes in the scope of the consolidated financial statements

Note 5.- Changes in the scope of the consolidated financial statements

For the year ended December 31, 2018

On February 28, 2018, the Company completed the acquisition of a 100% stake in Hidrocañete, S.A. (Mini-Hydro). Total purchase price for this asset amounted to $9,327 thousand. The purchase has been accounted for in the consolidated accounts of Atlantica Yield, in accordance with IFRS 3, Business Combinations.

On October 10, 2018, the Company completed the acquisition of a 5% stake in Gas CA-KU-A1, S.A.P.I de C.V. (Pemex Transportation System or “PTS”). The purchase has been accounted for in the consolidated accounts of Atlantica Yield, in accordance with IAS 28, Investments in Associates. Consideration for the initial 5%, which amounts to approximately $7 million will be disbursed progressively as construction progresses. Once the project enters into operation, which is expected for late 2019 or early 2020, the Company expects to acquire an additional 65%. Finally, the Company expects to acquire the remaining 30% one year after COD, subject to final approvals. The total equity investment is estimated to amount to approximately $150 million.

On December 11, 2018, the Company completed the acquisition of a transmission line in Chile (Chile TL3). The total purchase price for this asset amounted to $6,000 thousand. The purchase has been accounted for in the consolidated accounts of Atlantica Yield, in accordance with IFRS 3, Business Combinations.

On December 13, 2018, the Company completes the acquisition of a 100% stake in Estrellada, S.A. (Melowind). Total purchase price for this asset amounted to $45,276 thousand. The purchase has been accounted for in the consolidated accounts of Atlantica Yield, in accordance with IFRS 3, Business Combinations.

On December 28, 2018, the Company completed the acquisition of a power substation and two small transmission lines in Peru, being an expansion of the ATN transmission line (“ATN expansion 1”). Total purchase price for this asset amounted to $16,000 thousand. The purchase has been accounted for in the consolidated accounts of Atlantica Yield, in accordance with IFRS 3, Business Combinations.

Impact of changes in the scope in the consolidated financial statements

The amount of assets and liabilities integrated at the effective acquisition date for the aggregated change in scope is shown in the following table:

	Asset Acquisition for the year ended December 31, 2018
Concessional assets (Note 6)		155,909
Investments carried under the equity method (Note 7)		1
Current assets		5,646
Project debt long term (Note 15)		(79,016	)
Deferred tax liabilities (Note 18)		(590	)
Project debt short term (Note 15)		(2,346	)
Other current and non-current liabilities		(3,000	)
Asset acquisition - purchase price		(76,604	)
Net result of the asset acquisition		-

As a result of the acquisitions being made effective near to year end, the allocation of the purchase prices is provisional as of December 31, 2018. As such, the amounts indicated may be adjusted during the measurement period to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized as of December 31, 2018. The measurement period will not exceed one year from the acquisition dates.

The amount of revenue contributed by the acquisitions performed during 2018 to the consolidated financial statements of the Company for the year 2018 is $1.8 million, and the amount of loss after tax is $0.3 million. Had the acquisitions been consolidated from January 1, 2018, the consolidated statement of comprehensive income would have included additional revenue of $13.3 million and additional loss after tax of $0.7 million.

For the year ended December 31, 2017

There is no change in the scope of the consolidated financial statement in the year 2017.

Contracted concessional assets

12 Months Ended

Dec. 31, 2018

Contracted concessional assets [Abstract]

Contracted concessional assets

Note 6.- Contracted concessional assets

Contracted concessional assets include fixed assets financed through project debt, related to service concession arrangements recorded in accordance with IFRIC 12, except for Palmucho, which is recorded in accordance with IAS 17, and PS10, PS20, Seville PV, Mini-Hydro and Chile TL3 which are recorded as property plant and equipment in accordance with IAS 16. Concessional assets recorded in accordance with IFRIC 12 are either intangible of financial assets. As of December 31, 2018, contracted concessional financial assets amount to $843,291 thousand ($936,004 thousand as of December 31, 2017).

For further details on the application of IFRIC 12 to projects, see Appendix III.

The following table shows the movements of contracted concessional assets included in the heading “Contracted Concessional assets” for 2018:

Cost

Total as of January 1, 2018	10,633,769
Additions	10,463
Application of IFRS 16 – Leases (Note 2)	62,982
Subtractions	(92,814	)
Change in the scope of the consolidated financial statements (Note 5)	170,040
Translation differences	(280,680	)
Reclassification and other movements	(27,932	)
Total as of December 31, 2018	10,475,828

Accumulated amortization

Total as of January 1, 2018	(1,549,499	)
Adjustments arising from application of IFRS9 - Expected Credit Losses (Note 2)	(53,048	)
Additions	(362,697	)
Change in the scope of the consolidated financial statements (Note 5)	(14,131	)
Translation differences	52,728
Total accum. amort. as of December 31, 2018	(1,926,647	)
Net balance at December 31, 2018	8,549,181

During 2018, contracted concessional assets decreased primarily due to the effect of the depreciation of the Euro against the U.S. dollar for the year ended December 31, 2018 compared to the year ended December 31, 2017 and to the amortization charge for the year.

Other relevant movements in the cost of contracted concessional assets are an increase for the acquisition of new concessional assets (see Note 5), the impact of the application of IFRS 16, ´Leases´ from January 1, 2018 (see Note 2), partially offset by a decrease for the payments received from Abengoa by Solana in March and December 2018 further to Abengoa´s obligation as EPC Contractor (see Note 10).

Amortization and impairment amount includes the recognition of impairment provisions based on expected credit losses due to the application of IFRS 9, ´Financial instruments´ from January 1, 2018 (see Note 2).

The decrease included in “Reclassification and other movements” is mainly due to the reclassification from the long to the short term of the current portion of the contracted concessional financial assets.

Considering the lower production compared with the run-rate production expected for Solana due to the technical issues experienced since COD in the asset and the uncertainty around level of production in the future, the Company identified a triggering event of impairment during the year 2018 in compliance with IAS 36, Impairment of Assets. As a result, an impairment test has been performed resulting in the recording of an impairment loss of $42,721 thousand as of December 31, 2018.

The impairment has been recorded within the line “Depreciation, amortization and impairment charges” of the consolidated income statement, decreasing the amount of “Contracted concessional assets” pertaining to the Renewable energy sector and North America geography. The recoverable amount considered is the value in use and amounts to $1,141,209 thousand for Solana, as of December 31, 2018. A specific discount rate has been used in each year considering changes in the debt/equity leverage ratio over the useful life of this project, resulting in the use of a range of discount rates between 5.0% and 5.8%.

An adverse change in the key assumptions which are individually used for the valuation could lead to future impairment recognition; specifically, a 5% decrease in generation over the entire remaining useful life (PPA) of the project would generate an additional impairment of approximately $72 million. An increase of 50 basis points in the discount rate would lead to an additional impairment of approximately $50 million.

In addition, the Company identified a triggering event of impairment for Mojave as a result of the negative credit outlooks of Pacific Gas and Electric Company, the offtaker of the plant, as of December 31, 2018 (see Note 23.2 for further details). This project is within the Renewable energy sector and North America geography. The Company therefore performed an impairment test as of December 31, 2018, which resulted in the recoverable amount (value in use) exceeding the carrying amount of the asset by 10%. To determine the value in use of the asset, a specific discount rate has been used in each year considering changes in the debt/equity leverage ratio over the useful life of this project, resulting in the use of a range of discount rates between 4.6% and 5.8%.

An adverse change in the key assumptions which are individually used for the valuation would not lead to future impairment recognition; neither in case of a 5% decrease in generation over the entire remaining useful life (PPA) of the project nor in case of an increase of 50 basis points in the discount rate.

The following table shows the movements of contracted concessional assets included in the heading “Contracted Concessional assets” for 2017:

Cost

Total as of January 1, 2017	10,067,596
Additions	15,426
Subtractions	(42,500	)
Translation differences	593,247
Total as of December 31, 2017	10,633,769

Accumulated amortization

Total as of January 1, 2017	(1,143,324	)
Additions	(309,846	)
Translation differences	(96,329	)
Total accum. amort. as of December 31, 2017	(1,549,499	)
Net balance at December 31, 2017	9,084,270

During 2017 contracted concessional assets increased primarily due to the effect of appreciation of the Euro against the U.S. dollar for the year ended December 31, 2017 compared to the year ended December 31, 2016, this effect has been partially compensated by the amortization charge for the year.

The decrease relates to the indemnity received from Abengoa by Solana in December 2017 further to Abengoa´s obligation as EPC Contractor (see Note 10).

No losses from impairment of contracted concessional assets were recorded during the year ended December 31, 2017.

Investments carried under the equity method

12 Months Ended

Dec. 31, 2018

Investments carried under the equity method [Abstract]

Investments carried under the equity method

Note 7.- Investments carried under the equity method

The table below shows the breakdown and the movement of the investments held in associates for 2018 and 2017:

Investments in associates	2018			2017
Initial balance		55,784			55,009
Share of (loss)/profit		5,231			5,351
Dividend distribution		(4,463	)		(2,454	)
Equity distribution		(122	)		(549	)
Others (incl. currency translation differences)		(3,011	)		(1,573	)
Final balance		53,419			55,784

There are no significant movement of the investments held in associates during the year 2018.

The tables below show a breakdown of stand-alone amounts of assets, revenues and profit and loss as well as other information of interest for the years 2018 and 2017 for the associated companies:

Company	% Shares		Non- current assets		Current assets		Non- current liabilities		Current liabilities		Revenue		Operating profit/ (loss)			Net profit/ (loss)			Investment under the equity method
Evacuación Valdecaballeros, S.L.		57.16		19,679		820		381		420		320		(668	)		(693	)		8,773
Myah Bahr Honaine, S.P.A.(*)		25.50		186,484		63,224		81,942		13,184		50,118		25,778			22,193			43,161
Pectonex, R.F. Proprietary Limited		50.00		3,186		-		-		2		-		(209	)		(209	)		1,485
Evacuación Villanueva del Rey, S.L		40.02		3,190		257		2,021		383		-		44			-			-
Ca Ku A1, S.A.P.I de CV (PTS)		5.00		50,547		13		-		50,625		-		(83	)		(624	)		-
As of December 31, 2018				263,086		64,314		84,344		64,614		50,438		24,862			20,667			53,419

Company	% Shares		Non- current assets		Current assets		Non- current liabilities		Current liabilities		Revenue		Operating profit/ (loss)			Net profit/ (loss)			Investment under the equity method
Evacuación Valdecaballeros, S.L.		57.16		21,306		841		373		451		298		(708	)		(730	)		9,175
Myah Bahr Honaine, S.P.A.(*)		25.50		195,275		64,114		91,205		12,649		46,767		28,468			24,464			43,365
Pectonex, R.F. Proprietary Limited		50.00		3,904		-		-		2		-		(206	)		(206	)		3,244
Evacuación Villanueva del Rey, S.L		40.02		3,526		53		2,265		190		-		37			-			-
As of December 31, 2017				240,011		65,008		93,843		13,292		47,065		27,591			23,528			55,784

The Company has no control over Evacuación Valdecaballeros, S.L. as all relevant decisions of this company require the approval of a minimum of shareholders accounting for more than 75% of the shares.

None of the associated companies referred to above is a listed company.

(*) Myah Bahr Honaine, S.P.A., the project entity, is 51% owned by Geida Tlemcen, S.L. which is accounted for using the equity method in these consolidated financial statements. Share of profit of Myah Bahr Honaine S.P.A. included in these consolidated financial statements amounts to $5,659 thousand in 2018 and $6,238 thousand in 2017.

Financial instruments by category

12 Months Ended

Dec. 31, 2018

Financial instruments by category [Abstract]

Financial instruments by category

Note 8.- Financial instruments by category

Financial instruments are primarily deposits, derivatives, trade and other receivables and loans. Financial instruments by category (current and non-current), reconciled with the statement of financial position as of December 31, 2018 and 2017 are as follows:

	Notes		Amortized cost		Fair Value Through Other Comprehensive Income		Fair value Through profit or loss		Balance as of December 31, 2018
Derivative assets		9		-		-		11,571		11,571
Investment in Ten West Link				-		6,034		-		6,034
Other financial investments				275,899		-		-		275,899
Clients and other receivables		11		236,395		-		-		236,395
Cash and cash equivalents		12		631,542		-		-		631,542
Total financial assets				1,143,836		6,034		11,571		1,161,441


Corporate debt	14	684,073	-	-	684,073
Project debt	15	5,091,114	-	-	5,091,114
Related parties – non-current	10	33,675	-	-	33,675
Trade and other current liabilities	17	192,033	-	-	192,033
Derivative liabilities	9	-	-	279,152	279,152
Total financial liabilities		6,000,895	-	279,152	6,280,047

	Notes		Amortized cost		Fair Value Through Other Comprehensive Income		Fair value Through profit or loss		Balance as of December 31, 2017
Derivative assets		9		-		-		8,230		8,230
Investment in Ten West Link				-		2,088		-		2,088
Investment in Abengoa´s New Money				-		-		1,715		1,715
Other financial investments				243,347		-		-		243,347
Clients and other receivables		11		244,449		-		-		244,449
Cash and cash equivalents		12		669,387		-		-		669,387
Total financial assets				1,157,183		2,088		9,945		1,169,216


Corporate debt	14	643,083	-	-	643,083
Project debt	15	5,475,208	-	-	5,475,208
Related parties – non-current	10	141,031	-	-	141,031
Trade and other current liabilities	17	155,144	-	-	155,144
Derivative liabilities	9	-	-	329,731	329,731
Total financial liabilities		6,414,466	-	329,731	6,744,197

Other financial investments include primarily the short-term portion of contracted concessional assets (see Note 6).

Investment in Ten West Link as of December 31, 2018 is a 12.5% interest in a 114-mile transmission line in the U.S.

Derivative financial instruments

12 Months Ended

Dec. 31, 2018

Derivative financial instruments [Abstract]

Derivative financial instruments

Note 9.- Derivative financial instruments

The breakdowns of the fair value amount of the derivative financial instruments as of December 31, 2018 and 2017 are as follows:

Balance as of December 31, 2018

Balance as of December 31, 2017

Assets

Liabilities

Assets

Liabilities

Derivatives - cash flow hedge

11,571

279,152

8,230

329,731

The derivatives are primarily interest rate cash-flow hedges. All are classified as non-current assets or non-current liabilities, as they hedge long-term financing agreements.

Additionally, the Company owns currency options with leading international financial institutions, which guarantee minimum Euro-U.S. dollar exchange rates. The strategy of the Company is to hedge the exchange rate for the distributions from its Spanish assets after deducting euro-denominated interest payments and euro-denominated general and administrative expenses. Through currency options, the strategy of the Company is to hedge 100% of its euro-denominated net exposure for the next 12 months and 75% of its euro denominated net exposure for the following 12 months, on a rolling basis.

As stated in Note 3 to these consolidated financial statements, the general policy is to hedge variable interest rates of financing agreements purchasing call options (caps) in exchange of a premium to fix the maximum interest rate cost and contracting floating to fixed interest rate swaps.

As a result, the notional amounts hedged, strikes contracted and maturities, depending on the characteristics of the debt on which the interest rate risk is being hedged, can be diverse:

·	Project debt in Euros: the Company hedges between 81% and 100% of the notional amount, maturities until 2030 and average guaranteed interest rates of between 0.60% and 4.87%.

·	Project debt in U.S. dollars: the Company hedges between 70% and 100% of the notional amount, including maturities until 2034 and average guaranteed interest rates of between 2.32% and 5.27%.

The table below shows a breakdown of the maturities of notional amounts of derivatives designated as cash flow hedges as of December 31, 2018 and 2017.

Notionals	Balance as of December 31, 2018				Balance as of December 31, 2017
	Cap		Swap		Cap		Swap
Up to 1 year		42,846		93,440		42,324		139,939
Between 1 and 2 years		45,603		119,568		45,422		94,285
Between 2 and 3 years		48,774		234,572		48,215		103,536
Subsequent years		535,774		1,858,061		620,378		1,893,850
Total	$	672,997	$	2,305,641	$	756,339	$	2,231,611

The table below shows a breakdown of the maturity of the fair values of derivatives designated as cash flow hedges as of December 31, 2018 and 2017. The net position of the fair value of caps and swaps for each year end reconciles with the net position of derivative assets and derivative liabilities in the consolidated statement of financial position:

Fair value	Balance as of December 31, 2018					Balance as of December 31, 2017
	Cap		Swap			Cap		Swap
Up to 1 year		493		(11,848	)		347		(13,224	)
Between 1 and 2 years		2,172		(13,231	)		978		(14,378	)
Between 2 and 3 years		562		(15,151	)		396		(15,923	)
Subsequent years		8,344		(238,922	)		6,509		(286,206	)
Total	$	11,571		(279,152	)	$	8,230		(329,731	)

During 2018, fair value of derivatives increased mainly due to an increase in the fair value of interest rate cash-flow hedges resulting from the increase in future interest rates.

The net amount of the fair value of interest rate derivatives designated as cash flow hedges transferred to the consolidated income statement in 2018 is a loss of $67,519 thousand (loss of $70,953 thousand in 2017 and a loss of $72,774 thousand in 2016). Additionally, the net amount of the time value component of the cash flow derivatives fair value recognized in the consolidated income statement for the year 2018, 2017 and 2016 has been a loss of $560 thousand, a loss of $860 thousand and a gain of $1,694 thousand respectively.

The after-tax result accumulated in equity in connection with derivatives designated as cash flow hedges at the years ended December 31, 2018 and 2017, amount to a $95,011 thousand gain and a $80,968 thousand gain respectively.

Related parties

12 Months Ended

Dec. 31, 2018

Related parties [Abstract]

Related parties

Note 10.- Related parties

During the normal course of business, the Company has historically conducted operations with related parties consisting mainly of Abengoa´s subsidiaries and non-controlling interests. The transactions were completed at market rates.

Further to the sale of its remaining 16.47% stake in the Company to Algonquin on November 27, 2018, Abengoa ceased to fulfill the conditions to be a related party as per IAS 24 - Related Parties Disclosures. Algonquin on its side is a related party since it completed the acquisition of a 25% stake in the Company in March 2018.

Details of balances with related parties as of December 31, 2018 and 2017 are as follows:

	Balance as of December 31,
	2018		2017

Credit receivables (current)		5,328		11,567
Total current receivables with related parties		5,328		11,567

Credit receivables (non-current)		-		2,108
Total non-current receivables with related parties		-		2,108

Trade payables (current)		19,352		63,409
Total current payables with related parties		19,352		63,409

Credit payables (non-current)		33,675		141,031
Total non-current payables with related parties		33,675		141,031

Receivables and payables as of December 31, 2018 fully relate to debts with non-controlling interests partners in Kaxu, Solaben 2&3 and Solacor 1&2.

Payables to related parties as of December 31, 2017 included mainly payables to Abengoa, mainly for Operation and Maintenance services. The operation and maintenance services received in some of the Spanish solar assets of the Company include a variable portion payable in the long term. On April 26, 2018, Atlantica Yield plc purchased from Abengoa the long-term operation and maintenance payable accrued for the period up to December 31, 2017, which was recorded for an amount of $57.3 million at the date of repayment. The Company paid $18.3 million for this extinguishment of debt and accounted for the difference of $39.0 million with the carrying amount of the debt as an income in the profit and loss statement.

Total payables to Abengoa as of December 31, 2018 amount to $35.3 million, primarily made up of Operation and Maintenance services, but are not considered as related party balance anymore.

The transactions carried out by entities included in these consolidated financial statements with related parties not included in the consolidation perimeter of Atlantica Yield, primarily with Abengoa and with subsidiaries of Abengoa, during the twelve-month periods for the years ended December 31, 2018, 2017 and 2016 have been as follows:

	For the twelve-month period ended December 31,
	2018			2017			2016
Services rendered		-			3,495			1,220
Services received		(101,582	)		(114,416	)		(115,779	)
Financial income		3,721			74			60
Financial expenses		(398	)		(1,154	)		(2,460	)

Services received primarily include operation and maintenance services received by some assets.

As of December 31, 2017, the figures detailed in the table above do not include the compensation received from Abengoa in lieu of dividends from ACBH for $10.4 million. As of December 31, 2016, the figures do not include the compensation received from Abengoa in lieu of dividends from ACBH for $28.0 million, income for the cancellation of the subordinated debt Solnova Electricidad S.A. owed to Abener for $7.6 million and income of $1.7 million for discounts received from Abengoa for the prepayment of payables.

In addition, Abengoa maintains a number of obligations under EPC, O&M and other contracts, as well as indemnities covering certain potential risks. Additionally, Abengoa represented that further to the accession to the restructuring agreement, Atlantica Yield would not be a guarantor of any obligation of Abengoa with respect to third parties and agreed to indemnify the Company for any penalty claimed by third parties resulting from any breach in such representations. The Company has contingent assets, which have not been recognized as of December 31, 2018, related to the obligations of Abengoa referred above, which result and amounts will depend on the occurrence of uncertain future events. In particular as of April 26, 2018 and November 27, 2018 Abengoa agreed to pay Atlantica certain amounts subject to conditions which are beyond the control of the Company.

In November 2017, in the context of the agreement reached between Abengoa and Algonquin for the initial acquisition by Algonquin of 25.0% of the shares of the Company and based on the obligations of Abengoa under an EPC contract, the DOE signed a consent in relation to the Solana and Mojave projects which reduced the minimum ownership required by Abengoa in the Company from 30.0% to 16.0%. Solana received an aggregate amount of $120 million in payments from Abengoa ($42.5 million in December 2017 and $77.5 million in March 2018). Of the received sums, $95 million was used to repay Solana project debt and $25 million was set aside to cover other Abengoa obligations. In addition, in November 2018 in the context of the DOE consent to allow Abengoa to sell entirely its stake in Atlantica Yield, Solana received $16.5 million, of which $9 million was used to repay project debt and $7.5 million were set aside to cover potential repairs and other Abengoa obligations. Additionally, the long-term payments schedule signed between Abengoa and Solana was amended to include $7.4 million payable semi-annually over 2 years and $10.3 million payable semi-annually over the subsequent 4 years, beginning in January 2019. Solana also received a parcel of land adjacent to the Solana site accounted for at a fair value of $7.3 million. Furthermore, Abengoa agreed to pay $13 million to fund a reserve account progressively in 2020 and 2021. If Abengoa were not to make these payments, the Company would need to make them and in return will reduce the future bonus payments to Abengoa under the operation and maintenance agreements in the corresponding amounts. The aforementioned amounts result of Abengoa’s obligations as EPC contractor. Likewise, in November 2018, and after satisfying all conditions precedent to completion, the DOE signed a consent in relation to the Solana and Mojave projects for the sale of the remaining Abengoa’s 16.47% interest in the Company to Algonquin. The share sale was completed on November 27, 2018. The main part of the aforementioned amounts are based on the EPC Contract guarantee for liquidated damages considering the average production during the first three years of ramp-up period of the plant which is a service-concession arrangement under IFRIC 12 (intangible asset). For these amounts, the Company reduced the value of the intangible asset since this amount was a variable consideration. In addition, the amortization of the plant is adjusted accordingly.

The Company entered into a Financial Support Agreement on June 13, 2014 under which Abengoa agreed to maintain any guarantees and letters of credit that have been provided by it on behalf of or for the benefit of Atlantica Yield and its affiliates for a period of five years. As of December 31, 2018, the aforementioned guarantees amounted to $23 million. In the context of that agreement, in July 2017, Atlantica replaced guarantees amounting to $112 million previously issued by Abengoa, out of which $55 million were canceled in June 2018.

Clients and other receivable

12 Months Ended

Dec. 31, 2018

Clients and other receivable [Abstract]

Clients and other receivable

Note 11.- Clients and other receivable

Clients and other receivable as of December 31, 2018 and 2017, consist of the following:

	Balance as of December 31,
	2018		2017
Trade receivables		163,856		186,728
Tax receivables		54,959		39,607
Prepayments		5,521		6,375
Other accounts receivable		12,059		11,739
Total		236,395		244,449

As of December 31, 2018, and 2017, the fair value of clients and other accounts receivable does not differ significantly from its carrying value.

Trade receivables in foreign currency as of December 31, 2018 and 2017, are as follows:

	Balance as of December 31,
	2018		2017
Euro		91,303		109,165
Rand		25,193		23,792
Other		9,884		7,363
Total		126,380		140,320

The following table shows the maturity of Trade receivables as of December 31, 2018 and 2017:

	Balance as of December 31,
	2018		2017

Up to 3 months		163,856		186,728
Total		163,856		186,728

Equity

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Equity

Note 13.- Equity

Atlantica Yield’s shares began trading on the NASDAQ Global Select Market under the symbol “ABY” on June 13, 2014. The symbol changed to “AY” on November 11, 2017.

As of December 31, 2018, the share capital of the Company amounts to $10,021,726 represented by 100,217,260 ordinary shares completely subscribed and disbursed with a nominal value of $0.10 each, all in the same class and series. Each share grants one voting right. Algonquin completed in 2018 the acquisition from Abengoa of its entire stake in Atlantica Yield, 41.47% of the total shares of the Company, becoming the largest shareholder of the Company.

Atlantica Yield reserves as of December 31, 2018 are made up of share premium account and distributable reserves.

Retained earnings primarily include results attributable to Atlantica Yield in the years 2018, 2017 and 2016.

Non-controlling interests fully relate to interests held by JGC in Solacor 1 and Solacor 2, by Idae in Seville PV, by Itochu Corporation in Solaben 2 and Solaben 3, by Algerian Energy Company, SPA and Sacyr Agua S.L. in Skikda and by Industrial Development Corporation of South Africa (IDC) and Kaxu Community Trust in Kaxu Solar One (Pty) Ltd.

Additional information of subsidiaries including material Non-controlling interests as of December 31, 2018 and 2017, are disclosed in Appendix IV.

Dividends declared during the year 2018:

On February 27, 2018, the Board of Directors declared a dividend of $0.31 per share corresponding to the fourth quarter of 2017. The dividend was paid on March 27, 2018.

On May 11, 2018, the Board of Directors of the Company approved a dividend of $0.32 per share corresponding to the first quarter of 2018. The dividend was paid on June 15, 2018.

On July 31, 2018, the Board of Directors of the Company approved a dividend of $0.34 per share corresponding to the second quarter of 2018. The dividend was paid on September 15, 2018.

On October 31, 2018, the Board of Directors declared a dividend of $0.36 per share corresponding to the third quarter of 2018. The dividend was paid on December 14, 2018.

In addition, as of December 31, 2018, there was no treasury stock and there have been no transactions with treasury stock during the period then ended.

Corporate debt

12 Months Ended

Dec. 31, 2018

Corporate debt [Abstract]

Corporate debt

Note 14.- Corporate debt

The breakdown of the corporate debt as of December 31, 2018 and 2017 is as follows:

	Balance as of December 31,
Non-current	2018		2017
Credit Facilities with financial entities		415,168		320,783
Notes and Bonds		-		253,393
Total Non-Current		415,168		574,176

	Balance as of December 31,
Current	2018		2017
Credit Facilities with financial entities		11,580		65,833
Notes and Bonds		257,325		3,074
Total Current		268,905		68,907

On November 17, 2014, the Company issued the Senior Notes due 2019 in an aggregate principal amount of $255,000 thousand (the “2019 Notes”). The 2019 Notes accrue annual interest of 7.00% payable semi-annually beginning on May 15, 2015 until their maturity date. As of December 31, 2018 the amount of 2019 Notes has been classified as Current, considering its maturity is November 15, 2019.

On December 3, 2014, the Company entered into a credit facility of up to $125,000 thousand with Banco Santander, S.A., Bank of America, N.A., Citigroup Global Markets Limited, HSBC Bank plc and RBC Capital Markets, as joint lead arrangers and joint bookrunners (the “Former Revolving Credit Facility” or ”Former RCF”). On December 22, 2014, the Company drew down $125,000 thousand under the Former RCF. $71,000 thousand of the Former RCF were partially repaid in 2017. The remaining $54,000 of nominal of the Former RCF has been entirely repaid on May 16, 2018 and the credit facility canceled.

On February 10, 2017, the Company issued Senior Notes due 2022, 2023, 2024 (the “Note Issuance Facility”), in an aggregate principal amount of €275,000 thousand. The 2022 to 2024 Notes accrue annual interest, equal to the sum of (i) EURIBOR plus (ii) 4.90%, as determined by the Agent. Interest on the Notes are payable in cash quarterly in arrears on each interest payment date. The Company pays interest to the holders of record on each interest payment date. The interest rate on the Note Issuance Facility is fully hedged by two interest rate swaps contracted with Jefferies Financial Services, Inc. with effective date March 31, 2017 and maturity date December 31, 2022, resulting in the Company paying a net fixed interest rate of 5.5% on the Note Issuance Facility. Changes in fair value of these interest rate swaps have been recorded in the consolidated income statement. The Note Issuance Facility is a € denominated liability for which the Company applies net investment hedge accounting. When converted to US$ at US$/€ closing exchange rate, it contributes to reduce the impact in translation difference reserves generated in the equity of these consolidated financial statements by the conversion of the net assets of the Spanish solar assets into US$.

On July 20, 2017, the Company signed a credit facility (the “2017 Credit Facility”) for up to €10 million, approximately $11.5 million, which is available in euros or U.S. dollars. Amounts drawn down accrue interest at a rate per year equal to EURIBOR plus 2.25% or LIBOR plus 2.25%, depending on the currency. As of December 31, 2017, the Company drew down the credit facility in full and used the entire proceeds to prepay a part of the Tranche A of the Credit Facility. The credit facility had a maturity date in July 2018. It was renewed during the month of July 2018 and the new maturity date is July 20, 2019.

On May 10, 2018, the Company entered into a $215 million revolving credit facility (the “New Revolving Credit Facility”) with Royal Bank of Canada, as administrative agent and Royal Bank of Canada and Canadian Imperial Bank of Commerce, as issuers of letters of credit. Amounts drawn down accrue interest at a rate per year equal to (A) for Eurodollar rate loans, LIBOR plus a percentage determined by reference to the leverage ratio of the Company, ranging between 1.60% and 2.25% and (B) for base rate loans, the highest of (i) the rate per annum equal to the weighted average of the rates on overnight U.S. Federal funds transactions with members of the U.S. Federal Reserve System arranged by U.S. Federal funds brokers on such day plus ½ of 1.00%, (ii) the U.S. prime rate and (iii) LIBOR plus 1.00%, in any case, plus a percentage determined by reference to the leverage ratio of the Company, ranging between 0.60% and 1.00%. Letters of credit may be issued using up to $70 million of the Revolving Credit Facility. The maturity of the Revolving Credit Facility is December 31, 2021. As of December 31, 2018, the Company had drawn down an amount of $108 million (net of debt issuance costs). During the month of January 2019, the amount of the New Revolving Credit Facility has been increased from $215 million to $300 million.

Current Corporate debt corresponds mainly to the nominal and accrued interest of the 2019 Notes and to the nominal of the 2017 Credit Facility.

The repayment schedule for the Corporate debt at the end of 2018 is as follows:

	2019		2020		2021		2022		2023		Subsequent years		Total
New Revolving Credit Facility		-		-		107,560		-		-		-		107,560
Note Issuance Facility		128		-		-		102,908		102,350		102,350		307,736
2017 Credit Facility		11,452		-		-		-		-		-		11,452
2019 Notes		257,325		-		-		-		-		-		257,325
Total		268,905		-		107,560		102,908		102,350		102,350		684,073

The following table details the movement in Corporate debt for the year 2018, split between cash and non-cash items:

		January 1, 2018				Cash Flow				Non-cash changes				December 31, 2018
Corporate debt			643,083				14,403				26,587				684,073

The non-cash changes primarily relate to interests accrued and to currency translation differences.

Project debt

12 Months Ended

Dec. 31, 2018

Project debt [Abstract]

Project debt

Note 15.- Project debt

The main purpose of the Company is the long-term ownership and management of contracted concessional assets, such as renewable energy, efficient natural gas, electric transmission line and water assets, which are financed through project debt. This note shows the project debt linked to the contracted concessional assets included in Note 6 of these consolidated financial statements.

Project debt is generally used to finance contracted assets, exclusively using as guarantee the assets and cash flows of the company or group of companies carrying out the activities financed. In most of the cases, the assets and/or contracts are set up as guarantee to ensure the repayment of the related financing.

Compared with corporate debt, project debt has certain key advantages, including a greater leverage and a clearly defined risk profile.

The variations for 2018 and 2017 of project debt have been the following:

	Project debt - long term			Project debt - short term			Total
Balance as of December 31, 2017		5.228.917			246.291			5.475.208
Increases		105,466			288,541			393,007
Decreases		(98,450	)		(522,317	)		(620,767	)
First time application of IFRS 9 (Note 2)		(39,599	)		-			(39,599	)
Debt refinancing IFRS 9 impact		(36,642	)		-			(36,642	)
Change in the scope of the consolidated financial statements (Note 5)		79,016			2,346			81,362
Currency translation differences		(150,019	)		(12,436	)		(162,455	)
Reclassifications		(262,030	)		262,030			-
Balance as of December 31, 2018		4,826,659			264,455			5,091,114

Main variations in Project debt during the year 2018 are the result of:

A net decrease primarily due to the contractual payments of debt for the year and the partial repayment of Solana debt using the indemnity received from Abengoa during the year 2018 for $61.5 million (see Note 10). Interests accrued are offset by a similar amount of interests paid during the year;

The impact of the first application of IFRS 9, ´Financial instruments´ from January 1, 2018 (see Note 2);

The impact of the refinancing of the debts of Helios 1/2 and Helioenergy 1/2 on May 18, 2018 and June 26, 2018 respectively. The terms of the new debts are not substantially different from the original debts refinanced and therefore the exchange of debts instruments does not qualify for an extinguishment of the original debts under IFRS 9, ´Financial instruments´. When there is a refinancing with a non-substantial modification of the original debt, there is a gain or loss recorded in the income statement. This gain or loss is equal to the difference between the present value of the cash flows under the original terms of the former financing and the present value of the cash flows under the new financing, discounted both at the original effective interest rate. In this respect, the Company recorded a $36.6 million financial income in the profit and loss statement of the consolidated financial statements (see Note 21);

The acquisition of assets and the consolidation of its debt during the year (see Note 5).

	Project debt - long term			Project debt - short term			Total
Balance as of December 31, 2016		4,629,184			701,283			5,330,467
Increases		52,027			304,707			356,734
Decreases		(42,560	)		(509,131	)		(551,691	)
Currency translation differences		316,646			23,052			339,698
Reclassifications		273,620			(273,620	)		-
Balance as of December 31, 2017		5,228,917			246,291			5,475,208

The line “Increases” includes primarily accrued interests for the year.

Main variations in Project debt during the year 2017 are the result of:

Net decrease primarily due to repayment of debt, considering that interests accrued are offset by a similar amount of interests paid during the year. Decrease in long-term debt primarily relates to the partial repayment of Solana debt using the indemnity received from Abengoa in December 2017 for $42.5 million (see Note 10);

A reclassification of the entire debt of Kaxu and Cadonal projects from short term to long term during the year 2017 as a result of the waiver obtained for Kaxu in March 2017 and the completion of certain pending conditions for Cadonal in October 2017. In addition, in 2017, Kaxu’s debt coverage ratio did not reach the minimum threshold due to the technical problems that the plant experienced since the end of 2016. However, the lenders of the project finance agreement granted a waiver to the asset and therefore reclassification of the debt to short-term does not apply in this case.

The repayment schedule for Project debt in accordance with the financing arrangements, at the end of 2018 is as follows and is consistent with the projected cash flows of the related projects.

2019				2020		2021		2022		2023		Subsequent years		Total
Interest Repayment		Nominal repayment
	21,916		242,538		257,012		268,625		299,840		326,413		3,674,770		5,091,114

Current and non-current loans with credit entities include amounts in foreign currencies for a total of $2,464,352 thousand as of December 31, 2018 ($2,778,043 thousand as of December 31, 2017).

The following table details the movement in Project debt for the year 2018, split between cash and non-cash items:

		January 1, 2018				Cash Flow				Non-cash changes				December 31, 2018
Project debt			5,475,208				(579,598	)			195,504				5,091,114

The non-cash changes primarily relate to interests accrued and to currency translation differences.

The equivalent in U.S. dollars of the most significant foreign-currency-denominated debts held by the Company is as follows:

	Balance as of December 31,
Currency	2018		2017
Euro		2,049,892		2,286,771
Algerian Dinar		29,545		35,093
Rand		384,915		456,179
Total		2,464,352		2,778,043

All of the Company’s financing agreements have a carrying amount close to its fair value.

Grants and other liabilities

12 Months Ended

Dec. 31, 2018

Grants and other liabilities [Abstract]

Grants and other liabilities

Note 16.- Grants and other liabilities

Grants and other liabilities as of December 31, 2018 and December 31, 2017 are as follows:

	Balance as of December 31,
	2018		2017
Grants		1,150,805		1,225,877
Other liabilities		507,321		410,183
Grant and other non-current liabilities		1,658,126		1,636,060

As of December 31, 2018, the amount recorded in Grants corresponds primarily to the ITC Grant awarded by the U.S. Department of the Treasury to Solana and Mojave for a total amount of $739 million ($771 million as of December 31, 2017), which was primarily used to fully repay the Solana and Mojave short-term tranche of the loan with the Federal Financing Bank. The amount recorded in Grants as a liability is progressively recorded as other income over the useful life of the asset.

The remaining balance of the “Grants” account corresponds to loans with interest rates below market rates for Solana and Mojave for a total amount of $410 million ($452 million as of December 31, 2017). Loans with the Federal Financing Bank guaranteed by the Department of Energy for these projects bear interest at a rate below market rates for these types of projects and terms. The difference between proceeds received from these loans and its fair value, is initially recorded as “Grants” in the consolidated statement of financial position, and subsequently recorded in “Other operating income” starting at the entry into operation of the plants. Total amount of income for these two types of grants for Solana and Mojave is $59.3 million and $59.6 million for the year ended December 31, 2018 and 2017, respectively.

Other liabilities mainly relate to the investment from Liberty Interactive Corporation (‘Liberty’) made on October 2, 2013 for an amount of $300 million. The investment was made in class A shares of Arizona Solar Holding, the holding of Solana Solar plant in the United States. Such investment was made in a tax equity partnership which permits the partners to have certain tax benefits such as accelerated depreciation and ITC. Liberty has the right to receive 61.20% of taxable losses and distributions until such time as Liberty reaches a certain rate of return, or the Flip Date, and 22.60% of taxable losses and distributions thereafter. Given the underperformance of the asset in the last years, there is uncertainty regarding the Flip Date, regarding when it will occur, if so. The Company expects potential cash distributions from Solana to go mostly or entirely to Liberty in the upcoming years.

According to the stipulations of IAS 32 and in spite of the fact that the investment of Liberty is in shares, it does not qualify as equity and has been classified as a liability as of December 31, 2018 and 2017. The liability is recorded in Grants and other liabilities for a total amount of $358 million ($352 million as of December 31, 2017) and its current portion is recorded in other current liabilities for the remaining amount (see Note 17). This liability has been initially valued at fair value, calculated as the present value of expected cash-flows during the useful life of the concession, and is then measured at amortized cost in accordance with the effective interest method, considering the most updated expected future cash-flows.

Additionally, other liabilities include $57 million of finance lease liabilities as of December 31, 2018, further to the application of IFRS 16, Leases from January 1, 2018 (see Note 2).

Income Tax

12 Months Ended

Dec. 31, 2018

Income Tax [Abstract]

Income Tax

Note 18.- Income Tax

All the companies included in the Company file income taxes according to the tax regulations in force in each country on an individual basis or under consolidation tax regulations.

The consolidated income tax has been calculated as an aggregation of income tax expenses/income of each individual company. In order to calculate the taxable income of the consolidated entities individually, the accounting result is adjusted for temporary and permanent differences, recording the corresponding deferred tax assets and liabilities. At each consolidated income statement date, a current tax asset or liability is recorded, representing income taxes currently refundable or payable. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial statement and income tax purposes, as determined under enacted tax laws and rates.

Income tax payable is the result of applying the applicable tax rate in force to each tax-paying entity, in accordance with the tax laws in force in the country in which the entity is registered. Additionally, tax deductions and credits are available to certain entities, primarily relating to inter-company trades and tax treaties between various countries to prevent double taxation.

As of December 31, 2018, and 2017, the analysis of deferred tax assets and deferred tax liabilities is as follows:

Deferred tax assets	Balance as of December 31,
Concept	2018		2017
Net tax credits for operating losses carryforwards		55,835		71,219
Temporary differences derivatives financial instruments		79,865		93,719
Other temporary differences		366		198
Total deferred tax assets		136,066		165,136

Most of the net tax credits for operating losses carryforwards corresponds to Peru, South Africa and solar plants in Spain as of December 31, 2018.

Temporary differences for derivatives financial instruments are mainly due to ACT ($13 million) and solar plants in Spain ($62 million).

In relation to tax loss carryforwards and deductions pending to be used recorded as deferred tax assets, the entities evaluate its recoverability projecting forecasted taxable income for the upcoming years and taking into account their tax planning strategy. Deferred tax liabilities reversals are also considered in these projections, as well as any limitation established by tax regulations in force in each tax jurisdiction.

Deferred tax liabilities	Balance as of December 31,
Concept	2018		2017
Temporary differences tax/book amortization		126,792		113,432
Other temporary differences tax/book value of contracted concessional assets		73,793		66,247
Other temporary differences		10,415		6,904
Total deferred tax liabilities		211,000		186,583

As of December 31, 2018 and 2017, temporary differences as a result of accelerated tax amortization resulted in a net deferred tax liability position. These are primarily due to Solana and Mojave ($55 million in 2018 and $63 million in 2017) and solar plants in Spain ($74 million in 2018 and $51 million in 2017).

In the year ended as of December 31, 2017 there was an impact on the U.S. entities as a result of the tax reform and U.S. Internal Revenue Code Section 382 described as follows:

In December 2017 a tax reform, the Tax Cuts and Jobs Act, was enacted in the U.S., consisting mainly in a decrease in the corporate tax rate from 35% to 21% effective 1st of January 2018. The Company therefore adjusted the deferred tax assets and liabilities of its U.S. entities using the new enacted corporate tax rate as of December 31, 2017, resulting in a loss of $19 million recorded in the consolidated income statement for the year ended December 31, 2017;

In addition, the U.S. Internal Revenue Code (“IRC”) Section 382 establishes an annual limitation on the use of U.S. Net Operating Losses (“NOLs”) as a result of an ownership change. An “ownership change” would occur if the direct and indirect “5-percent shareholders”, as defined under Section 382 of the IRC, collectively increased their ownership in the Company by more than 50 percentage points over a rolling three-year period. The Company experienced during 2017 an ownership change due to Abengoa´s restructuring and changes in its shareholders´s base. As a result, the U.S. NOLs carryforwards generated through the date of change are subject to an annual limitation under Section 382, which resulted in a derecognition of deferred tax assets previously recognized amounting to $96 million corresponding to an amount of $387 million of NOLs and also taking into consideration the newly enacted corporate tax rate of 21%. This loss has been recorded in the consolidated income statement for the year ended December 31, 2017.

Other temporary differences tax/book value of contracted concessional assets, which resulted in a net deferred tax liability position relate primarily to ACT in both years.

The movements in deferred tax assets and liabilities during the years ended December 31, 2018 and 2017 were as follows:

Deferred tax assets	Amount
As of January 1, 2017		202,891
Increase/(decrease) through the consolidated income statement		(31,421	)
Increase/(decrease) through other consolidated comprehensive income (equity)		(13,312	)
Other movements		6,978
As of December 31, 2017		165,136

First application of IFRS 9 as of December 31, 2017 (Note 2)		11,811
Increase/(decrease) through the consolidated income statement		(24,195	)
Increase/(decrease) through other consolidated comprehensive income (equity)		(10,685	)
Other movements		(6,001	)
As of December 31, 2018		136,066

Deferred tax liabilities	Amount
As of January 1, 2017		95,037
Increase/(decrease) through the consolidated income statement		86,418
Increase/(decrease) through other consolidated comprehensive income (equity)		-
Other movements		5,128
As of December 31, 2017		186,583

First application of IFRS 9 as of December 31, 2017 (Note 2)		8,849
Increase/(decrease) through the consolidated income statement		17,996
Increase/(decrease) through other consolidated comprehensive income (equity)		-
Change in the scope of the consolidated financial statements (Note 5)		590
Other movements		(3,018	)
As of December 31, 2018		211,000

Details for income tax for the years ended December 31, 2018, 2017 and 2016 are as follows:

	For the twelve-month period ended December 31,
Item	2018			2017			2016
Current tax		(468	)		(1,998	)		(1,018	)
Deferred tax		(42,191	)		(117,839	)		(648	)
- relating to the origination and reversal of temporary differences		(42,191	)		(98,508	)		(648	)
- relating to changes in tax rates		-			(19,331	)		-
Total income tax benefit/(expense)		(42,659	)		(119,837	)		(1,666	)

The reconciliation between the theoretical income tax resulting from applying an average statutory tax rate to income/(loss) before income tax and the actual income tax expense recognized in the consolidated income statements for the years ended December 31, 2018, 2017 and 2016, are as follows:

	For the year ended December 31,
Concept	2018			2017			2016
Consolidated income / (loss) before taxes		97,928			14,950			3,333
Average statutory tax rate		30	%		30	%		30	%
Corporate income tax at average statutory tax rate		(29,378	)		(4,485	)		(1,000	)
Income tax of associates, net		1,639			1,765			2,110
Differences in foreign tax rates		752			3,304			(4,930	)
Permanent differences		5,385			19,324			11,121
Incentives, deductions, and unrecognized tax losses carryforwards		(22,972	)		(20,994	)		(11,110	)
Change in corporate income tax		-			(19,331	)		-
U.S. Internal Revenue Code Section 382		-			(96,328	)		-
Other non-taxable income/(expense)		1,915			(3,092	)		2,143
Corporate income tax		(42,659	)		(119,837	)		(1,666	)

Permanent differences in 2018, 2017 and 2016 are mainly due to ACT (Mexico).

The main implications derived from the Tax Cuts and Jobs Act enacted in December 2017 in the U.S. entities are:

A reduction of the Federal income tax rate from 35% to 21%, effective since January 1, 2018. This measure will imply a reduction of the tax burden of the Company. The effect on the deferred tax assets and liabilities has resulted in a $19 million loss in the year 2017;

A limitation of the deduction for net interest expense of all businesses in the U.S. The new limitation is imposed on net interest expense that exceeds 30% of EBITDA from 2018 to 2021, and 30% of EBIT from 2022 onwards. Interests disallowed would be deducted in the future in the event that those limits are not exceeded. After having considered the impacts of Section 382 commented above, the Company does not expect significant negative effects from this net interest expense limitation;

NOLs arising in tax years beginning after 2017 would be limited to 80% of taxable income. For new NOLs recognized after 2017, an indefinite carryforward would be allowed. The limitation of 80% is not applicable for NOLs generated before 2018. For existing NOLs before 2018, a carryforward of 20 years is still applicable. The new limitation does not trigger adverse tax effects to the U.S. subsidiaries of the Company considering the amount of NOLs to be generated in upcoming years and the projected amount of taxable income of these entities after having considered the impacts of Section 382;

Base erosion anti-abuse tax (BEAT): The BEAT applies to certain U.S. corporations that make relevant deductible payments to foreign affiliates. The excess of 10% of a corporation’s taxable income increased by those payments to foreign related parties over its regular tax liability, will be the base erosion tax due. BEAT provisions do not trigger adverse tax consequences for the U.S. subsidiaries of the Company considering the amount of payments made to foreign affiliates for management and support services;

Potential tax erosion in the U.S.: The Company does not expect to have material adverse tax consequences in the U.S. subsidiaries as a result of the measures previously described.

Third-party guarantees and commitments

12 Months Ended

Dec. 31, 2018

Third-party guarantees and commitments [Abstract]

Third-party guarantees and commitments

Note 19.- Third-party guarantees and commitments

Third-party guarantees

At the close of 2018 the overall sum of Bank Bond and Surety Insurance directly deposited by the subsidiaries of the Company as a guarantee to third parties (clients, financial entities and other third parties) amounted to $32,412 thousand attributed to operations of technical nature ($32,428 thousand as of December 31, 2017). In addition, the Company issued guarantees related to operations of technical nature amounting to $60 million as of December 31, 2018 ($112 million as of December 31, 2017).

Contractual obligations

The following tables shows the breakdown of the third-party commitments and contractual obligations as of December 31, 2018 and 2017:

2018	Total		2019		2020 and 2021		2022 and 2023		Subsequent

Corporate debt		684,073		268,905		107,560		205,258		102,350
Loans with credit institutions (project debt)		4,314,307		233,214		476,191		571,374		3,033,528
Notes and bonds (project debt)		776,807		31,241		49,445		54,879		641,242
Purchase commitments		3,082,495		131,417		264,461		259,775		2,426,842
Accrued interest estimate during the useful life of loans		2,743,132		314,984		565,040		492,932		1,370,176

2017	Total		2018		2019 and 2020		2021 and 2022		Subsequent

Corporate debt		643,083		68,907		253,393		107,316		213,467
Loans with credit institutions (project debt)		4,628,289		215,117		457,853		539,466		3,415,853
Notes and bonds (project debt)		846,919		31,174		53,620		54,395		707,730
Purchase commitments		3,149,813		141,867		230,014		259,845		2,518,087
Accrued interest estimate during the useful life of loans		3,129,321		340,481		630,108		559,856		1,598,876

The figures shown in the tables above do not include equity investments that the Company may be committed to realize in the future, if certain conditions are met, such as equity investments in the PTS project (see Note 5).

Legal Proceedings

On October 17, 2016, ACT received a request for arbitration from the International Court of Arbitration of the International Chamber of Commerce presented by Pemex. Pemex was requesting compensation for damages caused by a fire that occurred in their facilities during the construction of the ACT cogeneration plant in December 2012, for a total amount of approximately $20 million. On July 5, 2017, Seguros Inbursa, the insurer of Pemex, joined as a second claimant in the process. In September 2018, ACT was notified that an agreement was reached between insurance companies according to which ACT would not have to pay any amount in relation to this arbitration. On December 19, 2018 the parties of the arbitration executed a settlement agreement to finalize the claim without any financial impact for ACT.

A number of Abengoa’s subcontractors and insurance companies that issued bonds covering Abengoa’s obligations under such contracts in the United States have included some of the non-recourse subsidiaries of the Company in the United States as co-defendants in claims against Abengoa. Generally, the subsidiaries of the Company have been dismissed as defendants at early stages of the processes but there remain pending cases including Arb Inc. with a potential total claim of approximately $33 million and a group of insurance companies that have addressed to a number of Abengoa’s subsidiaries and to Solana (Arizona Solar One) a potential claim for Abengoa related losses of approximately $20 million that could increase, according to the insurance companies, up to a maximum of up to approximately $200 million if all their exposure resulted in losses. The Company reached an agreement with Arb Inc. and all but one of the above-mentioned insurance companies, under which they agreed to dismiss their claims in exchange for payments of approximately $6.6 million, which have been made in 2018. The insurance company which did not join the agreement has temporarily stopped legal actions against the Company and the Company does not expect to have a material adverse effect.

In addition, an insurance company covering certain Abengoa’s obligations in Mexico has claimed certain amounts related to a potential loss. This claim is covered by existing indemnities from Abengoa. Nevertheless, the Company has reached an agreement under which Atlantica´s maximum theoretical exposure would in any case be limited to approximately $35 million, including $2.5 million to be held in an escrow account. On January 2019, the insurance company executed $2.5 million from the escrow account and Abengoa reimbursed such amount according to the existing indemnities in force between Atlantica and Abengoa. The payments by Atlantica would only happen if and when the actual loss has been confirmed, Abengoa has not fulfilled their obligations and after arbitration, if the Company initiates it.

The Company is not a party to any other significant legal proceeding other than legal proceedings arising in the ordinary course of its business. The Company is party to various administrative and regulatory proceedings that have arisen in the ordinary course of business. While the Company does not expect these proceedings, either individually or in the aggregate, to have a material adverse effect on its financial position or results of operations, because of the nature of these proceedings the Company is not able to predict their ultimate outcomes, some of which may be unfavorable to the Company.

Other operating income and expenses

12 Months Ended

Dec. 31, 2018

Other operating income and expenses [Abstract]

Other operating income and expenses

Note 20.- Other operating income and expenses

The table below shows the detail of Other operating income and expenses for the years ended December 31, 2018, 2017 and 2016:

	For the twelve-month year ended December 31,
Other operating income	2018		2017		2016

Grants		59,421		59,707		59,085
Income from various services and insurance proceeds		34,181		21,137		6,453
Income from the purchase of the long-term operation and maintenance payable to Abengoa (see Note 10)		38,955		-		-
Total		132,557		80,844		65,538

	For the twelve-month year ended December 31,
Other operating expenses	2018			2017			2016
Leases and fees		(1,716	)		(6,641	)		(5,309	)
Operation and maintenance		(145,857	)		(129,873	)		(133,292	)
Independent professional services		(43,229	)		(36,178	)		(30,515	)
Supplies		(25,947	)		(20,350	)		(17,177	)
Insurance		(24,227	)		(24,289	)		(23,390	)
Levies and duties		(37,439	)		(52,409	)		(44,440	)
Other expenses		(21,579	)		(14,721	)		(6,195	)
Total		(299,994	)		(284,461	)		(260,318	)

Grants income mainly relate to ITC cash grants and implicit grants recorded for accounting purposes in relation to the FFB loans with interest rates below market rates in Solana and Mojave projects (See Note 16).

Financial income and expenses

12 Months Ended

Dec. 31, 2018

Financial income and expenses [Abstract]

Financial income and expenses

Note 21.- Financial income and expenses

The following table sets forth financial income and expenses for the years ended December 31, 2018, 2017 and 2016:

	For the year ended December 31,
Financial income	2018		2017		2016
Interest income from loans and credits		36,296		325		286
Interest rates benefits derivatives: cash flow hedges		148		682		3,012
Total		36,444		1,007		3,298

	For the year ended December 31,
Financial expenses	2018			2017			2016
Expenses due to interest:
- Loans from credit entities		(256,736	)		(253,660	)		(242,919	)
- Other debts		(100,057	)		(137,562	)		(90,995	)
Interest rates losses derivatives: cash flow hedges		(68,226	)		(72,495	)		(74,093	)
Total		(425,019	)		(463,717	)		(408,007	)

Financial income from loans and credits primarily includes a non-monetary financial income of $36.6 million resulting from the refinancing of the debts of Helios 1&2 and Helioenergy 1&2 in the second quarter of 2018 (see Note 15).

Interests from other debts are primarily interests on the notes issued by ATS, ATN, ATN2, Atlantica Yield and Solaben Luxembourg and interests related to the investment from Liberty. Decrease in 2018 is primarily due to a lower increase of the amortized cost of the Liberty debt of $23 million compared to the year 2017 (see Note 16). Losses from interest rate derivatives designated as cash flow hedges correspond primarily to transfers from equity to financial expense when the hedged item is impacting the consolidated income statement.

Other net financial income and expenses

The following table sets out Other net financial income and expenses for the years 2018, 2017 and 2016:

	For the year ended December 31,
Other financial income / (expenses)	2018			2017			2016
Dividend from ACBH (Brazil)		-			10,383			27,948
Impairment preferred equity investment in ACBH		-			-			(22,076	)
Other financial income		14,431			28,809			13,027
Other financial losses		(22,666	)		(20,758	)		(10,394	)
Total		(8,235	)		18,434			8,505

According to an agreement reached with Abengoa in the third quarter of 2016, Abengoa acknowledged that Atlantica Yield is the legal owner of the dividends declared on February 24, 2017 and retained from Abengoa amounting to $10.4 million. As a result, the Company recorded $10.4 million as Other financial income on 2017 in accordance with the accounting treatment previously given to the ACBH dividend.

Other financial income in 2018 are primarily interests on deposits and on loan granted to third parties. In 2017, it included a $16.2 million income as a result of the termination of the currency swap agreement with Abengoa.

Other financial losses primarily include expenses for guarantees and letters of credit, wire transfers, other bank fees and other minor financial expenses.

Earnings per share

12 Months Ended

Dec. 31, 2018

Earnings per share [Abstract]

Earnings per share

Note 22.- Earnings per share

Basic earnings per share for the year 2018 has been calculated by dividing the profit/(loss) attributable to equity holders of the company by the number of shares outstanding. Diluted earnings per share equals basic earnings per share for the period presented.

	For the year ended December 31,
Item	2018		2017			2016
Profit/(loss) from continuing operations attributable to Atlantica Yield Plc.		41,596		(111,804	)		(4,855	)
Profit/(loss) from discontinuing operations attributable to Atlantica Yield Plc.		-		-			-
Average number of ordinary shares outstanding (thousands) - basic and diluted		100,217		100,217			100,217
Earnings per share from continuing operations (US dollar per share) - basic and diluted		0.42		(1.12	)		(0.05	)
Earnings per share from discontinuing operations (US dollar per share) - basic and diluted		-		-			-
Earnings per share from profit/ (loss) for the period (US dollar per share) - basic and diluted		0.42		(1.12	)		(0.05	)

Other information	12 Months Ended
Other information	Dec. 31, 2018
Other information [Abstract]
Other information	Note 23.- Other information 23.1 Restricted Net assets Certain of the consolidated entities are restricted from remitting certain funds to Atlantica Yield plc. as a result of a number of regulatory, contractual or statutory requirements. These restrictions are mainly related to standard requirements to maintain debt service coverage ratios. At December 31, 2018, the accumulated amount of the temporary restrictions for the entire restricted term of these affiliates was $625 million. The Company performed a test on the restricted net assets of consolidated subsidiaries in accordance with Securities and Exchange Commission Regulation S-X Rule 12-04 and concluded the restricted net assets exceeded 25% of the consolidated net assets of the Company as of December 31, 2018. Therefore, the separate financial statements of Atlantica Yield, Plc. do have to be presented (see Appendix V (Schedule I) for details). 23.2 Subsequent events On February 26, 2019, the Board of Directors of the Company approved a dividend of $0.37 per share, which is expected to be paid on or about March 22, 2019. On January 29, 2019, PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company (collectively “PG&E”), the off-taker for Atlantica Yield with respect to the Mojave plant, filed for reorganization under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of California (the “Bankruptcy Court”). As a consequence, PG&E has not paid the portion of the invoice corresponding to the electricity delivered for the period between January 1 and January 28, 2019, which was due on February 25, given that the services relate to the pre-petition period and any payment therefore would require approval by the Bankruptcy Court. However, PG&E has paid the portion of the invoice corresponding to the electricity delivered after January 28. A default of the PPA agreement with PG&E occurred with the PG&E bankruptcy filing and such default could trigger an event of default under our Mojave project finance agreement if certain other conditions were met, namely if (i) such default could reasonably be expected to result in a material adverse effect to Mojave or (ii) PG&E failed to assume the PPA within 60 days of its chapter 11 filing, extendable to 180 days provided that PG&E continues to perform under the PPA. As of December 31, 2018, Mojave had $739 million outstanding under its project financing agreement with the Federal Financing Bank, with a guarantee from the DOE. Additionally, Mojave represents approximately 13.5% of 2018 project level cash available for distribution. Chapter 11 bankruptcy is a complex process and the Company does not know at this time whether PG&E will seek to reject the PPA or not. However, PG&E has continued to be in compliance with the remaining terms and conditions of the PPA, including with all payment terms of the PPA up through the date hereof with the exception of services for prepetition services that became due and payable after the chapter 11 filing date. It remains possible that at any time during the chapter 11 proceeding, PG&E may decide to cease performing under the PPA and attempt to reject or renegotiate the terms of its contract with the Company. If PG&E rejected the contract and stopped making payments in accordance with the PPA, Mojave could fail in servicing its debt under its project finance agreement, which would also cause a default under the project finance agreement. If not cured or waived, an event of default in the project finance agreement could result in debt acceleration and, if such amounts were not timely paid, the DOE could decide to foreclose on the asset. The PG&E bankruptcy has heightened the risk that project level cash distributions could be restricted for an undetermined period of time, thereby impacting the corporate liquidity and corporate leverage of the Company. Mojave project cash distributions to the corporate level normally takes place at the end of the year, the last distribution received at the corporate level took place in December 2018. Unless the event or default is cured or waived, distributions may not be made during the pendency of the bankruptcy. Such events may have a material adverse effect on the business, financial condition, results of operations and cash flows of the Company. On January 29, 2019, the Company entered into an agreement with Abengoa under the ROFO Agreement for the acquisition of Befesa Agua Tenés, S.L.U., a holding company which in turn owns a 51% stake of Tenes, a water desalination plant in Algeria, similar in several aspects to the Skikda and Honaine plants. Closing of the acquisition is subject to conditions precedent, including the approval by the Algerian administration. At this stage, the Company cannot guarantee it we will obtain this approval nor the expected timing of such approval. The price agreed for the equity value is $24.5 million, of which $19.9 million were paid in January 2019 as an advanced payment and the rest is expected to be paid once the conditions precedent are fulfilled. If all the conditions precedent were not fulfilled by September 30, 2019, the advanced payment shall be progressively reimbursed by Abengoa through a full cash-sweep of all the dividends to be received and in any case no later than September 30, 2031, together with an annual 12% interest.

Schedule I, Condensed Financial Statements

12 Months Ended

Dec. 31, 2018

Schedule I, Condensed Financial Statements [Abstract]

Schedule I, Condensed Financial Statements

Appendices

Appendix V (Schedule I)

Condensed Financial Statements of Atlantica Yield plc

Condensed statements of financial position of Atlantica Yield Plc.

– Amounts in thousands of usd –

	As of December 31,
	2018			2017
Assets
Investment in affiliates		1,883,964			2,044,967
Loans to affiliates		605,778			647,911
Cash and cash equivalents		106,734			148,525
Other assets		8,458			3,704
Total assets		2,604,934			2,845,107
Liabilities and Equity
Borrowings		426,748			386,616
Notes and bonds		257,325			256,468
Intercompany liabilities		138,222			103,796
Other Liabilities		13,493			11,168
Total Liabilities		835,788			758,048
Common Stock		10,022			10,022
Additional paid-in capital		1,481,881			1,981,881
Distributable reserves		461,686			42,410
Other reserves		-			181
Accumulated gains (losses)-net		(184,443	)		52,565
Total shareholders’s equity		1,769,146			2,087,059
Total liabilities and equities		2,604,934			2,845,107

Condensed income statements of Atlantica Yield, Plc.

– Amounts in thousands of usd –

	For the year ended December 31,
	2018			2017			2016
Income from
Services		54,743			123,944			114,653
Other financial income		4,334			17,419			8
Total income		59,077			141,363			114,661
Expenses
Other operating expenses		(189,116	)		(21,173	)		(26,132	)
Interest		(42,321	)		(46,292	)		(35,615	)
Other financial expenses		(12,083	)		(21,333	)		(21,651	)
Total expenses		(243,520	)		(88,798	)		(83,398	)
Income/(Loss) before income taxes		(184,443	)		52,565			31,263
Income tax benefits/(expense)		-			-			-
Profit/(Loss) for the year		(184,443	)		52,565			31,263

Other comprehensive income statement of Atlantica Yield, Plc.

– Amounts in thousands of usd –

	For the year ended December 31,
	2018			2017			2016

Profit/(loss) for the year		(184,443	)		52,565			31,263
Items that may be subject to transfer to income statement
Change in fair value of cash flow hedges		147			(13,666	)		7,213
Net income/(expenses) recognized directly in equity		147			(13,666	)		7,213
Cash flow hedges		(328	)		(32	)		2,321
Transfer to income statement		(328	)		(32	)		2,321
Other comprehensive income/(loss) for the year		(181	)		(13,698	)		9,534
Total comprehensive income/(loss) for the year		(184,624	)		38,867			40,797

Condensed cash flow statements of Atlantica Yield, Plc.

– Amounts in thousands of usd –

	For the year ended December 31,
	2018			2017			2016
Cash Flow from operating activities		(30,571	)		34,937			5,911
Cash Flow—investing activities
Decrease (increase) in investment and advance to affiliates		66,069			151,033			97,341

Net decrease (increase) in other assets		-			-			-

Cash (used for)/provided by investing activities		66,069			151,033			97,341
Cash Flow—financing activities
Net increase/(decrease) in borrowings and other liabilities		56,000			(64,754	)		-

Dividend paid to shareowner		(133,289	)		(94,845	)		(26,585	)

Capital increase and other		-			-			-

Cash from financing activities		(77,289	)		(159,599	)		(26,585	)

Increase (decrease) in cash and cash equivalents during the year		(41,791	)		26,371			76,667

Cash and cash equivalent at the beginning of the year		148,525			122,154			45,487

Cash and cash equivalent at the end of the year		106,734			148,525			122,154

Notes to the Condensed Financial Statements

Schedule I has been provided pursuant to the requirements of Rule 12- 04(a) of Regulation S-X, of the US Securities and Exchange Commission (SEC) which require condensed financial information as to the financial position, change in financial position, results of operations of Atlantica Yield plc, other comprehensive income statement and cash flow statement as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with International Financial Reporting Standards have been condensed or omitted. The footnote disclosures contain supplemental information only and, as such, these statements should be read in conjunction with the notes to the accompanying consolidated financial statements.

Basis of Presentation.

The presentation of Atlantica Yield plc stands alone condensed financial statement has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements except that, the Company records its investment in subsidiaries under the cost method of accounting and that financial income from credits to companies in the group are recorded under Income from services, given that the company is a holding and this type of service is part of its primary activity. Such investments are presented on the statements of financial position as “Investment in and loans to affiliates” at cost less any identified impairment loss.

As of December 31, 2018, 2017 and 2016 there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of the Company, except for those which have been separately disclosed in the Consolidated Financial Statements, if any.

For the year ended December 31, 2018, no cash dividend has been declared to the Company by its consolidated subsidiaries or associated. For the year ended December 2017 and 2016, cash dividend of $10,383 thousand and $29,737 thousand were declared to the Company by its consolidated subsidiaries or associates, respectively.

Reconciliation of the stand-alone to consolidated financial statements of Atlantica Yield Plc.

Profit/(Loss) Reconciliation	For the year ended December 31,
	2018			2017			2016
Stand-alone—IFRS profit/(loss) for the period		(184,443	)		52,565			31,263
Additional profit/(loss) if subsidiaries had been accounted for using the equity method of accounting as opposed to cost method		226,039			(164,369	)		(36,118	)
Consolidated IFRS profit/(loss) for the period attributable to Atlantica Yield plc		41,596			(111,804	)		(4,855	)

Equity Reconciliation	As of December 31,
	2018			2017			2016

Stand-alone—IFRS shareholders equity		1,769,146			2,087,059			2,153,420
Additional shareholders equity if subsidiaries had been accounted for using the equity method of accounting as opposed to cost method		(13,034	)		(191,606	)		(194,309	)
Consolidated IFRS shareholders equity		1,756,112			1,895,453			1,959,111

Significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2018

Significant accounting policies [Abstract]

Basis of preparation

2.1 Basis of preparation

Application of new accounting standards

Standards, interpretations and amendments effective from January 1, 2018 under IFRS-IASB, applied by the Company in the preparation of these consolidated financial statements:

IFRS 9 ‘Financial Instruments’

IFRS 15 ‘Revenues from contracts with Customers’

IFRS 15 (Clarifications) ‘Revenues from contracts with Customers’

IFRS 2 (Amendment) ‘Classification and Measurement of Share-based Payment Transactions’.

IFRS 4 (Amendment). Applying IFRS 9 ‘Financial Instruments’ with IFRS 4 ‘Insurance Contracts’.

Annual Improvements to IFRSs 2015-2017 cycles.

IFRIC 22 Foreign Currency Transactions and Advance Consideration.

IAS 40 (Amendment). Transfers of Investment Property.

IAS 28 (Amendment). Long-term Interests in Associates and Joint Ventures.

The applications of these amendments have not had any material impact on these consolidated financial statements.

In relation to IFRS 15, IFRS 9 and IFRS 16, the Company performed the following analysis:

IFRS 15 ‘Revenues from contracts with Customers’

Step 1: Identifying the contract with the customer.

Step 2: Identifying the performance obligations.

Step 3: Determining the transaction price.

Step 4: Assigning the transaction price in the performance obligations identified in the contract.

Step 5: Recognition of revenue when (or as) the Company performs the performance obligations.

Currently, assets recorded in accordance with IFRIC 12 are classified as intangible assets or as financial assets, depending on the nature of the payment entitlements established in the contracts.

IFRS 9 ‘Financial Instruments’

-	Classification and measurement of financial instruments:

The impact of applying IFRS 9 to the consolidated financial statements for the year ended December 31, 2018 is not significant.

IFRS 16 ‘Leases’

The IASB issued a new lease accounting standard, IFRS 16, in January 2016, which requires the recognition of lease contracts on the consolidated statement of financial position.

The impact of applying IFRS 16 to the consolidated financial statements for the year ended December 31, 2018 is not significant.

Summary of adjustments arising from application of IFRS 9 and IFRS 16 as of December 31, 2017

				IFRS 9 Adjustments
($ in thousands)	As reported			Expected credit losses (*)			Modification of financial liabilities			Hedge accounting			IFRS 16 Adjustments		Restated at January 1, 2018
Contracted concessional assets		9,084,270			(53,048	)		-			-			62,982		9,094,204
Deferred tax assets		165,136			14,866			(3,055	)		-			-		176,947

Long- term project debt		5,228,917			-			(39,599	)		-			-		5,189,318
Grants and other liabilities		1,636,060			-			-			-			62,982		1,699,042
Deferred tax liabilities		186,583			-			8,849			-			-		195,432

Other Reserves		80,968			-			-			1,326			-		82,294
Retained Earnings		(477,214	)		(38,182	)		27,695			(1,326	)		-		(489,027	)

b)	Standards, interpretations and amendments published by the IASB that will be effective for periods beginning on or after January 1, 2019:

IFRS 17 ‘Insurance Contracts’. This Standard is applicable for annual periods beginning on or after January 1, 2021 under IFRS-IASB, earlier application is permitted.

IFRIC 23: Uncertainty over Income Tax Treatments. This Standard is applicable for annual periods beginning on or after January 1, 2019 under IFRS-IASB.

IFRS 3 (Amendment). Definition of Business. This amendment is mandatory for annual periods beginning on or after January 1, 2020 under IFRS-IASB, earlier application is permitted.

IAS 1 and IAS 8 (Amendment). Definition of Material. This amendment is mandatory for annual periods beginning on or after January 1, 2020 under IFRS-IASB, earlier application is permitted.

Amendments to References to the Conceptual Frameworks in IFRS Standards. This Standard is applicable for annual periods beginning on or after January 1, 2020 under IFRS-IASB.

Principles to include and record companies in the consolidated financial statements

2.2. Principles to include and record companies in the consolidated financial statements

Controlled entities

Control is achieved when the Company:

Has power over the investee;

Is exposed, or has rights, to variable returns from its involvement with the investee; and

Has the ability to use its power to affect its returns.

The Company reassesses whether or not it controls an investee when facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

All assets and liabilities between entities of the group, equity, income, expenses, and cash flows relating to transactions between entities of the group are eliminated in full.

Investments accounted for under the equity method

Controlled entities and associates included in these financial statements as of December 31, 2018 and 2017 are set out in appendices.

Contracted concessional assets and price purchase agreements

2.3. Contracted concessional assets and price purchase agreements

Contracted concessional assets and price purchase agreements (PPAs) include fixed assets financed through project debt, related to service concession arrangements recorded in accordance with IFRIC 12, except for Palmucho, which is recorded in accordance with IAS 17 and PS10, PS20, Mini-Hydro, Chile TL 3 and Seville PV, which are recorded as tangible assets in accordance with IAS 16. The infrastructures accounted for by the Company as concessions are related to the activities concerning electric transmission lines, solar electricity generation plants, cogeneration plants, wind farms and water plants. The useful life of these assets is approximately the same as the length of the concession arrangement. The infrastructure used in a concession can be classified as an intangible asset or a financial asset, depending on the nature of the payment entitlements established in the agreement.

Intangible asset

Once the infrastructure is in operation, the treatment of income and expenses is as follows:

Operating and maintenance costs and general overheads and administrative costs are recorded in accordance with the nature of the cost incurred (amount due) in each period.

Financing costs are expensed as incurred.

Financial asset

Financing costs are expensed as incurred.

The key elements of the ECL calculations are the following:

the Probability of Default (“PD”) is an estimate of the likelihood of default over a given time horizon. Atlantica calculates PD based on Credit Default Swaps spreads (“CDS”);

the Exposure at Default (“EAD”) is an estimate of the exposure at a future default date;

Property, plant and equipment

Once the infrastructure is in operation, the treatment of income and expenses is the same as the one described above for intangible asset.

Borrowing costs

2.4. Borrowing costs

Asset impairment

2.5 Asset impairment

Atlantica Yield reviews its contracted concessional assets to identify any indicators of impairment at least annually.

When the carrying amount of the CGU to which these assets belong is higher than its recoverable amount, the assets are impaired.

Accordingly, the following table provides a summary of the discount rates used (WACC) and growth rates to calculate the recoverable amount for CGUs with the operating segment to which it pertains:

Operating segment	Discount rate			Growth rate
EMEA		4% - 6	%		0	%
North America		5% - 6	%		0	%
South America		5% - 7	%		0	%

Pursuant to IAS 36, an impairment loss is recognized if the carrying amount of these assets exceeds the present value of future cash flows discounted at the initial effective interest rate.

Loans and accounts receivable

2.6 Loans and accounts receivable

Loans and accounts receivable are non-derivative financial assets with fixed or determinable payments, not listed on an active market.

In accordance with IFRIC 12, certain assets under concessions qualify as financial assets and are recorded as is described in Note 2.3.

Pursuant to IAS 36, an impairment loss is recognized if the carrying amount of these assets exceeds the present value of future cash flows discounted at the initial effective interest rate.

Derivative financial instruments and hedging activities

2.7. Derivative financial instruments and hedging activities

Derivatives are recorded at fair value. The Company applies hedge accounting to all hedging derivatives that qualify to be accounted for as hedges under IFRS-IASB.

Fair value estimates

2.8. Fair value estimates

Financial instruments measured at fair value are presented in accordance with the following level classification based on the nature of the inputs used for the calculation of fair value:

Level 1: Inputs are quoted prices in active markets for identical assets or liabilities.

Level 3: Fair value is measured based on unobservable inputs for the asset or liability.

Atlantica Yield derivatives correspond primarily to the interest rate swaps designated as cash flow hedges, which are classified as Level 2.

Description of the valuation method

Variables (Inputs)

Clients and other receivables

2.9. Clients and other receivables

An allowance for doubtful accounts is recorded when there is objective evidence that the Company will not be able to recover all amounts due as per the original terms of the receivables.

Cash and cash equivalents

2.10. Cash and cash equivalents

Grants

2.11. Grants

Loans and borrowings

2.12. Loans and borrowings

Bonds and notes

2.13. Bonds and notes

Income taxes

2.14. Income taxes

Deferred tax assets are recognized only when it is probable that sufficient future taxable profit will be available to use deferred tax assets.

Trade payables and other liabilities

2.15. Trade payables and other liabilities

Foreign currency transactions

2.16. Foreign currency transactions

Results of companies carried under the equity method are translated at the average annual exchange rate.

Equity

2.17. Equity

Parent company reserves together with the Share capital represent the Parent’s net investment in the entities included in these consolidated financial statements.

Provisions and contingencies

2.18. Provisions and contingencies

Provisions are recognized when:

there is a present obligation, either legal or constructive, as a result of past events;

it is more likely than not that there will be a future outflow of resources to settle the obligation; and

the amount has been reliably estimated.

Use of estimates

2.19. Use of estimates

The most critical accounting policies, which reflect significant management estimates and judgment to determine amounts in these consolidated financial statements, are as follows:

Contracted concessional agreements and PPAs.

Impairment of intangible assets and property, plant and equipment.

Assessment of control.

Derivative financial instruments and fair value estimates.

Income taxes and recoverable amount of deferred tax assets.

Nature of the business (Tables)

12 Months Ended

Dec. 31, 2018

Overview of concessional assets

The following table provides an overview of the concessional assets the Company owned as of December 31, 2018:

Assets	Type	Ownership	Location	Currency⁽⁸⁾	Capacity (Gross)	Counterparty Credit Ratings⁽⁹⁾	COD	Contract Years Left ⁽¹³⁾

Solana	Renewable (Solar)	100% Class B⁽¹⁾	Arizona (USA)	USD	280 MW	A-/A2/A-	2013	25

Mojave	Renewable (Solar)	100%	California (USA)	USD	280 MW	D/WR/D	2014	21

Solaben 2 & 3	Renewable (Solar)	70%⁽²⁾	Spain	Euro	2x50 MW	A-/Baa1/A-	2012	19/18

Solacor 1 & 2	Renewable (Solar)	87%⁽³⁾	Spain	Euro	2x50 MW	A-/Baa1/A-	2012	18/18

PS10/PS20	Renewable (Solar)	100%	Spain	Euro	31 MW	A-/Baa1/A-	2007& 2009	13/15

Helioenergy 1 & 2	Renewable (Solar)	100%	Spain	Euro	2x50 MW	A-/Baa1/A-	2011	18/18

Helios 1 & 2	Renewable (Solar)	100%	Spain	Euro	2x50 MW	A-/Baa1/A-	2012	19/19

Solnova 1, 3 & 4	Renewable (Solar)	100%	Spain	Euro	3x50 MW	A-/Baa1/A-	2010	16/16/17

Solaben 1 & 6	Renewable (Solar)	100%	Spain	Euro	2x50 MW	A-/Baa1/A-	2013	20/20

Kaxu	Renewable (Solar)	51%⁽⁴⁾	South Africa	Rand	100 MW	BB/Baa3/BB+⁽¹⁰⁾	2015	16

Palmatir	Renewable (Wind)	100%	Uruguay	USD	50 MW	BBB/Baa2/BBB-⁽¹¹⁾	2014	15

Cadonal	Renewable (Wind)	100%	Uruguay	USD	50 MW	BBB/Baa2/BBB-⁽¹¹⁾	2014	16

ACT	Efficient natural gas	100%	Mexico	USD	300 MW	BBB+/ Baa3/BBB+	2013	14

ATN ⁽¹²⁾	Transmission line	100%	Peru	USD	365 miles	BBB+/A3/BBB+	2011	22

ATS	Transmission line	100%	Peru	USD	569 miles	BBB+/A3/BBB+	2014	25

ATN 2	Transmission line	100%	Peru	USD	81 miles	Not rated	2015	14

Quadra 1	Transmission line	100%	Chile	USD	49 miles	Not rated	2014	16


Quadra 2	Transmission line	100%	Chile	USD	32 miles	Not rated	2014	16

Palmucho	Transmission line	100%	Chile	USD	6 miles	BBB+/Baa1/BBB+	2007	19

Chile TL3	Transmission line	100%	Chile	USD	50 miles	A+/A1/A	1993	Regulated

Skikda	Water	34.2%⁽⁵⁾	Algeria	USD	3.5 M ft3/day	Not rated	2009	15

Honaine	Water	25.5%⁽⁶⁾	Algeria	USD	7 M ft3/ day	Not rated	2012	19

Seville PV	Renewable (Solar)	80%⁽⁷⁾	Spain	Euro	1 MW	A-/Baa1/A-	2006	17

Melowind	Renewable (Wind)	100%	Uruguay	USD	50MW	BBB/Baa2/BBB-	2015	17

Mini-Hydro	Renewable (Hydraulic)	100%	Peru	USD	4 MW	BBB+/A3/ BBB+-	2012	14

(1)	On September 30, 2013, Liberty Interactive Corporation agreed to invest $300 million in Class A shares of ASO Holdings Company LLC, the holding company of Solana, in exchange for a share of the dividends and the taxable losses generated by Solana.

(2)	Itochu Corporation, a Japanese trading company, holds 30% of the shares in each of Solaben 2 and Solaben 3.

(3)	JGC, a Japanese engineering company, holds 13% of the shares in each of Solacor 1 and Solacor 2.

(4)	Kaxu is owned by the Company (51%), Industrial Development Corporation of South Africa (29%) and Kaxu Community Trust (20%).

(5)	Algerian Energy Company, SPA owns 49% of Skikda and Sacyr Agua, S.L. owns the remaining 16.83%.

(6)	Algerian Energy Company, SPA owns 49% of Honaine and Sacyr Agua, S.L. owns the remaining 25.5%.

(7)	Instituto para la Diversificación y Ahorro de la Energía (“Idae”), a Spanish state owned company, holds 20% of the shares in Seville PV.

(8)	Certain contracts denominated in U.S. dollars are payable in local currency.

(9)	Reflects the counterparty’s credit ratings issued by Standard & Poor’s Ratings Services, or S&P, Moody’s Investors Service Inc., or Moody’s, and Fitch Ratings Ltd, or Fitch.

(10)	Refers to the credit rating of the Republic of South Africa. The offtaker is Eskom, which is a state-owned utility company in South Africa.

(11)	Refers to the credit rating of Uruguay, as UTE (Administración Nacional de Usinas y Transmisoras Eléctricas) is unrated.

(12)	Including the acquisition of ATN expansion 1.

(13)	As of December 31, 2018.

Significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2018

Significant accounting policies [Abstract]

Summary of adjustments arising from application of IFRS 9 and IFRS 16

Summary of adjustments arising from application of IFRS 9 and IFRS 16 as of December 31, 2017

				IFRS 9 Adjustments
($ in thousands)	As reported			Expected credit losses (*)			Modification of financial liabilities			Hedge accounting			IFRS 16 Adjustments		Restated at January 1, 2018
Contracted concessional assets		9,084,270			(53,048	)		-			-			62,982		9,094,204
Deferred tax assets		165,136			14,866			(3,055	)		-			-		176,947

Long- term project debt		5,228,917			-			(39,599	)		-			-		5,189,318
Grants and other liabilities		1,636,060			-			-			-			62,982		1,699,042
Deferred tax liabilities		186,583			-			8,849			-			-		195,432

Other Reserves		80,968			-			-			1,326			-		82,294
Retained Earnings		(477,214	)		(38,182	)		27,695			(1,326	)		-		(489,027	)

Discount rates and growth rates used to calculated recoverable amount for CGUs by segment

Accordingly, the following table provides a summary of the discount rates used (WACC) and growth rates to calculate the recoverable amount for CGUs with the operating segment to which it pertains:

Operating segment	Discount rate			Growth rate
EMEA		4% - 6	%		0	%
North America		5% - 6	%		0	%
South America		5% - 7	%		0	%

Financial information by segment (Tables)

12 Months Ended

Dec. 31, 2018

Financial information by segment [Abstract]

Revenues and Further Adjusted EBITDA, assets and liabilities by operating segments and business sectors

The following tables show Revenues and Further Adjusted EBITDA by operating segments and business sectors for the years 2018, 2017 and 2016:

	Revenue						Further Adjusted EBITDA
	For the year ended December 31,						For the year ended December 31,
Geography	2018		2017		2016		2018		2017		2016
North America	$	357,177	$	332,705	$	337,061	$	308,748	$	282,328	$	284,691
South America		123,214		120,797		118,764		100,234		108,766		124,599
EMEA		563,431		554,879		515,972		441,625		388,216		354,020
Total	$	1,043,822	$	1,008,381	$	971,797	$	850,607	$	779,310	$	763,310

	Revenue						Further Adjusted EBITDA
	For the year ended December 31,						For the year ended December 31,
Business sectors	2018		2017		2016		2018		2017		2016
Renewable energy	$	793,557	$	767,226	$	724,325	$	664,428	$	569,193	$	538,427
Efficient natural gas		130,799		119,784		128,046		93,858		106,140		106,492
Electric transmission lines		95,998		95,096		95,137		78,461		87,695		104,795
Water		23,468		26,275		24,288		13,860		16,282		13,596
Total	$	1,043,822	$	1,008,381	$	971,797	$	850,607	$	779,310	$	763,310

The reconciliation of segment Further Adjusted EBITDA with the profit/(loss) attributable to the parent company is as follows:

	For the year ended December 31,
	2018			2017			2016
Profit/(Loss) attributable to the Company	$	41,596		$	(111,804	)	$	(4,855	)
Profit attributable to non-controlling interests		13,673			6,917			6,522
Income tax		42,659			119,837			1,666
Share of profits/(losses) of associates		(5,231	)		(5,351	)		(6,646	)
Dividend from exchangeable preferred equity investment in ACBH (Note 21)		-			10,383			27,948
Financial expense, net		395,213			448,368			405,750
Depreciation, amortization, and impairment charges		362,697			310,960			332,925
Total segment Further Adjusted EBITDA	$	850,607		$	779,310		$	763,310

Assets and liabilities by geography

The assets and liabilities by operating segments (and business sector) at the end of 2018 and 2017 are as follows:

Assets and liabilities by geography as of December 31, 2018:

	North America		South America		EMEA		Balance as of December 31, 2018
Assets allocated
Contracted concessional assets		3,453,652		1,210,624		3,884,905		8,549,181
Investments carried under the equity method		-		-		53,419		53,419
Current financial investments		147,213		61,959		30,080		239,252
Cash and cash equivalents (project companies)		195,678		41,316		287,456		524,450
Subtotal allocated		3,796,543		1,313,899		4,255,860		9,366,302
Unallocated assets
Other non-current assets								188,736
Other current assets (including cash and cash equivalents at holding company level)								363,993
Subtotal unallocated								552,729
Total assets								9,919,031

	North America		South America		EMEA		Balance as of December 31, 2018
Liabilities allocated
Long-term and short-term project debt		1,725,961		900,801		2,464,352		5,091,114
Grants and other liabilities		1,527,724		7,550		122,852		1,658,126
Subtotal allocated		3,253,685		908,351		2,587,204		6,749,240
Unallocated liabilities
Long-term and short-term corporate debt								684,073
Other non-current liabilities								523,827
Other current liabilities								205,779
Subtotal unallocated								1,413,679
Total liabilities								8,162,919
Equity unallocated								1,756,112
Total liabilities and equity unallocated								3,169,791
Total liabilities and equity								9,919,031

Assets and liabilities by geography as of December 31, 2017:

	North America		South America		EMEA		Balance as of December 31, 2017
Assets allocated
Contracted concessional assets		3,770,169		1,100,778		4,213,323		9,084,270
Investments carried under the equity method		-		-		55,784		55,784
Current financial investments		116,451		59,831		31,263		207,545
Cash and cash equivalents (project companies)		149,236		42,548		329,078		520,862
Subtotal allocated		4,035,856		1,203,157		4,629,448		9,868,461
Unallocated assets
Other non-current assets								210,378
Other current assets (including cash and cash equivalents at holding company level)								413,500
Subtotal unallocated								623,878
Total assets								10,492,339

	North America		South America		EMEA		Balance as of December 31, 2017
Liabilities allocated
Long-term and short-term project debt		1,821,102		876,063		2,778,043		5,475,208
Grants and other liabilities		1,593,048		810		42,202		1,636,060
Subtotal allocated		3,414,150		876,873		2,820,245		7,111,268
Unallocated liabilities
Long-term and short-term corporate debt								643,083
Other non-current liabilities								657,345
Other current liabilities								185,190
Subtotal unallocated								1,485,618
Total liabilities								8,596,886
Equity unallocated								1,895,453
Total liabilities and equity unallocated								3,381,071
Total liabilities and equity								10,492,339

Assets and liabilities by business sectors

Assets and liabilities by business sectors as of December 31, 2018:

	Renewable energy		Efficient natural gas		Electric transmission lines		Water		Balance as of December 31, 2018
Assets allocated
Contracted concessional assets		6,998,020		580,997		882,980		87,184		8,549,181
Investments carried under the equity method		10,257		-		-		43,162		53,419
Current financial investments		15,396		147,192		61,102		15,562		239,252
Cash and cash equivalents (project companies)		453,096		45,625		14,043		11,686		524,450
Subtotal allocated		7,476,769		773,814		958,125		157,594		9,366,302
Unallocated assets
Other non-current assets										188,736
Other current assets (including cash and cash equivalents at holding company level)										363,993
Subtotal unallocated										552,729
Total assets										9,919,031

Liabilities allocated	Renewable energy		Efficient natural gas		Electric transmission lines		Water		Balance as of December 31, 2018
Long-term and short-term project debt		3,868,626		545,123		647,820		29,545		5,091,114
Grants and other liabilities		1,656,146		161		1,025		794		1,658,126
Subtotal allocated		5,524,772		545,284		648,845		30,339		6,749,240
Unallocated liabilities
Long-term and short-term corporate debt										684,073
Other non-current liabilities										523,827
Other current liabilities										205,779
Subtotal unallocated										1,413,679
Total liabilities										8,162,919
Equity unallocated										1,756,112
Total liabilities and equity unallocated										3,169,791
Total liabilities and equity										9,919,031

Assets and liabilities by business sectors as of December 31, 2017:

	Renewable energy		Efficient natural gas		Electric transmission lines		Water		Balance as of December 31, 2017
Assets allocated
Contracted concessional assets		7,436,362		660,387		897,269		90,252		9,084,270
Investments carried under the equity method		12,419		-		-		43,365		55,784
Current financial investments		17,249		116,430		59,289		14,577		207,545
Cash and cash equivalents (project companies)		452,792		39,064		15,325		13,681		520,862
Subtotal allocated		7,918,822		815,881		971,883		161,875		9,868,461
Unallocated assets
Other non-current assets										210,378
Other current assets (including cash and cash equivalents at holding company level)										413,500
Subtotal unallocated										623,878
Total assets										10,492,339

	Renewable energy		Efficient natural gas		Electric transmission lines		Water		Balance as of December 31, 2017
Liabilities allocated
Long-term and short-term project debt		4,162,596		579,173		698,346		35,093		5,475,208
Grants and other liabilities		1,635,508		552		-		-		1,636,060
Subtotal allocated		5,798,104		579,725		698,346		35,093		7,111,268
Unallocated liabilities
Long-term and short-term corporate debt										643,083
Other non-current liabilities										657,345
Other current liabilities										185,190
Subtotal unallocated										1,485,618
Total liabilities										8,596,886
Equity unallocated										1,895,453
Total liabilities and equity unallocated										3,381,071
Total liabilities and equity										10,492,339

Depreciation, amortization and impairment charges recognized

c)	The amount of depreciation, amortization and impairment charges recognized for the years ended December 31, 2018, 2017 and 2016 are as follows:

	For the year ended December 31,
Depreciation, amortization and impairment by geography	2018			2017			2016
North America		(166,046	)		(123,726	)		(129,478	)
South America		(42,368	)		(40,880	)		(62,387	)
EMEA		(154,283	)		(146,354	)		(141,060	)
Total		(362,697	)		(310,960	)		(332,925	)

	For the year ended December 31,
Depreciation, amortization and impairment by business sectors	2018			2017			2016
Renewable energy		(323,438	)		(282,376	)		(304,235	)
Electric transmission lines		(28,925	)		(28,584	)		(28,690	)
Efficient natural gas		(10,334	)		-			-
Total		(362,697	)		(310,960	)		(332,925	)

Changes in the scope of the consolidated financial statements (Tables)

12 Months Ended

Dec. 31, 2018

Changes in the scope of the consolidated financial statements [Abstract]

Amount of assets and liabilities integrated at the effective acquisition date

The amount of assets and liabilities integrated at the effective acquisition date for the aggregated change in scope is shown in the following table:

	Asset Acquisition for the year ended December 31, 2018
Concessional assets (Note 6)		155,909
Investments carried under the equity method (Note 7)		1
Current assets		5,646
Project debt long term (Note 15)		(79,016	)
Deferred tax liabilities (Note 18)		(590	)
Project debt short term (Note 15)		(2,346	)
Other current and non-current liabilities		(3,000	)
Asset acquisition - purchase price		(76,604	)
Net result of the asset acquisition		-

Contracted concessional assets (Tables)

12 Months Ended

Dec. 31, 2018

Contracted concessional assets [Abstract]

Movements of contracted concessional assets

The following table shows the movements of contracted concessional assets included in the heading “Contracted Concessional assets” for 2018:

Cost

Total as of January 1, 2018	10,633,769
Additions	10,463
Application of IFRS 16 – Leases (Note 2)	62,982
Subtractions	(92,814	)
Change in the scope of the consolidated financial statements (Note 5)	170,040
Translation differences	(280,680	)
Reclassification and other movements	(27,932	)
Total as of December 31, 2018	10,475,828

Accumulated amortization

Total as of January 1, 2018	(1,549,499	)
Adjustments arising from application of IFRS9 - Expected Credit Losses (Note 2)	(53,048	)
Additions	(362,697	)
Change in the scope of the consolidated financial statements (Note 5)	(14,131	)
Translation differences	52,728
Total accum. amort. as of December 31, 2018	(1,926,647	)
Net balance at December 31, 2018	8,549,181

The following table shows the movements of contracted concessional assets included in the heading “Contracted Concessional assets” for 2017:

Cost

Total as of January 1, 2017	10,067,596
Additions	15,426
Subtractions	(42,500	)
Translation differences	593,247
Total as of December 31, 2017	10,633,769

Accumulated amortization

Total as of January 1, 2017	(1,143,324	)
Additions	(309,846	)
Translation differences	(96,329	)
Total accum. amort. as of December 31, 2017	(1,549,499	)
Net balance at December 31, 2017	9,084,270

Investments carried under the equity method (Tables)

12 Months Ended

Dec. 31, 2018

Investments carried under the equity method [Abstract]

Investments in associates

The table below shows the breakdown and the movement of the investments held in associates for 2018 and 2017:

Investments in associates	2018			2017
Initial balance		55,784			55,009
Share of (loss)/profit		5,231			5,351
Dividend distribution		(4,463	)		(2,454	)
Equity distribution		(122	)		(549	)
Others (incl. currency translation differences)		(3,011	)		(1,573	)
Final balance		53,419			55,784

Stand-alone amounts for associated companies

The tables below show a breakdown of stand-alone amounts of assets, revenues and profit and loss as well as other information of interest for the years 2018 and 2017 for the associated companies:

Company	% Shares		Non- current assets		Current assets		Non- current liabilities		Current liabilities		Revenue		Operating profit/ (loss)			Net profit/ (loss)			Investment under the equity method
Evacuación Valdecaballeros, S.L.		57.16		19,679		820		381		420		320		(668	)		(693	)		8,773
Myah Bahr Honaine, S.P.A.(*)		25.50		186,484		63,224		81,942		13,184		50,118		25,778			22,193			43,161
Pectonex, R.F. Proprietary Limited		50.00		3,186		-		-		2		-		(209	)		(209	)		1,485
Evacuación Villanueva del Rey, S.L		40.02		3,190		257		2,021		383		-		44			-			-
Ca Ku A1, S.A.P.I de CV (PTS)		5.00		50,547		13		-		50,625		-		(83	)		(624	)		-
As of December 31, 2018				263,086		64,314		84,344		64,614		50,438		24,862			20,667			53,419

Company	% Shares		Non- current assets		Current assets		Non- current liabilities		Current liabilities		Revenue		Operating profit/ (loss)			Net profit/ (loss)			Investment under the equity method
Evacuación Valdecaballeros, S.L.		57.16		21,306		841		373		451		298		(708	)		(730	)		9,175
Myah Bahr Honaine, S.P.A.(*)		25.50		195,275		64,114		91,205		12,649		46,767		28,468			24,464			43,365
Pectonex, R.F. Proprietary Limited		50.00		3,904		-		-		2		-		(206	)		(206	)		3,244
Evacuación Villanueva del Rey, S.L		40.02		3,526		53		2,265		190		-		37			-			-
As of December 31, 2017				240,011		65,008		93,843		13,292		47,065		27,591			23,528			55,784

Financial instruments by category (Tables)

12 Months Ended

Dec. 31, 2018

Financial instruments by category [Abstract]

Financial assets

	Notes		Amortized cost		Fair Value Through Other Comprehensive Income		Fair value Through profit or loss		Balance as of December 31, 2018
Derivative assets		9		-		-		11,571		11,571
Investment in Ten West Link				-		6,034		-		6,034
Other financial investments				275,899		-		-		275,899
Clients and other receivables		11		236,395		-		-		236,395
Cash and cash equivalents		12		631,542		-		-		631,542
Total financial assets				1,143,836		6,034		11,571		1,161,441

	Notes		Amortized cost		Fair Value Through Other Comprehensive Income		Fair value Through profit or loss		Balance as of December 31, 2017
Derivative assets		9		-		-		8,230		8,230
Investment in Ten West Link				-		2,088		-		2,088
Investment in Abengoa´s New Money				-		-		1,715		1,715
Other financial investments				243,347		-		-		243,347
Clients and other receivables		11		244,449		-		-		244,449
Cash and cash equivalents		12		669,387		-		-		669,387
Total financial assets				1,157,183		2,088		9,945		1,169,216

Financial liabilities


Corporate debt	14	684,073	-	-	684,073
Project debt	15	5,091,114	-	-	5,091,114
Related parties – non-current	10	33,675	-	-	33,675
Trade and other current liabilities	17	192,033	-	-	192,033
Derivative liabilities	9	-	-	279,152	279,152
Total financial liabilities		6,000,895	-	279,152	6,280,047


Corporate debt	14	643,083	-	-	643,083
Project debt	15	5,475,208	-	-	5,475,208
Related parties – non-current	10	141,031	-	-	141,031
Trade and other current liabilities	17	155,144	-	-	155,144
Derivative liabilities	9	-	-	329,731	329,731
Total financial liabilities		6,414,466	-	329,731	6,744,197

Derivative financial instruments (Tables)

12 Months Ended

Dec. 31, 2018

Derivative financial instruments [Abstract]

Fair value amount of derivative financial instruments

The breakdowns of the fair value amount of the derivative financial instruments as of December 31, 2018 and 2017 are as follows:

Balance as of December 31, 2018

Balance as of December 31, 2017

Assets

Liabilities

Assets

Liabilities

Derivatives - cash flow hedge

11,571

279,152

8,230

329,731

Maturities of notional and fair value amounts of interest rate derivatives designated as cash flow hedges

The table below shows a breakdown of the maturities of notional amounts of derivatives designated as cash flow hedges as of December 31, 2018 and 2017.

Notionals	Balance as of December 31, 2018				Balance as of December 31, 2017
	Cap		Swap		Cap		Swap
Up to 1 year		42,846		93,440		42,324		139,939
Between 1 and 2 years		45,603		119,568		45,422		94,285
Between 2 and 3 years		48,774		234,572		48,215		103,536
Subsequent years		535,774		1,858,061		620,378		1,893,850
Total	$	672,997	$	2,305,641	$	756,339	$	2,231,611

Fair value	Balance as of December 31, 2018					Balance as of December 31, 2017
	Cap		Swap			Cap		Swap
Up to 1 year		493		(11,848	)		347		(13,224	)
Between 1 and 2 years		2,172		(13,231	)		978		(14,378	)
Between 2 and 3 years		562		(15,151	)		396		(15,923	)
Subsequent years		8,344		(238,922	)		6,509		(286,206	)
Total	$	11,571		(279,152	)	$	8,230		(329,731	)

Related parties (Tables)

12 Months Ended

Dec. 31, 2018

Related parties [Abstract]

Related party receivables and payables

Details of balances with related parties as of December 31, 2018 and 2017 are as follows:

	Balance as of December 31,
	2018		2017

Credit receivables (current)		5,328		11,567
Total current receivables with related parties		5,328		11,567

Credit receivables (non-current)		-		2,108
Total non-current receivables with related parties		-		2,108

Trade payables (current)		19,352		63,409
Total current payables with related parties		19,352		63,409

Credit payables (non-current)		33,675		141,031
Total non-current payables with related parties		33,675		141,031

Related party transactions

	For the twelve-month period ended December 31,
	2018			2017			2016
Services rendered		-			3,495			1,220
Services received		(101,582	)		(114,416	)		(115,779	)
Financial income		3,721			74			60
Financial expenses		(398	)		(1,154	)		(2,460	)

Clients and other receivable (Tables)

12 Months Ended

Dec. 31, 2018

Clients and other receivable [Abstract]

Clients and other receivable

Clients and other receivable as of December 31, 2018 and 2017, consist of the following:

	Balance as of December 31,
	2018		2017
Trade receivables		163,856		186,728
Tax receivables		54,959		39,607
Prepayments		5,521		6,375
Other accounts receivable		12,059		11,739
Total		236,395		244,449

Trade receivables in foreign currency

Trade receivables in foreign currency as of December 31, 2018 and 2017, are as follows:

	Balance as of December 31,
	2018		2017
Euro		91,303		109,165
Rand		25,193		23,792
Other		9,884		7,363
Total		126,380		140,320

Maturity of trade receivables

The following table shows the maturity of Trade receivables as of December 31, 2018 and 2017:

	Balance as of December 31,
	2018		2017

Up to 3 months		163,856		186,728
Total		163,856		186,728

Corporate debt (Tables)

12 Months Ended

Dec. 31, 2018

Corporate debt [Abstract]

Corporate debt

The breakdown of the corporate debt as of December 31, 2018 and 2017 is as follows:

	Balance as of December 31,
Non-current	2018		2017
Credit Facilities with financial entities		415,168		320,783
Notes and Bonds		-		253,393
Total Non-Current		415,168		574,176

	Balance as of December 31,
Current	2018		2017
Credit Facilities with financial entities		11,580		65,833
Notes and Bonds		257,325		3,074
Total Current		268,905		68,907

Repayment schedule for corporate debt

The repayment schedule for the Corporate debt at the end of 2018 is as follows:

	2019		2020		2021		2022		2023		Subsequent years		Total
New Revolving Credit Facility		-		-		107,560		-		-		-		107,560
Note Issuance Facility		128		-		-		102,908		102,350		102,350		307,736
2017 Credit Facility		11,452		-		-		-		-		-		11,452
2019 Notes		257,325		-		-		-		-		-		257,325
Total		268,905		-		107,560		102,908		102,350		102,350		684,073

Movement in corporate debt

The following table details the movement in Corporate debt for the year 2018, split between cash and non-cash items:

		January 1, 2018				Cash Flow				Non-cash changes				December 31, 2018
Corporate debt			643,083				14,403				26,587				684,073

Project debt (Tables)

12 Months Ended

Dec. 31, 2018

Project debt [Abstract]

Project debt

The variations for 2018 and 2017 of project debt have been the following:

	Project debt - long term			Project debt - short term			Total
Balance as of December 31, 2017		5.228.917			246.291			5.475.208
Increases		105,466			288,541			393,007
Decreases		(98,450	)		(522,317	)		(620,767	)
First time application of IFRS 9 (Note 2)		(39,599	)		-			(39,599	)
Debt refinancing IFRS 9 impact		(36,642	)		-			(36,642	)
Change in the scope of the consolidated financial statements (Note 5)		79,016			2,346			81,362
Currency translation differences		(150,019	)		(12,436	)		(162,455	)
Reclassifications		(262,030	)		262,030			-
Balance as of December 31, 2018		4,826,659			264,455			5,091,114

	Project debt - long term			Project debt - short term			Total
Balance as of December 31, 2016		4,629,184			701,283			5,330,467
Increases		52,027			304,707			356,734
Decreases		(42,560	)		(509,131	)		(551,691	)
Currency translation differences		316,646			23,052			339,698
Reclassifications		273,620			(273,620	)		-
Balance as of December 31, 2017		5,228,917			246,291			5,475,208

Repayment schedule for project debt

The repayment schedule for Project debt in accordance with the financing arrangements, at the end of 2018 is as follows and is consistent with the projected cash flows of the related projects.

2019				2020		2021		2022		2023		Subsequent years		Total
Interest Repayment		Nominal repayment
	21,916		242,538		257,012		268,625		299,840		326,413		3,674,770		5,091,114

Movement in project debt

The following table details the movement in Project debt for the year 2018, split between cash and non-cash items:

		January 1, 2018				Cash Flow				Non-cash changes				December 31, 2018
Project debt			5,475,208				(579,598	)			195,504				5,091,114

Foreign currency-denominated project debt

The equivalent in U.S. dollars of the most significant foreign-currency-denominated debts held by the Company is as follows:

	Balance as of December 31,
Currency	2018		2017
Euro		2,049,892		2,286,771
Algerian Dinar		29,545		35,093
Rand		384,915		456,179
Total		2,464,352		2,778,043

Income Tax (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax [Abstract]

Analysis of deferred tax assets and liabilities

As of December 31, 2018, and 2017, the analysis of deferred tax assets and deferred tax liabilities is as follows:

Deferred tax assets	Balance as of December 31,
Concept	2018		2017
Net tax credits for operating losses carryforwards		55,835		71,219
Temporary differences derivatives financial instruments		79,865		93,719
Other temporary differences		366		198
Total deferred tax assets		136,066		165,136

Deferred tax liabilities reversals are also considered in these projections, as well as any limitation established by tax regulations in force in each tax jurisdiction.

Deferred tax liabilities	Balance as of December 31,
Concept	2018		2017
Temporary differences tax/book amortization		126,792		113,432
Other temporary differences tax/book value of contracted concessional assets		73,793		66,247
Other temporary differences		10,415		6,904
Total deferred tax liabilities		211,000		186,583

Movements in deferred tax assets and liabilities

The movements in deferred tax assets and liabilities during the years ended December 31, 2018 and 2017 were as follows:

Deferred tax assets	Amount
As of January 1, 2017		202,891
Increase/(decrease) through the consolidated income statement		(31,421	)
Increase/(decrease) through other consolidated comprehensive income (equity)		(13,312	)
Other movements		6,978
As of December 31, 2017		165,136

First application of IFRS 9 as of December 31, 2017 (Note 2)		11,811
Increase/(decrease) through the consolidated income statement		(24,195	)
Increase/(decrease) through other consolidated comprehensive income (equity)		(10,685	)
Other movements		(6,001	)
As of December 31, 2018		136,066

Deferred tax liabilities	Amount
As of January 1, 2017		95,037
Increase/(decrease) through the consolidated income statement		86,418
Increase/(decrease) through other consolidated comprehensive income (equity)		-
Other movements		5,128
As of December 31, 2017		186,583

First application of IFRS 9 as of December 31, 2017 (Note 2)		8,849
Increase/(decrease) through the consolidated income statement		17,996
Increase/(decrease) through other consolidated comprehensive income (equity)		-
Change in the scope of the consolidated financial statements (Note 5)		590
Other movements		(3,018	)
As of December 31, 2018		211,000

Income tax benefit/(expense)

Details for income tax for the years ended December 31, 2018, 2017 and 2016 are as follows:

	For the twelve-month period ended December 31,
Item	2018			2017			2016
Current tax		(468	)		(1,998	)		(1,018	)
Deferred tax		(42,191	)		(117,839	)		(648	)
- relating to the origination and reversal of temporary differences		(42,191	)		(98,508	)		(648	)
- relating to changes in tax rates		-			(19,331	)		-
Total income tax benefit/(expense)		(42,659	)		(119,837	)		(1,666	)

Effective income tax rate reconciliation

	For the year ended December 31,
Concept	2018			2017			2016
Consolidated income / (loss) before taxes		97,928			14,950			3,333
Average statutory tax rate		30	%		30	%		30	%
Corporate income tax at average statutory tax rate		(29,378	)		(4,485	)		(1,000	)
Income tax of associates, net		1,639			1,765			2,110
Differences in foreign tax rates		752			3,304			(4,930	)
Permanent differences		5,385			19,324			11,121
Incentives, deductions, and unrecognized tax losses carryforwards		(22,972	)		(20,994	)		(11,110	)
Change in corporate income tax		-			(19,331	)		-
U.S. Internal Revenue Code Section 382		-			(96,328	)		-
Other non-taxable income/(expense)		1,915			(3,092	)		2,143
Corporate income tax		(42,659	)		(119,837	)		(1,666	)

Other operating income and expenses (Tables)

12 Months Ended

Dec. 31, 2018

Other operating income and expenses [Abstract]

Other operating income

The table below shows the detail of Other operating income and expenses for the years ended December 31, 2018, 2017 and 2016:

	For the twelve-month year ended December 31,
Other operating income	2018		2017		2016

Grants		59,421		59,707		59,085
Income from various services and insurance proceeds		34,181		21,137		6,453
Income from the purchase of the long-term operation and maintenance payable to Abengoa (see Note 10)		38,955		-		-
Total		132,557		80,844		65,538

Other operating expenses

	For the twelve-month year ended December 31,
Other operating expenses	2018			2017			2016
Leases and fees		(1,716	)		(6,641	)		(5,309	)
Operation and maintenance		(145,857	)		(129,873	)		(133,292	)
Independent professional services		(43,229	)		(36,178	)		(30,515	)
Supplies		(25,947	)		(20,350	)		(17,177	)
Insurance		(24,227	)		(24,289	)		(23,390	)
Levies and duties		(37,439	)		(52,409	)		(44,440	)
Other expenses		(21,579	)		(14,721	)		(6,195	)
Total		(299,994	)		(284,461	)		(260,318	)

Financial income and expenses (Tables)

12 Months Ended

Dec. 31, 2018

Financial income and expenses [Abstract]

Financial income

The following table sets forth financial income and expenses for the years ended December 31, 2018, 2017 and 2016:

	For the year ended December 31,
Financial income	2018		2017		2016
Interest income from loans and credits		36,296		325		286
Interest rates benefits derivatives: cash flow hedges		148		682		3,012
Total		36,444		1,007		3,298

Financial expenses

	For the year ended December 31,
Financial expenses	2018			2017			2016
Expenses due to interest:
- Loans from credit entities		(256,736	)		(253,660	)		(242,919	)
- Other debts		(100,057	)		(137,562	)		(90,995	)
Interest rates losses derivatives: cash flow hedges		(68,226	)		(72,495	)		(74,093	)
Total		(425,019	)		(463,717	)		(408,007	)

Other net financial income and expenses

The following table sets out Other net financial income and expenses for the years 2018, 2017 and 2016:

	For the year ended December 31,
Other financial income / (expenses)	2018			2017			2016
Dividend from ACBH (Brazil)		-			10,383			27,948
Impairment preferred equity investment in ACBH		-			-			(22,076	)
Other financial income		14,431			28,809			13,027
Other financial losses		(22,666	)		(20,758	)		(10,394	)
Total		(8,235	)		18,434			8,505

Nature of the business, Assets acquired (Details)
$ in Millions

12 Months Ended

Dec. 14, 2018

USD ($)

Dec. 11, 2018

USD ($)

Feb. 28, 2018

USD ($)

Feb. 28, 2017

Dec. 31, 2018

Dec. 31, 2016

Dec. 28, 2018

USD ($)

Oct. 10, 2018

USD ($)

Length of transmission lines | mi

12.50%

114

Chile TL3 [Member]

Gross capacity | kV

$ 6

100.00%

ATN [Member]

$ 16

100.00%

Mini- Hydro [Member]

100.00%

Gross capacity | MW

$ 9

Melowind [Member]

100.00%

Gross capacity | MW

$ 45

^[1]

100.00%

Solacor 1/2 [Member]

13.00%

^[2]

87.00%

Seville PV [Member]

80.00%

Gross capacity | MW

JGC [Member] | Solacor 1/2 [Member]

^[3]

80.00%

13.00%

PTS [Member]

5.00%

$ 7

[1]	Algerian Energy Company, SPA owns 49% of Honaine and Sacyr Agua, S.L. owns the remaining 25.5%.
[2]	JGC, a Japanese engineering company, holds 13% of the shares in each of Solacor 1 and Solacor 2.
[3]	Instituto para la Diversificacion y Ahorro de la Energia ("Idae"), a Spanish state owned company, holds 20% of the shares in Seville PV.

Nature of the business, Concessional assets owned (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2018

Dec. 31, 2016

Sep. 30, 2013

Ownership interest type

^[1]

Class B

ACT [Member]

Efficient natural gas

100.00%

Mexico

^[2]

USD

300 MW

^[3]

BBB+/ Baa3/BBB+

2013

^[4]

14 years

ATN [Member]

^[5]

Transmission line

100.00%

Peru

^[2]

USD

365 miles

^[3]

BBB+/A3/BBB+

2011

^[4]

22 years

ATS [Member]

Transmission line

100.00%

Peru

^[2]

USD

569 miles

^[3]

BBB+/A3/BBB+

2014

^[4]

25 years

ATN2 [Member]

Transmission line

100.00%

Peru

^[2]

USD

81 miles

^[3]

Not rated

2015

^[4]

14 years

Quadra 1 [Member]

Transmission line

100.00%

Chile

^[2]

USD

49 miles

^[3]

Not rated

2014

^[4]

16 years

Quadra 2 [Member]

Transmission line

100.00%

Chile

^[2]

USD

32 miles

^[3]

Not rated

2014

^[4]

16 years

Palmucho [Member]

Transmission line

100.00%

Chile

^[2]

USD

6 miles

^[3]

BBB+/Baa1/BBB+

2007

^[4]

19 years

Chile TL3 [Member]

Transmission line

100.00%

Chile

^[2]

USD

50 miles

^[3]

A+/A1/A

1993

Skikda [Member]

Water

^[6]

34.20%

Algeria

^[2]

USD

3.5 M ft3/day

^[3]

Not rated

2009

Skikda [Member] | Algerian Energy Company, SPA [Member]

^[4]

15 years

Skikda [Member] | Valoriza Agua, S.L. [Member]

49.00%

16.83%

Honaine [Member]

Water

^[7]

25.50%

Algeria

^[2]

USD

7 M ft3/day

^[3]

Not rated

2012

Honaine [Member] | Algerian Energy Company, SPA [Member]

^[4]

19 years

Honaine [Member] | Valoriza Agua, S.L. [Member]

49.00%

25.50%

PS10/PS20 [Member]

Renewable (Solar)

100.00%

Spain

^[2]

Euro

31 MW

^[3]

A-/Baa1/A-

2007 & 2009

PS10 [Member]

^[4]

13 years

PS20 [Member]

^[4]

15 years

Solana [Member]

Renewable (Solar)

100.00%

Arizona (USA)

^[2]

USD

280 MW

^[3]

A-/A2/A-

2013

Solana [Member] | Liberty Interactive Corporation [Member]

^[4]

25 years

Class A membership investment

$ 300

Mojave [Member]

Renewable (Solar)

100.00%

California (USA)

^[2]

USD

280 MW

^[3]

D/WR/D

2014

^[4]

21 years

Solaben 2 & 3 [Member]

Renewable (Solar)

^[8]

70.00%

Spain

^[2]

Euro

2x50 MW

^[3]

A-/Baa1/A-

Solaben 2 & 3 [Member] | Itochu Corporation [Member]

2012

30.00%

Solaben 2 [Member]

^[4]

19 years

Solaben 3 [Member]

^[4]

18 years

Solacor 1 & 2 [Member]

Renewable (Solar)

^[9]

87.00%

Spain

^[2]

Euro

2x50 MW

^[3]

A-/Baa1/A-

Solacor 1 & 2 [Member] | JGC [Member]

2012

13.00%

13.00%

Solacor 1 [Member]

^[4]

18 years

Solacor 2 [Member]

Helioenergy 1 & 2 [Member]

^[4]

18 years

Renewable (Solar)

100.00%

Spain

^[2]

Euro

2x50 MW

^[3]

A-/Baa1/A-

2011

Helioenergy 1 [Member]

18 years

Helioenergy 2 [Member]

18 years

Helios 1 & 2 [Member]

Renewable (Solar)

100.00%

Spain

^[2]

Euro

2x50 MW

^[3]

A-/Baa1/A-

2012

Helios 1 [Member]

19 years

Helios 2 [Member]

Solnova 1, 3 & 4 [Member]

19 years

Renewable (Solar)

100.00%

Spain

^[2]

Euro

3x50 MW

^[3]

A-/Baa1/A-

2010

Solnova 1 [Member]

^[4]

16 years

Solnova 3 [Member]

^[4]

16 years

Solnova 4 [Member]

^[4]

17 years

Solaben 1 & 6 [Member]

Renewable (Solar)

100.00%

Spain

^[2]

Euro

2x50 MW

^[3]

A-/Baa1/A-

2013

Solaben 1 [Member]

20 years

Solaben 6 [Member]

20 years

Kaxu [Member]

Renewable (Solar)

^[10]

51.00%

South Africa

^[2]

Rand

100 MW

^[3],[11]

BB/Baa3/BB+

2015

Kaxu [Member] | IDC [Member]

^[4]

16 years

Kaxu [Member] | Kaxu Community Trust [Member]

29.00%

20.00%

Palmatir [Member]

Renewable (Wind)

100.00%

Uruguay

^[2]

USD

50 MW

^[3],[12]

BBB/Baa2/BBB-

2014

^[4]

15 years

Cadonal [Member]

Renewable (Wind)

100.00%

Uruguay

^[2]

USD

50 MW

^[3],[12]

BBB/Baa2/BBB-

2014

^[4]

16 years

Seville PV [Member]

Renewable (Solar)

^[13]

80.00%

Spain

^[2]

Euro

1 MW

^[3]

A-/Baa1/A-

2006

Seville PV [Member] | Idae [Member]

^[4]

17 years

20.00%

Melowind [Member]

Renewable (Wind)

^[7]

100.00%

Uruguay

^[2]

USD

50MW

^[3]

BBB/Baa2/BBB-

2015

^[4]

17 years

Mini-Hydro [Member]

Renewable (Hydraulic)

^[13]

100.00%

Peru

^[2]

USD

4 MW

^[3]

BBB+/A3/ BBB+-

2012

Disclosure of expected impact of initial application of new standards or interpretations [abstract]

^[4]

14 years

[1]	On September 30, 2013, Liberty Interactive Corporation agreed to invest $300 million in Class A shares of ASO Holdings Company LLC, the holding company of Solana, in exchange for a share of the dividends and the taxable losses generated by Solana.
[2]	Certain contracts denominated in U.S. dollars are payable in local currency.
[3]	Reflects the counterparty's credit ratings issued by Standard & Poor's Ratings Services, or S&P, Moody's Investors Service Inc., or Moody's, and Fitch Ratings Ltd, or Fitch.
[4]	As of December 31, 2018.
[5]	Including the acquisition of ATN expansion 1.
[6]	Algerian Energy Company, SPA owns 49% of Skikda and Sacyr Agua, S.L. owns the remaining 16.83%.
[7]	Algerian Energy Company, SPA owns 49% of Honaine and Sacyr Agua, S.L. owns the remaining 25.5%.
[8]	Itochu Corporation, a Japanese trading company, holds 30% of the shares in each of Solaben 2 and Solaben 3.
[9]	JGC, a Japanese engineering company, holds 13% of the shares in each of Solacor 1 and Solacor 2.
[10]	Kaxu is owned by the Company (51%), Industrial Development Corporation of South Africa (29%) and Kaxu Community Trust (20%).
[11]	Refers to the credit rating of the Republic of South Africa. The offtaker is Eskom, which is a state-owned utility company in South Africa.
[12]	Refers to the credit rating of Uruguay, as UTE (Administracion Nacional de Usinas y Transmisoras Electricas) is unrated.
[13]	Instituto para la Diversificacion y Ahorro de la Energia ("Idae"), a Spanish state owned company, holds 20% of the shares in Seville PV.

Nature of the business, Financing arrangements (Details)			1 Months Ended	12 Months Ended
	Nov. 27, 2018	Mar. 09, 2018	Nov. 30, 2017	Dec. 31, 2018
Abengoa [Member]
Financing arrangements [Abstract]
Minimum ownership requirement percentage	16.47%		16.00%
Stake in parent to be sold to Algonquin			25.00%
Algonquin [Member]
Financing arrangements [Abstract]
Ownership interest		25.00%	25.00%	41.47%
Stake in parent to be sold to Algonquin	16.47%	25.00%

Significant accounting policies, Lease (Details) - USD ($)
$ in Thousands

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Contracted concessional assets

$ 8,549,181

$ 9,084,270

Deferred tax assets

136,066

165,136

$ 202,891

Long- term project debt

4,826,659

5,228,917

Grants and other liabilities

1,658,126

1,636,060

Deferred tax liabilities

211,000

186,583

$ 95,037

Other Reserves

95,011

80,968

Retained Earnings

(449,274)

(477,214)

Financial assets

$ 1,161,441

1,169,216

Other Reserves [Member]

Disclosure of expected impact of initial application of new standards or interpretations [abstract]

IFRS 9 Adjustments, hedge accounting

1,326

Retained Earnings [Member]

Disclosure of expected impact of initial application of new standards or interpretations [abstract]

IFRS 9 Adjustments, expected credit losses

^[1]

(38,182)

IFRS 9 Adjustments, modifications of financial liabilities

27,695

IFRS 9 Adjustments, hedge accounting

(1,326)

Long-term Project Debt [Member]

Disclosure of expected impact of initial application of new standards or interpretations [abstract]

IFRS 9 Adjustments, modifications of financial liabilities

(39,599)

Grants and Other Liabilities [Member]

Disclosure of expected impact of initial application of new standards or interpretations [abstract]

IFRS 16 adjustments

62,982

Deferred Tax Liabilities [Member]

Disclosure of expected impact of initial application of new standards or interpretations [abstract]

IFRS 9 Adjustments, modifications of financial liabilities

8,849

Contracted Concessional Assets [Member]

Disclosure of expected impact of initial application of new standards or interpretations [abstract]

IFRS 9 Adjustments, expected credit losses

^[1]

(53,048)

IFRS 16 adjustments

62,982

Financial assets

936,004

Deferred Tax Assets [Member]

Disclosure of expected impact of initial application of new standards or interpretations [abstract]

IFRS 9 Adjustments, expected credit losses

^[1]

14,866

IFRS 9 Adjustments, modifications of financial liabilities

(3,055)

Restated [Member]

Disclosure of expected impact of initial application of new standards or interpretations [abstract]

Contracted concessional assets

9,094,204

Deferred tax assets

176,947

Long- term project debt

5,189,318

Grants and other liabilities

1,699,042

Deferred tax liabilities

195,432

Other Reserves

82,294

Retained Earnings

$ (489,027)

[1]	The expected credit losses provision only applies to the contracted concessional assets recorded as financial assets for an amount before provision of $936,004 thousand as of December 31, 2017 (see Note 6).

Significant accounting policies, Asset impairment (Details)	Dec. 31, 2018
EMEA [Member]
Cash-generating units [Abstract]
Growth rate	0.00%
EMEA [Member] \| Bottom of Range [Member]
Cash-generating units [Abstract]
Discount rate	4.00%
EMEA [Member] \| Top of Range [Member]
Cash-generating units [Abstract]
Discount rate	6.00%
North America [Member]
Cash-generating units [Abstract]
Growth rate	0.00%
North America [Member] \| Bottom of Range [Member]
Cash-generating units [Abstract]
Discount rate	5.00%
North America [Member] \| Top of Range [Member]
Cash-generating units [Abstract]
Discount rate	6.00%
South America [Member]
Cash-generating units [Abstract]
Growth rate	0.00%
South America [Member] \| Bottom of Range [Member]
Cash-generating units [Abstract]
Discount rate	5.00%
South America [Member] \| Top of Range [Member]
Cash-generating units [Abstract]
Discount rate	7.00%

Financial risk management (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Interest Rate Risk [Member]
Financial risk management [Abstract]
Forecasted increase in benchmark interest rate	0.25%
Forecasted loss on cash flow hedges due to increase in benchmark interest rate	$ (2,731)	$ (1,066)	$ (2,563)
Forecasted increase in hedging reserves due to increase in benchmark interest rate	$ 32,928	$ 39,142	$ 37,290
Interest Rate Risk [Member] \| Euros [Member]
Financial risk management [Abstract]
Maturity date	2030
Interest Rate Risk [Member] \| Euros [Member] \| Bottom of Range [Member]
Financial risk management [Abstract]
Percentage of notional amount of debt hedged	81.00%
Interest rate	0.60%
Interest Rate Risk [Member] \| Euros [Member] \| Top of Range [Member]
Financial risk management [Abstract]
Percentage of notional amount of debt hedged	100.00%
Interest rate	4.87%
Interest Rate Risk [Member] \| U.S. Dollars [Member]
Financial risk management [Abstract]
Maturity date	2034
Interest Rate Risk [Member] \| U.S. Dollars [Member] \| Bottom of Range [Member]
Financial risk management [Abstract]
Percentage of notional amount of debt hedged	70.00%
Interest rate	2.32%
Interest Rate Risk [Member] \| U.S. Dollars [Member] \| Top of Range [Member]
Financial risk management [Abstract]
Percentage of notional amount of debt hedged	100.00%
Interest rate	5.27%
Currency Risk [Member]
Financial risk management [Abstract]
Net Euro exposure percentage for next fiscal year	100.00%
Net Euro exposure percentage for following fiscal period	75.00%

Financial information by segment, Business sectors (Details) ft³ / d in Millions			12 Months Ended
	Dec. 14, 2018 MW	Feb. 28, 2017 mi	Dec. 31, 2018 ft³ / d MW Plant WindFarm Line SolarPlatform mi	Dec. 31, 2016 MW
Financial information by segment [Abstract]
Length of transmission lines \| mi		114
Seville PV [Member]
Financial information by segment [Abstract]
Gross capacity				1
Melowind [Member]
Financial information by segment [Abstract]
Gross capacity	50
United States [Member] \| Renewable Energy [Member] \| Solana [Member]
Financial information by segment [Abstract]
Number of contracted assets \| Plant			1
Gross capacity			280
United States [Member] \| Renewable Energy [Member] \| Mojave [Member]
Financial information by segment [Abstract]
Number of contracted assets \| Plant			1
Gross capacity			280
Spain [Member] \| Renewable Energy [Member]
Financial information by segment [Abstract]
Number of contracted assets \| SolarPlatform			8
Spain [Member] \| Renewable Energy [Member] \| PS10/PS20 [Member]
Financial information by segment [Abstract]
Gross capacity			31
Spain [Member] \| Renewable Energy [Member] \| Solacor 1 and Solacor 2 [Member]
Financial information by segment [Abstract]
Gross capacity			100
Spain [Member] \| Renewable Energy [Member] \| Solaben 2 and 3 [Member]
Financial information by segment [Abstract]
Gross capacity			100
Spain [Member] \| Renewable Energy [Member] \| Helioenergy 1 and 2 [Member]
Financial information by segment [Abstract]
Gross capacity			100
Spain [Member] \| Renewable Energy [Member] \| Helios 1 and 2 [Member]
Financial information by segment [Abstract]
Gross capacity			100
Spain [Member] \| Renewable Energy [Member] \| Solnova 1, 3 and 4 [Member]
Financial information by segment [Abstract]
Gross capacity			150
Spain [Member] \| Renewable Energy [Member] \| Solaben 1 and 6 [Member]
Financial information by segment [Abstract]
Gross capacity			100
Spain [Member] \| Renewable Energy [Member] \| Seville PV [Member]
Financial information by segment [Abstract]
Gross capacity			1
South Africa [Member] \| Renewable Energy [Member] \| Kaxu [Member]
Financial information by segment [Abstract]
Number of contracted assets \| Plant			1
Gross capacity			100
Uruguay [Member] \| Renewable Energy [Member] \| Palmatir [Member]
Financial information by segment [Abstract]
Number of contracted assets \| WindFarm			1
Gross capacity			50
Uruguay [Member] \| Renewable Energy [Member] \| Cadonal [Member]
Financial information by segment [Abstract]
Number of contracted assets \| WindFarm			1
Gross capacity			50
Uruguay [Member] \| Renewable Energy [Member] \| Melowind [Member]
Financial information by segment [Abstract]
Number of contracted assets \| WindFarm			1
Gross capacity			50
Mexico [Member] \| Efficient Natural Gas [Member] \| ACT [Member]
Financial information by segment [Abstract]
Gross capacity			300
Term of take-or-pay contract			20 years
Peru [Member] \| Renewable Energy [Member]
Financial information by segment [Abstract]
Gross capacity			4
Peru [Member] \| Electric Transmission Lines [Member] \| ATN, ATS and ATN2 [Member]
Financial information by segment [Abstract]
Number of contracted assets \| Line			3
Length of transmission lines \| mi			1,015
Chile [Member] \| Electric Transmission Lines [Member] \| Quadra 1, Quadra 2, Palmucho and Chile TL3 [Member]
Financial information by segment [Abstract]
Number of contracted assets \| Line			4
Length of transmission lines \| mi			137
Algeria [Member] \| Water [Member] \| Honaine and Skikda [Member]
Financial information by segment [Abstract]
Number of contracted assets \| Plant			2
Aggregate capacity \| ft³ / d			10.5

Financial information by segment, Revenues and Further Adjusted EBITDA (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) Customer	Dec. 31, 2017 USD ($) Customer	Dec. 31, 2016 USD ($)
Financial information by segment [Abstract]
Number of customers representing more than 10% of total revenues \| Customer	4	3
Revenue	$ 1,043,822	$ 1,008,381	$ 971,797
Further Adjusted EBITDA	$ 850,607	$ 779,310	763,310
Renewable Energy [Member]
Financial information by segment [Abstract]
Number of customers representing more than 10% of total revenues \| Customer	3	2
Revenue	$ 793,557	$ 767,226	724,325
Further Adjusted EBITDA	$ 664,428	$ 569,193	538,427
Efficient Natural Gas [Member]
Financial information by segment [Abstract]
Number of customers representing more than 10% of total revenues \| Customer	1	1
Revenue	$ 130,799	$ 119,784	128,046
Further Adjusted EBITDA	93,858	106,140	106,492
Electric Transmission Lines [Member]
Financial information by segment [Abstract]
Revenue	95,998	95,096	95,137
Further Adjusted EBITDA	78,461	87,695	104,795
Water [Member]
Financial information by segment [Abstract]
Revenue	23,468	26,275	24,288
Further Adjusted EBITDA	13,860	16,282	13,596
North America [Member]
Financial information by segment [Abstract]
Revenue	357,177	332,705	337,061
Further Adjusted EBITDA	308,748	282,328	284,691
South America [Member]
Financial information by segment [Abstract]
Revenue	123,214	120,797	118,764
Further Adjusted EBITDA	100,234	108,766	124,599
EMEA [Member]
Financial information by segment [Abstract]
Revenue	563,431	554,879	515,972
Further Adjusted EBITDA	$ 441,625	$ 388,216	$ 354,020

Financial information by segment, Reconciliation of segment Further Adjusted EBITDA (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Financial information by segment [Abstract]
Profit/(Loss) attributable to the Company	$ 41,596	$ (111,804)	$ (4,855)
Profit attributable to non-controlling interests	(13,673)	(6,917)	(6,522)
Income tax	42,659	119,837	1,666
Share of profits/(losses) of associates	5,231	5,351	6,646
Dividend from exchangeable preferred equity investment in ACBH (Note 21)	0	10,383	27,948
Financial expense, net	395,213	448,368	405,750
Depreciation, amortization, and impairment charges	362,697	310,960	332,925
Total segment Further Adjusted EBITDA	850,607	779,310	763,310
Reconciling Item [Member]
Financial information by segment [Abstract]
Profit/(Loss) attributable to the Company	41,596	(111,804)	(4,855)
Profit attributable to non-controlling interests	13,673	6,917	6,522
Income tax	42,659	119,837	1,666
Share of profits/(losses) of associates	(5,231)	(5,351)	(6,646)
Dividend from exchangeable preferred equity investment in ACBH (Note 21)	0	10,383	27,948
Financial expense, net	395,213	448,368	405,750
Depreciation, amortization, and impairment charges	362,697	310,960	332,925
Allocated [Member]
Financial information by segment [Abstract]
Total segment Further Adjusted EBITDA	$ 850,607	$ 779,310	$ 763,310

Financial information by segment, Assets and liabilities by geography (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets allocated [Abstract]
Contracted concessional assets	$ 8,549,181	$ 9,084,270
Investments carried under the equity method	53,419	55,784	$ 55,009
Current financial investments	240,834	210,138
Cash and cash equivalents (project companies)	631,542	669,387	594,811	$ 514,712
Total assets	9,919,031	10,492,339
Liabilities allocated [Abstract]
Long-term and short-term project debt	5,091,114	5,475,208	5,330,467
Grants and other liabilities	1,658,126	1,636,060
Long-term and short-term corporate debt	684,073	643,083
Total liabilities	8,162,919	8,596,886
Equity	1,756,112	1,895,453	$ 1,959,111	$ 2,023,501
Total liabilities and equity	9,919,031	10,492,339
North America [Member]
Assets allocated [Abstract]
Contracted concessional assets	3,453,652	3,770,169
Investments carried under the equity method	0	0
Current financial investments	147,213	116,451
Cash and cash equivalents (project companies)	195,678	149,236
Total assets	3,796,543	4,035,856
Liabilities allocated [Abstract]
Long-term and short-term project debt	1,725,961	1,821,102
Grants and other liabilities	1,527,724	1,593,048
Total liabilities	3,253,685	3,414,150
South America [Member]
Assets allocated [Abstract]
Contracted concessional assets	1,210,624	1,100,778
Investments carried under the equity method	0	0
Current financial investments	61,959	59,831
Cash and cash equivalents (project companies)	41,316	42,548
Total assets	1,313,899	1,203,157
Liabilities allocated [Abstract]
Long-term and short-term project debt	900,801	876,063
Grants and other liabilities	7,550	810
Total liabilities	908,351	876,873
EMEA [Member]
Assets allocated [Abstract]
Contracted concessional assets	3,884,905	4,213,323
Investments carried under the equity method	53,419	55,784
Current financial investments	30,080	31,263
Cash and cash equivalents (project companies)	287,456	329,078
Total assets	4,255,860	4,629,448
Liabilities allocated [Abstract]
Long-term and short-term project debt	2,464,352	2,778,043
Grants and other liabilities	122,852	42,202
Total liabilities	2,587,204	2,820,245
Allocated [Member]
Assets allocated [Abstract]
Contracted concessional assets	8,549,181	9,084,270
Investments carried under the equity method	53,419	55,784
Current financial investments	239,252	207,545
Cash and cash equivalents (project companies)	524,450	520,862
Total assets	9,366,302	9,868,461
Liabilities allocated [Abstract]
Long-term and short-term project debt	5,091,114	5,475,208
Grants and other liabilities	1,658,126	1,636,060
Total liabilities	6,749,240	7,111,268
Unallocated [Member]
Assets allocated [Abstract]
Other non-current assets	188,736	210,378
Other current assets (including cash and cash equivalents at holding company level)	363,993	413,500
Total assets	552,729	623,878
Liabilities allocated [Abstract]
Long-term and short-term corporate debt	684,073	643,083
Other non-current liabilities	523,827	657,345
Other current liabilities	205,779	185,190
Total liabilities	1,413,679	1,485,618
Equity	1,756,112	1,895,453
Total liabilities and equity	$ 3,169,791	$ 3,381,071

Financial information by segment, Assets and liabilities by business sectors (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets allocated [Abstract]
Contracted concessional assets	$ 8,549,181	$ 9,084,270
Investments carried under the equity method	53,419	55,784	$ 55,009
Current financial investments	240,834	210,138
Cash and cash equivalents (project companies)	631,542	669,387	594,811	$ 514,712
Total assets	9,919,031	10,492,339
Liabilities allocated [Abstract]
Long-term and short-term project debt	5,091,114	5,475,208	5,330,467
Grants and other liabilities	1,658,126	1,636,060
Long-term and short-term corporate debt	684,073	643,083
Total liabilities	8,162,919	8,596,886
Equity	1,756,112	1,895,453	$ 1,959,111	$ 2,023,501
Total liabilities and equity	9,919,031	10,492,339
Renewable Energy [Member]
Assets allocated [Abstract]
Contracted concessional assets	6,998,020	7,436,362
Investments carried under the equity method	10,257	12,419
Current financial investments	15,396	17,249
Cash and cash equivalents (project companies)	453,096	452,792
Total assets	7,476,769	7,918,822
Liabilities allocated [Abstract]
Long-term and short-term project debt	3,868,626	4,162,596
Grants and other liabilities	1,656,146	1,635,508
Total liabilities	5,524,772	5,798,104
Efficient Natural Gas [Member]
Assets allocated [Abstract]
Contracted concessional assets	580,997	660,387
Investments carried under the equity method	0	0
Current financial investments	147,192	116,430
Cash and cash equivalents (project companies)	45,625	39,064
Total assets	773,814	815,881
Liabilities allocated [Abstract]
Long-term and short-term project debt	545,123	579,173
Grants and other liabilities	161	552
Total liabilities	545,284	579,725
Electric Transmission Lines [Member]
Assets allocated [Abstract]
Contracted concessional assets	882,980	897,269
Investments carried under the equity method	0	0
Current financial investments	61,102	59,289
Cash and cash equivalents (project companies)	14,043	15,325
Total assets	958,125	971,883
Liabilities allocated [Abstract]
Long-term and short-term project debt	647,820	698,346
Grants and other liabilities	1,025	0
Total liabilities	648,845	698,346
Water [Member]
Assets allocated [Abstract]
Contracted concessional assets	87,184	90,252
Investments carried under the equity method	43,162	43,365
Current financial investments	15,562	14,577
Cash and cash equivalents (project companies)	11,686	13,681
Total assets	157,594	161,875
Liabilities allocated [Abstract]
Long-term and short-term project debt	29,545	35,093
Grants and other liabilities	794	0
Total liabilities	30,339	35,093
Allocated [Member]
Assets allocated [Abstract]
Contracted concessional assets	8,549,181	9,084,270
Investments carried under the equity method	53,419	55,784
Current financial investments	239,252	207,545
Cash and cash equivalents (project companies)	524,450	520,862
Total assets	9,366,302	9,868,461
Liabilities allocated [Abstract]
Long-term and short-term project debt	5,091,114	5,475,208
Grants and other liabilities	1,658,126	1,636,060
Total liabilities	6,749,240	7,111,268
Unallocated [Member]
Assets allocated [Abstract]
Other non-current assets	188,736	210,378
Other current assets (including cash and cash equivalents at holding company level)	363,993	413,500
Total assets	552,729	623,878
Liabilities allocated [Abstract]
Long-term and short-term corporate debt	684,073	643,083
Other non-current liabilities	523,827	657,345
Other current liabilities	205,779	185,190
Total liabilities	1,413,679	1,485,618
Equity	1,756,112	1,895,453
Total liabilities and equity	$ 3,169,791	$ 3,381,071

Financial information by segment, Depreciation, amortization and impairment charges recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Financial information by segment [Abstract]
Depreciation, amortization and impairment charges	$ (362,697)	$ (310,960)	$ (332,925)
Renewable Energy [Member]
Financial information by segment [Abstract]
Depreciation, amortization and impairment charges	(323,438)	(282,376)	(304,235)
Electric Transmission Lines [Member]
Financial information by segment [Abstract]
Depreciation, amortization and impairment charges	(28,925)	(28,584)	(28,690)
Efficient Natural Gas [Member]
Financial information by segment [Abstract]
Depreciation, amortization and impairment charges	(10,334)	0	0
North America [Member]
Financial information by segment [Abstract]
Depreciation, amortization and impairment charges	(166,046)	(123,726)	(129,478)
South America [Member]
Financial information by segment [Abstract]
Depreciation, amortization and impairment charges	(42,368)	(40,880)	(62,387)
EMEA [Member]
Financial information by segment [Abstract]
Depreciation, amortization and impairment charges	$ (154,283)	$ (146,354)	$ (141,060)

Changes in the scope of the consolidated financial statements (Details) $ in Thousands			12 Months Ended
	Dec. 28, 2018 USD ($) TransmissionLine	Oct. 10, 2018 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 13, 2018 USD ($)	Dec. 11, 2018 USD ($)	Feb. 28, 2018 USD ($)	Feb. 28, 2017	Dec. 31, 2016 USD ($)
Changes in the scope of the consolidated financial statements [Abstract]
Percentage interest acquired								12.50%
Business acquisition [Abstract]
Concessional assets (Note 6)			$ 1,161,441	$ 1,169,216
Investments carried under the equity method (Note 7)			53,419	55,784					$ 55,009
Current assets			1,127,695	1,141,907
Project debt long term (Note 15)			(4,826,659)	(5,228,917)
Deferred tax liabilities (Note 18)			(211,000)	(186,583)					$ (95,037)
Project debt short term (Note 15)			(264,455)	(246,291)
Change in the scope of the consolidated financial statements				$ 0
Asset Acquisition [Member]
Changes in the scope of the consolidated financial statements [Abstract]
Purchase price			76,604
Business acquisition [Abstract]
Concessional assets (Note 6)			155,909
Investments carried under the equity method (Note 7)			1
Current assets			5,646
Project debt long term (Note 15)			(79,016)
Deferred tax liabilities (Note 18)			(590)
Project debt short term (Note 15)			(2,346)
Other current and non-current liabilities			(3,000)
Asset acquisition - purchase price			(76,604)
Net result of the asset acquisition			0
Revenue contributed by the acquisitions			1,800
Amount of loss after tax			(300)
Additional revenue amount			13,300
Additional amount of loss after tax			$ (700)
Mini- Hydro [Member]
Changes in the scope of the consolidated financial statements [Abstract]
Percentage interest acquired							100.00%
Purchase price							$ 9,327
Business acquisition [Abstract]
Asset acquisition - purchase price							$ (9,327)
Pemex Transportation System [Member]
Changes in the scope of the consolidated financial statements [Abstract]
Percentage interest acquired		5.00%
Consideration initial amount will be disbursed as construction progresses		$ 7,000
Additional ownership percentage to be acquired		65.00%
Remaining ownership percentage to be acquired one year after COD		30.00%
Total estimated equity investment		$ 150,000
Chile TL3 [Member]
Changes in the scope of the consolidated financial statements [Abstract]
Purchase price						$ 6,000
Business acquisition [Abstract]
Asset acquisition - purchase price						$ (6,000)
Melowind [Member]
Changes in the scope of the consolidated financial statements [Abstract]
Percentage interest acquired					100.00%
Purchase price					$ 45,276
Business acquisition [Abstract]
Asset acquisition - purchase price					$ (45,276)
Power Substation [Member]
Changes in the scope of the consolidated financial statements [Abstract]
Purchase price	$ 16,000
Number of transmission lines acquired \| TransmissionLine	2
Business acquisition [Abstract]
Asset acquisition - purchase price	$ (16,000)

Contracted concessional assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Movements of Contracted Concessional Assets [Abstract]
Contracted concessional financial assets	$ 1,161,441	$ 1,169,216
Total, beginning of period	9,084,270
Change in the scope of the consolidated financial statements (Note 5)		0
Total, end of period	8,549,181	9,084,270
Cost [Member]
Movements of Contracted Concessional Assets [Abstract]
Total, beginning of period	10,633,769	10,067,596
Additions	10,463	15,426
Application of IFRS 16 - Leases (Note 2)	62,982
Subtractions	(92,814)	(42,500)
Change in the scope of the consolidated financial statements (Note 5)	170,040
Translation differences	(280,680)	593,247
Reclassification and other movements	(27,932)
Total, end of period	10,475,828	10,633,769
Accumulated Amortization [Member]
Movements of Contracted Concessional Assets [Abstract]
Total, beginning of period	(1,549,499)	(1,143,324)
Adjustments arising from application of IFRS9 - Expected Credit Losses (Note 2)	(53,048)
Additions	(362,697)	(309,846)
Change in the scope of the consolidated financial statements (Note 5)	(14,131)
Translation differences	52,728	(96,329)
Total, end of period	(1,926,647)	(1,549,499)
Contracted Concessional Assets [Member]
Movements of Contracted Concessional Assets [Abstract]
Contracted concessional financial assets	$ 843,291	936,004
Impairment loss on contracted concessional financial assets		$ 0
Mojave [Member]
Movements of Contracted Concessional Assets [Abstract]
Assumed percentage decrease in generation	5.00%
Assumed percentage increase in discount rate	0.50%
Percentage recoverable amount exceeds carrying amount	10.00%
Mojave [Member] \| Bottom of Range [Member]
Movements of Contracted Concessional Assets [Abstract]
Discount rate	4.60%
Mojave [Member] \| Top of Range [Member]
Movements of Contracted Concessional Assets [Abstract]
Discount rate	5.80%
Solana [Member]
Movements of Contracted Concessional Assets [Abstract]
Impairment loss on contracted concessional financial assets	$ 42,721
Recoverable amount of impairment loss	$ 1,141,209
Assumed percentage decrease in generation	5.00%
Additional impairment loss that could be recognised due to assumed percentage decrease in generation	$ 72,000
Assumed percentage increase in discount rate	0.50%
Additional impairment loss that could be recognised due to assumed increase in discount rate	$ 50,000
Solana [Member] \| Bottom of Range [Member]
Movements of Contracted Concessional Assets [Abstract]
Discount rate	5.00%
Solana [Member] \| Top of Range [Member]
Movements of Contracted Concessional Assets [Abstract]
Discount rate	5.80%

Investments carried under the equity method, Movement of the investments held in associates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Investments in associates [Abstract]
Initial balance	$ 55,784	$ 55,009
Share of (loss)/profit	5,231	5,351
Dividend distribution	(4,463)	(2,454)
Equity distribution	(122)	(549)
Others (incl. currency translation differences)	(3,011)	(1,573)
Final balance	$ 53,419	$ 55,784

Investments carried under the equity method, Breakdown of stand-alone amounts (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

$ 8,791,336

$ 9,350,432

1,127,695

1,141,907

7,423,780

8,096,498

739,139

500,388

1,043,822

1,008,381

$ 971,797

55,269

(104,887)

1,667

Evacuacion Valdecaballeros, S.L. [Member]

53,419

55,784

$ 55,009

Share of profit

$ 5,231

$ 5,351

57.16%

$ 19,679

$ 21,306

820

841

381

373

420

451

320

298

(668)

(708)

(693)

(730)

Evacuacion Valdecaballeros, S.L. [Member] | Bottom of Range [Member]

$ 8,773

$ 9,175

Percentage of shareholders required for approval of relevant decisions

75.00%

Myah Bahr Honaine, S.P.A. [Member]

^[1]

25.50%

^[1]

$ 186,484

$ 195,275

^[1]

63,224

64,114

^[1]

81,942

91,205

^[1]

13,184

12,649

^[1]

50,118

46,767

^[1]

25,778

28,468

^[1]

22,193

24,464

Myah Bahr Honaine, S.P.A. [Member] | Geida Tlemcen, S.L. [Member]

^[1]

$ 43,161

43,365

Pectonex, R.F. Proprietary Limited [Member]

51.00%

Share of profit

$ 5,659

$ 6,238

50.00%

$ 3,186

$ 3,904

(209)

(206)

(209)

(206)

Evacuacion Villanueva del Rey, S.L [Member]

$ 1,485

$ 3,244

40.02%

$ 3,190

$ 3,526

257

2,021

2,265

383

190

Ca Ku A1, S.A.P.I de CV (PTS) [Member]

$ 0

5.00%

$ 50,547

50,625

(83)

(624)

Associate Companies [Member]

263,086

240,011

64,314

65,008

84,344

93,843

64,614

13,292

50,438

47,065

24,862

27,591

20,667

23,528