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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 6-K


REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August, 2020

Commission File Number 001-36487


Atlantica Sustainable Infrastructure plc
(Exact name of Registrant as specified in its charter)


Not applicable
(Translation of Registrant’s name into English)


Great West House, GW1, 17th floor
Great West Road
Brentford, TW8 9DF
United Kingdom
Tel: +44 203 499 0465


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

☒  Form 20-F
  
☐  Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

This Report on Form 6-K is incorporated by reference into  the Registration Statement on Form F-3 of the Registrant filed with the Securities and Exchange Commission on August 6, 2018 (File 333-226611).

     Q2 2020 Earnings PresentationAugust 3, 2020 
 
 DISCLAIMER  Forward Looking StatementsThis presentation contains forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this presentation, including, without limitation, those regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, future developments in the markets in which we operate or are seeking to operate or anticipated regulatory changes in the markets in which we operate or intend to operate. In some cases, you can identify forward-looking statements by terminology such as "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "guidance," "intend," "is likely to," "may," "plan," "potential," "predict," "projected," "should" or "will" or the negative of such terms or other similar expressions or terminology.By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements speak only as of the date of this presentation and are not guarantees of future performance and are based on numerous assumptions. Our actual results of operations, financial condition and the development of events may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements. Except as required by law, we do not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events or circumstances.Investors should read the section entitled "Item 3D. Key Information—Risk Factors" and the description of our segments and business sectors in the section entitled "Item 4B. Information on the Company—Business Overview", each in our annual report for the fiscal year ended December 31, 2019 filed on Form 20-F, for a more complete discussion of the risks and factors that could affect us.Forward-looking statements include, but are not limited to, statements relating to: expected amounts, payments and closing timelines for investments; business synergies from investments; project growth strategy; accretive investment opportunities; strategic business alternatives to ensure optimal company value; estimated returns and cash available for distribution (“CAFD”) estimates, including from project debt refinancing; net corporate leverage based on CAFD estimates; debt refinancing; ESG initiative improvement; the quality of our long-term contracts; self-amortizing project debt structure and related debt reduction; the use of non-GAAP measures as a useful predicting tool for investors; the possibility to extend asset life; cost improvements from debt refinancing; the impact of COVID-19 and the ongoing economic crisis; dividends; and various other factors, including those factors discussed under “Item 1.A—“Risk Factors” in our Quarterly Report for the six-month period ended June 30, 2020 furnished on Form 6-K on the date hereof and “Item 3.D—Risk Factors” and “Item 5.A—Operating Results” in our Annual Report for the fiscal year ended December 31, 2019 filed on Form 20-F.The CAFD and other guidance incorporated into this presentation are estimates as of February 27, 2020. These estimates are based on assumptions believed to be reasonable as of the date Atlantica published its FY 2019 Financial Results. Atlantica disclaims any current intention to update such guidance, except as required by law.Non-GAAP Financial Information This presentation also includes certain non-GAAP financial measures, including Adjusted EBITDA including unconsolidated affiliates, Adjusted EBITDA including unconsolidated affiliates as a percentage of revenues (margin) and CAFD. Non-GAAP financial measures are not measurements of our performance or liquidity under IFRS as issued by IASB and should not be considered alternatives to operating profit or profit for the period or any other performance measures derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. Please refer to the appendix of this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with IFRS as well as the reasons why management believes the use of non-GAAP financial measures in this presentation provides useful information.In our discussion of operating results, we have included foreign exchange impacts in our revenue and Adjusted EBITDA including unconsolidated affiliates by providing constant currency growth. The constant currency presentation is not a measure recognized under IFRS and excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations. We calculate constant currency amounts by converting our current period local currency revenue and Adjusted EBITDA using the prior period foreign currency average exchange rates and comparing these adjusted amounts to our prior period reported results. This calculation may differ from similarly titled measures used by others and, accordingly, the constant currency presentation is not meant to substitute for recorded amounts presented in conformity with IFRS as issued by the IASB nor should such amounts be considered in isolation. 
 
 Key Messages  Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates (see reconciliation on page 29).This amount includes the ~$143 million of one-off cash generated in the second quarter 2020 referred to above.     Adj. EBITDA incl. unconsolidated affiliates1 decreased by 7.4% mostly due to FX and lower solar radiation in EMEA      No material impact from COVID-19 situation as of today; health and safety remains our first priority      Continued executing on accretive growth strategyRaised a total of $489 million2 for growthExercised option to buy out Solana’s tax equity investor. Closing expected in August, subject to customary conditionsClosed the acquisition of Chile PV I, a 55MW solar asset through the Renewable Energy Platform created in Chile      3% year-over-year CAFD growth in H1 2020 up to $97.3 million       Q2 2020 dividend of $0.42 per share      Additionally generated ~$143 million of one-off cash through a non-recourse refinancing in Q2 to finance growth   
 
     1. Financial Results  Sustainable Infrastructure   
 
       First Half  US $ in millions     2020    2019    ∆ Reported    ∆ Excluding FX impact  Revenue    465.7    504.8    (7.7)%    (6.1)%  Adjusted EBITDA incl. unconsolidated affiliates1    380.1    410.5    (7.4)%    (5.5)%   Margin2    82%    81%          CAFD    97.3    94.5    +2.9%                        Cash generation fromproject debt refinancings in the period    143              HIGHLIGHTS+3% CAFD Growth in H1 2020  Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates (see reconciliation on page 29).Adjusted EBITDA Margin including unconsolidated affiliates is defined as Adjusted EBITDA including unconsolidated affiliates divided by revenue (see reconciliation on page 31). 
 
 WATER  H1 2020  H1 2019  ∆  15.6  11.9  +31%  12.9  11.2  +15%  83%  94%    RENEWABLES  H1 2020  H1 2019  ∆  344.7  380.1  (9)%  275.1  301.4  (9)%  80%  79%    EFFICIENT NATURAL GAS  H1 2020  H1 2019  ∆  52.0  61.7  (16)%  47.8  54.3  (12)%  92%  88%    TRANSMISSION  H1 2020  H1 2019  ∆  53.4  51.1  +5%  44.3  43.6  +2%  83%  85%    By Sector  US $ in millions  Revenue  Adjusted EBITDA incl. unconsolidated affiliates1  Margin2  EMEA  NORTH AMERICA    H1 2020  H1 2019  ∆  157.9  164.5  (4)%  142.6  147.2  (3)%  90%  89%    SOUTH AMERICA  H1 2020  H1 2019  ∆  232.8  271.2  (14)%  177.7  205.8  (14)%  76%  76%      By Region  US $ in millions  Revenue  Adjusted EBITDA incl. unconsolidated affiliates1  Margin2    Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates (see reconciliation on page 29).Adjusted EBITDA Margin including unconsolidated affiliates is defined as Adjusted EBITDA including unconsolidated affiliates divided by revenue (see reconciliation on page 31).  H1 2020  H1 2019  ∆  75.0  69.1  +9%  59.8  57.5  +4%  80%  83%            HIGHLIGHTSPerformance by Sector and Region 
 
 Includes curtailment in wind assets for which we received compensation.Represents total installed capacity in assets owned at the end of the period, regardless of our percentage of ownership in each of the assets.GWh produced in the first half of 2020 includes 30% production from Monterrey since August 2019. Major maintenance overhaul in ACT held in Q1 and Q2 2019, as scheduled, which reduced production and electric availability as per contract. Electric availability refers to operational MW over contracted MW.Includes 43MW corresponding to our 30% share of Monterrey since August 2, 2019.Availability refers to actual availability divided by contracted availability.  WATER  RENEWABLES  TRANSMISSION          EFFICIENT NATURAL GAS      H1 2020    H1 2019  Availability6  102.0%    100.6%  Mft3 in operation2  17.5    10.5    H1 2020    H1 2019  GWh produced1  1,482      MW in operation2  1,551    1,496    H1 2020    H1 2019  GWh produced3  1,268      Electric availability4  101.7%    88.5%  MW in operation5  343    300    H1 2020    H1 2019  Availability6  99.9%    100.0%  Miles in operation  1,166    1,152  1,651  866  KEY OPERATIONAL METRICSSteady Operational Performance       
 
 Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates (see reconciliation on page 29).Includes proceeds for $7.4 million and $14.8 million for the six-month period ended June 30, 2020 and June 30, 2019 respectively, related to the amounts received by Solana in relation to the consent with the DOE. Consolidated cash as of June 30, 2020 increased by $226.0 million vs December 31, 2019 including FX translation differences of $(11.1) million.  First Half  Second Quarter  US $ in millions   Q2 2020    Q2 2019    H1 2020    H1 2019  Adjusted EBITDA incl. unconsolidated affiliates1  214.1    229.3    380.1    410.5  Share in Adjusted EBITDA of unconsolidated affiliates  (4.0)    (2.0)    (7.5)    (4.1)  Net interest and income tax paid  (119.5)    (129.4)    (131.0)    (143.3)  Variations in working capital   (24.7)    (37.4)    (84.0)    (91.9)  Non-monetary adjustments and other  (3.2)    (8.3)    (9.2)    (22.1)  OPERATING CASH FLOW  62.7    52.2    148.4    149.1                                  INVESTING CASH FLOW2  17.6    (97.1)    16.8    (119.4)  FINANCING CASH FLOW   12.1    (39.8)    71.9    (84.4)  Net change in consolidated cash3  92.4    (84.7)    237.1    (54.7)  CASH FLOWIncreasing Operating Cash Flow 
 
 NET DEBT POSITION1  Net debt corresponds to gross debt including accrued interest less cash and cash equivalents.Corporate Net Debt defined as indebtedness where Atlantica Sustainable Infrastructure plc. is the primary obligor minus cash and cash equivalents held at Atlantica Sustainable Infrastructure plc. Project Net Debt is defined as indebtedness where one of our subsidiaries is the primary obligor minus cash and cash equivalents held by one of our subsidiaries.Net corporate leverage calculated as corporate net debt divided by midpoint 2020 CAFD guidance before corporate debt service.  US $ in millions  As of Jun. 30,2020    As of Dec. 31,2019  Corporate Net Debt2  558.3    657.8  Project Net Debt3  4,497.5    4,355.6    NET DEBTConservative Corporate Leverage      Corporate net debt / CAFD pre corporate debt service4  2.3x   
 
     2. Strategic Update  Sustainable Infrastructure   
 
 GROWTH STRATEGYRaised over $400 million for growth  Exercised Solana option. Closing expected in AugustClosed Chile PV IOther opportunities  Weighted average cost of new financings and refinancings closed in 2020.  Average cost of new financings: 3.9%1  Cash generated from Project Debt Refinancings (non-recourse)  Total Funds Raised  NIFA 2020  Million USD 
 
 DIVIDEND Q2 2020 Dividend1 of $0.42 per share  Quarterly dividends declared by the Board of Directors and paid during the following quarter.   On July 31, 2020, the Board of Directors declared a dividend of $0.42 per share corresponding to the second quarter of 2020 The dividend is expected to be paid on September 15, 2020, to shareholders of record as of August 31, 2020 
 
     3. Appendix  Sustainable Infrastructure   
 
   Strong Liquidity and No Significant Corporate Debt Maturities in the Short-term  >$500 million  @ 30/06/20  Corporate Liquidity  ~5.0 years average maturity1 of current corporate debt  RCF’s maturities in 2021 and 2022, we intend to seek renewal as usual ~$530 million available liquidity, out of which $278.7 million is corporate cash as of June 30, 2020Corporate debt maturities in 2025, 2026 and 2027  Corporate Debt Maturities1  RCF  Corporate Debt Maturites as of June 30, 2020, presented for their accounting amounts, pro forma of new debt issued in July 2020, presented for their notional amounts.   STRATEGIC UPDATEHealthy Balance Sheet and Strong Liquidity 
 
 Total cash obtained from non-recourse project financings and refinancings to be used in acquisitions:  Additional tranche of debt at the SPV with a private investor3.0% interest costBack-ended amortization with a 15 year maturityAA Rating by S&P  Helioenergy New Project Debt  2  $43M  New debt in a holding of certain Spanish assets3.1% interest cost75% bullet in year 5 / 25% amortizing  Green Project Finance in Spain closed in Q2  3  $143M  Approx. Net Recap1   $216M  New approx. €326 million project debt to replace the previous one (approx. €250 million outstanding) and cancel legacy swapsCost improvement: 1.9% interest cost vs. ~4.2% in the previous financing (with spread step-ups)Maturity extension: 17 year maturity vs. 7 year in the previous financing  $30M  Helios Refinancing  After refinancing fees and costs.  GROWTH STRATEGYProject Debt RefinancingsAdditional cash for acquisitions without increasing Corporate Debt  1 
 
 GROWTH STRATEGYCorporate Debt Refinancings   $115 million5 year maturity4% couponExchange rate equivalent to 34.36 per ordinary shareOversubscriptionLeveraging on our ESG focusIn compliance with 2018 Green Bond Principles  Green Exchangeable Bond  NIFA 2020    $158 million (€140 million)7 year maturity5.25% couponClosing subject to exercising Solana optionPrivate investor 
 
 CORPORATE DEBT DETAILSCorporate Debt as of June 30, 2020No significant maturities in the short term  Exchange rates as of June 30, 2020 (EUR/USD = 1.1234).Amounts include principal amounts outstanding and interests to be paid in the short term.As of June 30, 2020, the total amount drawn down under our RCF was $172.3 million. Total RCF limit of $425 million, of which $37.5 million with maturity in 2021 and the rest in 2022.Other facilities include other credit lines, the commercial paper program issued in October 2019 and RCF line with maturity in 2021.   US $ in millions1    Maturity    Amounts2  Credit Facilities  (2022 Revolving CF)  20223    156.4    (Other facilities)4  2020 / 2021    48.8  2019 NIFA5(€ denominated)    2025    309.3  Green Senior Secured Notes    2026    322.5  Total        837.0  (5) NIFA means Note Issuance Facility Agreement. 2019 NIFA refers to the senior secured note facility dated April 30, 2019, of Euro equivalent of $300 million.(6) Senior unsecured obligations dated July 17, 2020, exchangeable into ordinary shares of Atlantica, cash, or a combination of both, at Atlantica’s election.(7) 2020 NIFA refers to the senior secured note facility dated July 8, 2020, of €140 million (~$158 million as of signing date exchange rate) with closing expected in August 2020 subject to condition precedents.(8) Aggregate principal amount.  US $ in millions    Maturity    Amounts8  Green Exchangeable Bond6    2025    115.0  2020 NIFA7 (€ denominated)    2027    ~158.0    New issuances in July 2020: 
 
 Improved ESG Ratings in 2019  Performance  Rank  Percentile  Renewable Power Production  1 out of 48  1st   Utilities  1 out of 442  1st   Global Universe   58 out of 12,228   1st       9.7 ESG Risk Score  “Negligible Risk”1  “B” rating1   Active Player in Green Financing      14%  Reduction of GHG Emissions  14% reduction of GHG emissionsReporting Scope 1, 2 and 34.7 million tons of CO2 emissions avoided2    We have issued in the last 12 months: A Green Exchangeable BondA Green Project Finance FacilityA Green Private Placement  According to Sustanalytics ESG Risk Rating Summary Report dated February 12, 2020 and CDP Score Report - Climate Change 2019. For further information please see both reports on our website.Calculated taking into account GHG emissions Scope 1 and 2 and energy generation of our power generation assets, both electric and thermal energy. The GHG Equivalences Calculator uses the Avoided Emissions and Generation Tool (AVERT) U.S. national weighted average CO2 marginal emissions rate to convert reductions of Kilowatt-hours into avoided units of carbon dioxide emissions.  Commitment to maintain 80% of our revenues generated from low-carbon footprint assets  Rating issued in January 2020Risk score improved versus last year  ESG FOCUSGood Progress on our ESG Commitments 
 
       Weighted Average Life  Project debt term  Represents weighted average years remaining as of December 31, 2019, and includes the acquisitions of new assets announced as of June 30, 2020.   (2) Regulation term in the case of Spain and Chile TL3.    PPAs with predefined prices for ~18 years on average1     Refinancing opportunities could increase CAFD in earlier years    Possibility to extend life in many assets (excluding ATN and ATS)    Tails in most assets after debt amortization  Contract term2  LONG-TERM STABLE CASH FLOWStrong Portfolio of Assets  Year 
 
 Key principle: non-recourse project financing in ring-fenced subsidiaries100% project debt self-amortizing progressively before the end of the contracted lifeLow interest rate risk, with +90% of interest rates fixed or hedged    >$1.1B planned debt reduction in the next 4 years  FINANCING Self-Amortizing Project Debt Structure1  Project debt amortization schedule as of December 31, 2019. 
 
 Includes cash classified in short-term financial investments as of December 31, 2019. Exchange rates as of June 30, 2020 (EUR/USD = 1.1234) and December 31, 2019 (EUR/USD = 1.1213).Restricted cash is cash which is restricted generally due to requirements of project finance lenders.  US $ in millions2  As of June 302020    As of Dec. 312019  Corporate cash at Atlantica  278.7    66.0  Existing available revolver capacity  251.0    341.0  Total Corporate Liquidity  529.7    407.0          Cash at project companies1  510.1    531.5   - Restricted3  323.4    373.6   - Other  186.7    157.9  LIQUIDITYStrong Liquidity Position1 
 
     1Q18  2Q18  3Q18  4Q18  FY 2018    1Q19  2Q19  3Q19  4Q19  FY 2019    1Q20  2Q20  Revenues    225,265   287,848  323,812  206,897  1,043,822    221,452   283,338  293,373  213,289  1,011,452    210,403   255,344  Adj. EBITDA incl. unconsolidated affiliates    179,800   263,458  271,188  144,270  858,717    181,106  229,352  247,668  163,429  821,255    165,962  214,107  Adj. EBITDA margin (%)    79.8%  91.5%  83.7%  69.7%  82.3%    81.8%  80.9%  84.4%  76.6%  81.2%    78.9%  83.9%  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates    (1,832)  (2,071)  (2,183)  (2,024)  (8,110)    (2,017)  (2,043)  (3,062)  (3,229)  (10,351)    (3,553)  (3,959)  Adjusted EBITDA    177,968  261,388  269,005  142,246  850,607    179,089  227,309  244,606  160,200  811,204    162,409  210,148  Dividends from unconsolidated affiliates    -   -  4,432  -  4,432    -   -  26,945  3,498  30,443    5,120   5,262  Non-monetary items    (8,839)  (60,629)  (14,755)  (15,057)  (99,280)    (14,632)  (7,729)  (10,288)  (4,783)  (37,432)    (4,334)  (3,683)  Interest and income tax paid    (26,760)  (133,844)  (29,212)  (143,721)  (333,537)    (13,925)  (129,405)  (24,339)  (131,845)  (299,514)    (11,436)  (119,517)  Principal amortization of indebtedness net of new indebtedness at projects    (17,647)  (71,028)  (13,025)  (127,947)  (229,647)    (15,176)  (93,935)  (22,115)  (123,568)  (254,794)    (14,898)  (75,301)  Deposits into/withdrawals from debt service accounts    (16,631)  (2,643)  (26,128)  4,205  (41,197)    21,461  25,564  (52,463)  4,721  (717)    32,921  17,605  Change in non-restricted cash at project companies    (63,782)  85,444  (93,166)  93,857  22,352    (61,445)  69,866  (58,847)  119,707  69,281    (50,467)  31,257  Dividends paid to non-controlling interests    -  (6,787)  (2,958)  -  (9,745)    -  (5,105)  (18,978)  (5,156)  (29,239)    (4,915)  (9,246)  Changes in other assets and liabilities    (1,278)  (25,195)  (51,465)  85,499  7,562    (50,253)  (37,183)  (38,792)  27,271  (98,957)    (66,842)  (6,808)                                  Cash Available For Distribution (CAFD)    43,031  46,706  42,728  39,082  171,547    45,119  49,382  45,729  50,045  190,275    47,558  49,717                                  Dividends declared1    32,070   34,074  36,078  37,080  139,302    39,625   40,641  41,657  41,657  163,579    41,657   42,673  # of shares at the end of the period    100,217,260   100,217,260   100,217,260  100,217,260  100,217,260    100,217,260  101,601,662  101,601,662  101,601,662  101,601,662    101,601,662  101,601,662  DPS (in $ per share)     0.32  0.34  0.36  0.37  1.39     0.39  0.40  0.41  0.41  1.61     0.41  0.42  Project debt    5,533.8  5,218.8  5,214.7  5,091.1  5,091.1    5,076.4  4,997.4  4,931.3  4,852.3  4,852.3    4,777.2  5,007.6  Project cash    (604.5)  (504.9)  (609.6)  (524.8)  (524.8)                    Project cash    (604.5)  (504.9)  (609.6)  (524.8)  (524.8)    (546.7)  (469.0)  (568.5)  (496.8)  (496.8)    (535.3)  (510.1)  Net project debt    4,929.3  4,713.9  4,605.1  4,566.3  4,566.3    4,529.6  4,528.4  4,362.8  4,355.6  4,355.6    4,241.9  4,497.5  Corporate debt    657.3  639.0  641.8  684.1  684.1    697.5  689.6  686.4  723.8  723.8    807.3  837.0  Corporate cash    (151.4)  (152.3)  (135.1)  (106.7)  (106.7)    (107.9)  (107.0)  (73.2)  (66)  (66)    (154.9)  (278.7)  Net corporate debt    505.9  486.8  506.7  577.4  577.4    589.7  582.6  613.2  657.8  657.8    652.4  558.3                                  Total net debt    5,435.2  5,200.6  5,111.8  5,143.6  5,143.6    5.119.3  5,111.0  4,976.0  5,013.3  5,013.3    4,894.4  5,055.8  Net Corporate Debt/CAFD pre corporate interests2    2.3x  2.2x  2.3x  2.7x  2.7x    2.5x  2.5x  2.7x  2.9x  2.9x    2.4x  2.3x  HISTORICAL FINANCIAL REVIEWKey Financials by Quarter  Debt details  Key Financials  US $ in thousands  (3)  Dividends are paid to shareholders in the quarter after they are declared.Ratios presented are the ratios shown on each earnings presentations.(3) Excludes Solana debt repayments with proceeds received from Abengoa $52.5M in Mar’18.  (4) “Deposits into/ withdrawals from restricted accounts” and “Change in non-restricted cash at project level” are calculated on a constant currency basis to reflect actual cash movements isolated from the impact of variations generated by foreign exchange changes during the period. Prior periods have been recalculated to conform this presentation.  (4)  (4)  US $ in millions 
 
 HISTORICAL FINANCIAL REVIEWSegment Financials by Quarter            1Q18  2Q18  3Q18  4Q18  FY 2018    1Q19  2Q19  3Q19  4Q 19  FY 2019    1Q20  2Q20  by Geography                                   NORTH AMERICA       61,781   110,534  122,309  62,553  357,177    60,441   104,095  109,378  59,052  332,965    59,283  98,648    SOUTH AMERICA       29,536   30,345  31,928  31,405  123,214    33,493  35,597  36,671  36,447  142,207    35,654  39,375   EMEA       133,948   146,969  169,576  112,938  563,431    127,518  143,646  147,325  117,790  536,280    115,466  117,321   by Business Sector                                    RENEWABLES       167,225   224,988  259,922  141,422  793,557    156,817  223,269  229,742  151,261  761,090    150,793  193,881   EFFICIENT NAT. GAS       28,387   33,050  33,918  35,444  130,799    34,009  27,689  31,193  29,390  122,281    26,403  25,629   TRANSMISSION       23,840   24,063  24,018  24,076  95,998    24,867  26,231  25,926  26,429  103,453    26,608  26,787   WATER       5,813   5,747  5,955  5,954  23,468    5,759  6,149  6,511  6,209  24,629    6,599  9,047   Total Revenue       225,265  287,848  323,813  206,896  1,043,822    221,452  283,338  293,373  213,289  1,011,452    210,403  255,344                                          1Q18  2Q18  3Q18  4Q18  FY 2018    1Q19  2Q19  3Q19  4Q19  FY 2019    1Q20  2Q20  by Geography                                   NORTH AMERICA       60,247  94,411  117,498  36,591  308,748    50,870  96,293  108,198  51,881  307,242    52,661  89,954         97.5%  85.4%  96.1%  58.5%  86.4%    84.2%  92.5%  98.9%  88.8%  92.3%    88.8%  91.2%   SOUTH AMERICA1       24,180  25,067  26,987  23,999  100,233    28,212  29,252  30,293  27,589  115,346    28,422  31,380         81.9%  82.6%  84.5%  76.4%  81.3%    84.2%  82.2%  82.6%  75.6%  81.1%    79.7%  79.7%  EMEA       95,373  143,979  126,703  83,681  449,736    102,024  103,807  109,177  83,959  398,968    84,879  92,773        71.2%  98.0%  74.7%  74.1%  79.8%    80.0%  72.3%  74.1%  71.3%  74.4%    73.5%  79.1%  by Business Sector                                    RENEWABLES       131,434  213,952  220,529  98,514  664,429    123,484  177,910  192,168  110,517  604,079    113,670  161,415         78.6%  95.1%  84.8%  69.7%  83.7%    78.7%  79.7%  83.6%  73.1%  79.4%    75.4%  83.3%  EFFICIENT NAT. GAS       23,330  23,652  24,742  22,134  93,858    30,476  23,826  27,983  26,915  109,200    24,462  23,303         82.2%  71,.6%  72.9%  62.4%  71.8%    89.6%  86.1%  89.7%  91.6%  89.3%    92.6%  90.9%  TRANSMISSION1       19,837  20,463  20,148  18,014  78,463    21,650  21,936  21,548  20,524  85,658    21,922  22,423         83.2%  85.0%  83.9%  74.8%  81.7%    87.1%  83.6%  83.1%  77.6%  82.7%    82.4%  83.7%  WATER       5,199  5,392  5,769  5,608  21,967    5,496  5,680  5,969  5,473  22,619    5,908  6,966         89.4%  93.8%  96.9%  94.2%  93.6%    95.4%  92.4%  91.7%  88.1%  91.8%    89.5%  77.0%  Total Adj. EBITDA incl. unconsolidated affiliates1      179,800  263,458  271,188  144,270  858,717    181,106  229,352  247,668  163,429  821,556    165,962  214,107         79.8%  91.5%  83.7%  69.7%  82.3%    81.8%  80.9%  84.4%  76.6%  81.2%    78.9%  83.9%                US $ in thousands  Revenue  Adj. EBITDA incl. unconsolidated affiliates                Adjusted EBITDA includes our share in EBITDA of unconsolidated affiliates.  
 
      1Q18  2Q18  3Q18  4Q18  FY 2018    1Q19  2Q19  3Q19  4Q19  FY 2019    1Q20  2Q20   RENEWABLES3 (GWh)     507  939  1,109  504  3,058    581  1,071  1,048  536  3,236    526  957   (GWh)     547  554  613  603  2,318    383  483  615  694  2,090    644  624   (electric availability %)     97.9%  99.3%  101.3%  100.9%  99.8%    87.1%  89.9%  101.5%  101.4%  95.0%    102.4%  100.9%  TRANSMISSION (availability %)     100.0%  99.9%  100.0%  99.8%  99.9%    99.9%  100.0%  99.9%  100%  100%    99.9%  99.9%  WATER (availability %)     99.1%  102.6%  103.7%  102.5%  102.0%    99.8%  100.6%  103.6%  100.1%  101.2%    101.8%  102.2%        1Q18  2Q18  3Q18  4Q18  FY 2018    1Q19  2Q19  3Q19  4Q19  FY 2019    1Q20  2Q20  RENEWABLES1 (MW)     1,446  1,446  1,446  1,496  1,496    1,496  1,496  1,496  1,496  1,496    1,496  1,551  EFF. NATURAL GAS2 (electric MW)     300  300  300  300  300    300  300  343  343  343    343  343  TRANSMISSION1 (Miles)     1,099  1,099  1,099  1,152  1,152    1,152  1,152  1,152  1,166  1,166    1,166  1,166  WATER1 (Mft3/day)     10.5  10.5  10.5  10.5  10.5    10.5  10.5  10.5  10.5  10.5    10.5  17.5                  Capacity in operation(at the end of the period)  Production / Availability  5  6  6  Represents total installed capacity in assets owned at the end of the period, regardless of our percentage of ownership in each of the assets.Includes 43MW corresponding to our 30% share of Monterrey since August 2, 2019.Includes curtailment in wind assets for which we receive compensation.GWh produced includes 30% production from Monterrey since August 2019. Major maintenance overhaul held in ACT in Q1 and Q2 2019, as scheduled, which reduced production and electric availability as per the contract.Electric availability refers to operational MW over contracted MW. Availability refers to actual availability divided by contracted availability.  EFFICIENT NATURAL GAS4  HISTORICAL FINANCIAL REVIEWKey Performance Indicators 
 
       1Q18  2Q18  3Q18  4Q18  FY 2018    1Q19  2Q19  3Q19  4Q19  FY 2019    1Q20  2Q20                                     US     18.8%  39.9%  38.9%  15.0%  28.2%    15.2%  39.8%  35.2%  16.3%  26.6%    18.2%  37.5%   Spain     8.8%  20.8%  30.6%  7.3%  16.9%    12.1%  26.7%  27.2%  6.7%  18.2%    8.0%  22.1%   Kaxu    36.9%  27.6%  29.9%  50.0%  36.0%    48.7%  27.8%  27.5%  45.4%  37.3%    28.9%  8.6%                                  WIND2 Uruguay     31.2%  34.5%  42.3%  40.7%  37.2%    33.0%  36.3%  40.9%  38.0%  37.2%    34.6%  40.8%  SOLAR      Historical Capacity Factors1  Capacity factor ratio represents actual electrical energy output over a given period of time to the maximum possible electrical energy output assuming continuous operation at full nameplate capacity over that period. Historical Capacity Factors are calculated from the date of entry into operation or the acquisition of each asset. Some capacity factors are not indicative of a full period of operations.Includes curtailment production in wind assets for which we receive compensation.   HISTORICAL FINANCIAL REVIEWCapacity Factors 
 
 CURRENCY2  SECTOR  GEOGRAPHY  Based on CAFD estimates for the 2020-2024 period, including the acquisitions announced. See “Disclaimer – Forward Looking Statements”.Including the effect of currency swap agreements.    of long-term interest rates in projects are fixed or hedged2  ~ 90%  90  Denominatedin USD  %  >  69% Renewable15% Transmission & Transport.13% Efficient Natural Gas 3% Water          45% North America35% Europe12% South America8% RoW          SIZEABLE AND DIVERSIFIED ASSET PORTFOLIOPortfolio Breakdown Based on Estimated CAFD1 
 
 As of June 30, 2020   ASSET  TYPE  STAKE  LOCATION  GROSSCAPACITY  OFFTAKER  RATING 1  YEARS INCONTRACT LEFT  CURRENCY  RENEWABLE ENERGY  Solana    100%2  USA (Arizona)  280 MW  APS  A-/A2/A-  23  USD    Mojave    100%  USA (California)  280 MW  PG&E  BB-/WR/BB  19  USD    Solaben 2/3    70%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  17/17  EUR 4    Solacor 1/2    87%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  17/17  EUR 4    PS 10/20    100%  Spain  31 MW  Kingdom of Spain  A/Baa1/A-  12/14  EUR 4    Helioenergy 1/2    100%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  16/16  EUR 4    Helios 1/2    100%  Spain  2x50 MW  Kingdom of Spain  A-/Baa1/A-  17/17  EUR 4    Solnova 1/3/4    100%  Spain  3x50 MW  Kingdom of Spain  A/Baa1/A-  15/15/15  EUR 4    Solaben 1/6    100%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  18/18  EUR 4    Seville PV    80%  Spain  1 MW  Kingdom of Spain  A/Baa1/A-  16  EUR    Kaxu    51%  South Africa  100 MW  Eskom  BB-/Ba1/BB3  15  ZAR    Chile PV I    36%  Chile  55 MW  n/a  n/a  n/a   USD 5    Palmatir    100%  Uruguay  50 MW  UTE  BBB/Baa2/BBB-3  14  USD    Cadonal    100%  Uruguay  50 MW  UTE  BBB/Baa2/BBB-3  14  USD    Melowind    100%  Uruguay  50 MW  UTE  BBB/Baa2/BBB-3  16  USD    Mini-Hydro    100%  Peru  4 MW  Peru  BBB+/A3/BBB+  13  USD  EFFICIENT NATURAL GAS  ACT    100%  Mexico  300 MW  Pemex  BBB/Ba2/BB-  13  USD 5    Monterrey    30%  Mexico  142 MW  Industrial Customers  Not rated  18  USD 5  ELECTRICAL TRANSMISSION  ATN    100%  Peru  379 miles  Peru  BBB+/A3/BBB+  21  USD 5    ATS    100%  Peru  569 miles  Peru  BBB+/A3/BBB+  24  USD 5    ATN 2    100%  Peru  81 miles  Minera Las Bambas  Not rated  13  USD 5    Quadra 1&2    100%  Chile  81 miles  Sierra Gorda  Not rated  15/15  USD 5    Palmucho    100%  Chile  6 miles  Enel Generacion Chile  BBB+/Baa1 /A-  17  USD 5    Chile TL3    100%  Chile  50 miles  CNE  A+/A1/A  Regulated  USD 5  WATER  Skikda    34%  Algeria  3.5 Mft3/day  Sonatrach & ADE  Not rated  14  USD 5    Honaine    26%  Algeria  7 Mft3/day  Sonatrach & ADE  Not rated  17  USD 5    Tenes    51%  Algeria  7 Mft3/day  Sonatrach & ADE  Not rated  20  USD 5          Reflects the counterparties’ issuer credit ratings issued by S&P, Moody’s and Fitch, respectively, as of August 3, 2020.Liberty Interactive Corporation holds $300M in Class A membership interests in exchange for a share of the dividends and the taxable loss generated by Solana.For Kaxu, it refers to the credit rating of the Republic of South Africa, and for Palmatir, Cadonal and Melowind, it refers to the credit rating of Uruguay, as UTE is unrated.Gross cash in euros dollarized through currency hedges.USD denominated but payable in local currency.  AT A GLANCESizeable and Diversified Asset Portfolio 
 
 NON-GAAP FINANCIAL INFORMATIONReconciliation of Non-GAAP Measures  Our management believes Adjusted EBITDA including unconsolidated affiliates and CAFD are useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired. Our management believes CAFD is a relevant supplemental measure of the Company’s ability to earn and distribute cash returns to investors and is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of our ability to make quarterly distributions. In addition, CAFD is used by our management team for determining future acquisitions and managing our growth. Adjusted EBITDA and CAFD are widely used by other companies in the same industry. Our management uses Adjusted EBITDA and CAFD as measures of operating performance to assist in comparing performance from period to period on a consistent basis. They also readily view operating trends as a measure for planning and forecasting overall expectations, for evaluating actual results against such expectations, and for communicating with our board of directors, shareholders, creditors, analysts and investors concerning our financial performance.We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The non-GAAP financial measures may not be comparable to other similarly titled measures employed by other companies and they may have limitations as analytical tools. These measures may not be fit for isolated consideration or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB. Non-GAAP financial measures and ratios are not measurements of our performance or liquidity under IFRS as issued by the IASB. Thus, they should not be considered as alternatives to operating profit, profit for the period, any other performance measures derived in accordance with IFRS as issued by the IASB, any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. Some of the limitations of these non-GAAP measures are:they do not reflect our cash expenditures, future requirements for capital expenditures or contractual commitments; they do not reflect changes in, or cash requirements for, our working capital needs;they may not reflect the significant interest expense, or the cash requirements necessary, to service interest or principal payments, on our debts;although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often need to be replaced in the future and Adjusted EBITDA and CAFD do not reflect any cash requirements that would be required for such replacements;some of the exceptional items that we eliminate in calculating Adjusted EBITDA reflect cash payments that were made, or will be made in the future; andthe fact that other companies in our industry may calculate Adjusted EBITDA and CAFD differently than we do, which limits their usefulness as comparative measures.  
 
 RECONCILIATIONReconciliation of Cash Available For Distribution and Adjusted EBITDA to Profit/(loss) for the period attributable to the Company  Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates.“Deposits into/ withdrawals from restricted accounts” and “Change in non-restricted cash at project level” are calculated on a constant currency basis to reflect actual cash movements isolated from the impact of variations generated by foreign exchange changes during the period. Prior period has been recalculated to conform this presentation.  (in thousands of U.S. dollars)    For the three-month period ended June 30,          For the six-month period ended June 30,           2020     2019      2020     2019                      Profit/(loss) for the period attributable to the Company    $ 12,340      $ 25,913      $ (28,171)     $ 16,956  Profit attributable to non-controlling interest    (267)     524      1,979    5,791  Income tax    13,618     17,463      3,471    27,040  Share of loss/(profit) of associates carried under the equity method    (2,259)     (1,529)      (1,591)    (3,352)  Financial expense, net    102,263     110,611      202,797    209,900  Operating profit    $ 125,695      $ 152,982      $ 178,485     $ 256,335  Depreciation, amortization, and impairment charges    84,454     74,327      194,073    150,063  Adjusted EBITDA    $ 210,148      $ 227,309      $ 372,557     $ 406,398  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates    3,959     2,043      7,512    4,060  Adjusted EBITDA including unconsolidated affiliates1    $ 214,107      $ 229,352      $ 380,069     $ 410,458  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates    (3,959)     (2,043)      (7,512)    (4,060)  Dividends from equity method investments    5,262    -      10,382    -  Non-monetary items    (3,683)     (7,729)      (8,017)    (22,361)  Interest and income tax paid    (119,517)     (129,405)      (130,953)    (143,330)  Principal amortization of indebtedness    (75,301)     (93,935)      (90,199)    (109,111)  Deposits into/ withdrawals from restricted accounts    17,605     22,692      50,526    47,627  Change in non-restricted cash at project level     31,257     68,101      (19,210)    8,654  Dividends paid to non-controlling interests    (9,246)     (5,105)      (14,161)    (5,105)  Changes in other assets and liabilities    (6,808)     (32,546)      (73,650)    (88,271)  Cash Available For Distribution    $ 49,717      $ 49,382      $ 97,275     $ 94,501 
 
 RECONCILIATIONReconciliation of Adjusted EBITDA including unconsolidated affiliates to Net Cash Provided by Operating Activities  Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates.  (in thousands of U.S. dollars)    For the three-month period ended June 30          For the six-month period ended June 30,           2020    2019      2020     2019                      Net cash provided by operating activities    $ 62,722     $ 52,218       $ 148,407     $ 149,108  Net interest and income tax paid     119,517     129,405      130,953    143,329  Variations in working capital     24,672     37,418      84,005    91,926  Other non-cash adjustments and other    3,237     8,268      9,192    22,035  Adjusted EBITDA    $ 210,148      $ 227,309       $ 372,557      $ 406,398  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates    3,959     2,043      7,512    4,060  Adjusted EBITDA including unconsolidated affiliates1    $ 214,107      $ 229,352       $ 380,069     $ 410,458 
 
 RECONCILIATIONReconciliation of Adjusted EBITDA Margin including unconsolidated affiliates to Operating Profit Margin  Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates.  (in thousands of U.S. dollars)    For the three-month period ended June 30,        For the six-month period ended June 30,           2020    2019    2020     2019                    Revenue    $ 255,344       $ 283,338     $ 465,747     $ 504,790                    Profit/(loss) for the period attributable to the Company    $ 12,340      $ 25,913    $ (28,171)     $ 16,956  Profit attributable to non-controlling interest    (267)     524    1,979    5,791  Income tax    13,618     17,463    3,471    27,040  Share of loss/(profit) of associates carried under the equity method    (2,259)     (1,529)    (1,591)    (3,352)  Financial expense, net    102,263     110,611    202,797    209,900  Operating profit    $ 125,695      $ 152,982    $ 178,485     $ 256,335  Operating profit margin    % 49.2     % 54.0    % 38.3     % 50.8                    Depreciation, amortization, and impairment charges    33.1    26.2    41.7    29.7                    Adjusted EBITDA margin     % 82.3     % 80.2    % 80.0     % 80.5  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates    1.6    0.7    1.6    0.8  Adjusted EBITDA Margin including unconsolidated affiliates1    % 83.9     % 80.9    % 81.6     % 81.3 
 
 Great West House, GW1, 17th floor,Great West RoadBrentford TW8 9DFLondon (United Kingdom) 
 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
Atlantica Sustainable Infrastructure plc
       
Date: August 3, 2020
By:
/s/ Santiago Seage
   
Name:
Santiago Seage
   
Title:
Chief Executive Officer