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Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2020
Cover [Abstract]
Entity Registrant Name	Atlantica Sustainable Infrastructure plc
Entity Central Index Key	0001601072
Current Fiscal Year End Date	--12-31
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2020

Consolidated condensed statements of financial position - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Non-current assets
Contracted concessional assets	$ 8,034,890	$ 8,161,129
Investments carried under the equity method	126,613	139,925
Financial investments	78,771	91,587
Deferred tax assets	152,603	147,966
Total non-current assets	8,392,877	8,540,607
Current assets
Inventories	22,388	20,268
Trade and other receivables	366,180	317,568
Financial investments	196,732	218,577
Cash and cash equivalents	788,769	562,795
Total current assets	1,374,069	1,119,208
Total assets	9,766,946	9,659,815
Equity attributable to the Company
Share capital	10,160	10,160
Parent company reserves	1,817,486	1,900,800
Other reserves	46,801	73,797
Accumulated currency translation differences	(113,220)	(90,824)
Retained earnings	(413,628)	(385,457)
Non-controlling interest	209,520	206,380
Total equity	1,557,119	1,714,856
Non-current liabilities
Long-term corporate debt	813,480	695,085
Long-term project debt	4,194,978	4,069,909
Grants and other liabilities	1,602,155	1,641,752
Related parties	14,102	17,115
Derivative liabilities	340,507	298,744
Deferred tax liabilities	248,715	248,996
Total non-current liabilities	7,213,937	6,971,601
Current liabilities
Short-term corporate debt	23,493	28,706
Short-term project debt	812,555	782,439
Trade payables and other current liabilities	128,577	128,062
Income and other tax payables	31,265	34,151
Total current liabilities	995,890	973,358
Total equity and liabilities	$ 9,766,946	$ 9,659,815

Consolidated condensed income statements - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Consolidated income statements [Abstract]
Revenue	$ 465,747	$ 504,790
Other operating income	57,236	44,908
Employee benefit expenses	(24,333)	(10,777)
Depreciation, amortization, and impairment charges	(194,073)	(150,063)
Other operating expenses	(126,092)	(132,523)
Operating profit	178,485	256,335
Financial income	5,673	517
Financial expense	(210,113)	(210,532)
Net exchange differences	(1,176)	326
Other financial income/(expense), net	2,819	(211)
Financial expense, net	(202,797)	(209,900)
Share of profit/(loss) of associates carried under the equity method	1,591	3,352
Profit/(loss) before income tax	(22,721)	49,787
Income tax	(3,471)	(27,040)
Profit/(loss) for the period	(26,192)	22,747
(Loss)/Profit attributable to non-controlling interests	(1,979)	(5,791)
Profit/(loss) for the period attributable to the Company	$ (28,171)	$ 16,956
Weighted average number of ordinary shares outstanding (in shares)	101,602	100,516
Basic and diluted earnings per share (in dollars per share)	$ (0.28)	$ 0.17

Consolidated condensed statements of comprehensive income - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Consolidated statements of comprehensive income [Abstract]
Profit/(loss) for the period	$ (26,192)	$ 22,747
Items that may be subject to transfer to income statement
Change in fair value of cash flow hedges	(65,683)	(89,199)
Currency translation differences	(31,702)	(13,121)
Tax effect	16,182	21,939
Net income/(expenses) recognized directly in equity	(81,203)	(80,381)
Cash flow hedges	30,043	29,320
Tax effect	(7,511)	(7,330)
Transfers to income statement	22,532	21,990
Other comprehensive income/(loss)	(58,671)	(58,391)
Total comprehensive income/(loss) for the period	(84,863)	(35,644)
Total comprehensive (income)/loss attributable to non-controlling interest	7,300	(673)
Total comprehensive income/(loss) attributable to the Company	$ (77,563)	$ (36,317)

Consolidated condensed statements of changes in equity - USD ($) $ in Thousands	Total	Total Equity Attributable to Company [Member]	Share Capital [Member]	Parent Company Reserves [Member]	Other Reserves [Member]	Retained Earnings [Member]	Accumulated Currency Translation Differences [Member]	Non-controlling Interest [Member]
Balance, beginning of period at Dec. 31, 2018	$ 1,756,112	$ 1,617,384	$ 10,022	$ 2,029,940	$ 95,011	$ (449,274)	$ (68,315)	$ 138,728
Profit/(loss) for the six -month period after taxes	22,747	16,956	0	0	0	16,956	0	5,791
Change in fair value of cash flow hedges	(59,879)	(54,808)	0	0	(56,490)	1,682	0	(5,071)
Currency translation differences	(13,121)	(12,189)	0	0	0	0	(12,189)	(932)
Tax effect	14,609	13,724	0	0	13,724	0	0	885
Other comprehensive income/(loss)	(58,391)	(53,273)	0	0	(42,766)	1,682	(12,189)	(5,118)
Total comprehensive income/(loss) for the period	(35,644)	(36,317)	0	0	(42,766)	18,638	(12,189)	673
Capital reduction	(1,867)	0	0	0	0	0	0	(1,867)
Capital increase (Note 13)	30,000	30,000	138	29,862	0	0	0	0
Changes in scope (Note 5)	92,303	0	0	0	0	0	0	92,303
Dividend distribution (declared)	(99,649)	(76,705)	0	(76,705)	0	0	0	(22,944)
Balance, end of period at Jun. 30, 2019	1,741,255	1,534,362	10,160	1,983,097	52,245	(430,636)	(80,504)	206,893
Balance, beginning of period at Dec. 31, 2019	1,714,856	1,508,476	10,160	1,900,800	73,797	(385,457)	(90,824)	206,380
Profit/(loss) for the six -month period after taxes	(26,192)	(28,171)	0	0	0	(28,171)	0	1,979
Change in fair value of cash flow hedges	(35,640)	(35,676)	0	0	(35,676)	0	0	36
Currency translation differences	(31,702)	(22,396)	0	0	0	0	(22,396)	(9,306)
Tax effect	8,671	8,680	0	0	8,680	0	0	(9)
Other comprehensive income/(loss)	(58,671)	(49,392)	0	0	(26,996)	0	(22,396)	(9,279)
Total comprehensive income/(loss) for the period	(84,863)	(77,563)	0	0	(26,996)	(28,171)	(22,396)	(7,300)
Changes in scope (Note 5)	25,079	0	0	0	0	0	0	25,079
Dividend distribution (declared)	(97,953)	(83,314)	0	(83,314)	0	0	0	(14,639)
Balance, end of period at Jun. 30, 2020	$ 1,557,119	$ 1,347,599	$ 10,160	$ 1,817,486	$ 46,801	$ (413,628)	$ (113,220)	$ 209,520

Consolidated condensed cash flows statements - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Consolidated cash flows statements [Abstract]

Profit/(loss) for the period

$ (26,192)

$ 22,747

Financial expense and non-monetary adjustments

389,557

361,616

II. Profit for the period adjusted by financial expense and non-monetary adjustments

363,365

384,363

III. Variations in working capital

(84,005)

(91,926)

Net interest and income tax paid

(130,953)

(143,329)

A. Net cash provided by operating activities

148,407

149,108

Investments in contracted concessional assets

^[1]

5,675

14,704

Other non-current assets/liabilities

(8,249)

(30,439)

Acquisitions and other financial instruments

8,943

(103,614)

Dividends received from entities under the equity method

10,382

B. Net cash provided by/(used in) investing activities

16,751

(119,349)

Proceeds from Project & Corporate debt

594,803

308,981

Repayment of Project & Corporate debt

(425,392)

(433,906)

Dividends paid to Company's shareholders

(83,314)

(76,705)

Dividends paid to non-controlling interest

(14,160)

(5,105)

Proceeds for capital increase

30,000

Proceeds from non-controlling interest

92,303

C. Net cash provided by/(used in) financing activities

71,937

(84,432)

Net increase/(decrease) in cash and cash equivalents

237,095

(54,673)

Cash and cash equivalents at beginning of the period

562,795

631,542

Translation differences in cash or cash equivalent

(11,121)

(803)

Cash and cash equivalents at end of the period

$ 788,769

$ 576,066

[1]	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 Solana received from Abengoa further to Abengoa's obligation as EPC Contractor.

Consolidated condensed cash flows statements (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Consolidated cash flows statements [Abstract]
Proceeds from investments in contracted concessional assets	$ 7.4	$ 14.8

Nature of the business

6 Months Ended

Jun. 30, 2020

Nature of the business [Abstract]

Nature of the business

Note 1. - Nature of the business

Atlantica Sustainable Infrastructure 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 which changed the registered name to Atlantica Yield plc on May 13, 2016. On May 7, 2020, the Company changed its registered name to Atlantica Sustainable Infrastructure plc.

Atlantica is a sustainable total return infrastructure company that owns, manages and acquires renewable energy, efficient natural gas, electric transmission lines and water assets focused on North America (the United States, Mexico and Canada), 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.

Algonquin Power & Utilities (“Algonquin”) is the largest shareholder of the Company and currently owns a 44.2% stake in Atlantica. Algonquin’s shareholding in Atlantica may be increased up to a 48.5% without any change in corporate governance. Algonquin’s voting rights and rights to appoint directors are limited to a 41.5% and an additional shares vote replicating non-Algonquin’s shareholders vote. Algonquin does not consolidate the Company in its consolidated financial statements.

During the year 2019, the Company completed the following acquisitions:

- In January 2019, the Company entered into an agreement with Abengoa S.A. (“Abengoa”) under the Abengoa ROFO Agreement for the acquisition of Befesa Agua Tenes, a holding company which owns a 51% stake in Ténès Lilmiyah SpA (“Tenes”), a water desalination plant in Algeria. The Company paid in January 2019 an advanced payment of $19.9 million. Closing of the acquisition was subject to conditions precedent. In accordance with the terms of the share purchase agreement, the advanced payment was converted into a secured loan to be reimbursed by Befesa Agua Tenes, together with 12% per annum interest, through a full cash-sweep of all the dividends generated to be received from the asset no later than September 30, 2031. In October 2019, the Company received a first payment of $7.8 million through the cash sweep mechanism.

- On May 24, 2019, Atlantica and Algonquin formed Atlantica Yield Solutions Canada Inc. (“AYES Canada”), a vehicle to channel co-investment opportunities in which Atlantica holds the majority of voting rights. AYES Canada’s first investment was in Amherst Island, a 75 MW wind plant in Canada owned by the project company Windlectric, Inc. (“Windlectric”). Atlantica invested $4.9 million and Algonquin invested $92.3 million, both through AYES Canada, which in turn invested those funds in Amherst Island Partnership (“AIP), the holding company of Windlectric.

- On August 2, 2019, the Company closed the acquisition of ASI Operations LLC (“ASI Ops”), the company that performs the operation and maintenance services to Solana and Mojave plants. The consideration paid was $6 million.

- On August 2, 2019, the Company closed the acquisition of a 30% stake in Monterrey, a 142 MW gas-fired engine facility (“Monterrey”), and paid $42 million for the total investment.

- On October 22, 2019, the Company closed the acquisition of ATN Expansion 2 from Enel Green Power Perú, for a total equity investment of approximately $20 million, controlling the asset from this date. Transfer of the concession agreement is pending authorization from the Ministry of Energy in Peru. If this authorization were not to be obtained before December 2020, the transaction would be reversed with no penalties to Atlantica. Enel Green Power Perú issued a bank guarantee to face this potential repayment obligation to Atlantica.

On April 3, 2020, the Company made an initial investment in the creation of a renewable energy platform in Chile, together with financial partners, where it owns approximately a 35% stake and has a strategic investor role. The first investment was the acquisition of a 55 MW solar PV plant in an area with excellent solar resource (“Chile PV I”). This asset has been in operation since 2016 demonstrating good operating track record while selling its production in the Chilean power market. The platform intends to make further investments in renewable energy in Chile and to sign PPAs with credit worthy off-takers. The initial contribution was approximately $4 million.

On May 31, 2020, the Company entered into a new $4.5 million secured loan agreement with Befesa Agua Tenes, in addition to the initial one granted in 2019, which pending repayment at this date, including interests accrued, was $14.0 million. This new loan agreement should be reimbursed by Befesa Agua Tenes, together with a 12% per annum interest, through a full cash-sweep of all the dividends generated to be received from the Tenes asset no later than May 31, 2032. The new agreement signed with Abengoa provides Atlantica with control over the Board of Directors of Befesa Agua Tenes together with a series of decision rights at Tenes level from this date, and a call option over the shares of Tenes at a call price of $1, among others.

The following table provides an overview of the main concessional assets the Company owned or had an interest in as of June 30, 2020:

Assets	Type	Ownership	Location	Currency⁽¹⁰⁾	Capacity (Gross)	Counterparty Credit Ratings⁽¹¹⁾	COD*	Contract Years Left⁽¹⁵⁾

Solana	Renewable (Solar)	100% Class B⁽¹⁾	Arizona (USA)	USD	280 MW	A-/A2/A-	2013	24

Mojave	Renewable (Solar)	100%	California (USA)	USD	280 MW	BB-/WR/BB	2014	20

Solaben 2 & 3	Renewable (Solar)	70%⁽²⁾	Spain	Euro	2x50 MW	A/Baa1/A-	2012	18/17

Solacor 1 & 2	Renewable (Solar)	87%⁽³⁾	Spain	Euro	2x50 MW	A/Baa1/A-	2012	17/17

PS10/PS20	Renewable (Solar)	100%	Spain	Euro	31 MW	A/Baa1/A-	2007& 2009	12/14

Helioenergy 1 & 2	Renewable (Solar)	100%	Spain	Euro	2x50 MW	A/Baa1/A-	2011	17/17

Helios 1 & 2	Renewable (Solar)	100%	Spain	Euro	2x50 MW	A/Baa1/A-	2012	18/18

Solnova 1, 3 & 4	Renewable (Solar)	100%	Spain	Euro	3x50 MW	A/Baa1/A-	2010	15/15/16

Solaben 1 & 6	Renewable (Solar)	100%	Spain	Euro	2x50 MW	A/Baa1/A-	2013	19/19

Kaxu	Renewable (Solar)	51%⁽⁴⁾	South Africa	Rand	100 MW	BB-/Ba1/ BB⁽¹²⁾	2015	15

Palmatir	Renewable (Wind)	100%	Uruguay	USD	50 MW	BBB/Baa2/BBB-⁽¹³⁾	2014	14

Cadonal

Renewable

(Wind)

100%

Uruguay

USD

50 MW

BBB/Baa2/BBB-⁽¹³⁾

2014

ACT

Efficient

natural gas

100%

Mexico

USD

300 MW

BBB/ Ba2/

BB-

2013

Monterrey	Efficient natural gas	30%	Mexico	USD	142 MW	Not rated	2018	19

ATN ⁽¹⁴⁾	Transmission line	100%	Peru	USD	379 miles	BBB+/A3/BBB+	2011	21

ATS	Transmission line	100%	Peru	USD	569 miles	BBB+/A3/BBB+	2014	24

ATN 2	Transmission line	100%	Peru	USD	81 miles	Not rated	2015	13

Quadra 1/2	Transmission line	100%	Chile	USD	49 miles/ 32 miles	Not rated	2014	15/15

Palmucho	Transmission line	100%	Chile	USD	6 miles	BBB+/Baa1/ A-	2007	18

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	14

Honaine	Water	25.5%⁽⁶⁾	Algeria	USD	7 M ft3/ day	Not rated	2012	18

Seville PV	Renewable (Solar)	80%⁽⁷⁾	Spain	Euro	1 MW	A/Baa1/A-	2006	16

Melowind	Renewable (Wind)	100%	Uruguay	USD	50 MW	BBB/Baa2/BBB-	2015	16

Mini-Hydro	Renewable (Hydraulic)	100%	Peru	USD	4 MW	BBB+/A3/BBB+	2012	13

Tenes	Water	51%⁽⁸⁾	Algeria	USD	7 M ft3/ day	Not rated	2015	20

Chile PV I	Renewable (Solar)	35%⁽⁹⁾	Chile	USD	55 MW	N/A	2016	N/A

(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 (Note 16).

(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) Algerian Energy Company, SPA owns 49% of Tenes.

(9) Fondo de Inversion WEG-4 holds 65% of the shares in Chile PV I.

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

(11) 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.

(12) 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.

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

(14) Including the acquisition of ATN Expansion 1 & 2.

(15) As of December 31, 2019.

(*) Commercial Operation Date.

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. If Abengoa reached an agreement for its debt restructuring, the Company may need to obtain a waiver when such restructuring is effective. In addition, the Company has requested a pre-emptive waiver to the lenders to waive potential cross-defaults with Abengoa. As of June 30, 2020, the Company is not aware of the existence of any cross-default events with Abengoa.

Outbreak of the COVID-19

The outbreak of the COVID-19 coronavirus disease (“COVID-19”) was declared a pandemic by the World Health Organization in March 2020 and continues to spread in some of the key markets of the Company. The COVID-19 virus continues to evolve rapidly, and its ultimate impact is uncertain and subject to change. Governmental authorities have imposed or recommended measures or responsive actions, including quarantines of certain geographic areas and travel restrictions.

Main risks and uncertainties identified by the Company, which may result in a material adverse effect on its business, financial condition, results of operations and cash flows, are:

- The COVID-19 may affect the operation and maintenance employees of the Company as well as suppliers of operation and maintenance. Furthermore, COVID-19 has caused travel restrictions and significant disruptions to global supply chains. A prolonged disruption could limit the availability of certain parts required to operate the facilities of the Company and adversely impact the ability of its operation and maintenance suppliers. If the Company were to experience a shortage of or inability to acquire critical spare parts, it could incur significant delays in returning facilities to full operation.

- Slowdown of broad sectors of the economy, a general reduction in demand, including demand for commodities and a negative impact on prices of commodities, including electricity, oil and gas. The global outbreak has also caused significant disruption and volatility in the global financial markets, especially from the end of February until the end on May 2020, including the market price of the shares of the Company. Debt and equity markets have also been affected and there have been weeks with a very low number of new debt and equity issuance transactions. Interest rates for new issuances and spreads with respect to treasury yields increased significantly. Although the revenues of the Company are generally contracted or regulated, clients may be affected by a reduced demand, lower commodity prices and the turmoil in the credit markets. A reduced demand and low prices persisting over time could cause delays in collections, a deterioration in the financial situation of the clients of the Company or their bankruptcy.

Measures taken by the Company so far have focused on reinforcing safety measures in all its assets while it continues to provide a reliable service to its clients. For example, the Company has implemented the use of additional protection equipment, reinforced access control to its plants, reduced contact between employees, changed shifts, tested employees, identified and isolated potential cases together with their close contacts and taken additional measures to increase safety measures for its employees and operation and maintenance suppliers’ employees working at its assets. Furthermore, the Company has adopted additional precautionary measures intended to mitigate potential risks to its employees, including temporarily requiring all employees to work remotely when their work can be done from home, and suspending all non-essential travel. The Company has also reinforced its physical and cyber-security. Since May 2020, the Company has re-opened certain offices at partial capacity and under strict safety measures. In addition, the Company has increased the purchase of spare parts and equipment required for operations, to manage potential disruptions in the supply chain. The Company continues to monitor the situation closely in all assets and offices to take additional action if required.

The COVID-19 did not have any material impact on these condensed interim financial statements.

Basis of preparation

6 Months Ended

Jun. 30, 2020

Basis of preparation [Abstract]

Basis of preparation

Note 2. - Basis of preparation

The accompanying consolidated condensed interim financial statements represent the consolidated results of the Company and its subsidiaries.

The company´s annual consolidated financial statements as of December 31, 2019, were approved by the Board of Directors on February 26, 2020.

These consolidated condensed interim financial statements are presented in accordance with International Accounting Standards (“IAS”) 34, “Interim Financial Reporting”. In accordance with IAS 34, interim financial information is prepared solely in order to update the most recent annual consolidated financial statements prepared by the Company, placing emphasis on new activities, occurrences and circumstances that have taken place during the six-month period ended June 30, 2020, and not duplicating the information previously published in the annual consolidated financial statements for the year ended December 31, 2019. Therefore, the consolidated condensed interim financial statements do not include all the information that would be required in a complete set of consolidated financial statements prepared in accordance with the IFRS-IASB (“International Financial Reporting Standards-International Accounting Standards Board”). In view of the above, for an adequate understanding of the information, these consolidated condensed interim financial statements must be read together with Atlantica’s consolidated financial statements for the year ended December 31, 2019 included in the 2019 20-F.

In determining the information to be disclosed in the notes to the consolidated condensed interim financial statements, Atlantica, in accordance with IAS 34, has taken into account its materiality in relation to the consolidated condensed interim financial statements.

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

These consolidated condensed interim financial statements were approved by the Board of Directors of the Company on July 31, 2020.

Application of new accounting standards

a) Standards, interpretations and amendments effective from January 1, 2020 under IFRS-IASB, applied by the Company in the preparation of these condensed interim financial statements:

- 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.

- IFRS 7 and IFRS 9. Amendments regarding pre-replacement issues in the context of the IBOR reform. These amendments are mandatory for annual periods beginning on or after January 1, 2020 under IFRS-IASB.

- IFRS 16. Amendment to provide lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. This amendment is mandatory for annual periods beginning on or after June 1, 2020 under IFRS-IASB.

- IAS 41. Amendments resulting from Annual Improvements to IFRS Standards 2018–2020 (taxation in fair value measurements) These amendments are mandatory for annual periods beginning on or after January 1, 2020 under IFRS-IASB.

- 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 applications of these amendments have not had any material impact on these condensed interim financial statements.

b) Standards, interpretations and amendments published by the IASB that will be effective for periods beginning on or after January 1, 2021:

- IFRS 17 ‘Insurance Contracts’. This Standard is applicable for annual periods beginning on or after January 1, 2023 under IFRS-IASB, earlier application is permitted.

- IAS 1 (Amendment). Classification of liabilities. This amendment is mandatory for annual periods beginning on or after January 1, 2022 under IFRS-IASB.

- IFRS 1. Amendments resulting from Annual Improvements to IFRS Standards 2018–2020 (subsidiary as a first-time adopter) This amendment is mandatory for annual periods beginning on or after January 1, 2022 under IFRS-IASB.

- IFRS 3. Amendments updating a reference to the Conceptual Framework This amendment is mandatory for annual periods beginning on or after January 1, 2022 under IFRS-IASB.

- IFRS 4. Amendments regarding the expiry date of the deferral approach. The fixed expiry date for the temporary exemption in IFRS 4 from applying IFRS 9 is now 1 January 2023.

- IFRS 9. Amendments resulting from Annual Improvements to IFRS Standards 2018–2020. This amendment is mandatory for annual periods beginning on or after January 1, 2022 under IFRS-IASB.

- IFRS 17. Amendments to address concerns and implementation challenges that were identified after IFRS 17 was published. This amendment is mandatory for annual periods beginning on or after January 1, 2023 under IFRS-IASB.

- IAS 16. Amendments prohibiting a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. This amendment is mandatory for annual periods beginning on or after January 1, 2022 under IFRS-IASB.

The Company does not anticipate any significant impact on the consolidated condensed 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, 2021, although it is currently still in the process of evaluating such application.

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 Company´s 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 our businesses. 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 condensed interim financial statements, are as follows:

•	Contracted concessional agreements.

•	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 condensed interim 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 June 30, 2020 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 period in which the change occurs.

Financial risk management	6 Months Ended
Financial risk management	Jun. 30, 2020
Financial risk management [Abstract]
Financial risk management	Note 3. - Financial risk management Atlantica’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. These consolidated condensed interim financial statements do not include all financial risk management information and disclosures required for annual financial statements and should be read together with the information included in Note 3 to Atlantica’s annual consolidated financial statements as of December 31, 2019 included in the 2019 20-F.

Financial information by segment

6 Months Ended

Jun. 30, 2020

Financial information by segment [Abstract]

Financial information by segment

Note 4. - Financial information by segment

Atlantica’s segment structure reflects how management currently makes financial decisions and allocates resources. Its operating 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 June 30, 2020, 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, and a solar PV plant in Chile, Chile PV I with a gross capacity of 55 MW. Additionally, the Company owns three wind farms in Uruguay, Palmatir, Cadonal and Melowind, with a gross capacity of 50 MW each, a hydroelectric power plant in Peru with a gross capacity of 4 MW.

Efficient natural gas: Efficient natural gas assets include (i) 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, and (ii) a minority interest in Monterrey, a 142 MW gas-fired engine facility including 130 MW installed capacity and 12 MW battery capacity.

Electric transmission lines: Electric transmission assets include (i) three lines in Peru, ATN, ATS and ATN2, spanning a total of 1,029 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 interests in three desalination plants in Algeria, Honaine, Skikda and Tenes with an aggregate capacity of 17.5 Mft3 per day.

Atlantica’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 Adjusted EBITDA as a measure of the performance of each segment. 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 condensed interim financial statements.

In order to assess performance of the business, the CODM receives reports of each reportable segment using revenues and 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 six-month period ended June 30, 2020, Atlantica had four customers with revenues representing more than 10% of the total revenues, three in the renewable energy and one in the efficient natural gas business sectors. In the six-month period ended June 30, 2019, Atlantica had three customers with revenues representing more than 10% of the total revenues, two in the renewable energy and one in the efficient natural gas business sectors.

a) The following tables show Revenues and Adjusted EBITDA by operating segments and business sectors for the six-month periods ended June 30, 2020 and 2019:

	Revenue				Adjusted EBITDA
	For the six-month period ended June 30,				For the six-month period ended June 30,
	($ in thousands)
Geography		2020	2019		2020		2019
North America		157,932		164,536		139,273		147,162
South America		75,029		69,090		59,803		57,464
EMEA		232,786		271,164		173,481		201,772
Total		465,747		504,790		372,557		406,398

	Revenue				Adjusted EBITDA
	For the six-month period ended June 30,				For the six-month period ended June 30,
	($ in thousands)
Business sector	2020		2019		2020		2019
Renewable energy		344,674		380,086		274,761		301,395
Efficient natural gas		52,032		61,698		45,877		54,302
Electric transmission lines		53,395		51,098		43,216		43,585
Water		15,646		11,908		8,703		7,116
Total		465,747		504,790		372,557		406,398

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

	For the six-month period ended June 30, ($ in thousands)
	2020			2019
Profit/(Loss) attributable to the Company	$	(28,171	)		16,956
(Loss)/Profit attributable to non-controlling interests		1,979			5,791
Income tax		3,471			27,040
Share of (profits)/losses of associates		(1,591	)		(3,352	)
Financial expense, net		202,797			209,900
Depreciation, amortization, and impairment charges		194,073			150,063
Total segment Adjusted EBITDA	$	372,557			406,398

b) The assets and liabilities by operating segments (and business sector) as of June 30, 2020 and December 31, 2019 are as follows:

Assets and liabilities by geography as of June 30, 2020:

	North America		South America		EMEA		Balance as of June 30, 2020
	($ in thousands)
Assets allocated
Contracted concessional assets		3,189,576		1,221,048		3,624,266		8,034,890
Investments carried under the equity method		79,187		-		47,425		126,613
Current financial investments		118,563		27,951		40,788		187,302
Cash and cash equivalents (project companies)		193,323		78,226		238,058		509,607
Subtotal allocated		3,580,649		1,327,225		3,950,538		8,858,412
Unallocated assets
Other non-current assets								231,374
Other current assets (including cash and cash equivalents at holding company level)								677,160
Subtotal unallocated								908,534
Total assets								9,766,946

	North America		South America		EMEA		Balance as of June 30, 2020
	($ in thousands)
Liabilities allocated
Long-term and short-term project debt		1,657,615		927,322		2,422,596		5,007,533
Grants and other liabilities		1,476,559		11,558		114,037		1,602,155
Subtotal allocated		3,134,174		938,880		2,536,633		6,609,688
Unallocated liabilities
Long-term and short-term corporate debt								836,973
Other non-current liabilities								603,324
Other current liabilities								159,842
Subtotal unallocated								1,600,139
Total liabilities								8,209,827
Equity unallocated								1,557,119
Total liabilities and equity unallocated								3,157,259
Total liabilities and equity								9,766,946

Assets and liabilities by geography as of December 31, 2019:

	North America		South America		EMEA		Balance as of December 31, 2019
	($ in thousands)
Assets allocated
Contracted concessional assets		3,299,198		1,186,552		3,675,379		8,161,129
Investments carried under the equity method		90,847		-		49,078		139,925
Current financial investments		159,267		29,190		20,673		209,131
Cash and cash equivalents (project companies)		181,458		80,909		234,097		496,464
Subtotal allocated		3,730,771		1,296,652		3,979,227		9,006,649
Unallocated assets
Other non-current assets								239,553
Other current assets (including cash and cash equivalents at holding company level)								413,613
Subtotal unallocated								653,166
Total assets								9,659,815

	North America		South America		EMEA		Balance as of December 31, 2019
	($ in thousands)
Liabilities allocated
Long-term and short-term project debt		1,676,251		884,835		2,291,262		4,852,348
Grants and other liabilities		1,490,679		12,864		138,209		1,641,752
Subtotal allocated		3,166,930		897,699		2,429,471		6,494,100
Unallocated liabilities
Long-term and short-term corporate debt								723,791
Other non-current liabilities								564,855
Other current liabilities								162,213
Subtotal unallocated								1,450,859
Total liabilities								7,944,959
Equity unallocated								1,714,856
Total liabilities and equity unallocated								3,165,715
Total liabilities and equity								9,659,815

Assets and liabilities by business sector as of June 30, 2020:

	Renewable energy		Efficient natural gas		Electric transmission lines		Water		Balance as of June 30, 2020
					($ in thousands)
Assets allocated
Contracted concessional assets		6,490,467		515,445		854,401		174,577		8,034,890
Investments carried under the equity method		64,115		17,716		46		44,736		126,613
Current financial investments		17,049		103,640		27,951		38,662		187,302
Cash and cash equivalents (project companies)		406,392		31,569		47,212		24,434		509,607
Subtotal allocated		6.978.023		668,370		929,610		282,409		8,858,412
Unallocated assets
Other non-current assets										231,374
Other current assets (including cash and cash equivalents at holding company level)										677,160
Subtotal unallocated										908,534
Total assets										9,766,946

	Renewable energy		Efficient natural gas		Electric transmission lines		Water		Balance as of June 30, 2020
	($ in thousands)
Liabilities allocated
Long-term and short-term project debt		3,731,485		516,805		636,140		123,103		5,007,533
Grants and other liabilities		1,594,452		83		6,251		1,369		1,602,155
Subtotal allocated		5,325,937		516,888		642,391		124,472		6,609,688
Unallocated liabilities
Long-term and short-term corporate debt										836,973
Other non-current liabilities										603,324
Other current liabilities										159,842
Subtotal unallocated										1,600,139
Total liabilities										8,209,827
Equity unallocated										1,557,119
Total liabilities and equity unallocated										3,157,259
Total liabilities and equity										9,766,946

Assets and liabilities by business sector as of December 31, 2019:

	Renewable energy		Efficient natural gas		Electric transmission lines		Water		Balance as of December 31, 2019
	($ in thousands)
Assets allocated
Contracted concessional assets		6,644,024		559,069		872,757		85,280		8,161,129
Investments carried under the equity method		77,549		17,154		-		45,222		139,925
Current financial investments		13,798		148,723		28,237		18,373		209,131
Cash and cash equivalents (project companies)		421,198		11,850		53,868		9,548		496,464
Subtotal allocated		7,156,568		736,796		954,862		158,423		9,006,649
Unallocated assets
Other non-current assets										239,553
Other current assets (including cash and cash equivalents at holding company level)										413,613
Subtotal unallocated										653,166
Total assets										9,659,815

	Renewable energy		Efficient natural gas		Electric transmission lines		Water		Balance as of December 31, 2019
	($ in thousands)
Liabilities allocated
Long-term and short-term project debt		3,658,507		529,350		640,160		24,331		4,852,348
Grants and other liabilities		1,634,361		146		6,517		728		1,641,752
Subtotal allocated		5,292,868		529,495		646,677		25,059		6,494,100
Unallocated liabilities
Long-term and short-term corporate debt										723,791
Other non-current liabilities										564,855
Other current liabilities										162,213
Subtotal unallocated										1,450,859
Total liabilities										7,944,959
Equity unallocated										1,714,856
Total liabilities and equity unallocated										3,165,715
Total liabilities and equity										9,659,815

c) The amount of depreciation, amortization and impairment charges recognized for the six-month periods ended June 30, 2020 and 2019 are as follows:

	For the six-month period ended June 30,
Depreciation, amortization and impairment by geography	2020			2019
	($ in thousands)
North America		(95,981	)		(53,013	)
South America		(27,666	)		(22,859	)
EMEA		(70,426	)		(74,191	)
Total		(194,073	)		(150,063	)

	For the six-month period ended June 30,
Depreciation, amortization and impairment by business sectors	2020			2019
	($ in thousands)
Renewable energy		(140,806	)		(142,895	)
Efficient natural gas		(35,697	)		5,425
Electric transmission lines		(16,961	)		(12,593	)
Water		(609	)		-
Total		(194,073	)		(150,063	)

Changes in the scope of the consolidated condensed interim financial statements

6 Months Ended

Jun. 30, 2020

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

Changes in the scope of the consolidated condensed interim financial statements

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

For the six-month period ended June 30, 2020

On April 3, 2020, the Company completed the investment in a 35% stake in a renewable energy platform in Chile for approximately $4 million. The first investment made by the platform has been in a 55 MW solar PV plant, Chile PV I, located in Chile. Atlantica has control over Chile PV I under IFRS 10, Consolidated Financial Statements. The acquisition of Chile PV I has been accounted for in these consolidated condensed interim financial statements in accordance with IFRS 3, Business Combinations, showing 65% of Non-Controlling interest.

On May 31, 2020, the Company obtained control over the Board of Directors of Befesa Agua Tenes together with a series of decision rights at Tenes level, acquired control over a 51% stake in Tenes, a water desalination plant in Algeria. The total investment, in the form of a secured loan agreement to be reimbursed through a full cash-sweep of all the dividend generated to be received from the asset, amounted to approximately $19 million as of May 31, 2020. The acquisition has been accounted for in the consolidated financial statements of Atlantica, 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 six-month period ended June 30, 2020
Concessional assets		162,489
Other non-current assets		931
Cash & cash equivalents		17,646
Other current assets		29,998
Non-current Project debt		(150,087	)
Current Project debt		(8,357	)
Other current and non-current liabilities		(4,378	)
Non-controlling interests		(25,632	)
Asset acquisition - purchase price		(22,610	)
Net result of the asset acquisition		-

The purchase price equals the fair value of the net assets acquired.

The amounts indicated above 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 June 30, 2020. The measurement period will not exceed one year from the acquisition dates.

For the year ended December 31, 2019

On May 24, 2019, Atlantica and Algonquin formed AYES Canada, a vehicle to channel co-investment opportunities in which Atlantica holds the majority of voting rights. The first investment was in Amherst Island, a 75 MW wind plant in Canada owned by the project company Windlectric. Atlantica invested $4.9 million and Algonquin invested $92.3 million, both through AYES Canada, which in turn invested those funds in AIP, the holding company of Windlectric. Atlantica accounts for the investment in AIP and ultimately Windlectric under the equity method as per IAS 28, Investments in Associates and Joint Ventures. Since Atlantica has control over AYES Canada under IFRS 10 Consolidated Financial Statements, its consolidated financial statements initially showed a total investment in the Amherst Island project of $97.2 million, accounted for as “Investments carried under the equity method” (Note 7) and Algonquin’s portion of that investment of $92.3 million as “Non-controlling interest”.

On August 2, 2019, the Company closed the acquisition of a 30% stake in Monterrey, a 142 MW gas-fired engine facility with batteries. The total investment amounted to $42 million, out of which $17 million is an equity investment, and the rest is a shareholder loan classified as financial investments in these consolidated condensed interim financial statements. The acquisition has been accounted for in the consolidated accounts of Atlantica, in accordance with IAS 28, Investments in Associates.

On August 2, 2019, the Company closed the acquisition of a 100% stake in ASI Operations LLC (“ASI Ops”), the company that performs the operation and maintenance services for the Solana and Mojave plants. The total equity investment amounted to $6 million. The acquisition has been accounted for in the consolidated financial statements of Atlantica, in accordance with IFRS 3, Business Combinations.

On October 22, 2019, the Company closed the acquisition of ATN Expansion 2 from Enel Green Power Perú, for a total equity investment of $20 million, controlling the asset from this date. Transfer of the concession agreement is pending authorization from the Ministry of Energy in Peru. If this authorization were not to be obtained before December 2020, the transaction would be reversed with no penalties to Atlantica. Enel Green Power Perú issued a bank guarantee to address this potential repayment obligation to Atlantica. The purchase has been accounted for in the consolidated accounts of Atlantica, 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, 2019
Concessional assets		28,738
Investments carried under the equity method		113,897
Other non-current assets		25,342
Current assets		1,503
Deferred tax liabilities		(2,539	)
Other current and non-current liabilities		(1,512	)
Non-controlling interests		(92,303	)
Asset acquisition - purchase price		(73,126	)
Net result of the asset acquisition		-

The purchase price equals the fair value of the net assets acquired.

Contracted concessional assets

6 Months Ended

Jun. 30, 2020

Contracted concessional assets [Abstract]

Contracted concessional assets

Note 6. - Contracted concessional assets

The detail of contracted concessional assets included in the heading ‘Contracted concessional assets’ as of June 30, 2020 and December 31, 2019 is as follows:

	Balance as of June 30, 2020			Balance as of December 31, 2019
	($ in thousands)
Contracted concessional assets cost		10,435,825			10,384,597
Amortization and impairment		(2,400,935	)		(2,223,468	)
Total		8,034,890			8,161,129

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 IFRS 16, and PS10, PS20, Seville PV, Mini-Hydro, Chile TL3 and Chile PV I, which are recorded as property plant and equipment in accordance with IAS 16. Concessional assets recorded in accordance with IFRIC 12 are either intangible or financial assets. As of June 30, 2020, contracted concessional financial assets amount to $862,081 thousand ($819,146 thousand as of December 31, 2019).

The increase in the contracted concessional assets cost is primarily due to the change in the scope of the consolidated financial statements for $162 million (see Note 5), partially offset by a lower value of Kaxu asset since the exchange rate of the South African rand significantly decreased against the U.S. dollar since December 31, 2019.

No losses from impairment of contracted concessional assets, excluding any change in the provision for expected credit losses under IFRS 9, Financial instruments, were recorded during the six-month periods ended June 30, 2020 and 2019. The impairment provision based on the expected credit losses on contracted concessional financial assets increased by $41 million in the six-month period ended June 30, 2020 (reversal of $8 million in the six-month period ended June 30, 2019), primarily in ACT.

Other matters

Abengoa maintains a number of obligations under O&M and other contracts, as well as indemnities covering certain potential risks. Additionally, Abengoa represented in the past that Atlantica 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 June 30, 2020, related to the obligations of Abengoa referred above, which results and amounts will depend on the occurrence of uncertain future events.

Investments carried under the equity method

6 Months Ended

Jun. 30, 2020

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 of the investments held in associates as of June 30, 2020 and December 31, 2019:

	Balance as of June 30, 2020		Balance as of December 31, 2019
	($ in thousands)
Evacuación Valdecaballeros, S.L.		1,005		2,348
Myah Bahr Honaine, S.P.A.(*)		44,736		45,222
Pectonex, R.F. Proprietary Limited		1,588		1,391
ABY Infraestructuras, S.L.		15		11
Ca Ku A1, S.A.P.I. de CV (PTS)		46		-
Evacuación Villanueva del Rey, S.L		-		-
Windlectric Inc (**)		61,426		73,693
Pemcorp SAPI de CV (***)		17,716		17,179
Other renewable energy joint ventures (****)		81		81
Total		126,613		139,925

(*) 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 condensed interim financial statements. Geida Tlemcen, S.L. is 50% owned by Atlantica.

(**) Windlectric Inc., the project entity, is owned 100% by Amherst Island Partnership which is accounted for under the equity method (Note 5).

(***) Pemcorp SAPI de CV, Monterrey´s project entity, is 100% owned by Arroyo Netherlands II B.V. - which is accounted for under the equity method in these consolidated condensed interim financial statements (Note 5). Arroyo Netherlands II B.V. is 30% owned by Atlantica.

(****) Other renewable energy joint ventures correspond to investments made in the following entities located in Colombia: AC Renovables Sol 1 SAS Esp, PA Renovables Sol 1 SAS Esp, SJ Renovables Sun 1 SAS Esp and SJ Renovables Wind 1 SAS Esp.

Financial investments

6 Months Ended

Jun. 30, 2020

Financial investments [Abstract]

Financial investments

Note 8. - Financial investments

The detail of Non-current and Current financial investments as of June 30, 2020 and December 31, 2019 is as follows:

	Balance as of June 30, 2020		Balance as of December 31, 2019
	($ in thousands)
Fair Value through OCI (Investment in Ten West link)		11,189		9,874
Fair Value through Profit and Loss (Investment in Rioglass)		4,717		7,000
Derivative assets		1,972		3,182
Other receivable accounts at amortized cost		60,893		71,531
Total non-current financial investments		78,771		91,587
Contracted concessional financial assets		171,176		160,624
Derivative assets		2,032		2,048
Other receivable accounts at amortized cost		23,524		55,905
Total current financial investments		196,732		218,577

Investment in Ten West Link is a 12.5% interest in a 114-mile transmission line in the U.S.

Investment in Rioglass corresponds to a 15.12% equity interest in Rioglass, a multinational solar power and renewable energy technology manufacturer.

Derivative financial instruments

6 Months Ended

Jun. 30, 2020

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 June 30, 2020 and December 31, 2019 are as follows:

	Balance as of June 30, 2020				Balance as of December 31, 2019
($ in thousands)	Assets		Liabilities		Assets		Liabilities
Interest rate cash flow hedges		1,454		340,507		1,619		298,744
Foreign exchange derivative instruments		2,550		-		3,610		-
Total		4,004		340,507		5,230		298,744

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. Hedge accounting is not applied to these options.

The net amount of the fair value of interest rate derivatives designated as cash flow hedges transferred to the consolidated condensed income statement is a loss of $30.0 million for the six-month period ended June 30, 2020 (loss of $29.3 million in the six-month period ended June 30, 2019).

The after-tax results accumulated in equity in connection with derivatives designated as cash flow hedges as of June 30, 2020 and December 31, 2019 amount to a profit of $46.8 million and $73.8 million, respectively (included under the caption “Other reserves”).

Fair value of financial instruments	6 Months Ended
Fair value of financial instruments	Jun. 30, 2020
Fair value of financial instruments [Abstract]
Fair value of financial instruments	Note 10. - Fair value of financial instruments 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. As of June 30, 2020, and December 31, 2019, all the financial instruments measured at fair value correspond to derivatives and have been classified as Level 2, except for the investments held in Ten West Link and Rioglass, which have been classified as Level 3.

Related parties

6 Months Ended

Jun. 30, 2020

Related parties [Abstract]

Related parties

Note 11. - Related parties

Details of balances with related parties as of June 30, 2020 and December 31, 2019 are as follows:

	Balance as of June 30,		Balance as of December 31,
	2020		2019
	($ in thousands)
Credit receivables (current)		10,368		13,350
Total current receivables with related parties		10,368		13,350

Credit receivables (non-current)		21,057		21,355
Total non-current receivables with related parties		21,057		21,355

Credit payables (current)		21,013		23,979
Total current payables with related parties		21,013		23,979

Credit payables (non-current)		14,102		17,115
Total non-current payables with related parties		14,102		17,115

Current credit receivables as of June 30, 2020 mainly correspond to the short-term portion of the loan to Arroyo Netherland II B.V., the holding company of Pemcorp SAPI de CV., Monterrey´s project entity (Note 5) for $2.5 million ($4.0 million as of December 31, 2019) and to a dividend to be collected from AIP for $4.9 million as of June 30, 2020 ($5.5 million as of December 31, 2019).

Non-current credit receivables as of June 30, 2020 and December 31, 2019 correspond to the long-term portion of the loan to Arroyo Netherland II B.V.

Credit payables relate to debts with non-controlling interests partners in Kaxu, Solaben 2&3 and Solacor 1&2 for an amount of $29.7 million as of June 30, 2020 ($35.6 million as of December 31, 2019). Current credit payables also include the dividend to be paid from AYES Canada to Algonquin for $4.8 million as of June 30, 2020 ($5.4 million as of December 31, 2019).

The transactions carried out by entities included in these consolidated condensed interim financial statements with related parties not included in the consolidation perimeter of Atlantica, for the six-month periods ended June 30, 2020 and 2019 have been as follows:

	For the six-month period ended June,
	2020			2019
	($ in thousands)
Financial income		782			12
Financial expenses		(84	)		(104	)

Trade and other receivables

6 Months Ended

Jun. 30, 2020

Trade and other receivables [Abstract]

Trade and other receivables

Note 12. - Trade and other receivables

Trade and other receivables as of June 30, 2020 and December 31, 2019, consist of the following:

	Balance as of June 30,		Balance as of December 31,
	2020		2019
	($ in thousands)
Trade receivables		276,433		242,008
Tax receivables		43,032		50,901
Prepayments		30,527		5,150
Other accounts receivable		16,188		19,508
Total		366,180		317,568

As of June 30, 2020, and December 31, 2019, the fair value of trade and other receivables accounts does not differ significantly from its carrying value.

Equity	6 Months Ended
Equity	Jun. 30, 2020
Equity [Abstract]
Equity	Note 13. - Equity As of June 30, 2020, the share capital of the Company amounts to $10,160,166 represented by 101,601,662 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, 41.47% of the total shares of the Company, becoming the largest shareholder of the Company. On May 22, 2019, the Company issued an additional 1,384,402 ordinary shares, which were fully subscribed by Algonquin for a total amount of $30,000,000, increasing the stake of Algonquin to 42.27%. Additionally, Algonquin purchased 2,000,000 ordinary shares on May 31, 2019, increasing its stake in Atlantica to 44.2%. Atlantica´s parent company reserves as of June 30, 2020 are made up of share premium account and distributable reserves. Retained earnings primarily include results attributable to Atlantica. 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 , by Industrial Development Corporation of South Africa (IDC) and Kaxu Community Trust in Kaxu, by Algonquin Power Co. in AYES Canada, by Algerian Energy Company, SPA in Tenes and by Fondo de Inversion WEG-4 in Chile PV I. On February 26, 2020, the Board of Directors declared a dividend of $0.41 per share corresponding to the fourth quarter of 2019. The dividend was paid on March 23, 2020 for a total amount of $41.7 million. On May 6, 2020, the Board of Directors declared a dividend of $0.41 per share corresponding to the first quarter of 2020. The dividend was paid on June 15, 2020 for a total amount of $41.7 million. In addition, as of June 30, 2020, there was no treasury stock and there have been no transactions with treasury stock during the six-month period then ended.

Corporate debt

6 Months Ended

Jun. 30, 2020

Corporate debt [Abstract]

Corporate debt

Note 14. - Corporate debt

The breakdown of the corporate debt as of June 30, 2020 and December 31, 2019 is as follows:

	Balance as of June 30,		Balance as of December 31,
	2020		2019
	($ in thousands)
Non-current		813,480		695,085
Current		23,493		28,706
Total Corporate Debt		836,973		723,791

The repayment schedule for the corporate debt as of June 30, 2020 is as follows:

	Remainder of 2020	Between January and June 2021	Between July and December 2021		2022	2023	2024	Subsequent years	Total
			($ in thousands)
2017 Credit Facility	5	-		10,207	-	-	-	-		10,212
New Revolving Credit Facility	497	-		15,353	156,417	-	-	-		172,267
Note Issuance Facility 2019	36	-		-	-	-	-	309,238		309,274
Commercial Paper	22,318	442		-	-	-	-	-		22,760
2020 Green Private Placement	195	-		-	-	-	-	322,265		322,460
Total	23,051	442		25,560	156,417	-	-	631,503		836,973

On February 10, 2017, the Company issued Senior Notes due 2022, 2023, 2024 (the “Note Issuance Facility 2017”), in an aggregate principal amount of €275,000 thousand. The Note Issuance Facility 2017 were fully repaid on April 2, 2020.

On July 20, 2017, the Company signed a credit facility (the “2017 Credit Facility”) for up to €10 million, approximately $11.2 million, which is available in euros or U.S. dollars and was fully drawn down in 2017. Amounts drawn down accrue interest at a rate per year equal to EURIBOR plus 2% or LIBOR plus 2%, depending on the currency. As of June 30, 2020, the Company had drawn down an amount of €9 million (€9 million as of December 31, 2019). The credit facility maturity is December 13, 2021.

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. During the year 2019, the amount of the Revolving Credit Facility increased from $215 million to $425 million and the maturity was extended to December 31, 2022 for $387.5 million, while the remaining $37.5 million matures on December 31, 2021. On June 30, 2020, the Company had drawn down a total amount of $174 million ($84 million as of December 31, 2019).

On April 30, 2019, the Company entered into a senior unsecured note facility with a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder for a total amount of €268 million (the “Note Issuance Facility 2019”). The principal amount was issued on May 24, 2019. The Note Issuance Facility 2019 includes an upfront fee of 2% paid on drawdown and its maturity date is April 30, 2025. Interest accrue at a rate per annum equal to the sum of 3-month EURIBOR plus 4.50%. The interest rate on the Note Issuance Facility 2019 is fully hedged by an interest rate swap with effective date June 28, 2019 and maturity date June 30, 2022, resulting in the Company paying a net fixed interest rate of 4.24%. The Note Issuance Facility 2019 provides that the Company may capitalize interest on the notes issued thereunder for a period of up to two years from closing at the Company´s discretion, subject to certain conditions.

On October 8, 2019, the Company filed a euro commercial paper program (the “Commercial Paper”) with the Alternative Fixed Income Market (MARF) in Spain. The program allows Atlantica to issue short term notes over the next twelve months for up to €50 million, with such notes having a tenor of up to two years. As of June 30, 2020, the Company has issued €20.3 million under the program at an average cost of 0.76% (€25 million as of December 31, 2019).

On April 1, 2020, the Company closed the secured 2020 Green Private Placement for €290 million (approximately $320 million). The private placement accrues interest at an annual 1.96% interest, payable quarterly and has a June 2026 maturity. Net proceeds have been primarily used to fully repay the Note Issuance Facility 2017.

Project debt

6 Months Ended

Jun. 30, 2020

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 condensed interim 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. In addition, the cash of the Company´s projects includes funds held to satisfy the customary requirements of certain non-recourse debt agreements and other restricted cash for an amount of $323 million as of June 30, 2020 ($339 million as of December 31, 2019).

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

The breakdown of project debt for both non-current and current liabilities as of June 30, 2020 and December 31, 2019 is as follows:

	Balance as of June 30,		Balance as of December 31,
	2020		2019
	($ in thousands)
Non-current		4,194,978		4,069,909
Current		812,555		782,439
Total Project debt		5,007,533		4,852,348

The increase in total project debt as of June 30, 2020 is primarily due to:

change in the scope of Atlantica (acquisition of Chile PV I and Tenes – see Note 5) for a total amount of $158 million.

a green project financing agreement entered into by Logrosán Solar Inversiones, S.A.U., the Holdco of Spanish assets Solaben 1, 2, 3 and 6, closed on April 8, 2020 for a €140 million nominal amount.

Additionally, on June 12, 2020 the Company refinanced the debt of Cadonal (Uruguay). 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 $3.8 million financial income in the profit and loss statement of the consolidated condensed financial statements (see Note 19).

Due to the PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company (“PG&E”), Chapter 11 filings in January 2019, a default of the PPA agreement with PG&E occurred. Since PG&E failed to assume the PPA within 180 days from the commencement of the PG&E’s Chapter 11 proceedings, a technical event of default was triggered under the Mojave project finance agreement in July 2019. On July 1, 2020, PG&E emerged from Chapter 11 (see Note 22). In addition, PG&E paid to Mojave the portion of the invoice corresponding to the electricity delivered for the period between January 1 and January 28, 2019. This invoice was overdue because the services relate to the pre-petition period and any payment therefore required the approval by the Bankruptcy Court. With this, the Company believed that the technical event of default under the Mojave project finance agreement, which was preventing cash distributions from Mojave to Atlantica, had been cured. However, the Company has been advised by the lender that, due to the bankruptcy appeals process and the specific contractual language governing defaults, they do not consider the PG&E-related defaults to be automatically curable without a further waiver as a technical, legal matter. At their direction, the Company has submitted a waiver request to them and we expect to receive a distribution from Mojave in the third quarter. Nevertheless, as of June 30, 2020, the Company did not have an unconditional right to defer the settlement of the debt for at least twelve months, and therefore the debt has been presented as current in these condensed interim financial statements in accordance with International Accounting Standards 1 (“IAS 1”), “Presentation of Financial Statements”.

The repayment schedule for project debt in accordance with the financing arrangements and assuming there will be no acceleration of the Mojave debt, as of June 30, 2020, is as follows and is consistent with the projected cash flows of the related projects:

Remainder of 2020
Payment of interests accrued as of June 30, 2020		Nominal repayment		Between January and June 2021		Between July and December 2021		2022		2023		2024		Subsequent Years		Total
($ in thousands)
	17,981		181,726		96,059		170,270		312,098		335,406		348,898		3,545,095		5,007,533

Grants and other liabilities

6 Months Ended

Jun. 30, 2020

Grants and other liabilities [Abstract]

Grants and other liabilities

Note 16. - Grants and other liabilities

	Balance as of June 30,		Balance as of December 31,
	2020		2019
	($ in thousands)
Grants		1,058,053		1,087,553
Other Liabilities		544,102		554,199
Grant and other non-current liabilities		1,602,155		1,641,752

As of June 30, 2020, 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 $691 million ($707 million as of December 31, 2019), 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 $366 million ($379 million as of December 31, 2019). 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 $29.4 million and $29.5 million for the six-month periods ended June 30, 2020 and 2019, respectively (Note 20).

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 the parent company of the project entity, in exchange for the right to receive a large part of taxable losses and distributions until such time when Liberty reaches a certain rate of return, or the Flip Date. The Company signed an option to acquire, until August 17, 2020, Liberty’s equity interest in Solana. On July 17, 2020, the Company exercised this option. Closing is expected in August, subject to customary conditions (see Note 22).

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 June 30, 2020 and as of December 31, 2019. The liability is recorded in Grants and other liabilities for a total amount of $394 million as of June 30, 2020 ($380 million as of December 31, 2019) and its current portion is recorded in other current liabilities for the remaining amount (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 $48.6 million of non-current finance lease liabilities and $60.1 million of dismantling provision as of June 30, 2020 ($53.8 million and $59.7 million as of December 2019, respectively).

Trade payables and other current liabilities

6 Months Ended

Jun. 30, 2020

Trade payables and other current liabilities [Abstract]

Trade payables and other current liabilities

Note 17. - Trade payables and other current liabilities

Trade payable and other current liabilities as of June 30, 2020 and December 31, 2019 are as follows:

	Balance as of June 30,		Balance as of December 31,
	2020		2019
	($ in thousands)
Trade accounts payable		51,896		52,062
Down payments from clients		555		565
Liberty (Note 16)		41,032		41,032
Other accounts payable		35,094		34,403
Total		128,577		128,062

Trade accounts payables mainly relate to the operation and maintenance of the plants.

Nominal values of Trade payables and other current liabilities are considered to approximately equal to fair values and the effect of discounting them is not significant.

Income Tax	6 Months Ended
Income Tax	Jun. 30, 2020
Income Tax [Abstract]
Income Tax	Note 18. - Income Tax The effective tax rate for the periods presented has been established based on Management’s best estimates, taking into account the tax treatment of permanent differences and tax credits. For the six-month period ended June 30, 2020, Income tax amounted to a $3,471 thousand expense with respect to a loss before income tax of $22,721 thousand. In the six-month period ended June 30, 2019, Income tax amounted to a $27,040 thousand expense with respect to a profit before income tax of $49,787 thousand. The effective tax rate differs from the nominal tax rate mainly due to permanent differences and treatment of tax credits in some jurisdictions.

Financial income and expenses

6 Months Ended

Jun. 30, 2020

Financial income and expenses [Abstract]

Financial income and expenses

Note 19. - Financial income and expenses

Financial income and expenses

The following table sets forth financial income and expenses for the six-month periods ended June 30, 2020 and 2019:

	For the six-month period ended June 30,
Financial income	2020		2019
	($ in thousands)
Interest income from loans and credits		5,489		340
Interest rates benefits derivatives: cash flow hedges		184		177
Total		5,673		517

	For the six-month period ended June 30,
Financial expenses	2020			2019
Expenses due to interest:	($ in thousands)
- Loans from credit entities		(132,221	)		(130,644	)
- Other debts		(39,300	)		(50,387	)
Interest rates losses derivatives: cash flow hedges		(38,592	)		(29,501	)
Total		(210,113	)		(210,532	)

Financial income from loans and credits primarily includes a non-monetary financial income of $3.8 million resulting from the refinancing of the debt of Cadonal in the second quarter of 2020 (see Note 15).

Interests from other debts are primarily interests on the notes issued by ATS, ATN and Solaben Luxembourg and interests related to the investment from Liberty (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 condensed income statement.

Other net financial income and expenses

The following table sets out ‘Other net financial income and expenses” for the six-month periods ended June 30, 2020, and 2019:

	For the six-month period ended June 30,
Other financial income / (expenses)	2020			2019
	($ in thousands)
Other financial income		11,468			8,536
Other financial losses		(8,649	)		(8,747	)
Total		2,819			(211	)

Other financial income are primarily interests on deposits.

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

Other operating income and expenses

6 Months Ended

Jun. 30, 2020

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 six-month periods ended June 30, 2020, and 2019:

Other Operating income	For the six-month period ended June 30,
	2020		2019
	($ in thousands)
Grants (Note 16)		29,503		29,578
Income from various services and insurance proceeds		27,733		15,330
Total		57,236		44,908

Other Operating expenses	For the six-month period ended June 30,
	2020			2019
	($ in thousands)
Raw materials and consumables used		(4,136	)		(6,293	)
Leases and fees		(1,285	)		(945	)
Operation and maintenance		(49,716	)		(66,580	)
Independent professional services		(19,136	)		(17,604	)
Supplies		(11,382	)		(11,326	)
Insurance		(17,973	)		(12,053	)
Levies and duties		(18,828	)		(14,715	)
Other expenses		(3,636	)		(3,007	)
Total		(126,092	)		(132,523	)

Earnings per share

6 Months Ended

Jun. 30, 2020

Earnings per share [Abstract]

Earnings per share

Note 21. - Earnings per share

Basic earnings per share have been calculated by dividing the profit attributable to equity holders by the average number of shares outstanding. Diluted earnings per share equals basic earnings per share for the periods presented.

Item	For the six-month period ended June 30,
	2020			2019
	($ in thousands)
Profit/ (loss) from continuing operations attributable to Atlantica.		(28,171	)		16,956
Average number of ordinary shares outstanding (thousands) - basic and diluted		101,602			100,516
Earnings per share from continuing operations (U.S. dollar per share) - basic and diluted		(0.28	)		0.17
Earnings per share from profit/(loss) for the period (U.S. dollar per share) - basic and diluted		(0.28	)		0.17

Subsequent events	6 Months Ended
Subsequent events	Jun. 30, 2020
Subsequent events [Abstract]
Subsequent events	Note 22. - Subsequent events On July 1, 2020, PG&E emerged from Chapter 11. In addition, PG&E paid to Mojave the portion of the invoice corresponding to the electricity delivered for the period between January 1 and January 28, 2019. This invoice was overdue because the services relate to the pre-petition period and any payment therefore required the approval by the Bankruptcy Court. With this, the Company believed that the technical event of default under the Mojave project finance agreement, which was preventing cash distributions from Mojave to Atlantica, had been cured. However, the Company has been advised by the lender that, due to the bankruptcy appeals process and the specific contractual language governing defaults, they do not consider the PG&E-related defaults to be automatically curable without a further waiver as a technical, legal matter. At their direction, the Company has submitted a waiver request to them and we expect to receive a distribution from Mojave in the third quarter. On July 8, 2020, the Company entered into the Note Issuance Facility 2020, a senior unsecured financing with Lucid Agency Services Limited, as agent, and a group of funds managed by Westbourne Capital as purchasers of the notes to be issued thereunder for a total amount of approximately $158 million which is denominated in euros (€140 million). The Note Issuance Facility 2020 has a maturity of seven years from the closing date. Closing of the transaction is conditional upon exercising the option to acquire the tax equity investor’s equity interest in Solana. Closing of the Note Issuance Facility 2020 is expected to occur prior to August 31, 2020, subject to certain conditions. On July 10, 2020, the Company entered into a non-recourse project debt refinancing of Helioenergy, one of the Spanish solar assets, by adding a new long dated tranche of debt from an institutional investor. The new tranche bears interest at a fixed rate of approximately 3% per annum and has a 15-year maturity. After transaction costs, net refinancing proceeds (net “recap”) are expected to be approximately $43 million. On July 14, 2020, the Company entered into a non-recourse, project debt financing for approximately €326 million in relation to Helios, with institutional investors, pursuant to a monoline guarantee. The new debt has a 17-year maturity and bears interest at a rate of approximately 2% per annum. This debt has refinanced the previous bank project debt with approximately €250 million outstanding and has canceled legacy interest rate swaps. After transaction costs and cancelation of legacy swaps, net refinancing proceeds (net “recap”) were approximately $30 million. On July 17, 2020, the Company issued $100 million aggregate principal amount of 4.00% Green Exchangeable Notes due 2025. On July 29, 2020, the Company closed an additional $15 million aggregate principal amount of the Green Exchangeable Notes. The notes mature on July 15, 2025 and bear interest at a rate of 4.00% per annum. The initial exchange rate of the notes is 29.1070 ordinary shares per $1,000 principal amount of notes, which is equivalent to an initial exchange price of $34.36 per ordinary share. Noteholders may exchange their notes at their option at any time prior to the close of business on the scheduled trading day immediately preceding April 15, 2025, only during certain periods and upon satisfaction of certain conditions. On or after April 15, 2025, noteholders may exchange their notes at any time. Upon exchange, the notes may be settled, at the election of the Company, into ordinary shares of Atlantica, cash or a combination thereof. The exchange rate is subject to adjustment upon the occurrence of certain events. The Company intends to use the proceeds from the Green Exchangeable Notes to refinance or finance, in whole or in part, the acquisition of new or ongoing assets or projects which meet certain eligibility criteria in accordance with its Green Finance Framework. In addition, on July 17, 2020, the Company exercised the option to acquire the tax equity investor’s equity interest in Solana. Closing is expected in August, subject to customary conditions. Until now, the Company paid $10 million for the option and the additional investment is estimated to be approximately $290 million. The price includes a performance earn-out based on the average annual net production of the asset for the four calendar years with the highest annual net production during the five calendar years of 2020 through 2024. On July 31, 2020, the Board of Directors of the Company approved a dividend of $0.42 per share, which is expected to be paid on September 15, 2020.

Basis of preparation (Policies)