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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 November, 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).

     Q3 2020 Earnings PresentationNovember 6, 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; equity investment and 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 nine-month period ended September 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 (including CAFD and Adjusted EBITDA) in this presentation provides useful information to investors.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 28).    Q3 2020 dividend of $0.42 per share      Additionally generated ~$216 million of one-off cash through non-recourse refinancings in the first 9 months of 2020 to finance growth      Q3 2020 CAFD: $52.0 million; a 13.6% year-over-year growth 9M 2020 CAFD: $149.2 million; a 6.4% year-over-year growth       Adj. EBITDA incl. unconsolidated affiliates1 decreased by 5.6% compared with the first nine months of 2019      Continued delivery on accretive growth strategy:Solana’s tax equity investor acquisition closedNew acquisition announced: Calgary District HeatingStrong pipeline of investment opportunities   
 
     1. Financial Results  Sustainable Infrastructure   
 
     2020    2019    ∆ Reported    768.7    798.2    (3.7)%    621.0    658.1    (5.6)%    81%    82%        149.2    140.2    +6.4%                216            Third Quarter  HIGHLIGHTS+13.6% CAFD Growth in Q3 2020  Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates (see reconciliation on page 28).Adjusted EBITDA Margin including unconsolidated affiliates is defined as Adjusted EBITDA including unconsolidated affiliates divided by revenue (see reconciliation on page 30).  First 9 Months  Additional Cash Generation from project debt refinancings in the period  US $ in millions   2020    2019    ∆ Reported  Revenue  303.0    293.4    3.3%  Adjusted EBITDA incl. unconsolidated affiliates1  241.0    247.7    (2.7)%   Margin2  80%    84%      CAFD  52.0    45.7    +13.6% 
 
 WATER  9M2020  9M 2019  ∆  30.2  18.4  +64%  22.9  17.1  +33%  76%  93%    RENEWABLES  9M2020  9M 2019  ∆  579.2  609.8  (5)%  456.9  493.6  (7)%  79%  81%    EFFICIENT NATURAL GAS  9M2020  9M 2019  ∆  80.1  92.9  (14)%  75.2  82.3  (9)%  94%  89%    TRANSMISSION& TRANSPORT.  9M2020  9M 2019  ∆  79.2  77.0  +3%  66.0  65.1  +1%  83%  85%    By Sector  US $ in millions  Revenue  Adjusted EBITDA incl. unconsolidated affiliates1  Margin2  EMEA  NORTH AMERICA    9M2020  9M 2019  ∆  267.7  273.9  (2)%  238.5  255.4  (7)%  89%  93%    SOUTH AMERICA  9M2020  9M 2019  ∆  389.0  418.5  (7)%  292.8  315.0  (7)%  75%  75%      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 28).Adjusted EBITDA Margin including unconsolidated affiliates is defined as Adjusted EBITDA including unconsolidated affiliates divided by revenue (see reconciliation on page 30).  9M2020  9M 2019  ∆  112.0  105.8  +6%  89.7  87.8  +2%  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 include 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 & TRANSPORTATION          EFFICIENT NATURAL GAS      9M 2020    9M 2019  Availability6  101.6%    101.6%  Mft3 in operation2  17.5    10.5    9M 2020    9M 2019  GWh produced1  2,608    2,700  MW in operation2  1,551    1,496    9M 2020    9M 2019  GWh produced3  1,932    1,481  Electric availability4  102.4%    92.8%  MW in operation5  343    343    9M 2020    9M 2019  Availability6  99.9%    100.0%  Miles in operation  1,166    1,152  KEY OPERATIONAL METRICSSteady Operational Performance       
 
 Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates (see reconciliation on page 28).Includes proceeds for $7.4 million and $14.8 million for the nine-month period ended September 30, 2020 and September 30, 2019 respectively, related to the amounts received by Solana in relation to the consent with the DOE. Consolidated cash as of September 30, 2020 increased by $226.0 million vs December 31, 2019 including FX translation differences of $0.1 million.  First 9 Months  US $ in millions   2020    2019  Adjusted EBITDA incl. unconsolidated affiliates1  621.0    658.1  Share in Adjusted EBITDA of unconsolidated affiliates  (11.5)    (7.1)  Net interest and income tax paid  (162.6)    (167.7)  Variations in working capital   (128.9)    (132.0)  Non-monetary adjustments and other  (14.8)    (29.9)  OPERATING CASH FLOW  303.2    321.4                  INVESTING CASH FLOW2  18.6    (147.5)  FINANCING CASH FLOW   (95.8)    (148.6)  Net change in consolidated cash3  226.0    25.4  CASH FLOWOperating 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 Sep. 30,2020    As of Dec. 31,2019  Corporate Net Debt2  773.0    657.8  Project Net Debt3  4,679.0    4,355.6    NET DEBTCorporate Leverage      Corporate net debt / CAFD pre corporate debt service4  3.3x   
 
     2. Strategic Update  Sustainable Infrastructure   
 
 STRATEGIC UPDATEGrowth Strategy Update  Continued Delivery on Accretive Growth Opportunities  Solana tax equity investment acquisition closed in AugustNew acquisition announced: District Heating Asset in Calgary ~$322 million in investments closed and announced in 2020Strong pipeline of identified investment opportunitiesContinue to target equity growth investments of $200 - $300 million per annum  Unlocking Value Within Existing Portfolio                    $216 million1 cash generated from project debt refinancings being used to fund our growth plan  Amount net of transaction costs and reserves and after repaying legacy swaps in the case of Helios refinancing. 
 
 (1) District Energy Centre capacity of 55 Megawatts of thermal energy. Additionally, its associated Combined Heat and Power Unit has a capacity of 3.0 Megawatts of thermal energy and 3.3 Megawatts of electric energy.  Provides heating services to a diverse range of government, institutional and commercial customers in Calgary55 MWt1 capacityAsset in operation since 2010 with a proven track record since CODEssential infrastructure with high barriers to entryDistrict Heating is recognized as a key measure for cities to reduce emissions according to UN Environment ProgramPurchase agreement signed, closing subject to customary conditions and regulatory approvals  $20 million investment 20 years weighted average contract life Availability based revenues with inflation indexationDiversified mix of 22 high credit quality clients (~41% A+ rating or higher, the rest unrated)  Investment Highlights  No commodity riskIncreases presence in North America80% contracted revenuesGrowth opportunities    STRATEGIC UPDATENew Asset Acquisition in North AmericaCalgary District Heating 
 
 DIVIDEND Q3 2020 Dividend1 of $0.42 per share  Quarterly dividends declared by the Board of Directors and paid during the following quarter.   On November 3, 2020, the Board of Directors declared a dividend of $0.42 per share corresponding to the third quarter of 2020 The dividend is expected to be paid on December 15, 2020, to shareholders of record as of November 30, 2020 
 
     3. Appendix  Sustainable Infrastructure   
 
 LIQUIDITY AND DEBT MATURITIES SUMMARYHealthy Balance Sheet and Strong Liquidity    Strong Liquidity and No Significant Corporate Debt Maturities in the Short-term  >$600 million  @ 30/09/20  Corporate Liquidity  ~5.3 years average maturity1 of current corporate debt  RCF’s maturity in December 2022. Total limit of $425 million available, no amount drawn as of Sept. 30, 2020~$612 million available liquidity, out of which $187 million is corporate cash as of Sept. 30, 2020  Corporate Debt Maturities1  Corporate Debt Maturites as of September 2020, presented for their accounting amounts. 
 
 CORPORATE DEBT DETAILSCorporate Debt as of September 30, 2020No significant maturities in the short term  Exchange rates as of September 30, 2020 (EUR/USD = 1.1721).Amounts include principal amounts outstanding and interests to be paid in the short term.As of September 30, 2020, there was no amount drawn down from our RCF. Total RCF limit of $425 million.Other facilities include other credit lines and notes under the commercial paper program.   US $ in millions1    Maturity    Amounts2  Credit Facilities  (Revolving CF) 3  2022    -    (Other facilities)4  2020 / 2021    33.5  2019 NIFA5(€ denominated)    2025    326.4  Green Exchangeable Bond6    2025    103.1  Green Senior Secured Notes    2026    336.8  2020 NIFA7 (€ denominated)    2027    159.9  Total        959.7  (5) 2019 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 notes 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 unsecured note financing dated July 8, 2020, of €140 million (~$164 million). 
 
 Includes cash classified in short-term financial investments as of December 31, 2019. Exchange rates as of September 30, 2020 (EUR/USD = 1.1721) 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 Sep. 302020    As of Dec. 312019  Corporate cash at Atlantica  186.7    66.0  Existing available revolver capacity  425.0    341.0  Total Corporate Liquidity  611.7    407.0          Cash at project companies1  602.2    531.5   - Restricted3  318.9    373.6   - Other  283.3    157.9  LIQUIDITYLiquidity Position1 
 
 Total cash obtained from non-recourse project financings and refinancings to be used in potential acquisitions:  Additional tranche of debt at the SPV with a private investor3.0% interest costBack-ended amortization with a 15 year maturity  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 and swap cancelation in the case of Helios.  GROWTH STRATEGYProject Debt RefinancingsAdditional cash for acquisitions without increasing Corporate Debt  1 
 
       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 September 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 FLOWPortfolio 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    ~$1.8B planned debt reduction in the next 5 years  FINANCING Self-Amortizing Project Debt Structure1  Project debt amortization schedule as of September 30, 2020.Includes $60 million of accrued and unpaid interest. 
 
     1Q18  2Q18  3Q18  4Q18  FY 2018    1Q19  2Q19  3Q19  4Q19  FY 2019    1Q20  2Q20  3Q20  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  302,987  Adj. EBITDA incl. unconsolidated affiliates    179,800   263,458  271,188  144,270  858,717    181,106  229,352  247,668  163,429  821,555    165,962  214,107  240,958  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%  79.5%  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)  (3,943)  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  237,015  Dividends from unconsolidated affiliates    -   -  4,432  -  4,432    -   -  26,945  3,498  30,443    5,120   5,262  9,758  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)  (5,327)  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)  (31,625)  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)  (18,963)  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  8,844  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  (94,192)  Dividends paid to non-controlling interests    -  (6,787)  (2,958)  -  (9,745)    -  (5,105)  (18,978)  (5,156)  (29,239)    (4,915)  (9,246)  (6,833)  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)  (46,724)                                    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  51,953                                    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  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  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  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  5,281.2  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)  (602.2)  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  4,679.0  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  959.7  Corporate cash    (151.4)  (152.3)  (135.1)  (106.7)  (106.7)    (107.9)  (107.0)  (73.2)  (66)  (66)    (154.9)  (278.7)  (186.7)  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  773.0                                    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  5,452.0  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  3.3x  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     2          1Q18  2Q18  3Q18  4Q18  FY 2018    1Q19  2Q19  3Q19  4Q 19  FY 2019    1Q20  2Q20  3Q20  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   109,757  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   36,990  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   156,240  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   234,556  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   28,086  TRANSMISSION & TRANSP.        23,840   24,063  24,018  24,076  95,998    24,867  26,231  25,926  26,429  103,453    26,608  26,787   25,834  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   14,511  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  302,987                                                1Q18  2Q18  3Q18  4Q18  FY 2018    1Q19  2Q19  3Q19  4Q19  FY 2019    1Q20  2Q20  3Q20  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   95,879          97.5%  85.4%  96.1%  58.5%  86.4%    84.2%  92.5%  98.9%  88.8%  92.3%    88.8%  91.2%  87.4%  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   29,947          81.9%  82.6%  84.5%  76.4%  81.3%    84.2%  82.2%  82.6%  75.6%  81.1%    79.7%  79.7%  81.0%  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  115,132           71.2%  98.0%  74.7%  74.1%  79.8%    80.0%  72.3%  74.1%  71.3%  74.4%    73.5%  79.1%  73.7%  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   181,788          78.6%  95.1%  84.8%  69.7%  83.7%    78.7%  79.7%  83.6%  73.1%  79.4%    75.4%  83.3%  77.5%  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   27,479          82.2%  71,.6%  72.9%  62.4%  71.8%    89.6%  86.1%  89.7%  91.6%  89.3%    92.6%  90.9%  97.8%  TRANSMISSION & TRANSP.        19,837  20,463  20,148  18,014  78,463    21,650  21,936  21,548  20,524  85,658    21,922  22,423   21,702          83.2%  85.0%  83.9%  74.8%  81.7%    87.1%  83.6%  83.1%  77.6%  82.7%    82.4%  83.7%  84.0%  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   9,989          89.4%  93.8%  96.9%  94.2%  93.6%    95.4%  92.4%  91.7%  88.1%  91.8%    89.5%  77.0%  68.8%  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   240,958          79.8%  91.5%  83.7%  69.7%  82.3%    81.8%  80.9%  84.4%  76.6%  81.2%    78.9%  83.9%  79,5%        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   3Q20  RENEWABLES3 (GWh)     507  939  1,109  504  3,058    581  1,071  1,048  536  3,236    526  957  1,125   (GWh)     547  554  613  603  2,318    383  483  615  694  2,090    644  624  664   (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%  103.8%  TRANSMISSION & TRANSP. (availab.%)     100.0%  99.9%  100.0%  99.8%  99.9%    99.9%  100.0%  99.9%  100%  100.0%    99.9%  99.9%  100.0%  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%  101.1%        1Q18  2Q18  3Q18  4Q18  FY 2018    1Q19  2Q19  3Q19  4Q19  FY 2019    1Q20  2Q20  3Q20  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  1,551  EFF. NATURAL GAS2 (electric MW)     300  300  300  300  300    300  300  343  343  343    343  343  343  TRANSMISSION & TRANSP.1 (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  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  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  3Q20                                       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%  35.2%   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%  28.6%   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%  26.8%                                    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%  40.6%  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 December 30, 2019   ASSET  TYPE  STAKE  LOCATION  GROSSCAPACITY  OFFTAKER  RATING 1  YEARS INCONTRACT LEFT  CURRENCY  RENEWABLE ENERGY  Solana    100%  USA (Arizona)  280 MW  APS  A-/A2/A-  24  USD    Mojave    100%  USA (California)  280 MW  PG&E  BB-/WR/BB  20  USD    Solaben 2/3    70%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  18/17  EUR 3    Solacor 1/2    87%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  17/17  EUR 3    PS 10/20    100%  Spain  31 MW  Kingdom of Spain  A/Baa1/A-  12/14  EUR 3    Helioenergy 1/2    100%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  17/17  EUR 3    Helios 1/2    100%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  18/18  EUR 3    Solnova 1/3/4    100%  Spain  3x50 MW  Kingdom of Spain  A/Baa1/A-  15/15/16  EUR 3    Solaben 1/6    100%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  19/19  EUR 3    Seville PV    80%  Spain  1 MW  Kingdom of Spain  A/Baa1/A-  16  EUR    Kaxu    51%  South Africa  100 MW  Eskom  BB-/Ba1/BB2  15  ZAR    Chile PV I    36%  Chile  55 MW  n/a  n/a  n/a   USD 4    Palmatir    100%  Uruguay  50 MW  UTE  BBB/Baa2/BBB-2  14  USD    Cadonal    100%  Uruguay  50 MW  UTE  BBB/Baa2/BBB-2  15  USD    Melowind    100%  Uruguay  50 MW  UTE  BBB/Baa2/BBB-2  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 4    Monterrey    30%  Mexico  142 MW  Industrial Customers  Not rated  19  USD 4  TRANSMISSION & TRANSPORT.  ATN    100%  Peru  379 miles  Peru  BBB+/A3/BBB+  21  USD 4    ATS    100%  Peru  569 miles  Peru  BBB+/A3/BBB+  24  USD 4    ATN 2    100%  Peru  81 miles  Minera Las Bambas  Not rated  13  USD 4    Quadra 1&2    100%  Chile  81 miles  Sierra Gorda  Not rated  15/15  USD 4    Palmucho    100%  Chile  6 miles  Enel Generacion Chile  BBB+/Baa1 /A-  18  USD 4    Chile TL3    100%  Chile  50 miles  CNE  A+/A1/A  Regulated  USD 4  WATER  Skikda    34%  Algeria  3.5 Mft3/day  Sonatrach & ADE  Not rated  14  USD 4    Honaine    26%  Algeria  7 Mft3/day  Sonatrach & ADE  Not rated  18  USD 4    Tenes    51%  Algeria  7 Mft3/day  Sonatrach & ADE  Not rated  20  USD 4          Reflects the counterparties’ issuer credit ratings issued by S&P, Moody’s and Fitch, respectively, as of November 6, 2020.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 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 September 30,          For the nine-month period ended September 30,           2020     2019      2020     2019                      Profit for the period attributable to the Company    $ 89,380     $ 43,876      $ 61,209    $ 60,832  Profit/(loss) attributable to non-controlling interest    (5,021)     1,757      (3,042)    7,548  Income tax    21,608     19,939      25,079    46,979  Share of (profit)/loss of associates carried under the equity method    3,839     (529)      2,248    (3,881)  Financial expense, net    19,114     94,737      221,911    304,637  Operating profit    $ 128,920     $ 159,780      $ 307,405    $ 416,115  Depreciation, amortization, and impairment charges    108,093     84,826      302,166    234,889  Adjusted EBITDA    $ 237,015     $ 244,606      $ 609,572    $ 651,004  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates    3,943     3,062      11,455    7,122  Adjusted EBITDA including unconsolidated affiliates1    $ 240,958     $ 247,668      $ 621,027    $ 658,126  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates    (3,943)     (3,062)      (11,455)    (7,122)  Dividends from equity method investments    9,758    26,945      20,140    26,945  Non-monetary items    (5,327)     (10,288)      (13,344)    (32,649)  Interest and income tax paid    (31,625)     (24,339)      (162,578)    (167,668)  Principal amortization of indebtedness    (18,963)     (22,115)      (109,162)    (131,226)  Deposits into/ withdrawals from restricted accounts    8,844     (44,216)      59,370    3,411  Change in non-restricted cash at project level     (94,192)     (53,753)      (113,402)    (45,099)  Dividends paid to non-controlling interests    (6,833)     (18,978)      (20,994)    (24,083)  Changes in other assets and liabilities    (46,724)     (52,133)      (120,374)    (140,405)  Cash Available For Distribution    $ 51,953     $ 45,729      $ 149,228    $ 140,230 
 
 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 September 30,          For the nine-month period ended September 30,           2020    2019      2020     2019                      Net cash provided by operating activities    $ 154,835     $ 172,329       $ 303,242     $ 321,436   Net interest and income tax paid     31,625     24,339      162,578    167,668  Variations in working capital     44,921     40,124      128,926    132,051  Other non-cash adjustments and other    5,634     7,814      14,826    29,849  Adjusted EBITDA    $ 237,015     $ 244,606       $ 609,572    $ 651,004   Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates    3,943     3,062      11,455    7,122  Adjusted EBITDA including unconsolidated affiliates1    $ 240,958     $ 247,668       $ 621,027    $ 658,126  
 
 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 September 30,        For the nine-month period ended September 30,           2020    2019    2020    2019                    Revenue    $ 302,987      $ 293,373     $ 768,734      $ 798,163                     Profit for the period attributable to the Company    $ 89,380     $ 43,876    $ 61,209    $ 60,832  Profit/(loss) attributable to non-controlling interest    (5,021)     1,757    (3,042)    7,548  Income tax    21,608     19,939    25,079    46,979  Share of (profit)/loss of associates carried under the equity method    3,839     (529)    2,248    (3,881)  Financial expense, net    19,114     94,737    221,911    304,637  Operating profit    $ 128,920     $ 159,780    $ 307,405    $ 416,115  Operating profit margin    % 42.5    % 54.5    % 40.0    % 52.1                    Depreciation, amortization, and impairment charges    35.7    28.9    39.3    29.4                    Adjusted EBITDA margin     % 78.2    % 83.4    % 79.3    % 81.6  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates    1.3    1.0    1.5    0.9  Adjusted EBITDA Margin including unconsolidated affiliates1    % 79.5    % 84.4    % 80.8    % 82.5 
 
 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: November 6, 2020
By:
/s/ Santiago Seage
   
Name:
Santiago Seage
   
Title:
Chief Executive Officer